Federal Reserve Bulletin, 1946-12

F E D E R AL E S E R VE BULLETIN DECEMBER 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 THURSTPON 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 opirjiom expressed, except in official statements and signed articles. CONTENTS PAGE Review of the Month—International Transactions of the United States in the First Postwar Year 1321-1334 The Postwar Financial Position of Business, by Albert R. Koch and Eleanor J. Stockwell .... 1335-1344 Revision of Consumer Credit Regulation. . 1345-1346 Law Department: Amendments to Margin Regulations T $fid U. . 1347-1348 Consumer Credit—Revision of Regulation W. . 1348-1355 Foreign Funds Control—Treasury Department Releases. . 1355-1356 Revised Edition of the Federal Reserve Act. . 1356 Current Events 1357 National Summary of Business Conditions. . 1358-1359 Financial, Industrial, Commercial Statistics, U. S. (See p. 1361 for list of tables) 1361-1413 International Financial Statistics (See p. 1414 for list of tables). 1414-1431 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council . . . 1432 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 1433 Map of Federal Reserve Districts. 1434 Index to Volume 32. . 1435-1458 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 December 1946 NUMBER 12 INTERNATIONAL TRANSACTIONS OF THE UNITED STATES IN THE FIRST POSTWAR YEAR The first year of transition following V-J goods and services from abroad during that day has been marked by international trans- period amounted to less than half that mm, actions of great size and complexity, espe- or 6.7 billion, The net balance owing to the cially when measured by peacetime stand- United States was therefore about 73 billion ards. In the aftermath of the war the role dollars. Most of this net balance was covof the United States as the arsenal of democ- ered by donations and credits provided to racy was changed to that of larder and foreign countries by the United States workshop for a world in which large areas (mainly the United States Government). were temporarily deprived of the means of ESTIMATED INTERNATIONAL TRANSACTIONS OF THE UNITED livelihood. At the same time, the main in- STATES, SEPTEMBER 1945-AU.GUST 1946 strument through which the country had [In billions of dollars] rendered wartime assistance to its Allies had Credits (+) to be replaced; the lend-lease program was Item Credits Debits or debits (-) virtually terminated on V-J day, and alterna- Goods and services: tive methods of financing the flow of sup- Reported exports and imports.. 8.8 4.4 +4.4 Other transfers of goods 2.0 0.3 + 1.7 plies to the war-stricken areas of the world Sejvices, .*,,..,,..,.., , 3.2 2.0 + 1.2 had to be provided. Total goods and services. . 14,0 6.7 +7.3 The following table gives a broad sum- Donations ("unilateral transfers") by United States: mary of the international transactions of the U Le N n R d R -le A ase.., - - 1 0 . . 5 6 Supplies to occupied areas -0.5 United States in the year following V-J day. Private donations -O.6 These figures, based in large part upon data Total. -3.2 compiled by the Department of Commerce, Transfers on United States Government credits: must be accepted with some reserve because Cash disbursements on Export- Import Bank loans and Britof the great difficulty of reducing to statistical Le i n s d h - l c e r a e s d e i t "pipe-line" credits.. - - 1 1 . . 0 1 Surplus property credits1 -0.6 quantities the complex of foreign economic Total , -2.7 activities in which this country engaged dur- Use of foreign gold and dollar reing the period under review. In general, how- sources {net) ,..,..,,. -1.0 Miscellaneous (net)2 -0.4 ever, it can be stated that the United States transferred about 14 billion dollars of goods 1 Mainly on sales of military surplus located abroad; also includes small credits on sale of surplus cotton stocks (see text, p. 1332). 2 Residual item consisting of miscellaneous capital transactions and services to foreign countries during the in both directions and errors and omissions under the other headings. Includes net outflow of private United States capital (see year following V-J day, while receipts of text, p. 1327). 1321 DECEMBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH MERCHANDISE TRADE greatly expanded flow of civilian goods required for relief and reconstruction in war- The largest single component of the bal- ravaged areas. Recorded exports were movance of payments is the movement of mer- ing at the rate of 10 billion dollars a year by chandise trade, for which complete data are normally available in the recorded foreign UNITED STATES FOREIGN TRADE MLLIONS OF DOLLARS MH.LIONS OF DOLLARS trade statistics. During the twelve months since V-J day, however, recorded exports of 8.8 billion dollars were supplemented by about 2 billion of other merchandise transfers abroad by the United States, including the sale or transfer of military surplus and lend-lease supplies located abroad, and shipments of civilian supplies procured by the War Department for distribution in areas occupied by our armed forces. At the same time, recorded imports of 4.4 billion dollars were accompanied by other United States purchases of foreign goods (including purchases by our armed forces abroad) amounting to some 0.3 billion dollars. The volume 1939 1940 1941 1942 1943 1944 1945 1946 of international merchandise transactions Source.—Department of Commerce. not included in recorded exports and imports may be expected to diminish rapidly as the second quarter of 1946, and would probsurplus stocks abroad are depleted, and as ably have exceeded this level in the third the overseas activities of our armed forces quarter had it not been for the severe impact diminish. In any case the recorded export of the maritime strike in September. Exdata give an approximate measurement of ports in the 1936-39 period averaged only 3 the volume of current production transferred billion dollars a year; this was equivalent, to foreign countries (except that they ex- however, to over 5 billion in terms of present clude shipment of civilian supplies to occu- prices. pied areas), while recorded imports show the The commodity structure and the geoactual volume of foreign goods made avail- graphic distribution of exports during the able for consumption or fabrication in this twelve months following V-J day differed country during the period. markedly from the wartime experience, and Exports. The recorded exports of 8.8 bil- were also somewhat different from prewar lion dollars were far less than during the patterns (see table below). Wartime exports war when the United States was making were dominated by manufactures as a result huge munitions shipments to its fighting of the huge shipments of finished munitions Allies. However, as shown by the accom- under the lend-lease program, and crude panying chart, the sharp decrease in exports materials and foodstuffs played a relatively following V-J day has been recovered to a minor role. In the year following V-J day considerable extent, mainly as a result of the finished and semi-finished manufactures 1322 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH were a smaller proportion of total export the prewar pattern are probably largely trade than in 1939. This was due primarily transitory. Some decline in foodstuff exto the unusual importance of foodstuff ex- ports may reasonably be expected in view of ports resulting from the combination of high improved harvests in Europe and the profood production at home and exceptional re- gressive decline in relief aid to that Contiquirements abroad, especially in the war- nent, while the eventual resumption of more ravaged countries of Europe. One-quarter normal trading relationships with China, Japan, and Southeast Asia will tend to re- UNITED STATES EXPORTS store the Far Eastern area to its prewar posi- COMMODITY COMPOSITION AND GEOGRAPHIC DISTRIBUTION [Values in millions of dollars] tion in our export trade. The following table shows the extraordi- Value Pe o r f c e t n o t t a a g l e nary importance of the United States as the Item supplier of certain foreign countries during Sept. Sept. 1 A 94 u 5 g - . 1944 1 A 9 u 45 g - . 1944 1939 the past year, and indicates the great mate- 1946 1946 rial contribution made by the United States By economic class toward the rehabilitation of foreign econo- Crude materials 1,225 554 528 14.3 3.9 16.9 Crude foodstuffs 710 134 111 8.3 .9 3.6 mies, especially on the European Continent. Manufactured foodstuffs.1,474 1,633 202 17.2 11.5 6.5 Semi-manufactures 834 1,096 615 9.7 7.7 19.7 Finished manufactures. . 4,32710,7461,667 50.5 75.9 53.4 PROPORTION OF IMPORTS FROM UNITED STATES TO TOTAL Total exports of U. S. IMPORTS OF SELECTED COUNTRIES merchandise 8,56914,1633,123 100.0 100.0100.0 1937 AND 1945-461 By continent [Percentage of totalimports] North America 2,177 2,107 802 24.7 14.8 25.3 South America 947 540 327 10.7 3 10.4 Europe 4,000 9,3441,290 45.3 65 40.6 Country 1937 1945-46 Asia 1,083 997 562 12.3 7.0 17.7 Australia and Oceania... 124 410 80 1.4 2.9 2.5 Africa 494 861 115 5.6 6.0 3.6 United Kingdom 11 17 France 10 44 Total exports x 1,82314,2613,177 100.0100.0100.0 Belgium . . 9 19 Denmark 5 8 1 Including re-exports. Commodity composition data are avail- Norway 9 21 able only for exports of United States merchandise. Sweden 15 24 Source.—Department of Commerce trade releases. S wi tzerland 7 16 Italy (excluding colonies) 11 70 of total exports from the United States in Czechoslovakia 10 41 Egypt 6 14 the year following V-} day consisted of crude China , . 20 2 60 and manufactured foodstuffs, which in the Philippines 60 95 immediate prewar years constituted no more Canada 61 71 Australia 15 21 than 10 to 15 per cent of a far smaller vol- New Zealand . . 13 17 ume of exports. Latin America 34 2 60 The geographic distribution of exports has 1 Data based on import statistics of foreign countries; those for 1945-46 cover period from October 1945 through September 1946 tended since V-J day to resume the prewar (or, in some cases, the portion of this period for which information is available). pattern, but the special relief and reconstruc- 2 Estimated. tion requirements in Europe on the one hand, The increased percentage shares of imports and the relative inaccessibility to ordinary from the United States in the total imports trade of many Far Eastern markets on the of the countries concerned are impressive. other, are reflected in some shift in the pro- Furthermore, in the case of many of these portions of United States exports flowing to countries, even though their total imports these two areas. were substantially smaller than before the Most of the remaining departures from war, their imports from the United States DECEMBER 1946 1323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH were greatly in excess of prewar levels. The pared with well over half in 1939, as may be reasons for this development are obvious: seen in the accompanying table. Countries first, the effect of destruction wrought by the of the Western Hemisphere still retain much war upon other major suppliers of world of the relative advantage as suppliers of the markets; and second, the stimulus given to United States market which they gained durexports by United States foreign lending ac- ing the war; however, imports from Canada tivities and contributions to UNRRA. In have declined somewhat since V-} day, re- Czechoslovakia, for example, no less than 98 flecting curtailment of the extensive exper cent of imports from the United States change of semi-finished and finished manuconsisted of UNRRA deliveries. Even coun- factured goods which characterized our wartries which received neither UNRRA aid nor time trade relations with that country. substantial financial assistance, such as UNITED STATES IMPORTS Sweden and Switzerland, the British Domin- COMMODITY COMPOSITION AND GEOGRAPHIC DISTRIBUTION ions, and Latin America, have directed to [Values in millions ofMollars] the United States an exceptionally high pro- Percentage portion of their total purchases from abroad. Value of total In fact, in view of the ample gold and dollar Item Sept. Sept. resources of many of these countries, they 1945- 1945- Aug. 1944 1939 Aug. 1944 1939 would undoubtedly have made even larger 1946 1946 purchases from the United States if addi- By economic class tional supplies had been available here. Crude materials 1,511 1,069 745 34.9 27.6 32.7 Crude foodstuffs 730 841 291 16.9 21.7 12.8 Manufactured foodstuffs. 450 521 313 10.4 13.4 13.8 Imports. Imports into the United States Semi-manufactures 881 706 487 20.3 18.2 21.4 Finished manufactures. . 759 741 440 17.5 19.1 19.3 have shown a steadily rising trend since the Total imports for conend of the war, although the volume has not sumption1. 4,330 3,879 2,276100.0100.0 100.0 been as large as might have been anticipated By continent North America 1,557 2,038 581 35.6 52.0 25.1 in view of the current high level of income S E o u u ro th p e America 1,0 6 3 7 1 2 9 2 2 8 3 5 3 6 1 1 7 7 2 1 3 5 . . 1 0 23 7.3 2 1 6 3 . . 6 7 Asia 698 322 700 15.5 8.2 30.2 and employment in this country. On the Australia and Oceania... 175 130 27 4.0 3.3 1.2 Africa 305 222 77 6.7 5.7 3.3 basis of prewar relationships between national Total general imports. 4,439 3 9212,318 100.0 100.0100.0 income and imports, imports during the year following V-J day might have been expected 1 Commodity composition data are available only for imports for consumption. Source.—Department of Commerce trade releases. to reach 7.5 billion dollars at current prices as compared with the 4.4 billion dollar total Imports of crude materials are now assumactually received. This smaller volume re- ing a larger role in United States import flects the inability of the disrupted economies trade than before the war, partly because of of Europe and Asia to supply the goods relatively large price increases for these comwhich they would normally export to the modities, but also because of the very high United States. Production in Europe and volume of industrial production in the United Asia is still generally well below prewar States and the current efforts to replenish delevels, and in addition these areas have ex- pleted raw materials inventories. This detraordinary requirements for rehabilitation velopment, which has occurred despite the and reconstruction. The two areas together continued low level of crude material imsupplied only one-third of United States im- ports from the Far East, may prove to be a ports in the year following V-J day as com- permanent feature of our import trade be- 1324 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH cause of the depletion of our natural re- vestment account probably amounted to sources. The relative increase in imports of around 400 million dollars in the year folcrude foodstuffs as compared with prewar lowing V-J day, or rather more than before experience reflects in part the high current the war. United States investments abroad, prices for these commodities, which may be although somewhat smaller than foreign expected to decline when world production claims on the United States, are mainly in of basic foodstuffs has been restored. securities and properties which, despite transfer difficulties in many cases, yield a relatively high return, whereas a large portion SERVICE TRANSACTIONS of foreign claims take the form of bank de- The value of services rendered by the posits or short-term liquid investments. The United States to foreign countries during the current expansion of the international credyear following V-J day exceeded the value of itor position of the United States as a result services received by possibly 1.2 billion dol- both of new loans abroad and of the liquidalars. The United States had a very large tion of foreign-held assets in this country net credit balance on shipping and transpor- will tend to augment net investment income tation services, received substantial net in- in the future. terest and dividend payments, and provided Special services provided to foreign couna large volume of special services to foreign tries by the United States Government, such countries through Government channels. as repairing ships, transporting troops, and On the other hand, there was a very impor- various activities of our armed forces in the tant offsetting item in the wide variety of field, were an important element in the warservices provided by foreign countries to time lend-lease program. Since V-J day the United States armed forces abroad. amount of such services has declined rapidly, The United States, which before the war but it was large in the months immediately normally made net payments to foreign coun- following the war, especially in China, and tries for shipping services, emerged from the may have aggregated some 600 million dolconflict preeminent in the international ship- lars during the year under review. ping field. Although since the end of the United States Government expenditures war there has been some increase in the par- abroad for services other than shipping and ticipation of foreign vessels in the carriage transportation also continued very large durof United States trade, the net amount pay- ing the months following V-J day, although able to the United States on shipping and they have declined rapidly since that time. other transportation operations continued to This item, which consists mainly of expendibe very large during the following twelve tures by our armed forces abroad (including months, amounting to perhaps 1.2 billion personal expenditures of the troops), may dollars for the year as a whole. As foreign have amounted to as much as one billion merchant fleets are rebuilt, either by new con- dollars in the year following V-J day. struction or by purchase of surplus United In the immediate prewar years, expendi- States vessels, net shipping receipts of this tures abroad by American tourists amounted country can be expected to decline substan- to over 300 million dollars a year, and were tially. an important offset to net receipts by the The net income of the United States on in- United States on other service transactions. DECEMBER 1946 1325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH During the war, however, this form of ex- at some 1.2 billion dollars were shipped from penditure was radically curtailed, and even this country for UNRRA account during the in the year since V-J day it scarcely exceeded twelve months under review, and additional expenditures by foreign visitors to the United contributions in the form of freight and cash States. This item in our balance of payments payments brought the total foreign aid renis destined to become much more important. dered by the United States Government Restrictions on travel abroad are being rap- through UNRRA to about 1.5 billion during idly reduced and sea and air transportation this period. facilities are being developed on a full peace- "Straight" lend-lease transactions, for which time basis. While food supplies, housing no material compensation has been requested, accommodations, and transportation facilidominated the balance of payments of the ties abroad have been seriously limiting fac- United States during the war, but rapidly detors, rapid improvement in this direction is clined in importance after V-J day. Goods also to be expected. Vacation travel during and services valued at some 600 million dol- 1946 to Canada and Mexico is expected to lars were provided to foreign countries in surpass all previous records. As other areas this form by the United States Government open up and offer an outlet for the pent-up during the period under review, mainly as demand for foreign travel, the expenditures a result of special lend-lease assistance to of American tourists abroad are expected to China in the last months of 1945. rise beyond all previous experience. A further 500 million dollars was provided in the form of civilian supplies shipped by DONATIONS AND CREDIT TRANSFERS FROM THE the United States Government to occupied UNITED STATES areas. Although the provision of these sup- Most of the net balance of 7.3 billion dolplies gives rise to a general claim by the lars owing to the United States on merchan- United States on future exports from the ocdise and service transactions during the year cupied areas, this claim is not sufficiently following V-J day was covered by donations well defined to be classified as a foreign credit and credit transfers provided to foreign counso that the provision of these supplies is tries by the United States (mainly by the tentatively classified by the Department of Government). Commerce as a "unilateral transfer." Unilateral transfers. Donations and sim- Finally, private relief shipments and supilar transactions (termed "unilateral transport remittances from the United States, fers" by the Department of Commerce) which have always played a significant role covered nearly one-quarter of total foreign in this country's balance of payments, prorequirements from this country in the immediate postwar period. The net balance of vided some 600 million dollars to foreign such transactions in favor of foreign coun- countries during the year following V-J day. tries amounted to some 3.2 billion dollars in Other small miscellaneous "unilateral transthe year following V-J day. fers" by the United States were about equal to Much the largest contribution by the receipts by the United States of certain goods United States was made through participa- and services supplied without charge by fortion in the United Nations Relief and Re- eign countries (especially to our armed forces habilitation Administration. Goods valued in occupied areas). 1326 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Transfers on United States Government LIQUIDATION OF FOREIGN GOLD AND DOLLAR and other credits. Nearly one-fifth of the RESOURCES goods and services transferred to foreign Foreign countries as a whole made only countries by the United States in the year moderate use of their gold and dollar refollowing V-J day was financed by drafts sources during the year following V-J day, upon credits extended by the United States although some individual countries found it Government, totaling some 2.7 billion dolnecessary to draw heavily on their holdings lars. About one billion dollars was disbursed of such assets. The net gold inflow to the on such credits in cash during the year, con- United States from abroad (including net sisting of 700 million dollars on Export-Imreleases from earmark in this country) port Bank loans and 300 million on the speamounted to about 400 million dollars durcial British line of credit at the United States ing this period, reported foreign dollar bal- Treasury. Another 1.7 billion dollars in ances (deposits and short-term investments) goods was transferred to foreign countries in the United States declined by nearly 200 on deferred payment terms, including 1.1 million, and the reported liquidation of forbillion of lend-lease goods and 600 million eign holdings of marketable United States dollars of surplus property. Further details securities amounted to almost 350 million. concerning these credit operations are pre- These sources, plus a net draft of about 50 sented in a subsequent section. million dollars on a special British account Foreign lending by the United States Gov- used to finance tobacco purchases, provided ernment was supplemented to some extent nearly one billion dollars toward meeting by the extension of credit from other United the net balance on merchandise and service States sources. Much of the 400 million dol- account. lar residual item in the table on page 1321 Gold inflow. A renewed gold inflow to may be accounted for in this manner. Short- the United States commenced (on the basis term loans on gold by the Federal Reserve" of monthly figures) in December 1945 and Banks to foreign, central banks increased by has since continued on a moderate scale. The 110 million dollars during the period under huge gold inflow to the United States which review, and other United States banking characterized the prewar years gave way to a reverse movement during the war period. claims on foreign countries rose by 165 mil- The monetary gold stock of the United lion. It is likely that new commercial and States, which reached a peak of 22.8 billion business investments abroad amounted to a dollars shortly before Pearl Harbor, had been substantial sum during this period, but no reduced by November 1945 to about 20.0 bilprecise estimate can be made of this factor. lion. Domestic gold consumption was run- On the other hand, the regular capital movening at a high level and exceeded the rement reports indicate that during the period stricted volume of domestic production by in question there was a net repatriation of 70 million dollars during that period. The 125 million dollars of American funds abroad main drain on the monetary gold stock arose, through net purchases (including redemphowever, from net sales by the United States tions) by foreigners of foreign marketable to foreign countries of about 2./[ billion dolsecurities owned in the United States. lars in gold, mainly to pay for foreign goods DECEMBER 1946 1327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH and services required in the war effort at a of gold as Russia, the United Kingdom, and time when no payment was being received Canada) are not reporting their current refor a large proportion of United States ex- serve position. By August 1946 foreign ports. monetary authorities probably held around Gold production abroad (excluding Rus- 16 billion dollars in gold or 44 per cent of sian production which, though undoubtedly the world's total monetary gold reserves, substantial, has not been reported for many whereas at the end of 1941 they held only years) is estimated at 700 million dollars for about 10l/ billion, or 31 per cent of a sub- 2 the period under review. It has not yet re- stantially smaller total. The United States covered from the low point reached during share has therefore declined from 69 to 56 the war, when gold mines in most producing per cent during this period. countries (as in the United States) were de- From available published figures, it is evinied labor and material resources required dent that France was the principal loser of for the war effort. Although in almost all gold in the year following V-J day. Reported producing countries, working costs have risen holdings by the Bank of France declined more than the increase (if any) in the domes- 980 million dollars during the period. Of tic price of gold, foreign production outside this amount, however, nearly 300 million Russia may in due course regain the level of dollars reflected a transfer of gold to the a billion dollars a year which was reached French Exchange Stabilization Fund in April and even exceeded in the immediate prewar 1946, and some portion of that gold probably years. still remains in French hands. In view of Since the gold inflow to the United States this major loss and the probable net flow of fell short of reported new production abroad some foreign gold production into foreign by about 300 million dollars during the year monetary reserves, it is likely that reserves of following V-J day, it follows that total gold other foreign countries increased by someholdings abroad must have increased by that thing like a billion dollars. Switzerland and amount plus whatever new gold was mined South Africa each reported the net acquisiin Russia. A large part of this increase was tion of about 100 million dollars in gold in probably absorbed in private hoards either the year following V-J day, and another 100 through official sales of gold to the public million was accumulated by three Latin or in private gold trading. The policy of American countries (Colombia, Venezuela, selling gold to the public to check inflation and Cuba). The remaining amount must be was pursued by a number of countries (e. g. attributed mainly to increases in the undis- Greece, Switzerland, China, Mexico, Brazil, closed reserves of the major nonreporting and Chile). Private trading in gold con- countries. tinued to be important in India and the Use of foreign dollar balances. Dollar Middle East, where hoarding of precious balances held by foreign countries in the metals has long been common. Some por- United States supplied a net amount of some tion of new production during the year 200 million dollars toward meeting foreign probably served to increase aggregate foreign requirements during the year following V-J holdings of monetary gold reserves, but this day. The reported dollar balances of foris difficult to confirm since many foreign eign central banks and governments were countries (including such important holders drawn upon to the extent of nearly 600 mil- 1328 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH lion dollars net, mainly as a result of heavy United States Government bonds) amounted drafts upon the British, Canadian, Philip- to nearly 350 million dollars during the year pine, and French accounts, but this move- following V-J day, reflecting mainly liquidament in official funds was largely compen- tion of Chinese, British, and Canadian holdsated by a rather general expansion of bal- ings. Several Latin American countries, on ances held for private foreign account. Offi- the other hand, were small net purchasers cial balances of foreign countries fell from of securities in this country. 4.2 to 3.6 billion dollars and private balances rose from 2.4 to 2.8 billion during the period FOREIGN SHORT-TERM BANKING FUNDS IN THE UNITED STATES under review, as shown by the accompanying BILLIONS OF DOLLARS END OF MONTH FIGURES chart.1 Both categories, however, remained 8 far above prewar levels: at the end of 1938, for example, official balances amounted to only 0.5 billion dollars and private balances to 1.7 billion. In general these funds may be expected to decline in time to more normal "working balance" figures, although there has been one development in the handling of official dollar balances by foreign monetary authorities which may tend to keep them persistently above the prewar level. Whereas in the immediate prewar years no foreign official funds were invested in short-term paper in the United States market, at the end of August of this year 1.6 billion dollars, or more than two-fifths of total official funds, was held in United States Treasury bills and cer- FOREIGN LENDING PROGRAM OF THE UNITED tificates (see chart). The interest return on STATES GOVERNMENT IN THE POSTWAR such investments, though small, may induce TRANSITION2 some foreign monetary authorities to con- Long before the end of the war, it became tinue holding a significant proportion of apparent that in the immediate postwar trantheir international reserves in this form sition period there would be vast material rather than in gold. needs in the war-ravaged areas of the world Sales of domestic securities. Net sales by which could be supplied only from the foreign countries of marketable domestic se- United States and which could not possibly curities (both stocks and bonds, including be financed by the affected countries from 1 Detailed data concerning the movement of foreign balances their own resources. The UNRRA organization, to which the United States was by far the largest single contributor, was established tables on pp. 1417 to 1422. However, the data in these table: relating^ to foreign balances include, in addition to balances held by foreign countries, those held by international institutions, 2 For the text of the "Statement of the Foreign Loan Policy especially the International Bank for Reconstruction and De- of the United States Government" issued on Feb. 21, 1946, velopment. Such institutions increased their holdings of dollar by the National Advisory Council on International Monetary balances by 300 million dollars during the year under review, and Financial Problems, see BULLETIN for March 1946, pp. mainly as a result of contributions from the United States. 227-231. DECEMBER 1946 1329 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH in November 1943 to help bridge this gap foreign requirements in coming years. At for countries deemed incapable of repaying the end of the first postwar year, the British the assistance even in future years, but its were still entitled to draw nearly 3.5 billion operations were restricted to meeting the sub- dollars on their special line of credit, while sistence requirements of these countries for over 1.7 billion remained available for future relief and primary rehabilitation. To meet the disbursement on outstanding fixport-Import longer-range reconstruction program and to Bank commitments. On the other hand, stimulate the economic development of the only small amounts of lend-lease and surplus backward areas of the world, the Interna- property goods still remained undelivered on tional Bank for Reconstruction and Develop- sales contracts calling for deferred payment ment was conceived at Bretton Woods in terms. Altogether, at the end of August August 1944. 1946, foreign countries had well over 5 bil- The end of the war in the Pacific, however, lion dollars of United States Government following closely on the end of the Euro- credit still available to them. (This figure depean conflict and accompanied by the abrupt clined to somewhat less than 5 billion during termination of the lend-lease program, found the subsequent three months as a result of the initiation of active operations by the In- continuing drafts on the British credit and ternational Bank more than a year away, Export-Import Bank loans.) It may also be while the crucial problem of financing the noted that repayments on the United States postwar transitional deficit in the British bal- Government credits will be relatively small ance of payments remained to be solved. The for some years; almost all of the credit agree- United States Government, confronted by ments provide for amortization over a long the prospect of economic disintegration in period, and most of them allow some years' Europe and Asia if adequate help were not grace before repayment commences. promptly forthcoming, had to act boldly to The extension of United States Governassist the British in meeting their problem ment credits has proceeded through a numand to provide interim assistance to war- ber of instrumentalities, all subject, however, ravaged countries pending the activation of to coordination by the National Advisory the International Bank. The commitments Council on International Monetary and required to accomplish this program were Financial Problems. almost completed during the year following British credit. The largest single opera- V-J day and the International Bank is now tion, the 3.75 billion dollar line of credit to prepared to assume the main function of the United Kingdom available until the end financing foreign reconstruction and devel- of 1951, is being handled by the United opment needs. States Treasury under a special act of the A preceding section has shown the impor- Congress approved on July 15, 1946. An tance of United States Government credits initial draft of 300 million dollars was made in maintaining the flow of goods to needy at once upon this credit, and a further 300 countries during the first postwar year. It million has been drawn since the end of Aushould be added that the amounts yet to be gust. Drafts will probably continue to be drawn on these credits will substantially ease moderate for some time but may be expected the task of the International Bank and the to accelerate after July of next year, when International Monetary Fund in financing pursuant to the Anglo-American financial 1330 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH agreement providing for the extension of the payments due to the Export-Import Bank credit,3 Britain must reintroduce free con- amounted to only 45 million dollars during vertibility of the pound sterling for current the year. international transactions. In the interim, FOREIGN LENDING OPERATIONS OF THE EXPORT-IMPORT BANK Britain is financing a substantial part of its [In millions of dollars] current trade deficit by further payments into "blocked" sterling accounts, but after Loans and commitments Disburseas of August 31, 1946 ments during 12 July 1947 all foreign suppliers of the British Country Out- Undis- m en o d n i t n h g s market will be allowed to convert their cur- stand- bursed August Total ing commit- 31, 1946 rent sterling receipts into dollars if they so loans ments desire. Although by that time Britain may Europe be paying her way through exports to a much France 1,195 389 806 394 Netherlands 299 85 215 85 Belgium 99 96 3 97 greater degree than was once thought pos- Finland 65 47 18 23 Norway 51 0 51 0 sible, some demands for such conversion are Poland 43 3 40 0 Greece 25 1 24 1 certain to be made by countries with a net Italy 25 3 22 3 Czechoslovakia . . . 22 2 20 2 export surplus to the United Kingdom. It Denmark 20 15 5 15 Unallocated 40 0 40 0 should be noted that drafts on the British Total 1,885 642 1,243 621 credit to meet such demands will serve to Latin America Brazil 118 66 52 18 strengthen the dollar position of countries all Mexico . .. 90 40 50 32 Chile 58 13 45 4 over the world. Colombia . . 35 17 18 5 Uruguay 32 10 22 3 Export-Import Ban\. The Export-Import Peru 25 0 25 0 Cuba . 20 13 7 9 Bank was operating on a relatively small Other 89 38 51 6 scale until mid-1945, with an authorized Total 468 197 270 76 Asia and Africa lending capacity of only 700 million dollars China 125 52 73 23 Netherlands East Indies. 100 0 100 0 and outstanding loans and commitments of Other 31 2 29 2 only 550 million at that time. In July 1945, Total 256 54 202 25 in response to the urgent needs of Europe Unallocated. . 5 0 5 0 for reconstruction funds following the end Total 2,614 894 1,720 722 of the war in Europe, the Congress increased the Bank's lending authority to 3.5 billion In terms of commitments, the Bank's opdollars and it became a major instrumentality erations during the year were also oriented in the postwar lending program. During the strongly toward Continental Europe. Of its year following V-J day cash disbursements on 2.6 billion dollars of loans and commitments Export-Import Bank loans amounted to 720 outstanding on August 31, 1946, about 1,200 million dollars. As shown in the table be- million represented commitments to France low, more than 85 per cent was advanced to entered into since V-J day, and a further 700 countries in Continental Europe (mainly million commitments to other European France, Belgium, and the Netherlands); dis- countries negotiated in large part since that bursements on development loans to Latin time. Most of the remaining 700 million America and some limited advances to China dollars allocated to Latin America and accounted for most of the remainder. Re- other areas was on credits arranged prior to V-J day; new commitments to these coun- 3 For text of this agreement, see BULLETIN for January 1946, tries in the year following that date amounted pp. 14-19. 1331 DECEMBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH to less than 300 million. Since three-quarters Shipments of the goods against these credits, of the Bank's lending capacity was already which take place as deliveries are made by committed by the end of August, the pattern suppliers in this country, amounted to about of its loan portfolio was fairly well estab- 1.1 billion dollars during the year following lished by that time, although the Bank was V-J day. Only a small amount remained reserving 500 million dollars out of its 900 available to foreign countries from this source million of uncommitted funds for possible after August 1946. credits to China. Aside from the possibility Additional sales of goods abroad on deof such aid to China, and of a loan to Russia ferred terms have been made by the Office out of additional funds to be provided by of the Foreign Liquidation Commissioner in the Congress, the Bank had largely comthe Department of State, which is responpleted its extension of reconstruction loans sible for the disposition of surplus military by August 1946. In the following three stocks located abroad. During the year folmonths, the Bank made new loan commitlowing V-J day this Office sold over 500 milments of only about 50 million dollars, and lion dollars of surplus on this basis, mainly several recent loan applications to the Bank through bulk transactions with Allied govhave been referred by the National Advisory ernments covering surplus located in their Council to the International Bank on the jurisdictions. Much the largest credit, 300 ground that the latter has now become the million dollars, was extended to France in more appropriate institution for handling connection with the general settlement of them. war accounts with that country in May 1946. Sales of goods on deferred terms. The During September the sale of surplus prop- United States Government has also engaged erty in Italy through the extension of a 160 through various instrumentalities in the dimillion dollar credit to the Italian Governrect sale of goods abroad on deferred payment substantially completed the surplus ment terms. The most important instance liquidation program in Europe (except in of this type of credit operation has arisen in Germany), while the disposal program in the connection with the transfer of the so-called Pacific was also brought near to a close (exlend-lease "pipe-line," consisted of lendcept in Japan) by bulk sales to China and lease goods which were in course of procurethe Philippines for which no credit was rement in the United States on V-J day. Lendquired. Hence the extension of credit on lease pipeline credits have been extended sales of surplus located abroad is not likely under the Lend-Lease Act to Britain and to increase very much beyond the present France as part of the general settlements of figure of about 700 million dollars. In aswar accounts with those countries, and also sessing the general contribution of these to Russia, China, and a few other countries.4 credits to the reconstruction program, it 4 The general war settlements with Britain, France, and some should be borne in mind that, although the other countries also provide that these countries should repay the United States on deferred terms for civilian-type lend-lease goods held by the governments of those countries at the end of original cost of the surplus was four to five the war. Lend-lease "inventory" credits of this type may also prove necessary in connection with eventual settlements of this times the sales proceeds, a large part of the character with China and Russia. The goods covered by these credits, however, were supplied before V-J day so that the goods involved can be adapted only with credits themselves, though negotiated after that date, should be attributed to the international balance of payments for the difficulty to the peacetime requirements of earlier period. The same principle applies to othef claims arising out of the war and settled through the extension of credit the recipient countries. in connection with general war settlements. 1332 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Finally, the Commodity Credit Corpora- It appears reasonable to assume that "other" tion has supplied some of its surplus stocks goods transfers (i.e. goods transfers not reof raw cotton to Japan and Germany on a corded in the foreign trade statistics) and short-term credit basis; these operations have service transactions will not give rise to large involved less than 100 million dollars. The net payments to the United States by foreign Maritime Commission and the War Assets countries during 1947. The amount of Administration may also grant substantial "other" goods and of services provided and received by the United States Government amounts of foreign credit in connection with in international transactions should no longer the disposition of surplus merchant ships be of great importance (except in the case of and other surplus property located in the civilian supplies for occupied areas, which United States, but the actual commitments are classified as a "unilateral transfer"). Both entered into by these agencies have so far the expected reduction in United States shipbeen negligible. ping receipts and the anticipated increase in United States tourist payments will tend BALANCE OF PAYMENTS PROSPECTS FOR 1947 toward creating a closer balance in international service accounts. The year 1947 will again be characterized Merchandise imports into the United by abnormally large net exports of goods and States in 1947 will presumably provide a services by the United States. Despite the greater flow of dollars to foreign countries substantial progress which has been made in than during the year following V-J day. the rehabilitation and reconstruction of for- Sources of supply are progressively being reeign economies, the requirements of foreign opened and there remain many unsatisfied countries which can be met only in the demands in the United States for foreign United States will continue for some time products. The general price level at the begreatly to exceed their ability to supply the ginning of 1947 will be substantially higher market here. In fact, the factors likely to than during the first postwar year. On the limit United States exports in 1947 will not whole it would be reasonable to anticipate be foreign physical requirements but rather an increase of merchandise imports to about the capacity of this country to produce for 6 billion dollars in 1947. In addition, foreign export and the supply of dollars available to countries might be able to sell to the United foreign countries which need the goods. States more than half a billion dollars in Any approach to quantitative assessment newly-produced gold without drawing upon of the balance of payments prospects for 1947 their .existing gold reserves must be merely illustrative in nature. How- On the other hand, donations from the ever, it may be of interest to consider whether United States, which played such a signififoreign countries would be able to finance cant part m. the balance of payments for the purchases of recorded United States exports first postwar year, will greatly decline in imin 1947 at the rate reached during the sum- portance. Private relief activities and remitmer of 1946. At present prices this would tances will continue on a substantial scale, but call for recorded merchandise exports of the amount of recorded exports financed by around 11 billion dollars during the coming public grants will be confined to final shipyear. ments under the UNRRA program plus such 1333 DECEMBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH special post-UNRRA assistance to Europe existing holdings of gold and dollar reas may be authorized by the Congress. Aside sources. However, there is reason to befrom civilian supplies to occupied areas, lieve that in fact some net draft will be made which do not appear in recorded exports, upon such resources. It has been pointed uncompensated assistance to foreign coun- out that private foreign dollar balances are tries from the United States may not amount now at an exceptionally high level, and that to much more than one billion dollars in a gradual decline to a more normal "work- 1947. ing balance" figure is to be expected. In ad- On these broad assumptions, the amount dition, gold and dollar reserves in the hands of the export surplus which would have to of foreign monetary authorities amounted be financed on credit terms or by the use of late in 1946 to over 19 billion dollars as comexisting foreign gold and dollar balances pared with only 11% billion as late as the would come to some 3l/ billion dollars. end of 1941. About one billion dollars in 2 The principal sources of credit will be gold will become due on foreign subscripthe Export-Import Bank, the British line of tions to the International Monetary Fund credit with the United States Treasury, the when it commences active exchange opera- International Bank and the International tions, probably early in 1947 (though this Monetary Fund, and the private capital amount may be reduced to the extent that market in the United States to the extent that the Fund postpones operations with certain it resumes operations in the foreign lending member countries). But some further porfield. The Export-Import Bank had undis- tion of the wartime accretion to foreign rebursed commitments of about ll/ billion serves may well be spent during 1947 by 2 dollars at the end of November 1946, and countries holding large reserves and having even if no allowance is made for possible special postwar import requirements. It is further commitments it is likely that a bil- true that, despite the high aggregate figure, lion dollars will be drawn from the Bank the gold and dollar reserves of many indiduring 1947. The British credit, of which vidual countries are still small in relation to over 3 billion dollars was still undisbursed at what they would like to hold against the unthe end of November 1946, is intended for certainties of the future; but few of these use over a period of several years, but draw- countries will be able to afford adding much ings in 1947 will probably provide a further to their reserves during the coming year. substantial amount toward meeting foreign On balance, therefore, it seems likely that needs for that year. The rest of the hypo- during 1947 the United States will receive, thetical 3*4 billion dollar residual require- outside of the International Monetary Fund, ment could probably be handled without ex- some net inflow of existing foreign gold and cessive strain by the new international insti- dollar holdings, both official and private. To tutions, even if hopes for a resumption of the extent that such a movement occurs, the private foreign investment by this country prospective demands on dollar credit facilities are not realized. may be reduced or—if the supply situation in It may be tentatively concluded, therefore, this country permits—the flow of exports that foreign countries could finance pur- from the United States may surpass the 11 chases of 11 billion dollars of United States billion dollar figure assumed for the purexports in 1947 without drawing upon their poses of the preceding discussion. 1334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR FINANCIAL POSITION OF BUSINESS by ALBERT R. KOCH AND ELEANOR J. STOCKWELL The greatly improved financial position attained of large aggregate liquid asset holdings and subby American business during the war was fur- stantial retained earnings. Large liquid asset holdther strengthened in 1945. Increased expenditures ings by business in the aggregate are not a pool on plant and equipment were more than offset of resources to be drawn upon at will by individual by substantial, though reduced, funds retained from concerns; rather they are separate and often quite operations and a larger volume of outside financing. small sources of funds scattered among individual The expanded working capital took the form of enterprises and often held idle awaiting future further additions to liquid assets, enlarged civilian- investment opportunities within or without the type inventories, and an increased volume of cus- business. tomer financing. The foregoing brief summary of the financial position of manufacturing and trade companies at The improvement in financial position during the the end of 1945 is based on a compilation of fipast five years has been relatively greater in smallnancial data for 2,708 unincorporated and incorand medium-size concerns than in large concerns. porated business concerns. Of this number, as is This is because of the relatively greater increase in shown in Table 1, 1,792 were in manufacturing sales, profits, and assets, as is shown in the chart. At and 916 in trade. In 1941 the total assets of the the end of 1945 the small- and medium-size concerns individual concerns ranged from around $10,000 were probably in a more liquid position than they to over $1,000,000,000. Data for all unincorporated had ever been in the history of the country. enterprises, for trade corporations, and for manu- By the end of 1945, however, postwar economic developments had had some diverse effects upon WARTIME GROWTH IN TOTAL ASSETS OF the financial position and requirements of concerns .2.708. MANUFACTURING AND TRADE CONCERNS, BY ASSET SIZE of different sizes and various lines of business. l»40 TOTAL ASSETS • 100 PER CENT MANUFACTURING TRADE PER CENT Large war producers in durable goods industries, for instance, had experienced a sharp reduction in sales, profits, and assets during the last half of 1945. Their liquid assets, although still large relative to the current as well as the prospective volume of business, fell substantially in volume as cash receipts declined and cash outlays remained large during the reconversion period. Moreover, there was a considerable disparity in the experience of individual concerns. Thus while many manufacturing and trade concerns were in an extremely liquid position in 1945, others were incurring bank indebtedness and floating security issues to obtain funds needed for (1) replacements and additions to plant and equipment 1944 1940 1944 made necessary by expanding postwar demands, * Very similar rates of growth for medium- and large-size retail (2) reconversion expenses, and (3) a shift from trade companies. war-type to civilian-type inventories. In a period NOTE.—Data refer to year-end position. Indexes for years prior to 1945 are based on a somewhat smaller number of concerns. when many firms were making drastic shifts in Concerns are classified by asset size as follows: items of production and in types of business assets, Manufacturing Trade (Total assets in millions of dollars) it is not surprising that a sizable volume of external Small Under 1 Under \i financing should have been undertaken in the midst Medium 1 to 10 X to 1 Large 10 and over 1 and over DECEMBER 1946 1335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR FINANCIAL POSITION OF BUSINESS facturing corporations witli total assets of less than categories used earlier. The most important differ- 10 million dollars were secured from bank credit ence in the two classifications is the inclusion of the files under a cooperative arrangement between the chemical, rubber, and petroleum industries in war Robert Morris Associates and the Federal Reserve industries previously and in nondurable goods in- System.1 Data for manufacturing corporations dustries here.3 with total assets of 10 million dollars and over were The 2,708 concerns in the sample represent but secured from Moody's Manual of Industrials. a small proportion of all operating firms in the country. Although in the case of manufacturing TABLE 1 corporations with total assets of $10,000,000 and NUMBER ©F FIRMS INCLUDED IN 1944-45 SAMPLE OF over the coverage amounts to nearly 50 per cent of MANUFACTURING AND TRADE CONCERNS all concerns, it represents less than a fraction of one per cent of concerns with assets of less than $250,- Asset size (In millions of dollars)1 000, and an even smaller proportion of the unin- Type of firm All Under 1 to 5 to 10 and corporated businesses, particularly in trade. Since sizes to 1 5 IX) over the sample is not a random one, the aggregation of so small a number of cases may not give results Total, manufacturing and trade. ..- 2, £08 738 761 692 133 3S4 that are typical of all concerns in the -smailtest size Manufacturing: Incorporated busi- class studied. nesses. . . .^ *• 1,684 265 427 511 112 2 369 Unincorporated businesses, ..„*.....«. 108 87 15 6 , 0 0 FINANCIAL REQUIREMENTS DURING 1945 Trade: Inc©rp©«'a?fced businesses .. 721 236 280 169 21 15 Among the small concerns studied (those with UsinawpsE&ted bus- assets under $250,000)., in all broad industry groups inesses 195 150 39 6 0 0 the wartime expansion in total assets appears to 1 Asset size, wherever used in this article, is as of the end of 1941. have continued m 1945. Among concerns in all 2 Excludes 10 concerns included in the sample analyzed in the October BULLETIN article but excluded from the current analysis size classes in the nondurable goods manufacturing because of the miscellaneous character of their products. industries and in trade, further expansion also oc- Since the major reconversion problems, tax credits, curred. For medium^ and large-size concerns in and other war adjustments were centered in large the durable goods manufacturing industries, howmanufacturing corporations, the financial develop- ever, where war production had been concentrated ments among these concerns during 1945 were and was being liquidated, total assets declined in analyzed separately and in more detail in the Oc- 1945. tober BULLETIN.2 In that article manufacturing Changes in asset items from one year to the industries were classified as "war" and "nonwar" next indicate to some extent the intervening firespectively in order to facilitate the discussion of nancial requirements of the business. In 1945, the final war adjustments. most significant requirements were for funds to In the present article the classification of manu- finance the expansion or replacement of plant and facturing is in terms of "durable" and "nondura- equipment, and, in some industries, for the accumuble" goods industries. The shift in classification has lation of civilian-type inventories. These are disbeen made in view of the emphasis in the current cussed in some detail below. Among war proanalysis on the effect of the financial position of ducers, funds were also required to cover reconverbusinesses at the end of the war on their future sion expenses. In some cases additional funds were peacetime activities. In general, however, the used to increase the volume of customer financing categories durable and nondurable goods industries (receivables). Many other concerns, particularly are similar respectively to the war and nonwar large manufacturing companies, required substantial funds in order to liquidate 1944 tax liabilities paylTMs arrangement, initiated in 1944 to obtain financial data on small- and medium-size manufacturing and trade concerns for able in 1945, since die amount currently provided for tfie period l:94®-43, was continued in 1945 and 1*946, Analyses of prior year data have been published in the BULLETINS for Federal taxes out of 1945 earnings was less than the January 1945, "Wartime Earnings of Small Business,*' pp. 1944 liability. A more detailed discussion of the 16-26; April 1945, "Wartime (Financing of Manufacturing and Trade Concern^," #0, 313-30$ and December 1945, "Financial factors causing the reduction in Federal tax liability Developments m Manufacturing and Trade in 1944," pp. 1191^96. 2 "^Financial Developments among Large Manufacturing Cor- 3 For a more complete description of the differences between porations, 1945," pp. 1106-14. the two sets of terms, see footnote 2 to Table 10, p. 1344. 1336 FEDERAL RESERVE BUIXETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR FINANCIAL POSITION OF BUSINESS in 1945 is included in the October 1946 BULLETIN. tive to existing facilities among the large producers Expenditures on plant and equipment. As of durable goods and throughout retail trade. Small a group, manufacturing and trade companies of all concerns may have been able to initiate and comsizes increased their expenditures on plant and plete new expenditures on stores, fixtures, plant, equipment by approximately 15 per cent in 1945 and equipment more quickly than their larger comas war restrictions on nonessential expenditures petitors. Moreover, they probably had easier access were relaxed. These expenditures represented to the small quantities of scarce labor and materials sizable additions to, as well as replacements of, necessary for their expansion and modernization capacity. They were characteristic of concerns in plans.4 In the case of the large war producers in durable as well as nondurable manufacturing in- such durable goods industries as automobiles and dustries and in retail as well as wholesale trade. electrical equipment the larger relative expenditures Whereas trade companies and companies manufac- on plant and equipment, in 1945 reflected not only turing nondurable goods were catching up with substantial reconversion outlays but also the conconstruction and purchases of machinery and fix- struction of additional facilities to meet the extures deferred during the war, companies manufac- pected large increase in the postwar civilian demand turing durable goods had large expenditures in for durable goods. A more detailed discussion of connection with the reconversion of plant and the plant and equipment expenditures of these large equipment to peacetime use. manufacturing corporations in 1945 may be found Although, as is shown in Table 2, the increase in the article in the October BULLETIN referred to from 1944 to 1945 in the ratio of plant and equip- previously. ment expenditures to such facilities on hand at the Inventory accumulation. In addition to exbeginning of the year did not vary consistently with panding plant and equipment, manufacturing and size of firm, there is some indication that the great- trade companies began to accumulate civilian-type inventories in 1945. Such accumulation was limited, TABLE 2 however, by the increasing purchases of goods by ultimate consumers and by lags in production re- RATIO OF PLANT AND EQUIPMENT EXPENDITURES DURING sulting from reconversion problems, industrial dis- YEAR TO PLANT AND EQUIPMENT ON HAND AT BEGINNING OF YEAR, 1944 AND 1945 putes, and shortages of materials. Whereas total SAMPLE OF MANUFACTURING AND TRADE CONCERNS inventory holdings of concerns in nondurable man- [Per cent] ufacturing industries and wholesale and retail trade increased moderately during 1945, those of concerns Asset size (In millions of dollars) in durable manufacturing industries actually de- Industry and year creased. Among the latter concerns the liquidation Under K 1 to 5 to 10 of war-type inventories exceeded the accumulation X to 1 5 10 o a v n e d r of civilian-type inventories. There was no clearly defined relationship between Manufacturing: Durable goods industries size of concern and relative increase in inventory 1944 17 15 11 8 6 1945 27 17 11 14 10 holdings in 1945. In retail trade, the larger con- Nondurable goods industries 1944 14 8 7 15 cerns expanded their inventories relatively more 1945 . . . 20 15 14 5 16 Trade: than the smaller. In nondurable goods manufac- Wholesale 1944 15 11 10 1 turing industries, the opposite relationship pre- Re 1 t 9 a 4 il 5 29 13 9 20 vailed. In durable goods manufacturing, inven- 1944 . .. 19 8 5 4 tories increased somewhat in the case of small 1945 34 15 10 15 concerns but declined in the case of large war pro- NOTE.—Expenditures were derived by adding depreciation, ducers. In wholesale trade there was no observable depletion, and amortization accruals to the change in the net plant and equipment account adjusted for any revaluations. * This analysis does not cover the many new small enterprises that were started by veterans and others during the year. The est increase, except in the case of retail trade, was Department of Commerce estimates that over 400,000 new businesses, or over 14 per cent of those operating at the beginamong the smallest firms studied (those with total ning of the year, began operations in 1945. Of these concerns, assets under $250,000). There was also a large over 200,000 had no employees otheT than the owner-operator and almost 150,000 employed only one to three persons. ("Reincrease in plant and equipment expenditures rela- cent Trends in the Business Population," Survey of Current Business, May 1946, pp. 16-23.) DECEMBER 1946 1337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR FINANCIAL POSITION OF BUSINESS relationship between size of firm and change in in- available as tax liabilities increased were almost as ventories. important as retained earnings; 5 in addition, ad- As is indicated in Table 3, the ratio of inventories vances or prepayments on contracts by the Governto sales in 1945 was still relatively low in terms of ment were a much more important source of funds the prewar experience of concerns of all sizes and than either bank loans or security flotations. Since in all types of industry. That is to say, the num- the cessation of hostilities, however, these sources ber of months it would take inventories on hand at have practically disappeared. Another war-related the end of 1945 to be converted into sales at the source of funds—payments on terminated contracts average rate of sales prevailing during the year was —though it did not increase net profit to any constill low relative to 1940. Generally, in 1945 as in siderable extent, did ease the financial position of many war producers in 1945. Most termination TABLE 3 settlements covered simply the costs already in- RATIO OF INVENTORIES TO SALES, 1940, 1944 AND 1945 curred by the manufacturer at the time the contract SAMPLE OF MANUFACTURING AND TRADE CONCERNS was cancelled, but the prompt settlement of his claim freed him of inventories and equipment not Asset sire (In millions of dollars) usable for peacetime production. Industry and year Funds retained from operations. During Under 1 to 5 to 10 to\ 5 10 and 1945, as in other war years, funds retained from over operations were the most important source of financing for both large and small manufacturing Manufacturing: Durable goods industries and trade concerns. The volume of such funds 1940 2.0 2.2 2.7 3.0 2.9 1944 1.4 1.4 1.7 1.9 1.5 depends primarily upon (1) the level of earnings, 1945 1.2 1.4 1.7 2.2 1.5 Nondurable goods industries (2) the proportion of earnings paid out in divi- 1940 1.1 1.7 2.0 2.4 2.8 1944 . . . 0.9 1.4 1.5 1.6 1.9 dends, and (3) the amounts set aside for deprecia- 1945 0.9 1.5 1.6 1.7 2.0 Trade: tion and amortization of plant and equipment. Wholesale 1940 1.1 1.4 1.8 2.0 Since dividends and provisions for depreciation vary 1944 0.9 1.1 1.4 .1 little over time, the discussion which follows will 1945 0.9 1.3 1.5 .2 Retail deal primarily with the level of earnings and the 1940 1.6 1.6 1.6 .2 1944 1.6 1.5 1.4 .2 total volume of funds retained from operations. 1945 1.4 1.4 1.4 .3 Wartime change in level of earnings. The most NOTE.—Inventories at end of year divided by average monthly variable factor affecting the amount of funds resales during the year. tained from operations for general business purprevious years, the ratio of inventories to sales in poses is the level of earnings. In most industry sizemanufacturing increased with size of concern. The groups, earnings before deduction of Federal ingreater vertical integration of large concerns is un- come taxes, though smaller in 1945 than in the two doubtedly one reason for their greater volume of preceding years, were much larger than before the inventories relative to sales. In wholesale and retail war. For example, in terms of return on net worth, trade, on the other hand, size of concern had less they more than tripled between 1940 and 1945 in effect on the inventory sales ratio. the case of very small nondurable goods manufacturing concerns, large wholesale trade firms, and SOURCES OF FUNDS medium and large retail trade firms. Less spectac- The usual sources of funds for covering a com- ular but still substantial increases were shown in all pany's financial requirements in peacetime are: (1) other industry size-groups except for manufacturers that portion of total receipts retained in the business of durable goods with assets of 5 million dollars and (largely as depreciation allowances and retained earnings) after the payment of operating costs, 5 Since income taxes on the earnings of any given year ar< not payable until the following year, a firm may use the fund; taxes, interest, and dividends; (2) loans from banks that are retained as a result of tax accruals temporarily fo: other purposes. Funds so used must of course be replaced a or other credit institutions; and (3) sales of bonds tax payments become due; tax accruals, therefore, represent j or capital stock to the investing public. During source of funds only if the current year's allocations for taxe: exceed the amount due on the prior year's taxes. When tb the war years, the funds that became temporarily reverse is true, as in 1945, additional funds are required pay the prior year's taxes. 1338 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR FINANCIAL POSITION OF BUSINESS over, and nondurable goods manufacturing con- sale trade, the rate was only slighdy higher in 1945 cerns with assets of 10 million and over. than in 1940, and it declined somewhat during the war period in the case of medium-large concerns in TABLE 4 nondurable goods manufacturing and in the durable EARNINGS AS PERCENTAGE OF NET WORTH, 1940, 1944 AND 1945 goods manufacturing size-groups above one million SAMPLE OF MANUFACTURING AND TRADE CONCERNS dollars. Changes in funds retained, 1944 to 1945. In Asset size (In millions general, manufacturing and trade concerns with of dollars) assets of less than 5 million dollars retained a Industry and year Jnder X 1 to 5 to 10 smaller proportion of their gross income in 1945 X to 1 5 10 o a v n e d r than in 1944. For the largest manufacturing cor- Earnings before taxes— porations, however, allowances for accelerated Manufacturing: amortization in 1945 (discussed in the October Durable goods industries 1940 15 13 18 15 18 1946 BULLETIN) raised the level of funds retained 1944 61 52 50 28 32 1945 40 33 29 18 15 in relation to sales N to well above the 1944 figure. Nondurable goods industries 1940 11 8 11 14 12 As is shown in Table 5, concerns engaged in the 1944 49 31 31 28 24 1945 . . . . 41 28 26 23 17 manufacture of durable goods retained a con- Trade: siderably larger proportion of their sales dollar than Wholesale 1940 12 10 11 > did concerns in any other major group. Of ever)7 1944 31 27 31 39 1945 30 23 26 35 Retail 1940 11 10 10 12 TABLE 5 1944 34 32 35 40 PROPORTION OF SALES DOLLAR RETAINED, 1944 AND 1945 1945 31 37 33 40 SAMPLE OF MANUFACTURING AND TRADE CONCERNS Earnings after taxes— [In cents per $10 of sales] Manufacturing: Durable goods industries 1940 12 10 12 11 12 1944 1945 1944 22 16 12 8 10 1945 22 12 9 8 8 Nondurable goods industries Industry and asset size Re- Re- 1940 10 6 8 10 9 (In millions of dollars) Total Total tained tained 1944 . .. 28 12 11 10 11 re- re- for de- from 1945 23 11 10 9 10 tained tained preci- earn- Trade: ation ings Wholesale 1940 11 8 8 i 1944 • 22 11 10 10 Manufacturing: 1945 23 11 9 10 Durable goods industries Retail Under ft 41 38 11 27 1940 10 8 8 8 Xto 1 34 32 14 18 1944 23 13 11 13 1 to 5 33 32 17 15 1945 20 16 11 13 5 to 10 41 42 26 16 10 and over 32 48 39 9 NOTE.—Earnings stated as percentage of net worth at beginning Nondurable goods industries of year; net worth defined as sum of capital stock and surplus. U tf n t d o er 1 yi, 2 2 6 2 2 2 1 2 1 1 5 4 Even after deduction of Federal income taxes, 1 to 5 26 25 11 14 5 to 10 26 26 13 13 statutory rates for which were much higher in 10 and over x 58 76 55 21 Trade: 1945 than in 1940, very small concerns in manu- Wholesale facturing and wholesale trade and concerns of all U % n d to e r 1 yA 1 1 5 2 1 1 4 0 1 8 2 sizes in retail trade in the aggregate showed a rate 5 1 a to n d 5 over 1 1 3 0 1 1 1 3 9 8 of return on net worth in 1945 which was from one Retail Under X 32 31 25 and one-half to two times as high as in 1940. In X to 1 22 22 17 1 to 5 22 20 14 general, as is shown in Table 4, this rate of return 5 and over 12 12 7 in 1945, as well as its increase over 1940, was great- 1 The very large amount retained by nondurable goods manuest for concerns with assets of less than $250,000; facturing concerns with assets of 10 million dollars and over reflects both generally declined as size of business increased.6 t p h a e n i in es c ; l u t s h i e o n a m in o u th n i t s g re r t o a u i p n e o d f i t n h e 1 9 la 4 r 5 g e e x p c e l t u r d o i l n e g u m t he a s n e d c c o h m e p m a i n c i a e l s co w m as - In some size-groups in manufacturing and whole- 30 cents. $10 received from operations, the durable goods °The higher rate of return in the case of the small companies reflects to a minor extent the inclusion in the sample of a industries retained 30 cents or more, as compared relatively few small unincorporated enterprises. Earnings fig- with 20 to 30 cents in the nondurable goods indusures for such businesses are before deduction of Federal income taxes and probably in some cases before deduction of owner- tries, 10 to 30 cents in retail trade, and 10 to 15 operator or partner salaries. DECEMBER 1946 1339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR FINANCIAL POSITION OF BUSINESS cents in wholesale trade. The larger amount re- contraction of activity among the war industries. tained by durable goods industries reflects, to a con- During 1945, as is shown in Table 6, manufactursiderable extent, the amounts retained for deprecia- ing and trade concerns with assets of less than tion on the relatively heavier investment in plant and $250,000 increased by one-fifth to one-half their equipment in these industries. indebtedness to banks. Concerns of all other sizes Table 5 also indicates the relative importance, in the nondurable goods manufacturing group and among the different size classes, of depreciation al- in wholesale and retail trade showed as large or lowances as compared with retained earnings. In larger increases. In the durable goods group, most industrial divisions, the proportion of sales set aside for depreciation increases, and the relative TABLE 6 amount of retained earnings tends to decrease, with CHANGES IN VOLUME AND TERM OF BANK LOANS, 1944 AND 1945 increasing size of business. This is to be expected, SAMPLE OF MANUFACTURING AND TRADE CONCERNS since smaller concerns are more likely to lease rather than to own their plant and equipment, and Asset size (In millions of dollars) therefore to. have less need for substantial deprecia- Industry tion reserves. On the other hand, small concerns Under X to 1 to 5 to 10 and yi 1 5 10 over have not only been more profitable in recent years than the larger companies but are also likely to re- Percentage change in outstanding bank loans, 1944 tain a larger proportion of their net income, since to 1945— Manufacturing: their more tenuous credit standing makes it neces- Durable goods industries.. +29 -18 -20 -14 -38 Nondurable goods indussary for them to rely more fully on internal funds tries +21 +22 0) +28 +36 rather than on bank loans or the securities markets, Tr W ad h e o : lesale +51 +50 +26 (2) 8 and since the owners of a small business often pre- Retail +41 +50 +53 (2) fer to reinvest its earnings in the business rather Ratio of long-term to total bank loans (Per cent)— than to withdraw them. Manufacturing: Durable goods industries As compared with 1944, earnings actually re- 1944 2 4 5 8 tained (net profit after taxes and dividends) de- No 1 n 9 d 4 u 5 rable goods indus- 1 9 24 25 tries clined in 1945, in some cases rather sharply, in all 1944 3 8 17 24 size classes of both durable and nondurable goods 1945 2 13 29 32 Trade: manufacturing industries.- Retained earnings of Wholesale 1944 1 (3) 1 (2) the sample concerns in wholesale and retail trade, 1945 . 3 2 2 (2) Retail on the other hand, increased moderately from 1944 1944 2 14 19 (2) 1945 12 12 38 (2) to 1945 in almost all size classes. For the durable goods industries, concerns in the 1 Increase of less than 0.5 per cent. This small net change reflects heavy liquidation of loans by a few chemical companies. smallest size class (those with assets under $250,- If all chemical companies are omitted from this size class, the increase becomes 26 per cent. 000) showed the least decline in retained earnings, 2 Figures too fragmentary to be meaningful. and the decline became steadily greater as size of • Less than 0.5 per cent « Data not available. business increased. The decline in retained earnhowever, companies in all size classes except the ings reflected partly a smaller volume of sales (exsmallest reduced their bank borrowings during cept for the smallest size class, in which sales 1945 as a result of the decline in activity that increased about 12 per cent) resulting largely from accompanied the cancellation of war contracts. The war contract cancellations, and partly reconversion small durable goods manufacturers were probably costs and other increased costs of operation. Subnot extensively engaged in war production and, stantial reductions in Federal taxes and somewhat smaller dividend payments partly offset the in- 7 Statutory tax rates remained unchanged from 1944 to 1945. crease in costs.7 Decreases in tax liabilities in 1945 resulted from the lower volume of sales in many industries and from tax credits. Bank loans. Changes in the volume of bank Available information for small- and medium-size manufacturing concerns and for trade companies indicates lower 1945 tax acborrowing from 1944 to 1945 reflected the expansion cruals among concerns of all sizes in manufacturing and among small retail trade concerns. The most substantial reduction in of assets during the latter year in those industries Federal taxes, however, was shown by the large manufacturing not primarily engaged in war production and the corporations; for a discussion of the factors causing this large reduction, see the October 1946 BULLETIN. 1340 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR FINANCIAL POSITION OF BUSINESS consequently, were expanding both their assets profits tax brackets refunded outstanding bond isand their borrowing during 1945. In all in- sues in order to take advantage of the provision dustry groups, bank loans outstanding at the end of the income tax laws that permitted the deduction of 1945 were much more important, in relation of premiums paid on bond issues called for reto total assets, for small- and medium-size concerns demption. than for the large companies. The variation in the character of the security For companies with assets under 10 million financing of concerns in different industries and dollars, separate figures are available on outstand- size groups is illustrated in Table 7. In general, ing long-term and short-term bank loans for 1944 the volume of financing was not large. In the and 1945. In recent years the long-term loan, majority of cases the changes in long-term debt and repaid in instalments, has become an increasingly capital stock amounted to a relatively small propopular source of business financing and, although portion of the volume outstanding at the beginning still utilized mainly by the large companies, the of the year. Retirement of debt with an increase presently available data indicate that its use is in stock, however, was characteristic of most inspreading among smaller companies. As is shown dustries and most size groups. Of 33 industrial in Table 6, although long-term loans accounted in groups within the broad categories of manufactur- 1945 for at the most 10-15 per cent of the total ing and trade, 10 increased and 23 decreased their bank borrowings of manufacturing and trade con- long-term debt, while 21 increased and 12 decerns with assets under one million dollars, they creased their capital stock during the year. amounted to between 25 and 40 per cent of total TABLE 7 bank loans of medium and medium-large com- PERCENTAGE CHANGE IN LONG-TERM DEBT AND CAPITAL panies. The proportion was probably still larger STOCK, 1944 TO 1945 among the large companies (those with assets of SAMPLE OF MANUFACTURING AND TRADE CONCERNS 10 million dollars or over) not shown in the table. The table also shows that the long-term bank loan Asset size (In millions of dollars) accounted for an increasing proportion of bank Industry and item loans from 1944 to 1945, particularly for manufac- Under 1 to 5 to 10 and turing concerns with assets of between $250,000 and $10,000,000. This increasing importance was Manufacturing: Durable goods industries due only in part to a contraction in outstanding Long-term debt +3 +14 -22 -13 -20 short-term loans, since, except for the smallest No C n a d p u i r ta a l b l s e to g c o k ods indus- +5 +3 +9 +1 tries manufacturing concerns, the volume of long-term Long-term debt -13 +4 -7 -18 —2 bank loans increased very substantially between the Trad C e: apital stock +3 +1 C1) +2 +1 Wholesale end of 1944 and the end of 1945. Long-term debt + 13 +4 -24 —5 Securities markets. The primary function of Re C ta a i p l ital stock +3 +3 C1) +3 the securities markets in the financing of manufac- Long-term debt +9 -14 -53 Capital stock +2 -2 -1 C1) turing and trade companies in 1945, as during the previous war years, was their transfer function— 1 Insignificant change. NOTE.—Long-term debt excludes long-term bank loans. that is to say, their function in facilitating refundings, exchanges by individual concerns of one type RESULTANT FINANCIAL POSITION of security for another, redistribution of ownership, Working capital. One of the most widely used and shifts of funds from concerns that were retiring indicators of changes in the financial position of outstanding issues to others that were issuing new businesses is the change in working capital (the securities. For the year as a whole only a relatively excess of current assets over current liabilities). small volume of new funds was channeled into Although many postwar plans for peacetime activimanufacturing and trade enterprise as a result of ties had been initiated by business concerns by the security sales. Although many companies floated end of 1945, the working capital position of businew stock issues, many others retired bond issues ness at that time is a rough indication of (1) the for cash or with the proceeds from long-term loans final effect of World War II on that position and from banks or stock sales. Still others in the excess (2) the degree to which business concerns were 1341 DECEMBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR FINANCIAL POSITION OF BUSINESS financially prepared for the postwar period. The working capital position of manufacturing and trade concerns of all sizes continued to improve in 1945 in spite of increased expenditures on plant and equipment, as is shown in Table 8. In trade the improvement reflected a greater increase in current assets than in current liabilities, while in manufacturing it reflected primarily a sharp drop in current liabilities, particularly for accrued Federal income taxes. Such decreases in taxes were only partly offset by decreases in business holdings of tax notes and other United States Government securities. As in previous war years, this increase in working capital of both manufacturing and trade concerns was chiefly due to the volume of retained earnings and uninvested depreciation allowances, which, although smaller than in 1944, was still large. In effect, the distribution of business assets changed during the war as plant and equipment was converted into working capital through uninvested depreciation charges. TABLE 8 PERCENTAGE INCREASE IN WORKING CAPITAL, 1944 TO 1945 SAMPLE OF MANUFACTURING AND TRADE CONCERNS Asset Industry Under X Manufacturing: Durable goods industries. . 15 Nondurable goods industries 12 Trade: Wholesale Retail 00 00 highly liquid form, either in cash on hand or in banks, or in United States Government or other readily marketable securities. During the war the cash and marketable security holdings of these concerns increased greatly until they amounted to between 10 and 15 per cent of annual sales of most industry size-groups by the end of the war. Moreover, the dollar volume of sales had grown very rapidly during the same period. In 1945, however, the growth in liquid assets relative to sales leveled off, and in some cases declined slightly, as is indicated in Table 9. Thus manufacturing and trade concerns as a group have emerged from the war and the first few months of the postwar period with extremely large liquid assets both in absolute volume and relative to the current and prospective volume of sales. Such assets, however, arc not evenly distributed among firms of different sizes and in TABLE 9 CASH AND MARKETABLE SECURITIES AS A PERCENTAGE ©F SALES, 1940, 1944 AND 1945 SAMPLE OF MANUFACTURING AND TRADE CONCERNS Assetsize (Irl millions of dollars) Industry and year Under Kt 1 to 5 to 10 and X 5 10 over size (In millions of dollars) Manufacturing: X to 1 to 5 to 10 and Durable goods industries l 5 10 over 1940 5 5 8 9 22 1944 10 12 15 19 21 1945 . ... g 10 14 21 22 Nondurable goods indus- 11 10 3 8 tries 1940 3 4 5 7 14 10 6 9 10 1944 6 8 11 11 17 1945 7 9 12 13 17 7 7 5 Trade: 9 10 I Wholesale 1940 2 2 3 1944 4 5 8 9 NOTE.—Working capital is current assets less current liabilities. 1945 4 5 7 9 Retail 1940 2 3 4 4 The growth in working capital usually was 1944 9 12 12 11 greater among small than among large concerns. 1945 . . 10 12 13 11 This, also, was a continuation of a trend observed in NOTE.—Cash and marketable securities on hand at the end of previous years. In spite of the large increase the year divided by total sales during the year. in the working capital of small manufacturing en- different industries. As a result the liquid assets terprises during the past five years, however, the of many concerns are excessive in terms of a reasoncurrent ratio of these concerns (the ratio of current able projection of requirements to meet labor, maassets to current liabilities) was still below that of terial, and other cash costs that must be met during large firms in the same industries, primarily be- a considerable lag between sales and cash receipts. cause of the relatively low working capital position It may be that these concerns are holding liquid of small businesses before the war. assets to finance some large prospective outlay, say Liquidity. At the end of 1945, as in 1944, a for plant, equipment, debt retirement, or accrued large portion of the working capital of manufactur- taxes, or to meet possible unforeseen contingencies ing and trade concerns as a group was still in in the uncertain postwar period; or it may be that 1342 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR FINANCIAL POSITION OF BUSINESS these assets are the unplanned residuum of a large resources with the proceeds from bank loans and volume of profitable business activity coupled with security sales. Among the concerns that obtained restricted investment outlets. But in addition to outside financing were some that were already in a these highly liquid concerns, there are many others highly liquid position. This is evidence of a desire that during the last half of 1945 considered it neces- to maintain a strong financial position even at the sary, or desirable, to augment their existing liquid cost of incurring outside obligations. TABLE 10 COMPOSITE BALANCE SHEET AND INCOME STATEMENT, 1944 AND 1945 2,708 MANUFACTURING AND TRADE CONCERNS BY BROAD INDUSTRIES AND ASSET SIZE OF BUSINESS1 [Financial data in millions of dollars] Asset size (Irl millions of dollars) Under X tf to 1 1 to 5 5 to 10 10 and over Account 1944 1945 1944 1945 1944 1945 1944 1945 1944 1945 Manufacturing—durable goods industries 2 Number of concerns 131 131 187 187 199 199 42 42 210 210 Total assets (end of year)3 $28.5 $30.2 $154.0 $143.3 $641.8 $584.2 $318.9 $298.6 $22,247.5 $19,283.8 Cash 4.1 4.2 22.5 17.6 88.2 70.9 38.3 38.2 3,479.3 3,273.7 Marketable securities 2.9 2.4 17.7 16.0 97.3 84.9 52.6 44.6 3,994.0 3,114.7 Inventories 8.0 8.2 41.0 39.2 168.6 159.3 78.1 72.4 4,414.1 3,622.8 Other current assets 5.9 7.0 32.0 30.1 116.4 108.3 58.1 45.3 3,753.5 3,116.6 Total current assets 20.9 21.8 113.2 102.9 470.5 423.5 227.0 200.5 15,641.0 13,127.7 Plant and equipment (net of depreciation) 5.9 6.5 32.3 32.6 136.4 129.9 76.5 76.2 5,837.3 5,318.1 Other assets3 1.7 1.9 8.6 7.8 34.8 30.9 15.3 21.9 769.2 838.0 Liabilities and equity: Notes payable to banks (short-term). . 2.2 2.9 12.0 9.3 53.0 33.9 28.3 19.8 673.2 419.2 Trade notes and accounts payable 2.9 2.7 15.4 11.9 49.0 42.0 21.8 16.8 1,791.7 1,288.0 Other current liabilities 6.7 5.6 38.7 29.2 159.9 110.6 60.0 39.2 5,375.0 3,040.9 Total current liabilities 11.7 11.1 66.0 50.4 261.8 186.4 110.1 75.8 7,839.9 4,748.1 Notes payable to banks (long-term)... (4) 0.5 0.9 2.8 10.7 2.4 6.6 (5) (5) Other long-term debt 1.0 1.0 3.3 3.8 11.3 8.8 7.8 6.9 884.5 707.6 Capital stock 7.2 7.6 38.7 38.1 180.4 189.4 110.7 122.2 7,875.4 7,993.4 Reserves 0.3 0.2 3.4 3.3 25.6 17.8 17.1 9.8 1,494.6 1,286.4 Earned surplus3 8.3 10.2 42.2 46.8 159.8 171.0 70.8 77.3 4,153.1 4,548.2 Income statement (during year): Sales 70.9 79.1 348.9 342.5 1,212.31,131.3 482.1 398.7 35,558.6 28,803.7 Charges for depreciation 0.7 0.9 4.2 4.9 17.8 18.7 9.4 10.6 773.0 1,110.0 Federal income taxes 4.2 2.8 22.6 17.3 108.0 67.0 34.6 18.1 2,442.5 912.9 Net profit 3.3 3.6 11.2 9.5 38.3 32.5 19.0 14.4 1,107.9 1,008.7 Cash dividends $1.2 $1.4 $3.6 $3.6 $16.2 $15.0 $8.8 $8.1 $748.6 $744.6 Manufacturing—nondurable goods industries2 Number of concerns 221 221 255 255 318 318 70 70 159 159 Total assets (end of year)8 $41.3 $43.6 $178.2 $187.3 $842.7 $864.0 $559.6 $563.6 $19,160.8 $19,029.0 Cash 6.4 7.6 22.4 27.3 105.6 120.2 59.8 70.3 2,125.7 2,249.8 Marketable securities 3.6 4.1 16.6 18.7 108.6 102.1 71.5 70.3 2,065.3 2,081.1 Inventories 11.9 12.7 57.0 61.3 231.6 248.9 157.1 159.3 3,953.0 4,197.4 Other current assets 9.1 8.2 32.1 29.4 126.2 113.2 68.2 65.5 2,053.4 1,679.3 Total current assets 31.0 32.6 128.1 136.7 571.9 584.3 356.7 365.3 10,197.4 10,207.7 Plant and equipment (net of depreciation) 7.8 8.4 38.8 40.6 219.2 227.9 174.5 168.9 7,845.4 7,618.2 Other assets* 2.5 2.6 11.3 10.0 51.5 51.9 28.5 29.4 1,118.1 1,203.1 Liabilities and equity: Notes payable to banks (short-term). . 1.9 2.3 11.1 12.8 56.2 48.4 19.0 21.8 556.0 754.2 Trade notes and accounts payable 4.2 4.0 13.5 15.8 47.7 53.1 31.2 33.1 1,052.4 1,013.1 Other current liabilities 8.9 8.3 34.3 31.1 144.5 132.1 95.1 75.8 2,611.9 1,859.0 Total current liabilities 14.9 14.6 58.8 59.8 248.3 233.7 145.3 130.7 4,220.3 3,626.3 Notes payable to banks (long-term). . . 0.1 0.1 1.0 1.9 11.9 19.7 6.1 10.3 (5) (5) Other long-term debt 0.9 0.8 5.1 5.3 29.2 27.2 41.6 34.2 1,714.3 1,682.8 Capital stock 10.3 10.7 55.1 58.4 291.6 294.2 201.7 212.9 8,413.4 8,475.3 Reserves 0.2 0.3 2.2 2.5 17.7 20.6 10.9 12.9 886.8 758.4 Earned surplus8 14.9 17.1 56.0 59.5 244.0 268.5 154.0 162.7 3,926.1 4,486.1 Income statement (during year): Sales 155.3 163.0 480.8 488.9 1,897.01,891.31,175.21,122.9 25,169.4 24,928.1 Charges for depreciation 0.9 0.9 3.5 3.7 20.4 21.2 13.8 14.8 912.0 1,375.8 Federal income taxes 5.6 4.6 22.2 18.4 94.9 85.4 64.1 50.6 1,497.6 856.1 Net profit 5.9 5.8 12.6 12.7 54.7 52.4 32.4 31.0 1,269.1 1,248.0 Cash dividends $2.7 $3.3 $5.5 $5.9 $25.2 $26.5 $15.7 $16.3 $717.8 $736.8 For footnotes, see p, 1344. DECEMBER 1946 1343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE POSTWAR FINANCIAL POSITION OF BUSINESS TABLE 10.—COMPOSITE BALANCE SHEET AND INCOME STATEMENT, 1944 AND 1945—Continued [Financial data in millions of dollars] Asset size (In millions of dollars) Account Under J4 Xto 1 1 to 5. 5 and over 1944 1945 1944 1945 1944 1945 1944 1945 Wholesale trade Number of concerns 195 195 199 199 94 94 11 11 Total assets (end of year)8 $28.9 $33.0 $115.5 $127.7 $200.0 $210.5 $217.5 $227.2 Cash 4.1 5.0 13.9 15.3 28.7 27.2 27.9 29.4 Marketable securities 2.3 2.2 9.8 9.3 22.9 18.8 34.4 32.6 Inventories 10.5 12.6 44.9 52.4 76.9 88.5 61.6 68.6 Other current assets 7.8 8.3 27.3 29.6 39.1 44.7 49.1 48.6 Total current assets 24.7 28.0 95.8 106.7 167.5 179.1 173.0 179.1 Plant and equipment (net of depreciation) 3.1 3.6 12.8 13.4 20.5 20.2 25.6 28.0 Other assets* 1.1 1.4 6.9 7.7 12.0 11.2 19.0 20.1 Liabilities and equity: Notes payable to banks (short-term) 2.1 3.2 8.7 12.9 18.4 22.8 0.9 () Trade notes and accounts payable . 3.6 4.4 16.1 17.7 25.2 25.6 31.0 32.2 Other current liabilities 2.8 2.8 15.3 16.3 30.7 30.3 43.0 43.6 Total current liabilities 8.6 10.4 40.2 46.8 74.3 78.7 74.9 75.8 Notes payable to banks (long-term) (4) 0.1 0.3 0.2 0.5 0 0 Other long-term debt 0.4 0.4 2.7 2.8 3.1 2.3 10.8 10.2 Capital stock 6.8 7.0 37.1 38.9 70.0 71.0 77.2 80.0 Reserves 0.1 0.2 0.7 0.6 2.9 3.3 10.3 6.2 Earned surplus3. 13.0 14.9 34.9 38.4 49.6 54.7 44.4 55.0 Income statement (during year): Sales 148.7 165.2 462.4 491.3 655.4 700.7 695.3 714.4 Charges for depreciation 0.4 0.4 1.3 1.0 1.9 1.9 2.6 2.8 Federal income taxes 1.6 1.4 9.5 8.9 19.7 19.6 30.2 30.0 Net profit .. 4.2 4.6 7.6 7.8 11.2 11.0 10.5 12.5 Cash dividends $2.3 $2.6 $3.3 $3.9 $4.8 $4.9 $6.3 $6.2 Retail trade Number of concerns. . 191 191 120 120 81 81 25 25 Total assets (end of year)* $24.9 $27.5 $80.6 $86.0 $212.6 $229.3 $525.7 $560.9 Cash 4.0 4.9 12.7 15.5 31.2 35.2 127.1 125.8 Marketable securities 2.3 2.7 11.0 12.2 30.5 37.9 62.0 72.8 Inventories 9.0 8.7 25.1 25.1 63.7 67.1 182.3 207.4 Other current assets 4.8 5.6 12.5 13.5 31.1 34.1 , 32.2 37.4 Total current assets 20.1 21.9 61.3 66.3 156.4 174.3 403.7 443.5 Plant and equipment (net of depreciation) 3.6 4.3 12.0 12.8 44.0 44.5 90.3 76.2 Other assets*. 1.2 1.2 7.3 6.9 12.2 10.5 31.8 41.2 Liabilities and equity: Notes payable to banks (short-term) 1.0 1.2 2.3 3.5 5.5 6.3 4.5 13.4 Trade notes and accounts payable 3.2 3.5 7.4 8.2 21.5 25.1 77.1 84.9 Other current liabilities 3.3 3.2 16.0 15.8 40.0 42.3 104.3 104.9 Total current liabilities 7.4 8.0 25.7 27.6 67.0 73.7 185.9 203.2 Notes payable to banks (long-term) (4) 0.2 0.4 0.5 1.3 4.0 6.4 27.3 Other long-term debt 0.8 0.8 2,. 7 2.3 8.1 7.4 28.6 13.4 Capital stock. 6.5 6.7 24.6 24.9 82.6 83.6 163.2 165.9 Reserves 0.2 0.2 1.0 1.0 2.8 3.3 4.9 5.4 Earned surplus8 10.1 11.6 26.3 29.8 50.9 57.2 136.7 145.7 Income statement (during year): Sales 67.4 74.8 204.6 222.1 530.0 575.4 1,772.7 1,867.6 Charges for depreciation 0.4 0.4 1.2 1.1 4.2 3.6 9.9 9.8 Federal income taxes 1.6 1.7 10.5 10.5 27.4 29.4 79.2 82.9 Net profit 3.3 3.4 7,0 8.2 13.6 14.4 36.5 38.3 Cash dividends $1.5 $1.5 $3.7 $4.3 $6.2 $6.2 $24.6 $25.3 1 The data in this table are as reported in corporate annual reports to stockholders and do not necessarily agree with those in the preceding tables. The latter have been adjusted for write-downs and other purely bookkeeping transactions. 2 Concerns are classified by industry on the basis of their prewar product. Manufacturing industries classified under "durable goods" include iron and steel, nonferrous metals, machinery, automobiles and parts, aircraft and parts, other transportation equipment, and lumber and building materials. Manufacturing industries classified under "nondurable goods" include food, beverages, tobacco, textiles and apparel, leather, paper, printing and publishing, chemicals, rubber, and petroleum. With the following exceptions, the categories "durable goods" and "nondurable goods" are identical respectively with the categories "war" and "nonwar" used in the October BULLETIN: (1) the inclusion of lumber and building materials in nonwar industries in the October present article. 8 Total assets, other assets, and earned surplus are net of intangibles. * Less than $50,000. 8 Included in notes payable to banks (short-term). 1344 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF CONSUMER CREDIT REGULATION Effective December 1, 1946, the Board of Gov- by the chart, constitute the great dollar bulk of ernors has revised Regulation W by confining it credit subject to the widest expansion and contracto instalment credit and centering it on purchases tion. Charge accounts and single-payment loans, of major durable goods. If regulation in the field in which cyclical fluctuations are comparatively of consumer credit is to be continued on a peace- small, are eliminated from the scope of the regulatime basis, the Board believes that the regulation tion. By elimination of goods which generate only should in general be in the form and scope of this minor amounts of instalment credit, the instalment revision in order to be an effective influence towards sale provisions are confined to 12 major categories stability in this sector of the economy. of consumers' durable goods. Instalment loans of This regulation now rests on an Executive Order $2,000 or less, whether or not to buy goods in these of August 9, 1941, which is revocable by the Presi- 12 categories, continue to be subject to the reguladent or by action of Congress, The issue as to tion. The revision effects a substantial simplificawhether regulation should or should not be con- tion of the regulation's provisions and will make it tinued in any form is a subject of sharp con- administratively more workable. troversy among various groups affected by it. The Board feels that the issue should be decided by the CONSUMER CREDIT OUTSTANDING Congress and that the present revision is an ap- BILL1ON3 OF DOLLARS END OF MONTH FIGURES 12 propriate means of bringing before the Congress the question of whether the Executive Order should be vacated or whether authority for such regulation should be continued by specific legislation. In its Annual Report to Congress last June, the # Board recommended that Congress give consideration to the question of whether regulation of consumer credit should be continued on a peacetime basis as a subordinate but strategic factor in the maintenance of economic stability. As the Report stated, "Over the past 30 years consumer instalment financing has come to occupy an important and strategic place in the national economy. Such financing is essential to the mass distribution and 1930 1932 1934 1936 1938 1940 1942 1944 1946 consequently to the mass production of consumers' Estimates. Latest figures shown are for September. durable goods. From time to time, however, the This revision narrows the scope of the regulaexpansion and subsequent contraction of consumer tion to what the Board considers a minimum concredit have gone so far as to accentuate the upsistent with the exercise of a stabilizing influence swings and downswings of the business cycle. in this area of the economy. In this form, the There is no way of preventing such excessive ex- Board believes the regulation can be better underpansion and contraction except governmental regustood and its merits and defects better appraised. lation of the terms on which consumer credit shall When present inflationary pressures have subsided, be made available, such as the down payment the terms of the regulation would need to be modirequired on instalment sales or financing and the fied further. length of time permissible for instalment con- The principal changes made by the revision are tracts." as follows: The regulation is now revised in the light of the foregoing considerations. Under this revision, the 1. The list of consumers' durable goods to which regulation is focused on instalment credit, both in- down-payment and maturity requirements apply stalment sales and instalment loans, which, as shown is reduced from 36 categories to 12, the remaining DECEMBER 1946 1345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF CONSUMER CREDIT REGULATION items including automobiles, major household ap- Changed Conditions as specified in the regulation. pliances, radios, phonographs, sewing machines, 5. Except for floor coverings which are transfurniture, and soft-surfaced floor coverings, but ferred to the category calling for a 20 per cent down with an exemption for any article costing less than payment, the items retained have the same down $50.00. payment as had been previously prescribed: 33J^ 2. Restrictions on charge accounts and singleper cent for all articles other than furniture which payment loans are eliminated. is in the 20 per cent category. 3. A uniform maximum maturity of 15 months is established for all new instalment credits, 6. Procedural rules are simplified in such matwhether they arise from sales or loans. ters as the statement covering the transaction and the statement obtained from the borrower. It is 4. The provisions for refinancing, including conno longer required that a statement of the transsolidations with new credits, are simplified, and action be given to the customer. refinancing credits may have a maximum maturity of 15 months. Outstanding obligations of any kind 7. Minor changes reconcile the new provisions may be refinanced with a maturity as long as 18 with such requirements as are retained and certain months where contingencies that were unforeseen technical sections are simplified. or not within the obligor's control arise subsequent to the time the obligations were incurred, provided The text of the revised regulation is given on the creditor accepts in good faith a Statement of pages 1348-55 of this BULLETIN. 1346 FEDERAL RESERVE BULLETIN 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. Amendments to Margin Regulations tificate expiring within 90 days of issuance, pro- T and U vided (1) such right was originally issued to the customer as a stockholder of the corporation issu- Rights to Subscribe ing the registered security or as a stockholder of The Board of Governors of the Federal Reserve a company distributing the registered security in System, effective December 1, 1946, adopted order to effectuate the provisions of section 11 of Amendments No. 6 to Regulation T and No. 7 the Public Utility Holding Company Act of 1935, to Regulation U, relating to the use of credit for and (2) the creditor shall obtain a deposit prior to purchasing securities. the initiation of the transaction in such amount The amendments will permit stockholders of any that the cash deposited plus the maximum loan corporation who receive rights to subscribe to new value of the securities so acquired or deposited issues to obtain credit for the purpose of exercising equals or exceeds the subscription price, giving these rights. The permission extends also to cases effect to a maximum loan value for the security in which a public utility holding company, when so acquired or for any other registered security so simplifying its corporate structure as required by deposited of 50 per cent of its current market the Public Utility Holding Company Act of 1935, value as determined by any reasonable method. issues to its stockholders rights to subscribe to its After such acquisition, the security or securities holdings of outstanding securities of operating com- so acquired or deposited shall have only the maxipanies. mum loan value, if any, prescribed for general Under these amendments, if the stockholder accounts in the supplement to this regulation. The needs to borrow in order to take up the rights issued right shall be deemed to be issued to the customer directly to him by the company in which he owns as a stockholder if he actually owned the stock stock, he may do so by pledging securities which, giving rise to the right when such right accrued, for this purpose, shall have a loan value of 50 per even though such stock was not registered in his cent. Otherwise the prevailing 100 per cent margin name; and in determining such fact the creditor requirements remain in effect. may rely upon a signed statement of the customer The Board decided that this change in the regu- which the creditor accepts in good faith. lations would be appropriate as a matter of equity and that it could be made without stimulating AMENDMENT NO. 7 TO REGULATION U speculation or encouraging to any material extent Effective December 1, 1946, Regulation U is the growth of stock market credit. hereby amended by adding the following new sub- The text of the amendments is as follows: section at the end of section 3 thereof: (p) In connection with the making of a loan the AMENDMENT NO. 6 TO REGULATION T sole purpose of which is to enable the borrower to Effective December 1, 1946, Regulation T is acquire stock in a corporation by exercising a warhereby amended by adding the following new subrant or certificate evidencing a right to acquire section at the end of section 6 thereof: such stock, which right expires within 90 days of (/) Subscriptions.—Notwithstanding any other issuance and was issued to him as a stockholder provision of this regulation, a creditor may of such corporation or as a stockholder of a comeffect and finance the acquisition of a registered pany distributing the stock in order to effectuate security for a customer in a general account the provisions of section 11 of the Public Utility through the exercise of a right to acquire such Holding Company Act of 1935, a bank may treat security which is evidenced by a warrant or cer- any stock received as collateral in connection with DECEMBER 1946 1347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the making of such loan as having a maximum 5{b) of the Act of October 6, 1917, as amended, loan value of 50 per cent of its current market and Executive Order No. 8843, dated August 9, value as determined by any reasonable method. 1941 (hereinafter called the "Executive Order"). After the loan has been made, the stock so re- The regulation applies, in general, to any person ceived shall have only the maximum loan value, who is engaged in the business of making exif any, prescribed in the supplement to this regula- tensions of instalment credit in amounts of $2,000 tion. The right shall be deemed to have been or less, or discounting or purchasing obligations issued to the borrower as a stockholder if he ac- arising out of such extensions of credit. It applies tually owned the stock giving rise to the right when whether the person is a bank, loan company, or such right accrued, even though such stock was finance company, or a person who is so engaged in not registered in his name; and in determining such connection with any other business, such as by fact the bank may rely upon a signed statement of making such extensions of credit as a dealer, rethe borrower which the bank accepts in good faith. tailer, or other person in connection with the selling of consumers' durable goods, Consumer Credit SECTION 2. GENERAL REQUIREMENTS AND REGISTRATION Revision of Regulation W (a) General Requirements.—No person en- There is set forth below the text of the revision gaged in the business of making instalment sales1 of Regulation W, entitled Consumer Credit, which or instalment loans,2 or engaged in the business of was adopted by the Board of Governors of the lending on the security of or discounting or pur- Federal Reserve System, effective December 1, 1946. chasing obligations arising out of such extensions A brief statement regarding the revision is pubof credit, shall make or receive any payment which lished at page 1345 of this issue of the BULLETIN. constitutes or arises directly or indirectly out of any such extension of credit made by him or out REGULATION W of any such obligation lent on or discounted or As revised effective December 1, 1946 * purchased by him, except on the following conditions: Consumer Credit (1) He must be licensed pursuant to this CONTENTS section (any person so licensed being hereinafter called a "Registrant"); and SEC. I, SCOPE AND APPLICATION OF REGULATION (2) The extension of credit made, renewed, SEC, 2. GENERAL REQUIREMENTS AND REGISTRATION revised or consolidated by him, or giving rise to SEC. 3. INSTALMENT SALES! GENERAL RULES the obligation discounted or purchased by him or acquired by him as collateral, must comply SEC. 4. INSTALMENT LOANS! GENERAL RULES with the applicable requirements of this regula- SEC. 5. RENEWALS, REVISIONS, AND ADDITIONS tion. SEC. 6. CERTAIN TECHNICAL PROVISIONS (b) Registration and General License.—Any SEC. 7. EXEMPT CREDITS person whose license is not suspended under section 8(£) may become licensed by filing, with SEC. S, MISCELLANEOUS PROVISIONS; DEFINITIONS the Federal Reserve Bank or any branch thereof in the district in which the main office of the SUPPLEMENT Registrant is located, a registration statement on SECTION 1. SCOPE AND APPLICATION OF REGULATION forms obtainable from any Federal Reserve Bank or branch. Whenever any person who was not This regulation is issued by the Board of Govformerly subject to section 2(a) becomes subject ernors of the Federal Reserve System (hereinafter called the "Board") under authority of section 1 It is to be noted that "instalment sale" is defined to include only instalment credit arising out of the sale of an article listed * This revised regulation shall apply to transactions effected in the Supplement, hereinafter called a "listed article." on or after December 1, 1946, and the revision shall not affect 2 Both "instalment sale" and "instalment loan" are defined any transaction prior to such date. to exclude credits in a principal amount exceeding $2,000. 1348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT thereto, such person is hereby granted a general case of an instalment loan, which is not subject license for 60 clays. to section 4(#), the maximum maturity shall not exceed the maximum maturity specified therefor SECTION 3. INSTALMENT SALES: GENERAL RULES in the Supplement. Except as otherwise permitted by this regulation, (c) Amounts and Intervals of Instalments; each instalment sale shall comply with the follow- Record.—Whether subject to section 4(*z) or ing requirements: section 4(£), the instalment loan, except as (a) Down Payment and Maturity.—There permitted by section 6(a) for seasonal incomes, shall be a down payment not less than that specified shall be payable in instalments which shall be (1) for the listed article in the Supplement, such down substantially equal in amount or so arranged that payment to be calculated as therein specified; and no instalment is substantially greater in amount the maturity shall not exceed that specified for the than any preceding instalment, (2) payable at aplisted article in the Supplement. proximately equal intervals not exceeding one month, and (3) not less than $5.00 per month or (b) Amounts and Intervals of Instalments. $1.25 per week on the aggregate instalment in- —Except as permitted by section 6(a) for seadebtedness of one debtor to the same creditor. It sonal incomes, the time balance shall be payable shall be evidenced by a written instrument or record in instalments which shall be (1) substantially which shall set forth the terms of payment. equal in amount or so arranged that no instalment is substantially greater than any preceding instal- (d) Statement of the Borrower.—No Regment, (2) payable at approximately equal intervals istrant shall make any instalment loan subject to not exceeding one month, and (3) not less than section 4(<z) or 4(&) unless he shall have accepted $5.00 per month or $1.25 per week on the aggre- in good faith a signed Statement of the Borrower gate instalment indebtedness of one debtor to the as to the purposes of the loan. Such statement shall same creditor. state whether or not any of the proceeds of the loan are to be used to make a down payment on (c) Statement of Transaction.—The instalthe purchase of a listed article or to be used to ment sale shall be evidenced by a written instrupurchase any listed article, and if any of the proment or record which shall set forth the informaceeds of the loan are to be used for the latter tion specified in section 6(c). purpose such Statement shall identify such listed article and shall state the cash price thereof and SECTION 4. INSTALMENT LOANS: GENERAL RULES the value of any trade-in. If a Registrant relies Except as otherwise permitted by this regulation, in good faith on the facts set out by the obligor in each instalment loan shall comply with the follow- such Statement, it shall be deemed to be correct ing requirements: for the purposes of the Registrant. (a) Instalment Loans to Purchase Listed (e) Loans to Make Down Payments Pro- Articles.—If the Registrant knows or has reason hibited.—A Registrant shall not make any instalto know that the proceeds of an instalment loan ment loan if he knows or has reason to know are to be used to purchase any listed article: that any part of the proceeds thereof is to be used (1) The principal amount lent (excluding to make a down payment on the purchase price any interest or finance charges and the cost of of any listed article. any insurance) shall not exceed the maximum loan value specified for the article in the Sup- SECTION 5. RENEWALS, REVISIONS AND ADDITIONS plement, such loan value to be calculated as (a) General Requirements.—In the case of therein specified; and an instalment sale or instalment loan which results from a renewal or revision of any such credit al- (2) The maturity shall not exceed the maxiready outstanding, or which results from the commum maturity specified for the listed article in bination of any such outstanding credit with an the Supplement. additional extension of instalment credit, the re- (b) Unclassified Instalment Loans.—In the newed, revised or consolidated obligation shall DECEMBER 1946 1349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT comply with all the requirements of this regulation (c) Bona Fide Collection Effort; Serviceas if it were a new extension of credit except that: men's Pre-induction Debt.—Nothing in this regulation shall be construed to prevent any (1) The requirements as to Statement of Registrant from making any renewal or revision, Borrower and down payment or maximum or taking any action that he shall deem necessary in loan value, if any, shall not apply to the out- good faith (1) for the Registrant's own protection standing credit already held by the Registrant; in connection with any obligation which is in deand fault and is the subject of bona fide collection effort by the Registrant, or (2) with respect to any obliga- (2) The renewed, revised or consolidated tion of any member or former member of the armed obligation may, in so far as the maturity and forces of the United States incurred prior to his instalment requirements are concerned, be induction into such service. treated as if it were a new credit with the maximum maturity calculated from the date SECTION 6. CERTAIN TECHNICAL PROVISIONS of the renewal, revision or consolidation. The payments on such renewed, revised, or con- (a) Special Payment Schedules for Seasonal solidated obligation shall not be less than Incomes.—If the income received by an obligor $5.00 per month or $1.25 per week on the from the main sources of his income cusaggregate instalment indebtedness of one debtor tomarily fluctuates materially from month to month to the same creditor. or from season to season, the payment schedule may be adapted, within the applicable maximum ma- (b) Statement of Changed Conditions.—Not- turity, to such customary flow of income, provided withstanding any other provision of this regula- the obligation complies with one or the other of tion, if a Registrant accepts in good faith a State- the following requirements: (1) at least half of ment of Changed Conditions as provided in the the credit is to be repaid within the first half of following paragraph, an extension of instalment the applicable maximum maturity; or (2) payments credit that refinances any outstanding obligation are reduced or omitted in not more than 4 months (whether or not such obligation is held by the of any calendar year but are otherwise in equal Registrant or is itself payable in instalments) may monthly amounts. In all such cases, a statement of have a maturity not exceeding that specified in the the facts relied upon shall be preserved in the Supplement for refinancing pursuant to such Registrant's files for the life of the obligation. Statements, but such maturity shall be applicable (£) Calculating Maximum Maturity of Cononly to the credit refinanced. The payments on tract.—In calculating the maximum maturthe credit refinanced need not be as large as $5.00 ity of an instalment sale or instalment loan, a per month or $1.25 per week. Registrant may, at his option, use any date not The requirements of a Statement of Changed more than 15 days subsequent to the actual date Conditions will be complied with only if the of the sale or loan. Registrant accepts in good faith a written statement signed by the obligor that the contemplated (c) Record of Instalment Sale.—The inrefinancing is necessary in order to avoid undue strument or record evidencing an instalment sale hardship upon the obligor or his dependents result- pursuant to section 3(<r) shall set forth (in any ing from contingencies that were unforeseen by him order) the following information: at the time of obtaining the original extension of (1) A brief description identifying the article credit or which were beyond his control, which purchased; statement also sets forth briefly the principal facts and circumstances (1) with respect to the original (2) The cash price of the article; extension of credit and (2) with respect to such (3) The amount of the purchaser's down contingencies and specifically states in addition that payment (i) in cash and (ii) in goods accepted the contemplated refinancing is not pursuant to a in trade, together with a brief description preconceived plan or an intention to evade or cir- identifying such goods and stating the monecumvent the requirements of this regulation. tary value assigned thereto in good faith; 1350 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (4) The amount of any insurance premium (/) Mail Orders.—An instalment sale shall for which credit is extended and of any finance not be deemed to be in violation of the down paycharges or interest by way of discount in- ment requirement of section 3(#) if the sale is cluded in the principal amount of the obliga- made upon the receipt of a mail order for one or tion, or the sum of these amounts; more articles and the cash deposit received with the order fails by less than $1.00 to equal the sum of (5) The time balance owed by the purthe down payments required by this regulation for chaser, which is the sum of items (2) and (4) all of the articles included in the order. minus item (3); and (6) The terms of payment. (g) Delivery in Anticipation of Instalment Sale.—In case a listed article is delivered in The instrument or record need not include a de- anticipation of an instalment sale of that article scription of the article if it is purchased by means or a similar article (such as a delivery "on apof a coupon boo\ or similar medium of instalment proval", "on trial", or as a "demonstrator"), the credit upon which a cash down payment of at Registrant shall require, at or before the time of least one-third of its purchase value has been made. such delivery, a deposit equal to the down payment The instrument or record need not include the in- that would be required on such an instalment sale. formation called for by items (2) and (4) if the Registrant is one who quotes to the public a time (h) Sets and Groups of Articles.—In deterprice for the article which includes the finance mining whether an article is a "listed article", charge if any, provided he sets forth such time the word "article" shall be deemed to include any price in such instrument or record, and provided set, group or assembly commonly considered, sold he obtains a cash down payment which is at least or used as a single unit, if the component parts as large as would be required if the percentage thereof are sold or delivered at substantially the specified for the article in the Supplement were same time. applicable to the time price. (i) Evasive Side Agreements.—No extension (d) Extension of Credit for Mixed Pur- of credit complies with the requirements of poses.—In case an extension of credit is partly this regulation if at the time it is made there is subject to one section of this regulation and partly any agreement, arrangement, or understanding (1) subject to another section, the amount and terms by which the obligation is to be renewed or revised of such extension of credit shall be such as would on terms which would permit final payment to be result if the credit were divided into two or more deferred beyond the date permitted by this reguparts and each part were treated as if it stood alone. lation for such credit at its inception, or (2) by In case an extension of credit is partly subject to which the obligor is to be enabled to make repaythis regulation and partly not subject to the regula- ment on conditions inconsistent in any other respect tion, the amount and terms of such extension of with those required by this regulation, or (3) by credit shall be such as would result if the credit which there is to be any evasion or circumvention, were divided and the part subject to the regulation or any concealment of any evasion or circumvenwere treated according to the applicable provisions tion, of any requirement of this regulation. of the regulation; the part not subject to the regula- (;) Side Loan to Make Down Payment.— tion may be treated as if the regulation did not A Registrant shall not make an extension of instalexist. ment credit to finance the purchase of any listed (e) "Lay-away" Plans.—With respect to any article if he knows or has reason to know that extension of credit involving a bona fide "lay-away" there is, or that there is to be, any other extension plan, or other similar plan by which a purchaser of credit of any kind in connection with the purmakes one or more payments on an article before chase of the listed article which would bring the receiving delivery thereof, the Registrant may, for total amount of credit extended in connection with the purposes of this regulation, treat the extension such purchase beyond the amount of instalment of credit as not having been made until the date credit permitted by this regulation; but, if the of the delivery of the article to the purchaser. Registrant accepts in good faith a written statement 1351 DECEMBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT signed by the obligor that no such other extension Commissioner, to be necessary to maintain or inexists or is to be made, such statement shall be crease production of essential agricultural comdeemed to be correct for the purposes of the Reg- modities, (2) made or insured by the Farmers' istrant. Home Administration, (3) made in accordance with the regulations of the Secretary of the Interior (^) Purchase of Article in Lieu of Trade-in. for the economic development or rehabilitation of —Anything which the seller of a listed article buys, Indians, (4) made by the Disaster Loan Corporaor arranges to have bought, from the purchaser at or tion, or (5) made, guaranteed or insured in whole about the time of the purchase of the listed article or in part by the Administrator of Veterans' Affairs shall be regarded as a trade-in for the purposes of pursuant to the provisions, of Title III of the Servthis regulation. icemen's Readjustment Act of 1944, or by any (/) Misuse of Coupon Plans.—No coupon, State agency pursuant to similar State legislation. ticket or similar medium of credit, whether paid (<?) Loans to Pay Fire and Casualty Infor in instalments or otherwise, shall be accepted surance Premiums.—Any loan to finance a preby any Registrant in payment, in whole or in part, mium in excess of one year on a fire or casualty for any listed article if such acceptance, in effect, insurance policy, if the loan is fully secured by the would permit the article to be sold on terms not unearned portion of such premium. complying with the requirements of this regulation. (/) Credit for Purchasing Securities.—Any extension of credit which is subject to* the Board's SECTION 7. EXEMPT CREDITS regulations under the Securities Exchange Act of This regulation shall not apply to any of the fol- 1934 or which is otherwise for the purpose of lowing: purchasing or carrying stocks, bonds, or other in- (#) Business or Agricultural Loans.—Any vestment securities. loan for business purposes to a business enterprise (g-) Real Estate and Home Improvement or for agricultural purposes to a person engaged Loans.—Any extension of credit which is for the in agriculture, provided the loan is not for the purpose of financing or refinancing (1) the conpurpose of purchasing a listed article. struction or purchase of an entire residential build- (b) Credit to Dealers and Certain Sales- ing or other entire structure or (2) repairs, alteramen.—Any extension of credit'to a wholesaler or tions, or improvements upon urban, suburban or retailer to finance the purchase of any article for rural real property in connection with existing resale, or any extension of credit which is made to structures, except to the extent that such repairs, a bona fide salesman of automobiles in order to alterations, or improvements incorporate any listed finance the purchase of a new automobile to be article. used by him principally as a demonstrator. (h) Loans to Meet Medical Expenses, etc.— (c) Credit to Governmental Agencies, Re- Any loan as to which the Registrant accepts in ligious Institutions, etc.—Any extension of good faith a written statement signed by the borcredit to the Federal Government, any State gov- rower certifying that the proceeds are to be used ernment, any political subdivision, or any depart- for bona fide educational, medical, hospital, dental, ment, agency or establishment thereof, or to any or funeral expenses, or to pay debts incurred for church, hospital, clinic, sanitarium, school, college, such expenses, and that such proceeds (unless they or other religious, educational, charitable, or elee- are to be used exclusively for educational expenses) mosynary institution. are to be paid over in amounts specified in such statement to persons whose names, addresses, and (d) Credits Under Government Rehabilitaoccupations are stated therein. tion and Readjustment Programs.—Any extension of credit (1) made by the Land Bank (/) Disaster Credits.—Any extension of credit Commissioner on behalf of the Federal Farm to finance the repair or replacement of property Mortgage Corporation or by any Federal land bank damaged or lost as a result of a flood or other and found, pursuant to regulations issued by the similar disaster which the Federal Reserve Bank 1352 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT of the district in which the disaster occurred finds any Registrant may, after reasonable notice and has created an emergency affecting a substantial opportunity for hearing, be suspended by the number of the inhabitants of the stricken area, pro- Board, in its entirety or as to particular activities vided such extension is made prior to the end of or particular offices or for specified period.s, on any the sixth calendar month following the month in of the following grounds: which the disaster occurred and a statement de- (1) Any material misstatement or omission scribing the damage or loss is preserved in the willfully or negligently made in the registra- Registrant's files. tion statement; (2) Any willful or negligent failure to SECTION 8. MISCELLANEOUS PROVISIONS; DEFINITIONS comply with any provision of this regulation (#) Preservation of Records; Inspections.— or any requirement of the Board pursuant Every Registrant shall preserve, for the life of thereto. the obligation to which they relate, such books of account, records, and other papers (includ- A license which is suspended for a specified ing any statements required by or obtained pur- period will again become effective upon the exsuant to this regulation) as are relevant to estab- piration of such period. A license which is suslishing whether or not an extension of credit pended indefinitely may be restored by the Board, within the scope of this regulation was in con- in its discretion, if the Board is satisfied that its formity with the requirements thereof, provided, restoration would not lead to further violations of however, that the Registrant may preserve photo- this regulation and would not be otherwise incomgraphic reproductions in lieu of such books of patible with the public interest. account, records or papers. (c) Enforceability of Contracts.—Except as For the purpose of determining whether or not may subsequently be otherwise provided, all prothere has been compliance with the requirements of visions of this regulation are designated, pursuant this regulation, every person required to be licensed to section 2(d) of the Executive Order, as being under section 2(a) shall permit the Board or any "for administrative purposes" within the meaning Federal Reserve Bank by its duly authorized repreof said section 2(d), which provides that noncomsentatives, to make such inspections of his business pliance with provisions of the regulation so desigoperations as the Board or Federal Reserve Bank nated shall not affect the right to enforce contracts. may deem necessary or appropriate, including inspections of books of account, contracts, letters or (d) Clerical Errors.—Any failure to comply other relevant papers wherever located, and, for with this regulation resulting from a mistake in such purpose, shall furnish such reports as the determining, calculating, or recording any price, Board or the Federal Reserve Bank may require. down payment, or extension of credit, or other When ordered to do so by the Board, every person similar matter, shall not be construed to be a violashall furnish, under oath or otherwise, such in- tion of this regulation if the Registrant establishes that such failure to comply was the result of exformation relative to any transaction within the cusable error and was not occasioned by a regular scope of the Executive Order as the Board may course of dealing. deem necessary or appropriate for such^ purpose, including the production of books of account, con- (e) Non-Compliance Due to Facts Outside tracts, letters or other papers in the custody or Registrant's Knowledge.—The prohibitions of control of such person. this regulation shall not apply to a Registrant with respect to any failure to comply with this (b) Suspension of License.3—The license of regulation in connection with (1) an extension 3 In addition, any Registrant who willfully violates or know- of credit made by him if, at the time he made it, ingly participates in a violation of this regulation is subject to the penalties prescribed in section 5(b) of the Act of October he did not know or have reason to know any fact 6, 1917, as amended, which reads in part as follows: "Whoever willfully violates any of the provisions of this subdivision or of by reason of which such extension failed to comply; any license, order, rule, or regulation issued thereunder, shall, upon conviction, be fined not more than $10,000, or, if a natural (2) an obligation purchased, discounted or acquired person, may be imprisoned for not more than ten years, or both; as collateral by him if, when he purchased or disand any officer, director, or agent of any corporation who knowingly participates in such violation may be punished by a like counted the obligation or acquired it as collateral, fine, imprisonment, or both." DECEMBER 1946 1353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the obligation did not show on its face any failure which the obligor undertakes to make two or to comply and he did not know any fact by reason more scheduled payments or deposits usable of which the extension of credit giving rise to the to liquidate the credit, or which has a similar obligation failed to comply; or (3) an obligation purpose or effect. renewed, revised, or consolidated by him if, at the (5) "Instalment Sale" means an instalment time when he renewed, revised or consolidated it, credit in a principal amount of $2,000 or less he did not know or have reason to know any fact which is made as principal, agent or broker, by by reason of which such renewal, revision or conany seller of any consumers' durable good solidation failed to comply. With respect to any listed in the Supplement to this regulation loan on the security of an obligation which arises (herein called a "listed article") and which out of an extension of credit subject to this regulaarises out of a sale of such listed article. For tion, the prohibitions of this regulation shall be this purpose, "sale" includes a lease, bailment, deemed to apply only to payments arising out of or other transaction which is similar in purpose the obligation rather than to payments arising out or effect to a sale. of the loan. (6) "Instalment Loan" means an instalment (/) Transactions Outside Unfted States.— credit, other than an instalment sale, in the Nothing in this regulation shall apply with reform of a loan which is in a principal amount spect to any extension of credit made in Alaska, of $2,000 or less; but the definition does not the Panama Canal Zone, or any territory or possesinclude any loan upon the security of any oblision outside the continental United States. gation which arises out of any instalment sale (g) Right of Registrant to Impose Stricter or instalment loan. Requirements.—Any Registrant has the right to (7) "Cash Price" means a bona fide cash refuse to extend credit, or to extend less credit than purchase price of an article, including the bona the amount permitted by this regulation, or to refide cash purchase price of any accessories, any quire that repayment be made within a shorter bona fide delivery, installation and service period than the maximum permitted by this regucharges (other than interest, finance or insurlation. ance charges), and any applicable sales taxes. (h) Definitions.—For the purposes of this regulation, unless the context otherwise requires: SUPPLEMENT TO REGULATION W (1) "Person" means an individual, partner- Effective December 1, 1946 ship, association, or corporation. Part 1. Listed Articles, Maturities, Down (2) "Registrant" means a person who is Payments, Loan Values.—For the purposes of licensed pursuant to section 2(b). Regulation W, the following articles, whether new (3) "Extension of Credit" has the meaning or used, are "listed articles", and the following given it in the Executive Order.4 maximum maturities, required down payments and maximum loan values are prescribed (such down (4) "Instalment Credit" means an extension payments and loan values to be calculated as speciof credit which the obligor undertakes to repay fied in Parts 4 and 5 of this Supplement); but no in two or more scheduled payments or as to article having a cash price of less than $50.00 shall 4 The pertinent part of the Executive Order reads as follows: be considered a listed article: "(Extension of credit" means any loan or mortgage; any instalment purchase contract, any conditional sales contract, or any sale or contract of sale under which part or all of the price is Group A—15 months maximum maturity, 33f/3 payable subsequent to the making of such sale or contract; any rental-purchase contract, or any contract for the bailment or per cent minimum down payment, dG2/z per cent leasing of property under which the bailee or lessee either has the option of becoming the owner thereof or obligates himself to maximum loan value: pay as compensation a sum substantially equivalent to or in •xcess of the value thereof; any contract creating any lien or similar claim or property to be discharged by the payment of 1. Automobiles (passenger cars designed for the money; any purchase, discount, or other acquisition of, or any extension of credit upon the security of, any obligation or claim purpose of transporting less than 10 passenarising out of any of the foregoing; and any transaction or gers, including taxicabs). series of transactions having a similar purpose or effect. 1354 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Group B—15 months maximum maturity, 331/$ age of the cash price or of the "appraisal guide per cent minimum down payment, 66/^ per cent value", whichever is lower, and the required down maximum loan value: payment shall be the difference between the cash price and the maximum loan value as so calculated. 1. Cooking stoves and ranges, designed for "Appraisal guide value" means the estimated household use. average retail value as stated in such edition of any 2. Dishwashers, mechanical, designed for house- regularly published automobile appraisal guide as hold use. the Board may designate for this purpose for use in* 3. Ironers designed for household use. the territory in which such used automobile is sold, plus any applicable sales taxes. Information as to 4. Refrigerators, mechanical, of less than 12 the guide or guides designated for any given terricubic feet rated storage capacity (including tory may be obtained from any Federal Reserve food freezers). Bank or branch. 5. Washing machines designed for household use. Part 5. Calculation of Down Payments for Articles in Group B or Group C.—If any article 6. Combination units incorporating any listed is traded in by the purchaser on an article listed in article in the foregoing classifications of Group B or Group C, the required down payment this Group B. and the maximum loan value shall be the specified 7. Air conditioners, room unit. percentage of the net price of the article after de- 8. Radio receiving sets, phonographs, or combi- ducting from the cash price the amount allowed for nations. the trade-in; and such down payment shall be obtained in cash in addition to the trade-in. 9. Sewing machines designed for household use. 10. Suction cleaners designed for household use. Foreign Funds Control Group C—15 months maximum maturity, 20 per Treasury Department Releases cent minimum down payment, 80 per cent maxi- The following releases relating to transactions in mum loan value: foreign exchange, etc., in addition to those hereto- 1. Furniture, household, (including ice refriger- fore published in the Federal Reserve BULLETIN, ators, bed springs, mattresses and lamps); have been issued by the Office of the Secretary of and floor coverings, soft surface. the Treasury under authority of the Executive Order of April 10, 1940, as amended, and the regu- Part 2. Unclassified Instalment Loans.—The lations issued pursuant thereto: maximum maturity of any instalment loan subject Treasury Department to section 4(£) shall be 15 months. Foreign Funds Control October 15, 1946 Part 3. Refinancing Pursuant to -Statement of Changed Conditions.—The maximum maturity AMENDMENT TO GENERAL LICENSE NO. 95 of any refinancing pursuant to a Statement of Under Executive Order No. 8389, As Amended, Executive Changed Conditions as specified in section 5{b) Order No. 9193, As Amended, Section 5(b) of the Trading with the Enemy Act, As Amended by the First War shall be 18 months. Powers Act, 1941, Relating to Foreign Funds Control* Paragraph (d)(l) of § 131.95 (Paragraph (4) (a) of Gen- Part 4. Calculation of Down Payments for eral License No. 95) is hereby amended to read as follows: Automobiles.—In the case of a new automobile, § 131.95 Property certified by governments of specified the required down payment and maximum loan countries. * * * value shall be the specified percentage of the (d) Definitions. * * * cash price; and such down payment may be ob- * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 tained in the form of cash, trade-in, or both. Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, The same rule shall apply in the case of a used July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended automobile, except that after January 1, 1947, the by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, maximum loan value shall be the specified percent- as amended June 14, 1941, February 19, 1946, and June 28, 1946. DECEMBER 1946 1355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (1) The term "country specified herein" means the fol- a partnership, association, corporation, or other organization lowing: solely by reason of the fact that it is organized under the (i) France, effective October 5, 1945; laws of Taiwan (Formosa) or has had its principal place (ii) Belgium, effective November 20, 1945; of business therein. (in) Norway, effective December 29, 1945; JOHN W. SNYDER, (iv) Finland, effective December 29, 1945; Secretary of the Treasury. (v) The Netherlands, effective February 13, 1946; Treasury Department (vi) Czechoslovakia, effective April 26, 1946; Foreign Funds Control (vii) Luxembourg, effective April 26, 1946; November 15, 1946 (viii) Denmark, effective June 14, 1946; (ix) Greece, effective October 15, 1946; AMENDMENT TO PUBLIC CIRCULAR NO. 29 and each country specified herein shall be deemed to include Under Executive Order No. 83 89, As Amended, Executive any colony or other territory subject to its jurisdiction. Order No. 9193, As Amended, Sections 3 (a) and 5 (b) of JOHN W. SNYDER, the Trading with the Enemy Act, As Amended by the Secretary of the Treasury. First War Powers Act, 1941, Relating to Foreign Funds Control* Treasury Department Part 131, Appendix' B (Public Circular No. 29) is hereby Foreign Funds Control amended to read as follows: November 15, 1946 STATUS OF ACCOUNTS OF INTERNEES PUBLIC CIRCULAR NO. 33 1. Status of accounts upon parole or release of internee. Under Executive Order No. 83 89, As Amended, Executive Instructions or notifications by or in behalf of the Treasury Order No. 9193, As Amended, Sections 3(a) and 5(b) of Department blocking the property of any person as an interthe Trading with the Enemy Act, Relating to Foreign nee shall be regarded as revoked upon the parole or release Funds Control.* of the person from internment, provided that if the person was paroled or released prior to March 15, 1946, that date STATUS OF TAIWAN (FORMOSA) shall be regarded as the effective date of revocation. How- (1) In general. For the purposes of the Order and Gen- ever, the provisions hereof shall not apply to any person eral Ruling No. 11; released into the custody of the Immigration and Naturalization Service for deportation proceedings nor to any person (a) Taiwan (Formosa) shall be deemed to be subject who is the subject of a "Removal order" issued pursuant to to the jurisdiction of China; Presidential Proclamation 2655 of July 14, 1945. (b) No person shall be deemed a national of Japan 2. Applicability of General License No. 42. The accounts solely by reason of the fact that, at any time on of internees blocked pursuant to specific directions from the or since the effective date of the Order, Taiwan Treasury Department are not unblocked by virtue of Gen- (Formosa) was regarded as part of Japan. eral License No. 42 as amended on August 27, 1946. (2) Under General Ruling No. 11 A. Paragraph (l)(c) JOSEPH J. O'CONNELL, JR., of General Ruling No. 11A shall not be deemed to apply to Acting Secretary of the Treasury. * Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; * Sec. 3(a), 40 Stat. 412, Sec. 5(b), 40 Stat. 415, 966, Sec. 2, Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; 12 U.S.C. 95 48 Stat. 1, 54 Stat. 179, 55 Stat. 838; 50 U.S.C. App. 3, 12 note, 95a, 31 U.S.C. 804 a note 50 U.S.C. App. 3, App., Sup., U.S.C. 95a, 50 U.S.C. App. 5, 12 U.S.C. 95a, 50 U.S.C. App. 5(b), 616; E.O. 8389, April 10, 1940, as amended by E.O. 5, 12 U.S.C. 95 note, 50 U.S.C. App., Sup., 616; E.O. 8389. 8785, June 14, 1941, E.O. 8832, July 26, 1941. E.O. 8963, April 10, 1940, as amended by E.O. 8785, June 14, 1941, E.O. Dec. 9, 1941, and E.O. 8998, Dec. 26, 1941, 5 F.R. 1400, 6 8832, July 26, 1941, E.O. 8963, Dec. 9, 1941, and E.O. 8998, F.R. 2897, 3715, 6348, 6785; 3 CFR. Cum. Supp., E.O. 9193, Dec. 26, 1941. E.O. 9193, Tuly 6, 1942, as amended by E.O. July 6, 1942, as amended by E.O. 9567, June 8, 1945, 7 F.R. 9567, June 8, 1945; 3 CFR, Cum. Supp., 10 F.R. 6917; Regula- 5205, 10 F.R. 6917; Regulations, April 10, 1940, as amended' tions, April 10, 1940, as amended Tune 14, 1941, February 19, June 14, 1941, July 26, 1941. February 19, 1946, and June 1946, and June 28, 1946; 31 CFR, Cum. Supp. 130, 1-7, 11 F.R. 28, 1946, 5 F.R. 1401, 6 F.R. 2905, 3722, 11 F.R. 1769, 7184, 1769, 7184. 31 CFR, Cum. Supp., 130, 1-7. REVISED EDITION OF FEDERAL RESERVE ACT The Board of Governors of the Federal Reserve System has just published a revised edition of the Federal Reserve Act, as amended to November 1, 1946, with an Appendix containing provisions of certain other statutes afTecting the Federal Reserve System. The new edition, which has been prepared in the office of the Board's General Counsel, under the direction of the Board, brings up to date and supersedes an edition of the Act which was published in 1935. Copies of the revised edition are now available for distribution to the public and may be obtained at a price of 50 cents each for paper-bound copies or $1 each for cloth-bound copies. Requests for copies should be sent to the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. 1356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Federal Reserve Meetings System on November 19, 1946, announced the ap- The Federal Advisory Council met in Washing- pointment of Mr. Josiah M. Koch, Vice President ton on December 1-3, 1946. The Council met with and Director, Quaker State Oil Refining Corporathe Board of Governors of the Federal Reserve Sys- tion, Oil City, Pennsylvania, as a director of the tem on December 3, 1946. Pittsburgh Branch of the Federal Reserve Bank of Cleveland for the unexpired portion of the term The Conference of Chairmen of the Federal Reending December 31, 1947. serve Banks met in Washington, D. C, on December 5 and 6, 1946. Admissions of State Banks to Membership in the Resignation of Director Federal Reserve System On November 19, 1946, the Board of Governors The following State banks were admitted to accepted the resignation of Mr. W. W. Waymack, membership in the Federal Reserve System during Editor and Vice President, The Register and the period October 16, 1946, to November 15, 1946: Tribune, Des Moines, Iowa, as a Class C director of the Federal Reserve Bank of Chicago. Mr. New Mexico Waymack had served as a Class C director since December 26, 1941, and as Deputy Chairman since Bayard—The Grant County State Bank October 12, 1942. Appointment of Branch Director Oklahoma The Board of Governors of the Federal Reserve Weatherford—Security State Bank DECEMBER 1946 1357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled November 26, and released for publication November 29] Output and employment at factories were main- Output of durable manufactures increased slightly tained at record peacetime levels in October. The in October as activity in the nonferrous metals and total value of goods distributed was maintained at machinery industries continued to advance. The a high level but below the level of production, and number of passenger cars and trucks produced inventories increased further. Prices in wholesale increased further to a rate 14 per cent above the and retail markets generally advanced considerably 1935-39 average and continued to advance in the following the lifting of controls. first two weeks of November. Activity in most other durable goods industries was maintained at INDUSTRIAL PRODUCTION about the September level. During the first three Output at factories and mines, as measured by weeks of November steel output rose slightly to an the Board's seasonally adjusted index, increased average scheduled rate of 91 per cent of capacity, slightly further in October and was at a level of 182 but in the fourth week output dropped sharply per cent of the 1935-39 average as compared with owing to a cessation of operations at most bitu- 180 in September. Production was maintained at minous coal mines on November 21 as a result of this level in November up to the beginning of work work stoppages. stoppages in bituminous coal mines. CONSTRUCTION Production of nondurable manufactures in Oc- Value of construction contracts awarded, as retober was at a postwar peak rate of 169 per cent ported by the F. W. Dodge Corporation, declined of the 1935-39 average. Output of manufactured further in October to a level two-fifths below the food products rose sharply, reflecting chiefly the May peak, but they were still about double the exceptionally large volume of meat production after 1939 average. Awards for residential building dethe middle of October when Federal price controls creased by one-fifth in October, more than offsetting were removed. The number of animals slaughtered an increase in the value of contracts awarded for under Federal inspection declined somewhat from factory construction. late October levels during the first half of November. Output of textile products advanced in DISTRIBUTION October to a level of 170 per cent of the 1935-39 Department store sales, which usually increase average and there were also small gains in activity from September to October, showed little change in some other nondurable goods industries. this year, and the Board's seasonally adjusted index INDUSTRIAL PRODUCTION VALUE OF CONSTRUCTION ACTIVITY 5ER CENT PHYSCAL VOLUNE SEASONALLY ADJUSTED, 1935-39 MILLIONS OF DOLLARS 260 *v i ! 240 220 / / \ 200 J I 1 200 1 180 J 1 / 180 160 160 J 140 140 / 120 120 100 - 80 1940 1942 1944 1946 1940 1942 Federal Reserve index. Monthly figures, latest shown is for Latest figures shown are for November. October. 1358 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS declined to 258 per cent of the 1935-39 average as Retail prices of foods and numerous miscelcompared with 269 for September and 290 for laneous products increased considerably further in August. Sales increased seasonally, however, in October and November. Most of the increases octhe first half of November and were 22 per cent curred after the middle of October, at which time larger than a year ago. Department store stocks the consumers' price index was 2 per cent higher continued to rise in October and the Board's sea- than in September and 15 per cent above the level sonally adjusted index reached a new high of 235 at the end of the war. per cent of the 1935-39 average, notwithstanding BANK CREDIT a further marked decrease in stocks in the New York City area as a result of a trucking strike. Commercial and industrial loans at reporting During October and the early part of November banks in 101 leading cities showed further sharp railroad carloadings of livestock were in exception- increases in October and the first three weeks of ally large volume and shipments of most other November. Real estate and consumer loans also classes of railroad revenue freight were also main- continued to increase steadily. Government setained at high levels. curity holdings declined further, reflecting principally Treasury debt retirement. Deposits of COMMODITY PRICES businesses and individuals have shown little fur- Following the initial sharp increases in prices ther change. of many basic commodities in October and the Member bank, reserves showed little over-all early part of November, after the lifting of con- change during October and the first three weeks trols, prices of some agricultural products, like of November. Losses of funds by member banks cotton, corn, and poultry products, declined, while as a result of an outflow of currency and a transfer prices of wheat, flour, and sugar advanced. Initial of deposits from member banks to Reserve Banks advances in prices of nonferrous metals, steel scrap, due to Treasury operations were about equal to the and rayon were maintained, and in the latter part funds banks obtained by borrowing at Reserve of November prices of some of these industrial Banks and from an inflow of gold. Government materials advanced further. There were also re- security holdings at Reserve Banks fluctuated conported in this period substantial increases in whole- siderably in October but were little changed over sale prices of a number of finished manufactured the period. products. GOVERNMENT SECURITY HOLDINGS OF BANKS IN LEADING CITIES CONSUMERS' PRICES BONDS y CERTIFICATES JVr NOTES / •n r- 80 BILLS ^ ^ 1939 1940 1941 1942 1943 1944 1945 1946 1947 1939 1940 1941 1942 1943 1944 1945 1946 Latest figures shown are for October. Latest figures shown are for Nov. 20. 1359 DECEMBER 1946 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 1363 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements.. 1364 Federal Reserve Bank statistics. 1365-1368 Guaranteed war production loans. . . . 1369 Deposits and reserves of member banks. . 1369-1370 Money in circulation 1371-1372 Gold stock; bank debits and deposit turnover. . 1372 Deposits and currency; Postal Savings System; bank suspensions. 1373 All banks in the United States, by classes ... 1374-1375 All insured commercial banks in the United States, by classes. 1376-1377 Weekly reporting member banks . . . 1378-1381 Commercial paper, bankers' acceptances, and brokers' balances. 1382 Money rates and bond yields. . 1383 Security prices and new issues. . 1384-1385 Corporate earnings and dividends. . 1386 Treasury finance 1387-1389 Government corporations and credit agencies. 1390 Business indexes. . 1391-1400 Department store statistics. . 1401-1403 Consumer credit statistics. 1404-1406 Cost of living. 1406 Wholesale prices. . ,. 1407 Gross national product, national income, and income payments 1408 November Crop Report, by Federal Reserve districts. 1409 Current statistics for Federal Reserve chart book. . 1410-1412 Number of banking offices in the United States. . 1413 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. DECEMBER 1946 1361 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 194! 1942 1943 1944 1945 to 1939 1940 1941 1942 1943 1944 1945 1946 Wednesday figures, latest shown are for Nov. 20. See p. 1363. 1362 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—Aug 388 22,052 19,230 2 822 431 22,871 20,116 4,202 27,392 2,257 549 1,554 457 14,978 1,084 Sept. 398 22,877 20,051 2 827 434 23,709 20,090 4,221 27,765 2,261 609 1,499 470 15,414 1,063 Oct 369 23,123 20 216 2,908 39S 23,888 ?0 048 4,261 27,943 2,259 448 1,388 483 15,675 1,057 1946—Aug. 247 23,584 22,233 1,351 427 24,258 20.271 4,541 28,352 2,262 524 1,328 573 16,031 891 Sept. 283 23,614 22,254 1,360 493 24,391 20,291 4,545 28,478 2,275 515 1,214 585 16,160 885 Oct. 251 23,471 22 030 1,441 421 24 14320,330 4,546 28,588 2,2-74 444 947 597 16,167 863 End of month figures: 1945—Aug. 31 . 362 22,530 19 653 2,877 315 23,?07 ?0 088 4,217 27,685 2,230 552 1 577 457 15 011 920 Sept. 30.... 334 23,328 20 418 2,911 420 24,082 20,073 4,251 27,826 2,246 854 1,487 473 15,520 1,153 Oct. 31... . 439 23,276 20 379 2,898 272 23 987 20,036 4,278 28,049 2,244 429 1,373 483 15,723 904 1946—Aug. 31 331 23,946 22 595 1,351 471 24,748 20,280 4,544 28,448 2,256 704 1,345 574 16,245 1,085 Sept.30.... 213 24,049 22 626 1,423 331 24,594 20,305 4,546 28,507 2,289 1,081 1,069 590 15,910 725 Oct. 31... . 253 23,518 22 047 1,470 338 24 109 20,402 4,549 28,600 2,285 628 1,020 595 15,931 567 Wednesday figures: 1946—Jan. 2 222 24,092 21 602 2,490 533 24,847 20,065 4,352 28,491 2,306 771 1,299 498 15 900 1,439 Jan. 9.... 215 23,859 21 377 2,482 463 24,536 20,046 4,362 28,297 2,256 758 1,307 505 15,822 1,266 Jan. 16 210 23,437 21 030 2,407 426 24 072 20,111 4,377 28,119 2,262 272 1,257 505 16,145 1,423 Jan. 23 207 23,341 20 968 2,373 373 23 922 20,135 4,385 27,977 2,282 578 1,239 506 15,859 1,169 Jan. 30.... 310 23,297 20 945 2,352 291 23,898 20,157 4,404 27,914 2,295 762 1,298 507 15,681 1,061 Feb. 6 289 23,227 20 876 2,352 324 23 840 20,157 4,413 27,929 2,306 716 ,226 516 15,717 1,115 Feb. 13 411 23,253 20 904 2,349 270 23 933 20,157 4,424 27,967 2,301 864 ,173 516 15,693 1,146 Feb. 20.... 352 23,017 20 692 2,326 417 23 787 20,233 4,434 27,955 2,318 940 ,235 516 15,490 950 Feb. 27 380 22,972 20 652 2,320 325 23 677 20,233 4,447 27,938 2,317 826 ,203 517 15,555 1,039 Mar. 6 443 22,526 20 207 2,320 327 23 297 20,232 4,451 27,957 2,284 612 ,153 531 15,444 924 Mar.13 710 22,393 20 074 2,320 319 23 423 20,232 4,456 27,946 2,260 501 ,210 530 15,663 1,112 Mar. 20 483 22,592 20 335 2,258 408 23 483 20,233 4,467 27,889 2,267 774 ,230 540 15.484 929 Mar. 27.... 683 22,974 20 634 2,340 305 23 963 20,257 4,478 27,842 2,298 1,397 ,226 540 15,395 995 Apr. 3 686 21,969 19 603 2,366 280 22 936 20,255 4,485 27,912 2,271 533 ,013 550 15,396 1,072 Apr. 10.... 353 22,232 19 866 2,366 261 22 846 20,253 4,492 27,955 2,259 260 ,161 550 15,406 940 Apr. 17.... 326 22,103 19 736 2,366 429 22 857 20,251 4,514 27,948 2,259 334 ,138 548 15,395 843 Apr. 24 324 22,304 19 874 2,430 274 22 901 20,247 4,536 27,877 2,260 385 ,159 547 15,457 836 May 1 225 22,579 20 003 2,577 279 23 084 20,251 4,535 27,888 2,267 409 1,010 548 15,747 ! ,111 May 8... 207 22,732 20 134 2,598 279 23 219 20,248 4,534 27,958 2,266 314 1,162 550 15,751 1,014 May 15 14522,660 20 019 2,641 447 23 252 20,245 4,534 27,950 2,265 504 1,110 550 15,652 916 May 22 16322,643 20 001 2,641 326 23 132 20,245 4,532 27,961 2,262 562 1,069 550 15,505 700 May 29... 237 22,983 20 341 2,641 337 23 556 20,242 4,533 28,106 2,265 681 1,038 553 15,689 830 June 5... 252 22,780 20 129 2 ,,651 417 23 450 20,272 4,534 28,159 2,285 394 1,063 556 15,799 738 June 12... 252 23,270 20 619 2,651 374 23 896 20,271 4,537 28,128 2,280 860 969 557 15,909 833 June 19... 252 22,691 20 187 2,503 512 23 454 20,272 4,536 28,116 2,260 419 985 566 15,916 671 June 26... 231 23,385 20 882 2,503 369 23 986 20,269 4,539 28,135 2,262 970 950 569 15,910 867 July 3. .. 239 23,003 21 652 1,351 453 23 694 20,270 4,540 28,395 2,249 507 971 567 15,815 730 July 10... 292 23,394 22 043 1,351 333 24 019 20,271 4,537 28,335 2,254 664 L ,116 568 15,889 825 July 17... 204 23,230 21 879 1,351 462 23 895 20,271 4,538 28,241 2,249 513 1,165 568 15,968 859 July 24... 219 23,652 22 301 1,351 358 24 229 20,269 4,539 28,187 2,263 674 1,473 563 15,877 753 July 31... 246 23,633 22 282 1,351 286 24 16420,267 4,540 28,254 2,250 513 1,401 562 15,991 856 Aug. 7. .. 258 23,593 22 242 1,351 283 24 134 20,266 4,538 28,326 2,263 353 1,331 573 16,093 964 Aug. 14... 263 23,575 22 224 1,351 400 24 238 20,268 4,541 28,353 2,262 557 1,295 572 16,008 898 Aug. 21. .. 229 23,486 22 135 1,351 394 24 109 20,274 4,543 28,365 2,265 540 1,250 572 15,933 805 Aug. 28... 216 23,606 22 256 1,351 279 24 10220,280 4,543 28,376 2,274 620 1,214 574 15,867 714 Sept. 4... 291 23,387 22 036 1,351 332 24 011 20,284 4,543 28,506 2,281 293 1,188 581 15,989 778 Sept.11... 250 23,291 21 940 1,351 395 23 935 20,288 4,545 28,499 2,280 199 1,122 581 16,086 754 Sept.18... 262 23,421 22 070 1,351 541 24 224 20,288 4,545 28,453 2,265 359 1,111 588 16,280 872 Sept.25... 294 23,866 22,515 1,351 425 24 585 20,301 4,547 28,448 2,279 928 1,212 590 15,975 724 Oct. 2. .. 218 23,555 22,126 1,428 368 24,14020,306 4,546 28,526 2,301 357 1,045 597 16,166 934 Oct. 9... 271 23,502 22,074 1,428 275 24,04820,305 4,544 28,608 2,270 483 920 598 16,019 766 Oct. 16... 254 23,418 21,973 1,445 480 24,15220,304 4,545 28,597 2,274 524 868 596 16,142 855 Oct. 23... 248 23,056 21,610 1,445 332 23,63620,388 4,546 28,585 2,270 369 972 595 15,779 435 Oct. 30... 238 23,608 22,162 1,445 256 24,10120,399 4,548 28,588 2,285 462 1,006 595 16,111 737 Nov. 6... 376 23,515 22,020 1,494 216 24,107^20,405 4,548 28,750 2,276 408 967 599 16,060 637 Nov. 13... 39 23,684 22,105 1,578 484 24,56520,420 4,548 28,761 2,294 577 1,044 599 16,259 838 Nov.20... 330 23,522 21,933 1,588 462 24,31420,461 4,548 28,689 2,285 633 1,021 597 16,098 P693 p Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 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. DECEMBER 1946 1363 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect November 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Federal Reserve Bank G d s o i e s v c c e o u r r u n e n m d t s e b n y o t f e o l a b i n g li d i g b a le a ti d o p v n a a s p n a e c r n e d s Other [ s S e e c c u . r e 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 13 U d ) i . re S c . t (Sees. 13 and 13a)1 Rate Effective Rate Effective Rate Effective Boston Apr. 27,1946 IK Oct. 27,1942 2 Mar. 29,1946 New York.... Apr. 25,1946 IK Oct. 30,1942 2K Apr. 6,1946 Philadelphia.. Apr. 25,1946 IK Oct. 17,1942 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 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 Apr. 25,1946 IK Oct. 28,1942 2K Apr. 25,1946 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS [Per cent per annum] AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Maturity N R o a v te . o 3 n 0 In g i e n f n fe in c g t — be- Pre r v a i t o e us [In ef M fec a t t u N ri o ti v e e s m n b o e t r e 3 x 0 c . eed P i e n r g ce fi n v t e p y er e a a r n s num] To industrial or Treasury bills H Apr. 30, 1942 commercial To financing institutions Bankers' acceptances: businesses 1- 90 days l xAug. 24, 1946 H 1 9 2 1 1 - - 1 1 2 8 0 0 d d a a y y s s l l l l A O u ct g . . 2 2 4 0 , , 1 1 9 9 4 3 6 3 W 7 A A 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 of 1 N D ew at e Y o o n r k w . hich rate became effective at the Federal Reserve Bank Bank lo O an n s1 co m m O e m n n i t t s - fo P in r o s r w t t i i h t o u i n c - h ma R in e- ing co m m O e m n n t i s t- Back figures.—See Banking and Monetary Statistics. Table 117, tion is portion pp. 443-445. obligated MEMBER BAN [P K e r R ce E n S t E o R f V d E ep o R si E ts Q ] UIREMENTS N Bo ew st o Y n ork 2 2 K K - - 5 5 H-i x ( ( 2 2 ) ) ( ( 3 3 ) ) K-i Net demand deposits1 Time P C h le i v la e d la e n l d phia... 2 2 ^ K 2— -5 5 K K — -l K l VA 42 (2) ( ( 3 3 ) ) K-i4 Period in effect C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m d b e a e p ( n m a o k l s b l s i e ) t r s A S M C R t h i t . i c l i n a c h L n n a m o e g t u a a o o i p n s o d lis. . . 2 2 2 2 2 K K K K K - - - - - 5 5 5 5 5 K K YA ~ ~ - I i I Y y V A A i 2 1 K - ( ( 1 2 2 ) ) - K 5 2K ( ( ( 3 3 3 ) ) - ) 5 5 K K YA ~ ~ - 1 l I Y % A YA Kansas City.. . 2K-5 K—1 yi (2) (3) l/_j[ 1/ J A M u u a n g r e . . 2 1 1 1 6 , , , 1 1 1 9 9 9 1 3 3 7 7 6 - - - A A F u e p b g r. . . 1 2 3 5 8 0 , , , 1 1 1 9 9 9 3 3 3 6 7 7 . . . . . . 2 1 1 2 3 9 H K 1 1 1 0 5 7K I 1 O 2 7 K X 5 3 4 X K S D a a n l la F s rancisco.. 2 2 K Y2 -5 S K K— ~i 1 Y y i i ( ( 2 2 ) ) ( ( 3 3 ) ) 5 6 K K - ~ 1 1 K M A M N A S O e p u c o a p t r g v y . . t . . . 1 2 1 1 1 6 3 0 4 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 4 3 4 3 4 4 2 7 1 8 2 2 - - - - - a A O A O S n e p c u c d p t t r g . . . t a . . ft 1 1 1 3 e 2 9 3 5 1 r , , , , , 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 6 2 6 4 2 0 H 2 2 2 2 2 1 0 0 0 0 0 7 H 1 1 1 1 1 1 2 4 4 4 4 4 5 6 6 6 6 6 low 2 8 1 4 5 e R R M I C r n . a a h c a t t a l y e e u r g d c c c e i h h n h a a o g a r r f r g g g l e e y o e d d i a n r b p b s a e o o t r r r e m r r c o o a e c w w d n h e e t e a r r r i i . g s n l 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 p n o a w i u t t e i m n o r d n e i n b s t b w y u r i r t a f h s i t e n e d a f . i n n p c a i o n n r c g t i i n o g n in s o i t n f i t s l u t o i t a t i 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 REQUIREMENTS * 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. 31,1935 Dec.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. 1364 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 Nov. 27 Nov. 20 Nov. 13 Nov. 6 Oct. 30 Oct. 23 Oct. 16 November October November Assets Gold certificates 17,529,178 17 S14 4? 717 454 47,617 458 479 17 450 478 17 445 476 17, 345476 17,579,176 17,450,428 17,108 064 Redemption fund for F. R. notes 780,442 777,345 779,718 779,661 778,118 778,118 780,015 780,443 778,117 762,380 Total gold certificate reserves.... 18,309,620 18,291,772 18,234,14418 238,09018,228,54618,223,544 18,125,441 18,309,619 18,228,545 17,870,444 Other cash 272,192 ?79 7?4 767 070 769 979 789 761 787, 479 784 853 267, 17.5 291,387 741,74? Discounts and advances: For member banks... 142,428 189,170 261,680 241,289 102,787 113,257 120,005 176,121 117,948 727,816 For nonmember banks etc 140,300 140,300 135,300 134,800 134,800 134,800 133,800 140,300 134,800 47,000 Total discounts and advances 282,728 329,470 396,980 376,089 237,587 248,057 253,805 316,421 252,748 774,816 Industrial loans 1,061 1,112 1,17? 1 104 1 084 1 OSS 1,091 1 079 1,074 7 37? U. S. Gov't securities: Bills: Under repurchase option 4,998,572 4 906 416 S 171 S84 S 70S ??8 S 011 58 S 4 476 706 4 868 487 5 778 3S7 4,875,089 4 S38 61? Other 9 763 7209,763,520 9,731 110 9 7?0 ,140 9, 698 ,700 9,709,060 9,610,365 9 796 S86 9,720,140 8,0S4,196 Certificates: Special Other 7,331,012 7,263,512 7,70?,S1? 7 09 S,012 7 4S? ,001 7,47S,001 7,494,001 7 SS1 017 7,452,001 7,799,761 Notes 835,100 83S, 100 8?S ,100 741,100 690 100 690 100 690 100 83 S 100 715,100 ? 101 5 SO Bonds 753,390 753,390 753,390 753,390 755,290 755,290 755,290 753,390 755,290 977 39? Total U. S. Govt. securities 23,681,79423,521,93823,683,69623,514,87023 607,676 23,055,657 23,418,238 23,944,44523,517,62023,471,511 Other Reserve Bank credit outstanding. . . 449,976 461,577 483,255 214,621 254,514 330,890 478,796 529,192 337,292 448,381 Total Reserve Bank credit outstanding24,415,55924,314,09724,565,05324,106,68424 100,861 23,635,639 24,151,930 24,791,13724,108,73424,697,080 Liabilities Federal Reserve notes.. 24,779,75424,675,51124,702,29524,689,68624 569,990 24,552 ,268 24,557,217 24,799,42924,583,21924,364,692 Deposits: Member bank — reserve account 16,131,047 16,097,879 16,258,513 16,060,31916 111,318 15,779,360 16,141,916 16 512,697 15,931,244 16,022,382 U. S. Treasurer—general account 664,626 633,174 577,215 408,053 462,199 369,246 524,073 619,658 627,639 865,971 Foreign 640,734 S96,368 67?,289 667^48 687,985 S3S,297 S39 385 6?7,928 694 883 88S,382 Other 312,598 424,791 422,021 300,125 317,787 436,731 329,011 322,895 325,031 323,468 Total deposits 17,749,005 17,752,212 17,880,03817,435,74517 579,289 17,120,634 17,534,385 18,083,178 17,578,797 18,097,203 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. 43.1 43.1 42.8 43.3 43.2 43.7 43.1 42.7 43.2 42.1 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h t s o 6 to m 1 o y n e t a h r s 1 2 y y e e a a r r s to2 5 y y e e a a r r s s to 5 O y v e e a r rs Discounts and advances: Oct. 23 248,057 96,487 22,297 110,900 18,373 Oct. 30 237,587 94,839 111,990 22,675 8,083 Nov. 6 376,089 225,061 108,385 32,008 5,635 5,000 Nov. 13 396,980 341,862 23,910 20,098 10,610 500 Nov. 20 329,470 272,847 20,090 18,898 17,635 Industrial loans: Oct. 23 ,035 915 57 3 3 6 6 36 Oct. 30 ,084 958 6 58 3 7 7 34 Nov. 6 ,104 985 1 57 4 5 7 34 Nov. 13 ,122 1,006 1 58 4 5 7 34 Nov. 20 ,112 996 58 1 4 4 7 34 U. S. Government securities: Oct. 23 23,055,657 3,835,8332,176,6104,906,594 4,755,629 3,065,356 3,264,945 320,400 148,350 581,940 Oct. 30 23,607,6764,192,984 ,282,2414,942,778 4,831,6823,065,356 3,241,945 320,400 148,350 581,940 Nov. 6 23,514,8703,476,7512,306,0115,383,964 ,315,0921,370,7 613,506 320,400 148,350 580,040 Nov. 13 23,683,6962,291,276 3,443,660 5,414,8476,393,3611,402,756 3;689,006 320,400 148,350 580,040 Nov. 20 23,521,9383,284,428 2,782,7424,866,964 6,386,2521,409,7563,743,006 320,400 148,350 580,040 DECEMBER 1946 1365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo St u . is M a i p n o n li e s - Ka C n i s ty as Dallas F c r S i a a s n c n - o Assets Gold certificates: Oct. 23 7,445,426 755,591 5,285,177 836,7341,104,598 937,547 882,6583,351,569 558,987 338,520 568,589 453,488 ,371,968 Oct. 30 7,450,428 742,075 4,999,936 850,9921,130,384 992,244 885,8423,482,215 567,215 338,461 576,962 466,1332,417,969 Nov. 6 7,458,429 769,561 5,110,653 829,7001,120,4211,110,769 964,4433,209,942 586,600 343,259 583,421 478,667 ,350,993 Nov. 13 7,454,426 747,723 5,235,510 851,2921,071,3371,100,046 971,1033,217,309 557,887 339,155 587,315 474,920 ,300,829 Nov. 20 17,514,427 729,269 5,365,601 838,3311,117,2791,052,680 944,2983,221,267 565,603 346,381 587,841 462,9142,282,963 Redemption fund forF. R.notes: 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 Oct. 30 778,118 56,399 117,278 60,366 75,838 61,729 45,220 126,131 46,840 21,285 34,331 25,293 107,408 Nov. 6 779,661 56,373 117,187 60,305 75,789 61,720 45,167 128,066 46,822 21,267 34,312 25,278 107,375 Nov. 13 779,718 56,177 116,424 61,006 76,505 60,393 46,931 127,733 46,737 21,237 34,248 25,210 107,117 Nov. 20 777,345 56,043 115,971 60,816 76,337 59,617 46,795 127,552 46,679 21,215 34,200 25,174 106,946 Total gold certificate reserves: Oct. 23 18,223,544 811,990 5,402,455 897,1001,180,436 999,276 927,8783,477,700 606,827 359,805 602,920 478,7812,479,376 Oct. 30 18,228,546 798,474 5,117,214 911,3581,206,2221,053,973 931,0623,608,346 614,055 359,746 611,293 491,4262,525,377 Nov. 6 18,238,090 825,934 5,227,840 890,0051,196,2101,172,4891,009,6103,338,008 633,422 364,526 617,733 503,9452,458,368 Nov. 13 18,234,144 803,900 5,351,934 912,2981,147,8421,160,4391,018,0343,345,042 604,624 360,392 621,563 500,1302,407,946 Nov. 20 18,291,772 785,312 5,481,572 899,1471,193,6161,112,297 991,0933,348,819 612,282 367,596 622,041 488,0882,389,909 Utner casn. 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 Oct. 23 Oct. 30 289,761 23,704 70,724 20,086 20,703 19,235 19,122 34,482 17,479 6,198 15,489 9,278 33,261 Nov. 6 269,929 22,090 63,139 19,206 18,263 20,808 18,996 32,396 15,038 6,678 15,346 8,402 29,567 Nov. 13 . . 267,070 20,661 65,401 18,446 18,462 19,777 17,789 31,554 15,801 5,596 16,170 8,961 28,452 Nov. 20 279,724 22,872 64,961 19,861 17,386 22,851 20,271 31,954 16,797 6,124 16,645 9,926 30,076 vances: Secured by U. S. Govt. securities: 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 Oct. 23.. Oct. 30.. 102,787 5,385 26,055 8,147 5,729 17,870 8,199 10,350 8,190 2,200 7,025 3,032 605 Nov. 6. . 241,289 4,600 74,540 10,801 45,149 10,520 19,199 38,720 15,200 4,200 11,060 4,800 2,500 Nov. 13. . 261,680 20,725 83,540 17,377 58,225 11,770 11,028 33,620 6,380 400 8,010 4,275 6,330 Nov. 20. . 189,170 7,300 27,980 14,082 34,667 12,970 23,028 29,820 13,950 350 12,118 9,275 3,630 Other Oc : t. 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 Oct. 30.. 134,800 8,563 45,555 11,105 12,444 6,289 5,085 17,929 4,549 3,345 4,415 4,282 11,239 Nov. 6. . 134,800 8,243 48,890 10,690 11,979 6,054 4,895 17,259 4,379 3,220 4,250 4,122 10,819 Nov. 13. . 135,300 8,307 48,723 10,773 12,072 6,101 4,933 17,393 4,413 3,245 4,283 4,154 10,903 Nov. 20. . 140,300 8,627 50,388 11,188 12,537 6,336 5,123 18,063 4,583 3,370 4,448 4,314 11,323 Industrial loans: Oct. 23 1,035 60 975 Oct! 30...... 1,084 60 1,024 1,104 60 1,044 Nov 13 . 1,122 60 1,062 Nov 20 1,112 56 1,056 U. S. Govt. securities: Bills: Under repurchase option: 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 Oct. 30. .5,011,585 65,653 3,410,343 136,857 60,738 58,290 37,720 803,845 70,915 25,060 83,783 28,711 229,670 Nov. 6. .5,205,228 79,583 3,465,039 150,917 80,391 63,830 33,460 871,340 88,385 20,005 96,043 30,665 225,570 Nov. 13. . 5,171,584 70,474 3,482,442 144,833 80,014 52,225 34,160 889,455 73,315 30,675 70,231 26,500 217,260 Nov. 20. . 4,906,416 77,144 3,195,539 158,721 72,224 52,055 34,664 867,362 104,702 23,225 76,855 20,780 223,145 Utn Oc e t r . D i 2 n 3 s . . . 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 Oct. 30 .9,698,700 800,644 401,387 780,8281,362,604 864,185 742,5721,320,598 558,061 364,628 588,549 469,9291,444,715 Nov. 6.. 9,720,140 814,460 191,142 818,0771,317,747 810,536 692,4971,586,701 528,315 383,872 591,547 455,6651,529,581 Nov. 13. . 9,731,110 820,629 194,564 817,9901,336,912 811,442 693,2491,545,799 539,197 381,654 589,705 464,0631,535,906 Nov. 20. . 9,763,520 822,032 260,611 823,1831,342,036 814,118 695,4701,542,815 513,241 374,645 587,137 452,3261,535,906 Certificates: 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 Oct. 30 7,452,001 497,653 1,880,113 586,802 643,058 461,544 395,526 976,784 400,363 222,419 353,347 335,297 699,095 Nov. 6. .. .7,095,012 458,711 1,775,188 540,311 603,-797 429,098 378,129 919,474 400,651 214,324 356,464 340,443 678,422 Nov. 13.... 7,202,512 466,626 1,800,540 548,512 614,987 436,092 383,783 933,286 405,496 217,258 361,599 344,846 689,487 Nov. 20 7,263,512 470,930 1,815,226 553,164 620,936 439,964 387,006 941,148 408,486 218,983 364,564 347,494 695,611 Notes: Oct. 23 690,100 46,093 174,088 •54,337 59,573 42,745 36,628 90,452 37,066 20,594 32,724 31,047 64,753 Oct. 30.... 690,100 46,086 174,110 54,341 59,552 42,741 36,629 90,456 37,076 20,597 32,722 31,050 64,740 Nov. 6. .. . 741,100 47,914 185,425 56,437 63,069 44,821 39,497 96,043 41,849 22,387 37,235 35,560 70,863 Nov. 13 825,100 53,456 206,265 62,836 70,451 49,958 43,965 106,915 46,452 24,888 41,423 39,505 78,986 Nov. 20.... 835,100 54,144 208,701 63,598 71,390 50,584 44,495 108,205 46,964 25,177 41,914 39,952 79,976 Bonds: Oct. 23 755,290 50,447 190,533 59,470 65,200 46,783 40,088 98,997 40,568 22,539 35,bx 33,980 70,870 Oct. 30 755,290 50,439 190,557 59,475 65,177 46,779 40,088 99,001 40,579 22,543 35,813 33,983 70,856 Nov. 6. . . .753,390 48,709 188,500 57,373 64,115 45,564 40,152 97,636 42,543 22,758 37,852 36,150 72,038 Nov. 13 753,390 48,810 188,338 57,375 64,328 45,616 40,144 97,623 42,415 22,725 37,823 36,072 72,121 Nov. 20. .. 753,390 48,846 188,281 57,375 64,405 45,634 40,141 97,618 42,369 22,713 37,814 36,043 72,151 Total U.S. Govt. Oct s . e cur 2 i 3 ties: 23,055,65 1,440,205 5,499,1811,619,2792,177,0111,478,7871,255,4753,374,1181,093,799 637,7721,079,813 894,1472,506,070 Oct. 30 23,607,676 1,460,475 6,056,5101,618,3032,191,1291,473,5391,252,5353,290,6841,106,994 655,2471,094,214 898,9702,509,076 23,514,870 1,449,377 5,805,2941,623,1152,129,1191,393,8491,183,7353,571,1941,101,743 663,3461,119,141 898,4832,576,474 Nov. 13 23,683,69 1,459,995 5,872,1491,631,5462,166,6921,395,3331,195,3013,573,0781,106,875 677,2001,100,781 910,9862,593,760 Nov. 20 23,521,938 1,473,096 5,668,3581,656,0412,170,9911,402,3551,201,7763,557,1481,115,762 664,7431,108,284 896,5952,606,789 Total loans and Oct s . e cu 2 ri 3 ties: 23,304,749 1,453,886 5,571,3871,639,2672,195,2551,500,0351,271,4453,399,9201,110,431 648,2421,095,654 901,0652,518,162 Oct. 30 23,846,34 1,474,483 6,128,1201,638,5792,209,3021,497,6981,265,8193,318,9631,119,733 660,7921,105,654 906,2842,520,920 Nov. 6 23,892,06 1,462,280 5,928,7241,645,6502,186,2471,410,4231,207,8293,627,1731,121,322 670,7661,134,451 907,4052,589,793 Nov. 13 24,081,79 1,489,087 6,004,4121,660,7582,236,9891,413,2041,211,2623,624,0911,117,668 680,8451,113,074 919,4152,610,993 Nov. 20 23,852,5201,489,079 5,746,7261,682,3672,218,1951,421,6611,229,9273,605,0311,134,295 668,4631,124,850 910,1842,621,742 1366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra a n n cisco Due from foreign Oct. 23 92 5 *36 7 8 4 3 11 3 2 3 3 7 Oct. 30 92 5 136 7 8 4 3 11 3 2 3 3 7 Nov. 6 102 5 146 7 8 4 3 11 3 2 3 3 7 Nov. 13 102 5 *46 7 8 4 3 11 3 2 3 3 7 Nov. 20 102 5 *46 7 8 4 3 11 3 2 3 3 7 Federal Reserve notes of other Banks: Oct. 23 126,412 5,638 19,199 5,892 6,021 25,468 9,783 12,788 8,507 6,442 6,695 3,783 16,196 Oct. 30 125,039 5,346 17,288 6,382 6,768 24,759 12,232 13,431 5,885 5,635 7,040 3,319 16,954 Nov. 6 108,993 5,899 13,742 4,263 6,193 23,170 9,046 11.070 6,672 4,531 6,687 3,742 13,978 Nov 13 114,348 4,469 15,993 5,276 5,941 23,832 9,331 12,116 8,497 4,010 6,417 3,044 15,422 Nov. 20 139,082 4,595 22,997 5,983 6,872 26,594 12,114 15,729 8,687 4,265 8,064 4^768 18,414 Uncollected items: Oct 23 2,329,481 168,311 456,313 128,524 208,263 205,929 147,350 393,593 108,460 66,204 119,466 95,293 231,775 Oct 30 2,234,708 161,010 428,044 122,913 219,657 184,529 144,223 371,267 108,794 63,865 141,570 85,412 203,'424 Nov. 6 2,087,501 149,841 342,494 139,640 200,244 200,627 145,823 330,295 101,535 65,141 107,562 86',582 217,717 Nov 13 2,789,402 201,065 548,536 165,380 266,122 237,543 183,853 487,113 137,980 76,365 128,898 131,296 225 251 Nov. 20 2^657,46Q 209,535 551,328 151,423 251,922 231,318 162,618 406,657 130,178 71,663 128,876 107^319 254^632 Bank premises: 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 Oct. 30 ... 32,647 1,306 8,514 3,194 3,895 2,702 1,533 3,064 2.019 1,275 2,538 806 1,801 Nov. 6 32,618 1,306 8,496 3,194 3,895 2,702 1,533 3,064 2,019 1,275 2,532 801 1,801 Nov. 13 32,618 1,306 8,496 3,194 3,895 2,702 1,533 3,064 2,019 1,275 2,532 801 1,801 Nov. 20 32,607 1,306 8,496 3,194 3,895 2,693 1,533 3,064 2,017 1,275 2,532 801 1.801 Other assets: 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 Oct. 30 49,741 3,247 11,457 3,269 4,976 3.017 2,836 7,035 3,094 1,363 2,205 2,339 4,903 Nov. 6 47,561 3,011 10,633 3,071 4,785 2,717 2,697 6,649 3,169 1,367 2,321 2,267 4,874 Nov. 13 50,136 3,227 11,632 3,268 4,958 2,996 2,762 6,633 3,298 1,437 2,469 2,427 5,029 Nov. 20 . ... 52,352 3,357 12,331 3,415 5,137 3,092 2,909 6,967 3,400 1,511 2,548 2,430 5,255 lotai assets. Oct. 23 44,346,237 2,466,612 11,537,4592,697,311 3,616,4602,755,8762,380,451 7,327,1281,853,9111,089,9741,845,0961,491,5615,284,398 Oct 30 44 806,881 2,467,575 11,781,3972,705,7883,671,5312,785,9172,376,8307,356,5991,871,0621,098,8761,885,7921,498,8675 306 647 Nov. 6 44,676,857 2,470,36611.595,1142,705,0363,615,8452,832,9402,395,537 7,348,6661,883,1801,114,2861,886,6351,513,1475,316,105 Nov. 13 . , 45,569,618 2,523,72012,006,4502,768,6273,684,2172,860,497 2,444,567 7,509,6241,889,8901,129,9221,891,1261,566,0775,294,901 Nov. 20 45.305.62S 2,516,06111,888,4572,765,397 3,697,0312.820,5102,420,4687,418,2321,907,6591,120,8991,905,5591,523,5195,321,836 Liabilities Federal Reserve notes: Oct. 23 24,552,268 1,474,613 5.550,1011,656,7762,093,9601,768,0091,441,0384,509,016 1,088,742 581,360 906,245 602,5472,879,861 Oct. 30 24,569,990 1,469,886 5,558,3261.656,5522,091,959 1,775,2561,445,0004,510,5331,091,132 580,496 907,545 606,5732,876,732 Nov. 6 24,689,686 1,471,503 5,588,3581,660,5572,097,688 1,788,0081,450,8414,533,8481,099,229 584,649 914,243 613,1682,887,594 Nov. 13 24,702,295 1,475,601 5,583,4081,666,9622,103,7161,788,0941,449,8944,536,3091,099,988 586,101 914,482 609,4182,888,322 Nov. 20 24,675,511 1,473,157 5,587,7551,664,7922,101,080 1,789,0151,448,2244,533,6031,101,911 586,301 912,680 607,1392,869,854 Deposits: Member bank —reserve account: 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 Oct. 30. . 16,111,318 724,929 5,051,878 792,1941,206,376 744,542 712,4482,296,801 597,999 408,030 777,969 745,7752,052,377 Nov. 6. . 16,060,319 749,818 4,968,065 797,2861,180,530 729,551 728,2112,272,510 601,159 420,453 799,851 745,7482,067,137 Nov. 13. . 16,258,513 737,547 5,131,611 807,2001,177,861 742,568 741,6192,332,293 588,138 420,248 790,609 772,5932,016,226 Nov. 20. . 16,097,879 734,616 4,989,535 795,7211,185,050 724,691 730.0702,299,664 605,544 416,403 799,066 751,0112,066,508 U. S. Treasurer-general account: 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 Oct. 30. . 462,199 27,162 128,895 31,547 43,243 33,166 22,879 66,092 23,728 18,162 19,581 18,072 29,672 Nov. 6. 408,053 31.851 90,796 19,422 31,482 30,823 24,092 64,967 28,728 22,197 23,705 19,173 20,817 Nov. 13. 577,215 50,641 107,225 41,007 59,328 50,925 33,755 82,768 30,388 24,214 26,012 27,734 43,218 Nov. 20. 633,174 45,663 127.650 61,144 76,710 40,645 35,781 87,573 37,329 28,649 33,370 23,754 34,906 Foreign: Oct. 23. 535,297 32,649 U97.722 41.967 47,023 23,764 19,214 67,754 17,191 12,641 16,686 16,180 42,506 Oct. 30. 687,985 42,557 *247,493 54,763 61,361 31,010 25,072 88,412 22,433 16,495 21.773 21,113 55,503 Nov. 6. 667,248 41,349 2239,265 53,209 59,619 30,130 24,361 85,904 21,796 16,027 21,155 20,514 53,919 Nov. 13. 622,289 38,444 *224,083 49,509 55,475 28,035 22,667 79,931 20,281 14,912 19,684 19,088 50,180 Nov. 20. 596,368 37,111 2212,087 47,776 53,532 27,054 21,873 77,133 19,571 14,390 18,995 18,420 48,426 Other: 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 Oct. 30. 317,787 2,925 231,217 3,462 7,249 3,039 2.718 2,843 8,701 2,555 2,631 4,086 46,361 Nov. 6. 300,125 3,763 221,374 2,307 6,656 2,574 1,811 3,663 8,441 2,356 3,254 979 42,947 Nov. 13. 422,021 3,754 347,263 1,923 6,233 2,781 1,135 3,324 7,468 2,013 2,244 577 43,306 Nov. 20. 424,791 3,299 350,428 2.186 6,012 2,815 1,284 3,764 7,846 2,070 1,735 586 42,766 Total deposits: Oct. 23 17,120,634 798,886 5,410,678 867,8711,275,787 776,332 769,9132,404,450 639,529 437,457 809,432 780,5452,149,754 Oct. 30 17,579,289 797,573 5,659,483 881,9661,318,229 811,757 763,1172,454,148 652,861 445,242 821,954 789,0462,183,913 Nov. 6 17,435,745 826,781 5,519,500 872,2241,278,287 793,078 778,4752,427,044 660,124 461,033 847,965 786,4142,184,820 Nov. 13 17,880,038 830,386 5,810,182 899,6391,298,897 824,309 799,1762,498,316 646,275 461,387 838,549 819,9922,152,930 Nov. 20 17,752.212 820,689 5,679,700 906,8271,321,304 795,205 789,0082,468,134 670,290 461,512 853,166 793,7712,192,606 Deferred availability items: 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 Oct. 30 1,980,286 156,688 351,766 112,236 198.481 165,105 140,267 300,307 102,319 55,313 131,690 79,597 186,517 Nov. JS 1.872,982 128,512 275,230 117,109 176,929 218,028 137,760 296,105 98,982 50,602 99,728 89,968 184,029 Nov. 13 2,306,249 174,136 399,847 146,684 218,424 214,125 166,915 382,924 118,676 64,500 113,297 112,987 193,734 Nov. 20 2,195,994 178,484 407,937 138,356 211,357 202,284 154,578 324,313 110,523 55,015 114,908 98,822 199,417 Other liab. incl. accrued div.: Oct. 23... 12,722 720 3,615 735 1,230 608 594 2,112 496 445 486 517 1,164 Oct. 30... 13,736 720 3,938 769 1,292 640 631 2,505 557 413 525 557 1,189 Nov. 6... 13,529 709 3,855 794 1,258 629 547 2,355 532 567 551 450 1,282 Nov. 13... 14,617 698 4,468 883 1,366 678 590 2,487 542 452 578 475 1,400 Nov. 20... 14,087 710 4,151 844 1,337 612 587 2,363 521 553 528 522 1,359 1 After deducting $56,000 participations of other Federal Reserve Banks on Oct. 23; Oct. 30; Nov. 6; Nov. 13; and Nov. 20. 2 After deducting $337,252,000 participations of other Federal Reserve Banks on Oct. 23; $440,081,000 on Oct. 30; $427,595,000 on Nov. 6; $397- 865,000 on Nov. 13; and $383,936,000 on Nov. 20. DECEMBER 1946 1367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o ew rk 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 an it s y as Dallas F c S r is a a c n n o - Total liabilities: Oct. 23 43,684,307 2,423,97411,329,9622,643,178 3,555,043 2:,722,832 2,352,7187,238,275 1,829,7971,072,6141,821,1101,468,527 5I,226,277 Oct. 30 44,143,301 2,424,867 11,573,513 2,651,5233,609,9612,752,758 2,349,0157,267,4931,846,8691,081,4641,861,714 1,475,77 ,248,351 Nov. 6.... 44,011,942 2,427,505 11,386,9432,650,684 3,554,1622,799,743 2,367,6237,259,352 1,858,8671,096,8511,862,4871,490,000 5,257,725 Nov. 13 44,903,199 2,480,82111,797,9052,714,1683,622,4032,827,206 2,416,5757,420,036 1,865,4811,112,4401,866,9061,542,872 I Nov. 20 44,637,804 2,473,040 11,679,5432,710,819 3,635,078 2,787,116 2,392,3977,328,413 1,883,2451,103,3811,881,2821,500,254 5,263,236 Capital Accts.: Capital paid in: 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 Oct. 30.... 184,853 10,899 64,689 13,920 18,277 7,784 7,039 22,244 6,026 4,004 6,118 6,781 17,072 Nov. 6.... 184,878 10,900 64,700 13,923 18,279 7,784 7,039 22,247 6,026 4,004 6,120 6,784 17,072 Nov. 13 184,933 10,903 64,707 13,925 18,279 7,785 7,039 22,279 6,027 4,006 6,125 6,784 17,074 Nov. 20 184,984 10,903 64,723 13,934 18,284 7,785 7,041 22,278 6,029 4,007 6,130 6,785 17,085 Surplus (section 7): 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 Oct. 30 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 Nov. 6.... 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 Nov. 13 358,355 22,439 116,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 Nov. 20 358,355 22,439 111,860 28,946 33,745 15,593 14,450 53,029 12,939 8,869 11,891 10,670 28,924 Surplus (section 13b): 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 Oct. 30.... 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Nov. 6.... 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Nov. 13 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Nov. 20 27,428 3,012 7,205 4,501 1,007 3,326 762 1,429 527 1,073 1,137 1,307 2,142 Other cap. accts: 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 Oct. 30 92,944 6,358 19,130 6,898 8,541 6,456 5,564 12,404 4,701 3,466 4,932 4,336 10,158 Nov. 6 94,254 6,510 19,406 6,982 8,652 6,494 5,663 12,609 4,821 3,489 5,000 4,386 10,242 Nov. 13 95,703 6,545 19,773 7,087 8,783 6,587 5,741 12,851 4,916 3,534 5,067 4,444 10,375 Nov. 20 97,057 6,667 20,126 7,197 8,917 6,690 5,818 13,083 4,919 3,569 5,119 4,503 10,449 Total liabilities and cap. accts: Oct. 23 44,346,237 ,466,612 11,537,4592,697,3113,616,460 ,755,8762,380,4517,327,1281,853,9111,089,9741,845,0961,491,5615,284,398 Oct. 30.... 44,806,881 ,467,575 11,781,3972,705,7883,671,531 ,785,9172,376,830 7~,356,5991,871,0621,098,8761,885,7921,498,8675,306,647 Nov. 6 44.676,857 ,470,36611,595,1142,705,0363,615,845 832,9402,395,537 7,348,6661,883,1801,114,2861,886,6351,513,1475,316,105 Nov. 13 45,569,618 ,523,72012,006,450 2,768,6273,684,217 ,860,4972,444,567 7,509,6241,889,8901,129,9221,891,1261,566,0775,294,901 Nov. 20 45,305,628 ,516,06111,888,4572,765,3972,697,031 ,820,5102,420,468 7,418,2321,907,6591,120,8991,905,5591,523,5195,321,836 Contingent liability on bills, purchased for foreign correspondents: Oct. 23.... 3,614 231 »1,203 300 336 170 137 484 123 91 119 116 304 Oct. 30.... 4,079 261 U.358 339 379 192 155 546 139 102 135 130 343 Nov. 6 5,573 357 U.856 463 518 262 212 747 189 139 184 178 468 Nov. 13 6,019 385 ^,004 500 560 283 229 806 205 150 199 193 505 Nov. 20 6,324 404 l2117 523 587 296 240 845 214 158 208 202 530 Commit, to make indus. loans: Oct. 23.... 8,502 1,661 1,571 382 4,040 450 163 195 Oct. 30.... 8,645 1,612 1,771 382 4,040 450 155 195 Nov. 6 8,581 1,591 1,731 382 4,040 450 155 192 Nov. 13 8,558 1,569 1,731 382 4,040 450 155 192 Nov. 20 8,565 1,576 1,731 382 4,040 450 155 192 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a ira C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S o t u . is M ap i o n l n is e- K C an it s y as Dallas F S ra an ncisco F. R. notes outstanding (issued to Bank) Oct. 23 25,230,678 ,513,439 5,703,6971,703,4732,146,2541,809,0311,481,2054,584,8421,126,653 592,730 930,397 635,964 3,002,993 Oct. 30 25,250,755 ,513,739 5,710,1481,703,6722,147,4361,812,9051,487,818 4,587,9961,128,467592,616 930,714 637,644 2,997,600 Nov. 6 25,268,117 ,512,356 5,716,2361,701,3772,142,9241,823,4701,489,2924,595,2711,132,885593,979 936,224 637,328 2,986,775 Nov. 13 25,335,023 ,505,730 5,730,3611,716,512 2,152,0811,826,1801,489,087 4,607,6341,138,189595,496 937,406 636,759 2,999,588 Nov. 20 25,334,779 ,506,050 5,732,9621,708,961 2",152,1521,831,0661,484,678 4,615,4931,140,084 599,077 934,054 636,508 2,993,694 Collateral held against notes outstanding: Gold certificates: Oct. 23 10,979.000 430,000 3,470,000 505,000 635,000 625,000 595,000 2,100,000 300,000170,000 280,000 169,0001,700,000 Oct. 30 10,979,000 430,000 3,470,000 505,000 635,000 625,000 595,000 2>, 100,000 300,000170,000 280,000169,000 1,700,000 Nov. 6.... 11,029,000 430,000 3,470,000 505,000 635,000 700,000 595,0002,120,000 300,000175,000 280,000169,0001,650,000 Nov. 13 11,054,000 430,0003,470,000 510,000 635,000 700,000 595,000 21,140,000 300,000175,000 280,000169,0001,650,000 Nov. 20 11,004,000 430,0003,470,000 510,000 635,000 700,000 595,000 2,140,000 300,000175,000 280,000169,0001,600,000 Eligible papers: Oct. 23 85,172 5,250 24,650 8,157 15,100 12,185 7,200 11,525 1,105 Oct. 30 75,477 5,385 26,055 8,147 17,870 8,190 2,200 7,025 605 Nov. 6 133,421 4.600 74,540 10,801 10,520 15,200 4,200 11,060 2,500 Nov. 13 154,532 20,725 83,540 17,377 11,770 6,380 400 8,010 6,330 Nov. 20 92,380 7,300 27,980 14,082 12,970 13,950 350 12,118 3,630 U. S. Govt. sec: Oct. 23 14,902,970 ,100,000 2,300,0001,200,0001,550,000 ,200,000 900,0002,500,000 927,970 425,000 700,000500,0001,600,000 Oct. 30 14,895,915 ,100,000 21,,330000,,0000001,200,0001,550,000 1,200,000 900,0002,500,000 920,915425,000 700,000500,0001,600,000 Nov. 6 14,863,385 ,100,0002,300,000 1,200,000j1,550,000 ,150,000 900,0002,500,000 938,385425,000 700,000500,000 1,600,000 Nov. 13 14,848,315 .1 00,.0 00 2,.3 00,.0 001,200.000J1,550,0001,150,000 900,0002,500,000 923,315425,000 700,000500,000 1,600,000 Nov. 20 14,979,702 ,100,000 2,400,000 1,200,0001,550,0001,150,000 900,0002,500,000 954,702425,000 700,000500,000 1,600,000 Total collateral: Oct. 23 25,967,142 ,535,2505,794,6501,713,1572,185,0001,840,100 ,495,000 4,600,0001,240,155 602,200 991,525669,0003,301,105 Oct. 30 25,950,392 ,535,3855,796,0551,713,1472,185,0001,842,870 ,495,000 4,600,000 1,229,105 597,200 987,025669,0003,300,605 Nov. 6 26,025,806 ,534,6005,844,5401,715,8012,185,000 1,860,520 ,495,000 4,620,000 1,253,585 604,200 991,060669,0003,252,500 Nov. 13 26,056,847 ,550,7255,853,5401,727,3772,185,000 1,861,770 ,495,000 4,640,0001,229,695 600,400 988,010 669,0003,256,330 Nov. 20 26,076,082 ,537,3005,897,980 1,724,0822,185,000 1,862,970 ,495,000 4,640,0001,268,652 600,350 992,118669,0003,203,630 i After deducting $2,411,000 of other Federal Reserve Banks on Oct. 23; $2,721,000 on Oct. 30; $3,717,000 on Nov. 6; $4,015,000 on Nov. 13 and $4,207,000 on Nov. 20. 1368 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 o n h u t o e n r e t i d s z e i l d n o a t n h s ous<mds G o u f a lo r d a a o n n ll s t 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 A b n e e m l k r l s - i N c e i w ty ban C k h s i- b s c R a e i n r e t v y - k e s C ba t o r n u y k n s to date outstanding available to York cago Date borrowers N b u e m r - Amount a T m o o t u a n l t g P u o a rt r i a o n n - a u n n t d e m e e r e a n g g t u s re a e r - - To 1 t 9 a 4 l 5 r — es S er e v p e te s m h b e e l r d . : . . . 15,414 4,094 931 6,166 4,224 outstanding October 15,675 4,183 926 6,244 4,323 ;L942 1946— O Se c p to te b m er ber 1 16 6 , , 1 1 6 6 7 0 4 4 , , 1 1 8 7 3 4 9 9 0 0 5 4 6 6 , , 3 3 6 6 2 0 4 4, , 7 7 2 1 6 2 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 Sept. 19 16,313 4,214 913 6,414 4,771 1943 Sept. 26 16,096 4,202 908 6,310 4,676 June 30 4 217 4,718 818 1,428 253 1 153 756 2,216 053 Oct. 3 16,068 4,172 892 6,308 4,696 Dec. 31 5 347 6 563 048 1,914 040 1 601, 518 3,146 286 Oct. 10 16,133 4,179 897 6,343 4,714 Oct. 17 16,171 4,147 899 6,371 4,754 1944 Oct. 24 16,192 4,195 911 6,374 4,712 J D u e n c. e 3 3 0 0 6 7 4 43 3 4 3 9 8 0 3 4 1 6 0 6 58 7 2 2 2 1,7 0 3 64 5 9 3 7 1 0 8 1 1, , 4 7 8 3 2 5 0 7 3 7 8 7 3 4 , , 8 4 1 5 0 3 5 7 8 9 6 7 O N c o t v . . 31 7 1 1 6 6 , , 2 2 2 5 6 2 4 4 , , 1 1 9 9 7 4 9 9 1 2 8 0 6 6 , , 3 4 8 2 9 2 4 4 , , 7 7 2 1 3 6 1945 Excess reserves: Mar. 31 7 886 9 645 378 1,599 120 1 365 959 3,963 961 1945—September.... 1,063 19 10 258 776 June 30 8 422 10 149 315 1,386 851 1,190 944 3,694 618 October 1,057 14 5 261 777 Sept. 30 8 695 10 313 868 1,073 892 916 851 3,043 674 1946—September.... 885 24 3 196 662 Dec. 31 .... 8 757 10 339 400 510 270 435 345 966 595 October 863 10 4 197 652 J F M A A M J J a u u e u p a n a b n l y g r y . . r . e . . 1 3 3 2 3 3 3 2 3 9 1 1 8 0 0 1 9 4 1 6 ...... 8 8 8 8 8 8 8 8 , , , , , , 7 7 7 7 7 7 7 7 6 7 7 6 6 7 7 7 6 1 8 0 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 , , 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 0 2 1 3 4 4 4 4 , , , , , , 6 0 0 0 0 0 2 8 9 7 1 9 1 1 1 1 5 0 0 8 8 8 8 8 4 3 2 1 1 2 5 7 7 1 5 4 7 7 7 1 1 6 5 4 0 , , , , , , , 1 0 7 0 2 7 5 2 6 3 7 9 6 7 7 1 8 1 6 7 3 7 1 0 3 3 2 1 1 0 6 3 4 0 6 4 3 2 3 0 7 0 0 8 9 , , , , 3 2 0 5 3 2 1 1 9 4 1 1 1 9 5 6 7 8 0 4 6 4 1 3 7 4 3 2 1 1 7 6 6 8 4 4 5 7 7 4 3 6 7 2 6 2 , , , , , , , , 4 0 0 7 8 6 3 0 2 9 1 0 1 1 7 8 9 3 0 1 7 5 3 3 Borrowin S S O O O O O N g e e c c c c c o s p p t t t t t v . . . . . t t a . . . t 2 3 1 2 1 1 3 6 1 9 4 7 7 0 Federal 9 8 8 9 8 8 8 8 4 2 8 6 0 5 3 2 7 4 1 6 3 7 3 8 2 2 1 1 1 1 1 1 1 4 1 7 4 6 4 3 5 6 5 6 5 4 5 5 2 2 2 2 1 1 1 1 0 0 1 0 6 9 8 9 9 8 4 6 9 8 5 5 6 6 6 6 6 6 6 7 2 4 5 4 2 8 0 0 5 6 2 3 7 0 4 7 Sept 30 8,771 10,344,018 39,153 34,670 46,541 Reserve Banks: Oct. 31 8,771 10,344,018 32,472 28,776 33,254 1945—September.... 388 111 192 85 October 358 93 179 86 NOTE.—The difference between guaranteed loans authorized and sum 1946—September 149 29 92 28 of loans outstanding and additional amounts available to borrowers October 107 2 61 44 under guarantee agreements outstanding represents amounts repaid and authorizations expired or withdrawn. Sept. 19 129 3 97 29 Sept. 26 141 4 109 28 Oct. 3 130 49 59 22 Oct. 10 104 2 58 43 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Oct. 17 125 2 68 55 Oct. 24 127 3 71 53 [Amounts in thousands of dollars] Oct. 31 111 2 62 47 Nov. 7 226 45 132 49 W o D o r f e a d l t a p e n s e e t r ( s i l d d o a a a d s y y ) t N b u A e m r a p - t p p o p l i r c d o A a a v t t m i e e o d o n u s nt ( b a p p m u c r l A e o t o o t p m v n e u - e d - o n d i t t ) s (a t L a m o n o u o d a u t i n - n n s g t) 2 C ( s a t m o m a o m n e u o n d m u t- t i n s n i t t g ) - ( s a P p t m a a a o t r n u o i t d o i u t- c i n n n i s - t g ) c b R o e e r u 1 s n e W b r t a v r e n y e e k k b s B l a y a a n n n k f k d s i s g o a u d r f r e i e c s s e c o s o u t o u n i f m n t r t a y s e t x e a b c s n e a . s d n s k W a s r d e e m v s e a e k a n r l y v c y e e in f s s i c g f l o u o u r f r d e e s n a o l s o l m n f m m a b l o e l e r m m a ro b m b w e e o r r i u n b n g b a s t a s n n o k o k f s f s , a l F e l a t e n m c d . d e e r m a o l f - 1934. 984 49,634 20,966 13,589 8,225 1,296 1935 1,993 124,493 11,548 32,493 27,649 8,778 1936 2,280 139,829 8,226 25,526 20,959 7,208 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1937 2,406 150,987 3,369 20,216 12,780 7,238 SMALL CENTERS i 1 1 9 9 3 3 8 9. 2 2, , 7 6 8 5 1 3 1 1 7 88 5 , , 2 0 2 1 2 3 2 1 , , 6 9 5 4 9 6 1 1 7 3 , , 3 6 4 8 5 3 1 9 4 , , 2 1 2 61 0 1 1 0 2, , 7 9 2 8 2 1 [Averages of daily figures. In millions of dollars] 1940 2,908 212,510 13,954 9,152 5,226 6,386 1941. 3,202 279,860 8,294 10,337 14,597 19,600 In places of 15,000 In places of under 1942 and over population 15,000 population June 24... 3,352 338,822 26,346 11,265 16,832 26,430 Dec. 31... 3,423 408,737 4,248 14,126 10,661 17,305 Demand Demand J D u e n c e . 1 9 3 3 4 1 3 0 . . . . . . 3 3, , 4 4 7 5 1 2 4 4 7 9 5 1, , 3 4 4 6 2 8 3,2 9 0 26 3 1 1 3 0 , ,5 0 3 4 2 4 1 9 2 , , 2 13 7 2 0 1 1 9 7 , , 0 9 7 3 0 0 d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t ts de T p i o m s e its 1944 . bank2 bank2 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 October 1945 15,333 7,184 10,804 5,019 1945 September 1946 16,282 8,155 12,149 5,712 June 30... 3,502 537,331 70 3,252 5,224 2,501 Dec. 31... 3,511 544,961 320 1,995 1,644 1,086 October 1946 16,085 8,204 12,178 5,759 J M A F a e p a n b r . r . . . 1 3 9 2 3 3 4 1 6 8 0 0 . . . . . . . . . . . . 3 3 3 3 , , , , 5 5 5 5 1 1 1 2 2 3 9 0 5 5 5 5 4 4 5 4 5 6 1 7 , , , , 3 1 5 5 7 4 1 8 2 9 2 1 4,0 5 7 1 9 4 5 9 5 5 5 5 1 1 1 1 , , , , 8 4 5 5 4 8 9 3 3 6 0 6 2 1 1 1 , , , , 0 5 5 6 7 6 7 3 3 9 5 1 1 1 1 , , , 0 0 0 9 4 1 3 76 6 4 4 N B P C h l o e e i w s l v t a o e d Y n l e a o n lp r d k hia 2 1 1 1 , , , , 9 4 9 1 6 5 1 6 9 2 2 1 2,1 8 8 7 2 9 7 2 7 2 4 1 1 1 , , 1 0 3 9 0 9 6 6 6 0 7 4 1,1 2 8 7 2 3 6 9 7 1 0 2 A J M J u u u a l n g y y e . 3 2 3 1 9 1 3 1 . . . . . . . . . . . . . 3 3 3 3 , , , , 5 5 5 5 2 3 2 2 0 3 4 8 5 5 5 5 5 5 5 5 1 2 8 9 , , , , 8 7 5 9 9 1 3 7 0 1 8 4 6 5, , 1 0 6 9 8 1 4 5 5 5 5 1 1 1 1 , , , , 3 2 1 1 1 1 7 5 0 0 8 8 5 5 5 5, , , , 9 3 3 4 8 9 6 3 1 3 6 8 1 1 1 1 , , , , 2 1 4 1 2 1 2 0 9 0 7 3 A S R C t h i t . c l i a h c L n a m o g t u a o o i n s d 1 1 1 , , , 5 1 9 6 6 5 7 2 2 8 0 2 1,3 3 3 4 1 8 1 7 4 7 1 5 1,6 9 6 9 6 2 8 9 0 8 4 1 4 2 8 2 4 9 0 5 5 7 0 8 Sept. 30 3,535 563,779 8,115 1,106 6,254 1,455 Oct. 31.... 3,537 564,587 4,475 1,078 8,654 3,105 Minneapolis 578 280 751 410 1 Includes applications approved conditionally by the Federal Re- D K a a l n l s a a s s City 9 5 2 3 2 4 1 1 2 0 8 5 1 1, , 4 5 4 7 9 4 1 5 9 5 2 ser 2 v I e n c B lu an d k es s i a n n d d u s u t n r d ia e l r l c o o a n n s s i d p e a r s a t ti d o u n e b 3 y m a o p n p t l h ic s a o n r t . more, which are not San Francisco. . . 1,247 591 614 292 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. DECEMBER 1946 1369 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- Feder C al l a R ss e a s n o e d f r v b e a n d k istrict Total I b n a t n er k - w G a U m o r d v . e e l e o n - S r a t n . n - Other j p m u D a o d s a d s e t e n e i - - - t d d s 3 p m o N d d a s e e e i n - - t t s d 4 p T o d i s m e i - ts e 5 m m a f b d r n d e o a a u c o s n m l e e t - - i d s c Total Reser q v u R e i e r B e - d anks c E e x s - s s F r i e e R o n a e r r w g e a t v d - s l e - posits2 banks Banks First half of October 1946 All member banks 91,731 11,758 6,421 73,551 68,832 75077 26882 5,704 16,155 15,246 909 96 Central reserve city banks: New York 23,371 4,186 1,730 17,455 16,157 20328 1454 48 4,171 4,153 19 2 Chicago 5,108 1,087 438 3,582 3,280 4216 797 153 905 891 14 1 Reserve city banks. 33,986 5,433 2,445 26,108 23,751 27,490 10695 1,766 6,350 6,140 210 53 Boston 2,040 295 170 1,575 1,457 1711 196 42 359 354 5 1 New York 563 27 42 495 461 463 301 25 115 111 4 Philadelphia 2,332 338 176 1,817 1,678 1942 241 75 410 403 7 2 Cleveland 3,887 498 325 3,064 2,840 3 180 1245 162 742 711 32 5 Richmond 2,231 396 156 1,680 1,516 1,814 449 111 409 390 19 5 Atlanta 2,111 475 133 1,502 1,336 1,670 401 146 374 358 16 2 Chicago 3,927 460 323 3,143 2,893 3,083 1,939 278 763 733 29 16 St. Louis 1,935 544 146 1,246 1,092 1,535 321 104 337 326 11 3 Minneapolis 1,082 341 91 650 553 826 167 68 179 175 4 11 Kansas City 2,825 896 162 1,766 1,562 2,201 350 263 484 461 23 6 Dallas 2 332 549 131 1,652 1,513 1862 317 202 421 391 30 San Francisco. . . 8,721 614 590 7,518 6,850 7,202 4,767 290 1,756 1,726 30 2 Country banks... 29,266 1,052 1808 26,407 25,645 23,043 13,936 3,736 4,729 4,062 667 40 Boston 2,413 92 183 2,137 2,034 1,945 1,103 189 380 338 41 6 New York 4,185 87 342 3,756 3,602 3,399 3,250 302 756 671 85 24 Philadelphia... 2,139 16 166 1,956 1,906 1,714 1,579 212 392 335 57 2 Cleveland 2,521 24 214 2,283 2,229 1,967 1,680 290 451 376 75 1 Richmond 2,212 137 122 1,952 1,866 1,687 830 328 333 286 47 3 Atlanta 2,442 194 123 2,126 2,064 1,931 673 335 353 311 42 1 Chicago 3,674 69 249 3,356 3,288 2,880 2,206 486 630 536 95 1 St. Louis 1,716 119 79 1,518 1,478 1,362 567 237 258 225 33 Minneapolis. .. 1 400 76 79 1 246 1*211 1,081 689 209 229 193 37 Kansas City... 2,181 78 83 2,020 1,997 1,672 296 409 311 252 59 1 Dallas 2,495 131 80 2,284 2 246 1,884 182 500 338 275 63 San Francisco. 1,889 28 87 1,773 1,724 1,521 880 238 298 266 33 Second half of October 1946 All member banks 92,434 11,908 6,375 74,151 69,325 75661 26,962 5,772 16,179 15,359 820 117 Central reserve city banks New York 23,407 4,160 1,699 17,549 16297 20449 1,441 55 4,177 4,176 1 Chicago 5,244 1,159 430 3,654 3305 4303 799 163 904 909 -4 Reserve city banks 34,394 5,510 2,432 26,452 23963 27729 10,735 1,821 6,374 6,190 184 67 Boston 2,069 283 167 1,619 500 1741 197 43 367 360 7 1 New York 568 27 41 500- 468 472 301 23 115 113 2 Philadelphia 2,331 343 173 1,815 1669 1936 240 78 409 402 7 "5* Cleveland 3,930 506 324 3,100 2844 3,188 1248 170 743 713 31 5 Richmond 2,232 397 159 1,676 1515 1,818 451 106 408 391 17 8 Atlanta 2,136 489 131 1,515 1343 1699 401 138 374 364 11 6 Chicago 3,988 483 323 3,182 2915 3,103 1947 304 769 737 32 13 St. Louis 1,994 568 145 1,281 1106 1,571 322 105 345 334 11 10 Minneapolis 1,085 336 89 659 558 828 168 67 178 176 3 10 Kansas City 2,864 901 163 1,800 1,584 2,217 351 274 486 464 22 7 Dallas 2,352 546 130 1,676 1,531 1,864 318 215 414 392 22 1 San Francisco 8,845 630 587 7,628 6,929 7,290 4 792 300 1766 1746 20 1 Country banks 29,389 1,080 1814 26,496 25,760 23,180 13,988 3,733 4 723 4 084 639 47 Boston 2,417 86 182 2,148 2,053 1,955 1105 191 378 340 38 4 New York 4,138 86 341 3,711 3,571 3,382 3 258 287 750 669 81 25 Philadelphia 2,130 15 166 1,949 1,901 1,716 1,584 204 386 335 50 3 Cleveland 2,530 25 216 2,289 2,231 1,972 1,687 290 453 377 75 2 Richmond 2,238 141 123 1,974 1,888 1,715 834 324 333 290 43 4 Atlanta 2,453 197 124 2,133 2,072 1,948 676 329 353 313 40 3 Chicago 3,737 83 252 3,402 3,332 2,903 2,215 520 642 539 103 1 St. Louia 1,743 129 79 1,535 1,492 1,380 570 244 259 227 32 2 Minneapolis 1,408 75 80 1,253 1,218 1,092 692 205 230 194 36 "i* D S 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 2 2 1 , , , 1 5 8 9 1 9 3 0 4 1 3 3 8 1 1 0 8 8 8 7 0 5 2 2 1 , , , 2 0 77 9 2 6 9 7 2 2 1 , , , 0 2 7 6 0 3 3 7 2 1 1 1 , , , 6 5 9 3 8 0 1 5 1 2 8 1 8 9 8 5 7 4 4 4 2 0 3 9 6 6 8 3 3 2 0 3 9 5 8 8 2 2 2 7 6 5 7 7 4 6 3 5 0 0 1 l l 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. •i,.,' * 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. 1 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. fji * Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. • Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Cali Report, 1370 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 1,229 1,342 1.360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1 ,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1.530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1.542 387 710 139 288 6 12 7 1938 . 6,856 5,147 550 524 34 946 1.611 1 .481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2.048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2.021 1.800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2.545 5.044 724 1,433 261 556 24 46 4 1942 . 15.410 11,576 880 801 55 1.693 4.051 4,096 *.837 1.019 1.910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 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—june 26,746 19,183 1,205 981 73 2,215 6,515 8,193 7,565 2,132 4,044 483 868 8 31 2 July 27,108 19,599 1,223 995 73 2,250 6,659 8,400 7.511 2,139 4.013 472 847 8 32 2 August 27,685 20,141 1,236 1,003 73 2,301 6,826 8,700 7,546 1,180 4,038 466 832 8 22 2 September... 27,826 20,235 1.243 1.001 72 2,288 6,815 8.816 7,592 2.204 1.071 464 825 S 21 2 October 28,049 20,381 1,252 1,000 71 2,274 6,779 S>.004 7,671 2.243 4.123 461 816 7 21 2 November... 28,211 20,500 1,263 1,009 71 2,279 6,783 9,095 7,713 2.264 4,154 457 811 7 20 2 December. . . 28,515 20,683 1.274 1,039 73 2,313 6.782 0.201 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 27,885 19.997 1,280 987 66 2,173 6,509 8.981 7,889 2,337 4,309 439 773 8 22 1 May 28 120 20,171 1,291 999 67 2,199 6,586 9 029 7,950 2,352 4 356 438 775 8 21 1 June 28,245 20,248 1,300 998 67 2,191 6,604 9.087 7,998 2.364 4,387 438 781 8 22 2 July 28,254 20,185 1,311 990 67 2,166 6,552 9.099 8,071 2,377 4,437 436 790 8 21 2 August 28,448 20,271 1,319 992 66 2,165 6.571 9,159 8.178 2.402 4.509 436 802 8 20 2 September... 28,507 20,262 1,332 1,001 66 2,156 6,528 9.180 8.247 2.410 4,567 436 795 8 21 2 October . . 28,600 20,273 1,345 1,000 65 2,148 6,494 9,221 8,329 2,436 4,645 434 784 8 21 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 1 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 8 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- For held by standing, As security Federal Federal Oc 1 t 9 . 4 3 6 1, g a o s g l i d a l v in e a s r n t d Tr c e a a s s h ury R B e a a s n n e d r k v s e B R a a n e g k s e e s n r t a v s n e d Oc 1 t 9 . 4 3 6 1, Se 1 p 9 t 4 . 6 30, O 1 c 9 t. 4 3 5 1, certificates agents Gold 20,402 18,278 2 2,124 Gold certificates 18,278 15,413 2,815 50 50 51 Federal Reserve notes . . . .. 25,234 108 780 24,347 24,237 24,008 Treasury currency—total 4,549 ' '^'2,221 ' 54 291 4,204 4,220 3,900 Standard silver dollars 494 312 34 3 145 144 132 Silver bullion 1,909 1,909 Silver certificates and Treasury notes of 1890.. 3 2,221 233 1,989 2,010 1,797 Subsidiary silver coin 900 11 17 872 862 818 M^inor coin 338 5 4 328 325 303 United States notes 347 2 30 314 315 316 Federal Reserve Bank notes 449 1 4 444 451 506 National Bank notes 113 1 1 111 112 118 Total—October 31 1946 (4) 20,499 2,285 15,413 3,886 28,600 September 30 1946 (4) 20,386 2,289 15,280 3,897 28,507 October 31 1945 (4) 19,916 2,244 15,064 3,935 28]049*' 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. 136",, and seasonally adjusted figures in table on p. 1372. 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. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 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. 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 face 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 Reserves 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 be 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. DECEMBER 1946 1371 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 — f n l or C s a e h s d a e a s j r u n o i s g e n t s e a e l d 1 i ly n Period a p s G t e t o o r o e i c f l n o d k d d I i n n s c to r g e c o a k l s d e or i m g N e o p x e l o p t d r o t rt c g r m e o c o a a E r l r d s e r a e k a i : r n ( e s - — d e - d e ) - m t d i g p D o e u o r s o o n c l t d - - - i i 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—June 26,561 26,694 +157 1945 20,065 -106.3 -356.7 32.0 A S O J D N u e c u e o l p t c y g v 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 7 7 7 8 6 8 , , , , , , 3 7 4 9 9 1 9 6 5 1 5 4 2 5 2 8 1 3 2 2 2 2 2 2 7 6 7 8 7 8 , , , , , , 9 0 5 9 1 8 7 6 3 7 2 4 2 7 0 0 1 3 + + + + + + 1 1 1 2 5 2 2 2 0 9 5 7 2 4 3 1 8 8 1 1 9 9 4 4 6 5 — — D A M F J N a e p e a o n b r c r v u i r e c l e a u h m m r a y b r b y e e r . r . . . . . . 2 2 2 2 2 2 0 0 0 0 0 0 , , , , , , 2 0 1 2 0 2 3 6 5 5 3 5 2 5 6 6 0 1 - - 9 3 2 7 6 5 1 5 3 6 . . . . . 2 2 . 0 2 9 3 - 1 2 8 3 5 1 0 2 1 4 9 . . . 5 . . . 4 4 1 3 8 - - 3 1 - - 1 1 5 4 8 2 9 5 . . . . 2 8 5 . 3 . 7 1 4 3 3 3 3 3 . . . . . . 3 6 2 0 6 8 1946— J J M A M F J u u a e p a a l n n b y r y r e u i r c l u a h a ry ry 2 2 2 2 2 2 2 8 8 8 7 7 7 7 , , , , , , , 1 2 1 9 9 9 9 4 8 5 7 1 4 2 0 1 8 8 3 4 3 2 2 2 2 2 2 2 8 7 8 8 7 8 8 , , , , , , , 9 1 2 3 9 1 0 9 7 8 3 4 4 7 7 5 1 8 4 8 4 + + -1 + + + - 1 1 9 3 2 0 5 5 5 6 0 7 6 7 1 3 S J A O M J N u u e c u o a n l p t g y v y o e t u e e b s m m e t r b b e e r r . . . . P 2 2 2 2 2 2 2 0 0 0 0 0 0 0 , , , , , , . 2 2 2 4 3 2 4 6 4 0 7 0 8 7 7 2 2 0 5 0 0 * - - 2 2 9 > 1 3 9 6 8 6 5 3 . . 8 . 2 . . . 1 1 7 3 2 ,3 -2 - 3 1 2 7 7 6 6 5 4 . . . . 6 0 . . 3 2 2 3 M 1 6 2 2 1 1 1 0 8 7 5 5 2 7 . . . . . . . 1 7 5 0 3 0 5 8 3 3 4 5 6 . . . . . . 3 4 2 0 9 8 August 28,352 28,494 +156 S O e c p to te b m er ber 2 28 8 , , 5 4 8 7 8 8 2 2 8 8 , , 5 5 3 8 5 8 + + 5 4 3 1 1 A P n re n l u im al in fi a g r u y r . es are estimates of the United States Mint. Monthly November 28,727 28,641 +53 figures are those published in table on p. 1416, adjusted to exclude Philippine Islands production received in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and 1 For end of year figures, represents change computed on absolute $35 a fine ounce thereafter. amounts in first column. » 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 6 Gold held under earmark at the Federal Reserve Banks for foreign the year end, adjustment factors have been revised somewhat for dates account including gold held for the account of international institutions affected, beginning with December 1942; seasonally adjusted figures amounted to 3,911.2 million dollars on Nov. 30, 1946. Gold under earfor money in circulation, as shown in Banking and Monetary Statistics, mark 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 1,o total deposit accounts except turnover of total deposit accounts turnover of demand interbank accounts deposits except except interbank deposits except interinterbank and Government bank and Government Year and month Total, all New 140 Other New 333 other New 100 other New 100 other reporting York other reporting York reporting York leading York leading centers City1 centers 1 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 8 641,778 226,865 347,837 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—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 1945—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 '83,285 31,397 43,155 '8,733 19.3 10.7 27,864 36,578 23.7 17.1 October 91,330 33,913 47,671 9,746 18.7 10.6 29,401 40,057 22.1 16.7 ' Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 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. 1372 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] Total Time deposits End of month a c d o d u e T u j r a p u o r t n o s e s t d i s n t a d e i l c t d e s y a c d d o u d e e u r j a p m u r t n o s e s a d i s n t d n i e 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 s d t n s - 2 Total b m C a e n o r k c m s ia - 3 l i M s b a a v u n i t k n u g s a 4 s l S S P y a o s v s t i e n ta m g l s 5 C o u b u r a t r n s e i k n d s c e y banks banks 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 ,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 ,208 4,782 1937—June 57,258 30,687 51,769 25,198 666 25,905 14,513 10,125 ,267 5,489 December 56,639 29,597 51,001 23,959 824 26,218 14,779 10,170 ,269 5,638 193«—Tune . . 56 565 29,730 51,148 24,313 599 26,236 14,776 10,209 ,251 5,417 December 58,955 31,761 53,180 25,986 889 26,305 14,776 10,278 ,251 5,775 1939— D juenceember 6 64 0 , , 0 9 9 4 9 3 3 3 3 6 , , 3 1 6 9 0 4 5 5 4 7 , , 9 6 3 9 8 8 2 2 7 9 , , 3 7 5 9 5 3 8 7 4 9 6 2 2 2 6 7 , , 7 0 9 5 1 9 1 1 5 5 , , 0 2 9 5 7 8 1 1 0 0 , , 4 5 3 2 3 3 , , 2 2 6 7 1 8 6 6, , 4 0 0 0 1 5 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 ,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 ,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 ,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 ,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 ,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 ,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 ,576 15,814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 ,786 18,837 1944— D ju e n c e ember 1 1 3 5 6 0 , , 1 9 7 8 2 8 8 90 0 , , 4 9 3 4 5 6 1 1 1 2 5 7 , , 2 4 9 8 1 3 6 6 0 6 , , 0 9 6 3 5 0 2 1 0 9 , , 7 5 6 0 3 6 3 3 9 5 , , 7 7 9 2 0 0 2 2 1 4 , , 2 0 1 7 7 4 1 1 2 3 , , 4 3 7 7 1 6 2 2 , ,0 3 3 4 2 0 2 23 0 , , 5 8 0 8 5 1 1945—June 162,784 94,150 137,687 69,053 24,381 44,253 27,170 14,426 2,657 25,097 1945—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 JulyP 170.400 106,800 143,900 80,300 11,300 52,300 32,700 16,400 3,200 26.500 AugustP 170,200 107,200 143,600 80,600 10,200 52,800 33,000 16,600 3,200 26,600 September? ••169,600 107,800 '143,100 '81.300 8,700 53,100 33,200 16,700 3,200 '26.500 OctoberP 169,300 108,700 142,800 82,200 7,200 53,400 33,400 16,800 3,200 26,500 P Preliminary. r Revised. 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. » 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 member mutual savings banks. 6 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONS * [In millions of dollars] Member Nonmember Assets Total, banks banks all Depos- U. S. Government banks Na- State In- Non- End of month i b to a r l s - ' i C n a d sh e- securities C r a e s - h tional sured insured ances1 Total posi- serve b t a o n r k y s Total r D e i c - t G t a e u n e a - d r- f e u t n c d .2 s, Num 1 b 9 e 3 r 4 o - f 3 9 banks suspended: 291 15 6 189 81 1940 22 1 18 3 1941 8 4 3 \ 1939—Dec... 1,279 1,319 53 1,192 1,046 146 74 1942 9 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.-Nov 0 1944—Dec... 2,342 2,411 8 2,252 2,252 152 Deposits of suspended banks 1945—Oct... 2,880 2,968 6 2,780 2,780 182 (in thousands of dollars):2 Nov. . 2,909 2,999 6 2,809 2,809 184 1934-39 125,991 14,61626,54844,348 40,479 Dec. . 2,933 3,022 6 2,837 2,837 179 1946—Jan.. . 2,981 3,073 5 2,886 2,886 181 1940 5,943 256 5,341 346 Feb.. . 3,013 3,107 5 2,910 2,910 192 1941 3,726 3,144 503 79 Mar... 3,043 3,139 5 2,951 2,951 182 1942 1,702 1,375 327 Apr.. . 3,066 3,161 5 2,966 2,966 189 1943 6 223 4 982 1 241 May.. 3,091 3,188 5 2,986 2,986 197 1944 405 405 June.. 3,120 3,220 5 3,026 3,026 188 1945 0 July.. 3,160 3,258 5 3,060 3,060 193 1946—Jan.-Nov 0 Aug... 3,188 3,288 6 3,088 3,088 194 S O e c p t t P P3 3 , . 2 2 3 0 2 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. DECEMBER 1946 1373 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 and Number call date Total Loans G U ov .S e . rn- Other Total* b In a t n e k r- i of banks 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. 4«.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 8.907 81.780 10,989 44,316 26,476 14,825 1942—Dec. 31. 78 137 23 015 54.222 45,932 8.200 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. 110 461 26.015 9.3.446 85.885 7.561 141,449 12,245 91,644 37,559 14,535 1945—June 30. 129,639 27.079 101 661 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 All commercial hanks: 1938—Dec. 31 38 669 16.364 22.305 15,071 7,234 51.0U 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 92? 18 792 25 1.30 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 67 301 19 217 48 174 41,373 6,801 89.132 11,318 61,395 16.419 14,136 1943 -Dec. 31 85 09S 10 117 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 SOS 23,672 90 833 84 069 6.764 1*6,607 12 605 96,725 27.276 14,000 Dec. 31 124.019 26 076 97.943 90.613 7,331 150,227 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 18.304 24161 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 1 1 1 1 9 9 9 9 4 4 4 4 5 4 3 2 — — — — T D D D u e e e n c c c e . . . 3 3 3 3 1 1 0 0 1 1 6 8 0 1 6 3 3 2 . , 2 3 5 3 4 5 0 8 0 3 7 2 2 2 1 1 3 1 8 8 , 0 8 3 3 4 0 7 5 1 3 6 2 4 6 8 8 7 4 8 2 . . , 3 6 0 0 3 6 7 3 6 6 8 0 4 5 8 7 2 0 8 5 , . , . 4 7 8 6 0 0 7 8 1 5 5 3 6 6 5 6 , , , , 6 1 9 5 3 5 8 7 1 5 3 7 1 1 1 8 3 2 0 7 4 5 4 , . , 8 0 2 7 4 0 9 1 5 3 4 4 1 1 1 1 0 2 1 2 , . . . 4 7 1 0 0 0 4 7 1 5 4 4 9 6 8 7 9 0 4 4 , , , 9 7 3 5 6 1 0 0 1 0 9 4 2 2 1 1 3 6 9 6 , , , , 0 8 9 1 8 7 3 5 1 9 4 4 1 1 1 1 3 3 3 3 , , , , 2 3 2 2 4 6 7 7 3 3 7 0 Dec. 31 121.800 25,765 06.043 88,912 7,131 147,775 13,883 104,015 29,876 13,297 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. .. 33.041 13 062 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. 312... 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 79,77'4 19,259 6,814 1945—June 30. . . 00.426 2O.5K8 78.838 73,239 5,509 118 378 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 8 460 12,434 8.691 3.743 27.996 4,499 15,587 7,910 5,224 1939—Dec. 30. .. 21.810 0 022 12.789 9.058 3,731 31,559 5,898 17,579 8,081 5,187 1940—Dec. 31. . . 23 648 10.004 13,644 9,735 3,908 35,787 6,574 20,885 8,329 5,144 1941 —Dec. 31. . . 27.571 11,725 15,845 12,039 3.806 39,458 6,786 24,350 8,322 5,117 1942—Dec. 31. . . 37.576 10.183 27.303 23,744 3,648 50,468 7,400 34.499 8,570 5,081 1943—Dec. 31. . . 47.409 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 12,360 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 4.040 7,190 5,271 1,920 17,781 3,512 10,652 3,617 1,175 1940—Dec. 31 13.478 5,316 8,162 6,088 2,074 20,642 3,849 12,944 3,849 1,342 1941—Dec. 31* 15,950 6,295 9,654 7,500 2,155 22.259 3,739 14,495 4,025 1,502 1942—Dec. 31 21.687 5,905 15.783 13,802 1,980 27,808 3,600 20,024 4.184 1,598 1943—Dec. 31 26,759 6,171 20.588 18.883 1,705 32,302 3,397 23,833 5,072 1,698 1944—Dec. 30 33.261 7.196 26.065 24,393 1,672 39,059 3,827 28,874 6,357 1,789 1945—June 30 36 240 8.?10 28.030 26.188 1.842 41,844 3,980 30,702 7,163 1,825 Dec. 31 37.871 8,850 29,021 27,089 1,933 44,730 4,411 32,334 7,986 1,867 1946—June 29 35,754 8,834 26,921 25,000 1,921 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. * Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 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 bannkkss aarree iinncclluuddeed in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once ii n ""alll l bbankk"s." «« DDeeccrreeaasseess iinn ""nnoonniinsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942. * Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941 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. 1374 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES*—Con tinned 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 e . rn- Other Total* I b n a t n e k r ^ - of banki 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 1,474 8,362 473 4,260 3,629 8,122 1940—Dec. 31 6,796 3,471 3,325 1,936 1,389 8.875 518 4,689 3,668 7,858 1 1 9 9 4 4 1 2 — — D D e e c c . . 3 3 i 1 # 8 7 , , 1 2 3 0 5 8 3 3 , , 1 6 3 9 2 3 3 5 , , 5 0 1 0 5 3 3 2, , 2 8 5 2 1 9 1 1 , , 2 1 6 7 4 4 1 9 0 , , 5 8 3 6 9 4 3 4 1 6 8 4 5 6, , 8 4 7 7 2 0 3 3 . , 6 6 0 7 5 4 7 7 , , 6 4 6 6 1 0 1943—Dec. 31 10.847 2,832 8,014 6.899 1.115 13.671 457 9.123 4,091 7,299 1944—Dec. 30 13,972 2,971 11,002 9,880 1,122 17,168 362 11 870 4 936 7,181 1945_June 30 15,091 3,087 12,005 10 839 1,166 18.242 375 12 326 5 541 7,163 Dec. 31 16,849 3,303 13,546 12,284 1,262 20,571 426 14.104 6.042 7,130 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 1945—Tune 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 1946—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 1 008 264 953 1940—Dec. 31 1,367 397 969 696 273 1.843 402 1 185 257 906 1941—Dec. 31 1,434 452 982 742 239 1,837 335 1 255 247 851 1942—Dec. 31* * 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 1,883 304 729 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 1 908 362 714 1946—june 29 2,038 339 1,699 1,496 204 2,279 303 1,584 391 696 All mutual savings banks: 1938—Dec. 31 10,162 4,897 5,265 2,883 2,382 10,278 10,278 555 1939—Dec 30 10,218 4,926 5,292 3,102 2 190 10.523 10 S2S 551 1940—Dec. 31 10,248 4,959 5,289 3,224 2.065 10.658 10 6*58 551 1941—Dec 312 10.379 4.905 5,474 3,700 ,774 10 532 10 532 548 1942—Dec. 31 .. . . .. 10,746 4,698 6.048 4,559 1.489 10,664 10 664 546 1943—Dec 31 11.871 4,484 7.387 6 090 1.297 11 738 11 738 545 1944—Dec. 30 13,931 4,370 9,560 8,328 ,232 13,376 13,376 543 1945—june 30 15.134 4,307 10.827 9.588 ,240 14.426 14 426 542 Dec. 31 16,208 4,279 11,928 10,682 1,246 15.385 15 385 542 1946—june 29 17,125 4,356 12,769 11,438 L3.31 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 1940—Dec. 31 1,655 637 1,018 548 470 1,818 1 818 53 1941—Dec. 312 1,693 642 1,050 629 421 1.789 1 789 52 1942—Dec. 31 .. . .. 2,007 740 1,267 861 405 2,048 2 048 56 I943—Dec 31 7,525 3.073 4,452 3,844 608 7 534 7 534 184 I944—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 10 363 192 1946—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 I939—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 7«;4 350 Dec. 31 5,361 1,198 4,163 3,522 641 5,022 5 022 350 1946—june 29 5,671 1,224 4,447 3,777 671 5,302 5,302 350 For footnotes see p. 1374. DECEMBER 1946 1375 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 Loans for U. S. Government obligations Com- purchasing Oblimer- or carrying ga- Cla c w a l a l o n f d d a b t a e nk i m T n lo a v o e n a e t n n d a s t s t l s - Total o m c c i k p i l i n n u a a e e g - r l t d n , - - - A c tu u a g r U l r - - i- b T e s ro e r o s c k u - ri o t T i t e h o s - R l t o e a e a s t a - e n l s - s l u C o m a o n n e s r -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 u i o a n o l a b i t f d l n - t e i s s - O s ri e t t h c i e e u r s pa- deal- ers debt- diviper* ers ed- sions ness All insured commercial banks: 1Q40 D(*C *\ 42,556 18,394 7,1781,281 663 727 4,468 4 077 24,161 17,063 662 2,756 9,9253,719 3 6083 491 1041 r>eo 31 49,' 28821,258 9,214 1,450 614 662 4,773 4*545 28,030 21,046 988 3 15912^7974! 1023! 651 3 333 1942—Dec. 31 66.240 18,903 7,7571,642 950 597 4,6462,269 1,04247,336 40,705 4,462 6,727 5,79920,9992,7183 \ 5333] 098 1943—Dec. 31 . 83,507 18,841 7,7771,5051,414 922 4,437 1,868 918 64,666 58,683 4,636 13,218 7,67230,656 2,5013,2872.696 1944—Dec. 30 103,382 21,352 7,9201,7232,2692,2654,343 1,888 944 82,030 75,875 3,971 15,30015,77839,848 978 3,4222,733 1945—Tune 30.. 112,353 23,376 7,5011,6323,113 3,6014,4132,108 1,00888,978 82.401 2,831 17,20416.45445.870 43 3.6842,892 Dec. 31.. 121,809 25,765 9,461 1,3143,1643,6064,6772,361 1,18196,043 88,912 2,455 19,07116,04551,321 22 3,87.33,258 1946—June 29.. 117,409 26,791 10,3341,3662,4172,6565,7383,0691,21190,618 82,977 1,22017,63712,00452,092 24 3,9733,668 Member banks, total: 37,126 15,321 6,660 865 642 652 3,228 3,273 21,805 15,823 652 2 594 9,0913,4863,01.3? 970 119*4410——DDeecc.. 3311a ... 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 11.729 3,8323.0902,871 1942—Dec. 31.. 59,263 16,088 7,3871,089 934 538 3,4231,847 870 43,175 37,546 4,363 6\285 5,409 18,9482,5402,965 2,664 1943—Dec. 31 74,258 16,288 7,421 1,0231,398 839 3,2741,484 848 57,970 52,948 4,360 12,071 6,90627.2652,3452.729 2.294 1944—Dec. 30 . 91,569 18,676 7,5311,1982,2492,1083,209 1,505 877 72,893 67,685 3.74813.98214,12734,927 902 2.8572.350 1945—Tune 30. . 99,426 20,588 7,0951,1253,0893,4073,2481,688 934 78.838 73,239 2.633 15.58414,72340.266 33 3,102 2 497 Dec. 31.. 107.183 22,775 8,949 855 3,1333,3783,4551,9001,10484,408 78,338 2.275 16.98514,27144,792 16 3.2542^815 1946—June 29.. 102,032 23,302 9,685 877 2,3952,4804,267 2,464 1,13378,729 72,272 1,07215,29210,46745,420 20 3,307 3,151 Sept. 30. . 99,706 24,775 74,93168,232 3,6173 082 New York City*: 1040 Dec 31 10,910 3,384 2,125 6 465 190 130 4<58 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 1,679 729 8.30 1942—Dec. 31. . 17,957 4,116 2,546 21 787 193 117 303 148 13,841 12,547 1,855 '2^44 2,056 5,4201,071 59.3 701 1943—Dec. 31. . 19.994 4,428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3,409 1,829 7.014 984 444 558 If 44—Dec. 30. . 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17,179 913 3,740 3,745 8,592 189 468 596 1945—Tune 30.. 25,756 7,069 2,380 53 2,528 1,539 76 270 223 18,687 17,492 424 3,538 3,607 9,920 2 567 629 Dec. 31.. 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1946—Tune 29.. 23,304 6,506 3,169 1,852 798 83 378 226 16,798 15,646 201 2,980 2,229 10,234 1 5.3 •> 618 Sept. 30.. 21,972 6,258 15,714 14,410 693 611 Chicago:* 1Q4.0 "D^r 31 2,377 696 492 5 42 54 19 gt 1,681 1,307 297 145 752 112 188 186 1041 Der 31 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Dec. 31. . 3,973 832 658 6 34 32 23 62 18 3,141 2,789 397 637 391 1,282 83 166 186 1943—Dec. 31. . 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 877 484 1,602 74 158 155 I944—Dec. 30 . 5,443 1,184 738 17 163 163 24 45 34 4,258 3,913 250 1,045 779 1.809 31 160 185 1945—June 30. . 5,730 1,250 671 13 159 299 23 50 34 4,480 4,130 127 1,253 814 1,936 154 196 Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1946—June 29.. 5,167 1,329 804 1 188 185 43 76 32 3,837 3,485 14 1,042 529 1,900 15.3 200 Sept 30 4 972 1,370 3,602 3,260 148 194 Rgservccity banks: 1040 Df»r 31 13,013 5,931 2,589 263 115 207 1,436 1 322 7,081 5,204 103 771 3,281 1,049 984 893 iej.1 nPp x\ 15 347 7,105 3 456 300 114 194 1,527 1*512 8,243 6,467 295 751 4,248 1! 173 956 820 1942—Dec. 31.. 20^915 6,102 2] 957 290 97 153 1,486 808 312 14,813 13,038 1,441 2,253 1,723 6^810 811 954 821 1943—Dec. 31. . 27,521 6,201 3.058 279 217 267 1,420 658 301 21,321 19,682 1,802 4,691 2,497 9,943 749 91.3 726 I944—Dec. 30. . 33,603 6,822 3,034 348 311 777 1,379 660 313 26,781 25,042 1,704 5,730 5,181 11,987 440 1,000 740 1945— June 30.. 36,572 7,155 2,883 304 371 1,1471,378 757 315 29,417 27,523 1,320 6,598 5,689 13,906 10 1.10O 794 Dec. 31.. 40,108 8,514 3,661 205 427 1,5031,459 855 404 31,594 29,552 1,034 6,982 5,65315,878 5 1,126 916 1946—Tune 29.. 37,675 8,862 3,932 197 321 1,1421,7431,073 453 28,813 26,585 410 6,038 4,014 16,116 71,194 1.034 Sept. 30.. 36,706 9,814 26,892 24,614 1,269 1,009 Country banks: 1940 Dec 31 10,826 5 309 1 453 590 21 201 1,644 1,400 5,517 3,269 45 433 2,081 710 1,146 1 102 1941—Dec. 31 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 l!222 l!028 1942—Dec. 31 16,419 5,038 1,226 772 17 161 1,797 674 393 11,380 9,172 671 'i,'251 1,240 5,436 574 1.252 956 1943—Dec. 31.. 22,188 4,654 1,084 713 25 197 1,725 528 381 17,534 15,465 1,032 3,094 2,096 8,705 538 1,214 855 1 1 9 9 4 4 5 4— — D Ju e n c e . 3 3 0 0 . . . . 3 2 1 8 , , 3 5 6 2 8 0 4 5, , 1 9 1 1 4 0 1 1, , 1 1 6 4 2 9 8 7 0 5 2 5 3 3 2 2 3 42 1 2 0 1 1 , , 7 7 1 7 9 1 6 5 1 4 1 7 3 3 6 5 2 1 2 26 3 , , 2 6 5 1 3 0 2 2 1 4 , , 5 0 5 9 2 4 8 7 8 6 2 2 3 4 , , 4 19 6 4 6 4 4 , , 4 6 2 1 2 3 1 14 2 , , 5 5 0 4 4 0 24 2 1 1 1 1 . f 2 8 23 1 0 8 8 2 7 9 8 Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 9 1.342 1,067 1946—June 29.. 35,886 6,605 1,781 679 34 354 2,398 937 422 29,281 26,556 447 5,231 3,696 17,170 12 1,426 1,299 Sept. 30. . 36,056 7,334 28,722 25,948 1,5071,268 Insured nonmember commercial banks: 1940—Dec. 31.. 5,429 3,074 518 416 21 75 1,240 803 2,356 1,240 10 162 834 234 595 521 1941 Deo 31 5,774 3,241 543 478 20 64 1,282 854 2,533 1,509 17 152 1 069 271 563 462 1942—Dec. 31.. 6,984 2,818 370 553 16 59 1,225 422 173 4,166 3,162 99 442 390 2^053 179 569 435 1943—Dec. 31.. 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—Dec. 30. . 11,824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—June 30.. 12,940 2,790 406 506 24 193 1,167 420 74 10,150 9,170 198 1,620 1,731 5,611 10 584 396 Dec. 31.. 14,639 2,992 512 459 31 228 1,224 460 77 11,647 10,584 180 2,087 1,774 6,538 6 619 443 1946—June 29.. 15,392 3,491 649 488 21 176 1,473 605 79 11,901 10,716 147 2,346 1,538 6,682 4 667 518 • These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit Insurance Corporation. 1 During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning Dec. 31, 1945, these items may not be entirely comparable with prior figures. a 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 ariere :not included in "all insured commercial banks." « Central reserve city banks. 1376 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 v n e e t v - h - e k r e s a s l v C a i a n u s l h t b m a w B a n d e n i a c o s t k l e - t h - s i s c * j m p u D o d a s a d t s e e n e i - - - t d d s 5 m D e I a 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 d i e c n i s a - s l c C h c o a f e e e e i f n t e c r f c r i d d t k s . - i ' s - , p a v n a s p I t i h r i d n o d o t i d n r p u c n a i e s a o s - - , r l r s - - I b n a t n er k - P m G U S e i a o n r a o n e . n g s S 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 i d t d l t e n - i s s - p a v n a s i p I t d h r i n d o o t u i d n r p n c a a i e s o s - l - , r s r - , - r B i o n o w g r s - - c C o a t a u a c p l - n i t - s Ml Insured commercial banks: 1940—Dec. 31 . . 13,992 1,234 8,202 33,820 9,677 702 666 ,298 971 32,398 160 69 522 14,998 11 6,673 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 6 841 1942—Dec. 31. . 13,072 1,305 9,080 48,221 10,234 813 8,167 ,996 1,219 47,122 97 61 397 15,697 10 7.055 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 A1,518 1,354 64,133 64 109 423 23.347 122 7,989 1945—Tune 30. . 14.806 L.474 9,959 68,048 11,217 1,11923,478 41,698 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 c,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—June 29. . 15,999 1,471 9,102 78,281 10,584 1,346 12,941 t ,807 2,320 75,391 77 107 552 31,487 83 9,068 Member banks, total: 1940—Dec. 31. . 13,902 991 6,185 30,429 9,581 700 616 1,724 913 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 •J,066 1,009 33,061 140 50 418 11,878 4 5 886 1942—Dec. 31. . 13,072 1,019 6,147 42,570 10.101 811 7,923 :1,318 1,142 42,139 87 56 332 12.366 5 6,101 1943—Dec. 31.. 12,835 L, 132 5,450 52,642 9,603 891 9,444 1,602 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 2,744 1,251 56,270 58 105 347 18,807 111 6.968 1945—Tune 30.. 14,807 1,150 6,486 59.133 11,064 1,106 21.967 *5,877 1,138 57,417 61 102 392 21.254 52 7,276 Dec. 31. . 15.811 L.438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—Tune 29. . 16,001 1,141 5,772 67.461 10.391 1,339 12,009 4.826 2,179 65.589 72 101 447 25,568 72 7,920 Sept. 30.. 15,792 1,382 5,660 68,818 10,042 1,370 7,763 4,763 1,796 67,129 72 104 491 26,150 77 8,077 New York City:* 1940—Dec. 31.. 7,057 102 122 11,062 4,032 641 48 370 471 11,357 5 51 768 1,615 1941—Dec. 3i # ' 5 ] 10S 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 l!648 1942—Dec. 31.. 4 388 72 82 11,899 3 209 733 4,186 263 448 12 501 3 23 711 1 !727 1943—Dec. 31.. 3! 596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 "29 1^862 1944—Dec. 30. . 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 1945—June 30. . 3.879 89 64 14,643 3,271 989 7,618 229 341 14,789 16 8 19 1,082 40 2.023 Dec. 31.. 4,015 111 78 15.065 3,535 1,105 6.940 237 1,338 15.712 17 10 20 1,206 195 2,120 1946—Tune 29. 4,255 85 68 16,158 3.127 1,178 3,495 293 1,132 16,836 27 8 17 1,372 27 2,176 Sept. 30.. 4,015 129 61 16,119 2,954 1,213 2,112 246 768 16,657 27 7 17 1,400 5 2,196 Chicago:9 1940—Dec. 31 1,051 42 319 1,941 997 8 90 174 27 1,905 5 8 496 279 1941—Dec! 31! '. 1^021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 194?—Dec 31 902 39 16^ 2,557 1,105 12 665 178 38 2,588 2 453 304 1943—Dec. 31. . 821 38 158 3,050 972 14 713 174 44 3,097 2 i 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 3,124 1 663 362 Dec. 31. ! 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1946—Tune 29. '. 87f 26 162 3,189 1,047 24 789 262 37 3,153 2 1 779 394 Sept. 30*. . 90( 2^ 156 3,287 1,026 24 525 234 44 3,335 2 1 792 397 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 1,144 286 11,127 104 20 243 4,542 # 1,967 1942—Dec. 31.. 4,940 365 2,202 14,849 4,831 63 1,982 1,319 385 15,061 63 22 169 4,805 '"2 2,028 1943—Dec. 31.. 5.116 391 1,758 18,654 4.770 63 3,373 1,448 475 18.790 41 56 151 5,902 2.135 1944—Dec. 30. . 5,687 441 2,005 20,267 5,421 70 6,157 1,509 488 20,371 33 40 154 7,561 ..... 2,327 1945—Tune 30. . 5,882 396 2,029 20 682 5.510 90 7.655 1,516 422 20,559 31 39 166 8.520 3 2.450 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—Tune 29. . 6,332 399 1,858 23,483 5,220 129 4.531 1,003 558 23,005 27 43 187 10,190 27 2,676 Sept. 30. . 6,278 471 1,777 23,849 5,089 125 2,971 1,955 543 23,601 28 42 219 10,381 30 2,731 Country banks: 1940—Dec. 31. . 1,857 452 3,002 7,845 633 1 151 1,184 187 6,846 29 33 150 5,917 3 1,969 1941—Dec. 31.. 2,210 526 3,216 9,661 790 1 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1942—Dec. 31. . 2.842 542 3,699 13,265 957 4 1,090 1,558 272 11,989 20 32 140 6,397 3 2,042 1943—Dec. 31. . 3,303 611 3,474 17,039 994 1.962 1,727 344 15,561 17 56 149 7,599 10 2,153 1944—Dec. 30. . 3,909 684 4,097 19,958 1,149 8 4,230 1,868 369 18,350 14 57 175 9,650 16 2,321 1945—June 30. . 4,117 632 4.213 20.656 1,108 8 5,195 1,939 346 18,945 14 54 207 10,981 9 2,440 Dec. 31. . 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1946—Tune 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.. 4,599 758 3,666 25,563 972 8 2,155 2,328 441 23,536 17 54 254 13,577 41 2,752 Insured nonmember commercial banks: 1940—Dec. 31 243 2,017 3,391 95 3 50 574 58 2,822 18 13 87 3,311 8 975 1941—Dec. 31 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 956 1942—Dec. 31 287 2,934 5,651 133 2 243 678 76 4,983 10 5 65 3,339 5 955 1943—Dec. 31.. 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—Dec. 30.. 352 3,434 8,652 182 1,245 775 103 7,863 6 4 76 4,553 10 1,022 1945—Tune 30 324 3,473 8,915 153 13 1,511 820 101 8,078 e 4 90 5,105 13 1,065 Dec. 31 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 1,083 1946—June 29 330 3,332 10,821 194 7 932 981 142 9,802 5 6 105 5,934 11 1,149 4 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. 1 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes see page 1376. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. DECEMBER 1946 1377 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 e n 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 R l s o t e a a a n t l e s - b L a o t n o a k n s s Other Total Total Bills o c C t f a i f e t i i e r - n - s - Notes Bonds1 O s ri e t t h c i e u e r s t a c u g u r l r - a i- l G U t l i o i . o o g b- v n a S - s t . . O c t s u t i e h e r - i s e - r S t U l i o i o o . g b v - n a S - s t. . O c t u t i h e ri s e - r d n e e e d b s - t s - Total—101 Cities 1945—October 60,988 12,438 6,267 1,263 8581,004 4021,062 821,500 48,550]45,264 ,284 9,853 9,159 24,9683,286 1946—June 62,612 14,812 7,506 1,296 7311,597 4501,258 1,879 47,800 44,425 ,014 9,648 6,63627,1273,375 July 60,740 14,878 7,827 1,062 7311,432 462 1,306 139 919 45,87l|42,421 882 9,665 4,98926,8853,450 August. .. . 59,927 14,992 8,336 823 6081,287 4541,352 164 968 44,935 41,487 762 8,825 4,871 27,029 3,448 September. 59.198 15.318 8,841 845 5321,125 4271,395 123 030 43,880| 40,401 693 7,756 4,782 27,1703,479 October. . . 58,383 15,685 9,495 704 430 973 4141,447 1352,08742,698 39,234 833 6,643 4,53127,2273,464 Aug. 28. . 59,983 15,078 8,496 807 5641,252 4441,367 1721,976 44,90541,463 758 8,762 4,854 27,0893,442 Sept. 4.. 59,096 15,177 8,607 8341 1,217 4361,377 1532,00143,919 40,492 581 8,011 4,80827,0923,427 Sept. 11.. 59,212 15,186 8,765 794J 5341,138 428 1,386 1112,030 44,02640,595 810 7,847 4,78927,1493,431 Sept. 18. . 59,408 15,366 8,925 851 5431,078 425 1,405 962,04344,042 40,525 805 7,726 4,787 27,2073,517 Sept. 25. . 59,074 15,543 9,070 899 4971,067 421 1,412 1322,04543,531 39,990 576 7,441 4,74327,2303,541 Oct. 2.. 58,108 15,477 9,164 786 4671,037 4181,424 1272,054 42,631 39,088 679 6,547 4,63427,2283,543 Oct. 9.. 58,170 15,492 9,381 637 436 994 4071,435 127 42,678 39,187 734 6,621 4,57427,2583,491 Oct. 16. . 58,317 15,631 9,547 638 428 973 4101,445 1122,078 42,68639,230 857 6,618 4,52127,2343,456 Oct. 23. . 58.768 15.732 9,622 658 412 940 4131,458 1232,106 43,03639,619 ,233 6,701 4,452 27,2333,417 Oct. 30.. 58,554 16,093 9,759 800 408 920 4231,473 1882,12242,461 39,044 660 6,729 4,472 27,1833,417 Nov. 6. . 57,609 16,256 9,846 835 420 900 4091,479 2312,136 41,35337,967 444 5,918 4,435 27,1703,386 Nov. 13. . 57,548 16,521 10,029 923 415 908 4051,493 2112,13741,027 37,626 490 5,710 4,331 27,0953,401 Nov. 20. . 57,736 16,475 10,156 881 387 840 4531,503 2,15741,261 37,881 779 5,640 4,38127,0813,380 New York City 1945—October 21,281 5,173 2,415 1,021 623 377 185 68 41716,108 14,967 395 2,779 2,986 8,807 1,141 1946—June 21,507 5,789 2,891 1,028 500 543 203 83 47715,718 14,689 396 2,669 2,067 9,557 1,029 July 20,690 5,675 2,967 860 491 484 210 124 47615,015 13,935 233 2,876 ,420 9,406 1,080 August 20,148 5,517 3,165 644 404 419 204 132 48514,631 13,545 160 2,541 ,391 9,453 1,086 September 19.870 5,563 3,346 660 341 370 178 99 50214,307 13,187 158 2,132 ,398 9,499 1,120 October 19,627 5,547 3,557 545 266 316 168 112 51314,080 12,963 301 1,872 ,320 9,470 1,117 Aug. 28. 20,189 5,514 3,223 629 371 404 192 148 48314,675 13,592 155 2,551 ,412 9,474 1,083 Sept. 4. 19,757 5,543 3,263 645 366 393 184 136 49214,214 13,138 91 2,192 ,387 9,468 1,076 Sept. 11. 19,861 5,493 3,319 607 343 380 180 99 50114,368 13,289 232 2,169 ,388 9,500 1,079 Sept. 18. 19,922 5,559 3,370 663 345 360 176 73 50214,363 13,214 199 2,099 ,405 9,511 1,149 Sept. 25. 19,940 5,657 3,433 726 309 349 171 51214,283 13,108 111 2,066 ,414 9,517 1,175 Oct. 2 19,613 5,528 3,464 603 290 338 170 50514,085 12,895 269 1,756 ,344 9,526 1,190 Oct. 9 19,552 5,468 3,539 484 268 324 161 107 51514,084 12,944 251 1,855 ,322 9,516 1,140 Oct. 16 19,492 5,483 3,588 479 258 317 162 96 51314,009 12,907 254 ,866 ,297 9,490 1,102 Oct. 23 19,863 5,506 3,574 510 256 304 168 107 516 14,357 13,280 639 ,923 ,299 9,419 1,077 Oct. 30 19,615 5,750 3,619 649 258 297 177 162 51713,865 12,789 94 ,960 1,337 9,398 1,076 Nov. 6 19,261 5,820 3,627 692 259 274 163 212 52113,441 12,378 36 ,654 1,333 9,355 1,063 Nov. 13 19,142 5,946 3,696 775 262 273 162 191 51513,196 12,136 26 ,517 1,280 9,313 1,060 Nov. 20 19,318 5,838 3,734 737 238 250 207 78 52113,480 12,430 344 1,442 1,330 9,314 1,050 Outside New York City 1945—October 39,707 7,265 3,852 242 627 995 1,08332,442 30,297 889 7,074 6,173 16,1612,145 1946—June 41,105 9,023 4,615 268 2311,054 2471,194 1,40232,082 29,736 618 6,979 4,56917,570 2,346 July 40,059 9,203 4,860 202 240 948 252 1,243 1,443 30,856 28,486 649 6,789 3,56917,4792,370 August 39,779 9,475 5,171 179 204 868 2501,288 1,483 30,304 27,942 602 6,284 3,48017, ,362 September 39.328 9,755 5,495 185 191 755 2491,328 1,528 29,573 27,214 535 5,624 3,38417,6712,359 October 38,756 10,138 5,938 159 164 657 2461,377 1,57428,618 26,271 532 4,771 3,211 17,7572,347 Aug. 28. , 39,794 9,564 5,273 178 193 848 2521,303 1,493 30,23027,871 603 6,211 3,44217,6152,359 Sept. 4. 39,339 9,634 5,344 189 186 824 2521,313 1,509 29,70527,354 490 5,819 3,421 17,6242,351 Sept. 11. 39,351 9,693 5,446 187 191 758 2481,322 1,529 29,65827,306 578 5,678 3,401 17,649 2,352 Sept. 18. 39,486 9,807 5,555 188 198 718 2491,335 1,54129,679 27,311 606 5,627 3,382 17,696 2,368 Sept. 25. 39,134 9,886 5,637 173 188 718 2501,343 44 1,533 29,248 26,882 465 5,375 3,329 17,713 2,366 Oct. 2. 38,495 9,949 5,700 183 177 699 2481,354 39 1,54928,546 26,193 410 4,791 3,290 177,7022,353 Oct. 9. 38,618 10,024 5,842 153 168 670 2461,365 1,560 28,594 26,243 483 4,766 3,252177,,774422 2 351 Oct. 16. 38,825 10,148 5,959 159 170 656 2481,375 1,565 28,67726,323 603 4,752 3,224 11777,,,774444 2 354 Oct. 23. 38,905 10,226 6,048 148 156 636 2451,387 1,590 28,67926,339 594 4,778 3,153177,,881144 2,340 Oct. 30. 38,939 10,343 6,140 151 150 623 2461,402 1,605 28,59626,255 566 4,769 3,135 7,7852,341 Nov. 6. 38,348 10,436 6,219 143 161 626 2461,407 1,61527,912 25,589 408 4,264 3,102 17,8152,323 Nov. 13. 38,406 10,575 6,333 148 153 635 2431,421 20 1,62227,831 25,490 464 4,193 3,051 17,7822,341 Nov. 20. 38,418 10,637 6,422 144 149 590 2461,430 201,63627,781 25,451 435 4,198 3,051 17,76 2,330 'Direct and guaranteed. Back figures.—See Banking and Monetary Statistics, pp. 127-227. 1378 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 B s w F e e R a e r r i e a n t d v h - l k - e s v C a a i u n sh lt m b a w a n d e n i c o s t e k - h ti s s c j m p u a o s d a d t s e n e i - - t d d s 1 s p p u v n c h a 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 c i o n a v l b a n i t d i l - t e s - - . s c C c h o a e f e e i f e n t e f r r c c i d t s d . - k i ' - s, U m G er . o e n S v n - . - t s p p u v n c a h o a a o i n e i r d r l p r r d s a t - - - s - , - , S p d s a i o t u c i n a v l b a d i t i l - t e - - s P U m G S e i a o n r . a n o e s g n v n d v S t s - - a t - . l m D a e n b - d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - C it a a p l - B d it e a s b n * - k tions tions Total—101 Cities 1945—October 10,307 569 2,210 39,33139,458 1,983 1,135 8,571 9,087 108 9,921 1,105 312 4,905 63,464 1946—June 10,217 595 39,592 39,564 2,404 1,336 9,257 9,910 124 9,266 1,268 165 5,141 69,360 July 10.159 585 39,28239,479 2,260 1,295 7,397 9,985 134 9,409 1,268 206 5,168 70,907 August . . 10,181 597 2,14339,15539,264 2,223 1,156 6,607 10,066 144 9,368 1,287 220 5,194 65,985 September . 10,228 618 10939,57839.846 2,235 1,195 5,421 10,093 150 9,298 1,321 207 5,211 64,442 October 10,142 609 139 39,42539,827 2,258 1,139 4,621 10,154 148 9,288 1,302 175 5,230 69,458 Aug. 28.... 10,087 617 2,107 39,303 39,273 2,245 1,085 6,556 10,075 145 9,214 1,313 183 5,197 13,753 Sept. 4.... 10,201 589 2,02839,43739,415 2,264 1,173 5,354 10,075 147 9,285 1,307 288 5,211 13,484 Sept. 11.... 10,201 656 2,11139,619 40,088 2,209 1,231 5,408 10,084 149 9,395 1,330 162 5,209 14,663 Sept. 18 10,342 617 2,21339,76740,279 2,236 1,200 5,442 10,092 150 9,499 1,331 162 5,218 17,604 Sept. 25.... 10,169 613 2,08339,49239,603 2,232 1,176 5,482 10,120 152 9,010 1,316 215 5,208 15,568 Oct. 2... 10,242 576 2,11 39,23739,418 2,370 ,269 4,680 10,133 153 9,258 1,304 145 5,226 16,821 Oct. 9... 10,146 617 2,09239,27739,314 ,093 4,559 10,156 148 9,206 1,294 209 5,234 14,531 Oct. 16... 10,202 591 2,241^0,26740,522 ,101 4,588 10,161 149 9,552 179 5,227 15,156 Oct. 23... 9 961 623 2.12839, ( ,029 ,101 4,639 10,162 146 9,216 149 5,234 16,398 Oct. 30... 10,161 637 2,12139,65339,851 2,308 ,130 4,640 10,159 145 9,207 194 5,230 15,177 Nov. 6... 10,127 636 2,08 39,53040,032 2,309 1,178 3,401 10,180 144 9,350 1,332 334 5,256 15,533 Nov. 13... 10,278 678 2,20539,50140,661 2,298 1,198 3,425 10,178 145 9,614 1,315 329 5,249 14,967 Nov. 20... 10,215 641 2,129 39,84040,460 2,244 1,226 3,459 10,185 163 9,391 1,292 194 5,251 17,987 New York City 1945—October... 3,767 87 14,56114,938 219 724 3,370 1,085 10 3,031 986 1,884 29,990 1946—June 3,761 96 14,44614,823 240 824 3,408 1,250 2,988 1,117 67 1,966 32,439 July 3,704 96 14,31714,753 223 775 2,659 1,231 2,974 1,116 117 1,974 32,667 August. . . 3,727 97 14,17214,523 211 661 2,331 1,255 2,878 1,132 129 1,982 28,127 September 3.763 109 14,35114,748 194 685 1,863 1,258 2,911 1,171 95 1,982 27,864 October... 3,709 106 14,37014,740 262 652 1,576 1,268 2,869 1,149 86 1,989 29,401 Aug. 28... 3,654 101 14,19114,527 198 611 2,305 1,256 2,841 1,157 123 1,977 5,710 Sept. 4... 98 14,31414,621 189 672 1,847 1,252 2,872 1,153 1,985 5,911 Sept. 11... 123 14,29' 14,776 173 716 1,867 1,252 2,917 1,181 68 1,983 6,207 Sept. 18... 108 14,37914,844 208 665 1,863 1,254 3,023 1,182 50 ,982 7,863 Sept. 25... 3,754 108 14,41514,752 204 68 1,873 1,273 2,833 1,169 111 ,979 6,384 Oct. 2... 3,772 104 14,30214,658 292 774 1,603 1,271 2,956 1,157 93 ,989 7,568 Oct. 9... 3,733 109 2714,32914,615 223 602 1,556 1,274 1,144 91 ,991 6,360 Oct. 16... ,728 100 14,24114,874 233 599 1,566 1,277 1,142 81 ,988 6,341 Oct. 23... ,551 105 14,54314,832 240 636 1,578 1,263 1,148 43 ,989 6,797 Oct. 30... 3,760 110 14,43614,723 648 1,577 1,256 1,154 122 ,985 6,243 Nov. 6... 3,692 117 14,35714,708 320 675 1,148 1,261 1,173 2,002 6,826 Nov. 13... 3,805 124 14,42114,912 305 687 1,150 1,256 1,159 2,002 6,112 Nov. 20... 3,728 113 2914,60714,997 283 735 1,158 1,259 2,833 1,135 28 2,003 7,494 Outside New York City 1945—October... 6,540 482 2,18624,77024,520 1,764 411 5,201 8,002 6,890 119 212 3,021 33,474 1946—June 499 2,11125,14624,741 2,164 512 5,849 8,660 106 6,278 151 98 3,175 36,921 July 6,455 489 2,14424,965 24,726 2,037 520 4,738 8,754 118 6,435 152 89 3,194 38,240 August. . . 6,454 500 2,117 24,98324,741 2,012 495 4,276 8.811 128 6,490 155 91 3,212 37,858 September 6.465 509 2,080 25,22725.098 2,041 510 3,558 8,835 134 6,387 150 112 3,229 36,578 October... 6,433 503 2,11125,05525,087 1,996 487 3,045 8,886 130 6,419 153 89 3,241 40,057 Aug. 28., 6,433 516 2,078 25,11224,746 2,047 474 4,251 8,819 129 6,373 156 3,220 8,043 Sept. 4. 6,397 491 2,002 25,12324,794 2,075 501 8,823 131 6,413 154 137 3,226 7,573 Sept. 11. 6,534 533 2,082 25,32225,312 2,036 515 8,832 133 6,478 149 94 3,226 8.456 Sept. 18. 6,517 509 2,17925,38825,435 028 535 8,838 134 6,476 149 112 3,236 9,741 Sept. 25.. 6,415 505 2.05525,07724,851 028 489 8,847 134 6,177 147 104 3,229 9,184 Oct. 2. 6,470 472 2,084 24,93524,760 078 495 3,077 8,862 135 6,302 147 52 3,237 9,253 Oct. 9. 6,413 508 2,06524,94824,699 006 491 3,003 8,882 130 6,337 150 118 3,243 8,171 Oct. 16.. 6,474 491 2,21125,02625,648 965 502 3,022 8,884 131 6,664 149 98 3,239 8,815 Oct. 23.. 6,410 518 2,099 25,14725,197 945 465 3,061 8,899 128 6,399 160 106 3,245 9,601 Oct. 30. 6,401 527 2,09525,21725,128 1,985 482 3,063 8,903 127 6,391 159 72 3,245 8,934 Nov. 6. 6,435 519 2,062 25,17325,324 1,989 503 2,253 8,919 126 6,516 159 165 3,254 8,707 Nov. 13.. 6,473 554 2,17625,08025,749 1,993 511 2,275 8,922 127 6,789 156 183 3,247 8,855 Nov. 20., 6,487 528 2,10025,23325,463 1,961 491 2,301 8,926 126 6,558 157 166 3,248 10,493 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. DECEMBER 1946 1379 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 To others Cer- ther district and date n a v n e d st- Total i t n ri d a u l s , - and dealers R st e a a t l e - x> to ansOther Total c t a if t i e s e it c ie u s ments and oans )anks Total Bills of in- ^Jotes ionds1 agri- U.S. Other U. S. Other debtcul- Govt. se- Govt. se- edtural ob- curi- ob- curi- ness liga- ties liga- ties tions tions Boston Oct 23 2,934 894 585 30 11 27 13 86 2 140 2,040 1,940 41 260 176 1,463 100 Oct. 30 2,947 911 593 29 10 27 13 87 10 142 2,036 1,936 39 260 176 1,461 100 Nov. 6 2,875 909 600 26 10 26 13 88 4 142 1,966 1 871 18 214 176 1 463 95 Nov. 13 2,866 910 601 25 11 26 13 88 3 143 1,956 1,865 28 207 175 1,455 91 Nov 20 2,855 921 603 32 10 25 14 89 4 144 1,934 1,849 22 201 177 1,449 85 New York* Oct. 23 21,888 5,969 3,791 516 259 329 188 175 107 604 5,919 4,741 642 2,036 1,470 0,593 ,178 Oct. 30 21,645 6,219 3,839 656 261 322 197 176 162 606 5,426 4,249 99 2,071 1,508 0,571 ,177 Nov. 6 21,273 6,294 3,851 697 263 300 184 177 212 610 4,979 3,816 40 1,744 1,503 0,529 ,163 Nov. 13. 21,157 6,425 3 928 778 265 299 182 177 191 605 4 732 3 570 36 1 599 1 451 0 484 ,162 Nov. 20. .. 21,321 6,318 3,971 740 241 270 228 178 78 612 5,003 3,852 348 1,523 1,501 0,480 ,151 Philadelphia Oct. 23 2,333 645 375 9 22 20 9 46 2 162 1,688 1 481 47 189 164 1 081 207 Oct. 30. . . 2,342 650 377 11 22 19 8 47 4 162 1,692 1 486 62 185 161 1 078 206 Nov. 6 2,307 654 384 10 22 19 8 47 2 162 1,653 1,449 46 169 156 1,078 204 Nov. 13 2,319 666 394 9 22 18 8 48 4 163 1,653 1,446 44 167 154 1,081 207 Nov. 20 2,296 672 401 11 22 16 8 46 3 165 1,624 1,416 32 165 139 1,080 208 Cleveland Oct. 23 4,806 1,180 608 25 21 114 13 209 190 3,626 3,345 37 507 342 2,459 281 Oct. 30 4,761 1,186 615 24 20 113 13 209 192 3,575 3,294 27 489 340 2,438 281 Nov. 6 4,714 1,192 615 30 20 113 12 210 192 3,522 3,238 11 448 337 2,442 284 Nov. 13 4,686 1,216 637 29 21 111 12 212 194 3,470 3,185 15 430 324 2,416 285 Nov. 20 4,702 1,218 645 24 20 106 12 214 197 3,484 3,198 27 442 322 2,407 286 Richmond Oct. 23. 2,026 449 231 5 37 9 69 3 95 1,577 1,489 19 303 130 1 037 88 Oct. 30. 2,021 451 233 1 5 36 9 70 2 95 1 570 1,483 19 298 129 1 037 87 Nov. 6. . 1,976 451 233 1 5 37 10 69 2 94 1,525 1,438 18 250 126 1,044 87 Nov. 13 1,986 453 236 1 5 36 9 71 2 93 1,533 1,446 21 255 126 1,044 87 Nov. 20 1,988 457 239 1 ^ 36 10 71 3 92 1,531 1,444 17 255 128 1,044 87 Atlanta Oct. 23 2,044 553 305 2 6 70 21 40 4 105 1,491 1,328 18 326 169 815 163 Oct. 30 2,041 559 311 1 6 70 21 40 4 106 1,482 1,318 15 321 167 815 164 Nov. 6.. . 2,015 567 318 1 6 70 21 41 4 106 1,448 1,284 13 293 165 813 164 Nov. 13 2,022 574 322 1 6 70 21 42 4 108 1,448 1,284 14 293 164 813 164 Nov. 20 2,021 578 328 1 6 65 21 41 4 112 1,443 1,279 12 290 166 811 164 Chicago* Oct. 23 8,469 2,081 1,377 57 38 102 68 233 206 6,388 5,849 198 1,070 648 3,933 539 Oct. 30 8 515 2 103 1,398 59 38 97 67 235 209 6 412 5 874 169 1 118 651 3 936 538 Nov. 6 8,310 2,131 1,419 57 47 93 67 237 211 6,179 5,646 93 949 653 3,951 533 Nov. 13 8,309 2,157 1,443 69 37 93 64 239 212 6,152 5,615 75 932 652 3,956 537 Nov. 20 8,370 2,158 1,462 61 37 82 63 241 212 6,212 5,670 97 938 653 3,982 542 St. Louis Oct. 23 1,899 668 373 40 15 94 136 1,231 1,098 24 105 185 784 133 Oct. 30 1,903 673 379 c 39 15 96 135 1,230 1,097 21 107 186 783 133 Nov. 6 1,880 679 384 39 15 96 136 1,201 1,069 12 104 172 781 132 Nov. 13 1,900 688 391 2 c 39 15 97 137 1,212 1,079 26 106 171 776 133 Nov. 20 1,895 698 400 c 38 15 98 2 138 1,197 1,064 109 178 770 133 Minneapolis Oct. 23 1,210 317 179 20 37 73 893 835 11 75 114 635 58 Oct. 30 1,219 326 185 19 38 76 893 834 14 76 114 630 59 Nov. 6 1,214 327 185 19 38 76 887 829 15 69 113 632 58 Nov. 13 1,217 329 187 2 19 5 38 2 76 888 830 16 69 112 633 58 Nov. 20. . 1,216 330 189 18 39 77 886 828 15 69 113 63 58 Kansas City Oct. 23. ... 2,251 521 326 28 Q 58 93 1,730 1 561 49 381 264 86 169 Oct. 30 2,237 530 335 A 27 Q 59 94 1,707 1 538 42 370 258 86 169 Nov. 6 2,209 532 338 ; 26 58 ; 95 1,677 1,509 36 349 256 868 168 Nov. 13 2 236 538 343 ( 26 59 94 1 698 1 529 62 346 254 86 169 Nov. 20 2,223 539 345 25 59 94 1,684 1,515 48 348 251 86 169 Dallas Oct. 23 1,957 724 464 8 69 30 48 105 1,233 1,164 45 306 163 65 69 Oct. 30 1,958 730 470 67 32 48 104 1,228 1,159 54 297 163 64 69 Nov. 6 1,948 738 476 9 68 3 48 105 1,210 1,14 51 28 164 64 69 Nov. 13 1,948 744 482 67 3 48 106 1,204 1,12 56 270 154 64 80 Nov. 20 1,946 748 487 64 32 49 107 1,19 1,129 56 262 162 64 69 San Francisco Oct. 23 6,951 1,731 1,008 15 30 84 33 363 19 5,22 4,78 102 1,143 62 2,91 432 Oct. 30 6,965 1,755 1,024 15 28 84 34 368 20 5,21 4,77 99 1,13 61 2,92 434 Nov. 6 6 888 1 782 1 043 10 27 90 34 370 20 5 10 4 67 9 1 04 61 2 92 429 Nov. 13 6,902 1,82 1,065 27 104 3 374 20 5,08 4,65 9 1,03 59 2,92 428 Nov. 20 6,903 1,838 1,086 27 95 3 378 20 5,06 4.63 98 1,03 59 2,91 428 City of Chicago* Oct. 23 5,060 1,39 1,034 55 32 62 5 5 9 3,66 3,34 15 72 31 2,15 329 Oct. 30 5,074 1,402 1,04 5 3 59 5 5 9 3,67 3,34 9 77 31 2,15 329 Nov. 6 4,924 1,42 1,06 56 39 56 5 5 9 3,50 3,17 6 63 32 2,14 327 Nov. 13 4,903 1,439 1,078 6 3 57 5 5 9 3,46 3,13 5 61 31 2,14 328 Nov. 20 4,958 1,438 1,095 59 30 49 5 5 9 3,52 3,18 7 62 31 2,17 333 * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago respectively. 1 Direct and guaranteed. 1380 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 w F e R e a e r r i n e a d t v h - k l - e s C va a i u n sh lt m b a w a n d e n i o c s t t e k - h i s c s j m p u o d a s a d s t e n e i - - t d d s 1 s p p u v n h c a o a a o i n e i d r r l p r r d s a t - - - s - , - , S p s d s a i o i t u c i o n a v l a b 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 f r r c c d i d t s - . k i ' - s, U m G er o . e n S v n - . - t s u p p v n c h a a o a i o e n i d l p r r r r d s a - - t - s , - - , S p s d s t a i i o a u c i o n v l t a b n i d e i l t - - s s - P U m G S e i a o n r a n o e . s g n S v d v n t s - - . a - t l m D a e n b - d ank T s ime b F e a i o n g r k n - s B r i o n o w g r s - - C it a a p l - B d i e a ts b n ' - k tions tions Boston (6 cities) Oct. 23 482 61 112 2,269 2,209 175 36 246 471 290 25 7 298 728 Oct. 30 469 60 108 2,274 2,199 189 37 248 470 285 24 4 298 694 Nov. 6 489 60 105 2,271 2,193 181 40 180 471 295 24 9 298 731 Nov. 13 483 63 117 2,258 2,221 179 42 183 470 298 24 18 298 643 Nov. 20 487 60 112 2,261 2,217 170 42 185 471 296 24 6 299 814 New York (8 cities)* Oct. 23 3,788 142 10815,84015,999 416 670 1,710 1,968 2,887 1,151 62 2,154 7,240 Oct. 30 4,011 147 11115,75515,903 506 683 1,708 1,962 2,887 1,156 144 2,150 6,630 Nov. 6 3,926 154 10815,67515,891 512 713 1,243 1,968 2,906 1,176 189 2,167 7,216 Nov. 13 4,068 163 12215,75416,128 509 729 1,245 1,963 2,902 1,162 190 2,167 6,515 Nov. 20 3,968 151 11315,91216,126 463 771 1,255 1,966 2,904 1,138 57 2,168 8,028 Philadelphia (4 cities) Oct. 23 425 34 84 1,792 1,865 47 27 210 246 342 12 6 263 606 Oct. 30 414 35 87 1,799 1,883 51 21 209 246 341 12 4 263 599 Nov. 6 42 36 90 1,841 1,930 47 29 151 245 333 12 7 264 573 Nov. 13 427 38 88 1,831 1,946 53 35 153 244 358 12 264 599 Nov. 20 425 37 89 1,82 1,926 49 27 155 244 337 12 264 688 Cleveland (10 cities) Oct. 23 769 84 193 3,126 3,157 171 52 3841,326 493 5 491 1,021 Oct. 30 775 86 196 3,107 3,137 167 56 3851,327 492 5 491 978 Nov. 6 762 82 189 3,103 3,112 165 54 2861,330 481 6 492 1,016 Nov. 13 752 87 208 3,045 3,160 167 53 2891,329 511 5 493 1,045 Nov. 20 771 86 190 3,100 3,145 163 59 2921,330 487 5 492 1,161 Richmond (12 cities) Oct. 23 347 43 126 91 30 163 382 410 9 147 490 Oct. 30 352 42 121 89 29 161 382 404 -7 147 452 Nov. 6 341 42 128 91 27 123 •383 411 7 148 482 Nov. 13 355 45 142 90 36 123 383 444 7 148 504 Nov. 20 350 42 128 1,428 93 34 125 382 422 6 148 552 Atlanta (8 cities) Oct. 23 376 30 135 213 16 136 451 477 9 132 558 Oct. 30 365 31 132 218 16 135 451 472 8 132 505 Nov. 6 375 29 138 1,375 217 16 100 452 488 8 133 476 Nov. 13 372 31 142 1,380 219 16 101 452 498 9 133 466 Nov. 20 377 31 136 1,376 1,327 215 15 102 452 485 9 133 542 Chicago (12 cities)* Oct. 23 1,413 93 381 5,424 5,418 455 91 6821,983 1,606 31 628 2,405 Oct. 30 1,410 97 396 5,472 5,439 463 94 6861,985 1,617 29 630 2,302 Nov. 6 1,393 99 392 5,380 5,473 456 103 5001,989 1,635 30 631 2,141 Nov. 13 1,436 106 412 5,372 5,557 449 92 5051,991 1,715 29 630 2,256 Nov. 20 1,428 97 391 5,468 5,500 457 87 1,993 1,637 30 630 2,601 St. Louis (5 cities) Oct. 23 335 23 106 1,127 1,215 67 17 151 372 557 6 143 502 Oct. 30 333 24 109 1,131 1,208 67 19 152 372 562 6 143 459 Nov. 6 342 24 109 1,130 1,222 70 21 112 373 582 6 144 439 Nov. 13 326 26 113 1,125 1,260 73 19 113 373 605 6 144 439 Nov. 20 342 24 100 1,131 1,233 73 19 115 373 585 6 144 529 Minneapolis (8 cities) Oct. 23 206 12 96 738 729 103 13 107 231 349 3 92 370 Oct. 30 209 12 98 747 730 112 15 107 231 355 7 92 336 Nov 6 220 11 85 760 730 116 12 80 231 362 3 93 372 Nov. 13 214 12 92 757 770 108 12 79 232 377 2 92 313 Nov. 20 214 12 87 761 751 110 12 81 232 363 3 92 380 Kansas City (12 cities) Oct. 23 436 24 273 1,508 1,518 174 23 162 314 833 157 625 Oct. 30 444 24 279 1,521 1,507 170 25 161 314 826 157 535 Nov. 6 454 23 266 1,504 1,529 167 25 120 314 848 157 494 Nov. 13 451 25 277 1,522 1,575 162 25 121 315 867 157 507 Nov. 20 457 23 273 1,532 1,558 169 24 122 315 840 157 673 Dallas (9 cities) Oct. 23 383 27 1,487 1,491 105 26 133 294 519 150 513 Oct. 30 384 27 210 1,479 1,474 111 26 131 294 521 150 442 Nov. 6 383 26 203 1,466 1,482 119 26 96 295 546 150 410 Nov. 13 402 28 222 1,490 1,515 128 29 97 295 563 151 436 Nov. 20 , 388 26 230 1,488 1,500 114 29 98 296 547 152 564 San Francisco (7 cities) Oct. 23 1,001 50 294 3,610 3,691 168 100 555 ,124 453 579 1,340 Oct. 30 995 52 274 3,603 3,659 165 109 557 ,125 445 577 1,245 Nov. 6 1,019 50 274 3,650 3,725 168 112 410 ,129 463 579 1,183 Nov. 13 992 54 270 3,579 3,714 161 110 416 ,131 476 572 1,244 Nov. 20 1,008 52 280 3,598 3,699 168 107 4222,131 488 572 1,455 City of Chicago* Oct. 23 32 164 3,330 3,418 218 41 433 818 1,142 395 1,537 Oct. 30.. 882 33 176 3,349 3,416 223 42 435 819 1,143 396 1,449 Nov. 6. . 853 35 174 3,289 3,442 213 42 314 821 1,140 397 1,356 Nov. 13.. 901 36 179 3,260 3,467 211 35 317 822 1,200 397 1,434 Nov. 20. . 894 34 3,346 3,466 218 36 317 824 1,150 1,629 * See note on preceding page. 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. DECEMBER 1946 1381 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 * Commer- End of month sta p o c n a i u d p a t e i l - n r g1 st T a o n o u d t t a i - n l g Accepting banks R F B e e a d s n e e r k r v a s e l Others Im in p t o o rts Ex fr p o o m rts Go sh o i d p p s p o e s i t d n (? ts r b e e i d n t w in ee n or Total O bi w lls n bo B u il g ls ht ( a F c o c r o o u w nt n ) T S T t r a ii t f e a s A T S T t n a i t f e o s A United Foreign States countries o 1945—July 107 117 90 45 45 26 81 9 22 4 August . . .. 110 128 101 50 50 28 91 10 25 2 Seotember 111 135 104 52 52 31 98 11 23 3 October 127 135 100 53 46 35 95 12 22 6 No vem ber 156 145 107 58 49 38 100 15 23 December 159 154 112 64 48 42 103 18 26 7 1945— Tanuarv 174 166 126 71 55 40 109 20 29 8 February 178 167 128 74 53 39 109 18 31 9 172 163 119 64 55 2 42 104 17 33 8 April 149 169 109 65 44 13 47 114 16 30 9 126 177 108 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 9 142 207 140 68 72 13 54 152 22 26 7 148 200 151 68 82 2 47 150 20 23 7 October 202 204 154 71 82 .50 154 18 23 8 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 York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )1 es a in n a v d c e c t s o r t u a m d n e i ts n n g t a in n a v d c e c t s o r t a u m d n e i t n s 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 a v d c p e c t s a o r t r a u m t d n n e i t e n s n r g t s' a in n a v d I c n e c t s o f r t i a u m r d n m e i t n s n g t I a n c ( c c n o a e u p t n ) it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December... 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December... 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December... 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December... 906 16 78 207 637 266 69 23 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 788 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 1945—November. . 31,095 3711 3639 December... 1,138 12 413 313 795 654 112 29 13 299 1946—January 31,168 3 734 3 727 February. . . 31,046 3 645 3 755 March 8 936 3 622 3 712 April 3 895 3 575 3697 May 3 856 3 547 3 669 June 809 7 399 370 498 651 120 24 17 314 July 3 745 3 442 3 653 August 3 723 3 377 3 647 September.. 3 631 3 305 s 729 October 3 583 3 253 3 720 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). 8 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): August, 99; September, 82; October, 75. 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. 1382 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 Prime Prime ex- 7 Other mo Y w n e e t a h e r k , , or m 4 m p c - o a o e t n p r m o c t e h i r - 6 a s , - l 1 a a b d c n e a a 9 c r c n y s 0 e e k ' s p s - 1 , t- ch n l c a o r e a a e l w a n s l - n g ' l - e m b o i 3 l n l - s t " h 9 d c m - o c e e t f a o o r b t t n t i i e 1 f e n t s i h 2 d - - - - 3 t n a - y x o t e o a t a e b r 5 s 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 3 y k E e N r c a 2 n o i s . t r 8 t i a t e e 8 h n s r - n d 1 W e 1 r c 3 n e S i . t s 2 o i a t e 5 e u n s r t d n hness 1938 average1 2.53 1.69 2.75 3.26 1943 average .69 .44 1.00 .373 .75 ' 1.34 1 1 9 9 3 4 9 0 a a v v e e r r a ag g e e 2 2 . .0 0 7 4 2 2 . . 5 8 6 7 3 3 . . 3 5 8 1 1944 average .... .73 .44 [ 00 .375 .79 1.33 1941 average 2.54 1.97 2.55 3.19 1945 average .75 .44 LOO .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—November. .75 .44 1.00 .375 .84 1L14 1944 average 2.59 2.11 2.68 3.02 December.. .75 .44 1.00 .375 .84 4 L.15 1945 average 2.39 1.99 2.51 2.73 1946—January... .75 .44 LOO .375 .79 L10 1942—June 2.62 2.07 2.56 3.34 February. . .75 .44 LOO .375 .76 L03 September.... 2.70 2.28 2.66 3.25 March .75 .44 LOO .375 .79 .99 December 2.63 2.09 2.63 3.26 April .75 .44 LOO .375 .81 . 12 May .75 .47 .00 .375 .83 !l8 1943—March 2.76 2.36 2.76 3.24 J Ju u l n y e . . . . 7 7 5 7 . . 5 5 9 0 . . 0 0 0 0 .3 3 7 75 5 .8 8 3 4 • . 1 1 3 5 J S u e n p e tember.... 3 2 . . 0 4 0 8 2 2 . . 0 7 5 0 2 2 . . 9 7 8 1 3 2 . . 3 7 8 3 August.... .81 .71 L38 .*375 .'84 L14 December 2.65 2.10 2.76 3.17 September . .81 .81 L.38 .375 .85 L22 O N c o t v o e b m er ber . . . 9 8 4 8 . .8 8 1 1 : 1 L . 3 3 8 8 . . 3 3 7 7 5 6 . .8 8 4 3 : L L. 2 2 4 2 1944— J M un ar e ch 2 2 . . 6 6 3 3 2 2. . 2 1 3 0 2 2 . . 7 5 5 5 3 3 . . 1 1 2 8 September 2.69 2.18 2.82 3.14 Week ending: December 2.39 1.93 2.61 2.65 Nov. 2 13/ie .376 .84 1.22 Nov. 9 .... K-i »Ae 1X-1K .376 .84 L22 1945—March 2.53 1.99 2.73 2.91 Nov. 16. . . 7A-l »/!• .376 .85 L21 June 2.50 2.20 2.55 2.80 Nov. 23... %-i M/lt IK-IK .376 .84 L22 September.... 2.45 2.05 2.53 2.81 Nov. 30.. . l 13/l« .376 .85 L25 December 2.09 1.71 2.23 2.38 1 Monthly figures are averages of weekly prevailing rates. 1946—March 2.31 2.34 2.93 * The average rate on 90-day stock exchange time loans was 1.50 June 2.41 2.51 2.97 percent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent. September.... ••2.32 1.83 2.43 ^2.75 • Rate on new issues offered within period. <From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept. r Revised. 15, 1948, and Treasury bonds of Dec. 15, 1950; beginning Dec. 15, 1 Prior to March 1939 figures were reported monthly on a basis not 1945, includes only Treasury bonds of Dec. 15, 1950. strictly comparable with the current quarterly series. Back figures.—See Banking and Monetary Statistics, Tables 120-121, Back figures.—See Banking and Monetary Statistics, Tables 124-125 pp. 448-459, and the BULLETIN for May 1945, pp. 483-490. pp. 463-464; for description, see pp. 426-427. BOND YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's)* 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)' grade)' Total T ab ax le - e l x y e m ta p x t T ab ax le - Aaa Aa A Baa In tr d i u al s- R ro a a i d l- 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.... L96 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.... L94 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.... L60 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—November L42 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. gL38 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.. L31 (8) 2.21 1.57 2.43 2.73 2.54 2.62 2.73 3.01 2.57 2.89 2.71 February.. L.28 (8) 2.12 1.49 2.36 2.68 2.48 2.56 2.70 2.95 2.54 2.83 2.65 March L28 (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 (8) 2.08 1.45 2.37 2.67 2.46 2.56 2.69 2.96 2.57 2.78 2.65 May . L.47 8 2.19 1.54 2.44 2.71 2.51 2.58 2.73 3.02 2.60 2.84 2.69 June L43 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 8 2.18 1 60 2 41 2.71 2.48 2.59 2.72 3.03 2.58 2.86 2.69 August. .. L46 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 C6) 2.28 1.75 2.50 2.79 2.58 2.68 2.80 3.10 2.64 2.98 2.75 October . . L56 (6) 2.26 1.84 2.51 2.82 2.60 2.70 2.84 3.15 2.65 3.05 2.76 November 1.58 (6) 2.25 1.80 2.51 2.82 2.59 2.69 2.84 3.17 2.66 3.05 2.77 Week ending: Nov. 2.. .55 (6) 2.24 1.77 2.52 2.83 2.60 2.69 2.85 3.16 2.66 3.06 2.77 Nov. 9.. .55 (6) 2.24 1.77 2.51 2.82 2.59 2.69 2.84 3.15 2.65 3.04 2.77 Nov. 16. . .57 (6) 2.25 1.77 2.50 2.82 2.59 2.69 2.83 3.15 2.65 3.04 2.77 Nov. 23.. .59 (6) 2.26 1.79 2.52 2.83 2.59 2.70 2.84 3.17 2.66 3.05 2.77 Nov. 30. . 1.62 (6) 2.27 1.87 2.52 2.84 2.60 2.70 2.85 3.19 2.67 3.07 2.77 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, Aaf and A groups hav« 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. * 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.—Sec Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490. DECEMBER 1946 1383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices5 Corporate 4 Common (index, 1935-39 = 100) V of o l t u ra m d e - Year, month, or week U. S. Municm G e e r o n n v - t - 2 g ( r h i a p i d g a e h l ) - 3 H gr i a g d h e - Mediu I m nd - u a s n - c l R ow ai e l- r-gra P d u e blic fa D ul e te - d fe P rr r e e d - * Total 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 s s a t h h n a d o r s u e s - o ) 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—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 1,116 106.61 144.1 124.3 119.9 124.4 119.6 115.8 83.6 204.9 152 156 157 128 1,391 JVIay 104.82 142.1 123.7 119.5 123.9 118.6 116.0 81.8 201.9 154 159 157 129 1,311 June . . . 105 28 142 0 123.9 119 5 123 9 118 7 116 0 83.2 202.4 153 157 162 130 1,086 July 104.87 140 9 124.0 119.1 123.4 118.5 115 3 80.0 204.1 150 153 154 128 936 August 104.11 140.0 123.8 119.0 124.0 117.7 115.4 78.8 203.4 146 150 147 125 946 September 103.25 137.8 122.8 117.4 123.3 114.3 114.7 65.4 196.2 125 129 119 110 2,173 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 November 103.71 136.8 121.6 115.9 122.5 112.7 112.6 63.6 189.3 121 124 113 106 1,191 Week ending: Nov. 2 103 87 137 4 121.7 115.8 122.3 112.5 112.7 64.9 189.7 119 122 109 105 1,523 Nov. 9 103.95 137.4 121.9 116.4 122.4 113.1 113.8 63.8 190.2 121 124 113 106 1,491 Nov. 16 103.77 137.4 121.7 116.2 122.5 113.1 113.1 64.2 190.2 122 126 116 106 1,049 Nov. 23 103 59 137 0 121 5 115.5 122 5 112 5 111 4 62.7 189.2 119 123 111 104 1,086 Nov. 30 . . 103.42 135.4 121.5 115.5 122.5 112.1 112.0 63.0 187.7 120 123 113 106 1,005 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. * Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. • Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 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 Year or month f ( u i a n r n n n e e g d d - w ) - m T e a f ( i o o d e g n s r o t n d - a t - ) i l 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 t n d e r d s a s te Stocks e F i o g r n - 2 m T e a ( f i o o d e g n s r t o n d a - t - ) i l c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co n B r a p o o n o t n d e r d s a s te Stocks e F i o gn r- 2 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 .... 5,790 2,277 2,239 931 924 383 287 97 38 3,513 3,465 195 1,537 1,733 1,596 137 48 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 " *4 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 ""l 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—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 54 594 594 3 255 337 282 55 1946—January.. 346 200 200 68 1 131 10 122 146 146 3 30 113 55 58 February. 430 122 122 57 18 47 5 42 307 307 23 20 264 247 17 March. . . 562 200 200 56 16 127 17 111 1 362 338 31 23 284 238 46 "23 April 1,097 373 373 61 22 290 118 172 723 698 10 326 363 111 85 25 May 1,037 310 302 103 7 192 99 93 8 728 728 47 17 664 536 127 June 847 425 425 108 9 307 115 193 423 423 16 41 366 301 65 July 929 491 491 124 367 183 184 438 386 8 33 345 274 71 "52 August. . . 559 419 419 64 354 196 159 141 126 1 33 92 39 53 15 September 430 231 231 61 170 95 r74 199 199 16 38 144 143 1 October. . 552 353 353 49 47 257 213 43 199 199 1 133 65 36 29 ' Revised. 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 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. 1384 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net New money Retirement of securities proceeds2 proceeds3 Repa o y f ment Other Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e a s nd Pr s e t f o e c r k red other debt purposes 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—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 October 323 317 258 160 99 48 36 12 6 5 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 s r e - 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 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 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 L,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 ,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 ,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 AfiA 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—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 2 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 1 148 1 32 1 31 100 26 59 15 9 9 March 192 2 190 78 1 76 126 94 13 19 10 2 8 9* April 98 1 97 138 6 119 13 412 198 157 56 18 7 3 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 9 338 181 156 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 October 40 21 19 124 108 17 150 127 12 11 3 3 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. DECEMBER 1946 1385 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 Other Non- Oil Year or quarter trans- ferrous Other Foods, produc- Indus- Other Mis- Dividends Iron Ma- Au- porta- metals dura- bever- ing trial non- cella- Net Total and chin- tomo- tion and ble ages, and chemi- dura- neous profits1 steel ery biles equip- prod- goods and refin- cals ble serv- Pre- Cornment ucts tobacco ing goods ices ferred 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 1,896 194 174 222 190 115 175 220 187 147 184 970 86 611 1945 1,925 188 163 243 169 108 199 223 187 154 203 989 85 612 Quarterly 1942—1 413 52 38 46 2 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—1 430 52 39 47 248 34 19 39 36 41 36 39 209 21 127 2 433 47 41 50 246 32 22 37 42 41 36 38 221 22 132 3 461 51 41 52 246 31 20 43 49 40 39 50 226 21 127 4 477 53 45 53 24I 31 23 43 58 47 38 44 246 22 170 1944—1 444 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 2 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 20 12 65 56 63 62 82 116 20 146 2 '604 '67 '49 '251 '26 '37 '74 '62 '66 '71 '80 '250 21 153 3 676 94 31 38 43 42 84 78 67 76 79 303 20 149 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroads Electric power4 Telephones Year or quarter r O e p v i e n e r g n a u t e - I i b n n t e c c a f o o x o m m s re e e inc N o e m t e1 d D e i n v d i- s r O e p v i e n e r n g a u t e - I i b n n t e c c a f o o x o m m * re e e inc N o e m t e1 d D e i n v d i- s r O e p v i e n e r n g a u t e - I i b n n t e c c a f o o o x m m 6 re e e inc N o e m t e1 d D e i n v d i- s 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 914 502 410 1,537 374 180 168 1944 9,437 1,971 668 246 3,618 915 499 390 1,641 399 174 168 1945 8,902 755 447 253 3,695 906 523 399 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 1943—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 I945—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 '46 2 1,711 -54 —42 52 915 221 151 110 497 '74 53 '46 3 2,045 156 125 41 937 207 142 112 502 55 44 48 ' Revised. 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Partly estimated. 3 Class I line-haul railroads, covering about 95 per cent of all railroad operations. 4 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 5 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. 6 After ail 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. 1386 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 Fully End of month T d g d i o r e r o e t b s a c t s l t i b n T d 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- Total Tre b a il s l u s ry c i C e n a d e t d 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 Total s b a U o v . n i n S d g s . s T t s a r a n x e v o a i t a s n e u n g s d r 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 t g b e t e u c e e e u a r a d e r r r i i s a i n t t n n i - g e - - s 1940—June.... 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 Dec 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3,195 5,370 566 5,901 1941—June 48,961 48,387 37,713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 2,471 6,982 487 6,317 1942—June. . . . 72,422 71,968 50,573 2,508 3^096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,285 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 1944—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 1,47a 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—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 Nov 262,277 260,925 180,328 17,000 30,475 13,351 119,323 56,343 49,709 5,978 24,254 1,352 362 1 Including amounts held by Government agencies and trust funds, which aggregated 6,375 million dollars on Oct. 31, 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 NOVEMBER 30, 1946 [In millions of dollars] On basis of daily statements of United States Treasury. In millions of dollars] Redemp- Amount Funds received from sales during tions and Issue and coupon rate Amount Issue and coupon rate Amount out- 1UU maturities Month standing at end of Treasury bills1 Treasury bonds—Cont. month All Series Series Series All series E F G series Dec. 5, 1946 1,309 Dec. 15, 1949-52 «.. 3 H 491 Dec. 12, 1946 1,305 Dec. 15, 1949-53 °..2H 1,786 Dec. 19, 1946 1,305 Mar. 15, 1950-52 2 1,963 Fiscal year Dec. 26, 1946 1,303 Sept. 15, 1950-52 «..2K 1,186 endingi Jan. 2,1947 1,307 Sept. 15, 1950-52 2 4,939 June—1940.. 2,905 1,109 114 J J J J F a a a a e n n n n b . . . . . 3 2 1 9 0 6 3 6 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 7 7 7 7 7 1 1 1 1 1 , , , , , 3 3 3 3 3 0 1 0 0 0 6 2 2 7 3 S S D J D u e e e e n p p c c e t t . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 0 1 1 1 1 - - - - 5 5 5 5 3 3 4 5 * « ' . . . . . . 2 . 2 l % M H .3 2 2 7 1 1 , , , , 1 6 9 6 7 1 2 8 3 5 8 7 6 5 5 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 5 1 2 4 3 . . . . . . . . . . 4 2 3 1 5 1 4 0 4 , , , , , 5 2 1 3 6 8 5 8 1 0 6 6 8 4 6 1 1 1 5 4 1 1 5 , , , , , 4 9 8 7 4 9 8 9 9 9 2 9 1 4 8 1 1 8 3 1 1 , , , , 2 5 5 8 2 7 2 5 2 0 1 3 0 6 3 4 6 7 8 7 3 0 5 6 9 5 2 8 7 2 2 2 2 0 8 6 3 7 3 5 7 9 5 2 8 6 5 9 4 2 , , 2 3 2 8 1 9 7 0 4 4 8 1 7 8 8 Feb. 13, 1947 1,314 Dec. 15, 1951-55 2 510 1946.. 49,035 9,612 6,739 407 2 465 6,717 Feb. 20, 1947 1,314 Mar. 15. 1952-54... 2H 1,024 Feb. 27, 1947 1,312 June 15, 1952-54 2 5,825 1945—Nov.... 47,473 1,184 865 54 265 533 June 15, 1952-55... 2M 1,501 Dec... 48,183 1,254 908 83 262 559 Cert, of indebtedness Dec. 15, 1952-54 2 8,662 D J F a e e n b c . . . 1 1 1 , , , 1 1 1 9 9 9 4 4 4 7 6 7 . % % % 4 3 3 , , , 9 3 7 5 3 6 4 0 8 J J M u u n a n r e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 4 5 3 - - - 5 6 5 6 0 5 « • * . . . . . . 2 2 . . M Y 2 s 2,6 6 7 1 8 2 1 5 1 1946— M F Ja e n a b r .. . .. . . . 4 4 4 8 8 8 , , , 5 7 6 8 9 3 8 2 3 9 6 6 6 2 2 0 6 2 3 6 3 7 4 6 1 1 7 4 2 3 0 7 0 2 2 2 2 7 2 8 8 5 6 5 6 3 6 2 4 5 9 Mar. 1, 1947 H 3,133 Mar. 15, 1956-58... 2^ 1,449 Apr.. . . 48,828 668 388 29 250 621 A J Ju u p l n y r e . 1 1 1 , , , 1 1 1 9 9 9 4 4 4 7 7 7 V V s s 2 2 2 , , , 9 8 7 1 2 7 6 0 5 J S S u e e n p p e t t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 6 8 6 - - 5 - 6 5 9 3 9 « ' . . . . . . . 2 2 2 M K % 3,8 9 9 2 1 8 9 2 3 M J J u u a n l y y e . . . . . . . . . 4 4 4 8 9 9 , , , 9 0 3 1 3 2 7 5 0 5 5 7 9 7 5 4 1 3 3 3 3 4 8 2 5 6 1 2 3 2 4 1 4 2 3 2 2 3 2 5 5 6 5 5 5 5 3 1 2 7 9 Aug. 1, 1947 %> 1,223 June 15, 1959-62 '..2% 5,284 Aug 49,477 590 347 25 217 478 Sept. 1, 1947 Vs 2,341 Dec. 15, 1959-62 '..2H 3,470 Sept... 49,545 494 309 20 165 482 O N c o t v . . 1 1, , 1 1 9 9 4 4 7 7 V V s 8 1 1 , , 7 4 7 4 5 0 D J D u e e n c c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 0 2 3 - - - 6 6 6 5 7 8 « r r . . . . . . 2 2 2 H H % 2 2 1 , , ,4 1 8 8 1 3 5 8 1 O N c o t v.... 4 4 9 9, ,7 6 0 2 9 4 5 4 1 5 9 3 3 2 2 9 7 4 2 2 4 0 1 1 3 6 9 9 4 4 8 1 9 8 Treasury notes June 15, 1964-69 r..2H 3,761 Dec. 15, 1946 1H 3,261 Dec. 15, 1964-69 r..2H 3,838 Maturities and amounts outstanding November 30, 1946 Mar. 15, 1947 lH 1,948 Mar. 15, 1965-70'. .2^ 5,197 Sept. 15, 1947 AH 2,707 Mar. 15, 1966-71 '..2H 3,481 Sept. 15, 1947 \V± 1,687 June 15, 1967-72 »-..2H 7,967 Year of All Series Series Series Series Sept. 15, 1948 \H 3,748 Sept. 15, 1967-72... 2Ya 2,716 maturity series B-D E F G Dec. 15, 1967-72r. .2H 11,689 Treasury Bonds Oct. 15, 1947-52 o..4M 759 Postal Savings 1946 115 115 Dec. 15, 1947 e 2 701 bonds 2H 116 1947 426 426 Mar. 15, 1948-50 2 1,115 Conversion bonds... .3 13 1948 501 501 M lun a p r. 1 1 5 5 , 1 1 9 94 4 8 8 -51'.. 2 \* % A 3 1 ,2 0 2 6 3 2 Panama Canal Loan. 3 50 1 1 9 9 4 5 9 0 8 9 0 8 2 1 9 80 8 2 1 J S T u i e e n p r e t . 1 1 1 5 5 5 , , 1 1 1 9 9 94 4 4 8 8 9 — - • 5 5 1 0 © 2Y 2 2 ? 1, ' 0 4 5 1 5 7 4 1 1 Gua T r o a t n al t e d e i d re c s t e i c s u su r e it s ies 180,328 1 1 1 9 9 9 5 5 5 2 1 3 4 8 1 , , , 5 5 2 9 4 0 8 7 7 436 4 6 1 , , , 1 5 8 6 4 4 2 7 3 209 1,154 ' Sept. 15, 1949-51 2 1,292 Federal Housing Admin. 1954 .... 10,805 8,004 564 2,237 Dec. 15, 1949-51 2 2,098 Various 45 1955 9,601 6,629 627 2,344 1956 6,522 3,127 704 2,690 1957 3,008 565 2,442 1 Sold on discount basis, See table on Open-Market Money Rates, 1958 . ... 2,675 282 2,393 p, 1383. Unclassified. . -79 «Partially tax exempt. * Restricted. Total 49,709 3,263 30,312 2,952 13,262 DECEMBER 1946 1387 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 bybanks Heldby nonbank investors Total Other State U. S. Govern- End of month s i b e n c e te u a r r r e i i n t s i g t e - s Total m b C a e o n r m c k i s a - l l R F B e e a d s n e e r k r v a s e l Total vi I d n u d a i- ls p I c a n a o n s n m u c ie 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 a t o s a i t o o r i n p o c n d o n i s a - s - m l g e a o o e r n c n n v d a - - t l s a S m n p d e e n c t t ia ru l a s g t e P n f u u c n b ie d l s i s c issues issues 1940—June 47,874 18,566 16,100 2,466 29,308 9,700 6,500 ,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 ?1 400 2,254 40,114 13,800 8,200 3,700 4,400 500 6,982 2,558 1942—June 76,517 28,645 ?6,000 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 ?3,800 11,300 4,500 11,600 800 9,032 3,218 1943— D ju e n c e ember 1 13 6 9 8 ,7 4 3 7 2 2 5 7 9 1 , , 4 4 0 4 2 3 s s ? o , 9 ?o 00 o 1 7 1 , , 2 5 0 4 2 3 9 8 7 0 , , 2 0 8 7 9 0 3 3 7 0, , 3 1 0 0 0 0 1 1 3 5 , , 1 1 0 0 0 0 6 s, , 3 1 0 0 0 0 2 1 0 5 , , 1 7 0 0 0 0 2 1, , 3 0 0 0 0 0 1 12 0 , , 7 8 0 7 3 1 3 4 ,2 4 4 5 2 1 1944—June 201,059 83,301 68 400 14,901 117,758 4S,100 17,300 7,300 25,700 3,200 14,287 4,810 December 230 361 96,546 77,700 18,846 133,815 5?,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 December 276,246 114,362 90, 100 24,262 161,884 63,600 24,400 10,700 29,900 6,300 20,000 7,038 1946—January 278,001 115,264 9? 000 23,264 162,737 63,700 24,700 10,900 29,300 6,400 20,655 7,043 February 278,451 115,404 92,500 22,904 163,047 63,700 24,800 11,100 29,000 6,400 20,897 7,061 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 April 273,244 111,332 88,600 22,732 161,912 63,300 25,000 11,300 27,700 6,400 21,224 7,045 May 271,983 109,832 86 900 22,932 162,151 63,200 25,200 11,300 27,500 6,400 21,481 7,048 June 268 578 107,083 8^, 30n 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 6,666 266,729 104,346 80 400 23,946 162,383 63,100 25,400 11,700 '26,100 6,100 23,443 6,619 September . . 264,608 102,749 78,700 24,049 161,859 63,000 25,400 11,700 25,400 6,000 23,854 6,524 f Revised. 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on Sept. 30, 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 n d d - C m o e m r- - M tu u al - Insur- End of month out- agen- Re- cial say- ance Other End of month out- agen- Re- cial sav- ance Other stand- cies serve banks ings com- stand- cies serve banks ings coming and Banks C1) banks panies ing and Banks C1) banks panies trust trust funds funds Total:* Treasury bonds: 1946—Apr... 195,120 7,01422,73281,477 11,02624,06048,811 Total: May.. 193,529 7,01822,932 79,88411,087 24,22948,379 1946—Apr... 121,177 6,884 903 47,908 10,59922,97231,912 June.. 189,649 6,76823,78376,57811,22024,28547,015 May.. 121,177 6,877 903 48,155 10,64723,05231,541 July. . 187,638 6,63623,63375,465 11,33724,39346,174 June.. 119,323 6,655 755 47,335 10,74323,07330,764 Aug. . 186,394 6,58423,94673,99311,42224,38146,068 July.. 119,323 6,494 755 47,660 10,85523,17130,388 Sept.. 184,382 6,48924,04972,39011,44924,42945,574 Aug. . 119,323 6,451 755 47,856 10,89323,14730,220 Sept.. 119,323 6,375 755 48,186 10,93023,18229,895 Treasury bills: Maturing within 1946—Apr... 17,054 813,661 1,875 8 1,502 5 years: May.. 17,041 713,896 1,715 1 i 1,421 1946—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 Julv . 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 Tulv 10,772 272 7,760 225 348 2,168 Sept.. 17^007 4 14,711 939 1 1,352 AS A eupgt. ' . .. ' 1 1 0 2 , , 7 0 7 6 2 4 2 2 7 7 3 2 8 7 , , 8 7 1 8 1 5 2 25 3 9 0 4 3 5 4 8 3 2 2, , 2 1 6 4 3 4 Certificates: Maturing in 5-10 1946—Apr... 38,408 69 6,505 19,598 205 549 11,483 years: May.. 36,828 75 6,395 18,157 211 579 11,410 1946—Apr... 45,261 1,153 31 SO? 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 7,87617,616 272 603 11,270 June.. 44,928 1,133 31,545 1,905 3,337 7,013 Aug. . 36,473 74 7,85616,342 302 610 11,289 July.. 44,928 1,108 31,697 1,877 3,293 6,948 Sept.. 34,478 57 7,915 14,532 261 605 11,108 Aug. . 44,928 1,108 31,814 1,828 3,247 6,925 Sept.. 43,636 1,600 30,797 1,779 3,130 6,828 Treasury notes: Maturing in 10-20 1946—Apr... 18,261 9 1,663 12,071 211 527 3,779 years: May.. 18,261 13 1,738 11,828 224 584 3,874 1946—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 Sept.. 13,351 8 668 8,707 254 629 3,087 Aug. . 20,023 833 5,455 3,454 3,197 7,084 Sept.. 20,023 801 5,750 3,428 3,147 6,897 Guaranteed Maturing after 20 securities: years: 1946—Apr 41 8 11 3 13 6 1946—Apr... 43,600 5,100 2,695 4,93616,090 14,783 May.. 42 9 14 3 12 4 May.. 43,598 5,100 2,744 5,05416,179 14^523 June.. 43 9 14 3 13 4 June.. 43,598 5,091 2,758 5,145 16,22314,381 July.. 43 9 13 3 13 JT. ulyv • . 43,598 5,011 2,799 5,28016,357 14,152 Aug.. 43 9 13 •j 13 Aug.. 43 598 4,994 2,799 5,38016,36114* 064 Sept.. 44 9 13 3 14 5 Sept.. 43,598 4,956- 2,828 5,46316,449 13 ,'905 * 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 Sept. 30, 1946, commercial banks reporting to the Treasury held 21,408 million dollars of U. S. Government securities due or callable within one year out of a total of 61,218 million outstanding. - * Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 1388 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 2 - e O ta t x h e e s r 1 i n c r M n n e e e n t u l v o a i e l e s e u a l r - 1 - - - s S S t r a 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 c T e r o i e p t - a t l s ce N r ip e e - t t s3 d t e I o e e n s n r b t - - t a f W i a e c d t n n i t e e i a s d - v s r e - c T f t o 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 n r h x e d e - s r i- e b i x T u t p u o d e r t g e n a e s l d t - D c e i f t i- c T e o a r t u c u c n - . s 4 t t s C f a h g b e u n i e a r a n n a c n n l d - l e - ge c g d r I r e i e n o n a b - s s t s e Fiscal year endinj June 1944... 8,39326,262 5,291 1,7513,71145,408 44,1492,609 87,039 556 3,540 93,744 49,595 -4,051 +10,662 64,307 June 1945... 10,289 2244,,888844 6,949 1,7933,82447,740 46,4573,61790,029 1,646 5,113 100.40J 53,948 +798 +4,529 57,679 June 1946... 9,39221,493 7,725 1,7143,91544,239 43,0384,722 48,542 1,918 9,837 65,019 21,981 +781 -10,460 10,740 1945—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 3,678 118 702 148 543 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 2,560 200 316 4,251 1,573 +254 -3,433 -2, 114 May 966 442 615 285 690 2,998 2,733 106 2,182 95 294 3,677 944 -139 -2,398 -1, 316 June 650 2,742 615 76 399 4,482 4,479 1,395 2,442 5 671 5,513 1,034 -103 -4,298 -3,161 July 514 974 695 67 349 2,600 2,539 249 1,190 631 444 4,514 1,975 +918 -2,209 -1,152 August. . . 1,070 443 679 302 223 2,717 2,434 122 1,509 13 152 2,796 363 +98 -989 -724 September 705 2,845 656 89 186 4,481 4,478 648 1,100 32 070 2,851 + 1,627 -318 -868 -2,177 October... 557 847 752 74 386 2,617 2,544 160 1,481 48 1,335 3,023 479 +215 -2,101 -1,83? November 1,111 332 669 290 236 2,639 2,364 105 1,436 27 989 2,557 193 +43 -1,405 -1,255 Details of trust accounts, etc. General fund of the Treasury (end of period) Social Security accounts Net ex- Other Assets penditures Period in i n c g h a e c c - k- De- De- Tota Bal i a n nce Net Ex- counts of Ex- posits posits liabili- general ce r i e p - ts I m n e v n e t s s t- p t e u n re d s i- G m ov e e n r t n- ce R i e p - ts I m nv e e n s ts t- p t e u n re d s i- Total Fed in eral spe in cial a O s t s h e e ts r ties fund 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 June 1945 3,239 2,757 453 1,178 3,820 2,444 -571 25,119 1,500 22,622 997 421 24,698 June 1946.... 2,940 1,261 1,618 -952 4,726 2,407 2,550 14,708 1,006 12,993 708 470 14,238 1945—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 -1,704 5 586 331 5 448 12,444 702 10,961 781 415 12,029 August.... 492 122 135 66 108 192 -12 11,431 872 9,842 716 391 11,040 September. , 57 271 112 -67 216 46 228 10,524 1,445 8,377 702 353 10,171 October 159 -5 116 -116 155 26 78 8,393 773 6,936 684 323 8,070 November. . 430 87 104 -2 127 325 6,965 824 5,487 655 300 6,665 1 Details on collection basis given in table below. 2 Withheld by employers (Current Tax Payment Act of 1943). 3 Total receipts less social security employment taxes which are appropriated directly to the Federal old-age and survivors insurance trust fund. 4 Excess of receipts (+) or expenditures (—). 5 Adjustment in classification. Not comparable with back figures. Back figures.—See Banking and Monetary Statistics Tables 150-151 pp. 513-516. INTERNAL REVENUE COLLECTIONS CASH INCOME AND OUTGO OF THE U. S. [On basis of reports of collections. In millions of dollars] TREASURY Individual Corporation income [In millions of dollars] income taxes and profits taxes Estate Excise*and Period W he it l h d - Other N su o a r r n t m d ax al E pr x o c f e it s s s p O t r a o t x h f e i e t s r s t a a g n x if d e t s c o e th l t l e a a r x n e m e s o i u s s - Period in C c a o s m h e o C u a t s g h o E o c x u a o c t s f g e h s o s j 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—October 1,094 294 215 421 6 44 662 1945—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 '5,630 '1,637 February.. . 1,848 991 128 236 4 54 543 February 4,277 '3,921 '-356 March 154 1,883 1,006 1,268 9 84 555 March 5,950 '4,169 '-1,782 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 '4,383 '891 June 30 1,053 744 994 16 63 548 June 4,736 '5,046 '310 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 October.... 1,062 234 232 344 4 57 706 October 2,803 2,850 47 r Revised. DECEMBER 1946 1389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items1 Li i a n b t i e l r i a ti g e e s n , c o y th i e t r e m th s an m Co o m di - - I m nv e e n s t t s - Land, B a o n n d d s d , e n b o en te - s, U G e . r o S n v . - - v P a r t i e - ly Corporation or agency Total Cash L c a e r o b e i a - l v e n - s m p s r t a i u l i a n i e a p e t s l d - e s s , , - G U s ri e o . t c S i v e u . t s - . O s ri e t t c h ie u e s - r s e t m u t a q r r n e u u e d n i c s p t - , - c U h u t a n r t i r d e b g d i - e s s - O s a t e s h - t e s r b a t F g u n y u u r te a e l U l e r s y - . d S p . a O ya t b h l e e r l O i i a t t i b h e i e s l r - i m n e t e s e n t r t - o in w e t s e n t r e - d All agencies! Dec. 31, 1945 33,844 925 5,290 2,288 1,683 325 21,017 472 1,845 555 1,113 4,21227,492 472 Mar. 31, 1946 33,325 1,279 5,069 1,918 1,789 285 20,784 460 1,741 536 1,133 4,95926,218 479 June 30, 1946 29,869 1,305 5,381 1,550 1,767 439 17,438 385 1,605 325 1,234 4,93922,889 482 Sept. 30, 1946 29,569 1,157 5,949 1,429 1,836 390 16,973 299 1,536 377 1,250 3,37724,069 496 Classification by agency, Sept. 30, 1946 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 269 22 203 43 (2) 25 235 Federal intermediate credit banks. 388 22 320 43 315 2 72 Federal land banks 1,163 41 959 139 808 37 77 242 Production credit corporations.... 117 1 68 48 (2) 117 Regional Agricultural Credit Corp. 15 13 2 (2) 1 14 Others 24 2 18 2 21 Federal Farm Mortgage Corp 151 9 138 5 3 145 Rural Electrification Administration. 500 7 489 (2) 4 500 Commodity Credit Corp 1,414 513 29 578 281 334 1,390 -310 F Fe a d rm er a S l e C cu ro ri p ty I n A s d u m ra i n n c i e s tr C a o ti r o p n 45 1 4 5 52 5 324 «7 (2) 56 3 6 6 448 9 Federal Surplus Commodities Corp... 3 3 (2) 3 National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks 386 20 235 130 (2) 102 55 124 105 Federal Savings and Loan Insurance Corp 173 168 170 Home Owners' Loan Corp 728 669 17 15 700 Federal Public Housing Authority and affiliate: Federal Public Housing Authority 533 11 279 227 2 531 Defense Homes Corp 60 1 1 58 (2) 1 59 Federal Housing Administration 191 34 25 117 1 15 34 10 147 Federal National Mortgage Association. 6 6 (2) 6 R.F.C. Mortgage Company 23 14 23 Reconstruction Finance Corp.4 5,047 17 737 742 48 164 2,975 111 253 781 4,267 Export-Import Bank 1,035 84 945 6 153 882 Federal Deposit Insurance Corp 1,053 12 2 (2) 1,030 (2) 9 28 886 139 Federal Works Agency 272 2 79 144 47 272 Tennessee Valley Authority 760 24 1 723 4 751 U. S. Maritime Commission: Maritime Commission activities 3,728 101 3 3 3,300 9 244 144 3,585 War Shipping Adm. activities 8,487 97 7,766 156 455 646 7,840 All other 2,573 43 *470 24 i60 1,743 7 112 <*) 2,497 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 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 i m F n r a e e t e t e d d d e r i i . - t - f o B t o i p a r v e n e r c k s a o s - - C m C C r o o o e m d 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 d g 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 E I 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 0 g . J e a u n 1 l n c 9 l i e 4 e 6 s , banks To aid agriculture 1,026 168 320 204 29 489 485 (J) 139 2,860 2,873 To aid home owners 682 21 1 704 760 To aid industry: 153 18 171 195 Other 140 42 182 197 To aid financial institutions: Banks 12 7 20 23 Other 235 2 237 235 Foreign loans 249 983 400 1,632 972 Other 279 245 (2) 117 641 686 Less: Reserve for losses. 67 29 (2) 1 (2) (a) 160 13 66 38 123 498 561 Total loans receivable (net) 959 138 320 203 29 489 324 669 279 235 757 945 601 5,949 5,381 1 Assets are shown on a net basis, i.e., after reserves for losses. * Less than $500,000. 3 Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans. « Includes U. S. Commercial Company and War Damage Corp. By action of the Board of Directors of the Reconstruction Finance Corp. all assets and liabilities of the Rubber Development Corp. were transferred to former Corporation effective July 1, 1946. 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 ©f the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics. Table 152, p. 517. 1390 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] Construction M Y a o n e n d a t r h 1 ( I m = v 9 n p a 3 c 1 e a l 5 o n y 0 u - m - 0 t e 3 s ) e 9 1 Tot I a n ( l p d h u 1 y s 9 s t i r 3 c i 5 a a D l - l 3 u v p f 9 M r o a r = - c o lu a 1 t d u m n 0 u r u N 0 c e e - ) t o s i * n o 2 - n M era in ls - To a t w a 1 a l 9 c r 2 d o 3 e n R d - d t t 2 i e e r a n 5 s a ( l i - = v c - t a 1 s l 0 u o 0 e A t ) h 8 l e l r N t a c u g u o r r l n a - 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 a l 0 r c l y y 9 0 - s' = c 1 F a = 9 i r r n 3 1 e l g o 5 i 0 s g - a 0 * 3 d h 9 - t D 1 = u 9 m s s ( e e v 3 t a 1 p o e a ) l 5 0 a e l * n r - - 0 e s r * t 3 t 9 - W = p m 1 c 1 r s h o i o 0 a 9 o c m 0 d l 2 e l e e 6 i s - t - 4 y C 1 l = 9 i o v 3 1 s i 5 t n 0 - g 0 o 3 * 9 f able durable 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*5 127.*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 87 142 102.6 103.1 117.1 152 117 95' 3 122^5 1930 109.1 91 98 84 93 92 50 125 95^5 89.8 94.7 131 108 86 4 119.4 1931 . 92.3 75 67 79 80 63 37 84 86^1 75.8 71.8 105 97 73^0 108 7 1932 70.6 58 41 70 67 28 13 40 75.5 64 4 49.5 78 75 64 8 97.6 1933 68.9 69 54 79 76 25 11 37 76!o 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 94i9 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^(5 100.8 1939 105.4 109 109 109 106 72 60 81 100 0 100.0 100.0 101 106 17 A 99.4 1940 113.5 125 139 115 117 81 72 89 104! 7 107.5 114.5 109 114 78.6 100.2 1941 138.0 162 201 142 125 122 89 149 117.5 132.1 167.5 130 133 87.3 105.2 1942 174.6 199 279 158 129 166 82 235 126.7 154.0 245.2 138 149 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 *239.1 203 274 166 137 68 26 102 125^7 149.5 288.4 135 207 105^8 1284 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 52 131.1 174.5 173.8 345.0 138 175 103.9 124.6 May 232.1 236 236 356 169 143 33 16 46 130.9 173.3 172.3 345.3 138 185 104.0 125.1 June 233.9 235 236 354 169 142 34 15 50 131.1 172.5 172.2 346.6 139 177 104.3 125.4 July 233.2 230 232 347 165 139 38 14 57 130.8 171.4 171.9 339.6 142 186 104 1 126.1 August.... 234.0 232 235 348 168 142 41 13 63 130.8 170.9 172.0 343.1 142 187 103.9 126!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"*uaJne 244.6 220 220 308 173 144 50 22 73 127.4 157.2 156.9 314.6 140 202 106.1 129^0 July 243.4 210 211 292 165 143 54 23 79 126.4 151.7 152.1 298.7 139 215 105.9 129! 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 '213 105.9 128.9 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 239.7 159 159 175 161 115 169 179 161 127.4 138.0 136.9 247.8 106 258 111.0 131.7 June 240.9 170 171 193 162 139 174 177 172 128.3 139.6 139.3 257.1 133 275 112.9 133.3 July 250.6 172 174 202 157 146 165 161 168 128.8 140.6 141.0 '261.2 139 273 124.7 141.2 August.... 252.1 177 180 208 164 144 158 157 158 '130.7 143.8 145.0 '278.2 141 290 129.1 r144.1 September P246.4 180 184 212 164 145 151 147 155 131.5 145.9 146.7 284.3 138 269 124.0 145.9 October... P182 P185 P214 P169 P144 P149 P143 P154P131.7P146.6P147.0 139 257 134.1 148.4 * Average per working day. P Preliminary. r Revised. 1 Department of Commerce series on value of payments to individuals. * For indexes by groups or industries, see pp. 1392-1395. For points in total index, by major groups, see p. 1411. * Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1399 of this BULLETIN. 4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. * For indexes by Federal Reserve districts and other department store data, see pp. 1401-1403. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1946, p. 529; for department stores sales, June 1944, pp. 549-561. 1391 DECEMBER 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 Sept. Oct. Nov. Dec,Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Industrial Production—Total. 167 162 168 163 160 152 168 165 159 170 172 177 180 P182 Manufactures—Total 173 168 173 169 163 154 173 176 167 176 177 '184 186 P189 Durable Manufactures 194 186 191 185 166 138 183 190 175 193 202 208 212 P214 Iron and steel 163 146 167 164 102 43 169 159 109 154 179 183 184 183 Pig iron 166 129 158 164 100 48 168 142 144 178 186 184 183 Steel 171 159 178 172 108 46 176 175 126 167 190 195 195 193 Open hearth. 154 139 160 155 95 38 148 98 142 168 169 '171 172 Electric 296 307 306 293 199 106 286 363 319 343 343 381 '366 347 Machinery 230 232 231 232 217 188 207 225 230 241 r243 254 262 P268 Manufacturing Arsenals anjl Depots1. Transportation Equipment 273 258 252 217 220 199 209 245 239 238 241 242 241 P239 Automobiles2 105 120 137 95 107 98 114 161 162 167 176 182 188 P190 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products. 139 144 148 147 151 139 141 132 130 137 148 156 167 I 74 Smelting and refining 150 148 147 140 140 128 123 109 109 110 132 138 146 P149 (Conper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 135 143 148 150 155 144 148 141 139 147 155 163 176 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. 98 91 96 92 108 119 125 130 129 133 129 135 137 P135 Lumber. . 89 76 83 72 95 108 117 123 123 127 121 126 129 P126 Furniture. 115 120 123 131 135 139 142 144 142 146 144 152 152 Stone, Clay, and Glass Products. 161 161 158 164 172 185 192 190 175 190 192 197 205 P205 Glass products 200 186 175 181 190 216 221 214 193 209 218 215 238 Plate glass 79 50 4 3 29 106 136 130 133 119 129 114 161 158 Glass containers 243 235 235 244 247 255 251 243 213 240 249 251 265 156 Cement 97 106 113 119 131 149 152 152 127 155 155 159 162 Clay products 110 116 119 124 144 144 150 148 140 148 147 1^0 150 P147' Gypsum and plaster products. . . 172 177 181 182 197 201 204 202 187 194 187 215 212 P215 Abrasive and asbestos products. 220 218 215 217 199 197 217 221 222 232 233 242 246 P251 Other stone and clay products1. . Nondurable Manufactures. . . 156 154 158 156 161 167 166 164 161 162 157 164 164 Textiles and Products. 144 141 146 143 151 159 162 164 165 144 162 166 Textile fabrics 134 131 135 132 140 149 150 148 152 153 132 151 155 Cotton consumption 138 128 133 125 138 146 147 144 149 152 127 149 153 155 Rayon deliveries 215 215 226 228 233 234 241 245 247 240 233 233 236 239 Nylon and silk consumption1. . . Wool textiles 142 147 150 149 153 171 173 169 174 174 144 173 181 Carpet wool consumption.. 82 93 89 104 110 135 138 122 134 137 101 137 144 Apparel wool consumption. 186 191 193 184 200 222 229 224 231 22S 192 '226 239 Woolen and worsted yarn.. 154 156 160 156 158 175 174 171 176 175 143 173 181 Woolen yarn 158 156 163 159 160 177 176 172 180 178 147 178 184 Worsted yarn 149 156 156 152 154 171 171 169 170 170 138 165 176 Woolen and worsted cloth. 144 149 154 153 155 170 173 174 176 178 151 '176 183 Leather and Products. 119 112 116 111 117 133 134 131 127 128 103 120 119 Leather tanning 112 107 109 114 115 126 120 115 104 107 99 101 101 Cattle hide leathers 125 121 125 131 131 146 140 135 124 128 117 119 114 Calf and kip leathers.... 97 89 83 92 92 99 84 84 75 75 66 70 81 Goat and kid leathers... 52 46 51 49 54 64 62 54 49 45 45 49 51 Sheep and lamb leathers. 151 145 140 139 151 146 148 134 118 128 125 124 132 Shoes 123 109 118 138 144 106 132 130 116 120 142 142 142 Manufactured Food Products. 144 153 154 160 156 150 '147 136 P148 143 150 153 145 139 W Ca h n e e a t s u f g lo a u r r meltings1 127 129 133 136 149 163 122 120 100 109 127 131 135 P140 Manufactured dairy products. P148 P145 P154 P131 P116 P117 P122 »129 P120 P129 P136 P137 P143 Butter 75 72 65 59 59 58 59 65 62 62 73 74 79 79 Cheese 160 155 149 143 151 150 153 173 166 167 168 169 '168 164 Canned and dried milk... 201 156 146 136 130 131 144 163 163 174 178 173 163 142 Ice cream p Preliminary. * Revised. 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^ 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. 1392 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactured Food Products—Continued Meat packing 141 129 155 155 131 178 140 130 120 85 165 138 38 115 120 99 153 171 146 205 149 157 151 97 190 141 24 116 Beef 165 159 158 138 122 153 132 101 90 65 145 139 41 107 Veal 179 197 189 138 87 87 80 72 68 60 132 134 81 140 125 134 135 148 105 184 157 132 94 126 121 110 93 131 Other manufactured foods 146 148 152 159 165 165 167 164 156 151 153 151 P151 P156 Processed fruits and vegetables 109 128 128 138 145 146 163 165 158 162 175 155 142 P172 Confectionery 108 108 113 137 145 143 139 132 136 123 109 107 Other food products 162 160 165 168 174 174 173 169 159 153 154 158 160 P160 Alcoholic Beverages 192 201 216 212 231 238 176 169 155 161 176 174 227 Malt liquor 181 182 199 197 199 197 127 117 109 123 128 123 197 Whiskey 52 70 83 130 131 125 100 96 60 61 65 56 71 Other distilled spirits 236 218 223 274 431 524 370 356 352 343 377 426 384 Rectified liquors 365 420 427 343 396 416 401 409 387 367 426 427 461 Industrial Alcohol from Beverage Plants^ Tobacco Products 160 167 154 112 143 156 161 154 163 153 140 IK 157 173 Cigars 106 111 110 87 104 111 110 109 110 108 99 110 112 127 Cigarettes 206 216 194 139 185 205 217 205 219 200 181 202 205 226 Other tobacco products 99 96 94 64 71 69 65 69 71 76 72 79 76 79 Paper and Paper Products 143 143 142 134 133 140 148 146 142 146 136 147 150 Paper and pulp 138 139 138 132 130 136 143 141 138 142 131 142 144 P146 Pulp 152 154 153 137 131 144 156 155 150 161 147 156 162 Groundwood pulp 124 124 114 95 93 96 98 96 92 99 96 98 101 Soda pulp 100 101 103 100 102 104 111 112 100 107 101 110 111 Sulphate pulp 223 227 223 195 167 203 239 235 223 250 229 238 249 Sulphite pulp 126 129 131 120 125 130 132 131 133 137 122 132 136 Paper 136 137 136 131 130 135 141 139 136 139 129 140 142 144 Paperboard 165 157 158 143 145 155 165 166 160 164 155 169 172 172 Fine paper 77 80 79 78 81 82 82 85 84 85 72 85 85 89 Printing paper 125 133 132 132 134 139 144 144 141 143 127 134 138 144 Tissue and absorbent paper 142 147 145 149 146 141 149 143 143 142 138 151 152 155 Wrapping paper 141 147 140 140 128 135 138 126 128 132 124 135 133 135 Newsprint 81 79 81 86 86 86 86 86 83 83 84 83 87 85 Paperboard containers (same as Paperboard).... Printing and Publishing 109 115 114 112 118 123 127 1Z6 124 129 124 129 128 132 Newsprint consumption 93 96 96 92 102 108 110 108 108 116 121 123 117 119 Printing paper (same as shown under Paper).... Petroleum and Coal Products P184 P156 P174 PI 72 P166 P161 vl71 P166 P163 P174 »178 P182 vl80 Petroleum refining2 Gasoline 132 129 147 140 131 129 130 133 138 140 144 149 146 P146 Fuel oil 151 152 164 164 171 176 172 172 168 170 166 164 165 Lubricating oil 119 120 133 123 129 130 141 135 132 146 135 152 153 Kerosene 116 122 144 157 180 190 183 161 167 175 172 162 155 Other petroleum products1 Coke 152 116 148 154 116 91 151 113 73 137 160 165 166 By-product coke 150 415 144 150 111 85 145 116 75 133 155 159 161 Beehive coke 224 145 276 286 296 295 337 18 16 276 336 '369 352 P358 Chemical Products 239 230 228 230 234 232 232 235 231 233 235 237 235 P233 Paints 136 139 142 142 145 147 148 150 143 146 150 153 153 Soap 126 124 124 127 130 126 122 121 121 122 120 117 115 Pill Rayon 237 238 244 246 251 255 256 260 261 256 255 262 266 P268 Industrial chemicals 386 371 370 378 384 379 382 392 383 389 396 395 395 Explosives and ammunition1 Other chemical products1 Rubber Products 172 191 192 205 215 216 221 219 215 218 211 221 231 P237 Minerals—Total 134 124 138 133 141 141 137 104 115 139 146 rl44 145 P144 Fuels 139 126 143 137 146 149 145 108 124 149 153 150 151 P149 Coal 142 112 149 132 150 152 159 32 73 142 153 149 155 P152 Bituminous coal 148 110 159 142 159 160 168 10 60 156 159 156 163 P160 Anthracite 114 120 112 94 114 121 125 121 125 86 128 120 125 P124 Crude petroleum 138 133 141 139 144 147 138 146 149 153 154 151 149 P148 Metals 106 109 109 108 107 93 89 76 63 78 103 '107 P109 Metals other than gold and silver 161 164 163 159 159 135 132 111 89 114 147 148 P153 Iron ore (Copper; Lead; Zinc)1 Gold 25 27 30 33 35 36 35 32 39 32 44 50 Silver 51 54 51 48 40 29 17 9 13 21 35 49 p 2 T Pr h e is li m se i r n ie a s r y i . s in proce r s R s e o v f is re e v d. i s < i on. * Series included in total and group indexes but not available for publication separately. 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. DECEMBER 1946 1393 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 Sept. Oct. Nov. Dec,Jan. Feb. Mar. Apr. May June July "Aug. Sept. Oct. Industrial Production—Total.. 171 164 167 161 156 148 164 163 159 171 174 180 184 P185 Manufactures—Total 177 171 173 167 160 151 170 174 167 176 178 186 191 P192 Durable Manufactures.... 195 187 192 184 164 136 182 190 175 194 203 -•210 214 P215 Iron and Steel. 163 146 167 164 102 43 159 109 154 179 183 184 183 Pig iron 166 129 158 164 100 48 168 142 86 144 178 186 184 183 Steel 171 159 178 172 108 46 176 175 126 167 190 195 195 103 Open hearth. 154 139 160 155 95 38 161 148 98 142 168 169 •171 172 Electric 296 307 306 293 199 106 286 363 319 343 343 381 '366 347 Machinery 230 232 232 217 188 207 225 230 241 r243 254 262 P268 Manufacturing Arsenals and Depots l. Transportation Equipment 273 258 252 217 220 199 209 245 239 238 241 242 241 v239 Automobiles 2 105 120 137 95 107 98 114 161 162 167 176 182 188 P190 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 Nonferrous Metals and Products. 139 144 148 147 151 139 141 132 130 137 148 156 167 i 74 Smelting and refining 150 148 148 141 140 128 123 109 109 110 131 138 146 P150 (Copper smelting; Lead refining: Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 135 143 148 150 155 144 148 141 139 147 155 163 176 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. 104 94 95 86 99 110 120 129 131 141 137 144 147 P141 Lumber. . , 98 82 81 63 80 95 108 122 126 138 133 140 144 '134 Furniture. 115 120 123 131 135 139 142 144 142 146 144 152 P154 Stone, Clay, and Glass Products. 166 167 162 159 163 174 184 187 180 191 193 204 213 Glass products 204 192 176 169 186 210 221 214 204 207 211 223 242 Plate glass 79 50 4 3 29 106 136 130 133 119 129 114 161 158 Glass containers 247 242 237 227 242 247 251 243 228 237 239 261 270 Cement 112 123 122 108 107 113 125 145 134 166 171 179 188 181 Clay products 114 122 123 128 134 138 143 144 140 147 147 154 155 Gypsum and plaster products. .. 176 182 183 186 190 191 197 198 190 198 187 215 216 P221 Abrasive and asbestos products. 220 218 215 217 199 197 217 221 222 232 233 242 246 P251 Other stone and clay products *. Nondurable Manufactures. . . 161 158 158 154 157 162 162 161 160 162 159 166 172 P174 Textiles and Products. 144 141 146 143 159 161 164 144 166 P170 Textile fabrics 134 131 135 132 140 149 150 148 152 153 132 151 155 Cotton consumption 138 128 133 125 138 146 147 144 149 152 127 149 153 155 Rayon deliveries 215 215 226 228 233 234 241 245 247 240 233 '233 236 239 Nylon and silk consumption 1. . Wool C t a e r x p t e il t e s w ool consumpt#ion.. 1 8 4 2 2 1 9 4 3 7 1 8 5 9 0 1 1 4 0 9 4 1 15 1 3 0 1 1 3 7 5 1 1 1 7 3 3 8 1 1 6 2 9 2 1 1 7 3 4 4 1 13 7 7 4 1 1 4 0 4 1 1 13 7 7 3 1 1 8 4 1 4 Apparel wool consumption. 186 191 193 184 200 222 229 224 231 225 192 •226 239 Woolen and worsted yarn.. 154 156 160 156 158 175 174 171 176 175 143 173 181 Woolen yarn 158 156 163 159 160 177 176 172 180 178 147 178 184 Worsted yarn 149 156 156 152 154 171 171 169 170 170 138 165 176 Woolen and worsted cloth. 144 149 154 153 155 170 173 174 176 178 151 '176 183 heather and Products. 118 113 117 111 117 137 134 131 127 127 101 119 118 Leather tanning 110 108 113 113 115 136 119 114 105 104 r94 100 99 Cattle hide leathers 123 122 130 131 134 157 140 135 124 123 110 115 111 Calf and kip leathers.... 95 91 86 90 90 104 82 81 72 77 66 73 80 Goat and kid leathers... 52 46 50 49 54 67 62 56 48 46 45 47 51 Sheep and lamb leathers. 148 145 148 132 140 160 144 131 127 127 '116 127 129 Shoes 123 116 120 109 118 138 144 142 142 106 130 142 132 Manufactured Food Products. 166 153 151 149 143 145 139 139 137 161 164 P159 137 164 W Ca h n e e a t s u f g lo a u r r meltings 1 139 136 134 135 149 165 116 96 104 125 130 P148 Manufactured dairy products. P155 P120 P100 P75 P85 P101 P134 P160 P189 P197 P175 P151 P120 Butter 72 62 50 47 49 51 54 66 80 86 89 81 76 68 Cheese 164 139 112 103 112 123 138 180 222 237 207 189 171 147 Canned and dried milk. .. 185 127 105 105 105 118 141 184 227 240 207 179 150 115 Ice cream 9 Preliminary. p Revised. x Series included in total and group indexes but not available for publication separately. * 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. 1394 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 Industry iept. Oct. Nov. Dec. Jan, eb. Mar. Apr. May June July Aug. Sept. Oct. Manufactured Food Products—Continued Meat packing 134 133 171 182 155 171 129 120 120 84 154 122 37 117 Pork and lard 95 93 179 225 191 201 138 143 151 97 167 108 19 109 Beef 179 173 164 138 125 141 120 95 90 63 147 141 44 117 Veal 197 224 202 130 81 76 75 71 70 60 132 132 89 160 Lamb and mutton. 134 140 135 145 111 186 154 128 96 117 116 107 100 136 Other manufactured foods 176 164 158 156 152 150 148 145 140 141 162 173 487 174 Processed fruits and vegetables. 242 165 118 108 94 92 89 101 103 125 228 255 313 221 Confectionery 139 142 134 139 149 144 129 110 104 91 89 115 Other food products 165 168 173 171 167 166 166 162 156 154 157 161 164 168 Alcoholic Beverages. 199 214 201 188 198 211 162 164 157 174 187 174 237 Malt liquor 183 169 154 157 163 178 118 123 124 154 160 141 199 Whiskey , 52 70 83 130 131 125 100 96 60 61 65 56 71 Other distilled spirits. 324 566 467 301 280 314 241 214 211 213 219 230 526 Rectified liquors 365 420 427 343 396 416 401 409 387 367 426 427 461 Industrial Alcohol from Beverage Plants x Tobacco Products 169 173 157 104 142 148 152 147 164 159 145 161 166 179 Cigars 106 111 110 87 104 111 110 109 110 108 99 110 112 127 Cigarettes 220 225 198 128 185 193 202 190 219 210 190 212 219 235 Other tobacco products. 106 103 97 57 70 67 65 69 71 77 72 77 81 85 Paper and Paper Products. 144 143 142 134 133 141 148 146 142 147 136 147 150 752 Paper and pulp 138 139 138 131 130 137 143 141 138 142 131 142 144 146 Pulp 150 153 153 137 131 145 157 156 151 162 146 154 1<SO Groundwood pulp 110 115 121 96 96 100 105 106 100 100 86 86 90 Soda pulp 100 101 103 100 102 104 111 112 100 107 101 110 111 Sulphate pulp 223 227 223 195 167 203 239 235 223 250 229 238 240 Sulphite pulp 126 129 131 120 125 130 132 131 133 137 122 132 136 Paper 136 137 136 131 130 136 141 139 136 139 128 140 142 144 Paperboard 165 157 158 143 145 155 165 166 160 164 155 169 172 172 Fine paper 77 80 79 78 81 82 82 85 84 85 72 85 85 89 Printing paper 125 133 132 132 134 139 144 144 141 143 127 134 138 144 Tissue and absorbent paper 142 148 145 145 144 147 149 144 143 145 133 151 152 156 Wrapping paper 141 147 140 140 128 135 138 126 128 132 124 135 133 135 Newsprint 81 79 82 84 86 86 86 83 84 82 82 87 85 Paperboard containers (same as Paperboard). Printing and publishing.. 114 126 123 128 135 Newsprint consumption 96 114 125 Printing paper (same as shown under Paper).. Petroleum and Coal Products 184 '156 v!74 172 166 171 166 163 182 180 Petroleum refining2 Gasoline 132 129 131 129 130 146 Fuel oil 151 152 171 176 172 Lubricating oil 119 120 125 129 139 Kerosene 115 122 184 200 187 Other petroleum productsl . Coke 152 116 148 154 116 91 151 113 160 165 166 By-product coke 150 115 144 150 111 85 145 116 155 159 161 Beehive coke 224 145 276 286 296 295 337 18 336 369 352 '358 Chemical Products. 239 232 230 231 233 233 234 237 232 233 235 >236 Paints 135 139 140 142 142 145 148 151 149 151 152 '151 Soap 131 130 125 127 127 124 122 119 119 119 119 '116 Rayon 237 238 244 246 251 255 256 260 255 2^2 266 '268 Industrial chemicals 386 371 370 378 384 379 382 392 396 395 395 '394 Explosives and ammunition 1 Other chemical products *... Rubber Products. . . 172 191 192 205 215 216 221 219 215 218 211 221 231 P237 Minerals—Total. 137 125 134 126 134 134 130 99 115 141 150 147 149 P!46 Fuels 139 126 143 137 146 149 145 108 124 149 153 150 151 P149 Coal. 142 112 149 132 150 152 159 32 73 142 153 149 155 Bituminous coal. 148 110 159 142 159 160 168 10 60 156 159 156 163 P160 Anthracite 114 120 112 94 114 121 125 121 125 86 128 120 125 P124 Crude petroleum. . . . 138 133 141 139 144 147 138 146 149 153 154 151 149 P148 Metals. 123 116 80 61 60 47 44 46 62 95 126 '132 vl34 Metals other than gold and silver. 188 175 111 79 78 58 56 61 89 143 188 180 I ( r C o o n p o p r e e r; Lead; Zinc)1 281 245 108 50 50 22 28 58 116 233 295 282 282 Gold 34 33 Silver 47 40 p Preliminary. r Revised. 1 Series included in total and group indexes but not available tor publication separately. * 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, an1 August 1940, pp. 753-771 and 825-882. DECEMBER 1946 1395 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 1946 Sept. Oct Aug. Sept. Aug. Sept. Oct, June July Aug. Sept Total 128. 127.6 139. c 141.0 145.0 146.7 147.0 267. 224. 222. 257.1 '261.2 '275.2 284.3 Durable goods 144. 142.6 158. 161. 166.1 168.7 170. 335. 246. 243.7 280.7 '287.7 '306.9 314.6 Nondurable goods.. 115.6 115 124. 125.0 128.4 129.4 128. 200.6 202. 202.6 234.0 ••235.4 '250.2 254.7 Iron and Steel and Products 125.1 125.2 136.2 140.2 144.5 146.9 146. 255. 206. 207. 231.3 238.1 '255.8 263.2 Blast furnaces, steel works, etc 109 110 117 121 124 124 199 175 169 182 192 '204 206 Steel castings 178 177 169 167 167 169 311 281 290 292 277 295 298 Tin cans and other tinware 118 113 132 137 140 141 209 201 186 235 249 270 274 Hardware 95 98 127 126 129 134 209 174 184 244 245 254 267 Stoves and heating equipment.... 95 101 113 117 123 129 196 161 180 206 211 234 248 Steam, hot-water heating apparatus 133 133 152 157 158 161 254 234 230 271 280 290 307 Stamped and enameled ware 108 110 131 136 142 148 243 190 200 252 280 291 Structural and ornamental metal 254 work 116 116 143 150 156 157 240 181 187 241 272 274 251 Electrical Machinery 171.5 180.1 193.3 '195. '202.1 209.3 216.3 399.2 268. 289. 333.9 '364.4 384.5 Electrical equipment 150 161 153 '156 '161 166 330 230 254 258 '338.3 '285 300 Radios and phonographs 132 129 177 176 189 195 389 228 218 329 '264 '368 392 '332 Machinery except Electrical 172.1 191. 194.4 199.0 202.5 204.1 285. 284. 329. 333.5 348.8 362.2 Machinery and machine-shop products 165 163 172 174 176 180 324 266 268 296 299 314 323 Engines and turbines 240 230 219 '233 '241 243 511 369 380 416 '447 '454 485 Tractors 156 158 158 168 169 166 248 238 220 236 248 257 254 Agricultural, excluding tractors 129 129 146 147 146 148 259 247 230 248 251 257 270 Machine tools 163 158 162 162 168 169 304 261 255 270 262 281 286 Machine-tool accessories 188 182 192 194 200 205 340 280 271 301 293 316 336 Pumps 217 213 226 225 235 237 512 390 386 416 413 438 444 Refrigerators 91 99 163 168 '172 175 178 147 159 263 272 '288 298 Transportation Equipment, except Autos 496.5 420. 290. r289.1 '284.0 279.8 279. 1742.2 844. 713. 537.5 538.5 '533.0 513.0 Aircraft, except aircraft engines... 395 320 316 '324 '338 352 1855 625 537 586 '606 '641 664 Aircraft engines 372 331 292 298 '309 314 2376 470 444 469 469 '498 510 Shipbuilding and boatbuilding. 643 532 265 '251 '228 207 1920 1116 893 483 '469 '423 362 Automobiles 105. 114. 166.1 173.6 181.8 189.8 191. 183.5 151. 171. 250.5 282.2 308.0 Nonferrous Metals and Products , 131. 133.0 159.0 165.0 171.0 172.9 174.7 292.2 223.3 230.4 287.8 292.9 311.4 Primary smelting and refining. 130 125 108 128 134 135 231 222 191 '228 240 Alloying and rolling, except aluminum , 133 129 147 -153 '158 158 289 223 223 269 269 280 284 Aluminum manufactures 153 153 202 •206 -•210 211 412 220 235 336 '340 ^351 358 L umber and Timber Basic Products 120.8 113.3 141.3 143. 148.7 148.5 150.0 219.3 215.3 199.0 281.0 '270.8' 305.5305.7 Sawmills and logging camps 72 67 79 80 82 81 134 130 117 158 '152 '170 168 Planing and plywood mills 87 83 97 97 101 102 147 145 140 183 174 196 199 Furniture and Lumber Products 92.4 118.1 118.2 171.5 164.0 223.5 222.1 239.3 Furniture 81 82 101 101 104 103 150 147 196 194 210 212 Stone, Clay and Glass Products 105.7 108.8 132.0 132.9 137.8 138.7 139.8 179.8 175.7 183.2 235.0 235.7 253.2 259.8 Glass and glassware 121 124 145 143 149 149 193 189 196 242 238 255 269 Cement 81 85 115 118 122 122 128 131 139 184 196 207 213 Brick, tile, and terra cotta 75 79 104 110 112 112 118 126 133 196 211 220 224 Pottery and related products 113 117 137 138 143 145 173 173 187 239 229 252 258 Textile-Mill and Fiber Products 91.9 92.4 104.8 103.5 104.7 106.0 162.1 169.7 171.3 218.6 214.7 231.0 237.2 Cotton goods except small wares... 103 102 113 112 114 115 193 201 199 248 246 276 282 Silk and rayon goods 71 71 77 76 77 78 134 138 143 167 166 181 181 Woolen and worsted manufactures. 91 94 107 104 104 107 167 175 178 239 229 234 243 Hosiery 61 62 72 71 72 72 89 101 105 133 131 141 144 Dyeing and finishing textiles 84 80 95 94 95 96 140 145 137 185 179 188 187 Apparel and Other Finished Textiles. . . . 115.3 117.5 130.6 126.7 132.9 135.3 137.1 180.6 208.4 213.5 263.3 244.7 277.5 288.2 Men's clothing, n.e.c 83 82 89 88 90 90 135 141 141 181 167 183 187 Shirts, collars, and nightwear 69 70 77 76 77 77 111 126 131 160 155 163 168 Women's clothing, n.e.c 74 76 78 72 78 80 108 138 142 159 141 170 176 Millinery 75 75 68 '71 77 80 113 131 135 105 123 '139 149 Leather and Leather Products 88.0 90.3 103.1 102.3 102.0 102.4 102.1 159.9 160.2 165.0 203.4 197.3 198.2 203.3 Leather 82 84 91 88 89 89 141 146 151 163 157 '161 160 Boots and shoes 76 78 89 89 88 88 141 140 144 183 178 175 183 Food and Kindred Products 138.4 130.6 119.0129.0 136.5 135.4 126.1 205.6 226.6 215.9 205.0 231.5 250.3 242.7 Slaughtering and meat packing 105 105 107 102 115 79 158 178 173 167 180 202 118 Flour 124 126 109 114 119 120 211 218 224 191 221 '239 249 Baking 109 110 102 101 103 105 171 174 177 169 179 184 188 Confectionery 102 108 95 93 98 105 166 175 188 180 170 186 204 Malt liquors 153 151 141 144 145 150 224 243 226 210 222 232 244 Canning and preserving 176 125 83 137 154 181 249 352 252 182 326 387 465 Tobacco Manufactures 89.5 92.2 92.1 90.7 91.7 9?.5 95.0 149.3 176.0 181.7 184.1 178.3 186.2 196.0 Cigarettes 127 131 123 123 121 123 194 214 218 218 211 218 227 Cigars 68 71 77 74 76 79 115 148 159 168 160 '167 181 ' 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 October 1946 are preliminary. 1396 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 Sept. Oct June July Aug. Sept. Oct Aug. Sept. Oct June July Aug. Sept Paper and Allied Products 117.5 137.3 135.9 137.8 138.6 143.0 189.2 200.7 206.9 244.4 243.8 253.9 257.1 Paper and pulp 103 106 122 121 122 122 172 181 187 217 218 228 228 Paper goods, n.e.c 111 115 123 121 123 124 180 183 184 218 212 216 Paper boxes 111 115 125 124 126 126 171 186 193 226 223 234 236 Printing and Publishing 98.8 102.5 115.7 116.8 117.3 117.9 119.6 140.0 147.7 150.7 184.2 186.0 190.5 195.9 Newspaper periodicals 95 97 109 110 110 111 129 130 133 162 164 169 176 Book and job 105 110 124 126 126 126 152 167 169 205 209 211 216 Chemicals and Allied Products 172.1 168.5 165.1 163.7 164.9 167.9 169.6 357.2 292.2 284.9 285.1 286.9 290.5 298.3 Drugs, medicines, and insecticides 171 174 188 188 189 191 271 265 266 306 307 314 317 Rayon and allied products 112 115 121 118 119 119 182 179 186 198 198 206 211 Chemicals, n.e.c 161 157 169 168 169 168 288 274 261 283 289 288 290 Explosives and safety fuses 541 409 169 170 173 177 1607 739 626 266 265 273 293 Ammunition, small arms 316 178 178 116 174 1470 562 472 331 336 201 339 Cottonseed oil 97 119 59 56 71 88 146 205 265 127 120 160 200 Fertilizers 111 110 107 103 112 119 242 261 250 250 246 275 298 Products of Petroleum and Coal 123.3 123.6 140.6 142.7 143.4 143.8 143.0 229.8 212.1 198.0 236.0 244.3 246.3 250 3 Petroleum refining 120 122 136 137 137 137 224 204 190 223 228 229 233 Coke and by-products 102 100 114 118 119 119 189 182 163 195 215 217 218 Rubber Products 136.5 154.4 186.1 180.2 187.5 190. 195.1 265.7 231.3 254.2 337.2 327.2 343.2 365.0 Rubber tires and inner tubes 133 163 196 183 190 192 250 211 240 318 304 311 341 Rubber goods, other 112 115 132 134 139 142 213 193 204 255 256 278 282 Miscellaneous Industries 136.5 138.3 169.4 r169.2 '173.9 174.9 177.9 293.7 239.2 243.1 315.9 '311.8'326.9 334.9 Instruments, scientific 237 216 197 192 191 189 798 373 346 339 '327 ••330 331 Photographic apparatus 121 120 142 146 148 148 250 191 189 233 240 245 241 For footnotes see page 1396. FACTORY EMPLOYMENT {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] 1945 1946 Group Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total 127.8 127.2 127.8 128.1 130.7 122.4 130.3 136.6 138.0 139.6 140.6 143.8 145.9 *>146 6 Durable 144.8 142.6 143.3 141.2 144.4 122.9 138.6 151.6 154.6 158.1 161.2 165.8 168.5 P170.0 Nondurable 114.5 115.1 115.6 117.8 119.8 122.0 123.7 124.7 124.8 125.0 124.4 126.5 128.1 ?128.2 Preliminary. r Revised. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (cents per hour) Industry group 1946 Aug. Sept. May June July Aug. Sept. Aug. Sept. May June July Aug. Sept. All Manufacturing. 40.7 41.4 39.7 40.0 39.7 40.5 40.3 102.4 98.7 107.1 108.4 109.3 111.1 112.6 Durable Goods 41.1 41.0 39.3 39.8 •39.3 '40.5 40.3 111.3 107.2 114.7 116.5 117.7 '118.6 120.1 Iron and Steel and Products 41.7 41.8 38.4 38.8 38.5 '39.9 39.7 110.9 108.9 119.0 120.6 121.6 122.2 124.2 Electrical Machinery 41.2 40.8 38.9 39. 39.4 40.5 40.8 103.8 101.4 113.1 114.8 '115.8 '117.3 118.9 Machinery Except Electrical. 42.7 43.0 40.1 40.9 40.4 40.9 41.1 113.4 111.9 120.4 122.3 123.2 124.7 126.1 Transportation Equipment Except Autos. 41.7 38.8 39.1 39.5 '39.3 '40.0 39.0 129.7 126.4 133.3 135.0 '136.6 135.5 135.5 Automobiles 33.5 36.5 36.3 36.6 37.8 39.2 38.7 124.5 122.4 132.5 134.7 135.4 136.1 137.4 Nonferrous Metals and Products 43.3 42.5 41.1 40.9 '40.0 40.7 40.7 106.7 104.4 114.9 116.3 '116.6 117.8 119.6 Lumber and Tirnber Basic Products 40.5 40.8 40.9 41.5 '39.1 '41.7 41.4 81.3 81.9 88.0 90.8 '91.0 '92.8 93.7 Furniture and Finished Lumber Products. 40.6 42.3 41.3 41.8 41.0 '41.9 41.8 83.5 83.3 91.7 92.7 '93.7 '95.7 97.7 Stone, Clay, and Glass Products 41.6 41.8 40.2 40.4 39.5 40.7 40.6 93.9 93.7 101.9 104.1 105.7 106.3 108.8 j&andurable Goods. 40.3 41.8 40.1 40.2 40.1 '40.5 40.3 90.9 90.3 99.6 100.3 r100.9 r103.6 104.9 Textiles—Mill and Fiber Products 38.4 39.8 40.0 39.6 40.1 40.0 77.0 76.3 87.3 87.5 87.7 92.3 93.9 Apparel and Other Finished Products.... 33.2 36.2 36.9 37.1 36.0 '37.1 36.9 84.6 87.8 95.6 95.1 '94.1 '98.5 101.0 Leather and Manufactures 39.3 40.6 39.6 39.3 38.2 37.8 38.2 85.7 85.3 94.2 95.0 95.4 '97.2 98.2 Food and Kindred Products 43.3 44 42.4 42.3 43.8 43.7 43.0 88.2 88.0 96.1 97.2 98.6 101.5 101.3 Tobacco Manufactures 39.0 42.3 39.5 40.0 39.1 38.7 39.3 76.5 78.6 84.8 84.6 85.1 '88.6 89.9 Paper and Allied Products 44.0 45.9 42.9 43.0 42.8 43.4 42.9 88.0 89.3 98.3 99.3 '100.7 101.9 103.6 Printing, Publishing and Allied^Industries. 40.7 42.2 40.4 40.5 40.2 r40.9 41.2 114.4 115.8 126.6 127.8 128.7 129.8 131.7 Chemicals and Allied Products 43.4 43.4 40.7 40.5 40.7 '40.8 40.9 100.3 99.2 106.4 108.4 109.8 110.1 110.9 Products of Petroleum and Coal 46.9 44.9 39.3 39.6 40.0 40.3 40.3 122.2 121.7 134.2 134.7 135. 134.7 136.9 Rubber Products 41.8 43.0 39.4 39.3 39.2 39.4 40.6 111.9 109.8 126.6 128.3 129.2 129.6 132.0 Miscellaneous Industries 41. 42.2 40.9 41.2 40.5 41.0 41.2 97.5 95.1 102.8 104.2 104.8 105.7 107.2 r Revised. NOTE.—Back figures are available from the Bureau of Labor Statistics. DECEMBER 1946 1397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transporta- Finance, Federal, Year and month Total M t a u n r u in fa g c- ning Co t n io 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 l t o e c , a a l nd utilities laneous government 1939 30,353 10,078 845 1,753 2,912 6,618 4,160 3,988 1940 31,784 10,780 916 1,722 3,013 6,906 4,310 4,136 1941 35,668 12,974 947 2,236 3,248 7,378 4,438 4,446 1942 38,447 15,051 970 2,078 3,433 7,263 4,447 5,203 1943 40,185 17,381 891 1,259 3,619 7,030 4,115 5,890 1944 39,689 17,111 835 679 3,761 7,044 4,348 5,911 1945 38,144 15,060 779 834 3,822 7,173 4,589 5,887 SEASONALLY ADJUSTED 1942—September 39,171 15,644 962 2,077 3,448 7,227 4,382 5,431 October 39,452 15,798 954 2,136 3,484 7,224 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 1,899 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 1,604 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 1,358 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 1,082 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 16,675 812 609 3,748 7,077 4,384 5,915 November 39,127 16,612 808 611 3,771 7,052 4,359 5,914 December 39,357 16,747 802 619 3,789 7,015 4,304 6,081 1945—January 39,489 16,696 805 633 3,797 7,210 4,394 5,954 February 39,558 16,684 802 658 3,848 7,164 4,404 5,998 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 14,098 811 1,837 3,878 7,788 5,055 5,480 July '39,095 '14,174 815 L.882 '3,904 '7,898 5,026 5,396 August '39,685 '14,505 824 ••1,936 '3,939 '7,976 5,084 5,421 September 39,900 14,679 820 1,957 3,89-1 8,004 5,155 5,394 October 39,975 14,807 820 1,907 3,940 7,946 5,230 5,325 UNADJUSTED 1944—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 3,930 7,617 5,076 5,494 April 38,121 13,779 505 1,517 3,919 7,759 5,140 5,502 May 38,612 13,885 713 1,742 3,873 7,724 5,134 5,541 June 39,056 14,098 807 1,874 3,917 7,749 5,131 5,480 July '39,260 r14,245 815 1,976 '3,963 '7,740 5,152 5,369 August '39,865 r14,578 828 '2,091 '3,998 '7,816 5,160 5,394 September 40,146 14,752 824 2,094 3,949 7,924 5,155 5,448 October 40,187 14,807 824 2,041 3,960 8,025 5,178 5,352 * 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. October 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. 1398 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Fignnt 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 278.3 619.9 42.6 293.8 98.3 73.7 45.5 50.0 10.2 18.8 27.0 27.1 54.6 156.4 October 316.6 573.2 59.9 235.1 85.4 140.2 60.8 41.0 18.6 12.6 30.8 31.5 61.1 112.8 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 Oct. Sept. Oct. January.... 159 141 358 122 75 47 37 66 311 February. .. 137 147 387 109 74 56 28 73 331 March 176 329 698 133 221 146 43 107 551 Boston 36,899 52,564 15,786 April 179 396 735 133 309 127 46 87 608 New York.. . 83,076 86,421 48,207 May 144 243 952 98 148 197 46 95 756 Philadelphia. 21,897 36,816 19,867 J J A S O N D u u e u c e o l n p t c g y v o e t e u e e b m s m m e t b r b b e e r e r r . . . . . . 1 1 1 1 1 1 1 9 6 6 6 7 4 8 1 4 9 5 6 5 8 2 2 2 3 2 3 3 2 1 5 6 3 7 7 7 8 7 4 1 0 8 8 6 6 7 8 0 2 1 8 8 0 0 1 1 1 1 1 1 1 2 2 2 4 0 1 0 2 8 5 7 2 4 3 1 8 6 4 6 0 6 6 2 8 7 3 1 1 2 2 2 2 1 0 1 0 8 2 5 5 7 4 4 4 4 4 6 7 2 2 4 9 3 2 4 2 3 2 2 1 1 1 0 6 3 4 5 4 9 9 6 9 9 5 6 6 5 5 4 4 7 1 9 3 6 3 5 3 A S C C M D R K t h l t a i a . i e l c i l n n a c v l L h n s a n a e o a m s e g t l s u a a a o o i p n s C n o d d i . l t i . y . s . . . . . 1 5 3 4 5 7 1 3 1 9 4 7 0 4 4 7 3 , , , , , , , , 5 2 3 1 5 6 4 2 3 3 8 8 7 9 3 9 3 7 2 7 6 5 0 4 1 5 6 8 3 2 2 4 1 3 3 4 7 1 2 7 2 , , , , , , , , 5 8 7 6 6 4 3 7 1 6 8 3 6 7 4 5 6 5 8 8 8 9 4 8 3 4 2 6 2 1 9 8 7 3 3 7 4 9 , , , , , , , , 2 1 3 3 3 2 1 9 1 8 3 1 5 3 1 7 3 2 1 2 7 2 2 2 Year 1,9943,299 1,4351,311 559 1,988 Total (11 districts) 573,206 619,857 316,571 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION Title I Loans Mortgages on [In millions of dollars] Year or month Total p P m e r i r o m r e o t v n y p - e t - - s S h c t t m o i r o o u m n a n c - l e - l l f h ( a - o T m t I u o I i s t i ) 4 l l e y e - s h R g ( o a e T r u I n o n I i s d t u ) t i l a p n e l g W V h ( e o a T V t u e r i I s r t a a ) i l n i n e n g d s' End of month Total b C m c a o i n e a m r k l - s - b M s t i a n u a n g u v a k s l - - s a a S l s i a t o n s a n i a o g o v d n c s n - i s - p I c a n a o n s n m c u i e e - r s - a F c e g i e r e e a d s n l - 1 - 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 5 7 6 9 8 3 5 9 4 6 5 2 9 5 9 7 0 5 4 4 2 2 2 1 2 4 6 0 6 4 6 0 8 0 1 2 3 5 4 6 4 3 6 9 2 0 7 9 4 4 9 3 5 4 1 1 8 2 2 1 1 1 1 1 9 9 9 9 3 3 3 3 7 9 g 6 — — — — D D D D e e e e c c c c . , . . . 1 1 , , 1 7 3 7 9 9 6 7 9 5 3 1 9 2 4 6 0 2 3 3 8 2 0 4 2 3 7 7 8 8 1 1 1 1 5 9 4 1 6 2 9 0 3 2 1 4 1 4 1 1 2 2 8 1 3 7 5 2 7 5 3 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 1 2 0 3 4 . . 1 1 1, , , 1 0 1 9 8 3 2 8 4 8 7 6 6 2 6 2 2 1 1 9 5 6 4 2 6 1 2 1 5 2 2 1 6 1 5 1 8 6 2 2 7 7 9 1 4 3 7 1 6 3 6 1 1 * 6 3 3 7 5 2 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 , , , , 2 0 4 9 3 7 0 4 2 5 9 9 1 1 1 , , , 0 1 0 9 6 2 9 7 2 6 3 1 1 1 1 9 0 1 3 0 0 1 0 2 2 2 2 0 1 0 2 1 6 8 4 4 4 3 5 3 9 8 4 2 2 0 2 2 1 1 1 0 8 7 9 1 2 1 0 1945 684 189 219 3 272 1941—Mar 2,598 1,246 146 230 606 210 1945—Oct 62 26 19 * 17 June 2,755 1,318 157 237 668 Nov 60 28 21 11 Sept 2,942 1,400 171 246 722 Dec 55 23 20 1 11 Dec. . . 3,107 1,465 186 254 789 1946—Jan 56 17 i 27 12 1942—Mar 3,307 1,549 201 264 856 Feb 46 14 24 8 June 3,491 1,623 219 272 940 Mar 48 13 28 * 7 Dec 3,620 1,669 236 276 1,032 Apr 58 21 28 1 8 May 80 39 i 31 1 10 1943—June 3,700 1,700 252 284 1,071 June 83 40 37 6 Dec 3,626 1,705 256 292 1,134 July 80 42 33 1 5 Aug 55 25 26 4 1944;—June 3,554 1,669 258 284 1,119 Sept 63 32 s, 26 * 4 Dec 3,399 1,590 260 269 1,072 Oct 85 47 33 6 1945—June 3,324 1,570 265 264 1,047 Dec 3,156 1,506 263 253 1,000 *Less than $500,000. 1 Mortgages insured under War Housing Title VI through April 1946—June 3,102 1,488 260 247 974 1946; figures thereafter represent mainly mortgages insured under the Veterans* Housing Title VI (approved May 22, 1946) but include a few refinanced mortgages originally written under the War Housing Title VI. NOTE.—Figures represent gross insurance written during the period and do not take account of principal repayments on previously insured loans. Figures include some reinsured mortgages, which are shown in the month in which they were reported by FHA. Reinsured mortgages on rental and group housing (Title II) are not necessarily shown in the month in which reinsurance took place. Ot 3S 5S 3S3S^ OnC ^t Other* 27 53 90 133 124 127 141 150 160 154 178 179 237 200 243 195 245 163 235 158 79 159 73 150 68 140 43 134 13 122 11 122 1 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. 2 Including mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc. NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the Federal Housing Administration. 1399 DECEMBER 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 1912 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 P67O 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 P376 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 5,605 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. 2 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 CoalCoke Grain s L t i o v c e k - p u e r c o s t t d s - Ore l c o a e u n l s e - - c l d h .c i a s . n l e . - r o r e p a T v i e e o l r w n t a a u t a l i e y n s g e r x a T p i o l e w t n a a s l e y s o r i p a n e i N c l r o w e a m t t a i y e ng i < n c N om et e Annual 1939 101 98 102 107 96 100 110 101 97 Annual 1940 109 111 137 101 96 114 147 110 96 1939 .... 3,995 3,406 589 93 1941 130 123 168 112 91 139 183 136 100 1940 4,297 3,614 682 189 1942 138 135 181 120 104 155 206 146 69 1941 5,347 4,348 998 500 1943 137 138 186 146 117 141 192 145 63 1942 7,466 5,982 1,485 902 1944 140 143 185 139 124 143 180 147 67 1943 9,055 7,693 1,362 874 1945 135 134 172 151 124 129 169 142 68 1944 9,437 8,343 1,093 668 1945 P8,902 P8.052 P850 P447 SEASONALLY ADJUSTED SEASONALLY 1945—August.... 128 128 167 163 115 133 166 132 64 ADJUSTED September. 127 143 155 145 114 125 174 126 66 October. . . 118 109 113 158 122 109 134 125 69 1945—July 791 696 95 61 N ovember. 133 148 167 167 145 110 134 133 74 August. . . . 705 648 57 22 December. . 127 133 164 153 140 106 117 130 74 September.. 691 655 36 4 October.. . . 657 620 37 3 1946—January. .. 133 148 127 152 126 122 118 134 78 November.. 668 608 61 30 February.. 126 152 107 150 158 126 94 121 78 December. . 628 674 -36 -56 March. . . . 139 155 165 141 140 134 121 143 78 April 109 26 95 112 143 143 66 143 81 1946—January.... 655 567 88 51 May 106 68 62 126 114 125 66 123 74 February... 635 555 80 51 June 133 146 140 126 118 149 137 135 81 March 651 667 -16 -45 July 139 145 177 139 166 153 164 141 78 April 566 562 4 -28 August 141 152 184 131 118 157 162 145 77 May 515 524 -9 -41 September. 138 160 183 125 91 154 164 139 75 June 639 586 53 20 October. . . 139 155 183 142 128 146 146 139 79 July 651 603 48 16 August. . . . 664 613 51 18 UNADJUSTED September.. 673 605 68 P36 1945—August 132 128 160 176 109 140 249 133 65 •September. 137 143 154 163 150 135 261 136 69 UNADJUSTED f j October. . . 128 109 111 158 ••188 115 215 136 72 November. 136 148 167 164 183 108 114 139 75 1945—July 796 697 99 65 December. . 119 133 172 144 135 94 36 123 71 August.... 755 667 87 '53 September.. 679 '636 '43 9 1946—January 123 148 133 152 120 109 29 123 74 October 697 643 54 20 February.. 119 152 114 147 126 121 24 113 75 November.. 661 600 61 34 March 132 155 166 130 111 134 35 136 79 December.. 614 651 -37 -75 April 107 26 93 99 127 143 50 141 82 May 107 68 61 111 103 130 103 125 74 1946—January.... 641 570 71 34 June 137 146 138 128 96 155 213 139 81 February... 579 521 58 29 July 143 145 172 166 135 153 263 142 78 March 646 667 -20 -49 August. . . . 145 152 177 142 113 165 243 146 77 April 567 557 10 — 21 September. 149 160 181 140 120 166 245 150 79 May 533 537 c — 37 October. . . 149 155 180 142 197 154 216 151 82 June 612 574 38 15 July 674 611 63 32 August.... 710 629 82 53 r Revised. September.. 660 593 67 P39 NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining Indexes for P Preliminary. r Revised. .classes with weights derived from revenue data of the Interstate Commerce NOTE.—Descriptive material and back figures may be ob- Commission. tained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 1400 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 3oston 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 Ch a i g - o Lo St u . is M a i po n l n i e s - K C a i n t s y as Dallas F S r a an n cisco 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 '167 182 215 244 176 200 164 205 246 221 1945 207 176 169 184 201 236 275 193 227 185 229 277 244 SEASONALLY ADJUSTED 1945—October '213 177 172 184 209 '251 286 199 238 190 241 '288 '246 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 227 186 194 205 220 262 308 209 234 212 249 306 269 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 '272 '225 273 352 291 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 August 290 246 259 250 286 306 365 281 330 259 300 381 324 September 269 '226 202 '241 249 298 367 263 '313 265 321 '376 313 October 257 216 177 230 248 285 348 250 293 256 298 349 319 UNADJUSTED 1945—October 230 196 196 208 224 '274 307 213 255 210 253 '317 '25 5 November.... 273 225 235 255 264 319 348 254 303 243 286 352 321 December 352 323 307 '328 338 399 466 320 365 305 366 467 407 1946—January 179 147 155 158 167 197 246 167 192 158 199 248 214 February 207 156 174 174 194 227 292 193 236 182 238 299 253 March 238 197 206 219 237 264 315 226 264 223 255 316 258 April 255 223 219 228 253 281 336 242 281 '235 273 335 287 May 248 211 214 222 243 274 313 234 272 242 272 322 284 June 253 216 221 228 257 266 '306 245 274 236 265 313 288 July 208 157 158 175 203 219 275 198 234 204 239 290 266 August 242 184 189 195 249 253 321 236 284 232 279 332 292 September '278 '237 214 '246 251 316 374 268 '316 '287 311 '395 326 October 278 240 202 259 265 312 372 268 313 282 312 384 330 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—October 164 151 155 149 151 196 188 156 166 160 155 193 185 November . 165 148 152 149 157 195 193 155 163 160 158 189 191 December 158 139 150 146 149 192 189 147 155 155 154 198 176 1946—January 167 145 162 149 157 207 184 163 160 166 165 179 183 February 171 154 166 153 163 201 192 165 175 162 163 190 190 March 177 157 170 160 174 206 201 168 185 166 183 195 190 April 189 171 180 172 178 217 220 179 193 183 184 208 215 May 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 '219 201 262 240 September 226 '192 200 '210 221 262 277 220 240 227 219 267 249 October 237 207 192 212 232 274 297 235 264 245 233 274 270 UNADJUSTED 1945—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 205 174 192 184 201 232 255 195 222 200 212 246 221 July 223 179 196 192 213 260 275 209 240 228 230 272 265 August 238 198 218 213 225 297 292 225 255 ••232 225 296 263 September 250 '210 216 '231 246 294 '305 244 266 245 ••246 299 281 October 267 231 217 242 268 312 333 263 295 273 265 310 299 ' Revised. * Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. DECEMBER 1946 1401 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES As reported by 296 department stores in various Federal Reserve [Weeks ending on dates shown. 1935-39 average = 100] districts] Without seasonal adjustment Amount 1943 1944 1945 1946 (In millions of dollars) Mar. 27.... .155 Mar.25.... .18: Mar. 24.... .226 Mar. 23 255 Apr. 3 .161 Apr. 1 .21: 31 .230 30 257 10.... .168 8.... .208 Apr. 7 .181 Apr. 6 272 Year or month m ( S o t f a o o n l t r e t a h s l ) m ( S o e t n n o d c t k h o s ) f m ( s o e O t n o r i a d n d n u n e g t t d r - h o s - ) f May 2 2 1 1 1 8 2 4 5 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 4 6 4 5 8 7 2 9 9 3 2 0 May 2 2 2 1 1 6 5 0 9 2 3 . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 9 7 8 6 5 6 7 7 4 8 2 3 May 2 2 1 1 1 5 9 4 1 8 2 . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 9 9 9 7 8 5 : . 6 8 4 6 May 2 2 1 1 1 4 7 0 8 1 3 2 2 2 2 2 2 4 3 4 8 8 7 8 2 6 2 9 4 29 .151 27.... .168 26.... .182 25 245 June 5... . .151 June 3 .163 June 2 .169 June 1 223 1939 average 128 344 12.... .168 10.... .172 9 .196 8 273 1940 average 136 353 108 19.... .168 17.... .173 16.... .206 15 283 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 1 3 5 2 4 a a a a a v v v v v e e e e e r r r r r a a a a a g g g g g e e e e e . . . . . . . . 2 2 2 1 1 5 2 0 5 7 5 7 4 6 9 5 5 5 5 4 9 0 1 3 6 9 8 9 4 4 5 5 2 7 1 3 6 2 6 9 0 0 8 3 4 July 2 2 1 1 3 6 0 4 7 . . . . . . . . . . . . . . . . . 1 1 1 1 1 2 2 3 3 1 4 6 2 4 3 July 2 2 1 8 4 5 1 2.... . . . . . 1 1 1 1 1 4 1 3 4 5 5 6 8 9 1 July 3 2 2 1 0 3 7 1 4 . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 6 5 8 7 5 7 7 3 3 3 July 2 2 2 1 6 2 0 9 3 1 2 2 2 2 9 0 3 4 1 2 1 9 8 0 1 1 9 9 4 4 5 6 — — A O J S A O M J A A J J S M N D F M M F J u u u u a e e e e p c u u c p e o a n n l a a l a n p b p b t t r c g g y r y v y r r y e e t t P 4 2 2 3 3 2 2 3 3 3 2 3 2 2 3 2 2 3 2 1 1 1 2 3 0 3 2 1 0 0 9 3 0 4 0 9 3 4 0 8 3 9 9 9 9 1 1 4 3 3 4 8 5 4 4 9 1 4 3 9 0 8 8 P ' r 4 4 5 5 5 5 6 6 5 5 5 6 6 6 8 8 5 8 7 6 6 9 3 6 9 8 9 9 4 0 2 7 9 0 6 0 2 3 2 7 2 2 9 1 3 2 2 2 6 9 4 2 6 4 2 6 6 0 8 5 4 1 5 1 1 1 P 8 9 9 9 9 6 6 6 9 0 6 7 0 0 8 7 7 7 7 8 7 7 1 9 7 3 5 7 9 4 1 6 7 1 7 6 7 0 2 7 2 4 9 0 6 4 4 2 0 5 8 2 4 1 7 3 0 9 0 2 2 5 5 O A S N D e e c u o p c t g v . . t . . . 3 3 2 2 2 2 2 2 2 1 1 1 1 1 1 1 4 6 9 4 2 1 7 0 3 1 5 7 0 5 1 6 8 8 8 1 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , , , , , , , 1 1 1 1 1 1 2 1 1 1 1 1 1 1 1 2 3 2 2 2 2 2 8 8 9 0 5 7 8 4 7 6 7 4 3 1 3 0 2 6 9 2 7 1 9 4 2 6 6 8 5 5 9 9 6 1 8 1 1 1 9 7 3 4 1 S O N D A e e c u o p c t g v . . t . . . 2 2 2 2 3 2 2 1 2 1 1 1 1 1 1 2 4 8 9 5 4 9 1 6 3 6 8 2 1 5 7 3 0 9 6 9 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 2 1 1 2 2 3 1 2 1 1 2 2 3 1 2 3 1 1 1 1 7 7 2 0 3 3 5 0 9 1 6 0 9 4 9 4 1 6 9 7 3 3 7 7 1 7 1 6 2 9 3 5 5 4 6 9 6 8 8 9 4 1 2 S O N D A e e c u o p c t g v . . t . . . 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 3 0 7 4 9 0 2 8 7 2 8 6 4 5 3 1 1 1 5 8 5 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 . 2 2 . 4 . . 2 2 2 4 . . 1 1 1 1 1 1 1 2 4 2 2 3 0 4 6 4 3 2 3 2 1 3 8 6 7 2 9 5 7 5 0 7 3 2 9 5 1 2 7 1 6 0 3 3 2 7 6 4 4 3 7 8 1 5 3 6 O A S N D e e c u o c p t g v . . t . . . 3 2 2 2 3 2 2 2 2 1 1 1 1 1 1 1 1 1 5 9 3 2 7 8 0 3 4 1 2 9 4 7 7 7 4 0 6 6 ....'2 2 2 3 2 2 2 2 2 2 2 2 3 2 2 2 2 3 8 7 1 7 6 6 5 0 8 5 9 3 8 1 9 8 2 4 7 7 7 7 3 4 7 4 1 5 5 9 0 4 3 1 8 2 r Revised. P 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] Oct. Sept. Ten Oct. Sept. Ten Oct. I Sept Ten Oct. I Sept Ten 1946 1946 1946 1946 mos. 1946 I 1946. 1946 i1946 mos. 1946 1946 I United States. p+21 +31 +29 C leveland-cont. Chicago P+25| +34\ +30 Kansas City— Toledo +25 +27 +23 Chicago +23i +33 +31 con* B N P os o e t r w o t n l a H n a d ven. . . + + +2 1 2 7 6 2 + + + 2 3 3 1 3 3 + + + 2 2 2 2 6 6 Y E Pi r o t i u t e s n b g u s r t g o h wn . . . + + + 1 2 9 5 1 + + + 2 3 7 2 0 + + + 2 3 2 5 0 1 P F In e o d o rt i r a ia W na a p y o n l e is . . .. . .. . P+ + 2 2 8 o 1 | + + +2 3 4 7 7 4 **+ + + 3 2 3 3 5 3 O Tu k l l s a a ho:;,... + 15 i ! 4-26 + 1 1 ° 9 3 Boston Area. . +23 +38 +28 Wheeling +21 +31 +29 Terre Haute.. . . P+23: +20; +30 Dallas +21 +36 +30 Downton Des Moines. . . . +37j +32 Shreveport +28 +37 +26 Boston +19 +36 +26 Richmond +14 r+28 +23 Detroit +22| +35j +28 Corpus Christi.. +34 +36 +28 Springfield. . .. + 13 +24 +20 Washington.. . . +7 +20 + 19 Flint +2 7 +371 +28 Dallas +20 +36 +33 Worcester +20 +31 +29 Baltimore +17 +33 +24 Grand Rapids. . +30 +51 +36 Fort Worth.... +19 +33 +25 Providence.... +16 +23 +24 Raleigh, N. C. . +15 +30 +25 Lansing +34| +35 +30 Houston +26 +51 +36 Winston-Salem. +25 +36 +29 Milwaukee +44 +35 San Antonio... . +19 +33 +29 New York +3 +25 +31 Charleston, S.C. +11 +21 +5 Green Bay +36! +41 +36 Bridgeport.. . . +33 +36 +34 Greenville, S.C.. +6 + 19 +19 Madison +24; +28 +26 San Francisco..P+29 +31 +27 Newark -6 +27 +31 Lynchburg + 18 +28 +25 Phoenix +32 +42 +31 Albany +34 +37 +47 Norfolk +12 +22 +8 St. Louis +23 +33 +30 Tucson +37 +41 +33 Binghamton... +32 +31 +34 Richmond +14 +34 +28 Fort Smith -8! +1 + 14 Bakersfield * +35 *+30 E N B l u i m a ff g i a r a l a o ra Falls.. + + + 1 1 9 6 8 + + + 2 2 9 9 1 + + + 2 1 3 2 2 0 C R W h o a a . r n V l o e k a s e ton, + + 2 2 6 5 + + 2 3 8 6 + + 3 3 1 5 Q L E i v u t a i t n l n e c s y v R il o le ck.... + + +3 2 1 4 5 5 ! j + + + 2 3 3 2 7 0 + + +2 2 2 9 3 8 F L L r o o e s n s g n A o n B g e e a l c es h . . . . . . . .P P + + + 3 2 3 2 8 3 + + + 3 3 2 6 1 8 + + + 2 3 3 5 0 1 New York City -7 +20 +30 Clarksburg +21 +26 +30 Louisville +26| +30 Oakland and Poughkeepsie.. +27 +33 +36 Huntington.... +17 +31 +25 East St. Louis.. +i +48 Berkeley P+24 +29, +23 Rochester +26 +35 +30 St. Louis +22| +33 +31 Riverside and Schenectady. . +25 +36 +24 Atlanta +21 +34 +27 St. Louis Area.. +23i +33 +31 San BernardinoP+30 +24 +22 Syracuse +36 +49 +39 Birmingham... . + 17 +31 +26 Springfield +36' +48 +41 Sacramento.... P+37 +27 +31 Utica +19 +36 +24 Mobile +9 +22 + 16 Memphis +27! +39 +31 San Diego P+16 + 16 + 11 Montgomery. . . +14 +29 +22 i | San Francisco. . p+22 +26 +20 Philadelphia.. P+25 +38 +29 Jacksonville.... +22 +30 +22 Minneapolis.... i +39 +36 San Jose p+37 +40 +30 Trenton P+22 +39 +38 Miami +36 +46 +32 Minneapolis... .1 +35\ +46 +36 Santa Rosa. . . * +24**+24 W L P R h a e i n i a l l k c d a a e i d n s s e g t - l e B p r a h r i r a e . .. . P P P + + + + 2 2 2 3 2 9 3 0 + + + + 3 4 4 4 7 4 0 0 + + + + 3 2 3 3 0 6 6 4 A A O Ta u r tl l m g a a u n n p s d t a a t o a + + + + 3 3 3 2 4 0 3 4 + + + + 3 4 7 5 6 2 1 0 + + + + 3 4 3 3 2 0 6 4 K S D a t n u . s l P a u s t a h u - l C S u it p y. e .. r ior . ! + + ++ 3 3 2 2 7 9 1 1 ; + + + 2 4 2 5 4 8 + + + 3 2 2 6 8 6 S V B N t a o o l i a c l s e p e k j a t o a o n n a d nd P+ + 3 4 8 1 + - 3 9 6 + - 2 3 8 York P+25 +25 +27 C M o a l c u o m n bus + + 1 2 8 1 + + 2 3 5 8 + + 3 1 0 6 D Pu e e n b v l e o r + + 4 2 1 7 1 + +2 3 2 5 | | + + 35 P N or a t m la p n a d • +24 • + + 3 2 0 5 + + 2 2 7 6 Cleveland +18 +27 +28 Baton Rouge... +22 +32 +29 Hutchison +22 +25 +21 Salt Lake City.. p+27 +35 +33 Akron +15 +29 +20 New Orleans. .. +22 "+42 +27 Topeka +23! +26 +21 Bellingham +30 +27**+24 Canton +36 +46 +27 Bristol, Tenn... +19 +30 +28 Wichita +21' +24 + 19 Everett +46 •+33 +36 Cincinnati.... +24 +38 +33 Jackson +19 +28 +23 Joplin + 11 +23 +27 Seattle P+24 +26 +20 Cleveland +20 +35 +28 Chattanooga... +27 +35 +32 Kansas City. . . +26 +26 +26 Spokane +40 +33 +31 Columbus +18 +33 +29 Knoxville 2 + 11 +9 St. Joseph +26 +25 +32 Tacoma +30 •+25 + 19 Springfield +14 +12 +15 Nashville +26 +36 +39 Omaha +18 +29 +31 Yakima +26 + 15 +24 9 Preliminary. ' Revised. • Data not available. ** Nine months in 1946. 1402 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Index numbers 194 w 1 i t a h v o e u ra t g s e e a m so o n n a t l h l a y d j s u a s l t e m s= e 1 n 0 t 0 l Pe a rc y e e n a t r a c g h o an ( g v e a l f u r e o ) m Rat t i o o s o a f l e s s to 2 cks Department r o N e f p u o s m t r o t b i r n e e r g s Sale m s o d n u th ring Sto o c f k m s o a n t t h end Sale p s e ri d o u d ring m S (e t n o o d n c t k o h s f ) September Sept 1 . 946 Aug. Sept. Sept 1 . 9 4 A 6 ug. S 1 e 9 p 4 t 5 . S 1 e 9 p 4 t 6 . N m 19 i o 4 n s 6 e . S 1 e 9 p 4 t 6 . 1946 1945 GRAND TOTAL—entire stores 354 +28 +28 +34 2.8 2.7 MAIN STORE—total 354 201 194 156 572 549 424 +29 +29 +34 2.9 2.7 Women's apparel and accessories 351 223 214 195 547 516 387 +15 +17 +41 2.4 2.0 Coats and suits 333 277 246 234 549 514 395 +19 +22 +39 2.0 1.7 Dresses 334 221 197 193 294 260 166 +15 +18 +76 1.3 0.9 Blouses, skirts, sportswear, etc 327 271 268 252 715 725 457 +7 +14 +55 2.6 1.8 Juniors' and girls' wear 313 280 306 258 737 695 460 +8 +15 +60 2.6 1.8 Infants' wear 313 304 286 275 800 822 646 +10 +8 +23 2.6 2.4 Aprons, housedresses, uniforms 288 135 148 116 378 328 231 + 16 + 18 +65 2.8 2.0 Underwear, slips, negligees 336 193 199 171 524 472 313 + 13 + 14 +68 2.7 1.8 Corsets, brassieres 334 236 225 187 570 560 381 +26 +21 +49 2.4 2.0 Hosiery (women's and children's) 345 151 149 127 220 215 158 + 19 + 13 +39 1.4 1.3 Gloves (women's and children's) 328 161 104 152 935 834 669 +6 +8 +40 5.8 4.4 Shoes (women's and children's) 241 229 213 187 527 476 463 +23 +27 + 14 2.3 2.4 Furs 269 162 259 114 890 829 660 +42 +23 +35 5.4 5.8 Neckwear and scarfs 249 258 202 238 840 807 698 +8 +9 +18 3.3 3.0 Handkerchiefs 287 136 133 123 909 878 847 + 11 +9 +8 6.7 6.8 Millinery 172 257 173 234 234 234 161 + 10 +18 +40 0.9 0.7 Handbags and small leather goods 320 188 156 166 557 524 426 + 13 +20 +32 3.0 2.5 Men's and boys' wear 325 190 164 133 555 507 458 +42 +41 +21 2.9 3.4 Men's clothing 236 187 149 123 301 302 303 +53 +44 + 1 1.6 2.4 M M Bo e e y n n s ' ' s s ' c a f l u n o r d t n h i i b s n h o g i y n s a g ' n s s , d h h o fu e a s r t n s a , i s n c h d a i n p s g s li s ppers 3 2 1 0 8 7 9 6 9 2 1 1 4 7 7 7 4 1 2 1 1 3 5 5 2 6 0 2 1 1 1 1 1 9 7 1 6 5 84 0 6 9 8 0 5 5 8 0 3 0 6 5 6 4 5 7 6 0 1 1 0 1 + + + 4 5 1 9 3 3 + + + 5 5 1 1 1 5 + + + 3 1 1 1 2 9 3 3 3 . . . 6 2 4 3 4 4 . . . 3 2 3 Home furnishings 312 189 190 114 592 575 392 +67 +63 +51 3.1 3.4 Furniture, beds, mattresses, springs 235 158 188 118 539 503 416 +33 +51 +30 3.4 3.4 Domestic floor coverings 261 176 166 96 427 438 303 +83 +64 +38 2.4 3.2 Draperies, curtains, upholstery 293 200 180 144 776 759 468 +39 +33 +66 3.9 3.2 Major household appliances 219 245 223 33 193 183 33 +634 +595 +488 0.8 1.0 Domestics, blankets, linens, etc 300 194 200 131 544 545 340 +48 +44 +60 2.8 2.6 Lamps and shades 234 180 159 131 826 799 646 +37 +45 +29 4.6 4.9 China and glassware 230 131 132 102 633 618 501 +29 +35 +27 4.8 4.9 Housewares 231 258 249 150 910 874 527 +72 +77 +73 3.5 3.4 Piece goods 293 262 259 224 531 582 364 +17 +13 +45 2.0 1.6 Cotton wash goods 126 190 220 169 401 382 236 + 13 +11 +62 2.1 1.4 Small wares 338 169 157 146 703 671 624 +16 +15 +13 4.2 4.3 Lace, trimmings, embroideries, ribbons 119 237 198 211 992 940 852 + 12 + 10 + 16 4.2 4.0 Notions 226 195 179 161 721 703 580 +22 + 19 +23 3.7 3.7 Toilet articles, drug sundries, and prescriptions. 321 139 132 125 577 566 582 +12 +9 -1 4.2 4.7 Jewelry and silverware 302 196 182 145 842 807 609 +35 +35 +39 4.3 4.2 A St r a t t i n o e n e e d r l y e , w b o o rk oks, and magazines 2 2 3 3 7 6 1 16 7 6 0 1 1 5 5 7 0 1 1 5 5 3 8 7 7 4 2 0 2 6 7 4 4 7 4 6 7 4 2 7 8 + + 1 5 1 + + 4 7 + 13 4 4 . . 3 3 4 4 . . 3 6 Miscellaneous 303 158 166 120 607 570 524 +31 +35 +15 3.9 4.4 Luggage 237 179 234 112 594 530 348 +59 +59 +76 3.3 3.0 BASEMENT STORE—total . 205 167 160 135 470 444 349 +24 +20 +36 2.8 2.6 Women's apparel and accessories 194 171 167 150 439 408 320 + 15 + 12 +37 2.6 2.1 Men's and boys' clothing and furnishings 163 169 156 120 536 516 415 +41 +37 +31 3.2 3.4 Home furnishings 136 170 163 115 528 513 351 +48 +40 +54 3.1 3.0 Piece goods 52 253 254 204 546 545 393 +24 + 13 +38 2.2 1.9 Shoes 128 130 116 105 449 409 399 +24 + 17 + 12 3.4 3.9 1 The 1941 average of monthly salesfor 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 wire 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. 1401. SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Year and month Sales during month Ac a c t o e u n n d t s o r f e c m e o iv n a t b h le Collec m tio o n n s t h during Cash Instal- Charge- Total Cash I m ns e t n al t - a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n al t - a C c h c a o r u g n e t sales m sa e le n s t ac s c a o le u s nt 1945—September 154 202 63 117 32 85 60 103 64 32 October 190 245 89 147 36 99 '72 122 63 33 November 212 271 100 165 41 113 77 143 63 33 December 270 356 108 204 48 144 79 148 64 32 1946—January 142 186 64 106 45 108 82 190 65 31 February 152 191 72 122 44 100 75 140 62 34 March 190 233 84 162 43 114 83 138 60 36 April 205 249 96 175 45 126 82 154 60 36 May 194 234 85 169 45 129 83 168 59 37 June 193 233 81 169 46 133 81 167 59 37 July 156 192 74 130 45 119 79 165 61 35 August 193 234 99 164 48 127 84 152 60 36 September 197 229 97 180 50 145 87 152 57 39 October? 218 249 119 202 55 156 101 188 56 39 p 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. 1401. DECEMBER 1946 1403 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 Total Single- End of month consumer Total Sale credit payment Charge Service credit or year credit instalment Loans1 loans3 accounts credit Total Automobile Other 1929 7,637 3,167 2,515 1,318 1,197 652 2.125 1,749 596 1930 . . 6,839 2,706 2,032 928 1,104 674 1,949 1,611 573 1931 5,528 2,214 1,595 637 958 619 1,402 1,381 531 1932 4,082 1,515 999 322 677 516 962 1 114 491 1933 3,905 1,581 1,122 459 663 459 776 1,081 467 1934 4,378 1,849 1,317 576 741 532 875 J ?n* 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 11,504 1,459 557 1938 . .... 7,030 3,578 2,313 970 1,343 1,265 1,442 I 487 523 1939 7,981 4,436 2,792 1,267 L,525 1,644 1,468 1,544 533 1940 . . 9,153 5,455 3,450 1,729 11,721 1,005 1,488 t 650 560 1941 9,899 5,924 3,744 1,942 1,802 M80 1,601 L.764 610 1942 6,485 2,955 1,491 482 1,009 1,464 1,369 I 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 L 758 729 1945 6,734 2,365 903 227 676 ,462 1L.616 L .981 772 1945—September . .. 5,702 2,010 717 202 515 1,293 L.466 1,470 756 October 6,000 2,086 754 210 544 1,332 1L.490 1,666 758 November 6,344 2,190 805 219 586 1,385 11,556 I 835 763 December .... 6,734 2,365 903 227 676 L,462 L.616 1,981 772 6,506 2,364 877 235 642 1,487 1^659 1,701 782 February 6,564 2,408 879 245 634 11,529 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 1.710 2,138 815 l^ay 7,507 2,789 1,004 318 686 1,785 1,708 2,188 822 7,762 2,908 1,035 336 699 1,873 1,697 2,327 830 July 7,843 3,031 1,072 365 707 L.959 ,695 2,281 836 August 8,155 3,182 1,126 394 732 2,056 ,714 2 418 841 September? 8,392 3,310 1,181 425 756 2.129 ,739 2.495 848 October? 8,694 3,458 1,242 447 795 2,216 .768 2,616 852 P Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. * Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Indus- Insured Indus- Year or month Total m b C a e o n r m c k i s a - 1 l p S c l a m o o n a m a i n e l - l s b In t a r d n i k u a s l s * - p c a l t o o r n i a m i a e n l - s* u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - m i r z e a o a p n d ti a d e o i r r n n- m b C a e o n r m c k i s a - 1 l p S c l a m o o n a m a i n e l - l s b In t a r d n ia u k l s s - 2 p c a l t o o r n i a m i a e n l - s2 C un r i e o d n it s loans" 1929 652 43 263 219 32 95 463 413 42 1930 674 45 287 218 31 93 503 380 41 1931 619 39 289 184 29 78 498 340 38 1932 516 31 257 143 27 58 376 250 34 1933 459 29 232 121 27 50 304 202 33 1934 532 44 246 125 32 60 25 69 384 234 42 1935 802 88 267 156 44 79 168 130 423 288 67 1936 1,065 161 301 191 66 102 244 248 563 354 105 1937 1,195 258 350 221 93 125 148 368 619 409 148 1938 1,265 312 346 129 95 112 117 154 460 604 238 176 179 1939 1,644 523 435 131 99 147 96 213 680 763 261 194 257 1940 2,005 692 505 132 104 189 99 284 1,017 927 255 198 320 1941 2.180 784 535 134 107 217 102 301 1,198 983 255 203 372 1942 1,464 426 424 89 72 147 91 215 792 798 182 146 247 1943 1,147 312 372 67 59 123 86 128 636 809 151 128 228 1944 1,204 358 388 68 60 122 88 120 744 876 155 139 230 1945 1,462 471 445 76 70 128 93 179 938 978 166 151 228 1945—September. . 1,293 413 387 70 64 120 87 152 72 74 13 12 16 October 1,332 428 395 71 64 121 88 165 88 89 16 14 20 November.. :1,385 448 409 73 67 124 90 174 94 97 15 14 21 December... 1,462 471 445 76 70 128 93 179 101 133 18 16 23 1946—January.... L.487 494 446 76 70 127 93 181 104 76 14 14 19 February. .. 1,529 522 452 78 71 128 94 184 105 80 14 14 19 March 1,602 564 462 82 73 132 95 194 132 103 18 16 24 April 1,695 608 482 85 76 137 97 210 138 105 18 16 25 May L,785 656 492 88 78 142 98 231 148 97 19 16 28 1,873 700 506 92 79 149 99 248 148 99 19 17 28 July . .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 P. 2,129 825 544 103 86 164 103 304 156 98 20 18 31 Octoberp 2,216 864 556 109 90 170 104 323 177 107 22 20 38 9 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 October amounted to 64 million dollars, and loans made during October were 15 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. 1 Includes only loans insured by Federal Housing Administration. 1404 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 Per- E y m e n o a d r n t o o h f r n e m T g x o o c a l t b u a u i d l l t , e o - - s o m m t a r o n a e d r i d n e e l t - r s F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - J s e t w or e e l s ry s o r t e t o h t A r a e e l i r l l s Year or month Total c P ha u s r e r - e d ta D i l l o i a r n ec s t c r d h e p a i t a r u n a e s r d i c e - l t d , e l m r o t a n i a n o o i n z d d n s a - 1 - i s m l c n o o a s a e n s t n n a a h s t l lhouses Outstanding at end of 1929 1,197 160 583 265 56 133 period: 1930 1,104 155 539 222 47 141 1939 1,093 218 164 155 209 347 1931 958 138 454 185 45 136 1940 1,450 311 253 217 247 422 1932 677 103 313 121 30 110 1941 1,694 411 310 288 234 451 1933 663 119 299 119 29 97 1942 845 136 123 143 154 289 1934 741 146 314 131 35 115 1943 514 55 81 68 89 221 1935 865 186 336 171 40 132 1944 559 57 99 75 83 245 1936 1,147 256 406 255 56 174 1945 731 65 146 97 121 302 1937 1,368 314 469 307 68 210 1945—September.. 633 58 122 79 103 271 1938 1,343 302 485 266 70 220 October 659 60 128 83 109 279 1939 1,525 377 536 273 93 246 November.. 694 62 135 90 116 291 1940... 1 721 439 599 302 110 271 December. . 731 65 146 97 121 302 1941 1,802 466 619 313 120 284 1942 1,009 252 391 130 77 159 1946—January... . 771 70 155 107 125 314 1943 639 172 271 29 66 101 February... 809 74 164 111 131 329 1944 635 183 269 13 70 100 March 871 82 179 117 140 353 1945 676 198 283 14 74 107 April 946 97 193 127 151 378 May 1,025 108 212 142 161 402 1945 June 1,093 115 228 154 173 423 September. 515 144 235 11 44 81 July 1,164 124 245 167 183 445 •October. .. 544 156 247 11 44 86 August 1,247 138 263 179 198 469 November. 586 173 262 12 47 92 September?, 1,313 149 276 188 211 489 December. 676 198 283 14 74 107 October?. .. 1,389 163 294 201 225 506 1946 Volume extended dur- January.. . 642 189 272 14 66 101 ing month: February.. 634 184 274 14 62 100 1945—September. 106 23 13 12 46 March. . . . 641 188 279 14 59 101 October 131 28 19 15 56 April 668 200 288 15 60 105 November. 140 29 21 16 60 May 686 206 295 16 61 108 December. . 147 32 24 13 64 June 699 210 299 17 63 110 July 707 213 299 21 63 111 1946—January.. . 157 34 27 14 63 August.... 732 222 308 23 64 115 February.. 155 35 24 15 63 September? 756 236 311 25 65 119 March 188 41 25 20 82 October P . 795 258 322 25 65 125 April 212 46 32 22 S3 May 226 52 38 22 85 June 217 50 36 22 85 July 240 53 44 23 90 CONSUMER B I A N N ST K A S, L M BY E N T T Y P C E R E O D F I T C S R O ED F I T INDUSTRIAL A S O e u c p t g t o e u m b s e b t r . e ? . r . . * . . * 2 2 2 5 4 8 3 3 1 5 5 6 8 5 4 3 4 4 8 1 8 2 2 2 7 5 9 9 8 9 4 9 8 [Estimates. In millions of dollars] Retailinstal- Repair Personal ment paper 2 and instal- CONSUMER INSTALMENT CREDITS OF INDUSTRIAL Year and month Total modern- ment LOAN COMPANIES, BY TYPE OF CREDIT m A o u b to il - e Other i l z o a a t n io s n l 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 . . 4 8 1 1 8 8 . . 6 2 1 11 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 l c o a a s n h s 1942—June 162.4 34.3 16.3 1^5.5 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—September. . . 70.4 9.6 3.8 1.4 55.6 1945—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 December... . 104.1 13.8 9.8 17.2 63.3 1946—January 77.5 11.2 4.0 1.5 60.8 1946—January 105.6 14.1 9.9 18.0 63.6 February. . . . 78.4 11.2 4.1 1.6 61.5 February.... 107.3 14.6 10.0 18.2 64.5 March 81.0 11.6 4.2 1.6 63.6 March 112.8 15.4 10.9 19.1 67.4 April 83.2 12.1 4.5 1.6 65.0 A M p a r y il 1 1 1 2 8 2 . . 1 4 1 1 6 7 . . 8 6 1 1 1 2. . 7 8 2 2 0 1 .2 2 6 7 9 0 .9 3 J M u a n y e 8 8 7 5 . . 5 6 1 12 2 . . 7 6 4 5. . 2 8 1 1 . . 7 7 6 6 6 7 . . 5 9 J J u u n ly e .... 1 1 2 3 7 2 . . 4 6 1 1 8 9 . . 5 9 1 1 3 3 . . 7 8 2 2 2 3 .1 0 7 7 3 5 . . 2 8 J A u u ly gust 8 9 9 3 . . 0 1 1 1 3 3 . . 0 6 5 5 . . 4 6 2 1. . 9 0 6 7 8 1 . . 7 9 August 138.5 21.3 14.1 24.2 78.9 September?. . 95.3 13.8 6.2 2.0 73.3 September P. . 142.9 22.1 14.7 25.4 80.7 October? 99.8 14.5 7.0 2.2 76.1 OctoberP 151.0 25.0 15.8 26.7 83.5 Volume extended Volumes extended during month: during month: 1945—September. . . 13.8 2.2 0.7 0.2 10.7 1945—September. . . 16.4 2.2 1.3 1.6 11.3 October 16.0 2.6 1.0 0.2 12.2 O N D c o e t c v o e e b m m er b b e e r r. . .. . . . 2 1 1 1 9 9 . . . 7 9 3 2 3 3 . . . 7 1 0 2 2 1 . . . 2 0 7 2 1 1 . . . 1 9 6 1 1 1 2 3 4 . . . 8 2 6 N D o ec v e e m m b b e e r r . . . . . . . 1 1 7 6. . 2 8 2 2 . . 7 7 0 1 . . 8 1 0 0 . . 2 2 1 1 2 4 . . 2 1 1946—January 18.6 3.1 1.6 1.8 12.1 1946—January 15.6 2.6 0.7 0.1 12.2 February.... 18.0 3.0 1.7 1.6 11.7 February.... 15.2 2.4 0.8 0.1 11.9 March 23.3 3.8 2.2 2.4 14.9 March 18.3 3.0 0.9 0.2 14.2 April 23.6 4.2 2.4 2.5 14.5 April 18.0 3.1 1.0 0.2 13.7 May 24.4 3.9 2.8 2.5 15.2 May 18.4 3.2 1.2 0.2 13.8 June .. 23.8 3.9 2.7 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 r14.6 August 26.7 4.7 3.0 2.8 16.2 August 20.5 3.5 1.1 0.3 15.6 September?. . 25.2 4.3 2.7 2.7 15.5 September?. . 20.0 3.4 1.4 0.3 14.9 October? 29.6 6.1 3.6 3.2 16.7 OctoberP 22.6 4.0 1.8 0.3 16.5 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. DECEMBER 1946 1405 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 Percentage change Charge Pe fr r o ce m n ta p g re e c e c d h i a n n g ge from corresponding Instalment accounts accounts month month of preceding Item 1 O 94 c 6 t. P S 1 e 9 p 4 t 6 . A 19 u 4 g 6 . 1 O 94 c 6 t. ? S 1 y e 9 e p 4 a t 6 r . A 19 u 4 g 6 . Year and month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n a s e c e s p e - - J s e t w o e re lr s y D s m e to p e r a n e r t s t- Net sales: 1945 Total +15 -1 +10 +37 +61 +69 September... 36 23 49 30 63 C C r a e s d h i t s a s l a e l s e s: .... r.... +14 -5 +10 +35 +64 +86 O N c o t v o e b m er ber... 4 4 0 1 2 2 7 7 5 5 1 2 3 3 5 1 6 67 6 Instalment +19 -3 +11 +26 +45 +58 December. .. 36 24 48 46 61 Charge account +14 +7 +8 +67 +92 +80 1946 Accounts receivable, at January 32 25 52 32 61 end of month: February.... 31 24 52 29 60 Total +3 +4 +3 +36 +38 +33 March 35 27 54 32 64 Instalment . ... +3 0 +2 +25 +28 +29 A M p a r y il 3 3 5 4 2 2 8 7 5 5 6 5 - 3 3 2 4 6 6 2 3 Collections during June 33 26 55 "33 60 month: July 32 26 56 '32 57 Total +12 -2 +4 +43 +48 +48 August 35 26 55 33 59 Instalment +12 -4 +4 +29 +39 +42 September... 34 25 52 31 56 October? 37 27 52 32 60 Inventories, end of month, at retail value. +8 +5 +6 +58 +46 +41 p Preliminary. r Revised. 1 Ratio of collections during month to accounts receivable at begin^ Preliminary. ning of month. COST OF LIVING Consumers' Price Index for Modern 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, House Miscellaneous furnishi ngs and ice 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1930 119.4 126.0 112.7 137.5 111.4 108.9 105.1 1931 108.7 103.9 102.6 130.3 108.9 98.0 104.1 1932 97.6 86.5 90.8 116.9 103.4 85.4 101.7 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1934 95.7 93.7 96.1 94.4 101.4 92.8 97.9 1935 98.1 100.4 96.8 94.2 100.7 94.8 98.1 1936 99.1 101.3 97.6 96.4 100.2 96.3 98.7 1937 102.7 105.3 102.8 100.9 100.2 104.3 101.0 1938 100.8 97.8 102.2 104.1 99.9 103.3 101.5 1939 99.4 95.2 100.5 104.3 99.0 101.3 100.7 1940 100.2 96.6 101.7 104.6 99.7 100.5 101.1 1941 105.2 105.5 106.5 105.9 102.5 108.2 104.0 1942 116.5 123.9 124.2 108.5 105.4 122.2 110.9 1943 123.6 138.0 129.7 108.0 107.8 125.6 115.9 1944 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945 128.4 139.1 145.9 108.3 110.3 145.8 124.1 1945—January.., 127.1 137.3 143.0 109.7 143.6 123.3 February. 126.9 136.5 143.3 110.0 144.0 123.4 March 126.8 135.9 143.7 108.3 110.0 144.5 123.6 April 127.1 136.6 144.1 109.8 144.9 123.8 May 128.1 138.8 144.6 110.0 145.4 123.9 June 129.0 141.1 145.4 108.3 110.0 145.8 124.0 July 129.4 141.7 145.9 111.2 145.6 124.3 August 129.3 140.9 146.4 111.4 146.0 124.5 September 128.9 139.4 148.2 108.3 110.7 146.8 124.6. October... 128.9 139.3 148.5 110.5 146.9 124.7 November 129.3 140.1 148.7 110.1 147.6 124.6 December. 129.9 141.4 149.4 108.3 110.3 148.3 124.» 1946—January.. . 129.9 141.0 149.7 110.8 148.8 125.4 February.. 129.6 139.6 150.5 111.0 149.7 125.6 March. .. . 130.2 140.1 153.1 108.4 110.5 150.2 125.9 April , 131.1 141.7 154.5 110.4 152.0 126.7 May 131.7 142.6 155.7 110.3 153.7 127.2 June 133.3 145.6 157.2 108.5 110.5 156.1 127.9 July '141.2 165.7 158.7 113.3 157.9 128.2 August.... 144.1 171.2 161.2 108.7 113.7 160.0 129.8 September 145.9 174.1 165.9 108.8 114.4 165.6 129.9 October... 148.4 180.0 167.0 114.4 167.6 130.8 r Revised. Back figures.—Bureau of Labor Statistics, Department of Labor. 1406 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 = 100] Other commodities All Year, month, or week m c t o o ie m d s 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 a e c r n ts d p T ro e d xt u i 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 1 : p C a r a l h o l s l e d i m e a u d n c i t - d s i f n H u g r o n g u i o s s o h e d - - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86 4 88 3 90 5 85.2 100.0 80.3 78 5 92 1 89.9 88 7 92.7 77 7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64 8 48.2 61 0 70.2 72.9 54.9 70.3 80 2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74 9 65 3 70 5 78.4 86.6 72.9 73.3 86 9 86.2 75 3 81.5 69 7 1935 80 0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 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 76.5 95.7 90.3 77.0 86.8 73.3 1939 . . 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78 6 67.7 71 3 83.0 100.8 73.8 71.7 95 8 94.8 77.0 88.5 77.3 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 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—October 105 9 127.3 105 7 100.1 118.6 101.0 84 2 105 0 118 3 95.5 104.7 94.8 November 106 8 131.1 107.9 100.2 118.8 101.1 84.6 105 2 118.7 95.7 104.7 94.8 December 107.1 131.5 108.6 100.5 118.9 101.4 84.8 105.6 119.5 96.1 104.7 94.8 1946—January 107 1 129.9 107.3 100.8 119.4 101.6 84.9 105 7 120.0 96.0 106.2 95.3 February 107.7 130.8 107.8 101.3 119.6 102.2 85.1 106.6 120.9 95.9 106.5 95.6 March 108 9 133.4 109 4 102.2 119.8 104.7 85 0 108 4 124 9 96.0 106.9 95.6 April 110.2 135.4 110.8 103.3 119.8 107.9 86.1 108.8 126.5 96.1 107.5 95.7 May 111 0 137.5 111 5 103.9 120.4 108.8 86 1 109 4 127 8 96 5 108.3 97.0 112 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 October 134.1 165.3 157.9 115.7 142.4 128.6 94.2 125.7 134.8 99.9 115.3 104.0 Week ending: 1946—juiy 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 Nov. 2 134.8 166.5 165.9 114.0 143.3 127.3 94.8 114.4 137.4 103.5 117.3 105.4 Nov 9 134.8 166.0 162.5 115.5 158.7 130.2 94.7 114.4 140.0 110.2 117.5 104.9 Nov. 16 135.8 167.3 164.1 116.2 159.0 129.5 94.8 116.3 140.4 122.3 117.6 104.6 Nov. 23 137.3 172.1 165.0 116.9 158.6 129.6 94.9 117.2 142.0 123.1 118.0 106.1 1945 1946 1945 1946 Subgroups Subgroups Oct. July Aug. Sept. Oct Oct. July Aug. Sept. Oct. Farm Products: Metals and Metal Products: Grains 130.2 181.4 169.0 170.6 174 7 Agricultural implements. 97.0 107.2 108.5 108 6 108.7 Livestock and poultrv 130.5 162.9 177.6 150.4 174 6 98.Q 108.7 109.7 109 8 109.9 Other farm products 123 6 145 7 147 8 151 1 156 1 Iron and steel. 99 8 111 3 113 3 in 113 7 Foods: Motor vehicles 1 112.8 143.3 Dairy products 110 4 156 9 161 8 169.1 185 s Nonferrous metals 85 7 102 7 101 4 101 A 101.8 Cereal products.... 95.3 124.9 124.7 127.4 178 s Plumbing and heating... 95.0 106.0 106.3 107.2 107.2 Fruits and vegetables 116.3 130.0 120.4 115.5 122.5 Building Materials: Meats 107 9 169 9 198 1 131 3 191 A Brick and tile 115 9 122 5 126 0 127 7 127 8 Other foods 98.5 109.4 114.9 115.5 136 9 Cement 99.Q 104.0 105.8 106 S 106.5 Hides and Leather Products • Lumber 155 9 177 3 177 6 178 9 178 9 Shoes 126.3 140.4 140.1 144.8 14S 9 Paint and paint materials. .. 107.6 114.9 113.9 116 7 119.2 Hides and skins ... 117.6 169.3 155.8 151.5 153.0 Plumbing and heating .. 95.0 106.0 106.3 107.2 107.2 Leather 103 8 133 2 133 3 138 5 138 Structural stet 107 120 1 120 1 120 1 120 1 Other leather products 115.2 115.2 115.8 115.8 118 6 Other building materials. 104.6 119.9 120.9 171 4 122.5 Textile Products: Chemicals and Allied Products: Clothing 107 4 120 5 122 8 122 9 125 s Chemicals 96 98 5 98 4 98 98 8 Cotton goods 125.0 148.6 160.0 166.6 172 Q Drugs and Pharmaceuticals. . 110.<i 112.6 110.1 110 3 111.5 Hosiery and underwear 71.5 76.3 87.7 88.7 88-8 Fertilizer materials 81.0 94.4 90 91.9 Silk 126.7 134.8 126.5 17s) 7 Mixed fertilizers 86.6 86.6 87.7 90 0 90.5 Rayon 30 2 30 2 30 2 30 2 30 9 Oils and fats 102 0 114 2 102 5 103 111.1 Woolen and worsted goods... 112.7 112.7 112.8 113.9 116.6 Housefurnishing Goods: Other textile products 101 4 113 5 121 7 126 7 130 Furnishings 107 0 117 3 118 5 119 121 3 Fuel A a n n t d h r L a i c g i h t t e i ng Materia ls: 102.2 114.5 113.4 113.5 us S Misc F el u l r an n e it o u u r s e : 101.6 106.4 106.6 107.5 109.2 Bituminous coal 124 8 136 1 136 7 137 0 137 9 Auto tires and tubes . 73 0 73 0 73 0 73 0 73 0 Coke 134 9 147 5 147 0 147.5 147 s Cattle feed 159 fi 246 3 221 1 901 8 217.2 Electricity 66.7 65 6 63.9 109.•2 117.1 119.6 I'M Q 124.6 Gas 79.8 80.7 79.5 80.6 Rubber, crude 46.2 46.2 46.2 46.2 46.2 Petroleum products 62.1 65.1 72.8 73.0 ' *73 i Other miscellaneous .... 98.9 101.9 105.0 106.5 108.2 » Revision made beginning October 1946. Back figures.—Bureau of Labor Statistics, Department of Labor. DECEMBER 1946 1407 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 P 1939 1940 1941 1942 1943 1944 19451 1 2 3 4 1 2 Gross national product 88.6 97.1 120.2 152.3 187.4 197.6 199.2 205.1 208.2 198.2 185.2 180.6 185.0 Government expenditures for goods and services 16.0 16.7 26.5 62.7 93.5 97.1 83.6 96.5 99.8 81.0 57.2 41.1 38.0 Federal Government 7.9 8.8 18.6 55.3 86.2 89.5 75.7 88.7 92.0 73.0 49.3 32.8 29.5 War 1.4 2.8 13.3 50.3 81.3 83.7 69.4 82.9 85.7 66.4 42.6 25.7 22.0 Nonwar 6.5 6.1 5.3 5.0 4.9 5.7 6.3 5.8 6.3 6.6 6.7 7.1 7.5 7.8 7.8 7.9 8.0 8.3 8.5 Private gross capital formation. 10.9 14.8 19.1 7.6 2.5 2.0 9.1 3.6 6.6 11.2 15.0 19.2 25.0 Construction 3.6 4.3 5.3 2.9 1.6 1.6 2.6 1.8 2.3 2.9 3.7 5.3 8.2 Residential 2.0 2.4 2.8 1.3 0.6 0.5 0.7 0 3 0 5 0 9 1 4 2 0 3 5 Other . . 1.6 2.0 2.5 1.6 1.0 1.1 1.9 1.5 1.8 2.0 2.3 3.3 4.7 Producers durable equipment 5.5 6.9 8.9 5.1 3.1 4.0 J6.6 a5.2 56.1 26.7 28.3 28 4 *9.3 Net change in business inventories 0.9 1.8 3.5 -0.5 —0.6 -1.7 Net exports of goods and -0.1 -3.4 -1.6 1.7 3.2 5.4 7.5 services . 0.8 1.5 1.2 (3) -1.5 -1.8 Net exports and monetary use of gold and silver.... 0.2 0.3 0.2 0.1 (!) -0.1 Consumer goods and services... 61.7 65.7 74.6 82.0 91.3 98.5 106.4 105.0 101.8 106.0 113.0 120.2 122.0 6 4 7 4 9 1 6 3 6 6 7 4 9 0 10.7 12.0 Nondurable goods 32.6 34.4 40.1 47.9 55.1 60.0 65.6 65.0 61.5 65.1 70.6 75.6 75.5 22.7 23.9 25.4 27.8 29.7 31.8 33.1 32.6 33.2 33.5 33.3 34.0 34.5 Gross national product 88.6 97.1 120.2 152.3 187.4 197.6 Deductions: Business tax and nontax liabilities 10.4 12.4 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 exDense 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 96.9 122.2 149.4 160.7 161.0 167.6 166.2 158.4 150.7 Additions: Transfer payments .... 2.4 2.6 2.5 2.7 3.2 5.3 Deductions: Corporate savings 0.4 1.8 4.0 4.4 5.5 5.4 Contributions to social insurance funds • 2.0 2.1 2.6 3.2 3.8 3.9 Income payments to individuals 70.8 76.2 92.7 117.3 143.1 156.8 160.7 163.7 163.2 158.6 156.9 156.7 160.6 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 7 160.6 Personal taxes and nontax Payments 3.1 3.3 4.0 6.7 18.6 10.4 21.2 22.1 21.7 20.7 20.1 18 7 19 0 Federal 1.3 1.4 2.0 4.7 16.6 17.4 State and local 1.9 1.9 2.0 2.0 2.0 2.1 Disposable income of individuals . . 67.7 72.9 88.7 110.6 124.6 137 A 139.6 141.6 141.5 137.9 136.9 138 0 141 6 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 19.6 National income 70.8 77.6 96.9 122.2 149.4 160.7 161.0 167 6 166 2 158 4 150.7 Total compensation of employees 48.1 52.3 64.5 84.1 106.3 116.0 114.5 119.6 118.3 113.0 105.7 44.2 48.6 60.8 80.8 103.1 112.8 111.4 116.4 115.1 110.0 102.7 Supplements... 3.8 3.7 3.7 3.3 3.2 3.2 3.1 3.2 3.2 3.0 2.9 Net income of proprietors..... 11.2 12.0 15.8 20.6 23.5 24.1 25.6 26.3 25.8 25.1 26.0 Agricultural 4.3 4.4 6.3 9.7 11.9 11.8 12.5 13 3 13 2 12.2 12 1 6.9 7.6 9.6 10.9 11.6 12.3 13.1 13.0 12.6 12.9 13.9 Interest and net rents 7.4 7.5 8.0 8.8 9.7 10.6 11.8 11.4 11.7 11.9 12.2 Net corporate profit 4.2 5.8 8.5 8.7 9.8 9.9 9.0 10 4 10 4 8 4 6 8 3.8 4.0 4.5 4.3 4.3 4.5 4.5 0.4 1.8 4.0 4.4 5.5 5.4 4.5 » Preliminary. 1 Revised figures. Unadjusted quarterly data have not yet been revised; unrevised data and annual totals for all components appear in BUL- LETIN for July 1946, p. 806. 2 Based on new sources and not precisely comparable with previous years. * Less than 50 million dollars. NOTE.—Detail does not always add to totals because of rounding. For a general description of above series see the Survey of Current Business for May and August 1942, and March 1943. Back figures: For annual totals 1929 through 1938, see the Survey of Current Business, May 1942 and April 1944. For quarterly estim ates 1939 through 1944, see the Survey of Current Business for April 1944 and February 1946. 1408 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF NOVEMBER 1, 1946 [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1945 Nov. 1, 1946 1945 Nov. 1, 1946 1945 Nov. 1, 19461 1945 Nov. 1, 19462 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7 412 7 480 36 60 New York 27,253 32,899 10,194 6,244 57 171 Philadelphia 52,911 52,426 17,974 17,873 126 136 Cleveland 220,734 233 201 66,402 57,991 30 32 Richmond 1,108 1,213 148,381 149,183 25,775 27,417 Atlanta ... 2 165 1 737 186,519 176 541 7 649 6,338 Chicago 1,156,790 1,399,734 66,754 56,985 786 1,474 St. Louis » 2 789 4 2 664 349 257 439 617 48 392 44,421 20 21 Minneapolis 383,549 418 932 37,541 41,112 257,127 247,497 Kansas City 237 216 397,723 385,258 403,707 438,280 5,039 4,861 Dallas 2 258 2 078 80,483 77 772 42 546 54,283 100 93 San Francisco 458 579 7,398 7,629 96,243 128,950 36,645 35,183 Total 9,015 8,487 3,018,410 3,380,672 823,177 879,894 299,966 289,528 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1945 Nov. 1, 19462 1945 Nov. 1, 19462 1945 Nov.l, 1946 1945 Nov. 1, 1946 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 4,791 5,370 3,539 3,421 30,774 36,604 61,939 87,043 New York 21,666 35,261 6,639 6,415 1,228 1,475 35,386 47,616 Philadelphia 15,458 18,980 2,515 2,496 46,355 57,717 19,996 23,898 Cleveland 63,506 79,653 5,605 5,708 145,225 161,954 13,504 15,048 Richmond . . . ... 31,291 34,657 5,030 5,124 1,132,964 1,292,612 24,988 31,046 Atlanta 30,913 28,080 4,468 4,279 237,297 260,026 18,589 19,308 Chicago 593,313 616,195 19,618 17,007 37,405 43,276 34,683 33,525 St.iJLouis 58,711 86,950 8,946 8,658 358,631 406,447 10,311 12,875 Minneapolis 522,589 395,178 10,776 9,370 3,073 3,532 52,596 42,403 Kansas City 129,155 155,969 8,986 8,052 4,856 5,615 37,315 38,973 Dallas 47,001 40,727 1,937 1,980 5,433 7,281 San Francisco 29,269 30,096 13,514 13,122 110,391 118,888 Total 1,547,663 1,527,116 91,573 85,632 1,997,808 2,269,258 425,131 477,904 1 Estimate is for Aug. 1, 1946; no estimate made since that date. 2 Estimate is for Oct. 1, 1946; no estimate made since that date. 3 Includes 9,000 bales grown in miscellaneous territory. 4 Includes 13,000 bales grown in miscellaneous territory. DECEMBER 1946 1409 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 Oct. Oct. Nov. Nov. Nov. page Oct. Oct. Nov. Nov. Nov. 23 30 13 23 30 13 20 WEEKLY FIGURES' In billions of dollars WEEKLY FIGURES—Gont. In unit indicated RESERVES AND CURRENCY BUSINESS CONDITIONS Reserve Bank credit, total 2 23.64 24.10 24.11 24.57 .31 Steel production (% of capacity) ... 37 90.3 89.4 91.191.2 914 U. S. Govt. securities, total. . 323.06 23.61 23.51 23.68 .52 Electric power prod. (mill. kw. hrs.). 374,602 4,628 4,6824,700 4,765 Bills 314.14 14.71 14.93 14.90 .67 Freight carloadings (thous. cars) ... 45 942 913 917 807 Certificates 3 7.48 7.45 7.10 7.20 .26 Department store sales (1935-39 Notes 3 .69 .69 .74 .83 .84 = 100) 45 ••287 277 314 342 363 Bonds 3 .76 .76 .15 .75 .75 Wholesale prices (1926 = 100): Discounts and advances 2 .25 .24 .38 .40 .33 Total 49135.9 134.8 134.8135.8137.3 Gold stock 220.39 20.40 20.41 20.42 .46 Farm products 49170.1 166.5 166.0 167.3 172.1 Money in circulation 228.59 28.59 28.75 28.76 .69 Other than farm and food 49 113.1 115.5 116.2 116.9 Treasury cash 2 2.27 2.29 2.28 2.29 .29 Treasury deposits 2 .37 .46 .41 .58 .63 Member bank reserves 4 15.78 16.11 16.06 16.26 .10 1946 Required reserves 415.34 15.37 15.42 15.42 Excess reserves* 4 .44 .74 .64 .84 Excess reserves (weekly aver- Aug. Sept. Oct.* age): Total* 5 .83 .86 .83 .90 p.85 MONTHLY FIGURES New York City 5 .02 .01 .01 .01 .02 RESERVES AND CURRENCY In billions of dollars Chicago 5 .01 () .01 (*) Reserve city banks 5 .18 .19 .21 .20 .19 Country banks* 5 .63 .64 .60 .68 P. 64 Reserve Bank credit 6 24.26 24.39 24.14 old stock 6 20.27 20.29 20.33 MEMBER BANKS IN LEADING CITIES Money in circulation 6 28.35 28.48 28.59 Treasury cash 6 2.26 2.27 2.27 Total—101 cities: Treasury deposits 6 .52 .52 .44 Loans and investments 1458.77 58.55 57.61 57.55 57.74 MM.ember bank reserves, total 6, 7 16.03 16.16 16.17 U. S. Govt. obligations 39.62 39.04 37.97 37.63 37.88 Central reserve city banks 13 5.03 5.09 5.08 Demand deposits adjusted... 1439.69 39.65 39.53 39.50 39.84 Reserve city banks 13 6.34 6.36 6.36 U. S. Govt. deposits 4.70 4.70 3.46 3.48 3.52 Country banks 13 4.67 4.71 4.73 Loans 1415.73 16.09 16.26 16.52 16.48 Required reserves, total 7 15.14 15.27 15.30 New York City: Central reserve city banks 13 5.01 5.06 5.06 Loans and investments 1519.86 19.62 19.26 19.14 19.32 Reserve city banks 13 6.13 6.16 6.17 U. S. Govt. obligations, total. 15 13.28 12.79 12.38 12.14 12.43 Country banks 13 3.99 4.05 4.07 Bonds and guaranteed Excess reserves, total 7 .89 .89 .86 securities 16 9.42 9.40 9.36 9.31 9.31 Balances due from banks: Notes and certificates 16 3.22 3.30 2.99 2.80 2.77 Reserve city banks 13 1.78 1.76 1.79 Bills 16 .64 .09 .04 .03 .34 Country banks 13 3.77 3.72 3.73 Demand deposits adjusted... 1514.54 14.44 14.36 14.42 14.61 Money in circulation, total 8 28.45 28.51 28.60 U. S. Govt. deposits 15 1.59 1.58 1.16 1.16 1.17 Bills of $50 and over 8 8.18 8.25 8.33 Interbank deposits 15 3.97 3.97 4.01 3.99 3.97 $10 and $20 bills 8 15.73 15.71 15.71 Time deposits 15 1.28 1.27 1.28 1.27 1.30 Coins, $1, $2 and $5 bills 8 4.54 4.55 4.56 Loans, total 15 5.51 5.75 5.82 5.95 5.84 Commercial 17 3.57 3.62 3.63 3.70 3.73 For purchasing securities: ALL BANKS IN U. S. Brokers'—on U.S. Govts. 16 .51 .65 .69 .78 .74 Brokers'—on other secur- Total deposits and currency 9 P170.20 P169.60 P169.30 ities 16 .26 .26 .26 .26 .24 Demand deposits 9 P80.60 J»81.30 P82.20 Toothers 17 .47 .47 .44 .44 .46 Time deposits 9 P52.80 P53.10 P53.4O All other 17 .69 .75 .81 .78 .67 Currency outside banks 9 *26.60 P26.50 P26.50 100 cities outside New York: U. S. Govt. deposits 9 PIO.20 P8. 70 P7.2O Loans and investments 38.91 38.94 38.35 38.41 38.42 U. S. Govt. obligations, total. 1526.34 26.26 25.59 25.49 25.45 Bonds and guaranteed CONSUMER CREDIT securities 1617.81 17.79 17.82 17.78 17.77 Notes and certificates 16 7.93 7.90 7.37 7.24 2.25 "onsumer credit, total 18 8.16 *8.39 P8.69 Bills 16 .59 .57 .41 .46 .44 Single payment loans 18 1.71 PI.74 Pl.77 Demand deposits adjusted... 15 25.1525.22 25.17 25.08 25.23 Charge accounts 18 2.42 P2.5O P2.62 U. S. Govt. deposits 15 3.11 3.12 2.31 2.33 2.35 Service credit 18 .84 P. 85 P.85 Interbank deposits 15 6.59 6.58 6.70 6.97 6.74 Instalment credit, total 18, 19 3.18 P3.31 P3.46 Time deposits 15 9.03 9.03 9.05 9.05 9.05 Instalment loans 19 2.06 P2.13 P2.22 Loans, total 15 10.2310.34 10.44 10.58 10.64 Instalment sale credit, total 19 1.13 Pi.18 Pi. 24 Commercial 17 6.05 6.14 6.22 6.33 6.42 Automobile 19 .39 P.43 P.45 For purchasing securities. . 17 1.19 1.17 1.18 1.18 1.13 Other 19 .73 P.76 P. 80 Allother 17 2.99 3.03 3.04 3.06 3.09 TREASURY FINANCE MONEY RATES, ETC. Per cent per annum U. S. Govt. obligations outstanding, total interest-bearing 20 266.73 264.61 262.79 U. S. Govt. securities: By classes of securities: Bills (new issues) 24 .376 .376 .376! .376 .376 Bonds (marketable issues) 20 119.32 119.32 119.32 Certificates 24 .83 .84 .84 .85 .84 Notes, certificates, and bills.... 20 66.85 64.84 62.82 Notes 24 1.23 1.22 1.22 1.21 1.22 Savings bonds and tax notes... 20 56.57 56.03 56.08 Bonds (7-9 years) 24 1.57 1.55 1.55 1.57 1.59 Special issues 20 23.44 23.85 24.02 Bonds (15 years and over) .24, 26 2.26 2.24 2.24 2.25 2.26 By maturities: Corporate bonds: 5 years and over 20 108.70 107.41 107.41 High grade (5 issues) 26 2.51 2.52 2.51 2.50 2.52 5-20 years 20 65.10 63.81 63.81 Aaa 26 2.60 2.60 2.59 2.59 2.59 5-10 years 20 45.03 43.74 43.74 Baa 26 3.15 3.16 3.15 3.15 3.17 Within 5 years 20 77.65 76.93 74.91 Within 1 year 20 58.72 61.10 59.08 Certificates 20 36.47 34.48 32.48 In unit indicated Bills 20 17.02 17.01 16.99 Holdings of U. S. Govt. obligations: Commercial banks 21 80.40 78.70 Stock prices (1935-39 = 100): Fed. agencies and trust funds.... 21 30.06 30.38 30.43 Total 27 123 119 121 122 119 Federal Reserve Banks 21 23.95 24.05 23.52 Industrial 27 17.7 122 124 126 123 Mutual savings banks 21 11.70 11.70 Railroad 27 110 109 113 116 111 Insurance companies 21 25.40 25.40 Public utility 27 108 105 106 106 10 Other investors, total 21 95.20 94.40 Volume of trading (mill, shares). 2 7 .87 1.52 1.49 1.05 1.09 Marketable issues 21 40.70 40.50 For footnotes see p. 1412. 1410 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 page Aug. Sept. Oct.i Aug. Sept. Oct. MONTHLY FIGURES—Cant. Per cent per annum MONTHLY FIGURES—Gont. In unit indicated MONEY RATES, ETC. BUSINESS CONDITIONS Cont. Corporate Aaa bonds 23 2.51 2.58 2.60 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 Total 42 280 304 220 Public 42 13 27 18 Private, total 42 267 277 202 In unit indicated 1- and 2-family dwellings 42 228 241 189 Other 42 39 36 13 Stock prices (1935-39=100): Value of construction activity (mill, Total 27 146 125 12: dollars): Industrial 27 150 129 126 Total 49C 1,075 1,075 1,050 Railroad 27 147 119 110 Residential: Public utility 27 125 110 10' Public 49C 35 45 50 Volume of trading (mill, shares) .... 27 .95 2.17 1.26 Private 49C 345 340 330 Brokers' balances (mill, dollars): Nonresidential: Credit extended customers 29 723 631 538 Public 49C 218 226 216 Money borrowed 29 377 305 253 Private 49C 477 464 454 Customers' free credit balances. .. 29 647 729 720 Freight carloadings:4 Total (1935-39=100) 43 141 138 139 BUSINESS CONDITIONS Groups (points in total index): Income payments (mill, dollars) :4 Miscellaneous 43 79.4 75.9 76.1 Total 30 14,112 13,805 14,337 Coal 43 32.4 33.9 32.9 Salaries and wages 30 9,043 9,050 P9,050 Allother 43 29.6 28.4 29.5 Other 30 5,069 4,755 P5.28 Department stores (1935-39=100) :4 Cash farm income (mill, dollars): Sales 44 290 269 257 Total 31 2,233 2,027 P3.39 Stocks 44 221 C226 237 Livestock and products #31 1,178 880 Pl.53 Exports and imports (mill, dollars): Crops 31 991 1,134 Pi, 84: Exports 46 P882 P641 Govt. payments 31 64 13 Pl. Excluding Lend-Lease exports... 46 P848 P629 Armed forces (mill, persons) 32 2.4 2.2 2.: Imports 46 J>424 P376 Civilian labor force (mill, persons): Excess of exports excluding Lend- Total 32 60.0 59.4 59.3 Lease exports 46 P424 P253 Male 33 42.8 42.2 42.1 Cost of living (1935-39=100): Female 33 17.2 17.3 17 All items 47 144.1 145.9 148.4 Unemployment 32 2.0 2.1 2.0 Food 47 171.2 174.1 180.0 Employment 32 58.0 57.4 57.4 Clothing 47 161.2 165.9 167.0 Nonagricultural 33 48.8 48.6 48.8 Rent 47 108.7 108.8 Agricultural 33 9.1 8.7 8.6 Wholesale prices (1926=100): Industrial production:4 Total 49 129.1 124.0 134.1 Total (1935-39=100) 35, 49B 177 180 pis: Farm products 49 161.0 154.3 165.3 Groups (points in total index): Other than farm and food 49 111.6 112.2 115.7 Durable manufactures 35 '78.9 80.4 P80.9 Machinery and trans, equip.. . 49B 42.5 43.3 P43.8 Iron and steel 49B 20.2 20.2 20.1 Nonferrous metals, lumber, and building materials 49 B 16.2 16.9 P17.0 Nondurable manufactures 35 76.7 77.1 P79.3 Textiles and leather 49 B 20.9 21.4 P21.8 Jan.- Apr.- July- Food, liquor, and tobacco 49B 21.1 20.9 P22.5 Mar. June Sept. Chemicals, petroleum, rubber, QUARTERLY FIGURES and coal products 49 B 21.8 21.8 P21.8 Paper and printing 49B 12.9 12.9 P13.2 RECEIPTS AND EXPENDITURES OF THE In billions of dollars Minerals 35, 49B '21.9 22.1 P21.9 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 36 212 228 P229 National defense 49 D 8.67 7.19 3.80 Durable 36 232 254 Net receipts 49D [3.24 9.89 9.45 Shipments: Internal revenue collections, total., 49 D 12.59 8.07 8.47 Total 36 223 242 P248 Individual income taxes 49 D 7.22 3.72 3.87 Durable 36 233 261 P265 Corporate income taxes 49 D 3.49 2.48 2.56 Nondurable 36 216 228 P236 Misc. internal revenue 49D 1.88 1.87 2.04 Inventories: Total 36 185 190 P197 Durable 36 200 205 P211 Per cent per annum Nondurable 36 173 177 P185 MONEY RATES Factory employment and pay rolls (1939=100): Bank rates on customer loans: Pay rolls 38 '278.2 284.3 Total, 19 cities 23 2.31 2.41 '2.32 Employment 38 145.0 146.7 New York City 25 1.75 1.84 '1.83 Hours and earnings at factories: Other Northern and Eastern cities. 25 2.34 2.51 2.43 Weekly earnings (dollars) 39 44.98 '45.41 P45.83 Southern and Western cities 25 2.93 2.97 2.75 Hourly earnings (cents) 39 111.1 112.6 P113.2 Hours worked (per week) 39 '40.5 '40.3 P40.5 Nonagricultural employment (mill, SECURITY MARKETS In millions of dollars persons) :4 Total 40 39.7 39.9 P40.0Corporate security issues: Manufacturing and mining 40 15.3 15.5 P15.6 Net proceeds: Trade 40 8.0 8.0 P7.9 All issues 28 941 2,134 1,404 Government 40 5.4 5.4 P5.3 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 Pl.9 Public utility 154 741 490 Construction contracts (3 mo. moving New money: average, mill, dollars):4 All issues 28 248 611 796 Total 41 647 621 P613 Industrial 28 219 532 551 Residential 41 289 271 P264 Railroad 28 10 18 28 Other 41 358 350 P349 Public utility 28 3 21 200 For footnotes see p. 1412. DECEMBER 1946 1411 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 CALL 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 ^5.00 35.89 36.06 Bonds 11 44.79 45.42 U. S. Govt. obligations 13 27.00 26.56 25.95 Certificates 11 16.98 15.29 Other securities 13 2.41 2.73 2.77 Notes 11 14.27 10.47 Loans 13 5.60 6.61 7.33 Bills 11 2.27 1.07 Demand deposits adjusted 13 23.60 24.63 25.56 Guaranteed obligations 11 .02 .02 Time deposits 13 12.51 13.53 13.90 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 Loans, total 10 22.78 23.30 SELECTED DATES Commercial 11 8.95 9.69 Jan.- Apr.- July- Real estate 11 3.46 4.27 Mar. June Sept. Agricultural 11 .86 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 » 142 • 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-July Lo U an . s S a . n G d o v in t. v e o s b t l m ig e a n ti t o s, n s to tal 1 1 2 2 3 21 2 . . 7 0 9 7 2 1 8 9 . . 4 1 7 3 2 1 6 7 . .6 94 7 1914=100) 49A 207 214 245 Other securities 12 1.62 1.51 1.65 Loans 12 8.67 7.84 7.63 1944 1945 Demand deposits adjusted 12 18.22 19.35 19.41 Time deposits 12 1.97 2.21 2.25 In unit indicated Reserve city banks: Loans and investments, total 12 40.11 37.68 36.71 U. S. Govt. obligations 12 29.55 26.59 24.61 Cash farm income (bill, dollars) 49A 21.0 21.6 Other securities 12 2.04 2.23 2.28 Farm transfers (number per 1000 Loans 12 8.51 8.86 9.81 farms): Demand deposits adjusted 12 22.37 23.48 23.85 Total 49A 53.4 56.4 Time deposits 12 9.79 10.45 10.67 Voluntary sales and trades 49A 51.5 54.9 * Corrected. 'Estimated. P Preliminary. r Revised. 1 For charts on pages 20, 23, 24, 26, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. * Less than $5,000,000. * Adjusted for seasonal variation. 5 Figures available for June and December dates only. * As of Mar. 1 and July 1. * Copies of the Chart Book may be obtained at a price of 50 cents each. 1412 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 1 banks reporting p b o an rt k in s» g Total Total » ti N on a- al State5 Total su In re - d in N su o r n e - d1 su I r n e - d 2 in N s o ur n e - d ( n n o o n b n i a m n n s e u k m r s e 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 Oct. 31 1946P 14,592 14,051 6,904 5,009 1,895 7,150 6,456 694 191 350 114 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 Oct. 31, 1946P 4,089 3,936 2,883 1,761 1,122 1,053 993 60 110 43 P Preliminary. 1 Excludes banks (shown in'last column) that do notreport to State banking departments, principally as follows on'the latest date: 11 "coop«ra^ tive" 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 89, respectively« NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Banking and Mone* tary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS, BY DISTRICTS AND STATES On par listl On par listl Not Not Federal Reserve on on district or State Total i Mem- Non- par State Total i Mem- Non- par Total ber member list1 Total ber member list* 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 111 109 77 32 2 ' Oct. 31, 1946P. . 14,050 11,955 6,898 5,057 2,095 1 Nebraska 409 404 145 259 5} By districts and Nevada 8 8 6 2 by States New Hampshire 64 64 52 12 Oct. 31, 1946 P New Jersey.... 344 344 295 49 New Mexico. . . 43 43 30 13 Boston 490 490 336 154 New York 940 940 804 136 New York 669 669 580 89 Philadelphia 849 849 650 199 North Carolina. 202 84 53 31 118 ' Cleveland 1,170 1,170 724 446 North Dakota.. 150 44 41 3 106f Ohio 674 674 426 248 Richmond 1,011 782 475 307 229 Oklahoma 382 372 219 153 Atlanta 1,145 516 332 184 629 Chicago 2,474 2,416 999 1,417 58 Oregon 68 68 33 35 St. Louis 1,467 1,109 495 614 358 Pennsylvania... 1,013 1,013 772 241 Rhode Island. . 20 20 11 9 Minneapolis 1,273 589 468 121 684 South Carolina. 148 53 29 24 95 Kansas City 1,749 1,733 752 981 16 South Dakota. . 169 67 61 6 102 Dallas 980 864 594 270 116 San Francisco 502 497 269 228 5 Tennessee 293 189 81 108 104 Texas 868 804 550 254 64 Utah 59 59 34 25 Vermont 71 71 40 31 Virginia 316 303 201 102 13 Alabama 220 106 86 20 114 Washington.... 124 119 56 63 5 Arizona 10 10 5 5 West Virginia. . 180 177 108 69 3 Arkansas 228 97 66 31 Wisconsin 555 440 165 275 115 ! California 191 191 111 80 Wyoming 55 55 37 18 Colorado 141 141 92 49 Connecticut 114 114 63 51 ^Preliminary. Delaware 40 40 17 23 1 Represents banks on which checks are drawn, except that it excludes Dist. of Columbia, 21 21 18 3 both member and nonmember mutual savings banks on a few of which Florida 172 109 70 3 > 63 some checks are drawn. Similar par list figures published heretofore Georgia 371 87 60 27 284 t h r a u v s e t i c n o c m lu p d a e n d i e m s em (t b h e r r e e m u an tu d a l fo s u av r, i ng re s s p b e a c n t k iv s el a y n , d o m n em D b e e c r . n 3 o 1 n , de 1 p 9 o 4 s 5 i ) t Idaho 45 45 25 20 on which no checks are drawn, because of the requirement that member Illinois 868 866 497 369 2 banks remit at par for checks presented to them through the Federal Indiana 489 489 238 251 Reserve Banks. Iowa 659 659 164 495 . . . „ The total in this table differs from total commercial banks in pre- Kansas 612 610 213 397 ceding table because the commercial bank total excludes some banks on which checks are drawn, namely, those that do not report to State Kentucky 387 387 114 273 banking departments (see footnote 1 of preceding table), and includes Louisiana 156 53 43 10 103' industrial banks and nondeposit trust companies whether or not Maine 63 63 38 25 checks are drawn on them. Maryland 169 169 79 90 NOTE.— Prior to February 1946, statistics 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. DECEMBER 1946 1413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE Gold reserves of central banks and governments. 1415 Gold production. 1416 Gold movements. 1416 International capital transactions of the United States. . 1417-1422 Central banks . 1423-1426 Money rates in foreign countries. 1427 Commercial banks . 1428 Foreign exchange rates. . 1429 Price movements: Wholesale prices 1430 Retail food prices and cost of living. 1431 Security prices.. 1431 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. 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. 1414 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta it t e e d s t g A i e n r n a - - 1 g B iu e m l- Brazil B I r n i d ti i s a h Canada Chile lo C m o b - ia Cuba C v z s a e l k o ch i - a o- m D a e r n k - Egypt France m G a e n r- y Greece 1938—Dec... 14,512 431 581 32 274 192 30 24 83 53 55 2,430 29 27 1939—Dec... 17,644 466 609 40 274 214 30 21 1 56 53 55 2,709 29 28 1940—Dec... 21,995 353 734 51 274 27 30 17 1 58 52 52 2,000 29 28 1941—Dec... 22,737 354 734 70 274 5 31 16 1 61 44 52 2,000 29 28 1942—Dec... 22,726 1658 735 115 274 6 36 25 16 61 44 52 2,000 29 28 1943—Dec... 21,938 *939 734 254 274 5 54 59 46 61 44 52 2,000 29 28 1944—Dec... 20,619 329 274 6 79 92 111 61 44 52 1,777 29 28 1945—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... 20,280 407 750 357 274 7 P73 141 38 52 796 Sept.. 20,305 722 355 7 142 38 796 Oct... 20,402 726 354 143 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 »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 *84 20 59 158 367 1941—Dec 24 26 5164 235 47 575 23 21 59 182 366 42 1942—Dec 24 34 '216 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—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.. 257 270 23 28 60 ,014 111 Apr... P124 254 270 23 28 ,046 111 May.. P124 250 270 23 25 ,080 111 June.. P124 235 270 23 23 ,046 111 July.. 229 270 23 23 ,027 111 Aug... 218 270 23 23 ,001 111 Sept.. 213 265 24 24 970 Oct.. . 200 265 23 24 End of month S d w en e- S la w e n r i - d tz 8 - T k u e r y - U K d n i o i n t m g ed - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. O c tr o i t e u h s n e 7 - r Government go p l r d e vi r o e u s s e rv f e ig s u 1 re n s ot included in 3 3 2 0 1 8 7 54 0 9 1 2 2 9 9 2,69 8 0 1 6 6 9 8 5 5 2 2 5 5 7 9 1 7 4 1 1 6 7 6 8 End of month U S n ta i t t e e s d U K d n i o i n t m g e - d France g B iu e m l- 2 3 3 4 1 3 2 6 8 6 5 3 3 7 0 1 • , 1 5 8 6 9 5 0 6 2 6 8 2 5 4 5 2 1 1 8 9 2 6 1 8 2 1 1 4 1 1 1 1 1 1 1 1 9 8 2 5 0 0 9 1 7 0 1 4 2 6 8 3 1 9 8 9 0 <8 8 3 2 4 2 3 1 1 5 1 7 2 2 2 2 1 1 1 4 2 8 6 7 5 9 5 6 0 1 1 9 9 3 3 8 9 — — M J D M u e a a n c y r e . . . .. . 1 8 8 5 0 5 4 1 * , 7 7 3 5 2 9 5 4 3 5 7 3 9 7 1 4 1 4 7 474 1,339 236 1 195 202 39 245 Sept.. . . 164 «876 482 1,342 241 1 195 202 39 247 Dec 156 17 481 1,346 241 1 195 212 39 247 1940—June 86 17 481 1,345 241 1 195 212 39 247 Dec 48 292 17 478 1,361 241 1 195 212 39 245 1941—June 89 17 476 1,363 241 1 198 212 39 P242 Dec 25 * 151 17 473 1,374 241 1 204 215 39 P239 1942—June 8 17 473 1,376 240 1 204 215 39 P238 Dec 12 17 470 1,393 240 1 205 215 41 P238 1943—June 11 17 474 1,396 240 1 205 215 41 P238 Dec 43 17 472 1,412 1 40 P238 1944—June 21 17 469 1 40 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 * 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. » Figure for December 1938 is that officially reported on Apr. 30, 1938. 1 Reported at infrequent intervals or on de- * 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 Equali- ^ 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. * Beginning December 1943, includes gold holdings of Swiss Government. Current pre- * 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 < 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 • 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. 1415 DECEMBER 1946 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 Year or production Total Africa North and South America Other U o . u S t . s S i . d R e .i 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* ingrains ofgoWVi»fine; i. (;., an ourice of fine gold—&35. 1 1 9 9 3 3 7 6 . . 1,0 9 4 7 1 1 , , 5 5 7 14 6 8 8 9 3 3 3, , 8 3 9 8 5 4 3 41 9 0 6 , , 7 7 1 6 0 8 2 28 8 , , 2 0 9 5 6 3 2 1 0 6 , , 7 29 8 5 4 8 7 , , 0 3 1 8 8 61 1 5 6 2 8 , , 5 1 0 5 9 9 1 14 3 3 1. , 1 3 8 6 1 7 2 29 6r4 5 6 9 5 1 1 15 3- , 6 4 3 7 2 8 q 9 , , 0 5 1 4 8 4 8 80 4 7 8 4 4 0 6 , , 1 98 * 2 8 1 1 1 1, , 6 6 0 6 7 3 1938 1,136 360 958,770 425,649 28,532 24,670 8,470178,14316S,379 39 306 18,225 10 9Q0 1,SS7 54 264 11,284 1939. 1,208,705 1,020,297 448,753 28,009 28,564 8,759196,391178,303 29 426 19,951 11,376 3,506 56,182 11,078 1940. 1,297 3491 094,264491,628 29,155 32,163 3 8,862210,109185,890 30 878 99,117 11 999 5 49Q 55 878 10 157 1941. 1,288,945 1,089,395 504,268 27,765 32,414 209,175187,081 27 969 22,961 9,259 7,525 51,039 9,940 1942. 966,132 494,439 26,641 29,225 130,963169,446 28 019 20,882 6,409 8,623 42,525 8,960 1943. 760,527 448,153 23,009 19,740 48,808197,796 99 OSS 19,789 6,081 7,71S 28,560 8,820 1944. 682,061 429,787 20,746 18,445 35,778102,302 17 779 19,374 7,131 7,865 16,310 6,545 1945. 645,323 427,862 19,888 18,865 32,511 ,794 17,734 6,989 6,98S 16-450 s,950 1945—Spnt 52,756 35,313 1,680 1,610 2,728 7,404 1,400 370 570 L.190 490 Oct. 55,739 36,809 1,664 1,610 3,639 8,034 1,319 SS9 1,190 490 Nov 54,686 36,005 1,595 1,400 3,822 7 7?6 1 396 S99 L.435 490 TVr 54 896 35,043 1,597 1,470 3,635 8,391 1,140 1 096 634 L 365 525 1946—Tan 55,758 35,892 1,584 1,610 3,984 8 346 1,499 683 5?? 1,470 17S Feb 50 981 32,971 1,473 1,610 3,283 8,013 1,309 549 443 L 330 Mar. 50,656 30,871 1,574 1,645 3,639 8,677 1,473 770 608 1,400 Apr 53 900 34 793 1 609 1,645 3,226 8,338 1 193 451 580 I 435 630 May 55,857 36,740 1,609 1,610 3,158 8,412 1,350 4? 5 488 1,610 455 June 54,749 35,732 1,654 1,715 3,416 8 1,094 34? S63 1,540 490 July 36,657 1,643 1,750 3,993 8,384 1 4S6 t 785 52S Aug. 35,553 1,646 1,750 8,310 8,099 1 048 448 3,080 490 Sept 34 509 1,715 6,798 8,047 1,425 379 1,925 490 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. r Revised. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold Coast only. 3 Beginning May 1940, monthly figures no longer reported. 4 Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent estimates of American Bureau of Metal Statistics, those for 1945 having been revised by subtracting from each monthly figure $197,193 so that aggregate for year is equal to annual estimate compiled by Bureau of the Mint. 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. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: m Y o o e n r a t r h im T n o p e t o t a r l ts U K d n i o i n t m g ed - 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 O L n m a t h t e R i e r n r i e - - P p i I h i p s n i - - l e - t A ra u l s i - a A So fr u ic th a Japan I B n is r d h i i t a - c o o A th u l e n l r publics lands tries 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 181246,46450,762 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 22,862 165,60550,956 !68,623 1940 4,744,472 633,083 241,778 977 63,260161,48990,3202,622,330 29,880 128,25938,627103,777184,756111,73949,989 2284,208 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 61,86242,678 67,492292,893 9,444 9,665 363,071 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 "103 106 357 4-133,471 - 1946 Jan. 154,070 151,270 391 1,729 3 23 654 Feb. 82,439 i ; 80,629 126 1,479""L[ 3 11 191 Mar. 31,396 36 f 25,265 75 1,386 -2 3 3,267 1,366 Apr. -20,534 34 222 149 637 9 56-21,586 May -27,028 -1 -6 127 34 -33 -8 13 7-27,155 June 36,329 -4 32,277 29 902 11 2 63,112 July 6,347 -1 639 476 2,328 41 6 2,865 Aug. 15,210 649 516 -8,502 -6 15 19,886 -236 6 2,887 Sept. -7,629 197 82 -29,198 17,902 -398 e 3,785 Oct.p 24,182 2 -8 134 198 4,523 19,912 -682 103 p Preliminary. 1 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. 2 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 $15,5 7 0,000 from other countries. » Includes $44,920,000 from U. S. S. R. and $18,151,000 from other countries. 4 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. • 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. 7 Includes $27,229,000 to China and $75,000 from other countries. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. 1416 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 * Other abroad funds funds 1935—Mar. (Apr. 3) 265.9 64.1 4.4 59.7 155.0 31.8 -6.2 21.1 June (July 3) 632.5 230.3 22.6 207.7 312.8 43.7 15.8 29.8 Sept. (Oct. 2) 920.2 371.5 16.3 355.2 388.6 40.1 90.3 29.8 Dec. (Jan. 1, 1936). 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Mar. (Apr. 1). 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 1,069.5 18.3 Sept. 29.. 3,995.5 1,827.2 448.2 1,379.0 518.1 493.3 1,125.1 31.9 Dec. 29.. 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 1938—Mar. 30 3,301.3 1,043.9 244.0 799.9 434.4 618.5 1,150.4 54.2 June 29 3,140.5 880.9 220.6 660.4 403.3 643.1 1,155.3 57.8 Sept. 28 3,567.2 1,275.4 282.2 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939). . 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar. 29 4,279.4 1,829.4 393.2 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,742.0 2,194.6 508.1 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,118.2 2,562.4 635.0 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 1L.999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,531.3 2,920.7 1,012.9 L.907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,831.2 3,175.9 1,195.4 L.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 L.841.0 767.4 812.7 701.8 95.9 June (July 2).. 5,660.1 3,278.0 1,459.8 L,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1).. 5,612.6 3,241.8 1,424.0 L.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 1942—Mar. (Apr. 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. 31.. 7,908.1 4,999.6 2,744.4 2,255.2 848.2 1,025.2 909.0 126.1 Feb. 28.. 7,983.6 5,159.6 2,859.6 2,300.0 859.8 989.3 845.0 129.9 Mar. 31.. 8,002.6 5,219.4 2,865.1 2,354.3 848.5 983.7 820.6 130.5 Apr. 30.. 8,079.7 5,289.5 2,920.2 2,369.2 844.7 1,012.6 802.5 130.4 May 31.. 8,131.6 5,335.4 2,964.9 2,370.5 845.7 1,032.0 785.0 133.6 June 30.. 8,422.8 5,671.0 3,313.2 2,357.9 760.4 1,011.2 848.4 131.8 July 31.. 8,641.7 5,846.2 3,482.4 2,363.9 810.2 1,015.0 843.2 127.1 Aug. 31.. 8,711.9 5,922.4 3,513.6 2,408.8 829.0 999.7 831.6 129.1 Sept. 30.. 8,858.6 6,042.2 3,554.9 2,487.2 865.3 998.2 818.4 134.6 Oct. 31.. 8,965.4 6,214.0 3,593.0 2,620.9 875.5 946.5 795.1 134.4 Nov. 30.. 8,828.1 6,122.9 3,431.0 2,691.9 804.2 983.0 779.1 139.0 Dec. 31.. 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1946—Jan. 31.. 8,822.9 6,234.7 3,601.6 2,633.2 729.2 1,097.8 625.9 135.1 Feb. 28.. "•8,775.1 ••6,173.0 '3,473.9 2,699.1 728.7 1,067.2 672.4 133.9 Mar. 31.. '8,730.8 '6,169.3 '3,455.2 2,714.1 703.6 1,073.0 645.1 139.9 Apr. 30.. •"8,674.4 '•6,124.6 '3,344.7 2,780.0 701.2 1,076.1 630.7 141.7 May 31.. '8,405.8 '5,896.2 '3,119.6 2,776.5 644.8 1,104.2 619.7 140.9 June 30.. ••8,319.0 ••5,853.5 '3,042.9 2,810.7 624.5 1,084.7 615.0 141.4 July 31.. 8,477.0 36,149.7 33,386.6 32,763.2 3574.1 1,106.1 506.1 3 140.9 ' Revised to include movement in accounts of international institutions and in the Italian special deposit account held with the United States Treasury. 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.). a 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 July 31, in millions of dollars: total foreign banking funds in United States, 6,908.2, including official funds, 4,116.8, and other funds, 2,791.4; United States banking funds abroad, 561.4; and brokerage balances (net due "foreigners"), 64.1. 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. DECEMBER 1946 1417 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 SINGE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T o ur 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)... 1,440.7 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 (2) 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 8 487.7 629.1 178.6 48.2 954.8 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec. 31.. 7,728.4 1,090.0 585.7 506.2 664.3 179.1 63.1 993.3 4,081.8 976.4 1,193.71,273.6 203.0 iy45—A.Ug 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 81,411 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 8,828.1 888.7 469.8 526.3 709.8 179.4 100.81,127.8 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 71,338.41,784 1 247.5 1946—Jan. 31 8,822.9 858.3 553.6 538.4 728.6 179.6 107.3 1,142.9 4,108.7 1,342.61,345.11,780.5 246.0 Feb. 28 " ••8,775.1 804.7 531.6 525.8 731.1 179.4 '133.5 1,125.5 '4,031.7 1,357 01,350.71,764 9 '270 9 Mar 31 ••8,730.8 719.1 515.1 536.5 728.8 179.3 136.2 1,116.7 '3,931.7 1,370.5 1,391.51,716.5 '320.6 Apr. 30 r8,674.4 709.5 453.3 528.2 730.4 179.3 159.0 1,140 0 '3,899.6 1,347 71,400 91,723 1 r303 1 May 31 '8,405.8 585.8 464.1 426.3 725.4 179.2 165.7 1,152.2 '3,698.7 1,306.2 1,431.51,677 5 r291.9 june 30 r8,319.0 485.3 432 5 411 9 737.0 179.3 170.4 1,138 3 '3,554.8 1,294 01 471 61 560 3r438 4 July 31 8,477.0 756.0 419.4 389.4 741.0 179.6 196.9 1,108.5 3,790.7 1,259.51,486.1 1,492.1 448.5 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935, through— Total U K d n o i i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936) 631.5 128.6 129.6 55.7 72.4 -.8 7.3 60.7 453.5 46.0 33.5 87.0 11.5 1936—Dec. 30 989.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 149.4 15.2 1937—Dec. 29 1,259.3 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76.3 166.3 217.0 8.0 1938—Dec. (Jan. 4, 1939) 1,513.9 364.0 155.3 87.9 205 -11.8 1.7 208.6 1,010.7 101.6 127.6 251.8 22.2 1939—Dec. (Jan. 3, 1940) 2,522.4 376.1 256.1 190.9 362 -20.1 19.7 470.0 1,655.4 174.5 215.1 417.0 60.5 1940—Dec. (Jan. 1, 1941) 3,239.3 293.3 458.0 160.3 494.7 -22.9 -.9 603.7 1,986.3 334.1 326.4 531.2 61.3 1941—Dec. 31 2,979.6 328.6 416.5 161.0 326.2 -23.1 -3.4 561.1 1,766.9 273.1 296.7 541.4 101.6 1942—Dec. 31 3,465.5 493.3 394.5 170.0 166.3 -22.7 -6.2 502.5 1,697.5 399.5 482.8 743.9 141.9 1943—Dec. 31 4,644.8 939.4 404.1 176.7 192.7 -23.7 -6.9 589.0 2,271.2 704.7 578.7 928.2 162.0 1944—Dec. 31 4,865.2 804.4 356.6 193.1 221.4 -23.4 7.0 634.7 2,193.7 818.6 794.7 888.6 169.7 1945—Aug. 31 5,922.4 762.6 276.6 201.4 255.8 -23.4 33.6 672.4 2,179.0 1,341.9 965.8 ,252.1 183.6 Sept. 30 6,042.2 684.8 233.3 204.0 259.7 -23.4 38.2 744.8 2,141.4 ,384.1 989.0 ,329.9 197.6 Oct. 31 6,214.0 678.9 280.2 211.4 266.5 -23.2 41.7 729.9 2,185.4 ,443.9 976.2 ,382.8 225.7 Nov. 30 6,122.9 638.3 247.1 253.0 272.0 -23.4 45.1 738.2 2.170.3 ,437.8 924.2 ,373.7 216.8 Dec. 31 6,144.5 646.4 229.9 265.0 286.3 -23.3 50.1 769.1 2,223.4 ,414.2 924.9 ,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 ,242.8 929.4 ,554.5 212.3 Feb. 28 '6,173.0 569.2 300.5 265.6 298.3 -23.5 '77.2 742.0 •2,229.2 .241.8 922.0 1,542.9 •237.0 Mar. 31 •6,169.3 492.4 284.3 278.4 303.2 -23.6 '80.2 738.0 -2,152.8 ,251.H 972.4 ,505.0 287.3 Apr. 30 "6,124.6 492.1 225.7 278.3 306.5 -23.6 103.1 760.9 '2,143.0 ,236.2 956.2 ,518.7 •270.6 May 31 •5,896.2 373.0 239.5 251.8 305.3 -23.7 •110.2 777.6 •2,033.7 140.3 986.5 ,475.0 •260.6 June 30 •5,853.5 273.7 205.8 239.5 314.6 -23.9 116.6 771.5 1,897.9 1,155.8 ,029.7 ,360.8 •409.3 July 31 6,149.7 599.7 195.1 217.5 318.8 -23.8j 145.2 742.2 2,194.8 1,176.4 ,052.8 ,306.8 418.9 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia1 ot A he ll r1 1935—Dec. (Jan. 1, 1936)... 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_Aug. 31 829.0 260.4 77.8 18.2 6.1 196.9 26.2 69.4 655.0 51.4 51.4 68.4 2.9 Sept. 30 865.3 267.1 77 8 18.0 5.4 196.9 26.2 70.9 662.5 53.3 47.4 98 3 3.8 Oct. 31 875.5 270.5 78.1 18.0 5.1 196.9 26.4 69.4 664.4 60.7 54.4 91 7 4.2 Nov. 30 804.2 266.1 78.0 — 17.9 6.5 196.9 26.2 68.8 624.6 54.9 22.2 99.9 2.6 Dec. 31 742.7 266.6 78.0 — 17.7 5.2 196.9 26.2 38.3 593.4 39.5 9.1 99.2 1.5 1946—Jan. 31 729.2 266.2 78.3 — 17.1 1.9 196.9 26.2 65.9 618.3 18.5 3.3 88.5 .6 Feb. 28 728.7 265.7 78.4 -17.5 3.2 196.9 26.2 61.1 614.0 21.6 6.8 85.5 .9 Mar. 31 703.6 263.4 78.3 -17.1 2.5 196.9 26.1 57.9 608.1 30.0 — 10.4 75 5 .4 Apr. 30 701.2 260.4 78.2 -24.7 1.6 196.9 26.0 61.0 599.3 28.2 1.9 71.9 — .2 May 31 644 8 259.4 78 2 —99 9 1 196 9 25.5 58.5 518.8 42.8 10.0 74 7 — 1.5 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 July 31 574.1 216.2 75.7 -101.0 1.4 196.9 22.2 45.9 457.3 50.6 -2.4 71.9 -3.4 r Revised to include movement in accounts of international institutions and in the Italian special deposit account held with the United States Treasury. » 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. 1418 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 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 h l e l r1 1935—Dec. (Jan- 1, 1936)... 125.2 67.8 6.8 7.4 -1. 2 13.3 2.9 46.1 143.1 -39. 7 12.7 7.9 1.1 1936—Dec. 316.2 116.1 18. 10.4 13.7 22.s 9.4 87.9 278 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 36.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.s 36.S 27.6 210.4 530 1 104.9 302.0 61.3 21.0 1945—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. 33.5 45. 36.5 27.6 210.9 523 9 73 1 317.6 61.8 21.8 Oct. 31.. 946.5 119.2 51. 1 33.7 45. s 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. s 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—Jan. 31. 1,097 8 115.0 51.1 33.4 44.9 36.s 27. 212. s 520 7 176 8 317.6 60.9 21 9 Feb. 28.. 1,067.2 113.9 51 0 33.4 45.0 36.5 27.3 212.6 519 7 144 3 320.5 60.6 22.1 Mar. 31 1 073 0 112.4 51 1 33 1 45 0 36. 27 212.Q 518 149 1 323.1 60.4 22 1 Apr. 30. . 1,076.1 110.8 51 33.2 45. 1 36. S 27. 213.1 517 ? 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 June 30 . 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 July31... 1,106.1 107.3 50 9 33.1 44 9 36 9 27 3 221 5 521.9 160 5 341.0 59.7 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 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 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 r* 1935—Dec. (Jan.1, 1936)... 316.7 149.8 23.4 50.5 55.1 -5 4 .1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec.30. .. 917.4 367.7 64 7 157.6 200.2 —7 s 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 — 174 -4 9 55.7 1,041.6 37.6 18 2 54 7 9 8 1938—Dec. (Jan.4, 1939)... 1,219.7 472.6 76.9 212.1 304.1 -22.8 -5 .5 56.6 1,094.1 25.7 23.7 65.2 11.1 1939—Dec. (Jan.3, 1940)... 1,133.7 328.1 76.6 227.7 344.7 -28.2 -4 .9 60.4 1,004.4 -2.6 30.1 87.6 14.3 1940—Dec. (Jan.1, 1941) . .. 888.7 157.1 74.4 233.2 348.1 -29.1 2.7 64.9 851.3 -18.4 25.6 17.6 12.6 1941—Dec.31 626.7 -70.1 74.9 236.7 336.4 -30.1 .1 67.3 615.0 -44.7 28.1 17.5 10.9 1942—Dec.31. . 673.3 -77.6 80 236.Q 360.5 —30.9 1 75.3 644.7 -45.1 35.2 27.7 10 9 1943—Dec.31 701.1 -100.3 82.7 239.9 367.3 -30 8 .6 86.3 645.7 -58.2 40.5 62.5 10.6 1944—Dec. 31. .. 911.8 -125.4 77 239.0 368.5 -30 8 1 9 103.2 633.7 -28.1 54 9 240 s 10 7 1945—Aug. 31 831.6 -141.5 71.1 240.7 362.0 -30 7 1.8 96.5 600.0 -105.4 56.1 270.9 10.0 Sept. 30. . 818.4 -143.4 78 237.8 360.2 -30 7 1 8 96.4 600.8 -117.9 55.1 270 6 9 8 Oct. 31.. 795.1 -149.9 78 3 5 360.9 -30 7 1 9 96.4 592.4 -126.4 54.6 264.4 10.0 Nov. 30.. 779.1 -154.0 70.4 234.0 358.1 -30 6 1 6 98.0 577.4 -136.8 65.8 263 1 9 4 Dec 31 798.7 — 157 9 81 7 233.s 355.4 —30 4 2 98 5 582.9 — 126.6 81 3 251 9 9 1946—Jan. 31 . 625.9 -161.9 81 8 228.6 354.0 -30 4 4 93.7 568. -114.5 89.3 73 0 9 9 Feb. 28 .. 672.4 -164.7 77 0 228.1 353.8 -30 4 2 4 96.8 562.8 -69.6 97.6 71.9 9.7 Mar. 31 645.1 — 169.2 77.2 226.1 346.1 —30,4 2 1 94.7 546.s -80.3 98.2 71 9 4 Apr. 30 630.7 -173.0 74.0 225.8 345.2 -30 5 2.0 91.9 535 4 -83.9 102.7 67.7 8.9 May 31 619.7 — 176.7 71 1 225 342 8 -30 s 2 1 89.8 524 0 -66.3 89.7 63 s 8 5 June 30.. 615.0 -179.0 71 3 224 0 342.3 -30 4 1 8 88.8 520 Q -66.8 90.3 62 1 8 4 July 31... 506.1 -186.2 73.4 223 6 342.1 -30 .4 1.7 85.6 509 8 -147.7 86.1 49. 7 8.3 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 Asia* ot A he l r l * 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 .3 .4 22.6 -7.6 -4.2 2.1 1937—Dec 29 . . 47.5 11.5 11.5 5.0 10.8 ~co .1 5.0 44.0 3.5 -.5 .5 1 1 9 9 3 3 8 9 — — D D e e c c . . ( ( J J a a n n . . 3 4 , , 1 1 9 9 4 3 0 9 ) ) . . . . . . 4 8 7 0 . . 6 6 1 1 3 9 . . 4 4 2 1 0 2 . . 1 9 6 9 . . 8 3 1 9 7 . . 6 8 - - . . 2 1 . . 2 1 5 5 . . 2 0 4 7 7 1 . . 9 6 8 1 . . 7 8 - 1 .9 .6 - - 3 1 . . 4 5 2. . 1 3 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 1 1 9 9 4 4 1 2 — — D D e e c c . . 3 3 1 1 1 1 0 0 0 4 . . 9 4 1 1 6 7 . . 8 4 2 1 0 9 . . 7 9 1 1 7 7 . . 6 5 1 1 3 3 . . 7 5 -2 . . 2 2 8 8. . 7 0 7 7 5 8 . . 7 1 1 15 4 . . 2 1 3 4. . 2 9 6 6 .3 0 .8 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— S A e u p g t . 3 3 0 1 1 1 2 3 9 4 . . 1 6 1 1 8 9 . . 2 1 2 2 3 3 . . 1 1 2244..47 2 2 6 7 . . 6 8 — .1 . . 4 4 1 1 0 1 . . 8 1 1 1 0 0 3 6 . . 4 1 1 1 8 8 . . 2 6 2 4 . . 3 5 3 3 .2 2 2 2 .2 0 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. 31 135.1 21.3 24.2 16.2 30.3 .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 (8) .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 (3) .4 13.3 106.0 19 Q 8 2 4 5 1 3 Apr. 30 141 7 19.2 24.3 15.7 32.0 .5 13.1 104.8 19.4 11.3 4 8 1 3 May 31 140.9 19.1 24.2 16.0 32.2 (2) 5 12.9 105.0 19.6 10.9 4 1 I 4 Tune 30 141 4 19 3 24.3 15 9 33 4 f2) .5 12.9 106.3 18 5 10 2 4 8 1 c; Tulv 31 140.9 18.9 24.4 16.1 33.8 (*> . 5 13.2 107.0 19.8 8.5 3.9 1.7 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. DECEMBER 1946 1419 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 n d i i o n t m 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 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 1$37—Dec. 29 1,893.1 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 399.5 20.0 1938—Dec. (Jan. 4, 1939). . .2,157.8 436.1 187.4 101.8 218.8 17.8 20.4 255.5 1,237.8 201.8 248.5 435.5 34.1 1939—Dec. (Jan. 3, 1940). . . 3,221.3 448.2 288.2 204.9 376.3 9.5 38.5 516.9 1,882.6 274.6 336.0 655.7 72.5 1940—Dec. (Jan. 1, 1941). . .3,938.2 365.5 490.1 174.3 508.4 6.7 17.9 650.6 2,213.5 434.3 447.3 769.9 73.3 1941—Dec. 31 3,678.5 400.8 448.6 174.9 339.9 6.6 15.4 608.0 1,994.0 373.2 417.7 780.0 113.6 1942—Dec. 31 4,205.4 554.6 432.3 186.6 184.2 7.5 12.1 643.4 2,020.7 507.4 597.7 930.0 149.6 1943—Dec. 31 5,374.9 1,000.8 439.9 193.3 210.6 6.5 11.3 722.1 2,584.5 812.6 693.7 1,108.8 175.3 1944—Dec. 31 5,596.8 865.7 401.2 209.7 239.3 6.8 27.3 767.7 2,517.8 926.5 909.3 1,069.2 174.0 1945—Aug. 31 6,660.9 824.0 356.7 218.0 273.8 6.9 53.9 805.4 2,538.6 1,449.9 1,087.4 1,432.7 152.5 Sept. 30 6,780.7 746.2 313.4 220.6 277.7 6.9 58.5 877.9 2,501.0 1,492.1 1,110.6 1,510.5 166.5 Oct. 31 6,952.5 740.2 360.3 228.1 284.4 7.1 62.0 862.9 2,545.0 1,551.8 1,097.7 ,563.4 194.6 Nov. 30 6,861.4 699.6 327.3 269.6 290.0 6.9 65.4 871.2 2,529.9 1,545.7 1,045.7 ,554.4 185.7 Dec. 31 .,883.1 707.7 310.0 281.6 304.2 7.0 70.4 902.1 2,583.0 1,522.2 1,046.4 ,549.7 181.8 1946—Jan. 31 t '6,993.2 679.0 398.3 293.9 315.5 6.9 71.1 890.6 2.655.4 1,350.7 1,050.9 ,735.1 '201.1 Feb. 28 6,931.4 630.5 380.7 282.2 316.2 6.8 '97.5 875.0 588 1,349.7 1,043.5 ,723.6 '225.8 Mar. 31 '6,927.8 553.8 364.5 295.0 321.2 6.6 100.5 871.0 r2,512.4 1,359.7 1,094.0 ,685.6 '276.1 Apr. 30 '6,883.1 553.4 305.8 294.9 324.4 6.6 '123.4 894.0 •-2,502.5 1,344.1 1,077.7 ,699.3 "•259.4 May 31.. '6,654.6 434.4 319.7 268.4 323.2 6.5 •130.5 910.6 '2,393 2 1,248.2 1,108.1 ,655.7 '249.4 June 30 '6,612.0 335.1 286.0 256.1 332.5 6.4 137.0 904.5 '2,257.4 1,263.8 1,151.3 ,541.4 '398.1 July 31 .,908.2 661.1 275.2 234.1 336.7 6.4 165.5 875.3 2,554.4 1,284.3 1,174.4 ,487.5 407.7 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e g B iu e m l- m De a n rk - l F a i n n d - Greece* L b u o x u e rg m 3 - N w o a r y - P g or a t l u- m R an u i - a3 Spain3 SwedenUSSR3 s Y la u v g i o a - 3 ot A h l e l r 1939—Dec. (Jan. 3, 1940). . 516.9 159.2 28.1 21.4 56.3 142.2 , 109.8 1940—Dec. (Jan. 1, 1941) . . 650.6 144.8 17.3 16.5 48 7 235 4 187.9 1941—Dec 3i 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 I 945—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— F j e an b , . 3 2 1 8 8 8 9 7 0 5 . . 6 0 1 1 8 6 4 7 . . 9 6 4 41 0 . . 6 1 1 6 0 . . 6 7 6 7 9 0 . . 7 0 2 22 2 . . 4 3 1 1 7 7 6 5 . . 5 0 4 4 7 5 . . 5 3 9 9. . 2 3 3 3 7 7 . . 1 4 2 21 1 2 4 . . 9 0 2 2 9 8 . . 7 5 6 6 . . 3 6 4 4 6 8 . . 4 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 July 31 875.3 169.0 50.4 11.9 64.1 22.9 148.9 47.6 10.9 20.7 204.4 50.2 8.3 65.9 Latin America Neth- French er- Date A L i m a c t a e in r- A t r i g n e a n- li B v o ia - 4 Brazil Chile l b C o i m o a - 4 - C R o ic s a ta 4 Cuba I W G n a d n u e i d i s e - t s M ic e o x- W l I a a n n n d e d d i s e s t s P m an a a 5 - Peru4 V zu e e n l e a - 4 A O L i m a t c h t a e i e n r r ana4 Surinam4 1939—Dec. (Jan. 3, 1940) 336.0 57.7 36.4 26.8 37.0 58.8 34.0 85 3 1940—Dec. (Jan. 1, 1941) 447.3 115.4 36.2 28.5 47.9 55.0 58.7 105.6 1941—Dec 31 417.7 75 7 50.5 27.3 62.5 37.7 42 1 121 8 1942—Dec. 31 597.7 67.6 10.8 67.7 34.5 43.4 12.4 100.3 4.9 95.7 20.7 36.9 17.7 20.9 64.2 1943—Dec. 31 693.7 69.8 12.6 98.7 54.0 67.1 12.2 70.4 2.6 70.4 41.2 57.6 17.4 24.2 95.4 1944—Dec 31 . 909.3 93.9 17.7 140.8 55.0 83.6 7.4 139.3 4.4 83.1 36.0 69.1 27.7 31.5 119.8 1945—Aue 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 77.2 17.9 179.2 63.6 83.1 6.6 145.4 7.3 164.3 33.6 90.5 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 77.3 14.5 195.1 66.3 79.2 6.9 128.3 7.1 116.4 28.2 88.7 43.9 49.7 144.8 1946 Tan 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 80.6 5.7 120.5 7.1 128.3 22 8 87 5 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 May 31 1,108.1 92.6 11.9 222.0 55.3 69.6 6.9 163.7 7.0 119.8 19.2 88.9 40 3 50 3 160 5 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 July 31 1,174.4 124.4 12.3 231.1 62.1 75.2 6.8 167.0 7.6 135.3 14.7 84.8 39.2 42.3 171.5 For footnotes see p. 1421. 1420 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED 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 India, Egypt Date Asia C M c a r h h n i a i u a d n n - a - C F In r h e d i n n o c a - h 1 H K o o n n g g C B I m a o e n u n a y d r * , - - 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 an I p h s d i i - n l s - e T k u ey r- i O A t s h i e a r ot A he ll r2 A t l u r ia a s- - N Z la e e n a w d - A S E t a n u i g n a g d y d n l a p o n - - F r r M o e c o n c - c o h U A S f n o o r i u i f o 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. 31 930.0 360 9 27.4 41.6 i3.'1 i.0 4.8 160 4 254.729 9 36.2 149.6 23.1 '4! 8 6.8 n'A ii.0 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 i*3 4.0 110 5 365.8 23 7 64.2 174.0 52.9 3.5 7.3 4.3 8.3 97.6 1945—Aug. 31. .. 1,432.7 578 7 27.6 21.7 25.3 9 3.9 108 8 540 5 51 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 28.0 9 4.2 99 3 612 150 5 76.7 166.5 28.5 3.1 13.6 5.8 8.4 107.1 Oct. 31... 1,563.4 591 7 27.5 21.7 33. 2 I!0 4.2 104 4 645 4 50 5 83.7 194.6 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 I.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 I.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 I.7 4.0 110 0 642.857 3 75.13'2011 29.6 4.0 19.4 9.7 6.3 3'132.1 Feb. 28... 1,723.6 738 0 34.6 31.8 36. 7 I.6 3.9 100 7 635 762 2 78.4 '225.8 26.1 4.0 19.6 10.1 9.1 '157.0 Mar. 31. . . 1,685.6 732 1 37.9 34.8 25. 7 I.5 3.8 99 0 598 466 1 86.3 '2761 24.3 3.8 18.9 10.3 9.5 '209.3 Apr. 30. .. 1,699.3 717 0 38.0 36.4 34. 6 I.6 3.7 102 1 617 0 66 9 81.9 '259.4 26.6 3.8 17.9 11.3 8.9 '190.9 May 31... 1,65517695 4 39.0 35.4 37. 6 4 3.7 103 6 580 2 72.0 87.4 '249.4 23.8 4.8 16.8 12.4 11.3 '180.4 June 30. . . 1,541# 4 657 0 43.6 37.8 36. 1 r.6 3.5 100 2 505 569 3 86.8 '3981 24.4 7.5 17.7 11.2 12.8 '324.5 July 31 1,487.5 611 9 47.2 33.2 33.2 2.2 9.2 114 3 482 464 5 89.5 407 7 28.7 6.4 17.7 11.5 10.1 333.3 •"Revised to include accounts of international institutions, 1 Prior to June 30, 1942, included under "Other Asia." 8 Country breakdown not available until June 30, 1942. • See footnote 2 below. Footnotes to table on p. 1420. ' Revised to include accounts of international institutions and Italian special deposit account held with the United States Treasury. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 These figures are not strictly comparable with the corresponding figures for'preceding months due to inclusion for first time of the accounts of international institutions. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movement introduced by this change. s Prior to June 30, 1942, included under "All other." 4 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 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 i o i n t m g ed - France N la e e n t r d h s - S l w a e n r it - d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia* ot A he ll r* 1934—Dec. (Jan. 2, 1935).... 1,139.9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 1935—Dec. (Jan. 1, 1936) 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 4*3.0 100.9 154.5 80.1 10.1 1936—Dec. 30 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Dec. (Jan. 4, 1939) 594.0 86.0 10.3 24.2 5.5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 1939—Dec. (Jan. 3, 1940) 508.7 39.9 4.9 5.7 5.2 53.4 11.8 51.4 172.2 39.7 113.3 174.1 9.3 1940—Dec. (Jan. 1, 1941) 384.0 23.0 4.2 .9 1.5 39.6 2.0 29.9 101.0 36.0 122.7 117.8 6.4 1941—Dec. 31 367.8 20.9 1.8 1.1 2.6 34.4 1.5 26.2 88.4 33.6 148.3 87.9 9.7 1942—Dec. 31 246.7 12.6 1.3 .5 1.5 34.0 .4 22.3 72.6 34.3 99.7 35.3 4.8 1943—Dec. 31 257.9 19.9 1.1 .4 3.0 33.9 .4 19.0 77.6 37.8 112.2 26.3 3.9 1944_Dec. 31 329.7 25.9 1.4 .3 1.3 33.9 .3 44.4 107.5 28.1 131.0 51.4 11.7 1945—Aug. 31 306.5 31.6 1.2 .4 2.0 33.9 .3 9.7 79.1 41.5 116.6 60.7 8.5 Sept. 30 270.2 24.9 1.2 .6 2.7 33.9 .3 8.1 71.7 39.6 120.6 30.8 7.6 Oct. 31 260.0 21.5 1.0 .6 3.0 33.9 .1 9.6 69.8 32.2 113.6 37.3 7.2 Nov. 30 331.3 25.9 1.1 36.5 1.6 33.9 .3 10.2 109.6 38.0 145.8 29.1 8.8 Dec. 31 392.8 25.4 1.1 36.3 2.9 33.9 .3 40.8 140.7 53.3 158.9 29.9 9.9 1946—Jan. 31 406.3 25.9 .8 35.7 6.2 33.9 .3 13.1 115.8 74.3 164.7 40.6 10.8 Feb. 28 406.8 26.3 .7 36.1 4.9 33.9 .4 17.9 120.2 71.3 161.2 43.6 10.5 Mar. 31 431.9 28.6 .7 35.8 5.6 33.9 .4 21.1 126.1 62.9 178.4 53.6 11.0 Apr. 30 434.3 31.6 .9 43.4 6.5 33.8 .6 18.0 134.8 64.7 166.1 57.1 11.6 May 31 490.7 32.6 .9 118.5 8.0 33.9 1.0 20.5 215.3 50.1 158.0 54.4 12.9 June 30 511.0 30.5 .9 119.4 6.5 33.9 2.4 27.7 221.2 53.6 164.7 56.2 15.3 July 31 561.4 75.8 3.4 119.6 6.7 33.9 4.3 33.2 276.8 42.2 170.4 57.1 14.8 * 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. 1421 DECEMBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e g B iu e m l- m De a n rk - l F a i n n d - Greece1 L b u o x u e r m g1 - N w o a r y - tu P g o a r- l1 m R an u i - a1 Spain3 S d w en e- USSR1 s Y la u v g i o a - 1 o A th l e l r 1939—Dec. (Jan. 3, 1940) 51.4 6.5 3.2 1.4 3.6 8.7 28.0 1940—Dec. (Jan. 1, 1941) 29.9 1.5 .3 1.8 .9 1.0 24.5 1941—Dec. 31 26.2 1.1 1.9 .6 22.1 1942—Dec. 31 22.3 .8 5.6 1.1 .2 2.4 3.2 .4 (2) 8.4 1 1 9 9 4 4 4 3 — — D D e e c c . . 3 3 1 1 4 1 4 9 . . 4 0 . . 7 7 7.6 . . 6 6 35. . 1 2 1. . 4 3 3 1 . . 2 8 . . 2 2 8. 5 5 . . 0 1 1945—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 .5 (2) .6 .1 .2 1.0 .5 5.0 Nov. 30. 10.2 .6 .5 .6 .1 .4 .9 1.0 4.9 Dec. 31. 40.8 .6 *) 8 .7 31.6 .5 1.6 .9 4.7 1946—Jan. 31. 13.1 1.8 .0 .7 .1 .4 1.8 1.1 (2) 4.8 A F J M J M u u e p a l n b a y r y e r . . . 3 3 2 3 3 3 1 8 1 0 0 1 . . . . . . 2 3 2 2 1 1 3 7 1 0 8 7 . . . . . . 2 7 5 1 0 9 3 5 2 4 7 . . . . . 0 6 7 6 6 1. . . . . . 1 1 2 1 1 0 4 2 1 1 1 . . . . . . 3 2 4 4 0 6 2 1 1 1 . . . . 6 1 5 0 6 4 \. . . 2 . . . 2 2 2 6 3 . . . . . . 4 4 4 6 5 7 4 2 2 1 1 1 . . . . . . 5 4 2 4 9 1 2 3 5 7 1 1 . . . . . . 6 3 1 0 4 6 4 4 5 5 5 5 . . . . . . 9 1 9 0 0 0 4.3 Latin America French Nether- Date A L i a m c t a i e n r- A t r i g n e a n- Brazil Chile l b C o i m o a - ' - C R o ic st a a ' Cuba I W G n a a n d n u e a i d i s e * - t s Mexico I l W S n a a u d n n e r i d d s i e s - t s P m an a a 4 - Peru' z V u e e n l e a - ' O A L i a t m c h t a i e e n r r nam' 1939—Dec. (Jan. 3, 1940)... 113.3 16.8 9.7 10.5 5.9 1.0 37.2 1940—Dec. (Jan. 1, 1941)... 122.7 11.9 13.4 11.7 6.1 2.1 44.4 1941—Dec. 31 148.3 16.8 14.9 11.3 7.6 2.4 57.3 1942—Dec. 31 99.7 6.9 15.3 20.7 .6 8.3 4.8 2.1 2.8 3.9 14.2 1943—Dec. 31 112.2 15.3 16.6 12.2 .7 20.1 11.2 1.1 1.4 3.8 8.7 1944—Dec. 31 131.0 3.1 9.0 15.5 1.2 47.4 8.6 .8 1.2 5.1 11.7 1945—Aug. 31 116.6 11.0 6.3 17.1 1.2 14.5 8.7 .8 1 9 5.2 23.7 Sept. 30 120.6 12.8 7.5 16.7 1.5 18.3 9.0 .8 1.3 5.2 24.1 Oct. 31 113.6 10.8 6.8 14.2 1.4 17.0 9.7 .8 1.3 5.7 25.4 Nov. 30 145.8 20.5 7.2 19.4 1.2 27.2 10.6 1.0 1.7 6.1 27.3 Dec. 31 158.9 21.0 6.6 16.8 1.2 33.3 11.0 1.1 1.9 6.1 33.4 1946—Jan, 31 164.7 24.2 7.0 17.5 1.4 33.9 10.5 1.9 3.3 6.6 29.5 Feb. 28 161. 18.0 6.2 18.1 1.5 32.9 13.9 2.8 3.5 6.9 25.9 Mar. 31 178.4 24.7 7.1 20.1 1.4 37.1 14.3 2.9 3.8 7.7 26.1 Apr. 30 166.1 26.8 7.0 20.0 1.4 22.9 14.1 1.1 3.6 7.4 26.6 May 31 158.0 20.4 6.7 21.2 1.2 27.6 13.5 1.1 3.8 7.7 21.2 June 30 164. 20.4 8.0 23.2 1.5 29.3 15.0 1.8 3.5 7.9 22.1 July 31 170.4 27.9 7.5 21.3 2.1 25.7 15.2 1.6 3.4 8.1 24.0 Asia and All Otller Dat« 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 5 H K o o n n g g I C B n l m a o d n e u a n y i d r a , ' - - , M l B t a is y r a h i a - - 5 Japan I N l n E a e d e n a r i t d s - e h t s s - 5 i l P p a I h n p s i d i - l n - s eT ke u y r- 5 O A t s h i e a r ot A he ll r* A t l r i u a a s - -N Z la e e n a w d - E A S E t g a u n 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)174.1 22.0 1.9 102.1 26.4 .... 21.6 9.3 .... 1940—Dec. (Jan. 1, 1941)117.8 23.7 1.7 55.8 22.6 14.0 6.4 1941—Dec> 31 87.9 23.5 3.1 18.9 23.0 19.5 9.7 1942—Dec 31 35.3 11.1 .9 2.2 .7 .5 1.6 14.4 1.8 2.0 4.8 1.0 .7 .1 1.7 1.2 1943—Dec. 31 26.3 1.7 (2) 1.0 2 0 5 .5 7 13.9 ^ ? 1.8 3.9 .5 .2 1 2 4 7 1944—Dec. 31 51.4 1.5 .9 22.3 .1 .5 S 13.8 1 8 8.8 11.7 .6 .2 .2 9 7 1 0 1945— S A e u p g t . 3 3 0 1 6 3 0 0 . . 7 8 1 1. .1 1 (*) . . 8 8 1 8 5 . . 0 0 . . 5 5 1.4 4 2 1 6 3 . . 0 6 2 ? .3 1 1 2 3 . . 9 6 8 7 . . 5 6 1. . 0 7 . . 4 3 . .3 3 5 4 .5 0 1 1. 6 8 Oct. 31 37.3 1.2 .8 7.2 .5 L.4 13.0 1.6 11.4 7.2 .7 .6 .2 CO 4.1 1.5 Nov. 30 29.1 1.7 .2 .8 7.1 .5 4 13.7 1 7 2.0 8.8 .9 .7 .2 5 0 1 9 Dec. 31 29.9 1.0 (2) 8 7 5 .5 4 13.8 ? 0 2.7 9.9 1.7 .7 3 1 4 7 2 5 1946—jan, 3i 40.6 7.7 (2) 1.1 7.9 .3 4 18.5 1.0 2.5 10.8 2.1 .6 2 1 5 0 2 9 Feb. 28 43.6 9.7 .8 7.0 .3 .3 4 20.1 1 1 2.8 10.5 1.8 .7 .3 1 5 3 2 4 Mar. 31 53.6 22.8 .2 1.5 6.8 .2 .3 L.4 16.0 1.1 3.3 11.0 1.3 .7 .2 .1 5.8 2.9 Apr. 30 . 57.1 25.6 1.5 7.2 .2 .3 L.4 16.1 .9 3.9 11.6 1.5 .6 .2 6.7 2.6 May 31 54.4 22.6 2.0 6.6 3 .3 L.4 16.7 9 3.6 12.9 1.8 .6 .2 7.8 2.5 Tune 30 56.2 23.9 2.0 7.4 . 1 .3 L.4 16.7 .9 3.5 15.3 1.9 .6 .3 8.5 3.9 July 31 57.1 19.0 .1 2.2 9.4 1.7 .3 ? 18.5 .9 3.9 14.8 2.9 1.1 .3 .1 8.0 2.5 1 Prior to June 30, 1942, included under "All other." » Less than $50,000. 1 Prior to June 30, 1942, included under "Other Latin America." * Included "Canal Zone" prior to June 30, 1942. 1 Prior to June 30, 1942, included under "Other Asia." 8 Country breakdown not available until June 30, 1942. 1422 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 Gold* a O ss t e h t e s r * C C o a i s n h rese N rv o e te s s a v c n o D a d n u i c s n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 8 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 16.8 101.4 392.0 101.2 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 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 8 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 s 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 8 950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 B 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 8 1,250.0 1.9 11.6 5.1 317.4 11,238.6 260.7 5.2 52.3 17.8 1945—Nov. 28 .2 1,350.0 .5 22.6 11.3 301.6 11,327.6 250.2 10.5 57.7 17.8 Dec. 26 .2 8 1,400.0 .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 L.O 52.0 22.4 256.3 1,348.3 253.4 7.4 53.1 17.8 May 29 .2 1,400.0 L.5 58.6 16.7 250.9 1,341.7 244.8 7.4 57.4 18.0 June 26 .2 1,400.0 L.8 36.4 12.5 315.2 1,363.9 286.0 5.3 56.5 18.1 July 31 .2 1,400.0 t.4 13.4 15.8 288.0 1,386.9 238.7 7.1 54.4 18.3 Aug. 28 .2 1,400.0 L.I 32.7 9.9 343.4 1,367.5 307.6 7.0 54.0 18.4 Sept. 25 .2 1,400.0 .2 41.5 18.8 324.6 1,358.7 302.9 9.3 55.5 18.5 Oct. 30 .2 1,400.0 :L.O 38.5 9.5 327.2 1,361.8 292.7 8.2 57.5 17.8 Assets Liabilities Bank of Canada Dominion and provincial government Deposits Sterling securities (F C ig a u n r a e d s i i a n n m do il l l l i a o r n s s ) of Gold nd 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 i e ti r es8 dollars Dominion S te h r o m rt 8 - Other Ch b a a r n te k r s ed go m v e e n rn t - Other 1935—Dec. 31 180.5 4 2 30.9 83.4 8.6 99.7 181.6 17 9 8 7 7 1936—Dec 31 179.4 9.1 61.3 99.0 8.2 135.7 187.0 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—Nov 30 159.0 ,168.1 629.4 69.5 1,113.8 495.2 159.1 27.4 230.5 Dec. 31 156.8 L.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 Oct. 31 .9 1,301.5 521.5 40.1 1,156.9 538.6 36.6 85.2 46.7 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939 , when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. * Notes issued less amounts held in banking department. *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. « 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 and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication. DECEMBER 1946 1423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of France Domestic bills G A o dv 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) Gold* 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 p o r a s t t o s i c 3 o - n Other2 a O s t s h e e t r s ci N t r i 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 5,612 8 624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26... 53,578 26,179 5,304 8 429 9,510 76,436 1?,624 11,698 2,241 1931—Dec. 30... 68,863 21 111 7,157 7 389 11,275 85,725 ,898 22,183 1 989 1932—Dec. 30... 83,017 4,484 6,802 3 438 11,712 85,028 ,311 20,072 2,041 1933—Dec. 29... 77,098 1,158 6,122 4 739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28... 82,124 963 5,837 3 971 11,500 83,412 ,718 15,359 1,907 1935—Dec. 27... 66,296 1,328 5,800 9,712 11,705 81,150 ,862 8,716 2,113 1936—Dec. 30... 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30... 58,933 911 5,580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29... 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5.061 25,595 2 718 1939—Dec. 28... 597,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26... 684,616 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 15,850 •35,221 572,510 748 37,855 7,078 1945—Oct. 31... 565,152 47 60,087 27 ?0,442 426,non •46,152 528,945 30.793 52,552 5 617 Nov. 29... 65,152 45 62,210 153 ?6,073 426,noo •45,859 545,795 21.708 53,447 4,540 Dec. 27... 6129,817 68 723,038 303 25,548 426,000 •39,122 570,006 12,048 57,755 4,087 1946—Jan. 31... 129,817 69 26,081 220 27,415 426,000 •44,818 592,436 5,781 52,046 4,156 Feb. 28... 129,817 69 27,247 160 ,945 426,000 •46,744 605,156 1.014 50,743 4,070 Mar. 28... 129,817 69 25,524 46 32,647 426,000 16,000 •40,985 613,434 781 52,516 4,357 Apr. 25... 129,817 5 25,810 36,579 426,000 19,000 •38,614 616,102 732 53,653 5,337 May 29... 594,817 5 63,090 45,512 426,000 11,200 •41,848 625,809 745 51,845 4,072 June 27... 94,817 5 64,985 46,204 426,000 13,400 •42,053 629,181 750 53,265 4,268 July 25... 94,817 6 64,769 4S,324 426,000 8,600 •40,915 612,879 717 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 Sept. 26... 94,817 6 70,577 546 62,567 426,000 28,100 H4,703 667,567 804 54,743 4,201 Assets Liabilities Reichsbanl Reserves of gold and Bills (and Securities (Figu r r e e i s c h i s n m m ar il k li s c)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 k l u s i s n r ) y g , Se lo c a u n ri s ty E a c s li o g n v i o e b t r 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 31 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 82'r 3,901 984 1,001 1935—Dec. 31. . 88 82 4,552 84 349 315 853 4,285 1L.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 11,059 970 1938—Dec. 31. . 76 71 8,244 45 557 298 1,621 8,223 L.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 2,31 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 iI 186 1,980 1944—Mar. 31.. 77 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 Tune 30 77 42 150 26 1 27 2,397 35 950 5 754 2 004 July 31 77 43,222 38 1 21 2,396 36,1488 5,813 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 7 088 2 160 Oct 31 77 53,954 46 70 24 2,351 44, 704 3.603 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, 0?, 13,535 2,445 1945—Tan 3i 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. 1424 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1946 Central Bank 1946 1945 (Figures as of last report (Figures as of last report date of month) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Aug. Oct. Central Bank of the Argentine National Bank of Czechoslovakia Republic (millions of pesos): in Prague—Continued Gold reported separately 1,235 ,235 Note circulation—Old 936 984 16,723 Other gold and foreign exchange. 4,665 ,280 New 38,665 37,785 15,827 Government securities 866 871 Deposits—Old 75,515 77,615 78,113 Temporary advances to Govt.. . 47 New 7,203 7,413 434 Rediscounts and loans to banks1. 8,089 Other liabilities 7,718 6,583 19,052 Other assets 2,160 164Narional Bank of Denmark Currency circulation 2 3,599 ,682 (millions of kroner): Deposits—Member bank 1,433 ,743 Gold 83 83 83 97 Government 660 536 Foreign exchange 140 146 141 71 Nationalized l 9,475 Clearing accounts (net) 94 97 95 2,935 Other 210 185 Loans and discounts 22 22 33 46 Certificates of participation in Securities 101 93 97 68 Government securities 2 182 Govt. compensation account7. . . 7,572 ,588 7,588 65 Other liabilities 1,683 221 Other assets 101 86 94 5,001 Commonwealth Bank of Aus- Note circulation 1,551 ,493 1,487 1,350 tralia (thousands of pounds): Deposits—Government 2,717 ,684 2,707 2,903 Gold and foreign exchange 217,560 217,204 216,105 172780 Other 3,606 ,695 3,695 3,579 Checks and bills of other banks. . 2,189 2,692 2,355 925 Other liabilities 240 243 242 452 Securities (incl. Government and Central Bank of Ecuador Treasury bills) 386,558392,361 390,316 415 387 (thousands of sucres): (June) s Other assets 6,905 7,344 7,124 755 Gold 241,639 288,843 Note circulation 197,680 197,680 197,680 188!714 Foreign exchange (net) 39,747 118,365 Deposits of Trading Banks: Loans and discounts 223,868 131,895 Special 258,857 252,862 254,262 227,876 Other assets 98,977 90,598 Other 23,282 24,559 23,638 27,086 Note circulation 326,308337,865 Other liabilities 133,393 144,500 40,319 159, 172 Demand deposits 240,088 263,650 National Bank of Belgium Other liabilities 37,835 28,187 (millions of francs): National Bank of Egypt (thou- Gold 31,817 31,655 32,852 604 sands of pounds): Foreign exchange 3,723 3,720 3,660 305 Gold 6, 6,241 6,241 L O o th a e n r s l t o o a n G s o a v n er d n d m is e c n o t unts 5 4 0 , , 0 8 5 5 5 9 50 3 , , 0 1 8 2 4 5 49 3 , , 5 2 7 7 9 1 3 45 4 1 2 L Fo o r a e n i s g n a n e d x c d h i a s n c g o e unts 15. 1 1 5 , , 9 6 9 01 6 1 6 7 , ,1 1 3 8 7 2 Claim against Bank of Issue.. . . 64,597 64,597 64,597 597 British, Egyptian, and other 2, Other assets 2,358 2,223 2,094 222 Government securities 300, 301,507 296,406 Note circulation 71,439 71,292 71,284 924 Other assets 28: 25,748 27,615 Demand deposits 5,174 4,709 5,338 065 Note circulation 132 130,099 139,789 Blocked accounts 3 79,342 77,966 78,009 414 Deposits—Government 84; 81,609 69,170 Other liabilities 1,454 1,436 1,422 119 Other 122, 127,037 128,685 Cen ta tr ry a l D B ep a t n . k 4 (m of il li B o o n l s i o v f i a b — oli M vi o an n o e s - ): (June)5 Cent O ra th l e R r e li s a e b r i v li e t i B es ank of El Salva- 13 12,348 15,939 Gold at home and abroad 919 dor (thousands of colones): Foreign exchange 329 Gold 32,823 33,047 Loans and discounts 193 Foreign exchange 38,126 36,415 Government securities 431 Loans and discounts 1,517 2,126 Other assets 9 Government debt and securities. 6,055 6,485 Note circulation 1,625 Other assets 1,966 1,905 Deposits 249 Note circulation 44,892 43,769 Other liabilities 6 Deposits 28,348 29,210 National Bank of Bulgaria 6 Other liabilities 7,247 7,000 Central Bank of Chile (millions Bank of Finland5 of pesos): Bank of Greece 6 Gold 331 287 National Bank of Hungary 6 Discounts for member banks.... 600 385 Reserve Bank of India (millions of Loans to Government 938 706 rupees): Other loans and discounts 713 549 Issue department: Other assets 1,914 ,686 Gold at home and abroad. . . 444 444 444 Note circulation 3,244 ,616 Sterling securities ,353 11,353 10,493 Deposits—Bank 531 475 Indian Govt. securities 578 578 578 Other 253 195 Rupee coin 205 188 182 Other liabilities 468 326 Note circulation ,879 12,068 11,561 Bank of the Republic of Colombia Banking department: (thousands of pesos): Notes of issue department. . 702 496 136 Gold 250,979 248,843 246, 743 388 Balances abroad ,165 5,620 5,330 Foreign exchange 55,245 60,444 66 706 Treasury bills discounted... 24 10 1 Loans and discounts 32,207 20,216 26 920 315 Loans to Government Government loans and securities 85,713 80,555 79 870 Other assets 368 407 283 Other assets 41,030 39,896 39 363 Deposits ,010 6,283 5,532 Note circulation 224,910217,828216. 612 Other liabilities 250 249 217 Deposits 201,584 192,916 205,715 198Central Bank of Ireland (thousands Other liabilities 38,680 39,209 833 of pounds): National Bank of Czechoslovakia Gold 2,646 2,646 2,646 in Prague (millions of koruny): Sterling funds 36,358 35,766 33,288 Gold 1,520 1,518 ,517 Note circulation 39,005 38,412 35,934 Foreign exchange 2,297 2,287 793 Bank of Japan 6 Loans and discounts 5,514 5,977 Bank of Java 6 Other assets 120,708 120,596 127,840 c Corrected. 1 Government decree of Apr. 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), see 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. DECEMBER 1946 1425 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) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Aug. Oct. Bank of Mexico (millions of pesos): Bank of Spain—Continued Metallic reserve x 607 711 773 740 Note circulation . . .... 19,744 17 000 "Authorized" holdings of securi- Deposits—Government 425 925 ties, etc. 64 S 680 731 1 975 Other 3 4S4 3 666 Bills and discounts 505 490 377 Other liabilities 586 705 Other assets 144 164 160 45 Bank of Sweden (millions of kronor) Note circulation 1 600 1 691 1 700 604 Gold 1 035 1 040 1 046 1,046 Demand liabilities 1 097 1,155 1,193 1,356 Foreign assets (net) 865 981 1,021 783 Other liabilities 220 215 212 177 Swedish Govt.securities and ad- Netherlands Bank (millions of vances to National Debt Office7 961 1,106 937 1,203 guilders): Other domestic bills and advances 50 39 30 22 Gold 600 699 713 713 Other assets 968 907 886 1,096 Silver (including subsidiary coin) 1 1 1 1 Note circulation 2,622 2,606 2,534 2,567 Foreign bills 4 529 4,601 4,530 4,509 Demand deposits—Government 582 835 797 697 Discounts Other 790 745 214 183 Loans 16? 187 156 136 Other liabilities 385 386 37S 704 Other assets 104 103 114 123 Swiss National Bank (millions of Note circulation—Old. 261 262 274 563 francs): New* 2,576 2,554 2,467 748 Gold 4,895 4,881 4,851 4,806 Deposits—Government 1,333 1,389 1,433 2 560 Foreign exchange 169 149 176 111 Blocked 119 104 142 834 Loans and discounts 121 63 59 794 Other 663 756 680 294 Other assets 87 83 89 Other liabilities 54? 526 510 482 Note circulation 3 858 3 785 3 688 3 704 Reserve Bank of New Zealand Other sight liabilities 1 095 1,070 1 169 1 798 (thousands of pounds): Other liabilities 317 312 298 Gold . . . 2,802 2,802 2,802 Central Bank of the Republic of A St d e v rl a i n n c g e s e x t c o h a S n t g a e te r o es r e S rv ta e te un- 85,909 86,579 71,766 Tu G rk ol e d y 8 . (thousand of pounds): 662,448 299,520 294 69? dertakings ... 34,185 33,000 25 016 Foreign exchange and foreign Investments 3 949 3 957 10 997 clearings 176 176 64,976 53,834 Other assets 1 270 678 938 Loans and discounts 7S4 043 717 591 794 K39 Note circulation.... 45 406 45 701 41 916 Securities 165 S78 164 730 168,531 Demanddeposits 77 935 77 964 65 557 Other assets 79,849 74,759 21 654 Other liabilities. 4 773 4 756 045 Note circulation 878 ?47 845 47? 918 075 Bank of Norway * Deposits—Gold 197 197 91 871 85,586 Bank of Paraguay—Monetary Other 141 709 130 041 150,341 Dept. (thousands of guaranies): Other liabilities . S71 390 754,751 179 549 Gold 3 415 3 415 3 415 3 323 Bank of the Republic of Uruguay9 Foreign exchange. . 34, 058 32 056 34 845 27 505 (thousands of pesos): Loans and discounts 500 s 045 Gold 310 856 310 8S6 295,704 Government loans and securities 9 761 Q 786 0 801 10 526 Silver 13 540 13 630 13 871 Other assets 900 872 873 361 Advances to State and govern- Note circulation 30, 375 70 797 79 ?86 77 564 ment bodies 14 470 18 11? 9 944 Demand deposits 14 ?S7 411 16 241 18 085 Other loans and discounts 109 50? 106 137 95 014 Other liabilities 557 3 426 367 111 Other assets 359 479 359 660 370 941 Central Reserve Bank of Peru Note circulation 213 177 190 075 159 000 (thousands of soles): (JulvH Deposits—Government 44 181 46 800 40 148 Gold and foreign exchange 164 032 149 275 Other 7 S3 118 ?S4 848 747 47? Discounts 834 70 411 Other liabilities 797 470 316 586 788 854 Government loans 631 730 571 713 Central Bank of Venezuela (thou- Other assets. . 10 878 22 215 sands of bolivares): Note circulation. 530 602 478 629 Gold10. 557 080 484 013 Deposits 257 413 262 190 Foreign exchange (net) ?4 310 7? 849 Other liabilities . 25 469 31 795 Credits to national banks 14 310 Bank of Portugal (millions of es- Other assets 34 330 13 338 cudos): CM Note circulation—Central Bank 403 884 377 658 Gold fi 423 « 420 National Banks 7 776 10 869 Other reserves (net) 7 087 601 Deposits 195 763 736 533 Nonreserve exchange 0 847 9 773 Other liabilities 8 816 9 451 Loans and discounts 707 288 National Bank of the Kingdom Government debt 1 018 1 020 of Yugoslavia * Other assets 603 793 Bank for International Settle- Note circulation 7 824 7,821 ments11 (thousands of Swiss gold Other sight liabilities 11 703 11 156 francs): Other liabilities . . 834 919 Gold in bars . .. 123 042 ?3 04? 174 774 118 ?85 National Bank of Rumania 3 Cash on hand and on current South African Reserve Bank account with banks 4 095 4 473 4 958 42 924 (thousands of pounds): Sight funds at interest 141 141 141 9 439 Gold 6 238 457 246 025 115, 807 Rediscountable bills and accept- Foreign bills 74 794 73 37^ 31 404 ances (at cost) 6 363 8 373 10 717 81 93*6 Other bills and loans s 718 4 738 3, 909 Time funds at interest s 849 5 854 6 778 750 Other assets 9,333 11,004 108, 226 Sundry bills and investments.... 314, 591312,350 308 800 198 879 Note circulation 65 225 65 835 65,614 Other assets 34 32 35 118 Deposits 206, 496 213, 475 188, 332 Demand deposits (gold) 20, 730 20, 737 20 737 16 962 Other liabilities 6,579 5 779 5,401 Short-term deposits (various Bank of Spain (millions of pesetas): currencies): Gold .. - . 1,213 1,188 Central banks for own ac- Silver 574 508 count 989 3 047 3 437 3 671 Government loans and securities 15,785 15,910 Other 1,209 1,209 1,651 2,021 Other loans and discounts ... 4,012 3, 544 Long-term deposits: Special ac- Other assets 7 67 5 048 counts 001 779 001 229 001 779 001 Other liabilities 200, 185 200,271 200,376 202,675 includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2Notes 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. « 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. * Latest month available. 6 Valued at average cost beginning October 1940. • Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 7 Includes small amount of non-Government bonds. "Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 1 Issue and banking departments consolidated. 10 Beginning October 1944 a certain amount of gold formerly reported in the Bank's account shown separately for account of the Government. n See BULLETIN for December 1936, p. 1025. 1426 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 m t g ed - Francem G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S l w a e n r i - d tz- ba C n e k n o tr f a — l N R 3 o a 0 v te . ef D fe a ct t i e ve ba C n e k n o tr f a — l N R 3 o a 0 v te . 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 3K Mar. 1, 1936 Japan 3.29 Apr. 7, 1936 Jan. 28, 1937. 4 Belgium 2K Nov. 7, 1946 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 Nov. 13 ... . 3 2 May 10, 1938. . 4 British India. . 3 Nov. 28, 1935 Mexico 4K June 4, 1942 May 13 Bulgaria 4K Aug. 14, 1946 Netherlands . 2K June 27, 1941 O N J M S a e c o n a p t v y . . t . . 3 2 2 2 4 5 0 8 7 . . 1 9 . 3 . 9 . 2 3 K 3 2K C C C C z h o a e n i l l o c a e m h d o a b s i l a ovakia 3-4 4 2 IK K K O J F D u e e c l b c t y . . . 2 1 1 8 8 6 8 , , , , 1 1 1 1 9 9 9 9 4 4 3 3 5 4 6 3 N P N Pe o e o r w r r u w t u Z a g y e a al l a . n .. d . . 5 2 IK K J J J A a u a u n n ly g . . . 2 1 9 2 1 6 , , , , 1 1 1 1 9 9 9 4 9 4 4 6 4 4 0 1 Apr. 17 . .. . 4 May 11 3 July 6 2K Denmark Jan. 15, 1946 Rumania. .. . 4 May 8, 1944 Aug. 24 4 Ecuador 7 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 Oct. 1, 1935 Sweden 2K Feb. 9, 1945 Oct. 26 2 Finland 4 2 Dec. 3, 1934 Switzerland.. Nov. 26, 1936 Dec 15 3 IK Jan. 25, 1940. 2 Apr 9 31/ May 17 3H France....... 1H Jan. 20, 1945 Turkey 4 July 1, 1938 Mar. 17, 1941. . 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 I'A Feb. 9 2y Nov. 7, 1946 2K In effect Nov. 30, NOTE.—Changes since Oct. 31: Belgium—Nov. 7, up from IK to 2K 1946 2 IX 3K 2K 2K 2K IK per cent. 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—Sept 5.59 5.63 4.39 3K-4K 7.18 7.86 5.36 5.32 5^-7 5.38 1930—Sept 2.07 2.05 1.68 3.30 3.78 1.96 1.84 3K-5K 1.50 1931—Sept 4.74 4.57 4.04 2K-4 7.99 9.15 1.30 1.21 8-9 K 1.80 1932—Sept .67 .55 .67 K 4.25 5.55 .37 1.00 3K-5K 1.50 1933—Sept .44 .31 .63 K 3.88 5.00 .77 1.00 3-5 1.50 1934—Sept .73 .61 .78 K 3.81 4.71 .61 1.00 2K-5 1.50 1935—Sept .58 .55 .75 K 3.02 3.21 5.48 5.65 2K-4K 2.40 1936—Sept .55 .53 .75 K 3.00 3.01 1.23 1.29 2K-S 1.98 1937—Sept .55 .50 .75 K 2.88 3.07 .14 .50 2K-5 1.00 1938—Sept .91 .86 .75 K 2.88 2.59 .32 .70 2V2-S LOO 1939—Sept 3.51 3.23 2.72 1-2 2.75 2.51 2.94 3.66 2K-5 .25 1940—Sept 1.03 1.03 1.00 K 2.25 2.03 2.25 2.68 3K-5K 1.50 1941—Sept 1.03 1.01 1.00 K 2.13 1.94 1.88 2.25 3-5 K .25 1942—Sept 1.03 1.00 1.05 K 2.13 1.83 3-5 K L .25 1943—Sept 1.03 1.00 1.07 K 2.13 1.93 3-5 K .25 1944—Sept 1.03 1.01 1.13 K 2.13 1.93 3-5 X L .25 1945—Sept 1.03 1.00 1.13 K 2^-5 L.25 1945—Oct .83 .75 .96 2K-5 L .25 Nov .53 .51 .63 $ 2K-5 .25 Dec .53 .50 .63 2K-5 .25 K 1946—Jan .53 .50 .63 K 2K-5 .25 Feb .53 .51 .63 K 2K-5 .25 Mar .53 .51 .63 8 2K-4K .25 Apr .53 .51 .63 2K-4K .25 May .53 .51 .63 3 2K-4K .25 June .53 .50 .63 2K-4K .25 J A S u e u l p g y t . . . 5 5 5 3 3 3 . . . 5 5 5 1 1 1 . . . 6 6 6 3 3 3 K K K 2 2 K K - - 4 4 K K . . . 2 2 2 5 5 5 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. DECEMBER 1946 1427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Assets Liabilities ( b m 1 a 1 i n ll L k io s o s . n n t e s d r o F o li n f i n g g p c u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c o a n s l n o h l e t o i a y c r n t e a d t B co il u ls n t d e i d s- T r d e r e c e p e a o i s p u s t i r t s y 2 Securities c L u o s a to n m s e to rs O as t s h e e t r s Total D D e e p m o a si n t d s 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 ,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 ,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 ,161 253 1942—December. 390 142 198 896 ,120 794 325 629 2,429 ,200 236 1943—December. 422 151 133 1,307 ,154 761 349 032 2,712 ,319 245 1944—December. 500 199 147 1,667 ,165 772 347 4,545 3,045 ,500 250 1945—October... 513 201 189 1,925 ,178 799 308 4,859 3,277 ,582 254 November. 496 229 296 1,703 ,201 809 318 4,789 3,254 ,535 263 December. 536 252 369 1,523 ,234 827 374 4,850 3,262 ,588 265 1946—January.. 496 249 361 1,493 ,230 840 333 4,729 3,135 ,594 271 February., 483 243 340 1,468 ,241 847 338 4,684 3,078 ,606 276 March... . 493 254 379 1,443 ,246 863 353 4,749 3,143 ,606 281 A pril 509 271 433 1,449 ,282 841 367 4,865 3,242 ,623 287 May 509 301 470 1,374 ,322 856 356 4,894 3,239 ,655 292 June 524 315 526 1,302 ,382 894 399 5,045 3,351 ,694 296 July 532 305 522 1,382 1,406 885 386 5,113 3,389 ,724 304 August. . . 553 313 464 1,511 1,393 906 369 5,198 3,427 ,771 310 September. 553 280 405 1,671 1,393 930 379 5,302 3,502 1,800 308 Assets Liabilities Canada Entirely in Canada Security Deposits payable in Canada (10 chartered banks. loans excluding interbank deposits En C d a i n n o a f d m m i i a l o n li n o d t n h o s l f l o a ig f r u s) res Cash Security Other d a a u n b e d r o fr n a o e d m t Securities O as t s h e e ts r ci N r ti c o o u t n l e a- lia O b t i h li e ti r es reserves loans l d o i a sc n o s u a n n t d s f b o a re n i k g s n Total Demand Time 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—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 5,810 848 2,963 1,354 February. 669 200 1,194 206 4,119 845 25 5,830 752 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 September 676 91 1,284 122 4,375 960 22 6,037 2,513 3,524 1,449 Assets Liabilities France (4 large banks. End Deposits Own o m f i m lli o o n n t s h o f f i g f u ra re n s c s i ) n re C se a r s v h es Du b e a n f k ro s m B co il u ls n t d e i d s- Loans O as t s h e e t r s a a c n c c e e p s t- lia O b t i h li e ti r es Total Demand Time 1939—December 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 1940—December 6,418 3,863 46,546 8,346 2,229 62,032 61,270 762 558 4,813 1941—December 6,589 3,476 61,897 8,280 2,033 76,675 75,764 912 413 5,187 1942—December 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—December 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—December 10,365 4,948 99,782 18,653 2,190 128,758 126,578 2,180 557 6,623 1945—March 8,117 5,072 98,593 21,255 2,188 128,007 126,132 1,876 745 6,403 April 8,582 4,954 99,146 22,246 2,490 129,859 128,154 705 939 6,619 May 27,281 4,999 109,270 23,108 3,008 159,526 157,453 ,073 1,212 6,928 June 16,282 5,660 156,620 23,216 3,618 196,167 193,828 ,339 1,544 7,685 July 11,990 5,944 146,195 27,127 4,212 185,763 183,477 ,286 ,837 7,868 August 11,104 5,991 143,799 27,697 4,970 183,140 180,779 ,361 2,150 8,271 September 11,122 6,080 143,818 28,732 5,279 184,400 182,105 2,296 2,268 8,364 October 11,942 6,337 143,567 30,153 5,906 186,740 184,637 2,103 2,476 8,690 November 11,898 6,859 145,110 32,165 6,325 190,759 188,748 2,010 2,618 8,980 December 14,602 13,804 155,025 36,166 7,360 213,908 211,871 2,037 2,898 10,151 1946—January 15,312 13,871 153,227 40,123 5,022 216,729 214,842 1,887 3,371 7,455 February 15,005 14,393 157,420 41,119 6,627 222,059 220,219 1,840 4,607 7,898 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 1H per cent through Oct. 20, 1945, and at V8 per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 1428 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil Canada Chile China Year or month (peso) (pound) g B iu e m l- (cruzeiro1) B I r n i d ti ia sh g B a u r l i - a (dollar) (peso) S ( h y a u n a g n - Official S E p x e p c o ia rt l Official Free (franc) Official Free (rupee) (lev) Official Free Official Export hai) 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 30.850 353.38 3.3704 6.0027 5.1248 33.279 96.018 5.1727 4.0000 11.879 1940 29.773 2322.80 305.16 23.3760 6.0562 5.0214 30.155 290.909 85.141 5.1668 4.0000 6.000 1941 29.773 223.704 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.0000 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 2321.17 22.2860 6.0602 5.1802 30.122 90.909 90.485 1945—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—Tan 29.773 25.125 321.41 2.2840 6.0602 5.1802 30.122 90.909 90.712 Feb 29.773 25.125 321.41 2.2845 6.0602 5.1802 30.122 90.909 90.695 Mar 29.773 25.125 321.41 2.2845 6.0602 5.1829 30.122 90.909 90.747 Apr 29.773 25,125 321.40 2.2844 6.0602 5.1902 30.139 90.909 90.764 May 29.773 25.125 321.38 2.2846 6.0602 5.1900 30.182 90.909 90.679 June 29.773 25.125 321.41 2.2847 6.0602 5.1902 30.182 90.909 90.597 July 29.773 25.125 321.41 2.2847 '6.0602 '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 Oct 29.773 25.125 321.27 2 2798 5.40.S3 30.156 100.000 95.953 Year or month C ( o p b l e i o s a o m ) - C s ( 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 N Z l o a e e u 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 1.6715 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—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 io. 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 Oct 57.007 2.0060 20.877 8409 20.574 37.789 322.56 United Kingdom Uruguay Year or month Norway Poland Portu- Ru n m ia a- S A o fr u ic th a Spain S S e tr tt a l i e t - s S d w en e- S er w la it n z d - (pound) (peso) Y sl u av g i o a - (krone) (zloty) (escudo) (leu) (pound) (peseta) m (d e o n lla ts r) (krona) (franc) Official Free tr C o o ll n e - d tr N c o o o l n l n e - - d (dinar) 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—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 >79'i32 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 May 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 9.132 126.195 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 Oct 20.161 4.0501 400.50 9.132 27.819 23.363 403.20 65.830 56.272 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis. 8 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. 1 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. DECEMBER 1946 1429 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 1 n 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 3 g t 0 0 d e ) o d = m F (1 r 1 9 a 0 1 n 0 3 c ) = e Ge (1 r 1 91 0 m 0 3 a ) n = y (1 I 1 9 t 0 2 a 0 8 l ) y = ( J 1 O 9 c a 1 0 t 0 p 0 o 0 a b ) n = er ( J J N u l u e n l a t e y n h d e 1 1 s r 9 9 - i 3 3 9 8- S (1 w 1 9 e 0 3 d 0 5 e ) = n ( S J w u = l i l a t 1 y n z 0 e d 1 0 r ) 9 - 14 = 100) 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 81 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 3 901 110 116 311 131 146 143 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—November 107 104 170 211 191 219 December 107 104 170 217 190 214 1946—January 107 105 172 236 185 215 February 108 105 172 241 185 213 March 109 106 172 242 185 214 April 110 108 173 244 185 213 May 111 109 173 245 185 213 June 113 109 173 249 186 213 July '125 110 177 252 186 214 August 129 109 177 P257 185 215 September 124 109 177 P259 184 213 October 134 178 *217 P Preliminary. r Revised. i 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. 8 Approximate figure, derived from old index (1913 =100). • 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 (1926=100) Year or month Farm Other products Foods commodities 1926 100 100 100 1932 48 61 70 1933 51 61 71 1934 65 71 78 1935 79 84 1936 81 82 1937 86 86 1938 69 74 1939 65 70 1940 68 71 1941 82 83 1942 106 100 1943 ... 123 107 1944 123 105 1945 128 106 1945—November 131 108 December 132 109 1946—January 130 107 February 131 108 March 133 109 April 135 111 Mi ay 138 112 June 140 113 July 157 140 August 161 149 September .... 154 132 October 165 158 OOOn- 82 81 83 89 96 97 99 mn < OO OOOO Canada United Kingdom Germany (1926=100) (1930 = 100) 1913=100) Raw and Fully and Indus- Farm partly chiefly Indus- Agricul- trial raw Indusproducts manu- manu- Foods trial tural and semi- trial finfactured factured products products finished ished goods goods products products 100 100 100 129 130 150 48 55 70 88 85 91 89 118 51 57 70 83 87 87 88 113 59 64 73 85 90 96 91 116 64 66 73 87 90 102 92 119 69 71 74 92 96 105 94 121 87 84 81 102 112 105 96 125 74 73 78 97 104 106 94 126 64 67 75 97 106 108 95 126 67 75 82 133 138 111 99 129 71 82 89 146 156 112 100 133 83 90 92 158 160 115 102 134 96 99 93 160 164 119 102 135 103 104 94 158 170 122 103 136 107 106 94 158 175 109 106 94 158 175 109 106 94 158 175 110 106 95 157 180 110 107 95 157 179 110 t07 96 158 179 111 108 99 159 180 104 112 109 99 159 181 106 113 110 99 159 181 ••no 114 110 99 161 185 111 108 100 159 186 112 111 108 100 158 188 112 157 189 116 r Revised. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1430 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES— Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- United Can- King- Ger- Nether- er- United Can- King- Ger- Nether- er- Year or States ada dom many lands land Year or States ada dom many lands land month (1935-39 (1935-39 (July (1913-14 (1911-13 (June month (1935-39 (1935-39 (July (1913-14 (1911-13 (June =100) =100) 1914 =100) =100) 1914 =100) =100) 1914 =100) =100) 1914 =100) =100) =100) =100) 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 . . . 101 98 130 122 120 120 1936 99 98 147 125 » 132 130 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 150 146 1940 100 106 184 130 154 151 1941 106 116 168 129 177 175 1941 105 112 199 133 175 174 1942 124 127 161 132 191 200 1942 117 117 200 137 187 193 1943 138 131 166 134 198 211 1943 124 118 199 139 195 203 1944 136 131 168 138 215 1944 126 119 201 141 208 1945 139 133 170 215 1945 128 119 203 209 1945-November. 140 134 169 210 1945-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 Februaty.. 130 120 203 206 March.... 140 133 169 206 March. . .. 130 120 203 205 April. . . 142 135 169 206 April 131 121 203 205 JVlay 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 171 145 171 209 August.... 144 126 205 207 September. 174 143 168 209 September. 146 126 203 207 October.. . 180 P147 168 P215 October.. . 148 P127 203 P212 P Preliminary. 1Revised index from March 1936 (see BULLETIN for April, 1937 p. 373). Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926=100) Year or month ( U S p d n t r e i a r i c i t t v e e e ) e d s i d 1 ( K D 9 U i 2 e n n 1 c g i e = t d m 1 e o d 0 b m 0 e ) r (19 F 3 r 8 a = n 1 c 0 e 0)2 G ( e a p v r ri e m c r e a a ) g n 3 e y N la e n th d e s* r- ( U 1 = S 9 n 1 t 3 a i 0 5 t t 0 e e - ) 3 d s 9 U K n i i n t g e - d 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) dom Number of issues. . 15 87 50 3139 8 402 278 (5) 2 284 100 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 •114.2 100.7 •* 77.9 88.1 70.8 114.6 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 6103.3 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 10 103.7 99.8 88.6 145.4 551 i° 151.4 1945 122.1 128.3 152.1 121 5 92 4 453 1945—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 1C5.3 141.8 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 5 540 123 2 July 124.0 132.2 143 5 149 6 99 2 569 115 9 August 123.8 132.2 142.8 146 4 97 6 583 September. . 122.8 132.5 P142.1 125 4 94 7 October 121.8 133.0 P139.9 122.3 93.0 P Preliminary. 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. 3 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, when five banks were nationalized; on 295 issues until July 4, 1946, when 11 insurance companies were nationalized; and on 284 issues thereafter. For complete information on the composition of the bond and stock indexes see "Bulletin de la Statistique Gen'rale" 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 Gen'ra'e" for October-December 1944, pp. 274-276. • 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. ^ Indexes of reciorocals 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, January-March 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. • 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. • Average based on figures for 9 months; no data available May-July. » 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.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. DECEMBER 1946 1431 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 Mar\et Account HERBERT V. PROCHNOW, Acting Secretary 1432 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. Poorman 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 O. S. Powell A. W. Mills2 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City. Robert B. Caldwell H. G. Leedy O. P. Cordill John Phillips, Jr. Robert L. Mehornay Henry O. 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 M. Leisner3 H. F. Slade Harry R. Wellman JH. 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. Pipkin* Oklahoma City 0. P. Cordill* Richmond Baltimore W. R. Milford4 Omaha L. H. Earhart* Charlotte W. T. Clements4 Atlanta Birmingham P. L. T. Beavers4 Jacksonville Geo. S. Vardeman, Jr.4 Dallas El Paso W. E. Eagle* Nashville Joel B. Fort, Jr.4 Houston L. G. Pondrom* New Orleans E. P. Paris4 San Antonio W. H. Holloway* Chicago Detroit E. C. Harris5 San Francisco.. . Los Angeles W. N. Ambrose4 St. Louis Little Rock A. F. Bailey5 Portland D. L. Davis4 Louisville C. A. Schacht5 Salt Lake City W. L. Partner4 Memphis William B. Pollard* Seattle C. R. Shaw4 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Managing Director. 5 Vice President. DECEMBER 1946 1433 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 == BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1 ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages Acceptance by member banks of drafts or bills of Assets and liabilities—Continued. exchange, revision of Regulation C 996 Federal Reserve Banks—Continued. Acceptances, bankers': Each bank 43, 150, 296, 394, 498, Buying rates 41, 148, 294, 392, 496, 624, 764, 884, 1026, 1150, 1250, 1366 622, 762, 882, 1024, 1148, 1248, 1364 Foreign central banks 97, 207, 349, 449, 555, Open-market rates on 60, 167, 313, 411, 515, 695, 821, 945, 1085, 1209, 1309, 1423 641, 781, 901, 1043, 1167, 1267, 1383 Government corporations and credit agencies . . 67, Outstanding 59, 166, 312, 410, 514, 174, 320, 418, 522, 648, 788, 640, 780, 900, 1042, 1166, 1266, 1382 908, 1050, 1174, 1274, 1390 Addresses: Insured commercial banks in the United States British loan, by Marriner S. Eccles before Foreign and possessions 545, 1199 Policy Association 232 International capital transactions of United Economic conditions and public policy, by States 94, 204, 346, 446, 552, Marriner S. Eccles before Sixteenth New 692, 818, 942, 1082, 1206, 1306, 1420 England Bank Management Conference 1230 Nonfinancial corporations, estimated balance Administrative procedure rules: sheets of 708 Rules of organization of Board 999 Australia: Rules of procedure of Board 1004 Commonwealth Bank of: Rules of organization and information and rules Condition 99, 209, 351, 451, 557, on procedure of Federal Open Market com- 697, 823, 947, 1087, 1211, 1311, 1425 mittee 1011 Foreign exchange rates 103, 213, 355, 455, 561, Admissions of State banks to membership in Federal 701, 827, 951, 1091, 1215, 1315, 1429 Reserve System 32, 129, 256, 386, 478 ; Gold movements 90, 200, 342, 442, 548, 615, 756, 876, 1018, 1142, 1242, 1357 688, 814, 938, 1078, 1202, 1302, 1416 Agnew, John, suit regarding removal as bank director. .251 Gold production 90, 200, 342, 442, 548, Agricultural loans: 688, 814, 938, 1078, 1202, 1302, 1416 Insured commercial banks 53, 160, 306, 404, 508, Austria, reestablishment of Austrian National Bank... 33 634, 774, 894, 1036, 1160, 1260, 1376 Awards for distinguished service in war finance 248 Agriculture: Bailey, A. F., appointed Vice President and designated Balance sheet of, 1946 974 Manager of Little Rock Branch 129 Crop reports 85, 927, 1069, 1193, 1293, 1409 Bank credit: National summary of business conditions 1144 Current statistics for Federal Reserve chart book Albania: 86, 192, 33S 437, 541, 668, 807, Central Bank: y 928, 1070, 1194, 1294, 1410 Discount rate of 101, 211, 353, 453, 559, National summary of business conditions. .37, 143, 699, 825, 949, 1089, 1213, 1313, 1427 290, 388, 492, 617, 758, 878, 1020, 1144, 1243, 1359 Anderson, R. B., appointed Class C director and Bank debits: (See Debits to deposit accounts) designated Deputy Chairman at Dallas 32 Bank deposits: (See Deposits) Anglo-American financial agreement, British white Bank for International Settlements: paper published in connection with 20 Anglo-American trade and financial negotiations 14 Condition 100, 210, 352, 452, 558, Annual reports: 698, 824, 948, 1088, 1212, 1313, 1427 International Bank for Reconstruction and Gold reserves 89, 199, 341, 441, 547, Development 1132 687, 813, 937, 1077, 1201, 1301, 1415 International Monetary Fund 1123 Bank loans: (See Loans; Loans and Investments) Argentina: Bank premises: Central Bank of: Federal Reserve Banks 44, 151, 297, 395, 499, Condition 99, 209, 351, 451, 557, 625, 765, 885, 1027, 1151, 1251, 1367 697, 823, 947, 1087, 1211, 1311, 1425 Member banks 544, 1198 Discount rate 101, 211, 353,453,559, Bank suspensions: 699, 825, 949, 1089, 1213, 1313, 1427 Number and deposits 50, 157, 303, 401, 505, Gold reserves 89, 199, 341, 441, 547, 631, 771, 891, 1033, 1157, 1257, 1373 687, 813, 937, 1077, 1201, 1301, 1415 Bankers' acceptances: (See Acceptances, bankers') Foreign exchange rates 103, 213, 355, 455, 561, Bankers' balances: 701, 827, 951, 1091, 1215, 1315, 1429 Insured commercial banks 54, 161, 307, 405, 509, Articles: (See Special articles) 635, 775, 895, 1037, 1161, 1261, 1377 # Asia: Weekly reporting member banks: International capital transactions 92, 202, 344, By Federal Reserve districts 58, 165, 311, 444, 550, 690, 816, 940, 1080, 1204, 1304, 1418 409, 513, 639, 779, 899, 1041, 1165, 1265, 1381 Assets, liquid: (See Liquid assets) New York City and outside . .56, 163, 309, 407, Assets and liabilities: 511, 637, 777, 897, 1039, 1163, 1263, 1379 All member banks, classes of banks: Banking: December 31, 1945 544 Developments during the year, discussion in June 29, 1946 1198 Review of the Month 461 Commercial banks in United Kingdom, Canada, Funds, foreign, increase in United States. . .91, 201, and France 102, 212, 354, 454, 560, 343, 443, 549, 689, 815, 939, 1079, 1203, 1303, 1417 700, 826, 950, 1090, 1214, 1314, 1428 General license to transact banking business issued Federal Reserve Banks: by Secretary of the Treasury 28 All banks 42, 149, 295, 393, 497, Offices, number of 543, 671, 810, 931, 623, 763, 883 1025, 1149, 1249, 1365 1073, 1197, 1297, 1413 f DECEMBER 1946 1435 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages Banking—Continued, Board of Governors—Continued. Postwar transition in, discussion in Review of the Members—Continued. Month 1097 Eccles, Marriner S.—Continued. Banks: Statement on sources of inflationary Consolidations 196, 1074 pressures 121 Vardaman, James K., Jr., appointment of.. .386 Government securities held by. .65, 172, 318, 416, 520, Number of: 646' 786' 903' 1048' 1172' 1272' 1388 Members and officers, list.. .106, 216, 358, 458, 564, 704, 830, 954, 1094, 1218, 1318, 1432 By districts and by States... .439, 543, 671, 810, Office of Administrator for War Loans abolished .1018 931, 1073, 1197, 1297, 1413 Rules of organization 999 By States 672 Rules of procedure 1004 Call dates 51, 158, 304, 402, 506, Staff: (See Staff of Board) 632, 772, 892, 1034, 1158, 1258, 1374 Changes 196, 1074 Bolivia: Suspensions 50, 157, 303, 401, 505, Central Bank of: 631, 771, 891, 1033, 1157, 1257, 1373 Condition 99, 209, 351, 451, 557, Banks for cooperatives: 697, 823, 947, 1087, 1211, 1311, 1425 Loans by 67, 174, 320, 418, 522, Discount rate 101, 211, 353, 453, 559, 648, 788, 908, 1050, 1174, 1274, 1390 699, 825, 949, 1089, 1213, 1313, 1427 Beall, W. F., elected Class B director at Dallas for Bond yields: unexpired term 478 Government, municipal and corporate. .60, 167, 313, Bean, Robert W. article on results of monetary f 411, 515, 641, 781, 901, 1043, 1167, 1267, 1383 reforms in Western Europe 1115 Bonds: Belgian Congo: New security issues 61, 168, 314, 412, 516, Gold production 90, 200, 342, 442, 548, 642, 782, 902, 1044, 1168, 1268, 1384 . . 688, 814, 938, 1078, 1202, 1302, 1416 D Prices in principal countries. .105, 215, 357, 457, 563, Belgium: Foreign exchange rates 103, 213, 355, 455, 561, 703, 829, 953, 1093, JL217, 1317, 1431 701, 827, 951, 1091, 1215, 1315, 1429 Prices in United States 61, 168, 314, 412, 516, Gold movements 90, 200, 342, 442, 548, 642, 782, 902, 1044, 1168, 1268, 1384 688, 814, 938, 1078, 1202, 1302, 1416 United States savings, sales and redemptions.... 64, National Bank of: 171, 317, 415, 519, 645, 785, Condition 99, 209, 351, 451, 557, 905, 1047, 1171, 1271, 1387 697, 823, 947, 1087, 1211, 1311, 1425 (See also Government securities) Discount rate 101, 211, 353, 453, 559, Boothe, Gardner L., II., appointed Assistant Director 699, 825, 949, 1089, 1213, 1313, 1427 of Division of Administrative Services 876 Gold reserves 89, 199, 341, 441, 547, Borrowings: 687, 813, 937, 1077, 1201, 1301, 1415 Insured commercial banks 54, 161, 307, 405, 509, Bergelin, John O., article on revised index of department store stocks . 588 635, 775, 895, 1037, 1161, 1261, 1377 Billington, E. F., resignation as director at New Member banks at Federal Reserve Banks..46, 153, Orleans Branch 876 299, 397, 501, 627, 767, 887, 1029, 1153, 1253, 1369 Bills discounted by Federal Reserve Banks: Weekly reporting member banks: All banks combined 40, 147, 293, 391, 495, By Federal Reserve districts. .58, 165, 311, 409, 621, 761, 881, 1023, 1147, 1247, 1363 513, 639, 799, 899, 1041, 1165, 1265, 1381 Each bank 43, 150, 296, 394, 498, New York City and outside. .56, 163, 309, 407, 624, 764, 884, 1026, 1150, 1250, 1366 511, 637, 777, 897, 1039, 1163, 1263, 1379 Maturity distribution 42, 149, 295, 393, 497, Branch banks: 623, 763, 883, 1025, 1149, 1249, 1365 Changes, analysis . . 196, 1074 Member and nonmember banks..42, 149, 295, 393, Federal Reserve System: 497, 623, 763, 883, 1025, 1149, 1249, 1365 Directors: (See Directors) Blackall, Frederick S., Jr., elected Class B director Managing officers 107, 217, 359, 459, 565, at Boston for unexpired term 478 705, 831, 955, 1095, 1219, 1319, 1433 Board of Governors: Memphis: Members: By-laws, amendment to provide for Eccles, Marriner S.: designation of Vice President of bank Address on British loan before Foreign as Manager 129 Policy Association 232 Address on economic conditions and Staff: public policy before Sixteenth New Pollard, William B., appointed England Bank Management Con- Vice President and designated ference 1230 Manager of branch 129 Statement before Banking and Cur- Little Rock: rency Committee of the Senate, ex- By-laws, amendment to provide for tension of Emergency Price Control designation of Vice President of Act of 1942 573 bank as Manager 129 Statement on financial agreement be- Staff: tween the United States and Great Bailey, A. F., appointed Vice Britain made before Banking and President and designated Man- Currency Committee of Senate 373 ager of branch 129 1436 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages Branch Banks—Continued. By-laws: Federal Reserve System—Continued. Memphis Branch, amendment to provide for Louisville: designation of Vice President of bank as By-laws, amendment to provide for Manager of branch 129 designation of Vice President of Little Rock Branch, amendment to provide for bank as Manager 129 designation of Vice President of bank as Staff: Manager of branch 129 Schacht, C. A., appointed Vice Louisville Branch, amendment to provide for President and designated Man- designation of Vice President of bank as ager of branch .129 Manager of branch 129 Number in operation, by States .672 Cagle, C. E., resignation as Assistant Director of Number of banking offices. . .439, 543, 671, 810,931, Division of Examinations 1241 r, 1073, 1197, 1297, 1413 Cameron, David P., appointed director at New M Brazil: ' ' ' 561, Orleans Branch for unexpired term ... 876 Foreign exchange rates 103, 213, 355, 455,1429 Canada: 701, 827, 951, 1091, 1215, 1315, 547, Bank of: Gold reserves 89, 199, 341, 441, 1415 Condition 102, 212, 354, 454, 560, 687, 813, 937, 1077, 1201, 1301, 700, 826, 950, 1090, 1214, 1314, 1428 Bretton Woods institutions, establishment of, dis- .361 Discount rate 101, 211, 353, 453, 559, cussed in Review of the Month... British India: (See India, British) 699, 825, 949, 1089, 1213, 1313, 1427 British loan, address by Marriner S. Eccles before Gold reserves 89, 199, 341, 441, 547, Foreign Policy Association in Philadelphia 232 687, 813, 937, 1077, 1201, 1301, 1415 British white paper on war finance 723 Commercial banks, assets and liabilities. . 102, 212, British white paper published in connection with 354, 454, 560, 700, 826, 950, 1090, 1214, 1314, 1428 Anglo-American financial agreement ..20 Cost of living, index numbers. . 105, 215, 357, 457, 563, Brokers and dealers in securities, loans to: 703, 829, 953, 1093, 1217, 1317, 1431 Insured commercial banks. . . .53, 160, 306, 404, 508, Dollar, statement by the Minister of Finance on 634, 774, 894, 1036, 1160, 1260, 1376 the appreciation of 859 Weekly reporting member banks: Foreign exchange rates 103, 213, 355, 455, 561, By Federal Reserve districts. .57, 164, 310, 408, 701, 827, 951, 1091, 1215, 1315, 1429 512, 638, 778, 898, 1040, 1164, 1264,1380 Gold movements 90, 200, 342, 442, 548, New York City and outside. .55, 162, 308, 406, 688, 814, 938, 1078, 1202, 1302, 1416 510, 636, 776, 896, 1038, 1162, 1262, 1378 Gold production 90, 200, 342, 442, 548, Brokers balances: 688, 814, 938, 1078, 1202, 1302, 1416 Movement to United States from abroad. .91, 201, International capital transactions. .92, 202, 344, 444, 343, 443, 549, 689, 815, 939, 1079, 1203, 1303, 1417 550, 690, 816, 940, 1080, 1204, 1304, 1418 Brown, Edward E., elected president of Federal Retail food prices 105, 215, 357, 457, 563, Advisory Council .255 703, 829, 953, 1093, 1217, 1317, 1431 Brown, Prentiss M., appointed director at Detroit Wholesale prices in 104, 214, 356, 456, 562, Branch ..31 702, 828, 952, 1092, 1216, 1316, 1430 Bryan, Malcolm H., resignation as First Vice Presi- Capital: dent of Federal Reserve Bank of Atlanta 1241 Expenditures, discussed in Review of the Month. .709 Budget: Manufacturing corporations 1107 Federal, in the transition economy, discussion Movement to United States. .91, 201, 343, 443, 549, in Review of the Month .109 689, 815, 939, 1079, 1203, 1303, 1417 Federal Government for fiscal year .113 Capital accounts: Message of President to Congress .109 Federal Reserve Banks 45, 152, 298, 396, 500, Nation, for year .113 626, 766, 886, 1028, 1152, 1252, 1368 Bulgaria: Insured commercial banks. . . .54, 161, 307, 405, 509, Foreign exchange rates 103, 213, 355, 455, 561, 635, 775, 895, 1037, 1161, 1261, 1377 701, 827, 951, 1091, 1215, 1315, 1429 Insured commercial banks in United States and National Bank of: possessions 545, 1199' Discount rate 101, 211, 353, 453, 559, Member banks: 699, 825, 949, 1089, 1213, 1313, 1427 December 31, 1945 544 Burchfield, Albert H., Jr., appointed director at June 29, 1946 1198 Pittsburgh Branch 31 Weekly reporting member banks: Business: By Federal Reserve districts. .58, 165, 311, 409, Liquid asset holdings of 122, 1236 513, 639, 779, 899, 1041, 1165, 1265, 1381 Postwar financial position of 1335 New York City and outside. .56, 163, 309, 407, Business conditions: 511, 637, 777, 897, 1039, 1163, 1263, 1379 Current statistics for Federal Reserve chart Cash in vaults: book 86, 192, 338, 437, 541, Insured commercial banks 54, 161, 307, 405, 509, 668, 807, 928, 1070, 1194, 1294,1410 635, 775, 895, 1037, 1161, 1261, 1377 t National summary of 36, 142, 289, 387, 491, Weekly reporting member banks: 616, 757, 877, 1019, 1143, 1242, 1358 By Federal Reserve districts. .58, 165, 311, 409, Business indexes: 513, 639, 779, 899, 1041, 1165, 1265, 1381 Monthly and yearly figures, 1919-1946. .68, 175, 321, New York City and outside. .56, 163, 309, 407, 419, 523, 649, 789, 909, 1051, 1175, 1275, 1391 511, 637, 777, 897, 1039, 1163, 1263, 1379 DECEMBER 1946 1437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages Cash income and outgo of Treasury. 1049,'l 173, 1273, 1389 Charts—Continued. Central banks: Estimated distribution of ownership of demand Assets and liabilities 97, 207, 349, 449, 555, deposits, by size of bank 472 695, 821, 945, 1085, 1209, 1309, 1423 Exports and imports of the United Kingdom 8 Discount rates 101, 211, 353, 453, 559, Farm real estate, estimated value per acre 978 699, 825, 949, 1089, 1213, 1313, 1427 Foreign short-term banking funds in the United Gold reserves 89, 199, 341, 441, 547, States 1329 687, 813, 937, 1077, 1201, 1301, 1415 Government security holdings of banks in lead- Central reserve city banks: ing cities 617, 1359 Assets and liabilities: Holdings of U. S. Government securities by kinds.466 December 31, 1945 544 Index of liquid assets and percentage distribu- June 29, 1946 1198 tion by type of asset of specified owners 983 Condition of insured commercial banks. .53, 160, 306, Individual incomes, expenditures and taxes. 221, 839 404, 508, 634, 774, 894, 1036, 1160, 1260, 1376 Industrial production 36, 142, 219, 289, 387, Deposits 47, 154, 300, 398, 502, 491, 616, 757, 877, 1019, 1143, 1242, 1358 628, 768, 888, 1030, 1154, 1254, 1370 Labor force, employment and unemployment. . . .959 Earnings and expenses 674, 1298 Liquid asset holdings 1221 Reserves 47, 154, 300, 398, 502, Loans of insured banks 1103 628, 768, 888, 1030, 1154, 1254, 1370 Member bank earnings 378 Reserves and borrowings 46, 153, 299, 397, 501, Member bank earnings and profits 376 Member bank expenses 379 627, 767, 887, 1029, 1153, 1253, 1369 Member bank reserves and related items 37, 39, Chairmen of Federal Reserve Banks: 143, 146, 292, 388, 390, 494, 620, 760, Appointments for year 31 878,880, 1022, 1144, 1146, 1246, 1362 List of 107, 217, 359, 459, 565, Member banks in leading cities 37, 290, 705, 831, 955, 1095, 1219, 1319, 1433 492, 758, 1020, 1243 Meeting on Dec. 5-6 1357 Money, prices and production in four liberated Chalkley, H. G., appointed director at New Orleans countries—Belgium, Netherlands, Norway Branch for unexpired term 31 and Denmark 1116 Chart books: Money, prices, and production in France 1118 Chart book No. 1, revision of 478 Money, prices, and production in the United Current figures on bank credit, money rates, Kingdom and Sweden 1117 and business 86, 192, 338, 437, 541, Money, prices and production in the United 668, 807, 928, 1070, 1194, 1294, 1410 States 1118 Charts: Ownership of demand deposits 1224 Amounts individual buyers plan to spend for Prices 833 consumer durable goods in 1946 848 Purchases and depreciation of farm automobiles, Assets and liabilities—379 large manufacturing motor trucks, tractors, and other farm macorporations 1106 chinery, U. S 979 Bank deposits—all banks and country banks, Receipts of goods at department stores 842 U. S 980 Retail sales 581 Bank deposits and currency 1101 Total discharged veterans compared with those Business expenditures on new plant and equip- receiving unemployment allowances 960 ment 709 Treasury receipts and expenditures 112 Commercial and industrial loans of banks 713 United States foreign trade 1322 Comparative consolidated balance sheet of United States Government debt 1100 agriculture 974 Value of construction activity 223, 491, 1358 Concentration of liquid asset holdings and net War induced additions to the total labor force... .962 saving 717 Wartime growth in Federal expenditures 118 Consumer credit 568 Wartime growth in total assets of 2,708 manu- Consumer credit outstanding 1345 facturing and trade concerns, by asset size. . . . 1335 Consumers' prices 1359 Weekly reporting member banks 463 Cost of living 143, 290, 757, 1019 Wholesale prices 388, 617, 837, 878, 1144, 1243 Department store sales and stocks. .36, 142, 387, 492, Wholesale prices in France and the United 589, 758, 856, 1020, 1242 States in U. S. dollars 1121 Boston and New York districts 596 Wholesale prices in selected countries in U. S. Philadelphia and Cleveland districts 599 dollars 1121 Richmond and Atlanta districts 602 Yields on U. S. Government securities 467, 1104 Chicago and St. Louis districts 605 Chile: Minneapolis and Kansas City districts 608 Dallas and San Francisco districts 611 Central Bank of: Department store stocks 588, 590 Condition 99, 209, 351, 451, 557, Deposit growth, 1942-46, by Federal Reserve 697, 823, 947, 1087, 1211, 1311, 1425 district 1227 Discount rate 101, 211, 353, 453, 559, Deposits by class of bank 1228 699, 825, 949, 1089, 1213, 1313, 1427 Distribution of income by income classes 851 Gold reserves 89, 199, 341, 441, 547, Distribution of liquid asset holdings 1222 687, 813, 937, 1077, 1201, 1301, 1415 Employment in nonagricultural establishments Foreign exchange rates 103, 213, 355, 455, 561, 289, 616, 877, 963 701, 827, 951, 1091, 1215, 1315, 1429 1438 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages Chile—Continued. Committees: Gold production 90, 200, 342, 442, 548, Banking and Currency of House: 688, 814, 938, 1078, 1202, 1302, 1416 Statement on Federal Reserve index of China: industrial production sent to 472 Foreign exchange rates 103, 213, 355, 455, 561, Banking and Currency of the Senate: 701, 827, 951, 1091, 1215, 1315, 1429 Statement of Marriner S. Eccles on exten- Clark, John D., resignation as director at Omaha sion of the Emergency Price Control Act Branch 1018 of 1942 573 Clark, L. M., appointed First Vice President at Statement of Marriner S. Eccles on financial Atlanta for unexpired term 1241 agreement between the United States and Clearing and collection: Great Britain 373 Banks on Federal Reserve par list 124 Executive of Federal Open Market, members of.. .255 Limitation on claims connected with Govern- Federal Open Market: (See Federal Open ment checks 384 Market Committee) Number of banks on par list, by districts and by Commodity Credit Corporation: States.439, 543, 671, 810, 931,1073,1197,1297,1413 Assets and liabilities 67, 174, 320, 418, 522, 648, 788, 908, 1050, 1174, 1274, 1390 Clerk, Ira: Loans by 67, 174, 320, 418, 522, Appointed President at San Francisco 32 648, 788, 908, 1050, 1174, 1274, 1390 Death of 1142 Commodity prices: Cochran, W. D., appointed Deputy Chairman at Minneapolis 32 National summary of business conditions. .37, 143, 290, 388, 492, 617, 758, 878, 1020, 1144, 1243, 1359 Coins: Comptroller of the Currency: Circulation of 48, 155, 301, 399, 503, Limitations on national bank real estate loans to 629, 769, 889, 1031, 1155, 1255, 1371 veterans, instructions to national bank ex- Colombia: aminers 474 Bank of Republic of: Condition statements: Condition 99, 209, 351, 451, 557, All member banks, by classes of banks 544, 1198 697, 823, 947, 1087, 1211, 1311, 1425 Balances due to and from banks in territories, Discount rate 101, 211, 353, 453, 559, classification for reserve purposes 1240 699, 825, 949, 1089, 1213, 1313, 1427 Commercial banks in United Kingdom, Canada, Gold reserves 89, 199, 341, 441, 547, and France 102, 212, 354, 454, 560, 687, 813, 937, 1077, 1201, 1301, 1415 700, 826, 950, 1090, 1214, 1314, 1428 Foreign exchange rates 103, 213, 355, 455, 561, Federal Reserve Banks: 701, 827, 951, 1091, 1215, 1315, 1429 All banks combined 42, 149, 295, 393, 497, Gold production 90, 200, 342, 442, 548, 623, 763, 883, 1025, 1149, 1249, 1365 688, 814, 938, 1078, 1202, 1302, 1416 Each bank 43, 150, 296, 394, 498, Comer, Donald, elected Class B director at Atlanta 624, 764, 884, 1026, 1150, 1250, 1366 for unexpired term 478 Foreign central banks 97, 207, 349, 449, 555, Commercial banks: 695, 821, 945, 1085, 1209, 1309, 1423 Assets and liabilities in United Kingdom, Government corporations and credit agencies Canada, and France 102, 212, 354, 454, 560, 67, 174, 320, 418, 522, 648, 788, 700, 826, 950, 1090, 1214, 1314, 1428 908, 1050, 1174, 1274, 1390 Changes in number of offices 196, 1074 Insured commercial banks: Condition of insured in United States by classes. . .53, Classes of banks 53, 160, 306, 404, 508, 160, 306, 404, 508, 634, 774, 634, 774, 894, 1036, 1160, 1260, 1376 894, 1036, 1160, 1260, 1376 United States and possessions 545, 1199 Condition of insured in United States and Weekly reporting member banks: possessions 545, 1199 By Federal Reserve districts. .57, 164, 310, 408, Consumer instalment loans. . .82, 189, 335, 433, 537, 512, 638, 778, 898, 1040, 1164, 1264, 1380 664, 803, 923, 1065, 1189, 1289, 1405 New York City and outside. .55, 162, 308, 406, Insured home mortgages held. .76, 183, 329, 427, 531, 510, 636, 776, 896, 1038, 1162, 1262, 1378 657, 797, 917, 1059, 1183, 1283, 1399 Conferences: (See Meetings) Commercial, industrial and agricultural loans of Consolidations of banks 196, 1074 weekly reporting member banks: Construction: By Federal Reserve districts. .57, 164, 310, 408, 512, Expansion, discussed in Review of the Month.. . .223 638, 778, 898, 1040, 1164, 1264, 1380 National summary of business conditions 877, New York City and outside.. .55, 162, 308, 406, 510, 1019, 1143, 1242, 1358 636, 776, 896, 1038, 1162, 1262, 1378 Construction contracts awarded: Commercial loans: By districts 76, 183, 329, 427, 531, Insured, by classes 53, 160, 306, 404, 508, 657, 797, 917, 1059, 1183, 1283, 1399 634, 774, 894, 1036, 1160, 1260, 1376 By public and private ownership. .76, 183, 329, 427, Commercial paper: 531, 657, 797, 917, 1059, 1183, 1283, 1399 Open-market rates on 60, 167, 313, 411, 515, By type of construction 76, 183, 329, 427, 531, 641, 781, 901, 1043, 1167, 1267, 1383 657, 797, 917, 1059, 1183, 1283, 1399 Outstanding 59, 166, 312, 410, 514, Index of value of 68, 175, 321, 41Q, 523, 640, 780, 900, 1042, 1166, 1266, 1382 649, 789, 909, 1051, 1175, 1275, 1391 Commitment rates under Regulation V. .41, 148, 294, 392, Consumer credit: 496, 622, 762, 882, 1024, 1148 Add-on sale, exemption under Regulation W 874 DECEMBER 1946 1439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages Consumer credit—Continued. Cost of living—Continued. Amendment No. 20 to Regulation W ..749 Index for principal countries. .105, 215, 357, 457, 563, Amendment No. 21 to Regulation W ..998 703, 829, 953, 1093, 1217, 1317, 1431 Consumers Home Equipment Company, con- Index, United States 68, 175, 321, 419, 523, victed for violating Regulation W 749 649, 789, 909, 1051, 1175, 1275, 1391 Floor furnaces as listed articles under Regula- Country member banks: tion W 1140 Assets and liabilities: Furniture store statistics 82, 189, 335, 434, 538, December 31, 1945 544 665, 804, 924, 1066, 1190, 1290, 1406 June 29, 1946 1198 Instalment credits of commercial banks, by Condition, call dates 53, 160, 306, 404, 508, type of credit 82, 189, 335, 433, 537, 634, 774, 894, 1036, 1160, 1260, 1376 664, 803, 923, 1065, 1189, 1289, 1405 Deposits and reserves 47, 154, 300, 398, 502, Instalment loans 81, 188, 334, 432, 536, 628, 768, 888, 1030, 1154, 1254, 1370 663, 802, 922, 1064, 1188, 1288, 1404 Deposits in large and small centers. .46, 153, 299, 397, Instalment loans made by principal lending 501, 627, 767, 887, 1029, 1153, 1253, 1369 institutions 82, 189, 335, 432, 536, Earnings and expenses, 1945 677 663, 802, 922, 1064, 1188, 1288, 1404 Reserves and borrowings 46, 153, 299, 397, 501, Instalment sale credit, excluding automobile 627, 767, 887, 1029, 1153, 1253, 1369 credit 81, 188, 334, 433, 537, Court cases: 664, 803, 923, 1065, 1189, 1289, 1405 Agnew, John and Fayerweather, F. O. suit re- Jeep station wagons, classification under Regu- garding removal as bank directors 251 lation W. . 1240 Consumers Home Equipment Company, con- Kitchen cabinets, classification under Regula- viction for violating Regulation W 749 tion W ..1240 Peoples Bank y. Eccles et al., suit dismissed 750 Listed article installed in connection with repairs Cox, Cecil C, appointed director at Little Rock Branch .31 or improvements 874 Listed articles used in realty improvements 29 Credit: Principal amount, meaning in section 2(e) of Bank: (See Bank credit) Regulation W .874 Consumer: (See Consumer credit) Ratio of collections to accounts receivable. .82, 189, Federal Reserve: 335, 434, 538, 665, 804, 924, 1066, 1190, 1290,1406 Chart 39, 146, 292, 390, 494, 620, 760, 880, 1022, 1146, 1246, 1362 Recent changes, discussion in Review of the End of month and Wednesday figures. .40, 147, Month .567 293, 391, 495, 621, 761, Renewal of single payment loan under $2,000...1140 881, 1023, 1147, 1247, 1363 Revision of Regulation W 1345, 1348 Retail, survey for 1945 581 Statistics, revision of .383 Crop reports, by Federal Reserve districts 85, 927, Suspension of license of Motor City Credit 1069, 1193, 1293, 1409 Jewelry Co., Inc .249 Currency: Total credit, by major parts. .81, 188, 334, 432, 536, Circulation, by denominations. .48, 155, 301, 399, 503, 663, 802, 922, 1064, 1188, 1288,1404 629, 769, 889, 1031, 1155, 1255, 1371 Veterans insured loans excepted from provisions Kinds of money in circulation. .48, 155, 301, 399, 503, of Regulation W .613 629, 769, 889, 1031, 1155, 1255, 1371 Water heaters, classification under Regulation W.1240 Outside banks 50, 157, 303, 401, 505, Consumer goods, supply of, discussion in Review of 631, 771, 891, 1033, 1157, 1257, 1373 the Month. . . . . 840 Treasury, outstanding 40, 147, 293, 391, 495, Consumers Home Equipment Company, violations 621, 761, 881, 1023, 1147, 1247, 1363 of Regulation W 749 Curry, John C, appointed director at Birmingham Cooperatives: Branch for unexpired term 876 Banks for, loans by 67, 174, 320, 418, 522, Customers debit balances 59, 166, 312, 410, 514, 648, 788, 908, 1050, 1174, 1274, 1390 640, 780, 900, 1042, 1166, 1266, 1382 Farmers financial interest in selected 982 Czechoslovakia: Corporate bonds: Foreign exchange rates 103, 213, 355, 455, 561, Yields on 60, 167, 313, 411, 515, 701, 827, 951, 1091, 1215, 1315, 1429 641, 781, 901, 1043, 1167, 1267, 1383 Gold reserves 89, 199, 341, 441, 547, 687, 813, 937, 1077, 1201, 1301, 1415 Corporate security issues: David, Donald K., appointed Class C director at Proposed use of proceeds: Boston 31 All issuers 62, 169, 315, 413, 517, Day, William A., retirement as President at San 643, 783, 903, 1045, 1169, 1269, 1385 Francisco 32 Major groups of issuers. .62, 169, 315, 413, 517, Dearmont, Russell L., designated Chairman and 643, 783, 903, 1045, 1169, 1269, 1385 Federal Reserve Agent at St. Louis 31 Corporate stocks: Deaths: Holdings of all member banks 544, 1198 Clerk, Ira, President, Federal Reserve Bank of Prices in United States 61, 168, 314, 412, 516, San Francisco 1142 642, 782, 902, 1044, 1168, 1268, 1384 Hall, Fitzgerald, Class B director at Atlanta 256 Cost of living: Myers, C. E., director at Los Angeles Branch ... .386 Chart 143, 290, 757, 1019 Strickland, Robert, member of Federal Advisory Consumers price index for moderate income Council 876 families.. .538, 665, 804, 924,1066, 1190, 1290, 1406 1440 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Debit and credit balances of stock exchange firms. . . .59, Deposits—Continued. 166, 312, 410, 514, 640, 780, 900, 1042, 1166, 1266, 1382 Government—Continued. Debits to deposit accounts: Weekly reporting member banks: Reporting centers, year and month. .49, 156, 302, 400, By Federal Reserve districts. .58, 165, 311, 504, 630, 770, 890, 1032, 1156, 1256, 1372 409, 513, 639, 779, 899, 1041, Weekly reporting member banks: 1165, 1265, 1381 By Federal Reserve districts. .58, 165, 311, 409, NewYork City and outside.56, 163, 309,407, 513, 639, 779, 899, 1041, 1165, 1265, 1381 511, 637, 777, 897, 1039, 1163, 1263,1379 New York City and outside. .56, 163, 309, 407, Insured commercial banks... .54, 161, 307, 405, 509, 511, 637, 777, 897, 1039, 1163, 1263, 1379 635, 775, 895, 1037, 1161, 1261, 1377 Debt: Liquid asset holdings of individuals and businesses, Farm mortgage outstanding by regions and States.984 estimated 122, 1236 United States Government: Member banks: Ownership of. 1099 Classes of banks 47, 154, 300, 398, 502, Volume and kind of securities. .64, 171, 317, 415, 628, 768, 888, 1030, 1154, 1254, 1370 519, 645, 785, 905, 1047, 1171, 1271, 1387 Country, in large and small centers. .46, 1,53, 299, Denmark: 397, 501, 627, 767, 887, 1029, 1153, 1253, 1369 Foreign exchange rates 103, 213, 355, 455, 561, Mutual savings banks 52, 159, 305, 403, 507, 701, 827, 951, 1091, 1215, 1315, 1429 633, 773, 893, 1035, 1159, 1259, 1375 National Bank of: National banks 51, 158, 304, 402, 506, Condition 99, 209, 351, 451, 557, 632, 772, 892, 1034, 1158, 1258, 1374 697, 823, 947, 1087, 1211, 1311, 1425 Nonmember banks: Discount rate 101, 211, 353, 453, 559, Chart 39, 146, 292, 390, 494, 699, 825, 949, 1089, 1213, 1313, 1427 620, 760, 880, 1022, 1146, 1246, 1362 Gold reserves 89, 199, 341, 441, 547, Commercial banks 52, 159, 305, 403, 507, 687, 813, 937, 1077, 1201, 1301, 1415 633, 773, 893, 1035, 1159, 1259, 1375 Department stores: In Federal Reserve Banks. .40, 147, 293, 391, 495, Accounts receivable and collections.80, 187, 333, 431, 621, 761, 881, 1023, 1147, 1247, 1363 535, 662, 801, 921, 1063, 1187, 1287, 1403 Ownership of demand: Sales: Article by Richard Youngdahl 469 By Federal Reserve districts and by cities.... 79, Discussion in Review of the Month 1224 186, 332, 430, 534, 661, 800, Postal savings: 920, 1062, 1186, 1286, 1402 Call dates 54, 161, 307, 405, 509, Index of value of 68, 175, 321, 419, 523, 635, 775, 895, 1037, 1161, 1261, 1377 649, 789, 909, 1051, 1175, 1275, 1391 Depositors balances and assets. . 50, 157, 303, 401, Monthly indexes of 78, 185, 331, 505, 631, 771, 891, 1033, 1157, 1257, 1373 429, 533, 659, 799, 919 Rates on 41, 148, 294, 392, 496, Weekly index of 79, 186, 332, 430, 534, 622, 762, 882, 1024, 1148, 1248, 1364 661, 800, 920, 1062, 1186, 1286, 1402 Postwar changes and factors in growth 1223 Sales and stocks: Ratios of time to total, by size of bank ... . . . .934 By Federal Reserve districts 1061, Savings: 1185, 1285,1401 Interest rate on 41, 148, 294, 392, 496, By major departments.. .80, 187, 333, 431, 535, 622, 762, 882, 1024, 1148, 1248, 1364 662, 801, 921, 1063, 1187, 1287, 1403 States and political subdivisions: Index of, by major departments 856 Insured commercial banks. .54, 161, 307, 405, Sales, stocks, and outstanding orders..79, 186, 332, 509, 635, 775, 895, 1037, 1161, 1261, 1377 430, 534, 661, 800, 920, 1062, 1186, 1286, 1402 Suspended banks 50, 157, 303, 401, 505, Stocks, revised index of 588 631, 771, 891, 1033, 1157, 1257, 1373 Time, maximum rates on 41, 148, 294, 392, 496, Deposits: 622, 762, 882, 1024, 1148, 1248, 1364 Adjusted, of all banks and currency outside Treasury: banks 50, 157, 303, 401, 505, Chart 39, 146, 292, 390, 494, 631, 771, 891, 1033, 1157, 1257, 1373 620, 760, 880, 1022, 1146, 1246, 1362 All banks in United States, call dates. .51, 158, 304, With Federal Reserve Banks. .40, 147, 293, 391, 402, 506, 632, 772, 892, 1034, 1158, 1258, 1374 495, 621, 761, 881, 1023, 1147, 1247, 1363 Changes discussed in Review of the Month. .464, 1101 Turnover 49, 156, 302, 400, 504, Federal Reserve Banks: 630, 770, 890, 1032, 1156, 1256, 1372 All banks combined 42, 149, 295, 393, 497, Weekly reporti t ng member banks: 623, 763, 883, 1025, 1149, 1249, 1365 By Federal Reserve districts. .58, 165, 311, 409, Each bank 44, 151, 297, 395, 499, 513, 639, 779, 899, 1041, 1165, 1265, 1381 625, 765, 885, 1027, 1151, 1251, 1367 New York City and outside. .56, 163, 309, 407, Foreign banks, held by banks on call dates. .54, 161, 511, 637, 777, 897, 1039, 1163, 1263, 1379 307, 405, 509, 635, 775, 895, 1037, Deputy Chairmen of Federal Reserve Banks: 1161, 1261, 1377 Appointments for year 31 Government: List of 107, 217, 359, 459, 565, Federal Reserve Banks, each bank. .44, 151, 297, 705, 831, 955, 1095, 1219, 1319, 1433 395, 499, 625, 765, 885, 1027, 1151, 1251, 1367 Directors, Federal Reserve Banks: Insured commercial banks..54, 161, 307, 405, Anderson, R. B., appointed Class C at Dallas 509, 635, 775, 895, 1037, 1161, 1261, 1377 and designated Deputy Chairman 32 DECEMBER 1946 1441 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages Directors, Federal Reserve Banks—Continued. Directors, Federal Reserve Branch Banks—Continued. Beall, W. F., elected Class B at Dallas for unex- Wallace, Fred S., appointed at Omaha for unpired term ^ 478 expired term 1241 Blackall, Frederick S., Jr., elected Class B at Wooster, Carl G., appointed at Buffalo 31 Boston for unexpired term 478 Directors, International Bank, voting power of 372 Class C, appointments for three year term 31 Directors, International Fund, voting power of 372 Classes of 130 Directors, National banks: Cochran, W. D., appointed Deputy Chairman at Agnew, John and Fayerweather, F. O., suit re- Minneapolis 32 garding removal of 251 Comer, Donald, elected Class B at Atlanta for Directory: unexpired term 478 Board of Governors 106, 216, 358, 458, 564, David, Donald K., appointed Class C at Boston.. .31 704, 830, 954, 1094, 1218, 1318, 1432 Dearmont, Russell L., designated Chairman and Federal Advisory Council... .106, 216, 358, 458, 564, Federal Reserve Agent at St. Louis 31 704, 830, 954, 1094, 1218, 1318, 1432 Hall, Fitzgerald, Class B at Atlanta, death of 256 Federal Open Market Committee. . 106, 216, 358, 458, Hajriman, Henry I., appointed Deputy Chair- 564, 704, 830, 954, 1094, 1218, 1318, 1432 man at Boston 31 Federal Reserve Banks and branches. .107, 217, 359, Johnson, Walter S., elected Class B at San 459, 565, 705, 831, 955, 1095, 1219, 1319, 1433 Francisco for unexpired term 256 Dirks, Frederick C., article on private capital forma- Kurth, E. L., resignation as Class B at Dallas. . .256 tion and its financing in manufacturing and min- List of 130 ing industries 1122 Miller, Paul E., appointed Class C at Minneapolis. .32 Discount rates: Parten, J. R., designated as Chairman and Elimination of preferential 462 Federal Reserve Agent at Dallas 32 Federal Reserve Banks 41, 148, 294, 392, 496, Redman, J. P., appointed Class C at St. Louis. .1142 622, 762, 882, 1024, 1148, 1248, 1364 Roderick, Dorrance D., appointed at El Paso Foreign central banks 101, 211, 353, 453, 559, Branch 32 699, 825, 949, 1089, 1213, 1313, 1427 Shepard, Robert B., appointed Chairman and Distinguished service in war finance, awards by Federal Reserve Agent at Minneapolis 32 Treasury Department 248 Stewart, Charles H., elected Class A at San Dividends: Francisco 256 Federal Reserve Banks 194 Waymack, W. W., resignation as Class C at Industrial Corporations 63, 170, 316, 414, 518, Chicago 1357 644, 784, 904, 1046, 1170, 1270, 1386 Whittemore, Laurence F., resignation as Class B Member banks 674, 1298 at Boston to become President of bank 478 Member banks 1929-45 377 Public utility corporations 63, 170, 316, 414, 518, Director Federal Reserve Branch Banks: 644, 784, 904, 1046, 1170, 1270, 1386 Billington, E. F., resignation at New Orleans. . . .876 Drought, Henry P., appointed director at San Brown, Prentiss M., appointed at Detroit 31 Antonio for unexpired term 1241 Burchfield, Albert H., Jr., appointed at Pittsburgh .31 Durable goods expenditures, estimated, 1939-45, Cameron, David P., appointed at New Orleans article by Doris P. Warner and Albert R. Koch.... 967 for unexpired term 876 Earhart, C. E., Federal Reserve Bank of San Francisco: Chalkely, H. G., appointed at New Orleans for Appointed First Vice President 32 unexpired term 31 Appointed President for unexpired term 1241 Clark, John D., resignation at Omaha 1018 Earnings: Cox, Cecil C, appointed at Little Rock 31 Corporations 63, 170, 316, 414, 518, Curry, John C, appointed at Birmingham for 644, 784, 904, 1046, 1170, 1270, 1386 unexpired term 876 Member banks—1945, final figures on. 615 Drought, Henry P., appointed at San Antonio Member banks 674, 1238, 1298 for unexpired term 1241 Wage earners in manufacturing industries. .74, 181, Frank, Aaron M., appointed at Portland 3S6 Harris, B. M., appointed at Helena 129 327, 425, 529, 655, 795, 915, 1057, 1181, 1281, 1397 Hooper, James E., appointed at Baltimore 31 Earnings and dividends: Koch, Josiah M., appointed at Pittsburgh for Industrial corporations 1939-46..63, 170, 316, 414, unexpired term 1357 518, 644, 784, 904, 1046, 1170, 1270, 1386 List of 131 Public utility corporations 1939-46. . 63, 170, 316, 414, MacNaughton, E. B., appointed at Portland for 518, 644, 784, 904, 1046, 1170, 1270, 1386 unexpired term 255 Earnings and expenses: Meacham, H. C., appointment at Nashville for Federal Reserve Banks: unexpired term 255 1945 194 Myers, C. E., Los Angeles, death of 386 First half of 1946 935 Shaw, R. Flake, appointed at Charlotte 31 Insured commercial banks in United States and Sherrill, Fred G., appointed at Los Angeles 386 possessions 685 Stewart, Ross, appointed at Houston for unex- Member banks: pired term 129 1945 674 Stocking, George W., resignation at San Antonio. 1018 First half of 1946 1238, 1298 Stratton, Leslie M., Jr., appointed at Memphis. . .31 National banks: Tenneson, John T., appointed at Seattle for 1945 679 unexpired term 256 First half of 1946 1298 1442 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages Earnings, expenses and dividends of member banks Expenses: {See Earnings and expenses) 1929-45 377 Export-Import Bank: Eccles, Marriner S. {See Board of Governors, Members) Foreign lending operations 1331 Economic conditions and public policy, address by Loans authorized by 230 Marriner S. Eccles before Sixteenth New England Loans by 67, 174, 320, 418, 522, Bank Management Conference 1230 648, 788, 908, 1050, 1174, 1274, 1390 Economic developments, discussion in Review of the Exports and imports: {See Imports and exports) Month 219 Extension of the Emergency Price Control Act of Ecuador: 1942, statement of Mr. Eccles before Banking and Central Bank of: Currency Committee of the Senate 573 Condition 99, 209, 351, 451, 557, Factory employment: {See Employment) 697, 823, 947, 1087, 1211, 1311, 1425 Farm Credit Administration: Discount rate 101, 211, 353, 453, 559, Loans by 67, 174, 320, 418, 522, . 699, 825, 949, 1089, 1213, 1313, 1427 £ t 648, 788, 908, 1050, 1174, 1274, 1390 National Bank of: Farm operators, liquid assets and expenditure plans of .965 Condition 99, 209, 351, 451, 557, Farm products: 697, 823, 947, 1087, 1211, 1311, 1425 Wholesale price indexes: Gold reserves 89, 199, 341, 441, 547, Principal countries 104, 214, 356, 456, 562, El Salvador: 687' 813' 937' 1O77> 1201' 1301' 1415 702, 828, 952, 1092, 1216, 1316, 1430 Central Reserve Bank of: United States 83, 190, 336, 435, 539, Condition 99, 209, 351, 451, 557, 666, 805, 925, 1067, 1191, 1291, 1407 697, 823, 947, 1087, 1211, 1311, 1425 Farm real estate, value of 977 Discount rate 101, 211, 353, 453, 559, Farm Security Administration: 699, 825, 949, 1089, 1213, 1313, 1427 Loans by 67, 174, 320, 418, 522, Ellis, Howard S.: 648, 788, 908, 1050, 1174, 1274, 1390 Pamphlet on monopoly and unemployment ready Farm tenant loans, amendment to section 24 of for distribution 722 Federal Reserve Act 995 Resignation as Assistant Director of Division of Fayerweather, F. O., suit regarding removal as bank Research and Statistics 129 director 251 Employees of member banks: Federal Advisory Council: Number and average salary 379 Meetings: Employment: February 17-18 255 Changes discussed in Review of the Month 962 May 19-20 615 Factory employment: October 6-7 1142 Adjusted for seasonal variation.. 74, 181, 327, December 2-3 1357 425, 529, 655, 795, 915, 1057, 1181, 1281, 1397 Members: Business index 68, 175, 321, 419, 523, Brown, Edward E., reelected President 255 649, 789, 909, 1051, 1175, 1275, 1391 List of 106, 216, 358, 458, 564, Factory employment and pay rolls by industries. . 73, 704, 830, 954, 1094, 1218, 1318, 1432 180, 326, 424, 528, 654, 794, 914, Spencer, C. E., Jr., reelected Vice President. .255 1056, 1180, 1280, 1396 Strickland, Robert, death of 876 National summary of business conditions. .143, 289, Staff: 387, 492, 617, 758, 878, 1020, 1143, 1242 Lichtenstein, Walter, reappointed Secretary. .255 Nonagricultural: Prochnow, Herbert V., appointed Acting Business index 68, 175, 321, 419, 523, Secretary 255 649, 789, 909, 1051, 1175, 1275, 1391 Total in each classification. .75, 182, 328, 426,. Federal Farm Mortgage Corporation: 530, 656, 796, 916, 1058, 1182, 1282, 1398 Loans by 67, 174, 320, 418, 522, England: {See United Kingdom) 648, 788, 908, 1050, 1174, 1274, 1390 Estonia: Federal Home Loan Banks: Discount rate of Central Bank..101, 211, 353, 453, 559, 699, 825, 949, 1089, 1213, 1313, 1427 Loans by 67, 174, 320, 418, 522, Europe: 648, 788, 908, 1050, 1174, 1274, 1390 International capital transactions. .92, 202, 344, 444, Federal Housing Administration: 550, 690, 816, 940, 1080, 1204, 1304, 1418 Insured home mortgages held by banks and Exchange rates: others 76, 183, 329, 427, 531, Western European countries 1120 657, 797, 917, 1059, 1183, 1283, 1399 Executive orders: Loans insured by 76, 183, 329, 427, 531, N o. 6073, extract on withdrawal of gold coin or bullion 28 657, 797, 917, 1059, 1183, 1283, 1399 Expenditures: Capital, discussion in Review of the Month 709 Federal Intermediate Credit Banks: Durable goods, estimated, 1939-45, article by Loans by 67, 174, 320, 418, 522, Doris Warner and Albert Koch 967 648, 788, 908, 1050, 1174, 1274, 1390 Government 110 Federal Land Banks: Increase discussed in Review of the Month 220 Loans by 67, 174, 320, 418, 522, Manufacturing corporations 1110 Treasury 66, 173, 319, 417, 521, 648, 788, 908, 1050, 1174, 1274, 1390 647, 787, 907, 1049, 1173, 1273, 1389Federal National Mortgage Association: Assets and liabilities 67, 174, 320, 418, 522, DECEMBER 1946 648, 788, 908, 1050, 1174, 1274,1 4413390 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages Federal Open Market Committee: Federal Reserve Banks—Continued. Executive committee, members of. . . . . .255 First Vice Presidents, appointments for five year Meetings: terms 255 February 28 and March 1 255 Government securities held by. .65, 172,318,416,520, June 10 756 646, 786, 906, 1048, 1172, 1272, 1388 October 3 1142 Officers 107, 217, 359, 459, 565, Members: 705, 831, 955, 1095, 1219, 1319, 1433 Eccles, Marriner S., reelected Chairman 255 Presidents, appointments for five year terms 255 Clerk, Ira, elected for one year 255 Purchase of Government obligations, amend- Leach, Hugh, elected for one year 255 ment to section 14(6) of Federal Reserve Act McLarin, W. S., Jr., elected for one year. . . .255 extended 749 Sproul, Allan, reelected Vice Chairman 255 Federal Reserve chart book: Young, C. S., elected for one year 255 Current statistics on bank credit, money rates, Members and officers, list. . .106, 216, 358, 458, 564, and business 86, 192, 338, 437, 541, 704, 830, 954, 1094, 1218, 1318, 1432 668, 807, 928, 1070, 1194, 1294, 1410 Rules on organization and information 1011 Number 1, revision of 478 Rules on procedure 1014 Federal Reserve districts, map of. .108, 218, 360, 460, 566, Federal Public Housing Authority: 706, 832, 956, 1096, 1220, 1320, 1434 Loans by 67, 174, 320, 418, 522, Federal Reserve notes: 648, 788, 908, 1050, 1174, 1274, 1390 Circulation: Federal Reserve Act: All banks combined 42, 149, 295, 393, 497, Amendment to section 14(6) as to purchase of 623, 763, 883, 1025, 1149, 1249, 1365 Government obligations by Federal Reserve Each bank, condition statement. .44, 151, 297, Banks 28, 749 395, 499, 625, 765, 885, 1027, 1151, 1251, 1367 Amendment to section 24 on farm tenant loans . . 995 Each bank, Federal Reserve Agents' ac- Revised edition of 1356 counts 45, 152, 298, 396, 500, Federal Reserve bank notes: 626, 766, 886, 1028, 1152, 1252, 1368 Circulation and outstanding. .48, 155, 301, 399, 503, Collateral security for 45, 152, 298, 396, 500, 626, 766, 886, 1028, 1152, 1252, 1368 629, 769, 889, 1031, 1155, 1255, 1371 Federal Reserve Agents' accounts. .45, 152, 298, 396, Federal Reserve Bank of Atlanta: 500, 626, 766, 886, 1028, 1152, 1252, 1368 Staff: Outstanding and in circulation. .48, 155, 301, 399, 503, Bryan, Malcolm H., resignation as First 629, 769, 889, 1031, 1155, 1255, 1371 Vice President 1241 Redemption fund: Clark, L. M., appointed First Vice President All banks combined 42, 149, 295, 393, 497, for unexpired term 1241 623, 763, 883, 1025, 1149, 1249, 1365 Federal Reserve Bank of San Francisco: Each bank 43, 150, 296, 394, 498, Staff: 624, 764, 884, 1026, 1150, 1250, 1366 Clerk, Ira: Appointed President 32 Federal Reserve System: Death of 1142 Admissions of State banks to membership (See Day, William, resignation as President 32 Membership) Map 108, 218, 360, 460, 566, Earhart, C. E.: 706, 832, 956, 1096, 1220, 1320, 1434 Appointed First Vice President 32 Fees, guarantee and commitment. .41, 148, 294, 392, 496, Appointed President for unexpired term. 1241 622, 762, 882, 1024, 1148 Sherman, Merritt, appointed Assistant Finance, postwar business, discussion in Review of Secretary of Board of Governors 1142 the Month 707 Federal Reserve Banks: Financial agreements between United States and Assets and liabilities of 42, 149, 295, 393, 497, 623, 763, 883, 1025, 1149, 1249, 1365 United Kingdom: Branches: Discussed in Review of the Month 1 Directors: (See Directors, Federal Reserve Terms of 16 Branch Banks) Statement by Mr. Eccles before Banking and Managing officers 107, 217, 359, 459, 565, Currency Committee of Senate 373 705, 831, 955, 1095, 1219, 1319, 1433 Financial developments among large manufacturing Capital and surplus of each bank. .45, 152, 298, 396, corporations, 1945, article by Doris P. Warner and 500, 626, 766, 886, 1028, 1152, 1252, 1368 Albert R. Koch 1106 Chairmen: Financing war production and contract terminations Appointments for year 31 under Regulation V 240 Conference of 1357 Finland: List of 107, 217, 359, 459, 565, Bank of: 705, 831, 955, 1095, 1219, 1319, 1433 Discount rate 101, 211, 353, 453, 559, Condition statement, each bank. .43, 150, 296, 394. 699, 825, 949, 1089, 1213, 1313, 1427 498, 624, 764, 884, 1026, 1150, 1250, 1366 Foreign exchange rates 103, 213, 355, 455, 561, Deputy Chairmen, appointments for year 31 701, 827, 951, 1091, 1215, 1315, 1429 Directors: (See Directors) First Vice Presidents, appointments for five year terms.255 Earnings and expenses: Food: 1945 194 Retail prices, principal countries. .105, 215, 357, 457, First half of 1946 935 563, 703, 829, 953, 1093, 1217, 1317, 1431 1444 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Food—Continued. France—Continued. Wholesale prices: Security prices, index numbers. . 105, 215, 357, 457, Principal countries 104, 214, 356, 456, 562, 563, 703, 829, 953, 1093, 1217, 1317, 1431 702, 828, 952, 1092, 1216, 1316, 1430 Transfer of gold to French Stabilization Fund 33 United States 83, 190, 336, 435, 539, Wholesale prices in 104, 214, 356, 456, 562, 666, 805, 925, 1067, 1191, 1291, 1407 7.02, 828, 952, 1092, 1216, 1316, 1430 Franco-American agreements of May 28, 1946 866 Food supply, situation discussed in Review of the Frank, Aaron M., appointed directcr at Portland Month 222 Branch . . 386 Foreign banks: Freight car loadings: Austrian National Bank, reestablishment of 33 Classes 77, 184, 330, 428, 532, Bank of England, nationalization of 479 658, 798, 918, 1060, 1184, 1284, 1400 Bank of France: Index of 68, 175, 321, 419, 523, Convention between Minister of Finance 649, 789, 909, 1051, 1175, 1275, 1391 and, transferring gold to French Stabili- Furniture store statistics 82, 189, 335, 434, 538, zation Fund 33 665, 804, 924, 1066, 1190, 1290, 1406 Nationalization of 483 Germany: Bank of Guatemala, law creating 270 Cost of living, index numbers. .105, 215, 357, 457, 563, Commercial banks, condition of. .102, 212, 354, 454, 703, 829, 953, 1093, 1217, 1317, 1431 560, 700, 826, 950, 1090, 1214, 1314, 1428 Foreign exchange rates 103, 213, 355, 455, 561, Condition of central banks... .97, 207, 349, 449, 555, 701, 827, 951, 1091, 1215, 1315, 1429 695, 821, 945, 1085, 1209, 1309, 1423 International capital transactions. .92, 202, 344, 444, Deposits held by member banks on call dates. . 54, 161, 550, 690, 816, 940, 1080, 1204, 1304, 1418 307, 405, 509, 635, 775, 895, 1037, 1161, 1261, 1377 Open-market rates 101, 211, 353, 453, 559, Deposits of weekly reporting member banks: 699, 825, 949, 1089, 1213, 1313, 1427 By Federal Reserve districts. .58, 165, 311, 409, Reichsbank: 513, 639, 779, 899, 1041, 1165, 1265, 1381 Condition 98, 208, 350, 450, 556, New York City and outside. .56, 163, 309, 407, 696, 822, 946, 1086, 1210, 1310, 1424 511, 637, 777, 897, 1039, 1163, 1263, 1379 Discount rate 101, 211, 353, 453, 559, Discount rates of central banks. .101, 211, 353, 453, 699, 825, 949, 1089, 1213, 1313, 1427 559, 699, 825, 949, 1089, 1213, 1313, 1427 Gold reserves 89, 199, 341, 441, 547, Gold reserves of central banks. .89, 199, 341, 441, 547, 687, 813, 937, 1077, 1201, 1301, 1415 687, 813, 937, 1077, 1201, 1301, 1415 Retail food prices 105, 215, 357, 457, 563, Netherlands Bank, reinstatement of the Bank 703, 829, 953, 1093, 1217, 1317, 1431 Act of 1937 489 Security prices, index numbers. . 105, 215, 357, 457, Foreign deposits held by Federal Reserve Banks: 563, 703, 829, 953, 1093, 1217, 1317, 1431 All banks combined 42, 149, 295, 393, 497, Wholesale prices in 104, 214, 356, 456, 562, 623, 763, 883, 1025, 1149, 1249, 1365 702, 828, 952, 1092, 1216, 1316, 1430 Each bank 44, 151, 297, 395, 499, Gold: 625, 765, 885, 1027, 1151, 1251, 1367 Earmarked 49, 156, 302, 400, 504, Foreign exchange: (See Foreign funds control) 630, 770, 890, 1032, 1156, 1256, 1372 Foreign exchange rates 103, 213, 355, 455, 561, Executive order on withdrawal or shipment of 701, 827, 951, 1091, 1215, 1315, 1429 coin, bullion, etc., extract from executive order.. .28 Foreign funds control: Movements, United States... .90, 200, 342, 442, 548, Treasury Department releases. .29, 127, 252, 384, 476, 688, 814, 938, 1078, 1202, 1302, 1416 614, 753, 875, 1015, 1140, 1355 Production: Foreign loan policy of the United States, statement United States 49, 156, 302, 400, 504, by National Advisory Council on international 630, 770, 890, 1032, 1156, 1256, 1372 monetary and financial problems 227 World 90, 200, 342, 442, 548, Foreign Policy Association, address delivered by 688, 814, 938, 1078, 1202, 1302, 1416 Marriner S. Eccles on the British loan 232 Reserves of central banks and governments. . 89, 199, France: 341, 441, 547, 687, 813, 937, 1077, 1201, 1301, 1415 Bank of: Stock: Condition 98, 208, 350, 450, 556, Chart 39, 146, 292, 390, 494, 696, 822, 946, 1086, 1210, 1310, 1424 620, 760, 880, 1022, 1146, 1246, 1362 Discount rate 101, 211, 353, 453, 559, End of month and Wednesday figures. .40, 147, 699, 825, 949, 1089, 1213, 1313, 1427 293,391,495,621,761,881,1023,1147,1247,1363 Gold reserves 89, 199, 341, 441, 547, United States, analysis of changes. . 49, 156, 302 687, 813, 937, 1077, 1201, 1301, 1415 400, 504, 630, 770, 890, 1032, 1156, 1256, 1372 Commercial banks, assets and liabilities. . 102, 212, Transfer to French Stabilization Fund by Bank 354, 454, 560, 700, 826, 950, 1090, 1214, 1314, 1428 of France 33 Devaluation of French franc and gold transfers. .871 Gold certificates: Foreign exchange rates 103, 213, 355, 455, 561, Federal Reserve Bank holdings: 701, 827, 951, 1091, 1215, 1315, 1429 All banks combined 42, 149, 295, 393, 497, Gold movements 90, 200, 342, 442, 548, 623, 763, 883, 1025, 1149, 1249, 1365 688, 814, 938, 1078, 1202, 1302, 1416 Each bank 43, 150, 296, 394, 498, International capital transactions. .92, 202, 344, 444, 624, 764, 884, 1026, 1150, 1250, 1366 550, 690, 816, 940, 1080, 1204, 1304, 1418 Outstanding and in circulation. .48, 155,301,399,503, Nationalization of Bank of 483 629, 769, 889, 1031, 1155, 1255, 1371 DECEMBER 1946 1445 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages Government bonds: (See Government securities) Guatemala, monetary and banking reform in .257 Government checks, limitation on claims connected Harriman, Henry I., appointed Deputy Chairman with 384 at Boston ..31 Government corporations and credit agencies: Harris, B. M., appointed director at Helena Branch. .129 Assets and liabilities 67, 174, 320, 418, 522, Hearings, rules of practice for formal 1005 648, 788, 908, 1050, 1174, 1274, 1390Holthausen, Duncan M.: Loans by 67, 174, 320, 418, 522 Article on liquid assets and expenditure plans of 648, 788, 908, 1050, 1174, 1274, 1390 farm operators .965 Government debt: Article on national survey of liquid assets .844 Ownership of 1099 Home Owners Loan Corporation: Volume and kind of securities. .64, 171, 317, 415, 519, Loans by 67, 174, 320, 418,522, 645, 785, 905, 1047, 1171, 1271, 1387 648, 788, 908, 1050, 1174, 1274,1390 Government employees, number of Federal, State Hongkong: and local 75, 182, 328, 426, 530, Foreign exchange rate 103, 213, 355, 455,561, 656, 796, 916, 1058, 1182, 1282, 1398 701, 827, 951, 1091, 1215, 1315,1429 Government securities: Hooper, James E., appointed director at Baltimore Bond prices 61, 168, 314, 412, 516, Branch ..31 642, 782, 902, 1044, 1168, 1268, 1384 Hopkins, Ernest J., article on long term needs of % Direct obligations, volume and kind. .64, 171, 317, small business 1122 415, 519, 645, 785, 905, 1047, 1171, 1271, 1387 Hours and earnings of wage earners in manufacturing Federal Reserve Bank holdings: industries 74, 181, 327, 425,529, All banks combined 42, 149, 295, 393, 497, 655, 795, 915, 1057, 1181, 1281,1397 623, 763, 883, 1025, 1149, 1249, 1365 Housing: Each bank 43, 150, 296, 394, 498, Program, discussion in Review of the Month.....224 624, 764, 884, 1026, 1150, 1250, 1366 Report of Board on pending legislation ..236 End of month and Wednesday figures. .40, 147, Hungary: 293, 391, 495, 621, 761, 881, 1023, Foreign exchange rate 103, 213, 355, 455,561, 1147, 1247,1363 701, 827, 951, 1091, 1215, 1315,1429 Maturity distribution 42, 149, 295, 393, 497, National Bank of: 623, 763, 883, 1025, 1149, 1249, 1365 Discount rate 101, 211, 353, 453,559, Insured commercial banks. . . .53, 160, 306, 404, 508, 699, 825, 949, 1089, 1213, 1313,1427 634, 774, 894, 1036, 1160, 1260, 1376 Gold reserves 89, 199, 341, 441,547, Investments by weekly reporting member banks: 687, 813, 937, 1077, 1201, 1301,1415 By Federal Reserve districts. .57, 164, 310, 408, 512, 638, 778, 898, 1040, 1164, 1264, 1380Imports and exports: New York City and outside. .55, 162, 308, 406, Gold movements to and from United States. . 90,200, 510, 636, 776, 896, 1038, 1162, 1262, 1378 342, 442, 548, 688, 814, 938, 1078, 1202, 1302,1416 Liquid asset holdings of individuals and busi- Merchandise 77, 184, 330, 428,532, nesses 122, 1236 658, 798, 918, 1060, 1184, 1284,1400 Market for 467 United Kingdom ...9 Marketable public securities outstanding. .64, 171, United States during first postwar year .1323 317, 415, 519, 645, 785, 905, 1047, 1171, 1271, 1387 Income: Maturity distribution of 1100 Cash, and outgo of U. S. Treasury 1049, Member bank holdings, average yield on 379 1173, 1723,1389 Ownership of 1099 Civilian, discussed in Review of the Month .220 Ownership of direct and guaranteed. .65, 172, 318, National 84, 191, 337, 4365,40, 416, 520, 646, 786, 906, 1048, 1172, 1272, 1388 667, 806, 926, 1068, 1192, 12921,408 Purchase by Federal Reserve Banks, amend- Payments; ment to section 14(&) of the Federal Reserve Index of value of 68, 175, 321, 419,523, Act 28, 749 649, 789, 909, 1051, 1175, 1275,1391 Sales in eight war loans 120 Use of 84, 191, 337, 436,540, Savings bonds 64, 171, 317, 415, 519, 667, 806, 926, 1068, 1192, 1292,1408 645, 785, 905, 1047, 1171, 1271, 1387 Railroads 77, 184, 330, 428,532, Treasury bills: (See Treasury bills) 658, 798, 918, 1060, 1184, 1284,1400 Victory loan, review of subscriptions 119 Taxes, Internal Revenue collections. . .66, 173,319, Yields on 60, 167, 313, 411, 515, 417, 521, 647, 787, 907, 1049, 1173, 1273,1389 641, 781, 901, 1043, 1167, 1267, 1383 Index numbers: Yields, discussion in Review of Month 1104 Bond prices 61, 168, 314, 412,516, Great Britain: (See United Kingdom) 642, 782, 902, 1044, 1168, 1268,1384 Greece: Business indexes 68, 175, 321, 419,523, Bank of: 649, 789, 909, 1051, 1175, 1275,1391 Discount rate 101, 211, 353, 453, 559, Construction contracts awarded..68, 175, 321,419, 699, 825, 949, 1089, 1213, 1313, 1427 523, 649, 789, 909, 1051, 1175, 1275,1391 Gold reserves 89, 199, 341, 441, 547, Cost of living: 687, 813, 937, 1077, 1201, 1301, 1415 Consumers price index for moderate income Foreign exchange rate 103, 213, 355, 455, 561, families 538, 665, 804, 924, 701, 827, 951, 1091, 1215, 1315, 1429 1066, 1190, 12901,406 Gross national product 84, 191, 337, 436, 540, Principal countries 105, 215, 357, 4575,63, 667, 806, 926, 1068, 1192, 1292, 1408 703, 829, 953, 1093, 1217, 13171,431 1446 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages Index numbers—Continued. Industrial advances by Federal Reserve Banks—Cont. Cost of living—Continued. Maturity distribution 42, 149, 295, 393, 497, United States 68, 175, 321, 419, 523, 623, 763, 883, 1025, 1149, 1249, 1365 649, 789, 909, 1051, 1175, 1275, 1391 Number and amount 46, 153, 299, 397, 501, Department stores: 627, 767, 887, 1029, 1153, 1253, 1369 Sales, adjusted 68, 175, 321, 419, 523, Rates 41, 148, 294, 392, 496, 649, 789, 909, 1051, 1175, 1275, 1391 622, 762, 882, 1024, 1148, 1248, 1364 Sales, weekly 79, 186, 332, 430, 534, Industrial corporations: 661, 800, 920, 1062, 1186, 1286, .1402 Sales and stocks, by major departments 856 Earnings and dividends 63, 170, 316, 414, 518, Sales and stocks, monthly. .79, 186, 332, 430, 534, 644, 784, 904, 1046, 1170, 1270, 1386 661, 800, 920, 1062, 1186, 1286, 1402 Industrial production: Stocks, revision of 588 Business index 68, 175, 321, 419, 523, Factory employment, business index. .68, 175, 321, 649, 789, 909, 1051, 1175, 1275, 1391 419, 523, 649, 789, 909, 1051, 1175, 1275, 1391 By industries: Factory employment and pay rolls by industries. .73, Adjusted for seasonal variation.. 69, 176, 322, 180, 326, 424, 528, 654, 794, 914, 420, 524, 650, 790, 910, 1052, 1176, 1276, 1392 1056, 1180, 1280,1396 Without seasonal adjustment. .71, 178, 324, 422, Freight carloadings: 526, 652, 792, 912, 1054, 1178, 1278, 1394 Adjusted 68, 175, 321, 419, 523, Charts 36, 142, 219, 289, 387, 491, 649, 789, 909, 1051, 1175, 1275, 1391 616, 757, 877, 1019, 1143, 1242, 1358 Classes 77, 184, 330, 428, 532, National summary of business conditions. .36, 142, 658, 798, 918, 1060, 1184, 1284, 1400 289, 387, 491, 616, 757, 877, Income payments 68, 175, 321, 419, 523, 1019, 1143, 1242, 1358 649, 789, 909, 1051, 1175, 1275, 1391 Statement on Federal Reserve index of, sent to Industrial production: Banking and Currency Committee of House. . .472 Adjusted for seasonal variation.. 69, 176, 322, Wholesale price index 104, 214, 356, 456, 562, 420, 524, 650, 790, 910, 1052, 1176, 1276, 1392 702, 828, 952, 1092, 1216, 1316, 1430 Physical volume 68, 175, 321, 419, 523, Inflation: 649, 789, 909, 1051, 1175, 1275, 1391 Pressures, discussion in Review of the Month.... S33 Statement on Federal Reserve index of, sent Sources of pressures, statement issued by to Banking and Currency Committee of Marriner S. Eccles 121 House 472 Instalment loans: (See Consumer credit) Without seasonal adjustment. .71, 178, 324, 422, Insurance companies: 526, 652, 792, 912, 1054, 1178, 1278, 1394 Government securities held by. .65, 172, 318, 416, 520, Retail food prices 105, 215, 357, 457, 563, 646, 786, 906, 1048, 1172, 1272, 1388 703, 829, 953, 1093, 1217, 1317, 1431 Insured home loans held 76, 183, 329, 427, 531, Security prices in principal countries. .105, 215, 357, 657, 797, 917, 1059, 1183, 1283, 1399 457, 563, 703, 829, 953, 1093, 1217, 1317, 1431 Insured commercial banks: Stock prices 61, 168, 314, 412, 516, Assets and liabilities in United States and 642, 782, 902, 1044, 1168, 1268, 1384 possessions 545, 1199 Wholesale prices: Earnings and expenses in United States and Commodities. . 68, 175, 321, 419, 523, possessions , 685 649, 789, 909, 1051, 1175, 1275, 1391 Loans and investments 53, 160, 306, 404, 508, Groups of commodities.. .S3, 190, 336, 435, 539, 634, 774, 894, 1036, 1160, 1260, 1376 666, 805, 925, 1067, 1191, 1291, 1407 Interest: Principal countries 104, 214, 356, 456, 562, Commercial loan rates in principal cities. . 60, 167, 313, 702, 828, 952, 1092, 1216, 1316, 1430 411, 515, 641, 781, 901, 1043, 1167, 1267, 1383 India, British: Open-market rates in New York City. .60, 167, 313, Foreign exchange rates 103, 213, 355, 455, 561, 411, 515, 641, 781, 901, 1043, 1167, 1267, 1383 701, 827, 951, 1091, 1215, 1315, 1429 Regulation V, Table 41, 148, 294, 392, 496, Gold movements 90, 200, 342, 442, 548, 622, 762, 882, 1024, 1148 688, 814, 938, 1078, 1202, 1302, 1416 Time deposits, maximum rates on. .41, 148, 294, 392, Gold production 90, 200, 342, 442, 548, 496, 622, 762, 882, 1024, 1148, 1248, 1364 688, 814, 938, 1078, 1202, 1302, 1416 Internal Revenue collections 66, 173, 319, 417, 521, Reserve Bank of: 647, 787, 907, 1049, 1173, 1273, 1389 Condition 99, 209, 351, 451, 557, 697, 823, 947, 1087, 1211, 1311, 1425 International Bank for Reconstruction and Develop- Discount rate 101, 211, 353, 453, 559, ment: 699, 825, 949, 1089, 1213, 1313, 1427 Annual report of 1132 Gold reserves 89, 199, 341, 441, 547, Establishment and operations of, discussed in 687, 813, 937, 1077, 1201, 1301, 1415 Review of the Month 361 Industrial advances by Federal Reserve Banks: International capital transactions of the United All banks combined 42, 149, 295, 393, 497, States 91, 201, 343, 443, 549, 623, 763, 883, 1025, 1149, 1249, 1365 689, 815, 939, 1079, 1203, 1303, 1417 Commitments 45, 152, 298, 396, 500, International Monetary Fund: 626, 766, 886, 1028, 1152, 1252, 1368 Annual report of executive directors 1123 Each bank 43, 150, 296, 394, 498, Establishment of, discussed in Review of the 624, 764, 884, 1026, 1150, 1250, 1366 Month 361 1447 DECEMBER 1946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages International transactions of the United States in Kennedy, David M., Special Assistant to the Chairman: the first postwar year 1321 Appointment of 615 Inventories: Resignation . . 1241 Accumulation of 710 Koch, Albert R.: Retailers, during 1945 586 Article on estimated durable goods expendi- Investments: tures 1940-45 967 All banks in the United States, call dates. .52, 159, Article on financial developments among large 305, 403, 507, 633, 773, 893, 1035, 1159, 1259, 1375 financial corporations, 1945 1106 Insured commercial banks.. . .53, 160, 306, 404, 508, Article on postwar financial position of business.. 1335 ^ 634, 774, 894, 1036, 1160, 1260, 1376 Koch, Josiah M., appointed director at Pittsburgh Weekly reporting member banks: Branch for unexpired term 1357 By Federal Reserve districts. .57, 164, 310, 408, Knapp, J. Burke, appointed Assistant Director of 512, 638, 778, 898, 1040, 1164, 1264, 1380 the Division of Research and Statistics 615 New York City and outside. .55, 162, 308, 406, Kurth, E. L., resignation as Class B director at Dallas. .256 510, 636, 776, 896, 1038, 1162, 1262, 1378 Labor market in the transition 957 Iran: Latin American Republics: Gold reserves 89, 199, 341, 441, 547, Gold movements 90, 200, 342, 442, 548, 687, 813, 937, 1077, 1201, 1301, 1415 688, 814, 938, 1078, 1202, 1302, 1416 Ireland: International capital transactions. .92, 202, 344, 444, Central Bank of: 550, 690, 816, 940, 1080, 1204, 1304, 1418 Condition 99, 209, 351, 451, 557, Latvia: 697, 823, 947, 1087, 1211, 1311, 1425 Bank of: Discount rate 101, 211, 353, 453, 559, Discount rate 101, 211, 353, 453, 559, 699, 825, 949, 1089, 1213, 1313, 1427 . , . 699, 825, 949, 1089, 1213, 1313, 1427 Italy: T Legislation: Discount rate 101, 211, 353, 453, 559, Administrative procedure act, rules of organiza- 699, 825, 949, 1089, 1213, 1313, 1427 tion and procedure adopted under provisions of .999 Foreign exchange rate 103, 213, 355, 455, 561, Bank of England Act, 1946 479 701, 827, 951, 1091, 1215, 1315, 1429 Emergency Price Control Act of 1942, statement Gold reserves 89, 199, 341, 441, 547, of Marriner S. Eccles before Banking and 687, 813, 937, 1077, 1201, 1301, 1415 Currency Committee of the Senate on exten- International capital transactions. .92, 202, 344, 444, sion of 573. 550, 690, 816, 940, 1080, 1204, 1304, 1418 Federal Reserve Act: Wholesale prices in 104, 214, 356, 456, 562, Amendment to section 14(6) as to purchase . 702, 828, 952, 1092, 1216, 1316, 1430 Ja an of Government securities by Federal Bank of: Reserve Banks extended 28, 749 Discount rate 101, 211, 353, 453, 559, Amendment to section 24 on farm tenant 699, 825, 949, 1089, 1213, 1313, 1427 loans 995 Gold reserves 89, 199, 341, 441, 547, Housing, report of Board on pending 236- 687, 813, 937, 1077, 1201, 1301, 1415 Limitation on claims connected with Govern- Foreign exchange rates 103, 213, 355, 455, 561, ment checks 384 701, 827, 951, 1091, 1215, 1315, 1429 Monetary and banking reform in Guatemala. . . .257 Gold movements 90, 200, 342, 442, 548, Nationalization of Bank of France 483 688, 814, 938, 1078, 1202, 1302, 1416 Netherlands Bank Act, reinstatement of 489 Wholesale prices in 104, 214, 356, 456, 562, Price control, discussion in Review of the Month. .833 . 702, 828, 952, 1092, 1216, 1316, 1430 S. 1592, report of Board on pending legislation T j ava. on housing 236 Bank of: Silver, act authorizing Secretary of the Treasury Discount rate 101, 211, 353, 453, 559, to sell or lease to industry and reducing 699, 825, 949, 1089, 1213, 1313, 1427 seigniorage 995 Gold reserves 89, 199, 341, 441, 547, Veterans guaranteed loans, amendment to 687, 813, 937, 1077, 1201, 1301, 1415 Servicemen's Readjustment Act of 1944 126 Johnson, Walter S., elected Class B director at San Lend-lease: Francisco for unexpired term 256 Financial agreement between United States Joint statements: and United Kingdom, discussed in Review of Issued by the Governments of the United States the Month 5 and the United Kingdom regarding settle- Joint statement issued by Governments of ment for lend-lease, reciprocal aid, surplus United States and United Kingdom 15 war property and claims 15 Issued by the United States and United King- Leonard, Robert F., appointed Director of Division dom regarding the understanding reached on of Examinations 876 commercial policy 15 Licenses: Issued by the President of the United States Motor City Credit Jewelry Co., Inc., suspension and the Prime Minister of Great Britain on under Regulation W 249 the economic and financial discussions between Relating to transactions in foreign exchange. .29, 127, officials 14 252, 384, 476, 614, 753, 875, 1015, 1140J1355 President of United States and President of To transact banking business granted by Secre- Provisional Government of the French Retary of the Treasury 28 . public 866 1448 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Liquid assets: Pages Pages Expenditure plans of farm operators 965 Loans—Continued. Holdings of individuals and businesses, esti- Veterans—Continued. mated 122, 1236 Insured, excepted from provision of Regula- National survey of 574 tion W 613 Distribution according to income 716 Limitations on national bank real estate, Prospective spending and saving and sum- instructions of Comptroller of the Curmary of survey findings 844 rency to national bank examiners 474 Slackened growth in, discussion in Review of the War production, guaranteed by War Depart- Month 1221 ment, Navy Department, and Maritime Com- List of directors of Federal Reserve Banks and mission 46, 153, 299, 397, 501, branches 130 627, 767, 887, 1029, 1153, 1253, 1369 Lithuania: Loans and investments: Discount rate of Central Bank.. 101,211,353,453,559, All banks in United States, call dates. .51, 158, 304, 699, 825, 949, 1089, 1213, 1313, 1427 402, 506, 632, 772, 892, 1034, 1158, 1258, 1374 Loan policy of United States, foreign, statement of Changes in, discussed in Review of the Month. . .465 National Advisory Council on international mon- Insured commercial banks. . . .53, 160, 306, 404 508 etary and financial problems 227 634, 774, 894, 1036, 1160, 1260, 1376 Loans: Member banks, call dates. . . .51, 158, 304, 402, 506, Agricultural, insured commercial banks. .53, 160, 306, 632, 772, 892, 1034, 1158, 1258, 1374 404, 508, 634, 774, 894, 1036, 1160, 1260, 1376 Mutual savings banks, call dates. .52, 159, 305, 403 Authorized by Export-Import Bank of Wash- 507, 633, 773, 893, 1035, 1159, 1259, 1375 ington 230 National banks 51, 158, 304, 402, 506 Bank, discussion in Review of the Month 712 632, 772, 892, 1034, 1158, 1258, 1374 Bank, to enable finance company to make securi- Nonmember banks 52, 159, 305, 403, 507, ties loans, applicability of Regulation U 874 633, 773, 893, 1035, 1159, 1259, 1375 British, address by Marriner S. Eccles before Weekly reporting member banks: Foreign Policy Association 232 By Federal Reserve districts. .57, 164, 310, 408, Brokers and dealers in securities by weekly re- 512, 638, 778, 898, 1040, 1164, 1264, 1380 porting member banks: New York City and outside. .55, 162, 308, 406, By Federal Reserve districts. .57, 164, 310, 408, 510, 636, 776, 896, 1038, 1162, 1262, 1378 512, 638, 778, 898, 1040, 1164, 1264, 1380 MacNaughton, E. B., appointed director at Portland New York City and outside. .55, 162, 308, 406, Branch for unexpired term 255 510, 636, 776, 896, 1038, 1162, 1262, 1378 Manufactures: Capital contribution, applicability of Regula- Industrial production, index of. .68, 175, 321, 419, tion U 995 523, 649, 789, 909, 1051, 1175, 1275, 1391 Commercial, industrial, and agricultural by Manufacturing corporations, financial developments weekly reporting member banks: among large, 1945 1106 By Federal Reserve districts. .57, 164, 310, 408, Manufacturing industries: 512, 638, 778, 898, 1040, 1164, 1264, 1380 Hours and earnings of wage earners. . 74, 181, 327, 425, New York City and outside. .55, 162, 308, 406, 529, 655, 795, 915, 1057, 1181, 1281, 1397 510, 636, 776, 896, 1038, 1162, 1262, 1378 Maps: Consumer instalment, made by principal lending Federal Reserve System 108, 218, 360, 460, 566, institutions 82, 189, 335, 433, 537, 706, 832, 956, 1096, 1220, 1320, 1434 664, 803, 923, 1065, 1189, 1289, 1405 Margin accounts: Expansion of, discussed in Review of the Month. .1102 Statistics of stock exchange firms. .59, 166, 312, 410, Farm tenant, amendment to section 24 of Federal 514, 640, 780, 900, 1042, 1166, 1266, 1382 Reserve Act 995 Margin requirements: Federal Housing Administration, insured by. . 76, 183, Amendments to Regulations T and U increasing 329, 427, 531, 657, 797, 917, 1059, 1183, 1283, 1399 to 100 per cent 126 Government corporations and credit agencies. . . .67, Amendments to Regulations T and U relating to 174, 320, 418, 522, 648, 788, 908, use of credit for exercising rights to purchase. . 1347 1050, 1174, 1274,1390 Sources of inflationary pressures, statement Industrial: {See Industrial advances) issued by Marriner S. Eccles 121 Instalment..- 81, 188, 334, 432, 536, Table 42, 149, 295, 393, 497, 663, 802, 922, 1064, 1188, 1288, 1404 623, 763, 883, 1025, 1149, 1248, 1364 Partial transfer forbidden by Regulation U 613 Maritime Commission: Real estate: War production loans guaranteed by. .46, 153, 299, Weekly reporting member banks: 397, 501, 627, 767, 887, 1029, 1153, 1253, 1369 By Federal Reserve districts. .57, 164, 310, Maturity distribution of loans and Government 408, 512, 638, 778, 898, 1040, securities 42, 149, 295, 393, 497, 1164, 1264, 1380 623, 763, 883, 1025, 1149, 1249, 1365 New York City and outside. .55, 162, 308, Meacham, H. C, appointed director at Nashville 406, 510, 636, 776, 896, 1038, Branch for unexpired term 255 1162, 1262, 1378 Meetings: United Kingdom by United States, as part of Board of Governors of International Monetary financial agreement 1 Fund and International Bank for Reconstruc- Veterans: tion and Development 361 Guaranteed, amendment to Servicemen's Chairmen of Federal Reserve Banks on Decem- Readjustment Act of 1944 126 ber 5-6 1357 JDECEMBER 1946 1449 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pases Meetings—Continued. Minerals: Federal Advisory Council: Industrial production, index of. .68, 175, 321, 419, February 17-18 255 523, 649, 789, 909, 1051, 1175, 1275, 1391 May 19-20 615 Monetary and banking reform in Guatemala 257 October 6-7 1142 Monetary and banking reform in Paraguay, mono- December 1-3 1357 graph by Robert Triffin ready for distribution 865 Federal Open Market Committee: Monetary reforms in Western Europe, results of.... 1115 February 28 and March 1 255 Money in circulation: June 10 756 Adjustment for seasonal variation. .49, 156, 302, 400, October 3 1142 504, 630, 770, 890, 1032, 1156, 1256, 1372 Presidents of the Federal Reserve Banks: Chart 39, 146, 292, 390, 494, February 25-26 and 28 255 620, 760, 880, 1022, 1146, 1246, 1362 June 7, 8, and 11 756 Stock of 48, 155, 301, 399, 503, October 1, 2 and 4 1142 629, 769, 889, 1031, 1155, 1255, 1371 Member banks: Total 40, 147, 293, 391, 495, Assets and liabilities: 621, 761, 881, 1023, 1147, 1247, 1363 December 31, 1945 544 Money rates: June 29, 1946 1198 Commercial loan rates 60, 167, 313, 411, 515, Changes in number of banking offices 196, 1074 641, 781, 901, 1043, 1167, 1267, 1383 Deposits and reserves of 47, 154, 300, 398, 502, Current statistics for Federal Reserve chart 628, 768, 888, 1030, 1154, 1254, 1370 book 86, 192, 338, 437, 541, Earnings: 668, 807, 928, 1070, 1194, 1294, 1410 1945 615, 674 Foreign countries 101, 211, 353, 453, 559, First half of 1946 1238, 1298 699, 825, 949, 1089, 1213, 1313, 1427 Loans and investments, call dates. .51, 158, 304, 402, Open market, New York City. .60, 167, 313, 411, 515, 506, 632, 772, 892, 1034, 1158, 1258, 1374 641, 781, 901, 1043, 1167, 1267, 1383 Number of: Morse, Chandler, appointed Assistant Director of the Call dates 51, 158, 304, 402, 506, Division of Research and Statistics of the Board. . . .32 632, 772, 892, 1034, 1158, 1258, 1374 Mortgages: Offices in United States 439, 543, 671, Insured Federal Housing Administration mort- 810, 931, 1073, 1197, 1297, 1413 gages held 76, 183, 329, 427, 531, Number and salary of employees 379 657, 797, 917, 1059, 1183, 1283, 1399 Operating ratios, 1945 932 Motor City Credit Jewelry Co., Inc.: Par list .439, 543, 671, 810, 931, 1073, 1197, 1297, 1413 Suspension of license and consent injunction 249 Profits in 1945 376 Mutual savings banks: Reserve requirements 42, 149, 295, 393, 497, Changes in number of banks and branches.. 196, 1074 623, 763, 883, 1025, 1149, 1248, 1364 Deposits, call dates 52, 159, 305, 403, 507, Reserves, Reserve Bank credit and related 633, 773, 893, 1035, 1159, 1259, 1375 items 40, 147, 293, 391, 495, Government securities held by. .65, 172,318,416,520, 646, 786, 906, 1048, 1172, 1272, 1388 621, 761, 881, 1023, 1147, 1247, 1363 Insured home loans held 76, 183, 329, 427, 531, Membership in Federal Reserve System: 657, 797, 917, 1059, 1183, 1283, 1399 Admission of State banks 32, 129, 256, 386, 478, Loans and investments, call dates. .52, 159, 305, 403, 615, 756, 876, 1018, 1142, 1241, 1357 507, 633, 773, 893, 1035, 1159, 1259, 1375 Condition, suit by Peoples Bank of Lakewood Number of banking offices. . .439, 543, 671, 810, 931, Village, California, attacking validity, dis- 1073, 1197, 1297, 1413 missed 751 Myers, C. E., director at Los Angeles Branch, death of .386 Merchandise: National Advisory Council on international mon- Exports and imports 77, 184, 330, 428, 532, etary and financial problems, statement issued on 658, 798, 918, 1060, 1184, 1284, 1400 foreign loan policy of the United States 227 National bank notes, stock of ... .48, 155, 301, 399, 503, Mexico: 629, 769, 889, 1031, 1155, 1255, 1371 Bank of: National banks: Condition 100, 210, 352, 452, 558, Assets and liabilities: 698, 824, 948, 1088, 1212, 1312, 1426 December 31, 1945 544 Discount rate 101, 211, 353, 453, 559, June 29, 1946 1198 699, 825, 949, 1089, 1213, 1313, 1427 Changes in number of banks and branches.. 196, 1074 Gold reserves 89, 199, 341, 441, 547, Deposits, call dates 51, 158, 304, 402, 506, 687, 813, 937, 1077, 1201, 1301, 1415 632, 772, 892, 1034, 1158, 1258, 1374 Foreign exchange rates 103, 213, 355, 455, 561, Earnings and expenses: 701, 827, 951, 1091, 1215, 1315, 1429 1945 194 Gold movements 90, 200, 342, 442, 548, First half of 1946 935 688, 814, 938, 1078, 1202, 1302, 1416 Number of: Gold production 90, 200, 342, 442, 548, Call dates 51, 158, 304, 402, 506, 688, 814, 938, 1078, 1202, 1302, 1416 632, 772, 892, 1034, 1158, 1258, 1374 Military reservations, banking offices at 196, 1074 Offices in United States 439, 543, Mil lard, Edwin R., appointed Assistant Director of 671, 810, 931, 1073, 1197, 1297, 1413 Division of Examinations 1241 Suspensions 50, 157, 303, 401, 505, Miller, Paul E., appointed Class C director at 631, 771, 891, 1033, 1157, 1257, 1375 Minneapolis 32 1450 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages National summary of business conditions. .36, 142, 289, Nonmember banks—Continued. 387, 491, 616, 757, 877, 1019, 1143, 1242,1358 Suspensions 50, 157, 303, 401, 505, Navy Department: 631, 771, 891, 1033, 1157, 1257, 1373 War production loans guaranteed by. .46, 153, 299, Norway: 397, 501, 627, 767, 887, 1029, 1153, 1253,1369 Bank of: Nelson, Fred A., appointed Director of Division of Discount rate 101, 211, 353, 453, 559, Personnel Administration .876 699, 825, 949, 1089, 1213, 1313, 1427 Netherlands: Gold reserves 89, 199, 341, 441, 547, Bank: 687, 813, 937, 1077, 1201, 1301, 1415 Condition 100, 210, 352, 452, 558, Foreign exchange rates 103, 213, 355, 455, 561, 698, 824, 948, 1088, 1212, 1312, 1426 701, 827, 951, 1091, 1215, 1315, 1429 Discount rate 101, 211, 353, 453, 559, Obligations of Government, direct and guaranteed: 699, 825, 949, 1089, 1213, 1313, 1427 Maturities 64, 171, 317, 415, 519, Gold reserves 89, 199, 341, 441, 547, 645, 785, 905, 1047, 1171, 1271, 1387 687, 813, 937, 1077, 1201, 1301, 1415 Open-market paper, insured commercial banks. .53, 160, Cost of living, index numbers.. 105, 215, 357, 457, 563, 306, 404, 508, 634, 774, 894, 1036, 1160, 1260, 1376 703, 829, 953, 1093, 1217, 1317, 1431 Open-market rates: Foreign exchange rates 103, 213, 355, 455, 561, Foreign countries 101, 211, 353, 453, 559, 701, 827, 951, 1091, 1215, 1315, 1429 699, 825, 949, 1089, 1213, 1313, 1427 Gold movements 90, 200, 342, 442, 548, New York City 60, 167, 313, 411, 515, 688, 814, 938, 1078, 1202, 1302, 1416 641, 781, 901, 1043, 1167, 1267, 1383 International capital transactions. .92, 202, 344, 444, Operating ratios of member banks 932 550, 690, 816, 940, 1080, 1204, 1304, 1418 Ownership of demand deposits: Open-market rates 101, 211, 353, 453, 559, Article by Richard Youngdahl 469 699, 825, 949, 1089, 1213, 1313, 1427 Discussion in Review of the Month 1224 Reinstatement of the Bank Act of 1937 489 Pamphlets: {See Publications) Retail food prices 105, 215, 357, 457, 563, Paper currency, circulation 48, 155, 301, 399, 503, 703, 829, 953, 1093, 1217, 1317, 1431, 629, 769, 889, 1031, 1155, 1255, 1371 Security prices, index numbers. . 105, 215, 357, 457. 563, 703, 829, 953, 1093, 1217, 1317, 1431 Par list: Wholesale prices 104, 214, 356, 456, 562, Number of banks, by districts and by States. .439, 702, 828, 952, 1092, 1216, 1316, 1430 543, 671, 810, 931, 1073, 1197, 1297, 1413 New Jersey: Total of banks on 124 Loans to veterans exempted from provisions of Paraguay: Regulation W 613 Bank of: New York Stock Exchange: Condition 100, 210, 352, 452, 558, Volume of trading on 61, 168, 314, 412, 516, 698, 824, 948, 1088, 1212, 1312, 1426 642, 782, 902, 1044, 1168, 1268, 1384 Monetary and banking reform in, article by New Zealand: Robert Triffin 865 Foreign exchange rates 103, 213, 355, 455, 561, Parten, J. R., designated as Chairman and Federal 701, 827, 951, 1091, 1215, 1315, 1429 Reserve Agent at Dallas 32 Reserve Bank of: Paulger, Leo H., appointed Special Adviser to Board. .876 Condition 100, 210, 352, 452, 558, Pay rolls, factory: 698, 824, 948, 1088, 1212, 1312, 1426 Business index of 68, 175, 321, 419, 523, Discount rate 101, 211, 353, 453, 559, 649, 789, 909, 1051, 1175, 1275, 1391 699, 825, 949, 1089, 1213, 1313, 1427 By industry 73, 180, 326, 424, 528, Gold reserves 89, 199, 341, 441, 547, 654, 794, 914, 1056, 1180, 1280, 1396 687, 813, 937, 1077, 1201, 1301, 1415 Peoples Bank, Lakewood Village, California, suit Nicaragua: against Board attacking validity of condition of Gold production 90, 200, 342, 442, 548, membership, dismissed 750 688, 814, 938, 1078, 1202, 1302, 1416 Peru: Nonmember banks: Central Reserve Bank of: Assets and liabilities of insured commercial Condition 100, 210, 352, 452, 558, banks in United States and possessions. .545, 1199 698, 824, 948, 1088, 1212, 1312, 1426 Changes in number of banks and branches.. 196, 1074 Discount rate 101, 211, 353, 453, 559, Deposits: 699, 825, 949, 1089, 1213, 1313, 1427 Call dates 52, 159, 305, 403, 507, Gold reserves 89, 199, 341, 441, 547, 633, 773, 893, 1035, 1159, 1259, 1375 687, 813, 937, 1077, 1201, 1301, 1415 Held by Federal Reserve Banks. .40, 147, 293, Philippine Islands: 391, 495, 621, 761, 881, 1023, 1147, 1247, 1363 Loans and investments 52, 159, 305, 403, 507, Gold movements 90, 200, 342, 442, 548, 633, 773, 893, 1035, 1159, 1259, 1375 688, 814, 938, 1078, 1202, 1302, 1416 Number of: Poland: ^ | Call dates 52, 159, 305, 403, 507, Foreign exchange rates 103, 213, 355, 455, 561, 633, 773, 893, 1035, 1159, 1259, 1375 701, 827, 951, 1091, 1215, 1315, 1429 Offices in United States 439, 543, 671, 810, 931, 1073, 1197, 1297, 1413 Gold reserves 89, 199, 341, 441, 547, Par list 439, 543, 687, 813, 937, 1077, 1201, 1301, 1415 671, 810, 931, 1073, 1197, 1297, 1413 Pollard, William B., appointed Vice President and designated Manager of Memphis Branch 129 DECEMBER 1946 1451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages- Portugal: Public debt: Bank of: Increase during fiscal year Ill Condition 100, 210, 352, 452, 558, Outstanding 464 698, 824, 948, 1088, 1212, 1312, 1426 Retirement program 109S Discount rate 101, 211, 353, 453, 559, Volume and kind of securities. .64, 171, 317, 415, 519, 699, 825, 949, 1089, 1213, 1313, 1427 645, 785, 905, 1047, 1171, 1271, 1387 Gold reserves 89, 199, 341, 441, 547, Public utility corporations: 687, 813, 937, 1077, 1201, 1301, 1415 Foreign exchange rates 103, 213, 355, 455, 561, Earnings and dividends of 63, 170, 316, 414, 518, 701, 827, 951, 1091, 1215, 1315, 1429 644, 784, 904, 1046, 1170, 1270, 1386- Postal savings deposits: Publications: Depositors balances and assets. .50, 157, 303, 401, 505, Federal Reserve Act, revised edition of 1356 631, 771, 891, 1033, 1157, 1257, 1373 Federal Reserve chart book No. 1, revision of 478 Insured commercial banks 54, 161, 307, 405, 509, Monetary and banking reform in Paraguay, 635, 775, 895, 1037, 1161, 1261, 1377 article by Robert Trifiin : 865 Interest rate on 41, 148, 294, 392, 496, Postwar economic studies No. 4, ready for dis- 622, 762, 882, 1024, 1148, 1248, 1364 tribution 722 Weekly reporting member banks: Postwar economic studies No. 5, distribution of. .1122 By Federal Reserve districts. .58, 165, 311, 409, Postwar economic studies No. 6, ready for dis- 513, 639, 779, 899, 1041, 1165, 1265, 1381 tribution 85S New York City and outside. .56, 163, 309, 407, Railroads: 511, 637, 777, 897, 1039, 1163, 1263, 1379 Revenues, expenses and income of Class I. .77,184, Postwar business finance, discussion in Review of 330, 428, 532, 658, 798, 918, 1060, 1184, 12841,400the Month 707 Rates: Postwar economic studies: Acceptances, bankers', buying. .41, 148, 294, 392,496, No. 4, ready for distribution 722 622, 762, 882, 1024, 1148, 1248, No. 5, distribution of 1122 Bills, buying 41, 148, 294, 392,496, No. 6, ready for distribution 855 622, 762, 882, 1024, 1148, 1248,1364 Postwar financial position of business 1335 Commercial loan rates in principal cities. . 60, 167,313, Postwar international trade, discussed in Review of 411, 515, 641, 781, 901, 1043, 1167, 1267,1385 the Month 1 Discount: Postwar transition in banking, discussion in Review Central banks 101, 211, 353, 4535,59, of the Month 1097 699, 825, 949, 1089, 1213, 1313,1427 President of the United States: Elimination of preferential .462 Budget message to Congress outlining Govern- Federal Reserve Banks. .41, 148, 294, 392,496, ment's role in economy transition from war 622, 762, 882, 1024, 1148, 1248,1364 to peace 109 Foreign exchange 103, 213, 355, 455,561, Presidents of Federal Reserve Banks: 701, 827, 951, 1091, 1215, 1315,1429 Appointments for five-year terms 255 Industrial loans and commitments. .41, 148, 294,392, List of 107, 217, 359, 459, 565, 496, 622, 762, 882, 1024, 1148, 1248,1364 705, 831, 955, 1095, 1219, 1319, 1433 Interest, changes discussed in Review of the Meetings: Month 1104 February 25-26, and 28 255 Money, current statistics for Federal Reserve June 7, 8 and 11 756 chart book 86, 192, 338, 437,541 r October 1, 2 and 4 1142 668, 807, 928, 1070, 1194, 12941,410 Press statements: Open market in certain foreign countries. .101, 211, Treasury Department, awards for distinguished 353, 453, 559, 699, 825, 949, 1089, 1213, 1313,1427 service in war finance 248 Open market in New York City. .60, 167, 313,411, Price Control Act of 1942, statement of Marriner S. 515, 641, 781, 901, 1043, 1167, 1267,1383 Eccles before Banking and Currency Committee Postal savings deposits 41, 148, 294, 392,496, of the Senate. . " 573 622, 762, 882, 1024, 1148, 1248,1364 Regulation V loans, maximum interest and com- Prices: mitment rates 41, 148, 294, 392, 496, Current developments, discussion in Review of 622, 762, 882, 1024, 1148 the Month 833 Postwar period, changes discussed in Review of Time deposits, maximum interest on. .41, 148, 294, the Month 836 392, 496, 622, 762, 882, 1024, 1148, 1248,1364 Retail food 105, 215, 357, 457, 563, Ratios: 703, 829, 953, 1093, 1217, 1317, 1431 Member bank earnings, 1945 .681 Securities in principal countries. .105, 215, 357, 457, .932 Member bank operating, 1945 563, 703, 829, 953, 1093, 1217, 1317, 1431 Wholesale commodity: Real estate: Business index 68, 175, 321, 419, 523, Loans on: 649, 789, 909, 1051, 1175, 1275, 1391 Insured commercial banks. .53, 160, 306, 404, By groups of commodities. .83, 190, 336, 435, 508, 634, 774, 894, 1036, 1160, 1260, 1376 539, 666, 805, 925, 1067, 1191, 1291, 1407 Weekly reporting member banks: Wholesale in principal countries, index of. .104, 214, By Federal Reserve districts. .57, 164, 310, 356, 456, 562, 702, 828, 952, 1092, 1216, 1316, 1430 408, 512, 638, 778, 898, 1040, 1164, 1264, 1380 Production, industrial: (See Industrial production) New York City and outside. .55, 162, 308, Profits, member banks in 1945 376 406, 510, 636, 776, 896, 1038, 1162, 1262, 1378 1452 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Real estate—Continued. Reserve city member banks: Loans to veterans by national banks, instruc- Assets and liabilities: tions of Comptroller of the Currency on December 31, 1945 544 limitations on 474 June 29, 1946 1198 Price problems discussed in Review of the Month.. 225 Condition, call dates 53, 160, 306, 404, 508, Receipts of the Government for fiscal year Ill 634, 774, 894, 1036, 1160, 1260, 1376 Receipts of Treasury: Deposits and reserves 47, 154, 300, 398, 502, Summary of operations 66, 173, 319, 417, 521, 628, 768, 888, 1030, 1154, 1254, 1370 Earnings and expenses: 647, 787, 907, 1049, 1173, 1273, 1389 1945 674 Reconstruction Finance Corporation: First half of 1946 1239 Loans by 67, 174, 320, 418, 522, Reserves 47, 154, 300, 398, 502, 648, 788, 908, 1050, 1174, 1274, 1390 628, 768, 888, 1030, 1154, 1254, 1370 Reconstruction Finance Corporation Mortgage Com- Reserve position of banks, discussion in Review of pany: the Month 466 Reserve requirements of member banks: Assets and liabilities 67, 174, 320, 418, 522, Per cent of deposits 42, 149, 295, 393, 497, 648, 788, 908, 1050, 1174, 1274, 1390 623, 763, 883, 1025, 1149, 1248, 1364 Redman, J. P., appointed Class C director at St. Reserves: Louis 1142 Balances due to and from banks in territories.. .1240 Regulations, Board of Governors: Effects of debt retirement on 1098 C, Acceptances by member banks, revision of.. . .996 Federal Reserve Banks: D, Member bank reserves: All banks combined 42, 149, 295, 393, 497, Weekly computation period, change from 623, 763, 883, 1025, 1149, 1249, 1365 Friday to Thursday 756 Each bank 43, 150, 296, 394, 498, T, Extension and maintenance of credit by 624, 764, 884, 1026, 1150, 1250, 1366 brokers, dealers, and members of national Gold, of central banks and governments. . 89, 199, 341, securities exchanges, amendments to 126, 1347 441, 547, 687, 813, 937, 1077, 1201, 1301, 1415 U, Loans by banks for the purpose of purchasing Insured commercial banks with Federal Reserve or carrying stocks registered on national Banks 54, 161, 307, 405, 509, securities exchanges: 635, 775, 895, 1037, 1161, 1261, 1377 Amendments to 127, 1347 Member banks: Bank acting as trustee 874 Account with Federal Reserve Banks. .44, 151, Bank loan to enable finance company to .874 297, 395, 499, 625, 765, 885, 1027, 1151, 1251, 1367 make securities loans .995 By classes of banks 47, 154, 300, 398 502, Capital contribution loans } .613 628, 768, 888, 1030, 1154, 1254, 1370 Partial transfers forbidden by Chart " 39, 146, 292, 390, 494, V, War loans: 620, 760, 880, 1022, 1146, 1246, 1362 Financing war production and contract Excess: terminations under 240 End of month and Wednesday figures. . .40, Guarantee fees and maximum interest and 147, 293, 391, 495, 621, 761, 881, commitment rates under. .41, 148, 294, 392, 1023, 1147, 1247, 1363 496, 622, 762, 882, 1024, 1148 In classes of banks. .46, 153, 299, 397, 501, W, Consumer credit: 627, 767, 887, 1029, 1153, 1253, 1369 Add-on sale, exemption of .874 Total held: Amendment No. 20 .749 All banks, end of month and Wednesday Amendment No. 21 .998 figures 40, 147, 293, 391, 495, Discussion in Review of the Month .570 621, 761, 881, 1023, 1147, 1247, 1363 Floor furnace as listed article 1140 Classes of banks 46, 153, 299, 397, 501, Jeep station wagons, classification of 1240 627, 767, 887, 1029, 1153, 1253, 1369 Kitchen cabinets, classification of 1240 Weekly computation period, change in 756 Listed article installed in connection with Weekly reporting member banks: repairs or improvements .874 By Federal Reserve districts. .58, 165, 311, 409, Listed articles used in realty improvement. ..29 513, 639, 779, 899, 1041, 1165, 1265, 1381 Principal amount, meaning in section 2(e).. .874 New York City and outside. .56, 163, 309, 407, Renewal of single payment loan under 511, 637, 777, 897, 1039, 1163, 1263, 1379 $2,000 1140 Resignations: Revision of 1345,1348 Billington, E. F., as director at New Orleans Veterans insured loans excepted from pro- Branch 876 vision of .613 Bryan, Malcolm H., as First Vice President at Violations: Atlanta ;•;:•••1241 Cagle, C. E., as Assistant Director of Division Consumers Home Equipment Company.749 of Examinations 1241 Motor City Credit Jewelry Co., Inc., Clark, John D., as director at Omaha Branch. .1018 suspension of license and consent Ellis, Howard S., as Assistant Director of Diviinjunction 249 sion of Research and Statistics 129 Water heaters, classification of 1240 Kennedy, David M., as Special Assistant to the Reserve balances of member banks. .46, 153, 299, 397, 501, Chairman of the Board 1241 627, 767, 887, 1029, 1153, 1253, 1369 Kurth, E. L., as Class B, director at Dallas 256 DECEMBER 1946 1453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages Resignations—Continued. Secretary of Treasury: Stocking, George W., as director at San Antonio General license to transact banking business Branch 1018 issued by 28 Waymack, W. W., as Class C director at Chicago. 1357 Licenses relating to transactions in foreign Results of monetary reforms in Western Europe, exchange 29, 127, 384, 476, article by Robert W. Bean 1115 614, 753, 875, 1015, 1140, 1355 Retail credit survey—1945 581 Securities: Retail food prices 105, 215, 357, 457, 563, Domestic, inflow of foreign funds. .91, 201, 343, 443, 703, 829, 953, 1093, 1217, 1317, 1431 549, 689, 815, 939, 1079, 1203, 1303, 1417 Retirements: Foreign, return of United States funds. .91, 201, 343, 443, 549, 689, 815, 939, 1079, 1203, 1303, 1417 Day, William A., as President at San Francisco.. .32 Loans for purchasing or carrying: Revenues, expenses, and income of Class I railroads. . .77, Insured commercial banks. .53, 160, 306, 404, 184, 330, 428, 532, 658, 798, 918, 508, 634, 774, 894, 1036, 1160, 1260, 1376 1060, 1184, 1284, 1400 Weekly reporting member banks: Review of the Month: By Federal Reserve districts. .57, 164, 310, Current price developments 833 408, 512, 638, 778, 898, 1040, Establishment of Bretton Woods institutions. .. .361 1164, 1264, 1380 Federal budget in the transition economy 109 New York City and outside. .55, 162, 308, International transactions of the United States 406, 510, 636, 776, 896, 1038, in the first postwar year 1321 1162, 1262, 1378 Labor market in the transition 957 (See also Government securities) Postwar business finance 707 Securities exchange administration: Postwar transition in banking 1097 Amendments to Regulations T and U 126, 1347 Recent changes in consumer credit 567 Margin requirements under Regulations T and U. .42, Recent economic developments 219 149, 295, 393, 497, 623, 763, 883, Slackened growth in liquid assets 1221 1025, 1149, 1249, 1365 Treasury finance and banking developments 461 Partial transfers forbidden by Regulation U 613 United Kingdom and postwar international trade... 1 Security issues: Rhodesia: Corporate, for new money 713 Gold production 90, 200, 342, 442, 548, Corporate, proposed use of proceeds. .62, 169, 315, 688, 814, 938, 1078, 1202, 1302, 1416 413, 517, 643, 783, 903, 1045, 1169, 1269, 1385 New and refunding 61, 168, 314, 412, 516, Robinson, Roland I., article on member bank profits 642, 782, 902, 1044, 1168, 1268, 1384 in 1945 376 Security markets: Roderick, Dorrance D., appointed as director at Bond and stock prices 61, 168, 314, 412, 516, El Paso Branch 32 642, 782, 902, 1044, 1168, 1268, 1384 Rules of organization and procedure of Board 999 National summary of business conditions 143 Rules on organization and information for Federal Security prices: Open Market Committee 1011 National summary of business conditions 1144 Rumania: Principal countries 105, 215, 357, 457, 563, Foreign exchange rates 103, 213, 355, 455, 561, 703, 829, 953, 1093, 1217, 1317, 1431 701, 827, 951, 1091, 1215, 1315, 1429 Servicemen's Readjustment Act of 1944, amend- National Bank of: ment as to veterans guaranteed loans 126 Discount rate 101, 211, 353, 453, 559, Shaw, R. Flake, appointed director at Charlotte 699, 825, 949, 1089, 1213, 1313, 1427 Branch.» 31 Gold reserves 89, 199, 341, 441, 547, Shepard, Roger B., designated as Chairman and Federal Reserve Agent at Minneapolis 32 687, 813, 937, 1077, 1201, 1301, 1415 Sherman, Merritt, appointed Assistant Secretary of Rural Electrification Administration: the Board. , 1142 Loans by 67, 174, 3.20, 418, 522, Sherrill, Fred G., appointed director at Los Angeles 648, 788, 908, 1050, 1174, 1274, 1390 Branch 386 Salaries: Silver: Legislation authorizing Secretary of the Treas- Federal Reserve Banks. . . . . 194, 935 ury to sell or lease to industry and reducing Member banks: seigniorage 995 Average 379 Silver and silver certificates, stock. .48, 155, 301, 399, 503, 1945 674 629, 769, 889, 1031, 1155, 1255, 1371 First half of 1946 1298 Sloan, George S., appointed Assistant Director of Savings and loan associations: Division of Examinations 1241 Insured home mortgages held. .76, 183, 329, 427, 531, Sources of inflationary pressures, statement issued 657, 797, 917, 1059, 1183, 1283, 1399 by Marriner S. Eccles 121 Savings bonds: South Africa: Sales and redemptions 64, 171, 317, 415, 519, Foreign exchange rates 103, 213, 355, 455, 561, 645, 785, 905, 1047, 1171, 1271, 1387 701, 827, 951, 1091, 1215, 1315, 1479 Savings deposits: Gold movements 90, 200, 342, 442, 548, 688, 814, 938, 1078, 1202, 1302, 1416 Interest rates on 41, 148, 294, 392, 496, Gold production 90, 200, 342, 442, 548, 622, 762, 882, 1024, 1148, 1248, 1364 688, 814, 938, 1078, 1202, 1302, 1416 Schacht, C. A., appointed Vice President and designated Manager of Louisville Branch 129 1454 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages South Africa—Continued. Special articles—Continued. Reserve Bank: Sources of inflationary pressures, statement by Condition 100, 210, 352, 452, 558, Marriner S. Eccles 121 698, 824, 948, 1088, 1212, 1312, 1426 Statement by the Minister of Finance on the appreciation of the Canadian dollar 859 Discount rate 101, 211, 353, 453, 559, Victory loan 119 699, 825, 949, 1089, 1213, 1313, 1427 Spencer, C. E., Jr., elected Vice President of Federal Gold reserves 89, 199, 341, 441, 547, Advisory Council 255 687, 813, 937, 1077, 1201, 1301, 1415 Staff of Board of Governors: Spain: Bean, Robert W., article on results of monetary Bank of: reforms in Western Europe 1115 Condition 100, 210, 352, 453, 558, Bergelin, John O., article on revised index of 698, 824, 948, 1088, 1212, 1312, 1426 department store stocks 588 Discount rate 101, 211, 353, 453, 559, Boothe, Gardner L., II, appointed Assistant 699, 825, 949, 1089, 1213, 1313, 1427 Director of Division of Administrative Services .876 Gold reserves 89, 199, 341, 441, 547, Cagle, C. E., resignation as Assistant Director 687, 813, 937, 1077, 1201, 1301, 1415 of Division of Examinations 1241 Foreign exchange rates 103, 213, 355, 455, 561, Cagle, Caroline, article on member bank profits 701, 827, 951, 1091, 1215, 1315, 1429 in 1945 376 Special articles: Ellis, Howard S.: Anglo-American trade and financial negotiations.. .14 Monopoly and unemployment, pamphlet Balance sheet of agriculture, 1946 974 ready for distribution 722 Banks on Federal Reserve par list 124 Resignation as Assistant Director of Divi- British loan, address by Marriner S. Eccles sion of Research and Statistics 129 before Foreign Policy Association 232 Holthausen, Duncan M.: British white paper on war finance 723 Article on liquid assets and expenditure British white paper published in connection with plans of farm operators 965 Anglo-American financial agreement 20 Article on national survey of liquid assets.. . 844 Economic conditions and public policy, address Hopkins, Ernest J., article on long term needs of by Marriner S. Eccles before Sixteenth New England Bank Management Conference 1230 small business 1122 Estimated durable goods expenditures 1939-45, Kennedy, David M.: article by Doris P. Warner and Albert R. Appointed Special Assistant to the Chairman. 615 Koch 967 Resignation as Special Assistant to the Estimated liquid asset holdings of individuals Chairman 1241 and businesses 122, 1236 Knapp, J. Burke, appointed Assistant Director Extension of the emergency price control act of of the Division of Research and Statistics 615 1942 573 Koch, Albert R.: Financial agreements between the United States Article on estimated durable goods expendiand Great Britain, statement before Banking tures 1940-45 ' 967 and Currency Committee of Senate 373 Article on financial developments among Financial developments among large manu- large financial corporations, 1945 1106 facturing corporations, 1945 1106 Article on postwar financial position of Financing war production and contract termina- business 1335 tions under Regulation V 240 Leonard, Robert F., appointed Director of Foreign loan policy of the United States, state- Division of Examinations 876 ment by National Advisory Council on Inter- Millard, Edwin R., appointed Assistant Director national Monetary and Financial Problems 227 of Division of Examinations 1241 Index of department store sales and stocks, by Morse, Chandler, appointed Assistant Director major departments 856 of Division of Research and Statistics 32 Liquid assets and expenditure plans of farm Nelson, Fred A., appointed Director of Division operators 965 of Personnel Administration 876 Member bank earnings, first half of 1946 1238 Paulger, Leo H., appointed Special Adviser to Member bank profits in 1945 376 Board 876 Monetary and banking reform in Guatemala 257 Robinson, Roland I., article on member bank National survey of liquid assets 574 profits in 1945 376 National survey of liquid assets, distribution Sherman, Merritt, appointment as Assistant according to income 716 Secretary 1142 National survey of liquid assets, prospective Sloan, George S., appointed Assistant Director spending and saving and summary of survey of Division of Examinations 1241 findings 844 Stettner, Walter F., study on public works and Ownership of demand deposits, article by services in the postwar economy 855 Richard Youngdahl 469 Stockwell, Eleanor J., article on postwar finan- Postwar financial position of business 1335 cial position of business 1335 Report of Board on pending legislation on housing. 236 Townsend, J. Leonard, designation changed Results of monetary reforms in Western Europe ..1115 from Assistant General Attorney to Assistant Retail credit survey—1945 581 General Counsel 256 Revised index of department store stocks 588 TrifHn, Robert, article on monetary and banking Revision of consumer credit regulation 1345 reform in Paraguay 865 DECEMBER 1946 1455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages Staff of Board of Governors—Continued. Stock exchange—Continued. Vest, George B., designation changed from Customers debit balances money borrowed and General Attorney to General Counsel 256 principal related items of firms carrying Villard, Henry H.: margin accounts 59, 166, 312, 410, 514, Article on national survey of liquid assets.. .574 640, 780, 900, 1042, 1166, 1266, 1382 Article on national survey of liquid assets, Volume of trading on New York market. . 61, 168, 314, distribution according to income 716 412, 516, 642, 782, 902, 1044, 1168, 1268, 1384 Warner, Doris P.: Stock prices, discussion in Review of the Month. . . .1105 Article on estimated durable goods expendi- Stocking, George W., resignation as director at San tures, 1939-45 967 Antonio Branch 1018 Article on financial developments among Stocks: large financial corporations, 1945 1106 New security issues 61, 168, 314, 412, 516, Williams, Kenneth B., pamphlet on employment 642, 782, 902, 1044, 1168, 1268, 1384 and wage policies, ready for distribution 722 Prices in principal countries. . 105, 215, 357, 457, 563, Wood, Ramsay, study on housing needs and the 703, 829, 953, 1093, 1217, 1317, 1431 housing market 855 Prices in United States 61, 168, 314, 412, 516, Wyatt, Walter, resignation as General Counsel.. .256 642, 782, 902, 1044, 1168, 1268, 1384 Young, Ralph A., appointed Assistant Director of Division of Research and Statistics 386 Stockwell, Eleanor J., article on postwar financial Youngdahl, Richard: position of business 1335 Article on ownership demand deposits 469 Straits Settlements: Article on revised index of department store Foreign exchange rates 103, 213, 355, 455, 561, stocks 588 701, 827, 951, 1091, 1215, 1315, 1429 State member banks: Stratton, Leslie M., Jr., appointed director at Mem- Admissions to membership... .32, 129, 256, 3S6 478, phis Branch 31 t 615, 756, 876, 1018, 1142, 1241, 1357 Strickland, Robert, member of Federal Advisory Assets and liabilities: Council, death of 876 December 31, 1945 544 Studies: June 29, 1946 1198 Postwar economic No. 4, ready for distribution.. .722 s Changes in number of banks and branches.. 196, 1074 Postwar economic No. 5, distribution of 1122 Deposits, call dates 51, 158, 304, 402, 506, Postwar economic No. 6, ready for distribution. .855 632, 772, 892, 1034, 1158, 1258, 1374 Subscriptions of member countries to International Earnings and expenses: Bank 371 1945 615 Surplus: First half of 1946 1238, 1298 Federal Reserve Banks 45, 152, 194, 298, 396, Number of: 500, 626, 766, 886, 1028, 1152, 1252, 1368 Call dates 51, 158, 304, 402, 506, Member banks: 632, 772, 892, 1034, 1158, 1258, 1374 December 31, 1945 544 Offices in United States 439, 543, 671, June 29, 1946 1198 810, 931, 1073, 1197, 1297, 1413 Surveys: Peoples Bank, Lakewood Village, California, Liquid assets 574 suit attacking validity of condition of mem- National, distribution according to income.. .716 bership, dismissed 751 Prospective spending and saving and sum- Suspensions 50, 157, 303, 401, 505, mary of survey findings 844 631, 771, 891, 1033, 1157, 1257, 1373 Liquid assets and expenditure plans of farm States'and political sub-divisions: operators, article by Duncan M. Holthausen. . .965 Deposits: Retail credit—1945 581 Member banks on call dates. .54, 161, 307, 405, 509, 635, 775, 895, 1037, 1161, 1261, 1377 Suspension of banks: Weekly reporting member banks: Number and deposits 50, 157, 303, 401, 505, By Federal Reserve districts. .57, 164, 310, 631, 771, 891, 1033, 1157, 1257, 1373 408, 512, 638, 778, 898, 1040, 1164, Swan, Eliot J., study on economic aspects of social 1264, 1380 security 855 New York City and outside. .55, 162, 308, Sweden: 406, 510, 636, 776, 896, 1038, Bank of: 1162, 1262, 1378 Condition 100, 210, 352, 452, 558, Investments of member banks in obligations 698, 824, 948, 1088, 1212, 1312, 1426 of 53, 160, 306, 404, 508, Discount rate 101, 211, 353, 453, 559, 634, 774, 894, 1036, 1160, 1260, 1376 699, 825, 949, 1089, 1213, 1313, 1427 Stettner, Walter F., study on public works and Gold reserves 89, 199, 341, 441, 547, services in the postwar economy 855 687, 813, 937, 1077, 1201, 1301, 1415 Stewart, Charles H., elected Class A director at Foreign exchange rates 103, 213, 355, 455, 561, San Francisco 256 701, 827, 951, 1091, 1215, 1315, 1429 Stewart, Ross, appointed director at Houston Gold movements 90, 200, 342, 442, 548, Branch 129 688, 814, 938, 1078, 1202, 1302, 1416 Stock exchange: Open-market rates 101, 211, 353, 453, 559, Call loan renewals, open-market rates in New 699, 825, 949, 1089, 1213, 1313, 1427 York City 60, 167, 313, 411, 515, Wholesale prices in 104, 214, 356, 456, 562, 641, 781, 901, 1043, 1167, 1267, 1383 702, 828, 952, 1092, 1216, 1316, 1430 1456 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages. Switzerland: Triffin, Robert, article on monetary and banking Cost of living, index numbers. .105, 215, 357, 457, reform in Paraguay 865 563, 703, 829, 953, 1093, 1217, 1317, 1431 Trustee, bank acting as, applicability of Regula- Foreign exchange rates 103, 213, 355, 455, 561, tion U 874 701, 827, 951, 1091, 1215, 1315, 1429 Turkey: Gold movements 90, 200, 342, 442, 548, Central Bank of the Republic of: 688, 814, 938, 1078, 1202, 1302, 1416 Condition 100, 210, 352, 452, 558, International capital transactions. .92, 202, 344, 444, 698, 824, 948, 1088, 1212, 1312, 1426 550, 690, 816, 940, 1080, 1204, 1304, 1418 Discount rate 101, 211, 353, 453, 559, Open-market rates 101, 211, 353, 453, 559, 699, 825, 949, 1089, 1213, 1313, 1427 699, 825, 949, 1089, 1213, 1313, 1427 Gold reserves 89, 199, 341, 441, 547, Retail food prices 105, 215, 357, 457, 563, 687, 813, 937, 1077, 1201, 1301, 1415 703, 829, 953, 1093, 1217, 1317, 1431 Union of the Soviet Socialist Republics: Swiss National Bank: Condition 100, 210, 352, 452, 558, Discount rate 101, 211, 353, 453, 559, 698, 824, 948, 1088, 1212, 1312, 1426 699, 825, 949, 1089, 1213, 1313, 1427 Discount rate 101, 211, 353, 453, 559, United Kingdom: 699, 825, 949, 1089, 1213, 1313, 1427 Bank of England: Gold reserves 89, 199, 341, 441, 547, Condition 97, 207, 349, 449, 555, 687, 813, 937, 1077, 1201, 1301, 1415 695, 821, 945, 1085, 1209, 1309, 1423 Wholesale prices in 104, 214, 356, 456, 562, Discount rate 101, 211, 353, 453, 559, 702, 828, 952, 1092, 1216, 1316, 1430 699, 825, 949, 1089, 1213, 1313, 142T Tax payments, discussion in Review of the Month 711 Gold reserves 89, 199, 341, 441, 547,. Taxes: 687, 813, 937, 1077, 1201, 1301, 1415 Internal Revenue collections 66, 173, 319, 417, British white paper on war finance 723 521, 647, 787, 907, 1049, 1173, 1273, 1389 British white paper published in connection with Member banks for 1945 380 Anglo-American financial agreement 20 Tenneson, John T., appointed director at Seattle Commercial banks, assets and liabilities. . 102, 212, Branch for unexpired term 256 354, 454, 560, 700, 826, 950, 1090, 1214, 1314, 1428. r Territories of United States, balances due to or from Cost of living, index numbers. . 105, 215, 357, 457, 563,. banks in, treatment for reserve computation pur- 703, 829, 953, 1093, 1217, 1317, 1431 poses 1240 Financial agreements, discussion of 1, 1330* Townsend, J. Leonard, designation changed from Financial agreement between United States and Assistant General Attorney to Assistant General Great Britain, statement by Marriner S. Counsel 256 Eccles before Banking and Currency Com- Treasury bills: mittee of Senate 373' Average rate on 60, 167, 313, 411, 515, Foreign exchange rates 103, 213, 355, 455, 561, 641, 781, 901, 1043, 1167, 1267, 1383 701, 827, 951, 1091, 1215, 1315, 142^ Buying rates on 41, 148, 294, 392, 496, Gold movements 90, 200, 342, 442, 548, 622, 762, 882, 1024, 1148, 1248, 1364 688, 814, 938, 1078, 1202, 1302, 1416 Federal Reserve Bank holdings. .40, 147, 293, 391, International capital transactions. .92, 202, 344, 444, 495, 621, 761, 881, 1023, 1147, 1247, 1363 550, 690, 816, 940, 1080, 1204, 1304, 1418 Investments in, by weekly reporting member Joint statements issued with United States on banks: Anglo-American trade and financial negotiations 14 By Federal Reserve districts. .57, 164, 310, 408, Nationalization of Bank of England 479 512, 638, 778, 898, 1040, 1164, 1264, 1380 Open-market rates 101, 211, 353, 453, 559, New York City and outside. .55, 162, 308, 406, 699, 825, 949, 1089, 1213, 1313, 1427 510, 636, 776, 896, 1038, 1162, 1262, 1378 Retail food prices 105, 215, 357, 457, 563, Maturities of 64, 171, 317, 415, 519, 703, 829, 953, 1093, 1217, 1317, 1431 645, 785, 905, 1047, 1171, 1271, 1387 Security prices, index numbers. . 105, 215, 357, 457,. Member bank holdings 53, 160, 306, 404, 508, 563, 703, 829, 953, 1093, 1217, 1317, 1431 634, 774, 894, 1036, 1160, 1260, 1376 Wholesale prices in 104, 214, 356, 456, 562^ Treasury currency outstanding: 702, 828, 952, 1092, 1216, 1316, 1430* End of month and Wednesday figures. .40, 147, 293, 391, 495, 621, 761, 881, 1023, 1147, 1247, 1363 United States: Cost of living, index numbers. . 105, 215, 357, 457, 563, Treasury Department: 703, 829, 953, 1093, 1217, 1317, 1431 Awards for distinguished service in war finance... .248 Gold movements 90, 200, 342, 442, 548, Cash income and outgo 1049, 1173, 1273, 1389 688, 814, 938, 1078, 1202, 1302, 1416 Foreign funds control releases 29, 127, 252, 384, Gold production 90, 200, 342, 442, 548, 476, 614, 753, 875, 1015, 1140, 1355 688, 814, 938, 1078, 1202, 1302, 1416 Treasury finance: Gold reserves 89, 199, 341, 441, 547, Discussion in Review of the Month 461 687, 813, 937, 1077, 1201, 1301, 1415 Retirement of debt 1098 Government securities (See Government securities) Treasury receipts, expenditures and public debt 463 International transactions in first postwar year. . 1321 Treasury receipts and expenditures: Retail food prices 105, 215, 357, 457, 563, During fiscal year 112 703, 829, 953, 1093, 1217, 1317, 1431 Summary of 66, 173, 319, 417, 521, 647, 787, 907, 1049, 1173, 1273, 1389 Security prices, index of 105, 215, 357, 457, 563, 703, 829, 953, 1093, 1217, 1317, 1431 DECEMBER 1946 1457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 32 Pages Pages United States—Continued. War finance, British white paper on 723 Wholesale prices in 104, 214, 356, 456, 562, War loans: 702, 828, 952, 1092, 1216, 1316, 1430 Financing war production and contract termina- United States notes: tion under Regulation V 240 Stock 48, 155, 301, 399, 503, Guarantee fees and maximum interest and 629, 769, 889, 1031, 1155, 1255, 1371 commitment rates 41, 148, 294, 392, Uruguay: 496, 622, 762, 882, 1024, 1148 Bank of the Republic of: Guaranteed by War Department, Navy Depart- Condition 100, 210, 352, 452, 558, ment and Maritime Commission, number 698, 824, 948, 1088, 1212, 1312, 1426 Foreign exchange rates 103, 213, 355, 455, 561, and amount 46, 153, 299, 397, 501, 701, 827, 951, 1091, 1215, 1315, 1429 627, 767, 887, 1029, 1153, 1253, 1369 Gold reserves 89, 199, 341, 441, 547, Office of Administrator abolished 1018 687, 813, 937, 1077, 1201, 1301, 1415 Sales of securities in eight issues 120 Vardaman, James K., Jr., appointed member of Victory loan, total subscription to .\ ... 119 Board of Governors 386 Warner, Doris P.: Venezuela: Article on estimated durable goods expenditures, Central Bank of: 1939-45 * 967 Condition 100, 210, 352, 452, 558, Article on financial developments among large 698, 824, 948, 1088, 1212, 1312, 1426 financial corporations, 1945 1106 Gold reserves 89, 199, 341, 441, 547, Way mack, W. W., resignation as Class C director at 687, 813, 937, 1077, 1201, 1301, 1415 Chicago 1357 Vest, George B., designation changed from General West Africa: Attorney to General Counsel 256 Gold production 90, 200, 342, 442, 548, Veterans: 688, 814, 938, 1078, 1202, 1302, 1416 Absorption in the labor market, discussion in Whittemore, Laurence F., resignation as Class B Review of the Month .960 Guaranteed loans, amendment to Servicemen's director at Boston to become President of bank. .. .478 Readjustment Act of 1944 .126 Wholesale prices: Insured loans excepted from provisions of Regu- Groups of commodities 83, 190, 336, 435, 539, lation W .613 666, 805, 925, 1067, 1191, 1291, 1407 Limitations on national- bank real estate loans Principal countries 104, 214, 356, 456, 562, to, instructions of Comptroller of the Cur- 702, 828, 952, 1092, 1216, 1316, 1430 rency .474 Williams, Kenneth B., pamphlet on employment and Victory loan, total amount of subscriptions .119 wage policies ready for distribution 722 Villard, Henry H.: Wood, Ramsay, study on housing needs and the Article on national survey of liquid assets .574 housing market 855 Article on national survey of liquid assets, dis- Wooster, Carl G., appointed director at Buffalo tribution according to income .716 Branch 31 Violations: Wyatt, Walter, resignation as General Counsel of Regulation W: Board 256 Consumers Home Equipment Company, Yields on Government securities: convicted of violating 749 Average 60, 167, 313, 411, 515, Motor City Credit Jewelry Co., Inc., sus- 641, 781, 901, 1043, 1167, 1267, 1383 pension of license and consent injunction.. .249 Discussion in Review of the Month 1104 Section 32 of Federal Reserve Act: Young, Ralph A., appointed Assistant Director of Agnew, John, and Fayerweather, F. O., suit Division of Research and Statistics 386 regarding removal as bank directors 251 Youngdahl, Richard: Wage earners in manufacturing industries, hours Article on ownership of demand deposits 469 and earnings of 74, 181, 327, 425, 529, Article on revised index of department store 655, 795, 915, 1057, 1181, 1281, 1397 stocks 588 Wage-price policy, executive order issued by President outlining 220 Yugoslavia: Wagner, Senator Robert F., letter enclosing state- Foreign exchange rates 103, 213, 355, 455, 561, ments with regard to S. 1592 236 701, 827, 951, 1091, 1215, 1315, 1429 Wallace, Fred S., appointed director of Omaha National Bank of the Kingdom of: Branch for unexpired term 1241 Discount rate 101, 211, 353, 453, 559, War Department: 699, 825, 949, 1089, 1213, 1313, 1427 War production loans guaranteed by. .46, 153, 299, Gold reserves 89, 199, 341, 441, 547, 397, 501, 627, 767, 887, 1029, 1153, 1253, 1369 687, 813, 937, 1077, 1201, 1301, 1415 1458 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis