Federal Reserve Bulletin, 1946-10

E R AL E S E RV BULL OCTOBER 1946 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Review of the Month—Postwar Transition in Banking. 1097-1105 Financial Developments Among Large Manufacturing Corporations, 1945, by Doris Warner and Albert R. Koch. 1106-1114 Results of Monetary Reforms in Western Europe, by Robert W. Bean 1115-1122 Announcement of Postwar Economic Studies No. 5. 1122 Reports of The International Monetary Fund and The International Bank for Reconstruction and Development 1123-1139 Law Department: Consumer Credit: Renewal of Single-Payment Loan under f2,000. 1140 Floor Furnaces as "Listed Articles" 1140 Foreign Funds Control—Treasury Department Releases 1140-1141 Current Events 1142 National Summary of Business Conditions. 1143-1144 Financial, Industrial, Commercial Statistics, U. S. (See p. 1145 for list of tables) 1145-1199 International Financial Statistics (See p. 1200 for list of tables) 1200-1217 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1218 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 1219 Map of Federal Reserve Districts 1220 Federal Reserve Publications (See inside of bac\ cover) Subscription Price of BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 32 October 1946 NUMBER 10 POSTWAR TRANSITION- IN BANKING Conversion of banking from a war financ- redeem Government securities held by Feding to a peacetime basis is resulting in sig- eral Reserve Banks, has exerted a drain on nificant changes in the banking and credit bank reserves. In addition, expansion of situation. Beginning early this year, total deposits of businesses and individuals has loans and investments and total deposits raised the level of required reserves. Comhave declined, reversing the trend of war mercial banks have sold securities from their years. These decreases have reflected almost portfolios, and a sufficient amount of these wholly Treasury retirement of the public has been purchased by the Reserve Banks debt by drawing on Government deposits in to maintain the reserve position of banks. banks. In addition, bank loans for purchas- These developments have removed some of ing or carrying securities have declined, re- the extreme ease that prevailed in the money flecting primarily liquidation of war finance market during war years and early in 1946. credit in the form of loans initially advanced Rates on short-term Government securities for the purchase of securities during the war have been maintained by Federal Reserve loan drives. Bank lending activity to meet Bank purchases, but there have been some peacetime financing needs has expanded slight adjustments in other open-market sharply, however, with substantial increases rates. In addition, yields on Treasury and being registered by commercial and indus- other bonds have risen somewhat from the trial loans, by urban and rural real estate extremely low levels reached early last spring loans, and by consumer loans. Thus, the when they were still being driven down by effects on the level of bank deposits of the bank purchases financed from the sale of decline in loans for purchasing or carrying short-term Government securities to the Fedsecurities has been more than offset by the eral Reserve Banks. expansion in these other loans. In part be- Recent money market tendencies have not, cause of bank loan expansion, but largely however, altered basic easy credit conditions. because of transfers of Treasury deposits to The persisting large holdings by banks of private hands through debt retirement and Government securities, particularly of shortthe meeting of a budget deficit, deposits of term issues, together with Federal Reserve businesses and individuals have continued policy of maintaining the prevailing level of to grow, but at a somewhat slower rate than interest rates on these issues, make it posduring the war period. sible for banks to obtain at continued low The Treasury's debt retirement program, rates any funds wanted to supply the credit by drawing funds from commercial banks to demands of businesses and individuals. OCTOBER 1946 1097 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH TREASURY DEBT RETIREMENT The debt retirement program, which is still in progress, has strongly influenced the The financing of the war expanded the course of banking developments. First, it public debt from less than 50 billion dollars has brought about a large decrease in bank in 1941 to a total of nearly 280 billion. This holdings of Government securities. Second, high point was reached in February 1946. by imposing a drain upon bank reserves it has By then, the rapid decline in military exexerted some brake on further expansion of penditures and the continuation of high tax bank credit. Third, by reducing the amount receipts had sharply reduced the Treasury's of short-term Government securities held by current deficit, while borrowing under the banks, the program has discouraged shifting Victory Loan drive had raised the Treasury's by banks from short to medium-term issues, cash balance to 26 billion dollars. Beginning which in the previous period had been a in March, therefore, it became possible not major source of credit expansion. only to meet the greatly reduced deficit with- While these factors were sufficient to out further borrowing, but to enter upon a slacken the growth of deposits held by busiprogram of debt retirement by drawing upon nesses and individuals, private deposit holdaccumulated balances. ings continued to increase somewhat. This As shown by the following table, the Treasfurther expansion resulted largely from a ury redeemed for cash 17.5 billion dollars of shift of deposits from Government to pripublic debt securities from March 1 through vate accounts, incident to the cash retire- October 1, 1946. Of the seven issues of cerment of debt held by nonbank investors and tificates totaling 25.6 billion dollars that also to the continuing, although greatly rematured during the period, 11.9 billion was duced, budget deficit. Another factor has paid off in cash and the remainder exbeen a net expansion of bank loans, reflecting changed for new certificates. In addition, increased lending to business and consumers. two issues of notes and three issues of bonds Because of the expansion in deposits of inditotaling 8.5 billion dollars matured during viduals and businesses, the decline in total dethe period, of which 5.6 billion was retired posits fell considerably short of the reducby cash and 2.9 billion was exchanged for tion in Treasury deposits. new certificates. EFFECTS OF DEBT RETIREMENT ON BANK RETIREMENT PROGRAM, MARCH 1—OCTOBER 1, 1946 [In millions of dollars] RESERVES Redeemed Ex- The effect of the retirement program upon Issue for cash changed Total banks varied with each issue included in the program, depending on the distribution of March 1, K% certificates... 1,014 3,133 4,147 March 15, 1% notes 1,291 1,291 the retired securities among the commercial March 15, 3H% bonds 489 489 April 1, %% certificates... 1,991 4,811 May 1, %% certificates... 1,579 1,579 banks, the Reserve Banks, and nonbank June 1, "%% certificates. .. 2,025 '"2',775" 4,799 June 15, 3% bonds 1,036 1,036 holders. Treasury retirement of bank-held June 15, 3H% bonds 819 819 July 1, 0.90% notes 1,994 2,916 4,910 securities has resulted, for the commercial August 1, Y%% certificates... 1,246 1,223 2,470 Sept. 1, J4% certificates. .. 1,996 2,340 4,336 banks as a group, in a decline in bank invest- Oct. 1, %% certificates... *2,000 *1,440 3,440 ments accompanied by a reduction in reserve- Total *17,480 *16,647 34,127 exempt war loan deposits, but no change in * Oct. 1 figures are preliminary. The table on p. 1099 does not total reserve balances and required reserves. reflect the Oct. 1 redemption. 1098 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Individual banks, however, have lost reserve firming effects of the retirement program funds as a consequence of war-loan deposit have been moderate, as is evidenced by the withdrawals not offset by redemption of se- sharp expansion of bank lending activity and curities held by them. In some instances by further investment by banks in United these banks have been under pressure to sell States Government and other bonds. From Government securities or to borrow in order March through July total commercial bank to meet the loss of funds. purchases of Treasury bonds in the market Cash redemption of securities held by the exceeded the 1.2 billion dollars of bank-held Reserve Banks, in contrast, exerted a corre- bonds retired in March and June. Banks sponding drain on member bank reserve added further to their Treasury bond portbalances which had to be replenished by folios in August and September. Federal Reserve purchases of securities in the market. The pressure of redemption OWNERSHIP OF MARKETABLE DEBT of these securities on bank reserves has been The debt retirement program has been the spread somewhat over time, inasmuch as major factor of change in the ownership Treasury balances for their retirement were of marketable Government securities since built up at the Reserve Banks by the trans- March 1, but additional shifts occurred fer of funds from war-loan accounts at banks through market purchases and sales. during the period prior to each redemption date, and then were reduced in connection OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES with the retirement operations. The effect [In billions of dollars] of Treasury retirement of securities held by Amount outstanding Change, the Reserve Banks thus has been to induce Feb. 28 Holders of securities to commercial banks to sell equal amounts Sept. 30, Feb. 28, Sept. 30 1946 1946 of short-term Government securities to the Reserve Banks in order to maintain reserve Marketable public issues: Federal Reserve Banks 24.0 22.9 4- 1.1 balances. Commercial banks 77.0 90.2 -13.2 U. S. Government agencies and trust funds 6.5 7.0 - .5 The retirement of securities held by non- Individuals . . 15.4 16.5 - 1.0 Corporations and other associabank investors resulted in a shift of deposits tions 18.8 21.5 - 2.7 Other 42.6 41. 7 + .9 from reserve-exempt war loan accounts to Total 184.3 199.8 -15.5 reserve-required accounts of individuals and Nonmarketable public issues: Savings bonds ... 49.5 48. 7 + .9 businesses. As a consequence the amount Savings notes 6.1 8.0 - 1.9 Depository bonds .4 5 - .1 of reserves which member banks are required Special issues 23.9 20'.9 + 3.0 to hold increased somewhat. Since bank Total interest-bearing securities1 264.6 278.5 -13.8 reserve balances were not increased by the 1 Total includes guaranteed securities not included in classificatransactions, commercial banks sold addi- tion of marketable issues by owners. NOTE.—February figures for groups of holders are estimates tional amounts of short-term securities to the based on par value holdings as compiled by U. S. Treasury Department; September figures are preliminary estimates prepared Reserve Banks to meet the increased reserve by Federal Reserve. requirements. The bulk of securities redeemed for cash The net effect of the retirement program was held by the banking system and largely to date has been some tightening of the re- by commercial banks. It appears that of serve position, and therefore of the loan and 15.5 billion dollars of securities redeemed investment position of banks. To date the for cash from March 1 to September 30, OCTOBER 1946 1099 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH approximately 3.2 billion was held by Federal of marketable issues by nonbank investors Reserve Banks, 8 billion by commercial as a group fell short of the amount of their banks, and 4.3 billion by nonbank investors. cash redemptions by about 1 billion dollars, Total holdings of marketable Government indicating that on balance they had absorbed securities by commercial banks are estimated a like amount of securities sold by commerto have declined by 13 billion dollars during cial banks. the period, indicating sales of about 5 billion Outside the banking system this picture is in addition to cash redemptions of securities somewhat modified if changes in the holdheld by them. The additional securities sold ings of nonmarketable public and special were absorbed largely by the Federal Reserve issues are included. Nonmarketable public Banks, which made purchases in the market issues outstanding declined by 1.2 billion in order to offset the loss of reserve funds dollars, reflecting a sharp decline in savings resulting from the retirement of Federal notes, which are mostly held by corporations, Reserve security holdings. Market pur- and some increase in savings bonds, which chases by Reserve Banks amounted to 4.3 are largely held by individuals. Holdings billion dollars and on balance their holdings of special issues by Federal agencies conof Government securities showed an in- tinued to increase. As shown on the chart, crease of 1.1 billion. increased holdings of Government securities by insurance companies, mutual savings U. S. GOVERNMENT DEBT banks, and Federal agencies offset a part of DISTRIBUTION BY GROUPS OF HOLDERS BILLIONS OF BILLIONS OF DOLLARS JUNE AND DECEMBER 1939-1941: END OF MONTH 1942- the decline in holdings of corporations and 300 r individuals. MATURITY DISTRIBUTION OF BANK PORTFOLIOS Because the bulk of the maturing issues was in the form of certificates, which are MATURITY DISTRIBUTION OF COMMERCIAL BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES1 [In millions of dollars] Amount held Percentage of total holdings Due or callable July Feb. July July Feb. July 31, 28, 31, 31, 28, 31, 50 = 1946 1946 1944 1946 1946 1944 Within 1 year.. . .22,040 31,912 26,282 29.2 37.5 39.4 1 to 5 years 25,333 25,405 16,607 33.6 29.8 24.9 5 to 10 years 22,092 21,508 19,630 29.3 25.2 29.4 1942 1944 1946 1940 1942 10 to 15 years 3,188 3,686 2,471 4.2 4.3 3.7 Estimates based on par value of holdings of interest-bearing 15 to 20 years 210 115 775 .3 .1 1.2 securities outstanding, as compiled by the Treasury Depart- 20 years and over. 2,590 2,553 994 3.4 3.0 1.5 ment. Other investors include holders shown in right section of chart. September 1946 figures are preliminary estimates by Total holdings of Federal Reserve. public marketable securities.. 75,465 85,192 66,769 100.0 100.0 100.0 Nonbank investors showed a net decrease 1 Par value of holdings as reported by banks included in the in holdings of marketable securities of 3.4 Treasury Survey of Ownership published monthly in the Treasury Bulletin. Total includes minor items not shown by maturities; billion dollars. Of this it is estimated that largely FHA guaranteed debentures. corporations reduced their holdings by ap- held primarily by banks, the retirement proproximately 2.7 billion and individual in- gram was largely reflected in a reduction of vestors by 1 billion. The decline in holdings bank holdings of Government securities. 1100 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Since the banks were unable to replace the nesses and individuals have continued to excertificates retired, the retirement program pand, thereby carrying further the sustained reduced the amount of short-term securities deposit and currency growth of the war held by banks. Besides experiencing a reduc- period. Total deposits and currency reached tion in certificate holdings by cash redemp- a peak in February, the month before the tion, the banks found it necessary to sell addi- redemption program began. From March tional securities to meet the pressure on re- through August, as shown on the chart, serves generated by the retirement program total deposits and currency declined about 7 and also to meet the increased demand for billion dollars. Reflecting mainly debt reloans. They generally sold short-term securi- tirement, Government deposits contracted ties for this purpose. As shown in the table, during this period.by about 15 billion. Desecurities due or callable within one year, posits of businesses and individuals at banks which amounted to 38 per cent of Govern- increased, however, and at the end of Aument security holdings of banks prior to the gust were more than 7 billion larger than retirement program, had declined to 29 per at the end of February. Deposits and curcent by July 31, and the ratio has fallen rency in the hands of the public, therefore, further since then. At the same time hold- have continued to grow, but the rate of inings of issues due or callable in one to five crease has been somewhat less than during years have become a relatively larger portion the corresponding months of 1945. of the total. BANK DEPOSITS AND CURRENCY There was little change in the actual dol- BILLIONS OF BILLIONS OP OOLLARS SEMI-ANNUALLY THROUGH 1942. END OF MONTH THEREAFTER DOLLARS lar amount of bank holdings of medium- and 80 i I8O long-term maturities. This contrasts with 60 160 TOTAL J sharp increases in bond holdings during the _ s process of war financing, when banks in- 40 140 creased their holdings through purchases in r 20 120 the market out of funds obtained by sell- ing short-term securities to Federal Reserve 00 y 100 Banks. This practice tended to defeat the war financing policy of excluding banks .80 DEMA A N D D JU D S E T P E O D S + IT S A . 80 A from purchases of bonds offered in the drives 60 60 and resulted in additional expansion of bank - ***** TINE credit and deposits. Expansion of this type 40 nrpn *^ C , U R , R E „- NCY 40 OUTSIDE BANKS has now been considerably moderated with 1 20 20 the termination of war financing, and also — — as a result of the tightening effects of the 0 ^* ^ j US. GOV'T DEPOSITS 0 1940 1942 1944 1946 retirement program. NOTE.—Figures are partly estimated. Deposits are for all banks in United States. Demand deposits-adjusted exclude U. S. Government and interbank deposits and items in process of collection. Time deposits include deposits in the Postal Savings CHANGES IN DEPOSITS, CURRENCY, AND System and in mutual savings banks. Figures for January 1946 and subsequently are preliminary; latest figures are for August. RESERVES Currency in circulation, following a large Although Treasury debt retirement opera- post-Christmas decline in January, changed tions have resulted in a decline in total de- little until the latter part of May. Some outposits during recent months, deposits of busi- outflow of currency occurred during the OCTOBER 1946 1101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH summer months, and at the end of Septem- As inventories, receivables, and trade payables ber the amount of currency in circulation was reach higher levels in relation to sales, it is about 600 million dollars larger than at the to be expected that businesses will seek addiend of February. tional funds from the banking system. The increase in deposits and currency of Commercial and industrial loans of all businesses and individuals since early this insured commercial banks at the end of Sepyear reflected in part cash redemption of Gov- tember, it is estimated, amounted to roughly ernment securities held by these groups and 3 billion dollars more than at the beginning some, though greatly reduced, amounts of of the year. The bulk of this increase has Treasury payments in excess of tax and other occurred since July. The overall volume of receipts. It also reflected an increase in com- agricultural loans has shown little change. mercial bank loans, and additional credit For weekly reporting member banks in leadplaced at the disposal of businesses and indi- ing cities, an increase of 1.7 billion dollars viduals as a consequence of continued bank in commercial and industrial loans was repurchases of Government and other bonds ported between June 26 and September 25, from nonbank investors, offset in part by a far larger rate of increase for these banks decreases in loans on securities. than that in the first six months of the year Required reserves of member banks in- when outstanding loans of this type increased creased during the seven months March- no more than 300 million dollars. During September by about 800 million dollars. the first half of this year the small but steady Additional reserve funds became available increase in commercial loans reflected lendthrough increases in gold stock and in Treas- ing operations of banks outside New York ury currency totaling about 200 million dol- City. Beginning with July, however, New lars. These funds met only in part the in- York City banks expanded their business creased demand for currency during the loans as rapidly as banks in other areas. period. Federal Reserve purchases of Gov- Whereas it appears that much of the expanernment securities, in addition to those pur- sion of bank loans to business immediately chased in replacement of retired issues, following V-J Day reflected the making of supplied about 1.1 billion dollars of reserve longer-term loans, the recent sharp rise seems funds to banks. Excess reserves declined not to be attributable to an increasing volby about 200 million dollars. ume of term loans. This is indicated by quarterly data from banks in 19 cities re- EXPANSION OF BANK LOANS porting loans advanced during the first 15 Bank lending activity in recent months days of March, June, and September. Loans has been high-lighted by the sharp rise in of over 12 months' duration made during commercial and industrial loans, reflecting these three periods of 1946 amounted to mainly current needs for short-term funds on slightly less in volume than for the comthe part of business firms. Inventory accu- parable period of 1945. mulation, the carrying of increased customer Loans to consumers by commercial banks receivables, and an enlarged volume of notes have kept pace with the general advance in payable to trade have made for drains on consumer credit. During the first half of working capital of many business establish- 1946 total consumer credit outstanding at all ments. In part this is a seasonal occurrence. commercial banks rose approximately 750 1102 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH million dollars, a 20 per cent rise. This corcash loans. The gains registered by banks responds closely with the percentage increase represent in part a shifting from single payin total consumer credit. ment lending to instalment lending as banks The relative importance of commercial extended their promotional efforts and more banks in the instalment credit field has in- banks established consumer credit departcreased more rapidly than is indicated by the ments. expansion in all consumer loans. Bank hold- A further striking change in the loan portings of consumer instalment loans have infolio of commercial banks has been the increased over 50 per cent from the beginning creasing volume of real estate loans. As of the year. This percentage gain in volume shown on the chart, during the first half is double the rate of increase shown by all of 1946 insured bank holdings of real estate other agencies extending consumer installoans, largely representing residential propment credit, and is attributable to the growth erties, rose almost 1 billion dollars to a total of instalment credit in the form of personal of 5.7 billion. The rise in real estate loans, which began about mid-1945, was acceler- LOANS OF INSURED BANKS ated in the spring of this year. The current level of real estate loans of banks undoubtedly reflects higher values as well as a larger number of mortgages available for purchase, but it is evident that commercial banks are increasing their share of mortgage holdings relative to other institutions. By the middle of this year, banks were handling approximately one-quarter of all recorded nonfarm mortgages under $20,- 000 as compared to one-fifth in 1945. Despite the sharp increases in commercial, real estate, and consumer loans, the total volume of loans outstanding at commercial banks at the end of September was only moderately larger than at the beginning of the year. The conversion of bank lending activities from a predominantly war financing to a civilian financing basis, without significant LOANS FOR PURCHASING OR expansionary effects on total bank loans, has CARRYING SECURITIES: thus far been the result of a 3 billion dollar decline in loans to brokers and dealers and to others for purchasing or carrying securities—mostly United States Government securities. Loans to brokers and dealers reached 1940 1942 1944 1946 a wartime peak at the end of 1945 with the All insured commercial banks in the United States. Total loans and "other" loans are not shown. Figures for consumer completion of the Victory Loan drive. Since loans prior to Dec. 31, 1942, are Federal Reserve estimates. Latest figures are for June 30, 1946. that date there has been a rapid and almost OCTOBER 1946 1103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH uninterrupted decline in such loans, primar- lowed by an increase in the Federal Reserve ily as a result of a substantially reduced vol- Bank buying rates on acceptances and by furume of loans to dealers in Government se- ther increases in open-market rates on bankcurities. There has also been a substantial ers' acceptances, commercial paper, and stock decline since the last war loan drive in bank exchange call and time loans. Rates on these loans on Government securities to other types of credit have been largely nominal customers. during the war, and the volume of trans- Loans to brokers and to others for pur- actions in them has continued relatively chasing or carrying other securities, as re- small. ported weekly by member banks in leading Rates charged by banks to commercial cities, have also declined somewhat. This borrowers have generally averaged slightly liquidation reflected the increased margin below those for earlier years. Short-term requirements for buying listed securities rates in 19 principal cities averaged between under the Board's Regulations T and U and 2.31 and 2.41 per cent for the three quarthe decline in stock prices. YIELDS ON U. S. GOVERNMENT SECURITIES MONEY RATES AND BOND YIELDS The reduced liquidity of the banks resulting from the debt retirement program has been accompanied by a slight firming of very short-term interest rates in the money market and of yields on Government securities. However, the rates on Treasury bills and certificates, which are the medium for investment of the overwhelming proportion of bank and other liquid funds, have been held close to the 3/$ and 7/ per cent rates supported 8 by Reserve Bank purchases. Under existing Federal Reserve policies the large holdings 1944 1945 1946 of Government securities by the commercial Latest figures shown are for week ending Sept. 28. banks provide the basis for almost unlimited terly report periods this year, as compared expansion of bank credit at low cost at the to a range of 2.45 to 2.53 per cent for the discretion of the banks. same periods of 1945. In April the Federal Reserve Banks dis- Yields on Government and other securities continued the preferential rate on loans se- have risen somewhat from the very low levels cured by Government obligations of one reached in the early months of this year, year maturity or less and later requested when banks had excess funds which they member banks not to renew loans made for were endeavoring to invest. Treasury certifithe purchase of Government securities dur- cates moved somewhat closer to the 7/ percent 8 ing the Victory Loan drive. Early in May rate, as offerings in the market continued, 1946, the open-market rate on bankers' ac- notwithstanding the substantial volume beceptances in New York City was increased ing retired. Yields on Treasury notes and from Vie to % per cent. This was fol- bonds and on high-grade corporate bonds, 1104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH which had showed a continuous downward and bond yields have reflected in some detrend during recent years, generally increased gree the sharp readjustment of prices that during April and May and again during has been taking place in the stock market. August and September, but still remained Stock prices declined substantially, about 25 substantially below levels for 1943, 1944, and per cent, from the high point for the year most of 1945. reached in May. Until late August the decline The reversal of downward pressure upon was moderate, but in September it was rapid. bond yields was partly a reflection of a cur- At the May high, prices of common stocks tailed bank demand, resulting from the re- had been advancing more or less continuously straining effects of the debt retirement pro- for about four years from their wartime low gram upon the banks' reserve position and in April 1942. The advance was one of the of changes in the maturity composition of longest and most sustained advances on rectheir Government security portfolios. Re- ord, and more than a third of the four-year duced savings of individuals and reduced rise had occurred during the nine months corporate funds available for investment, following V-J Day. The general level of together with an increase in new corporate prices in May was about 160 per cent above issues, were also factors contributing to the the wartime low and about 10 per cent above slight rise in security yields. Institutional the prewar high in the spring of 1937. The investors also were less active buyers than decline in prices since May has erased the they had been in earlier periods. advance since V-J Day. While some slight firming of money rates In 1946, as in 1945, the stock market has and yields has occurred, commercial banks been considerably more active than during are in a position to obtain at a maximum rate preceding war years. In January when prices of 7/s per cent almost any amount of funds were rising rapidly, and in September when desired for meeting the credit demands of they were declining rapidly, the volume of businesses and individuals. Banks continue trading was frequently larger than at any to hold some 18 billion dollars of Treasury other time in recent years. bills and certificates as well as large amounts The amount of credit in use in purchasing of other Government securities of short ma- and carrying securities, as indicated by the turity and, under the Federal Reserve policy debit balances of customers of member firms of maintaining interest rates on short-term of the New York Stock Exchange carrying issues, these securities may be readily sold to margin accounts, has declined steadily and the Reserve Banks. Such sales of short-term sharply since January when the Board raised securities provide the commercial banks as margin requirements from 75 to 100 per cent, a group with reserves that permit a* many- thus prohibiting any new advances. At that fold expansion in bank credit and deposits. time, customers' debit balances totaled 1,170 Availability of loan funds from this source, million dollars, or slightly below their precedas well as from nonbank sources, is a poten- ing high of June 1945, just before the Board tial restraining influence on any sustained increased margin requirements from 50 to rise of money rates and bond yields. 75 per cent. By the end of August, these outstanding balances had been reduced to STOCK PRICES about 725 million dollars, a level near that In recent weeks, changes in money rates of the spring of 1943. OCTOBER 1946 1105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1945 by DORIS P. WARNER AND ALBERT R. KOCH Changes in the financial position of large manu- differed in many respects from those in war indusfacturing corporations during 1945 reflected pri- tries, reflecting both the speedy replacement of marily the end of the war and the resumption of large Government orders by many smaller private peacetime production. The most marked financial orders and the absence of any major reconversion developments were in industries that had made problems and expenses. Sales and profits in 1945 substantial changes from their peacetime output in remained at about 1944 levels, but inventories, order to produce specific military products during expenditures on plant and equipment, and liquid the war. Consequently in this analysis large con- assets increased substantially. As in the case of cerns in war industries will be differentiated from large concerns in war industries, funds were also large concerns in nonwar industries.1 required to reduce Federal tax liabilities. Funds In war industries the volume of business dropped retained from operations were used to finance most sharply in the latter part of 1945 as war orders of the expansion in assets, but bank borrowing inwere canceled and reconversion began. Assets con- creased somewhat during the year for the nonwar tracted, profits before taxes fell, and—primarily as group as a whole and especially for concerns in a result of the liquidation of war contracts—warsuch industries as tobacco, lumber and building type inventories declined. Private expenditures on materials, printing and publishing, and leather. plant and equipment, however, rose considerably The bearing of these recent changes on reconabove the 1944 level, reflecting both reconversion version problems and postwar expansion can be expenditures and new expansion to meet prospective increases in postwar civilian demands. Sub- ASSETS AND LIABILITIES stantial funds were also required by large war con- 379 LA"RGE MANUFACTURING CORPORATIONS cerns to reduce previously accumulated Federal income and excess profits tax liabilities. jFor the most P TO O T IN A T L S I N IN DE X WAR INDUSTRIES NONWAR INDUSTRIES part, the large corporations met their financial requirements out of funds retained from operations and by drawing on liquid assets. Although profits before taxes fell sharply in 1945, there was little reduction in the total of funds retained from operations. They were bolstered by the substantial tax credits provided by Congress to ease the reconversion problems of war producers, and also by in- 0 creased allowances for depreciation and amortiza- 150 tion of plant and equipment that were not accompanied by immediate and compensating expenditures. In spite of substantial financial requirements, large war concerns as a group were able to reduce somewhat their indebtedness to banks. In nonwar industries, financial developments *44 "45 1940 NOTE.—-Corporations with total assets of 10 million dollan 1 War industries include those producing metals, chemicals, and over in 1941. The chart presents the total assets and liarubber, petroleum, and their products. These industries pro- bilities of large manufacturing corporations in the war and nonduced some products for civilian use, while industries classified war industries as indexes with 1940 as base, and with individual as "nonwar" in this article sold some products to the Govern- classes of assets and liabilities as points in the total index. Data ment for military purposes. However, the products of the refer to year-end position. For definition of war and nonwar latter industries were identical with those manufactured for the industries, see note opposite. Indexes for years prior ta civilian market, or at least very similar to them. Examples of 1945 are based on a slightly larger sample than the 379 corthese industries are textiles and tobacco. porations. 1106 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1945 better understood if they are related to changes TABLE 1 during the earlier war years. Such developments SAMPLE OF 379 LARGE MANUFACTURING CORPORATIONS for the 1940-45 period are summarized in the ac- NUMBER OF CORPORATIONS AND RATIO OF THEIR SALES TO companying chart. During the period 1940-43 the TOTAL CORPORATE SALES, BY INDUSTRY large war producers experienced a more rapid exp B a e n g s i i n o n n i n o g f w as it s h e ts 1 9 th 44 an , h t o h w e e n ve o r n , w a a s r w m a a r n p u r f o a d c u tu c r t e io rs n . Industry N co t u r i m p o o o n f b r s e a r - a S s a c a l s o e a p r s l p e e r o o s c r f e a o n t f s i t a o a a m n g ll s e p o le f reached its peak, total assets of war producers in industry leveled off; in 1945 they declined with the readjust- Total 379 37 ment to peacetime operations. The nonwar indus- War industries 254 50 tries, on the other hand, were faced with less acute Chemicals 34 36 Rubber 4 76 reconversion problems, and their assets continued Petroleum 28 55 Iron and steel 36 48 to expand in 1944 and 1945 as civilian demand Nonferrous metals 26 49 replaced Government war demand. Machinery 64 33 Autos and parts 31 80 At the end of 1945 both the war and the nonwar A O i t r h c e r r a f t t r a a n n s d p o p r a t r a t t s ion equipment 1 13 8/ \ 52 industries had total assets over 30 per cent greater Nonwar industries 125 23 than at the end of 1940. Since most of the increase Food 35 38 Beverages 5 19 was in the form of cash and Government securities, Tobacco 6 74 Textiles and apparel 16 7 the position of these industries was much more Leather 7 20 Lumber and building materials. 22 11 liquid than in 1940. Receivables and inventories Paper 14 20 also showed some increase during the period, while M Pr i i s n c t e in ll g a n a e n o d u s publishing 1 1 0 0 1 6 9 net plant and equipment remained relatively unchanged in the war industries and declined some- NOTE.—Sales represent gross sales and receipts as reported by the U. S. Treasury Department in Statistics of Income, 1940, what in the nonwar industries.2 Pt. 2, for manufacturing and mining corporations submitting balance sheets. Mining corporations are included because some Asset expansion for the 1940-45 period as a of the operations of the 379 large manufacturing concerns are in the field of mining, particularly those in the petroleum industry. whole was financed largely by retained earnings Corporations submitting balance sheets account for all but one per cent of the sales of the corporate universe. (shown in the chart as earned surplus and special reserves) and increased current liabilities that did ments. On the basis of 1940 gross sales as reported not require immediate cash outlays, especially for by the United States Treasury Department in Sta- Federal taxes (shown in the chart as current tistics of Income, the sample represents about 37 per accruals). Bank loans and security markets were cent of the business transacted by all manufacturrelatively unimportant sources of funds for the ex- ing and mining corporations and 75 per cent of that pansion, although at various times during the of all manufacturing and mining corporations with period some funds were secured from these sources. assets of 10 million dollars and over. The 254 The foregoing conclusions apply only to large large war concerns included in the sample account manufacturers; the financial experiences of small for about 50 per cent of the sales of manufacturing and medium-size manufacturers and of concerns corporations of all sizes in the industries reprein other industries may have been considerably sented. In contrast, the large nonwar corporations different. Also, the comments apply only to large account for only about 20 per cent of all corporate war and nonwar companies as groups. Some con- sales in most of the industries. The industrial discerns within the industries covered may very well tribution of the corporations included in the have had a pattern of financial development en- sample is given in Table 1. tirely different from that shown by the group aggregates. WORKING CAPITAL Data for the analysis were obtained from the Current assets. During the early part of the war, financial reports of 379 large manufacturing and the relative expansion of current assets of the large mining corporations with assets of 10 million dollars concerns in nonwar industries was not as rapid or and over in 1941. The reports were published in as great as that of concerns in war industries. By Moody's Manual on Industrials and its supple- the end of 1945, however, following an actual con- 2 Changes in net plant and equipment differ from expendi- traction of current assets in the war industries and tures on plant and equipment. For an explanation of the dif- a continued expansion in nonwar industries, the ference, see p. 1110. 1107 OCTOBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1945 relative position of the two groups had been re- siderable amount of excess cash while others may versed. be short of funds. As is shown in Table 2, the The volume of liquid assets, that is, cash and increase in cash and marketable securities from marketable securities, in all war industries except 1940 to 1945 varied considerably from industry to petroleum was reduced in the latter part of 1945 industry, ranging from 242 per cent in the main order to finance reconversion, to pay off tax lia- chinery industry to 50 per cent in the autos and parts bilities, to add plant, and to reduce debt. Relative to industry. In comparing the relative increases in liquidity of the various industries, however, allow- TABLE 2 ance should be made for the fact that some indus- LIQUID ASSETS AND INVENTORIES, END OF 1944 AND 1945 tries (including autos and parts) were in a relatively 379 LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY more liquid position in 1940 than other industries [Index numbers of dollar volume; 1940 = 100] (including machinery). Moreover, interruptions to work late in 1945 resulted in much more sub- Liquid assets Inventories stantial drains on liquid assets in some industries Industry 1944 1945 1944 1945 than in others. Inventory changes of large war producers in W C ar h e i m nd ic u a s ls tr a ie n s d rubber 2 2 6 6 8 9 2 2 4 5 0 7 1 1 4 4 3 0 1 1 2 4 5 3 1945 also varied considerably from industry to in- Petroleum 185 205 113 116 dustry. As is shown in Table 2, in most metal and Iron and steel 296 294 100 94 Nonferrous metals 232 214 116 117 metal producing industries the disposal of war in- Machinery 427 342 191 156 Autos and parts 201 150 173 137 ventories and the inability to accumulate peacetime Aircraft and parts 382 263 322 122 Other transportation equip- inventories rapidly led to a contraction of total inment 372 339 172 167 ventories. In the petroleum and chemicals and rub- Nonwar industries 239 256 144 156 ber industries, on the other hand, probably because a Tobacco 152 96 163 205 Other 249 273 137 135 larger portion of the war inventories could be used for civilian purposes, inventories increased slightly. prospective levels of sales in the postwar period, The dollar volume of inventories of large corporahowever, these war producers as a group appear tions in war industries at the end of 1945 averaged to have been in a very liquid position at the end 25 per cent greater than at the end of 1940. Iron of 1945. At that time liquid assets were more and steel was the only war industry in which inthan twice as large as at the end of 1940. On the ventories were slightly below the 1940 level. Some basis of the prewar relationship of sales and liquid of the increase in dollar volume was, of course, assets, the volume of liquid assets on hand at the merely a reflection of increased prices. Since end of 1945 would support a rate of sales double during the war a large number of concerns adopted the year-end rate prevailing in 1940. Such a level a "last in—first out" (LIFO) method of charging of sales would be roughly equal to sales of the war inventories to cost of goods sold, a larger portion producers for the year 1945, when the gross national of the increase in the dollar volume of inventories product was estimated at 199 billion dollars. Such represented an increase in the physical volume of a measure of liquidity, however, does not allow for inventories than if these concerns had continued the possible accumulation of cash and marketable to use a "first in—first out" method. No quantitasecurities to finance postponed plant and equip- tive data are available, however, as to the extent of ment expenditures, inventory accumulation, accrued this shift or its precise significance to recent changes tax liabilities, and interim operations until the in- in the dollar volume of inventories. An additional dustries are in full peacetime production. In effect of the adoption of the LIFO method is the addition, a considerable drain on the funds of elimination of some inventory profits during some corporations took place in the first half of periods of rising prices and some inventory losses 1946 as a result of prolonged strikes and work during periods of falling prices. stoppages arising from shortages of materials. Since the end of 1945 war producers have re- While the ratio of liquid assets to sales may placed some of their war inventories with invenmeasure liquidity for war producers in the aggre- tories for production of civilian goods. According gate, it does not measure the liquidity of individual to Department of Commerce estimates, most of the war producers, some of which may have a con- inventories accumulated through July of this year 1108 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1945 represented raw materials and goods in process. later section of this article. The decline in Gov- The volume of finished goods in the hands of ernment advances and accounts payable reflected manufacturers remained unchanged since the mar- largely the termination of war orders. ket was ready to absorb all such products. In most The decline in bank loans of large war producers cases, the increased inventories reflected in part at in 1945 reflected primarily the substantial repayleast further price increases. In those industries ments in that year of bank loans for war producengaged in the production of most finished con- tion purposes guaranteed by the war agencies under sumers' and producers' durable goods (that is, ma- Regulation V of the Board of Governors of the chinery, and autos and parts) and in the petroleum Federal Reserve System.4 In some cases, V loans and chemicals and rubber industries, the dollar were retired in part at least with the proceeds from volume of inventories on hand at the end of July other bank loans, and some new bank loans were 1946 had already exceeded the 1944 level. secured for reconversion purposes. In the aggre- To summarize: Current assets of the large cor- gate, however, the net result of the retirement of porations in the war industries declined generally war loans was a decline in bank loans of these large from 1944 to 1945; in the case of liquid assets, the concerns. As is shown in Table 3, the petroleum contraction ranged from over 25 per cent in the industry was the exception; in that industry bank autos and parts and aircraft and parts industries borrowings more than doubled. Long-term loans to 4 per cent in the chemicals and rubber indus- appear to have made up a large part of the volume tries. For most war industries, however, liquid of these borrowings and the proceeds of some of assets and inventories in 1945 were still larger than these loans were used to retire higher-cost bonds those on hand in 1940. and preferred stock. Among the large nonwar corporations where reconversion problems were minor, current assets TABLE 3 continued to expand in 1945. Liquid assets in- BANK LOANS, END OF 1945 AND CHANGE FROM 1944 creased and some inventories were accumulated. 379 LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY As in the war industries, the increase in inventories [In millions of dollars] reflected in part increased prices. This is par- Amount Change, ticularly true in the tobacco industry where the Industry outstanding, 1944 to sharp increase in inventories from 1940 to 1945 end of 1945 1945 was due primarily to the increased price of leaf War industries 821 -116 tobacco. During the first seven months of 1946, Chemicals and rubber 71 - 25 Petroleum 337 170 inventories of most nonwar producers, particularly Iron and steel 60 8 Nonferrous metals 6 - 12 in the textiles and apparel industry, expanded fur- Machinery 151 - 80 Autos and parts 98 - 60 ther. Aircraft and parts 87 -115 Other transportation equipment 13 - 2 Current liabilities. During 1945 the current Nonwar industries 352 57 liabilities of war producers were reduced more than Food, beverages, textiles and apparel. 96 - 40 current assets. The result was a slight increase in O To th b e a r cco 23 1 9 7 88 9 net working capital. All types of current liabilities —Government advances, accounts payable, accrued income taxes, and bank loans3—declined, reflect- Among the nonwar industries, current liabilities declined slightly as compared with a small increase ing the general contraction in business operations. in current assets, and net working capital increased The reduction in accrued taxes was the largest about 10 per cent. Most changes in current liabilisingle requirement for funds during 1945. Since ties were small, reflecting the continuation of busithe 1944 taxes payable in 1945 were much larger ness in 1945 at much the same level as in 1944. than the 1945 taxes charged to income in 1945 The principal decline, as in the war industries, was but not payable until 1946, a considerable amount of cash was needed to pay the 1944 taxes. A de- 4 Outstanding V loans reached a peak of over 2.0 billion dollars in the middle of 1944 and declined steadily thereafter. As tailed discussion of the effect of tax credits on tax is shown in the regular BULLETIN table on p. 1153, the total payments and earnings in 1945 is presented in a was reduced by 1.2 billion dollars during 1945, with the sharpest reduction in the latter part of the year following V-J Day. By the middle of 1946 most of these loans had been retired. A 3 Bank loans, as discussed in this article, include both loans major proportion of the amount loaned, although not of the numdue in 12 months or less (short-term loans) and loans due in ber of loans, was extended to large companies, and a large pormore than 12 months (long-term loans). tion was probably held by the war producers in this sample. OCTOBER 1946 1109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1945 in accrued taxes, reflecting largely somewhat re- Despite the general increase in expenditures in duced earnings before taxes. Large concerns in the 1945, the net plant and equipment account of most food, beverage, and textiles and apparel industries large concerns decreased. That is to say, expendireduced their bank borrowings in 1945. However, tures for new plant and equipment were below concerns in the leather, paper, printing and publish- total charges for depreciation, depletion, and ing, and lumber and building materials industries amortization. As is shown in Table 4, the decline more than doubled their bank loans, and those in in net plant and equipment of the war industries the tobacco industry increased theirs by 58 per cent was due in part to the accelerated amortization of in order to finance higher-priced tobacco purchases. emergency facilities built during the war. Prior The reduction in the bank debt of large manu- to V-J Day these facilities were being depreciated facturing corporations as a group during 1945 over a five-year period, but with the end of the contrasts with the increase in aggregate commercial war the major portion of them was written off and industrial loans of banks during that year. It completely. Thus the 254 war concerns included would appear that the increase in bank loans was in the sample amortized over three-quarters of a distributed largely among trade concerns, unin- billion dollars of emergency facilities in 1945 in adcorporated businesses, and small and medium-size dition to the 20 per cent charged in previous years. corporations in manufacturing. The facilities amortized in 1945 and prior years included considerable capacity that was usable for EXPENDITURES FOR PLANT AND EQUIPMENT immediate postwar production. In addition, some New plant and equipment was one of the prin- Government financed and owned facilities concipal purposes for which large manufacturing con- structed during the war became available for purcerns used funds in 1945. Following V-E Day chase by private industry after the war ended. some increase in expenditures for new facilities According to estimates prepared jointly by the was apparent, but it was not until after the relaxa- Securities and Exchange Commission and the Detion of most controls on construction following the partment of Commerce, expenditures on new plant end of the war with Japan that these expenditures and equipment by all manufacturing and mining increased sharply. The expansion, although gen- concerns are continuing to increase in 1946 and eral, was greatest among the autos and parts, air- may be 60 per cent greater in the current year than craft and parts, and machinery industries, in which in 1945.5 Such an expansion would mean plant the major reconversion problems were centered. In and equipment expenditures in excess of 3 billion the nonwar industries the increase in expenditures dollars by the 379 large corporations in this sample. reflected the expansion of plant and equipment pro- 5 Restrictions on nonresidential construction were tightened hibited as nonessential during the war. again in August and may limit the construction expenditures anticipated for the remainder of 1946. TABLE 4 CHANGES IN NET PLANT AND EQUIPMENT, 1944 TO 1945 379 LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Account N ( i T n o tr d o n i u e t w a s s l a - ) r ( i T n W tr d o i u a e ta r s s l - ) r C u i a h c b n a e b d l m s er - P le e u tr m o- s I a t r n e o d e n l f m e N r e r o t o n a u - ls s ch M in a e - ry A p a a u n r t d t o s s A p i a r a n c r r d t a s ft tr e a t O a q n t t u s i h p i o e p n o r - rment Net plant and equipment, end of 1944. . 2,237 11,728 1,159 5,021 2,545 1,460 647 618 98 181 Plus: Expenditures, 1945 194 1,717 208 931 137 56 140 211 17 19 Minus: Normal depreciation, 1945. . 183 1,535 173 670 292 142 103 114 23 18 Accelerated amortization, 1945. . . 29 786 160 235 203 75 42 21 37 13 Adjustments* -10 129 13 100 -3 15 -1 -9 14 Net plant and equipment, end of 1945 . . 2,229 10,994 1,021 4,947 2,189 1,284 643 702 41 168 Percentage change, 1944 to 1945: Expenditures 26 19 13 2 19 76 186 695 3 Net plant and equipment (2) -6 -12 -1 -14 -12 -1 14 -58 -7 1 Includes seme developmental expenses, and adjustments for write-downs or write-ups of property and for sales or acquisitions of subsidiaries. 2 Less than 0.5 per cent. 1110 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1945 Although these expenditures will be financed in amortization allowances. The remaining 17 cents part by funds retained from operations, they will were retained earnings. The corresponding figures also require some external financing through new for nonwar industries were 28 cents retained with bank loans and sales of stocks and bonds. an about equal division between depreciation charges and retained earnings. A larger proportion FUNDS RETAINED FROM OPERATIONS of the sales dollar is normally absorbed by depre- Funds retained from operations were the chief ciation charges in those industries classified as means of financing for most large concerns in both "war" industries than in other industries, primarily war and nonwar industries during 1945. As is because of their much heavier investment in plant indicated in Table 5, these funds were of two types and equipment. In 1945, however, the spread was wider than usual owing to the large allowances for TABLE 5 accelerated amortization in the war industries. FUNDS RETAINED FROM OPERATIONS, 1944 AND 1945 Retained earnings. Retained earnings, which in 379 LARGE MANUFACTURING CORPORATIONS [In millions of dollars] any given year are primarily influenced by the volume of sales and the level of various operating War Nonwar expenses, declined 40 per cent in the war industries industries industries Item and 16 per cent in the nonwar industries during 1944 1945 1944 1945 1945. As is indicated in Table 6, a drop in sales accounted in part for the decline in retained earn- Total 2,606 2,976 377 377 ings of the war industries. The decline in sales, Depreciation, depletion, and normal amortization 1,525 1,535 182 183 ranging from less than one per cent in the petro- Accelerated amortization 786 29 Retained earnings 1,081 655 195 164 leum industry to 30 per cent in the aircraft and parts industry, reflects primarily the large cancella- —earnings retained after all charges and after de- tion of Government contracts in the last quarter ductions for taxes and dividends, and that portion of 1945, following V-J Day. Reconversion costs, of cash receipts set aside as an allowance for de- charges for accelerated amortization of emergency preciation, depletion, and amortization of plant and facilities, and some increase in operating costs for equipment. The latter charges decrease earnings salaries and wages and other items further reduced but do not necessarily require immediate cash net income before taxes. The decline in earnings, outlays. however, was in part offset by a reduction in Fed- Of every 10 dollars received from operations in eral taxes. Cash dividends, which absorbed a sub- 1945, the war industries retained about 74 cents, stantial portion of income after taxes in 1944, reof which 57 cents represented depreciation and mained relatively unchanged in 1945 despite the TABLE 6 PERCENTAGE CHANGE IN VARIOUS ELEMENTS AFFECTING RETAINED EARNINGS, 1944 TO 1945 379 LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY Industry- Sales b N ef e o t re in c ta o x m e e s1 F e e x d c e e r s a s l p i r n o c f o it m s e ta x a e n s d N af e t t e r in ta c x o e m s e 1 d C e a n s d h s d p i a v i i d - R ea e r t n a i i n n g ed s War industries -14 —44 -63 — 19 1 —40 Chemicals and rubber - 1 -26 -39 - 1 3 - 9 Petroleum (2) —41 (3) — 16 2 —27 Iron and steel ... — 14 —69 —90 —40 — 2 —94 Nonferrous metals -10 -56 -85 -25 -2 -69 Machinery — 10 —36 —45 — 14 3 —39 Autos and parts -24 -53 -71 -18V — 1 -49 Aircraft and parts -30 -44 -49 -31 -9 -38 Other transportation equipment -27 -44 -51 -21 8 -48 Nonwar industries - 1 -14 -20 - 4 4 -16 1 Net income, as used in this table, is less all cash outlays and unusual expenses whether charged to contingency reserves, surplus, or income, for example, reconversion expenses. The deduction of all of these expenses tends to make the term, "net income," more consistent from company to company but different from the figure reported in stockholders' reports. In general, these additional deductions result in a net income before taxes lower than that reported to stockholders. However, when the tax credits offsetting these deductions are taken into account, in most cases net income after taxes as used in this article is only slightly less than the figure reported to stockholders. 2 Decline of less than 0.5 per cent. 3 Tax refunds exceeded tax payments in 1945. OCTOBER 1946 1111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1945 decline in earnings. As a result, about 30 per cent additional tax reduction of about 5 per cent. This of the income after taxes was retained in 1945 by source of tax relief may yield even more significant these large war producers, compared with about results in 1946, when earnings may be low in the 40 per cent in 1944. case of some durable goods manufacturers as a In the nonwar industries, sales were about the result of work stoppages, reconversion expenses, same in 1945 as in 1944, and increased operating and shortages of supplies during the first half of costs were largely offset by reductions in Federal the year. taxes. Dividends in the aggregate increased slightly Tax refunds affecting liquidity. Although the and about the same proportion of income was re- Tax Adjustment Act of 1945 included several protained in the nonwar industries as in the war in- visions for improving the liquidity of corporations dustries. during the transition, for the most part the effects of the provisions will not yield results until 1946. TAX ADJUSTMENTS Most of the 1945 refund claims on carry-backs and Tax credits increasing 1945 earnings. It has al- accelerated amortization, for instance, were filed ready been indicated that a substantial reduction in too late for the refunds to be paid within the year. Federal tax liability in 1945 partly offset increased As a result, although tax credits increased earncosts. In the war industries, the 63 per cent decline ings in 1945, they will not decrease cash outlays in Federal income and excess profits taxes was in for tax payments materially until 1946. part a result of tax adjustments and in part a result The Tax Adjustment Act also provided that the of decreased earnings before taxes. In the nonwar 10 per cent excess profits tax refund credits on 1944 industries, the 20 per cent decline in Federal in- and 1945 taxes could- be deducted directly from come and excess profits taxes reflected primarily current taxes payable to the Government. This the fact that concerns fell into lower tax brackets. meant that during 1945 the 254 war concerns in TABLE 7 INCOME AND EXCESS PROFITS TAXES, 1945, AND TAX ADJUSTMENTS 379 LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Tax credits 1945, arising from; Excess profits tax refund Industry Taxes 1 9 a 4 c 5 c 1 rued Carry-backs Bonds Credit Accelerated of losses and for deductible amortization unused excess 1942-43 directly from profits credits taxes 1944 taxes War industries 1,209 617 119 319 174 Chemicals and rubber 349 119 7 42 35 Petroleum - 23 169 9 6 4 Iron and steel 40 155 10 44 17 Nonferrous metals 36 71 8 30 12 All machinery 386 32 14 82 46 Autos and parts 174 29 69 51 23 Aircraft and parts 165 29 2 46 25 Other transportation equipment. 82 13 2 18 12 Nonwar industries 610 29 16 1 Includes income and excess profits taxes after deduction of 10 per cent excess profits tax refund for 1945. 2 Not available. Taxes of the war industries were reduced con- the sample reduced their payments of 1944 taxes siderably by tax credits resulting from carry-backs by 5 per cent. Under another provision of the of operating losses and from unused excess profits Act, the postwar excess profits bonds issued for credits, and by tax refund claims due to accelerated the 10 per cent credit in 1942 and 1943 became amortization of emergency facilities.6 By far the largest tax credit to war industries in 1945, as is 6 In the Revenue Act of 1942 Congress provided that a net operating loss or an unused excess profits credit of a given shown in Table 7, arose from the accelerated amor- year might he carried back to reduce the taxable income of two preceding years, or, if any loss or excess profits credit was not tization of emergency facilities. This reduced taxes absorbed by a "carry-back" over the two preceding years, it could be carried forward in computing taxable income in the by about 30 per cent. "Carry-backs" provided an two years following the loss or excess profits credit. 1112 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1945 payable at the option of 'the owner on or after TABLE 8 January 1, 1946. These bonds represented about CHANGE IN OUTSTANDING CAPITAL STOCK AND LONG-TERM 4 per cent of the liquid assets held by the war con- DEBT IN 1945 379 LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY cerns at the end of 1945. [In millions of dollars] SECURITY MARKETS Increase or decrease (—) The security markets, as is shown in Table 8, Industry were a relatively unimportant source of new funds Capital Long-term stock debt* for large manufacturing corporations as a group during 1945. *In the war industries, in fact, capital War industries 24 -281 Chemicals and rubber 8 - 10 stock outstanding remained relatively unchanged, Petroleum ... -15 - 97 while long-term debt decreased by about 15 per Iron and steel -18 -122 Nonferrous metals - 2 - 50 cent. *In the petroleum industry this decline repre- Machinery 27 19 Autos and parts 1 - 10 sented largely the retirement of debt with the pro- Aircraft and parts 20 0 Other transportation equipment 3 - 9 ceeds from long-term bank loans. Among the Nonwar industries 116 66 large war producers, only the aircraft and parts and Tobacco 50 28 machinery corporations secured anything like a sig- Other 66 38 nificant volume of net new funds from the security 1 Excludes long-term debts to banks. markets in 1945. Since the beginning of 1946, In view of the small volume of net new funds however, concerns classified as war industries, parobtained from the security markets in 1945 by ticularly in the auto and parts, other transporation the 379 large corporations included in this sample, equipment, and machinery groups, have floated a and of the sizable volume of "new money issues" larger portion of the securities issued for new reported by the Securities and Exchange Commismoney purposes. These new issues reflect in part sion, it appears that a substantial volume of security the substantial cash drains on many concerns in financing during the year was undertaken by these industries during the early part of the year smaller manufacturing concerns, by concerns in and in part anticipated expansion of plant and other industries such as trade and air transportaequipment. tion, and by newly organized concerns.7 More- Large concerns in nonwar industries as a group, over, a considerable amount of securities was reon the other hand, increased the volume of their tired for cash.8 No published data are available security financing somewhat from 1944 to 1945. for all corporations on retirements of securities for In the tobacco industry the volume of net new cash. As a result, it is difficult to gauge the extent funds obtained from the security markets was 11 to which some concerns were increasing their funds per cent larger in 1945 than it was in 1944. These through new security issues as compared with funds were added to those obtained from bank others that were using excess funds to retire securiloans and to funds retained from operations to ties for cash. finance the growing dollar volume of inventories held by the industry. In the first half of 1946, 7 The Securities and Exchange Commission reported the sale by industrial concerns of 732 million dollars of securities for however, the nonwar industries appear to have "new money" purposes in 1945. This was the largest volume reported for any year since the series began in 1934. secured a relatively smaller volume of funds from 8 Figures for the sample of large manufacturers represent new funds secured from the sale of securities, net of all retirethe security markets than did those classified as ments whether for cash or by refundings, while issues for "new money" purposes as published by the Securities and Exchange war industries in this article. Commission are net of refundings only. Errata in Bulletin for September 1946. Consumers' expenditures on automobiles in 1944, as shown in Table 1 on page 967 of the September 1946 BULLETIN, should be changed from 130 million dollars to 630 million. As a result, total figures for the year should read as follows (in millions of dollars): total-public and private, 17,290; total-private, 13,740; and total-consumers', 7,320. 1113 OCTOBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS AMONG LARGE MANUFACTURING CORPORATIONS, 1945 COMPOSITE BALANCE SHEET AND INCOME STATEMENT, 1944 AND 1945 379 LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [Dollar figures in thousands] Nonwar indus- War industries Chemicals Iron tries (Total)» (Total) and rubber Petroleum and steel Account 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 Number of corporations 125 125 254 254 38 38 28 28 36 36 Total assets (end of year)2 $7,764 $7,963 $34,336 $31,068 $4,331 $4,092 $8,500 $8,455 $5,972 $5,422 Cash 919 941 4,774 4,670 716 733 669 759 944 1,016 Marketable securities8 1,042 1,155 5,092 4.143 728 646 527 566 790 705 Inventories 2,515 2,713 6,019 5,274 818 839 898 923 981 922 Receivables 862 746 5,020 4,121 545 485 788 575 605 436 Plant and equipment (net of depreciation) 2,237 2,229 11,728 10,994 1,159 1,021 5,021 4,947 2.545 2.189 Other assets2 189 180 1,704 1,866 366 366 596 686 108 103 Liabilities and equity: Notes payable to banks 296 352 936 821 96 71 167 337 50 60 Trade notes and accounts payable.. 340 354 2,542 1,987 235 243 539 483 383 340 Government advances 38 25 1,143 533 127 58 111 29 15 5 Accrued income taxes 762 610 3,237 1,232 567 349 270 0 382 40 Other current liabilities 365 313 2,541 2,264 249 237 290 364 366 326 Funded debt 760 831 1,899 1,621 220 211 825 729 609 487 Capital stock 3,318 3,479 13,279 13,323 1,634 1,646 4,164 4,140 2,831 2,828 Reserves (contingency) 324 310 2,079 1,762 292 278 327 233 392 337 Earned surplus2 1,562 1,688 6,682 7,525 912 1,000 1,806 2,140 944 1,000 Income statement: Sales 14,286 14,155 47,253 40,440 5,570 5,505 6,827 6,800 7,540 6,476 Profit before income taxes 1,225 1,078 5,179 2,917 841 638 867 490 581 189 Net profit 463 467 1,942 1,708 274 289 597 513 199 148 Cash dividends $ 302 $ 314 $ 1,189 $ 1.194 $ 192 $ 198 $ 276 $ 281 $ 153 $ 149 Nonferrous Autos Aircraft Other transporta- Metals Machinery and parts and parts tion equipment Account 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 Number of corporations 26 26 64 64 31 31 13 13 18 18 Total assets (end of year)2 $3,280 $3,024 $4,910 $4,398 $4,331 $3,498 $2,112 $1,406 $ 901 773 Cash 389 366 766 717 668 628 447 283 176 168 Marketable securities3 570 518 1,148 815 853 510 312 240 165 143 Inventories 473 480 1,265 1,035 931 735 498 189 155 151 Receivables 262 254 764 819 1,115 777 738 602 203 124 Plant and equipment (net of depreciation) 1,460 1,284 647 643 618 702 98 41 181 163 Other assets* 126 124 321 369 148 146 20 52 21 20 Liabilities and equity: Notes payable to banks 19 6 231 151 158 98 202 87 14 13 Trade notes and accounts payable.. 131 121 351 270 478 306 345 166 80 59 Government advances 59 53 230 131 181 116 354 78 65 63 Accrued income taxes 232 36 696 386 602 174 322 165 165 82 Other current liabilities 134 147 586 492 460 327 344 290 112 84 Funded debt 146 95 66 84 19 9 0 0 15 6 Capital stock 1,592 ,589 1,502 ,535 1,118 1,121 165 187 274 277 Reserves (contingency) 162 158 385 364 309 201 167 150 45 43 Earned surplus* 805 821 864 987 1,007 1,147 214 283 130 147 Income statement: Sales 2,478 2,221 7,064 6,341 9,172 6,998 6,583 4,621 2.019 1.478 Profit before income taxes 436 200 958 622 886 413 399 241 212 125 Net profit 204 164 262 236 284 239 77 76 46 43 Cash dividends $ 144 $ 141 $ 167 $ 172 $ 198 $ 196 $ 33 $ 30 $ 25 $ 27 1 Includes primarily corporations in the following industries: food, beverages, tobacco, textiles and apparel, leather, lumber and building materials, paper, and printing and publishing. 2 Total assets, other assets, and earned surplus are net of intangibles. » Includes postwar refund bonds in both 1944 and 1945. Most reports to stockholders classified these bonds as "other assets" in 1944. NOTE.—Represents corporations with assets of 10 million dollars and over in 1941. Concerns are classified by industry on basis of prewar product. Data in this table were compiled from corporate hnancial statements to stockholders. Tne preceding numjered tables, however, are based on financial data adjusted for write-downs and other purely bookkeeping transactions. As a result, tne figures in this table do not necessarily agree with those in other tables. 1114 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESULTS OF MONETARY REFORMS IN WESTERN EUROPE by ROBERT W. BEAN The liberation of Europe was followed by a wave rising money incomes if a large share of the popuof monetary reforms which were usually part of a lation became traders in a very active market. In general program aimed at averting or curbing an such a situation there would be a great scarcity of upward spiral of prices and incomes. In some labor for productive work, which would intensify countries the reform included the blocking of a supply difficulties and make wage control impossubstantial portion of currency holdings and bank sible. deposits, which was intended to be an important This prospect led to the conclusion that it was direct contribution to inflation control. Belgium, necessary both to control wages and to curtail the Netherlands, and Norway were in this group, sharply the total volume of liquid funds which and the results they achieved are discussed in this might be used to touch off an inflationary spiral. article. In other countries the monetary reform To accomplish the latter, a variety of monetary amounted to little more than a currency conversion, and fiscal measures were employed. In Belgium, which in itself did little to relieve pressure on prices, the Netherlands, and Norway, a direct attack was but made possible compulsory registration of cur- made on currency holdings and bank deposits. rency holdings and thereby facilitated tax pro- Currency was called in, canceled, and replaced grams. Denmark and France were among these only in part. A substantial percentage of bank countries, and are also discussed here. For com- deposits was blocked. These operations afforded parison, certain data are presented showing de- an opportunity to take a census of capital wealth, velopments in Sweden, the United Kingdom, and which was made the basis for various capital-levy the United States. and other tax schemes. In Denmark the same In all the liberated countries mentioned, excepting measures were applied, except that the volume of possibly Denmark, there appeared to be consider- bank deposits blocked was relatively small. France able danger of spiral inflation, owing to the severe carried out an exchange of the note circulation dearth of goods and the surfeit of money. The without blocking either notes or deposits, but levied money surfeit was not a matter of high current special taxes on both capital holdings and wartime incomes (except to the extent that they were earned capital increases. The effects of these measures through illegal transactions in goods at fantastically are reflected first of all in the currency and dehigh prices) but was evidenced by the swollen posit data of these countries. In most cases, the volume of bank deposits and currency circulation. effects of fiscal measures are not yet apparent, either Where black-market dealings were widespread, as because of delay in their application, or because for example in Belgium, it was apparent that in the various taxes and levies are payable over exlarge part the excess liquid funds were held by tended periods of time. a wide circle of consumers, and that current incomes were being swollen by black-market ac- THE TOTAL MONEY SUPPLY tivity. Where the black-market declined in signifi- Considerable attention has been given to the cance after liberation, as was the case in Norway, effect of the monetary reforms on the volume of there was more doubt as to how widely bank de- currency in circulation. This is, of course, a less posits and currency were distributed. The decline significant item than the total of currency and of black-market activity might have been attribut- deposits. In countries which did not undertake able to self-discipline by the public in response to the conversion immediately after liberation, there appeals from the reestablished National Govern- was time for currency in circulation to seek a new ment. If this were the cause, rather than lack of level suited to the conditions of greater domestic funds, there was no certainty that illegal trans- order and (in some countries) of diminished blackactions would not flourish again if adequate sup- market activity. In Norway more than half the plies of goods were not quickly forthcoming. total volume of currency in circulation on the day Control of wages would not be sufficient to prevent of liberation was voluntarily returned to the banks OCTOBER 1946 1115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY, PRICES, AND PRODUCTION IN FOUR LIBERATED COUNTRIES (Index numbers; base periods as shown in chart) PER CENT BELGIUM NETHERLANDS PER CENT 400 400 CURRENCY IN CIRCULATION 300 PLUS FR DE E O E B 1 A 93 N 8 K = D 1 E 00 POSITS 300 200 100 1944 1945 1946 1944 1945 1946 Belgium.—Currency and deposits: includes commercial bank, sayings bank, and postal checking deposits; partly estimated (October 1944-December 1945) on basis of National Bank of Belgium statistics; quarterly figures through September 1944, monthly figures for 1945. Prices, four key commodities: wheat, coal, coke, steel; based on unweighted average of Belgian Central Statistical Office indexes. Wholesale prices, January 1946: based on estimates by Institute of Economic and Social Research, Louvain. Share prices: National Bank of Belgium. Industrial production: Institute of Economic and Social Research, Share prices and industrial production data are as converted to new bases in League of Nations Monthly Bulletin of Statistics. Netherlands.—Currency and deposits: includes commercial bank, savings bank, and postal savings deposits; taken from League of Nations Monthly Bulletin of Statistics, except October 1945 and March 1946 (based on Ministry of Finance estimates). Wholesale prices and share prices: Government indexes, converted to pew bases in League of Nations Monthly Bulletin of Statistics. Coal production: Government statistics. General index of industrial production not available. PER CENT NORWAY DENMARK PER CENT 300 P C L U U R S R E F N R C E Y E I B N A N CI K R C D U E L P A O T S IO IT N S 300 DEO. 1938 =100 250 " CURRENCY IM CIRCULATION 250 PLUS BANK DEPOSITS^ , DEC. 1938=10 200 200 150 150 100 100 VOLUME OF 50 INDUSTRIAL PRODUCTION 50 1939 * 100 1944 1945 1946 1944 1945 1946 Norway.—Currency and deposits: includes commercial and savings bank deposits; Norwegian Central Statistical Office statistics through August 1945: September and November 1945 figures are only rough estimates intended to indicate the general extent of the reduction; later figures are more reliable estimates based on Ministry of Finance and Bank of Norway statistics. Wholesale prices and share prices: Central Statistical Office indexes, converted in League of Nations Monthly Bulletin of Statistics to base periods shown in chart. Industrial production: Central Statistical Office index. Denmark.—Currency and deposits: commercial and savings bank deposits, including blocked deposits (probably not large) for July-December 1945. Government and central bank data, taken from League of Nations Monthly Bulletin of Statistics. 1116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESULTS OF MONETARY REFORMS IN WESTERN EUROPE before the conversion took place, and to a lesser gium by borrowing from the central bank. This degree the same thing happened in Denmark and caused an immediate reexpansion of the money the Netherlands. But this did not mean that the supply. Deficit spending and the gradual release total volume of money had shrunk; there had only of blocked funds continued the reexpansion been a shift from currency to deposits. Full in- throughout 1945, and by the end of the year free formation on free bank deposits after the block- deposits and currency were two and a half times ing operations has not been released, however, and the 1938 figure. Less than one-fourth of this new the picture must be pieced together as well as increase was the result of de-blocking, the rest the possible with estimates. The accompanying charts result of credit expansion. present data for eight countries, of which three The Netherlands performed her operation in have attempted substantial reduction of deposits two steps, the first in July 1945, the second in and note circulation by blocking. September. The measures applied were the most Belgium was the first of these countries to under- drastic of those considered here. Little informatake the experiment (October 1944), and the only tion is available regarding the volume of free bank one which did so before the end of fighting in deposits since the operation, but it appears that in Europe. Just prior to the reform, Belgian currency the first instance the total supply of money was rein circulation plus bank and postal deposits (de- duced to a level 20 per cent below the December mand and savings) amounted to well over three 1938 figure. By the end of March 1946, there had times the figure for December 1938. The block- apparently been a reexpansion to about 40 per cent ing operation in October pared them down to a above the 1938 level. level only slightly above the 1938 figure. During Norway's monetary reform was undertaken in the following months the Government had to September 1945. It appears likely that a very subfinance expenditures of the Allied armies in Bel- stantial portion of currency and deposits was MONEY, PRICES, AND PRODUCTION IN THE UNITED KINGDOM AND SWEDEN (Index numbers; base periods as shown in chart) PER CENT UNITED KINGDOM SWEDEN PER C3E0N0T 300 250 CU P R L R U E S N C B Y A N I K N C r> IR F C P U nc L lT A f T f ION m^m^f 250 DEC. 1938 • 100 ^^^ A CURRENCY IN CIRCULATION 200 ^^^^ PLUS BANK DEPOSITS 200 DEC. 1938 " 100 /WHOLESALE PRICES J W A H N. O -J L U E N S E A LE 19 3 P 9 R • I C l E O S g,.^,. ^ IB^ / JAN.-JUNE 1939 » 100 150 150* ^*^\^^-^ I INDUSTRIAL AND SHIPPING SHARE PRICES JAN - JUNE 1939 » 100 100 100 50 50 0 1944 1945 1946 1944 1945 1946 United Kingdom.—Currency and deposits: includes commercial and savings bank deposits; official statistics. Wholesale iprices: Board of Trade index. Share prices: The Investors' Chronicle index. All figures taken from League of Nations Monthly Bulletin of Statistics. General index of industrial production not available. Sweden.—Currency and deposits: includes commercial bank, savings bank, and postal savings deposits. Swedish Government and Riksbank statistics or indexes, except share prices (Affarsvarlden), taken from League of Nations Monthly Bulletin of Statistics. Currency and deposit figures quarterly; other figures monthly. (OCTOBER 1946 1117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESULTS OF MONETARY REFORMS IN WESTERN EUROPE blocked at the outset, but it was decided to release occupation. Danish measures after liberation were the major part of the blocked funds at the end of accordingly less drastic than the Belgian, Dutch, November. By June 1946 the total of currency and Norwegian, although a stronger program was and free deposits had returned to a level only 5 recommended by the central bank, which wished per cent below the peak (May 1945) figure. to block a substantial portion of bank deposits. In Denmark the relative increase of the total The actual program, effected in July 1945, blocked part of the note circulation and only a minor MONEY, PRICES, AND PRODUCTION IN FRANCE amount of deposits. The effect on the total money (Index numbers; base periods as shown in chart) supply was slight. The return of currency to the banks during the two months between liberation and the conversion had saved a large volume of 600 600 purchasing power from the currency blocking operation. Moreover, a quarter of the blocked notes was released on September 1, and the remaining blocked notes and deposits were freed at the end 500 500 of the year. The total money supply soon exceeded all previous figures, and continued to climb until May 1946, when it declined slightly. 400 400 MONEY, PRICES, AND PRODUCTION IN THE UNITED STATES (Index numbers; base periods as shown in chart) 300 300 PER CENT PER CENT 400 — ~\ 400 200 200 CURRENCY IN CIRCULATION PLUS BANK DEPOSITS DEC. 1938 MOO 100 100 300 300 VOLUME OF INDUSTRIAL PRODUCTION 1939 » 100 / 1944 1945 1946 200 20O Currency and deposits: includes commercial bank, savings bank, and postal savings deposits; monthly figures for commercial bank deposits calculated on basis of published quarterly figures for all banks and monthly figures for four large banks. All data are official statistics or indexes, taken from League of Nations Monthly Bulletin of Statistics. 100 100 money supply during the war had been considerably less than in other German-occupied countries. The expansion was kept down by a series of money sterilization measures adopted during the war. These included the increase of commercial and savings bank reserve requirements, encouragement 1944 1945 1946 to the banks to tie up a portion of their funds in Currency and deposits: includes total paper currency and coins in circulation and total deposits adjusted. Wholesale special term deposits at the central bank, and, most prices: Bureau of Labor Statistics index. Share prices: Standard and Poor's Corporation index. Industrial producimportant, the placing of certain tax proceeds and tion: Federal Reserve index. Prices and producton series asconverted in League of Nations Monthly Bulletin of Statistics the proceeds from special Treasury issues sold to to base periods shown in chart. the public in a separate Government account which was allowed to lie idle in the central bank, instead As will be seen from the charts, France has exof being used for current Government expendi- perienced the greatest degree of monetary expantures. These measures absorbed a considerable sion of any of these countries. This expansion amount of the excess money created during the was arrested at the end of 1944 by the sale to the 1118 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESULTS OF MONETARY REFORMS IN WESTERN EUROPE public of a National Liberation Loan, and again Many persons had sufficient cash holdings to buy in June 1945 by the currency conversion, but there what little was available through regular ration has since been a steady climb to a figure about five channels, and (as in Norway) preferred to go on and a half times the level of December 1938. a prolonged holiday during the first months after Sweden, the only neutral country among the eight, liberation, or (as in Belgium and the Netherlands) has experienced the least monetary expansion. In found it necessary to spend a large share of their the United Kingdom, the total of currency and time in seeking out opportunities for black-market deposits is now at a level about two and a half transactions. times that of December 1938—a degree of expan- Only partial proof of success may be found in sion which approximates the most recent figures the charts accompanying this article. It is apparent for Belgium, Denmark, and Norway. It should be that a spiral inflation has been avoided in the counnoted that in the countries which blocked bank tries which succeeded in reducing the volume of deposits, the blocking extended to time as well as liquid funds. In France, however, the index of to demand deposits. For this reason, time deposits official wholesale prices has risen sharply and blackare included in all these computations, although it market activity has continued. Belgium also has is more customary to focus attention solely on cur- had difficulty in eradicating the black market, rency and demand deposits. Including time de- owing to the long period of military operations posits, monetary expansion in the United States which followed the monetary reform and reduced since the end of 1938 has been about threefold. If its effect. However, reports indicate that the one also takes into account other liquid assets, which amount of money flowing into the black market are of considerable magnitude in this country, mone- has been reduced in the Netherlands, and that its tary expansion has been even greater. It is thus importance has remained negligible in Denmark evident that monetary expansion in the United and Norway. States has been comparable with that experienced Where improvements have been achieved, many by the countries of Western Europe. These com- factors have contributed. Foreign credits comparisons have little significance, however, except bined with drafts on external reserves have made when related to the supply of goods and the level possible a heavy surplus of imports. Raw material of prices. and fuel supplies have sufficiently improved to allow some revival of industrial production. The PRODUCTION AND PRICES inevitably slow civilian reemployment of military The monetary reforms, and in particular the forces returned from exile and of resistance forces forced currency exchanges, had political as well as has largely been accomplished. The decline in economic objectives. In all the countries it was official wholesale prices in Denmark and Norway thought desirable to take a census of capital wealth, reflects the arrival of imports at lower prices and partly for the purpose of disclosing profits won by (in Norway) the removal of certain direct taxes on collaborators during the occupation. There was sales. It appears certain, however, that the monealso the desire to repudiate currency which was tary reforms also contributed to the improved suptaken out of the country by the German occupation ply situation in some countries, both by hastening forces. But the purely monetary objectives were the return to work during the first months after determined by the degree of price inflation already the reforms while currency holdings and free bank experienced, by the prospects for raising domestic deposits remained severely restricted, and by restorproduction and securing imports, and by exchange ing confidence in the ability of the monetary aurate policy. Great emphasis was placed on abolish- thorities to cope with the situation. It is clear also ing or preventing the expansion of black-market that where the reforms were effective in reducing activity. Official prices were themselves well above the volume of liquid funds, they eased for a time the prewar level in these countries, and in most the upward pressure on prices. Although price cases wage rates were tied to the official price level. ceilings have been forced up since the reforms both Avoidance of spiral inflation, therefore, depended in Belgium and the Netherlands, it is safe to assume on making official prices effective and protecting that the rise would have been considerably greater them from a rapid further increase. Another major had there been no effort to control the money objective was to increase productive employment. supply. OCTOBER 1946 1119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESULTS OF MONETARY REFORMS IN WESTERN EUROPE GENERAL EVALUATION the proceeds from specific taxes, particularly the Although conditions have improved in the liber- capital levies, be used in this way instead of being ated countries, their monetary systems are a long regarded by the Government as an additional source way from stability and there is still a threat of in- of tax revenue permitting larger Government exflation. The effectiveness of blocking notes and penditures. deposits was considerably reduced by the necessity Whether or not Government expenditures are for remedying injustices, and by a conflict between reduced, the imposition of capital levies and other fiscal and monetary policy which in some coun- extraordinary taxes diminishes the need for Governtries raised the issue of whether the blocking oper- ment borrowing and so lessens the danger of inflaations had not been too effective. tion. It is worth noting also that a counter-infla- In order to mitigate individual cases of hardship, tionary effect is achieved by the Government's and to meet the requirements of business firms, selling in the domestic market supplies which very substantial releases had to be made from have been purchased abroad from the proceeds of blocked accounts. In Belgium and the Nether- foreign credits or from the liquidation of official lands, blocked funds could be used in payment of gold and foreign exchange reserves. taxes (the proceeds of which were spent by the As a means of combating inflation, it has been Government, and so returned to circulation). It conventional to place emphasis on the control of was not intended, of course, that necessary ex- current incomes rather than on the absorption of penditures should be restricted, except insofar as accumulated liquid funds. The blocking and they could not be met with an adequate supply of sterilization measures adopted in the liberated goods at the desired level of prices. But the ex- countries have been an exception to this line of penditure of funds released for essential purposes thought. The absorption of liquid funds does not soon swelled the holdings of others for whom such enable the removal of price controls on goods funds were not essential. The desirability of sub- normally purchased out of income, but may tend stituting a capital levy on wartime increases of to reduce the proportion of current incomes which wealth in place of a continuing system of blocked is spent, as well as to reduce the demand for durable accounts was evident. A levy on capital gains consumer goods, real estate, and capital shares. In would draw heavily on the profits made by collab- the liberated countries, moreover, the reforms were orators and black-market operators during the occu- particularly suited to the mood of the public and pation, whereas blocking was considerably more served to restore public confidence in the value of indiscriminate. the currency, a factor which outweighed in importance the direct quantitative effects achieved. Releases of blocked funds have also occurred for quite different reasons. In Norway the general release at the end of November 1945 appears to EXCHANGE RATES have coincided with the Government's decision to The exchange rates established at the close of the reduce its interest burden by refinancing almost war in the Western European countries—and the the whole of its long-term debt at lower rates. subsequent changes—remain tentative, and it is The success of this program would have been in still too early to determine whether they can be doubt had the volume of idle funds remained maintained over a long period of time. So long as sharply curtailed. the threat of inflation in these countries persists, Because of the still dangerous volume of liquid exchange rates which appear, on the basis of comfunds, in several countries central bank authorities parative price levels, to overvalue these currencies have urged their Government to use funds with- vis-a-vis the dollar may have a certain attractivedrawn from the public through taxation for reduc- ness. Such rates tend to hold down the cost of iming the huge German overdrafts at the central ported goods in terms of the local currencies and bank, the liability for which has been assumed by give a welcome stimulus to public confidence in the the Government. Thisis equivalent to urging the "soundness" of these currencies. Exports may be Government to realize budgetary surpluses, or at handicapped, but if the country concerned can find least to raise more than current budgetary require- the means to meet a transitory deficit in its balance ments through taxes and borrowing outside the of payments, the retention of domestic production central bank. Usually it has been suggested that for home consumption rather than for export is a 1120 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESULTS OF MONETARY REFORMS IN WESTERN EUROPE useful anti-inflationary measure. This course of times faulty because proper adjustments can not action is particularly attractive if price disparities always be made to compensate for the wartime are expected to disappear in due course through a disappearance of many commodities. Even if the more rapid rise of prices in foreign countries than indexes presented a true picture of wholesale price at home. Such considerations have not only in- increases in each country, comparison between fluenced some countries to delay lowering the ex- countries for the purpose of calculating equilibrium change values of their currencies, but also led one exchange rates would rest on an assumption that national price levels during the base period were WHOLESALE PRICES IN SELECTED COUNTRIES properly adjusted to each other. To the extent that IN U. S. DOLLARS At Current Exchange Rates disparities existed during the base period, therefore, comparison is distorted. Moreover, since the base period, changes in the whole orientation of trade between countries have been so drastic that the relationship between general price levels and exchange rates may have been considerably altered. Four exchange rate alterations are, reflected in the charts: depreciation of the guilder in October 1944, of the Norwegian krone in May 1945, of the French franc in December 1945, and appreciation of the Swedish krona in July 1946. The effect of the Belgian devaluation in November 1944 is not WHOLESALE PRICES IN FRANCE AND THE UNITED STATES IN U. S. DOLLARS At Current Exchange Rates JAN.-JUNE 1939-100 340 - country, Sweden, to raise the exchange value of its 300 FRANCE J J currency, despite at least the appearance of tem- J \ porary overvaluation. f j Of the countries considered here, only Sweden and Denmark have not substantially lowered the dollar value of their currencies since the first half / of 1939. Compared with the average for that period, the following net changes had occurred as of September 1946: 200 Per cent Sweden +15 Denmark United Kingdom — 13 Norway — 14 UNITED STATES - Netherlands -30 Belgium —33 100 France -68 The charts labelled "Wholesale Prices" help to indicate to what extent price disparities exist at current rates of exchange. But wholesale price indexes are only a guide-post to equilibrium exchange rates. The indexes themselves are some- !I I I 340 300 200 1 \ J f ~ - IOC 1944 1945 1946 shown because no continuous price series is available for Belgium. Apart from these changes, movements recorded in the chart represent changes in the domestic wholesale price indexes. Despite the qualifications which must be made OCTOBER 1946 1121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESULTS OF MONETARY REFORMS IN WESTERN EUROPE as to the reliability of selecting exchange rates on reprinted in this BULLETIN, in the case of some of the basis of wholesale price indexes, it is fairly the liberated countries it may be necessary to defer clear that present exchange rates do not equilibrate solution of the exchange rate problem until the price levels in the various countries. As is indicated course of internal developments and external trade in the Report of the International Monetary Fund relationships is more clearly defined. POSTWAR ECONOMIC STUDIES NO. 5 Early in November, the fifth of the series of essays on related subjects by specialists on the staffs eight postwar studies authorized by the Board of of the Board and the Federal Reserve Banks. The Governors will be available for distribution. The views expressed in the papers are entirely those of pamphlet, entitled Private Capital Requirements, the authors, and there is no official endorsement of will contain two papers, as follows: "Private Capiany of the proposals made. tal Formation and Its Financing in Manufacturing Individual pamphlets may be purchased for 25 and Mining Industries," by Frederick C. Dirks, cents each, or for 15 cents each for group purchases and "Long-Term Needs of Small Business," by Ernest J. Hopkins. of ten or more in single shipment. Orders should be sent to the Division of Administrative Services, Later pamphlets in the series will be announced in the BULLETIN as they become available at Board of Governors of the Federal Reserve System, irregular intervals. Each pamphlet will contain Washington 25, D. C. 1122 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTS OF THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT There are given below the texts of the first annual require time to recover from the terrible crises reports of the International Monetary Fund and of which have upset it since 1914. But we have the International Ban\ for Reconstruction and De- thought that an effort should be made as soon as velopment. These reports were prepared by the possible toward righting it again. It would, of 'Executive Directors of the respective institutions course, have been highly desirable to ma\e such for submission at the first annual meetings of the efforts simultaneously in all fields: economic, po- Boards of Governors, which opened on September litical, monetary. These would have been the ideal 27, 1946, at Washington. The reports deal pri- conditions. Should the fact that these conditions marily with progress and developments since the do not prevail for the time being deter the Fund inaugural meetings of the Boards of Governors from starting its activities? Such has not been our were held in March 1946 at Savannah, Georgia. opinion. Immobility is not a policy. To act entails In his statement transmitting the report of the ris\s. Not to act often entails greater ris\s. It is Fund, the Managing Director (Mr. Gutt) included with open eyes, conscious of the possible dangers, the following comments: conscious, too, of the constructive element that the ". . . The difficult economic and political con- Fund may be able to constitute in the reestablishditions under which the Fund is starting its opera- ment of a more stable world, that we enter the path tions have been emphasized. Some have wondered indicated in the report. We \now that our wor\ whether it would not be better to delay until greater can only be a beginning, that other elements will stability prevails. be needed to complete it. But we hope that the "We have not thought so today in Washington, very fact of initiating it will have favorable effects, any more than we did in 1944 at Bretton Woods. and that it will constitute both an example and an Then, as today, we \new that the world would incentive!' INTERNATIONAL MONETARY FUND ANNUAL REPORT OF THE EXECUTIVE DIRECTORS, SEPTEMBER 1946 I. ESTABLISHMENT OF THE FUND tives of 30 countries met and participated in a ceremony of signature held in Washington, D. C. This report, prepared in accordance with Section By December 31, 1945, 35 countries had signed 10 of the By-laws, covers the operations and policies and otherwise indicated their intention to become of the International Monetary Fund in the period members. These were: from May 6, 1946, when the Executive Directors held their first meeting in Washington, through Belgium Egypt ^ early September 1946. In this period, the Fund Bolivia Ethiopia was creating an organization and laying down the Brazil France necessary rules for its operations. Since it is in- Canada Greece tended that in future years the Annual Report of the Chile Guatemala Executive Directors will cover the operations of China Honduras the Fund in the preceding fiscal year, such figures Colombia Iceland as are here presented deal mainly with the period Costa Rica India ending June 30, 1946. Cuba Iran Entry Into Force. The Articles of Agreement Czechoslovakia Iraq of the International Monetary Fund entered into Dominican Republic Luxembourg force on December 27, 1945, when representa- Ecuador Mexico OCTOBER 1946 1123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK Netherlands Union of South Africa Votes Norway United Kingdom of Great Pierre Mendes-France. France 4,750 Paraguay Britain and Northern Ire- Harry D. White United States. .. 27,750 Peru land Elected Executive Directors Philippine United States of America Commonwealth Uruguay G. W. J. Bruins Netherlands 3,000 Poland Yugoslavia Union of South Africa. 1,250 Instruments of Acceptance have been deposited 4,250 with the United States Government, as required by Rodrigo Gomez Colombia 750 Article XX, Section 2 (a) of the Fund Agreement, Costa Rica 300 on behalf of all the above countries. Cuba 750 Dominican Republic. 300 Inaugural Meeting of the Board of Governors. El Salvador 275 In accordance with the provisions of Article XX, Guatemala. . . 300 the Government of the United States called the first Honduras.... 275 Mexico 1,150 meeting of the Board of Governors of the Fund to Nicaragua. . . 270 meet jointly with the Board of Governors of the International Bank for Reconstruction and Develop- 4,370 ment at Savannah, Ga. on March 8, 1946. ? During the meeting, the Board adopted a resolu- Camille Gutt. . . . Belgium 2,500 Iceland 260 tion which extended from December 31, 1945, to Luxembourg. . 350 December 31, 1946, the period in which countries listed in Schedule A of the Fund Agreement could 3,110 join as original members. Under this resolution representatives of Cuba, El Salvador, Nicaragua, J. V. Mladek. . . . Czechoslovakia.. 1,500 Poland 1,500 and Panama signed the articles in the course of Yugoslavia. . 850 the meeting. Denmark, with a quota fixed at $68,000,000 by the Board of Governors, likewise 3,850 acquired membership under the authority of this resolution on March 30, 1946. Louis Rasminsky. . ... . Canada... 3,250 Norway... 750 This meeting took the necessary preliminary steps to organize the Fund. By-laws were adopted 4,000 to establish procedures for the meetings of the Board of Governors and to govern the operations. Ahmed Zaki Bey Saad. Egypt 700 Ethiopia. . 310 A number of special tasks were assigned to the Greece 650 Executive Directors. The Board of Governors ap- Iran 500 pointed a temporary secretary, Mr. Roman L. Iraq 330 Home, to make the arrangements for the first Philippine Commonwealth. 400 meeting of the Executive Directors, and fixed the date of the first meeting at the beginning of May. 2,890 First Executive Directors. The Executive Direc- Francisco Alves dos tors, who were appointed or elected in accord- Santos-Filho , Bolivia.. . . 350 ance with the provisions of the Fund Agreement, Brazil 1,750 Chile 750 were as follows: Ecuador 300 Panama. . . - 255 Appointed Executive Directors Paraguay... 270 Peru 500 Votes Uruguay. 400 George Bolton United Kingdom. . 13,250 J. V. Joshi India 4,250 4,575 Yee-Chun Koo. . . . China.. , 5,750 1124 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK Interim Period. The necessary arrangements for That portion of the Fund's operating staff which the first meetings in Washington of the Execu- had reported for duty numbered approximately tive Directors were made by the Temporary Secre- 100 persons, recruited from 15 countries. Equiptary, Mr. Home who, with the assistance of a small ment and supplies had been procured and necessary staff, found and equipped quarters, collected, edited, procedures had been established to direct the work and published the documents of the Inaugural of the staff through the early period. Meeting and carried on the necessary correspond- The Fund has adopted for its employees the ence. salary scale and grades of the United Nations. In appointing the staff, the Managing Director Selection of the Managing Director. At their has, as required by the Fund Agreement, "subject first meeting on May 6, 1946, the Executive Directo the paramount importance of securing the hightors selected as Managing Director Mr. Camille est standards of efficiency and of technical compe- Gutt of Belgium, who, upon accepting, resigned as tence," paid "due regard to the importance of Executive Director. On this date the Managing recruiting personnel on as wide a geographical basis Director assumed the chairmanship of the Execuas possible." It has proved difficult and time-contive Directors and the responsibility for organizing suming to negotiate with and select prospective and directing the staff. staff members who are scattered all over the world. Organization of the Operating Staff. The Ex- In most countries there is a shortage of the kinds ecutive Directors, as a first order of business, dis- of skilled financial and economic personnel that cussed the general organization of the staff. By the Fund and other international organizations are mid-June a general plan of organization had been seeking. Because of this shortage, the treasuries, agreed. Reporting to the Managing Director, the central and private banks, and exchange departstaff is divided into five primary departments and ments of many countries are unable or reluctant offices, as follows: to release their personnel. Of those who can be released, a considerable number are reluctant to Operations Department give up established positions to undertake new Legal Department work in another country. Research Department Office of the Comptroller Financial Statement. Section 20 of the By-laws Office of the Secretary requires that the Executive Directors shall have Each of those departments and officers has a direc- an audit of the accounts of the Fund made at tor or head who is responsible to the Managing least once each year and on the basis of this audit Director. The departments and offices are further submit a balance sheet and statement of operations subdivided into divisions under chiefs. It is in- of the Fund to be considered by the Board of Govtended that the organization should be simple and ernors at their annual meeting. flexible. Since operations have not yet commenced, the By the beginning of September, the Managing financial presentation in this instance is in the form Director had appointed the head or acting head of of a Statement of Receipts and Payments from inception to June 30, 1946, which is annexed to this each of the major staff units of the Fund and these report (Appendix D). It will be seen that the officials had assumed their duties in Washington. Receipts are solely subscriptions of one one-hun- They are: dredth of 1 per cent of quotas of member countries Mr. John L. Fisher (U. K.), Director as provided for by Section 2 (d) of Article XX of Operations Department the Fund Agreement, while the payments are Mr. Edward M. Bernstein (U. S.), Assistant Director, Acting in Charge limited to administrative expenses. As required, Research Department the Executive Directors have had an audit of the Mr. A. van Campenhout (Belgium), Director accounts made for the fiscal year which ended on Legal Department June 30, 1946. Although plans are going forward Mr. Charles M. Powell (Canada), Assistant Comptroller for an independent audit, this one was conducted Office of the Comptroller Mr. Frank Coe (U. S.), Secretary by the Assistant Comptroller, Mr. C. M. Powell. Office of die Secretary The Statement of Receipts and Payments, based on OCTOBER 1946 1125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK this audit, was prepared under the supervision of Executive Directors for consideration and recomthe Managing Director and approved by the Execu- mendations. The report to the Board of Governors tive Directors for submission to the Board of Gov- on this matter is separately submitted. ernors. On September 6, 1946, the Government of France requested the Fund to consider an increase in its Administrative Budget. It has not proved posquota. On September 18 the Government of China sible during the period covered by this report to made a similar request. The reports of the Execuprepare an administrative budget for submission to tive Directors on these requests are being subthe Board of Governors. The Fund's major operamitted separately. tions have not begun and will not begin until the required number of par values has been agreed. Relations With Other International Organizations. The amount and number of the Fund's transac- The Fund and the Bank have maintained close tions cannot be determined now, and therefore the relations throughout the period of organization. basis for estimating the staff and other administra- The Managing Director of the Fund and the Presitive requirements for these transactions is lacking. dent of the Bank and their subordinates have Similarly, the volume of work which will be neces- worked together on common problems, and joint sary in connection with exchange rates, exchange committees of the two Boards of Executive Direcrestrictions, and the other obligations of members, tors have been utilized as a device for effecting cannot be foreseen at this time. For these reasons necessary coordination. Steps have been taken to the Managing Director has not considered it desir- ensure that the policies and operations of the Fund able to define the detailed organization of the and the Bank will complement each other. various departments and offices, which are being As permitted by the Fund Agreement, informal operated by nuclear staffs. arrangements for cooperation with other interna- The Financial Statement presented in Appendix tional organizations have been initiated. The Fund D shows that administrative expenditures through was represented at the UNRRA conference held in June 30, 1946, covering a period of approximately Geneva in August 1946 and the FAO conference 3 months, amounted to approximately $97,000. In held in Copenhagen in September. Liaison has July and August, administrative expenditures were been established between the Fund and the United at a higher rate and a total of approximately $150,- Nations on public information. Similarly, repre- 000 was spent. Of this, about half, or $74,000, was sentatives of the Fund have participated in meetfor salaries and wages and slightly more than one- ings with the Secretariat of the United Nations on third, or $54,000, was for supplies and equipment. problems of personnel, travel, and pensions. The The remainder was expended principally on offices, Fund looks forward to continuing cooperation with travel, communication, and expenses for the meet- the United Nations and the various specialized ing of the Board of Governors. agencies and expects these relations to develop on many fronts during the next few years. II. STATUS OF THE FUND As requested by the Board of Governors at its Applications for Membership. At its Inaugural Inaugural Meeting, the Fund, together with the Meeting the Board of Governors received appli- Bank, has conferred with representatives of the cations for membership from the Governments Economic and Social Council concerning collaboraof Italy, Lebanon, Syria, and Turkey, which were tion. No recommendations to the Governor have referred to the Executive Directors for considera- been prepared, since it is not believed that a formal tion and recommendations. In conformity with agreement is required at this time. The corre- Section 21 of the By-laws, the recommendations of spondence is reported in Appendix C. the Executive Directors are being separately submitted to the Board of Governors. III. POLICIES Revision of Quotas. At the Inaugural Meet- Rules and Regulations. The Executive Direcing the Governor of Paraguay requested that the tors have during the past few months devoted quota of Paraguay in the Fund should be increased: a large part of their time to the preparation of the The Board of Governors referred this request to the Rules and Regulations which are presented with 1126 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK this report for review by the Board of Governors on the rates of exchange prevailing on the sixtieth (Appendix A). During the course of this work, day before the entry into force of this Agreement." the purposes and functions of the Fund have been In their early meetings, the Executive Directors carefully analyzed and an effort made to establish considered that from the standpoint of its organizathose procedures and rules of conduct which will tion the Fund should be far enough advanced by facilitate the Fund's operations and create practical September to warrant undertaking this task. This working relationships with the members. Empha- goal was realized and, accordingly, on September sis has been placed on the principal problems which 12, the following cable was sent to all member govwill face the Fund in the coming year, and the ernments (with minor variations in the last paraprocedures and rules of conduct concerning these graph): matters have been worked out in greater detail Cable to Member Governments than those which deal with problems unlikely to arise until a later date. To Some of the provisions of the Rules and Regula- Pursuant to a decision of the Executive Directions are procedural in nature and others embody tors of the International Monetary Fund on Sepdecisions of policy which, in the opinion of the tember 4, 1946, and in accordance with the Fund Executive Directors, should be made before opera- Agreement, I have the honor to inform your Govtions begin. In view of the fact that they have ernment that: been drafted without benefit of the knowledge which will be gained by experience with the (1) In accordance with Article XX, Section 4 Fund's operations, modifications and additions will (a) of the Agreement, the Fund "will shortly be have to be made as new problems are encountered. in a position to begin exchange transactions," Many of these problems cannot be foreseen at this (2) Your Government is requested, pursuant to time. Others have been considered by the Execu- Article XX, Section 4 of the Agreement, to comtive Directors, but their solution has been post- municate within 30 days the par value of its curponed wherever practicable in order that the formu- rency based on the rates of exchange prevailing on lation of the Rules and Regulations to handle them October 28, 1945, which is the sixtieth day before may reflect the experience of the Fund. The modi- the entry into force of the Agreement. fications and additions will be presented for review (3) Your Government is requested to acknowlat future meetings of the Board of Governors. edge receipt of this communication by cable, and Interpretations, Under the Fund Agreement to state in such acknowledgment the date on one of the functions of the Executive Directors is to which this communication is received. make interpretations of the Agreement. At their (4) The provisions of Article XX, Section 4 (b), Inaugural Meeting, in Resolutions Nos. 5, 6, and 7, apply to Governments whose metropolitan territory the Board of Governors requested the Executive has not been occupied by the enemy. Directors to make interpretations on points raised (5) The provisions of Article XX, Section 4 (b), by the Governors for the United Kingdom, the apply to Governments whose metropolitan territory United States, and India. The interpretations rehas been occupied by the enemy. quested and made are presented in Appendix B. (6) If separate currencies exist in the territories in respect of which your Government has accepted IV. OPERATIONS the Agreement, the provisions of Article XX, Sec- Initial Par Values. The first major task of tion 4 (g) apply in respect of the communication the International Monetary Fund is the initial de- of par values. termination of par values. Article XX, Section (7) The Fund is prepared to discuss with your 4 (a) states that "when the Fund is of the opinion Government all matters related to the initial dethat it will shortly be in a position to begin ex- termination of par values. If your Government change transactions, it shall so notify the members wishes to make any special arrangements for disand shall request each member to communicate cussion, the Fund would like to be so informed within 30 days the par value of its currency based at an early date. OCTOBER 1946 1127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK (8) A signed copy of this communication is to adjust the foreign exchange value of their curbeing sent to your Legation in Washington for rencies. These conditions emphasize the difficulty transmittal to you. It will be appreciated if you of the task of restoring a healthy world economy. will notify all interested agencies or persons in your A number of countries, particularly in Europe Government of the contents of this communication. and the Far East, find their international economic position seriously deteriorated as a result of the war. CAMILLE GUTT, Managing Director. Their first task is to restore agricultural and industrial production on a modern and efficient basis and to bring it into line with the new requirements V. PROBLEMS FACING THE FUND of the market. In the Far East, the restoration of Initial Parities. As a result of the call for production has just begun. On the European conthe communication of par values, the Fund will tinent, members of the Fund as a group have in seek agreement with 39 countries in the next few the past year succeeded in raising their industrial months on the structure of exchange rates which output, but it still remains considerably below the will govern most of the foreign transactions of the prewar level. Agricultural production in Europe world. This is a formidable task, especially for an has also risen and this year will be not far below international organization which is still in its prewar. Nevertheless, in some countries recovery infancy. still lags, and in all countries there are difficulties In deciding to proceed to the active phase of the in reaching and surpassing the 1938 level of output. Fund's work, the Executive Directors were mindful The road ahead is not an easy one. Although of a number of reasons which could be advanced foreign aid has been of great assistance, it is imfor postponement. Many countries have only portant to recognize that recovery in the occupied begun to recover from the devastation of war; and countries has depended and will continue to depend the reconstruction of their economic and monetary primarily on their own efforts. In order to raise systems will take several years. The wartime eco- agricultural and industrial production to levels nomic controls of many members of the Fund are commensurate with the technical progress of the still in force. Inflation, in varying degrees of in- past decade, reconstruction must be given priority tensity, is in progress throughout much of the above all other economic needs with the exception world. International trade and international in- of maintaining consumption essential to the health vestment are only partially restored. Concrete and efficiency of the people. The countries that measures for international economic cooperation, suffered destruction and devastation are still short in spheres other than the financial, are not as far of equipment, transport, raw materials and, in ceradvanced as had earlier been hoped. International tain cases, food and shelter. These shortages must political cooperation leaves much to be desired. be made good before their labor efficiency and pro- These and other factors undoubtedly make it ductive power can be fully realized. more difficult to determine what is an appropriate The countries which suffered from enemy occustructure of exchange rates. Nevertheless, it is the pation still need considerable external assistance to opinion of the Executive Directors that it is desira- help them in restoring production. The countries ble to proceed with the establishment of initial par that can provide capital in significant amount out values. When the Bretton Woods Agreements of their present resources are limited in number. were signed, it was generally foreseen that the Even so, there has been a gratifying willingness on Fund would have to begin its work in a period of the part of some countries, themselves in need, to disorder and devastation, and allowance for these provide to others the moderate credits they are in a conditions was made in a number of provisions of position to offer. But the only substantial sources the Fund Agreement. One of the major purposes of foreign capital are the countries whose large of the governments that established the Fund was domestic output and strong international economic to ensure the maximum of monetary cooperation position enable them to maintain an export surplus. in the transition period from war to peace. In ad- In the past year, the United States and Canada have justing their economies to new postwar conditions, made capital available on a very large scale for many countries will have to continue to control urgent reconstruction needs. Since the end of the their exchanges, and some countries may also need war the United States Government has authorized 1128 FEDERAL, RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK credits in excess of $8 billion and the Canadian progress toward the elimination of unnecessary ex- Government has authorized credits of $2 billion. change restrictions on current transactions. The A number of countries in Europe have also helped more currencies become convertible, the easier will by making credits available for trade and recon- be the task of freeing the remaining currencies struction. The provision of additional foreign from such restrictions. It is fortunate that there capital remains, nevertheless, of the greatest im- is now every prospect for an early resumption of portance to the restoration of the world economy. the convertibility of sterling in connection with Efforts to maintain and to restore production current transactions. The credits made available to and international investment cannot have anything the United Kingdom by the United States and like their full effect without a reasonable degree of Canada will enable Britain to buy essential imports monetary and exchange stability. In fact, only few and to pay for them with convertible sterling. countries have succeeded in maintaining even mod- The British Government has also expressed its inerate stability of prices. In some countries inflation tention to make agreements with the countries conhas been extreme. In others, it has previously been cerned, varying according to the circumstances of held in check, although in a few cases controls have each case, for an early settlement covering the recently been weakening. The inflationary forces sterling balances accumulated by sterling area and generated during the war are being augmented by other countries. These developments will help in a continuation of budgetary deficits and the further restoring convertibility of currencies and freedom expansion of money. Almost every country is in current transactions in accordance with the prospending far more for military purposes than was visions of the Fund Agreement. anticipated. With these inflationary forces superimposed on the disruption of world economic rela- Exchange Rates. In ordinary times, the pattions caused by the war, it is not surprising that tern of exchange rates has an historical continuity the present pattern of exchange relationships con- which gives it an element of strength and stability. tains a number of grave distortions. The elimina- A great war radically alters the established position tion of these distortions and the promotion of cur- of currencies. In some respects our problems at rency stability and expanding trade are among the present are less extreme than after the last war. important tasks facing the Fund. There has been a greater realization of the need to keep prices and costs in hand and to keep the Exchange Controls. During the war exchange balance of payments in order. But we must frankly controls and restrictions were essential to mobi- face the fact that currency systems of some counlize and conserve foreign exchange resources; tries have completely broken down and that they their continuance now reflects the inadequacy of a must be rehabilitated before they can be stabilized. country's foreign exchange resources relative to its There are other currencies in which some change needs and the importance of guarding against dis- in the present foreign exchange values may be turbing capital movements. In most countries necessary. While a start toward orderly exchange there is a severe shortage of goods of all kinds that arrangements can be made by establishing initial must be obtained from abroad. In such countries, par values for many currencies that already have exchange restrictions are unavoidable for a time in an element of stability, there will remain the great order to assure that the most essential requirements task of rehabilitating weak currencies and intefor consumption and reconstruction will be met out grating them in the world structure of exchange of their limited foreign exchange resources. Then, rates. For such countries, the Fund can extend too, there is the ever present danger of capital the period of consultation, and an agreement on flight, particularly in periods of adjustment. The the initial par values can be postponed until their Fund Agreement recognizes that many countries economic and monetary situation becomes more will have to continue to use the machinery of ex- stable. In the meantime, the fact that initial par change control to prevent the dissipation of their values have been established for other currencies exchange resources and the weakening of their will enable these countries to see more clearly the international economic position through capital problem of fitting their currencies into the strucflight. ture of exchange rates. These considerations should not discourage rapid We recognize that in some cases the initial par OCTOBER 1946 1129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK values that are established may later be found in- pective balance of payments position of that compatible with the maintenance of a balanced member. international payments position at a high level of It is from this point of view that the avoidance domestic economic activity. Because the entire of use of the Fund's resources for relief and reconworld is in need of goods, some countries may struction must be regarded. The Fund will clearly maintain foreign exchange values for their curren- not serve as a relief agency like UNRRA: it cannot cies which are not for the time being a great handi- give foreign exchange away. Nor would it sell cap to the sale of their exports, but which prove to foreign exchange to a member when .there is no be too high when production is revived all over reasonable prospect that the member will be able the world and the immediate shortage of import to repay the Fund. Members could not properly goods is in large part met. Such countries may use the Fund to finance long-term reconstruction later find difficulty in selling sufficient exports to plans which involve sustained use of the Fund's pay for needed imports. When this occurs, the resources to meet a continuing deficit in their Fund will be faced with new problems of adjust- balance of international payments. The Fund is ment and will have to recognize the unusual cir- not empowered to provide financing of that sort. cumstances under which the initial par values were The essential test of the propriety of use of the determined. It is just at such times that the Fund Fund's resources is not the character of the goods can be most useful in seeing that necessary ex- imported, but rather whether the prospective change adjustments are made in an orderly manner balance of payments position of the country conand competitive exchange depreciation is avoided. cerned (including long-term capital movements) will be such that its use of the Fund's resources will be of relatively short duration. Use of the Fund's Resources. The Fund provides facilities to countries that require tempo- It is clear that in starting operations at a time rary help in meeting balance of payments deficits. when much remains to be done in reconstructing There are limitations on the use of the Fund's the war-devastated economies, the Fund runs the resources by members. The use of the Fund's risk that some of its resources may be used for resources must be consistent with the stated pur- other than temporary assistance. There will at poses of the Fund. Members must not use the times be differences of opinion as to whether a Fund's resources for a large and sustained outflow member is making proper use of the Fund's reof capital, nor is the Fund intended to provide sources. There are certain to be disappointments facilities for relief and reconstruction. In this con- because of the restraints placed on use of the Fund's nection a certain misunderstanding exists regarding resources by some members. And there will, no the use of the Fund's resources which should be doubt, be errors of judgment in assuming risks of cleared up at the beginning of its operations. one kind or another. The Executive Directors con- The Executive Directors do not think that it sider it their duty to bring to the attention of the follows from the relevant provisions of the Fund Board of Governors the fact that in the early Agreement that a member is necessarily debarred period of its operations the Fund may take risks from using the Fund's resources, because it is im- that would not be justified under normal circumporting "relief-type" goods, i.e., goods of a type stances. hitherto supplied by UNRRA, or because it is im- For a variety of reasons, the risks involved may porting machinery and equipment to replace what not, however, be as great as might appear at first was destroyed or worn out during the war. The sight. First, certain creditor countries in a position Fund will not operate by examining the specific to do so have already made substantial loans to aid use which is made by members of each parcel of in reconstruction. Second, the International Bank foreign exchange they purchase from it. Indeed, for Reconstruction and Development will suppleit would be futile to attempt this, as members will ment what reconstruction loans are made available also be using their own exchange resources, and directly by governments and through the private a member can allocate a particular outlay of ex- capital market. Third, as indicated above, the change to one or the other source. What is sig- Executive Directors will exercise the power to limit nificant is the magnitude of the use which a mem- or postpone exchange operations with countries ber makes of the Fund's resources and the pros- whose economies are so out of balance that their 1130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK use of the Fund's resources would be contrary to to the task of reestablishing a functioning world the purposes of the Fund Agreement or prejudicial economic system. Other elements were the solution to the Fund or the members. Finally, the Execu- of the immediate postwar problems of relief and tive Directors will have the situation under constant rehabilitation, means for encouraging and regulatreview and will take appropriate action if the ing the flow of international investment, including situation warrants. financial provision for meeting the emergency requirements of countries most adversely affected by Limited Scope of the Fund. It would be the war, liberal commercial policy arrangements of a serious mistake to regard the Fund as capable a multilateral character, and some provision for by itself of solving the economic problems the mitigating excessive fluctuations in the prices of world now faces. It has neither the power nor primary products, including foodstuffs. Progress the resources to do this, nor was it designed for along some of these lines has been more rapid this purpose. The function of the Fund is to aid than along others. The accomplishments of members in maintaining arrangements that pro- UNRRA are well known, though it is not yet mote the balanced expansion of international trade clear what measures will be adopted to take care and investment and in this way contribute to the of such continuing needs as there may be for relief maintenance of high levels of employment and real without expectation of ultimate repayment. But income. While the Fund can be of help in this much remains to be done in other fields of interdirection, the attainment of these ultimate objec- national economic cooperation. tives—high levels of employment and production— All countries have shown an appreciation of must in the end depend upon the pursuit of ap- the important role that international investment propriate national economic policies and upon the can play in reconstructing and developing the world solution of other international economic and economy. The members of the International Bank political problems. No monetary organization, for Reconstruction and Development, by their subhowever ably devised, can be a substitute for wise scriptions, are assuming much of the risk involved policies in the national and international sphere. in international lending, and they are giving effec- A balanced and expanding world economy can- tive encouragement to the revival and expansion not be attained without adequate production. of sound and productive investment. Although Until countries are again producing on an efficient large reconstruction loans have been made, there is basis, they cannot export enough to pay for their a continuing need for foreign capital for productive essential imports. This is the fundamental condi- purposes. It is expected that the International tion for achieving a sustained balance in interna- Bank will soon be in a position to carry some of tional payments in the long run. It is important, this load. therefore, that in all countries in which output has The organization of international collaboration been reduced by the war, special efforts should be on commercial policy has proceeded less rapidly made to increase production and to raise productive than might have been hoped. But the initial efficiency. preparatory conference on world trade and em- Monetary stability is also essential for maintain- ployment is to be held in London next month. ing orderly exchange arrangements. The primary The Fund has clearly a very great interest in the sources of inflation or deflation are found in national successful outcome of the commercial policy dispolicies. There is not a great deal that the Fund cussions and in the achievement of trading arrangecan do to eliminate the instability of domestic prices ments among its members which are conducive to where the chief sources and price fluctuation are a high level of exchange of goods on a multilateral in domestic arrangements. But the Fund can help basis. to minimize the effects of monetary instability by We have thought it well to give this brief review preventing it, to some extent, from spreading to of some of the problems facing the Fund in order other countries. to indicate at the outset the perspective in which On the international side, too, important condi- we see our work. We do not underestimate the tions will have to be fulfilled to achieve a balanced difficulties facing us. But we feel that the Fund and expanding world economy. The Fund was can make an important contribution to the solution conceived as one element in a many-sided approach of the economic problems confronting the world. OCTOBER 1946 1131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK The work of the Fund will be facilitated by ap- The appendices to the Fund report, which are propriate domestic and international economic omitted here, include the following: International policies. Above all, it is imperative that the grave Monetary Fund Rules and "Regulations [as adopted international political problems now restraining by the Executive Directors, September 25, 1946, world recovery be progressively solved. An in- subject to review by the Board of Governors]; Indispensable element in a prosperous world economy terpretations of the Fund Agreement; Relations is cooperation among all countries for establishing with United Nations; Financial Statement; and and maintaining an enduring peace. Changes of Governors and Executive Directors. FIRST ANNUAL REPORT TO THE BOARD OF GOVERNORS OF THE INTER- NATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (As of September 20, 1946) This first Annual Report of the Executive Di- ternational Monetary Fund. Mr. Gutt was sucrectors comes at the threshold of the Bank's opera- ceeded as Executive Director by Mr. Hubert tions. During the few months which have passed Ansiaux, who was elected on June 14 by votes of since the Executive Directors held their first meet- the Governors representing Belgium, Iceland, Luxing in May, substantial progress has been made in embourg and Norway. Ten permanent Alternate establishing the Bank's structure, securing staff Directors have been appointed and two vacancies personnel, and developing working procedures and exist. relationships. The policy and operational questions A list of the Governors and their Alternates which lie ahead have been examined and prepara- appears as Appendix "A," and a list of the Executions have been made to meet them when they tive Directors and their Alternates appears as Aparise. As the Board, of Governors' meeting con- pendix "B." venes, the Bank stands ready to play the important role in reconstruction and development which has ELECTION OF THE PRESIDENT been assigned to it by its 38 member Governments. On the agenda of the first meeting of the Executive Directors was the election of a President of ESTABLISHMENT OF THE BANK the Bank, but consideration of this item was post- Under the By-laws adopted at Savannah by the poned until June 4, when Mr. Eugene Meyer was Board of Governors, the principal office of the nominated and unanimously elected. Mr. Meyer Bank has been established in Washington. In actook office on June 18. cordance with a resolution adopted by the Board of Governors, the first meeting of the Executive FORMAL COMMENCEMENT OF OPERATIONS Directors was held on May 7. The Executive AND CALLS OF CAPITAL Director representing the United States acted as Temporary Chairman and continued so to act until The Executive Directors fixed June 25, 1946, as the election of the President. the date upon which the Bank would formally The seven Executive Directors elected by the begin operations. The member Governments were Board of Governors at the Savannah meeting took advised that such date had been fixed and that, office on May 7, as did four of the appointed Execu- under the Articles of Agreement, the balance of tive Directors. The fifth appointed Executive Di- the first 2 per cent of their capital subscriptions, rector, representing the United Kingdom, served payable in gold or United States dollars, would be in a temporary capacity until the arrival of the per- due within sixty days. The members also were manent Executive Director for the United King- advised of an additional call of 3 per cent of their dom on May 29. The only subsequent change in capital subscriptions, payable on or before Novemthe membership of the Executive Directors was ber 25, 1946, in their local currencies. They were caused by the resignation of Mr. Camille Gutt, of notified at the same time that the Bank would Belgium, to become Managing Director of the In- make another call, as of September 25, for a 1132 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK further 5 per cent of their subscriptions, payable ments, made in the local currencies of the members, in their respective currencies, by November 25. aggregate $98,210,000 in value, making the total This further call has now been authorized. At the amount received by the Bank to date equivalent to time this September 25 call is made, notice will $241,996,883.70 at the time of payment. be given of the Bank's intention to make two more Of the total, $14,072,258.62 was received in gold, calls, each for an additional 5 per cent of the sub- of which $9,395,758.64 is held by the Federal Rescriptions payable in the local currencies of the serve Bank of New York and $4,676,499.98 is members by February 25, 1947, and May 26, 1947, held by the Bank of England. A list of the derespectively. positories of the Bank, designated by the members, In response to the call for the balance of the appears in Appendix "C." first 2 per cent of the capital subscriptions of members, the Bank received $143,786,883.70* of a total INVESTMENT OF FUNDS RECEIVED BY THE BANK IN of $153,400,000. The unpaid amount is accounted PAYMENT OF THE FIRST 2 PER CENT OF THE for as follows: SUBSCRIPTIONS (1) Payment of l/ per cent of the subscriptions 2 The question of the investment of the Bank's of China, Czechoslovakia, Denmark, Greece, Norfunds has been under consideration by the Execuway, Poland and Yugoslavia was postponed for a tive Directors for some time. They have recently period of five years under Article II, Section 8 (a) authorized the President or the Vice President to (i) of the Articles of Agreement, which provides invest, at current market prices, in bills, notes and for such postponement in the case of a member certificates of the United States Treasury, maturing whose metropolitan territory suffered from enemy not more than twelve months after the date of occupation or hostilities during the war. These purchase, the United States dollars received by postponements amount to $5,165,000. the Bank in payment of the first 2 per cent of the (2) Czechoslovakia and Yugoslavia have re- Bank's subscribed capital. quested a postponement with respect to the remaining 1Y per cent of their subscriptions, amount- 2 THE SCOPE OF THE BANK'S LENDING OPERATIONS ing to $1,862,500 and $596,000 respectively, under Article II, Section 8 (a) (ii) of the Articles of The purposes of the Bank are clearly set out in Agreement, which provides that an original mem- Article I of the Articles of Agreement as follows: ber which cannot make payment of the 2 per cent "(i) To assist in the reconstruction and deof its subscription, payable in gold or United States velopment of territories of members by facilidollars, because it has not recovered possession of tating the investment of capital for productive its gold reserves which are still seized or immobil- purposes, including the restoration of economies ized as a result of the war, may postpone all pay- destroyed or disrupted by war, the reconversion ment of such 2 per cent until such date as the Bank of productive facilities to peacetime needs and may decide. These two requests are under con- the encouragement of the development of prosideration by the Executive Directors. ductive facilities and resources in less developed In addition to the amount received by the Bank countries. from payments of 2 pef cent of the members' sub- "(ii) To promote private foreign investment scriptions, the United States has paid the call for by means of guarantees or participations in 3 per cent of its subscription, amounting to $95,- loans and other investments made by private 250,000, and payments have been made by Chile investors; and when private capital is not and Costa Rica of the calls for 3 per cent and available on reasonable terms, to supplement 5 per cent of their subscriptions, amounting to private investment by providing, on suitable $2,800,000 and $160,000, respectively. These pay- conditions, finance for productive purposes out of its own capital, funds raised by it and its * This figure includes the payment of the 1/100 of 1 per cent other resources. of the subscription of each member made at the time of its acceptance of the Articles of Agreement, but it does not include that portion ($1,989,616.30) of the payment of $1,990,000 "(iii) To promote the long-range balanced due from the Union of South Africa, represented by gold which growth of international trade and the mainwas reported to have been shipped on August 24, 1946, and to be in transit to the Federal Reserve Bank of New York at the tenance of equilibrium in balances of payments time of the preparation of this report. OCTOBER 1946 1133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK by encouraging international investment for the grams are the raw material of the Bank's business. development of the productive resources of The Bank is equipped now to consider applicamembers, thereby assisting in raising produc- tions for loans to cover such programs and to intivity, the standard of living and conditions vestigate them with reasonable dispatch. Indeed, of labor in their territories. the Bank is prepared to consider furnishing tech- "(iv) To arrange the loans made or guaran- nical assistance in the preparation of loan applicateed by it in relation to international loans tions. The Articles of Agreement of the Bank through other channels so that the more useful prescribe the standards which it must apply in the and urgent projects, large and small alike, will consideration of such applications. It is obvious, be dealt with first. therefore, that in order to avoid unnecessary delay in the consideration of applications for loans, they "(v) To conduct its operations with due remust be supported by adequate data which will gard to the effect of international investment enable the Bank to determine whether or not they on business conditions in the territories of conform to the prescribed standards. members and, in the immediate postwar years, to assist in bringing about a smooth transition ORGANIZATION OF THE EXECUTIVE DIRECTORS from a wartime to a peacetime economy." By action of the Executive Directors, the respec- It might have been expected that with the formal tive functions and duties of the Executive Directors commencement of operations on the 25th of June, and the officers of the Bank have been determined applications for loans would have been presented and the pattern of the Bank's operations has been to the Bank in large numbers. Nevertheless, the outlined. Bank has so far received only two letters from its Matters of policy determination are the responmembers requesting loans. It is expected that these sibility of the Executive Directors, while operaletters will soon be followed by properly docu- tional, administrative, and organizational questions mented loan applications, and in the meantime are the responsibility of the President, subject to the preliminary discussions are taking place. general direction and control of the Executive Di- The absence of loan applications may be sur- rectors. The President is the presiding officer of prising at first sight. But a little reflection will the Executive Directors and is entitled to a decidindicate some of the reasons why applications have ing vote in the case of an equal division. not been received in larger numbers. When the The Executive Directors are constantly available tide of war ebbs, the physical devastation and other for consultation with the administration of the physical changes caused by the war are there for Bank. Formal meetings of the Executive Directors all to see. What is not so obvious are changes in are held frequently, and they also meet with the economic and social structure as well as the de- senior members of the staff for informal discussions struction of administrative systems and of the nec- concerning the Bank's operations. essary mechanisms of commerce and industry. On The Executive Directors established a number of the one hand, this makes it more difficult to devise committees even before the selection of the Presiplans for a long-run reconstruction of the countries dent, and valuable discussions on various aspects concerned; on the other hand, it leads inevitably of the Bank's structure and work took place in the to whole peoples having to preoccupy themselves early months of the Bank's existence. In the with the mechanics of avoiding starvation. It is sphere of policy the deliberations of the Executive not surprising, then, that there has been in so Directors have been carried to the point where promany countries a period during which relief on visional conclusions now need to be checked and a large scale has been necessary before there could developed by reference to specific and detailed be any thought of preparing major programs of loan applications. reconstruction. In this sphere UNRRA provided The committees of the Bank have been conmagnificent assistance and prevented serious dis- solidated into standing committees on membership, asters. But the period of relief must come to an financial policy, interpretation, information and end, and it is vital that well articulated and pro- liaison. These committees are composed solely of ductive programs of reconstruction and develop- Executive Directors, but the President has desigment should be ready against that time. Such pro- nated members of the staff to meet with each of 1134 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK them. The membership of the existing standing member, he acts as Secretary of the Executive Dicommittees appears in Appendix "D." The Bank rectors and of the Board of Governors. He is also and the Fund have also agreed that there shall be responsible for providing secretariat service for the a joint standing committee to consider matters of committees of the Executive Directors. common concern to the two institutions. Ad hoc Prior to the appointment of Mr. Mendels, Mr. committees have been and will be established from John S. Hooker, of Chevy Chase, Maryland, acted time to time to consider and make recommenda- for several months as Temporary Secretary. tions to the Executive Directors on specific matters (3) Office of the Treasurer.—-Mr. D. Crena de referred to them. Iongh, of the Netherlands, now an Alternate Execu- Rules of procedure defining and regulating meet- tive Director, has been appointed Treasurer. ings of the Executive Directors, the agenda for The Bank was fortunate in receiving the tempormeetings, voting, committees, minutes, notices, pub- ary assistance during July and August.of reprelicity and amendments, have been adopted by the sentatives of the Board of Governors of the Federal Executive Directors. The text of these rules of Reserve System of the United States, who deprocedure is being submitted separately to the veloped, in conjunction with members of the Bank's Board of Governors for review pursuant to Section staff, a chart of accounts for the Bank. 16 of the By-laws of the Bank. (4) Legal Department.—This Department is headed by the General Counsel, Mr. Chester A. PROPOSED AMENDMENTS TO THE BY-LAWS McLain, of New York, who is responsible for the OF THE BANK legal staff of the Bank. Certain amendments to the By-laws of the Bank (5) Loan Department.—Pending the appointwill be proposed to the Board of Governors for ment of a permanent Loan Director, Mr. J. W. their approval. These are being submitted separ- Beyen, of the Netherlands, has been acting as Temately for consideration. porary Loan Director in addition to his duties as Executive Director. ORGANIZATION OF BANK'S STAFF For the time being, it is contemplated that the engineering and technical staff of the Loan Depart- Although the organizational pattern of the staff ment will be kept to a minimum and that, to the must necessarily remain to a large extent flexible maximum extent practicable, the technical services in the present formative stage of the Bank's derequired by the Bank will be secured on a consultvelopment, the following offices and departments ing basis. To this end, discussions have been held have been established on a tentative basis to carry with various technical groups for the purpose of on the work of the Bank: enabling the Bank to be in a position to call upon Office of the President technical experts in the United States and else- Office of the Secretary where to advise on loan applications which may Office of the Treasurer be presented. Legal Department (6) Research Department.—The Research De- Loan Department partment is responsible for economic, statistical and Research Department other research required in connection with the Personnel Office operations of the Bank. Mr. Leonard B. Rist, of Office Services France, formerly an Alternate Executive Director, (1) Office of the President.—In addition to the has been appointed Research Director. President, this Office consists of the Vice President Discussions have been conducted with the Reand two Assistants to the President. The Vice search Departments of the International Monetary President is Mr. Harold D. Smith, formerly Di- Fund and of the United Nations with the view of rector of the Bureau of the Budget of the United arranging for cooperation in the exchange of sta- States Government. tistical and other information and research services. (2) Office of the Secretary.—Mr. Morton M. As a result it is hoped to keep the research staff Mendels, of Canada, has been appointed Secretary of the Bank confined to a small group of highly of the Bank. In addition to his duties as such staff qualified economists and statisticians. 1135 OCTOBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK (7) Personnel Office.—The Personnel Office is After preliminary conversations with the appliresponsible for personnel matters in connection cant, the President will bring the application before with the Bank's staff. Mr. William Howell, of the Executive Directors, so that they may decide Washington, D. C, formerly Personnel Director whether the Bank should proceed with the negoof UNRRA, is serving as Acting Director of Per- tiations. If the Executive Directors determine that sonnel. the Bank should continue the negotiations, they (8) Office Services.—Office Services is responsi- will authorize the President so to proceed and a ble for all supply, space, housekeeping, transporta- Loan Committee will be appointed ad hoc for the tion and similar administrative services. study of the particular application in accordance with the Articles of Agreement. The Bank has been fortunate in receiving, during the past few months, the assistance of represen- Each Loan Committee will include an expert tatives o£ the Bureau of the Budget of the United selected by the member in whose territory the States Government in connection with the develop- project to be financed is located and one or more ment of its administrative procedures. members of the technical staff of the Bank. The Loan Committee will study the proposal and submit a written report to the President with its RECRUITMENT POLICIES recommendations concerning the merits of the pro- Pending the receipt of loan applications, the posal. The Loan Committee will not participate Bank has not attempted to build up its organizain the actual negotiations, but it will maintain close tion beyond its needs, but the Bank is in a position touch with the negotiators in order that they may to assemble additional personnel as soon as it is coordinate the negotiations with the findings of required. the Loan Committee. In recruiting the Bank's staff, two principles Throughout the procedure the Executive Direchave been consistently followed: first, that aptors will be kept continuously informed about the pointees shall have a high order of competence; progress of the negotiations. and second, that the star! be recruited with due The ultimate proposal of the President, together regard to geographical representation. with the accompanying report of the Loan Com- The success of the Bank's operations depends to mittee, will be brought before the Executive Direca large extent on the character of its personnel, and tors for their final decision. it is believed that the policy of careful selection will, in the long run, pay large dividends in the form of efficient and sound operation. Where necessary, MARKETING POLICIES positions have been filled on a temporary basis Preliminary investigation has indicated that most pending permanent appointments. By care in the of the funds required by the Bank in addition to its selection of competent personnel and by the use of capital must, for the present, be obtained in the expert consultants in connection with special prob- United States. Informal discussions have accordlems as they arise, the regular staff will be smaller ingly been held with representatives of leading inthan otherwise would be necessary, with resulting vestment bankers, commercial banks, savings banks benefits in both efficiency and economy. and insurance companies in order to familiarize them with the nature of the Bank's operations PROCEDURE ON LOAN APPLICATIONS and to obtain their views. The Executive Directors and the staff have been In most important states, legislative action will engaged in continuous study of the loan policies to be required before the Bank's securities can legally be pursued by the Bank. These studies have nec- be purchased by insurance companies or savings essarily been preliminary in nature, since develop- banks, or by trustees who are limited to investments ment of definitive policies in substantial detail can which are legal for savings banks. Measures have only be intelligently undertaken in the light of loan been taken by the United States authorities and applications which shall be received. by representatives of institutional investors looking The Executive Directors have agreed as to the toward the introduction of the requisite legislation method of handling loan applications. The pro- to permit such purchases, but most of the State cedure will consist of three stages. legislatures are now in recess and will not meet 1136 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK again until after January 1, 1947. An encouraging attendance at meetings of the Economic and Social first step was taken by the New York State Legis- Council during June and September. lature at its last session, when it authorized savings Pursuant to the instructions of the Board of banks in the State of New York to purchase securi- Governors at their Savannah meeting, a number ties issued or guaranteed by the Bank. of discussions have been held with representatives Preliminary study of the marketing possibilities of the United Nations concerning arrangements in Canada has also been undertaken, and studies for cooperation, particularly with the Economic will be made, as circumstances develop, of the pos- and Social Council. The Executive Directors have sibilities of selling in markets, other than the United felt that, pending further development of the States and Canada, securities issued or guaranteed Bank's activities, it would be premature to attempt by the Bank. to define the exact scope and nature of such cooperation in a written agreement. They believe that the development of practical working relation- COOPERATION WITH OTHER INTERNATIONAL ships will be facilitated rather than delayed by the ORGANIZATIONS absence of a formal agreement. The Executive Directors recognize that the Bank must maintain close relations with the International MEMBERSHIP Monetary Fund, and that cooperation with the Recommendations with respect to the admission Economic and Social Council of the United Naof countries which have applied for membership in tions, as well as with other specialized agencies of the Bank are being submitted separately to the the United Nations, is necessary in the light of the Board of Governors in accordance with Section 20 problems of mutual concern which arise. of the By-laws of the Bank. A joint standing committee of the Executive Directors of the Bank with the Executive Directors of the International Monetary Fund is being cre- INTERPKETATIONS ated to consider matters of common interest* This By Resolution No. 6, adopted on March 18, 1946, will serve as a bridge between the two institutions the Board of Governors referred to the Executive in those respects in which they should complement Directors the request of the Governor for the each other. The Secretaries of the Bank and the United States, pursuant to Section 12 of the Bret- Fund have also been charged with the responsi- ton Woods Agreement Act, for an interpretation of bility of informing each other of new subjects of the Articles of Agreement with regard to the aumutual interest to be considered by the Executive thority of the Bank to make or guarantee loans for Directors of each institution, and they have been programs of economic reconstruction and the reconauthorized to exchange documents pertinent to struction of monetary systems, including long-term matters of joint concern. The Chairman of the stabilization loans. As has been set out in a separate Executive Directors of each of the two institutions report to the Board of Governors, to which reference will invite a representative of the other to attend should be made, the Executive Directors have meetings at which matters of common interest are agreed that such loans are within the authority of to be discussed, and the two Chairmen will main- the Bank. This separate report appears as Aptain close touch with each other and will propose pendix "E." to the respective Executive Directors additional The Executive Directors have also rendered two measures necessary to insure close cooperation. other decisions with regard to the interpretation The Bank has had representatives in attendance at of the Articles of Agreement of the Bank, as folmeetings of the Food and Agriculture Organiza- lows: tion in Washington during the spring and in Co- (1) In accordance with Resolution No. 7, penhagen during the summer, and a representative adopted by the Board of Governors on March 1%, from the Bank attended meetings in London of the 1946, the Executive Directors, at their meeting on Sub-Commission of the Economic and Social Coun- May 9, 1946, decided that, under Article V, Seccil on Economic Reconstruction of Devastated tions 4 (b) (i) and 4 (d) of the Articles of Agree- Areas. Observers from the Bank were also in ment of the Bank, any member of the Bank, hav- OCTOBER 1946 1137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK ing one of the five largest subscriptions to the and Costa Rica represent payments of the 3 per capital of the Bank at the date of a regular election cent stock subscription call made as of June 25, of Executive Directors or at any date between regu- 1946, and due on or before November 25, 1946, and lar elections of Executive Directors, shall be en- the 5 per cent call made as of September 25, 1946, titled to appoint an Executive Director who shall also due on or before November 25, 1946. hold office until the next regular election of Execu- Calls on subscriptions to capital stock outstandtive Directors, without prejudice to the right of ing as of August 31, 1946, amounted to $143,353,a subsequently admitted member of the Bank to 116.30, including outstanding balances of $9,613,appoint an Executive Director if it has one of the 116.30 on the 2 per cent call payable on or before five largest subscriptions to the capital of the Bank. August 24, 1946, and of $133,740,000 on the 3 per (2) At their meeting on June 20, 1946, the cent call payable on or before November 25, 1946. Executive Directors decided that, under Article IV, The subscription calls and payments thereon are Section 2 (a) of the Articles of Agreement, the discussed in detail in the section of this Report United States does not have power to control the entitled "Formal Commencement of Operations use of United States dollars paid to the Bank in and Calls of Capital." lieu of gold pursuant to Article II, Section 7 (i) Miscellaneous assets of $2,183.40 include travel of the Articles of Agreement. and other advances and service deposits. Total liabilities of $1,939,676.77 include accounts ADVISORY COUNCIL payable of $73,948.35, a reserve of $15,728.42 for estimated liability for income taxes on salaries paid Recommendations in respect of the Advisory through August 31, 1946, and deferred credits of Council are being submitted separately to the Board $1,850,000, the last item representing the advance of Governors in accordance with Resolution No. 5 payments by Chile and Costa Rica of the 5 per cent of the Board of Governors. stock subscription call which was not actually made until after August 31, 1946. FINANCIAL STATEMENT Capital stock of $383,500,000 represents the 2 per The accounts of the Bank have been audited cent call of $153,400,000 and the 3 per cent call of as of June 30, 1946, by Price, Waterhouse & Co. $230,100,000. in accordance with Resolution No. 19 adopted by The deficit of $282,163.13 is the total of the operthe Board of Directors on September 10, 1946. ating expenses of the Bank to August 31, 1946. The Auditors' Report appears as Appendix "F." The accounting system that has been established Financial statements, as of August 31, 1946, pre- will reflect at all times the various member curpared by Office of the Treasurer of the Bank, ap- rencies held by the Bank, as well as the sources of pear as Appendix "G." the funds. Summary information relating to the Bank's financial condition as of August 31, 1946, is given STATEMENT ON ADMINISTRATIVE BUDGET below. Paragraph 4 of Resolution No. 2, adopted by Total assets were $385,157,513.64. Gold the Board of Governors on March 16, 1946, auamounted to $14,072,258.62, of which $9,395,758.64 thorized the Temporary Secretary of the Bank, was held by the Federal Reserve Bank of New until permanent procedures should be established, York and $4,676,499.98 by the Bank of England. to expend up to $200,000 to meet salaries and other Deposits with banks totaled $227,729,955.32, of administrative expenses of the Bank, including which $224,730,887.11 was on deposit with the transportation expenses of Governors and their Federal Reserve Bank of New York and $39,068.21 Alternates. The Temporary Secretary made diswith the American Security and Trust Co., Wash- bursements under such authority until July 15, ington, D. C. The account at the American Se- 1946. Thereafter, disbursements were made by the curity and Trust Company is used for the payment President or Vice President of the Bank. Total of the Bank's operating expenses. $2,960,000, the disbursements through July 15, 1946, amounted to U. S. dollar equivalent at exchange rates in effect $75,703.40. at the date of deposit, was in the Central Banks The expenses of the Bank to August 31, 1946, of Chile and Costa Rica. These deposits in Chile totaled $282,163.13, including accrued expenses and 1138 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTS, INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK provision for estimated liability for income taxes either in Washington or in the field, before loans on salaries and expenses of Executive Directors, can be approved. Work-load information is comtheir Alternates and the staff. Of the total, $33,- pletely lacking, both as to lending and financing 086.50 represented expenses of the Governors and activities, and there is no similar public or private their Alternates in attending the meeting at Savan- financing institution with which comparison can nah, Georgia, and $8,407.73 represented expenses be made. Any assumptions which might be made, of the Executive Directors and their Alternates in at this stage, therefore, would be extremely specumoving to Washington. lative. At the date of this Report, in addition to the The minimum function of budgetary planning Executive Directors and Alternates, the staff and should be to furnish to management an intelligent secretarial force of the Bank totaled 72. Operating control over operations. To be useful a budget expenses, on the basis of the present staff and office must be based on anticipations that can be reasonspace, are accruing at a rate of approximately ably justified. A budget prepared on any other $100,000 a month, or at an annual rate of $1,200,- basis would be useless. 000. However, the Bank is still in the process of Under existing circumstances, it would not be developing its organization and this rate of ex- possible to prepare an estimate of operating costs penditure will necessarily increase. that would be useful. However, within a few Small staffs have been recruited for the offices months sufficient operating experience will have of the Executive Directors and their Alternates, the accumulated to justify the development of an adeoffices of the President, the Secretary, the Treasurer, quate budgetary control well in advance of the next the General Counsel, the Personnel Office and fiscal year. Office Services. The Director of the Loan Department is serving in that capacity on a temporary basis, and the Director of the Research Department CONCLUSION only recently assumed the duties of his office. The During the three months since its formal comstaffs for these departments will be developed in mencement of operation, the Bank has attempted the light of their requirements. All the operational to prepare the ground for those tasks of reconstrucunits will have to be expanded substantially when tion and development which will be its responsithe Bank begins to make loans and undertake bility in the years ahead. If we build skillfully financing. and well an international organization to perform Consideration is being given to the development, those tasks, the Bank will be able to contribute, of a retirement system and the provision of various as the Member Governments of the Bank intended provident funds for employees, consistent with it should, to the structure of a secure peace. actions being taken by other international organizations. These, if adopted and put into effect, will add a further undetermined amount to the cost The appendices to the Ban\ report, which are of operations. omitted here, include the following: List of Gov- It would not be difficult to develop an administra- ernors and Alternates of the International Ban\ tive budget, based on numerous arbitrary assump- for Reconstruction and Development; List of Extions, which would present a forecast purporting ecutive Directors and Alternates of the Interto reflect the anticipated expense of operations of national Ban\ for Reconstruction and Developthe Bank for a given period. However, the many ment; List of Depositories; Membership of Standassumptions which would have to be made would ing Committees; Report of the Executive Directors result in figures that could not be accepted as of the Board of Governors on Interpretation of the having any foundation in fact. There is no indica- Articles of Agreement [with respect to the authority tion as to the number or complexity of the loan of the Ban\ to ma\e or guarantee loans for proapplications which will have to be considered, or grams of economic reconstruction and the reconas to the rapidity with which they will develop. struction of monetary systems, including long-term There is no experience on which to estimate the stabilization loans]; Auditor's Report; and Finanextent of the staff work which will be required, cial Statements as of August 31, 1946. OCTOBER 1946 1139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Consumer Credit transmission and accordingly are space heaters subject to the Regulation. Renewal of Single-Payment Loan under $2,000 Several inquiries have been received as to the Foreign Funds Control effect of Amendment No. 21 to Regulation W, Treasury Department Releases which changed the figure in section 7(c) from $1,500 to $2,000. The Regulation, by its terms, now The following releases relating to transactions in applies to the renewal of a single-payment loan foreign exchange, etc., in addition to those heretooriginally in an amount exceeding $1,500 but not fore published in the Federal Reserve BULLETIN, exceeding $2,000, even though the loan was made have been issued by the Office of the Secretary of prior to September 3, 1946, the effective date of the Treasury under authority of the Executive Order of April 10, 1940, as amended, and the Regu- Amendment No. 21. lations issued pursuant thereto: Floor Furnaces as "Listed Articles" Several questions have been received concerning Treasury Department the applicability of Regulation W to credit extended Foreign Funds Control August 31, 1946 for certain types of heating equipment sometimes called "floor furnaces." AMENDMENT TO GENERAL RULING NO. 18 One of the questions is whether Amendment Under Executive Order No. 83 89, as Amended, Executive No. 20 which limited the exemption for repairs and Order No. 9193, as Amended, Sections 3 (a) and 5(b) of improvements to those not incorporating any listed the Trading with the Enemy Act, as Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control.* article would modify the Board's ruling, which General Ruling No. 18 is hereby amended to read as appeared in the 1946 Federal Reserve BULLETIN follows: for January at page 29, that credit for a "floor furnace" would be exempt if the equipment is REGULATIONS RELATING TO THE PHILIPPINES affixed to the structure so as to become an "altera- (1) Status of the Philippines. For the purpose of adtion or improvement" upon the realty. The answer ministering and complying with the provisions of Sections is that Amendment No. 20 makes the 1946 ruling 3(a) and 3(c) of the Trading with the Enemy Act, as amended, Executive Order No. 8389, as amended, and the obsolete and the credit is subject to the Regulation regulations, rulings, instructions and licenses issues by if the "floor furnace" is a listed article, i.e., is a or under the direction of the Secretary of the Treasury heating stove or space heater. pursuant to Executive Orders No. 8389 and 9095, as A related question is how to determine whether amended, the Philippines shall not be included within the term "United States" but shall be deemed to be a foreign a given make of "floor furnace" is included in the country not designated in Executive Order No. 8389, as classification "space heaters." Rulings of the Board amended, and to be included in the "generally licensed appearing in the 1941 Federal Reserve BULLETIN trade area" as defined in General License No. 53. for October at page 979 outline the general char- (2) Effect of previous status. No person shall be deemed acteristics of the space heater category and classify a national of a blocked country solely by reason of the fact that at any time on or since the effective date of the Order gas-fired floor furnaces as space heaters. The dethe Philippines were regarded as a blocked country. termining factor in these cases is whether or not the heating unit is designed to transmit the heat * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Sec. 3, Pub. No. directly to the space to be heated or to transmit 485, 79th Cong.; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, the heat by one or more pipes or ducts. All of the 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. models of heating equipment called "floor furnaces" 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8, 1945; Ex. Order 9747, July 3, 1946; which have been described to us provide for direct Regulations, April 10, 1940, as amended June 14, 1941, July 26, 1941, and February 19, 1946. 1140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (3) Waiver of General Riding No. 5 on importations of Public Circular No. 12 is hereby revoked. securities and currency from the Philippines. The provisions E. H. FOLEY, JR., of General Ruling No. 5 shall not apply to securities or Acting Secretary of the Treasury. currency sent, mailed, imported or otherwise brought into the United States from the Philippines, unless there is reasonable cause to believe that such securities or currency Treasury Department are being brought into the United States via the Philippines Foreign Funds Control from any other foreign country. September 10, 1946 E. Hs. FOLEY, JR., Acting Secretary of the Treasury. REVOCATION OF PUBLIC INTERPRETATION NO. 10 Under Executive Order No. 83 89, as Amended, Executive Treasury Department Order No. 9193, Sections 3 (a) and 5(b) of the Trading Foreign Funds Control with the Enemy Act, as Amended by the first war Powers August 31, 1946 Act, 1941, Relating to Foreign Funds Control. REVOCATION OF GENERAL LICENSES NOS. 80 AND 82 Public Interpretation No. 10 is hereby revoked. Under Executive Order No. 83 89, as Amended, Executive Order No. 9193, as Amended, Section 5(b) of the Trading JOHN S. RICHARDS, with the Enemy Act, as Amended by the First War Powers Acting Director. Act, 1941, Relating to Foreign Funds Control.* General Licenses Nos. 80 and 82 are hereby revoked. Treasury Department E. H. FOLEY, JR., Foreign Funds Control Acting Secretary of the Treasury. September 10, 1946 Treasury Department PUBLIC CIRCULAR NO. 32 Foreign Funds Control Under Executive Order No. S3 89, as Amended, Executive September 10, 1946 Order No. 9193, as Amended, Sections 3(a) and 5(b) of the Trading with the Enemy Act, as Amended by the First REVOCATION OF PUBLIC CIRCULAR NO. 12 War Powers Act, 1941, relating to Foreign Funds control.* Under Executive Order No. 83 89, as Amended, Executive Order No. 9193, as Amended, Sections 3 (a) and 5(b) of the Notwithstanding General Ruling No. 11 A, property Trading with the Enemy Act, as Amended by the First returned by the Alien Property Custodian under Section 32 War Powers Act, 1941, relating to Foreign Funds control A of the Trading with the Enemy Act, as amended, shall not be regarded as subject to the restrictions of the Order solely * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 by reason of the interest of any blocked country or national Stat. 179; 55 Stat. 838; Sec. 3, Pub. No. 485, 79th Cong.; Ex. thereof resulting from the return. Order 8389, April 10, 1940, as amended by Ex. Order 8785, Tune 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. JOHN W. SNYPER, Order 9193, July 6, 1942, as amended by Ex. Order 9567, Secretary of the Treasury. June 8, 1945; Ex. Order 9747, July 3, 1946; Regulations, April 10, 1940, as amended June 14, 1941, July 26, 1941, and February 19, 1946. * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; f Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Sec. 3, Pub. No. Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, 485, 79th Cong.; Ex. Order 8389, April 10, 1940, as amended April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex. 1942, as amended by Ex. Order 9567, June 8, 1945; Regula- Order 9567, June 8, 1945; Ex. Order 9747, July 3, 1946; tions, April 10, 1940, as amended June 14, 1941, July 26, 1941, Regulations, April 10, 1940, as amended June 14, 1941, July and February 19, 1946. 26, 1941, and February 19, 1946. OCTOBER 1946 1141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Federal Reserve Meetings Appointment of Class C Director The Conference of Presidents of the Federal Re- The Board of Governors of the Federal Reserve serve Banks met in Washington, D. C, on October System on September 23, 1946, announced the ap- 1 and 2, 1946. The Presidents met with the Board pointment of Mr. J. P. Redman, Cairo, Illinois, of Governors of the Federal Reserve System on as a Class C Director of the Federal Reserve Bank October 4, 1946. of St. Louis for the unexpired portion of the A meeting of the Federal Open Market Com- term ending December 31, 1948. Mr. Redman mittee was held in Washington, D. C, on October is engaged in farming. 3, 1946. The Federal Advisory Council met in Washing- Admissions of State Banks to Membership in the ton on October 6-7, 1946. The Council met with Federal Reserve System the Board of Governors of the Federal Reserve The following State banks were admitted to System on October 7, 1946. membership in the Federal Reserve System during the period August 16, 1946, to September 15, 1946: Death of Federal Reserve Bank President Mr. Ira Clerk, President qf the Federal Reserve Florida Sank of San Francisco, died on September 28, Stuart—Citizens Bank of Stuart 1946. Mr. Clerk had been an officer of the Federal Reserve Bank of San Francisco since November Illinois 1914,, and had served as President of the Bank Campbell Hill—First State Bank of since January 1, 1946. Campbell Hill Change in Board's Staff Chrisman—State Bank of Chrisman Mr. Merritt Sherman was appointed an Assistant Michigan Secretary of the Board of Governors effective October 1, 1946. Mr. Sherman had been with the Edmore—State Bank of Edmore Federal Reserve Bank of San Francisco since September 1926 and had been an officer of the Bank Pennsylvania since May 1, 1941. Pittsburgh—Polithania State Bank 1142 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled September 26, and released for publication September 28] Production and employment at factories con- 162 per cent of the 1935-39 average, after a large tinued to expand in August. The value of retail decline in July due chiefly to vacations in the textile, trade reached new record levels, reflecting partly leather, paper, and tobacco products industries. further advances in prices for goods. In the early Output of paperboard rose in August to a level part of September prices of agricultural commodi- slightly above the previous peak and continued at ties were reduced considerably by Federal action. about this rate during the first three weeks of September. Federally inspected meat production in INDUSTRIAL PRODUCTION August, after allowance for seasonal changes, was 16 per cent below the high July rate, and a sharp Industrial production rose further in August to further curtailment occurred in September. Outa new peacetime peak and, according to the Board's put of flour and bakery products showed further seasonally adjusted index, the level of output was large gains in August, reflecting improved wheat 176 per cent of the 1935-39 average as compared supplies. Production of most other nondurable with 172 'in July. goods increased slightly from July to August. Production of durable manufactures continued Minerals production declined 2 per cent in to gain, reflecting further advances in output of August, reflecting slight decreases in output of coal metals and metal products. Activity at steel mills and crude petroleum. Output of metals showed averaged 88 per cent of capacity in August as comlittle change. pared with 85 per cent in July and operations in September have been maintained at about the CONSTRUCTION August rate. Output of copper continued to ad- Value of construction contracts awarded, as revance in August and exceeded the pre-strike rate ported by the F. W. Dodge Corporation, declined in January, Activity in the machinery and autosomewhat further in August, reflecting a drop of mobile industries increased in August. Output of one-fourth in nonresidential building awards. Resipassenger cars rose 10 per cent and trucks, 13 per dential building awards increased slightly in August cent; production of trucks totalled 105,500 units, following large decreases in June and July. Value which was the highest monthly rate on record. of new construction activity continued to rise in Production of nondurable goods as a group ad- August but preliminary figures indicate that acvanced in August to the same level as in June, tivity showed little change in September. INDUSTRIAL PRODUCTION EMPLOYMENT EHYSK:<L VOLUME SEASOHAU.T AOJUSTSO. 1935-3*«IOO - - Nonagricultural employment increased by about 240 E40 550,000 from July to August to a level more than r - 2 2 2 0 0 0 - / \ - 2 2 2 0 0 0 w V/ o 2 r ke m rs il li w on e re a b a o d v d e e d A u in g u m st an 1 u 9 f 4 a 5 c . t uri O ng v , e r an 3 d 0 0, e 0 m 00 - - ployment in most other industries continued to 180 / \ 180 increase. The number of persons unemployed de- 160 / 160 clined by 230,000 in August. - / 140 140 - DISTRIBUTION 120 120 - Department store sales in August reached a new 100 100 high of 289 per cent of the 1935-39 average as - 80 compared with 273 in July and an average level 1939 1940 1942 1943 1944 1945 of 254 in the first half of the year, according to Federal Reserve index. Monthly figures, latest the Board's seasonally adjusted index. Sales durshown is for August. OCTOBER 1946 1143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS ing the first three weeks of September continued tion is expected to be improved this season because at a high level. Value of department store inven- of the larger feed crops as well as the reduced numtories, after allowing for seasonal changes, increased ber of livestock on farms. Total output of fruits from 222 per cent of the 1935-39 average at the and vegetables is indicated to be substantially end of July to 225 at the end of August. greater than last season and larger than in any Freight carloadings continued to rise in August previous year. and, after allowing for seasonal changes, were at BANK CREDIT the highest level since the early part of 1945. In- Treasury withdrawals from its deposits at banks creased shipments of coal, coke, forest products, to retire public debt, together with an increase in and miscellaneous freight more than offset declines currency in circulation, in August and early Sepin other classes. tember resulted in moderate pressure on member bank reserves, and banks sold short-term Govern- COMMODITY PRICES ment securities to the Reserve Banks. In the first Prices of livestock and meats were reduced half of September deposits of businesses and indisharply at the beginning of September by the re- viduals increased considerably, and required reestablishment of Federal price ceilings over these serves rose by about 200 million dollars. There commodities. Reflecting mainly that action, the was some decline in the following week, largely the general index of wholesale prices declined 4 per result of income tax payments. cent from the middle of August to the latter part Commercial and industrial loans at member of September, following an advance of 13 per cent banks in 101 leading cities showed a further sharp in the preceding 6 weeks after the lapse of Federal increase during August and the first three weeks price control. Prices of dairy products and some of September, and have risen by about 1.5 billion other agricultural and industrial commodities have dollars since June. Real estate and consumer loans advanced further in recent weeks. also continued to increase. Loans for purchasing and carrying securities declined by over 500 million. AGRICULTURE Holdings of Treasury certificates declined by about Crop production this year is expected to be 2 billion, reflecting primarily Treasury debt reslightly larger than the previous record reached in tirement operations, while holdings of Government 1942 despite the small cotton crop and reduced bonds increased slightly further. output of oil-bearing crops. This is the second season of a small cotton crop and stocks have been SECURITY PRICES reduced considerably from the high levels existing Prices of common stocks declined sharply durfrom 1938 to 1945 but the carryover on August 1 ing the first three weeks of September. Bond was still substantially larger than the average levels yields rose somewhat in August and September, prevailing in earlier years. The feed supply situa- while short-term interest rates showed little change. MEMBER BANK RESERVES AND RELATED ITEMS WHOLESALE PRICES 1926-100 IONSOF^DOU-.1AR S32 [939 1940 1941 1942 1943 1944 1945 »46 1939 1940 1941 1942 1943 1944 1945 1946 Latest figures shown are for Sept. 28. Wednesday figures, latest shown are for Sept. 25. 1144 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items 1147 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements. . 1148-1149 Federal Reserve Bank statistics 1149-1152 Guaranteed war production loans . . 1153 Deposits and reserves of member banks 1153—1154 Money in circulation 1155-1156 Gold stock; bank debits and deposit turnover 1156 Deposits and currency; Postal Savings System; bank suspensions. . 1157 All banks in the United States, by classes 1158-1159 All insured commercial banks in the United States, by classes. .. . 1160-1161 Weekly reporting member banks. . . 1162-1165 Commercial paper, bankers'acceptances, and brokers'balances.... . 1166 Money rates and bond yields 1167 Security prices and new issues 1168-1169 Corporate earnings and dividends 1170 Treasury finance 1171-1173 Government corporations and credit agencies 1174 Business indexes 1175-1184 Department store statistics 1185-1187 Consumer credit statistics 1188-1190 Cost of living 1190 Wholesale prices 1191 Gross national product, national income, and income payments. . 1192 September Crop Report, by Federal Reserve districts. . 1193 Current statistics for Federal Reserve chart book 1194-1196 Number of banking offices in the United States 1197 All member banks—Assets and Liabilities on June 29, 1946, by class of bank. 1198 Assets and liabilities of insured commercial banks in United States and possessions, June 29, 1946, December 31, 1945, and June 30, 1945 1199 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the Board; index numbers of production arc compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other scries on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. OCTOBER 1946 1145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS Of DOLLARS 30 30 15 10 1939 1940 1941 1942 1943 1944 1945 1946 10 1939 1940 1941 1942 1943 1944 1945 1946 Wednesday figures, latest shown are for Sept. 25. See p. 1147. 1146 FEDERAL RESERVE BULLETI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve Treas- balances U. S. Government Treas- ury de- Other securities ury Money Treas- posits Non- Fed- Dis- Gold cur- in cir- ury with mem- eral Date counts stock rency cula- cash Federal ber de- Reand Treas- All Total out- tion hold- Re- posits serve ad- ury other stand- ings serve ac- Total Exvances Total bills All ing Banks counts cess* and other1 certificates Monthly averages of daily figures: 1945—June 590 21,271 18,488 2,783 457 22.31820,263 4,145 26,561 2,302 368 1,631 449 15,415 1,339 July 163 21.593 18,793 2,800 46022,21520,203 4,153 26,918 2,268 618 1,563 450 14,755 1.220 Aug 388 22,052 19,230 2,822 431 22,87120,116 4,202 27,392 2,257 549 1,554 45714,978 1,084 1946—June 24523,152 20,570 2,582 503 23,90020,267 4,536 28,140 2,266 686 1,053 56115.996 943 July 240 23.473 22,122 1,351 458 24,17120,270 4,538 28,281 2,251 589 1.274 56716.017 928 Aug 24723,584 22,233 1,351 427 24,25820,271 4,541 28,352 2,262 524 1,328 57316,031 891 End of month figures: 1945—June 30... 46 21,792 18,994 2,798 466 22,30420,213 4,145 26,746 2,279 599 1,668 45014,920 1,585 July 31... 302 21,717 18,906 2,811 34022,35920,152 4,199 27,108 258 586 1,516 44914,794 1,037 Aug. 31... 362 22,530 19,653 2377 31523,20720,088 4,217 27,685 230 552 1.577 45715,011 920 1946—June 29... 15723,783 21,280 2,503 516 24,45620,270 4,539 28,245 2,251 833 1.250 56116,123 1,112 July 31... 246 23.633 22.282 1,351 28624,164 20,267 4,540 28.254 2,250 513 1,401 56215,991 856 Aug. 31... 33123,946 22,595 1,351 471 24,74820,280 4,544 28,448 2,256 704 1,345 57416,245 1,085 Wednesday figures: 1945—Nov. 7... 50823,076 20,179 2,898 29223,87720,035 4,285 28,137 2,268 261 1,310 48415,737 928 Nov. 14... 596 23,448 20,510 2,938 455 24,498 20,034 4,284 28,178 2,265 580 1,313 48615.994 1,163 Nov. 21... 630 23,343 20.372 2,970 359 - - --- 20,032 4,297 28,198 2,272 410 1,360 48415,937 1,043 Nov. 28... 79223,646 20,627 3,019 326 24,764 20,031 4,297 28,169 2,269 557 1,351 48516,261 1.293 Dec. 5... 345 23,525 20,474 3,052 359 24,22920,029 4,303 28,279 2,242 1,304 48716,242 1.594 Dec. 12... 312 23,493 20,440 3,053 46024,26420,045 4,317 28,370 2,268 627 1,204 48815,669 1,296 Dec. 19... 360 23.668 20,602 3,067 829 24,85920,066 4,326 28,557 2,288 718 1,284 49615,906 1.332 Dec. 26... 492 24,037 20,970 3,067 643 25,17220,065 4,334 28,649 2,283 1,199 1,282 50015,658 1,213 1946—Jan. 2... 22224,092 21,602 2,490 533 24,84720,065 4,352 28,491 2,306 771 1,299 49815,900 1,439 Jan. 9... 21523,859 21,377 2,482 463 24,536 20,046 4,362 28,297 2,256 758 1,307 50515,822 1,266 Jan. 16. .. 210 23,437 21,030 2,407 426 24,07220,111 4,377 28,119 2,262 272 1,257 50516,145 1,423 Jan. 23... 20723,341 20,968 2,373 37323,92220,135 4,385 27,977 2,282 578 1,239 50615,859 1,169 Jan. 30... 310 23,297 20,945 2,352 291 23,898 20,157 4,404 27,914 2,295 762 1,298 50715,681 1,061 Feb. 6... 289 23,227 20.876 2,352 32423,840 20,157 4,413 27,929 2,306 716 1,226 51615,717 1,115 Feb. 13... 41123,253 20,904 2,349 27023,93320,157 4,424 27,967 2,301 864 1,173 51615,693 1,146 Feb. 20. .. 35223,017 20,692 2,326 417 23,78720,233 4,434 27,955 2,318 940 1.235 51615,490 950 Feb. 27... 380 22,972 20,652 2,320 325 23,67720,233 4,447 27,938 2,317 826 1,203 51715,555 1.039 Mar. 6... 443 22,526 20,207 2,320 327 23,29720,232 4,451 27,957 2,284 612 1,153 53115.444 924 Mar. 13... 710 22,393 20.074 2,320 31923,423 20,232 4,456 27,946 2,260 501 1,210 53015.663 1,112 Mar. 20... 483 22,592 20,335 2,258 408 23,48320,233 4,467 27,889 2,267 774 1,230 54015,484 929 Mar. 27... 68322,974 20,634 2,340 305 23,96320,257 4,478 27,842 2,298 1,397 1,226 54015,395 995 Apr. 3... 686 21,969 19,603 2,366 28022,936 20,255 4,485 27,912 2,271 533 1,013 550 15,396 1,072 Apr. 10... 353 22,232 19,866 2,366 261 22,846 20,253 4,492 27,955 2,259 260 1,161 550 15,406 940 Apr. 17... 326 22,103 19,736 2,366 42922,85720,251 4,514 27,948 2,259 334 1,138 54815,395 843 Apr. 24. .. 324 22,304 19,874 2,430 27422,90120,247 4,536 27,877 2,260 385 1,159 54714.457 836 May 1... 22522,579 20,003 2,577 279 23,084 20,251 4,535 27,? 2,267 409 1,010 548 15,747 1,111 May 8... 20722,732 20,134 2,598 279 23,219 20,248 4,534 27,958 2,266 314 1,162 55015,751 1,014 May 15... 14522,660 20,019 2,641 447 23,•2"5"2' 20,245 4,534 27,950 2,265 504 1,110 550 15,652 916 May 22... 163 22,643 20.001 2,641 326 23,13220,245 4,532 27,961 2,262 562 1,069 55015,505 700 May 29... 23722,983 20,341 2,641 33723,556 20,242 4,533 28,106 2,265 681 1,038 55315,689 830 June 5... 22,780 20,129 2,651 23,450 20,272 4,534 28,159 2,285 394 1,063 556 15,799 738 June 12. .. 25223,270 20,619 2,651 37423,896 20,271 4,537 28,128 2,280 860 969 55715,909 833 June 19... 25222,691 20,187 2,503 512 23,454 20,272 4,536 28,116 2,260 419 985 566 15,916 671 June 26... 23123,385 20,882 2,503 36923,986 20,269 4,539 28,135 2,262 970 950 56915,910 867 July 3... 239 23,003 21,652 45323,694 20,270 4,540 28,395 2,249 507 971 56715,815 730 July 10... 29223,394 22,043 333 24,019 20,271 4,537 28,335 2,254 664 1,116 56815,889 825 July 17... 204 23,230 21,879 462 23,895 20,271 4,538 28.241 2,249 513 1,165 56815.968 859 July 24. .. 219 23,652 22,301 35824,229 20,269 4,539 28,187 2,263 674 1,473 56315,877 753 July 31... 24623,633 22,282 1,351 28624,164 20,267 4,540 28,254 2,250 513 1.401 56215,991 856 Aug. 7... 25823,593 22,242 283 24,134 20,266 4,538 28,326 2,263 353 1.331 57316,093 964 Aug. 14... 26323,575 22,224 400 24,238 20,268 4,541 28,353 2,262 557 1.295 57216.008 898 Aug. 21... 229 23,486 22,135 39424,109 20,274 4,543 28,365 2,265 540 1,250 57215,933 805 Aug. 28... 21623,606 22,256 279 24,102 20,280 4,543 28.376 2,274 620 1,214 57415.867 714 Sept. 4. .. 29123,387 22,036 332 24,011 20,284 4,543 28,506 2,281 293 1,188 58115,989 P841 Sept. 11... 25023,291 21,940 39523,935 20,288 4,545 28,499 2,280 199 1,122 58116,086 P810 Sept. 18... 26223,421 22,070 541 24,22420,288 4,545 28,453 2,265 359 1,111 58816,280 *925 Sept. 25... 294 23,866 22,515 1,351 425 24,58520,301 4,547 28,448 2,279 928 1,212 59015,975 *766 * Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. * End of month and Wednesday figures are estimatef: Back figures—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 1147 OCTOBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect September 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Federal Reserve Bank G d s o i e s v c c e o u r r u n e n m d t s e b n o y t f o e a l b i n g li i d g b a l a t e i d o p v n a a s p n a e c n r e d s Other [ s S e e c c u . re 1 d 0 ( a b d )] vances b o a b n l k i ( g s l a a t s s i t o e n c p u s a r r e o . d f S e t b c h . y e 1 U 3 di ) . r e S c . t (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Boston Apr. 27,1946 Oct. 27,1942 2 Mar. 29,1946 New York Apr. 25,1946 IK Oct. 30,1942 2K Apr. 6,1946 Philadelphia. . . Apr. 25,1946 IK Oct. 17,1942 2 Mar. 23,1946 Cleveland May 3, 1946 IK Sept. 12,1942 2 Mar. 9,1946 Richmond May 10,1946 IK Oct. 28,1942 i* Mar. 16,1946 Atlanta May 10,1946 IK Oct. 15,1942 Mar. 16,1946 Chicago Apr. 26,1946 IK Aug. 29,1942 Mar. 16,1946 St. Louis Apr. 26,1946 IK Mar. 14,1942 2 Mar. 16,1946 Minneapolis. . . Apr. 26,1946 IK Oct. 30,1942 2 Mar. 23,1946 Kansas City.. . Apr. 27,1946 IK Oct. 27,1942 2 Apr. 13,1946 Dallas May 10,1946 IK Oct. 17,1942 2 Mar. 16,1946 San Francisco. Apr. 25,1946 IK Oct. 28,1942 2 Apr. 25,1946 2K 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months; and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13b [Per cent per annum] OF THE FEDERAL RESERVE ACT i Maturities not exceeding five year* Rate on In effect be- Previous Maturity Sept. 30 ginning— rate [In effect September 30. Per cent per annum] To industrial or commercial To financing institutions Treasury bills.. H Apr. 30, 1942 businesses Bankers* acceptances: 1- 90 days 1 i\ug. 24, 1946 H On discounts or 91-120 days 1 VAug. 24. 1946 Federal purchases 121-180 days 1 KDct. 20, 1933 IK Reserve of * N D ew at e Y o o n rk w . hich rate became effective at the Federal Reserve Bank Bank lo O an n s2 co m m O e m n n t i s t- fo P in r o s r w t t i i h t o u i n c - h ma R in e i - ng co m m O e m n n t i s t- Back figures.—See Banking and Monetary Statistics. Table 117, tion is portion pp. 443-445. obligated Boston 2K-5 K-l (8) (*) K-l GUARANTEE FEES AND MAXIMUM INTEREST AND COM- New York 2K-5 K-1X (') (*) K-iK MITMENT RATES CHARGEABLE UNDER REGULATION Philadelphia. . . 2K-5 K-ltf 52 (4) K-iK V N S O A IO V N N Y L O U D A N E N D P S E A R G R T U E M A X R E E N A C T N U , T T E I A V E N E D D O B R Y M D A W E R R A I T R N I M D O E E . P 9 A 1 C 1 R O 2 T M M A M E N I N S D - T, A C R l i t e c la v h n e m t l a a o n n d d 2 2 2 K K K - - - 5 5 5 ' % K - - W iX A ( ( ( » » ') ) ) ( ( (« 4 4 ) ) ) • • K K K - - - i l l K Y Y A : A CONTRACT SETTLEMENT ACT Chicago 2K-5 H-WA 2K-5 2K-5 YA-\% OF 1944 St. Louis 2K-5 K-iX 1-1K (*) YA~\YA [Rates in effect September 30] M Ka i n n s n a e s a p C o i li t s y . . . . . . 2 2K K - - 5 5 K K- - i i K X ( (* s) ) ( 0 * ) ) K V* - - i \Y K A FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS Dallas 2K-5 K-iK (8) (4) •K-itf San Francisco.. 2K-5 %-^VA (f) 0) •K-lK Guarantee fee (In terms of per- 1 See table on maximum interest and commitment rates charge- Percentage of loan guaranteed centage of amount able under Regulation V for rates on guaranteed Section 13b loans. of interest payable * Including loans made in participation with financing institutions by borrowers)1 * Rate charged borrower less commitment rate. * Rate charged borrower. 1 May charge rate charged borrower by financing institution, if 8 8 5 0 or less 1 1 5 0 low a e C r h . arge of }4 per cent is made on undisbursed portion of loan. 90... . 20 Back figures.—See Banking and Monetary Statistics, Table 118. 95 30 pp. 446-447. Over 95 . . 50 MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by* the Board of Governors under provisions of Regulation Q. MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY [Per cent per annum] FINANCING INSTITUTIONS Nov. 1,1933-Feb. 1, 1935- Effective [Per cent per sannumj Jan.31,1935 Dec.31,193 Jan. 1,1936. Maximum rate of interest 4K Savings deposits 2K 2K Maximum commitment rate l . . .. Postal savings deposits 2K 2K Other deposits payable: am 1 1 o G B u a n u s t a e r d o a f n o t t n e h e a e v f e l e o e r a a n i g s . e c d h T a a r i h l g y e e d f u i n n o a u n n s l c e y i d n o g b n a i l g n a u s n t a c i r t e a u n t o i t o f e n e th d m e p m a o y r a t , x i o i i m n n u t o m h f e l p o a r a l i t n n e . c r i n p a a - l I I I n n n l 9 6 e 0 s m s d o t a h n y a t s h n s t o 9 o 0 6 r d m m a o y o r s n e ths. . . . 2 2 2 K K K 2 1 2 K tive, charge a flat fee of not to exceed $50, without regard to the amount or maturity of the commitment. NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the F. D. I. C, effective Feb. 1, 1936, are the same as those in effect for member banks. Under Regulation Q the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposit* under the laws of the State in which the member bank is located. 1148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVE REQUIREMENTS MARGIN REQUIREMENTS3 [Per cent of deposits] [Per cent of market value] Net demand deposits1 Time Feb. 5, July 5, Effecdeposits Prescribed in accordance with 1945- 1945- tive Period in effect Central (all Securities Exchange Act of 1934 July 4, Jan. 20, Jan. 21, reserve Reserve Country member 1945 1946 1946 city city banks banks) banks banks Regulation T: For extensions of credit by brokers June 21, 1917-Aug. 15, 1936.. 13 10 7 3 and dealers on listed securities 50 75 100 Aug. 16, 1936-Feb. 28, 1937.. 19^ 15 IOK For short sales 50 75 100 Mar. 1, 1937-Apr. 30, 1937.. 2224 17^ 12K 5lA Regulation U: May 1, 1937-Apr. 15, 1938.. 26 20 14 6 For loans by banks on stocks 50 75 100 Apr. 16, 1938-Oct. 31, 1941.. 22^ 17K 12 5 A N u o g v . . 20 1 , , 1 1 9 9 4 4 1 2 - - A Se u p g t . . 1 13 9 , , 1 1 9 9 4 4 2 2 . . . . 2 2 6 4 2 2 0 0 1 1 4 4 6 6 ten 1 d R ed e g o u n la a ti o s n e s c u T ri t a y n b d y U p r l e i s m cr it i b t i h n e g a a m m o a u x n i t m o u f m c r lo ed an it v t a h l a u t e , m w a h y ic b h e i e s x a - O Se c p t. t. 1 3 4 , , 1 19 9 4 4 2 2 - a O n c d t . afte 2 r . 1942.. 2 2 2 0 2 2 0 0 1 1 4 4 6 6 s " p m ec a i r f g ie in d p re e q rc u e ir n e ta m g e e n o t f s " i t s s h m ow ar n k e in t v t a h l i u s e t a a b t l t e h e a r t e im t e h e o f d t i h ff e e r e e x n t c e e n s b io e n tw ; e th e e n the market value (100%) and the maximum loan value. 1 Demand deposits subject to reserve requirements, i. e., demand Back figures.—See Banking and Monetary Statistics, Table 145, p. 504. •deposits other than war loan deposits, minus cash items in process of •collection and demand balances due from domestic banks. PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1946 1946 1945 Sept. 25 Sept. 18 Sept, 11 Sept. 4 Aug. 28 Aug. 21 Aug. 14 September August September Assets •Gold certificates 17,327,17817,327,17817,327,17617,329,92817,333,75917,345,756 17,351,20717,327,17917,330,92917,170,564 Re F d . e m R. p t n i o o t n e s fund for 769,617 771,446 772,065 766,328 763,991 754,251 750,705 767,837 766,622 727,290 Total gold certificate reserves 18,096,795 18,098,624 18,099,241 18,096,256 18,097,550 18,100,007 18,101,912 18,095,016 18,097,551 17,897,854 Other cash 299,644 296,572 288,232 283,949 300,933 300,752 298,420 291,274 303,857 252,808 Discounts and advances: For member banks... 152,708: 132,200 119,425 171,305 96,334 109,315 142,398 69,635 210,730 323,996 For nonmember banks, etc 140,800 130,000 130,000 120,000 120,000 120,000 120,000 143,800 120,000 10,400 Total discounts and advances 293,508 262,200 249,425 291,305 216,334 229,315 262,398 213,435 330,730 334,396 Industrial loans 1,031 1,067 1,105 1,138 1,075 1,059 1,138 1,102 1,154 3,063 Acceptances purchased. 3,338 5,445 7,899 10,316 14,499 17,889 23,020 1,831 13,452 U. S. Gov't securities: Direct: Bills: Under repurchase option , 5,097,214 4,889,070 4,974,239 5,267,417 5,050,572 4,981,099 5,113,509 5,058,167 5,281,879 4,859,101 Other 9,642,290 9,577,470 9,500,680 9,457,300 9,425,390 9,382,210 9,338,830 9,652,760 9,457,300 8,374,430 Certificates: Special Other 7,775,409 7,603,409 7,464,909 7,311,409 7,779,637 7,771,637 7,771,637 7,914,909 7,855,637 7,184,161 Notes 595,600 595,600 595,600 595,600 595,600 595,600 595,600 668,100 595,600 1,933,150 Bonds 755,290 755,290 755,290 755,290 755,290 755,290 755,290 755,290 755,290 977,392 Total U. S. Govt. securities 23,865,80323,420,83923,290,718 23,387,016 23,606,48923,485,836 23,574,86624,049,226 23,945,706 23,328,234 Other Reserve Bank credit outstanding. . . 420,897 534,106 386,211 321,079 263,619 374,941 376,114 328,232 456,586 416,611 Total Reserve Bank credit outstanding24,584,57724,223,65723,935,358 24,010,854 24,102,016 24,109,040 24,237,536 24,593,826 24,747,62824,082,304 Liabilities Federal Reserve notes. . 24,416,266 24,419,22724,464,940 24,456,56124,352,03524,338,72524,334,03924,448,02424,411,56524,003,078 Deposits: Member bank — reserve account 15,974,62216,280,20316,086,39215,988,50915,867,31615,933,16816,008,04515,910,02616,245,21615,520.405 U. S. Treasurer—general account 928,063 359,357 198,981 292,986 620,300 540,467 557,264 1,081,036 703,856 854,249 Foreign 667,644 651,014 692,190 607,839 630,696 701,963 762,160 612,471 606,547 1,037,910 Other 544,365 460,456 430,080 579,760 583,020 548,443 533,169 456,785 738,873 448,783 Total deposits 18,114,694 17,751,030 17,407,643 17,469,094 17,701,332 17,724,041 17,860,638 18,060,318 18,294,492 17,861,347 iRatio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. 42.5 42.9 43.2 43.2 43.0 43.0 42.9 42.6 42.4 42.8 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] September 25, 1946 Tota 1 W 5 it d h a i y n s 16 d a to y s 30 31 d t a o y s 60 61 d a to y s 90 9 6 1 m d o a n ys th t s o 6 to m 1 o y n e t a h r s 1 2 y y ea e r a r t s o 2 5 ye y a e r a s r s to 5 O y v e e a r rs Discounts and advances 293,SOS 148,553 2,950 10 610 131,395 Industrial loans 1,031 894 5 8 61 9 12 6 36 Acceptances purchased 3,338 3,332 6 <U. S. Government securities 23,865,8034,199,351 2,246,049 5,310 260 4,843,244 2,542,174 3,674,035 320,400 148,350 581,940 OCTOBER 1946 1149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F S r a a n ncisco Assets Go A S l e u d p g t c . e . r 2 ti 8 4 ficates: 1 1 7 7 , , 3 3 3 2 3 9 , , 7 9 5 2 9 8 6 7 9 3 6 3 , , 7 2 5 9 4 0 5 5, , 6 3 6 0 5 9 , , 4 5 5 0 1 5 8 8 0 4 2 8, , 2 5 2 3 1 3 1 1 , , 1 0 1 5 3 0 , , 1 7 8 0 0 0 8 8 8 9 4 7 , , 8 1 1 6 9 7 8 86 7 7 4 , , 2 4 6 5 1 33 3 , , 4 2 2 5 0 4 , , 1 8 9 2 5 5 5 5 3 5 1 5 , , 6 7 3 5 1 7 3 3 3 1 1 7 , , 8 8 8 1 1 5 5 5 6 7 1 6 , , 0 0 2 1 1 2 4 4 6 6 1 2 , , 9 5 4 0 3 62 2 , , 2 2 3 1 4 2, , 1 6 5 1 5 2 Sept. 11 17,327,176 723,220 5,392,871 813,2491,073,495 908,059 880,2413,341,035 554,999 326,153 573,328 467,3832,273,143 Sept. 18 17,327,178 737,696 5,552,722 839,3101,101,297 878,710 846,2803,258,177 549,067 320,855 557,353 444,4202,241,291 Sept. 25 , . 17,327,178 755,324 5,218,676 831,2411,119,934 901,772 865,6203,510,623 561,003 336,423 573,966 455,3302,197,266 Redemption fund for F. R. notes: Aug. 28 763,791 57,045 114,935 59,936 75,347 62,462 42,420 120,367 42,149 20,638 34,591 25,528 108,373 Sept. 4 766,328 56,981 114,697 60,819 75,255 62,020 44,924 120,263 42,123 20,879 34,566 25,511 108,290 Sept. 11 772,065 56,980 119,693 60,819 75,755 62,020 44,924 120,263 42,123 21,129 34,566 25,511 108,282 Sept. 18. 771,446 56,861 119,236 60,615 75,566 63,129 44,775 120,046 42.055 21,110 34.521 25,462 108,070 Sept. 25 769,617 56,776 118,890 60,471 75,422 62,486 44,677 119,898 42,013 21,095 34,489 25,433 107,967 Total gold certificate reserves: Aug. 28 18,097,550 790,335 5,424,440 908,1571,188,527 959,629 916,8733,540,562 597,906 352,519 610,603 487,4712,320,528 Sept. 4 18,096,256 753,735 5,780,148 863,3521,125,955 946,839 912,1853,375.088 573,754 338,694 595,587 488,0172,342,902 Sept. 11 18,099,241 780,200 5,512,564 874,0681.149,250 970,079 925,1653,461,298 597,122 347,282 607,894 492,8942,381,425 Sept. 18 18,098,624 794,557 5,671,958 899,9251,176,863 941,839 891,0553,378,223 591,122 341.965 591,874 469,8822,349,361 Sept. 25 18,096,795 812,100 5,337,566 891,7121,195,356 964,258 910,2973,630,521 603,016 357,518 608,455 480,7632,305,233 Ot A he u r g. c a 2 s 8 h: 300,933 23,280 83,057 19,136 20,516 19,518 21,222 38,566 12,929 5,936 15,235 11.055 30,483 Sept. 4 283,949 21,267 78,310 16,698 22,526 18,631 18,650 36,359 12,706 5.897 14,253 10,560 28,092 Sept. 11 288,232 23,790 73,881 18,364 19,431 20,003 20,387 37.761 13,514 6,957 14,183 11,094 28,867 Sept. 18 296,572 25,817 75,149 18,697 21,573 19,324 19,831 38,888 13,349 6,760 15,198 10,418 31,568 Sept. 25 299,644 24,193 72,477 19,588 20,104 20,600 20,580 38,832 15,198 7,217 16,209 10,493 34,153 .L/lSCOUnto CV «A(J.~ vances: Secured by U. S. Govt. securities: Aug. 28. . 96,334 4,550 32.105 4,190 2.255 13,575 9,404 11,900 10,535 700 2,500 4,620 Sept. 4. . 171,305 10,845 31,150 12,745 27,000 21.355 7.200 26,300 8,615 7,000 7.995 5,000 6,100 Sept. 11. . 119,425 3,425 40,905 4,585 5,055 13,835 5,350 22,100 3.075 8,500 6,695 4,000 1,900 Sept. 18. . 132,200 8,745 7,545 2,550 2,725 11,985 4,200 37,350 22,475 19,600 11,795 1,200 2,030 Sept. 25. . 152.708 4,777 35,630 7,475 16,111 31,985 11,450 9,980 15,455 10,600 4,545 200 4,500 Other A : ug. 28.. 120,000 7,680 39,960 9,960 11,160 5,640 4,560 16,080 4,080 3.000 3,960 3,840 10,080 Sept. 4. . 120,000 7,680 39,960 9,960 11,160 5,640 4,560 16,080 4,080 3,000 3.960 3,840 10,080 Sept. 11. . 130,000 8,320 43,290 10,790 12,090 6,110 4,940 17.420 4,420 3,250 4,290 4,160 10,920 Sept. 18. . 130,000 8,320 43,290 10,790 12,090 6,110 4,940 17,420 4,420 3,250 4,290 4.160 10,920 Sept. 25. . 140,800 8,320 54,090 10,790 12,090 6,110 4,940 17,420 4,420 3,250 4,290 4,160 10.92Q Industrial loans: Aug. 28 1,075 73 1,002 Sept. 4 l]l38 73 1.065 Sept! 11...... l]l05 73 1,032 Sept. 18 l]067 73 994 Sept 25 1,031 68 963 Acceptances purchased: Aug. 28 14,499 14,499 Sept 4 10,316 10,316 Sept. 11 7,899 7,899 Sept' 18 5*445 5,445 Sept 25 3,338 3,338 U. S. Govt. securities: Bills: Under repurchase option: Aug. 28. . 5,050,572 75,300 3,321,117 176,543 58.800 58,342 8,510 822,936 90,106 44,934 39,375 16,401 338,208 Sept. 4. .5,267,417 89,126 3,350,884 188,745 69,995 58,411 14,110 892,198 97,011 47,734 60,481 23,754 374,968 Sept. 11. .4,974,239 79,855 3,188,376 165,775 56,045 45.401 13,610 902,010 84,006 40,569 54,890 9,814 333.88S Sept. 18. .4,889,070 48,575 3,171,473 152,460 64,040 45,306 6,720 900,330 65,791 34,015 63,978 9,974 326,408 Sept. 25. .5,097,214 64,305 3,295,633 161,610 54,700 54,640 14,970 901,885 84,411 34,720 66,468 19,724 344,148 (Jt A n u e g r . b i 2 ll 8 s . : . 9,425,390 748,352 186,950 735,4281,334,211 874,373 764,6511,316,670 523,103 335,647 639,848 511,8791,454,278 Sept. 4. .9,457,300 759,524 194,603 756,9681,309,831 876,406 766,3291,336,226 521,865 332,946 625,960 519,1501,457,492 Sept. 11. .9,500,680 748,680 205,007 785,0311,344,585 879,169 768,6101,285,440 535,959 338,515 622,012 525,8111,461,861 Sept. 18. .9,577,470 755,763 354,959 770,0911,300,525 884,060 772,6481,293,667 517,809 330,229 610,127 517,9971,469.595 Sept. 25. .9,642,290 786,198 370,505 802,8101,315,893 888,189 776,0571,246,099 524,507 341,627 598,709 515,5721,476,124 Certificates: Aug. 28. ... 7,779,637 540,747 1,977,043 595,887 694,687 474,477 404,5411,040,557 400,038 223,222 368,473 317,323 742,642 Sept. 4.... 7,311,409 507,570 1,863,703 560,172 648,930 444,849 379,961 980,093 377,191 210,008 345,796 297,269 695,867 Sept. 11 7,464,909 518,445 1,900,871 571,881 663,923 454,559 388,020 999,920 384,682 214,340 353,231 303,841 711,196 Sept.18.... 7,603,409 528,259 1,934,397 582,445 677,457 463,324 395,2891,017,803 391,439 218,251 359,938 309,774 725,033 Sept. 25 7,775,409 540,448 1,976,020 595,564 694,273 474,208 404,3211,040,009 399,830 223,105 368,269 317,142 742,220 No A S t e e u p s g t : . . 28 4 5 5 9 9 5 5 , , 6 6 0 0 0 0 4 4 1 1 , ,3 3 9 4 9 8 1 1 5 5 1 1 , , 8 3 2 6 0 0 4 4 5 5 , ,6 6 2 3 1 3 5 5 2 3 , , 8 18 6 5 3 3 3 6 6, , 3 2 2 3 5 8 3 3 0 0 , , 9 9 7 5 1 2 7 7 9 9 , , 8 6 4 6 0 4 3 3 0 0 , , 7 6 2 2 6 6 1 17 7 , , 1 0 0 8 7 9 2 2 8 8 , , 1 2 7 1 0 0 2 2 4 4 , , 2 2 1 9 6 4 5 56 6 , , 6 8 8 5 7 6 Sept. 11. ... 595,600 41,365 151,664 45,628 52,972 36,268 30,959 79,780 30,692 17,102 28,183 24,243 56,744 Sept. 18 595,600 41,381 151,528 45,625 53,067 36,293 30,965 79,728 30,663 17,096 28,195 24,265 56,794 Sept. 25 595,600 41,398 151,364 45,621 53,182 36,325 30,971 79,665 30,627 17,090 28,210 24,293 56,854 Bo A S n e u d p g s t . : . 28 4 .... 7 7 5 5 5 5 , , 2 2 9 9 0 0 5 5 2 2 , , 4 4 9 3 9 4 1 1 9 9 1 2 , , 9 5 4 2 2 6 5 5 7 7 , , 8 86 5 7 2 6 6 7 7 , , 0 4 3 4 6 4 4 4 5 6 , , 9 0 5 6 4 4 3 3 9 9 , , 2 2 5 7 1 5 1 10 0 1 1 , , 2 0 4 2 7 3 3 38 8 , , 9 8 6 3 5 8 2 2 1 1 , , 6 6 7 9 2 4 3 3 5 5, , 7 7 2 7 2 4 3 3 0 0 , , 8 7 0 0 7 9 7 71 2 , , 8 1 8 0 5 0 Sept. 11 755,290 52,456 192,328 57,862 67,175 45,992 39,259 101,170 38,922 21,687 35,739 30,742 71,958 Sept. 18 755,290 52,475 192,155 57,857 67,296 46,024 39,267 101,105 38,884 21,680 35,755 30,771 72,021 Sept. 25.... 755,290 52,498 191,947 57,852 67,441 46,064 39,275 101,025 38,838 21,672 35,773 30,807 72,098- Total U. S. Govt. securities: Aug. 28 23,606,4891,458,297 5,828,4121,611,3312,208,3271,489,5811,247,9483,360,8501,082,711 642,5641,111,680 900,7042,664,084 Sept. 4 23,387,0161,450,002 5,753,5361,609,3852,148,6551,461,8581,230,6033,389,6041,065,758 629,4891,096,129 895,0982,656,899 Sept. 11 23,290,7181,440,801 5,638,2461,626,1772,184,7001,461,3891,240,4583,368,3201,074,261 622,2131,0)4,055 894,4512,635,647 Sept. 18 23,420,8391,426,453 5,804,5121,608,4782,162,3851,475,0071,244,8893,392,6331,044,586 621,2711,097,993 892,7812,649,851 Sept. 25 23,865,8031,484,847 5,985,4691,663,4572,185,4891,499,4261,265,5943,368,6831,078,213 638,2141,097,429 937,5382,691,444 1150 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands oi dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Total loans and securities: Anf. 28. 23,838,397 1,470,600 5,914,976 1,626,483 2,221,742 1,508,7961,261,9123,388,8301,097,326 645,564 1,116,340 907,044 2,678.784 Sept. 4. 23,689,775 1,468,600 5,834,962 1,633,155 2,186,815 1,488,8531,242,3633,431,984 1,078,453 639,489 11,108,084 903,938 2.673,079 Sept. 11. 23,549,147 1,452,619 5,730,340 1,642,584 2,201,845 1,481,334 1,250,7483,407,8401,081,756 643,9631,105,040 902,6112,648,467 Sept. 18. 23,689,551 1,443.591 5,860,792 1,622,812 2,177,200 1,493,1021,254,029 3,447,4031,071,481 644,1211,114,078 898,1412,662,801 Sept. 25 24,163,680 1,498,012 6,078,527 1,682,685 2.213,690 1,537,5211,281,984 3,39610831,098,088 652,0641,106,264 911,898 2"1,706,864 Due from foreign bank,: Aug. 28 i 27 Sept. 4 Sept. 11 »27 Sept. 18 »36 Sept. 25 »36 Federal Reserve notea of other Banks: Aug. 28 127,409 5,636 17,385 5,025 5,765 20,002 9,555 15.072 8.881 8.795 6,308 3,719 21.266 Sept. 4 115,803 4,857 15,415 4,785 6,378 20,868 7,377 14.377 6.183 9.121 7.967 3,574 14,901 Sept. 11 130,978 5.752 18,643 6.235 6.227 22,034 8,995 16.947 8.909 9,566 7,891 4.208 15,571 Sept. 18 139,124 6,290 21,739 5,869 6,699 24,250 8.582 16,397 8,217 11,338 8,520 4.740 16.483 Sept. 25 139,596 5,532 20,703 5,527 6,977 23,547 9,595 15,529 9,757 11,728 7,897 4,319 18,485 Uncollected items: Aug. 28 2,034,598 162,356 429,486 115,484 184,529 166,329 116,379 325,175 93,656 56.095 105.489 94.994 184.626 Sept. 4 2,087,792 183,566 425,815 115,519 190,333 179,004 129,339 328,908 92,464 56,120 117.897 82,098 186.729 Sept. 11 2,311,518 199,604 488,615 131,969 195,650 194,131 147,535 361,080 111,024 65,305 116,217 88.048 212,340 Sept. 18 2,890,006 244,223 626,466 173,656 266,145 238,377 188,664 434,956 121.596 70.635 131,829 110.359 283,100 Sept. 25 2,439,962 207,933 526,169 145,274 211,410 207,625 145,437 375,715 106,851 57,720 113,217 95.083 247,528 Bank premises: Aug. 28 32,803 1,315 8,551 3,218 3.914 2,714 1.540 3,074 2,026 .279 2.550 809 1.813 Sept. 4 32,772 f.315 8,532 3,218 3,914 2,714 1.540 3,074 2,026 ,276 2,544 806 1.813 Sept. 11 32,772 1,31" 8,532 3.218 3,914 2,714 1.540 3,074 2,026 ,276 2.544 806 1.813 Sept. 18 32,772 1,315 8,532 3.218 3,914 2,714 1,540 3,074 2,026 .276 2,544 806 1.813 Sept. 25 32,742 1,315 8,532 3,205 3.914 2,707 1,537 3,069 2,026 ,280 2,544 806 1,807 Other assets: Aug. 28 54,116 3,732 12,814 3,708 5.607 3,353 2,936 7,323 3,345 ,537 2,395 2.357 5,009 Sept. 4 48,591 3,262 11,627 3.323 5,102 2,928 2,643 6,702 3,083 .383 2,142 1.864 4,532 Sept. 11 50,076 3,560 11,671 3.372 5,208 3,063 2,704 6,996 3,070 .449 2.238 2,012 4,733 Sept. 18 44,791 3,052 10,198 2,984 4.733 2,655 2,454 6,363 2,781 .313 2.008 1,901 4,349 Sept. 25 46,128 3,238 10,345 3,105 4,848 2,832 2,502 6,586 2.800 .318 2,118 2,002 4,434 Total assets: Aug. 28 44,485,8892,457,25911.1890,736 2,681.218 3,630,608 2,680,345 2,330,4207,318,613 ,816,0721.071,7271,858,923 ,507.452 5,242.516 Sept. 4 44,355,0212,436,60712,154,836 2,640,057 3,541,0312,659,8412,314,1007,196,503 ,768.6721,051,9821,848,477 ,490,860 5,252,055 Sept. 11 44,462,0562,466,84511,844,2822,679,817 3,581,533 2,693,362 2,357,077 77,295,007 ,817,4241,075,800 1,856,010 ,501,676 5,293,223 Sept. 18 45,191,53 2,518,85012,274.870 2,727,168 3,657,135 2,722,265 2,366,15817 ~,325,315 ,810,5751,077,410 1,866,054 ,496,250 5,349,482 Sept. 25 45,218,6392,552,32812,054,3552,751,1033,656,307 2,759,094 2,371,935 7,466,346 ,837,739 1,088,8471,856,707 ,505,367 5,318,511 Liabilities Federal Reserve notes: Aug. 28 24,352,035 1,466,901 5,514,577 1,644,184 2,083.7691,699,103 1,427,153 4,495,224 1,058,463 571,341 902,614 602,773 2,885,933 Sept. 4 24,456,561 1,473,738 5,548.301 1.. 649,. 044 2,. 088,.6811,710,915 1,432,129 4,507,118 1,063,973 574,274 907,632 605,766 2,894.990 Sept. .11 24.464,9401,468,144 5.546.216 1,649.516 2,088,2881,717,829 1,433,445 4,503,585 1,064,659 576.342 907,322 605,0872,904,507 Sept. 18 24,419,2271,459,605 5,539,8401,648,747 2,085,8851,722,557 1,431,473 4,498.169 1,063,671 576,336 904,167 602,300 2,8865,,447777 Sept. 25 24,416,2661,464,942 5,551,9841,650,388 2,085,7681,728,242 1,425,729 4,488,435 1,062,821 576.521 902,853 600,426 2,878,157 Deposits: Member bank —reserve account: Aug. 28. . 15,867,316 720,093 4,911,378 797,2041,186,407 730,554 719,9422,288,769 584,335 393.919 780,362 754,1322.000,221 Sept. 4, . 15,988,509 708.990 5,042,918 806.235 .1,167,637 722,047 771155,,776666 22,,225500,,332288 574.041 396,002 795,990 769,6352,038,920 Sept. 11. . 16,086,392 732,894 4,954,308 8057690 11,194,725 736,955 736,7202,317,849 599,369 409.186 795,799 771,2152,031,682 Sept. 18. . 16,280,203 754,483 5,163,405 808,5621,205,212 729.230 770099,,449999 22,,330055..225522 577,200 407,271 800,568 753,674 2.065.847 Sept. 25. 15,974,622 733,932 5,038,896 805.6251,168,636 712,359 706,0022,293,739 574,945 399,809 776,581 750.416 2,013,682 U. S. Treasurer-general account: Aug. 28. . 620,300 37,884 176.653 29,801 70,898 36,656 21.014 91,848 33,694 24,374 36,046 20.420 41.012 Sept. 4. . 292,986 583 285.306 283 567 539 859 544 502 1.034 656 507 1.606 Sept. 11. . 198,981 598 188,922 391 575 524 504 492 503 1,043 1.552 1.084 2,793 Sept. 18. . 359,357 591 350,802 744 502 552 754 560 596 1.099 663 700 2,794 Sept. 25. . 928,063 81,325 158,414 58,250 93,236 82,732 49,611 207,297 47,108 27,704 30.083 27,600 64,703 Foreign: Aug. 28. . 630,696 38,234 •235.032 49.159 55.082 27,837 22,507 79,366 20,138 14,807 19,545 18.953 50.036 Sept. 4. . 607,839 36,802 "226,799 47,341 53.045 26,808 21.674 76,430 19,393 14,259 18,822 18,252 48.214 Sept. 11. . 692,190 42,319 2254,193 54,460 61.021 30.839 24.933 87,923 22.309 16,404 21,653 20.997 55.139 Sept. 18. . 651,014 39,974 •238,291 51,304 57,485 29,052 23.488 82,828 21.016 15,453 20,398 19.780 SI.945 Sept. 25. . 667,644 40,447 >249,290 52,008 58.274 29,450 23,811 83,965 21,304 15,665 20,678 20.051 52,701 Other: Aug. 28. . 583,020 2,787 495.070 2.387 10.403 3.591 3,206 5,234 7,403 2,270 1,658 4.229 44.782 Sept. 4. . 579.760 3,711 494,628 2,318 8.511 3.682 1.772 7,009 8.025 2,646 541 1,257 45.660 Sept. 11. . 430,080 4,310 346,075 2.231 8.382 3.306 1,701 5,859 7,768 2,001 1.191 671 46.585 Sept. 18. . 460.456 5,317 375,425 2,764 7.927 3,794 1,084 4,206 7,966 1,923 1,122 564 48,364 Sept. 25. . 544,365 5,634 464,013 2,597 6.650 3,189 1,614 5,482 8.381 2,149 228 614 43,814 Total deposits: Aug. 28 17,701,332 798.998 5,818,133 878.5511,322,790 798,638 766,669 2,465,217 645,570 435,370 837,611 797.734 2.136.051 Sept. 4 17.469.094 750,086 6.049,651 856,1771,229.760 753,076 740.0712,334.311 601,961 413,941 816,009 789.651 ~2,134,400 Sept. 11 17.407.643 780,121 5,743,498 862,7721,264.703 771,624 763,8582.412.123 629,949 428,634 820,195 793.9672,136,199 Sept. 18 17,751,030 800,365 6,127,923 863,374 1,271,126 762,628 734.825 2:..39.2...8.46 606.778 425,746 822.751 774.7182.167,950 Sept. 25 18,114,694 861,338 5,910,613 918,4801,326,796 827.730 781,038 2,590,483 651.738 445.327 827,570 798,6812,174,900 Deferred availability items: Aug. 28 1,771,062 148.795 349,714 104,910 162.517 149,810 109.003 269.224 88.022 47,594 94.807 83,911 162.755 Sept. 4 1,766.796 170,086 349,055 81.140 160,914 163.006 114.260 265.859 78,675 45,810 100.880 72,456 164.655 Sept. 11 1,925,399 175,770 346,347 113,665 166,634 170,907 132.026 289.815 98.656 53.248 104.445 79,555 194,331 Sept. 18 2.355,992 216,047 398,460 161.147 238.121 204.018 172,054 344.684 116.006 57,647 115,069 96,070 236.669 Sept. 25 2.019.157 182.960 381.812 128,130 181.709 169,894 137,228 297.493 98,926 49,052 102,114 82,989 206,850 1After deducting $56,000 participations of other Federal Reserve Banks on Aug. 28; Sept. 4; Sept. 11; Sept. 18; and Sept. 25. «After deducting $395,051,000 participations of other Federal Reserve Banks on Aug. 28; $380,439,000 on Sept. 4; $437,648,000 on Sept. If; $412,285,000 en Sept. It; and $417,943,000 oa Sept. 25. Ocroiti 1946 1151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Other liabilities including accrued div.: Aug. 28 12,390 696 3,881 657 1,107 588 550 2,021 461 391 481 482 1,075 Sept. 4 12,082 775 3,147 652 1,067 571 518 2,035 439 898 457 398 1,125 Sept. 11. ... 11,900 739 3,135 703 1,139 613 545 2,059 468 469 476 428 1,126 Sept. 18 11,697 741 3,155 632 1,087 559 529 1,975 411 535 468 465 1,140 Sept. 25.... 13,317 769 4,034 731 1,211 619 577 2,011 459 750 460 520 1,176 Total liabilities: Aug. 28.... 43,836,819 2,415,39011,686,3052,628,3023,570,1832,648,1392,303,375 7,231,686 1,792,516 1,054,696 1,835,513 1,484,9005,185,814 Sept. 4 43,704,533 2,394,68511,950,1542,587,0133,480,4222,627,5682,286,9787,109,3231,745,048 1,034,923 1,824,978 1,468,2715,195,170 Sept. 11. ... 43,809,882 2,424,77411,639,1962,626,6563,520,7642,660,9732,329,8747,207,582 1,793,732 1,058,693 1,832,438 1,479,037 5,236,163 Sept. 18 44,537,946 2,476,75812,069,3782,673,9003,596,2192,689,7622,338,8817,237,6741,786,866 1,060,264 1,842,455 1,473,5535,292,236 Sept. 25 44,563,434 2,510,009 11,848,4432,697,7293,595,4842,726,4852,344,572 7,378,422 1,813,944 1,071,650 1,832,997 1,482,6165,261,083 Capital Accts.: Capital paid in: Aug. 28. ... 184,210 10,865 64,575 13,613 18,426 7,733 7,001 22,180 5,988 3,995 6,080 6,705 17,049 Sept. 4 184,280 10,865 64,588 13,620 18,461 7,736 7,004 22,182 5,993 3,996 6,081 6,705 17,049 Sept. 11. ... 184,352 10,865 64,588 13,637 18,483 7,752 7,006 22,195 6,001 3,998 6,084 6,706 17,037 Sept. 18 184,385 10,868 64,596 13,640 18,487 7,756 7,010 22,200 5,991 4,000 6,084 6,713 17,040 Sept. 25 184,214 10,885 64,597 13,641 18,251 7,759 7,011 22,227 5,993 4,002 6,088 6,716 17,044 Surplus (section 7): Aug. 28 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 Sept. 4 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 Sept. 11. ... 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 Sept. 18 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 . Sept. 25 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 Surplus (section 13b): Aug. 28 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Sept. 4 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Sept. 11 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Sept. 18 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Sept. 25 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Other capital accounts: Aug. 28 79,077 5,553 15,791 5,856 7,247 5,554 4,832 10,289 4,102 3,094 4,302 3,870 8,587 Sept. 4 80,425 5,606 16,029 5,977 7,396 5,618 4,906 10,540 4,165 3,121 4,390 3,907 8,770 Sept. 11 82,039 5,755 16,433 6,077 7,534 5,718 4,985 10,772 4,225 3,167 4,460 3,956 8,957 Sept. 18 83,418 5,773 16,831 6,181 7,677 5,828 5,055 10,983 4,252 3,204 4,487 4,007 9,140 Sept. 25 85,208 5,983 17,250 6,286 7,820 5,931 5,140 11,239 4,336 3,253 4,594 4,058 9,318 Total liabilities and capital accounts: Aug. 28 44,485,889 2,457,25911,890,7362,681,2183,630,6082,680,3452,330,4207,318,6131,816,072 1,071,727 1,858,923 1,507,452 5,242,516 Sept. 4 44,355,021 2,436,607 12,154,8362,640,0573,541,0312,659,8412,314,1007,196,5031,768,672 1,051,982 1,848,477 1,490,860 5,252,055 Sept. 11.... 44,462,056 2,466,84511,844,2822,679,8173,581,5332,693,3622,357,0777,295,007 1,817,424 1,075,800 1,856,010 1,501,6765,293,223 Sept. 18. . . .45,191,532 2,518,850 12,274,8702,727,1683,657,135 2,722,2652,366,1587,325,3151,810,575 1,077,410 1,866,054 1,496,250 5,349,482 Sept. 25.... 45,218,639 2,552,32812,054,3552,751,1033,656,3072,759,0942,371,935 7,466,3461,837,739 1,088,847 1,856,707 1,505,367 5,318,511 Commitments to make industrial loans: Aug. 28.... 6,059 537 696 149 16 4,040 450 163 8 Sept. 4.... 5,971 474 671 149 16 4,040 450 163 8 Sept. 11 5,998 503 671 147 16 4,040 450 163 8 Sept. 18 5,935 541 671 47 15 4,040 450 163 8 Sept. 25 5,961 572 671 42 15 4,040 450 163 8 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a ira C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S r is a a c n n o - Federal Reserve notes outstanding (issued to Bank): Aug. 28 24,990,262 1,504,748 5,674,224 ,683,0732,132,5161,737,144 1,465,182 4,568,9661,093,208 581,265 927,691630,857 2,991,388 Sept. 4 25,064,729 1,501,242 5,687,798 1,699,099 2,133,6801,750,052 1,469,023 4,577,824 1,101,,950 585,749 928,817630,881 2,998,614 Sept. 11 25,091,696 1I506.173 5,693,937 1,691,574 2,140,4891,750,827 1,472,785 4,585,547 102,204 587,498 929,691635,157 2,995,814 Sept. 18. 25,104,2121,508,702 5,695,630 ,696,240 21,142,2631,758,356 1,469,798 4,587 ,8"4 7"~l!098,061588,553 929,201632,256 2,997,305 Sept. 25 25,119,275 1,506,622 5,697,306 1,699,7792,141,597 1,773,000 1,470,941 4,585,642 1,098,566 588,122 931,568 632,3842,993,748 Collateral held against notes outstanding: Gold certificates: Aug. 28 10,839,000 430,000 3,420,000 500,000 635,000: 565,000 625,0002,195,000 300,000170,000 280,000169,000 1,550,000 Sept. 4 10,899,000 430,000 3,420,000 500,000 635,000 565,000 585,000 2,295,000 300,000170,000 280,000169,000 1,550,000 Sept. 11 10,844,000 430,000 3,420,000 500,000 635,000 580,000 585,0002,225,000 300,000170,000 280,000169,0001,550,000 Sept. 18 10,944,000 430,000 3,470,000 500,000 635,000 580,000 585,000 2,225,000 300,000170,000 280,000169,000 1,600,000 Sept. 25 10,859,000 430,000 3,470,000 500,000 635,000 595,000 585,0002,225,000 300,000170,000 280,000169,000 1,500,000 Eligible paper: Aug. 28 70,275 4,550 32,105 4,190 13,575 10,535 700 4,620 Sept. 4 105,805 10,845 31,150 12,745 21,355 8,615 7,000 7,995 6,100 Sept. 11 82,820 3,425 40,905 4,585 13,735 3,075 8,500 6,695 1,900 Sept." 18 86,625 8,745 7,545 2,550 11,885 22,475 19,600 11,795 2,030 Sept. 25 114,867 4,777 35,630 7,475 31,885 15,455 10,600 4,545 4,500 U. S. Govt. securities: Aug. 28 14,740,106 1,100,000 2,300,000 1,200,000 1,550,000 1,200,000 850,0002,400,000 915,106 425,000 700,000 500,0001,600,000 Sept. 4 14,697,0111,100,000 2,300,000 1,200,000 1,550,000 1,200,000 900,000 2,300,000 922,011 425,000 700,000 500,0001,600,000 Sept. 11. 14,784,006 1,100,000 2,300,000 1,200,000 1,550,000 1,200,000 900,000 2,400,000 909,006 425,000 700,000 500,0001,600,000 Sept. 18. . . . .. 14,765,7911,100,000 2,300,000 1,200,000 1,550,000 1,200,000 900,000 2,400,000 890,791425,000 700,000 500,0001,600,000 Sept. 25 14,784,4111,100,000 2,300,000 1,200,000 ,550,000 1,200,000 900,000 2,400,000 909,411425,000 700,000 500,0001,600,000 Total collateral: Aug. 28 25,649,3811,534,550 5,752,105 1,704,190 2,185,0001,778,575 1,475,000 4,595,0001,225,641595,000 980,700 669,000 3,154,620 Sept. 4 25,701,,816 1,540,845 5,751,150 1,712,745 2,185,0001,786,355 1,.4 85,.0 00 4,.5 95.,0001,230,626 660022,,000000 987,,9995 669,000 3,156,100 Sept. 11. . 25,710,8261,533,425 5,760,905 1,704,585 2,185,000 1,793,735 1,485,0004,625,0001,212,081603,500 986,695 (669,000 3,151,900 Sept.'18. . 25,796,4161,538,745 5,77 7,5451,702,550 2,185,0001,791,885 1,485,000 4,625,0001,213,266 614^600 991,795 669;p00 3,202,030 Sept. 25 25,758,2781,534,777 5,805,630 1,707,4752,185,0001,826,885 1,485,000 4,625,000i,224,866 605,600 984,545 669,000 3,104,500 1152 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR PRODUCTION LOANS GUARANTEED BY WAR DE- MEMBER BANK RESERVES AND BORROWINGS PARTMENT, NAVY DEPARTMENT, AND MARITIME [Averages of daily figures. In millions of dollars] COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V Central reserve G [ u A a a r m u a t n o h t u o e n r e t i d s z e i l d n o a t n h s ousands G o u f a lo r d a a o n n ll t s a e r e s d ] A a d m di o ti u o n n t al week e M nd o i n n t g h , T o h r ursday b m a b A n e e k m l r l s - 1 N c e i w ty ban C k h s i- b s c R a e i r n e t v y - k e s b C a t o n r u y k n s - * to date outstanding a b v o a r i r la o b w le e rs to York cago Date N b u e m r - Amount a T m o o t u a n l t g P u o te a r e t r i a d o n n - a u o n n u t d e t m s e e t e r a a n n g g t d u s re i a n e r - g - To 1 t 9 al 4 5 r — es A J e u r u l v g y e u s s t held: 1 1 4 4 , , 7 9 5 7 5 8 3 3 , ,9 9 5 3 9 0 9 8 0 9 5 5 5 6, , 0 8 0 3 3 4 4 4 , , 1 0 1 9 2 6 1946—July 16,017 4,180 897 6,314 4,627 1942 August 16,031 4,125 904 6,337 4,665 June 30 565 310,680 81,108 69,674 137,888 Sept. 30 1,658 944,204 427,918 356,677 230,720 July 25 15,982 4,185 899 6,297 4,601 Dec. 31 2,665 2,688,397 803,720 632,474 1,430,121 Aug. 1 16,035 4,168 903 6,338 4.626 1943 Aug. 8 16,062 4,152 903 6,338 4,669 Mar. 31 3,534 3,725,241 1,245,711 999,394 1,865,618 Aug. 15 16,042 4,117 909 6,339 4,678 June 30 4,217 4,718,818 1,428,2531,153,756 2,216,053 Aug. 22 16,002 4,120 902 6,313 4,667 Sept. 30 4,787 5,452,498 1,708,0221,413,159 2,494,855 Aug. 29 15,999 4,125 908 6,335 4,632 Dec. 31 5,347 6,563,048 ,914,0401,601,518 3,146,286 Sept. 5 16,087 4,126 905 6,373 4,684 Sept. 12 16,209 4,160 912 6,394 4,743 1944 Excess reserves: Mar. 31 5,904 7,466,7622,009,511 1,680,046 3,615,963 1945—July 1,220 17 10 328 866 June 30 6,433 8,046,6722,064,318 1,735,777 3,810,797 August 1,084 12 4 277 791 Sept. 30 6,882 8,685,7531,960,785 1,663,489 4,301,322 1946—July 928 18 11 226 673 Dec. 30 7,434 9,310,5821,735,9701,482,038 4,453,586 August 891 12 3 205 670 1945 Mar. 31... 7,886 9,645,3781,599,120 1,365,959 3,963,961 July 25 859 20 7 195 637 June 30 8,422 10,149,3151,386,8511,190,944 3,694,618 Aug. 1 913 16 8 230 659 Sept. 30... 8,695 10,313,8681,073,892 916,851 3,043,674 Aug. 8 914 17 5 211 681 Dec. 31... 8,757 10,339,400 510,270 435,345 966,595 Aug. 15 925 14 7 215 689 Aug. 22 866 14 1 187 664 1946 Aug. 29 852 16 7 195 634 Jan. 31... 8,761 10,340,275 427,278 363,048 764,093 Sept. 5 P918 22 5 215 P676 Feb. 28... 8,766 10,341,890 357.161 302,597 477,429 Sept. 12 14 6 201 P704 Mar. 30... 8,768 10,342,690 271,793 230,110 363,010 Borrowings at Federal Apr. 30... 8,770 10,343,018 171,036 147,164 286.701 Reserve Banks: May 31... 8,771 10,344,018 116,077 100.316 147,815 1945—July 164 76 54 33 June 29... 8,771 10,344,018 70,267 60,214 142,617 August 383 149 167 67 July 31... 8,771 10,344,018 55,771 48,391 72,373 1946—July 121 7 82 27 Aug. 31... 8,771 10,344,018 44,510 39,253 56,083 August 126 19 74 33 NOTE.—The difference between guaranteed loans authorized and sum July 25 103 1 79 23 of loans outstanding and additional amounts available to borrowers Aug. 1 94 12 55 27 under guarantee agreements outstanding represents amounts repaid Aug. 8 144 4 SO 59 and authorizations expired or withdrawn. Aug. 15 129 10 79 40 Aug. 22 115 2 82 30 Aug. 29 98 3 58 36 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS S S e e p p t t . . 1 5 2 1 16 9 1 0 5 4 8 0 91 4 3 1 3 [Amounts in thousands of dollars5] W o D o r f e a d l t a p n e s e e t r s ( i l d d o a a a d s y y ) t N b u A e m r a p t - p p o p l i r d c o A a a v t t m i e e o d o ns unt ( b a p p m u c r l A e o o t o t p m v e u n - e d - n o d 1 t t ) s (a ta L m o n o u o d a u t i n - n n s g t) 2 ( C s a t m o m a o m n e u o d n m u t- i t n s n i t t g ) - ( s a P p t m a a a o t n r u o i t d o t i u - c i n n n i s t - g ) c b R o e e r u 1 p s n e W b P r t a r v r e n y e e e k l k b i s B m l a y a a n i n n n k d f k a s i r g o a y d u r f . i r e s e c c s e o o s u u t o n i n f m t t r s a y e t x a e b c n s e a . d s n s k W a s d r e e v m s e a e a k n r y l c v y e e i s n f s i c g f l o u o u f r r d e e s n a l o s o l m n f m m a b l o e l e r m m a ro m b b w e e o r r i u n b n g b a s t a s n n o k o f k s f s a , l F l e a e t n m d c d e . e r m a o l - f 1934 984 49,634 20,966 13,589 8,225 1,296 1935 1,993 124,493 11,548 32,493 27,649 8^778 1936 2,280 139,829 8,226 25,526 20,959 7,208 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1937 . ... 2,406 150,987 3,369 20,216 12,780 7! 238 SMALL CENTERS x 1 1 9 93 3 9 8 2 2 , ,7 6 8 5 1 3 1 18 7 8 5 , , 2 0 2 1 2 3 2 1 , , 6 94 5 6 9 1 1 7 3 , , 3 6 4 8 5 3 1 9 4 , , 2 1 2 6 0 1 1 1 0 2, , 7 9 2 8 2 1 [Averages of daily figures. In millions of dollars] 1940 . ... 2 908 212,510 13 954 9 152 5 226 6 386 1941 3,202 279,860 8,294 10,337 14,597 19!600 In places of 15,000 In places of under 1942 and over population 15,000 population June 24... 3,"52 338,822 26,346 11,265 16,832 26,430 Dec. 31... 3,423 408,737 4,248 14,126 10,661 17,305 Demand Demand J D u e n c e . 1 9 3 3 4 1 3 0 . . . . . . 3 3, , 4 4 7 5 1 2 4 49 7 1 5 , , 3 4 4 6 2 8 3,2 9 0 26 3 1 1 3 0, , 5 0 3 4 2 4 1 9 2 , , 2 13 7 2 0 1 1 9 7 , , 0 9 7 3 0 0 d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t t s de T p i o m s e its 1944 bank2 bank 2 June 30... 3,483 510,857 45 11,366 4,048 11,063 Dec. 30... 3,489 525,532 1,295 3,894 4,165 2,706 August 1945 15,538 6,861 10,537 4,793 1945 July 1946 16,475 8,026 11,928 5,593 Mar. 31... 3,493 528,936 85 4,214 3,321 2,365 June 30. .. 3,502 537,331 70 3,252 5,224 2,501 August 1946 16,318 8,114 12,083 5,674 Sept. 30... 3,505 540,241 130 3,166 4,291 2,018 Dec. 31... 3,511 544,961 320 1,995 1,644 1,086 Boston 2,000 866 365 227 J F a e n b. . 1 9 3 4 2 6 1 8 . . . . . . 3 3 , ,5 5 1 1 2 3 5 5 4 4 5 6 , , 3 1 7 4 2 9 5 1 4 9 5 5 1 1 , , 5 8 9 4 0 3 1 1 , , 5 5 7 7 9 5 1,0 9 4 7 6 6 N P C h l e e i w l v a e d Y la e o n lp r d k hia 3 1 1 , , , 4 1 0 5 5 9 6 9 4 2,1 8 7 0 9 1 3 0 1 1 1 , , 1 0 9 2 9 6 6 0 4 1,1 8 7 0 4 8 8 5 2 Mar. 30... 3,519 547,581 755 1,536 2,063 1,014 Richmond 1,131 378 886 436 Apr. 30... 3,520 551,512 4,095 1,486 1,631 1,034 Atlanta 1,575 471 703 199 May 31... 3,520 551,890 45 1,310 5,393 1,229 Chicago 2,018 1,300 1,649 886 June 29... 3,524 552,711 615 1,210 5,366 1,110 St. Louis 630 313 975 255 July 31 ... 3,528 558,538 6,085 1,178 5,438 1,103 Aug. 31.... 3,533 559,974 5,195 1,158 5,981 1,427 Minneapolis 568 275 717 403 ser 1 2 v I I e n n c c B l l u u an d d k e e s s s i a a n n p d d p u l s u ic t n r a i d t a e i l o r n l c o s o a n n a s s p i p d p r e a o r s v a t t e i d d o u n e c b o 3 y n m d a i o t p i n o p t n l h i a c s l a l o y n r t . m by o r t e h , e w F hi e c d h e r a a r l e R no e t - S D K a a a n l n l s a F a s r s a n C c i i t s y co. . . 1,2 5 9 1 3 3 7 8 4 5 1 1 7 2 0 6 6 4 1 1 , , 5 4 6 6 4 0 3 3 1 2 1 8 5 9 8 4 1 included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 1 Includes any banks in outlying sections of reserve cities that have NOTE.—The difference between amount of applications approved and been given permission to carry the same reserves as country banks. the sum of the following four columns represents repayments of ad- All reserve cities have a population of more than 15,000. vances, and applications for loans and commitments withdrawn or 2 Includes war loan deposits, shown separately for all country banks expired. in the table on the following page. OCTOBER 1946 1153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits De- Reserves with Federal Bor- De- mand Reserve Banks row- Feder C al l a R ss e a s o n e f d r v b e a n d k istrict Total I b n a t n e k r- w G a U m o r d v . e e l e o n - S r a t n . n - Other j p m u o a d s a d t e s e n i - - d t d s * p m o N d d a s e e e i n - - t t s d * p T o d i s m e i - t e s5 m a f b d r n d e o a u o c s l m e e - t - i s c Total qu R i e re - d c E e x s - s s F i e R e n a e r r g e t a d v - s l - e posits2 banks Banks First half of August 1945 All member banks 93,725 12,014 9,040 72,671 68,076 74,476 26,549 5,805 16,032 15,133 899 135 Central reserve city banks New York 24,152 4,205 2,556 17,391 15,982 20,170 1,440 50 4,128 4,120 8 24 Chicago 5,308 1,195 592 3,521 3,235 4,263 791 170 897 900 -3 Reserve city banks 34,801 5,552 3,459 25,789 23,605 27,454 10,564 1,775 6,334 6,125 210 79 Boston 2,098 280 254 1,564 1,449 1,688 191 42 354 349 5 3 New York 584 31 60 493 458 467 300 22 113 111 1 1 Philadelphia 2,435 343 264 1,828 1,705 1,976 236 73 417 409 7 8 Cleveland 4,003 508 463 3; 032 2,818 3,171 1,219 159 748 707 41 15 Richmond 2,229 347 216 1,667 1,526 1,784 449 102 401 384 17 10 Atlanta 2,157 495 191 1,471 1,324 1,688 398 135 380 361 18 6 Chicago , 4,119 533 447 3,139 2,904 3,149 1,929 295 780 746 35 13 St. Louis 1,986 552 204 1,230 1,088 1,541 319 101 335 327 7 8 Minneapolis 1,097 319 126 652 570 824 165 66 178 175 3 5 Kansas City 2,940 968 225 1,747 1,544 2,241 347 277 494 469 25 6 Dallas 2,401 569 191 1,641 1,513 1,871 316 213 423 393 30 2 San Francisco 8,751 609 817 7,325 6,706 7,054 4,696 290 1,713 1,693 20 3 Country banks 29,464 1,061 2,433 25,970 25,254 22,589 13,754 3,809 4,673 3,988 685 31 Boston 2,460 89 260 2,110 2,009 1,918 1,091 188 370 334 36 4 New York 4,317 89 488 3,740 3,579 3,357 3,203 323 752 662 89 18 Philadelphia 2,137 14 208 1,914 1,867 1,675 1,552 209 384 328 S6 3 Cleveland 2,566 25 282 2,258 2,208 1,940 1,669 297 451 372 79 2 Richmond 2,137 123 167 1,846 1,775 1,623 810 287 324 276 48 2 Atlanta 2,487 198 169 2,119 2,062 1,936 669 336 357 311 45 Chicago 3,740 77 328 3,334 3,272 J.815 2,180 544 631 525 106 St. Louis 1,732 125 103 1,504 1,466 L.351 567 243 256 223 33 Minneapolis 1,347 69 100 1,177 1,148 ,026 676 195 217 184 33 Kansas City 2,184 83 104 1,997 1,976 1,633 295 431 304 246 58 Dallas 2,513 139 109 2,266 2,230 1,848 180 527 337 270 68 San Francisco 1,845 27 114 1,704 1,661 1,467 862 229 289 257 32 Second half of ^August 1946 All member banks 93,678 11,878 9,027 72,773 68,198 74,536 26,652 5,730 16,030 15,147 883 119 Central reserve city banks New York 24,037 4,175 2,530 17,333 15,941 20,102 1,437 47 4,123 4,107 16 14 Chicago 5,326 1,173 589 3,564 3,265 4,266 794 173 911 901 9 1 Reserve city banks 34,873 5,488 3,463 25,921 23,724 27,509 10,601 1,775 6,338 6,138 201 69 Boston 2,106 275 252 1,579 1,461 1,695 191 43 357 350 6 2 N P C h l e e i w l v a e d Y la e o n lp r d k hia 3 2 , , 9 4 5 2 9 8 2 4 4 3 5 2 3 1 9 9 4 4 2 6 6 6 0 3 2 3 1 , , 0 4 8 1 2 9 8 2 4 2 1 , , 7 4 6 9 9 5 1 4 9 3 1 , , 1 4 9 4 5 6 7 4 6 1,2 3 2 2 3 0 1 7 0 1 2 7 6 2 9 2 4 7 1 1 4 1 2 1 3 4 7 1 0 0 1 5 3 1 3 2 7 8 "'6 4 * Richmond 2,245 358 221 1,666 1,521 1,791 450 102 402 385 16 12 Atlanta 2,161 472 191 1,499 1,358 1,692 401 142 378 362 15 5 Chicago 4,129 526 450 3,153 2,905 3,147 1,934 292 776 745 31 20 St. Louis 1,968 528 204 1,236 1,099 1,532 319 97 334 326 8 6 Minneapolis 1,105 334 127 643 556 826 165 66 178 175 3 5 Kansas City 2,940 937 224 1,778 1,590 2,263 348 270 493 473 20 1 Dallas 2,404 556 190 1,658 1,524 1,871 317 213 423 393 30 3 San Francisco 8,815 620 821 7,374 6,765 7,126 4,717 287 1,733 1,708 25 4 Country banks 29,442 1,042 2,445 25,955 25,268 22,659 13,820 3,734 4,658 4,001 657 35 Boston 2,448 88 260 2,099 2,001 1,909 1,095 187 369 333 36 4 New York 4,301 88 487 3,725 3,573 3,359 3,218 315 753 663 90 20 Philadelphia 2,140 15 210 1,916 1,870 1,679 1,560 209 386 329 57 2 Cleveland 2,577 26 287 2,264 2,215 1,945 1,676 300 450 373 77 1 Richmond 2,147 126 168 1,853 1,776 L.633 817 281 321 278 44 3 Atlanta 2,459 191 170 2,099 2,048 1,923 671 323 349 310 39 1 Chicago 3,746 75 331 3,340 3,281 2,838 2,191 528 631 529 102 St. Louis 1,723 119 104 1,500 1,467 1,357 569 232 255 224 31 Minneapolis 1,363 71 101 1,191 1,163 1,033 680 204 220 185 34 Kansas City 2,181 81 105 1,995 1,976 1,645 295 418 300 248 52 Dallas 2,511 133 108 2,270 2,235 1,864 181 511 336 272 64 San Francisco 1,846 29 115 1,702 1,662 1,472 866 226 290 258 32 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. * Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3. » Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other than war loan and Series E bond accounts) on the latest available call report date. * Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. * Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. 1154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency1 End of year or in cir- Unasmorith cula- sorted tion1 Total Coin «$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933. 5,519 4,167 442 402 33 719 229 1,342 ,360 364 618 125 237 8 10 8 1934. 5,536 4,292 452 423 32 771 288 1,326 ,254 337 577 112 216 5 7 10 1935. 5,882 4,518 478 460 33 815 373 1,359 ,369 358 627 122 239 7 16 5 1936. 6,543 5,021 517 499 35 906 563 1,501 ,530 399 707 135 265 7 18 8 1937. 6,550 5,015 537 505 33 905 560 1,475 ,542 387 710 139 288 6 12 7 1938. 6,856 5,147 550 524 34 946 611 1,481 ,714 409 770 160 327 17 32 5 1939. 7,598 5,553 590 559 36 ,019 772 1,576 2,048 460 919 191 425 20 32 2 1940. 8,732 6,247 648 610 39 ,129 021 1,800 2,489 538 1.112 227 523 30 60 4 1941. 11,160 8,120 751 695 44 ,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942. 15,410 11,576 880 801 55 ,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943. 20.449 14,871 1,019 909 70 ,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944. 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945—April 26,189 18,353 1,180 957 73 2,151 6,238 7,754 7,837 2,126 4,210 527 932 9 33 1 May 26,528 18,715 1,196 972 73 2,186 6,377 7,911 "" 8142,159 4,192 513 909 8 33 1 June 26,746 19,183 1,205 981 73 2,215 6,515 8,193 7,565 2,132 4,044 483 868 8 31 2 July 27,108 19,599 1,223 995 73 2,250 6,659 8,400 7,511 2,139 4,013 472 847 8 32 2 August.... 27,685 20,141 1,236 1,003 73 2,301 6,826 8,700 7,546 2,180 4,038 466 832 8 22 2 September 27,826 20,235 1,243 1,001 72 2,288 6,815 8,816 7,592 2,204 4,071 464 825 8 21 2 October.., 28,049 20,381 1,252 1,000 71 2,274 6,779 9,004 7,671 2,243 4,123 461 816 7 21 2 November 28,211 20,500 1,263 1,009 71 2,279 6,783 9,095 7,713 2,264 4,154 457 811 7 20 2 December 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946—January.. 27,917 20,126 1,261 985 69 2,217 6,568 9,027 7,794 2,316 4,224 445 779 7 22 3 February. 27,954 20,139 1,264 982 68 2,211 6,570 9,044 7,816 2,322 4,248 443 772 9 22 1 March... 27,879 20,045 1,269 984 67 2,191 6,547 8,986 7,834 2,327 4,267 442 768 9 22 1 April 27,885 19,997 1,280 987 66 2,173 6,509 8,981 7,889 2,337 4,309 439 773 8 22 1 May 28,120 20,171 1,291 999 67 2,199 6,586 9,029 7,950 2,352 4,356 438 775 8 21 1 June 28,245 20,248 1,300 998 67 2,191 6,604 9,087 7,998 2,364 4,387 438 781 8 22 2 July 28,254 20,185 1,311 990 67 2,166 6,552 9,099 8,071 2,377 4,437 436 790 8 21 2 August... 28,448 20,271 1,319 992 66 2,165 6,571 9,159 8,178 2,402 4,509 436 802 8 20 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 1 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency oi unknown denominations reported by the Treasury as destroyed. • Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars Money held in the Treasury Money in circulation1 Money Total out- held by s A ta u 1 n g 9 d . 4 i 6 3 n 1 g , , A c g s e a o r s g l s t i d a i e l f v i c i n e a c u r s a n r t t d i e ty s Tr c e a a s s h ury R F a B e e g a F a d s e n o n e e n d r r r k t v a s s e l B R F a a n e e g d s k e e e s n r r t a v a s n e l d Au 1 g 9 . 4 6 31, Ju 1 ly 9 4 3 6 1, Au 1 g 9 . 4 5 31, Gold 20,280 18,147 22,133 Gold certificates 18,147 15,282 2,815 50 50 52 Federal Reserve notes 25,007 90 725 24,192 24.010 23,685 Treasury currency—total 4,544 a 2,244 34 304 4,206 4,194 3,948 Standard silver dollars 494 335 12 3 143 142 129 Silver bullion 1,909 1,909 Silver certificates and Treasury notes of 1890. . *2,244 241 2,003 1,998 1.755 Subsidiary silver coin 889 13 23 853 849 808 Minor coin.. 332 5 5 323 320 299 U Fe n d it e e r d a l S R ta e t s e e s r v n e o t B e a s nk notes 3 4 4 6 7 0 2 2 5 7 3 4 1 5 7 4 3 4 1 5 4 8 3 5 2 1 2 7 National Bank note* 114 1 1 113 113 119 (5) Total—August 31, 1946 (4) 20,392 2,256 15,282 3,845 28,448 July 31, 1946 . . . .. (4) 20,396 2,250 15,290 3,935 28,254 August 31, 1945 (4) 19,905 2,230 15,111 3,741 27,685 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals for other end-of-month dates shown in table above, totals by weeks in table on p. 1147, and seasonally adjusted figures in table on p. 1156, * Includes $1,800,000,000 Exchange Stabilization Fund and $156,039,431 held as reserve against United States notes and Treasury notes of 1890; the balance resulting from reduction in weight of the gold dollar, also included, is not shown in the circulation statement beginning July 31, 1945. * To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. * Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the fact amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund which must b« deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates^ Federal Reserve Bank notes and national bank notes are in process of retirement. OCTOBER 1946 1155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars [In millions of doliars] Date f u A o v n r m a a s r d o i e j a u a u t n s s i o o t t — e n n d al a A d v s j m a e u r a s o i s t a u e o t n d n i t o a — n l for C s a e h s d a e a j s r u n o i s e g n t s e a e l l d l i y n Period a p s G t e t o o r o e i c f l n o d k d d I i n n s c t o r g e c o a k l s d e o i r m g N e o p x e l o p d t r o t rt c g r m e o c o a a E l r r d e s r a k e : a i r n ( e s - d e d - — e- ) m t d g i p D e o u o r s o n o c l t d - - - i l c End of year figures: 1939 7,598 +742 1934J 8,238 4,202.5 1,133.9 82.6 92.9 1940 8,732 + 1,134 1935 10,125 1,887.2 1,739.0 .2 110.7 1941 11,160 +2.428 1936 Ul,258 1,132.5 1,116.6 -85.9 131.6 1942 15.410 +4,250 1937 312,760 1,502.5 1,585.5 -200.4 143.9 1943 20,449 +5.039 1938 14,512 1,751.5 1,973.6 -333.5 148.6 1944 25,307 +4,858 1939 17,644 3,132.0 3,574.2 -534.4 161.7 1945 28,515 +3,208 1940 21,995 4,351.2 4,744.5 -644.7 170.2 1941 22,737 741.8 982.4 -407.7 169.1 Monthly averages of daily 1942 22,726 -10.3 315.7 -458.4 125.4 figures: 1943 21,938 -788.5 68.9 -803.6 48.3 1944 20,619 -1,319.0 -845.4 -459.8 35.8 1945—April 26.009 26,219 +291 1945 20,065 -553.9 -106.3 -356.7 32.0 A S O J D M J N u u e c u e o a l n p t c y g v y e o t e u e e b m s m m e t r b b b e e e r r r . . . . . . . . . . . . 2 2 2 2 2 2 2 2 8 8 6 6 7 7 7 6 , , , , , , , , 1 3 5 7 9 3 4 9 5 5 6 6 4 9 5 1 1 1 1 5 3 2 2 8 2 2 2 2 2 2 2 2 7 6 7 8 6 7 8 6 , , , , , , , , 8 5 9 0 9 5 1 6 2 3 4 6 7 3 7 9 1 7 3 7 2 0 0 4 + + + + + + + + 2 1 2 3 5 1 1 1 2 9 7 1 5 5 2 0 2 1 8 8 8 7 4 3 1 1 9 9 4 4 5 6 — — O A D M N F S J e p c e a e o a b t r c p n v r o i e r t c u l e b e u m h a m e m a r r b b y r b e y e . e r . . r r . . . . . . . . . . 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 , . , , , , , , 2 0 0 2 0 2 0 1 3 6 3 5 7 5 3 5 2 5 6 1 3 6 0 6 - -3 1 - - 9 3 7 2 6 5 6 5 1 5 6 3 . . . . . . . 2 . 2 9 0 2 0 9 3 - 1 2 - 8 3 1 1 5 4 0 2 1 9 3 4 . . . . 3 . . . . 5 4 4 8 5 3 1 - - - 3 1 1 - - 3 1 1 5 4 8 2 9 4 9 5 . . . . . . 8 . 3 . 2 5 0 6 7 1 3 3 3 3 3 2 3 4 . . . . . . . . 3 6 2 6 6 7 8 0 1946— A M M F Ja e p a a n b r y r u i r c l u a h r a y ry 2 2 2 2 2 7 7 7 8 7 , , , , , 9 9 9 1 9 1 2 7 5 4 3 3 8 8 4 2 2 2 2 28 7 8 8 7 , , , , , 1 9 1 0 9 7 9 4 7 4 5 7 8 4 4 + -1 + + - 1 9 3 2 5 5 6 0 7 3 1 J A S J M u u e u a l n p y g y e t u e s m t ber.. P 2 2 2 2 2 0 0 0 0 O , , , , . 2 2 2 2 3 6 4 7 8 0 7 2 0 0 5 P - - 2 1 2 9 3 8 3 5 . . . 2 1 . . 1 2 2 -2 3 1 ( 7 4 6 6 5 ) . . . . 0 3 3 2 5 2 6 1 1 8 7 0 2 5 . . . . . 0 5 1 3 0 (4 3 3 4 ) . . . 2 4 0 June 28,140 28,281 + 106 P Preliminary. July 28.281 28,338 +57 1 Annual figures are estimates of the United States Mint. Monthly August 28,352 28,494 +156 figures are those published in table on p. 1202, adjusted to exclude September.. . . 28,478 28,535 +41 Philippine Islands production received in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and 1 For end of year figures, represents change computed on absolute $35 a fine ounce thereafter. amounts in first column. 8 Includes gold in the Inactive Account amounting to 27 million NOTE.—For discussion of seasonal adjustment factors and for back dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. * Not yet available. Because of an apparent recent change in the seasonal pattern around s Gold held under earmark at the Federal Reserve Banks for foreign the year end, adjustment factors have been revised somewhat for dates account including gold held for the account of the International Bank affected, beginning with December 1942; seasonally adjusted figures amounted to 4,154.4 million dollars on Sept. 30, 1946. Gold under for money in circulation, as shown in Banking and Monetary Statistics, earmark is not included in the gold stock of the United States. Table 111, p. 414, and described on p. 405, are based on an older series NOTE.—For back figures, see Banking and Monetary Statistics, Table of adjustment factors. 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts except turnover of total deposit accounts turnover of demand interbank accounts deposits except except interbank deposits except interinterbank and Government bank and Government Year and month Total, all New 140 Other New 333 other New 100 other New 100 other reporting York other reporting York reporting York leading York leading centers City1 centers l centers2 City centers City cities City cities 1937 469,463 197,836 235,206 36,421 193,143 215,090 29.5 22.4 1938 405,929 168,778 204,745 32,406 164,945 186,140 25 Jl 19.9 1939 423,932 171,382 218,298 34,252 167,939 200,636 21.0 19.4 1940 445,863 171,582 236,952 37,329 167,373 217,744 17.1 18.6 1941 537,343 197,724 293,925 45,694 193,729 270,439 17.3 19.4 1942—old series • 607,071 210,961 342,430 53,679 200,337 308,913 18.0 18.4 1942—new series » 641,778 226,865 347,837 67,074 i<5.i 13.1 1943 792,937 296,368 419,413 77.155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.3 9.7 351,602 412,800 24.2 16.1 1945—August 73,208 29,388 36,767 7,054 14.4 8.2 24,803 30,796 19.7 13.7 September 71,169 28,545 35,718 6,906 16.5 9.1 26,534 30,631 22.9 14.9 October 81,616 34,984 39,006 7,626 18.1 8.8 29,990 33,474 22.4 14.4 November 79,401 32,246 39,255 7,900 18.1 9.9 28,423 34,616 23.5 16.5 December 101,577 45,035 47,774 8,766 23.1 10.9 37,046 41,070 31.8 19.5 1946—January 89,132 38,819 41,977 8,337 18.5 9.0 34,165 35,546 28.3 16.2 February 73,963 30,498 36,210 7,255 16.6 8.7 27,425 31,402 25.6 16.2 March 87,579 35,670 43,449 8,459 17.8 9.4 32,831 36,543 27.5 16.8 April 87,532 37,208 42,122 8,201 19.0 9.2 33,290 36,478 27.6 16.8 May 85,908 35,085 42,433 8,390 17.9 9.2 30,408 35,324 24.5 15.8 June 86,667 34,972 43,219 8,476 18.9 9.9 32,439 36,921 26.3 16.7 July 91,377 37,357 45,017 9,004 20.0 10.1 32,667 38,240 25.6 16.8 August 82,738 30,216 43,694 8,828 16.3 9.6 28,127 37,858 21.6 16.0 1 National series for which bank debit figures are available beginning with 1919. a Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers. » See page 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. 1156 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] End of month c a d o u d b e T u r j a p a u r o t n n o s e s t d i s n k a t d i e l s c t e d y s c a d d o u d e T e u r j a p m u o r t n o s e s t a d i s n a t d n i e l c t e d d y s a d d e T j p u o o s t s a t i e l t d s a D d d e e j p u m o s a t s e i n t d d s 1 d G U e S m o p n t v a o e i e t t s n e e r i t t d s n s - 2 Total b m C a e n o T r k c m i s m ia - 3 l e < dep M o s b a s a v u i n t i t s k n u s g a 4 s l S S P y a o s v t s i e n t m a g l s 5 C o u b u r a t r n s e i k n d s c e y banks 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December. 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 ,186 4,761 December...... 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 ,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 ,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 ,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 ,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 ,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 ,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 ,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 ,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 ,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 ,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 ,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 ,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 ,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 ,576 15,814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 ,786 18,837 1944—-June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 ,032 20,881 December..... 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 ,340 23,505 1945—June 162,784 94,150 137,687 69,053 24,381 44,253 27,170 14,426 2,657 25,097 1945—August 163,200 99,900 137,300 74,000 17,300 46,000 28,500 14,700 2,800 25,900 September 162,900 101,700 136,800 75,600 14,300 46,900 29,200 14,900 2,800 26,100 October 163,900 104,500 137,600 78,200 11,700 47,700 29,700 15,100 2,900 26,300 November 167,300 106,300 141,000 80,000 13,100 47,900 29,800 15,200 2,900 26,300 December 175,401 102,341 148,911 75,851 24,608 48,452 30,135 15,385 2,932 26,490 1946—January? 176,300 102,700 150,200 76,600 24,600 49,000 30,500 15,500 3,000 26,100 February P 177,000 102,300 150,900 76,200 25,000 49,700 31,100 15,600 3,000 26,100 March? 173,700 101,200 147,600 75,100 22,400 50,100 31,300 15,800 3,000 26,100 April* 174,200 103,600 148,000 77,400 20,000 50,600 31,600 15,900 3,100 26,200 May? , . 173,400 104,900 147,000 78,500 17,400 51,100 32,000 16,000 3,100 26,400 June? 171,300 106,200 144,700 79,600 13,400 51,700 32,400 16,200 3,100 26,600 July? 170,800 107,000 144,200 80,400 11,300 52,500 32,900 16,400 3,200 26,600 August? 170,300 107,400 143,600 80,700 10,200 52,700 33,000 16,500 3,200 26,700 * Preliminary. l Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. a Excludes interbank time deposits and postal savings redeposited in banks. * Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. 6 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONSI [In millions of dollars] Member Nonmember Assets Total, banks banks all End of month D i b t e o a p r l o - s s ' - in C a d s e h - U. S. s e G cu o r v i e ti r e n s ment C r a e s - h banks ti N on a- al State su In re - d in N s o u n re - d ances1 Total posi- serve b t a o n r k y s Total r D ec i- t G t a e u n e a - d r- f e u t n c d .2 s, Num 1 b 9 e 3 r 4 o - f 3 9 banks suspended: 291 15 6 189 81 1940 22 1 18 3 1941 8 4 3 1 1939—Dec.. . 1,279 1,319 53 1,192 1,046 146 74 1942 9 6 3 1940—Dec. . L.304 1,348 36 1,224 1,078 146 88 1943 4 2 2 1941—Dec... 1,314 1,396 26 1,274 1,128 146 95 1944 1 1 1942—Dec... 1,417 1,464 16 1,345 1,220 126 102 1945 0 1 19 9 4 4 4 3 — — D D e e c c . . .. . 1 2 , , 7 3 8 4 8 2 2 1 , ,8 4 4 1 3 1 1 8 0 2 1 , ,7 2 1 5 6 2 2 1 , ,7 2 1 5 6 2 1 15 1 2 8 1946—jan -Sept 0 Deposits of suspended banks 1945—Aug... 2,785 2,867 8 2,674 2,674 185 (in thousands of dollars):2 Sept.. 2,836 2,921 8 2,737 2,737 176 1934-39 .... 125,991 14,616 26,54844,348 40,479 Oct... 2,880 2,968 6 2,780 2,780 182 Nov. . 2,909 2,999 6 2,809 2,809 184 1940 5,943 256 5,341 346 Dec... 2,933 3,022 6 2,837 2,837 179 1941 3,726 3,144 503 79 1946—Jan... 2,981 3,073 5 2,886 2,886 181 1942 1,702 1,375 327 Feb.. . 5,013 3,107 5 2,910 2,910 192 1943 6,223 4,982 1,241 Mar... ?,043 3,139 5 2,951 2,951 182 1944 405 405 Apr.. . 5,066 3,161 5 2,966 2,966 189 1945 0 May.. 3,091 3,188 5 2,986 2,986 197 1946—Jan -Sept 0 June.. 5,120 3,220 5 3,026 3,026 188 A Ju u l g y . . . . . P V \5 5 , , 1 1 5 8 4 4 po 1 r a R ri e ly p re o s r e n p t e s r m b a a n n e k n s tl w y h o ic n h , a c d c u o r u i n n t g o t f h e f in p a e n ri c o ia d l s d s i h ff o i w cu n l , t ie c s l ; o s d e o d e s t e n m o - t include banks whose deposit liabilities were assumed by other banks P Preliminary. at the time of closing (in some instances with the aid of Federal Deposit 1 Outstanding principal, represented by certificates of deposit. Insurance Corporation loans). 2 Includes working cash with postmasters, 5 per cent reserve fund 2 Deposits of member banks and insured nonmember banks susand miscellaneous working funds with Treasurer of United States, ac- pended are as of dates of suspension, and deposits of noninsured noncrued interest on bond investments, and accounts due from late post- member banks are based on the latest data available at the time the masters. suspensions were reported. Back figures.—See Banking and Monetary Statistics, p. 519; for Back figures.—See Banking and Monetary Statistics, pp. 283-292; description, see p. 508_in the same publication. for description, see pp. 281-282 in the same publication. OCTOBER 1946 1157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Number and of banks call date Total Loans G U ov .S er . n- Other Total* I b n a t n e k r * - Total o m bl e ig n a t - se it c i u es r- m D a e n - d Time tions All banks: 1938—Dec. 31 48,831 21,261 27,570 17,953 9,617 61,319 7,484 28.695 25,140 1S,?O7 1939—Dec. 30 50,885 22,169 28,716 19 402 9,314 68,225 9 883 32 402 25 850 15 035 1940—Dec. 31 54,170 23,751 30,419 20,983 9.436 75,963 10,941 38,518 26,504 14.805 1941—Dec. 31 61,101 26.616 34,485 25.488 8,997 81,780 10,989 44.316 26.476 14,825 1942—Dec. 31 78,137 23.915 54,222 45,932 8,290 99,796 11,318 61.395 27.083 14.6*2 1943—Dec. 31 96,966 23,601 73.365 65.932 7,433 117,661 11,012 75.561 31,088 14.579 1944—Dec. 30 119,461 26,015 93.446 85,885 7,561 141,449 12,245 91,644 37,559 14.535 1945—june 30 129,639 27,979 101.661 93,657 8,004 151,033 12,605 96 725 41.702 14.542 Dec. 31. 140,227 30.355 109,872 101,295 8,577 165,612 14 065 105.9^3 45 621 14,553 1946—june 29* 136,820 31,500 105,320 96,100 9,220 159,460 12,310 98,350 48,800 14,567 All commercial banks: 1938—Dec. 31 38,669 16,364 22,305 15,071 7,234 51,041 7,484 28.695 14,862 14.652 I939—Dec. 30 40,667 17,243 23,424 16.300 7,124 57,702 9 883 32,492 15 327 14,484 1940—Dec. 31 43.922 18,792 25,130 17,759 7,371 65,305 10.941 38.518 15,846 14,344 1941—Dec. 31 50,722 21.711 29,011 21,788 7,223 71,248 10,989 44 316 15 944 14,277 1942—Dec. 31 67.391 19,217 48,174 41.373 6,801 89,132 11.318 61.395 16.410 14.136 I943—Dec. 31 85,095 19,117 65,978 59,842 6,136 105,923 11.012 75 561 19 350 14.034 1944—Dec. 30 105,530 21.644 83.886 77,558 6,329 128,072 12,245 91.644 24.183 13,002 1945—June 30 114,505 23,672 90,833 84,069 6,764 136,607 12 605 96 72S 27 276 14 000 Dec. 31 124.019 26.076 97,943 90,613 7,331 150,227 14,065 105.973 30 238 14.011 1945—June 29 • . 119,690 27,150 92,540 84,680 7,860 143,180 12,310 98,350 32,520 14,026 All Insured commercial banks: 1938—Dec. 31 37,470 16,021 21,449 14,506 6,943 49,772 7,254 27 849 14 669 13.6S< 1939—Dec. 30 39,289 16,863 22,426 15,566 6.859 56.069 9,523 31,483 15.063 13.531 1940—Dec. 31 42,556 18.394 24,161 17.063 7,098 63,461 10,539 37 333 IS 580 13,43* 1941—Dec. 31 49,288 21,258 28,030 21,046 6,984 69,411 10,654 43.061 15,697 13.426 1942—Dec. 31 66,240 18,903 47,336 40,705 6,631 87,803 11.144 60 504 16 154 13,34* 1943—Dec. 31 83,507 18,841 64,666 58.683 5.983 104.094 10,705 74,309 19.081 13,270 1944—Dec. 30 103,382 21.352 82,030 75,875 6,155 125,714 12,074 89 761 23 879 13,263 1945—June 30 112,353 23,376 88,978 82.401 6,577 134,245 12,401 94.910 26 934 13.277 Dec. 31 121,809 25,765 96,043 88,912 7,131 147.775 13,883 104.01S 20 876 13,207 1946—June 29 117,409 26,791 90,618 82,977 7,641 140,612 12,007 96,459 32,145 13,330 All member banks: 1938—Dec. 31 32,070 13,208 18,863 13,223 5,640 43,363 7 153 24 842 11 360 6.33* 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 49,340 9,410 28 231 11 609 6,362 1940—Dec. 31 37,126 15.321 21,805 15,823 5.982 56,430 10 423 31 829 12 178 6,486 1941—Dec. 31* 43,521 18,021 25,500 19.539 5,961 61,717 10,525 38.846 12 347 6,619 1942—Dec. 31 59,263 16.088 43,175 37,546* 5,629 78,277 11 000 54 523 12 754 6.679 1943—Dec. 31 74,258 16.288 57.970 52,948 5.022 92,262 10,555 66.438 15 268 6,73* 1944—Dec. 30 91,569 18,676 72,893 67,685 5,208 110.917 11 884 79 774 19 250 6.814 1945—june 30 99,426 20,588 78,838 73,239 5.599 118,378 12,230 84.400 21,748 6,«40 Dec. 31 107,183 22.775 84.408 78.338 6.070 129,670 13 640 91 820 24 210 6,8*4 1946—june 29 . .. 102,032 23,302 78,729 72.272 6,458 122,519 11,801 84,602 26,115 6,887 All national banks: 1938—Dec. 31 20,903 8,469 12,434 8,691 3,743 27,996 4,499 15 587 7 010 5,224 1939—Dec. 30 21,810 9.022 12,789 9,058 3,731 31,559 5 898 17 579 8 081 5 187 1940—Dec. 31 23,648 10,004 13,644 9,735 3,908 35,787 6,574 20.885 8,329 5,144 1941—Dec. 31 27,571 11.725 15,845 12.039 3,806 39,458 6,786 24 350 8 322 5,117 1942—Dec. 31 37,576 10,183 27,393 23.744 3,648 50,468 7 400 34 499 8 570 S 0*1 1943—Dec. 31 47,499 10,116 37,382 34,065 3.318 59,961 7,159 42.605 10.106 5,040 1944—Dec. 30 58,308 11,480 46,828 43,292 3.536 71,858 8,056 50 900 12 901 5 025 1945—June 30 63,177 12,369 50,808 47,051 3,757 76.533 8 251 S3 698 14 S8S 5 015 Dec. 31 . .. 69,312 13.925 55.387 51,250 4.137 84.939 9,229 50.486 16.224 S.017 194(5—June 29 66,277 14,469 51,809 47,271 4,537 80,212 7,816 54,930 17,466 5 012 State member banks: 1938—Dec. 31 11,168 4,738 6,429 4,532 1,897 15,367 2 653 9 25S 3 450 1 "4 1939—Dec. 30 12,130 4,940 7,190 5,271 1,920 17,781 3,512 10,652 3.617 .175 1940—Dec. 31 13,478 5,316 8,162 6,088 2,074 20,642 3 849 12 944 3 840 L 342 1941—Dec. 31* 15,950 6,295 9,654 7,500 2,155 22.259 3,739 14.495 4 025 I 502 1942—Dec. 31 21,687 5,905 15.783 13,802 1,980 27,808 3 600 20 024 4 184 \I 508 1943—Dec. 31 26,759 6,171 20.588 18.883 1,705 32,302 3.397 23 833 5 072 L 698 1944—Dec. 30 33,261 7,196 26,065 24,393 1,672 39.059 3 827 28 874 6 357 I 789 1945—June 30 36,249 8,219 28,030 26,188 1.842 41,844 3,980 30 702 7 163 L 825 Dec 31 . . .. 37,871 8,850 29.021 27,089 1,933 44,730 4,411 32.334 7,086 1,867 1945—june 29 35,754 8,834 26,921 25,000 1,921 42,307 3,986 29,672 8,649 R7«; * Partly estimated. Figures have been rounded to nearest 10 million dollars. * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively. 1 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. * During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These banks are included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks." * Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942. * Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, iti deposits, excluding interbank deposits, were 33 million dollars, and its loans and investments 26 million. Bachjigurts.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 1158 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES*—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollar?] Loans and investments Deposits Investments Other Class of bank cal a l n d d ate Total Loans G U ov .S er . n- Other Total1 b In a t n e k r * - o N f u b m a b n e k r s Total o m bl e ig n a t - s r e it c i u es - m D a e n - d Time tions All nonmember commercial banks: 1938—Dec. 31 6,598 3,156 3,442 1,848 1.594 7,678 331 3,853 3,493 8,314 1939—Dec. 30 6,726 3,281 3,445 1,971 ,474 8,362 473 4,260 3,629 8,122 1940— Dec. 31 6,796 3,471 3,325 1,936 ,389 8,875 518 4,689 3,668 7,858 1941—Dec. 31 7,208 3,693 3,515 2,251 L,264 9,539 464 5,470 3,605 7,661 1942—Dec. 31 8,135 3,132 5,003 3,829 1,174 10,864 318 6,872 3,674 7,460 1943—Dec. 31 10.847 2,832 8,014 6,899 1L ,115 13,671 457 9,123 4,091 7,299 1944—Dec. 30.. 13,972 2,971 11,002 9,880 1,122 17,168 362 11 870 4 936 7,181 1945—June 30 15,091 3,087 12,005 10,839 1L.166 18,242 375 12.326 5 541 7,163 Dec. 31 16,849 3.303 13,546 12,284 L.262 20,571 426 14.104 6 042 7.130 1946—June 29 • 17,670 3,850 13,820 12,420 1,400 20,680 500 13,750 6,430 7,142 Insured nonmember commercial banks: 1938—Dec. 31 5,399 2,813 2,586 1,283 1,303 6,409 101 3 007 3 300 7,317 1939—Dec. 30 5,348 2,901 2,447 1,238 1,209 6,729 113 3 252 3 365 7 169 1940—Dec. 31 5,429 3,074 2,356 1,240 1,116 7,032 116 3 504 3 411 6,952 1941—Dec. 31 5,774 3,241 2,533 1,509 1,025 7,702 129 4,215 3 358 6,810 1942—Dec. 31 . . . .. 6,984 2,818 4,166 3,162 1,004 9,535 145 5 981 3 409 6,667 1943—Dec. 31 9,258 2,556 6,702 5,739 962 11,842 149 7 870 3 823 6.535 1044—Dec. 30 11,824 2,678 9,146 8,197 949 14,809 190 9,987 4,632 6,452 1945— D ju e n c e . 3 3 0 1 1 1 2 4 , , 9 63 4 9 0 2 2 , . 7 99 9 2 0 1 1 0 1 , ,6 1 4 5 7 0 1 9 0 , , 1 5 7 8 0 4 1,0 9 6 7 3 9 1 1 5 8 , ,1 8 1 8 9 0 2 1 4 7 4 1 1 1 0 2 ,1 5 9 1 6 0 5 5 1 6 9 8 9 0 6 6. , 4 4 1 4 6 0 194<5—june 29 15,392 3,491 11,901 10,716 1,185 18,108 206 11,857 6,045 6,446 Noninsured nonmember commercial banks: 1938—Dec. 31 1,199 343 856 565 291 1,269 230 Sd(S 193 997 1939—Dec. 30 1,378 380 998 733 265 1,633 360 L 008 264 953 1940—Dec. 31 1,367 397 969 696 273 1,843 402 11,185 257 906 1 1 9 9 4 4 2 1 — — D D e e c c . . 3 3 1 1 8 * 1 1, , 1 4 5 3 1 4 4 3 5 1 2 4 9 8 8 3 2 7 6 7 6 4 7 2 2 1 3 7 9 0 1 1 , , 8 3 3 2 7 9 3 1 3 7 5 3 1L 8 2 91 55 2 26 4 5 7 8 7 5 9 1 3 1943—Dec. 31 1.588 276 1,312 1,160 153 1,829 307 L 253 269 764 1944—Dec. 30 2,148 292 1,856 1,682 174 2,358 171 1,883 304 729 1945— D ju e n c e . 3 3 0 1 . 2 2. , 2 1 1 5 1 2 3 2 1 9 1 7 1 1 , , 8 9 5 0 5 0 1 1 , , 6 7 6 0 8 0 2 1 0 8 0 7 2 2 , . 3 4 6 5 2 2 2 1 0 8 4 2 1, 9 8 0 1 f 5 t 3 3 4 6 3 2 7 7 1 2 4 3 1946—June 29« 2,280 360 1,920 1,700 220 2,570 300 1,890 380 696 All mutual savings banks: 1938—Dec. 31 10,162 4,897 5,265 2,883 2,382 10,278 10 278 555 1939—Dec. 30 10,218 4,926 5,292 3,102 2,190 10,523 10,523 551 1940—Dec. 31 10,248 4,959 5,289 3,224 2,065 10,658 10 658 551 1941—Dec. 312 10,379 4,905 5,474 3,700 1 774 10,532 10 532 548 1942—Dec. 31 10,746 4,698 6,048 4,559 1,489 10,664 10 664 546 1943—Dec. 31 11,871 4,484 7,387 6 090 1 297 11,738 11 738 545 1944—Dec. 30 13,931 4,370 9,560 8,328 1*232 13,376 13 376 543 1945—June 30 15,134 4,307 10,827 9 588 1 240 14,426 14 426 542 Dec. 31 . 16,208 4,279 11,928 10 682 1 246 15,385 15 385 542 1946—June 29« 17,130 4,350 12,780 11,420 1,360 16,280 16,280 541 Insured mutual savings banks: 1938—Dec. 31 972 461 511 280 232 1,012 1 012 48 1939—Dec. 30 1,329 605 724 422 303 1 409 1 409 51 1940—Dec. 31 1,655 637 1,018 548 470 1,818 1 818 53 1941—Dec. 312 1,693 642 1,050 629 421 1,789 1 789 52 1942—Dec. 31 2,007 740 1,267 861 405 2 048 2 048 56 1943—Dec 31 7,525 3,073 4,452 3,844 608 7,534 7 534 184 1944—Dec. 30 . . .. 9,223 3,110 6,113 5 509 604 8,910 8 910 192 1945—June 30 10.063 3,089 6,974 6 368 607 9 671 9 671 192 Dec. 31 10,846 3.081 7,765 7,160 606 10,363 10 363 192 1945—june 29 11,454 3,132 8,322 7,662 660 10,979 10,979 191 Noninsured mutual savings banks: 1938—Dec. 31 9,190 4,436 4,754 2,603 2 150 9,266 9 266 507 1939—Dec. 30 8,889 4,321 4,568 2 680 1 887 9 114 9 114 500 1940—Dec. 31 8,593 4,322 4,271 2,676 1,595 8,840 8 840 498 1941—Dec. 31 8,686 4,263 4,424 3 071 1 353 8 743 8 743 496 1942—Dec. 31 8,739 3,958 4,781 3 698 1 084 8 616 8 616 490 1943 Dec. 31 4.345 1,411 2,935 2,246 689 4,204 4 204 361 1944—Dec. 30 4,708 1,260 3,448 2 819 629 4 466 4 466 351 1945_ June 30 5.071 1,218 3,853 3.220 633 4,754 4 754 350 Dec. 31 5,361 1,198 4,163 3,522 641 5,022 5 022 350 1946—June 29 « 5.680 1,220 4,460 3,760 700 5,300 5,300 350 For footnotes see p. 1158. OCTOBER 1946 1159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollais] Loans Investments Com- p L u o rc a h ns a s f i o n r g U. S. Government obligations Oblimer- or carrying ga- Class of bank Total cial, securities Direct tions cal a l n d d ate i m n a v e n e n d s t t s - Total o m c i p i l n n a u e g - r d n - - - A c tu u g r l r - - i- b T ro o k- To R l t o e a e a s t a - e n l s - s l u C o m a o n n e s r -Other Total Total c C t a i e f t i e r - - s G a u n a - r- S p a o t c o a n l a i t f d l t e i s - O s ri e t t h c i e e u r s ket ers oth- Bills of in- Notes Bonds teed subpa- and ers debt- diviperi d e e r a s l- ed- sions ness All insured commercial banks: 1938—Dec 31 37,470 16,021 5,636 1,060 1,002 885 3,857 3 583 21,449 14,506 290 3,648 8,000 2,568 3,0113,932 1940—Dec. 31 42,556 18,394 7,178 1,281 663 727 4,468 4*077 24,161 17,063 662 2,756 9,925 3*7193 [6083*491 1941—Dec. 31'.'. 49,288 21,258 9,214 1,450 614 662 4,773 4 545 28,030 21,046 988 3,159 12,797 4[l02 3,651 3 [333 1942—Dec. 31.. 66,240 18,903 7,757 1,642 950 597 4,646 2,269 1,042 47,336 40,705 4,462 6,727 5,799 20,999 2,718 3,5333,098 1943—Dec. 31.. 83.507 18,841 7,777 1,505 1,414 922 4,437 1,868 918 64,666 58,683 4,636 13*218 7,672 30,656 2,501 3,287 2,696 1944—Dec. 30. . 103,382 21,352 7,920 1,723 2,269 2,265 4,343 1,888 944 82,030 75,875 3,971 15,300 15,77839,848 978 3,422 2,733 1945—June 30.. 112,353 23,376 7,501 1,632 3,113 3,601 4,413 2,108 1,008 88,978 82,401 2,831 17,204 16,45445,870 43 3,684 2,892 Dec. 31. . 121,809 25,765 9,461 1,314 3,164 3,6064,677 2,361 1,181 96,043 88,912 2,455 19,071 16,045 51,321 22 3,873 3,258 1946—June 29. . 117,409 26,791 10,334 1,366 2,417 2,656 5,7383,069 1,211 90,618 82,977 1,220 17,637 12,00452,092 24 3,9733,668 Member banks, total: 1938—Dec 31 32,070 13,208 5,179 712 973 775 2,716 2 853 18,863 13,222 286 3,389 7,208 2,340 2 44831192 1940—Dec. 31.. 37,126 15,321 6,660 865 642 652 3,228 3*. 273 21,805 15,823 652 2,594 9,091 3,4863| 013 2,970 1941—Dec. 31s . 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 11 7293 8323 0902,871 1942—Dec. 31.. 59,263 16,088 7,387 1,089 934 538 3,423 1,847 870 43,175 37,546 4,363 6,285 5,409 18*9482 [5402 [9652,664 1943—Dec. 31.. 74,258 16.288 7,421 1,023 1,398 839 3,274 1,484 848 57,970 52,948 4,360 12,071 6,906 27,265 2,3452,729 2,294 1944—Dec. 30.. 91,569 18,676 7,531 1,198 2,249 2,108 3,209 1,505 877 72,893 67,685 3,748 13,982 14,12734,927 902 2,857 2,350 1945—June 30.. 99,426 20,588 7,095 1.125 3,0893,4073,248 1,688 934 78,838 73,239 2,633 15,584 14,72340,266 33 3,102 2,497 Dec. 31.. 107,183 22,775 8,949 855 3,133 3,3783,455 1,900 1,104 84,408 78,338 2,275 16,985 14,27144,792 163,254 2,815 1946—June 29.. 102,032 23,302 9,685 877 2,395 2,480 4,267 2,464 1,133 78,729 72,272 1,072 15,292 10,467 45,420 20 3,307 3,151 New York City:* 1938—Dec. 31. . 8,335 3,262 1,594 5 787 220 121 535 5,072 3,857 158 1,142 1,663 894 517 698 1940—Dec. 31. . 10,910 3,384 2,125 6 465 190 130 468 7,527 6,044 207 2,977 1,615 695 788 1941—Dec. 31. . 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1 [623 3*652 l[679 729 830 1942—Dec. 31. . 17,957 4,116 2,546 21 787 193 117 303 148 13,841 12,547 1,855 2,144 2,056 5,420 1,071 593 701 1943—Dec. 31.. 19.994 4,428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—Dec. 30. . 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17,179 913 3,740 3,745 8,592 189 468 596 1945—June 30.. 25,756 7,069 2,380 53 2,528 1,539 76 270 223 18,687 17,492 424 3,538 3,607 9,920 2 567 629 Dec. 31.. 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1946—June 29.. 23,304 6,506 3,169 1\852 798 83 378 226 16,798 15,646 201 2,980 2,229 10,234 1 535 618 Chicago:* 1938—Dec. 31. . 1,969 539 335 17 43 70 12 63 1,430 1,114 59 291 655 109 141 176 1940—Dec. 31. . 2,377 696 492 5 42 54 19 84 1,681 1,307 297 145 752 112 188 186 1941—Dec 31 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Dec. 31.. 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 637 391 1,282 83 166 186 1943—Dec. 31.. 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 1944—Dec. 30. . 5,443 1,184 738 17 163 163 24 45 34 4,258 3,913 250 1,045 779 1,809 31 160 185 1945— D juenc e . 3 3 0 1 . . . . 5 5 , , 9 7 3 3 1 0 1 1 , , 3 2 3 5 3 0 6 7 7 6 1 0 13 2 2 1 1 5 1 9 2 2 3 9 3 9 3 2 6 3 5 50 1 3 4 4 0 4 4 , , 5 4 9 8 8 0 4 4 , , 2 1 1 3 3 0 1 1 3 2 3 7 1 1 , , 4 2 6 5 7 3 8 74 1 9 4 1 1 [ ,9 8 3 6 6 4 1 1 8 5 1 4 2 1 0 9 4 6 1946—June 29.. 5,167 1,329 804 1 188 185 43 76 32 3,837 3,485 14 1,042 529 1,900 153 200 Reserve city banks: 1938—Dec. 31. . 11,654 4,963 2,063 207 119 242 1,230 1 101 6,691 5,018 57 1,224 2,997 740 808 866 1940—Dec. 31 13,013 5,931 2,589 263 115 207 1,436 1 322 7,081 5,204 103 *771 3 i 2811 049 984 893 1941—Dec. 31'.'. 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4*248 l[l73 956 820 1942—Dec. 31.. 20,915 6,102 2,957. 290 97 153 1,486 808 312 14,813 13,038 1,441 '2,253 1,723 6,810 811 954 821 1943—Dec. 31. . 27,521 6,201 3,058 279 217 267 1,420 658 301 21,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—Dec. 30.. 33,603 6,822 3,034 348 311 777 1,379 660 313 26,781 25,042 1,704 5,730 5,181 11,987 440 1,000 740 1945—June 30.. 36,572 7,155 2,883 304 371 1,147 1,378 757 315 29,417 27,523 1,320 6,598 5,689 13,906 10 1,100 794 Dec. 31.. 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1946—June 29.. 37,675 8,862 3,932 197 321 1,142 1,743 1,073 453 28,813 26,585 410 6,038 4,014 16,116 7 1,194 1,034 Country banks: 1938—Dec. 31. . 10,113 4,444 J .186 483 25 243 1,353 1 154 5,669 3,233 11 732 1,893 597 982 1,453 1940—Dec. 31! . 10,826 5,309 1,453 590 21 201 1,644 1,400 5,517 3,269 45 433 2 [ 081 710 1,146 I [l02 1941—Dec. 31 12 518 5,890 :1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2 [.926 861 1 2221 028 1942—Dec. 3l!. 16,419 5,038 1,226 772 17 161 1,797 674 393 11,380 9,172 671 1,251 1,240 5 [ 436 574 l[252 *956 1943—Dec. 31. . 22,188 4,654 1,084 713 25 197 1,725 528 381 17,534 15,465 1,032 3,094 2,096 8,705 538 1,214 855 1944—Dec. 30.. 28,520 4,910 1,149 802 32 310 1,719 547 351 23,610 21,552 882 3,466 4,422 12,540 241 1,230 829 1945—June 30.. 31,368 5,114 1,162 755 32 422 1,771 611 362 26,253 24,094 762 4,194 4,613 14,504 21 1,281 878 Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 9 1,342 1,067 1946—June 29.. 35,886 6,605 1,781 679 34 354 2,398 937 422 29,281 26,556 447 5,231 3,696 17,170 12 1,426 1,299 Insured nonmember commercial banks: 1938—Dec. 31. . 5,399 2,813 457 348 28 110 1,141 730 2,586 1,283 4 259 793 228 563 739 1940—Dec. 31. . 5,429 3,074 518 416 21 75 1,240 803 2,356 1,240 10 162 834 234 595 521 1941—Dec. 31.. 5,774 3,241 543 478 20 64 1,282 854 2,533 1,509 17 152 1,069 271 563 462 1942—Dec. 31.. 6,984 2,818 370 553 16 59 1,225 422 173 4,166 3,162 99 "442 390 2,053 179 569 435 1943—Dec. 31. . 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—Dec. 30.. 11,824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—June 30.. 12,940 2,790 406 506 24 193 1,167 420 74 10,150 9,170 198 1,620 1,731 5,611 10 584 396 Dec. 31. . 14,639 2,992 512 459 31 228 1,224 460 77 11,647 10,584 180 2,087 1,774 6,538 6 619 443 1946—June 29.. 15,392 3,491 649 488 21 176 1,473 605 79 11,901 10,716 147 2,346 1,538 6,682 4 667 518 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit Insurance Corporation. 1 During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, the items for Dec. 31, 1945, may not be entirely comparable with prior figures. 2 During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System.. These banks are included in "member banks" but are not included in "all insured commercial banks." 1 Central reserve city banks. 1160 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B s w e e R R e a r d i r n e v e t e v h - - e k r e s a s l v C a i a n u s l h t b m a w B a d n e n a i o c s t k l t e - h - i s s c 4 j m p u D o d a s a t d s e e n e i - - - t d d s 6 m D e I s n d o t e t - i e c p r 4 o b s a i F e t n i s o g k r n - U m G er . o e n n v S - - t . p v S s o i u a t l s a i b n i t o t d i d e c n i s a - s l c C h c o f a e e e e i f n t e r c r f c i d d t k s - . i ' s - , p a v n a s p I t i h r d i n o d o t i d n r u p c n a i e a o s s - - , r l r s - - I b n a t n er k - P m U G S e i a n o r a o n . e s n g S v v n d t s - . - * a t l v S p s i a u i s t o c n i a b l a o i d t d l t n e - i s s - p a v n s a i p I t d h r i d n o o t u i d r n p c n a a i e s o s - l - , r s r - - , r B i o n o w g r s - - c C o a t a u a c p l n - i t - s All insured commercial banks: 1938—Dec. 31.. 8,694 950 5,663 25,198 ,595 503 838 2,942 595 23,475 157 86 575 14,009 18 6,434 1940—Dec. 31. . 13,992 11,234 8,202 33,820 5,677 702 666 3,298 971 32,398 160 69 522 14,998 11 6,673 1941—Dec. 31. . 12,396 L.358 8,570 37,845 >,823 673 1,762 3,677 11,077 36,544 158 59 492 15,146 10 6,841 1942—Dec. 31. . 13,072 L.305 9,080 48,221 10,234 813 8,167 3,996 1,219 47,122 97 61 397 15,697 10 7,055 1943—Dec. 31. . 12,834 1,445 8,445 59,921 ,743 893 9,950 4t,352 L.669 58,338 68 124 395 18,561 46 7,453 1944—Dec. 30. . 14,260 1,622 9,787 65,960 11,063 948 19,754 4,518 1,354 64,133 64 109 423 23,347 122 7,989 1945—June 30. . 14,806 1,474 9,959 68,048 11,217 1,119 23,478 4t,698 1,240 65,494 66 105 482 26,346 65 8,340 Dec. 31.. 15,810 L829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—June 29. . 15,999 1,471 9,102 78,281 10,584 1,346 12,941 5,807 2,320 75,391 77 107 552 31,487 83 9,068 Member banks, total: 8,694 746 4,240 22,293 t,510 501 790 2,386 547 21,119 142 61 462 10,846 6 5,424 11993480——DDeecc.. 3311.. .. 13,992 991 6,185 30,429 ,581 700 616 2,724 913 29,576 141 56 435 11,687 3 5,698 1941—Dec. 312 . 12,396 1,087 6,246 33,754 ,714 671 1,709 3,066 L.009 33,061 140 50 418 11,878 4 5,886 1942—Dec. 31. . 13,072 L,019 6,147 42,570 10,101 811 7,923 3,318 1,142 42,139 87 56 332 12,366 5 6,101 1943—Dec. 31. . 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—Dec. 30. . 14,261 1,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—June 30.. 14,807 1,150 6,486 59,133 11,064 1,106 21,967 3,877 1,138 57,417 61 102 392 21,254 52 7,276 Dec. 31. . 15,811 L.438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—June 29. . 16,001 1,141 5,772 67,461 10,391 1,339 12,009 4,826 2,179 65,589 72 101 447 25,568 72 7,920 New York City:* 1938—Dec. 31. . 4,104 68 109 7,168 1.687 437 139 280 195 7,273 6 36 652 1,593 1940—Dec. 31. . 7,057 102 122 11,062 4! 032 641 48 370 471 11,357 5 51 768 1 *615 1941—Dec. 3i 5,105 93 141 10,761 5,595 607 866 319 450 11,282 6 29 778 1,648 1942—Dec. 31. . 4,388 72 82 11,899 -Lx209 733 4 186 263 448 12,501 3 23 711 1 *727 1943—Dec. 31. . 3,596 92 61 13,899 2',867 810 3,395 252 710 14,373 4 5 26 816 29 1^862 1944—Dec 30. . 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 1945—June 30. . 3,879 89 64 14,643 3,271 989 7,618 229 341 14,789 16 8 19 1,082 40 2,023 Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1946—June 29." 4,255 85 68 16,158 3,127 1,178 3,495 293 1,132 16,836 27 8 17 1,372 27 2,176 Chicago:* 1938—Dec. 31. . 884 35 235 1,688 658 9 83 181 29 1,597 9 452 257 194Q—Dec. 3i 1,051 42 319 1,941 997 8 90 174 27 1,905 8 496 270 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1942—Dec. 31. . 902 39 164 2,557 1,105 12 665 178 38 2,588 453 304 1943—Dec. 31.. 821 38 158 3,050 972 14 713 174 44 3,097 1 505 326 1944—Dec. 30. '. 899 43 177 3,041 1,132 16 1,400 167 33 3,100 1 619 354 1945—june 30. . 929 33 180 3,152 L.174 19 1,499 193 29 3,124 1 663 362 Dec. 31. . 942 36 2f0 3,153 11,292 20 1,552 237 66 3,160 719 377 1946—June 29. . 870 26 162 3,189 L.047 24 789 262 37 3,153 2 1 779 394 Reserve city banks 1938—Dec. 31. . 2,354 321 1,940 7,214 '2t,719 53 424 796 170 7,034 113 17 269 4,233 1,777 1940—Dec. 31. . 4,027 396 2,741 9,581 3,919 49 327 995 228 9,468 107 19 226 4,505 1,904 1941—Dec. 31. . 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1942—Dec. 31. . 4,940 365 2,202 14,849 t1,831 63 1,982 1,319 385 15,061 63 22 169 4,805 2 2,028 1943—Dec. 31. . 5,116 391 1,758 18,654 4,770 63 3,373 L,448 475 18,790 41 56 151 5,902 2 IS1) 1944—Dec. 30. . 5,687 441 2,005 20,267 5,421 70 6,157 1,509 488 20,371 33 40 154 7,561 2,327 1945—June 30. . 5,882 396 2,029 20,682 5,510 90 7,655 1,516 422 20,559 31 39 166 8,529 3 2,450 Dec. 31. . 6,326 494 2,174 22,372 6,307 110 8,221 L.763 611 22,281 30 38 160 9,563 2 2,566 1946—June 29. . 6,332 399 1,858 23,483 5,220 129 4,531 2,003 558 23,005 27 43 187 10,190 27 2,676 Country banks: 1938—Dec. 31. . 1,353 322 1,956 6,224 446 2 143 1,128 154 5,215 23 44 147 5,509 6 1,798 1940—Dec. 31. . 1,857 452 3,002 7,845 633 2 151 1,184 187 6,846 29 33 150 5,917 3 1,909 1941—Dec. 31. . 2,210 526 3,216 9,661 790 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1942—Dec. 31. . 2,842 542 3,699 13,265 957 i 1,090 1,558 272 11,989 20 32 140 6,397 3 2,042 1943—Dec. 31. . 3,303 611 3,474 17,039 994 E 1,962 1,727 344 15,561 17 56 149 7,599 10 2,153 1944—Dec. 30. . 3,909 684 4,097 19,958 1,149 8 4,230 1,868 369 18,350 14 57 175 9,650 16 2,321 1945—June 30. . 4,117 632 4,213 20,656 1,108 8 5,195 1,939 346 18,945 14 54 207 10,981 9 2,440 Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1946—June 29. . 4,543 631 3,684 24,630 997 8 3,194 2,269 453 22,594 18 48 242 13,226 18 2,674 Insured nonmember commercial banks: 1938—Dec. 31. . 204 1,423 2,904 85 48 555 48 2,356 15 25 113 3,163 11 1,010 1940—Dec 31 243 2,017 3,391 95 50 574 58 2,822 18 13 87 3,311 8 975 1941—Dec. 3i 271 2,325 4,092 108 53 611 68 3,483 18 8 74 3,276 6 95(5 1942—Dec. 31 287 2,934 5,651 133 243 678 76 4,983 10 i 65 3,339 955 1943—Dec. 31.. 313 2,996 7,279 141 506 750 96 6,518 6 ] 68 3,750 6 979 1944—Dec. 30. . 352 3,434 8,652 182 1,245 775 103 7,863 6 76 4,553 10 1,022 1945—June 30. . 324 3,473 8,915 153 13 1,511 820 101 8,078 c i 90 5,105 13 1,065 Dec. 31 391 3,959 10,537 233 1,560 858 135 9,643 6 i 97 5,579 1,083 1946—June 29 330 3,332 10,821 194 7 932 981 142 9,802 c 6 105 5,934 11 1,149 * Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 8 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes see page 1160. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. OCTOBER 1946 1161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities Com- Total mer- Date or month m i l n a o e v n a n e n d s t s s t- Total i t c n a r i i n d a a u d l l , s , - a T n o d b d r e o a k l e e r r s s To others e l R s o t e a a a n t l e s - b L a o t n o a k n s s Other Total Total Bills o c C t f a i f e t i i e r n - - s - Notes Bonds1 O s ri e t t h c ie u e s r t a c u g u r r l a i - - l G U t l i o i o o . g b v n a S - - t s . . O c t s u t i e h e r - i s e - r S t U l i o i o o g b . v n a S - - t s . .O c t s u t i e h e r - e s i- r d n e e e d b s - t s - Total—101 Cities 1945—August 63,014 13,021 5,944 1,400 8631,797 403 1,056 1,474 49,993 46,6741,551 10,380 9,50225,2413,319 1946—April 65,360 15,128 7,511 ,491 743 ,869 423 1,169 761,84650,23246,803 ,230 11,322 7,033 !7,218 .429 May 64,12414,899 7,468 ,351 758 ,713 445 1,213 841,86749,225 45,840 ,106 10,436 6,854 !7,4443,385 June 62,612 14,812 7,506 ,296 731 ,597 450 1,258 951,87947,80044,425 ,014 9,648 6,636 !7,127 ,375 July 60,749 14,878 7,827 ,062 731 ,432 4621,306 1391,91945,871 42,421 882 9,665 4,989 !6,8853,450 August 59,927 14,992 8,336 823 608 ,287 4541,352 1641,968 44,93541,487 762 8,825 4,871 !7,0293,448 July 3 61,049 14,888 7,611 ,199 754 ,511 4551,284 1,920 46,161 42,744 ,026 9,905 5,033 .417 July 10 60,615 15,024 7,717 ,315 744 ,472 4631,296 1111,906 45,59142,185 709 9,687 4,994 !6,795 ,406 July 17 60,869 14,761 7,810 ,031 703 ,431 4521,306 120 1,908 46,10842,643 ,121 9,572 4,995 !6,955 ,465 July 24 60,547 14,803 7,974 832 785 ,393 4571,313 1211,928 45,74442,266 780 9,557 4,972 16,9573,478 July 31 60,662 14,912 8,018 932 672 ,355 4821,332 1891,932 45,75042,269 773 9,605 4,955 !6,9363,481 Aug. 7 59,786 14,877 8,136 861 667 ,328 4521,338 1331,96244,90941,454 667 8,908 4,908 !6,9713,455 Aug. 14 59,910 14,992 8,295 840 616 ,300 4521,349 1771,96344, ,460 760 8,832 4,853 !7,O15 ,458 Aug. 21 60,030 15,021 8,416 783 586 1,269 4671,356 174 1,970 45,00941,571 862 8,797 4,870 !7,0423,438 Aug. 28 59,983 15,078 8,496 807 564 ,"2"5"2 444 1,367 1,97644,905 41,463 758 8,762 4,854 !7,0893,442 Sept. 4 59,096 15,177 8,607 834 552 ,217 436 1,377 1532,00143,91940,492 581 8,011 17,092 ,427 Sept. 11 59,212 15,186 8,765 794 534 ,138 4281,386 1112,030 44,02640,595 810 7,847 4,789 17,1493,431 Sept. 18 59,408 15,366 8,925 851 543 ,078 4251,405 44,04240,525 805 7,726 4,787 :7,2O73,517 Sept. 25 59,07415,543 9,070 889 507 ,067 1,412 1322,045 43,531 39,990 576 7,441 4,743 17,2303,541 New York City 1945—August 22,253 5,560 2,191 1,125 656 859 191 67 16,693 15,490 333 2,858 3,146 9,153 ,203 1946—April 22,521 6,213 3,003 1,163 541 664 186 64 52716,308 15,223 420 2,993 2,307 9,503 ,085 May 21,993 5,962 2,925 1,059 525 599 205 72 51316,031 15,008 356 2,768 2.155 9,729 ,023 June 21,507 5,789 2,891 1,028 500 543 203 83 47715,718 14,689 396 2,669 2,067 9,557 ,029 July 20,690 5,675 2,967 860 491 484 210 124 476 15,015 13,935 233 2,876 1,420 9,406 ,080 August 20,148 5,517 3,165 644 404 419 204 132 48514,631 13,545 160 2,541 1,391 9,453 ,086 July 3 20,970 5,786 2,901 954 523 519 208 144 47415,18414,133 375 2,972 1,460 9,326 .051 July 10 20,617 5,893 2,933 1,105 513 499 205 97 47814,72413,673 47 2,861 1,437 9,328 ,051 July 17 20,690 5,582 2,942 831 477 490 202 105 47115,108 14,012 375 2,775 1,412 9,450 ,096 July 24 20,528 5,483 3,023 651 492 463 203 107 48115,045 13,945 246 2,831 1,396 9,472 ,100 July 31 20,644 5,630 3,036 758 453 448 232 165 47415,01413,912 121 2,941 1.396 9,454 ,102 Aug. 7 20,075 5,497 3,093 679 443 437 204 94 48314,578 13,486 93 2,571 1,388 9.,434 ,092 Aug. 14 20,117 5,538 3,145 667 409 424 203 141 48614,579 13,490 137 2,527 1,389 9,437 ,089 Aug. 21 20,211 5,519 3,197 599 395 411 218 148 48814,692 13,611 253 2,516 1,376 9,466 .081 Aug. 28 20,189 5,514 3,223 629 371 404 192 148 48314,675 13,592 155 2,551 1.412 9,474 .083 Sept. 4 19,757 5,543 3,263 645 366 393 184 136 49214,21413,138 91 2,192 1,387 9,468 ,076 Sept. 11 19,861 5,493 3,319 607 343 380 180 99 50114,368 13,289 232 2,169 1,388 9,500 ,079 Sept. 18 19,922 5,559 3,370 663 345 360 176 73 50214,363 13,214 199 2,099 1,405 9,511 ,149 Sept. 25 19,940 5,657 3,433 726 309 349 171 88 51214,283 13,108 111 2,066 1,414 9,517 ,175 Outside New York City 1945—August 40,761 7,461 3,753 275 938 212 1,07033,30031,184 ,218 7,522 6,35616,0882.116 1946—April 42,839 8,915 4,508 328 2021,205 237 ,104 1,31933,924 31,580 810 8,329 4,726 17,7152,344 May 42,131 8,937 4,543 292 2331,114 240 1,149 1,354 33,19430,832 750 7,668 4,699 17,7152,362 June 41,105 9,023 4,615 268 2311,054 2471,194 1,40232,08229,736 618 6,979 4,569 17,5702,346 July 40,059 9,203 4,860 202 240 948 2521,243 1,44330,85628,486 649 6,789 3.56917,4792,370 August 39,779 9,475 5,171 179 204 868 2501,288 1,48330,30427,942 602 6,284 3,48017,5762,362 July 3 40,079 9,102 4,710 245 231 992 2471,221 1,44630,97728,611 651 6,933 3,57317,4542,366 July 10 39,998 9,131 4.784 210 231 973 2581,233 1,42830,86728,512 662 6,826 3,55717,4672,355 July 17 40,179 9,179 4,868 200 226 941 2501,242 1,43731,00028,631 746 6,797 3.58317,5052,369 July 24 40,019 9,320 4,951 181 293 930 254 1,250 1,44730,699 28,321 534 6,726 3,57617,4852.378 July 31. ., 40,018 9,282 4,982 174 219 907 250 1,268 1,45830,73628,357 652 6,664 3,55917,4822,379 Aug. 7 39,711 9,380 5,043 182 224 891 2481,274 1,479 30,33127,968 574 6,33 3,52017,5372,363 Aug. 14 39,793 9,454 5,150 173 207 876 2491,286 1,477 30,339 27,970 623 6,305 3,46417,5782,369 Aug. 21 39,819 9,502 5,219 184 191 858 2491,293 1,482 30,31 27,960 609 6,281 3,49417,5762,357 Aug. 28 39,794 9,564 5,273 178 193 848 2521,303 1,49330,23027,871 603 6,211 3,44217,6152,359 Sept. 4 39,339 9,634 5,344 189 186 824 25: 1,313 ,50929,705 27,35 490 5,819 3,421 17,62 2,351 Sept. 11 39,351 9,693 5,446 18 191 758 2481,322 1,529 29,65827,306 578 5,678 3,401 17,6492,352 Sept. 18 39,486 9,80' 5,555 188 198 718 2491,335 1,54129,679 27,31 606 5,62 3,38217,6962,368 Sept. 25 39,134 9,886 5,637 163 198 718 250 1,343 1,533 29,24826,882 465 5,375 3,32917,7132,366 Back figures.—See Banking and Monetary Statistics, pp. 127-227. 1 Direct and guaranteed. 1162 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Re serves Bal- De- Indi- Indi- Domestic Date or month B s w F e R e a e r i r e a n t d v - h l k - e s v : a a i u n s l h t m b a w n a d e o n i c s t - e k h ti s s c j m p u o a d s a e d t s n e - i - t d d s 1 s p p u v n c a h o a a i o n e i d r r l p r r d s a t - - - s - , - , S p s d s a i i o t u c i o n a v b l a n d i t - i l t e - s - s c C c h o a e f e e i f e t n e c f r r c i d d t . s - k i ' - s, U m G er . o e n v n S - - t . s p p u v c n a h o a a o i n e i d r r l p r r d s a t - - - s - , - , S p s d s a i i o t u c i o n a v b l a n d i t - i l t e - s - s P U m G S e i a o n r a . n o e g s n v d v n S t s - - a - t . l m D a e n b - d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - C i a ta p l - B d i e t a s b n * - k tions tions Total 101 Cities 1945—August. . . 9,900 553 2,24337,55337,651 1,874 87612,818 8,751 44 9,632 1,072 343 4,834 55,599 1946—April 9,862 568 2,160 37,41237,329 ,25813,725 9,632 130 47 9,543 1,264 360 5,093 69,768 May 10,08r 562 2,15538,50238,350 ,30611,864 9,769 129 49 9,368 1,265 139 5,124 65,732 June 10,217 595 2,13939,59239,564 ,336 9,257 9,910 124 53 9,266 1,268 165 5,141 69,360 July 10,159 585 2,17139,28239,479 ,295 7,397 9,985 134 55 9,409 1,268 206 5,168 70,907 August. . . 10,181 597 2,14339,15539,264 2,223 ,156 6,60710,066 144 58 9,368 1,287 220 5,194 65,985 July 3... 10,111 545 2,164 39,24139,374 2,318 ,464 9,958 121 54 9,403 1,266 233 5,162 19,493 July 10... 10,141 619 2,143 39,13439,250 2,256 ,275 9,969 134 55 9,371 1,261 204 5,167 13,028 July 17... 10,177 594 2,24139,24739,757 2,212 ,269 9,980 139 55 9,639 1,272 172 5,162 16,883 July 24... 10,145 590 2,13239,42739,505 2,239 ,249 9,994 139 55 9,287 1,265 168 5,170 15,588 July 31... 10,221 580 2,17539,36239,508 2,274 ,220 7,29910,020 139 55 9,347 1,273 253 5,180 15,661 Aug. 7... 10,280 580 2,10239,069 38,867 2,232 ,151 6,58610,051 141 56 9,409 232 14,994 Aug. 14... 10,194 608 2,23039,07839,593 2,209 ,242 6,62210,064 143 56 9,537 237 14,068 Aug. 21... 10,162 581 2,13439,17039,322 2,206 ,148 6,66410,075 145 58 9,314 230 5,193 15,080 Aug. 28... 10,087 617 2,107 39,30339,273 2,245 ,085 6,55610,075 145 60 9,214 183 5,197 13,753 Sept. 4... 10,201 589 2,02839,43739,415 2,264 1,173 5,354 10,075 147 59 9,285 1,307 288 5,211 13,484 Sept. 11... 10,201 656 2,11139,619 40,088 2,209 1,231 5,40810,084 149 59 9,395 1,330 162 5,209 14,663 Sept. 18... 10,342 617 2,21339,76740,279 2,236 1,200 5,44210,092 150 56 9,499 1,331 162 5,218 17,604 Sept. 25... 10,169 613 2,08339,49239,603 2,232 1,176 5,48210,120 152 58 9,010 1,316 215 5,208 15,568 New York City 1945—August. . . 3,590 84 13,67614,046 169 530 5,180 1,076 2,939 958 160 1,863 24,803 1946—April 3,577 87 13,56313,898 254 768 5,159 1,148 2,999 1,132 136 ,955 33,290 May 3,718 88 13,96514,290 279 797 4,425 ,197 2,990 1,125 34 ,965 30,408 June 3,761 96 2814,44614,823 240 824 3,408 ,250 2,988 1,117 67 ,966 32,439 July 3,704 96 14,31714,753 223 775 2,659 ,231 2,974 1,116 117 ,974 32,667 August. . . 3,727 97 14,17214,523 211 661 2,331 ,255 2,878 1,132 129 ,982 28,127 July 3... 3,692 99 2614,37414,860 207 912 2,769 ,230 3,042 1,111 139 ,972 9,590 July 10... 3,732 104 14,26614,693 188 777 2,678 ,223 2,974 1,111 105 ,973 5,976 July 17... 3,710 96 14,25514,711 239 739 2,684 ,224 3,048 1,123 89 ,972 7,639 July 24... 3,709 93 2714,38- 14,775 239 736 2,566 ,228 2,895 1,111 87 ,973 7,097 July 31... 3,677 92 14,30914,727 242 712 2,599 ,248 2,910 1,119 169 ,981 7,160 Aug. 7... 3,778 94 14,15714,412 219 606 2,328 ,253 2,886 1,107 133 ,983 6,713 Aug. 14... 3,730 100 14,13114,602 215 747 2,337 ,255 2,915 1,124 119 ,985 5,884 Aug. 21... 3,745 92 14,20814,552 210 682 2,352 ,256 2,872 1,140 142 ,981 6,273 Aug. 28... 3,654 101 14,19114,527 198 611 2,305 ,256 2,841 1,157 123 ,977 5,710 Sept. 4...3,804 98 14,31414,621 189 672 1,847 ,252 2,872 1,153 151 ,985 5,911 Sept. 11... 3,667 123 14,29714,776 173 716 1,867 ,252 2,917 1,181 68 ,983 6,207 Sept. 18... 3,825 108 3414,37914,844 208 665 1,863 ,254 3,023 1,182 50 ,982 7,863 Sept. 25... 3,754 108 14,41514,752 204 687 1,873 ,273 2,833 1,169 111 ,979 6,384 Outside New York City 1945—August. . . 6,310 469 2,22023,87723,605 1,705 346 7,638 7,675 6,693 114 183 2,971 30,796 1946—April 6,28: 481 2,10523,84923,431 2,042 490 8,566 8,484 108 6,544 132 224 3,138 36,478 May 6,365 474 2,12824,53724,060 2,124 509 7,439 8,572 108 6,378 140 105 3,159 35,324 June 6,456 499 2,11125,14624,741 2,164 512 5,849 8,660 106 6,278 151 98 3,175 36,921 July 6,455 489 2,14424,96524,726 2,037 4,738 8,754 118 6,435 152 89 3,194 38,240 August. . . 6,454 500 2,11724,98324,741 2,012 4,276 8,811 128 6,490 155 91 3,212 37,858 July 3... 6,419 446 2,13824,86724,514 2,111 552 4,896 8,728 105 6,361 155 94 3,190 9,903 July 10... 6,409 515 2,11824,86824,557 2,068 498 4,735 8,746 118 6,397 150 99 3,194 7,052 July 17... 6,467 498 2,21224,99225,046 1,973 530 4,765 8,756 124 6,591 149 S3 3,190 9,244 July 24... 6,436 497 2,10525,044 24,730 2,000 513 4,595 8,766 123 6,392 154 81 3,197 8,491 July 31... 6,544 488 2,14925,05324,781 2,032 508 4,700 8,772 124 6,437 154 84 3,199 8,501 Aug. 7... 6,502 486 2,08124,91224,455 2,013 545 4,258 8,798 125 6,523 152 99 3,207 8,281 Aug. 14... 6,464 508 2,20124,94724,991 1,994 495 4,285 8,809 126 6,622 156 118 3,209 8,184 Aug. 21... 6,417 489 2,10824,96224,770 1,996 466 4,312 8,819 129 6,442 156 3,212 8,807 Aug. 28... 6,433 516 2,07825,11224,746 2,047 474 4,251 8,819 129 6,373 156 3,220 8,043 Sept. 4...6,397 491 2,00225,123 24,794 2,075 501 3,507 8,823 131 6,413 154 137 3,226 7,573 Sept. 11... 6,534 533 2,08225,32225,312 2,036 515 3,541 8,832 133 6,478 149 94 3,226 8.456 Sept. 18... 6,517 509 2,179 25,388 25,435 2,028 535 3,579 8,838 134 6,476 149 112 3,236 9,741 Sept. 25..., 6,415 505 2,05525,07724,851 2,028 489 3,609 8,847 134 6,177 147 104 3,229 9,184 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 1 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. 1163 OCTOBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments For purchasing U. S. Government obligations or carrying securities Com- Total merd F i e s d tr e i r c a t l a R nd e se d r a v t e e i l n a o v n a e d n s s t- Total c n r i d i a a u l l , , s- a T n o d b d r e o a k l e e r r s s To others e R s e t a at l e to Other Total c C t a i e t f r i e - - s D s r t i e t h c i e u e r - s ments a a c g u n r l d - i- U So . v S t . . Other ^ U o . v S t . . Other loans ianks Total Bills o d f e e d bt - in - - Notes Bonds1 tural l o ig b a - - curi- l o i b ga - - curi- ness tions ties tions ties Boston Aug. 28 2,981 867 541 29 16 35 15 82 140 2,114 2,018 35 335 189 L,459 96 Sept. 4 2,927 861 543 30 16 33 15 82 141 2,066 1,970 22 305 185 L.458 96 Sept. 11 2,917 863 546 31 15 32 14 83 141 2,054 1,956 30 289 181 [,456 98 Sept. 18 2,945 865 548 32 15 31 14 83 141 2,080 1,981 51 295 182 [,453 99 Sept. 25 2,945 554 24 24 31 14 83 141 2,065 1,965 42 292 180 1,451 100 New York* Aug. 28 2,283 5,948 3,416 636 375 430 213 165 148 565 6,335 5,152 172 2,749 .600 0,631 ,183 Sept. 4 1,814 5,977 3,456 651 370 418 205 166 136 575 5,837 4,661 99 2,363 575 0,624 ,176 Sept. 11 1,92 5,932 3,516 613 346 406 201 166 99 585 5,993 4,815 253 2,328 1.574 0,660 ,178 Sept. 18 1,990 6,007 3,569 673 349 386 196 173 73 588 5,983 4,735 219 2,255 1,591 0,670 ,248 Sept. 25 2,008 6,103 3,636 730 313 375 192 172 597 5,905 4,630 124 2,228 1,590 0,688 ,275 Philadelphia Aug. 28 2,43: 617 318 11 31 31 9 47 167 1,618 69 229 222 1,098 197 Sept. 4 2,400 615 320 12 29 30 9 47 167 1,587 59 217 214 1,097 198 Sept. 11 2,409 623 332 12 28 30 9 47 164 1,588 71 207 214 1,096 198 S S e e p p t t . . 2 1 5 8 2 2 , ,4 39 26 6 6 3 3 5 8 3 3 4 4 5 9 1 1 4 2 2 2 8 7 2 3 9 0 9 9 4 4 7 7 1 1 6 6 2 2 1 1, , 5 5 5 8 2 9 4 7 5 2 2 2 0 1 5 1 2 21 1 1 3 1 1, , 0 0 9 9 1 3 2 2 0 0 2 2 Cleveland Aug. 28 4,895 1,167 539 33 28 185 16 197 169 728 3,451 27 705 381 2,338 277 Sept. 4 4,856 1,172 542 29 27 182 15 198 174 684 3,406 21 660 381 2,344 278 Sept. 11 4,831 1,153 550 25 25 146 14 201 192 678 3,397 23 646 381 2,347 281 Sept. 18 4,864 1,180 563 28 28 142 14 202 193 3,684 3,396 23 628 383 2,362 288 Sept. 25 4,839 1,182 564 26 29 141 14 202 186 3,657 3,374 19 600 379 2,376 283 Richmond Aug. 28 2,062 42 199 7 46 9 65 90 1,639 1,554 30 365 132 1,027 85 Sept. 4 2,046 423 202 6 46 9 66 89 1,623 ,538 33 346 132 1,027 85 Sept. 11 2,063 422 205 7 40 9 66 92 1,641 ,556 49 337 136 1,034 85 Sept. 18 2,061 425 210 7 38 9 66 93 1,636 ,551 42 337 136 1,036 85 Sept. 25 2,059 433 217 6 38 9 66 93 1,626 ,540 31 335 136 1,038 86 A ilanta Aug. 28 2,073 508 259 10 85 21 36 93 1,565 1,406 35 392 165 814 159 Sept. 4 2,04 503 260 9 82 20 37 91 1,541 1,383 29 374 166 814 158 Sept. 11 2,038 504 263 9 78 21 37 91 1,534 1,377 30 365 170 812 157 Sept. 18 2,04< 508 271 8 72 21 38 94 1,541 1,384 38 370 169 807 157 Sept. 25 2,03 513 275 72 21 38 95 1,524 1,366 33 356 170 807 158 Chicago* Aug. 28 8,70 1.95C 1,206 147 71 214 197 6,751 6,180 132 ,546 707 3,795 571 Sept. 4 8,63 1,97< 1,223 137 71 217 199 6,655 6,093 127 ,455 700 3,811 562 Sept. 11 8,60^ 2,00 1,253 132 70 219 198 6,596 6,038 109 ,418 685 3,826 558 Sept. 18 8,63i 2,01 1,277 116 69 221 198 6,619 6,056 113 ,391 675 3,877 563 Sept. 25 8,49 2,02 1,293 114 69 224 200 6,474 5,912 101 ,253 671 3,887 562 St. Louis A S S S S e e e e u p p p p g t t t t . . . . . 2 1 2 1 4 8 1 5 8 1 1 1 1 , , , , , 8 9 8 8 9 0 8 7 - 5 6 6 6 6 6 1 1 1 1 2 3 3 3 3 3 1 1 2 2 3 7 8 1 3 5 5 4 4 4 2 2 5 : 3 1 1 1 1 1 6 6 6 6 9 8 8 9 9 0 9 9 1 1 1 1 1 1 1 3 2 2 3 2 0 8 9 0 9 1 1 , , , , , 3 2 2 2 2 0 7 5 9 7 1 6 4 3 1 1 1 1 1 , , , , , 1 1 1 1 1 1 3 6 3 5 7 5 1 6 " 2 1 4 1 9 1 5 2 8 1 1 1 1 1 4 2 2 5 3 1 9 3 4 1 1 1 1 1 9 8 9 9 8 . 1 8 8 7 7 7 7 7 8 9 9 9 9 8 4 3 5 6 1 1 1 1 1 4 4 3 3 3 0 0 7 7 6 Minneapolis Aug. 28 27 142 25 3 62 96 908 99 150 64 59 Sept. 4 28! 149 24 35 66 95: 895 88 148 64 57 Sept. 11 29< 16 23 35 63 949 890 87 14 64 59 Sept. 18 29 165 22 36 66 947 88 91 148 645 60 Sept. 25 1,22 30: 170 21 36 66 921 862 135 64 59 Kansas City Aug. 28 2,33 48. 29< 32 53 88 ,85 1,687 62 488 272 865 166 Sept. 4 2,29 49 30 32 54 89 ,801 1,635 4 455 271 865 166 Sept. 11 2.29. 49 304 31 5 92 ,796 1,631 47 ,452 270 862 165 Sept. 18 2,28< 49« 308 30 55 90 ,781 1,615 40 441 270 166 Sept. 25 2,25! 50 312 30 56 91 ,746 1,57' 3 414 264 866 167 Dallas Aug. 28 2,00' 69. 42 45 9' ,312 1,242 51 365 182 64 70 Sept. 4 1,98 69. 43i 46 92 ,288 1.216 40 350 18 645 72 Sept. 11 1,98 69( 43 45 96 ,291 1,218 49 345 181 64: 73 Sept. 18 1,99 70( 43 46 9 ,29 1,218 55 34 179 64: 73 Sept. 25 1,96. 70; 44C 4' 97 ,26 1,188 4 325 173 63< 73 San Francisco Aug. 28 7,O5i 1,53C 83. 339 183 5,52. 5.08) 118 1,335 65 2,97' 439 Sept. 4 6,97 1.56C 86! 340 188 5,41 4,972 86 1.25^ 65 2,97: 439 Sept. 11 7,021 1,58- 88. 34 5,43! 4,994 11< 1,244 658 2,97, 442 Sept. 18 7,01 1,61' 90, 347 192 5,396 4,95i 10' 1,234 654 2,96 440 Sept. 25 6,98 1,64 92 351 188 5,344 4,90: 7< 1,22 2,94< 439 City of Chicago* Aug. 28 5,13 1,29: 89 4(5 3,83: 3,48: 9: 97 2,O7< 350 Sept. 4 5,09 1,31 90 4! 3,77' 3,43. 8. 92C 2,08 344 Sept. 11 5,08: l,34i 93( 4: 3,73 3,39 7. 901 2,09i 340 Sept. 18 5,12, 1,351 95 4. 3,77 3.42' 8. 90: 2,11' 344 Sept. 25 5,01: 1,35 4. 3,66 3,32 6; 81 2,12 343 * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 1 Direct and guaranteed. 1164 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES fin millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e i r c a t l a R nd es e d r a v t e e B s w F e R e a e r i r e a n t d v h - l - k e s C a a i u n sh lt m b a w n d a e i c n o s t t e - k h i s c s m p u o d a s a d s e t n e i - - t d d s 1 s p p u v n c h a o a a i o e n i d r l r p r r d s t a - - - s - , - , S p s d s a i o t i u c i n o a v l a b d i n t i l t e - - s - s c C c h a o f e e e i f e n t e r f r c d c i t d s - . k i ' - s, u m G er . o e n v n - s - t . s u p p n c h v a a o a o e n i i l p d r r r r d s a - - t s - , - - , S p s d t s a i o i a c u i o n v l t a b n d i e i l t - s - s - P U m G S e i a o n r a o n e . s n g S v v d n t - s - a . - t l m D a e n b - d ank T s ime b F e a i o n g r k n - s B r i o n o w g r s - - C it a a p l - B d i e a ts b n ' - k tions tions Boston (6 cities) Aug. 28 474 59 103 2,208 2,180 131 36 360 467 286 25 1 296 633 Sept. 4 463 58 113 2,217 2,211 133 37 290 467 285 25 10 296 528 Sept. 11 472 64 112 2,215 2,214 129 44 293 467 294 24 3 296 669 Sept. 18 498 58 130 2,258 2,231 161 41 294 467 307 24 6 296 746 Sept. 25 47 57 114 2,223 2,193 161 37 296 468 304 23 2 296 728 New York (8 cities) Aug. 28 3,899 136 11515,51915,682 412 648 2,498 1,958 2,911 1,160 139 2,141 6,082 Sept. 4 4,056 133 11015,65: 15,778 412 715 2,003 1,954 2,942 1,157 163 2,149 6,257 Sept. 11 3,926 160 11915,65015,954 392 761 2,024 1,955 2,986 1,184 86 2,147 6,637 Sept. 18 4,081 143 12915,74516,038 425 715 2,020 1,956 3,094 1,185 53 2,146 8,314 Sept. 25 3,991 142 11115,74915,915 41 73: 2,031 1,975 2,901 1,172 116 2,143 6,814 Philadelphia (4 cities) Aug. 28 418 34 86 1,815 1,866 63 23 292 241 343 11 2 262 550 Sept. 4 431 31 86 1,82 1,893 60 19 233 241 359 12 10 263 487 Sept. 11 428 35 89 1,843 1,912 61 30 236 241 359 12 3 263 585 Sept. 18 433 33 91 1,826 1,916 53 34 253 246 374 11 2 262 693 Sept. 25 432 3: 9 1,805 1,870 49 28 254 245 352 11 9 262 630 Cleveland (10 cities) Aug. 28 765 80 190 3,089 3,106 182 56 5351,306 506 490 890 Sept. 4 744 78 189 3,10: 3,090 186 60 4341,307 502 491 843 Sept. 11 764 80 190 3,099 3,124 187 53 4391,310 507 493 922 Sept. 18 779 81 198 3,135 3,171 184 64 4421,312 520 497 1,110 Sept. 25 751 81 199 3,096 3,089 182 5 4481,320 488 489 1,053 Richmond (12 cities) Aug. 28 356 41 134 1,407 1,426 88 26 221 37 385 144 422 Sept. 4 348 39 12. 1,400 1,408 108 30 180 376 393 145 406 Sept. 11 358 42 13 1,435 1,468 89 26 18. 376 402 145 451 Sept. 18 358 40 130 1,414 1,450 88 31 185 377 415 146 524 Sept. 25 346 4: 12 1,396 1,419 91 28 187 377 395 147 486 Atlanta (8 cities) Aug. 28 371 33 145 1,404 1,286 228 1 188 449 449 131 396 Sept. 4 365 29 143 1,390 1,301 222 14 151 449 457 133 366 Sept. 11 385 32 15 1,409 1,33. 221 14 153 449 467 131 469 Sept. 18 360 31 162 1,408 1,329 216 1 154 450 458 132 496 Sept. 25 369 31 13 1,390 1,295 219 14 156 449 443 131 464 Chicago (12 cities)* Aug. 28 1,437 98 387 5,434 5,31 509 92 1,976 1,639 623 2,007 Sept. 4 1,397 95 366 5,422 5,288 508 100 79 1,976 1,630 625 2,016 Sept. 11 1,444 102 374 5,45^ 5,392 515 94 80< 1,976 1,625 625 2,098 Sept. 18 1,42 98 382 5,474 5,444 501 103 8121,974 1,595 625 2,391 Sept. 25 1,447 93 358 5,436 5,314 516 89 8151,974 1,511 624 2,257 St. Louis (5 cities) Aug. 28 328 24 101 1,128 1,178 69 19 209 368 515 141 375 Sept. 4 317 22 100 1,115 1,171 71 17 171 369 530 141 352 Sept. 11 343 25 109 1,149 1,222 7: 19 172 369 531 141 400 Sept. 18 321 2 110 1,132 1,212 71 1 175 369 519 142 498 Sept. 25 323 23 100 1,116 1,189 65 18 176 369 504 142 445 Minneapolis (8 cities' Aug. 28 205 n 92 724 700 104 1 149 22 360 91 329 S S S e e e p p p t t t . . . 1 1 4 8 1 2 2 2 0 1 1 6 1 0 n 1 I 0 9 9 9 3 9 = 7 7 73 3 3 3 0 8 7 7 7 3 1 2 3 3 4 1 1 9 0 0 6 1 6 1 1 1 5 7 1 1 1 2 2 2 7 4 4 2 2 2 2 2 2 8 8 3 3 3 6 6 7 8 3 6 9 9 9 1 0 1 3 3 3 1 5 8 7 1 8 Sept. 25 205 92 723 70' 102 14 12 229 350 91 355 Kansas City(12 cities 12 Aug. 28 446 24 1,535 1,478 26 21 311 860 155 485 Sept. 4 448 22 253 ,504 1,474 18' 25 181 311 858 155 439 Sept. 11 45 24 253 ,523 1,504 182 25 183 31 846 155 469 Sept. 18 459 24 266 ,528 1,517 184 26 183 31: 839 156 596 Sept. 25 443 24 261 ,51 1,492 176 2 186 31 807 156 546 Dallas (9 cities) Aug. 28 396 26 217 ,473 1,475 95 189 29 539 148 392 Sept. 4 409 25 19 ,486 1,478 99 152 29: 524 147 342 Sept. 11 410 2 21 1,501 1,511 99 2 153 292 536 147 401 Sept. 18 390 25 222 1,492 1,51 9 31 155 292 537 148 506 Sept. 25 392 26 207 1,470 1,475 96 2 15 292 516 149 477 SanFrancisco(7 cities) S A S S S e e e e u p p p p g t t t t . . . . . 2 2 1 1 8 4 5 1 8 1 1 1 , , , 9 9 0 0 0 9 9 2 0 1 3 2 9 6 7 5 5 5 4 5 0 3 1 1 2 2 2 2 2 8 6 5 5 9 7 9 5 8 8 3 3 3 3 3 , , , , , 6 5 5 5 6 2 7 9 6 0 : 6 2 0 3 3 3 3 3 , , , , , 7 6 6 5 7 1 1 4 8 3 9 0 5 4 0 1 1 1 1 1 5 6 6 6 7 8 1 9 0 1 1 1 1 1 2 1 0 1 0 1 0 4 4 8 6 6 6 6 4 3 3 4 9 7 8 2 2 2 2 2 2 , , , , , 1 1 1 1 1 0 0 0 0 1 J 9 9 6 0 4 4 4 4 4 2 3 6 3 7 1 7 6 9 8 5 5 5 5 5 7 7 7 7 7 5 6 5 8 7 1 1 1 1 1 , , , , , 1 1 3 3 2 3 9 4 1 1 1 2 2 1 3 City of Chicago* Aug. 28 37 1 3,290 3,330 222 4. 578 814 1,139 393 1,252 Sept. 4 858 3 173 3,291 3,311 225 53 512 814 1,133 394 1,351 Sept. 11 904 38 168 3,309 3,369 223 46 519 815 1,138 394 1,353 Sept. 18 893 36 171 3,349 3,433 230 46 518 813 1,125 393 1,470 Sept. 25 912 31 160 3,301 3,341 23: 40 52 814 1,068 392 1,419 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of coDection. 2 Debits to demand deposit accounts except in interbank and U. S. Government accounts. 1165 OCTOBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on 2 Commercial Total End of month paper out- Accepting banks Goods stored in or sta o n u d t i - ng1 standing Total O bi w ll n s bo B u il g ls ht ( a R F F c B o e e c a r d s o n e e u o r k r w n v a s e t l n ) Others I U S m i n t n p a i t o t t o e e r s d ts E U S f x n t r p a o i o t t m e e r s d ts U s n h i i t p e p p d o e i d n ts b F e i o n tw re e i e g n n States countries 1945—May .... 103 104 82 51 32 22 72 9 22 2 June 101 107 80 44 36 27 74 10 20 3 July 107 117 90 45 45 (3) 26 81 9 22 4 August 110 128 101 50 50 28 91 10 25 2 September 111 135 104 52 52 31 98 11 23 3 October 127 135 100 53 46 35 95 12 22 6 November 156 145 107 58 49 38 100 15 23 6 December. 159 154 112 64 48 42 103 18 26 7 1946—January 174 166 126 71 55 40 109 20 29 8 February 178 167 128 74 53 39 109 18 31 9 March 172 163 119 64 55 2 42 104 17 33 8 April. . 149 169 109 65 44 13 47 114 16 30 9 May 126 177 108 66 42 13 55 124 18 28 7 June 121 192 109 65 45 18 64 134 22 27 8 Julv 131 205 118 67 51 34 54 146 24 26 9 August 142 207 140 68 72 13 54 152 22 26 7 1 As reported by dealers; includes some finance company paper sold in open market. 2 Dollar exchange less than $500,000 throughout the period. «Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New YorkStock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Debit Debit cre C d u it s t b o a m la e n r c s' es1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )1 es a in n a v d c e c t s o r t u a m d n e i ts n n g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k i s n borrowed2 Free O (n th et e ) r a i I n n n a v d c p e c t a s o r t r a u m t d n n e i t e n s n r g t s' a in n a v d I c n e c t s o r f t a u i m r d n m e i t n s n g t I a n c ( c c n o a e u p t) n it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December... 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December... 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December... 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December... 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 788 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 1945—September. . H,084 3762 3594 October »l,063 3743 3632 November. . '1,095 3711 3639 December... 1,138 12 413 313 795 654 112 29 13 299 1946—January.... »1,168 s 734 '» 727 February. . . 31,046 3 645 3 755 March »936 3 622 3 712 April 3 895 3 575 3 697 May 3 856 3 547 3 669 June 809 7 399 370 498 651 120 24 17 314 July 3 745 3 442 3 653 August 3 723 3377 3 647 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): June, 140; July, 109; August 99. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 14*. p 503, for data in detail at semiannual dates prior to 1942. 1166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES U.S. Government [Per cent per annum] Stock security yields mo Y w n e e t a h e r k , , or m 4 m p P c - o a r o e t i p n r m o m c e t h i 6 r - e a , s - l 1 a P b a d c n e a r a 9 c r i c n y s m 0 e e ' k s p s e - 1 , t- ch n l c a e o e r a x a e l w a n s - - l ' n - g l e m b o i 3 l n - ls th ' 9 c m - o c e to f a o r t t " n i i e n f t s 1 i h - - 2- 3 t - n a y x o t e o a t a e b r s 5 l - e 1 T 9 o c t i a ti l es Y N C o e it r w y k e E 7 N r c a n O o i s t r t i t a t e e h h n s r e - n d r 1 W e 1 r c n e S it s o i a t e e u n s r t d h n debted- 1937 average1 2.59 1.73 2.88 3.25 ness 1938 average1 2.53 1.69 2.75 3.26 1943 average .69 .44 1.00 .373 .75 1.34 1 1 9 9 3 4 9 0 a a v v e e r r a a g g e e 2 2 . . 7 6 8 3 2 2 . .0 0 7 4 2 2 . . 5 8 6 7 3 3 . . 3 5 8 1 1944 average 73 .44 .00 .375 .79 1.33 1941 average 2.54 1.97 2.55 3.19 1945 average .75 .44 .00 .375 .81 1.18 1942 average 2.61 2.07 2.58 3.26 1945—September. .75 .44 L.OO .375 .84 4 1.19 1 1 9 9 4 4 3 4 a a v v e e r r a a g g e e 2 2 . . 7 5 2 9 2 2 . . 3 1 0 1 2 2 . . 6 8 8 0 3 3. . 0 1 2 3 October .75 .44 L.OO .375 .83 1.17 1945 average 2.39 1.99 2.51 2.73 November. .75 .44 L.OO .375 .84 1.14 December.. .75 .44 L.OO .375 .84 * 1.15 1942—June 2.62 2.07 2.56 3.34 September.... 2.70 2.28 2.66 3.25 1946—January. .. .75 .44 L.OO .375 .79 1.10 December 2.63 2.09 2.63 3.26 February. . .75 .44 L.OO .375 .76 1.03 March .75 .44 L.OO .375 .79 .99 1943—March 2.76 2.36 2.76 3.24 April 75 .44 1.00 .375 .81 1.12 June 3.00 2.70 2.98 3.38 May ... .75 .47 L.OO .375 .83 1.18 September.... 2.48 2.05 2.71 2.73 June .75 .50 L.OO .375 .83 1.15 December 2.65 2.10 2.76 3.17 July .77 .59 1.00 .375 .84 1.13 August.... .81 .71 L.38 .375 .84 1.14 1944—March 2.63 2.10 2.75 3.12 September . .81 .81 1.38 .375 .85 1.22 June 2.63 2.23 2.55 3.18 September. ... 2.69 2.18 2.82 3.14 Week ending: December 2.39 1.93 2.61 2.65 A S S e e u p p g t t . . . 3 1 1 7 4 . . . . . . . . . X x X - ~ - V V V z z z 1 1 1 3 3 3 A A /l 6 6 c IK-IK . . . 3 3 3 7 7 7 5 5 5 . . .8 8 8 5 5 4 1 1 1 . . . 1 2 2 8 1 1 1945— J M un a e rch 2 2. . 5 5 0 3 2 1 . .9 2 9 0 2 2. . 5 7 5 3 2 2 . . 9 8 1 0 Sept. 21... x-% 13 A t l yi—\yz .375 .85 1.22 September.... 2.45 2.05 2.53 2.81 Sept. 28... X~Vz 13 A 6 IK-IK .375 .85 1.24 December 2.09 1.71 2.23 2.38 2 1 T M h o e n t a h v l e y r a fi g g e u r r e a s t e a re o n a v 9 e 0 r - a d g a e y s o st f o w ck e e e k x ly c h p a r n e g v e a i t l i i m ng e r l a o t a e n s s . was 1.50 1946— J S M u e n a p r e c te h mber.... P 2 2 2 . . . 3 4 3 1 1 1 1 1 1 . . . 7 8 8 5 0 4 2 2 2 . . . 3 4 5 4 3 1 2 2 . . 9 9 3 7 per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent. 1 Rate on new issues offered within period. 4 From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept. P Preliminary. 15, 1948, and Treasury bonds of Dec. 15, 1950; beginning Dec. 15, 1 Prior to March 1939 figures were reported monthly on a basis not 1945, includes only Treasury bonds of Dec. 15; 1950. strictly comparable with the current quarterly series. Back figures.—See Banking and Monetary Statistics, Tables 120-121, Back figures.See Banking and Monetary Statistics, Tables 124-125, pp. 448-459, and the BULLETIN for May 1945, pp. 483-490. pp. 463-464; for description, see pp. 426-427. BOND YIELDS 1 [Per cent per annum] U. S. Government Corporate (Moody's)* Year, month, 7 y e to ar s 9 15 y o e v a e rs r and M i u p n a i l c- C r o a r t p e o- By ratings By groups or week (high- (high- Partial- grade)2 grade)8 Total T ab ax le - e l x y e m ta p x t T ab ax le - Aaa Aa A Baa In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c Number of issues. 1-5 1-5 1-9 15 5 120 30 30 30 30 40 40 40 1943 average 1.96 1.98 2.47 2.06 2.64 3.16 2.73 2.86 3.13 3.91 2.85 3.64 2.99 1944 average.... 1.94 1.92 2.48 1.86 2.60 3.05 2.72 2.81 3.06 3.61 2.80 3.39 2.97 1945 average.... 1.60 1.66 2.37 1.67 2.54 2.87 2.62 2.71 2.87 3.29 2.68 3.06 2.89 1945—September 1.56 1.68 2.37 1.79 2.56 2.85 2.62 2.70 2.85 3.24 2.67 3.05 2.85 October... 1.50 1.62 2.35 1.76 2.54 2.84 2.62 2.70 2.84 3.20 2.65 3.03 2.84 November 1.42 1.56 2.33 1.70 2.54 2.82 2.62 2.68 2.81 3.15 2.64 2.99 2.81 December. 51.38 1.51 2.33 1.64 2.54 2.80 2.61 2.68 2.79 3.10 2.64 2.96 2.79 1946—January. . 1.31 (6) 2.21 1.57 2.43 2.73 2.54 2.62 2.73 3.01 2.57 2.89 2.71 February.. 1.28 (6) 2.12 1.49 2.36 2.68 2.48 2.56 2.70 2.95 2.54 2.83 2.65 March 1.28 (6) 2.09 1.49 2.35 2.66 2.47 2.54 2.69 2.94 2.54 2.80 2.64 April 1.36 (6) 2.08 1.45 2.37 2.67 2.46 2.56 2.69 2.96 2.57 2.78 2.65 May 1.47 2.19 1.54 2.44 2.71 2.51 2.58 2.73 3.02 2.60 2.84 2.69 June 1.43 2.16 1.55 2.42 2.71 2.49 2.59 2.73 3.03 2.59 2.85 2.70 July 1.40 2.18 1.60 2.41 2.71 2.48 2.59 2.72 3.03 2.58 2.86 2.69 August. . . 1.46 (6) 2.23 1.65 2.44 2.73 C2.51 2.62 2.74 3.03 2.58 2.89 2.70 September 1.55 (6) 2.28 1.75 2.50 2.79 2.58 2.68 2.80 3.10 2.64 2.98 2.75 Week ending: Aug. 31... 1.51 (6) 2.25 1.67 2.45 2.73 2.51 2.63 2.75 3.03 2.58 2.90 2.71 Sept. 7.. 1.51 (6) 2.27 1.69 2.49 2.75 2.53 2.65 2.76 3.05 2.61 2.92 2.72 Sept. 14.. 1.54 (6) 2.29 1.74 2.49 2.78 2.57 2.68 2.78 3.07 2.63 2.95 2.74 Sept. 21.. 1.57 (G) 2.30 1.76 2.50 2.80 2.59 2.69 2.81 3.11 2.65 2.99 2.75 Sept. 28.. 1.56 2.28 1.81 2.50 2.82 2.60 2.69 2.82 3.16 2.67 3.03 2.75 (6) c Corrected. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. * Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups havo been reduced from 10 to 5, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 9 issues, respectively. 5 Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58. • No partially tax-exempt bonds due or callable in 15 years and over. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490. OCTOBER 1946 1167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices6 Corporate4 Common (index 1935-39=100) Volume of trad- Year, month, or week U.S. Munic- ing7 (in m G er e o n n v - t - 2 g ( r i h a p i d a g e l h ) - 3 H gr i a g d h e - Tot M al edi I u n m d - u s a - nd l R ow ai e l- r-gra P d u e blic fau D l e te - d fer P r r e e d - « Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s s a t h h n a d o r s u e s - o ) f trial road utility Number of issues 1-9 15 15 50 10 20 20 15 15 402 354 20 28 1943 average 100.50 131.8 120.3 109.5 117.0 97.6 114.0 44.0 172.7 92 94 89 82 1,032 100.25 135.7 120.9 114.7 120.5 107.3 116.3 59.2 175.7 100 102 101 90 971 102.04 139.6 122.1 117.9 122.2 115.1 116.3 75.4 189.1 122 123 137 106 1,443 1945—September ..... 102.02 137.0 121.6 117.1 121.4 114.4 115.6 74.5 186.7 126 128 138 111 1,220 October 102.38 137.7 121.9 117.7 122.0 115.3 115.7 76.6 188.0 132 135 145 114 1,556 November ... 102.60 139.0 122.0 118.3 122.5 116.6 116.0 78.9 192.2 137 139 154 121 1,961 December . ... 102.68 140.1 121.9 119.0 123.1 117.5 116.2 82.1 195.3 140 142 157 120 1,626 1946—— Tanuarv 104.59 141.6 123.8 119.7 123.9 118.9 116.3 84.9 197.9 145 148 164 124 2,183 February .... 106 03 143.4 124.5 120.0 124.4 119.6 116.1 85.4 200 5 143 146 160 124 1 776 106.46 143.4 124.5 120.1 124.5 119.9 115.9 82.7 203.1 142 145 154 123 1 116 April 106.61 144.1 124.3 119.9 124.4 119.6 115.8 83.6 204.9 152 156 157 128 1,391 May 104 82 142.1 123.7 119.5 123.9 118.6 116.0 81.8 201 9 154 159 157 129 1 311 June 105.28 142.0 123.9 119.5 123.9 118.7 116.0 83.2 202.4 153 157 162 130 1 086 July 104.87 140.9 124.0 119.1 123.4 118.5 115.3 80.0 204.1 150 153 154 128 936 August 104 11 140.0 123.8 119.0 124.0 117.7 115.4 78.8 203 4 146 150 147 125 946 September 103.25 137.8 122.8 117.4 123.3 114.3 114.7 65.4 196.2 125 129 119 110 2,173 Week ending: Aug. 31 103.77 139.5 123.8 119.2 124.6 117.4 115.6 76.4 202.4 139 143 138 120 1,375 Sept. 7 .... 103.52 139.1 123.3 119.0 124.5 116.8 115.5 72.1 201.2 128 132 124 111 2,640 Sept 14 103.13 138.0 122.9 118.2 123.8 115.4 115.3 67.2 197.2 125 128 122 110 2,545 Sept 21 103 11 137.6 122.7 117.3 123.2 113.9 114.9 63.6 194 4 123 126 116 109 2 138 Sept. 28 103.29 136.6 122.3 115.9 122.2 111.9 113.5 60.8 191.8 125 129 115 109 1,684 * Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 1 Average of taxable bonds due or callable in 15 years and over. » Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. * Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 1 Standard and Poor's Corporation. * Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. * Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN for May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f i u a r n n n e g d - d ) - m e ( a e i f d g n o s o n d r t - i - ) c Total S n m a p t i n a c a u d t l i - e - a F c e g i e r e e a d s n l ^ - - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F ig o n r- * m e ( a e f i d g n o s o n d r ti: - ) c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o n t d e r d s a s te Stocks e F i o g r n - * 1936 6,214 1,972 1.949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2.094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,790 2,277 2.239 931 924 383 287 97 38 3,513 3,465 195 1,537 1,733 1,596 137 48 1940 4,803 1.951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1 1 1 1 9 9 9 9 4 4 4 4 2 3 4 5 2 2 4 7 , . , , 1 1 2 9 1 7 1 5 4 4 6 8 1 1 , , 0 7 6 9 7 6 4 1 5 4 2 3 1 1 , , 0 7 6 8 7 5 4 9 5 2 0 6 3 2 1 4 4 7 3 7 2 6 5 1 1 9 0 2 1 0 8 6 5 1,2 6 3 6 5 2 7 4 5 4 4 6 5 2 4 6 0 8 2 0 6 2 2 2 6 1 2 9 1 5 2 2 8 4 4 1 1 2 7 2 * 6 1 3 1 , , , , 0 5 1 3 3 3 9 0 9 2 4 3 3 6 1 1, , , , 4 0 1 2 4 3 4 8 2 9 6 8 2 4 3 1 5 8 0 2 9 1 4 4 4 4 9 4 9 4 1 1 7 0 2 8 4 2 , , 9 4 6 4 6 1 8 1 6 1 5 8 2 4 , ,2 1 4 6 5 7 0 0 6 8 7 3 2 6 8 5 8 1 2 5 8 1 9 4 IS 0 8 1945—August. .. 510 144 144 37 107 64 43 366 366 7 20 338 297 41 September. 879 142 142 37 105 35 70 737 732 9 17 705 645 60 "'5 October... 1,338 243 238 29 209 103 106 5 1,096 1,070 38 42 989 820 169 26 November. 223 94 94 34 60 28 31 129 129 7 44 78 60 18 December. 838 243 241 80 161 107 54 3 594 594 3 255 337 282 55 1946—January.. 346 200 200 68 1 131 10 122 146 146 3 30 113 55 58 February. '430 ••122 ••122 '57 18 47 5 42 ••307 '307 '23 20 264 247 17 March. .. •"56 '200 '200 ••56 16 127 17 111 1 '362 '338 '31 23 284 238 46 "23 April 1,09 37 373 61 22 290 118 172 723 698 10 326 363 277 85 25 May 1,03 31 302 103 7 192 99 93 8 728 728 47 17 664 536 127 June 84 42 425 108 9 307 115 193 423 423 16 41 366 301 65 July ••92 49 49 124 367 183 184 '438 386 8 33 345 274 71 ''52 August... 55 41 419 64 354 196 159 141 126 1 33 92 39 53 15 Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 1168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Est g i r m os a s ted Esti n m et ated New money Retirement of securities proceeds2 proceeds3 Repa o y f ment Other Total Plant and Working Total Bonds and Preferred other debt purposes equipment capital notes stock 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 . . .. 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 5,800 5,691 996 581 415 4,447 4,017 430 124 124 1945—February 215 212 28 16 12 177 160 17 5 1 March 226 221 48 28 19 171 158 13 1 2 April 643 632 102 55 47 513 501 12 14 3 May 496 485 136 49 88 331 278 53 12 6 June 92 91 5 1 3 79 72 7 1 6 July 944 925 190 147 43 719 581 138 5 11 August 440 433 80 41 39 297 278 19 50 6 September 795 780 99 50 49 668 634 35 1 12 October 1,077 1,057 150 97 53 854 798 56 19 34 November 121 117 20 7 13 70 51 19 4 22 December 470 462 103 75 27 327 286 41 12 19 1946—January 253 245 111 63 49 118 56 62 5 10 February 297 291 37 17 20 238 222 16 2 15 March 417 405 99 55 44 287 257 30 2 17 April 682 666 213 148 65 376 320 56 57 21 May 844 825 153 91 62 630 514 116 28 14 June '663 '643 ••245 169 '77 '317 '285 32 '14 '67 July 674 656 333 205 128 254 215 39 44 25 August 497 488 331 126 206 98 77 21 50 10 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other c p e r e o d - s money se t c ie u s ri- p p o u se r- s4 c p e r e o d - s money se t c ie u s ri- p p o u se r- s4 c p e r e o d - s money se t c ie u s ri- p p o u se r- s4 c p e r e o d - s money se t c ie u s ri- p p o u se r- s4 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1 246 43 1 157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 ' 423 25 497 228 199 71 21 13 4 4 1944 . . 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1,436 115 1,320 2,196 61 2,083 51 1,865 732 984 149 194 88 60 47 1945—February... 108 12 96 60 60 27 9 16 1 18 7 6 5 March 124 2 122 93 41 50 2 4 4 April 360 14 346 139 12 127 1 118 64 38 15 15 12 1 1 May 75 18 57 184 1 183 223 117 89 17 2 2 June 30 30 59 3 49 7 2 1 I July 105 12 93 301 4 297 480 163 301 16 40 11 29 August 84 10 74 115 1 110 4 221 63 111 47 13 6 2 5 September.. 270 4 266 371 364 6 130 87 38 6 10 8 1 October 246 27 219 565 15 523 26 218 89 107 23 27 19 5 4 November. 42 2 35 5 49 17 26 6 27 1 10 15 December. . 68 19 50 200 23 169 8 166 51 106 9 27 9 3 15 1946—January 7 7 43 1 43 181 98 68 15 13 6 7 February... 150 1 148 1 32 1 31 100 26 59 15 9 9 March 192 2 190 78 1 76 126 94 13 19 10 2 8 April 98 1 97 138 6 119 13 412 198 157 56 18 7 3 9 May 76 7 69 424 5 408 11 289 127 137 25 37 14 17 6 June 35 9 26 '179 10 '134 '35 '405 '206 '153 '45 24 20 4 July 8 8 338 181 155 1 279 137 99 43 31 6 25 August 3 3 41 6 33 2 392 313 63 16 53 9 1 42 ' Revised. 1 Estimates of new issues sold for cash in the United States. Revised figures for 1945 will be published in BULLETIN for November 1946. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. OCTOBER 1946 1169 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits,1 by industrial groups P d r i o v f i i d ts e n a d n s d Year or quarter Total s I a t r n e o e d n l c M e h r i a y n - - t b o A i m l u e o - s - e p t O m r q t o a i t u e r o h n t i n n e a s p t r - - - f m p e N u a r r e r c n o o t o t d n a d s u l - - s s O g d o b u t o h r le d a er - s t F b o a o a e b g v n o a e e d d c s r s , c - , o p r r a e i i O o n n n f d i i g g n d l u - c- c I h n t c r e d a i m u a ls l s i - - O g d n o b u t o o h r l n e d a e - s r - n c s M i e e e c l r o e i l v s u a s - - - s pr N of e i t ts1 fe P D r r r e e i - v d ide C m n o d o m s n - Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1 028 90 669 1941 2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 1,769 226 159 209 182 138 90 151 152 164 136 161 888 88 552 1943 1,800 204 165 201 180 128 83 162 186 170 149 171 902 86 556 1944 1,896 194 174 222 190 115 88 175 220 187 147 184 970 86 611 1945 1,925 188 163 243 169 108 88 199 223 187 154 203 989 85 612 Quarterly 1942—1 413 52 38 46 '46 36 19 32 35 39 39 31 205 21 134 2 358 52 35 25 »43 32 18 32 27 35 27 32 174 23 135 3 445 51 36 46 *43 34 22 42 42 41 35 52 213 20 125 4 553 72 49 92 *50 36 30 44 49 48 35 46 296 23 158 1943—i 430 52 39 47 *48 34 19 39 36 41 36 39 209 21 127 2 433 47 41 50 *46 32 22 37 42 41 36 38 221 22 132 3 461 51 41 52 »46 31 20 43 49 40 39 50 226 21 127 4 477 53 45 53 *41 31 23 43 58 47 38 44 246 22 170 1944—i 444 47 40 52 8 52 29 20 38 49 42 36 39 224 21 142 2 459 46 40 55 247 30 22 43 52 43 37 43 230 22 149 3 475 47 38 55 »47 28 21 45 56 49 37 52 244 20 137 4 518 55 55 59 2 43 28 25 49 64 53 37 50 272 23 184 1945—i 492 49 38 63 *50 31 21 45 62 48 39 45 250 20 142 2 508 53 42 77 '47 27 21 46 64 45 38 47 269 22 145 3 . .. 439 37 35 46 *36 23 20 50 61 43 37 53 224 21 143 4 485 49 47 58 8 36 27 26 58 37 51 40 58 246 22 182 1946—i 323 22 -19 -34 *-6 20 12 65 56 63 62 82 116 20 146 2 601 66 47 23 2 42 25 32 73 60 67 73 93 244 21 153 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad* Electric power* Telephone6 Year or quarter Operat- Income Operat- Income Operat- Income ing before Net Divi- ing before Net Divi- ing before Net Divirevenue income income1 dends revenue income income1 dends revenue income income1 dends tax6 tax« tax« 1939 3,995 126 93 126 2,647 629 535 444 1.067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 914 502 410 1,537 374 180 168 1944 9,437 1,971 668 246 3,618 915 499 390 1,641 399 174 168 1945 8,902 755 447 253 3,695 906 523 399 L.803 396 177 173 Quarterly 1942—l 1,483 178 90 24 816 234 131 98 324 72 41 44 2 1,797 390 198 46 770 196 104 96 337 75 41 42 3 2,047 556 286 30 792" 195 105 84 342 72 39 39 4 2,139 534 327 101 839 222 150 131 359 83 43 38 1943—i 2,091 515 214 29 864 254 136 99 366 88 42 40 2 2,255 608 244 52 835 221 118 100 382 96 44 42 3 2,368 653 250. 36 859 210 114 99 391 94 45 43 4 2,340 435 166 100 906 228 133 113 398 96 48 43 1944—1 2,273 458 148 31 925 262 135 94 400 97 42 42 2 2,363 511 174 55 886 241 123 102 406 101 43 42 3 2,445 550 180 30 878 207 111 94 409 98 43 42 4 2,356 452 165 130 929 205 130 101 426 104 46 43 1945—i 2,277 425 139 30 971 292 139 102 436 115 46 41 2 2,422 504 187 72 909 233 123 96 444 109 45 44 3 2,231 229 125 29 887 211 116 92 449 103 44 43 4 1,972 -404 -4 123 928 171 145 109 474 70 43 46 1946—i 1,866 38 14 56 971 299 196 107 475 84 54 44 2 1,711 -54 -42 52 915 221 151 110 497 75 53 45 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Partly estimated. « Class I line-haul railroads, covering about 95 per cent of all railroad operations. * Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 6 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 6 After all charges and taxes except Federal income and excess profits taxes. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 1170 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues1 Nonmarketable public issues End of month d T g d i r o e r o e t b s a c t s l t i b n d T e d t i a o e e r r e r b t i a e c n t l s t g t- Total2 Tre b a il s l u s ry c i C e n a d e t d e n r e t s e i b f s o i t s - - f Tr n e o a t s e u s ryT b re o a n s d u s ry Total2 s b a U o v . n i S n d . g s s T t s a r a n e x v o a i t s a n e u n g s r d s y S is p s e u c e ia s l i b n N e d t a e e o r r b n i e n t - s g t- s g t b e t e u c e e F e u a r a u d e r r r l i i a s l i t n y t n n i - g e - - s 1940—June 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 Dec 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 5,901 1941—June 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec. . 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 6,317 1942—June 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 Dec. 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec, , . 165,877 164,508 115,230 13,072 22,843 11,175 67 ,944 36,574 27,363 8,586 12,703 1,370 4,225 1V44—June.... 201,003 199 ,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 Dec, 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,470 1945—June 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 409 1945—Sept 262,020 259,630 182,833 17,018 35,072 23.498 107,049 56,278 46,741 9,021 20,519 2,391 527 Oct. 261,817 259,439 182,790 17,026 35,021 23,498 107,049 56,072 46,786 8,776 20,577 2,378 541 Nov 265,342 262,849 185,112 17,026 35,021 23,498 109,371 57,028 47,473 9,058 20.710 2,492 536 Dec 278,115 275 ,694 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2,421 553 1946—Jan 278,887 277,456 199,633 17,042 41,502 19,551 121,358 57.168 48.588 8,107 20.655 1,431 545 Feb 279,214 277,912 199,810 17,032 41,413 19,551 121,635 57,206 48.692 8,043 20.897 1,301 539 Mar, 276,012 274,748 197,063 17,047 40,399 18,261 121,177 56.550 48,733 7,365 21,135 1,264 542 Apr 273,898 272,711 195,079 17,054 38,408 18,261 121,177 56,408 48 828 7,144 21,224 1,188 533 May.... 272,583 271,440 193,487 17,041 36,828 18,261 121.177 56,472 48 \ 917 7,127 21,481 1,143 542 June.... 269,422 268,111 189,606 17,039 34,804 18,261 119,323 56,173 49,035 6,711 22,332 1,311 467 July 268,270 267,039 187,596 17,023 37,720 13,351 119,323 56,399 49,320 6,669 23,045 1,231 324 Aug 267,546 266,359 186,350 17,024 36,473 13,351 119,323 56.566 49,447 6,688 23,443 1,187 370 Sept 265,369 264,217 184,338 17,007 34,487 13,351 119,323 56,025 49,545 6,096 23,854 1,152 391 1 Including amounts held by Government agencies and trust funds, which aggregated 6,575 million dollars on Aug. 31, 1946. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING SEPTEMBER 30, 1946 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Funds received from sales during Redemp- Amount Period tions and out- maturities Issue and coupon rate Amount Issue and coupon rate Amount Month standing at end of Treasury bills* Treasury bonds—Cont. month All Series Series Series All Oct. 3,1946 1,308 Dec. 15. 1949-52... 3 H 491 ssries E F G series Oct. 10, 1946 1,315 Dec. 15, 1949-53... 2H 1,786 Oct. 17, 1946 1,311 Mar. 15, 1950-52 2 1,963 Fiscal year Oct. 24, 1946 1,305 Sept. 15, 1950-52... 2H 1,186 ending: O N c o t v . . 3 7 1 , , 1 1 9 9 4 4 6 6 1 1, , 3 3 1 0 5 6 S D e e p c t . . 1 1 5 5 , , 1 1 9 9 5 50 0 - 52 1^ 2 4 2 , , 9 6 3 3 9 5 june— 19 1 4 9 0 41 4 2 , ,9 3 0 1 5 4 1 1 , ,4 1 9 0 2 9 203 67 395 1 1 1 4 4 8 Nov. 14, 1946 1,314 June 15, 1951-54... 2% 1,627 1942 10,188 5,994 3,526 435 2 032 207 Nov. 21, 1946........ . 1,308 Sept. 15, 1951-53 2 7,986 1943 21,256 11,789 8,271 758 2 759 848 Nov. 29, 1946. 1,302 Sept. 15, 1951-55 3 755 1944 34,606 15,498 11 820 802 2 876 2,371 Dec. 5, 1946.... 1,309 Dec. 15, 1951-53... 2 M 1,118 1945 45,586 14,891 11,553 679 2 658 4,298 Dec. 12, 1946... 1,305 Dec. 15, 1951-55 2 510 1946 49,035 9,612 6,739 407 2 465 6,717 Dec. 19, 1946... 1,305 Mar. 15, 1952-54.. .2^ 1,024 Dec. 26, 1946... 1,303 June 15, 1952-54 2 5,825 1945—Sept.... 46,741 514 420 18 76 528 June 15, 1952-55... 2 }i 1,501 Oct.... 46,786 624 510 8 107 616 Cert, of indebtedness Dec. 15, 1952-54 2 8,662 Nov.... 47,473 1,184 865 54 265 533 O N c o t v . . 1 1 , , 1 1 9 9 4 4 6 6 % % 3 3, , 7 4 7 4 8 0 J Ju u n n e e 1 1 5 5 , , 1 19 9 5 5 3 4 - - 5 5 5 6 ... 2 \ 2 i 6 7 8 2 1 5 Dec. r.. 48,183 1,254 908 83 262 559 Dec. 1, 1946. .....% 3,768 Mar. 15, 1955-60... 2 ^ 2,611 1946—Jan 48,588 960 641 40 278 629 Jan. 1, 1947 % 3,330 Mar. 15, 1956-58...2^ 1,449 Feb.. . . 48,692 622 367 30 225 565 Feb. 1, 1947.. . . .. % 4,954 Sept. 15, 1956-59... 2 % 982 Mar.... 48,733 626 371 27 228 634 Mar. 1, 1947 V% 3,133 Sept. 15, 1956-59... 2 M 3,823 Apr 48,828 668 388 29 250 621 Apr. 1, 1947 V% 2,820 June 15, 1958-63... 2% 919 May... 48,917 594 345 24 225 552 June 1, 1947 V% 2,775 June 15, 1959-62... 2 X 5,284 June.. . 49.035 571 321 24 226 519 July 1, 1947 V% 2,916 Dec. 15, 1959-62... 2 M 3,470 July... 49,320 753 386 31 335 537 Aug. 1, 1947 ...H 1,223 Dec. 15, 1960-65... 2^ 1,485 Aug... . 49,477 590 347 25 217 478 Sept. 1,1947 H 2,341 June 15, 1962-67... 2H 2,118 Sept.... 49,545 494 309 20 165 482 Dec. 15, 1963-68... 23^ 2,831 T D re e a c s . u 1 r 5 y , 1 n 9 o 4 t 6 es 1J4 3,261 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 4 4 - - 6 6 9 9 . . . . . . 2 23 M ^ 3 3 , , 7 8 6 3 1 8 Maturities and amounts oustanding September 30, 1946 Mar. 15, 1947 AH 1,948 Mar. 15, 1965-70.. .234 5,197 S S e e p p t t . . 1 1 5 5 , , 1 1 9 9 4 4 7 7 W \\ 2 i 2 1 , , 7 6 0 8 7 7 J M u a n r e . 1 15 5 , , 1 19 9 6 6 6 7 - - 7 7 1 2 . . . . . . 2 2 3 M ^ 3 7 , ,9 4 6 8 7 1 m Y a e t a u r r o it f y se A ri l e l s S B er - i D es Se E ries Se F ries Se G ries Sept. 15, 1948 1H 3,748 Sept. 15. 1967-72... 2^ 2,716 Dec. 15, 1967-72... 23^ 11,689 Treasury bonds 1946 156 156 Oct. 15, 1947-52... 4 K 759 Postal Savings 1947 426 426 Dec. 15, 1947 2 701 bonds 23^ 116 1948 501 501 Mar. 15, 1948-50 2 1,115 Conversion bonds.... 3 13 1949 802 802 Mar. 15, 1948-51... 2 % 1,223 Panama Canal loan.. 3 50 1950 984 984 June 15, 1948 1% 3,062 1951 1,607 438 1,169 Sept. 15, 1948 2}4 451 Total direct issues... . 184,338 1952 4,602 4,602 Dec. 15, 1948-50 2 571 1953 8,324 6,955 210 1,159 June 15, 1949-51 2 1,014 Guaranteed securities 1954 11,001 8,184 568 2,249 Sept. 15, 1949-51 2 1,292 Federal Housing Admin. 1955 9,796 6,802 634 2,359 Dec. 15, 1949-51 2 2,098 Various 44 1956 6,074 2,655 711 2,707 1957 3,029 570 2,459 1958 .... 2,333 240 2,093 * Sold on discount basis. See table on Open-Market MoneylRates, Unclassified. . -89 p. 1167. Total 49.545 3,307 30,368 2,932 13,026 OCTOBER 1946 1171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Estimates of the Treasury Department. Par value, in millions of dollars] Held by banks Held by nonbank investors End of month i b n T e te a o r r t e i a n s l g t- Total m C e o r m cia - l R Fe e d se e r r v a e l Total v I id n u d a i- ls I c a n o n s m c u e r - - M sav u i t n u g a s l r c O a o a t t r i n h p o d e o n r - s S l g a o t o n c a v d a te - l a m U nd e . n S t t r . u G a s g t o e v n f e u c r n i n e d - s s banks1 Banks panies banks associa- erntions ments Special Public issues issues 1040—Tnne 47,874 18,566 16,100 2,466 29,308 9,700 6,500 3,100 2,600 300 4,775 2 305 1941—June 54,747 21,884 19,700 2,184 32,863 11,100 7,100 3,400 2,400 400 6,120 2,375 Dec. 63,768 23,654 21,400 2,254 40,114 13,800 8,200 3,700 4,400 500 6,982 2,558 1942—June 76,517 28,645 26,000 2,645 47,872 18,200 9,200 3,900 5,400 600 7,885 2,737 December 111,591 47,289 41,100 6,189 64,302 23,800 11,300 4,500 11,600 800 9,032 3 218 1043—Tune 139,472 59,402 52,200 7,202 80,070 30,300 13,100 5,300 15,700 1,300 10,871 3 451 168,732 71,443 59,900 11,543 97,289 37,100 15,100 6,100 20,100 2,000 12,703 4,242 1944—June 201,059 83,301 68,400 14,901 117,758 45,100 17,300 7,300 25,700 3,200 14,287 4 810 230,361 96,546 77,700 18,846 133,815 52,200 19,600 8,300 27,600 4,300 16,326 5,348 I945—june 256,766 105,892 84,100 21,792 150,874 58,500 22,700 9,600 29,900 5,300 18,812 6,128 I945—October 259,980 107,676 84,400 23,276 152,304 59,300 22,400 10,000 28,300 5,500 20 577 6 175 263,386 109,372 85,900 23,472 154,014 62,000 22,200 9,800 27,800 5,300 20,710 6,134 276,246 114,362 90,100 24,262 161,884 63,600 24,400 10,700 29,900 6,300 20,000 7,038 1946—Tanuarv . .. 278,001 115,264 92,000 23,264 162,737 63,700 24,700 10,900 29,300 6,400 20,655 7 043 February 278,451 115,404 92,500 22,904 163,047 63,700 24,800 11,100 29,000 6,400 20,897 7 061 275,290 111,601 89,000 22,601 163,689 63,800 25,000 11,200 29,200 6,400 21,135 7,046 April 273,244 111,332 88,600 22,732 161,912 63,300 25,000 11,300 27,700 6,400 21 224 7 045 271,983 109,832 86,900 22,932 162,151 63,300 25,200 11,300 27,500 6,400 21,481 7,048 June 268,578 107,083 83,300 23,783 161,495 63,000 25,300 11,500 26,500 6,200 22,332 6,798 July 267,363 105,533 81,900 23,633 161,830 63,100 25,400 11,600 26,000 6,100 23,045 6,666 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on July 31, 1946. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Publicmarketable securities. Par values in millions of dollars] U.S. U.S. Gov- Gov- Total m er e n n - t F e e ra d l - C m o e m r- - M tu u al - rnsur- Total m er e n n - t F e e ra d l - C m o e m r- - M tua u l - Insur- End of month out- agen- Re- cial sav- ance Other End of month out- agen- Re- cial sav- ance Other stand- cies serve banks ings com- stand- cies serve banks ings coming and Banks 0) banks panies ing and Banks (*) banks panies trust trust funds funds Total:2 Treasury bonds: 1946—Feb... 199,849 7,03022,90485,19210,87123,89549,957 Total: Mar.. 197,104 7,01622,60181,86110,95524,00850,663 1946—Feb... 121,635 6,909 947 47,429 10,56522,81232,974 Apr... 195,120 7,01422,73281,477 11,02624,06048,811 Mar.. 121,177 6,882 903 47,41410,56122,89632,523 May.. 193,529 7,01822,93279,88411,08724,22948,379 Apr... 121,177 6,884 903 47,90810,59922,97231,912 June.. 189,649 6,76823,78376,57811,22024,28547,015 May.. 121,177 6,877 903 48,155 10,64723,052 31,541 July.. 187,638 6,63623,63375,46511,33724,39346,174 June.. 119,323 6,655 755 47,33510,74323,07330,764 July.. 119,323 6,494 755 47,66010,85523,17130,388 Treasury bills: Maturing within 1946 Feb. 17 032 14 13,038 2,396 1,584 5 years: Mar.. 17,'047 9 13,280 1,512 2 6 2,239 1946—Feb... 10,879 478 7,320 159 257 2,666 Apr. 17 054 8 13 661 1,875 8 1,502 Mar. . 11,613 561 7,887 174 288 2, 701 May.. 17,'041 713,896 1,715 1 1 1,421 Apr... 11,613 561 8,019 179 268 2 ] 585 June.. 17,039 3 14,466 1,142 3 1 1,424 May.. 11,613 561 8,009 189 264 2,586 July.. 17,023 714,406 1,225 1 1,384 June.. 10,772 272 7,776 232 347 2 145 July.. 10,772 272 7,760 225 348 2',168 Certificates: Maturing in 5-10 1946—Feb... 41,413 58 7,54621,716 119 531 11,442 years: Mar.. 40,399 73 6,95420,618 179 573 12,003 1946—Feb... 46,484 1,321 31,901 2,128 3,697 7,444 Apr... 38,408 69 6,50519,598 205 549 11,483 Mar. . 45,261 1,154 31,247 2,052 3,603 7,202 May.. 36,828 75 6,39518,157 211 579 11,410 Apr... 45,261 1,153 31,502 2,000 3,513 7,092 June.. 34,804 58 6,81316,676 243 576 10,439 May.. 45,261 1,148 31,668 1,963 3,464 7,019 July.. 37,720 83 7,87617,616 272 603 11,270 June.. 44,928 1,133 31,545 1,905 3,337 7,013 July.. 44,928 1,108 31,697 1,877 3,293 6,948 Treasury notes: Maturing in 10-20 1946—Feb... 19,551 7 1,373 13,625 184 538 3,824 years: Mar.. 18,261 9 1,463 12,292 211 520 3,765 1946—Feb... 20,692 972 5,541 3,476 2,986 7,718 Apr... 18,261 9 1,663 12,071 211 527 3,779 Mar. . 20,701 973 5,596 3,422 3,012 7,696 May.. 18,261 13 1,738 11,828 224 584 3,874 Apr... 20,701 975 5,687 3,484 3,100 7,454 June.. 18,261 9 1,748 11,396 227 623 4,258 May.. 20,704 974 5,729 3,438 3,146 7,414 July.. 13,351 7 596 8,938 206 604 3,000 June.. 20,023 915 5,257 3,461 3,165 7,226 July.. 20,023 859 5,403 3,472 3,173 7,118 Guaranteed Maturing after 20 securities: 1946—Feb. 39 8 12 3 13 4 1946—Feb... 43,577 5 086 2,669 4,80215,871 15,150 Mar 40 8 13 3 13 3 Mar. . 43,600 5,098 2,679 4,90915^99114^922 Apr. 41 8 11 3 13 6 Apr... 43,600 5,100 2,695 4,93616,090 14,783 May.".' 42 9 14 3 12 4 May.. 43,598 5,100 2,744 5,05416^17914*523 June 43 9 14 3 13 4 J* un•e* ..• 43,598 5,091 2,758 5,145 16,22314^381 July.'.' 43 9 13 3 13 5 July.. 43,598 5,011 2,799 5,28016,357 14,152 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and the residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. On July 31, 1946, commercial banks reporting to the Treasury held 22,041 million dollars of U. S. Government securities due or callable within one year out of a total of 60,081 million outstanding. * Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 1172 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period W I h n e c i l t o d h m " - e O ta t x h e e s r 1 n i c r M n n e e e n u t l o v i a e l s e u a e l - 1 r - - - s S S ta r o e i x c c ty e i u a s - l O ce r t i e h p - e t r s c T e r o i e t p - a t l s ce N r i e e p - t ts3 I d n e o e t s n e b t r t - a f W i a c e d t n n t i e a e i d - s v r s e - c T f o t e e r r a u r a t u c s c n n - s . t t t s s o - , O p tu e e t x n r h - e d e s r i- j | e b i T x t u u p o d r e t g e n a e s l d t - D c e i f t i- c T o e a u r t c c u n - . s * t t s, C f a g b h e u n a i e a r n n l a c n n - d l e - ge g c d r r I i e e o n n b a s - t s s e Fiscal year ending: June 1944 8,39326,242 5,291 1,751 3,711 45,40844,149 2,60987,039 556 3,540 93,74449,595 -4,051 + 10,662 64,307 June 1945 0,28924,884 6,949 1,793 3,82447, ,457 3,617 90,029 1,646 5,113 100,40553,948 + 798 +4,529 57,679 June 1946 9,39221,493 7,725 1,714 3,915 44,239 43,038 4,722 48,542 1,918 9,837 65,019 21,981 +781 -10,460 10,740 1945—September. 768 3,440 573 69 342 5,192 5,189 647 5,367 34 563 6,611 1,422 -95 -2,497 -980 October 572 1,021 689 58 241 2,581 2,530 172 5,126 38 615 5,950 3,420 +302 -3,321 -203 November. 1,076 449 602 257 22. 2,609 2,374 84 4,226 346 4,656 2,282 +390 +1,632 3,524 December.. 707 2,659 516 69 170 4,122 4,118 817 4,245 384 5,445 1,327 +113 + 11,55812,773 1946—January... 554 2,201 645 51 397 3,848 3,819 309 3,417 684 482 4,891 1,073 -276 -577 772 February.. 1,086 1,704 584 310 191 3,875 3,678 118 2,702 148 543 3,510 -f-168 +39 +534 327 March 658 4,180 649 100 176 5,762 5,747 646 2,550 23 1,383 4,602 +1446 +462 -1,593 -3,201 April 485 1,118 642 65 42- 2,734 2,677 174 2,560 200 1,316 4,251 1,573 +254 -3,433 -2,114 May 966 442 615 285 690 2,998 2,733 106 2,182 95 1,294 3,677 944 -139 -2,398 -1,316 June 650 2,74! 615 76 399 4,48: 4,479 1,395 2,442 5 1,671 5,513 1,034 -103 -4,298 -3,161 July 514 974 691 6 349 2,600 2,539 249 1,190 631 2,444 4,514 1,975 +918 -2,209 -1,152 August.... 1,070 443 679 30: 223 2,71" 2,434 122 1,509 13 1,152 2,796 363 +98 -989 -724 September., 70J 2,845 656 186 4,481 4,478 648 1,100 32 1,070 2,851+1,627 -318 -2,177 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts Net ex- Other Assets penditures Period c N e r i e e p - t ts I m n e v n e t s s t- p t e E u n x r d e - s i- c i G n i o n m o u c g v n h e e t e a n s r c c t n o k - - f - ce R i e p - ts Invest- p t e E u n x r d - es i- Total F p e D o d i e s n e - i r t a s l s p p D o e i s e n c - i i t a s l O as t s h e e t r s l T ia t o i b e t i s a li l - B ge f a u n l i a n n e n d ra c l e agencies R B e a s n er k v s e d t e a p r o ie s s i- Fiscal year ending: June 1944 3,202 2,816 380 4,403 1,851 1,313 192 20,775 ,442 18,007 1,327 607 20,169 June 1945 3,239 2,757 453 1,178 *,820 2,444 -571 25,119 ,500 22.622 997 421 24,698 June 1946 2,940 1,261 1,618 -952 1,726 2,407 2,550 14,708 ,006 12,993 708 470 14,238 1945—September. 52 241 91 51 407 163 9 16,582 ,755 13,989 839 447 16,134 October.... 132 -66 146 -274 284 80 228 13,307 ,124 11,389 794 494 12,813 November. 419 38 143 -79 295 65 158 14,849 ,372 12,694 784 404 14,445 December.. 54 198 149 -395 260 54 195 26,520 ,674 24,044 802 517 26,003 1946—January... 178 -36 178 -9 810 583 548 25,851 011 24,030 810 424 25,427 February. . 355 -13 178 9 393 225 309 26.414 209 24,447 758 453 25,961 March 64 87 174 -635 181 72 85 24,743 160 21,776 807 376 24,367 April 135 —60 155 -4 326 133 -18 21,293 124 19,502 667 359 20,935 May 465 72 158 181 390 165 419 18,859 230 16,949 681 323 18,536 Tune 232 359 140 8 466 253 41 14,708 006 12,993 708 470 14,238 July 276 103 137 5-1,704 5586 331 5 448 12,444 702 10,961 781 415 12,029 August. ... 492 122 135 66 108 192 -12 11,431 872 9,842 716 391 11,040 September.. 57 271 112 -67 216 10,524 1,445 8,377 702 353 10,171 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 4 Excess of receipts (+) or expenditures (—). 5 Adjustment in classification. Not comparable with back figures. Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. INTERNAL REVENUE COLLECTIONS CASH INCOME AND OUTGO OF THE U. S. [On basis of reports of collections. In millions of dcliars] TREASURY Individual Corporation income [In millions of dollars] income taxes and profits taxes Estate Excise and and other mis- Period gift cellaneous Excess With- Normal Excess Other taxes taxes Cash Cash of held Other and profits profits Period income outgo cash surtax taxes outgo Fiscal year ending: Fiscal year ending: June—1940 982 1,121 27 360 2,000 June—1940 7,019 9,555 2,536 1941 1,418 1,852 164 37 407 2,547 1941 9,298 14,031 4,733 1942 3,263 3,069 1,618 57 433 3,405 1942 15,374 34,717 19,342 1943 686 5,944 4,521 5,064 84 447 4,124 1943 25,485 79,253 53,769 1944 7,823 10,438 5,284 9,345 137 511 4,842 1944 48,254 94,296 46,043 1945 10,264 8,770 4,880 11,004 144 643 6,317 1945 51,332 96,263 44,931 1946 9,858 8,847 4,640 7,822 91 677 7,036 1946 48,103 65,904 17,800 1945—August 1,460 110 114 228 5 69 756 1945—August 3,713 7,854 4,141 September.. 32 1,131 795 1,584 11 34 498 September.... 5,597 6,649 1,052 October.... 1,094 294 215 421 6 44 662 October 2,905 6,009 3,104 November.. 1,405 61 136 248 6 44 560 November... . 3,087 4,811 1,724 December. . 27 560 744 1,398 13 45 466 December.... 4,407 5,303 896 1946—January 604 1,743 301 536 6 61 582 1946-^January 3,993 5,628 1,635 February... 1,848 991 128 236 4 54 543 February 4,277 3,910 -367 March 154 1,883 1,006 1,268 9 84 555 March 5,950 4,161 -1,789 April 708 508 157 324 5 66 549 April 2,934 4,171 1,237 May 1,245 175 82 • 157 3 64 577 May 3,492 4,382 890 June 30 1,053 744 994 16 63 548 June 4,736 5,044 308 July 858 375 192 330 4 74 634 July 2,703 '2,923 '219 August 1,339 77 142 204 4 58 631 August 3,016 2,928 -88 OCTOBER 1946 1173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items1 Liabilities, other than interagency items U.S. Com- Invest- Bonds, notes, Gov- Primodi- ments Land, and deben- ern- vately Corporation or agency Loans ties, struc- Undis- Other tures payable Other ment owned Total Cash c a e r b e i - l v e - m p s r a l u i a n i a p e t d l - e s s - , G U s ri e o t . c i v S e u t s - . . O r s i e t t c h ie u e s - r e t m u a q r n e u e d n i s p t , -ch u t a r t r i e g b d - es s a e s t - s b a F g n y u u t e U a ll e r y . - d S. Other li i a ti b e i s l- in e t s e t r- in e t a e t r- All agencies: Sept. 30, 1945 34,24 815 5,409 2,487 1,756 368 20,816 2,154 551 1,135 4,486 27,610 465 Dec. 31, 1945 33,844 925 5,290 2,288 1,683 32521,017 472 1,845 555 1,11 4,212 27,492 472 Mar. 31, 1946 33,32." 1,279 5,069 1,918 1,789 28520,784 460 1,741 536 1,13 4,,959 26,218 479 June 30, 1946 29,869 1,305 5,381 1,550 1,767 17,438 1,605 325 1,234 4,939 22 482 Classification by agency, June 30, 1946 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 237 20 162 54 229 Federal intermediate credit banks. . 390 12 332 43 311 77 Federal land banks 1,200 51 987 137 851 77 233 Production credit corporations.... 117 1 68 48 117 Regional Agricultural Credit Corp.. 15 12 ' ' *2 14 Others 26 1 23 25 Federal Farm Mortgage Corp 169 8. 156 162 Rural Electrification Administration.. 463 5 453 () 462 Commodity Credit Corp 1,369 555 48 598 159 281 1,539 -457 Farm Security Administration 442 39 328 51 4 438 Federal Crop Insurance Corp 18 17 1 5 14 Federal Surplus Commodities Corp... 3 3 3 National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks 348 203 123 124 Federal Savings and Loan Insurance Corp 171 166 100 Home Owners' Loan Corp 783 '722 15 18 755 Federal Public Housing Authority and affiliate:. Federal Public HousingAuthority 532 280 226 7 531 Defense Homes Corp 62 1 60 (2) 61 Federal Housing Administration 181 23 103 "<*)' 1 16 34 139 Federal National Mortgage Association. 7 (2) 6 R.F.C. Mortgage Company 31 20 27 Reconstruction Finance Corp.4 5 7,395 37 865 48 4,857 344 1,360 6,035 Export-Import Bank 807 700 126 680 Federal Deposit Insurance Corp 995 4 () 705 150 139 Federal Works Agency 275 80 145 47 (2) 275 Tennessee Valley Authority 750 15 1 723 4 8 742 U. S. Maritime Commission 2,471 59 31 1,898 430 136 2,335 War Shipping Administration 8,520 222 7,755 444 771 7,749 All other 2,095 44 26 1,733 42 75 2,019 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY June 30, 1946 Purpose of loan b F l a a e n n d k d . s M C F F a o e o r r d m r p . t . . b c i m F n r a a e e e t n t e d d d e k r i i . - s t - f o B t o p i a r v e n e r c k s a o s - - C m C C r o o o e d r m d p i i - t . t y t R A r E t i i f u l d o i e r m c n c a a - l . - A F S r e a d i c t r m y m u- . H C O L e o o o w rs m r a ' n p n e - . P H A F u i o u n e b u t g d l h s i . c . - b h F l a o o e n m a d k n . e s R a a a . f F f t n i e l d . s i C - . B p p I E o a m o x r n - r - t t k - o A th l e l r a c g A i e e l n l s - 3 a 1 g , M e a n 1 a l c l 9 r i . 4 e 6 s , To aid agriculture 1,059 186 332 162 48 453 485 (2) 148 2,873 2,816 To aid home owners 735 24 1 760 825 To aid industry: Railroads 177 18 195 196 Other 151 46 197 200 To aid financial institutions: Banks 14 9 23 25 Other 203 32 235 185 Foreign loans 238 734 (2) 972 545 Other 280 289 (2) 117 686 715 Less: Reserve for losses. 72 29 (2) 1 (2) 157 13 128 34 127 561 438 Total loans receivable (net) 987 156 332 162 48 453 328 722 280 203 799 700 212 5,381 5,069 1 Assets are shown on a net basis, i.e., after reserves for losses. 2 Less than $500,000. 'Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans. 4 Includes Rubber Development Corp. and U. S. Commercial Company, which were transferred to the Reconstruction Finance Corp. from Foreign Economic Administration under Executive Order 9630; and War Damage Corp. War Assets Corp. was dissolved on June 30,1946. 5 Figures are as of May 31, 1946 (the latest available at time of publication). NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly figures are not comparable with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept. 30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152. p. 517. 1174 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] ncome I ( n p d h u y 1 s s 9 t i r 3 c i 5 a a l l - 3 v p 9 o r = o lu 1 d m 0 u 0 c e t ) i * o 2 n aw 1 C a 9 o c r 2 d n o 3 e s n - d t t 2 r r u 5 a ( c v c = t t a 1 i s o l 0 u n 0 e)3 E 1 m 93 p 9 lo = y 1 m 00 ent4 Fac- D m ep e a n r t t- Wholem Y a o n e n d a t r h m 9 v p = 3 a e a l 1 5 n y u 0 - - t e 3 0 s ) 9 1 Total D ab u f l M a r e - c a tu n r u e d N - s u o r n - - M era in ls - Total d l t e e ia s n l i - - o A th l e l r t a N c u g u r o r l a - n i- l - Factory r 9 t p o o 3 1 a l 9 r 0 l y y s 0 4 = F a 9 i = r r n 3 e l g 5 o 1 i s g - a 0 * 3 0 h d 9 t - 9 u s = s ( 3 v t a e o 1 a 5 l ) e l r 0 * - - e s 3 5 0 9 p m c = 1 r s o o i 9 a c 1 m d 2 l e 0 e 6 i - s 0 t 4 y 9 i o = v 3 s i 5 1 t n 0 - g 3 0 o 4 9 f able Ad- Ad- Jnad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Jnad- Unad- Ad- Ad- Unad- Unadusted usted usted usted usted usted usted usted usted usted usted usted usted iusted iusted justed justed 1919 72 84 62 71 63 44 79 103.8 103.2 120 83 138.6 124.5 1920 75 93 60 83 63 30 90 104! 2 129 99 143.2 1921 58 53 57 66 56 44 65 79.8 79.7 110 92 97.6 127.7 1922 73 81 67 71 79 68 88 88.2 85.5 121 94 96! 7 119.7 1923 88 103 72 98 84 81 86 101 0 108.4 142 105 100.6 121.9 1924 82 95 69 89 94 95 94 93 8 101.2 139 105 98.1 122.2 1925 90 107 76 92 122 124 120 97.1 106! 6 146 110 103.5 125.4 1926.. 96 114 79 100 129 121 135 98 9 152 113 100 !o 126.4 1927 95 107 83 100 129 117 139 96 8 107.9 147 114 95.4 124.0 1928 99 117 85 99 135 126 142 96.9 109.1 148 115 96.7 122.6 1929 122.9 110 132 93 10 117 87 14 102.6 103 1 117.1 152 117 95! 3 122.5 1930 109.1 91 98 84 9 92 51 12 95.5 89 8 94! 7 131 108 86! 4 119.4 1931 92.3 75 67 79 8 63 3 8 86.1 75 8 71.8 105 97 73 !o 108.7 1932.. .. 70.6 58 41 70 6 28 4 75 5 64 4 49.5 78 75 64! 8 97.6 1933 68.9 69 54 79 7 25 1 3 76.0 7l!3 53! 1 82 73 65! 9 92.4 1934 78.7 75 65 81 8 32 1 4 83.8 83." 68 3 89 83 74 9 95.7 1935 87.1 87 83 9 8 37 2 5 87.6 88.7 78 ".6 92 88 8o!o 98.1 1936 101. 103 108 10 9 55 3 7 94.9 96.4 91.2 107 100 80.8 99.1 1937.. 107. 113 122 10 11 59 4 7 100.9 105 1 108.1 11 107 86.3 102.7 1938 98. 89 78 9 9 64 4 8 94.4 84.7 8( 99 78. t 100.8 1939 105. 109 109 10 10 72 6 8 100.0 100 < 100 < 10 106 77.: 99.4 1940 113. 125 139 11 11 81 7 8 104. 107!. 114.5 109 11' 100.2 1941. 138. 162 20 14 12 122 8 14 117. 132 167.5 I31 87.: 105.2 1942 174. 199 279 15 12 166 8 23 126. 154!o 245.2 13 14< 98! 8 116.5 1943 213. 239 36 17 13 6 4 9 132. 177! 334 i 13 16 103. 123.6 1944 233. 235 35 17 14 4 1 6 130. 172 ' 345! 7 186 104! 0 125.5 1945 P239. 203 274 16 13 68 2 10 125. 149 .'5 288.4 135 20 105.8 128.4 1943 August... 216. 242 245 36 17 13 59 3 7 132. 180.2 181.4 343. 140 166 103. 123.4 September 216. 244 248 36 17 13 65 3 8 131.9 179.6 180.8 349.5 140 166 103. 123.9 October. . 219. 247 249 37 17 13 49 3 6 132. 180.6 181.4 354.9 13 17 103.0 124.4 November 222. 247 247 37 18 13 60 3 7 132. 181.5 181.9 359. 139 176 102.9 124.2 December 224. 241 239 36 17 13 61 3 8 132. 179.9 180.3 350. 143 16 103.2 124.4 1944 January.. 227. 243 24 36 17 13 55 2 7 132. 178.8 178.3 351.6 14 17 103.3 124.2 February. 232. 244 24 36 17 14 4 2 6 132. 178.5 178. 352. 14 17 103. 123.8 March. .. 231. 24 23 36 17 13 4 1 5 131. 176.6 176. 350. 14 18 103. 123.8 April 231. 239 23 36 17 14 3 1 c 131. 174.5 173. 345.0 13 17 103.9 124.6 May 232. 236 23 35 16 14 33 1 4 130. 173.3 172. 345.3 13 18 104.0 125.1 June. ... 233. 23 23 35 16 14 3 1 131. 172.5 172. 346 6 13 17 104. 125.4 July 233. 23 23 34 16 13 3 e 130. 171 i 171 339 14' 18 104* 126.1 August... 234. 23 23 34 16 14 4 1- t 130. 172! 3*43! 14 18 103! 126.4 Septembe 232. 23 23 34 16 14 3 1 6 129. 169'.: 170. 341. 13 18 104. 126.5 October. 235 23 23 34 16 14 4 1 6 129. 168. 168. 343. 13 19 104. 126.5 Novembe 237 23 23 34 17 14 4 1 7« 128. 167. 167. 341. 14 20 104. 126.6 Decembe 239 23 23 34 17 13 1 8 129. 168. 168. 346. 13 19 104. 127.0 1945 January. 241 23 23 34 17 14 4 1 7 130. 168. 167. 345. 14 19 104. 12X1 February 245 23 23 34 17 14 1 9 130. 168. 167. 344. 13 21 105. 126.9 March. . 244 23 23 34 17 14 1 11 130. 166. 166. 341. 14 22 105. 126.8 April 242 23 22 33 17 14 1 11 129. 163. 163. 333. 14 18 105. 127.1 M Ju a ne y. 2 2 4 4 1 4 2 2 2 2 2 2 ? 2 3 3 2 0 1 1 7 7 1 1 3 4 e • r A 8 1 12 2 7 8 ! 1 15 60 7! 1 15 59 6! 3 3 1 U 8 ! 1 1 4 4 2 1 0 8 1 1 0 0 6 6. 1 12 2 9 8 ! .1 o J A u u l g y u . s . t .. .. 2 2 4 3 3 6 2 1 1 8 2 1 1 8 2 2 9 3 1 1 6 5 1 1 4 4 6 i r rA A 9 • 1 1 2 2 6 5 . . 1 14 5 7 1 . . 1 1 5 4 2 8 . . 2 2 9 6 8 7 . . 1 1 3 2 2 2 1 0 1 1 0 0 5 5 . . 1 1 2 2 9 9 . . 4 3 Septembe 229 16 17 19 15 13 6 A 10 119. 127. 128. 224. 12 20 105. 128.9 October. 231 16 16 18 15 12 8 12 119. 127. 127. 222. 11 21 105. 128.9 Novembe 235 16 16 19 15 13 9 i 13 120. 127. 128. 222. 13 22 106. 129.3 Decembe 234 16 16 18 15 13 10 1 15 121. 128. 128. 226. 12 21 107. 129.9 1946 January 233 16 15 16 16 14 10 6 14 123. 130. 130. 229. 13 22 107. 129.9 February 231 15 14 13 16 14 13 ( 16 122. 122. 121. 210. 12 25 107. 129.6 March. . 234 16 16 18 16 13 14 12 16 125. 130. 129. 232. 13 26 108. 130.2 April.... 236 16 16 19 16 10 17 17 16 126. 136. 135. 249. 10 25 110. 131.1 May.... 239 15 15 17 16 11 16 17 16 127. 138. 136. ••247. 10 25 111. •• 131.7 June 240 17 17 19 16 13 17 17 17 128. 139. 139. ••256. 13 27 112. 133.3 July.... P251 17 17 20 15 1< 16 16 16 128. 140. 140. 260. 13 124. 141.0 August.. P17 Pl7 P16 P14 *>15 P14 P16 P130. P143. P144. 14 29 129. 143.7 * Average per working day. v Preliminary. r Revised. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 1176-1179. For points in total index, by major groups, see p. 1195. » Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1183 of this BULLETIN. * The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 6 For indexes by Federal Reserve districts and other department store data, see pp. 1185-1187. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1946, p. 529; for department stores sales, June 1944, pp. 549-561. 1175 OCTOBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average == 100] 1945 1946 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug- Industrial Production—Total 210 186 167 162 168 163 160 152 168 165 rl59 170 172 P176 Manufactures—Total 222 194 173 168 173 169 163 154 173 176 167 176 177 P182 Durable Manufactures 292 239 194 186 191 185 166 138 183 190 175 '193 202 P206 Iron and steel 187 155 163 146 167 164 102 43 169 159 109 154 179 183 Pig iron 182 161 166 129 158 164 100 48 168 142 86 144 '178 186 Steel . 203 164 171 159 178 172 108 46 176 175 126 167 '190 195 Open hearth 172 142 154 139 160 155 95 38 161 148 98 142 168 169 Electric 421 319 296 307 306 293 199 106 286 363 319 343 '343 378 Machinery 371 310 230 232 231 232 217 188 207 225 r230 '241 242 P251 Manufacturing Arsenals and Depots* Transportation EQuiptnent 535 405 273 258 252 217 220 199 209 245 '241 244 P245 Automobiles . . . 188 142 105 120 137 95 107 98 114 161 '164 '170 179 P185 (Aircraft; Railroad cars; Locomotives; Shipbuild- Nonferrous Metals and Products 196 165 139 144 148 147 151 139 141 132 130 135 143 P146 Smelting and refining 183 171 150 148 147 140 140 128 123 109 109 110 131 P137 (Copper smelting; Lead refining; Zinc smelting; Fabricating 202 162 135 143 148 150 155 144 148 iii 139 145 148 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products' Tin consumption)1 ... Lutnber and Products .... ... 110 107 98 91 96 92 108 119 125 130 129 133 129 P131 Lumber 98 98 89 76 83 72 95 108 117 123 123 127 121 P121 Furniture 134 124 115 120 123 131 135 139 142 144 142 146 144 P151 Stone Clay and Glass Products 169 160 161 161 158 164 172 185 192 190 '175 190 193 P193 Glass products 193 177 200 186 175 181 190 216 221 214 193 209 222 Plate glass 62 61 79 50 4 3 29 106 136 130 133 119 129 114 Glass containers 240 218 243 235 235 244 247 255 251 243 213 240 254 Cement 93 97 97 106 113 119 131 149 152 152 127 155 155 Clay products 117 110 110 116 119 124 144 144 150 148 140 148 147 P147 Gypsum and plaster products 179 162 172 177 181 182 197 201 204 202 187 '194 183 P183 Abrasive and asbestos products 287 260 220 218 215 217 199 197 217 221 '222 '233 234 P244 Other stone and clay products1 Nondurable Manufactures 165 157 156 154 158 156 161 167 166 164 '161 162 156 P162 Textiles and Products 132 134 144 141 146 143 151 159 162 161 164 165 143 P159 Textile fabrics 121 123 134 131 135 132 140 149 150 148 152 153 132 P149 Cotton consumption 123 123 138 128 133 125 138 146 147 144 149 152 127 149 Rayon deliveries 220 213 215 215 226 228 233 234 241 245 '247 240 233 229 Wool textiles 117 127 142 147 150 149 153 171 173 169 174 '174 142 Carpet wool consumption 33 58 82 93 89 104 110 135 138 122 134 '137 102 Apparel wool consumption 185 172 186 191 193 184 200 222 229 224 231 '225 193 ^^oolen and worsted yarn 124 136 154 156 160 156 158 175 174 171 176 175 144 Woolen yarn 129 145 158 156 163 159 160 177 176 172 180 178 147 Wrorsted yarn 117 125 149 156 156 152 154 171 171 169 170 170 138 Woolen and worsted cloth 129 136 144 149 154 153 155 170 173 174 176 '178 146 Leather and Products 109 108 119 112 116 111 117 133 134 131 127 128 Leather tanning . • 109 98 112 107 109 114 115 126 120 115 104 107 99 Cattle hide leathers 128 112 125 121 125 131 131 146 140 135 124 128 117 Calf and kip leathers . . ... 79 75 97 89 83 92 92 99 84 84 75 '75 66 Goat and kid leathers 50 47 52 46 51 49 54 64 62 54 49 45 45 Sheep and lamb leathers 133 130 151 145 140 139 151 146 148 134 118 128 122 Shoes 109 114 123 116 120 109 118 138 144 142 '142 142 P106 Manufactured Food Products . .. 147 138 144 143 150 153 154 160 156 153 145 138 149 P146 Wheat flour 135 130 127 129 133 136 149 163 122 120 100 109 127 P138 Cane sugar meltings1 IManufactured dairy products P148 P146 P148 P145 P154 P131 P116 P117 P122 P129 P120 P136 P137 Butter 89 85 75 72 65 59 59 58 59 65 62 62 73 73 Cheese 181 171 160 155 149 143 151 150 153 173 166 167 168 169 Canned and dried milk . . . 222 208 201 156 146 136 130 131 144 163 163 174 178 Ice cream Meat packing 140 133 141 129 155 155 131 178 140 130 120 85 165 138 Pork and lard 146 126 120 99 153 171 146 205 149 157 151 97 190 141 Beef 136 144 165 159 158 138 122 153 132 101 90 65 145 139 Veal .. 116 151 179 197 189 138 87 87 80 72 68 60 132 134 Lamb and mutton 133 110 125 134 135 148 105 184 157 132 94 126 121 110 p Revised. v Preliminary. 1 Series included in total and group indexes but not available for publication separately. 1176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1945 1946 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Au; Manufactured Food Products—Continued Other manufactured foods 150 139 146 148 152 159 165 165 167 164 156 150 152 151 Processed fruits and vegetables. 134 101 109 128 128 138 145 146 163 165 158 161 173 150 Confectionery 108 107 108 108 113 137 145 143 139 132 136 123 107 Other food products 161 155 162 160 165 168 174 174 173 169 159 153 154 Alcoholic Beverages. 193 173 192 201 216 212 231 238 176 169 155 161 170 Malt liquor 147 149 181 182 199 197 199 197 127 117 109 123 128 Whiskey 199 55 52 70 83 130 131 125 100 96 60 61 65 Other distilled spirits. 448 399 236 218 223 274 431 524 370 356 352 343 377 Rectified liquors 293 306 365 420 427 343 396 416 401 409 387 367 426 Industrial Alcohol from Beverage Plants1. Tobacco Products 128 150 160 167 112 143 156 161 154 163 153 155 Cigars 91 106 111 110 87 104 111 110 109 110 108 99 110 Cigarettes 195 206 216 194 139 185 205 217 205 219 200 181 202 Other tobacco products. 98 99 96 94 64 71 69 65 69 71 76 72 79 Paper and Paper Products. 135 131 143 143 142 134 133 140 148 146 142 146 136 '147 Paper and pulp 131 129 138 139 138 132 130 136 143 141 138 142 131 Pulp 149 146 152 154 153 137 131 144 156 155 150 161 147 142 Groundwood pulp 120 118 124 124 114 95 93 96 98 96 92 99 96 Soda pulp 93 92 100 101 103 100 102 104 111 112 100 107 101 Sulphate pulp 227 219 223 227 223 195 167 203 239 235 223 250 229 Sulphite pulp 122 120 126 129 131 120 125 130 132 131 133 137 122 Paper 128 126 136 137 136 131 130 135 141 139 136 139 129 140 Paperboard 149 141 165 157 158 143 145 155 165 166 160 164 155 169 Fine paper 73 74 77 80 79 78 81 82 82 85 84 85 72 85 Printing paper 122 126 125 133 132 132 134 139 144 144 141 143 127 134 Tissue and absorbent paper 146 142 142 147 145 149 146 141 149 143 143 142 138 151 Wrapping paper 133 135 141 147 140 140 128 135 138 126 128 132 124 135 Newsprint 80 72 81 79 81 86 86 86 86 86 83 83 84 83 Paperboard containers (same as Paperboard). Printing and Publishing. 105 111 114 123 127 124 129 Newsprint consumption 96 96 108 110 108 123 Printing paper (same as shown under Paper). Petroleum and Coal Products P267 P240 P!84 >156 >174 vl72 '166 P161 P171 166 '174 177 Petroleum refining Gasoline 155 132 140 131 129 138 140 145 Fuel oil 173 151 164 171 176 168 170 Lubricating oil 138 119 123 129 130 132 146 Kerosene 140 116 180 190 167 175 Other petroleum products1. . . Coke 165 153 152 116 148 154 116 91 151 113 137 160 By-product coke 158 148 150 115 144 150 111 85 145 116 133 155 Beehive coke 400 332 224 145 276 286 296 295 337 18 276 331 '371 Chemical Products.. 307 265 239 230 228 230 234 232 232 235 233 233 '235 Paints 139 133 136 139 142 142 145 147 148 150 146 150 '150 Soap 130 122 126 124 124 127 130 126 122 121 122 l?0 '117 Rayon 243 222 237 238 244 246 251 255 256 260 256 255 '259 Industrial chemicals. 409 368 386 371 370 378 384 379 382 392 389 388 '390 Explosives and ammunition1. Other chemical products1 Rubber Products. . . 218 193 172 191 192 205 215 216 221 219 215 218 211 Minerals—Total. 143 140 134 124 138 133 141 141 137 104 116 139 146 P143 Fuels 148 146 139 126 143 137 146 149 145 108 124 149 153 P150 Coal. 140 135 142 112 149 132 150 152 159 32 73 142 153 Bituminous coal. 146 144 148 110 159 142 159 160 168 10 60 156 159 P156 Anthracite 117 102 114 120 112 94 114 121 125 121 125 86 128 P120 Crude petroleum 153 152 138 133 141 139 144 147 138 154 P151 146 149 153 Metals. 109 105 106 109 108 107 94 91 P98 78 65 79 Metals other than gold and silver. 168 162 161 164 163 159 159 135 132 147 Iron ore 111 89 113 (Copper; Lead; Zinc)1 Gold P36 P35 P32 P32 P32 Silver P43 P41 P34 P33 »• Revised. P Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 1177 OCTOBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1945 1946 Industry July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Industrial Production—Total 211 188 171 164 167 161 156 148 164 163 159 171 173 Pi 78 Manufactures—Total 223 196 177 171 173 167 160 151 170 174 167 176 178 P184 Durable Manufactures 292 240 195 187 192 184 164 136 182 190 176 194 203 P208 Iron and Steel... 187 155 163 146 167 164 102 43 169 159 109 154 179 183 Pig iron 182 166 129 158 164 100 48 168 142 86 144 '178 186 Steel 203 164 171 159 178 172 108 46 176 175 126 167 r190 195 Open hearth. 172 142 154 139 160 155 95 38 161 148 98 142 168 169 Electric 421 319 296 307 306 293 199 106 286 363 319 343 r343 378 Machinery 371 310 230 232 231 232 217 188 207 225 •230 •241 242 '251 Manufacturing Arsenals and Depots1. Transportation Equipment 535 273 258 217 220 199 245 •240 •241 244 >245 Automobiles 188 105 120 95 107 98 164 170 179 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products. 165 144 151 141 132 135 143 146 Smelting and refining 171 148 140 123 109 110 130 -136 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 202 162 135 143 148 150 155 144 148 141 139 145 148 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. 116 113 104 94 95 86 99 110 120 129 131 141 137 139 Lumber. . 107 108 98 82 81 63 80 95 108 122 126 138 133 P134 Furniture. 134 124 115 120 123 131 135 139 142 144 142 146 144 151 Stone, Clay, and Glass Products. 168 165 166 167 162 159 163 174 184 187 r180 r191 193 P200 Glass products 186 183 204 192 176 169 186 210 221 214 204 207 214 Plate glass 62 61 79 50 4 3 29 106 136 130 133 119 129 114- Glass containers 230 227 247 242 237 227 242 247 251 243 228 237 244 Cement 102 110 112 123 122 108 107 113 125 145 134 166 171 Clay products 115 113 114 122 123 128 134 138 143 144 140 147 147 P152- Gypsum and plaster products. .. 179 162 176 182 183 186 190 191 197 198 190 «"198 183 Abrasive and asbestos products. 287 260 220 218 215 217 199 197 217 221 '222 ••233 Other stone and clay products 1. Nondurable Manufactures. 167 159 161 158 158 154 157 162 162 161 160 161 157 165 Textiles and Products. 132 134 144 141 143 151 159 162 161 164 165 143 Textile fabrics 121 123 134 131 135 132 140 149 150 148 152 153 132 '149 Cotton consumption 123 123 138 128 133 125 138 146 147 144 149 152 127 149 Rayon deliveries 220 213 215 215 226 228 233 234 241 245 '247 240 233 229 Nylon and silk consumption 1. . Wool textiles 117 127 142 147 150 149 153 171 173 169 174 174 142 Carpet wool consumption.. 33 58 82 93 89 104 110 135 138 122 134 137 102 Apparel wool consumption. 185 172 186 191 193 184 200 222 229 224 231 225 193 Woolen and worsted yarn.. 124 136 154 156 160 156 158 175 174 171 176 175 144 Woolen yarn 129 145 158 156 163 159 160 177 176 172 180 178 147 Worsted yarn 117 125 149 156 156 152 154 171 171 169 170 170 138 Woolen and worsted cloth. 129 136 144 149 154 153 155 170 173 174 176 178 146 Lea her and Products. 107 107 118 113 117 111 117 137 134 131 127 127 101 Leather tanning 103 97 110 108 113 113 115 136 119 114 105 104 93 Cattle hide leathers 120 109 123 122 130 131 134 157 140 135 124 123 110 Calf and kip leathers 78 79 95 91 86 90 90 104 82 81 72 66 Goat and kid leathers.. . 49 46 52 46 50 49 54 67 62 56 48 46 45 Sheep and lamb leathers. 123 134 148 145 148 132 140 160 144 131 127 127 114 Shoes 109 114 123 116 120 109 118 138 144 142 •106 142 142 Manufactured Food Products. 157 151 166 153 151 149 143 145 139 137 161 163 139 137 Wheat flour 133 139 136 134 135 149 165 119 104 125 136 Cane sugar meltings 1 116 96 Manufactured dairy products. 212 185 155 120 100 P75 P85 101 134 160 189 197 176. Butter 109 93 72 62 50 47 49 51 54 66 80 86 89 80 Cheese 223 191 164 139 112 103 112 123 138 180 222 237 207 189 Canned and dried milk. . . 257 214 185 127 105 105 105 118 141 184 227 240 207 Ice cream Meat packing 131 119 134 133 171 182 155 171 129 120 120 84 154 122. Pork and lard 129 97 95 93 179 225 191 201 138 143 151 97 167 108 Beef 137 146 179 173 164 138 125 141 120 95 90 63 147 141 Veal 116 148 197 224 202 130 81 76 75 71 70 60 132 132 Lamb and mutton 127 108 134 140 135 145 111 186 154 128 96 117 116 107 • Revised. v Preliminary. 1 Series included in total and group indexes butjiot available for publication separately. 1178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average == 100] 1945 1946 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug Manufactured Food Products—Continued Other manufactured foods 157 154 176 164 158 156 152 150 148 145 '140 141 P160 Processed fruits and vegetables. 174 165 242 165 118 108 94 92 89 101 103 124 225 Confectionery 88 115 139 142 134 139 149 144 129 110 104 91 *88 Other food products 165 158 165 168 173 171 167 166 166 162 '156 '154 157 Alcoholic Beverages. 214 175 199 214 201 188 198 211 162 164 157 174 176 Malt liquor 184 170 183 169 154 157 163 178 118 123 124 154 160 Whiskey 199 55 52 70 83 130 131 125 100 96 60 61 65 Other distilled spirits 400 216 324 566 467 301 280 314 241 214 211 213 219 Rectified liquors.... 293 306 365 420 427 343 396 416 401 409 387 367 426 Industrial Alcohol from Beverage Plants x Tobacco Products. 133 155 169 173 157 104 142 148 152 147 164 159 145 161 Cigars 83 91 106 111 110 87 104 111 110 109 110 108 99 110 Cigarettes 170 204 220 225 198 128 185 193 202 190 219 210 190 212 Other tobacco products. 95 106 103 97 57 70 67 65 69 71 77 72 77 Paper and Paper Products. 134 131 144 143 142 134 133 141 148 146 142 147 136 P147 Paper and pulp 130 129 138 139 138 131 130 137 143 141 138 142 131 \ 42 Pulp 147 144 150 153 153 137 131 145 157 156 151 162 146 Groundwood pulp 107 104 110 115 121 96 96 100 105 106 100 100 86 Soda pulp 93 92 100 101 103 100 102 104 111 112 100 107 101 Sulphate pulp 227 219 223 227 223 195 167 203 239 235 223 25Q 229 Sulphite pulp 122 120 126 129 131 120 125 130 132 131 133 137 122 Paper 128 126 136 137 136 131 130 136 141 139 136 139 128 140 Paperboard 149 141 165 157 158 143 145 155 165 166 160 164 155 169 Fine paper 73 74 77 80 79 78 81 82 82 85 84 85 72 85 Printing paper 122 126 125 133 132 132 134 139 144 144 141 143 127 134 Tissue and absorbent paper 140 142 142 148 145 145 144 147 149 144 143 145 133 151 Wrapping paper 133 135 141 147 140 140 128 135 138 126 128 132 124 135 Newsprint 78 71 81 79 82 84 86 86 86 83 84 82 82 Paperboard containers (same as Paperboard).. Printing and publishing. 107 110 117 118 114 114 122 129 129 126 129 Newsprint consumption 87 94 101 104 96 94 106 114 114 112 115 104 Printing paper (same as shown under Paper). Petroleum and Coal Products.... P267 P240 P!84 P156 P174 P172 P166 P161 P171 P166 P!63 I 74 P177 Petroleum refining Gasoline 156 155 132 129 147 140 131 129 130 133 138 140 144 Fuel oil 175 173 151 152 164 164 171 176 172 172 168 170 166 Lubricating oil 134 137 119 120 133 122 125 129 139 141 137 146 133 Kerosene 124 135 115 122 148 162 184 200 187 165 169 164 160 Other petroleum products a Coke 165 153 152 116 148 154 116 91 151 113 73 137 160 By-product coke 158 148 150 115 144 150 111 85 145 116 75 133 155 Beehive coke 400 332 224 145 276 286 296 295 337 18 16 276 331 J>371 Chemical Products.. 303 261 239 232 230 231 233 233 234 237 231 231 P231 Paints 137 132 135 139 140 142 142 145 148 151 147 150 Soap 129 124 131 130 125 127 127 124 122 119 117 119 Rayon 243 222 237 238 244 246 251 255 256 260 261 256 255 P259 Industrial chemicals....... 409 368 386 371 370 378 384 379 382 392 383 389 388 P390 Explosives and ammunition l Other chemical productsl ... Rubber Products. . . 218 172 191 192 205 215 216 221 219 215 218 211 P217 Minerals-—Total. 145 143 137 125 134 126 134 134 131 100 115 141 149 PI 46 Fuels 148 146 139 126 143 137 146 149 145 108 124 149 153 Coal 140 135 142 112 149 132 150 152 159 32 73 142 153 P149 Bituminous coal. 146 144 148 110 159 142 159 160 168 10 60 156 159 P156 Anthracite 117 102 114 120 112 94 114 121 125 121 125 86 128 P120 Crude petroleum. . . . 153 152 138 133 141 139 144 147 138 146 149 153 154 P151 Metals. 125 124 116 80 61 60 48 46 48 63 96 122 Metals other than gold and silver.. 196 192 188 175 111 79 78 58 56 61 89 '143 188 Iron ore 289 289 281 245 108 50 50 22 28 58 116 233 295 282 (Copper; Lead; Zinc)1 Gold P33 P32 P30 P28 P28 P30 Silver P43 P42 P38 P32 " Revised. v Preliminary. 1 Series included in total and group indexes but not available for publication separately. NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. OCTOBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939=100] Factory employment Factory pay rolls Industry group or industry 1945 1946 1945 July Aug. Apr. May June July Aug. June July Aug. Apr. May June July Total 152.1 148.7 135.9 136.9 '139.2 140.8 144.6 314.6 298.7 267.3 249.2 '247.8'256.8 260.5 Durable goods 195.3 187.7 151.6 154.6 158.0 161.0 165.4 414.2 387.1 335.4 267.3 '266.6"•280.1 286.2 Nondurable goods 118.0 117.9 123.5 123.0 124.4 124.9 128.3 217.3 212.1 200.6 231.4 '229.4'234.0 235.3 Iron and Steel and Products 156.8 150.3 134.5 '133.1'135.4 139.3 143.6 308.3 289.7 255.8 231.6 221.4 229.1 236.0 Blast furnaces, steel works, etc 119 118 120 115 117 121 223 217 199 193 176 181 191 Steel castings 201 193 166 169 169 167 387 349 311 293 291 292 in T S H t i a o n r v d c e w a s n a a s r n e a d n d h e o a t t h in e g r t e i q n u w i a p r m e ent 1 1 1 1 3 2 9 3 4 1 1 1 2 2 1 7 1 6 1 1 1 1 0 2 7 8 2 1 1 1 2 2 0 5 5 9 1 1 1 3 2 1 2 6 3 1 1 1 1 2 3 7 5 7 2 2 26 4 3 1 2 0 2 2 2 3 3 3 2 8 4 2 2 1 0 0 9 9 9 6 2 2 1 3 9 0 0 5 6 2 2 1 0 3 9 7 6 2 2 2 2 0 3 3 6 9 5 2 2 2 1 4 4 1 1 9 Steam, hot-water heating apparatus 156 146 145 146 149 154 320 289 254 263 264 266 275 Stamped and enameled ware 145 137 '128 130 131 136 304 243 ••242 '246 254 Structural and ornamental metal 282 '252 work 136 140 143 150 318 240 ••233 251 279 241 Electrical Machinery 254.1 246.8 171.5'187.3 '193.3 194.4 201.4 490.0 399.2 286.1 '311.5 333.7 Electrical equipment 213 208 130 148 153 154 415 460.6 330 209 '245 r333.9 258 Radios and phonographs 242 227 165 170 176 176 486 387 389 300 '308 '258 331 463 '326 Machinery except Electrical 209.2 203.7 179.3 187.0 191.3 194.4 198.5 407.0 384.4 338.4 301.6 '310.8329.5 333.5 Machinery and machine-shop products 203 197 170 171 172 174 386 366 324 290 '284 '296 301 Engines and turbines 320 309 185 198 219 234 680 641 511 312 370 416 448 Tractors 171 165 130 150 158 168 278 272 248 178 192 •236 248 Agricultural, excluding tractors.... 147 142 109 147 146 147 306 298 259 175 228 248 251 Machine tools 188 182 162 161 162 162 353 329 304 261 260 270 262 Machine-tool accessories 233 230 187 186 192 194 422 388 340 284 287 301 293 Pumps 265 258 213 219 226 225 585 543 512 378 402 416 413 Refrigerators 129 124 142 154 161 166 243 229 178 232 253 257 263 Transportation Equipment, except Autos. 993.9 925.2 306.4 298.1 '290.8 290.2 287.62223.52068.0 1742.2 558.1 '538.3 •537.5 538.5 Aircraft, except aircraft engines.... 1192 1084 304 311 '316 325 2546 2310 1855 553 566 •586 607 Aircraft engines 1870 1733 293 294 292 297 3232 3043 2376 458 469 •469 466 Shipbuilding and boatbuilding 998 935 307 279 '265 253 2328 2193 1920 555 499 •483 467 A utomobiles 149.3 138.3 154.8 161.8 166.1 173.6 179.3 281.6 253.1 183.5 241.7 •232.7 '250.5 282.2 Nonferrous Metals and Products 167.6 165.1 146.9 151.4 159.1 162.2 167.6 337.9 313.1 292.2 264.9 •271.4 '288.7 288.7 Primary smelting and refining 138 138 101 102 107 112 262 268 259 173 204 Alloying and rolling, except aluminum 163 159 133 135 148 155 328 294 289 233 240 271 271 Aluminum manufactures 260 250 -188 197 '202 205 497 450 412 '321 •330 •336 337 Lumber and Timber Basic Products 124.2 124.7 132.6 137.0 141.3 143.4 149.4 239.7 222.1 219.3 248.2 261.8 •281.0 267.0 Sawmills and logging camps 75 75 75 77 79 80 148 134 134 140 147 158 149 Planing and plywood mills 92 91 93 95 97 97 167 159 147 170 175 183 174 Furniture and Lumber Products 101.7 100.5 111.5 111.4 114.1 114.5 118.1 195.9 188.2 171.5 214.6 223.5 222.1 Furniture 90 89 98 98 101 101 173 166 150 190 188 196 194 Stone, Clay and Glass Products 108.1 108.1 128.4 128.9 '132.0 132.9 136.5 189.8 185.6 179.8 226.0 224.1 •235.0 235.7 Glass and glassware 123 125 147 146 145 143 201 194 193 250 243 242 238 Cement 73 77 105 109 115 119 121 128 128 172 177 185 197 Brick, tile and terra cotta 73 73 99 102 104 110 126 127 118 181 180 196 211 Pottery and related products 113 114 134 132 137 138 186 176 173 219 215 239 229 Textile-Mill and Fiber Products 91.8 91.7 103.4 103.6 104.8 103.5 105.2 177.3 172.6 162.1 215.8 214.8 218.6 214.7 Cotton goods except small wares... 103 103 112 112 113 112 210 210 193 246 244 248 246 Silk and rayon goods 71 71 75 76 77 76 142 138 134 167 167 167 166 Woolen and worsted manufactures. 91 90 107 107 107 104 187 177 167 239 238 239 229 Hosiery 60 60 71 71 72 71 100 94 89 131 131 133 131 Dyeing and finishing textiles 84 84 95 94 95 94 147 145 140 179 175 185 179 Apparel and Other Finished Textiles 110.0 113.6 128.9 128.3 130.6 126.5 132.8 207.6 191.2 180.6 263.5 258.8 263.3 245.7 Men's clothing, n.e.c 86 85 87 88 89 88 164 152 135 174 176 181 168 Shirts, collars, and nightwear 68 68 74 75 77 76 126 124 111 153 157 160 155 Women's clothing, n.e.c 65 70 80 78 78 72 125 109 108 170 163 160 142 Millinery 67 72 83 70 68 70 93 108 113 143 99 105 123 Leather and Leather Products 90.1 90.2 102.5 102.6 103.1 102.3 102.1 173.1 167.8 159.9 203.9 203.1 203.4 197.3 Leather 81 81 93 92 91 88 149 147 141 165 15P 163 157 Boots and shoes 78 78 89 88 89 89 154 149 141 185 185 183 178 Food and Kindred Products , 127.5 129.0 119.8 118.1 129.0 135.2 202.6 212.7 205.6 205.4 '201.9 •205.0 231.5 Slaughtering and meat packing.... 106 103 115 113 107 102 178 175 158 181 181 167 180 Flour 121 124 118 110 109 114 211 218 211 203 182 191 221 Baking 108 108 107 104 102 101 174 175 171 179 171 169 179 Confectionery 99 101 104 98 '95 93 187 164 166 193 174 180 170 Malt liquors 147 149 140 139 141 144 220 231 224 195 201 210 222 Canning and preserving 124 134 68 70 82 136 157 250 249 149 150 180 323 Tobacco Manufactures 83.4 84.3 90.8 91.2 92.1 90.7 92.6 164.5 151.9 149.3 174.6 181.1 184.1 178.3 Cigarettes 124 123 120 121 123 123 204 201 194 205 217 218 211 Cigars 60 62 76 77 77 74 137 115 115 162 164 168 160 r Revised. NOTE.—Indexes for major groups and totals have been adjusted to final 1944 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for August 1946 are preliminary. 1180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939=100] Factory employment Factory pay rolls Industry group or industry 1945 1946 1945 July Aug. Apr. May June July Aug. June July Aug. Apr. May June July Paper and Allied Products 116.4 117.0 134.5 135.3 137.3 135.9 137.8 202.0 198.0 189.2 235.9 237.4 '244.4 243.8 Paper and pulp 103 104 119 120 122 121 184 181 172 210 213 "217 218 Paper goods, n.e.c 111 112 123 123 123 121 193 182 180 212 212 218 212 Paper boxes 109 110 122 123 125 124 183 181 171 216 217 226 223 Printing and Publishing 96.8 98.3 114.2 114.3 115.7 116.8 117.5 139.6 137.8 140.0 178.9 179.5 184.2 186.0 Newspaper periodicals 91 93 108 109 109 110 122 120 129 158 161 162 164 Book and job 104 105 122 121 124 126 156 155 152 200 197 205 209 Chemicals and Allied Products 223.2 208.3 170.9 166.8 165.1 162.5 164.5 417.6 397.8 357.2 291.2 283.8 285.1 284.3 Drugs, medicines, and insecticides 183 181 187 188 188 188 284 273 271 302 305 306 307 Rayon and allied products 111 110 122 121 121 118 186 184 182 201 200 198 198 Chemicals, n.e.c 162 161 170 168 169 165 299 292 288 283 278 283 284 Explosives and safety fuses 1207 1105 199 176 169 170 1984 1880 1607 307 267 266 265 Ammunition, small arms 1346 889 181 177 178 178 3037 2636 1470 342 319 331 336 Cottonseed oil 76 76 78 65 59 56 168 154 146 168 140 127 120 Fertilizers • 104 106 155 131 107 102 259 247 242 363 301 '250 245 Products of Petroleum and Coal 128.0 128.0 138., 136.9 T140.6 142.7 144.6 230.6 234.6 229.8 232.7 228.2 r236.0 244.3 Petroleum refining 128 128 134 134 136 137 224 228 224 221 222 223 228 Coke and by-products 101 101 113 105 114 118 182 195 189 193 169 195 215 Rubber Products 160.5 158.0 182.0 182. 186.1 180.2 185., 304.. 298.7 265.7 324.9 327.6 337.2 327.2 Rubber tires and inner tubes 162 159 193 193 196 183 294 287 250 313 314 318 304 Rubber goods, other 128 124 130 129 132 134 243 238 213 241 241 '255 256 Miscellaneous Industries 165.9 163.9 163. 165.0 169.4 169.6 174.9 337.5 315.a 293., 301.6 300.5 315.6 312.5 Instruments, scientific 473 449 203 198 197 200 988 835 798 342 331 339 343 Photographic apparatus 155 155 136 139 142 146 263 260 250 220 221 233 240 For footnotes see page 1180. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] 1945 1946 Group July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total 151 7 147,6 127.8 127.2 127.8 128.1 130.7 122.4 130 3 136.6 138.0 139 5 140 3 P143 4 Durable .... 195.2 187.5 144.8 142.6 143.3 141.2 144.4 122.9 138.6 151.6 154.6 157.9 160 7 i'165 1 Nondurable 117.4 116.1 114.5 115.1 115.6 117.8 119.8 122.0 123.7 124.7 124.8 125.0 124.3 P126.4 Preliminary. r Revised. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry group 1946 June July Mar. Apr. May June July June July Mar. Apr. May June July All Manufacturing 44.6 44.0 40.7 40.5 39.7 40.0 39.6 103.8 103.3 103.5 105.8 107.1 108.4 109.3 Durable Goods 45.8 44.9 40.6 40.4 39.3 39.8 39.2 113.0 112.7 110.3 113.1 114.7 116.4 117.7 Iron and Steel and Products 46.0 45.2 40.0 39.9 '38.4 38.8 38.4 111.2 111.4 116.9 118.6 119.0 120.2 121.2 Electrical Machinery 45.7 45.3 40.3 40.2 '38.9 '39.8 39.3 106.1 105.7 103.6 109.6 113.1 114.8 115.4 Machinery Except Electrical 47.7 46.7 41.7 41.5 '40.1 '40.9 40.4 115.0 114.8 117.2 117.9 120.4 122.3 123.5 T A r u a t n o s m p o o b r i t l a e t s ion Equipment Except Autos. 4 4 6 3 . . 2 8 4 4 2 5 . . 3 8 4 3 0 7 . . 0 0 3 3 9 7 . . 9 4 r 3 36 9 . . 3 1 '3 3 6 9 . . 5 7 3 3 9 7 . . 2 8 1 1 2 3 6 0 . . 8 0 1 12 3 6 0 . . 0 1 1 1 2 2 6 6 . . 4 4 1 13 3 0 1 . . 2 6 1 1 3 32 3 . . 5 3 1 1 3 3 5 4 . . 0 8 1 1 3 36 5 . . 5 6 Nonferrous Metals and Products 46.2 45.7 42.2 41.8 41.1 40.9 40.1 107.2 106.8 111.3 113.1 114.9 116.7 116.6 Lumber and Timber Basic Products 44.0 41.4 41.1 41.3 40.9 41.5 38.6 82.2 81.0 84.8 85.6 '88.0 r90.8 90.9 Furniture and Finished Lumber Products 44.1 43.3 42.5 42.3 41.3 41.8 41.0 85.2 85.2 88.8 90.3 91.7 '93.0 93.9 Stone, Clay, and Glass Products 43.8 43.4 41.6 41.3 '40.2 40.4 39.5 92.9 93.1 98.5 100.4 101.9 103.9 105.7 Nondurable Goods 43.1 42.8 40.9 40.6 40.1 '40.2 40.1 90.4 90.2 97.5 98.8 99.6 100.3 101.0 Textiles—Mill and Fiber Products 41.8 41.3 40.4 40.3 39.8 40.0 39.6 75.9 76.3 85.8 86.9 87.3 87.5 87.9 Apparel and Other Finished Products 37.2 36.7 37.5 37.2 36.9 '37.1 36.1 83.9 82.9 96.1 96.6 95.6 95.1 94.1 Leather and Manufactures 42.1 41.7 40.8 40.5 39.6 39.3 38.3 85 85.1 91.7 92.8 '94.2 '95.0 95.4 Food and Kindred Products 45.6 45.8 42.9 42.8 42.4 '42.2 43.8 87 87.4 94.3 95.2 r96.1 '97.3 98.8 Tobacco Manufactures 42.8 41.0 39.7 39.2 39.5 '40.0 39.1 75.7 74.9 83.0 83.0 84.8 84.6 85.1 Paper and Allied Products 46.4 46.3 43.9 43.5 '42.9 43.1 42.8 87.9 88.1 95.7 96.6 '98.3 99.3 100.6 Printing, Publishing and Allied Industries, 41.6 41.5 41.2 41.0 40.4 '40.5 40.2 112.8 112.3 123.5 124.8 126.6 127.7 128.7 Chemicals and Allied Products 45.4 45.1 41.6 41.4 40.7 40.5 40.6 99.7 99.9 103.3 104.5 106.4 108.5 109.9 Products of Petroleum and Coal 47.8 47.7 40.8 40.0 39.3 '39.6 40.0 120.7 121.7 130.7 133.2 134.2 134.7 135.5 Rubber Products 45.2 45.5 40.8 40.3 39.4 39.3 39.2 114.0 113.8 113.8 123.2 126.6 128.4 129.2 Miscellaneous Industries 45.2 44.0 42.1 41. 40.9 41.2 40.5 99.2 98.3 99.9 101.5 102.8 104.2 104.8 r Revised. NOTE.—Back figures are available from the Bureau of Labor Statistics. OCTOBER 1946 1181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons) Transporta- Finance, Federal. Year and month Total M t a u n r u in fa g c- ning Co t n io st n r * uc- ti p o u n b l a i n c d Trade an s d e r m vi i c s e c , el- Sta lo te c , a a l nd utilities laneous government 1939 30,353 10,078 845 1,753 2,912 6,618 4,160 3,988 1940 31,784 10,780 916 1,722 3,013 6,906 4,310 4,136 1941 35,668 12,974 947 2,236 3,248 7,378 4,438 4,446 1942 38,447 15,051 970 2,078 3,433 7,263 4,447 5,203 1943 40,185 17,381 891 1,259 3,619 7,030 4,115 5,890 1944 39,689 17,111 835 679 3,761 7,044 4,348 5,911 1945 38,144 15,060 779 834 3,822 7,173 4,589 5,887 SEASONALLY ADJUSTED 1942—September 39,171 15,644 962 2,077 3,448 7,227 4,382 5,431 October 39,452 15,798 954 2,136 3,484 7,224 t,33O 5,526 November 39,597 16,048 944 2,095 3,503 7,132 t1,255 5,620 December 39,898 16,333 933 2,041 3,525 7,136 t1,229 5,701 1943—January 40,081 16,653 927 1,899 3,540 7,133 i1,146 5,783 February 40,154 16,901 924 1,734 3,556 7,064 tt,146 5,829 March 40,358 17,123 915 1,604 3,574 7,110 i1,121 5,911 April 40,248 17,215 908 L,476 3,588 7,006 1,110 5,945 May 40,170 17,267 893 1,358 3,597 6,988 i1,102 5,965 J Ju u l n y e 4 4 0 0 , , 4 2 3 9 5 8 1 17 7 , , 6 4 1 3 8 1 8 8 8 9 8 3 1 L , . 2 1 6 6 3 4 3 3 , , 6 6 3 2 4 0 7 7 , , 0 0 1 6 7 1 * 4 • 1 , , 1 1 2 1 7 2 5 5 , , 9 9 6 4 2 3 August 40,288 17,648 878 ,082 3,639 7,015 4,110 5,916 September 40,032 17,608 876 .020 3,633 7,006 4,079 5,810 October 40,067 17,689 869 936 3,671 7,006 4,078 5,818 November 40,143 17,769 859 891 3,683 7,000 4,119 5,822 December 40,118 17,634 863 864 3*, 687 6,962 4,127 5,981 1944—January 40,219 17,675 862 830 3,720 7,096 4,170 5,866 February 40,202 17,669 862 786 3,780 7,043 4,173 5,889 March 40,016 17,535 852 737 3,780 7,046 4.165 5,901 April 39,796 17,322 848 719 3,763 6,982 4,257 5,905 May 39,737 17,191 843 673 3,768 6,997 4,363 5,902 June 39,789 17,116 848 677 3,765 7,012 4,475 5,896 July 39,693 17,006 833 653 3,753 7,084 4,505 5,859 August 39,711 17,000 830 648 3,762 7,059 4,514 5,898 September 39,440 16,804 822 627 3,735 7,065 4,488 5,899 October 39,220 16,675 812 609 3,748 7,077 4,384 5,915 November........ 39,127 16,612 808 611 3,771 7,052 4,359 5,914 December 39,357 16,747 802 619 3,789 7,015 4,304 6,081 1945—January 39,489 16,696 805 633 3,797 7,210 4,394 5,954 February 39,558 16,684 802 658 3,848 7,164 4,404 5.99S March 39,651 16,640 796 691 3,846 7,214 4,438 6,026 April 39,169 16,384 765 736 3,811 7,004 4,466 6,003 May 38,953 16,092 732 782 3,802 7,056 4,513 5,976 June 38,683 15,749 798 828 3,795 7,039 4,521 5,953 July 38,356 15,255 784 868 3,801 7,117 4,558 5,973 August 38,070 14,944 780 858 3,803 7,121 4,597 5,967 September 36,223 13,094 780 883 3,774 7,215 4,603 5,874 October 36,184 13,048 714 940 3,806 7,258 4,745 5,673 November 36,538 13,110 789 984 3,871 7,315 4,894 5,575 December 36,813 13,059 798 1,085 3,916 7,335 4,936 5,684 1946—January 37,471 13,236 814 L,23O 3,956 7,673 5,034 5,528 February 37,016 12,536 812 L,385 3,987 7,697 5,082 5,517 March 37,931 13,272 801 1,462 3,990 7,757 5,127 5,522 April 38,335 13,848 508 1,597 3,939 7,775 5,166 5,502 May '38,663 '13,955 717 1,708 3,873 7,763 5,134 5,513 June '38,935 '14,089 810 rL ,837 ••3,877 '7,787 5,055 5,480 July 39,107 14,150 813 L.893 3,906 7,900 5,026 5,419 August 39,647 14,477 820 1,950 3,950 7,952 5,077 5,421 UNADJUSTED 1944—July 39,809 17,091 833 686 3,809 6,942 4,618 5,830 August 39,806 17,085 834 700 3,818 6,918 4,582 5,869 September 39,616 16,888 826 671 3,791 6,994 4,488 5,958 October 39,426 16,758 816 652 3,767 7,148 4,340 5,945 November 39,435 16,695 812 629 3,771 7,299 4,315 5,914 December 40,004 16,747 806 594 3,770 7,611 4,304 6,172 1945—January 39,093 16,696 801 582 3,740 7,030 4,350 5,894 February 39,135 16,684 798 599 3,771 6,985 4,360 5,938 March 39,251 16,557 796 636 3,788 7,084 4,394 5,996 April 38,991 16,302 761 699 3,792 6,990 4,444 6,003 May 38,880 16,012 728 798 3,802 7,021 4,513 6,006 June 38,767 15,749 794 845 3,833 7,004 4,589 5,953 July 38,474 15,331 784 911 3,858 6,975 1,672 5,943 August 38,172 15,019 784 927 3,860 6,979 i1,666 5,937 September 36,398 13,159 784 945 3,831 7,143 1,603 5,933 October 36,327 13,048 718 1,006 3,825 7,331 t,698 5,701 November 36,779 13,110 793 1,014 3,871 7,571 1,845 5,575 December 37,463 13,059 802 1,042 3,896 7,959 1,936 5,769 1946—January 37,013 13,236 810 L,132 3,897 7,481 4,984 5,473 February 36,509 12,536 808 1,260 3,907 7,505 5,031 5,462 March 37,469 13,206 801 1,345 3,930 7,617 5,076 5,494 April 38,121 13,779 505 1,517 3,919 7,759 5,140 5,502 May '38,612 '13,885 '713 1,742 3,873 7,724 5,134 5,541 June ••39,044 '14,089 806 r1.874 ••3,916 '7,748 5,131 5,480 July 39,273 14,221 813 1.988 3,965 7,742 5,152 5,392 August 39,828 14,549 824 2,106 4,009 7,793 5,153 5,394 * Includes Contract Construction and Federal Force Account Construction. ' Revised. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates for manufacturing have been adjusted to levels indicated by final 1944 data made available by the Bureau of Employment Security of the Federal Security Agency. Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors,, self-employed persons, domestic servants, and personnel of the armed forces are excluded. August 1946 figures are preliminary. For back seasonally adjusted estimates see BULLETIN for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics, 1182 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION fFigures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Total R b es u i i d ld e i n n t g ial an u d t il p it u i b es lic Month Factories Commercial Educational Other 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 1945 1946 January 140.9 357.5 19.5 89.7 45.2 104.7 7.5 69.0 4.9 18.1 23.9 25.8 39.8 50.2 147.0 387.4 19.3 102.1 66.6 97.7 8.5 77.5 3.0 17.1 17.6 28.3 32.0 64.7 March 328.9 697.6 26.9 275.2 160.4 113.7 10.0 112.7 4.6 11.4 36.3 40.9 90.6 143.6 April 395.8 734.9 42.7 370.6 174.5 105.1 12.3 75.1 4.3 18.0 49.9 37.9 111.9 128.1 May 242.5 952.4 47.2 463.6 43.4 140.5 9.5 88.7 5.1 23.4 29.4 38.3 107.9 197.9 227.3 807.9 41.8 332 2 25.5 159.4 18.8 55 2 10 5 23 4 35.6 35 2 95.0 202.4 July 257.7 718.0 46.3 281.2 51.5 129.3 19.8 72.8 13.4 35.7 36.9 45.8 89.9 153.1 August 263.6 679.9 42.7 284.0 75.5 109.4 25.5 56.6 10.4 7.8 32.0 37.7 77.5 184.4 September 278.3 42.6 98.3 45.5 10.2 27.0 54.6 October 316.6 59.9 85.4 60.8 18.6 30.8 61.1 November 370.1 88.4 107.9 62.8 7.0 30.0 74.0 December 330.7 86.1 92.6 65.5 8.2 27.3 51.0 Year... 3,299.3 563.5 1,027.0 346.4 100.2 376.8 885.4 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT Pfigures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the . W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership 1946 1945 Month Federal Reserve district 1944 1945 1946 1944 1945 1946 1944 1945 1946 Aug. July Aug. January.. 159 141 358 122 75 47 37 66 311 Boston 47,203 54,880 18,841 February. 137 147 387 109 74 56 28 73 331 New York.. . 94,668 175,514 36,445 March 176 329 698 133 221 146 43 107 551 Philadelphia. 36,438 43,968 16,162 April...... 179 396 735 133 309 127 46 87 608 Cleveland. . . 78,307 64,566 25,423 May 144 243 952 98 148 197 46 95 756 Richmond... 83,466 85,294 29,395 June 164 227 808 122 82 215 42 146 593 Atlanta 90,744 85,807 24,293 July 191 258 718 148 108 202 42 149 516 Chicago 102,999 90,527 51,704 August.. . 169 264 125 67 44 196 St. Louis. 62,976 40,032 28,703 September 176 278 127 43 49 235 Minneapolis. 29,723 27,401 7,621 October. . 145 317 102 61 43 256 Kansas City. 20,872 15,840 6,131 November 165 370 103 61 62 309 Dallas 32,513 34,162 18,890 December. 188 331 114 62 74 269 Total (11 districts). 679,909 717,991 263,608 Year... 1,994 3,299 1,435 1,311 559 1,988 INSURED FHA HOME MORTGAGES (TITLE II) HELD IN LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] [In millions of dollars] Year or month Total p P m T e r i r o m r i e o t t v n l y - p e e t - - I L s S h o c t t m o i r o a o u m n n a n c - s l e - l 1 f h ( a - o T m I t u D i o t s i l l e 4 e y M s - o h r R g t ( o g T a r e I u o a n n D i s g t u d t i l a n e p e l s g o h n ( o W T V u i I s a t ) i l r n e g 1 1 9 9 E 3 3 n 6 7 d — — o D D f e e c c month T 3 o 7 6 7 ta 5 1 l b C m c a 4 2 o i n e 3 a 2 m r k l 0 8 - s - b M s i t a n u a n g v u a 2 k s l - - 8 7 s a a S l s i t a o n i s 1 a n o o a g 5 1 v d n n c s 6 0 - i s - I p c a n a o n s 1 n m u c 4 1 i e r 1 8 e - - s a F c e g i e r e e a 3 d s n l 2 - 5 1 - Oth 5 2 e 3 7 r1 1938—Dec 1,199 634 38 149 212 77 90 1935 320 224 94 2 1936.. 557 246 309 2 1939—June 1,478 759 50 167 271 137 94 1937 ........ 495 60 424 11 Dec 1,793 902 71 192 342 153 133 1938... 694 160 13 473 48 1939 954 208 25 669 51 1940—Mar 1,949 971 90 201 392 171 124 1940. 1,026 251 26 736 13 June 2,075 1,026 100 208 432 182 127 1941 1 186 262 21 877 13 13 Sept 2,232 1,093 111 216 480 190 141 1942 ....... 1,137 141 15 691 6 284 Dec 2,409 1,162 130 224 542 201 150 1943. 942 96 1 243 601 1944 886 125 216 7 537 1941—Mar 2,598 1,246 146 230 606 210 160 1945............ 684 189. 219 3 272 S Ju e n p e t 2 2 , , 9 7 4 5 2 5 1 1 , , 4 3 0 1 0 8 1 1 7 5 1 7 2 2 4 3 6 7 6 72 6 2 8 2 22 2 5 0 1 1 7 5 8 4 1945—Aug. 45 12 18 * 15 Dec 3,107 1,465 186 254 789 234 179 Sept. 44 11 16 2 14 Oct 62 26 19 17 1942—Mar. 3,307 1,549 201 264 856 237 200 Nov 60 28 > 21 11 June 3,491 1,623 219 272 940 243 195 Dec 55 23 20 1 11 Dec 3,620 1,669 236 276 1,032 245 163 1946— F j e an b . 5 4 6 6 1 1 4 7 > * 2 2 7 4 1 g 2 1943— D Ju e n c e 3 3 , , 7 6 0 2 0 6 1 1, , 7 7 0 0 5 0 2 2 5 5 2 6 2 2 9 8 2 4 1 1 , , 1 0 3 7 4 1 23 7 5 9 1 1 5 5 9 8 Mar...... . 48 13 28 * 7 Apr 58 21 28 1 8 1944—June 3,554 1,669 258 284 1,119 73 150 May 80 39 t 31 1 10 Dec 3,399 1,590 260 269 1,072 68 140 June . 83 40 37 6 July....... 80 42 33 1 5 1945—June 3,324 1,570 265 264 1,047 43 134 Aug 55 25 26 4 Dec 3,156 1,506 263 253 1,000 13 122 xThe RFC Mortgage Company, the Federal National Mortgage •Less than $500,000. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured including mortgage companies, finance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, exclude on rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. OCTOBER 1946 1183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1942 1943 1944 1945 1946 1942 1943 1944 1945 1946 1942 1943 1944 1945 1946 January .... 482 749 1,124 903 P799 254 230 300 334 P394 228 519 824 569 P405 February 483 728 1,107 887 P671 254 234 314 325 P3 19 230 494 793 561 P352 March 637 988 1,197 1,030 P815 272 249 358 365 P385 365 739 839 665 P431 April 717 989 1,231 1,005 P757 235 258 352 366 P407 482 732 879 639 P351 May ... . 542 1,092 1,455 1,135 P851 191 282 386 372 P397 351 810 1,069 763 P454 June 650 1,003 1,297 870 P878 215 296 331 360 P385 434 707 965 511 P493 July 659 1,265 1,197 893 P825 214 302 294 356 P432 446 963 903 537 P393 August 705 1,280 1,191 P737 187 318 304 P360 518 962 887 P378 September . 732 1 269 1 194 P514 196 289 282 P335 536 981 912 P180 October. . 803 1 238 1 144 P455 200 329 328 P344 603 909 815 Pill November. . . . 788 1,073 1 187 P639 168 312 323 P322 620 761 863 P317 December 883 1,288 939 P736 359 282 347 P297 524 1,005 591 P439 Jan.-July 4,169 6,815 8,608 6,724 P5,596 1,634 1,851 2,336 2,478 ^2,718 2,535 4,964 6,271 4,246 P2.878 P Preliminary. 1 Including both domestic and foreign merchandise. 1 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS [Index numbers: 1935-39 average=100] [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain L st i o v c e k - p u e r c o s t t d s - Ore l c o a e u n l s e - - c l d . h c i a . s 1 e n . - o r p a T e i r o lw a t t a a i l n y g e r x a T p i o l e w t n a a s l e y s o r p a e N i r lw a e t t a in y g in N co e m t e revenues income Annual 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 3 4 4 4 5 4 0 9 2 1 3 . . . . . .. 1 1 1 1 1 1 1 3 0 3 0 3 3 4 0 9 5 1 7 8 0 1 1 1 1 1 1 9 2 3 4 1 3 3 8 3 8 3 1 4 5 1 1 1 1 1 1 1 7 3 8 0 6 8 8 2 7 1 2 8 5 6 1 1 1 1 1 1 1 1 3 5 2 4 0 0 2 9 1 0 6 7 1 1 1 1 1 9 9 9 2 1 0 2 6 6 1 4 7 4 4 1 1 1 1 1 1 1 4 5 4 3 2 1 0 3 5 1 9 9 4 0 2 1 1 1 1 1 1 0 9 6 8 4 8 1 6 2 9 0 7 3 0 1 1 1 1 1 1 1 4 4 4 1 3 4 0 7 2 5 0 6 6 1 1 6 6 9 9 6 6 0 3 7 7 6 9 8 0 Annual 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 3 4 1 3 2 4 9 0 5 9 3 4 9 7 , , , , , , 2 3 0 4 9 4 9 4 5 3 9 6 7 7 5 7 5 6 3 4 8 3 5 7 , , , , , , 6 9 3 4 3 6 1 8 4 0 4 9 4 2 8 6 3 3 1 1 1, , , 3 4 0 9 5 6 6 8 9 9 8 8 2 5 8 2 3 9 5 9 8 6 1 0 0 7 6 9 8 2 0 4 8 3 9 1945 P8.902 P8,052 *850 P447 SEASONALLY ADJUSTED 1945_ J j u u l n y e 1 1 4 3 0 9 1 13 4 6 3' 1 1 8 9 1 3 1 1 5 5 5 7 1 1 2 2 1 1 1 1 4 4 4 0 1 1 7 7 0 1 1 1 4 4 6 6 6 6 8 7 SE A A D S J O U N ST A E L D LY D A S O N e e u c o p c t g v o e t u e e b m s m m e t b r b e b . e r e r r . . . . . . . . 1 1 1 1 1 2 2 2 3 1 8 7 7 3 8 1 1 1 1 1 4 0 2 3 4 8 8 9 3 3 1 1 1 1 1 6 6 5 1 6 7 7 5 3 4 1 1 1 1 1 6 4 5 5 63 7 6 8 3 1 1 1 1 1 4 1 2 4 15 5 4 3 0 1 1 1 1 1 1 2 0 3 0 3 0 5 6 9 1 1 1 1 11 7 3 3 66 7 4 4 4 1 1 1 1 1 3 2 3 3 2 2 5 0 3 6 6 6 6 7 7 4 6 9 4 4 1945— A J S J M u u e u l n a p y g y e t u em st. b e . r . 8 7 6 7 7 9 3 9 0 9 6 1 1 5 1 6 6 6 7 7 5 9 4 2 0 5 6 8 5 4 1 9 9 5 0 3 2 5 7 6 6 5 6 2 7 7 1 2 1 4 1046— F M Ja e a n b r u c r a h u r a y ry.... 1 1 1 2 3 3 6 9 3 1 1 1 5 5 4 2 5 8 1 1 16 2 0 5 7 7 1 1 1 5 5 4 2 0 1 1 1 14 2 5 0 6 8 1 1 1 2 2 3 6 2 4 1 1 9 2 1 4 1 8 1 1 1 4 2 3 3 1 4 7 7 7 8 8 8 O D N e o c c v to e e m b m e b b r e e . r . r . . . 6 6 6 6 5 2 8 7 8 6 6 6 0 7 2 8 4 0 -3 6 6 3 1 7 -5 3 6 0 3 J A J A M u u p u n l a r y g y e i u l st 1 1 1 1 1 3 3 4 0 0 9 3 1 6 9 1 1 1 6 4 5 2 4 8 5 2 6 6 1 1 1 9 6 7 8 4 5 2 7 4 0 1 1 1 1 1 1 2 3 3 2 2 6 9 1 6 1 1 1 1 1 4 1 1 6 1 3 8 8 6 4 1 1 1 1 1 4 5 4 5 2 9 7 3 3 5 1 1 1 6 6 6 3 6 6 6 2 7 4 1 1 1 1 14 3 4 4 2 5 5 1 3 3 8 8 7 7 7 1 1 4 8 7 1946— M F A M J e a p a a b n r y r i r u c l u a h a r . y r y . . . . . . . . 6 5 6 6 5 6 3 5 1 5 6 5 5 5 1 5 5 6 5 5 5 6 6 6 2 5 7 7 2 4 -1 - 8 9 6 0 4 - - - 5 4 2 5 5 1 5 8 1 1 UNADJUSTED J Ju u l n y e 6 6 3 5 9 1 5 60 8 3 6 5 4 3 8 P 2 1 0 5 1945—June 145 143 178 158 99 149 263 150 68 July 143 136 187 188 97 140 273 148 67 August . 132 128 160 176 109 140 249 133 65 UNADJUSTED D S O N e c e o p t c v o t e e e b m m m er b b b e e e r r r . . . . . . . . . . 1 1 1 1 1 3 3 2 9 7 6 8 1 1 1 1 4 0 4 3 8 9 3 3 1 1 1 1 6 7 5 1 7 2 4 1 1 1 1 1 6 5 6 4 4 8 3 4 1 1 1 1 8 3 8 5 9 5 3 0 1 1 1 9 1 0 3 4 5 8 5 2 2 1 1 6 3 1 5 1 6 4 1 1 1 13 3 3 2 9 6 6 3 6 7 7 7 9 2 5 1 1945— J J A M u u u n l a y g e y ust. . . 8 8 7 7 2 2 9 5 0 3 6 5 •• 7 6 7 6 2 6 1 9 0 9 9 7 1 1 rO 0 8 0 0 Q 7 4 ' ' 6 7 6 5 9 0 3 1 1946— F A M J e a p a n b r r i u c r l a h u r a y ry.... 1 1 1 1 3 1 0 2 2 9 7 3 1 1 1 5 5 2 4 2 5 6 8 1 1 1 6 9 1 3 6 3 4 3 1 1 1 9 4 3 5 9 7 0 2 1 1 1 1 2 1 2 2 6 1 7 0 1 1 1 1 3 2 0 4 4 1 9 3 3 2 5 2 5 4 0 9 1 1 1 1 3 1 4 2 6 3 1 3 8 7 7 7 2 5 9 4 D N S O e e o c p c v t t e o e e m b m m e b b b r e e . e r . r r . . . 6 6 6 6 7 9 6 1 9 7 1 4 6 6 6 6 0 3 5 4 0 5 1 3 -3 6 4 5 7 1 4 4 — 3 2 7 4 0 9 5 J J A M u u u l n a y g y e ust... . 1 1 1 1 4 4 3 0 5 3 7 7 1 1 1 6 4 4 52 8 6 5 1 1 1 7 6 3 77 2 1 8 1 1 1 1 2 4 6 1 2 8 6 1 1 1 1 9 3 0 13 6 5 3 1 1 1 1 5 5 6 3 5 5 3 0 2 2 2 1 1 6 4 0 3 3 3 3 1 1 1 1 4 3 4 2 6 2 9 5 8 7 7 7 1 8 4 7 1946— A F M J e a p a b n r r i r u c l u h a a ry ry .. . . . 6 5 6 5 7 4 6 4 9 6 7 1 5 5 6 5 2 6 7 5 1 7 0 7 -2 5 7 1 0 8 1 0 - — 4 3 2 2 9 4 9 1 May 533 537 -5 -37 NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for June 612 574 38 15 June 1941. Based on daily average loadings. Basic data compiled by Associa- July 674 611 63 P35 tion of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. p Preliminary. r Revised. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 1184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on value figures] SALES AND STOCKS BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d - l A a t nt - a c Ch a i g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALES* 1939 106 104 101 104 106 109 113 107 111 106 105 112 109 1940 114 108 106 111 114 120 123 116 119 109 110 117 1.17 1941 133 126 119 129 138 144 145 135 143 123 127 138 139 1942 149 140 128 143 153 170 162 149 158 129 149 157 169 1943 168 148 135 151 167 194 204 161 179 148 184 212 200 1944 186 162 150 168 182 215 244 176 200 164 205 246 221 1945 207 176 169 184 201 236 275 193 227 185 229 277 244 SEASONALLY ADJUSTED 1945—August 200 166 r164 ••176 189 ••237 ••277 189 225 ••179 ••217 ••273 ••233 September 200 167 161 175 197 225 r274 193 232 191 239 278 232 October 213 177 172 184 209 248 ••286 199 238 190 241 289 245 November 225 183 182 202 212 251 ••290 208 240 203 238 288 273 216 188 179 184 218 237 ••297 206 239 199 244 287 256 1946—January 228 186 194 205 220 262 308 209 234 212 249 306 269 February 254 200 210 221 236 283 ••331 241 281 236 261 339 300 March 263 218 232 244 246 294 ••328 243 286 246 275 336 297 April 250 210 219 224 244 276 ••327 237 267 224 273 352 291 May 256 213 226 232 256 276 ••329 234 277 252 289 342 305 June 275 232 240 253 273 303 365 253 305 248 288 368 315 July ••273 227 '236 ••254 260 307 ••343 254 300 253 ••281 381 323 August 290 246 259 250 286 308 365 281 330 258 300 381 322 UNADJUSTED 1945—August 168 125 120 ••137 165 ••195 244 158 194 160 201 ••238 ••211 September 209 176 171 178 199 239 279 197 234 207 239 292 243 October 230 196 196 208 224 271 307 213 255 210 253 ' 318 254 November 273 225 235 255 264 319 348 254 303 243 286 352 321 December 352 323 307 327 338 399 466 320 365 305 366 467 407 1946—January 179 147 155 158 167 197 246 167 192 158 199 248 214 February 207 156 174 174 194 227 292 193 236 182 238 299 253 March 238 197 206 219 237 264 315 226 264 223 255 316 258 April 255 223 219 228 253 281 336 242 281 234 273 335 287 May 248 211 214 222 243 274 313 234 272 242 272 322 284 Tune 253 216 221 228 257 266 307 245 274 236 265 313 288 July 208 157 158 ••175 203 219 275 198 234 ••239 ••239 290 266 August . . . 242 184 189 195 249 254 321 236 284 231 279 332 290 STOCKS* 1939 '. 102 99 97 96 99 107 107 103 102 103 99 106 106 1940 108 105 102 99 106 113 115 111 108 110 105 113 113 1941 131 124 123 119 130 139 140 134 134 138 125 130 137 1942 179 165 181 167 182 191 178 186 176 171 159 161 187 1943 155 142 143 141 144 175 161 160 152 151 152 159 172 1944 162 147 150 148 151 190 185 161 159 169 157 177 177 1945 166 153 159 150 156 198 188 159 166 165 156 190 182 SEASONALLY ADJUSTED 1945—August 169 155 170 159 156 199 187 161 166 166 157 187 186 September 166 152 161 152 153 200 186 155 172 163 154 212 184 October 164 151 155 149 151 196 188 156 166 160 155 193 185 November 165 148 152 149 157 195 193 155 163 160 158 189 191 December 158 139 150 146 149 192 189 147 155 155 154 198 176 1946—January 167 145 162 149 157 207 184 163 160 166 165 179 183 February 171 154 166 153 163 201 192 165 175 162 163 190 190 March 177 157 170 160 174 206 201 168 185 166 183 195 190 April 189 171 180 172 178 217 220 179 193 183 184 208 215 200 177 190 182 192 233 239 191 211 186 194 239 217 Tune. ... ••211 181 204 ••194 209 243 252 199 222 207 212 253 218 July ••223 187 213 ••203 213 264 267 213 231 224 r206 252 250 August 221 186 214 199 208 264 270 210 234 220 200 262 240 UNADJUSTED 1945—August 182 164 173 165 169 224 202 172 181 176 175 212 205 September 184 166 174 167 171 224 205 173 190 176 173 237 207 October 185 169 175 170 174 224 211 174 186 178 176 218 205 November 179 167 173 164 165 207 203 171 175 173 170 202 202 December 136 127 136 124 124 160 155 132 130 136 126 166 144 1946—'January 146 132 144 130 138 177 166 140 138 151 143 161 161 February 158 145 156 148 151 190 179 150 158 155 147 169 167 March 172 154 171 160 168 205 201 163 180 167 165 185 177 April 188 164 182 175 183 218 217 179 193 174 179 202 212 200 173 192 184 194 228 232 191 211 185 191 227 225 June 205 174 192 ••184 201 232 255 195 222 200 246 221 July ••223 ••179 196 ••192 213 260 275 209 240 228 r230 272 265 August 237 198 218 207 225 297 292 225 255 233 224 296 263 r Revised. * Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. OCTOBER 1946 1185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES [As reported by 296 department stores in various Federal Reserve [Weeks ending on dates shown. 1935-39 average 100] districts] Without seasonal adjustment Amount (In millions of dollars) 1943 1944 1945 1946 Feb. 6.. . .143Feb. 5.. ..146 Feb. 3.. . .163Feb. 2. . ..197 13. .. .178 12.. . .142 10. ...172 9.. ..214 Out- 20. .. .155 19. ...142 17.. ..176 16.. ..209 Year or month Sales stand- 27. .. .162 26.. ..146 24. ...177 23. ...213 (total Stocks ing Mar. 6. ...150 Mar. 4. ...153 Mar. 3.. ..182 Mar. 2. ...217 for (end of orders 13.. . .144 11.. ..160 10. ...204 9. .. .233 month) month) (end of 20. .. .147 18.. . .172 17.. ..214 16.. ..243 month) 27.. ..155 25. ...182 24.. ..226 23.. ..255 Apr. 3. .. .161 Apr. 1. ...212 31.. ..230 30.. . .257 10. .. .168 8.. ..208 Apr. 7.. ..181 Apr. 6. , , .272 1939 average., 128 344 17.. ..170 15.. . .152 14. ...156 13.. ..282 1940 average., 136 353 108 24. .. .182 22. ...163 21. .. .192 20.. . .289 1941 average., 156 419 194 May 1. ...142 29.. . .168 28.. ..184 27. .. .232 1942 average. 179 599 263 8. ...169 May 6. ...184 May 5.. ..193 May 4. .. .248 1943 average. 204 508 530 15. .. .149 13. .. .197 12. .. .196 11. .. .274 1944 average. 227 534 560 22. .. .153 20. .. .177 19. ...178 18.. ..246 1945 average. 255 564 728 29. .. .151 27.. . .168 26.. . .182 25.. ..245 June 5. .. .151June 3. .. .163 June 2.. . .169 June 1.. ..223 1945—Jan 199 465 771 12. .. .168 10. .. .172 9. .. .196 8. .. .273 Feb.... 198 500 817 19. .. .168 17.. . .173 16. .. .206 15. .. .283 Mar.... 280 524 772 26. .. .132 24. .. .151 23. ...183 22.. . .248 Apr 209 566 725 July 3. .. .134 July 1. .. .149 30. ...173 29. .. .239 May.., 231 592 671 10. .. .113 8. .. .116July 7. .. .153July 6.. . .192 June.. . 235 596 695 17. .. .126 15. .. .145 14. .. .167 13. .. .210 July.., 191 592 722 24. .. .124 22. .. .138 21. .. .157 20.. . .201 Aug 213 '626 ••670 31. .. .118 29. .. .132 28. .. .153 27. .. .204 Sept.. . 243 620 652 Aug. 7. .. .131Aug. 5.. . .137Aug. 4. .. .167 Aug. 3.. . .217 Oct 298 624 700 14. ...131 12. .. .148 11. .. .176 10. .. .228 Nov..., 334 602 779 21. .. .146 19. .. .149 18. .. .124 17.. . .239 Dec.... 429 462 764 28. .. .145 26. .. .171 25. .. .182 24.. . .255 Sept. 4. .. .169 Sept. 2. .. .194Sept. 1.. . .194 31. . . .281 1946—Jan.... 224 491 896 11. .. .156 9. .. .177 8. .. .177Sept. 7. .. .264 Feb... 239 533 979 18. .. .179 16. .. .196 15. .. .213 14. ...293 Mar..., 301 582 974 25. .. .176 23. .. .193 22. ...220 21. . . .280 Apr 319 644 910 Oct. 2. .. .175 30. .. .196 29. .. .209 28. .. .257 May.. 304 674 934 9. . . .188Oct. 7. .. .218Oct. 6. .. .242Oct. 5. June.., 304 ••699 1048 16 189 14. 221 13 . .245 12 July... 244 735 1073 23 194 21'. . 209 2o! '.'. .231 19 August *302 P807 P1012 30 '. '. 187 28 \ [ 207 27 !' 233 26 Nov. 6! !'. !2O2Nov. 4'. '.'. !215Nov. 3! .. !236Nov. 2. * Preliminary. p Revised. NOTE.—Revised series. For description and back figures see pp. Back figures.—Division of Research and Statistics. 874-875 of BULLETIN for September 1944. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year! A 19 u 4 g 6 . J 1 u 94 ly 6 E m 1 i 9 o g 4 s h . 6 t A 19 u 4 g 6 . 1 J 9 u 4 ly 6 E m 1 i 9 o g 4 s h 6 . t A 19 u 4 g 6 . 1 J 9 u 4 ly 6 E m 1 i 9 o g 4 s h 6 . t A 19 u 4 g 6 . J 1 u 9 l 4 y 6 E m 1 i 9 o g 4 s h 6 . t United Statesp+46 +32 +30 Cleveland-cont.\ Chicago Kansas City— Toledo +49 +25 +23 Chicago cont, B N os e t w on Haven. . + + 4 5 9 4 + +2 2 7 9 + + 2 2 6 5 Y Er o i u e ngstown + +4 4 6 5 ! | + +3 2 2 7 + +2 2 2 6 F P o eo rt r ia Wayne... O Tu k l l s a a homa City. + + 4 3 3 3 + + 2 3 0 1 + + 1 2 9 0 D P B o o o r s w t t l o n a n t n o d w A n rea.. + + 4 5 2 0 + + 3 2 1 7 + + 2 2 7 4 W Pi h tt e s e b l u in r g gh + + 5 4 8 8 + +2 3 9 8 + +3 3 7 0 I T D n e e d r s i r e a M n H a o p i a n o u e l t s i e s . . . . . . . . . D S a h ll r a e s veport + + 4 2 0 7 + + 3 2 3 6 + + 3 2 0 4 Boston +48 +26 +26 Richmond +34 +25 +24 Detroit Corpus Christi. +54 +26 +26 S W P p r o o ri r v n c i g e d f s e ie t n e l c d r e . . . . . . . . . . + + + 5 4 5 8 7 1 + + +3 2 2 2 7 6 + + +2 3 2 5 0 1 W W R B a a i a l l n e t s s i i h m t g o i h o n n , r - g e S N t a o . l n e C . m . . . . . . . . + + + + 3 4 2 4 8 7 6 1 j + + + + 2 4 2 1 4 0 1 9 + + + + 2 2 2 2 4 8 1 6 F L G M l a r i i n a n l n s w t i d n a g u R k a e p e i . d . s .. . D S F H a o a o n r l u t l s a A W t s o n n o to r n th io. .. + + + + 4 3 4 3 7 7 4 6 + + + + 3 4 2 3 9 1 6 1 + + + + 3 3 2 3 5 5 4 0 N N N A E B B B e l u w i e l i r m a b n f i w f g d a g i a a a n r g h l a r o r y e a k a Y m p o o F t r o r a k t l n . l . . . s . . . . + + + + + + + + 5 5 6 6 5 6 3 5 8 6 3 3 5 3 5 4 + + + + + + + + 4 4 3 3 3 1 4 3 2 8 6 9 0 9 3 1 + + + + + + + + 3 3 5 3 3 3 2 1 7 4 1 2 5 8 3 3 C L N G R C R W y h o h o i r c e n a r a a . h e f r c r n o n m V l l h o e e l v k b k o s a s i t u t e l n o o l r d e n n g , , , S S . . C C . . + + + + + + + 6 5 3 3 4 1 3 4 2 0 4 4 5 ! ! ; ! ! + + + + + + 1 2 3 3 3 5 9 5 6 8 + + + + + + + 3 2 3 2 2 3 6 2 6 7 9 1 S Q G L M F E t. o i v u r a t e r L a i t d t n e l n o e i n c s s S u y v o R i m B s i n o l i l a c t e h y k p p p + + + + + 4 3 4 5 1 8 2 6 4 9 S T F L L P B an r h o o u a e o s n c k s s e g e n A o r n o s F n B i n f x i r e g e a a l e n d c l h c e i s sc .. o .. . + + + + + + + 4 4 3 4 3 4 4 0 1 8 7 5 4 4 + + + + + + + 3 2 3 3 3 3 3 1 9 1 0 9 9 4 + + + + + + + 3 3 2 2 3 2 2 1 0 9 4 0 9 6 N Po ew ug Y h o k r e k e p C s i i t e y, + + 5 5 7 0 + +4 4 C 3 + + 3 3 8 8 H Cl u a n rk t s in bu g r t g on.... + +4 4 5 6 + +2 3 6 8 + +2 3 6 3 L E o a u st i s S vi t l . l e Louis. P+ * 52 O B a e k r l k an el d e y and +38 •+25 +22 S S U R c y t o h i r c c a e a h c n u e e s s c e t t e a r d . y .. . . + + + + 4 6 4 3 5 2 9 8 + + + + 2 3 3 4 3 2 2 1 + + + + 2 2 3 3 2 4 0 8 A M M B tla i o o r n m b n ta i t i l g n e o g m ha e m ry. .. + + + +2 3 3 4 4 7 5 5 J 1 + + + + 3 2 2 2 0 6 1 7 + + + + 2 2 2 1 2 7 6 6 S S S M t t p . . e r m L L in o o p g u u h f i i i s i s s e A ld r . e .. a . . p P p P + + + + 5 4 5 5 3 8 0 9 S S S R S a a a i a n n v c n e r a D r F B s m r i i e e a d e r g n e n n o c t a a o i n r s d c d i o n . o . + + + + 5 3 1 2 2 5 7 8 • + + + + 3 2 1 1 5 6 8 8 + + + + 3 1 2 1 1 0 0 9 Philadelphia. v+42 +33 +29 Jacksonville +35! +23 +21 Minneapolis.. San Jose +48 •+27 +28 L T a re n n c t a o s n ter P p + + 6 4 4 5 + + 4 3 2 5 + + 4 3 1 0 O M r i l a a m nd i o + + 5 4 8 7! ? + + 3 4 5 0 + + 3 3 0 8 S M t, i n P n a e u a l polis. . . S St a o n c t k a to R n osa.... + + 3 4 7 1 + + 2 3 2 9 + + 2 2 4 6 Philadelphia. +32 +28 +25 Tampa +48! +31 +32 Duluth-Superior +24 +16 Vallejo and Reading p+55 +35 +34 Atlanta +40! +29 +32 Napa -1 -13 Y W o i r l k kes-Barre. p P + + 4 4 9 7 + +3 3 1 8 + + 3 2 6 7 A C M o u a l g c u u o m s n t b a us , \ i p + + + 4 3 4 1 9 2 \ 1 j + + + 3 1 2 8 9 4 + + + 1 3 3 6 1 K D P a u n e e s n b a v s lo er.. C .. ity... B P N o o r i a s t m e la a p n n a d d + + 4 4 6 4 •+ + 3 3 3 4 + + 2 2 7 6 Cl A S C C C C ev p e l a k i o l e a n r n r l n i v u o c d n t . e o m n . i . g . l n n a f b n i n u e a d l s t d i . . .. . , + + + + + + + 5 3 4 4 5 2 5 1 5 7 9 0 8 3 + + + + + + + 3 2 1 3 2 3 3 1 1 7 0 8 0 3 + + + + + + + 2 3 2 3 2 3 1 0 0 9 0 4 3 6 J N C K B N B a a r e h n a c i w t s o a k s o h t x t s n o v t O o v a l i n i , l r R n l l l l e o T e e o o a e u n g n g s a n e . . . . . . . . ! i ; j ! p * + + + + + + + 4 1 2 5 4 3 2 7 3 3 3 1 8 8 J ! : + + + + + + + 2 4 4 2 3 1 8 6 5 1 3 3 9 + + + + + + + 2 3 2 2 4 1 3 5 0 9 3 1 1 3 H S T W J O K o t o u m a . p i p t c n l J c a e h i s o h n h k a i s i a t s a e a n p s C o h n ity... S S S T Y E B a p e a v a e l a o c e k t l t o k l r i t L i m e a m l n e t n a a t a g e k h e a C m i . t . y .. + + + + + + 4 3 4 3 3 5 3 5 7 5 1 4 ' ' • + + + + + 3 3 3 3 2 9 4 9 3 4 ** + + + + + + + 3 3 1 2 2 2 1 5 3 8 9 6 1 6 r Revised. p Preliminary. * Data not available. ** Seven months 1946. 1186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Index numbers Percent change from Ratio of stocks 194 w 1 i a th v o e u ra t g s e e a m so o n n a t l h l a y d s ju a s le tm s= e 1 n 0 t 0 1 a year ago (value) to sales2 Department r o N e f p u o s m t r o t b i r e n e r g s Sal m es o d n u th ring Sto o c f k s m a o t n e th nd Sale p s e d ri u o r d ing ( m S en t o o d n c t k o h s f ) July July 194 J 6 une J 1 u 94 ly 5 July 194 J 6 une 1 Ju 94 ly 5 J 1 u 94 ly 6 S m 1 e 9 o v s 4 e . 6 n J 1 u 9 l 4 y 6 1946 1945 GRAND TOTAL entire stores 357 +29 +25 +24 3.1 3.2 MAIN STORE—total . 357 155 194 119 496 473 399 +30 +27 +24 3.2 3.4 Women's apparel and accessories 354 157 199 136 456 433 376 +16 +15 +22 2.9 2.8 Coats and suits 335 107 110 91 416 303 394 + 18 +20 +8 3.9 4.2 Dresses 340 186 275 161 214 283 162 + 16 + 18 +32 1.1 1.0 Blouses skirts sportswear etc. 329 222 286 197 693 723 552 + 13 + 14 +27 3.1 2.8 Juniors' and girls' wear . 313 167 226 153 634 573 496 +9 +15 +29 3.8 3.2 Infants' wear 318 189 206 176 779 736 692 +8 +6 + 13 4.1 3.9 Aprons, housedresses, uniforms 294 217 290 176 279 293 190 +23 +18 +48 1.3 1.1 Underwear, slips, negligees 340 189 214 162 421 394 283 + 17 +12 +49 2.2 1.7 Corsets, brassieres 339 206 251 174 504 498 353 + 18 + 19 +42 2.4 2.0 Hosiery (women's and children's) 348 143 159 101 179 178 133 +42 +9 +35 1.3 1.3 Gloves (women's and children's) 333 71 108 69 693 618 551 +3 +7 +28 9.8 7.9 Shoes (women's and children's) 255 148 216 128 433 421 464 + 15 +27 -6 2.9 3.6 Furs 276 92 30 75 811 608 606 +23 +8 +33 8.8 8.1 Neckwear and scarfs 251 139 178 137 613 619 593 + 1 + 7 +4 4.4 4.3 Handkerchiefs 288 109 142 106 750 722 709 +3 +9 +6 6.9 6.7 Millinery . . .. . . ... 193 79 127 71 176 144 124 + 13 + 18 +39 2.2 1.8 Handbags and small leather goods 322 119 189 112 424 450 361 +6 +21 + 18 3.6 3.2 Men's and boys* wear 327 133 211 93 428 400 433 +43 +38 -1 3.2 4.7 Men's clothing 238 119 184 85 234 206 315 +40 +37 -26 2.0 3.7 !Men's furnishings hats caps 313 147 240 95 445 414 404 +54 +48 + 10 3.0 4.2 Boys' clothing and furnishings 288 118 171 100 731 693 713 + 18, + 14 +3 6.2 7.1 Men's and boys' shoes and slippers 183 124 200 86 441 424 480 +43 +51 -8 3.6 5.6 Home furnishings . . .. 316 162 187 96 545 514 377 +68 +58 +44 3.4 3.9 Furniture, beds, mattresses, springs 239 149 177 104 489 463 417 +43 +52 + 17 3.3 4.0 Domestic floor coverings 264 138 166 80 408 380 284 +73 +57 +40 3.0 3.7 Draperies, curtains, upholstery 298 164 200 119 665 607 425 +38 +29 +57 4.0 3.6 "M.3.JOT household appliances 224 205 163 23 195 139 37 +806 +575 +385 0.9 1.8 Domestics, blankets, linens, etc. 304 155 187 109 506 479 338 +42 +40 +49 3.3 3.1 238 134 172 102 755 752 601 +31 +46 +25 5.6 5.9 China and glassware . . . 234 113 147 88 608 576 461 +30 +35 +30 5.4 5.3 Housewares 238 234 269 129 839 822 510 +82 +74 +64 3.6 4.0 Piece goods 295 201 240 178 522 470 385 +13 +10 +35 2.6 2.2 Cotton wash goods 128 231 276 195 358 328 172 + 18 +9 +91 1.5 1.0 Small wares 343 138 173 126 619 636 530 +10 +14 +17 4.4 4.2 Lace, trimmings, embroideries, ribbons 119 182 250 186 776 785 675 -2 +8 + 18 4.3 3.5 Notions 227 188 234 156 644 642 534 +21 + 18 +20 3.4 3.4 Toilet articles, drug sundries, and prescriptions 325 123 150 122 563 589 511 + 1 +8 + 10 4.6 4.2 A Je r w t e n l e ry ed a le n w d o s r i k lverware 3 24 1 1 2 1 12 4 2 5 1 12 9 5 5 1 11 1 7 2 6 72 9 3 0 7 74 1 6 2 6 5 0 2 0 9 + + 3 4 0 + + 3 2 4 4 + - 3 2 2 0 4 5 . . 8 9 4 5 . .1 7 Stationery, books, and magazines 232 127 159 122 586 590 545 +4 +7 +8 4.6 4.4 Miscellaneous .. 302 160 189 118 537 509 469 +35 +34 +16 3.4 3.9 239 238 302 147 533 559 305 +61 +55 +83 2.2 2.0 BASEMENT STORE—total 211 140 177 115 407 395 331 +22 +18 +22 2.9 2.9 Women's apparel and accessories 196 146 179 126 370 362 302 +16 +10 +23 2.5 2.4 Men's and boys' clothing and furnishings 162 133 190 94 471 453 408 +42 +34 + 16 3.5 4.3 Piece goods . ... 1 4 3 9 8 2 1 1 4 6 5 2 1 4 7 5 3 1 19 0 0 2 4 46 8 5 3 4 43 4 4 9 3 3 2 4 6 1 + + 4 1 2 4 + + 3 1 6 0 + +5 4 0 4 3 2 . . 3 1 3 1 . . 3 6 Shoes 131 110 154 108 375 399 396 +2 + 16 -5 3.4 3.6 1 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stock-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August, 1946. The titles of the tables on pages 857 and 858 were reversed. 2 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 1185. SALES ACCOUNTS RECEIVABLE, AND COLLECTIONS fndex numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Accounts receivable Collections during Year and month Sales during month at end of month month Cash In m s e ta n l t - C ac h c a o r u g n e t sales Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h co ar u g n e t sales sales 1945—juiy 122 163 47 88 32 76 58 118 66 3 31 August 136 181 58 '98 32 76 57 104 65 4 31 September 154 202 63 117 33 85 59 103 64 4 32 October ... 190 245 89 147 36 99 71 122 63 4 33 November 212 271 100 165 41 113 77 143 63 4 33 December 270 356 108 204 48 144 79 148 64 4 32 1946—January .... 142 186 64 106 45 108 82 190 65 4 31 February 152 191 72 122 44 100 75 140 62 4 34 March 190 233 84 162 43 114 83 138 60 4 36 April 205 249 96 175 45 126 82 154 60 4 36 May 194 234 85 169 45 129 83 168 59 4 37 June 193 233 81 169 46 133 81 167 59 4 37 July 156 192 74 130 45 119 79 165 61 4 35 August^* 193 234 99 164 48 127 83 152 60 4 36 P Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index oi sales shown on o. 1185. OCTOBER 1946 1187 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS {Estimated amounts outstanding. In millions of dollars] Instalment credit End o r o f y e m ar onth co c T n r s o e u d t m a i l t er ins T ta o lm ta e l nt Sale credit Loans1 p S a lo i y n a m g n l e s e 3 n - t a C cc h o a u rg n e ts Service credit credit Total Automobile Other 1929 7,637 3,167 2,515 1,318 1,197 652 2,125 1.749 596 1930 6,839 2,706 2,032 928 1,104 674 1,949 1,611 573 1931 5,528 2,214 1,595 637 958 619 1,402 1,381 531 1932 4,082 1,515 999 322 677 516 962 1,114 491 1933 3,905 1,581 1,122 459 663 459 776 1,081 467 1934... . 4,378 1,849 1,317 576 741 532 875 1,203 451 1935 5,419 2,607 1,805 940 865 802 1,048 1,292 472 1936 6 771 3,501 2,436 1,289 1,147 1,065 1 331 L 419 520 1937 7,467 3,947 2,752 1.3S4 L,368 1,195 1,504 1,459 557 1938 7 030 3,578 2,313 970 1L343 ]1,265 1 442 L,487 523 1939 7,981 4,436 2,792 1,267 1,525 1,644 1,468 1,544 533 1940 9 153 5,455 3,450 1,729 1,721 *,005 1 488 1,650 560 1941 9,899 5,924 3,744 1,942 1,802 2,180 1,601 1,764 610 1942.... 6 485 2,955 1,491 482 .009 1,464 1 369 L 513 648 1943 5,338 1,961 814 175 639 1,147 1,192 1,498 687 1944... . 5 777 2,039 835 200 635 11,204 1 251 L 758 729 1945 6,734 2,365 903 227 676 1,462 1,616 L.981 772 1945_ July 5,654 1,992 712 192 520 1,280 1,452 1,459 751 August 5,649 1,988 706 196 510 1,282 1,466 L,441 754 September 5,702 2,010 717 202 515 1,293 1,466 • 1,470 756 October 6,000 2,086 754 210 544 1,332 1,490 1,666 758 November .... 6,344 2,190 805 219 586 L.385 1,556 1,835 763 December 6,734 2,365 903 227 676 1,462 1,616 1,981 772 1946—January . . . 6,506 2,364 877 235 642 1,487 1,659 1,701 782 6,564 2,408 879 245 634 L.529 1,671 1L.692 793 March. 6,978 2,507 905 264 641 1,602 1,695 .975 804 April 7,315 2,652 957 289 668 1,695 1,710 2,138 815 May .. »7 507 2,789 1,004 318 686 1,785 1 708 2,188 822 June 7,762 2,908 1,035 336 699 1.873 1,697 2,327 830 Julyp 7,839 3,028 1,070 365 705 1,958 1,695 2,281 835 August? 8,131 3,176 1,122 394 728 2,054 1,704 2,414 837 P Preliminary. r Revised. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Indus- Insured Indus- Year or month Total m b C a e o n r m c k i s a - 1 l p S c l a m o o n a m a i n e l - l s b In a tr d n i k u a s l s * - p c a l t o o r n i a m i a e n l - s2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - m i r z e a o a p n d t a i d e o i r r n n- m b C a e o n r m c k i s a - 1 l p S c l a m o o n a m a i n e l - l s b In t a r d n i u a k l s s - 2 p c a l t o o r n i a m i a e n l - s2 C un r i e o d n it s loans8 1929 652 43 263 219 32 95 . 463 413 42 1930 674 45 287 218 31 93 503 380 41 1931 619 39 289 184 29 78 498 340 38 1932 .516 31 257 143 27 58 376 250 34 1933 459 29 232 121 27 50 304 202 33 1934 . . . 532 44 246 125 32 60 25 69 384 234 42 1935 802 88 267 156 44 79 168 130 423 288 67 1936 1,065 161 301 191 66 102 244 248 563 354 105 1937. 1,195 258 350 221 93 125 148 368 619 409 148 1938 1,265 312 346 129 95 112 117 154 460 604 238 176 179 1939 1,644 523 435 131 99 147 96 213 680 763 261 194 257 1940 2 005 692 505 132 104 189 99 284 1,017 927 255 198 320 1941 2,180 784 535 134 107 217 102 301 1,198 983 255 203 372 1942 1 464 426 424 89 72 147 91 215 792 798 182 146 247 1943 1,147 312 372 67 59 123 86 128 636 809 151 128 228 1944 1 204 358 388 68 60 122 88 120 744 876 155 139 230 1945 1,462 471 445 76 70 128 93 179 938 978 166 151 228 1945—July 1,280 406 391 70 63 122 88 140 75 76 13 12 18 August 1,282 406 389 70 63 121 88 145 73 71 13 11 18 September.. 1,293 413 387 70 64 120 87 152 72 74 13 12 16 October 1,332 428 395 71 64 121 88 165 88 89 16 14 20 November. . 1,385 448 409 73 67 124 90 174 94 97 15 14 21 December... 1,462 471 445 76 70 128 93 179 101 133 18 16 23 1946—January.... 1,487 494 446 76 70 127 93 181 104 76 14 14 19 February.. . 1,529 522 452 78 71 128 94 184 105 80 14 14 19 March 1,602 564 462 82 73 132 95 194 132 103 18 16 24 April 1 695 608 482 85 76 137 97 210 138 105 18 16 25 1,785 656 492 88 78 142 98 231 148 97 19 16 28 June 1 873 700 506 92 79 149 99 248 148 99 19 17 28 JulyP 1,958 745 520 95 81 154 100 263 156 106 21 17 29 August?. . . . 2,054 792 535 98 84 158 102 285 164 110 20 18 30 * Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of August amounted to 60 million dollars, and loans made during August were 12 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 3. Includes only loans insured by Federal Housing Administration. 1188 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery E m e n o a d r n o t o h r f ex m T a c o u o lu t b t d o a i i l - l n e , g s o m m t a r o n a d e r i d e n e l r - t s F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - J s e t w o e re lr s y s o r t e A t o t h r a l e l e i r l s Year or month Total c P h u a r s r e - e d ta D i l i l o r a e n c s t c r d h e p a i t a r u n a e s r d i c e - l t d , e l m r o t a n i a n o o i n d z d n s a - 1 - i l s m c n o o a s a e n s t n n a a h s t l lhouses Outstanding at end of 1929 1,197 160 583 265 56 133 period: 1930 1,104 155 539 222 47 141 1939 1,093 218 164 155 209 347 1931 958 138 454 185 45 136 1940 1,450 311 253 217 247 422 1932 677 103 313 121 30 110 1941 1,694 411 310 288 234 451 1933 663 119 299 119 29 97 1942 845 136 123 143 154 289 1934 741 146 314 131 35 115 1943 514 55 81 68 89 221 1935 865 186 336 171 40 132 1944 559 57 99 75 83 245 1936 .147 256 406 255 56 174 1945 731 65 146 97 121 302 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 4 3 4 3 4 4 8 2 9 0 7 3 1 L 1 1 1 1 , , , , , , 3 8 5 0 7 6 3 0 2 0 2 6 3 4 2 5 9 1 8 9 3 3 3 3 4 2 4 1 0 7 5 1 3 6 7 2 7 2 4 9 6 2 4 5 3 4 5 6 2 8 9 9 3 6 1 7 5 9 1 6 9 9 1 3 3 2 2 3 1 0 0 6 7 2 1 3 2 7 6 3 9 3 0 1 1 9 6 6 1 7 2 7 3 8 6 0 0 0 7 2 2 2 2 2 1 1 2 1 4 7 8 5 0 0 0 6 1 4 9 1 1945— A S O N D Ju e c o e u l p t c v y g o t e e e u b m m m s e b t r b b . . e e e . r . . r r . . . . . 6 6 6 6 7 6 3 3 5 2 1 9 1 3 9 2 9 4 6 6 5 5 5 6 0 5 6 7 8 2 1 1 1 1 1 1 4 3 1 1 2 2 6 5 9 8 2 8 9 9 8 7 7 7 7 0 3 9 9 9 1 1 1 1 1 9 2 1 0 0 0 6 1 6 9 0 3 3 2 2 2 2 2 0 7 6 9 7 7 2 1 7 1 9 0 1944 635 183 269 13 70 100 1946—January. .. 771 70 155 107 125 314 1945 676 198 283 14 74 107 February. . 809 74 164 111 131 329 J A S O N u e u c o l p t g y v t 1945 5 5 5 5 5 2 1 4 1 8 0 5 4 0 6 1 1 1 1 1 5 4 4 4 7 6 5 2 4 3 2 2 2 2 2 3 3 3 4 6 5 2 5 7 2 1 1 1 1 1 1 1 1 1 2 4 4 4 4 4 7 4 5 4 7 8 8 8 8 9 6 2 0 1 2 J M A A M J u u p u a a l n r y g r y e i c p l u h st?... 1 1 1 1 , , , , 0 8 9 0 2 1 2 9 7 4 6 4 5 3 1 8 4 6 1 1 1 1 9 8 0 1 2 3 7 2 8 5 4 8 2 2 2 2 1 1 4 6 1 2 9 7 5 3 2 8 3 9 1 1 1 1 1 1 4 6 1 2 8 5 2 7 7 7 0 4 1 1 1 1 1 1 6 8 5 4 7 9 1 3 1 0 3 8 3 3 4 4 4 4 5 4 0 6 2 7 3 5 2 9 3 8 Dec 676 198 283 14 74 107 Volume extended dur- A J M M J F a u e p n a a n b r r y e 1946 6 6 6 6 6 6 4 3 8 4 6 9 2 4 6 1 8 9 2 2 2 1 1 1 0 0 1 8 8 8 6 0 0 9 4 8 2 2 2 2 2 2 7 7 7 9 8 9 2 9 4 5 8 9 1 1 1 1 1 1 4 4 4 5 6 7 6 6 5 6 6 6 6 2 9 0 1 3 1 1 1 1 1 1 0 0 0 0 0 1 0 5 1 8 1 0 ing 1 9 m 4 o 5 n — th A O D S N J : u e c e o u l p t c y v g o t e e e u b m m m s e t r b b b . . e e e . . . r r r . . . . . 1 1 1 1 1 1 3 0 0 4 0 4 1 7 8 7 6 0 3 2 2 2 2 2 2 3 2 3 8 9 2 2 1 1 1 1 4 1 3 5 3 9 1 1 1 1 1 1 1 2 2 5 6 3 6 5 4 5 4 6 4 0 7 6 6 0 Julyp 705 213 299 20 62 111 1946—January. .. 157 34 27 14 63 Aug.? 728 220 308 22 63 115 February. . 155 35 24 15 63 March 188 41 25 20 82 April 212 46 32 22 83 May 226 52 38 22 85 June 217 50 36 22 85 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL July P 240 53 44 23 90 BANKS, BY TYPE OF CREDIT AugustP... 253 58 39 27 94 [Estimates. In millions of dollars] Retail instal- Repair Personal ment paper2 and instal- CONSUMER INSTALMENT CREDITS OF INDUSTRIAL Year and month Total modern- ment LOAN COMPANIES, BY TYPE OF CREDIT m A o u b to il - e Other i l z o a a t n io s n i l c o a a s n h s [Estimates. In millions of dollars] Retail instal- Repair Personal Outstanding at end ment paper 2 and instalof period: Year and month Total modern- ment 1941— D Ju e n c e ember.... 2 1 0 96 2 . . 8 5 5 4 3 9 . . 5 3 1 1 8 8 . . 4 8 1 18 8 . . 6 2 1 1 1 1 2 0 . . 4 1 m A o u b to il - e utne i l z o a a t n io s n 1 l c o a a s n h s 1942—June 162.4 34.3 16.3 16.5 95.3 December.... 125.4 21.4 12.8 15.6 75.6 Outstanding at end 1943—June 100.2 14.4 8.8 14.1 62.9 of period: December 91.8 12.6 7.7 14.0 57.5 1944 67.1 10.5 3.8 51.7 1 1 9 9 4 4 5 4 — — D J J u u e l n y c e ember.... 9 9 8 5 2 9. . . 6 1 0 1 1 1 2 3 2. . . 5 8 0 6 7 7 . . . 8 8 8 1 1 1 4 3 2 . . . 6 9 4 5 5 5 9 7 7 . . . 9 8 4 1 1 9 9 4 4 5 5— A Ju u l g y ust 6 7 7 9 6 0 . . . 7 3 0 1 9 9 1 . . . 6 6 0 4 3 3 . . . 0 7 8 5 6 5 4 0 5 . . . 2 7 3 August 95.1 12.7 7.9 14.9 59.6 September... 70.4 9.6 3.8 55.6 1946— A J S O N D F J A M M J u u e e a p u c e o l a n a p n b t r c g y v y r e o i t u r e u p c l e e u b a m h s m m e a r t y P r b r b b y e e e r r . r . . . . . . . 1 1 1 1 1 1 1 1 1 1 9 9 0 0 3 0 0 1 1 3 2 2 5 7 0 6 5 4 7 2 8 7 2 2 . . . . . . . . . . . . 7 7 5 9 6 2 1 8 3 1 4 3 2 1 1 1 1 1 1 1 1 1 1 1 0 2 3 4 6 3 9 4 3 7 5 8 . . . . . . . . . . . . 9 9 6 6 6 8 6 8 1 4 4 1 1 1 1 1 1 1 1 9 8 9 9 8 2 1 0 2 0 3 3 . . . . . . . . . . . . 9 0 4 8 0 7 8 9 9 0 3 4 2 2 2 2 2 1 1 1 1 1 1 1 4 1 0 2 3 6 7 8 5 6 8 9 . . . . . . . . . . . . 2 0 2 2 2 2 1 0 4 8 0 1 5 6 6 6 6 6 6 6 7 7 7 7 1 9 0 3 3 9 4 7 0 6 8 3 . . . . . . . . . . . . 5 7 6 0 5 9 3 4 3 0 7 4 1946— F A A J J O N D M M J u u a e u p c o e l a n a n b t r g y c v y r o e i u p u e r c e l b a u m s h m e r t a y P r b b r e e y r r . . . . . . . . . . 9 8 8 8 8 8 7 7 7 7 7 3 5 3 9 7 1 6 1 8 3 7 . . . . . . . . . . . 6 2 4 0 5 0 7 4 4 5 8 1 1 1 1 1 1 1 1 1 1 1 3 3 2 1 1 0 1 1 2 0 2 . . . . . . . . . . . 0 6 6 6 2 2 7 0 0 6 1 5 4 5 3 4 4 4 4 5 4 4 . . . . . . . . . . . 7 2 4 8 9 2 5 1 0 0 0 6 6 6 5 6 6 6 6 6 5 7 8 3 0 0 2 7 1 6 6 5 7 . . . . . . . . . . . 7 6 2 2 9 5 5 6 8 0 0 Volume extended Volume extended during month: during month: 1945— A S O N D Ju e c u o e l p t g y c v o t u e e e b s m m m e t r b b b e e e r r r . . . . . . . . 2 1 1 1 1 1 1 9 9 6 5 6 . . . . . . 3 9 7 2 8 4 3 3 2 2 2 2 . . . . . . 0 1 2 7 1 3 2 2 1 1 1 1 . . . . . . 2 0 7 3 3 4 2 1 1 1 1 1 . . . . . . 1 6 6 9 5 5 1 1 1 1 1 1 4 3 2 1 0 1 . . . . . . 6 2 9 8 3 0 1945— A S O N D Ju e c u e o l p t c g y v o t e u e e b m s m m e t r b b b e e e r r . r . . . . . . . . 1 1 1 1 1 1 6 3 7 3 6 3 . . . . . . 2 8 8 4 0 1 2 2 2 2 2 2 . . . . . . 6 2 2 7 7 4 0 0 0 0 1 1 . . . . . . 7 7 7 8 1 0 0 0 0 0 0 0 . . . . . . 2 2 2 2 2 2 1 1 1 1 1 1 0 0 0 2 2 4 . . . . . . 2 7 2 0 1 1 1946—January 18.6 3.1 1.6 1.8 12.1 1946—January 15.6 2.6 0.7 0.1 12.2 February 18.0 3.0 1.7 1.6 11.7 February 15.2 2.4 0.8 0.1 11.9 March 23.3 3.8 2.2 2.4 14.9 March 18.3 3.0 0.9 0.2 14.2 April 23.6 4.2 2.4 2.5 14.5 April 18.0 3.1 1.0 0.2 13.7 May 24.4 3.9 2.8 2.5 15.2 May 18.4 3.2 1.2 0.2 13.8 June 23.8 3.9 2.6 2.3 15.0 June 18.3 2.7 1.2 0.2 14.2 Julyp 26.4 4.6 2.7 2.7 16.4 Julyp 19.6 3.3 1.4 0.3 14.6 AugustP j 26.2 4.7 2.7 2.8 16.0 AugustP 20.4 3.6 1.1 0.3 15.4 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. P Preliminary. 2 Includes both direct loans and paper purchased. OCTOBER 1946 1189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS— Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en ta p g re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C cc h o a u rg n e ts month month of preceding year Item 1 A 9 u 4 g 6 . ? J 1 u 9 l 4 y 6 J 1 u 9 n 4 e 6 1 A 9 u 46 g P . J 1 u 9 l 4 y 6 J 1 u 9 n 4 e 6 Year and month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h p H s o l t o i l o d a u r n s e a c e s p e - - J s e t w o e re lr s y D s m e to p e r a n e r t s t- Net sales: 1945 Total + 10 -5 -3 +69 +57 +53 July 32 24 42 31 62 C C a re s d h i t s a s l a e l s e . s: + 11 -8 -4 +89 +67 +72 A Se u p g t u e s m t ber. . . 3 3 3 5 2 2 3 3 4 4 8 9 3 3 1 0 6 6 3 3 Instalment + 11 -4 -2 +57 +48 +42 October 40 27 52 31 66 Charge account + 10 -6 -3 +72 +83 +70 N D o e v c e e m m b b e e r r... 3 4 6 0 2 2 4 7 4 5 8 1 4 3 6 5 6 6 1 7 Accounts receivable, at end of month: 1946 Total +3 0 +3 +31 +28 +26 January 32 25 52 32 61 Instalment +2 -1 +2 +30 +23 +23 February. •.. 3 3 5 1 2 2 4 7 5 5 4 2 3 2 2 9 6 6 0 4 Collections during March 35 28 56 32 63 month: April 34 27 55 33 62 Total +4 +3 0 +47 +44 +36 May 33 26 55 32 60 Instalment +5 +1 -1 +44 +36 +34 J Ju u l n y e 3 3 2 4 2 2 6 7 5 5 5 5 3 3 2 3 5 5 7 9 Inventories, end of August? month, at retail value. +6 + 7 +4 +40 +36 +35 P Preliminary. 1 Ratio of collections during month to accounts receivable at begin - Preliminary ning of month. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100] Year or month All items Food Clothing Rent ele F ct u ri e c l, ity, fur H ni o s u h s in e gs Miscellaneous and ice 1929... .. 122 5 132.5 115.3 141.4 112.5 111.7 104.6 1930 119.4 126.0 112.7 137.5 111.4 108.9 105.1 1931....... . . . . 108 7 103 9 102.6 130.3 108.9 98.0 104.1 1932.. 97 6 86.5 90.8 116.9 103.4 85.4 101.7 1933 92 4 84 1 87.9 100.7 100.0 84.2 98.4 1934. 95 7 93 7 96.1 94.4 101.4 92.8 97.9 1935. 98.1 100.4 96.8 94.2 100.7 94.8 98.1 1936...... . . ... . 99 1 101 3 97.6 96.4 100.2 96.3 98.7 1937.... 102 7 105.3 102.8 100.9 100.2 104.3 101.0 1938... 100 8 97 8 102.2 104.1 99.9 103.3 101.5 1939 99 4 95 2 100 5 104.3 99.0 101.3 100.7 1940 100 2 96 6 101.7 104.6 99.7 100.5 101.1 1941 105 2 105 5 106 5 105.9 102.5 108.2 104.0 1942 116 5 123.9 124.2 108.5 105.4 122.2 110.9 1943 123 6 138 0 129.7 108.0 107.8 125.6 115.9 1944.. . .. 125 5 136 1 138 8 108.2 109.8 136.4 121.3 1945 128 4 139 1 145.9 108.3 110.3 145.8 124.1 1945—January 127 1 137.3 143.0 109.7 143.6 123.3 February 126.9 136.5 143.3 110.0 144.0 123.4 March 126 8 135 9 143.7 108.3 110.0 144.5 123.6 April 127.1 136.6 144.1 109.8 144.9 123.8 May 128 1 138 8 144 6 110.0 145.4 123.9 June 129 0 141 1 145.4 108.3 110.0 145.8 124.0 July 129.4 141.7 145.9 111.2 145.6 124.3 August 129 3 140 9 146.4 111.4 146.0 124.5 September 128 9 139.4 148.2 108.3 110.7 146.8 124.6 October .... 128.9 139.3 148.5 110.5 146.9 124.7 November 129 3 140 1 148.7 110.1 147.6 124.6 December 129.9 141.4 149.4 iO8.3 110.3 148.3 124.8 1946—January., 129.9 141.0 149.7 110.8 148.8 125.4 February 129 6 139 6 150.5 111.0 149.7 125.6 March 130 2 140 1 153.1 108.4 110.5 150.2 125.9 April 131 1 141 7 154 5 110 4 152 0 126.7 May .... 131 7 142 6 155.7 110.3 153.7 127.2 June. 133.3 145 6 157.2 108.5 110.5 156.1 127.9 July 141 0 165 7 157 9 113 3 156.9 127.8 August 143.7 171.2 159.7 108.7 113.7 158.1 129.0 Back figures.—Bureau of Labor Statistics, Department of Labor. 1190 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 = 100] Other commodities All Year, month, or week m c t o i o e m d s i - - F p u r a c o r t d m s - Foods Total H p l i r e d o a e d t s h u e a c r n ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a c e ls t t s al m B a u t i e ld ri i a n l g s p c C a r a o l h l s d l e i m u e a d c n i t - d s i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931.... 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76. 99.4 103.2 84.4 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78. 103.8 110.2 95.5 102.4 89.7 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102.7 92.2 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 1945 105.8 128.2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95.2 104.5 94.7 1945—July... 105.9 129.0 106.9 99.7 118.0 99.6 84.3 104.7 117.5 95.3 104.5 94.8 August. . . 105.7 126.9 106.4 99.9 118.0 99.6 84.8 104.7 117.8 95.3 104.5 94.8 September 105.2 124.3 104.9 99.8 118.7 100.1 84.1 104.9 118.0 95.3 104.6 94.8 October. . 105.9 127.3 105.7 100.1 118.6 101.0 84.2 105.0 118.3 95.5 104.7 94.8 November 106.8 131.1 107.9 100.2 118.8 101.1 84.6 105.2 118.7 95.7 104.7 94.8 December. 107.1 131.5 108.6 100.5 118.9 101.4 84.8 105.6 119.5 96.1 104.7 94.8 1946—January.. 107.1 129.9 107.3 100.8 119.4 101.6 84.9 105.7 120.0 96.0 106.2 95.3 February. 107.7 130.8 107.8 101.3 119.6 102.2 85.1 106.6 120.9 95.9 106.5 95.6 March.... 108.9 133.4 109.4 102.2 119.8 104.7 85.0 108.4 124.9 96.0 106.9 95.6 April 110.2 135.4 110.8 103.3 119.8 107.9 86.1 108.8 126.5 96.1 107.5 95.7 May 111.0 137.5 111.5 103.9 120.4 108.8 86.1 109.4 127.8 96.5 108.3 97.0 June..... 112.9 140.1 112.9 105.6 122.4 109.2 87.8 112.2 129.9 96.4 110.4 98.5 July 124.3 157.0 140.2 108.8 141.2 113.2 90.3 113.3 132.1 99.3 111.9 101.3 August. .. 129.1 161.0 149.0 111.6 138.9 123.6 94.4 114.0 132.7 98.4 112.6 102.0 Week ending: 1946—Apr. 20. , 109.6 135.4 110.4 103.1 120.3 105.2 86.6 109.0 126.0 96.1 108.7 95.4 Apr. 27. . 109.6 135.5 110.3 103.1 120.3 105.5 86.6 109.0 126.0 96.1 108.7 95.5 May 4. . 109.9 135.6 110.7 103.6 120.3 106.7 87.0 109.1 126.6 96.1 108.7 96.2 May 11.. 110.1 135.8 110.9 103.7 120.3 106.7 87.0 109.3 126.8 96.2 108.9 96.2 May 18. . 110.9 137.9 111.5 104.0 120.9 108.2 87.0 109.3 126.9 96.3 109.4 96.3 May 25. . 110.7 137.2 111.0 104.1 120.9 108.2 87.1 109.4 127.2 96.6 109.4 96.6 June 1. , 111.1 138.8 111.8 104.3 120.9 108.2 86.7 109.5 127.8 96.6 110.0 97.8 June 8.. 111.5 139.4 111.9 104.6 120.9 108.3 86.9 110.5 128.2 96.8 110.2 97.9 June 15.. 111.8 139.9 111.8 104.9 123.4 108.3 86.9 111.0 128.5 96.8 110.4 97.9 June 22., 112.4 140.0 113.7 105.1 123.5 108.3 87.1 111.0 129.7 96.9 110.4 97.9 June 29. . 112.7 140.3 113.4 105.4 123.8 108.5 87.5 111.6 130.3 96.9 110.7 97.9 July 6. . 117.2 152.9 121.1 106.3 124.0 108.8 89.5 112.6 130.7 98.2 110.7 98.0 July 13.. 120.7 153.9 134.0 106.9 129.1 108.8 90.1 113.0 131.8 98.4 110.7 98.3 Tuly 20. . 124.2 159.2 142.0 107.8 139.3 109.5 90.2 113.2 132.5 100.0 112.5 98.8 July 27. . 124.1 157.3 140.7 108.6 144.0 109.5 90.2 113.3 132.6 100.3 112.5 101.7 Aug. 3.. 125.0 156.5 142.3 109.2 143.0 110.8 92.5 113.1 132.0 98.1 113.0 101.6 Aug. 10. . 127.1 162.3 144.0 110.8 138.3 114.6 96.6 113.5 132.4 98.2 113.4 101.7 Aug. 17. . 128.3 163.3 148.9 110.8 138.4 114.9 96.5 113.7 132.7 98.3 114.0 101.0 Aug. 24. . 128.4 160.9 148.1 111.0 140.4 115.0 96.7 113.7 132.9 98.3 114.0 101.5 Aug. 31. . 128.2 157.1 150.9 111.0 140.1 115.2 96.7 113.6 132.8 98.1 114.0 101.5 Sept. 7. 122.0 150.4 130.7 110.8 139.6 117.3 95.1 113.6 133.1 97.9 114.1 101.3 Sept. 14. . 121.7 151.8 128.1 111.0 139.7 117.5 95.2 113.6 133.3 97.9 114.3 101.9 Sept. 21. . 123.8 155.1 131.9 112.1 139.4 123.7 95.3 114.2 133.9 98.4 114.7 101.8 Sept. 28. . 124.4 156.6 133.0 112.4 140.9 125.4 95.1 114.2 134.0 98.2 115.0 101.8 1945 1946 1945 1946 Subgroups Subgroups Aug. May June July Aug, Aug. May June July Aug Farm products: Metals and Metal Products: Grains 126.4 148.1 151.8 181.4 169.0 Agricultural implements... 97.8 101.7 107.0 107.2 108.5 Livestock and poultry 130.7 134.9 137.4 162.9 177.6 Farm machinery 98.8 102.7 108.4 108.7 109.7 Other farm products 123.7 135.1 137.5 145.7 147.8 Iron and steel 99.1 107.8 110.1 111.3 113.3 Foods: Motor vehicles l 112.8 112.8 Dairy products 110.6 117.0 127.3 156.9 161.8 Nonferrous metals 85.8 89.0 101L4 Cereal products 95.1 100.3 101 124.9 124.7 Plumbing and heating 93.4 100.8 106.0 106.0 106.3 Fruits and vegetables 124.3 140.6 136.1 130.0 120.4 Building Materials: Meats 107.9 110.5 110.1 169.9 198.1 Brick and tile 111.6 120.5 121.3 122.5 126.0 Other foods 96.8 98.1 98.1 109.4 114.9 Cement 102.6 102.6 104.0 105.8 Hides and Leather Products: Lumber 172.5 176.0 177.3 177.6 Shoes 126.3 128.9 129.5 140.4 140.1 Paint and paint materials. 107.3 108.2 108.6 114.9 113.9 Hides and skins 117.8 120.7 169.3 155.8 Plumbing and heating 93.4 100.8 106.0 106.0 106.3 Leather 101.3 104.0 110 133.2 133.3 Structural steel 107.3 120.1 120.1 120.1 120.1 Other leather products 115.2 115.2 115 115.2 115.8 Other building materials... 104.3 115.7 118.4 119.9 120.9 Textile Products: 'hemicals and Allied Products: Clothing 107.4 119.6 120.3 120.5 122.8 Chemicals 96.1 97.9 98.0 98.5 98.4 Cotton goods 119.7 138.6 139.4 148.6 160.0 Drugs and Pharmaceuticals 110.2 112.4 109.4 112.6 110.1 Hosiery and underwear 71.5 75.7 75.8 76.3 84.8 Fertilizer materials 81.1 81.9 82.7 88.2 94.4 Silk 134.8 Mixed fertilizers 86.6 86.6 86.6 86.6 87.7 Rayon 30.2 30.2 30.2 30.2 30.2 Oils and fats 102.0 102.1 102.1 114.2 102.5 Woolen and worsted goods... 112.7 112.7 112.7 114.0 112.8 Housefurnishing Goods: Other textile products 100.9 111.9 112.3 113.5 121.7 Furnishings 107.5 113.4 114.5 117.3 118.5 Fuel and Lighting Materials: Furniture 101.5 102.9 106.1 106.4 106.6 Anthracite 101.8 104.1 106.1 114.5 113.4 Miscellaneous: Bituminous coal 124.7 125.3 132.8 136.1 136.7 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 134.0 133.5 133.5 147.5 147.0 Cattle feed 159.6 173.6 197.8 246.3 221.1 Electricity.. 61.5 67.0 67.2 Paper and pulp 109.3 115.3 115.6 117.0 119.6 Gas 78.0 80.2 79.6 80.7 Rubber, crude 46.2 46.2 46.2 46.2 46.2 Petroleum products 64.2 63.5 64.0 65.1 72.£ Other miscellaneous 98.9 100.2 101.0 101.9 105.0 1 This subgroup is in process of revision. Back figures.—Bureau of Labor Statistics, Department of Labor. OCTOBER 1946 1191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS [Estimates of the Department of Commerce. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters 1945 i 1946 ? 1939 1940 1941 1942 1943 1944 19451 1 2 3 4 1 2 Gross national product 88.6 97.1 120.2 152.3 187.4 197.6 199.2 205.1 208.2 198.2 185.2 180.6 185.0 Government expenditures for goods and services 16.0 16.7 26.5 62.7 93.5 97.1 83.6 96.5 99.8 81.0 57.2 41.1 38.0 Federal Government 7.9 8.8 18.6 55.3 86.2 89.5 75.7 88.7 92.0 73.0 49.3 32.8 29.5 War 1.4 2.8 13 3 50 3 81.3 83.7 69.4 82.9 85.7 66.4 42.6 25.7 22.0 Nonwar 6.5 6.1 5.3 5.0 4.9 5.7 6.3 5.8 6.3 6.6 6.7 7.1 7.5 State and local governments 8.1 7.9 7.9 7.8 7.8 7.9 8.0 8.3 8.5 Private gross capital formation. 10.9 14.8 19.1 7.6 2.5 2.0 9.1 3.6 6.6 11.2 15.0 19.2 25.0 Construction 3.6 4.3 5.3 2.9 1.6 1.6 2.6 1.8 2.3 2.9 3.7 5.3 8.2 Residential 2.0 2 4 2 8 1 3 0 6 0.5 0.7 0.3 0.5 0.9 1.4 2.0 3.5 Other 1.6 2.0 2.5 1.6 1.0 1.1 1.9 1.5 1.8 2.0 2.3 3.3 4.7 Producers durable equipment 5.5 6.9 8.9 5.1 3.1 4.0 26.6 25.2 26.1 26.7 28.3 28.4 29.3 Net change in business inventories 0.9 1.8 3.5 -0.5 -0.6 -1.7 Net exports of goods and -0.1 -3.4 -1.6 1.7 3.2 5.4 7.5 services 0.8 1.5 1.2 (3) -1.5 -1.8 Net exports and monetary use of gold and silver.... 0.2 0.3 0.2 0.1 (3) -0.1 Consumer goods and services... 61.7 65.7 74.6 82.0 91.3 98.5 106.4 105.0 101.8 106.0 113.0 120.2 122.0 6 4 7 4 Q 1 6.3 6.6 7 4 9 0 10 7 12 0 Nondurable goods 32.6 34.4 40.1 47.9 55.1 60.0 65.6 65.0 61.5 65.1 70.6 75.6 75.5 Services 22.7 23 9 25 4 27 8 29 7 31.8 33.1 32.6 33.2 33.5 33.3 34.0 34.5 Gross national product 88.6 97.1 120.2 152.3 187.4 197.6 Deductions: Business tax and nontax liabilities 10.4 12 A 18 5 23 1 27 4 29 7 Depreciation and depletion. 6.2 6.4 7.0 7.6 8.0 8.2 Other business reserves.... 0.8 0.7 0.8 0.6 0.5 0.5 Capital outlay charged to current expense 0.7 0.9 1.3 1.1 0.8 0.9 Adjustments: For inventory revaluation -0.4 -0.4 -3.2 -2.1 -0.2 -0.1 For discrepancies 0.0 -0.4 -1.1 -0.2 1.5 —2.2 National income 70.8 77.6 96.9 122.2 149.4 160.7 Additions: Transfer payments 2.4 2.6 2.5 2.7 3.2 5.3 Deductions: Corporate savings 0.4 1.8 4.0 4.4 5.5 5.4 Contributions to social insurance funds 2.0 2 1 2 6 3 2 3 8 3 9 Income payments to individuals 70.8 76 2 92 7 117 3 143 1 156 8 160.7 163.7 163.2 158.6 156.9 156.7 161.0 Income payments to individuals 70.8 76.2 92.7 117.3 143.1 156.8 160.7 163.7 163.2 158.6 156.9 156.7 161.0 Personal taxes and nontax Payments 3.1 3.3 4.0 6.7 18.6 10.4 21.2 22.1 21.7 20.7 20.1 18.7 19.0 Federal 1.3 1.4 2.0 4.7 16.6 17.4 State and local 1.9 1.9 2.0 2.0 2.0 2.1 Disposable income of individuals 67.7 72.9 88 7 110 6 124 6 137 4 139.6 141.6 141.5 137.9 136.9 138.0 142.0 Consumer expenditures.... 61.7 65.7 74.6 82.0 91.3 98.5 106.4 105.0 101.8 106.0 113.0 120.2 122.0 Net savings of individuals.. 6.0 7.3 14.2 28.6 33.3 38.9 33.1 36.6 39.7 31.9 23.9 17.8 20.0 National income 70.8 77.6 96.9 122.2 149.4 160.7 Total compensation of employees 48.1 52.3 64.5 84.1 106.3 116.0 Salaries and wages 44.2 48.6 60.8 80.8 103.1 112.8 Supplements .... 3.8 3.7 3.7 3.3 3.2 3.2 Net income of proprietors 11.2 12.0 15.8 20.6 23.5 24.1 Agricultural . . 4.3 4.4 6.3 9.7 11.9 11.8 Nonagricultural 6.9 7 6 9 6 10 9 11 6 12 3 Interest and net rents 7.4 7.5 8.0 8.8 9.7 10.6 Net corporate profit 4.2 5.8 8.5 8.7 9.8 9.9 Dividends 3.8 4 0 4 5 4 3 4 3 4 5 Savings .. 0.4 1.8 4.0 4.4 5.5 5.4 P Preliminary. 1 Revised figures. Unadjusted quarterly data have not yet been revised; unrevised data and annual totals for all components appear in BUL- LETIN for July, 1946, p. 806. 2 Based on new sources and not precisely comparable with previous years. 3 Less than 50 million dollars. NOTE.—Detail does not always add to totals because of rounding. For a general description of above series see the Survey of Current Business for May and August 1942, and March 1943. Back figures: For annual totals 1929 through 1938, see the Survey of Current Business, May 1942 and April 1944. For quarterly estimates 1939 through 1944, see the Survey of Current Business for April 1944 and February 1946. 1192 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS DISTRICT FIGURES DERIVED FROM ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF SEPTEMBER 1, 1946 [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1945 Sept. 1, 1946 1945 Sept. 1, 1946 1945 Sept. 1, 1946 1945 Sept. 1, 1946 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels No. 1 . . . ,. 7,412 7,631 36 57 2 ... 27,253 32,716 10,194 6,244 57 171 3 52,911 52,176 17,974 17,873 126 136 4 220,734 234,241 66,402 57,991 30 32 5 1,108 1,208 148,381 142,494 25,775 27,417 6 2,165 1,955 186,519 173,909 7,649 6,338 7 .,.....,.. 1,156,790 1 413,884 66,754 56 985 786 1,388 8 . i 2,789 2 3,019 349.257 444,611 48,392 44,421 20 21 9 ....... ... 383,549 412,764 37,541 41,112 257,127 245,328 10. 237 249 397,723 371,628 403,707 438,280 5,039 4,698 11 2,258 2,178 80,483 78,107 42,546 54,283 100 82 12 458 549 7,398 7,546 96,243 128,950 36,645 35,512 Total 9,015 9,171 3,018,410 3,371,707 823,177 879,894 299,966 287,425 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1945 Sept. 1, 1946 1945 Sept. 1, 1946 1945 Sept. 1, 1946 1945 Sept. 1, 1946 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels No. 1 4,791 5,330 3,539 3,274 30,774 36,832 61,939 81,018 2 21,666 34,407 6,639 6,339 1,228 1,479 35,386 43,068 3 15,458 18,980 2,515 2,435 46,355 57,350 19,996 22,091 4 63,506 79,653 5,605 5,750 145,225 157,253 13,504 13,830 5 31,291 34,657 5,030 5,121 1,132,964 1,269,986 24,988 30,851 6 30,913 28,080 4,468 4,200 237,297 254,715 18,589 19,292 7 593,313 614.000 19,618 17,053 37,405 42,878 34,683 29,165 8 58,711 86,950 8,946 8,665 358,631 391,044 10,311 12,919 9 . ......... 522,589 391,000 10,776 9,274 3,073 3,516 52,596 39,231 10 129,155 155,969 8,986 7,700 4,856 5,584 37,315 37,605 11 . 47,001 40,727 1,937 1,864 5,433 7,271 12.. 29,269 29,839 13,514 13,113 110,391 118,796 Total 1,547,663 1,519,592 91,573 84,788 1,997,808 2,220,637 425,131 455,137 1 Includes 9,000 bales grown in miscellaneous territory. 2 Includes 13,000 bales grown in miscellaneous territory. OCTOBER 1946 1193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS 1946 Chart Chart book book page Aug. Sept. Sept. Sept. Sept. page Aug. Sept. Sept. Sept. Sept. 28 11 18 25 li 18 25 WEEKLY FIGURES* In billions of dollars WEEKLY FIGURES—Cont. In unit indicated RESERVES AND CURRENCY BUSINESS CONDITIONS Reserves Bank credit, total 24.10 24.01 23.94 24.22 24.59 Steel production (% of capacity)... 37 89.4 84.5 .5' 89.1 90.4 U. S. Govt. securities, total. . 3 23.61 23.39 23.29 23.42 23.87 Electric power prod. (mill. kw. hrs.). 37 4,404 4,118844 4,5214,507 Bills 314.48 14.72 14.47 14.47 14.74 Freight carloadings (thous. cars)... 45 908 794 907 899 Certificates 3 7.78 7.31 7.46 7.60 7.78 Department store sales (1935-39 Notes 3 .60 .60 .60 .60 .60 = 100) 45 264: 293! 280' 257 Bonds 3 .76 .76 .76 .76 .76 Wholesale prices (1926 = 100): Discounts and advances. 2 .22 .29 .25 .26 .29 Total 49 128.2 122.0 121.7 123.8124.4 Gold stock 20.28 20.28 20.29 20.29 20.30 Farm products 49 157.1 150.4 151.8 155.ll155.6 Money in circulation. . 28.38 28.51 28.50 28.45 28.45 Other than farm and food 49 111.0 110.8 111.0 112.1 112.4 Treasury cash 2 2.27 2.28 2.28 2.27 2.28 Treasury deposits 2 .62 .29 .20 .26 .93 Member bank reserves. 15.87 15.99 16.09 16.28 15.98 1946 Required reserves 15.15 P15.15P15.28P15.36 15.21 Excess reserves r .71 *.84 P.81 P. 93 P.77 Excess reserves (weekly average) : T N o ew ta l Y ' ork City . . 5 5 . . 0 8 2 5 *\ . 9 0 2 2 P . . 0 9 1 3 R M ES O E N RV T E H S L A Y N D F C IG UR U R R EN E C S Y In billions of dollars Chicago 5 .01 (2) .01 Reserve city banks . 5 .20 .22 .20 Country banks'". . 5 .63 P. 68 P. 70 Re o s ld e rv st e o c B k ank Credit . . 6 6 2 20 3 . . 2 9 7 0 2 2 4 0 . .2 1 7 7 2 2 4 0 . .2 2 7 6 MEMBER BANKS IN LEADING CITIES T M r o e n a e s y u ry in c c a i s r h culation . . 6 6 2 2 8 . . 2 1 7 4 2 2 8 . . 2 2 5 8 2 2 8 . . 2 3 6 5 Total—101 cities: Treasury deposits . 6 .69 .5? .52 U Lo . a S n . s G a o n v d t . i n o v b e li s g tm ati e o n n t s s . . . ... . . 1 1 4 4 4 5 1 9 . . 4 9 6 8 5 40 9 . . 4 1 9 0 4 5 0 9. . 2 6 1 0 5 4 9 0 . . 4 5 1 3 3 5 9 9. . 0 9 7 9 Me C m en b t e r r a l b a r n es k e r r v e e s e c rv it e y s , b t a o n t k al s . . . . . . 6 , 1 7 3 1 5 6 . . 0 0 9 0 1 5 6 . . 0 0 8 2 1 5 6 . . 0 0 3 3 Ne U D L w o . e a m S Y n . a o s n G rk d o v C d t e . i p t d y o e : s p it o s s i a t d s justed. . . 1 1 1 4 4 4 3 1 6 9 5 . . 6 . 3 0 2 0 8 3 1 5 9 5 . . . 4 4 1 1 4 8 3 1 5 9 5 . . . 4 6 1 7 2 9 3 1 5 9 5 . . . 5 3 7 0 7 7 3 1 5 9 5 . . . 5 4 5 4 9 4 Re R C C q e o u e s n i u r e t n e r r t d v a r l e y r r e c e b s i s a t e y e n r r v k v b e s e a s , n c k t i o t s y t a b l anks. . . . '. 1 1 1 3 3 3 1 6 4 5 5 . . . . 0 3 5 0 5 2 9 5 1 6 4 5 5 . . . . 3 0 6 0 1 5 3 9 1 4 6 5 5 . . . . 0 6 1 3 1 4 7 4 U Lo . B a S n o . s n G d a s n o d v a t n . i d n o v b g e l u i s g a tm a r t a i e n o n t n e t s s e , . d . total. 1513.59 1 1 9 3 . . 7 1 6 4 1 13 9 . . 2 8 9 6 1 1 9 3 . . 9 2 2 1 1 13 9 . . 1 9 1 4 Ex R C ce e o s s u s e n r r t v e r e y s e c r b i v a t e y n s k , b s a to n t k a s l. . ... . . 1 1 3 3 6 3. . . 9 0 9 2 8 4 6 3 . . . 0 9 9 9 5 3 6 3 . . . 1 9 8 3 9 9 U D I T n i . e t m N B m e S i e o r l s . a b l t e s G n d e a c d s e n o u p k r v a d o i n t t e s . d i d p i e e t d s o s p c e s o e p i r s t o s t i i s t f s a i i t d c s a j . u te . s s t . . e d. . • . . 1 1 1 1 1 1 1 5 5 6 5 5 6 6 1 4 9 3 2 1 4 . . . . . . . 2 4 0 9 3 1 1 7 7 0 6 1 9 6 1 9 4 3 4 1 1 . . . . . . . 4 0 8 5 2 3 0 7 3 5 8 7 1 9 1 9 4 3 1 4 1 . . . . . . . 5 5 1 2 8 3 2 0 6 0 7 7 0 3 1 9 4 3 1 4 1 . . . . . . . 8 2 5 5 2 3 2 7 7 1 0 1 8 0 1 4 9 3 1 1 4 . . . . . . . 2 5 8 4 0 4 1 9 2 8 8 0 2 1 M Ba o $ C R C B l n 1 a i o e o n 0 l e s i l u y c n s e a n e s r o n t i s v , r n , d f e y $ d c 1 $ u $ c i b , 5 e 2 i r a 0 t c $ 0 y n f u 2 r a k b l o b n a s a i m a d l t n l i n s o d k o b n s v , a $ e n t 5 r k o b s t : a il l l . s . . . . 2 1 3 8 4 1 8 5 . . . . . . 6 8 0 5 6 2 7 1 0 6 9 4 2 1 3 8 4 1 5 8 . . . . . . 0 7 8 6 5 2 7 5 3 5 3 5 2 1 3 8 4 1 5 8 . . . . . . 7 7 1 5 7 4 7 8 8 4 3 5 Loans, total • . 15 5.51 5.54 5.49 5.56 5.66 Commercial 17 3.22 3.26 3.32 3.37 3.43 ALL BANKS IN U. S. For purchasing securities: B B r r o o k k e e r r s s ' ' — — o o n n U ot . h S e . r G se o c v u t r s - . 16 .63 .65 .61 .66 .73 T D o e t m al a n d d e p d o e s p it o s s a it n s d . . currency.. . P1 P 7 7 1 9 . . 3 6 O 0 F P 1 8 7 0 0. . 8 4 0 0 P1 P 7 8 O 0 . . 3 7 O 0 All T o o i t o t h i t e e h s r ers 1 1 1 7 7 6 . . .3 6 7 7 0 0 . . . 6 5 3 9 8 7 . . . 6 5 3 6 6 4 . . . 3 5 6 5 4 5 . . 6 5 7 2 U T C i . u m r S r e e . n G d c e o y p v o o t s . u it d t s s e i p d o e s b it a s nks P P P 5 2 1 1 6 3 . . . 7 6 4 O 0 0 P P P 2 5 it 6 2 , . . 3 6 5 0 0 0 P P P 2 5 I 6 2 O . . . 7 7 20 O 0 100 cities outside New York: Loans and investments 15 39.79 39.34 39.35 39.49 39.13 CONSUMER CREDIT U U T L D In i o . . e m t N B B a S m e S n i e o o r . l . s a s b l n t G e s G , n d e a d c s d e o t n s o u o p v k v a r d t a o t i n t a . t n e s . d l d i p d i o e e t d s o s b p c e s g l e o p i i u r g s t o t s a i a i s t r f t i s a i a i t . c d s o n a . j n t . u t e s e s , e s t d . e t o d . . t . . a . . . . l . . . . 1 1 1 1 1 1 1 1 5 6 5 5 5 5 6 6 2 2 1 9 9 4 6 8 7 5 7 . . . . . . . . . 6 9 5 5 3 8 6 1 6 5 5 6 6 0 7 2 1 0 2 2 1 9 9 3 6 8 7 5 7 . . . . . . . . . 6 5 9 2 5 3 1 6 4 3 9 5 4 6 5 2 2 9 2 2 1 9 9 7 6 8 3 5 7 . . . . . . . . . 6 6 0 9 5 3 3 6 5 5 9 8 7 9 1 2 5 8 2 2 1 9 9 7 6 8 3 7 5 . . . . . . . . . 9 3 6 0 8 6 7 3 6 7 1 5 1 1 3 0 1 9 2 2 1 9 8 6 8 3 6 5 7 . . . . . . . . . 8 7 3 9 6 8 0 7 4 9 0 5 8 6 8 8 1 7 C S S C I o n n i e h n s s r I I a g v u t n n r a l m i s s A O g e c l t t m e e e a u a t p r h l l t e a c a m m o e c n c r y r m r e t c e e m e d o n n o d c i t e t u b t r i n n t e i s l , l t d t o a e s s t i l a o e t n l , t o s a c t a l r o n e t s d a l i t, total.. 1 . 8 . - , 1 1 1 1 1 1 1 1 8 9 1 9 8 8 8 9 9 9 2 2 7 1 1 1 . . . . . . . . . 9 3 7 8 7 0 8 3 7 1 3 6 7 0 4 3 4 0 P P 2 l. . 7 2 0 8 P P P P P P l 2 8 3 2 l P P P . . . . . . . . . 4 O 7 1 1 1 8 3 7 1 5 0 3 8 2 4 9 3 C Fo o r m p m u e r r c c h ia a l s ing securities. . 1 1 7 7 5 1 . .4 2 7 7 5 1 . . 4 4 5 5 5 1 . . 4 3 5 8 5 1 . .3 5 5 6 5 1 . .3 6 3 4 TREASURY FINANCE All other 17 2.80 2.84 2.86 2.90 2.92 U. S. Govt. obligations outstanding, total interest-bearing 20 268.58 267.36 266.73 By classes of securities: MONEY, RATES, ETC. Per cent per annum Bonds (marketable issues).... 20 119.32 119.32 119.32 Notes, cert., and bills 20 70.10 68.09 66.85 U. S. Govt. securities: Savings bonds and tax notes. . . 20 56.17 56.40 56.57 B C N i e o l r l t s t e i s f ( i n c e a w te s i ssues) .... 2 2 2 4 4 4 1 . . 3 . 1 7 8 8 5 4 1 . . 3 . 2 7 8 1 5 5 1 3 . . 7 8 2 5 1 5 1 3 . . 7 8 2 5 2 5 1 .3 . . 2 8 7 4 5 5 By S 5 5 - p m 2 y e 0 e a c a i t a u y rs l e r i a i a t s r i n s s e d u s e : o s ver .2 2 2 0 0 0 | 1 2 6 0 2 5 8 . . . 3 1 7 3 1 1 1 6 2 0 3 5 8 . . . 0 1 7 5 0 0 1 2 6 0 3 5 8 . . . 4 1 7 4 0 0 Bonds (7-9 years) 24 1.51 1.51 1.54 1.57 1.56 5-10 years 20 45.03 45.03 45.03 Bonds (15 years and over).24, 26 2.25 2.27 2.29 2.30 2.28 Within 5 years 20 80.90 78.89 77.65 Co H rp ig o h r a g te r a b d o e n ( d 5 s : issues)... 26 2.45 2.49 2.49 2.50 W Ce i r t t h if in ic a 1 t e y s e ar 2 2 0 0 6 3 1 4 . .8 9 0 8 5 3 9 7 . . 9 7 7 2 5 3 8 6 . . 7 4 2 7 Aaa 26 2.51 2.53 2.57 2.59 Bills 20 17.04 17.02 17.02 Baa 26 3.03 3.05 3.07 3.11 3.16 Holdings on U. S. Govt. obligations: Commercial banks 21 83.30 81.90 Fed. agencies and trust funds. ... 21 29.13 29.71 30.06 In unit indicated Federal Reserve Banks 21 23.78 23.63 23.95 Mutual savings banks 21 11.50 11.60 Stock prices (1935-39-= 100), O In t s h u e r r a n in c v e e c st o o m rs p , a t n o i t e a s l 2 2 1 1 9 2 5 5 . .3 6 0 0 9 2 5 5 . . 1 4 0 0 total 2 139 128 125 123 125 Marketable issues. 21 41.50 40.80 Industrial 2 143 132 128 126 129 Railroad 27 138 124 122 116 115 Public utility 27 120 111 110 109 109 Volume of trading (mill, shares)* 2' 1.38 2.64 2.54 2.14 1.68 For footnotes see p. 1196. 1194 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1946 Chart 1946 book book page June July Aug.4 page June July Aug. MONTHLY FIGURES— Gont. Per cent per annum MONTHLY FIGURES—Gont. In unit indicated MONEY RATES, ETC. BUSINESS CONDITIONS Cont. Corporate Aaa bonds 23 2.49 2.48 2.51 F. R. Bank discount rate (N. Y.) 23 1.00 1.00 1.00 Residential contracts (mill, dollars):5 Treasury bills (new issues) 23 .375 .375 .375 Total 42 301 270 280 Public 42 26 32 13 Private, total 42 275 238 267 In unit indicated 1- and 2-family dwellings 42 253 208 228 Other 42 22 10 39 Stock prices (1935-39=100): Value of construction activity (mill, Total 27 153 150 146 dollars): Industrial 27 15 153 150 Total 49C 919 1,002' 1,074 Railroad 27 162 154 14 Residential: Public utility 27 130 128 125 Public 49 C 17 25 35 Volume of trading (mill, shares) 27 1.09 .94 .95 Private 49C 317 329 345 Brokers' balances (mill, dollars): Nonresidential: Credit extended customers 29 809 745! 72^ Public 49C 161 196 218 Money borrowed 29 498 442 37 Private 49C 424 •52 476 Customers' free credit balances. ... 29 651 653 64 Freight carloadings:5 Total (1935-39=100) 43 BUSINESS CONDITIONS Groups (points in total index): Income payments (mill, dollars) :5 Miscellaneous 43 74.1 77.2 79.4 Total 30 13,486P14,058 Coal 43 30.9 30.8 32.4 Salaries and wages 30 8,689 ^8,879 All other 43 28.3 30.7 29.6 Other 30 4,797 Department stores (1935-39=100) :5 Cash farm income (mill, dollars): Sales 44 275 '273 290 Total 31 1,547 2,407 P2.23.' Stocks 44 '211 "223 221 Livestock and products 31 851 1,279 Exports and imports (mill, dollars): Crops 31 642 Exports 46 Govt. payments 31 54 136 Excluding Lend-Lease exports.. . 46 P821 i»787 Armed forces (mill, persons) 32 3.0 2.6 2 4 Imports 46 P432 Civilian labor force (mill, persons): Excess of exports excluding Lend- Total 32 59.3 60. C Lease exports 46 P436 P355 Male.... 33 42.0 43. 42.8 Cost of living (1935-39=100): Female 33 17.3 17. 17.2 All items 47 133.3 141.0 143.7 Unemployment 32 2.6 2 2.0 Food 47 145.6 165.7 171.2 Employment 32 56.7 58.' 58. C Clothing 47 157.2 157.9 159.7 Nonagricultural 33 46.8 48. 48.8 Rent 47 108.5 108.7 Industr A ia g l ri p c r u o l d tu u r c a t l i on:5 33 10.0 9.9 9.1Wh T o o l t e a s l a le prices (1926=100): 49 112.9 124.3 129.1 Total (1935-39=100) 35, 49B 170 Pl7(; Farm products 49 140.1 157.0 161.0 Groups (points in total index): Other than farm and food.... 49 105.6 108.8 111.6 Durable manufactures 35 73.3 76. Machinery and trans, equip.. . 49B 41.0 41.3 P42 4 Iron and steel 49B 16.9 19.7 20^2 Nonferrous metals, lumber, and building materials 49B 15.4 15.5 P15.7 Nondurable manufactures 35 75.7 73.2 P76.1 Textiles and leather 49B 21.4 18.4 P2O.5 Jan.- Apr.- July- Food, liquor, and tobacco 49B 20.0 21.2 QUARTERLY FIGURES Mar. June Sept. Chemicals, petroleum, rubber, and coal products 49B 21.4 21.3 P21.5 Paper and printing 49B 12.9 12.2 P12.9 RECEIPTS AND EXPENDITURES OF THE In billions of dollars Minerals 35, 49B 21.1 22.1 U. S. TREASURY New orders, shipments, and inventories (1939=100): Budget receipts and expenditures: Ne T D w o u t r o a a r l b d l e e r s: 3 3 6 6 2 2 1 2 2 6 P P2 i 2 9 6 9 T N o e N t t a a l r t e i e c o x e n p i a p e l t n s d d e it f u e r n e s s e 4 4 4 9 9 9 D D D 1 1 8 3 3 . . . 6 0 2 7 0 4 1 9 3 7 . . . 1 8 4 9 4 9 1 9 3 0 . . . 4 8 1 5 0 6 Shipments: Internal revenue collections, total. 49D 12.59 8.07 Total 36 208 Individual income taxes 49D 7.22 3.72 Durable .a 36 212 Corporate income taxes 49D 3.49 2.48 Nondurable 36 206 Misc. internal revenue 49 D 1 .88 1.87 Inventories: Total 36 173 Durable 36 190 MONEY RATES Pa' cent per annum Nondurable 36 159 Factory employment and pay rolls Bank rates on customer loans: (19 P 3 ay 9 = r 1 o 0 ll 0 s ): 38 256.8 260.5 T N o e t w a l, Y 1 o 9 rk c i C ti i e t s y 2 2 5 3 2 1 . .7 31 5 2 1 . .8 41 4 1.80 Employment 38 139.2 140.8 ^144.6 Other Northern and Eastern cities. 25 2.34 2.53 2.43 Ho W ur e s e k a l n y d e e a a r r n n i i n n g g s s ( a d t o l f l a a c rs to ) ries: 39 43.30 43.35 M4.61 Southern and Western cities 25 2.93 2.9/ P2.75 Hourly earnings (cents) 39 108.4 109.3 P110.7 No H n o a u g r r s ic w ul o tu rk ra e l d ( e p m er p w lo e y e m k) e nt (mill, 39 40.0 39.6 P40.3 SECURITY MARKETS In millions of dollars persons) :8 Total 40 38.9 39.1 P39 .6 Corporate security i Manufacturing and mining 40 14.9 15.0 P15.3 Net proceeds: Trade 40 7.8 7.9 P8.0 All issues 28 941 '2,134 Government 40 5.5 5.4 P5.4 Industrial.... 28 407 rl,106 Transportation and utilities 40 3.9 3.9 P4.0 Railroad 28 348 209 Construction 40 1.8 1.9 P2.0 Public utility. . 28 154 -741 Construction contracts (3 mo. moving New money: * average, mill, dollars):5 All issues 28 248 ,6n Total 41 716 675 P636 Industrial 28 219 '532 Residential 41 326 296 P274 Railroad 28 10 18 Other 41 389 379 P362 Public utility.. 28 3 25 For footnotes see p. 1196. OCTOBER 1946 1195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued 1945 1946 1945 1946 Chart Chart book book page June Dec. June page June Dec. June 30 31 29 30 31 29 CALL DATE FIGURES In billions of dollars CALL DATE FIGURES—Cont. In billions of dollars ALL MEMBER BANKS CLASSES OF BANKS—CONT. Loans and investments, total 10 99.43 107.18 102.03 Country banks: U. S. Govt. obligations, total 10 73.24 78.34 72.27 Loans and investments, total 13 31. 37 35.00 35.89 Bonds 11 40.27 44.79 45.42 U. S. Govt. obligations 13 24.09 27.00 26.56 Certificates 11 15.58 16.98 15.29 Other securities 13 2. 16 2.41 2.73 Notes 11 14.72 14.27 10.47 Loans 13 5. 11 5.60 6.61 Bills 11 2.63 2.27 1.07 Demand deposits adjusted 13 20.66 23.60 24.63 Guaranteed obligations 11 .03 .02 .02 Time deposits 13 11.26 12.51 13.53 Other securities, total 10 5.60 6.07 6.46 State and local government obligations 11 3.10 3.25 3.31 1946 Other securities 11 2.50 2.82 3.15 Loans, total 10 20.59 22.78 23.30 SELECTED DATES Commercial 11 7.10 8.95 9.69 Jan.- Apr.- July- Real estate 11 3.25 3.46 4.27 Mar. June Sept. Agricultural 11 1.13 .86 Fo B r r p o u k r e c r h s a sing securities: 11 3.09 3.13 2.40 FARM REAL ESTATE VALUES In unit indicated Toothers 11 3.41 3.38 2.48 Cash farm income (bill, dollars, annual Consumer 11 1.69 1.90 2.46 basis) 49A 23.0 P23.0 Demand deposits adjusted 10 59.13 64.18 67.46 Farm real estate values (1912-14= 100) 49A 6142 •14/ CLASSES OF BANKS Prices received and paid by farmers: Prices paid (1910-14=100) 49A 178 184 201 Central reserve city banks: Prices received (Aug. 1909-July Loans and investments, total 12 31.49 32.07 28.47 1914=100) 49A 207 214 245 U. S. Govt. obligations 12 21.62 21.79 19.13 Other securities 12 1.55 1.62 1.51 Loans 12 8.32 8.67 7.84 1944 1945 Demand deposits adjusted 12 17.80 18.22 19.35 Time deposits 12 1.79 1.97 2.21 In unit indicated Reserve city banks: Loans and investments, total 12 36.57 40.11 37.68 U. S. Govt. obligations 12 27.52 29.55 26.59 !ash farm income (bill, dollars) 49A 21.0 21.6 Other securities 12 1.89 2.04 2.231Farm transfers (number per 1000 Loans 12 7.15 8.51 8.861 farms): Demand deposits adjusted 12 20.68 22.37 23.48 Total 49A 53.4 56.4 Time deposits 12 8.76 9.79 10.45 Voluntary sales and trades 49A 51.5 54.9 * Estimated. P Preliminary. r Revised. c Corrected. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than $5,000,000. 3 Corrected figures for earlier weeks are: Aug. 7, .82; Aug. 14, .75; and Aug. 21, .90. * For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series. 3 Adjusted for seasonal variation. 6 As of Nov. 1, Mar. 1, and July 1. * Copies of the Chart Book may be obtained at a price of 50 cents each 1196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks 1 Mutualsavings Nonp b o a r A r n e t l k - i l n s g * Total Total' Mem t b i N o e n a r - a b l anks State * To N ta o l nmem su I b n r e e - r d ban in k N s s u o l r n e - d l su I r n e - d b * ank in s N su o r n e - d ( n n o r o e n b n p i m a n o n s r e u t k m i r s n e b g d e ) r Banks (Head Offices) Dec. 31, 1942 14,682 14,136 6,679 5,081 ,598 7,460 6,667 793 56 490 130 Dec. 31, 1943 14,579 14,034 6,738 5,040 ,698 7,299 6,535 764 184 361 119 Dec. 31, 1944 14,535 13,992 6,814 5,025 ,789 7,181 6,452 729 192 351 120 Dec. 31, 1945 14,553 14,011 6,884 5,017 ,867 7,130 6,416 714 192 350 112 Aug. 31, 1946P 14,578 14,037 6,899 5,012 ,887 7,141 6,448 693 191 350 115 Branches and Additional Offices' Dec. 31, 1942 3,739 3,602 2,615 1,592 1,023 987 935 52 35 102 Dec. 31 1943 3,933 3,797 2,793 1,741 1,052 1,004 952 52 95 41 Dec. 31, 1944 ... 4 064 3,924 2,892 1,813 1L,079 1,032 978 54 99 41 Dec. 31, 1945 4,090 3,947 2,909 1,811 1,098 1,038 981 57 101 42 Aug 31 1946* . . 4,060 3,908 2.863 1,751 1,112 1,045 986 59 109 43 v Preliminary. 1 Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 11 "cooperative" banks in Arkansas and 102 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas. * The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banks •re not included in the total for "Commercial banks" and are included only once in "All reporting banks." 8 Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government; the number of such offices on the above dates was 40, 233, 308, 241, and 93, respectively. NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banking and. Mont' tary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS, BY DISTRICTS AND STATES On par listl On par list1 Not Not F d e is d t e ri r c a t l o R r e S se t r a v te e Total» Mem- Non- p o a n r State Total 1 Mem- Non- p o a n r Total ber member list* Total ber member list1 banks bank 8 banks banks United States total: Michigan.. 443 442 228 214 1 Dec. 31, 1942 14,123 11,413 6,670 4,743 2,710 Minnesota. 673 257 208 49 416 Dec. 31, 1943 14,021 11,492 6,729 4,763 2,529 Mississippi. 203 38 30 8 165 Dec. 31, 1944 13,989 11,544 6.806 4,738 2,445 Missouri... 593 521 184 337 72 Dec. 31, 1945 14,002 11,869 6,877 4,992 2,133 Montana. . 110 108 77 31 2 Aug. 31, 1946*.... 14,037 11,940 6,893 5,047 2,097 Nebraska 410 405 146 259 Nevada 8 8 6 2 By districts and New Hampshire. 64 64 52 12 by States New Jersey 345 345 295 50 August 31, 1946 v New Mexico.... 42 42 29 13 Boston 490 490 335 155 New York. 670 670 579 91 New York 942 942 803 139 North Carolina. 201 84 54 30 117 Philadelphia , 850 850 651 199 North Dakota.. 150 45 42 3 105 Cleveland , 1,174 1,174 726 448 Ohio 676 676 427 249 Oklahoma 382 371 218 153 11 Richmond , 1,009 779 476 303 230 Atlanta , 1,137 508 328 180 629 Oregon 69 69 33 36 Chicago , 2,471 2,413 999 1,414 58 Pennsylvania 1,016 1,016 774 242 St. Louis , 1,466 1,108 495 613 358 Rhode Island 20 20 11 9 South Carolina 148 51 29 24 95 Minneapolis 1,272 590 469 121 682 South Dakota 169 68 60 8 101 Kansas City 1,748 1,731 751 980 17 Dallas 976 859 591 268 117 Tennessee. . 293 189 81 108 104 San Francisco 502 496 269 227 6 Texas 864 799 547 252 65 Utah 59 59 34 25 Vermont... 71 71 40 31 Virginia. .. 315 300 201 99 15 Alabama 219 105 84 21 114 Arizona 10 10 5 5 Washington... 122 116 55 61 6 Arkansas 228 97 66 31 West Virginia. 180 177 108 69 3 California 191 191 111 80 Wisconsin. . . . 556 441 166 275 115 Colorado 140 140 92 48 Wyoming 55 55 37 18 Connecticut 115 115 63 52 Delaware 40 40 17 23 v Preliminary. Dist. of Columbia... 21 21 18 3 1 Represents banks on which checks are drawn, except that it excludes Florida 171 105 68 37 66 both member and nonmember mutual savings banks on a few of which Georgia 366 85 60 25 281 some checks are drawn. Similar par list figures nublished heretofore have included member mutual savings banks and wnbtr nondeposit Idaho 46 46 26 20 trust companies (three and four, respectively, on Dec. 31, 1945) Illinois 863 861 494 367 2 on which no checks are drawn, because of the requirement that member Indiana 490 490 239 251 banks remit at par for checks presented to them through the Federal Iowa 659 659 164 495 . . . „ Reserve Banks. Kansas 613 611 213 398 The total in this table differs from total commercial banks in preceding table because the commercial bank total r*clud^t some banks on Kentucky 386 386 114 272 which checks are drawn, namely, those that do not report to State Louisiana 155 52 43 9 163' banking departments (see footnote 1 of preceding table), and includes Maine 63 63 38 25 industrial banks and nondeposit trust companies whether or not Maryland 169 169 79 90 checks are drawn on them. Massachusetts 185 185 148 37 NOTE.—Prior to February 1946, statistics on the Federal Reserve par list were published annually. For back figures see Banking and Monetary Statistics, Table 15, and descriptive text, pp. 14-15. OCTOBER 1946 1197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—ASSETS AND LIABILITIES ON JUNE 29, 1946, BY CLASS OF BANK [Amounts in thousands of dollars] Ce m n e tr m al b e r r e s b e a rv n e k s c 1 ity m R b e e a c s m n i e t k y b rv s e l e r C m b o a e u m n n k b t s r e l y r m b e a A m n ll b ks er n m b a e t a A i m n o l k l b n s e a r l A m l b l e a m n S k b ta s e t r e New York Chicago ASSETS Loans and investments . 303,953 5,166,508 37,674,808 35,886,361 02,031,630 66,277,441 35,754,189 Loans (including overdrafts) 6 505 894 1 3?9, 185 8,862, 113 6,605,272 23,302,464 14,468,835 833,629 United States Government direct obligations. . 15,644, 704 3, 484,530 26,578,062 26,544,200 72,251,496 47,264,082 24' 987,414 Obligations guaranteed by United States Government . . . 1 133 6,762 12,118 20,013 7 401 12,612 Obligations of States and political subdivisions. 534, 721 152,868 1,193,690 1,425,556 3,306,835 2,450 487 856,348 Other bonds, notes, and debentures 193 190 928, 110 1,218,968 2,860,553 1,942 982 917,571 Corporate stocks (including Federal Reserve Bank stock) 94,308 9,643 106,071 80,247 290,269 143 654 146,615 Reserves, cash, and bank balances 6 528,727 1,321,194 10,683,754 9,545,808 28,079,483 18,607 225 9,472,258 Reserve with Federal Reserve Banks 4 255,287 869 787 6 332,090 4,543,446 16,000,610 10,430 646 5 569,964 Cash in vault 85 473 ?5 ?93 399,428 630,823 1,141,017 787 777 353,240 Demand balances with banks in United States (except private banks and American branches of foreign banks) 348 160 886 1 841,934 3, 666,307 5,734,475 4,339 333 1 395,142 Other balances with banks in United States. . . 2 617 1 402 15,832 17 249 37,100 26 219 10,881 Balances with banks in foreign countries. .... 18 051 762 11 925 2,804 33,542 18 954 14,588 Cash items in process of collection 2 101,951 263 064 2 082 545 685 179 5,132,739 3,004 296 2 128,443 Due from own foreign branches . 547 7 412 9,959 7 412 2,547 Bank premises owned and furniture and fixtures. . . 169 040 15 968 274 334 327 406 786 748 493 823 292,925 Other real estate owned 16? 7 863 6 873 16,898 10025 6,873 Investments and other assets indirectly representing bank premises or other real estate 2 745 177 47 060 13 530 63,512 46 915 16,597 Customers' liability on acceptances 53 897 2 781 30 570 3 440 90 688 58 042 32,646 Income accrued but not yet collected... 68 946 15 516 100 114 44 466 229 042 139 578 89,464 Other assets.. . . . .. 11 418 2 743 46 862 31 326 92 349 57 266 35,083 Total assets.. 30 143 435 6,524,887 48 872 777 45 859 210 131 400 309 85,697 727 45,702,582 LIABILITIES Demand deposits . ?6 059 876 310 860 35 445 968 29 515 197 96 331 901 62,703 375 33 628,526 Individuals, partnerships, and corporations.... 16 836 014 3 153 263 23 005 468 22 594 022 65 588 767 42,466 010 23 122,757 United States Government: War loan and Series E bond accounts.... 3 461 211 786 810 4 460 174 3 112 119 11 820 314 7 418 743 4 401,571 Other 317 1 733 71 224 82 298 188 572 155 593 32,979 States and political subdivisions 292 606 ?61 9??. 2 002 649 2 269 03^ 4 826 211 3 651 766 1 174,445 Banks in United States 3 126 730 1 046 777 5 219 593 997 485 10 390 585 7 120 482 3 270,103 Banks in foreign countries 1,178 253 23 797 129 148 7 726 1 338 924 652 783 686,141 Certified and officers' checks, cash letters of credit and travelers' checks, etc ,131 745 36 558 557 712 452 513 2 178 528 1237 998 940,530 Time deposits 1,424,486 781,459 10,447 102 13 533 598 26 186 645 17 508,570 8 678,075 Individuals, partnerships, and corporations. 1,372 375 778,809 10,190 123 13 226 255 25 567 562 17047,316 8 520,246 United States Government 8,165 2,000 41 765 45 483 97 413 74 217 23,196 Postal savings . . . 750 2 608 3 358 2 877 481 States and political subdivisions.... 17,326 650 187 032 241 599 446 607 341,717 104,890 Banks in United States 1 020 ?7 43? 17 6 S3 46 105 35 643 10,462 Banks in foreign countries. . 25,600 25,600 6,800 18,800 Total deposits.. 27,484,362 6,092,319 45,893,070 43,048,795 122,518,546 80 211,945 42 306,601 Due to own foreign branches 208,409 208,409 182,539 25,870 Bills payable, rediscounts, and other liabilities for borrowed money ?7 000 26 784 18 456 72,240 24,441 47,799 Acceptances outstanding 62,712 4,526 37,673 3,461 108,372 71,050 37,322 Dividends declared but not yet payable 20,724 1,438 14,412 9,876 46,450 29,599 16,851 Income collected but not yet earned 10 191 ? 427 31,064 19,703 63,385 43,358 20,027 Kxpenses accrued and unpaid 634 7.5 90? 146,544 72,782 371,862 220,611 151,251 Other liabilities 27,648 4,292 46,919 12,410 91,269 52,499 38,770 Total liabilities 27,967,680 6,130,904 46,196,466 43,185,483 123,480,533 80,836,042 42,644,491 CAPITAL ACCOUNTS Capital 60? 3 SO 14? 350 897,228 986,237 2,628,165 1,678,939 949,226 Surplus..... 1 096 387 157 870 1 179 808 1 071,195 3,505,260 2,096,44? 1,408,818 Undivided profits 363,419 47,008 401,250 459,614 1,271,291 787,862 483,429 Other capital accounts 113,599 46,755 198,025 156,681 515,060 298,442 216,618 Total capital accounts 2,175,755 393,983 2,676,311 2,673,727 7,919,776 4,861,685 3,058,091 Total liabilities and capital accounts. . 30,143,435 6,524,887 48,872,777 45,859,210 131,400,309 85,697,727 45,702,582 MEMORANDA Demand deposits adjusted 2 16 158 414 3 188,679 ?3 483 784 ?4 630 390 67 460,767 44 351 478 ?3,109,289 Number of banks 37 13 355 6,482 6,887 5,012 1,875 1 Banks are classed according to the reserves tha outlying sections of reserve cities or central reserve c:^:' cities. Figures for each class of bank include asse whic;hh tthhee ppaarreenntt bbaannkkss aarree llooccaatteedd.. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 1198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS JUNE 29, 1946, DECEMBER 31, 1945, AND JUNE 30, 1945 [Amounts in thousands of dollars] June 29, 1946 December 31, 1945 June 30, 1945 All Banks not All Banks not All Banks not insured members insured members insured members commerical Federal Re- commercial Federal Re- commercial Federal Rebanks1 serve System banks1 serve System banks1 serve System ASSETS Loans and investments 117,438,074 15,420,383 121,835,372 14,665,494 112,380,096 12,966,444 Loans (including overdrafts) 26,796,235 3,496,006 25,768,677 2,995,662 23,378,880 2,793,311 United States Government direct obligations... 82,974,112 10,733,066 88,911,711 10,599,036 82,378,820 9,181,377 Obligations guaranteed by United States Government 23,742 3,729 21,669 5,964 43,284 10,119 Obligations of States and political subdivisions.. 3,975,354 669,452 3,874,729 621,404 3,686,190 585,531 Other bonds, notes, and debentures 3,354,207 493,931 2,938,313 417,751 2,566,830 368,642 Corporate stocks (including Federal Reserve Bank stock) 314,424 24,199 320,273 25,677 326,092 27,464 Reserves, cash, and bank balances.... 31,853,309 3,776,078 34,302,704 4,459,355 29,659,257 3,894,840 Reserve with Federal Reserve Banks. . 15,999,368 15,810,286 14,805,926 Cash in vault 1,473,274 332^381 1,831,755 " 394^096 1,477,475 327'474* Demand balances with banks in United States (except private banks and American branches of foreign banks) 9,036,691 3,303,071 11,006,547 3,930,001 9,902,652 3,455,221 Other balances with banks in United States. . . 72,555 35,455 75,427 36,185 64,630 26,723 Balances with banks in foreign countries 34,086 544 24,017 645 24,389 319 Cash items in process of collection 5,237,335 104,627 5,554,672 98,428 3,384,185 85,103 Due from own foreign branches 9,959 7,321 270 Bank premises owned and furniture and fixtures. . . . 899,703 113,019 902,925 115,299 918,606 118,085 Other real estate owned 24,903 8,005 31,239 11,928 45,082 17,412 Investments and other assets indirectly representing bank premises or other real estate 67,350 3,838 69,172 4,434 70,386 4,862 Customers' liability on acceptances 92,056 1,368 66,459 851 41,376 412 Income accrued but not yet collected... 240,990 11,948 252,033 12,555 234,874 11,429 Other assets 117,022 24,673 115,175 24,223 106,804 21,854 Total assets. . 150,743,366 19,359,312 157,582,400 19,294,139 143,456,751 17,035,338 LIABILITIES Demand deposits 108,408,358 12,076,461 117,847,138 12,451,674 107,266,301 10,697,071 Individuals, partnerships, and corporations. 75,404,533 9,815,766 72,605,736 9,655,650 65,507,969 8,091,382 United States Government: War loan and Series E bond accounts. 12,718,443 898,133 23,476,945 1,531,822 23,199,502 1,485,918 Other 225,491 36,919 266,147 32,178 283,822 30,126 States and political subdivisions 5,808,920 982,709 5,099,450 859,029 4,699,707 822,312 Banks in United States 10,584,438 193,853 12,566,058 232,745 11,216,666 152,960 Banks in foreign countries 1,346,281 1,247,905 1,118,697 Certified and officers' checks, cash letters of 7,357 5,279 12,846 credit and travelers' checks, etc 2,320,252 2,584,897 1,239,938 141,724 134,971 101,527 Time deposits 32,240,406 29,963,844 27,016,085 Individuals, partnerships, and corporations: 6,068,666 5,703,808 5,220,345 Savings deposits 24,803,484 C C e h r r t i i s f t i m ca a t s e s s a o v f in d g e s p o a s n it d similar accounts 31,504,915 5,952,253 29,295,108 5,597,071 8 1 9 9 8 9 , , 9 1 7 5 6 7 4,6 4 2 16 6 , , 0 0 5 3 9 9 Open accounts 461,489 40,705 United States Government 101,923 4,510 98,277 2,535 99,963 39,083 Postal savings 4,592 1,234 4,926 1,439 5,254 2,074 States and political subdivisions 552,104 105,502 495,967 97,080 482,200 1,621 Banks in United States 51,259 5,154 51,957 5,674 49,203 89,982 Banks in foreign countries. 25,613 13 17,609 9 4,773 16,359 9 Total deposits 140,648,764 18,145,127 147,810,982 18,155,482 15,917,416 134,282,386 Due to own foreign branches 208,409 211,181 Bills payable, rediscounts, and other liabilities for 196,233 borrowed money 83,229 10,989 215,300 7,206 65,308 13,411 Acceptances outstanding 109,799 1,427 76,824 859 49,253 420 Dividends declared but not yet payable 48,428 1,978 56,508 3,513 47,776 2,040 Income collected but not yet earned 78,908 15,523 58,280 12,036 49,787 10,647 Expenses accrued and unpaid 394,189 22,331 367,271 20,954 335,771 17,045 Other liabilities 102,037 10,812 113,658 9,379 88,889 7,647 Total liabilities 141,673,763 18,208,187 148,910,004 18,209,429 135,115,403 15,968,626 CAPITAL ACCOUNTS Capital. 3,070,706 442,541 3,032,331 439,967 2,977,941 442,126 Surplus 3,932,822 428,709 3,784,722 402,488 3,528,861 370,461 Undivided profits 1,485,019 213,854 1,293,271 177,537 1,293,751 187,339 Other capital accounts 581,056 66,021 562,072 64,718 540,795 66,786 Total capital accounts 9,069,603 1,151,125 8,672,396 1,084,710 8,341,348 1,066,712 Total liabilities and capital accounts... 150,743,366 19,359,312 157,582,400 19,294,139 143,456,751 17,035,338 MEMORANDA Demand deposits adjusted2 78,296,370 10,835,572 74,735,411 10,551,222 68,063,429 8,930,118 13,335 6,451 13,302 6,421 13,282 6,445 JN umber of banks 1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on opposite page. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. OCTOBER 1946 1199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments. . 1201 Gold production. 1202 Gold movements. 1202 International capital transactions of the United States. . 1203-1208 Central banks. 1209-1212 Money rates in foreign countries 1213 Commercial banks. 1214 Foreign exchange rates. 1215 Price movements: Wholesale prices. 1216 Retail food prices and cost of living 1217 Security prices. 1217 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figure! on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics 1200 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d t g A i e n r n a - - 1 g B i e u l m - Brazil B I r n it d is i h a Canada Chile lo C m o b - ia Cuba Cz v s e a l c k o h i - o a - m De a n r - k Egypt France Ger- Greece 1938—Dec... 4,512 431 581 32 274 192 30 24 83 53 55 ,430 29 27 1939—Dec... 7.644 466 609 40 274 214 30 21 1 56 53 55 ,709 29 28 1940—Dec... 11,995 353 734 51 274 27 30 17 1 58 52 52 ,000 29 28 1941—Dec... 12,737 354 734 70 274 5 31 16 1 61 44 52 ,000 29 28 1942—Dec... !2,726 1658 735 115 274 6 36 25 16 61 44 52 ,000 29 28 ' 1943—Dec... 21,938 1939 734 254 274 5 54 59 46 61 44 52 2.000 29 28 1944—Dec... 20.619 329 274 6 79 92 111 61 44 52 1,777 29 28 1945—Sept.. 20,073 409 694 352 274 7 82 106 176 61 44 52 1,777 Oct.. . 20.036 407 698 357 274 5 82 114 186 61 44 52 1,540 Nov.. 20,030 404 711 356 274 5 82 115 186 61 44 52 1,540 Dec... 20,065 403 716 354 274 7 82 127 191 61 38 52 1,090 t946—Jan.. . 20.156 398 729 363 274 7 82 128 201 61 38 52 1,090 Feb... :0,232 398 747 362 274 6 82 129 201 61 38 52 1.OV0 Mar.., 20,256 397 755 361 274 6 82 131 201 61 38 52 1.090 Apr... 20,251 392 763 361 274 7 83 132 201 61 38 52 1,050 May.. 20,242 398 761 360 274 5 82 133 201 61 38 52 June.. 20,270 406 761 359 274 6 83 134 201 61 38 52 796 July .. 20,267 756 358 274 6 81 135 201 61 38 796 Aug.. . 20,280 357 End of month Hun- (P I e r r a si n a) Italy Japan Java Mexico N l e a t n h d er s - Ze N a e l w and Nor- Peru Poland Por g t a u l - Ruma- A S f o r u i t c h a Spain 1938—Dec 37 26 193 164 80 29 998 23 94 20 85 69 133 220 3525 1939—Dec 24 26 144 164 90 32 692 23 94 20 69 152 249 1940—Dec 24 26 120 164 140 47 617 23 20 59 15* 367 1941—Dec 24 26 235 47 575 23 21 59 181 366 42 1942—Dec 24 34 4216 39 506 23 25 59 203 634 42 1943—Dec 24 92 203 500 23 31 60 260 706 91 1944—Dec 24 128 222 500 23 32 60 267 814 105 1945—Sept. 131 255 270 23 28 60 26* 93* 108 Oct.. 131 250 270 23 28 60 95 4 108 Nov.. 131 296 270 23 28 60 94.1 103 Dec. P131 294 270 23 28 60 914 110 1946—Jan P126 288 270 23 28 60 26*) 9V# 111 eb.. P!26 284 270 23 28 60 269 94? 111 Mar... P124 257 270 23 28 60 111 Apr... 254 270 23 28 111 May., 250 270 23 25 1,080 111 June.. 235 270 23 23 1,046 111 July.. 229 270 23 23 1,027 Aug.. . 218 270 23 End of month S d w e e n - S l w e a i r n t - z d - T k u ey r- U K d n i o i n m t g ed - g U u r a u y - V z e u n el e- a Y sl u a g v o i - a B.I.S. O c tr o t i u h e n s e 8 - r GoTcrnmeit i n g p ol r d e v r k « t * t* r e» £ » ; « « ' t« s t «t included 1 1 9 9 3 3 8 9 — - D D e e c c . . . 3 3 2 0 1 8 5 7 4 0 9 1 2 2 9 9 2,69 7 0 1 6 6 9 8 5 5 2 2 5 5 7 9 1 7 4 1 1 6 7 6 8 End of month U S n ta i t t e e s d U K d n o i i n m t g ed - France g B iu el m - 1940—Dec.. 160 502 88 1 90 29 82 12 170 1941—Dec. 223 665 92 1 100 41 12 166 1942—Dec.. 335 824 114 1 89 68 21 185 1938—Dec 80 2759 331 44 1943—Dec.. 387 964 161 1 121 89 45 229 1939—Mar 154 1,732 559 1944—Dec. 463 1,052 221 1 157 130 37 245 May.. . 477 June 85 17 1945—Sept.. 479 1,085 236 195 191 39 248 Sept.. . . 164 «876 Oct... 475 1,111 236 195 191 39 247 Dec 156 17 Nov.. 474 1,109 236 195 202 39 245 1940—June.... 86 17 Dec. 482 »1,104 241 195 202 39 247 Dec 48 292 17 1946—Jan. . 481 1,099 241 195 212 39 247 1941—June.... 89 17 Feb.. 481 1,091 241 195 212 39 247 Dec 25 4151 17 Mar.. 478 1,102 241 195 212 39 245 1942—June.... 8 17 Apr... 476 1,099 241 198 212 39 P242 Dec 12 17 May. 473 1,106 241 204 215 39 P239 1943—June 11 17 J11 ne. 473 1,106 240 204 215 39 P238 Dec 43 17 July.. 470 1,119 240 215 P238 1944—June.... 21 17 474 1,121 215 Dec 12 17 Aug.. 1945—Mar 32 June.... 81 17 9 Preliminary. Sept 20 1 Figures through March 1940 and for December 1942. December 1943, and December 1944 Dec 18 17 include, in addition to gold of the Central Bank held at home, gold of the Central Bank held 1946—Mar 54 abroad and gold belonging to the Argentine Stabilisation Fund. 3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance. 1 Reported at infrequent interval* or on de- • Figure for December 1938 is that officially reported on Apr. 30, 1938. layed basis: U. S.—Exchange Stabilitition Fund • Figures relate to last official report dates for the respective countries, as follows: Java— (Special A/c No. 1); U. K.—Eicliangr Equali- Jan. 31. 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. zation Account; France—Exchange Stabilization • Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- Fund and Rentes Fund; Belgium—Treasury. rately. 2 Figure for end of September. • These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian 9 Reported figure for total British fold reserves Congo, Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31, on Aug. 31, 1939, less reported holdings of Bank 1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Ireland beginning February of England on that date. 1943, Latvia, Lithuania, Morocco, and Siam. Figures for certain of these countries have 4 Figure for Sept. 1, 1941. been carried forward from last previous official report. NOTE.—For available back figures and for de- 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British tails regarding special internal gold transfer! Exchange Equalization Account during 1939. affecting the British and French institutions, st« 8 In addition to gold held by the Swiss National Bank, the Swiss National Bank's Annual Banking and Monetary Statistics, p. 526, and Report for 1945 stated that the Swiss Government owned gold amounting to 238 million BULLETIN for February 1945, p. 190. dollars on Dec. 31, 1945. NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of figures, including details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the same publication. OCTOBER 1946 1201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly Y m e o a n r t o h r pr o o w u d o t u s r i c l d d ti e on re T p o o t r a te l d South i Rho- West I Belgian United I Ca N n- orth M an e d x - So iC ut o h l o A m m - I erica I Nica- Austr O a- t I h e B r ritish U.S.S.R.i monthly Africa I desia Africa2 ICongoa I States* I ada6 ico« bia I Chile I ragua7 lia8 1 India* $1-—155/a grains of gold 9/io fine; i. e., an ounce of fine gold=$35. 1934... 823,003 708,453366,795 24,264 12,153 6,549108,191104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935... 882,533 752,847377,090 25,477 13,625 7,159126,325114,971 23,858 11,515 9,251 868 31,240 11,468 1936... 971,514 833,895396,768 28,053 16,295 7,386 152,509131,181 26,465 13,632 9,018 807 40,118 11,663 1937... 1,041,576 893,384410,710 28,296 20,784 8,018168,159143,367 29,591 15,478 9,544 848 46,982 11,607 1938... 1,136,360 958,770425,649 28,532 24,670 8,470 178,143165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939... 1,208,705 ,020,297448,753 28,009 28,564 8,759196,391178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940... 1,297,349 ,094,264491,628 29,155 32,163 8,862 210,109185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941... 1,288,945 ,089,395504,268 27,765 32,414 209,175187,081 27,969 22,961 9,259 7,525 51,039 9,940 1942... 966,132494,439 26,641 29,225 130,963169,446 28,019 20,882 6,409 8,623 42,525 8,960 1943... 760,527448,153 23,009 19,740 48,808127,796 22,055 19,789 6,081 7,715 28,560 8,820 1944... 682,061429,787 20,746 18,445 35,778102,302 17,779 19,374 7,131 7,865 16,310 6,545 1945... 645,323427,862 19,888 18,865 32,511 92,794 17,734 6,282 6,985 16,450 5,950 1945—Aug... 53,363 34,199 1,668 1,610 3,331 7,411 1,459 464 595 2,065 560 Sept.. 52,756 35,313 1,680 1,610 2,728 7,404 1,400 370 570 1,190 490 Oct.. . 55,739 36,809 1,664 ,610 3,639 8,034 1,319 425 559 1,190 490 Nov.. 54,686 36,005 1,595 ,400 3,822 7,726 1,224 396 592 1,435 490 Dec. 54,896 35,043 1,597 ,470 3,635 8,391 1,140 1,096 634 1,365 525 1946 —Jan.. . 55,758 35,892 1,584 ,610 3,984 8,346 1,492 683 522 1,470 175 Feb.. *>50,981 32,971 1,473 1,610 3,283 8,013 1,309 549 443 1,330 Mar.. P50,656 30,871 1,574 1,645 3,639 8,677 1,473 770 608 1,400 Apr.., P53.900 34,793 1,609 1,645 3,226 8,338 1,193 451 580 1,435 630 May., 36,740 1,609 1,610 3,158 8,412 1,350 488 1,610 455 June,, 35,732 1,654 1,715 3,416 8,203 1,094 563 1,540 490 July.. 36,657 1,715 3,993 8,384 448 525 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. v Preliminary. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal Statistics. 2 Beginning April 1941. figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold Coast only. 3 Beginning May 1940, monthly figures no longer reported. 4 Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent estimates of American Bureau of Metal Statistics, those for 1945 having been revised by subtracting from each monthly figure $197,193 so that aggregate for year is equal to annual estimate compiled by Bureau of the Mint. 5 Figures for Canada beginning 1945 are subject to official revision. 6 Beginning April 1942, monthly figures no longer reported. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. • 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: m Y o o e n r a t r h im T n o p e o t t a r l ts U K d n i o i n t m g e r d France g B iu el m - N la e e n r t d - h s - S d w e e n - S l w a e n r it - d z- Canada Mexico c A a O L n m a t h t e R i e r n r i e - - P p i I h i p s n i - - l e - t A ra u l s ia - A So fr u ic th a Japan I B n i r s d i i t h a - c o o t A h u l e n l r publics lands tries 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 28,15312.0381 1,029! 121 4 76,820 21,095 1935 1,739,019 315,727 934,243 3227,185 968 95,171 13,667 29,35915,335 3,498| 65 . . 75,268 28,529 1936 1,116,584 174,093 573,671 3,351 71,006 7,511 72,648; 39,966 30,79021,513 23,2801 . . 77,892 20,856 1937 1,585,503 891,531 -13,710 90,859 6,461 6 54,452 111,480, 38,482 39,48525,427 34,713 181j246,464i50,762i 8,910 1938 1,973,5691,208,728 81,135 15,488163,049 60,146 1,363 76,315! 36,472 65,23127,880 39,162 401jl68,740|l6,159| 13,301 1939 3,574,151 1,826,403 3,798165,122341,618 28,715} 86.,987 612,949; 33,610 57,020 35,636 74,250 22,862!l65,605i50,956 *68,623 1940 4,744,47 633,083 241,778 977 63,260161,489 90,320 2,622,330 29,880 128,25938,627 10033,,777777 j1l8844,,7755661!l Hll,,7/3J99 ;4499,,998899 3284,208 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 61,86242,678 67,492!292,893l 9,444 9,665 463,O71 1 1 9 9 4 4 2 3 31 6 5 8 , , 6 9 7 3 8 8 1,9 8 5 8 5 5 20 6 8 6 , , 9 9 1 2 7 0 - 4 3 0 , , 2 0 8 1 7 6 3 1 9 3 , , 6 48 8 9 0 32l| 5 1 2 52 8 ) | , 307 129 - 2 8 0 ,7 ,0 3 0 1 8 1944 -845,39: -695,483 46,210 -109,695 -108,560 1991 3,572 18,365 1945 -106,250 160 53,148 15,094 -41,748 106! 357 -133,471 1946 Jan. 154,070 151,270 391 1,729 23| 654 Feb. 82,439 80,629 126 1,479 11! 191 Mar. 31,396 25,265 75 1,386 3,267 1,366 Apr. -20,534 222 149 637 9 6-21,586 May -27,028 127 34 -33 13 7-27,155 June 36,329 32,277 29 902 11 2 83,112 July 6,347 639 476 2,328 41 9 2,865 Aug.? 15,210 649 516 -8,502 -6 19,886 -236 10 2,887 P Preliminary. 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries, a Includes $75 087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries. 4 Includes $44,920,000 from U. S. S. R., and $18,151,000 from other countries. 5 Includes $133,980,000 to China and $509,000 from other countries. 6 Includes $27,567,000 to China, $5,625,000 from U. S. S. R., and $356,000 from other countries. 7 Includes $27,229,000 to China and $75,000 from other countries. 8 Includes $2,813,000 from U. S. S. R. and $299,000 from other countries. • Includes $2,813,000 from U. S. S. R. and $52,000 from other counties. i° Includes $2,821,000 from U. S. S. R. and $66,000 from other countries. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. 1202 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities: Inflow in From Jan. 2, 1935. through— Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Mar. (Apr. 3) 265.9 64.1 4.4 59.7 155.0 31.8 -6.2 21.1 June (July 3) 632.5 230.3 22.6 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 920.2 371.5 16.3 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936). 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936- Mar. (Apr. 1). .,546.3 613.6 79.6 5*4.0 390.3 114.4 427.6 .4 June (July 1). 1,993.6 823.4 80.3 743.1 449.0 180.5 524.1 16.5 Sept. 30 2,331.9 947.1 86.0 861.1 456.2 272.2 633.3 23.2 Dec. 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Mar. 31. 2,998.4 1,188.6 129.8 1,058.8 411.0 319.1 1,075.7 4.1 June 30. 3,639.6 1,690.1 293.0 1,397.1 466.4 395.2 1,069.5 18.3 Sept. 29. 3,995.5 1,827.2 448.2 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29. 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,301.3 1,043.9 244.0 799.9 434.4 618.5 1,150.4 54.2 June 29 3.140.5 880.9 220.6 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,567.2 1.275.4 282.2 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939). 3.933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4.279.4 1,829.4 393.2 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,742.0 2,194.6 508.1 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,118.2 2,562.4 635.0 ,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940). 5,112.8 2,522.4 634.1 ,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,207.8 2,630.9 631.0 ,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,531.3 2,920.7 1,012.9 ,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,831.2 3,175.9 1,195.4 ,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 ,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2). . 5,607.4 3,229.7 1,388.6 ,841.0 767.4 812.7 701.8 95.9 June (July 2). . 5,660.1 3,278.0 1,459.8 ,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1). . 5,612.6 3,241.8 1,424.0 ,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,354.1 2,979.6 1,177.1 ,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1). 5,219.3 2,820.9 1,068.9 ,752.0 819.7 849.6 624.9 104.3 June 30* .,636.4 3,217.0 1,352.8 ,864.2 842.3 838.8 632.0 106.2 Sept. 30 5,798.0 3,355.7 1,482.2 ,873.5 858.2 830.5 646.1 107.5 Dec. 31 ,980.2 3,465.5 1,557.2 ,908.3 888.8 848.2 673.3 104.4 1943—Mar. 31. 6,292.6 3,788.9 1,868.6 ,920.3 898.7 810.5 685.9 108.6 June 30. 6,652.1 4,148.3 2,217.1 ,931.2 896.9 806.8 687.9 112.1 Sept. 30. 6,918.7 4,278.0 2,338.3 ,939.7 888.6 929.3 708.1 114.8 Dec. 31. 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Mar. 31. . 7,611.9 5,034.4 3,005.0 2,029.4 868.0 904.1 685.8 119.6 June 30. 7,610.4 5,002.5 2,812.2 2,190.3 856.6 929.8 702.4 119.1 Sept. 30.. 7,576.9 4,807.2 2,644.8 2,162.3 883.5 1,026.2 737.8 122.2 Dec. 31.. 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Jan. 31.. 7.908.1 4,999.6 2,744.4 2,255.2 848.2 1,025.2 909.0 126.1 Feb. 28.. 7,983.6 5,159.6 2,859.6 2,300.0 859.8 989.3 845.0 129.9 Mar. 31.. 8,002.6 5,219.4 2,865.1 2,354.3 848.5 983.7 820.6 130.5 Apr. 30. . 8,079.7 5,289.5 2,920.2 2,369.2 844.7 1,012.6 802.5 130.4 May 31. 8,131.6 5,335.4 2,964.9 2,370.5 845.7 1,032.0 785.0 133.6 June 30. 8,422.8 5,671.0 3,313.2 2,357.9 760.4 1,011.2 848.4 131.8 July 31. . 8,641.7 5,846.2 3,482.4 2,363.9 810.2 1,015.0 843.2 127.1 Aug. 31. 8,711.9 5,922.4 3,513.6 2,408.8 829.0 999.7 831.6 129.1 Sept. 30. . 8,858.6 6,042.2 3,554.9 2,487.2 865.3 998.2 818.4 134.6 Oct. 31.. 8,965.4 6,214.0 3,593.0 2,620.9 875.5 946.5 795.1 134.4 Nov. 30.. 8,828.1 6,122.9 3,431.0 2,691.9 804.2 983.0 779.1 139.0 Dec. 31.. 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1946—Jan. 31 8,822. 9 6,234.7 Feb. 28 8.733.9 Mar. 31 j 8,635.2 Apr. 30 i 8,605.8 May 31. . . . i 8,336.7 BULLETIN for September 1945, pp. 960-974, OCTOBER 1946 1203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2, 1935,through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936)... 1,440.7 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 70.9 156.5 12.7 1936—Dec. 30. . ,667.4 829.3 299.5 229.7 335.5 83 1 45.6 228.5 2,051.3 150.5 201.2 243.0 21.4 1937—Dec 29 ^,501.1 993 7 281.7 311 9 607 5 9 22 1 312 2 2,653 0 106.3 410 6 315.4 15.9 1938—Dec. (Jan.4, 1939)... 3.933.0 ,183.8 339.6 328.6 557.5 140.5 32.2 472.0 3,054.2 155.3 384.6 302.7 36.2 1939—Dec. (Jan.3, 1940). . . 5,112.8 1,101.3 468.7 470.3 773.0 165.9 58 0 752.9 3,790.1 229.4 483.4 522.6 87.4 1940—Dec. (Jan. 1,1941)... 5.807.9 865.2 670.3 455.6 911.5 175.9 55.4 922.7 4,056.6 411.7 606.8 642.6 90.2 1941—Dec. 31. . S.354.1 674. 1 639.9 464.4 725.7 1799 50 5 891.8 3,626.3 340 5 567 5 691.1 128.6 1942—Dec 31 . s,980.2 837.8 625 9 474.0 592 1 179 s 48 1 850.9 3,608.1 425.1 835 8 932.9 178.3 If43—Dec 31 7,267.1 1,257.7 636.8 487.7 629.1 178.6 48.2 954.8 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec. 31.. 7,728.4 1,O9o:o 585.7 506.2 664.3 179 1 63.1 993.3 4,081.8 976.4 1,193 71,273.6 203.0 1945—June 30.. 8.422.8 1,066.2 521 7 513.0 679.7 179 0 80 01.017.9 4,057.5 1,218.0 1,353.81,585.1 208.4 July 31 8.641.7 1,075 0 542 4 516 1 689.9 179 0 85 21,053 0 4.140.6 1,302 7 1 411 71,579 1 207.6 Aug. 31.. 8.711.9 1,018.8 499.8 518 1 695.6 179 89.6 1.059.2 4,060.2 1,383.1 1,392 11.656.1 220.3 Sept 30 858 6 946 7 463 9 518 1 698 4 179 3 94 21.134 2 4 034 81 411 2 1 413 81 763 7235.2 Oct. 31 8.965.4 937.8 510 9 523 8 705 2 179 s 98 01.118.1 4.073.2 1.419.2 1,40* 71,804.3 264.1 Nov. 30.. 8.828.1 888.7 469 8 526 3 709 8 179 4 100 81.127 84.002.6 1.434.3 1.336.5 1.801.7 253.0 Dec. 31 8.802.8 892.5 464.2 539.7 722.3 179 7 106 51,132. 114,037 01,395.7 1,338.4 1,784.1 247.5 1946—Jan. 31.. 8.822 9 858.3 553 6 538.4 728.6 179 6 107 3 1,142.9 4,108.7 1,342.6 1,345.1 1,780.5 246.0 Feb 28 8.733 9 804.7 531 6 525 8 731.1 179 4 108 51 125.54.006 7 1,357 01.350 71 764 9 254.7 Mar 31 . 8.635.2 719 1 515.1 536.5 728.8 179 111.2 3.906.7 1,370.5 1,391.5 1.716.5 250.0 Apr 30 8 605.8 709 5 453.3 528 2 730.4 179 3 138 91,140 0 3,879 51,347.7 1,400 91,723.1 254.7 May 31 8,336.7 585.8 464.1 426.3 725.4 179.2 142.0 1,152.2 3,675.0 1,306.2 1,431.5 1,677.5 246.5 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935, through— Total U K d n o i i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936). .. 631.5 128.6 129.6 55.7 72.4 -.8 7.3 60.7 *453.5 46.0 33.5 87.0 11.5 1936—Dec 30 989.5 163.5 144.2 65.9 109 8 2.7 23.0 79.7 588.9 86.8 149.3 149.4 15.2 1937—Dec 29 1,259.3 189.3 111.8 76 3 288.4 9 6 6.9 109.4 791.7 76.3 166.3 217.0 8.0 1938—Dec. (Jan. 4, 1939). .. 1.513.9 364.0 155.3 87.9 205.1 -11.8 1.7 208.6 1,010.7 101.6 127.6 251.8 22.2 1939—Dec. (Jan. 3, 1940). .. 2,522.4 376.1 256.1 190.9 362.7 -20.1 19.7 470.0 1,655.4 174.5 215.1 417.0 60.5 1940—Dec. (Jan. 1, 1941). .. 3,239.3 293.3 458 0 160.3 494.7 -22.9 -.9 603.7 1,986.3 334.1 326.4 531.2 61.3 1941—Dec. 31 2,979.6 328.6 416.5 161.0 326.2 -23.1 -3.4 561.1 1.766.9 273.1 296.7 541.4 101.6 1942—Dec 31 3.465.5 493 3 394.5 170.0 166.3 -22.7 -6.2 502.5 1,697.5 399.5 482.8 743 9 141.9 1943—Dec. 31 4.644.8 939.4 404.1 176.7 192.7 -23.7 -6.9 589.0 2,271.2 704.7 578.7 928.2 162.0 1944—Dec 31 4.865.2 804.4 356.6 193.1 221.4 -23.4 7.0 634.7 2,193.7 818.6 794.7 888.6 169.7 1945—june 30 5.671.0 800.5 292.2 196.7 243.2 -23.5 23 6 670.0 2,202.7 1,159.3 955.4 1,180.1 173.5 July 31 5.846.2 810.6 318.8 199.2 250 6 -23.5 29 2 706.8 2,291.7 1,241.8 979.2 1.161.2 172.3 Aug 31 5.922.4 762.6 276.6 201.4 255.8 -23.4 33.6 672.4 2,179.0 1,341.9 965.8 1,252.1 183.6 Sept 30 6.042.2 684.8 233.3 204.0 259.7 -23.4 38.2 744.8 2,141.4 1.384.1 989.0 1,329 9 197.6 Oct. 31 6.214.0 678.9 280.2 211.4 266.5 -23.2 41.7 729.9 2,185.4 1,443.9 976.2 1,382.8 225.7 Nov 30 6,122.9 638 3 247 1 253.0 272.0 -23.4 45.1 738.2 2,170.3 1.437.8 924 2 1.373 7 216.8 Dec. 31 6.144.5 646.4 229.9 265.0 286.3 -23.3 50 1 769.1 2.223.4 1.414.2 924.9 1,369.1 212.9 1946—Jan. 31 6.234.7 617.7 318.2 277.3 297.5 -23 3 50 8 757.6 2,295.8 1,242.8 929.4 1,554.5 212.3 Feb. 28 6.131.8 569.2 3005 265.6 298.3 -23.5 52.2 742.0 2,204.2 1,241.8 922.0 1,542.9 220.8 Mar. 31 6,073.8 492.4 284.3 278.4 303.2 -23.6 55.2 738.0 2,127.8 1,251.8 972.4 1,505.0 216.8 Apr. 30 6,056.0 492.1 225.7 278.3 306.5 -23.6 83.0 760.9 2,122.8 1,236.2 956.2 1,518.7 222.1 May 31 5,827.0 373.0 239.5 251.8 305.3 -23.7 86.5 777.6 2,010.0 1,140.3 986.5 1,475.0 215.2 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936). .. 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec 30 431 5 178 0 62 0 -3.3 2.7 66.0 16.3 22.0 343.7 36 9 24 9 30 4 —4 4 1937_Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51 6 18 7 —8.7 1938—Dec. (Jan. 4, 1939). .. 510.1 206.2 68.4 -5.6 2.6 141.7 13.7 33.8 460.9 35.9 66.8 -46.5 -7.0 1939—Dec. (Jan. 3, 1940). . . 650.4 252.2 73.8 12.9 2.9 177.8 15.5 28.4 563.5 56.5 52.6 -21.5 -.8 1940—Dec. (Jan. 1, 1941). .. 775.1 269.2 74.6 17.7 6.5 191.6 25.3 49.8 634.7 60.3 43.2 34.8 2.1 1941—Dec. 31 791 3 271.2 76.9 17.6 5.4 196.8 25.8 53.6 647.4 62 7 17 7 64 7 — 1 2 1942—Dec. 31 888.8 279.4 77.8 18.1 6.6 196 7 26.2 56.8 661.5 58 6 68 3 93 8 6.6 1943—Dec 31 877 6 272.1 77 9 18 3 5.1 196 9 26 2 60.0 656.5 55 1 55 7 102 7 7 5 1944—Dec. 31 805.8 266.1 77.7 18.3 6.8 196.9 26.2 34.6 626.6 64.8 37 0 77 7 — .3 1945—June 30 760.4 264.1 77.8 18.0 2.7 196.9 26.2 30.9 616.5 39.1 23.5 79.9 1.5 July 31 810.2 267.2 77.8 18.3 4.5 196.9 26.2 30.3 621.2 47.7 58 2 81 4 1 8 Aug. 31 829.0 260.4 77.8 18.2 6.1 196.9 26.2 69.4 655.0 51.4 51.4 68 4 2.9 Sept. 30 865.3 267.1 77.8 18.0 5.4 196.9 26.2 70.9 662.5 53 3 47 4 98 3 3 8 Oct. 31 875.5 270.5 78.1 18.0 5.1 196.9 26.4 69 4 664.4 60 7 54.4 91 7 4.2 Nov 30 804.2 266.1 78.0 -17.9 6.5 196 9 26.2 68.8 624.6 54 9 22 2 99 9 2 6 Dec. 31 742.7 266.6 78.0 -17.7 5.2 196.9 26.2 38.3 593.4 39.5 9.1 99 2 1.5 1946—Jan. 31 729.2 266.2 78.3 -17.1 1.9 196 9 26.2 65.9 618.3 18 5 3 3 88 5 6 Feb. 28 728.7 265.7 78.4 -17.5 3.2 196.9 26.2 61.1 614.0 21 6 6 8 85 5 9 Mar 31 703.6 263 4 78 3 — 17.1 2.5 196 9 26.1 57 9 608.1 30 0 — 10 4 75 5 4 Apr. 30 701.2 260.4 78.2 -24.7 1.6 196.9 26.0 61.0 599.3 28.2 1.9 71 9 — 2 May 31 644.8 259.4 78.2 -99.9 .1 196.9 25.5 58.5 518.8 42.8 10.0 74.7 — 1.5 * Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the'remaining Asiatic countries being included under "All other." * Inflow less than $50,000. 1204 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). in millions ol dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* ot A he ll r1 1935—Dec. (Jan. 1, 1936)... 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316 2 116.1 18 2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3 5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. (Jan. 4, 1939) . .. 641.8 127.7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 -9.7 167.4 33.8 9.7 1939—Dec. (Jan. 3, 1940). .. 725.7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 -7.6 184.0 42.8 11.3 1940—Dec. (Jan. 1, 1941). .. 803.8 128.6 43.4 31.0 46 0 36.5 28.1 196.4 510.0 25.0 202.3 53.0 13.5 1941—Dec 3i 855.5 127.6 51.6 31.5 44.3 36.5 28.1 201.8 521.3 35.4 221.1 61.2 16.6 1942—Dec. 31 848 2 125.4 52.4 31.6 44.9 36.5 28.0 207.6 526.3 -3.0 245.4 61.5 18.0 1943—Dec. 31 925.9 127.6 50.6 33.0 44.7 36.5 27.9 210.1 530.3 41.2 272.3 62.2 19.9 1944—Dec. 31 1,019 4 126.5 51.0 33.6 44.5 36.5 27.6 210.4 530.1 104.9 302.0 61.3 21.0 1945—june 30 1,011.2 118.9 51.3 33.5 44.7 36.5 27.6 210.1 522.5 93.3 312.4 61.7 21.3 July 31 1,015 0 119.0 51.2 33.5 45.0 36.5 27.6 210.1 522.8 94.4 314.7 61.7 21 3 Aug 31 999.7 119.0 51.2 33.5 45.0 36.5 27.6 210.1 522.9 77.0 316.5 61.7 21.7 Sept 30 998 2 119.1 51.2 33.5 45.2 36.5 27.6 210.9 523.9 73.1 317.6 61.8 21 8 Oct. 31 946.5 119.2 51.1 33.7 45.5 36.5 27.6 211.1 524.6 23.4 314.9 61.8 21.9 Nov. 30 983 0 119 1 51 1 33.0 45.0 36 5 27.6 210.4 522.7 59.6 317.4 61.5 21 8 Dec 31 972.8 117.7 51.2 33.0 45.2 36.5 27.5 212.8 523.8 49.1 317.1 60.8 22.0 194(5—jan. 3i 1,097 8 115.0 51.1 33.4 44.9 36.5 27.3 212.5 520.7 176.8 317.6 60.9 21 9 Feb. 28 1,067.2 113.9 51.0 33.4 45.0 36.5 27.3 212.6 519.7 144.3 320.5 60.6 22.1 Mar 31 1 073 0 112 4 51 1 33.1 45 0 36.5 27.3 212.9 518.3 149 1 323.1 60 4 22 1 Apr. 30 1,076.1 110.8 51.2 33.2 45.1 36.5 27.3 213.1 517.2 147.8 328.8 60.0 22.5 May 31 1,104.2 110.9 51.1 33.3 44.9 36.5 27.3 213.3 517.3 169.8 334.4 59.9 22.9 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From Jan. 2, 1935, through— Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O ur th o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936). .. 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917 4 367 7 64.7 157.6 200.2 -7.5 —3.3 38.5 818.0 32.6 15 5 44.1 7 1 1937—Dec 29 1,162 0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939). .. 1,219 7 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 1,094.1 25.7 23.7 65.2 11.1 1939—Dec. (Jan. 3, 1940). .. 1,133.7 328.1 76.6 227.7 344.7 -28.2 -4.9 60.4 1,004.4 -2.6 30.1 87.6 14.3 1940—Dec. (Jan. 1, 1941). .. 888.7 157.1 74.4 233.2 348.1 -29.1 2.7 64.9 851.3 -18.4 25.6 17.6 12.6 1941—Dec 31 . .. 626.7 -70.1 74.9 236.7 336.4 -30.1 -.1 67.3 615.0 -44.7 28.1 17.5 10.9 1942—Dec. 31 673.3 -77.6 80.5 236.9 360.5 -30.9 — .1 75.3 644.7 -45.1 35.2 27.7 10 9 1943—Dec 31 701.1 -100.3 82.7 239.9 367.3 -30.8 .6 86.3 645.7 -58.2 40.5 62.5 10.6 1944—Dec. 31 911 8 -125.4 77.3 239.0 368.5 -30.8 1.9 103.2 633.7 -28.1 54 9 240.5 10 7 1945—June 30 848.4 -138.9 77.6 241.3 363.1 -30.7 2.2 96.4 611.0 -91.7 58.5 260.4 10.3 July 31. 843.2 -140.3 71.7 240.9 363.5 -30.7 1.9 95.3 602.1 -98.5 57.2 272 2 10 2 Aug 31 831.6 -141.5 71.1 240.7 362.0 -30.7 1.8 96.5 600.0 -105.4 56.1 270.9 10.0 Sept. 30 818.4 -143.4 78.5 237.8 360.2 -30.7 1.8 96.4 600.8 -117.9 55.1 270 6 9 8 Oct. 31 795.1 -149.9 78.3 235.5 360.9 -30.7 1.9 96.4 592.4 -126.4 54.6 264.4 10 0 Nov. 30 779.1 -154.0 70.4 234.0 358.1 -30.6 1.6 98.0 577.4 -136.8 65.8 263.1 9 4 Dec 31 798 7 -157.9 81.7 233.5 355 4 —30 4 2.2 98 5 582.9 — 126.6 81.3 251 3 9 9 194<5—jan# 3i 625.9 -161.9 81.8 228.6 354.0 -30.4 2.4 93.7 568.3 -114.5 89.3 73.0 9 9 Feb 28 . .. 672.4 — 164.7 77.0 228.1 353.8 —30.4 2.4 96 8 56?. 8 —69 6 97 6 71 9 9 7 Mar. 31 645.1 -169.2 77.2 226.1 346.1 -30.4 2.1 94.7 546.5 -80.3 98.2 71 3 9 4 Apr 30 630.7 — 173.0 74.0 225.8 345.2 —30.5 2.0 91 9 535.4 —83.9 102 7 67 7 8 9 May 31 619.7 -176.7 71.1 225.2 342.8 -30.5 2.1 89.8 524.0 -66.3 89.7 63.8 8.5 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— Total U K d n o i i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* ot A he ll r1 1935—Dec. (Jan. 1, 1936). .. 6.0 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 -.7 .3 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 .1 5.0 44.0 3.5 -.5 .5 1938—Dec. (Jan. 4, 1939) . .. 47.6 13.4 12.9 6.8 9.6 .2 5.2 47.9 1.8 -.9 -1.5 .3 1939—Dec. (Jan. 3, 1940). .. 80.6 19.4 20.1 9.3 17.8 -.1 .1 5.0 71.6 8.7 1.6 -3.4 1940—Dec. (Jan. 1, 1941) . .. 100.9 17.0 19.9 13.4 16.2 -.2 .2 7.9 74.3 10.7 9.2 6.0 .7 1941—Dec 31 100.9 16.8 19 9 17.6 13.5 -.2 .2 8.0 75.7 14.1 3.9 6.3 .8 1942—Dec. 31 104.4 17 4 20.7 17.5 13.7 — .1 .2 8 7 78.1 15.2 4.2 6 0 9 1943—Dec 31 . . 117.8 18.8 21.5 19.9 If.3 -.2 .3 9.4 89.1 17.6 3.8 6.0 1.3 1944—Dec. 31 126.3 18.5 23.1 22.3 23.0 .3 10.5 97.7 16.2 5.1 5.6 1.8 1945—June 30 131.8 21.7 22.8 23.5 26.0 — .1 .3 10.6 104.8 17.9 4.1 3 0 1 9 July 31 127.1 18.5 22.8 24.2 26 4 — .1 .4 10.6 102 7 17 3 2 3 2 7 1 9 Aug 31 129.1 18.2 23.1 24.4 26.6 — .1 .4 10.8 103.4 18.2 2.3 3 2 2 0 Sept 30 134.6 19 1 23 1 24.7 27 8 .4 11 1 106 1 18 6 4 5 3 2 2 2 Oct. 31 134.4 19.1 23.2 25.2 27.3 ,4 11.3 106.4 17 6 4.5 3 6 2 2 Nov 30 139 0 19 3 23 1 24 1 28 2 4 12 4 107 5 18 8 6 9 3 4 2 4 Dec 31 144.1 19.8 23 A 26.0 30 3 (•') .4 13.6 113.6 19.5 5.9 3 8 1 3 1946—Jan. 31 135.1 21.3 24.2 16.2 30.3 (2) .4 13.1 105.6 19.0 5.5 3.6 1 5 F M e a b r . 2 3 8 1.. 1 13 3 9 3 . . 9 9 2 2 0 0. . 7 0 2 2 4 4 . . 7 1 1 1 6 6. . 2 1 3 3 2 0 . . 1 9 (') . . 4 4 1 1 3 3. . 3 1 1 10 0 6 5 . . 0 9 1 19 8 .9 9 8 3 . . 2 9 4 3 .9 5 1 1 . 3 3 Apr 30 141.7 19.2 24.3 15.7 32.0 .5 13.1 104.8 19.4 11.3 4.8 1.3 May 31 140.9 19.1 24.2 16.0 32.2 (») .5 12.9 105.0 19.6 10.9 4.1 1.4 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." »Inflow less than $50,000. » Outflow less than $50,000. OCTOBER 1946 1205 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia* ot A he ll r1 1934—Dec. (Jan. 2, 1935). .. 669.7 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 202.8 12.0 1935—Dec. (Jan. 1, 1936). .. 1,301.1 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 289.8 23.4 1936—Dec. 30 1,623.3 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 331.9 27.1 1937—Dec. 29 1,893.1 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 399.5 20.0 1938—Dec. (Jan. 4, 1939). .. 2,157.8 436.1 187.4 101.8 218.8 17.8 20.4 255.5 1,237.8 201.8 248.5 435.5 34.1 1939—Dec. (Jan. 3, 1940). .. 3,221.3 448.2 288.2 204.9 376.3 9.5 38.5 516.9 1,882.6 274.6 336.0 655.7 72.5 1940—Dec. (Jan. 1, 1941). .. 3,938.2 365.5 490.1 174.3 508.4 6.7 17.9 650.6 2,213.5 434.3 447.3 769.9 73.3 1941—Dec. 31 3,678.5 400.8 448.6 174.9 339.9 6.6 15.4 608.0 1,994.0 373.2 417.7 780.0 113.6 1942—Dec. 31 4,205.4 554.6 432.3 186.6 184.2 7.5 12.1 643.4 2,020.7 507.4 597.7 930.0 149.6 1943—Dec. 31 5,374.9 1,000.8 439.9 193.3 210.6 6.5 11.3 722.1 2,584.5 812.6 693.7 1,108.8 175.3 1944—Dec. 31 5,596.8 865.7 401.2 209.7 239.3 6.8 27.3 767.7 2,517.8 926.5 909.3 1,069.2 174.0 1945—June 30 6,409.6 S61.S 372.3 213.3 261.2 6.7 43.9 803.0 2,562.3 1,267.31,076.9 1,360.7 142.4 July 31 6,584.8 872.0 399.0 215.8 268.5 6.8 49.5 839.8 2,651.3 1,349.81,100.7 1,341.8 141.2 Aug. 31 6,660.9 824.0 356.7 218.0 273.8 6.9 53.9 805.4 2,538 6 1,449.9 1,087.41,432.7 152.5 Sept. 30 6,780.7 746.2 313.4 220.6 277.7 6.9 58.5 877.9 2,501.0 1,492.1 1,110.6 1.510.5 166.5 Oct. 31 6,952.5 740.2 360.3 228.1 284.4 7.1 62.0 862.9 2,545.0 1,551.81,097.71,563.4 194.6 Nov. 30 6,861.4 699.6 327.3 269.6 290.0 6.9 65.4 871.2 2,529.9 1,545.71,045.7 1,554.4 185.7 Dec. 31 6,883.1 707.7 310.0 281.6 304.2 7.0 70.4 902.1 2,583 01,522.2 1,046.4 1,549.7 181.8 1946—Jan. 31 6,973.3 679.0 398.3 293.9 315.5 6.9 71.1 890.6 2,655.4 1,350.7 1,050.9 1,735.1 181.1 Feb. 28 6,870.3 630.5 380.7 282.2 316.2 6.8 72.5 875.0 2,563.8 1,349.7 1,043.5 1,723.6 189.7 Mar. 31 6,812.3 553.8 364.5 295.0 321.2 6.6 75.5 871.0 2,487.4 1,359.7 1,094.01,685.6 185.6 Apr. 30 6,794.6 553.4 305.8 294.9 324.4 6.6 103.3 894.0 2,482.4 1,344.11,077.7 1,699.3 191.0 May 31 6,565.6 434.4 319.7 268.4 323.2 6.5 106.8 910.6 2,369.6 1,248.2 1,108.1 1,655.7 184.1 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e g B iu e m l- m De a n rk - l F a i n n d - Greece2 L b u o x u e rg m 2 - N w o a r y - P g o a rt l u 2 - m R an u i - a2 Spain2 SwedenUSSRa s Y la u v g i o a - 2 o A th l e l r 1 19 9 4 3 0 9 — — D D e e c c . ( ( J J a a n n . . 3 1 , , 1 1 9 9 4 4 0 1 ) ) . . . . 5 6 1 5 6 0 . . 9 6 1 14 5 4 9 . . 2 g 2 1 8 7 . . 1 3 2 1 1 6. . 5 4 5 48 6 . . 7 3 2 1 3 4 5 2. . 2 4 1 1 0 8 9 7 9 8 1941—Dec 31 608 0 117.3 18.1 5.7 65.2 210.7 191 0 1942 Dec 31 ... 643.4 121.8 17.7 7.9 39.3 18.3 132.4 35.7 9.4 17.5 153.5 14.3 17.7 57.9 1943—Dec 31 722.1 122.9 13.9 7.7 43.5 18.4 158.9 53.4 9.3 31.8 163.2 12.3 9 9 76 9 1944 Dec 31 767.7 124.3 14.S 7.1 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—June 30 803.0 142.1 13.7 6.7 56.6 19.3 240.6 40.6 9.3 31.8 165.4 20 9 5 7 50 3 July 31 .... 839 8 150.5 13.7 6.6 60.5 22.9 236.6 46 4 9 3 36 9 183 7 22 3 5 2 45 2 Aug 31 805.4 149.9 14.4 6.7 63.2 22.9 187.1 39.0 9.7 40.4 194.3 25 7 5 1 46 9 Sept 30 877 9 218.6 16.8 7.2 66.1 22.9 184.4 45 5 9 2 32 6 199 1 25 4 5 2 45 0 Oct. 31 862.9 195.6 20.1 6.7 68.7 22.9 182.7 45.2 9.2 24.4 213.5 24 4 5 2 44 5 Nov 30 871 2 183.0 24.3 6.2 71.0 23.0 182.9 48.5 9 2 31.2 217 2 24 8 5 4 44 3 Dec. 31 902.1 185.0 25.9 5.5 70.8 22.3 216.1 47.9 9.3 31.7 210.1 28.0 5.7 43.7 1946 Tan 31 890.6 184.9 40.1 6.6 70.0 22.3 176.5 47.5 9.3 37.1 214.0 29.7 6.3 46.4 Feb 28 875.0 167.6 41.6 10.7 69.7 22.4 175.0 45.3 9.2 37.4 212 9 28 5 6 6 48 4 Mar. 31 871.0 166.3 44.2 11.2 74.9 22.3 174.0 45.4 9.2 35.4 205.2 24.8 6 8 51.2 Apr 30 894.0 176.4 47.4 10.1 76.7 22.0 159.3 49.7 10.0 36.2 200.0 44 9 7 7 53.6 May 31 910.6 177.8 48.6 11.9 75.5 22.1 161.6 49.5 10.2 35.5 196.0 57.4 7.3 57.4 Latin America Neth- French er- Date A L i m a c t a e in r- A t r i g n e a n- li B vi o a - * Brazil Chile l b C o i m o a - 3 - C R o ic s a ta * Cuba I W G a n n d u e d i s i e - t s M ic e o x- l I W a a n n n d e d d i s e s t s P m an a a 4 - Peru3 z V u e e n l e a - 3 O A L i a t m c h t a i e e n r r ana3 Surinam3 1939—Dec.(Jan. 3, 1940) 336.0 57.7 36 4 26.8 37.0 58.8 34.0 85.3 1940—Dec.(Jan. 1, 1941) 447.3 115.4 36 2 28.5 47.9 55.0 58.7 105.6 1 1 1 9 9 9 4 4 4 1 2 3 — — — D D D e e e c c c . . . 3 3 3 1 1 1 4 5 6 1 9 9 7 7 3 . . . 7 7 7 6 6 7 7 9 5 . . . 6 8 7 i 1 d ? .8 6 9 5 6 8 7 0 5 7 7 3 5 2 4 4 7 . . . 5 0 3 4 6 3 7 . . ' i 1 ' 1 1 2 ? .4 ? 1 6 7 0 2 0 0 . .3 5 4 "i' 2 .9 .6 9 3 7 5 7 0 . . . 7 7 4 'l 4 O 1 . Y 2 4 3 57 6 2 . . 9 1 6 1 1 7 7 .7' 2 24 0 .9 2 1 9 6 2 5 4 1 . . 2 8 4 1944—Dec 31 909.3 93. f 17 7 140 8 55.0 83.6 7 4 139 3 4 4 K3 1 36 0 69 1 77 7 31 5 119 8 1945—June 30 . .. 1,076.9 73.2 19.2 146 2 66.8 76.2 7.5 190.4 6.3 163 8 29.2 86.2 35.5 41.5 134.8 July 31 1,100.7 82.5 17 ? 164 4 64.6 8? 3 8 0 153.9 8.6 177 ? 31 5 89 6 35 50 2 134 9 Aug. 31 1,087.4 75.1 18.0 163 0 64.5 90.2 7.0 156.9 7.3 158 7 31.7 87.8 38.8 43.0 145.3 Sept 30 1,110.6 78.0 17 181 S 63.2 93 ? 6 ? 1S4 S 7 8 1644 32 9 89 1 38 * 44 i 138 6 Oct. 31 1,097.7 77.2 17.9 179.2 63.6 83.1 6.6 145.4 7.3 1643 33.6 90.5 42.6 48.5 138.1 Nov 30 1,045.7 S2.3 156 185.6 71.4 84 s 7 1 136 s 6 6 111 31 0 90 7 45 o 38 3 138 3 Dec. 31 1,046.4 77.3 14 S 195 1 66.3 79 ? 6 9 178 3 7.1 116 4 28.2 88.7 43 0 49 7 144 8 1946—Jan. 31 1,050.9 94.8 13.6 192 3 66.6 82.4 6.0 122.2 7.2 125.9 20.9 89.4 43.4 36.0 150.3 Feb 28 1,043.5 80.0 134 199 6 64.6 80 6 s 7 1?0 S 7.1 128 3 22 8 87 5 45 O 42 4 146 0 Mar. 31 1,094.0 83.9 13.6 210.6 63.9 77.5 6.3 139.5 6.6 140 7 20.7 91.2 41.9 41.3 156.3 Apr 30 1,077.7 84.1 1? 7 206.8 60.3 7? 4 6 0 IS? 7 6 6 19? 3 21 7 90 3 30 49 5 152 4 May 31 1,108.1 92.6 n.9 222.0 55.3 69.6 6.9 163.7 7.0 119 8 19.2 88.9 40.3 50.3 160.5 For footnotes see p. 1207. 1206 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] LIABILITIES—SUPPLEMENTARY DATA—Continued Asia and All Other Date Asia China C F In r h e d i n n o c a - h H K o o n n g g I C B n m a lo d n e u a n i y d r a , 1 - - , M l B t a i r s y a i h - a - c M J ( h r K a i a e u n n a p o a r c d n a - i ) l a - n . I N l n E a e d e n a r i t d s - e h t s s - 1 i l P p an p h d i i n l s - e T k u ey r- 1 O A t s h i e a r ot A he ll r* A t l u r ia a s- - N Z la e e n a w d - E A S E t g a n u i g n y a g d y d n p l a p o t n - - F r r M o e c n o c - c o h A U S f n o r o i u i o f c t n a h Oth«r 1939—Dec. (Jan. 3, 1940). . 655.7 167.0 71.4 165.4 193.4 58.5 72.5 1940—Dec. (Jan. 1, 1941). . 769.9 207.5 91.1 110.3 198.6 162.4 73.3 1941—Dec. 31 780.0 156.8 61.6 69.9 226.8 264.9113.6 1942—Dec. 31 930.0 360.9 27.4 41.6 13.1 1.0 4.8 160.4 254.729.9 36.2 149.6 23.1 4.8 6.8 12.1 11.0 1.8 1943—Dec. 31 1,108.8 574.2 27.4 23.9 18.2 .9 4.1 110.1 259.135.4 55.5 175.3 25.3 5.1 6.1 10.3 4.5 124.1 1944—Dec. 31.. .. 1,069.2 427.3 27.4 22.9 22.1 1.3 4.0 110.5 365.823.7 64.2 174.052.9 3.5 7.3 4.3 8.3 97.6 1945—June 30 1,360. 519.6 27.5 22.0 23.2 1.0 4.1 111.3 531.951.5 68.6 142.430.7 3.3 11.0 3.6 6.4 87.4 July 31 1,341.8 501.1 27.5 21.9 24.1 .9 4.3 112.6 528.850.8 69.6 141.2 27.8 3.3 10.8 4.0 4.7 90.5 Aug. 31. ... 1,432.~ 578.7 27.6 21.7 25.3 .9 3.9 108.8 540.551.2 74.2 152.5 27.6 4.6 13.6 4.7 5.8 96.2 Sept. 30.... 1,510.5 588.5 27.6 21.9 28.9 .9 4.2 99.3 612.150.5 76.7 166.5 28.5 3.1 13.6 5.8 8.4 107.1 Oct. 31.. .. 1,563.4 591.7 27.5 21.7 33.2 .0 4.2 104.4 645.450.5 83.7 194.629.0 3.7 17.3 7.7 6.4 130.4 Nov. 30 1,554. 581 27.5 22.1 34.6 .0 4.1 103.8 659.747.2 73.0 185.730.2 4.3 19.6 9.4 8.0 114.2 Dec. 31 1,549.6 582.3 28.0 27.4 33.4 .2 4.1 113.7 629.152.5 78.0 181.828.9 4.3 18.9 10.0 6.4 113.4 1946—Jan. 31 1,735.1 756.3 28.2 30.5 29.4 .7 4.0 110.0 642.857.3 75.1 181.1 29.6 4.0 19.4 9.7 6.3 112.2 Feb. 28 1,723.6 738.0 34.6 31.8 36.7 .6 3.9 100.7 635.762.2 78.4 189.7 26.1 4.0 19.6 10.1 9.1 120.8 Mar. 31 1,685.6 732.1 37.9 34.8 25.7 1.5 3.8 99.0 598.466.1 86.3 185.6 24.3 3.8 18.9 10.3 9.5 118.8 Apr. 30 1,699.3 717 38.0 36.4 34.6 1 3.7 102.1 66.9 81.9 191.0 26.6 3.8 17.9 11.3 8.9 122.5 May 31 1,655.7 695.4 39.0 35.4 37.6 103.6 72.0 87.4184.1 23.8 4.8 16.8 12.4 11.3115.0 1 Prior to June 30, 1942, included under "Other Asia." 2 Country breakdown not available until June 30, 1942. Footnotes to table on p. 1206. * Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 1 Prior to June 30, 1942, included under "All other." * Prior to June 30, 1942, included under "Other Latin America." < Included "Canal Zone" prior to June 30, 1942, NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to the United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLE- TIN for September 1945, pp. 967-970. ASSETS Date Total U K d n o i i n m t g ed - France N la e e n t r d h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia1 ot A h l e l r1 1934—Dec. (Jan. 2, 1935) 1,139.9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 1935—Dec. (Jan. 1, 1936) 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Dec. (Jan. 4, 1939) 594.0 86.0 10.3 24.2 5.5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 1939—Dec. (Jan. 3, 1940) 508.7 39.9 4.9 5.7 5.2 53.4 11.8 51.4 172.2 39.7 113.3 174.1 9.3 1940—Dec. (Jan. 1, 1941) 384.0 23.0 4.2 .9 1.5 39.6 2.0 29.9 101.0 36.0 122.7 117.8 6.4 1941—Dec. 31 367.8 20.9 1.8 1.1 2.6 34.4 1.5 26.2 88.4 33.6 148.3 87.9 9.7 1942—Dec. 31 246.7 12.6 1.3 .5 1.5 34.0 .4 22.3 72.6 34.3 99.7 35.3 4.8 1943—Dec. 31 257.9 19.9 1.1 .4 3.0 33.9 .4 19.0 77.6 37.8 112.2 26.3 3.9 1944—Dec. 31 329.7 25.9 1.4 .3 1.3 33.9 .3 44.4 107.5 28.1 131.0 51.4 11.7 1945—June 30. . 375.0 27.9 1.3 .7 5.4 33.9 .3 48.2 117.6 53.8 144.5 49.2 9.9 July 31 325.2 24.8 1.2 .3 3.6 33.9 .3 48.7 113.0 45.2 109.8 47.7 9.5 Aug. 31 306.5 31.6 1.2 .4 2.0 33.9 .3 9.7 79.1 41.5 116.6 60.7 8.5 Sept. 30 270.2 24.9 1.2 .6 2.7 33.9 .3 8.1 71.7 39.6 120.6 30.8 7.6 Oct. 31 260.0 21.5 1.0 .6 3.0 33.9 .1 9.6 69.8 32.2 113.6 37.3 7.2 Nov. 30 331.3 25.9 1.1 36.5 1.6 33.9 .3 10.2 109.6 38.0 145.8 29.1 8.8 Dec. 31 392.8 25.4 1.1 36.3 2.9 33.9 .3 40.8 140.7 53.3 158.9 29.9 9.9 1946—Jan. 31 406.3 25.9 .8 35.7 6.2 33.9 .3 13.1 115.8 74.3 164.7 40.6 10.8 Feb. 28 406.8 26.3 .7 36.1 4.9 33.9 .4 17.9 120.2 71.3 161.2 43.6 10.5 Mar. 31 431.9 28.6 .7 35.8 5.6 33.9 .4 21.1 126.1 62.9 178.4 53.6 11.0 Apr. 30 434.3 31.6 .9 43.4 6.5 33.8 .6 18.0 134.8 64.7 166.1 57.1 11.6 May 31 490.7 32.6 .9 118.5 8.0 33.9 1.0 20.5 215.3 50.1 158.0 54.4 12.9 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942, reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974. OCTOBER 1946 1207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES. BY COUNTRIES— Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e g B iu e m l- m De a n rk - l F a i n n d - Greece1 L b u o x u e r m g1 - N w o a r y - tu P g o a r- l1 m R an u i - a1 Spain1 S d w en e- USSR1 s Y la u v g i o a - 1 o A th l e l r 1939—Dec. (Jan. 3, 1940). 51.4 6.5 3.2 1.4 3.6 8.7 28.0 1940—Dec. (Jan. 1, 1941). 29.9 1.5 .3 1.8 1.0 24.5 1941—Dec. 31 26.2 1.1 1.9 .6 22.1 1942—Dec. 31 22.3 .8 5.6 1.1 .2 2.4 8 3.2 .4 8 8.4 1943—Dec. 31 19.0 .7 7.6 .6 .2 1.4 3.2 .2 (2) 5.0 1944—Dec. 31 44.4 .7 .6 35.1 .8 1.8 .2 5.1 (*) () 1945—June 30. 48.2 .6 40.1 .5 .9 .3 4.8 July 31. 48.7 .8 .6 40.5 .2 .9 .7 4.9 Aug. 31. 9.7 .7 () .6 .1 .3 1.4 1.5 4.9 Sept. 30. 8.1 .5 (*) .6 .1 .3 .9 .3 5.1 O D N e c o c t v . . . 3 3 3 1 1 0 . . . 4 1 9 0 0 . . . 6 2 8 . . . 6 6 5 1 1 (2 . . ) 5 5 8 () . . . 7 6 6 31 . . . 1 6 1 . . . 5 2 4 1 1. . . 6 0 9 1. . . 0 9 5 (*)' .1 8 (2) 4 5 4 . . . 9 0 7 1946—Jan. 31. 13.1 1.8 1.0 .7 .1 .4 1.8 1.1 4.8 Feb. 28. 17.9 2.6 1.0 1.3 .8 4.2 .4 1.4 1.1 2 4.9 Mar. 31. 21.1 3.6 1.1 1.4 .8 6.2 .4 () 1.5 1.3 () 4.9 Anr. 30. 18.0 4.6 1.1 1.2 2.0 .2 .4 1.4 2.4 5.0 May 31. 20.5 5.0 .1 .6 1.5 1.2 .6 .1 2.1 3.0 5.1 2.0 Latin America French Nether- Date A L i a m c t a i e n r- A t r i g n e a n- li B v o ia - 1 Brazil Chile l b C o i m o a* - - C R o ic s a t « a Cuba I W G a n a n d n u e i a d i s e - ' t s Mexico I l n W S n a a a u d n n e m r i d d s i e - s 1 t s P m an a a 4 - Peru' z V u e e n l e a - ' O A L i a t m c h t a i e e n r r - 1939—Dec. (Jan. 3, 1940)... 113.3 16.8 32.2 9.7 10.5 5.9 1.0 37.2 1940—Dec. (Jan. 1, 1941).. 122.7 11.9 33.1 13.4 11 7 6 1 2 1 44 4 1941—Dec. 31 148.3 16.8 38.0 14.9 11.3 7.6 2.4 57.3 1942—Dec 31 99.7 6.9 *3.0 16.7 15.3 20.'7 "".6 8.3 .2 4.8 "".'3 2.1 "7 « *3.'9 14.2 1943—Dec. 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20 1 (2) 11.2 5 1 l 4 3 8 8 7 1944—Dec 31 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 (2) 8.6 .3 .8 1L.2 5.1 11.7 1045 Tune 30 144.5 8.3 1.2 30.6 7.0 16.8 1.1 49.7 .1 8.9 .4 1.0 L.4 5.6 12.3 July 31 109.8 14.1 1.2 26.9 8.4 16.3 1.2 10.3 .1 10.2 .3 1.1 1 7 5.5 12 4 Aug. 31 116.6 11 0 L.3 24.4 6.3 17.1 1.2 14.5 .1 8.7 .3 .8 11.9 5.2 23.7 Sept 30 120.6 12 8 L.I 21.7 7.5 16.7 1.5 18.3 .2 9.0 .3 .8 1L.3 5.2 24.1 Oct 31 113 6 10.8 8 18.2 6.8 14.2 1.4 17 0 9 7 .4 8 5 7 25 4 Nov. 30 145.8 20.5 1 ? 22.0 7.2 19.4 1.2 27.2 ( ( 2 2 ) ) 10.6 .3 1 0 7 6 1 27 3 Dec. 31 158.9 21 0 ?> 24.7 6.6 16.8 1.2 33 3 .1 11 0 .5 1 1 0 6 1 33 4 1946—Jan 31 164 7 24.2 7 26.8 7.0 17.5 1.4 33 9 .1 10.5 .3 1 9 3 3 6 6 29 5 Feb 28 161.2 18.0 1 S 29.7 6.2 18.1 1.5 32.9 .1 13.9 .4 2.8 3.5 6.9 25.9 Mar. 31 178.4 24.7 2.7 30.0 7.1 20.1 1.4 37.1 .1 14.3 .5 2.9 3.8 7.7 26 1 Apr 30 166.1 26.8 2.9 31.9 7.0 20.0 1.4 22.9 .1 14.1 .4 1 1 3 6 7 4 26 6 May 31 . 158.0 20.4 2.0 30.9 6.7 21.2 1.2 27.6 .1 13.5 .5 1.1 3.8 7.7 21.2 Asia and All Other Date Asia China F C I r n h e d i n n o c a h 8 H K o o n n g g I C B n a l m o d n e u n a y i d r * a , - - , M l B t a is r y a i h a - - 5 c J M ( h a r a K i e u p n n a a o r c a d n i ) - l n a - . I N l n E a e d e n a r i t s d - e h t s s - 5 i l P p a I h n p s i d i - l n s - eT ke u y r- 8 O A t s h i e a r ot A he ll r8 A t l r i u a a s - -N l Z a e e n a w d - E A S E t a g u n i g n y a g d y d n p l a p o t n - - F r M o re c n o c c - o h A U S f n o r o i u i o f c t n a h Other 1939—Dec. (Jan. 3, 1940) 174.1 22.0 1.9 102.1 26.4 21.6 9.3 1940—Dec. (Jan. 1, 1941)117.8 23.7 1.7 55.8 22.6 14.0 6.4 ;:.:;.' 1 1 9 9 4 4 1 2 — —D D e e c c . . 3 3 1 1 3 8 5 7. . 9 3 2 1 3 1 . . 5 1 3. . 1 9 *2.2 ". 7 18 . . 5 9 ' i.6 2 1 3 4 . . 0 4 18 1 2 9 . . 0 5 9 4 . . 7 8 i 6 ' 7 i 17 * 12 1943—Dec. 31 26.3 7 1.0 2.0 .5 .5 1.7 13.9 3 ? 1.8 3.9 .5 .2 .1 2 4 '7 1944—Dec. 31 51.4 1L.5 .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 .2 ? 9.7 1.0 1945—yune 30 , 49.2 L.2 .8 16.8 .1 .5 1.4 13.6 2.0 12.5 9.9 .9 .4 .2 6.0 2.4 July 31 47.7 0 .8 14.5 .1 .5 1.4 13.9 ? ? 13.1 9.5 2 1 4 3 5 2 1 6 Aug. 31 60.7 ]L.I .8 15.0 .1 .5 1.4 26.0 2.1 13.6 8.5 1.0 .4 .3 5.0 1.8 Sept. 30 30.8 1 .8 8.0 .1 .5 1.4 13.6 2.3 2 9 7 6 7 3 3 0 4 5 1 6 Oct. 31 37.3 ? 2 .8 7.2 .1 .5 1.4 13.0 1 6 11.4 7.2 7 6 2 4 1 1 5 Nov 30 29.1 L7 s .8 7.1 .1 .5 1.4 13.7 1.7 2.0 8.8 .9 .7 .2 5.0 1.9 Dec. 31 29.9 1 0 .8 7.5 .1 .5 1.4 13.8 ? 0 2.7 9.9 1 7 7 3 4 7 2 5 1946—jan. 31 40.6 7 7 1.1 7.9 .1 .3 1.4 18.5 1 0 2.5 10.8 2.1 .6 2 5 0 2 9 Feb 28 43.6 9.7 .8 7.0 .3 .3 1.4 20.1 1.1 2.8 10.5 1.8 .7 .3 5.3 2.4 Mar. 31 53.6 22.8 .2 1.5 6.8 .2 .3 1.4 16.0 1.1 3.3 11.0 1.3 .7 .2 5.8 2.9 Apr 30 57.1 25.6 1.5 7.2 . 2 .3 1.4 16.1 .9 3.9 11.6 1.5 .6 .2 6.7 2.6 May 31 54.4 22.6 2.0 6.6 .3 .3 1.4 16.7 .9 3.6 12.9 1.8 .6 .2 7.8 2.5 1 Prior to June 30, 1942, included under "All other." » Less than $50,000. ' Prior to June 30, 1942, included under "Other Latin America." « Included "Canal Zone" prior to June 30, 1942. 1 Prior to June 30, 1942, included under "Other Asia." 8 Country breakdown not available until June 30, 1942. 1208 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS A d ss e e p t a s r o tm f e is n s t ue Assets of banking department Liabilities of banking department Bank olf England Note (Fi p g o u u re n s d i s n s m ter il l l i i n o g n ) s of Gold* a O ss th e e ts r 2 C C o a i s n h rese N rv o e te s s a c v n o a D d n u i c n s a - e t d s s - Se t c ie u s ri- <:i t r i c o u n l 3 a- Bankers' D P ep u o b s li i c ts Other I O ia t t i b h e1 s 1 e 1 r — 1929—Dec.?5 145.8 ?60.0 .2 26.3 22 3 84 9 379 6 71 0 8.8 35 17 9 1930—Dec. 31 147 6 ?60 0 .6 38.8 49. C 104 7 368 8 13? 4 6.6 36 9 18 0 1931—Dec 30 120 7 ?75 n .6 31 6 27.3 133 0 364 4 7 7 40 3 18 n 1932—Dec.28 119 8 ?75 0 .8 ?3 6 18.5 1?0 1 371 10? 4 8.9 33 8 18.0 1933—Dec.27 190.7 260 0 1.0 58.7 16.S 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec.26 192 ?60 0 .5 47 1 7.6 98. 405 2 89 1 9.9 36 4 18 o 1935—Dec.25 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18 0 1935—Dec.30 313 7 ?00 o .6 46 3 17.5 155.6 467 4 150 6 12.1 39. 18o 1937—Dec.29 326.4 220.0 .8 41.1 9.2 135.5 505 3 120.6 11.4 36.6 18 0 1938—Dec.28 326 4 0 .8 51 7 28.5 90 7 504 7 101 0 15.9 36.8 18 o 1939—Dec.27 4 580.0 1.0 ?5 6 4.2 176 1 554 6 117 3 29.7 42 0 17 0 1940—Dec.25 2 «630 0 .9 13 3 4.0 199 1 9 135 7 12.5 51. 17.9 1941—Dec 31. 2 i 780 o .3 ?8 5 6.4 ?67 8 751 7 219 9 11.2 54 1 17 9 1942—Dec.30 2 s950 0 .9 ?6 8 3.5 ?67 9 4 223.4 9,0 48.8 17 Q 1943—Dec.29. 2 51 ,100 0 .9 11 6 2 K 307 9 1 08f 7 234 3 10.3 60 4 17 9 1944—Dec.27 2 51 ?50 0 1.9 11 6 5.1 317 4 ?38 6 ?60 7 5.2 52.3 17 8 1945—Sept.26 ? 1 350 0 .2 ?0 3 3.( 331 7 9 ?79 1 5.5 53 1 18 1 Oct. 31 2 1 ,350 0 ,4 ?8 1 11.2 ?88 9 3?? 744 9.2 57 4 17 7 Nov. 28 2 1 350 0 .5 6 11.3 301 6 3?7 6 ?50 2 10.5 57.7 17•8 Dec. 26 2 61 ,400 0 .4 ?o 3 8.4 3?7 0 ,37<) 9 774 5 5.3 58 5 17 8 1945—jan. 30 ? 1 400 0 .5 68 8 5.5 ?89 6 1 331 4 779 7 11.0 55 9 17 9 Feb. 27 2 1 400 0 .9 77 1 7.4 ?36 7 ,37.1 1 734 5 16.7 53 0 18 0 Mar.27 2 1 400 0 .8 71 9 20.0 ?38 7 3 ?49 1 9.9 54 0 18 5 Apr. 24 2 1 400 0 1.0 5? 0 22.4 ?56 3 34? 3 4 7.4 53 1 17 8 May 29 2 1 400 0 1.5 58 6 16.7 ?50 9 7 ?44 8 7.4 57 4 18 0 June 26 2 1 400 0 1.8 36 4 12.5 315 361 9 ?86 0 5.3 56 5 18 1 July 31 2 1 400 0 1.4 13 4 15.8 ?88 0 w 9 7 7.1 54 4 18 3 Aug. 28 .2 1,400.0 1.1 32 7 9.9 343 4 L.367.5 307.6 7.0 54 0 18 4 Assets 1Jabilities Dominion and provin- Bank of Canada cial government Deposits Sterling securities (F C ig a u n r a e d s i i a n n m d i o l l l l i a o r n s s ) of Gold and S t U at n e i s ted O as t s h e e ts r circ N ul o a t t e ion7 lia O bi th li f ties* dollars S te h r o m rt 8 - Other Ch b a a r n te k r s ed D g o o m m v e e i n n rn t io - n Other 1935—Dec.31 180 5 4.2 30.9 83 4 8 6 99 7 181 6 17 9 8 7 7 1936—Dec.31 179 4 9.1 61. 3 99 0 8 135 7 187 0 18 8 2 1 13 4 1937—Dec.31 179 8 14.9 82.3 91.6 21 7 165.3 196 0 11.1 3.5 14.4 1938—Dec.31 185 9 28.4 144.6 40.9 5 175 3 ?00 6 16 7 3 1 9 1939—Dec.30 ... 7 64.3 181.9 49.9 5 5 232 8 217 0 46.3 17.9 13.3 1940—Dec.31 (*) 38.4 448.4 127.3 1? 4 359 9 7 10 9 9 5 28 5 1941—Dec.31 200.9 391.8 33 5 496.0 ?3? 0 73 8 6 0 35 1 1942—Dec.31 .5 807 209.2 31 3 693 6 ?59 9 51 6 19.1 24 0 1943_~_Dec.31 .6 787 6 472.8 47 3 874 4 340 20 5 17 8 55 4 1944—Dec.30 172.3 906.9 573.9 34 3 1,036.0 401 7 12.9 27.7 209.1 1945—Sept 29 . .. 176.1 1,028.9 591.4 34 9 ,112A 442 9 39 6 22.4 213.9 Oct. 31 176.1 1,109.4 590.6 39 5 ,136.6 474 2 51 0 32 4 221.3 Nov 30 159.0 1,168.1 629.4 69 5 1,113.8 495 IW 1 27 4 230 5 Dec. 31 156.8 1,157 3 688.3 29.5 1,129.1 521 2 153.3 29.8 198.5 1946—Jan. 31 101.8 1,143 8 686.2 33.2 1,088.1 505.9 187 2 342 149.6 Feb. 28 95.2 1,155 688.8 48 0 086 7 5?? 9 201 7 56 4 119 Mar 30 95.2 1,296 2 559.9 39 4 1,102 518 1 149 2 89 1 132 Apr. 30 24.1 1,348 0 553.0 48.6 1,114 4 555.8 L83 3 62.7 57.4 May 31 2.0 1,230 0 541.1 5? 9 ,109 5 493 9 87.1 78 5 57 June29 2.0 1,218 5 540.7 30.8 1,114 0 500.5 57.9 85 6 34.2 July 31 1.8 1,276 6 541.8 31 4 1 1179 53? 5 69 1 90 1 42 1 Aug. 31 1.7 1,257.7 530.8 44.1 1,127.4 521.1 69.1 79.7 37.1 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. « Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 6 Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by 70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, and on May 8, July 3, and Dec. 10, 1945. 8 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. • On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. OCTOBER 1946 1209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued As<sets Liabilities Bank of Prance Domestic bills G Ad o v v a e n rn c m es e t n o t Deposits mill ( io F n ig s u o r f e s fr i a n ncs) Gold1 Fo e r x e - ign Other ci N rc o u t l e a- l O ia t b h i e li r change m O a p rk e e n t2 Special2 Other c F u c o o p r s a t t o s i c o 3 - n Others assets tion G m ov e e n r t n- C.A.R.4 Other ties 1929—Dec. 27... 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26... 53,578 26 179 5,304 8,429 9,510 76,436 12,624 11,698 2 241 1931—Dec. 30... 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30... 83,017 4 484 6,802 3,438 11,712 85,028 2,311 20,072 2 041 1933—Dec. 29... 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28.., 82,124 963 5,837 3971 11,500 "83,412 3,718 15,359 1 907 1935—Dec. 27... 66,296 1,328 5,800 ,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30 ,. 60,359 1 460 5,640 i 379 .465 17,698 12,642 89,342 2,089 13,655 2 557 1937—Dec. 30... 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29... 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28... 597,267 112 11,273 2,345 5.149 34,673 20,094 151,322 1,914 14,751 2 925 1940—Dec. 26... 584,616 42 43,194 661 ,646 72 317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31... 84,598 38 42,115 12 4,517 142 507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31... 84,598 37 43,661 169 5,368 210 965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Dec. 30... 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Dec. 28... 75,151 42 47,288 48 18,592 426 000 15,850 635,221 572,510 748 37,855 7,078 1945—Aug> 30... 75,151 46 48,703 IT,936 426,000 •41,666 469,652 80,246 50,005 4 600 Sept. 27... 75,151 46 49,363 14,242 426,000 •42,717 496,258 53,598 53,156 4,506 Oct. 31... 565,152 47 60,087 27 2C,442 426,000 •46,152 528,945 30,793 52,552 5,617 Nov. 29... 65,152 45 62,210 153 26,073 426,000 •45,859 545,795 21,708 53,447 4,540 Dec. 27... 5129,817 68 723,038 303 25,548 426,000 •39,122 570,006 12,048 57,755 4,087 1946—Jan. 31... 129,817 69 26,081 220 ?7,415 426,000 •44,818 592,436 5,781 52,046 4,156 Feb. 28... 129,817 69 27,247 160 30,945 426 000 «46,744 605,156 1,014 50,743 4,070 Mar. 28... 129,817 69 25,524 46 32,647 426,000 16.00C •40,985 613,434 781 52,516 4,357 Apr. 25... 129,817 5 25,810 36,579 426,000 19.00C •38,614 616,102 732 53,653 5,337 May 29... &94.817 5 63,090 45,512 426,000 11.20C •41,848 625,809 745 51,845 4,072 June 27... 94,817 5 64,985 4e,204 426,000 13.40C •42,053 629,181 750 53,265 4,268 July 25... 94,817 6 64,769 45 ,324 426,000 8.60C 640,915 612,879 717 59,829 7,006 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange i c n h c e lu c d k i s n ), g Security Other ci N rc o u t l e a- Deposits l O ia t b h i e li r reichsmarks) Treasury loans Eligible assets tion ties Total Gold bills as note Other reserves cover 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31... 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31... 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31... 920 806 2,806 L76 398 1,114 3,560 540 1,313 1933—Dec. 30. .. 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 84 79 4,066 L46 445 319 827 3,901 984 1,001 1935—Dec. 31... 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31... 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31... 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30. .. 78 71 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec. 31. . 78 71 15,419 38 32 357 2,066 14,033 ?,561 1,396 1941—Dec. 31. . . 77 71 21,656 32 107 283 2,311 19,325 3,649 1,493 1942—Dec. 31. . 76 71 29,283 25 87 210 1,664 24,375 5,292 1,680 1943—Dec 31 77 71 41,342 27 1 65 2,337 33,683 8,186 1,980 1944—Mar. 31. . 77 (8) 40,379 46 1 33 2,281 33,792 7,237 1,788 Apr. 29. .. 77 40,909 38 1 31 2,525 34,569 7,179 1,833 May 31. .. 77 42,159 28 1 23 2,096 35,229 7,240 1,915 June 30. .. 77 42,150 26 1 27 2,397 35,920 6,754 2,004 Tuly 31 77 43,222 38 1 21 2,396 36,888 6,813 2,054 Aug. 31... 77 45,829 42 1 20 2,275 38,579 7,480 2,185 Sept 30 77 50,821 47 67 25 2,510 42,301 9,088 2 160 Oct. 31 77 53,954[ 46 70 24 2,351 44,704 9,603 2,216 Nov 30 77 56,935) 67 69 21 2,795 46,870 10829 2 264 Dec. 30. .. 77 71 63,49/ 112 1 45 2,351 50,102 13,535 2,445 1945—jan 3i 77 64,62^ 199 81 60 2,083 51,207 ,566 2,353 Feb. 28 77 70,695 307 112 61 2,591 55,519 16,419 1,909 c Corrected. 1 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for May 1940, pp. 406^407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 2 For explanation of this item, see BULLETIN for July 1940, p. 732. 3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000, and in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22, 1944. 7 Forty billion francs of gold increment resulting from revaluation used to cancel an equal amount of Treasury bonds. 8 Gold not shown separately in weekly Reichsbank statement after June 15, 1939. NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication. 1210 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1946 Central Bank 1946 1945 (Figures as of last report (Figures as of last report date of month) Aug. July June Aug. date of month) Aug. July June Aug. Central Bank of the Argentine National Bank of Czechoslovakia Republic (millions of pesos): in Prague—Continued Gold reported separately. 1,232 Note circulation—Old 984 985 984 40,401 Other gold and foreign exchange. 4.641 New 37,785 35,500 35,280 Government securities 871 Deposits—Old 77,615 78,637 79,942 43^081 Temporary advances to Govt 73 New 7,413 8,531 7,442 Rediscounts and loans to banks l. 6,311 Other liabilities 6,583 7,084 7,489 20^765 Other assets 588 148 National Bank of Denmark Currency circulation2 3,437 .581 (millions of kroner): Deposits—Member bank.. . . 1,221 ,585 Gold 83 83 97 Government 446 626 Foreign exchange 142 137 33 Nationalized1 8,314 Clearing accounts (net) . 93 100 2,952 Other 119 207 Loans and discounts 23 35 33 Certificates of participation in Securities 98 95 64 Government securities 2 168 Govt. compensation account8. . 7,588 7,588 65 Other liabilities 177 202 Other assets 97 103 5,071 Commonwealth Bank of Aus- Note circulation 1,482 1,516 1,102 tralia3 (thousands of pounds): Deposits—Government 2,685 2,860 2,962 Gold and foreign exchange 1210,908 203,978 61, 507 Other 3,710 3,523 3,770 Checks and bills of other banks. 2,220 2,723 1,705 Other liabilities 247 242 481 Securities (incl. Government and Central Bank of Ecuador Treasury bills) 403, 368 411,313406, 588 (thousands of sucres): (Apr.)« Other assets 11, 16,231 11.921 Gold 265,246288,829 Note circulation j 197, 198,964 85. 464 Foreign exchange (net) 39,476111,402 Deposits of Trading Banks: Loans and discounts 190,532122,477 Special 255. 260,112 222 738 Other assets 91,292 87,016 Other 22. 21,864 24 762 Note circulation 309,702327,737 Other liabilities 152 153,305 148,757 Demand deposits 243,626249,577 National Bank of Belgium Other liabilities 33,217 32,410 (millions of francs): National Bank of Egypt (thou- Gold 148 33,327 ,218 sands of pounds): Foreign exchange 708 4,101 ,768; Gold 6,241 6,241 6,241 Loans to Government ,632 48,f ,732 Foreign exchange 15,601 16,381 16,405 Other loans and discounts ,450 4,062 544 Loans and discounts 2,600 2,037 2,643 Claim against Bank of Issue... ,597 64,597 ,597 British, Egyptian, and other Other assets ,119 2,103 ,283j Government securities 303,011300,949293,268 Note circulation ,862 72,505 ,459 Other assets 25,329 27,461 21,856 Demand deposits ,325 4,166 ,450 Note circulation 131,721133,158123,718 Blocked accounts4 ,063 78,131 ,129 Deposits—Government 83,320 82,666 72,764 Other liabilities ,405 1,450 ,105 Other 125,493124,944129,756 Central Bank of Bolivia—Mone- Other liabilities 12,246 12,301 14,175 tary Dept.6 (millions of bolivianos): (May) (Central Reserve Bank of El Salva- Gold at home and abroad 919 dor (thousands of colones): Foreign exchange 366 Gold 32,850 32,880 33,083 Loans and discounts 176 Foreign exchange 37,978 39,104 36,883 Government securities 406 Loans and discounts 1,413 1,277 2,025 Other assets 1 Government debt and securities. 6,085 6,130 5,855 Note circulation 1,631 Other assets 1,887 1,901 1,819 Deposits 24 Note circulation 44,840 44,889 43,956 Other liabilities Deposits 27,598 28,369 28,544 National Bank of Bulgaria7 Other liabilities 7,775 8,034 7,164 Central Bank of Chile (millions Bank of Finland? of pesos): Bank of Greece7 Gold 366 383 National Bank of Hungary7 Discounts for member banks.. 465 337 218 Reserve Bank of India (millions of Loans to Government 697 697 736 rupees): Other loans and discounts. . . . 741 890 924 Issue department: Other assets ,954 1,863 ,371 Gold at home and abroad.. 444 44 444 Note circulation 014 3,065 ,589 Sterling securities 11,353 11,353 10,343 Deposits—Bank 544 537 496 Indian Govt. securities.... 578 578 578 Other 254 206 13 Rupee coin 176 164 174 Other liabilities 410 361 317 Note circulation 12,155 12,378 11,394 Bank of the Republic of Colombia Banking department: (thousands of pesos): Notes of issue department. 397 16: 146 Gold..... 235. 234,141 582 Balances abroad 5,635 5,626 4,728 Foreign exchange 79. 66,601 034 Treasury bills discounted. 39 Loans and discounts 27. 35,798 570 Loans to Government Government loans and securities 80. 76,234 728 Other assets 435 44' 313 Other assets 39! 38,162 385 Deposits 6,177 5,92. 5,014 Note circulation 211 208,749 279 Other liabilities 293 3V 212 Deposits 211 201,968 368 Central Bank of Ireland (thousands Other liabilities 39 40,219 653 of pounds): National Bank of Czechoslovakia Gold 2,646 2,646 2,646 2,646 in Prague (millions of koruny): Sterling funds 35,766 38,376 34,496 30,726 Gold 518 ,518 1,51 ,517 Note circulation 38,412 41,022 37,142 33,372 Foreign exchange 287 ,101 1,950 788 Bank of Japan7 Loans and discounts 977 ,858 5,919 Bank of Java7 Other assets 596121,261121,750101,941 1 Government decree of April 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. 2 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. 8 Beginning Aug. 27, 1945, figures published in the balance sheet of the Commonwealth Bank cover central banking operations only, while previously these statements included the operations of the General Banking Division. * Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. 8 Effective Jan. 1, 1946, a change in the Organic Law of the Banco Central de Bolivia divided the institution into Monetary (central banking functions) and Commercial Banking Departments. 8 Latest month available. 7 For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BULLETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; of Hungary (Nov 8 e I m n b D er e c 1 e 9 m 44 b ) e , r se 1 e 9 4 B 5 U , L S L ta E t T e I - N g u f a o r r a J n a te n e u d a r G y e 1 rm 94 a 6 n , p a t s s 9 e 9 t ; s , a f n o d r m of e r J ly a v i a n c ( l J u a d n e u d a r i y n " 1 C 94 le 2 a ), r i s n e g e B ac U c L o L u E n T t I s N " f a o n r d M " a O r t c h h e r 1 9 a 4 s 3 s , e p ts . , " 2 7 w 8 e . re transferred to Government compensation account. OCTOBER 1946 1211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1946 1945 Central Bank 1946 1945 (Figures as of last report (Figures as of last report date of month) Aug. July June Aug. date of month) Aug. July June Aug. Bank of Mexico (millions of pesos): Bank of Spain—Continued Metallic reserve1. , 723 721 731 709 Note circulation 19,034 17,183 "Authorized" holdings of securi- Deposits—Government 1,219 1,698 ties, etc 1,731 ,733 1,759 ,868 Other 3,361 3,878 Bills and discounts 490 480 489 349 Other liabilities 486 542 Other assets 160 159 146 84 Bank of Sweden (millions of kronor): Note circulation 1,700 ,694 1,698 ,494 Gold 1,046 ,036 1,042 1,056 Demand liabilities 1,193 ,190 1,227 ,342 Foreign assets (net) 1,021 ,074 1,098 774 Other liabilities 212 208 201 174 Swedish Govt. securities and ad- Netherlands Bank (millions of vances to National Debt Office8 937 945 951 1,255 guilders): Other domestic bills and advances 30 28 44 24 Gold . 713 713 713 713 Other assets 886 880 815 944 Silver (including subsidiary coin) 1 1 1 Note circulation 2,534 ,450 2,495 2,488 Foreign bills 4,530 ,530 4,572 Demand deposits—Government 797 837 897 753 Discounts 1 Other 214 300 176 223 Loans 156 170 163 133 Other liabilities 375 376 380 588 Other assets 114 121 100 110 Swiss National Bank (millions of Note circulation—Old 274 275 276 ,573 francs): New* 2,467 ,447 2,338 Gold 4,851 ,844 4,786 ,690 Deposits—Government 1,433 ,562 1,604 '475 Foreign exchange 176 168 183 141 Blocked 142 97 160 ,338 Loans and discounts 59 61 73 73 Other 689 639 660 577 Other assets 83 88 87 84 Other liabilities 510 516 513 481 Note circulation 3,688 ,639 3,617 ,558 Reserve Bank of New Zealand Other sight liabilities 1,169 210 1,212 ,139 (thousands of pounds): Other liabilities 312 310 300, 292 Gold 802 2,802 Central Bank of the Republic of Sterling exchange reserve ,772 85,520 871 Turkey (thousands of pounds): Advances to State or State un- Gold 299,520299,520292,107 dertakings ,000 34,025 539 Foreign exchange and foreign Investments ,016 4,016 346 clearings 63,447 67, 56,276 Other assets ,224 2,374 245 Loans and discounts 691,778 669 795,229 Note circulation 200 44,546 118 Securities 164,686 170,562 Demand denosits ,012 79,604 062 Other assets 71,532 19,293 Other liabilities ,602 4,587 623 Note circulation 826 923,808 Bank of Norway' Deposits—Gold 91,821 85,586 Bank of Paraguay—Monetary Other 128,667 147,935 Dept.4 (thousands of guaranies): (Apr.) Other liabilities 243,983 241^290 176,137 Gold 3,404 Bank of the Republic of Uruguay9 Foreign exchange 34,967 (thousands of pesos): Loans and discounts 3,899 Gold 309,341286,612 Government loans and securities 10,083 Silver 13,662 13,941 Other assets 460 Advances to State and govern- Note circulation 29,364 ment bodies 24,181 8,793 Demand denosits 17,391 Other loans and discounts 101,170 92,549 Other liabilities 6,058 Other assets 333.228316,757 Central Reserve Bank of Peru Note circulation 186,432156,162 (thousands of soles): (Mar.) Deposits—Government 42,743 41,390 Gold and foreign exchange 149.264 565 Other 251,310250,974 Discounts 39,298 580 Other liabilities 301,097270,126 Government loans 594,310 957 Central Bank of Venezuela (thou- Other assets 22,550 553 sands of bolivares): Note circulation 505,020 466 899 Gld 557,080 ,080 468,863 Deposits 265,838 670 Foreign exchange (net) i . 24,319 24,354 69,490 Other liabilities 34,564 086 Credits to national banks 14.310 Bank of Portugal (millions of es- Other assets 34,339 967 14,055 cudos): (Mar.) Note circulation—Central Bank 403,884 405,283 328,393 Gold« 1,423 National bank;- 7,776 7,822 11,776 Other reserves (net) 7,087 Deposits 195,263188,226 217,457 Nonreserve exchange 9,842 Other liabilities 8,816 070 9,092 Loans and discounts 297 National Bank of the Kingdom Government debt 1,018 of Yugoslavia' Other assets 693 Bank for International Settle- Note circulation 7,824 ments" (thousands of Swiss gold Other sight liabilities 11,703 francs): Other liabilities 834 Gold in bars 124,774124, 118,437119,342 National Bank of Rumania' Cash on hand and on current South African Reserve Bank account with banks 4,958 5, 11,544 42,786 (thousands of pounds): Sight funds at interest 141 141 8,215 Gold? 252. 257,014 ,279 Reditcountable bills and accept- Foreign bills 26, 31,173 ,866 ances fat cost) 10,217 10, 9,643 86,589 Other bills and loans 3, 5,176 ,965 Time funds at interest 6,278 7, 3,178 2,750 Other assets 8, 8,241 ,183 Sundry bills and investments.. . 308,800306, 306,371196,153 Note circulation 66, 66,384 ,167 Other assets 35 36 114 Deposits 217, 229,063 ,455 Demand deposits (gold) 20,737 20, 14,545 16,978 Other liabilities 6, 6,157 ,670 Short-term deposits (various Bank of Spain (millions of pesetas): currencies): Gold 1,213 ,189 Central banks for own ac- Silver 585 597 count 3,437 3,580 6,240 Government loans and securities 15,694 ,814 Other 1,651 653 1,556 2,018 Other loans and discounts 4,179 ,307 Long-term deposits: Special ac- Other assets 2,429 ,395 counts 229,001229,001229,001229,001 Other liabilities 200,376200,508200,668201,712 1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 Notes issued before October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with the currency reform decrees effected between June and October 1945. 3 For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282: and of Rumania (June 1944), see BULLETIN for March 1945, p. 286. 4 The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is divided into a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes central banking functions, was issued for the end of December 1944. 6 Latest month available. fl Valued at average cost beginning October 1940. 7 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 8 Includes small amount of non-Government bonds. 9 Issue and banking departments consolidated. 10 Beginning October 1944, a certain amount of gold, formerly reported in the Bank's account, shown separately for account of the Govtrnment. "See BULLETIN for December 1936, p. 1025. 1212 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fe a ct t i e ve U K d n i o i n t m g ed - Francem G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w e e n - S l w a e n r i - d tz- ba C n e k n t o ra f— l R S 3 e a 0 p te t. ef D fe a ct t i e ve ba C n e k n t o r f a — l S R 3 e a p 0 te t. ef D fec a t t i e ve In effect Dec. 31. Albania 5K Mar. 21, 1940 Italy 4 Sept. 11, 1944 Jan 1 . 9 36 28, 1937 2 4 2 4 2 2 2K IK A Be rg lg e i n u t m ina s I y K2 J M an ar . . 1 1 6 , , 1 1 9 94 3 5 6 J J a a p v a a n ....*... 3 3 .29 J A a p n r . . 1 7 4 , , 1 19 9 3 3 7 6 June 15 6 Bolivia 6 Nov. 8, 1940 Latvia 5 Feb. 17, 1940 July 7 5 Lithuania. . . 6 July 15, 1939 Aug. 4 4 Sept. 3 zy Nov 13 32 May 10, 1938 4 British India. . 3 Nov. 28, 1935 Mexico 4K June 4, 1942 May 13 2K Bulgaria 5 Dec. 1, 1940 Netherlands . 2K June 27, 1941 May 30 3 Canada .. IK Feb. 8, 1944 New Zealand. IK July 26, 1941 Sept. 28 3 Chile 3-4K Dec. 16, 1936 Norway 'Jan. 9, 1946 Oct. 27 2% Colombia 4 July 18, 1933 Peru 2K Aug. 1, 1940 Nov. 25 2K Czechoslovakia 2K Oct. 28, 1945 Portugal.... Jan. 12, 1944 Jan. 4, 1939 2 2K Apr. 17 4 May 11 3 July 6 2K Denmark 3K Jan. 15, 1946 Rumania. ... 4 May 8, 1944 Aug 24 4 Kcuador . . May 26, 1938 South Africa. 3 June 2, 1941 Aug. 29 3 El Salvador. .. 3 Mar. 30, 1939 Spain 4 Dec. 1, 1938 Sept. 28 3 Estonia 4K Oct. 1, 1935 Sweden 2K Feb. 9, 1945 O D c ec t. 1 2 5 6 2 3 Finland 4 Dec. 3, 1934 Switzerland.. IK Nov. 26. 1936 Jan. 25, 1940. 2 Apr 9 zy May 17 2 zy IK Jan. 20, 1945 Turkey 4 July 1, 1938 M Ma a y r. 2 1 9 7, 1941 IK 3 2 G Gr e e r e m ce any. ... 3K A A u p g r. . 1 9 6 , , 1 1 9 9 4 4 6 0 Un d i o te m d King- 2 Oct. 26, 1939 June 27 2K Hungary 10 Aug. 1, 1946 U.S. S. R.... 4 July 1, 1936 Jan. 16, 1945 IK Ireland 7 Nov. 23, 1943 Yugoslavia. . 5 Feb. 1, 1935 Jan 20 2K Feb. 9 2K In effect Sept. 30, 1946 2 sy 2 IK 2K 2K IK r Revised. NOTE.—Changes since Aug. 31: None. OPEN-MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden Switzerland Month Bankers' Treasury Day-to- Bankers' Private Day-to- Private Money Loans Private acceptances bills day allowance discount day discount for up to 3 discount 3 months 3 months money on deposits rate money rate 1 month months rate 1929—juiv 5.38 5.39 4.54 3H 7.39 8.21 5.20 4.90 4K-6K 3.19 1930—July 2.37 2.38 1.78 1 3.40 4.30 1.85 1.85 3K-5K 1.92 1931—July 2.58 2.44 2.05 1-2K 17.00 !8.89 1.53 1.40 4-6 1.55 1932—July .92 .66 .67 4.58 5.49 .49 1.00 4-6 1.50 1933—July .48 .40 .62 K 3.88 5.19 3.54 2.64 3-5 K 1.50 1934—Julv .87 .76 .85 K 3.75 4.67 .74 1.00 2K-5 1.50 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 3 4 3 4 3 3 4 4 3 4 4 6 1 5 4 9 7 3 0 8 2 5 — — — — — — — — — — — J J J J J J J J J J J u u u u u u u u u u u l l l l l l l l l l l y y y y y y y v y y y 1 1 1 1 1 1 . . . . . . . . . . . 0 0 0 0 0 0 5 6 5 5 7 8 3 5 5 3 3 3 3 6 9 3 1 1 1 1 1 1 . . . . . . . . . . . 0 0 0 0 0 5 0 5 7 5 5 2 0 0 0 2 9 7 0 8 3 0 1 1 1 1 1 1 . . . . . . . . . . . 0 0 0 0 1 1 7 7 7 7 7 0 0 5 0 5 9 5 4 5 3 3 K K K K K K K K K 3 2 2 2 2 2 2 2 2 2 . . . . . . . . . . 0 7 8 1 8 1 3 9 1 1 0 5 8 3 8 3 8 3 3 3 3 2 2 2 2 1 1 1 1 1 . . . . . . . . . . 1 6 6 7 9 9 7 9 8 6 0 5 4 6 6 5 3 0 6 3 3 2 1 ( . . . . . . 2 8 0 5 2 1 1 ) 5 1 8 1 3 3 2 2 2 1 . . . . . . . 2 7 8 7 9 5 7 5 7 3 2 0 3 5 2 3 2 2 2 2 2 K K K K K K K 3 3 3 3 - - - - - - - - - - - 5 5 5 5 5 5 4 5 5 5 5 K K K K K K 2 2 1 1 1 1 1 1 1 1 1 . . . . . . . . . . . 7 2 2 5 0 0 2 2 2 0 2 9 5 5 5 0 0 0 5 5 0 5 1 1945—Aug 1.03 1.00 1.13 2K-5 1.25 Sept 1.03 1.00 1.13 2K-5 1.25 Oct .83 .75 .96 2K-5 1.25 Nov .53 .51 .63 2K-5 1.25 Dec .53 .50 .63 2K-5 1.25 1946—Jan .53 .50 .63 K 2K-5 1.25 Feb .53 .51 .63 2K-5 1.25 Mar .53 .51 .63 K 2K-4K 1.25 Apr .53 .51 .63 /2 2K-4K 1.25 May .53 .51 .63 K 2K-4K 1.25 June .53 .50 .63 K 2K-4K 1.25 July .53 .51 .63 K 1.25 1 Based on data for part of month only. 2 Figure not available. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. OCTOBER 1946 1213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom * m b (1 a il 1 n l i k L o s s n o . t s n e d r o F l o i f i n n g g p u c ) o r l e e u s a n r d i i n s ng re C se a r s v h es M c n a o s l h o n l t o e i a y r c n t e d at B co il u ls n d te i d s- r T e d r c e e e p a i o s p s u t i s r t y * Securities c L u o s a to n m s e to rs a O s t s h e e t r s Total D D e e p m o a s n it d s Time lia O b t i h li e t r ies 1939—December 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December 390 142 198 896 ,120 794 325 3,629 2,429 1,200 236 1943—December 422 151 133 ,307 1,154 761 349 4,032 2,712 1,319 245 1944—December 500 199 147 ,667 ,165 772 347 4,545 3,045 1,500 250 1945—August 511 233 195 ,993 1,126 769 292 4,875 3,236 1,638 244 September 518 226 215 ,971 ,146 771 299 4,898 3,266 1,632 247 October 513 201 189 ,925 ,178 799 308 4,859 3,277 1,582 254 November 496 229 296 ,703 1,201 809 318 4,789 3,254 1,535 263 December 536 252 369 ,523 1,234 827 374 4,850 3,262 1,588 265 1946—January 496 249 361 ,493 L.230 840 333 4,729 3,135 1,594 271 February 483 243 340 ,468 1,241 847 338 4,684 3,078 1,606 276 March 493 254 379 ,443 L.246 863 353 4,749 3,143 1,606 281 April 509 271 433 ,449 L.282 841 367 4,865 3,242 1,623 287 May 509 301 470 ,374 1,322 856 356 4,894 3,239 1,655 292 June 524 315 526 1,302 1,382 894 399 5,045 3,351 1,694 296 July 532 305 522 1,382 ,406 885 386 5,113 3,389 1 ,724 304 Assets Liabilities Canada Security Deposits payable in Canada (10 chartered banks. Entirely in Canada loans excluding interbank deposits End in o f m m il o li n o t n h s f o i f gures a a n b d r o n a e d t Securities Other ci N rc o u t l e a- Other Canadian dollars) re C se a r s v h es Se lo c a u n ri s ty d lo i O s a c n t o h s u e a n r n ts d d f u b o e a r e n f i k r g o s n m assets tion Total Demand Time liabilities 1939—December 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 ,049 1943—December 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 ,172 1944—December 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 ,289 1945—August 581 112 1,021 242 3,835 789 28 5,229 2,396 2,833 ,324 September 582 109 1,002 237 3,960 750 27 5,269 2,331 2,935 ,344 October 640 130 1,009 242 4,159 812 27 5,573 2,582 2,992 ,392 November 646 239 1,372 229 4,015 888 26 6,013 3,197 2,816 1,350 December 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 t,386 1946—January 665 210 1,213 209 4,100 793 25 5,810 2,848 2,963 1,354 February 669 200 1,194 206 4,119 845 25 5,830 2,752 3,078 1,379 March 650 148 1,181 214 4,197 803 25 5,781 2,611 3,170 1,387 April 722 152 1,160 221 4,243 876 24 5,898 2,660 3,238 1,452 May 642 125 1,187 197 4,304 907 24 5,882 2,576 3,306 t,456 June 637 115 1,188 159 4,275 896 23 5,756 2,393 3,364 1,490 July 696 96 1,230 121 4,298 876 23 5,887 2,476 3,411 1,407 Assets Liabilities France (4 large banks. End Deposits of month figures in Cash Due from Bills dis- Other Own Other millions of francs) reserves banks counted Loans assets accept- liabilities Total Demand Time ances 1939—December 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December 6,418 3,863 46,546 8,346 2,229 62,032 61,270 762 558 4,813 1941—December 6,589 3,476 61,897 8,280 2,033 76,675 75,764 912 413 5,187 1942—December 7,810 .3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—December 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—December 10,365 4,948 99,782 18,653 2,190 128,758 126,578 2,180 557 6,623 1945—March 8,117 5,072 98,593 21,255 2,118 128,007 126,132 1,876 745 6,403 April 8,582 4,954 99,146 22,246 2,490 129,859 128,154 1,705 939 6,619 May 27,281 4,999 109,270 23,108 3,008 159,526 157,453 2,073 1,212 6,928 June 16,282 5,660 156,620 23,216 3,618 196,167 193,828 2,339 1,544 7,685 July 11,990 5,944 146,195 27,127 4,212 185,763 183,477 2,286 1,837 7,868 August 11,104 5,991 143,799 27,697 4,970 183,140 180,779 2,361 2,150 8,271 September 11,122 6,080 143,818 28,732 5,279 184,400 182,105 2,296 2,268 8,364 October 11,942 6,337 143,567 30,153 5,906 186,740 184,637 2,103 2,476 8,690 November 11,898 6,859 145,110 32,165 6,325 190,759 188,748 2,010 2,618 8,980 December 14,602 13,804 155,025 36,166 7,360 213,908 211,871 2,037 2,898 10,151 1946—January 15,312 13,871 153,227 40,123 5,022 216,729 214,842 1,887 3,371 7,455 February 15,005 14,393 157,420 41,119 6,627 222,059 220,219 1,840 4,607 7,898 1214 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil Canada Chile Year or month Officia ( l peso S E ) p x e p c o ia rt l Offic ( i p a o l und F ) ree ( g f B r i a u e n l m - c) Off ( i c ci r a u l zeiro F 1 r ) ee B ( I r r n u i d p ti e i s a e h ) g B ( a le u r v l i - ) a Offic ( i d a o l llar F ) ree Offici ( a p l eso E ) xport C S (y h h h u a i a n a n i) n a g- 1937 32.959 393.94 3.3752 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.OOOO 29.606 1938 32.597 389.55 3.3788 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 3.3704 6.0027 5!i248 33.279 a1.2111 96.018 5.1727 4.0000 11.879 1940 29.773 2322.80 305.16 l3.3760 6.0562 5.0214 30.155 290.909 85.141 5.1668 4.0000 6.000 1941 29.773 '223'. 704' 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.OOOO 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1943 29.773 24.732 322.80 2321.50 6.0586 5.1280 30.122 90.909 89.978 1944 29.773 25.125 322.80 6.0594 5.1469 30.122 90.909 89.853 1945 29.773 25.125 2322.80 J321.17 *2.2860 6.0602 5.1802 30.122 90.909 90.485 1945— Sept. 29.773 25.125 320.70 32.2883 6.0602 5.1802 30.122 90.909 89.908 Oct 29.773 25.125 321.31 2.2879 6.0602 5.1802 30.122 90.909 90.358 Nov 29.773 25.125 321.41 2.2857 6.0602 5.1802 30.122 90.909 90.736 Dec 29.773 25.125 321.41 2.2839 6.0602 5.1802 30.122 90.909 90.725 1946—Jan 29.773 25.125 321.41 2.2840 6.0602 5.1802 30.122 90.909 90.712 Feb.. . 29.773 25.125 321.41 2.2845 6.0602 5.1802 30.122 90.909 90.695 Mar... 29.773 25.125 321.41 2.2845 6.0602 5.1829 30.122 90.909 90.747 Apr.. . . 29.773 25.125 321.40 2.2844 6.0602 5.1902 30.139 90.909 90.764 May 29.773 25.125 321.38 2.2846 6.0602 5.1900 30.182 90.909 90.679 June 29.773 25.125 321.41 2.2847 6.0602 5.1902 30.182 90.909 90.597 Tuly 29.773 25.125 321.41 2.28474 6.06025 5.2283 30.182 6 98.347696.662 Aug 29.773 25.125 321.41 2.2847 5.3675 30.185 100.000 96.784 Year or month C ( o p b l e i o s a o m ) - C s ( l k z o o e v r c u a h k n o a ia - ) ( m D kr e a o n r n k - e) ( l m F a k i a n n a - r ) d k- F (f r r a an n c c ) e ( m m G re a a e i r c n r k h - y ) s- G (d r m e ra a e c ) c h e - ( H K do o o l n n la g g r) (p H g e a u n r n g y - fl) I ( t li a r l a y ) J ( a y p e a n n ) M (p i e c e s o x o - ) e N ( r g l e e u a r t i n ) l h d d - - s (p Z l N o a e u e n a w n d - d) 1937 56.726 3.4930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942.... 57.052 20.569 322.78 1943.... 57.265 20 577 324.20 1944. . .. 57.272 20 581 324.42 1945 57.014 21.9711 20.581 237.933 323.46 1945— Sept. 56.980 2.0189 20 578 321.99 Oct.... 56.980 2.0189 20.578 322.60 Nov... 56.980 2.0186 20.578 737.933 322.70 Dec 56.980 1.7822 20.579 37.933 322.70 1945—jan 56 980 .8410 20.580 37.933 322.70 Feb 56.980 820.877 .8410 20.581 37.926 322.70 Mar 56.980 92!66o6 20.877 .8410 10". 4434 20.580 37.789 322.70 Apr 57.032 2.0060 20.877 .8409 4434 20.580 37.789 322.69 May 57.021 2.0060 20.877 .8408 .4434 20.575 37.789 322.67 June 57.007 2.0060 20.877 8409 11 4434 20.572 37.789 322.70 July 57.007 2.0060 20.877 . 8409 20 587 37.789 322.70 Aim 57 007 2.0060 20.877 .8408 20 596 37.789 322.70 United Uruguay Year or month N (k o ro rw ne a ) y P (z o l l o a t n y d ) ( P es o g c r a u t l d u o - ) R ( u n le m i u a ) a- ( A S po o fr u u i n c th d a ) ( S pe p s a e i t n a) S m ( S d t e o e r t l a n t l l i a t e t s r s - ) ( S k d r w e o n e n - a) ( e S f r r w l a a n i n t c z d ) - Off K ic ( i i p a n o l g u d n o d F m ) ree tr C o o ll n e ( - d peso tr N ) c o o o ll n n e - - d Y ( s d l u a in v g a i o r a - ) 1937. 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 . 7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236! 789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 2403.50 383.00 65.830 37.601 2.2463 1941... 24.0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246.919 403.50 403.50 65.830 52.723 1943 398.00 403.50 2403.50 65.830 52.855 1944 398.00 403.50 65.830 53.506 1945 399.05 2403.50 2463!02 65.830 55.159 1945—Sept. 400.50 402.49 65.830 56.175 Oct 400.50 403.24 65.830 56.282 Nov. 400.50 403.38 65,830 56.290 Dec. 400.50 403.37 65.830 56.290 1946—Jan.. 400 50 403.38 65.830 56.290 Feb 820.202 84.0501 400.50 89.132 23.852 823.363 403.38 65.830 56.290 Mar 20.202 4.0501 400.50 9.132 23.852 23.363 403.38 65.830 56.290 Apr 20.202 4.0501 400.50 9.132 23.852 23.363 403.35 65.830 56.290 M^ay . 20 197 4.0501 400 50 9 132 23.852 23.363 403.32 65.830 56.287 June 20.161 4.0501 400.50 9.132 23.852 23.363 403.37 65.830 56.272 July 20.161 4.0501 400.50 9.132 ^26.195 23.363 403.37 65.830 56.272 A u g. 20 161 4.0501 400 50 9.132 27.819 23.363 403.36 65.830 56.272 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 2 Average of daily rates for that part of the year during which quotations were certified. 1 Based on quotations beginning Sept. 24. * Official rate abolished as of July 22. Based on quotations through July 19. 5 Based on quotations through July 19 and from July 25-31. 6 Currency revalued on July 5. 7 Based on quotations beginning Nov. 2. 8 Based on quotations beginning Feb. 5. 9 Based on quotations beginning Mar. 9. 10 Based on quotations beginning Mar. 22. "Based on quotations through June 12. 12 Currency revalued on July 13. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943, see BULLETIN for February 1943, p. 201, and February 1944, p. 209. OCTOBER 1^46 1215 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S n 1 t 1 9 i a 0 2 t t 0 6 e e ) d s = C ( a 1 1 9 n 0 2 a 0 6 d ) a = K U i (1 n n 1 9 i 0 g 3 t 0 0 d ) e o d = m F (1 r 1 9 a 1 0 3 n 0 c ) e = Ge (1 r 1 91 0 m 3 0 a ) n = y (1 I 1 9 t 0 2 a 0 8 l ) y = ( J 1 O 9 a c 1 0 0 t p 0 0 o a ) b n e = r ( N 1 e l = 9 t a 2 n h 1 6 d 0 e - 0 s r 3 ) - 0 S ( w 1 1 9 e 0 3 d 5 0 e ) n = ( S J w u = l i l a t y 1 n z 0 d 1 e 0 9 r ) 1 - 4 1926 100 100 1124 695 134 237 106 1126 144 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 > 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 707 107 99 278 74 115 111 1940 79 83 137 *901 110 116 311 «88 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 159 114 189 210 1943 103 100 163 116 196 218 1944 104 103 166 118 196 223 1945 106 104 169 194 221 1945—August .... 106 104 171 194 223 September 105 103 170 191 222 October . . 106 104 170 191 220 November 107 104 170 191 219 December 107 104 170 190 214 1945—January 107 105 172 184 215 February ....... 108 105 172 185 213 March 109 106 172 184 214 April 110 108 173 184 213 May 111 109 173 185 213 June 113 109 •"173 186 213 July 124 110 177 185 214 August . 129 P109 177 p Preliminary. »• Revised. 1 Approximate figure, derived from old index (1913 =100). * Average based on figuresf or 5 months; no data available since May 1940, when figure was 919. • Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) <1926 = 100] (1930 = 100) (1913 =100^ Year or month Raw and Fully and Indus- Induspr F o a d r uc m ts Foods co O i m t t m h ie e o s r d- pr F o a d r uc m ts fa m p c a a t r n u t u r l - e y d f c a m h c a i t n e u f u r l - e y d Foods pr I o t n r d d i u u a c s l t - s p A r g t o r u d i r c u a u c l l t - s a t n f r d i i a n l s i e r s m a h i w e - d tr i ia s l h e f d ingoods goods products products 1926 100 100 100 100 100 100 129 130 150 1932 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 83 90 92 158 160 115 102 134 1943 123 107 97 96 99 93 160 164 119 102 135 1944 123 105 99 103 104 94 158 170 122 103 136 1945 128 106 100 ••107 106 94 158 175 1945—August 127 106 100 '109 107 94 161 176 September 124 105 100 r107 105 94 158 176 October 127 106 100 109 106 94 158 175 November 131 108 100 109 106 94 158 175 December . 132 109 101 109 106 94 158 175 1946—January . 130 107 101 110 107 95 157 180 February 131 108 101 110 107 95 157 179 March 133 109 102 110 107 96 158 179 April 135 111 103 111 108 99 159 180 138 112 104 112 109 99 159 181 June 140 113 106 113 110 99 159 181 July 157 140 109 114 110 99 161 185 August .. 161 149 112 Pill P108 P100 159 186 P Preliminary. r Revised. S&urces.—bee BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1216 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- United Can- King- Ger- Nether- er- United Can- King- Ger- Nether- er- Year or States ada dom many lands land Year or States ada dom many lands land month (1935-39 (1935-39 (July (1913-14 (1911-13 (June month (1935-39 (1935-39 (July (1913-14 (1911-13 (June = 100) = 100) 1914 = 100) = 100) 1914 = 100) = 100) 1914 = 100) = 100) 1914 = 100) = 100) = 100) = 100) 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 »132 130 1937. .. 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 150 146 1940 100 106 184 130 154 151 1941 106 116 168 129 177 175 1941 105 112 199 133 175 174 1942 124 127 161 132 191 200 1942 . 117 117 200 137 187 193 1943. . 138 131 166 134 198 211 1943 124 118 199 139 195 203 1944 136 131 168 138 215 1944 126 119 201 141 208 1945 139 133 170 215 1945 128 119 203 209 1945-August 141 136 172 216 1945-August 129 121 205 210 September 139 134 169 216 September. 129 120 203 210 October 139 133 169 213 October... 129 120 203 208 November 140 134 169 210 November. 129 120 203 207 December. 141 134 169 210 December. 130 120 203 207 1946-January.. 141 133 169 210 1946-January... 130 120 203 207 February.. 140 133 169 208 February.. 130 120 203 206 March 140 133 169 206 March.... 130 120 203 205 April 142 135 169 206 April 131 121 203 205 May ... 143 138 169 208 !May 132 122 204 206 June 146 142 169 209 June 133 124 203 207 July 166 144 171 209 July 141 125 205 207 August.... 171 PU5 171 August.. . . 144 P126 205 P Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926= 100) Year or month United United United Nether- ( S d t e a ri t v e e s d ( K D i e n c g e d m o b m er (19 F 3 r 8 a = n 1 c 0 e 0)2 G (a e v r e m ra a g n e y N la et n h d e s r 4 - (1 S 9 t 3 a 5 te -3 s 9 United Ger- (19 F 3 r 8 a = n 1 c 0 e 0)2 (19 l 3 a 0 n = d 1 s 00) price)i 1921=100) price)' = 100). King- many dom Number of issues. . 15 87 50 139 8 402 278 « »295 100 1939 113.8 112.3 114.2 99.0 90.9 94.2 75.9 94.1 112 89.7 1940 115.9 118.3 8114.2 100 7 7 77 9 88 1 70 8 114 6 6140 8 95.0 1941 117.8 123.8 •143.4 103.0 84.3 80.0 72.5 136.8 •308 129.1 1942 118.3 127.3 146.4 •103.3 94 7 69 4 75.3 142 1 479 131.5 1943 120.3 127.8 146 6 98 5 91 9 84 5 145 0 540 151.0 1944 120.9 127.5 150.5 99.8 88.6 145.4 551 1945 122 1 128 3 152 1 121 5 92 4 453 1945—August 121.7 128.3 150.6 117.9 91.4 421 September 121 6 128 2 150 9 126 1 92 0 477 October 121.9 128.5 150 2 132 0 93 2 467 November. . 122.0 127.8 150.3 136.9 94.5 441 December 121 9 127 5 151 2 139 7 94 2 450 1946—January.... 123.8 129.1 148.6 144.8 95.2 433 February.. . 124 5 130.1 148.6 143.3 94 9 461 March 124.5 129.9 147.5 141 8 93 8 452 April 124.3 131.7 146.1 151.6 95.2 448 May 123.7 132.6 147.3 154 3 97 6 532 June 123 9 132 0 146 3 153 2 99 5 S40 July 124.0 132.2 149 6 99 2 August 123.8 132.2 146.4 97.6 1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 Published by the Ministry of National Economy with new base of 1938 =100. Figures are for the last Friday of each month. The number of bonds included in the new index was increased to 50 (formerly 36). The index for stocks was based on 300 issues until Dec. 6, 1945, and on 295 thereafter as a result of the nationalization of five banks. For complete information on the composition of the bond and stock indexes see "Bulletin de la Statistique Generale" December 1942, pp. 511-513, and July-August 1942, pp. 364-371, respectively. For back figures for both indexes from 1938 through 1941 on a monthly basis see "Bulletin de la Statistique Generale" for October-December 1944, pp. 274-276. 8 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4t}4 per cent. The series prior to that date is not c >mparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. * Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index beginning January 1937, Jan.-Mar. 1937 =100; average yield in base period was 3.39 per cent. 6 This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941 it was down to 287. 8 Average based on figures for 5 months; no data available June-Dec. 7 Average based on figures for 7 months; no data available May-Sept. 8 Average based on figures for 9 months; no data available May-July. • Average based on figures for 10 months; no data available Jan.-Feb. Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. OCTOBER 1946 1217 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK R. M. EVANS ERNEST G. DRAPER JAMES K. VARDAMAN, JR. ELLIOTT THURSTON, Assistant to the Chairman CHESTER MORRILL, Special Adviser to the Board of Governors DAVID M. KENNEDY, Special Assistant to the Chairman LEO H. PAULGER, Special Adviser to the Board of Governors OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS S. R. CARPENTER, Secretary EDWARD L. SMEAD, Director BRAY HAMMOND, Assistant Secretary J. R. VAN FOSSEN, Assistant Director MERRITT SHERMAN, Assistant Secretary J. E. HORBETT, Assistant Director LEGAL DIVISION GEORGE B. VEST, General Counsel DIVISION OF SECURITY LOANS J. LEONARD TOWNSEND, Assistant General Counsel CARL E. PARRY, Director BONNAR BROWN, Assistant Director DIVISION OF RESEARCH AND STATISTICS WOODLIEF THOMAS, Director DIVISION OF PERSONNEL ADMINISTRATION RALPH A. YOUNG, Assistant Director CHANDLER MORSE, Assistant Director FRED A. NELSON, Director J. BURKE KNAPP, Assistant Director DIVISION OF EXAMINATIONS DIVISION OF ADMINISTRATIVE SERVICES ROBERT F. LEONARD, Director LISTON P. BETHEA, Director C. E. CAGLE, Assistant Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT Vice President ALLAN SPROUL, Vice Chairman ERNEST G. DRAPER JOHN C. TRAPHAGEN, NEW YORK DISTRICT R. M. EVANS DAVID E. WILLIAMS, PHILADELPHIA DISTRICT HUGH LEACH W. S. MCLARIN, JR. JOHN H. MCCOY, CLEVELAND DISTRICT RONALD RANSOM A. L. M. WIGGINS, RICHMOND DISTRICT M. S. SZYMCZAK J. T. BROWN ATLANTA DISTRICT JAMES K. VARDAMAN, JR. C. S. YOUNG EDWARD E. BROWN, CHICAGO DISTRICT President JAMES H. PENICK, ST. LOUIS DISTRICT CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary JULIAN B. BAIRD, MINNEAPOLIS DISTRICT GEORGE B. VEST, General Counsel J. LEONARD TOWNSEND, Assistant General Counsel A. E. BRADSHAW, KANSAS CITY DISTRICT WOODLIEF THOMAS, Economist ED H. WINTON, DALLAS DISTRICT E. A. KINCAID, Associate Economist JOHN K. LANGUM, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT EARLE L. RAUBER, Associate Economist O. P. WHEELER, Associate Economist WALTER LICHTENSTEIN, Secretary JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Market HERBERT V. PROCHNOW, Acting Secretary Account 1218 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Vice Presidents Bank of Deputy Chairman First Vice President Boston.... Albert M. Creighton Laurence F. Whittemore E. G. Hult Carl B. Pitman Henry I. Harriman William Willett J. C. Hunter2 O. A. Schlaikjer New York. Beardsley Ruml Allan Sproul E. O. Douglas H. V. Roelse William I. Myers L. R. Rounds J. W. Jones Robert G. Rouse H. H. Kimball John H. Williams L. W. Knoke V. Willis Walter S. Logan R. B. Wiltse A. Phelan Philadelphia. . Thomas B. McCabe Alfred H. Williams E. C. Hill C. A. Mcllhenny Warren F. Whittier W. J. Davis Wm. G. McCreedy Philip M. Poorman2 C. A. Sienkiewicz Cleveland. . . . George C. Brainard Ray M. Gidney W. D. Fulton B. J. Lazar Reynold E. Klages Wm. H. Fletcher J. W. Kossin Martin Morrison A. H. Laning3 W. F. Taylor Donald S. Thompson Richmond Robert Lassiter Hugh Leach Claude L. Guthrie3 C. B. Strathy W. G. Wysor J. S. Walden, Jr. E. A. Kincaid Edw. A. Wavne R. W. Mercer Atlanta Frank H. Neely W. S. McLarin, Jr. V. K. Bowman H. F. Conniflf J. F. Porter L. M. Clark S. P. Schuessler Chicago. . . Simeon E. Leland C. S. Young Allan M. Black2 John K. Langum W. W. Waymack Charles B. Dunn Neil B. Dawes O. J. Netterstrom J. H. Dillard A. L. Olson E. C. Harris Alfred T. Sihler St. Louis Russell L. Dearmont Chester C. Davis O. M. Attebery William B. Pollard Douglas W. Brooks F. Guy Hitt A. F. Bailey C. A. Schacht Wm. E. Peterson William H. Stead C. M. Stewart Minneapolis. . . Roger B. Shepard J. N. Peyton H. G. McConneli E. W. Swanson W. D. Cochran O. S. Powell A. W. Mills2 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City. . Robert B. Caldwell H. G. Leedy O. P. Cordill Delos C. Johns Robert L. Mehornay Henry O. Koppang L. H. Earhart John Phillips, Jr. C. O. Hardy G. H. Pipkin D. W. Woolley' Dallas J. R. Parten R. R. Gilbert E. B. Austin3 W. E. Eagle R. B. Anderson W. D. Gentry R. B. Coleman W. H. Holloway H. R. DeMoss Watrous H. Irons L. G. Pondrom San Francisco.. Henry F. Grady kM. Leisner3 H. F. Slade Harry R. Well man C. E. Earhart '.. N. Mangels W. F. Volberg OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Branch Chief Officer Federal Reserve Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith* Minneapolis. . . . Helena R. E. Towte4 Cleveland Cincinnati B. J. Lazar6 Pittsburgh J. W. Kossin6 Kansas City.... Denver G. H. Pipkin6 Oklahoma City 0. P. Cordill6 Richmond Baltimore W. R. Milford* Omaha L. H. Earhart6 Charlotte W. T. Clements* Atlanta Birmingham P. L. T. Beavers* Jacksonville Geo. S. Vardeman, Jr.* Dallas El Paso W. E. Eagle6 Nashville Joel B. Fort, Jr.* Houston L. G. Pondrom* New Orleans E. P. Paris* San Antonio W. H, Holloway* Chicago .... Detroit E. C. Harris6 San Francisco.. . Los Angeles W. N. Ambrose* St. Louis Little Rock A. F. Bailey5 Portland D. L. Davis* Louisville C. A. Schacht6 Salt Lake City W. L. Partner* Memphis William B. Pollard6 Seattle C. R. Shaw* 1 Also Federal Reserve Agent. 1 Cashier. a Also Cashier. * Managing Director. 6 Vice President. OCTOBER 1946 1219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES I BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM I FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES d P Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis