Federal Reserve Bulletin, 1946-11

E R AL R E S E R VE BULLETIN NOVEMBER 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—Slackened Growth in Liquid Assets . 1221-1229 Economic Conditions and Public Policy, by Marriner S. Eccles. 1230-1235 Estimated Liquid Asset Holdings of Individuals and Businesses. 1236-1237 Member Bank Earnings, First Half of 1946. . 1238-1239 Law Department: Reserves—Balances Due to or from Banks in Territories. 1240 Consumer Credit: Water Heaters 1240 Kitchen Cabinets 1240 "Jeep" Station Wagons 1240 Current Events 1241 National Summary of Business Conditions. 1242-1243 Financial, Industrial, Commercial Statistics, U. S. (See p. 1245 for list of tables) 1245-1298 International Financial Statistics (See p. 1299 for list of tables). 1299-1317 Board of Governors and StafI; Open Market Committee and Staff; Federal Advisory Council 1318 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 1319 Map of Federal Reserve Districts. . 1320 Federal Reserve Publications {See inside of bac\ cover) Subscription Price of BULLETIN A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 32 November 1946 NUMBER 11 SLACKENED GROWTH IN LIQUID ASSETS Holdings of liquid assets by individuals time supplies of goods and services available and businesses, which expanded rapidly dur- for purchase by individuals have increased ing the war period, have shown little further and a larger portion of business funds has growth since the end of 1945. The pre- been spent on plant and equipment, to ceding rapid expansion of these liquid assets build up inventories, or for other purposes. —defined to include currency, demand and As a consequence of the reduced Governtime deposits, and United States Govern- ment deficit and increased private spending, ment securities—was the result of wartime current liquid savings by individuals and financial developments. The Government businesses have been much smaller than borrowed from the banks and from busi- during the war. Business holdings of Govnesses and individuals in order to meet the ernment securities have been reduced durexcess of its wartime expenditures over tax ing the past year, while deposits of busireceipts. At the same time incomes of nesses have shown little change. The growth businesses and individuals exceeded tax pay- in individual holdings of Government sements and expenditures for goods and serv- curities has ceased in recent months, but ices, and as a consequence savings werei LIQUID ASSET HOLDINGS large. In the absence of alternative outlets! SELECTED DATES the bulk of these savings was held in the' form of bank deposits, currency, and United - / States Government securities. Efforts were - f made to encourage the purchase of securities 180 - - 180 by nonbank investors, but banks also made 160 / 160 TOT 1 f substantial purchases, which generated the 140 140 f growth in deposits and currency in the 120 - 4 * - 120 amounts that the public chose to hold. 100 J 100 - Since the end of the war Government / 80 80 - J f expenditures have been sharply reduced and tax receipts have continued at a high level. **+^* < 7 )EP3SITS AND ciRRENCY A* Beginning early in 1946 the Government GO\ V — was able not only to meet the greatly reduced ECUR1TIES i t expenditures without further borrowing but 1930 1932 1934 1936 1938 1940 1942 1944 1946 to use accumulated Treasury balances in a Federal Reserve estimates of liquid asset holdings of businesses and individuals, June 1929-1939; June and December, program of debt retirement. At the same thereafter. Latest figures are for June 1946. NOVEMBER 1946 1221 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH their deposit balances have continued to half of 1946, as businesses paid large tax liaexpand. bilities and sought funds for capital expendi- In the last half of 1945 total bank deposits tures and other production and distribution of individuals and businesses increased con- needs. siderably, but in 1946 the growth has mod- Liquid assets of businesses were still at erated. There has been a steady increase in high levels despite the over-all decline time deposits and an erratic rise in demand brought about by the reduction in Governdeposits of businesses and individuals. Hold- ment security holdings. As of June 30, 1946, ings of currency have increased only slightly business liquid assets amounted to about 70 since the end of the war, following a rapid billion dollars. Business cash in the form wartime expansion. Regional variations in of demand deposits, as indicated previously, deposit expansion were reduced in 1946, as increased somewhat during the first half Treasuary financing operations and other of the year. Time deposits and currency, special wartime influences diminished in negligible in volume for business establishimportance, but, as in war years, deposits ments, showed almost no change. increased more sharply in the southern and western than in the northern and north- DISTRIBUTION OF LIQUID ASSET HOLDINGS eastern parts of the country. JUNE AND DECEMBER DATES BIL 1 100 CORPOR ATIONS 80 SHIFTS IN LIQUID ASSET HOLDINGS 60 After six years of continuous and sizable _ OTAL growth, total liquid asset holdings of indi- 40 viduals and businesses showed only a slight - / / AND D E C ^ U 0 R S R 1T E S NCY increase between the end of 1945 and mid- 20 1946. As of June 30, 1946, these liquid asset :c S u . R 8 n 0V IE T S - 0 holdings amounted to an estimated 222 billion dollars, or about one billion above - U 1 NIN CO 1 RP OR 1 AT E 1 D BUSINESS DEPOSITS TOTALT the December 1945 estimate. These esti- AND CURRENCY\—(-^ -j].—_ • 20 mates, by type of assets and by broad groups GOVT SEClR1TIES of holders, at half-year intervals since 1939, 1940 1942 1944 1946 1940 1942 1944 1946 are published elsewhere in this BULLETIN. Federal Reserve estimates. Latest figures are for June 1946. As is shown in the following chart, the leveling off in total liquid assets was ac- Personal (including trust fund) holdings companied by significant shifts among the of liquid assets increased during the first six component parts. Bank deposits, both de- months of this year by 4.6 billion dollars mand and time, continued to increase at to a total of nearly 152 billion. This gain a rapid rate. Business holdings of Gov- was moderate as compared with previous sixernment securities in contrast were sharply month periods during the war years. It was reduced, the decline more than offsetting the associated with reduced consumer savings increase in deposits. Holdings by busi- as the rise in consumer expenditures for ness of these securities were drawn down goods and services, many of which had not approximately 4.6 billion dollars in the first been available during the war, exceeded the 1222 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH increase in consumer incomes. Growth in posits increased further, although somewhat individual holdings of Government securities less sharply than in the last half of 1945. At ceased. Cash redemptions of Series E sav- the end of October adjusted demand deposits ings bonds exceeded purchases in each month were at a record high of over 80 billion from February through September of this dollars. year and there was also some decline in The widespread use of time deposit acindividual holdings of marketable securities, counts as media for individual savings, while purchases of Series F and G savings which revived on a broad scale during the bonds continued in substantial amounts. war, has continued through the transition Time deposits held by individuals increased period. Although current net savings of substantially, continuing almost the same individuals have fallen to less than half their rate of growth as during the late war years. wartime peak volume, time deposits in- Personal demand deposits increased further creased over 8 billion dollars from June 1945 but at a reduced rate as compared with war through September 1946. This is about as years. large an annual rate as during the last full year of the war and almost twice the average annual rate for the entire war period. POSTWAR DEPOSIT CHANGES Currency has shown little growth since Total deposits of individuals and busi- the end of the war. In the last half of 1945 nesses have shown further rapid expansion currency in circulation continued to increase since the end of the war. Deposits held by although at a reduced rate. In January, these groups at commercial and mutual however, a substantial post-Christmas return savings banks increased almost 18 billion flow of currency occurred, and in the foldollars in the year ending June 1946 and rose lowing several months the total outstanding again by over 2 billion in the following three remained close to the end of January level. months. More than half of this deposit Since May currency in circulation has exexpansion occurred in the last half of 1945; panded about 600 million dollars, an amount the growth has moderated somewhat in 1946. slightly larger than the usual seasonal in- Demand deposits, adjusted to exclude crease, and at the end of October was above United States Government deposits, inter- the peak level reached in December 1945. bank deposits, and items in process of collection, increased by almost 12 billion dollars FACTORS IN DEPOSIT GROWTH in the fifteen months from June 1945 through September 1946. This is a rate The major factor in the rapid deposit of growth slightly larger than the war- growth in the last half of 1945, as is shown time average for comparable periods. In in the table on the following page, was the five months June-November 1945 de- the continued large war financing by the mand deposits rose very sharply, reflecting Treasury during this demobilization period largely Treasury payments from war loan and, concurrently, a further increase in bank balances to meet the costs of war termina- holdings of United States Government setion; they were reduced somewhat during curities. In addition, deposits were expanded the Victory Loan drive in December. In somewhat as a consequence of some resurthe first nine months of 1946 demand de- gence in the loan demand on banks for NOVEMBER 1946 1223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH business purposes and for purchasing or continued to increase in 1946 and has carrying securities. helped to sustain the growth in deposits. In the first half of the year expansion in FACTORS IN POSTWAR EXPANSION OF DEPOSITS AND CURRENCY commercial and industrial, consumer, and HOLDINGS OF INDIVIDUALS AND BUSINESSES real estate loans at banks was almost offset JUNE 30, 1945-SEPTEMBER 30, 1946 [In billions of dollars, partly estimated] by the repayment of loans for purchasing or carrying Government and other securities, Dec. 31, 1945June 30, 1945 to to with only a small increase in deposits at- Sept. 30, 1946Dec. 31, 1945 tributable to bank loans. Since June busi- Expansive factors ness and consumer loans have increased Decrease in U. S. Government deposits 15.8 Increase in bank holdings of U. S. sharply and are currently an important Government securities 10.1 Increase in bank holdings of other factor in deposit expansion. securities 0.8 0.6 Increase in bank loans 3.1 2.4 Total factors increasing deposits.. 19.7 13.1 OWNERSHIP OF DEMAND DEPOSITS Increase in C U o . n S tr . a G ct o iv v e e r fa n c m to e r n s t deposits. 0.6 During the war demand deposit holdings Decrease in bank holdings of U. S. Government securities 9.5 of almost all groups increased substantially. Net of other factors 0.5 "O'A" According to estimates based on Federal Re- Total factors contracting deposits 10.0 1.0 serve surveys of deposit ownership and Increase in deposits and currency, shown in the chart, personal and trade detotal 9.7 12.1 posits showed large sustained gains through- Demand deposits—adjusted 5.0 6.8 Time deposits 4.4 3.9 Currency outside banks 0.3 1.4 OWNERSH1P OF DEMAND DEPOSITS NOTE.—Figures cover all commercial banks, mutual savings banks, and Federal Reserve Banks; interbank items are excluded. HIX10NS OF DOLLARS Early in 1946 the current deficit of the Treasury was sharply reduced as a result of a rapid contraction of war expenditures and continued large tax receipts, and since that time the Treasury deficit has been less important in further deposit expansion. The debt retirement program inaugurated by the Treasury in the early spring has resulted in some increase in deposits of businesses and individuals as funds were shifted from war loan deposit accounts to private balances in connection with the redemption of securities held by nonbank investors. Most of the retired securities, however, were held by banks, and their redemption resulted in a reduction both in Treasury deposits at commercial banks and in total bank investments, with no effect on other deposits. Bank lending to businesses and individuals Estimates, based on Federal Reserve surveys of deposit ownership. Latest figures are for July 31, 1946. 1224 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH out the war. Deposits of manufacturers in- During the first half of 1946, according creased sharply in the early war years when to estimates of demand deposit ownership the volume of war production was expand- based on the Federal Reserve survey as of ing rapidly. In the latter part of the July 31, 1946, shifts among major holder war period their deposits showed little groups were less striking. As is shown in change as the need for additional cash bal- the table, demand deposits of all groups inances by these concerns was not large and creased somewhat, the gain in nonfarm pernew funds becoming available to them were sonal demand deposits being greater than invested largely in Government securities. for other groups. Financial businesses kept their funds relatively fully invested throughout the war CHANGES IN OWNERSHIP OF DEMAND DEPOSITS period and their deposits showed little OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS change. [Estimates, in billions of dollars] In the last half of 1945, a period which in- Change cluded the first major readjustments after Amount outthe war, there was a shift of deposits from Type of holder standing, January July July 31, 1946 to 1945 to the accounts of manufacturing and mining July January 1946? 1946 concerns to those of other holders. This reduction in the cash position of manufac- Total domestic business 44.9 +2.0 +0.5 Nonfinancial business: turing and mining concerns resulted from Manufacturing and mining. 16.4 +0.3 -2.3 Public utilities 4.4 +0.4 a number of special factors, such as large Trade 13.0 +0.3 + 1.7 Other nonfinancial 4.5 +0.3 +0.5 tax payments, special reconversion expendi- Financial business: Insurance companies: 2.1 +0.3 * tures on plant and equipment, extraordinary Other financial 4.5 +0.4 +0.6 Personal: expenses in adjusting business organizations Farmers 6.2 +0.2 +0.7 Others . 21.4 + 1.0 +2.6 to peacetime conditions, expansion of in- Trust funds 1.8 +0.2 +0.1 Nonprofit associations 2.4 +0.4 Foreigners1 0.8 * +0.1 ventories and receivables, and some oper- Total 77.5 +3.4 +4.5 ating losses accompanying work stoppages' occasioned by industrial disputes. P Preliminary. * Less than 50 million dollars. During the same period, deposits of whole- 1 Excludes foreign banks and Governments. NOTE.—The figures on deposit ownership are estimates of the sale and retail trade firms grew at an accel- balances as recorded by the books of all banks and as a consequence are different from figures that appear on the books of depositors. The former include amounts represented by checks that have been erated rate. The major part of the growth in drawn by depositors and deducted from their books but not yet charged off their balances on bank records. The latter include trade balances appears to have resulted from checks received by the payees that have been entered on their records but not yet deposited with the banks. large retained profits, accompanying a rising Estimates for prior survey dates are shown at the end of this Review. level of spending by consumers for available Details may not add to totals, owing to rounding. supplies of goods. Other nonfinancial business deposits, particularly those of service Although, in contrast to the previous sixfirms and professional groups, also expanded. month period, no major changes occurred The most striking growth in demand de- in the pattern of deposit ownership, the posits in the first half year of postwar ad- estimates indicate the emergence of several justment, however, occurred in personal significant tendencies. Personal deposits inaccounts. Despite some temporary reduc- creased at about a third of the rate of the tion in wage payments personal deposits preceding six transition months. The rising continued to expand rapidly. level of consumer expenditures following NOVEMBER 1946 1225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH V-E day was a factor tending to dampen special reconversion expenditures and other down the expansion of personal demand de- outlays in advance of receipts from the sale posits, while the expansion itself was a factor of goods produced. Retention of earnings in the higher levels of expenditures. These and other funds from operations has again developments accompanied a high level of contributed to growth in deposits of manuincome payments and a large decline in facturing and mining companies, but the savings of individuals. Even though indi- increase in deposits of these concerns during viduals increased sharply their borrowing the period January-July 1946 also reflects for consumption purposes and reduced con- to some extent proceeds of new security issiderably their net purchases of United States sues and other borrowing. The sale of Government and other securities, they also securities to nonbank investors may have continued to increase their time deposits. restricted the increase in personal deposits Deposit balances of wholesale and retail and in deposits of financial businesses distrade concerns rose much more slowly in cussed below. Deposits of manufacturers, the six months ending July 1946, and the together with those of other groups, were entire gain was accounted for by the change also increased somewhat by Treasury cash in deposits of incorporated trade companies. redemption of Government securities, par- Inasmuch as this period appears to have ticularly retirement of almost half of the been a very profitable one for most kinds of certificates sold in the Seventh War Loan trade establishments, both large and small, drive and maturing on June 1, 1946. entrepreneurial withdrawals from unincor- Deposits of public utility companies, inporated businesses must have contributed cluding railroads, were considerably larger significantly to the further rise in personal at the end of July than at the end of January. deposits. The smaller growth in trade ac- Almost all of the increase occurred at banks counts probably reflects, in addition, expendi- in New York City and appears to represent tures on merchandising facilities and equip- largely funds obtained through financing ment and a seasonal use of many retail and and not yet invested either in plant and wholesale balances to build up inventories in equipment or temporarily in securities. preparation for the autumn bulge in sales. Insurance company deposits, which showed This year, moreover, it appears that trade almost no change over the entire war period, firms built up their stocks more sharply than increased sharply in the six months ending is usual. The higher level of wholesale prices July 31, mostly at New York City banks. prevailing during this period of inventory During this period insurance companies accumulation necessarily added to the drain showed a smaller increase in holdings of on demand deposits of trade concerns. Government securities than they had in Demand deposits of manufacturing and previous six-month periods. Deposits of mining companies, following a large decline other financial companies and trust fund in the previous six months, showed a small balances increased generally throughout the rise in the period January-July 1946. To country. To some extent, the large addisome extent this reflects the drawing to a tions to these financial accounts represented close of the period of adjustment from war readjustment of investor portfolios upon conto peacetime production, when manufac- clusion of the war financing program, but in turers' deposits were reduced because of part they also reflected a current short- 1226 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH age of investment outlets considered appro- REGIONAL DIFFERENCES IN POSTWAR DEPOSIT priate or attractive for these funds. A special EXPANSION factor in the growth of deposits in financial businesses may have been the reduced in- In the transition year ending September vestment of funds owing to uncertainty as 1946, as in the war period, all regions of the to the future course of long-term security country and most banks showed increases yields, which showed a moderate rise dur- in deposits held by individuals and busiing the period. Accumulation of a backlog nesses. There continued to be significant of uninvested funds in financial accounts, differences, however, in the rates of growth however, is a factor which itself tends to in such deposits in the various regions of limit rising investment yields. the country. During the war deposits ex- A growth in corporate balances accounted panded more rapidly in the West and South for most of the increase in business deposits than in other parts of the country, reflecting from January through July 1946, as is shown the concentration of special military camps in the table. This is in sharp contrast with and depots and the relatively greater exdevelopments in the previous six months pansion of industrial facilities in these areas, when noncorporate deposits increased rap- together with the very substantial rise in idly and corporate balances declined. In prices of farm products. the recent period gains in corporate deposits occurred in all major business groups, DEPOSIT GROWTH, 1942-1946 whereas among noncorporate businesses the BY FEDERAL RESERVE DISTRICT amounts of deposit increase were negligible END OF 1941= 100 except for the professional and service group and financial businesses other than insurance companies. DEMAND DEPOSITS OF CORPORATIONS AND UNINCORPORATED BUSINESSES [Estimates, dollar amounts in billions] 1 Increase from Jan. 31, 1946 July 31, 1946? Dollar Per- Type of holder amount centage C r p a o o t r e - - N r c p a o o o t r n e - - - C r p a o o t r e - - N r c p a o o o t r n e - - - C r p a o o t r e - - N r c p a o o o t r e n - - - Total domestic business.... 32.8 12.1 1.7 0.3 6 2 Nonfinancial: Manufacturing and mining 14.6 1.8 0.3 * 2 1 Public utilities 4.2 0.2 0.3 * 9 8 Trade 6.7 6.3 0.3 5 0 Other nonfinancial 2.3 2.2 0.2 * 8 7 300 200 100 100 200 300 Financial: ER CENT PER CENT Insurance 2.0 0.1 0.3 0.1 14 12 EJ END OF 1941TO SEPT.1945 IS Other financial 2.9 1.5 0.3 12 6 •E3 END OF 1941TO SEPT.1946 HIH * Decline in deposits, September 1945 to 1946. 0.1 Demand deposits adjusted and time deposits. Central reserve P Preliminary. city banks not shown on chart; relative figures for September * Less than 50 million dollars. 1946 were: for New York City and for Chicago 153 per cent. 1 Owing to rounding, details may not add to totals. Corresponding figure for all member banks was 207 per cent. NOVEMBER 1946 1227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH This broad regional pattern of deposit taxes and sales of securities were larger relagrowth continued in the postwar period, tive to Treasury expenditures in the northas is shown in the chart, although during ern and northeastern regions, and the with- 1946 regional differences have been less drawal of Treasury deposits for meeting the • sharp. The largest postwar deposit increases current Treasury deficit consequently had have occurred in the Federal Reserve Dis- a restraining effect on deposit expansion in tricts of Minneapolis, Atlanta, Dallas, and these regions. San Francisco, while the smallest gains have The regional variations in deposit growth occurred in the New York, Chicago, Cleve- during the early months following the end land, and Boston Districts. of the war also reflected in part a shift of Differences as among districts in postwar funds from manufacturing concerns to trade deposit growth, as in war period growth, concerns and individuals. This shift tended are much greater in the case of demand to reduce deposits at large banks in industrial than of time deposits. Increases in demand centers, where manufacturers' accounts are deposits in the year ending September 1946 of special importance, and to increase devaried from 3 per cent in the New York posits at those banks where a relatively large District to 17 per cent in the Minneapolis proportion of the deposits are owned by in- District, with an average for the country of dividual and trade concerns. 7 per cent. In all districts the increase in In recent months the factors that resulted time deposits was close to 15 per cent, the in large inter-regional deposit shifts during average for the country. the war and immediate postwar period have During the war country banks showed become less important. Transfers originatsomewhat larger deposit increases than city ing in Treasury operations have continued, banks. This difference was accentuated in but in greatly reduced volume. Government the early part of the transition period, as is shown in the following chart. In the six DEPOSITS BY CLASS OF BANK months September 1945 to March 1946 the BILLIONS OF DOLLARS growth in deposits of individuals and businesses at reserve city banks was greatly reduced in most districts and deposits actually declined in some areas. At country banks deposits continued to show large increases in all areas. In the next six months, ending September 1946, this rate of growth was maintained at country banks in most districts, while at city banks in almost all districts deposits expanded more rapidly than in the previous six months. The sharp regional differences in deposit expansion that occurred in the latter part of 1945 and early 1946 continued to reflect Total of demand deposits (adjusted to exclude U. S. Government and interbank deposits and collection items) and time in part the transfer of funds as a result of deposits. Member bank data are for call dates through June 1943 and monthly averages of daily figures thereafter, with Treasury operations. Treasury receipts from latest figures for September 1946. Insured nonmember bank data are for call dates with latest figures for June 29, 1946. 1228 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH expenditures have declined, and shifts in the substantial progress in industrial reconfunds arising from current Treasury budget version in the last half of 1945, deposit shifts operations have been offset in part by some on this account have also been smaller. Conreturn of funds to the money centers as a sequently, recent regional variations in deresult of Treasury debt retirement. With posit expansion have been less marked. OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS SELECTED DATES, 1941-46 [Estim?ites, in billions of dollars]1 Dec. 31, July 31, Feb. 29, July 31, Jan. 31, July 31, Jan. 31, July 31, Type of holder 1941 1943 1944 1944 r 1945 r 1945 1946 r 1946? Total domestic business 24.8 36.3 35.9 37.6 40.4 42.4 42.9 44.9 Corporate * * * 29.2 30.6 31.9 31.1 32.8 Noncorporate * * 8.5 9.9 10.5 11.9 12.1 Nonfinancial business—total 20.4 31.6 31.5 33.0 35.3 37.1 37.0 38.3 Manufacturing and mining . .... 10.0 16.5 16.3 17.2 17.5 18.4 16.1 16.4 Public utilities 3.1 3.7 3.7 3.7 3.7 4.0 4.1 4.4 Trade 4 6 8 0 8 2 8 8 10 3 10 9 12.6 13 0 Other nonfinancial . . 2.7 3.4 3.4 3.3 3.7 3.8 4.2 4.5 Financial business—total... 4.4 4.7 4.3 4.6 5.2 5.3 5.9 6.6 Insurance companies 1.9 1.9 1.7 1.7 1.9 1.8 1.8 2.1 Other financial 2.5 2.8 2.6 3.0 3.3 3.5 4.1 4.5 Personal 9.6 15.8 17.7 18.4 21.5 23.0 26.4 27.6 Farmers . . * 3.3 4.2 4.0 , 4.7 5.2 6.0 6.2 Others *3-2 12.5 13.5 14.4 16.7 17.8 20.4 21.4 Trust funds . . . . . .. ! S1 2 1 3 1.3 1.4 1 5 1.6 1 8 Nonprofit associations 1.4 1.5 1.5 1.9 2.0 2.4 2.4 Foreigners—business and individuals 0.9 0.8 0.7 0.7 0.7 0.8 0.8 Total . .. 37.6 55.6 57.2 59.6 65.9 69.6 74.1 77.5 p Preliminary. r Revised. * Not available. 1 Owing to rounding, details may not add to totals. NOVEMBER 1946 1229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC CONDITIONS AND PUBLIC POLICY by MARRINER S. ECCLES It is ten years since I had the privilege of meeting profits and prices that prudent policy in the national with you at a bank management conference of the interest seemed to require while inflationary forces New England Council. The Axis cloud was then were still dominant. Fiscal policy and scattered just beginning to blacken the skies over Europe credit controls are about all that remain to the and the Orient. Few were aware of its ominous Government as protective measures but these, too, portent. We were still struggling up from the are beset by increasing controversy and are likewise deepest depression in our economic history. A dependent upon majority will. decade ago most bankers and businessmen were Popular revulsion against direct controls and worried about the Federal debt, the unbalanced other restraints, of course, is natural in the afterbudget and the danger of inflation. The gross math of war. Certainly freedom of expression and national debt had reached nearly 34 billion dollars. the interplay of the point of view of manifold No one then could have foreseen the events of social and economic groups is the life blood of the next decade. After the most devastating of all a progressive democracy. But this democratic wars, we find ourselves today with a gross national freedom should not be a license for special interest debt of 265 billion dollars, or nearly eight times groups to seek their own ends without regard for as much as it was ten years ago. the public good. This spirit of unenlightened self- Today we no longer have a great slack of un- interest has increasingly pervaded our national life employment. We do have accumulated wants and since the end of the war. If we are to make our needs beyond all past experience. The backlog of economic and political system function successfully savings, available to individuals and business in we must find means of settling conflicts of interest the form of currency, bank deposits and Govern- by lawful and peaceful democratic processes, withment securities, is from three to four times as out disrupting economic stability and progress. great as in 1936, and current income payments are We see examples of conflicting interests on all running at a rate of about 170 billion dollars a sides. For instance, most cattlemen object to conyear, or more than double the highest prewar peaks trol of livestock prices, but want the Government of 1929 and 1940. The inflationary potential thus to stop a railroad or coal strike if it threatens to continues to be great—and wartime controls in- interfere with distribution of their products; most tended to keep the flood of money in check until farmers oppose ceilings on the prices of their prodproduction could catch up with demand have been ucts, but want price floors; in general, labor unions largely abandoned. object to wage controls, but want the Government If we are to avoid going through a painful to control prices; most businessmen favor curbs on period of readjustment of distortions in the wagewages but not on profits; bankers want the Governprice structure, we must now rely primarily upon ment to balance the budget, but many also advocate self-imposed restraint on the part of powerful conhigher interest rates on the public debt ostensibly to flicting groups in management and business, in combat inflation. And so it goes. labor and in agriculture. Responsibility for main- We must recognize the fact more than ever in taining orderly economic progress, which will prethis highly industrialized, interdependent age that vent a further inflationary development that would one sector of the economy can not gain in the long inevitably be followed by a decline has now largely run at the expense of another. Prosperous ecoshifted from Government to labor and management. nomic conditions which will benefit all groups can The unity of purpose, which enabled us to be secured only if the requirements of the economy achieve a miracle of production for war and thus as a whole are considered. Past experience has to hasten the victory, is gone, and with it public demonstrated that the maintenance of stable and support of the direct controls over materials, wages, prosperous conditions can not be assured by exclu- * Address by the Chairman of the Board of Governors before sive reliance upon the free play of market forces. the Sixteenth New England Bank Management Conference of the New England Council in Boston, Oct. 25, 1946. The Government, as the collective agent of all of 1230 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC CONDITIONS AND PUBLIC POLICY us, must be, in effect, the umpire between con- can not be rapidly reduced—and in fact can only tending pressure groups, deciding important issues be continuously reduced by having a Treasury on the basis of what is in the interest of the country cash surplus sufficient to continue the program of as a whole. It is a question of the degree of Gov- debt retirement. This surplus can come from ernmental action and intervention. For my part, taxes or from the sale of nonmarketable bonds to I want as little as possible—but I want enough to the public. The other, and by far the more imporminimize destructive economic conflict, and pro- tant basic cause, is the insufficiency of production tect our national interests. as yet in relation to the existing money supply. We have only to look at the world about us today Since most of the short-term debt, outside of the to realize that there are, broadly speaking, three gen- Reserve System, is held by the banks, an increase eral types of economic order—communism, social- in the short-term rate would add to bank earnings, ism which, in greater or lesser degree, prevails in which are still at very high levels due to Govern- England and throughout western Europe, and the ment bond holdings. It would add to the cost of democratic capitalism which we want to preserve carrying the public debt. It would not reduce in this country. The challenge to our system can the existing money supply. It would not reduce and must be met by providing a sustained high consumption. It would add nothing to production level of production and employment. Otherwise, —the basic need of the hour. It would have no we shall inevitably drift towards more and more real bearing as an anti-inflationary factor. We have Government intervention and controls until our been witnessing a rapid rise in business, consumer system has been replaced by something akin to the and mortgage credit. It is hardly reasonable to other two—not because our people deliberately suppose that short-term rates on Government choose it but because they would be likely to securities could be increased sufficiently to deter consider it the only alternative to widespread eco- this private borrowing. nomic distress and social disorder under our own As for increasing the short-term rate with the system. idea of discouraging further monetization of the With most other inflation curbs gone, attention— debt by the banks, it should be emphasized that and criticism—will no doubt be centered more and the Treasury's debt-retirement program has been more on fiscal and credit measures which affect an effective means of accomplishing this desirable about the only area left where some restraint may objective, and postponing need for more direct be exercised by the Government. Criticism has measures such as the Board outlined in its report been aimed particularly at three points: (1) at the as possible alternatives for Congress to consider. Reserve System's support of the % per cent rate on It has been argued that a flexible policy per- Treasury certificates; (2) at the Board's fixing of mitting some increase in short-term rates would margin requirements at 100 per cent; and, (3) at introduce uncertainties into the market, which continuation of the Executive Order under which would discourage banks from shifting into longerthe Board has regulated consumer credit. Let me term issues. The fact is that there could be very discuss these three subjects briefly. little uncertainty as to short-term rates in view of the large volume of securities that mature monthly. If a policy were adopted permitting short-term 1. GOVERNMENT FINANCING rates to rise without setting an upper limit, the Various bankers, dealers, insurance companies Treasury would have difficulty in refunding its and others have recommended an increase in short- maturities, since banks and other investors would term interest rates as a means of combating in- be likely to withhold funds awaiting even higher flation. As the Board indicated in its Annual rates. The question then is not whether the short- Report for 1945, there is no reason to suppose that term rate should be pegged at % per cent or pereven if the short-term rate were increased to as mitted to fluctuate up and down, but whether it high as VA or \l/ per cent, it would be of value should be pegged at 1 per cent, 1)4 per cent or 2 in combating inflationary dangers which have 1}4 per cent, or some other level. There is no arisen from two primary causes, neither of which natural level. If short-term rates were permitted would be corrected by higher rates. One cause to rise sharply there would also be pressure to is the volume of money already created, which drive long-term rates up. This would jeopardize NOVEMBER 1946 1231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC CONDITIONS AND PUBLIC POLICY the savings bond sales program and cause whole- refunding in short-term issues, this would result sale redemptions. in an increased interest cost and in less flexibility There has been much discussion about the is- to the Treasury in managing the debt. Commersuance of long-term, 2x/ per cent marketable cial bank holdings of longer-term securities and 2 securities not eligible for banks. It has been said commercial bank earnings would be relatively that such an issue would be anti-inflationary be- higher. As a matter of fact, to the extent that cause it would absorb savings which could be private investors continue to expand their holdings used to retire bank debt. Some of the arguments of E, F and G bonds, and the proceeds are applied that might be made against putting out such an to retiring maturing bank-held debt, the result issue at this time are that it would serve to increase is a refunding of short into long-term holdings. bank credit; and insurance companies and savings This accomplishes the desirable objective of shifting banks would not only use accumulated funds for the debt out of the banks and into the hands of the such investment but in addition would sell bankgeneral public. Also to the extent that the Treasury eligible issues to banks in order to raise funds with has a cash surplus—and it may possibly be 4 to 6 which to subscribe, or would borrow from banks. billion dollars in the first half of 1947—it can Such issues would not serve to increase savings of likewise be used largely to reduce short-term bankindividuals who are the most important group from held debt. the inflation standpoint. Series E, F and G savings There is a serious question as to whether the bonds already offer attractive investment outlets Government should provide 2l/ per cent investto this group. 2 ments for private insurance companies and savings If it should appear desirable in the future to banks at a time when the Government is not in provide an additional investment outlet for funds need of new money. There would scarcely be of insurance companies and savings banks it would justification for doing so except as the surplus be preferable to do this through the offering of funds, so obtained, were used to reduce a like long-term nonmarketable securities, the yield on amount of demand deposits and Government sewhich would be 2l/ per cent if held to maturity. 2 curities held by the banks. Such a refunding of This would avoid the danger of future additions short-term securities held by banks into long-term to long-term holdings of banks and it would protect securities held by insurance companies and savings the Treasury against investors who buy long-term banks would cost the Government the difference securities for short-term holding, thus getting 2l/ 2 between the % per cent short-term and 2l/ per per cent, plus the premium as maturity is reached, 2 cent long-term rates. Therefore, if such refunding on what in effect is demand money so long as the were done it should accomplish the purpose of 2l/ per cent rate is maintained. In my opinion 2 reducing demand deposits and Government secuthis long-term rate should not be permitted to go rities held by commercial banks. up, and, if need be, the market must be supported With commercial banks holding 75 billion dolby the Federal Reserve. Otherwise the cost of lars of Government securities out of a total marketcarrying the public debt would be increased, many able debt of 182 billion, a large amount of the outstanding savings bonds yielding lower rates debt should be in short-term issues. Monthly rewould be cashed in and the funds invested in the fundings create no problem. The argument that higher-yield market issues, and heavy losses would the Treasury is now faced with a large volume of be incurred by holders of outstanding market bonds. Confidence in the stability of the Government bond demand obligations is not persuasive. market would vanish. If long-term nonmarket- Under present conditions, the entire debt is in able issues were offered, it might be necessary to effect a demand obligation since the Federal Reserve limit subscriptions under some formula which assures the Treasury at all times of a ready market would provide only for the investment of accumu- for its offerings on a basis of % per cent on the lated funds and prevent switching from present certificates and 2l/ 2 per cent on the longest bonds. holdings, particularly the bank eligibles. With the public debt as large as it is today—twice It has also been argued that the Treasury should the entire private debt of the country—a free refund short-term securities into longer-term debt market is out of the question if that is taken to to ease the refunding problem and avoid the de- mean an unmanaged, unsupported market. The mand liability on the Treasury. Compared to public interest requires a stable market for Gov- 1232 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC CONDITIONS AND PUBLIC POLICY eminent securities. This is the responsibility of 2. MARGIN REQUIREMENTS the Federal Reserve. The credit policy of the Federal Reserve System, The Federal Reserve has worked and will conin all its aspects, should be adjusted to the general tinue to work in close cooperation with the Treascredit situation of the country. We are not justiury. The public interest requires the closest teamfied, for example, in fixing margin requirements work. The Federal Reserve is in complete agreeexclusively by reference to the movement of stock ment with the Treasury's debt-management proprices, as some people have suggested. The gengram, as well as the general fiscal policy, as outlined eral credit situation must be the main criterion, on several occasions by Secretary Snyder. and this in turn is an integral part of the general Beginning in March, as you know, it became business situation. When margin requirements possible not only to meet the greatly reduced were fixed at 100 per cent, the general credit situdeficit without further borrowing, but to enter ation was highly inflationary because of the imupon a program of debt retirement by drawing mense volume of purchasing power in the hands upon accumulated cash balances. Since then, and of investors and the general public. Indeed, there including the projected retirement of 2 billion is plenty of cash today to drive stocks up very high, dollars for November 1, the Treasury redeemed entirely without credit, if investors, let us say, had for cash close to 20 billions of securities. This more confidence in the prospect for profits in busidebt-retirement program has helped to check inness and industry and less uncertainty over the flationary pressures on the monetary side. possibilities of further wage-price maladjustments. As a result of the retirement program the It can hardly be contended, with reason, that the enormous monetary expansion which had been in credit gates should be opened now in the market process throughout the war years and which raised in order to finance new productive enterprise and the money supply from 39 billion dollars in 1940 provide employment. There was a very large volto 102 billions in February of this year has been ume of undigested offerings in the stock market, halted and reversed. only a part of which was for new financing. But By imposing a drain on bank reserves, the retirein any case this is not a time for encouraging new ment program has also exerted some brake upon issues even for productive purposes because with further expansion of bank credit. While commerthe scarcity of materials and labor, it would only cial loans and consumer credit have recently inadd to the inflationary pressure. creased rapidly, security loans have declined, and, This is not a one-way street. When the situation as I have indicated, the retirement program has at changes, and there is need to stimulate the use of least temporarily discouraged further shifting by credit for purchasing securities, it will be time to banks from short to medium and long-term Govconsider lowering margin requirements. This ernment securities. would be a time, as it seems to me, when there While I would not like to see an increase in will be sufficient supplies of materials and labor interest rates at this time, neither would I like to see a further rate reduction. The decline in the to justify the encouragement of new issues of corprice of longer-term issues since spring and the porate securities, provided there is at the same resulting increase in yield has been altogether time a prospect of declining production and desatisfactory as has been the general stability of clining employment. The time to lower the marsecurity prices. gin requirements will be one at which, in contrast There is no need for the issuance of additional to the present time, the effect will not be to add to long-term marketable securities at this time, as inflationary forces but to help offset deflationary the Government does not need new money and, forces in the general economy. as I have indicated, expects to have a cash surplus. The stock market, after a four-year rise which If insurance companies, savings banks and other increased values by 150 per cent, has now experinstitutions have surplus funds there is plenty of ienced a decline, bringing prices down to the opportunity to invest in the existing long-term level at the end of the war, or about 20 per cent issues at present favorable prices and yields. Also below their high point of last spring. I do not there is or will be an increasing opportunity to consider this an alarming symptom. On the coninvest in mortgages and other long-term invest- trary, to the extent that this readjustment reflects ments, including World Bank securities. a more sober appraisal of prospects and a lessening NOVEMBER 1946 1233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC CONDITIONS AND PUBLIC POLICY of the inflationary psychology, to the extent that use of credit and the market for unlisted securities. it will tend to slow down the timing of not abso- On the whole, the use of margin requirements can lutely urgent capital expenditures and inventory be viewed with satisfaction. Neither the long upaccumulations, it will contribute to a balance in swing that culminated last May, nor the subsequent the economy. downswing have gone to the lengths to which they One of the fortunate aspects of the situation has would have gone if there had been no Federal marbeen the low level of stock-market credit. Such gin requirements. credit now outstanding is in the general neighbor- The general public strongly approves of this hood of 1 billion dollars, as compared with some- regulation. It is not to be expected that some of thing like 3 billions at .the prewar peak of stock those in the brokerage or security business who feel prices in 1937 and more than 12 billions at the peak that their business is adversely affected by regulain 1929. Without the existence of stringent credit tion would agree with this viewpoint. regulation the speculative upward movement of prices would undoubtedly have gone much further 3. CONSUMER CREDIT and the subsequent price .decline with a concur- As for consumer credit regulation, it was, as you rent forced liquidation of credit would also have may recall, the seventh point in the Government's gone much further, thus making for greater in- wartime program for economic stabilization. The stability. Reserve Board did not seek the task of administer- Over the last 40 or 50 years, the upswings and ing this regulation. The question of whether downswings of the stock market have been a de- there should be some permanent legislation covering cidedly unstabilizing influence in the national this important segment of credit in our economy economy. It was in order to reduce this un- is one for Congress to determine. The Board, havstabilizing influence, particularly as it is connected ing had experience with the wartime regulation with the use of credit, that Congress in 1934 vested aimed specifically at the inflation target, would be in the Reserve Board responsibility for fixing mar- remiss, I think, if it failed to call the attention gin requirements on listed securities but not on of Congress to the need for making a decision, one unlisted securities. In the late 1920's, when there way or the other. I, for one, while I certainly do were no Federal margin requirements, the upward not crave taking on this additional load, feel as the movement in stock prices caused them to increase Board's annual report stated that serious consideraby more than 200 per cent and the sharp decline in tion should be given by Congress to the desirability 1929 was more than twice as rapid as that which of placing authority in some Governmental body to took place during recent months. The recent deal with the problem—for undoubtedly the exgyrations in the cotton market, which advanced pansion and contraction of this type of credit have very rapidly last summer and then slumped by greatly accentuated economic upswings and downnearly 20 per cent in a few days are an indication turns in the past. There is a very strong case to of what can be expected in speculative markets be made for moderating these excesses, so far as which are not subject to any effective control over possible, in the consumer credit field. the use of credit. It could be accomplished, in my opinion, by One of the interesting consequences of the Board's focusing regulation primarily on the major durable margin requirements has been an almost uninter- goods customarily sold on the instalment plan. rupted reduction since the middle of last year in*the They compose the great dollar bulk of consumer amount of stock-market credit in use, including instalment credit in which the range of expansion the reduction during the period when the market and contraction is widest. It has been felt for some was advancing—which had never happened before. time by the Reserve Board that the present regula- There were, to be sure, some inequities and im- tion could be greatly improved administratively by perfections in margin requirements as a regulatory focusing it on the major durables, eliminating the instrument including the failure of the law to major part of single payment loans and charge cover nonlisted securities. Congress considered accounts from its scope, together with the soft the question of whether unlisted securities should goods and less important durables that were inalso be covered by the law, but concluded that it cluded when the regulation was originally drawn was not practical. Moreover, it is evident that as an anti-inflationary device in wartime. control of listed securities greatly influences the The Board for some time has been studying the 1234 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC CONDITIONS AND PUBLIC POLICY advisability of thus revising the existing regulation for relaxing consumer credit restraints on durable with a view to making it administratively more consumer goods in short supply. Credit should be workable. It is felt that this can be done without provided for productive purposes, but not for a material weakening of its effectiveness as a re- speculation. Nor is there justification for increasstraining influence at this time. When inflationary ing interest rates which would greatly complicate pressures have passed, it would need to be revised the Government's problem of managing the public further, assuming that Congress decides to retain debt and increase the cost of carrying it, without it as a permanent instrument of credit regulation. the offsetting advantage of preventing inflation. It is important, of course, to bear in mind that "At best, Government price or credit controls these selective controls, relating to listed stocks and can only be a stopgap, and fiscal policy can deal consumer credit, can at best play only a relatively only with the money side of the inflation problem. minor role in assuring stability in our economic The overwhelmingly vital need now is for more life. Likewise, monetary policy is even more work and more goods—for increased productivity. limited in its influence under present day conditions Whether we are to have a stable economic progress than ever before. Overshadowing all of these depends fundamentally now on the industrial front, aspects of Governmental policy are national fiscal on labor and management, on increasing output and budgetary measures, together with other broad by increasing efficiency, eliminating bottlenecks policies relating to business, labor and agriculture. and restrictive rules and practices, including those Not even the most ardent advocate of laissez-faire in the construction industry, and by avoiding strikes would propose that we abandon all Government and shutdowns. We all know that in our interregulations. It is, let me say again, a question of dependent economy a strike in one key industry degree—of doing through the medium of Govern- paralyzes others—strikes even by a comparatively ment what needs to be done to contribute to eco- few workers in plants that supply others can throw nomic stability and progress—and doing no more many thousands out of work. More work and more than that. goods are the basic cures for inflation. That is the Since this is a banking group, I have sought to only way in which labor can keep the gains from cover three specific questions in which you have the pay increases it has received. It is the only way a particular interest. In conclusion, I would like to safeguard the purchasing power of all wages and to turn for a moment to the general economic situa- savings. Further wage increases for the same tion as I see it at this time. Speaking recently amount of work and output would serve only to at the National Outlook Conference of the Depart- intensify the upward pressure on prices. Increased ment of Agriculture, I undertook to assess in a wages that result in increased prices are self-defeatgeneral way the good and bad aspects of our cur- ing. It will be far better to hold prices down and rent situation. Without recounting that appraisal increase productivity—to increase real wages—than of favorable and unfavorable factors, I will merely to have further wage and price increases that quote the conclusions that I think should be drawn would finally result in public resistance. For this, from them: in turn, would upset business calculations, and all "The situation calls for a budgetary surplus long-term commitments, thereby precipitating a and continued debt retirement. Continued efforts recession, the severity of which would depend should be made to reduce public expenditures. mainly on how long it would take to correct the Taxes should not be further reduced under present distortions and maladjustments. Only by keeping conditions. It is desirable to increase tax revenues, prices down and maintaining the buying power of without increasing tax rates, by increasing the wages and savings can we have a higher standard national income as a result of greater productivity. of living. Such an increase in the national income, together "We have all the tangible elements of sustained with decreased Federal expenditures, will bring prosperity—manpower, raw materials, money supabout a budgetary surplus which will make pos- ply, coupled with a vast backlog of needs and sible tax reductions later on. wants. The intangibles, still needed, include self- "Speaking of the general credit situation, there restraint, enlightened self-interest, the will and is no reason under present conditions for reducing wisdom to translate the tangibles into a lasting, margin requirements on stock-market trading or higher standard of living." NOVEMBER 1946 1235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES Estimates of liquid asset holdings of individuals rection was made in the distribution of deposits and businesses as of June 30, 1946, and for previous between corporate and noncorporate businesses. The end-of-year and mid-year dates since December United States Government security figures were 1939, are published in the accompanying table. changed to include excess profits tax refund bonds These estimates cover the principal assets which as corporate liquid assets beginning December 1945. are most readily convertible for use and for which For corporations, other estimates of cash (inthere are representative statistics of ownership. Cur- cluding currency, and demand and time deposits) rency and demand deposits are the basic forms of and United States Government security holdings cash money ordinarily used, and under existing are published quarterly by the Securities Exchange practices time deposits and also United States Gov- Commission in its statistical releases on the workernment securities are readily convertible into cash. ing capital of United States corporations. The SEC Other assets that may be commonly considered as and the Board of Governors estimates differ partly liquid savings, such as savings and loan shares, in- because of differences in coverage but primarily surance and pension reserves, and corporate and because of differences in methodology.3 For exmunicipal securities, are excluded. ample, in the case of demand deposits the Federal The estimates include liquid assets held by indi- Reserve estimates of corporate deposits are derived viduals (including farmers), unincorporated busi- from statistics of ownership of demand deposits nesses, and corporations other than insurance com- reported by a sample of banks. The data reported panies. They do not include holdings of Federal, are increased to represent corporate deposits in all State, or local Governments, Government agencies, banks and then adjusted to reflect the volume of foreigners, banks, building and loan associations, deposits as they would appear on the books of the insurance companies, or nonprofit associations. The corporations holding the deposits. The SEC estiestimates are approximations of amounts shown or mates of "cash on hand and in banks," on the other implied in accounting records of the holders rather hand, are based on data submitted with corporate than those reported by banking and Treasury rec- income tax returns and published in Treasury Deords, although they are derived from bank and partment Statistics of Income for years when these Treasury reports. The deposit estimates, there- data are available (currently through 1942), and fore, differ somewhat from the figures reported by for later years are derived primarily from figures banks and regularly published among banking covering large corporations registered with the statistics.1 Commission. The June 1946 figures are preliminary. Estimates A national survey of liquid assets, recently comfor December 1945 are revisions of preliminary fig- pleted by the Board of Governors of the Federal ures and estimates for earlier dates include some Reserve System, provides information on the dissmall revisions in the ownership distribution of tribution of holdings of liquid assets by individuals demand deposits and United States Government at the beginning of 1946 and their attitudes toward securities.2 The basic classifications used and spending these assets. The survey was conducted methods of estimate are the same as those em- for the Board by the Division of Program Surveys ployed previously. In the case of demand deposits, of the Bureau of Agricultural Economics, United a correction was made in the float adjustment be- States Department of Agriculture, and results were tween individuals and businesses; a further cor- published in the June, July, August, and September 1946 issues of the Federal Reserve BULLETIN. 1 A detailed description of the methods by which these estimates were made, together with the basic worksheets, may be secured from the Division of Research and Statistics, Board of 3 The primary difference in coverage is the inclusion by the Governors of the Federal Reserve System, Washington 25, D. C. Board beginning December 1945, and exclusion by the SEC 2 See Federal Reserve BULLETINS of February 1946 and June throughout, of excess profits tax refund bonds in holdings of 1945 for previously published estimates. U. S. Government securities by corporations. 1236 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES [In billions of dollars] 1939 1940 1941 1942 1943 1944 1945 1946 Type of holder Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June? Total1. . 65.1 '67.7 70.4 '74.1 81.2 '90.4 111.6 131.1 151.2 169.6 189.7 '206.4 221.2 222.5 Currency 5.8 6.1 6.6 7.5 8.9 10.2 13.1 15.0 18.0 20.0 22.6 24.2 25.5 25.6 Demand deposits 2 20.9 '22.9 24.4 26.4 27.9 30.9 36.7 '42.7 47.1 '47.9 '53.1 '56.1 60.3 62.9 Time deposits 26.3 26.7 26.9 27.1 26.9 26.5 27.7 29.6 32.0 35.0 '39.0 '43.5 47.7 50.9 U. S. Government securities. . 12.1 12.0 12.5 '13.1 17.5 '22.8 34.1 '43.8 54.1 '66.7 '75.0 '82.6 87.7 83.1 Business holdings—total.... '19.4 '20.3 '21.8 '22.7 '25.7 '28.4 '38.5 '49.5 '55.8 '62.6 '67.4 '72.4 73.9 70.5 Currency 1.6 1.6 1.7 1.9 2.1 2.3 2.8 3.1 3.6 3.9 4.3 4.5 4.8 4.8 Demand deposits 12.6 '13.6 '15.2 '15.8 '16.5 17.6 '20.9 '27.5 '28.9 '29.5 '31.3 '33.7 33.7 34.7 Time deposits 2.0 2.0 2.0 2.1 2.0 2.0 2.1 2.2 2.3 2.5 2.7 2.9 3.1 3.2 U. S. Government securities. . 3.2 3.1 2.9 2.9 5.1 6.5 12.7 16.7 21.0 26.7 '29.1 '31.3 32.3 27.8 Corporations—total. r13.0 '13.8 '14.7 '15.1 '17.3 '18.9 '26.5 '34.3 '38.6 '43.0 '44.7 '47.4 46.1 43.3 Currency 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 1.0 1.0 Demand deposits -•9.5 '10.4 11.5 '11.8 '12.3 13.1 15.4 '20.0 '20.9 '21.5 '22.1 '24.0 22.1 23.0 Time deposits 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 U. S. Government securities 2.1 2.0 1.8 1.8 3.5 4.3 9.6 12.8 16.1 19.9 '21.0 '21.8 22.3 18.6 Financial Corporationstotal 3 1.7 1.8 '1.8 1.9 2.2 2.4 '2.5 '2.8 '3.1 '3.5 '3.8 '4.1 4.8 4.9 Demand deposits 1.1 1.2 '1.2 1.3 1.3 1.3 1.2 1.3 1.3 1.4 1.5 1.6 2.0 2.2 Time deposits 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 U. S. Government securities 0 5 0 5 0 5 0 5 0.8 1.0 1.2 1.4 1.7 2.0 2.2 2.4 2.7 2.6 Nonfinancial corporations —total rll.3 '12.0 '12.9 '13.2 '15.1 16.5 '24.0 '31.5 '35.5 '39.5 '40.9 '43.3 41.3 38.4 Currency 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 1.0 1.0 Demand deposits '8.4 '9.2 '10.3 '10.5 11.0 11.8 14.2 18.7 19.6 '20.1 '20.6 '22.4 20.1 20.8 Time deposits 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 U. S. Government securities 1.6 1.5 1.3 1.3 2.7 3.3 8.4 11.4 14.4 17.9 18.8 19.4 19.6 16.0 Unincorporated business— total 6.4 r6.5 '7.1 7.6 '8.4 '9.5 '12.0 '15.2 '17.2 '19.6 '22.7 '25.0 27.8 27.2 Currency 0.9 0.9 1.0 1.1 1.3 1.5 2.0 2.3 2.7 3.0 3.4 3.6 3.8 3.8 Demand deposits 3.1 '3.2 '3.7 4.0 '4.2 '4.5 '5.5 '7.5 '8.0 '8.0 '9.2 '9.7 11.6 11.7 Time deposits 1 3 1 3 1 3 1 4 1 3 1 3 1 4 1 s 1.6 1.8 2.0 2.2 2.4 2.5 U. S. Government securities 1.1 1.1 1.1 1.1 1.6 2 2 3.1 3.9 4.9 6.8 8.1 '9.5 10.0 9.2 Personal holdings—total.... '45.7 '47.4 '48.6 '51.4 '55.5 '62.0 '73.1 '81.6 '95.4 107.0 122.3 134. C 147.3 152.0 Currency 4 2 4 5 4 9 S 6 6.8 7.9 10.3 11.9 14.4 16.1 18.3 19.7 20.7 20.8 Demand deposits '8.3 '9.3 '9.2 '10.6 '11.4 13.3 15.8 15.2 18.2 18.4 '21.8 '22.4 26.6 28.2 Time deposits 24 3 24.7 24.9 25.0 24.9 24.5 25.6 27.4 29.7 32.5 '36.3 '40.6 44.6 47.7 U. S. Government securities. 8.9 8.9 9.6 '10.2 12.4 16.3 21.4 27.1 33.1 '40.0 '45.9 '51.3 55.4 55.3 Trust funds—total4 4.5 '4.7 '4.7 '4.8 5.5 6.1 6.8 8.3 9.9 11.5 13.3 15.0 16.5 17.0 Demand deposits 1.2 1.3 1.3 1.4 1.4 1.3 1.2 1.2 1.3 1.3 1.4 1.5 1.6 1.8 Time deposits 0.2 '0.3 '0.3 '0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 U. S. Government securities 3.1 3.1 3.1 3.1 3.8 4.6 5.4 6.9 8.4 10.0 11.7 13.3 14.7 15.0 Other personal—total5 -41.2 '42.7 '43.9 '46.6 '50.0 '55.9 '66.3 '73.3 '85.5 '95.5 '109.0 '119.0 130.8 135.0 Currency 4 2 4 5 4.9 5.6 6.8 7.9 10.3 11.9 14.4 16.1 18.3 19.7 20.7 20.8 Demand deposits '7.1 '8.0 '7.9 '9.2 '10.0 12.0 14.6 14.0 16.9 17.1 '20.4 '20.9 25.0 26.4 Time deposits 24.1 '24.4 '24.6 '24.7 24.6 24.3 25.4 27.2 29.5 32.3 '36.1 '40.4 44.4 47.5 U. S. Government securities 5.8 5.8 6.5 '7.1 8.6 11.7 16.0 20.2 24.7 '30.0 '34.2 '38.0 40.7 40.3 P Preliminary. ' Revised. 1 Figures for banks, insurance companies, building and loan associations, nonprofit associations, and governmental bodies and agencies are not included in the totals shown. 2 These figures are estimates of demand deposit balances as they would appear on the records of depositors. They differ from figures based on bank records such as given in regular banking statistics or in the Federal Reserve Survey of Ownership of Demand Deposits piesented elsewhere in this BULLETIN. Depositor-record estimates are lower than bank-record estimates; for example, total demand deposits as of June 30, 1946, on a holder-record basis (see table) amount to 62.9 billion dollars while on a bank-record basis these deposits amount to 72.8 billion. This is because checks are constantly in the mail, i. e., deducted on payor's records and not yet added on payee's records, and because checks are constantly in the process of collection, i. e., added to payee's deposits as per bank records and not yet deducted from payor's deposits as per bank records. 3 Includes real estate companies, finance and credit companies, insurance agencies (not carriers), investment trusts, security brokers and dealers, holding companies not otherwise classified, etc. 4 Includes only amounts administered by corporate trustees. 5 Includes holdings of farmers and professional persons. NOVEMBER 1946 1237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1946 During the first half of 1946, net profits of mem- Net recoveries, profits on securities, etc., were ber banks after income taxes aggregated 429 mil- little changed from the first half of 1945. Profits lion dollars, an increase of 38 million over the on securities sold were 9 million dollars less than same period of 1945. As is shown by the table, in the first half of 1945 but higher than in the last this was about one-half the corresponding increase half of the year. recorded in each of the years 1943, 1944, and 1945. Taxes on net income were reported as 159 million Net profits on an annual basis were 11.1 per cent dollars, which was 21 million higher than in the of total capital accounts, virtually the same rate first half of 1945. This was notwithstanding the reas in the first half of 1945. Cash dividends totaled peal of the excess profits tax effective January 124 million dollars, 8 million more than during the 1, 1946. first half of 1945. All major items of current earnings were higher, Net current earnings before income taxes were including increases of 74 million dollars in earn- 67 million dollars higher in the first half of 1946 ings on securities and 64 million in earnings on than in the first half of 1945 and aggregated 482 loans. Two factors have moderated the effect on million. The increase did not differ substan- bank earnings of the decline in holdings of Govtially from the corresponding amounts of in- ernment securities. First, banks have for some crease recorded in the three preceding years. Net time been shifting their holdings of Governments current earnings on an annual basis were 12.4 per from short-term low-yield securities to long-term cent of total capital accounts, as compared with high-yield securities; as a result, the average yield 11.6 per cent in the first six months of 1945. on holdings of United States Government securities MEMBER BANK EARNINGS [Dollar amounts millions] Year First half Item 1941 1942 1943 1944 1945 1941 1942 1943 1944 1945 1946 Earnings $1,417 $1,487 $1,650 $1,874 $2,102 $681 $726 $783 $901 $1,016 $1,175 O O n n o U t . h S er . G se o c v u e ri r t n ie m s ent securities 445 540 766 960 f [ 9 1 9 3 7 9 215 248 352 453 547 ' 5 7 4 5 6 On loans * 665 649 563 563 588 318 329 280 276 284 348 S O e t r h v e i r c e e a c r h n a i r n g g e s s l on deposit accounts 24 6 2 5 68 24 7 5 6 86 2 8 9 7 1 1 3 1 2 6 1 3 1 4 5 1 3 1 6 5 43 44 1 4 5 7 9 230 265 129 141 Expenses l 988 1,002 1,039 1,127 1,268 475 520 503 547 601 694 Salaries and wages 426 461 487 525 580 204 223 234 253 272 325 Interest on time deposits 140 128 124 144 183 71 65 61 68 87 103 Taxes other than on net income l 129 81 84 83 83 57 78 39 40 41 40 Other expenses 1 293 331 344 375 422 143 154 168 185 201 226 Net current earnings before income 429 485 611 747 835 206 206 281 355 415 482 taxes* Recoveries, profits on securities, etc 278 188 312 318 454 129 86 129 164 214 216 Losses and charge-offs x 318 223 251 232 230 137 122 111 115 101 110 T P a r x o e fi s t s o n b e n f e o t r e in c in om co e me taxes 0) 4 6 5 8 1 6 1 7 1 3 5 8 1 3 8 3 4 1,0 2 5 7 8 0 0) 0) 29 5 9 3 4 9 0 0 3 5 1 2 3 9 8 5 1 8 5 8 9 390 383 557 649 788 198 170 246 314 391 429 Net profits Cash dividends declared 2 211 203 208 226 246 101 101 102 108 116 124 6,619 6,679 6,738 6,814 6,884 6,556 6,647 6,703 6,773 6,840 6,887 Number of banks at end of period.. . 1 The following changes in reporting are reflected in the annual figures beginning with 1942 and in the figures for the first half of the year beginning with 1943: (a) earnings on loans include "service charges and fees on loans," an item previously included in other earnings; (b) taxes on net income, previously included with other taxes in expenses, are a separate item; (c) recurring depreciation on real estate previously included in losses and charge-offs is included in expenses. 2 Includes interest on capital notes and debentures. 1238 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1946 increased from 1.39 per cent for the year 1945 to decrease and Chicago showing an increase. The 1.45 per cent for the first half of 1946. Second, comparison by class of bank is shown in the acthe spread in yield between short-term Govern- companying table. ment securities, and commercial, industrial, real At reserve city banks there was a decrease of earnestate, and consumer loans has also been an im- ing assets of nearly 2.5 billion dollars during the portant factor in sustaining bank earnings. Hold- first half of 1946; however, the average volume ings of short-term Government securities, which held was almost 4 billion dollars greater than in are low-yield assets, have been declining in volume, the corresponding period of last year. Net profits while holdings of real estate, consumer and busi- of these banks were 9 million dollars higher ness loans, which yield substantially higher rates, in the first half of this year than in the same period have expanded rapidly. last year. The profits as a percentage of total All major items of expense also continued to capital accounts on an annual basis declined slightly rise. Salaries and wages were 53 million dollars because of the increase in capital accounts. higher than a year ago. The sustained expansion At country banks, instead of a decline in earnof time deposits caused a further increase of 16 ing assets, there was an increase of almost 900 million dollars in interest payments, although the million dollars during the first half of 1946. average rate paid was unchanged. Holdings of United States Government securities Shifts in the volume and composition of bank declined by less than 500 million dollars, while earning assets during the first half of 1946 have loans increased by more than a billion dollars and had their effect on earnings of the various classes other securities by over 300 million dollars. The of banks. The Treasury's debt-retirement pro- bulk of the increase in loans was in such high-yield gram has affected the earning assets of large banks categories as real estate and consumer loans. The more than small'ones. Earning assets at central average volume of earning assets held by country reserve city banks declined by more than 3.5 banks was nearly 5.5 billion dollars larger in the billion dollars in the first half of 1946, largely be- first six months of 1946 than in the corresponding cause of a decline in Government securities and period last year, and net profits were 26 million loans on Government securities; nevertheless, the dollars greater. Despite an increase in capital average volume of earning assets held was prac- accounts, the annual rate of profits as a percentage tically unchanged during the first half of 1945 of capital increased to 13.2 per cent compared with and of 1946. As a result, net profits of central 12.3 per cent in the first half of 1945. reserve city member banks were about the same For details of earnings, expenses, etc., in the first for both periods, with New York showing a slight half of 1945 and 1946, see page 1298. MEMBER BANK EARNINGS, BY CLASS OF BANK, FIRST HALF 1945 AND 1946 [Dollar amounts millions] Central reserve city banks Reserve city Country banks banks New York Chicago 1945 1946 1945 1946 1945 1946 1945 1946 Earnings $209 $229 $ 51 $ 55 $374 $437 $381 $454 Expenses 104 120 27 30 228 265 241 278 Net current earnings before income taxes 105 109 24 25 146 172 139 176 Profits before income taxes 136 133 26 29 180 199 186 227 Net profits 91 89 17 23 136 145 146 172 Cash dividends declared1 35 35 7 7 43 47 31 35 Ratio of net profits to average total capital account (annual basis) 9.1 8.3 9.8 11.7 11.4 11.1 12.3 13.2 1 Includes interest on capital notes and debentures. NOVEMBER 1946 1239 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. Reserves Kitchen Cabinets Balances Due to or from Banks in Territories The Board has been asked for advice as to whether the Board's ruling that kitchen cabinets are listed Demand deposits of banks in territorial or insular articles in the classification "Household Furniture," possessions of the United States should be treated under section 13(#) of Regulation W, is intended as deposits of banks in the United States and re- to apply only to portable kitchen cabinets and not ported in condition reports submitted by State mem- to prefabricated kitchen cabinets which are permaber banks under "deposits of banks in the United nently installed by fastening to the wall and floor States" rather than under "deposits of banks in for- of existing structures. The inquiry was made in eign countries." Balances with banks in territorial view of section 8(a)(2), as amended effective July or insular possessions should also be treated as 5, 1946, which makes repairs, alterations, or imbalances with banks in the United States in reports provements in connection with existing structures, of condition and of deposits for reserve compu- subject to the Regulation if they incorporate any tation purposes. listed article. The Board's ruling was intended to apply to both types of kitchen cabinets. It is not believed practicable to distinguish between portable kitchen cabinets and prefabricated ones perma- Consumer Credit nently installed, because in many cases this distinction would depend on the kind of installation, Water Heaters which the vendor might not know, rather than By Amendment No. 16, which became effective upon the design of the cabinet itself. June 11, 1945, water heaters designed for household use, formerly listed as Item 38 under Group "Jeep" Station Wagons A in section 13 of Regulation W, were deleted The Board has recently had its attention directed from the classification of listed articles. However, to the so-called "Jeep" station wagon and has ruled the list still includes "electric appliances, not elsethat it is to be considered an automobile for purwhere listed, designed for household or personal poses of Regulation W. An earlier ruling of the use." Although this classification might possibly Board which stated that neither military nor civilian be regarded as including electric water heaters, the jeeps are classified as automobiles, referred to Board has ruled that all types of water heaters "jeeps" as a type of vehicle (not as a trade-mark) whether gas or electric are no longer listed articles. and remains in effect. 1240 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Changes in Board's Staff Bank's staff since 1918 and has served as an officer Mr. David M. Kennedy who had been Special since 1930. Assistant to the Chairman since June 1, 1946, re- Appointments of Branch Directors signed in October to become associated with the Continental Illinois National Bank and Trust The Board of Governors of the Federal Reserve Company of Chicago. System on November 1, 1946, announced the ap- Mr. C. E. Cagle who had been Assistant Director pointment of Mr. Fred S. Wallace, Kearney, of the Division of Examinations since May 1, 1935, Nebraska, as a director of the Omaha Branch of resigned effective October 31, to return to private the Federal Reserve Bank of Kansas City for the enterprise. unexpired portion of the term ending December 31, 1946. Mr. Wallace is engaged in farming. Effective November 1, Mr. Edwin R. Millard and Mr. George S. Sloan were appointed Assistant The Board of Governors of the Federal Reserve Directors of the Division of Examinations. Mr. System on November 6, 1946, announced the ap- Millard has been a Federal Reserve Examiner since pointment of Mr. Henry P. Drought, an attorney 1932, and the Examiner in charge of the field force of San Antonio, Texas, as director of the San since 1941. Mr. Sloan has been a Federal Reserve Antonio Branch of the Federal Reserve Bank of Examiner since June 1934. Dallas, for the unexpired portion of the term ending December 31, 1948. Appointment of Mr. Earhart as President of the Federal Reserve Bank of San Francisco Admissions of State Banks to Membership in the Federal Reserve System Mr. C. E. Earhart, who has served as First Vice The following State banks were admitted to President since January 1, 1946, was appointed membership in the Federal Reserve System during President of the Federal Reserve Bank of San the period September 16, 1946, to October 15, 1946: Francisco effective October 17, 1946, to succeed Mr. Ira Clerk who died on September 28. Mr. Alabama Earhart has been a member of the Bank's staff Bessemer—American Bank and Trust Company since 1917, and has served as an officer since 1920. Brewton—Farmers & Merchants Bank, "Inc." Florida Resignation of Mr. Bryan Miami Beach—North Shore Bank and Appointment of Mr. Clark as New Yor\ First Vice President of the Federal Reserve Bank of Syosset—Bank of Syosset, New York Atlanta Ohio Millersburg—The Adams Bank Mr. Malcolm H. Bryan resigned as First Vice President of the Federal Reserve Bank of At- South Dakota lanta effective October 18, 1946, to become asso- Pierpont—First State Bank of Pierpont ciated with the Trust Company of Georgia. Mr. Texas L. M. Clark, Vice President of the Bank, was Gruver—Gruver State Bank appointed First Vice President effective October Houston—East End State Bank 19, 1946. Mr. Clark has been a member of the Fidelity Bank and Trust Company NOVEMBER 1946 1241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled October 25, and released for publication October 28] Industrial production continued with little change continued to rise in September and was at the highin September and the early part of October. De- est level since the end of the war. Iron and steel partment store sales have shown no further rise production was maintained at about the August from the high level reached at the end of August, rate. In the first four'weeks of October activity at although there is usually a considerable increase at steel mills advanced slightly, averaging for this this season. Wholesale prices of livestock and period a scheduled rate of 90.3 per cent of capacity. meats advanced sharply after the removal of price Production of lumber and other building materials controls in the middle of October, while prices of continued to increase in September. Except for cotton and grains declined. the sharp drop in meat production, there was little change in the output of nondurable goods. INDUSTRIAL PRODUCTION Output of minerals rose slightly in September The Board's seasonally adjusted index of indus- as increased production of coal and of metals more trial production was maintained in September at than offset a slight decline in output of crude the August rate, which was 177 per cent of the petroleum. 1935-39 average. Following the reestablishment CONSTRUCTION of Federal price controls on livestock at the begin- Value of construction contracts awarded, as rening of September, curtailment in marketings re- ported by the F. W. Dodge Corporation, declined sulted in a sharp drop in activity at meatpacking further in September. Nonresidential building plants; this decline offset, in the total index, fur- awards dropped one-fifth to the lowest level since ther small gains in output of numerous other manu- the end of the war, reflecting chiefly a sharp decline factured products and minerals. After the middle in contracts for factory construction. Residential of October, when controls were removed, slaughter awards were maintained at the high levels preoperations showed a sharp increase. vailing in July and August. Output of durable manufactures rose 2 per cent in September, reflecting chiefly further gains in EMPLOYMENT activity in the machinery and transportation equip- Employment in nonagricultural establishments ment industries. Output of nonferrous metals also advanced somewhat further in September, after INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS PER CENT DOLLAR VOLUME SEASONALLY ADJUSTED. 1935-39 HOP PER CENT - A / : A : M 3TOCKS : - 1939 1940 1941 1942 1943 1944 1945 1946 1947 Federal Reserve index. Monthly figures, latest shown are Monthly figures, latest shown are for September. for September. 1242 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS allowing for seasonal changes, reflecting continued the subsequent week prices of livestock, meats, and gains in industries manufacturing durable goods some other agricultural commodities showed sharp and in trade and service lines. The number of advances and exceeded the previous peaks reached persons unemployed remained at about 2 million. during the lapse of price control in July. Wholesale prices of various other commodities, including DISTRIBUTION cotton, grains, butter, and eggs, declined but were Department store sales, which were in excep- still above the levels prevailing at the end of June. tionally large volume in August, increased by less Wholesale prices of industrial products have genthan the usual amount in September and the early erally continued to show relatively moderate adpart of October. The Board's seasonally adjusted vances in recent weeks. index was 269 in September as compared with 290 in August and an average level of 257 during the BANK CREDIT first 7 months of the year. Since the middle of Member bank reserve balances in September and September sales have been considerably reduced in the first half of October showed little change in two important areas by industrial disputes, but level, the fluctuation that occurred reflecting sales in most other districts of the country have Treasury debt retirement operations and quaralso shown a smaller rise than is usual during terly income tax collections. Required reserves this season of the year. increased somewhat in the first half of September Loadings of most classes of railroad revenue and subsequently showed little change. Reserve freight were maintained at an exceptionally high Bank holdings of Government securities increased rate in September and the early part of October. late in September and subsequently declined. Shortages of freight cars persisted during this Commercial and industrial loans at weekly reperiod, which is the seasonal high point of the year, porting banks in 101 leading cities continued to limiting to some extent the distribution of com- expand rapidly during September and early October. modities. Real estate and consumer loans increased further, COMMODITY PRICES while loans for purchasing or carrying securities In the middle of October Federal price ceilings continued to decline. Holdings of Government were removed from livestock and meats and it was securities were reduced considerably during the indicated that the controls remaining over most period, reflecting largely Treasury cash retirement other commodities would be discontinued. During of certificates on October 1. WHOLESALE PRICES MEMBER BANKS IN LEADING CITIES 1926-100 1939 1940 1941 1942 1943 1944 1945 1946 1939 1940 1941 1943 1944 1945 1946 Bureau of Labor Statistics' indexes. Weekly figures, latest Demand deposits (adjusted) exclude U. S. Government and shown are for week ending Oct. 26. interbank deposits and collection items. Government securities include direct and guaranteed issues. Wednesday figures, latest shown are for Oct. 23. NOVEMBER 1946 1243 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 . . . 1247 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements. 1248 Federal Reserve Bank statistics 1249-1252 Guaranteed war production loans. . . 1253 Deposits and reserves of member banks. . 1253-1254 Money in circulation 1255-1256 Gold stock; bank debits and deposit turnover 1256 Deposits and currency; Postal Savings System; bank suspensions. 1257 All banks in the United States, by classes ... 1258-1259 All insured commercial banks in the United States, by classes. . 1260-1261 Weekly reporting member banks 1262-1265 Commercial paper, bankers' acceptances, and brokers' balances. 1266 Money rates and bond yields. . . 1267 Security prices and new issues. . . 1268-1269 Corporate earnings and dividends 1270 Treasury finance 1271-1273 Government corporations and credit agencies. 1274 Business indexes 1275-1284 Department store statistics. . 1285-1287 Consumer credit statistics. . 1288-1290 Cost of living 1290 Wholesale prices 1291 Gross national product, national income, and income payments. . 1292 October crop report, by Federal Reserve districts. 1293 Current statistics for Federal Reserve chart book. 1294-1296 Number of banking offices in the United States. 1297 Member bank earnings, 1946. 1298 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 are 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 series 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. NOVEMBER 1946 1245 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 1939 1940 1941 1942 1943 (944 1945 1946 10 1939 1940 1941 1942 1943 1944 1945 1946 Wednesday figures, latest shown are for Oct. 23. See p. 1247. 1246 FEDERAL RESERVE BULLETIN 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—July. 16321,593 18,793 2,800 460 22,21520,203 4,153 26,918 2,268 618 1,563 450 4,755 1,220 Aug.. 38822,052 19,230 2,822 431 22,87120,116 4,202 27,392 2,257 549 1,554 457 4,978 1,084 Sept. 39822,877 20,051 2,827 43423,70920,090 4,221 27,765 2,261 609 1,499 470 5,414 1,063 1945—juiy 24023,473 22,122 1,351 458 24,17120,270 4,538 28,281 2,251 589 1,274 567 6,017 928 Aug. 24723,584 22,233 1,351 427 24,25820,271 4,541 28,352 2,262 524 1,328 573 6,031 891 Sept 28323,614 22,254 1,360 493 24,39120,291 4,545 28,478 2,275 515 1,214 585 6,160 885 End*of month figures: 1945—July 31.... 30221,717 18,906 2,811 340 22,35920,152 4,199 27,108 2,258 586 1,516 449 4,794 1.037 Aug. 31.... 36222,530 19,653 2,877 315 23,20720,088 4,217 27,685 2,230 552 1,577 457 5,011 920 Sept. 30.... 33423,328 20,418 2,911 42024,08220,073 4,251 27,826 2,246 854 1,487 473 5,520 1,153 1946—July 31.... 24623,633 22,282 1,351 28624,16420,267 4,540 28,254 513 1,401 562 5,991 856 Aug. 31.... 33123,946 22,595 1,351 471 24,74820.280 4,544 28.448 704 1,345 574 6,245 1,085 Sept.30.... 21324,049 22,626 1,423 331 24,59420,305 4,546 28,507 2,289 1,081 1,069 590 5,910 725 Wednesday figures: 1945—Dec. 5.... 34523,525 20,474 3,052 359 24,22920,029 4,303 28,279 2,242 8 1,304 48716,242 1,594 Dec. 12 31223,493 20,440 3,053 460 ^4,26420,045 4,317 28,370 2,268 627 1,204 48815,669 1,296 Dec. 19.... 36023,668 20,602 3,067 829 24,85920,066 4,326 28,557 2,288 718 1,284 49615,906 1,332 Dec. 26 49:24,03" 20,970 3,067 64325,17220,065 4,334 28,649 2,283 1,199 1,282 15,658 1,213 1946—Jan. 2.... 22:24,09: 21,602 2,490 533 24,84720,065 4,352 28,491 2,306 771 1,299 49815,900 1,439 Jan. 9... 21.'23,859 21,377 2,482 463 24,53620,046 4,362 28,297 2,256 758 1,307 50515,822 1,266 Jan. 16 21023,437 21,030 2,407 426 24,07220,111 4,377 28,119 2,262 272 ,257 50516,145 1,423 Jan. 23... 20 23,341 20,968 2,373 37323,92220,135 4,385 27,977 2,282 578 ,239 506 15,859 1,169 Jan. 30... 31023,297 20,945 2,352 291 23,89820,157 4,404 27,914 2,295 762 ,298 50715,681 1,061 Feb. 6... 28923,227 20,876 2,352 324 :3,84020,157 4,413 27,929 2,306 716 ,226 51615,717 1,115 Feb. 13... 41123,253 20,904 2,349 27023,93320,157 4,424 27,967 2,301 864 ,173 51615,693 1,146 Feb. 20... 35223,017 20,692 2,326 41 23,78' 20,233 4,434 27,955 2,318 940 ,235 51615,490 950 Feb. 27..., 38022,972 20,652 2,320 325 23,67720,233 4,447 27,938 2,317 826 ,203 51715,555 1,039 Mar. 6 44 22,526 20,207 2,320 32 23,29720,232 4,451 27,957 2,284 612 ,153 15,444 924 Mar. 13... 71022,393 20.074 2,320 31< 23,42320,232 4,456 27,946 2,260 501 ,210 53015,663 1,112 Mar. 20... 48322,592 20,335 2,258 408 23,48320,233 4,467 27,889 2,267 774 ,230 54015,484 929 Mar. 27... 68322,974 20,634 2,340 23,96320,257 4,478 27,842 2,298 1,397 ,226 54015,395 995 Apr. 3... 68621,969 19,603 2,366 28022,93620,255 4,485 27,912 2,271 533 ,013 55015,396 1,072 Apr. 10 35322,232 19,866 2,366 261 22,84620,253 4,492 27,955 2,259 260 ,161 55015,406 940 Apr. 17... 32622,103 19,736 2,366 429 22,85 20,251 4,514 27,948 2,259 334 ,138 54815,395 843 Apr. 24 32 22,30- 19,874 2,430 27422,90120,247 4,536 27,877 2,260 385 ,159 54714.457 836 May 1... 22522,579 20,00. 2,57 27923,08420,251 4,535 27,888 2,267 409 ,010 54815,747 1,111 May 8... 20 22,732 20,134 2,598 279 23,21920,248 4,534 27,958 2,266 314 ,162 55015,751 1,014 May 15... 14J22,660 20,019 2,641 44 23,25220,245 4,534 27,950 2,265 504 ,110 55015,652 916 May 22... 16 22,643 20,001 2,641 326 23,13220,245 4,532 27,961 2,262 562 ,069 55015,505 700 May 29... 23722,983 20,341 2,641 33 23,55620,242 4,533 28,106 2,265 681 1,038 55315,689 830 June 5... 25222,780 20,129 2,651 41 23,45020,272 4.534 28,159 2,285 394 1,063 556 15,799 738 June 12. .. 25223,270 20.619 2,651 37 23,89620,271 4.537 28,128 2,280 860 969 55715.909 833 June 19. .. 25222,691 20,18 2,503 512 23,45420,272 4,536 28,116 2,260 419 985 56615,916 671 June26... 23,385 20,88 2,503 369 23,98620,269 4,539 28,135 2,262 970 950 15,910 867 July 3... 23923,003 21,65: 1,351 453 23,69420,270 4,540 28,395 2,249 507 971 56715.8L5 730 July 10... 29223,394 22,043 1,351 33324,01920,271 4,537 28,335 2.254 664 1,116 15,889 825 July 17... 20423,230 21,879 1,351 23,89520,271 4,538 28,241 2,249 513 1,165 15,968 859 July 24... 21923,652 22,301 1,351 24,22920,269 4,539 28,18 2,263 67 1,473 56; 15,877 753 July 31... 23,633 22,282 1,351 28624,16420,267 4,540 28,254 2,250 513 1,401 56215,991 856 Aug. 7... 25823,593 22,24: 1,351 24,13 20,266 4,538 28,326 2,263 353 1,331 57316,093 964 Aug. 14... 26323,575 22,224 1,351 400 24,23820,268 4,541 28,353 2,26: 55 1,295 57216,008 898 Aug. 21... 22923,486 22,135 1,351 39 24,10920,274 4,543 28,365 2,265 540 1,250 15,933 805 Aug. 28. . . 21623,606 22,256 1,351 27 24,10220,280 4,543 28,376 2,274 620 1,21 57415,867 714 Sept. 4.. . 29123,38 22,036 1,351 33224,01120,284 4,543 28,506 2,281 293 1,188 58115,989 778 Sept.11... 25023,29 21,940 1,351 395 23,93520,288 4,545 28,499 2,280 199 1,122 16,086 754 Sept.18. . . 26223,42 22,070 1,351 541 24,22420,288 4,545 28,453 2,265 359 1,111 58816,280 872 Sept. 25... 29 23,866 22,515 1,351 425 24,58520,301 4,547 28,448 2.279 928 1,212 15,975 724 Oct. 2. . . 23,555 22,126 1.428 365 24,14020,306 4,546 28,526 2,301 357 1,045 16,166 P944 Oct. 9.'.'. 23,502 22,074 1,428 275 24,04820,305 4,544 28,608 2,270 483 920 16,019 J>810 Oct. 16. . . 25423,41 21,973 1,445 480 24,15220,304 4,545 28,597 2,27 52 868 59616,142 P957 Oct. 23... 23,05' 21,610 1,445 332 23,63 20,388 4,546 28,585 2.27C 369 972 15,779 J>541 I v Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. * End of month and Wednesday figures are estimates. Back figures—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 1247 NOVEMBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect October 31. 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 d i 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 c n p u s a r r e . o d f S e t b c h . y e 1 3 U d ) i . r e S c . t (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Boston.. . 1 Apr. 27, 1946 IK Oct. 27, 1942 2 Mar. 29, 1946 New York 1 Apr. 25, 1946 IK Oct. 30, 1942 2K Apr. 6, 1946 Philadelphia 1 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 2K Mar. 16, 1946 Atlanta . . .. May 10, 1946 IK Oct. 15, 1942 2 Mar. 16, 1946 Chicago Apr. 26, 1946 IK Aug. 29, 1942 2 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 1 Apr. 25, 1946 IK Oct. 28, 1942 2K Apr. 25, 1946 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 Maturity R O a c t t e . o 3 n 1 In g i e n f n fe in ct g — be- Pre ra v t i e ous [In M eff a ec tu t ri O ti c e t s o b n e o r t 3 e 1 x . c ee P d e i r n c g e n fi t v e p e y r e a a n r n s um] To industrial or T B r a e n a k s e u r r s y ' a b c i c ll e s ptances: H Apr. 30, 1942 c b o u m si m ne e s rc se ia s l To financing institutions 1- 90 days 1 *Aug. 24, 1946 1 9 2 1 1 - - 1 1 2 8 0 0 d d a a y y s s 1 1 * lO A c u t g . . 2 24 0 . , 1 1 9 9 4 3 6 3 R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or Bank On On Portion On of * N D ew at e Y o o n rk w . hich rate became effective at the Federal Reserve Bank loans1 co m m e m nt i s t- fo in r s w ti h tu ic - h ma R in e- ing co m m e m nt i s t- • Back figures.—See Banking and Monetary Statistics. Table 117, tion is portion pp. 443-445. obligated MEMBER BANK RESERVE REQUIREMENTS Boston 2K-5 K-i [Per cent of deposits] New York 2K-5 (3) Philadelphia. . . 2K-5 42 (3) Period in effect C r b e e c a s N n i e n t t e r y k r v t s a e l dem R b a e c a n s i n e t d y k r v s d e epo C b s o a it u n s n 1 k t s ry m d b e T a e p ( n m i a o m k l s b l s e i e ) ts r A S M C R C t h i t l . i e c l i n a c v h L n n a e m o e g t l u a a a o o i n p n s d o d lis. . . 2 2 2 2 2 K K K K K - - - - - 5 5 5 5 5 5 1 T ^ / / — _J J 1 r T y / ± / Its 2K 8 -5 5 r i/ ^ — \ J i 1 / / fe Kansas City.. . 2K-5 K-1K June 21, 1917-Aug. 15, 1936.. 13 10 7 Dallas 2K-5 r Aug. 16, 1936-Feb. 28, 1937.. 19K 15 IOK San Francisco.. 2K-5 Mar. 1, 1937-Apr. 30,1937.. 22£< 17K 12^ A O S A M N e u c p o a p t g r v y . . t . . . 2 1 1 3 1 4 1 0 6 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 4 4 3 4 3 4 2 2 7 8 2 1 - - - - - a O A O S A n e c p c u d p t t r g . . . t a . . ft 1 3 1 1 e 2 3 r 1 5 9 , , , , , 1 1 1 1 1 9 9 9 9 9 3 4 4 4 4 8 1 2 2 2 . . . . . . . . . . 2 2 2 2 2 2 4 2 0 2 6 6 J< 2 2 2 2 2 1 0 0 0 0 0 7K 1 1 1 1 1 1 4 4 4 4 2 4 6 6 5 6 6 6 low 3 2 4 1 5 e R R M C I r n h a a . c a t t a l y e e u r g d c c e c i h h n h a a o g a r r f r g g g l e e o X e d d a n p r b b s a e o o t r r r m e r r c o o a e w c w d n h e e e t a r r r i . i g s l n e e m s d p s a a c d r b o t e o i m c r o r i m o p n w a i u t t e i m n o r d n e i n b s w t y b u r it a r f h s i t n e e a d f . i n n c p a i o n n r c g t i i n o g i n n s i o t n f i s t u l t o i t t i a u o n t n i . o , n i s f 1 Demand deposits subject to reserve requirements, i. e., demand Back figures.—See Banking and Monetary Statistics, Table 118, deposits other than war loan deposits, minus cash items in process of pp. 446-447. collection and demand balances due from domestic banks. MARGIN REQUIREMENTS1 MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Feb. 5, July 5, Effec- [Per cent per annum] Prescribed in accordance with 1945- 1945- tive Nov. 1,1933-Feb. 1,1935- Effective Securities Exchange Act of 1934 July 4, Jan. 20, Jan. 21, Jan.,31,1935Dec. 31,1935 Jan. 1,1936 1945 1946 1946 Savings deposits 2K 2K Regulation T: Postal savings deposits.. . 2K 2K For extensions of credit by brokers Other deposits payable: and dealers on listed securities 50 75 100 In 6 months or more... 2K 2K For short sales 50 75 100 In 90 days to 6 months 2K Regulation U: In less than 90 days. . . 2K 1 For loans by banks on stocks 50 75 100 NOTE.—Maximum rates that may be paid by insured nonmember 1 Regulations T and U limit the amount of credit that may be exbanks as established by the F. D. I. C, effective Feb. 1, 1936, are the tended on a security by prescribing a maximum loan value, which is a same as those in effect for member banks. Under Regulation Q the specified percentage of its market value at the time of the extension; the rate payable by a member bank may not in any event exceed the maxi- "margin requirements" shown in this table are the difference between mum rate payable by State banks or trust companies on like deposits the market value (100%) and the maximum loan value. under the laws of the State in which the member bank is located. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504. 1248 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1946 1946 1945 Oct. 30 I Oct. 23 Oct.I 6 Oct. 9 Oct. 2 Sept. 25 Sept. 18 October September October Assets Gold certificates 17,450,42817,445,42617,345,42617,342,42417,314,17717,327,17817,327,17817,450,42817,327,17917,118,565 Redemption fund for F. R. notes 778,118 778,118 780,015 780,036 780,837 769,617 771,446 778,117 767,837 760,850 Total gold certificate reserves.... 18,228,54618.223,544 18,125,44118,122,46018,095,01418,096,79518,098,624 18,228,54518,095,01617,879,415 Other cash 289,761 282,479 284,853 279,964 287,312 299,644i 296,572 291,387 291,274 243,574 Discounts and advances: For member banks... 102,787 113,257 120,005 126,898 73,932 152,708 132,200 117,948 69,635 427,056 For nonmember banks, etc 134,800 134,800 133,800 143,800 143,800 140,800 130,000 134,800 143,800 12,000 Total discounts and advances 237,587 248,057 253,805 270,698 217,732 293,508 262,200 252,748 213,435 439,056 Industrial loans 1,084 1,035 1,091 1,080 1,090 1,031 1,067 1,074 1,102 2,361 Acceptances purchased. 128 1,436 3,338 5,445 1,831 U. S. Gov't securities: Bills: Under repurchase option 5,011,585 4,426,206 4,868,482 4,947,109 4,956,377 5,097,214 4,889,070 4,875,089 5,058,167 4,844,316 Other 9,698,700 9,709,060 9,610,365 9,609,880 9,652,760 9,642,290 9,577,470 9,720,140 9,652,760 8,328,149 Certificates: Special.... Other 7,452,001 7,475,001 7,494,001 7,517,001 7,517,001 7,775,409 7,603,409 7,452,001 7,914,909 7,206,161 Notes 690,100 690,100 690,100 673,100 673,100 595,600 595,600 715,100 668,100 1,920,150 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 23,607,t 3,055,65723,418,23823,502,380 23,554,52823,865,803 23,420,83923,517,62024,049,226 3,276,168 Other Reserve Bank credit outstanding. . . 254,514 330,890 478,796 273,765 365,130 420,897 534,106 337,292 328,232 269,527 Total Reserve Bank credit outstanding 24,100,86123,635,63924,151,930 24,048,05124,139,91624,584,57724,223,65724,108,734 24,593,826 23,987,112 Liabilities Federal Reserve notes. . 24,569,99024,552,268 24,557,21724,552,163 24,482,39324,416,26624,419,22724,583,219 24,448,024 24,215,012 Deposits: Member bank — reserve account 16,111,31815,779,360 16,141,91616,019,34916,165,986 15,974,62216,280,20315,931,244 15,910,02615,723,412 U. S. Treasurer—general account 462,199 369,246 524,073 482,555 357,033 928,063 359,357 627,639 1,081,036 428,929 Foreign 687,985 535,297 539,385 584,230 696,877 667,644 651,014 694,883 612,471 937,522 Other 317,787 436,731 329,011 335,943 347,810 544,365 460,456 325,031 456,785 435,318 Total deposits 17,579,28917,120,63417,534,38517,422,07717,567,706 18,114,69417,751,030 17,578,797 18,060,318 17,525,181 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent). . 43.2 43. 43.1 43.2 43.0 42.5 42.9 43.2 42.6 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dolars] Within 16 to 30 31 to 60 61 to 90 91 days to 6 months 1 year to 2 years to Over Total 15 days days days days 6 months to 1 year 2 years 5 years 5 years Discounts and advances: Sept. 25 293,508 148,553 2,950 10,610 131,395 Oct. 2 217,732 66,312 4,800 120,170 26,450 Oct. 9 270,698 115,368 13,705 115,275 26,350 Oct. 16 253,805 95,942 24,515 115,750 17,598 Oct. 23 248,057 96,487 22,297 110,900 18,373 Industrial loans: Sept. 25.. 1,031 894 5 8 61 9 12 6 36 Oct. 2. . 1,090 956 5 8 58 9 12 6 36 Oct. 9 1,080 954 1 8 58 9 8 6 36 Oct. 16 1,091 965 1 8 59 8 8 6 36 Oct. 23 1,035 915 57 3 3 9 6 6 36 Acceptances purchased: Sept. 25 3,338 3,332 6 Oct. 2 1,436 1,436 Oct. 9 128 128 Oct. 16 Oct. 23 U. S. Government securities: Sept. 25... 23,'865 ,8034,199,351 2,246,049 5,310,2604,843,244 2,542,174 3,674,035 320,400 148,350 581,940 Oct. 2 23,554,528 3,271,5443,048,9874,616,271 4,793,685 3,476,406 3,296,945 320,400 148,350 581,940 Oct. 9 23,502,380 3,173,985 3,057,5374,599,481 5,248,3863,075,3563,296,945 320,400 148,350 581,940 Oct. 16 23,418,238 3,230,726 3,004,4604,993,337 4,789,724 3,067,3563,281,945 320,400 148,350 581,940 Oct. 23 23,055,657 3,835,833 2,176,610 4,906,594 4,755,629 3,065,356 3,264,945 320,400 148,350 581,940 NOVEMBER 1946 1249 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] San 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. is M a i p n ol n i e s - Ka Ci n t s y as Dallas F c r i a sc n o - Assets Gold certificates: 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 Oct. 2 17,314,177 714,548 5,284,922 831,6961,116,755 960,746 876,4153,266,995 553,317 334,755 574,291 461,8592,337,878 Oct. 9 17,342,424 747,927 5,218,950 821,7071,091,692 974,871 900,6453,298,710 557,512 336,381 563,627 459,6252,370,777 Oct. 16 17,345,426 740,715 5,117,162 825,8761,093,314 980,927 902,6943,328,641 572,175 339,701 581,830 458,8262,403,565 Oct. 23 17,445,426 755,591 5,285,177 836,7341,104,598 937,547 882,6583,351,569 558,987 338,520 568,589 453,4882,371,968 Redemption fund for F. R. notes: 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 Oct. 2 780,837 56,690 118,570 60,331 75,279 61,894 45,574 126,750 46,973 21,081 34,448 25,401 107,846 Oct. 9 780,036 56,569 118,074 60,632 76,099 61,046 45,431 126,542 46,918 21,312 34,403 25,359 107,651 Oct. 16. 780,015 56,493 117,651 60,509 75,969 62,358 45,328 126,290 46,879 21,300 34,370 25,327 107,541 Oct. 23 778,118 56,399 117,278 60,366 75,838 61,729 45,220 126,131 46,840 21,285 34,331 25,293 107,408 Total gold certificate reserves: 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 Oct. 2 18,095,014 771,238 5,403,492 892,0271,192.0341,022,640 921,9893,393,745 600,290 355,836 608,739 487,2602,445,724 Oct. 9 18,122,460 804,496 5,337,024 882,3391,167,7911,035,917 946,0763,425,252 604,430 357,693 598,030 484,9842,478,428 Oct. 16 18,125,441 797,208 5,234,813 886,3851,169,2831,043,285 948,0223,454,931 619,054 361,001 616,200 484,1532,511,106 Oct. 23 18,223,544 811,990 5,402,455 897,1001,180,436 999,276 927,8783,477,700 605,827 359,805 602,920 478,7812,479,376 Other cash: 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 Oct. 2. 287,312 22,651 72,922 19.991 20,348 17,748 18,172 38,203 13,112 5,800 15,225 10,769 32,371 Oct. 9 279,964 22,196 73,301 19,733 16,386 18,367 18,135 36.121 12,280 6,579 14,835 10,100 31,931 Oct. 16 284,853 22,295 72,805 19,871 19,353 18,259 17,726 35,495 12,709 6,390 15,748 9,927 34,275 Oct. 23 282,479 22,403 69,112 20,182 17,816 19,684 19,698 33,449 15,674 6,711 15,850 9,493 32,407 vances: Secured by U. S. Govt. securities: 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 Oct. 2. . 73,932 4,855 5,485 3,462 4,845 8,935 1,950 6,080 15,925 16,800 1,795 100 3.700 Oct. 9 126,898 8,850 38 805 3,162 9 076 8,735 2,900 16 600 14,875 13,100 10,295 500 Oct." 16'. '. 7^250 2 7,'700 6^97 7^774 5,785 2^649 16^25 18,850 11,225 700 3,700 Oct. 23.. 113',257 5,250 24,650 8,157 6,079 15,100 10,999 8,275 12',185 7,200 11,525 2,732 1,105 Othen 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 10,920 Oct. 2. . 143,800 8,320 57,090 10,790 12,090 6,110 4,940 17,420 4,420 3,250 4,290 4,160 10,920 Oct. 9. . 143,800 8,320 57,090 10,790 12,090 6,110 4,940 17,420 4,420 3,250 4,290 4,160 10,920 Oct. 16. . 133,800 8,371 46,556 10,856 12,165 6,148 4,971 17,527 4,447 3,270 4,316 4.186 10,987 Oct. 23. . 134,800 8,371 47,556 10,856 12,165 6,148 4,971 17,527 4,447 3,270 4,316 4,186 10,987 Industrial loans: Sept. 25 1.031 68 963 Oct. 2...... 1,090 65 1,025 Oct 9 1,080 65 1 015 Oct. 16 1,091 65 1 026 Oct. 23 1,035 60 975 Acceptances purchased: Sept. 25 3,338 3 338 Oct. 2.. 1,436 1 436 Oct. 9...'.!. 128 '128 Oct 16 Oct. 23 U. S. Govt. securities: P3ills: Under repurchase option: 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 Oct. 2.. 4,956,377 67,620 3,124,887 163.791 47,670 51.352 31,170 925,745 97,501 19,830 61,003 28,010 337,798 Oct. 9. . 4,947,109 62,627 3,149,865 165,077 73,580 53,467 26,620 904,805 92,580 20,490 105,438 28,250 264,310 Oct. 16. . 4,868,482 70,581 3,171,397 153,837 72,690 58,569 26,720 848,895 78,620 24,790 89,753 28,950 243,680 Oct. 23. . 4,426,206 63,904 2,844,634 152,982 63,890 61,317 38,820 757,160 77,970 25,145 83,228 34,006 223,150 Other bills: 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 Oct. 2 9,652,760 800 472 388,721 754,6931,364,374 860,829 739,7911,387,751 496,939 346,868 634,729 491,4791,386,114 Oct. 9. . 9,609,880 802,035 376,900 782,8051,360,183 857,696 737,1951,364,366 514,189 353,844 579.094 474,9661,406,607 Oct. 16..9,610,365 785,683 377,034 778,4591,329,358 857,731 737,2241,376,785 536,138 337,986 586,419 473,0451,434,503 Oct. 23. . 9,709,060 780,491 404,243 763,9261,343,071 864,942 743,1991,447,754 536,694 346,420 573,587 458,8201,445,913 (_• ertificates: 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 Oct. 2 7,517,001 502,163 1,896,023 591,817 649,158 465,638 398,963 985,213 403,646 224,291 356,474 338,144 705,471 Oct. 9 7,517,001 502,163 1,896,023 591,817 649,158 465,638 398,963 985,213 403,646 224,291 356,474 338,144 705,471 Oct. 16 7,494,001 500,605 1,890,282 590,020 647,111 464,203 397,744 982,210 402,438 223,613 355,377 337,119 703,279 Oct. 23 7,475,001 499,270 1,885,683 588,564 645,277 463,000 396,740 979,755 401,501 223,074 354,459 336,294 701,384 Notes! 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 Oct. 2 673,100 44,965 169,777 52,994 58,127 41,695 35,725 88,220 36,144 20,084 31,920 30,279 63,170 Oct. 9 673,100 44,965 169,777 52,994 58,127 41,695 35,725 88,220 36,144 20,084 31,920 30,279 63,170 Oct. 16 690,100 46,099 174,071 54,333 59,590 42,748 36,627 90,449 37,059 20,592 32,726 31,044 64,762 Oct. 23.... 690,100 46,093 174,088 54,337 59,573 42,745 36,628 90,452 37,066 20,591 32,724 31,047 64,753 Bonds: 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 Oct. 2 755,290 50,456 190,508 59,465 65,225 46,786 40,087 98,992 40,558 22,536 35,817 33,976 70,884 Oct. 9.... 755,290 50,456 190,508 59,465 65,225 46,786 40,087 98,992 40,558 22,536 35,817 33,976 70,884 Oct. 16 755,290 50,454 190,514 59,466 65,219 46,786 40,087 98,993 40,560 22,537 35,817 33,977 70,880 Oct. 23 755,290 50,447 190,533 59,470 65,200 46,783 40,088 98,997 40,568 22,539 35,815 33,980 70,870 Total U. S. Govt. securities: Sept. 25 23,865,8031,484,847 5,985,4691,663,4572,185,4891,499,4261,265,5943,368,6831,078,213 638,2141,097,429 907,5382,691,444 Oct. 2 23,554,5281,465,676 5,769,9161,622,7602,184,5541,466,3001,245,7363,485,9211,074,788 633,6091,119,943 921,8882,563,437 Oct. 9 23,502,3801,462,246 5,783,0731,652,1582,206,2731,465,2821,238,5903,441,5961,087,117 641,2451,108,743 905,6152,510,442 Oct. 16 23,418,2381,453,422 5,803,2981,636,1152,173,9681,470,0371,238,4023,397,3321,094,815 629,5181,100,092 904,1352,517,104 Oct. 23 23,055,6571,440,205 5,499,1811,619,2792,177,0111,478,7871,255,4753,374,1181,093,799 637,7721,079,813 894,1472,506,070 1250 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—Continned [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 o t u . is M ap in o n li e s - K C a i n t s y as Dallas F S ra an ncisco Total loans and securities: Sept. 25 24,163,680 1,498,012 6,078.527 1,682,685 2,213,690 1,537,521 1,281,984 3,396,083 1,098,088 652,0641,106,264 911,8982,706,864 Oct. 2 23,774,786 1,478,916 5,833,927 1,638,037 2,201,489 1,481,345 1,252,626 3,509,421 1,095,133 653,659 1,126,028 926,1482,578,057 Oct. 9 23,774,286 1,479,481 5,879,096 1,667,125 2,227,439 1,480,127 1,246,430 3,475,616 1,106,412 657,595 1,123,328 909,7752,521,862 Oct. 16 23,673,134 1,469,108 5,877,554 1,654,894 2,193,907 1,481,970 1,246,022 3,431,184 1,110,412 651,6381,115,633 909,0212,531,791 Oct. 23 23,304,74 1,453,886 5,571,387 1,639,267 2,195,255 1,500,035 1,271,445 3,399,920 1,110,431 648,242 1,095,654 901,0652,518,162 Due from foreign banks: Sept. 25 9 5 136 7 £ 4 3 11 3 1 3 3 7 Oct. 2 9 5 136 7 8 1 11 2 Oct. 9 9 5 136 7 8 1 11 3 ;• 3 Oct. 16 9 136 7 8 1 11 1 3 Oct. 23 9 136 7 L 11 3 Federal Reserve notes of other Banks: Sept. 25 139,59 5,532 20,703 5,527 6,977 23,547 9,595 15,529 9,757 11,728 7,897 4,319 18,485 Oct. 2 125,17 5,112 16,733 5,096 5,909 23,601 8,381 15,426 7,433 10,462 6,812 4,012 16,193 Oct. 9 121,21 5,494 19,416 4,745 4,933 22,366 8,892 12,957 8,749 7,891 6,928 3,492 15,352 Oct. 16 125,19 5,028 17,246 5,289 6,035 23,189 9,024 12,890 9,042 7,433 6,771 4,694 18,550 Oct. 23 126,41 5,638 19,199 5,892 6,021 25,468 9,783 12,788 8,507 6,442 6,695 3,783 16,196 Un I c8* o ' l l i e te c m ted s: Sept. 25 2,439,96 207,933 526,169 145,274 211,410 207,625 145,437 375,715 106,851 57,720 113,217 95,083 247,528 Oct. 2 2,399,22 209,871 494,970 150,549 205,921 210,271 144,146 377,796 101,762 61,302 127,129 91,130 224,381 Oct. 9 2,044,06 147,830 398,544 124,762 182,294 174,092 138,105 314,962 106,172 61,221 113,628 86,076 196,380 Oct. 16 3,079,70 246,756 649,187 181.634 305,175 240,747 194,850 516,215 135,700 79,680 133,896 125,623 270,241 Oct. 23 2,329,48 168,311 456,313 128,524 208,263 205,929 147,350 393,593 108,460 66,204 119,466 95,293 231,775 Bank premises: Sept. 25 32,74 1,315 8,532 3,205 3,914 2,707 1,537 3,069 2,026 1,280 2,544 806 1,807 Oct. 2 32,694 1,311 8,514 3,206 3,904 2,707 1,536 3,069 2,022 1,277 2,538 803 1,807 Oct. 9 32,696 1,311 8,514 3,206 3,904 2,709 1,536 3,069 2,022 1,277 2,538 803 1,807 Oct. 16 32,69 1,311 8,514 3,206 3,904 2,709 1,537 3,069 2,022 1,277 2,538 803 1,807 Oct. 23 32,684 1,311 8,514 3,206 3,904 2:702 1,536 3,064 2,022 1,277 2,538 803 1,807 Other assets: Sept. 25 46,128 3,238 10,345 3,105 4,848 2,832 2,502 6,586 2,800 1,318 2,118 2,002 4,434 Oct. 2 39,946 2,903 8,981 2,550 4,211 2,534 2,281 5,249 2,648 1,086 1,728 1,765 4,010 Oct. 9 40,701 2,667 9,685 2,615 4,155 2,366 2,299 5,427 2,760 1,069 1,786 1,803 4,069 Oct. 16 43,878 2,892 10,247 2,805 4,317 2,480 2,674 5,952 2,928 1,233 1,860 2,141 4,349 Oct. 23 46,796 3,068 10,443 3,133 4,757 2,778 2,758 6,603 2,987 1,291 1,970 2,340 4,668 Sept. 25..' 45,218,639 2,552,328 12,054,355 2,751,1033,656,307 2,759,0942,371,935 7,466,346 1,837,739 1,088,847 1,856,707 1,505,367 5,318,511 Oct. 2 44,754,242 2,492,007 11,839,575 2,711,4633,633,8242,760,8502,349,134 7,342,920 1,822,403 1,089,424 1,888,202 1,521,890 5,302,550 Oct. 9 44,415,480 2,463,480 11 725 6162,704,532 3,606.910 2,735,9482,361,4767,273,415 1,842,828 1 093 3271,861,076 1,497,036 5,249,836 Oct. 16 . . 45,364,990 2,544,603 1 1 1 1| ( 8 il* 7 K 0 .J y 4 \J 0 X \ 2 J2,754,091 3,701,982 2,812,643 7)459)7471 891 8701,108,654 1,892,649 1,536,365 5,372,126 Oct. 23 44,346,237 2,466,612 11,537,4592)697)3113,616,460 2,755,8762',380',4517',327)l28 1,853,911 1,089,974 1,845,096 1,491,561 5,284,398 I iabi1iHf»«s Federal Reserve notes: Sept. 25 24,416,266 1,464,942 5,551,984 1,650,388 2,085,768 1,728,242 1,425,729 4,488,435 1,062,821 576,521 902,853 600,4262,878,157 Oct. 2 24,482,393 1,474,383 5,563,563 1,651,004 2,086,685 1,746,137 1,431,966 4,488,052 1,070,528 577,483 905,956 605,382 2,881,254 Oct. 9 24,552,163 1,477,760 5,558,931 1,655 9012,095,324 1,756,203 1,442,163 4,502 4191 080 372 580 626 908,452 605,5952,888,417 Oct. 16 24,557,217 1,475,838 1,656)631 2,094,638 1,764,055 l,44l)450 4,505)870 l)O87)l27 580)351 906,602 604,1432,880,101 Oct. 23 24,552,268 1,474,613 5',55O',1O11,656,776 2,093,960 1,768,009 1,441,038 4,509,016 1,088,742 581,360 906,245 602,547 2,879,861 Deposits: Member bank —reserve account: Sept. 25. . 15,974,622 733,932 5,038,896 805,625 1,168,636 712,359 706,0022,293,739 574,945 399,809 776,581 750,4162,013,682 Oct. 2. . 16,165,986 731,755 5,064,677 799,6631,200,159 725,591 713,4542,334,264 579,872 410,417 801,166 766,4692,038,499 Oct. 9. . 16,019,349 730,808 5,029,826 793,592 1,180,704 731,431 721,5402,271,602 592,411 408,805 793,375 751,5302,013,725 Oct. 16.. 16,141,916 743,819 5,016,604 803,039 1,176,487 742,149 724,5272,286,603 599,181 409,755 805,896 763,5232,070,333 Oct. 23. 15,779,360 736,712 4,801,238 795,9041,185,446 719,836 722,1172,276,082 590,347 405,402 770,468 744,3812,031,427 U. S. Treasurer-general account: 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 Oct. 2. . 357,033 15,890 97,913 18,362 27,589 32,592 20,341 34,472 22,190 14,585 20,527 21,790 30,782 Oct. 9. . 482,555 32,781 124,006 43,444 41,280 33,858 20,605 73,954 24,792 20,664 19,699 20,136 27,336 Oct. 16.. 524,073 33,177 113,861 36,089 47,571 33,983 22,529 99,368 26,488 24,501 21,967 18,859 45,680 Oct. 23.. 369,246 26,068 51,646 27,768 35,349 29,494 26,524 57,542 23,957 17,185 21,190 18,922 33,601 Foreign: Sept. 25. . 667,644 40,447 2249,290 52,008 58,274 29,450 23,811 83,965 21,304 15,665 20,678 20,051 52,701 Oct. 2.. 696,877 42,720 2254,482 55,004 61,631 31,147 25,183 88,802 22,532 16,568 21,869 21,206 55,733 Oct. 9. . 584,230 35,305 2218,913 45,424 50,896 25,722 20,796 73,335 18,607 13,682 18,060 17,513 45,977 Oct. 16.. 539,385 32,799 2200,350 42,151 47,229 23,869 19,298 68,051 17,267 12,696 16,759 16,251 42,665 Oct. 23. . 535,297 32,649 2197,722 41,967 47,023 23,764 19,214 67,754 17,191 12,641 16,686 16,180 42,506 Other: 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 Oct. 2. . 347,810 5,325 260,092 4,424 8,631 3,343 1,732 5,435 8,232 2,071 2,638 2,061 43,826 Oct. 9. . 335,943 5,560 257,060 2,694 7,246 2,593 859 2,923 7,591 2,178 1,481 688 45,070 Oct. 16. . 329,011 4,081 253,166 2,438 5,209 3,069 863 3,165 7,712 2,570 1,504 889 44,345 Oct. 23.. 436,731 3,457 360,072 2,232 7,969 3,238 2,058 3,072 8,034 2,229 1,088 1,062 42,220 Total deposits: Sept. 25 18,114,694 861,338 5,910,613 918,480 1,326,796 827,730 781,0382,590,483 651,738 445,327 827,570 798,6812,174,900 Oct. 2 17,567,706 795,690 5,677,164 877,453 1,298,010 792,673 760,7102,462,973 632,826 443,641 846,200 811,5262,168,840 Oct. 9 17,422,077 804,454 5,629,805 885,154 1,280,126 793,604 763,8002,421,814 643,401 445,329 832,615 789,867 2,132,108 Oct. 16 17,534,385 813,876 5,583,981 883,717 1,276,496 803,070 767,2172,457,187 650,648 449,522 846,126 799,5222,203,023 Oct. 23 .... 17,120,634 798,886 5,410,678 867,871 1,275,787 776,332 769,9132,404,450 639,529 437,457 809,432 780,5452,149,754 Deferred availability items: 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 Oct. 2 2,034,190 178,880 388,870 128,793 187,022 188,775 128,448 301,581 94,720 49,780 111,803 81,751 193,767 Oct. 9 1,770,393 138,115 326,646 109,103 169,119 152,725 127,403 258,641 94,605 49,699 95,659 78,257 170,421 Oct. 16 2,601,000 211,700 515,154 159,302 268,434 212,044 183,025 406,016 129,613 61,026 115,531 109,252 229,903 Oct. 23 1,998,683 149,755 365,568 117,796 184,066 177,883 141,173 322,697 101,030 53,352 104,947 84,918 195,498 1 After deducting $56,000 participations of other Federal Reserve Banks on Sept. 25; Oct. 2; Oct. 9; Oct. 16, and Oct. 23. 2 After deducting $417,943,000 participations of other Federal Reserve Banks on Sept. 25; $442,022,000 on Oct. 2; $365,033,000 on Oct. 9; $338,- 731,000 on Oct. 16; and $337,252,000 on Oct. 23. 1251 NOVEMBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OFv THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of 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 L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Other liab. incl. accrued div.: Sept. 25.... 13,317 769 4,034 731 1,211 619 577 2,011 459 750 460 520 1,176 Oct. 2 13,320 728 3,696 695 1,135 572 546 2,160 458 1,297 491 407 1,135 Oct. 9 12,443 676 3,573 730 1,212 614 560 2,144 492 404 481 427 1,130 Oct. 16 12,515 706 3,739 693 1,147 571 529 2,078 467 441 510 477 1,157 Oct. 23 12,722 720 3,615 735 1,230 608 594 2,112 496 445 486 517 1,164 Sept. 25. .'. . 44,563,434 2,510,009 11,848,4432,697,7293,595,4842,726,4852,344,5727,378,422 1,813,9441,071,6501,832,9971,482,6165,261,083 Oct. 2 44,097,609 2,449,68111,633,2932,657,9453,572,852 2,728,1572,321,6707,254,7661,798,5321,072,2011,864,4501,499,0665,244,996 Oct. 9 43,757,076 2,421,005 11,518,9552,650,8883,545,7812,703,1462,333,9267,185,018 1,818,8701,076,0581,837,2071,474,1465,192,076 Oct. 16 44,705,117 2,502,120 11,663,2852,700,3433,640,7152,779,7402,392,2217,371,151 1,867,8551,091,3401,868,7691,513,394S.314,184 Oct. 23 43,684,307 2,423,97411,329,9622,643,1783,555,0432,722,8322,352,7187,238,2751,829,7971,072,6141,821,1101,468,5275,226,277 Capital Accts: Capital paid in: 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 Oct. 2 184,299 10,887 64,620 13,643 18,255 7,756 7,016 22,228 5,993 4,003 6,090 6,747 17,061 Oct. 9 184,352 10,887 64,621 13,654 18,271 7,761 7,020 22,230 5,994 4,003 6,096 6,754 17,061 Oct. 16 184,529 10,889 64,685 13,663 18,271 7,774 7,036 22,233 6,020 4,005 6,110 6,775 17,068 Oct. 23 184,805 10,892 64,684 13,905 18,274 7,781 7,036 22,243 6,020 4,003 6,115 6,780 17,072 Surplus (sec. 7): 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 Oct. 2 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 Oct. 9 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 Oct. 16 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 Oct. 23 358,355 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... .' 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Oct. 2 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Oct. 9 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Oct. 16.... 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Oct. 23.... 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...'. 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 Oct. 2 86,551 5,988 17,597 6,428 7,965 6,018 5,236 11,468 4,412 3,278 4,634 4,100 9,427 Oct. 9 88,269 6,137 17,975 6,543 8,106 6,122 5,318 11,709 4,498 3,324 4,745 4,159 9,633 Oct. 16.... 89,561 6,143 18,367 6,638 8,244 6,210 5,389 11,905 4,529 3,367 4,742 4,219 9,808 Oct. 23.... 91,342 6,295 18,748 6,781 8,391 6,344 5,485 12,152 4,628 3,415 4,843 4,277 9,983 Total liabilities and cap. accts: Sept. 25 45,218,639 2,552,328 12,054,3552,751,1033,656,307 2,759,0942,371,9357,466,346 1,837,7391,088,8471,856,7071,505,3675,318,511 Oct. 2 44,754,242 2,492,007 11,839,5752,711,4633,633,8242,760,8502,349,1347,342,920 1,822,4031,089,4241,888,2021,521,8905,302,550 Oct. 9 44,415,480 2,463,48011,725,6162,704,5323,606,9102,735,9482,361,4767,273,415 1,842,8281,093,3271,861,0761,497,0365,249,836 Oct. 16.... 45,364,990 2,544,60311,870,4022,754,0913,701,9822,812,6432,419,8587,459,747 1,891,8701,108,6541,892,6491,536,3655,372,126 Oct. 23 44,346,237 2,466,612 11,537,4592,697,3113,616,4602,755,8762,380,4517,327,1281,853,9111,089,9741,845,0961,491,5615,284,398 Contingent liability on bills, purchased for foreign correspondents: Sept. 25 Oct. 2 Oct. 9 1,017 65 1338 84 95 48 39 136 35 25 34 33 85 Oct. 16 3,123 200 il,042 259 290 147 118 418 106 78 103 100 262 Oct. 23.... 3,614 231 11,203 300 336 170 137 484 123 91 119 116 304 Commit, to make indus. loans: Sept. 25 5,961 572 671 42 15 4,040 450 163 8 Oct. 2 6,264 510 671 40 382 4,040 450 163 8 Oct. 9.... 6,270 516 671 40 382 4,040 450 163 8 Oct. 16 6 247 496 671 40 382 4,040 450 163 5 Oct. 23 8,502 1,661 1,571 40 382 4,040 450 163 195 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 i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank): Sept. 25 25,119,275 1,506,6225,697,3061,699,7792,141,5971,773,0001,470,9414,585,6421,098,566 588,122 931,568 632,384 2,993,748 Oct. 2 25,127,986 1,507,9415,704,461 1,698,9262,136,9051,783,4981,469,976 4,579,5771,104,383 588,429 927,561634,346 2,991,983 Oct. 9 25,202,046 1,510,8775,705,7901,702,1912,145,1831,792,8701,479,6684,590,7221,120,868 591,618 930,127636,745 2,995,387 Oct. 16 25,208,319 1,506,2285,700,9281,700,9912,148,0481,799,1221,484,510 44,,558844,,7733991,125,911591,836 932,111633,569 3,000,326 Oct. 23 25,230,678 1,513,439 5,703,6971,703,473 2,146,2541,809,031 1,481,2054,584,8421,126,653 59:'2,730 930,397635,964 3,002,993 Collateral held against notes outstanding: Gold certificates: Sept. 25 10,859,000 430,000 3,470,000 500,000 635,000 595,000 585,0002,225,000 300,000170,000 280,000169,0001,500,000 Oct. 2 10,734,000 430,000 3,470,000 500,000 635,000 595,000 585,000 2,100,000 300,000170,000 228800,,000000 116699,,0000001,500,000 Oct. 9 10,954,000 430,000 3,470,000 505,000 635,000 610,000 585,000 2,100,000 300,000170,000 280,000169,0001,700,000 Oct. 16 10,979,000 430,000 3,470,000 505,000 635,000 625,000 595,000 2,100,000 300,000170,000 228800,,000000 116699,,0000001,700,000 Oct. 23 10,979,000 430,000 3,470,000 505,000 635,000 625,000 595,0002,100,000 300,000170,000 280,000169,0001,700,000 Eligible paper: Sept. 25 114,867 4,777 35,630 7,475 31,885 15,455 10,600 4,545 4,500 Oct. 2 60,857 4,855 5,485 3,462 8,835 15,925 16,800 1,795 3,700 Oct. 9 98,222 8,850 38,805 3,162 8,635 14,875 13,100 10,295 500 Oct. 16 92,457 7,250 27,700 6,897 5,685 11,150 18,850 11,225 3,700 Oct. 23 85,172 5,250 24,650 8,157 15,100 12,185 7,200 11,525 1,105 U. S. Govt. sec: Sept. 25 14,784,411 1,100,000 2,300,0001,200,000 1,.5 50,0001.,200,000 900,000 2,400,000 909,411425,000 700,000 500,0001,600,000 Oct. 2 14,897,501 1,100,000 1,200,000 1,550,000 1,200,000 900,000 2,500,000 922,501425,000 700,000 500,000 1,600,000 Oct. 9 14,892,580 1,100,000 2,300,000 1,200,000 11,550,000 1,200,000 900,000 2,500,000 917,580 425,000 700,000 500,000 1,600,000 Oct. 16 14,878,620 1,100,000 2,300,000 1,200,000 1L ,550,000 ,1200,000 900,000 2,500,000 903,620 425,000 700,000 500,0001,600,000 Oct. 23 14,902,970 1,100,0002,300,0001,200,000 1,550,0001,200,000 900,000 2,500,000 927,970 425,000 700,000 500,0001,600,000 1 After deducting $679,000 participations of other Federal Reserve Banks on Oct. 9; $2,081,000 on Oct. 16; and $2,411,000 on Oct. 23. 1252 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 u t 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 l m r k l s - 1 N c ew ity ban C k h s i- b s ; a e R = r n i e t v - k y e s C ba t o r n u y k n s to date outstanding available to York cago borrowers 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 r ti 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 a 4 l 5 r — es S A e e r u p v g t e u e s s m t h be e r ld . : . . . 1 1 4 5 , , 9 4 7 1 8 4 3 4 9 0 5 9 9 4 9 9 0 3 5 1 6 6, , 1 0 6 0 6 3 4 4 , , 1 2 1 2 2 4 1946—August 16,031 4 125 904 6,337 4,665 1942 September.... 16,160 4 183 905 6,360 4,712 June 30.. 565 310,680 81,108 69,674 137,888 Dec. 31.. 2,665 2,688,397 803,720 632,474 1,430,121 Aug. 22 16,002 4 120 902 6,313 4,667 1943 Aug. 29 15,999 4 125 908 6,335 4,632 June 30.. 4,217 4,718,818 1,428,253 1,153,756 2,216,053 Sept. 5 16,087 4 126 905 6,373 4,684 Dec. 31.. 5,347 6,563,048 1,914,040 1,601,518 3,146,286 Sept. 12 16,209 4 160 912 6,394 4,743 Sept. 19 16,313 4 214 913 6,414 4,771 June 1 3 9 0 4 . 4 . 6,433 8,046,672 2,064,318 1,735,777 3,810,797 S O e c p t. t . 2 3 6 1 1 6 6 , , 0 0 9 6 6 8 4 4 2 1 0 7 2 2 9 89 0 2 8 6 6 , , 3 3 0 1 8 0 4 4 , , 6 6 9 7 6 6 Dec. 30.. 7,434 9,310,582 1,735,9701,482,038 4,453,586 Oct. 10 16,133 4 179 897 6,343 4,714 1945 Excess reserves: Mar. 31.. 7,886 9,645,378 1,599,1201,365,959 3,963,961 1945—August 1,084 12 4 277 791 June 30.. 8,422 10,149,315 1,386,8511,190,944 3,694,618 September.... 1,063 19 10 258 776 Sept. 30.. 8,695 10,313,868 1,073,892 916,851 3,043,674 1946—August 891 12 3 205 670 Dec. 31.. 8,757 10,339,400 510,270 435,345 966,595 September 885 24 3 196 662 1946 Aug. 22 866 14 1 187 664 Jan. 31.. 8,761 10,340,275 427,278 363,048 764,093 Aug. 29 852 16 7 195 634 A M M Fe p a a b r y . r . . 3 2 3 3 1 8 0 0 . . . . . . . . 8 8 8 8 , , , , 7 7 7 7 7 6 7 6 1 8 0 6 1 1 1 1 0 0 0 0 , , , , 3 3 3 3 4 4 4 4 1 2 3 4 , , , , 8 6 0 0 9 9 1 1 0 0 8 8 3 2 1 1 5 7 1 7 7 1 6 1 , , , , 1 7 0 0 6 9 7 3 1 3 7 6 3 2 1 1 0 3 0 4 2 0 0 7 , , , , 5 1 3 1 9 1 1 6 7 0 6 4 4 3 2 1 7 6 8 4 7 3 6 7 , , , , 4 0 7 8 2 1 1 0 9 0 5 1 S S S S e e e e p p p p t t t t . . . . 2 1 1 5 6 9 2 9 9 9 8 0 1 4 2 2 2 7 4 2 2 2 1 1 2 4 4 5 5 6 6 2 2 2 1 1 1 0 6 5 4 1 9 6 6 6 7 6 2 9 0 0 5 1 7 A J J u u u l n g y e . 3 3 2 1 1 9 . . . . . . 8 8 8 , , , 7 7 7 7 7 7 1 1 1 1 1 1 0 0 0 , , , 3 3 3 4 4 4 4 4 4 , , , 0 0 0 1 1 1 8 8 8 5 4 7 5 4 0 , , , 7 2 5 7 6 1 1 7 0 6 4 39 0 8 , , , 2 2 3 5 1 9 3 4 1 1 5 7 4 6 2 2 , , , 0 6 3 1 8 7 7 3 3 Borrowin O O g c c s t t . . at 1 3 0 Federal P P 9 8 0 9 0 6 1 1 7 4 5 6 2 1 0 9 9 8 P 2> 6 6 8 6 0 7 Sept. 30.. 8,771 10,344,018 39,153 34,670 46,541 Reserve Banks: 1945—August 383 149 167 67 NOTE.—The difference between guaranteed loans authorized and sum September 388 111 192 85 of loans outstanding and additional amounts available to borrowers 1946—August 126 19 1 74 33 under guarantee agreements outstanding represents amounts repaid September 149 29 92 28 and authorizations expired or withdrawn. Aug. 22 115 2 1 82 30 Aug. 29 98 3 1 58 36 Sept. 5 190 58 91 41 Sept. 12 161 40 88 33 Sept. 19 129 3 97 29 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Sept. 26 141 4 109 28 Oct. 3 130 49 59 22 [Amounts in thousands of dollars] Oct. 10 104 2 1 58 43 W D e a d t n e e ( s l d a a s y t A a p t p p o p l i r d c o a a v t t i e e o d ns b p u r A t o p v n - e o d t L o o u a t n - s C m om en m ts it- P pa a t r i t o ic n i s - 1 P W Pr e e e l k im ly i n f a ig ry u . res of excess reserves of all member banks and of o o r f la p s e t r i d o a d y ) N b u e m r - Amount (a p m c le o o t m e u d - n * t) s (a ta m n o d u in n g t) 2 ( s a t m a o n u o d t u - i n n t g ) ( s a t m a o n u o d t u - i n n t g ) c b R o e e r u s n e b r t a v r n y e k b s B a a a n n n k d k s o a d r f i e s c c e o o s u u t n i n m t t r s a y t a e b n s a . d n k W a s d e v m e a a k n y l c y e i s n fi c g f l u o u r r d e e s n o s o m n f m a b l o e l r m a ro m b w e o r i u n n b gs t a s n o k o f f s a , l F l e e t m d c e . e r m al - 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 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1 19 9 3 3 7 6 2 2 , , 2 4 8 0 0 6 1 1 5 3 0 9 , , 9 8 8 2 7 9 8 3 2 36 2 9 6 2 2 5 0 , , 5 2 2 1 6 6 2 1 0 2 9 7 5 8 9 0 7 7, , 2 2 0 3 8 8 SMALL CENTERS1 1938 2,653 175,013 1 946 17,345 14 161 12,722 [Averages of daily figures. In millions of dollars] 1939 2,781 188,222 2 659 13,683 9 220 10,981 1940 2,908 212,510 13 954 9,152 5 226 e,386 In places of 15,000 In places of under 1941 3,202 279,860 g 294 10,337 14 597 19,600 and over population 15,000 population 1942 June 24. .. 3,352 338,822 26 346 11,265 16 832 26,430 Dec. 31. .. 3,423 408,737 4 248 14,126 10 661 17,305 Demand Demand June 19 3 4 0 3 . .. 3,452 475,468 3 203 13,044 12 132 15,070 d e e i x n p c t o e e s r p i - t ts 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 ts de T p i o m s e its Dec. 31. .. 3,471 491,342 926 10,532 9 270 17,930 bank2 bank2 1944 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 September 1945 15,363 7,027 10,665 4,911 August 1946 16,318 8,114 12,083 5,674 1945 June 30... 3,502 537,331 70 3,252 5 224 2,501 September 1946 16,282 8,155 12,149 5,712 Dec. 31. .. 3,511 544,961 320 1,995 1 644 :,086 1946 Boston 1,987 868 368 228 Jan. 31. .. 3,512 545,372 195 1,843 1 579 1,046 New York 3,065 2,114 1,128 1,117 Feb. 28. .. 3,513 546,149 545 1,590 1 575 976 Philadelphia 1,175 715 975 853 Mar. 30. .. 3,519 547,581 755 1,536 2 063 1,014 Cleveland 1,443 891 1,089 784 Apr. 30. .. 3,520 551,512 4,095 1,486 1,631 :L.034 May 31. .. 3,520 551,890 45 1,310 5,393 ,229 Richmond 1,150 384 910 440 June 29. .. 3,524 552,711 615 1,210 5,366 L.110 Atlanta 1,568 473 691 198 July 31 ... 3,528 558,538 6,085 1,178 5,438 ,103 Chicago 1,980 1,306 1,666 892 Aug. 31.... 3,533 559,974 5,195 1,158 5,981 L,427 St. Louis 627 311 977 257 Sept.30.... 3,535 563,779 8,115 1,106 6,254 1,455 Minneapolis 574 278 741 407 ser 2 1 v I I e n n c c B l l u a u n 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 d i 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 a v 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 p o 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 h F i e c d h e r a a r l e n R o 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 4 3 2 9 6 9 5 1 1 8 0 2 3 4 8 1 1 , , 5 4 6 6 4 0 1 1 2 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. NOVEMBER 1946 1253 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 - n o S r t a n . n - Other j p m u o a d s a d e s t n e - i - t d d s 3 p m o N d d a s e e e i n - - t t d s4 p T o d i s e i m - t e s5 m a f e b d n d r s a u o c o t l e - e m i - s c Total qu R i e r - ed Ex- s F i e R e n a e r r e g t a d v - s l - e posits2 banks Banks First half of September 1946 All member banks 93,343 11,909 7,665 73,769 68,858 75,235 26,703 5,721 16,187 15,271 916 161 Central reserve city banks: New York 23,927 4,217 2,108 17,601 16,058 20,262 1,431 47 4,162 4,138 24 34 Chicago 5,278 1,152 536 3,591 3,292 4,282 795 163 908 904 3 Reserve city banks 34,619 5,495 2,930 26,193 23,888 27,722 10,618 1,732 6,392 6,182 211 94 Boston 2,067 275 210 1,582 1,460 1,695 192 42 352 351 1 4 New York 581 28 50 503 464 470 300 23 116 112 4 2 Philadelphia 2,400 346 216 1,838 1,707 1,977 239 76 417 410 7 6 Cleveland 3,943 509 389 3,045 2,818 3,168 1,225 163 742 707 34 11 Richmond 2,257 382 188 1,686 1,529 1,818 451 108 410 391 20 16 Atlanta 2,145 474 159 1,512 1,358 1,692 400 145 381 362 18 6 Chicago 4,083 508 382 3,193 2,948 3,185 1,933 278 783 753 30 25 St. Louis 1,954 529 174 1,251 1,103 1,540 320 94 341 327 14 6 Minneapolis 1,117 355 109 653 558 846 166 68 182 179 3 7 Kansas City 2,892 921 191 1,780 1,588 2,258 348 256 491 473 19 6 Dallas 2,366 547 159 1,660 1,529 1,885 316 195 431 396 35 4 San Francisco 8,813 622 703 7,489 6,825 7,189 4,730 284 1,746 1,722 24 2 Country banks 29,520 1,045 2,091 26,384 25,620 22,968 13,859 3,779 4,725 4,047 678 32 Boston 2,441 90 219 2,133 2,024 1,936 1,096 186 373 337 36 4 New York 4,279 86 409 3,784 3,617 3,401 3,226 313 761 670 91 17 Philadelphia 2,158 14 182 1,962 1,909 1,711 1,565 215 394 334 61 2 Cleveland 2,567 25 245 2,296 2,241 1,973 1,678 298 455 377 78 2 Richmond 2,191 130 143 1,917 1,836 1,661 822 318 328 282 46 3 Atlanta 2,465 193 143 2,129 2,070 1,941 672 330 354 312 42 1 Chicago 3,736 72 285 3,379 3,315 2,884 2,198 512 634 536 99 St. Louis 1,728 119 90 1,519 1,482 1,368 569 236 258 226 32 i Minneapolis 1,389 76 90 1,223 1,191 1,057 684 213 225 189 36 Kansas City 2,185 80 91 2,014 1,992 1,664 296 413 307 251 56 1 S D a a n l la F s rancisco 2 1 , ,8 5 7 0 8 4 1 3 3 0 1 1 9 0 3 1 2 1 , ,7 2 4 8 7 0 , 2 1 , , 2 6 4 99 3 1 1, , 4 8 8 8 8 4 8 1 7 8 0 3 4 2 9 4 8 7 3 2 3 9 8 7 2 2 6 7 1 5 3 6 6 4 i* Second half of September 1946 All member banks 93,178 11,768 7,477 73,933 68,963 75,267 26,761 5,654 16,134 15,278 855 137 Central reserve city banks New York 24,056 4,250 2,028 17,778 16,232 20,459 1,447 56 4,203 4,179 25 24 Chicago 5,250 1,105 517 3,628 3,312 4,261 794 157 902 900 2 Reserve city banks 34,457 5,387 2,851 26,219 23,859 27,536 10,646 1,782 6,328 6,146 182 89 Boston 2,080 283 202 1,595 1,464 1,702 193 47 360 352 8 2 New York 575 27 48 499 403 469 300 23 115 112 3 Philadelphia 2,375 348 208 1,819 1,684 1,952 243 80 415 405 10 ' "i Cleveland 3,950 504 377 3,070 2,831 3,170 1,235 168 743 708 35 10 Richmond 2,245 384 183 1,677 1,516 1,808 447 105 405 388 16 13 Atlanta 2,116 461 155 1,500 1,347 1,667 400 145 370 357 12 8 Chicago 4,021 472 374 3,175 2,927 3,121 1,935 285 764 740 24 22 St. Louis 1,942 517 169 1,256 1,101 1,521 320 99 330 323 6 6 Minneapolis 1,092 341 107 644 553 828 166 67 178 176 3 15 Kansas City 2,861 886 189 1,786 1,588 2,217 349 263 483 464 18 7 Dallas 2,355 541 154 1,660 1,523 1,865 316 201 418 392 26 San Francisco 8,846 623 686 7,537 6,861 7,215 4,741 298 1,747 1,727 20 Country banks 29,414 1,026 2,081 26,307 25,559 23,010 13,874 3,659 4,700 4,054 646 24 Boston 2,451 91 213 2,147 2,036 1,942 1,097 193 377 338 40 3 New York 4,279 87 399 3,794 3,632 3,420 3,235 311 768 673 95 10 Philadelphia 2,171 14 192 1,964 1,913 1,715 1,571 215 391 334 56 3 Cleveland 2,547 25 248 2,275 2,223 1,962 1,673 290 448 375 73 1 Richmond 2,192 132 141 1,919 1,835 1,669 826 310 322 283 39 5 Atlanta 2,434 188 142 2,104 2,048 1,931 672 315 348 311 36 Chicago 3,693 67 283 3,344 3,283 2,886 2,198 473 632 536 96 St. Louis 1,711 113 90 1,509 1,473 1,365 566 223 254 225 29 Minneapolis 1,392 75 88 1,229 1,198 1,070 687 206 228 191 37 Kansas City 2,164 76 94 1,994 1,974 1,660 295 395 302 250 52 Dallas 2,495 129 91 2,275 2,236 1,879 182 494 336 274 62 San Francisco 1,883 29 100 1,754 1,709 1,512 874 233 294 264 30 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. 2 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. 4 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. 5 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Me fiber Bunk Call Report. 1254 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 currency2 End of year or in cir- Unasmonth 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 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 2,021 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—May 26,528 18,715 1,196 972 73 186 6,377 7,911 7,814 2,159 ,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 ,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 ,013 472 847 8 32 2 August 27,685 20,141 1,236 1,003 73 301 6,826 8,700 7,546 2,180 ,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 ,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 2,279 783 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 67 191 6,604 9,087 7,998 2,364 4,387 438 781 8 22 2 July 28,254 20,185 1,311 990 67 166 6,552 9,099 8,071 2,377 4,437 436 790 8 21 2 August 28,448 20,271 1,319 992 66 165 6,571 9,159 8,178 2,402 4,509 436 802 8 20 2 September... 28,507 20,262 1,332 1,001 66 2,156 6,528 9,180 8,247 2,419 4,567 436 795 8 21 2 » Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. »Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of 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 T s S t o e a t 1 p n a 9 t d l . 4 i o 6 3 n u 0 g t , , - A g s a o s g s l i d a e lv c in e a u r s n r t d ity Tr c e a a s s h ury R F B e e F a d s o e n e r r k r v a s e l B h R F a a e n e e g l d s k d e e e s n r r b t v a a s y n e l d Se 1 p 9 t 4 . 6 30 Au 1 g 9 . 4 3 6 1, Se 1 p 9 t. 4 5 30, certificates and agents Gold 20 305 18 145 22 161 Gold certificates 18,145 15,280 2,815 50 50 52 Federal Reserve notes 25,120 93 790 24,237 24,192 23,818 Treasury currency—total 4,546 *2,241 35 291 4,220 4,206 3,956 Standard silver dollars 494 332 15 3 144 143 130 1 909 1 909 Silver certificates and Treasury notes of 1890. . *2,241 231 2,010 2,003 1,763 Subsidiary silver coin 893 11 20 861 853 812 Minor coin 336 6 5 325 323 301 United States notes 347 3 28 315 317 318 Federal Reserve Bank notes 456 1 4 451 454 513 National Bank notes 113 1 112 113 119 Total—September 30 1946 (4) 20 386 2 289 15 280 3,897 28,507 August 31 1946 (4) 20 392 2 256 15 282 3,845 28,448 September 30 1945 19,910 2,249 15,082 3,864 27,826 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. 1247, and seasonally adjusted figures in table on p. 1256, 2 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 1890toutstanding is not included in total Treasury currency outstanding. 4 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. B 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 faca 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. 1255 NOVEMBER 1946 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 dollars] 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 io t a — n f l or C s a e h s d a e a s j r u n o i s e g n t s e a e l 1 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 N 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 m re 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 p i D e o u o r s o n o c l t d - - - i 1 c End of year figures: 1939 7,598 +742 19342 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 •11,258 1,132.5 1,116.6 -85.9 131.6 1942 15,410 +4,250 1937 H2,760 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—May 26,351 26,537 +318 1945 20,065 -553.9 -106.3 -356.7 32.0 J A S O J N D u u e c u e o n l p t c g y v e o t e u e e b m s m m e t b r b b e e e r r r 2 2 2 2 2 2 2 7 6 7 8 6 7 8 , , , , , , , 3 7 5 4 9 9 1 9 6 5 6 1 4 5 2 5 2 1 8 3 1 2 2 2 2 2 2 2 6 7 6 7 8 7 8 , , , , , , , 9 0 5 9 6 1 8 7 6 3 7 4 9 2 2 7 0 0 3 4 1 + + + + + + + 1 1 2 2 1 5 1 5 2 9 7 2 5 0 7 2 1 4 8 8 3 1 19 9 4 4 5 6 — — A N D F M O J e p o e c a a b r c t v n r o i e r c l e u b u m h m a e a r r b b r y e y e . r . r . . . . . . . . . 2 2 2 2 2 2 2 0 0 0 0 0 0 0 , , , , , , , 2 0 0 2 0 1 2 3 6 3 3 5 5 5 2 5 0 6 6 6 1 -3 - - 9 3 7 2 6 5 6 1 5 3 6 . . . . . . 2 2 . 9 0 2 9 3 - 1 2 - 8 3 1 5 4 0 2 1 9 4 . . . . 3 . . . 5 4 4 8 3 1 - - 3 1 - - 3 1 1 4 5 8 2 4 9 5 . . . . . . 3 8 . 2 5 6 7 1 3 4 3 3 3 3 3 . . . . . . . 2 6 6 3 6 8 0 1946— A J M M F J u a e p a a n n b r y r e u i r c l u a h r a y ry 2 2 2 2 2 2 8 7 7 7 8 7 , , , , , , 1 9 9 9 1 9 5 1 4 7 4 2 8 3 4 8 0 3 2 2 2 2 2 2 7 8 7 8 8 8 , , , , , , 9 0 1 9 1 2 9 7 7 4 4 8 7 4 5 4 8 1 + - + 1 + + - 1 1 9 3 2 5 5 0 6 0 7 3 1 6 J A S O M J u u e c u a n l p t g y y e o t u e b s m e t r ber.. P 2 2 2 2 2 2 0 0 0 0 0 0 , , , , , . 2 2 2 2 3 4 4 6 7 8 0 0 2 7 0 0 5 2 P - - 2 2 1 9 9 3 5 8 3 7 . . . 2 . 1 . . 3 1 2 1 -2 - 3 1 7 7 6 6 5 . . . . . 6 0 3 3 2 51 6 2 1 1 1 8 0 7 5 2 5 . . . . . . 0 5 1 0 3 7 8 3 3 4 . . . . 3 2 4 0 A J S O u e u c l p t y g o t u e b s m e t r ber 2 2 2 2 8 8 8 8 , , , , 3 2 4 5 5 8 7 8 2 1 8 8 2 2 2 2 8 8 8 8 , , , , 4 3 5 5 9 3 3 8 4 8 5 8 + + + + 1 5 5 5 4 7 3 6 1 f P ig h 1 P u i l r A i P e p s n r p e n i l a n u i r e m a e l i I n f t s i h a g l o a r u y s n r e . e d s s p a u p r b e ro l i e d s s h u t e c i d m ti o a i n t n e s r t e a o c b f e le t iv h e e o d n U i n p n i . t e U 1 d 3 n 0 S i 2 t t e , a d t a e d s S j u t M a s t t i e e n s d t . . to M ex o c n l t u h d ly e 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. » 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 fi Gold held tinder 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 4,038.7 million dollars on Oct. 31, 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 Cityi centers x 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 25.1 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 16.1 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—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 '86,655 34,972 43,219 '8,464 18.9 9.9 32,439 36,921 26.3 16.7 July '91,358 37,357 45,017 '8,985 20.0 10.1 32,667 38,240 25.6 16.8 August '82,694 30,216 43,683 '8,795 16.3 9.6 28,127 37,858 21.6 16.0 September 83,288 31,397 43,155 8,736 19.3 10.7 27,864 36,578 23.7 17.1 r Revised. 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. 1256 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 a c d o u d b e T u r j a p a u o r t n n o s e s t d i s k n a t d i e l s c t e d s y c a d d o u d e e T u r j a p m u r o t n o s e s t a d i s n a t d n i e l c t e d d s y a d d e T j p u o o s t s a te i l t d s a D d d e e j p u m o s a t s e n it 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 i m a - 3 l e 4 dep M o s b a s a v u i n t i t s k n u g s a 4 s l S S P y a o s v t s i e n t m a g l s s C o b u u r a t r n s e i k n d s c e y banks I 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 1,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 1,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 1,269 5,638 1938—June 56,565 29,730 51,148 24,313 599 26,236 14,776 10,209 1,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 1,251 5,775 1939—June 60,943 33,360 54,938 27,355 792 26,791 15,097 10,433 1,261 6,005 December 64,099 36,194 57,698 29,793 846 27,059 15,258 10,523 1,278 6,401 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 1,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 1,786 18,837 1944—June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 December 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 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—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 176,500 102,900 150,400 76,800 24,600 49,000 30,500 15,500 3,000 26,100 February 177,300 102,500 151,200 76,400 25,000 49,800 31,100 15,700 3,000 26,100 March 173,600 101,100 147,500 75,000 22,400 50,100 31,300 15,800 3,000 26,100 April 174,400 103,700 148,200 77,500 20,000 50,700 31,600 16,000 3,100 26,200 May 173,500 104,900 147,200 78,600 17,400 51,200 32,000 16,100 3,100 26,300 June 171,237 105,992 144,721 79,476 13,416 51,829 32,429 16,281 3,119 26,516 July? 170,400 106,800 143,900 80,300 11,300 52,300 32,700 16,400 200 26,500 August? 170,200 107,200 143,600 80,600 10,200 52,800 33,000 16,600 200 26,600 September P. ... 169,500 107,700 142,700 80,900 8,700 53,100 33,200 16,700 3,200 26,800 p Preliminary. 1 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. 3 Excludes interbank time deposits and postal savings redeposited in banks. 4 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three memfjer mutual savings banks. 5 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 SUSPENSIONSl [In millions of dollars] Member Nonmember Assets Total, banks banks all Depos- U.S. Government banks Na- In- Non- End of month i b to a r l- s' i C n a d s e h - securities C r a e s - h tional State sured insured 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 -3 f 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. . 1,304 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 1943—Dec. . 1,788 1,843 10 1,716 1,716 118 1946—Jan.-Oct. 0 1944—Dec. . 2,342 2,411 8 2,252 2,252 152 Deposits of suspended banks 1945—Sept.. 2,836 2,921 8 2,737 2,737 176 (in thousands of dollars):2 Oct... 2,880 2,968 6 2,780 2,780 182 1934-39 125,991 14,61626,54844,348 40,479 Nov. . 2,909 2,999 6 2,809 2,809 184 Dec.. . 2,933 3,022 6 2,837 2,837 179 1940 5,943 256 5,341 346 1946—Jan... 2,981 3,073 5 2,886 2,886 181 1941 3,726 3,144 503 79 Feb.. . 3,013 3,107 5 2,910 2,910 192 1942 . 1,702 1,375 327 Mar... 3,043 3,139 5 2,951 2,951 182 1943 6,223 4,982 1,241 Apr.. . 3,066 3,161 5 2,966 2,966 189 1944 405 405 May.. 3,091 3,188 5 2,986 2,986 197 1945 0 June.. 3,120 3,220 5 3,026 3,026 188 1946—jan -Oct 0 July.. 3,160 3,258 5 3,060 3,060 193 A Se u p g t P *> 3 3 ,1 ,2 8 0 4 3 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not 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. NOVEMBER 1946 1257 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 bank* call date Total Loans G U ov . e S r . n- Other Total1 I b n a t n e k r- ! Total o m bl e ig n a t - s i e t c ie u s 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 15,207 1939—Dec. 30 50,885 22,169 28,716 19,402 9,314 68,225 9,883 32,492 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 14,895 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 14,682 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 14,065 105,923 45,623 14,553 1946—June 29. ... . 136,572 31,486 105,087 95,911 9,175 159,171 12,311 98,043 48,817 14,567 AH 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 1939—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 16,419 14 136 1943—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 13 992 1945—June 30 114,505 23,672 90,833 84,069 6,764 136,607 12,605 96,725 27,276 14,000 Dec. 31 124,019 26,076 97,943 90,613 7,331 15 ,227 14,065 105,923 30 238 14 011 1946—June 29 119,448 27,130 92,318 84,473 7,845 142,890 12,311 98,043 32,536 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 13,655 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 15,589 13,438 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 13,343 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— D juence. 3 3 0 1 1 12 1 1 2 , , 8 3 0 5 9 3 2 2 5 3 , , 7 3 6 7 5 6 9 8 6 8 , , 0 9 4 7 3 8 8 8 2 8 , , 4 9 0 1 1 2 6 7 , , 5 1 7 3 7 1 1 1 3 4 4 7 , , 2 7 4 7 5 5 1 1 2 3 , , 4 8 0 8 1 3 1 9 0 4 4 . , 9 0 1 1 0 5 2 29 6 , 8 9 7 3 6 4 1 13 3 , 2 2 9 7 7 7 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 11,369 6,338 1939—Dec. 30 33,941 13,962 19 979 14,328 5,651 49,340 9,410 28,231 11 699 6 362 1940—Dec. 31 37,126 15.321 21,805 15,823 5,982 56,430 10,423 33,829 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 6,738 1944—Dec. 30 91,569 18,676 72 893 67,685 5,208 110,917 11,884 79,774 19 259 6 814 1945—June 30 99,426 20,588 78,838 73,239 5,599 118,378 12,230 84,400 21,748 6,840 Dec. 31 107,183 22,775 84,408 78,338 6,070 129,670 13,640 91,820 24,210 6,884 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 7 910 5 224 I 1 9 9 3 4 9 0 — — D Dec^> 3 3 1 0 2 23 1 , , 6 8 4 1 8 0 1 9 0 , 0 0 2 0 2 4 1 1 2 3 , 7 6 8 4 9 4 9 9, , 7 0 3 5 5 8 3 3 , , 7 9 3 0 1 8 3 3 5 1 , , 7 5 8 5 7 9 5 6 ,8 5 9 7 8 4 2 1 0 7 ,5 8 7 8 9 5 8 8 0 3 8 2 1 9 5 5 1 1 8 4 7 4 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 5 081 1943—Dec. 31 47,499 10,116 37,382 34,065 3,318 59,961 7,159 42,605 10 196 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 53,698 14 585 5 015 Dec. 31....*. 69,312 13,925 55,387 51,250 4,137 84,939 9,229 59,486 16 224 5 017 1946—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 9,255 3,459 1,114 1939—Dec. 30 12,130 4,940 7,190 5,271 ,920 17,781 3,512 10,652 3 617 1 175 1940—Dec. 31 13,478 5,316 8,162 6,088 5,074 20,642 3,849 12,944 3,849 1,342 1941—Dec> 31J .. 15,950 6,295 9,654 7,500 >,155 22,259 3,739 14,495 4,025 1,502 1942—Dec. 31 21,687 5,905 15,783 13,802 ,980 27,808 3,600 20,024 4,184 1,598 1943—Dec. 31 26,759 6,171 20,588 18,883 ,705 32,302 3,397 23,833 5,072 1,698 1944—Dec. 30 33,261 7,196 26,065 24,393 ,672 39,059 3,827 28,874 6,357 1,789 1945—jUne 30 36,249 8,219 28,030 26,188 ,842 41,844 3,980 30,702 7,163 1,825 Dec. 31 37,871 8,850 29,021 27,089 ,933 44,730 4,411 32,334 7,986 1,867 1946—June 29 35,754 8,834 26,921 25,000 .921 42,307 3,986 29,672 8,649 1,875 • 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. 4 Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, Its deposits, excluding interbank deposits, were 33 million dollars, and its loans and investments 26 million. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 1258 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES*—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Number cal a l n d d ate Total Loans G U ov .S er . n- Other Total* I b n a t n e k r ^ - of banks Total o m bl e ig n a t - s ri e t c ie u s - 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 ,264 9,539 464 5,470 3,605 7,661 1942—Dec 31 8,135 3,132 5,003 3,829 ,174 10,864 318 6,872 3 674 7,460 1943—Dec. 31 10,847 2,832 8,014 6,899 L, 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— D ju e n c e . 3 31 0 . . 1 1 5 6 , , 0 8 9 4 1 9 3 3 , , 0 3 8 0 7 3 1 1 2 3 , , 0 5 0 4 5 6 1 1 0 2 , , 8 2 3 8 9 4 1 L , . 1 2 6 6 6 2 2 1 0 8, , 2 5 4 7 2 1 3 4 7 2 5 6 1 1 2 4 ,1 3 0 2 4 6 5 6 5 0 4 4 1 2 7 7 , , 1 1 6 3 3 0 1946—June 29 17,430 3,830 13,600 12,212 1,388 20,387 510 13,441 6,436 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 1944—Dec 30 . . .. 11,824 2,678 9,146 8,197 949 14,809 190 9 987 4 632 6,452 I945—June 30 12,940 2,790 10,150 9 170 979 15,880 171 10,510 5 199 6,440 Dec. 31 14,639 2,992 11,647 10,584 1,063 18,119 244 12,196 5 680 6,416 I945—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 1,269 230 846 193 997 1939—Dec 30 .. 1,378 380 998 733 265 1,633 360 I 008 264 953 1940—Dec. 31 1,367 397 969 696 273 1,843 402 L 185 257 906 1941—Dec. 31 1,434 452 982 742 239 1,837 335 1,255 247 851 1942—Dec 318 4 1,151 314 837 667 170 1,329 173 891 265 793 1943—Dec. 31 1.588 276 1,312 1,160 153 1,829 307 1,253 269 764 1944—Dec. 30 2,148 292 1,856 1,682 174 2,358 171 I 883 304 729 1945—June 30 2,152 297 1,855 1,668 187 2,362 204 1,815 343 723 Dec 31 2,211 311 1,900 1,700 200 2,452 182 I 908 362 714 I945—June 29 2,038 339 1,699 1,496 204 2,279 303 1 «?S4. 391 696 All mutual savings banks: 1 I9 9 3 3 9 g — — D D e e c c . 3 3 0 1... ; 1 1 0 0 , , 1 2 6 1 2 8 4 4 , , 8 9 9 2 7 6 5 5, , 2 2 9 6 2 5 2 3, , 1 8 0 8 2 3 2 2 ,3 1 8 9 2 0 1 1 0 0 , , 2 5 7 2 8 3 1 1 0 0 5 2 2 7 3 8 5 55 5 1 5 1 1 9 9 4 41 0 — — D D e e c c . 3 3 1 1 2 1 1 0 0 , , 2 37 4 9 8 4 4 , , 9 9 5 0 9 5 5 5 , , 2 4 8 7 9 4 3 3 , , 2 7 2 0 4 0 2 1 . 0 7 6 7 5 4 1 10 0 ,6 5 5 3 8 2 1 1 0 0 5 6 3 5 2 8 5 5 5 4 1 8 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 I945—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 I945—June 29 17,125 4,356 12,769 11,438 1 331 16,281 16,281 541 Insured mutual savings banks: 1938—Dec 31 972 461 511 280 232 1,012 1 012 48 I939—Dec 30 . 1,329 605 724 422 303 1,409 1 409 51 1 1 9 9 4 4 0 1 — — D D e e c c . 3 3 1 12 1 1 , , 6 6 5 9 5 3 6 64 3 2 7 1 1 , , 0 0 1 5 8 0 5 6 4 2 8 9 4 4 7 2 0 1 1 1 ,7 8 8 1 9 8 1 1 8 7 1 8 8 9 5 5 3 2 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 I945—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 I945—June 29 . . .. 11,453 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 1945—June 29 5,671 1,224 4,447 3,777 671 5,302 5,302 350 For footnotes see p. 1258. NOVEMBER 1946 1259 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 dollars] Loans Investments Com- p L u o rc a h n a s s f i o n r g U. S. Government obiigationa Obli Total 32" or carrying ga- Cla c s a s l a l o n f d d a b te ank i m n lo a v e n a e n n d s t s t s - Total o m c i k p i l n n a u e e g - r t n d - - - A t c u u g r l r - - i- b T e r s o r e o s k cu - ri o t T i t e h o s - l R 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 -O lo t a h n e s r Total Total Bills o c C t f a i f e t i i e r n - - s - Di N re o c t t es Bonds G t a e u n e a - d r S p s t a o t c i u o a n l o a b i f t d l n t e - i s s O s ri e t t h c ie u e s r pa- deal- ers debt- diviperi ers ed- sions ness All Insured commercial banks: 1940—Dec. 31 . 42,556 18,394 7,1781,281 663 727 4,468 4,077 24,161 17,063 662 2,756 9,9253,719 3,608 3,491 1941—Dec. 31.. 49,288 21,258 9,2141,450 614 662 4,773 4,545 28,030 21,046 988 3 150 12,7974,102 3 65131333 1942—Dec. 31 66,240 18,903 7,7571,642 950 597 4,6462,260 1,04247,336 40,705 4,462 6,727 5,79020,9992,718 3,533 3,'098 1943—Dec. 31 . 83,507 18,841 7,7771,5051,414 922 4,4371,868 918 64,666 58,683 4,636 13,218 7,67230,6562,501 3,287 2,696 1944—Dec. 30 . 103,382 21,352 7,9201,7232,2602,265 4,3431,888 944 82,030 75,875 3,971 15,30015,77839,848 978 3,422 2,733 1945—June 30 . 112,353 23,376 7,5011,6323,1133,6014 413 2,108 1,00888,978 82,401 2,831 17,20416,45445,870 433,684 2,892 Dec. 31.. 121,809 25,765 9,4611,3143,1643,6064 677 2,361 1,18106,043 88.912 2,45519,07116,04551,321 22 3,873 3,258 1946—June 29.. 117 409 26 791 10,3341,3662,4172,6565 7383,0691,21190,618 82,977 1,220 17 637 12,00452,092 24 3,973 3,668 Member banks, total: 37 126 15 321 6,660 865 642 652 3 228 3,273 21,805 15,823 652 2,594 9,0913,486 3,013 2,970 11 1 99 9 44 4 10 2 —— — DD D ee e cc c .. . 33 31 112. .. 4 5 3 9 5 26 2 3 1 1 1 8 6 0 08 2 8 1 8 7, , 3 6 8 7 7 1 1,0 9 8 72 9 9 5 3 9 4 4 5 5 9 3 8 8 3 3 4 4 9 2 4 3 1,84 3 7 ,692 870 4 2 3 5, , 5 17 0 5 0 1 5 9 7 . , 5 5 3 4 0 6 4,3 9 6 71 3 6,285 3 5 , , 0 4 0 0 7 0 1 1 1 8[9 7 4 29 8 3 2 , , 8 5 3 4 2 0 3 2 1 , 0 9 9 6 ( 5 2 2^ ,8 6 7 6 1 4 1943—Dec. 31. . 74 258 16 288 7 421 1,0231,308 839 5 274 1,484 848 57 970 52,948 4,360 12,071 6,90627,265 2,345 2,720 2,294 1944—Dec. 30 . 91 560 18 676 7 531 1,1982,2492,1083 209 1,505 877 72 893 67,685 3,74813,982 14,12734,927 902 2,857 2,350 1945—June 30 . 99 426 20 588 7 095 1,1253,0893,4073 248 1,688 934 78 838 73,239 2,633 15 584 14,72340,266 33 3,102 2,497 Dec. 31.. 107 18^ 22 775 8 949 855 3,1333,3783 455 1,900 1 10484 408 78,338 2,275 16 985 14 271 44,792 163,254 2,815 1946—June 29.. 102 032 23 302 9 685 877 2,3952,4804 267 2,4641 133 78 729 72 272 1,072 15 292 10 467 45,420 20 3,307 3,151 Sept. 30P. 99 701 24 774 74 077 68 228 3,616 3,082 New York City*: 1940—Dec. 31 . 10 910 3 384 2 125 6 46 S 190 130 4>8 7 527 6 044 207 1 245 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 3 652 670 729 830 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 I 071 593 701 1943—Dec. 31 . 19 904 4 428 2 515 24 1,054 323 107 252 153 15 566 14 563 1,328 3 409 1 820 7 014 984 444 558 1944—Dec. 30.. 24 003 5 760 2 610 30 1,742 859 86 253 170 18 243 17 179 913 3 740 3 745 8 502 189 468 596 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 18 800 17 574 477 3 433 3 325 10 337 1 606 629 1946—Tune 29 23 304 6 506 3 169 852 798 83 378 226 16 708 15 646 201 2 980 2 220 L0234 1 53 S 618 Sept. 30P. 21 972 6 258 15 714 14 410 693 611 Chicago:1 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 1 430 256 153 903 110 182 193 1942—Dec. 31 . 3 973 832 658 6 34 32 23 62 18 3 141 2 780 397 637 391 1 282 83 166 186 1943—Dec. 31.. 4 554 004 763 6 102 52 22 45 14 3 550 3 238 199 877 484 602 74 158 155 1944—Dec. 30 . 5 443 1 184 738 17 163 163 24 45 34 4 258 3 913 250 1 045 770 800 31 160 185 1945—June 30 5 730 250 671 13 159 299 23 50 34 4 480 4 130 127 1 253 814 036 154 196 Dec. 31.. 5 931 1 f333 760 2 211 233 36 51 40 4 508 4 213 133 1 467 740 864 181 204 1946—June 29.. 5, 167 329 804 1 188 185 43 76 32 3,837 3 485 14 1,042 529 900 153 200 Sept. 30?. 4,972 370 3 602 3 260 148 194 Reservedly banks: 1940—Dec. 31 13 013 5 931 2 589 263 115 207 436 1, 522 7 081 5 204 103 771 3 281 040 984 893 1941—Dec. 31 15,347 7,105 3 456 300 114 194 527 1,512 8 243 6 467 295 751 4 248 173 956 820 1942—Dec. 31 . 20 915 6, 102 2 957 290 97 153 . t486 808 312 14 813 3 038 ,441 2 253 1 723 6 810 811 954 821 1943—Dec. 31 . 27,521 6,201 3 058 279 217 267 420 658 301 21 321 9 682 ,802 4 691 2 407 9 943 749 913 726 1944_Dec. 30 . 33,603 6,822 3 034 348 311 777 379 660 313 26,781 25 042 ,704 5,730 5, 181 11 087 440 1,000 740 1945—June 30 . 36 572 7,155 2 883 304 371 1.147 378 757 315 29,417 7 523 .320 6 598 5,680 13 906 10 1.100 794 Dec. 31.. 40, 108 8,514 3 661 205 427 1.503 459 855 404 1,504 9 552 ,034 6,982 5,653 15 878 5 1,126 916 1946—June 29. . 37,675 8,862 3,932 197 321 1,142 t743 ,073 453 8.813 6 585 410 6,038 4,014 16,116 7 ,194 ,034 Sept. 30P. 36,705 9,813 6,802 4 613 , 269 ,009 Country banks: 1940—Dec. 31.. 10,826 5,300 453 590 21 201 644 1 itoo 5,517 3 269 45 433 2,081 710 , 1461,102 1941—Dec. 31. . 12,518 5,890 676 650 20 183 823 l!530 6,628 4 377 110 481 2,926 861 222 1942—Dec. 31.. 16,410 5,038 226 772 17 161 [797 674 393 1,380 9 172 671 1,251 1,240 5,436 574 ,252 956 1943—Dec. 31 22,188 4,654 084 713 25 197 725 528 381 7,534 5 465 ,032 3,094 2,096 8,705 538 ,214 855 1 1 9 9 4 4 5 4 — — T D u e n c e . 3 3 0 0 3 2 1 8 , , 3 52 6 0 8 4 5, ,0 1 1 1 0 4 1 1 6 4 2 9 8 7 0 5 2 5 3 3 2 2 3 42 1 2 0 f 7 77 1 1 9 5 6 4 1 7 1 3 36 5 2 1 3 6 , , 6 2 1 5 0 3 4 1 0 5 0 5 4 2 8 7 8 6 2 2 3 4 , , 4 1 6 0 6 4 4 4 , , 6 42 1 2 3 1 1 2 4 , , 5 50 4 4 0 24 2 1 1 , ,2 2 8 3 1 0 8 8 2 7 9 8 1946— D Ju e n c e . 3 29 1 . . . . 3 35 5 . .0 8 0 8 2 6 5 6 , , 5 6 0 0 6 5 1, 4 7 8 8 4 1 6 6 4 7 8 9 4 3 2 4 4 3 7 5 1 4 f 8 3 8 9 1 8 9 7 3 0 7 7 3 4 6 2 3 2 9 9 , , 4 2 0 8 7 1 6 6 . , 9 5 0 5 0 6 6 44 3 7 0 5 5 , ,2 1 3 0 1 2 4 3, ,5 6 4 9 4 6 1 17 6 , ,7 1 1 7 3 0 1 9 2 , , 4 34 2 2 6 , ,2 0 0 6 9 7 Sept. 3QP. 36,052 7,333 8,718 5 945 ,506 ,268 Insured nonmember commercial banks: 1940—Dec. 31.. 5,429 3,074 518 416 21 75 240 803 2,356 1,240 10 162 834 234 505 521 1 1 9 9 4 4 2 1 — — D D e e c c . . 3 3 1 1. . . . 6 5, ,9 7 8 7 4 4 3 2 , ,8 2 1 4 8 1 3 5 7 4 0 3 4 5 7 5 8 3 2 1 0 6 6 5 4 9 > 2 2 8 2 2 5 422 854 173 2 4 , , 5 1 3 6 3 6 3 1 , 5 1 0 6 0 2 9 1 0 7 442 3 1 0 5 0 2 2 1 , ,0 0 6 5 9 3 2 1 7 7 1 0 5 56 6 0 3 4 4 6 3 2 5 1943—Dec. 31. . 0,258 2,556 356 482 16 82 165 385 70 6,702 5 730 276 1,147 766 3,305 156 560 403 1944—Dec. 30. . 11,824 2,678 389 525 21 156 136 383 67 9, 14*6 8 107 223 1,310 1,652 4,028 76 566 383 1945—June 30 . 12.040 2,700 406 506 24 193 167 420 74 0, 150 0 170 108 1,620 1,731 5,611 10 584 396 Dec. 31.. 14,630 2,902 512 450 31 228 224 460 77 1,647 0,584 180 2,087 1,774 6,538 6 610 443 1946—June 29.. 15,392 3,491 640 488 21 176 473 605 70 1,901 0,716 147 2,346 1,538 6,682 4 667 518 p Preliminary. * 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." » Central reserve city banks. 1260 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 e e v n t v e - - h e k r e s a s l v C a i a n u s l h t m b a w B a n d e n a o i c s k l t - e t - h s i s c * j m p u D o a d s a e d t s e n e - i - - t d d s 5 m D e I s n d o t t e - i e c p r 4 o b s a i F e n t i s o k g r n - U m G er . o e n v n 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 a f e e e e i f n t e f r c c r i d t d s k . - i ' s - , p a v n s a I p t i h r n i d 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 e k r- P m U G S e i a o n r . a o n e S n s g v v n d t . - s - a - t l v S p s i a i u s o t c n i a b l a o d i t d l t e n - i s s - p a v n s a i p I t d h r d i n o o t i u d n r 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 a u c p l - n i- t! All Insured commercial banks: 1940—Dec. 31. . 13,992 1,234 8,202 33,820 9,677 702 666 3,298 971 32,398 160 69 522 14,998 11 ,673 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 t,841 1942—Dec. 31. . 13,072 1,305 9,080 48,22110,234 813 8,167 3,996 1,219 47,122 97 61 397 15,697 10 1r.055 1943—Dec. 31. . 12,834 1,445 8,445 59,921 9,743 893 9,950 4,352 1,669 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 4,698 1,240 65,494 66 105 482 26,346 65 8,340 Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8.671 1946—June 29. . 15,999 1,471 9,102 78,28110,584 1,346 12,941 5,807 2,320 75,391 77 107 552 31,487 83 5,068 Member banks, total: 1940—Dec. 31. . 13,992 991 6,185 30,429 9,581 700 616 2,724 913 29,576 141 56 435 11,687 3 5,698 1941—Dec. 31* . 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 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 6,96« 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 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 5*89 1946—June 29. . 16,001 1,141 5,772 67.46110,391 1,339 12,009 4,826 2,179 65,589 72 101 447 25,568 72 7,920 Sept. 30P. 67,203 New York City:* 1940—Dec 31 7,057 102 122 11,062 4,032 641 48 370 471 11,357 e 51 768 ,615 X 1 1 X1 ^ ^ 9 9 9^ A* 4 4 4 i V 1 3 2 / — — X-^\ J - D VD _ D * ^ # \ — e e e \J W c c c X » . . ' * * • 3 3 3 J X 1 1 1 • . . . • . 3 5 4 ! * , 1 3 5 0 8 9 5 5 6 9 9 7 3 2 2 1 6 8 4 1 2 1 1 1 13 1 0 , , , 8 8 7 9 9 6 9 9 1 3 3 2 , , , 2 5 8 0 9 6 9 5 7 6 8 7 0 1 3 7 0 3 3 4 , 3 8 1 9 8 6 5 6 6 3 2 25 1 6 2 9 3 4 4 7 4 5 1 8 0 0 1 1 1 1 2 4 , , 5 3 2 0 7 8 1 3 2 3 4 5 2 2 2 9 3 6 8 7 7 1 1 7 6 1 8 29 • ^ 6 7 4 2 8 7 1944—Dec. 30. . 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 !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 2,17« Sept. 30P 16,657 Chicago:3 1940 Dec 31 1,05: 42 319 1,941 997 8 90 174 27 1,905 e 8 496 278 X1 ^ 9x.4\J 1—X—*DV-\^«e KcJ X. •31.. 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 2 1 505 326 1944 Dec 30 899 43 177 3,041 1,132 16 1,400 167 33 3,100 1 619 354 1945 Tune 30 929 33 180 3,152 1,174 19 1,499 193 29 3,12^ 1 663 361 Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 37T 1946—June 29. 870 26 162 3,189 1,047 24 789 262 37 3,153 2 1 779 394 Sept. 30P 3,335 Reserve city banks 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 11,144 286 11,127 104 20 243 4,542 1^967 1942—Dec. 31. 4,940 365 2,202 14,849 4,831 63 1,982 11,319 385 15,061 63 22 169 4,805 1 2,028 1943—Dec. 31. 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2 13S 1944—Dec. 30. 5,687 441 2,005 20,267 5,421 70 6,157 11,509 488 20,371 33 40 154 7,561 2^327 1945_June 30. 5,882 396 2,029 20,682 5,510 90 7,655 1L.516 422 20,559 31 39 166 8,529 3 2J 45® Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 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 Sept. 30P 23,601 Country banks: 1940—Dec. 31* 1,857 452 3,002 7,845 633 2 151 1,184 187 6,846 29 33 150 5,917 1,909 1941—Dec. 31. 2,210 526 3,216 9,661 790 'A 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 2,042 1943—Dec. 31. 3,303 611 3,474 17,039 994 t 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 2.52S 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 Sept. 30? 23,610 Insured nonmember commercial banks: 1940—Dec. 31. 243 2,017 3,391 95 50 574 58 2,822 18 13 87 3,311 8 975 1941—Dec. 31. . 271 2,325 4,092 108 53 611 68 3,483 18 8 74 3,276 6 956 1942—Dec. 31. . 287 2,934 5,651 133 243 678 76 4,983 10 : 65 3,339 955 1943—Dec. 31. 313 2,996 7,279 141 2 506 750 96 6,518 6 t 68 3,750 6 979 1944—Dec. 30. . 352 3,434 8,652 182 1,245 775 103 7,863 6 t 76 4,553 10 1,022 1945— D ju e n c e . 3 31 0 . . . 3 3 9 2 1 4 3 3, , 9 4 5 7 9 3 1 8 0 , , 9 5 1 3 5 7 2 1 3 5 3 3 13 c 1 1, , 5 5 6 1 0 1 8 8 5 2 8 0 1 13 0 5 1 9 8 , , 6 0 4 7 3 8 6 c 1 I 9 9 0 7 5 5 , , 5 10 7 5 9 13 1 1 , , 0 0 8 6 3 5 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. NOVEMBER 1946 1261 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 i m n l a o v e n a n e d n s t s s t- Total i t c n a r i i d n a a d 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 l R s o e t a a a n l t s - e b L a o t n a o 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 l o i o . g b v a S - - t . . O c s u t e h r - i e - r G U l o i o g b . a v S - - t . .O cu th ri e - r d n e e e d b s - t s tions ties tions ties Total—101 Cities 1945—September 1,765 2,761 6,096 1,396 8501,390 3981,060 981,47349,004 5,655 ,259 10,258 9,301 24,837 3,349 1946—May 4,124 4,899 7,468 1,351 758 ,713 445 ,213 84 ,86749,225 [5,840 ,106 10,436 6,854 !7,444 ,385 June 2,612 4,812 7,506 1,296 7311,597 450 ,258 95 ,87947,800 t4,425 ,014 9,648 6,636 !7,127 ,375 July 50,749 4,878 7,827 1,062 731 ,432 462 ,306 139 ,91945,871 2,421 882 9,665 4,989 !6,885 ,450 August i9,927 4,992 8,336 823 608 ,287 454 ,352 164 ,96844,935 :1,487 762 8,825 4,871 !7,029 ,448 September 19,198 5,318 8,841 845 5321,125 427 ,395 1232,03043,880 693 7,756 4,782 !7,17O ,479 tO, 401 July 31 50,662 4,912 8,018 932 ,355 482 ,332 189 ,93245,750 773 9,605 4,955 !6,936 ,481 :2,269 Aug. 7 19,786 4,877 8,136 861 ,328 452 ,338 133 ,96244,909 1,454 667 8,908 4,908 16,971 ,455 Aug. 14 9,910 4,992 8,295 840 616 ,300 452 ,349 177 ,96344,918 1,460 760 8,832 4,853 :7,01S ,458 Aug. 21 50,030 5,021 8,416 783 586 ,269 ,356 174 ,97045,009 1,571 862 8,797 4,870 7,042 ,438 Aug. 28 59,983 5,078 8,496 807 564 ,252 ,367 172 ,97644,905 1,463 758 8,762 4,854 17,089 ,442 Sept. 4 59,096 5,177 8,607 834 552 ,217 436 ,377 1532,001 43,919 0,492 581 8,011 4,808 !7,O92 ,427 Sept. 11 19,212 5,186 8,765 794 534 ,138 428 ,386 1112,03044,026 0,595 810 7,847 4,789 149 ,431 Sept. 18 19,408 5,366 8,925 851 5431,078 425 ,405 962,043 44,042 r0,525 805 7,726 4,787 207 ,517 Sept. 25 19,074 5,543 9,070 '899 '497 ,067 421 ,412 1322,04543,531 19,990 576 7,441 4,743 230 ,541 Oct. 2 58,108 5,477 9,164 786 467 ,037 418 ,424 127 42,631 19,088 679 6,547 4,634 228 ,543 Oct. 9 8,170 5,492 9,381 637 436 994 4071,435 1272,07542,678 19,187 734 6,621 4,574 258 ,491 Oct. 16 18,317 5,631 9,547 638 428 973 410 ,445 1122,07842,686 !9,230 857 6,618 4,521 234 ,456 Oct. 23 18,768 5,732 9,622 658 412 940 4131,458 1232,106 43,036 19,619 ,233 6,701 4,452 7,233 ,417 New York City 1945—September 21,591 5,397 2,295 1,135 628 597 183 67 83 409 6,194 4,965 280 2,811 3,019 8,855 ,229 1946—May 21,993 5,962 2,925 1,059 525 599 205 64 72 513 6,031 5,008 356 2,768 2,155 9,729 ,023 June 21,507 5,789 2,891 1,028 500 543 203 64 83 477 5,718 4,689 396 2,669 2,067 9,557 ,029 July 20,690 5,675 2,967 860 491 484 210 63 124 476 5,015 3,935 233 2,876 1,420 9,406 ,080 August 20,148 5,517 3,165 644 404 419 204 64 132 485 4,631 3,545 160 2,541 1,391 9,453 ,086 September 19,870 5,563 3,346 660 341 370 178 67 99 502 4,307 3,187 158 2,132 1,398 9,499 ,120 July 31 20,644 5,630 3,036 758 453 448 232 64 165 474 5,014 3,912 121 2,941 1,396 9,454 ,102 Aug. 7 20,075 5,497 3,093 679 443 437 204 64 94 483 4,578 3,486 93 2,571 ,388 9,434 ,092 Aug. 14 20,117 5,538 3,145 667 409 424 203 63 141 486 4,579 3,490 137 2,527 ,389 9,437 ,089 Aug. 21 20,211 5,519 3,197 599 395 411 218 63 148 48814,692 3,611 253 2,516 ,376 9,466 ,081 Aug. 28 20,189 5,514 3,223 629 371 404 192 64 148 483 4,675 3,592 155 2,551 ,412 9,474 ,083 Sept. 4 19,757 5,543 3,263 645 366 393 184 64 136 49214,214 .3,138 91 2,192 ,387 9,468 ,076 Sept. 11 19,861 5,493 3,319 607 343 380 180 64 99 501 4,368 3,289 232 2,169 ,388 9,500 ,079 Sept. 18 19,922 5,559 3,370 663 345 360 176 70 73 502 4,363 3,214 199 2,099 ,405 9,511 ,149 Sept. 25 19,940 5,657 3,433 726 309 349 171 69 512 4,283 3,108 111 2,066 ,414 9,517 ,175 Oct. 2 19, 5,528 3,464 603 290 338 170 70 50514,085 .2,895 269 1,756 1,344 9,526 ,190 Oct. 9 19,552 5,468 3,539 484 268 324 161 70 107 51514,084 .2,944 251 1,855 1,322 9,516 ,140 Oct. 16 19,492 5,483 3,588 479 258 317 162 70 96 51314,009 .2,907 254 1,866 1,297 9,490 ,102 Oct. 23 19,863 5,506 3,574 510 256 304 168 71 107 14,357 .3,280 639 1,923 1,299 9,419 ,077 Outside New York City 1945—September 40,174 7,364 3,801 261 222 21! 993 1,06432,810 30,690 979 7,447 6,282 15,982 2,120 1946—May 42,131 8,937 4,543 292 1,114 2401,149 1,35433,194 30,832 750 7,668 17,7152,362 June 41,10.r 9,023 4,615 268 2311,054 2471,194 1,40232,082 29,736 618 6,979 17,5702,346 July 40,059 9,203 4,860 202 240 948 2521,243 1,44330,856 28,486 649 6,789 3,569 17,4792,370 August. . . . 39,779 9,475 5,171 179 204 868 2501,288 1,48330,304 27,942 602 6,284 3,480 17,576 ,362 September. 39,328 9,755 5,495 185 191 755 2491,328 1,52829,573 27,214 535 5,624 3,38417,6712,359 July 31. 40,018 9,28: 4,982 174 219 907 2501,268 1,45830,736 28,35' 652 6,664 3,559 17,4822,379 Aug. 7 39,711 9,380 5,043 182 224 891 2481,274 1,47930,331 27,968 574 6,337 3,520 17,5372,363 Aug. 14 39,793 9,454 5,150 17 20 876 2491,286 1,47730,339 27,970 623 6,305 3,464 1'7^,5782,369 Aug. 21 39,819 9,502 5,219 184 191 858 2491,293 1,48230,3r 27,960 609 6,281 3,494 17,5762,357 Aug. 28 39,794 9,564 5,273 178 193 848 25: 1,303 1,49330,230 27,871 603 6,211 3,44 17,6152,359 Sept. 4. . 39,339 9,63 5,344 189 186 824 2521,313 1,50929,705 27,35 490 5,819 3,421 17,62 2,351 Sept. 11. . 39,351 9,693 5,446 187 191 758 2481,322 1,52929,658 27,306 578 5,678 3,401 17,6492,352 Sept. 18. . 39,486 9,80: 5,555 188 198 718 2491,335 1,54129,679 27,311 606 5,627 3,382 17,6962,368 Sept. 25. . 39,134 9,88( 5,63 »173 188 718 2501,343 1,53329,248 26,882 465 5,375 3,329 17,7132,366 Oct. 2 38,49! 9,94< 5,700 18 177 699 2481,354 1,54928,54< 26,192 41C 4,791 3,29017,7022,353 Oct. 9 38,61J 10,02' 5,842 153 168 670 2461,365 1,56028,594 26,242 483 4,766 3,252 17,7422,351 Oct. 16 38,82! 10,14! 5,959 159 170 656 2481,375 1,56528,67^ 26,322 603 4,752 3,22 17,7442,354 Oct. 23 38,90! 10,22i 6,048 14! 156 636 1,387 1.59C28,67 26,33' 594 4,778 3,15c 17,8142,340 r Revised. 1 Direct and guaranteed. Back figures.—See Banking and Monetary Statistics, pp. 127-227. 1262 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 Reserves Bal- De- Indi- Indi- Domestic Date or month s w F B e R e e r a i r e a t d v n h - l - e ks C a a i u n s l h t m a ) w n d a e i o c n s t - e h k ti s s c m p u a o d 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 a t - - - s - , - , S p s d s a i o i t u c i o n a v l b a d n i 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 c d i t d s . - k i ' - s, m U G er . o e n v n S - - t . s p p u v n c a h o a a o i e n i d r r l p r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l b a d n i t i - l t e - s - s P U m G S e i a o n . r a o n e s g n v v d n S t s - - - a t . l m D a e b n - d anks Time 3 F e a i o g n r n k - s r B i o n o w g r s - - C o i a t a u c a p n - l - ts B d i e a ts l il ) k tions tions Total—101 Cities 1945—September . 0,129 570 2,175 8,748 8,894 1,882 1 009 0,074 8,968 111 43 9, 741 32 1,085 348 4,862 57, 165 1946—Mav 0,083 562 2,155 8,502 8,350 2,403 1 306 1,864 9,769 129 49 9,368 28 1,265 139 5,124 65,732 June .. o,217 595 2,139 9,592 9t564 2,404 1 336 257 9,910 124 53 9,266 28 1,268 165 5 ,141 69,360 July o,159 585 2,171 9,282 9,479 2,260 1 295 l\397 9,985 134 55 9,409 27 1,268 206 5', 168 70,907 August.... o,181 597 2,143 9,155 9,264 2,223 1 156 6,607 0,066 144 58 9,368 27 1,287 220 5,194 65,985 September . o,228 618 2,109 9,57839,846 2,235 1 195 5,421 0,093 150 58 9,298 28 1,321 207 5,211 64,442 July 31.... o,221 580 2,175 9,362 39,508 2,274 1 220 7,299 0,020 139 55 9,347 27 1,273 253 5,180 15,661 Aug. 7.... o,280 580 2,102 9,06938,867 2,232 1 151 6,586 o,051 141 56 9,409 28 1,259 232 5,190 14,994 Aug. 14.... o,194 608 2,230 9,07839,593 2,209 1 242 6,622 0,064 143 56 9,537 27 1,280 237 5,194 14,068 Aug. 21.... o,162 581 2,134 9,17039,322 2,206 1 148 6,664 0,075 145 58 9,314 27 1,296 230 5,193 15,080 Aug. 28.... o,087 617 2,107 9,30339,273 2,245 1 085 6,556 0,075 145 60 9,214 28 1,313 183 5,197 13,753 Sept. 4.... o,201 589 2,028 9,43739,415 2,264 1 173 5,354 0,075 147 59 9,285 28 1 307 288 5,211 13,484 Sept. 11.... 0,201 656 2,111 9,61940,088 2,209 1 231 5,408 0,084 149 59 9,395 28 1330 162 5,209 14,663 Sept. 18.... o,342 617 2,213 39 76740,279 2,236 1,200 5 442 0,092 150 56 9,499 28 1 331 162 5,218 17,604 Sept. 25 o,169 613 2,08339,49239,603 2,232 1,176 5,482 0,120 152 58 9,010 27 1 316 215 5,208 15,568 Oct. 2.... o,242 576 2,113 39,23739,418 2,370 1,269 4,680 0,133 153 58 9 258 28 1 304 145 5,226 16,821 Oct. 9.... 10,146 617 2,09239 27739,314 2,229 1,093 4 559 0 156 148 59 9 206 27 1 294 209 5,234 14 531 Oct. 16.... 10,202 591 2,241 ^9 26740 522 2,198 1,101 4 588 0,161 149 58 9 552 28 1 291 179 5,227 15,156 Oct. 23.... 9,961 623 2,128 39 69040,029 2,185 1,101 4 639 0 162 146 59 9 216 27 1 308 149 5,234 16,398 New York City 1945—September . 3,671 86 24 14 198 14 541 168 618 4 005 1 119 20 10 2 941 1 971 122 1,869 26 534 1945—May 3,718 88 2713 96514 290 279 797 4 425 1 197 21 8 2 990 1 125 34 1,965 30 408 June . .. 3,761 96 2814 44614 823 240 824 3 408 1 250 18 8 2 988 1 117 67 1,966 32 439 July 3,704 96 2714 31714 753 223 775 2 659 1 231 16 2 974 1 116 117 1,974 32 667 August.... 3 727 97 2614 17214 523 211 661 2 331 1 255 16 2 878 1 132 129 1,982 28 127 September . 3 763 109 2914 35114 748 194 685 1 863 1 258 16 2 911 1 171 95 1,982 27 864 July 31.... 3 677 92 26 14 309 14 727 242 712 2 599 1 248 15 7 2 910 1 1 119 169 1,981 7 160 Aug. 7... 3 778 94 2114 15714 412 219 606 2 328 1 253 16 2 886 1,107 133 1,983 6 713 Aug. 14... 3 730 100 2914 13114 602 215 747 2,337 1 255 17 2 915 1,124 119 1,985 5 884 Aug. 21... 3 745 92 2614,208 14 552 210 682 2,352 1 256 16 | 2 872 1,140 142 1,981 6 273 Aug. 28... 3 654 10 2914,19114 527 198 611 2,305 1 256 16 2,841 1,157 123 1,977 5 710 Sept. 4... 3,80 98 2614,314 14,621 189 672 1,847 1,252 16 2,872 ; 1,153 151 1,985 5 911 Sept. 11... 3,66 12 2914,29 14,776 173 716 1,867 1,252 16 2,917 1,181 68 1,983 6 207 Sept. 18... 3,82 10 3414,379 14,844 208 665 1,863 1,254 16 3,023 1,182 50 1,982 7 863 Sept. 25... 3,75 10 2 14,415 14,752 204 687 1,873 1,273 18 2,833 1,169 111 1,979 6 384 Oct. 2... 3,77 10 2 14,30 14,65 29 774 1,60 1,27 18 2,956 1,15 93 1,989 7,568 Oct. 9... 3,73 10 2 14,32 14,61 22. 60 1,55 1,27 18 2,869 1,144 91 1,991 6,360 Oct. 16... 3,72 10 3 14,24 14,87 23. 599 1,56 1,27 18 2,888 1,142 81 1,988 6.341 Oct. 23... 3,55 10 2 14,54 14,83 240 636 1,57 1,263 18 2,817 1,148 43 1,989 6,797 Outside New York City 1945—September 6,45 48 2,15 24,55 24,35 1,71 39 6,06 7,849 9 3 6,800 3 114 226 2,993 30,631 1946—May 6,36 47 2,12 24,53 24 060 2,124 509 7 43 8,57 108 4 6,378 2 140 105 3,159 35,324 June 6,45 49 2,11 25,14 24,74 2,164 512 5,84 8,660 106 4 6,278 2 15 98 3,175 36,921 July 6,45 48 2,14 24,96. 24,726 2,03 520 4 73 8,754 118 4 6,435 26 15 89 3,194 38,240 August. . . 6,45 50 2,11 24,98 24,74 2,012 495 4,27 8,81 128 5 6,490 26 155 91 3,212 37,858 September 6,46 50 2,08 25,22 25,09 2,04 510 3,55 8,83 13 5 6,38 2 150 112 3,229 36,578 July 31... 6,54 48 2,14 25,05 24,78 2,032 508 4,70 8,77 124 4 6,43 26 154 84 3,199 8,501 Aug. 7... 6,50 48 2,08 24,91 24,455 2,013 545 4,25 8,79 125 4 6,52. 2 15 99 3,207 8,281 Aug. 14... 6,46 50 2,20 24,94 24,99 1,994 495 4,28 8,80 12 4 6,622 26 15 118 3,209 8,184 Aug. 21... 6,41 48 2,10 24,96 24,770 1,996 466 4,31 8,81 129 5 6,44 26 15 88 3,212 8,807 Aug. 28... 6,43 51 2,07 25,11 24,74 2,04 474 4,25 8,81 12 5 6,373 2 15 60 3,220 8,043 Sept. 4... 6,39 49 2,00 25, 12 24,79 2,075 50 3,50 8,82 13 5 6,41 2 15 13 3,226 7,573 Sept. 11... 6,53 53 2,08 25]32 25,31 2,03 515 3,54 8,83 13 5 6,478 2 14 94 3,226 8.456 Sept. 18... 6,51 50 2,17 25,38 25,43 2,02 53 3,57 8,83 13 4 6,47 2 14 11 3,236 9,741 Sept. 25... 6,41 50 2,05 25,07 24,85 2,02 48 3,60 8,84 13 5 6,17 2 14 10 3,229 9,184 Oct. 2... 6,47 47 2,08 24,93 24,76 2,07 49 3,07 8,86 13 5 6,30 2 14 5 3,237 9,253 Oct. 9... 6,41 50 2,06 24,94 24,69 2,00 49 3,00 8,88 13 5 6,33 2 15 11 3,243 8,171 Oct. 16... 6,47 49 2,21 25,02 25,64 1,96 50 3,02 8,88 13 5 6,66 2 14 9 3,235 8,815 O KJ c C t. I . 2 Z 3 J ... 6 U.,^4I1VJ 5 O 1 J.O 2z,,0u9yy2z5o,,1i4t/ 2z5o,,1iy9/ i1 ,, 9y4<±o 4 f 6 uo 3 o , , 0 u 6 ui 8 o , , 8 o 9 yy 1 ± 2 z.o 5 JZ 6 u , , 3 jy 9 y 2 z.u 1 ± 6 v\ 10 3,245 9,601 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts 1263 NOVEMBER 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 mer- Federal Reserve loans cial, To brokers Cer- Other district and date n a v n e d st- Total i t n ri d a u l s , - and dealers To others e R s e t a a l t e Lo t a o nsOther Total c t a i t fi e s r s i e t c ie u s ments and loansDanksloans Total Bills of in- Notes Bonds1 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 u t i h e r s i e - r U l t ^ o i i g o . b o S a - v n . - t s .O c t s u t i e h e r - s i e - r d n e e e b d s t - s - Boston Sept. 25 945 880 554 '34 31 14 83 141 2,065 1,965 42 292 180 1,451 100 Oct. 2 909 882 565 32 13 27 13 ,84 141 2,027 1,926 36 258 180 1,452 101 Oct. 9 907 877 573 21 12 26 14 85 143 2,030 1,930 39 257 182 1,452 100 Oct. 16 911 879 578 21 12 28 13 85 140 2,032 1,932 37 261 182 1,452 100 Oct. 23 934 894 585 30 11 27 13 86 140 2,040 1,940 41 260 176 1,463 100 New York* Sept. 25 008 6,103 636 730 313 375 192 172 59715,905 4,630 124 2,228 1,590 0,688 ,275 Oct. 2 649 5,978 669 610 293 364 190 173 59115,671 4,380 283 1,880 1,516 0,701 ,291 Oct. 9 592 5,925 3,748 492 271 350 181 174 107 60215,667 .4,427 264 1,975 1,493 0,695 ,240 Oct. 16 540 5,945 3,801 488 261 343 182 174 96 60015,595 4,392 278 1,983 1,468 0,663 ,203 Oct. 23 888 5,969 3,791 516 259 329 188 175 107 60415,919 4,741 642 2,036 1,470 0,593 ,178 Philadelphia Sept. 25 392 638 349 14 27 29 9 47 1 162 1,754 1,552 45 205 211 1,091 202 Oct. 2 344 633 352 12 25 26 9 47 1 161 1,711 1,509 47 166 208 1,088 202 Oct. 9 348 642 361 9 25 26 9 46 5 161 1,706 1,503 46 179 207 1,071 203 Oct. 16 338 647 372 10 24 23 9 45 2 162 1,691 1,486 47 167 205 1,067 205 Oct. 23 333 645 375 9 22 20 9 46 2 1,688 1,481 47 189 164 1,081 207 Cleveland Sept. 25 839 ,182 564 26 29 141 14 202 20 186 3,657 3,374 19 600 379 2,376 283 Oct. 2 782 ,185 569 30 26 135 13 204 20 188 3,597 3,316 31 534 367 2,384 281 Oct. 9 782 1,170 588 26 23 129 13 205 186 3,612 3,332 27 526 360 2,419 280 Oct. 16 784 1,183 602 29 24 120 14 206 188 3,601 3,319 33 520 342 2,424 282 Oct. 23 806 1,180 608 25 21 114 13 209 190 3,626 3,345 37 507 342 2,459 281 Richmond Sept. 25 059 433 217 6 38 9 66 93 1,626 1,540 31 335 136 1,038 86 Oct. 2 014 434 218 6 37 9 66 94 1,580 1,493 28 315 136 1,014 87 Oct. 9..' 021 440 223 6 37 9 66 94 1,581 1,494 27 310 133 1,024 87 Oct. 16 034 448 228 5 37 9 67 95 1,586 1,498 24 309 133 1,032 Oct. 23 026 449 231 5 37 9 69 95 1,577 1,489 19 303 130 1,037 Atlanta Sept. 25 037 513 275 72 21 38 95 1,524 1,366 3. 356 170 80' 158 Oct. 2 993 518 278 72 21 39 97 1,475 1,317 17 319 165 816 158 Oct. 9 016 526 284 72 21 39 99 1,490 1,327 26 321 166 814 163 Oct. 16 032 538 293 70 21 40 101 1,494 1,330 27 319 169 815 164 Oct. 23 044 553 305 70 21 40 105 1,491 1,328 18 326 169 815 163 Chicago* Sept. 25 ,496 2,022 ,293 114 69 224 200 6,474 5,912 101 1,253 671 3,887 562 Oct. 2 ,297 2,034 ,304 112 69 227 201 6,263 5,708 66 1,067 666 3,909 555 Oct. 9 ,351 2,052 ,335 108 67 229 202 6,299 5,746 108 1,051 66: 3,925 553 Oct. 16 ,430 2,071 ,354 107 68 231 204 6,359 5,811 184 1,044 3,930 548 Oct. 23 ,469 2,081 ,377 102 68 233 206 6,388 5,849 198 1,070 3,933 539 5/. Louis Sept. 25 ,878 624 333 42 16 91 129 1,254 1,117 18 123 181 795 137 Oct. 2 ,869 637 344 42 15 92 133 1,232 1,095 14 10J 181 79. 137 Oct. 9 ,868 648 356 41 15 93 133 1,220 1,084 11 102 177 794 136 Oct. 16 ,88 661 368 40 15 94 134 1,221 1,087 20 101 181 785 134 Oct. 23 ,899 668 373 40 15 94 136 1,231 1,098 24 105 185 784 133 Minneapolis Sept. 25 ,222 301 170 21 5 36 66 921 862 13. 643 59 Oct. 2 ,211 301 169 21 5 36 67 910 851 80 12 636 59 Oct. 9 ,216 307 175 20 5 37 67 909 850 78 123 63 59 Oct. 16 ,218 311 177 20 5 37 69 90 848 79 120 637 59 Oct. 23 ,210 317 179 20 5 37 73 893 83. 75 114 63. 58 Kansas City Sept. 25 250 504 31 30 9 56 91 1,579 414 264 866 167 Oct. 2 22. 504 31 29 9 56 9 1,553 386 26: 867 167 Oct. 9 223 508 316 29 9 56 93 1,548 384 263 86' 167 Oct. 16 238 517 320 29 9 58 93 1,721 1,552 38: 264 862 169 Oct. 23 251 521 326 28 9 58 93 1,730 1,561 381 264 86' 169 Dallas Sept. 25 963 702 440 79 31 4' 9 1,261 1,188 329 173 639 73 Oct. 2 942 70 446 76 3: 46 99 1,235 1,166 310 173 641 69 Oct. 9 948 711 452 70 31 48 101 1,237 1,168 306 169 645 69 Oct. 16 958 716 456 70 31 48 102 1,24: 1,173 306 164 650 69 Oct. 23 957 724 464 69 30 48 105 1,233 1,164 306 163 650 69 San Francisco Sept. 25 985 1,641 927 95 32 350 188 5,344 4,905 79 1,224 653 2,949 439 Oct. 2 874 1,66 938 96 33 354 190 5,210 4,774 6- 1,127 658 2,925 436 Oct. 9 898 1,686 970 86 33 357 194 5,212 4,77 92 1,132 639 2,915 434 Oct. 16 952 998 86 34 360 190 5,23 4,802 98 1,14 640 2,917 435 Oct. 23 951 1,008 33 363 197 5,220 4,788 102 1,143 627 2,916 432 City of Chicago* Sept. 25 018 1,351 965 60 48 96 3,66 3,324 68 81 31 2.12C 343 Oct. 2 902 360 973 60 50 97 3,542 ,20 48 706 31 2,12< 341 Oct. 9 945 371 998 58 50 98 3,574 ,23- 8< 69: 317 2,14: 340 Oct. 16 00 1,384 1,015 59 50 98 3,61 3,28i 13 684 313 2,14< 337 Oct. 23 06C 1,391 1,03 59 51 98 3,665 3,34C 155 723 312 2,15C 329 r Revised. 1 Direct and guaranteed. * 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. 1264 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 e se d r a v t e e B s F w e R e a e r i r e a n d t v h - l k - e s C va a i u n sh lt m b a w a n d e i n s c o t t e - k h i s c s j p m u o d a s a t d s e n e i - - t d d s 1 s p u v n c h a a a i o e n i d r l p r r d s t - - - s - , , S p d s a i o t u c i n a v l a b d i t i l t - e - - s c C c h o f a e e i f e n e r f r c d i t d s - k i ' - s, u m G er . o e n v n s - - t . s u p c n h a v a o a n e i i l p d r r r d s - - t s - , - , S p d s a i t o u i c a n v l a t b d i e i l t - - s - P U G m S e a o . r a o n e s n v v d n S t - - 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 C o i a t u a c a p n - l - ts B d it e a s b n * - k pora- sions etc. pora- sions ings tions tions Boston (6 cities) Sept. 25 477 57 114 2,223 2,193 161 37 296 468 304 23 2 296 728 Oct. 2 473 57 121 2,229 2,177 177 44 248 470 308 23 3 297 793 Oct. 9 476 60 116 2,234 2,170 172 35 245 470 299 24 7 297 651 Oct. 16 482 58 116 2,236 2,231 167 41 245 471 306 24 7 297 684 Oct. 23 482 61 112 2,269 2,209 175 36 246 471 290 25 7 298 728 New York (8 cities)* Sept. 25 3,991 142 11115,74915,915 417 732 2,031 1,975 2,901 1,172 116 2,143 6,814 Oct. 2 4,013 137 11815,640 15,820 516 814 1,73' 1,974 3,025 1,160 2,154 8,023 Oct. 9 3,979 145 10915,64515,766 426 640 1,6881,979 2,939 1,147 2,156 6,756 Oct. 16 3,971 135 11915,57516,068 437 642 1,6971,9*1 2,963 1,145 2,152 6,780 Oct. 23 3,788 142 10815,84015,000 416 670 1,7101,968 2,887 1,151 2,154 7,240 Philadelphia (4 cities) Sept. 25 432 32 92 1,805 1 ,870 49 28 254 245 352 11 262 630 Oct. 2 415 31 95 1,787 1,874 45 26 21 245 357 10 263 666 Oct. 9 420 .34 85 1,805 1,841 56 46 208 246 345 11 263 600 Oct. 16 422 32 91 1,755 1,879 49 36 209 246 300 11 263 609 Oct. 23 425 34 84 1,792 1,865 47 27 210 246 342 12 263 606 Cleveland (10 cities) Sept. 25 751 81 199 3,096 3,089 182 52 448 ,320 488 4 489 1,053 Oct. 2 778 76 189 3,116 3,116 185 61 384 ,322 495 5 489 1,065 Oct. 9 756 80 181 3,083 3,077 169 57 376 ,323 490 5 490 864 Oct. 16 753 80 204 3,072 3,186 164 60 379 ,322 534 4 490 963 Oct. 23 769 84 193 3,126 3,157 171 52 384 ,326 493 5 491 1,021 Richmond (12 cities) Sept. 25 346 42 125 1,419 91 28 18 377 395 5 147 486 Oct. 2 346 38 126 1,423 98 30 159 378 404 6 147 495 Oct. 9 352 42 136 1,427 92 26 156 381 424 5 147 456 Oct. 16 357 39 139 1,459 93 29 160 382 441 4 147 493 Oct. 23 347 43 126 1,384 1,422 91 30 163 382 410 9 147 490 Atlanta (8 cities) Sept. 25 369 31 137 1,295 219 14 156 449 443 9 131 464 Oct. 2 368 27 152 1,286 218 15 134 450 458 9 132 474 Oct. 9 371 30 157 1,305 220 18 131 450 472 9 132 452 Oct. 16 366 28 163 1,353 216 17 132 450 493 9 132 493 Oct. 23 376 30 135 1,315 213 16 136 451 477 9 132 558 Chicago (12 cities)* Sept. 25 1,447 93 358 5,436 5,314 516 89 8151,974 1,511 27 624 2,257 Oct. 2 1,467 83 361 5,368 5,279 500 87 68 1,977 1,522 28 627 2,250 Oct. 9 1,416 93 353 5,373 5,275 479 86 67: 1,981 1,517 29 628 1,930 Oct. 16 1,410 89 396 5,382 5,496 464 87 6761,980 1,624 28 627 2,180 Oct. 23 1,413 93 381 5,424 5,418 455 91 1,983 1,606 31 628 2,405 St. Louis (5 cities) Sept. 25 323 23 100 1,116 1,189 65 18 176 369 504 7 142 445 Oct. 2 f... 319 22 103 1,102 1,177 66 20 151 370 531 7 143 464 Oct. 9 335 24 107 1,111 1,187 64 19 147 370 547 7 143 408 Oct. 16 344 22 113 1,120 245 64 24 1*8 371 567 7 143 460 Oct. 23 335 23 106 1,127 1,215 67 17 151 372 557 6 143 502 Minneapolis (8 cities) Sept. 25 .... 205 12 92 723 707 102 ,14 127 229 350 91 355 Oct. 2 211 11 98 729 715 106 14 109 229 35 91 333 Oct. 9 209 11 97 732 720 102 14 106 230 361 92 327 Oct. 16 206 11 97 734 747 100 13 106 230 352 92 333 Oct. 23 206 12 96 738 729 103 13 107 231 349 92 370 Kansas City(12 cities) Sept. 25 .... 443 24 1,512 1,492 176 27 186 312 807 156 546 Oct. 2 450 21 1,488 1,481 176 25 159 313 836 156 516 Oct. 9.... 453 23 1,489 1,488 167 24 156 313 831 157 473 Oct. 16 467 22 276 1,528 1,558 165 23 156 313 838 157 521 Oct. 23 436 24 273 1,508 1,518 174 23 162 314 833 157 625 Dallas (9 cities) Sept. 25 ... 392 26 207 1,470 1,475 96 27 157 292 516 149 477 Oct. 2 400 24 208 1,465 1,461 107 23 13 293 529 149 436 Oct. 9 393 26 217 1,474 1,470 106 23 131 294 533 150 396 Oct. 16. ... 401 25 232 1,490 1,529 107 25 131 294 549 149 435 Oct. 23. ... 383 27 220 1,487 1,491 105 26 133 294 519 150 513 SanFrancisco(7 cities) Sept. 25 993 50 287 3,576 3,645 158 110 6492,110 439 578 1,313 Oct. 2 1,002 49 284 3,558 3,609 176 110 5632,112 436 578 1,306 Oct. 9.... 986 49 276 3,544 3,588 176 105 5422,119 448 579 1,218 Oct. 16. ... 1,023 50 295 3,596 3,771 172 104 5492,121 497 578 1,205 Oct. 23 1,001 50 294 3,610 3,691 168 100 5552,124 45 579 1,340 City of Chicago' Sept. 25 912 31 160 3,301 3,341 232 40 522 814 1,068 39: 1,419 Oct. 2 934 26 157 3,274 234 38 438 81 1,074 39i 1,367 Oct. 9 893 31 3,284 226 39 42< 818 1,07: 39^ 1,198 Oct. 16.... 895 31 3,287 221 37 431 816 1,14 39i 1,311 Oct. 23 888 32 164 3,330 3,418 218 41 4,31 818 1,14: 39; 1,537 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except in interbank and U. S. Government accounts. * See note on preceding page. 1265 NOVEMBER 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 a Commer- End of month sta p o n c a i u d p a t i e l - n r g1 st T a o n o u d t t a i - n l g Total Accept O b in i w l g l n s banks 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 t o 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 G U o s n h o i i d t p e p s p d o e s i d t n o t r s b e F e d i o n t w r i e n e i e g o n n r States countries 1945—june , m 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 SeDtember 111 135 104 52 52 31 98 11 23 3 October 127 135 100 53 46 35 95 12 22 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 Februarv 178 167 128 74 53 39 109 18 31 9 172 163 119 64 55 2 42 104 17 33 8 149 169 109 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 July 131 205 118 67 51 34 54 146 24 26 9 August 142 207 140 68 72 13 54 152 22 26 7 September 148 200 151 68 82 2 47 150 20 23 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 n 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 e * s 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 in s borrowed2 Free O (n th et e ) r a i I n n n v d p e t a s r t r a m t d n e i e n n r g t s' a in n v d In e t s r f t a i m r d m e in n g t I a n c c c o a u p n it t a s l accounts accounts (net) 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—October 81,063 3743 3632 November. . 31,095 3711 3639 December... 1,138 12 413 313 795 654 112 29 13 299 1946—January.... 31,168 » 734 3 727 February. . . 81,046 3 645 3 755 March »936 3 622 3 712 April 3 895 3 575 3 697 May 3 856 3 547 3 669 J J u u n ly e 3 8 7 0 4 9 5 7 399 370 34 4 4 9 2 8 3 6 6 5 5 1 3 120 24 17 314 August 3 723 3 377 3647 September. . 3 631 3 305 3 729 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): July, 109; August 99; September, 82. 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 144, p. 503, for data in detail at semiannual dates prior to 1942. 1266 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 o r m m c e t h i r - e 6 a , s - l 1 a P b a d c n e a r a 9 c r i c n s y m 0 e e ' k s p s e - 1 , t- ch n l c a e o r a e a e l x a n w s - l - ' n l g - e m b o i 3 l n l - s t * h 9 d c m - o c e e t f a o r o b t t n t i i e e f n t 1 s i h d - 2 - - - 3 t - n a y x o t e o a t a e b r s 5 l - e 1937 average1 19 T 2 o . c 5 t i a t 9 i l es Y N C 1. o e i 7 t r w y 3 k e E 7 N r c a 2 n O o i s . t r 8 t i t a t e e h 8 h n s r e - n d r 1 W e 1 r c 3 n e S i . t s 2 o i a t e e 5 u n s r t d n hness 1938 average1 2.53 1.69 2.75 3.26 1939 average 2.78 2.07 2.87 3.51 1943 average 69 .44 1.00 .373 75 1 34 1940 average 2.63 2.04 2.56 3.38 1944 average .73 .44 1.00 .375 .79 1.33 1941 average 2.54 1.97 2.55 3.19 1945 average .75 .44 1.00 .375 .81 1.18 1942 average 2.61 2.07 2.58 3.26 1943 average 2.72 2.30 2.80 3.13 1945—October .75 .44 1.00 .375 .83 1.17 1944 average 2.59 2.11 2.68 3.02 November. .75 .44 1.00 .375 .84 1.14 1945 average 2.39 1.99 2.51 2.73 December.. .75 .44 1.00 .375 .84 « 1.15 1942—June 2.62 2.07 2.56 3.34 1946—January... .75 .44 1.00 .375 .79 1.10 September. 2.70 2.28 2.66 3.25 February. . .75 .44 1.00 .375 .76 1.03 December. 2.63 2.09 2.63 3.26 March .75 .44 1.00 .375 .79 .99 April .75 44 1.00 .375 .81 1.12 1943—March 2.76 2.36 2.76 3.24 May .75 .47 1.00 .375 .83 1.18 June 3.00 2.70 2.98 3.38 June .75 .50 1.00 .375 .83 1.15 September. 2.48 2.05 2.71 2.73 July .77 .59 1.00 .375 .84 1.13 December. 2.65 2.10 2.76 3.17 August.... .81 .71 1.38 .375 .84 1.14 September . .81 .81 1.38 .375 .85 1.22 1944—March 2.63 2.10 2.75 3.12 October .88 .81 1.38 .375 .83 1.24 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 Sept. 28. . K-K 13 /a IK-IK .375 .85 1.24 Oct. 5 . . H-7A "/l6 1X-1K .375 .85 1.25 1945—March 2.53 1.99 2.73 O O c c t t . . 1 1 9 2 . . . . H K - - V l s 1133/ 1 h 6 e 1 IK X- - 1 IK K . . 3 3 7 7 5 5 . . 8 8 3 3 1 1 . . 2 2 4 4 J S u e n p e tember, 2 2. . 4 5 5 0 2 2. . 0 2 5 0 2 2 . . 5 5 5 3 Oct. 26. . K-i 13/l6 1X-1K .376 .83 1.23 December. 2.09 1.71 2.23 2.38 pe 2 r 1 T c M e h n o e t n b t a h e v l g e y i r n a f n g ig i e n u g r r e a A s t u e a g r . e o n 2 a , v 9 1 e 0 9 r - a 4 d g 6 a e . y s o P st f r o i w o ck r e t e o e k x l t y c h h a p a t r n e d g v a e a t e i t l i i i n m t g w e a r l a s o t a 1 e . n s 2 . s 5 w pe a r s c 1 e . n 5 t 0 . 1946— J S M u e n p a e t r e c m h b .. e .. r 2 2 2 . . . 3 4 3 1 1 1 1 1 1 . . . 7 8 8 5 0 4 2 2 2 . . . 5 3 4 1 4 3 '2 2 2 . . . 7 9 9 5 3 7 » Rate on new issues offered within period. * From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept. 1 Prior to March 1939 figures were reported monthly on a basis not 15, 1948, and Treasury bonds of Dec. 15, 1950; beginning Dec. 15, strictly comparable with the current quarterly series. 1945, includes only Treasury bonds of Dec. 15, 1950. Back figures.—See Banking and Monetary Statistics, Tables 124-125, Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 463-464; for description, see pp. 426-427. pp. 448-459, and the BULLETIN for May 1945, pp. 483-490. BOND YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's)4 Year, month, 7 y e t a o r 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 ia u l s- R ro a a i d l- P ut 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—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. M.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 (6) 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 (6) 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 (6) 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 2.23 1.65 2.44 2.73 2.51 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 October . . 1.56 (6) 2.26 1.84 2.51 2.82 2.60 2.70 2.84 3.15 2.65 3.05 2.76 Week ending: Sept. 28. . 1.56 (6) 2.28 1.81 2.50 2.82 2.60 2.69 2.82 3.16 2.67 3.03 2.76 Oct. 5. . 1.55 (6) 2.27 1.87 2.49 2.82 2.59 2.70 2 82 3.15 2.66 3.04 2.75 Oct. 12.. 1.56 (6) 2.27 1.87 2 51 2.82 2.60 2.71 2.83 3.15 2.66 3.04 2.76 Oct. 19. . 1.56 (6) 2.26 1.85 2.51 2 82 2.60 2.69 2.83 3.15 2.66 3.04 2.77 Oct. 26.. 1.57 (6) 2.26 1.83 2.51 2.82 2.60 2.69 2.84 3.15 2.65 3.05 2.76 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. * U. S. Treasury Department. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups hava 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. 6 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. NOVEMBER 1946 1267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices5 Corporate4 Common (index, 1935-39=100) Volume of trad- Year, month, or week m U G e e r o . n S n v - . t - 2 g M ( r i h a p u i d a n g e l i h ) c - 3 - H gr i a g d h e - Medi 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 - 6 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 i s a n t h h n g a d o 7 r e s u ( s i - o n ) f Total 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 1944 average 100.25 135.7 120.9 114.7 120.5 107.3 116.3 59.2 175.7 100 102 101 90 971 1945 average. . . . 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—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—January.. 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 March.... 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 104.8 140.9 124.0 119.1 123.4 118.5 115.3 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 October... 103.58 135.7 121.8 115.8 122.2 112.3 112.9 62.7 191.6 122 126 110 107 1,256 Week endins: 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 Oct. 5. . 103.46 134.5 122.2 116.1 122.2 112.3 113.6 62.5 192.9 125 129 113 109 947 Oct. 12.. 103.48 134.5 121.9 116.1 122.1 112.1 114.0 60.7 191.8 118 121 104 104 1,582 Oct. 19. . 103.57 135.8 121.7 116.0 122.1 112.2 113.6 62.3 192.3 127 131 115 110 1,452 Oct. 26. . 103.60 136.2 121.8 115.3 122.1 112.4 111.3 63.9 191.3 123 127 110 108 873 * Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures * 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. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 8 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 - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - 2 m e ( a e i f d g n o s o n d t r i - - ) 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 n s l - 1 - Total Co B n r a p o o n o n t d e d r s a s te Stocks e T i ^ gn2 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 5,79f 2,277 2,239 931 924 383 287 97 38 3,513 3,465 195 1,537 1,733 1,596 137 4ft 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 1,06? 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,174 642 640 176 90 374 282 92 2 1,532 1,442 259 497 685 603 82 90 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945. .... 7,958 1,764 1,752 471 26 1,255 602 654 12 6,194 6,146 324 912 4 911 4 256 655 48 1945—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 1311 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. .. 562 200 200 56 16 127 17 111 1 362 338 31 23 284 238 46 23 April 1,09 373 373 61 22 290 118 172 723 698 10 326 363 277 85 25 May 1,03 310 302 7 99 93 8 728 728 47 17 664 5S6 127 June 84 425 425 108 9 307 115 193 423 423 16 41 366 301 65 July 929 49 491 124 367 183 184 438 386 8 33 345 274 71 52 August.. . 559 419 419 64 354 196 159 141 126 1 33 92 39 53 15 September 43 23 23 61 170 95 75 199 199 16 38 144 143 1 i Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 1 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 1268 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES 1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net New money Retirement of securities proceeds2 proceeds3 Total Plant and W c o a r p k it i a n l g Total Ro n n o d t s e s and Pr s e t f o e c r k red R o e th p e a r o y f m de e b n t t pu O rp th o e s r es 1934 397 384 57 32 26 231 231 84 11 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 '6,011 '5,902 '1,080 '638 '442 '4,555 '4,117 '438 '134 '133 1945—March '224 '220 '49 '27 '22 '161 '147 13 '6 April '651 '639 '95 '49 '46 '525 '510 '15 14 May '537 '525 '151 '63 88 '355 '302 53 17 June ••119 '118 '17 '5 '12 '96 '88 '8 '3 July '961 '943 '197 '149 '48 '730 '589 '141 5 '12 August '465 '459 '100 '59 '41 '302 '283 19 50 6 September '808 '793 99 50 49 '682 '648 35 1 '11 October 1,082 '1,062 '156 '102 '54 '853 '797 56 19 34 November '152 '148 '25 '9 '16 '88 '68 19 '6 '29 December '500 '491 '121 '93 '29 '338 '296 '42 12 '20 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 '672 '655 '327 '198 '129 '258 '218 '40 '46 25 August 497 488 331 126 206 98 77 21 50 10 September 267 261 138 101 37 98 38 60 18 6 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 s r e - s4 c p e r e o d - s money se t c ie u s ri- p p o u se r- s4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 L,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 I 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 is 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 340 317 993 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 '2,291 '69 '2,159 '63 '1,969 '811 '1,010 '148 '206 '85 '65 '56 1945—March . '131 '4 '121 '7 '84 41 '40 '3 4 4 April 360 14 346 '137 '3 '134 1 '128 '69 '44 15 15 '10 1 '3 Mav 75 18 57 '208 '11 '196 '1 '239 '121 ••99 '18 '3 9 '1 June '37 '37 '67 '16 '47 '4 '14 1 '12 1 July 105 12 93 '308 '6 '302 '483 163 '304 '17 '47 '17 '30 August 84 10 74 '117 '2 '111 '5 '249 '86 '116 47 '8 '1 9 5 September.. 270 4 266 '378 '372 6 '133 87 '42 '4 '12 8 '3 1 October. . . . 246 27 219 '566 '"'16' '524 26 '223 '95 '105 23 '28 19 5 4 November '63 2 '54 '7 '61 '21 '33 '7 '24 1 '22 December. . 68 19 50 '213 '24 '181 8 '184 '70 '105 9 '26 9 3 15 1946—January.... 7 7 43 1 43 181 98 68 15 13 6 7 February... 150 1 "i48 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 '9 8 '1 338 181 '156 1 '277 '131 '102 '44 31 6 25 August 3 41 6 33 2 392 313 63 16 53 9 1 42 September.. 19 16 3 111 13 86 12 130 108 9 13 1 1 ' Revised. 1 Estimates of new issues sold for cash in the United States. 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. NOVEMBER 1946 1269 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 d e n l c M e h r i a y n - - to b 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 o n o t o t d a n d s u l - - s s O g d o b u t o h l r e a d e - r s t F b o a o e a b g v o n a e e d d c s r s c , - , o p r r e a o i i O n n f n d i i g g d n l u - c- c In h 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 l r n e a d e - - r s n c s M i e e e c l o r i e l v s u a s - - - s pr N of e i t ts1 fe P D r r r e i e - v d ide C n m 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—l 413 52 38 46 »46 36 19 32 35 39 39 31 205 21 134 2 358 52 35 25 2 43 32 18 32 27 35 27 32 174 23 135 3 445 51 36 46 2 43 34 22 42 42 41 35 52 213 20 125 4 553 72 49 92 2 50 36 30 44 49 48 35 46 296 23 158 1943—i 430 52 39 47 2 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 2 46 31 20 43 49 40 39 50 226 21 127 4 477 53 45 53 2 41 31 23 43 58 47 38 44 246 22 170 1944—i 444 47 40 52 2 52 29 20 38 49 42 36 39 224 21 142 2 459 46 40 55 2 47 30 22 43 52 43 37 43 230 22 149 3 475 47 38 55 2 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—1 492 49 38 63 2 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 2 36 23 20 50 61 43 37 53 224 21 143 4 485 49 47 58 2 36 27 26 58 37 51 40 58 246 22 182 1946—1 323 22 -19 -34 2-6 2,0 12 65 56 63 62 82 116 20 146 2 601 66 47 23 242 25 32 73 60 67 73 93 244 21 153 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad* Electric power4 Telephone5 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 I944 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 1,803 396 177 173 Quarterly 1942—1 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 I943—1 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 I944—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_1 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—1 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 1 "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. 8 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. «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. 1270 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 t b 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 d t n e r e t s e i b f s o t i s - - f Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total2 s b a U o v . n i n S 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 i p ss 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 e t u c F e e e u a a r d u e r r r l a i i s l i t n t y n n i - g e - - s 1940—June 42,968 42,376 34,436 1,302 6,383 26,555 3, 16 2,905 4,775 591 5,498 Dec 45,025 44,458 35,645 1,310 6,178 27,960 3, 44 3,195 5,370 566 5,901 1941—June 48,961 48,387 37,713 1,603 5,698 30,215 4,55 4,314 6,120 574 6,360 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,90 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 13,51 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—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 34,478 13,351 119,323 56,025 49,545 6,096 23,854 1,152 391 Oct 263,532 262,415 182,318 16,987 32,478 13,351 119,323 56,081 49,624 6,003 24,015 1,117 378 1 Including amounts held by Government agencies and trust funds, which aggregated 6,480 million dollars on Sept. 30, 1946. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service, depositary, and Armed Forces Leave 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 OCTOBER 31, 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 Nov. 7,1946 1,315 Dec. 15, 1949-52... 3 H 491 series E F G series Nov. 14, 1946 1,314 Dec. 15, 1949-53... 2 M 1,786 Nov. 21, 1946 1,308 Mar. 15, 1950-52 2 1,963 Fiscal year Nov. 29, 1946 1,302 Sept. 15, 1950-52... 2H 1,186 ending: Dec. 5, 1946 1,309 Sept. 15, 1950-52 2 4,939 June— 1940 2,905 1,109 114 Dec. 12, 1946 1,305 Dec. 15, 1950 1H 2,635 1941 4,314 1,492 203 67 395 148 Dec. 19, 1946 .,305 June 15, 1951-54... 2% 1,627 1942 10,188 5,994 3,526 435 2 032 207 .Dec. 26, 1946 1,303 Sept. 15, 1951-53 2 7,986 1943 21,256 11,789 8,271 758 2 759 848 }an. 2,1947 1,302 Sept. 15, 1951-55 3 755 1944 34,606 15,498 11,820 802 2 876 2,371 "Jan. 9, 1947 .,306 Dec. 15, 1951-53... 2 M 1,118 1945 45,586 14,891 11,553 679 2 658 4,298 Jan. 16, 1947 .,307 Dec. 15, 1951-55 2 510 1946 49,035 9,612 6,739 407 2 465 6,717 Jan. 23, 1947 1,302 Mar. 15, 1952-54... 2\i 1,024 "Jan. 30, 1947 1,303 June 15, 1952-54 2 5,825 1945—Oct 46,786 624 510 8 107 616 June 15, 1952-55... 2 % 1,501 Nov 47,473 1,184 865 54 265 533 ^Cert. of indebtedness Dec. 15, 1952-54 2 8,662 Dec... 48,183 1,254 908 83 262 559 Nov. 1, 1946 3,778 June 15, 1953-55 2 725 Dec. 1, 1946 3,768 June 15, 1954-56... 2 M 681 1946—Jan 48,588 960 641 40 278 629 Jan. 1, 1947 3,330 Mar. 15, 1955-60... 2 % 2,611 Feb.. . . 48,692 622 367 30 225 565 Feb. 1,1947 4,954 Mar. 15, 1956-58... 2^ 1,449 Mar.... 48,733 626 371 27 228 634 Mar. 1, 1947 3,133 Sept. 15, 1956-59... 2% 982 Apr.... 48,828 668 388 29 250 621 Apr. 1, 1947 2,820 Sept. 15, 1956-59...2K 3,823 May... 48,917 594 345 24 225 552 June 1,1947 2,775 June 15, 1958-63... 2^ 919 June... 49,035 571 321 24 226 519 JJyuly 1, 1947 2,916 June 15, 1959-62... 2M 5,284 July... 49,320 753 386 31 335 537 AA ug. 1,,1947 1,223 Dec. 15, 1959-62... i 3,470 Aug.... 49,477 590 347 25 217 478 Sept. 1119,417 9 4 7% 2,341 Dec. 15, 1960-65... 2 1,485 Sept.... 49,545 494 309 20 165 482 Oct. 1, 1947 Vs 1,440 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 2 3 - - 6 6 7 8 . . . . . . 2 2 2 2 , , 8 1 3 1 1 8 Oct.... 49,624 519 327 24 169 489 Treasury notes June 15, 1964-69... 2 3,761 Maturities and amounts outstanding October 31, 1946 Dec. 15, 1946 1^ 3,261 Dec. 15, 1964-69... 2 3,838 Mar. 15, 1947 1M 1,948 Mar. 15, 1965-70... 2 5,197 Sept. 15, 1947 1^ 2,707 Mar. 15, 1966-71... 2\ 3,481 Year of All Series Series Series Series Sept. 15, 1947 1 M 1,687 June 15, 1967-72... 2J> 7,967 maturity series B-D E F G Sept. 15, 1948 134 3,748 Sept. 15, 1967-72... 2\ 2,716 Dec. 15, 1967-72... 2H 11,689 Treasury bonds 1946 134 134 Oct. 15, 1947-52... 4 M 759 Postal Savings 1947* 426 426 Dec. 15, 1947 2 701 bonds 2)4 116 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 982 982 June 15, 1948 \% 3,062 1951 1,601 437 i,164 Sept. 15, 1948 2K 451 Total direct issues.... 182,318 1952 4,570 4,570 Dec. 15, 1948-50 2 571 1953 8,259 6,893 210 1,157 June 15, 1949-51 2 1,014 Guaranteed securities 1954 10,888 8,078 566 2 243 Sept. 15, 1949-51 2 1,292 Federal Housing Admin. 1955 9,682 6,698 631 2,352 Dec. 15, 1949-51 2 2,098 Various 44 1956 6,311 2,904 708 2 699 1957 3,019 567 2,452 1958. 2 522 263 2 259 * Sold on discount basis. See table on Open-Market Money Rates, Unclassified. . -73 p. 1267. Total 49,624 3,282 30,307 2,945 13,163 NOVEMBER 1946 1271 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 s i b e n T c e te u a o r r r t e i i a t n s l i g t e - s Total m b C a e n o r k c m i s a - * l R F B e e a d s n e e r k r v a s e l Total v I id n u d a i- ls p I c a n a o n s n m c u i e e r - - s M s b a a v u n i t n u k g a s s l a r c s O a o s a t t o r i n h p o c d e o n i r a - s - S l g e a o t o r n c a n v d a t - e - 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 tions ments Special Public issues issues 1940—June 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 1943—june 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 1945—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 1945—November 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 1945—January 278,001 115,264 92,000 23,264 162,737 63,700 24,700 10,900 29,300 6,400 20,655 7,043 Februarv 278,451 115,404 92,500 22,904 163,047 63,700 24,800 11,100 29,000 6,400 20 897 7 061 March 275,290 111,601 89,000 22,601 163,689 63.800 25,000 11,200 29,200 6,400 21,135 7,046 273,244 111,332 88,600 22,732 161,912 63,300 25,000 11,300 27,700 6,400 21,224 7,045 May 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 August 266,729 104,346 80,400 23,946 162,383 63,200 25,400 11,700 25,900 6,100 23,443 6,619 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on Aug. 31, 1946. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES • [Public marketable 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 tua u l - Insur- Total m er e n n - t F e e ra d l - C m o e m r- - M tu u al - Insur- End of month out- agen- Re- cial sav- ance Other End of month out- agen- Re- cial sav- ance Othe# 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:* Treasury bonds: 1946—Mar. . 197,104 7,016 22,601 81,861 10,95524,00850,663 Total: Apr... 195,120 7,014 22,732 81,477 11,02624,06048,811 1946—Mar. . 121,177 6,882 903 47,414 10,56122,89632,523 May.. 193,529 7,01822,932 79,884 11,087 24,22948,379 Apr... 121,177 6,884 903 47,908 10,599 22,97231,912 June.. 189,649 6,76823,78376,578 11,22024,28547,015 May.. 121,177 6,877 903 48,155 10,647 23,052 31,541 July.. 187,638 6,63623,633 75,465 11,33724,39346.174 June.. 119,323 6,655 755 47,335 10,74323,07330,764 Aug. . 186,394 6,58423,946 73,993 11,42224,38146,068 July. . 119,323 6,494 755 47,660 10,85523,17130,388 Aug.. 119,323 6,451 75547,856 10,89323,14730,220 Treasury bills: Maturing within 1946—Mar. . 17,047 9 13,280 1,512 2 6 2,239 5 years: Apr... 17,054 g 13 661 1 875 8 1,502 1945—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 Aug. 17,024 714,739 925 1,352 July.' .' 10,772 272 7 760 225 348 2,168 Aug. . 10,772 272 7,785 230 343 2*144 Certificates: Maturing in 5-10 1946—Mar. . 40,399 73 6,954 20,618 179 573 12,003 years: Apr... 38,408 69 6,505 19,598 205 549 11,483 1946—Mar. . 45,261 1,154 31,247 2,052 3,603 7,202 May.. 36^828 75 6,395 18,157 211 579 11,410 Apr... 45,261 1,153 31,502 2,000 3,513 7,092 June. . 34,804 58 6,813 16,676 243 576 10,439 May.. 45,261 1,148 31,668 1,963 3,464 7,019 July.. 37,720 83 7,876 17,616 272 603 11,270 June.. 44.928 1,133 31,545 1,905 3,337 7,013 Aug. . 36,473 74 7,856 16,342 302 610 11,289 July.. 44,928 1,108 31,697 1,877 3,293 6,948 Aug. . 44,928 1,108 31,814 1,828 3,247 6,925 Treasury notes: Maturing in 10-20 1946—Mar. . 18,261 9 1,463 12,292 211 520 3,765 years: Apr... 18,261 9 1,663 12,071 211 527 3,779 1946—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 Aug. . 13,351 7 596 8,843 222 609 3,074 July.. 20,023 859 5,403 3,472 3,173 7,118 Aug. . 20,023 833 5,455 3,454 3,197 7,084 Guaranteed Maturing after 20 securities: years: 1946—Mar. . 40 8 13 3 13 3 1946—Mar. . 43,600 5,098 2,679 4,909 15,991 14,922 Apr. 41 8 11 3 13 6 Apr . 43,600 5,100 2,695 4,936 16,090 14 783 May.. 42 9 14 3 12 4 May.. 43,598 5,100 2,744 5 05416,179 14*523 June.. 43 9 14 3 13 4 June.. 43,598 5,091 2,758 5,'14516,*22314*381 July.. 43 9 13 3 13 5 July.. 43,598 5,011 2,799 5,280 16,357 14,152 Aug. . 43 9 13 3 13 5 Aug. . 43,598 4,994 2,799 5,380 16,361 14',064 * 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 Aug. 31, 1946, commercial banks reporting to the Treasury held 20,411 million dollars of U. S. Government securities due or callable within one year out of a total of 58,835 million outstanding. 2 Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 1272 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 v l o i a e l e s e u a l r - 1 - - - s S S ta r o e i x c c ty e i u a s - l c O e r t i e h p - e ts r T ce o r i e t p - a t l s c N e 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 i e a d s - v s r e - c T f o t e e r r a u r a u t c s n c n s - . t t t s s o - , O p tu e e t x n r h e - d e s r i- e b i T x t u u p o d r e t g e n a e s d l t - D c e i f t i- c T o e a u r t c u c n - . s 4 t t s, C f a h g b e u n i a e a r n n a c l n n - d l e - ge g c d r r I e i e o n n b a s - t s se Fiscal year ending; June 1944... 8,39326,262 5,291 1,751 3,71145,408 44,149 2,60987,039 556 3,540 93,74449,595 -4,051 + 10,66264,307 June 1945..., 0, ,884 6,949 1,793 3,82447,740 46,457 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 3,91544,239 43,038 4,722 48,542 1,918 9,837 65,01921,981 +781 -10,460 10,740 1945—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. 1,076 449 602 257 225 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 +11,558 12,773 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 + 168 +39 +534 327 March. 658 4,180 649 100 176 5,762 5,747 646 2,550 23 1,383 4,602 +1,146 +462 -1,593 -3,201 April , 485 1,118 642 65 424 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 2,73: 106 2,182 95 1,294 3,677 944 -139 -2,398 -1,316 June 650 2,742 615 76 399 4,482 4,479 1,395 2,442 5 1,671 5,513 1,034 -103 -4,298 -3,161 July 514 974 695 67 349 2,600 2,539 249 1,190 631 2,444 4,514 1,975 +918 -2,209 -1,152 August. . . 1,070 443 679 302 223 2,717 2.434 122 1,509 13 1,152 2,796 363 +98 -989 -724 September. 705 2,84. 656 89 186 4,481 4,478 648 1,100 32 1,070 2,851+1,627 -318 -868 -2,177 October... 55 847 75 74 386 2,617 2,544 160 1,481 48 1,335 3,023 479 +215 -2,101 —1,837 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 r x 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 I m nv e e n s t t s - p t e E u n r x e d - s i- Total F p e D o d i s n e e i - r ts al s p p D o e i s n c e 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 Reserve deposi- Banks taries Fiscal year ending: June 1944 3,202 2,816 380 4,403 1,851 1,313 192 20,775 1,442 18,007 1,327 607 20,169 J J u u n n e e 1 1 9 9 4 4 6 5.... 3 2 , , 2 9 3 4 9 0 2 1 , ,2 7 6 5 1 7 1, 4 6 5 1 3 8 1 - , 9 1 5 7 2 8 3 4 . , 8 72 2 6 0 2 2, . 4 4 0 4 7 4 2 - , 5 5 7 5 1 0 2 1 5 4 , , 1 7 1 0 9 8 1 1, , 0 5 0 0 6 0 2 1 2 2 . , 6 9 2 9 2 3 9 7 9 0 7 8 4 4 7 2 0 1 2 1 4 4 , , 6 2 9 3 8 8 1945—October.... 132 -66 146 -274 284 80 228 13,307 1,124 11,389 794 494 12,813 November. 419 38 143 -79 295 65 158 14,849 1,372 12,694 784 404 14,445 December.. 54 198 149 -395 260 54 195 26,520 1,674 24,044 802 517 26,003 1946—January... 178 -36 178 -9 810 583 548 25,851 1,011 24,030 810 424 25,427 February.. 355 — 13 178 9 393 225 309 26,414 1,209 24,447 758 453 25,961 March 64 87 174 -635 181 72 85 24,743 2,160 21,776 807 376 24,367 April 135 -60 155 -4 326 133 -18 21,293 1,124 19,502 667 359 20,935 May 465 72 158 181 390 165 419 18,859 1,230 16.949 681 323 18,536 June 232 359 140 8 466 253 41 14,708 1,006 12.993 708 470 14,238 July 276 103 137 5-l,704 5586 331 s 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 46 228 10,524 1,445 8,377 702 353 10,171 October 159 -5 116 -116 155 104 8,393 773 6,936 684 323 8,070 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 Total receipts les? 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 dollars] 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—September.. 32 1,131 795 1,584 11 34 498 1945—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 September.. 30 1,198 692 978 10 43 604 September.... 4,698 2,988 -1,710 NOVEMBER 1946 1273 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 items Li i a n b t i e l r it a i g e e s, n c o y th i e t r e m th s an Corporation or agency- Total Cash L c a e r o b e i - a l v e n - s m m C p s r t a l i u i o a o n i e a p e m t d d s l - e s s , i , - - - G U s ri e o t . c i S v I e u m n . s t - . v e e n O s r s t t i s e t - t c h ie u e s - r s L e t m u t a q a r r n e u u n e n d i c d s p t - , , -c U h u t a r n t r i e d b g d i e - s s - O s a t e h s t - e s r b a t B F g u y n a u o u r t n U e e a n l d l s e r d y . - d S s d p , . e a n b y O o e a t t n b h e - l e s e r , l O i i a t t i b h e i e s l r - i m U G n e e r t o e . s e n S n v t r - . t - - o v in w P a e t r t s e n e i t r e - l - y d All agencies: Sept 30 1945 34,247 815 5,409 2,487 1,756 36820,816 4422,154 551 1,135 4,486 27,610 465 Dec. 31, 1945 33,844 925 5,290 2,288 1,683 32521,017 4721,845 555 1,113 4,212 27,492 472 Mar 31 1946 33,325 1,279 5,069 1,918 1,789 28520,784 4601,741 536 1,133 4,959 26,218 479 June 30, 1946 29,869 1,305 5,381 1,550 1,767 43917,438 3851,605 325 1,234 4,939 22,889 482 Classification by agency, June 30, 1946 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 237 20 162 54 1 229 Federal intermediate credit banks. . 390 12 332 43 2 311 2 77 Federal land banks 1 200 51 987 137 5 19 851 38 77 233 Production credit corporations.... 117 1 68 48 117 R O e th g e io r3 nal Agricultural Credit Corp.. 1 2 5 6 12 1 23 2 /2\ 2 \ 2 1 5 4 Federal Farm Mortgage Corp 169 8 156 5 4 4 162 Rural Electrification Administration.. 463 5 453 5 462 Commodity Credit Corp 1,369 555 48 598 5 3 159 281 5 1,539 -457 Farm Security Administration 442 39 328 20 5 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 21 203 123 1 67 55 124 102 Federal Savings and Loan Insurance Corp 171 1 166 3 71 100 Homr Owners' Loan Corp 783 22 722 15 18 2 3 6 (2) 22 755 Federal Public Housing Authority and affiliate: Federal Public HousingAuthority 532 11 280 (2) 8 226 1 7 2 531 Defense Homes Corp. 62 1 1 60 1 61 Federal Housing Administration 181 38 23 (2) 103 (2) 1 16 34 8 139 Federal National Mortgage Association. 7 7 6 R.F.C. Mortgage Company 31 (2) 20 7 5 4 27 Reconstruction Finance Corp.4 5 7,395 37 772 865 48 209 4,857 261 344 1,360 6,035 Export-Import Bank 807 102 700 4 126 680 Federal Deposit Insurance Corp 995 7 4 976 8 705 150 139 Federal Works Agency 275 2 80 145 47 275 Tennessee Valley Authority 750 15 1 8 723 4 8 742 U. S. Maritime Commission 2,471 59 3 54 3 1,898 23 430 136 2,335 War Shipping Administration 8,520 222 12 7,755 87 444 111 7,749 All other 2,095 44 74 12 26 160 1,733 4 42 (2) 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 . . c m i F n r a e e t e t e d d e d r i i . - - t f o B t o p i a r v e n e r c k s a o s - - m C C C r o o o e d m r d p i i - t . t y t R A r E t i i f u l d o i e r c m 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 1 n a l 9 c l r i 4 . e 6 s , banks 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. 6 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. 1274 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] M Y a o n e n d a t r h 1 ( I m = v 9 n p a 3 1 c e a l 5 o 0 y n u - m 0 - t e 3 s ) 9 e 1 Tota In ( l p d h u 1 y s 9 s t i r 3 c i 5 a a D a l l - b 3 u v p f l 9 M r a o e r - = c o l a u 1 t d u n m 0 u r u N 0 d c e e - ) t u s o i * r n o - 2 - n M era in ls - To a t w a 1 C l a 9 o r c 2 d n o 3 e s R n d - t d t t i e 2 e r r a u n s 5 a ( l i - c v = c - t a t 1 i s l o 0 u o n 0 e A t ) h 3 l e l r N t a c u g u o r r l a n - i E - l - m 19 p 3 lo 9 y F = m a 1 c 0 e t 0 n o t r 4 y 1 r F t 9 p o 1 o a 3 l a 0 r l c y s 9 y 0 - * = c 1 F a = 9 i r r n 3 1 e l g o 5 0 i s g - a 0 * 3 d h 9 - t D 1 = u 9 m s s ( e e 3 t v a 1 p o ) e a l 5 0 * e a r n l - 0 - e s r 3 t 5 t 9 - = W p m 1 c 1 r s h o i 0 o 9 a c o m 2 0 l d e l e e 6 i s - t - 4 y C 1 l = 9 i o v 3 1 s i 5 n t 0 - g 0 3 o * 9 f able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed 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 90 104.2 123.5 129 99 154!4 143.2 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 98.9 109 9 152 113 100.0 126.4 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 93 107 117 87 142 1 n? (\ 103.1 117.1 152 117 95.3 122.5 1 1 9 9 3 3 0 1 1 9 0 2 9 . . 3 1 9 7 1 5 9 6 8 7 8 7 4 9 9 8 3 0 9 6 2 3 5 3 0 7 1 8 2 4 5 1U 9Q Z 5f . . 5 O * 8 7 9 5 . . 8 8 9 7 4 1 . 7 8 1 1 0 3 5 1 1 9 0 7 8 8 7 6 3 ^ 0 4 1 1 0 1 8 9 . . 7 4 1932 70.6 58 41 70 67 28 13 40 oO . 1 64.4 49.5 78 75 64^8 97.6 1933 68.9 69 54 79 76 25 11 37 7765 .50 71.3 53.1 82 73 65 9 92.4 1934 78.7 75 65 81 80 32 12 48 83 8 83.1 68.3 89 83 74.9 95.7 1935 87.1 87 83 90 86 37 21 50 87^6 88 7 78.6 92 88 80 0 98.1 1936 101.3 103 108 100 99 55 37 70 94.9 96^4 91.2 107 100 80^8 99.1 1937 107.7 113 122 106 112 59 41 74 100 9 105 8 108.8 111 107 86 3 102.7 1938 98.5 89 78 95 97 64 45 80 94^ 4 90.0 84.7 89 99 78.6 100.8 1939 105.4 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 77.1 99.4 1 19 9 4 4 1 0 1 1 1 3 3 8 . . 5 0 1 16 2 2 5 2 1 0 3 1 9 1 1 1 4 5 2 1 1 1 2 7 5 1 8 2 1 2 8 7 9 2 1 8 4 9 9 1 IU H1* A . / 7 1 13 0 2 7 .5 1 1 1 1 6 4 7 .5 5 1 1 0 3 9 0 1 1 1 3 4 3 8 7 7 8 . . 3 6 1 1 0 0 0 5 . . 2 2 1942 174.6 199 279 158 129 166 82 235 111276 ^75 154.0 245.2 138 149 98.8 116.5 1943 213.0 239 360 176 132 68 40 92 132 4 177.7 334.4 137 168 103.1 123.6 1944 233.4 235 353 171 140 41 16 61 130^8 172.4 345.7 140 186 104.0 125.5 1945 P239.1 203 274 166 137 68 26 1 0? 125'.7 149.5 288.4 135 207 105 .8 128.4 1UZ 1943 August... . 216.7 242 245 365 178 135 59 35 79 132.7 180.2 181.4 343.1 140 166 103.1 123.4 September 216.8 244 248 368 179 138 65 35 89 131.9 179.6 180.8 349.5 140 167 103.1 123.9 October. . . 219.3 247 249 374 179 136 49 34 61 132.0 180.6 181.4 354.9 137 172 103.0 124.4 November. 222.9 247 247 376 180 133 60 37 78 132^3 181.5 181.9 359.7 139 174 102.9 124.2 December. 224.7 241 239 365 174 137 61 35 81 132.2 179.9 180.3 350.7 143 170 103.2 124.4 1944 January.. . 227.2 243 240 369 176 139 55 29 76 132.5 178.8 178.3 351.6 145 174 103.3 124.2 February.. 232.4 244 240 367 177 142 45 21 64 132.4 178.5 178.0 352.7 142 172 103.6 123.8 March.... 231.9 241 238 364 175 139 40 17 59 131 8 176.6 176.2 350.5 140 181 103.8 123.8 April 231.1 239 237 361 172 140 36 17 C9 131.1 174.5 173.8 345.0 138 '175 103.9 124.6 J M u a n y e 2 23 3 3 2 .1 9 2 23 3 5 6 2 2 3 ^ 6 6 3 35 5 4 6 1 1 6 6 9 9 1 14 4 2 3 3 3 3 4 1 1 6 5 4 5 6 0 1lo "U\C. V\ 01 17 7 2 3 .3 5 1 17 7 2 2 ^ ^ 2 3 3 3 4 4 6 5 .3 6 1 1 3 3 8 9 '1 1 8 7 5 7 1 10 04 4 ^ 0 3 1 1 2 2 5 5 .1 4 July.'...'.. 233.2 230 232 347 165 139 38 14 57 131.1 17l".4 17l!9 339! 6 142 186 104! 1 126.1 August... . 234.0 232 235 348 168 142 41 13 63 1 1 3 3 0 0. . 8 8 170.9 172.0 343.1 142 187 103.9 126.4 September 232.5 230 234 342 168 143 39 13 61 129^9 169.3 170.1 341.9 139 189 104.0 126.5 October. . . 235.5 232 234 344 169 143 42 13 65 129.2 168.1 168.5 343.8 137 193 104.1 126.5 November. 237.5 232 232 341 173 143 46 13 73 128^9 167.3 167.7 341.0 141 '201 104.4 126.6 December. 239.0 232 230 343 173 137 51 14 81 129.7 168.0 168.3 346.7 137 198 104.7 127.0 1945 January.. . 241.9 234 230 345 175 140 48 14 75 130.1 168.1 167.7 345.6 144 198 104.9 127.1 February.. 245.2 236 232 346 176 141 59 13 96 130.3 168.0 167.5 344.8 139 '208 105.2 126.9 March.... 244.1 235 232 345 176 142 72 15 118 130.6 166.5 166.0 341.7 145 '218 105.3 126.8 April 242.3 230 229 336 174 140 70 18 112 129 0 163.8 163.0 333.3 141 183 105.7 127.1 May 241.9 225 225 323 173 138 58 20 89 128.3 160.8 159.8 318.7 141 190 106.0 128.1 J J u u n ly e 2 2 4 4 4 3 . . 6 4 2 2 2 1 0 0 2 2 2 1 0 1 3 2 0 9 8 2 1 1 7 6 3 5 1 1 4 4 4 3 5 5 0 4 2 2 2 3 7 7 3 9 1 1 2 2 7 6 . . 4 4 1 1 5 5 7 1 . . 2 7 1 1 5 5 6 2 . . 9 1 3 2 1 9 4 8. . 7 6 1 13 4 9 0 '2 2 1 02 5 1 1 0 05 6 . . 9 1 1 1 2 2 9 9 . . 0 4 August... . 236.0 186 188 239 157 140 61 24 91 125.4 147.6 148.7 267.3 128 200 150.7 129.3 September 229.0 167 171 194 156 134 69 26 104 119.3 127.8 128.5 224.2 127 '202 105.2 128.9 October. . . 231.4 162 164 186 154 124 83 36 121 119.2 127.2 127.6 222.9 118 '212 105.9 128.9 November. 235.7 168 167 191 158 138 94 44 134 120.4 127.8 128.2 222.9 133 '222 106.8 129.3 December. 234.1 163 161 185 156 133 108 56 150 121.3 128.1 128.4 226.2 127 '218 107.1 129.9 1946 January... 233.5 160 156 166 161 141 107 61 145 123 5 130.7 130.2 229.2 133 227 107.1 129.9 February.. 231.7 152 148 138 167 141 136 95 169 122.0 122.4 121.9 210.5 126 '251 107.7 129.6 March. . . . 234.7 168 164 183 166 137 147 129 161 125.0 130.3 129.9 232.9 139 '260 108.9 130.2 April 236.4 165 163 190 164 104 170 172 168 126.3 136.6 135.9 249.2 109 '252 110.2 131.1 May 239 7 159 159 175 161 '115 169 179 161 127 4 138.0 136.9 247.8 106 r258 111 .0 131.7 June 240.9 170 171 19.: 162 139 174 177 172 128 ^'139.6 139..: '257^1 133 275 112^9 133.3 July 250.6 172 '174 202 '157 146 165 161 16£ 128 £'140 6 '141 ( '261.C 139 273 '124. 7 141 0 August... . P252.3 177 180 208 164 143 158 157 158 130^8 143^8 145.0 277^8 141 290 129.1 143.7 September P178 P183 P211 P163 P145 P154 P156 P151P131.5P145.5P146.3 138 269 124.0 1 Department of Commerce series on value of payments to individuals. Back figures in BULLETIN.—For industrial production, Augu«v ^-*v,, i,P. oz.5-882, September 1941," pp. 933-937, and October 1943, pp. 958-984; for factory employment, January and December 1943, pp. 14 anid< 1187, respectively, October 1945, p. 1055, and May 1946, p-!529; for department stores sales, June 1944, pp. 549-561. 1275 NOVEMBER 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Industrial Production—Total 186 167 162 168 163 160 152 168 165 159 170 172 177 P178 Manufactures—Total 194 173 168 173 169 163 154 173 176 167 176 177 183 P184 Durable Manufactures 239 194 186 191 185 166 138 183 190 175 193 202 208 P211 Iron and steel . . 155 163 146 167 164 102 43 169 159 109 154 179 183 184 Pig iron . . 161 166 129 158 164 100 48 168 142 86 144 178 186 184 Steel 164 171 159 178 172 108 46 176 175 126 167 190 195 195 Open hearth 142 154 139 160 155 95 38 161 148 98 142 168 169 172 Electric 319 296 307 306 293 199 106 286 363 319 343 343 '381 359 Machinery 310 230 232 231 232 217 188 207 225 230 241 242 P257 Manufacturing Arsenals and Depots1 Transportation Equipment . . .. 405 273 258 252 217 220 199 209 245 '239 '238 '241 242 P245 Automobiles2 142 105 120 137 95 107 98 114 161 162 167 176 182 P188 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 2Vonferrous Metals and Products 165 139 144 148 147 151 139 141 132 130 '137 '148 156 P162 Smelting and refining 171 150 148 147 140 140 128 123 109 109 110 132 138 P146 (Copper smelting; Lead refining; Zinc smelting; Fabricating 162 135 143 148 150 155 144 148 141 139 147 155 163 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium Lumber and Products 107 98 91 96 92 108 119 125 130 129 133 129 135 P136 Lumber 98 89 76 83 72 95 108 117 123 123 127 121 126 P127 Furniture . 124 115 120 123 131 135 139 142 144 142 146 144 152 P154 Stone Clay and Glass Products 160 161 161 158 164 172 185 192 190 175 190 '192 197 P202 Glass products . . 177 200 186 175 181 190 216 221 214 193 209 '218 215 Plate glass 61 79 50 4 3 29 106 136 130 133 119 129 114 161 Glass containers 218 243 235 235 244 247 255 251 243 213 240 r249 251 Cement 97 97 106 113 119 131 149 152 152 127 155 155 159 162 Clay products 110 110 116 119 124 144 144 150 148 140 148 147 150 P150 Gypsum and plaster products ... ... 162 172 177 181 182 197 201 204 202 187 194 187 215 P214 Abrasive and asbestos products 260 220 218 215 217 199 197 217 221 222 '232 r233 242 P246 Nondurable Manufactures 157 156 154 158 156 161 167 166 164 161 162 157 164 P163 Textiles and Products 134 144 141 146 143 151 159 162 161 164 165 '144 162 P165 Textile fabrics . .... 123 134 131 135 132 140 149 150 148 152 153 132 151 P154 Cotton consumption 123 138 128 133 125 138 146 147 144 149 152 127 149 153 Rayon deliveries 213 215 215 226 228 233 234 241 245 247 240 233 '233 P236 Nylon and silk consumption1 Wool textiles 127 142 i47 150 149 153 171 173 169 174 174 144 173 Carpet wool consumption 58 82 93 89 104 110 135 138 122 134 137 101 137 Apparel wool consumption . .... 172 186 191 193 184 200 222 229 224 231 225 192 225 ^Woolen and worsted yarn 136 154 156 160 156 158 175 174 171 176 175 143 173 145 158 156 163 159 160 177 176 172 180 178 147 178 Worsted yarn .... ... 125 149 156 156 152 154 171 171 169 170 170 138 165 ^^oolen and worsted cloth 136 144 149 154 153 155 170 173 174 176 178 151 175 Leather and Products 108 119 112 116 111 117 133 134 131 127 128 103 120 Leather tanning 98 112 107 109 114 115 126 120 115 104 107 99 101 Cattle hide leathers 112 125 121 125 131 131 146 140 135 124 128 117 119 Calf and kip leathers 75 97 89 83 92 92 99 84 84 75 75 66 70 Goat and kid leathers 47 52 46 51 49 54 64 62 54 49 45 45 49 Sheep and lamb leathers .. .. 130 151 145 140 139 151 146 148 134 118 128 122 124 Shoes 114 123 116 120 109 118 138 144 142 142 142 106 132 Manufactured Food Products 138 144 143 150 153 154 160 156 153 145 '139 '150 146 P134 Wheat flour 130 127 129 133 136 149 163 122 120 100 109 127 131 P128 Cane sugar meltings1 . . .. Manufactured dairy products P146 P148 P145 P154 P131 P116 P117 P122 P129 P120 P129 P136 P137 P145 Butter 85 75 72 65 59 59 58 59 65 62 62 73 79 Cheese 171 160 155 149 143 151 150 153 173 166 167 168 169 167 Canned and dried milk 208 201 156 146 136 130 131 144 163 163 174 178 173 Ice cream .. r Revised. P Preliminary. l Series included in total and group indexes but not available for publication separately. 2 This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed to measure productive activity done during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies, parts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered. Recently the level shown by this series has been much higher relative to prewar than the level shown by factory sales of new passenger cars and trucks. The difference is accounted for in part by a sharp increase in production of replacement parts and by other changes in the composition of output. It appears, however, that the series overstates the current level of total output in these industries. Study is being made of production and manhour statistics in an endeavor to arrive at a more accurate measure of over-all production in these industries. 1276 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 Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept Manufactured Food Products—Continued Meat packing 133 141 129 155 155 131 178 140 130 120 85 165 138 38 Pork and lard 126 120 99 153 171 146 205 149 157 151 97 190 141 24 Beef 144 165 159 158 138 122 153 132 101 90 65 145 139 41 Veal 151 179 197 189 138 87 87 80 72 68 60 132 134 81 Lamb and mutton. 110 125 134 135 148 105 184 157 132 94 126 121 110 93 Other manufactured foods 139 146 148 152 159 165 165 167 164 156 '151 153 P151 P148 Processed fruits and vegetables. 101 109 128 128 138 145 146 163 165 158 '162 -175 155 Confectionery 107 108 108 113 137 145 143 139 132 136 123 109 P104 Other food products 155 162 160 165 168 174 174 173 169 159 153 154 158 P160 Alcoholic Beverages. 173 192 201 216 212 231 238 176 169 155 161 '176 174 Malt liquor 149 181 182 199 197 199 197 127 117 109 123 128 123 197 Whiskey 55 52 70 83 130 131 125 100 96 60 61 65 56 Other distilled spirits.. 399 236 218 223 274 431 524 370 356 352 343 377 426 Rectified liquors 306 365 420 427 343 396 416 401 409 387 367 426 427 Industrial Alcohol from Beverage Plants1. Tobacco Products 150 160 167 154 112 143 156 161 154 163 153 140 155 157 Cigars 91 106 111 110 87 104 111 110 109 110 108 99 110 112 Cigarettes 195 206 216 194 139 185 205 217 205 219 200 181 202 205 Other tobacco products. 98 99 96 94 64 71 69 65 69 71 76 72 79 76 Paper and Paper Products. 131 143 143 142 134 133 140 148 146 142 146 136 147 P150 Paper and pulp 129 138 139 138 132 130 136 143 141 138 142 131 142 Pulp 146 152 154 153 137 131 144 156 155 150 161 147 156 P144 Groundwood pulp 118 124 124 114 9S 93 96 98 96 92 99 96 98 Soda pulp 92 100 101 103 100 102 104 111 112 100 107 101 110 Sulphate pulp 219 223 227 223 195 167 203 239 235 223 250 229 238 Sulphite pulp 120 126 129 131 120 125 130 132 131 133 137 122 132 Paper 126 136 137 136 131 130 135 141 139 136 139 129 140 142 Paperboard 141 165 157 158 143 145 155 165 166 160 164 155 169 172 Fine paper 74 77 80 79 78 81 82 82 85 84 85 72 85 85 Printing paper 126 125 133 132 132 134 139 144 144 141 143 127 134 138 Tissue and absorbent paper 142 142 147 145 149 146 141 149 143 143 142 138 151 152 Wrapping paper 135 141 147 140 140 128 135 138 126 128 132 124 135 133 Newsprint 72 81 79 81 86 86 86 86 86 83 83 84 83 87 Paperboard containers (same as Paperboard). Printing and Publishing. Ill 109 115 114 112 118 123 127 124 129 124 128 Newsprint consumption 96 93 96 96 92 102 108 110 108 108 116 121 117 Printing paper (same as shown under Paper). Petroleum and Coal Products P240 P184 P156 I 74 P166 P161 P171 P166 P163 I 74 P178 P181 Petroleum refining2 Gasoline 155 132 129 147 140 131 129 130 133 138 144 149 P145 Fuel oil 173 151 152 164 164 171 176 172 172 168 170 166 164 Lubricating oil 138 119 120 133 123 129 130 141 135 132 146 135 152 Kerosene 140 116 122 144 157 180 190 183 161 167 175 172 162 Other petroleum products1. Coke 153 152 116 148 154 116 91 151 113 73 137 160 165 By-nroduct coke 148 150 115 144 150 111 85 145 116 75 133 155 159 Beehive coke 332 224 145 276 286 296 295 337 18 16 276 368 Chemical Products. 265 239 230 228 230 234 232 232 235 231 233 r235 237 P235 Paints 133 136 139 142 142 145 147 148 150 143 146 150 153 P153 Soap 122 126 124 124 127 130 126 122 121 121 122 117 Rayon 222 237 238 244 246 251 255 256 260 261 256 262 P266 Industrial chemicals 368 386 371 370 378 384 379 382 392 383 389 '396 395 P400 Explosives and ammunition1. Other chemical products1. .. Rubber Products. . . 193 172 191 192 205 215 216 221 219 215 218 211 221 Minerals—Total. 140 134 124 138 133 141 141 137 104 '115 139 146 143 vl4S Fuels. 146 139 126 143 137 146 149 145 108 124 149 153 150 P151 Coal 135 142 112 149 132 150 152 159 32 73 142 153 149 P155 Bituminous coal. 144 148 110 159 142 159 160 168 10 60 156 159 156 P163 Crud A e n p t e h t r r a o c le it u e m 1 1 5 0 2 2 1 1 3 1 8 4 1 1 3 2 3 0 1 1 4 1 1 2 1 9 3 4 9 1 1 1 4 4 4 1 1 2 4 1 7 1 1 2 3 5 8 121 125 86 1 1 2 5 8 4 1 15 2 1 0 P P 1 1 2 4 5 9 146 149 153 Metals. 105 106 109 109 108 107 '93 '89 103 103 Metals other than gold and silver. 162 164 163 159 159 135 132 '76 '63 '78 147 148 I ( r C o o n p p o e re r; Lead; Zinc)1 111 89 ••114 Gold Silver 'Revised. PPreliminary. i Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—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. NOVEMBER 1946 1277 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 Aug. Sept Oct. Nov Dec. Jan. Feb. Mar Apr. May June July 'Aug. Sept Industrial Production—Total 188 171 164 167 161 156 148 164 163 159 171 '174 180 P183 Manufactures—Total 196 177 171 173 167 160 151 170 174 167 176 178 186 P189 Durable Manufactures . 240 195 187 192 184 164 136 182 190 '175 194 203 209 P212 155 163 146 167 164 102 43 169 159 109 154 179 183 P184 Pig iron . . 161 166 129 158 164 100 48 168 142 86 144 178 186 184 Steel 164 171 159 178 172 108 46 176 175 126 167 190 195 195 Open hearth 142 154 139 160 155 95 38 161 148 98 142 168 169 172 Electric 319 296 307 306 293 199 106 286 363 319 343 343 '381 359 Machinery 310 230 232 231 232 217 188 207 225 230 241 242 254 P257 Manufacturing Arsenals and Depots x Transportation Kquipment 405 273 258 252 217 220 199 209 245 '239 '238 '241 242 P245 Automobiles 2 142 105 120 137 95 107 98 114 161 162 167 176 182 P188 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products 165 139 144 148 147 151 139 141 132 130 '137 '148 156 P162 171 150 148 148 141 140 128 123 109 109 110 131 138 P146 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating . 162 135 143 148 150 155 144 148 141 139 147 155 163 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 113 104 94 95 86 99 no 120 129 131 141 137 144 P146 Lumber 108 98 82 81 63 80 95 108 122 126 138 133 140 P142 Furniture 124 115 120 123 131 135 139 142 144 142 146 144 152 P154 Stone, Clay, and Glass Products 165 166 167 162 159 163 174 184 187 180 191 193 204 P210 Glass products 183 204 192 176 169 186 210 221 214 204 207 211 Plate glass ... . . 61 79 50 4 3 29 106 136 130 133 119 129 212134 161 Glass containers 227 247 242 237 227 242 247 251 243 228 237 '239 261 Cement ... 110 112 123 122 108 107 113 125 145 134 166 171 179 188 Clay products 113 114 122 123 128 134 138 143 144 140 147 147 154 P155 Gypsum and plaster products .. . 162 176 182 183 186 190 191 197 198 190 198 187 215 P219 O A t b h r e a r s iv st e o n a e n d a n a d sb c e l s a t y o s p p ro ro d d u u ct c s t s 1 260 220 218 215 217 199 197 217 221 222 '232 '2 2 3 4 3 0 242 P246 Nondurable Manufactures 159 161 158 158 154 157 162 162 161 160 162 '159 166 170 Textiles and Products 134 144 141 146 143 151 159 162 161 164 165 '144 162 P165 Textile fabrics .... . .... 123 134 131 135 132 140 149 150 148 152 153 132 151 P154 Cotton consumption 123 138 128 133 125 138 146 147 144 149 152 127 149 153 Rayon deliveries. 213 215 215 226 228 233 234 241 245 247 240 233 '233 P236 Nylon and silk consumption x Wool textiles 127 142 147 150 149 153 171 173 169 174 174 144 173 Carpet wool consumption 58 82 93 89 104 110 135 138 122 134 137 101 137 Apparel wool consumption 172 186 191 193 184 200 222 229 224 231 225 192 225 Woolen and worsted yarn 136 154 156 160 156 158 175 174 171 176 175 143 173 Woolen yarn 145 158 156 163 159 160 177 176 172 180 178 147 178 Worsted yarn 125 149 156 156 152 154 171 171 169 170 170 138 165 Woolen and worsted cloth 136 144 149 154 153 155 170 173 174 176 178 '151 175 Leather and Products .... ... 107 118 113 117 111 117 137 134 131 127 127 101 119 Leather tanning 97 110 108 113 113 115 136 119 114 105 104 93 100 Cattle hide leathers 109 123 122 130 131 134 157 140 135 124 123 110 115 Calf and kip leathers 79 95 91 86 90 90 104 82 81 72 77 66 73 Goat and kid leathers 46 52 46 50 49 54 67 62 56 48 46 45 47 Sheep and lamb leathers 134 148 145 148 132 140 160 144 131 127 127 114 127 Shoes 114 123 116 120 109 118 138 144 142 142 142 106 132 Manufactured Food Products 151 166 153 151 149 143 145 139 139 137 137 161 164 P160 W Ca h n e e a t s u f g lo a u r r meltings 1 128 139 136 134 135 149 165 119 116 96 104 125 P130 P140 Manufactured dairy products ... P185 P155 P120 P100 P84 P75 P85 P101 P134 P160 P197 P175 P152 Butter 93 72 62 50 47 49 51 54 66 80 86 89 '81 76 Cheese 191 164 139 112 103 112 123 138 180 222 237 207 189 171 Canned and dried milk 214 185 127 105 105 105 118 141 184 227 240 207 179 Ice cream ' Revised. P Preliminary. x Series included in total and group indexes but not available for publication separately. 2 This series is currently based upon man-hour statistics for plants classified in the automobile and automobile parts industries and is designed to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies, parts, and accessories, including replacement parts; and output of nonautomotive products made in the plants covered. Recently the level shown by this series has been much higher relative to prewar than the level shown by factory sales of new passenger cars and trucks. The difference is accounted for in part by a sharp increase in production of replacement parts and by other changes in the composition of output. It appears, however, that the series overstates the current level of total output in these industries. Study is being made of production and man-hour statistics in an endeavor to arrive at a more accurate measure of over-all production in these industries. 1278 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactured Food Products—Continued Meat packing 119 134 133 171 182 155 171 129 120 120 84 154 122 37 Pork and lard •97 95 93 179 225 191 201 138 143 151 97 167 108 19 Beef 146 179 173 164 138 125 141 120 95 90 63 147 141 44 Veal 148 197 224 202 130 81 76 75 71 70 60 132 132 89 Lamb and mutton . . . ... 108 134 140 135 145 111 186 154 128 96 117 116 107 100 Other manufactured foods 154 176 164 158 156 152 150 148 145 140 141 162 P172 P183 Processed fruits and vegetables 165 242 165 118 108 94 92 89 101 103 '125 '228 255 P292 Confectionery 115 139 142 134 139 149 144 129 110 104 91 89 Other food products 158 165 168 173 171 167 166 166 162 156 154 157 161 P163 Alcoholic Beverages 175 199 214 201 188 198 211 162 164 157 174 r187 174 Malt liquor 170 183 169 154 157 163 178 118 123 124 154 160 141 199 Whiskev 55 52 70 83 130 131 125 100 96 60 61 65 56 Other distilled spirits 216 324 566 467 301 280 314 241 214 211 213 219 230 Rectified liquors . . 306 365 420 427 343 396 416 401 409 387 367 426 427 Tobacco Products 155 169 173 157 104 142 148 152 147 164 159 145 161 166 Cigars 91 106 111 110 87 104 111 110 109 110 108 99 110 112 Cigarettes 204 220 225 198 128 185 193 202 190 219 210 190 212 219 Other tobacco products 95 106 103 97 57 70 67 65 69 71 77 72 77 81 Paper and Paper Products 131 144 143 142 134 133 141 148 146 142 147 136 147 P149 Paper and pulp 129 138 139 138 131 130 137 143 141 138 142 131 142 P143 Pulp 144 150 153 153 137 131 145 157 156 151 162 146 155 Groundwood pulp 104 110 115 121 96 96 100 105 106 100 100 86 86 Soda pulp 92 100 101 103 100 102 104 111 112 100 107 101 110 Sulphate pulp . . 219 223 227 223 195 167 203 239 235 223 250 229 238 Sulphite pulp 120 126 129 131 120 125 130 132 131 133 137 122 132 Paper . . . . . 126 136 137 136 131 130 136 141 139 136 139 128 140 142 Paperboard 141 165 157 158 143 145 155 165 166 160 164 155 169 172 Fine paper 74 77 80 79 78 81 82 82 85 84 85 72 85 85 Printing paper 126 125 133 132 132 134 139 144 144 141 143 127 134 138 Tissue and absorbent paper 142 142 148 145 145 144 147 149 144 143 145 133 151 152 Wrapping paper 135 141 147 140 140 128 135 138 126 128 132 124 135 133 Newsprint 71 81 79 82 84 86 86 86 88 83 84 82 82 87 Printing and publishing 107 110 117 118 114 114 122 129 129 126 129 115 123 128 Newsprint consumption 87 94 101 104 96 94 106 114 114 112 115 104 111 119 Petroleum and Coal Products P240 P184 P156 P174 P172 P166 P161 P171 P166 P163 P174 P178 P181 Petroleum refining2 Gasoline 155 132 129 147 140 131 129 130 133 138 140 144' 149 P145 Fuel oil 173 151 152 164 164 171 176 172 172 168 170 166 164 Lubricating oil . . 137 119 120 133 122 125 129 139 141 137 146 133 151 Kerosene 135 115 122 148 162 184 200 187 165 169 164 160 155 Coke 153 152 116 148 154 116 91 151 113 73 137 160' 165 Bv-product coke 148 150 115 144 150 111 85 145 116 75 133 155 159 Beehive coke . . 332 224 145 276 286 296 295 337 18 16 276 '336 368 P361 Chemical Products 261 239 232 230 231 233 233 234 '237 231 231 '232 233 P235 Paints ... . . 132 135 139 140 142 142 145 148 151 147 150 149 151 P151 Soap 124 131 130 125 127 127 124 122 119 117 119 119 119 P117 Ravon 222 237 238 244 246 251 255 256 260 261 256 255 262 P266 Industrial chemicals 368 386 371 370 378 384 379 382 392 383 389 '396 395 P400 Rubber Products 193 172 191 192 205 215 216 221 219 215 218 211 221 P223 Min era Is— To ta I 143 137 125 134 126 134 134 rl30 115 141 150 147 P148 Fuels 146 139 126 143 137 146 149 145 108 124 149 153 150 P151 Coal 135 142 112 149 132 150 152 159 32 73 142 153 149 P155 Bituminous coal 144 148 110 159 142 159 160 168 10 60 156 159 156 Anthracite . . 102 114 120 112 94 114 121 125 121 125 86 128 120 P125 Crude petroleum 152 138 133 141 139 144 147 138 146 149 153 154 151 P149 Metals 124 123 116 80 61 60 r47 r44 r46 '62 r95 '126 129 192 188 175 111 79 78 58 56 61 89 143 188 189 Iron ore 289 281 245 108 50 50 22 28 58 116 233 295 282 282 Gold 25 29 32 34 34 33 32 30 28 28 30 44 Silver 46 51 54 52 47 40 30 17 9 13 20 35 r Revised. P Preliminary. * Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—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. NOVEMBER 1946 1279 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 Aug. Sept. May June July Aug. Sept. July Aug. Sept. May June July Aug. Total 148.7 128.5 136.9 '139.3'141.0 145.0 146.3 298.7 267.3 224.2 247.8 '257.1 '261.0 277.8 Durable goods 187.7 144.9 154.6 -•158.2161.4 166.1 169.0 387 l 335.4 246.2 266.6 '280.7 '287.0 306.0 Nondurable goods 117.9 115.6 123.0 124.4 125.0 128.4 128.4 212.1 200.6 202.6 229.4 234.0 '235.6 250.3 Iron and Steel and Products 150.3 125.1 133.1 r136.2"140.2 144.5 146.2 289 7 255.8 206.9 221.4 '231.3 '238.1 255.2 Blast furnaces, steel works, etc 118 109 115 117 121 124 217" 199 175 176 182 192 203 Steel castings 193 178 169 169 167 167 349 311 281 291 292 277 295 Tin cans and other tinware 127 118 125 132 137 140 234 209 201 207 235 249 270 Hardware 116 95 125 '•127 126 129 238 209 174 236 '244 '245 254 Stoves and heating equipment 121 95 109 113 117 123 232 196 161 192 206 211 234 Steam, hot-water heating apparatus 146 133 150 ••152 157 158 289 254 234 '270 '271 '280 290 Stamped and enameled ware. ...... 137 108 130 131 136 142 282 243 190 246 252 254 280 Structural and ornamental metal work 141 116 140 143 150 156 240 181 236 241 251 272 Elect E ri l c e a c l t r M ic a a c l h e in q e u r i y pment 2 2 4 0 6 8 .8 1 1 7 5 1 0 .5 1 1 8 4 7 8 .3 1 1 9 5 3 3 .3 1 1 9 5 4 4 .4 2 1 0 5 0 9 .7 207.1 4 3 6 8 0 7 .6 3 3 9 3 9 0 .2 2 2 6 3 8 0 .5 3 2 1 4 1 5 .5 3 2 3 5 3 8 .9 3 2 3 5 8 3.7 3 2 6 7 0 9 .0 Radios and phonographs 132 170 r177 176 189 463 389 228 308 '329 '334 370 Machinery except Electrical 203.7 187.0 191.3 194.4 199.0 201.9 384.4 338.4 285.7 310.8 329.5 333.5 348.8 Machinery and machine-shop products 197 165 171 172 174 176 366 324 266 284 296 '299 314 Engines and turbines 309 240 198 219 234 24? 641 511 369 370 416 448 455 Tractors 165 156 150 158 168 169 272 248 238 192 236 248 257 Agricultural, excluding tractors.... 142 129 147 146 147 146 298 259 247 228 248 251 257 Machine tools 182 163 161 162 162 168 329 304 261 260 270 262 281 Machine-tool accessories 230 188 186 192 194 200 388 340 280 287 301 293 316 Pumps 258 217 219 226 225 235 543 512 390 402 416 413 438 Refrigerators 124 91 154 '163 168 173 229 178 147 ••257 '263 '272 284 Transportation Equipment, except Autos. 925.2 496.5 298.1 290.8 290.2 285.4 287.32068 0 1742.2 844.1 538.3 537.5 538.5 534.0 Aircraft, except aircraft engines 1084 395 311 316 325 339 2310' 1'8"5"5 625 566 586 607 642 Aircraft engines 1733 372 294 292 '298 312 3043 2376 470 469 469 469 506 Shipbuilding and boatbuilding 935 643 279 265 253 229 2193 1920 1116 499 483 467 422 A utomobiles 138.3 105.9 161.8 166.1 173.6 181.8 189.7 253.1 183.5 151.2 232.7 250.5 282.2 308.0 Nonferrous Metals and Products 165.1 131.2 151.4 '159.0' 165.0 171.0 173.6 313.1 292.2 223.3 271.4 "287.8"292.9 311.4 Primary smelting and refining 138 130 102 '108 128 134 268 259 231 176 '191 '229 240 Alloying and rolling, except aluminum 159 133 135 -•147 154 159 294 289 223 240 '269 '269 280 Aluminum manufactures 250 153 197 202 205 208 450 412 220 330 336 337 349 Lumber and Timber Basic Products 124.7 120.8 137.0 141.3 143.4 148.7 150.0 222.1 219.3 215.3 261.8 281.0 267.0 300.3 Sawmills and logging camps 75 72 77 79 80 82 134 134 130 147 158 149 166 Planing and plywood mills 91 87 95 97 97 101 159 147 145 175 183 174 196 Furniture and Lumber Products 100.5 92.4 111.4 114.1114.5 118.1 119.1 188.2 171.5 164.0 212.3 223.5 222.1 239.3 Furniture 89 81 98 101 101 104 166 150 141 188 196 194 210 Stone G , l C as la s y a n a d n d g l G a l s a s s w s a P re roducts 1 1 0 2 8 5 .1 1 12 0 1 5.7 1 1 2 4 8 6 .9 1 1 3 4 2 5 .0 1 1 3 4 2 3 .9 1 1 3 4 7 9 .8 139.7 1 1 8 9 5 4 .6 1 1 7 9 9 3 .8 1 1 7 8 5 9 .7 2 2 2 4 4 3 .1 2 2 3 4 5 2 .0 2 2 3 3 5 8 .7 2 2 5 5 3 5 .2 Cement 77 81 109 115 118 122 128 128 131 177 184 196 207 Brick, tile, and terra cotta 73 75 102 104 110 112 127 118 126 180 196 211 220 Pottery and related products 114 113 132 137 138 143 176 173 173 215 239 229 252 Texti C le o -M tto il n l g a o n o d d s F e ib x e c r e p P t r o s d m u a c l t l s wares... 1 9 0 1 3 .7 1 9 0 1 3 .9 1 1 0 1 3 2 .6 1 1 0 1 4 3 .8 1 1 0 1 3 2 . 1 1 0 1 4 4 .7 105.5 1 2 7 1 2 0 .6 1 1 6 9 2 3 .1 1 2 6 0 9 1 .7 2 2 1 4 4 4 .8 2 2 1 4 8 8 .6 2 2 1 4 4 6 .7 2 2 3 7 1 6 .0 Silk and rayon goods 71 71 76 77 76 77 138 134 138 167 167 166 181 Woolen and worsted manufactures. 90 91 107 107 104 104 177 167 175 238 239 229 234 Hosiery 60 61 71 72 71 72 94 89 101 131 133 131 141 Dyeing and finishing textiles 84 84 94 95 94 95 145 140 145 175 185 179 188 Apparel and Other Finished Textiles 113.6 115.3 128.3 130.6 126.5 132.9 134.9 191.2 180.6 208.4 258.8 263.3 245.7 277.5 Men's clothing, n.e.c 85 83 88 89 88 90 152 135 141 176 181 168 183 Shirts, collars, and nightwear 68 69 75 77 76 77 124 111 126 157 160 155 163 Women's clothing, n.e.c 70 74 78 78 72 78 109 108 138 163 159 141 170 Millinery 72 75 70 68 70 77 108 113 131 99 105 123 138 Leather and Leather Products 90.2 88.0 102.6 103.1 102.3 102.0 100.4 167.8 159.9 160.2 203.1 203.4 197.3 198.2 Leather 81 82 92 91 88 147 141 146 159 163 157 160 Boots and shoes 78 76 88 89 89 149 141 140 185 183 178 175 Food S a la n u d g K ht in er d i r n e g d a P n r d o d m u e c a ts t packing 1 1 2 0 9 3 .0 1 1 3 0 8 5 .4 1 1 1 1 8 3 .1 1 1 1 0 9 7 .0 1 1 2 0 9 2 .0 1 1 3 1 6 5 .5 132.0 2 1 1 7 2 5 .7 2 1 0 5 5 8 .6 2 1 2 7 6 8 .6 2 1 0 8 1 1 .9 2 1 0 6 5 7 .0 2 1 3 8 1 0 .5 2 2 5 0 0 2 .3 Flour 124 124 110 109 114 119 218 211 218 182 191 221 241 Baking 108 109 104 102 101 103 175 171 174 171 169 179 184 Confectionery 101 102 98 95 93 98 164 166 175 174 180 170 186 Malt liquors 149 153 139 141 144 145 231 224 243 201 210 222 232 Canning and preserving 134 176 70 '83 137 154 250 249 352 150 182 '326 387 Toba C C c i c i g o g a a M r r s e a t n t u es factures 1 8 6 2 4 2 3 .3 1 8 6 2 9 8 7 .5 1 9 2 7 1 1 7 .2 1 9 2 7 2 3 7 .1 1 9 7 2 0 4 3 .7 1 9 2 7 1 1 6 .7 91.7 1 2 1 5 0 1 1 1 5 .9 1 1 1 4 1 9 9 5 4 .3 1 2 1 7 1 4 6 4 8 .0 1 2 1 8 1 6 1 7 4 .1 1 2 1 8 1 6 4 8 8 .1 2 1 1 1 7 6 1 8 0 .3 1 2 1 8 1 6 6 8 8 .2 '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 September 1946 £trc prclimiricLry 1280 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 1946 Aug. Sept. May June July Aug. Sept. July Aug. Sept. May June July Aug. Paper and A Hied Products 117 0 117 5 135 3 137.3 135.9 137.8 138.0 198.0 189.2 200.7 237.4 244.4 243 8 253 9 Paper and pulp 104 103 120 122 121 122 181 172 181 213 217 218 228 Paper goods n.e c 112 111 123 123 121 123 182 180 183 212 212 216 Paper boxes 110 111 123 125 124 126 181 171 186 217 223 234 Printing and Publishing 98 3 98 8 114 3 115.7 116.8 117 3 118.0 137.8 140.0 147.7 179 5 184 2 186 0 190 5 Newspaper periodicals 93 95 109 109 110 110 120 129 130 161 164 169 Book and job 105 105 121 124 126 126 155 152 167 197 205 209 211 Chemicals and A Hied Products 208.3 172.1 166.8 165.1 r163.7 164.9 167.1 397 8 357.2 292.2 283.8 285.1 r286.9 290.5 Drugs, medicines, and insecticides. 181 171 188 188 188 189 273 271 265 305 306 307 314 Rayon and allied products 110 112 121 121 118 119 184 182 179 200 198 198 206 Chemicals, n.e.c. .... 161 161 168 169 168 169 292 288 274 278 '289 288 Explosives and safety fuses 1105 541 176 169 170 173 1880 1607 739 267 266 265 273 Ammunition, small arms 889 316 177 178 178 116 2636 1470 562 319 331 336 201 Cottonseed oil 76 97 65 59 56 71 154 146 205 140 127 120 160 Fertilizers 106 111 131 107 103 112 247 242 261 301 '246 275 Products of Petroleum and Coal 128.0 123.3 136.9 140.6 142.7 143.4 143.8 234.6 229.8 212.1 228.2 236.0 244.3 246.3 Petroleum refining 128 120 134 136 137 137 228 224 204 222 223 228 229 Coke and by-products ... . 101 102 105 114 118 119 195 189 182 169 195 215 217 Rubber Products 158.0 136.5 182.7 186.1 180.2 187.5 189.4 298.7 265.7 231.3 327.6 337.2 327.2 343.2 Rubber tires and inner tubes 159 133 193 196 183 190 287 250 211 314 318 304 311 Rubber goods, other 124 112 129 132 134 140 238 213 193 241 255 256 279 Miscellaneous Industries 163.9 136.5 165.0 169.4 169.6 174.4 176.4 315.0 293.7 239.2 300.5 '315.9 '313.1 328.2 Instruments, scientific 449 237 198 197 200 200 835 798 373 331 339 343 347 Photographic apparatus 155 121 139 142 146 148 260 250 191 221 233 240 245 For footnotes see page 1280. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] 1945 1946 Group Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total 147.6 127.8 127.2 127.8 128.1 130.7 122.4 130.3 136.6 138.0 139.6 '140.6 143.8 P145.5 Durable 187 5 144 8 142.6 143 3 141.2 144.4 122.9 138.6 151.6 154.6 '158.1 '161.2 165 8 P168 8 Nondurable 116.1 114.5 115.1 115.6 117.8 119.8 122.0 123.7 124.7 124.8 125.0 124.3 126.5 P127.1 v 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 1945 1946 1945 July Aug. Apr. May June July Aug. July Aug. Apr. May June July Aug. All Manufacturing 44.0 40.7 40.5 39.7 40.0 39.6 40.4 103.3 102.4 105.8 107.1 108.4 109.3 Durable Goods 44.9 41.1 40.4 39.3 39.8 39.2 40.4 112.7 111.3 113.1 114.7 r116.5 117.7 118.4 Iron and Steel and Products 45.2 41.7 39.9 38.4 38.8 '38.5 39.8 111.4 110.9 118.6 119.0 -•120.6 121.6 122.2 Electrical Machinery 45.3 41.2 40.2 38.9 39.8 '39.4 40.5 105.7 103.8 109.6 113.1 114.8 115.4 116.8 Machinery Except Electrical 46.7 42.7 41.5 40.1 40.9 40.4 40.9 114.8 113.4 117.9 120.4 122.3 123.2 124.7 Transportation Equipment Except Autos. 45.8 41.7 39.9 39.1 39.5 39.2 39.8 130.1 129.7 131.6 133.3 135.0 136.5 135.5 Automobiles 42.3 33.5 37.4 36.3 '36.6 37.8 39.2 126.0 124.5 130.2 132.5 134.7 135.4 136.1 Nonferrous Metals and Products 45.7 43.3 41.8 41.1 40.9 40.1 40.7 106.8 106.7 113.1 114.9 116.3 116.3 117.3 Lumber and Timber Basic Products 41.4 40.5 41.3 40.9 41.5 38.6 41.4 81.0 81.3 85.6 88.0 90.8 90.9 91.9 Furniture and Finished Lumber Products 43.3 40.6 42.3 41.3 41.8 41.0 42.0 85.2 83.5 90.3 91.7 '92.7 '93.6 95.6 Stone, Clay, and Glass Products 43.4 41.6 41.3 40.2 40.4 39.5 40.7 93.1 93.9 100.4 101.9 104.1 105.7 106.3 Nondurable Goods 42.8 40.3 40.6 40.1 40.2 40.1 40.4 90.2 90.9 98.8 99.6 100.3 101.0 103.6 Textiles—Mill and Fiber Products 41.3 38.4 40.3 39.8 40.0 39.6 40.1 76.3 77.0 86.9 87.3 87.5 87.7 92.3 Apparel and Other Finished Products 36.7 33.2 37.2 36.9 37.1 '36.0 37.0 82.9 84.6 96.6 95.6 95.1 '94.2 98.6 Leather and Manufactures 41.7 39.3 40.5 39.6 39.3 '38.2 37.8 85.1 85.7 92.8 94.2 95.0 95.4 97.1 Food and Kindred Products 45.8 43.3 42.8 42.4 '42.3 43.8 43.7 87.4 88.2 95.2 96.1 '97.2 '98.6 101.5 Tobacco Manufactures 41.0 39.0 39.2 39.5 40.0 39.1 38.7 74.9 76.5 83.0 84.8 84.6 85.1 88.7 Paper and Allied Products 46.3 44.0 43.5 42.9 '43.0 42.8 43.4 88.1 88.0 96.6 98.3 99.3 100.6 101.9 Printing, Publishing and Allied Industries. 41.5 40.7 41.0 40.4 40.5 40.2 40.8 112.3 114.4 124.8 126.6 127.8 128.8 129.9 Chemicals and Allied Products 45.1 43.4 41.4 40.7 40.5 '40.7 40.8 99.9 100.3 104.5 106.4 108.4 109.8 110.2 Products of Petroleum and Coal 47.7 46.9 40.0 39.3 39.6 40.0 40.3 121.7 122.2 133.2 134.2 134.7 135.5 134.6 Rubber Products 45.5 41.8 40.3 39.4 39.3 39.2 39.4 113.8 111.9 123.2 126.6 128.3 129.2 129.5 Miscellaneous Industries 44.0 41.8 41.8 40.9 41.2 40.5 41.0 98.3 97.5 101.5 102.8 104.2 104.8 105.8 ' Revised. NOTE.—Back figures are available from the Bureau of Labor Statistics. NOVEMBER 1946 1281 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 f g ac- ining Co t n io s n tr * uc- ti p o u n b a li n c d Trade an s d e r m vi i c s e c , el- Sta lo te c , a l and 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 4,330 5,526 November 39,597 16,048 944 2,095 3,503 7,132 4,255 5,620 December 39,898 16,333 933 2,041 3,525 7,136 4,229 5,701 1943—January 40,081 16,653 927 L.899 3,540 7,133 4,146 5,783 February 40,154 16,901 924 1,734 3,556 7,064 4,146 5,829 March 40,358 17,123 915 :L.604 3,574 7,110 4,121 5,911 April 40,248 17,215 908 1,476 3,588 7,006 4,110 5,945 May 40,170 17,267 893 11,358 3,597 6,988 4,102 5,965 June 40,298 17,431 893 :1,263 3,620 7,017 4,112 5,962 July 40,435 17,618 888 1,164 3,634 7,061 4,127 5,943 August 40,288 17,648 878 L.082 3,639 7,015 4,110 5,916 September 40,032 17,608 876 1.020 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 8t2 $09 3,748 7,077 4,384 5,915 N D o ec v e e m m b b e e r r 3 39 9 , , 3 1 5 2 7 7 1 1 6 6 , , 6 7 1 4 2 7 8 8 0 0 2 8 6 6 1 1 1 9 3 3 , , 7 7 8 7 9 1 7 7 , ,0 0 5 1 2 5 4 4 , , 3 3 5 0 9 4 5 6 , , 9 0 1 8 4 1 1945—January 39,489 16,696 805 633 3,797 7,210 4,394 5,954 February 39,558 16,684 R02 658 3,848 7,164 4,404 5,998 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 1,230 3,956 7,673 5,034 5.528 February 37,016 12,536 812 1,385 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 '38,947 '14,098 r811 1,837 '3,878 '7,788 5,055 5,480 July '39,100 '14,173 ••815 r1.882 '3,903 '7,905 5,026 '5,396 August 39,699 14,513 825 ,953 3.941 7,962 5,084 5,421 September 39,900 14,634 822 i;96i 3,915 8,004 5,168 5,396 UNADJUSTED 1944—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 4,672 5,943 August 38,172 15,019 784 927 3,860 6,979 4,666 5,937 September 36,398 13,159 784 945 3,831 7,143 4,603 5,933 October 36,327 13,048 718 1,006 3,825 7,331 4,698 5,701 November 36,779 13,110 793 1,014 3,871 7,571 4,845 5,575 December 37,463 13,059 802 1,042 3,896 7,959 4,936 5,769 1946—January 37,013 13,236 810 1,132 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 3.910 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 '39,056 '14,098 '807 1,874 '3,917 '7,749 5,131 5,480 July '39,265 '14,244 '815 '1,976 '3,962 '7,747 5,152 '5,369 August 39,881 14,586 829 2,109 4,000 7,803 5,160 5,394 September 40,147 14,707 826 2,098 3,974 7,924 5,168 5,450 * 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. September 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. 1282 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures 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 Residential Public works Total building and public Month Factories Commercial Educational Other utilities 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 February 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 June 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 [Figures 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 F. 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 1944 1945 1946 1944 1945 1946 1944 1945 1946 Federal Reserve district Sept. Aug. Sept. January.... 159 141 358 122 75 47 37 66 311 A J M M F u e p a a n b r y r e i c r l h uary... 1 1 1 1 1 3 7 7 6 4 7 9 6 4 4 3 3 2 2 1 2 2 4 9 4 9 7 3 6 7 9 3 8 6 7 5 8 0 9 3 2 7 8 8 5 1 1 1 1 9 2 0 3 3 8 2 9 3 3 2 3 1 0 2 8 4 7 9 1 2 8 4 2 1 1 1 1 5 2 4 9 5 6 7 6 7 4 2 4 4 4 3 8 6 6 2 1 1 9 8 0 4 7 5 7 7 6 3 5 5 3 6 7 5 9 3 0 5 1 3 1 8 6 N P C B h l o e e i w s l v t a o e d Y l n a e o n lp r d k hia . . . ... 5 8 5 3 6 2 3 6 , , , 5 8 8 4 6 8 1 2 4 8 6 1 9 4 3 7 4 7 8 6 , , , , 3 6 2 4 0 6 0 3 7 8 3 8 4 3 2 1 4 3 0 8 , , , , 5 2 2 6 5 7 1 8 2 6 8 2 J A u u ly gust 1 1 9 6 1 9 2 2 5 6 8 4 6 7 8 1 0 8 1 12 4 5 8 1 6 0 7 8 2 2 0 0 2 5 4 4 2 4 1 1 4 9 9 6 5 47 1 5 6 A Ri t c la h n m ta o nd . ... 6 8 3 7 , , 5 4 1 4 6 4 9 8 0 3 , , 7 46 4 6 4 2 2 5 2 , ,1 6 9 5 2 1 September. . 176 278 620 127 43 187 49 235 433 Chicago 147,379 102,999 56,860 October.... 145 317 102 61 43 256 St Louis . • 21,765 62,976 16,876 November. . 165 370 103 61 62 309 Minneapolis 22,638 29,723 11,933 December .. 188 331 114 62 74 269 12,758 20,872 11,570 Dallas 34,668 32,513 16,452 Year 1,994 3,299 1,435 1,311 559 1,988 Total (11 districts) 619,857 679,909 278,262 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Unmillions of dollars] INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION Title I Loans Mortgages on [In millions of dollars] Rental War and Mu- Sav- Year or month Total P e r r o ty p- S h m om al e l 1 fa - m to il y 4- g a r n o d up V h e o t u e s ra in n g s' End of month Total C m o e m r- - t s u a a v l - i a n n g d s I a n n s c u e r- F e e ra d l - Other2 p m r i o m e v n - e t - s c t t i r o o u n n c - - h ( o T I u D i s tl e e s h ( o T u II i s t ) i l n e g (T V C i I 1 t ) ) le b c a i n a k l s b i a n n g k s s a a l s t o s i a o o n c n i s - p c a o n m ie - s a c g ie e s n 1 - 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 7 5 6 8 9 . . . 3 4 9 5 6 9 5 2 5 9 5 7 0 4 4 2 2 2 1 4 2 0 6 6 6 4 8 0 0 2 i3 5 4 3 4 66 0 2 7 9 9 9 4 3 4 5 4 1 1 8 2 2 1 1 1 1 1 9 9 9 9 3 3 3 3 8 6 7 9 — — — D D D D e e e e c c c c 1 1 , , 1 7 3 7 9 9 6 7 9 3 5 1 9 4 2 6 0 3 3 2 2 0 4 8 2 3 7 8 7 8 1 1 1 1 9 5 4 1 2 6 9 0 3 2 1 4 1 4 1 2 2 1 8 1 3 5 7 5 2 3 7 1 9 5 3 2 0 3 3 7 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 1 0 2 4 3 . ... 1 1 1 , , , 0 1 1 9 8 3 2 8 4 8 7 6 6 2 6 2 2 1 1 6 9 5 2 4 2 6 1 5 1 2 2 1 6 1 5 1 8 6 2 7 2 7 1 9 3 4 7 6 1 6 3 1 1 * 6 3 7 3 2 5 6 3 8 1 0 7 4 3 1 1940— J S D M u e e n a p c r e t .... 2 2 2 1, , , , 9 0 2 4 4 7 3 0 9 5 2 9 1 1 1 , , , 0 1 0 9 6 2 9 7 2 6 3 1 1 1 1 9 3 0 1 0 0 0 1 2 2 2 2 0 0 2 1 4 1 8 6 3 4 4 5 9 4 3 8 2 2 2 0 2 1 1 1 0 8 9 7 1 2 0 1 1 1 1 1 2 5 4 2 0 7 1 4 1945 684 189 219 3 272 1941—Mar 2,598 1,246 146 230 606 210 160 1945—Sept 44 11 * 16 2 14 June 2,755 1,318 157 237 668 220 154 Oct 62 26 19 * 17 Sept 2,942 1,400 171 246 722 225 178 Nov 60 28 * 21 11 Dec 3,107 1,465 186 254 789 234 179 Dec 55 23 * 20 1 11 1942—Mar 3,307 1,549 201 264 856 237 200 1946—Jan 56 17 * 27 12 3,491 1,623 219 272 940 243 195 Feb 46 14 * 24 8 &£••:.:: 3,620 1,669 236 276 1,032 245 163 Mar 48 13 * 28 * 7 Apr 58 21 * 28 1 8 1943—June 3,700 1,700 252 284 1,071 235 158 May 80 39 * 31 1 10 Dec 3,626 1,705 256 292 1,134 79 159 J A J u u u l n g y e 5 8 8 5 0 3 4 2 4 2 5 0 * * 3 2 3 3 6 7 # i' ' 5 6 4 I944— D JU e n c e 3 3, , 3 5 9 5 9 4 1 1 , , 6 5 6 9 9 0 2 2 6 5 0 8 2 2 6 8 9 4 1 1 , , 0 1 7 1 2 9 6 7 8 3 1 1 5 4 0 0 Sept 63 32 * 26 4 1945—June 3,324 1,570 265 264 1,047 43 134 *Less than $500,000. Dec 3,156 1,506 263 253 1,000 13 122 194 1 6 M ; o f r i t g g u a r g es e s th in e s r u ea re f d te r un r d ep er r es W en a t r m H a o i u n s l i y n g m T or it tg le a g V es I i t n h s r u o r u e g d h u A n p d r e i r l 1946—June 3,102 1,488 260 247 974 11 122 the Veterans Housing Title VI (approved May 22, 1946) but include a few refinanced mortgages originally written under the War Housing !The RFC Mortgage Company, the Federal National Mortgage 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 2 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, excludon 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. 1283 NOVEMBER 1946 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 P670 254 234 314 325 P319 230 494 793 561 P351 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 P350 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 P826 214 302 294 356 P432 446 963 903 537 P394 August 705 1,280 1,191 737 P882 187 318 304 360 P424 518 962 887 378 P458 September.... 732 1,269 1,194 514 P641 196 289 282 335 P3 76 536 981 912 180 P266 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.-Sept,,. 5,606 9,364 10,992 7,976 P7,119 2,017 2,457 2,922 3,172 P3,519 3,588 6,907 8,071 4,804 P3,601 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 s o 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 il o r w a ta t a i l n y g e r x a T p il o e w t n a a s l e y s o r p a e i N l r w a e a t t i y ng 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 4 4 3 4 5 4 0 1 2 9 3 . . . . . .. 1 1 1 1 1 1 13 4 3 0 0 3 3 0 1 9 7 8 5 0 1 1 1 1 1 1 4 9 3 3 2 3 1 8 8 3 5 1 3 4 1 1 1 1 1 1 1 7 8 0 6 8 8 3 2 8 6 1 7 2 5 1 1 1 1 1 1 1 3 5 1 0 4 2 0 2 7 6 0 1 9 1 1 1 1 1 2 2 1 9 9 9 0 7 1 6 6 4 4 4 1 1 1 1 1 1 1 2 4 4 5 3 1 0 1 5 9 4 0 9 3 2 1 1 1 1 1 1 6 9 8 0 4 1 8 2 6 7 0 3 9 0 1 1 1 1 1 1 1 4 4 4 4 3 1 0 5 7 6 2 6 0 1 1 6 6 6 0 9 9 6 3 0 7 6 9 7 8 Annual 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 3 4 3 2 1 4 9 0 9 4 5 9 3 7 , , , , , , 0 4 2 9 3 4 5 3 9 9 4 6 5 7 7 5 7 6 4 5 8 3 3 7 , , , , , , 9 6 3 3 4 6 1 8 4 0 4 9 4 2 3 8 6 3 1 1 1 , , , 3 4 0 9 5 6 6 8 9 9 8 8 2 5 3 8 2 9 5 9 8 6 1 0 0 7 6 9 8 2 0 4 8 9 3 SEASONALLY 1945 P8,902 P8,052 P850 P447 ADJUSTED 1945_july 139 136 193 157 121 140 171 146 67 SEASONALLY August 128 128 167 163 115 133 166 132 64 ADJUSTED D S O N e e c o p c t v o e t e e b m m m e b r b b e e e r r r . . . . . . 1 1 1 1 2 2 3 1 7 7 3 8 1 1 1 1 4 3 0 4 8 3 9 3 1 1 1 1 6 5 6 1 7 5 4 3 '1 1 1 1 4 6 5 5 5 7 8 3 1 1 1 1 4 1 2 4 5 4 3 0 1 1 1 1 2 1 0 0 5 0 6 9 1 1 1 1 1 7 3 3 7 4 4 4 1 1 1 1 2 3 2 3 5 3 6 0 6 6 7 7 9 6 4 4 1945— A J J u u u l n y g e ust. . . 8 6 7 7 3 9 9 0 1 1 1 5 6 6 6 7 5 9 2 4 5 6 5 8 1 9 0 5 3 5 6 7 6 6 2 7 1 2 1 4 1P46— F M J e a a b n rc u r h u ar a y ry.... 1 1 1 2 3 3 6 9 3 1 1 1 5 5 4 5 2 8 1 1 1 0 6 2 7 5 7 1 1 1 4 5 5 1 0 2 1 1 1 2 4 5 6 0 8 1 1 1 2 2 3 6 2 4 1 1 9 2 1 4 1 8 1 1 1 4 3 2 3 4 1 7 7 7 8 8 8 D S O N e e o c p c v t t o e e e m b m m e b b b r e e . e . r r r . . . 6 6 6 6 2 5 8 8 7 6 6 6 0 2 7 8 0 4 —3 6 3 6 1 7 -5 3 6 0 3 J A J A u u p u n l r y g e i u l st 1 1 1 1 1 3 4 3 0 0 3 9 1 6 9 1 1 1 4 5 4 2 6 6 5 2 6 8 1 1 1 7 9 8 4 6 0 7 5 4 2 1 1 1 1 1 3 1 3 2 2 6 9 2 1 6 1 1 1 1 1 1 6 1 4 1 8 6 8 3 4 1 1 1 1 1 5 5 4 2 49 3 7 3 5 1 1 1 6 6 3 6 6 7 4 2 6 6 1 1 1 1 1 4 4 4 3 2 5 1 5 3 3 8 8 7 7 7 1 1 8 7 4 1946— F M A J e a p a b n r r i r u c l u a h a r . r y . y .. . . . . . 6 6 5 6 5 3 5 6 1 5 5 6 5 5 6 5 6 5 6 6 2 5 7 7 — 8 8 1 0 8 4 6 - - 4 2 5 5 5 8 1 1 September. . . 138 160 183 125 91 154 164 139 75 May 515 524 —9 c_4i June 639 586 53 20 UNADJUSTED J A u u ly gust.. . . 6 65 6 1 4 6 61 0 3 3 4 5 8 1 P 1 1 6 9 1945—July 143 136 187 188 97 140 273 148 67 August 132 128 160 176 109 140 249 133 65 September.. . 137 143 154 163 150 135 261 136 69 UNADJUSTED 1946— D F A O M N J e e p a c o a b c n t r v r o i e r u c l e u b m a h m a e r b r r y b y e e r r.. . 1 1 1 1 1 1 1 1 3 2 3 1 2 0 9 6 8 2 9 3 7 1 1 1 1 1 1 0 4 3 5 5 4 2 9 8 3 2 5 8 6 1 1 1 1 1 1 6 7 1 6 3 1 9 7 2 1 6 3 4 3 1 1 1 1 1 1 5 6 4 5 9 4 3 8 4 4 2 9 7 0 1 1 1 1 1 1 1 8 3 8 1 2 2 2 9 5 3 1 6 7 0 1 1 1 1 1 1 1 9 0 0 3 2 4 5 4 8 9 4 1 3 2 1 1 1 3 3 2 2 5 5 4 6 5 9 4 0 1 1 1 1 1 1 1 3 3 2 3 1 2 4 9 6 3 6 3 3 1 7 7 7 8 7 7 7 2 5 1 2 5 9 4 1945— D J A S N O J u u e e u o c l n p c y v g t e t o e e u e m b m m s e t b b . b r e e . e . r . r r . . . . 8 6 7 6 7 6 6 2 7 5 9 6 9 1 0 9 5 6 1 7 4 6 6 7 6 6 6 6 3 9 2 6 4 5 0 5 7 0 7 3 1 0 - 1 3 9 0 8 4 6 5 7 9 0 7 4 1 4 - ' 7 6 5 7 2 3 5 5 1 0 0 4 9 May 1 1 3 0 7 7 14 6 6 8 13 6 8 1 1 1 2 1 8 1 1 9 0 6 3 1 1 5 3 5 0 2 1 1 0 3 3 1 1 3 2 9 5 8 7 1 4 1946—January.. . 641 570 71 34 July 143 145 172 166 135 153 263 142 78 February.. 579 521 58 29 S A e u p g t u e s m t ber... 1 1 4 4 9 5 1 1 5 60 2 1 1 7 81 7 1 1 4 40 2 1 12 1 0 3 1 1 6 66 5 2 24 4 5 3 1 1 4 50 6 7 79 7 M A M p a a r y i r l ch.... 6 5 5 4 6 3 6 7 3 6 5 5 6 5 3 7 7 7 -2 -5 1 0 0 - — - 3 2 4 7 1 9 June 612 574 38 15 r Revised. July 674 611 63 32 NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for August.... 710 629 82 P51 June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce p Preliminary. r Revised. "Corrected. Commission. 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. 1284 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 n - ta c C a hi g - o Lo S u t. is 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 114 108 106 111 114 120 123 116 119 109 110 117 117 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—September '202 167 161 175 197 225 274 193 232 191 239 '276 '235 October ••212 177 172 184 209 248 286 199 238 190 241 289 243 November '222 183 182 202 212 251 290 208 240 203 238 288 273 December '218 188 179 184 218 237 297 206 239 199 244 287 256 1946—January '227 186 194 205 220 262 308 209 234 21? 249 306 269 February '251 200 210 221 236 283 331 241 281 236 261 339 300 March '260 218 232 244 246 294 328 243 286 246 275 336 297 April '252 210 219 224 244 276 327 237 267 224 273 352 291 May '258 213 226 232 256 276 329 234 277 252 289 342 305 June 275 232 240 253 273 303 365 253 305 248 288 368 315 July 273 227 236 254 260 307 343 254 300 253 281 381 323 290 246 259 250 286 '306 365 281 330 '259 300 381 '324 September 269 225 202 238 249 298 367 263 312 265 321 378 313 UNADJUSTED 1945—September 209 176 171 178 199 239 279 197 234 207 239 r290 '244 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 }945—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 June 253 216 221 228 257 266 307 245 274 236 265 313 288 July. 208 157 158 175 203 219 275 198 234 c204 230 200 266 August 242 184 189 195 249 '253 321 236 284 '232 279 '292 September 277 236 214 243 251 316 374 268 315 i 288 311 397 326 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—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 f".*. 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 June 211 181 204 194 209 243 252 199 222 207 212 253 218 July 223 187 213 203 213 264 267 213 231 224 206 252 250 August 221 186 214 '205 208 264 '271 210 234 220 '201 262 240 September 226 191 200 204 221 262 277 220 240 227 219 267 249 UNADJUSTED 1945—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 May 200 173 192 184 194 228 232 191 211 185 191 227 225 June . 205 174 192 184 201 232 255 195 222 200 212 ?46 221 July 223 179 196 192 213 260 275 209 240 228 230 272 265 August '238 198 218 '213 225 297 292 225 255 233 '225 296 263 September . . . 250 209 216 225 246 294 304 244 266 245 245 299 281 ' Revised. c Corrected. * 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 or June 1946, pp. 588-612. NOVEMBER 1946 1285 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—CO»*II*K^ 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 Mar. 6... .150 Mar. 4. ...153 Mar. 3.. ..182 Mar. 2. ...217 13. .. .144 11.. . .160 10. ...204 9.. . .233 Year or month Sales s O ta u n t d - - 2 27 0 . . . . . . . . 1 1 4 5 7 5 2 18 5 . . . .. . . . 1 1 7 8 2 2 2 1 4 7 . . . . . . .2 .2 1 2 4 6 2 1 3 6 . . . . . . .2 .2 5 4 5 3 (total Stocks ing Apr. 3. . ..161 Apr. 1.. . .212 31.. . .230 30. ...257 for (end of orders 10. . ..168 8. .. .208Apr. 7.. ..181 Apr. 6. .. .272 month) month) (end of 17. .. .170 15.. . .152 14.. ..156 13.. ..282 month) 24... .182 22.. ..163 21.. ..192 20.. ..289 May 1... .142 29.. ..168 28. ...184 27.. . .232 8... .169 May 6.. ..184 May 5.. ..193 May 4.. ..248 1939 average 128 344 15... .149 13. .. .197 12. .. .196 11. ...274 1940 average 136 353 108 22. .. .153 20. ...177 19. ...178 18.. ..246 1941 average 156 419 194 29... .151 27.. . .168 26.. ..182 25.. . .245 1942 average 179 599 263 June 5... .151 June 3.. . .163June 2. ...169 June 1. ...223 1943 average 204 508 530 12. . ..168 10.. . .172 9. .. .196 8.. . .273 1944 average 227 534 560 19... .168 17. ...173 16. .. .206 15. ...283 1945 average 255 564 728 26.. ..132 24. ...151 23. ...183 22.. . .248 July 3. . ..134 July 1. .. .149 30.. ..173 29.. ..239 1945—Jan... 199 465 771 10. . ..113 8. .. .116July 7. .. .153July 6. ...192 Feb... 198 500 817 17. . ..126 15. .. .145 14. .. .167 13. ...210 Mar... 280 524 772 24. . ..124 22.. . .138 21. .. .157 20.. ..201 Apr.. . 209 566 725 31. . ..118 29. .. .132 28. .. .153 27.. . .204 May.. 231 592 671 Aug. 7. . ..131 Aug. 5. ...137 Aug. 4. .. .167 Aug. 3. .. .217 June.. 235 596 695 14. . ..131 12. .. .148 11.. . .176 10. .. .228 July.. 191 592 722 21. . ..146 19. .. .149 18. .. .124 17.. . .239 Aug... 213 626 670 28. .. .145 26. ...171 25. .. .182 24. .. .255 Sept.. 243 620 652 Sept. 4. . .169 Sept. 2. .. .194Sept. 1.. . .194 31. .. .281 Oct... 298 624 700 11. . .156 9. .. .177 8. .. .177 Sept. 7. ...264 Nov.., 334 602 779 18. . ..179 16. .. .196 15. .. .213 14.. . .293 Dec... 429 462 764 25. .. .176 23. ...193 22. .. .220 21. .. .280 Oct. 2. . ..175 30. .. .196 29. .. .209 28. .. .257 1946—Jan... 224 491 896 9. . ..188 Oct. 7. .. .218Oct. 6. .. .242 Oct. 5. ...277 Feb... 239 533 979 16. . ..189 14. .. .221 13. .. .245 12. .. .281 Mar.., 301 582 974 23. .. .194 21. .. .209 20. .. .237 19. .. .295 Apr.. . 319 644 910 30. . .187 28. .. .207 27. .. .233 26. .. .286 May . 304 674 934 Nov. 6. . ..202 Nov. 4.. . .215 Nov. 3. .. .236 Nov. 2. . June.. 304 699 1048 13 .211 11. .. .231 10. . 261 9 July.. 244 735 1073 20 223 is!! ' 252 17. . 275 16 Aug.. 303 806 1012 27! ! !201 25. .. .236 24. .. .258 23. . Sept.. P308 Dec. 4. . .269 Dec. 2. .. .304Dec. 1. .. .326 30 9 Preliminary. r 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] S 19 e 4 p 6 t.A 19 u 4 g 6 . N m 19 i o 4 n s 6 e . S 19 e 4 p 6 t.A 19 u 4 g 6 . N m 19 i o 4 n s 6 e . S 19 e 4 p 6 t.A 19 u 4 g 6 . Nine S 19 e 4 p 6 t. A 19 u 4 g 6 . N 1 m 9 i o 4 n s 6 e . United States p+31 +46 +30 Cleveland-cont. Chicago P+34 +51 +31 Kansas City— Toledo +27 +49 +23 Chicago +33+51 +32 cont. Boston p+33 +49 +27 Youngstown +30 +46 +26 Peoria +37 +50 +33 Oklahoma City. +26 +33 +20 N Po e r w tl a H nd aven. . + + 3 2 . 1 "+ +4 5 2 4 + + 2 2 6 3 E Pi r t i t e sburgh + + 2 7 2 + + 4 5 5 8 + + 2 3 2 3 I F n o d r i t a W na a p y o n li e s . .. . . . P+ + 4 2 3 7 + + 4 4 1 7 + + 3 2 3 6 Tulsa +34 +43 +22 Boston Area,. +38 +50 +28 Wheeling +31 +48 +30 Terre Haute... +20+48 +31 Dallas +36 +40 +31 Downtown Des Moines. . . +37+49 +34 Shreveport +31 +27 +26 Boston +36 +48 +27 Richmond +29 +33 +24 Detroit +35 +50 +28 Corpus Christi. +36 +54 +27 Springfield. .. +24 +47 +21 Washington +20 +26 +21 Flint +37 +63 +29 Dallas +36 +44 +36 Worcester +31 +58 +30 Baltimore +33 +38 +25 Grand Rapids. +51 +66 +37 Fort Worth +33 +36 +25 Providence.. . +2r +51 +25 Raleigh, N. C... +30 +41 +27 Lansing +3355 ++5533 +29 Houston +51 +47 +37 Winston-Salem.. +36 +47 +29 Milwaukee. ... +4 +53 +35 San Antonio. . . +33 +37 +30 New York.... +25 +58 +35 Charleston, S. C +21 +4 +5 Green Bay.... '+41 +58 +36 Bridgeport.. . +36 +63 +34 Greenville, S. C + 19 +32 +21 Madison +28 +37 +27 San Francisco. +31 +40 +26 Newark +27 +63 +37 Lynchburg +28 +44 +27 Phoenix +42 +38 +31 Albany +37 +56 +49 Norfolk +22 + 15 +7 St. Louis P+33 +48 +3/ Tucson +41 +40 +32 Binghamton.. +31 +63 +35 Richmond +34 +34 +30 Fort Smith P+1 + 19 + 17 Bakersfield * +35 **+29 Buffalo +29 +55 +31 Roanoke +36 +63 +37 Little Rock P+22 +32 +24 Fresno +31 +41 +29 Elmira +21 +54 +23 Charleston, Quincy P+32 +45 +29 Long Beach +28 +40 +25 Niagara Falls, +9 +35 + 13 W. Va +28 +50 +32 Evansville P+37 +54 +29 Los Angeles.... +37 +44 +31 N Po ew ug Y hk or e k e p C s i i t e y. + + 2 3 0 3 + + 5 5 7 0 + + 3 3 7 6 H Cl u a n rk ti s n b g u t r o g n P+ + 2 3 6 1 + + 4 4 5 6 + + 3 2 2 7 L E o a u st i s S vi t l . l e Louis. P+ * 4 + + 5 7 2 0 *+ +3 4 1 4 O B a e k r l k an el d e y and +29 +38 +23 Rochester +31 +49 +31 St. Louis P+33 +50 +32 Riverside and Schenectady. +36 +38 +24 Atlanta +34 +37 +28 St. Louis Area. P+33 +50 +32 San Bernardino +24 +28 +21 Syracuse +49 +62 +39 Birmingham... +31 +45 +27 Springfield P+49 +57 +43 Sacramento... . +27 +52 +31 Utica +36 +41 +25 Mobile +22 +24 + 17 Memphis P+39 +53 +32 San Diego + 18 + 17 + 11 Montgomery. . +29 +35 +23 San Francisco.. +25 +35 +20 P T h r il e a n d t e o l n phia P v+ +3 3 6 1 + + 4 6 2 3 + + 3 4 0 0 J M ac ia k m so i nville.. . + +4 3 6 0 + +4 3 7 5 , + + 2 3 2 1 M M in in n n e e a a p p o o li l s i . s . . . . + + 3 4 9 6 \ + + 3 4 9 5 + + 3 3 6 8 S S a a n n ta Jo R se osa + * 40 + + 4 3 8 7 ** + + 2 2 9 4 W L P R h a e i i n l a l k c a d e a d s i s e n - t l B e p g r a h . . r . i r . a . . e . . P P p + + + + 4 3 3 3 2 9 5 7 + + + + 4 5 5 3 5 0 6 2 + + + + 3 3 2 3 6 1 7 4 O A T A a r u t l l m g a a u n n p s d t a a t o a + + + + 4 7 5 3 2 1 0 6 + + + +44 5 4 90 8 8 ++ + + 3 3 3 4 7 4 3 1 K D S a u t n . l u s P a t a h s u - S l up C e i r ty io .. r . + + + 2 2 4 8 5 4 + + + 4 2 4 6 3 0 + + + 2 3 1 7 6 7 V S B N t o a o l i a c l s e p e k j a t o a o n n a d nd + - 4 9 0 + - 4 1 1 + - 2 7 7 York P+22 +4= +27 Columbus +25 +31 + 16 Denver +35 +43 +34 Nampa +30 •+43 +27 Macon +38 +42 +31 Pueblo +22 +25 + 15 Portland +24 +44 +26 Cleveland... +23 +51 +30 Baton Rouge.. +32 +23 +30 Hutchinson.... +25 +40 +21 Salt Lake City. +35 +45 +33 Akron +29 +35 +21 New Orleans. . +43 +29 +27 Topeka +26 +32 +21 Bellingham.... +28 +40 +24 Canton +46 +47 +26 Bristol, Tenn.. +30 +43 +29 Wichita +24 +30 + 19 Everett +3S +54 +35 Cincinnati... +38 +50 +34 Jackson +28 +31 +24 Joplin +23 +37 +29 Seattle +26 +33 + 19 Cleveland... +35 +53 +29 Chattanooga.. +35 +471 +33 Kansas City... +26 +42 +26 Spokane +33 +45 +29 Columbus... +33 +49 +31 Knoxville + 11 +18 +11 St. Joseph +25 +36 +33 Tacoma +21 +31 + 17 Springfield. . +1 +28 + 15 Nashville +36 +54 +41 Omaha +29 +52 +33 Yakima + 15 +37 +24 r Revised. Preliminary. * Data not available. ** Eight months 1946. 1286 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 without I U s U e C a A so n n u al m a u d ci j u o stment Pe a rc y e e n a t r a ch g a o n ( g v e a lu fr e o ) m Rat t i o o s o a f l e s s t o 2 cks 1941 average monthly sales=100 1 Department o N f u s m to b r e e r s Sal m es o d n u th ring Sto o c f k m s o a n t e th nd Sale p s e r d io u d ring ( m S en t o o d n c k t o h s f August reporting 1946 1945 1946 1945 A 19 u 4 g 6 . E m i o g s h . t A 19 u 4 g 6 . 1946 1945 Aug. July Aug. Aug. July Aug. 1946 GRAND TOTAL—entire stores 358 +43 +28 +29 2.8 3.1 MAIN STORE—total 358 194 155 134 549 496 421 +45 +29 +29 2.8 3.2 Women's apparel and accessories 355 214 157 167 516 456 397 +28 +17 +30 2.4 2.4 Coats and suits 336 246 107 173 514 416 431 +43 +23 + 19 2.1 2.5 Dresses 341 197 186 158 260 214 177 +24 + 19 +47 1.3 1.1 Blouses, skirts, sportswear, etc 332 268 222 225 725 693 523 + 19 + 15 +38 2.7 2.4 Juniors' and girls' wear 315 306 167 252 695 634 485 +21 + 16 +43 2.3 1.9 Infants' wear 318 286 189 239 822 779 696 + 19 +8 + 18 2.9 2.9 Aprons, housedresses, uniforms 292 148 217 125 328 279 200 + 18 + 18 +66 2.2 1.6 Underwear, slips, negligees 340 199 189 162 472 421 296 +23 + 14 +60 2.4 1.8 Corsets, brassieres 338 225 206 167 560 504 383 ,+34 +20 +46 2.4 2.3 Hosiery (women's and children's) 349 149 143 108 215 179 152 +38 + 12 +42 1.4 1.4 Gloves (women's and children's) 332 104 71 88 834 693 644 + 18 +8 +31 8.0 7.2 Shoes (women's and children's) 246 213 148 161 476 433 469 +32 +28 +2 2.2 2.9 Furs 274 259 92 161 829 811 662 +60 +20 +27 3.2 4.1 Neckwear and scarfs 252 202 139 167 807 613 711 +21 +9 + 13 4.0 4.3 Handkerchiefs 287 133 109 115 878 750 778 + 15 +9 + 12 6.6 6.8 Millinery 173 173 79 131 234 176 175 +32 +20 +29 1.4 1.4 Handbags and small leather goods 323 156 119 122 524 424 411 +27 +22 +28 3.4 3.3 Men's and boys' wear 327 164 133 98 507 428 458 +67 +41 +10 3.1 4.7 Men's clothing 234 149 119 72 302 234 341 + 108 +43 -11 2.0 4.7 Men's furnishings, hats, caps 313 150 147 84 535 445 433 +80 +51 +23 3.6 5.2 Boys' clothing and furnishings 286 232 118 189 806 731 735 +23 + 16 +9 3.4 3.9 Men's and boys' shoes and slippers 181 156 124 101 506 441 487 +55 +51 +4 3.2 4.8 Home furnishings 318 190 162 100 575 545 385 +91 +62 +49 3.0 3.9 Furniture, beds, mattresses, springs 241 188 149 115 503 489 416 +64 +53 +20 2.7 3.6 Domestic floor coverings 265 166 138 83 438 408 301 +99 +62 +44 2.6 3.7 Draperies, curtains, upholstery 296 180 164 115 759 665 457 +57 +32 +64 4.2 4.0 Major household appliances 218 223 205 30 183 195 32 +646 +587 +446 0.8 1.1 Domestics, blankets, linens, etc 304 200 155 118 545 506 343 +70 +44 +60 2.7 2.9 Lamps and shades 235 159 134 106 799 755 629 +49 +46 +28 5.0 5.9 China and glassware 232 132 113 91 618 608 475 +45 +36 +31 4.7 5.2 Housewares , 234 249 234 120 874 839 512 + 107 +77 +72 3.5 4.2 Piece goods 297 259 201 194 582 522 384 +34 +12 +51 2.2 2.0 Cotton wash goods 127 220 231 155 382 358 197 +42 +11 +85 1.7 1.3 Small wares 342 157 138 129 671 619 577 +22 +15 +17 4.3 4.4 Lace, trimmings, embroideries, ribbons 119 198 182 169 940 776 803 + 18 +9 + 15 4.7 4.8 Notions 226 179 188 138 703 644 563 +30 + 19 +24 3.9 4.1 Toilet articles, drug sundries, and prescriptions. 325 132 123 118 566 563 536 + 12 +8 +6 4.3 4.5 Jewelry and silverware 308 182 145 124 807 690 573 +46 +35 +41 4.4 4.6 Art needlework 240 157 122 133 744 723 635 + 18 +3 + 18 4.7 4.8 Stationery, books, and magazines 237 150 127 138 647 586 635 +9 +7 +2 4.3 4.6 Miscellaneous 304 166 160 112 570 537 491 +48 +36 +16 3.4 4.4 Luggage 238 234 238 125 530 533 300 +87 +59 +79 2.3 2.4 BASEMENT STORE—total 209 160 140 121 444 407 351 +33 +19 +27 2.8 2.9 Women's apparel and accessories 197 167 146 136 408 370 323 +22 + 11 +26 2.4 2.4 Men's and boys' clothing and furnishings 164 156 133 101 516 471 422 +55 +36 +23 3.3 4.2 Home furnishings 139 163 145 99 513 483 354 +64 +39 +50 3.1 3.4 Piece goods 52 254 216 199 545 465 400 +28 + 12 +42 2.1 1.9 Shoes 130 116 110 97 409 375 409 + 19 + 16 + 1 3.5 4.2 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. 1285. SALES, 4CCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Year and month Sales during month Accounts receivable Collections during at end of month month Cash In m s e ta n l t - a C c h c a o r u g n e t - Total Cash Instal- Charge Instal- Charge Instal- Charge sales sales sales ment account ment account ment account 1945—August 136 181 58 98 32 76 «-58 104 65 4 31 September 154 202 63 117 '32 85 »-60 103 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 84 152 60 4 36 September 197 229 97 179 50 145 87 152 58 4 38 * Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1285. NOVEMBER 1946 1287 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 t d a m i l t er ins T ta o l t m al ent Sale credit Loans1 p S a lo i y n a m g n l e s e 2 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 J .081 467 1934... . 4,378 1,849 1,317 576 741 532 875 I 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 1,419 520 1937 7,467 3,947 2,752 1,384 1,368 1,195 1,504 1,459 557 1938... 7,030 3,578 2,313 970 1,343 1,265 1,442 L 487 523 1939 7,981 4,436 2,792 1,267 1,525 1,644 1,468 1L,544 533 1940 9,153 5,455 3,450 1,729 1,721 2,005 1 .488 L 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 1,009 1,464 1,369 1,513 648 1943 5,338 1,961 814 175 639 1,147 1,192 L,498 687 1944 5,777 2,039 835 200 635 1,204 1,251 .758 729 1945 6,734 2,365 903 227 676 1,462 1,616 1,981 772 1945—August 5,649 1,988 706 196 510 1,282 1,466 1,441 754 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 L,490 1,666 758 November 6,344 2,190 805 219 586 1,385 1,556 1,835 763 December 6,734 2,365 903 227 676 1,462 1L,616 1,981 772 1946—January 6,506 2,364 877 235 642 1,487 L.659 1,701 782 February 6,564 2,408 879 245 634 1,529 1,671 1,692 793 March. 6,978 2,507 905 264 641 1,602 1,695 1,972 804 April 7,315 2,652 957 289 668 1,695 L,710 2,138 815 May. . 7,507 2,789 1,004 318 686 1,785 L,708 2,188 822 7,762 2,908 1,035 336 699 1,873 L.697 2,327 830 July 7,843 3,031 1,072 365 707 1,959 1,695 2,281 836 August?5 8,156 3,182 1,126 394 732 2,056 1.714 2.418 842 September v 8,395 3,314 1,185 433 752 2,129 1,736 .,495 850 P Preliminary. 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 Com- Small Indus- trial Miscel- repair Com- Small Indus- trial Total m ba e n rc k i s a 1 l p c l a o o n a m i n e - s b t a r n ia k l s2 p c a lo o n a m ie n - s2 u C n r i e o d n i s t l l a e n n e d o e u rs s m iz o a a n d ti d e o r n n- m ba e n rc k i s a 1 l p c l a o o n m a i n e - s b t a r n ia k l s2 p c a lo o n a m ie n - s2 C un re io 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 2*48 563 354 105 1937. 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 L 644 523 435 131 99 147 96 213 680 763 261 194 257 1940 > 005 692 505 132 104 189 99 284 1,017 927 255 198 320 1941 > 180 784 535 134 107 217 102 301 1,198 983 255 203 372 1942 11,464 426 424 89 72 147 91 215 792 798 182 146 247 1943 I 147 312 372 67 59 123 86 128 636 809 151 128 228 1944 L.204 358 388 68 60 122 88 120 744 876 155 139 230 1945 L 462 471 445 76 70 128 93 179 938 978 166 151 228 1945—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 %21 88 165 88 89 16 14 20 November. . L.385 448 409 73 67 124 90 174 94 97 15 14 21 December... t,462 471 445 76 70 128 93 179 101 133 18 16 23 1946—January.... 1L.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 1,695 608 482 85 76 137 97 210 138 105 18 16 25 May . 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 July . 1 959 745 520 96 81 154 100 263 156 106 20 17 29 August?. . . . 2,056 792 535 100 84 158 102 285 164 110 20 18 30 September?. 2,129 825 544 102 87 164 103 304 156 98 19 17 31 P 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 Septembei amounted to 60 million dollars, and loans made during September 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. 1288 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 t o 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 s t 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 - - Je st w o e re lr s y s o r t e A t o t h r a l e e l i r l s Year or month P t i cc P hhaa n ss r ee r d e d t a D ll i o l o i a r a p nns r s t d c r i h p a e r a e t u n a s c d r e i t - d l , e lo t r m a n i a o n i o n n z s d d a * - - l c m i o s a n a o s e s h n n n t s a a t l lhouses Outstanding at end of 1929 1,197 160 583 265 56 133 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 1,147 256 406 255 56 174 1945 731 65 146 97 121 302 1937 1 368 314 469 307 68 210 1938 1,343 302 485 266 70 220 1945—August 622 57 119 79 100 267 1939 1 525 377 536 273 93 246 September.. 633 58 122 79 103 271 1940 1,721 439 599 302 110 271 October. ... 659 60 128 83 109 279 1941 . 1,802 466 619 313 120 284 November.. 694 62 135 90 116 291 1942 1,009 252 391 130 77 159 December.. 731 65 146 97 121 302 1943 . 639 172 271 29 66 101 1946—January 771 70 155 107 125 314 1944 635 183 269 13 70 100 February... 809 74 164 111 131 329 1945 676 198 283 14 74 107 March 871 82 179 117 140 353 1945 April 946 97 193 127 151 378 August 510 142 232 11 45 80 May 1,025 108 212 142 161 402 September. 515 144 235 11 44 81 June 1,093 115 228 154 173 423 October. . . 544 156 247 11 44 86 July 1,164 124 245 167 183 445 November. 586 173 262 12 47 92 August 1,247 138 263 179 198 469 December. 676 198 283 14 74 107 September.? 1,313 149 276 188 211 489 1946 Volume extended dur- January.. . 642 189 272 14 66 101 ing month: February.. 634 184 274 14 62 100 1945—August 108 11 23 15 12 47 March.... 641 188 279 14 59 101 September.. 106 12 23 13 12 46 April 668 200 288 15 60 105 October 131 13 28 19 15 56 May 686 206 295 16 61 108 November.. 140 14 29 21 16 60 June 699 210 299 17 63 110 December.. 147 14 32 24 13 64 July 707 213 299 21 63 111 1946—January 157 19 34 27 14 63 August?. .. 732 222 308 23 64 115 February. .. 155 18 35 24 15 63 September? 752 234 311 24 65 118 March 188 20 41 25 20 82 April 212 29 46 32 22 83 May 226 29 52 38 22 85 June 217 24 50 36 22 85 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL July 240 30 53 44 23 90 BANKS, BY TYPE OF CREDIT August? 253 36 58 38 27 94 September?. 243 33 55 41 25 89 [Estimates. In millions of dollars] Retail instal- Repair Personal ment paper 2 and instal- CONSUMER INSTALMENT CREDITS OF INDUSTRIAL Year and month TToottaall mmooddeerrnn-- 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 x 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 9 2 6 . . 5 8 5 4 3 9 . . 5 3 1 1 8 8 . . 8 4 1 1 8 8 . . 6 2 1 1 1 1 0 2 . . 1 4 m A o u b to il - e Other i l z o a a t n io s n * 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 1.1 51.7 1944— June 89.6 12.5 6.8 12.9 57.4 1945 76.7 11.0 4.0 1.5 60.2 December. ... 92.0 13.0 7.8 13.4 57.8 1945—August 69.3 9.6 3.7 1.3 54.7 1945—August 95.1 12.7 7.9 14.9 59.6 September... 70.4 9.6 3.8 1.4 55.6 September 95.7 12.6 8.0 15.4 59.7 October 71.4 10.0 3.9 1.5 56.0 October 97.7 13.1 8.4 16.2 60.0 November... 73.8 10.6 4.0 1.6 57.6 November... . 100.9 13.6 9.0 16.8 61.5 December. .. 76.7 11.0 4.0 1.5 60.2 1946— S A A J J D F M M J u u e a e p u e a a l n n p b r y c g y r e i u r t e c u l e u a m h s m a r t y ? r b b y e e r. r ? . . . . . . '1 1 1 1 1 1 1 1 1 1 2 0 0 3 4 1 1 0 2 3 7 5 8 2 8 2 4 2 2 7 . . . . . . . . . . 4 6 5 6 1 8 4 6 1 3 1 2 2 1 1 1 1 1 1 1 8 2 1 7 9 4 4 6 3 5 . . . . . . . . . . 5 1 6 9 6 1 8 3 4 8 '1 1 1 1 1 1 1 1 9 9 3 4 2 0 1 4 3 0 . . . . . . . . . . 9 8 7 5 7 0 8 9 1 8 2 2 2 2 2 2 1 1 1 1 1 4 5 0 3 2 7 8 8 9 . . . . . . . . . . 2 2 4 2 1 0 2 2 0 1 '7 6 8 6 6 6 6 7 7 7 3 3 0 3 9 4 7 0 8 5 . . . . . . . . . . 2 6 6 3 5 4 9 3 9 8 1946— F A A J J M S M J u u e a e u p a l n a n b p r g y y r e u i r t u c l e u a s h m r a t y r b y e . r . ? . . . . 9 9 8 8 8 8 7 8 7 6 3 3 9 5 7 8 1 7 . . . . . . . . . 1 1 2 0 6 5 4 0 5 1 1 1 1 1 1 1 1 1 3 3 2 1 2 1 1 2 3 . . . . . . . . . 6 8 6 2 7 6 2 1 0 5 4 4 5 6 4 4 4 5 . . . . . . . . . 4 6 2 3 5 8 2 1 0 2 2 1 1 1 1 1 1 1 . . . . . . . . . 9 7 0 6 6 5 7 0 6 6 6 6 6 6 6 6 7 7 8 1 4 1 3 5 7 6 0 . . . . . . . . . 7 9 0 6 5 9 5 0 8 Volume extended Volume extended 19 d 4 u 5— rin S O N D A g e c u o e p m t g c v o t u e e b o e s m m e n m t r t b b b h e : e e r r r . . . . . . . . . . . . 2 1 1 1 1 1 9 9 5 6 . . . . . 9 7 8 4 31 3 3 2 2 2 . . . . . 1 0 1 2 7 2 2 1 1 1. . . . . 7 3 3 0 2 2 1 1 1 1 . . . . . 6 5 9 6 1 1 1 1 1 1 4 3 0 2 1 . . . . . 6 2 9 8 3 19 d 4 u 5 r — in S D O N A g e c e o u p m t c g v o t e u e e b o m s m m e n t r b t b b h e e e : r r . r . . . . . . . . 1 1 1 1 1 3 7 6 6 3 . . . . . 2 8 8 0 1 2 2 2 2 2 . . . . . 2 6 2 7 7 0 0 0 1 1 . . . . . 8 7 0 7 1 0 0 0 0 0 . . . . . 2 2 2 2 2 1 1 1 1 1 0 4 2 2 0 . . . . . 2 7 2 1 0 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 '2.7 2.3 '14.9 June 18.3 2.7 1.2 0.2 14.2 July 26.3 4.7 2.8 2.6 16.2 July 19.6 3.3 1.4 0.3 14.9 August? 26.7 4.7 3.0 2.8 16.2 August? 20.5 3.5 1.1 0.3 15.6 September?... 24.8 4.2 2.6 2.7 15.3 September?. . 19.8 3.5 1.4 0.3 14.6 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. P Preliminary. r Revised. 2 Includes both direct loans and paper purchased. NOVEMBER 1946 1289 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 RECEIVABLE1 Pe f r ro ce m n 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 ar u g n e ts month month of preceding Item year Year and month House- Depart- Furni- hold ap- Jewelry Depart- 1 S 9 e 4 p 6 t P . A 19 u 4 g 6 . J 1 u 9 l 4 y 6 1 S 9 e 4 p 6 t. * A 19 u 4 g 6 . 1 Ju 94 ly 6 s m to e r n e t s s t t u o r r e es p s l t i o a r n e c s e stores s m to e r n e t s Net sales: 1945 Total _2 + 10 -5 +61 +69 +57 August '34 23 48 31 63 Cash sales. . . -5 + 10 o +66 +86 +67 September. '36 23 49 30 63 Credit sales: October '41 27 52 31 66 Instalment -4 + 11 -4 +45 +58 +48 November 40 27 51 35 67 Charge account + 7 +8 -6 +93 +80 +83 December 36 24 48 46 61 Accounts receivable, at 1946 end of month: January 32 25 52 32 61 Total. +4 +3 0 +37 +33 +28 February 31 24 52 29 60 Instalment 0 +2 +27 +29 +23 March 35 27 54 32 64 April 35 28 56 32 63 Collections during May 34 27 55 33 62 month: June 33 26 55 32 60 Total -2 +4 +3 +47 +48 +44 July 32 26 '56 57 Instalment ... -4 +4 + 1 +34 +42 +36 August 35 26 55 33 59 Septembers 34 25 54 30 56 Inventories, end of month, at retail value. +5 +6 + 7 +46 +41 +36 P Preliminary. ' Revised. 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 r e ic l, ity, fur H ni o s u h s i e ngs 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 129.3 140.9 146.4 111.4 146.0 124.5 128 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 129.9 141.4 149.4 108.3 110.3 148.3 124.8 1946—January 129 9 141 0 149 7 110.8 148 8 125 4 129.6 139.6 150.5 111.0 149.7 125.6 ]Vlarch 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 iO8.7 113.7 158.1 129.0 Back figures.—Bureau of Labor Statistics, Department of Labor. 1290 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 Year, month, or week m c t A o i o e m l d s l i - - F p u r a c o r t m d s - Foods Total H p l i r e d o a e d t s h u e c a r t n s 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 u e m a d c n i t - d s in f 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 83.7 77.9 89.6 70.9 73. 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76. 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 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. 95.7 90.3 77.0 86.8 73.3 1939 77.1 65 70.4 81.3 95.6 69.7 73. 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 76.2 99.4 103.2 84.4 94.3 82.0 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 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—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.. 107.7 130.8 107.8 101 119.6 102.2 85.1 106.6 120.9 95.9 106.5 95.6 March 108.9 133.4 109.4 102 119.8 104.7 85.0 108.4 124.9 96.0 106.9 95.6 April 110.2 135.4 110.8 103 119.8 107.9 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 124.7 157.0 140.2 109.5 141.2 118.1 90.3 113.3 132.1 99.3 111.9 101.3 August.... 129.1 161.0 149.0 111.6 138.9 124.0 94.4 114.0 132.7 98.4 112.6 102.0 September. 124.0 154.3 131.9 112.2 141.6 125.7 94.3 114.2 133.8 98.4 113.6 102.1 Week ending: 1946—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 July 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 Oct. 5... 125.1 158.0 135.5 112.6 141.1 125.9 95.0 114.2 134.1 98.6 115,1 102.2 Oct. 12... 126.0 160.2 137.7 112.6 141.3 126.1 95.0 114.2 134.1 98.8 115.3 102.2 Oct. 19... 135.1 160.1 175.6 112.8 141.5 126.3 95.0 114.4 134.2 98.8 115.7 102.5 Oct. 26.... 135.9 170.1 169.9 113.1 143.3 126.5 95.0 114.4 134.2 99.5 115.9 103.7 1945 1946 1945 1946 Subgroups Subgroups Sept. June July Aug. Sept Sept. June July Aug. Sept. Farm products: Metals and Metal Products: Grains 126.6 151.8 181.4 169.0 170.6 Agricultural implements... 97.9 107.0 107.2 108.5 108.6 Livestock and poultry 128.5 137.4 162.9 177.6 150.4 Farm machinery 98.9 108.4 108.7 109.7 109.8 Other farm products 120.3 137.5 145.7 147.8 151.1 Iron and steel 99.6 110.1 111.3 113.3 113.5 Foods: Motor vehicles * 112.8 Dairy products 110.3 127.3 156.9 161.8 169.1 Nonferrous metals 85.7 99.2 101.4 101.4 Cereal products 95.1 101.7 124.9 124.7 127.4 Plumbing and heating 95.0 106.0 106.0 106.3 107.2 Fruits and vegetables 117.5 136.1 130.0 120.4 115.5 Building Materials: Meats 107.9 110.1 169.9 198.1 131.3 Brick and tile 112.4 121.3 122.5 126.0 127.7 Other foods 94.9 98.1 109.4 114.9 115.5 Cement ' 99.6 102.6 104.0 105.8 106.5 Hides and Leather Products: Lumber 155.0 176.0 177.3 177.6 178.2 Shoes 126.3 129.5 140. 140.1 144.8 Paint and paint materials. 107.6 108.6 114.9 113.9 116.7 Hides and skins 118.1 121.5 169.3 155.8 151.5 Plumbing and heating 95.0 106.0 106.0 106.3 107.2 Leather 103.8 110.7 133.2 133.3 138.5 Structural steel 107.3 120.1 120.1 120.1 120.1 Other leather products 115.2 115.2 115.2 115.8 115.8 Other building materials... 104.5 118.4 119.9 120.9 121.4 Textile Products: Chemicals and Allied Products: Clothing 107.4 120.3 120.5 122.8 122.9 Chemicals 96.1 98.0 98.5 98.4 98.6 Cotton goods 121.3 139.4 148.6 160.0 166.6 Drugs and Pharmaceuticals 110.2 109.4 112.6 110.1 110.3 Hosiery and underwear 71.5 75.8 76.3 >"87.7 88.7 Fertilizer materials 81.1 82.7 88.2 94.4 90.2 Silk 126.7 134.8 126.5 Mixed fertilizers 86.6 86.6 86.6 87.7 90.0 Rayon 30.2 30.2 30.2 30.2 30.2 Oils and fats 102.0 102.1 114.2 102.5 103.3 Woolen and worsted goods... 112.7 112.7 112.8 113.9 Housefurnishing Goods: Other textile products 112.3 113.5 121.7 126.7 Furnishings 107.7 114.5 117.3 118.5 119.4 Fuel and Lighting Materials: Furniture 101.5 106.1 106.4 106.6 107.5 Anthracite 102.2 106.1 114.5 113.4 113.5 Miscellan eous: Bituminous coal 124.7 132.8 136.1 136.7 137.0 Auto tires and tubes 73.0 73.0 73.0 73.0 73.0 Coke 134.9 133.5 147.5 147.0 147.5 Cattle feed 159.6 197.8 246.3221.1 201.8: Electricity 65.5 67.2 65.6 Paper and pulp 109.3 115.6 117.1 119.6 121.9* Gas 80.2 79.6 80.7 79.5 Rubber, crude 46.2 46.2 46.2 46.2 46.2 Petroleum products 62.6 64.0 65.1 72.8 Other miscellaneous 98.9 101.0 101.9 105.0 106.5 1 This subgroup is in process of revision. r Revised. Back figures.—Bureau of Labor Statistics, Department of Labor. NOVEMBER 1946 1291 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 1 1946 v 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 00 8 81 0 57 41. 1 38 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 8S 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 9 7.8 V.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 2.0 2.4 2.8 1.3 0.6 0.5 0. 7 0.3 0 S 0 9 1.4 2 n 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. 8.9 5.1 .1 4.0 26. 6 25.2 26 1 26 7 28 28.4 29 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 -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 N D o u n ra d b u l r e a b g l o e o d g s o o . ds 3 6 2 . . 4 6 34 7. . 4 4 4 9 0 . . 1 1 4 6 7 . . 3 9 5 6 5 . . 6 1 6 6 0 . . 7 0 65 7 . . 6 7 65 7. . 4 0 61 7.1 5 65 7 4 1 7 9 0 . . 0 6 7 1 5 0 7 7 1 5 2.0 s 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 Gross national product 88.6 97.1 120.2 152.3 187.4 197.6 Deductions: Business tax and nontax liabilities 10.4 12.4 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 Davments 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 19.4 21 22.1 ,7 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 6 141.6 141 137 0 136 0 138 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 9 7 10 6 Net corporate profit 4.2 5.8 8.5 8.7 9.8 9.9 3.8 4.0 4.5 4.3 4.3 4.5 0.4 1.8 4.0 4.4 5.5 5.4 v Preliminary. 1 Revised figures. Unadjusted quarterly data have not yet been revised; unrevised data and annual totals for all components appear in BUL- ETIN for July, 1946, p. 806. 2 Based on new sources and not precisely comparable with previous years. • 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 or 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. 1292 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF OCTOBER 1, 1946 [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1945 Oct. 1, 1946 1945 Oct. 1, 1946 1945 Oct. 1, 1946 1945 Oct. 1, 1946 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,412 7,480 36 60 New York 27,253 32,808 10,194 6,244 57 171 Philadelphia 52,911 52,200 17,974 17,873 126 136 Cleveland 220,734 231,307 66,402 57,991 30 32 Richmond . 1 108 1 188 148 381 144 848 25 775 27 417 Atlanta 2,165 1,818 186,519 173,258 7,649 6,338 Chicago 1,156,790 1,414,465 66,754 56,985 786 1,474 St. Louis 1 2,789 2 2,770 349,257 438,396 48,392 44,421 20 21 Minneapolis 383,549 420,341 37,541 41,112 257,127 247,497 Kansas City 237 237 397,723 373,957 403,707 438,280 5,039 4,861 Dallas 2,258 2,145 80,483 77,746 42,546 54,283 100 93 San Francisco 458 566 7,398 7,622 96,243 128,950 36,645 35,183 Total 9,015 8,724 3,018,410 3,374,428 823,177 879,894 299,966 289,528 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1945 Oct. 1, 1946 1945 Oct. 1, 1946 1945 Oct. 1, 1946 1945 Oct. 1, 1946 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 4,791 5,370 3,539 3,421 30,774 37,215 61,939 85,487 New York 21,666 35,261 6,639 6,415 1,228 1,524 35,386 46,013 Philadelphia 15,458 18,980 2,515 2,496 46,355 57,717 19,996 22,835 Cleveland 63,506 79,653 5,605 5,708 145,225 159,146 13,504 14,061 Richmond 31,291 34,657 5,030 5,124 1,132,964 1,280,263 24,988 31,117 Atlanta 30,913 28,080 4,468 4,279 237,297 260,187 18,589 19,308 Chicago 593,313 616,195 19,618 17,007 37,405 43,276 34,683 32,676 St. Louis 58,711 86,950 8,946 8,658 358,631 399,272 10,311 12,956 Minneapolis 522,589 395,178 10,776 9,370 3,073 3,532 52,596 40,813 Kansas City 129,155 155,969 8,986 8,052 4,856 5,591 37,315 39,021 Dallas 47,001 40,727 1,937 1,980 5 433 7,278 San Francisco 29,269 30,096 13,514 13,122 110,391 119,581 Total . . 1,547,663 1,527,116 91,573 85,632 1,997,808 2,247,723 425,131 471,146 1 Includes 9,000 bales grown in miscellaneous territory. 2 Includes 14,000 bales grown in miscellaneous territory. NOVEMBER 1946 1293 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 1946 Chart Chart book book page Sept. Oct. Oct. Oct. Oct. page Sept. Oct. Oct. Oct. Oct. 25 16 23 25 16 23 WEEKLY FIGURES* In billions of dollars WEEKLY FIGURES—Gont. In unit indicated RESERVES AND CURRENCY BUSINESS CONDITIONS Reserve Bank credit, total 24.5' 24.1' 24.0! 24.1 = 23.6 Steel production (% of capacity)... 3 90.4 90.2 90.4 90.5 90.3 U. S. Govt. securities, total. . 23.8 23.5i 23.5' 23.4 23.0i Electric power prod. (mill. kw. hrs.). 3 4,518 4,,447788 4,495 4, I:, 602 Bills 14.74 14.6 14.5 14.4 14.1. Freight carloadings (thous. cars)... 45 916 907 899 932 Certificates 7.78 7.5: 7.5 7.4< 7.4: Department store sales (1935-39 942 Notes .6C .6 .6 .65 = 100) 4= 257 277 281 Bonds .76 Wholesale prices (1926 = 100): 286 G M Tr o o e D l n a d i s e s u s y c t r o o y i u c n n k c c t a s i s r h c a u n l d a t a io d n vances 2 2 2 8 0 . . . 2 3 4 8 0 5 2 2 2 8 0 . . . 5 3 3 2 0 2 2 2 8 0 . . . 2 3 6 7 2 2 2 0 8 . . . 3 2 6 C 7 0 2 2 2 8 0 . . . . 5 2 3 2 ' ' . O T Fa o th r t m a e l r p th ro an d u f c a t r s m and food 4 4 4 9 9 9 1 1 1 5 1 2 6 2 4 . . . 6 4 4 1 1 1 1 2 5 5 2 8 . . . 1 6 0 1 1 1 6 1 2 0 2 6 . . . 2 6 0 1 1 1 6 3 1 0 5 2. . . 8 1 1 1 1 1 1 7 3 3 0 5 . . . 1 1 9 Treasury deposits .93 .36 .48 .52 .3 Member bank reserves 15.98 16.17 16.02 16.1 15.78 1946 Required reserves 15.25 P15.22P15.21P15.19 15.2 Excess reservese .72 . 94 P.81 P.96 P.5 Excess reserves (weekly aver- July Aug. Sept.3 age): Totale P.90 P.90 MONTHLY FIGURES New York City .02 .02 .01 RESERVES AND CURRENCY In billions of dollars Chicago .01 .01 .01 ) Reserve city banks .1 .20 .21 .21 Country bankse .63 P.68 P.67 Reserve Bank Credit 6 24.17 24.26 24.39 rold stock 6 20.27 20.27 20.29 Money in circulation 6 28.28 28.35 28.48 MEMBER BANKS IN LEADING CITIES Treasury cash 6 2.25 2.26 2.27 Total—101 cities: Treasury deposits 6 .59 .52 .52 Loans and investments 14 9.07 58.11 58.1 58.3: 58.77 Member bank reserves, total 6, 16.02 16.03 16.16 U. S. Govt. obligations 1439.99 39.09 39.19 39.2; 39.62 Central reserve city banks 13 5.08 5.03 5.09 Demand deposits adjusted. .. 39.49 39.24 39.28 39.2' 39.69 Reserve city banks 13 6.31 6.34 6.36 U. S. Govt. deposits 14 5.54 4.74 4.6: 4.6i 4.70 Country banks 1" 4.63 4.67 4.71 Loans 14 .5.54 15.48 15.49 15.6; 15.73 Required reserves, total 15.09 15.14 15.27 New York City: Central reserve city banks 13 5.05 5.01 5.06 Loans and investments 15 9.94 19.61 19.5. 19.49 19.86 Reserve city banks 13 6.09 6.13 6.16 U. S. Govt. obligations, total. 15 .3.11 12.90 12.94 12.91 13.28 Country banks 13 3.95 3.99 4.05 Bonds and guaranteed Excess reserves, total .93 .89 .89 securities 16 9.52 9.53 9.52 9.49 9.42 Balances due from banks: Notes and certificates 16 3.48 3.10 3.18 3.16 3.2: Reserve city banks 13 1.83 1.78' 1.76 Bills 16 .11 .27 .25 .25 .64 Country banks 13 3.75 3.77 3.72 Demand deposits adjusted... 15 42 14.30 14.33 14.24 14.54 Money in circulation, total 28.25 28.45 28.51 U. S. Govt. deposits 15 1.61 1.56 1.57 1.59 Bills of $50 and over 8.07 8.18 8.25 Interbank deposits 15 00 4.11 4.01 4.03 3.97 $10 and $20 bills 15.65 15.73 15.71 Time deposits 15 29 1.29 1.29 1.30 1.28 Coins, $1, $2 and $5 bills 4.53 4.54 4.55 Loans, total 15 66 5.53 5.47 5.48 5.51 Commercial 17 43 3.46 3.54 3.59 3.57 For purchasing securities: ALL BANKS IN U. S. Brokers'—on U. S. Govts. 16 .73 .60 .48 .48 Brokers'—on other secur- Total deposits and currency 9 P170.40 P170.20 P169.50 ities 16 .31 .29 .27 .26 . 26 Demand deposits 9 P80.30 P80.60 P80.90 Toothers 17 .52 .51 .49 .48 .47 ime deposits 9 P52.30 P52.80 P53.1O Allother 17 .67 .66 .69 .68 .69 Currency outside banks 9 »26.50 P26.60 P26.80 100 cities outside New York: U. S. Govt. deposits 9 *11.30 PIO.20 P8.70 Loans and investments 1539.13 38.50 38.83 38.91 U. S. Govt. obligations, total. 1526.88 26.19 26.24 26.32 26.34 Bonds and guaranteed CONSUMER CREDIT securities 1617.71 17.70 17.74 17.74 17.81 Notes and certificates 16 8.70 8.08 8.02 7.98 7.93 !onsumer credit, total 18 7.84 P8.16 P8.40 Bills 16 .47 .41 .48 .60 .59 Single payments loans 18 1.70 Pl.71 PI.74 Demand deposits adjusted... 1525.08 24.94 24.95 25.03 25.15 Charge accounts 18 2.28 P2.42 P2.5O U T In i . m te S e r . b G d a e n o p k v o t s . d i e d ts p e o p s o i s ts it s 1 1 1 5 5 5 3 6 8 . . . 3 9 6 5 8 6 9 6 3. . . 1 0 4 3 0 8 9 3 6 . . . 5 0 0 1 1 6 9 3 6 . . . 0 0 8 2 7 4 9 3 6 . . .5 0 1 9 3 1 S In e s r I v t n a i s c l t m e a l e c m n re e t d n c i t t r e lo d a it n , s t otal 18, 1 1 1 9 9 8 3 1 . . . 0 9 8 3 6 4 P P 3 2 P . . . 0 1 8 6 8 4 P P P 2 3 . . . 8 3 1 5 1 3 Loans, total 15 9.89 9.95 10.02 10.15 10.23 Instalment sale credit, total.... 19 1.07 Pi.13 Pl.19 C Fo o r m p m u e r r c c h i a a s l ing securiti . e • s • . . 17 5 1 . . 6 3 4 3 5 1 . . 7 3 0 1 5 1 . . 8 2 4 4 5 1 . . 9 2 6 3 6 1 . .1 0 9 5 A O u th to er m obile 1 1 9 9 . .7 3 1 7 P p. . 7 39 3 P P . .7 4 5 3 Allother 17 2.92 2.94 2.95 2.96 2.99 TREASURY FINANCE MONEY RATES, ETC. Per cent per annum J. S. Govt. obligations outstanding, total interest-bearing 20 267.36 266.73 264.61 U. S. Govt. securities: By classes of securities: Bills (new issues) 24 .375 375 375 .375 .376 Bonds (marketable issues) 20 119.32 119.32 119.32 Certificates 24 85 .85 .83 83 .83 Notes, cert., and bills 20 68.09 66.85 64.84 Notes 24 \24 1.25 1.24 24 1.23 Savings bonds and tax notes... 20 56.40 56.57 56.03 Bonds (7-9 years) 24 1.56 1.55 1.56 1.56 1.57 Special issues 20 23.05 23.44 23.85 Bonds (15 years and over).24, 26 2.28 2.27 2.27 2.26 2.26 By maturities: Corporate bonds: 5 years and over 20 108.70 108.70 107.41 High grade (5 issues) 26 2.50 2.49 2.51 2.51 2.51 5-20 years 20 65.10 65.10 63.81 Aaa 26 2.60 2.59 2.60 2.60 2.60 5-10 years 20 45.03 45.03 43.74 Baa 26 3.16 3.15 3.15 3.15 3.15 Within 5 years 20 78.89 77.65 76.93 Within 1 year 20 59.97 58.72 61.10 Certificates 20 37.72 36.47 34.48 In unit indicated Bills 20 17.02 17.02 17.01 Holdings on U. S. Govt. obligations: Commercial banks 21 81.90 80.40 Stock prices (1935-39=100), Fed. agencies and trust funds. ... 21 29.71 30.06 30.38 total 27 125 125 118 127 123 Federal Reserve Banks 21 23.63 23.95 24.05 Industrial 27 129 129 121 131 127 Mutual savings banks 21 11.60 11.70 Railroad 27 115 113 104 115 110 Insurance companies 21 25.40 25.40 Public utility 27 109 109 104 110 108 Other investors, total 21 95.10 95.20 Volume of trading (mill, shares)' 27 1.68 .95 1.58 1.45 .87 Marketable issues 21 40.80 40.70 For footnotes see p. 1296. 1294 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 July Aug. Sept.3 page July Aug. Sept. MONTHLY FIGURES—Cont. Per cent per annum MONTHLY FIGURES—Cont. In unit indicated MONEY RATES, ETC. BUSINESS CONDITIONS—Cont. Corporate Aaa bonds 23 2.48 2.51 2.58 F. R. Bank discount rate (N. Y.) 23 1.00 1.00 1.00 Residential contracts (mill, dollars) :4 Treasury bills (new issues) 23 .375 .375 .375 Total 42 270 280 304 Public 42 32 13 27 Private, total 42 238 267 277 In unit indicated 1- and 2-family dwellings 42 208 228 241 Other 42 30 39 36 Stock prices (1935-39=100): Value of construction activity (mill, Total 27 150 146 125 dollars): Industrial 27 153 150 129 Total 49C 998 1,067 1,061 Railroad 27 154 147 119 Residential: Vo P l u u b m l e ic o u f t i t l r i a t d y ing (mill, shar w e s) 2 2 7 7 1 .9 2 4 8 1 .9 2 5 5 2 1 .1 10 P P u ri b v l a ic te 4 4 9 9 C C 32 2 9 3 3 2 4 8 4 3 3 3 5 9 Brokers' balances (mill, dollars): Nonresidential: Credit extended customers 29 745 723 63 Public 49C 195 219 220 Money borrowed 29 442 377 305 Private 49C 451 476 467 Customers' free credit balances 29 653 647 729Freight carloadings:4 Total (1935-39=100) 43 139 141 138 BUSINESS CONDITIONS Groups (points in total index): Income payments (mill, dollars) :4 Miscellaneous 43 77.2 79.4 75.9 Total 30 14,029P14.125 Coal 43 30.8 32.4 33.9 Salaries and wages 30 8,895 P9,045 All other 43 30.7 29.6 28.4 Other 30 5,134 P5,080 Department stores (1935-39=100) :4 Cash farm income (mill, dollars): Sales 44 273 290 269 Total 31 2,407 2,233 2,027 Stocks 44 223 221 227 Livestock and products 31 1,279 1,178 87" Exports and imports (mill, dollars): Crops 31 992 991 1,13: Exports 46 P826 P881 Govt. payments 31 136 64 13 Excluding Lend-Lease exports... 46 P788 P843 Armed forces (mill, persons) 32 2.6 2.4 2.2 Imports. 46 P432 P424 Civilian labor force (mill, persons): Excess of exports excluding Lend- Total 32 60.4 60.0 59.4 Lease exports 46 P356 P418 Male 33 43.0 42.8 42.2 Cost of living (1935-39=100): Female 33 17.4 17.2 17.3 All items 47 141.0 143.7 Unemployment 32 2.3 2.0 2. Food 47 165.7 171.2 Employment 32 58.1 58.0 57.4 Clothing 47 157.9 159.7 Nonagricultural 33 48.2 48.8 48.6 Rent 47 108.7 Agricultural 33 9.9 9.1 8. Wholesale prices (1926=100): Industrial production:4 Total 49 124.7 129.1 124.0 Total (1935-39=100) 35, 49B 172 177 P178 Farm products 49 157.0 161.0 154.3 Groups (points in total index): Other than farm and food 49 109.5 111.6 112.2 Durable manufactures 35 76.5 78.8 P79.S Machinery and trans, equip.. . 49B r41.1 42.5 P43.0 Iron and steel 49B r19.7 20.2 P20.2 1946 Nonferrous metals, lumber, and building materials 49B ••15.6 16.2 P16.6 Nondurable manufactures 35 73.6 76.7 P76.5 Textiles and leather 49 B 18.5 20.9 P21.2 Jan.- Apr.- July- Food, liquor, and tobacco 49B 21.3 21.1 P20.7 QUARTERLY FIGURES Mar. June Sept. Chemicals, petroleum, rubber, and coal products 49B 21.5 21.8 P21. Paper and printing 49B 12.2 12.9 P12.9 RECEIPTS AND EXPENDITURES OF THE In billions of dollars Minerals. 35, 49B '22.2 21.8 P22.O U. S. TREASURY New orders, shipments, and inventories (1939=100): Budget receipts and expenditures: New orders: Total expenditures 49D 13.00 13.44 10.16 Total 36 202 P210 National defense 49D 8.67 7.19 3.80 Durable 36 229 P238 Net receipts 49D 13.24 9.89 9.45 Shipments: Internal revenue collections, total. 49D 12.59 8.07 8.47 Total 36 207 P223 Individual income taxes 49D 7.22 3.72 3.87 Durable 36 217 P234 Corporate income taxes 49D 3.49 2.48 2.56 Nondurable 36 201 P216 Misc. internal revenue 49D 1.88 1.87 2.04 Inventories: T D o u t r a a l b le 3 3 6 6 1 1 9 8 4 1 P P 2 1 0 8 0 5 MONEY RATES Per cent per annum Nondurable 36 170 P173 Factory employment and pay rolls Bank rates on customer loans: (19 E P 3 a m 9 y p = r l 1 o o 0 y ll 0 m s ) e : nt 3 3 8 8 2 1 6 4 1 1 . . 0 0 2 1 7 4 7 5 . . 8 0 P146.3 T O N o e th t w a e l r , Y N 1 o 9 r o k r c t i h C ti e i e r t s y n and Eastern cities. 2 2 2 5 3 5 2 2 1 . . . 7 3 3 5 4 1 2 2 1 . . . 8 5 4 4 1 1 2 2 1 . . . 8 4 3 0 3 1 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 r t s o ) ries: 39 43.34 44.90 P45.10 Southern and Western cities 25 2.93 2.97 2.75 Hourly earnings (cents) 39 109.3 111.1 P112.3 Hours worked (per week) 39 39.6 40.4 P40.1 SECURITY MARKETS In millions of dollars Nonagricultural employment (mill, persons) :4 Total 40 39.1 39.7 P39.9 Corporate security issues: Manufacturing and mining 40 15.0 15.3 P15. Net proceeds: Trade 40 7.9 8.0 P8.0 All issues 28 941 2,134 1,404 Government 40 5.4 5.4 P5.4 Industrial 28 407 1,106 798 Transportation and utilities 40 3.9 3.9 P3.9 Railroad 28 348 209 31 Construction 40 1.9 2.0 P2.0 Public utility 28 154 741 490 Construction contracts (3 mo. moving New money: average, mill, dollars):4 All issues 28 248 611 796 Total 41 675 647 P630 Industrial 28 219 532 551 Residential 41 296 289 P288 Railroad 28 10 18 28 Other 41 379 358 P342 Public utility 28 3 21 200 For footnotes see p. 1296. NOVEMBER 1946 1295 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 Dec. June Sept. page Dec. June Sept. 31 29 30 31 29 30 CALL DATE FIGURES In billions of dollars GALL DATE FIGURES-Cont. In billions of dollars ALL MEMBER BANKS CLASSES OF BANKS—CONT. Loans and investments* total 10 107.18 102.03 Country banks: U. S. Govt. obligations, total 10 78.34 72.27 Loans and investments, total 13 35.00 35.89 J>36.05 Bonds 11 44.79 45.42 U. S. Govt. obligations 13 27.00 26.56 P25.95 Certificates 11 16.98 15.29 Other securities 13 2.41 2.73 P2.77 Notes 11 14.27 10.47 Loans 13 5.60 6.61 P7.33 Bills 11 2.27 1.07 Demand deposits adjusted 13 23.60 24.63 Guaranteed obligations 11 .02 .02 Time deposits 13 12.51 13.53 Other securities, total 10 6.07 6.46 State and local government obligations 11 3.25 3.31 1946 Other securities 11 2.82 3.15 Lo C R a o n ea m s, l m t e o s e t t r a a c l t i e a l 1 1 1 0 1 1 2 8 2 3 . . . 9 4 7 5 6 8 2 9 4 3 . . . 6 2 3 9 7 0 P24.77 SELECTED DATES J M an a A Ju p n r. e - J S u e l p y t - . Agricultural 11 .86 .88 For purchasing securities: Brokers 11 3.13 2.40 FARM REAL ESTATE VALUES ' In unit indicated Toothers 11 3.38 2.48 Cash farm income (bill, dollars, annual Consumer 11 1.90 2.46 basis) 49A 23.0 23.0 P24.7 Demand deposits adjusted 10 64.18 67.46 Farm real estate values (1912-14= 100) 49A 5 142 5 147 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-JuIy Loans and investments, total 12 32.07 28.47 P26 1914=100) 49A 207 214 245 U. S. Govt. obligations 12 21.79 19.13 P17 Other securities 12 1.62 1.51 Pl Loans 12 8.67 7.84 P7 1944 1945 Demand deposits adjusted 12 18.22 19.35 Time deposits 12 1.97 2.21 In unit indicated Reserve city banks: Loans and investments, total 12 40.11 37.68 P36.71 U. S. Govt. obligations 12 29.55 26.59 P24.61 ash farm income (bill, dollars) 49A 21.0 21.6 Other securities 12 2.04 2.23 P2.28Farm transfers (number per 1000 Loans 12 8.51 8.86 P9.81 farms): Demand deposits adjusted 12 22.37 23.48 Total 49A 53.4 56.4 Time deposits 12 9.79 10.45 Voluntary sales and trades 49A 51.5 54.9 * Estimated. P Preliminary. * Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than $5,000,000. « 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. * Adjusted for seasonal variation. 6 Figures available for June and December dates only. 6 As of Mar. 1, and July 1. * Copies of the Chart Book may be obtained at a price of 50 cents each. 1296 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 Mutual savings Non- A re l - l Member banks Nonmember banks x banks reporting p b o a r n ti k n s g l Total Total2 ti N on a- al State2 Total su In re - d in N su o r n e - d1 su I r n e - d 2 in N su o r n e - d ( n n o o n b n i a m n n s e u k m s re b d e ) r Banks (Head Offices) Dec 31 1942 14 682 14,136 6,679 5,081 1,598 7,460 6,667 793 56 490 130 Dec. 31, 1943 14,579 14,034 6,738 5,040 1,698 7,299 6,535 764 184 361 119 Dec. 31, 1944 14,535 13,992 6,814 5,025 1,789 7,181 6,452 729 192 351 120 Dec. 31 1945 14,553 14,011 6,884 5,017 1,867 7,130 6,416 714 192 350 112 Sept. 30, 1946P 14,582 14,041 6,899 5,009 1,890 7,145 6,449 696 191 350 114 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 1,079 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 Sept. 30, 1946P 4,081 3,928 2,877 1,758 1,119 1,051 991 60 110 43 P 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 101 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas. 2 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banks are not included in the total for "Commercial banks" and are included only once in "All reporting banks." 3 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 90, respectively. NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banking and Monetary 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 list1 0n par listI 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 i Mem- Non- p o a n r State Total i Mem- Non- p o a n r Total ber member list1 Total ber member list1 banks banks banks banks United States total* Michigan 443 443 228 215 Dec. 31, 1942.... 14,123 11 413 6,670 4,743 2,710 Minnesota 674 257 208 49 417 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 593 521 182 339 72 Dec. 31, 1945 14,002 11 869 6,877 4,992 2,133 Montana . . . 110 108 77 31 2 Sept. 30, 1946P... 14,040 11944 6,893 5,051 2,096 Nebraska .... 410 405 146 259 5 By districts and Nevada 8 8 6 2 by States New Hampshire. 64 64 52 12 Sept. 30, 1946 P New Jersey 344 344 295 49 New Mexico. . . 43 43 30 13 Boston 490 490 336 154 New York 940 940 803 137 New York 669 669 579 90 849 849 650 199 North Carolina. 202 84 54 30 118 Cleveland .. 170 1 170 723 447 North Dakota.. 150 44 41 3 106 Ohio 674 674 425 249 Richmond 1 010 780 476 304 230 Oklahoma 382 372 218 154 10 Atlanta 1,140 511 330 181 629 Chicaeo 9 474 9 416 1 000 1 416 58 Oregon 68 68 33 35 St Louis . . 1 465 1 107 494 613 358 Pennsylvania.... 1,013 1,013 772 241 Rhode Island 20 20 11 9 Minneapolis 1,273 590 469 121 683 South Carolina. . 148 53 29 24 95 749 733 752 981 16 South Dakota . . 169 68 61 7 101 Dallas 979 863 592 271 116 San Francisco 501 495 268 227 6 Tennessee 293 189 81 108 104 Texas 867 803 548 255 64 Utah . . 59 59 34 ?5 Vermont 71 71 40 31 Virginia .... 315 301 201 100 14 219 105 85 20 114 Washington 123 117 55 62 6 Arizona • • 10 10 5 5 West Virginia. . . 180 177 108 69 3 Arkansas 228 97 66 31 131 Wisconsin 556 441 166 275 115 191 191 111 80 Wyoming 55 55 37 18 Colorado 140 140 92 48 Connecticut 114 114 63 51 v Preliminary. Delaware 40 40 17 23 1 Represents banks on which checks are drawn, excent that it excludes Dist. of Columbia... 21 21 18 3 both member and nonmember mutual savings banks on a few of which Florida 170 106 69 37 (64 some checks are (drawn. Similar par list figures Dublished heretofore 370 87 60 27 283 have included member mutual savings banks and member nondenosit trust companies (three and :our, respectively, on Dec. 31, 1945) Idaho 45 4S 25 20 on which no checks are drawn, because of the reauirement that member Illinois 866 864 496 368 2 banks remit at par for checks presented to them through the Federal Indiana 490 490 239 251 Reserve Banks. Iowa 659 659 164 495 The total in this table differs from total commercial banks in nre- Kansas 612 610 213 397 2 ceding table because the commercial bank total excludes some banks on which checks are drawn, namely, those that do lot report to State Kentucky 386 386 114 272 banking departments (see footnote 1 of Drecedine tabled, and includes Louisiana 155 52 43 9 103 indUvStrial banks and nondeposit trust companies whether or not 63 63 38 25 checks are drawn on them. Miaryland 169 169 79 90 NOTE.— Prior to February 1L946. statisties on the Federal Reserve Massachusetts 186 186 149 37 par list were published annually. For back figures see Banking and Monetary Statistics, Table 15, and descriptive text, pp. 14-15. NOVEMBER 1946 1297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS NATIONAL AND STATE MEMBER BANKS, FIRST HALF OF THE YEAR, 1945-1946 Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks. [Amounts in thousands of dollars] All member banks National member banks State member banks Item First half First half First half First half First half First half of 1945 of 1946 of 1945 of 1946 of 1945 of 1946 Earnings 1,015,748 1,175,376 650,047 761,566 365,701 413,810 I I n n t t e e r r e e s s t t a o n n d U d . i v S i . d e G n o d v s e o rn n m o e th n e t r s s e e c c u u r r it i i ti e e s s . . . . . 547,468 54 7 6 4 , , 1 5 9 0 9 3 357,547 36 5 0 1 , , 0 1 9 5 3 7 189,921 1 2 8 3 6 , , 3 1 4 0 6 6 Interest and discount on loans 275,572 342,475 180,927 225,689 94,645 116,786 Service charges and fees on loans 8,512 5,643 4,934 3,543 3,578 2,100 Service charges on deposit accounts 43,887 47,482 30,583 32,876 13,304 14,606 Other charges, commissions, fees, etc 30,902 33,852 20,353 22,208 10,549 11,644 Trust department 53,256 61,547 18,880 23,335 34,376 38,212 Other current earnings 56,151 63,675 36,823 42,665 19,328 21,010 Expenses 600,764 693,834 383,935 444,881 216,829 248,953 Salaries—officers 97,635 114,404 63,203 74,287 34,432 40,117 Salaries and wages—others 174,265 210,265 106,782 129,585 67,483 80,680 Directors' and committee members' fees. . 5,067 5,802 3,388 3,831 1,679 1,971 Interest on time deposits 86,644 102,728 58,424 69,250 28,220 33,478 Interest on borrowed money 1,079 987 572 541 507 446 Taxes other than on net income 40,648 40,200 26,250 26,592 14,398 13,608 Recurring depreciation on banking house, furniture, etc 15,943 15,843 10,904 10,785 5,039 5,058 Other current expenses 179,483 203,605 114,412 130,010 65,071 73,595 Net current earnings before income taxes 414,984 481,542 266,112 316,685 148,872 164,857 Recoveries, profits on securities, etc 214,414 216,430 122,078 128,408 92,336 88,022 Recoveries on securities 32,801 29,786 14,730 17,525 18,071 12,261 Profits on securities 134,272 125,244 76,492 72,728 57,780 52,516 Recoveries on loans 26,721 35,560 18,807 23,857 7,914 11,703 All other 20,620 25,840 12,049 14,298 8,571 11,542 Losses and charge-offs 100,852 110,120 54,105 63,421 46,747 46,699 On securities 55,157 58,339 34,524 35,297 20,633 23,042 On loans 16,550 17,251 8,257 9,877 8,293 7,374 All other 29,145 34,530 11,324 18,247 17,821 16,283 Profits before income taxes 528,546 587,852 334,085 381,672 194,461 206,180 Taxes on net income 138,002 159,113 85,277 101,673 52,725 57,440 Federal 128,278 147,970 79,949 95,499 48,329 52,471 State 9,724 11,143 5,328 6,174 4,396 4,969 Net profits 390,544 428,739 248,808 279,999 141,736 148,740 Cash dividends declared 115,684 123,973 73,204 77,919 42,480 46,054 On preferred stock1 4,445 2,865 2,112 1,372 2,333 1,493 On common stock 111,239 121,108 71,092 76,547 40,147 44,561 Assets and liability items :2 Loans 18,828,000 23,039,000 11,458,000 14,197,000 7,370,000 8,842,000 U. S. Government securities 69,613,000 75,305,000 44,715,000 49,261,000 24,899,000 26,044,000 Other securities 5,399,000 6,264,000 3,644,000 4,337,000 1,754,000 1,927,000 Real estate assets 914,000 869,000 571,000 550,000 343,000 319,000 Cash assets 25,652,000 28,962,000 17,419,000 19,361,000 8,233,000 9,602,000 Total assets 120,741,000 134,852,000 78,009,000 87,959,000 42,732,000 46,893,000 Time deposits 20,558,000 25,231,000 13,770,000 16,887,000 6,788,000 8,343,000 Total deposits 112,754,000 126,094,000 73,098,000 82,576,000 39,656,000 43,519,000 Total capital accounts ' 7,127,000 7,754,000 4,367,000 4,753,000 2,760,000 3,001,000 Number of officers at end of period 38,513 42,030 26,941 29,240 11,572 12,790 Number of employees at end of period 199,823 222,607 126,581 140,070 73,242 82,537 Number of banks at end of period 6,840 6,887 5,015 5,012 1,825 1,875 Earnings ratios: Percentage of total capital accounts:3 Net current earnings before income taxes. 11.6 12.4 12.2 13.3 10.8 11.0 Net profits 11.0 11.1 11.4 11.8 10.3 9.9 Cash dividends declared 3.2 3.2 3.4 3.3 3.1 3.1 Percentage of total assets:3 Total earnings 1.7 1.7 1.7 1.7 1.7 1.8 Net current earnings before income taxes. .7 .7 .7 .7 .7 .7 Net profits .6 .6 .6 .6 .7 .6 Percentage of total securities:3 Interest and dividends on securities.... 1.5 1.5 1.5 1.5 1.4 1.5 Net recoveries and profits .3 .2 .2 .4 .3 Percentage of U. S. Government securities: .2 Interest on U. S. Government securities. 1.5 1.4 Percentage of total loans:3 1.5 Earnings on loans 3.0 3.2 3.2 2.7 2.7 Net recoveries .1 3.0 .2 .2 .1 Other ratios: .2 Total capital accounts to: Total assets 5.9 5.8 5.6 5.4 6.5 6.4 Total assets less Government and cash assets 28.0 25.4 27.5 24.6 28.8 26.7 Total deposits 6.3 6.1 6.0 5.8 7.0 6.9 Time deposits to total deposits 18.2 20.0 18.8 20.5 17.1 19.2 Interest on time deposits to time deposits3.. 1 Includes interest on capital notes and debentures. 2 For the first half of 1945 they are averages of figures reported on Dec. 30, 1944, Mar. 20, 1945, and June 30, 1945; for the first half of 1946 they are averages of figures reported on Dec. 31, 1945, and June 29, 1946. 3 Annual basis. 4 Not available; for the year 1945 these ratios were 1.4 per cent. 1298 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE Gold reserves of central banks and governments. 1301 Gold production 1302 Gold movements 1302 International capital transactions of the United States. 1303-1308 Central banks 1309-1312 Money rates in foreign countries. 1313 Commercial banks 1314 Foreign exchange rates 1315 Price movements: Wholesale prices 1316 Retail food prices and cost of living 1317 Security prices 1317 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 anal official statistical bulletins, some data are reported to the Board directly. Figures 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. NOVEMBER 1946 1299 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 iu el m - Brazil B In ri d ti i s a h Canada Chile lo C m o b - ia Cuba C v z s a e l k o c - i h a o- m De a n r - k Egypt France Ger- Greece 1938—Dec... 14,512 431 581 32 274 192 30 24 83 53 55 430 29 27 1939—Dec... 17,644 466 609 40 274 214 30 21 1 56 53 55 709 29 28 1940—Dec... 21,995 353 734 51 274 27 30 17 1 58 52 52 000 29 28 1941—Dec... 22,737 354 734 70 274 5 31 16 1 61 44 52 000 29 28 1942—Dec... 22,726 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 52 000 29 28 1944—Dec... 20,619 11,111 329 274 6 79 92 111 61 44 52 1,777 29 28 1945—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 1946—Jan... 20,156 398 729 363 274 7 82 128 201 61 38 52 1,090 Feb... 20,232 398 747 362 274 6 82 129 201 61 38 52 1,090 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 1,090 May. 20,242 398 761 360 274 5 82 133 201 61 38 52 796 June. 20,270 406 761 359 274 6 83 134 201 61 38 52 796 July.. 20,267 407 756 358 274 6 81 135 201 61 38 52 796 Aug.., 20,280 750 357 274 7 141 38 796 Sept.. 20,305 722 355 7 142 38 796 End of month Hun- (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N a e la w nd Nor- Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1938—Dec 37 26 193 164 80 29 998 23 94 20 85 69 133 220 3 525 1939—Dec 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec 24 26 120 164 140 47 617 23 4 84 20 59 158 367 1941—Dec 24 26 5164 235 47 575 23 21 59 182 366 42 1942—Dec 24 34 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—Oct... 131 250 270 23 28 60 268 954 108 Nov.. 131 296 270 23 28 60 268 943 108 Dec... P131 294 270 23 28 60 269 914 110 1946—Jan.. . P126 288 270 23 28 60 269 949 111 Feb... P126 284 270 23 28 60 269 982 111 Mar.. P124 257 270 23 28 60 1,014 111 Apr... 254 270 23 28 1,046 111 May., 250 270 23 25 1,080 111 June., 235 270 23 23 1,046 111 July.. 229 270 23 23 1,027 111 Aug.., 218 270 23 23 1,001 Sept.. 213 265 24 End of month S d w e e n - S la w e n r i d - tz 6 - T k u ey r- U K d n i o i n m t g ed - U gu 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 t c r o i t e u h s n e 7 r - Government go p l r d e vi r o e u se s rv f e ig s1 u re n s ot included in 1 1 9 9 3 3 9 8 — — D D e e c c . . . . 3 3 2 0 1 8 5 7 4 0 9 1 2 2 9 9 2,69 s 0 i 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 i o i n t m g e - d 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 4 83 12 166 1942—Dec.. 335 824 114 1 89 68 21 185 1938—Dec 80 2 759 331 44 1943—Dec.. 387 6 965 161 1 121 89 45 229 1939—Mar 154 1,732 559 1944—Dec.. 463 1,158 221 1 157 130 37 245 May 477 June.... 85 17 1945—Oct... 475 1,329 236 1 195 191 39 247 Sept 164 3 876 Nov.. 474 1,339 236 1 195 202 39 245 Dec 156 17 Dec. 482 1,342 241 1 195 202 39 247 1940—June 86 17 1946—Jan... 481 1,346 241 1 195 212 39 247 Dec 48 292 17 Feb.. 481 1,345 241 1 195 212 39 247 1941—June 89 17 Mar.. 478 1,361 241 1 195 212 39 245 Dec 25 4 151 17 Apr.. 476 1,363 241 1 198 212 39 P242 1942—June.... 8 17 May. 473 1,374 241 1 204 215 39 P239 Dec 12 17 June. 473 1,376 240 1 204 215 39 P238 1943—June 11 17 July.. 470 1,393 240 1 205 215 41 P238 Dec 43 17 Aug.. 474 1,396 1 215 41 P238 1944—june 21 17 Sept.. 472 P1,128 1 215 P238 Dec 12 17 1945—Mar 32 June.... 81 17 p 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 Stabilization Fund. June.... 71 2 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. 3 Figure for December 1938 is that officially reported on Apr. 30, 1938. 1 Reported at infrequent intervals or on de- 4 Figures relate to last official report dates for the respective countries, as follows: Java— layed basis: U. S.—Exchange Stabilization Fund Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. (Special A/c No. 1); U. K.—Exchange Equalis Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa- zation Account; France—Exchange Stabilization Fund and Rentes Fund; Belgium—Treasury. 6 Beginning December 1943, includes gold holdings of Swiss Government. Current pre- 2 Figure for end of September. liminary figures represent Bank holdings only. • Reported figure for total British gold reserves 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian on Aug. 31, 1939, less reported holdings of Bank Congo, Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31, of England on that date. 1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Ireland beginning February 4 Figure for Sept. 1, 1941. 1943, Latvia, Lithuania, Morocco, and Siam. Figures for certain of these countries have NOTE.—For available back figures and for debeen carried forward from last previous official report. tails regarding special internal gold transfers 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British affecting the British and French institutions, see Exchange Equalization Account during 1939. Banking and Monetary Statistics, p. 526, and NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, BULLETIN for February 1945, p. 190. 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. NOVEMBER 1946 1301 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 world Year or production Total Africa North and South America Other month U o .S ut .S si . d R e .1 r m ep o o n r th te l d y A So fr u ic th a d R e h s o i - a A W fr e ic s a t 2 C B o el n g g i o an 3 U St n a i t t e e s d 4 C ad a a n * - M ic e o x 6 - Co b lo ia m- Chile r N ag ic u a a - 7 Au li s a t 8 ra- B In r d it i i a s * h $1=15*/21 grains 01 gold*/iD fine; i. <?., at1 ourice of fine gold=$.35. 1934 823 003 708,453 366 795 ?4 ?64 12,153 6.549 108,191 104,023 7.3 135 12,045 8,350 1,166 30,559 11,223 1935. 882,533 752,847 377 090 ?5 477 13,625 7 159 126,325 114,971 23 858 11,515 9,251 868 31,240 11,468 1936 971 514 833,895 396,768 78 053 16,295 7 386 152,509 131,181 7.6 465 13,632 9,018 807 40,118 11,663 1937 1 041 576 893,384 410 710 ?8 796 20,784 8 018 168,159 143,367 29 591 15,478 9,544 848 46,982 11,607 1938 1 136 360 958,770 475 ,649 78 53? 24,670 8 470 178,143165,379 3?, 306 18,225 10,290 1,557 54,264 11,284 1939 1,208 7051,020,7Q7 448 753 ?8 009 28,564 8 759 196,391178,303 29 426 19,951 11,376 3,506 56,182 11,078 1940 1 297 3491 094,264 491,628 ?9 , 155 32,163 38 86? 210,109 185,890 30 878 22,117 11,999 5,429 55,878 10,157 1941 1,288 9451,089,395 504 ?68 77 76S 32,414 209,175 187,081 27 969 22,961 9,259 7,525 51,039 9,940 1942. 966,13? 494 439 ?6,641 29,225 130,963169,446 28 019 20,882 6,409 8,623 42,525 8,960 1943 760,577 448,153 009 19,740 48,808 127,796 22 055 19,789 6,081 7,715 28,560 8,820 1944. 682,061 4?9 787 ?0 746 18,445 35,778 102,302 17 779 19,374 7,131 7,865 16,310 6,545 1945 645 323 862 19 888 18 865 32,511 92,794 17,734 6,282 6,985 16,450 5,950 1945—Sent. 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 1,610 3,639 8,034 1,319 425 559 1,190 490 Nov 54 686 36 005 1,595 1 400 3,822 7,726 1,224 396 592 1,435 490 riw 54 896 35,043 1,597 1,470 3.635 8,391 1,140 1,096 634 1,365 525 1946 Tan 55 758 35 892 1 584 1 610 3,984 8,346 1,492 683 522 1,470 175 Feb 50 981 971 473 1 610 3 283 8,013 1,309 549 443 1,330 Mar 50 656 30,871 1 574 1,645 3,639 8,677 1,473 770 608 1,400 Apr 53 900 3-1 793 1,609 1 645 3,226 8,338 1,193 451 580 1,435 630 May 55 857 36,740 1 60Q 1,610 3,158 8,412 1,350 425 488 1,610 455 June 54 749 35 732 1 654 1 715 3,416 8,203 1,094 342 563 1,540 490 July 36 657 1 715 3,993 8,384 1,335 525 Aug 35 553 8,310 8,092 448 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal 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. * 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. 6 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. • 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 ouncej Net imports from or net exports (—) to: Year Total Other Philmo o n r th im n p e o t rts U K d n i o i n m t g e - 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 i - t d z- Canada Mexico c A a L n m a t e R i r n i e - - p i I i p s n - - e t A ra u l s i - a c o o A th 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 28,15312,038 1,029 12! 476,820 21,095 1935 1,739,019 315,727 934,243 3227,185 968 95,171 13,667 29,35915,335 3,498 651 75,268 28,529 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 30,79021,513 23,280 8! 77,892 20,856 1937 1,585,503 891,531 -13,710 90,859 6,461 654,452 111,480 38,482 39,48525,427 34,713 181 246,46450,762 8,910 1938 1,973,569 1,208,728 81,135 15,488163,049 60,146 1,363 76,315 36,472 65,23127,880 39,162 401168,74016,159 13,301 1939 3,574,151 1,826,403 3,798165,122341,618 28,71586,987 612,949 33,610 57,02035,636 74,250 22,862165,60550,956 268,623 1940 4,744.472 633,083 241,778 977 63,260161,48990,3202,622,330 29,880 128,25938,627103,777184,756111,73949,989 3284,208 1941 982.378 3,779 1 1 1,747 899 412,056 16,791 61,86242,678 67,492292,893 9,444 9,665 <63,071 1942 315,678 1,955 5 208,917 40,016 39,680 321 528 4,119 129 20,008 1943 68,938 88 66,920 -3,287 13,489 152 307 -8,731 1944 -845,392 -695,483 46,210 -109,695 -108,560 199 3 572 18,365 1945 -106,250 160 53,148 15,094 -41,748 "163 106 357 5-133,471 1946 J F a e n b. . 1 8 5 2 4 , , 4 0 3 7 9 0 1 8 5 0 1 , , 6 2 2 7 9 0 3 1 9 2 1 6 1 1 , , 4 7 7 2 9 9 ""Li 3 3 2 1 3 1 6 1 5 9 4 1 Mar. 31,396 36 25,265 75 1,386 3 3 267 1,366 Apr. -20,534 34 222 149 637 -2 9 6 8-21,586 May -27,028 -1 -6 127 34 -33 -8 13 7-27,155 Tune 36,329 -4 32,277 29 902 11 2 ' 83,112 July 6,347 -1 639 476 2,328 41 82,865 Aug. 15,210 649 516 -8,502 -6 15 19,886 -236 82,887 Sept.P -7,629 197 82 -29,198 17,902 -398 8 3,785 v 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 « 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. * Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries. 6 Includes $133,980,000 to China and $509,000 from other countries. • Includes $27,567,000 to China, and $5,981,000 from other countries. 7 Includes $27,229,000 to China and $75,000 from other countries. 8 Includes imports from U. S. S. R. as follows: April, $5,625,000; June, $2,813,000; July, $2,813,000; August, $2,821,000; September, $3,372,000. 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, 1302 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 Official i Other abroad funds funds 19 3 "5 Mar CAor 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 Sent (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) 1,546.3 613.6 79.6 534.0 390.3 114.4 427.6 .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 L.069.5 18 3 Sept 29 3,995.5 1,827.2 448.2 1,379.0 518.1 493.3 L.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 L, 155.3 57 8 Sept 28 3,567.2 1,275.4 282.2 993.2 477.2 625.0 L.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 L,201 4 74 0 Sept 27 5,118.2 2,562.4 635.0 1,927.3 618.4 676.9 1,177.3 83 1 Dec (Jan 3 1940) 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940 Mar (Apr 3) 5,207.8 2,630.9 631.0 1,999.9 631 6 761.6 1,095 0 88 7 June (July 3) 5,531.3 2,920.7 1,012.9 1,907.8 684.1 785.6 L,042.1 98.9 Sent (Oct 2) 5,831.2 3,175 9 1,195.4 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Mar (Apr 2) 5,607.4 3,229.7 1,388.6 1,841.0 767.4 812.7 701 8 95 9 Tune (Tulv 2) 5,660.1 3,278.0 1,459.8 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,612.6 3,241.8 1,424.0 1,817.7 805.3 841.1 623.5 100.9 Dec 31 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100 9 194?—Mar (Aor 1) 5,219.3 2,820.9 1,068.9 1,752.0 819.7 849.6 624.9 104.3 June 30 2 5,636.4 3,217.0 1,352.8 1,864.2 842.3 838.8 632.0 106.2 Sept 30 5,798.0 3,355.7 1,482.2 1,873.5 858.2 830.5 646.1 107 5 Dec 31 5,980.2 3,465.5 1,557.2 1,908.3 888.8 848.2 673 3 104 4 1943—Mar. 31 6,292.6 3,788.9 1,868.6 1,920.3 898.7 810.5 685.9 108.6 June 30 6,652.1 4,148.3 2,217.1 1,931.2 896.9 806.8 687.9 112 1 Sept 30 6,918.7 4,278.0 2,338.3 1,939.7 888.6 929.3 708 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 3i 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 Tune 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 3i 8,822.9 6,234.7 3,601.6 2,633.2 729.2 1,097.8 625.9 135 1 Feb 28 8,733.9 6,131.8 3,432.7 2,699.1 728.7 1,067.2 672.4 133 9 Mar. 31 8,635.2 6,073.8 3,359.6 2,714.1 703.6 1,073.0 645.1 139 9 Apr 30 8,605.8 6,056.0 3,276.1 2,780.0 701.2 1,076.1 630.7 141 7 May 31 8,336 7 5,827.0 3,050.5 2,776.5 644.8 1,104.2 619 7 140 9 June 30 8,103.3 85,637.8 32,827.1 32,810.7 «624.5 1,084.7 615.0 3141.4 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and Philippine accounts held with the United States Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. 3 Amounts outstanding June 30, in millions of dollars: total foreign banking funds in United States, 6,376.3, including official funds, 3,537.4, and other funds, 2,838.9; United States banking funds abroad, 511.0; and brokerage balances (net due "foreigners"), 64.5. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. NOVEMBER 1946 1303 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 IJ K d n i o 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)... 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 2,667.4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051.3 150.5 201.2 243.0 21.4 1937—Dec.29 . . 3,501.1 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2,653.0 106.3 410 6 315.4 15 9 1938—Dec.(Jan.4, 1939)... 3,933.0 1,183.8 339.6 328.6 557.5 140.5 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 . . 5,354.1 674.1 639.9 464.4 725.7 179.9 50.5 891.8 3,626.3 340.5 567.5 691.1 128.6 1942—Dec.31 5,980.2 837.8 625.9 474.0 592.1 179.5 48.1 850.9 3,608.1 425.1 835.8 932.9 178.3 1943—Dec.31. .. 7,267.1 1,257.7 636.8 487.7 629 A 178.6 48.2 954.8 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec. 31 . 7,728.4 1,090.0 585.7 506.2 664.3 179.1 63.1 993.3 4,081.8 976.4 1,193.71,273.6 203.0 1945—July 31 .. 8,641.7 1,075.0 542.4 516.1 689.9 179.0 85.2 1 053.0 4,140.6 1,302.7 1,411.71,579.1 207.6 Aug. 31 8,711.9 1,018.8 499.8 518.1 695.6 179.2 89.6 1,059.2 4,060.2 1,383.11,392.11,656.1 220.3 Sept.30. . 8,858.6 946.7 463.9 518.1 698.4 179.3 94.2 1 134.2 4,034.8 1,411.2 1,413.81,763.7 235.2 Oct. 31.. 8,965.4 937.8 510.9 523.8 705.2 179.5 98.0 1 ,118.1 4,073.2 1,419.2 1,404.71,804.3 264.1 Nov.30 . 8,828.1 888.7 469.8 526.3 709.8 179.4 100.8 1 127.8 4,002.6 1,434.31,336.5 1,801.7 253.0 Dec. 31 8,802.8 892.5 464.2 539.7 722.3 179.7 106.5 1,132.1 4,037.0 1,395.7 1,338.41,784.1 247.5 1946—Jan. 31 .. 8,822.9 858.3 553.6 538.4 728.6 179.6 107.3 1142.9 4,108.7 1,342.61,345.11,780.5 246.0 Feb.28 8,733.9 804.7 531.6 525.8 731.1 179.4 108.5 1,125.5 4,006.7 1,357.0 1,350.7 1,764.9 254.7 Mar. 31 8,635 2 719.1 515.1 536.5 728.8 179.3 111.2 1 116.7 3,906.7 1,370.5 1,391.5 1,716 5 250.0 Apr. 30.. 8,605.8 709.5 453.3 528.2 730.4 179.3 138.9 1,140.0 3,879.5 1,347.71,400.91,723.1 254.7 31 8 336 7 585 8 464 1 426 3 725.4 179 2 142.0 1 ,152.2 3,675.0 1,306 21,431.5 1 677 5 246 5 June30.. 8,103.3 485.3 432.5 411.9 737.0 179.3 145.5 1,138.3 3,529.8 1,294.01,471.61,560.3 247.5 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., 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 r* 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 S 163.5 144.2 65.9 109.8 2 7 ?3 0 79.7 588 9 86.8 149.3 149.4 15.2 1 1 9 9 3 3 7 8 — — D D e e c c. 2 ( 9 Jan. 4, 1939)... 1 1 , , 2 5 5 1 9 3 r3 9 3 1 6 8 4 9 . . 0 3 1 1 5 1 5 1 . . 3 8 8 7 7 6 . . 9 3 2 20 8 5 8 . . 1 4 -11 9 6 8 6 1 . . 9 7 2 1 0 09 8 6 4 1,0 7 1 9 0 1 .7 7 1 7 0 6 1. . 6 3 1 1 2 6 7 6 . . 6 3 2 2 5 1 1 7 . . 8 0 2 8 2 . . 0 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 s 493.3 394.5 170.0 166.3 -22 7 -6.2 502.S 1,697 S 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 2,271 704.7 578.7 928.2 162.0 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—July 31 5,846 2 810.6 318.8 199.2 250.6 -23.5 29.2 706 8 2,291 71,241 8 979.2 1,161.2 172.3 Aug 31 5,922 762.6 276.6 201.4 255.8 -23 A 33.6 672.4 2,179 0 1,341.9 965.8 1,252 1 183.6 Sept.30. . 6,042 684.8 233.3 204.0 259.7 -7,3 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 41. 7 729.9 2,185 41,443.9 976.2 1,382.8 225.7 Nov. 30... 6,122 9 638.3 247.1 253.0 272.0 4 45. 1 738,2 2,170 3 1,437.8 924.2 1,373.7 216.8 Dec.31 . 6,144 646.4 229.9 265.0 286.3 -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 A1 554 5 212 3 Feb.28. 6,131 8 569.2 300.5 265.6 298.3 ,S 5? 742.0 2,204 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 6 056 492.1 225.7 278.3 306.5 -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 June 30 . 5,637.8 273.7 205.8 239.5 314.6 -23. 9 91. 7 771.5 1,872.9 1,155.8 1,029.71,360.8 218.5 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 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 r* 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_july 3i 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—Tan. 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 June 30 624.5 261.5 78.1 -100.7 1.6 196.9 24.1 51.3 512.9 39.3 3.3 72.8 -3.9 i 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. 1304 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 of 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 i o 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 r* 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 s 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.31 855.5 127.6 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 16 S 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 27.6 210.4 530.1 104.9 302.0 61.3 21 0 1945—July 31 . 1 015 0 119.0 51.2 33.5 45.0 36 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 s 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 s 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 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 1946— F ja e n b. 3 2 1 8.. 1 1,0 09 6 7 7 .2 8 1 1 1 1 5 3 . . 0 9 5 5 1 1 .0 1 3 3 3 3 . . 4 4 4 4 4 5 .0 9 3 3 6 6 s s 2 2 7 7 .3 3 2 2 1 1 2 2 .6 5 5 5 2 1 0 9 .7 7 1 1 7 4 6 4 . . 8 3 3 3 1 2 7 0 . . 6 5 6 6 0 0 .6 9 2 2 1 2 .1 9 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 June30.. 1,084.7 109.7 51.0 33.2 45.0 36.7 27.3 213.8 516.7 147.0 338.1 59.8 23.0 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 i o 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 -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 3 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 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 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 S -30 8 0 103.2 633.7 -28.1 54.9 240.5 10 7 1945—July 31. . 843.2 -140.3 71.7 240.9 363 5 7 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 8 96.5 600.0 -105.4, 56.1 270.9 10 G Sept 30 . 818.4 — 143.4 78.5 237.8 360 7 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 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 ? 7 98 5 582 9 — 126 6 81 3 251 3 9 9 1946—jan% 31.. 625.9 -161.9 81.8 228.6 354.0 -SO 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 -SO 4 ? 4 96 8 562 8 —69 6 97 6 71 9 9 7 Mar 31.. 645.1 -169.2 77.2 226.1 346 -30 4 ? 1 94.7 546 5 -80.3 98.2 71 3 9 4 Apr 30 630 7 — 173.0 74.0 225.8 345 9 -30 ? 0 91 9 535 4 — 83 9 102 7 67 7 8 9 31.. 619.7 -176.7 71.1 225.2 342 8 —30.5 ? 1 89.8 524.0 -66.3 89.7 63 8 8 5 June30.. 615.0 -179.0 73.3 224.0 342 3 -30.4 L.8 88.8 520.9 -66.8 90.3 62.1 8.4 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 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). .. 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 (8) 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 .2 5.2 47.9 1.8 -.9 -1.5 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 2!l 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 g 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 19.3 — .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—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 (2) .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 23.4 26.0 30.3 (2) .4 13.6 113.6 19.5 5.9 3 8 1 3 1946—jan> 3i 135.1 21.3 24.2 16.2 30.3 (2) .4 13.1 105.6 19.0 5.5 3 6 1 5 Feb 28 133.9 20.7 24.7 16.2 30.9 (3) .4 13.1 105 9 18.9 3.9 3 9 1 3 Mar. 31 139.9 20.0 24.1 16.1 32.1 .4 13.3 106.0 19.9 8.2 4 5 1 3 Apr 30 141.7 19.2 24.3 15.7 32.0 (J) .5 13.1 104 8 19 A 11.3 4 g 1 3 May 31 140.9 19.1 24.2 16.0 32.2 (2) .5 12.9 105.0 19.6 10 9 4 1 1 4 June 30 . ... 141.4 19.3 24.3 15.9 33.4 .5 12.9 106.3 18.5 10.2 4.8 1.5 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. NOVEMBER 1946 1305 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 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 Can- A L m a e t r i i n ca Asia* ot A h l e l r i 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 2,584.5 812.6 693.71,108.8 175.3 1944—Dec. 31 5,596.8 865.7 401.2 209.7 239.3 6.8 27.3 767.7 2,517.8 926.5 909.31,069.2 174.0 1945—July 31 6,584.8 872.0 399.0 215.8 268.5 6.8 49.5 839.8 651, 1,349.81,100.71,341.8 141.2 Aug. 31 6,660.9 824.0 356.7 218.0 273.8 6.9 53.9 805.4 538, 1,449.91,087.41,432 152.5 Sept. 30 6,780.7 746.2 313.4 220.6 277.7 6.9 58.5 877.9 501, 1,492.11,110.61,510.5 166.5 Oct. 31 6,952.5 740.2 360.3 228.1 284.4 7.1 62.0 862.9 545, 1,551.81,097.71,563.4 194.6 Nov. 30 6,861.4 699.6 327.3 269.6 290.0 6.9 65.4 871.2 529. 1,545.7 045.7 ,554.4 185.7 Dec. 31 6,883.1 707.7 310.0 281.6 304.2 7.0 70.4 902.1 583 1,522.2 ,046.4 1,549.7 181.8 1946—Jan. 31 6,973.3 679.0 398.3 293.9 315.5 6.9 71.1 890.6 655, 1,350.7 ,050.9 ,735 181.1 Feb. 28 6,870.3 630.5 380.7 282.2 316.2 6.8 72.5 875.0 1,349.7 ,043.5 ,723.6 189.7 Mar. 31 6,812.3 553.8 364.5 295.0 321.2 6.6 75.5 871.0 487. 1,359.7 ,094.0 ,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. 1,344.1 ,077.7 ,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. 1,248.2 ,108.1 ,655.7 184.1 June 30 6,376.3 335.1 286.0 256.1 332.5 6.4 112.0 904.5 2,232. 1.263.J ,151.3 ,541.4 187.4 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e g B iu el m - m D a e r n k - l F a i n n d - Greece2 L b u o x u e rg m 2 - N w o ay r- Po ga rt l2 u- m R an u i - a2 Spain2 SwedenUSSR2 s Y la u v g i o a - 2 o A th l e l r 1939—Dec. (Jan. 3, 1940) . . 516.9 159.2 28.1 21.4 56 3 142.2 109. & 1940—Dec. (Jan. 1, 1941) . . 650.6 144.8 17.3 16.5 48.7 235.4 187.9 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 14.8 7.1 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—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—-Jan 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 June 30 . ... 904.5 175.7 49.7 11.2 72.3 22.6 161.1 48.6 10.0 32.3 191.7 59.5 7.4 62.3 Latin America Neth- French er- A L m i a c t a e in r- A t r i g n e a n- li B v o ia - 3 Brazil Chile l b C o i m o a - 3 - C R o ic s a t * a Cuba I W G n a d n u e i d i s e - t s M ic e o x- l W I a a n n n d e d d i s e s t s P m an a a 4 - Peru3 V zu e e n l e a - 3 A O L m i a t c h t a e i 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> ^940—Dec (Jan. 1, 1941) 447 s 115 4 36.2 ^8 S 47.9 55 0 58 7 105 6t 1 1 1 1 9 9 9 9 4 4 4 4 2 3 4 1 — — — — D D D D e e e e c c c c . . . 3 3 3 3 1 1 1 1 9 5 4 6 0 9 1 9 9 7 7 3 7 7 7 9 6 6 7 3 9 7 5. . . 7 6 8 0 1 1 l6 7 2 ! . 8 6 7 1 9 5 6 4 8 0 0 7 . . . 7 5 7 8 3 5 2 S 4 4 7 S . . . 3 5 0 0 '4 6 8 3 3 7 ! . 4 6 1 1 i 7 2 2 . : 2 4 4" 1 1 3 6 7 0 9 2 0 0 . . . 5 4 3 3 "4 4 2 .9 .6 4 ' 9 8 3 7 3 5 7 0 . . . 7 7 4 1 '2 4 3 0 6 1 . . Y 2 0 4 5 6 3 2 7 0 6 . . . 1 6 9 1 2 1 1 7 7 7 . . 7 4 7 3 2 2 1 4 0 . . 2 9 5 1 1 9 6 1 2 5 9 4 1 . . . 4 2 8 8 - 1945—July 31 1,100 7 82.5 17.2 164.4 64.6 82.3 8.0 153.9 8.6 177.2 31.5 89.6 35.8 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 17.9 181.5 63.2 93.2 6.2 154.5 7.8 164.4 32.9 89.1 38.8 44.3 138.6 Oct 31 1,097 7 77 9 17.9 179.2 6S 6 83 1 6.6 145.4 7 3 164 3 33 6 Q0 5 42 6 48 5 138 1 Nov. 30 1,045 7 82.3 15.6 185.6 71.4 84.5 7.1 136.5 6.6 111.8 31.0 90.7 45.9 38.3 138.3 Dec 31 1,046 4 77 14 5 195.1 66 70 9 6 9 128.3 7 1 116 4 28 2 K8 7 43 9 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 13 4 199 6 64 6 HO6 5.7 120.5 7 1 128 3 22 8 87 45 0 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 12.7 206.8 60.3 72.4 6.0 152.7 6.6 122.3 21.7 90.3 39.8 49.5 152.4 IVday31 1,108 1 92 6 11.9 222.0 69 6 6.9 163.7 7 0 119.8 19 2 S8 0 40 3 50 3 160 5 June 30 1,151 3 116.6 10.7 218.8 59.3 66. 3 6.7 169.6 7.0 137.1 16.7 87.1 40.6 46.1 168.6 For footnotes see p. 1307. 1306 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 C M c a r h h n i a i u a d n n - a - F C I r n h e d i n n o c a - h 1 H K o o n n g g I C B n m l a o d n e u a n y i d r a , 1 - - , M l B t a is r y a i h - a - 1 Japan 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 a I n p h s d i i - n l s - e T k u ey r- 1 O A th si e a r ot A te ll r2 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 M r 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 Other 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 69.9 226.8 264.9 113.6 1942—Dec. 31. 930.0 160.9 "27 4 41.6 13.'1 "i.'o 4.8 i<30 4 254.729.9 36.2 149.6 23." i 4.*8"*6.'8 "ii.'i "ii.'o 91.8 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 64.2 174.0 52.9 3.5 7.3 4.3 8.3 97.6 1945—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 1,432.7 578.7 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# 7166.5 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 1.0 4.2 104 4 645.450.5 83'.7194.6 29.0 3.7 17.3 7.7 6.4 130.4 Nov.30 1,554.4 581.4 27 5 22 1 34. 6 1.0 4.1 103 8 659.747.2 73.0 185.7 30.2 4.3 19.6 9.4 8.0 114.2 Dec. 31 1,549.6 582.3 28 0 27 4 33. 4 1.2 4.1 113 7 629.152.5 78.0 181.8 28.9 4.3 18.9 10.0 6.4 113.4 1946—Jan. 31 1,735.1 756.3 28 2 30 5 29. 4 1.7 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 1.6 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 1 685.6732.1 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 1,699.3 717.0 38 0 36 4 34. 6 1.6 3.7 102.1 617.066.9 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 1.4 3.7 103.6 580.2 72.0 87.4 184.1 23.8 4.8 16.8 12.4 11.3115.0 J•L un-*e30 1,541.4 657.0 43 6 37 8 36. 1 1.6 3.5 100.2 505.569.3 86.8 187.4 24.4 7.5 17.7 11.2 12.8 113.7 1 Prior to June 30, 1942, included under "Other Asia." 1 Country breakdown not available until June 30, 1942. Footnotes to table on p. 1306. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." * 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- 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 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 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 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 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 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 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 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 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 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 .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 .3 44.4 107.5 28.1 131.0 51.4 11.7 1945—July 31 325.2 24.8 1.2 .3 3.6 .3 48.7 113.0 45.2 109.8 47.7 9.5 Aug. 31 306.5 31.6 1.2 .4 2.0 .3 9.7 79.1 41.5 116.6 60.7 8.5 Sept.30 270.2 24.9 1.2 .6 2.7 .3 8.1 71.7 39.6 120.6 30.8 7.6 Oct. 31 260.0 21.5 1.0 .6 3.0 .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 .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 .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 .3 13.1 115.8 74.3 164.7 40.6 10.8 Feb. 28 406.8 26.3 .7 36.1 4.9 .4 17.9 120.2 71.3 161.2 43.6 10.5 Mar. 31 431.9 28.6 .7 35.8 5.6 .4 21.1 126.1 62.9 178.4 53.6 11.0 Apr. 30 434.3 31.6 .9 43.4 6.5 .6 18.0 134.8 64.7 166.1 57.1 11.6 May 31 490.7 32.6 .9 118.5 8.0 1.0 20.5 215.3 50.1 158.0 54.4 12.9 June 30 511.0 30.5 .9 119.4 6.5 2.4 27.7 221.2 53.6 164.7 56.2 15.3 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. NOVEMBER 1946 1307 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 Bel- m D a en 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 Spain S d w en e- USSR1 s Y la u v g i o a1 - 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 .9 1.0 24.5 1941—Dec. 31 26.2 1.1 1.9 .5 .6 22.1 1942—Dec. 31 22.3 .8 5.6 1.1 .2 2.4 3.2 .4 8 8.4 1943—Dec. 31 19.0 .7 7.6 .6 .2 1.4 3.2 .2 5.0 1944—Dec. 31 44.4 .7 .6 35.1 .8 1.8 .2 5.1 2 1945—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 Oct. 31 9.6 .5 1.5 .6 .1 .2 1.0 .5 5.0 Nov. 30 10.2 .6 1.5 .6 .1 .4 .9 1.0 4.9 1946— D Ja e n c . . 3 3 1 1 4 1 0 3 . . 8 1 1. . 8 6 1 (2 . ) 0 1 () .3 . . 7 7 31. . 6 1 . . 4 5 1 1 . . 8 6 1. . 1 9 ( ( 2 V ) 4 4 . . 8 7 Feb. 28 17.9 2.6 1.0 1.4 4.2 .4 1.4 1.1 4.9 Mar. 31 21.1 3.6 1.1 1.2 6.2 .4 1.5 1.3 4.9 Apr. 30 18.0 4.6 1.1 .6 2.0 .2 .4 1.4 2.4 5.0 May 31 20.5 5.0 .1 2.0 1.5 1.2 .6 2.1 3.0 5.1 June 30 27.7 7.7 .1 4.4 1.1 .3 .5 2.9 5.6 5.0 Latin America French N l e a t n h d er s - 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 - 8 Brazil Chile l b C o i m o a - 8 - C R o ic s a ta 8 Cuba I W G n a a n d n u e a i d i s e 8 - t s Mexico I W S n n a a u d n e m r i d s i e - 8 t s P m an a a 4 - Peru8 z V u e e n l e a - 8 O A L i a m t 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 3.6 16 7 15.3 20.7 " .6 8.3 " ' 2 4,8 3 2.1 '?'* 3.9 14 2 1943—Dec. 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 11.2 .5 1.1 4 3.8 8.7 1944—Dec 31 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 8.6 .3 .8 L.2 5.1 11.7 1945—July 31 109.8 14.1 1.2 26.9 8.4 16.3 :.2 10.3 .1 10.2 .3 1.1 L.7 5.5 12.4 Aug 31 116.6 11.0 1.3 24.4 6.3 17.1 L.2 14.5 .1 8.7 .3 .8 .9 5.2 23.7 Sept. 30 120 6 12.8 1.1 21.7 7.5 16.7 5 18.3 .2 9.0 .3 .8 1 5.2 24 1 Oct. 31 113.6 10.8 1.8 18.2 6.8 14.2 4 17.0 9.7 .4 .8 L 3 5.7 25.4 Nov. 30 145 8 20.5 1.2 22.0 7.2 19.4 27.2 10.6 .3 1.0 7 6.1 27.3 Dec. 31 158.9 21.0 1.3 24.7 6.6 16.8 1 2 33.3 .i 11.0 .5 1.1 9 6.1 33.4 1945— F ja e r b ij . 3 2 i 8 1 16 6 1 4 .7 2 2 1 4 8 . 2 0 1 1 . . 7 5 2 2 6 9 . . 8 7 6 7 . . 2 0 1 1 7 8 . . 5 1 4 s 3 3 3 2 . . 9 9 . . i i 1 1 0 3 . . 5 9 . . 3 4 2 1. . 9 8 3 3 . 3 5 6 6 .6 9 2 2 9 5 .5 9 Mar. 31 178.4 24.7 2.7 30.0 7.1 20.1 4 37.1 .i 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 4 22.9 .i 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 .i 13.5 .5 1.1 3.8 7.7 21.2 June 30 164.7 20.4 3.1 28.4 8.0 23.2 1.5 29.3 15.0 .4 1.8 3.5 7.9 22.1 Asia and All Other Date Asia C M c a r h h n i a i a u d n n - a - F C I r n h e d i n n o c a h 6 H K o o n n g g I C B n l m a o n d e u n a y i d r * a , - - , M l t B a is y r a h i a - - 5 Japan I N l n E a d e 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 i d - l n - s eT ke u y r- 5 O A t s h i e a r ot A he ll r6 A t l r u ia a s - -N l Z a e e n a w d - E A S E t g a u n i g n y a d g 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 f o c t a n h Other 1939—Dec.(Jan. 3,1940)174 1 ?? 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 1941—Dec. 31 . . 87Q 3.1 18.9 23 0 19.5 9.7 1942—Dec. 31. . .. S 11 1 (2) .9 2.2 .7 .5 6 14 4 1,8 2.0 4.8 1 0 .7 .1 (2) 1.7 1.2 1943—Dec 31 26 1 7 (2) 1.0 2.0 .5 7 13.Q 1.8 3.9 s .2 .1 (2) 2 4 7 1944—Dec. 31 . . S1 4 1 S .9 22.3 .5 S 13 8 1 8 8.8 11.7 6 .2 .2 9.7 i 0 1945—July 31. .. 47.7 10 .8 14.5 .5 4 139 2.2 13.1 9.5 2.1 .4 .3 5.2 L.6 Aug.31. .. 60.7 1 1 .8 15.0 .5 4 26 0 2.1 13.6 8.5 1.0 .4 .3 5.0 L.8 Sept.30. .. 30.8 1 1 .8 8.0 .5 4 136 2.3 2.9 7.6 .7 .3 .3 4.5 L.6 Oct. 31 S7 1 00 .8 7.2 .5 4 130 16 11.4 7.2 7 .6 .2 (2) 4.1 s Nov.30 . 1 1 7 .2 .8 7.1 .5 1.4 13 7 1 7 2.0 8.8 9 .7 .2 (2) 5.0 Q Dec. 31 ... ?9 Q 1 n .8 7.5 .1 .5 1 4 13 8 2.0 2.7 9.9 1 7 7 .3 .1 4.7 2.5 1946—Jan 31 40 7 7 (2) 1.1 7.9 .1 .3 1.4 18 S 1 0 2.5 10.8 1 .6 2 .1 5 0 2 9 Feb. 28 .. 6 9 7 (2) .8 7.0 .3 .3 1 4 20 1 1 1 2.8 10.5 1 8 .7 .3 .1 5.3 2 4 Mar. 31 53 6 8 .2 1.5 6.8 .2 .3 1 4 16 0 1, 1 3.3 11.0 1 3 .7 .2 .1 5.8 2.9 Apr 30 57 1 25 6 (2) 1.5 7.2 9 .3 1 4 16 1 9 3.9 11.6 1 5 .6 .2 .1 6 7 2 6 May 31 ... S4 4 22 6 2.0 6.6 .3 .3 1 4 16 7 9 3.6 12.9 1 8 .6 .2 (2) 7.8 2.5 June 30 56.2 23.9 (2) 2.0 7.4 .1 .3 1 4 16.7 .9 3.5 15.3 1.9 .6 .3 .2 8.5 3.9 1 Prior to June 30, 1942, included under "All other." 2 Less than $50,000. 8 Prior to June 30, 1942, included under "Other Latin America." < Included "Canal Zone" prior to June 30, 1942. 8 Prior to June 30, 1942, included under "Other Asia." 8 Country breakdown not available until June 30, 1942. 1308 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note (Fig p u o r u e n s d i s n s m ter il l l i i n o g n ) s of Goldi a O ss th e e ts r 1 C C o a i s n h rese N rv o e te s s a v c n o a D d n u i s c n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' De P p u o b s l i i t c s Other l O ia t t i b h e i s e li r - 1929—Dec. 25. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31. 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30. 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28. 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27. 190.7 260.0 1.0 58.7 16.8 101. 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26. 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 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. 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27. * .2 580.0 1.0 25.6 4.3 176. 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. .2 6 630.0 .9 13.3 4.0 199. 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31. .2 6780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30. .2 5 950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29. .2 6 1,100.0 .9 11.6 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27, .2 6 1,250.0 1.9 11.6 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Oct. 31 .2 1,350.0 .4 28.1 11.2 288.9 1,322.2 244.2 9.2 57.4 17.7 Nov. 28 .2 1,350.0 .5 22.6 11.3 301.6 1,327.6 250.2 10.5 57.7 17.8 Dec. 26 .2 M,400.0 .4 20.3 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Jan. 30 .2 1,400.0 .5 68.8 5.5 289.6 1,331.4 279.7 11.0 55.9 17.9 Feb. 27 .2 1,400.0 .9 77.1 7.4 236.7 1,323.1 234.5 16.7 53.0 18.0 Mar. 27, .2 1,400.0 .8 71.9 20.0 238.7 1,328.3 249.1 9.9 54.0 18.5 Apr. 24. .2 1,400.0 1.0 52.0 22.4 256.3 1,348.3 253.4 7.4 53.1 17.8 May 29. .2 1,400.0 1.5 58.6 16.7 250.9 1,341.7 244.8 7.4 57.4 18.0 June 26. .2 1,400.0 1.8 36.4 12.5 315.2 1,363.9 286.0 5.3 56.5 18.1 July 31. .2 1,400.0 1.4 13.4 15.8 288.0 1,386.9 238.7 7.1 54.4 18.3 Aug. 28, .2 1,400.0 1.1 32.7 9.9 343.4 1,367.5 307.6 7.0 54.0 18.4 Sept. 25. .2 1,400.0 1.2 41.5 18.8 324.6 1,358.7 302.9 9.3 55.5 18.5 Liabilities Dominion and provin- Bank of Canada cial government Deposits (Figures in millions of Sterling securities Canadian dollars) Gold and S t U at n e i s ted O as t s h e e t r s circ N ul o a t t e ion7 lia O bi t l h it e i r es8 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 ve in rn io - n Other ment 1935—Dec. 31.. 180.5 4,2 30.9 83.4 8.6 99.7 181.6 17.9 7.7 1936—Dec. 31.. 179.4 9.1 61.3 99.0 8.2 135.7 187.0 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 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. , 225.7 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 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. . 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31.. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31.. .6 787.6 472.8 47.3 874.4 340.2 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—Oct. 31. 176.1 ,109.4 590.6 39.5 1,136.6 474.2 51.0 32.4 221.3 Nov. 30. 15O.0 ,168.1 629.4 69.5 1,113.8 495.2 159.1 27.4 230.5 Dec. 31.. 156.8 ,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 34.2 149.6 Feb. 28. 95.2 1,155.2 688.8 48.0 1,086.7 522.9 201.7 56.4 119.6 Mar. 30. 95.2 1,296.2 559.9 39.4 1,102.2 518.1 149.2 89.1 132.1 Apr. 30. 24.1 1,348.0 553.0 48.6 1,114.4 555.8 183.3 62.7 57.4 May 31. 2.0 1,230.0 541.1 52.9 1,109.5 493.9 87.1 78.5 57.2 June 29.. 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 1,117.9 532.5 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 Sept. 30.. .7 1,259.1 523.9 38.3 1,147.5 511.3 27.4 87.8 48.0 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. 8 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. 6 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. 9 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 •nd pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. NOVEMBER 1946 1309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills A G d o v v a e n rn c m es e n to t Deposits mill ( io F n ig s u o r f e s f ra in ncs) Gold1 F c o h e r a x e n - i g g e n 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 3 o - n Other2 a O s t s h e e ts r ci N r ti c o o u n t l e a- G m ov e e n r t n- C.A.R.4 Other l O ia t t i b h e i s e li r - 1929—Dec.27... 41,668 25,942 s,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... 89,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27... 66,296 1,328 5,800 9 712 11,705 81,150 2,862 8,716 2,113 1936—Dec.30... 60,359 1,460 ,640 1,379 8,465 17 698 12,642 89,342 2,089 13,655 2,557 1937_Dec. 30... S8,933 911 5,580 652 10 066 31909 11,733 93,837 3,461 19,326 3,160 1938—Dec.29... 87,265 821 7,422 1,797 7,880 90 627 18,498 110,935 5,061 25,595 2,718 1939—Dec.28... 5Q7,267 112 11,273 2 345 s 149 M 673 20,094 151,322 1,914 14,751 2,925 1940— Dec. 26... 584,616 42 43,194 661 3,646 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 1 S,850 635,221 572,510 748 37,855 7,078 1945—Sept.27... 75,151 46 49,363 14,242 496,000 642,717 496,258 53,598 53,156 4,506 Oct. 31... 665 ,152 47 60,087 27 442 426 000 646,152 528,945 30,793 52,552 5,617 Nov.29. .. 65.152 45 69,210 153 96 ,073 426 000 645,859 545,795 21,708 53,447 4,540 Dec. 27... 5129,817 68 723,038 303 25,548 426,000 639,122 570,006 12,048 57,755 4,087 1946—Jan. 31... 129.817 69 96,081 220 97 415 426 000 644,818 592,436 5,781 52,046 4,156 Feb. 28... ,817 69 97 ,247 160 30,945 426,000 646,744 605,156 1,014 50,743 4,070 Mar.28... 129,817 69 95 ,524 46 39 647 426 000 16 000 640,985 613,434 781 52,516 4,357 Apr. 25... 129,817 5 9S ,810 ,579 426,000 19,000 638,614 616,102 732 53,653 5,337 May 29... 594,817 5 63,090 45,512 426,000 11,200 641,848 625,809 745 51,845 4,072 June 27... 94,817 5 64,985 46,204 426,000 13,400 642,053 629,181 750 53,265 4,268 July 25... 94,817 6 64,769 4S,324 496 000 8 600 640,915 612,879 717 59,829 7,006 Aug.29... 94,817 5 64,474 61,657 426,000 8,600 645,049 633,327 779 62,282 4,213 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figu r r e e i s c h i s n m m ar il k l s io ) ns of re T f s o o e r r t e v a i l e g s n exch G an o g ld e i T c n r h c e b e l a u i c l s d l k s u i s n r ) y g , Se lo c a u n ri s ty E a c s l o ig n v i o e b r t l e e Other a O s t s h e e ts r ci N t r i c o o u n t l e a- Deposits l O ia t t i b h e i s e li r - 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. 3f 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 920 806 2,806 176 398 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 4,066 146 445 319 827 3,901 984 1,001 I935—pec. 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 193g—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 2,561 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 July 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 56,939 62 69 21 2,795 46,870 10,829 2,264 Dec. 30 77 71 63,497 112 1 45 2,351 50,102 13,535 2,445 I945—jan# 31 77 64,625 199 81 60 2,083 51,207 13,566 2,353 Feb. 28 77 70,699 307 112 61 2,591 55,519 16,419 1,909 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. 6 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. 1310 FEDERAL RESERVE BULLETIN 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) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Central Bank of the Argentine National Bank of Czechoslovakia Republic (millions of pesos) : in Prague—Continued Gold reported separately 1,235 1,242 Note circulation—Old 98 985 38,021 Other gold and foreign exchange. 4,736 3,188 New 37,78. 35,500 Government securities 866 877 Deposits—Old 77,61. 78,63 48,430 Temporary advances to Govt.... 60 New 7,41. 8,53 Rediscounts and loans to banks K 7,391 Other liabilities 6,58. 7,084 Other assets 2,062 163 National Bank of Denmark Currency circulation2 3,562 2,622 (millions of kroner): Deposits—Member bank 1,865 1,631 Gold 83 97 Government 510 616 Foreign exchange 146 14 14: 30 Nationalized1 8,597 Clearing accounts (net) 97 95 93 2,934 Other 17 213 Loans and discounts 22 33 23 33 Ce G rt o if v ic e a rn te m s e o nt f s p e a c r u t r i i c t i i p es ation in 175 S G e o c v u t r . i t c ie o s mpensation account7... 7,5 9 8 3 8 7,5 9 88 7,5 9 8 8 8 6 6 5 9 Other liabilities 1,643 21 Other assets 86 9 97 5,088 Commonwealth Bank of Aus- Note circulation 1,493 1,48 1,482 1,242 tralia (thousands of pounds): Deposits—Government 2,684 2,70 2,685 3,001 Gold and foreign exchange 216,105210,908 160,269 Other 3,695 3,695 3,710 3,662 S C e h c e u c r k i s ti e a s n d (i n b c il l l . s G o o f v o e t r h n e m r b e a n n t k a s n . d . 2,355 2,220 1,75: Cent O ra th l er B l a i n ab k il o it f ie s Ecuador 243 242 247 413 Treasury bills) 390,316403 368 418,079 (thousands of sucres): (June) Other assets 7,124 11,408 11,808 Gold 241,639288,837 Note circulation 197,680197,680 185,964 Foreign exchange (net) 39,747115,012 Deposits of Trading Banks: Loans and discounts ' 223,868125,107 O Sp th ec e i r al 2 2 5 3 4 , , 6 2 3 6 8 22 2 5 2 5 , ,0 8 1 4 2 ' 2 2 2 9 2 , , 6 0 2 0 9 3 O N t o h t e e r c a ir s c s u et l s ation 3 9 2 8 6 , , 9 3 7 0 7 83 9 3 1 0 , , 9 0 0 2 5 3 Other liabilities 140,319 152,365 154,313 Demand deposits 240,088261,402 Na ( t m io il n li a o l n s B o a f n k fr a o n f c s B ): elgium Nati O on th a e l r B lia a b n i k li ti o es f Egypt (thou- 37,835 29,437 Gold 31,655 32,852 33,148 30,426 sands of pounds): O F L C o o l t a h r a i e e n m i r s g n l t a o o g a e a n G x i s c n o h s a v a t n e n r B d g n a e d m n i k s e c n o o t u f n I t s s sue. 5 6 3 3 0 4 , , , , 1 5 7 0 2 9 8 2 5 7 4 0 4 6 3 3 4 9 , , , , 2 5 5 6 7 9 7 6 1 7 9 0 6 4 3 3 4 8 , , , , 5 4 6 7 9 3 5 0 7 2 0 8 c4 6 7 3 4 , , , 3 5 9 6 7 9 4 3 0 7 0 4 G F L B o o r o i r a l t e d n i i s s g h n a , n e E d x g c d h y i a p s n c ti o g a u e n n , ts and other 1 2 6 5 , , , 2 6 6 4 0 0 1 1 0 1 3 6 7 , , , 6 2 1 8 4 3 1 1 7 Ce t n a t r O O D B N r y a l t t e o o h h l D m t c e e e e k r r a B p e c n l a d t i a i d . r s a 4 n c s a b k d u e c ( i e t l m l c s a i p o o t t i o i i u l f e o l s n i s n i o t t B s n s * o s l o i f v b ia o — liv M ian o o n s e ) - : 7 7 4 2 1 7 1 , , , , , 4 7 2 9 2 3 0 2 6 9 6 9 3 6 2 7 7 5 2 8 1 1 , , , , , 4 0 0 3 2 2 0 9 3 8 2 9 4 8 4 M 7 7 4 2 1 8 1 a , , , , , 4 3 1 y 8 0 0 2 1 6 6 )5 5 5 9 2 3 6 7 c 4 l 7 4 1 , , , , , 2 1 9 7 3 1 1 7 9 0 6 0 8 4 1 Cent O D O N ra t e t o G h h l p t e e e o o R r r s v c e i l a e i t s i r s s r a e c s n — b r u e m i v l t l O G s a e i e t t t i n o i B e h o t v s e n a e s r n r e n k c m u o r e f it n i E t es l Salva- 3 1 1 8 0 2 1 3 2 3 3 5 2 1 5 , , , , , , 0 7 3 2 4 3 2 1 2 9 4 2 1 1 9 3 6 0 2 1 1 2 7 1 9 2 2 2 6 4 1 8 9 , , , , , , 5 4 1 1 1 0 3 3 4 0 1 4 9 2 3 7 6 7 Gold at home and abroad 919 dor (thousands of colones): N Ce a n ti t O O N D G o L F r n o a o t t e o o h h l r a a p v t e e e e l n o e i r r B s g s r c B n i a l n a i a t i r s m a s a n n c s e n b k d u e e x k i t n l l c s d a i t h o t o t i i a i s f e s f o c n e s n o g c C B u e u h u n ri i t l t s l g i e e a s r ( i m a1 illions 1,6 2 4 3 1 3 4 0 6 7 1 1 2 7 6 6 6 2 Bank O N O D G F L G o o t o e t o o o h h r a p l f v t e e d e e n o e i r r F s g s r c i n i l n a i a t i n r m s s a n c e s l b d u e a e x i n l t n l c s d a i t d h t t i i a i s d * e o c n e s n o g b u e t n a t n s d securities. 4 2 3 3 7 4 8 6 8 2 1 1 , , , , , , , , 2 8 0 3 1 8 9 5 4 5 9 4 6 2 1 2 2 7 8 5 6 3 6 7 4 2 3 3 6 7 7 4 2 7 1 1 , , , , , , , , 7 0 5 8 9 4 8 8 7 8 9 4 1 7 8 5 5 8 5 0 8 3 0 7 4 2 3 3 6 3 9 6 2 3 6 1 , , , , , , , , 9 6 4 8 4 3 0 4 6 3 5 9 0 4 6 3 9 6 4 5 6 0 4 4 of pesos): liank of Greece6 Gold 366 287 National Bank of Hungary6 Discounts for member banks... 465 214 Reserve Bank of India (millions of Loans to Government 697 706 rupees): Other loans and discounts 741 1,010 Issue department: Bank O O N D o t t e o h h p f t e e e o t r r s h c i l a i e t i r s s a c R s — b u e i e l t l B O s a i p t t a i u t i e h o n b s e n k l r ic of Colombia 3 1 , , 0 9 4 5 2 5 1 1 4 5 4 4 0 4 4 2 1 , ,3 7 3 3 1 9 2 4 5 8 2 9 1 3 6 Bank S N G R I i n n t u o o e d g p l t r i d e l e a i d e n n c a e g i t c p G r o c h a s o i u e r o n v t c l m a m u t. t e r i e i s o t n a e n i t e c n : s u d r i a ti b e r s oad.. 1 1 1 2 , , 5 4 3 0 1 7 4 5 8 6 8 4 8 3 8 1 1 1 2 , , 4 5 1 3 1 7 4 7 5 5 8 4 6 5 3 1 1 0 1 , , 5 4 4 4 1 7 8 4 2 1 8 2 4 3 8 (th G F L o o o o u r a l s e d n a i s n g n d a s n e d o x f c d h p i a s e n c s o g o u e s) n : ts ! 6 2 4 0 0 8 , , , 4 2 8 1 4 4 6 4 3 1 2 7 3 7 9 5 , , , 6 4 9 0 7 5 7 0 4 0 8 1 8 4 6 , , , 4 9 5 0 5 4 1 2 2 T I L B N r o a " e a l o a a n t n s s e u c s t e r o y s o f G a b b i o i s r l s v l o u s e a e r d d n d i m s e c e p o n a u t r n t t m ed e . n . t.. 5, 4 6 9 2 1 6 0 0 5,6 3 3 97 3 5 4,9 20 8 3 9 6 5 G O N D o e t o h p v te e o e r s r c n i a i t r m s s c s e u e n l ts a t t l i o o a n ns and securities. 1 . 8 3 9 1 0 9 2 7 , , , , 5 8 9 8 5 9 1 2 5 6 6 8 1 8 3 1 1 0 9 1 , , , , 7 8 9 6 0 2 4 9 7 5 9 4 6 3 8 7 4 3 6 2, , , , 7 5 4 6 6 3 6 9 5 8 3 6 Central B O O D a t t e h h n p e e k o r r s o i a l t f i s s a s I b e r i e t l s i l t a ie n s d (thousands 6, 4 2 2 4 0 8 9 7 3 6, 4 2 1 3 9 7 5 3 7 5, 2 2 2 0 6 9 3 4 0 Other liabilities 39,209 39,895 52,750 of pounds): Na in ti G o P n o ra l a d l g u B e a n (m k i o ll f io C ns z o e f c h k o o s ru lo n v y a ) k : ia 1,518 1,518 1,517 G S N t o o e l t r d e li n c g ir c fu u n la d t s ion 3 3 8 2 5 , , , 6 3 7 4 9 4 0 6 4 3 3 5 8 2 , , , 7 4 6 6 1 4 6 2 6 3 4 8 1 2 , , , 3 0 6 7 2 4 6 2 6 3 3 1 4 2 , , , 8 5 6 9 4 4 5 1 6 Foreign exchange 2,287 2,101 787 Bank of Japan« Loans and discounts 5,977 5,858 Bank of Java* Other assets 20,596 21,261 102,483 c Corrected. 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. 3 Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. 4 Effective Jan. 1, 1946, a change in the Organic Law of the Banco Central de Bolivia divided the institution into Monetary (central banking unctions) and Commercial Banking Departments. 5 Latest month available. 6 For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), •ee BULLETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; of Hungary (November 1944), see BULLETIN for January 1946, p< 99; and of Java (January 1942), see BULLETIN for March 1943, p. 278. 7 In December 1945, State-guaranteed German assets, formerly included in "Clearing accounts" and "Other assets," were transferred to Government compensation account. NOVEMBER 1946 1311 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) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Bank of Mexico (millions of pesos): Bank of Spain—Continued Metallic reserve1 711 723 721 727 Note circulation 19,449 17,647 "Authorized" holdings of securi- Deposits—Government 769 1,389 ties, etc ,680 1,731 1,733 ,930 Other 3,320 3,728 Bills and discounts 505 490 480 361 Other liabilities 564 486 Other assets 164 160 159 64 Bank of Sweden (millions of kronor): Note circulation ,691 1,700 1,694 ,549 Gold 1,040 1,046 1,036 1,057 Demand liabilities ,155 1,193 1,190 ,359 Foreign assets (net) 981 1,021 1,074 814 Other liabilities 215 212 208 174 Swedish Govt. securities and ad- Netherlands Bank (millions of vances to National Debt Office' 1,106 937 945 1,289 guilders): Other domestic bills and advances 39 M0 28 20 Gold 699 713 713 713 Other assets 907 886 880 1,024 Silver (including subsidiary coin) 1 1 1 Note circulation 2,606 2,534 2,450 2,576 Foreign bills 4,601 4,530 4,530 4,491 Demand deposits—Government 835 797 837 801 Discounts 1 Other 245 214 300 233 Loans 187 156 170 130 Other liabilities 386 375 376 595 Other assets 103 114 121 126 Swiss National Bank (millions of Note circulation—Old 262 274 275 ,683 francs): New2 2,554 ,467 2,447 Gold 4,881 4,851 4,844 4,697 Deposits—Government 1,389 ,433 1,562 Foreign exchange 149 176 168 129 Blocked 104 142 97 Loans and discounts 63 59 61 191 Other 756 689 639 Other assets 87 83 88 93 Other liabilities 526 510 516 Note circulation 3,785 3,688 3,639 3,640 Reserve Bank of New Zealand Other sight liabilities 1,079 1,169 1,210 1,169 (thousands of pounds): Other liabilities 317 312 311 301 Gold 2,802 2,802 ,802 Central Bank of the Republic of Sterling exchange reserve 86,579 86,772 804 Turkey (thousands of pounds): Advances to State or State un- Gold 299,520 294,692 dertakings 33,000 30,000 365 Foreign exchange and foreign Investments 3,952 4,016 997 clearings 63,447 54,087 Other assets 1,678 2,224 071 Loans and discounts 691,7.7_8 804,199 Note circulation 45,291 45,200 015 Securities 164,686 169,752 Demand deposits 77,964 76,012 ,051 Other assets 71,532 21,650 Other liabilities 4,756 4,602 ,973 Note circulation 826,491929,535 Bank of Norway' Deposits—Gold 91,821 85,586 Bank of Paraguay—Monetary Other 128,667142,002 Uept. (thousands of guaranies): Other liabilities 243,983187,258 Gold 3,415 3,395 323 Bank of the Republic of Uruguay8 Foreign exchange 32,056 33,353 983 (thousands of pesos): Loans and discounts 500 500 434 Gold 310,856295,704 Government loans and securities. 9,786 9,827 551 Silver 13,678 13,876 Other assets 872 724 360 Advances to State and govern- Note circulation 29,792 29,152 626 ment bodies 18,633 8,012 Demand deposits 13,411 15,589 992 Other loans and discounts 104,294 94,625 Other liabilities 3,426 3,058 033 Other assets 348,735317,293 Central Reserve Bank of Peru Note circulation 185,749155,938 (thousands of soles): Deposits—Government 48,404 41,866 Gold and foreign exchange 164,032 142, Other 255,149253,216 Discounts 15,834 25, Other liabilities 306,895278,489 Government loans 631,739 572, Central Bank of Venezuela (thou- Other assets 10,878 28, sands of bolivares): Note circulation 539,602 474, Gold" 557,080 557,080 484,011 Deposits ' 257,413 264 Foreign exchange (net) 24,319 24,354 68,683 Otiier liabilities 25,469 29 Credits to national banks 14,310 Bank of Portugal (millions of es- Other assets 34,339 27,967 13,551 cudos): (Mar.) Note circulation—Central Bank. 403,884 405 , 283 332 ,609 Gold5 1,423 419 National banks 7,776 7,822 11,089 Other reserves (net) 7,087 475 Deposits 195,263 188,226 229,396 Nonreserve exchange 9,842 664 Other liabilities ,816 8,070 7,461 Loans and discounts 297 287 National Bank of the Kingdom Government debt 1,018 020 of Yugoslavia3 Other assets 693 757 Bank for International Settle- Note circulation 7,824 726 ments10 (thousands of Swiss gold Other sight liabilities 11,703 033 francs'*: Other liabilities 834 863 Gold in bars , 123,042124,774 124,774118,285 National Bank of Rumania3 Cash on hand and on current South African Reserve Bank account with banks 4,473 4,958 5,673 42,258 (thousands of pounds): Sight funds at interest 141 141 140 8,338 Golds 246,025 252,402 113,779 Rediscountable bills and accept- Foreign bills 23,323 26,824 28,760 ances (at cost) 8,373 10,217 10,621 84,411 Other bills and loans 4,738 3,943 3,,825 Time funds at interest 5,854 6,278 7,339 2,750 Other assets 11,004 ,130 105,884 Sundry bills and investments. . . 312,350 308,800306,767197,701 Note circulation 65,835 66,539 65,846 Other assets 32 35 36 113 Deposits 213,475 217,896 180,514 Demand deposits (gold) 20,737 20,737 20,752 16,978 Other liabilities 5,779 6,864 5,887 Short-term deposits (various Bank of Spain (millions of pesetas): currencies): Gold 1,213 ,188 Central banks for own ac- Silver 574 597 count 3,047 3,437 3,436 3,671 O G t o h v e e r r n lo m a e n n s t a l n o d a n d s i s a c n o d u s n e t c s urities. 1 4 5 , , 3 8 6 0 0 7 , , 7 4 7 2 9 4 Long O -t t e h r e m r deposits: Speci > al ac- 1,209 1,651 1,653 2,032 Other assets 2,148 ,262 counts 229,001229,001229,001229,001 Other liabilities 200,271200,376 200,508202,174 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. • • L G a o t l e d s t r e m va o l n u t e h d a i v n a J il u a n b e le . 1 946 from approximately 85 to 172 shillings per fine ounce. 7 5 I V n a c l l u u e d d e s a s t m av al e l r a a g m e o c u o n s t t o b f e g n i o n n n - i G ng o v O e c r t n o m be e r n t 1 9 b 4 o 0 n o ds. 8 Issue and banking departments consolidated. • Beginning October 1944, a certain amount of gold, formerly reported in the Bank's account, shown separately for account of the GovtrnmenL 10See BULLETIN for December 1936, p. 1025. 1312 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 - France m 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 en e- S l w a e n r i - d tz- ba C n e k n t o r f a — l R O 3 a c 1 t t e . ef D fe a ct t i e ve ba C n e k n t o r f a — l R O 3 a c 1 t t e . ef D fe a ct t i e ve In effect Dec. 31, Albania 5K Mar. 21, 1940 Italy 4 Sept. 11, 1944 1936 2 2 4 2 2 2K IK Argentina 3y Mar. 1, 1936 Japan 3.29 Apr. 7, 1936 Jan. 28, 1937 4 Belgium IK Jan. 16, 1945 Java 3 Jan. 14, 1937 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 3y Nov. 13 3 May 10, 1938. . 4 British India. . 3 Nov. 28, 1935 Mexico 4K June 4, 1942 May 13 2K Bulgaria 4K Aug. 14, 1946 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 2K Jan. 9, 1946 Oct. 27 2K Colombia 4 July 18, 1933 Peru 5 Aug. 1, 1940 Nov. 25 ' 2K' Czechoslovakia 2K Oct. 28, 1945 Portugal. . . . 2K Jan. 12, 1944 Jan. 4, 1939 Apr. 17 4 May 11 3 July 6 Denmark . . Jan. 15, 1946 Rumania 4 May 8, 1944 Aug. 24 4 Kcuador 7 2 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 De c c t. . 2 1 6 5 2 3 Finland 4 Dec. 3, 1934 Switzerland.. IK Nov. 26, 1936 Jan. 25, 1940 2 Apr. 9 3y May 17. 3V France . . Jan. 20, 1945 Turkey 4 July 1, 1938 Mar. 17, 1941. . Germany 3K Apr. 9, 1940 United King- May 29 3 Greece 10 Aug. 16, 1946 dom 2 Oct. 26, 1939 June 27 2K Hungary 7 Aug. 1, 1946 U.S.S. R.... 4 July 1, 1936 Jan. 16, 1945 IK Ireland 2K Nov. 23, 1943 Yugoslavia. . 2K Aug. 1, 1946 Jan. 20 IVs Feb. 9 2K In effect Oct. 31, 1946 2 IK 3y IK IK NOTE.—Changes since Sept. 30: None. OPEN-MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden Sw la it n z d er- 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—Aug 5.47 5.48 4.35 3K 7.18 7.42 5.06 4.68 4K-6K 3.33 1930—Aug 2.21 2.17 1.85 s 3.24 3.73 1.83 1.63 3K-5K 1.75 1931—Aug 4.28 4.21 3.59 2K 18.92 19.15 1.30 1 22 4-6 1.98 1932—Aug .74 .60 .73 4.50 5.82 .37 1.00 1.50 1933—Aug .41 .30 .62 3.88 4.94 1.11 1.08 4-6 1.50 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 4 3 4 8 4 5 7 9 6 1 0 — — — — — — — — A A A A A A A A u u u u u u u u g g g g g g g g 1 1 1 . . . . . . . . 5 0 0 5 7 5 6 5 8 3 3 5 9 5 0 3 1 1 1 . . . . . . . . 9 0 0 5 5 7 5 5 2 2 0 2 3 4 8 1 1 1 1 . . . . . . . . 3 0 0 7 8 7 7 7 5 0 0 5 1 5 5 5 K- K K K K K 2 3 2 2 2 2 3 2 2 . . . . . . . . 7 0 7 8 8 8 3 1 5 0 5 8 8 8 1 3 4 3 2 2 3 2 1 1 . . . . . . . . 7 7 0 8 7 0 5 5 2 7 1 5 3 6 0 1 4 1 1 1 . . . . ( . . . 2 0 8 7 7 1 2 1 ) 9 3 8 8 5 3 3 4 2 1 3 1 1 . . . . . . . . 5 0 7 2 2 0 5 5 3 0 2 0 5 0 3 0 2 2 2 2 2 2 K K K K K K 3 - - - - - - - 5 5 5 5 5 4 5K K 2 2 1 1 1 1 1 1 . . . . . . . . 5 0 0 4 2 2 0 5 0 0 0 7 5 5 0 0 1942—Aug 1.03 1.00 1.00 % 2.13 1.68 sy-sy 1.25 1943—Aug 1.03 1.00 1.11 2.13 1.89 3-5 K 1.25 1944—Aug 1.03 1.00 1.13 K 2.13 1.89 3-5 y 1.25 1945—Aug 1.03 1.00 1.13 'i 3-sy 1.25 3-5 y 1945—S O e c p t t 1. . 0 8 3 3 1. . 0 7 0 5 1. . 1 9 3 6 K 2 2K y 2- s 5 1 1 . . 2 2 5 5 Nov .53 .51 .63 K 2K-5 1.25 Dec .53 .50 .63 K 2K-5 1.25 K 2K-5 1946—Jan .53 .50 .63 I 2K-5 1.25 Feb .53 .51 .63 2K-5 1.25 Mar .53 .51 .63 2K-4K 1.25 Apr .53 .51 .63 2K-4K 1.25 May .53 .51 .63 8 2K-4K 1.25 June .53 .50 .63 2K-4K 1.25 July .53 .51 .63 2K-4K 1.25 Aug .53 .51 .63 K 2K-4K 1.25 K K 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. NOVEMBER 1946 1313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Assets Liabilities ( b 1 m 1 a i n l L l k io o s s . n n t e s d r o F l o i n i n f g g u p c ) r o le e u a s n r i i d n n s g re C se a r s v h es M c n o a s l o n h l t e o a i y c r n t e a d t B co il u ls n d te is d - T re d r c e e e p a i o s p u s t i s r t y 2 Securities c L u o s a to n m s t e o rs O as t s h e e t r s Total D D e e m po a s n i d ts Time lia O b t i h li e ti r es 1939—December 274 174 334 ... „_ . 609 1,015 290 2,441 1,398 L.043 256 1940—December 324 159 265 771 924 293 2,800 1,770 L.030 250 1941—December 366 141 171 758 999 823 324 3,329 2,168 L.161 253 1942—December 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—December . . .. 422 151 133 1,307 1,154 761 349 4,032 2,712 1,319 245 1944—December 500 199 147 1,667 1,165 772 347 4,545 3,045 L.500 250 1945—September 518 226 215 1,971 1,146 771 299 4,898 3,266 L.632 247 October 513 201 189 1,925 1,178 799 308 4,859 3,277 L,582 254 November 496 229 296 1,703 1,201 809 318 4,789 3,254 1,535 263 December 536 252 369 1,523 1,234 827 374 4,850 3,262 L.588 265 1946—January 496 249 361 1,493 1,230 840 333 4,729 3,135 1,594 271 February 483 243 340 1,468 1,241 847 338 4,684 3,078 1,606 276 March 493 254 379 1,443 1,246 863 353 4,749 3,143 1,606 281 April 509 271 433 1 449 1 282 841 367 4,865 3,242 1,623 287 May 509 301 470 1,374 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 1,406 885 386 5,113 3,389 1,724 304 August 553 313 464 1,511 1,393 906 369 5,198 3,427 1,771 310 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se l c o u a r n i s ty D ex e c p l o u s d i i t n s g p a in y t a e b r l b e a n in k C de a p n o a s d i a ts En C d a i n o n a f d m m ia il o n li n o t d n h o s l f l o i a g f r u s) res re C se a r s v h es Se lo c a u n ri s ty l d o i a O s n c t o s h u e a n r n t d s d a a f u b n o b e a r d r e n o f i n r k a g o d e s n m t Securities O as t s h e e ts r ci N r t c i o u o l t n a e - Total Demand Time lia O b t i h li e ti r es 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 1,049 1943—December 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—December 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—September 582 109 1,002 237 3,960 750 27 5,269 2,331 2,935 1,344 October 640 130 1,009 242 4,159 812 27 5,573 2,582 2,992 1,392 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 1,386 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 1,456 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 August 665 98 1,249 128 4,336 865 23 5,892 2,426 3,466 1,428 Assets Liabilities France (4 large banks. End Deposits of month figures in Cash Due from Bills dis- Loans Other Own Other millions of francs) reserves banks counted assets Total Demand Time ances liabilities 1939—December . . 4,599 3,765 29,546 7,546 2,440 4? 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 7C,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 11? 732 111,191 1,541 428 7,506 1944—December. . . . 10,365 4,948 99,782 18,653 2,190 1?,8 758 \?f ,578 2,180 557 6,623 1945—March 8,117 5,072 98,593 21,255 2,118 178 007 ,132 1,876 745 6,403 April 8,582 4,954 99,146 22,246 2,490 129 859 17?,154 1,705 939 6,619 ^tay 27 281 4 999 109 270 23,108 3,008 1S9 526 1ST,453 2,073 1,212 6,928 June 16,282 5,660 156,620 23,216 3,618 196 167 19.1,828 2,339 1,544 7,685 Tulv 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 ?16 729 214,842 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 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at 1% per cent through Oct. 20, 1945, and at % per cent thereaftteerr.. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table desc:ription of statistics see pp. 566-571 in same publication. able 168, pp. 648-655, and for 1314 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] Year or month Ar ( g p e e n so ti ) na A ( u p s o t u r n a d l ) ia g B iu el m - (c B ru r z a e z ir i o l 1) B I r n i d ti ia sh g B a u r l i - a C (d a o n l a la d r) a C (p h es i o le ) C (y h u i a n n a Official S E p x e p c o ia rt l Official Free (franc) Official Free (rupee) (lev) Official Free Official Export Sh h a a n i) g- 1937 32.959 393.94 3.3752 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24.0000 29.606 1938 32.597 389.55 3.3788 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 10 850 353.38 3.3704 6.0027 5.1248 33.279 21.2111 96.018 5.1727 4.0000 Fll.879 1940 29 773 2322.80 305.16 23.3760 6.0562 5.0214 30.155 '29o! 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 H.0000 '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 '232i.'i7 '22!2860 6.0602 5.1802 30.122 90.909 90.485 1945—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 Aiay 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 Tulv 29.773 25.125 321.41 2.2847 36.0602 '5.2283 30.182 598.347 596.662 Aug 29.773 25.125 321.41 2.2847 5.3675 30.185 100.000 96.784 Sept 29.773 25.125 321.38 2.2803 5.4053 30.170 100.000 96.254 Year or month C ( o p b l e i o s a o m ) - s C ( l k o z o v e r c a u h k n o a ia ) - ( m D kr a e o n r n k - e) ( l m F a k i a n a n 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 r e a a e c ) c h e - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - o) I ( t li a ra ly ) J ( a y p en a ) 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 l Z 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—Oct 56.980 2.0189 20.578 322.60 Nov 56.980 2.0186 20.578 637! 933 322.70 Dec 56.980 1.7822 20.579 37.933 322.70 1946—Jan 56.980 .8410 20.580 37.933 322.70 Feb 56.980 720.877 .8410 20.581 37.926 322.70 Mar 56.980 82!666O 20.877 .8410 9 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 10.4434 20.572 37.789 322.70 July 57.007 2.0060 20.877 .8409 20.587 37.789 322.70 Aug 57.007 2.0060 •20.877 .8408 20.596 37.789 322.70 Sept 57.007 2.0060 20.877 .8408 20.578 37.789 322.67 Year or month N (k o r r o w 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 p o o fr u u i n c t d h a ) ( S pe p s a e i t n a) m S S (d e t e o r t l n a t l l a i t e t r s - s ) ( S k d r w e o n e n - a) ( e S f r r w a la n it n c z d ) - Off K ic U ( i i p a n n o l g u it d n e o d d F ) m ree tr C o o l U l n e r ( - d p u e g s u o tr N a ) c o y o o l n l 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 2403.02 65.830 55.159 1945—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. 72O.2O2 74.0501 400.50 '9.132 723.852 723.363 403.38 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 Aug 20.161 4.0501 400.50 9.132 27.819 23.363 403.36 65.830 56.272 Sept 20.161 4.0501 400.50 9.132 27.820 23.363 403.32 65.830 56.271 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. * Based on quotations through July 19. Official rate abolished as of July 22. * Based on quotations through July 19 and from July 25—31. 8 On July 5, 1946, Canada reduced its official buying rate for one U. S. dollar from 1.10 to 1.00 Canadian dollar. 6 Based on quotations beginning Nov. 2. 7 Based on quotations beginning Feb. 5. 8 Based on quotations beginning Mar. 9. 9 Based on quotations beginning Mar. 22. 10 Based on quotations through June 12. 11 As of July 13, 1946, the Swedish Riksbank reduced its buying rate for one U. S. dollar from 4.20 to 3.60 kronor. 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. 1315 NOVEMBER 1946 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 d 0 e ) o d = m F (1 r 9 1 1 a 0 3 n 0 c ) e = Ge (1 r 1 9 0 m 1 0 3 a ) n = y ( I 1 1 t 9 0 a 2 0 l 8 ) y = ( J 1 O 9 a c 1 0 t 0 p 0 o 0 a b ) n = er ( J J N u u e l = n l a t e y 1 n h 0 d e 1 1 0 s 9 9 r ) i 3 3 - 8 9 - S ( w 1 1 9 e 0 3 d 0 5 ) e n = ( S J w u = l i l a t y 1 n z 0 1 d e 0 9 r ) 1 - 4 1926 100 100 2 124 695 134 237 150 2 126 144 1932 65 67 86 427 97 70 161 92 2 92 96 1933 66 67 86 398 93 63 180 89 2 90 91 1934 75 72 88 376 98 62 178 90 2 96 90 1935 80 72 89 338 102 68 186 87 100 90 1936 SI 75 94 411 104 76 198 91 102 96 1937 86 85 109 581 106 89 238 108 114 111 1938 79 79 101 653 106 95 251 102 111 107 1939 77 75 103 707 107 99 278 105 115 111 1940 . ... 79 83 137 •901 110 116 311 131 146 143 1941 87 90 153 112 132 329 150 172 184 1942 99 96 159 114 157 189 210 1943 103 100 163 116 160 196 218 1944 104 103 166 118 164 196 223 1945 106 104 169 181 194 221 1945 October 106 104 170 206 191 220 November 107 104 170 211 191 219 December 107 104 170 217 190 214 1946 Tanuarv 107 105 172 236 r185 215 February ..... 108 105 172 241 185 213 March 109 106 172 242 ••185 214 April .... 110 108 173 244 r185 213 May 111 109 173 245 185 213 Tune 113 109 173 P249 186 213 Tulv 124 110 177 P252 r186 214 August • 129 109 177 P257 185 215 Seotemb er 124 P109 177 P Preliminary. r Revised. 1 New weighted index of 400 articles. For detailed description of the articles included and of the weight coefficients used in the index, see Maandschrift for 1941, pp. 663-664. Yearly averages 1926-1938 are calculated from old index, 1926-30=100. 2 Approximate figure, derived from old index (1913 =100). 3 Average based on figures for 5 months; no data available since May 1940, when figure was 919. 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 pr F o a d r u m cts Foods co O i m t t m h ie e o s r d- pr F o a d r u m cts R f m a p a c a a w t r n u t a u r l n - e y d d F f u c a m l h c l a i t y n e u f u r l a - e y n d 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 u c a u c l l t - s a t n f r I d i i n a n d l i s u e s r s m h a - i e w - d p tr r I i i o n a s d d l h u u e c s f d t - i s ngoods goods 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—October 127 106 100 109 106 94 158 175 November 131 108 100 109 106 94 158 175 132 109 101 109 106 94 158 175 1946—January 130 107 101 110 '106 95 157 180 February 131 108 101 110 107 95 157 179 March 133 109 102 110 107 96 158 179 135 111 103 111 108 99 159 180 May 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 September 154 132 112 Pill P108 P100 158 188 P Preliminary. r Revised. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1316 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 numbersl [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 M32 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-October... 139 133 169 213 1945-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 P145 171 209 August 144 P126 205 207 September 174 P143 168 September. P126 203 P Preliminary. 1 Revised index from March 1936 (see BuLLETiNfor 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 ( U S d p e n t r a r i i c i t t v e e e e ) d s 1 d 1 ( K D 9 U i 2 e n n c 1 g e i = m t d 1 e o 0 b d m 0 er ) (19 F 3 r 8 a = n 1 c 0 e 0)2 G (a e p v r ri m e c r e a a ) g n s e y N la e n th d e s* r- ( U 1 S * 9 n t 1 3 a i 0 5 t t 0 e e -3 d s ) 9 U K d n i o i n m t g ed - m G a e n r- y (19 F 3 r 8 a = n 1 c 0 e 0)2 (1 N 9 l e 3 a t 0 n h = d e 1 s r 0 - 0' Number of issues. . 15 87 50 3139 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 115.9 118.3 100.7 '77.9 88.1 70.8 114.6 •140 895.0 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 M103.7 99.8 88.6 145.4 551 1945 122.1 128.3 152.1 121.5 92.4 453 1945—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. ... 123.8 129.1 148.6 102.4 144.8 95.2 433 February.. . 124.5 130.1 148.6 105.0 143.3 94.9 461 March 124.5 129.9 147.5 105.3 141.8 93.8 452 April 124.3 131.7 146.1 105.9 151.6 95.2 448 May 123.7 132.6 147.3 105.0 154.3 97.6 532 June 123.9 132.0 146.3 153.2 99.5 540 July 124.0 132.2 149.6 99.2 August 123.8 132.2 146.4 97.6 September. . 122.8 125.4 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. Forcomplete 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. 3 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4K per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 4 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. 5 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. 6 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. 9 Average based on figures for 10 months; no data available Jan.-Feb. 10 Average based on figures for 8 months; no data available Sept.-Dec. Sources.—Sec BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. NOVEMBER 1946 1317 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 CHESTER MORRILL, Special Adviser to the Chairman to the Board of Governors 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 DIVISION OF RESEARCH AND STATISTICS BONNAR BROWN, Assistant Director WOODLIEF THOMAS, Director RALPH A. YOUNG, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION CHANDLER MORSE, Assistant Director FRED A. NELSON, Director J. BURKE KNAPP, Assistant Director DIVISION OF EXAMINATIONS ROBERT F. LEONARD, Director DIVISION OF ADMINISTRATIVE SERVICES EDWIN R. MILLARD, Assistant Director LISTON P. BETHEA, Director GEORGE S. SLOAN, 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 ALLAN SPROUL, Vice Chairman Vice President 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 J. N. PEYTON A. L. M. WIGGINS, RICHMOND DISTRICT RONALD RANSOM M. S. SZYMCZAK J. T. BROWN, ATLANTA DISTRICT JAMES K. VARDAMAN, JR. C. S. YOUNG EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary JAMES H. PENICK, ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel JULIAN B. BAIRD, MINNEAPOLIS DISTRICT J. LEONARD TOWNSEND, Assistant General Counsel A. E. BRADSHAW, KANSAS CITY DISTRICT WOODLIEF THOMAS, Economist E. A. KINCAID, Associate Economist ED H. WINTON, DALLAS DISTRICT JOHN K. LANGUM, Associate Economist EARLE L. RAUBER, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT O. P. WHEELER, Associate Economist JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Acting Secretary 1318 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 Bank of Deputy Chairman First Vice President Vice Presidents 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. Wayne R. W. Mercer Atlanta. . Frank H. Neely W. S. McLarin, Jr. V. K. Bowman H. F. Conniff 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. McConnell E. W. Swanson W. D. Cochran 0. S. Powell A. W. Mills2 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City. . . Robert B. Caldwell H. G. Leedy O. P. Cordill John Phillips, Jr. Robert L. Mehornay Henry 0. Koppang L. H. Earhart G. H. Pipkin Delos C. Johns D. W. Woolley3 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 C. E. Earhart J. M. Leisner3 H. F. Slade Harry R. Wellman H. N. Mangels W. F. Volberg OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Bank of Branch Chief Officer Bank of Branch Chief Officer New York. . Buffalo I. B. Smith4 Minneapolis. . . . Helena R. E. Towle4 Cleveland. . Cincinnati B. J. Lazar5 Pittsburgh J. W. Kossin5 Kansas City. Denver G. H. Pipkin5 Oklahoma City 0. P. Cordill5 Richmond. Baltimore W. R. Milford* Omaha L. H. Earhart5 Charlotte W. T. Clements4 Atlanta Birmingham P. L. T. Beavers* Jacksonville Geo. S. Vardeman, Jr.* Dallas. . El Paso W. E. Eagle5 Nashville Joel B. Fort, Jr.* Houston L. G. Pondrom5 New Orleans E. P. Paris* San Antonio W. H. Holloway6 Chicago. Detroit E. C. Harris5 San Francisco. . Los Angeles W. N. Ambrose* St. Louis. Little Rock A. F. Bailey5 Portland D. L. Davis4 Louisville C. A. Schacht5 Salt Lake City W. L. Partner* Memphis William B. Pollard5 Seattle C. R. Shaw* 1 Also Federal Reserve Agent. 2 Cashier. ! Also Cashier. Managing Director. 5 Vice President. NOVEMBER 1946 1319 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 FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES OCTOBER I. I94S 'VE SYSTEM: I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis