Full text of Federal Reserve Bulletin : August 1945
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE
BULLETIN
AUGUST 194!
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
E. A. GOLDENWEISER
CARL E. PARRY
The Federal Reserve BULLETIN is issued monthly under the direction of the staff
editorial committee. This committee is responsible for interpretations and opinions
expressed, except in official statements and signed articles.
CONTENTS
PAGE
Review of the Month—Treasury Financing and Bank Credit
Check Routing Symbols
Nebraska Par Clearance Law
Publication of Postwar Economic Studies .
British White Paper on War Finance
Current E v e n t s . . . .
Law Department:
Bretton Woods Agreements Act
Export-Import Bank Act of 1945 .
..
Margin Requirements for Purchasing Securities—Amendments to Regulations
T and U
....
Common Trust Funds—Amendment to Regulation F
Consumer Credit :
Amendment to Regulation W
Consent Injunction under Regulation W . . . .
Suit against Federal Reserve Bank—Appeal Dismissed
Foreign Funds Control—Treasury Department Releases .
National Summary of Business Conditions
Financial, Industrial, Commercial Statistics, U.S. (See p. 783 for list of tables). .
International Financial Statistics (See p. 833 for list of tables)
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory
Council
,..
Senior Officers of Federal Reserve Banks; Managing Officers of Branches . .
Map of Federal Reserve Districts
Federal Reserve Publications (See inside of back cover)
711-719
730
731
731
731-763
763
764-767
767-769
769-772.
771-774
774
774~775
775~777
777~779
780-781
783-831
833-845
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.
846
847
848
FEDERAL RESERVE BULLETIN
VOLUME 31
August 194s
NUMBER 8
TREASURY FINANCING AND BANK CREDIT
Treasury financing in the fiscal year
ending on June 30, 1945, followed a pattern
similar to that of the preceding year. In
each fiscal year the Treasury raised funds
totaling more than 100 billion dollars,
which covered amounts expended and
additions to the Treasury's cash balance.
In the past fiscal year, 46 billion dollars
was obtained from taxes and other revenue,
a slightly larger amount than was obtained
in the previous year, and the public debt
expanded by 58 billion, less than the expansion in the fiscal year 1944.
Funds borrowed were obtained in large
part directly from nonbank investors
through war loan drives and to a smaller
extent through current sales of savings
bonds. A considerable part of the funds,
however, was obtained indirectly from
commercial banks, which purchased
Government securities in the market.
These purchases were particularly large at
times of war loan drives, when banks had
excess reserves and when investors sold
outstanding securities in order to subscribe
for the new issues being offered. In the
fiscal year that just ended, combined holdings by commercial banks and Federal
Reserve Banks increased by an estimated
2.2. billion dollars, compared with 2.4 billion
in the previous year. The proportion to
the growth in total Government securities
outstanding was about 40 per cent for each
year. The general nature of Treasury
financing during the war years is summarized in the accompanying chart.
AUGUST
1945
Expansion in bank holdings of Government securities has been accompanied by a
corresponding growth iti bank deposits
and currency. Holdings of cash by busiTREASURY WAR FINANCING
SOURCES OF FUNDS RAISED
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
Total funds raised to cover budget expenditures, trust account
transactions, changes in noninterest-bearing debt, and additions to the
Treasury's working balance. Banks include commercial banks and
Federal Reserve Banks. Others include individuals, partnerships, and
personal trust accounts, insurance companies, savings banks, other
corporations and associations, State and local governments, and U. S.
Government agencies and trust funds. Figures are for fiscal years ending on June 30.
nesses and individuals, together with their
holdings of Government securities, represent in turn the large accumulations of liquid assets that have resulted from wartime
expansion in business and individual incomes in excess of taxes paid and expenditures for goods and services.
The broad objective of war financing has
been to draw an increasing proportion of
these accumulations into purchases of
REVIEW OF THE MONTH
Government securities and thus to retard
the growth in bank deposits and in bank
holdings of securities. It was recognized
that some growth in bank deposits and
currency might be expected to accompany
expanding incomes and the dislocations
and uncertainties of war. During the
past two years, however, the growth in
cash holdings has continued without a
corresponding increase in total output of
goods and services. It might have been
expected, therefore, that individuals and
businesses would divert a larger proportion
of their current excess funds into the
purchase of Government securities that
they would hold. Large cash holdings
provide a highly volatile supply of buying
power that, in view of prevailing shortages
of goods and services, presents a serious
inflationary threat.
That the combined demand for Government securities from banks and from other
investors has been more than adequate to
absorb offerings is indicated by the advances
in market prices and declines in yields on
outstanding securities that have occurred
so far this year. In large part this has
reflected active buying of medium-term
issues by commercial banks, which in
turn have sold short-term securities to
the Reserve Banks.
During the next fiscal year, Government
expenditures will be reduced considerably
from the level of the past two years, while
receipts will show a smaller decline. As a
consequence of the smaller deficit, together
with the large cash balance held by the
Treasury at the beginning of the fiscal year,
the Government's borrowing needs will be
much less than they were during the last
three years. Accumulated savings by individuals and businesses are large, and for
some time there will continue to be an
excess of current income over supplies of
72.2-
goods and services available for purchase.
The amount of Government securities
that banks will need to purchase should,
therefore, be reduced sharply. Strenuous
efforts may continue to be necessary,
however, to stimulate nonbank purchases
of Government securities and to restrain
purchases by banks.
SEVENTH WAR LOAN
Subscriptions in the Seventh War Loan
reached a total of z6 billion dollars, which
was far in excess of the goal of 14 billion.
Purchases by individuals, partnerships, and
personal trust accounts amounted to 8.7
billion dollars, compared with the increased
goal of 7 billion for this group. With the
extended period for individual subscriptions
for Series E savings bonds, the goal of 4
billion dollars for this type of security was
met. Purchases by other nonbank investors totaled 17.6 billion dollars, compared with a goal of 7 billion. The goal for
nonbank investors, other than individuals,
was successively reduced in recent drives
from 10 billion dollars in the Fifth Loan,
but their purchases continued to increase
from 14.3 billion in the Fifth to 17.6
W A R L O A N SALES
[In billions of dollars]
Item
Seventh Sixth
By classes of investors: #
Individuals, partnerships, and personal trust accounts
Insurance companies
Savings banks
Corporations and associations1
Dealers and brokers
State and local governments
Total
By issues:
Series E savings bonds2
Series F and G
savings bonds 2 ....
Savings notes2
Certificates
Treasury
notes
lM P e r cent Treasury bonds
2 per cent Treasury bonds 3
234 per
cent Treasury bonds
2M P e r c e n t Treasury bonds3
Fifth Fourth
8.7
4.2
2.2
9.1
.3
1.8
5.9
3.2
2.3
8.6
.3
1.3
6.4
2.8
1.5
8.2
.5
1.3
5.3
2.1
1.3
6.8
.4
.8
26.3
21.6
20.6
16.7
4.0
1.0
2.7
4.8
2.9
.7
2.4
4.4
16
3.0
.8
2.6
4.8
19
3.2
1.0
2.2
5.0
1.7
5^1
7.1
6.9
5.2
2.7
2.3
'"3.3"
1.9
1
2
Including savings and loan associations.
Restricted nonmarketable issues; not generally available for purchase
by commercial banks.
3
Restricted marketable issues; not available for purchase by commercial banks for several years.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
billion in the Seventh Loan. Results of
recent war loan drives are shown in the
preceding table. Detailed description
of the various issues included in the Seventh
Loan and discussion of the objectives of that
drive were given in the Review of the
Month in the April BULLETIN.
Large subscriptions obtained in the
Seventh Loan, as in the case of previous
drives, reflected to a considerable extent the
use of bank credit. Banks substantially increased their holdings of Government
securities and also their loans on such securities. The combined increase in these items,
as far as can be determined from information now available, was of the same general
magnitude as it was in the Fifth and Sixth
Loans. The amount of sales not dependent
on bank credit, however, was much larger
than in any previous drive. In addition
sales of securities that could be purchased by
banks shortly after the close of the drive
were smaller than they were in the two
preceding drives, and those of restricted
issues were much larger than in any previous
drive.
Nonbank purchases of securities in the
Seventh Loan were 5 billion dollars larger
than they were in the Sixth Loan. Of the
total increase 3 billion dollars represented
larger purchases by individuals, partnerships, and personal trust accounts. From
the point of view of reducing inflationary
tendencies, purchases of Government securities by individuals are most important,
because individuals are the most likely of
the various groups of investors to use their
increased income in bidding up the prices of
goods and services. A billion dollars of
this increase, moreover, was in purchases of
Series E savings bonds.
Among nonbank investors other than
individuals, the largest increase in amount
was by insurance companies, which purAUGUST 1945
chased a billion dollars more than they did
in the Sixth Loan. These purchases probably reflected in considerable measure an
anticipation of investment needs during
future months. Corporations and associations and State and local governments also
purchased increased amounts in the drive.
On the other hand, purchases by savings
banks were slightly smaller, probably as a
result of the Treasury's request to nonbank
investors to refrain from selling from existing holdings, except for sales involved in
normal portfolio adjustments.
The Seventh Loan included only two
issues that were unrestricted, in that they
were available for resale to commercial
banks immediately after the close of the
drive, and purchases of one of these issues
were limited to individuals, partnerships,
and personal trust accounts. In the Sixth
Loan there were three issues that could be
later resold to commercial banks, and these
three issues were available for purchase in
the drive by all nonbank investors. The
purpose of this change was to decrease the
future resale of Government securities to
commercial banks and thereby to retard
the growth of bank credit. Certificates
were included in both drives and were
available for purchase by all nonbank investors. The 1 HJ per cent Treasury bonds
were offered in the Seventh Loan for purchase only by individuals; this contrasts
with the Sixth Loan, when i}4 per cent
Treasury notes and 2. per cent Treasury
bonds were offered to all nonbank investors.
As a result of these changes, nonbank
investors purchased only 6 billion dollars
of unrestricted issues in the Seventh Loan,
compared with 13 billion in the Sixth.
Purchases of restricted marketable issues,
which banks may not buy for a period of
years, increased to ix billion dollars in the
Seventh Loan, compared with 3 billion in
72-3
REVIEW OF THE MONTH
the Sixth Loan. These changes may be
reflected in smaller shifts of Government
securities from nonbank investors to the
banking system in the future.
TREASURY RECEIPTS AND EXPENDITURES
The fiscal year that ended on June 30,
1945, was the peak year for the Federal
budget—in war expenditures, in total
budget expenditures, and in receipts.
OTHER RECENT TREASURY FINANCING
Treasury borrowing in this year was someIn addition to the x6 billion dollars of what smaller than in either of the two presecurities that the Treasury sold as a part of ceding fiscal years. Treasury expenditures
the drive, there were sales, concurrent with for war activities increased by 3 billion
the drive but not as a part of it, of a billion dollars in the fiscal year 1945 and reached
of securities to commercial banks and of a 90 billion. Otter budget expenditures, as
similar amount to Government agencies and shown in the table, totaled 10 billion dollars
trust funds. Total sales to each commercial and were 4 billion larger than in the prebank were limited to $500,000 or 10 per ceding year, reflecting increases in interest
cent of its time deposits, whichever was the on the public debt, in refunds of income
smaller, and sales of Series F and G savings taxes, in transfers to the National service
bonds to each bank were limited within life insurance fund, and in payments by the
this total to $100,000. The bulk of the Veterans' Administration. All of these
sales to banks were of i j ^ per cent bonds, increases, although not classified as war
the highest-rate marketable securities that activities, were a result of the war. Total
they were permitted to purchase from the budget expenditures reached a peak of 100
Treasury, and the bulk of the sales to billion dollars.
Government agencies and trust funds were
FEDERAL BUDGET EXPENDITURES
of -LS/I per cent bonds.
[In billions of dollars]
Between the Sixth and the Seventh
Fiscal year ending
June 30
Loan, the Treasury also raised funds by
Item
increased offerings of Treasury bills and by
1944
1945
1943
regular sales of savings bonds and of savings War activities
72 1
87 0
90.0
1.8
2.6
Interest
3.6
Veterans' Administration
.6
.6
.9
notes. Other financing during recent National
service life insurance fund
.1
1.1
" " .1
.3
1.7
months has been the refunding of zz billion Refunds
Other
3.1
3.6
3.1
dollars of maturing issues of certificates and
78.2
100.4
Total budget expenditures
93.7
Treasury notes and of maturing and called
guaranteed securities.
Treasury receipts also reached a new high
Redemptions of savings notes declined level of 46 billion dollars in the past fiscal
slightly in the first half of 1945, while year, a small increase over the preceding
redemptions of savings bonds increased year, and the budget deficit increased by 4
slightly. Redemptions of savings bonds in billion. Since trust account transactions
the six months totaled z.4 billion dollars, resulted in net receipts, instead of the net
including about 100 million of matured expenditures that occurred in the fiscal
bonds, and were 6 per cent of the amount year 1944, total cash requirements were
outstanding at the beginning of the period. about the same in both years. As in the
Total sales during the six-month period fiscal year 1944, the increase in the public
exceeded redemptions by 5 billion dollars. debt was larger than cash requirements, and
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
the Treasury's cash balance increased
further to a new high of X5 billion dollars
on June 30, 1945. This reflected both the
Treasury policy of keeping a large cash
balance and the fact that the fiscal year
closed during a war loan drive in which
sales were much larger than were anticipated.
The growth in the public debt will be
much smaller in the fiscal year 1946. The
end of the war will result in a sharp decline
in war expenditures. This decrease will be
offset to only a small extent by further
increases in other expenditures, including
those for various international programs,
and total budget expenditures consequently
will decline substantially. Tax receipts
will be reduced by the expected decline in
income of individuals and corporations, as
well as because of adjustments in tax laws.
Since, however, these incomes are not
likely to decline by as much as Government expenditutes and also because of the
lag in corporate income tax payments,
the decrease in receipts will be less than that
in expenditures.
With the smaller decline in receipts than
in expenditures, the budget deficit will be
reduced. Requirements, moreover, can be
financed in part by reducing the Treasury
cash balance, which was at an exceptionally
high level at the beginning of the fiscal
year. With a declining level of expenditures, it will be possible for the Treasury
to operate with a somewhat smaller balance
than has been the case when war expenditures have been at record levels. Treasury
borrowing, therefore, probably will be
much smaller in the fiscal year 1946 than it
has been in other war years.
Proceeds of the Seventh Loan, together
with -L billion dollars obtained from sales
outside of the drive to commercial banks
and Government agencies, with amounts
AUGUST
1945
that will be obtained from regular interdrive sales of savings bonds and of savings
notes, and with current tax receipts, appear
to be sufficient to provide for the Treasury's
cash needs until near the end of this calendar
year. Budget needs for the period from
January to June 1946, on which future
financing will be based, will reflect a much
lower level of cash requirements.
EXPANSION OF BANK CREDIT
Some of the changes in the types of issues
offered and in selling procedures introduced
in the Seventh Loan were designed to discourage the shifting of Government securities from nonbank investors to commercial banks and the use of bank credit for
purchasing securities intended for subsequent resale. It appears, however, that the
expansion of bank credit during the period of the Seventh Loan was of about the
same order of magnitude as during the two
previous drives. It is noteworthy, nevertheless, that the reduced sales of issues unrestricted as to subsequent purchase by
banks and the substantially increased sales
of restricted issues may tend to hold down
bank purchases in the future. In appraising
the influence of this development, however,
it is necessary to take into consideration the
large amount of unrestricted issues that
was already outstanding and held by nonbank investors. Some of these holdings
may be sold to banks.
Among the changes designed to reduce
the use of bank credit in connection with
the drive were a reduction in the goal for
nonbank investors other than individuals
and a shortening of the subscription period
for these investors. The Treasury requested
nonbank investors to refrain from selling
previously-acquired securities in order to
obtain funds with which to subscribe for
the offerings in the drive, except for sales
72-5
REVIEW OF THE MONTH
involved in normal portfolio adjustments. largely to finance purchases of Government
The Treasury also requested the cooperation securities sold by banks needing reserves.
of banks in declining to make speculative The amount of loans on Government
loans for the purchase of Government securities to dealers rose during the Seventh
securities or loans for the purpose of acquir- Loan to the highest level ever reached.
Loans by reporting banks to others for
ing the drive securities later for their own
purchasing
Government securities increased
account, in declining to accept subscriptions
that appeared to be entered for speculative by 1.8 billion dollars, which was a half
purposes, and in declining to purchase out- billion larger than the increase in either of
standing securities on the understanding the two preceding drives. These loans to
that customers would subscribe for a sub- a considerable extent were made in anticipastantially like amount of new securities
WEEKLY REPORTING MEMBER BANKS
through such banks, thereby enabling the
banks to increase their war loan deposits.
Notwithstanding these measures total
loans and investments by reporting member
banks in leading cities increased by 7.3
billion dollars between May 9 and July 3,
compared with an increase of 6.3 billion
during the Sixth Loan and 7.3 billion during
the Fifth Loan. This is shown in the
accompanying chart. The pressure to
attain local quotas was smaller than it
was in other recent drives, but there were
large sales by nonbank investors, for this
purpose and also for the purpose of realizing
profits on outstanding issues. As in previous drives commercial banks purchased
the securities offered, in order to employ
funds that were made temporarily available
Latest figures are for July 25.
by the decline in required reserves as
deposits were shifted to reserve-exempt tion of future income and were on a shortterm or amortization basis. It seems
war loan accounts.
Bank loans for purchasing and carrying likely, however, that a considerable amount
Government securities increased consider- of these loans was obtained with a view to
ably more than they did in the Fifth or the subsequent sale of the securities used as
Sixth Loan. Reporting member banks in- collateral. While loans on Government
creased their loans on Government securities securities have been largely repaid between
to dealers by about 700 million dollars. drives, the general level has shown a rising
These loans were to finance purchases of tendency, with each peak and each valley
securities by dealers, principally from non- above the previous one.
Holdings of Government securities by
bank investors. Before the drive, in April
and early May, loans to dealers had in- member banks in leading cities increased by
creased by about 400 million dollars, 4.4 billion dollars between May 9 and July
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
1943
J2.G
1944
BILLIONS OF DOLLARS
1945
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
3, compared with an increase of 4.9 billion
during the Sixth and 5.4 billion during the
Fifth Loan. Bond holdings increased by
2..0 billion dollars, notes and certificates
by 2..1 billion, and bills by about 600
million, while holdings of guaranteed
securities declined.
During the past year, as shown in the
chart, these banks have steadily increased
their holdings of bonds, while reducing
bills by commercial banks since 1943 to
the present low level indicates that in
coming months, as in recent months,
banks will need to rely more largely upon
certificates and notes in adjusting their
reserve positions. Holdings of these issues,
therefore, are likely to decline again as
required reserves increase with the shift of
deposits from reserve-exempt war loan
accounts to other accounts.
HOLDINGS OF U. S. GOVERNMENT SECURITIES BY KINDS
EFFECT ON BANK RESERVES
REPORTING MEMBER BANKS AND FEDERAL RESERVE BANKS
WEDNESDAY FIGURE!
BILLIONS OF DOLLARS
25
1942
1943
1944
1945
Latest figures are for July 25.
their holdings of shorter-term issues.
Their bond holdings are 6 billion dollars
larger than they were a year ago; an increase in notes and certificates has been
more than offset by decreases in bills and
guaranteed securities. Holdings of notes,
certificates, and bills always have risen
sharply during and immediately after the
drives, when required reserves were declining, and subsequently have declined
gradually as required reserves increased.
The gradual decline in holdings of Treasury
AUGUST 1945
As a result of the large subscriptions by
nonbank investors without the aid of bank
credit, there were larger shifts from bank
deposits subject to reserve requirements and
a sharper decline in required reserves of
member banks during the Seventh Loan
than there were during the three previous
drives. As a consequence, member banks
were able to repay a large amount of borrowings at the Reserve Banks and also to
increase their excess reserves by a somewhat
larger amount than in previous drives. At
the same time there was no decrease in
Reserve Bank holdings of Government
securities; banks did not repurchase
Treasury bills held by the Reserve Banks
under repurchase option to the same
extent that they had previously, and the
Federal Reserve made large purchases of
certificates, which were in supply, principally from nonbank investors. Presumably
the member banks holding excess reserves
were not the same member banks that
held options to repurchase bills.
Borrowings by member banks from the
Reserve Banks rose during the period
between the Sixth and Seventh Loans and
early in June exceeded 900 million dollars,
the largest amount outstanding at any time
in recent years. Approximately two-thirds
of these were owed by New York City banks
and most of the remainder by banks in other
7^7
REVIEW OF THE MONTH
leading cities. New York City banks continued to show practically no excess reserves
even after the decline in required reserves;
they used all available funds to repay
borrowings and increase loans and investments. Reserve city banks as a group
repaid borrowings, increased loans and
investments, and also added to their excess
reserves.
Country banks gained funds on balance
during the drive period. Most of these
banks had not borrowed from the Reserve
Banks and did not hold options to repurchase bills. They expanded loans and
investments only moderately and increased
their excess reserves and balances with
city correspondents. At the end of June,
country bank excess reserves and balances
due from banks were approximately as
large as at any previous time.
In July, as the Treasury drew upon its
balances, deposits subject to reserve requirements increased. Excess reserves, which
reached 1.4 billion dollars early in the
month, declined again and by the end of the
month amounted to 1.1 billion. Federal
Reserve holdings of securities showed little
change, as did those of member banks.
There was some decline, however, in member bank loans on securities.
During the next few months, member
bank reserve needs will increase to meet
both currency withdrawals and additional
reserves required against expanding deposits. The existing amount of excess
reserves will meet some of the needs of
some banks, but other needs will be met by
further Reserve Bank purchases of Government securities, and there also may be a
renewed increase in member bank borrowings from the Reserve Banks. Sales of
securities by member banks to maintain
their reserve positions will not be anything
like as large as the increase in holdings
that occurred during the recent drive.
GOVERNMENT SECURITY MARKET
Heavy demand for Government securities
indicated by large sales during the Seventh
Loan had been reflected previously in the
strong market for these securities. This
resulted in part from demand by banks for
unrestricted medium-term issues in the
expectation of reduction in future offerings
of such issues. In addition, there has been
a strong demand by nonbank investors for
the longer-term restricted issues.
Early this year the market prices of
Treasury notes and bonds increased considerably. The structure of yields on
Government securities that had been maintained during most of the war period consequently was changed somewhat, as shown
in the chart. The yield on 7-9 year bonds
declined from 2. to i j ^ per cent and the
YIELDS ON U. S . GOVERNMENT SECURITIES
WEEKLY AVERAGES OF DAILY FIGURES
Bills are tax-exempt prior to March 1941, taxable thereafter, and
rate shown is average discount on bills offered. Adjusted data for
Treasury notes represent substitution of a single selected issue, which
was considered more representative, for the average for the period
indicated. Latest figures are for week ending July 21.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
yield on 3-5 year notes from 1 ^ to \Y%
per cent. The yield on long-term bonds,
most of which are restricted as to ownership
by banks, declined from 1J/2 to i?A per
cent. At the same time the yield on certificates showed little change at around %
per cent and that on Treasury bills, most of
which are now owned by the Reserve
Banks, remained fixed at y% per cent.
Decline in yields on medium-term issues
AUGUST
1945
has reduced the spread between these issues
and shorter-term securities. Banks recently
have been following the practice of purchasing the medium-term issues and selling
short-term issues, which have been purchased by the Reserve Banks. The change
in the yield structure will reduce somewhat
the profit to be gained by such shifts and
may, therefore, be an influence toward
restricting further expansion of bank credit.
72-9
CHECK ROUTING SYMBOLS
The American Bankers Association and the
Federal Reserve Banks have been working together for several years on a plan, announced
early in June, which will make it easier for banks
to sort checks for collection through the Federal
Reserve System. The ABA has distributed a
booklet to all banks in the country describing
the plan in some detail. The Federal Reserve
Banks have also circularized all par-remitting
banks in their respective districts, i.e., all member banks and all nonmember banks that remit
at par for checks presented to them by Federal
Reserve Banks.
Under the plan "check routing symbols"
have been assigned by the Federal Reserve Banks
to all par-remitting banks. The symbol is
recommended to be printed in the upper righthand corner of checks, above the dollar amount,
in combination with the ABA transit number
which has been in use for years to identify the
bank numerically. The ABA transit number
appears as the numerator and the check routing
symbol as the denominator of a fraction, as in
the following example:
first, it indicates whether the check is receivable
for immediate credit or deferred credit (without
respect to the number of days of deferred availability), and second, it facilitates the sorting of
items by States. Checks receivable for immediate credit are designated by the figure o, while
the figures i to 6 designate deferred credit items
and the State (in the particular Federal Reserve
district) in which the payor bank is located.
In the example above the first digit designates
the Third Federal Reserve District, the second
digit designates the Federal Reserve Bank of
Philadelphia, and the last digit indicates that
the item is receivable for deferred credit and
that the payor bank is located in New Jersey.
As part of the plan for using check routing
symbols, the ABA has arranged to have the
"Key to Numerical System," published by
Rand McNally & Company, Chicago, Illinois,
on behalf of the Association, issued in revised
form. The revised "Key" will show hereafter
not only the ABA transit number for each bank,
but also the check routing symbol assigned to it
by the Federal Reserve Bank.
The banks have been advised that the destruction of present stocks of checks is not being
312.
recommended but merely that the check routing
In the example, the first part of the ABA
symbols, combined with the ABA transit numtransit number (to the left of the hyphen)
bers, be printed on new supplies of checks, or,
designates the State in which the bank is located
if practicable and convenient, overprinted on
and the second part designates a particular bank
existing supplies of checks.
1
in that State.
Experience has demonstrated that sorting of
In the check routing symbol (the denominator
checks by numbers is simpler, quicker, more
of the fraction) the first digit designates the
accurate, and more economical than sorting
Federal Reserve district. The second digit
by names of payor banks. Naturally, however,
designates the head office of the Federal Reserve
the new plan will not be of maximum benefit
Bank, a branch office, or a special collection
until it has been adopted generally by par2
arrangement. The head office is designated by
remitting banks and substantially all checks
the figure 1, branch offices by the figures 1 to 5,
drawn on such banks carry the check routing
and special collection arrangements by 6 to 9.
symbols. The growing importance of simThe last digit in the symbol serves two purposes :
plifying the handling of checks is indicated
1 Most reserve cities are designated separately, numbers 1 to 49 being
by the fact that last year the Federal Reused for that purpose; numbers 50-58 and 60-99 designate States, i.e.,
the areas outside these 49 reserve cities; number 59 designates Alaska,
serve
Banks handled 1.7 billion checks, or
Hawaii,
and Puerto Rico.
2
In the Tenth, Eleventh, and Twelfth Districts, the symbol has
nearly
50 per cent more than in 1940, the last
four digits, the first two digits designating the Federal Reserve District
and the third the Federal Reserve Bank or branch or special collection
full
prewar
year.
arrangement.
730
FEDERAL RESERVE BULLETIN
NEBRASKA PAR CLEARANCE LAW
In April of this year the Nebraska Legislature
passed an act providing for the clearing at par of
checks drawn on all banks and trust companies
organized under the laws of that State.1 This
act went into effect on August 10, 1945. Accordingly, the Federal Reserve Bank of Kansas
City announced that, effective August 10, it
would receive checks on all Nebraska banks for
collection as cash items. There are 408 banks
and trust companies in Nebraska, of which 157
were on and 151 were not on the Federal Reserve
Par List on August 9, the day before the State
law went into effect.
Excluding Nebraska, all banks in Z3 States
and the District of Columbia were on the Federal Reserve Par List on August 10, 1945, and
nearly all banks in several other States were on
the Par List. The number of * 'nonpar" banks
was one each for Michigan and Wyoming, two
each for Illinois and Kansas, four each for West
1
Other than checks sent to banks and trust companies as special
collection items.
Virginia and Montana, ten for Washington, and
eleven for Oklahoma. The number ranges from
2.5 in Virginia to 4x0 in Minnesota in the remaining 16 States.
The following table shows the total number
of par and non par banks on December 31 of the
last three years and on August 10, 1945.2
Dec. 31, 1942
Dec. 31, 1943
Dec. 31, 1944
Aug. 10 1945
Banks on the
Federal Reserve
Par List
Banks not on
the Federal
Reserve Par
List
11,422
11,501
11,552
11,806
2,710
2,529
2,445
2,191
2
Figures for Aug. 10, 1945 are preliminary and subject to minor
change. The "Federal Reserve Par List" comprises all member banks
—which are required to remit at par for checks presented or forwarded
to them by the Reserve Banks—and nonmember banks that remit in
full for such checks drawn upon them as are forwarded for payment by
the Reserve Banks. For statistical purposes all Nebraska banks have
been included in the count of banks on the Federal Reserve Par List
on Aug. 10, 1945, the date on which the Nebraska par clearance law
went into effect. There is some indication, however, that one or more
of the 151 Nebraska banks that were not previously on the Par List may
wish to contest the validity of the law and will not remit in full for
checks received through the mails.
PUBLICATION OF POSTWAR ECONOMIC STUDIES
The Board has authorized the plans for publication of a series of studies dealing with major
economic problems of the United States in the
postwar period. These studies have been written by specialists on the staff of the Board and
the Federal Reserve Banks.
As the preface to the series explains: "These
studies are in substance by-products of the work
done by these economists in the performance of
their current duties. The views expressed in
these papers are entirely those of the authors.
In some cases dissenting opinions or comments
by other members of the staff are printed at
the end of a paper. The Board's authorization
of the publication of these studies is motivated
solely by the belief that the material presented
may be of value in furthering the discussion of
the many difficult questions with which the
AUGUST 1945
country will be faced. There is no official
endorsement of any of the opinions or proposals
of the authors."
The studies will be published in a series of
pamphlets, each containing several essays on
related subjects by individual authors. The
first pamphlet, Jobs, Production, and Living
Standards, will be ready for distribution in
September. It will contain papers by E. A.
Goldenweiser, Everett E. Hagen, and Frank R.
Garfield. As the other pamphlets become
available they will be announced in the
BULLETIN.
Individual pamphlets may be purchased for
2.5 cents each, or for 15 cents each for group
purchases of ten or more in single shipment.
Orders should be sent to the Division of Administrative Services, Board of Governors of the
Federal Reserve System, Washington Z5, D. C.
73
BRITISH WHITE
There is given below the text of a British Govern- both possible and, in view of the Government's
ment White Paper (Cmd. 662$)-presentedto Parlia- employment policy, necessary. For, as is
ment on April 24 by the Financial Secretary to the pointed out in Cmd. 652.7 the problem of mainBritish Treasury under the title "An Analysis of the taining employment is very largely the problem
Sources of War Finance and Estimates of the Na- of maintaining total expenditure, public and
tional Income and Expenditure in the Years 1938 toprivate, and in an economy where this is ac1944." This document is the fifth of a series ini- cepted as one of the prime aims of government
tiated in 1941. The texts of the earlier White Papers policy it becomes peculiarly important to have
were published in the BULLETIN for July 1944, pagesnot only statistics adequate to measure that
655-669, August 1943, pages 729-740, June 1942, expenditure, but a method of bringing them
pages 539-549, and July 1941, pages 633-638. Thesetogether and of classifying them which makes
possible the necessary comparisons with the
documents, which are presented in connection with the
immediate past and with the present position in
annual budget speech in Parliament by the Chancellor
of the Exchequer, are prepared in the British Centralother countries.
Statistical Office with the collaboration of the
Attention is again drawn to the continuing
Treasury.
nature of the enquiries which form the basis of
this analysis. This year has brought with it
PREFACE
several new sources of information not preIn previous years the primary aim of this
viously available and the treatment of the main
Paper has been to make clear the sources from
categories of national income and expenditure
which the Government's war expenditure was
has been re-examined to ensure that the methods
financed and the changes in the use of resources
adopted make use of the figures and other eviwhich the continued growth in this expenditure
dence available with as much consistency as poshad made necessary by setting out estimates of
sible. The effect of the consequent changes is
the expenditure, revenue and borrowing, not of
set out in section IV below.
the Government alone but of persons, businesses
and other parts of the economic system also.
I. INTRODUCTION
The idea behind this method of exposition is by
It is well known that the aggregate or nanow familiar at least in its war-time application. tional income of a country can be defined in a
It is generally understood that the increase in the number of different ways, and these differences
resources at the disposal of the Government for sometimes seem to form an arbitrary and even
war purposes has been made possible by bringing an unnecessary complication in a subject which
is in any event sufficiently involved. Much of
into play resources previously unused, by divert- the difficulty arises because the results of aggreing resources from other uses, by allowing capi- gating incomes and expenditures are unfamiliar.
tal equipment to run down and by borrowing This introduction is intended to show how such
and selling assets abroad. The need for follow- concepts as national income and expenditure are
ing throughout the economy the implications of built up from other and more familiar concepts.
Aggregate personal income is largely free from
any large increase in war expenditure is accepted the disadvantage of unfamiliarity for apart from
as a corollary to this.
one component it consists simply of the sum of
But there is nothing in this method which the incomes of all the individuals normally resilimits its application to war-time. In peace- dent in a country. These incomes may arise
from work or from the ownership of property or
time, too, such an approach to any large change they may be received from public authorities,
in expenditure whether public or private, on as are old-age pensions, unemployment benefit
armaments, for example, or capital equipment is and the interest on the national debt, without
731
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
the receivers participating in current economic
activity. Receipts of a capital nature are naturally not included and in the figures given here
gifts between persons are excluded unless they
are given to or received from persons abroad.
Personal income as here defined includes, in
addition to the income received by individuals,
the income accruing to charities and other nonprofit-making bodies; for to separate these would
involve complications, particularly in dealing
with expenditure, in return for which very little
advantage would be gained.
Corresponding to this concept of personal income before tax there is a concept of outlay.
This is composed of personal expenditure on
consumers' goods and services, personal payments of direct taxes and the balance, or saving,
which forms a net addition to personal wealth.
Saving as thus defined appears as a residual
figure, being what is left of personal income
after deducting outlay on consumers' goods and
services and direct taxes. It can also be regarded as the sum of net personal lending and
personal capital formation. Looked at in this
way saving appears as the sum of the cash outlays by persons on all forms of assets and financial claims including assets that have just been
produced, such as new houses. This is a net
sum in the sense that personal sales of such items
are reckoned as negative outlay.
An account can thus be formed which shows
on one side the sources from which persons get
their income and on the other the way in which
they spend it. This is set out for 193 8 in Table 1.
This and the following eight tables all relate to
1938, which is chosen as an example since it is
the only peace-time year in the series and the
only year for which sufficient information is at
present available on all aspects of the British
economy. Wherever information can be provided for the war years a reference (in square
brackets) is given to the number of the corresponding item in the main Tables, 31 to 35.
These numbers are intended solely for reference
purposes and the concept referred to may appear
positively in one place and negatively in the
other. Throughout, the annual figures relate
to the United Kingdom and to the calendar and
not the financial or fiscal year except where
otherwise stated.
Remittances from abroad, item 4, are here
included, as is natural, in personal income before
tax and are similarly included in private income
before tax in Table 3. The estimate is necessarily rough and it has proved impossible to
make similar estimates for the more recent years.
AUGUST 1945
Accordingly elsewhere and particularly in Tables
10 and 32., these remittances are excluded from
income and to preserve the balance of the account are deducted from consumers' expenditure.
An allowance for this adjustment is included in
item 13 of Table 2.1.
1.
2.
3.
4.
TABLE 1
PERSONAL INCOME AND OUTLAY, 1938
[In millions of pounds]
Rent, interest and
6. Personal expenditure
profit received by
on consumers' goods
persons [19]
1,612
and services ([7] or
Wages, salaries and the
[27+28+29] plus
pay and allowances
item 4 opposite)
4,178
of the Forces [20+
7. Direct taxes [30+31+
21]
2,913
32]
468
Transfer
payments
8. Saving [33+34]
183
from public authorities other than national debt interest
included in item 1
above [22 to 25]
279
Remittances
from
abroad
(deducted
from outlay in [7]
and [27])
25
5. Personal income before
tax ([26] plus item 4
above)
4,829
9. Personal outlay ([35]
plus item 4 above)... 4,829
In this table personal saving (item 8) is obtained as a residue; that is, by subtracting the
sum of items 6 and 7 from item 5. As explained
above, the figures could in principle be arrived
at by a more direct approach, but not enough
information is available on the purchase and sale
of assets and claims by persons to permit anything more than a broad check of the general
size and movement of the estimates obtained
indirectly.
In addition to personal income there is also
some other private income, mainly composed of
the undistributed profits of companies, which is
either added to business savings or used to pay
taxes on business income such as National Defence Contribution, Excess Profits Tax and
income tax on business saving. The sums involved in 1938 are shown in Table 2.
TABLE 2
OTHER PRIVATE INCOME AND OUTLAY, 1938
[In millions of pounds]
1. Other p r i v a t e income
3. Direct taxes [38+39]..
before t a x [36]
259
4. Saving [40+41]
77
182
2. Other p r i v a t e
before tax
259
income
259
5. Other private o u t l a y . .
These two accounts may be added together.
The resulting table shows the income accruing
to the private sector of the economy (i.e. persons
and businesses other than those operated by
public authorities) and the disposition of this
income between consumption, direct taxes and
net additions to accumulated wealth. The bulk
733
BRITISH WHITE PAPER ON WAR FINANCE
of these incomes is earned in productive activity;
that is, in the production of goods and the rendering of services of one kind or another. But a
part is obtained as a transfer from public authorities and another (much smaller) part as a
transfer from abroad. It will be observed that
if the amounts transferred to persons from public
authorities, such as interest on the national debt
or old age pensions, are increased, private income
is correspondingly increased even though the
public authorities cover their expenditure by
taxes or by borrowing from the private sector.
In a similar way the greater part of outlay is
spent on home production of one sort or another.
But a part is spent on imported goods (including
those imports, such as raw materials, which are
incorporated in home production) and a part is
transferred abroad in the form of remittances.
Yet another part is transferred to public authoriTABLE 3
PRIVATE CURRENT ACCOUNT, 1938
[In millions of pounds]
1. Income from
5. Personal expenditure on coneconomic acsumers' goods and services
tivity [6 ([7] or [27+28+291 Plus item
56]
4,592
3 opposite)—
2. Transfers from
(a) Factor cost—
public au(i) Home production—
thorities [72]—
(a) Current factor
(a) National
cost
2,670
debt in08) Depreciation and
terest....
192
maintenance
269
(b) Other
279
(ii) Imports
668
3. Remittances
(b) Indirect taxes
561
from abroad
(c) Remittances abroad
10
(deducted
6. Direct taxes [48]
545
from outlay
7. Saving [85+86]
365
in [7] and
[27])
25
4. Private income
before tax
([43] plus
item 3 above). 5,088
8. Private outlay ([44] plus item
3 above)
5,088
ties in the form of taxes, while the balance,
saving, is used to finance capital formation or
the borrowing of other sectors of the economy,
notably, in war time, the central government.
The result of adding together the items in
Tables i and i is presented in Table 3. In this
table some of the items are further subdivided
under headings to which reference will be made
later. The subdivisions in this and the following three tables are in some cases necessarily
more approximate than the main totals but they
serve to demonstrate the interrelations of different parts of the economic system.
Some of the items in this table call for comment. It will be noticed that item i, transfers
from public authorities, includes national debt
interest along with health and unemployment
benefits,
etc., comprehended under the term
4
'other.'' It may be wondered why the interest
734
received on money lent to the government in
return for securities which form part of the
national debt is regarded as a transfer and not
as income from economic activity as is the return
on commercial lending. The answer lies in the
fact that with trifling exceptions the national
debt has been incurred in war-time and the
money borrowed has been devoted to meeting
the costs of war. As a consequence the debt
has vef y little counterpart in the form of productive assets. Speaking generally commercial interest can be paid because the money borrowed
is put to a use which yields a measurable return
while if the asset purchased with the money
becomes worthless or disappears, the interest
payments can only be paid from some other
sources available to the borrower. In the case
of the national debt the money borrowed has
mainly been absorbed in meeting the costs of war
and almost no assets yielding a measurable return exist. Accordingly, it is thought to be less
misleading to treat these interest payments as a
transfer than to force the analogy with commercial interest payments.
This method of treatment has certain other
advantages. For example, the measure adopted
for income from economic activity on this basis
is independent of the methods adopted to finance
past wars. If national debt interest were included in income earned from productive activity
the measure of this income in 1938, for example,
would be made to depend on the extent to which
the war of 1914-18 had beenfinancedby borrowing rather than taxation even though this
difference had no effect on the economic activity
actually going on in 1938.
The interest on other forms of borrowing by
public authorities is included in income from
economic activity. It is only interest on the
national debt that is excluded in view of the
special circumstances described above.
The total amount which consumers spend on
goods and services of all kinds is the sum of the
items included in item 5. The reason for giving
the particular analysis shown lies in the relationship between the transactions shown in this
table and those appearing in the three tables
that follow. The important point at the moment is that this classification is exhaustive.
The term "current factor cost" comprises
those elements in the value of consumers' purchases which form the remuneration of all in the
United Kingdom who contribute whether by
labour, management, enterprise or property, i.e.,
the factors of production, to the total value of
goods and services of all kinds bought by consumers. But in addition to these charges and
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
profits, other elements of cost must be met out
of sales proceeds; namely, depreciation and
maintenance, the value of imported goods and
services entering into consumers' purchases and
indirect taxation. These items cover the whole
cost of what consumers buy from producers
and distributors in this country. In addition,
however, consumers import certain goods and
services direct from abroad and make certain
remittances abroad. These transactions appear
as part of item 5 (a) (ii) and in item 5 (V).
The taxes shown in Table 3 appear under two
heads; indirect taxes in item 5 (b) and direct
taxes in item 6. This distinction accords fairly
closely with ordinary usage; direct taxes are
taxes levied on income, such as income tax,
surtax, and Excess Profits Tax, and on accumulated wealth, such as death duties; while indirect
TABLE 4
CURRENT ACCOUNT OF PUBLIC AUTHORITIES, 1938
9. Income from
public property, trading,
etc. [56]
10. Direct taxes
[48]
11. Indirect taxes
[52](a) Private—
(i) Current
account.
(ii) Capital
account.
(b) Public authority—
(i) Current
account
(ii) Capital
account
(c) Overseas
[In millions of pounds]
13. Goods and services [76]—
(a) Factor cost—
(i) Home production—
(a) Current factor
27
cost
634
(/3) Depreciation and
545
maintenance...
62
(ii) Imports
80
28
(6) Indirect taxes
(c) Debt interest and other
current payments
561
abroad
14. Subsidies [65]
19
15. Transfers to the private
sector [72]
471
-90
16. Saving [80-60] or [87]
28
8
22
12. Income of public
authorities . 1,210
17. Outlay of public authorities. 1,210
taxes are those levied on goods and services and
chargeable as a cost against the proceeds of sale,
such as customs and excise duties, purchase tax
and local rates. The purpose of a distinction of
this kind is to separate those taxes which
directly affect relative prices from those which
do not. A clear line of division cannot be attained in practice and this simple line of demarcation is adopted from practical considerations.
Table 3 covers a wide range of transactions
but by no means the whole field. For example,
the receipts and payments of public authorities
lie largely outside this statement and appear in
part and only incidentally in items z, 5 (V) and
6. Accordingly, an account similar to Table 3 is
set up for public authorities in Table 4.
The term "public authorities" in this context
comprises the central government, certain extrabudgetary funds such as the national health inAUGUST 1945
surance fluids and the various war risks insurance
accounts, besides a host of smaller accounts, and
local authorities. Table 4 shows that apart
from certain profits received from participation
in economic activity, nearly the whole of the
income of public authorities is derived from
taxation; that is, from transfers mainly from the
private sector of the economy. It will be seen,
for example, that item 10 on the income side of
Table 4 may be set against item 6 on the outlay
side of Table 3, while items 11 (a) (i) and 5 (b)
also correspond.
On the outlay side, item 13, which relates
only to current goods and services and excludes
goods of a capital nature, is subdivided on the
same general lines as item 5 of Table 3. It will
be seen that a part of the cost of goods and services purchased by public authorities is indirect
taxation and that accordingly item 13 (b) corresponds to item 11 (b) (i) on the opposite side
of the account.
Item 14, subsidies, is peculiar to this account.
The term is used here to mean a charge incurred
by a public authority with the object of enabling
the general public to buy a commodity or service at less than the price which would otherwise have to be paid. It does not include expenditure by public authorities in financing
public services such as education or hospitals.
There are in practice four main types of public
authorities' transactions. Such a transaction
may be regarded either as a trading loss, or as a
purchase of goods or services which are then
provided free or at less than cost to the
recipients, or as a subsidy in the sense in which
the term has just been used, or as a transfer payment in kind.
If the transaction were a private one, the
excess of the buying over the selling price would
normally be regarded as a loss. The same is
true in the case of a public authority if the transaction in question is intended to be a commercial
one; that is, if the authority is operating a commercial concern such as an electricity undertaking, with the object of covering its costs or
making a profit, and in fact makes a loss. But
with public authorities this is not the common case.
It may be, as in the second case above, that
the public authority is wholly financing or
helping to finance a common service. This is
the case, for example, with expenditure on
education since it would clearly be inappropriate
to regard the excess of the cost over the receipts
from fees as a loss. Such expenditure therefore
is regarded simply as expenditure on goods and
services by the public authority in question.
735
BRITISH WHITE PAPER ON WAR FINANCE
The third possibility is that in buying high
and selling low the public authority is incurring
a charge in order to provide a subsidy in the
sense defined above. Subsidies may take the
form either of a payment to producers in relief
of costs or, as is more usual in war-time, of a
differential in the buying and selling price of the
public authority paying the subsidy.
Finally, the transaction may be regarded as
a transfer payment in kind. This method of
treatment has been adopted in the case of certain
goods provided free of charge such as medical
benefits under the national health insurance
schemes.
These examples indicate the sort of problem
that arises in any attempt at an economic classification of the transactions of public authorities.
Border-line cases will always occur in which a
particular transaction could with equal pro-
less misleading to regard all war expenditure as
current and to include assets in capital formation
only when they are disposed of for some peacetime purpose. This is not an important matter
in 1938, but the consequences of this method of
treatment should be borne in mind in interpreting war-time figures of the expenditure by
public authorities on current goods and services.
Tables 3 and 4 show the current income and
outlay of the two sectors, private and public
authority, which together cover the whole of
the British economy. Only incidentally, however, do they provide any information on capital
transactions and in order to bring these into the
picture it is necessary to introduce a combined
capital account. This is provided in Table 5.
Table 5 shows on the outlay side the gross
additions to the country's capital equipment of
all kinds including stocks and work in progress
TABLE 5
COMBINED CAPITAL ACCOUNT, 1938
[In millions of pounds]
18. Saving—
21. Domestic gross capital formation—
(a) Private [85+86]
365
(a) Private [91]—
(b) Public authority [87]
—90
(i) Factor cost—
19. Sums allowed for depreciation and maintenance [88]
440
(a) Home production—
(1) Current factor cost
410
(2) Depreciation and maintenance
41
(8) Imports
80
(ii) Indirect taxes
19
(6) Public authority [93]—
(i) Factor cost—
(a) Home production—
(1) Current factor cost
188
(2) Depreciation and maintenance
19
OS) Imports
20
• (ii) Indirect taxes
8
22. Net lending to or purchase of assets and financial claims
from overseas [94]
—70
20. Saving and sums allowed for depreciation and maintenance.. 715
priety be classified one way or another, but the
distinctions that have just been drawn seem from
experience, to form a useful basis for classification.
No more need be said of item 15, transfer payments, except to note that it corresponds to
item 2. in Table 3.
Item 16, saving, is equal to the net capital
formation of public authorities less their net
borrowing. The fact that the figure is negative
means that public authorities did not cover the
whole of their current expenditure out of revenue; in other words, their net borrowing was in
excess of their net capital formation (mainly
buildings, roads and equipment for public
utilities and services). It should be noted, however, that no part of war expenditure is treated
as capital formation even if it is on such things
as factories and lorries. In view of the practical
difficulties of deciding how far war expenditure
adds to the country's capital wealth it is thought
736
23. Gross capital formation
715
and the net balance of capital transactions with
countries overseas. On the receipts side it
shows the extent to which saving and allowances for depreciation and maintenance respectively financed the total outlay. It should be
noted that the amount shown in item 19 represents all such sums wherever they may occur on
the outlay side of Tables 3 to 6 and not simply
the sums shown in the two items on the opposite
side of this account which relate solely to depreciation and maintenance incurred in the production of capital equipment and works. The
net addition to the capital position at home and
abroad can be obtained by subtracting item 19
from item Z3. The result of this calculation is,
of course, equal to item 18.
Finally, it is necessary to introduce an account
showing the transactions of the rest of the
world with the United Kingdom. This is done
in Table 6 which sets out receipts by countries
abroad from the United Kingdom on the leftFEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
not available, but even so the present set of accounts makes it possible to compile most of the
more important national income, product and
expenditure tables and to show how these are
related to the simpler accounts from which they
are built up.
Broadly, there are three national income or
product concepts that need to be considered.
They may be called the net national income (or
product at factor cost), the net national product
at market value and the gross national product.
The first is set out in Table 7.
The first and third columns of this table build
up to the net national income and expenditure
totals on the basis used in Table 31 of section V
for the years 1938-44. The income column does
TABLE 6
not distinguish between income from different
OVERSEAS ACCOUNT
TRANSACTIONS OF THE REST OF THE WORLD WITH
sources such as wages, profits, etc., only because
THE UNITED KINGDOM, 1938
in order not to overload Tables 3 to 6 with un[In millions of pounds]
necessary detail these distinctions were not
28. Payments to the United
.24. Receipts by counKingdom by countries
tries abroad from
made there. The middle column is a variant of
abroad for merchandise,
the United Kingservices and dues, indom for merchanthe final one which from certain points of view
cluding tourists' exdise, services and
is the more useful, since it shows the extent to
penditure—
dues,
including
(a) Factor cost—
tourists' expendiwhich
current resources are used up in meeting
(i) Home production—
ture—
(a) Current factor
(a) Private—
different types of need.
668
cost
497
(i) Current
The net national income column, i.e., the
80
08) Depreciation
(ii) Capital
and main(b) Public authorfirst of Table 7, is obtained by picking out from
tenance
49
ity—
80
(ii) Imports
100
(i) Current
Tables 3 to 6 those items which form part of
20
(6) Indirect taxes
22
(ii) Capital
the income from economic activity accruing to
100
nterest and profits on
29. Interest
(c) Overseas
United Kingdom over25. R
Receipts
by
i
b counany sector of the British economy. Clearly,
seas investments, less
tries abroad from
commercial interest and
the United Kingsuch income cannot appear on the receipts side of
profits received by coundom government
a capital or overseas account and will be contries abroad from the
in respect of debt
United Kingdom
205
interest and other
fined therefore to the first two of the four main
30. Remittances to the United
current payments. 10
Kingdom
25
26. Remittances reaccounts. From the left-hand side of Table 3
31. Net lending to or purchase
ceived from the
only item 1, income from economic activity, is
of assets and financial
United Kingdom..
claims from the United
selected
since the remaining items arise not from
Kingdom [94]
70
any participation in economic activity but
27. Receipts by counsimply as transfers from public authorities and
32. Payments to the United
tries abroad from
Kingdom by countries
the United Kingoverseas respectively. Similarly, in Table 4
abroad
968
dom
968
only item 9, income from public property,
trading, etc., is required since all the remaining
even here some of the components have already items are transfers of one kind or another and
appeared. For example, item z8 Qj) corresponds do not accrue to public authorities from their
to item I I (/). The "imports*' shown in item participation in economic activity.
z8 relate to the imports contained in British
In a similar way the items in the second
exports.
column in Table 7 are obtained by picking out
Between them, these four accounts (Tables those items in the right-hand side of Tables 3 to
3 to 6) cover the whole economy and they have 6 which give rise to British incomes from ecobeen numbered consecutively to emphasize their nomic activity. Such items arise on each of the
essential unity. It would, of course, be possible four accounts. In Table 3 there is only one,
to subdivide some of the accounts so as to show namely, the current factor cost of home-produced
the interactions of receipts and payments in goods and services, which appears in item 5,
greater detail. It would also be possible to since all the remaining items are transfers to
extend the system so as to take account of trans- other accounts. In Table 4 not only the current
actions which are not as it were on the surface factor cost of home-produced goods and services,
but take place within the business and financial which appears in item 13, but also subsidies,
system. Information for these extensions is item 14, come into this category since subsidies
hand side and payments to the United Kingdom
on the right.
Most of the items in Table 6 have already appeared in Tables 3 to 5. For example, payments
for imports entering into consumers' goods and
services are included in item 5 of Table 3 while
the corresponding receipts by countries abroad
appear in item 24 of Table 6. Again, net interest and profits on British overseas investments appear as a payment by countries abroad
in item Z9 of Table 6 and as a receipt by the
private current account included in item 1 of
Table 3. The principal exception is item z8,
payments for British exports of all kinds, but
AUGUST
1945
737
BRITISH WHITE PAPER ON WAR FINANCE
are here regarded as charges incurred to enable penditure on goods and services, which has inthe general public to make certain purchases at creased very greatly since 1938 even after allowless than the cost to the producer. In Tables 5 ance for the rise in prices, then either the total
and 6 three items composed of the current factor value of the product must be raised, for excost of home-produced goods and services which ample, by employing resources more fully, or
appear in items 2.1 Qa), xi (F) and 2.8 are required other forms of expenditure must be reduced, for
along with the net interest and profit on British example, by the direct restriction of certain
overseas investments which appears in item xy types of output and imports,
of Table 6.
Looked at from a longer term point of view
The third column is obtained by a rearrange- it is this same sum which, when adjusted for
ment of the items of the basic tables and cor- changes in the value of money, measures the net
responds to the form of presentation previously value of the production of goods and services of
adopted and shown for each year since 1938 in all kinds and therefore the amount of the product
section V, Table 31. The general procedure can in terms of the common denominator money
be seen from the case of consumers' expenditure, which is available either for raising the material
This item is put down in its entirety, that is standard of living or for increasing the country's
item 7 of Table 7 corresponds to the sum of the capital wealth.
TABLE 7
NET NATIONAL INCOME (OR PRODUCT AT FACTOR COST) AND EXPENDITURE, 1938*
[In millions of pounds]
1. Income from domestic activity—
4. Domestic expenditure on United
7. Personal expenditure on con(a) Private (1-29)
4,387
Kingdom goods and services at cursumers' goods and services at
(b) Public authority (9)
27
rent factor cost—
market prices (5)
4,178
2. Interest and profits on United
(a) Current—
8. Less Remittances from abroad
Kingdom overseas invest(i) Private (5aia)
2,670
(3)
—25
ments less commercial interest
(ii) Public authority (13aia
9. Expenditure by public authoriand profits received abroad
+14)
649
ties on current goods and servfrom the United Kingdom (29) 205
ices at market prices (13)
814
>
(b) Capital (gross)—
10. Domestic gross capital forma(j) Private (2laial)
410
tion (21)
785
(ii) Public authority (215ial)... 188
11. Less Sums allowed for deprecia5. Expenditure by the rest of the
tion and maintenance (19)
—440
world—
12. Net lending to or purchase of
(a) On United Kingdom goods and
assets and financial claims from
services at current factor cost (28
overseas (22)
—70
aia)
497
13. Subsidies (14)
15
(b) Interest and profits on United
14. Less Indirect taxes (11)
—638
Kingdom overseas investments less
commercial interest and profits received by countries abroad from the
United Kingdom (29)
205
3. Net national income (or product
at factor cost)
4,619
6. Income-generating expenditure
4,619
1
The numbers in parentheses refer to the items in Tables 3 to 6 from which this table is derived.
elements of item 5 in Table 3. But depreciation
and maintenance are deducted in item 12., imports and remittances abroad in item 13 and
indirect taxes in item 15. A similar line of argument applied to the other elements of the
table demonstrates that the components of items
6 and 15 of Table 7 are derived from different
arrangements of exactly the same elements.
From many points of view the net national
income (or product at factor cost) and expenditure are the most important of all these aggregates. They record the value of the product
of British labour and capital at home and overseas, as measured by the incomes received from
economic activity or by the expenditures which
give rise to these incomes. It is this total that
is divided year by year between consumption,
whether by consumers or public authorities,
and additions to capital wealth, whether at
home or abroad. If it is necessary to increase
one item of expenditure, say, government ex738
15. Net national expenditure at
factor cost
4,619
The income (or product) and expenditure
totals of Table 7 are qualified by the term "net."
In the first column this means that the rent and
profit components of income are reckoned after
deduction of sums allowed for depreciation and
maintenance. In the third column the same
amount is deducted (in item 11 of Table 7)
from the sum of current expenditure and gross
capital formation, since otherwise it would appear twice, once in sales proceeds and again in
gross capital formation. In the second column
the whole of gross capital formation duly appears, as it should, as part of income-generating
expenditure irrespective of how it is financed,
The expenditure total shown in item 15 of
Table 7 is said to be "at factor cost." This
means that from the total actually spent indirect
taxes are deducted since this amount of the
sales proceeds is taken by the taxing authority
and is treated as a business cost and not as a
part of income, while subsidies are added on
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
since they represent a source of income available
to producers in addition to the proceeds of sale.
The resultant, or "factor cost," represents what
producers and distributors, their employees,
landlords and creditors, in a word the factors
of production, receive for the sale of their products and services after duplication has been
removed. An example will make this clear.
Out of the price of is. ^d. paid for twenty
cigarettes approximately is. ^d. goes to the
Exchequer in the form of tobacco duty, and
other minor levies which are here treated as
indirect taxes, such as rates on business premises
and employers' national insurance contributions, have also to be deducted from the remainder. Thus out of the original is. 4d.
rather less than yd. is the factor cost left over to
be paid in wages, salaries, interest and rent or
retained as gross profit by the makers and distributors of the cigarettes and the materials and
services which enter into them.
It is convenient at this point to describe the
treatment of lend-lease and mutual aid which
become of great importance in the war years.
In general, assistance of this kind received by
this country is excluded altogether, being regarded as part of the product of the giving
rather than the receiving country. In the case
of warlike stores which are retained by the
government for war purposes no difficulty arises
since the figures are simply omitted from all
elements of the national expenditure. Where
the goods received are sold to the public, as in
the case of foodstuffs, the position is more difficult. The value of foodstuffs sold naturally
appears in consumers' expenditures but apart
from the distributors' margin, no corresponding
income is generated in this country as a result
of the sale. Accordingly, it is necessary to
deduct an amount equal to the government's
proceeds from the sale of lend-lease goods from
government expenditure on goods and services.
The interpretation of this deduction is that to
the extent of the sales proceeds British government expenditure is met indirectly from lendlease sources and not out of taxation or
borrowing.
Conversely, the value of goods and services
provided by the United Kingdom to Allies under
mutual aid is included in government expenditure on goods and services since it forms part
of the product of this country's resources.
The other concepts relating to national income, product and expenditure may readily be
derived from the tables so far presented. To
obtain the second concept, namely, the net national product at market value, it is necessary
AUGUST 1945
to add indirect taxes to, and to deduct subsidies
from, the net national income (or product)
shown in item 3 of Table 7. Correspondingly,
on the expenditure side it is necessary to include
items 7 to 12. of Table 7 and omit items 13 and
14. The result is that the net national product
at market value tends to increase when indirect
taxation replaces direct taxation, and vice versa,
since the former affects market values in a way
in which the latter does not. Thus to some
extent both the indirect taxation and also the
expenditure it finances enters into the final result.
These changes lead to the following table:
TABLE 8
NET NATIONAL PRODUCT AT MARKET VALUE, 1938
[In millions of pounds!
1. Net national product
at factor cost [6]
4,619
2. Indirect taxes [52]
638
3. Lew Subsidies [65]....
-15
5. Personal expenditure
on consumers' goods
and services less remittances from
abroad [7]
4,153
6. Expenditure by public
authorities on current goods and services [8]
814
7. Domestic net capital
formation [9+10].
345
8. Net lending to or purchase of assets and
financial claims from
overseas [13]
—70
4. Net national product
at market value
5,242
9. Net national expenditure..
5,242
The third concept, namely, the gross national
product is obtained by adding sums allowed for
depreciation and maintenance to the net national
product at market value while on the expenditure side domestic gross capital formation is
substituted for the net figure shown in Table 8.
As the second column of Table 7 shows, the
expenditure on renewals and replacements actually carried out is already included in the
net national product. Thus the gross national
product includes both the financial provision
for depreciation and maintenance and also the
cost of work done out of this provision. These
changes lead to the following table:
TABLE 9
GROSS NATIONAL PRODUCT AT MARKET VALUE,
1938
[In millions, of pounds]
4. Personal expenditure
1. Net national product
at market value
5,242
on consumers' goods
2. Sums allowed for deand services, less repreciation and mainmittances from
tenance [88]
440
abroad [7]
4,153
5. Expenditure by public
authorities on current goods and services [8]
814
6. Domestic gross capital
formation [91+93].. . 785
7. Net lending to or purchase of assets and
financial claims from
overseas [94]
-70
3. Gross national product
at market value
5,682
8. Gross national
penditure
ex5,682
739
BRITISH WHITE PAPER ON WAR FINANCE
It can thus be seen that all the main national
income, product and expenditure totals can be
extracted from the preceding Tables 3 to 6.
Table 10 shows as briefly as possible the relationship between the main income and product
totals introduced in the foregoing tables. Figures are given for each of the seven years 193844.
These different totals are useful for different
purposes. Thus in any problem relating to the
demand for different commodities by all conTABLE 10
MAIN INCOME AND PRODUCT TOTALS, 1938-44
[In millions of pounds]
1938
1939
1940
1941
1942
1943
1944
1. Personal income
before tax [26].. 4,804 5,042 5,744 6,436 7,088 7,684 8,043
2. Plus Other private
income
before tax [37]..
259
369
615
962
980
919
975
3. Private
income
before tax [43].. 5,063 5,411 6,359 7,355 8,050 8,664 9,018
4. Plus Income of
public authorities from public
property,
trading, etc.
[56]
27
23
30
84
69
45
47
5. Less
Transfer
payments from
public authorities to the private sector [72]. - 4 7 1 - 4 6 4 - 4 7 6 - 5 2 3 - 5 8 0 -654 - 7 3 1
6. Net national -income (or product at factor
cost) [6]
4,619 4,970 5,913 6,877 7,554 8,079 8,334
7. Plus
Indirect
taxes and similar levies net of
subsidies [5265]
8. Net national
product at
market value...
9. Plus Sums allowed for depreciation and
maintenance
[88]
LO. Gross national
product a t
market value...
ability or use of resources is best handled in
terms of the net national income (or product)
(item 6 of Table io) and the associated measure
of expenditure. It will be noticed that in
Table 7 in which a further analysis is given of
expenditure in this sense, the component items
follow substantially the same lines as were
adopted in the White Paper on Employment
Policy (Cmd. 6517 of May 1944).
The remaining two totals (items 8 and 10 of
Table 10) may be useful for certain purposes and
have the advantage of being broadly comparable
withfiguresfrequently quoted in other countries
in discussions of national income and product.
II. CENTRAL GOVERNMENT EXPENDITURE AND
THE NATIONAL ECONOMY
The magnitude of the economic and financial
problem of directing a large proportion of the
country's resources to war purposes can be seen
by comparing expenditure on goods and services
by public authorities with an appropriately
defined national product as set out in section I.
Table 11 shows the expenditure of all public
authorities on goods and services of all kinds.
After adjustment for indirect taxes and subsidies
this total is compared with the net national income (or product), item 3 of Table 7.
TABLE 11
EXPENDITURE ON GOODS AND SERVICES BY
PUBLIC AUTHORITIES, 1938-44
[In millions of pounds]
1938
623
687
846 1,097 1,208 1,286 1,260
5,242 5,657 6,759 7,974 8,762 9,365 9,594
440
450
465
475
475
475
475
5,682 6,107 7,224 8,449 9,237 9,840 10,069
sumers in the country it would be natural to
start with personal income (item i of Table io)
and perhaps deduct direct tax payments since
these represent an unavoidable commitment.
The same would be true if it were necessary to
estimate how personal saving would vary if
"income" varied by a given amount. On the
other hand if a comparison is made (as in section
III (B) below) of the total of taxes with the
"income" out of which it is paid it is clearly
right to take private income before tax (item 3
of Table 10).
Again, any problem turning on the avail-
74°
1. Central
government
(a) War [122]
(6) Other [123+
124]
2. Extra-budgetary
funds and local
authorities
(a) War
(b) Other
1939
1940
1942
1943
1944
353
743 2,471 3,571 3,944 4,552 4,591
116
130
135
142
151
149
148
5
465
52
435
104
371
129
362
118
364
95
355
87
353
3. Total at market
value [76+80]....
939 1,360 3,081
4. Less Net indirect
taxes included
in market value..
- 5 4 -136
-36
5. Total
adjusted
for net indirect
taxes
903 1,306 2,945
6. Net national income -(or product at factor
cost) [6]
4,619 4,970 5,913
7. (5) as a percentage
of (6)
1941
20
26
50
4,204 4,577 5,151 5,179
-220
-234
-238
-235
3,984 4,343 4,913 4,944
6,877 7,554 8,079 8,334
58
57
61
59
This expansion in the expenditure of public
authorities on goods and services is partly due
to the war-time rise in prices, which has also
affected the value of the net national product.
The expansion has, however, been large even
when allowance is made for this fact, and has in
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
It would not have been sufficient simply to
part been made possible by an increase in the
country's output of goods and services. This rely on a rise in employment, hours of work and
has in turn been due to a rise in employment and productivity to provide or release resources for
in average hours of work and also to shifts in direct war purposes. It has also been necessary
industrial structure and the increases in output to curtail current consumption as far as possible
per manhour which have taken place in certain and to live on accumulated wealth by failing to
industries. The following table shows the maintain buildings, equipment and stocks not
level of employment in Great Britain in all essential for war purposes and by selling assets
occupations, except private domestic service, and financial claims abroad.
It can be seen from Table 11 that even before
including the armed forces and whole-time civil
defence services. Women doing part-time account is taken of the rise in prices there was a
work, who at the middle of 1944 amounted to decline in the expenditure on goods and services
some 900,000, are each counted as a half in this other than for war purposes by public authorities. Consumers' expenditure, which is dealt
table.
with in greater detail in the following section,
TABLE 12
NUMBERS EMPLOYED AT MIDYEAR INCLUDING MEM- rose in money terms but fell when account is
BERS OF THE ARMED FORCES AND WHOLE
taken of the rise in prices. This change is
TIME CIVIL DEFENCE, GREAT BRITIAN
brought out in Table 14 which shows the mar[In millions]
ket value of consumers' expenditure adjusted
1938 1939 1941 1942 1943 1944
for indirect taxes and subsidies at current and
constant prices.
13.2 13.6 15.1 15.1 15.0 14.9
Males aged 14-64
Females aged 14-59
Total of above
4.6
4.8
6.0
6.9
7.2
7.1
17.8
18.4
21.1
22.0
22.2
22.0
Average hours of work have risen since before
the war and in the industries covered by the
Ministry of Labour earnings enquiries have
changed as follows since 1938:
TABLE 13
AVERAGE WEEKLY HOURS WORKED IN THE
PRINCIPAL INDUSTRIES
TABLE 14
CONSUMERS' EXPENDITURE ADJUSTED FOR INDIRECT
TAXES AND SUBSIDIES, 1938-44
1938
1939
1940
1941
1942
1943
1944
(a) At current prices
[In millions of pounds]
[27+28]
3,6071 3,672 3,762! 3,813 3,953! 3,9721 4,183
(6) At 1938 p r i c e s . . . . 3,607| 3,612 3,176J 2,920 2,894[ 2,798| 2,898
1938 = 100
(c) Index of (a)
116
100
102
104
106
110;
110
80
100
100
88
81
80;
78
(d) Index of (b)
It has not been possible during the war to
measure
directly the extent to which the coun1944
try has lived on domestic capital but an indirect
50f
Males
.
su
measure can be obtained. The estimates of
43f
45f
44*
Females
45*
privatS domestic net capital formation (included
46£ | 50
49*
Total
.
. . . .
48J
in item 3 of Table 15) are obtained as a residue
(except in 1938) after all the other elements in
The factor of output per manhour cannot be the net national income (or product) and exmeasured satisfactorily even within an industry penditure have been taken into account. These
in view of the changes that have taken place figures and the net change in the overseas posiin the character of different products. In cer- tion are brought together in Table 15.
tain industries large increases are known to
In this table no deduction is made for loss or
have taken place whilst in others war-time damage due to enemy action. Thus the sums
difficulties of one sort or another such as changes shown for depreciation and maintenance are
in the type of labour available appear to have simply the normal allowances. On the other
prevented any rise and in some cases even to hand, as stated in section I, page 736, no governhave led to a fall. On the average it seems prob- ment capital expenditure for war purposes is
able that some rise has taken place. But there included in capital formation.
seems little doubt that the main sources of inThus, apart from receipts under lend-lease
creased output per manhour are to be found in and mutual aid, real resources are made availthe shift of employment from industries with a able for war purposes either by increased producrelatively low to those with a relatively high tion, by other parts of the economy "doing
output per head and in the economies that have without", by living on accumulated wealth, or
arisen through the greatly increased scale of war by borrowing from abroad. But this is only
industries.
one way of looking at the problem. From a
October
1938
AUGUST 1945
July
1943
January
July
1944
741
BRITISH WHITE PAPER ON WAR FINANCE
financial point of view an increase in production
does not by itself put more resources at the disposal of the government: what happens in
financial terms is that total income is raised, so
that with given rates of taxation more revenue
will accrue to public authorities and with a
given tendency to save more will be saved. At
the same time, the financial counterpart to the
economic transfer of resources is seen in
increased revenue from taxes, due to higher incomes and to higher rates of taxation, and increased borrowing by public authorities either
out of increased saving, the disposition to which
has been greatly stimulated, or out of the sums
released by running down equipment and stocks
or by selling assets and borrowing from abroad.
TABLE 15
NET CHANGES IN CAPITAL WEALTH, 1938-44
[In millions of pounds]
1938
1. Gross capital formation a t home
[91+92+93]
2. Less Sums allowed
for depreciation
and m a i n t e n a n c e
[88]
1939
1940
1941
1942
1943
1944
785
827
541
394
397
352
287
-440
-450
-465
-475
-475
-475
-475
3. N e t capital form a t i o n a t home
and war losses
made good [ 9 +
10+11+12]
4. N e t lending
abroad and purchase of assets
and financial
claims from overseas [94]
-70
5. T o t a l
(sum of
items (3) and (4))
275
345
377
76
-81
-78
-123
-188
-795
-666
-684
-655
127 - 7 2 0
-876
-744
-807
-843
The financial approach to the problem is essentially the one adopted in Table A of Cmd.
65x0 which set out the sources of the finance
of central government expenditure. The relation between the expenditure of all public
authorities on goods and services as shown in
item 3 of Table 11 and total central government
expenditure is shown in Table 16.
Of the total in item 4, the following amounts
were raised from revenue and from net borrowing respectively as shown in Table 17.
The composition of central government
revenue is shown in Table 18, while the ultimate
sources of central government net borrowing
are shown in Table 19.
In Table 19, the excess of direct tax liabilities
on private income over payment is included in
item 1 (a) because it forms part of saving in the
short run. These sums represent the amount of
tax liability which accrues in the period but remains unpaid. In the long run such sums will
742-
TABLE 16
RELATION BETWEEN THE EXPENDITURE OF ALL
PUBLIC AUTHORITIES ON GOODS AND SERVICES
AND TOTAL CENTRAL GOVERNMENT
EXPENDITURE, 1940-44
[In millions of pounds]
1940
1. Expenditure of all public
authorities on goods and
services a t m a r k e t prices
3,081
[76+80]
2. Less Expenditure by extrabudgetary funds and local authorities on goods
a n d services [ 7 4 + 7 5 +
78+79]
-475
3. Plus
Expenditure other
t h a n on goods and services by t h e central
government including
transfers to other public
authorities [65+69+125].
738
4. T o t a l central government
expenditure [61]
3,344
1941
1942
1943
1944
4,204
4,577
5,151
5,179
-491
-482
-450
-440
914
1,011
1,080
1,175
4,627
5,106
5,781
5,914
TABLE 17
THE SOURCES OF CENTRAL GOVERNMENT FINANCE,
1940-44
[In millions of pounds]
1940
-796
-250
find their way to the tax collector, but in the
short run they appear in additions to past
savings.
1941
1942
1943
1944
1. Revenue [45+49+53]
2. Net borrowing by the central government [57]
1,254
1,831
2,343
2,881
3,154
2,090
2,796
2,763
2,900
2,760
3. Central government expenditure [61]
3,344
4,627
5,106
5,781
5,914
TABLE 18
THE COMPOSITION OF CENTRAL GOVERNMENT
REVENUE, 1940-44
[In millions of pounds]
1940
1 Income tax
2 Surtax
3. N a t i o n a l Defence Contribution
and Excess Profits T a x
4. D e a t h duties
5. Customs a n d excise duties on
drink and tobacco
6. Purchase tax
7. E n t e r t a i n m e n t s d u t y
8. Other customs and excise duties.
9. Motor vehicle duties
10. Receipts under t h e railway
agreement
11. Other revenue
12. Central government
[45+49+53]
1941
1942
1943
1944
469
78
664
77
850 1,114 1,265
72
74
74
68
79
231
88
348
94
483
96
519
107
334
8
128
37
426
97
15
135
38
573
113
27
138
32
708
93
40
149
27
745
95
46
201
28
53
10
50
54
42
66
31
49
25
revenue
1,254
1,831 2,343 2,881 3,154
Item 2. (Table 19) also requires explanation.
If sums are set aside to replace equipment, but
for one reason or another the replacement has
to be postponed until a later period, then these
sums are available for some alternative purpose.
The same is true of money obtained by the sale
of stocks without replacement and of compensation received in respect of war risks claims which
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
is not spent in the period. When allowance has
been made for other calls on these sums the total
described in the heading to item 2. is reached.
Put more precisely, the sums in question have
been provided from the following sources:—
(V) Additions to depreciation, obsolescence
and similar funds held by firms, institutions and persons;
(fi) Depletion of stocks and work in progress
held under private finance measured by
the reduction in their value as reckoned
in the calculation of profits;
Or) Sums repaid to lenders and transferred to
sinking funds by local authorities;
TABLE 19
THE SOURCES OF CENTRAL GOVERNMENT NET
BORROWING, 1940-44
[In millions of pounds]
1. Saving—
(a) Private (including allowance for accrued taxation)
[85+86]
(b) Extra-budgetary funds and
local authorities [ 7 8 + 7 9 58-59]
2. Sums released by running down
domestic capital equipment
and stocks including any unspent compensation in respect
of war risks claims—
(a) P r i v a t e [ 6 6 - 1 0 - 1 1 - 1 2 ]
(b) Local authorities [79]
3. Net sale of assets and increase in
liabilities to countries abroad
[94]
4. Central government n e t borrowing (deficit) [57]
1940
1941
1942
1943
1944
1,149
1,491
1,619
1,765
1,698
167
170
175
131
100
-15
-7
316
24
272
31
276
44
257
50
796
795
666
684
655
2,090 2,796 2,763 2,900 2,760
0 0 Receipts from the sale of fixed capital
assets such as sites and buildings to the
central government;
00 Compensation received in respect of war
risks claims;
(/) less Private gross capital formation including replacement of war losses and
the increase in work in progress on
government contracts which, being
ultimately recoverable from the Exchequer, is shown separately in item
io of Table 31.
(g) less Gross capital formation of local
authorities.
Attention is drawn to the statement under (F)
above that the net change in stocks and work in
progress is measured by the change in their value
as reckoned in the calculation of profits. While
the practice in this respect is not uniform, the
measure given here approximates more closely
to the change in the value of stocks than to the
value of the quantitative change and to some
extent therefore the basis of valuation of stocks
differs from the one adopted for other forms of
AUGUST 1945
capital assets. In other words, the calculation
of profits takes account of changes in the value
rather than in the quantity of stocks. While
information is not available that would make
possible the measurement of the adjustment required to correct the difference between the net
change in stocks as implied here and a measure
based on the value of the quantitative change,
there can be little doubt that this adjustment
would be considerable in the earlier part of the
war, especially in 1940 and 1941. Similarly,
on the other side of the Table 31 this adjustment
would require an equivalent downward adjustment to the figures of profits and therefore, also,
of income.
Since part of item 2. of Table 19 is obtained by
difference in Table 31, it absorbs the errors in
all the other items of that table in so far as
they do not cancel out. It is therefore a very
precarious figure and will remain so until information is available which will enable the
whole of it to be measured directly. On the
other hand, apart from changes of definition,
the sum of the balancing items in Tables 31 and
32. (items 11 and 34) is comparatively stable.
The reason is that when these two balancing
items are taken together with items which are
known fairly accurately, they add up to the
deficit of the central government, which is
accurately known.
Table 19 shows the ultimate sources of central
government net borrowing. These sums can
also be classified according to the channels
through which they reached the Exchequer:
TABLE 20
THE CHANNELS OF CENTRAL GOVERNMENT NET
BORROWING, 1940-44
[In millions of pounds]
1940
1. Finance through government
agencies [106]
2. Post Office and Trustee Savings
Banks
3. National Savings Certificates
including increase in accrued
interest
4. Defense Bonds
5. Other public issues (net)
6. Increase in fiduciary issue
7. Increase in Treasury bills outside government
departments and Bank Ways and
Means
8. Treasury deposit receipts
9. Tax reserve certificates
10. Central government borrowing
[106+115]
1941
1942
1943
1944
540
243
187
-73
-34
119
214
234
301
325
297
232
214
167
121
134
174
180
567 1,031 1,047 1,060
170
150
150
50
265
112
898
150
129
338
279
474
17
151
155
453
433
434
177
537
394
113
2,090 2,796 2,763 2,900 2,760
It is not possible by looking at these tables in
isolation to judge how far the situation is satisfactory. There can be no heading in any of
them called "inflationary" sources because accounting knows nothing of such matters. A
743
BRITISH WHITE PAPER ON WAR FINANCE
very high figure of personal saving may arise
because consumers have foregone a great deal
of consumption, because by increased effort
they have raised their total income or because
a general increase in prices has resulted in a
rise in saving and everything else expressed in
terms of money. To see the position more
clearly other considerations must be taken into
account.
It has been the practice in previous years to
point to the "residue" of expenditure not
covered by revenue, saving, borrowing from
or sales of assets to other countries and some
other minor sources. This residue was derived
principally from the running down and using up
of domestic capital equipment. The extent to
which the use of such resources is necessary for
war purposes may indicate an inflationary position but, on the other hand, it may simply represent the using up of stocks held against emergencies. A better test, perhaps, is the extent
to which the pressure on resources has driven
up prices, rates of remuneration and incomes and
in this way provided the source of the higher
money saving.
III.
CHANGES IN THE COMPOSITION OF PRIVATE
OUTLAY
It is clear from the preceding section that
increased tax payments and saving out of private
income have provided the greater part of the
finance of the expenditure of public authorities.
These increases have come about, partly as a
result of changes in rates of tax and partly because money expenditure on goods and services
by consumers has not kept pace with the rise in
their income. Further, it is only in current
money terms that consumption has risen; when
measured at constant prices it is seen to have
fallen by approximately 2.0 per cent between
1938 and 1944.
Private outlay comprises consumption, taxation and saving; each of these components is
treated separately in the following paragraphs.
A. Consumers' Expenditure
The following Table, 2.1, shows the composition of personal expenditure on consumers'
goods and services at current market prices:
TABLE 21
PERSONAL EXPENDITURE ON CONSUMERS' GOODS AND SERVICES AT CURRENT MARKET PRICES, 1938-44
[In millions of pounds]
1938
1. Food—
(a) Household expenditure—
(i) Bread and cereals, etc.
...
(ii) Meat, bacon, etc.
(iii) Fish, fresh and canned
(iv) Oils and fats
(v) Sugar, preserves and confectionery
(vi) Dairy products
(vii) Fruit, fresh, canned and dried
(viii) Potatoes and vegetables
(ix) Beverages not included below
(x) Other manufactured food
(b) Other personal expenditure
2. Alcoholic beverages—
(a) Beer etc
(b) Other
3. Tobacco—
(a) Cigarettes
(b) Other
4. Rents, rates and water charges
5. Fuel and light—
(a) Coal
(b) Electricity
(c) Gas
.
{d) Other
6. Durable household goods—
(a) Furniture and furnishings
(b) Hardware
7. Clothing—
8.
9.
10.
11.
12.
13.
(a) Footwear
...
. . .
(b) All other clothing—
(i) Men's and boys' wear
(ii) Women's, girls' and infants' wear
Travel, including the purchase of privately-owned vehicles and
their running expenses
Services not included above—
(a) Entertainments
(b) Postal, telephone and telegraph services
(c) Acquisition and transfer of property and life assurance
(d) Other
Other goods
Income in kind of the armed forces
Total of above items
Adjustment
14. Total [7]
744
1939
1940
1941
1942
1943
1944
244
241
46
59
112
194
32
119
51
51
109
246
275
36
57
110
213
41
125
50
44
121
225
273
35
57
105
203
35
126
46
37
119
232
305
41
59
101
202
43
134
48
42
135
78
220
256
39
65
128
183
62
85
52
57
90
180
88
195
94
253
100
319
116
374
121
428
138
457
130
144
32
491
168
36
510
215
47
520
264
55
515
343
72
510
412
79
508
427
79
508
105
33
39
15
104
35
40
17
117
38
46
19
126
40
48
20
122
42
52
21
116
40
55
21
118
43
59
24
152
82
146
139
73
128
69
114
60
83
56
68
56
165
275
43
98
108
189
79
84
54
33
77
1,168 -
77
73
78
90
91
97
87
90
127
246
131
249
137
269
116
245
123
267
101
241
125
279
284
263
181
200
214
222
223
68
29
66
404
280
17
4,160
_7
64
29
66
406
286
29
4,269
-5
61
32
66
405
297
81
4,423
83
37
67
389
307
135
4,628
5
111
40
68
364
300
146
4,879
30
131
48
68
346
311
185
4,937
50
140
54
68
352
325
199
5; 166
50
4,153
4,264
4,423
4,633
4,909
4,987
5,216
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
Numerous revisions in detail have led to small
changes compared with the figures previously
given in Cmd. 652.01 (Table B). In interpreting
these figures and those of Tables 12. and ux, the
following definitions should be borne in mind.
First, the figures relate as far as possible to
expenditure met out of personal income including that of charities and other non-profitmaking bodies as well as individuals. The
figures for individual categories relate to purchases in this country even when made by
tourists or Dominion and Allied troops. On the
other hand they do not include consumers'
expenditure abroad out of British personal income. A rough adjustment for these factors is
included in item 13 of the table.
Second, expenditure on consumers' goods and
services by businesses and public authorities is,
as far as possible, excluded except in certain
cases where the object purchased is resold to
persons as part of a composite product or service.
Thus, personal expenditure on meals in restaurants and hotels is spread over several categories;
the cost to the establishment of the food used
appears in item 1 (#), food; the rent of the
building in item 4, rent, rates and water charges;
the chinaware and cooking utensils purchased
in item 6 (F), hardware, and an allowance for
the purely service and managerial element of
expense in item 9 (V), other services.
Third, the figures represent the expenditure
of consumers in the above sense on goods and
services of all kinds whether these are provided
out of new production or from stock. Secondhand goods are not included, but an allowance
is made in item 9 (Y), other services, for the
costs, including profit, of handling and reconditioning exclusive of the sums paid to the
original owners.
The composition of the sub-groups is set out
below:
(1) Food—comprises purchases of food, including such beverages as tea, coffee
and cocoa, by households together
with the cost of food used in canteens,
restaurants and hotels.
(2.) Alcoholic beverages:—
(a) Beer, ale, stout and porter.
(F) Wines, spirits and other alcoholic
drink.
(3) Tobacco:—
(V) Home-produced cigarettes.
(F) Home-produced pipe tobacco,
cigars, snuff, etc., and all imports of finished tobacco
products.
1
See BULLETIN for July 1944, p. 656.
AUGUST 1945
(4) Rent, rates and water charges—includes
an allowance in respect of buildings
occupied by non-profit-making bodies,
hotels, boarding houses, etc., in addition to private dwelling houses.
(5) Fuel and light:—
QF) Coke, paraffin, firewood, etc.
(6) Durable household goods:—
(a) Furniture, furnishings, household
textiles, floor coverings and
musical instruments (including
wireless sets, gramophones and
accessories).
(F) Pottery and glassware, ironmongers' goods, electrical goods,
heating and cooking appliances,
sewing machines and refrigerators.
(7) Clothing:—
(V) Footwear covers all new boots,
shoes, slippers, etc., but not
socks and stockings, repairs or
repair materials.
(F) All other clothing covers all kinds
of garments, dress materials,
millinery, haberdashery, etc.
The expense of making-up customers' materials is included,
but not alterations or repairs.
All dress materials are allocated
to (F) (i), and so are such
things as knitting wool and
general haberdashery. Infants
for this purpose are children
under about four years of age.
(8) Travel—includes all travel paid for out
of personal income, and therefore the
travel of members of the armed forces
when at their own expense, in
all public conveyances, together with
the purchase of vehicles by persons
and running expenses incidental to
their use.
(9) Services not included above:—
(V) Entertainments—includes
theatres, cinemas, music halls, concerts, sporting events and all
forms of recreation and amusement.
(V) This item was previously shown
separately and not included in
consumers' expenditure.
(ct) Includes, for example, the services
of doctors, nurses, undertakers,
domestic servants, hairdressers,
etc., hotel and restaurant services, repairs (except house repairs), dealers' margins on
secondhand goods, and the hire
745
BRITISH WHITE PAPER ON WAR FINANCE
do" with their old furniture and vacuum cleaners
without suffering anything like the hardships
that would be involved if current production of
less durable goods were similarly curtailed.
Durability is not, however, the only criterion.
The supply of goods or services which do not
meet an essential need has been drastically curtailed, even though the public have no old
model in their possession to give some sort of
service. The fall in certain services illustrates
this point; for some services such as beauty
treatment, hotels and domestic service, are
largely non-essential, however desirable, and
the public's consumption of these has simply
been reduced.
By way of contrast there are several categories
which have been reduced very little, or have
even shown increases, notably beer, cigarettes,
entertainment, rent, etc., and fuel and light.
The first three of these can conveniently be considered together. From the consumers' point
of view the increased purchases represent a relief
from the rigours of war-time life; on the production side the diversion of resources from the
war effort, though not negligible, was small
compared with the money sums involved
—mainly because so much of the expenditure
(even in 1938) represented indirect taxation;
from the general economic standpoint they
absorbed a great deal of surplus purchasing
of domestic heating and cooking
equipment.
(10) Other goods—includes chemists' wares,
stationery, books and newspapers,
fancy goods, jewellery, etc., travel
goods, toys and sports goods, soap,
polishes, candles and matches, etc.
( n ) This item relates to food and clothing
only.
(13) Adjustment—the figures in all the previous categories include expenditure
in the United Kingdom by tourists
from overseas and Allied troops temporarily resident in this country and
exclude expenditure abroad by British
tourists and members of the armed
forces. An adjustment is needed to
convert the total to a total of purchases out of British income. The adjustment given here also includes a
rough allowance for the excess of
remittances abroad from this country
over remittances received in this country from overseas.
In previous years figures have been given of
aggregate consumers' expenditure in terms of
constant prices. It is now possible to provide
this information in greater detail. The changes
that have taken place in the more important
series are given in the following table:
TABLE 22
PERSONAL EXPENDITURE ON CONSUMERS' GOODS AND SERVICES CORRECTED FOR PRICE CHANGES, 1938-44
[In millions of pounds at 1938 values]
1. Food...
2. Alcoholic beverages—
(a) Beer, etc
(b) Other
3. Tobacco—
(a) Cigarettes
(b) Other
4. Rent, rates and water charges
5. Fuel and light
6. Durable household goods—
(a) Furniture and furnishings
(b) Hardware
7. Clothing—
(a) Footwear
(b) All other clothing
(i) Men's and boys' wear
(ii) Women's, girls' and infants' wear
8. Travel, including the purchase of privately-owned vehicles and
their running expenses
9. Services not included above
10. Other goods
1938
1939
1940
1941
1942
1943
1944
1,205
1,216
1,030
941
994
939
998
180
88
187
91
213
83
215
67
219
66
228
60
144
32
491
192
150
32
505
194
186
82
149
30
508
197
165
32
503
198
174
32
497
194
174
29
496
183
175
28
495
183
152
82
73
144
75
105
59
48
33
36
29
30
29
76
68
70
45
58
56
53
53
127
246
127
241
103
201
70
147
57
137
69
153
284
567
280
262
563
282
164
492
261
168
450
225
69
148
180
423
196
186
403
198
187
403
205
Table zz shows that the steepest reductions
during the war have been in durable household
goods, to which should be added the durable
component of the travel category; i.e., the purchase of new vehicles. This way of freeing productive resources for the war effort has the advantage that the public can, for a time, "make
746
power. It is worth noting that in Table zz the
rise in beer consumption reflects the volume consumed. In terms of alcohol content the rise has
been much less, and on this basis the figure for
1944 at 1938 prices is 194 million pounds instead
of zz8 million pounds.
The category "fuel and light" consists of
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
perishables which mainly serve an essential
purpose, so that a large drop was not to be expected. Expenditure on rent and rates reflects
the occupation of houses which already exist,
and therefore requires very little by way of current resources.
Food and clothing are the principal constituents of the intermediate group.' Food as a
whole obviously serves an essential need and is
highly perishable, but it is possible in war-time
to provide an adequate diet at a reduced cost in
terms of real resources. Foods with little nutritive value in proportion to their cost can be
replaced by simpler types which call for less
expenditure of resources; in general, the diet
can be made plainer without sacrificing essential
nourishment. Rationing has served to limit
The following qualifications should be borne
in mind in interpreting this; table.
First, as far as possible and in nearly all cases
of merchandise sales, the value of expenditure
at 1938 prices takes account of the changed
quality of the goods sold, but not of the services
rendered in selling them (e.g., wrapping and
delivery, and the provision of a range of choice).
In the case of services it has been impossible
to allow for quality changes; railway transport
provides an illustration of the importance of
this factor.
Second, the "weights" used to combine the
different items in the composite groups such as
food are essentially prices and this fact is reflected in the series. Thus, to take food as an
example, an index of the nutritional value of
TABLE 23
PERSONAL EXPENDITURE ON CONSUMERS' GOODS AND SERVICES AT CURRENT PRICES ADJUSTED FOR
INDIRECT TAXES AND SUBSIDIES, 1938-44
[In millions of pounds]
1938
1939
1940
1941
1942
1943
1944
1. Food
2. Alcoholic beveragesfa) Beer, etc
(by Other
3. Tobacco
4. Rent, rates and water charges
5. Fuel and light
6. Durable household goods—
(a) Furniture and furnishings
(b) Hardware
7. Clothing—
(a) Footwear
(b) All other clothing
8. Travel, including the purchase of privately-owned vehicles and
their running expenses
9. Services not included above—
(a) Entertainments
(by All other
10. Other goods
11. Income in kind of the armed forces
1,138
1,172
1,209
1,261
1,328
1,317
1,398
110
48
86
335
186
115
49
92
345
190
119
52
96
348
212
150
62
109
344
224
161
62
118
342
228
162
68
121
344
227
168
66
118
347
241
145
78
133
69
89
47
85
335
55
45
87
386
103
57
79
307
176
65
44
70
353
139
74
75
361
80
307
84
373
204
207
58
483
263
16
54
485
270
28
52
484
278
77
66
470
269
131
81
452
258
143
446
264
185
92
462
277
200
12. Total of above items
3,614
3,677
3,762
3,923
3,922
4,133
the claims of the wealthier classes and to ensure
a fair distribution of the limited supplies.
Clothing on the pre-war scale obviously contained a non-essential component, especially as
much of it is relatively durable, so that the life
of each garment could be prolonged. Rationing
has enforced a general reduction in purchases,
though this is small in the case of children.
The present ration provides adults with about
half the their pre-war consumption, reckoned
by quantity. Under rationing the sale of the
cheapest types has been greatly reduced, and
this shift up the quality scale accounts for the
smallness of the falls shown for 1943, when the
number of coupons available to the public was
much reduced; the rises in 1944 mainly reflect
the fact that it was a * 'normal'' year in relation
to coupon releases, whereas 1943 happened to be
a very depressed one.
AUGUST 1945
food consumed would show a smaller decline
than item 1 of the above table, but such a series
would make no allowance for the fact that
dietary standards are maintained in war-time
only with some inevitable sacrifice of consumers' ordinary preferences. On the other
hand, larger declines would generally be shown
if it were assumed that consumers were rigid in
their peacetime preferences, for it is unlikely
that they would buy the collection of goods and
services which they have bought in war-time
at the relative prices ruling, in the absence of
rationing and other forms of control.
Finally, these series indicate the level of aggregate purchases of different kinds of goods and
services at constant prices and do not necessarily
reflect the position of any particular class or
individual.
Table 2.1 relates to expenditure at market
747
BRITISH WHITE PAPER ON WAR FINANCE
schemes and contributions and premiums (almost all of which are compulsory) under the
War Damage Act, abated by the amount of subsidies. Thefiguresrelate not only to taxes falling on personal income, but also to those which
fall on other private income, e.g., National Defence Contribution and Excess Profits Tax.
Thefiguresin item 3 are estimates of that part
of the excess of item 5Z over item 65 of Table 33
which is met out of private income, i.e., which
does not appear in other expenditure on goods
and services at market prices. Consideration of
Table 33 will show that the part of these taxes
and compulsory payments which appears in the
expenditure of public authorities represents a
transfer within the public authority sector and
is, therefore, self-financing. It does not have to
be met out of private income.
It is not possible to estimate accurately the
division of these taxes and compulsory payments
between those to be met out of private income
and the rest. Thefiguresgiven in item 3 represent approximate orders of magnitude, but it is
unlikely that any inaccuracy they contain perceptibly affects the percentages in item 6.
It is possible to show the extent to which certain direct taxes fall on different ranges of income. Table Z5 is a revision of the one given
in Cmd. 65Z0.1 This table has not been brought
up to date since the introduction of the "pay
as you earn" scheme has rendered the basic
material for 1943 more uncertain than it would
B. Taxation in Relation to Income
otherwise be. It is anticipated that at a later
As in previous years the following table shows date the scheme will provide more accurate
the proportion of private income (personal and estimates of the distribution of certain incomes
than have hitherto been available.
other) required to meet taxation.
prices. It therefore includes indirect taxation
falling on consumers' purchases in the sense that
these taxes must be paid along with other costs
and charges out of the sales proceeds. Conversely subsidies, which are borne by public
authorities, do not appear in the market value in
the sense that they are a source of revenue to producers additional to sales proceeds. By adjusting for indirect taxation and subsidies estimates
are obtained of the receipts of sellers and their
suppliers arising out of the production and sale
of consumers' goods and services. These receipts, as can be seen from Table 3, do not all
generate income, still less British income, since a
part will have to be set aside against depreciation and maintenance and a part will go abroad
in the purchase of finished consumption goods
and the materials and services bought from
abroad which enter into consumers' goods produced in the United Kingdom.
The difference between the entries in Table 13
and the corresponding entry or group of entries
in Table zi represents indirect taxation less subsidies estimated to have fallen on consumers'
goods and services. Item iz of Table 2.3 differs
from item iz of Table zi by the net indirect taxes
on consumers' goods and services shown in item
Z9 of Table 3Z. A comparison of these two
tables therefore provides the basis for an analysis
of the extent to which different categories of
consumers' expenditure are subject to net indirect taxation.
TABLE 24
TOTAL PRIVATE INCOME AND THE P R O P O R T I O N REQUIRED T O MEET TAXATION, 1938-44
[In millions of pounds]
1 Private income [43]
1938
1939
1940
1941
1942
1943
1944
5,063
5,411
6,359
7,355
8,050
8,664
9,018
545
597
787
1,231
1,522
1,912
2,104
565
23
613
117
690
284
856
327
959
343
1,036
147
1,016
102
1,133
1,327
1,761
2,414
2,824
3,095
3,222
22
25
28
33
35
36
36
2. Direct taxes, social insurance contributions of employees, War
Damage Act contributions and premiums, etc., met out of
private income [48]
3. Indirect taxes, rates and war risks insurance premiums less subsidies met out of private income
4. Excess of tax liabilities over payments [86]
5. Total tax liabilities in respect of private income, i.e. (2) + (3)
+ (4)
6 . I t e m ( 5 ) a s a p e r c e n t a g e o f i t e m ( 1 ) ..
....
This table shows the proportion of private
income required to meet direct and indirect taxation, including rates, compulsory contributions
to national insurance and war risks insurance
748
These tables, which relate to income received
in 1938 and 194Z, show the amount of private
income at the disposal of individuals which can
1
See BULLETIN for July 1944, p. 660.
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
TABLE 25
DISTRIBUTION OF PRIVATE INCOME BY RANGES
OF INCOME SHOWING THE EFFECT OF CHANGES
IN INCOME TAX AND SURTAX, 1938 AND 1942*
1938
Proportion
Range of income
before tax
of income
Aggregate
before tax
income
Aggre- after income
retained
Num- . gate
after deductax and
ber of income surtax at—
tion of
before
incomes tax
1938
(In
thousands)
Private income at the disposal of individuals
which can be allocated to different
ranges:
Under 250
250-500
500-1,000
1,000-2,000
2,000-10,000
10,000 and over
Unallocated private income
Total private income
Range of income
before tax
i * 745
500
195
97
8
—
1938- 1942- 1938- 194239
43
39
43
rates 2 rates rates rates
(Ininillion 3 Of
Pounds)
2,706
595
350
270
360
170
(Per cent)
2,701 2,641 99.8
578
499 97.1
311
244 88.9
224
160 83.0
256
170 71.1
84
35 49.4
3612
506
82.7
5,063
4,660
92.0
97.6
83.9
69.7
59.3
47.2
20.6
Proportion
Aggregate
of income
income
before tax
Aggre- after income retained
Num- gate
tax and
after deducber of income surtax at
tion of
in- before
taxes at
comes tax
1942
1938- 1942- 1938- 194239
43
39
43
rates2 rates rates rates
(In
thousands)
Private income at the disposal of individuals
which can be allocated to different
ranges:
Under 250
250-500
500-1,000
1,000-2,000
2,000-10,000
10,000 and over
taxes at
(Ini nillion 3 Of
Founds)
(Per cent)
1,110
295
102
8
3,347
1,854
740
413
366
170
Unallocated private income
—
31,160
508
43.8
Total private income
—
8,050
6,334
78.7
5,5O6"
3,339 3,245 99.8
1,803 1,584 97.3
664 533 89.7
343 253 83.1
263
176 71.9
84
35 49.4
97.0
85.4
72.0
61.3
48.1
20.6
common to both, the figures in this table contain
in addition all personal income (including the
income of non-profit-making bodies) which cannot be allocated to ranges of income. Examples
are the investment income of charities, the increase in assurance funds and certain allowances
and income in kind the precise distribution of
which is unknown. On the other hand, other
private income includes, while unallocated private income excludes, the business saving of
traders, farmers and other individuals.
As in the case of income tax assessment, the
incomes of a husband and wife are reckoned as
one income. Further, in the tables relating to
1942., for example, the aggregate net income at
1941-43 rates is the amount which would have
resulted if all taxpayers had during that year
paid the full tax liability at 1941-43 rates on the
income actually received by them in that year.
The figures in the corresponding column headed
1938-39 do not relate to the income of that year,
but to the income that would have remained
after tax in 1941, if the taxation of 1938-39 had
been in force in that year. The figures of income
tax liabilities included in Table 31 fall short of
the full liability in the present sense since tax
accruals in respect of Schedule E are omitted
from item 33 of that table for the reason given
in the note on p. 757.
The whole of transfer payments other than
national debt interest has been included in the
incomes below 150 pounds.
The change in the distribution of income
brought about by changes in taxation can be seen
in another way by classifying individuals by
ranges of income after tax, i.e., aggregate income
as assessed to tax less the income tax and surtax
payable thereon. This is shown for the fiscal
years 1938-39 and 1941-43 in the following table
which relates solely to incomes assessed to income tax:
TABLE 26
NUMBER OF INDIVIDUALS IN DIFFERENT RANGES1 OF
NET INCOME ASSESSED IN 1938-39 AND 1942-43
Range of income after tax
1938-39
1942-43
(In pounds)
150-250
250-500
500-1,000
1,000-2,000
2,000-4,000
4,000-6,000
6,000 and over
4,500,000
1,820,000
450,000
155,000
56,000
12,000
7,000
7,000,000
5,300,000
550,000
117,000
31,750
1,170
7,000,000
13,000,000
1
2
Each married couple is regarded as one individual.
All rates used in this table are the rates current in the fiscal years
1938-39
and 1942-43.
3
Including all liabilities for National Defence Contribution and
Excess Profits Tax, which are deducted together with income tax in
arriving at retained income.
be allocated to different ranges. The category
of unallocated private income is not the same as
other private income shown in item 37 of Table 31 since while the undistributed profits of
companies and all liabilities for National Defence Contribution and Excess Profits Tax are
AUGUST
1945
Total of above
1
80
Each married couple is regarded as one individual.
The preceding tables show the effect of income
tax and surtax on personal incomes in different
749
BRITISH WHITE PAPER ON WAR FINANCE
income ranges, but give no indication of the
extent to which direct taxation falls on different
types of income or property. An attempt has
been made to provide this information in the
following table:
Thus in order to obtain the total amount required at the end of 1944 to meet the taxation
accrued and unpaid, though not necessarily due,
at that date on personal income, the figures in
item 4 must be added together; that is to say,
TABLE 27
DIRECT TAXATION PAID IN EACH YEAR IN RESPECT OF THE POSESSION OF DIFFERENT TYPES OF INCOME
OR THE OWNERSHIP OF DIFFERENT TYPES OF PROPERTY, 1938-44
[In millions of pounds]
1. Arising out of the possession of income:—
(a) Rent of land and buildings—
(i) Income tax
(ii) Surtax
(6) Interest and profits—
(i) Income tax
(ii) Surtax
( i i i ) . N . D . C , E.P.T., etc
(c) Salaries—
(i) Income tax
(ii) Surtax
(iii) Employees' contributions
(d) Wages—
(i) Income tax
(ii) Surtax
(iii) Employees' contributions
2. Arising out of the ownership of property or claims thereto:—
(a) Land and buildings—
(i) Estate duties (estate legacy and succession duties), corporation duty and land tax
(ii) War Damage Act contributions (Part I)
(b) Interest bearing securities, viz.: Government and municipal stocks,
bonds, mortgages, debenturesEstate duties and corporation duty
(c) Stocks, shares, etc. (excluding debentures, mortgages, etc.) in all
forms of productive, commercial, financial, etc., enterprise—
Estate duties and corporation duty
(d) Other forms of property—
Estate duties
3. Incapable of being allocated between the above headings:—
(i) Other direct taxes, etc., paid to the central government
(ii) Direct taxes paid to extra-budgetary funds not specified
above
4. Total direct taxes [48]
1938
1939
1940
1941
58
7
65
7
83
105
205
43
15
222
48
28
302
58
68
401
57
231
43
9
4
54
10
4
79
12
5
130
12
7
53
56
61
11
32
22
23
1942
1943
1944
125
125
1399
53
348
537
54
483
595
54
519
219
11
267
310
12
12
7
7
112
185
65
64
11
40
12
40
13
40
29
30
35
235
64
37
37
37
40
43
43
47
9
9
9
10
11
11
12
30
25
32
20
20
19
26
14
9
1,522
1,912
2,104
545
597
787
1,231
The introduction of Tax Reserve Certificates absorbed payments previously made in advance.
It will readily be understood that in the case
of mixed incomes the allocation is to some extent
arbitrary. Thus, for example, if income is
derived from wages and interest-bearing securities, the assessments under these two headings
are known separately but the allocation of
allowances between them can only be done on an
arbitrary basis.
C. Private Saving
Table 2.8 brings together the information on
private saving, personal and other, contained in
Table 31.
The allowance to meet accrued taxation, e.g.,
income tax, in each year is the excess of tax
liabilities accrued during the year, on the assumption that there will be no change in the rate
of tax, over total payments during the year in
respect both of tax currently due and of arrears.
750
the aggregate at that date was 515^= 1 1 + . . .
+93) plus the amount accrued and unpaid at the
end of 1937, plus or minus any adjustment due
to changes in the rate of tax between the dates
of earning and of assessment. The same applies
to the increases in allowances to meet accrued
taxation on other private income shown in
item 7.
The series in item 11, i.e., the sum of items 5
and 8 above, has been obtained indirectly by
deducting direct estimates of personal consumption and taxes met out of private income from
direct estimates of private income. Other private saving in the present context is intended to
include not only the net undistributed profits of
companies, but also the saving arising in the
business accounts of traders, farmers and other
individuals. Great precision cannot be achieved
in the estimation of the last-mentioned kinds of
private saving, since in these cases there is not
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
TABLE 28
PERSONAL AND OTHER PRIVATE SAVING, 1938-44
Personal Saving
[In millions of pounds]
1. Gross personal saving, including allowance
[32 + 33 + 34]
2. Less D e a t h duties, etc. [32]
for accrued
1938
1939
1940
1941
1942
1943
1944
273
-90
371
-87
797
-85
1,100
-94
1,374
-100
1,625
-104
1,597
-113
183
-11
284
-31
712
-37
1,006
-37
1,274
-198
1,521
-108
1,484
—93
172
253
675
969
1,076
1,413
1,391
1938
1939
1940
1941
1942
1943
1944
182
-12
266
-86
437
-247
485
-290
345
-145
244
-39
214
-9
170
180
190
195
200
205
205
1942
1943
1944
taxation
3. Gross personal saving after allowance for death duties, etc. [33 + 34].
4. Less Increase in allowance to meet accrued taxation* [33]
5. N e t personal saving after allowance for accrued taxation [34]
Other Private Saving
6. Other gross p r i v a t e saving, including allowance for accrued taxation
[40 + 41]
7. Less Increase in allowance, to meet accrued taxation 1 [40]
8. Other n e t p r i v a t e saving after allowance for accrued taxation [41]
Net Private Saving (Personal and Other)
1938
1939
1940
9. N e t personal saving after allowance for accrued taxation [34]
10. N e t impersonal saving after allowance for accrued taxation [41]
172
170
253
180
675
190
969
195
1,076
200
1,413
205
1,391
205
11. Aggregate net p r i v a t e saving after allowance for accrued taxation
[85]
342
433
865
1,164
1,276
1,618
1,596
1941
1
This item shows the excess of the liability for direct taxes accruing on current incomes a t current rates of taxation over current direct tax
payments.
the line between distributed and undistributed
profits that exists in the case of companies. Any
revision of the item of other private saving
would require an equal and opposite change in
the estimate of personal saving.
The estimates given last year of the distribution of bank deposits provided by the courtesy
of the Clearing Banks are continued in the following table:
TABLE 29
DEPOSITS HELD BY CLEARING BANKS
[In millions of pounds]
1942
1943
IV. A COMPARISON WITH Cmd. 652.01
1944
Dec. 31 June 30 Dec. 31 June 30 Dec. 31
1. T o t a l deposits held by
Clearing Banks
2. Less Advances to customers
and other accounts
3. T o t a l deposits (net)
4. Personal deposits (net)
5. Other deposits (net)
3,629
3,630
4,032
4,100
-773
-744
-743
-770
4,545
-754
2,856
820
2,036
2,886
859
2,027
3,289
972
2,317
3,330
1,032
2,298
3,791
1,158
2,633
Net personal deposits in item 4 exclude the
accounts of businesses, financial institutions,
public authorities, and also, for example, those
of individual traders, shopkeepers, farmers and
AUGUST
1945
professional men where the accounts are known
to be used for the purpose of business. Nonresident deposits and sundry accounts are also
excluded. No attempt has been made to adjust
for the amount of bank accommodation obtained
by the discounting of bills.
The figures in item 5 have been obtained by
subtracting those in item 4 from those in item 3.
Thus item 5 includes non-resident deposits and
sundry accounts as well as the business deposits
of which it is mainly made up.
The differences between the figures given in
this paper and those which appeared a year ago
in Cmd. 6510 arise from two sources: changes in
definition and treatment on the one hand and
revisions and the use of new sources of information on the other.
The principal changes of definition arise this
year in connection with the treatment of public
authorities and, in particular, of their capital
expenditure. Last year the capital formation of
public authorities was divided between expenditure on goods and services by public authorities
1 See B U L L E T I N for J u l y 1944, p p . 655-669.
751
BRITISH WHITE PAPER ON WAR FINANCE
and private net investment at home (items 9 and
11 of Table I of Cmd. 652.0), the capital expenditure of the Post Office and the housing and
trading services of local authorities being placed
in the latter category. This procedure made it
impossible to observe the movement either of
the current expenditure of public authorities or of
•private net capital formation. Accordingly, the
net non-war capital formation of public authorities has been taken out of the two items in which
it was previously hidden and is now shown separately in item 9 of Table 31. As explained in
discussing Table 4 above (/<?<? p. 735) it is thought
less misleading to regard all war expenditure,
for the time being, as current expenditure.
Thus the estimates of expenditure on goods
and services by the central government (item 73
of Table 33 below) are hardly changed from
those given last year in the earlier part of the
period. In the more recent years, however,
certain sums previously wrongly classified, have
been transferred from this item to transfer payments (item 69 of Table 33). In the case of
local authorities, the estimates of expenditure
on goods and services (item 75 of Table 33) are
more radically affected by the exclusion of net
capital expenditure.
On the receipts side of Table 33, the item most
affected by this change is item 59, local authority
net borrowing (deficit). The reason is that the
whole of the capital expenditure of local authorities is now included (in item 79) so that
the deficit now covers all the net borrowing of
local authorities and not simply that part connected with rate fund services other than housing. The miscellaneous income of local authorities has been revised downwards mainly because
in the past no allowance was made for the depreciation of the capital equipment of local authority trading services.
In the case of the income in kind of members
of the armed forces, extensive revisions of the
figures have been made. In the first place, the
scope of the item has been narrowed so as to
include only food and clothing; in the second,
the whole basis of the calculation has been
changed so as to ensure that only issues to members of the United Kingdom forces are included:
the previous method of calculation being based
on figures of government expenditure, had the
effect of including certain issues supplied under
mutual aid as if they had been made to United
Kingdom troops.
__The other changes in the elements of the net
national income are principally due to revisions
and in particular, in the cases of profits and
75Z
salaries, to more recent estimates of income
assessed to tax.
In the case of personal expenditure on consumers' goods and services (item 7 of Table 31)
numerous small revisions have been made, the
effect of which has been, on balance, to increase
a number of the components. On the other
hand, the downward revisions to thefiguresfor
the issues in kind to the armed forces are reflected
in this item. Attention is drawn here to the
fact that the new adjustment item (see item 13
of Table xi and the note on p. 746 above) represents only an order of magnitude and will be
revised as more information becomes available.
The estimates for the increase in work in
progress on government account have been revised in the light of later information. The
main changes are a switch of 50 million pounds
between 1940 and 1941 and a reduction in the
figures for later years.
The figures for the balance of payments with
countries abroad (item 13 of Table 31) have been
revised throughout the period and in most years
show a slightly less favourable position than
was shown by the estimates they replace. In
1938 and the early part of 1939 this is largely due
to a change in the treatment of silver bullion and
equipment such as secondhand ships, the sale of
which is here regarded as a transaction on capital
account. In the war years the changes are due
to additional information particularly on the
sale of securities.
Estimates of the sums allowed for depreciation
and maintenance are given for the years after
1938 in item 88 of Table 34. Attention is drawn
to the fact that these estimates represent no more
than orders of magnitude. This is due partly
to the lack of comprehensive information and
partly to the difficulty of arriving at a satisfactory concept of depreciation for which to try to
obtain estimates. The figures given here are
considerably higher than those given in section
D of Cmd. 6510 owing in part to the inclusion
TABLE 30
RELATIVE MOVEMENTS OF SOME OF THE MAIN
SERIES, 1938-44
(1938 = 100)
1938 1939 1940 1941 1942 1943
Net national income (or product at factor cost) [6]
as given in Cmd. 6520...
Personal expenditure on consumers' goods and services [7J
as given in Cmd. 6520...
Private saving including allowance for accrued taxation [85+86]
as given in Cmd. 6520...
100
100
108
108
128
129
149
150
164
165
175
177
180"
100
100
102
103
107
106
112
112
118
119
120
122
126
100
100
151 315
159 345
408 444
419 460
484
498
465
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
of expenditure on the maintenance of highways
and bridges (50 million pounds in 1938), in part
to the previous exclusion, which was incorrect,
of any proper allowance for the depreciation of
assets owned by public authorities and in part to
a slight upward revision of the figures given
last year.
The preceding paragraphs have been concerned
with the absolute differences between the new
series and the old. Table 30 sets out a comparison of the relative movements of some of
the main series from which it can be seen that
the relative position is affected to a very much
smaller extent.
V. THE MAIN TABLES
As in the earlier years the following tables
show the movement and composition of various
national aggregates of income, expenditure and
outlay since 1938. Apart from comparatively
minor changes set out in the preceding section,
Tables 31 and 3Z are similar to the corresponding
tables in Cmd. 6510. Table 33 shows the income, deficit and expenditure of public authorities. The non-war net capital formation of
public authorities is now shown separately and,
as explained in the preceding section, the scope
of this concept has been enlarged. The general
arrangement of Table 33 differs from that of
Table 4 above in that the lefthand side shows
income plus deficit (or net borrowing) while the
righthand side shows net non-war capital formation (all expenditure on war goods and services
being treated as current) in place of saving.
AUGUST 1945
This arrangement is solely one of convenience
and simply involves the transfer of net borrowing from one side of the account to the other.
The information contained in the third main
table of Cmd. 65x0 has been distributed over two
tables, 34 and 35. The first of these, Table 34,
shows the sources and uses of capital funds and,
on the outlay side, reaches the same total as
Table 5, namely gross capital formation. Essentially similar information was previously provided on the lefthand side of the third of the
main tables of Cmd. 652.0. The simpler arrangement now adopted seems appropriate in view of
the fact that the particular rearrangement of
these figures necessary to show the sources of
finance of the central government deficit has
already been undertaken in section II and particularly in Table 19.
Table 3 5 provides some additional information
on the composition of central government expenditure and shows how far this expenditure
was financed from revenue and net borrowing.
The means by which this net borrowing (or
deficit) was financed are shown in detail, as in
the third main table of Cmd. 65x0.
In Table 31 item 11 (private net capital formation at home) is the balancing figure obtained by
difference, and not (except in 1938) by direct
estimation. In Table 32. item 34 (net personal
saving) is the balancing figure. Tables 33 and
35 are mainly based on actual figures taken from
the Public Accounts, etc.
Notes on particular items appear at the end
of each table.
753
BRITISH WHITE PAPER ON WAR FINANCE
TABLE 31
ESTIMATES OF NET NATIONAL INCOME (OR PRODUCT) AND EXPENDITURE, 1938-1944
[In millions of pounds]
1938 1939 1940 1941 1942 1943 1944
1. Rent of land
and buildings
380
385
384
2. Interest
and
profits, including farming profits
and professional earn1,32611,482
Salaries..
2,119 2,276 2,346 2,376
.. 1,100 1,141 1,206 1,332 1,381 1,434 1,473
4. Wages.
1,735 1,835:2,115'2,419 2,708 2,916 2,930
5. Pay and allowances (in cash
and kind) of
members of
H.M. Forces
and Auxiliary
Services
1,171
6. Net national
income (or
product).
,4,619 4,970 5,913 6,877 7,554 8,079 8,334
754
1938
1939 1940 1941 I 1942 j 1943 1944
7. Personal expenditure
on
consumers' j
goods and services j
including sums in- j
volved in the acquisition
and
transfer of property and life assurance at market
prices
4,153 4,264
8. Expenditure at home
and abroad by
public authorities
on all goods and
services other than
those included in
net non-war capital formation
1,266
9. Net non-war capital
formation of public authorities . . . . 125
94
10. Increase in work in
progress on government account
held under private
finance
220 (283)
11. Private net capital
formation at home
and war losses
made good not included below
12. Expenditure incurred
in making good
war damage to
buildings
13. Net lending abroad
and purchase of
assets and financial
claims from overseas
-70 -250
14. Subsidies
20
15
15. Less Indirect taxes
-584 -638
and rates
16. Less
employers'
national insurance
contributions
17. Less War risks insurance premiums
14,423 i 4,633 | 4,909 | 4,987
3,056
25
4,217 j
|
-13 I
! ( — 9 9 ) : ( — 2 4 7 ) | ( — 194)
1
29
— 796
70
-734
18. Net National ex. 4,6194,970
penditure. .
-124
!
-933
-239
j (— 188)
i
61
-795 i -666
140 !
175
— 54' —55 j —58 — 65
-14
5,221
I
J ( —202>,
I
49
-684
190
- 1 , 1 1 1 I —1,252
—73
I -199
[5,913 I 6,877 | 7,554
— 72
-152
8,079
i
— 655
220
j-1,349
— 11
— 59
j 8,334
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
NOTES
i. This item represents the income from the ownership of
lands, houses, etc., as valued for tax purposes, after allowance
has been made for maintenance and repair. Incomes from
these sources below the effective income tax exemption limit
are included, as also are those received by non-profit-making
bodies, e.g., charities, colleges, etc. Premises occupied by
their owners are treated on the same basis as rented premises.
2.. Aggregate profits here are net, i.e., niter current business losses have been deducted. This item excludes interest
on the national debt and income due to foreigners, but includes miscellaneous government income such as trading
profits and certain receipts from abroad. It also includes
profit and interest not brought into assessment, including
income in kind and the amounts received by persons below
the income tax exemption limit or by non-profit-making
bodies, and incomes, whether or not below the income tax
exemption limit, accruing to persons working on their own
account.
3 • Aggregate salaries include: (a) the whole of the earnings of shop assistants, (Ji) small salaries below the income
tax exemption limit, (Y) allowances of salary-earners not
brought under assessment to income tax.
4. This item includes an allowance for the income in kind
(food, lodging, etc.) of, e.g., domestic servants. The estimate of personal expenditure on consumption at market
prices (item 7) includes a similar allowance.
5. This item includes the pay and cash allowances of, and
the value of issues of food and clothing to, members of H.M.
Forces and Auxiliary Services and the pensions and retired
pay of former members of the armed forces other than pensions awarded for death or disability attributable to war
service. The latter appear as a transfer payment in item 2.2.
of Table yt. An amount equal to the value of issues in kind
is included in the estimate of personal expenditure on consumption at market prices (item 7).
6. This item is the sum of items 1 to 5 and is an estimate
of the incomes received by factors of production in, or only
temporarily absent from, the United Kingdom in the course
of producing the current output of goods and services of all
kinds. These incomes are before tax, since all taxes, direct
and indirect, falling on them, whether paid directly by individuals (including non-profit-making bodies) or through
businesses or public authorities, will be paid out of them.
The item is net in the sense that the sums shown in items 1
and 2. exclude that part of gross receipts which is allowed in
the calculation for tax purposes of net rent and profit in
respect of the maintenance and repair or replacement of all
existing capital equipment (such as houses, machinery and
stocks) which is currently worn out or used up.
The estimates of labour income given in items 3, 4 and 5.
do not include employers' contributions to national insurance
(unemployment, health and pensions). These payments are,
however, included in the income figures for some countries
and are therefore shown separately in item 16 of this table.
7. This item shows the money value of all consumers'
AUGUST 1945
goods and services either bought by individuals and nonprofit-making bodies or received by them as income in kind.
The figures shown here are therefore at prices which include
those indirect taxes, rates, employers' contributions to national insurance and war risks insurance premiums that
appear in the market value of these goods and services. They
exclude costs which, being met by government subsidies,
do not enter into market values. Expenditure out of personal
income on the factors of production taken up in providing
life assurance and facilitating the acquisition and transfer of
property is included here but shown separately in item x8
of Table yL.
8. This item excludes expenditure by public authorities
which does not arise from a direct demand for goods and
services. Thus it excludes (i) transfer payments, (11) claims
paid in respect of war losses, C^O loan repayments, payments
to sinking funds, etc., by the central government. Loan
repayments and payments to sinking funds, by local authorities on rate fund account are included in lieu of depreciation
allowances as part of the current cost of providing the
services. Subsidies, which are shown in item 14 below, are
excluded and so are operating expenses incurred in the provision of services such as postal services and local authority
trading services, which are sold to persons and businesses.
Net non-war capital expenditure is excluded from this
item and appears separately in item 9. In previous years
only a part of this expenditure was excluded, namely the net
capital expenditure of the Post Office and of the housing and
trading services of local authorities.
Lend-lease assistance and, in i^±, expenditure equivalent
to the Canadian contribution are excluded from this item.
Thus, insofar as goods have been received under lend-lease
or have been paid for out of the Canadian contribution, this
series is not a consistent measure of the value of the total
amount of goods and services currently at the disposal of
public authorities since it includes resources obtained by
borrowing from or sale of assets and financial claims to
countries abroad, but not those obtained under lend-lease
provisions or as a result of the Canadian contribution.
9. This item is new, its elements having appeared previously either in the expenditure on goods and services by
public authorities or in private net investment at home. It
is restricted to net non-war capital expenditure and is mainly
composed of Post Office capital expenditure charged to loan
account, and the net capital expenditure undertaken by local
authorities (other than that on war emergency services which
is included in the preceding item). The latter is measured
by taking capital expenditure on works less receipts from
the sale of assets and sums repaid to lenders and transferred
to sinking funds. This last deduction is made in lieu of
allowances for depreciation since there is a reasonable correspondence between the life of the assets and the period over
which the borrowing used to finance them is repaid.
10. This item is shown separately since it is convenient to
keep it distinct from other forms of private net capital formation at home. Unless separately accounted for it necessarily
755
BRITISH W H I T E PAPER O N W A R F I N A N C E
appears in the balancing item (item u in the war years)
since there is included in the national income all income
accruing as a result of current activity in producing goods
and services on government account, whereas only payments
actually made are included in items 8 and 9.
11. This item relates only to capital formation of the
private sector of the economy. It is composed of (a) gross
expenditure on fixed capital and its upkeep, i.e. new additions, replacements and repairs (whether normal or resulting
from war damage, with the exception of the sums shown
separately in item 12. below), less (£) maintenance and depreciation allowances which have been set aside in the calculation of rent and profits in items 1 and 2., less (c) receipts from
the sale to public authorities of existing privately-owned
capital assets, such as land and buildings,-plus(jf) the increase
in stocks (including replacements of war losses) as valued
for the calculation of profits in item 2., less (e) the increase in
work in progress on government account held under private
finance shown separately in item 10.
It has been impossible to make a direct estimate of the
constituents of this item for the war years. The figures in
brackets have been obtained by subtracting the sum of items 7
to 10 and 12. to 17 from item 6 and are therefore dependent on
the accuracy of those estimates.
12.. Equal to the amount of compensation paid under
Part I of the War Damage Act, substantially all of which
arises only where actual work is put in hand. This work
includes a small amount of equipment other than buildings.
13. This item is an estimate of the net increase (or, when
negative, decrease) in the overseas assets of the United Kingdom and is equal to the United Kingdom balance of payments
on current account. This balance represents the excess of
payments over receipts on current account and is required
here since receipts for exports and similar services which give
rise to income in this country do not appear elsewhere in
expenditure, whilst payments for imports and similar services
756
which do not give rise to such income appear in items 7 to
12. and have, therefore, to be deducted. Any liability incurred as a result of lend-lease assistance is not taken into
account in this item just as the value of the goods and services
received in this way is not included in item 8 above.
14. This item is restricted to the following classes of payments made by the central government towards the cost of
goods and services bought by the public: (i) agricultural
subsidies such as the beet sugar subsidy, milk subsidy, wheat
deficiency payments and grants in respect of fertilizers, grassland ploughing and field drainage, (ii) acreage payments,
(iii) losses incurred on the commercial accounts of the Ministry of Food and the Ministry of War Transport, (iv) subsidies in respect of coal paid by the Ministry of Fuel and
Power, and (v) certain subsidies, e.g. in respect of clothing
and fertilizers, met by the Ministry of Supply. This item
is included here since it represents payments in respect of
costs not appearing in the market value of goods and services.
15. This and the two items following require to be deducted from the sum of items 7 to 13 (which is the net
national expenditure at market value) since they appear in
market prices but do not appear in any of items 1 to 6. The
item includes (i) all customs and excise duties, Qii) motor
vehicle duties on vehicles owned by businesses, (^iii) stamp
duties other than those on the transfer of property and (iv)
local rates.
16. Compulsory contributions of employers to the national health and unemployment insurance and contributory
pensions schemes.
17. This item shows the premiums paid under the commodities and marine war risks insurance schemes, but not
contributions and premiums under the War Damage Act
which are treated like direct taxes.
18. This item is the sum of items 7 to 17 and is an estimate
of expenditure on the factors of production in, or only temporarily absent from, the United Kingdom. It is, therefore,
by definition equal to item 6.
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
TABLE 32
ESTIMATES OF PRIVATE INCOME AND OUTLAY IN 1938, 1942, 1943, 1944
Personal Income
[In millions of pounds]
1938
1938 1939 1940 1941 1942 1943 1944
19. Rent, interest (including National
Debt interest and
interest accrued
on National Savings Certificates)
and profits received by per1,612 1,671 1,769 1,784 1,907 2,025 2,132
sons
20. Wages and salaries. 2,835 2,976 3,3213,7514,089 4,350 4,403
21. Pay and allowances
(in cash and kind)
of members of
H.M. Forces and
Auxiliary Serv78
ices
1,171
151 178 202 222 244
22. Pension payments.. 131
23. Payments in respect of unemployment and the
relief of poverty.
40!
24. Health payments...
25. Other transfer pay18
271
ments
1939 1940 1941 1942 1943
1944
27. Personal expenditure
on consumers'
goods and services,
other than those
included in the following item, adjusted for subsidies and indirect
taxes, rates, etc... 3,541 3,606 3,696 3,746 3,885 3,904 4,115
28. Personal expendi-^
ture involved in
the acquisition and
transfer of property and life assurance
66
66
67
29. Indirect taxes, rates,
etc., less subsidies
on
consumers'
goods and services
956 1,015 1,033
30. Direct tax payments
including War
Damage Act contributions and
premiums met out
of personal income
but excluding income tax payments due for repayment after the
war and death
duties, etc
378 407 524 693
680
1,025
31. Income tax payments due for repayment after the
10 125
war
170
205
32. Death duties and
stamps on the
transfer of prop90
94
erty
85
100
87
113
33. Excess of direct tax
liabilities on personal income over
payments
11
31
37
37
198
108
93
34. Net personal saving
after setting aside
the excess of direct tax liabilities
over payments.... (172) (253) (675) (969) (1,076) (1,413) (1,391)
26. Personal income before tax
4,804 5,042 5,744 6,436 7,088 7,684 8,043
804 5,042 5,744 6,436
7,088
7,684 8,043
Other Private Income
36. Other private income before tax..
37. Other private income before tax..
259
259
369
615
919
962
980
975
38. National Defence
Contribution and
Excess Profits Tax
payments
39. Other direct tax
payments including War Damage
Act contributions
and premiums met
out of other private income
40. Excess of direct tax
liabilities on other
private income
over payments....
41. Other private net
saving after setting aside the excess of direct tax
liabilities over
payments
42. Other private outlay
15
28
68
231
348
483
62
75
110
203
269
253
12
86
247
290
145
39
170
180
190
195
200
205
205
259
369
615
919
962
980
975
242
Private Income
43. Private income before tax (sum of
items 26 and 37). 5,063 5,411 6,359 7,355 8,050 8,664 9,018
AUGUST 1945
44. Private outlay (sum
of items 35 and
42)
6,359
9,018
757
BRITISH W H I T E PAPER O N W A R F I N A N C E
19. This item is composed of items 1 and 2 of Table 31 plus
national debt interest received by the private sector of the
economy and accrued interest on National Savings Certificates
less private income not accruing to persons (item 37) less
miscellaneous income from public property, etc. (item 56
of Table 33).
2.0. The sum of items 3 and 4 of Table 31.
2.1. The same as item 5 of Table 31.
2.2. Non-contributory and contributory old age pensions,
other contributory pensions, supplementary pensions and cash
payments in respect of war pensions and service grants.
23. Unemployment insurance benefits, unemployment
allowances and outdoor relief paid by local authorities.
24. Cash and medical benefits under the National Health
Insurance Scheme.
25. Billeting allowances, fireguards' subsistence allowances, travelling and lodging allowances of transferred
workers, trainees' wages and lodging allowances, etc.
The sum of items 22 to 25 plus that part of the national
debt interest and interest accrued on National Savings Certificates which is included in private income is equal to the
total of transfer payments shown in item 72 of Table 33.
26. This item is the sum of items 19 to 25 and shows the
total of disposable income received by persons (including nonprofit-making bodies).
27. This item is equal to item 7 of Table 31 less items 28
and X9 of Table 32.
28. Expenditure out of personal income on the factors of
production taken up in providing life assurance and facilitating the acquisition and transfer of property.
29. That part of the excess of indirect taxes, etc. (items
15, 16 and 17 of Table 31) over subsidies (item 14 of Table 31)
which falls on consumers' expenditure.
30. This item includes payments of (i) income tax in
respect of private income (other than that paid by businesses
in respect of business saving, which is included in item 39,
and the sums due for repayment after the war which are
shown in the immediately succeeding item), (ii) surtax, (iii)
employees' contributions to national insurance, (iv) War
Damage Act contributions and premiums met out of personal
income, (v) motor vehicle duties on* vehicles owned by
persons.
31. The amount of income tax payments for which postwar credits are due.
32. Together with items 30 and 31 makes up the total of
direct tax, etc., payments met out of personal income.
33. This item shows the excess of the liability for the
direct taxes included in items 30 to 32 accruing on current
income at current rates of taxation over current direct tax
payments. It relates particularly to income tax on interest
758
and profits and to surtax since in these cases liabilities in
respect of current incomes (payable in the future) differ considerably from current payments at times when money incomes or rates of taxation are changing. Following the
procedure adopted last year, income tax accruals in respect of
income assessed under Schedule E (wages and salaries) have
been omitted throughout the period. This has been done
to avoid the discontinuity which would otherwise have
been introduced into the figures as a result of the introduction
of the "pay as you earn" scheme in 1944.
34. This item represents the excess of personal income
over outgoings on consumers' goods and services and liability
for taxes, compulsory contributions, etc., including death
duties. It has been obtained throughout by subtracting the
sum of items 27 to 33 from item 26, and therefore depends on
the accuracy of those items.
35. This item is the sum of items 27 to 34, which show
the various ways in which personal income is disposed of.
Current income may be either (a) spent on consumers' goods
and services, etc., (f) paid away in taxes and the like, (c) set
temporarily aside against increased liabilities to tax, or ( / )
added to past savings. Since this list is exhaustive the item
is by definition equal to item 26.
36. This item is equal to that part of the net national
income (item 6 of Table 31 above) which is neither paid out
to persons (in which case it enters, together with transfer
payments, into item 26), nor accrues to public authorities
as miscellaneous income from public property, trading, etc.
(item 56 of Table 33).
37. See preceding note.
38. The total payments of National Defence Contribution
and Excess Profits Tax.
39. This item is composed of other direct taxes such as
income tax and War Damage Act contributions and premiums met out of other private income. Together with
items 30, 31, 32 and 38, it is equal to item 48 of Table 33.
40. This item shows the excess of the liability for the
direct taxes included in items 38 and 39 accruing on current
income at current rates of taxation over the current payments
of these taxes. As explained in the note to item 33, accruals
of this kind are payable in the future in so far as current payments are made in respect of assessments based on the income
earned in an earlier period.
41. An estimate of other private net saving; intended to
include not only the net undistributed profits of companies
but also the saving arising in the business accounts of traders,
armers and other individuals.
42. The sum of items 38 to 41 and by definition equal to
item 37.
43. The sum of items 26 and 37; equal to item 6 of Table 31
plus item 72 of Table 33 less item 56 of Table 33.
44. The sum of items 35 and 42.
FEDERAL RESERVE BULLETIN
BRITISH W H I T E PAPER O N W A R F I N A N C E
TABLE 3 3
THE INCOME, DEFICIT AND EXPENDITURE OF PUBLIC AUTHORITIES, 1938-1944
[In millions of pounds]
1938 1939 1940 1941 1942 1943
1938 1939 1940 1941 1942 1943 1944
Direct taxes, War Damage A ct
contributions, etc.
45. Central government
46. Extra-budgetary funds...
47. Local authorities
48.
Total.
Total.
Deficit
57. Central government....
58. Extra-budgetary funds.
59. Local authorities
60.
Total. .
Income plus deficit
61. Central government...
62. Extra-budgetary funds
63. Local authorities
64.
Total.
726
61
787 1,231 1,522 1,912 2,104
373
54
211
69
638
707
Miscellaneous income from
public property, trading,
etc.
53. Central government
54. Extra-budgetary funds...
55. Local authorities
56.
540
57
Total..
Indirect taxes, rates, war risks
insurance premiums, etc.
49. Central government
50. Extra-budgetary funds...
51. Local authorities
52.
490
55
Subsidies, and payments in
respect of claims under the
marine and commodities
war risks insurance
schemes and the War
Damage Act
1,384 1,787 1,984
65. Central government
138 125 120 66. Extra-budgetary funds..
67. Local authorities
506
182
228
708
304
1,028 1,123
224 131
226
916 1,237 1,383 1,476 1,480
30
45
84
513 2,090 2,796
'63 2,900 2,760
- 2 2 - 5 4 -146
-123 -100
58 - 1 4 - 4 5 - 5 3 - 5 2 - 5 0
90
215
1,930 2,602 2,557 2,725 2,610
1,027 1,484 3,344 4,6271
87
72
'~ 298i
97
311 288 222 190
1,425 1,844 3,663 5,115 5,546 6,182 6,241
NOTES
1945
Transfer payments
69. Central government
70. Extra-budgetary funds..
71. Local authorities
72.
Total....
76.
Total. .
314
127
23
340
117
19
408
101
14
464
105
11
533 603
109 116
12
12
471
464
476
523
580
731
445
14
355
848 2,588 3,702 4,084 4,691 4,731
13
14
13
15
14
12
404 455 500 499 482 477
814 1,266 3,056 4,217 4,597 5,185 5,221
80.
125
84.
Total.
220
111
312
136
23
101
Total.
175
214
389
20
Net non-war capital
formation
77. Central government....
78. Extra-budgetary funds.
79. Local authorities
Total expenditure,
excluding
transfers to other authorities
but including payments out
of transfers from
other
authorities
i,781 5,914
81. Central government
257 226 151 82. Extra-budgetary funds. .
183 175 176 83. Local authorities
This table is a combined statement of the income, deficit
and expenditure of public authorities in the United Kingdom.
Transfers between one public authority and another, such as
Exchequer grants to local authorities, similar contributions
to extra-budgetary funds and payments by public authorities
of direct taxes are excluded from the income of the receiving
authority and from the expenditure of the authority making
the transfer. Thus, expenditure by local authorities from
Exchequer grants is attributed to local%uthorities and not to
the central government.
Expenditure on goods and services is here net in the sense
that it is after deduction of goods and services sold by public
authorities to the general public, which are included either
in personal expenditure on consumption or in private net
capital formation at home.
45. Includes income tax, after deduction of the small
amount paid by public authorities in respect of their income
from property, surtax, National Defence Contribution, Excess Profits Tax and other Inland Revenue duties with the
exception of those stamp duties included in item 49. Certain
appropriations-in-aid and receipts appearing in miscellaneous
AUGUST
Total.
Expenditure on all war and
current non-war goods
and services
73. Central government. ...
74. Extra-budgetary funds.
75. Local authorities
22
27
68.
140
248
24
10
11
11
-24 -31 -44 - 5 0
25 -13 - 2 0-34
796 1,20 3,016 4,261 4,734 5,4245,562
150 141 166 364 333 308 240
479 496 481 490 479 450 439
1,425 1,844 3,663 5,115 5,546 6,182 6,241
revenue which correspond to gifts (e.g., sundry contributions
towards the cost of the war) or direct taxes are also included.
The receipts from wireless licenses are here treated as direct
taxes as also are motor vehicle duties on vehicles owned by
persons.
46. Employees' contributions to national insurance and
War Damage Act contributions and premiums.
48. The sum of items 45 to 47: equal to the sum of items
30, 31, 32., 38 and 39 of Table 32..
49. Customs and excise duties, motor vehicle duties not
included in item 45 above, stamp duties other than those on
the transfer of property and appropriations-in-aid corresponding to indirect taxes.
50. Employers' contributions to national insurance and
premium payments under the commodities and marine war
risks insurance schemes.
51. Composed of local rates and central government contributions in lieu of rates with the exception of water rates,
which are treated as current receipts from a trading service.
52.. The sum of items 49 to 51: numerically equal to the
sum of items 15 to 17 of Table 31.
53. Post Office net receipt less Post Office Vote of Credit
759
BRITISH W H I T E PAPER O N W A R F I N A N C E
expenditure, receipts from Crown Lands and from SundryLoans, certain items appearing in miscellaneous revenue,
such as contributions towards the cost of the war received
from colonial governments and peoples, and certain appropriations-in-aid, such as receipts under the railway agreement.
Interest on national debt owned by public departments, etc., is
excluded.
55. An estimate of the profits from trading services and
corporation estates treated in such a way that contributions
to rate fund accounts are included while transfers from rate
fund accounts in aid of deficiencies are not. In contrast to
the treatment in Cmd. 65x0 central government grants are
not included.
57. The excess of central government expenditure over
revenue; this figure differs from that given in previous years
since it includes borrowing to finance Post Office loan expenditure which appears in net non-war capital formation of
the central government (item 77). Sums received through
the Currency Deposit Account amounting, in 1944, to 84
million pounds are omitted from this item and a corresponding amount is omitted from expenditure.
58. This item shows the excess of receipts over payments
of the war risks insurance schemes, the Unemployment and
National Health Insurance Funds and various accounts
managed by the National Debt Commissioners. Since this
item is headed "deficit", a surplus naturally requires a
negative sign.
59. This item shows the net borrowing of local authorities. It is composed of total borrowing less repayments,
transfers to sinking funds and additions to balances. As
explained in section IV above, it differs from the corresponding figures given in item 91 of Cmd. 652.0, since borrowing to
finance capital expenditure on housing and trading services
is no longer excluded.
61. The sum of items 45, 49, 53 and 57; items 6x and 63
are obtained similarly.
65. This item is composed wholly of subsidies and has
been fully described in the note to item 14 of Table 31.
66. This item is composed wholly of payments in respect
of claims under the commodities and marine war risks insurance schemes and the War Damage Act.
69. This item includes (i) national debt interest paid to
persons and businesses, (ii) interest accrued on National
Savings Certificates, (iii) contributory and non-contributory
old age pensions, (iv) cash payments in respect of war pensions and service grants, (v) supplementary pensions, (vi)
unemployment allowances, (yii) billeting allowances, (viii)
fireguards' subsistence allowances, (ix) travelling and lodging
allowances of transferred workers, (x) trainees' wages and
lodging allowances. Equal to the sum of items 118 to IXI.
760
70. Unemployment and National Health Insurance benefits and contributory pensions.
71. Public assistance (out-relief) in money and kind.
72.. The sum of items 69 to 71; equal to the sum of items 2.2.
to Z5 of Table 32, plus that part of national debt interest and
interest accrued on National Savings Certificates which is
included in private income.
73. This item comprises the whole of central government
expenditure on goods and services except the net capital
formation shown in item 77.
74. This item is composed of fees paid to agents under the
war risks insurance schemes and War Damage Act (which are
included in war expenditure in item 2. (a) of Table 11) and
of contributions towards administration costs made by the
Unemployment and National Health Insurance Funds, etc.
75. This item comprises all local authorities' expenditure
on revenue account other than that recouped from the private
sector of the economy in the form of fees, rents, etc. plus
capital expenditure on war emergency services. Loan repayments and payments to sinking funds are included as an
operating expense in lieu of depreciation allowances. All
expenditure (current and capital) on war emergency services
is included in war expenditure in item 2. Qa) of Table 11.
76. The same as item 8 of Table 31.
77. This item is mainly composed of Post Office loan
expenditure and Road Fund expenditure on improvements
and new construction. A small allowance is made to cover
normal additions to government buildings. In previous
years Post Office loan expenditure was included in private
net investment at home (item 11 of Table I, Cmd. 652.0) and
other central government capital formation in expenditure
by public authorities on goods and services (item 9 of
Table I, Cmd. 65x0).
79. Capital expenditure on works less receipts from the
sale of assets and sums repaid to lenders and transferred to
sinking funds. As explained in the note to item 9, this last
deduction is made in lieu of allowances for depreciation. In
Cmd. 652.0 net capital expenditure on housing and trading
services was included in item 11 of Table I, private net
investment at home, and the remainder in expenditure by
public authorities on goods and services (item 9 of Table I).
As implied in the note to item 75 no expenditure on war
emergency services is included here.
80. The same as item 9 of Table 31.
81. This item excludes net transfers made by the central
government to extra-budgetary funds and local authorities
which, in so far as they are spent, appear in items 82. and 83.
It therefore differs from item 61 (which also appears as item 4
of Table 16, item 3 of Table 17 and item 116 of Table 35)
which includes such transfers.
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
TABLE 34
COMBINED CAPITAL ACCOUNT, 1938-1944
[In millions of pounds]
1938 1939
1940
1941
1942
1943
1938 1939
1944
1940 1941 1942 1943 1944
85. Net private saving
after setting aside
the excess of direct tax liabilities
over payments... 342 433
1,618
1,276
1,596
865 1,164
86. Excess of direct tax
liabilities on private income over
102
payments
23 117
147
284
327
343
87. Net saving of public
authorities
- 9 0 - 4 2 3 -1,905 -2,615 -2,577 -2,759 -2,652
88. Sums allowed for
depreciation and
maintenance
440 450
465
475
475
475
475
89. Compensation received in respect
of claims under
the marine and
commodities war
risks
insurance
schemes and the
248
214
36
111
War Damage Act. —
187
—
91. Private
domestic
gross capital formation at home and
war losses made
•550
good
622258 150 236 231 224
92. Increase in work in
progress on government account held
under private finance
150 150
_
75
50
93. Gross capital formation of public au235
94
thorities
205 133
86
71
63
94. Net lending abroad
and purchase of
assets and financial
claims from over- 7 0 -250 -796 -795 -666 -684 -655
seas
90. Saving and other
sums set aside. . .
95. Gross capital formation
715
577
-255
-401
-269
-332
NOTES
85. The sum of items 34 and 41 of Table 32..
86. The sum of items 33 and 40 of Table 32..
87. Net non-war capital formation of public authorities
(item 80 of Table 33) less the net borrowing (deficit) of
public authorities (item 60 of Table 33). The fact that
throughout the period this figure was negative means that
public authorities were borrowing to finance current expenditure.
88. These estimates are, so far as the private sector is
concerned, mainly based on the allowances, as computed for
income tax purposes, which were due each year, viz,, allowances for repairs, etc., under Schedule A and wear and tear
and obsolescence allowances under Schedule D. In the case
of local authorities sums repaid to lenders and transferred to
sinking funds are treated as the equivalent of depreciation
allowances as explained in the note to item 9. Expenditure
by public authorities on maintaining highways and bridges
is included, as is also Post Office capital expenditure charged
AUGUST
1945
-368
715
577 - 2 5 5 - 4 0 1 - 2 6 9 - 3 3 2 - 3 6 8
to Vote. It will thus be seen that these allowances arc
treated here in a narrow sense in that they exclude, except
in the case of buildings, highways and bridges, the greater
part of outlays for current repair work. A wider treatment
of these allowances would, of course, leave the figures for
net capital formation unaffected since the gross figures (items
91 and 93) would be increased to the same extent as the
allowances.
89. The same as item 66 of Table 33.
91. Composed of total expenditure on fixed capital, works,
etc., by the private sector of the economy, together with the
change in the value of stocks and work in progress as implied
in the calculation of profits. As explained in the note to
item 88 this item is treated here in a narrow sense since except
in the case of buildings the greater part of private outlays
on repair work is excluded.
92.. The same as item 10 of Table 31.
93. Capital expenditure on works less receipts from the
sale of assets plus maintenance of highways and bridges.
94. The same as item 13 of Table 31.
761
BRITISH W H I T E PAPER O N W A R FINANCE
TABLE 35
CENTRAL GOVERNMENT EXPENDITURE AND THE CHANNELS THROUGH WHICH IT WAS FINANCED, 1938-1944
[In millions of pounds]
1938 1939 1940 1941 1942 1943 1944
96. Central government
nue
97.
98.
99.
100.
101.
102.
103.
104.
105.
reve-
880
971 1,254 1,831 2,343 2,8813,154 117. Subsidies.,
Unemployment Fund
64
National Health Funds
Local Loans Fund
Other extra-budgetary rereceipts including
war
risks insurance and certain
War Damage Act receipts,
Exchange
Equalisation
Account, and reduction
in Exchequer B a l a n c e . . . .
186 516
-58
Reconstruction Finance Corporation
4
Canadian Government i n terest-free loan
157
Receipts from capital transactions included in miscellaneous revenue, and
appropriations
in
aid
arising from capital trans2
2
2
actions, etc
-11 -14 -12 -17 -13
Less Sinking funds
4 -21
-1
Less Other expenditure (net)
106. Finance through
ment agencies
govern249
107. Post Office and Trustee
. Savings Banks
108. National Savings Certificates including increase
in accrued interest
109. Defence Bonds
110. Other public issues ( n e t ) . . .
111. Increase in fiduciary issue..
112. Increase in Treasury Bills
held outside government
departments and Bank
Ways and Means
-189
113. Treasury deposit receipts. .
114. Tax reserve certificates
115. Public borrowing at home.. - 1 0 2
1938 1939 1940 1941
161
540
243
187 - 7 3
119
214
234
118. National debt interest
and interest accrued
on National Saving
Certificates paid to
the private sector of
the economy
119. Non-contributory pensions, and payments
in respect of war pensions and service
grants
120. Unernpjoyment
and
training allowances.
121. Other transfer payments
122. Expenditure on goods
and services connected with the war
123. Expenditure on other
current goods and
-16
services
16 124. N e t non-war capital
formation
:..
125. N e t transfers to other
-34
public authorities...
301
20
70
193
36
353
1942 1943 1944
140
175
190
220
244
293
344
394
85
98
142
161
182
30
19
13
13
11
6
15
16
15
16
743 2,471 3,5713,944 4,552 4,591
92
105
117
24
25
18
231
277
328
131
366
140
140
357
325
167
232 297
180 174 134 121
567 1,031 1,047 1,060
50 150 170 150
310
129
338
279
474
17
151
155
453
537
394
113
352 1,550 2,553 2,576 2,973 2,794
126. Central
government
116. Central government revenue
1,027 1,484 3,344 4,627 5,106 5,7815,914
expenditure
1,027 1,484 3,344 4,627 5,106 5,781 5,914
plus deficit
96. This item, the sum of items 45, 49 and 53 of Table 33,
is composed of total ordinary revenue {including throughout
the period the receipts from wireless licences but excluding
receipts under the War Damage Act, which appear in the
income of extra-budgetary funds, and the Canadian contribution) plus receipts from classes which may be appropriated in
aid of Votes corresponding to gifts, taxes and income from
property, less receipts from the Post Office Fund, which is
treated as an extra-budgetary fund, less Post Office receipts
from the Vote of Credit (which represent a transfer within
the central government sector), less receipts from capital
transactions included in miscellaneous revenue, which are
properly regarded as a part of the finance of the deficit, less
transfers between public authorities included in miscellaneous
revenue, less departmental receipts in excess of those appropriated in aid of Votes, since these appear in miscellaneous
revenue and also, so far as they are relevant, in receipts from
classes which may be appropriated in aid of Votes corresponding to gifts, taxes and income from property.
97, 98 and 99. The net increase in these funds available
for loan to the Exchequer.
100. The net increase in government securities held by
other extra-budgetary funds and the Exchange Equalisation
Account, certain receipts in respect of war risks insurance
and the War Damage Act, and the reduction in Exchequer
balance.
103. These items appear here since they are not included in
item 96.
105. This item includes net issues under various Acts, e.g.,
North Atlantic Shipping Act, 1934, Tithe Act, 1936, AngloTurkish (Armaments Credit) Agreement Act 1938, Overseas
Trade Guarantees Act, 1939.
106. The sum of items 97 to 105; represents the total of
sums used to finance the central government deficit which is
received from government funds and similar sources as
opposed to loans from the public.
107. The increase in investments from the net deposits in
the Post Office and Trustee Savings Banks.
108 and 109. Receipts less repayments.
n o . Receipts from public issues, e.g., National War Bonds
and Savings Bonds, and Other Debt (net) less securities redeemed and excluding purchases of government securities
(war or pre-war issues) by public departments. In contrast
FEDERAL RESERVE BULLETIN
BRITISH W H I T E PAPER O N W A R F I N A N C E
to the figures given in Cmd. 65x0 this item now includes
sums required to finance Post Office Loan expenditure.
1 ix. The increase in bills held by the market or by Empire
Funds and in Bank Ways and Means Advances.
113. Receipts less repayments.
115. The sum of items 107 to 114 showing the amount
of public borrowing at home. The sum of item 106 and this
item is equal to item 57 of Table 33.
116. The sum of items 96, 106 and 115; equal to item 61
of Table 33.
117. The same as item 14 of Table 31 and item 65 of
Table 33.
118. This item forms part of items 19 and 36 of Table 32..
119. This item forms part of item 2.2. of Table 32..
12.0. This item forms part of items 2.3 and 2.5 of Table 31.
111. This item forms part of item 15 of Table 31. The
sum of items 118 to IXI is equal to item 69 of Table 33.
i n . Expenditure on goods and services out of Vote of
Credit and Defence Votes and under the Defence Loans Acts.
All subsidies, transfer payments and sums transferred to
other public authorities are excluded from this item.
113. The sum of this and the preceding item is equal to
item 73 of Table 33.
114. The same as item 77 of Table 33. It should be noted
that all war expenditure of a capital nature is excluded from
this item and included, together with current expenditure,
in item 111.
115. Equal to item 61 of Table 33 less item 81 of Table 33.
116. This item differs from item 81 of Table 33 by the
inclusion of the net transfers to other public authorities
shown in item 115 and is therefore equal to item 116, the
sum of central government revenue and deficit.
CURRENT EVENTS
Death of Director
Mr. W. Frank Thomas, of Westminster, Maryland, who had been a director of the Baltimore
Branch of the Federal Reserve Bank of Richmond
since January 1, 1937, died on July 15, 1945.
Admissions of State Banks to Membership
in the Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during the period June 16, 1945, to July 15, 1945,
inclusive:
Indiana
Newburgh—Newburgh State Bank
AUGUST 1945
Michigan
Sturgis—The Citizens State Bank
Ohio
Germantown—The Farmers & Citizens Savings
Bank Company
Texas
Booker—The First State Bank
Virginia
Dublin—Bank of Dublin, Incorporated
Salem—The Bank of Salem
West Virginia
Wheeling—Half Dollar Trust and Savings Bank
763
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.
Bretton Woods Agreements Act
The President of the United States, on July
31, 1945, approved an Act of Congress known as
the "Bretton Woods Agreements Act" to
provide for the participation of the United States
in the International Monetary Fund and the
International Bank for Reconstruction and
Development. The text of the Act is as follows:
[PUBLIC LAW 171—79TH CONGRESS]
[CHAPTER 339—IST SESSION]
[H. R. 3314]
AN ACT
To provide for the participation of the United States in the
International Monetary Fund and the International
Bank for Reconstruction and Development.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SHORT TITLE
SECTION I . This Act may be cited as the "Bretton Woods
Agreements Act".
ACCEPTANCE OF MEMBERSHIP
SEC. 2.. The President is hereby authorized to accept membership for the United States in the International Monetary
Fund (hereinafter referred to as the "Fund"), and in the International Bank for Reconstruction and Development (hereinafter referred to as the "Bank"), provided for by the Articles
of Agreement of the Fund and the Articles of Agreement of
the Bank as set forth in the Final Act of the United Nations
Monetary and Financial Conference dated July n , 1944, and
deposited in the archives of the Department of State.
APPOINTMENT
OF GOVERNORS,
EXECUTIVE
DIRECTORS, AND
ALTERNATES
SEC. 3. (a) The President, by and with the advice and consent of the Senate, shall appoint a governor of the Fund who
shall also serve as a governor of the Bank, and an executive
director of the Fund and an executive director of the Bank.
The executive directors so appointed shall also serve as provisional executive directors of the Fund and the Bank for the
purposes of the respective Articles of Agreement. The term
of office for the governor of the Fund and of the Bank shall be
five years. The term of office for the executive directors shall
764
be two years, but the executive directors shall remain in office
until their successors have been appointed.
(b) The President, by and with the advice and consent of
the Senate, shall appoint an alternate for the governor of the
Fund who shall also serve as alternate for the governor of
the Bank. The President, by and with the advice and consent
of the Senate, shall appoint an alternate for each of the executive directors. The alternate for each executive director shall
be appointed from among individuals recommended to the
President by the executive director. The terms of office for
alternates for the governor and the executive directors shall
be the same as the terms specified in subsection (a) for the
governor and executive directors.
(c) No person shall be entitled to receive any salary or
other compensation from the United States for services as a
governor, executive director, or alternate.
NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY
AND FINANCIAL PROBLEMS
SEC. 4. (a) In order to coordinate the policies and operations of the representatives of the United States on the Fund
and the Bank and of all agencies of the Government which
make or participate in making foreign loans or which engage
in foreign financial, exchange or monetary transactions, there
is hereby established the National Advisory Council on International Monetary and Financial Problems (hereinafter referred to as the "Council"), consisting of the Secretary of the
Treasury, as Chairman, the Secretary of State, the Secretary
of Commerce, the Chairman of the Board of Governors of the
Federal Reserve System, and the Chairman of the Board of
Trustees of the Export-Import Bank of Washington.
(b) (1) The Council, after consultation with the representatives of the United States on the Fund and the Bank, shall
recommend to the President general policy directives for the
guidance of the representatives of the United States on the
Fund and the Bank.
(1) The Council shall advise and consult with the President
and the representatives of the United States on the Fund and
the Bank on major problems arising in the administration of
the Fund and the Bank.
(3) The Council shall coordinate, by consultation or otherwise, so far as is practicable, the policies and operations of the
representatives of the United States on the Fund and the Bank,
the Export-Import Bank of Washington and all other agencies
of the Government to the extent that they make or participate in the making of foreign loans or engage in foreign
financial, exchange or monetary transactions.
(4) Whenever, under the Articles of Agreement of the
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Fund or the Articles of Agreement of the Bank, the approval,
consent or agreement of the United States is required before
an act may be done by the respective institutions, the decision
as to whether such approval, consent, or agreement, shall be
given or refused shall (to the extent such decision is not prohibited by section 5 of this Act) be made by the Council,
under the general direction of the President. No governor,
executive director, or alternate representing the United States
shall vote in favor of any waiver of condition under article V,
section 4, or in favor of any declaration of the United States
dollar as a scarce currency under article VII, section 3, of the
Articles of Agreement of the Fund, without prior approval
of the Council.
(5) The Council from time to time, but not less frequently
than every six months, shall transmit to the President and to
the Congress a report with respect to the participation of the
United States in the Fund and the Bank.
(6) The Council shall also transmit to the President and to
the Congress special reports on the operations and policies of
the Fund and the Bank, as provided in this paragraph. The
first report shall be made not later than two years after the
establishment of the Fund and the Bank, and a report shall
be made every two years after the making of the first report.
Each such report shall cover and include: The extent to which
the Fund and the Bank have achieved the purposes for which
they were established; the extent to which the operations
and policies of the Fund and the Bank have adhered to, or
departed from, the general policy directives formulated by
the Council, and the Council's recommendations in connection therewith; the extent to which the operations and policies
of the Fund and the Bank have been coordinated, and the
Council's recommendations in connection therewith; recommendations on whether the resources of the Fund and the
Bank should be increased or decreased; recommendations as
to how the Fund and the Bank may be made more effective;
recommendations on any other necessary or desirable changes
in the Articles of Agreement of the Fund and of the Bank or
in this Act; and an over-all appraisal of the extent to which
the operations and policies of the Fund and the Bank have
served, and in the future may be expected to serve, the interests of the United States and the world in promoting sound
international economic cooperation and furthering world
security.
(7) The Council shall make such reports and recommendations to the President as he may from time to time request, or
as the Council may consider necessary to more effectively or
efficiently accomplish the purposes of this Act or the purposes
for which the Council is created.
(c) The representatives of the United States on the Fund
and the Bank, and the Export-Import Bank of Washington
(and all other agencies of the Government to the extent that
they make or participate in the making of foreign loans or
engage in foreign financial, exchange or monetary transac-"
tions) shall keep the Council fully informed of their activities
and shall provide the Council with such further information
or data in their possession as the Council may deem necessary
AUGUST
1945
to the appropriate discharge of its responsibilities under this
Act.
CERTAIN ACTS NOT TO BE TAKEN WITHOUT AUTHORIZATION
SEC. 5. "Unless Congress by law authorizes such action,
neither the President nor any person or agency shall on behalf of the United States (a) request or consent to any change
in the quota of the United States under article III, section 2.,
of the Articles of Agreement of the Fund; (b) propose or
agree to any change in the par value of the United States
dollar under article IV, section 5, or article XX, section 4, of
the Articles of Agreement of the Fund, or approve any general
change in par values under article IV, section 7; (c) subscribe
to additional shares of stock under article II, section 3, of the
Articles of Agreement of the Bank; (d) accept any amendment
under article XVII of the Articles of Agreement of the Fund
or article VIII of the Articles of Agreement of the Bank; (e)
make any loan to the Fund or the Bank. Unless Congress by
law authorizes such action, no governor or alternate appointed
to represent the United States shall vote for an increase of
capital stock of the Bank under article II, section 2., of the
Articles of Agreement of the Bank.
DEPOSITORIES
SEC. 6. Any Federal Reserve bank which is requested to do
so by the Fund or the Bank shall act as its depository or as
its fiscal agent, and the Board of Governors of the Federal
Reserve System shall supervise and direct the carrying out of
these functions by the Federal Reserve banks.
PAYMENT OF SUBSCRIPTIONS
SEC. 7. (a) Subsection (c) of section 10 of the Gold Reserve Act of 1934, as amended (U. S. C , title 31, sec. 811a),
is amended to read as follows:
"CO The Secretary of the Treasury is directed to use
$1,800,000,000 of the fund established in this section to
pay part of the subscription of the United States to the
International Monetary Fund; and any repayment thereof
shall be covered into the Treasury as a miscellaneous
receipt."
(b) The Secretary of the Treasury is authorized to pay the
balance of $950,000,000 of the subscription of the United
States to the Fund not provided for in subsection (a) and to
pay the subscription of the United States to the Bank from
time to time when payments are required to be made to the
Bank. For the purpose of making these payments, the Secretary of the Treasury is authorized to use as a public-debt
transaction not to exceed $4,1x5,000,000 of the proceeds of
any securities hereafter issued under the Second Liberty Bond
Act, as amended, and the purposes for which securities may
be issued under that Act are extended to include such purpose.
Payment under this subsection of the subscription of the
United States to the Fund or the Bank and repayments there of
shall be treated as public-debt transactions of the United
States.
CO F ° r t n e purpose of keeping to a minimum the cost to
765
LAW DEPARTMENT
the United States of participation in the Fund and the Bank,
the Secretary of the Treasury, after paying the subscription
of the United States to the Fund, and any part of the subscription of the United States to the Bank required to be made
under article II, section 7 (i), of the Articles of Agreement of
the Bank, is authorized and directed to issue special notes of
the United States from time to time at par and to deliver such
notes to the Fund and the Bank in exchange for dollars to the
extent permitted by the respective Articles of Agreement.
The special notes provided for in this subsection shall be issued
under the authority and subject to the provisions of the
Second Liberty Bond Act, as amended, and the purposes for
which securities may be issued under that Act are extended to
include the purposes for which special notes are authorized
and directed to be issued under this subsection, but such notes
shall bear no interest, shall be nonnegotiable, and shall be
payable on demand of the Fund or the Bank, as the case may
be. The face amount of special notes issued to the Fund under
the authority of this subsection and outstanding at any one
time shall not exceed in the aggregate the amount of the
subscription of the United States actually paid to the Fund,
and the face amount of such notes issued to the Bank and
outstanding at any one time shall not exceed in the aggregate
the amount of the subscription of the United States actually
paid to the Bank under article II, section 7 (i), of the Articles
of Agreement of the Bank.
(d) Any payment made to the United States by the Fund
or the Bank as a distribution of net income shall be covered
into the Treasury as a miscellaneous receipt.
(c) It shall be unlawful for any officer or employee of the
Government, or for any advisor or consultant to the Government, to disclose, otherwise than in the course of official duty,
any information obtained under this section, or to use any
such information for his personal benefit. Whoever violates
any of the provisions of this subsection shall, upon conviction,
be fined not more than $5,000, or imprisoned for not more
than five years, or both.
(e) The term "person" as used in this section means an
individual, partnership, corporation or association.
FINANCIAL TRANSACTIONS WITH FOREIGN GOVERNMENTS IN
DEFAULT
SEC. 9. The Act entitled "An Act to prohibit financial
transactions with any foreign government in default on its
obligations to the United States", approved April 13,1934
(U. S. C , title 31, sec. 804a), is amended by adding at the end
thereof a new section to read as follows:
"SEC. 3. While any foreign government is a member both
of the International Monetary Fund and of the International Bank for Reconstruction and Development, this
Act shall not apply to the sale or purchase of bonds, securities, or other obligations of such government or any
political subdivision thereof or of any organization or
association acting for or on behalf of such government or
political subdivision, or to the making of any loan to such
government, political subdivision, organization, or association."
JURISDICTION AND VENUE OF ACTIONS
OBTAINING AND FURNISHING
INFORMATION
SEC. 8. (a) Whenever a request is made by the Fund to the
United States as a member to furnish data under article VIII,
section 5, of the Articles of Agreement of the Fund, the
President may, through any agency he may designate, require
any person to furnish such information as the President may
determine to be essential to comply with such request. In
making such determination the President shall seek to collect
the information only in such detail as is necessary to comply
with the request of the Fund. No information so acquired
shall be furnished to the Fund in such detail that the affairs
of any person are disclosed.
(b) In the event any person refuses to furnish such information when requested to do so, the President, through
any designated governmental agency, may by subpoena require such person to appear and testify or to appear and produce records and other documents, or both. In case of contumacy by, or refusal to obey a subpoena served upon any
such person, the district court for any district in which such
person is found or resides or transacts business, upon application by the President or any governmental agency designated
by him, shall have jurisdiction to issue an order requiring such
person to appear and give testimony or appear and produce
records and documents, or both; and any failure to obey such
order of the court may be punished by such court as a contempt thereof.
766
SEC. 10. For the purpose of any action which may be
brought within the United States or its Territories or possessions by or against the Fund or the Bank in accordance with
the Articles of Agreement of the Fund or the Articles of Agreement of the Bank, the Fund or the Bank, as the case may be,
shall be deemed to be an inhabitant of the Federal judicial
district in which its principal office in the United States is
located, and any such action at law or in equity to which
either the Fund or the Bank shall be a party shall be deemed
to arise under the laws of the United States, and the district
courts of the United States shall have original jurisdiction of
any such action. When either the Fund or the Bank is a
defendant in any such action, it may, at any time before the
trial thereof, remove such action from a State court into the
district court of the United States for the proper district by
following the procedure for removal of causes otherwise
provided by law.
STATUS, IMMUNITIES AND PRIVILEGES
SEC. 11. The provisions of article IX, sections 2. to 9, both
inclusive, and the first sentence of article VIII, section 2. (b),
of the Articles of Agreement of the Fund, and the provisions
of article VI, section 5 (i), and article VII, sections 2. to 9,
both inclusive, of the Articles of Agreement of the Bank, shall
have full force and effect in the United States and its Territories and possessions upon acceptance of membership by the
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
United States in, and the establishment of, the Fund and the
Bank, respectively.
STABILIZATION LOANS BY THE BANK
SEC. IX. The governor and executive director of the Bank
appointed by the United States are hereby directed to obtain
promptly an official interpretation by the Bank as to its
authority to make or guarantee loans for programs of economic reconstruction and the reconstruction of monetary
systems, including long-term stabilization loans. If the Bank
does not interpret its powers to include the making or guaranteeing of such loans, the governor of the Bank representing
the United States is hereby directed to propose promptly and
support an amendment to the Articles of Agreement for the
purpose of explicitly authorizing the Bank, after consultation
with the Fund, to make or guarantee such loans. The President is hereby authorized and directed to accept an amendment
to that effect on behalf of the United States.
transactions, the Council and the United States representatives on the Fund and the Bank shall give careful consideration to the progress which has been made in achieving such
agreement and cooperation.
Approved July 31, 1945.
Export-Import Bank Act of 1945
The President of the United States, on July
31, 1945, approved an Act of Congress known as
the "Export-Import Bank Act of 1945" to
provide for increasing the lending authority of
the Export-Import Bank of Washington, and
for other purposes. The text of the Act is as
follows:
[PUBLIC LAW 173—79TH CONGRESS]
[CHAPTER 341—IST SESSION]
[H. R. 3771]
STABILIZATION OPERATIONS BY THE FUND
AN ACT
SEC. 13. (a) The governor and executive director of the
Fund appointed by the United States are hereby directed to
obtain promptly an official interpretation by the Fund as to
whether its authority to use its resources extends beyond
current monetary stabilization operations to afford temporary
assistance to members in connection with seasonal, cyclical,
and emergency fluctuations in the balance of payments of any
member for current transactions, and whether it has authority
to use its resources to provide facilities for relief, reconstruction, or armaments, or to meet a large or sustained outflow of
capital on the part of any member.
(b) If the interpretation by the Fund answers in the
affirmative any of the questions stated in subsection (a), the
governor of the Fund representing the United States is hereby
directed to propose promptly and support an amendment to
the Articles of Agreement for the purpose of expressly negativing such interpretation. The President is hereby authorized and directed to accept an amendment to that effect on
behalf of the United States.
To provide for increasing the lending authority of the ExportImport Bank of Washington, and for other purposes.
FURTHER PROMOTION OF INTERNATIONAL ECONOMIC RELATIONS
SEC. 14. In the realization that additional measures of international economic cooperation are necessary to facilitate
the expansion and balanced growth of international trade
and render most effective the operations of the Fund and the
Bank, it is hereby declared to be the policy of the United
States to seek to bring about further agreement and cooperation among nations and international bodies, as soon as
possible, on ways and means which will best reduce obstacles
to and restrictions upon international trade, eliminate unfair
trade practices, promote mutually advantageous commercial
relations, and otherwise facilitate the expansion and balanced
growth of international trade and promote the stability of
international economic relations. In considering the policies
of the United States in foreign lending and the policies of the
Fund and the Bank, particularly in conducting exchange
AUGUST
1945
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, T h a t t h i s Act
may be cited as the "Export-Import Bank Act of 1945".
SEC. 2.. (a) The Export-Import Bank of Washington,
District of Columbia, a banking corporation organized under
the laws of the District of Columbia as an agency of the
United States, is continued as an agency of the United States,
and in addition to existing charter powers, and without
limitation as to the total amount of obligations thereto of any
borrower, endorser, acceptor, obligor, or guarantor at any
time outstanding, it is hereby authorized and empowered to
make loans, to discount, rediscount or guarantee notes,
drafts, bills of exchange, and other evidences of debt, or
participate in the same, for the purpose of aiding in the
financing and facilitating of exports and imports and the
exchange of commodities between the United States or any of
its Territories or insular possessions and any foreign country
or the agencies or nationals thereof. The Bank is hereby
authorized to use all its assets, including capital and net
earnings therefrom, and to use all moneys which have been
or may hereafter be allocated to or borrowed by it, in the
exercise of its functions as such agency.
(b) It is the policy of the Congress that the Bank in the
exercise of its functions should supplement and encourage
and not compete with private capital, and that loans, so far
as possible consistently with carrying out the purposes of
subsection (a), shall generally be for specific purposes, and,
in the judgment of the Board of Directors, offer reasonable
assurance oi repayment.
SEC. 3. (a) (1) The management of the Export-Import
Bank of Washington shall be vested in a Board of Directors
consisting of the Administrator of the Foreign Economic
Administration, who shall serve as Chairman, the Secretary
of State, and three persons appointed by the President of the
767
LAW DEPARTMENT
United States by and with the advice and consent of the
Senate. The Secretary of State, to such extent as he deems
it advisable, may designate to act for him in the discharge of
his duties as a member of the Board of Directors any officer
of the Department of State who shall have been appointed
by and with the advice and consent of the Senate.
(2.) If the Foreign Economic Administration ceases to
exist in the Office for Emergency Management in the Executive Office of the President, the President of the United
States shall appoint by and with the advice and consent of
the Senate another member of the Board of Directors. The
member so appointed shall serve for the remainder of the
existing terms of the other three appointed members, but
successors shall be appointed for terms of five years. After
the Foreign Economic Administrator ceases to be a member
of the Board of Directors the President of the United States
shall, from time to time, designate one of the members of the
Board to serve as Chairman.
(3) Of the five members of the Board, not more than three
shall be members of any one political party. Each of the
appointed directors shall devote his time not otherwise
required by the business of the United States principally
to the business of the Bank. Before entering upon his duties
each of the directors so appointed and each officer of the Bank
shall take an oath faithfully to discharge the duties of his
office. The terms of the appointed directors shall be five
years, except that the terms of the directors first appointed
shall run from the date of appointment until June 30, 1950.
Whenever a vacancy occurs among the directors so appointed,
the person appointed to fill such vacancy shall hold office for
the unexpired portion of the term of the director whose place
he is selected to fill. Each of the appointed directors shall
receive a salary at the rate of $12.,000 per annum, unless he is
an officer of the Bank, in which event he may elect to receive
the salary of such officer. No director, officer, attorney,
agent, or employee of the Bank shall in any manner, directly
or indirectly, participate in the deliberation upon or the
determination of any question affecting his personal interests,
or the interests of any corporation, partnership, or association
in which he is directly or indirectly personally interested.
(b) A majority of the Board of Directors shall constitute
a quorum.
(c) The Board of Directors shall adopt such bylaws as
are necessary for the proper management and functioning of
the Export-Import Bank of Washington, and may amend
the same.
(d) There shall be an Advisory Board consisting of the
Chairman of the Export-Import Bank of Washington, who
shall serve as Chairman, the Secretary of State, the Secretary
of the Treasury, the Secretary of Commerce, and the Chairman
of the Board of Governors of the Federal Reserve System,
which shall meet at the call of the Chairman. The Advisory
Board may make such recommendations to the Board of
Directors as it deems advisable, and the Board of Directors
shall consult the Advisory Board on major questions of
policy.
768
(e) Until October 31, 1945, or until at least two of the
members of the Board of Directors to be appointed have
qualified as such directors, whichever is the earlier, the
affairs of the Bank shall continue to be managed by the
existing Board of Trustees.
(f) The Export-Import Bank of Washington shall constitute an independent agency of the United States and
neither the Bank nor any of its functions, powers, or duties
shall be transferred to or consolidated with any other department, agency, or corporation of the Government unless the
Congress shall otherwise by law provide.
SEC. 4. The Export-Import Bank of Washington shall
have a capital stock of $1,000,000,000 subscribed by the
United States. Payment for $1,000,000 of such capital stock
shall be made by the surrender to the Bank for cancellation
of the common stock heretofore issued by the Bank and
purchased by the United States. Payment for $174,000,000
of such capital stock shall be made by the surrender to the
Bank for cancellation of the preferred stock heretofore issued
by the Bank and purchased by the Reconstruction Finance
Corporation. Payment for the $82.5,000,000 balance of such
capital stock shall be subject to call at any time in whole or
in part by the Board of Directors of the Bank. For the purpose of making payments of such balance, the Secretary of the
Treasury is authorized to use as a public-debt transaction the
proceeds of any securities hereafter issued under the Second
Liberty Bond Act, as amended, and the purposes for which
securities may be issued under that Act are extended to include
such purpose. Payment under this section of the subscription of the United States to the Bank and repayments thereof
shall be treated as public-debt transactions of the United
States. Certificates evidencing stock ownership of the
United States shall be issued by the Bank to the President
of the United States, or to such other person or persons as he
may designate from time to time, to the extent of the common
and preferred stock surrendered and other payments made
for the capital stock of the Bank under this section.
SEC. 5. (a) The Secretary of the Treasury shall pay to the
Reconstruction Finance Corporation the par value of the
preferred stock upon its surrender to the Bank for cancellation. For the purpose of making such payments to the
Reconstruction Finance Corporation the Secretary of the
Treasury is authorized to use as a public-debt transaction the
proceeds of any securities hereafter issued under the Second
Liberty Bond Act, as amended, and the purposes for which
securities may be issued under that Act are extended to include
such purpose. Payment under this subsection to the Reconstruction Finance Corporation shall be treated as public-debt
transactions of the United States.
(b) Any dividends on the preferred stock accumulated
and unpaid to the date of its surrender for cancellation shall
be paid to the Reconstruction Finance Corporation by the
Bank.
SEC. 6. The Export-Import Bank of Washington is
authorized to issue from time to time for purchase by the
Secretary of the Treasury its notes, debentures, bonds, or
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
other obligations; but the aggregate amount of such obligations outstanding at any one time shall not exceed two
and one-half times the authorized capital stock of the Bank.
Such obligations shall be redeemable at the option of the
Bank before maturity in such manner as may be stipulated
in such obligations and shall have such maturity and bear
such rate of interest as may be determined by the Board of
Directors of the Bank with the approval of the Secretary of
the Treasury. The Secretary of the Treasury is hereby
authorized and directed to purchase any obligations of the
Bank issued hereunder and for such purpose the Secretary
of the Treasury is authorized to use as a public-debt
transaction the proceeds of any securities hereafter issued
under the Second Liberty Bond Act, as amended, and the
purposes for which securities may be issued under that Act
are extended to include such purpose. Payment under this
section of the purchase price of such obligations of the Bank
and repayments thereof by the Bank shall be treated as
public-debt transactions of the United States.
SEC. 7. The Export-Import Bank of Washington shall not
have outstanding at any one time loans and guaranties in an
aggregate amount in excess of three and one-half times the
authorized capital stock of the Bank.
SEC. 8. The provisions of the existing charter of the Bank
relating to the term of its existence, to the management of its
affairs, and to its capital stock are superseded by the provisions of this Act and the Bank shall be exempt from compliance with any provisions of law relating to the amendment
of certificates of incorporation or to the retirement or increase
of stock of District of Columbia corporations and from the
payment of any fee or tax to the Recorder of Deeds of the
District of Columbia determined upon the value or amount
of capital stock of the Bank or any increase thereof.
SEC. 9. The Export-Import Bank of Washington shall
transmit to the Congress semiannually a complete and
detailed report of its operations. The report shall be as of
the close of business on June 30 and December 31 of each
year.
SEC. 10. Section 9 of the Act of January 31, 1935 (49 Stat.
4, ch. 1), as amended, is repealed.
SEC. 11. Notwithstanding the provisions of the Act of
April 13, 1934 (48 Stat., ch. 112., p. 574), any person, including any individual, partnership, corporation, or association,
may act for or participate with the Export-Import Bank of
Washington in any operation or transaction, or may acquire
any obligation issued in connection with any operation or
transaction, engaged in by the Bank.
Approved July 31, 1945.
Margin Requirements for Purchasing
Securities
Amendments to Regulations T and U
The Board of Governors of the Federal Reserve
System, effective July 5, 1945, adopted amendments to its Regulation T entitled "Extension
AUGUST 1945
and Maintenance of Credit by Brokers, Dealers,
and Members of National Securities Exchanges"
and to its Regulation U entitled "Loans by
Banks for the Purpose of Purchasing or Carrying
Stocks Registered on a National Securities Exchange" increasing margin requirements from
50 per cent to 75 per cent for credit extended by
brokers and banks to finance purchases of stock
exchange securities. The increased margins also
apply to short sales.
The amendments include, in addition, technical changes in the regulations, effective July
16, 1945, to simplify and strengthen the supporting rules. A new provision in Regulation T
requires that the proceeds of sales of securities in
accounts that are undermargined under the new
requirements shall be used to the extent necessary to increase the margin on the remaining
securities in the account until they are on a 75
per cent basis. The same rule is applied to loans
by a new provision of Regulation U. Except
to this extent, neither regulation requires that
existing accounts or loans be brought up to the
75 per cent level. Neither Regulation T nor
Regulation U is applicable to loans for purposes
other than purchasing, carrying, or trading in
securities.
The text of the amendments is as follows:
AMENDMENT N O . 4 TO REGULATION T
Regulation T is hereby amended in the following respects, the changes in the supplement ta
the Regulation and the new section 4(g) to become effective July 5, 1945, and the other
changes to become effective July 16, 1945.
1. Section 3 ^ ) is amended so that the second
paragraph will read as follows:
If a creditor effects for or with any customer
any transactions consisting of purchases of securities in a general account, other than purchases
of exempted securities or purchases to reduce or
close out short positions, the creditor must obtain a deposit as specified in the previous paragraph at least as large as would be required by
that paragraph if such purchases were the only
transactions in the account on that day (except
that such deposit need be no larger than that
769
LAW DEPARTMENT
which would be sufficient to eliminate any excess
of the adjusted debit balance over the maximum
loan value of the securities in the account). No
withdrawal of cash or registered or exempted
securities shall be permissible if the account,
after such withdrawal, would have an adjusted
debit balance exceeding the maximum loan value
of the securities in the account, except that
exempted securities may be withdrawn upon the
deposit in the account of exempted securities
having maximum loan value equal to or in excess
of the maximum loan value of the exempted
securities withdrawn or upon the deposit of cash
equal to or in excess of such maximum loan
value.
z. Section 3 (d~) is amended so that the last
paragraph will read as follows:
In case the general account is the account
of a partner of the creditor or the account of a
joint adventure in which the creditor participates, the adjusted debit balance shall be computed according to the foregoing rule and the
supplementary rules prescribed in sections 6 (a)
and 6(*).
3. Section 4 (F) is amended to read as follows:
(J?) Special omnibus account.—In a special
omnibus account, a member of a national securities exchange may effect and finance transactions
for a broker or dealer from whom the member
accepts in good faith a signed statement to the
effect that he is subject to the provisions of this
regulation (or that he does not extend or maintain credit to or for customers except in accordance therewith as if he were subject thereto) and
from whom the member receives (1) written
notice, pursuant to a rule of the Securities and
Exchange Commission concerning the hypothecation of customers' securities by brokers or
dealers (Rule X-8C-1 or Rule X-15GL-1), to the
effect that all securities carried in the account
will be carried for the account of the customers
of the broker or dealer and (2.) written notice
that any short sales effected in the account will
be short sales made in behalf of the customers
of the broker or dealer other than his partners.
4. Section 4 (c) is amended by striking out
both provisos in paragraph (5) and by adding
the following new paragraph (8):
77O
(8) Unless funds sufficient for the purpose are
already in the account, no security other than an
exempted security shall be purchased for, or sold
to, any customer in a special cash account with
the creditor if any security other than an exempted security has been purchased by such
customer in such an account during the preceding
90 days, and then, for any reason whatever,
without having been previously paid for in full
by the customer, the security has been sold in the
account or delivered out to any broker or dealer:
Provided, that an appropriate committee of a
national securities exchange or a national securities association, on application of the creditor,
may authorize the creditor to disregard for the
purposes of this section 4(c) (8) any given instance of the type therein described if the committee is satisfied that both creditor and customer are acting in good faith and that circumstances warrant such authorization.
5. Section 4OO (6) is amended by inserting the
words "or a national securities association" following the words "a national securities exchange."
6. Section 4 is amended by adding the following new subsection (g):
(g) Specialist's account.—In a special account
designated as a specialist's account, a creditor
may effect and finance, for any member of a
national securities exchange who is registered
and acts as a specialist in securities on the exchange, such member's transactions as a specialist in such securities, or effect and finance,
for any joint adventure in which the creditor
participates, any transactions in any securities
of an issue with respect to which all participants, or all participants other than the creditor,
are registered and act on a national securities
exchange as specialists; and such specialist's
account shall be subject to all the conditions to
which it would be subject if it were a general
account except that—
(1) At any time when the Board in the supplement to this regulation shall have prescribed for specialists' accounts a special maximum loan value or special margin for short
sales, the maximum loan value of a registered
security (other than an exempted security)
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
having loan value in such specialist's account
shall be such special maximum loan value, and
the amount to be included in the adjusted
debit balance of such account as the margin
required for short sales shall be such special
margin for short sales.
(z) A specialist's account shall not be subject to the restrictions specified in the second
paragraph of section 3(£) but a transaction
consisting of a withdrawal of cash or registered or exempted securities from the account
shall be permissible only on condition that the
transactions (including such withdrawal) on
the day of such withdrawal would not create
an excess of the adjusted debit balance of the
account over the maximum loan value of the
securities in the account or incease any such
excess.
7. Section 6(V) is amended to read as follows:
(c) No guarantee of a customer's account shall
be given any effect for purposes of this regulation.
8. The supplement is amended to read as
follows:
Maximum loan value for general accounts.—
The maximum loan value of a registered security
(other than an exempted security) in a general
account, subject to section 3 of Regulation T,
shall be 2.5 per cent of its current market value.
Maximum loan value for specialists' accounts.
—The maximum loan value of a registered
security (other than an exempted security) in a
specialist's account, subject to section 4Q5) of
Regulation T, shall be 50 per cent of its current
market value.
Margin required for short sales in general
accounts.—The amount to be included in the
adjusted debit balance of a general account,
pursuant to section 300(3) °^ Regulation T, as
margin required for short sales of securities
(other than exempted securities) shall be 75 per
cent of the current market value of each such
security.
Margin required for short sales in specialists'
accounts.—The amount to be included in the
adjusted debit balance of a specialist's account,
subject to section 4(g) of Regulation T, as margin required for short sales of securities (other
AUGUST 1945
than exempted securities) shall be 50 per cent
of the current market value of each such security.
AMENDMENT NO. 5 TO REGULATION U
Regulation U is hereby amended in the following respects, the changes in the supplement to
the Regulation and the new section 3 (0) to become effective July 5, 1945, and the other
changes to become effective July 16, 1945.
1. Section 1 is amended so that the third
paragraph will read as follows:
While a bank maintains any such loan, whenever made, the bank shall not at any time permit
any withdrawal or substitution of collateral ii,
after such withdrawal or substitution, the loan
exceeds the maximum loan value of the collateral, unless:
(1) In the case of a withdrawal, the loan is
reduced by an amount equal to the current
market value of the collateral withdrawn; or
(z) In the case of a substitution, the loan
is reduced by an amount equal to any excess
of the current market value of the collateral
withdrawn over the maximum loan value of
the collateral deposited.
If the maximum loan value of the collateral has
become less than the amount of the loan, such
amount may nevertheless be increased if there is
provided additional collateral having maximum
loan value at least equal to the amount of the
increase.
z. Section z(£) is amended so that it will read
as follows:
(F) Any loan made prior to July 16, 1945, to
any person whose total indebtedness to the bank
at the date of and including such loan does not
exceed $1,000.
3. Section z is amended by deleting subsection
(j) and substituting in lieu thereof the following
new subsection (/):
0 ) Any loan to a broker or dealer secured by
any securities which, according to written notice
received by the bank from the broker or dealer
pursuant to a rule of the Securities and Exchange
Commission concerning the hypothecation of
customers' securities (Rule X-8C-1 or Rule
X-15C2.-1), are securities carried for the account of
one or more customers^ provided the bank accepts in
77 1
LAW DEPARTMENT
good faith from the broker or dealer a signed
statement to the effect that he is subject to the
provisions of Regulation T (or that he does not
extend or maintain credit to or for customers
except in accordance therewith as if he were
subject thereto).
4. Section 3 is amended by deleting subection
(p) and substituting in lieu thereof the following
new subsection (p):
(V) A loan to a member of a national securities
exchange who is registered and acts as a specialist in securities on the exchange for the purpose of financing such member's transactions as
a specialist in such securities shall not be subject
to the provisions of the third paragraph of section 1, but the bank shall not at any time permit
withdrawals or substitutions of collateral for
such a loan that would create or increase a deficiency in the maximum loan value of the collateral below the amount of the loan, nor shall
the bank increase the amount of a loan if the
collateral is deficient unless additional collateral
is provided having maximum loan value at least
equal to the amount of the increase.
5. The supplement to Regulation U is amended
so that it will read as follows:
For the purpose of section 1 of Regulation U,
the maximum loan value of any stock, whether
or not registered on a national securities exchange, shall be 2.5 per cent of its current market
value, as determined by any reasonable method.
Loans to specialists.—Notwithstanding the
foregoing, a stock, if registered on a national
securities exchange, shall have a maximum loan
value of 50 per cent of its current market value,
as determined by any reasonable method, in the
case of a loan to a member of a national securities
exchange who is registered and acts as a specialist in securities on the exchange for the purpose of financing such member's transactions as a
specialist in securities.
Common Trust Funds
Amendments to Regulation F
The Board of Governors of the Federal Reserve System, effective September 1, 1945, has
amended section 17 of Regulation F entitled
77^
"Trust Powers of National Banks" so as to increase from $2.5,000 to $50,000 the amount of
the funds of any one trust which may be invested
in a Common Trust Fund. At the same time,
the Board adopted other amendments to the
Common Trust Fund provisions of the Regulation to provide restrictions on a bank's advertising of such Funds and to make certain other
minor changes, principally of a clarifying nature.
Corresponding changes also were made in the
provisions relating to Mortgage Investment
Funds.
The text of the amendments is as follows:
AMENDMENT TO REGULATION F
Effective September 1, 1945, section 17 of
Regulation F relating to Common Trust Funds is
amended in the following respects:
The third paragraph of subsection (a) is
amended to read as follows:
The purpose of this section is to permit the
use of Common Trust Funds, as defined in section 169 of the Internal Revenue Code,17 for
the investment of funds held for true fiduciary
purposes; and the operation of such Common
Trust Funds as investment trusts for other
than strictly fiduciary purposes is hereby prohibited. No bank administering a Common
Trust Fund shall issue any document evidencing a direct or indirect interest in such Common Trust Fund in any form which purports
to be negotiable or assignable. The trust
investment committee of a bank operating a
Common Trust Fund shall not permit any
funds of any trust to be invested in a Common
Trust Fund if it has reason to believe that such
trust was not created or is not being used for
bona fide fiduciary purposes. A bank administering a Common Trust Fund shall not, in
soliciting business or otherwise, publish or
make representations which are inconsistent
with this'paragraph or the other provisions of
this regulation and, subject to the applicable
requirements of the laws of any State, shall
not advertise or publicize the earnings realized
17
For applicable provisions of the Internal Revenue Code, see
Appendix.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
on any Common Trust Fund or the value of
the assets thereof.
The second paragraph of subsection COG) *s
amended to read as follows:
The bank shall, without charge, send a copy
of the latest report of such audit annually to
each person to whom a regular periodic accounting of the trusts participating in the
Common Trust Fund ordinarily would be
rendered or shall send advice to each such
person annually that the report is available
and that a copy will be furnished without
charge upon request. Except as may be required by the applicable laws of any State,
the bank shall not publish or authorize the
publication of any such report or the information contained therein and each copy furnished to any person as herein provided must
bear a statement to the effect that the publication of such copy or the information contained
therein is unauthorized.
Subsection CO G) *s amended to read as follows:
G ) Value of assets to be determined periodically.
—Not less frequently than once during each
period of three months the trust investment
committee of a bank administering a Common
Trust Fund shall determine the value of the
assets in the Common Trust Fund as of the
dates which the Plan provides for the valuation of assets. No participation shall be admitted to or withdrawn from the Common
Trust Fund except C1) on the basis of such
valuation and CO as of such a valuation date.
A reasonable period, not to exceed 7 days, following each valuation date may be used to
make the computations necessary to determine the value of the Fund and of the participations therein. No participation shall be
admitted to or withdrawn from the Common
Trust Fund unless a written request for or
notice of intention of taking such action shall
have been entered in the records of the bank
and approved by the trust investment committee, on or before the valuation date. No
such request or notice may be canceled or
countermanded after the valuation date.
The first paragraph of subsection COG) *s
amended to read as follows:
AUGUST 1945
G) Miscellaneous limitations.—No funds of
any trust shall be invested in a participation
in a Common Trust Fund if such investment
would result in such trust having invested in
the aggregate in the Common Trust Fund an
amount in excess of 10 per cent of the value
of the assets of the Common Trust Fund at the
time of investment, as determined by the trust
investment committee, or the sum of $50,000,
whichever is less. If the bank administers
more than one Common Trust Fund under this
subsection, no investment shall be made which
would cause any one trust to have invested
in the aggregate in all such Common Trust
Funds an amount in excess of the sum of
$50,000; and, if the bank administers Funds
under both subsections CO a n d 0 0 °f t r i is section, no investment shall be made which
would cause any one trust to have invested
in the aggregate in all such Funds an amount
in excess of the sum oi $50,000. In applying
the limitations contained in this paragraph, if
two or more trusts are created by the same
settlor or settlors and as much as one-half of
the income or principal or both of each trust
is payable or applicable to the use of the same
person or persons, such trusts shall be considered as one.
The first paragraph of subsection 0 0 G) i s
amended to read as follows:
G ) Value of assets to be determined -periodically.
—Not less frequently than once during each
period of three months the trust investment
committee of a bank administering a Mortgage Investment Fund shall determine the
value of the assets in the Mortgage Investment
Fund as of the dates which the Plan provides
for the valuation of assets. No participation
shall be admitted to or withdrawn from the
Mortgage Investment Fund except as of such a
valuation date. A reasonable period, not to
exceed 7 days, following each valuation date
may be used to make the computations necessary to determine the value of the Fund and of
the participations therein. No participation
shall be admitted to or withdrawn from the
Mortgage Investment Fund unless, on the
basis of such valuation, the value of the assets
773
LAW DEPARTMENT
of the Mortgage Investment Fund, exclusive
of accrued income, is at least equal to the
amount of the outstanding participations.
No participation shall be admitted to or withdrawn from the Mortgage Investment Fund
unless a written request for or notice of intention of taking such action shall have been
entered in the records of the bank and approved by the trust investment committee, on
or before the valuation date. No such request
or notice may be canceled or countermanded
after the valuation date.
The first paragraph of subsection 0 0 0 ) *s
amended to read as follows:
(j) Miscellaneous limitations.—No funds of
any trust shall be invested in a participation
in a Mortgage Investment Fund if such investment would result in such trust having invested in the aggregate in the Mortgage Investment Fund an amount in excess of the sum
of $1,2.00 or z per cent of the amount of the
outstanding participations in the Mortgage
Investment Fund, whichever is greater at the
time of investment, or in any event in excess of
the sum of $10,000. If the bank administers
more than one Mortgage Investment Fund, no
investment shall be made which would cause
any one trust to have invested in the aggregate
in all such Mortgage Investment Funds an
amount in excess of the sum of $10,000; and,
if the bank administers Funds under both subsections (V) and 0 0 °f t n i s section, no investment shall be made which would cause any
one trust to have invested in the aggregate in
all such Funds an amount in excess of the sum
of $50,000. In applying the limitations contained in this paragraph, if two or more trusts
are created by the same settlor or settlors and
as much as one-half of the income or principal
or both of each trust is payable or applicable
to the use of the same person or persons, such
trusts shall be considered as one.
Consumer Credit
Amendment to Regulation W
The Board of Governors of the Federal Reserve
System, effective July 17,1945, issued the follow-
774
ing amendment co its Regulation W, entitled
"Consumer Credit":
AMENDMENT N O . 17 TO REGULATION W
Regulation W is hereby amended in the
following respects, effective July 2.7, 1945.
1. By changing section 8 0 0 t o rea-d a s follows:
0 0 Military Aircraft Credits.—Any extension of credit to finance the purchase of
military aircraft other than a primary trainer.
2.. By inserting in clause (1) of section 8(7>)
entitled "Agricultural Loans" the words "or
by any Federal land bank" following the words
"Federal Farm Mortgage Corporation".
3. By changing section 8(0 to read as follows:
(7) Railroad Watches.—Any extension of
credit to finance the purchase of a railroad
standard watch (whether new or used) by a
railroad time service employee, provided the
Registrant obtains a statement signed by the
division superintendent of the railroad by
which the purchaser is employed certifying
that the purchaser is required to carry such a
watch in the performance of his duties and
has no watch suitable for the purpose.
4. By changing Item 3 in Group A of section
I
3(^) entitled "Listed Articles" to read as
follows:
3. Aircraft (including gliders) designed for
a useful load of 1,000 pounds or less.
Consent Injunction under Regulation W
A decree restraining Consumers Home Equipment Co. and A. B. Chereton, its President, from
violations of Regulation W of the Board of
Governors of the Federal Reserve System was
entered on July 19, 1945, in the District Court of
the United States for the Eastern District of
Michigan, Southern Division.
The Consumers Home Equipment organization, which has its head office at Detroit,
Michigan, and offices in Illinois, Indiana, Kentucky, Michigan, New York, Ohio, and
Pennsylvania, and affiliates with offices in
Maine, Massachusetts, New Hampshire, Rhode
Island, and West Virginia, is engaged in the
house to house sale of household merchandise
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
on an instalment basis. The company was
charged with violating the regulation in a
number of instances by making sales without
obtaining the down payment required, by failing
to furnish statements of transactions to customers, and by not only failing to maintain
records but attempting to conceal violations by
manipulation and alteration of its records.
The effect of the decree, to which the defendants consented, is to render the defendants liable
for punishment for contempt of court in the
event they are found in the future to have
violated the regulation in any of the respects
described in the decree.
The text of the decree is as follows:
DISTRICT COURT OF THE UNITED STATES FOR THE
EASTERN DISTRICT OF MICHIGAN,
SOUTHERN DIVISION
UNITED STATES OF AMERICA,
Plaintiff,
vs.
CONSUMERS HOME EQUIPMENT
Co.,
a corporation,
and
Civil Action
No. 5097
A. B. CHERETON,
4801-19 Woodward Avenue,
Detroit, Michigan,
Defendants.
JUDGMENT
The above-entitled matter came on to be
heard by the Court upon the complaint and
stipulation for consent judgment filed herein
by the parties. Upon consideration of the same
and it appearing to the Court that plaintiff's
complaint alleges in substance that the defendants named have violated Regulation W of
the Board of Governors of the Federal Reserve
System and that the defendants have stipulated
that this consent judgment be entered against
them,
NOW, THEREFORE, IT IS HEREBY ORDERED,
ADJUDGED AND DECREED
That the defendants, Consumers Home Equipment Co. and A. B. Chereton, and their agents,
AUGUST 1945
servants, representatives, employees and persons
in active concert and participation with them,
and any and all companies and persons under
their control, respectively, be and they are hereby permanently enjoined, in the installment sale
of merchandise, from:
1. Making installment sales subject to the
requirements of Regulation W of the Board of
Governors of the Federal Reserve System without obtaining the cash down payment required
by Section A^a) of said Regulation.
z. Making installment sales subject to the
requirements of Regulation W of the Board of
Governors of the Federal Reserve System without furnishing the obligors the statement of
transaction required by Section 4(/) of said
Regulation.
3. Making installment sales subject to the
requirements of Regulation W of the Board of
Governors of the Federal Reserve System without maintaining and preserving, for the life of
the obligation to which they relate, such books
of account, records and other papers as are
relevant to establishing whether or not an extension of credit within the scope of said Regulation was in conformity with the requirements
thereof, as required by Section 11XJ0) of said
Regulation.
Dated this 19th day of July, 1945.
By the Court:
(signed) Ernest A. O'Brien,
Judge, United States District Court.
Suit against Federal Reserve Bank
Appeal Dismissed
In the Federal Reserve BULLETIN for December
1944 at page 1182. there was published an opinion
by the District Court of the United States granting motions to dismiss the suit brought by the
Peoples Bank, Lakewood Village, California,,
against the Federal Reserve Bank of San Francisco, the Board of Governors of the Federal
Reserve System and the Federal Reserve Agent
at the Federal Reserve Bank of San Francisco
asking for a declaratory judgment and for an
injunction restraining the defendants from enforcing a condition of membership which had
been prescribed when the Peoples Bank became
a member of the Federal Reserve System.
An appeal to the United States Circuit Court
of Appeals for the Ninth Circuit was taken by
the plaintiff as to the Federal Reserve Bank and
775
LAW DEPARTMENT
the Federal Reserve Agent, and a cross appeal
was taken by the Federal Reserve Bank. In
opposition to the plaintiff's appeal, defendants
filed separate motions to dismiss. The Court on
June 2.9, 1945, rendered a decision dismissing the
appeals. The opinion of the Court reads as
follows:
UNITED STATES CIRCUIT COURT OF APPEALS
FOR THE NINTH CIRCUIT
PEOPLES BANK,
Appellant,
judgment. The Judgment itself was filed January 8, 1945, dismissing the cause at plaintiff's
cost. Both the Peoples Bank and Federal Reserve Bank appealed from the order of November
17, 1944, after Judgment was entered.1
The appellee, Henry F. Grady, and the crossappellant, the Federal Reserve Bank, have filed
motions to dismiss the appeal of the Peoples
Bank. This Court is of the opinion that both
appeals should be dismissed. The order of November 17, 1944, is not an appealable order
within the meaning of section 12.8 of the Judicial
Code, 2,8 U. S. C. A., section 2.I.5.
City and County of San Francisco v . McLaughlin,
Collector of Internal Revenue et al. ( 9 t h Cir.)
v.
9 F. £.d) 930
Wright v. Gibson et al. (9th Cir.)
118 F. ( i d ) 865, 866.
This rule clearly applies to the instant case, as
the lower court in denying a motion to correct
the order of November 17, 1944, to show that it
Appellees.
was a final disposition of the case, said:
No. n , o o i
«<* * * t j i e Q r c j e r o n Motions, dated and entered herein on the 17th day of November
FEDERAL RESERVE BANK OF SAN
1944, does not contain any error therein arisFRANCISCO,
ing from oversight or omission or otherwise,
that the said Order on Motions, at the time
Appellant,
the same was made and entered, was not
v.
regarded by the Court as a final order, judgment or decree, that the said Order on Motions
PEOPLES BANK,
was,
and is, a memorandum order only, and
Appellee.
that the Judgment Dismissing Action on
Defendants' Motions to Dismiss, Ordering
Plaintiff's Motion for Summary Judgment
Stricken, and Denying Motions for Summary
UPON APPEALS FROM THE DISTRICT COURT OF THE
Judgment, approved as to form by plaintiff's
UNITED STATES FOR THE NORTHERN DISTRICT
counsel as provided by Rule 5(d) of Rules of
OF CALIFORNIA, SOUTHERN DIVISION
Practice
of this Court, signed and entered
Before Garrecht, Mat hews and Bone, Circuit
herein
on
the 8th day of January 1945, was,
Judges
and is, the final Judgment rendered by this
Garrecht, C. J.
Court in the said action."
The question here is whether this Court has
The lower court intended t o enter a memojurisdiction.
The Peoples Bank brought suit against the randum order on November 17, 1944. The
Federal Reserve Bank of San Francisco, Board appellant and cross-appellant intended t o and
of Governors of the Federal Reserve System, and did appeal from that order of November 17,1944.
Henry F. Grady, Federal Reserve Agent, to annul The Peoples Bank appeal is taken from "that
and enjoin the enforcement of a condition of part of the Order of the above entitled Court,
membership in the Federal Reserve System re- Honorable Michael J. Roche, Judge, presiding,
quired by the Board of Governors of the Federal dated the 17th day of November 1944", which
Reserve System. In an opinion dated November part grants the motions to dismiss. The fact
17, 1944, the lower court held that it did not that the Peoples Bank attempted to correct the
have jurisdiction as the indispensable party, the order of November 17, 1944, is evidence of their
Board of Governors of the Federal Reserve Sys- intention to appeal from that order and not the
tem, was not properly before the court, and there Judgment. In appealing from that part of the
was no action against the other defendants. An order denying summary judgment, the Federal
order was filed the same day, granting motions
The Notice of Appeal of Peoples Bank was dated Dec. 16, 1944,
to dismiss and denying motions for summary but 1was
not filed until Jan. 15, 1945.
FEDERAL RESERVE BANK OF SAN
FRANCISCO AND HENRY
F.
GRADY, FEDERAL RESERVE
AGENT,
776
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Reserve Bank, in describing the order, itself used
the very same language in its Notice of Appeal
as did the Peoples Bank.
No appeal was ever taken from the Judgment
dated January 8, 1945.
Dismissed.
Francis A. Garrecht
United States Circuit Judge
Clifton Mathews
United States Circuit Judge
Homer T. Bone
United States Circuit Judge
Foreign Funds Control
Treasury Department Releases
The following releases relating to transactions
in foreign exchange, etc., in addition to those
heretofore published in the Federal Reserve
BULLETIN, have been issued by the Office of the
Secretary of the Treasury under authority of the
.Executive Order of April 10, 1940, as amended,
and the Regulations issued pursuant thereto:
Treasury Department
Foreign Funds Control
July 24, 1945
GENERAL LICENSE NO. 32., AS AMENDED
Under Executive Order No. 8389, as Amended, Executive Order No.
9193, as Amended, Section / ( T ) of the Trading with the Enemy
Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control*
exceed $100 to such payee and his household, except that
additional sums not exceeding $2.5 in any one calendar
month may be remitted for each member of such payee's
household in addition to the payee, provided that in no
case shall a sum in excess of $2.00 per calendar month be
remitted to any such payee and his household;
(b) Such remittances are not made from a blocked
account other than from an account in a banking institution within the United States in the name of, or in which
the beneficial interest is held by, the payee or members
of his household;
(c) If the payee is within any blocked country, the
remittance may be effected only:
(i) By the payment of the dollar amount of the remittance to a domestic bank for credit to a blocked account
in the name of a banking institution within such country; or
(ii) By the acquisition of foreign exchange from a
person in the United States having a license specifically
authorizing the sale of such exchange, provided, however, that if the payee is within Switzerland, such
remittance may be effected only in accordance with the
terms of paragraph C I X c X0 hereof.
(d) If the payee is within any foreign country other
than a blocked country the remittance may be effected in
in the same manner that such remittance would be effected
if the payee were not a national of a blocked country.
QL) Duty
of persons and domestic banks acting under this
license. All persons making such remittances and all domestic
banks effecting such remittances shall satisfy themselves that
the foregoing terms and conditions are complied with.
(3) Reports by domestic banks effecting remittances.
Domestic
banks through which any such remittances originate shall execute promptly Section A of FormTFR-i3i with respect to each
such remittance. When so executed, such form shall be forwarded promptly to the domestic bank ultimately transmitting
abroad (by cable or otherwise) the payment instructions for
General License No. T,Z is hereby amended to read as
such remittance and the latter bank shall submit monthly to
follows:
the appropriate Federal Reserve Bank a report on Form
( 1 ) Certain remittances for living expenses authorized. A
TFER-i in duplicate, stating the number of remittances
general license is hereby granted authorizing remittances by
which were transmitted abroad during the preceding calendar
any person through any domestic bank to any individual who
month and the total dollar amount of such remittances.
is a national of a blocked country and who is within any
In cases where the domestic bank through which any such
foreign country, and any domestic bank is authorized to effect
remittances originate is also the bank ultimately transmitting
such remittances, provided the following terms and condiabroad the payment instructions for such remittances, such
tions are complied with:
bank shall merely include the number and total dollar amount
(a) Such remittances are made only for the necessary
of such remittances in its monthly report on Form TFER-i.
living expenses of the payee and his household and do not
All information required by this paragraph to be reported on
exceed $1,000 in any one calendar month to any one
Form TFER-i shall be stated separately for each country to
household;-provided,however, that if the payee is within
which remittances are effected.
Portugal, Spain, Sweden, Switzerland or Tangier and such
(4) Definition. As used in this general license the term
payee is a national of Germany, Italy, Japan, Bulgaria,
"household" shall mean:
Hungary or Rumania, the total of all remittances effected
(a) those individuals sharing a common dwelling as a
in any calendar month under this general license may not
family; or
(b) any individual not sharing a common dwelling with
• Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55
Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785,
others as a family.
June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9,
1941, and Ex. Order 8998, Dec. 26,1941; Ex. Order 9193, July 6,1942, as
amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940,
as amended June 14, 1941, and July 26, 1941.
AUGUST
1945
HERBERT E. GASTON
Acting Secretary of the Treasury.
777
LAW DEPARTMENT
Treasury Department
Foreign Funds Control
July 14, 1945
GENERAL LICENSE N O . 33, AS AMENDED
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, as Amended, Section / ( $ ) of the Trading with the
Enemy Act, as Amended by the First War Powers Act, 1941,
Relating to Foreign Funds Control*
General License No. 33 is hereby amended to read as follows;
(4) Reports by domestic banks effecting remittances.
With
respect to each remittance made pursuant to this general
license, reports shall be executed and filed in the manner and
form and under the conditions prescribed in General License
No. 32..
(5) Definition. As used in this general license the term
"household" shall be deemed to have t he meaning prescribed
in General License No. 31.
HERBERT
E.
GASTON,
Acting Secretary of the Treasury.
Treasury Department
( 1 ) Certain remittances to United States citizens in foreign
Foreign Funds Control
countries authorized. A general license is hereby granted
July 14, 1945
authorizing remittances by any person through any domestic
bank to any individual who is a citizen of the United States
REVOCATION OF PUBLIC CIRCULAR NO. 7B
within any foreign country and any domestic bank is authorized to effect such remittances, provided the following terms
Under Executive Order No. 8389, as Amended, Executive Order No.
and conditions are complied with:
9193, as Amended, Sections ^a) atid sQf) of the Trading with
(a) Such remittances do not exceed $1,000 in any one
the Enemy Act, as Amended by the First War Powers Act, 1941,
calendar month to any payee and his household and are
Relating to Foreign Funds Control*
made only for the necessary living and traveling expenses
Public Circular No. 7B, issued April 2.1, 1944, is hereby
of the payee and his household, except that an additional
revoked.
sum not exceeding $1,000 may be remitted once to such
HERBERT E. GASTON,
payee if such sum will be used for the purpose of enabling
the payee or his household to return to the United States;
Acting Secretary of the Treasury.
(b) Such remittances are not made from a blocked
account other than from an account in a banking institution within the United States in the name of, or in which
the beneficial interest is held by, the payee or members
of his household.
(2.) Methods of effecting remittances. Remittances herein
authorized shall be effected pursuant to the terms and conditions of (c) or (d), as the case may be, under (1) of General
License No. 32.. If remittances cannot be effected pursuant
to (c) under (1) of General License No. 31, domestic banks
are authorized to effect such remittances in any of the following three ways:
(a) By establishing or maintaining free dollar accounts;
(J>) By payment of the dollar amount of the remittance
to a domestic bank for credit to a blocked account in the
name of a banking institution within any blocked country;
or
(c) By payment of the dollar amount of the remittance
to a domestic bank for credit to the dollar account of a
banking institution which is not a national of any blocked
country.
( 3 ) Duty of persons and domestic banks acting under this
license. All persons making such remittances and all domestic
banks effecting such remittances shall satisfy themselves that
the foregoing terms and conditions are complied with.
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55
Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785,
June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9,
1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as
amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940,
as amended June 14, 1941, and July 26, 1941.
778
Treasury Department
Foreign Funds Control
July 14, 1945
GENERAL LICENSE N O . 32-A,
AS AMENDED
Under Executive Order No. 8389, as Amended, Executive Order No.
9193, as Amended, Section / ( £ ) of the Trading with the Enemy
Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control. \
General License No. 3iA is hereby amended to read as
follows:
Qi~) Certain remittances to Italy for living expenses authorized.
A general license is hereby granted authorizing remittances
by any person through any domestic bank to any individual
within Italy, and any domestic bank is authorized to effect
such remittances, provided the following terms and conditions are complied with:
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48
Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as
amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941;
Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8,
1945; Regulations, April 10,1940, as amended June 14,1941, and July 26,
1941.
t Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. .1; 54 Stat. 179; 55
Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order
8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec.
9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942,
as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10,
1940, as amended June 14, 1941, and July 26, 1941.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
(a) Such remittances are made only for the necessary
living expenses of the payee and his household and do not
exceed $i,ooo in any one calendar month to any one
household;
(b) Such remittances are not made from (i) a blocked
account in which any citizen or subject of a country
named in paragraph 4(b)(0 °^ General Ruling No. n
has any interest, or (ii) any other blocked account except
an account in a banking institution within the United
States in the name of, or in which the beneficial interest
is held by, the payee or a member of his household;
and
(c) Such remittances are effected only by the payment of
the dollar amount of the remittance to a domestic bank
for credit to a post-liberation blocked account in the
name of the head office of a banking institution in Italy.
(2.) Duty of persons and domestic banks acting under this
license. All persons making such remittances and all domestic
banks effecting such remittances shall satisfy themselves that
the foregoing terms and conditions are complied with.
(3) Reports by domestic banks effecting remittances. Domestic
banks through which any such remittances originate shall
execute promptly Section A of Form TFR-132. with respect
to each such remittance. When so executed, such form shall
be forwarded promptly to the domestic bank ultimately
transmitting abroad (by cable or otherwise) the payment
instructions for such remittance and the latter bank shall
submit monthly to the appropriate Federal Reserve Bank a
report on Form TFR-i, in duplicate, stating the number of
remittances which were transmitted abroad during the
preceding calendar month and the total dollar amount of
such remittances. In cases where the domestic bank through
which any such remittances originate is also the bank ultimately transmitting abroad the payment instructions for
such remittances, such bank shall merely include the number
and total dollar amount of such remittances in its monthly
report on Form TFER-i.
AUGUST
1945
(4) Reports by domestic banks maintaining post-liberation
blocked accounts. Domestic banks maintaining post-liberation
blocked accounts pursuant to this general license shall report
promptly the establishment of such accounts, and the balances
therein at the end of each calendar month, to the appropriate
Federal Reserve Bank.
(5) Refunds. Domestic banks are authorized to refund
the amount of any remittance ordered pursuant to this general
license when such domestic banks are advised that such
remittance cannot be effected.
(6) Waiver of General Ruling No. jA. Domestic banks are
authorized, notwithstanding General Ruling No. 5A, to
send to and receive from the head offices of banking institutions within Italy non-negotiable bank payment orders
covering remittances or refunds authorized herein.
(7) Definitions. As used in this general license:
(a) The term "household" shall mean:
(i) those individuals sharing a common dwelling as
a family; or
(ii) any individual not sharing a common dwelling
with others as a family.
(b) The term "post-liberation blocked account" shall
mean a blocked account:
(i) which is established pursuant to this license or
any other license or other authorization expressly referring to a post-liberation blocked account;
(ii) to which funds may be credited only pursuant to
this license or any other license or other authorization
expressly referring to a post-liberation blocked account;
and
(iii) with respect to which payments, transfers, or
withdrawals or other dealings may not be made or
effected except pursuant to this license or any other
license or other authorization expressly referring to a
post-liberation blocked account.
HERBERT E. GASTON,
Acting Secretary of the Treasury.
779
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled August 24, and released for publication August 26. Figures shown on
charts may differ from preliminary figures used in text.
Production and employment at factories
declined somewhat further in June, reflecting
mainly reduced output of munitions. Values of
department store sales in June and the early
part of July were considerably above year-ago
levels.
fabricating plants, due primarily to the large
drop in military demand for most aluminum
and copper products.
Production of most nondurable goods showed
little change in June. Civilian supplies of some
of these goods such as butter and tobacco products
have increased in July as a result of reduced
INDUSTRIAL PRODUCTION
military purchases. Distilleries have been perIndustrial production declined about 2. per
mitted to produce beverage alcohol in July.
cent in June and the Board's seasonally adjusted
Production of shoes and textile products for
index was 12.2. per cent of the 1935-39 average
civilians is expected to increase by autumn.
as compared with 2.2.6 in May and 2.^^ in March
Output of minerals rose 5 per cent in June,
of this year.
reflecting mainly a large rise in coal production
Reduced activity in munitions industries acto the highest rate since last November. Crude
counted for most of the decrease. Aircraft
petroleum production continued to increase,
production in June was at a daily average rate 5
reflecting even greater military demand for some
per cent below May. The volume of work done
petroleum products for the Pacific War than for
on new ship construction continued to decline,
the two-front war prior to VE day.
while ship repair activity was maintained at a
Contracts awarded for most types of prihigh level. Total munitions production was
vately-owned construction increased considerabout 10 per cent below the March level, which
ably in June. The total value of private awards
was the last month under the full two-front
was three times as large as the very low level
war program. The decline is scheduled to
prevailing in 1944, while awards for Federal
accelerate in July, with over-all munitions
construction were generally smaller than last
output planned at a rate about 15 per cent below
year.
March.
DISTRIBUTION
Steel production in June and the first three
Department
store
sales, which usually decline
weeks of July was down 7 per cent from the May
from
May
to
June,
increased this year and the
level, and was 5 per cent below the correspondBoard's
seasonally
adjusted
index rose from 187
ing period a year ago. Output in the nonferrous
to
xoi
per
cent
of
the
1935-39
average. Sales
metal industries also declined, particularly at
INDUSTRIAL
PER CENT
260
DEPARTMENT STORE SALES AND STOCKS
PRODUCTION
PHYSICAL VOLUME SEASONALLY ADJUSTED, I935-39«IOO FOR TOTAL
f
1140
L
/ VV
240
220
MACHINERY 8
TRANSPORTATION
EQUIPMENT
OTAL
200
/
180
I
/
160
JJ
-
DOLLAR VOLUME SEASONALLY ADJUSTED, 1935-39*100
POINTS IN TOTAL
NONDURAE LE
MANl FACTURES
-
/
a„
OTHE
s\—
DURAB
/
.-V'
r
MINERAJ^
1937
Federal Reserve indexes. Groups are expressed in terms of points
in the total index. Monthly figures, latest shown are for June.
780
1938
1939
1940
194!
1942
1943
1944
1945
Federal Reserve indexes. Monthly figures, latest shown are for
June.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
in June were 15 per cent larger than a year ago
and in the first half of July were 2.3 per cent
larger than in the corresponding period last year.
Freight carloadings were generally maintained
in June and the early part of July. Shipments
of manufactured products, however, declined
somewhat and, allowing for seasonal changes,
were about 5 per cent below the first quarter
average. Loadings of coal in June and the first
two weeks of July were above the reduced level
prevailing in April and May.
COMMODITY PRICES
Prices of wheat and of fruits and vegetables
declined somewhat from the middle of June
to the third week of July reflecting chiefly seasonal increases in supplies. Prices of most
other farm products showed little change after
reaching a new peak for the wartime period on
June 15.
Steel scrap prices, which had declined somewhat in May, increased to ceiling levels in the
latter part of June and prices of most other
industrial materials were maintained at ceiling
levels.
During the Seventh Loan banks added substantially to their holdings of bills, certificates,
and notes, and they have also continued to increase their holdings of bonds.
Loans for purchasing and carrying Government securities extended to customers other than
brokers and dealers by weekly reporting banks
increased 1.6 billions during the four weeks
ended June 27, in contrast to 1.1 billions during
the comparable period of the Sixth drive, and 1.3
billions in the Fifth. Loans to brokers and
dealers for purchasing or carrying Government
securities started increasing somewhat earlier
and expanded more than in preceding drives.
MEMBER BANKS IN LEADING CITIES
AGRICULTURE
Production prospects for most major crops
were generally favorable on July 1. Cotton
acreage reported in cultivation, however, was 10
per cent smaller than last year, and prospective
corn production this year was indicated on July
1 to be 17 per cent smaller than last season's
large harvest.
Milk production continued at a record level in
June. The number of young chickens on farms
has increased rapidly this spring and on July
1 was 11 per cent greater than on the same date
in 1944. Marketings of cattle and sheep were
larger in June than in the same period last year,
while the number of hogs marketed continued
to be much less than in 1944.
BANK CREDIT
Reporting member banks in 101 leading cities
increased their holdings of U. S. Government
securities by 4.5 billions of dollars in the eight
weeks ending July 11, which period included the
major portion of the Seventh War Loan drive.
This amount corresponds closely to increases for
comparable periods of the two previous drives.
AUGUST 1945
Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items. Government securities include
direct and guaranteed issues. Wednesday figures, latest shown are
for July 18.
Both categories of these loans at their peaks were
above high points reached in previous drives.
Declines in these loans began in July.
Excess reserves expanded more and reached a
higher level than in any drive since the Third
War Loan drive in September 1943. Owing to
the great success of the Seventh Loan in obtaining subscriptions from nonbank investors, the
shift of funds from deposits subject to reserve
requirements to reserve-exempt United States
Government deposits and the consequent decline
in required reserves were larger than usual.
Member banks used a part of the funds thus
made available to pay off borrowings at Reserve
Banks, which had risen to a high level of over
900 million dollars in June. Reserve Bank
holdings of Treasury bills showed less decline
during and following the Seventh Loan than at
the time of the previous drive. Holdings of
certificates and notes continued to increase.
781
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans;
guarantee fees and rates under Regulation V; rates on time
deposits; reserve requirements; margin requirements
Federal Reserve Bank statistics
Guaranteed war production loans
Deposits and reserves of member banks. .
Money in circulation
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions
All banks in the United States, by classes
All insured commercial banks in the United States, by classes
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers* balances
Money rates and bond yields
"...
Security prices and new issues
Corporate earnings and dividends
Treasury
finance
Government corporations and credit agencies
Business indexes
.
Department store s t a t i s t i c s . . .
Consumer credit statistics. .
Wholesale prices
..
July crop report, by Federal Reserve districts. .
Current statistics for Federal Reserve chart b o o k . . .
Earnings and expenses of Federal Reserve Banks for the six months
ended June 30, 1945
785
786-787
787-791
791
791-791
793~794
794
795
796-797
798-799
800-803
804
805
806-807
808
809-811
811
813-811
813-815
816-817
818
819
830-831
831
Tables 00 the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the
Board; index numbers of production arc compiled by the Board on the basis of material collected by other
agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government
credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned;
data on money and security markets and commodity prices and other scries on business activity arc 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.
AUGUST 1945
783
MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
30
30
15
15
10
10
1938
1939
1940
1941
1942
1943
1944
1945
Wednesday figures, latest shown are for July. See p. 785
784
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[ In millions of dollars ]
Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
advances
Total
Treasury
bills
and
certificates
All
other
All
other1
Total
Gold
stock
Treasury
Money
curin cirrency
culaouttion
standing
TreasOther
deFedTreas- ury
posits Noneral
ury
memwith
Recash Federal ber de- serve
holdReposits
acings
serve
counts
Banks
Member
bank reserve
balances
Total
Excess
Monthly averages of
daily figures:
1944—Apr....
May..
June
1945—Apr
May
June
75
160
155
360
633
590
12,711
13,716
14,920
20,115
20,754
21,271
10,102
11,102
12,279
17,985
18,640
18,487
2,609
2,614
2,641
2,129
2,114
2,784
450
387
420
459
412
457
13,235
14,264
15,495
20,934
21,799
22,318
21,490
21,343
21,214
20,400
20,325
20,263
4,093
4,097
4,104
4,120
4,136
4,145
21,312
21,822
22,296
26,009
26,351
26,561
2,330
2,325
2,334
2,367
2,361
2,302
324
318
347
504
405
368
1,922
1,922
1,953
1,516
1,549
1,631
356
355
364
437
439
449
12,574
12,962
13,518
14,621
15,156
15,415
1,081
End of month figures:
1944—Apr. 29
May 31
June 30
1945—Apr. 30
May 31.
June 30..
118
236
13
489
875
46
13,220
14,251
14,901
20,455
20,954
21,792
10,614
11,613
12,254
18,344
18,824
18,994
2,606
2,638
2,647
2,111
2,130
2,798
462
272
358
362
303
466
13,800
14,759
15,272
21,307
22,131
22,304
21,429
21,264
21,173
20,374
20,270
20,213
4,092
4,101
4,104
4,130
4,144
4,145
21,552
22,160
22,504
26,189
26,528
26,746
2,323
2,310
2,296
2,371
2,331
2,279
400
307
650
446
362
599
2,007
1,946
1,870
1,549
1,589
1,668
356
355
364
437
440
450
12,684
13,046
12,866
14,818
15,296
14,920
1,380
Wednesday figures:
Sept. 6
Sept. 13
Sept. 20
Sept. 27. .
105
116
172
88
16,030
16,407
16,540
16,501
13,688
14,065
14,220
14,190
2,342
2,342
2,320
2,311
374
392
524
353
16,509
16,916
17,237
16,943
20,906
20,885
20,885
20,825
4,114
4,112
4,114
4,114
23,432
23,495
23,558
23,658
2,380
2,384
2,390
2,373
354
370
699
483
1,768
1,765
1,758
1,627
373
373
385
386
13,221
13,526
13,445
13,355
835
964
864
861
Oct. 4
Oct. 11
Oct. 18
Oct. 25
33
148
185
322
16,660
17,016
17,087
17,261
14,350
14,699
14,768
14,922
2,311
2,317
2,319
2,339
406
339
523
316
17,099
17,503
17,795
17,899
20,824
20,725
20,728
20,727
4,113
4,113
4,114
4,115
23,881
24,099
24,157
24,216
2,372
2,366
2,362
2,359
347
211
315
229
1,612
1,568
1,598
1,606
391
390
390
391
13,433
13,708
13,814
13,940
888
989
895
861
Nov.
Nov.
Nov.
Nov.
Nov.
359
401
357
473
593
17,605
17,957
17,941
18,411
18,553
15,259
15,605
15,586
16,054
16,196
2,346
2,352
2,355
2,357
2,357
301
296
509
457
374
18,265
18,655
18,807
19,341
19,520
20,727
20,726
20,694
20,693
20,688
4,115
4,115
4,114
4,117
4,120
24,409
24,674
24,717
24,881
24,997
2,372
2,313
2,338
2,339
2,334
216
314
119
251
292
1,633
1,640
1,488
1,567
1,549
393
395
395
395
395
14,083
14,159
14,557
14,719
14,761
1,055
383
176
218
153
18,311
18,577
19,009
19,064
15,522
15,783
16,208
16,253
2,789
2,794
2,801
2,812
435
558
886
604
19,130
19,311
20,113
19,821
20,668
20,667
20,646
20,639
4,122
4,123
4,127
4,131
25,107
25,163
25,280
25,335
2,337
2,348
2,369
2,377
258
503
901
1,636
1,597
1,621
1,601
397
397
408
409
14,184
14,092
13,958
13,969
1,260
1,184
1,155
1,260
3
10
17
24
31
30
130
129
141
176
18,734
18,907
18,651
18,620
19,006
15,927
16,120
15,880
15,880
16,272
2,808
2,787
2,771
2,739
2,734
706
449
529
459
370
19,470
19,486
19,310
19,220
19,552
20,619
20,593
20,572
20,571
20,550
4,130
4,130
4,129
4,129
4,127
25,326
25,257
25,209
25,175
25,290
2,368
2,372
2,370
2,380
2,371
592
528
334
479
648
1,609
1,590
1,538
1,397
1,634
402
405
404
404
402
13,921
14,057
14,156
14,085
13,884
1,158
1,197
1,161
1,049
Feb. 7
Feb. 14
Feb. 21
Feb. 28
200
230
294
321
19,062
19,181
19,231
19,439
16,340
16,465
16,534
16,748
2,722
2,716
2,698
2,692
442
506
478
398
19,703
19,918
20,003
20,158
20,548
20,507
20,506
20,506
4,126
4,124
4,124
4,122
25,411
25,533
25,652
25,751
2,372
2,389
2,384
2,355
593
547
517
460
1,643
1,649
1,672
1,581
409
409
410
410
13,950
14,022
13,999
14,228
922
975
851
965
Mar. 7
Mar. 14
Mar. 21
Mar. 28
304
255
192
218
19,350
19,576
19,493
19,516
17,152
17,378
17,294
17,326
2,198
2,198
2,198
2,190
495
465
488
341
20,150
20,296
20,173
20,074
20,454
20,453
20,451
20,419
4,121
4,120
4,120
4,118
25,864
25,881
25,836
25,834
2,365
2,364
2,360
2,356
288
263
96
310
1,586
1,485
1,447
1,377
415
417
427
429
14,208
14,459
14,579
14,305
1,013
1,067
Apr. 4
Apr. 11
Apr. 18
Apr. 25
220
323
341
508
19,580
20,091
20,153
20,444
17,414
17,975
18,037
18,331
2,167
2,116
2,116
2,113
455
349
478
358
20,255
20,763
20,973
21,310
20,418
20,417
20,396
20,374
4,117
4,118
4,117
4,120
25,865
25,939
26,068
26,074
2,379
2,364
2,374
2,371
335
409
430
651
1,420
1,553
1,594
1,563
438
439
437
437
14,353
14,593
14,582
14,708
934
946
806
835
May 2
May 9
May 16
May 23
May 30
569
552
487
724
886
20,479
20,720
20,668
20,929
21,023
18,374
18,617
18,555
18,809
18,891
2,104
2,103
2,113
2,120
2,132
358
318
432
327
349
21,406
21,589
21,587
21,980
22,258
20,374
20,352
20,351
20,271
20,270
4,130
4,132
4,137
4,142
4,141
26,204
26,312
26,372
26,399
26,500
2,382
2,384
2,376
2,319
2,315
423
447
102
526
426
1,571
1,463
1,541
1,592
1,619
438
439
438
440
439
14,892
15,029
15,246
15,117
15,371
1,045
June
June
June
June
6
13
20
27
912
852
307
203
20,896
21,103
21,507
21,693
18,126
18,323
18.710
18,896
2,771
2,780
2,797
2,797
398
392
473
315
22,207
22,347
22,287
22,211
20,268
20,268
20,265
20,263
4,145
4,146
4,145
4,144
26,513
26,533
26,536
26,628
2,314
2,292
2,297
2,314
352
170
347
687
1,546
1,550
1,710
1,774
443
444
452
454
15,452
15,771
15,354
14,760
1,098
1,237
1,454
1,362
July 3
July 11
July 18
July 25
39
73
126
229
21,745
21,544
21,613
21,570
18,948
18,747
18,816
18,871
2,798
2,798
2,798
2,799
464
411
430
331
22,249
22,028
22,170
22,129
20,213
20,214
20,213
20,212
4,145
4,145
4,144
4,144
26,834
26,932
26,901
26,926
2,285
2,230
2,274
2,279
667
585
690
594
1,647
1,617
1,553
1,539
450
453
450
450
14,722
14,570
14,660
14,699
1 ...
8
15
22
29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
1945—Jan.
Jan.
Jan.
Jan.
Jan.
1,250
886
868
931
1,005
1,339
865
836
918
1,038
1,585
894
869
998
1,151
869
899
852
927
961
866
1,113
1,408
1,136
l,229
^1,154
p
p
1
2
Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
End of month and Wednesday figures are estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
AUGUST 1945
785
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect July 31. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations maturing or
callable in one year
or less (Sec. 13)
Federal Reserve Bank
Effective
Rate
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.. .._
San Francisco
Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the XL S=
(last par. Sec. 13)
Advances secured by
Government obligations
maturing or callable
beyond one year and Other secured advances
[Sec. 10(b)]
discounts of and
advances secured by
eligible paper 1
(Sees. 13 and 13a)
Rate
Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Mar.
Feb.
Mar.
Mar.
Apr.
Mar.
Apr.
27, 1942
30, 1942
17, 1942
27, 1942
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
21, 1942
28, 1942
14, 1942
28, 1942
11, 1942
21, 1942
4, 1942
Rate
Effective
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.
To others
To nonmember banks
Rate
27, 1942
30, 1942
17, 1942
12, 1942
28, 1942
15, 1942
29, 1942
14, 1942
30, 1942
27, 1942
17, 1942
28, 1942
Effective
Rate
Effective
Sept 1, 1939
Aug. 25, 1939
Mar. 21, 1942
Apr, 11, 1942
Mar. 14, 1942
Sept. 16, 1939
Sept. 1, 1939
Sept, 16, 1939
Mar. 28, 1942
Sept. 16, 1939
Sept. 16, 1939
Apr. 4, 1942
2
V
Oct.
Oct.
Oct.
Oct,
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
27. 1942
30, 1942
17, 1942
27, 1942
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
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 inter-
paragraph of Section 13 is 90 days.
Back figures.—zee Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum]
Maturity
Treasury bills1
Bankers' acceptances:2
1- 90 days
91-120 days
121-180 days
Rate on
July 31
In effect beginning—
%
Apr. 30, 1942
\
Previous
rate
1 Established rate at which Federal Reserve Banks stand ready to buy
all Treasury bills offered. Effective Aug. 3, 1942, purchases of such bills,
if desired by the seller, were made on condition that the Reserve Bank,
upon request before maturity, would sell back bills of like amount and
maturity at the same rate of discount. Since May 15, 1943, all purchases
have
been made subject to repurchase option.
2
Minimum buying rates on prime bankers' acceptances.
Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445.
GUARANTEE FEES AND MAXIMUM INTEREST AND COMMITMENT RATES CHARGEABLE UNDER REGULATION
V O N LOANS GUARANTEED BY WAR DEPARTMENT,
NAVY DEPARTMENT, AND MARITIME COMMISSION UNDER EXECUTIVE ORDER N O . 9112
AND CONTRACT SETTLEMENT ACT
OF 1944
[Rates in effect July 31]
FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS
80 or less
85
90
95
Over 95
To industrial or
commercial
businesses
1
1
Oct. 20, 1933
Oct. 20, 1933
Oct. 20, 1933
Percentage of loan guaranteed
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT*
Maturities not exceeding five years
[In effect July 31. Per cent per annum ]
Guarantee fee
(In terms of percentage of amount
of interest payable
by borrower)1
10
15
20
30
50
On discounts or
purchases
Federal Reserve
Bank
On comPortion
Re'or which
mitments
institu- maining
tion is
portion
obligated
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1(3) 1
23^-5
(?
2^-5
23^-5
[Per cent per annum]
Maximum rate of interest
Maximum commitment rate.
1
2
Guarantee fee is charged only on guaranteed portion of loan.
Based on average daily unused balance of the maximum principal
amount of the loan. The financing institution may, in the alternative,
charge a flat fee of not to exceed $50, without regard to the amount or
maturity of the commitment.
786
3^-1 M
61^-11^
2^-5
VrVfc
Yz-VA
1
See table on maximum interest and commitment rates chargeable
under
Regulation V for rates on guaranteed Section 13b loans.
2
Including
loans made in participation with financing institutions.
3
Rate
charged borrower less commitment rate.
4
Rate
charged
borrower.
5
May charge rate charged borrower by financing institution, if lower.
6
Charge of \i per cent is made on undisbursed portion of loan.
Backfigures.—SeeBanking and Monetary Statistics,Table 118, pp. 446-447.
MAXIMUM RATES O N TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum ]
Nov. 1,1933Jan.31,1935
MAXIMUM RATES THAT MAY B E CHARGED BORROWERS BY
FINANCING INSTITUTIONS
To financing institutions
Feb. 1,1935Dec. 31,1935
Effective
Jan.1,1936
Savings deposits
Postal savings deposits...
Other deposits payable:
In 6 months or more—
In 90 days to 6 months.
In less than 90 days....
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the rate
payable by a member bank may not in any event exceed the maximum
rate payable by State banks or trust companies on like deposits under
the laws of the State in which the member bank is located.
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
MARGIN REQUIREMENTS^
[ Per cent of market value J
Net demand deposits 1
Period in effect
Central
reserve
city
banks
June 21, 1917-Aug. 15, 1936
Aug. 16, 1936-Feb. 28, 1937
Mar> 1, 1937-Apr. 30, 1937.
May 1, 1937-Apr. 15, 1938
Apr. 16, 1938-Oct. 31, 1941
Nov. 1, 1941-Aug. 19, 1942
Aug. 20, 1942-Sept. 13, 1942
Sept. 14, 1942-Oct 2, 1942
Oct. 3, 1942 and after
Time
deposits
(all
member
banks)
Reserve
Country
city
banks
banks
10
15
13
22%
26
22%
26
24
22
20
7
20
20
20
20
20
Regulation T
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U
For loans by banks on stocks
3
514.
6
5
6
6
6
14
12
14
14
14
14
17/^
Nov. 1, Feb. 5, Effec19371945Feb. 4, July 4, July 5,
1945
1945
Prescribed in accordance with Securities
Exchange Act of 1934
40
50
50
50
1
Regulations T and U limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of the extension; t h e "margin
requirements" shown in this table are the difference between the market
value (100%) and the maximum loan value.
Back figures —See Banking and Monetary Statistics, Table 145, p. 504.
6
1
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.
P R I N C I P A L ASSETS A N D LIABILITIES O F ALL FEDERAL RESERVE B A N K S
_[In_thou_sands of dollars]
Wednesday
Item
Total gold certificate
reserves
July 18
July 11
July;
18,109,370
18,109,946 17,980,569 18,054,516 18,823,348
Discounts and advances:
For member banks
For nonmember banks, etc
228,693
730
125,320
730
72,149
730
229,423
126,050
2,948
500
3,325
4,734,232
7,962,744
6,074,011
1,685,950
1,112,642
Liabilities
Federal Reserve notes.
Deposits:
Member bank—reserve
account
U. S. Treasurer—general
account
Foreign
Other deposits
Total deposits...
July
18,040,569 18,051,368 18,053,128 18,054,517 18,106,568 18,108,480
202,184
Total Reserve Bank
credit outstanding
1944
June
July
17,412,465 17,320,615 17,355,214 18,396,122
659,954
699,302
697,481
427,226
206,216
Total U. S. Government
securities, including
guaranteed securities. .
Other Reserve Bank credit outstanding
June 6
17,421,210
688,160
208,099
Industrial loans
Acceptances purchased
U. S. Government securities:
Direct:
Bills:
Under repurchase option
Other
Certificates:
Special
Other
Notes
Bonds
Guaranteed
1945
June 13
June 20
June 27
17,366,615 17,366,610 17,363,915 17,344,215 17,407,210 17,411,215
673,954
684,758
689,213
697,265
710,302
699,358
Other cash.
Total discounts and
advances
End of month
1945
July 25
Assets
Gold certificates
Redemption fund for F .R. notes.
figures
216,55-
249,361
248,770
247,330
229,792
212,909
280,944
38,
202,469
306,584
851,134
790
911,334
790
301,328
730
46,082
36,114
965
72,879
38,884
202,469
306,584
851,924
912,124
302,058
46,082
37,079
3,254
3,203
3,293
3,499
4,200
4,104
3,094
486
3,147
10,838
4,823,752
7,951,049
4,716,434
7,978,409
4,807,772
8,087,965
4,784,923
8,187,195
4,639,971
8,232,260
4,538,611
8,214,796
4,682,258
8,055,176
4,803,559
8,006,702
4,874,482
8,087,965
3,563,858
5,500,697
6^041,011
1,684,950
1,112,642
6,052,011
1,684,950
1,112,642
6,052,011
1,684,950
1,112,642
5,924,011
1,683,950
1,112,642
5,838,011
1,683,950
1,112,642
5,569,761
1,666,950
1,112,642
5,388,261
1,657,950
1,112,642
6,096,011
1,697,950
1,112,642
6^032,011
1,684,950
1,112,642
3,381,990
1,119,571
1,345,936
2,500
201,711
21,569,579 21,613,404 21,544,446 21,745,340 21,692,721
326,502
427,071
407,664
461,200
312,499
21,506,834 21,102,760
469,641
22,128,952 22,169,850 22,028,243 22,248,627 22,210,982 22,286,558
23,193,972 23,175,767 23,151,382 23,101,373 22,942,621
585,128
1,243,385
373,605
689,720
1,194,048
358,457
667,488
1,206,699
440,150
687,287
1,297,666
476,382
45.0:
394,382
336,699
462,864
362,948
22,346,836 22,206,897 22,359,201 22,304,143 15,325,417
22,859,622
23,313,877 23,018,860
19,126,734
15,771,176
15,452,113
14,793,630 14,919,911
12,855,406
169,626
1,230,572
319,572
352,297
1,188,401
357,438
585,536
1,102,726
413,651
387,851
1,248,166) 1,443,743
420,236
335,290
17,350,249
16,895,543
17,187,521 15,022,290
347,240
1,268,960
440,756
.6,831,739 16,902,223 16,772,524 17,036,620 17,221,325 17,411,191
Ratio of gold certificate reserves
to deposit and F.R. note liabilities combined (per cent). .
20,896,287 21,716,864 21,792,050 14,914,552
22,873,226 22,865,212
14,698,795 14,659,998 14,570,406 14,722,283 14,759,990 15,354,235
593,568
1,128,569
410,8
387,952
599,208
55.1
44.9
45.2
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
fTn thousands of dollars]
July 25, 1945
Discounts and advances
Industrial loans
Acceptances purchased.. _.
U. S. Government securities
AUGUST 1945
Total
229,423
2,948
500
21,569,579
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days
to 6
months
6 months
to
1 year
1 year
to
2 years
5,050
211,259
8,470
4,644
106
356
"524
1,800
30
5
7
337
163
3,769,025 2,050,994 4^986^585 4,563,962 "610,850 4,059,371 "273,800
2 years
to
5 years
Over
5 years
120
507,652
747,340
787
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates:
June 27
July 3
July 11
July 18
July 25
Redemption fund for
F. R. notes:
June27
July 3
July 11
July 18
July 25
Total gold certificate
reserves:
June 27
July 3
July 11
. ..
July 18
July 25
Other cash:
June 27
July 3
July 11
July 18
July 25
Discounts & advances:
Secured by U. S.
Govt. securities:
June 27
July 3
July 11
July 18
July 25
Other:
June 27
July 3
July 11
July 18
July 25
Industrial loans:
June 27
July 3
July 11
July 18
July 25
Acceptances purchased:
June 27
July 3
July 11
July 18
July 25
U. S. Govt. securities:
Bills:
Under repurchase
option:
June 27
July 3
July 11
July 18
July 25
Other bills:
June 27
July 3
July 11
July 18
July 25
Certificates:
June 27
July 3
July 11
July 18
July 25
Boston
New
York
Philadelphia
Cleveland
131,935
111,569
110,966
110,600
109,984
48,052
52,886
52,859
55,220
55,045
62,916
72,781
72', 762
72,651
72,512
51,180
55,394
55,281
56,686
55,861
18,106,568 1,022,300 4,759,515 1,045,932 1,443,419
18,054,517
798,509 5,387,105 836,248 1,209,148
18,053,128
799,141 5,423,460 840,616 1,168,355
18,051,368
816,297 5,389,917 850,172 1,169,710
18,040,569
784,217 5,460,337 837,340 1,171,497
984,232
854,044
833,543
825,116
829,334
7,250
1,400
2,950
6,400
3,380
11,025
25
12,500
1,000
335
3,293
3,203
3,254
3,325
2,948
128
128
128
127
126
7
2,408
2,318
2,369
2,422
2,047
500
7
7
94,959
94,852
94,474
94,353
86,248
712,046
551,999
555,290
560,208
560,861
382,367
321,793
307,925
310,075
309,055
686,686
564,661
560,667
572,443
570,779
27,469
24,808
24,375
25,769
25,306
9,775
9,132
8,843
8,978
9,681
4,636
4,445
4,236
4,374
4,539
12,276
11,738
11,569
11,849
11,712
10,178
10,239
8,951
9,244
9,737
25,343
23,963
25,490
24,479
25,423
2,550
8,000
7,650
21,550
26,593
22,600
4,700
2,530
3,630
7,930
300
3,175
325
2,500
6,500
8,500
75
75
75
75
875
9,700
6,450
150
315
2,315 ""2,700
3,116
700
1,900
7,586
46,075
45,979
45,928
45,845
45,657
137,159
23,114
36,429
69,629
151,574
19,846
24,811
24,788
24,754
24,675
19,537
17,816
17,842
18,695
18,046
699,358
710,302
689,213
684,758
673,954
2,035
930
3,200
12,750
11,600
28,898
31,864
31,855
31,829
31,744
930,486 3,243,431
954,965 3,526,779
967,278 3,570,106
955,629 3,592,296
945,545 3,540,122
933,052
798,650
778,262
768,430
773,473
202,469
38,884
72,879
126,050
229,423
16,259
16,246
16,543
17,329
17,295
33,717
38,672
38,660
38,624
38,551
1,380,503
1,136,367
1,095,593
1,097,059
1,098,985
22,588
21,345
20,937
20,474
21,888
2,250,171
2,498,812
2,464,397
2,462,226
2,495,653
124,638
124,495
104,470
96,344
96,129
997,880
783,362
787,757
794,952
782,295
18,877
17,566
17,718
17,391
17,257
531,178
430,791
443,088
428,172
424,906
366,108
305,547
291,382
292,746
291,760
4,627,580
5,275,536
5,312,494
5,279,317
5,350,353
32,241
28,719
32,469
33,310
34,826
657,788
532,797
528,812
540,614
539,035
678,329
513,327
516,630
521,584
522,310
976,225
752,530
753,213
770,452
738,560
19,284
17,969
18,042
19,274
18,048
San
Francisco
Minneapolis
17,407,210
17,344,215
17,363,915
17,366,610
17,366,615
216,554
201,711
202,184
206,216
208,099
Dallas
St.
Louis
Richmond
14,350
13 971
ll',712
12,379
11,636
Atlanta
Chicago
889,603 3,118,793
914,212 3,402,284
926,651 3,465,636
915,106 3,495,952
905,292 3,443,993
40,883
40,753
40,627
40,523
40,253
85
85
85
85
85
700
650
275
275
275
300
300
Kansas
City
551,024 2,345,130
455,602 2,593,664
467,876 2,558,871
452,926 2,556,579
449,581 2,581,901
30
8^500
375
375
375
375
375
15
15
15
15
15
500
4,784,923
4,807,772
4,716,434
4,823,752
4,734,232
51,568
68,234
81,242
64,285
91,451
3,201,441
3,128,697
3,027,875
3,054,124
2,944,304
184,237
187,252
195,577
198,207
209,741
68,827
68,887
82,178
93,788
116,365
34,390
28,951
35,813
47,347
36,548
24,000
17,200
16,100
16,300
20,800
774,220
833,190
764,425
794,315
825,325
77,568
77,984
96,753
99,451
107,620
21,045
28,475
36,850
44,270
44,370
12,740
27,330
24,260
34,490
29,185
30,021
36,221
38,201
33,160
30,570
304,866
305,251
317,160
344,015
277,953
8,187,195
8,087,965
7,978,409
7,951,049
7,962,744
661,606
788,412
760,253
762,572
750,855
521,473
498,044
685,147
688,115
667,257
677,590
956,774
1,208,311
1,224,026
1,217,792
1,199,741
685,192
831,645
822,536
820,261
821,233
641,337
626,607
619,199
617,349
618,140
1,525,321
1,061,752
999,746
1,008,822
1,024,159
357,918
483,658
473,328
475,829
471,478
251,196
305,745
306,015
302,556
295,688
465,525
605,529
601,885
591,399
595,494
331,881
419,437
426,062
433,584
428,516
1,290,928
1,071,722
1,057,244
1,053,628
1,079,850
5,924,011
6,052,011
6,052,011
6,041,011
6,074,011
409,588
425,192
425,192
424,403
426,775
1,465,521
1,503,519
1,503,519
1,500,836
1,508,874
458,112
457,713
457,713
456,870
459,403
571,433
577,443
577,443
576,350
579,636
378,864
380,218
380,218
379,524
381,602
306,602
323,795
323,795
323,222
324,936
740,108
787,376
787,376
785,978
790,166
290,297
305,885
305,885
305,355
306,943
160,636
161,029
161,029
160,721
161,649
289,423
279,391
279,391
278,862
280,448
256,488
260,369
260,369
259,900
261,310
596,939
590.081
590,081
588,990
592,269
27
3..
11
18
25
1,683,950
1,684,950
1,684,950
1,684,950
1,685,950
116,428
118,378
118,378
118,373
118,458
416,587
418,595
418,595
418,611
418,815
130,222
127,433
127,433
127,429
127,515
162,436
160,768
160,768
160,756
160,887
107,695
105,857
105,857
105,857
105,922
87,155
90,148
90,148
90,153
90,192
210,381
219,214
219,214
219,224
219,325
82,520
85,162
85,162
85,169
85,198
45,662
44,833
44,833
44,828
44,868
82,271
77,786
77,786
77,781
77,844
72,908
72,490
72,490
72,490
72,531
169,685
164,286
164,286
164,279
164,395
June 27
July 3
July 11
July 18
July 25
Total U. S. Govt.
securities:
June 27
July 3
1,112,642
1,112,642
1,112,642
1,112,642
1,112,642
76,928
78,170
78,170
78,166
78,176
275,253
276,416
276,416
276,426
276,397
86,042
84,149
84,149
84,147
84,153
107,327
106,162
106,162
106,154
106,177
71,158
69,902
69,902
69,902
69,903
57,586
59,528
59,528
59,532
59,522
139,006
144,756
144,756
144,762
144,744
54,524
56,236
56,236
56,241
56,226
30,170
29,605
29,605
29,602
29,611
54,359
51,365
51,365
51,362
51,373
48,173
47,868
47,868
47,868
47,867
112,116
108,485
108,485
108,480
108,493
21,692,721
21,745,340
21,544,446
21,613,404
21,569,579
1,316,118
1,478,386
1,463,235
1,447,799
1,465,715
5,880,275
5,327,227
5,226,405
5,249,997
5,148,390
1,356,657
1,541,694
1,552,987
1,533,910
1,558,402
1,866,797
2,121,571
2,150,577
2,154,840
2,162,806
1,277,299
1,416,573
1,414,326
1,422,891
1,415,208
1,116,680 3,389,036
1,117,278 3,046,288
1,108,770 2,915,517
1,106,556 2,953,101
1,113,590 3,003,719
862,827
1,008,925
1,017,364
1,022,045
1,027,465
508,709
569,687
578,332
581,977
576,186
904,318
1,041,401
1,034,687
1,033,894
1,034,344
739,471
836,485
844,990
847,002
840,794
2,474,534
2,239,825
2^237^256
2,259,392
2,222,960
June
July
July
July
July
July 11.
July 18
July 25
788
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Philadelphia
Total
Total loans and s e c : j
June 27
21,898,483
July 3.
21,787,427
July 11.
21,620,579
July 18
21,742,779
July 25
21,802,450
Due from foreign
banks:
June 27
110
July 3.
110
July 11.
110
July 18
110
July 25
110
Federal Reserve notes
of other banks:
June 27
84,283
July 3
83,486
July 11
93,069
July 18
100,789
July 25
97,488
Uncollected items:
une 27
1,829,422
'uly 3
1,928,090
uly 11
1,821,483
"uly 18
2,020,743
uly 25
1,746,655
Bank premises:
June 27
34,094
July 3
34,055
July 11
34,057
July 18
34,057
July 25
34,015
Other assets:
June 27
55,447
July 3
56,499
July 11
57,241
July 18
61,320
July 25
63,914
Total assets:
une 27
42,224,961
'uly 3
42,145,895
uly 11
41,881,851
r
uly 18
42,217,382
] uly 25
41,993,300
Liabilities
Federal Reserve notes:
June 27
July 3
July 11
July 18
July 25
Deposits:
Member bank—
reserve account:
June 27
July 3
July 11
July 18
July 25
U. S. T r e a s u r e r general account
June 27
July 3
July 11
July 18
July 25
Foreign:
June 27
July 3
July 11
July 18
July 25
Other:
June 27
July 3
July 11
July 18
July 25
Total deposits:
June 27
July 3
July 11
July 18
July 25
Deferred availability
items:
June 27
July 3
July 11
July 18
July 25
318,281
479,444
466,563
460,677
,477,441
6,017,441
5,350,348
5,262,481
5,319,626
5,300,464
1,366,315
1,545,412
,558,306
1,542,732
1,563,829
Cleveland
Richmond
877,822 1,283,834
121,596 1 ,416,973
163,077 1,416,726
155,840 1,426,092
163,141 1,422,879
Atlanta
Chicago
116,830 3,391,861
117,278 3,054,563
111,470 ,923,442
107,256 2,974,951
115,490 ,030,612
San
Francisco
St.
Louis
Minneapolis
Kansas
City
Dallas
885,427
,013,625
,019,894
,025,675
,035,395
509,009
569,687
578,332
582,677
576,836
907,508
,041,741
,037,202
,040,409
,042,859
739,
,484,609
836,560 2 ,240,200
,237,661
845,
847,077 2,259,767
841,669 2,231,835
136
HO
140
140
140
5,928
6,007
6,560
7,414
4,002
13,158
15,580
17,997
21,387
17,442
3,644
4,195
4,873
5,521
5,736
4,881
4,430
4,151
4,471
4,680
5,839
4,873
5,623
6,762
7,690
8,271
8,015
8,195
7,415
8,582
9,482
8,705
9,744
10,379
9,139
6,855
5,287
6,665
6,174
6,641
2,840
2,624
2,570
3,324
3,350
5,725
5,621
5,766
5,597
4,895
3,377
3,572
3,408
3,185
3,264
14,283
14,577
17,517
19,160
22,067
132,325
144,686
130,658
143,685
126,060
386,551
420,054
364,121
440,059
397,877
103,189
121,267
105,924
114,990
101,724
184,501
189,589
161,554
222,041
170,759
139,322
151,458
136,077
133,716
120,558
100,729
115,632
109,701
118,465
97,864
290,024
295,290
307,864
327,754
281,822
75,565
73,561
80,927
89,454
72,694
42,790
43,963
44,019
44,144
41,185
85,030
102,925
97,192
100,347
92,252
69,093
79,942
74,718
77,983
64,610
220,303
189,723
208,728
208,105
179,250
1,582
1,582
1,582
1,582
1,582
8,803
8,784
8,784
8,784
8,784
3,385
3,385
3,385
3,385
3,373
4,045
4,045
4,045
4,045
4,036
2,818
2,818
2,818
2,818
2,808
1,590
1,590
1,590
1,590
1,587
3,139
3,139
3,141
3,141
3,141
2,092
2,088
2,088
2,088
2,086
1,242
1,239
,239
,239
,239
2,632
2,626
2,626
2,626
2,626
866
859
859
859
859
1,900
1,900
1,900
1,900
1,894
4,045
4,130
4,188
4,316
4,532
12,409
12,659
13,117
13,832
14,416
4,025
4,000
4,192
4,574
4,723
5,143
5,244
5,387
5,794
6,024
3,527
3,643
3,792
3,930
4,101
3,030
3,135
3,190
3,391
3,539
8,115
8,504
8,028
8,996
9,133
2,753
2,950
3,074
3,297
3,454
,565
,475
,567
,729
,653
2,733
2,592
2,679
2', 959
2,565
2,485
2,276
2,538
2,742
5,537
5,682
5,751
6,115
6,638
,503,753
,452,334
,426,741
,453,""
,415,889
11,230,154
11,223,289
11,122,829
,226,955
11,234,186
,545,377 ,542,409
,532,083 1,555,407
,535,024 1,527,516
,538,775 3,582,385
,533,992 3,542,035
,433,927
,447,785
,410,296
,410,818
,399,011
,180,477
,218,435
,219,270
,212,445
,190,657
,973,536 ,694,517
i,921,802 1,658,645
.,846,714 1,676,784
.,943,300 1,695,877
6,899,289 1,690,815
944,452
945,229
939,891
947,565
937,860
1,702, 593
1,731,907
1,717,704
1,736,082
1,728,085
1,376, 652
1,389,262
1,403, 156
1,393,815
1,372,465
51,097,114
5i.069,717
1,055,926
5!
5i,076,113
5,049,016
961,030
970,680
975,609
977,698
976,358
501,008
503,732
506,777
507,928
509,487
845,093
853,154
857,696
859,732
860,761
572, 180 2,933,427
581, 719 2,925,286
583, 520 2,928,429
584,020 2,927,653
582, 152 2,940,303
557,933
536,872
547,68.r
544,143
548,257
334,468
339,417
332,856
330,249
325,790
706,488
713,341
703,882
704,996
711,063
667,148 1,740,316
661,576 1,716,352
681,77. 1,719,369
665,747 1,758,030
663,086 1,746,415
5,071,400 1,512,407 2,008, 749 1,534,079 1,352, 769 4,195,625
5,116,819 1,520,243
2,021, 173 1 ,549,047 1,368,309 4:, 223,387
1
5,112,559 1,529,698 2,029, 193 1 ,555,275 1,370,545 4,235,599
810 1,372,055
5,119,"'
2,032,254 1,555,"'"
055 4,245,672
264 1,531,205
1
5,116,820 1,535,109 2,035,908 1,554,559 1,371,112 4,254,52"
22,942,621
23,101,373
23,151,382
23,175,767
23,193,972
,454,854
,467,824
,466,482
,462,476
,456,876
14,759,990
14,722,283
14,570,406
14,659,998
14,698,795
688,499
675,646
681,483
692,505
684,353
4,730,592
4,710,985
4,588,300
4,652,788
4,738,901
687,287
667,488
585,128
689,720
593,568
101,26
64,916
43,130
50,153
47,579
124,976
218,921
197,447
220,839
139,864
44,470
35,943
37,994
37,319
50,70'
58,730
39,12"
76,038
67,591
63,879
58,384
26,558
25,496
33,965
44,271
24,504
24,337
22,322
22,764
17,88.
120,373
65,138
44,504
101,153
77,026
40,874
21,773
17,141
27,043
36,566
29,478
22,968
23,263
31,354
29,842
16,366
18,809
16, "28,172
24,706
22,831
24,848
23,064
24,519
22,341
45.034
104,150
58,042
44,848
38,903
297,666
206,699
243,385
194,048
,128,569
86,32
79,980
80,77
77,132
72,839
2501,17'
2463,804
2497,918
2466,026
2450,330
109,441
102,159
102,429
100,300
93,288
108,197
100,998
101,265
99,160
92,228
52,233
48,757
48,887
47,871
44,52.
43,528
40,631
40,739
39,892
37,103
161,67.
150,916
151,316
148,17
137,812
37,309
34,827
34,919
34,193
31,803
28,604
26,701
26,771
26,215
24,382
37,309
34,82
34,919
34,193
31,803
37,309
34,827
34,919
34,193
31,803
94,561
88,272
88,526
86,702
80,654
476,382
440,150
373,605
358,457
410,807
8,066
6,534
7,267
7,071
6,337
323,027
269,942
276,938
267,407
318,674
6,133
4,988
3,348
2,797
3,269
30,958
39,649
8,313
9,120
9,536
6,116
10,539
8,17
5,688
4,896
5,
5,433
3,843
2,52"
4,563
20,709
35,840
6,18
4,530
5,239
16,348
14,868
14,098
13,46:
12,175
6,688
5,954
2,112
2,214
2,343
1,189
1,785
1,190
2,083
1,092
1,455
2,077
1,215
1,535
1,464
50,007
42,541
40,921
40,024
41,219
17,221,325
17,036,620
16,772,524
16,902,223
16,831,739
884,159
827,076
812,657
826,861
811,108
5,679,769
5,663,652
5,560,603
5,607,060
5,647,765
905,274 1,333,410
887,909 1,328,607
879,13" 1,317,758
871,60: 1,327,437
874,69' 1,309,792
750,931
745,130
721,040
718,698
709,392
719,73' 2,476,330
735,349 2,402,112
739,476 2,338,504
719,265 2,397,38'
712,235 2,361,035
652,464
608,340
613,84C
618.84C
628,80:
399,238
395,040
385,002
390,032
382,357
761,352
768,762
756,678
769,444
768,664
1,517,033
1,467,000
1,413,929
1,593,782
1,420,263
129,127
121,89
111,916
128,05*
111,922
300,416
265,643
271,770
322,169
290,885
150,006
155,576
130,161
172,042
78,367! 145,480
123,58:
128,37!
108,538
110,75
109,3U
62,206
60,83'
68,424
80,342
66,615
29,686
32,093
32,848
35,109
31,524
77,712
91,504
84,736
88,232
79,845
745,230 1,135,525
744,819 1,148,833
735,366 1,132,142
731,185 1,151,566
727,433 1,144,149
82,193
78,600
80,646
90,316!
634,198
659,276
638,478
631,174
615,701
646,019 2,173,574
664,948 2,150,218
672,57r 2,136,503
654,082 2,143,533
652,685 2,140,962
86,637
93,626
87,940
99,444
85,799
229,13'
224,41'
2OO,57«
227,96.
211,00;
728,743 1,929,918
723,328 1,951,315
740,97111,906,858
725,994 1,929,604
718,694 1,907,191
57,667
66,118
60,685
65,669
53,385
188,665
148,314
175,686
173,689
156,125
1 After deducting $74,000 participations of other Federal Reserve Banks on June 27; and $70,000 or. July 3; July 11; July 18; and July 25.
2
After deducting $793,447,000 participations of other Federal Reserve Banks on June 27; $740,649,000 on July 3; $742,610,000 on July 11; $727,176,000 on
July 18; and $676,337,000 on July 25.
AUGUST 1945
789
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY
[In thousands of dollars]
Other liabilities including accrued div.:
June 27
July 3
July 11
July 18
July 25
Total liabilities:
June 27
July 3
July 11
July 18
July 25
Capital Accounts
Capital paid in:
June 27
July 3
July 11
July 18
July 25
Surplus (section 7):
June 27
July 3
July 11
July 18
July 25
Surplus
rplus (section
(sectio 13b):
June 27
July 3
Jy
J l 11
1
July
July 18
July 25
Other capital accounts:
June 27
July 3
July 11
July 18
July 25
Total liabilities and
capital accounts:
June 27
July 3
July 11
July 18
July 25
Commitments to make
industrial loans:
June 27
July 3
July 11
July 18
July 25
3,520
1,398
1,613
1,771
1,629
Richmond
Cleveland
831
560
597
556
576
Atlanta Chicago
1,253
836
875
876
620
417
508
463
529
2,469,0885 11,055,105 500,705 3,493,418
2,417,485i 11,047,512 487,312 3,506,192
2,391,734[ 10,946,545 490,078 3,477,987
2,418,117' 11,050,264 493,678 3,532,609
2,380,622! 11,057,103 488,749 3,492,065
409,211
422,972
385,361
385,722
373,793
12,781
7.712
8,527
8,333
8,054
41,693,760
41,612,705
41,346,362
41,680,105
41,454,028
Philadelphia
New
York
Boston
Total
948
691
679
726
716
WEEKS-Continued
Minneapolis
St.
Louis
Kansas
City
345
361
425
347
493
298
1,139
331
279
468
403
408
368
390
,159,723 ,902,983 1,676,126
,197,605 ,851,155 1,640,202
,198,318 ', 775,7291,658,234
,191,407 6,872,176 1,677,305
,169,532 6,827,776 1,672,121
930,425
931,163
925,766
933,400
923,647
1,684,625
1,713,823
1,699,518
1,717,776
1,709,660
580
321
357
643
386
1,891
1,239
1,047
1,152
1,207
426
169,454
170,053
170,485
170,923
171,032
10,263
10,288
10,327
10,362
10,368
60,141
60,464
60,543
60,563
60,578
12,750
12,750
12,789
12,846
12,859
16,927
17,021
17,155
17,241
17,269
6,794
6,812
6,829
6,873
6,883
6,125
6,145
6,171
6,175
6,178
20,341
20,367
20,412
20,447
20,454
5,466
5,468
5,482
5,488
5,501
3,689
3,696
3,704
3,707
3,711
5,456
5,509
5,523
5,623
228,153
228,153
228,153
228,153
228,153
15,239
15,239
15,239
15,239
15,239
84,903
84,903
84,903
84,903
84,903
19,872
19,872
19,872
19,872
19,872
19,071
19,071
19,071
19,071
19,071
7,813
7,813
7,813
7,813
7,813
7,936
7,936
7,936
7,936
7,936
33,201
33,201
33,201
33,201
33,201
7,048
7,048
7,048
7,048
7,048
4,950
4,950
4,950
4,950
4,950
27,165
27,165
27,165
27,165
27,165
2,880
2,880
2,880
2,880
2,880
7,143
7,143
7,143
7,143
7,143
4,468
4,468
4,468
4,468
4,468
1,007
1,007
1,007
1,007
1,007
3,290
3,290
3,290
3,290
3,290
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
527
527
527
527
527
106,429
107,819
109,686
111,036
112,922
6,283
6,442
6,561
6,654
6,780
22,862
23,267
23,695
24,082
24,459
7,582
7,681
7,817
7,911
8,044
11,986
12,116
12,296
12,457
12,623
6,819
6,898
7,003
7,120
7,232
5,931
5,987
6,083
6,165
6,249
15,582
15,650
15,943
16,047
16,429
2,503,753 11,230,154 2,545;,377 3 ,542,409
2,452,334 11,223, ' ,532;083 3,555,407
2,426,741 11,122,829 2 ,535,024 3,527,516
2,453,252 11,226,955 2,538,775 3,582,385
2,415,889 11,234,186 2,533,992 3,542,035
2,433,92'
2,447,78;
2,410,296
2,410,818
2,399,011
2,180,477
2,218,435
2,219,270
2,212,445
2,190,657
42,224,961
42,145,895
41,881,851
42,217,382
41,993,300
5,391
5,152
5,097
5,040
5,428
3,469
3,356
3,301
3,246
3,615
225
225
225
225
225
20
Dallas
484 j
486!
280!
327j
365
San
Francisco
1,267
718
663
695
745
,359,074 5,053.277
,371,65115,025,633
I,385,456|5.011,636
1,376,01015,031,641
1,354,59615,004,364
5,T627
5,708
5,724
5,735
5,776
5,777
15,794
15,809
15,815
15,822
15,827
6,196
6,196
6,196
6,196
6,196
6,0251
6,025|
6,025!
6,025i
6,025
15 899
15,899
15,899
15,899
15,899
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,3071
1,307
1,307
1,307
1,307
2.U2
2.U2
2,142
2,142
2,142
5,350
5,400
5,493
5,509
5,618
4,315
4,347
4,398
4,435
4,479
5,179
5,242
5,330
5,350
5,465
4,538
4,555
4,633
4,697
4,760
10,002
10,234
10,434
10,609
10,784
6,973,536 1,694,517
6,921,
1,658,645
6,846,714 1,676,784
6,943,300 1,695,877
6,899,289 1,690,815
944,452
945,229
939,891
947,565
937,860
1,702,593
1,731,907
1,717,704
1,736,082
1,728,085
400
300
300
300
300
1,376,652 5,097,114
1,389,26215,069,717
1,403,15615,055,926
1,393,815 5.076,113
1,372,465 5,049,016
376
376
376
376
376
200
200
200
200
200
655
645
645
643
642
FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve notes outstanding (issued to Bank):
June 27
July 3
July 11
July 18
July 25
Collateral held against notes
outstanding:
Gold certificates:
June 27
July 3
July 11
July 18
July 25
Eligible paper:
June 27
July 3
July 11
July 18
July 25
U. S. Govt. securities:
June 27
July 3
July 11
July 18
July 25
Total collateral:
June 27
July 3
July 11
July 18
July 25
79°
Boston
New
York
Philadelphia
23,625,116
23,750,541
23,811,697
23,842,542
23,868,609
1,482, 810 5,236,517
1,497,460 5,264,231
1,502,436 5,263,511
1,496,707 5,265,685
1,498,461 5,259,054
10,863,000
10,836,000
11,056,000
11,104,000
11,159,000
595,
;,000 3 ,045,000
620,
>,000 3i, 220,000
620,
1,000 3 ,320,000
620,
1,000 3.,320,000
620,000 3.,320,000
628,000
528,000
528,000
493,000
493,000
137,159
23,114
36,429
69,629
151,574
7,250
1,400
2,950i
6,400
3,380
188,669
30,784
49,954
102,725
199,720
12,962,568
13,237,984
13,131,753
13,134,451
13,142,620
2,035
930
3,200
12,750
11,600
Cleveland
556,
,056,978
563,734 2,063,018
571,604 2,069,872
579, 775 ',076,685
2.
583, 293 2,078,185
812,000
615,000
625,000
630,000
635,000
900,000 2,100,000 950,000 1,250,000
900,000 2,100,000 1,050,000 1,450,000
900,000 2,000,000 1,050,000 1,450,000
900,000 2,000,000 1,100,000 1,450,000
900,000 2,000,000 1,100,000!1,450,000
24,014,237 ,497,035 5,282,159
24,104,768 520,930 5,343,114
24,237,707 523,200 5,356,429
24,341,176 532,750 5,389,629
24,501,340 ,531,600 5,471,574
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas Dallas
apolis City
San
Francisco
1,571,030 1 ,409,
,256,582
1,582,874 1,409, 708 4 ,295,865
1,586,497 1,422, 166 4,310,246
1,592,950 1,420, 540 4,316,364
1,588,776 1,427, 457 4,319,589
1,011,589 511,377 871,091
.
601,869 3,058,808
1,014,886 512,990 874,736 606,774 3,064,265
1,013,882 516,077:879,240 609,518 3,066,648
1,015,943 517,795 881,283 610,539 3,068,276
1,011,614 518,
",087,080
,527 614,907 3
:
620,000 1,880,000
620, 000 2",250,000
630,000 2,345,000
630, 000 2",445,000
630, 000 2,:, 445,000
400,000
330,000 239,000 1,524,000
300,000 190^000 280^000 164^000
1,524,000
'"
300,000 195, 1280,000
000 1 ,524,000
300,000 173,000 280
"0,000
000 1,524,000
300,000 173,000 280,000 164,000 1,574,000
600,000
525,000
525,000
525,000
525,000
6,450
315
2,315
3,116
7,586
1,000,000
1,075,000
1,075,000
1,100,000
1,100,000
585,250 2,062,000 1,606,450
579,400 2,065,000 1,600,315
580,950 2,075,1,000 1,602,315
599,400 2,. >,000 1,628,116
596,380 2,085,000 1,632,586
22,600
4,700
2,530
3,630
7,930
800,000
800,000
800,000
800, (
800,000
2,400,000
2,075,000
2,000,000
1,900,000
1,900,000
,420,000 4,280,000
,420,000|4,325,000
,430,000 4,345,000
,430,000 4,345,000
,430,000 4,345,000
700
650
3,175
325
2,500
6,500
8,500
9,700
30
8^500
702,568 325,000 550,000 385,000 1,600,000
802,984 325,000 600,000 460J000 1,600,000
821,753 325,000 650,000 460,000 1,600,000
824,451 350,000 650,000 460,000 1,600,000
832,620 350,000 650,000 460,000 1,600,000
1,125,168 515,300 883 ,175
1,107,684 515 000 880,325
1,124,283 520,000 932 ,500
1,128,081 523,700 936,,500
1,140,550 523,650 938 ,500
624,000(3,133,700
624,000 3,124,000
624,000 3,124,030
624,000 3,124,000
624,000 3,182,500
FEDERAL RESERVE BULLETIN
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, A N D MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Guaranteed loans
outstanding
Date
Number
Total
amount
Amount
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
1942
June 30
Sept. 30
565
1,658
2,665
310,680
944,204
2,688,397
1943
Mar. 31
June 30
Sept.30
Dec. 31
3,534
4,217
4,787
5,347
3,725,241
4,718,818
5,452,498
6,563,048
1944
Mar. 31
June 30
5,904
6,433
7,466,762 2,009,511
8,046,67: 2,064,318
1,680,040 3,615,963
1,735,77" 3,810,797
Sept.30
Oct. 31
Nov. 30
Dec. 30
6,882
7,051
7,237
7,434
8,685,753
8,985,617
9,133,750
9,310,582
1,960,785
1,895,733
1,776,539
1,735,970
1,663,489
1,611,873
1,507,709
1,482,038
4,301,322
4,367,332
4,476,988
4,453,586
7,581
7,720
7,885
8,047
r
8,2l7
8,421
9,407,853
9,517,272
9,645,328
9,872,866
'10,015,37
10,149,265
1,700,632
1,646,160
1,599,120
1,558,270
1,479,847
1,386,851
1,448,995
1,402,646
l,365,95f
1,332,050
1,272,137
1,190,944
3,911,058
3,964,830
3,963,961
4,002,772
3,994,726
3,694,618
!)pr
31
1945
Jan.
Feb.
Mar.
Apr.
May
June
31
28
31
30
31
30
69,674
137,888
356,677
230,720
632,474 1,430,121
81,108
427,918
803,720
1,245,711
999,394 1,865,618
1,428,253 1,153,756 2,216,053
1,708,022 1,413,159 2,494,855
1,914,040 1,601,518 3,146,286
r
Revised.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and amounts available to borrowers under guarantee
agreements outstanding represents amounts repaid, guarantees available
but not completed, and authorizations expired or withdrawn.
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
IAmounts in thousands of dollars]
Date (last
Wednesday or
last day of
period)
APproved
Loans Commitments
but not
outoutcom- 1 standing5 standing
pleted (amount) (amount)
Amount (amount)
Applications
approved
to date
Number
Participations
outstanding
(amount)
1936
1937
1938
1939
1940
1941
984
1,993
2,280
2,406
2,653
2,781
2,908
3,202
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
20,966
11,548
8,226
3,369
1,946
2.659
13,954
8,294
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
1942
June 2 4 . .
Dec. 3 1 . .
3,352
3,423
338,822
408,737
26,346
4,248
11,265
14,126
16,832
10,661
26,430
17,305
1943
June 30. .
Dec. 3 1 . .
3,452
3,471
475,468
491,342
3,203
926
13,044
10,532
12,132
9,270
19,070
17,930
1944
Mar. 3 1 . .
June 30. .
Sept. 30. .
Dec. 30..
3,481
3,483
3,487
3,489
503,330
510,857
519,120
525,532
1,408
45
645
1,295
11,774
11,366
9,274
3,894
9,069
4,048
4,400
4,165
18,267
11,063
9,851
2,705
1945
Jan. 31..
Feb. 28..
Mar. 3 1 . .
Apr. 30..
May 31. .
June 30...
3,491
3,492
3,493
3,500
3,502
3,502
526,659
527,700
528,936
533,037
535,117
537,331
560
585
85
1,370
220
70
4,066
3,921
4,214
4,553
4,339
3,252
3,461
3,547
3,321
3,285
4,392
5,224
2,405
2,374
2,365
2,361
2,697
2,501
1934
1935
1
Includes applications approved conditionally by the Federal Reserve
Banks
and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of
Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and the
sum of the following four columns represents repayments of advances, and
applications for loans and commitments withdrawn or expired.
AUGUST
1945
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
Month,
or
week ending Friday
Total reserves held:
1944—May
June
1945—May
June
une 1
une 8
une 15
une 22
une 29
uly 6
uly 13
uly 20
Excess reserves:
1944—May
June
1945-May
June
June 1
une
une
une
une
uly
uly
uly
8
15
22
29
6
13
20
Borrowings at Federal
Reserve Banks:
1944—May
June
1945—May
June
une
une
une
une
une
uly
uly
uly
1
8
15
22
29
6
13
20
All
mem-.
ber
banks 1
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks 1
12,962
13,518
15,156
15,415
3,706
3,859
4,215
4,211
848
876
940
937
5,152
5,339
5,970
6,072
3,256
3,444
4,032
4,195
15,341
15,531
15,753
15,639
14,808
14,707
14,737
14,788
4,284
4,335
4,388
4,229
3,924
3,880
3,887
3,931
941
950
965
950
894
883
892
899
6,041
6,083
6,192
6,174
5,864
5,824
5,829
5,846
4,076
4,163
4,208
4,287
4,126
4,121
4,129
4,112
868
1,081
1,005
1,339
12
20
13
30
6
3
8
8
257
312
254
370
594
746
730
932
1,082
1,175
1,237
1,529
1,395
1,399
1,329
P1.272
16
14
24
47
30
20
16
17
7
9
8
9
8
8
10
8
287
300
306
459
398
416
365
311
772
852
899
1,014
959
954
936
^936
160
154
632
590
53
59
330
399
56
53
209
132
51
42
92
58
831
891
860
455
207
41
97
170
512
600
592
315
131
21
43
99
212
203
192
88
48
15
25
45
105
87
75
52
27
5
28
26
1
1
1
1
1
i"
i"
p
Preliminary.
1
Weekly figures of excess reserves of all member banks and of country
banks are estimates. Weekly figures of borrowings of all member banks
and of country banks may include small amounts of Federal Reserve Bank
discounts and advances for nonmember banks, etc.
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE A N D
SMALL CENTERS1
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
In places of ur^ler
15,000 population
Demand
deposits
except
interbank 2
Time
deposits
Demand
deposits
except
interbank 2
Time
deposits
12,534
14,383
15,243
5,097
6,509
6,600
7,673
9,417
9,823
3,551
4,477
4,551
Boston
New York
Philadelphia
Cleveland
2,001
3,060
1,097
1,353
724
1,661
579
735
301
944
800
909
189
910
680
617
Richmond
Atlanta
Chicago
St. Louis
1,201
1,334
1,953
542
327
368
1,092
256
714
570
1,325
828
345
154
701
203
Minneapolis
Kansas City
Dallas
San Francisco
467
442
780
1,013
215
87
96
459
528
1,220
1,198
487
315
158
49
230
June 1944
May 1945
June 1945
1
Includes any banks in outlying sections of reserve cities which have
been given permission to carry the same reserves as country banks. All
reserve cities have a population of more than 15,000.
2
Includes war loan deposits, shown separately for all country banks
in the table on the following page.
7QI
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Gross demand deposits
Class of bank
and
Federal Reserve district
Total
Interbank
U.S.
Government
war loan
deposits2
Other
deDemand Net
deposits mand
de- 4
adjusted3 posits
Time
deposits5
Demand
balances
due
from
domestic
banks
Reserves with Federal
Reserve Banks
Total
Required
Excess
Borrowings at
Federal
Reserve
Banks
First half of June 1945
All member banks
Central reserve city bank
New York
Chicago.
Reserve city banks..
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.....
San Francisco
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.....
San Francisco
88,865
12, 177
7,810
68,878
64,921
71,318
21,563
6,043
15,627
14,424
1,203
867
24,777
5,403
4,210
1,144
2,237
440
18,330
3,819
17,142
3,586
21,344
4,542
1,141
657
55
195
4,359
952
4,337
948
21
4
586
1
33,060
2,130
560
2,598
4,149
1,942
2,036
4,136
1,952
1,012
2,684
2,160
7,701
5,597
355
28
369
561
331
535
475
619
278
926
544
575
2,878
195
52
213
371
204
121
419
209
114
173
200
608
24,585
1,580
480
2,016
3,217
1,407
1,381
3,242
1,124
621
1,585
1,416
6,519
22,696
1,487
452
1,902
3,009
1,305
1,257
3,042
1,001
556
1,419
1,304
5,965
26,541
1,796
461
2,197
3,390
1,537
1,663
3,238
1,529
772
2,070
1,602
6,286
8,650
149
238
179
1,037
352
330
1,521
262
133
280
260
3,910
1,843
47
20
74
184
107
135
294
96
62
286
252
286
6,131
379
109
465
784
362
374
769
329
167
464
389
1,539
5,827
368
106
450
740
328
352
739
322
162
431
336
1,492
304
11
3
15
44
34
21
30
8
4
33
53
47
198
8
25,625
2,296
3,909
1,847
2,229
2,067
2,118
3,289
1,507
1,045
1,729
2,086
1,503
1,225
121
90
16
29
197
239
72
155
66
80
131
29
2,256
213
439
205
229
177
140
325
105
85
112
130
97
22,143
1,962
3,380
1,627
1,971
1,693
1,739
2,892
1,246
894
1,537
1,826
1,377
21,496
1,880
3,256
1,585
1,922
1,617
1,684
2,836
1,207
870
1,514
1,786
1,340
18,890
1,816
3,041
1,384
1,634
1,463
1,552
2,385
1,097
759
1,186
1,433
1,139
11,114
911
2,565
1,254
1,347
672
519
1,784
457
528
245
145
687
3,950
193
318
221
322
366
388
535
272
181
419
497
237
4,185
352
702
347
427
308
309
560
226
177
251
287
238
3,311
309
580
269
310
245
248
441
181
138
181
209
201
873
43
123
77
118
63
60
120
45
39
71
78
37
82
20
31
5
1
11
4
2
3
21
36
42
24
26
12
Second half of June 1945
All member banks
Central reserve city bank
94,900
12,528
16,875
65,498
61,151
67,571
21,714
6,368
15,203
13,727
1,476
313
26,990
5,876
4,384
1,213
5,765
1,097
16,841
3,566
15,426
3,320
19,787
4,357
1,138
661
69
184
4 064
923
4,026
911
38
12
211
1
Reserve city banks
35,092
2,530
582
2,812
4,402
2,098
2,118
4,309
2,012
1,108
2,824
2,218
8,080
5,720
355
28
380
568
336
554
481
580
281
953
559
643
5,914
662
96
581
819
480
266
707
330
245
338
307
1,084
23,458
1,513
458
1,851
3,014
1,283
1,298
3,121
1,101
581
1,532
1,353
6,353
21,456
1,411
429
1,716
2,784
1,176
1,178
2,910
981
513
1,354
1,240
5,764
25,267
1,704
437
2,018
3,164
1,399
1,601
3,091
1,461
725
1,990
1,532
6,145
8,727
149
240
180
1,043
353
334
1,533
264
135
283
267
3,946
1,999
64
20
79
193
121
138
313
104
71
328
273
294
6,012
375
111
429
752
354
361
757
327
160
464
379
1,544
5,577
350
102
414
695
301
340
710
308
153
415
322
1,466
435
25
9
14
57
52
21
46
19
7
49
57
78
66
26,942
2,534
4,277
1,975
2,353
2,159
2,166
3,410
1,540
1,081
1,756
2,135
1,558
1,211
106
89
13
29
198
237
71
153
69
81
134
31
4,099
546
922
361
399
310
247
505
164
139
154
178
173
21,632
1,882
3,266
1,602
1,925
1,650
1,682
2,834
1,223
873
1,521
1,822
1,353
20,948
1,795
3,112
1,553
1,875
1,571
1,630
2,779
1,188
849
1,500
1,781
1,316
18,161
1,681
2,866
1,335
1,576
1,398
1,488
2,313
1,076
735
1,163
1,415
1,114
11,188
915
2,578
1,264
1,359
671
524
1,801
461
532
246
146
692
4,116
228
348
235
334
386
395
548
272
187
427
514
242
4 204
368
715
350
424
305
300
560
226
178
249
290
239
3,214
290
556
263
302
236
240
432
178
135
178
207
197
991
78
159
88
122
69
60
128
48
43
71
83
41
35
3
20
2
New York
Chicago
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
.
3
3
12
1
10
17
9
6
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based
on deposits
at opening of business.
2
Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks and,
therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3.
3 Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other than war
loan 4and Series E bond accounts) on the latest available call report date.
Demand deposits subject to reserve requirements, i.e., demand deposits other than war loan deposits, minus cash items in process of collection and
demand
balances due from domestic banks.
8
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
792-
FEDERAL RESERVE
BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of year and
month
Total
in circulation*
Total
1933
1934
1935
1936
1937
1938
1939..
1940
1941
1942
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
1943—April
May
16,660
17,114
17,421
17,955
18,529
18,844
19,250
19,918
20,449
20,529
20,824
21,115
21,552
22,160
22,504
22,699
23 292
23,794
24,425
25,019
25,307
25,290
25,751
25,899
26,189
26,528
26,746
June
July
August
September....
October
November....
December
1944—January
February
March
April
May
June
July
August
September....
October..
November
December
1945—January
February
March
April.
May
June
Large denomination currency2
Coin and small denomination currency 2
Coin
$1 3
$2
$5
$10
$20
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
442
452
478
517
537
550
590
648
751
880
402
423
460
499
505
524
559
610
695
801
33
32
33
35
33
34
36
39
44
55
719
771
815
906
905
946
1,019
L, 129
1,355
,693
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
364
337
358
399
387
409
460
538
724
1,019
12,428
12,789
12,960
13,334
13,715
13,891
14,135
14,598
14,871
14,817
15,004
15,100
15,342
15,731
15,925
16,034
16,410
16,715
17,089
17,461
17,580
17,456
17,778
18,000
18,353
18,'715
19,183
904
914
929
943
960
970
987
1,006
1,019
1,013
1,018
1,029
1,039
1,055
1,065
1,077
1,092
1,105
1,125
1,144
1,156
1,150
1,158
1,170
1,180
1,196
1,205
804
824
834
843
858
866
872
886
909
880
877
881
885
903
906
910
921
937
948
962
987
950
953
954
957
972
981
58
59
61
62
64
64
65
68
70
69
70
70
70
72
72
73
75
75
76
78
81
,741
1,785
1,793
1,836
1,878
1,887
1,902
1,950
1,973
1,940
1,952
1,951
,964
4,391
4,526
4,565
4,719
4,853
4,893
4,962
5,127
5,194
5,174
5,255
5,265
5 344
5,498
5,544
5,569
5 706
5,789
5,877
5,990
5,983
5,936
6,076
6,132
6,238
6^377
6,515
4,531
4,681
4,778
4,931
5,102
5,211
5,347
5,561
5,705
5,742
5,832
5,905
6 040
6,198
6,326
6,388
6,562
6,731
6,960
7,157
7,224
7,242
7,381
7,539
7,754
7,911
8,193
4,232
4,326
4,462
4,622
4,816
4,951
5,118
5,323
5,580
5,715
5,823
6,017
6,212
6,431
6,581
6,667
6,884
7,081
7,339
7,561
7,730
7,837
7,974
7,900
7,837
7 814
7,565
1,131
1,159
1,195
1,237
1,293
1,327
1,366
1,416
1,481
1,509
1,534
1,576
1,618
1,668
1,699
1,722
1,780
1,829
1,893
1,946
1,996
2,022
2,059
2,088
2,126
2,159
2,132
77
75
73
73
73
73
2*010
2,016
2,053
2,078
2,103
2,129
2,150
2,102
2,135
2,132
2,151
2 186
2,215
Total
$50
$500
618
627
707
710
770
919
1,112
1,433
1,910
125
112
122
135
139
160
191
227
261
287
237
216
239
265
288
327
425
523
556
586
2 128
2486
2,259
2,347
2,453
2,535
2,636
2,761
2,912
2,992
3,054
3,152
3,270
3,371
3,458
3,516
3,642
3,765
3,918
4,056
4,153
4,228
4,317
4,266
4,210
4^192
4,044
312
319
329
341
353
360
373
388
407
418
426
444
456
473
481
487
502
516
532
546
555
566
571
550
527
513
483
621
630
648
667
687
698
713
729
749
577
Unassorted
$1,000 $5,000 $10,000
$100
767
777
814
836
887
912
911
929
939
963
981
990
990
994
965
932
909
868
8
10
5
7
7
7
20
30
24
9
17
16
18
12
32
32
60
46
25
15
10
10
10
9
11
11
10
9
9
9
9
9
9
9
9
9
9
10
10
10
10
10
9
9
8
8
26
22
21
20
22
20
20
19
22
21
22
22
23
23
22
22
22
22
23
23
24
21
24
23
33
33
31
6
8
10
5
8
7
5
2
4
4
3
1
2
2
2
2
3
2
2
3
3
1
1
2
2
2
2
2
2
3
3
3
1
1
I
1
2
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as
3
destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation1
Money held in the Treasury
Total outstanding, As security
June 30,
against
1945
gold and Treasury
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National bank notes
Total—June 30 1945
May 31 1945
June 30, 1944
. .
For
Federal
Reserve
Banks
and
agents
Money
held by
Federal
Reserve
Banks and
agents
June 30,
1945
May 31,
1945
June 30,
1944
52
22 651
3,824
54
18 750
3,700
20,213
18,107
23 651
4,145
18,107
22,106
1,817
66
106
494
1 520
1,817
826
304
347
297
1,520
70
2
125
123
103
24
7
3
1
1
165
13
4
21
6
1
1,653
788
292
323
527
120
1,653
784
290
322
533
121
1,589
700
263
322
597
126
15^239
534
121
i
19,924
20,018
20,879
2,279
2,331
2,295
15,239
15,296
16,194
52
22 867
3,827
2,815
717
213
3,746
3,745
3,812
26,746
..
..
26^528
22,504
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. 785, and seasonally adjusted figures in table on p. 794.
2
Includes $1,800,000,000 Exchange Stabilization Fund, $144,000,757 balance of increment resulting from reduction in weight of the gold dollar,
and $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
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
Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured
by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible
under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund which must 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.
AUGUST 1945
793
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars!
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Date
End of year figures:
1939
1940
1941
1942
1943
1944
Monthly averages of daily
figures:
1943—November
December
Amount—
unadjusted
for seasonal
variation
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
series1
+742
+1,134
+2,428
+4,250
+5,039
+4,858
7,598
8,732
11,160
15,410
20,449
25,307
19,566
20,243
19,507
19,944
+506
+437
1944—-January....
February...
March .
April
May
June
July
August
September
October
November
December
20,428
20,635
20,964
21,312
21,822
22,296
22,580
22,988
23,525
24,112
24,738
25,207
20,367
20,635
21,027
21.484
21,976
22,408
22,625
23,104
23,572
24,112
24,664
24,957
+423
+268
+392
+457
+492
+432
+217
+479
+468
+540
+552
+293
1945—January
February
March
April
May
June
July
25,243
25,527
25,850
26,009
26,351
26,561
26,918
25,167
25,527
25,928
26,219
26,537
26,694
26,972
+210
+360
+401
+291
+318
+ 157
+278
1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around the
year end, adjustment factors have been revised somewhat for dates af-
ment factors.
p
Gold
stock
• J
1
at end
of period
2
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944 .
July
August
September...
October
November
December....
1945—January
February
March
April
May
June
July
Jan.-July
Earmarked
Net gold gold: deimport
crease
or in-
crease (—)
8,238
10,125
11,258
3
12,760
14,512
17,644
21,995
22,737
22,726
21,938
20,619
1,751.5
3,132.0
4,351.2
741.8
— 10.3
—788.5
—1,319.0
21,173
20,996
20,926
20,825
20,727
20,688
20,619
20,550
20,506
20,419
20,374
20,270
20,213
p
20,152
P20,152
-90.7
-177.1
—69.7
-101.2
-98.4
-38.3
-69.6
-69.0
-43.8
-87.3
-45.1
-103.3
-57.3
P 60.6
P-466^5
3
1944—June
Increase
in gold
stock
4,202.5
1,887.2
1,132.5
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
315.7
68.9
—845.4
82.6
.2
—85.9
-200.4
—333.5
—534.4
—644.7
—407.7
—458.4
—803.6
—459.8
-60.7
-60.9
-109.1
-72.0
-63.4
-12.0
-17.0
.7
1.9
-19.1
2.4
-18.3
-83.8
-6.4
-96.6
2.7
-27.4
-22.6
-34.7
-46.3
-58.2
-37.4
-46.9
-53.2
-66.9
96.0
-100.3
-266.8
(4)
(4)
Domestic gold
production 1
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.3
r
35.8
r
2.5
3.0
2.8
r
3.1
r
2.9
r
3.0
r
2.8
2.5
2.3
2.4
2.3
2.6
2.5
'2.5
p
17.2
r
r
p
1
r
Preliminary.
f Figure carried forward.
Revised.
Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on p. 835, 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 $35 a
fine3 ounce thereafter.
Includes gold in the Inactive Account amounting to 27 million dollars
on Dec.
31, 1936, and 1,228 million on Dec. 31, 1937.
4
Not
yet available.
5
Gold held under earmark at the Federal Reserve Banks amounted to
4,204.0 million dollars on July 31, 1945. All of this was earmarked directly
for foreign account except 102.8 million dollars which was earmarked in
the name of a domestic bank as security for a foreign loan.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 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]
Debits to total deposit accounts except
interbank accounts
Year and month
Total, all
reporting
centers
1942—old series33
1942—new series
1943
1944
461,889
469,463
405,929
423,932
445,863
537,343
607,071
641,778
792,937
891,910
1944—June..
July
August
September
October
November
December
1945—January
February
March
April
May
June. .
83,881
72,909
69,124
70,389
73,891
77,775
91,281
r
82,756
r
70,249
'"81,077
r
74,139
r
8l,724
,121
1936
1937
1938
1939
1940
1941
Other
reportin
centers
208,936
197,836
168,778
171,382
171,582
197,724
210,961
226,865
296,368
345,585
219,670
235,206
204,745
218,298
236,952
293,925
342,430
347,837
419,413
462,354
33,283
36,421
32,406
34,252
37,329
45,694
53,679
67,074
77,155
83,970
7,689
6,847
6,627
6,764
6,997
7,378
8,114
7,461
6,461
7,471
6,881
7,403
8,583
Annual rate of
turnover of total
deposits except
interbank
Debits to demand
deposit accounts
except interbank
and Government
333 other
reporting
centers
Annual rate of
turnover of demand
deposits except
interbank and
Government
100 other
leading
cities
204,831
193,143
164,945
167,939
167,373
193,729
100 other
leading
cities
202,267
215,090
186,140
200,636
217,744
270,439
308,913
369,396
403,400
25,423
21,722
23,827
24,672
25,464
33,064
30,826
25,416
28,924
25,115
28,384
36,951
38,024
32,934
30,
31,882
33,498
34,676
40,559
34,801
30,024
36,008
32,430
34,418
41,870
24.3
24.8
19.0
21.4
20.9
21.6
30.0
27.0
24.3
22.9
20.
21.4
28.9
subsequent figures include 193 centers.
d debits of new series for first four months oi
NOTE.—Debits to total deposit accounts, e
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
demand
deposits
adjusted
and
currency
outside
banks
Total
deposits
adjusted
and
End of month
currency
outside
banks
1929—June
December .
1933—June
December .
1937—June....
December .
1938—June.... ...
December .
1939—June
December .
1940—June
December .
1941—June
December.
1942—June...
December..
1943—June
December..
1944—June
Demand
deposits
adjusted 1
22, 540
22, 809
14, 411
15 035
41,680
42,548
26,179
26,366
19,172
19,817
57,258
56,639
56,565
58,955
60,943
64,099
66,952
70,761
30,687
29,597
29,730
31,761
33,360
36,194
38,661
42,270
74,153
78,231
81,963
99,701
110,161
122,812
36,172
45,521
48,607
52,806
62,868
71,853
79,640
80,946
51,532
51,156
36,919
37,766
51,769
51,001
51,148
53,180
54,938
57,698
60,253
63,436
65,949
68,616
71,027
85,755
94,347
103,975
115,291
139,300
139,200
139,100
139,900
143,200
150,988
82,700
86,000
87,700
92,300
95,800
90,435
118,100
117,500
116,900
117,100
119,900
127,483
151,100
150,900
150,700
151,000
152,700
162,200
92,300
93,900
95,300
98,300
101,100
94,600
127,400
126,700
126,500
126,500
127,900
137,100
55,171
54,713
1944—July
August
September.
October...
November.
December..
1945—January**.3.
February* .
March*1
April*
Mayp..
June
Total
deposits
adjusted
United
States
Government
deposits 2
Time deposits
Total
198
959
313
986
355
793
962
945
317
992
870
922
039
803
065
753
1,895
1,837
8,402
8,048
10,424
19,506
28,611
28,189
21,656
21,715
25,905
26,218
26,236
26,305
26,791
27,059
27,463
27,738
27,879
27,729
27,320
28,431
30,260
32,748
35,720
61
64
65
69
500
300
500
500
72 500
66 ,930
20,300
16,100
13,500
8,700
8,200
20,763
36,300
37,100
37,900
38,900
39,200
39,790
68 ,600
69 ,700
71 ,100
73 ,800
76 ,300
69 ,500
18,300
15,600
13,400
9,800
8,200
23,500
40,500
41,400
42,000
42,900
43,400
44,100
25
23
24
25
27
29
31
34
37
38
41
48
56
60
60
381
158
852
1,016
666
824
599
889
792
846
828
753
Commercial
banks 3 4
Mutual
savings4
banks
10,849
11,019
8,905
8,838
9,621
9,488
14,513
14,779
14,776
14,776
15,097
15,258
15,540
15,777
10,125
10,170
10,209
10,278
10,433
10,523
10,631
10,658
15,928
15,884
15,610
16,352
17,543
19,224
21,217
19,557
19,192
Currency
outside
banks
Postal
Savings5
System
3,639
3,557
4,761
4,782
5,489
5,638
5,417
5,775
6,005
6,401
6,699
7,325
149
159
1,186
1,208
10,648
10,532
10,395
10,664
11,141
11,738
12,471
1,267
1,269
1,251
1,251
1,261
1,278
1,292
1,303
1,303
1,313
1,315
1,415
1,576
1,786
2,032
8,204
9,615
10,936
13,946
15,814
18,837
20,881
21,600
22,200
22,800
23,500
23,700
24,074
12,600
12,800
12,900
13,100
13,200
13,376
2,100
2,100
2,200
2,300
2,300
2,340
21,200
21,700
22,200
22,800
23,300
23,505
24,600
25,200
25,700
26,300
26,700
27,100
13,500
13,700
13,800
14,000
14,100
14,300
2,400
2,500
2,500
2,600
2,600
2,700
23,700
24,200
24,200
24,500
24,800
25,100
p
1
2
3
4
5
Preliminary.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
Excludes interbank time deposits and postal savings redeposited in banks.
Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks.
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, p p . 34-35, for back figures.
POSTAL SAVINGS SYSTEM
[In millions of dollars]
BANK SUSPENSIONS^
Total,
all
banks
Assets
End of month
Depositors'
balances 1 Total
Cash
in depository
banks
U. S. Government
securities
Total
Direct
Guaranteed
Cash
reserve
funds,
etc. 2
1934—Dec
1935—Dec
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940-Dec
1941—Dec.
1942—Dec
1943—Dec
1,207
1,201
1,260
1,270
1,252
1,279
1,304
1,314
1,417
1,788
1,237
1,237
1,296
1,308
1,291
1,319
1,348
1,396
1,464
1,843
540
287
145
131
86
53
36
26
16
10
1,058
1,097
1,132
1,192
1,224
1,274
1,345
1,716
1,046
1,078
1,128
1,220
1,716
1944—June
July
Aug
Sept
Oct
Nov
Dec
2,034
2,084
2,140
2,198
2,257
2,305
2,342
2,095
2,147
2,202
2,262
2,323
2,374
2,411
9
8
8
8
8
8
8
1,951
2,006
2,050
2,110
2,165
2,214
2,252
1,951
2,006
2,050
2,110
2,165
2,214
2,252
135
133
143
143
150
152
152
1945—Jan
Feb
Mar
Apr
May
June
2,404
2,458
2,513
2,563
p
2,607
^2,656
2,477
2,536
2,590
2,646
8
8
8
8
2,308
2,363
2,426
2,463
2,308
2,363
2,426
2,463
162
164
156
175
597
853
467
706
892
931
965
130
147
167
167
166
146
146
146
126
100
98
93
80
73
74
88
95
102
118
dumber of banks suspended:
1934-39
1940
1941
1942
1943
1944
1945—Jan.-July
National
291
15
22
8
9
4
1
0
1
4
2
Deposits of suspended banks
(in thousands of dollars) :2
125,991
1934-39
1940
1941
1942
1943
1944
1945—Jan.-July
Member
banks
5,943
3,726
1,702
6,223
405
0
14,616
256
3,144
4,982
Nonmember
banks
State
6
26,548
Insured
Noninsurec
189
81
18
3
6
2
1
3
1
3
44,348
40,479
5,341
503
1,375
1,241
405
346
79
327
«
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 at the time of closing
(in some instances with the aid of Federal Deposit Insurance Corporation
loans).
2
Deposits of member banks and insured nonmember banks suspended are
as of dates of suspension, and deposits of noninsured nonmember banks
are based on the latest data available at the time the suspensions were
reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292; for
description, see pp. 281-282 in the same publication.
tion, see p. 508 in the same publication
AUGUST
1945
795
ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and
call date
Other
Investments
Total
Total
U.S.
Government
obligations
Other
securities
Loans
Total*
Interbank*
Number
of banks
Demand
Time
All b a n k s :
1934—June 30. ..
1937—June 3 0 . .
1940—Dec. 31 . ..
1941—Dec. 3 1 . . .
1942—June 30...
Dec. 3 1 . . .
1943—June 30...
Dec. 3 1 . . .
1944—June 30...
Dec. 30...
42,552
49,565
54,170
61,101
64,009
78,137
87,881
96,966
108,707
119,461
21,306
22,410
23,751
26,616
25,081
23,915
22,241
23,601
25,424
26,015
21,246
27,155
30,419
34,485
38,928
54,222
65,640
73,365
83,284
93,446
11,278
16,954
20,983
25,488
30,301
45,932
57,748
65,932
75,737
85,885
9,968
10,201
9,436
8,997
8,627
8,290
7,892
7,433
7,547
7,561
46,435
59,222
75,963
81,780
82,706
99,796
107,224
117,661
128,605
141,449
4,560
6,332
10,941
10,989
10,287
11,318
10,895
11,012
11,219
12,245
19,527
28,118
38,518
44,316
46,357
61,395
67,554
75,561
83,588
91,644
22,348
24,773
26,504
26,476
26,062
27,083
28,775
31,088
33,797
37,559
15,929
15,539
14,895
14,825
14,775
14,682
14,618
14,579
14,553
14,535
All commercial b a n k s :
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
32,742
39,472
43,922
50,722
53,649
67,391
76,633
85,095
95,731
105,530
15,700
17,432
18,792
21,711
20,259
19,217
17,660
19,117
21,010
21,644
17,042
22,040
25,130
29,011
33,390
48,174
58,974
65,978
74,722
83,886
10,307
14,563
17,759
21,788
26,410
41,373
52,458
59,842
68,431
77,558
6,735
7,477
7,371
7,223
6,980
6,801
6,516
6,136
6,290
6,329
36,744
49,097
65,3.05
71,248
72,311
89,132
96,083
105,923
116,133
128,072
4,560
6,332
10,941
10,989
10,287
11,318
10,895
11,012
11,219
12,245
19,527
28,118
38,518
44,316
46,357
61,395
67,554
75,561
83,588
91,644
12,657
14,648
15,846
15,944
15,667
16,419
17,634
19,350
21,326
24,183
15,353
14,976
14,344
14,277
14,228
14,136
14,073
14,034
14,009
13,992
All insured commercial b a n k s :
1934—June 30...
1937—June
!7—June 30.
1940—Dec. 31
1941—Dec. 31
1942—June 303.
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
31,688
38,218
42,556
49,288
52,642
66,240
75,270
83,507
93,936
103,382
15,190
17,041
18,394
21,258
19,920
18,903
17,390
18,841
20,729
21,352
16,498
21,177
24,161
28,030
32,722
47,336
57,880
64,666
73,207
82,030
10,005
13,964
17,063
21,046
25,934
40,705
51,534
58,683
67,085
75,875
6,493
7,213
7,098
6,984
6,789
6,631
6,347
5,983
6,122
6,155
35,833
47,824
63,461
69,411
71,150
87,803
94,563
104,094
114,145
125,714
4,435
6,146
10,539
10,654
10,076
11,144
10,681
10,705
11,038
12,074
19,013
27,240
37,333
43,061
45,664
60,504
66,509
74,309
82,061
89,761
12,385
14,438
15,589
15,697
15,410
16,154
17,374
19,081
21,045
23,879
13,939
13,883
13,438
13,426
13,399
13,343
13,298
13,270
13,264
13,263
All m e m b e r b:ianks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31 2 . . ..
1942—June 303
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
27,175
32,739
37,126
43,521
46,800
59,263
67,155
74,258
83,587
91,569
12,523
14,285
15,321
18,021
16,928
16,088
14,823
16,288
18,084
18,676
14,652
18,454
21,805
25,500
29,872
43,175
52,332
57,970
65,503
72,893
9,413
12,689
15,823
19,539
24,098
37,546
46,980
52,948
60,339
67,685
5,239
5,765
5,982
5,961
5,774
5,629
5,352
5,022
5,164
5,208
31,012
41,490
56,430
61,717
63,404
78,277
84,016
92.262
101,276
110,917
4,355
6,051
10,423
10,525
9,971
11,000
10,552
10,555
10,903
11,884
976
230
829
846
311
523
670
438
488
,774
9,681
11,210
12,178
12,347
12,122
12,754
13,794
15,268
16,884
19,259
6,375
6,357
6,486
6,619
6,647
6,679
6,703
6,738
6,773
6,814
All n a t i o n a l b a n k s :
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
17,011
20,893
23,648
27,571
29,464
37,576
42,805
47,499
53,343
58,308
7,681
8,796
10,004
11,725
10,880
10,183
9,173
10,116
11,213
11,480
9,331
12,097
13,644
15,845
18,584
27,393
33,632
37,382
42,129
46,828
5,847
8,206
9,735
12,039
14,878
23,744
30,102
34,065
38,640
43,292
3,484
3,891
3,908
3,806
3,706
3,648
3,529
3,318
3,490
3,536
19,896
26,716
35.787
39,458
40,534
50,468
54,589
59,961
65,585
71,858
2,767
3,790
6,574
6,786
6,497
7,400
7,155
7,159
7,402
8,056
10,356
15,162
20,885
24,350
25,861
34,499
38,205
42,605
46,879
50,900
6,772
7,764
8,329
8,322
8,176
8,570
9,229
10,196
11,304
12,901
5,417
5,293
5,144
5,117
5,101
5,081
5,060
5,040
5,036
5,025
S t a t e member b a n k s :
1934—June 30
1937—June 30
1940—Dec. 31 2
1941—Dec. 31
1942—June 303 ... .
Dec. 31
1943—June 30
Dec. 31
1944— June 30.
Dec. 30..
10,163
11,845
13,478
15,950
17,336
21,687
24,350
26,759
30,244
33,261
4,842
5,488
5,316
6,295
6,048
5,905
5,649
6,171
6,870
7,196
5,321
6,357
8,162
9,654
11,288
15,783
18,701
20,588
23,373
26,065
3,566
4,483
6,088
7,500
9,220
13,802
16,878
18,883
21,699
24,393
1,755
1,874
2,074
2,155
2,068
1,980
1,823
1,705
1,674
1,672
11,116
14,774
20,642
22,259
22,871
27,808
29,427
32,302
35,690
39,059
1,588
2,261
3,849
3,739
3,474
3,600
3,396
3,397
3,501
3,827
6,620
9,068
12,944
14,495
15,451
20,024
21,465
23,833
26,609
28,874
2,908
3,446
3,849
4,025
3,946
4,184
4,566
5,072
5,580
6,357
958
1,064
1,342
1,502
1,546
1,598
1,643
1,698
1,737
1,789
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the
Currency
and the Federal Deposit Insurance Corporation for national banks and insured banks respectively.
1
Beginning June 30, 1942, excludes reciprocal bank balances, which on that date aggregated 600 million dollars at all member banks and 614 million
at all
insured
commercial banks.
2
During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These banks are
included
in
both
"member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "ail banks."'
3
Decreases in "noninsured nonmember commercial banks" and "all nonmember commercial banks" figures (with corresponding increases in member bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with
total4 loans and investments aggregating 472 million dollars on June 30, 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.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
796
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Class of bank
and
call date
Total
All nonmember commercial banks:
1934—June 30
1937—June 30.
1940—Dec. 31
1941—Dec. 31
1942—June 303 4.
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
Insured nonmember commercial
banks:
1934—June 30.
1937—June 30.
1940—Dec. 31.
1941—Dec. 31.
1942—June 30. .
Dec. 31..
1943—June 30..
Dec. 31..
1944—June 30
Dec. 30...
Noninsured nonmember commercial
banks:
1934—June 30 .
1937—June 30.
1940—Dec. 31
1941—Dec. 31
1942—June 303i
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
All mutual savings banks:
1934—June 30..
1937—June 30
1940—Dec. 312
1941—Dec. 3l
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
Insured mutual savings banks:
1934—June 30
1937—June 30
1940—Dec. 31 2
1941—Dec. 31
1942—June 30.
Dec. 31.
1943—June 30
Dec. 31.
1944—June 30.
Dec. 30
.. ..
Noninsured mutual savings banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31.
1944—June 30. .
Dec. 30.. .
Total
U. S.
Government
obligations
Loans
5,567
6,733
6,796
7,208
6,856
8,135
9,486
10,847
12,155
13,972
3,177
3,147
3,471
3,693
3,334
3,132
2,840
2,832
2,929
2,971
2,390
3,586
3,325
3,515
3,522
5,003
6,647
8,014
9,226
11,002
1,874
1,936
2,251
2,314
3,829
5,482
6,899
8,099
9,880
4,513
5,479
5,429
5,774
5,849
6,984
8,123
9,258
10,360
11,824
2,667
2,756
3,074
3,241
2,995
2,818
2,570
2,556
2,648
2,678
1,846
2,723
2,356
2,533
2,854
4,166
5,553
6,702
7,712
9,146
1,275
1,240
1,509
1,837
3,162
4,557
5,739
6,752
8,197
1,054
1,254
1,367
1,434
1,007
1,151
1,363
1,588
1,795
2,148
510
391
397
452
339
314
270
276
281
292
544
863
969
982
668
837
1,094
1,312
1,514
1,856
1,160
1,347
1,682
9,810
10,093
10,248
10,379
10,360
10,746
11,248
11,871
12,976
13,931
5,606
4,978
4,959
4,905
4,822
4,698
4,581
4,484
4,414
4,370
4,204
5,115
5,289
5,474
5,538
6,048
6,666
7,387
8,562
9,560
2,391
3,224
3,700
3,891
4,559
5,290
6,090
7,306
8,328
1,022
576
470
637
642
692
740
446
499
969
...
Deposits
Other
investments
1,655
1,693
1,800
2,007
2,704
7,525
8,489
9,223
8,788
9,124
8,593
8,686
8,560
8,739
8,544
4,345
4,487
4,708
Other
securities
Total 1
Inter-1
bank
Number
of banks
Demand
Time
1,495
1,712
1,389
1,264
1,208
1,174
1,165
1,115
1,128
1,122
5,732
7,607
8,875
9,539
8,915
10,864
12,076
13,671
14,869
17,168
205
281
518
464
316
318
343
457
315
362
2,551
3,888
4,689
5,470
5,046
6,872
7,884
9,123
10,100
11,870
2,976
3,438
3,668
3,605
3,553
3,674
3.849
4,091
4,453
4,936
8,978
8,619
7,858
7,661
7,584
7,460
7,373
7,299
7,239
7,181
1,254
1,448
1,116
1,025
1,017
1,004
996
962
960
949
4,821
6,334
7,032
7,702
7,754
9,535
10,557
11,842
12,880
14,809
80
96
116
129
105
145
129
149
135
190
2,037
3,010
3,504
4,215
4,353
5,981
6,839
7,870
8,573
9,987
2,704
3,228
3,411
3,358
3,296
3,409
3,589
3,823
4,172
4,632
7,564
7,526
6,952
6,810
6,755
6,667
6,598
6,535
6,494
6,452
241
264
273
239
191
170
169
153
168
174
911
1,273
1,843
1,837
1,161
1,329
1,519
1,829
1,989
2,358
125
185
402
335
211
173
214
307
181
171
514
878
272
210
257
247
257
265
260
269
281
304
1,414
1,093
971
3 233
2,724
2,065
1,774
1,647
1,489
1,376
1,297
1,257
1,232
9,691
10,125
10,658
10,532
10,395
10,664
11,141
11,738
12,471
13,376
9 691
10,125
10,658
10,532
10,395
10,664
11,141
11,738
12,471
13,376
576
563
551
548
547
546
545
545
544
543
120
252
548
629
686
861
325
247
470
421
422
405
427
608
626
604
1,040
1,002
1,818
1,789
1,864
2,048
2,739
7,534
8,235
8,910
1,040
1.002
1,818
1,789
1,864
2,048
2,739
7,534
8,235
8,910
66
56
53
52
53
56
61
184
192
192
2,908
2,477
1,595
1,353
1,225
1,084
8,651
9,123
8,840
8,743
8,531
8,616
8,402
4,204
4,236
4,466
8,651
9,123
8,840
8,743
8,531
8,616
8,402
4,204
4,236
4,466
510
507
498
496
494
490
484
361
352
351
895
592
303
599
696
742
477
667
925
1,013
3,073
3,111
3,110
1,018
1,050
1,108
1,267
1,691
4,452
5,378
6,113
1,264
3,844
4,752
5,509
5,030
4,508
4,322
4,263
4,130
3,958
3,568
1,411
1,302
1,260
3,758
4,616
4,271
4,424
4,430
4,781
4,975
2,935
3,185
3,448
2,139
2,676
3,071
3,205
3,698
4,026
2,246
2,554
2,819
851
949
689
631
629
1,185
1,255
693
891
1,045
1,253
1,527
1,883
906
851
829
793
775
764
745
729
For footnotes see opposite page.
AUGUST
1945
797
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars]
Investments 1
Loans 1
Class of bank
and
call date
Total
loans
and
investments 1
Total 1
All insured commercial banks:
1937—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . ..
1943—Dec. 3 1 . . . .
1944—June 3 0 . . . .
Dec. 30.. . .
37,221
42,556
49,288
66,240
83,507
93,936
103,382
16,747
18,394
21,258
18,903
18,841
20,729
21,352
Vlember b a n k s ,
total:
1937—Dec. 3 1 . . . .
1940—Dec. 3 1 . . ..
1941—Dec. 3 1 2 . . .
1942—Dec. 3 1 . . ..
1943—Dec. 3 1 . . . .
1944—June 3 0 . . . .
Dec. 3 0 . . . .
1945—Mar.20. .p. .
June 30 ...
31,752
37,126
43,521
59,263
74,258
83,587
91,569
90,524
99,418
13,958
15,321
18,021
16,088
16,288
18,084
18,676
17,219
20,574
New York City:3
1937—Dec. 3 1 . . . .
8,313
1940—Dec. 3 1 . . . . . 10,910
1941—Dec. 3 1 . . . .
12,896
1942—Dec. 3 1 . . . .
17,957
1943—Dec. 3 1 . . . .
19,994
1944—June 30
22,669
Dec. 3 0 . . .
24,003
1945—Mar. 20.. . .
22,734
J u n e 3 0 p . . . 25,756
3,673
3,384
4,072
4,116
4,428
5,479
5,760
5,054
7,069
Chicago:3
1937—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 31
1942—Dec. 3 1 . . ..
1943—Dec. 3 1 . . . .
1944—June 3 0 . . .
Dec. 3 0 . . .
1945—Mar. 20.. .
June 30p...
1,901
2,377
2,760
3,973
4,554
5,124
5,443
5,212
5,730
635
696
954
832
1,004
1,064
1,184
1,012
1,250
Reserve city banks:
1937—Dec. 3 1 . . ..
1940—Dec. 3 1 . . .
1 9 4 1 - D e c . 3 1 . . ..
1942—Dec. 3 1 . . ..
1943—Dec. 3 1 . ..
1944—June 3 0 . . .
Dec. 3 0 . . .
1945—Mar. 2 0 . . .
June 30p...
11,414
13,013
15,347
20,915
27,521
30,943
33,603
33,452
36,581
5,203
5,931
7,105
6,102
6,201
6,761
6,822
6,346
7,147
Countrv banks:
1937—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 31
1943—Dec. 3 1 . . . .
1944—June 3 0 . . . .
Dec. 30....
1945—Mar. 20...
J u n e 30p...
10,124
10,826
12,518
16,419
22,188
24,850
28,520
29,126
31,351
4,446
5,309
5,890
5,038
4,654
4,780
4,910
4,807
5,108
Insured nonmember commercial b a n k s :
1937_Dec. 31... .
1940—Dec. 31...
1941—Dec. 31...
1942—Dec. 3 1 . . .
1943—Dec. 3 1 . . . .
1944—June 30....
Dec. 3 0 . . .
5,470
5,429
5,774
6,984
9,258
10,360
11,824
2 789
3,074
3,241
2,818
2,556
2,648
2,678
Loans for
Compurchasing
meror carrying
• i
cial,
securities
AgriinculcludTo
turing
al 1 arokopenTo
ers
marothand
ket
deal- ers 1
paper 1
ers
V . S . Government obligations
RealCon- Other
esTotal
tate sumer loans 1
loans
loans
Obligations
of
States Other
and
CerGuar- politi- secutifirities
ancal
cates
subBills of in- Notes Bonds teed
dividebtsions
edness
Direct
Total
7,178
9,214
7,757
7,777
7,406
7,920
9,072
971 3,065 3,640
663
727 4,468
4,077
1^ 281
4,545
662 4,773
614
1,450
950
597 4,646 2 269 1, 042
1,642
922 4,437 1 868
918
1,505 1,414
1,474 2,221 2,296 4,364 1 862 1, 106
944
1,723 2,269 2,265 4,343 1 888
20,475
24,161
28,030
47,336
64,666
73,207
82,030
13,669
17,063
21,046
40,705
58,683
67,085
75,875
669
662
988
4, 462
4, 636
4, 708
3, 971
6,660
8,671
7,387
7,421
7,023
7,531
7,708
950 2,752 2,547
"865
642
652 3,228
3,273
598
594
3,494
3,692
972
1,089
934
538 3,423 1 847>
870
1,023 1,398
839 3,274 1 484
848
1,023 2,200 2,130 3,207 1 467 1, 033
1,198 2,249 2,108 3,209 1 505
877
17,794
21,805
25,500
43,175
57,970
65,503
72,893
73,305
18,845
12,371
15,823
19,539
37,546
52,948
60,339
67,685
67,915
73,247
662
652
971
4, 363
4, 360
4, 466
3, 748
4,640
7,527
8,823
13,841
15,566
17,190
18,243
17,681
18,687
3,594
495
1,536
6,044
207
1,245
7,265
311
1,623
12,547 1, 855 2,144 2,056
14,563 1, 328 3,409 1,829
16,157 1, 258 4,242 2,805
17,179
913 3,740 3,745
16,568
17,491
2^ 125
2,807
2,546
2,515
2,430
2,610
761
465
6
8
412
21
787
24 1,054
64 1,657
30 1,742
733
190
169
193
323
751
859
141
130
123
117
107
93
86
2,039
468
554
303
252
232
253
41
42
48
34
102
102
163
129
54
52
32
52
130
163
12
19
22
23
22
21
24
453
84
96
123 1,066
115
207
194
114
97
153
217
267
409
903
311
777
1,176
1,436
1,527
1,486
1,420
1,385
1,379
2,838
1,322
1,512
808
658
650
660
492
732
658
763
710
738
5
6
6
6
11
17
2,589
3,456
2,957
3,058
2,787
3,034
263
300
290
279
277
348
1,453
1,676
1,226
1,084
1,096
1,149
590
659
772
713
671
802
25
21
20
17
25
33
32
824
201
183
161
197
345
310
1,219
1,644
1,823
1,797
1,725
1,708
1,719
2,377
1,400
1,530
674
528
536
547
518 " 4 1 6
543
478
370
553
356
482
383
452
389
525
21
21
20
16
16
21
21
313
75
64
59
82
166
156
1,094
1,240
1,282
1,225
1,165
1,159
1,136
1,363
803
854
422
385
395
383
62
45
49
45
148
153
251
179
18
14
40
34
312
301
350
313
393
381
392
351
174
70
73
67
1,266
1,681
1,806
3,141
3,550
4,060
4,258
4,199
4,480
1,010
1,307
1,430
2,789
3,238
3,688
3,913
3,840
4,130
6,211
7,081
8,243
14,813
21,321
24,183
26,781
27,106
29,434
4,599
5,204
6,467
13,038
19,682
22,484
25,042
25,304
27,540
5,677
5,517
6,628
11,380
17,534
20,071
23,610
24,319
26,242
2,681
2,356
2,533
4,166
6,702
7,712
9,146
6,727
13,218
15,466
15,300
4,568
2,756
3,159
5,799
7,672
11,834
15,778
6,336
9,925
12,797
20,999
30,656
34,114
39,848
2
3
4
2
2
097
719
102
718
501
963
978
2, 587
3, 608
3, 651
3, 533
3, 287
3, 393
3, 422
4
3
3
3
2
2
2
220
491
333
098
696
730
733
6^285
12,071
14,228
13,982
4,277
2,594
3,007
5,409
6,906
10,640
14,127
5,635
9,091
11,729
18,948
27,265
30,118
34,927
1
3
3
2
2
797
486
832
540
345
887
902
2 047
3 013
3, 090
2 965
2, 729
2 834
2 857
2 989
3 099
3
2
2
2
2
2
2
2
2
375
970
871
664
294
331
350
32
297
256
397 "637
199
877
367 1,038
250 1,045
106
103
295
1 441
1, 802
1 914
1, 704
2,253
4,691
5,586
5,730
3,168
29
3,269
45
110
4,377
9,172
671 1^251
15,465 1 032 3,094
18,009
926 3,362
21,552
882 3,466
22,204
24,086
1,297
1,240
1,509
3,162
5,739
6,752
8,197
4QQ
498
1,175
388
2,977 1 615
3,652 1 679
5,420 1 071
7,014
984
7,650
201
8,592
189
342
695
729
593
444
456
468
515
567
703
788
830
701
558
577
596
598
629
518
752
903
1,282
1,602
1,665
1,809
94
112
119
83
74
31
31
135
188
182
166
158
204
160
177
154
121
186
193
186
155
169
185
183
196
1,589
2,267
637
771 3,281 1 049
751 4,248 1 ,173
1,723 6,810
811
2,497 9,943
749
3,893 10,689
402
5,181 11,987
440
691
984
956
954
913
963
1 000
1 ,034
, 10C
922
893
820
821
726
735
740
768
794
786 1,675
433 2,081
481 2,926
1,240
5,436
2,096 8,705
3,355 10,114
4,422 12,540
879 1 ,630
1 ,146 1 ,102
1 ,222 1 ,028
1 ,252
956
1 ,214
855
849
1 ,212
1 ,230
829
1 ,264
851
878
27(
366
145
153
391
484
587
779
<i
291
10
162
17
152
99
442
390
276 1,147
766
242 1,238 1,194
223 1,319 1,652
700
834
1,069
2,053
3,395
4,002
4,928
678
710
861
574
538
252
241
299
234
271
179
156
76
76
54(
595
563
569
560
560
566
844
521
462
435
403
400
383
p
Preliminary.
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit
Insurance Corporation.
1
Classifications of loans and investments were revised as of Dec. 31, 1938, and consequently figures for some items prior to December 1938 are not
comparable with subsequent figures. For explanation see Banking and Monetary Statistics, pp. 64 and 69.
2
During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These banks are
included in "member b a n k s " b u t are not included in " a l l insured commercial banks."
3
Central
reserve city
C
l
i banks.
bk
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date
All insured commercial banks:
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
31....
3 1 . ...
31....
31....
31....
30....
30. . . .
Member banks,
total:
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
June
31....
31. ...
3 1 2 . ..
31....
31....
30....
30....
20... .
30^...
Reserves
with
r
ederal
Reserve
Banks
Cash
in
vault
7,005
13,992
12,396
13,072
12,834
12,812
14,260
1,234
1,358
1,305
1,445
1,464
1,622
7,005
13,992
1^,396
13,072
12,835
12,813
14,261
14,605
BalDeances mand
with
dedoposits
mestic4 ad- 5
banks justed
Interbank
deposits
DoFormestic4 eign
U.S.
Certi- IndiGov- States
fied viduals,
ernU. S. States
and
and
and partner- Inter- ment
Gov- political
politships,
offiand
ern- subdi- cers'
ical
bank
cor^stal subdiment visions checks and
poraSavvisions
tions
etc.
ings
4,744
8,202
8,570
9,080
8,445
8,776
9,787
23,267
33,820
37,845
48,221
59,921
59,197
65,960
5,519
9,677
9,823
10,234
9,743
10,030
11,063
456
702
673
813
893
940
948
1,762
8,167
9,950
18,757
19,754
1,087
1,019
1,132
1,143
1,271
1,365
3,414
6,185
6,246
6,147
5,450
5,799
6,354
5,772
20,387
30,429
33,754
42,570
52,642
51,829
57,308
61,175
5,436 453
9,581 700
9,714 671
10,101 811
9,603 891
9,904 937
10,881 945
10,250 1,016
1,709
7,923
9,444
17,634
18,509
12,409
2,738
7,057
5,105
4,388
3,596
3,455
3,766
3,949
56
102
93
72
92
85
102
104
120
122
141
82
61
60
76
62
6,111
11,062
10,761
11,899
13,899
13,254
14,042
15,309
2,108
4,032
3,595
3,209
2,867
3,105
3,179
2,996
416
641
607
733
810
852
851
914
596
27
179
319
298
164
158
179
177
144
1,438
1,941
2,215
2,557
3,050
3,070
3,041
3,289
528
997
5
902
821
811
899
892
42
43
39
38
41
43
45
2,310
4,027
4,060
4,940
5,116
5,109
5,687
5,836
200
396
425
365
391
399
441
470
1,470
2,741
2,590
2,202
1,758
1,922
2,005
1,874
1,361
1,857
2,210
2,842
3,303
3,438
3,909
3,927
307
452
526
542
611
618
684
745
199
243
271
287
313
322
352
789
589
991
Time deposits
801
666
781
616
22,105
32,398
36,544
47,122
58,338
57,351
64,133
153
160
158
97
68
68
64
126
69
59
61
124
108
109
588
522
492
397
395
407
423
13,988
14,998
15,146
15,697
18,561
20,530
23,347
30
11
10
10
46
84
122
6403
6,673
6,841
7,055
7,453
7,709
7,989
19,747
29,576
33,061
42,139
51,820
50,756
56,270
59,409
57,416
140
141
140
87
62
63
58
65
95
56
50
56
120
104
105
101
482
435
418
332
327
333
347
378
10,806
11,687
11,878
12,366
14,822
16,448
18,807
20,004
15
3
4
5
39
75
111
285
5,371
5,698
5,886
6,101
6,475
6,696
6,968
7,138
696
768
778
711
816
861
977
8
49
51
29
23
26
17
17
18
29
64
96
164
1,606
1,615
1,648
1,727
1,862
1,907
1,966
1,995
"5
8
8
2,667
3,298
3,677
3,996
4,352
4,402
4,518
1,077
1,219
1,669
1,550
1,354
2,132
2,724
3,066
3,318
3,602
3,638
3,744
4,030
1,009
1,142
1,573
1,460
1,251
1,305
189
370
319
263
252
213
199
293
404
471
450
448
710
722
361
494
6,507
11,357
11,282
12,501
14,373
13,740
14,448
15,614
14,789
207
174
233
178
174
218
167
162
23
27
34
38
44
41
33
34
1,354
1,905
2,152
2,588
3,097
3,040
3,100
3,324
3,124
777
192
228
286
385
475
384
488
416
6,743
9,468
11,127
15,061
18,790
18,367
20,371
21,456
20,564
1,184
1,370
1,558
1,727
1,743
1,868
1,959
149
187
239
272
344
314
369
361
535
574
611
678
750
764
775
47
58
68
76
96
90
103
814
971
767
913
Individuals, Bor- Capipartner- row- tal
acships, ings counts
and corporations
New York City:*
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
June
31....
31....
31....
31....
31....
30....
30....
20. . . .
30p
382
48
866
4,186
3,395
6,150
6,722
4,296
7
5
6
3
4
11
11
11
5
7
7
1,065
3
Chicago:
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
31....
31....
31....
31....
31
30....
30....
20....
1,051
1,021
1,090
1,132
1,092
8
8
12
14
15
16
16
6,870
9,581
11,117
14,849
18,654
18,405
20,267
21,735
2,389
3,919
4,302
4,831
4,770
4,757
5,421
5,094
30
49
54
63
63
65
70
78
1,645
3,002
3,216
3,699
3,474
3,638
4,097
3,693
5,968
7,845
9,661
13,265
17,039
17,099
19,958
20,842
412
633
790
957
994
951
1,149
1,068
1
2
2
4
5
5
8
8
1,329
2,017
2,325
2 934
2,996
2,978
3,434
2,879
3,391
4,092
5,651
7,279
7,368
8,652
83
95
108
133
14
126
182
3
3
2
2
2
3
3
June 30^
1,027
1,105
972
65
90
127
665
713
1,105
1,400
900
255
270
288
304
326
343
354
353
2
1
1
1
1
445
496
476
453
505
543
619
631
111
107
104
63
41
37
33
33
34
19
20
22
56
45
40
38
266
226
243
169
151
158
154
179
4,161
4,506
4,542
4,805
5,902
6,567
7,561
8,028
70
1,735
1,904
1,967
2,028
2,135
2,207
2,327
2,395
5,143
6,846
8,500
11,989
15,561
15,609
18,350
19,014
18,939
21
29
30
20
17
15
14
21
61
33
31
32
56
52
57
56
158
150
146
140
149
157
175
181
5,504
5,917
6,082
6,397
7,599
8,477
9,650
10,279
13
3
4
3
10
11
16
51
1,775
1,909
1,982
2,042
2,153
2,239
2,321
2,395
2,357
2,822
3,483
4,983
6,518
6,595
7,863
14
18
18
10
6
5
6
31
13
8
5
4
4
4
106
87
74
65
68
74
76
3,182
3,311
3,276
3,339
3,750
4,094
4,553
15
8
6
5
6
9
10
1,032
""2"
Reserve city banks:
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
31....
31....
31....
31....
31....
30. . . .
30....
20. . . .
June 30p...
Country banks:
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
31....
31....
31....
31....
31....
30
30....
20. . . .
June 30p...
Insured nonmember commercial banks:
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
31....
31....
31....
31....
31....
30
30...
256
327
491
1,982
3,373
6,453
6,157
4,260
78
151
225
1,090
1,962
3,926
4,230
2,952
20
50
53
243
506
1,124
1,245
995
1,144
1,319
1,448
1,464
1,509
1,615
959
1
2
975
956
955
979
1,015
1,022
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.
6
Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection.
For other footnotes, see opposite page.
Backfigures.—SeeBanking and Monetary Statistics, Tables 18-45, pp. 72-103, and 108-113.
AUGUST
1945
799
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Investments
Loans
Date or month
Total
loans
and
invest- Total
ments
For purchasing
or carrying securities
Commercial, To brokers
indus- and dealers To others Real- Loans Other
estate to
trial,
loans banks loans
and
agri- U.S. Other U.S. Other
cul- Govt. se- Govt. seobobtural
liga- curi- liga- curitions ties tions ties
J. S. Government obligations
Total
Total
Bills
CerOther
tifiGuar- secucates
of in- Notes Bonds an- rities
teed
debtedness
Total—101 Cities
1944—June
51,656
10,746
5,938
904
606
529
311 1,072
48
1,338
9,329 7,164 18,409
615
2,902
1945—Feb
Mar.
Apr.
May
June
58,796
58,112
57,271
57,285
60,923
11,768
11,350
11,039
11,415
12,848
6,320
6,157
5,989
r
5,818
5,876
991
900
881
1,281
1,652
763
751
755
821
882
929
800
651
593
1,476
354
346
350
365
388
1,047
1,042
1,041
1,046
1,047
76
68
76
102
95
1,288
1,286
1,296
r
1,389
1,432
47,028
46,762
46,232
45,870
48,075
44,074
43,779
43,152
42,837
44,962
2,389
2,233
1,706
1,336
1,655
10,072
11,449
11,143
10,776
9,956
9,149
7,448
7,412
7,358
9,316
22,104
22,306
22,564
23,035
24,013
360
343
327
332
22
2,954
2,983
3,080
3,033
3,113
1,084
1,132
1,237
1,446
1,505
810
794
830
832
840
604
593
587
581
600
384
353
362
362
364
1,047
1,045
1,044
1,046
1,049
105 1,378
85 1,389
105 1,396
100 r 1,389
117 l,393
45,860
45,775
45,870
45,936
45,905
42,844
42,748
42,853
42,897
42,842
1,530
1,339
1,399
1,218
1,195
10,845
10,832
10,767
10,774
10,663
7,369
7,350
7,350
7,357
7,366
22,782
22,906
22,999
23,209
23,276
318
321
338
339
342
3,016
3,027
3,017
3,039
3,063
1,439
1,595
l,73O
1,841
812
869
870 r 848
902 2,039
886 2,205
390
381
388
395
1,044
1,045
1,047
1,052
102 rr 1,408
108 r l,417
91 l,449
78 1,455
46,368
46,772
49,459
49,702
43,296
43,676
46,334
46,543
1,368 9,397 9,038
1,418 9,417 9,143
1,946 r 10,470 r 9,545
1,889 10,539 9,538
23,470
23,678
24,349
24,557
23
20
24
20
3,072
3,096
3,125
3,159
2,394
2,297
2,177
2,043
398
397
396
398
1,048
1,051
1,052
1,051
68
64
78
90
1,494
1,491
1,487
1,485
50,248
50,463
50,459
50,513
47,116
47,338
47,267
47,312
1,932
2,090
1,935
1,913
9,607
9,626
9,591
9,632
24,899
24,967
25,087
25,156
14
8
8
8
3,132
3,125
3,192
3,201
40,910 38,008 2,491
May
May
May
May
May
2
9
16
23
30
57,176
56,995
57,228
57,482
57,541
11,316
11,220
11,358
11,546
11,636
5,904
5,829
5,797
5,790
r
5,768
June
June
June
June
6
13
20
27
58,254
58,896
63,005
63,537
11,886
12,124
13,546
13,835
r
5,822
r
5,860
r
July
July
July
July
3
11
18
25
64,291
64,235
63,994
63,853
14,043
13,772
13,535
13,340
5,941
5,928
5,928
5,903
1,821
1,667
1,518
1,465
879
877
899
905
New York City
1944—June
18,672
4,293
2,306
719
460
214
128
81
33
352
14,379 13,460
670
3,405 2,651
6,553
181
919
1945—Feb
Mar. . .
Apr
May
June
21,019
20,631
20,277
20,354
21,891
4,798
4,574
4,392
4,794
5,643
2,437
2,372
2,301
2,218
2,229
787
721
699
1,093
1,365
588
582
580
632
691
409
332
230
193
686
146
141
146
162
174
68
67
65
65
65
63
59
64
84
71
300
300
307
347
362
16,221
16,057
15,885
15,560
16,248
15,253
15,071
14,834
14,551
15,180
664
575
423
166
281
3,348
3,823
3,710
3,456
2,988
3,290
2,665
2,612
2,594
3,233
7,878
7,940
8,032
8,284
8,677
73
68
57
51
1
968
986
1,051
1,009
1,068
May
May
May
May
May
2
9
16
23
30
20,262
20,162
20,278
20,505
20,564
4,687
4,612
4,744
4,926
5,002
2,267
2,219
2,207
2,201
2,198
922
959
1,049
1,249
1,284
621
606
640
639
653
200
196
191
184
191
177
151
159
161
164
66
66
65
65
65
90
69
88
79
94
344
346
345
348
353
15,575
15,550
15,534
15,579
15,562
14,585
14,547
14,535
14,559
14,528
277
161
155
117
121
3,532
3,525
3,475
3,413
3,334
2,579
2,595
2,600
2,596
2,601
8,147
8,214
8,245
8,386
8,425
50
52
60
47
47
990
1,003
999
1,020
1,034
June
June
June
June
6
13
20
27
20,812
21,107
22,821
22,824
5,050
5,236
6,038
6,247
2,208
2,235
2,232
2,241
1,203
1,338
1,394
L,524
677
681
710
696
287
297
1,038
1,123
172
173
171
181
65
65
65
65
81
87
64
51
357
360
364
366
15,762
15,871
16,783
16,577
14,725
14,814
15,699
15,482
250
154
382
339
2,851
2,856
3,205
3,042
3,143
3,200
3,345
3,241
8,480
8,603
8,766
8,859
1
1
1
1
1,037
1,057
1,084
1,095
July
July
July
July
3
17
18
25
23,230
23,052
22,880
22,827
6,369
6,137
6,001
5,850
2,243
2,227
2,220
2,196
1,495
1,340
1,236
L,193
689
684
700
700
1,245
1,193
1,137
1,038
181
180
182
184
65
65
65
65
58
51
64
74
393
397
397
400
16,861
16,915
16,879
16,977
15,788
15,844
15,733
15,827
402
508
385
478
3,091 3,263
3,039 3,227
2,982 3,230
3,211
9,031
9,069
9,135
9,175
1
1
1
1
1,073
1,071
1,146
1,150
986
5,900
5,923
r
10,664
10,647
10,646
10,603
Outside
New York City
1944—June
32,984
6,453
3,632
185
146
315
183
991
15
26,531 24,548 1,821
5,924 4,513 11,856
434
1,983
1945—Feb
Mar
Apr
May
June
37,777
37,481
36,994
36,931
39,032
6,970
6,776
6,647
6,621
7,205
3,883
3,785
3,688
r
3,600
3,647
204
179
182
188
287
175
169
175
189
191
520
468
421
400
790
208
205
204
203
214
979
975
976
981
982
13
988
9
986
12 r 989
18 l,042
24 1,070
30,807
30,705
30,347
30,310
31,827
28,821
28,708
28,318
28,286
29,782
1,725
1,658
1,283
1,170
1,374
6,724
7,626
7,433
7,320
6,968
5,859
4,783
4,800
4,764
6,083
14,226
14,366
14,532
14,751
1,5,336
287
275
270
281
21
1,986
1,997
2,029
2,024
2,045
2
9
16
23
30
36,914
36,833
36,950
36,977
36,977
6,629
6,608
6,614
6,620
6,634
3,637
3,610
3,590
3,589
r
3,570
162
173
188
197
221
189
188
190
193
187
404
397
396
397
409
207
202
203
201
200
981
979
979
981
984
15 1,034
16 1,043
17 1,051
21 r 1,041
23 l,040
30,285
30,225
30,336
30,357
30,343
28,259
28,201
28,318
28,338
28,314
1,253
1,178
1,244
1,101
1,074
7,313
7,307
7,292
7,361
7,329
4,790
4,755
4,750
4,761
4,765
14,635
14,692
14,754
14,823
14,851
268
269
278
292
295
2,026
2,024
2,018
2,019
2,029
June 6
June 13
June 20
June 27
37,442
37,789
40,184
40,713
6,836
6,888
7,508
7,588
r
3,614
r
3,625
r
236
257
336
317
192
189
192
190
525
551
l,001
1,082
218
208
217
2J4
979
980
982
987
21 1,051
21 rl,O57
27 r l,085
27 1,089
30,606
30/901
32,676
33,125
28,571
28,862
30,635
31,061
1,118
1,264
1,564
1,550
5.895
5,943
6,200
6,297
14,990
15,075
15,583
15,698
22
19
23
19
2,035
2,039
2,041
2,064
July
July
July
July
41,061
41,183
41,114
41,026
7,674
7,635
7,534
7,490
3,698
3,701
3,708
3, 707
326
190
193
199
205
1,149
1,104
1,040
1,005
217
217
214
214
983
986
987
986
10
13
14
16
1,101
1,094
1,090
1,085
33,387
33,548
33,580
33,536
31,328
31,494
31,534
31,485
1,530
1,582
1,550
1,435
6,344
6,399
6,361
6,421
15,868
15,898
15,952
15,981
13
7
7
7
2,059
2,054
2,046
2,051
May
May
May
May
May
3
11
18
25
3,668
3,682
r
282
272
r
r
6,546
6,561
7,265
7,497
7,573
7,608
7,664
7,641
r
r
Revised.
Back figures.—See Banking and Monetary Statistics, pp. 127-227.
8oo
FEDERAL RESERVE BULLETIN
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,
except interbank
Date or month
Total 101 Cities
1944—June
1945—Feb
Mar
Apr
May
June
Reserves
DeBalwith Cash ances mand
Fedwith
dein
eral vault
posits
doRemestic
ad- 1
serve
banks justed
Banks
Time deposits,
except interbank
IndividCertiuals, States
and
fied
partu. s.
polit- and
nerGovical
offiships,
ernsubcers'
and
divi- checks ment
corsions
etc.
porations
9,313
575
2,179
35,886
35,959
1,921
9,448
9,643
9,806
10,192
10,239
567
596
578
585
580
2,141
2,152
2,130
2,157
2,348
36,493
37,429
38,231
39,886
38,854
36,772
37,523
38,202
39,660
38,951
1,904 933
1,977 817
2,096 853
2,296 899
2,068 1,112
798
Interbank
deposits
IndiDomestic
vidU.S.
banks
Bor- Capital Bank
uals, States
Govrow- acand
2
part- polit- ernForcounts its
nereign
ical ment
ships, suband
banks
and
Dedivi- Postal
cor- sions
Sav- mand Time
poraings
tions
6,622 6,636
125
47
877
146
4,405 67,012
7,812
7,982
8,109
8,265
8,380
123
124
104
109
109
45
44
44
44
43
8,917
9,061
9,035
9,216
9,898
939
937
955
1,007
1,044
247
234
327
573
519
4,662
4,683
4,718
4,748
4,761
55,440
64,932
57.545
62,802
78,821
6,484 8,190
5,
5,792
5,343
5,501
8,240
8,285
8,298
8,314
108
107
110
109
109
44
44
44
44
44
9,110
9,160
9,408
9,148
9,256
976
995
1,013
1,017
1,032
531
472
429
635
797
4,741
4,747
4,746
4,754
4,751
15,179
13,199
15,097
14,986
11,766
11,290
9,498
7,690
5,804
9,884
May
May
May
May
May
2....
9....
16....
23....
30...
9,997
10,077
10,254
10,216
10,418
567
566
587
605
600
2,138
2,115
2,230
2,123
2,179
39,147
39,490
39,900
40,516
40,378
38,907
39,044
40,006
40,153
40,190
2,289 990
2,271 795
2,239 842
2,308 1,019
2,374 850
June
June
June
June
6...
13...
20...
27...
10,400
10,660
10,142
9,755
580
582
574
585
2,172
2,345
2,463
2,412
40,683
41,189
37,176
36,367
40,323
41,404
37,554
3.6,525
2,268 975
2,232 989
,861 1,391
,909 1,092
5,428
5,499
13,633
14,978
8,345
8,371
8,388
8,415
109
108
109
109
43
43
45
43
9,629
10,160
10,040
9,763
1,043
1,050
1,050
1,034
824
721
328
202
4,768
4,755
4,761
4,762
16,166
14,274
25,376
16,913
July
July
July
July
3....
11....
18...
25....
9,732
9,599
9,710
9,796
542
582
567
567
2,424
2,415
2,338
2,254
35,875
36,308
36,852
37,440
36,019
36,683
37,178
37,506
,831 1,243
,765 1,051
,807 1,003
1,902 961
16,135
15,488
14,769
14,176
8,434
8,487
8,529
8,574
108
109
108
107
44
47
43
43
10,013
9,965
9,780
9,453
1,033
1,040
1,053
1,069
64
78
149
234
4,795
4,802
4,799
4,802
14,643
14,360
15,482
13,956
New York City
1944—June
3,484
13,436
13,806
191
2,563
793
17
2,831
792
73
1945—Feb
Mar
Apr
May
June
3,443
3,540
3,619
3,835
3,775
13,241
13,681
14,121
14,952
14,460
13,631
14,026
14,485
15,266
14,799
240
235
574
442
221
532
733
4,745
3,929
3,163
2,257
3,895
922
952
966
994
996
18
19
18
19
20
2,850
2,859
2,869
2,927
3,177
849
844
857
904
937
99
130
131
332
370
1,805
1,806
1,816
1,826
1,830
25,416
28,924
25,115
28,384
36,951
2,581
2,336
2,287
2,054
2,025
987
989
998
995
999
19
19
19
19
19
2,941
2,934
2,973
2,877
2,909
873
895
910
914
927
339
241
199
338
542
1,826
1,828
1,827
1,828
1,823
6,674
6,183
7,024
6,868
4,840
1,908
2,066
5,558
6,049
998
999
992
996
19
19
21
20
3,018
3,297
3,259
3,136
936
945
941
925
579
526
235
140
1,835 7,467
1,831 6,643
1,830 12,331
1,825 7,856
20
20
19
19
10
10
10
3,246
3,142
3,067
2,954
921
930
943
959
46
23
84
137
1,845
1,847
1,846
1,848
May
May
May
May
May
2...
9....
16....
23....
30...
3,797
3,767
3,843
3,856
3,912
14,505
14,699
14,938
15,359
15,260
14,837
14,969
15,277
15,597
15,650
313
277
282
279
287
June
June
June
June
6...
13...
20...
27...
3,889
3,990
3,663
3,557
15,448
15,451
13,657
13,284
15,680
15,853
14,048
13,614
243
244
July
July
July
July
3....
11....
18....
25....
3,578
3,433
3,510
3,589
13,107
13,214
13,445
13,757
13,449
13,625
13,819
14,068
168
147
206
215
682
610
606
6,658 991
6,354
995
6,022 1,002
5,764 1,015
Outside
New York City
1944—June
5,829
482
2,154
22,450
22,153
1,730
357
4,059 5,843
41
5,857
37
85
1945—Feb
Mar
Apr
May
June
6,005
6,103
6,187
6,357
6,464
475
501
483
494
489
2,115
2,120
2,088
2,131
2,325
23,252
23,748
24,110
24,934
24,394
23,141
23,497
23,717
24,394
24,152
1,664
1,742
1,863
2,008
1,847
359
375
382
367
379
6,545
5,569
4,527
3,547
5,989
6,890
7,030
7,143
7,271
7,384
105
105
86
90
89
38
37
36
36
35
6,067
6,202
6,166
6,289
6,721
33
39
45
46
40
90
93
98
103
107
6,200
6,310
6,411
6,360
6,506
483
474
496
513
507
2,114
2,094
2,200
2,099
2,148
24,642
24,791
24,962
25,157
25,118
24,070
24,075
24,729
24,556
24,540
1,976
1,994
1,957
2,029
2,087
407
358
354
340
375
3,903
3,562
3,505
3,289
3,476
7,203
7,251
7,287
7,303
7,315
89
88
91
90
90
36
36
36
36
36
6,169
6,226
6,435
6,271
6,347
46
47
46
47
46
103
100
103
103
105
6,511
6,670
6,479
6,198
487
490
487
492
2,152
2,322
2,436
2,388
25,235
25,738
23,519
23,083
24,643
25,551
23,506
22,911
2,025
1,""'
1,668
1,703
352
379
425
361
3,520
3,433
8,075
8,929
7,347
7,372
7,396
7,419
90
89
88
89
35
35
37
35
6,611
6,863
6,781
6,627
46
46
32
35
107
105
109
109
6,154
6,166
6,200
6,207
458
488
481
479
2,401
2,387
2,314
2,216
22,768
23,094
23,407
23,683
22,570
23,058
23,359
23,438
1,663
1,618
1,601
1,687
433
369
393
355
9,477
9,134
8,747
8,412
7,443
7,492
7,527
7,559
89
89
36
37
33
33
6,767
6,823
6,713
6,499
33
30
31
31
112
110
110
110
May
May
May
May
May
July
July
July
July
1
2
2....
9....
16....
23....
30...
3
11
18
25
583
437
679
475
623
1,732 28,989
6,496
6,720
7,457
6,696
73 2,673 38,023
2,857
2,877
2,902
2,922
2,931
30,024
36,008
32,430
34,418
41,870
230
297
255
2,915
2,919
2,919
2,926
2,928
8,505
7,016
8,073
8,118
6,926
195
93
62
2,933 8,699
2,924 7,631
2,931 13,045
2,937 9,057
104
196
149
192
2,950
2,955
2,953
2,954
8,147
7,640
8,025
7,260
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
AUGUST
1945
801
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millionsof dollars]
Investments
Loans
Federal Reserve
district and date
Total
loans
and
investments
Total
Commercial,
industrial,
and
agri-
cultural
Boston (6 cities)
June 27
July 3
July 11
July 18
July 25
New York
(8 cities)*
June 27
July 3
July 11
July 18
July 25
Philadelphia
(4 cities)
June 27
July 3
July 11
July 18
July 25
3,524
3,544
3,569
3,596
3,569
725
711
717
701
706
405
400
402
409
417
25,035
25,466
25,279
25,102
25,022
6,606
6,732
6,506
6,359
6,205
2,384
2,385
2,369
2,360
2,333
2,762
2,772
2,773
2,761
2,722
479
476
474
475
468
202
199
204
206
204
5,050
5,092
5,089
5,078
5,059
985
999
992
985
972
2,055
2,071
2,089
2,104
2,105
For purchas ing or carrymg securities
To brokers
and dealers
To others
U.S.
U. S.
Govt. Other Govt. Other
obli- secu- obli- secugarities ga- rities
tions
tions
49
48
51
33
33
U. S. Government obligations
Real- Loans
Total
estate to Other
loans banks loans
Total
20
22
22
22
21
30
40
39
37
36
17
17
18
17
17
65
64
65
65
64
17
2
2
2
2
122
118
118
116
116
2,799
2,833
2,852
2,895
2,863
2 723
2,755
2,774
2,819
2,787
233
239
240
254
226
678
689
700
722
715
510
508
508
505
509
1 302
l',319
1,326
1,338
1,337
76
78
78
76
76
703
695
689
706
706
1,173
1,297
1,245
1,187
1,088
202
203
204
205
207
140
140
144
144
144
51
58
51
64
74
425
452
456
455
458
18,429
18,734
18,773
18,743
18,817
17,255
17,581
17,626
17,522
17,593
419
466
551
444
513
3,366
3 424
3^394
3,340
3,307
3,600
3 613
3^557
3,556
3,573
9,869
10 077
10^123
10 181
10^199
1,174
1,153
1447
1,221
l]224
13
12
9
8
7
39
36
37
38
37
48
49
48
47
45
10
11
11
11
11
36
33
33
33
33
1
2
1
1
1
130
134
131
131
130
2,283
2,296
2,299
2,286
2,254
2,108
2,122
2,124
2,110
2,076
144
152
149
143
128
366
362
359
356
340
427
436
471
465
443
1,171
1,172
1,145
1,146
1,165
175
174
175
176
178
379
382
381
374
369
83
80
79
80
78
26
25
25
27
27
199
205
205
197
194
17
18
17
16
16
152
154
153
153
153
129
135
132
138
135
4,065
4,093
4,097
4,093
4,087
3,821
3,849
3,854
3,848
3,842
128
132
124
112
88
908
906
912
908
907
733
736
738
741
752
2,052
2^075
2,080
2,087
2,095
244
244
243
245
245
315
314
313
311
311
121
120
120
119
118
6
6
6
5
5
6
6
6
6
6
59
61
60
61
59
10
10
9
9
10
47
46
45
46
46
5
3
4
4
5
61
62
63
61
62
1,740
1,757
1,776
1,793
1,794
1,679
1,695
1,714
1,733
1,734
85
95
99
103
103
347
367
351
368
362
304
283
305
288
294
938
945
959
974
975
5
5
61
62
62
60
60
l,9O
1,969
1,981
1,998
1,986
368
373
365
358
355
183
183
184
181
178
2
3
2
2
2
8
9
9
10
11
62
67
63
60
57
7
7
7
7
7
25
24
25
24
24
1
1
2
2
3
80
79
73
72
73
1,592
1,616
1,616
1,640
1,631
1,455
1,478
1,478
1,502
1,495
40
51
57
60
51
344
348
354
360
359
330
328
318
318
321
740
750
748
763
763
1
1
1
1
1
137
138
138
138
136
9,461
9,542
9,561
9,449
9,416
1,758
1,791
1,782
1,735
1,722
912
913
912
907
911
122
131
134
117
113
46
46
47
47
48
333
346
336
313
299
63
61
60
60
59
145
145
145
145
145
137
149
148
146
147
7,703
7,751
7,779
7,714
7,694
7,168
7,216
7,245
7,181
7,161
332
269
320
283
246
1,978
2,025
2,004
2,013
2,020
1,372
1,410
1,409
1,388
1,394
3,483
3,510
3,510
3,495
3,499
3
2
2
2
2
535
535
534
533
533
1,956
1,975
1,977
1,965
1,969
466
468
468
468
464
237
239
242
241
242
2
3
3
3
3
6
6
6
7
6
50
51
47
45
41
12
14
14
14
14
66
66
66
66
67
3
1
3
3
3
90
88
87
89
88
1,490
1,507
1,509
1,497
1,505
1,361
1,379
1,381
1,371
1,379
57
72
66
58
63
278
263
269
268
267
318
318
318
319
326
707
725
727
725
722
1
1
1
1
129
128
128
126
126
1,237
1,253
1,253
1,250
1,246
220
226
223
222
219
114
117
116
117
113
3
3
2
2
2
1
2
2
2
3
25
25
26
24
23
4
4
4
4
4
23
23
23
23
23
" i1
1
1
50
51
49
49
50
1,017
1,027
1,030
1,028
1,027
969
980
983
982
981
32
36
38
36
33
191
193
197
201
202
195
194
192
191
188
551
557
556
554
558
2,175
2,200
2,224
2,234
2,248
357
366
364
363
367
211
214
216
217
222
2
2
2
2
2
4
4
4
4
4
32
38
37
33
32
8
7
38
38
37
37
37
i1
62
63
61
62
62
1,818
1,834
1,860
1,871
1,881
1,687
1,704
1,731
1,742
1,751
111
112
121
109
113
391
392
398
400
401
428
444
453
456
459
751
755
759
777
778
1,852
1,869
1,887
1,899
1,898
471
481
470
467
465
286
290
288
291
290
4
4
5
5
7
72
81
71
65
64
22
24
24
24
24
24
24
24
24
24
63
58
58
58
56
1,381
1,388
1,417
1,432
1,433
1,332
1,338
1,368
1,382
1,383
67
67
75
77
78
400
404
410
416
415
266
269
270
272
272
599
598
613
617
618
6,470
6,518
6,553
6,558
6,613
1,085
1,106
1,098
1,091
1,086
489
499
494
506
506
31
31
31
28
25
23
24
25
25
29
122
134
120
108
105
23
22
22
22
22
291
291
291
292
291
106
105
115
110
108
5,385
5,412
5,455
5,467
5,527
4,985
5,019
5,060
5,075
5,130
241
241
250
256
271
1,292
1,291
1,299
L.294
1,308
1,055
1,068
1,087
1,092
1,101
2,394
2,416
2,421
2,430
2,447
5,723
5,776
5,772
5,685
5,653
1,224
1,252
1,247
1,206
1,197
676
677
676
672
677
118
128
131
113
110
35
34
35
37
38
237
246
240
220
209
55
53
52
52
51
25
25
25
25
25
78
89
88
87
87
4,499
4,524
4,525
4,479
4,456
4,147
4,174
4,176
4,128
4,106
223
165
197
202
182
1,208
L,248
L,222
1,204
1,216
793
824
826
805
814
1,923
1,937
1,931
1,917
1,894
1,528
1 502
1,348
1,238
1,195
Cleveland
(10 cities)
June 27
July 3
July 11
July 18
July 25
CertifiOther
cates
secuof
Guar- rities
Bills
inNotes Bonds andebtteed
edness
Richmond
(12 cities)
June 27
July 3
July 11...
July 18
July 25
Atlanta (8 cities)
June 27
July 3
July 11
July 18
July 25
Chicago (12 cities)*
June 27
July 3
July 11
July 18
July 25
St. Louis (5 cities)
June 27
July 3
July 11
July 18
July 25
Minneapolis
(8 cities)
June 27
July 3
July 11
July 18
July 25
Kansas City
(12 cities)
June 27
July 3
July 11
July 18
July 25
Dallas (9 cities)
June 27
July 3
July 11
July 18
July 25
San Francisco
(7 cities)
June 27
July 3
July 11
July 18
July 25
*.
City of
June
July
July
July
July
Chicago*
27
3
11
18
25
7
7
7
48
47
47
46
46
6
1
131
130
129
129
130
49
50
49
50
50
3
3
3
3
3
400
393
395
392
397
352
350
349
351
350
* 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.
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[ In millions of dollars]
Federal Reserve
district and date
ReBalDeserves
with Cash ances mand
with
deFedin
posits
doeral vault
admestic
Re1
banks justed
serve
Banks
Boston (6 cities)
June 27
July 3
July 11
July 18
July 25
New York (8 cities)*
June 27
July 3
July 11
July 18
July 25
Philadelphia (4 cities)
June 27
July 3
July 11
July 18
July 25
Individuals,
partnerships,
and
corporations
Interbank
Time deposits,
except interbank
Demand deposits,
except interbank
States Certiand
fied
U.S.
politand
Govical
offiernsubcers' ment
divi- checks
sions
etc.
Individuals,
partnerships,
and
corporations
deposits
Domestic
banks
Bor- CapStates U.S.
Bank
ital debGovand
rowernac2
Forpolit- ment
ings counts its
eign
ical
and
banks
sub- Postal Dedivi- Sav- mand Time
sions ings
2
3
3
3
3
304
299
306
297
290
10
10
12
12
12
3,209
3,319
3,211
3,135
3,017
454
443
448
463
457
60
57
62
60
58
150
135
129
127
120
2,058
2,020
2,077
2,114
2,120
2,047
2,009
2,079
2,115
2,104
100
92
92
95
91
35
42
33
31
32
1,169
1,201
1,163
1,162
1,121
378
379
382
384
386
3,808
3,813
3,681
3,757
3,838
126
115
129
119
121
126
125
120
105
120
14,624
14,446
14,519
14,771
15,063
14,763
14,604
14,753
14,947
15,202
445
393
369
433
472
761
845
710
653
634
6,524
7,135
6,830
6,475
6,197
1,575
1,576
1,589
1,598
1,614
22
23
25
24
23
413
416
412
409
415
31
27
31
30
29
101
85
80
79
77
1,740
1,705
1,726
1,723
1,738
1,817
1 790
1,' 787
1,800
1,784
38
32
39
31
42
18
28
24
20
20
742
768
748
735
707
200
200
200
201
202
8
8
8
8
8
754
768
756
774
763
76
71
76
77
76
217
211
214
230
207
2,929
2,918
2,938
3,030
3,040
2,981
2,964
2,984
3,075
3,063
128
130
137
142
148
42 1,028
53 1,074
41 1,029
45
979
941
41
1,111
1,117
1,124
1,130
1,134
26
24
24
24
24
313
322
316
316
304
39
35
38
38
38
206
207
213
174
167
J. 189.
,166
,203
,206
1,2.21
181
'l77
,212
,204
L,211
78
75
72
77
80
22
25
18
21
21
539
573
548
524
505
313
314
316
318
319
2
2
2
2
2
351
359
363
345
351
29
26
28
29
29
147
153
168
157
143
,184
,173
,207
L,227
,230
124
'097
, 153
^169
L159
152
170
160
156
161
11
14
9
12
9
310
341
322
305
294
371
372
375
377
379
4
4
4
4
4
June 27
July 3
July 11
July 18
July 25
St. Louis (5 cities)
June 27
July 3
July 11
July 18
July 25..
Minneapolis (8 cities)
June 27
July 3
July 11
July 18
July 25
Kansas City (12 cities)
June 27
July 3
July 11
July 18
July 25
1,460
1,428
1,426
1,438
1,445
93
90
92
89
88
408
414
413
397
404
5,480
5,338
5,448
5,462
5,548
5,370
5,223
5,353
5,375
5,432
451
425
402
395
410
64
71
74
72
64
2,042
2,211
2,114
1,996
1,916
1,667
1,668
1,678
1,684
1,690
327
310
325
324
329
22
20
22
21
21
112
116
123
124
115
997
983
1,013
1,028
1,054
1,043
1,023
1,069
1,092
1,097
57
57
54
54
56
16
19
12
13
13
384
417
395
374
362
307
308
310
312
313
184
189
181
180
182
11
10
10
11
11
103
102
106
103
93
643
646
650
660
664
606
612
623
626
626
86
90
87
85
87
14
16
14
16
13
324
335
328
312
301
186
187
189
189
191
431
435
430
430
437
25
22
23
23
24
308
311
306
310
294
1,292
1,263
1,278
1,306
1,336
1,285
1,266
1,302
1,321
1,331
137
132
126
130
138
19
19
19
18
18
369
396
380
361
346
256
257
259
261
262
1
1
1
1
1
3
3
3
3
3
881
914
926
927
914
June 27
July 3
July 11
July 18
July 25
San Francisco(7 cities)
June 27
July 3
July 11
July 18
July 25
362
362
367
355
354
25
23
24
23
25
271
284
273
260
242
1,219
1,205
1,221
1,236
1,258
1,220
1,205
1,242
1,260
1,257
73
77
71
66
68
20
24
21
21
22
378
399
384
365
350
236
237
238
239
241
13
13
13
13
13
3
3
3
3
3
554
575
587
577
549
898
887
894
919
921
48
46
47
47
47
263
281
270
272
272
3,019
3,012
3 028
3^089
3,168
3,088
3,049
3,126
3'194
3,240
164
158
156
143
149
70
87
76
81
74
1,169
1,285
1 247
l', 181
1,136
1,815
1,819
1 827
l]836
1,843
27
27
26
26
26
7
7
7
7
7
448
449
465
456
440
904
883
892
893
905
35
36
35
34
34
185
197
203
194
197
3,245
3,171
3,254
3,270
3,331
3,270
3,175
3,253
3,293
3,339
192
193
189
185
187
31
34
40
30
28
1,360
1,467
1,396
1,317
1,262
682
679
683
683
685
Cleveland (10 cities)
June
Julv
July
July
July
27
3
11
18
25
1
1
1
1
1*
6
3
2
3
3
383
388
386
380
357
18
19
20
20
20
3
2
3
12
11
277
276
276
277
277
803
719
646
689
587
928
924
933
945
961
140
49
52
96
168
1,977
1,998
1,998
1,997
1,999
8,310
6,994
7,071
7,840
7,035
9
10
9
9
9
6
3
245
246
247
247
247
731
590
624
588
566
" 5
3
550
568
568
563
535
8
8
7
7
7
4
4
4
4
4
11
2
15
465
465
465
465
465
1,112
913
848
911
829
5
5
5
5
5
2
2
2
3
2
5
7
397
408
415
405
386
126
125
125
125
126
435
395
379
386
377
2
2
3
2
2
506
527
527
512
497
1
1
1
1
1
7
7
6
6
7
1
120
119
119
120
120
389
371
343
363
340
5
5
5
5
5
4
4
4
4
4
1,647
1,674
1,666
1,629
1,592
5
5
5
5
5
24
24
25
24
23
1
4
4
21
24
566 2,348
566 2,146
567 1,918
564 2,079
564 1,791
1
1
1
1
1
4
4
4
1
1
580
584
602
595
577
2
2
2
2
2
22
4
1
2
6
127
127
128
128
128
422
385
364
383
351
304
308
306
304
299
2
2
2
2
2
82
82
82
82
82
274
250
263
255
217
141
141
142
142
142
503
421
457
495
468
125
124
124
124
124
386
340
344
374
344
34
10
35
34
35
36 " " 6 "
511
526
529
528
528
1,200
1,119
1,103
1,119
1,051
18
20
21
21
20
360
361
361
358
358
1,401
1,324
1,149
1,288
1,071
Richmond (12 cities)
June 27
July 3
July 11
July 18
July 25
Atlanta (8 cities)
June 27
July 3
July 11
July 18
July 25
7
7
7
7
1
6
7
Chicago (12 cities)*
Dallas (9 cities)
City of Chicago*
June 27
July 3
July 11
July 18
July 25
1,181
1,198
1,191
1,156
1,129
3
5
6
5
5
5
2
6
8
4
4
3
3
3
6
6
6
6
6
''' j '
"i
1
* See note on preceding page.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except in interbank and U. S. Government accounts.
1
2
AUGUST
1945
803
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollarsl
Dollar acceptances outstanding
Commercial
paper
outstanding 1
End of month
Held by
Accepting banks
Total
outstanding
f!
Total
1944—March
April
May
June
July
August
September
October
November
December
Based on
Own
bills
Others
Imports
into
United
States
2
JDlllS
bought
Exports
from
United
States
Goods stored in or
shipped Detween
points in
Dollar
exchange
United
States
195
172
151
137
143
141
141
142
167
166
129
126
113
112
110
110
111
115
115
129
100
96
90
87
88
82
85
85
84
93
52
51
49
44
46
44
42
40
44
44
48
45
41
43
41
38
43
45
40
50
30
29
24
25
23
28
26
30
32
35
79
77
71
74
72
75
78
79
74
86
12
12
10
11
12
10
11
13
14
14
(3)
(3)
8
((333))
()
w
(3)
31
30
28
24
24
22
19
21
24
25
162
157
147
119
103
101
130
126
128
117
104
107
98
97
96
90
82
80
48
52
54
52
51
44
50
46
42
38
32
36
32
29
32
26
22
27
86
87
87
81
72
74
13
12
11
10
9
10
(3)
(3)
(3)
(3)
(3)
(3)
25
24
25
24
22
20
1945—January
February
March
April
May
June
Foreign
countries
7
7
4
2
3
3
2
4
3
5
4
4
2
2
3
1
As reported by dealers; includes some finance company paper sold in open market.
None held by FederaljReserve Banks.
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
2
3
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, A N D PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollarsl
Credit balances
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
firm
debit
partners'
balances
investment investment
(net) 1
and trading and trading
accounts
accounts
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed 2
Other credit balances
Free
Other
(net)
In firm
In partners'
investment i n v e s t m e n t
and trading a n d trading
accounts
accounts
In capital
accounts
(net)
1936—June
December.
1937—June...
December.
1938—June
December.
1939—June...
December.
1940-June
December,
1,267
1,395
1,489
985
774
991
834
906
653
677
67
64
55
34
27
32
25
16
12
12
164
164
161
108
88
106
73
78
58
99
219
249
214
232
215
190
178
207
223
204
985
1,048
1,217
688
495
754
570
637
376
427
276
342
266
278
258
247
230
266
267
281
86
103
92
85
89
60
70
69
62
54
24
30
25
26
22
22
21
23
22
22
1941—June
December.
1942—June
December.
1943—June
December
1944—June
616
600
496
543
761
788
887
11
8
9
89
86
86
154
190
188
253
186
211
180
160
167
181
196
395
368
309
378
529
557
619
255
289
240
270
334
354
424
65
63
56
54
66
65
95
17
17
16
15
15
14
15
5
11
222
213
189
182
212
198
216
420
410
420
e
430
e
430
472
96
18
8
227
1945—January...
February.
March...
April
May
June
e
e
e
c
C
c
c
e
e
940
940
940
e
950
e
940
1,041
1944—July
August
September
October...
November
December.
7
9
11
5
660
63O
640
e
670
e
640
7
l 070
e
l,100
31,034
3
1,065
31,094
p
l,223
726
209
260
e
e
P
333
p
220
730
c
730
3722
3701
3742
J>
853
14
12
13
10
11
420
424
397
355
298
305
280
277
269
247
5
6
7
5
5
7
5
4
4
7
e
530
c
540
3553
3575
3583
?)
549
*121
PU
p
13
p
264
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
p
large firms.
Preliminary.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured
by U. S. Government securities was (in millions of dollars): March, 109; April, 106; May, 110.
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.
804
FEDERAL RESERVE
BULLETIN
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
OPEN-MARKET MONEY RATES I N NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
u. s Government
security yields
Stock
Prime
Prime bankexcomchange
ers'
9- to 12mercial acceptcall
month
paper,
loan
to 5certifi- 3-year
3re4- to 6- ances,
90
cates taxable
month
newmonthsl daysl
3
of inbills
al
debted- notes
ness
1942 average
1943 average
1944 average
1944—July
August
September....
October
November
December.
1945—January
February
March
April
May
June
July
Week ending:
June 30
July 7
July 14
July 21
July 28
.66
.69
.73
.44
.44
.44
.75
.75
.75
.75
.75
.75
.44
.44
.44
.44
.44
.44
.75
.75
.75
.75
.75
.44
.44
.44
.44
.44
.75
.75
H
%
3
A
.44
.44
7
A>
%,
A
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.326
.373
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.375
""75"
.79
.77
.76
.79
.80
.81
.80
.78
.77
.78
.77
.80
.81
.80
.80
.79
.78
.80
.82
1.46
1.34
1.33
1.31
1.30
1.31
1.35
1.34
1.35
1.31
1.22
1.18
1.14
1.16
1.16
1.16
1.14
1.14
1.14
1.17
1.19
1 Monthly figures are averages of weekly prevailing rates.
^ T h e average rate on 90-day stock exchange time loans was 1.25 per
cent
during the entire period.
3
Rate on new issues offered within period.
Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp.
448-459, and the BULLETIN for May 1945, pp. 483-490.
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
11 Southern and
Western
cities
1936 average 11
1937 average 1
1938 average
2.68
2.59
2.53
1.72
1.73
1.69
3.04
2.88
2.75
3.40
3.25
3.26
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
1940—-December
1941—March
June
September
December
1942—March
June
September
December
2.78
2.63
2.54
2.61
2.72
2.59
2.59
2.58
2.55
2.60
2.41
2.48
2.62
2.70
2.63
2.07
2.04
1.97
2.07
2.30
2.11
2.00
2.06
1.95
1.98
1.88
1.85
2.07
2.28
2.09
2.87
2.56
2.55
2.58
2.80
2.68
2.53
2.53
2.58
2.62
2.45
2.48
2.56
2.66
2.63
3.51
3.38
3.19
3.26
3.13
3.02
3.36
3.25
3.23
3.29
2.99
3.20
3.34
3.25
3.26
1943—March
June
September
December
2.76
3.00
2.48
2.65
2.36
2.70
2.05
2.10
2.76
2.98
2.71
2.76
3.24
3.38
2.73
3.17
1944—March
June
September
December
2.63
2.63
2.69
2.39
2.10
2.23
2.18
1.93
2.75
2.55
2.82
2.61
3.12
3.18
3.14
2.65
2.91
2.73
1945—March...
1.99
2.53
2.80
June
2.20
2.55
June
I 2.50
2.50
2.20
2.5b
2.W
1 Prior toSMarch 1939 figures Were reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures—See Banking and Monetary Statistics, Tables 124-125, pp.
463-464; for description, see pp. 426-427.
B O N D YIELDS1
[Per cent per annum]
U. S. Government
Year, month,
or week
7 to 9
years
15 years
Taxable
Partially tax
exempt
Corporate (Moody's) 4
Municand over
ipal
(highgrade) 2
Taxable
Corporate
(highgrade) 3
3y groups
By rating
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
SFumber of issues
1-5
1-5
1-8;
15
5
120
30
30
30
30
40
40
40
1942 average
1943 average
1944 average
1 93
1.96
1.94
2.46
2.47
2.48
3.34
3.16
3.05
2.83
2.73
2.72
2.98
2.86
2.81
3.28
3.13
3.06
4.28
3.91
3.61
3.11
2.99
2.96
2.49
2.48
2.47
2.48
2.48
2.48
2.59
2.57
2.55
2.55
2.61
2.59
3.04
3.02
3.03
3.02
3.02
2.98
2.72
2.71
2.72
2.72
2.72
2.70
2.80
2.79
2.79
2.81
2.80
2.76
3.05
3.04
3.05
3.01
3.01
2.98
3.57
3.55
3.56
3.55
3.53
3.49
2.96
2.85
2.80
2.79
2.79
2.79
2.79
2.77
2.74
3.96
3.64
3.39
1.95
1.93
1.92
1.93
1.92
1.93
2.36
2.06
1.86
1.84
1.82
1.83
1.87
1.88
1.87
2.75
2.64
2.60
1944—July
August
September
October
November
December
2.09
1.98
1.92
1.89
1.90
1.93
1.93
1.90
1.87
3.37
3.34
3.35
3.32
3.29
3.25
2.95
2.94
2.94
2.96
2.98
2.96
1945—January
February
March
April
May
June
July
1.89
1.77
1.70
1.62
1.57
1.56
1.58
1.81
1.75
1.70
1.68
1.68
1.63
1.63
2.44
2.38
2.40
2.39
2.39
2.35
5
2.34
1.81
1.71
1.61
1.57
1.58
1.58
1.57
2.58
2.56
2.51
2.49
2.53
2.54
2.53
2.97
2.93
2.91
2.90
2.89
2.87
2.85
2.69
2.65
2.62
2.61
2.62
2.61
2.60
2.76
2.73
2.72
2.73
2.72
2.69
2.68
2.98
2.94
2.92
2.90
2.88
2.86
2.85
3.46
3.41
3.38
3.36
3.32
3.29
3.26
2.73
2.69
2.68
2.69
2.68
2.68
2.68
3.23
3.16
3.11
3.07
3.05
r
3.03
3.00
2.97
2.95
2.94
2.94
2.93
2.89
2.87
Week ending:
June 30.
July 7
July 14
July 21
July 28.
1.55
1.55
1.55
1.58
1.61
1.62
1.62
1.62
1.63
1.65
2.34
2.34
2.34
2.34
2.36
1.57
1.57
1.57
1.57
1.58
2.54
2.52
2.52
2.52
2.54
2.86
2.85
2.85
2.85
2.85
2.61
2.60
2.60
2.60
2.60
2.69
2.69
2.68
2.68
2.69
2.85
2.85
2.84
2.85
2.85
3.27
3.27
3.26
3.26
3.27
2.68
2.68
2.67
2.68
2.69
3.01
3.01
3.00
r
3.03
3.01
2.88
2.88
2.87
2.87
2.86
5
r
1
2
3
4
Revised.
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 and Aa groups have been reduced
from6 10 to 5 and 10 to 6 issues, respectively, and the railroad Aaa group from 10 to 5 issues.
Number of issues increased from 7 to 8 on July 1.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490.
AUGUST
1945
805
SECURITY MARKETS 1
Stock prices 6
Bond prices
Corporate4
Municipal
(high
grade)3
Highgrade
1942 average
1943 average
1944 average
100.72
100.50
100.25
126.2
131.8
135.7
1944—July
August
September.
October.. ..
November.
December.
1945—January....
February..
March
April
May
June
July
100.19
100.35
100.40
100.29
100.26
100.34
Week ending:
June 30. ...
July 7
July 14....
July 21. ...
July 2 8 . . . .
Year, month, or week
U.S.
Govern-
Medium- and lower-grade
Preferred6
Total
Industrial
402
354
69
92
100
71
94
102
66
89
101
61
82
90
466
1,032
971
177.6
176.9
177.4
177.4
178.5
180.9
104
103
101
104
103
105
107
105
103
106
105
106
105
103
99
103
105
114
91
92
91
93
92
92
1,283
872
738
776
850
1,421
68.6
68.1
68.9
71.9
77.5
81.4
80.4
183.3
185.5
187.7
190.9
191.2
190.9
189.6
108
113
112
114
118
121
118
110
115
114
117
120
122
119
121
125
124
129
135
144
140
94
97
96
98
101
106
108
1,652
1,664
1,195
1,273
1,357
1,828
951
84.3
82.2
81.9
79.4
78.7
191.3
190.8
189.7
189.2
188.7
122
120
120
116
117
123
121
121
117
118
150
144
143
136
136
108
108
109
107
108
2,097
1,029
896
1,046
875
DePublic faulted
utility
Total
Industrial
Railroad
20
20
118.3
120.3
120.9
100.1
109.5
114.7
109.1
117.0
120.5
86.6
97.6
107.3
104.8
114.0
116.3
27.2
44.0
59.2
162.4
172.7
175.7
136.1
136.5
136.2
135.5
135.2
135.5
121.3
121.2
121.2
121.1
120.9
121.4
114.7
114.8
114.5
115.5
115.9
116.9
121.1
120.9
120.1
119.9
119.9
120.7
106.8
107.3
107.0
109.6
110.9
113.2
116.3
116.2
116.5
116.9
116.7
116.8
61.3
57.3
55.5
59.1
61.2
65.8
100.97
101.81
101.56
101.68
101.74
102.38
8102.46
136.6
138.7
140.7
141.6
141.3
141.5
141.6
121.6
121.9
122.7
122.9
122.3
122.1
122.3
117.3
117.6
118.1
118.2
117.9
118.1
117.9
121.2
121.9
122.9
123.1
122.1
122.2
122.2
113.7
114.3
114.8
115.0
115.0
115.5
115.2
117.0
116.5
116.5
116.5
116.5
116.7
116.4
102.60
8102.53
102.59
102.53
102.25
141.6
141.6
141.6
141.6
141.4
122.2
122.4
122.5
122.4
122.0
118.1
118.2
118.2
117.9
117.7
121.9
122.1
122.3
122.3
122.0
115.5
115.4
115.5
115.1
115.0
116.7
116.9
116.7
116.2
116.0
Number of issues
Volume
of trading?
(in thousands of
Public shares)
utility
Common (index, 1935-39 = 100)
Railroad
28
1
2
3
4
5
6
7
8
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation. *
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Number of issues increased from 7 to 8 on July 1.
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
fin millions of dollars]
For refunding
For new capital
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Total
(new Total
and
(dore- mestic
fund- and
ing)
for- Total
eign)
4,699
6,214
3,937
4,449
5,842
4,803
5,546
2,114
2,174
4,153
1,457
1,972
2,138
2,360
2,289
1,951
2,854
1,075
213
274
332
478
892
480
193
42
70
145
42
178
39
38
1944—June
July
August
September.
October
November...
December.
1945—January
February
March
April
May.
June.
r
r
633
220
557
758
584
164
642
923
r
r
143
42
86
128
186
52
1,409
1,949
2,094
2,325
2,239
1,948
2,852
1,075
640
906
42
64
145
42
178
39
38
23
12
40
13
47
6
20
U3
42
86
r
State
and
municipal
855
735
712
971
931
751
518
342
176
235
r
126
185
52
Domestic
Domestic
r
99
6
24
19
28
43
Federal
agen-1
cies
Corporate
Total
Bonds
and Stocks
notes
1,272
1,062
108
90
45
624
374
627
334
839
817
807
287
601
889
506
282
404
4
15
52
106
29
131
23
19
11
43
68
15
109
9
13
5
10
37
14
22
14
6
43
27
62
18
22
27
r
50
102
25
5
35
51
55
1
150
22
157
481
924
461
404
1,192
1,225
873
383
736
io
2
9
""6
r
101
157
1
69
352
408
67
97
135
173
118
92
223
Total
(doFor-, mestic
4
and
eign"
foreign)
48
23
44
35
50
2
1
"i"
17
Total
State
and
municipal
3,242
4,242
1,799
2,089
3,553
2,852
2,693
1,039
1,532
3,230
3,216
4,123
1,680
2,061
3,465
2,852
2,689
1,039
1,442
3,215
365
382
191
129
195
482
435
181
259
404
1,537
170
204
187
436
714
440
155
170
204
187
436
714
440
155
8
22
26
6
61
65
14
490
178
471
490
163
471
23
8
150
30
9
8
•••y
"2 "
2
r
630
397
112
r
630
395
112
r
Federal
agen-1
cies
Corporate
Foreign2
Bonds
Total and Stocks
notes
1,864
3,387
1,209
1,267
1,733
2,026
1,557
1,782
3,187
418
685
407
603
2,423
2,135
83
27
20
30
42
39
27
79
154
141
401
611
336
114
76
133
136
351
586
304
114
3
21
5
50
25
32
195
18
25
46
19
30
272
136
296
240
136
265
33
987
353
281
665
344
698
440
497
388
r
554
367
74
856
1,236
1,596
1,834
1,430
r
529
272
74
81
200
352
31
137
193
126
11
82
288
31
25
95
26
119
119
28
88
...„.
90
15
15
""2
r
Revised.
Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
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.
1
1
806
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES1
PROPOSED USES OF PROCEEDS. ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated
net
proceeds3
Estimated
gross
proceeds2
Year or month
Plant and
equipment
Total
1934...
1935
1936.
1937
1938
1939
1940
1941
1942
1943
1944
Retirement of securities
New money
Working
capital
Total
Bonds and
notes
Repayment
of
other debt
Preferred
stock
Other
purposes
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,014
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
2,956
57
208
858
991
681
325
569
868
474
308
575
32
111
380
574
504
170
424
661
287
141
224
26
96
478
417
177
155
145
207
187
167
351
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,310
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
1,972
71
226
190
87
59
128
100
30
72
338
84
170
154
111
215
69
174
144
138
73
35
11
23
49
36
7
26
19
28
35
27
37
1943—November
199
116
197
113
119
20
64
8
55
12
71
81
66
77
6
4
6
5
1
7
1944—January
February
March
April
May
June
July
August
September
October
November
December
154
97
203
155
148
163
192
229
438
735
347
154
150
95
199
150
146
160
188
226
429
722
340
152
34
49
48
53
23
23
60
57
27
123
24
54
23
18
32
24
17
8
36
24
17
9
11
4
11
31
16
28
6
15
24
33
10
114
13
50
114
33
147
93
120
117
122
166
395
590
316
96
54
32
129
55
115
103
109
147
357
566
207
96
60
1
18
38
5
13
13
19
38
24
109
1
2
4
3
1
3
18
1
8
1
3
1945—January
February
March
April
May
June
281
215
226
643
496
92
275
212
221
632
485
91
35
28
48
102
136
5
14
16
28
55
48
1
21
12
19
47
88
3
240
177
171
513
331
79
221
160
158
501
278
72
19
17
13
12
53
7
. .
December
i
6
3
5
7
f "'
2
1
1
2
3
6
6
5
1
14
12
1
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Public utility
Railroad
Total
net
proceeds
Year or month
All
RetireTotal
All
Retirenet
New ment of other
New ment of other
money securi
pur- 4 pro- money securi- purposes*
ties
ties
poses ceeds
172
120
774
338
54
182
319
361
47
160
606
21
57
139
228
24
85
115
253
32
46
106
120
54
558
110
30
97
186
108
15
114
500
1943—November
December
26
3
3
3
23
1944—January
February..
8
9
29
8
9
29
2
45
21
134
189
36
52
82
2
4
21
19
10
2
4
119
108
12
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
.. .
March
April
May
June
July
August
September.
October
November.
December
1945—January
February
March
April
May.
...
..
360
75
June
14
18
'•41'
115
179
35
48
82
119
96
346
57
130
31
10
77
1
1,250
1,987
18
1,208
1,246
1,180
1,340
751
464
469
1,339
38
78
61
30
140
28
58
24
58
26
149
498
259
10
42
30
27
50
86
47
13
30
27
25
14
62
774
1,280
1,079
831
584
961
828
527
497
918
25
74
439
616
469
. 188
167
244
293
228
389
34
550
761
373
226
353
738
463
89
199
475
2
150
80
90
J36
43
56
121
146
71
54
20
122
390
71
16
102
155
94
4
21
92
46'
218
57
8
9
42
55
4
13
51
6
131
29
115
13
11
10
6
6
2
3
1
3
61
30
134
28
58
23
1
52
24 " " 2
138
6
484
5
255
10
81
55
28
118
85
58
109
66
85
186
29
18
26
40
14
49
19
17
34
38
10
113
16
12
53
3
11
65
62
22
70
27
75
71
11
5
2
12
4
3
4
19
5
2
2
4
1
33
65
60
122
125
183
30
82
27
93
120
223
59
28
9
41
64
117
3
54
16
50
55
89
49
1
38
71
5"
8
4
65
60
124 ""2"
137
12
184
1
30
RetireAll
Total
net
New ment of other
pro- money securipurceeds
ties
poses*
RetireNew ment of
money securities
77
1,190
1,897
611
943
1,157
922
993
292
423
1,297
5
All
other
purposes 4
Total
net
proceeds
11
30
63
89
180
43
245
317
145
22
28
6
Other
Industrial
""
""2"
1
1
" l
2
1
17
7
19
•
•
•
-
152
7
7
20
7
1
5
104
21
88
9
18
4"
38
3
1
•
1
2
6 " ""2"
2
1
42
42
10
18
4
15
2
2
4
••"72"
8
7
4
12
2
'
4"
1
" "2
2
6
i"
2
"Hi"
i
"3l"
""5
1
1
1
2
3
4
Estimates of new issues sold for cash in the United States. Current figures subject to revision.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of
the Board of Governors.
AUGUST
1945
807
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
N e t profits, 1 by industrial groups
Year or quarter
Total
Number of companies.
Iron
and
steel
Machinery
Automobiles
NonOther
trans- ferrous
porta- metals
tion
and
equip- prodment
ucts
Other
durable
goods
Oil
Foods, producbevering
ages,
and
and
tobacco refining
Industrial
chemicals
Other
nondurable
goods
Miscellaneous
services
Net
profits1
Dividends
Pre- Comferred
629
47
69
68
77
49
45
30
152
152
1,465
1,818
2,163
1,770
1,802
1,889
146
278
325
226
204
194
115
158
193
159
165
174
223
242
274
209
201
222
102
173
227
183
182
183
119
133
153
138
128
115
113
90
83
151
148
159
151
162
175
98
112
174
152
186
220
186
194
207
164
170
187
134
160
187
136
149
147
122
132
152
161
171
183
847
1,028
1,137
888
902
963
90
90
92
564
669
705
552
556
611
1941—1
2
3
4
509
547
558
549
86
84
81
72
44
48
46
55
79
73
60
61
53
56
56
62
39
36
38
40
23
28
30
32
36
43
44
37
29
42
56
46
44
48
49
46
28
33
44
47
285
295
282
275
22
23
23
24
150
165
170
221
1942—1
2
3
4
413
358
445
554
52
52
51
72
38
35
36
49
46
25
46
92
644
6
51
36
32
34
36
19
18
22
30
32
32
42
44
35
27
42
49
49
53
52
52
39
35
41
48
39
27
35
35
31
32
52
46
206
174
213
296
21
23
20
23
134
135
125
158
1943—1
2
3
4
431
433
461
477
52
47
51
53
39
41
41
45
47
49
52
53
648
646
646
641
34
32
31
31
19
22
20
23
39
37
43
43
36
42
49
58
41
41
40
47
36
36
39
38
39
38
50
44
209
221
226
247
21
22
21
22
127
132
127
170
1944—1
2
3
4
442
456
473
517
47
46
47
55
40
40
38
55
52
55
55
59
650
646
646
642
29
30
28
28
20
22
21
25
38
43
45
49
49
52
56
64
42
43
49
53
36
37
37
37
39
42
52
50
222
227
242
271
21
22
20
23
142
149
137
184
1945—1.
471
50
54
647
32
Income
before
income
tax*
Net
income1
Dividends
1,067
1,129
1,235
1,362
1,537
1,641
227
248
271
302
374
399
191
194
178
163
180
174
175
178
172
163
168
168
295
308
311
321
67
69
66
68
43
44
45
46
44
45
44
40
324
337
342
359
72
75
72
83
41
41
39
43
44
42
39
38
1939
1940
1941
1942
1943
1944
Quarterly
643
39
PUBLIC UTILITY CORPORATIONS
[ In millions of dollars]
Railroad2
Year or quarter
Operating
revenue
Income
before
income
tax 5
Net
Electric power3
Dividends
Operating
•revenue
Income
' before
income
tax5
. Net
income1
Dividends
444
447
437
408
410
390
3,995
4,297
5,347
7,466
9,055
9,437
126
249
674
1,658
2,211
1,971
93
189
500
902
873
668
126
159
186
202
217
246
2,647
2,797
3,029
3,216
3,464
3,618
629
692
774
847
914
915
535
548
527
490
502
499
1941—1
2
3
4
,152
,272
,468
,454
96
145
267
166
69
103
189
138
28
36
34
87
751
723
750
805
209
182
183
200
154
126
107
139
1942—1.
2.
3.
4.
,483
,797
2,047
2,139
178
390
556
534
90
198
286
327
24
46
30
101
816
770
792
839
234
196
195
222
131
104
105
150
1939
1940
1941
1942
1943
1944
Telephone4
Operating
revenue
Quarterly
1
98
96
84
131
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
* Thirty large companies, covering about 85 per cent of all telephone operations. Series exclud
the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
° After all charges and taxes7 except Federal income and excess profits taxes.
6
Partly estimated.
Not available.
Sources.—Interstate Comme
prior to 1942 are partly estimatec
panies and for telephone dividends. Figures ior the current and preceding year subject to revision, es
renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN.
808
operations.
Telegraph Company,
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT-VOLUME AND K I N D OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars)
Total
gross
direct
debt
End of month
Marketable public issues1
Total
interestbearing
direct
debt
Total2
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
indebtedbills
bonds
notes
ness
Total 2
U. S.
savings
bonds
Treasury
tax and
savings
notes
NonSpecial interestissues bearing
debt
Fully
guaranteed interestbearing
securities
1942—June
Dec
1943—June...
Dec
1944—June
72,422
108,170
. 136,696
165,877
201,003
71,968
107,308
135,380
164,508
199,543
50,573
76,488
95,310
115,230
140,401
2,508
6,627
11,864
13,072
14,734
3,096
10,534
16,561
22,843
28,822
6,689
9,863
9,168
11,175
17,405
38,085
49,268
57,520
67,944
79,244
13,510
21,788
29,200
36,574
44,855
10,188
15,050
21,256
27,363
34,606
3,015
6,384
7,495
8,586
9,557
7,885
9,032
10,871
12,703
14,287
454
862
1,316
1,370
1,460
i,548
1,283
1,092
{,225
,516
1944—July..
Aug....
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
June
July
208,574
209,802
209,496
210,244
215,005
230,630
232,408
233,707
233,950
235,069
238,832
258,682
262,045
207,117
208,289
207,850
208,608
210,774
228,891
230,672
231,854
232,026
233,063
235,761
256,357
259,781
144,919
145,213
144,723
145,008
145,183
161,648
162,261
162,379
162,625
162,680
162,652
181,319
183,080
15,524
15,715
15,747
16,060
16,405
16,428
16,403
16,399
16,921
17,041
17,049
17,041
17,025
30,035
30,001
29,573
29,546
29,545
30,401
30,401
30,396
34,544
34,478
34,442
34,136
34,472
18,067
18,067
17,936
17,936
17,936
23,039
23,039
23,039
18,588
18,588
18,588
23,497
23,498
81,097
81,235
81,270
81,271
81,102
91,585
92,221
92,349
92,377
92,377
92,377
106,448
107,890
47,237
47,614
47,152
47,430
49,008
50,917
51,723
52,345
51,833
52,460
54,517
56,226
57,143
36,538
36,883
37,323
37,645
38,308
40,361
41,140
41,698
42,159
42,626
43,767
45,586
46,508
10,000
10,030
9,124
9,075
9,990
9,843
9,864
9,927
8,948
9,109
10,031
10,136
10,119
14,961
15,461
15,976
16,170
16,583
16,326
16,688
17,130
17,567
17,923
18,592
18,812
19,558
1,456
1,514
1,645
1,636
3
4,230
1,739
1,736
1,853
1,923
2,006
"3,071
2,326
2,264
,468
,475
,480
,480
1,470
,470
,496
,114
,119
,132
,151
409
484
1
Including amounts held by Government agencies and trust funds, which aggregated 5,195 million dollars on May 31, 1945, and 6,105 million on
June 30, 1945.
1
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary
bonds not shown separately.
3
Including prepayments amounting to 2,546 million dollars on securities dated Dec. 1, 1944, sold in the Sixth War Loan, beginningon Nov. 20, 1944.
4
Including prepayments amounting to 947 million dollars on securities dated June 1,1945, sold in the Seventh War Loan, beginning on May 14, 1945.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, JULY 3 1 , 1945
[On basis of daily statements of United States Treasury. In millions
of dollars]
\mount
Issue *md coupon rate
Treasury billsi
Aug. 2, 1945
Aug. 9, 1945 . ..
Aug. 16, 1945
Aug. 23, 1945 . . . .
Aug. 30, 1945
Sept 6, 1945
Sept 13, 1 9 4 5 . . . .
Sept 20, 1945 . . . .
Sept 27, 1 9 4 5 . . . .
Oct. 4, 1945
Oct. 11, 1945
Oct. 18, 1945
Oct. 25, 1945
•
May
1, 1946
•
%
'.'.%
•
Treasury notes
Dec. 15, 1945
Jan. 1, 1946
Mar. 15, 1946
July 1, 1946
Dec. 15, 1946
Mar. 15, 1947
Sept. 15, 1947
Sept. 15, 1947
Sept. 15, 1948
•
%
%
.90
.1
..90
1K>
134
• VA
• 1/^4
iy2
Treasury bonds
Sept. 15, 1945-47.. • 2H
Dec. 15, 1945
Mar. 15, 1946-56.
June 15 1946-48 .. .3
June 15,' 1946-49!
Oct. 15, 1947-52.
Dec. 15, 1 9 4 7 . . . . "...2
Mar. 15, 1948-50. . . . 2
Mar. 15, 1948-51.
Tune 15, 1948
$
Sept. 15, 1948
Amount
• 2XA
1
2,511
3,694
3,492
4,395
5,043
4,147
4,811
1,579
4,799
531
3,416
1,291
4,910
3,261
1,948
2,707
1,687
3,748
21,214
541
489
1,036
819
759
701
1,115
1,223
3,062
D e c . 15, 1948-50 . . . . . . . . 2
....2
J u n e 15, 1949-51
2
Sept. 15, 1949-51
....2
D e c . 15, 1949-51
.Vy%
D e c . 15, 1949-52
D e c . 15, 1949-53
2M
'.'..'.2
M a r . 15, 1950-52
Sept. 15, 1950-52
2}A
'.'...2
Sept. 15, 1950-52
D e c . 15, 1950
\^A
J u n e 15, 1951-54
..2%
....2
Sept. 15, 1951-53
3
Sept. 15, 1951-55
D e c . 15, 1951-53
..2H
....2
D e c . 15, 1951-55
M a r . 15, 1952-54 . . . . ..2H
J u n e 15, 1952-54 . . . . . . . . 2
J u n e 15, 1952-55
• -23^
.'... 2
D e c . 15, 1952-54
....2
J u n e 15, 1953-55
J u n e 15, 1954-56.. . . • • 234
M a r . 15, 1955-60
..2%
M a r . 15, 1956-58
Sept. 15, 1956-59
'•'•2H
Sept. 15, 1956-59
• •2H
• •2%
J u n e 15, 1958-63
J u n e 15, 1959-62
..2H
D e c . 15, 1960-65
• •2%
J u n e 15, 1962-67
• -2^2
D e c . 15, 1963-68 . . . .23^2
Tune 15, 1964-69. ...
2}A
D e c . 15, 1964-69 . . . • - 2 H
M a r . 15, 1965-70 .
• 2%
M a r . 15, 1 9 6 6 - 7 1 . . . .
J u n e 15, 1967-72 . . . . •2y2
Sept. 15, 1967-72. ..
Postal Savings bom\s\y2
571
1,014
1,292
2,098
491
1,786
1,963
1,186
4,939
2,633
1,627
7,986
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
29
Conversion bonds. .... 3
50
Panama Canal loan . . . . 3
Total direct issues.
183,080
Guaranteed securities
F e d e r a l Housing
Various
1945
Amount
outstanding
at end of
muniu
Funds received from sales during
month
All
series
Series
E
Series
F
Redemptions and
maturities
Series
G
All
series
1943—Dec
27,363
853
728
24
101
207
1944—Jan
Feb
Mar
Apr
Mav
June
July
Aug
Sept
Oct
Nov
28,901
31,515
31,974
32,497
32,987
34,606
36,538
36,883
37,323
37,645
38,308
40,361
1,698
2,782
709
739
751
1,842
2,125
602
692
695
1,023
2,386
1,085
2,102
576
606
624
1,350
1,687
499
591
599
807
1,855
127
157
23
19
15
115
101
18
16
14
43
125
487
522
110
114
111
377
338
85
85
83
174
406
188
185
268
237
279
248
227
279
283
401
382
365
1945—Jan
Feb.
Mar
Apr
May
June
July
41,140
41,698
42,159
42,626
43,767
45,586
46,508
1,074
848
889
838
1,540
2,178
1,294
804
653
712
684
1,195
1,468
1,032
42
31
27
23
63
178
47
228
164
151
130
282
532
215
341
323
464
404
426
403
428
Dec
919
5,088
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,792
2,716
117
Admin.
34
451
Sold on discount basis. See table on Open-Market Money Rates,
p. 805.
2 Called for redemption on Sept. 15, 1945.
AUGUST
Month
Treasury bonds—Cont.
1,314
1,307
1,307
1,313
1,314
1,302
1,310
1,305
1,318
1,305
1,311
1,305
1,312
Cert, of indebtedness
Aug. 1, 1945
• •Vs
Sept. 1,1945
. . %
Oct. 1, 1945
Dec. 1, 1945.
Feb. 1, 1946
• -7A
Mar. 1, 1946.
Apr. 1, 1946
June 1, 1946
Issue and coupon rate
UNITED STATES SAVINGS BONDS
[ In millions of dollars ]
Maturities and amounts outstanding, July 31, 1945
Year of maturity
1945..
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
Unclassified
Total.
All
series
Series
A-D
103
328
417
491
803
992
103
328
417
491
803
992
443
1,662
5,048
9,419
12,882
8,666
3,589
2,071
Series
E
1,219
5,048
8,013
9,953
5,522
Series
F
Series
G
215
596
679
757
399
1,191
2,333
2,465
2,832
1,671
2,647
10,492
35
46,508
3,579
29,756
809
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
8 Total
interestbearing
securities
End of month
Held by U. S. Government agencies
and trust funds
Special
issues
issues
Public
Privately held 1
Held
Federal
Reserve
Banks
Total
Commercial
banks
Other investors
Insurance
companies
Mutual
savings
banks
Marketable
issues
Nonmarketable
issues
1941—December..
1942—June
December..
1943-June
December..
1944—June
63,768
76,517
111,591
139,472
168,732
201,059
6,982
7,885
9,032
10,871
12,703
14,287
2,557
2,738
3,218
3,451
4,242
4,810
2,254
2,645
6,189
7,202
11,543
14,901
51,975
63,249
93,152
117,948
140,244
167,061
21,788
26,410
41,373
52,458
59,842
68,431
3,700
3,891
4,559
5,290
6,090
7,306
8,200
9,200
11,300
13,100
15,100
17,300
9,800
10,700
14,800
18,700
23,700
30,700
8,500
13,000
21,100
28,400
35,500
43,300
1944—October....
November..
December..
210,088
212,244
230,361
16,170
16,583
16,326
4,616
4,603
5,348
17.647
18,388
18,846
171,655
172,670
189,841
70,000
71,600
77,558
7,700
7,300
8,328
18,400
17,900
19,600
29,800
28,600
35,200
45,800
47,300
49,200
1945—January
February...
March
April...
May
232,168
232,968
233,145
234,194
236,912
16,688
17,130
17,567
17,923
18,592
5,270
5,267
5,303
5,262
5,217
19,006
19,439
19,669
20,455
20,954
191,204
191,132
190,606
190,554
192,149
78,500
78,100
77,400
77,300
77,400
8,600
8,700
8,700
8,700
8,700
r
20,400
r
19,900
20,100
2O,5OO
20,200
C
34,200
33,600
34,000
r
33,400
33,100
50,000
50,600
50,100
50,700
52,700
r
1 Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks
and mutual savings banks have been rounded to nearest 100 million for all dates except June and December for which call report data are available.
r
c
Back figures.—See Banking and Monetary Statistics, Table 149, p . 512.
Revised.
Corrected.
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.
Govern- FedMuComtual
ment eral
out- agen- Re- mercial savstand- cies serve banks 1 ings
ing
banks
and Banks
trust
funds
Total
End of month
Total: 2
1943—Dec
1944—June
Dec
1945—Jan
Feb
Mar.
Apr
May
Treasury bills:
1943—Dec
1944—June
Dec
1945—Jan
Feb
Mar
Apr
May
Certificates:
1943—Dec
1944—June
Dec.
1945—Jan
Feb
Mar
Apr
May
Treasury notes:
1943—Dec
1944—June
Dec
1945—Jan
Feb
Mar
Apr
May
Guaranteed securities:
1943—Dec
1944—June
Dec
1945—j a n
Feb
Mar
Apr
May
Insurance Other
companies
118,813
141,591
162,843
163,458
163,166
163,412
163,468
163,441
3,787
4,604
5,338
5,260
5,251
5,267
5,246
5,202
11,543
14,901
18,846
19,006
19,439
19,669
20,455
20,954
55,549
63,523
72,045
72,918
72,543
71,872
71,799
71,896
5,962
7,158
8,183
8,392
8,476
8,482
8,502
8,497
14,386
16,471
18,761
19,082
19,289
19,554
19,640
19,325
27,586
34,935
39,670
38,801
38,168
38,568
37,826
37,567
13,072
14,734
16,428
16,403
16,399
16,921
17,041
17,049
20
6
6
7
11
23
33
44
6,768
8,872
11,148
11,376
11,830
12,079
13,010
12,954
4,716
4,894
4,113
3,931
3,387
2,720
2,565
2,242
12
2
1
2
7
12
11
17
72
1,484
960
1,159
1,087
1,164
2,066
1,397
1,706
22,843
28,822
30,401
30,401
30,396
34,544
34,478
34,442
50
67
62
66
80
110
129
103
2,467
3,382
4,887
4,897
4,917
5,411
5,333
5,870
12,701
15,037
15,032
15,145
15,259
17,830
17,550
17,202
208
126
136
133
203
269
345
394
367 7,050
339 9,871
310 9,974
357 9,804
429 9,509
698 10,225
830 10,290
884 9,989
11,175
17,405
23,039
23,039
23,039
18,588
18,588
18,588
66
58
60
56
62
54
52
53
665
1,180
1,566
1,566
1,560
1,051
988
1,017
7,389
11,718
15,411
15,487
15,560
12,657
12,611
12,588
197
286
336
342
330
318
324
327
275
337
568
628
662
651
693
692
2,583
3,826
5,098
4,960
4,866
3,858
3,919
3,912
3,583
1,190
1,194
1,197
786
787
788
789
4
1
1
3
6
6
6
83
3
3
3
2,466
949
960
921
586
581
560
575
38
6
6
6
4
4
4
4
283
26
22
19
16
17
17
16
709
205
203
245
175
179
202
187
1
"21
25
86
End of month
Treasury bonds:
Total:
1943—Dec
1944—June
Dec
1945—Jan
Feb
Mar
Apr.
. May
Maturing within 5 years:
1943—Dec
1944—June
Dec.
1945—Jan
Feb
Mar
Apr
May
Maturing in 5-10 years:
1943—Dec
1944—June
Dec.
1945—Jan
Feb
Mar
Apr
May
Maturing in 10-20 years:
1943—Dec
1944—June
Dec
1945—Jan
Feb
Mar.
Apr
May
Maturing after 20 years:
1943—Dec
1944—June
X)ec
1945—Jan.'.'.'.'.'!!!.'!.'.'.'!!
Feb
Mar
Apr
May
Govern- Fed- Com- MuTotal ment
tual
eral
mer- savout- agen- Restand- cies serve cial
ings
ing
and Banks banks banks
trust
funds
Insurance Other
companies
67,944
79,244
91,585
92,221
92,349
92,377
9? 377
92,377
5,506
6,736
7,704
7,909
7,931
7,879
7,817
7,753
13,389
15,768
17,859
18,077
18,182
18]167
18,073
17,646
15,613
19,929
23,098
22,561
22,311
22^097
21,873
21,628
3,614
4,437
5,173
5,091
5,056
5,039
4,991
4,961
1,559 28,264
1,464 30,910
1,243 36,508
1,166 37,418
1 132 37 737
l[l28 38,'068
1,123 38,499
1,113 39,275
8,524
7,824
7,824
7,824
7,824
8,939
8,939
8,939
665
536
518
518
518
564
564
564
5,044
4,697
4,834
4,799
4,770
5,554
5,488
5,548
211
189
137
144
172
268
267
258
828
663
556
525
510
535
543
520
1,775
1,740
1,777
1,836
1,856
2,015
2,076
2,050
28,360
34,399
44,087
44,531
44,645
43,564
43,564
43,564
1,495
1,570
1^504
1,421
1,362
1,297
1,280
1,262
15,642
18,937
24,445
25,194
25,507
24,987
25,350
25,790
2,030
2, 712
3', 556
3,710
3,743
3,588
3,503
3,427
3,254
3,673
4', 230
4,357
4,467
4,385
4,335
4,196
5,934
7,505
io'357
9,850
9,569
9,307
9,099
8,891
14,310
15,482
14,445
14,445
14,445
14,445
14,445
14,445
1,270
1,097
1,028
1,006
1 003
998
963
960
6,051
5,509
5,354
5,475
5,466
5,500
5,590
5,745
1,219
1,857
1,887
1,880
1,829
1,812
1,830
1,828
2,571
2,792
2,612
2,603
2,607
2,569
2,530
2,319
3,203
4,228
3,563
3,480
3,538
3,561
3,531
3,591
16,751
21,539
25,227
25,'420
25,433
25,4271
25,427
25,427
1,745
2,696
3,366
3^312
3 306
3,?308
3,308
3,290
1,526
1,766
1,873
1^946
1,991
2,024
2,072
2,194
2,046
1,981
2,125
2476
2,187
2,209
2,218
2,240
6,737
8,640
10,462
10^591
10,600
10,675
10,666
10,609
4,699
6!456
7,401
7,'396
7 349
7^214
7,168
7,095
Data for commercial banks, mutual savings banks, and the
t * Figures include only holdings by institutions or agencies from which reports are received.
residual " o t h e r " 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 headecl " o t h e r " 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 May 31, 1945, commercial banks reporting to the Treasury held 24,681 million dollars of U. S. Government
securities due or callable within one year out of a total of 59,861 million outstanding.
2
Including 196 million dollars of Postal Savings and prewar bonds not shown separately below.
8io
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Mis-
Income taxes1 cellaneous Social
Other
receipts
Total
receipts
ceipts 3
22,282
44,149
46,457
With-2 Other
held
internal
revenue 1
Security
taxes
Fiscal year ending:
J u n e 1943
16,094
J u n e 1944
8,393' 26,262
J u n e 1945
10,289 24,884
4,553
5,291
6,949
1,508
1,751
1,793
1,230
3,711
3,824
23,385
45,408
47,740
Period
Net
1944—July
August
September .
October..
November....
December
594
1,065
741
609
1,035
741
654
487
4,432
632
466
3,606
681
832
514
580
507
539
56
319
65
60
293
63
227
157
175
174
205
470
2 212
2,'859
5,927
2,054
2,506
5,418
2 163
2*568
5,926
2,001
2,240
5,416
1945—January
February
March
April
May
619
1,295
883
600
1,282
826
669
1,803
1,627
4,935
1,567
745
3,930
1,073
573
552
520
534
557
561
718
48
341
96
46
337
69
66
545
172
473
221
477
529
228
3,587
3,987
6,908
2,967
3,398
5,916
2,754
3,556
3,767
6,892
2,929
3,085
5,914
2,695
June
July
TransInter- War fers to Other Total
est activi- trust
exbudget Defion
ac- pendi- expend- cit
ties counts,
debt
tures itures
etc.
86
77
581
133
56
560
191
91
628
139
66
1,009
156
Period
Net
receipts
Fiscal year ending:
J u n e 1943
June 1944
J u n e 1945
ExInvest- pendiments tures
2,810
3,202
3,239
2,816
2,757
1944—July
August
September....
October
November....
December
305
586
42
146
519
43
1945—January
February
March
April
May
169
432
66
122
592
217
312
2,350
Net expenditures
in checking accounts of
ReGovernceipts
ment
agencies
456
3,827
7,201
7^ 571
6,998
7,479
7,401
7,503
451
57
22
47
18
22
372
415
329
365
353
332
8,110
8*119
7,930
8,024
7,828
8,416
5,947
5' 551
2,004
6,023
5,587
2,999
7,551
69
48
45
236
296
335
530
390
373
513
455
757
460
547
8,202
7,460
9,433
7,968
9,275
9,641
8,557
4,645
3,693
2,540
5,040
6,190
3,727
5,862
6,948
8,246
7,139
8,156
7,837
7,324
Details of trust accounts, etc.
Social Security
accounts
78,179 55,897
3,540 93,744 49,595
5,113 100,405 53,948
435
1,808 72,109
556
2,609 87,039
3,617 90,029 1,646
Trust
accounts,
etc.4
Change
Inin
gencrease
eral
in
fund
gross
baldebt
ance
-1,861 +6,515
- 4 , 0 5 1 +10,662
+798 +4,529
+133 +1,756
+70 -4,'252
-244
-2,555
+148 - 5 , 1 2 7
-188
+639
- 1 9 3 +12,433
+238 - 2 , 6 3 0
+101 - 2 , 2 9 2
+262 - 2 , 0 3 6
+9 - 3 , 9 1 1
+686 - 1 , 7 4 1
- 1 , 0 5 0 +15,073
-116 -2,615
64,274
64,307
57,679
7 57C
l]229
-307
748
4,761
15,626
1,778
1,300
242
1,120
3,763
19,850
3,362
General fund of the Treasury (end of period)
Other
De-
Investments
Balance in
general fund
Assets
Expenditures
Total
posits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
Total
liabilities
Other
assets
Total
baf-
ance
1,117
1,851
3,820
1,313
2,444
192
—571
133
10,149
20,775
25,119
1,038
1,442
1,500
7,667
18 ,007
22 ,622
1,444
1,327
997
643
607
421
9,507
20,169
24,698
8,744
19,406
23,935
193
254
-35
95
-71
164
415
216
162
206
225
182
320
149
121
84
95
119
-181
6
24
-55
-220
—213
22,513
18,277
15,753
10,609
10,223
22,717
1,269
1,215
1,314
1,122
1,335
19 ,850
15 ,693
13 ,013
8 ,242
8 ,002 4
2G ,261
1,394
1,369
1,426
1,368
1,100
1,120
588
605
635
618
421
481
21,924
17,672
15,117
9,990
9,803
22,236
21,162
16,909
14,355
9,227
9,040
21,473
-21
313
251
250
270
412
530
117
122
128
228
296
663
-37
-98
84
137
-21
3
20,077
17,734
15,722
11,809
10,055
25,119
22,469
1,048
1,384
1,547
1,224
1,140
1,500
1,252
17 ,866
15 ,265
13 ,055
,492
7 ,941
22 ,622
2C ,303
1,164
1,085
1,120
1,093
974
997
914
471
420
445
443
430
421
386
19,606
17,313
15,277
11,366
9,625
24,698
22,082
18,843
16,551
14,514
10,603
8,862
23,935
380
453
2,194
4,403
1,178
225
287
303
45
266
312
31
35
35
36
35
36
84
208
227
48
271
482
203
39
37
43
40
42
42
51
r
-407
71
655
998
-154
r
778
June
701
222
579
530
July
r
Revised.
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 ( —).
Back figures.—See Banking and Monetary Statistics,
Tables 150-151, p p . 513-516.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars]
Miscellaneous internal revenue
Income~taxes
Period
Total
Fiscal year ending:
June 1943
June 1944
June 1945
Current With- Vicindi- held 1 tory
tax
vidual
16,299 5,771
33,028 10,254 7.038
35,062 8,569 10,263
1944_ j u n e
July
August
September . . . .
October
November
December
4 568
1^729
1 712
4,490
1,810
1,633
3,670
1,245
1945—January
February
March
April
May.
June
3,024
3,158
4,996
2,408
2,406
4,025
1,889
1
38
133 1,179
73 1 258
18
1,330
82 1,233
37 1,203
294
18
690
759 1,892
61
1,737
907
915
201 1,751
46
1,127
686
785
1
Current
corporation
Back
taxes
Other
profits
taxes
Total
Capi- Estate
and
tal
gift
stock
tax
taxes
ManufacAlcoturers'
Misholic Tocellaand
bever- bacco Stamp
retailers'
neous
taxes
taxes
age
taxes
excise
taxes
taxes
4,137
4,763
4,418
557
705
659
5,064
9,345
10,977
84
137
173
4,571
5.353
6,960
329
381
372
447
511
633
1,423
1,618
2,310
924
988
932
45
51
66
670
729
1,207
732
1,075
1,440
1,044
49
28
43
31
26
31
40
2,174
93
72
953
110
70
980
19
7
6
25
9
499
754
777
529
544
520
559
1
128
194
29
19
50
48
63
35
39
32
50
195
210
202
183
196
204
201
81
77
86
78
78
81
71
4
5
6
4
5
5
5
64
72
88
85
95
95
120
103
214
139
115
113
103
112
43
57
956
160
70
854
126
143
59
-26
79
79
270
301
49
37
89
206
195
171
171
180
191
78
66
74
68
83
93
6
6
6
5
6
6
117
116
90
90
117
100
121
126
Withheld by employers (Current Tax Payment Act of 1943).
AUGUST 1945
Excess
profits
taxes
290
260
2,133
350
285
2,312
2,170
443
295
1,869
7
27
5
6
13
9
10
50
547
510
560
517
571
572
75
64
52
104
97
116
104
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
Assets, other than interagency items1
interagency items
Commodities,
Loans supTotal Cash receiv- plies,
able
and
materials
Corporation or agency
All agencies:
Sept. 30, 1944
Dec. 31, 1944
Mar. 31, 1945
31,435
31,488
31,309
6,566
6,387
5,789
282
335
1,346
127i
21
21
290
376
194
277
[,094
1,721
505
3
6
30
354
Classification by agency, Mar. 31, 1945
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Federal land banks
Production credit corporations
Regional Agricultural Credit Corp
Others
Federal Farm Mortgage Corp
Rural Electrification Administration. .
War Food Administration:
Commodity Credit Corp
Farm Security Administration
Federal Crop Insurance Corp
Federal Surplus Commodities Corp. ...
Bonds, notes,
PriU. S.
and debenLand,
Govern- vately
tures
payable
Undisstrucowned
Other
ment
tures, trib- Other
liabil- interest interuted assets Fully
and
Other
est
ities
guar- Other
secu- equip- charges
anteed
rities ment
by U. S.
Investments
437
424
388
2,987
2,942
2,960
43
38
191
68
15,755
16,237
16,734
1,421
1,692
1,001
1,524
()
""2
10
9
6
11
134
343
900
5
1
46
1
233
153
15
769
87
26
21,771
23,857
23,510
498
504
451
248
55
201
127
19
21
272
376
58
290
1
50
81
1,146
78
213
40
6,398
4,196
4,962
()
1,013
Reconstruction Finance Corp. and certain
affiliates:
1,583
Reconstruction Finance
Corp
8,449
Certain affiliates4
Office of Emergency Management:
216
Export-Import Bank
176
Smaller War Plants Corp
War Shipping Administration
6,071
4
555
Other
861
Federal Deposit Insurance Corp
241
Federal Works Agency
728
Tennessee Valley Authority
4,631
U. S. Maritime Commission
256
All other
1,204
1,395
1,263
24
279
884
24
6
20
266
368
National Housing Agency:
Federal Home Loan Bank Administration:
321
Federal home loan banks
158
Federal Savings ajid Loan Insurance Corp.
1,113
Home Owners' Loan Corp. . . .
United States Housing Corp
Federal Housing Administration
Federal Public Housing Authority and
affiliate:
559
Federal Public Housing Authority ..
70
Defense Homes Corp
50
Federal National Mortgage Association
92
R. F . C. Mortgage Company
1,813 1,565
1,419 1,537
1,913 1,124
477
499
2
6
125
100
313
217
68
549
69
49
'(*)"
270
1
970
)
14
5,456
20
408
U
101
6
219
1
357
25
(2)
818
67
3
7
1
6,655
90
714
3,380
64
27
54
513
144
73
16
35
212
1,333
1,371
7,116
72
1
723
160
567
144
175
5,348
395
155
241
718
3,912
225
10
720
31
797
6
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 31, 1945
Purpose of loan
Fed.
Fed. inter- Banks
Fed.
Farm medi- for coland Mort.
ate operabanks Corp. credit
tives
banks
To aid agriculture
1,168
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Other
74
Less: Reserve for losses..
Total loans receivable
(net)
1,094
1
3
335
278
195
Commodity
Credit
Corp.
35
Rural
Electrification
Adm.
Farm
Security
Adm.
368
494
ReconHome Fed.
Fed. struc- RFC
Own- Public home
tion affiliers'
Hous- loan
FiLoan
ing
ates
Corp. Auth. banks nance
Corp.
0)
1^027
69
(2)
1
5
(2)
141
14
266
278
194
30
368
354
1,013
290
290
"61
61
ExportAll
Im- other
port
Bank
All
agencies
Dec.
31, 1944,
all
agencies
11
110
164
1
3,037
1,149
3,385
1,237
260
37
75
21
115
281
226
343
191
32
32
775
18
25
213
(2)
106
151
49
93
1,409
454
54
162
1,462
448
1,146
209
213
273
5,789
6,387
2
Assets are shown on a net basis, i.e., after reserves for losses.
Less than $500,000.
Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
(ii
Ma
Affairs). The item "certain affiliates" also includes Disaster Loan Corp.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Figures on the
quarterly basis are not comparable with monthly figures previously published, owing to changes in reporting, of which the most important are: assets
items are included in total assets on a net basis (after reserves for losses); each asset and liability item is segregated into Government agencies (interagency) and other, and segregation of interagency amounts is more complete than formerly; some asset items formerly shown are completely changed;
reporting of certain assets, especially cash and privately-owned interest, is more complete.
Monthly figures on the old reporting basis for the months prior to Sept. 30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the
November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p. 517.
8ix
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Year and
month
Income
payments
(value) 1
1935-39
= 100
Manufactures
Total
Durable
Adjusted
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Nondurable
Minerals
Residential
All
other
Nonagricultural
Factory
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
109
125
162
199
239
P235
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279
360
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158
176
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
132
PI 40
63
63
56
79
84
'94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
68
41
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
40
16
180
182
187
192
195
199
207
213
218
220
221
241
250
257
264
272
278
290
299
311
319
328
153
153
154
153
152
154
158
161
165
168
169
133
126
125
126
127
126
130
131
129
130
127
128
125
128
158
193
206
182
179
185
198
175
100
95
82
76
76
74
65
70
83
90
91
79
90
65
88
1939
100
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
92
142.6
144.8
147.0
148.9
151.0
154.8
159.0
162.1
163.7
165.6
168.7
199.6
203.5
206.9
208.8
209.4
212.8
214.8
216.7
216.8
219.3
222.9
224.7
131.6
131.6
132.0
131.4
130.9
131.0
131.4
130.9
130.1
130.1
130.2
130.1
170.5
172.3
174.0
174.8
174.9
176.4
177.2
177.1
177.0
178.0
178.9
177.4
169.6
171.7
173.5
174.0
173.9
175.8
177.3
178.7
178.2
178.8
179.3
177.7
227.2
232.4
231.9
231.1
232.1
233.9
233.2
234.0
232.5
235.5
237.5
239.0
130.0
129.6
128.9
128.0
127.7
127.7
127.5
127.3
126.5
125.7
125.3
125.7
* Average per working day. p Preliminary. r Revised.
For indexes bv erouDS or industries, see DD. 814-817.
1945
83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
150
168
186
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.4
108.7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4
100.2
105.2
116.5
123.6
125.5
145
150
143
135
134
145
152
150
158
158
158
96.7
97.6
98.7
98.8
98.6
98.7
99.2
99.6
100.0
100.3
101.0
112.9
114.3
115.1
116.0
116.4
117.0
117.5
117.8
119.0
119.8
120.4
138
138
138
136
134
137
140
140
140
136
135
143.3
145.4
147.8
149.9
151.9
154.7
157.5
160.2
162.9
165.1
168.3
2
Adjusted
208.8
216.0
222.4
230.1
236.2
245.1
258.1
266.0
276.2
287.0
295.4
122.5
123.2
124.3
125.1
125.9
127.1
128.6
129.1
130.0
130.5
131.4
175.0
174.0
171.6
168.6
166.7
166.1
165.3
165.6
163.6
161.7
160.7
161.0
103.2
123.5
79.7
85.5
108.4
101.2
106.6
109.9
107.9
109.1
116.4
94.1
71.2
49.2
52.8
67.8
Unad- Unadjusted justed
Adjusted
78.0
90.5
108.2
84.2
100.0
114.5
167.5
245.2
330.4
334.2
61
183
186
189
191
193
197
204
208
215
220
223
Depart- WholeFreight ment
sale
:arload- store
com- Cost of4
sales modity living
ings*
1935-39
4
1935-39 (val5 prices
= 100 ue)*
1926 = 100
1935-39 = 100
= 100
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
137
140
151
149
165
226
288
313
278
268
269
286
243
159.0
161.2
165.4
167.8
172.3
175.5
179.5
182.5
187.2
192.8
196.1
Factory
103.8
104.2
79.8
88.2
101.0
93.8
97.1
98.9
96.8
96.9
103.1
89.8
75.8
64.4
71.3
83.1
88.7
96.4
105.8
90.0
100.0
107.5
132.1
154.0
175.7
166.7
102.6
95.5
86.1
75.5
76.0
83.8
87.6
94.9
100.9
94.4
100.0
104.7
117.5
126.7
130.9
127.5
105.4
113.5
138.0
174.6
213.0
P233.4
AUGUST
Total
Employment 4
1939 = 100
Ad- Unad- UnadAdAdAd- Unad- AdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed
122.9
109.1
92.3
70.6
68.9
78.7
87.1
101.3
107.7
1942
February . . . .
March
April
May
June
July
August
September...
October
November
December
1943
January
February
March
April
May
June
July
August
September...
October
November.. .
December
Construction
contracts
awarded (value) 3
1923-25 = 100
Industrial production2
(physical volume) *
1935-39 = 100
101.9
102.5
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
102.9
103.2
345.1
344.7
341.3
335.0
334.3
334.6
326.8
330.3
329.1
330.3
327.3
331.8
124.2
123.8
123.8
124.6
125.1
125.4
126.1
126.4
126.5
126.5
126.6
127.0
* Department of Commerce series on value of payments to individuals
813
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1945
1944
Industry
Industrial Production—Total
Manufactures—Total
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth
Electric
Machinery
May
June
July
Aug. Sept. Oct. Nov.
236
235
230
253
251
246
356
354
347
348
342
210
204
202
203
202
203
234
188
559
198
225
183
526
196
222
184
491
437
442
435
232
248
198
224
183
512
230
246
Dec.Jan.
Feb. Mar. Apr. May June
r
232
232
232
234
236
235
230
226
248
248
.249
251
252
252
247
241
345
336
326
nn
206
204
193
232
184
573
190
r
229
182
r
566
181
214
174
500
411
-P399
344
341
343
345
346
206
201
198
197
202
210
196
222
183
502
197
225
187
492
192
218
186
453
190
215
181
456
188
219
176
526
192
226
180
552
198
234
189
561
427
428
431
436
431
p
235
Manufacturing Arsenals and Depots1.
Transportation Equipment
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government)1
Nonferrous Metals and Products
Smelting and refining
(Copper smelting; Lead refining; 1Zinc smelting;
Aluminum; Magnesium; Tin)
Fabricating
#
(Copper products; Lead shipments; Zinc shipments; Aluminum products;
Magnesium prod1
ucts; Tin consumption)
726
716
704
707
695
704
699
709
706
695
676
651
615
P581
226
228
223
229
226
229
230
235
235
242
236
231
222
P213
279
263 244
238
233
234
229
253
257
266
264
251
P234
273
246
205
200
186
187
191
193
194
188
252
246
252
'247
280
284
296
292
276
282
268
'243
Lumber and Products
124
127
124
127
120
120
122
122
126
123
121
119
119
P116
Lumber
Furniture.
Stone, Clay, and Glass Products
115
142
118
"144
114
143
118
146
111
139
109
143
112
141
111
142
118
142
112
146
110
144
109
140
108
139
^104
^139
168
165
•162
159
161
160
163
162
163
167
164
P164
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products...
Other stone and clay products1 ..
173
66
210
76
122
176
300
187
65
230
84
127
180
297
180
60
222
86
124
182
294
169
66
204
88
122
181
295
165
66
200
86
116
175
302
174
64
212
88
115
179
292
169
56
164
60
200
87
125
182
302
168
56
207
87
122
185
305
175
61
216
86
124
183
306
183
62
225
85
122
r
179
300
179
61
221
85
118
175
297
176
43
223
116
175
295
174
51
218
90
116
171
307
Nondurable Manufactures ...
169
169
165
168
168
169
173
173
175
176
176
174
173
PI 73
147
145
139
141
147
146
149
152
150
155
153
149
151
P151
137
142
195
135
141
196
129
139
193
132
140
189
137
148
196
136
140
199
139
149
209
141
146
215
139
145
215
144
152
215
142
150
r
215
137
143
218
138
142
221
P139
144
220
152
53
213
167
169
163
165
148
49
196
163
166
159
163
131
41
185
144
148
138
144
HO
47
193
154
163
141
153
144
42
197
158
162
153
160
150
50
213
164
170
156
164
143
56
206
156
161
148
151
152
57
215
165
170
157
166
49
225
156
162
148
159
44
238
160
170
146
169
149
43
249
156
166
142
166
142
36
233
147
153
r
139
r
16l
147
42
244
151
161
137
166
105
112
121
115
114
113
121
122
110
118
136
114
113
124
85
84
141
117
113
126
78
81
144
100
108
118
82
77
144
114
120
132
92
80
157
122
111
119
88
80
149
117
112
122
84
81
144
119
115
127
86
72
154
113
113
125
85
68
154
114
119
137
89
63
148
123
117
132
88
69
144
126
154
153
153
147
146
149
154
155
155
158
110
110
113
116
113
118
125
123
130
93
153
173
P153
93
158
180
88
152
185
P139
83
145
180
85
146
184
2*152
82
149
179
82
156
181
78
154
179
P132
83
163
172
180
239
124
100
113
173
225
121
117
125
175
219
127
160
134
169
197
138
191
125
"161
176
140
196
135
"154
159
140
218
145
158
167
141
213
142
158
164
149
175
149
"l46
149
147
123
143
Textiles and Products...
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption1. .
Wool textiles
Carpet wool consumption..
Apparel wool consumption.
Woolen and worsted yarn..
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers.
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings1
Manufactured dairy products.,
Butter
Cheese
;.....
Canned and dried milk
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
r
Revised.
p
Preliminary.
814
r
r
P\23
P295
121 I P124
r
146
125
114
131
91
62
133
125
p
160
160
153
P152
131
125
138
140
81
162
175
84
168
189
87
181
204
146
135
169
101
129
146
139
165
104
129
l34
137
139
r
118
r
134
r
95
r
130
P\33 PU3
87
r
175
196 206
132"
135
134
95
128
141
144
142
103
142
* Series included in total a n d group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors . 1935-39 average = 100]
1945
1944
Industry
May
June July Aug. Sept.
Oct.1
Nov. Dec.
Jan.
Feb.
Mar.
Apr.
May
June
Manufactured Food Products—Continued
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products..
...
Alcoholic
Beverages
....
Malt liquor
. . . .
Whiskey
Other distilled spirits
Rectified liquors
Industrial
Tobacco Products
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
Paper and pulp
...
. .
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)..
Printing and Publishing
Newsprint consumption
Printing DaDer (same as shown under PaDer)
Petroleum and Coal Products.
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products1
Coke
By-product coke
Beehive coke
. .
Paints
Soap
Rayon
Industrial chemicals.
1
Explosives and ammunition
Other chemical products1
Rubber Products
.
.
154
136
147
160
153
130
135
162
148
112
123
162
147
121
115
159
150
139
118
158
155
145
128
162
159
146
138
165
162
162
137
167
165
163
143
170
169
180
151
169
168
170
156
169
161
149
151
165
^157
2*143
116
119
128
186
156
166
184
169
213
170
148
144
136
139
135
0
34
174
140
0
31
177
146
0
37
205
152
100
647
232
172
6
68
270
177
0
104
305
197
0
76
353
174
0
74
355
167
198
452
346
167
11
250
312
153
0
156
265
152
0
67
283
139
0
61
291
139
0
57
318
124
121
122
126
124
120
135
131
121
123
123
120
128
139
89
154
80
89
151
79
86
154
78
92
152
92
95
149
87
93
142
93
105
157
107
95
155
108
85
147
95
95
145
97
93
147
91
91
143
90
92
156
94
93
177
90
142
140
133
142
142
143
143
135
136
137
141
140
141
P137
137
151
108
92
217
135
135
159
115
115
159
127
76
136
156
108
91
232
137
133
156
110
115
159
125
80
129
153
114
92
232
127
125
148
99
103
158
118
83
137
159
119
96
234
138
134
158
111
118
149
127
77
137
156
118
92
231
135
134
159
113
116
149
127
84
139
165
126
96
245
142
135
158
111
116
149
132
81
138
158
111
97
238
136
135
160
106
120
150
130
81
132
150
115
97
212
133
129
145
93
125
156
125
85
132
152
111
95
214
137
129
153
85
119
147
128
76
134
156
113
98
227
139
130
152
87
125
143
127
83
137
157
113
101
227
139
134
157
84
127
148
133
82
136
160
114
r
103
234
141
132
158
79
126
144
129
80
136
160
108
103
236
140
133
161
78
125
141
132
80
^134
98
100
95
102
99
103
103
104
102
105
105
105
105
106
S3
89
86
84
85
84
83
85
85
85
258
266
268
268
273
276
272
r
273
P273
292
150
174
126
126
287
145
166
134
131
r
168
163
367
171
164
387
162
Plants1...
A Icohol from Beverage
Chemical Products
157
145
152
161
.
.
81
85
87
87
237
242
247
251
264
138
159
125
126
272
141
162
132
126
281
140
167
135
124
283
144
165
136
124
283
141
165
133
119
289
143
171
133
123
268
r
284
145
167
136
120
288
149
174
138
121
130
149
75
126
139
139
79
246
130
162
118
126
252
136
164
131
130
175
166
470
172
164
463
324
137
137
235
410
230
228
227
231
143
142
139
142
146
146
143
147
148
148
148
141
145
146
147
145
143
P151
154
159
134
142
152
158
128
143
144
151
118
142
148
154
124
146
147
151
129
149
149
152
133
148
149
155
126
148
132
138
109
146
140
151
96
148
143
150
112
148
142
149
115
150
136
138
131
150
125
145
47
152
PUS
PIS3
P129
P152
120
120
117
114
113
111
112
111
HI
111
111
182
181
178
175
175
171
170
168
170
170
170
27
67
25
72
24
67
23
63
22
57
22
58
"22'
64
259
137
164
125
128
"in "in"
164
442
164
419
"168
162
389
170
164
384
170
164
367
167 ' 167'
162
163
334
296
319
314
314
307
307
307
312
317
318
138
138
237
411
142
134
237
408
143
132
240
408
139
131
237
400
139
129
239
395
141
133
24?
394
141
137
242
396
142
136
244
396
140
136
241
400
230
231
231
239
247
247
236
233
228
143
143
143
137
140
141
142
140
138
r
r
161
157
284
r
P150
168
161
406
163
155
424
319
318
318
P320
139
135
244
402
135
134
241
405
131
134
240
405
^132
^410
. ..
.
...
Minerals—Total
Fuels .
Coal..
Bituminous coal
Anthracite
Crude petroleum . . . .
Metals...
Metals other than gold and silver
Iron ore
(Copper- Lead; Zinc) 1
Gold
Silver
£
"23 " "TA"
62
56
24
52
*>223
p
145
110
169
167
24 ' " 2 3 " " ' 2 4 '
61
54
r
p
Revised.
Preliminary.
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.
1
AUGUST 1945
815
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 a verage = 100]
1945
1944
Industry
Industrial Production—Total..
.,..
Manufactures—Total .
Durable Manufactures
Iron and Steel ...
Pig iron
Steel
Open hearth
Electric
...
Machinery .
May
June
July
Aug.
Sept.
Oct.
Nov.
236
236
232
235
234
234
232
Jan.
Feb.
230
230
248
•248
Dec.
May
June
Mar.
Apr.
232
232
229
226
P222
249
249
245
241
P236
327
pm
252
252
248
251
249
250
248
357
354
348
349
343
346
341
342
343
345
344
336
198
197
202
210
206
r
204
193
210
204
202
203
202
206
201
203
234
188
559
198
225
183
526
196
222
184
491
198
224
183
512
196
222
183
502
197
225
187
492
192
218
186
453
190
215
181
456
188
219
176
526
192
226
180
552
198
234
189
561
188
232
184
573
190
r
229
182
r
566
181
214
174
500
437
442
435
434
427
428
422
431
431
436
431
420
411
399
Manufacturing Arsenals and Depots1
Transportation Equipment
726
716
704
707
695
704
699
709
706
695
676
651
615
226
228
223
229
226
229
230
235
235
242
236
231
222
^213
279
263
243
245
238
233
234
229
253
257
266
264
251
P234
273
252
244
226
205
200
191
186
187
191
194
194
189
P183
282
268
243
252
252
246
252
247
280
284
296
292
276
127
133
130
135
128
125
120
113
113
114
115
119
121
119
142
127
144
123
143
129
146
123
139
117
143
109
141
97
142
99
142
97
146
101
144
108
140
112
139
nu
165
169
165
167
164
167
163
159
156
156
161
165
169
P
Glass products
Plate glass
Glass containers
Cement
• ••.
Clay products
Gypsum and plaster products
Abrasive and asbestos products
Other stone and clay products 1
184
66
225
79
122
179
300
186
65
228
90
125
183
297
174
60
213
94
124
182
294
175
66
213
100
125
182
295
169
66
204
100
120
179
302
178
64
218
102
122
182
292
170
56
210
95
121
177
295
163
51
202
82
120
175
307
161
60
196
71
116
176
302
163
56
201
66
118
177
305
175
61
216
71
119
177
306
183
62
225
81
119
177
300
190
61
236
89
118
177
297
Nondurable Manufactures ...
168
169
167
171
173
173
173
171
170
172
172
171
172
*m
147
145
139
141
147
146
149
152
150
155
153
149
151
V
139
149
209
141
146
215
139
145
215
144
152
215
142
150
r
215
137
143
218
138
142
r
221
p
146
49
225
156
162
148
159
151
44
238
160
170
146
169
149
43
249
156
166
142
166
142
36
233
147
153
r
139
r
161
147
42
244
151
161
137
166
r
ll7
r
115
131
87
61
143
125
^130
Automobiles
(Aircraft; Railroad cars; Locomotives;
building—Private and Government)1
Ship-
Nonferrous Metals and Products
Smelting and refining
;
(Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products;1 Magnesium
products; Tin consumption)
Lumber and Products
Lumber
Furniture
, ..,
Stone Clay and Glass Products
Textiles and Products
Textile fabrics .
Cotton consumption . . . .
Rayon deliveries
Nylon and silk consumption1
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
137
142
195
135
141
196
129
139
193
132
140
189
137
148
196
136
140
199
152
53
213
167
169
163
165
148
49
196
163
166
159
163
131
41
185
144
148
138
144
140
47
193
154
163
141
153
144
42
197
158
162
153
160
150
50
213
164
170
156
164
143
56
206
156
161
148
151
152
57
215
165
170
157
166
114
103
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
110
118
83
84
147
114
111
119
87
85
139
117
107
119
'77
80
134
100
147
153
106
106
P185
120
205
240
^225
128
225
249
P221
107
187
215
180
239
124
104
115
172
225
118
117
116
162
193
128
160
129
Manufactured Food Products
Wheat flour . . . . . . . . '
Cane sugar meltings 1
Manufactured dairy products . . .
Butter
Cheese
Canned and dried milk
Ice cream
M e a t packing
Pork and lard
Beef
Veal
'
L a m b and m u t t o n
r
Revised. * Preliminary.
816
1
...
....
r
r
r
r
165
175
A3
221
v\2\
P\Ti
151
139
144
220
121
115
118
113
107
114
86
75
148
114
118
129
90
81
153
122
112
121
90
80
149
117
116
127
86
79
153
119
114
127
84
73
146
113
113
128
83
68
143
114
128
148
93
66
162
123
116
132
87
68
140
126
163
165
166
159
155
150
143
141
142
145
146
P151
112
115
123
125
126
122
130
132
122
133
134
2*131
91
162
186
P155
82
149
170
^125
70
134
145
62
117
130
PQ4
61
111
138
69
120
140
71
133
157
77
151
186
z>149
89
189
231
^178
112
r
234
272
P209
124
156
150
153
248
151
175
195
146
228
142
184"
217
149
165
146
171
195
150
114
152
"l39'
132
156
89
131
"135' " 1 2 5 '
129
125
131
150
86
98
118
126
132
135
134
98
130
139
144
139
103
132
"uY
"148"
139
151
151
140
215
188
144
122
P123
134
91
63
143
284
Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1944
May June July
Manu/actured
Food
Sept. Oct.
Nov.
Dec. Jan.
<eb.
Mar.
Apr.
M a y I June
Products—Continued
Other manufactured foods . . . .
Processed fruits and vegetables
Confectionery . . . .
Other food products
Alcoholic Beverages ..
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
Industrial
Aug.
104
130
162
145 j v\48
97 I PI10
117
162
163
139
148
147
162
142
0
136
265
160
0
44
283
158
0
36
291
175
118
117
115
128
95
136
94
93
137
91
91
133
90
92
156
95
93
186
92
141
94
117
158
145
105
109
162
159
169
111
165
170
213
132
165
174
236
148
162
167
180
154
166
161
133
151
171
155
114
139
169
148
105
141
160
149
103
144
161
148
99
140
162
127
143
151 198
159
168
159
146
191
158
154
0
21
174
177
0
19
177
183
0
22
205
173
100
609
232
174
6
94
270
164
0
270
305
151
0
159
353
140
0
81
355
137
198
414
346
150
11
228
312
124
126
127
129
131
125
137
121
121
89
154
81
89
158
80
86
162
78
92
160
89
95
160
93
93
148
99
105
160
110
95
142
95
85
147
93
142
141
132 141
r
148
35
318
Alcohol from Beverage Plants1
Tobacco Products
...
Cigars
Cigarettes
.'
Other tobacco products
Paper and Paper Products ...
Paper and pulp
Pulp^
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp . . . . . . .
Paper
Paperboard ....
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing ..
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1 ..
Coke
By-product coke
Beehive coke
Chemical Products ..
Paints
Soap
Rayon
.....
Industrial chemicals
Explosives and ammunition 1
141
143
143
134
136
138
141 141
142
i>137
137
154
105
92
231
135
134
159
113
116
149
127
84
139
164
117
132
150
117
137
158
121
101
227
139
134
157
84
127
148
133
82
137
161
117
103
236
140
133
161
?)
97
212
133
129
145
93
125
151
125
84
132
152
115
95
214
137
129
153
85
119
145
128
134
96
245
142
135
158
111
116
151
132
81
138
159
117
97
238
136
135
160
106
120
150
130
82
77
137
156
109
91
232
137
134
156
110
115
162
125
80
128
151
101
92
232
127
125
148
99
103
151
118
82
137
157
105
96
234
138
134
158
111
118
149
127
77
100
100
89
98
100
105
107
84
84
75
78
84
93
93
237
242
247 251
258
266
268
246
130
162
123
127
252
136
164
131
123
259
137
164
124
119
137
152
117
92
217
135
135
159
115
115
159
127
76
157
118
98
227
139
131
152
87
125
148
127
83
106
99
104 107
88
79
83
87
268
273
276
272
r
287
145
166
132
134
r
164
387
264
138
159
124
121
272
141
162
132
124
281
140
167
135
124
283
144
165
136
128
283
141
165
132
123
289
143
171
129
126
292
150
174
125
132
171
170
164
384
170
164
367
167'
163
296
167
162
334
168
163
367
164
463
164
442
164
419
168
162
389
323
316
310
310
307
309
308
313
316
319
142
132
235
410
142
136
237
411
140
133
237
408
142
133
240
408
138
136
237
400
139
135
139
134
242
394
141
137
242
396
139
133
244
396
139
135
230
175
166
470
' 172 " 1 7 2
239
395
136
162
241
400
r
l25
r
103
234
141
132
158
79
126
145
129
82
139
135
244
402
75
126
142
139
80
108
106
105
90
88
84
273
284
145
167
141
123
288
149
174
143
122
161
157
PI 50
r
284
168
161
406
163
155
424
320
317
P317
r
137
135
130
240
405
PI 38
PI 29
?>244
P410
321
r
131
149
78
125
141
132
81
268
171
134
131
241
405
Other chemical products 1
Rubber Products
Minerals—Total .
Fuels
Coal
Bituminous coal
Anthracite
Crude petroleum .
Metals .
Metals'other than gold and silver
Iron ore
(Copper; Lead; Zinc) 1 . . .
Gold
Silver
247 236
228
227
231
230
231
231
239
247
146 146
143
147 147
144
140
131
134
146
146
143
147
148
148
148
141
145
146
147
145
154
159
134
142
152
158
128
143
144
151
118
142
148
154
124
146
147
151
129
149
149
152
133
148
149
155
126
148
132
138
109
146
140
151
96
148
143
150
112
148
142
149
115
150
136
138
131
150
125
145
144
148 142
145
138
123
89
68
68
68
109
131
226
313
231
330
222
323
227
336
215
311
188
259
130
133
94
61
95
63
98
68
104
80
166
216
24 "'23'
69
66
25
62
25
57
26
58
25
64
24
62
23
56
21
53
"21
56
"21
61
24
66
233
135 136
72
140 141
r
r
207
304
p
14S
P148
PI 53
Pi 29
P152
302
r
Revised. p Preliminary.
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, p p .
753-771 and 825-882.
1
AUGUST 1945
817
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 =• 100)
Factory p a y rolls
Factory employment
1944
May
Total
Durable goods
Nondurable goods
1945
Apr.
May
June
Feb.
Mar
Apr.
335.0
474.8
198.
334.3
470.9
200.7
334.6
469.0
203.
329.0
451.1
209.6
325.5
444.0
209.
r
310.9
221
310.9 313.
221
225
461
453
196
207
260
263
253
259
354
346
313
323
435
421
318.0 319.1
224
229
454
458
227
231
278
281
274
270
355
350
338
331
396
369
556
512.2
456
552
518.9
465
560
505.0
452
535
504.7
453
529
206.3
434.4
429
803
298
333
384
481
769
269
428.8
426
814
298
333
381
471
699
259
434.1
429
833
304
336
384
475
712
270
424.6
424
792
292
328
382
466
646
277
419.2
420
769
288
325
382
457
630
1,470.71,286.6 1,240.91,180.91.098.91,017.9
1,607 1,560 1,450
1,789 1,629
2,369 2,289 2,167
2,822 2,404
1,325 1,232 1,131
1,664 1,405
3,152.7
3,627
,239
3,621
| June
166.7 166.1
230.3 228.4
116.5 117.1
Apr.
Feb.
Mar
159.
215.2
115.9
158.0 154.8 151.4 148.9
206.9 200.9 194.6
212.
115.2 113.
112.4 112.9
Iron and Steel and Products
Blast furnaces, steel works, e t c
Steel castings
_
Tin c a n s a n d other tinware
Hardware
Stoves and heating equipment
Steam, hot-water heating a p p a r a t u s . .
Stamped a n d enameled ware
S t r u c t u r a l a n d o r n a m e n t a l metal work
168.3
124
251
118
128
134
187
159
214
168.7 168.0
123
124
241
248
129
125
131
128
139
137
184
186
158
160
206
214
Electrical Machinery
Electrical equipment
Radios and phonographs
288.4
252
296
287.7
252
296
268.6
237
270
267.5 r263.2
232
236
263
268
Machinery, except Electrical
Machinery and machine shop products
Engines and turbines
Tractors
Agricultural, excluding tractors
Machine tools
Machine-tool accessories
Pumps
Refrigerators
229.2
232
380
191
163
216
276
332
150
229.0
231
382
192
165
214
273
334
151
220.4
225
363
185
161
204
259
300
149
218.0
222
358
183
158
204
256
295
145
Transportation Equipment, except Autos
Aircraft, except aircraft engines . . .
Aircraft engines
Shipbuilding a n d boatbuilding
1,512.7
1,870
2,872
1,703
167.3
123
239
132
131
138
182
156
197
r
May
164.5 162.0
122
122
236
230
131
131
129
127
134
131
179
176
155
153
190
179
213.8
218
349
178
153
201
254
284
142
June
157.7
463
189
266
248
352
313
415
258.7 253.2
228
260
209.6
214
339
174
149
198
250
279
139
513.2
456
3 127.33,028.8
3,557 3,433
4,946 4,993
3,645 3,498
May
317.2 302.8
430.7 407.2
206.1 200.8
314.
229
451
228
275
265
348
323
365
304.1
227
422
214
268
247
334
323
341
493.8
441
521
476.8
426
501
r
r
407.0 385.8
410
386
732
683
278
272
313
289
371
348
449
430
593
576
260
250
266
2,757.3 2,645.4 2,502.82,290.7
3,235 3,190 3,071 2,837
4,368
280 3,957 3,702
3,108 2,907 2,725 ",447
Automobiles
176.5
174.6
169.1
166.1
163.7
157.5
150.7
336.5
324.4
325.3
319.2
310.9
302.9
278.5
Nonferrous Metals and Products
P r i m a r y smelting a n d refining
Alloying and rolling, except aluminum
Aluminum manufactures
185.7
185
184
323
184.5
178
181
317
176.0
144
185
292
177.6 176.3
142
143
185
187
299
300
174.9
140
183
298
170.5
351.7
348
340
585
347.9
342
340
570
349.0
334
340
567
343.0
264
362
542
348.1
265
367
556
343.
269
362
554
331.3
262
341
525
Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills
112.9
81
99
113.3
82
107.0
76
97
106.5
76
96
104.3
74
94
105.3
75
93
106.3
205.8
149
171
208.4
152
170
215.
159
170
196.5
140
171
195.9
140
168
196.3
141
167
197.1
143
164
Furniture and Lumber Products
Furniture
104.3
98
105.3
99
103.9
97
103.0
96
101.0
94..
100.2
93
100.5
186.0
176
187.7
176
190.8
178
196.9 r195.2
184
182
191.6
177
187.3
172
Stone, Clay and Glass Products
Glass and glassware
:...*..
Cement
....
Brick, tile, and terra cotta
Pottery and related products
114.2
131
71
75
125
115.0
133
72
75
126
111.3
126
68
73
119
111.4 109.7
127
125
68
68
72
71
118
116
109.1
124
69
71
115
111.7
189.4
209
108
117
193
189.8
208
109
119
193
191.9
210
111
123
196
189.6
202
106
119
187
193.2
207
108
121
191
193.3
206
115
124
189
187.9
200
114
121
184
Textile-Mill and Fiber Products
Cotton goods except small wares
Silk a n d rayon goods
Woolen a n d worsted manufactures. ..
Hosiery
Dyeing a n d finishing textiles
97.1
111
75
102
67
93
96.6
110
75
101
94.0
108
74
98
63
93.2
107
74
97
62
91.4
105
72
95
61
90.5
104
71
94
61
86
90.9
169.8
201
135
193
103
152
171.0
202
136
193
106
152
172.3
205
136
195
106
151
173.1
207
140
193
102
151
173.0
207
139
193
101
151
168.3
202
135
187
99
148
164.3
200
134
179
95
141
Apparel and Other Finished Textiles
M e n ' s clothing, n.e.c
Shirts, collars, a n d nightwear
Women's clothing, n.e.c
Millinery
109.2
97
76
79
77
109.8
98
76
80
70
106.1
93
70
79
83
105.9
92
70
78
85
103.7
91
69
76
81
101.4
90
68
74
69
100.5
181.0
158
130
132
109
182.8
166
134
128
102
186.4
167
135
135
91
202.6
171
132
154
156
206.2
174
133
157
160
193.0
167
129
144
126
178.5
157
123
131
84
89.9
86
80
90.3
85
80
89.2
84
79
88.9
83
79
87.9
82
78
87.4
82
78
154.9
147
138
156.1
147
140
158.6
148
143
164.3
150
150
167.7
151
154
164.7
148
150
158.9
147
143
Food and Kindred Products
Slaughtering a n d m e a t packing.
Flour
Baking
Confectionery
M a l t liquors
Canning a n d preserving
117.6
128
112
110
114
139
74
121.5
131
113
112
114
141
82
116.7
120
119
112
117
139
75
114.6
113
117
111
117
138
71
114.1
107
115
110
113
138
76
113.2
103
116
110
109
139
73
185.
206
181
160
183
192
141
191.6
217
179
164
183
202
143
197.6
218
188
167
186
210
157
189.1
188
204
169
199
201
149
187.3
178
201
170
199
201
143
187.4
168
201
170
192
207
150
186.0
163
203
172'
185
206
144
Tobacco Manufactures
Cigarettes
Cigars
88.3
121
71
89.4
125
71
88.1
128
65
87.
127
65
86.7
125
65
85.4
124
64
142.7
164
133
152.8
182
138
157.4
189
141
165.3
208
135
165.2
207
135
160.4
200
132
156.4
192
132
Paper and Allied
Products.
P a p e r a n d pulp
Paper goods, n.e.c
Paper boxes
117.1
105
124
115
117.0
106
123
114
116.7
107
119
113
115.
106
119
112
113.6
105
117
110
112.6
104
115
109
187.6
175
195
177
188.8
177
195
177
191.2
180
194
179
195.3
183
198
184
195.
183
198
182
192.8
182
194
180
187.4
178
186
175
Leather and Leather Products
Leather
Boots and shoes
67
r
91
116.7
114.0
r
r
Revised.
v s .
NOTE.—Figures for June 1945 are preliminary. Indexes for major groups and totals have been adjusted to final 1942 and preliminary 1943 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 wage earners only.
818
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Gw»//»»<*/
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory pay rolls
Factory employment
1944
Printing and Publishing
Newspaper periodicals....
Book and job
•
100.2
93
104
....
100.2
92
105
100.5
92
106
May
99.4
92
104
June
99.5
92
104
100.5
221.6 219.8
221.3
216.3
182
183
180
182
110
113
110
115
165
166
164
166
1,361
1,358
1,349
1,349
1,576
1,544
1,581
1,549
122
107
95
88
145
134
143
126
212.8
100.7
93
105
Chemical and Allied Products
205.4
202.7
Drugs, medicines, and insecticides.
186
185
Rayon and allied products
107
108
Chemicals, n.e.c
173
172
Explosives and safety fuses
964
1,004
Ammunition, small-arms
1,285
1,168
Cottonseed oil
88
78
Fertilizers
....
120
104
Apr.
Mar.
Feb.
1945
1944
1945
June
May
Apr.
June
May
133.5
114
144
134.9
116
145
Feb.
Mar.
141.1
118
157
137.3
117
150
Apr.
142.4
120
157
May
141.1
121
156
141.8
122
154
389.9
358.8
391.3 388.9
358.7 355.1
394.1
277
268
280
277
271
282
267
180
171
182
181
174
183
174
295
295
297
296
295
297
297
2,020 2,092 2,076 2 096
1,434
1,499
1 563
3,070 3,167
2,718 2,558 2 359
3,150 3 185
194
257
225
203
170
149
184
286
302
341
267
351
293
228
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
122.7
120
106
124.2
122
106
126.1
126
102
126.2
126
102
126.0
126
100
126.3
127
101
127.3
206.4
200
179
212.4
205
183
215.5
208
188
223.3
218
186
223.9
221
182
230.6
227
185
226.9
223
187
Rubber Products
#
Rubber tires and inner tubes
Rubber goods other
161.2
167
141
159.2
165
140
163.4
178
140
162.9
177
140
159.1
172
138
155.9
169
134
152.3
281.3
280
249
283.3
283
248
281.4
279
251
320.2
340
266
296.7
302
265
296.4
306
256
280.6
289
244
Miscellaneous
Industries
Instruments, scientific
Photographic apparatus
167.3
570
169
167.0
566
169
163.1
539
162
163.4
541
162
161.8
540
159
160.7
534
158
160.0
324.6
322.2
326.3
1,063
1,068
1,070
276
275
270
312.8
996
265
320.1
319.1 320.7
1,091
1,092
1,097
271
273
274
For footnotes see opposite page.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1944
1945
Group
Total
Durable
Nondurable
May
June
July
Aug.
167.7
230.3
118.3
166.7
228.2
118.3
165.2
225.3
117.9
164 1
224.1
116.8
Sept.
Oct.
Nov
Dec
Jan
Feb
Mar. j
Apr.
May
162.6
220.4
117.0
161.0
217.3
116.6
160.
215. 6
116 7
160. 7
216. 1
117. 0
161 0
216 3
117 3
160. 9
215. 6
116 5
158 4
212.5
115.8
155 5
207.0
114.8
152 4
200.9
114.1
June
*194.*5
P Preliminary.
NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earning 5 (cents per hour)
Avera ge hours worked per week
Industry
All Manufacturing,
Dutablc Goods
Iron and Steel and Products
Electrical Machinery
Machinery Except Electrical
Transportation Equipment Except Autos
Automobiles
Nonferrous Metals and Products
Lumber and Timber Basic Products
Furniture and Finished Lumber Products.
Stone, Clay, and Glass Products
Nondurable Goods
Textiles—Mill and Fiber Products
Apparel and other Finished Products
Leather and Manufactures
Food and Kindred Products
Tobacco Manufactures
Paper and Allied Products
Printing, Publishing and Allied Industries
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
;
Miscellaneous Industries
Apr.
May
Jan.
Feb.
45.0
45.3
45.4
45.4
46.5
46.6
46.8
46.8
Apr.
May
Apr.
May
45.2
44.1
101.3
101.7
46.5
45.5
ft 1.0 111 .2
Mar.
45.4
1945
1944
1945
1944
r
46.7
r
Jan.
Feb.
Mar.
104.6 104.3
104.4
114.4 113.9
113.9
r
110.7
r
107.0
115.3
r
129.9
128.0
108.1
79.8
85.0
92.3
r
110.9
r
106.4
115.3
r
129.8
r
128.1
108.1
80.7
r
85.4
92.9
111.4
106^4
115.1
130.0
126.6
107.7
81.4
85.7
92.9
89.9
90.4
48.1
46.8
45.5
47.1
43.6
44.3
44.5
107.7
101.4
111.5
126.1
126.2
104.5
78.8
80.5
89.1
107.7
102 !l
111.6
126.4
126.6
104.7
79.8
81.2
89.3
110.1
106.9
114.9
130.4
131.4
107.9
79.1
84.5
91.7
109 8
106! 7
115.1
130.4
127.9
107.8
79.4
84.7
91.6
43.4
43.5 43.2
42.3
85.0
85.8
89.1
89.2
89.6
42.3
38.8
42.2
44.9
43.0
46.3
41.0
45.5
47.3
47.3
46.0
42.4
39.0
42.5
45.1
42.9
46.3
41.6
45.9
47.4
45.3
46.1
40.8
36.4
40.4
44.5
41.5
45.4
41.2
45.7
47.5
44.2
44.8
72.9 73.1
84.9 86.2
82.9 83.5
86.7 86.1
73.6 73.7
86.9 86.5
110.9 111.5
97.2 97.2
120.6 119.6
115.1 114.9
99.3 98.8
73.3
87.4
84.8
86.4
74.1
87.1
112.1
97.5
119.5
111.7
r
99.1
46.8
46!3
48.7
47.4
45.5
46.6
43.3
44.4
43.7
46.9
46i5
48.7
48.0
45.2
47.2
42.6
44.4
43.6
46 9
46'.7
48.8
47.2
46.5
47.1
43.3
44.8
43.8
42.5
43.2
43.4
41.2
37.3
41.1
44.8
39.0
45.5
40.6
45.6
46.3
44.7
45.8
41.6
38.1
41.3
45.8
42.0
46.0
40.9
46.0
47.0
45.1
46.1
42.3
38.2
41.8
45.6
43.4
46.2
41.5
45.7
46.6
47.3
45.7
47.1
46.6
48.6
47.1
46.1
47.3
43.1
r
44.6
44.2
r
46 9
46i6
41.9
r
37.9
42.0
45.0
42.3
46.5
41.2
45.7
48.5
45.7
45.8
70.1 71.0
77.0 77.2
79.0 80.0
84.5 85.4
69.1 69.8
83.7 84.2
105.9 107.2
94.4 95.4
117.4 117.4
107.5 108.7
94.7 95.2
May
104.3
r
46.0
45!8
46.6
45.9
43.9
46.0
43.0
43.6
43.6
46.5
46.2
48.8
47.1
46.4
46.6
43.2
43.7
43.2
Apr.
104.4
r
113 .8 113.5
74.6
73.5
86.2
84.9
85.1 85.9
r
86.9
87.7
73.8
74.5
87.4
87..6
112.9 113.3
98.0 99.1
120.3 120.4
113.6 113.2
99.3 99.2
r
Revised.
NOTE.—Back figures are available from the Bureau of Labor Statistics.
AUGUST
1945
819
ESTIMATED EMPLOYMENT IN NONAGRIGULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Total
Manufacturing
^lining
Construction*
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
Federal,
State, and
local
government
30,353
31,784
35,668
38,447
39,728
38,698
10,078
10,780
12,974
15,051
16,924
16,121
845
916
947
970
891
835
1,753
1,722
2,236
2,078
1,259
679
2.912
3,013
3,248
3,433
3,619
3,761
6,618
6,906
7,378
7,263
7,030
7,044
4,160
4,310
4,438
4,447
4,115
4,348
3,988
4,136
4,446
5,203
5,890
5,911
1941—January
February...
March
April
May
June
July
August
September.
October. . .
November..
December..
33,638
33,973
34,406
34,441
35,269
35,758
36,277
36,597
36,774
36,892
36,991
36,864
11,720
11,934
12,174
12,456
12,776
13,032
13,342
13,473
13,580 •
13,642
13,752
13,748
938935
943
643
949
970
981
997
1,000
1,003
1,004
1,002
2,243
2,256
2,260
2,133
2,176
2,239
2,256
2,258
2,327
2,295
2,248
2,115
3,072
3,082
3,131
3,161
3,224
3,254
3,292
3,330
3,331
3,355
3,369
3,367
7,065
7,123
7,192
7,266
7,302
7,388
7,495
7,579
7,548
7,537
7,526
7,487
4,366
4,374
4,397
4,438
4,441
4,441
4,442
4,458
4,454
4,472
4,479
4,493
4,234
4,269
4,309
4,344
4,401
4,434
4,469
4,502
4,534
4,588
4,613
4,652
1942—January
February...
March
April
May
June
July
August... .
September.
October
November..
December. .
37,057
37,195
37,391
37,724
37,981
38,204
38,581
39,042
39,171
39,452
39,597
39,898
13,879
14,041
14,255
14,463
14,649
14,865
15,143
15,442
15,644
15,798
16,048
16,333
996
981
976
982
982
981
982
973
962
954
944
933
2,102
2,090
2,055
2,054
2,048
2,057
2,077
2,101
2,077
2,136
2,095
2,041
3,372
3,357
3,382
3,402
3,419
3,419
3,433
3,448
3,448
3,484
3,503
3,525
7,481
7,414
7,331
7,319
7,280
7,206
7,210
7,222
7,227
7,224
7,132
7,136
4,520
4,491
4,523
4,541
4,521
4,532
4,520
4,518
4,382
4,330
4,255
4,229
4,707
4,821
4,869
4,963
5,082
5,144
5,216
5,338
5,431
5,526
5,620
5,701
1943—January
February
March
April
May
June
July
August
September
October
November
December
39,934
39,935
40,066
39,891
39,740
39,775
39,876
39,737
39,475
39,486
39,526
39,479
16,506
16,682
16,831
16,858
16,837
16,908
17,059
17,097
17,051
17,108
17,152
16,995
927
924
915
908
893
893
888
878
876
869
859
863
1,899
1,734
L,604
L,476
L.358
1,263
1,164
L.082
1,020
936
891
864
3,540
3,556
3,574
3,588
3,597
3,620
3,634
3,639
3,633
3,671
3,683
3,687
7,133
7,064
7,110
7,006
6,988
7,017
7,061
7,015
7,006
7,006
7,000
6,962
4,146
4,146
4,121
4,110
4,102
4,112
4,127
4,110
4,079
4,078
4,119
4,127
5,783
5,829
5,911
5,945
5,965
5,962
5,943
5,916
5,810
5,818
5,822
5,981
1944—January
February
March
April
May
June
July
August
September
October
November
December
39,454
39,352
39,123
38,865
38,749
38,766
38,700
38,654
38,400
38,159
38,044
38,164
16,910
16,819
16,642
16,391
16,203
16,093
16,013
15,943
15,764
15,614
15,529
15,554
862
862
852
848
843
848
833
830
822
812
808
802
830
786
737
719
673
677
653
648
627
609
611
619
3,720
3,780
3,780
3,763
3,768
3,765
3,753
3,762
3,735
3,748
3,771
3,789
7,096
7,043
7,046
6,982
6,997
7,012
7,084
7,059
7,065
7,077
7,052
7,015
4,170
4,173
4,165
4,257
4,363
4,475
4,505
4,514
4,488
4,384
4,359
4,304
5,866
5,889
5,901
5,905
5,902
5,896
5,859
5,898
5,899
5,915
5,914
6,081
1945—-January
February
March
April
May
June
38,426
38,469
38,456
r
37,969
37,700
37,413
15,633
15,595
15,445
15,178
14,884
14,573
805
802
796
765
732
795
633
658
691
r
736
754
794
3,797
3,848
3,846
r
3,811
3,800
3,802
7,210
7,164
7,214
r
7,010
7,058
7,003
4,394
4,404
4,438
r
4,466
4,496
4,493
5,954
5,998
6,026
6,003
5,976
5,953
1944—January...
February
March
April
May
June
July
August
September
October
November
December
38,965
38,840
38,725
38,689
38,672
38,846
38,731
38,744
38,571
38,360
38,347
38,889
16,825
16,735
16,559
16,309
16,122
16,093
16,013
16,023
15,843
15,692
15,607
15,632
858
858
852
844
839
844
833
834
826
816
812
806
764
715
678
683
686
691
686
700
671
652
629
594
3,664
3,704
3,723
3,744
3,768
3,803
3,809
3,818
3,791
3,767
3,771
3,770
6,919
6,867
6,919
6,968
6,962
6,977
6,942
6,918
6,994
7,148
7,299
7,611
4,128
4,131
4,123
4,236
4,363
4,542
4,618
4,582
4,488
4,340
4,315
4,304
5,807
5,830
5,871
5.905
5,932
5,896
5,830
5,869
5,958
5,945
5,914
6,172
1945—-January...
February..
March
April
May.
June
37,952
37,957
38,062
15,555
15,517
15,368
15,102
14,810
14,573
801
798
796
761
728
791
582
588
636
r
699
. 769
810
3,740
3,771
3,788
r
3,792
3,800
3,840
7,030
6,985
7,084
r
6,996
7,023
6,968
4,350
4,360
4,394
r
4,444
4,496
4,560
5,894
5,938
5,996
6,003
6,006
5,953
Year and month
1939
1940
1941
1942
1943
1944.. ..
SEASONALLY ADJUSTED
:
UNADJUSTED
T
'37,797
37,632
37,495
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
Factories
January.....
February
March
April
May
June
July
August
September
October
November
December
Year
1
Nonresidential building
Residential
building
Total
Public works
and public
utilities
Other
Commercial
Educational
1944
1945
1944
1945
1944
1945
1944
1945
1944
1945
1944
1945
1944
1945
159.2
137.2
176.4
179.3
144.2
163.9
190.5
169.3
175.7
144.8
164.9
188.5
140.9
147.0
328.9
395.8
242.5
227.3
41.0
24.9
35.2
37.8
34.5
30.6
25.8
23.3
24.5
23.8
23.3
23.9
19.5
19.3
26.9
42.7
47.2
41.8
34.0
29.9
48.7
33.0
27.1
24.4
38.3
40.0
49.0
37.7
52.9
57.6
45.2
66.6
160.4
174.5
43.4
25.5
4.1
4.5
7.4
6.1
5.8
8.7
5.6
79
6.4
7.7
7.1
9.5
7.5
8.5
10.0
12.3
9.5
18.8
8.7
1-0.2
4.4
5.4
3.8
10.5
10 1
64
76
35
5.3
3.8
4.9
3.0
4.6
4.3
5.1
10.5
21.1
23.1
19.5
25.0
17.1
18.9
30 2
22.4?
24
20 0
28.3
27.1
23.9
17.6
36.3
49.9
29.4
35.6
50.3
55.1
61.3
72.0
55.8
70.7
80 5
69.4
64.1
52.2
48.0
66.6
39.8
32.0
90.6
111.9
107.9
95.0
1,994.0
348.4
472.7
80.8
69.2
276.7
746.1
Negative because of revision of a prior month's entry.
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Public ownership
Total
Private ownership
Month
January
February
March
April
May
June
July
August
September...
October
November. ..
December ...
Year
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
1945
1944
Federal Reserve district
1943
1944
1945
1943
1944
351
394
340
303
234
230
184
414
175
214
184
252
159
137
176
179
144
164
191
169
176
145
165
188
141
147
329
396
243
316
364
304
253
192
183
122
351
120
157
135
198
122
109
133
133
98
122
148
125
127
102
103
114
3,274 1,994
1945
1943
1944
1945
35
30
36
50
42
46
61
62
56
56
50
54
37
28
43
46
46
42
42
44
49
43
62
74
66
73
107
87
95
75
74
221
309
148
2,695 1,435
579
1935.
1936.
1937.
1938
1939
1940
1941
1942
1943....
1944
1944—June
July
Aug
S e p t . . . . . . .!
Oct
Nov
Dec
1945—jan#
Feb.'.'.'.'.'....
Mar
Apr
May
June
Total
320
557
495
694
954
1,026
1,186
1,137
942
886
Small
home
construction
224
246
60
160
208
251
262
141
96
125
13'
25
26
21
15
1
66
71
81
83
84
82
66
9
7
11
14
12
17
11
*
*
*
*
67
68
60
53
62
56
8
19
13
10
14
13
*
*
*
1- to 4family
houses
(Title
II)
94
309
424
473
669
736
877
691
243
216
18
18
20
20
22
22
18
19
14
17
15
22
19
Rental
and
War
group housing
housing (Title
(Title
VI)
II)
2
2
11
48
51
13
13
6
*
7
2
3
1
*
13
284
601
537
36
45
50
46
49
43
37
39
34
30
28
26
24
* Less than $500,000.
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.
AUGUST 1945
May
June
12,260
31,135
14,936
22,965
29,798
30,126
45,431
12,269
-6,249
9,253
25,374
7,746
20,904
8,864
21,064
25,220
20,856
37,868
58,787
6,434
23,222
11,558
4,927
22,002
12,921
11,938
27,904
18,694
24,647
8,997
5,377
16,370
10,089
227,298
242,523
163,866
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Mortgages on
Title I Loans
Year or month
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts) .
559
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Property
improvement
June
End of month
ComTotal mercial
banks
228
SavMuings Insur- Fedtual
2
ance
eral
and
savcom- agen- Other
loan
ings associ- panies cies 1
banks ations
1936—Dec
1937—Dec.
1938—Dec
1,199
430
634
8
27
38
110
149
41
118
212
5
32
77
27
53
90
1939_j u n e
Dec
1,478
1,793
759
902
50
71
167
192
271
342
137
153
94
133
1940—Mar
June
Sept.
1,949
2,075
2,232
2,409
971
1,026
1,093
1,162
90
100
111
130
201
208
216
224
392
432
480
542
171
182
190
201
124
127
141
150
1941—Mar
June
Sept
Dec
2,598
2,755
2,942
3,107
1,246
1,318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
178
179
1942—Mar
June
Dec
3,307
3,491
3,620
L,549
L,623
1,669
201
219
236
264
272
276
856
940
1,032
237
243
245
200
195
163
1943_j u n e
Dec
3,700
3,626
1,700
L.7O5
252
256
284
292
1,071
1,134
235
79
159
1944—June
Dec
3,554
3,399
1,669
1,590
258
260
284
269
1,119
1,072
73
68
150
140
Dec
365
771
56
158
1
The RFC Mortgage Company, the Federal National Mortgage AssociaDeposit Insurance Corporation, and the United States
tion, the Federal De
Housing
Corporation.
2
ance companies, in
industrial banks,
Including mortgage companies, finance
b f i t funds,
f d
t
endowed institutions, private and State benefit
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.
82.1
MERCHANDISE EXPORTS AND I M P O R T S
[In millions of dollars]
Merchandise exports
1
Merchandise imports2
Excess of exports
Month
1942
1943
1945
1941
1942
1943
1944
January
February
March
325
303
357
482
483
637
749
728
988
1,124
P899
•1,107
P881
1,197 Pi,022
229
234
268
254
254
272
229
234
249
300
313
359
P334
P324
P365
96
69
89
228
230
365
520
494
739
824
794
838
P566
April
May
June
387
385
330
717
542
650
989
,092
,003
1,226 PI,002
1,454 PI,138
PI,297
287
297
280
235
191
215
258
281
295
360
386
P331
P366
P
371
100
88
50
482
351
435
731
811
708
866
1,068
P965
P636
P767
July
August
September
365
460
425
659
705
732
,265
,280
,269
PI,197
PI,188
PI,192
278
282
262
213
186
196
302
316
286
P294
P302
P281
87
178
162
446
518
536
963
964
983
P903
P886
P911
October
November.. ..
December
666
492
653
803
788
883
1,238
1,073
1,288
PI,142
Pi.185
P937
304
281
344
200
168
358
329
311
281
P329
P323
P336
362
211
309
603
620
525
909
762
1,006
P814
P862
P601
January-May.
1,757
2,860
1,315 | 1,205
i 1,251
1,713
442
1,655
3,296
4,390
1943
1941
1944
4,547 I 6,108 |P4,942
JP1.76O
P557
P657
P3,183
p
1
2
Preliminary.
Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures—Set BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers; 1935-39average = 100 ]
Total
Annual
1939
1940
1941
1942
1943
1944
Forest
Coal Coke Grain Live- prodstock
ucts
101
109
130
138
98
111
123
135
138
144
137
140
SEASONALLY
ADJUSTED
1944—April
May
June
July
August
September ....
October
November
December
138
138
139
143
142
139
137
141
137
1945—January
February
March.
April
May
June
143
139
145
141
140
140
UNADJUSTED
1944—April
May.
June
July
August
September
October
November
December
1945—January
February
March
April
May
June
102
137
168
181
186
186
107
101
112
120
146
139
96
96
91
104
117
100
114
139
155
141
124
144
Ore
110
147
183
206
192
181
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
Mis- Mereel- chan
lane- dise
ous l.c.1.
101
110
136
146
145
147
Total
railway
operating
revenues
Annual
1939
1940
1941
1942
1943
1944
67
97
96
100
69
63
Total
railway
expenses
3,995
4,297
5,347
7,466
9,055
9,437
3,406
3,614
4,348
5,982
7,693
8,343
782
780
779
690
689
688
701
706
710
Net
railway
operating
income
589
682
998
1,485
1,362
1,093
_ Net
income
93
189
500
902
874
668
SEASONALLY
ADJUSTED
140
146
190
190
194
194
185
182
182
181
166
123
128
135
144
131
126
141
139
137
126
126
143
176
178
135
140
144
147
146
150
148
144
128
140
146
r
186
188
r
190
188
132
130
136
139
142
145
141
139
137
126
126
143
r
147
143
146
147
143
143
127
146
144
143
150
149
146
143
149
151
67 1944—March
April
67
May
67
Tune
66
July
68
August. .
67
September..
66
October.
68
November..
68
157
152
159
153
151
146
66
66 1945—January.
February.
67
276
237
138
41
144
145
147
151
151
158
156
155
142
68
67
66
66
68
70
69
40
42
63
203
268
263
143
142
151
151
152
150
195
195
120
118
124
124
121
114
120
135
128
141
140
148
156
155
137
133
138
135
187
189
188
184
153
153
133
128
119
134
160
167
155
120
121
129
124
120
142
133
134
133
137
161
168
218
204
204
124
144
170
107
106
100
102
115
151
184
170
124
141
146
154
157
162
148
140
135
120
168
281
291
302
178
181
178
181
175
108
113
137
172
141
142
147
147
126
185
188
192
176
191
178
128
117
124
141
147
158
115
97
102
111
108
99
128
128
134
133
143
149
190
180
193
181
147
150
134
December...
71
69
68
March... r.
April..
May
810
804
781
790
791
788
780
766
781
796
799
796
710
709
697
711
92
91
91
109
98
71
80
82
91
69
53
54
52
71
61
32
42
46
57
673
678
698
704
704
93
103
98
96
92
60
68
63
62
P58
703
670
94
90
99
100
99
101
89
33
UNADJUSTED
147
143
146
147
143
143
127
281
1944—March
April
May
June
July
August.
September..
October
70
November..
65
December...
63 1945—January....
64
February...
68
March
71
April
69
May
68
797
760
804
799
809
836
799
819
781
757
751
713
813
779
823
r
7O5
700
710
735
710
721
687
97
92
70
678
640
713
687
723
73
73
100
92
100
689
55
50
59
61
r
57
60
56
60
64
41
39
37
63
56
P65
p
Preliminary. r Revised.
r
Revised.
NOTE.—Descriptive material and back figures may be obtained
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for from the Division of Research and Statistics. Basic data compiled
June 1941. Based on daily average loadings. Basic data compiled by Associa- by the Interstate Commerce Commission. Annual figures include retion of American Railroads. Total index compiled by combining indexes for classes visions not available monthly.
with weights derived from revenue data of the Interstate Commerce Commission.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on value figures]
MONTHLY I N D E X E S O F SALES
[1935-39 average = 100]
Federal Reserve district
United
Year and month
States
Boston
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minne- Kansas
apolis
City
83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
150
168
186
95
110
108
112
119
121
123
127
128
126
128
123
114
90
84
90
92
100
104
100
104
108
126
140
148
162
84
100
96
99
106
110
116
120
123
124
129
126
116
91
86
91
93
101
106
99
101
106
119
128
135
149
106
126
120
122
135
134
135
138
133
127
128
118
105
83
80
88
91
102
107
96
104
111
129
143
151
168
84
106
94
95
108
106
109
110
110
110
116
105
93
68
69
81
86
101
111
96
106
114
138
153
167
182
73
81
78
75
85
87
92
96
95
95
96
92
86
68
68
81
87
98
105
101
109
120
144
170
194
214
88
105
90
85
94
91
95
99
100
100
98
91
79
60
62
78
84
97
105
103
113
123
145
162
204
244
80
83
98
96
102
106
108
114
116
101
88
67
68
79
86
100
109
98
107
116
135
149
161
176
105
103
115
114
120
121
119
120
122
110
97
76
72
83
85
97
106
102
111
119
143
158
179
200
113
126
117
112
120
119
124
119
117
110
110
105
98
79
76
85
90
99
104
101
106
109
122
133
149
165
1943—July
August
September
October
November
December
171
165
162
174
180
166
147
143
139
145
158
148
137
135
133
137
143
133
154
144
149
154
161
144
171
164
158
170
178
164
197
189
196
194
199
197
221
201
210
222
220
208
168
161
151
169
174
154
185
177
171
188
197
172
1944—January
February
March
April
May....
175
175
185
173
181
176
192
187
183
194
194
148
148
162
157
164
151
160
154
156
165
177
174
135
138
152
141
150
144
149
151
149
152
161
158
159
156
173
161
168
159
170
158
170
168
183
171
169
166
183
166
181
166
191
182
180
190
203
190
202
198
213
200
212
r
208
211
214
218
227
231
220
224
225
228
221
233
237
262
243
247
260
271
258
172
162
173
165
167
163
187
180
168
192
201
180
199
211
223
181
187
201
162
166
201
157
160
173
149
189
150
156
169
173
189
204
162
170
185
186
204
222
174
179
197
231
238
250
210
r
210
235
268
274
274
234
127
139
174
186
215
273
102
110
152
161
184
255
92
99
141
157
182
228
107
112
152
174
202
256
126
143
168
182
214
262
137
142
170
172
178
163
142
157
196
248
320
119
115
144
161
162
144
110
118
170
184
207
300
112
114
139
137
142
133
100
110
158
173
207
270
122
123
162
158
161
142
117
123
173
190
231
305
156
172
212
174
183
186
132
130
187
156
158
164
124
137
176
143
148
156
133
149
200
152
.. .'
Dallas
San
Francisco
124
123
125
119
117
111
96
74
73
85
89
99
107
100
105
110
127
149
184
205
93
112
92
86
91
94
98
103
101
103
104
96
81
61
62
76
80
97
105
106
112
117
138
157
212
246
91
93
99
106
107
110
112
104
94
71
68
77
86
100
106
100
109
117
139
169
200
221
148
149
147
148
166
146
184
174
179
194
210
174
220
208
211
231
227
215
199
198
189
211
212
206
182
194
195
173
197
189
208
207
193
215
235
207
160
176
159
157
160
151
165
173
162
158
189
175
207
203
194
181
192
192
212
204
200
215
244
208
206
241
247
232
228
245
277
250
241
252
264
263
208
211
219
201
214
210
223
221
217
228
253
233
211
236
235
188
209
220
181
208
205
157
162
172
241
246
240
199
203
219
261
284
283
240
253
256
247
257
249
219
277
193
200
213
167
166
182
141
155
208
212
252
332
166
179
218
233
257
336
124
136
166
174
200
253
137
152
188
194
224
277
117
132
166
168
192
224
145
163
197
203
228
283
160
183
232
250
269
343
165
180
197
219
255
325
132
133
167
172
179
157
140
159
191
204
244
303
152
159
203
194
211
183
151
17,7
231
249
294
369
179
194
221
228
228
199
197
216
257
273
317
417
131
131
159
166
170
160
139
151
185
197
231
295
149
153
185
183
197
170
154
178
212
221
268
333
119
122
141
159
162
151
130
154
184
179
218
269
153
161
182
183
194
177
168
191
220
226
264
339
177
200
227
228
228
203
202
220
265
272
314
421
166
178
198
192
200
193
185
202
226
238
299
373
145
163
214
171
177
187
174
191
250
193
r
209
207
214
236
282
227
147
162
200
165
170
178
173
187
233
192
209
198
136
144
186
156
164
171
178
194
233
195
205
201
211
239
269
228
248
228
197
217
232
205
il9
67
80
75
78
SEASONALLY
ADJUSTED
...
June
July
August
September
October
November
December
r
1945—January..."
February
March
April
May
June
208
r
165
r
243
r
234
233
UNADJUSTED
1943—July
August
September
October
November
December
1944—January
February
March
April
May
June
July
August
September
October
November
December
r
...
1945—January
February
March
April
May
June ..
208
r
163
167
r
238
233
r
Revised.
NOTE—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944.
AUGUST 1945
r
219
215
DEPARTMENT STORE STATISTICS—Continued
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
SALES, STOCKS, AND OUTSTANDING ORDERS
[As reported by 296 department stores in various Federal Reserve districts ]
Amount
(In millions of dollars)
Sales
Stocks
(total (end of
for
month)
month)
Outstanding
orders
(end of
month)
Dec. 13..
20
27..
Seasonally
adjusted
Unadjusted
99
101
120
172
146
153
1939 average.
1940 average.
1941 average.
L942 average.
1943 average
L944 average
128
136
156
179
204
227
344
353
419
599
508
531
108
194
263
530
558
1943—Sept.
Oct
Nov.
Dec
205
230
259
338
586
593
576
467
564
550
562
491
162
153
143
143
168
170
165
134
1944—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.
Dec
167
170
225
206
220
199
163
196
234
257
299
385
479
513
531
525
525
522
516
568
583
600
579
444
527
526
483
475
r
531
r
591
628
574
559
576
608
620
154
154
149
145
147
157
165
170
161
154
144
136
137
147
152
151
151
150
148
163
167
172
166
127
198
198
284
209
230
p
236
462
494
523
564
590
p
601
765
817
770
724
r
67O
P
697
148
148
147
133
142
150
162
169
1945—Tan. .
Feb
Mar
Apr
May
June
...
Without seasonal adjustment
Index of stocks
(1935-39 average
= 100)
15f>
165
Feb.
1942
3
10
17
24
31...
7.
14.
21.
28.
Mar. 7
14
Apr.
May
June
July
Aug.
mi
P181
Jan.
.250
299
.191
r
P Preliminary.
Revised.
Backfigures.—Divisionof Research and Statistics.
21
28
4. ..
11
18
25
2
9....
16....
23 . . . .
30....
6 ...
13 . . .
20 . . .
27 . . .
4....
11. . . .
18....
25....
1....
8
15
22
29
Dec. 12
295
19.
26
...333
222
1943
Dec. 11. . .297
1 8 . . . 321
25
274
1943
Jan.
2 . ..117
9 ... ..146
16 ... ..139
23 ... ..125
30 ... ..126
F e b . 6 . . . ..143
1 3 . . . . ..178
2 0 . . . . ..155
2 7 . . . . ..162
M a r . 6 . . . . ..150
1 3 . . . . ..144
2 0 . . . . ..147
2 7 . . . . ..155
Apr. 3 . . . . ..161
1 0 . . . . ..168
1 7 . . . . ..170
2 4 . . . . ..182
M a y 1 . . . . ..142
8.. .. ..169
1 5 . . . . ..149
2 2 . . . . ..153
2 9 . . . . ..151
..151
June 5
1 2 . . . . ..168
1 9 . . . , ..168
2 6 . . . . .. 132
July 3 . . . . . 134
10 . . . . ..113
1 7 . . . . ..126
24 . . . . ..124
31 . . . . ..118
Aug. 7 . . . . ..131
1 4 . . . . ..131
2 1 . . . . ..146
2 8 . . . . ..145
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
1944
1 ... ..110
8 ... . 143
15 ... ..146
22 ... 144
29 ... . 1 3 7
5 . . . . 146
12... ..142
19... ..142
146
26...
4 . . . ..153
..160
11...
18... . 1 7 2
2 5 . . . ..182
1 . .. ..212
8 . .208
15 . ..152
22. .. ..163
29. .. ..168
.184
6
197
13
20 .. ..177
27. . .168
.163
3
1 0 . . . ..172
17 ... .173
2 4 . . . ..151
1 . . . ..149
8 . . . . .116
1 5 . . . ..145
2 2 . . . . 138
. .132
29
5 . . . . 137
12... ..148
19... . 1 4 9
2 6 . . . . ..171
1944
Dec.
9 ...
16 . . .
23 ..
30....
1945
6 ....
13 . . .
20 ..
27 . . . .
3
10...
17....
24....
3....
10
17...
24.....
31
7. ..
14....
21.
28. ..
5....
365
377
.369
.123
.145
.166
160
.161
163
Feb.
.172
.176
.177
.182
Mar.
.204
.214
.226
.230
.181
Apr.
.156
.192
.184
.193
May
.196
• 12.
..
1 9 . . . .178
2 6 . . . .182
.169
June 2. .
9 . . . .196
.206
16..
183
23.
.173
30
.153
July 7 . .
1 4 . . . . .167
.158
21
28. .. .153
Aug 4. . .
11...
18...
25..
Sept. 1 . . .
Jan.
NOTE.—Revised series. For description and back figures see pp. 874-875
of BULLETIN for September 1944.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
June May
1945
United States..
+15 +3
Boston
New Haven
Portland
Boston
Springfield
Worcester
Providence
+16
+10
+ 10
+19
+17
-6
—4
-1
-2
+26! +8
+ 16| +1
New York
Bridgeport
Newark
Albany
Binghamton
Buffalo
Elmira
Niagara Falls...
New York City.
Poughkeepsie...
Rochester
Schenectady.. .
Syracuse
Utica
+21
+31
+24
+13 +2
+ 12 - 1
+17 +4
+ 16| +5
+20| +5
+23! r+3
+ llj +8
+24 r +4
+15 - 9
Philadelphia
Trenton
Lancaster
Philadelphia
Reading
Wilkes-Barre.. .
York
+17
+28
+ 12
+ 14
+ 15
+24
+22
Cleveland
+19 -1
+20 +2
-4-131 - 9
+25
+16
+24
+ 14
+ 16
Six
mos.
1945
+13
+10 Cleveland—Cont.
+5 Youngstown
+6 Erie
+26 Pittsburgh
+8 Wheeling
+18
+11 Richmond
Washington
+14 Baltimore
+8 Raleigh, N. C. ..
+15 Winston-Salem..
+17 Charleston, S. C.
+18 Greenville, S. C.
+8 Lynchburg
+8 Norfolk
+11 Richmond
+14 Charleston.W.Va
+15 Clarksburg
+13 Huntington
+12
+15 Atlanta
+5 Birmingham....
Mobile
+11 Montgomery
+16 Jacksonville....
+8 Miami
+9 Orlando
+6 Tampa
+20 Atlanta
+15
Augusta
Columbus
+13
Macon
+ 14
Akron
Baton Rouge....
+9
New Orleans
Canton
+ 16
Bristol, Tenn. .
Cincinnati
+11
Jackson
Cleveland
+17
Chattanooga.. .
Columbus
+8
Knoxville
Springfield . . .
+12
Nashville
Toledo
r
Revised. * Data not yet available. **Five months.
8x4
1945 1945
Six
mos.
1945
+25 +7
0
+ 12
+ 19 - 2
+25 +4
+19
+8
+12
+19
+16 r *
0
+ 11
0
+ 16
+10 *
+15 - 2
+12
+10
+10
+9
+14
+4
+15
+19
June M a y
June May
1945 1945
Chicago
0
*
+ 14
+27
+4
+25
+28
+25
+27
+9
+4
-13
+1
+6
+2
+7
+17 +5
+19 + 1
- 3 -13
+23 ,+8
+11 +4
+25 + 17
+7
+ 13
+27
+31
+ 13
+ 14
+20
+3
+11
+8
*
-4
+9
+1 +3
+19 *
+17 +2
+22 +7
+20 +1
+26 +4
Chicago
Peoria
Fort Wayne....
Indianapolis...
Terre Haute...
Des Moines
Detroit
Flint
Grand Rapids..
Lansing
Milwaukee
Green Bay
Madison
+7
+14 St. Louis
Fort Smith
+21
Little Rock....
+12
Quincy.
+21
Evansville
Louisville
+15
St. Louis
+12
Springfield
0
Memphis
+25
+13
+15 Minneapolis
+ 10
+10 Kansas City
Denver
+22
Pueblo
+20
Hutchinson ...
+11
+6 Topeka
Wichita
+15
Joplin
+10
Kansas City...
+16
St. Joseph
+15
Omaha
+19
Oklahoma City
+16
Tulsa....
+16
0
+13
+13 +1
+ 15 +1
+21 +7
+18 +1
+36 +10
+23 +10
+9 - 7
+7
-10
+19
+2
+31 +8
+ 14 - 1
+18 +6
+15 +12
+19 +1
-1
+9
+19 +5
+24 +3
+9 r_ 1 4
+20 +3
+20 +1
+24 +11
+13 r+9
r
+l
+5
+7
+6
+19 +10
+26 +3
+8 - 2
+15
+15
+19
r
+13 - 1 2
+14 +7
+10 - 5
+21 +2
+12 +9
+15 +16
Six
1945
+12 Dallas..,
+12 Shreveport
+ 14 Dallas
+20 Fort Worth
+ 14 Houston
+42 San Antonio
+20
+5 San Francisco
+13 Phoenix
+25 Tucson
+15 Bakersfield
+17 Fresno
+21 Long Beach
+13 Los Angeles
+14 Oakland and
Berkeley
+10
and
+16 Riverside
San Bernardino
+13 Sacramento
+5 San Diego
+14 San Francisco
+14 San Jose
+21 Santa Rosa
+13 Stockton
Napa
+12 Vallejoand
Boise and
Nampa
+15
+15 Portland
Salt Lake City..
**+13 Bellingham
+23 Everett
+19 Seattle
+9 Spokane
+15 Tacoma
+7
+11 Yakima
+13
+17
+23
Six
June May mos.
1945
1945
+12 +9 +13
+6
+1 - 2
+15 +12 + 15
+7 +11 + 13
+5 +2 +6
+22 +20 +22
+13
+17
+6
+16
+ 14
+16
+13
+12
+9
+14
r +6
r +8
+10
r +11
+13
+14
+ 19
+8
+15
+16
+ 17
+14
+6 +13
+19 +10 +14
+10 - 4 +8
+4
- 1 +8
+19
+19 +19
+12 r+2 +11
+21 +8 + 19
+ 13 +4 + 14
+ 16 +13 + 17
+18
+24
+15
+20
+ 15
+16
+12
+27
+9
+10
+1
+5
+10
+5
•+10
+6
+18
-3
+16
+8
+8
+10
+ 10
+15
+ 13
+22
+10
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES A N D STOCKS, BY MAJOR DEPARTMENTS
Percent change from a year ago (value) Ratio of stocks to sales
Number
of stores
reporting
Department
Stocks (end
of month)
Sales during period
May
1945
May
Five mos.
1945
May
1945
1945
1944
G R A N D TOTAL—entire store
352
+4
+13
+11
2.7
2.5
MAIN STORE—total
352
+5
+13
+11
2.8
2.6
Women's apparel and accessories
Coats and suits
Dresses
Blouses, skirts, sportSAvear, etc.
Juniors' and girls' wear
Infants' wear
Aprons, housedresses, uniforms.
Underwear, slips, negligees
Corsets, brassieres
...
Hosiery (women's and children's).
Gloves (women's and children's).
Shoes (women's and children's).
Furs
Neckwear and scarfs
Handkerchiefs
Millinery
Handbags and small leather goods
349
327
331
311
274
305
284
320
328
341
324
241
255
242
279
167
300
+7
+16
+ 18
+21
+23
+22
+ 15
+12
+21
+24
+11
+ 13
+15
+21
+71
+52
+44
+55
+40
2.2
2.1
1.4
3.0
2.6
3.3
1.4
1.5
1.7
0.9
3.4
3.0
2.0
1.7
1.0
2.3
1.8
2.4
1.2
2.0
1.8
1.7
3.4
3.0
+ 188
— 17
13 4
26 6
+18
+16
+10
+46
+27
+32
+23
+14
Men's and boys' wear
321
230
305
280
173
+3
4.1
3.2
4.3
4.8
5.4
3.8
3.3
4.1
3.4
6.4
3.2
3.1
2.4
2.2
2.8
3.6
4.8
3.9
3.4
Men's cloth -ng
Men's furnis hings, hats, caps...
Boys' clothing and furnishings
Men's and boys' shoes and slippers
Home furnishings
+9
+17
+7
+ 19
-3
-5
-18
+ 16
-43
+ 18
-5
+7
-2
-2
+22
+6
-4
-9
-3
0
+12
+9
+14
+2
+16
2.8
4.4
1.3
2.6
-13
+1
+37
+ 11
-13
4^0
1.0
2.8
0
+3
+17
+16
+ 19
+10
+31
+22
+10
+21
+10
+23
+16
+8
+ 12
3.2
3.4
2.6
2.4
1.8
2.6
4.5
3.7
3.6
285
117
-1
-13
+15
+5
-18
-34
1.7
0.8
2.1
1.1
333
119
222
317
291
238
230
+20
+10
+6
+16
3.7
3.2
3.1
4.1
3.7
4.4
3.5
3.7
2.4
2.8
4.1
4.2
4.9
3.4
3.3
2.2
3.0
3.1
Small wares
Lace, trimmings, embroideries, ribbons
Notions
Toilet articles, drug sundries, and prescriptions
Jewelry and silverware
Art needlework
Stationery, books, and magazines
— 15
+9
Piece goods
Cotton wash goods
+ 11
+8
+4
0
313
230
239
290
168
288
211
223
187
Furniture, beds, mattresses, springs..
Domestic floor coverings
Draperies, curtains, upholster}'.
Major household appliances.
Domestics, blankets, linens, etc..
Lamps and shades.
China and glassware
Housewares
+34
+3
Miscellaneous
294
221
Luggage
-22
-6
-8
-17
+3
-25
-26
0
0
+5
+28
+ 19
+23
+11
+17
+20
+18
+20
+ 13
+22
+ 13
+8
+25
+6
+12
+19
-6
+3
+24
+28
-8
+1
214
-3
2.6
+15
2.2
BASEMENT STORE—total
+11
i
1.7
202
2.1
Women's apparel and accessories......
+26
+ 13
3.7
165
4.6
-8
Men's and boys' clothing and furnishings
+ 14
+ 10
2.3
121
2.4
-5
0
Home furnishings
+7
2.1
52
1.6
-22
Piece goods
+3
+ 19
3.7
133
4.2
-10
Shoes
+6
+5
NOTE.—Group totals include sales in departments ilot shown separately. Figures for basement store are not strictly comparable with those for main
store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtainec
3y 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.
SALES, ACCOUNTS RECEIVABLE, A N D COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average = 100
Accounts i-eceivable
at end o month
Sales during month
Year and month
Total
Cash
1944—May
June
July
August....
September
October
November
December
141
127
103
126
149
164
191
245
180
165
138
167
193
211
245
326
1945—January
February
March
April
May
June
126
126
178
133
147
149
164
163
230
171
190
194
,.
Instalment
Charge
account
58
50
44
60
66
81
95
105
99
76
93
116
127
149
181
57
57
73
96
98
141
I5252
r
l07
r
116
117
Charge
account
68
62
56
58
61
69
75
77
109
111
103
92
96
115
130
135
62
63
65
64
63
63
62
64
97
84
96
88
87
77
68
77
65
63
168
128
119
128
122
63
63
63
62
63
88
60
121
63
Charge
account
37
35
32
32
33
35
40
46
82
78
67
70
81
90
102
128
43
40
39
37
35
34
r
Cash
sales
Instalment
Instalment
r
Percentage of total sales
Collections during
month
r
Instal-
Charge-
sales
sales
r
4
3
4
4
4
4
4
4
4
4
3
3
3
3
r
34
34
31
32
33
33
34
32
33
33
34
35
34
34
NOTE.—Data based on reports from a smaller group of stores than that included in the monthly index of sales shown on a preceding page.
AUGUST
1945
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit
End of month
or year
Total
Sale credit
Loans 1
liioiciiiiicn L
Total
credit
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943 fc
1944
Automobile
Singlepayment
loans 2
Charge
accounts
Service credit
Other
7,637
6,839
5,528
4,082
3,905
•4,378
5,419
6,771
7,467
7,036
8,008
9,205
9,959
6,529
5,379
5,791
3,167
2,706
2,214
1,515
1,581
1,849
2,607
3,501
3,947
3,584
4,463
5,507
5,984
2,999
2,002
2,084
2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,747
1,494
816
836
1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
175
200
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
641
636
652
674
619
516
459
532
802
1,065
1,195
1,271
1,671
2,057
2,237
1,505
1,186
1,248
2,125
1,949
1,402
962
776
875
1,048
1,331
1,504
1,442
1,468
1,488
1,601
1,369
1,192
1,220
1, 749
1,611
1,381
1,114
1,081
1,203
1,292
1,419
1,459
1,487
1,544
1,650
1,764
1,513
1,498
1,758
596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729
5,148
5,209
5,148
5,192
5,272
5,412
5,596
5,791
1,859
1,882
1,889
1,896
1,912
1,937
1,974
2,084
700
707
706
709
720
743
773
836
181
192
204
210
210
210
208
200
519
515
502
499
510
533
565
636
1,159
1,175
1,183
1,187
1,192
1,194
1,201
1,248
1,189
1,241
1,250
1,239
1,231
1,231
1,231
1,220
1,390
1,370
1,287
1,330
1,402
1,516
1,664
1,758
710
716
722
727
727
728
727
729
5,482
5,326
5,575
5,443
P
5,493
P
5,634
2,014
1,968
l,991
1,989
p
2,007
p
2,038
778
743
732
724
"720
P
721
192
186
184
184
^184
P
188
586
557
548
540
P
536
P
533
1 236
I',225
l,259
1,265
p
l,287
^1,317
1,206
1,188
1,181
1,212
p
l,260
p
l,305
1,528
1,432
1,662
1,500
p
l,482
p
1,545
734
738
741
742
P
7U
P
746
1944
May
June
July
Aug
Sept
Oct
Nov
Dec
1945
Jan.
Feb
Mar
Apr
May
r
June.
p
r
r
r
Preliminary.
Revised.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
1
2
C O N S U M E R I N S T A L M E N T SALE C R E D I T , E X C L U D I N G
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
Department
Total,
stores
End of month excluding
and
autoor year
mailmobile
order
houses
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944...
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
641
636
160
155
138
103
119
146
186
256
314
302
377
439
469
254
174
184
Furniture
stores
583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
269
Household
appliance
stores
Jewelry
stores
265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
13
56
47
45
30
29
35
40
56
68
70
93
110
120
77
66
70
All
other
retail
stores
133
141
136
110
97
115
132
174
210
220
246
271
284
160
101
100
1944
519
515
502
499
510
533
565
636
May
June.
July
Aug
Sept
Oct
Nov
Dec
141
138
132
132
138
148
162
184
235
237
234
233
236
244
253
269
16
15
14
13
13
13
13
13
45
44
43
42
43
44
48
70
82
81
79
79
80
84
89
100
1945
Jan
586
557
548
540
P
536
P
533
Feb
Mar
Apr
May
June
p
172
163
163
159
P
155
P
152
Preliminary.
8x6
249
240
238
237
P
238
P
237
12
12
11
11
p
l0
PH
61
54
50
48
HS
P
49
92
88
86
85
P
85
P
84
CONSUMER INSTALMENT LOANS
[Estimated amounts outstanding. In millions of dollars]
End of
month or
year
Total
1929...
1930..
1931...
1932..
1933...
1934..
1935..
1936..
1937..
1938..
1939..
1940..
1941..
1942.. . .
1943
1944
Commercial
banks^
Small Industrial
loan banking
comcompanies panies 2
Insured
Miscel- repair
Credit laneous
and
unions lenders modernization
loans 3
652
674
619
516
459
532
802
1,065
1,195
1,271
1,671
2,057
2,237
1,505
1,186
1,248
43
45
39
31
29
44
88
161
258
312
523
692
784
426
312
358
263
287
289
257
232
246
267
301
350
346
435
505
535
424
372
388
219
218
184
143
121
125
156
191
221
230
257
288
298
202
165
175
32
31
29
27
27
32
44
66
93
112
147
189
217
147
123
119
25
168
244
148
154
213
284
301
215
128
120
1,159
1,175
1,183
1,187
1,192
1,194
1,201
1,248
325
335
339
343
342
344
346
358
362
365
367
363
364
361
365
388
165
169
170
172
172
172
172
175
118
119
119
118
118
117
116
119
104
102
103
106
111
115
117
120
1,236
1,225
l,259
1,265
p
l,287
p
l,317
359
357
374
377
P
387
p
400
378
372
381
381
p
384
p
389
172
168
171
172
P177
p
180
116
114
116
116
P116
P
118
1944
May
June...
July...
Aug
Sept...
Oct...
Nov.
Dec.
1945
Jan
Feb
Mar..
Apr..
May
June.
r
87
86
87
87
P
87
P
88
124
128
130
132
P
136
r
?>142
j
p
r
Preliminary.
Revised.
1
These 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 (18 million dollars at the end of June 1945), not
shown separately.
2
This series is in process of revision.
3
Includes only loans insured by Federal Housing Administration.
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Other Repair Personal
retail, and
pur- mod- instal
chased erniza- ment
Pur- Direct and
tion
cash
chased loans direct loans1 loans
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING I N S T I T U T I O N S
[Estimates of volume made in period. In millions of dollars]
Automobile
ret o1 '
Month or year
Outstanding at end of
period:
Total
1,093
1,450
1,694
845
514
559
218
311
411
136
55
57
164
253
310
123
81
99
155
217
288
143
68
75
209
247
234
154
89
83
347
422
451
289
221
245
505
518
527
532
534
538
544
559
53
56
61
62
62
60
59
57
89
93
94
95
96
97
97
99
62
62
62
62
62
67
70
75
76
76
77
78
80
80
82
83
225
231
233
235
234
234
236
245
1945—January
February
March
April . . .
May pp
June
562
556
573
579
592
609
56
55
56
55
55
56
100
101
107
109
112
116
80
76
76
77
78
78
82
83
84
86
89
93
244
241
250
252
258
266
Volume extended during
month:
1944—May....
June
July
August
September.
October.
November
December..
97
100
95
94
89
92
92
103
12
12
15
13
10
10
10
8
21
20
19
19
17
18
18
19
15
13
11
11
12
15
15
18
7
8
8
9
9
9
8
8
42
47
42
42
41
40
41
50
96
86
114
101
110
116
9
9
12
9
10
20
19
24
21
22
24
17
12
15
16
18
15
9
10
10
12
1939
1940
1941
1942
1943
1944
..
1944—May. .
June
Tuly
August..
September.
October.
November...
December..
1945—January
February. .
March
April.
May pp..
June ..
7
7
43
39
54
45
50
53
Month or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944.
Small loan Industrial
Commercial
banking 2
banks1
companies companies
413
Credit
unions
"792
636
744
463
503
498
376
304
384
423
563
619
604
763
927
983
798
809
876
380
340
250
202
.234
288
354
409
417
489
536
558
408
364
403
42
41
38
34
33
42
67
105
148
179
257
320
372
247
228
234
50
58
70
95
29
32
18
23
49
51
73
56
65
69
63
64
60
61
61
72
53
60
94
61
72
75
73
70
67
68
77
106
27
29
38
30
35
38
33
35
33
34
34
37
15
18
26
16
20
22
19
20
19
18
18
23
66
62
82
69
75
80
58
56
94
70
78
82
33
30
42
34
39
40
16
16
23
18
20
21
1943
November
December.
1944
January ...
February..
March
April
May
June
July
August
September
October
November
December
January
February
March
April 9
1945
r
May?
June?
r
v1 Preliminary.
Revised.
These figures for loans made include only personal instalment cash loans
and retail automobile direct loans, which are shown elsewhere on this page,
P1 Preliminary.
a small amount of other retail direct loans (3 million dollars in June
Includes not only loans insured by Federal Housing Administration and
1945) not shown separately.
but also noninsured loans.
2 This series is in process of revision.
n
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLEi
F U R N I T U R E STORE STATISTICS
Percentage
change from
corresponding
month of
preceding year
Percentage
change from
preceding
month
June
1945
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
May
1945
Apr.
1945
+8
+8
—7
-6
Inventories, end of month, at
retail value
r
Revised.
AUGUST 1945
May
1945
+8
+22
-2
Month
Department
stores
Furniture
stores
Household appliance
stores
33
31
30
34
35
39
39
36
25
26
July
August
September
October
November
December.
24
23
24
24
26
24
23
28
29
32
33
36
37
39
1945
January
February
March.
April. .
May..
June.
32
30
36
30
32
32
21
21
24
22
23
23
35
32
36
36
40
44
Apr.
1945
Jewelry
stores
Department
stores
30
30
31
31
32
34
34
49
64
63
61
64
64
65
67
61
29
28
32
r
30
r
33
32
61
61
66
62
64
64
1944
0
+3
+10
+10
Accounts receivable, at end of
month:
Total
Instalment
Collections during month:
Total
Instalment
June
1945
Charge
accounts
Instalment accounts
-1
-1
+1 +3
+1 +3
•?
c
+3
+8
r
—4
-10
+6 May
+ 18 J u n e . .
+1
+ 10
+1
+1
+1
0
0
+4
+6
0
-1
+5
+4
+8
+9
+4
0
r
1
r
r
r
Revised.
Ratio of collections during month to accounts receivable at beginning
j of month.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926 = 100]
Other commodities
All
commodities
Farm
products
Foods
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
104.3
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
1944—June
July
August....
September
October.
November.
December.
1945—January. .
February..
March...
April
May
June
104.3
104.1
103.9
104.0
104.1
104.4
104.7
104.9
105.2
105.3
105.7
106.0
106.1
125.0
124.1
122.6
122.7
123.4
124.4
125.5
126.2
127.0
127.2
129.0
129.9
130.4
106.5
105.8
104.8
104.2
104.2
105.1
105.5
104.7
104.7
104.6
105.8
107.0
107.5
98.5
98.5
98.6
98.6
98.7
98.8
98.9
99.1
99.2
99.2
99.3
99.4
99.6
116.4
116.2
116.0
116.0
116.2
116.2
117.4
117.5
117.6
117.8
117.9
117.9
118.0
97.8
98.0
98.4
99.2
99.4
99.4
99.5
99.6
99.7
99.7
99.6
99.6
99.6
83.3
83.2
83.2
83.0
82.9
83.1
83.1
83.3
83.3
83.4
83.5
83.7
83.9
103.7
103.7
103.8
103.8
103.7
103.7
103.8
104.0
104.2
104.2
104.2
104.3
104.7
115.9
115.9
116.0
116.0
116.3
116.4
116.4
116.8
117.0
117.1
117.1
117.3
117.4
95.3
95.5
95.5
94.9
95.0
94.8
94.8
94.9
94.9
94.9
94.9
94.9
95.0
104.3
104.3
104.4
104.4
104.4
104.4
104.4
104.5
104.5
104.5
104.5
104.5
104.5
93.5
93.6
93.6
93.6
93.6
94.0
94.2
' 94.2
94.6
94.6
94.8
94.8
94.8
Week ending:
1945—Apr. 7 . . . .
Apr. 14....
Apr. 21... .
Apr. 28...
May 5 . . .
May 1 2 . . .
May 19....
May 26....
June 2 ..
June 9. . .
June 16 .
June 23
June 30...
July 7
July 14 ...
July 21 .
July 2 8 . . .
105.1
105.5
105.6
105.7
105.7
105.7
105.8
105.9
106.1
106.0
106.0
105.9
105.9
105.8
105.6
105.6
105.8
127.2
128.9
129.5
130.5
129.8
129.5
129.5
130.5
130.8
130.7
131.0
130.0
130.1
129.4
128.2
128.5
129.7
104.9
105.5
105.7
106.5
106.5
106.6
106.8
107.4
107.5
107.3
107.7
107.3
107.3
107.2
106.2
106.5
107.4
99.5
99.5
99.5
99.5
99.5
99.6
99.7
99.7
99.8
99.7
99.7
99.8
99.8
99.8
99.8
99.8
99.8
118.3
118.3
118.3
118.3
118.3
118.3
118.3
118.3
•118.3
118.3
118.3
118.3
118.5
118.5
118.5
118.5
118.5
99.2
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
84.0
84.0
83.9
83.9
84.0
84.3
84.6
84.6
84.7
84.5
84.5
84.7
84.8
84.8
84.8
84.8
84.8
104.3
104.3
104.3
104.3
104.3
104.4
104.3
104.4
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
117.0
117.0
117.0
117.0
117.0
117.2
117.2
117.2
117.3
117.3
117.3
117.3
117.4
117.3
117.3
117.3
117.3
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
95.3
95.3
95.3
95.4
95.4
95.2
95.2
95.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
Year, month, or week
Total
1945
1944
Subgroups
Subgroups
June
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear....
Silk
Rayon.
Woolen and worsted goods
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
ChemiHouseHides and Textile Fuel and Metals Building cals
and furnishleather products lighting and metal, materials
allied
materials products i
products
products 1 ing goods
Mar.
Apr.
May
June
127.2
123.0
124.7
129.8
135.6
120.5
130.5
136.4
123.2
129.1
135.5
125.9
130.2
134.4
127.2
110.3
94.7
137.7
106.1
93.0
110.8
95.1
115.9
107.7
94.7
110.7
95.4
123.4
108.2
94.7
110.6
95.4
131.4
108.6
94.7
110.5
95.5
134.7
108.3
95.1
126.3
108.4
101.3
115.2
126.3
116.4
101.3
115.2
126.3
117.0
101.3
115.2
126.3
117.0
101.3
115.2
126.3
117.3
101.3
115.2
107.0
113.9
70.6
107.4
119.9
71.5
107.4
119.7
71.5
107.4
119.7
71.5
107.4
119.7
71.5
30.3
112.5
100.5
30.2 "30.2'
112.7 112.7
100.9 100.9
30.2
112.7
100.9
30.2
112.7
100.9
95.5
120.4
130.7
59.3
79.3
64.0
95.3
120.6
130.7
59.0
77.7
64.3
95.3
95.6
120.6 123.2
130.7 130.7
58.7
77.0 "76^4
64.2
64.2
97.5
123.8
131.0
64^2
Metals and Metal Products:
Agricultural implements. ...
Farm machinery
Iron and steel.
Motor vehicles
Nonferrous metals
Plumbing and heating
Building M aterials:
Brick and tile
Cement
Lumber 1
Paint and paint materials..
Plumbing and heating
Structural steel
Other building materials.
Chemicals and Allied Products:
Chemicals. ..
...
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
IIousefurnisking Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
1944
Miscellaneous
1945
June
Mar.
Apr.
May
June
97.2
98.4
97.1
112.8
85.8
92.4
97.5
98.7
98.1
112.8
85.9
92.4
97.5
98.7
98.1
112.8
85.9
92.4
97.5
98.7
98.4
112.8
85.9
92.4
97.6
98.7
99.1
112.S
85.9
92.6
100.6
96.4
154.7
105.7
92.4
107.3
103.0
110.7
99.4
154.3
106.3
92.4
107.3
103.8
110.6
99.4
154.4
106.3
92.4
107.3
103.8
110.7
99.4
154.9
106.4
92.4
107.3
104.1
110.9
99.4
154.9
106.3
92.6
107.3
104.1
96.2
112.0
79.9
86.3
102.0
95.8
106.8
81.9
86.6
102.0
95.8
106.8
81.9
86.6
102.0
95.8
106.8
81.9
86.6
102.0
95.9
109.5
80.4
86.6
102.0
107.2
101.4
107.5
101.5
107.5
101.5
107.5
101.5
107.5
101.5
73.0
159.6
107.2
46.2
96.7
73.0
159.6
108.0
46.2
98.9
73.0
159.6
109.0
46.2
98.9
73.0
159.6
109.0
46.2
98.9
73.0
159.6
109.0
46.2
98.9
1
Lumber series revised from September 1943.
Back figures.—Bureau of Labor Statistics, Department of Labor.
818
FEDERAL RESERVE BULLETIN
JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of July 1, 1945]
(In thousands of units)
Federal Reserve district
Boston . .
New York .
Philadelphia.
Cleveland.
Richmond.
Atlanta..
Chicago..
St. Louis .
Minneapolis.
Kansas City .
Dallas...
San Francisco.
Estimate
July 1, 1945
Estimate
July 1, 1945
40
9,857
18,168
52,962
34,274
9,222
55,128
7,694
29,302
47,208
181,230
136,802
166,230
1,220,245
367,312
453 060
36
48,562
295,913
342,487
75,908
136,126
529,603
82,016
7,659
10,677
•19, 340
61,741
28,431
8,818
65,176
53,679
38,524
10,728
19,460
61,769
28,431
8,818
65,861
53,695
280,532
411,990
38,686
148.684
406,688
38,579
102,536
859
16
265,502
4,640
133
43,146
685
16
242,008
5,302
107
46,148
Total.
Oats
Federal Reserve district
! Production
|
1944
Tame hay
Estimate
July 1, 1945
Tobacco
White potatoes
Production
1944
Estimate
July 1, 1945
Production
1944
Estimate
July 1, 1945
Production
1944
Estimate
July 1, 1945
Boston
New York
Philadelphia. .
Cleveland. ..
Richmond..
Atlanta
Chicago.......
St. Louis. .. .
Minneapolis.. .
Kansas City..
Dallas
San Francisco.
Bushels
5,461
26,116
15,062
47,135
29,201
28,256
399,906
53,674
377,205
106,365
44,159
33,852
Bushels
4,809
18,983
16,375
61,270
30,978
31,176
525,800
61,392
454,677
133,101
48,795
31,637
Tons
2,779
5,938
2,325
4,987
4,131
3,342
18,021
7,735
10,408
8,788
2,115
13,276
Tons
3,410
6,250
2,422
5,327
4,737
4,356
18,052
8,705
10,085
8,476
2,015
13,877
Pounds
32,515
1,404
52,893
158,913
1,068,295
212,329
31,642
384,237
2,526
5,459
Pounds
31,581
1,185
44,965
141,547
1,063,926
211,323
35,596
351,934
2,894
5,377
Bushels
63,703
31,143
19,765
11,813
18,070
14,342
31,558
8,945
45,816
33,122
6,010
95,149
Bushels
69,188
34,016
20,709
13,167
23,539
18,752
30,650
8,999
42,769
34,586
5,620
106,039
Total. .
1,166,392
1,418,993
83,845
87,712
1,950,213
1,890,328
379,436
408,034
NOTE.—1944 figures for tobacco are as revised in July 1945.
AUGUST
1945
8x9
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
On Bank Credit, Money Rates, and Business
Chart
book
page
1945
June
27
July
July
11
July
18
July
25
In billions of dollars
WEEKLY FIGURES!
2
3
3
3
3
3
2
2
2
2
2
2, 4
4
4
5
5
5
5
5
22.21
21.69
12.97
5.92
1.68
1.11
.20
22.17 22.13
21.61 21.57
12.77 12.70
6.04 6.07
1.68 1.69
1.11 1.11
.23
.13
20.21 20.21
26.90 26.93
2.27 2.28
.59
.69
14.66 14.70
P13.43 P13.55
PI. 23 . 15
PI.27
.02
.01
.01
.31
P. 94
2.31
.69
14.76
13.40
1.36
1.40
.03
.01
.40
.96
22.25
21.75
12.90
6.05
1.68
1.11
.04
20.21
26.83
2.29
.67
14.72
13.31
1.41
1.40
.02
.01
.42
.95
22.03
21.54
12.69
6.05
1.68
1.11
.07
20.21
26.93
2.23
.59
14.57
13.43
1.14
1.33
.02
.01
.37
.94
14
14
14
14
14
63.54
46.54
36.37
15.02
13.84
64.29
47.12
35.88
16.18
14.04
64.24
47.34
36.31
15.54
13.77
15
15
16
16
16
16
15
15
15
15
15
17
22.82
15.48
8.86
3.04
3.24
.34
13.28
6.06
4.06
1.02
6.25
2.24
23.23 23.05 22.88
15.79 15.84 15.73
9.03
9.07 9.14
3.09
3.04 2.
3.23
3.26
3.23
.39
.40
.51
13.11 13.21 13.45
6.03
6.67
6.36
4.01
4.17 4.07
1.02
1.01
1.02
6.00
6.37
6.14
2.22
2.24 2.23
17
17
17
17
1.52
.70
1.30
.48
1.50
.69
1.43
.52
1.34
.68
1.37
.51
1.24
.70|
1.32
.53
15
15
16
16
16
16
15
15
15
15
15
17
17
17
40.71
31.06
15.70
7.50
6.32
1.55
23.08
8.96
6.77
7.51
7.59
3.68
1.80
2.10
41.06
31.33
15.87
7.57
6.36
1.53
22.77
9.51
6.91
7.53
7.67
3.70
1.88
2.09
41.18
31.49
15.90
7.61
6.41
1.58
23.09
9.17
6.96
7.58
7.64
3.70
1.84
2.09
41.11
31.53
15.95
24
24
.375
1.14
.375
1.14
.375
1.14
.375
1.17
24, 26
24, 26
26
26
26
1.62
2.34
2.54
2.61
3.27
1.62
2.34
2.52
2.60
3.27
1.62
2.34
2.52
2.60
3.26
1.63
2.34
2.52
2.60
3.26
20.26
26.63
MEMBER BANKS IN LEADING CITIES
Total—101 cities:
Loans and investments. .
U. S. Govt. obligations
Demand deposits adjusted. ...
U. S. Govt. deposits
Loans
New York City:
Loans and investments
U. S. Govt. obligations, t o t a l . .
Bonds
..
Certificates
Notes and guar. securities
Bills
Demand deposits adjusted
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities:
Brokers'—on U. S. Govts. .
Brokers'—on other securities..
To others
All other
100 cities outside New Y'ork:
Loans and investments
U. S. Govt. obligations, t o t a l . . .
Bonds
.
Certificates
Notes and guar. securities.
Bills
Demand deposits adjusted.
U. S. Govt. deposits
Interbank deposits
Time deposits. . ..:
Loans, total
Commercial
For purchasing securities
All other
7.66
6.37
1.55
23.41
8.78
6.85
7.62
7.53
3.71
1.74
2.09
Per cent per annum
MONEY RATES, ETC.
Treasury bills (new issues)
Treasury notes (taxable)
U. S. Govt. bonds:
Partially tax-exempt
Taxable
High-grade corporate bonds (5 issues)
Corporate Aaa bonds
Corporate Baa bonds
63.99
47.27
36.85
14.81
13.54
In unit indicated
Stock prices (1935-39 = 100), total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
27
27
27
27
27
122
123
150
108
2.10
120
121
144
108
1.03
120
121
143
109
.90
116
117
136
107
1.05
37
37
45
45
49
49
49
Apr.
May
June1
In billions of dollars
RESERVES AND CURRENCY
Reserve Bank credit
Gold stock.
Money in circulation
•.
Treasury cash
Treasury deposits
Member bank reserves, total
Central reserve city b a n k s . . . .
Reserve city banks.
Country banks
Required reserves,total
Central reserve city banks
Reserve city banks
Country banks
Excess reserves, total
Balances due from banks:
Reserve city banks
Country banks
Money in circulation, total
Bills of $50 and over
$10 and $20 bills
Coins, $1, $2, and $5 b i l l s . . . .
6
6
6
6
6
6,7
13
13
13
7
13
13
13
7
20.93
20.40
26.01
2.37
.50
14.62
4.91
5.79
3.92
13.69
4.89
5.57
3.24
.93
21.80
20.32
26.35
2.36
.40
15.16
5.15
5.97
4.03
14.15
5.13
5.72
3.30
1.01
22.32
20.26
26.56
2.30
.37
15.42
5.15
6.07
4.19
14.08
5.11
5.70
3.26
1.34
13
13
8
8
8
8
1.79
3.64
26.19
7.84
13.99
4.36
1.79
3.70
26.53
7.81
14.29
4.43
1.92
4.03
26.75
7.57
14.71
4.47
63.85
ALL BANKS IN U. S.
47.31
9
37.44 Total deposits and currency
9
14.22 Demand deposits
Time
deposits
9
13.34
Currency outside banks
9
U.
S.
Govt.
deposits
9
22.83
15.83
CONSUMER CREDIT
9.18
18
2.96 Consumer credit, total
Single
payment
loans
18
3.21
Charge accounts
18
.48
Service credit
18
13.76
Instalment credit, total
18, 19
5.77
Instalment
loans
19
3.91
Instalment sale credit, tu^al
19
1.03
Automobile
19
5.85
Other
19
2.20
P151.00
^73.80
P42.90
^24.50
P9.80
5.44
1.21
1.50
.74
1.99
1.27
.72
.18
.54
p
152.7O P162.20
P76.30 P69.50
P43.40 P44.10
P24.80 P25.1O
P8.20 P23.5O
P5.49
PI. 26
PI.48
P.74
P2.01
Pi. 29
P.72
P.18
P.54
P5.63
PI.31
PI. 55
P. 75
P2.04
PI.32
P.72
P.19
P.53
TREASURY FINANCE
1.19
.70 U. S. Govt. obligations outstanding,
total interest-bearing
1.22
By classes of securities:
.54
Bonds (marketable issues).
Notes, cert., and bills
41.03
Savings bonds and tax notes
31.49
Special issues
15.98
By maturities:
7.64
5
years and over
6.43
5-20 years
1.44
5-10
years
23.68
Within 5 years
8.45
Within
1 year
6.64
Certificates
7.65
Bills
7.49
3.71 Holdings of U. S. Govt. obligations:
Commercial banks
1.70
Fed. agencies and trust funds..
2.09
Federal Reserve Banks
Mutual savings banks
Insurance companies
Other investors, total
.375
Marketable issues
1.19
1.65
2.36
2.54
MONEY RATES, ETC.
2.60 Corporate Aaa bonds
3.27 F. R. Bank discount rate (N. Y . ) . .
Treasury bills (new issues)
20
234.19
236.91 256.77
20
20
20
20
92.38
70.11
52.46
17.92
92.38 106.45
70.08 74.67
54.52 56.23
18.59 18.81
20
20
20
20
20
20
20
83.60
58.17
43.65
79.08
57.31
34.48
17.04
83.60
58.17
43.65
79.05
58.50
34.44
17.05
21
21
21
21
21
21
21
91.5
89.0
89.8 90.7.
88.1
4,353 3,978 4,295 4,385 4,435
894
726
883
882 886
173
153
167
158 153
105.9 105.8 105.6 105.6 105.8
130.1 129.4 128.2 128.5 129.7
99.8 99.8 99.8 99.8 99.8
r
77.3O
23.19
20.45
8.70
20.50
r
84.10
r
33.40
17.40
23.81
20.95
8.70
20.20
85.80
33.10
97.67
65.04
48.25
83.65
58.19
34.14
17.04
24.94
21.79
Per cent per annum
23
23
23
117
118
136
108
BUSINESS CONDITIONS
Steel production (% of capacity)
Electric power prod. (mill. kw. h r s . ) . . . .
Freight carloadings (thous. cars)
Department store sales (1935-39 = 100).
Wholesale prices (1926 = 100), total. . .
Farm products
Other than farm and food
1945
MONTHLY FIGURES
RESERVES AND CURRENCY
Reserve Bank credit, total
U. S. Govt. securities, total
BiHs.
Certificates
Notes
Bonds
Discounts and advances
Gottf stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves
Required reserves
Excess reserves' 3
Excess reserves (weekly average), total 6 .
New York City
Chicago
Reserve city banks.
.
Country banks e
Chart
book
page
2.61
.50
.375
2.62
.50
.375
2.61
.50
.375
In unit indicated
Stock prices (1935-39 = 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares). ..
Brokers' balances (mill, dollars):
Credit extended customers....
Money borrowed
Customers' free credit balances
27
27
27
27
27
114
117
129
98
1.27
118
120
135
101
1.36
121
122
144
106
1.83
29
29
29
1,065
701
575
1,094
742
583
PI,223
P853
P549
For footnotes see following page.
830
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
June
May
Apr.
MONTHLY FIGURES-Cont.
In unit indicated
MONTHLY FIGURES—Cont.
Chart
book
page A p t .
1945
1945
May June
In unit indicated
BUSINESS CONDITIONS—Cont.
BUSINESS CONDITIONS
[ncome payments (mill, dollars'):3
Total
Salaries and wages
Other
Cash farm income (mill, dollars):
Total
Livestock and products
Crops
Govt. payments
Armed forces (mill, persons)
Civilian labor force (mill, persons):
Total
Male
Female
Unemployment
Employment
Nonagricultural
Agricultural
[ndustrial production:3
Total (1935-39 = 100)
Groups (points in total index):
Nondurable manufactures
TV/T l n p r ^ 1 c:
J*»J .IJ.1V. i. U l O . - .
New orders, shipments, and inventories (1939 = 100
New orders:
Total
30
.. 30
. . 30
.. 31
31
.. 31
31
.. 32
1,570
891
529
150
12.1
1,532 Pi,548
986
P974
P552
468
P22
78
12.3
12.2
. . 49
49
. . 49
32
33
33
32
32
33
33
. 35
51.9
33.8
18.1
.8
51.2
43.4
7.8
r
230
35
.. 35
35
:
127.4
8U6
21.3
36
36
298
429
52.0
33.8
18.2
.7
r
51.3
43.4
8.0
53.1
34.4
18.7
1.1
52.0
42.9
9.1
QUARTERLY FIGURES
286
390
215
36
36
36
164
189
142
Per cent per annum
23
.. 25
.. 25
.. 25
38
38
317.2
154.8
302.8
151.4 P148.9
39
39
39
47.12
104.4
45.1
46.03
104.3
44.1
40
. . . 40
40
40
40
40
38.0
15.9
7.0
6 0
3.8
0.7
37.7
15.6
7.1
P37.4
P15.4
6.0
P6!o
P3.8
41
41
41
286
33
253
238
37
201
42
42
. . 42
.. 42
. . . 42
39
19
20
17
42
43
141
140
43
43
43
84.0
26^8
30.4
82.6
26^9
31.0
44
44
181
156
187
165
14
28
22
46
46
46
46
PI,002 PI,138
P301
P345
P366
^37
P-65 P - 2 6
47
47
47
47
127.1 r 128.1
136.6 138.8
r
144.1 r l44.C
2.39
1.93
2.61
2.65
2.50
2.20
2.55
2.80
2.53
1.99
2.73
2.91
In millions of dollars
SECURITY MARKETS
. 28
.. 28
28
28
1 214
233
170
766
708
201
227
248
1,207
401
435
351
28
28
28
. 28
201
142
5
12
111
78
12
2
243
184
32
13
.
1944
Dec.
30
P189
P140
3.8
0.8
Jan.- Apr.Mar. June
P222
36
36
36
Coalother
All
Department stores (1935-39 = 100) :3
Sales
....
Stocks..'...'
Exports and imports (mill, dollars):
..
Exports
..
Excluding Lend-Lease exports
Imports
• •
Excess of exports excluding Lend-Lease exports
Cost of living (1935-39 = 100):
All items
Food
Clothing
. .
Rent
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities
Southern and Western cities
106.1
130.4
99.6
1945
1944
Corporate security issues:
Net proceeds:
123.6 PI18.3
All issues
...
Industrial
8l!l
21.0 P22.0
Railroad
Public utility
New money:
P
261
All issues
Industrial
P354
Railroad
P271
Public utility
P364
P206
226
105.7 106.0
129.0 129.9
99.3 99.4
Oct.Dec.
MONEY RATES
.
..
..
..
..
..
..
fjii T-QHIP
Ay UidUlt' .
Shipments:
Total
Durable
Nondurable
Inventories:
Total
Durable
Nondurable
Factory employment and pay rolls (1939 = 100):
Pay rolls
Employment
Hours and earnings at factories:
Weekly earnings (dollars)
Hourly earnings (cents)
Hours worked (per week)
Nonagricultural employment (mill, persons):3
Total
Manufacturing and mining
Trade
Government
Transportation and utilities
Construction
Construction
contracts (3 mo. moving average, mill
dollars) :3
Tntcil
± otai
Residential
Other
Residential contracts (mill, dollars):3
Total
Public
Private, total
1- and 2-family dwellings
Other
Freight car loadings:3
Total (1935-39 = 100)
Groups (points in total index):
iviiscciiancous
Wholesale prices (1926 = 100) :
Total
Farm products
Other than farm and food
13,566 P13.591
9,523 ^9,500
4,043
Pi 60
CALL DATE FIGURES
1945
Mar.
20
June
30
In billions of dollars
ALL MEMBER BANKS
Loans and investments, total
U. S. Govt. obligations, total
Bonds
Certificates
Notes
Bills
.._
Guaranteed obligations
Other securities, total
State and local government obligations...
Other securities
Loans, total
Commercial
Real estate
Brokers'
Agricultural
Demand deposits adjusted.
10
10
11
11
11
11
11
10
. 11
11
10
11
11
11
11
10
91.57!
67.69|
34.93
13.98
14.131
3.75
.90
5.21
2.86
2.35
18.68
7.53
3.21
1.74
1.20
57.31
90.52 ; P99.42
67.92| P 73.25
\4 )
( )
(4)
(4)
5.39 P5.60
2.99
2.40
17.22 P2O^57
(4)
(4)
61.17
3
3
•2
CLASSES OF BANKS
Central reserve city banks:
Loans and investments, total
U. S. Govt. obligations
140
Other securities. .
Loans
Demand deposits adjusted
79.
Time deposits
3o!
29.
Reserve city banks:
Loans and investments, total
20
U. S. Govt. obligations
18
Other securities
Loans
Demand deposits adjusted
Time deposits
Country banks:
Loans and investments, total
U. S. Govt. obligations
129.
Other securities
141.
Loans... •
Demand deposits adjusted
145.
Time deposits
..
.
.
.
12
12
12
12
12
12
29.45 27.95 P31.49
21.09 20.41 P21.62
1.41
1.47 P I . 55
6.07 P8.32
6.94
17.08 18.60
1.63 1.73
12
12
12
12
12
12
33.60 33.45 P36.59
25.04 25.30 P27.54
1.74
1.80 PI. 89
6.35 P7.15
6.82
20.27 21.74
7.79
8.28
13
13
13
13
13
13
28.52
21.55
2.06!
4.91
19.96
9.9C
29.13
22.20
2.12
4.81
20.84
10.54
P31.35
P24.09
P2.16
P5.ll
e
p
T
Estimated.
P Preliminary.
Preliminary.
Revised.
.
1
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
2 For charts on pages 20, 23 and 27, figures for a more recent period are available in the regular BULLETIN tables that show those sene
3A
for seasonal variation.
Adjusted tor
* Figures available for June and December dates only.
* Copies of the Chart Book may be obtained at a price of 50 cents each.
AUGUST
1945
831
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1945
Total
Boston
New York
$35, 350
3, 961, 825
177, 056
3, 552
122
3, 926
$556, 145
11 ,363, 825
5 ,125, 094
134
4, 181, 831
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
7, 370,545
San
Francisco
St. Louis
Minneapolis
Kansas
City
$65, 341
2,536, 886
302, 215
$37, 589
1, 488, 930
115, 487
$40 ,107
2, 830 ,859
76 ,996
681
176
25, 122
1, 848
'77 ,927
191
4, 806
$23,134
6, 260,627
654,664
9,162
3,501
10,423
2, 460, 898
6, 961,511
86,112
1,101,041
107,623
3,000
4,666
146,099
2,561,264
196,484
6
7,762
Dallas
Current Earnings
Discounts and advances . .
, $927,286
„ .
U. S. Government securities, System account j 55,189,662
55,189, 662
M
Other U. S. Government securities.
' n9,020,684
"
Industrial loans
60,900
6,511
Commitments to make industrial loans.
All other.
270,744
Total current earnings.
65,475,787
$49, 503
5,744^ 949
169, 449
2, 217
68
37, 597
$26,799
3,890,780
82,553
2,705
2,013
5,413
$9, 094
3,209, 428
48, 278
102
22, 727'
$22,965
4,127,247
379,522
41,367
34
3,880
?> 025
1, 838,391
980
406
70,050
17 ,067, 925
4,575,015
6,003, 783
4,010,263
3,273, 927
9, 340,470
2,929, 740
1, 643, 854
3, 026 ,570
176,372
3,848,475
348,521
98,136
1,315,866
123,004
89,601
1,212,572
113,374
202
7,559
$60,098
$1, 161
2, 403, 761
50, 979
Current Expenses
Operating expenses:
Salaries:
Officers
Employees..
Retirement System contributions
Legal fees
Directors' fees and expenses.
Federal Advisory Council fees and expenses .
Traveling expenses (other than of directors and members of Federal Advisory
Council)
Postage and expressage..
Telephone and telegraph
Printing, stationery, and supplies
Insurance on currency and security
shipments
Other insurance
Taxes on real estate...
....
Depreciation (building)..
Light, heat, power, and water.
Repairs and alterations.
Rent
Furniture and equipment
All other.
j
w
0
Total operating expenses.
Less reimbursements for certain fiscal
agency and other expenses
Net operating expenses..
Assessment for expenses
Governors
Federal Reserve currency:
Original cost
Cost of redemption
of
Total current expenses.
Current net earnings..
Board of
. . . .
1 409,142
23 187,872
2 040,364
15,297
65,229
80,325
1,336,983
106,279
9,543
*
71,972
1,415,013
113,918
7,467
4,261
119,283
2 231,138
178,002
2,500
5,216
86,980
1 ,343,804
124,789
5,410
283,606
4,972,187
425,527
1,657
6,230
4,223
87,324
1,232,888
123,632
425
6,690
4,062
3,516
83,332
616,641
79,211
40
5,634
950
517
525
628
352
350
801
850
901
1,048
771
1,850
230,045
3 697,369
267,509
1 673,176
9,711
355,097
11,888
123,076
34,103
551,789
46,025
288,649
10,221
254,353
15,326
123,653
22,258
323,389
24,332
145,318
17,626
300,906
13,202
87,380
17,053
272,842
23,593
121,032
36,188
443,433
20,930
285,200
24,417
194,533
22,951
93,112
11,515
125,020
11,397
41,356
14,843
206,320
20,853
88,927
13,205
196,677
18,794
78,294
18,905
473,010
38,218
197,179
25,860
96,918
756,926
524,077
288,768
130,228
505,626
311,006
999,290
2,716
5,673
66,000
27,916
17,725
1,896
10,478
42,096
45,206
3,610
21,947
224,316
110,530
67,004
18,389
24,286
84,198
114,066
1,746
4,235
45,718
71,637
17,848
3,681
40,332
2,148
85,945
2,297
8,166
66,632
56,238
39,033
19,910
69,576
19,153
112,029
2,300
5,143
41,921
44,347
21,008
12,361
12,511
12,236
41,642
2,304
6,407
32,167
21,274
17,218
12,562
47,724
24,154
79,580
2,667
8,727
102,383
35,424
35,541
13,617
154,876
26,378
209,290
1,276
7,761
32,416
27,893
17,129
11,162
25,381
25,949
68,750
633
-51
32,120
14,543
11,789
12,945
8,092
2,260
27,965
1,183
6,593
45,799
35,156
10,755
16,841
13,614
13,388
65,349
1,305
5,623
16,617
41,703
16,685
2,265
10,360
19,690
50,651
3,823
16,694
50,837
37,416
17,033
4, 599
88,396
39,356
98,817
36, 234,245
2 ,249,425
7,278,636
2 ,289,999
3, 445,098
2 ,172,731
2,129,219
5,752,885
2,094,102
1,085,343
1 ,963,977
1 ,775,082
3,997,748
15, 935,028
837,965
2,664,772
833,928
1, 503,773
879,517
1,084,493
2,980,260
934,452
492,176
831,814
879,476
2,012,402
20, 299,217
1,411,460
4,613,864
1 ,456,071
1, 941,325
1 ,293,214
1,044,726
2,772,625
1,159,650
593,167
1 ,132,163
895,606
1,985,346
1, 086,403
73,246
393,449
95,074
94,683
45,812
37,828
140,995
33,064
24,760
32,683
32,683
82,126
1, 883,781
251,342
85,936
12,382
485,172
44,135
162,366
12,478
73,473
17,909
234,831
17,974
191,523
26,205
189,763
35,452
113,390
16,239
7,454
3,846
79,993
13,111
63,467
16,487
196,413
35,124
23, 520,743
1,583,024
5,536,620
1 ,725,989
2, 127,390
1 ,591,831
1,300,282
3,138,835
1,322,343
629,227
1,257,950
1,008,243
2,299,009
41, 955,044
2 ,598,807
11,531,305
2 ,849,026
3, 876,393
2 ,418,432
1,973,645
6,201,635
1,607,397
1,014,627
1,768,620
1,452,655
4,662,502
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments...
834
Gold production. . .
835
Gold movements..
835
Net capital movements to United States since January 2., 1935..
836
Central banks
. 837-840
Money rates in foreign countries . . .
841
Commercial banks...
841
Foreign exchange rates ..
843
Price movements:
Wholesale prices
844
Retail food prices and cost of living. .,
845
Security prices ..
845
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 arc 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 11, 1934. Back figures for ail except price tables, together with descriptive text,
may be obtained from the Board's publication, Banking and Monttsry Statistics.
AUGUST 1945
833
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
Argentina 1
Belgium
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
14,512
17,644
21,995
22,737
22,726
21,938
431
466
353
354
581
609
734
734
735
734
32
40
51
70
115
254
1944—July
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
June
20,996
20,926
20,825
20,727
20,688
20,619
20,550
20,506
20,419
20,374
20,270
20,213
397
408
409
409
409
H.lll
409
409
409
409
409
734
734
297
298
298
313
314
329
330
340
341
341
342
Hungary
Iran
(Persia)
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
37
24
24
24
24
24
26
26
26
26
34
92
1944—July
Aug
Sept
Oct
Nov..
Dec
1945—Jan
Feb
Mar
Apr
May
24
24
24
24
24
115
115
End of month
End of month
732
732
715
715
714
713
Brazil
Canada
Chile
Colombia
Cuba
Czechoslovakia
Denmark
Egypt
274
274
274
274
274
274
192
214
2
7
5
6
5
30
30
30
30
36
51
24
21
17
16
25
59
1
1
1
16
46
83
56
58
61
61
61
53
53
52
44
44
44
55
55
52
52
52
52
274
274
274
274
274
274
274
274
274
274
6
5
5
6
5
6
7
6
5
56
56
56
56
56
56
57
57
57
57
57
86
88
89
90
91
92
94
95
97
99
100
102
86
91
101
101
101
111
121
126
61
61
61
61
61
61
61
61
44
44
44
44
44
44
44
52
52
52
52
52
52
52
52
52
Norway
Peru
British
India
4
6
Italy
Japan
193
144
120
164
164
164
5
164
Java
80
90
140
235
3
216
^127
P128
June
End of month
Sweden
Switzerland
Turkey
United
Kingdom
Uruguay
Mexico
New
Netherlands Zealand
29
32
47
47
39
203
998
692
617
575
506
500
23
23
23
23
23
23
222
220
220
221
222
222
222
221
220
219
219
231
500
500
500
500
500
500
500
500
23
23
23
23
23
23
23
23
23
23
Venezuela
Yugoslavia
B.I.S.
321
308
160
223
335
387
701
549
502
665
824
964
29
29
88
92
114
161
1944—July
Aug
Sept
Oct
Nov
Dec
1945—j a n <
Feb
Mar
Apr
May
435
449
454
456
462
463
477
475
474
472
470
478
1,030
1,029
1,033
1,029
1,040
1,052
p
l,058
p
l,061
^ 1 , 072
p
l,103
PI,105
^1,069
221
221
221
221
221
221
221
221
225
225
June
p
2,690
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
69
68
90
100
89
121
52
52
29
41
68
89
142
148
149
149
151
157
159
164
166
168
173
110
110
110
110
125
130
130
147
147
161
161
176
57
59
82
»83
3
94
94
84
20
20
20
21
25
31
Poland
3
85
84
36
34
32
32
32
32
30
30
30
30
30
28
Other
countries 6
14
7
12
12
21
45
166
178
170
166
185
229
39
39
39
39
36
37
37
243
244
244
244
244
245
245
246
246
246
r
247
247
Preliminary. r Revised.
1
Figures through March 1940 and for December 1942, December 1943, and December 1944 include,
in addition to gold of t h e Central Bank held a t home, gold of the Central Bank held abroad and gold
belonging to the Argentine Stabilization Fund.
2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since t h a t time is gold held by Minister of Finance.
3
Figures relate to last official report dates for the respective countries, as follows: Greece—
Mar. 31, 1941; Java—Jan. 31,1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia
—Feb. 28, 1941.
4
Figure for December 1938 is t h a t officially reported on Apr. 30, 1938.
5
Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately.
6
These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo,
Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939,Ecuador, El
Salvador,Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia, Lithuania,
Morocco, a n d Thailand (Siam). Figures for certain of these countries have been carried forward
from last previous official report. 0
7
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
N O T E . — F o r back figures, see Banking and Monetary Statistics, Tables 156-160, p p . 536-555,
and for a description of figures, including details regarding special internal gold transfers affecting
t h e reported data, see p p . 524-535 in the same publication.
834
Germany
Greece
29
29
29
29
29
29
27
28
28
3
28
2,430
2,709
2,000
2,000
2,000
2,000
1,777
1,777
1,777
1,777
1,777
1,777
•:..'.'.'.':
Portugal
Rumania
69
69
59
59
59
60
133
152
158
182
241
316
South
Africa
220
249
367
366
634
706
60
60
60
60
60
60
60
60
760
778
785
796
811
814
829
834
848
851
865
Spain
4
525
42
42
91
104
104
104
104
104
105
106
106
108
Government gold reserves1 not included
in previous figures
End of month
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
France
1938—Dec. . . .
1939—Mar. . . .
May....
June...
Sept.. ..
Dec
1940—June...
Dec. . . .
1941—June...
Dec
1942—June. . .
Dec
1943—June....
Dec
1944—Mar.. . .
Tune. .
Sept.. . .
Dec...
United
States
United
Kingdom
2
759
1,732
80
154
85
164
156
86
48
89
25
8
12
11
43
14
21
25
12
France
3
'"
876'
292'
4
' i5i
331
559
477
Belgium
44
17
17
17
17
17
17
17
17
17
1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
2 Figure for end of September.
3
Reported figure for total British gold reserves on
Aug. 31, 1939, less reported holdings of Bank of England on that date.
4
Figure for Sept. 1, 1941.
NOTE.—For available back figures and for details
regarding special internal gold transfers affecting
the British and French institutions, see Banking
and Monetary Statistics, p . 526, and BULLETIN for
February 1945, p . 190.
FEDERAL RESERVE
BULLETIN
Estimated
world
Total
Year or month production
outside 1 reported
monthly
U.S.S.R.
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943.....
1944
823,003
882,533
971,514
1,041,576
1,136,360
1,208,705
1,297,349
1,288,945
708,453
752,847
833,895
893 384
958,770
1,020 297
1,094 264
1,089 395
968 112
738 471
r
663 960
r
1944--June. .
54 834
938
July
7-55
r
57 286
r
54 885
r
54 521
r
53
734
r
Aug..
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May....
53446
55 199
50,782
54,703
^54, 112
GOLD P R O D U C T I O N
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
North and South America
Africa
Other
British
Rho- I West I Belgian United I «
A^KWK* V~6 Colom-I ™-i I Ni
lcara- Austra-1
8
desia I Africaa | Congo3 StateS4 | Canada5[Mexico6 M a | Chile
lia | India 9
gua'
South
Africa
366,795
377,090
396,768
410 710
425,649
448 753
491 628
504 268
494 439
448 153
429 787
36 264
36 430
37 022
35 810
35 821
35 270
34 836
36 216
33 698
36 458
35,937
36,073
$1 = 154\
24,264
25,477
28,053
28,296
28,532
28,009
29,155
27,765
26,641
23,009
20,746
1,702
1,763
1,732
1,724
1,714
1,680
1,733
1,674
1,610
1,686
1,718
'1,718
grains of goldT90 fine; i.e.,an ounce toffinegold = $35
8,350
12,153
6,549 108,191 104,023 23,135 12,045
9,251
13,625
7,159 126,325 114,971 23,858 11,515
16,295
7,386 152,509 131,181 26,465 13,632 9,018
20,784
8,018 168,159 143,367 29,591 15,478 9,544
24,670
8,470 178,143 165,379 32,306 18,225 10,290
28,564
8,759 196,391 178,303 29,426 19,951 11,376
32,163 38, 862 210,109 185,890 30,878 22,117 11,999
32,414
9,259
209,175 187,081 27,969 22,961
29,225
6,409
130,963 169,446 630,000 20,882
19,740
19,789
6,08?
48,808 127,796
r
18,445
35,778 101,980
19,374
7,131
1,435
1,400
1,470
1,540
1,575
1,575
1,610
1,610
1,575
1,610
'1,610
'1,610
r
8,397
1,732
8,247
1,901
8,290
2,044
8,274
1,421
8,051
1,370
7,809
1,380
8,012
1,162
8,166
1,882
7,432
1,379
8,004
1,382
7,831
1,836
7,614 :::::::: '1,836
2,490
3,018
2,838
r
3,O87
r
2,922
r
3,033
r
2,828
2,463
2,342
2,446
2,328
2,563
r
r
1,166
868
807
848
1,557
3,506
5,429
7.525
8,623
7,715
7,865
30,559
31,240
40,118
46,982
54,264
56,182
55,878
51,039
42,525
28,560
16,310
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
8,820
6,545
644
911
604
523
560
555
506
486
372
542
560
590
625
615
653
613
765
672
590
615
'542
'542
560
1,435
1,295
2,100
1,365
1,295
1,260
1,470
1,470
1,260
1,365
1,225
'1,225
175
385
560
525
560
560
525
560
525
595
525
'525
631
I
I
Gold production in V. 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.
p
Preliminary.
' Figure carried forward.
^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. Annual figure for 1940 estimated at three times production for first four months of the year.
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 1944 having been revised by adding to each monthly figure $59,421 so that aggregate for the
year is equal to annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines.
5 Figures for Canada beginning 1944 are subject to official revision.
6
Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three
months
of year.
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 represent9total Australia; beginning January 1944, Western Australia only.
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235;
and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period
1910-1941, see Banking and Monetary Statistics, pp. 542-543.
"54, 338.
GOLD MOVEMENTS
UNITED STATES
fin thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) to: 1
Year or
month
19342.. . .
1935
1936
1937
1938
1939
1940
1941 .. .
1942
1943
1944 . . . .
Total
net
imports
1,131,
1,739,
1,116,
1,585,
1,973,
3,574,
4,744,
982
315
68
-845
United
Kingdom
France
Belgium
8,902
499,870 260,223
3
315,727 934,243
3,351
174,093 573,671
891,531 -13,710 90,859
1,208,728 81,135 15,488
3,798 165,122
1,826,403
977
633,083 241,778
1
1
3,779
1,955
88
-695,483
Netherlands
94,348
227,185
71,006
6,461
163,049
341,618
63,260
Sweden
Switzerland Canada
2
6
60,146
28,715
161,489
1,747
Mexico
Other
Latin Philip- Auspine
American Re- Islands tralia
publics
30,270
28,153
86,829
12,402
13,667
29,359
95,171
968
39,966
30,790
72,648
7,511
38,482
39,485
54,452 111,480
36,472
65,231
76,315
1,363
33,610
57,020
86,987 612,949
29,880 128,259
90, 320 25,622,330
16,791
61,862
899 412,056
40,016
39,680
5 208,917
13,489
66,920 -3,287
46,210 -109,695 -108,560
South
Africa
1,029
12
12,038
65
15,335
3,498
8
21,513 23,280
25,427 34,713
181
27,880 39,162
401
35,636 74,250 22,862
38,627 103,777 184,756
42,678 67,492 292,893
321
528
4,119
152
307
199
3,572
Japan
All
Brit- other
ish counIndia tries
4 76,820 21,095
75,268 28,529
77,892 20.856
8,910
246, 464 50, 762
13,301
168,740 16,159
165, 605 50,956 368,623
111, 739 49,989 4284,208
9,444 9,665 563,071
129 20,008
-8,731
18,365
1945
Jan
Feb
Apr
May...
June
710
1,912
-19,14 (
2,398
-18,266
-83,758
375
375
353!
552
284
218
263
248
202
554
268
315
-127|
1,002
-19,829 .
1,052 .
-13,700 .
1,815 .
0)
0)
102
74
6
71
201
0)
0)
0)
12 Figures for Eastern, Southern and Southeastern Asia, Australia, and Oceania available for publication on a six months' delayed basis.
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
s Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries.
".Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong,
$20,583,000
from Netherlands Indies, $16,310,000 fromYugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries.
5
Includes $44,920,000 from U.S.S.R. and $18,151,000 from other countries.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, seep. 524 in the same
publication.
AUGUST
1945
835
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
From Jan. 2, 1935, through—
Total
Increase in foreign banking
funds in U. S.
Total
1
Official
!
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Mar. (Apr. 3)
June (July 3). .
Sept. (Oct. 2)
Dec. (Jan. 1, 1936). . ,
259.5
616.0
899.4
1,412.5
57.7
213.8
350.7
603.3
-2.0
6.1
-4.5
9.8
59.7
207.7
355.2
593.5
155.0
312.8
388.6
361.4
31.8
43.7
40.1
125.2
-6.2
15.8
90.3
316.7
21.1
29.8
29.8
6.0
1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30..
1,511.1
1,949.2
2,283.3
2,608.4
578.4
779.0
898.5
930.5
44.4
35.9
37.4
81.1
534.0
743.1
861.1
849.4
390.3
449.0
456.2
431.5
114.4
180.5
272.2
316.2
427.6
524.1
633.3
917.4
.4
16.5
23.2
12.9
19J7—Mar. .71
June 30
Sept. 29
Dec. 29
2,931.4
3,561.9
3,911.9
3,410.3
1,121.6
1,612.4
1,743.6
1,168.5
62.8
215.3
364.6
243.9
1,058.8
1,397.1
1,379.0
924.6
411.0
466.4
518.1
449.1
319.1
395.2
493.3
583.2
1,075.7
1,069.5
1,125.1
1,162.0
4.1
18.3
31.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)...
3,207.2
3,045.8
3,472.0
3,844.5
949.8
786.2
1,180.2
1,425.4
149.9
125.9
187.0
238.5
799.9
993.2
1,186.9
434.4
403.3
477.2
510.1
618.5
643.1
625.0
641.8
1,150.4
1,155.3
1,125.4
1,219.7
54.2
57.8
64.1
47.6
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)...
4,197.6
4,659.2
5,035.3
5,021.2
1,747.6
2,111.8
2,479.5
2,430.8
311.4
425.3
552.1
542.5
1,436.2
1,686.5
1,927.3
1,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
1,188.9
1,201.4
1,177.3
1,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)..
Dec. (Jan. 1, 1941)
5,115.9
5,440.7
5,748.1
5,727.6
2,539.0
2,830.1
3,092.8
3,159.0
539.1
922.3
1,112.3
1,200.8
1,999.9
1,907.8
1,980.5
1,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2)
Sept.(Oct. 1)
Dec. 31
5,526.5
5,575.4
5,510.3
5,230.7
3,148.8
3,193.3
3,139.5
2,856.2
1,307.7
1,375.1
1,321.7
1,053.7
1,841.0
1,818.2
1,817.7
1,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
1942—Mar.
(Apr. 1)
r. (Apr.
te 302..
Sept. 30...
Dec. 31 . .
1943—Jan. 30...
Feb. 2 7 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 2 9 . . .
June 3 0 . . .
5,082.4
5,495.3
5,654.9
5,835.0
2,684.0
3,075.9
3,212.6
3,320.3
932.0
1,211.7
1,339.1
1,412.0
1,752.0
1,864.2
1,873.5
1,908.3
819.7
842.3
858.2
849.6
838.8
830.5
848.2
624.9
632.0
646.1
673.3
104.3
106.2
107.5
104.4
5,907.7
6,014.9
6,147.1
6,212.3
6,282.6
6,506.4
3,471.1
3,590.1
3,643.4
3,690.5
3,769.6
4,002.6
1,536.6
1,671.8
1,723.1
1,801.8
1,871.6
2,071.4
1,934.5
1,918.3
1,920.3
1,888.6
1,898.0
1,931.2
890.5
898.7
909.9
905.1
896.9
761.3
751.9
810.5
809.5
807.0
806.8
678.5
676.0
685.9
692.9
692.5
687.9
107.0
106.4
108.6
109.5
108.5
112.1
31
31
30
30
30
31
6,556.0
6,726.3
6,771.3
6,904.6
7,073.6
7,118.6
4,056.4
4,107.9
4,130.6
4,284.4
4,435.7
4,496.3
2,103.4
2,122.6
2,190.9
2,312.9
2,450.0
2,461.5
1,953.0
1,985.3
1,939.7
1,971.5
1,985.7
2,034.8
901.9
909.4
888.6
870.5
882.6
877.6
792.9
907.8
929.3
928.3
929.8
925.9
692.3
687.0
708.1
707.4
710.1
701.1
112.6
114.3
114.8
114.1
115.4
117.8
1944—Jan. 3 1 .
Feb. 29
Mar. 31
Apr. 29
May 31
June 30
7,272.9
7,418.6
7,462.9
7,464.3
7,458.9
7,459.6
4,658.2
4,833.2
4,885.4
4,881.0
4,882.7
4,851.7
2,649.3
2,815.7
2,856.0
2,780.5
2,726.8
2,661.4
2,009.0
2,017.5
2,029.4
2,100.6
2,155.9
2,190.3
870.8
843.5
868.0
873.4
872.9
856.6
931.7
924.2
904.1
905.4
903.2
929.8
695.1
698.8
685.8
686.2
680.1
702.4
117.0
118.9
119.6
118.3
119.9
119.1
July 3 1 . .
Aug. 31 ..
Sept. 30..
Oct. 31. .
Nov. 30 .
Dec. 31 ..
7.423.4
7,440.9
7,430.9
7,460.2
7,530.5
7,475.7
4,740.8
4,732.3
4,661.2
4,680.3
4,775.1
4,612.5
2.622.9
2,589.5
2,498.8
2,489.8
2,541.0
2,372.2
2,117.9
2,142.8
2,162.3
2,190.4
2,234.1
2,240.3
850.6
869.7
883.5
891.3
872.7
805.8
1,005.8
1,009.7
1,026.2
1,025.8
1,025.3
1,019.4
706.9
709.4
737.8
735.8
732.4
911.8
119.3
119.9
122.2
127.1
125.0
126.3
1945—Jan. 3 1 . . .
Feb. 28...
Mar. 31 ..
Apr. 30 ..
7,633.1
7,755.4
7,739.1
7,797.3
4,723.9
4,887.3
4,909.9
3
4,958.2
2,468.7
2,587.3
.2,555.6
32,588.9
July
Aug.
Sept.
Oct.
Nov.
Dec.
660.4
126.1
2,255.2
909.0
848.2
1,025.9
129.9
2,300.0
845.0
859.8
1,033.4
130.5
820.6
2,354.3
848.5
1,029.6
3
3130.4
802.5
32,369.2
844.7
1,061.6
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; beginning
Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of
New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to
government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by
foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic
and consular establishments, etc.).
2
Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BULLETIN for January 1943, p. 98.
3
Amounts outstanding Apr. 30, in millions of dollars: total foreign banking funds in United States, 5,624.0, including official funds, 3,226.5, and other
funds, 2,397.5; United States banking funds abroad, 290.8; and brokerage balances (net due "foreigners"), 53.5.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941 have been published m earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to
and claims on "foreigners'/as reported by banks and brokers. For back figures, see Banking and M01
" "* ~Tables 161-163,
" pp."574-637,
' "~ and
Monetary "'Statistics,
for full description of statistics see pp. 558-560 in the same publication.
£ j^m•
-fa-all
/J/\nM***rv^< A «
*•*( n ^ n l - i n i l A n
n«A
« . *•*.
836
C fO
C£.f\
Z «•
4> 1~ A
-
__.__ 1_ 11 _. ,_ A. • _.
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Goldi
Other
assets2
Assets of banking department
Coin
Notes
Discounts
and advances
Cash reserves
Liabilities of banking department
Securities
Note
circulation3
Deposits
Bankers'
Public
Other
Other
liabilities
1929—Dec. 25
1930—Dec. 31
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Dec. 27
1940—Dec. 25
1941—Dec. 31
1942—Dec 30
1943—Dec. 29
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4.2
.2
.2
.2
.2
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5630.0
5780.0
5950.0
51,100.0
.2
.6
.6
.8
1.0
.5
.6
.6
.8
-.8
1.0
.9
.3
.9
.9
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
8.8
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
35.8
36.2
40.3
33.8
36.5
• 36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
1944—July 26
Aug. 30
Sept. 27
Oct. 25
Nov. 29
Dec. 27
.2
.2
.2
.2
.2
.2
1,150.0
51,200.0
1,200.0
1,200.0
1,200.0
51,250.0
1.0
1.5
2.0
2.3
2.3
1.9
13.4
54.2
45.7
35.9
10.7
11.6
4.7
6.2
4.3
8.8
5.1
5.1
261.7
228.4
252.6
234.9
273.5
317.4
1,136.8
1,146.0
1,154.6
1,164.4
1,189.5
1,238.6
199.8
201.9
221.5
203,8
207.0
260.7
7.7
14.4
9.8
6.2
11.6
5.2
55.4
56.2
55.3
54.1
55.3
52.3
17.9
18.0
18.1
17.7
17.8
17.8
1945—Jan. 31
Feb 28 •
Mar. 28.
Apr. 25
May 30
June 27
.2
.2
.2
.2
1,250.0
1,250.0
1,250.0
1,250.0
£1,300.0
1,300.0
1.5
1.7
1.5
1.3
1.2
1.3
30.6
33.1
14.5
15.0
30.6
15.1
6.6
8.5
18.6
20.1
9.6
3.8
263.6
261.1
268.4
269.9
254.3
324.2
1,219.6
1,217.1
1,235.8
1,235.2
1,269.6
1,285.2
215.1
207.8
218.9
229.6
212.4
262.3
11.6
18.1
8.9
8.5
14.8
12.7
57.8
60.5
57.0
50.5
50.7
51.6
17.9
18.0
18.1
17.7
17.8
17.9
.1
Assets
Bank of C a n a d a
(Figures in millions of
Canadian dollars)
Gold
180.5
179.4
179.8
185.9
225.7
(9)
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Short-6
term
Deposits
Other
assets
Note
circulation7
Other
Other
HabilitiesS
Chartered"
banks
Dominion
government
Other
4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
.6
30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
787.6
83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2 •
472.8
8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3
47.3
99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
874.4
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
340.2
17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
20.5
.8
2.1
3.5
3.1
17.9
9.5
6.0
19.1
17.8
7.7
13.4
14.4
9.3
13.3
28.5
35.1
24.0
55.4
1944—July 3t
Aug 31
Sept. 30
Oct. 31
Nov 30
Dec. 30
25.9
48.7
45.9
62.8
172.3
172.3
801.6
849.4
833.1
875.7
868.6
906.9
602.6
593.8
625.5
622.9
618.9
573.9
24.4
26.9
22.1
58.6
29.3
34.3
942.4
960.4
982.8
1,012.5
1,007.8
1,036.0
414.9
432.5
454.8
454.3
437.2
401.7
43.0
53.9
21.9
76.9
10.8
12.9
22.3
34.3
33.3
32.4
20.4
27.7
31.9
37.9
33.8
43.8
212.9
209.1
1945—Tan. 31
Feb. 28
Mar. 31
Apr. 30
May 3 1 . . .
June 30
172.3
170.4
177.1
196.6
177.9
174.4
914.5
891.6
926.5
937.7
1,068.3
1,073.8
590.2
595.5
608.7
621.7
533.5
559.5
28.0
29.0
33.2
49.7
42.0
34.4
1,020.6
1,028.6
1,048.7
1,062.3
1,055.8
1,063.2
413.1
397.6
422.0
448.9
464.8
492.0
23.2
27.9
18.7
39.5
33.6
43.9
36.0
37.2
52.7
50.8
32.4
35.9
212.1
195.1
203.4
204.2
235.1
207.1
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec 31
J943—j)ec 3i
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.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about
5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million-'pounds transferred from Exchange Account
to Bank;
on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue increased by 50million poundson 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, 1945.
6 Securities maturing in two years or less.
78 Includes notes held by the chartered banks, which constitute an important part of their reserves.
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.
AUGUST
1945
837
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of France
(Figures in millions
of francs)
Advances to
Government
Domestic bills
Gold 1
Foreign
exchange
Open
market 2
1929—Dec. 27..
1930—Dec. 26..
1931—Dec. 30..
1932—Dec. 30..
1933—Dec. 29..
1934—Dec. 28.
1935—Dec. 27..
1936—Dec. 30.
1937—Dec. 30..
1938—Dec. 29.
1939—Dec. 28.
1940—Dec. 26..
1941—Dec. 3 1 . .
1942—Dec. 31. .
1943—Dec. 30.
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
5
97,267
5
84,616
84,598
84,598
84,598
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
38
37
37
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
42,115
43,661
44,699
1944—Mar. 30.
Apr. 27.
May 25..
Tune 29.
July 13
Dec. 286
84,598
84,598
84,598
84,598
84,598
75,151
37
37
37
37
37
42
44,359
44,706
44,232
46,241
45,851
47,288
1945—Jan. 25..
Feb.22 .
Mar. 29..
Apr. 26 ,
May 3 1 .
75,151
75,151
75,151
75,151
75,151
42
42
44
44
45
47,842
47,894
48,483
48,257
48,141
Special 2
Other
Note
circulation
72,317
142,507
210,965
326,973
17,698
31,909.
20,627
34,673
63,900
69,500
68,250
64,400
68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
218,383
270,144
382,774
500,386
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
984
1,517
770
578
8,349
7,718
6,611
6.045
4,856
18,592
351,000
367,300
383,600
409,200
409,200
426,000
69,800
66,800
67,600
71,500
70,850
15,850
21,570
21,437
21,143
21,160
23,799
735,221
530,174
539,058
551,969
576,909
584,820
572,510
786
793
795
750
729
748
26,360
23,473
16,601
14,967
10,162
426,000
426,000
426,000
426,000
426,000
7,700
17,550
20,900
19,750
745,435
737,903
7
42,093
7
43,634
7
35,4O3
562,416
568,900
580,123
580,944
548,945
3,196
778
775
756
774
19
12
16
9
2
Other
liabilities
Govern-
Other 2
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179
22,121
21,749
21,420
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
3,646
4,517
5,368
7,543
1,379
652
1,797
2,345
661
12
169
29
For occupation
costs 3
Deposits
Other
assets
Other
41,400
64,580
16,857
10,724
9,063
8,811
9,652
12,309
1,853
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
27,202
25,272
29,935
33,137
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
3,586
3,894
4,461
4,872
35,100
38,017
37,876
43,343
46,899
37,855
4,608
5,928
7,528
5,472
4,890
7,078
50,382
43,697
39,951
42,302
57,231
4,852
4,797
5,075
4,950
7,701
I
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Reserves of gold and
foreign exchange
Total
reserves
1929—Dec 3 1 . .
1930—Dec. 3 1 . .
1931—Dec. 3 1 . .
1932—Dec. 3 1 . .
1933—Dec. 30..
1934—Dec. 3 1 . .
1935—Dec. 3 1 . .
1936—Dec. 3 1 . .
1937—Dec. 3 1 . .
1938—Dec. 3 1 . .
1939—Dec. 30..
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943-Dec. 31 .
2,687
2,685
1,156
920
396
84
88
72
1944—Mar. 31..
Apr. 29..
May 31 .
June 30.
July 31.
Aug. 31
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31 .
77
77
77
77
77
77
77
77
77
77
1945—Jan. 31 P .
Feb. 28P.
76
76
78
78
77
76
77
Liabilities
Securities
Security
loans
Gold
Bills (and
checks),
including
Treasury
bills
2,283
2,216
984
806
386
79
82
66
71
71
71
71
71
71
71
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
29,283
41,342
251
256
245
176
183
146
84
74
60
• 45
30
38
32
25
27
40,379
40,909
42,159
42,150
43,222
45,829
50,821
53,954
56,939
63,497
64,625
70,699
Other
assets
Note
circulation
259
445
349
221
106
557
804
32
107
87
1
92
102
161
398
322
319
315
303
286
298
393
357
283
210
65
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
2,311
1,664
2,337
46
38
28
26
38
42
47
46
62
112
1
1
1
1
1
1
67
70
69
1
33
31
23
27
21
20
25
24
21
45
199
307
81
112
60
Eligible
as note
cover
Other
Deposits
Other
liabilities
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19,325
24,375
33,683
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
3,649
5,292
8,186
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
1,493
1,680
1,980
2,281
2,525
2,096
2,397
2,396
2,275
2,510
2,351
2,795
2,351
33,792
34,569
35,229
35,920
36,888
38,579
42,301
44,704
46,870
50,102
7,237
7,179
7,240
6,754
6,813
7,480
9,088
9,603
10,829
13,535
1,788
1,833
1,915
2,004
2,054
2,185
2,160
2,216
2,264
2,445
2,082
()
51,207
55,519
13,566
16,419
2,351
(9)
p
Preliminary.
1
Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939,
p. 29; September 1937, p . 853; and November 1936, pp. 878-880.
2
For explanation of this item, see BULLETIN for July 1940, p. 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million
francs were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
5
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred fromiExchange Stabilization Fund to Bank of France;
in week ending Mar. 7, 1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
First official statement published since liberation.
• 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.
8
Gold not shown separately in weekly Reichsbank statement after June 15,1939.
9 Figure not available.
NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statisticsi Tables 165 and 167, pp. 641-643 and pp. 645-647,
respectively; for description of statistics see pp. 562-565 in same publication.
838
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1945
June
May
1944
Apr.
June
Central Bank of the Argentine Republic (millions of pesos):
1 242
1,242
1,187
Gold reported separately
Other gold and foreign exchange...
2^722
2^290
2^807
882
889
882
Government securities
Rediscounted paper
Other assets
142
163
142
2,455
2,064
2 495
Note circulation
Deposits—Member bank
1^652
1^657
1J340
445
594
471
Government
120
124
112
Other
.
Certificates of participation in
139
231
153
Government securities
176
177
Other liabilities
186
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
50,856 50,856 49,293
Gold and English sterling
143,418 143,912 148,602
Securities
Banking department:
19,511 10,600
19,561
Coin, bullion, and cash
London balances
132,504 136,023 118,928
21,870 22,208 27,636
Loans and discounts
Securities
271,214 268,944 241,943
194,187 198,465 203,244
Deposits
Note circulation
185,744 186,244 189,512
National Bank
of
Belgium
(millions
1
of belgas):
6,265
6 248
6 257
Gold2
Foreign exchange
'554
'812
'813
7,920
8,282
7,937
Loans to Government
106
117
103
Other loans and discounts
12,918
12,919 12,918
Claim against Bank of Issue
410
301
430
Other assets
Note circulation.
11,697
11 190 10 569
Demand deposits
888
'868
l|()65
2,099
2,099
2,099
Blocked Treasury account2 3
14,235
13,775
14,089
Notes and blocked accounts
221
205
211
Other liabilities
(Nov.
National Bank of Bohemia and
1944)4
Moravia (millions of koruny):
1,515
1 517
Gold
773
Foreign exchange
800
2,862
3,793
Discounts
\
Loans
Other assets
55,027 40,252
Note circulation
32^705 26,897
Demand deposits
9,057
13,942
Other liabilities
9,448
14,491
Central Bank of Bolivia (millions
of bolivianos):
642
599
Gold at home and abroad
525
407
Foreign exchange
320
357
Loans and discounts
631
624
Securities—Government
41
41
Other
92
69
Other assets.
1,160
1,289
Note circulation
798
875
Deposits
102
123
Other liabilities
National Bank of Bulgaria 5
Central Bank of Chile (millions
of pesos):
Gold
273
277
277
53
292
213
Discounts for member banks
715
710
760
Loans to Government
988
962
1,049
Other loans and discounts
1,110
1,262
1,294
Other assets
2,377
2,583
2,658
Note circulation
311
420
451
Deposits—Bank
183
171
150
Other
268
330
335
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
175,359 172,474 146,893
Gold
...
96,042 99,350 109,684
Foreign exchange
2,940
19,903 19,537
Loans and discounts
70,544 70,578 56,655
Government loans and securities..
29,675
30,776 31,132
Other assets
....
172,136 169,918 137,064
Note circulation
155,399 148,051 139,565
Deposits
69,218
65,089 75,102
Other liabilities
Central Bank
(Figures as of last report
date of month)
National Bank of Denmark (millions
of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account^
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador (thousands
of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt 7 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other Government securities
Other assets
Note circulation
Deposits—Government
Other
Othpr HahiHtip*;
WLiicr
iictuxiilies
Cjentral Reserve Rank of PI Salvador (thousands of colones):
Gold . ..
Foreign exchange
Loans and discounts
Government debt and securities...
Other assets..
Note circulation
Deposits
Other liabilities
Ttanic of Finland 5
Bank of Cireece^
1945
June
May
of pounds):
Gold
Sterling funds
Note circulation
Bank of Japan 5
Bank of Java 5
Apr.
June
(Dec
1944) 4
97
22
2,762
55
95
85
4,389
1,658
2,327
3,009
512
97
22
2,414
28
67
85
3,419
1,526
1,775
2,419
411
(Feb.)*
288,648
148,701
94,635
99,196
305,782
298,978
26,420
270,450
59,411
88,966
112,319
238,083
239,071
53,992
6,241
18,355
3,283
6,241
16,147
2,231
287,194
26,' 264
122,077
76,319
129,907
13,334
236,037
16^003
100,405
63,823
97,467
14,964
33,142
38,970
805
5,168
1,681
45,694
26,981
7,091
National Bank of Hungary (millions
of pengo):
Gold
Foreign exchange reserve
Discounts
Loans—To Treasury
To foreign countries
Other
Other assets
Note circulation
Demand deposits
Consolidated foreign credits of
1931.......
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad...
Sterling securities
Indian Govt. securities...
Rupee coin
Note circulation.
Banking department:
Notes of issue department..
Balances abroad
Treasury bills discounted.
Loans to Government.
Other assets
Deposits
Other liabilities
Central Bank of Ireland (thousands
1944
33,165
38,880
896
5,056
1,531
46,981
25,624
6,923
32,793
37,303
673
6,335
1,265
42,943
29,363
6,064
(Nov
1944)4
100
3
11,977
511
1,074
1,082
10,672
2,713
100
4
4,915
543
855
2
1,398
5,288,
1,121
10
1,352
12
1,394
444
10,193
578
158
11,210
444
9,983
578
176
11,070
444
8,283
578
128
9,314
164
3,924
61
111
3,969
62
267
4,098
319
"265
4,107
300
120
1,737
26
7
126
1,805
211
2,646 2,646
30,243 29,991
32,889 32,637
2,646
30,264
32,910
2,646
25,392
28,038
1
First official statement published since liberation was that for Jan. 11, 1945.
Gold revalued provisionally at 49.318 francs per gram. The resulting increment is held for the account of the Treasury and is shown on the liabilities
side under "Blocked Treasury account."
3
Includes current accounts transferred and to be transferred to blocked accounts and old notes not declared.
* Latest month for which report is available for this institution.
5
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; and of Java (January 1942), see
2
BULLETIN for March 1943, p. 278.
6
7
Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942.
Items for issue and banking departments consolidated.
AUGUST 1945
839
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Bank of Mexico (millions of pesos):
Metallic reserve1
"Authorized" holdings of securities, etc. ..
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin)..
Foreign bills
Discounts .. .
Loans
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Reserve Bank of New Zealand (thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway3
Bank of Paraguay—Monetary
Dept.
(thousands of guaranies):4
Gold
Foreign exchange
Loans and discounts
Government loans and securities...
Other assets
Note circulation
Demand deposits
Other liabilities
Central Reserve Bank of Peru (thousands of soles): %
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits..
Other liabilities
Bank of Portugal (millions of escudos):
Golds
. . .
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
....
Other assets
Note circulation
Other sight liabilities
Other liabilities... .
National Bank of Rumania 3
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities ..
Other loans and discounts
Other assets
1945
June
May
1944
Apr.
June
671
659
527
1,707
1,647
'406
1 352
'290
404
64
1,408
1,274
163
87
95
1,390
1,245
1,195
164
(Oct.
1944)2
C
931
3,324
22,319
8,638
10,634
312
28,607
14,865
1,755
912
157
932
4 213
4 404
3
136
96
4,879
149
320
223
4,335
2,802
51,436
2,802
31,597
30,004
14 325
l|315
40 299
55,'612
3,970
44,329
11 734
3*004
37,227
51*635
4,605
139
87
104
736
195
3,326
22,299
5,110
10,658
1,306
28,023
12,944
1,732
(Mar.) 2
127 667
21 579
498*284
22 888
422 617
218', 566
29 233
(Feb.) 2
1 415
5,'717
9,251
'261
1,020
779
7,389
10,194
860
176 259
1,082
404^146
25,084
377 059
202*712
26 800
1,412
4,871
9,010
236
1,023
910
6,946
9,577
940
June
(Mar.)
1,185
609
15,840
3,283
1,829
1,135
621
15,948
2,832
2,189
May
Bank of Spain—Continued
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Sweden (millions of kronor):
Gold
1,054 1,035
601
Foreign assets (net)
580
Swedish Govt. securities and ad-6
vances to National Debt Office . 1,205 1,133
35
27
Other domestic bills and advances.
Other assets
1,040 1,031
Note circulation
2,445 2,368
761
710
Demand deposits—Government...
148
77
Other
629
604
Other liabilities
Swiss National Bank (millions of
francs):
Gold
4,626 4,783
103
112
Foreign exchange
348
95
Loans and discounts
S3
Other assets
Note circulation
3,522 3,532
Other sight liabilities
1,102 1,494
292
Other liabilities
Central Bank of the Republic of
Turkey (thousands of pounds):
281,200
Gold
Foreign exchange and foreign
90,983
clearings
Loans and discounts
821*454
171,362
Securities
Other assets
25!106
976,408
Note circulation
85,586
Deposits—Gold
151,679
Other
176,434
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
122,751
Gold and silver
158,280
Note circulation
Banking department:
Gold and silver
153,657
23,914
Notes and coin
Advances to State and to gov10,982
ernment bodies
90,500
Other loans and discounts
301,832
Other assets
Deposits
274,602
306,282
Other liabilities
Central Bank of Venezuela (thousands of bolivares):
Golds
438,568 392,758
Foreign exchange (net)
77,399 99,264
Credits to national banks
20,310 20,310
Other assets
18,365 21,160
Note circulation—Central Bank.... 321,363 320,577
National banks.. 13,331 14,970
Deposits
.
209,988 189,281
Other liabilities
9,959 8,665
National Bank of the Kingdom of
3
Yugoslavia
Bank for International Settlements
9
105,007 103,228 90,860
28^ 352 29,921 22,310
6,320
3,642
3*880
93,505 92,431 87,320
58,'888 59,865 54,317
165,990 164,854 147,675
4,504
5,866
4,818
2
1944
1945
Central Bank
(Figures as of last report
date of month)
{thousands of Swiss gold francs):
Gold in bars
Cash on hand and on current account with banks
Sight funds at interest
Rediscountable bills and acceptances (at cost)
Time funds at interest
Sundry bills and investments
Other assets
Demand deposits (gold)
Short-term deposits (various currencies):
Central banks for own account
Other
Long-term deposits: Special accounts
Other liabilities.
April
(Mar.)*
17,335
1,540
3,415
June
15,968
2,240
3,922
456
595
1,040
604
951
570
1,140
1,121
1,048
2,388
2,226
613
195
663
634
207
638
4,771
4,427
102
339
83
82
63
158
3,558
1,447
3,004
1,432
281,200
263,060
98,187
815*209
172,332
25,683
973,508
85,586
149,624
183,893
80,992
840*678
180,331
20,844
910,885
84,684
226,157
164,180
122,751
158,091
118,693
135,255
146,827
23,911
100,171
r
41,935
27
291
81
982
293
15,628
12,307
99,258
92,364
307,196 r25O,524
266,154 225,039
316,452 282,476
392,758
85,213
20,310
21,038
316,042
15,459
180,838
6,980
338,108
31,906
26,370
29,721
262,865
22,795
133,390
7,056
(Jan.)*
114,039
118,871
44,913
12,818
21,620
7,447
77,361
8,856
199,331
102,513
21,569
197,492
19,560
29,266
6,599
2,128
8,700
2,704
229,001
200,128
229,001
200,203
98
363
r
1
2
3
Revised. c Corrected.
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
Latest month for which report is available for this institution.
For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282; and
of Rumania
(June 1944), see BULLETIN for March 1945, p. 286.
4
The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is divided into
a Monetary, a Banking, and a Mortgage Department, The first official balance sheet of the Monetary Department, which assumes central banking functions,
was issued for the end of December 1944.
5
Valued at average cost beginning October 1940.
6
Includes
small amount of non-Government bonds.
7
Figure not available.
8
Beginning
October 1944, a certain amount of gold, formerly reported in the Bank's account, shown separately for account of the Government.
9
Sec BULLETIN for December 1936, p. 1025.
840
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum ]
Central bank of—
Date effective
In effect Dec. 31,
1936
Jan. 28, 1937
June 15.
July 7
Aug. 4
Sept. 3
Nov. 13
May 10, 1938. .
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4,1939... .
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940
Apr. 9
May 17
Mar. 17, 1941
May 29
June 27
Jan. 16, 1945 . . . .
Jan. 20..
Feb.
9
In effect July 31,
1945
United
GerKing- France many
dom
2
4
6
5
4
$X
2
Netherlands
Belgium
2
4
2
Sweden
Switzerland
Albania.
Argentina
Belgium
Bohemia and
Moravia
2X
Central
bank of—
Rate
July
31
Mar. 21, 1940 Italy
X Mar. 1, 1936 Japan
Jan. 16, 1945 Java
IX
Latvia....
Oct. 1, 1940 Lithuania.
4
3.29
3
5
6
Rate
July
31
Central
bank of—
Date
effective
Date
effective
Sept. 11, 1944
Apr. 7, 1936
Jan. 14, 1937
Feb. 17, 1940
July 15, 1939
4' " '
3
"2V2"
.
.„..
.
3
23^
4
"3""
3
VA
:
:
:
;
•
:
"3""
"2""
sy2
slA
:
Nov. 8,
Nov. 28,
Dec. 1,
Feb. 8,
Dec. 16,
July IS,
1940
1935
1940
1944
1936
1933
Mexico
Netherlands.
New Zealand \X
Norway
Peru
5
Portugal
June
June
July
May
Aug.
Jan.
4, 1942
27, 1941
26, 1941
13, 1940
1, 1940
12, 1944
Denmark
Ecuador
El Salvador..
Estonia
Finland
Oct. 16,
May 26,
Mar. 30,
Oct. 1,
Dec. 3,
1940
1938
1939
1935
1934
Rumania..
4
South Africa 3
4
Spain
Sweden
2H
Switzerland.
IX
May
June
Dec.
Feb.
Nov.
8, 1944
2, 1941
1, 1938
9,1945
26,1936
France
Germany. .
Greece
Hungary...
Ireland....
Jan. 20, 1945 Turkey
Apr. 9, 1940 United KingDec. 1, 1944
dom
Oct. 22, 1940 U. S. S. R...
Nov. 23, 1943 Yugoslavia..
July
1, 1938
Bolivia
British India.
Bulgaria
Canada
Chile...
Colombia
"2X"
"in"
"2y2"
ix
2X
3
5
IX
4^
"2V2"
2
"ik"
sx
m
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
NOTE.—Changes since June 30: none.
2X
OPEN-MARKET RATES
[ Per cent per annum ]
Germany
United Kingdom
Month
Bankers'
acceptances
3 months
Treasury
bills
3 months
1929—May..
1930—May.
1931—May
1932—Mav..
1933—Mav..
1934—May..
1935—May.
1936—May..
1937—May..
1938—May.
1939—May
1940—May..
1941—Mav..
1942—May.. .
1943—May..
1944—May...
5.21
2.16
2.24
1.44
2.21
2.11
2.21
1.10
1.03
1.03
1.03
1.03
1.03
1.02
1.00
1.00
1.00
1.00
.75
.75
.75
.75
.75
1.00
1.00
1.03
1.07
1.13
1944—June...
July....
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb.. .
Mar....
Apr...
May...
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.00
1.00
1.00
1.01
1.00
1.00
1.00
1.01
1.00
1.00
1.01
1.00
1.13
1.13
1.13
1.13
1.10
1.00
1.02
1.00
1.00
1.00
1.00
1.03
.50
.91
.59
.55
.55
.53
.73
.37
.85
.51
.54
.51
.51
.70
Bankers'
Day-to-day allowance
money
on deposits
4.67
1.93
1.87
1.29
.58
.85
sx
1
1
x-i
X
X
X
X
Private
discount
rate
Day-to-day
money
Private
discount
rate
Money
for
1 month
7.49
3.89
4.65
4.87
3.88
3.88
3.09
2.92
2.88
2.88
9.32
3.62
5.38
5.91
5.24
4.72
3.17
2.76
2.69
2.66
2.46
1.98
1.78
1.71
1.91
1.90
5.37
2.29
1.39
5.88
2.53
1.55
1.03
1.69
1.22
2.96
1.82
1.00
X
X
X
X
X
X
2.77
X
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
Vi
X
A
X
X
X
X
X
X
Netherlands
2.38
2.25
2.13
2.13
2.13
1.92
1.90
1.89
1.93
.60
2.11
1.33
3.78
2.15
.17
.13
.72
2.20
1.93
.50
.80
3.21
2.36
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
4^-6^
SX-5X
3-5
4X-6X
3XSX
2Xr5
2X-4X
234-5
2M~5
234-5
23^-5
3X-sy2
i-sx
3-53^
3~sy2
3.34
2.44
1.12
1.50
1.50
1.50
2.39
2.25
1.00
1.00
1.00
1.41
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
Y>
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.
AUGUST 1945
841
COMMERCIAL BANKS
United Kingdom
Liabilities
Assets
1
(11 London clearing banks.
Figures in millions of
pounds sterling)
Cash
reserves
Money a t
Loans to
call and Bills dis- Treasury
deposit Securities customers
short
counted receipts
notice
Deposits
Other
assets
Total
Demand
Time
Otherliabilities
1938—December.
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
243
274
324
366
390
422
160
174
159
141
142
151
250
334
265
171
198
133
314
758
896
1,307
635
609
771
999
1,120
1,154
971
1,015
924
823
794
761
263
290
293
324
325
349
2,254
2,441
2,800
3,329
3,629
4,032
1,256
1,398
1,770
2,168
2,429
2,712
997
1,043
1,030
1,161
1,200
1,319
269
256
250
253
236
245
1944—June
July
August
September
October.. .
November.
December.
427
426
439
443
453
460
500
185
188
205
191
191
205
199
202
213
211
209
170
198
147
1,246
1,310
1,337
1,444
1,567
1,548
1,667
1,169
1,175
,180
,183
,172
,192
,165
784
765
750
744
744
748
772
327
289
283
282
291
292
347
4,100
4,121
4,161
4,251
4,342
4,398
4,545
2,730
2,744
2,775
2,827
2,876
2,922
3,045
1,370
1,377
1,386
1,424
1,467
1,475
1,500
240
244
243
244
245
245
250
1945—January...
February
March...
April.
May
460
455
464
472
482
198
188
180
180
196
159
140
149
109
120
1,663
1,639
1,681
1,821
1,882
,165
,160
,153
,140
1,126
765
769
780
749
757
301
305
299
300
297
4,462
4,405
4.459
4,525
4,617
2,968
2,904
2,944
2,994
3,064
1,495
1,501
1,516
1,530
1,553
248
250
246
245
243
Liabilities
Assets
Canada
Entirely in Canada
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Cash
reserves
Security
loans
Other
loans
and discounts
Security
loans
abroad
and net Securities
due from
foreign
banks
Other
assets
Depo<sits payable in Canada
excluc ing interbank deposits
circu ation
Total
Demand
Time
1938—December
1939—December
1940—December
1941—December
J942—December
1943—December
263
292
323
356
387
471
65
53
40
32
31
48
940
1,088
1,108
1,169
1,168
1,156
166
132
159
168
231
250
1,463
1,646
1,531
1,759
2,293
2,940
535
612
570
653
657
744
88
85
80
71
60
42
2,500
2,774
2,805
3,105
3,657
4.395
840
1,033
1,163
1,436
1,984
2,447
1,660
1,741
1,641
1,669
1,673
1,948
1944—June
July
August
September
* October
November
December
526
545
569
575
597
586
550
71
63
61
56
56
81
92
1,104
1,063
1,002
976
992
1,275
1,211
294
218
215
224
236
236
214
3,358
3,388
3,368
3,450
3,622
3,577
3,611
856
755
755
761
757
774
782
36
35
4,836
4,716
4,667
4,726
4,957
5,221
5,137
2,641
2,451
2,297
2,262
2,468
2,877
2,714
2,195
2,265
2,370
2,464
2,489
2,343
2,423
567
539
544
598
622
95
80
78
82
125
1,156
1,125
1,094
1,047
1,299
244
254
219
269
251
3,571
3,624
3,606
3,799
3,885
731
717
708
750
775
5,049
5,021
4,938
5,210
5,616
2,525
2,390
2,214
2,475
3,053
2,524
2,631
2,725
2,735
2,563
—
1945—January...
February
March
April
May
35
34
34
32
31
31
30
29
843
963
846
962
1,049
1,172
3
1,339
1,282
1,268
1,282
1,269
1,273
1,289
1,283
1,287
1,280
1,306
1,312
Liabilities
Assets
France
(4 large banks. End of month
figures in millions
of francs)
41
Other
liabilities
Other
assets
Deposits
Time
Own
acceptances
Other
liabilities
33,042
41,872
61,270
75,764
91,225
537
571
762
912
324
721
844
558
413
462
4,484
4,609
4,813
5,187
6,422
96,431
99,152
103,272
102,047
103,596
102,602
104,830
108,368
107,200
112,732
95,783
98,419
102,437
101,118
102,578
101,525
103,657
107,100
105,811
111,191
648
733
836
929
1,017
1,078
1,173
1,268
1,390
1,541
426
387
397
383
321
347
341
411
404
428
5,205
5,461
5,563
5,716
6,730
6,859
6,987
7,182
7,326
7,506
110,485
108,883
1,601
419
6,168
Cash
reserves
Due from
banks
Bills discounted
1938—December
1939—December
1940—December
1941—December
1942—December
3,756
4,599
6,418
6,589
7,810
4,060
3,765
3,863
3,476
3,458
21,435
29,546
46,546
61,897
73,917
7,592
7,546
8,346
8,280
10,625
1,940
2,440
2,229
2,033
2,622
33,578
42,443
62,032
76,675
91,549
1943—March
April
May
June
July
August
September
October
November
December
6,813
6,720
7,132
6,632
6,770
6,486
6,935
7,133
7,203
8,548
3,803
3,665
3,750
3,851
3,795
3,786
3,832
3,877
3,960
4,095
74,664
77,922
81,620
80,276
83,362
82,685
85,079
88,289
86,754
90,897
15,245
15,043
14,980
15,518
14,696
14,644
14,084
14,215
14,561
14,191
1,536
1,650
1,750
1,869
2,024
2,206
2,228
2,448
2,653
2,935
1944—January
7,510
4,125
90,024
13,737
1,676
Loans
Total
Demand
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 \x/% per cent, callable by the banks in emergency at a discount equal to the Bank of England rate.
3 Due to changes in reporting procedure, the figure for "Note circulation" includes a small amount of interbank note holdings while these holdings are
now omitted from "Other liabilities."
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.
841
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of Certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Year or month
Argentina
Australia
(peso)
(pound)
Official
1937
1938
1939
1940
1941
1942
1943
1944
32.959
32.597
30.850
29.773
29.773
29.773
29.773
29.773
1944—July
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
June
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
Year or month
Special
Export
2
1944—July
Aug.
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
June
393.94
389.55
353.38
305.16
321.27
321.50
2
321.50
(rupee)
(belga)
Official
16.876
16.894
16.852
2
16.880
British
India
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
6.0586
6.0594
5!1248
5.0214
5.0705
5.1427
5.1280
5.1469
37.326
36.592
33.279
30.155
30.137
30.122
30.122
30.122
5.1275
5.1529
5.1803
5.1803
5.1803
5.1803
5.1803
5.1803
5.1802
5.1802
5.1802
5.1802
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
6.1983
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
6.0598
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
Colom- Czechobia slovakia
Denmark
(krone)
FinGerland France many Greece Hong
Kong
(mark- (franc) (reichs- (drach(dollar)
ma)
ka)
mark)
2
3.4930
3.4674
3.4252
2
22.069
21.825
20.346
19.308
2.1811
2.1567
1.9948
1.8710
2
2.0101
2
4.0460
2.8781
2.5103
2.0827
40.204
40.164
40.061
40.021
2
39.968
Bulgaria
(lev)
Free
322!80"
322.80
322.80
322.80
322.80
56.726
55.953
57.061
57.085
57.004
. . . . 57.052
57.265
57.272
2
.9055
.8958
.8153
.6715
30.694
30.457
27.454
22.958
2
24.592
2
1.2846
1.2424
1.2111
Hungary
Official
Free
24.840
24.566
23.226
22.709
1944—July
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
June
Official
Export
5.1697
5.1716
5.1727
5.1668
2
5.1664
2
4.0000
4.0000
4.0000
4.0000
2
4.0000
18.923
18.860
18.835
4.4792
4.4267
4.0375
3.7110
2
4.0023
2
.7294
.7325
7111
.6896
489.62
484.16
440.17
397.99
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398 00
398.00
398.00
6.053
5.600
10.630
9.322
29.130
57.973
56.917
51.736
46.979
47.133
2
46.919
25.487
25.197
23.991
23.802
2
23.829
90.178
90.003
89.356
89.736
89.836
89.747
89.968
90.553
90.295
90.506
90.753
90.828
Italy
Neth- New
Japan Mexico erlands Zea(peso) (guild- land
(yen)
19.779
19.727
19.238
18.475
2
l9.770
5.2607
5.2605
5.1959
5.0407
2
5.0703
22.938
22.871
22.525
22.676
2
23.210
(yuan
Shanghai)
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
28.791
28.451
25.963
23.436
2
23.439
27.750
22.122
19.303
18.546
20.538
20.569
20.577
20.581
(pound)
55.045
55.009
53.335
53.128
396.91
392.35
354.82
306.38
322.54
322.78
324.20
324.42
2
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
United Kingdom
Uruguay
(pound)
(peso)
Official
2
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403 50
403.50
403 50
Free
Controlled
494.40
488.94
443.54
383.00
403.18
403.50
2
403.50
79.072
64.370
62.011
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
29.606
21.360
11.879
6.000
2
5.313
er)
20.576
20.580
20.581
20.582
20.582
20.582
20.582
20.582
20.582
20.582
20.582
20.582
2
China
90!909
90.909
90.909
90.909
90.909
2
(lira)
Ruma- South Spain Straits
Settle- S w e d e n SwitzNorway Poland Portuerland
nia Africa
gal
(krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc)
2
Chile (peso)
100.004
99.419
96.018
85.141
87.345
88.379
89.978
89.853
(pengo)
(dollar)
1937
1938
1939
1940
1941
1942
1943
1944
Canada (dollar)
57.277
57.277
57.277
57.277
57.272
57.220
57.180
57.140
57.036
56.980
56.980
56.980
..
Year or month
Free
Brazil
(cruzeiro1)
23.704
23.704
24.732
25.125
2
(peso) (koruna)
1937
1938
1939
1940
1941
1942
1943
1944
Official
Belgium
Noncontrolled
2
36i789
37.601
43.380
52.723
52.855
53.506
Yugoslavia
(dinar)
2.3060
2.3115
2.2716
2.2463
2
2.2397
53.421
54.200
54.185
54.185
54.189
54.196
54.197
54.197
54.197
54.253
54.265
54.265
1
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
2
Average of daily rates for that part of the year during which quotations were certified.
NOTE.—For back figures, see Banking^ and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publica>ruary 1943, p . 201, and
tion , and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for Febru
February 1944, p. 209.
AUGUST 1945
843
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES
[Index numbers!
Year or month
United
States
United
Kingdom
Canada
France
Germany
Italy
(1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100)
1926
1932.
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
. . .
1944—June
July
August
September
October
November
December
1945—January
February
March
April
May
June
100
100
» 124
695
134
65
66
75
80
81
86
79
77
79
87
99
103
104
67
67
72
72
75
85
79
75
83
90
96
100
103
86
86
88
89
94
109
101
103
137
153
159
163
166
427
398
376
338
411
581
653
707
901
97
93
98
102
104
106
106
107
110
112
114
116
104
104
104
104
104
104
105
105
105
105
106
106
106
103
103
102
102
102
102
103
103
103
103
103
103
*>103
166
167
168
167
167
167
167
167
167
168
168
168
*170
2
70
63
62
68
76
89
95
99
116
132
118
119
118
118
118
118
Netherlands
Sweden
(1926-30
= 100)
(1935 = 100)
237
106
U26
144
161
180
178
186
198
238
251
278
311
329
65
63
63
62
64
76
72
i 92
i 90
1 96
100
102
114
111
115
146
172
189
196
196
96
91
90
90
96
111
107
111
143
184
210
218
223
197
198
197
196
195
195
195
195
195
195
196
196
197
223
224
224
223
223
222
221
221
221
221
*221
Japan
(October
(1900 = 100)
3
Switzer-
88
"417
land
(July 1914
= 100)
p
Preliminary.
l 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.
* Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES-GROUPS OF COMMODITIES
[Indexs for groups included in total index above]
United States
Canada
United Kingdom
Germany
(1926=100)
(1926=100)
(1930=100)
(1913 = 100)
Year or month
Farm
products
Foods
Other
commodities
Farm
products
Raw and Fully and
partly
chiefly
manumanufactured
factured
goods
goods
Indus-
Foods
IndusIndus- Agricul- trial raw trial
fintural
trial
and semiished
products products finished products
products
100
100
100
100
130
150
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
48
51
65
79
81
86
69
65
68
82
106
123
123
61
61
71
84
82
86
74
70
71
83
100
107
105
70
71
78
78
80
85
82
81
83
89
96
97
99
48
51
59
64
69
87
74
64
67
71
83
96
103
55
57
64
66
71
84
73
67
75
82
90
99
104
70
70
73
73
74
81
78
75
82
89
92
93
94
88
83
85
87
92
102
97
97
133
146
158
160
158
85
87
90
90
96
112
104
106
138
156
160
164
170
91
87
96
102
105
105
106
108
111
112
115
119
89
88
91
92
94
96
94
95
99
100
102
102
118
113
116
119
121
125
126
126
129
133
134
135
1944—June
July
August
September
October...
November
December.
1945—January...
February..
March
April
May
June
125
124
123
123
123
124
126
126
127
127
129
130
130
107
106
105
104
104
105
106
105
105
105
106
107
108
99
99
99
99
99
99
99
99
99
99
99
99
100
102
102
101
101
103
103
103
104
105
105
105
105
104
104
104
103
103
103
104
104
105
105
105
105
94
93
94
94
94
94
94
94
94
94
94
94
P94
158
161
159
157
156
156
157
156
157
156
156
156
170
170
172
172
172
173
173
173
173
174
174
175
122
125
124
122
122
122
102
102
102
102
103
103
136
136
136
137
137
137
1926
p
Preliminary.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p . 159.
844
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRIN CIPAL COUNTRIES—Continued
COST OF LIVING
RETAIL FOOD PRICES
[Index numbers]
Year or month
[Index numbers]
United
United
King- Ger- NetherCanmany
lands
States
dom
ada
(1935-39 (1935-39 (July (1913-14 (1911-13
= 100)
= 100)
= 100)
= 100)
1914
= 100)
93
95
98
94
1934
1935 .
1936 . . . .
1937
1938
1939
1940 .
1941
1942
1943
1944
100
101
105
98
95
97
106
124
138
136
1944—June
July
August
September...
October
November...
December..
1945—January
February....
March
April
May
June
136
137
138
137
136
137
137
137
137
136
137
139
141
103
104
101
106
116
127
131
131
131
132
132
131
131
132
130
130
131
131
122
125
130
139
141
141
164
168
161
166
168
118
120
122
122
122
123
128
129
132
134
168
169
170
169
168
168
168
168
168
168
168
168
139
146
143
137
136
136
Switzerland
(June
1914
= 100)
124
118
120
127
130
130
115
114
120
130
130
132
146
175
200
211
215
2140
216
217
216
215
215
215
215
216
216
216
P216
*133
Year or m o n t h
CanUnited
ada
States
(1935-39 (1935-39
= 100)
= 100)
96
98
99
1934
1935
1936
1937
1938
1939
1940
1941
1942.
1943
1944
103
101
99
100
105
117
124
126
1944—June. .
July
August
September.
October . . .
November
December
1945—January
February ..
March
April
May
June
125
126
126
127
127
127
127
127
127
127
127
128
129
96
96
98
101
102
102
106
112
117
118
119
119
119
119
119
119
119
119
119
119
119
PH9
P
119
United
Kingdom
(July
1914
= 100)
Ger- Nethermany
lands
(1913-14 (1911-13
= 100)
= 100)
141
143
147
154
156
158
184
199
200
199
201
121
123
125
125
126
126
130
133
137
139
200
201
202
202
201
201
201
202
202
202
202
203
^204
142
146
144
141
140
141
140
\3d
137
139
140
3148
Switzerland
(June
1914
= 100)
129
128
130
137
137
138
151
174
193
203
208
208
209
208
208
208
208
208
209
209
209
p
209
* Preliminary.
12 Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Average based on figures for 3 months; no data available since March 1940, when figure was 141.
3
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
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]
Common stocks
Bonds
Year or month
United
States
(derived
price) 1
United
Kingdom
Germany
(December (1913=100) (average
price) 2
1921 = 100)
France
Number of issues
15
1926
90.1
110.0
57.4
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
98.2
105.5
109.5
127.5
129.9
131.2
124.6
121.3
112.3
118.3
123.8
127.3
127.8
127.5
82.1
83.5
76.3
75.1
77.3
83.9
6
84.7
p
98.7
6
100.1
hio.2
. ..
1944—June
July
August
September
October
November
December
1945—January
February
March
April
May
June
111.1
113.8
115.9
117.8
118.3
120.3
120.9
120.9
121.3
121.2
121.2
121.1
120.9
121.4
121.6
121.9
122.7
122.9
122.3
122.1
87
127.2
127.3
127.2
127.6
127.9
127.9
128.1
128.5
128.7
128.7
129.3
128.1
36
2
139
90.7
695.1
95.8
98.7
99.9
99.0
100.7
103.0
6
103.3
Netherlands 3
8
113.4
107.8
109.1
3
101.8
105.9
90.9
7
77.9
84.3
94.7
98.5
(1926=100)
United
States
(1935-39
= 100)
United
Kingdom
France
Netherlands
Germany (1930=100)
(4)
278
300
105.6
100.0
100.0
100.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80.0
69.4
91.9
99.8
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
75.3
84.5
88.6
S3.3
79.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
136.8
142.1
145.0
101.5
104.3
102.7
100.7
103.5
102.7
104.7
108,4
113.0
111.8
114.4
118.2
120.7
89.3
90.3
90.6
88.8
89.1
90.1
90.1
91.0
90.6
91.1
92.0
92.8
402
77.2
97.4
89.7
98.3
6
120.6
9
289.7
*>476
100
55
55
66
104.2
95.8
89.7
8
95.0
129.0
131.5
151.0
145.7
145.5
145.1
145.0
145.2
145.2
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
for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for
both series. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States
sec Banking
and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at A}$ per cent. The series prior to that
date3is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index beginning
January
1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent.
4
This number, originally 329, has declined as the number of securities eligible for
the index has diminished. In May 1941, it was down to 287.
8
6
Average
Apr .-Dec. only. Average Jan.-Mar. on old basis was 95.9.
Average based on figures for 5 months; no data available June-Dec.
7
8
Average
based
on
figures
for
7
months;
no
data
available
May-Sept.
Average
based on figures for 9 months; no data available May-July.
9
Average based on figures for 10 months; no data available Tan.-Feb.
Sources.— See BULLETIN for November 1937, p. 1172; July 1937; p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
AUGUST 1945
845
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
JOHN K. M C K E E
RONALD RANSOM,
Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
ELLIOTT THURSTON, Assistant to the Chairman
CHESTER MORRILL, Special Adviser to the Board of Governors
OFFICE OF T H E SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
LEGAL DIVISION
WALTER WYATT, General Counsel
GEORGE B. VEST, General Attorney
DIVISION OF SECURITY LOANS
CARL E. PARRY, Director
BONNAR BROWN, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
ROBERT F . LEONARD, Director
J. LEONARD TOWNSEND, Assistant General Attorney
DIVISION OF RESEARCH AND STATISTICS
E. A. GOLDENWEISER, Economic Adviser
WOODLIEF THOMAS, Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P . BETHEA, Director
FRED A. NELSON, Assistant Director
HOWARD S. ELLIS, Assistant Director
DIVISION OF EXAMINATIONS
OFFICE OF ADMINISTRATOR FOR WAR LOANS
LEO H . PATTLGER, Director
EDWARD L. SMEAD, Administrator
C. E. CAGLE, Assistant Director
GARDNER L. BOOTHE, II, Assistant Administrator
WILLIAM B. POLLARD, Assistant Director
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
RAY M. GIDNEY
R. R. GILBERT
H. G. LEEDY
JOHN K. M C K E E
RONALD RANSOM
M. S. SZYMCZAK
ALFRED H. WILLIAMS
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR., BOSTON DISTRICT
Vice President
JOHN C. TRAPHAGEN,
N E W YORK DISTRICT
WILLIAM F. KURTZ,
PHILADELPHIA DISTRICT
JOHN H. MCCOY,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
KEEHN W. BERRY,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
RALPH C. GIFFORD,
ST. LOUIS DISTRICT
JULIAN B. BAIRD,
MINNEAPOLIS DISTRICT
L. MERLE HOSTETLER, Associate Economist
A. E. BRADSHAW,
KANSAS CITY DISTRICT
W. H. IRONS, Associate Economist
C. A. SEENKIEWICZ, Associate Economist
ED. H. WINTON,
DALLAS DISTRICT
WALTER WYATT, General Counsel
GEORGE B. VEST, Assistant General Counsel
E. A. GOLDENWEISER, Economist
C. O. HARDY, Associate Economist
WOODLIEI1 THOMAS, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
846
GEORGE M. WALLACE, SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman1
Deputy Chairman
President
First Vice President
Vice Presidents
Boston
Albert M. Creighton
Henry S. Dennison
Ralph E. Flanders
William Willctt
E. G. Hult
J. C. Hunter1
Carl B. Pitman
O. A. Schlaikjcr
New York
Bcardsley Ruml
William I. Myers
Allan Sproul
L. R. Rounds
J. W. Jones
L. W. Knoke
Walter S. Logan
A. Phclan
J. M. Rice
H. V. Roelsc
Robert G. Rouse
John H. Williams
V. Willis
R. B. Wiltsc
Philadelphia . . . Thomas B. McCabe
Warren F. Whittier
Alfred H. Williams
W. J. Davis
E. C. Hill
C. A. Mcllhenny 1
C. A. Sienkiewicz
Cleveland
George C. Brainard
Reynold E. Klages
Ray M. Gidncy
Reuben B. Hays
Wm. H. Fletcher
J. W. Kossin
A. H. Laning*
B. J. Lazar
W. F. Taylor
Richmond
Robert Lassiter
W. G. Wysor
Hugh Leach
J. S. Walden, Jr.
J. G. Fry
Gco. H. Kcesce*
E. A. Kincaid
R. W. Mercer
Edw. A. Wayne
Atlanta
Frank H. Neely
J. F. Porter
W. S. McLarin, Jr.
Malcolm H. Bryan
V. K. Bowman
L. M. Clark
H. F. Conniff
S. P. Schuesslcr
Chicago.
Simeon E. Leland
W. W. Waymack
C. S. Young
H. P. Preston
Allan M. Black*
Neil B. Dawcs
J. H. Dillard
Charles B. Dunn
E. C. Harris
John K. Langum
O. J. Netterstrom
A. L. Olson
Alfred T. Sihlcr
St. Louis.
Wm. T. Nardin
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
O. M. Attcbcry
Henry H. Edmiston
Wm. E. Peterson
C. M. Stewart
Minneapolis....
W. C. Coffey
Roger B. Shepard
J. N. Peyton
O. S. Powell
H. G. McConncll
A. W. Mills*
Otis R. Preston
E. W. Swanson
Sigurd Ueland
Harry I. Ziemcr
O. P. Cordill
L. H. Earhart
C. O. Hardy
John Phillips, Jr,
G. H. Pipkin
D. W. Woollcy8
R. R. Gilbert
W. D. Gentry
E. B. Austin*
R. B. Colcman
W. J. Evans
W. O. Ford
W. H. Holloway
L. G. Pondrom
Wm. A. Day
Ira Clerk
C. E. Earhart
J. M. Leisncr*
H. N. Mangels
H. F. Slade
Frank J. Drinncn
H. G. Lccdy
Kansas City.. .. Robert B. Caldwell
Robert L. Mehornay
Henry O. Koppang
Jay Taylor
J. R. Partcn
Dallas.
San Francisco... Henry F. Grady
Harry R. Wcllman
OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chief Officer
Branch
Federal Reserve
Bank of
Branch
Chief
Officer
New York
Buffalo
I. B. Smith*
Minneapolis
Helena
R. E. Towle*
Cleveland
Cincinnati
Pittsburgh
B. J. Lazar*
J. W. Kossin*
Kansas City
Richmond
Baltimore
Charlotte
W. R. Milford*
W. T. Clements*
Denver
Oklahoma City
Omaha
G. H. Pipkin*
O. P. Cordill*
L. H. Earhart*
Atlanta...
Birmingham
Jacksonville
Nashville
New Orleans
Dallas
El Paso
Houston
San Antonio
J. L. Hermann1
L. G. Pondrom1
W. H. Holloway*
Chicago
Detroit
P. L. T. Beavers*
Geo. S. Vardeman, Jr.*
Joel B. Fort, Jr.*
E. P. Paris*
E. C. Harris*
San Francisco...
St. Louis
Little Rock
Louisville
Memphis
A. F. Bailey*
C. A. Schacht*
W. H. Glasgow*
Los Angeles
Portland
Salt Lake City
Seattle
W. N. Ambrose*
D. L. Davis*
W. L. Partner*
C. R. Shaw*
1
Also Federal Reserve Agent.
AUGUST
1945
2
Cashier.
3
Also Cashier.
* Managing Director.
5
Vice President.
6
Manager.
847
oo
GO
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
w
===== BOUNDARIES OF FEDERAL RESERVE DISTRICTS
—
i1
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
(§)
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
BOARD OF GOVERNORS OF THL FEDERAL RESERVE SYSTEM
@FedFRASER