Full text of Federal Reserve Bulletin : February 1946
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ESERVE
FEDERAL
BULLETIN
FEBRUARY 1946
.«*****»«
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
CARL E. PARRY
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGE
Review of the Month—The Federal Budget in the Transition Economy.
Victory Loan
Sources of Inflationary Pressures, by Marriner S. Eccles. . . .
Estimated Liquid Asset Holdings of Individuals and Businesses..
Banks on Federal Reserve Par List
109-118
119-120
121
122-123
124-125
Law Department:
Veterans' Guaranteed Loans.
. . . .
Margin Requirements for Purchasing Securities:
Amendments to Regulations T and U
Amendments to Supplements to Regulations T and U
Foreign Funds Control—Treasury Department Releases
Current Events
126
126-127
127
127-128
129
Directors of Federal Reserve Banks and Branches. .
130-141
National Summary of Business Conditions
142-143
Financial, Industrial, Commercial Statistics, U. S. (See p. 145 for list of tables).
145-196
International Financial Statistics (See p. 197 for list of tables).
197-215
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory
Council
216
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. .
217
Map of Federal Reserve Districts..
218
Federal Reserve Publications (See inside of bac\ cover)
Subscription Price of Bulletin
FEDERAL RESERVE
VOLUME 32
February 1946
BULLETIN
NUMBER 2
THE FEDERAL BUDGET IN THE TRANSITION
ECONOMY
The President's Message on the State of
the Union and the Budget outlines the
Government's role in the economy's transition from war to peace. Because public
finances are a major factor in the operation
of the economy, the budget must be formulated as a part of general economic policy.
This is of particular importance in the period
of transition from war to peace, when the
magnitude and composition of the budget
are drastically changed.
The budget picture for the fiscal years
1946 and 1947 is one of sharp curtailment.
Expenditures for 1946-47 are estimated to
fall by two-thirds from their 1944-45 level,
and receipts are estimated to decline by onethird. The deficit, which had reached 54
billion dollars during the fiscal year 1944-45,
is expected to shrink to 4 billion in 1946-47
and the estimates indicate that expenditures
and receipts will reach balance in the early
part of 1947. If national income continues at
the present high level the balance may be
reached by an earlier date. Some reduction
in the interest-bearing public debt is expected during the second half of the current
fiscal year and in 1946-47, since the Treasury's
large general fund balance accumulated during the Victory Loan and the preceding war
loan drives is sufficient to meet the expected
deficit and also to retire some of the debt.
FEBRUARY 1946
The economic picture for the next 18
months is one of further large shifts in resources and production from war to peacetime uses. The major problems, the Message points out, will be those of overcoming
scarcities and of preventing inflation. Accordingly, no further tax reductions are proposed at this time, only limited public works
expenditures are recommended, and the continuation of price, inventory and some other
controls is urged. The Message also warns,
however, that the outlook is uncertain and
the Government must prepare to meet excessively deflationary developments that may
occur at a later date. For this purpose the
Message makes legislative recommendations
including revisions in unemployment compensation provisions and speedy enactment
of a Full Employment bill which would
authorize the Government to make adequate
plans and preparations to meet such contingencies.
DECLINE IN EXPENDITURES
The greater part of the decline in budget
expenditures has already been effected by
the drastic rate of cutbacks in the Government's munitions program and of demobilization during the past eight months. Total
expenditures, which had reached a peak
annual rate of 108 billion dollars in the sec109
REVIEW OF THE MONTH
ond quarter of 1945, are now running at a
rate of approximately 60 billion a year. On
the basis of estimates in the Message, they
may be expected to decline below a 30 billion dollar rate by the summer of 1947.
The decline in war expenditures henceforth
will proceed at a slower rate and will be
offset in part by an increase in nonwar
expenditures.
FEDERAL BUDGET EXPENDITURES 1
[In millions of dollars]
Item
Actual
1940-41
Budget estimates
1945-46 1946-47
Defense, war, and war liquidation. . . 6,301 49,000
553
3,347
Veterans
1,111
4,750
Interest
2,614
International finance 2
Other activities
' 4^538' 4,552
250
Proposed legislation
. .
2,716
Refunds
15,000
4,208
5,000
2,754
5,813
1,500
1,585
67,229
35,860
Total expenditures
12,503
1
Net outlays of Government corporations and credit agencies
are2 included.
Includes proposed legislation.
Expenditures for war and the aftermath
of war will, nevertheless, dominate the transition budgets. This is shown in the breakdown of estimated expenditures given in
the table above. Direct expenditures for
war and war liquidation will account for
73 per cent of total expenditures in the fiscal
year 1945-46 and for 42 per cent in 1946-47.
The war items, including the cost of veterans'
programs, will be 78 and 53 per cent of the
totals, and, if interest charges on the debt are
included, the ratio will be as high as 85 per
cent this year and 67 per cent in the next
fiscal year. Estimates for war expenditures
and expenditures by Government corporations for 1946-47 are provided in broad categories only. As has been the practice during
recent years, more detailed recommendations
are postponed until the spring.
War expenditures from January 1 to June
110
30 of this year are estimated at an annual
rate of 32 billion dollars as against 65 billion in the preceding half year period. These
figures include outlays for war liquidation
and occupation, as well as for national defense. Expenditures by the War and Navy
Departments account for 13 billion dollars
of the 15 billion allocated to these purposes
for 1946-47, while outlays of other agencies,
including payments to the United Nations
Relief and Rehabilitation Administration,
will account for the remainder. To bring
the very large appropriations for war expenditures provided prior to the cessation
of hostilities in line with present requirements, recommendations for additional rescissions in appropriations are made. It is
estimated, accordingly, that cumulative authorized expenditures under the war and
national defense program during the period
July 1, 1940-June 30, 1947 will amount to
376 billion dollars and cumulative expenditures to 354 billion, leaving an unexpended
balance of 22 billion.
Expenditures for veterans during the fiscal
year 1946-47 are estimated at 4.2 billion dollars, including approximately 0.7 billion of
pension payments to veterans of past wars.
Interest payments are estimated to rise
slightly above the 1945-46 figure. This increase reflects the higher average level of
public debt during 1946-47 and the payment
of a full year's interest on part of the securities sold during the preceding fiscal year.
The international finance programs include
net expenditures by the Export-Import Bank,
expected withdrawals by Great Britain under the recent loan agreement now being
considered by the Congress, and United
States contributions under the Bretton
Woods Agreements. Expenditures under
"other activities" include outlays for general
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
capital stock and declared value excess profits
taxes, as well as rate reductions in the corporation income tax, account for over onehalf of this total. A small loss resulted from
the repeal of the automobile use tax, while
the remainder resulted from reductions in
personal income tax rates. These included
adjustments in exemptions and surtax rates
amounting in effect to a repeal of the 3 per
cent wartime normal rate, and in addition a
flat 5 per cent cut in remaining income tax
liabilities. The yield effects of these tax reductions—particularly those applicable to
corporations—will not be felt fully until the
second half of the fiscal year 1946-47. For
that period, the annual yield from present
tax rates (excluding surplus property receipts) is estimated at 27 billion dollars. It
ESTIMATED RECEIPTS
is also pointed out in the Message, however,
Receipts for the fiscal year 1945-46 are that with a higher level of national income
estimated at 39 billion dollars, as against in future years, the same rates might well
46 billion in the preceding year. The esti- provide an annual yield of over 30 billion.
mate for 1946-47 is 31 billion and includes 2
No additional lowering of taxes is recombillion of net receipts from the sale of surplus mended in the Message, which states that the
property. These estimates make no allow- inflationary dangers in the current situation
ance for any further reductions in excise or render the present an inappropriate time for
other tax rates. They are based on the as- tax reduction.
sumption of generally favorable business
DEFICIT AND PUBLIC DEBT
conditions but not on an income reflecting
full employment. Should incomes be higher
The anticipated deficit, as well as changes
than those on which the estimates are based, in the debt and the Treasury's general fund
and particularly if there should be an infla- balance during the fiscal years 1946 and 1947,
tionary price rise, receipts would be larger. are shown in the table on page 112. While
Should large-scale unemployment develop the deficit for the six months January-June
during the period, receipts would fall appre- 1946 will still exceed 10 billion dollars, the
ciably below those estimated.
public debt is expected to decline in this
The tax reductions granted under the period by 3 billion. The deficit and the
Revenue Act of 1945 had been estimated to debt reduction will be met by a decrease of
reduce liabilities for the calendar year 1946 14 billion in the Treasury balance. For the
by nearly 6 billion dollars. Reduced liabili- fiscal year 1946-47 the deficit is expected to
ties of corporations, reflecting the repeal of shrink to about 4 billion dollars and the pubthe wartime excess profits tax and of the lic debt is estimated to decline by 4 billion,
government of 1.6 billion dollars, which is
about double the prewar level. The remainder is accounted for by expenditures for such
programs as general public works, social
security, and aid to agriculture. Slightly over
one-half of the tax refunds will be the result
of over-withholding and over-declaration under the personal income tax, while the rest
will be refunds under various provisions of
the excess profits tax. Proposed expenditures of 1.5 billion dollars under new legislation make provision for increased Federal
pay rates, a 100 million dollar public works
program, liberalized unemployment insurance for veterans and unemployment emergency benefits, as well as grants in aid for
education and hospital construction.
FEBRUARY
1946
111
REVIEW OF THE MONTH
resulting in an 8 billion decline in the Treas- than under the procedure followed in the
ury's balance. On December 31, 1945, fol- past when more than one-half of the new
lowing large sales of securities in the Victory debt was absorbed by nonbank buyers.
A much more important factor, however,
Loan, this balance was at the high level of
26 billion dollars; it is estimated to drop to
TREASURY RECEIPTS AND EXPENDITURES
3 billion by June 1947. The decline in the
public debt during both periods reflects the
> A
amount by which securities reaching maturity and savings bonds and notes being cashed
exceed the combined total of refunding issues
absorbed and of savings bonds and notes
sold.
QUARTERLY BASIS
BILLIONS OF DOLLARS
30
EXPE NDITUREJ
I
DEFICIT AND THE PUBLIC DEBT 1
[In billions of dollars]
Period
Ex-
Net
pendiDeficit
tures receipts
1940 Fiscal year. . . .
9.3
1945 Fiscal year. . . . 100.0
1946 Fiscal y e a r 2 . . . 67.2
July-Dec. 1945. . . 38.0
Jan.-June 1946 2. . 29.2
1947 Fiscal year 2 . . . 35.8
5.4
3.9
46.5
38.6
19.9
18.7
31.5
53.6
28.6
18.1
10.5
4.3
1 f
J KJ /
Public Cash
debt balance
1.9
24.7
11.9
26.0
11.9
3.2
-
^
i
i
V
1
Outstanding
at end of period
43.0
258.7
275.0
278.1
275.0
271.0
\
A
\
V
y
RECEIPTS
-
/
Budget expenditures and net receipts. 1946-47 figures are
estimated on the basis of the Budget Message.
1
The figures for expenditures include net outlays by Government corporations excluding redemption of obligations in the
market. The debt figure includes total gross direct debt.
Changes in other trust accounts and in guaranteed debt, which
are not shown in the table, account for the difference between
the deficit and changes in the public debt and the cash balance.
Figures
do not necessarily add because of rounding.
2
Estimated.
For the first time since 1930 the new budget thus requires no increase in the public
debt but inflationary effects of the budget
have not been as completely eliminated as
this might suggest. Some deficit will continue. It will be financed, moreover, by
drawing on the Treasury's cash balance.
This is equivalent in many ways to meeting
the deficit through the sale of additional
securities to the banking system. Either
source increases the cash and deposits available to the public, and is more inflationary in
its effect than increasing the public debt
through the sale of additional securities to
nonbank buyers. The expansionary force
per dollar of current deficit will thus tend
to be greater under this method of financing
112
will be the sharp decline in the size of the
deficit, which will greatly reduce the over
all rate of increase in the volume of bank
credit growing out of Government financing. While the Message furnishes estimates
for expenditures and receipts for the full fiscal year only, these estimates indicate that
the deficit will shrink rapidly from an annual rate of 30 billion dollars in January
1946 to 10 billion by mid-summer and that
a current balance between expenditures and
receipts will be reached early next year.
This is shown in the chart.
THE GOVERNMENT'S BUDGET AND THE
NATION'S BUDGET
To understand the economic impact of the
Government budget, the changes in public
finances must be related to income and expenditures in the economy at large. The
Message points up this relationship in a table
FEDERAL RESERVE
BULLETIN
REVIEW OF THE MONTH
THE GOVERNMENT'S AND THE NATION'S BUDGET
[Annual rates—in billions of dollars]
Preliminary
estimates
1940
Year
Federal Government
Income: Tax receipts net of transfers
Expenditures: Purchases of goods and services
Excess of income ( + ) or expenditures (—)
*
6.6
8.8
-2.2
Hypothetical
1947
1st half
1945
2nd qr.
1945
4th qr.
40
90
-50
25
50
-25
19
20
-1
Consumers
Income: Receipts after personal taxes
Expenditures: Including residential construction
Excess of income ( + ) or expenditures ( —)
+4.4
+40
+28
140
112
132
124
Business
Income: Retained earnings and reserves
Expenditures: Gross capital outlays
Excess of income ( + ) or expenditures (—)
9.4
12.1
-2.7
+9
15
6
11
15
-4
14
16
-2
+2
10
10
0
0
1
-1
0
5
-5
185
185
0
175
175
0
State and local governments
Income: Tax receipts net of transfers
Expenditures: Purchases of goods and services
Excess of income ( + ) or expenditures ( —)
72.5
68.1
140
100
8.6
7.9
+ .7
Foreign
Income: Net imports
Expenditures: Net exports
Excess of income ( + ) or expenditures ( —)
0
0.3
-0.3
All groups
Income
Expenditures: Gross national product
Excess of income ( + ) or expenditures ( —)
97.1
97.1
0
+1
204
204
0
+8
1
Detail may not add to totals because of rounding.
2
Less than 1 billion.
Notes to Table:
The table is patterned after that entitled "The Government's Budget and the Nation's Budget," appearing on page LI of the President's Budget Message without, however, making certain adjustments in the receipts and expenditures of the Federal Government made in the Budget table. Expenditures for residential construction, included with business capital outlays in the Budget
Message, have been shifted to consumers in the present table. The balance of foreign transactions is also shown outside the business group.
Income and expenditures for 1940 are from Department of Commerce estimates; figures for the second and fourth quarters
of 1945 are rough estimates based on only partially complete information while the first half of 1947 represents a hypothetical
situation assuming price stability, a gross national product of around 175 billions, and the adoption of the proposed budget program.
Government: Income includes personal, business and pay-roll tax receipts, minus the amount of Federal transfer payments.
Expenditures include those for goods and services only. Transfer expenditures are treated as an offset against income rather
than as an expenditure since they do not represent purchases of goods or services.
Consumers: Income equals income received after payment of personal taxes, that is, disposable income. Expenditures coyer
amounts spent by consumers for all types of durable and nondurable goods and services, including expenditures for residential
construction which in the Department of Commerce series are included under gross capital formation and not among consumer
expenditures.
Business: The income figures shown do not represent the gross receipts of business or net profits, but equal retained earnings,
depreciation allowances, and additions to reserves minus adjustment for inventory revaluation. This is the part of receipts which
business may either retain in liquid form or expend on gross capital formation. Expenditure figures in turn do not include all
outlays of business; they equal gross capital outlays by business, that is, the Department of Commerce item of capital formation,
excluding residential construction and net exports. An excess of expenditures thus reflects the use of accumulated funds or of
new credit for expenditures on plant and equipment, inventory increase, etc.
Foreign: Includes net exports of goods and services, plus exports or monetary use of gold and silver.
State and local governments: Items are defined as under Federal Government.
containing both the Government's and the
Nation's budgets. A similar view for somewhat different time periods is given in the
above table, where the budgets of five
major economic categories—consumers, businesses, the Federal Government, State and
local governments, and foreign transactions
—are presented. Annual rates of income and
expenditures for each group are shown for
the prewar year of 1940, the culmination of
the war effort in the second quarter of 1945,
FEBRUARY 1946
and an early stage in the transition to peace
in the fourth quarter of 1945. Hypothetical
figures for the first half of 1947 are also included to indicate the nature of the further
adjustments that remain to be accomplished.
They are not forecasts but picture a hypothetical situation based on the conditions of
a fairly high level of employment and successful prevention of price inflation.
The composition of the various income
and expenditure items is given in the table
113
REVIEW OF THE MONTH
and explanatory note. Aggregate expenditures for all groups equal the total value of
goods and services produced, that is, the
gross national product. The aggregate income in turn equals aggregate expenditures,
since funds spent by any individual, business, or government are receipts to others.
The table also shows the excess of income
or expenditures—net savings or deficits—
for each group. Since total income equals
total expenditures for consumption and investment, the economy as a whole spends
or invests all it receives. Savings and deficits
for all groups combined, therefore, offset
each other.
ECONOMIC IMPACT IN WAR PERIOD
The story of transition to a war economy
is summarized in the first two columns of the
table on page 113. From 1940 to the spring
of 1945 the annual rate of Federal purchases
of goods and services increased by over 80
billion dollars, an amount equal to fourfifths of the prewar level of total public and
private expenditures. At the same time
private expenditures also increased, as a 32
billion dollar growth in consumer purchases
more than offset a 6 billion decline in capital outlays by business. In dollar terms the
enormous increase in Government expenditures for war thus was not substituted for
private buying, but was in addition to an
expansion in such buying.
Looking at the income side of the picture
we find that income of all groups increased.
Federal Government income tripled; disposable income of consumers nearly doubled
and so did retained earnings of business.
Less than one-half of the addition to consumers' income went into increased expenditures, however, the rest being reflected in an
increased rate of savings. For business the
increase in savings was even larger. Off114
setting this increased rate of saving in the
private budgets, the Government's budget
showed a huge deficit, reaching a peak level
of over 50 billion dollars.
In the financing of war expenditures, extensive reliance was thus placed on borrowing. Total funds raised by the Federal Government from January 1940 through June
1945 amounted to approximately 350 billion
dollars, and only 40 per cent of this was derived from taxes. The remaining funds were
obtained by borrowing, about 40 per cent of
which took the form of newly created bank
credit. Consequently, the income of consumers and retained earnings of businesses,
as well as their cash balances, expanded
rapidly. At the same time, however, the
record shows that price increases were held
in moderate limits, particularly during the
later part of the war period when Government expenditures and the deficit were at
their peaks. This is explained by a number
of factors.
First of all, a vast increase in physical output was achieved by the war economy.
While the increase in the dollar value of
total expenditures shown in the table includes some rise in prices, the annual rate of
total output in physical terms is estimated
to have expanded by 50 per cent or more
from 1940 to summer of 1945. In constant
prices, consumers' expenditures remained
about unchanged during this period, while
capital expenditures of business declined by
5 billion or more. Perhaps two-thirds of the
additional goods and services purchased by
Government were reflected in an increased
output of the economy. As this increased
volume of output was produced and sold, a
sharp rise in the total of public and private
expenditures was indeed required; it became
inflationary only where it outran the increased supplies. To facilitate the necessary
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
degree of monetary expansion, some deficit
financing was needed, including the activation of idle balances through borrowing from
the public and some increase in the money
supply through the sale of securities to the
banking system. In order to induce a maximum increase in total output and accelerate
the necessary shifts in the structure of production, moreover, some degree of price rise
was helpful. Yet the actual increase in the
debt and money supply exceeded these requirements. The eventual rise in tax receipts
fell far short of adjusting disposable incomes
to available civilian goods without building
up inflation pressures and the Government's
resort to bank borrowing outran the economy's current need for additions to the
money supply.
Under these circumstances, the voluntary
cooperation of consumers and business with
the Government's appeal for increased
saving and the purchase of savings bonds
was an important stabilizing factor; together
with the unavailability of goods it helps to
explain the sharp increase in the portion of
disposable income saved. Consumers' savings, which had been 6 per cent of disposable income in 1940, rose to nearly 30
per cent during the war. Private capital
expenditures of business fell to low levels
while retained earnings and reserves were
accumulated at a record rate. By refraining
from trying to spend a larger share of their
income, consumers and businesses aided the
Government in securing necessary command
over war production and at the same time in
avoiding greater pressure upon civilian prices.
By far the most effective element in the
Government's stabilization program, however, was the use of direct controls, including
price ceilings, rationing, and various production controls. Over the area to which
these controls applied and were effective, the
FEBRUARY
1946
link between inflationary finance and actual
price increases was indeed broken. Where
civilian supplies were limited and their
prices controlled, civilian expenditures could
not expand. An increase of almost 100 per
cent in the disposable income of consumers,
while the quantity of available consumer supplies remained about unchanged in the aggregate, necessarily resulted in a higher rate of
savings. The increase in retained earnings
and reserves of businesses with vigorous restrictions on capital expenditures likewise
resulted in a sharp rise in corporate balances.
Direct controls, to be sure, did not cover the
entire economy and were not always fully
effective. Voluntary cooperation in restraining private buying, therefore, remained an
important factor and contributed to the
effectiveness of direct controls; yet, more
largely, it was direct controls that held pressure upon prices in check.
The vast shifts in the structure of production and consumption characterizing the
war period inevitably called for an extensive system of direct controls. Even if the
rise in the disposable income of consumers
and businesses had been checked through
higher taxation and a smaller deficit, most
of the direct controls would have remained
essential. Within this inevitable framework
of direct controls, the choice of financing
techniques proved of limited importance for
preventing inflation in the wartime economy.
ECONOMIC IMPACT IN TRANSITION PERIOD
With the transition to peace this picture
is changing sharply. As expenditure habits
are freed from wartime restraints and direct
controls are discontinued or relaxed, monetary and fiscal measures come to have renewed importance. Current budget policy
again bears directly on the current level of
private demand, and wartime borrowing
115
REVIEW OF THE MONTH
gains delayed significance through the inflation potential inherent in large holdings
of liquid assets. The significance of war
finance has indeed become most acute now
that the war is over. While the increase in
civilian supplies and the drastic decline in
Government expenditures and in the deficit
since V-J Day have tended to reduce total
demand and to relax price pressures, other
developments including the weakening of
direct controls have been such that on balance
the threat of inflation has been increased.
Considering the first six months after the
end of the war, this increased threat was evident even though total expenditures declined
substantially. Government purchases of
goods and services decreased by 40 billion
dollars on an annual basis from the second to
the last quarter of 1945, but private expenditures increased by over 17 billion. This increase occurred, even though private income
available for purchases declined. Consumers'
savings as a proportion of disposable income
dropped from 30 to less than 20 per cent, and
capital expenditures by business increased so
as to exceed current additions to retained
earnings and reserves. While the Government's deficit was cut by one-half, private
budgets moved in the opposite direction as
private expenditures relative to income
showed a sharp rise.
The same trends are likely to prevail in
the months ahead. The estimated level of
Government expenditures for the fiscal year
1946-47 suggests that Federal Government
purchases of goods and services on an annual
basis will show a further decline of approximately 30 billion dollars from the fourth
quarter of 1945 to the first half of 1947. The
deficit is expected to disappear in early 1947.
These factors will continue to point in the
direction of reduced inflation pressures, and
so will the increasing flow of civilian pro116
duction and supplies which will gradually
overcome wartime scarcities. As shown in
table on page 113, a substantial increase in the
level of civilian production and with it in
consumers' and business expenditures will be
needed to provide an offset against the decline in Federal purchases. Yet, increased demand for consumption and capital formation
for some time may outrun supplies. Supported by a sharp increase in net exports, the
pressure of demand relative to available supplies may increase rather than diminish.
During the war, when direct controls were
applied and consumers and businesses were
willing to refrain from spending, the increase in available incomes did not bring
about a corresponding rise in private expenditures. Under current conditions, however, the opposite holds; although disposable
income is at a lower level, private expenditures are considerably larger. Consumers are
eager to make up for postponed purchases,
and businesses are anxious to replenish reduced inventories and catch up with delayed
expenditures on plant and equipment. They
are in a position to do so, within wide limits,
independently of their current level of income by drawing upon the large volume of
liquid assets accumulated during the war
period. Consumer net savings—that is savings out of current income less dissaving
through the expenditure of previously accumulated balances—are likely to decline
further, relative to disposable income. Businesses similarly may draw upon large balances so that capital expenditures will not be
limited by the current volumes of retained
earnings and additions to reserves, nor even
by additional borrowings. Reductions in the
balances of individual consumers or businesses, moreover, do not result in a reduction
of balances for the community as a whole
since the amounts withdrawn and spent will
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
be passed on to other holders, thus becoming
available for renewed disbursement. The
delayed effects of war financing will thus
accentuate current market pressures, and the
weakening of direct controls magnifies the
threat of resulting price increases.
The degree of active inflation pressures
cannot be measured adequately in terms of
aggregate expenditures and supplies. The
eagerness of buyers to obtain goods and their
willingness to pay higher prices will be a
vital factor. The timing of expenditures,
as for instance the rate of inventory accumulation, will be of importance and so will be
the direction of demand, e. g., whether a
large volume of purchasing power will press
against scarce supplies or whether purchases
will be increasingly directed into areas where
goods become available in large quantities.
Inflation pressures, moreover, arise not
only from expenditures made in the purchase
of newly produced goods and services—and
only these are included in the table on page
113—but are particularly acute in the field
of existing assets, such as urban and residential real estate or securities. Through these
channels the pressure may pass into increased
consumption and capital expenditures.
The eventual solution to the danger of inflation must be found in increased production, but the crucial question at this stage
is whether an excessive increase in private
buying efforts will occur while many lines
of civilian goods are still in scarce supply.
With a weakening or abandonment of price
ceilings and other remaining controls, this
would lead to general price inflation. Aggregate income and expenditures in dollar
terms would then increase until the sources
of speculative purchases became exhausted
and a collapse ensued.
The Message on the Budget warns that
budget policy must be adjusted to meet these
FEBRUARY
1946
inflation, dangers. This means that no further tax reductions should be undertaken
for the time being and that budget expenditures should be held to as low a level as possible. But important as these budgetary
measures are, other phases of the stabilization program which are more powerful and
better adapted to deal with the points of
greatest inflation pressure must also be retained for some time. The Message, accordingly, urges the continuation of direct
price controls until the scarcity of civilian
supplies has been met.
Checking further credit expansion and restraining the disbursement of accumulated
liquid assets will strengthen the anti-inflation
program during the transition. If price stability is assured during this period, the wartime
accumulation of liquid assets—far from being a destructive factor—can help to sustain
a high level of employment in future years
when the problem may again become one
of preventing a deficiency in the level of
private demand. The level of national income in a prosperous postwar economy will
greatly exceed prewar standards, in both dollar and physical terms, and with it a larger
volume of liquid assets will be required. If
a sharp rise in prices is permitted now, as
has been the case in the aftermaths of other
wars, the latent purchasing power of these
liquid assets will be diminished and the
basis for a stable peacetime economy be
undermined.
OUTLOOK FOR POST-TRANSITION BUDGET
Some indication of the level and composition of the budget following the immediate
transition years is given in the Message. At
one point it is stated that expenditures can
hardly be expected to fall below 25 billion
dollars in the years subsequent to 1947, while
in another context it is said that tax receipts
117
REVIEW OF THE MONTH
of 30 billion would be substantially above
the anticipated peacetime level of expenditures. The expected level of expenditures,
it follows, might be close to or somewhat
above 25 billion.
A peacetime budget of this magnitude
would be over three times the prewar level,
thus repeating the experience following past
wars. The budget after World War I, for
instance, remained four times above the prewar level while the expansion after the Civil
War was sevenfold. A comparison of the
expenditure increase during the two world
wars is shown in the chart.
all levels of government—Federal, State, and
local—total public expenditures after the war
may equal 20 per cent of total output. This
is about the same ratio as applied during the
late 1930's or twice that of the late 1920's.
Expenditures for defense and the aftermath of war have always been a major item
in the Federal peacetime budget and will
become of even greater importance. Of a
possible post-transition budget total of 25 billion dollars or more, almost one-half might
be taken up by expenditures for defense and
veterans. In addition interest payments on
the public debt—most of which reflect a delayed cost of war financing—will amount to
WARTIME GROWTH IN FEDERAL EXPENDITURES
5 billion dollars. Combining the two items,
expenditures reflecting cost of war and de100.0 (7
~ """' ~~ "' " ""
^ ^ \
j 100-°
fense may well account for two-thirds of the
budget total. Expenditures for the general
operation of the Government will continue
to be but a small fraction of the total.
Given these fixed expenditure items, the
scope of the eventual postwar budget will
depend upon the scale of other programs
such as aid to agriculture, Government participation in international finance, public
works, or an expansion of the social security
program.
If a budget of 25 billion dollars or more is
to
be balanced at a high level of income and
Total budget expenditures are included. The figures for the
fiscal years 1946 and 1947 are as estimated in the Budget Mesemployment
with little or no allowance for
sage.
reduction in the public debt, the estimates
In evaluating the higher level of budget in the Message indicate that future tax reexpenditures, however, it is also necessary to ductions will be limited to a loss of yield
allow for the concurrent increase in the econ- of not more than 5 billion. This would imomy's total income and output. The ex- ply possible reduction at some later date
pansion in these terms appears to be less of the same order of magnitude as was prostriking. Thus, Federal Government ex- vided in the Revenue Act of 1945. Whether
penditures prior to the war about equaled a balanced Federal budget of 25 billion dol10 per cent of total output in the economy. lars will fit the requirements of the national
With a high employment income in the post- budget picture in the late 1940's or whether
war period, a budget of 25 billion dollars a budget surplus or deficit will develop, rewould approximate 15 per cent. Including mains to be seen.
WORLD WAR I
BILLK)N3*VEDOLLAR3
118
WORLD WAR H
_
BILLIONs"*? DOLLARS
FEDERAL RESERVE BULLETIN
VICTORY LOAN
Total subscriptions in the Victory Loan amounted
to 21.1 billion dollars—nearly double the 11 billion
goal set for the drive. Sales were 5 billion dollars
less than in the Seventh War Loan, which had
a goal of 14 billion, and approximately the same
as sales in the Fifth and Sixth Loans.
Subscriptions by individuals, partnerships, and
personal trust accounts, for which the goal was
4 billion dollars, totaled 6.8 billion, compared with
8.7 billion in the Seventh Loan, 5.9 billion in the
Sixth, and 6.4 billion in the Fifth. Sales of 2.2
billion dollars of Series E savings bonds exceeded
the goal slightly. In the Seventh Loan, which extended over a longer period of time, sales of Series
E savings bonds amounted to 4 billion dollars
and in the Fourth, Fifth, and Sixth Loans to 3
billion. The table on the next page shows by
classes of investors and by issues total subscriptions
in the Victory Loan, compared with those in
previous drives.
Subscriptions by insurance companies amounted
to 3.1 billion dollars and by savings banks to 1.8
billion. These subscriptions were limited by a
formula established by the Treasury and were
considerably less than such subscriptions in the
Seventh Loan.1 Subscriptions by corporations and
associations amounted to 7.2 billion dollars, compared with 8.3 billion in the Seventh Loan.
Subscriptions for 2l/2 per cent bonds increased
substantially over previous drives, while subscriptions for savings notes, certificates, and 2lA per
cent bonds were substantially smaller than in the
Seventh Loan. The tendency to lengthen maturities in order to obtain the highest yield available reflected a growing confidence that interest
rates would be maintained at present levels and perhaps also a feeling on the part of some subscribers
1
Insurance companies were permitted to subscribe for the
marketable securities offered in the drive in aggregate amounts
not in excess of an amount equal to 15 per cent of the total
amount of U. S. Government securities held by the subscribing
company on Dec. 31, 1944, or 6 per cent of that company's total
admitted assets as of that date, whichever figure was larger.
Savings institutions were permitted to subscribe in aggregate
amounts not in excess of an amount equal to twice the
amount of the net increase in assets (total assets less borrowed
funds) of the subscriber during the period from July 1, 1945,
through Sept. 30, 1945, plus 7 per cent of the amount of U. S.
•Government securities held by the subscriber on June 30, 1945.
FEBRUARY
1946
that interest rates might decline further. The large
sales of 2l/2 per cent bonds in the final drive also
reflected large purchases on a deferred payment
basis in anticipation of future investment needs. As
a result of the increased sales of the 2/4 per cent
issue, the average interest cost to the Treasury of all
securities sold in the Victory Loan increased somewhat over that of the previous drive.
Banking institutions were requested not to make
speculative loans for the purchase of Government
securities and to decline to accept subscriptions
from customers that appeared to be entered for
speculative purposes. The Treasury regarded as an
improper practice the acquisition of outstanding
securities by banks on the understanding that a like
amount of new securities would be subscribed for
through such banks, thus enabling them to expand
their war loan balances. Similarly nonbank investors were requested to refrain from selling securities previously acquired in order to subscribe for
securities offered in the Victory Loan. This request
was not intended to preclude normal portfolio adjustments. War loan accounts were restricted to 30
per cent of all deposits other than war loan deposits
held by commercial banks.
It appears that the expansion of bank credit during the period of the Victory Loan was of about
the same order of magnitude as during the most
recent previous drives. Total loans and investments by reporting member banks in leading cities
increased by 7.2 billion dollars, compared with an
increase of 7.3 billion during the Fifth and Seventh
Loans and 6.3 billion during the Sixth.
Outside of the drive commercial banks subscribed for 1.4 billion dollars of securities, principally 2% and 2}4 per cent bonds, under a formula
that limited subscriptions to $500,000 or 10 per
cent of the subscribing bank's time deposits. Government agencies and trust funds were allotted a
billion dollars of 2l/2 per cent bonds. Total funds
raised by the Treasury in the drive and sales outside of the drive to commercial banks and Government agencies and trust funds totaled 23.6 billion
dollars.
119
COMPARISON OF SALES OF SECURITIES IN THE EIGHT WAR LOANS, BY CLASSES OF
INVESTORS AND BY ISSUES
[In millions of dollars]
Sales to nonbank investors
Security and loan
sales
to all
investors
Total—All securities:
1st War Loan
12,947
18 555
2nd War Loan
18,944
3rd War Loan
16,730
4th War Loan
5th War Loan
20,639
21,621
6th War Loan
26,313
7 th War Loan
Victory Loan
21,144
Savings bonds:
(at issue price)
Series E:
1st War Loan
726
2nd War Loan
1 473
3rd War Loan
2 472
4th War Loan
3 187
5th War Loan
3 036
6th War Loan
2 868
7th War Loan
3 976
Victory Loan
2 204
Series F and G:
1st War Loan
288
667
2nd War Loan
831
3rd War Loan
4th War Loan
1 024
818
5th War Loan
719
6th War Loan
991
7th War Loan
657
Victory Loan
Savings notes:
1st War Loan
1 335
2nd War Loan
1 652
3rd War Loan
2,483
4th War Loan
2,232
5th War Loan
2,575
6th War Loan
2,429
7th War Loan
2,707
Victory Loan
1 682
Treasury bills:
1st War Loan
906
810
2nd War Loan
V% per cent certificates:
1st War Loan
3,800
2nd War Loan
5 251
3rd War Loan
4 122
4th War Loan
5,036
5th War Loan
4 770
6th War Loan
4 405
7th War Loan
4,784
Victory
Loan
3,737
\x/i per cent notes:
5th War Loan
1 948
6th War Loan
1,550
\}/2 per cent bonds:
7th War Loan
1 690
\% per cent bonds:
1st War Loan
3,062
2 per cent bonds:
2nd War Loan
4 939
3rd War Loan
5 257
5th War Loan
5,229
6th War Loan
6,939
2\i per cent bonds:
4th War Loan
3,331
7th War Loan
5,077
Victory Loan
3,045
2}/2 per cent bonds:
1st War Loan
2,831
2nd War Loan
3 762
3rd War Loan
3,779
4th War Loan
1,920
5th War Loan
2,263
6th War Loan
2,711
7th War Loan
7,088
Victory Loan
9,819
Sales
to
commercial
banks
(')
Corporations and other investors
Total
Insurance
companies
Savings
banks
Corporations
and
associations1
6,267
10,186
13,567
11,421
14,288
15,739
17,632
14,368
1,699
2,408
2,620
2,141
2,769
3,196
4,179
3,109
620
1,195
1,508
1,262
1,525
2,314
2,241
1,770
2,625
5,187
7,121
6,796
8,201
8,049
8,304
7,179
216
425
565
573
574
522
683
503
72
242
266
451
244
197
308
154
4
35
7
6
14
6
35
2
1
5
1
1,335
1,652
2,483
2,232
2,575
2,429
2,707
1,682
188
132
193
1,147
1,520
2,290
2,049
2,394
2,283
2,559
1,567
1
*
2
1,679
3,104
4,122
5,036
4,770
4,405
4,784
3,737
121
246
366
496
468
339
Total
5,087 7,860
5 079 13,476
(*)
(4)
Individuals,
partnerships,
and
personal
trust
accounts
18,944
16,730
20,639
21,621
26,313
21,144
726
1 473
2,472
3,187
3,036
2,868
3 976
2,204
288
667
831
1,024
818
719
991
657
1,593
3 290
5,377
5,309
6 351
5,882
8,681
6,776
1
2
3
3
2
3
2
Building
and loan
and
savings
and loan
associations*
564
811
493
Dealers
and
brokers
State
and
local
govern
ments
886
544
894
433
200
503
795
789
1,260
1,299
1,811
1,507
533
317
286
310
Treasury
invest
mentaccounts 3
239
350
630
(4)
\x
0)
726
473
472
187
036
868
976
204
183
181
146
148
115
3
2
1
1
1
i
*
2
1
72
242
231
341
207
162
234
125
1,147
1,520
2,262
1,997
2,271
2,239
2,333
1,452
30
39
28
18
32
15
10
23
7
*
26
1
*
1
*
*
*
47
120
40
219
27
450
355
322
266
148
64
82
241
376
452
582
524
3
4
112
906
810
2,121
2 147
76
123
136
207
170
150
301
305
1,558
2,858
3,756
4,540
4,302
4,066
4,483
3,432
99
19
43
8
2,033
2,803
3,479
3,318
3,255
3,671
2,845
1,948
1,550
353
210
1,595
1,340
309
98
121
133
913
811
1,690
1 690
51
105
119
136
84
46
899
25
7
46
*
645
553
133
54
119
198
2,061
1,001
85
916
240
86
242
318
30
2 122
2,817
5,257
5,229
6,939
472
2,345
4,037
3,907
5,644
703
894
924
539
832
189
480
242
181
82
123
249
333
1 220
1,322
1,295
1,339
1,032
1,250
2,018
1,357
1,242
1,350
722
1,259
947
265
560
473
256
249
230
807
1,810
801
766
836
2,814
4,311
2,209
774
440
1,028
1,241
410
257
540
561
352
417
502
1,117
2,813
2,574
3,222
3,218
1,568
1,846
2,209
5,971
7,006
1,382
1 582
1,585
1,095
1,357
1,603
3,291
2,643
483
550
354
61
68
116
950
1,350
3,331
5,077
3,045
517
2,831
3,762
3,779
1,920
2,263
2,711
7,088
9,819
423
565
172
56
194
306
158
150
78
117
92
8
9
18
136
232
1
*
151
104
322
162
88
181
235
147
163
186
593
665
239
349
479
*1 Less than $500,000.
Including Federal agencies and Federal trust funds whose purchases were not handled through the facilities of the Treasury Department;
also including building and loan and savings and loan associations for the first five drives.
2
Separate sales tabulations for these investors were made for the first time in the Sixth War Loan. Included in corporations and
associations
prior to that time.
3
Treasury investment accounts represent those Federal agencies and Federal trust funds whose investments are handled through
the facilities
of the Treasury Department.
4
Sales to commercial banks and to Treasury investment accounts during drive periods were not included in sales reported as part of
the drives.
120
FEDERAL RESERVE BULLETIN
SOURCES OF INFLATIONARY PRESSURES
by
MARRINER S. ECCLES *
My personal view of the Board's decision to increase margin requirements to 100 per cent may be
summed up as follows:
By this action, the Board has used its authority
to prevent the further flow of borrowed money into
stock market operations. There is no further recourse left to the Board, so far as restraining speculative activities in listed stocks is concerned, except
possibly to order that all existing margin accounts
be put on a cash basis and to make some of the
administrative provisions applying to banks more
rigid. To whatever extent the Board's action will
tend to dampen speculative activity, it is desirable,
as a preventive step, at this time of strong inflationary pressures and until such time as inflationary
dangers are passed.
As I have frequently sought to emphasize in the
past, the primary source of the inflation danger
which overhangs the domestic economy on all
fronts is the vast accumulation of currency and
bank deposits at the disposal of the public as a result
of the fact that far too much of the cost of the war
was financed through the creation of commercial
bank credit and not enough was financed out of
taxes and the savings of the public. Credit for
stock market as well as other purposes has been
curbed all along, but it is a minor and not a major
factor in the inflation picture. While credit curbs
are justified for such restraint as they may impose
on speculative activities in a time of inflationary
danger, they can not reach the real source of danger,
which is the huge amount of money already created
through bank credit. Price controls, rationing, allocations, etc., are vitally necessary for holding the
line until the danger is past, but they are not
designed to prevent the excessive money supply
from flowing into speculation in capital assets, such
as homes, farms, business properties and securities.
* This statement was issued by Chairman Eccles on Jan. 17,
1946, when the Board of Governors of the Federal Reserve
System increased margin requirements to 100 per cent in
order to dampen speculative activity in the stock market. The
changes, made in the. Board's Regulations T and U are given on
pp. 126-27 of this BULLETIN.
FEBRUARY
1946
The most effective way that I know of to curb
speculation in capital assets would be to increase
substantially the rate of the capital gains tax, or the
holding period, or a combination of both. For a
long time I have advocated enactment of legislation
to this end as a temporary protective measure applicable to all future purchases. This would not deter
the selling of assets held at the time the measure
was introduced in Congress, but it would greatly
deter buying for the speculative rise after that date.
It would not affect the purchase of capital assets of
any kind which have been or are being bought for
personal use or long-term investment rather than
for the speculative rise.
In addition, it is important to point out that so
long as the public debt continues to be monetized
through the purchase of Government securities by
the banking system, the supply of money will continue to increase, thus tending further to reduce the
interest rate on savings and investment funds. The
resultant pressure of an increasing money supply
and of lower interest rates is bound to have a further
inflationary effect upon all capital assets and to increase the difficulty of holding down the cost of
living.
It is, therefore, imperative that the process of
further monetizing of the public debt through the
banking system be ended so that the rate of return
on investments would be stabilized and would
reflect the supply of savings and investment funds
in relation to the demand instead of reflecting an
increasing amount of bank credit. This process
needs to be stopped not only by bringing about a
balanced budget, but also through measures to
check further unnecessary expansion of commercial
bank holdings of Government securities.
Only by a vigorous, comprehensive attack along
the entire economic front can the battle be successfully waged against inflationary pressures. Credit
curbs are at best supplementary and not basic
measures for reaching the underlying causes of
these pressures.
121
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND
BUSINESSES
Estimates of holdings by individuals and businesses of liquid assets—i.e., cash, bank deposits, and
United States Government securities—together with
an explanation of the method of derivation, were
published in the June 1945 Federal Reserve BULLETIN. These estimates have now been extended
to include a final estimate for June 1945 and a
preliminary estimate for December 1945 and
have also been revised in some regards throughout.
The new figures are shown in the accompanying
table.
Total holdings of liquid assets by individuals
and businesses are estimated to have reached 225
billion dollars in December 1945, an increase of 35
billions from December 1944. The increase during
the second half of the year was almost as large as
during the first half, indicating that the end of the
war has thus far brought about only a small reduction in the rate of increase. Holdings of liquid
assets are now about three and a half times what
they were at the end of 1939.
The classifications used and the general methods
of estimation are the same as those described in the
June article, so that the estimates are subject to the
same qualifications and limitations.1 The revisions
have been largely of a technical character in the
interest of clarity and simplification, but certain
changes in assumptions have also been made. The
main change has been to increase the amount of
liquid assets attributed to unincorporated businesses
1
A revised detailed description of the methods by which
these estimates were made, together with the basic worksheets,
may be secured from the Division of Research and Statistics,
Board of Governors of the Federal Reserve System, Washington 25, D. C.
122
and to reduce those estimated as held by individuals.
Originally only such assets as were absolutely necessary for carrying on business were attributed to
business units, and the remainder was assigned to
individuals as owners of the businesses involved.
When strictly applied this approach attributed to
individuals some liquid assets, particularly currency,
which probably were being held in connection with
business operations. Hence the amounts attributed
to unincorporated businesses have been increased.
The information regarding holdings of unincorporated businesses remains scanty, however, and
the distinction between such holdings and those of
individuals is inevitably difficult to make both conceptually and in practice.
These asset holdings are of significant importance to the development of the economy during
reconversion and afterwards. In an effort to provide more information concerning them, the Board
of Governors of the Federal Reserve System arranged for a sample survey in Birmingham, Alabama, and Douglas County, Illinois, to determine
the distribution of liquid asset holdings and to
learn about people's attitudes toward such holdings. The survey was conducted by the Division
of Program Surveys of the Bureau of Agricultural
Economics, United States Department of Agriculture, and results were published in the September
1945 Federal Reserve BULLETIN. The Board is
now having a further survey made to provide
additional more comprehensive results on the distribution and probable use of liquid assets and
expects to make this information available by the
middle of this year.
FEDERAL RESERVE BULLETIN
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES
[In billions of dollars]
1939
Type of holder
Total
Currency
.
Demand deposits
Time deposits
U. S. Govt. securities
....
1942
1941
1940
June
1945
1944
1943
June
Dec.
June
Dec.
June
Dec.
June
65.1
67.6
70.4
74.2
81.2
90.3 I l l 6 130.9 151.2 169.7 190.4 208.1 225.3
5.8
20.9
26.3
12.1
6.1
22.8
26.7
12.0
6.6
24.4
26.9
12.5
7.5
26.4
27.1
13.2
8.9
27.9
26.9
17.5
10.2
30.9
26.5
22.7
13.1
36.7
27.7
34.1
15.0
42.6
29.6
43.7
18.0
47.1
32.0
54.1
20.0
47.8
35.0
66.9
22.6
53.2
39.1
75.5
24.2
56.3
43.4
84.2
26.0
61.4
48.2
89.7
Dec.
Dec.
Dec.
June
Dec?
19.7
20.7
22.3
23.1
26.2
29.0
39.2
50.0
56.6
63.4
68.3
74.2
79.8
Currency
Demand deposits
Time deposits
U. S. Govt. securities.
1.6
. . . 12.9
. . . . 2.0
3.2
1.6
14.0
2.0
3.1
1.7
15.7
2.0
2.9
1.9
16.2
2.1
2.9
2.1
17.0
2.0
5.1
2.3
18.2
2.0
6.5
2.8
21.6
2.1
12.7
3.1
28.1
2.2
16.6
3.6
29.7
2.3
21.0
3.9
30.3
2.5
26.7
4.3
32.1
2.7
29.2
4.5
34.7
2.9
32.1
4.9
37.8
3.1
34.0
Corporations—Total l. .
Business holdings—Total.
13.3
14.1
15.1
15.5
17.7
19.4
27.1
35.0
39.6
44.0
45.9
49.0
52.0
Currency
Demand deposits. . .
Time deposits
U. S. Govt. securities
0.7
9.8
0.7
2.1
0.7
10.7
0.7
2.0
0.7
11.9
0.7
1.8
0.8
12.2
0.7
1.8
0.8
12.7
0.7
3.5
0.8
13.6
0.7
4.3
0.8
16.0
0.7
9.6
0.8
20.8
0.7
12.7
0.9
21.9
0.7
16.1
0.9
22.5
0.7
19.9
0.9
23.2
0.7
21.1
0.9
25.2
0.7
22.2
1.0
27.3
0.7
23.0
Financial Corps.—Total. .
1.7
1.8
1.9
1.9
2.2
2.4
2.6
3.1
3.5
3.9
4.2
4.5
4.9
Demand deposits
Time deposits
U. S. Govt. securities...
1.1
0.1
0.5
1.2
0.1
0.5
1.3
0.1
0.5
1.3
0.1
0.5
1.3
0.1
0.8
1.3
0.1
1.0
1.3
0.1
1.2
1.6
0.1
1.4
1.7
0.1
1.7
1.8
0.1
2.0
1.9
0.1
2.2
2.0
0.1
2.4
2.2
0.1
2.6
Nonfinancial Corps.—Total. .
11.6
12.3
13.2
13.6
15.5
17.0
24.5
31.9
36.1
40.1
41.7
44.5
47.1
0.7
8.7
0.6
1.6
0.7
9.5
0.6
1.5
0.7
10.6
0.6
1.3
0.8
10.9
0.6
1.3
0.8
11.4
0.6
2.7
0.8
12.3
0.6
3.3
0.8
14.7
0.6
8.4
0.8
19.2
0.6
11.3
0.9
20.2
0.6
14.4
0.9
20.7
0.6
17.9
0.9
21.3
0.6
18.9
0.9
23.2
0.6
19.8
1.0
25.1
0.6
20.4
Unincorporated business—Total.
6.4
6.6
7.2
7.6
8.5
9.6
12.1
15.0
17.0
19.4
22.4
25.2
27.8
Currency
Demand deposits...
Time deposits
U. S. Govt. s e c u r i t i e s . . . .
0.9
3 1
1.3
1.1
0.9
3 3
1.3
1.1
1.0
3 8
1.3
1.1
1.1
4.0
1.4
1.1
1.3
4 3
1.3
1.6
2.3
7 3
1.5
3.9
2.7
7 8
1.6
4.9
3.0
7.8
1.8
6.8
3.4
8.9
2.0
8.1
3.6
9.5
2.2
9.9
3.9
10.5
2.4
11.0
Personal holdings—Total.
45.4
46.9
48.1
51.1
55.0
1.5
4 6
1.3
2.2
61.3
2.0
5.6
1.4
3.1
72.4
80.9
94.6 106.3 122.1 133.9 145.5
Currency
Demand deposits
Time deposits
U. S. Govt. securities. .
4.2
8.0
24.3
8.9
4.5
8.8
24.7
8.9
4.9
8.7
24.9
9.6
5.6
10.2
25.0
10.3
6.8
10.9
24.9
12.4
7.9
12.7
24.5
16.2
10.3
15.1
25.6
21.4
11.9
14.5
27.4
27.1
14.4
17.4
29.7
33.1
16.1
17.5
32.5
40.2
18.3
21.1
36.4
46.3
19.7
21.6
40.5
52.1
21.1
23.6
45.1
55.7
4.5
4.6
4.6
4.7
5.5
6.1
6.8
8.3
9.9
11.5
13.3
15.0
16.5
1.2
0.2
3.1
1.3
0.2
3.1
1.3
0.2
3.1
1.4
0.2
3.1
1.4
0.3
3.8
1.3
0.2
4.6
1.2
0.2
5.4
1.2
0.2
6.9
1.3
0.2
8.4
1.3
0.2
10.0
1.4
0.2
11.7
1.5
0.2
13.3
1.6
0.2
14.7
40.9
42.3
43.5
46.4
49.5
55.2
65.6
72.6
84.7
94.8
4.2
6.8
24.1
5.8
4.5
7.5
24.5
5.8
4.9
7.4
24.7
6.5
5.6
8.8
24.8
7.2
6.8
9.5
24.6
8.6
7.9
11.4
24.3
11.6
10.3
13.9
25.4
16.0
11.9
13.3
27.2
20.2
14.4
16.1
29.5
24.7
16.1
16.2
32.3
30.2
Currency
Demand deposits
Time deposits
U. S. Govt. securities
Trust funds—Total2.
.
Demand deposits. . .
Time deposits
U. S. Govt. securities. .
Other personal—Total3. .
Currency
Demand deposits
Time deposits
U. S. Govt. securities. . .
.
108.8 118.9 129.0
18.3
19.7
36.2
34.6
19.7
20.1
40.3
38.8
21.1
22.0
44.9
41.0
P Preliminary.
Excludes nonprofit associations.
Includes only amounts administered by corporate trustees.
Includes holdings of farmers and professional persons.
1
2
3
FEBRUARY
1946
123
FEDERAL RESERVE PAR LIST
During 1945 there was a net increase of 326 in
the number of banks on the Federal Reserve par
list and a net decrease of 312 in the number of
nonpar banks. The gross increase in the number
of par banks was 421; this was offset in part by the
withdrawal of 5 banks from the par list and the
termination of existence of 90 par banks.1 The following table shows the changes during 1945 and
the number of par and nonpar banks at year ends,
1942-45:
On par list
(member and
nonmember
banks)
Changes during 1945:
Existing banks:
Added to par list
Withdrawn from par list
Newly organized banks
Banks terminating existence
Net change
Ntimber on
Dec. 31,
Dec 31
Dec. 31,
Dec. 31,
1
selected dates:
1942
1943
1944.
19451
+331
- 5
+ 90
- 90
Not on
par list
-331
+ 5
+ 27
+326
- 13
-312
11,422
11,501
11,552
11,878
2,710
2,529
2,445
2,133
Preliminary figures.
There was a net increase of 10 or more par banks
(member and nonmember) in each of seven States,
1
Of the 90 member and par nonmember banks that went out
of existence in 1945, 73 were absorbed by other member and
par nonmember banks, and 38 of the banks thus absorbed were
converted into branches.
124
as follows: Nebraska 2 151, Tennessee 55, Texas 23,
Illinois 3 18, Florida 16, Virginia 15, and Wisconsin 15.
During the year 5 banks withdrew from the par
list, one each in the following States: Arkansas,
Georgia, Missouri, South Dakota, and Texas. There
were 27 new nonpar banks organized, distributed
by States as follows: Georgia 12, Minnesota 6,
Nebraska 4, Arkansas 2, and Louisiana, North
Dakota, and South Dakota, one each.
At the end of 1945 there were 24 States and the
District of Columbia in which all banks were on the
Federal Reserve par list, and 8 States in which the
number of nonpar banks was quite small, as follows: Michigan 1, Kansas 2, Illinois 2, Nebraska 3,
West Virginia 3, Montana 4, Washington 10, and
Oklahoma 11. In 16 other States the number of
nonpar banks ranged from 21 to 418 (Virginia and
Minnesota, respectively).
The accompanying table shows the number of
par and nonpar banks, by class of bank and by
Federal Reserve districts and States, at the end of
1945; also the number not on par list at the end*
of 1942.
2
Increase resulted from the enactment of the State par
clearance
law.
3
Increase due entirely to organization of new banks (member and par nonmember); the number of nonpar banks remained unchanged at two.
FEDERAL RESERVE BULLETIN
NUMBER OF COMMERCIAL BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST
STATUS, BY DISTRICTS AND STATES
Dec. 31,
1942
Dec. 31, 1945 (preliminary figures)
Federal Reserve
districts and
States
On par list
All
commerNonMem- memcial
ber
ber
banks 1 Total banks*
banks
Federal Reserve
districts and
States
Not
on
par
list
Not
on
par
list
On par list
All
commerNonMem- memcial
ber 2 ber
banks 1 Total banks
banks
Not
on
par
list
Not
on
par
list
STATE—Cont.
FEDERAL RESERVE
DISTRICT
Boston
New York
Philadelphia
Cleveland
495
956
852
1,177
495
956
852
1,177
340
815
647
721
Richmond
Atlanta
Chicago
St. Louis
1,005
1,115
2,458
1,459
756
489
2,396
1,093
472
284
325
164
995 1,401
490
603
4
249
626
62
366
288
693
215
446
Minneapolis
Kansas City
Dallas
San Francisco....
1,273
1,747
969
505
588
1,732
849
495
472
751
585
272
685
15
120
10
718
173
149
26
6,885 4,993 2,133
2,710
14,011 11,878
Total
155
141
205
456
116
981
264
223
2
STATE
Alabama
Arizona
Arkansas
California
Colorado
216
11
225
194
138
99
11
96
194
138
83
6
66
113
92
16
5
30
81
46
Connecticut
Delaware
Dist. of Columbia.
Florida
Georgia
116
40
21
165
357
116
40
21
99
83
64
17
18
66
59
52
23
3
33
24
Idaho
Illinois
Indiana
Iowa
Kansas
46
851
491
656
614
46
849
491
656
612
26
491
234
162
213
20
358
257
494
399
Kentucky
Louisiana
Maine
. ..
Maryland
Massachusetts....
386
151
63
170
186
386
51
63
170
186
113
43
38
80
150
273
8
25
90
36
Michigan
Minnesota
Mississippi
Missouri
Montana
443
676
202
589
111
442
258
31
513
107
231
210
28
182
78
211
48
3
331
29
FEBRUARY
Dec. 31,
1942
Dec. 31, 1945 (preliminary figures)
1946
117
129
129
129
66
274
89
260
2
2
32
3
111
2
100
10
103
1
418
171
76
4
1
421
171
111
22
Nebraska
Nevada
New Hampshire. .
New Jersey
New Mexico
410
8
65
346
41
407
8
65
346
41
146
6
53
294
27
261
2
12
52
14
New York
North Carolina. . .
North Dakota.. . .
Ohio
Oklahoma
683
202
150
677
380
683
80
45
677
369
591
54
42
424
217
92
26
3
253
152
Oregon
Pennsylvania
Rhode Island
South Carolina. . .
South Dakota
70
1,021
22
144
166
70
1,021
22
41
66
33
770
12
28
60
Tennessee
Texas
Utah
Vermont
Virginia
293
859
57
71
314
185
791
57
71
293
82
543
34
40
197
103
248
23
31
96
Washington
West Virginia....
Wisconsin
Wyoming
122
179
557
56
112
176
438
56
55
108
168
38
Total..
14,011 11,878
3
159
122
105
127
113
11
12
37
251
10
13 ' " 103
6
100
3
116
96
108
68
167
95
21
39
57
10
68
3
119
270
18 • •# • •
6,885 4,993 2,133
23
6
159
1
2,710
1
Includes private banks that do not report to State banking
departments (in Georgia, Iowa, Michigan, and Texas), and
"cooperative" banks (in Arkansas).
Excludes nonmember
mutual savings banks, on a few of which some checks are
drawn, and nonmember industrial banks and nondeposit trust
companies
on which no checks are drawn.
2
Comprises all member banks, including 3 mutual savings
banks and 4 nondeposit trust companies.
125
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material.
Veterans' Guaranteed Loans
Limitations contained in section 24 of the Federal
Reserve Act upon real estate loans by national
banks were set aside in effect by the Act of December 28, 1945, in so far as guaranteed real estate
loans to veterans are concerned. That Act amended
certain provisions of the Servicemen's Readjustment Act of 1944 to read as follows:
SEC. 500. * * *
(b) . . . That loans guaranteed under this
title shall bear interest at a rate not exceeding
4 per centum per annum and shall be payable
in full in not more than twenty-five years, or
in the case of loans on farm realty in not more
than forty years: And provided further, That
(1) the maturity on a non-real-estate loan shall
not exceed ten years; (2) any loan for a term
in excess of five years shall be amortized in
accordance with established procedure; (3)
except as provided in section 505 any real-estate
loan, other than for repairs, alterations or improvements, shall be secured by a first lien on
the realty, and a non-real-estate loan, except as
to working or other capital, merchandise, goodwill and other intangible assets, shall be secured by personalty to the extent legal and practicable.
^ # ^ # #
of Columbia; without regard to the limitations
and restrictions of any other statute with respect to—
(1) ratio of amount of loan to the value
of the property;
(2) maturity of loan;
(3) requirement for mortgage or other
security;
(4) dignity of lien; or
(5) percentage of assets which may be invested in real estate loans.
Margin Requirements for Purchasing
Securities
Amendments to Regulations T and U
The Board of Governors of the Federal Reserve
System, effective January 21, 1946, amended Regulation T entitled "Extension and Maintenance of
Credit by Brokers, Dealers, and Members of National Securities Exchanges" and Regulation U
entitled 'Loans by Banks for the Purpose of Purchasing or Carrying Stocks Registered on a National Securities Exchange", to raise margin requirements to 100 per cent.
These requirements relate only to future purchases and sales of registered securities. They do
not apply to the use of credit for any purpose except
to finance transactions in securities.
Rules incorporated in both regulations in July
(d) Loans guaranteed hereunder may be of 1945 will now require that whenever securities
made by any Federal land bank, national bank, held as collateral are sold, the proceeds must be
State bank, private bank, building and loan used to reduce or retire the customer's indebtedness.
association, insurance company, credit union, or Except to this extent, the regulations do not require
mortgage and loan company, that is subject to reduction or liquidation of. existing accounts or
examination and supervision by an agency of loans.
the United States or of any State or Territory,
The text of the amendments is as follows:
including the District of Columbia. Any loan
at least 20 per centum of which is guaranteed
AMENDMENT NO. 5 TO REGULATION T
under this title may be made by any national
Regulation T is hereby amended in the followbank, or Federal savings and loan association;
or by any bank, trust company, building and ing respects, effective January 21, 1946:
loan association or insurance company organ1. By adding the following sentence to secized or authorized to do business in the District tion 3(a):
126
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
During any period when the Supplement to this regulation specifies that registered securities (other than exempted
securities) shall have no loan value in a
general account, any transaction consisting of a purchase of a security other than
a purchase of an exempted security or a
purchase of a security to reduce or close
out a short position shall be effected in the
special cash account provided for by section 4(<r) or in some other appropriate
special account provided for by section 4.
2. By changing the Supplement to read as
follows:
SUPPLEMENT TO REGULATION T
Issued by the Board of Governors of the Federal
Reserve System
Effective January 21, 1946
Maximum Loan Value for General Accounts.—In a general account subject to section 3
of Regulation T, a registered security (other than
an exempted security) shall have no loan value.
Maximum Loan Value for Specialists'
Accounts.—In a specialist's account subject to
section 4(g-) of Regulation T, the maximum loan
value of a registered security (other than an exempted security) 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 3(d)(3) of Regulation T, as
margin required for short sales of securities (other
than exempted securities) shall be 100 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(<§r) of Regulation T, as
margin required for short sales of securities (other
than exempted securities) shall be 50 per cent of
the current market value of each such security.
AMENDMENT NO. 6 TO REGULATION U
The Supplement to Regulation U is hereby
amended to read as follows:
FEBRUARY 1946
SUPPLEMENT TO REGULATION U
Issued by the Board of Governors of the Federal
Reserve System
Effective January 21, 1946
For the purpose of section 1 of Regulation U,
no stock, whether or not registered on a national
securities exchange, shall have any loan value.
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.
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
December 29, 1945
GENERAL LICENSE NO. 95
Under Executive Order No. 83 89, as Amended, Executive
Order No. 9193, as Amended, Section 5(b) of the Trading
With the Enemy Act, as Amended by the First War Powers
Act, 1941, Relating to Foreign Funds Control*
PROPERTY CERTIFIED BY GOVERNMENTS OF SPECIFIED
COUNTRIES
(1) Certification by governments of countries specified
herein. Whenever a designated agent of the government
of any country specified herein has certified in writing that
no foreign country designated in the Order or national
thereof, other than a country specified herein or national
thereof, has at any time between the effective date of the
Order and the date of certification had any interest in any
* 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.
127
LAW DEPARTMENT
property subject to the proviso of paragraph (1) of General
License No. 94, the property so certified is hereby licensed
to be regarded as property in which no blocked country or
national thereof has or has had any interest.
(2) Waiver of Section 2A of the Order and General
Ruling No. 5. The provisions of Section 2A of the Order
and of General Ruling No. 5 are waived with respect to any
security to which a certification under the preceding paragraph is attached.
(3) Application of license to certain nationals of countries specified herein. This license shall not apply with
respect to any national of a country specified herein who is
a national of another foreign country designated in the
Order and not specified herein, provided, however, that for
the purpose only of this license the following shall be
deemed nationals only of a country specified herein:
(a) Any individual residing in a country specified herein,
except any citizen or subject of Germany or Japan
who at any time on or since December 7, 1941 has
been within the territory of either such country or
within any other territory while it was designated as
"enemy territory" under General Ruling No. 11;
(b) Any partnership, association, corporation, or other
organization, organized under the laws of a country
specified herein, unless it is a national of Germany,
Japan, Bulgaria, Hungary, or Rumania.
(4) Definitions. As used in this license,
(a) the term "country specified herein" means the following:
(i) France, effective October 5, 1945;
(ii) Belgium, effective November 20, 1945;
128
(iii) Norway, effective December 29, 1945;
(iv) Finland, effective December 29, 1945;
and each country specified herein shall be deemed to
include any colony or other territory subject to its
jurisdiction,
(b) the term "foreign country designated in the Order"
shall be deemed to include countries licensed by;
General License No. 94.
FRED M. VINSON,
Secretary of the Treasury..
Treasury Department
Foreign Funds Control
December 29, 1945
Revocation of General Licenses Nos. 90, 91, 92 and 93, Under
Executive Order No. 83 89, as Amended, Executive Order
No. 9193, as Amended, Section 5(b) of the Trading with
the Enemy Act, as Amended by the First War Powers Act,
1941, Relating to Foreign Funds Control*
General License No. 90, issued April 14, 1945, General
License No. 9, issued May 15, 1945, General License No.
92, issued October 5, 1945, and General License No. 93,
issued November 20, 1945, are hereby revoked.
FRED M. VINSON,
Secretary of the Treasury.
* 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-
CURRENT EVENTS
Announcement of Changes at the Little Rock
Louisville and Memphis Branches
The Federal Reserve Bank of St. Louis has announced that the by-laws of the Little Rock, Louisville, and Memphis Branches were amended, effective January 1, 1946, to provide for the designation
of a Vice President of the Bank as Manager of the
Branch instead of a Managing Director. Messrs.
A. F. Bailey and C. A. Schacht, who had been
Managing Directors of the Little Rock and Louisville Branches, and Mr. William B. Pollard, who
had previously been appointed Managing Director
of the Memphis Branch, effective January 1, 1946,
were appointed Vice Presidents and designated as
Managers of the respective branches.
pointed Assistant Director of the Division, effective
February 1, 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 December 16, 1945, to January 15, 1946:
Indiana
Indianapolis—Fidelity Trust Company
Iowa
Galva—First Trust and Savings Bank
Mount Ayr—Security State Bank
Appointments of Branch Directors
On January 10, 1946, the Federal Reserve Bank
of Minneapolis appointed Mr. B. M. Harris, President, Yellowstone Bank, Columbus, Montana, a
director of the Helena Branch for the term ending
December 31, 1947.
The Board of Governors of the Federal Reserve
System on January 30, 1946, announced the appointment of Mr. Ross Stewart, General Manager,
C Jim Stewart and Stevenson, Houston, Texas, as
a director of the Houston Branch of the Federal
Reserve Bank of Dallas for the unexpired portion
of the term ending December 31, 1948.
Change in the Board's Staff
Mr. Howard S. Ellis resigned as Assistant Director of the Division of Research and Statistics, effective January 21, 1946. Mr. Ellis is returning to his
position as Professor of Economics at the University of California, from which he has been on leave
of absence since he joined the Board's staff in September 1943 as an Economic Specialist in the Division of Research and Statistics. He was ap-
FEBRUARY
1946
Montana
Stevensville—First
Montana
State Bank of Stevensville
Ohio
Sabina—The Sabina Bank
Williamsburg—The Farmers and Merchants Bank
Tennessee
Paris—First Trust and Savings Bank
St. Joseph—American Bank
Texas
Lufkin—The First State Bank & Trust Company
of Lufkin, Texas
Virginia
Cleveland—The Bank of Russell County
Washington
Sedro Woolley—Skagit Valley State Bank
129
DIRECTORS OF FEDERAL RESERVE BANKS AND
BRANCHES
"FOLLOWING is a list of the directorates of the Federal Reserve Banks and Branches as at present
-*- constituted. The list shows, in addition to the name of each director, his business connection,
the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine
directors: three Class A and three Class B directors, who are elected by the stockholding member
banks, and three Class C directors, who are appointed by the Board of Governors of the Federal
Reserve System. Class A Directors are representative of the stockholding member banks. Class B
directors must be actively engaged in their district in commerce, agriculture, or some industrial
pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing
Class A and Class B directors, the member banks of each Federal Reserve district are classified by
the Board of Governors of the Federal Reserve System into three groups, each of which consists of
banks of similar capitalization, and each group elects one Class A and one Class B director. Class
C directors may not be officers, directors, employees, or stockholders of any bank. One Class C
director is designated by the Board of Governors as Chairman of the Board of Directors and Federal
Reserve Agent and another as Deputy Chairman. Federal Reserve Bank Branches have either five
or seven directors, of whom a majority are appointed by the board of directors of the parent Federal
Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System.
District No. 1—Boston
Class A:
Allen W. Holmes
Allan Forbes
Leon A. Dodge
Term
Expires
Dec. 31
President, The Middletown National Bank, Middletown,
Conn
1946
President, State Street Trust Company, Boston, Mass
1947
President, The First National Bank of Damariscotta, Damariscotta, Me
1948
Class B.Roy L. Patrick
President and Director, Rock of Ages Corporation, Burlington, Vt
1946
Philip R. Allen
Director, Bird & Son, inc., E. Walpole, Mass
1947
Laurence F. Whittemore. . . Assistant to President, Boston and Maine Railroad, Boston,
Mass
1948
Class C:
Henry I. Harriman2
Director and Vice Chairman, New England Power Association, Boston, Mass
1946
Albert M. Creighton1
Chairman of the Board
1947
Donald K. David
Dean, Graduate School of Business Administration, Harvard University, Boston, Mass
1948
Qass £.
District No. 2—New York
S. Sloan Colt
Harry H. Pond
Howard A. Wilson
1
Chairman.
130
2
President, Bankers Trust Company, New York, N. Y
1946
Chairman of the Board, The Plainfield Trust Company,
Plainfield, N. J
. 1947
President, Citizens National Bank and Trust Company of
Fulton, Fulton, N. Y
' .. . 1948
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Class B:
Donaldson Brown
Charles E. Adams
Carle C. Conway
Class C:
Robert D. Calkins
Beardsley Ruml1
William I. Myers2
Term
Expires
Dec. 31
Vice Chairman of the Board, General Motors Corporation,
New York, N. Y
1946
Chairman, Air Reduction Company, Inc., New York,
N. Y
1947
Chairman of the Board and President, Continental Can
Company, Inc., New York, N. Y
1948
Dean, School of Business, Columbia University, New York,
N. Y
"
1946
Chairman, R. H. Macy & Company, Inc., New York,
N. Y
*
1947
Dean, New York State College of Agriculture, Cornell
University, Ithaca, N. Y
1948
Appointed by Federal Reserve Bank:
Insley B. Smith
Elmer B. Milliman
Charles H. Norton
Charles H. Diefendorf
Buffalo Branch
Managing Director, Buffalo, N. Y
President, Central Trust Company Rochester N. Y.,
Rochester, N. Y
President, Erie County Trust Company, East Aurora, N. Y.
President, The Marine Trust Company of Buffalo, Buffalo,
N. Y
1946
1946
1947
1948
Appointed by Board of Governors:
Thomas Robins, Jr
Marion B. Folsom
Carl G. Wooster
Class A:
District No. 3—Philadelphia
John B. Henning
Howard A. Loeb.
George W. Reily
Class B:
James T. Buckley
Charles A. Higgins
Albert G. Frost
Class C:
Warren F. Whittier2
C. Canby Balderston
Thomas B. McCabe1
1
Chairman.
FEBRUARY 1946
President, Hewitt Rubber Corporation, Buffalo, N. Y . . . 1946
Treasurer, Eastman Kodak Company, Rochester, N. Y.. . . 1947
Farmer, Union Hill, N. Y
'
1948
2
President, Wyoming National Bank, Tunkhannock, Pa... 1946
Chairman, Tradesmens National Bank & Trust Company,
Philadelphia, Pa
1947
President, Harrisburg National Bank, Harrisburg, Pa
1948
Chairman, Executive Committee, Philco Corporation,
Philadelphia, Pa
1946
Chairman & President, Hercules Powder Company, Inc.,
Wilmington, Del
'
1947
President, Esterbrook Steel Pen Manufacturing Company,
Camden, N. J
1948
Farmer, dairyman, and cattle breeder, Chester Springs, Pa. 1946
Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa
1947
President, Scott Paper Company, Chester, Pa
1948
Deputy Chairman.
131
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Class A:
H. B. McDowell. .
F. F. Brooks. .
Ben R. Conner. . .
Class B.Ross Pier Wright...
George D. Crabbs
Thomas E. Millsop
Term
Expires
District No. 4—Cleveland
Dec. 31
. .President, The McDowell National Bank of Sharon, Sharon,
Pa
1946
. . President, First National Bank at Pittsburgh, Pittsburgh,
Pa
1947
.. .President, The First National Bank of Ada, Ada, Ohio. .. 1948
. . . Secretary-Treasurer, Reed Manufacturing Company, Erie,
Pa
1946
Industrialist, Cincinnati, Ohio
1947
President, Weirton Steel Company, Weirton, W. Va..
1948
Class C:
Geo. C. Brainard 1 . .
A. Z. Baker...
Reynold E. Klages2. .
..President and General Manager, Addressograph-Multigraph Corporation, Cleveland, Ohio
1946
..President and General Manager, The Cleveland Union
Stock Yards Company, Cleveland, Ohio
1947
.. President, Columbus Auto Parts Company, Columbus, Ohio. 1948
Appointed by Federal Reserve Bank:
Cincinnati Branch
Waldo E. Pierson
President, The First National Bank of Cincinnati, Cincinnati, Ohio
Walter H. J. Behm. .
. .President, The Winters National Bank and Trust Company
of Dayton, Dayton, Ohio
Frederick V. Geier
President, The Cincinnati Milling Machine Company,
Cincinnati, Ohio
Spears Turley...
...Vice President and Trust Officer, State Bank and Trust
Company of Richmond, Kentucky, Richmond, Ky.. .
Appointed by Board of Governors:
S. Headley Shouse. .
Paul G. Blazer
Francis H. Bird. .
Chairman.
132
2
1947
1948
1948
Tobacco and Livestock Raiser, Lexington, Ky
1946
Chairman of the Board, Ashland Oil and Refining Company, Ashland, Ky.
1947
. .Professor of Commerce, College of Engineering and Commerce, University of Cincinnati, Cincinnati, Ohio. .
1948
Appointed by Federal Reserve Bank:
Pittsburgh Branch
R. E. Bowie
President, Security Trust Company, Wheeling, W. Va.. .
T. C. Swarts. . .
Executive Vice President, Woodlawn Trust Company, Aliquippa, Pa
Archie J. McFarland
President, Wheeling Steel Corporation, Wheeling, W. Va.
Laurence S. Bell
Executive Vice President, The Union National Bank of
Pittsburgh, Pittsburgh, Pa
Appointed by Board of Governors:
Howard W. Jordan
President, Pennsylvania Rubber Company, Jeannette, Pa.
Vacancy
A. H. Burchfield, Jr
Vice President, Joseph Home Company, Pittsburgh, Pa..
1
1946
1946
1947
1948
1948
1946
1947
1948
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Class A:
James C. Bras well.
John A. Sydenstricker..
James D. Harrison.
Term
Expires
District No. 5—Richmond
Dec. 31
..Chairman of Board, Planters National Bank and Trust
Company, Rocky Mount, N. C
1946
..Cashier, First National Bank in Marlinton, Marlinton,
W. Va
1947
.President, First National Bank of Baltimore, Baltimore,
Md
1948
Class B:
H. L. Rust, Jr.. .
Edwin Malloy..
.President, H. L. Rust Company, Washington, D. C
1946
.President and Treasurer, Cheraw Cotton Mills, Inc.,
Cheraw, S. C
1947
.President, Williams & Reed, Inc., Richmond, Va.. . .
1948
Charles C. Reed. .
Class C:
Robert Lassiter 1 ..
Charles P. McCormick
W. G. Wysor2
t
..Chairman of Board, Mooresville Cotton Mills, Mooresville, N. C
1946
President, McCormick & Company, Inc., Baltimore, Md.. . 1947
General Manager, Southern States Cooperative, Inc., Richmond, Va
1948
Appointed by Federal Reserve Bank:
Baltimore Branch
W. R. Milford
.Managing Director, Baltimore, Md
George M. Moore.
.Vice President, The Union National Bank, Clarksburg,
W. Va
W. Bladen Lowndes. .
. .President, The Fidelity Trust Company, Baltimore, Md.. .
Holmes D. Baker.. .
.President, The Citizens National Bank of Frederick, Frederick, Md.. .
Appointed by Board of Governors:
W. Frank Roberts . .
. . President, Standard Gas Equipment Corporation, Baltimore, Md
James M. Shriver.. .
. .President, B. F. Shriver Company, Westminster, Md
James E. Hooper. .
.Vice President, William E. Hooper and Sons Company,
Baltimore, Md
Appointed by Federal Reserve Bank:
Charlotte Branch
W. T. Clements. .
.Managing Director, Charlotte, N. C
Allen H. Sims...
.Executive Vice President and Trust Officer, Citizens National Bank in Gastonia, Gastonia, N. C
N. S. Calhoun....
. .President, Security National Bank, Greensboro, N. C
Angus E. Bird....
..Chairman of Board, The Citizens & Southern National
Bank of S. C , Charleston, S. C
1946
1946
1947
1948
1946
1947
1948
1946
1946
1947
1948
Appointed by Board of Governors:
George M. Wright. .
.President, Republic Cotton Mills, Great Falls, S. C
1946
Charles L. Creech. . . .
. .Chairman of Board, B. F. Huntley Furniture Company,
Winston-Salem, N. C
1947
R. Flake Shaw. .
.Executive Secretary, North Carolina Farm Bureau Federation, Greensboro, N. C..
.
1948
1
Chairman.
FEBRUARY 1946
a
Deputy Chairman.
133
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Class A:
W. D. Cook. .
George J. White...
R. C. Williams..
Class B:
Fitzgerald Hall...
Ernest T. George. .
J. A. McCrary..
Class C:
Rufus C. Harris..
Frank H. Neely 1 ..
J. F. Porter 2 ...
Term
Expires
District No. 6—Atlanta
Dec. 31
. .President, First National Bank in Meridian, Meridian,
Miss
1946
. .President, The First National Bank of Mount Dora, Mount
Dora, Fla
1947
. .President, The First National Bank of Atlanta, Atlanta,
Ga
1948
..President, Nashville, Chattanooga & St. Louis Railway,
Nashville, Tenn
1946
. .President, Seaboard Refining Company, Ltd., New Orleans,
La
1947
.. *. .Vice President and Treasurer, J. B. McCrary Company,
Inc., Atlanta, Ga
1948
..President, The Tulane University of Louisiana, New
Orleans, La
1946
..Executive Vice President and Secretary, Rich's, Inc.,
Atlanta, Ga
1947
..President and General Manager, Tennessee Farm Bureau
Federation, Columbia, Tenn
1948
Appointed by Federal Reserve Bank:
Birmingham Branch
P. L. T. Beavers
Managing Director, Birmingham, Ala
James G. Hall
Executive Vice President, The First National Bank of
Birmingham, Birmingham Ala
Gordon D. Palmer
President, The First National Bank of Tuskaloosa, Tuscaloosa, Ala
M. B. Spragins..
. .President, The First National Bank of Huntsville, Huntsville, Ala
Appointed by Board of Governors:
Edward L. Norton...
. .Chairman, Voice of Alabama, Inc., Radio Station WAPI,
Birmingham, Ala
Donald Comer
Chairman, Avondale Mills, Birmingham, Ala
Wm. Howard Smith
President, McQueen-Smith Farms, Prattville, Ala
Appointed by Federal Reserve Bank:
Jacksonville Branch
Geo. S. Vardeman, Jr
Managing Director, Jacksonville, Fla
J. C. McCrocklin
President, First National Bank in Tarpon Springs, Tarpon
Springs, Fla
J. L. Dart...
...President, The Florida National Bank of Jacksonville,
Jacksonville, Fla
J. S. Fairchild...
. . .Cashier, The First National Bank of Winter Garden, Winter Garden, Fla
Appointed by Board of Governors:
Frank D. Jackson
President and General Manager, Jackson Grain Company,
Tampa, Fla
1
Chairman.
134
2
1946
1946
1947
1948
1946
1947
1948
1946
1946
1947
1948
1946
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
. .Dean, College of Business Administration, University of
Florida, Gainesville, Fla
1947
. .Planter and cattle raiser, Oviedo, Fla
1948
Walter J. Matherly. .
Charles S. Lee...
Appointed by Federal Reserve Bank:
Joel B. Fort, Jr
L. R. Driver
Nashville Branch
Managing Director, Nashville, Tenn
1946
President, The First National Bank in Bristol, Bristol,
Tenn
1946
..President, First National Bank in Harriman, Harriman,
Tenn
1947
. .President, Commerce Union Bank, Nashville, Tenn..
1948
B.L.Sadler...
Edward Potter, Jr...
Appointed by Board of Governors:
W. Bratten Evans..
Clyde B. Austin. . . .
Vacancy
..President, Tennessee Enamel Manufacturing Company,
Nashville, Tenn
.. .President, The Austin Company, Inc., Greeneville, Tenn..
Appointed by Federal Reserve Bank:
E. P. Paris
John Legier
J. F. McRae. .
T. G. Nicholson. .
1946
1947
1948
New Orleans Branch
Managing Director, New Orleans, La
President, National American Bank of New Orleans, New
Orleans, La
. . President, The Merchants National Bank of Mobile, Mobile, Ala
. .President, The First National Bank of Jefferson Parish at
Gretna, Gretna, La
1946
1946
1947
1948
Appointed by Board of Governors:
E. F. Billington
H. G. Chalkley, Jr
John J. Shaffer, Jr
Class A:
Horace S. French. .
Vivian W. Johnson. .
Walter J. Cummings. .
Class B:
Clarence W. Avery. .
Nicholas H. Noyes. .
William C. Heath. .
FEBRUARY 1946
Vice President, Soule Steam Feed Works, Meridian, Miss. 1946
President, Sweet Lake Land and Oil Company, Inc., Lake
Charles, La
1947
Planter, Ellendale, La.. .
1948
District N o . 7—Chicago
. .President, The Milwaukee Avenue National Bank of Chicago, Chicago, 111
1946
. .President, First National Bank in Cedar Falls, Cedar Falls,
Iowa
1947
. .Chairman, Continental Illinois National Bank and Trust
Company of Chicago, Chicago, 111
1948
. . President and Chairman, The Murray Corporation of
America, Detroit, Mich
1946
. .Vice President in Charge of Finances, Eli Lilly and Company, Indianapolis, Ind
1947
. .President, A. O. Smith Corporation, Milwaukee, Wis...
1948
135
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Class C:
Paul G. Hoffman
Simeon E. Leland1
W. W. Waymack2. .
Term
Expires
Dec. 11
President, The Studebaker Corporation, South Bend, Ind. 1946
Chairman, Department of Economics, and Professor of
Government Finance, University of Chicago, Chicago,
111
1947
. .Editor and Vice President, The Register and Tribune,
Des Moines, Iowa
1948
Appointed by Federal Reserve Bank:
Rudolph E. Reichert
Charles A. Kanter
Detroit Branch
President, Ann Arbor Bank, Ann Arbor, Mich
1946
President, The Manufacturers National Bank of Detroit,
Detroit, Mich
1946
President, The National Bank of Detroit, Detroit, Mich.. . 1947
Charles T. Fisher, Jr
Appointed by Board of Governors:
Ernest Gilbert
Farmer, Waldron, Mich
1946
Prentiss M. Brown
Chairman, The Detroit Edison Company, Detroit, Mich.. . 1947
Class A:
District No. 8—St. Louis
G. R. Corlis
Tom K. Smith
Phil E. Chappell
President, Anna National Bank, Anna, 111
President, Boatmen's National Bank, St. Louis, Mo
President, Planters Bank & Trust Co., Hopkinsville, Ky..
Class B:
K. August Engel
Louis Ruthenburg. .
President, Arkansas Democrat Company, Little Rock, Ark. 1946
President and General Manager, Servel, Inc., Evansville,
Ind
1947
President, Shapleigh Hardware Company, St. Louis, Mo.. 1948
A. Wessel Shapleigh
Class C:
Russell L. Dearmont 1 . .
Douglas W. Brooks2
Vacancy
1946
1947
1948
. . Chief Counsel for Trustee, Missouri-Pacific Lines, St. Louis,
Mo
1946
President, The Newburger Company, Memphis, Tenn.. .
1947
1948
Li
Appointed by Federal Reserve Bank:
*tle Rock Branch
Emmet Morris. .
. , . .Chairman, W. B. Worthen Company, Bankers, Little Rock,
Ark
Geo. S. Neal
President, Bank of Russellville, Russellville, Ark
Chas. A, Gordon
Vice President, Simmons National Bank, Pine Bluff, Ark.
Lloyd Spencer
President, First National Bank, Hope, Ark
1946
1947
1948
1948
Appointed by Board of Governors:
I. N. Barnett
. .Manager, Barnett Bros. Mercantile Company, Batesville,
Ark
1946
S. M. Brooks. .
. . . .President, Brooks Advertising Agency, Little Rock, Ark.. 1947
Cecil C. Cox
Farmer, Stuttgart, Ark
1948
1
Chairman.
136
2
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Appointed by Federal Reserve Bank:
Louisville Branch
Dec. 31
A. C. Voris
President/Citizens National Bank, Bedford, Ind
1946
Wallace M. Davis
Vice President, Citizens Fidelity Bank & Trust Company,
Louisville, Ky
1947
Lee L. Persise
. . . President, The State Bank of Salem, Salem, Ind
1948
H. Lee Cooper
President, Ohio Valley National Bank, Henderson, Ky..
1948
Appointed by Board of Governors:
Rosco Stone
Farmer, Hickman, Ky
E. J. O'Brien, Jr
President, E. J. O'Brien & Company, Louisville, Ky.. .
Geo. O. Boomer
President, The Girdler Corporation, Louisville, Ky.. .
1946
1947
1948
Appointed by Federal Reserve Bank:
Memphis Branch
W.W.Campbell..
..President, National Bank of Eastern Arkansas, Forrest
City, Ark
W. P. Kretschmar
President, Commercial National Bank, Greenville, Miss.
Norfleet Turner
President, First National Bank, Memphis, Tenn
H. W. Hicks
President, First National Bank, Jackson, Tenn
1946
1947
1948
1948
Appointed by Board of Governors:
Rufus C. Branch
Cotton planter and ginner, Pecan Point, Ark
1946
J. Holmes Sherard.
President, Jno. H. Sherard & Son, Sherard, Miss
1947
Leslie M. Stratton, J r . . . ..Executive Vice President, Stratton-Warren Hardware
Company, Memphis, Tenn.. .
1948
Class A:
Clarence E. Hill...
J. R. McKnight
F. D. McCartney
Class B:
Homer P. Clark..
J. E. O'Connell...
Ray C. Lange. .
Class C:
W. D. Cochran2
Roger B. Shepard1
Paul E. Miller. .
District N o . 9—Minneapolis
...Chairman of the Board, Northwestern National Bank,
Minneapolis, Minn
President, Pierre National Bank, Pierre, S. D
Vice President, First National Bank, Oakes, N. D.. . .
..Chairman of the Board, West Publishing Company,
St. Paul, Minn
1946
.. .President, Eddy's Bakeries, Helena, Mont
1947
. .President, Chippewa Canning Company, Chippewa Falls,
Wis
1948
Cochran Freight Lines, Iron Mountain, Mich
President, Finch, Van Slyck and McConville, St. Paul,
Minn
..Director, Agricultural Extension Division, University of
Minnesota, Minneapolis, Minn.. .
.,
Appointed by Federal Reserve Bank:
Helena Branch
R. E. Towle
Managing Director, Helena, Mont
P. B. McClintock
Cashier, Farmers National Bank, Chinook, Mont
B. M. Harris
President, Yellowstone Bank, Columbus, Mont
1
Chairman.
FEBRUARY 1946
2
1946
1947
1948
1946
1947
1948
1946
1946
1947
Deputy Chairman.
137
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Appointed by Board of Governors:
R. B. Richardson
Malcolm E. Holtz
Class A:
M. A. Limbocker..
W. L. Bunten. .
T. A. Dines .
Class B:
J. M. Bernardin. .
L. C. Hutson..
Willard D. Hosford
President, Western Life Insurance Company, Helena, Mont.
Agriculturalist, Great Falls, Mont
1946
1947
District N o . 10—Kansas City
. .Chairman of the Board and President, Citizens National
Bank, Emporia, Kan
1946
.Executive Vice President, Goodland State Bank, Goodland,
Kan
1947
. .Chairman of the Board and President, United States National Bank, Denver, Colo
1948
. .Lumberman, Kansas City, Mo
1946
.President and General Manager, Chickasha Cotton Oil
Company, Chickasha, Okla
1947
Vice President and General Manager, John Deere Plow
Company, Omaha, Neb.. 1948
Class C:
Robert B. Caldwell1
Robert L. Mehornay 2
Lyle L. Hague. .
Caldwell, Downing, Noble and Garrity, Kansas City, Mo.
President, North-Mehornay Furniture Company, Kansas
City, Mo
, .Farmer and stockman, Cherokee, Okla.. .
1946
1947
1948
Appointed by Federal Reserve Bank:
Denver Branch
W. C. Kurtz. .
. .President and General Manager, Independent Lumber
Company, Grand Junction, Colo
1946
Harold Kountze. . .
. .President, Colorado National Bank, Denver, Colo
1946
P. K. Alexander.. .
. . .Vice President, The First National Bank of Denver, Denver, Colo
1947
Appointed by Board of Governors:
M. E. N o o n e n . . . .
W. A. Alexander. .
. .Sheep rancher, Kremmling, Colo
. .Vice President and Assistant General Manager, The Denver
Tramway Corporation, Denver, Colo
1946
1947
Appointed by Federal Reserve Bank:
Oklahoma City Branch
D. M. Tyler. .
. .First Vice President, Dewey Portland Cement Company,
Dewey, Okla
1946
Hugh L. Harrell..
. . Vice President, First National Bank and Trust Company,
Oklahoma City, Okla
1946
S. A. Bryant
. .President, The Farmers National Bank, Cushing, Okla..
1947
Appointed by Board of Governors:
Neil R. Johnson
Lloyd Noble. . . .
Rancher and farmer, Norman, Okla
..President, Noble Drilling Corporation, Tulsa, Okla..
Appointed by Federal Reserve Bank:
Omaha Branch
George A. Bible
President, First National Bank, Rawlins, Wyo..
George W. Holmes
President, First National Bank, Lincoln, Neb..
1
Chairman.
138
2
1946
1947
1946
1947
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Walter S. Byrne...
...General Manager, Metropolitan
Omaha, Omaha, Neb
Utilities
District of
1947
Appointed by Board of Governors:
John D. Clark
L. E. Hurtz..
Dean, College of Business Administration, University of
Nebraska, Lincoln, Neb
. .President, Fairmont Creamery Company, Omaha, Neb..
1946
1947
District N o . 11—Dallas
President, First National Bank in Decatur, Decatur, Texas.
Chairman of Board, Temple National Bank, Temple Texas.
President, Alamo National Bank, San Antonio, Texas. .
1946
1947
1948
Class A:
Frank Turner
J. E. Woods
Walter P. Napier
Class B:
Geo. A. Hill, Jr
E. L. Kurth
J. R. Milam. .
President, Houston Oil Company of Texas, Houston, Texas. 1946
President and General Manager, Angelina County Lumber
Company, Keltys, Texas
1947
, . .President, The Cooper Company, Inc., Waco, Texas
1948
Class C:
J. R. Parten 1
G. A. Frierson
R. B. Anderson2
President, Woodley Petroleum Company, Houston, Texas.
.G. A. Frierson & Son, Planters & Merchants, Shreveport,
La
General Manager, W. T. Waggoner Estate, Vernon, Texas.
Appointed by Federal Reserve Bank:
El Paso Branch
R. W. McAfee
President, State National Bank, El Paso, T e x a s . . . . . . .
J. E. Moore
Vice President, First National Bank, Roswell, N. M.. .
W. S. Warnock
Vice President, El Paso National Bank, El Paso, Texas, .
W. Henry Wooldridge
President, Lone Star Motor Company, El Paso, Texas. .
1946
1947
1948
1946
1947
1948
1948
Appointed by Board of Governors:
Jack B. Martin
Hal Bogle
Dorrance D. Roderick
President, Arizona Ice and Cold Storage Company, Tucson,
Ariz
.'
1946
Owner, Pecos Valley Alfalfa Mill Company, Dexter, N. M. 1947
President, Newspaper Printing Corporation, El Paso, Texas. 1948
Appointed by Federal Reserve Bank:
W. N. Greer
President,
John W. McCullough
President,
Texas
James A. Elkins
President,
B. C. Roberts
President,
Texas
Houston Branch
Citizens State Bank, Houston, Texas
Hutchings-Sealy National Bank, Galveston,
City National Bank, Houston, Texas
Wharton Bank & Trust Company, Wharton,
1946
1947
1948
1948
Appointed by Board of Governors:
George A. Slaughter
J. E. Wheat
Ross Stewart
1
Chairman.
FEBRUARY 1946
2
Farming, Wharton, Texas
Attorney at Law, Woodville, Texas
General Manager, C.Jim Stewart and Stevenson, Houston,
Texas
1946
1947
1948
Deputy Chairman.
139
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Appointed by Federal Reserve Bank:
San Antonio Branch
Term
Expires
J)eCt 37
J. A. Walker.. .
. . .Executive Vice President, Del Rio National Bank, Del Rio,
Texas
T. C. Frost
Vice President, Frost National Bank, San Antonio, Texas. .
R. D. Barclay
President, National Bank of Commerce, San Antonio,
Texas
C. L. Skaggs..
. .President, The First National Bank of Weslaco, Weslaco,
Texas
Appointed by Board of Governors:
Holman M. Cartwright. . . .Livestock and farming, Twin Oaks Ranch, Dinero, Texas. .
J. M. Odom
General Contractor, Austin, Texas
George W. Stocking
Professor of Economics, University of Texas, Austin, Texas
Class A:
1946
1947
1948
1948
1946
1947
1948
District N o . 12—San Francisco
C. K. Mclntosh. .
, . .Chairman of the Board, The Bank of California, N. A.,
San Francisco, Calif
Vacancy
Carroll F. Byrd
Chairman of the Board and Executive Vice President, The
First National Bank of Willows, Willows, Calif
1948
Class B:
Vacancy
St. George Holden
Reese H. Taylor
Class C:
Brayton Wilbur
Henry F. Grady1
Harry R. Wellman2. .
1946
1947
1946
St. George Holden Realty Company, San Francisco, Calif. 1947
President, Union Oil Company of California, Los Angeles,
Calif
1948
President, Wilbur-Ellis Company, San Francisco, Calif.. . 1946
President, American President Lines, Ltd., San Francisco,
Calif
1947
. .Director, Giannini Foundation of Agricultural Economics,
University of California, Berkeley, Calif
1948
L s
Appointed by Federal Reserve Bank:
<> Angeles Branch
W. N. Ambrose
Managing Director, Los Angeles, Calif
1946
Herbert D. Ivey
President, Citizens National Trust & Savings Bank of
Los Angeles, Los Angeles, Calif
1946
F. E. Snedecor. .
..President, The First National Bank of Corona, Corona,
Calif
1947
Appointed by Board of Governors:
C. E. Myers
Agriculturist, Covina, Calif
1946
Y. Frank Freeman
Vice President, Paramount Pictures, Inc., Hollywood,
Calif
1947
Appointed by Federal Reserve Bank:
Portland Branch
D. L. Davis
Managing Director, Portland, Ore
1946
William C. Christensen.... President, The Commercial National Bank of Hillsboro,
Hillsboro, Ore
1946
Chas. H. Stewart
President, Portland Trust & Savings Bank, Portland, Ore. 1947
1
Chairman.
140
2
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Appointed by Board of Governors:
William H. Steen..
. .Livestock and farming, Milton, Ore....
Vacancy..
.
Appointed by Federal Reserve Bank:
W. L. Partner
Orval W. Adams.
D. F. Richards.
Term
Expires
Dec. 31
1946
1947
Salt Lake City Branch
. .Managing Director, Salt Lake City, Utah
1946
. .Executive Vice President, The Utah State National Bank
of Salt Lake City, Salt Lake City, Utah
1946
. President, American National Bank, Idaho Falls, Idaho. . 1947
Appointed by Board of Governors:
R. C. Rich
Livestock and farming, Burley, Idaho.. . .
Henry Aldous Dixon..
.President, Weber College, Ogden, Utah. .
Appointed by Federal Reserve Bank:
Seattle Branch
C. R. Shaw
.Managing Director, Seattle, Wash
Fred L. S t a n t o n . . . . . . .
. President, The Washington Trust Company, Spokane,
Wash
Lawrence M. Arnold... ..Chairman of the Board, Seattle-First National Bank,
Seattle, Wash
Appointed by Board of Governors:
John M. McGregor. .
. .Manager, McGregor Land & Livestock Company, Hooper,
Wash
Vacancy..
,
FEBRUARY 1946
1946
1947
1946
1946
1947
1946
1947
HI
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled January 24, and released for publication January 26]
Industrial output declined slightly in December
and, with new strikes occurring within the past
two weeks, a large decrease is indicated in January.
The value of retail trade in December and the early
part of January was maintained at record levels,
after allowing for seasonal changes.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production decreased from 168 per cent of the
1935-39 average in November to 164 in December.
The decline was due mainly to the stoppage of work
at leading automobile plants and to holiday influences on activity in the steel, textile, paper, and
mining industries.
Output of most types of producers equipment
and of many consumer durable goods showed further gains in December and increases also occurred
in output of construction materials. These gains,
however, were more than ofTset by suspension of
operations at certain automobile plants and total
durable goods output declined by three per cent,
reflecting decreases not only in output of automobiles and parts but also of such other metal products as diesel locomotives and refrigerators.
Steel production declined slightly in December
owing to most plants being shut down for two days
in observance of the Christmas holiday. In the
first three weeks of the month steel production was
above the November rate and output was resumed
at a high level during the first three weeks of January. In the following week, however, steel output
dropped to five per cent of capacity as negotiations
for a new wage contract collapsed.
Output of nondurable goods in December was
maintained at about the level of the preceding
month. Meat production continued at a high level
in December and the early part of January. Activity at most meat-packing plants was suspended in
the latter part of January due to an industrial dispute. Production of cigarettes declined considerably, reflecting an accumulation of stocks resulting
from increased output for civilian use since the end
of the war. Output of tires for civilians increased
substantially in November and December and rationing was eliminated on January 1. Cotton consumption declined in December, reflecting holiday
influences.
Coal production in December was about 10 per
cent below the November level because of reduced
operations at mines around the Christmas holiday.
A high rate of output was maintained in both
bituminous and anthracite coal mines in the early
part of January. Output of crude petroleum and
of metals was generally maintained in December.
Awards for private construction, especially contracts for manufacturing and commercial buildings
and those for residential building for sale or rent,
DEPARTMENT STORE SALES AND STOCKS
INDUSTRIAL PRODUCTION
PER CENT
PHYSICAL VOLUME SEASONALLY ADJUSTED, 1935-39- 100
260
-
r
240
-
220
-
200
-
180
-
-
J
1937
1938
1939
J
1940
1941
1942
1943
f\ ^
V
1
/
/
/
240
220
220
200
200
I
•
180
180
160
160
1944
1945
Federal Reserve index. Monthly figures, latest shown is for
December 1945.
142
DOLLAR VOLUME SEASONALLY ADJUSTED, 1935-39-100
PER CENT
140
1937
1938
1939
1940
1941
1942
1943
1944
1945
Federal Reserve indexes. Monthly figures, latest shown are
for December.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
continued to advance sharply in November and the furnaces, and various other manufactured products
^arly part of December.
were advanced and there were indications that
the general level of steel prices would be raised.
EMPLOYMENT
Employment in most lines of activity continued
to rise in December, after allowing for seasonal
changes. Gains in employment in trade, transportation, construction, and most durable and nondurable goods industries were offset in part by the
loss in employment due to the automobile strike.
DISTRIBUTION
Sales at department stores were about 10 per cent
larger in December than a year ago, and in the first
three weeks of January sales continued to show
about the same increase above the relatively high
level in the corresponding period of 1945. Most
other types of stores in recent months have shown
even larger increases in sales than department
stores, and the total value of retail trade has been
running 12 to 15 per cent above year-ago levels.
COMMODITY PRICES
Prices of most farm products and foods were
maintained at advanced levels in December and
the early part of January. Ceiling prices were reestablished for citrus fruits; egg prices also declined,
reflecting seasonal increases in supplies.
Price ceilings for furniture, printing machinery,
SECURITY MARKETS
Prices of Treasury bonds have risen sharply in
recent weeks with the result that yields are now at
the lowest levels on record. Stock market prices
rose sharply in January to the highest levels for a
number of stocks since 1930. Effective January 21,
the Board of Governors of the Federal Reserve
System raised margin requirements for listed stocks
to 100 per cent.
BANK CREDIT
Return flow of currency of almost 700 million
dollars, following the Christmas rise, together with
a reduction of Treasury deposits at Federal Reserve
Banks early in January, provided member banks
with substantial amounts of reserve funds. At the
same time, bank loans made for purchasing and
carrying Government securities during the Victory
Loan Drive were reduced. Member banks continued to increase their holdings of Government
securities, while the Federal Reserve Banks reduced
their portfolio. Bank deposits have shown little
change since the sharp decline in demand deposits
adjusted and the increase in U. S. Government deposits during the Victory Loan Drive.
MEMBER BANK RESERVES AND RELATED ITEMS
COST OF LIVING
PER
C
ENT
1935-39-100
PER
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
bU
32
32
1'
50
_A
40
F00D5/
\ ^
130
30
CLOTHING/V***!*"/^^-^^''
1 / / • >T Al I ITFMR
20
As
10
r^-—^
1
BPMT
120
110
00
100
90
90
80
80
1937
1938
1939
1940
1941 1942 1943 1944 1945
Bureau of Labor Statistics' indexes. Last month in each
calendar quarter through September 1940, monthly thereafter.
Mid-month figures, latest shown are for November.
FEBRUARY 1946
1939
1940
1941
1942
1943
1944
1945
Wednesday figures, latest shown are for January 30.
143
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 statistics.
Consumer credit statistics.
Wholesale prices
Gross national product, national income, and income payments. .
Current statistics for Federal Reserve chart book. . .
....
Earnings and expenses of Federal Reserve Banks during 1945.
Changes in number of banking offices in the United States.
147
148-149
149-153
153
153-154
155-156
156
157
158-159
160-161
162-165
166
167
168-169
170
171-173
174
175-184
185-187
188-189
190
191
192-193
194-195
196
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to
the Board; index numbers of production are compiled by the Board on the basis of material collected
by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of
Government credit agencies are obtained principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other series on business
activity are obtained largely from other sources. Back figures for banking and monetary tables, together
with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics;
back figures for most other tables may be obtained from earlier BULLETINS.
FEBRUARY
1946
145
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
30
1939
1940
1939
1940
1941
1941
1942
1943
1944
1945
1946
1942
1943
1944
1945
1946
Wednesday figures, latest shown are for Jan. 23. See p. 147
146
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
fin millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
advances Total
Date
Treasury
bills
and
certificates
All
other
All
other1 Total
Gold
stock
Treasury
currency
outstanding
Money
in circulation
Treasury
cash
holdings
TreasOther
ury deFedposits Noneral
with
memRefederal >er deReposits serve
acserve
counts
Banks
Member
bank reserve
balances
Total
Excess2
M o n t h l y averages of
daily figures:
1944—Oct.
Nov.
Dec
1945_Oct.
Nov.
Dec
190
436
265
369
636
381
17,079 14,757 2,322
18,129 15,775 2,354
18,693 15,895 2,798
23,123 20,216 2,908
23,333 20,390 2,943
23,708 20,649 3,059
419
445
654
395
420
654
17,689 20,753
19^009 20*708
19*612 20*657
!3*888 20'048
24,389 20'033
24*744 20[047
4,114
4] 116
4*125
4*. 261
4 290
4*322
24,112
24,738
25,207
27,943
28,151
28,452
2,362
2*.340
2*, 355
2^259
2^268
2*269
290
262
666
448
419
625
1,593
1*579
1,595
1,388
1347
1,247
391
395
403
483
485
493
L3,808
[4^520
14,168
15,675
16,043
16,027
1*284
1,057
1,167
1,498
End of m o n t h figures:
1944—Oct. 3 1 . . . .
Nov. 30 . . .
Dec. 31
1945—Oct. 3 1 . . . .
Nov. 30 . .
Dec. 3 1 . . . .
345
473
80
439
775
249
17,647 15,301 2,346
18,388 16,031 2,357
18,846 16,035 2,812
23,276 20,379 2,898
23,472 20,393 3,079
24,262 21,196 3,067
333
496
819
272
450
580
18,325 20,727
19,357 20,688
19,745 20,619
23,987 20,036
24,697 20,030
25,091 20,065
4,115
4,122
4,131
4,278
4,303
4,339
24,425
25,019
25,307
28,049
28,211
28,515
2,332
2,327
2,375
2,244
2 239
2,287
255
138
440
429
866
977
1,614
1,561
1,598
1,373
1,209
1,308
392
395
402
483
483
495
14,148
14,728
14,373
15,723
16,022
15,915
960
1,124
1,625
904
1,024
1,471
Wednesday figures:
1945—Mar. 7 . . . .
Mar. 1 4 . . . .
Mar. 2 1 . . . .
Mar. 2 8 . . . .
304
255
192
218
19,350
19,576
19,493
19,516
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
899
1,013
1,067
852
Apr. 4 . . . .
Apr. 1 1 . . . .
Apr. 18. . . .
Apr. 2 5 . . . .
220
323
341
508
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
May
May
May
May
2....
9....
16....
23....
30....
569
552
487
724
886
19,580 17,414 2,167
20,091 17,975 2,116
20,153 18,037 2,116
20,444 18,331 2,113
20,479 18,374 2,104
20,720 18,617 2,103
20,668 18,555 2,113
20,929 18,809 2,120
21,023 18,891 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
927
961
1,045
866
1,113
June 6 . . . .
June 1 3 . . . .
J u n e 20
June 2 7 . . . .
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
July
July
July
3....
11....
18....
25....
39
73
126
229
21,745
21,544
21,613
21,570
18,948
18,747
18,816
C
18,771
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
1,408
1,136
1,048
994
Aug. 1 . . . .
Aug. 8 . . . .
Aug. 1 5 . . . .
Aug. 2 2 . . . .
A u g . 29
399
353
312
400
442
21,877
21.91G
21,869
22,296
22,358
19,066
19,099
19,058
19,466
19,516
2,811
2,811
2,811
2,829
2,841
288
342
601
447
263
22,564
22,606
22,782
23,142
23,063
20,152
20,151
20,130
20,088
20,088
4,198
4,197
4,198
4,201
4,215
27,130
27,269
27,351
27,506
27,600
2,260
2,269
2,257
2,248
2,262
678
538
398
671
397
1,532
1,588
1,643
1,557
1,577
454
457
458
458
458
14,861
14,833
15,004
14,992
15,070
1,063
1,066
1,132
1,018
986
Sept. 5
S e p t . 12
Sept. 19. . . .
Sept. 2 6 . . . .
377
457
301
422
19,670
20,014
20,116
20,306
2,765
2,795
2,850
2,880
380
412
441
285
23,192
23,677
23,707
23,892
20,088
20,096
20,095
20,093
4,216
4,216
4,222
4,222
27,750
27,793
27,777
27,729
2,269
2,267
2,268
2,263
304
598
428
961
1,529
1,538
1,525
1,506
463
465
475
475
15,180
15,329
15,552
15,274
966
964
1,039
893
Oct. 3
Oct. 1 0 . . . .
Oct. 1 7 . . . .
O c t . 24
Oct. 3 1 . . . .
314
313
316
389
439
22,435
22,808
22,965
23,186
23,212
23,272
22,901
23,089
23,276
20,297
20,357
19,985
20,192
20,379
2,916
2,916
2,916
2,898
2,898
294
338
482
312
272
23,821
23,923
23,699
23,790
23,987
20,072
20,040
20,039
20,038
20,036
4,248
4,257
4,262
4,270
4,278
27,853
27,962
27,952
27,974
28,049
2,268
2,282
2,249
2,248
2,244
648
535
293
295
429
1,469
1,419
1,324
1,349
1,373
484
485
482
482
483
15,420
15,537
15,700
15,751
15,723
1,001
1,027
1,032
1,002
904
Nov.
Nov.
Nov.
Nov.
7....
14....
21
28->.. .
508
596
630
792
23,076 20,179 2,898
23,448 20,510 2,938
23,343 20,372 2,970
23,646 20,627 3,019
292
455
359
326
23,877
24,498
24,331
24,764
20,035
20,034
20,032
20,031
4,285
4,284
4,297
4,297
28,137
28,178
28,198
28,169
2,268
2,265
2,272
2,269
261
580
410
557
1,310
1,313
1,360
1,351
484
486
484
485
15,737
15,994
15,937
16,261
928
1,163
1,043
1,293
Dec. 5 . . . .
D e c . 12. . . .
Dec. 1 9 . . . .
Dec. 2 6 . . . .
345
312
360
492
23,525
23,493
23,668
24,037
20,474
20,440
20,602
20,970
3,052
3,053
3,067
3,067
359
460
829
643
24,229
24,264
24,859
25,172
20,029
20,045
20,066
20,065
4,303 28,279
4,317 28,370
4,326 28,557
4,334 28,649
2,242
2,268
2,288
2,283
8
627
718
1,199
1,304
1,204
1,284
1,282
487
488
496
500
16,242 ' 1 , 5 9 4
15,669 '•1,296
15,906 1,332
15,658 1,213
222
215
210
207
24,092
23,859
23,437
23,341
21,602
21,377
21,030
20,968
2,490
2,482
2,407
2,373
533
463
426
373
24,847
24,536
24,072
23,922
20,065
20,046
20,111
20,135
4,352
4,362
4,377
4,385
2,306
2,256
2,262
2,282
771
758
272
578
1,299
1,307
1,257
1,239
498
505
505
506
15,900
15,822
16,145
15,859
1946—Jan.
Jan.
2....
9....
Jan. 1 6 . . . .
Jan. 23
17,152
17,378
17,294
17,326
28,491
28,297
28,119
27,977
958
PI.478
PI.327
P1,597
1,339
r
c
P Preliminary.
Revised.
Corrected.
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.
1
2
FEBRUARY 1946
147
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect January 31. Per cent per annum]
Discounts for and advances to member banks
Federal Reserve
Bank
Advances secured by
Government obligations maturing or
callable in one year
or less (Sec. 13)
Effective
Rate
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco. . . .
Advances secured by
Government obligations
maturing or callable
beyond one year and Other secured advances
discounts of and
[Sec. 10(b)J
advances secured by
eligible paper
(Sees. 13 and 13a)*
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Effective
Rate
27,1942
30,1942
17,1942
27,1942
28,1942
15,1942
17,1942
27,1942
30,1942
27,1942
17,1942
28,1942
1939
Sept. 1,
Aug. 25, 1939
Mar. 21,1942
Apr. 11,1942
Mar. 14,1942
Mar. 21, 1942
Feb. 28,1942
Mar. 14, 1942
Mar. 28,1942
Apr. 11,1942
Mar. 21, 1942
Apr. 4, 1942
Rate
Effective
Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)
To nonmember banks
Rate
Effective
Oct. 27,1942
Oct. 30,1942
Oct. 17,1942
vSept. 12,1942
Oct. 28, 1942
Oct. 15,1942
Aug. 29,1942
Mar. 14, 1942
Oct. 30,1942
Oct. 27,1942
Oct. 17,1942
Oct. 28,1942
To others
Effective
Rate
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
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 intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the
Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months
and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or
corporations made under the last paragraph of Section 13 is 90 days. Backfigures.—SeeBanking and Monetary Statistics, Tables 115-116. pp.
439-443.
FEDERAL RESERVE BANK BUYING RATES ON BILLS
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
[Per cent per annum]
OF THE FEDERAL RESERVE ACT *
Maturity
Rate on
Jan. 31
In effect beginning—
%
Apr. 30, 1942
y*
Oct. 20, 1933
Oct. 20, 1933
Oct. 20, 1933
Treasury bills l
Bankers' acceptances:2
1- 90 days
91-120 days
121-180 days
1
1
1
Established rate at which the 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, ail 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 ON LOANS GUARANTEED BY WAR DEPARTMENT,
NAVY DEPARTMENT, AND MARITIME COMMISSION UNDER EXECUTIVE ORDER NO. 9112 AND
CONTRACT SETTLEMENT ACT
OF 1944
[Rates in effect January 31]
FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS
Percentage of loan guaranteed
Guarantee fee
(In terms of percentage of amount
of interest payable
by borrower)1
10
15
20
30
50
80 or less
85
90
95
Over 95
MAXIMUM RATES THAT MAY B E CHARGED BORROWERS BY
FINANCING INSTITUTION?
[Per cent per annum]
Maximum rate of interest....
Maximum commitment rate 2 .
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 fiat fee of not to exceed $50, without regard to the
amount or maturity of the commitment.
148
Maturities not exceeding five years
[In effect January 31. Per cent per annum]
To industrial or
commercial
businesses
To financing institutions
Previous
rate
Federal
Reserve
Bank
Boston
New York
Philadelphia. . .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas City. . .
Dallas
San Francisco..
On discounts or
purchases
On
loans2
On
commitments
Portion
for which
institution is
obligated
Remaining
portion
(3)
(4)
On
commitments
5 2
2^-5
2^-5
23^-5
2^-5
23^-5
23^-5
2^-5
2^-5
i-iy2
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.
6
May charge rate charged borrower by financing institution, if
lower.
• Charge of \i per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Nov. 1,1933- Feb. 1, 1935- Effective
Jan.31,1935 Dec.31,1935 Jan. 1, 1936
Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 m o n t h s . . . .
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
MARGIN REQUIREMENTS 3
[Per cent of market value]
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits 1
Period in effect
June
21 ,
Aug. 16 ,
Mar. 1 ,
May
1,
Apr. 16 ,
Nov. 1 ,
Aug. 20 ,
Sept. 14 ,
Oct. 3 ,
Central
reserve
city
banks
1917-Aug. 15, 1936..
1936-Feb. 28, 1937..
1937-Apr. 30, 1937..
1937-Apr. 15, 1938..
1938-Oct. 3 1 , 1941..
1941-Aug. 19, 1942..
1942-Sept. 13, 1942..
1942-Oct. 2, 1942..
1942 and after
13
19/^
22M
26
22^
26
24
22
20
Time
deposits
(all
Reserve
Country member
city
banks
banks)
banks
10
15
\7}/2
20
173^
20
20
20
20
7
3
10J^
5M
14
12
14
14
14
14
6
5
6
6
6
6
Prescribed in accordance with
Securities Exchange Act of 1934
July 5,
1945Jan. 20,
1946
Effective
July 5,
1945
Effective
Jan. 21,
1946
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
50
50
75
75
75
100
100
50
100
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; the
"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.
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.
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1946
Jan. 30
Jan. 23
1946
Jan.16
Jan. 9
Jan. 2
Dec. 26
Dec. 19
January.
1945
December
January
Assets
17,188,565 17,163,565 17,163,565 17,088,560 17,062,565 17,062,565 17,067,565 17,188,565 17,062,565 17,768,865
Gold certificates
Redemption fund for
604,388
794,424
794,424
796,381
802,323
800,371
794,423
800,359
795,386
800,359
F. R. notes
Total gold certificate reserves.... 17,982,989 17,957,989 17,959,946 17,890,883 17,862,924 17,862,936 17,862,951 17,982,988 17,862,924 18,373,253
Other cash
Discounts and advances:
For member banks. ..
For nonmember
banks, etc
Total discounts and
advances
Industrial loans
U. S. Gov't securities:
Direct:
Bills:
Under repurchase
option
Other
Certificates:
Special
Other
Notes
Bonds
Guaranteed
356,110
339,219
313,990
277,548
232,448
206,77"4
216,125
358,700
236,315
292,544
264,990
160,105
162,900
167,800
175,442
445,027
312,855
249,215
201,865
175,850
45,040
47,040
47,040
47,040
47,040
47,000
47,000
45,040
47,040
310,030
207,145
209,940
214,840
222,482
492,027
359,855
294,255
248,905
175,850
1,783
1,843
1,826
1,882
1,939
2,038
2,255
1,799
1,941
3,924
5,244,960 5,172,169 4,912,161 4,946,742 4,681,357 4,845,110 4,564,012 5,144,726 4,851,923 4,628,675
7,643,274 7,609,864 7,588,025 7,619,447 7,979,322 7,957,459 7,922,049 7,721,064 7,979,322 6,747,130
8,056,711 8,186,211 8,529,911 8,810,511 8,941,011 8,167,461 8,115,461 8,046,711 8,364,461 4,896,640
1,404,700 1,426,200 1,459,700 1,535,100 1,543,100 2,119,650 2,119,650 1,404,700 2,119,650 1,565,721
946,892
946,892
946,892
946,892
946,892
946,892 1,165,672
946,892
946,892
946,892
2,500
Total U. S. Govt.
securities, including guaranteed
23,296,537 23,341,336 23,436,689 23 ,858,692 24,091,682 24 036,572 23,668,064 23 264,093 24, 262,248 19,006,338
securities
Other Reserve Bank
366,107
371,443
289,160
423,616
578,272
461,059
826,731
credit outstanding....
531,076
641,033
415,960
Total Reserve Bank
credit outstanding 23,897,510 23,921,767 24,072,071 24,536,473 24,847,179 25,171,670 24,856,905 23,976,107 25,091,366 19,552,219
Liabilities
Federal Reserve notes. . 24,147,899 24,208,912 24,342,950 24,484,899 24,634,868 24,736,391 24,663,200 24,153,383 24,649,132 21,748,046
Deposits:
Member bank — re15,681,187 15,859,412 16,145,179 15,821,635 15,900,136 15,657,678 15,905,934 15,681,691 15,914,950 13,883,718
serve account
U. S. Treasurer—gen272,196
647,581
762,397
577,706
718,240
eral account
757,818
976,668
771,153 1,198,710
845,456
872,265
837,273
835,651
Foreign
844,008
906,232
853,531
862,320 1,246,754
863,436
888,398
387,032
425,407
401,953
421,398
Other deposits
439,582
400,407
445,657
445,572
418,880
406,127
Total deposits
17,741,256 17,676,344 17,674,424 17,886,092 17,970,477 18,138,704 17,907,764 17,821,672 18,199,510 16,165,085
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent). .
42.9
42.9
42.7
42.2
41.9
42.0
42.8
41.
48.5
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
January 30, 1946
Discounts and advances
Industrial loans
U. S. Government securities.. . .
FEBRUARY
1946
Total
Within
15 days
16 to 30
days
31 to 60
days
61 to 90 91 days to 6 months 1 year to 2 years to Over
5 years
days
5 years
6 months to 1 year 2 years
310,030 238,135
24,590
1,435
45,870
1,783
1,689
3
43
3
12
23,296,537 4, 262,383 2,917,921 4,207,440 5 332,611 1,432,500 3,945,340
12
507,652
690,690
149
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Assets
Gold certificates:
17,062,565 780,234 4,660,960) 876,112| 1,137,623 1,070,423 ,002,091 3,220,843 556,837
Dec. 26
17,062,565 739,087 4,874,011 834,041 1,126,649 889,911 967,749 3,193,380 567,746)
Jan. 2
17,088,560] 765,344 5,390,682 841,115 1,100,597 906,3891 950,735 2,684,658 558,544
Jan. 9
17,163,565 730,417 5,290,004 815,894 1,115,795 915,570 982,546|2 79,710 564,683
Jan. 16
17,163,565 729,738 5,340,766 822,152 1,112,8641 895,766 951,735 2,781,907 556,293
Jan. 23
Redemption fund
for F. R. notes:
59,189
60,0841 45,950 135,320 42,997
61,134
800,371
78,031
Dec. 26
124,283
42,997
59,189
60,083
61,134] 78,031
45,950 135,309
800,359
Jan. 2
124,283
63,342
59,090
60,969
45,825, 150,167 42,954
802,323
77,886
Jan. 9
108,912
145,154
42,950
63,2741
45,404
59,077
796,381
77,879
Jan. 1 6 . . . . .
108,540 60,959
42,921
62,665
60,826
45,129 145,042
794,4241 58,979] 108,129
77,768
Jan. 23
Total gold certificate reserves:
17,862,936 839,423 4,785,243 937,246 1,215,654 1,130,507 1,048,041,3,356,163 599,834
Dec. 26
3,328,689 610,743
17,862,924 798,276 4,998,294 895,175 1,204,680 949,994 l,013,699|3,328,689
Jan. 2
17,890,883 824,434 5,499,594 902,084 1,178,483 969,731 996,560 2,834,825 601,498
Jan. 9
17,959,946 789,494 5,398,544 876,853 1,193,674 978,844 1 027,950 2,924,864 607,633
Jan. 16
17,957,989 788,717 5,448,895 882,978 1,190,632 958,431 996,864 2,926,949 599,214
Jan. 23
Other cash:
24,318
17,367
20,523
12,234
206,774
13,465
15,141
Dec. 26
15,485
31,215
26,703
18,125
23,941
14,726
232,448
15,777
17,608
Jan. 2
15,542
36,179
22,618
25,326 32,400
15,731
277,548
18,648
20,292
Jan. 9
23,523
49,339
38,620
26,254
31,765
17,003
313,990
21,319
24,479
Jan. 16
23,758
56,662
42,982
28,966
32,705
18,947
339,219
23,771
23,769
Jan. 23
29,209
63,811
Discounts & advances:
Secured by
U. S. Govt.
securities:
445,027
Dec. 2 6 . . .
1,600
23,060 339,7601
4,412
4,465
19,530
5,650
15,750
175,482
Jan. 2 . . .
1,060
4,250
1,575
14,450
115,880
6,000
7,017
167,8401
Jan. 9 . . .
9,775
5,250
2,500
2,300
4,650
110,725
6,100
3,540
162,940
Jan. 16...
7,040]
5,700
2,700
10,400| 11,950
4,800
99,975
2,525
160,145
Jan. 2 3 . . .
6,405
1,250
500
5,500
4,500
91,275
12,650
7,540
Other:
6,110
47,000
Dec. 2 6 . . .
1,645
3,149
4,136
1,974
4,089
1,410
17,014
47,000
Jan. 2 . . .
1,645
3,149
4,136
1,974
4,089
6,110
1,410
17,014
47,000
Jan. 9 . . .
1,645
3,149
4,136
1,974
4,089
17,0141
6,110
1,410
47,000
Jan. 1 6 . . .
1,786
3,008
3,901
2,209
4,371
6,298
1,598
15,651
47,000
Jan. 2 3 . . .
1,786
3,008
3,901
2,209
4,371
15,651
6,298
1,598
Industrial loans:
Dec. 26
2,038
110]
1,857
56
Jan. 2
1,939
110
1,761
53
Jan. 9
1,882
49
110
1,723,
Jan. 16
1,826|
46
110
l,670|
Jan. 23
1,843
42
106
1,695
U. S. Govt.
securities:
Bills:
Under repurchase
option:
Dec. 2 6 . . . 4,845,110 122,244 3,057,058 247,923 149,321
20,640 705,943 120,222
46,651
22,140 790,385
Jan. 2 . . . 4,681,357 101,987 2,922,853 202,173 139,1401 41,281
88,221
20,740 1,424,770 80,102
99,707 2,668,553 201,432 135,025
Jan. 9 . . . 4,946,742
24,441
9,740 1,410,905
89,580 2,633,236 240,586 147,950 30,157
Jan. 16... 4,912,161
74,630)
16,740 1,498,036 106,631
89,415 2,714,252 232,266 134,690 37,571
Jan. 2 3 . . . 5,172,169
Other bills:
Dec. 2 6 . . . 7,957,459 603,834
35,005 538,736 977,393 631,506 614,081 1,490,539 388,347
Jan. 2 . . . 7,979,322 602,856
58,066 573,782 939,405 773,234 654,872 1,359,921 438,179
558,594 973,151 748,021 634,052 1,148,642 450,524
Jan. 9 . . . 7,619,447 584,288
550,235 946,213 745,396 631,8841 1,082,7761 471,1301
Jan. 16. .. 7,588,025 608,556
571,627 993,194 747,220 633,391 1,051,593 449,747
Jan. 2 3 . . . 7,609,864 629,961
Certificates:
8,167,461 569,292 2,050,626] 606,751 782,870 501,505 410,597 1,070,394 418,032
Dec. 26
8,941,011 615,225 2,238,391 676,658 8S4.982 560,7361 463,613 1,147,538 438,623
Jan. 2
8,810,511 605,913 2,206,874 666,693 842,032 552,464 456,781 1,130,876 432,339
Jan. 9
8,529,911 585,748 2,139,591 645,227 813.984| 534,643 442,066 1,095,091 418,877
Jan. 16..
8,186,211 561,202 2,056,643 618,977 779,847 512,855 424,070 1,051,215 402,334
Jan. 2 3 . .
Notes:
2,119,650 147,746
Dec. 26
532,187 157,466 203,173 130,153 106,559 277,793 108,488
1,543,100 106,181
80,013 198,049
75,701
Jan. 2
386,317 116,782 147,5591 96,775
1,535,100 105,572
96,259! 79,587 197,038
75,329)
Jan. 9
384,515 116,161 146,711
1,459,700 100,238 366,142 110,416 139,295 91,492
75,649 187,399
71,681
Jan. 16
1,426,200
97,773
89,350| 73,881 183,143
70,093
Jan. 23
358,309 107,838 135,866
Bonds:
47,602 124,096
946,892
66,001
70,344
58,142
48,464
Dec. 26
90,761
237,739
946,892
65,156
71,661
46,453
Jan. 2
90,547 59,3841 49,098 121,529
237,055
946,892
65,1201 237,179
71,651
59,3 751 49,092 121,538 46,465
Jan. 9
90,495
946,892
65,023
71,6261 90,359
59,350 49,073 121,564 46,499
Jan. 16
237,513
946,892
64,914 237,891
71,596
59,322 49,052 121,593
46,537
Jan. 23
90,205
Total U. S. Govt.
securities:
Dec. 26
24,036,572 1,509,117 5,912,615 1,621,220 2,203 ,518) 1,367,957 1,199,479 3,668,765 1,083,553
Jan. 2
24,091,682 1,491,405 5,842,682 1,641,056 ,171,633 1,531,410 1,269,736|3,617,422 1,087,177
Jan. 9
23,858,692 1,460,6001 5,497,121 1,614,531 2,187,414 ,480,560 1,240,252 4,022,864 1,084,759
Jan. 16
23,436,689 1,449,145 5,376,482 l,618,090|2 ,137,801 1,461,038 1,208,412 3,897,735 1,082,817
Jan. 23
23,341,336 1,443,265 5,367,095 1,602,3042 ,133,802 1,446,318 1,197,134 3,905,580|l ,075,342
Total loans and
securities:
Dec. 26
24,530,637 1,535,436 6,269,389 1,631,625 2,227,137 1,374,452 l,202,724|3,680,525 1,100,713
Jan. 2
1,095,604
24,316,103 1,495,724 5,975,576 1,651,203 2,190,172 1,535,012 1,271,381
Jan. 9
24,075,414 1,473,634 5,624,860 1,625,640 2 ,196,153 1,485,083 1,244,197 4,035,074 1,089.709
Jan. 16....... 23,648,455 1,459,303 5,492,108 1,629,361 2 ,146,972 1,465,993 1,220,598 3,915,983 l,086,940|
Jan. 23
23,550,324 jl, 452,784 5,474,021 1,609,150 2 ,142,673 1,449,069 1,204,420 3,924,528 1,084,480!
150
Minneapolis
Kansas
City
323,662 582,225
327,586 581,676)
332,913 586,319
317,702 579,244
327,154 575,980
20,145
20,145
20,132
20,131
20,119
35,246
35,246
35,216
35,211
35,178
343,807
347,731
353,045
337,833
347,273
617,471
616,922
621,535
614,455
611,158
7,265
7,048|
7,103
7,426|
6,704
5,000
10,000
10,800
5,700
12,100
1,081
1,081
1,081
1,175
1,175
10,386
14,287
13,624
15,156
16,321
Dallas
San
Francisco
472,742
477,737
469,459
471,035
460,836
,378,813
,482,992
,501,805
,600,965
,608,374
26,155
26,155
26,123
26,118
26,086
111,837
111,837
111,707
111,684
111,582
498,897 ,490,650
503,892 ,594,829
495,582 613,512
497,153 ,712,649
486,922 719,956
9,049
11,360
11,698
12,880
13,239
15,800
15,250
12,200
12,150
18,425
1,410]
1,410!
1,410
1,551
1,551
30,326
31,152
37,246
38,668
38,795
10,000
1,410
1,410
1,410
1,504
1,504]
3,572
3,572
3,572
3,948
3,948
23,469
21,323
21,748)
19,117
27,303
267,760
270,000
210,900
208,240
231,565
15
15
40,488
38,115
25,785
30,060|
34,290
277,268
290,355
287,903
294,899|
296,992
43,391
43,739
33,539
17,960]
49,410
483,409
494,134
498,485
533,975
537,414
226,562 407,910
244,101 435,283
240,428 428,924
232,489 415,242
222,818 398,490j
415,330| ,502,011
404,992 1,389,526
392,799 1,342,988
416,713 1,306,248
429,682 1,269,043
356,376
390,911
385,276
373,186
358,347
766,546
874,950
861,911
833,767
799,413
58,797
42,128
41,891
39,786
38,818
105,862
75,124
74,733
71,O6O|
69,425
92,489
67,466]
67,128
63,862
62,430)
198,937
151,005
150,176
142,680
139,274
26,266
25,851
25,840|
25,808
25,772
47,291
46,098)
46,097
46,096
46,093
41,317
41,399
41,407
41,426
41,449
88,869
92,661
92,633
92,555
92,468
629,381 1,087,863
640,550) ,094,378
621,847 1,081,778
623,042 1,084,333
618,690 1,100,832
928,981 2,824,123
926,091 2,778,142
908,358 2,658,608
914,304 2,583^490
919,211 2,531,763
635,462 1,105,088
651,631 1,111,053
633,728)1,095,388
629,917 1,098,034)
631,965 1,120,808
930,391 2,837,695
927,501 ,2,781,714
909,768 2,662,180
915,808 2,587,438
920,715 2,535,711
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Due from foreign
banks:
Dec. 26
Jan. 9
Jan. 16
Jan. 23
Liabilities
Federal Reserve
notes:
Dec. 262
Jan.
Jan. 9
Jan. 16
Jan. 23
Deposits:
Member bank
—reserve
account:
Dec. 26..
Jan. 2 . .
Jan. 9..
Jan. 16..
Jan. 23..
U. S. Treasurer-general
account:
Dec. 26..
Jan. 2..
Jan. 9..
Jan. 16..
Jan. 23..
Foreign:
Dec. 2 6 . . . .
Jan. 2 . . . .
Jan. 9
Jan. 1 6 . . . .
Jan. 2 3 . . . .
Other:
Dec. 2 6 . . . .
Jan.
Jan.
Richmond
Atlanta
Chicago
St.
Louis
Kansas
City
Minneapolis
San
Francisco
Dallas
1 37
5
5
5
5
5
4
4
4
4
4
14
14
14
15
15
3
3
3
3
3
3
3
3
3
3
3
3
3
4
4
3
3
3
3
3
8
8
8
9
9
2,985
5,138
5,611
7,026
6,376
13,054
18,089
21,921
24,896
22,195
5,446
6,454
6,986
6,586
6,170
10,033
12,638
12,924
13,211
12,906
25,274
30,242
34,588
36,638
40,585
9,107
14,719
14,309
14,466
13,618
17,998
17,571
17,077
17,150
16,623
8,224
9,557
9,611
8,603
7,812
6,134
7,087
5,984
6,154
6,797
8,703
9,881
9,962
8,595
7,844
4,345
6,429
5,847
4,982
4,702
22,292
22,565
26,130
28,079
26,697
2,019,476
2,345,152
1,981,365
2,314,686
2,208,323
144,721
172,276
132,951
163,820
137,551
386,154
490,170
389,324
511,392
413,441
117,423
141,801
130,332
125,394
116,039
173,008
225,840
180,481
208,675
199,017
184,750
207,837
137,772
164,450
171,823
144,559
159,255
143,541
165,317
213,977
332,828
350,441
319,719
370,480
346,013
77,123
86,593
96,312
117,150
112,940
55,136
55,474
56,166
60,234
56,937
107,316
122,541
112,524
123,011
118,897
75,995
100,324
79,153
82,549
110,021
220,463
232,600
203,090
222,214
211,667
33,615
33,376
33,376
33,378
33,360
1,559
1,352
1,352
1,352
1,352
8,693
8,674
8,674
8,674
8,674
3,313
3,313
3,313
3,313
3,313
3,989
3,989
3,989
3,989
3,979
2,769
2,769
2,769
2,769
2,762
1,569
1,568
1,568
1,568
1,568
3,111
3,106
3,106
3,108
3,108
2,062
2,059
2,059
2,059
2,058
1,258
1,263
1,263
1,263
1,263
2,597
2,591
2,591
2,591
2,591
832
829
829
829
829
1,863
1,863
1,863
1,863
1,863
63,508
63,950
59,675
62,395
65,023
5,008
9,350
4,107
3,876
3,975
14,992
13,214
13,839
14,354
14,648
3,988
3,933
4,100
4,546
4,698
5,955
5,734
5,763
6,077
6,319
3,914
3,543
3,504
3,831
4,145
3,609
3,420
3,219
3,332
3,541
8,989
8,111
8,401
9,177
9,413
3,698
3,517
3,468
3,513
3,760
1,714
1,585
1,585
1,732
1,818
2,914
2,770
2,853
2,963
3,083
2,960
2,908
2,559
2,783
3,086
5,767
5,865
6,277
6,211
6,537
44,850,651
45,014,433
44,489,321
44,509,346
44,326,673
2 546,506
2,500,248
2,464,714
2,451,132
2,419,728
11,508,780
11,540,236
11,607,591
11,506,667
11,445,722
2,712,516 3,651.271
2,717,666 3,658,605
2,691,113 3,601,326
2,667,382 3,596,366
2,646,129 3,584,745
2,736,812
2,747,010
2,653,744
2,677,009
2,650,589
2,430,136
2,487,987
2,428,724
2,465,000
2,466,697
7,423,946
7,364,167
7,250,616
7,279,397
7,269,631
1,803 891
1,822,802
1,818,391
1,842,904
1,829,214
1,050,779
1,071,822
1,058,877
1,044,562
1,052,760
1,854,478
1,880,048
1,858,480
1,864,809
1,880,706
1 522,472 5,609,064
1,553,246 5,670,596
1,505,439 5,550,306
1,516,987 5,597,131
1,539,5.17 5,541,235
24,736,391
24,634,868
24,484,899
24,342,950
24,208,912
1,492,785
1,479,639
1,466,198
1,454,356
1,446,315
5,410,462
5,390,233
5,345,932
5,316,740
5,290,402
1,644,309 2,111,992
1,634,341 2,097,164
1,625,542 2,085,413
1,619,739 2,071,621
1,614,071 2,059,995
1,748,009
1,738,326
1,723,921
1,713,196
1,700,692
1,490,672 4,458,295
1,483,035 4,446,598
1,473,891 4,432,700
1,466,035 4,409,467
1,456,968 4,393,861
1,066,772
1,063,526
1,057,260
1,053,056
1,047,850
554,582
552,003
551,464
549,375
546,494
912,460
912,330
911,088
906,910
902,149
626,078 3,219,975
619,904 3,217,769
615,715 3,195,775
610,852 3,171,603
607,112 3,143,003
15,657,678
15,900,136
15,821,635
16,145,179
15,859,412
694,083
694,325
724,198
729,101
712,394
4,843,591
4,909,765
4,842,121
4,917,258
4,920,723
783,475
794,791
792,154
811,455
789,696
1,140,313
1,167,007
1,194,486
1,206,393
1,192,375
707,300
706,190
716,009
737,419
703,208
726,386 2,272,678
757,299 2,342,291
751,354 2,300,966
786,819 2,346,862
743,096 2,280,018
595,309
589,165
606,214
613,484
595,013
388,187
386,733
392,488
396,633
385,721
770,474
778,485
775,776
785,395
775,908
745,148
750,480
748,596
782,039
755,728
1,990,734
2,023,605
1,977,273
2,032,321
2,005,532
1,198,710
771,453
757,818
272,196
577,706
149,999
94,202
49,253
14,673
27,706
211,429
95,700
286,131
73,693
103,099
65,994
72,565
50,640
39,363
34,829
106,938
105,453
112,319
106,644
106,443
24,678
24,335
25,920
27,059
27,008
24,678
24,335
25,920
25,467
25,419
62,637
61,769
65,683
66,914
66,788
3,970
4,017
3,232
5,859
4,697
325,642
336,609
305,341
322,319
307,999
3,041
8,518
3,238
4,585
3,266
9,477
3,860
5,711
9,438
7,172
9,860
9,750
9,813
10,871
10,794
28,094
50,402
35,026
12,134
34,044
18,920
18,657
19,872
19,896
19,859
2,632
2,498
2,510
2,746
2,858
41,981
32,502
29,110
13,090
44,472
24,678
24,335
25,920
26,263
26,214
418,880
445,657
400,407
421,398
401,953
39,695
52,143
27,672
10,512
28,019
28,791
28,391
30,240
30,242
30,185
4,342
5,196
3,445
3,068
3,399
38,406
39,703
33,194
5,653
32,033
2337,938
2334,579
2354,471
2304,269
2307,019
77,143
44,427
31,090
15,673
32,842
34,549
34,069
36,288
37,405
37,335
2,832
11,087
4,237
3,103
3,547
30,082
45,794
24,342
12,810
39,944
55,674
55,653
58,401
51,422
51,197
139,311
80,646
49,555
10,294
46,894
71,566
70,572
75,167
74,014
73,875
5,194
7,758
8,147
7,837
8,019
293,933
125,823
102,248
54,926
125,128
863,436
853,531
906,232
835,651
837,273
82,643
37,246
39,557
9,375
28,696
72,389
71,383
76,031
66,056
65,931
528
3,122
2,127
2,161
582
1,132
2,938
1,210
1,817
1,497
50,230
50,304
51.396
47,594
48,123
903,726
848,197
835,084
801,055
795,994
5,718,600
5,676,653
5,788,064
5,617,539
5,638,840
941,548
911,938
910,980
891,471
887,589
1,356,384
1,325,983
1,327,355
1,298,538
1,321,163
821,824
795,773
787,624
793,600
776,932
799,214
843,029
812,711
830,641
804,699
2,683,026
2,577,427
2,521,244
2,517,870
2,518,761
659,929
669,044
666,289
664,224
672,759
437,833
458,290
449,896
431,409
442,482
837,661
838,444
832,933
826,909
847,176
809,364
817,456
808,920
814,976
814,677
2,169,595
2,208,243
2,144,992
2,186,192
2,155,272
110,902
133,862
124,761
156,876
138,445
187,494
281,750
281,388
379,381
322,113
77,461
122,351
105,328
106,722
94,852
127,357
180,260
132,931
170,141
147,439
138,345
184,339
113,466
141,303
143,811
116,254
137,980
118,031
144,087
180,630
203,106
260,482
216,357
271,316
275,927
56,101
69,144
73,649
104,388
87,174
42,407
45,677
41,682
47,944
47,447
83,507
108,416
93,441
109,890
110,112
66,883
95,886
60,658
70,866
97,293
168,736
194,039
158,724
188,266
191,747
Jan. 2
Jan. 2
Cleveland
10
10
10
10
10
Jan. 16
Jan. 23
Federal Reserve
notes of other
banks:
Dec. 26
Other assets:
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Total assets:
Dec. 26
1
Philadelphia
10
10
10
10
10
Jan. 2
Jan. 9
Jan. 9
Jan. 16
Jan. 23
Uncollected
items:
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Bank premises:
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan 23
New
York
Boston
2....
9....
110
110
110
110
110
7
7
7
7
7
133,595
160,370
170,950
176,386
172,325
Jan. 1 6 . . . .
Jan. 2 3 . . . .
Total deposits:
18,138,704
Dec. 26
Jan. 2
17,970,477
Jan. 9
17,886,092
Jan. 16
17,674,424
Jan. 23 . . . . 17 676,344
Deferred availability items:
Dec. 2 6 . . . . 1,378,553
Jan. 2 . . . .
1,814,186
Jan. 9 . . . . 1,520,416
Jan. 1 6 . . . . 1,891,180
Jan. 2 3 . . . . 1,836,990
40
140
140
137
1 After deducting $70,000 participations of other Federal Reserve Banks on Dec. 26; Jan. 2; Jan. 9; $73,000 on Jan. 16;
i; Jan. 23.
2
After deducting $524,820,000 participations of other Federal Reserve Banks on Dec. 26; $517,528,000 on Jan. 2; $551,2227,000 on Jan. 9; $530,832,000 on Jan. 16; and $529,833,000 on Jan. 23.
FEBRUARY
1946
151
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Other liabilities
including accrued div.:
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Total liabilities:
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Capital Acc'ts:
Capital paid in:
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Surplus
(section 7):
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Surplus
(section 13b):
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Other capital accounts:
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Total liabilities
and
capital
accounts:
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Commitments to
make industrial loans:
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
12,781
7,733
8,013
8,458
9,841
Philadelphia
New
York
Boston
772
41
393
452
425
Cleveland
888
511
501
489
439
3,447
1,368
1,458
1,703
2,548
44,266,429 ,508,185 11,320,003 2,664,206
44,427,264 ,462,115 11,350.004 2,669,141
43,899,420 ,426,436 11,416,84 2,642.351
43,917,012 ,412,739 11,315,363 2,618,421
43,732,087 ,381,179 11,253,903 2,596,951
Richmond
Atlanta
582
430
431
386
47:
1,254
783
81
979
841
Chicago
St.
Louis
1,882
1,792
2,161
2,106
2,169
57362
350
346
391
Minneapolis
44
296
272
27
296
Kansas
City
551
37
294
236
675
San
Francisco
Dallas
493
45
310
297
311
337
246
23
288
34:
1,440
844
803
885
906
3,596,987 2,708,760 ,406,714 7,346,309 1,783,246 1,035,373 1,834,082
3,604,190 2,718,868 ,464,406 7,286,299 1,802,010 1,056,344 1,859,500
3,546,518 2,625,442 ,404,983 7,172,462 1,797,470 1,043,336 1,837,759
3,541,279 2,648,485 441,109 7,200,759 1,821,945 1,028,964 1,844,020
3,529,438 2,621,907 442,688 7,190,718 1,808,079 1,037,098 1,859,774
1,502,818
1,533,492
,485,527
1,496,982
1,519,424
5,559,746
5,620,895
5,500,294
5,546,946
,490,928
175,836
177,337
178,250
178,837
179,146
10,63?
10,639
10,671
10,682
10,703
62,73:
63,636
63,707
63,797
63,848
13,058
13,064
13,161
13,247
13,280
17,659
17,693
17,902
17,983
18,002
7,173
7,179
7,221
7,305
7,321
6,354
6,398
6,458
6,508
6,520
20,756
21,125
21,201
21,271
21,384
5,586
5,613
5,641
5,667
5,704
3,851
3,896
3,903
3,910
3,914
5,731
5,770
5,848
5,881
5,897
6,007
6,027
6,107
6,120
6,126
16,297
16,297
16,430
16,466
16,447
228,153
358,355
358,355
358,355
358,355
15,239
22,439
22,439
22,439
22,439
84,903
116,860
116,860
116,860
116,860
19,872
28,946
28,946
28,946
28,946
19,071
33,745
33,745
33,745
33,745
7,813
15,593
15,593
15,593
15,593
7,936
14,450
14,450
14,450
14,450
33,201
53,029
53,029
53,029
53,029
7,048
12,939
12,939
12,939
12,939
4,950
8,869
8,869
8,869
8,869
6,196
11,891
11,891
11,891
11,891
6,025
10,670
10,670
10,670
10,670
15,899
28,924
28,924
28,924
28,924
27,165
27,428
27,428
27,428
27,428
2,880
3,012
3,012
3,012
3,012
7,143
7,205
7,205
7,205
7,205
4,468
4,501
4,501
4,501
4,501
1,007
1,007
1,007
1,007
1,007
3,290
3,326
3,326
3,326
3,326
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
527
527
527
527
527
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,142
2,142
2,142
2,142
2,142
153,068
24,049
25,868
27,714
29,657
9,570
2,043
2,156
2,260
2,395
33,999
2,531
2,977
3,442
3,906
10,912
2,014
2,154
2,267
2,451
16,547
1,970
2,154
2,352
2,553
9,776
2,044
2,162
2,300
2,442
8,370
1,971
2,071
2,171
2,277
22,251
2,285
2,495
2,909
3,071
7,484
1,713
1,814
1,826
1,965
5,532
1,640
1,696
1,746
1,806
7,332
1,750
1,845
1,880
2,007
6,315
1,750
1,828
1,908
1,990
14,980
2,338
2,516
2,653
2,794
44,850,651
45,014,433
44,489,321
44,509,346
44,326,673
,546,506
,500,248
,464,714
,451,132
,419,728
1,508,780
1,540,236
1,607,591
1,506,667
1,445,722
,712,516
,717,666
,691,113
,667,382
,646,129
;,651,271
5,658,605
,601,326
3,596,366
,584,745
,736,812
,747,010
,653,744
,677,009
,650,589
!,430,136
1.487,987
1,428,724
,465,000
,466,697
',423,946
,364,167
,250,616
,279,397
,269,631
,803,891
,822,802
,818,391
,842,904
,829,214
,050,779
,071,822
,058,877
,044,562
,052,760
,854,478
,880,048
,858,480
,864,809
,880,706
,522,472
,553,246
,505,439
,516,987
,539,517
1,609,064
1,670,596
1,550,306
,597,131
,541,235
1,809
705
725
953
648
300
300
300
300
300
300
200
200
200
200
185
185
185
185
185
92
92
92
92
90
2,850
1,646
1,666
1,894
1,587
164
164]!
164
164
164
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve notes
outstanding (issued
to bank):
Dec 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Collateral held against
notes outstanding:
Gold certificates:
Dec. 26
Jan. 2
Jan. 9
Jan 16
Jan. 23
Eligible paper:
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
U. S. Govt. securities:
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Total collateral:
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
25,608,777
25,617,619
25,525,033
25,441,288
25,374,577
Boston
New
York
1.534,452 5,558,972
1,538,883 5,555,137
1,533,265 5,524,043
,529,850 5,523,564
1,523,095 5,525,134
Philadelphia
1,801,677
1,799,460
1,793,644
1,787,472
1,782,293
635,000
635,000
635,000
635,000
635,000
670,000
670,000
600,000
600,000
600,000
460,000
460,000
460,000
460,000
460,000
3,120,000
3,120,000
3,520,000
3.520,000
3,520,000
500,000
500,000
500,000
500,000
500,000
417,747
155,032
154,790
135,790
137,495
23,060
1,060
9,775
7,040
6,405
339,760
115,880
110,725
99,975
91,275
4,412
4,250
5,250
5,700
1,250
15,420,222
15,388,221
15,380,102
15,274,630
15,306,631
,100,000
1,100,000
,100,000
1,100,000
1,100,000
26,360,969
26,066,253
26,092,892
26,068,420
26,072,126
1,583,060 5,859,760
1,561,060 5,635,880
1,569,775 5,630,725
1,567,040 5,619,975
1,566,405 5,611,275
Richmond
1,699,838 2,180,553
1,698,306 2,180,181
1,691,831 2,174,713
1,688,790 2,168,902
1,683,137 2,155,365
10,523,000
10,523,000
10,558,000
10,658,000
10,628,000
152
Cleveland
Atlanta
1,565,940 4,564.226
,565,142 4,570,,154
1,559,972 4,559,516
1,549,739 4,547,253
1,546,008 4,544,368
680,000
680,000
680,000
680,000
680,000
1,890,000
1,890,000
1,590,000
1,690,000
1,660,000
3,965
1,575
2,500
2,700
500
2,400,000 1,200,000 1,550,000
2,400,000 1,200,000 1 ,550,000
2,000,000 ,200,000 1,550,000
2,000,000 ,200,000 1,550,000
2,000,000 ,200,000 1,550,000
1,175,000
1,175,000
1,225,000
1,225,000
1,225,000
900,000
900,000
900,000
900,000
900,000
2,185,000
2,185,000
2,185,000
2,185,000
2,185,000
1,848,965
1,846,575
1,827,500
1 ,827,700
1,825,500
1,580,000
1,580,000
1,580,000
1,580,000
1,580,000
,704,412
,704,250
,705, 250
-"
,705,700
,701,250
Chicago
2,700,000
2,700,000
3,000,000
2,900,000
2,900,000
St.
Louis
Minne- Kansas Dallas
apolis City
San
Francisco
1,119,276 569,605
,117,499 569,504
1,112,987 569,535
1,110,463 567,238
1,106,860 564,453
952,110
947,002
946,182
942,859
942,845
664,405 3,397,723
663,464 3,412,887
657,496 3,401,849
654,563 3,370,595
646,721 3,354,298
170,000
170,000
175,000
175,000
175,000
280,000
280,000
280,000
280,000
280,000
169,000 1,649,000
169,000 1,649,000
169,000 1,649,000
169,000 1,649,000
169,000 1,649,000
15,750 5,000 15,800
7,017 10,000 15,250
3,540 10,800 12,200
2,525 5,700 12,150
7,540 12,100 18,425
10,000
300,000
300,000
300,000
300,000
300,000
895,222
863,221
905,102
899,630
931,631
400,000 700,000 500,000
400,000 700,000 500,000
400,000 700,000 500,000
400,000 700,000 500,000
400,000 700,000 500,000
1,900,000
1,900,000
1,900,000
1,900,000
1,900,000
4,590,000 1,210,972 575,000 995,800 669,000 3,559,000
4,590,000 1,170,238 580,000 995,250 669,000 3,549,000
4,590.000 1,208,642 585,800 992.200 669,000 3,549,000
1,202,155 580,700 992.150 669,000 3,549,000
4,560,000 1,239,171 S87.1OO QQ8.425 669,000 3,549,000
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Date
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
Portion
guaranteed
Number
Amount
1942
June 30
Sept. 30
Dec. 31
565
1,658
2,665
310,680
944,204
2,688,397
Mar.
June
Sept.
Dec.
1943
31
30
30
31
3,534
4,217
4,787
5,347
3,725,241
4,718,818
5,452,498
6,563,048
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
Mar.
June
Sept.
Dec.
1944
31
5,904
30
6,433
30 . . . 6,882
30
7,434
7,466,762
8,046,672
8,685,753
9,310,582
2,009,511
2,064,318
1,960,785
1,735,970
1,680,046
1,735,777
1,663,489
1,482,038
3,615,963
3,810,797
4,301,322
4,453,586
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1945
31
28
31
30
31
30
31
31
30
31
30
31
9,407,853
9,517,272
9,645,378
9,872,916
10,015,427
10,149,315
10,241,600
10,292,225
10,313,868
10,321,336
10,332,868
10,339,400
1,700,632
1,646,160
1,599,120
1,558,270
1,479,847
1,386,851
1,274,238
1,242,688
1,073,892
835,537
715,309
511,270
1,448,995
1,402,646
1,365,959
1,332,050
1,272,137
1,190,944
1,091,654
1,061,601
916,851
716,953
613,551
436,095
3,911,058
3,964,830
3,963,961
4,002,772
3,994,726
3,694,618
3,627,297
3,460,272
3,043,674
2,686,411
2,077,154
965,595
7,581
7,720
7,886
8,048
8,218
8,422
8,553
8,651
8,695
8,732
8,746
8,757
Total
amount
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
81,108
427,918
803,720
69,674
137,888
356,677
230,720
632,474 1,430,121
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
[Amounts in thousands of dollars
Date (last
Wednesday
or last day
of period)
1934
1935
1936
1937
1938
1939
1940
1941
Approved
Loans Commitments
but not
outoutcom- 1 standing2
pleted (amount) standing
(amount)
Amount (amount)
Applications
approved
to date
Number
Participations
outstanding
(amount)
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 . . . 3,352
Dec. 3 1 . . . 3,423
338,822
408,737
26,346
4,248
11,265
14,126
16,832
10,661
26,430
17,305
984
1943
June 3 0 . . . 3,452
Dec. 3 1 . . . 3,471
475,468
491,342
3,203
13,044
10,532
12,132
9,270
19,070
17,930
1944
June 30. . . 3,483
Dec. 30. . . 3,489
510,857
525,532
45
1,295
11,366
3,894
4,048
4,165
11,063
2,706
1945
Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 30. . .
May 3 1 . . .
June 30. . .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30. . .
Oct. 3 1 . . .
Nov. 30. . .
Dec. 3 1 . . .
526,659
527,700
528,936
533,037
535,117
537,331
538,624
539,765
540,241
543,090
544,116
544,961
4,066
3,921
4,214
4,553
4,339
3,252
3,199
3,259
3,166
2,460
2,471
1,995
3,461
3,547
3,321
3,285
4,392
5,224
5,165
4,708
4,291
3,679
2,953
1,644
2,405
2,374
2,365
2,361
2,697
2,501
2,455
2,358
2,018
1,876
1,777
1,086
3,491
3,492
3,493
3,500
3,502
3,502
3,503
3,504
3,505
3,508
3,509
3,511
1
926
560
585
85
1,370
220
70
130
130
130
1,055
105
320
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.
FEBRUARY
1946
Month, or
week ending Friday
All
member 1
banks
Total reserves h e l d :
1944—Nov
Dec
1945—Nov
Dec
Central reserve
city banks
Reserve Country
city
banks banksi
New
York
Chicago
14,520
14,168
16 ,043
16,027
4,057
3,756
4,262
4,118
925
876
950
939
5,773
5,654
6,381
6,394
3,764
3,882
4,450
4,576
Nov. 30
Dec.
7
Dec. 14
Dec. 21
Dec. 28
1946—Jan.
4
Jan. 11
Jan. 18
Excess reserves:
1944—Nov
Dec
1945—Nov
Dec
16 ,165
16,353
15 ,883
15 ,985
15 ,828
15 ,914
15 ,954
16,110
4,299
4,240
4,041
4,107
4,065
4,037
4,054
4,078
960
956
930
941
919
919
923
933
6,424
6,542
6,360
6,354
6,307
6,349
6,368
6,443
4,482
4,615
4,553
4,583
4,537
4,608
4,610
4,655
,023
,284
,167
,498
22
28
27
48
5
2
5
14
286
359
300
418
710
895
835
1 ,018
Nov. 30
Dec.
7
Dec. 14
Dec. 21
Dec. 28
1946—Jan.
4
Jan. 11
Jan. 18
Borrowings a t Federal
Reserve B a n k s :
1944—Nov
Dec
1945—Nov
Dec
1 ,200
1 ,565
'1 ,514
1 ,425
1 ,364
Pi ,492
Pl ,445
Pi,492
17
47
43
30
26
25
18
22
7
9
16
11
9
14
11
9
877
299
480 rl ,029
433 '1 ,023
366 1 ,018
983
346
407 n ,046
369 Pi ,047
385 P 1 , 0 7 6
436
265
592
334
261
186
216
192
124
43
281
96
52
36
95
46
770
427
248
359
482
291
234
231
326
148
70
199
307
191
102
103
289
147
95
75
74
43
57
53
155
132
83
85
101
57
75
75
Nov.
Dec.
Dec.
Dec.
Dec.
1946—Jan.
Jan.
Jan.
30
7
14
21
28
4
11
18
1
1
1
1
r
P Preliminary
Revised.
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.
1
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS *
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
interbank*
Time
deposits
Demand
deposits
except
interbank 2
Time
deposits
December 1944
November 1945
14 ,844
15,672
5,775
7,260
9,293
11 ,160
4,006
5 ,088
December 1945
17,167
7,275
11 ,805
5,106
Boston
New York
Philadelphia
Cleveland
2 ,238
3 ,377
1 ,259
1 ,532
789
1 ,831
637
816
369
1 ,124
951
1 ,066
206
1 ,002
742
700
Richmond
Atlanta
Chicago
St. Louis
1 ,203
1 ,617
2,116
621
343
430
1 ,175
286
881
690
1 ,562
998
390
176
796
237
Minneapolis
Kansas City
Dallas
San Francisco. . .
572
525
894
1 ,213
246
98
109
516
687
1 ,483
1 ,378
617
359
178
58
263
1
Includes any banks in outlying sections of reserve cities which have
been given permission to carry the same reserves as country banks.
All2 reserve cities have a population of more than 15,000.
Includes war loan deposits, shown separately for all country banks
in the table on the following page.
153
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
Demand
deposits
adjusted*
Net
demand
deposits4
Time
deposits5
Demand
balances
due
from
domestic
banks
Reserves with Federal
Reserve Banks
Total
Required
Excess
Borrowings
at
Federal
Reserve
Banks
First half of December 1945
All member banks
03,114
13,559
20,080
69 ,475
64, 730
71 ,693
23,964
6,851
16, 131
14,569
1,562
Central reserve city banks:
New York.. .•
Chicago
28,295
6,304
4 ,520
1,297
6 ,603
1,423
17,172
3 ,584
15,589
3,326
20,079
4 ,439
1,251
709
67
188
4, 148
947
4.091
930
57
17
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas....
San Francisco
38,504
2,560
614
2,857
4,484
2,495
2,399
4.523
2,259
1,268
3,147
2,602
9,296
6 ,473
337
27
401
587
437
662
526
661
360
1,049
655
772
7,295
706
114
631
952
506
432
896
422
313
455
465
1,402
24,736
1,517
472
1,825
2 ,945
1,552
1,305
3 ,100
1,176
595
1,643
1.483
7,122
22,555
1,404
443
1,684
2, 731
1,420
1,159
2,892
1,028
515
1,457
1,359
6 462
27,048
1,684
448
2 ,008
3 .133
1,732
1,666
3 ,108
1,585
787
2 ,197
1,773
6 ,927
9,658
169
269
192
1,135
409
362
1,751
.285
148
314
285
4 ,339
2,072
58
24
77
189
136
163
317
109
90
315
247
346
6,449
371
110
427
766
419
384
791
348
173
509
414
1 737
5,989
347
106
413
695
371
355
727
334
166
458
372
1 646
460
24
4
14
71
48
29
64
14
7
51
43
91
Country banks. . .
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . .
Kansas City...
Dallas
San Francisco.
30,011
2,691
4,549
2,206
2,594
2,260
2,513
3,714
1,770
1,334
2,094
2,445
1,841
1,269
95
85
16
28
190
249
84
156
89
97
153
29
4 ,759
612
1,043
429
482
335
331
581
193
175
168
209
200
23,983
1,984
3 ,421
1,761
2 ,084
1,736
1,934
3 ,049
1,422
1,070
1,828
2 ,083
1,611
23, 260
1,894
3 286
1 711
2 029
1 657
1 868
2 989
1 379
1 041
1 803
2 038
1 565
20,128
1,770
3 ,033
1,493
1,720
1,462
1,686
2 ,484
1,232
894
1,416
1,626
1,312
12,346 4,523
992
228
2 ,824
353
1,375
240
1,512
344
732
400
601
446
1,966
599
521
309
605
239
275
494
165
580
778
291
4, 587
381
723
372
452
325
355
611
252
215
289
332
280
3,559
307
594
292
332
249
272
466
204
161
215
238
230
1,028
74
129
81
120
76
83
145
49
53
74
94
50
51
8
20
3
5
3
5
2
377
288
127
2
1
8
11
1
3
18
25
2
18
"38*
Second half of December 1945
103,812
13,555
21 ,662
68 595
64 323
71 262
24 077
6,871
15 930
14 491
1,439
Central reserve city banks:
New York
Chicago
28,019
6,366
4 ,544
1,306
6 ,833
1,548
16 643
3 512
15 371
3 258
19 ,879
4 ,379
1,243
712
72
190
4 090
930
4 050
918
40
12
Reserve city banks.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. . . .
Kansas City... .
Dallas
San Francisco....
38,989
2,448
639
2,840
4,505
2,481
2,483
4,580
2,309
1,272
3,204
2,665
9,563
6 ,456
301
27
369
584
417
686
531
695
347
1,050
659
788
8,029
656
136
665
1,046
516
493
993
472
330
519
507
1,696
24 ,504
1 491
476
1 806
2 ,875
1,548
1,303
3 ,056
1,142
595
1,635
1,499
7,080
22,435
1,392
450
1,683
2 ,665
1,418
1,161
2 ,850
1,004
525
1,449
1,373
6 ,467
26 ,906
1,649
454
1,975
3 .081
1,715
1,690
3 ,073
1,594
795
2 ,182
1,760
6 ,939
9 ,707
170
271
190
1,140
409
363
1,756
286
149
316
286
4 ,371
2,076
46
23
78
173
132
164
316
110
78
325
279
353
6 343
347
113
415
724
404
383
791
348
171
497
416
1,733
5 964
340
107
406
685
367
360
720
336
168
455
369
1 650
379
7
6
8
40
36
23
71
12
3
42
47
82
68
5
' 5*
11
1
Country banks...
Boston
New York
Philadelphia. .
Cleveland
Richmond
Atlanta
Chicago
St.. Louis
Minneapolis. . .
Kansas City...
Dallas
San Francisco.
30,437
2,702
4,617
2,241
2,657
2,280
2,604
3,805
1,776
1,356
2,116
2,406
1,876
1,250
85
83
13
29
184
257
82
153
84
96
154
30
5 ,252 23,936
633
1,983
1,141
3 ,394
450
1,778
534
2 ,095
377
1,719
383
1,964
664
3 ,060
215
1,407
203
1,068
187
1,832
231
2 ,022
234
1,612
23,259
1,899
3 ,266
1,730
,044
\ ,648
1,901
3 ,002
1,370
1,041
1,807
1,980
1,569
20,098
1,777
3 ,015
1,507
1,732
1,454
1,700
2 ,495
1,227
892
1,425
1,559
1,314
12,414 4,533
997
217
2 ,840
348
1,383
242
1,520
347
734
393
611
473
1,976
600
523
303
606
237
276
489
168
590
780
294
4 ,566
361
721
372
446
317
356
618
255
216
287
335
281
3 ,559
309
593
294
334
248
275
468
203
161
216
228
231
1,008
53
128
78
113
69
82
150
52
55
71
107
50
41
11
17
5
2
3
1
2
All member banks
268
"5*
13
1
15
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are
based2 on deposits at opening of business.
Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks
and, 8therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3.
Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other
than 4 war loan and Series E bond accounts) on the latest available call report date.
Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection
and demand balances due from domestic banks.
6 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
154
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Coin and small denomination currency2
Total
in circula-1
tion
Total
Coin
$13
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
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
1943—December. . .
1944—January
February.. . .
March
April
May
June
July
August
September...
October
November...
December. . .
1945—January
February....
March
April
May
June
July
August
September...
October
November...
December. . .
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
27,108
27,685
27,826
28,049
28,211
28,515
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
19,599
20,141
20,235
20,381
20,500
20,683
.019
,013
.018
.029
.039
,055
,065
,077
,092
,105
,125
,144
,156
,150
,158
,170
,180
,196
,205
,223
,236
,243
,252
,263
,274
909
880
877
881
885
903
906
910
921
937
948
962
987
950
953
954
957
972
981
995
1,003
1,001
1,000
1,009
1,039
End of year and
month
Large denomination currency2
$5
$10
$20
Total
33
32
33
35
33
34
36
39
44
55
719
771
815
906
905
946
,019
,129
,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
,475
,481
,576
,800
2,545
4,096
70
69
70
70
70
72
72
73
75
75
76
78
81
77
75
73
73
73
73
73
73
72
71
71
73
,973
,940
,952
1,951
1,964
2,003
2,010
2,016
2,053
2,078
103
129
150
102
2,135
2,132
2,151
2,186
2,215
2,250
2,301
2,288
2,274
2,279
2,313
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
6,659
6,826
6,815
6,779
6,783
6,782
5,705
5,742
5,832
5,905
6,040
6,198
6,326
6,388
6,562
6,731
6,960
7,157
224
242
381
7,539
7,754
7,911
8,193
8,400
8,700
8,816
9,004
9,095
9,201
$50
$100
$500
1,360
1,254
1,369
1.530
1,542
1,714
2,048
2,489
3,044
3,837
364
618
337
577
358
627
399
707
387
710
409
770
460
919
538
112
724 1,433
1,019 1,910
125
112
122
135
139
160
191
227
261
287
237
216
239
265
288
327
425
523
556
586
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
7,511
7,546
7,592
7,671
7,713
7,834
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
407
418
426
444
456
473
481
487
502
516
532
546
555
566
571
550
527
513
483
472
466
464
461
457
454
749
767
777
814
836
887
912
911
929
939
963
981
990
990
994
965
932
909
868
847
832
825
816
811
801
,059
,088
,126
,159
,132
.139
,180
,204
,243
2,264
2,327
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
4,013
4,038
4,071
4,123
4,154
4,220
$1,000 $5,000 $10,000
5
7
7
6
17
20
30
24
9
9
9
9
9
9
9
9
9
9
9
10
10
10
10
10
9
9
Unassorted
10
7
16
18
12
32
32
60
46
25
10
5
8
7
5
2
4
4
3
22
21
22
22
23
23
22
22
22
22
23
23
24
21
24
23
33
33
31
32
22
21
21
20
24
2
3
3
1
1
2
2
2
2
2
2
3
3
3
1
1
1
1
2
2
2
2
2
2
2
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
3
as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
M o n e y held in t h e Treasury
Total outstanding, As security
against
Dec. 31,
Treasury
gold and
1945
cash
silver
certificates
20,065
17,914
25.633
4,339
Gold
Gold certificates
Federal Reserves 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—December 31, 1945
November 30, 1945
December 3J, 1944
. .
494
1 ,704
^2.053
857
317
347
502
118
(4)
(44)
()
17,914
* 2 .053
349
1,704
2
2,151
107
28
8
For
Federal
Reserve
Banks
and
agents
' 15^047"
10
6
3
1
(5)
19,967
19,935
20,300
2.287
2,239
2,375
15,047
15,054
15,629
Money in circulation1
Money
held by
Federal
Reserve
Dec. 31
Nov. 30,
31,
Banks and Dec.
1944
1945
1945
agents
2,815
1,137
236
51
24,388
4,075
51
24,136
4,024
53
21,482
3,773
2
136
133
116
179
15
4
28
7
1
1,873
832
307
316
494
117
1,828
825
305
316
499
118
1,612
758
282
321
560
123
4,189
3.977
3,947
28,515
. 28,211
25,307
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. 147, and seasonally adjusted figures in table on p. 156.
2
Includes $1,800,000,000 Exchange Stabilization Fund and $156,039,431 held as reserve against United States notes and Treasury notes of
1890;3 the balance resulting from reduction in weight of the gold dollar, also included, is not shown in the circulation statement beginning July 31.
To avoid duplication, amount of silver dollars and bullion held
as security against silver certificates and Treasury notes of 1890 outstanding
5
is not4 included in total Treasury currency outstanding.
Less than $500,000.
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.
FEBRUARY
1946
155
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]
Amount—
unadjusted
for seasonal
variation
Date
End of year figures:
1939
1940
1941
1942
1943
1944
1945
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adj usted
series1
7,598
8,732
11,160
15,410
20,449
25,307
28,515
+742
+ 1,134
+2,428
+4,250
+5,039
+4,858
+3,208
Monthly averages of daily
figures:
1944—August
September
October
November
December
22,988
23,525
24,112
24,738
25,207
23,104
23,572
24,112
24,664
24,957
+479
+468
+540
+552
+293
1945—January
February
March
April
May
June
July
August
September
October
November
December
1946—January
25,243
25,527
25,850
26 009
26,351
26,561
26,918
27,392
27,765
27,943
28,151
28,452
28,158
25,167
25,527
25,928
26 219
26,537
26,694
26,972
27,530
27,821
27,943
28,067
28,170
28,074
+210
+360
+401
+291
+318
+157
+278
+558
+291
+ 122
+ 124
+ 103
-96
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
affected, beginning with December 1942; seasonally adjusted figures
for money in circulation, as shown in Banking and Monetary Statistics,
Table 111, p. 414, and described on p. 405, are based on an older series
of adjustment factors.
Gold
stock
at end
of
period
Period
19342
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Increase
in gold
stock
4,202.5
8,238
1,887.2
10,125
1,132.5
311,258
1,502.5
312,760
1,751.5
14,512
3,132.0
17,644
4,351.2
21,995
741.8
22,737
-10.3
22,726
-788.5
21,938
20,619 -1,319.0
-553.9
20,065
1945—January.... 20,550
February... 20,506
March
20,419
April
20,374
May
20,270
June
20,213
July
20,152
August
20,088
September.. 20,073
October
20,036
November.. 20,030
December. . 20,065
1946—January.. . . P20.156
EarDomarked mestic
gold: de- gold
crease
proor induccrease (—) tion1
Net
gold
import
1,133.9
82.6
1,739.0
.2
1,116.6
-85.9
1,585.5 . -200.4
1,973.6
-333.5
3,574.2
-534.4
4,744.5
-644.7
982.4
-407.7
315.7
-458.4
68.9
-803.6
-845.4
-459.8
-106.3
-356.7
-69.0
-43.8
-87.3
-45.1
-103.3
-57.3
-60.6
-64.6
-15.0
-36.9
-6.2
35.2
P91.6
.7
1.9
-19.1
2.4
-18.3
-83.8
-7.0
-12.3
13.5
-4.3
.8
19.3
(4)
-58.2
-37.4
-46.9
-53.2
-66.9
96.0
-100.3
-63.0
-19.0
34.6
-38.2
-4.3
5
-22.5
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.?
35.8
P35.0
2.5
2.3
2.4
2.3
2.6
2.5
2.1
r
3.4
'"2.9
'3.8
4.0
/4.0
/4.0
r
P Preliminary.
/ Figure carried forward.
Revised.
Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on p. 200, adjusted to exclude
Philippine
Islands production received in United States.
3
Figures based on rate of $20.67 a fine ounce in January 1934 and
$35
a
fine
ounce
thereafter.
3
Includes gold in the Inactive Account amounting to 27 million
dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
*6 Not yet available.
Gold held under earmark at the Federal Reserve Banks amounted
to 4,316.4 million dollars on Jan. 31, 1946. 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.
1
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts except
interbank accounts
Year and month
Annual rate of
turnover of total
deposits except
interbank
Debits to demand
deposit accounts
except interbank
and Government
New
York
City
333 other
reporting
centers
New
York
City
Total, all
reporting
centers
New
York1
City
140
other
centers1
Other
reporting
centers2
1937
1938
1939
1940
1941
1942—old seriesa
1942—new series3
1943
1944
1945
469,463
405,929
423,932
445,863
537,343
607,071
641,778
792,937
891.910
974,087
197,836
168,778
171,382
171,582
197,724
210,961
226,865
296,368
345,585
404,546
235,206
204,745
218,298
236,952
293,925
342,430
347,837
419,413
462,354
479,760
36,421
32,406
34,252
37,329
45,694
53,679
67,074
77,155
83,970
89,783
16.1
16.5
17.1
18.3
1944—December
1945—January
February
March
April
May
June
July
August.........
September
October
November.
December.
91,281
82,756
70,249
81,077
74,139
81,724
98,024
79,163
73,208
71,169
81,616
79,401
101,561
37,678
34,990
29,065
31,884
29,413
33,678
41,725
33,590
29,388
28,545
34,984
32 ,'246
45,035
45,490
40,305
34,724
41,722
37,846
40,643
47,716
38,286
36,767
35,718
39,006
39,255
47,774
8,114
7,461
6,461
7,471
6,881
7,403
8,583
7,287
7,054
6,906
7,626
7,900
8,751
21.4
18.6
17.7
17.0
17.2
18.8
22.0
17.5
14.4
16.5
18.1
18.1
23.1
Annual rate of
turnover of demand
deposits except interbank and Government
100 other
leading
cities
New
York
City
100 other
leading
cities
13.1
11.7
10.8
9.7
193,143
164,945
167,939
167,373
193,729
200,337
258,398
298,902
351,602
215,090
186,140
200,636
217,744
270,439
308,913
369,396
403,400
412,800
29.5
25.1
21.0
17.1
17.3
18.0
20.5
22.4
24.2
22.4
19.9
19.4
18.6
19.4
18.4
17.4
17.3
16.1
11.9
9.9
9.7
10.0
9.9
10.1
11.3
9.2
8.2
9.1
8.8
9.9
10.9
33,064
30,826
25,416
28,924
25,115
28,384
36,951
29,190
24,803
26,534
29,990
28,423
37,046
40,559
34,801
30,024
36,008
32,430
34,418
41,870
32,662
30,796
30,631
33,474
34,616
41,070
30.0
27.0
24.3
22.9
20.8
21.4
28.9
25.6
19.7
22.9
22.4
23.5
31.8
20.4
16.9
16.0
16.1
15.5
15.3
18.9
16.1
13.7
14.9
14.4
16.5
19.5
1
2
3
National series for which bank debit figures are available beginning with 1919.
Annual figures for 1936-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers.
See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four
months of 1942 partly estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from
which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand
deposit accounts, except interbank and U. S, Government, and the deposits from which rates of turnover have been computed have been reported
by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary
Statistics, Table 55, p. 254, due to differences in method of computation.
156
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
deposits
adjusted
and
currency
outside
banks
Total
demand
deposits
adjusted
and
currency
outside
banks
Totai
deposits
adjusted
Demand
deposits
adjusted1
1929—June
December
55,171
54,713
26,179
26,366
51,532
51,156
22,540
22,809
1933—June
December
19,172
19,817
36,919
37,766
1937—June
December
1938—June
December
1939—June
December
1940—June
December
41,680
42,548
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
1941—June
December
1942—June
December
1943—June
December
1944—June
December....
74,153
78,231
81,963
99,701
110,161
122,812
136,172
150,988
1945—January
151,200
February
150,800
March
150,600
April
150,900
May
152,600
June
162,785
July?
163,500
August?
163,400
September?...
162,800
October ?
163,800
November?. . .. 168,100
December? ., .
175,700
End of month
Time deposits
United
States
Government
deposits2
Currency
outside
banks
Total
Commercial
banks 3 *
Mutual
savings4
banks
Postal
Savings
System 5
381
158
28,611
28,189
19,557
19,192
8,905
8,838
149
159
3,639
3,557
14,411
15,035
852
1,016
21,656
21,715
10,849
11,019
9,621
9,488
1,186
1,208
51,769
51,001
51,148
53,180
54,938
57,698
60,253
63,436
25,198
23,959
24,313
25,986
27,355
29,793
31,962
34,945
666
824
599
889
792
846
828
753
25,905
26,218
26,236
26,305
26,791
27,059
27,463
27,738
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
1,267
1,269
1,251
1,251
1,261
1,278
1,292
1,303
4,761
4,782
5,489
5,638
5,417
5,775
6,005
6,401
6,699
7,325
45,521
48,607
52,806
62,868
71,853
79,640
80,946
90,435
65,949
68,616
71,027
85,755
94,347
103,975
115,291
127,483
37,317
38,992
41,870
48,922
56,039
60,803
60,065
66,930
753
1,895
1,837
8,402
8,048
10,424
19,506
20,763
27,879
27,729
27,320
28,431
30,260
32,748
35,720
39,790
15,928
15,884
15,610
16,352
17,543
19,224
21,217
24,074
10,648
10,532
10,395
10,664
11,141
11,738
12,471
13,376
1,303
1,313
1,315
1,415
1,576
1,786
2,032
2,340
8,204
9,615
10,936
13,946
15,814
18,837
20,881
23,505
92,300
93,800
95,100
98,100
100,800
94,150
97,600
100,000
101,600
104,500
107,000
102,700
127,500
126,700
126,400
126,400
127,800
137,688
138,000
137,400
136,600
137,400
141,600
148,900
68,600
69,700
70,900
73,600
76,000
69,053
72,100
74,000
75,400
78,100
80,500
75,900
18,300
15,600
13,400
9,800
8,200
24,381
20,800
17,300
14,300
11,700
13,100
24,600
40,600
41,400
42,100
43,000
43,600
44,254
45,100
46,100
46,900
47,600
48,000
48,400
24,600
25,200
25,700
26,300
26,700
27,171
27,800
28,500
29,100
29,600
29,800
30,100
13,600
13,700
13,900
14,100
14,300
14,426
14,600
14,800
15,000
15,100
15,300
15,400
2,400
2,500
2,500
2,600
2,600
2,657
2,700
2,800
2,800
2,900
2,900
2,900
23,700
24,100
24,200
24,500
24,800
25,097
25,500
26,000
26,200
26,400
26,500
26,800
l
p Preliminary.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
2
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
3
Excludes
interbank
time
deposits
and postal savings redeposited in banks.
4
Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks.
5
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description
and Table 9, pp. 34-35, for back figures.
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS l
[In millions of dollars]
Assets
DeposEnd of month itors'
balances1
Total
Cash
in depository
banks
U. S. Government
securities
Total
Direct
Cash
reserve
Guar- funds,
anetc.2
teed
146
146
146
126
74
88
95
102
118
1939—Dec.. . 1,279
1940—Dec.. . 1,304
1941—Dec... 1,314
1942—Dec... 1,417
1943—Dec.. . 1,788
1,319
1,348
1,396
1,464
1,843
53
36
26
16
10
1,192
1,224
1,274
1,345
1,716
1,046
1,078
1,128
1,220
1,716
1944—Dec.. . 2,342
2,411
8
2,252
2,252
152
2,404
2,458
2,513
2,563
2,609
2,659
2,720
2,785
2,836
?2 874
?2,910
?2 930
2,477
2,536
2,590
2,646
2,696
2,751
2,809
2,867
2,921
8
8
8
8
8
8
7
8
8
2,308
2,363
2,426
2,463
2,518
2,574
2,625
2,674
2,737
2,308
2,363
2,426
2,463
2,518
2,574
2,625
2,674
2,737
162
164
156
175
170
169
176
185
176
1945—Jan. ..
Feb.. .
Mar...
Apr.. .
May. .
June. .
July..
Aug.. .
Sept...
Oct
Nov.
Dec
? Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes working cash with postmasters, 5 per cent reserve fund
and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
1
2
FEBRUARY
1946
Number of banks suspended:
1934-39..
1940.. .
1941.. .
1942
1943...
1944
1945
1946—Jan
Nonmember
banks
Member
banks
Total,
all
banks
InNational State sured
291
15
22
8
9
4
1
0
1
4
2
6
Noninsured
189
81
18
3
6
2
1
3
1
3
0
Deposits of suspended banks2
(in thousands of dollars):
1934-39
125,991 14,616 26,548 44,348 40,479
1940
1941
1942
1943
1944
1945
1946—j a n
256
5,943
3,726 3,144
1,702
6,223 4,982
405
0
0
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.
157
ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and
call date
Total
Other
Total
U. S.
Government
obligations
Other
securities
Loans
Total1
Interbank^
Number
of banks
Demand
Time
All banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Tune 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30
48,831
50,885
54,170
61.101
78,137
87,881
96,966
108,707
119,461
129,639
21.261
22,169
23,751
26.616
23.915
22,241
23.601
25,424
26,015
27,979
27 570
28,716
30 419
34,485
54 222
65.640
73 365
83,284
93 446
101,661
17,953
19,402
20,983
25,488
45,932
57,748
65,932
75,737
85,885
93,657
9,617
9,314
9,436
8,997
8,290
7,892
7,433
7,547
7,561
8,004
61,319
68,225
75.963
81,780
99,796
107,224
117,661
128,605
141,449
151,033
7 484
9,883
10 941
10,989
11 318
10,895
11 012
11,219
12 245
12,605
28.695
32,492
38,518
44,316
61,395
67,554
75,561
83,588
91,644
96,725
25 140
25,850
26 504
26,476
27 083
28,775
31,088
33,797
37 559
41,702
15,207
15.035
14,895
14,825
14.682
14.618
14,579
14.553
14,535
14,542
All commercial banks:
1938—Dec. 31
1939—Dec. 30 . .
1940—Dec. 31
1941—Dec. 31
.
1942—Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30
38.669
40,667
43.922
50,722
67,391
76,633
85,095
95,731105,530
114,505
16,364
17,243
18,792
21,711
19,217
17,660
19.117
21.010
21,644
23,672
22 305
23,424
25 130
29,011
48 174
58,974
65 978
74,722
83,886
90,833
15,071
16,300
17,759
21,788
41,373
52,458
59,842
68,431
77,558
84,069
7,234
7,124
7,371
7,223
6,801
6,516
6,136
6,290
6,329
6,764
51,041
57,702
65,305
71,248
89,132
96,083
105,923
116,133
128,072
136,607
7 484
9.883
10 941
10,989
11 318
10,895
11 012
11,219
12,245
12,605
28,695
32,492
38 518
44,316
61 395
67,554
75,561
83.588
91,644
96,725
14 862
15,327
15 846
15.944
16 419
17,634
19 350
21,326
24,183
27,276
14,652
14,484
14,344
14,277
14,136
14 073
14,034
14,009
13.992
14,000
All insured commercial banks:
1938_Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—June 30
Dec. 31
1944—June 30
. .
Dec. 30
1945—June 30
37,470
39,289
42,556
49,288
66.240
75.270
83,507
93,936
103,382
112,353
16,021
16.863
18 394
21,258
18 903
17.390
18 841
20,729
21 352
23,376
21 449
22 426
24 161
28 030
47 336
57 880
64 666
73.207
82 030
88,978
14,506
15,566
17,063
21,046
40.705
51.534
58,683
67,085
75,875
82,401
6,943
6,859
7,098
6.984
6,631
6,347
5,983
6,122
6,155
6,577
49,772
56.069
63.461
69,411
87.803
94.563
104,094
114.145
125.714
134,245
7 254
9,523
10 539
10,654
11 144
10,681
10 705
11,038
12 074
12,401
27 849
31,483
37,333
43.061
60 504
66,509
74 309
82.061
89 761
94,910
14 669
15,063
15 589
15,697
16 154
17,374
19 081
21 045
23 879
26,934
13.655
13.531
13,438
13,426
13.343
13,298
13.270
13,264
13,263
13,277
32,070
33,941
37,126
43.521
59,263
67,155
74,258
83 587
91,569
99,426
13.208
13,962
15,321
18,021
16.088
14,823
16.288
18 084
18.676
20,588
18 863
19.979
21.805
25.500
43 175
52.332
57,970
65.503
72 893
78,838
13,223
14,328
15.823
19,539
37,546
46.980
52,948
60,339
67,685
73,239
5,640
5.651
5,982
5,961
5,629
5,352
5,022
5,164
5,208
5,599
43,363
49.340
56,430
61,717
78.277
84.016
92.262
101.276
110,917
118,378
7,153
9,410
10,423
10,525
11.000
10.552
10,555
10.903
11 884
12,230
24 842
28.231
33,829
38.846
54,523
59.670
66,438
73.488
79 774
84,400
11,369
11.699
12,178
12,347
12,754
13.794
15,268
16,884
19 259
21,748
6,338
6,362
6,486
6,619
6,679
6,703
6,738
6,773
6,814
6,840
All national banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—June 30 . . .
Dec. 31
1944—June 30
Dec. 30
1945—June 30
20,903
21,810
23,648
27,571
37,576
42,805
47,499
53.343
58.308
63,177
8 469
9.022
10,004
11 725
10.183
9.173
10 116
11.213
11,480
12,369
12 434
12,789
13 644
15 845
27,393
33 632
37 38^
42.129
46,828
50,808
8,691
9,058
9,735
12.039
23,744
30.102
34,065
38.640
43,292
47,051
3,743
3,731
3,908
3.806
3,648
3,529
3,318
3,490
3,536
3,757
27,996
31.559
35.787
39.458
50.468
54.589
59.961
65.585
71,858
76,533
4 499
5.898
6.574
6,786
7.400
7,155
7 159
7,402
8,056
8,251
15 587
17.579
20.885
24 350
34,499
38.205
42 605
46.879
50,900
53,698
7 910
8,081
8,329
8 322
8.570
9,229
10 196
11,304
12,901
14,585
5.224
5,187
5,144
5,117
5,081
5,060
5,040
5,036
5,025
5,015
State member banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 312
1942—Dec. 31
1943—June 30
Dec. 31
1 9 4 4 _ j u n e 30
Dec. 30
1945—june 30
11,168
12,130
13,478
15,950
21,687
24,350
26,759
30,244
33 261
36,249
4,738
4 940
5,316
6,295
5,905
5,649
6,171
6,870
7 196
8,219
6,429
7 190
8,162
9,654
15,783
18.701
20 588
23,373
26 065
28,030
4,532
5,271
6,088
7,500
13,802
16,878
18,883
21,699
24,393
26,188
1,897
1,920
2,074
2,155
1,980
1,823
1,705
1,674
1,672
1,842
15,367
17,781
20,642
22,259
27,808
29,427
32,302
35,690
39,059
41,844
2,653
3 512
3,849
3,739
3,600
3,396
3 397
3,501
3 827
3,980
9,255
10,652
12,944
14,495
20,024
21,465
23,833
26,609
28 874
30.702
3,459
3,617
3,849
4,025
4,184
4,566
5,072
5,580
6 357
7,163
1,114
1,175
1,342
1,502
1,598
1,643
1,698
1,737
1,789
1,825
All member banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 312
1942—Dec. 31
..
1943—j une 30
Dec. 31 . . .
1944—June 30
Dec. 30
1945—June 30
.
...
•
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller
of the1 Currency and the Federal Deposit Insurance Corporation for national banks and insured banks, respectively.
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 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 8once in "all banks."
Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve
System
of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942.
4
Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941,
its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million.
Back figures.—See^Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
158
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and
call date
Investments
Total
Loans
Total
Other
U.S.
Government
obligations
Other
securities
Total*
Interbank^
Number
of banks
Demand
Time
All nonmember commercial banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30
6,598
6,726
6,796
7,208
8,135
9,486
10,847
12,155
13,972
15,091
3,156
3,281
3,471
3,693
3,132
2,840
2,832
2,929
2,971
3,087
3,442
3,445
3,325
3,515
5,003
6,647
8,014
9,226
11,002
12,005
1,848
1,971
1,936
2,251
3,829
5,482
6,899
8,099
9,880
10,839
1,594
1,474
1,389
1,264
1,174
1,165
1,115
1,128
1,122
1,166
7,678
8,362
8,875
9,539
10,864
12,076
13,671
14,869
17,168
18,242
331
473
518
464
318
343
457
315
362
375
3,853
4,260
4,689
5,470
6,872
7,884
9,123
10,100
11,870
12,326
3,493
3,629
3,668
3,605
3,674
3,849
4,091
4,453
4,936
5,541
8,314
8,122
7,858
7,661
7,460
7,373
7,299
7,239
7,181
7,163
Insured nonmember commercial
banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30
5,399
5,348
5,429
5,774
6.984
8,123
9,258
10,360
11,824
12,940
2,813
2,901
3,074
3,241
2,818
2,570
2,556
2,648
2,678
2,790
2,586
2,447
2,356
2,533
4,166
5,553
6,702
7,712
9,146
10,150
1,283
1,238
1,240
1,509
3,162
4,557
5,739
6,752
8,197
9,170
1,303
1,209
1,116
1,025
1,004
996
962
960
949
979
6,409
6,729
7,032
7,702
9,535
10,557
11,842
12,880
14,809
15,880
101
113
116
129
145
129
149
135
190
171
3,007
3,252
3,504
4,215
5,981
6,839
7,870
8,573
9,987
10,510
300
365
3,411
358
409
3,589
3,823
4,172
4,632
5,199
7,317
7,169
6,952
6,810
6,667
6,598
6,535
6,494
6,452
6,440
1,199
1,378
1,367
1,434
1,151
1,363
1,588
1,795
2,148
2,152
343
380
397
452
314
270
276
281
292
297
856
998
969
982
837
1,094
1,312
1,514
1,856
1,855
565
733
696
742
667
925
1,160
1,347
1,682
1,668
291
265
273
239
170
169
153
168
174
187
1,269
1,633
1,843
1,837
1,329
1,519
1,829
1,989
2,358
2,362
230
360
402
335
173
214
307
181
171
204
846
1,008
1,185
1,255
891
1,045
1,253
1,527
1,883
1,815
193
264
257
247
265
260
269
281
304
343
997
953
906
851
793
775
764
745
729
723
10,162
10,218
10,248
10,379
10,746
11,248
11,871
12,976
13,931
15,134
4,897
4,926
4,959
4,905
4,698
4,581
4,484
4,414
4,370
4,307
5,265
5,292
5,289
5,474
6,048
6,666
7,387
8,562
9,560
10,827
2,883
3,102
3,224
3,700
4,559
5,290
6,090
7,306
8,328
9,588
2,382
2,190
2,065
774
489
376
297
257
1,232
1,240
10,278
10,523
10,658
10,532
10,664
11,141
11,738
12,471
13,376
14,426
10,278
10,523
10,658
10,532
10,664
11,141
11,738
12,471
13,376
14,426
555
551
551
548
546
545
545
544
543
542
972
1,329
1,655
1,693
2,007
2,704
7,525
8,489
9,223
10,063
461
605
637
642
740
1,013
3,073
3,111
3,110
3,089
511
724
1,018
1,050
1,267
1,691
4,452
5,378
6,113
6,974
280
422
548
629
861
1,264
3,844
4,752
5,509
6,368
232
303
470
421
405
427
608
626
604
607
1,012
1,409,
1,818
1,789
2,048
2,739
7,534
8,235
8,910
9,671
1,012
1,409
1,818
1,789
2,048
2,739
7,534
8,235
8,910
9,671
48
51
53
52
56
61
184
192
192
192
9,190
8,889
8,593
8,686
8,739
8,544
4,345
4,487
4,708
5,071
4,436
4,321
4,322
4,263
3,958
3,568
1,411
1,302
1,260
1,218
4,754
4,568
4,271
4,424
4,781
4,975
2,935
3,185
3,448
3,853
2,603
2,680
2,676
3,071
3,698
4,026
2,246
2,554
2,819
3,220
2,150
1,887
1,595
1,353
1,084
949
689
631
629
9,266
9,114
8,840
8,743
8,616
8,402
4,204
4,236
4,466
4,754
9,266
9,114
8,840
8,743
8,616
8,402
4,204
4,236
4,466
4,754
507
500
498
496
490
484
361
352
351
350
Noninsured nonmember commercial
banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31 4
1942—Dec. 3P
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30
All mutual savings banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 312
1942—Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30
Insured mutual savings banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 312
1942—Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30
Noninsured mutual savings banks:
1938—Dec. 31
1939—Dec. 30
1940— Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30
633
For footnotes see page 158.
FEBRUARY
1946
159
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Class of bank
and
call date
Total
loans
and
investments
Loans for
purchasing
or carrying
securities
Commercial,
in-
Agriclud- culing
tur- T o
Total open- al brokers
market
and
1938—Dec. 31. . . 37,470
1940—Dec. 31. . . 42,556
1941—Dec. 31. . . 49,288
1942—Dec. 31. . . 66,240
1943—Dec. 31. . . 83,507
1944—June 30. . . 93,936
Dec. 30. . . 103,382
1945—June 30. . . 112,353
Obliga-
Direct
Real-
esCon- Other
tate umer loans Total
loans loans
Total
oth-
deal- ers
ers
paper
All insured commercial banks:1
To
Investments
U. S. Government obligations
tions
of
States Other
CerGuar- a n d secutifia n - politi- rities
teed cal
Bills cates Notes
of inBonds
subJpUt
aeutdiviedsions
ness
16,021
18,394
21,258
18,903
18,841
20,729
21,352
23,376
5,636
7,178
9,214
7,757
7,777
7,406
7,920
7,501
1,060
,281
,450
1,642
1,505
1,474
1,723
1,632
3,857
4,468
4,773
4,646
1,414
4,437
2,221 2,296 4,364
2,269 2,265 4,343
3,113 3,601 4,413
3,583
4,077
4,545
2,269 1,042
1,868 918
1,862 1,106
1,888 944
2,108 1,008
21,449
24,161
28,030
47,336
64,666
73,207
82,030
88,978
14,506
17,063
21,046
40,705
58,683
67,085
75,875
82,401
3,648
2,756
3,159
5,799
7,672
1,834
5,778
6,454
8,000
9,925
2,797
0,999
0,656
4,114
9,848
47,870
,568
,719
,102
,718
,501
,011
,608
,651
,533
,287
,393
,422
,684
,932
,491
,333
,098
,696
,730
,733
,892
13,208
15,321
18,021
16,088
16,288
18,084
18,676
20,588
22,786
5,179
6,660
8,671
7,387
7,421
7,023
7,531
7,095
2,716
3,228
3,494
1,089
3,423
1,023 1,398
3,274
1,023 2,200 2,130 3,207
1,198 2,249 2,108 3,209
1,125 3,089 3,407 3,248
2,853
3,273
3,692
,847 870
,484 848
,467 1,033
,505 877
1,688 934
8,863
21,805
25,500
43,175
57,970
65,503
72,893
78,838
84,357
13,222 286
3,389
15,823 652
2,594
19,539 971
3,007
37,546 ,363 6,285 5,409
52,948 ,360 2,071 6,906
50,339 4,466 4,228 0^640
67,685 3,748 3,982 4,127
73,239 2,633 5,584 4,723
78,308
7,208
9,091
1,729
8,948
7,265
0,118
4,927
40,266
,340
,486
,832
,540
,345
,448
,013
,090
,965
,729
,834
,857
,102
,253
,192
,970
,871
,664
,294
,331
,350
,497
,797
3,262
3,384
4,072
4,116
4,428
5,479
5,760
7,069
7,333
1,594
2,125
2,807
2,546
2,515
2,430
2,610
2,380
5
6
8
21
24
64
30
53
5,702
7,527
8,823
13,841
15,566
17,190
18,243
18,687
18,810
3,857
158
1,142
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
17,492 424 3,538 3,607
17,575
1,663 894
2,977 ,615
3,652 ,679
5,420 ,071
7,014 984
7,650 201
8,592 189
2
9,920
517
695
729
593
444
456
468
567
606
698
788
830
701
558
577
596
629
629
539
696
954
832
335
492
732
658
763
710
738
671
17
5
6
6
6
11
17
13
109
112
119
83
74
31
31
141
188
182
166
158
204
160
154
181
176
186
193
186
155
169
185
196
204
4,963
5,931
7,105
6,102
6,201
6,761
6,822
7,155
8,508
2,063
2,589
3,456
2,957
3,058
2,787
3,034
2,883
207
263
300
290
279
277
348
304
1,224 2,997 740 808
984
771 3,281 ,049
956
751 4,248 1,173
1,723 6,810 811 954
2,497 9,943 749 913
3,893 10,689 402 963
5,181 11,987 440 1,000
10 1,100
5,689 13,906
1 126
866
893
820
821
726
735
740
794
911
4,444
5,309
5,890
5,038
4,654
4,780
4,910
5,114
5,612
1,186
1,453
1,676
1,226
1,084
1,096
1,149
1,162
483
590
659
772
713
671
802
755
25
21
20
17
25
33
32
32
243
201
183
161
197
345
310
422
1,353
1,644
1,823
1,797
1,725
1,708
1,719
1,771
674
528
536
547
611
1938—Dec. 31. . . 5,399 2,813
1940—Dec. 31. . . 5,429 3,074
1941—Dec. 31. . . 5,774 3,241
1942—Dec. 31. . . 6,984 2,818
1943—Dec. 31. . . 9,258 2,556
1944—June 30. . . 10,360 2,648
Dec. 30. . . 11,824 2,678
1945—June 30. . . 12,940 2,790
457
518
543
370
356
383
389
406
348
416
478
553
482
452
525
506
28
21
20
16
16
21
21
24
110
75
64
59
82
166
156
193
1,141
1,240
1,282
1,225
1,165
1,159
1,136
1,167
730
2,586
803
2,356
854
2,533
422
173 4,166
385
70 6,702
395
73 7,712
383
67 9,146
74 10,150
420
Member banks, 1
total:
1938—Dec. 31. . . 32,070
1940—Dec. 31. .. 37,126
1941—Dec. 31. .. 43,521
1942—Dec. 31. .. 59,263
1943—Dec. 31. . . 74,258
1944—June 30. . . 83,587
Dec. 30. .. 91,569
1945—June 30. . . 99,426
Dec. 3 1 P . . 107,143
New York City:2
1938—Dec. 31. . . 8,335
1940—Dec. 31. . . 10,910
1941—Dec. 31. .. 12,896
1942—Dec. 31. . . 17,957
1943—Dec. 31. .. 19,994
1944—June 30. . . 22,669
Dec. 30. .. 24,003
1945—June 30. . . 25,756
Dec. 3 1 P . . 26,143
Chicago:2
1938—Dec. 31. . . 1,996
1940— Dec. 31. .. 2,377
1941—Dec. 31. .. 2,760
1942—Dec. 31. . . 3,973
1943—Dec. 31. .. 4,544
1944—June 30. . . 5,124
Dec. 30. .. 5,443
1945—June 30. . . 5,730
Dec. 3 1 P . . 5,931
Reserve city banks:
1938—Dec. 31. . . 11,654
1940—Dec. 31. .. 13,013
1941—Dec. 31. . . 15,347
1942—Dec. 31. . . 20,915
1943—Dec. 31. . . 27,521
1944—June 30. . . 30,943
Dec. 30. . . 33,603
1945—June 30. . . 36,572
Dec. 31?. . 40,104
Country banks:
1938—Dec. 31. . . 10,113
1940—Dec. 31. . . 10,826
1941—Dec. 31. . . 12,518
1942—Dec. 31. .. 16,419
1943—Dec. 31. .. 22,188
1944—June 30. . . 24,850
Dec. 30. . . 28,520
1945—June 30. . . 31,368
Dec, 3 1 P . . 34,966
Insured nonmember commercial banks:
1,004
1,064
1,184
1,250
1,332
712
865
972
1,002
663
614
950
973
642
594
934
885
727
662
597
922
775
652
598
538
839
220
190
169
193
323
751
859
121
130
123
117
107
93
86
76
535
468
554
303
252
232
253
270
70
54
52
32
52
130
163
299
12
19
22
23
22
21
24
23
63
84
96
62
45
49
45
50
119
242
115
207
114
194
97
153
217
267
409
903
311
777
371 1,147
1,230
1,436
1,527
1,486
1,420
1,385
1,379
1,378
787
465
412
787
1,054
1,657
1,742
2,528 1,539
43
42
48
34
102
102
163
159
148
153
251
179
223
18
14
40
34
34
1,101
1,322
1,512
808
658
650
660
757
312
301
350
313
315
1,154
1 400
1,530
393
381
392
351
362
290
662
988
4,462
4,636
4,708
3,971
2,831
1,430
1,681
1,806
3,141
3,550
4,060
4,258
4,480
4,598
1,114
1,307
1,430
2,789
3,238
3,688
3,913
4,130
4,213
59
297
256
397
199
367
250
127
6,691
7,081
8,243
14,813
21,321
24,183
26,781
29,417
31,596
5,018
5,204
6,467
13,038
19,682
22,484
25,042
27,523
29,559
57
103
295
5,669
5,517
6,628
11,380
17,534
20,071
23,610
26,253
29,354
11
3,233
45
3,269
4,377
110
671
9,172
15,465 1,032
18,009 926
21,552 882
24,094 762
26 961
1,283
1,240
1,509
3,162
5,739
5,762
8,197
9,170
1,441
1,802
1,914
1,704
1,320
i
10
17
99
276
242
223
198
6,121
3,218
5,466
5,300
7,204
637
877
1,038
1,045
1,253
2', 253
4,691
5,586
5,730
6,598
291
145
153
391
484
587
779
814
732
433
481
* i ^251
3,094
3,362
3,466
4,194
1,240
2,096
3,355
4,422
4,613
259
162
152
390
766
655
752
903
1,282
1,602
1,665
1,809
1,936
1,893
2 081
2,926
5,436
8,705
10,114
12,540
14,504
793
834
1,069
442
2,053
1,147
3,395
1,238 1,194 4,002
1,319 1,652 4,928
1,620 1,73 5,61
963
978
43
887
902
33
597
710
861
574
538
252
241
21
228
234
27
179
156
76
76
10
982 1,453
1,14 1,102
1,222 1,028
1,252 956
1,214 855
1,212 849
1,230 829
1,281 878
1,340 1,053
563
595
563
569
560
560
566
584
739
521
462
435
403
400
3*3
396
Preliminary.
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal
Deposit
Insurance Corporation.
1
During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These
banks2 are included in "member banks" but are not included in "all insured commercial banks."
Central reserve city banks.
160
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Re-
Class of bank
and
call date
serves
Cash
with
Federal in
Revault
serve
Banks
All insured Commercial banks:1
1938—Dec. 31. .
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Member banks,1
total:
1938—Dec. 31. .
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 3 1 P .
New York Cityfl
1938—Dec. 3 1 . .
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 3 1 P .
Chicago:2
1938—Dec. 3 1 . .
1940—Dec. 31. .
1941—Dec. 31.. .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 31P.
Reserve city banks:
1938—Dec. 31. .
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 31. .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 3 1 P .
Country banks:
1938—Dec. 31. .
1940—Dec. 3 1 . .
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—June 30. .
Dec. 30. .
1945—June 30. .
Dec. 3 1 P .
8,694
13,992
12,396
13,072
12,834
12,812
14,260
14,806
1,234
1,358
1,305
1,445
1,464
1,622
1,474
8,694
13,992
12,396
13,072
12,835
12,813
14,261
14,807
DeBalances mand
dewith
posits
doad4
mestic
banks3 justed
Interbank
deposits
U. S.
Government
DoFormestic3 eign
5,663
8,202
8,570
9,080
8,445
8,776
9,787
9,959
25,198
33,820
37,845
48,221
59,921
59,197
65,960
68,048
503
6,595
702
9,677
673
9,823
813
10,234
893
9,743
940
10,030
948
11,063
11,217 1,119
1,762
8,167
9,950
18,757
19,754
23,478
1,087
1,019
1,132
1,143
1,271
1,150
4,240
6,185
6,246
6,147
5,450
5,799
6,354
6,486
22,293
30,429
33,754
42,570
52,642
51,829
57,308
59,133
6,510
501
700
9,581
671
9,714
811
10,101
891
9,603
937
9,904
945
10,881
11,064 1,106
1,709
7,923
9,444
17,634
18,509
21,967
4,104
7,057
5,105
4,388
3,596
3,455
3,766
3,879
68
102
93
72
92
85
102
89
109
122
141
82
61
60
76
64
7,168
11,062
10,761
11,899
13,899
13,254
14,042
14,643
884
902
821
811
899
929
35
42
43
39
38
41
43
33
235
319
298
164
158
179
177
180
1,688
1 941
2,215
2,557
3,050
3 070
3,041
3,152
2,354
4,027
4,060
4,940
5,116
5,109
5,687
5,882
321
396
425
365
391
399
441
396
1,940
2,741
2,590
2,202
1,758
1,922
2,005
2,029
7,214
9,581
11,117
14,849
18,654
18,405
20 267
20,682
1,353
1,857
2,210
2,842
3,303
3,438
3,909
4,117
322
452
526
542
611
618
684
632
1,956
3,002
3,216
3,699
3,474
3,638
4,097
4,213
204
243
271
287
313
322
352
324
1,423
2,017
2,325
2,934
2,996
2,978
3,434
3,473
1,051
1,021
Insured nonmember commercial banks:
1938—Dec. 3 1 . .
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31
1943—Dec. 31
1944—June 30. .
Dec. 30. .
1945—June 30. .
950
746
991
838
666
790
616
Time deposits
U. S.
Certi- IndiGov- States
States fied viduals
ernand
and
and partner- Inter- ment
political offiships, bank and political
subdi- cers' and corPostal subdivisions checks, poraSavvisions
etc.
tions
ings
IndiCapividuals, Bor- tal
partner- rowacships, ings counts
and corporations
2,942
3,298
3,677
3,996
4,352
4,402
4,518
4,698
1,077
1,219
1,669
1,550
1,354
1,240
595 23.475
971 32,398
36,544
47,122
58,338
57,351
64,133
65,494
157
160
158
97
68
68
64
66
86
69
59
61
124
108
109
105
575
522
492
397
395
407
423
482
14,009
14,998
15,146
15,697
18,561
20,530
23,347
26,346
2,386
2,724
3,066
3,318
3,602
3,638
3,744
3,877
547
913
1,009
1,142
1,573
1,460
1,251
1,138
21,119
29,576
33,061
42,139
51,820
50,756
56,270
57,417
62,912
142
141
140
87
62
63
58
61
61
56
50
56
120
104
105
102
462
435
418
332
327
333
347
392
10,846
11,687
11,878
12,366
14,822
16,448
18,807
21,254
280
370
319
263
252
213
199
229
195
471
450
448
710
722
361
341
7,273
11,357
11,282
12,501
14,373
13,740
14,448
14,789
15,712
6
5
7
7
8
36
51
29
23
26
17
17
19
29
27
34
38
44
41
33
29
1,597
1,905
2,152
2,588
3,097
3,040
3,100
3,124
3 160
5
9
8
796
995
18 6,434
11 6,673
10 6,841
10 7,055
46 7,453
84 7,709
122 7,989
65 8,340
39
75
111
52
5
5,424
5,698
5,886
6,101
6,475
6,696
6,968
7,276
652
768
778
711
816 " ' 2 9
861
64
977
96
40
1,082
1,593
1,615
1,648
1,727
1,862
1,907
L.966
2^023
6
3
4
2,687
4,032
3,595
3,209
2,867
3,105
3,179
3,271
437
641
607
733
810
852
851
989
658
997
1,090
1,132
1,174
9
g
8
12
14
15
16
19
1 105
1,400
1,499
181
174
233
178
174
218
167
193
2,719
3,919
4,302
4,831
4,770
4,757
5 421
5,510
424
53
327
49
54
491
63 1,982
63 3,373
65 6,453
70 6 157
90 7,655
1,144
1,319
1,448
1,464
1,509
1,516
170
228
286
385
475
384
488
422
7,034
9,468
11,127
15,061
18,790
18,467
20 371
20,559
22,281
113
107
104
63
41
37
33
31
17
19
20
22
56
45
40
39
269
226
243
169
151
158
154
166
446
6,224
633
7,845
790
9,661
957
13,265
994
17,039
951
17,099
19,958 1,149
20,656 1,108
143
2
151
2
225
2
4 1,090
5 1,962
5 3,926
8 4,230
8 5,195
1,128
1,184
1,370
1,558
1,727
1,743
1,868
1,939
154
187
239
272
344
314
369
346
5,215
6,846
8,500
11,989
15,561
15,609
18,350
18,945
21 759
23
29
30
20
17
15
14
14
44
33
31
32
56
52
57
54
147
150
146
140
149
157
175
207
5,509
5,917
6,082
6,397
7,599
8,477
9,650
10,981
6
3
4
3
10
11
16
9
1,798
1,909
1,982
2,042
2,153
2,239
2,321
2,440
48
50
53
243
506
555
574
611
678
750
764
775
820
48
58
68
76
96
90
103
101
2,356
2,822
3,483
4,983
6,518
6,595
7,863
8,078
15
18
18
10
6
5
6
5
25
13
8
5
4
4
4
4
113
87
74
65
68
74
76
90
3,163
3,311
3,276
3,339
3,750
4,094
4,553
5,105
11
8
6
5
6
9
10
13
1,010
2,904
3,391
4,092
5,651
7,279
7,368
8,652
8,915
1,027
1,105
972
85
95
108
133
141
126
182
153
2
3
2
2
2
3
3
13
139
48
866
4,186
3,395
6,150
6,722
7,618
83
90
127
665
713
1,124
1,245
1,511
5
6
3
4
11
11
16
2
2
i
1
1
1
452
496
476
453
505
543
619
663
257
270
288
304
326
343
354
362
4,233
4,505
4,542
4,805 ""2
5,902
6,567
7,561
8,529
3
1,177
1,904
1,967
2,028
2,135
2,207
2,327
2,450
975
956
955
979
1,015
1,022
1,065
P Preliminary.
3
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.
4
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, Table 18-45, pp. 72-103 and 108-113.
FEBRUARY
1946
161
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars!
Loan
Date or month
Total
loans
and
:n vest- Total
ments
Commercial,
industrial,
and
agricultural
Total—101 Cities
1944—December. . 59,436 12,941 6,454
1945—August
63,014 13,021 5,944
September.. 61,765 12,761 6,096
October
60,988 12,438 6,267
November.. 61,646 13,034 6,659
December. . 67,752 15,746 7,148
Investments
For purchasing
or carrying securities
To brokers
and dealers
To others
U.S. Other
U. S.
Govt. Other
se- Govt.
ob- seob- curiliga- ties liga- curitions ties
tions
U. S. Government obligations
Real- Loans
estate to Other
Total
loans banks loans
1,448
713 1,519
341 1,058
79 1,329 46,495 43,594 2,277 10,272 9,164 21,267
1,400
1,396
1,263
1,382
1,881
863 1,797
850 1,390
858 1,004
843 1,044
854 2,560
403 ,056
,060
402 ,062
401 ,068
434 ,086
84 1,474 49,993
98 1,473 49,004
82 1,500 48,550
69 568 48,612
1,
52,006
99 1,684
Oct. 31
60,945 12,510 6,328 1,287 890
890
,060
Nov.
Nov.
Nov.
Nov.
7
14
21....
28....
61,034
61,112
62,057
62,381
12,531
12,702
13,270
13,632
6,480
6,628
6,751
6,778
1,229
1,251
1,375
1,674
870 878
855 911
838 1,167
807 1,222
,060
387 ,067
410 ,070
,073
Dec. 5 . . . .
Dec. 12
Dec. 1 9 . . . .
Dec. 2 6 . . . .
67,140
68,034
68,102
67,73.
15,253
15,951
15,952
15,829
6,964
7,128
7,241
'7,259
1,717
1,996
1,893
1,917
819
832
901
865
,079
437 ,081
442 ,091
432 ,091
1946—Jan. 2 . . . .
Jan. 9
Jan. 16
Jan. 23
67,948
67,838
68,220
68,112
15,890
15,310
15,224
15,221 7,275
1,910
1,636
1,586
1,636
881 ,531
763 ,418
765 ,303
732 2,252
New York City
1944—December. . 21,601 5,454
1945—August.... 22,25 5,560
September.. 21,591 5,397
October
21,281 5,173
November.. 21,342 5,415
December. . 23,875 6,837
2,430 1,145
2,191 1,125
2,295 1,135
2,415 1,021
2,597 1,134
2,792 1,529
537
,458
,697
,589
,495
427
420
421
429
,095
,098
,101
,106
736
656 859
628 597
623 377
628 325
632 1,091
191
183
185
179
194
Oct. 3 1 . . . . 21,216 5,224 2,453 1,041
635
309
Nov.
Nov.
Nov.
Nov.
7....
14
21
28
21,158
21,048
21,483
21,677
5,168
5,231
5,501
5,759
640
636
629
607
298
288
357
356
168
169
188
191
63
64
64
64
Dec.
Dec.
Dec.
Dec.
1946—Jan.
Jan.
Jan.
Jan.
5....
12
19....
26....
2....
9....
16....
23
23,817
23,914
23,952
23,81
6,611
6,997
6,902
6,838
2,701
2,797
2,841
'2,829
1,369
1,644
1,541
1,562
614
622
657 1,072
635 1,033
198
198
195
186
66
64
65
65
23,904
23,641
23,770
23,698
6,798
6,328
6,283
6,335
2,821
2,815
2,853
2,842
1,513
1,251
1,240
1,303
631 1,048
565 960
567 877
547 859
176
173
178
183
64
63
64
63
Outside
New York City
1944—December..
37,835 7,487 4,024
303
176
203
986
1945—August
September..
October
November..
December..
40,761
40,17
39,707
40,304
43,877
7,461
7,364
7,265
7,619
8,909
275
261
242
248
352
207 938
22: 793
235 627
215 719
22: 1,469
975
2,531
2,587 1,023
2,628 1,134
2,647 1,403
3,753
3,801
3,852
4,062
4,356
Oct. 3 1 . . . . 39,729 7,286 3,875
Total
CerOther
tifisecucates
rities
Bills of in- Notes Bonds
debtteed
edness
783
16,674
15,655
15,264
15,373
18,710
120 1,519 48,435 15,142
,551 10,380 9,502
,259 10,258 9,301
,284 9,853 9,159
,070 9,798 9,049
,958 11,196 9,080
11 3,319
11 3,349
3,286
12 3,239
12 3,296
969 9,863 9,168 25,133
9 3,293
9,731 9,129 !5,219
9,741 9,073 25,335
9,889 9,041 25,491
9,832 8,953 25,729
15,263
15,176
15,550
15,501
,173
,016
,116
975
1,660
1,682
1,699
1,699
51,887
52,083
52,150
51,904
18,654
18,817
18,827
18,541
,164 11,193 9,052
,031 11,187 9,116
,962 11,218 9,078
,674 11,186 9,073
26,233
26,471
26,555
26,598
3,240
3,234
13 3,237
12:3,248
12 3,233
12 3,266
14 3,323
10 3,363
1,714
1,684
1,708
83 1,708
52,058
52,528
52,996
52,891
18,674
19,133
19,629
19,531
,761 12,130 8 ,036
,958 12,371 7,968
,030 12,593 7,994
,756 12,716 7,961
26,737
26,825
27,003
27,089
10 3,384
11 3,395
3,367
9 3,360
81 1,542 48,503
49 1,554 48,410
48,787
78
66 1,596 48,749
53
343 16,147 15,174
439 3,481 3,310 7,780
67
83
68
54
72
404
409
417
434
462
333
280
395
209
580
422 15,992 14,867
195 2,796 3,017 S.857
1,125
427
428
438
442
15,990
15,817
15,982
15,918
14,913
4,746
14,914
14,848
264
159
249
164
2,749
2,725
2,788
2,736
3,012
2,959
2,921
2,864
8,886
8,901
8,954
9,082
,077
,071
,068
,070
101 455
64 455
66 465
54 r474
67 478
30 471
25 479
60 478
17,206
16,917
17,050
16,979
16,151
15,857
15,973
15,851
743
525
610
441
3,243
3,069
3,132
3,176
2,934
2,942
2,904
2,886
9,229
9,319
9,325
9,346
,055
,060
,077
,128
17,106
17,313
17,487
17,363
15,987
16,200
16,400
16,275
523
626
587
470
3,384
3,470
3,553
3,525
2,665
2,673
2,723
2,720
9,413
9,429
9,535
9,558
.119
,113
,087
,088
986 30,348 28,420 1,838 6,791 5,854 13,487
450 1,928
104
66
36
63
49
2 858 3,146
2,811 3,019
2,779 2,986
2,750 2,939
3,155 2,916
16,079
15,973
16,154
16,489
17,159
9 2,116
2,120
2,145
2,167
2,216
774 7,067 6,151 16,276
2,168
31,184 1,218 7,522
30,690 979 7,
30,297 889 7,074
30,518 861 7,048
32,752 1,378 8,041
212 989
215 993
217 995
222 1,004
240 1,021
17 ,070 33,300
064 32,810
,083 32,442
,134 32,685
,22" 34,968
16 1,097 32,443 30,275
6,356
,282
6 ,173
6,110
6,164
255
581
220
7,363
7,471
7,769
7,873
3,949
4,041
4,12.
4,131
254
228
241
271
230
219
209
200
580
623
810
866
1,115 32,513 30,350
,126 32,593 30,430
,143 32,805 30,636
154 32,831 30,653
909
85'
86
811
6,982 6,117
7,016 6 ,114
7,101 6,120
7,096 6,089
16,333
16,434
16,537
16,647
Dec. 5 . . . .
Dec. 1 2 . . . .
Dec. 1 9 . . . .
Dec. 26... .
43,323
44,120
44,15C
43,916
8,642
8,954
9,050
8,991
4,263
4,331
4,400
4,430
348
352
35
355
205 1,351
210 1,544
244 1,51
230 1,462
223 997
218 1,003
22: 1,006
225 1,009
229 1,01
239 1,017
24 1,026
1,026
34,681
35,166
35,100
34,925
32,503
32,960
32,85
32,690
1,421
1,506
1,352
1,233
7,950 6,118
8,118 6,174
8,086 6,174
8,010 6,18^"
17,004
17,152
17,230
17,252
44,04
44,197
44,45C
44.41
9,092
8,982
8,941
8.886
4,428
4,427
4,443
4,433
397
385
346
333
250 1,483
198 1,458
198 1,426
1,393
251 1,031
247 1,035
1,037
1,043
,236 34,952
,213 35,215
1,229 35,509
1,23C 35,528
32,687
32,933
33,22"
33,256
1,238
1,332
1,443
1.286
8,746 5,371
8,901 5,295
9,040 5,271
9.191 5.241
17,324
17,396
17,468
17.531
1946—Jan. 2 . . . .
Jan. 9 . . . .
Jan. 16
Jan. 23. . . .
973
1,203
1,229
1,141
1,072
1,080
15,490
4,965
14,967
4,855
15,958
39,876
40,064
40,57
40,704
246
164
9,151
8,853
8,805
8,955
9,305
16,693
16,194
16,108
15,927
17,038
7....
14....
21
28
Nov.
Nov.
Nov.
Nov.
614 2,901
25,230
24,826
24,959
25,444
26,464
,205
,227
,234
,225
2,163
2,163
2,169
2,178
10
,178
,206
2,246
2,235
265
,282
,280
2,272
r
Revised.
Back figures.—See Banking and Monetary Statistics, pp. 127-227.
162
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
Reserves
BalDewith :ash ances mand
Fedwith
dein
eral vault doposits
Remestic ad- 1
serve
banks usted
Bank;
Time deposits,
except interbank
IndividCertiuals, States
fied
and
U. S.
part- politand
Govneroffiical
ernships, subcers'
ment
and
divichecks
cor- sions
etc.
porations
Individuals,
partnerships,
and
corporations
Domestic
S.
banks
States U.
Borand Govrowernpolit- ment
For- ings
ical
eign
and
subbanks
Dedivi- Postal
Time
mand
sions Savings
Total 101 Cities
1944—December...
9,394
647 2,289 35,459 35,922 1,742
1945—August
September. .
October
November..,
December..,
9,900
10,129
10,307
10,491
10,223
553 2,243 37,553 37,651 1,874
38,748 38,894 1,882
570
39,331 39,458 1,983
569
39,751 40,011 2,112
603
643 2,507 37,591 37,884 1,957
876
1,009
1,135
1,186
1,359
12,818 8,751
10,074 8,968
8,571 9,087
8,218 9,186
16,242 9,200
109
111
108
106
100
Oct. 31
10,336
568 2,209 39,592 39,726 2,137
1,287 8,098 9,148
104
Nov.
Nov.
Nov.
Nov.
7....
14....
21
28....
10,289
10,474
10,460
10,741
575
620
590
627
2,215 39,449
2,334 39,501
2,241 39,805
2,273 40,247
39,518
40,265
40,030
40,230
2,094
2,092
2,079
2,181
1,090
1,093
1,184
1,376
7,919 9,173
884 9,181
7,""
8,521 9,199
8,547 9,194
106
104
104
110
Dec. 5 . . . .
Dec. 1 2 . . . .
Dec. 19
Dec. 2 6 . . . .
10,481
10,037
10,237
10,133
598
651
654
668
2,518
2,570
2,525
2,416
37,452
37,381
37,974
37,556
37,726
37,990
38,160
37,662
1,984
1,893
1,969
1,981
1,492
1,274
1,418
1,251
15,958 9,188
16,761 9,190
16,149 9,195
16,100 9,228
102
102
97
99
1946—Jan. 2 . . . .
Jan. 9 . . . .
Jan. 1 6 . . . .
Jan. 2 3 . . . .
10,217
10,175
10,375
10,236
610
613
58,
568
2,595
2,448
2,526
2,352
37,066
37,384
37,728
38,037
37,674
37,491
38,257
38,084
1,949
1,934
1,956
2,024
1,631
1,151
1,220
1,195
16,660 9.304
16,100 9,360
16,165 9,376
16,032 9,403
99
101
101
104
New York City
1944—December..
3,34:
10'
28 12,809 13,240
1945—August. . . .
September.
October
November..
December..
3,590
3,671
3,76
3,809
3,636
84
86
8
98
106
Oct. 3 1 . . . .
3,792
88
Nov. 7 . . . .
Nov. 1 4 . . . .
Nov. 21. ...
Nov. 2 8 . . . .
3,702
3,81
3,795
3,924
95
100
100
98
Dec. 5 . . . .
Dec. 1 2 . . . .
Dec. 1 9 . . . .
Dec. 2 6 . . . .
3.693
3,557
3,63
3,659
1946—Jan. 2 . . . .
Jan. 9 . . . .
Jan. 1 6 . . . .
Jan. 2 3 . . . .
3,69C
3,612
3,647
3,69C
Outside
New York City
1944—December..
6,05:
54C 2,261 22,650 22,682 1,540
1945—August....
September.
October... .
November..
December..
6,31C
6,458
6,54C
6,682
6,58
469
48.
482
505
537
Oct. 3 1 . . . .
6,544
480 2,182 24,962 24,680 1,846
Nov. 7 . . . .
Nov. 1 4 . . . .
Nov. 2 1 . . . .
Nov. 2 8 . . . .
6,587
6,657
6,665
6,817
48C
52C
49C
529
2,195
2,3H
2,211
2,247
24,898
24,956
25,01
25,291
24,551
25,
4.84C
24,952
1,856
1,822
1,825
1,901
422
48C
471
466
Dec. 5 . . . .
Dec. 1 2 . . . .
Dec. 1 9 . . . .
Dec. 2 6 . . . .
6,792
6,48t
6,603
6,474
502
544
545
556
2.48C
2,545
2.50C
2.39C
23,983
23,956
24,29
23,931
13.756
24,062
24,05
23,663
1,793
1,704
1,786
1,768
6,527
6,56.;
6,728
6,546
515
516
496
482
2,565
2,423
2.50C
2,315
23,67<: 13,709
23,964 23,75
24,325 24.36C
24.303 24,048
1,746
1,743
1,768
1.803
1946—Jan. 2.
Jan. 9.
Jan. 16.
Jan. 23.
1
2
Interbank
deposits
925 12,992 7,473
Capital
Bank
debits*
242 4,532 73,623
9,550
883
9,632
9,741
9,921
10,419
10,795
1,072
1,085
1,105
1,116
1,145
343
348
312
533
348
9,945
1,131
405 4,92015,332
10,265
10,581
10,397
10.432
1,139
1,096
1,103
1,126
412
515
540
663
4,936
4,938
4,944
4,949
13,401
12,993
16,270
12,715
10,871
10,812
10,833
10,666
131
132
154
162
354
258
328
451
4,967
4,955
4,958
4,954
22,979
16,934
18,443
12,801
11,061
10,986
11,213
10,562
,183
,198
,177
1,181
232
161
162
187
4,993
4,996
4,995
4,997
18,273
16,258
16,578
15,664
4,834
4,862
4,905
4,942
4,959
55,599
57,165
63,464
63,039
78,116
202
530 5,578
884
2,963
798
14,046
14,541
14,938
15,127
14,001
169
168
219
261
194
530
618
724
726
86:
5,180
4,005
3,370
3,077
6,361
1,076
1,119
1,085
1,100
1,090
2,939
2,941
3,031
3,138
3; 335
958
971
986
992
1,016
160
122
100
227
240
1,863
1,869
1,884
1,894
1,900
24,803
26,534
29,990
28,423
37 ,046
14,630 15,046
291
836 3,164 1,098
3,036
1,009
158 1,892
7,332
14,551
14,545
14.79C
14,956
14,967
15,072
15,190
15,278
238
270
254
280
668
61
713
91C
3,061
2,993
3,161
3,096
1,100
1,095
1,102
1,101
3,092
3,165
3.12C
3,175
1,011
975
980
1,002
129
195
224
359
1,894
1,894
1,895
1,896
5,771
5,817
7,409
5,888
96
10
109
112
13.469
13,425
13,677
13,62i
13,970
13,928
14,108
13,999
191
189
183
213
963
808
88
791
6,469
6,576
6,215
6,183
1,097
1,094
1,081
1,089
3,374
3,312
3,381
3,272
1,001
191 1,903 10,614
165 1,901 7,915
261 1,901 9,147
344 1,893 5,742
95
97
87
86
13,387
13,420
13,403
13,734
13,965
13,739
13,897
14,036
203
191
188
221
998
661
726
721
6,478
6,226
6,23:
6,154
1.104
1,121
1,119
1,121
10 3,433
,054
,068
1,046
1,050
166
90
98
113
39. 7,414 6,589
6,587
7,638
6,06^
5,201
5,141
9,881
7,675
7,849
3,002
8,086
8,11C
6,693
6.80C
6.89C
7,281
7,46Ci
114
114
119
124
129
183
226
212
306
108
451 4,934 8,050
6,909
122
4,858
4,891
5.36C
5,451
8,073
3,086
5,09
3,093
7,173
7,416
7,277
7,257
128
121
123
124
28
320
316
304
3,042
3,044
3,049
3,053
7,630
7,176
8,861
6,827
529
466
531
46C
9,48?
10,185
9,934
9,917
8,091
8,096
3,114
8,139
130
129
126
131
163
93
6\
10
3,064
3,054
3,057
3,061
12,365
9,019
9,296
7,059
633
491
494
474
10,182 8,20C
9,874 3,239
9,933 8,25
9,878 8,282
129
130
131
131
66
71
64
74
3,071
3,072
3,070
3,072
9,316
8,316
8,228
7,906
13,676
14,198
14,561
14,711
13,548
2,220
2,151
2,186
2,241
2,478
23,877 23,605
24,550 24,353
24,77C 24,520
25,04f 24,884
24,043 23,883
1,705
1,714
1,764
1,851
1,763
346
391
411
46C
49
3,374
3,555
3,261
7,628
7,612
7,658
7,301
,00.3
,028
,031
182 1,768 33,064
1,922
1,924
1,925
1,925
f
8,957
7,942
8,350
7,758
60 2,764 40,559
2,971
2,993
3,021
3,048
3,059
30,796
30,631
33,474
34,616
41,070
3,028 8,000
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.
FEBRUARY
1946
163
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Federal Reserve
district and date
Boston
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
New York*
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Philadelphia
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Cleveland
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Richmond
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Atlanta
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Chicago*
Dec. 26.
Jan. 2
Jan. 9
Jan. 16
Jan. 23
St. Louis
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Minneapolis
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Kansas City
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Dallas
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
San Francisco
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
City of Chicago*
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Total
loans
and
invest- Total
ments
,399
,408
,408
,429
,419
799
811
817
807
805
,059
,170
,909
,063
,003
7,227
7,193
6,716
6,666
6,719
,834
,880
,853
,827
,836
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
To others
U. S. Other
U. S.
Govt. Other
sesec- Govt.
obob- curiliga- ties liga- curities
tions
tions
U. S. Government obligations
Real- Loans
estate to Other
Total
loans banks loans
Total
2,600 2,537
2,597 2,528
2,591 2,522
2,622 2,550
2,614 2,542
CerOther
tificates
Guar- securities
of
inBills
Notes Bonds andebtteed
edness
102
99
93
99
100
565
599
591
602
589
432
397
392
394
389
1,438
1,433
1,446
1,455
1,464
63
69
69
72
72
17,612
17,760
17,981
18,210
18,099
491
573
677
647
525
3,489
3,713
3,805
3,918
3,923
3,150
2,918
2,924
2,967
2,958
10,480
10,554
10,573
10,676
10,691
1,220
,217
1,212
1,187
1,185
140
137
138
141
142
2,290 2,084
2,337 2,131
2,308 2,100
2,277 2,071
2,287 2,082
138
188
164
131
141
316
361
362
399
404
383
337
332
299
292
1,247
1,245
1,242
1,242
1,245
206
206
208
206
205
156
156
156
156
157
140
152
147
149
148
4,193
4,215
4,232
4,232
4,264
3,927
3,943
3,957
3,957
3,988
40
67
62
49
49
944
1,014
1,042
1,033
1,049
735
647
636
646
648
2,208
2,215
2,217
2,229
2,242
266
272
275
275
276
49
49
51
50
50
73
72
71
70
68
1,813
1,798
1,826
1,830
1,836
1,748
1,727
1,755
1,759
1,764
78
68
77
74
71
361
408
416
422
417
266
221
213
213
211
1,043
1,030
1,049
1,050
1,065
65
71
71
71
72
147
144
144
136
132
23
23
24
24
24
99
100
87
86
91
1,760
1,748
1,748
1,777
1,795
1,611
1,597
1,597
1,627
1,644
52
48
50
57
57
439
479
481
484
508
298
249
246
254
244
821
820
819
831
834
149
151
151
150
151
134
170
162
135
126
280
303
297
292
285
163
163
163
163
165
156
154
150
153
154
8,049
7,929
8,057
8,172
8.150
7,461
7,350
7,484
7,600
7,578
354
254
332
423
351
2,236
2,403
2,463
2,479
2,509
1,342
1,172
1,145
1,157
1,154
3,526
3,518
3,541
3,539
3,562
588
572
573
579
572
343
340
341
344
344
6
4
4
5
5
68
75
70
69
68
68
69
69
70
70
97
96
94
96
99
1,579
1,595
1,626
1,633
1,619
1,446
1,457
1,486
1,496
1,484
26
52
61
68
40
258
288
290
293
302
361
314
331
326
325
801
803
804
807
815
133
138
140
137
135
267
271
266
262
260
124
126
124
125
125
2
2
2
1
2
56
53
51
49
47
24
25
26
26
26
52
54
53
51
51
1,122
1,123
1,139
1,141
1,136
1,067
1,066
1,083
1,086
1,081
18
22
32
37
31
206
227
233
236
237
206
173
170
169
168
636
643
648
644
645
55
57
56
55
55
,495
,472
,496
,521
,503
447
441
433
434
434
253
250
248
251
252
3
3
3
2
2
66
63
58
56
55
39
39
40
40
40
71
71
70
71
71
2,048
2,031
2,063
2,087
2,069
1,911
1,887
1,915
1,941
1,923
111
95
93
110
82
490
530
558
562
568
462
406
391
392
397
847
855
872
877
876
137
144
148
146
146
,186
,179
,174
,180
,186
671
683
667
665
666
368
381
383
386
387
2
2
1
1
1
166
162
149
141
139
28
29
29
30
31
75
75
74
77
78
1,515
1,496
1,507
1,515
1,520
1,457
1,434
1,445
1,453
1,458
82
79
91
94
72
435
478
495
507
528
292
232
217
210
212
648
645
642
642
646
58
62
62
62
62
,436 1,333
,337
,549
,324
,562
,317
,630
,301
,618
612
614
614
606
606
47
43
47
47
45
192
195
178
172
163
292
291
290
292
292
132
140
145
130
6,103
6,212
6,238
6,313
6,317
5,680
5,794
5,808
5,879
5,888
182
216
226
241
237
,447 1,146 2,903
,630 970 2,976
,635 971 2,972
,658 967 3,011
,682 963 3,004
423
418
430
434
429
,310
,370
,342
,316
,288
759
760
765
767
753
130
165
156
129
121
179
198
191
190
184
37
37
37
37
37
88
86
83
84
85
4,746
4,644
4,700
4,800
4,799
4,358
4,270
4,332
4,434
4,432
222 ,484
173 ,553
234 ,553
331 1,560
280 1,592
44
51
54
54
51
19
20
18
18
18
68
69
69
69
70
643 1,073
640 1,093
571 1,003
571 919
552 900
209
199
197
201
206
148
148
147
148
148
73
72
79
77
74
10
10
10
10
11
33
34
34
33
33
251
242
256
260
260
16
15
15
14
14
7
7
6
10
5
79
78
79
78
78
10
10
10
9
10
.250
248
250
249
245
4
4
3
3
3
1,884
1,949
1,911
1,886
1,856
1,015
1,013
1,013
1,017
1,002
,183
,201
,225
,239
,227
604
606
599
606
608
,389
,394
,405
,403
,396
469
469
466
468
472
38
48
59
42
46
2,982
2,971
2,965
3,001
2,990
1,578
1,531
1,266
1,256
1,319
544
543
545
550
549
244
238
238
242
244
9
10
10
12
11
34
41
35
34
33
,299
,333
,340
,347
,375
1,106
1,118
1,108
1,115
1,111
428
432
431
437
435
87
86
73
72
71
27
34
25
23
21
,213
,194
,221
,227
,232
400
396
395
397
396
171
167
169
170
173
,307
,290
,277
,296
,311
547
542
529
519
516
,933
,878
,968
,058
,006
,056
,014
,042
,116
,087
r
29
24
25
29
23
127
127
123
124
123
'540 18,832
544 18,977
537 19,193
545 19,397
544 19,284
762
663
665
663
659
1,890
1,881
1,880
1,880
1,901
r
Revised.
.
.
.
* Separate figures for New York City are shown in the immediately preceding table, and for the City of Chicago in this table.
,for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
164
388
374
368
366
367
The figures
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
fin millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
Federal Reserve
district and d a t e
Boston (6 Cities)
Dec. 26
Jan. 2
Jan. 9
J a n . 16
J a n . 23
New York (8 Cities}*
Dec. 26
Jan. 2
Jan. 9
J a n . 16
Jan. 23
Philadelphia (4 Cities]
Dec. 26
Jan. 2
Jan. 9
J a n . 16
J a n . 23
Cleveland (10 Cities)
Dec. 26
Jan. 2
Jan. 9
J a n . 16
J a n . 23
Richmond (12 Cities)
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 2 3 . .
ita (8 Cities)
Atlanta
Dec. 26
Jan. 2
Jan. 9
J a n . 16
J a n . 23
Chicago (12 Cities)*
Dec. 26
Jan. 2
Jan. 9
J a n . 16
Jan. 23
St. Louis (5 Cities)
Dec. 26
Jan. 2
Jan. 9
J a n . 16
J a n . 23
Minneapolis (8 Cities
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
KansasCity (12Cities\
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Dallas (9 Cities)
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
SanFrancisco(7Cities
Dec. 26
Jan. 2
Jan. 9
Jan. 16
J a n . 23
City of Chicago*
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Reserves
with
Federal
Reserve
Banks
IndiBalDevidances mand
uals,
with
dedoposits partnerlestic
adDanks usted 1 3 hips,
and
corporations
States Certiand
fied
U. S.
politand
rOVical
offiernsubcers'
ment
divi- checks,
sions
etc.
Individuals,
partnerships,
and
corporations
itates
and
political
subdivisions
Interbank
deposits
Domestic
". S.
banks
Government
and
Postal DeSav- mand
ings
Foreign
banks
Borowngs
CapBank
ital
debacits 2
:ounts
456
44
470
474
472
69
63
63
60
57
123
132
118
128
125
2,102
2,079
2,115
2,149
2,133
2,077
2,066
2,081
2,144
2,109
105
116
116
116
113
34
48
45
37
39
906
926
901
909
90
420
423
426
427
432
310
332
324
320
317
25
25
26
27
27
19
1
9
5
5
3,898
3,928
3,870
3,897
3,948
148
129
131
119
11
126
110
121
11
4,941 5,138
4,695 5,119
4,740 4,883
4,750 5,064
5 0 8 ^ .5,183
426
403
407
41
458
819
1,032
691
762
758
6,625
6.939
6,670
6,677
6,595
,732
,755
,776
,776
,779
3,340
3,506
3,450
3,633
3,331
1,034
1,057
1,070
1,049
1,053
354
172
107
108
131
429
425
430
44:
43
36
32
3.
31
2
86
98
91
89
90
1,822
1,828
1,823
1,796
1,814
1,883
1,935
1,889
1,888
1,875
45
45
5
45
4.
20
30
30
2;
2:
71
734
711
715
719
218
22:
224
224
224
381
402
398
404
384
11
11
12
1
11
735
75C
765
78
77.
86
8:
8
7*
7<
206
22'
213
222
21
2,
2,893
2,948
2,965
2,984
2,923
2,971
2,959
3,029
3,005
135
135
132
133
13'
48
56
49
54
47
1,139 ,223
,233
1,17
1,135 ,238
1,138 ,240
1,135 1,242
577
604
598
610
588
4
4
4
348
32?
34
35'
34:
44
40
4C
3
35
15 1,28*
166
17 l[3O2
18. 1,323
1,314
1,292
1,279
1,31
1,331
1,321
78
81
70
88
79
30
41
28
29
31
51
51
503
506
503
339
340
344
345
346
451
453
45
457
453
134
133
133
133
134
340
420
414
403
410
37.
39
38?
405
38:
3.
3
3
3C
1,256
1,238
1,24'
1,286
1,271
1,201
1,185
1,187
1,23'
1,206
165
182
18
190
195
15
2V
15
16
47
47'
46
466
46
412
41
414
41
418
612
636
636
627
60'
124
122
123
123
123
355
449
420
399
386
4542
42.
40
5,321
5,24
5,34C
5,41
5,40:
5,181
5,21
5,244
5,359
5,280
466
42i
405
41'
43.
2,34:
2,41.
2,32.
2,34!
2,32
1,816
1,826
1,836
1,840
1,845
1,793
1,826
1,833
1,860
1,764
590
59.
59
590
59
1,781
2,432
2,066
2,101
1,926
34?
338
S5t
35!
34:
12
13i
12
11
11
1,04'
1,03
1,07.
1,07'
1,07
1,102
1,09'
1,11'
1,156
1,13
64
6
64
64
6
1
2C
IS
1
li
48:
49?
483
48
48
336
33'
34C
34
34:
673
69
696
702
67
133
132
132
132
133
336
415
380
378
390
202
204
204
205
195
105
11
10
11
65
67^
65<
66<
651
1'
II1.
1.
37<
37;
36
371
36«
206
208
205
211
21
36
86
8
86
8
9i
67'
67
67
67i
66'
242
254
286
276
254
45
4545.
46.
45.
32
32'
31
32.
28'
1,391
1,34.
1,35'
1,398
1,39C
1,39.
1,35;;
1,361,41C
1,37
2,
3'
2,
2'
2
50
50
49<:
49
49.
28«
28,
291
29
29:
96
98.
98,
99i
94C
14
146
146
14
14
384
540
491
461
465
3939
39
43
40
27.
31.
31
31'
29.
1.36J
1,33:
1,35^
1,3%
1,37<:
1,35.
1,34
1,35.
1,407
l,39t
25
5
2'
2J
3
49
49
48
48
48
2626
26!
26'
27
644
69i
67
67:
13.
13
13
13
13:
343
525
388
376
4C6
1,031,06
1,02'
l,05<
1,03
33
33
28.
30<
28
3,45?
3.46C
3,402
3,49'
3,52i
3,46:
3,44
3,443,56<
3,55
1,54
1,591
1,56
1,57
1,56
1,97<
1,98<
1,99:
1,99<
2,00
53
54'
55'
55
54i
,018
,288
,217
,172
,194
19
21;
19J
19'
18
3,25
3,17
3,235
3,295
3,29(
3,22(
3,26
3,27
3,37
3,32
1,54
1,59
1,51 (
1.521,50
73'
74;
74'
751
75
37
37«
37i
37.
37.
,170
,664
,364
1,352
1,249
1,45,
1,49;
1,46«
1,491,45
917
94C
918
94
89
122
11
14;
11
12.
38'
38.
35'
1,304
1,29
1,32.
1,25
3
4
292
291
287
288
287
632
736
699
734
687
2,048 6,069
2,078 9,398
2,080 8,302
2.080 8,744
2,081 8,131
254
254
255
254
255
486
743
748
668
579
476
815
477 1,073
478
847
478
866
479
836
10
* See note on preceding page.
1
D e m a n d deposits other t h a n interbank and U . S. Government, less cash items reported as in process of collection.
2
Debits to demand deposit accounts except interbank and U. S. Government accounts.
FEBRUARY
1946
165
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollarsi
Dollar acceptances outstanding
Held by
End of month
Commercial
paper
outstanding 1
Based on
Accepting banks
Total
outstanding
Others 2
Total
Own
bills
Bills
bought
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1944—September
October
November
December
141
142
167
166
111
115
115
129
85
85
84
93
42
40
44
44
43
45
40
50
26
30
32
35
78
79
74
86
11
13
14
14
(3)
(3)
(3)
(3)
19
21
24
25
3
2
4
3
1945—January
February
March
April
May
162
157
147
119
103
101
107
110
111
127
156
159
130
126
128
117
104
107
117
128
135
135
145
154
98
97
96
90
82
80
90
101
104
100
107
112
48
52
54
52
51
44
45
50
52
53
58
64
50
46
42
38
32
36
45
50
52
46
49
48
32
29
32
26
22
27
226
28
31
35
38
42
86
87
87
81
72
74
81
91
98
95
100
103
13
12
11
10
9
10
9
10
11
12
15
18
(3)
25
24
25
24
22
20
22
25
23
22
23
26
5
4
4
2
2
3
4
2
3
6
6
7
June
July
August
September
October
November
December
8
CO
( 33 )
(3)
(3 )
( 3>
( 3)
()
(»)
(3)
1
As reported by dealers; includes some finance company paper sold in open market.
2 None held by Federal Reserve Banks except on July 31, 1945, when their holdings were $486,000.
" Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, A ND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Credit balances
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts
Cash on
hand
and in
banks
Customers'
credit balances1
Money
borrowed2
Free
Other
(net)
Other credit balances
In firm
In partners'
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
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
14
12
13
10
11
5
6
7
5
5
420
424
397
355
298
305
280
277
269
247
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
616
600
496
543
761
788
887
1,041
11
8
9
7
9
11
5
7
89
86
86
154
190
188
253
260
186
211
180
160
167
181
196
209
395
368
309
378
529
557
619
726
255
289
240
270
334
354
424
472
65
63
56
54
66
65
95
96
17
17
16
15
15
14
15
18
7
5
4
4
7
5
11
8
222
213
189
182
212
198
216
227
1945—January....
February. . .
March
.. ,
April
May
June
July
August
September. .
October
November. .
December. .
1,070
1.100
1.034
1.065
1,094
1,223
1.141
1,100
1.084
1,063
i no*
220
•730
«730
3722
3701
3742
853
3824
3758
3762
3743
3711
*530
«540
3553
3575
3583
549
3580
8573
3594
3632
3639
121
14
13
264
11
333
• Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number
of large
firms.
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms'2 own partners.
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
8
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): October, 158; November, 181; December, 196.
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.
166
FEDERAL RESERVE BULLETIN
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
u. s. Government
Prime
commercial
paper,
4- to 6months 1
Year,
month, or
week
Prime Stock
exbank- change
ers'
call
accept- loan
ances,
re90
newdays 1
als2
security yields
9-to 12month 3- to 5certifi3year
month cates taxable
of in- notes
bills"
debtedness
1.34
.373
.75
.79
.375
1.33
.
8
1
.375
1.18
1943 average
1944 average
1945 average . . . .
.69
.73
.75
.44
.44
.44
1.00
1.00
1.00
1945—January. . .
February. .
March
April
May
....
July. .. .
August....
September.
October. . .
November.
December..
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
1946—January.. .
.75
.44
1.00
%
Via
Vie
Vie
1.00
1.00
1.00
1.00
1.00
June
Week ending:
Dec. 29
Jan. 5 . . . .
Jan.12
Jan. 19.. ..
Jan. 26
%
7w
Vie
.84
.83
.84
.84
L .31
L.22
L.18
L.14
L. 16
1.16
1.16
1.17
*1.19
1.17
1.14
<1.15
.375
.79
1.10
.373
.375
.375
.375
.375
.84
.84
.82
.78
.77
1.18
1.17
1.12
1.09
1.06
.78
.77
.78
.77
.80
.81
.80
• .82
1
2
Monthly figures are averages of weekly prevailing rates.
The 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.
4
From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept.
15, 1948 and Treasury bonds of Dec. 15, 1950; beginning Dec. 15,
1945, includes only Treasury bonds of Dec. 15, 1950.
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
1937 average 1 . . . .
1938 average1
1939 average....
1940 average. . . .
1941 average....
1942 average....
1943 average....
1944 average....
1945 average. . . .
2.59
2.53
1.73
1.69
2.88
2.75
3.25
3.26
2.78
2.63
2.54
2.61
2.72
2.59
2.39
2.07
2.04
1.97
2.07
2.30
2.11
1.99
1941—June
September
December.
2.55
2.60
2.41
1.95
1.98
1.88
2.51
2.58
2.62
2.45
1942—March
June
September
December.
2.48
2.62
2.70
2.63
1.85
2.07
2.28
2.09
2.48
2.56
2.66
2.63
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
1945—March
June
September
December.
2.53
2.50
2.45
2.09
1.99
2.20
2.05
1.71
2.73
2.55
2.53
2.23
2.91
2.80
2.81
2.38
3.51
3.38
3.19
3.26
3.13
3.02
2.73
2.58
.80
,68
3.23
3.29
2.99
1
Prior to March 1939figureswere 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.
BOND YIELDS x
[Per cent per annum]
U. S. Government
7 to 9
years
Year, month,
or week
Taxable
15 years and
over
Partially tax
exempt
Corporate Moody's) 4
Municipal
(highgrade)2
Corporate
(highgrade) 3
By groups
By ratings
Total
Taxable
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
Number of issues.
1-5
1-5
1-9
15
5
120
30
30
30
30
40
40
40
1943 average. . . .
1944 a v e r a g e . . . .
1945 average. . . .
1945—January.. .
February .
March. .. .
April
May
1.96
1.94
1.60
1.89
1.77
L.70
L .62
L .57
L.56
L.58
L.59
L.56
L.50
L.42
6
L.38
1.98
1.92
1.66
1.81
1.75
1.70
1.68
1.68
1.63
1.63
1.68
1.68
1.62
1.56
1.51
2.47
2.48
2.37
2.44
2.38
2.40
2.39
2.39
2.35
2.34
2.36
2.37
2.35
2.33
2.33
2.06
1.86
1.67
2.64
2.60
2.54
3.16
3.05
2.87
2.73
2.72
2.62
2.86
2.81
2.71
3.13
3.06
2.87
3.91
3.61
3.29
2.85
2.80
2.68
3.64
3.39
3.06
2.99
2.97
2.89
1.81
1.71
L.70
L.79
L.76
L.70
L.64
2.58
2.56
2.51
2.49
2.53
2.54
2 53
2.56
2.56
2.54
2.54
2.54
2.97
2.93
2.91
2.90
2.89
2.87
2 85
2.86
2.85
2.84
2.82
2.80
2.69
2.65
2.62
2.61
2.62
2.61
2.60
2.61
2.62
2.62
2.62
2.61
2.76
2.73
2.72
2.73
2.72
2.69
2.68
2.70
2.70
2.70
2.68
2.68
2.98
2.94
2.92
2.90
2.88
2.86
2.85
2.85
2.85
2.84
2.81
2.79
3.46
3.41
3.38
3.36
3.32
3.29
3.26
3.26
3.24
3.20
3.15
3.10
2.73
2.69
2.68
2.69
2.68
2.68
2.68
2.68
2.67
2.65
2.64
2.64
3.23
3.16
3.11
3.07
3.05
3.03
3 00
3.02
3.05
3.03
2.99
2.96
2.97
2.95
2.94
2.94
2.93
2.89
2 87
2.86
2.85
2.84
2.81
2.79
1946—January..
L.31
(6)
2.21
L.57
2.43
2.73
2.54
2.62
2.73
3.01
2.57
2.89
2.71
Week ending:
Dec. 2 9 . . .
Jan. 5 . . .
Jan. 1 2 . . .
Jan. 1 9 . . .
Jan. 2 6 . . .
1.37
1.35
L.31
L.32
L.30
(fl)
(6)
(6)
(6)
(6)
2.32
2.29
2.23
2 19
1.63
L.62
L.61
1.56
1.53
2.52
2.49
2.46
2.44
2.39
2.79
2.77
2.75
2.73
2.71
2.60
2.58
2.57
2.54
2.52
2.67
2.66
2.64
2.61
2.60
2.79
2.78
2.76
2.73
2.71
3.07
3.05
3.03
3.02
3.00
2.63
2.62
2.60
2.57
2.56
2.95
2.93
2.91
2.89
2.88
2.78
2.76
2.74
2.72
2.69
June
July
August. . .
September.
October.. .
November.
December.
2.H
.61
.57
.58
.58
.57
1
2
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Standard and Poor's Corporation.
3 u . S. Treasury Department.
* Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have
been 6 reduced from 10 to 3, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 7, 6, and 9 issues, respectively.
Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58.
6
No partially tax-exempt bonds due or callable in 15 years and over.
Backfigures.—SeeBanking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490.
FEBRUARY
1946
167
SECURITY MARKETS *
Stock prices5
Bond prices
Corporate4
Year, month, or week
U.S.
Government2
Municipal
(highgrade)3 Highgrade
Medium- and lower-grade
Total
Industrial
10
117.0
120.5
122.2
121.2
121.9
122.9
123.1
122.1
122.2
122.2
121.7
121.4
122.0
122.5
123.1
123.9
123.4
123.4
123.7
123.9
124.2
1943 average
1944 average
1945 average.
100.50
100.25
102.04
15
131.8
135.7
139.6
120.3
120.9
122.1
1945—January
February
March
April.
May
July
August
September. ..
October
November. . .
December...
1946—January....
100.97
101.81
101.56
101.68
101.74
102.38
102.46
102.22
102.02
102.38
102.60
102.68
104.59
136.6
138.7
140.7
141.6
141.3
141.5
141.6
138.8
137.0
137.7
139.0
140.1
141.6
121.6
121.9
122.7
122.9
122.3
122.1
122.3
121.7
121.6
121.9
122.0
121.9
123.8
50
109.5
114.7
117.9
117.3
117.6
118.1
118.2
117.9
118.1
117.9
117.2
117.1
117.7
118.3
119.0
119.7
Week ending:
Dec. 29
Jan. 5
Jan. 12
Jan. 1 9 . . . . .
Jan. 26
102.84
103.32
104.30
104.86
105.01
140.3
140.5
140.7
141.8
142.4
122.3
123.0
123.6
123.8
124.3
119.2
119.2
119.5
119.6
120.0
Number of issues....
June
1-9
Railroad
DePublic faulted
utility
Preerred*
Common (index, 1935-39=100) Volume
of trading7 (in
thousands of
Indus- Rail- Public shares)
Total
trial
road
utility
20
20
15
15
402
354
20
28
97.6
107.3
115.1
114.0
116.3
116.3
44.0
59.2
75.4
172.7
175.7
189.1
92
100
122
94
102
123
89
101
137
82
90
106
1,032
971
1,443
113.7
114.3
114.8
115.0
115.0
115.5
115.2
114.4
114.4
115.3
116.6
117.5
118.9
117.0
116.5
116.5
116.5
116.5
116.7
116.4
115.5
115.6
115.7
116.0
116.2
116.3
68.6
68.1
68.9
71.9
77.5
81.4
80.4
75.6
74.5
76.6
78.9
82.1
84.9
183.3
185.5
187.7
190.9
191.2
190.9
189.6
188.1
186.7
188.0
192.2
195.3
197.9
108
113
112
114
118
121
118
118
126
132
137
140
145
110
115
114
117
120
122
119
119
128
135
139
142
148
121
125
124
129
135
144
140
131
138
145
154
157
164
94
97
96
98
101
106
108
107
111
114
121
120
124
1,652
1,664
1,195
1,273
1,357
1,828
951
1,034
1,220
1,556
1,961
1,626
2.183
118.2
118.4
118.7
118.9
119.1
116.1
115.9
116.0
116.2
116.6
82.4
81.9
83.9
86.0
85.4
196.7
196.7
197.2
197.3
198.9
140
139
144
147
145
143
142
147
150
148
159
155
163
169
166
120
120
123
125
125
1,291
1,149
2,276
2,716
1.878
1
2
3
4
6
6
7
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.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN
for May 1945, pp. 483-490.
NEW SECURITY ISSUES
[In millions of dollars]
For refunding
For new capital
Total
(new Total
and
(dorefund- mestic
and
ing)
foreign)
Year or month
Domestic
Total
State
and
munici-
Federal
agen-1
cies
pal
6,214
3,937
. 4,449
5,842
4,803
5,546
2,114
2,174
4,153
2,917
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1,972
2,138
2,360
2,289
1,951
2,854
1,075
1,949
2,094
2,325
2,239
1,948
2,852
1,075
642
923
640
906
1,746
1,739
735
712
971
931
751
518
342
176
235
471
1944—December.
193
38
38
20
1945—January . .
February.
March.. . .
April
May
633
220
557
758
583
164
143
42
86
128
185
52
249
144
140
242
95
241
143
42
86
126
185
52
249
144
140
237
95
241
99
6
24
19
28
43
35
37
37
29
35
80
June
July
1,229
507
August.
September. 870
October... 1,338
November. 223
835
December.
Domestic
Total
(doCorporate
For-2 mestic
eign
and
forBonds
eign)
Total and Stocks
notes
22
157
481
924
461
1,192
1,225
1,272
1,062
108
90
45
26
2
9
6
8
2
4,242
1,799
2,089
3,553
2,852
2,693
1,039
"" 2 1,532
17 3,230
7 6,171
23
44
35
50
2
1
Total
State
and
municipal
4,123
1,680
2,061
3,465
2,852
2,689
1,039
1,442
3,215
6,123
382
191
129
195
482
435
181
259
404
324
Federal
agen-1
cies Total
3,387
1,209
1,267
1,537 1,733
344 2,026
698 1,557
Corporate
Bonds
and Stocks
notes
3,187
1,242
839
817
807
287
601
889
506
282
404
590
19
13
6
155
155
14
27
114
114
43
27
62
101
157
1
212
107
103
209
60
161
18
22
27
50
102
25
5
35
51
55
1
178
43
68
106
31
54
490
178
471
630
397
112
981
363
730
490
163
471
630
395
112
981
363
725
" " " 5 '1,096
1,070
23
8
150
30
9
8
31
7
9
38
7
3
195
18
25
46
19
30
200
20
17
42
44
255
272
136
296
554
367
74
750
335
698
989
78
337
240
136
265
529
272
74
623
295
638
820
60
282
873
383
736
624
374
627
"34*
64
35
103
28
107
352
408
67
97
135
173
118
92
223
651
"l
1
129
594
129
594
353
281
665
440
497
388
912
418
685
Foreign2
856
1,236
1,596
1,834
1,430
407
603
2,423 2,135
4,888 4,234
200
352
31
137
193
126
11
82
288
654
119
119
28
88
4
' 90
15
48
33
31
25
95
is
' "2
"127'
41
60
169
18
55
"5
26
1
2
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.
168
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated Estimated
gross
net
proceeds2 proceeds3
Year or month
New money
Total
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Retirement of securities
Plant and Working
equipment capital
Total
Bonds and
notes
Preferred
stock
Repayment
of
other debt
Other
purposes
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
208
858
991
681
325
569
868
474
308
657
111
380
574
504
170
424
661
287
141
252
96
478
417
177
155
145
207
187
167
405
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
71
226
190
87
59
128
100
30
72
351
170
154
111
215
69
174
144
138
73
49
23
49
36
7
26
19
28
35
27
47
1944—June
July
August
September
October
November
December
180
210
219
463
742
380
182
177
206
215
453
729
373
178
27
63
61
29
125
33
66
14
37
27
18
10
17
9
13
26
34
11
115
17
57
127
131
151
415
594
338
109
113
107
149
375
570
224
106
14
24
2
40
24
115
3
18
5
5
7
3
7
7
1945—January
February
March
April
May
June
July
August
September
October
November
December
281
215
226
643
496
92
944
440
795
1,077
121
470
275
212
221
632
485
91
925
433
780
1,057
117
462
35
28
48
102
136
5
190
80
99
150
20
103
14
16
28
55
49
1
147
41
50
97
7
75
21
12
19
47
88
3
43
39
49
53
13
27
240
177
171
513
331
79
719
297
668
854
70
327
221
160
158
501
278
72
581
278
634
798
51
286
19
17
13
12
53
7
138
19
35
56
19
41
2
'3
1
3*"
1
2
3
6
6
11
6
12
34
22
19
5
1
14
12
1
5
50
1
19
4
121
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
.
Other
Retire- All Total
Retire- All Total
Total
Retire- All Total
Retire- All
net
New ment of other
net
New ment of other
net
New ment of other
net
New ment of other
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4
ties
ties
ceeds
poses ceeds
poses ceeds
ties
poses ceeds
poses
ties
. .
120
774
338
54
182
319
361
57
54
10 1,250
77 1,987
1
751
1,208
1,246
18 1,180
1,340
63
89
180
43
245
317
464
145
558
110
30
97
186
108
160
602
139
228
24
85
115
253
32
46
102
114
500
469
1,400
June
July
August
September..
October
November..
December. .
45
21
134
189
4
21
19
10
41
36
2
4
1945—January
February...
March
April
May
119
108
12
360
75
. .
. .
47
1944
Indu strial
Public utility
Railroad
June
July
August
September..
October
November .
December. .
52
82
15
ii5
179
35
48
82
30
1,190
1,897
611
943
1,157
922
993
292
22
40
423
1,343
28
62
31
167
2
5
3
5
25
56
26
155
499
9
7
485
272
21
119
96
65
60
124
14
18
346
57
105
84
270
12
10
4
93
74
266
139
184
30
246
27
219
68
19
50
301
115
371
565
42
200
2
12
1
4
1
15
2
23
265
20
65
60
122
127
183
30
30
774
27 1,280
50 1,079
831
86
47
584
13
961
828
30
74
25
497
17 1,033
439
616
469
188
167
244
293
228
454
2
1
2
6
71
121
47
91
19
37
36
12
5
191
115
27
1
527
22
24
550
761
373
226
353
738
463
89
199
504
30
74
10
77
74
82
27
93
28
9
41
23
7
54
16
50
118
223
59
64
117
3
38
89
49
47
34
297
110
364
523
35
4
6
26
5
480
221
130
218
49
169
8
166
163
63
87
89
17
301
111
38
107
26
51
106
150
80
90
136
43
56
121
146
71
76
C
c
21
10
1
C
3
C
3
c
l
3
1
2
15
17
7
16
47
6
23
6
9
122
46
72
390
71
16
102
155
94
218
57
8
9
42
55
21
107
13
61
152
7
7
88
9
18
4
42
34
3
1
3 '"'3' 2
6
31
1
1
4
4
4
3
2
42
1
42
1
10
18
4
8
7
4
2
6
15
2
2
12
1
2
40
13
10
27
27
11
6
8
19
1
27
1
9
29
2
5
10
3
4
20
7
1
5
104
21
4
3
2
5
1
1
5
1
4
15
15
c
1
2
s
Corrected.
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.
4
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors.
FEBRUARY
1946
169
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollarsl
Profits and
dividends
Net profits,1 by industrial groups
Year or quarter
Total
Iron
and
steel
629
Other NonMaAu- trans- ferrous
metals
chin- tomo- portation
and
ery
biles equipprodment
ucts
47
69
1,465
1,818
2,163
1,769
1,800
1,896
146
278
325
226
115
158
193
159
204
165
194
509
547
558
549
1942— 1
2
3
4
1943—i
Number of companies..
1939
1940
1941
1942
1943
1944
15
Other
durable
goods
77
68
75
Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
cals
tobacco refining
49
45
102
173
227
182
119
133
153
138
70
88
113
90
151
148
159
151
174
223
242
274
209
201
222
180
128
83
162
190
115
88
175
220
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
413
358
52
52
38
35
32
32
36
49
246
2
43
2
43
2
50
19
18
51
46
25
46
92
36
32
445
34
36
22
42
30
3
4
430
433
461
477
52
47
51
53
39
41
41
45
47
50
52
53
2
48
2
46
2
46
2
34
32
31
31
19
22
20
23
1944—i
2
444
459
47
46
40
40
52
55
55
59
2
2
2
2
52
47
47
43
29
30
20
22
3 63
3 77
2
2
2
50
47
34
31
21
27
23
21
19
Quarterly
1941—i
2
3
4
553
2
4
475
518
1945—i
2
3
»492
»508
3
427
72
47
55
38
55
49
38
53
38
42
35
45
41
28
28
21
25
30
Other
nondurable
goods
80
Dividends
MiscellaNet 1
neous profits
servPre- Comices
ferred mon
74
152
152
90
90
92
88
902
86
970
86
564
669
705
552
556
611
28
33
44
47
285
295
282
275
22
23
23
24
150
165
170
221
31
32
205
174
21
23
52
213
20
48
39
27
35
35
46
296
23
134
135
125
158
41
41
40
47
36
36
39
38
39
38
50
44
209
221
226
246
21
22
21
22
127
132
127
170
39
43
224
230
21
22
142
149
137
184
20
142
145
143
98
112
174
152
186
194
207
164
134
160
187
136
122
132
152
161
186
170
149
187
147
171
29
42
56
46
49
53
52
52
44
48
49
46
39
35
44
35
27
42
49
39
37
43
43
36
42
49
58
38
43
49
52
41
847
1 028
1,137
888
184
42
43
36
37
56
64
49
53
37
37
45
62
48
39
45
46
46
64
61
45
43
38
36
47
49
45
49
152
52
50
20
23
244
272
» 250
3 269
22
21
223
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Electric power5
Railroad*
Year or quarter
1939
1940
1941
1942
1943
1944
1941—i
2
3
Quarterly
...
4
1942- -1
2
3
4
1943—i
2
3
4
1944—i
2
3
4
. . . .
1945—i
2
3
Operating
revenue
Income
before
Net
income income1
tax*
Dividends
Operating
revenue
3,995
4,297
5,347
7,466
9,055
9,437
1,658
2,211
1,971
902
873
668
202
217
246
2,647
2,797
3,029
3.216
3,464
3,618
1,152
1,272
1,468
1,454
96
145
267
166
69
103
189
138
28
36
34
87
751
723
750
805
1,4831,797
2,047
2,139
178
390
556
534
90
198
286
327
24
46
30
101
816
770
792
839
2,091
2,255
2,368
2,340
515
608
653
435
214
244
250
166
29
52
36
100
2,273
2,363
2,445
2,356
458
148
511
550
452
174
180
165
2,277
2,422
2,231
425
139
126
249
674
504
229
93
189
500
187
125
126
159
186
Telephone6
Income
before
income
tax 7
Net
income1
Dividends
629
692
774
535
548
527
444
447
437
847
914
915
Operating
revenue
Income
before
income
tax 7
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
490
502
499
408
410
390
209
182
183
200
154
126
107
139
8
8
295
308
311
321
67
69
66
68
43
44
45
46
44
45
44
40
131
104
105
150
98
96
84
131
324
337
342
359
72
75
72
83
41
41
39
43
44
42
39
38
864
835
859
906
234
196
195
222
254
221
210 •
228
136
118
114
133
99
100
99
113
366
382
391
398
88
96
94
96
42
44
45
48
40
42
43
43
31
925
262
886
878
929
241
207
205
135
94
55
30
130
400
30
971
292
72
29
909
887
233
211
123
111
130
102
94
101
139
102
123
116
96
92
406
409
426
101
98
104
97
42
43
43
46
42
42
42
43
436
115
109
103
46
45
44
41
44
43
444
449
1
8
2
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Partly estimated.
Revised net profits figures for the first4 six months of 1945, published by General Motors Corp., have been allocated by quarters as follows:
1st, 49 million dollars; 2nd, 62 million.
Class I line-haul railroads, covering about 95 percent of all railroad operations.
6 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
• Thirty large companies, covering about 85 p?r cent of all telephone operations. Series excludes American Telephone and Telegraph Company,7 the greater part of whose income consists of dividends received on stock holdings
in the 30 companies.
8
After all charges and taxes except Federal income and excess profits taxes.
Not available.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published
reports fo * industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision, especially for war
producers.^whose.contracts are under renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN.
170
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Total
interestbearing
direct
debt
Total
gross
direct
debt
End of month
Marketable public issues1
Total2
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
indebtbills
notes
bonds
edness
Total2
Special
U. S. Treasury
and issues
savings tax
bonds savings
notes
Noninterestbearing
debt
Fully
guaranteed interestbearing
securities
1942—Dec. . .
1943—June
Dec.
1944—June
Dec.
108,170 107,308
136,696 135,380
165,877 164,508
201,003 199,543
230.630 228,891
76,488
95.310
115,230
140,401
161.648
6,627
11.864
13,072
14,734
16,428
10,534
16,561
22.843
28,822
30,401
9,863
9,168
11,175
17,405
23,039
49,268
57,520
67,944
79,244
91,585
21,788
29,200
36,574
44,855
50,917
15,050
21,256
27.363
34,606
40,361
6,384
7,495
8,586
9,557
9,843
9,032
10,871
12,703
14,287
16,326
862
1,316
1,370
1,460
1,739
1,283
1,092
1,225
1,516
1,470
1945—Jan.
Feb
Mar
Apr
May. . . .
232,408
233,707
233,950
235,069
238.832
258.682
262.045
263,001
262,020
261.817
265,342
278,115
278,887
230,672
231,854
232,026
233,063
235,761
256.357
259,781
260,746
259.630
259,439
262,849
275,694
277,456
162.261
162,379
162.625
162,680
162,652
181,319
183,080
183.334
182.833
182,790
185,112
198,778
199,633
16.403
16.399
16,921
17,041
17,049
17.041
17.025
17,038
17,018
17,026
17.026
17,037
17,042
30.401
30,396
34,544
34,478
34,442
34,136
34,472
34.430
35.072
35.021
35.021
38.155
41,502
23,039
23,039
18,588
18.588
18.588
23.497
23.498
23.498
23.498
23,498
23,498
22,967
19,551
92,221
92,349
92,377
92,377
92,377
106,448
107,890
108.172
107.049
107,049
109,371
120,423
121,358
51,723
52,345
51,833
52,460
54,517
56.226
57,143
57,379
56,278
56.072
57,028
56,915
57,168
41,140
41,698
42,159
42,626
43,767
45,586
46,508
46,715
46,741
46,786
47,473
48,183
48,588
9,864
9,927
8,948
9.109
10,031
10,136
10,119
10.148
9,021
8,776
9,058
8,235
8,107
16,688
17,130
17.567
17.923
18,592
18,812
19,558
20,033
20,519
20,577
20,710
20,000
20,655
1,736
1,853
1,923
2,006
33,071
2,326
2,264
2,255
2,391
42,378
52,492
2,421
1,431
1,496
L.114
L.119
1,132
1,151
409
484
515
527
541
536
553
545
June....
July
Aug
Sept
Oct
Nov
Dec,
1946—Jan
1
2
Including amounts held by Government agencies and trust funds, which aggregated 7,002 million dollars on Dec. 31, 1945.
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 947 million dollars on securities dated June 1, 1945, sold in the Seventh War Loan, beginning on May
14, 1945.
4
Including prepayments amounting to 54 million dollars on securities dated Nov. 15, 1945 and Dec. 3, 1945, sold in the Victory Loan, beginning on Oct. 29, 1945.
* Including prepayments amounting to 192 million dollars on securities dated Dec. 3, 1945, sold in the Victory Loan, beginning on Oct. 29, 1945.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, JANUARY 31, 1946
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate
Amount
1
Treasury bills
Feb. 7,1946
Feb. 14, 1946
Feb. 21, 1946
Feb. 28, 1946
Mar. 7, 1946
Mar. 14, 1946
Mar. 21, 1946
Mar. 28, 1946
Apr. 4,1946
Apr. 11, 1946
Apr. 18, 1946
Apr. 25, 1946
May 2. 1946
Cert, of indebtedness
Feb. 1.1946
%
Mar. 1, 1946
V%
Apr.
1, 1946
May
1,1946
J u n e 1, 1946
Aug. 1, 1946
Sept. 1, 1946
Oct.
1.1946
Nov. 1, 1946
Dec. 1,1946
Jan.
1, 1947
K
14
li
Vz
%
V%
%
%
%
Treasury notes
Mar. 15, 1946
July 1,1946
Dec. 15, 1946
Mar. 15. 1947
1
90
IK
\yi
1,317
1.317
1,302
1.316
1.303
1.302
1,317
304
303
1,316
1.312
1,317
1,316
5.043
4.147
4.811
1.579
4.799
2.470
4.336
3.440
3.778
3.768
3,330
1.291
4.910
3.261
1,948
2.707
1.687
3,748
Issue and coupon rate
Amount
Treasury bonds—Cont.
Sept. 15. 1949-51
2 1,292
Dec. 15, 1949-51
2 2,098
491
Dec 15. 1949-52... 3Ys
Dec 15. 1949-53... 2K 1,786
Mar. 15. 1950-52
2 1.963
Sept. 15. 1950-52... 2K 1.186
Sept. 15, 1950-52
2 4,939
Dec. 15, 1950
I K 2,635
June 15, 1951-54... 2K 1,627
Sept. 15. 1951-53
2 7,986
755
Sept. 15, 1951-55
3
Dec 15, 1951-53. ..2J4 1,118
510
Dec. 15, 1951-55
2
Mar. 15. 1952-54...2K 1,024
June 15. 1952-54
2 5.825
June 15, 1952-55.. .2K 1.501
Dec. 15, 1952-54
2 8,662
725
June 15, 1953-55
2
681
June 15, 1954-56... 2 M"
Mar. 15, 1955-60...2 % 2,611
Mar. 15, 1956-58... 2K 1,449
982
Sept. 15, 1956-59... 2H
Sept. 15, 1956-59... 2 X 3.823
919
June 15, 1958-63... 2H
June 15, 1959-62.. .2K 5.284
Dec 15, 1959-62... 2 K 3,409
Dec 15, 1960-65... 2K 1.485
June 15, 1962-67.. .2K 2.118
Dec 15, 1963-68.. .2K 2.831
June 15, 1964-69 ..2V2 3.761
Dec 15, 1964-69... 2Y2 3.838
Mar. 15. 1965-70...2 Yi 5.197
Mar. 15, 1966-71... 2 Y2 3,481
June 15. 1967-72...2K 7,967
Sept. 15, 1967-72.. .2K 2,716
Dec. 15, 1967-72... 2K 11,441
Sept. 15, 1947
IK
Sept. 15, 1947
\%
Sept. 15, 1948
IK
Treasury bonds
2489
Mar. 15, 1946-56... 3K
June 15, 1946-48
3 1,036 Postal Savings
117
819
bonds
2K
June 15, 1946-49... 3l%
13
759 Conversion b o n d s . . . . 3
Oct. 15, 1947-52.. A A
701 Panama Canal loan. . 3
50
Dec. 15, 1947
2
1,115
Mar. 15, 1948-50
2
Total direct issues.. 199,633
Mar. 15, 1948-51.. .2K 1.223
June 15, 1948
IK 3,062
451 Guaranteed securities
Sept. 15, 1948
2K
5 71 Federal Housing Adn'in.
Dec. 15, 1948-50
2
Various
June 15, 1949-51
2 1,014
39
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Month
RedempAmount Funds received from sales during tions and
outmaturities
standing
at end of
All
All
month
Series Series Series
G
series
series
E
F
1944—July. . .
Aug
Sept....
Oct
Nov....
Dec. ..
36,538
36,883
37,323
37,645
38,308
40,361
1945—Jan
Feb.. . .
Mar....
Apr.. . .
May.. .
June.. .
July...
Aug
Sept....
Oct
Nov
Dec. ..
1946—Jan
41,140
41,698
42,159
42,626
43,767
45,586
46,508
46,715
46,741
46,786
47,473
48,183
48,588
2,125
1,687
602
692
695
499
591
599
807
1,023
2,386
1,855
1,074
848
889
838
804
653
712
684
1,540
2,178
1,295
1,195
1.468
1,032
700
514
625
571
420
510
865
908
641
1.184
1,254
960
101
18
16
14
43
125
338
85
85
83
174
406
227
279
283
401
382
365
42
31
27
23
63
178
47
22
18
8
54
83
40
228
164
151
130
282
532
215
107
76
107
265
262
278
341
323
464
404
426
403
428
531
528
616
533
559
629
Maturities and amounts outstanding, January 31, 1946
Year of
maturity
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
Unclassified. .
Total
All
series
310
422
495
803
990
1,644
4,875
8,940
12,023
11,005
3,785
3 110
257
-70
48,588
Series
B-D
Series
E
Series
F
Series
G
1.202
4 875
7,549
9,137
7,917
260
664
741
214
587
1 177
2.299
2,424
2,784
2 521
310
422
495
803
990
441
588
30
3,462
30,940
2,823
227
11,432
1
Sold on discount basis. See table on Open-Market Money Rates,
p. 2167.
Called for redemption on Mar. 15, 1946.
FEBRUARY
1946
171
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Total
interestbearing
securities
End of month
Held by U. S. Government agencies
and trust funds
Special
issues
Public
issues
Privately held1
Held
by
Federal
Reserve
Banks
Other investors
Total
Commercial
banks
Mutual
savings
banks
Insurance
companies
Marketable
issues
Nonmarketable
issues
1942—June
December
1943—June
December
1944—June
December
76,517
111,591
139,472
168,732
201,059
230,361
7,885
9,032
10,871
12,703
14,287
16,326
2,738
3,218
3,451
4,242
4,810
5,348
2,645
6,189
7,202
11,543
14,901
18,846
63,249
93,152
117,948
140,244
167,061
189,841
26,410
41,373
52,458
59,842
68,431
77,558
3,891
4,559
5,290
6,090
7,306
8,328
9,200
11,300
13,100
15,100
17,300
19,600
10,700
14,800
18,700
23,700
30,700
35,200
13,000
21,100
28,400
35,500
43,300
49,200
1945—March
April
May
233,145
234,194
236,912
256,766
260,265
261,261
260,156
259,980
263,386
17,567
17,923
18,592
18,812
19,558
20,033
20,519
20,577
20,710
5,303
5,262
5,217
6,128
6,105
6,121
6,123
6,175
6,134
19,669
20,455
20,954
21,792
21,717
22,530
23,328
23,276
23,472
190,606
190,554
192,149
210,034
212,885
212,577
210,186
209,952
213,070
77,400
77,400
77,500
84,069
85,300
84,500
83,500
84,200
85,600
8,700
8,700
8,700
9,588
9,800
10,000
10,000
10,000
9,800
20,400
20,500
20,100
22,700
22,700
22,500
22,500
••22,400
22,500
34,000
33,300
33,100
39,500
40,100
40,300
40,000
'39,400
40,200
50,100
50,700
52,700
54,200
55,000
55,300
54,200
54,000
55,000
June
July
August
September
October
November
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
r
available. Back figures.—See Banking and Monetary Statistics, Table 149, p. 512.
Revised.
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]
End of month
Total
outstanding
U. S.
Gov.
ern- Fed- Com- Mu- Insurmer- tual
ment eral
cial
sav- ance Other
agen- Recies serve banks ings combanks panies
and Banks C1)
trust
funds
Total: 2
1944—Dec.. . 162 843
1945—May.. 163 441
18 ,846
20 ,954
21 ,792
21 ,717
22 ,530
23 ,328
23 ,276
23 ,472
72,045
71,896
77,484
78,609
77,862
76,939
77,547
78,935
8,183
8,497
9,382
9,621
9,775
9,845
9,847
9,587
18 ,761
19 ,325
20 ,930
21 ,146
21 ,273
21 ,437
21 ,501
21 ,375
39,670
37,567
45,652
45,939
45,837
45,227
44,512
45,679
11 ,148
12 ,954
12 ,962
12 ,810
13 ,254
13 ,234
13 ,172
12 ,593
4,113
2,242
2,798
2,737
2,193
2,035
1,978
2,306
1
17
1
2
2
10
6
14
1
86
4
1
1,159
1,706
1,273
1,466
1,574
1,721
62 4 ,887 15,032
103 5 ,870 17,202
47 6 ,032 16,789
45 6 ,096 16,812
46 6 ,400 16,413
55 7 ,184 16,209
77 7 ,206 16,230
62 7 ,800 16,358
136
394
92
96
158
211
221
171
310
884
420
454
423
494
553
561
5,338
5,202
June.. 181 353 6,112
July. . 183, 114 6,083
Aug... 183, 369 6,092
Sept.. 182, 870 6,094
O c t . . . 182, 829 6,146
Nov. . 185T151 6,104
Treasury bills:
1944—Dec.. . 16, 428
1945—May.. 17, 049
June..
July..
Aug...
Sept
Oct
Nov. .
17, 041
17, 025
17, 038
17, 018
17 026
17, 026
Certificates:
1944—Dec.. . 3 0 , 401
1945—May.. 3 4 , 442
June..
July..
Aug...
Sept..
Oct.. .
Nov. .
3 4 , 136
3 4 , 472
3 4 , 430
3 5 , 072
3 5 , 021
3 5 , 021
Treasury notes:
1944—Dec.. . 2 3 , 039
1945—May.. 18, 588
June..
July..
Aug...
Sept..
Oct...
Nov. .
Guaranteed
securities:
1944—Dec. .
1945—May..
June .
July..
Aug...
Sept..
Oct...
Nov. .
6
44
3
9
15
18
21
18
L. 850
1 2,094
2 3 , 497
2 3 , 498
2 3 , 498
2 3 , 498
2 3 , 498
2 3 , 498
60
53
52
52
52
53
80
71
,566
,017
,685
,698
,762
,933
,920
2 ,102
15,411
12,588
16,076
16,211
16,058
15,830
15,834
15,678
336
327
242
244
247
260
258
223
568
692
601
598
587
581
591
607
1, 194
789
34
34
35
37
39
39
1
6
6
6
7
7
7
7
3
960
575
10
10
11
12
12
13
6
4
2
2
2
2
2
3
22
16
13
13
13
13
13
14
9,974
9,989
10,756
10,968
10,991
10,918
10,735
10,070
End of month
Total
outstanding
Treasury bonds:
Total:
1944—Dec.. . 91 ,585
1945—May.. 92 ,377
June.. 106 ,448
J u l y . . 107 ,890
Aug... 108 ,172
Sept.. 107 ,049
O c t . . . 107 ,049
Nov. . 109 ,371
Maturing within
5 years:
1944—Dec.. . 7 ,824
8 ,939
1945—May..
June.. 8 ,939
8
,939
July..
Aug... 8 ,939
7 ,725
Sept
7 725
Oct...
Nov. . 8 214
Maturing in 5-10
years:
1944—Dec.. . 44 087
1945—May.. 43 564
June..
48
48
48
49
49
49
155
423
425
180
180
180
July. .
Aug...
Sept..
Oct...
Nov. .
Maturing in 10-20
i
>,098 years:
5,912
1944—Dec. . 14 445
4,841
1945—May.. 14 445
4,695
June.. 16 727
4,793
July.. 17 307
4,841
Aug... 17 446
4,815
Sept.. 16 748
4,817
O c t . . . 16 748
Nov. . 16 880
Maturing after 20
years:
203
1944—Dec. . 25 227
187
1945—May.. 25 427
3
3
2
4
4
3
June..
July..
Aug...
Sept..
Oct...
Nov. .
32 626
33, 219
33, 360
3 3 , 394
33, 394
3 5 , 095
U. S.
Gov.
ern- ]Fed- Com- Mu- Insurmer- tual
ment prai
sav- ance Other
cial
agen- Recies serve banks ings combanks panies
and Banks 0)
trust
funds
5,173
4,961
5,968
5,936
5,937
5,926
5,926
5,911
518
564
547
530
532
381
379
456
, 243 36 ,508
. ] H339 ,275
, 113 41 ,795
\ 113 42 ,822
.', 114 43 ,170
977 42 ,834
977 43 ,477
977 44 ,564
7 ,704
7 ,753
9 ,045
9 ,278
9 ,365
9 ,360
9 ,360
9 ,176
17 ,859
17 ,646
19 ,892
20 ,079
20 ,251
20 ,348
20 ,343
20 ,192
23 .098
21 ,628
28 ,636
28 ,661
28 ,334
27 ,604
26 ,964
28 ,551
4 ,834
5 ,548
5 ,770
5 ,814
5 803
5 126
5 177
5 387
137
258
172
175
183
181
184
173
556
520
375
350
352
32C
304
277
1 ,777
2 ,050
2 ,074
2 ,069
2 ,068
1 ,714
1 ,681
1 .917
556 4
427 4
400 4
228 4
101 4
056 4
970 4
705 3
230
196
267
194
163
179
066
945
10
8
10
9
9
9
9
9
357
891
009
725
631
749
506
021
2 612
2 319
2 471
2 476
2 534
2 , 493
2 , 505
2 , 458
3
3
6
6
6
6
5
6
563
591
179
433
352
020
880
178
1,504
1,262
1,333
1,322
1,319
1,398
1,396
24
25
29
29
30
30
31
32
1,028
5
5
4
4
4
4
4
4
L. 386
960
1,054
1,058
1,057
982
985
907
3,366
3,290
4,146
4,140
4,141
4,141
4,140
4,139
445
790
147
954
209
798
241
125
3
3
3
3
3
3
2
2
354 1 887
745 1 828
562 2 458
667 r 2 673
687 2 814
388 2 868
451 2 , 928
371 2 966
1, 873
2 , 194
2 317
2, 385
2 , 470
2 , 521
2 , 609
2 , 679
2 , 125
2 , 240
3 010
3, 200
3 , 266
3 , 257
3 , 277
3 , 333
10, 462
10, 609
12 779
13! 061
13, 199
13, 357
13, 466
13, 511
7 401
7 095
10 375
10, 435
10 284
10, 120
9 , 900
11 432
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks, and the residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial
banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by
other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies
for certain dates are shown in the table above.
1
Including stock savings banks. On Nov. 30, 1945, commercial banks reporting to the Treasury held 26,528 million dollars of U. S. Government2 securities due or callable within one year out of a total of 65,212 million outstanding.
Including 196 million dollars of Postal Savings and prewar bonds not shown separately below.
172
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollarsl
MisTransIncome taxes1 cella- Social
Trust
to Other Total
neous Secu- Other Total Net InterWar fers
acest
exbudget Defi- counts
inter- rity
activi- trust
rere- 3
rependiexpendaccit
4
nal taxes ceipts ceipts ceipts
ties
etc.
counts, tures itures
debt
With-2
reve-1
Other
etc.
nue
held
Period
Fiscal year ending
June 1943...
June 1944...
June 1945...
1945—January. .
February. ,
March....
April
May
June.....
July......
August. . .
September.
October...
November.
December.
1946—January..
1,508 1,230 23,385 22 ,282 1,808 72 ,109
1,751 3,711 45,408 44 49 2,609 87 ,039
1,793 3,824 47,740 46 ,457 3,617 90,029
16,094 4,553
8,393 26,262 5,291
10,289 24,884 6,949
619
1,295
883
600
1,282
826
669
1,200
768
572
1,076
707
1,803
1,627
4,935
1,567
745
3,930
1,073
466
3,440
1,021
449
2,659
573
552
520
534
557
561
718
877
573
689
602
516
48
341
96
46
337
69
66
306
69
58
257
69
554 2,201
645
51
545
172
473
. 221
477
529
228
432
342
241
225
170
3,587
3,987
6,908
2,967
3,398
5,916
2,754
3,281
5,192
2,581
2,609
4,122
435 3,827 78,179 55,897 - 1 , 8 6 1
556 3,540 93,744 49,595 +4,051
1,646 5,113 100,405 53,948
+798
191 7,551
3,556
3,767
91 6,948
6,892
628 8,246
2,929
139 7,139
3,085
66 8,156
5,914 1,009 7,837
2,695
156 7,324
2,997
99 6,398
5,189
647 5,365
2,530
172 5,124
2,374
84 4,224
4,118
817 4,244
397 3,848 3,819
309 3,417
Period
Net
receipts
Fiscal year ending
June 1943
June 1944....
June 1945
1945—January...
February..
March
April
May.
June
July
August....
September.
October
November.
December..
1946—January.. .
Net expenditures
in checking accounts of
ExInvest- pendiGovernments tures
ment
agencies
8,202
7,460
9,433
7,968
9,275
9,641
8,557
7,354
6,611
5,950
4,656
5,445
69
48
45
236
296
335
530
162
34
38
390
373
513
455
757
460
547
695
564
617
348
384
684
482 4,891
Increase
in
gross
debt
+6,
,274
+ 10,662 64 ,307
+4,529 57,679
4,645
+238 - 2 , 6 3 0
3,693 + 101 - 2 , 2 9 2
2,540 +262 - 2 , 0 3 6
5,040
+9 - 3 , 9 1 1
6,190
+686 - 1 , 7 4 1
3,727 -1,050 + 15,073
5,862
-116 - 2 , 6 1 5
4,357
-50 - 3 , 4 5 1
1,422
-95 - 2 , 4 9 7
3,420 +302 - 3 , 3 2 1
2,282
+390 +1,632
1,327
+ 113 +11,558
1,073
-276
1,778
1,300
242
1,120
3,763
19,850
3,362
956
-980
-203
3,524
12,773
-577
772
General fund of the Treasury (end of period)
Details of trust accounts, etc.
Social Security
accounts
Change
in
general
fund
balance
Other
Assets
Receipts
Investments
Expenditures
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
Other
assets
Total
liabilities
Balance
in
general
fund
2,810
3,202
3,239
2,350
2,816
2,757
456
380
453
2,194
4,403
1,178
1,117
1,851
3,820
655
1,313
2,444
133
192
-571
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
169
432
66
122
592
217
312
543
52
132
419
54
84
208
227
48
271
482
203
239
241
-66
38
198
39
37
43
40
42
42
51
56
91
146
143
149
-21
313
-407
71
-154
778
222
251
250
270
412
530
701
579
336
407
284
295
260
117
122
128
228
296
663
441
172
163
80
65
54
-37
-98
84
137
-21
3
89
487
9
228
158
195
20,077
17,734
15,722
11,809
10,055
25,119
22,469
19,018
16,582
13,307
14,849
26,520
1,048
1,384
1,547
1,224
1,140
1,500
1,252
1,300
1,755
1,124
1,372
1,674
17,866
15,265
13,055
9,492
7,941
22,622
20,303
16,874
13,989
11,389
12,694
24,044
1,164
1,085
1,120
1,093
974
997
914
844
839
794
784
802
471
420
445
443
430
421
386
387
447
494
404
517
19,606
17,313
15,277
11,366
9,625
24,698
22,082
18,631
16,134
12,813
14,445
26,003
-36
178
-9
25,851
1,011
24,030
810
424
25,427
178
-26
51
-274
-79
-395
810
1
1,132
2
Details on collection basis given in table below.
Withheld by employers (Current Tax Payment Act of 1943).
s Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
* Excess of receipts ( + ) or expenditures (—).
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars]
Miscellaneous interna [ revenue
Income taxes
Period
Total
Fiscal year
June
June
June
Current Withindi- held 1
vidual
ending:
1943.... 16,299 5,771
1944.... 33,028 10,254 '7^038
1945.... 35,062 8,567 10,263
Current Back Excess Other
profits Total
corpo- taxes profits
taxes taxes
ration
Victory
tax
686 4,137
785 4,763
1 4,422
84
137
144
4,571
5,353
6,960
Miscellaneous
taxes
670
732
329
381
372
447
511
643
1,423
1,618
2,310
924
988
932
45
51
66
729 1,075
1,207 1,430
18
980
40
2,312
27
559
50
201
71
5
120
112
3,024 1,889
690
759 1,892
3,158
61
4,996 1,737
907
915
2 408
2,406
201 1,751
46
,4,025 1,127
June
318 1,249
July
2,242
87
August
1,916
1,461
32
September. . . 3,553 1,112
271 1,094
October
2,031
41 1,405
November. . . 1,856
539
27
December
2,742
43
57
956
160
70
858
161
74
768
191
105
660
126
143
59
— 26
79
79
75
62
46
47
50
105
270
301
5
6
13
9
10
21
8
5
11
6
6
13
547
510
560
517
571
572
791
824
531
706
605
512
49
37
89
75
64
62
49
69
34
44
44
45
206
195
171
171
180
191
198
199
198
243
230
188
78
66
74
68
83
93
84
108
101
120
98
62
6
6
6
5
6
6
6
5
6
7
8
7
117
116
104
97
116
104
121
102
93
122
112
107
90
90
117
100
121
116
228
132
93
140
113
102
1944—December....
3,670
294
1945—January . . . . . .
February....
March
April
May
1
557 5,064
705 9,345
661 11,004
ManufacCapi- Estate Alcoholic
To- Stamp turers'
and beverand
tal
bacco
stock
gift
age taxes taxes retailers'
tax
taxes taxes
excise
taxes
i
-1
2,170
443
295
1,895
429
228
1,584
421
248
1,398
105
209
7
30
Withheld by employers (Current Tax Payment Act of 1943).
FEBRUARY
1946
173
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items i
Corporation or agency
Total Cash
All agencies:
Dec. 31,
Mar. 31,
June 30,
Sept. 30,
1944
1945
1945
1945
31,488
31,309
33,552
34,247
.
Classification by agency
Sept. 30, 1945
Department of Agriculture:
Farm Credit Administration:
234
Banks for cooperatives
346
Federal intermediate credit banks. .
1,279
Federal land banks
Production credit corporations....
123
15
Regional Agricultural Credit Corp..
Other3
21
Federal Farm Mortgage Corp
244
398
Rural Electrification Administration.
War Food Administration:
Commodity Credit Corp
' 1,545
469
Farm Security Administration.....
36
Federal Crop Insurance Corp
3
Federal Surplus Commodities Corp.
National Housing Agency:4
Federal Home Loan Bank Administration:
Federal home loan banks
.
Federal Savings and Loan Insurance Corp.
Home Owners' Loan Corp
Federal Public Housing Authority
and affiliate:
Federal Public Housing Authority.
Defense Homes Corp
Federal Housing Administration
Federal National Mortgage Association.
R.F.C. Mortgage Company
Reconstruction Finance Corp. 6
Office of Emergency Management:
Smaller War Plants Corp.
War Shipping Administration
Other6
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission
All other
756
768
700
815
CommodiLoans ties,
resupceiv- plies,
able
and
materials
U . S . PriBonds, notes,
Gov- vately
and debenLand,
ern- owned
struc- Undis- Other tures payable Other ment
tures, tribinterliabilinterasU. S.
est
uted
and
ities
est
Govt. Other
equip- charges sets Fully
secuguarsecu- rities ment
Other
anteed
rities
by U.S.
6,387
5,789
5,544
5,409
1,632
1,756
1,679
1,756
424
388
375
368
43
34
29
127
27
279
2,942
2,960
2,507
2,487
7
8
2
13
16
222
4
157
66
1,537
1,15C
502
551
C
c
1,395
l,237
1,163
1,135
4,196
4,962
4,162
4,486
269
834
2
42
100
1
985
45
895
550
68
163
9
59
25
1
288
1
19
9
47
1
1
157
4
8
99
222
66
19
942
33
75
40
232
i
227
7
68
3
7
134
(2)
249
6,868
325
3
15
7,810
10
2
64
23
29
4
1
538
5
5
505
465
31
3
51
125
62
100
28
945
10
1
540
67
122
9
55
4
92
1,505 8,475
1
175
1,017 7,827
269
219
89
141
634
150
254
9
742
132 3,454
63 1,942
807
197
2
13
41
145
719
3 3,243
2 1,671
19
232
398
10
30
455
889
8
45
10
CO
5
7
18 1,049
12
6
2
1
(2)
32
6
2
21
503
227
14
2
6
6
200
49
24
181
15
(2)
13
8
7
75
176
123
56
4
28
504
451
459
465
227
5
18
23,857
23,510
27,266
27,610
1
3
21
6
388
162
126
123
22
1
13
1
16
21
141
1,419
1,913
1,811
2,154
3
9
300
176
8,844
489
230
923
254
750
3,586
2,005
1,692
1,001
772
442
(2)
104 1,209
341
25
16,237
16,734
20,154
20,816
37
59 1,036
1
16
45
12
3
9,980
Investments
4
262
16
139
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Sept. 30, 1945
Fed.
Fed. inter- Banks Com- Rural
Fed. Farm
Elec- Farm
for co- modity trificaSeculand Mort. mediCredit
ate
operarity
banks Corp. credit tives Corp.
tion
Adm.
Adm.
banks
Purpose of loan
1,108
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
tions:
Banks
Other
Other
291
279
128
108
388
Home
Owners'
Loan
Corp.
ExFed.
Fed. R.F.C. portPublic home
and
ImHous- loan affiliport
ing
Auth. banks ates Bank
486
' "908'
To aid financial institu-
72
69
(2)
'f'otal loans receivable
1,036
(net)
222
279
Less: Reserve for losses.
l
1
5
127
104
ioo
288
(2)
145
13
388
341
895
288
100
June
All
other
1945.
All 30, all
agen- agencies
cies
(2)
52
159 2,948
1
961
210
44
21
141
2,971
1,027
232
185
243
201
29
32
738
1
227
(2)
43
13
132
112 1,365
151
457
46
163
1,343
451
1,105
227
296 5,409
5,544
2
c Corrected.
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.
All assets and liabilities of the United States Housing Corp. have been liquidated.
Includes Defense Plant Corp., Defense Supplies Corp., Metals Reserve Co., Rubber Reserve Co., and Disaster Loan Corp., which previously
were affiliates but which as of July 1, 1945, pursuant to Public Law 109, approved June 30, 1945, were dissolved and merged with the Reconstruction
Finance Corp.; also includes War Damage Corp., which continues as affiliate.
6
Includes Petroleum Reserves Corp., Rubber Development Corp., U. S. Commercial Co., and Coordinator of Inter-American Affairs.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly
figures are not comparable with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept,
30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking amd Monetary Statistics,
Table 152, p. 517.
3
4
6
174
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)
1935-39
100
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
1945
Construction
contracts
awarded (value) 3
1923-25=100
Industrial production
(physical volume)* 2
1935-39=100
Manufactures
Total
Durable
Nondurable
Minerals
Total
Residential
Employment 4
1939=100
All
other
Nonagricultural
Factory
Depart
Fac- Freight ment Wholesale Cost of
tory carload- store
com- living*
sales modity]
pay
ings*
(val- prices4 1935-39
rolls* 1935-39)
100
u e ) * , 1926
1939 =
100 1935-39|
100
=
100
100
Ad- Unad- AdAdAdAd- Unad- Unad-| AdAdAdAdAdjusted justed justed justed justed justed justed justed justedi justed justed justed justed
72
75
58
73
88
82
90
96
95
99
110
91
75
58
122.9
109.1
92
70.6
68.9
78.7
87.1
101.3
107.7
98.5
105.4
113.5
138.0
174.6
213.0
P233.4
84
93
53
81
103
95
107
114
107
117
132
98|
67
41
54
65
83
108|
122
78
109
139
201
279
62!
60
57
67
72
69|
76
79
83
85
93
84|
79
70|
239
235
P2O3
353
P274
79
81
90
100
106
95
109|
115
142
158
176
171
P166
69
75
87
103
113
89
109
125
162
199
360
71
83
«i
98
89
92
100
100
99
107
93
1
80!
67
76
80
86
99
112j
971
106
117
125
129
132
140
P137
1943
January..,
February..
March...,
April
May
June
July
August...
September
October. .
November
December
199.6
203.5
206.9
208.8
209.4
212.8
214.8
216.7
216.8
219.3
222.9|
224.7
227
232
235
237
239
237
240|
242|
244
247
247
241
224
229
232
236
239
238
241
245
248
249
2471
239
337]
344
351
356
359
358
360
365
368|
374,
376|
365
171
174
174|
175
176
177
177
178|
179
179
180
1741
125
131
133
131
129
117
134
135
138
136
133
137
1944
January...
February..
March
April
May
June
,
July
August... ,
September
October. .
November
December
227.2
232.4
231.9
231.1
232.1
233.9
233.2|
234.0
232.5
235.51
237.5
239.0
243
244
241
239
236
235
230]
232
230
232
232
232
240
240^
238
237
236
236
232
235
234
234
232
230
369
367
364]
361
356
354
347
348|
342
344
341
343]
176
177
175
172
169
169
165
168
168
169
173
173
139
142
139
140
143
142
139
142
143
143
143
137
1945
January.. .
February..
March....
April
May
June
July
August
September
October...
November.
December.
241.9|
245.2
244.1
242.3
241.9
244.6
243.4
236. C
229.0
231.4
235.7
P233.8
234
236
235
230
225
220
210
186
•"167
•"162
168
230
232
232
229
225
220
211
188
171
345
346
345
336
323,
308|
292
239
•"194
••186
192
P187
P164
rl64|
167
P162
175
140
176, 141
176| 142
174
140
138
173
144
173
143
165
140
157
134
156
154| 124
138]
P158
P156 P134
63
63
56
79
84
94
12?
129
129
13*
117
92
63
28
25
32
37
55
59
64
72
81
122
166
68
41
145
102
85
63
52
45
60
59
65
49
60
61
44
30
44
68
81
9C
124
1?1
117
12*
fo|
37
1?
11
1?
21
37
41
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
177.7
169.1
P143.3
79
90
6*
88]
86
94
170]
135
l.?o
14?
14? 102
125 95
86.
75
76
83
87
70 94
74 100
8^ 94
81 100
89 104
14O 117
23 126
9? 130
61 127
P121
198
140
11O
87
6*
55
80
7°
8o
61
78
81
75
96
118
11?
79
91
104
121
134
103.2
123.5
79.7]
85.5
108.4
101.21
106.61
109.0'
107.91
109.1
116.4
94.1
71.2
49.2
52.8
67.8
78.0|
90.5
108.2
84.2
100.0
114.5
167.5
245.2
334.4
339.1
120
129
110
121
142
139
146
15?
147
148
152
131
105
78]
82,
89|
92
107
in
,
89
101
109
130
138
137
140|
135
Adjusted
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
P2O7
Unadjusted
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
104.01
105.8
Unadjusted
124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.
108.
97.6
92.
95.
98.1
99.1
102.7
100.8
99.4
100.2
105.2
116.5
123.6
125.5
131.6
131.
132.0]
131.4
130.9]
131. C
131.4
130.91
130.1
130.1
130.2]
130.1
170.7
173.1
175.1
176.2
176.9
179.C
180.1
180.2
179.6)
180.6
181.5
179.9
170.1
172.5|
174.6
175.4
175.8
178.3
180.2
181.4
180.8
181.4
181.9
180.3
300.7
308.9
318.0
324.9
330.4
336.1
335.8]
343.1
349.5
354.9
359.7
350.7
135
139
138
136
135
127
141
140|
140
137
139|
143
163
192j
161
159,
159
168
169
166
165
172
177
167
101.9!
102.51
103.4
103.7]
104.1
103.8]
103.1
103.2
103.1
103.0
102.9
103.2
120.7
121.0
122.8
124.1
125.1
124.8
123.9
123.4
123.9
124.4
124.2
124.4
130.0]
129.6
128.
128. C
127
127
127.5
127
126.5
125.7
125.3
125.7
178.1
177.1,
174.6
171.8
170.1
169.2
167.6
166.8
164.9
163.3
162.6
163. C
177.5
176.5
174.1
171.0|
169. ,
168 6|
167.7
167.9
166.0
164.1
t63.0
163.3
350.0
349.7
346.3
339.8
339.2
339.5
331.7
335.0
333.8
335.1
331.8
336.8
145
142
140
138
138
139
142
142
139
137
141
137
174
175
183
173
183
176
189|
187
187
193
205
196]
103.3
103.6
103.8
103.9
104.0
104.3
104.1
103.9
104.0
104.1
104.4j
104.7
124.2
123.8
123.8
124.6
125.1
125.4
126.1
126.4
126.5
126.5
126.6
127.0
162.4
162.0
160.2
156.9
153.6
150.5
145.6
142.1
r
122.4
'121.2
121.6]
P121.1
335.2
333.7
330.2
321.5
307.0
302.5
286.7
256.2
r
214.2
••213.0
212.8
143
139
145
141
140
140
139
128
127
118
133
127
197
211
220
181
188
202
218
200
199
213
••226
P215
104.9
105.2
105.3
105.7
106.0
106.1
105.9
105.7
105.2
105.9
106.8
127.1
126.9
126.8
127.1
128.1
129.0
129.4
129.3
128.9
128.9
129.2
126.6 162.
126. 71 162
126 7 160
125 1 157
124 4 154
123.4 151
122.7 145
121.5 141
-•115. '121
••115. ••120
121
116.
P116,
P!20
*1 Average per working day.
P Preliminary.
»• Revised.
Department of Commerce series on value of payments to individuals.
* For indexes by groups or industries, see pp. 176-179. For points in total index, by major groups, see p. 193.
a4 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 183 of this BULLETIN.
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of
the Bureau
of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
6
For indexes by Federal Reserve districts and other department store data, see pp. 185-187.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for factory employment, January and December 1943, pp. 14 and 1187, respectively, and October 1945, pp. 1054-1055; for department store salee,
June 1944, pp. 549-561.
FEBRUARY
1946
175
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
i Index numbers of the Board of Governors.
1935-39 average = 100]
1944
1945
Industry
Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.. Oct. Nov. Dec,
Industrial Production—Total.
232
232
234
236
235
230
225
220
210
186
'167 '162
168
P164
Manufactures—Total
248
249
251
252
252
247
240
233
222
194
'173 '168
173
P169
341
343
345
346
345
336
323
308
292
239
'194 '186
192 P187
201
198
197
202
210
206
204
192
187
155
163
146
167 P165
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
229
182
567
181
214
173
505
182
203
172
421
161
164
142
319
166
171
154
296
129
159
139
307
158
178
'160
'306
422
431
431
436
431
419
405
393
371
310
230
232
231
P234
699
709
706
695
676
651
610
572
535
405
'273
258
250
P215
230
235
235
242
236
231
218
207
188
142
105
'120
135
Products....
234
229
253
257
267
263
248 219
196
165
141
147
Smelting and refining
(Copper smelting; Lead refining; 1Zinc smelting;
Aluminum; Magnesium; Tin)
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium
products; Tin consumption) 1
191
186
187
191
193
194
184
183
171
150
148
252
247
280
284
296
291
272
234
202
162
137 '147
122
122
126
118
116
110
107
98
112
141
111
142
118
142
112
146
110
109
140
108
138
104
138
98
134
98
124
89
115
76
120
83
123 P131
160
163
162
163
167
162
166
169
160
161
160
158
183
62
225
85
122
180
300
179
61
221
85
115
168
295
176
43
223
95
121
172
298
193
62
239
93
117
179
287
177 200 186
61
79
50
217 243 235
97
97 106
110 110 114
162 172 177
260 '220 •218
Durable Manufactures.
Iron and Steel. . .
Pig iron
, Steel
Open hearth. .
Electric
Machinery
164
173
156
294
Manufacturing Arsenals and Depots1.
Transportation Equipment
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government) 1
Nonferrous Metals and
Lumber and Products. . .
Lumber. .
Furniture.
Stone, Clay, and Glass Products. .
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products. . .
Abrasive and asbestos products..
Other stone and clay products 1 . .
169
56
208
88
116
175
295
Nondurable Manufactures.
Textiles and Products
Textile fabrics
Cotton consumption.
Rayon deliveries.
Nylon and silk consumption 1
Vool textiles.
Wo
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
r
Revised.
P Preliminary.
176
1
168
56
207
87
122
185
305
175
61
216
86
124
183
306
96 P100
161
175
4
235
113
118 P125
181 185
215 P215
173
173
175
176
176
174
173
173
165
157
156
154
152
150
155
153
149
150
150
132
134
144
141 P146 P144
139
149
209
141
146
215
139
145
215
144
152
215
142
150
"214
137
143
218
138
142
221
138
144
220
121
123
220
123
123
213
134
138
215
131
128
215
135
133
226
143
56
206
156
161
148
151
152
57
215
165
170
157
166
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
139
161
146
42
243
151
161
137
165
144
40
234
152
162
137
161
117
33
185
124
129
117
129
127
58
172
136
145
125
136
142
82
186
154
158
149
144
147
93
191
156
156
156
149
150
90
193
160
163
156
154
116
114
113
121
122
122
121
127
109
108
119
112
116
112
122
84
81
144
115
127
86
72
154
113
113
125
85
68
155
119
137
89
63
148
123
117
132
88
69
144
126
118
134
95
61
146
125
115
132
91
62
132
126
119
137
97
56
137
132
109
128
79
50
133
98
112
75
47
130
114
112
125
97
52
151
123
107
121
89
46
145
116
108
124
83
51
140
120
108
158
160
160
138
144
143
150
149
154
Wheat flour
Cane sugar meltings1
Manufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream
Meat ppacking
Pork
an lard
P k and
Beef
Veal
Lamb and mutton
164
60
200
87
125
182
302
P153
147 P141
149
119
Manufactured Food Products.
174
51
218
90
116
171
307
144
166
P157
P92
125
165
82
156
181
158
167
141
213
142
155
123
114
155
151
109
147
P158
125
228
108
131
125
138
140
138
127
129
133
134
•132
81
162
175
138
84
168
189
143
87
181
204
133
87
175
196
143
90
179
206
135
148
89
181
222
130
145
78
154
179
130
132
83
163
172
146
85
171
208
148
75
160
201
P154
72 '65
155 149
156 146
132
60
144
136
158
164
149
175
149
146
149
147
123
143
146
135
169
101
129
146
139
165
104
129
134
137
139
88
121
132
135
134
95
128
141
144
142
103
142
140
146
136
116
133
133
126
144
151
110
141
120
165
179
125
129
99
159
197
134
155
171
138
138
148
155
153
158
189
135
Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 1001
1944
1945
Industry
Nov. Dec.
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.
Nov. Dec.
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
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
155
139
129
163
150
134
108
161
139
101
107
155
146
109
108
162
••148
127
108
184
169
213
170
148
144
136
139
193
173
192
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
147
199
448
293
149
55
399
306
135
131
121
123
123
120
128
139
128
105
157
107
95
155
108
85
147
95
95
145
97
93
147
91
91
143
90
92
156
94
93
177
90
83
162
143
135
136
137
141
140
141
142
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
103
234
141
132
158
79
126
144
129
80
136
160
108
103
236
140
133
161
78
125
141
132
80
137
160
116
103
236
138
134
160
75
126
139
139
79
103
104
102
105
105
105
105
86
84
85
84
83
85
85
P1S3
127
P123
'160
165
P168
201
216
212
181
52
236
365
182
70
218
420
199
83
223
427
197
130
274
343
150
160
167
154
91
195
98
106
206
99
111
216
96
110
194
94
87
139
64
135
131
143
143
142
P136
131
149
120
93
227
122
128
149
73
122
146
133
80
129
146
118
92
219
120
126
141
74
126
142
135
72
138
152
124
100
223
126
136
165
77
125
142
141
81
139
154
124
101
227
129
137
157
80
133
147
147
79
138 P134
153
114
103
223
131
136
131
158
143
79
78
132
132
145
149
140
140
81
86
106
105
111
109
115
114
112
85
88
96
93
96
92
P144
Industrial 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 . . .
Other chemical products 1
273 276
272
269
v240
vl56
144
165
136
124
141
165
133
119
143
171
133
123
ISO
174
126
126
145
166
134
131
145
167
136
120
149
174
138
121
148
177
136
132
156
175
136
133
155
173
138
140
132
151
119
116
129
152
120
122
147
164
133
144
170
164
367
167
163
296
167
162
334
168
163
367
171
164
387
161
157
284
168
161
406
163
155
421
165
158
400
153
148
332
152
150
224
116
115
145
147
144
267
307
312
317
318
319
318
319
318
307
265
239
'229
229 P232
141
133
242
394
141
137
242
396
142
136
244
396
140
136
241
400
139
135
244
402
135
134
241
405
131
134
240
407
134
132
243
412
139
130
243
409
133
122
222
368
136
126
237
386
139
124
•235
'371
142
124
241
369
P269
145
•244
'373
Rubber Products. . .
231
239
247
247
236
233
224
222
218
Minerals—Total .
143
137
140
141
142
140
138
144
143
140
134
124
138
134
Fuels
148
141
145
146
147
145
143
150
148
146
139
126
143
P137
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
148
153
129
151
140
146
117
153
135
144
102
152
142
112
110
120
133
149
159
112
141
P142
114
138
112
111
111
111
HI
111
110
109
109
105
106
'108
'108
170
168
170
170
170
169
167
168
168
162
161
164
•162
Coal.
Bituminous coal. .
Anthracite
Crude petroleum
Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
172
197
132
P94
P140
r
1
Revised.
P Preliminary.
Series included in total and group indexes but not available for publication separately.
NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. For description and back figures see BULLETIN
for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882.
FEBRUARY
1946
177
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1944
1945
Industry
Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec
Industrial
Production—Total...
Manufactures—Total
Durable Manufactures
Iron and steel.
Pig iron
Steel
Open hearth.
Electric
Machinery
232
230
230
232
232
229
225
220
211
188
171
164
167
248
248
248
249
249
245
240
234
223
196
177
171
173
P168
341
342
343
345
344
335
323
308
292
241
196
187
192
P186
201
P162
198
197
202
210
206
204
192
187
155
163
146
192
218
186
453
215
181
456
188
219
176
526
192
226
180
552
198
234
189
561
188
232
184
573
190
229
182
567
181
214
173
505
182
203
172
421
164
142
319
166
171
154
296
129
159
139
307
158
178
160
'306
422
431
431
436
431
419
405
393
371
310
230
232
231
P234
699
709
695
676
651
610
572
535
405
'273
'258
250
P215
230
235
235
242
236
231
218
207
188
142 '105
'120
135
234
229
253
257
267
263
248
219
196
165
147
191
186
187
191
194
194
189
183
182
171
150
148
291
272
234
202
162
137
147
165
164
173
156
294
Manufacturing Arsenals and Depots1.. .
Transportation equipment
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; Magnesium
products; Tin consumption) 1
Lumber and Products.
Lumber. .
Furniture.
Stone, Clay, and Glass Products. .
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products
Other stone and clay products1
Nondurable Manufactures.
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
" Revised,
P Preliminary.
178
l
247
284
P141
120
113
113
114
115
119
120
121
113
104
109
141
97
142
99
142
97
146
101
144
108
140
112
138
113
138
107
134
108
124
98
115
82
120
81
123
163
159
156
156
161
165
167
166
168
165
166
'167
161
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
115
169
295
175
43
221
102
120
175
298
186
62
230
102
115
179
287
183
61
226
110
113
162
260
204
79
248
112
114
176
192
-•220
172
159
'161
158
144
141
95
50
242
123
'120
182
'218
P92
P94
P74
P131
176
4
237
122
122 P 1 2 8
183 P190
P215
173
167
150
132
138
142
221
138
144
220
121
123
220
123
123
213
134
138
215
131
128
215
135
133
226
142
36
233
147
153
139
161
146
42
243
151
161
137
165
144
40
234
152
162
137
161
117
33
185
124
129
117
129
127
58
172
136
145
125
136
142
82
186
154
158
149
144
147
93
191
156
156
156
149
150
90
193
160
163
156
154
122
122
121
126
107
107
118
113
117 P108
116
132
87
68
140
126
117
134
91
63
143
125
115
132
87
61
142
126
116
132
99
57
135
132
103
120
78
49
123
109
97
109
79
46
134
114
110
123
95
52
148
123
108
122
91
46
145
116
112
129
86
50
148
120 P108
141
142
145
146
150
157
151
166
'153
151 P145
132
122
133
134
132
133
128
139
136
134 P133
173
171
170
172
172
171
149
152
150
155
153
149
139
149
209
141
146
215
139
145
215
144
152
215
142
150
•214
137
143
218
143
56
206
156
161
148
151
152
57
215
165
170
157
166
146
49
225
156
162
148
159
151
44
238
160
170
146
169
149
43
249
156
166
142
166
118
113
114
125
116
127
86
79
153
119
114
127
84
73
146
113
113
128
83
68
144
114
128
148
93
66
162
123
155
150
143
126
122
130
P108
62
117
130
P94
61
111
138
69
120
140
P98
71
133
157
175
195
146
228
142
184
217
149
165
146
171
195
150
114
152
139
132
156
89
131
77
151
186
"178 P209 P212
89
112
124
109
189 234 254 223
231
284 257
272
135
129
150
98
126
125
125
131
86
118
P116
P149
132
135
134
98
130
139
144
139
103
132
131
129
137
116
127
P155
93
72
191
164
214
185
P185
119
97
146
148
108
134
95
179
197
134
158
P154
125
228
P100
62
50
139
112
127
105
P84
133
93
173
224
140
182
225
138
130
145
P120
171
179
164
202
135
47
104
105
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]
1945
1944
Industry
Nov. Dec.
Jan. Feb.
Mar. Apr. M a y June July Aug. Sept. Oct.
Nov
Dec.
Manufactured Food Products—Continued
154
114
139
169
105
141
160
103
144
161
99
140
162
104
130
162
97
117
162
107
96
165
157
133
151
171
174
88
165
165
115
158
176 '164 P 1 5 8 P 1 5 0
242 ••164 117 P96
139 142
165 ••168 173 P171
. . . 159
146
191
158
139
148
147
162
214
175
199
214
201
188
151
140
137
150
142
160
158
175
184
170
183
154
467
427
157
130
301
343
Other manufactured foods
Processed fruits and vegetables
Confectionery
...
Other food products
161
Alcoholic Beverages
Tobacco
.
149
148
148
145
146
159
353
81
355
0
199
414
346
228
312
136
265
44
283
36
291
35
318
400
293
216
306
324
365
137
121
121
118
117
115
128
145
133
155
169
173
157
104
105
160
95
142
85
147
95
136
93
137
91
133
92
156
93
186
83
170
91
204
106
220
95
93
94
91
90
95
92
88
95
106
110
198
87
128
110
111
225
103
. . . 143
134
136
138
141
141
142
142
134
131
144
143
142 P135
138
0
Alcohol from Beverage Plants1..
148
169
70
566
420
Whiskey
Other distilled spirits
Rectified liquors
Industrial
155
0
198
11
0
0
0
55
52
83
...
Products
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
97
57
132
132
134
137
136
137
137
130
129
138
159
117
97
238
136
135
160
106
120
150
130
82
150
117
97
212
133
129
145
93
125
151
125
84
152
115
95
214
137
129
153
85
119
145
128
76
157
118
98
227
139
131
152
87
125
148
127
83
158
121
101
227
139
134
157
84
127
133
82
162
125
103
234
141
132
158
79
126
145
129
82
161
117
103
236
140
133
161
78
125
141
132
81
160
117
103
236
138
134
160
75
126
142
139
80
147
107
93
227
122
128
149
73
122
140
133
78
144
104
92
219
120
126
141
74
126
142
135
71
150
110
100
223
126
136
165
77
125
142
141
81
139
153
115
101
227
129
137
157
80
133
148
147
79
107
106
99
104
107
108
106
105
99
107
110
93
88
79
83
87
90
88
84
76
87
94
. . . 268
268
273
276
272
268
273
269
P267
P240
144
165
136
128
141
165
132
123
143
171
129
126
150
174
125
132
145
166
132
134
145
167
141
123
149
174
143
122
148
177
136
124
156
175
134
124
155
173
137
135
132
151
119
115
129
152
120
122
147
164
133
148
170
164
367
167
163
296
167
162
334
168
163
367
171
164
387
161
157
284
168
161
406
163
155
421
165
158
400
153
148
332
152
150
224
116
115
145
147
144
267
P269
308
313
316
319
321
320
318
315
303
261
239
230
P233
139
134
242
394
141
137
242
396
139
133
244
396
139
135
241
400
139
135
244
402
137
131
241
405
135
130
240
407
138
130
243
412
137
129
243
409
132
124
222
368
'135
140
125
241
369
P145
P126
P244
P373
Rubber Products
231
239
247
247
236
233
224
222
218
193
Minerals—Total.
140
131
134
135
136
140
141
147
145
143 '137
125
134 P127
Fuels
148
141
145
146
147
145
143
150
148
146
139
126
143 P137
149
132
140
143
142
136
125
148
140
135
142
112
149
116
P79
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
. .
Printing and Publishing
Newsorint 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
.
. .
...
. . . .
148,
138 P 1 3 3
153
121
103
223
131
158
79
132
145
140
82
131
143
78
132
145
140
84
117
118
114
101
104
96
P184 P156 P173
131
237
'386
'130
'235
r
371
P144
Other chemical products 1
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
. .
Metals other than gold and silver
Iron ore
(Copper* Lead* Zinc) 1
Gold
Silver
155
126
148
138
109
146
151
96
148
150
112
148
149
115
150
138
131
150
145
47
152
153
129
151
89
68
68
68
72
109
131
12?
130
133
94
61'
95
63
98
68
104
80
166
216
207
304
204
301
25
64
24
62
23
56
2\
53
21
56
21
61
21
54
20
47
146
117
153
144
102
172 rl90
148
114
152
138
196
289
192
289
188
281
42
'25
46
'29
51
r
125
110
120
133
190 P197
P132
159 P142
112 P 9 4
141 P140
175 P 1 1 0
245 108
32
54
id back figures, see BULLETIN
FEBRUARY
1946
179
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
Industry and Group
1944
1945
1944
Nov.
Factory pay rolls
Dec
Aug.
Sept.
Oct.
Nov.
Dec
Oct.
Nov.
1945
Dec,
Aug.
Sept.
Oct.
Nov.
Total
331.8 336.8 256.2 '214.2 '213.0 212.&
163.0 163.3 142.1 rl22.4 '121.2 121.6 121.1 335.
133.8 462.9 457.2 463.6 322.9 '236.4 '234.5 232.4
219.2 219.7 180.3 '138 5 '136.2 136
118.6 118.9 112.0 ••109.7 '109.4 109.8 111.2 210.0 209. 212.8 191.0 192.6 '191.9 193.6
Iron and Steel and Products
Blast furnaces, steel works, etc....
Steel castings
Tin cans and other tinware
Hardware
Stoves and heating equipment....
Steam, hot-water heating apparatus
Stamped and enameled ware
Structural and ornamental metal
work
167.7
122
238
122
129
136
169.2
122
238
124
130
139
145.1
118
193
127
116
121
181
155
183
157
146
137
204
205
Electrical Machinery
Electrical equipment
Radios and phonographs
277.6 275.6 238.2 '165.3 '173.4
208
150
240
239
161
227 132
'129
279
274
Machinery, except Electrical
Machinery
and
machine-shop
products
Engines and turbines... .
Tractors
Agricultural, excluding tractors...
Machine tools
Machine-tool accessories
Pumps
Refrigerators
221.2 223.1 196.7 166.6 '165.7
220
362
181
158
202
256
304
147
222
363
183
160
203
258
305
150
197
309
165
142
182
230
258
124
165
240
156
129
165
188
217
163
'230
158
129
'160
182
213
'99
Transportation Equipment, except Autos.
Aircraft, except aircraft engines. .
Aircraft engines
Shipbuilding and boatbuilding. .. .
1349.4
1595
2466
1510
1344.5
1604
2422
1498
893.7
LQ84
1733
935
479.0
'395
'372
'643
'405..
-•318
'331
-\532
Durable goods
Nondurable goods
120.5
109
178
118
95
95
133
108
120.1
109
177
113
98
101
121.5 125.1
110
170
111
104
105
318.0
225
453
217
133
109
139
114
116
116
267
262
313.,
222
449
205
266
261
321.4
226
455
216
276
269
247.0 '200.2
199
175
311
281
201
209
174
209
161
196
347
327
351
313
354
332
254
243
120
401
397
402
240
177.8 178.1
166
132
512.5
450
542
507.2
444
542
512.8
452
537
385.3 '258.8 '278.3
330
230
255
389
'228
'218
290.3
165.9 168.4
424.7
416.1
429.8
326.8
274.7
161
229
161
135
144
181
215
112
416
787
292
316
373
447
659
277
408
766
290
311
363
441
627
266
419
808
294
322
381
452
650
287
324
511
248
259
304
'340
512
178
349.2 330.5 2964.8
307
3186
301
4460
413
3469
2948.7
3136
4278
3498
2952.4
3198
4295
3446
1682.9
1855
2376
1920
201.9
173
292
186
184
180
203.7
176
284
186
191
182
234
190
230
199
238
207
179
187
275.5 '275.7
188
265
238
266
369
238
247
266
'280
390
'147
272
'380
220
230
'261
'271
386
'159
267
367
229
231
239
270
385
176
r
'687.5
'535
'444
'893
565.7
510
393
642
814.4
'625
'470
'1116
Automobiles
r
169.1 171.2 135.2 '102.1 109.5
122.8
82.4
313.1
312.8
317.9
178.8 '145.8 '164.4
184.5
Nonferrous Metals and Products
Primary smelting and refining. . . .
Alloying and rolling, except aluminum
Aluminum manufactures
175.2 175.5 159.4 127.1 r129.0
138
133
144
128
146
135.3 137.4
129
337.3
281
332.8
267
341.3
264
282.1
259
216.2 '223.1
239
'227
235.9
227
137
166
336
502
334
497
348
512
289
412
223
220
239
257
96.8 100.3
67
84
219.2
157
168
205.3
144
166
200.1
139
167
189.0 '184.2 '169.1
134
'130
'117
147
145 '140
164.3
114
137
93.6
85
97.3
193.0
179
190.8
177
193.9
180
165.0
150
161.9
147
166.5
151
107.4 111.7
110
85
83
120
91.1 94.9
101
71
96
64
82
192.1
205
120
123
192
189.7
201
116
120
191
192.1
204
114
118
194
181.7
193
128
118
173
177.4 '184.9
189
196
131
139
126 '133
173
187
177.4
171
135
139
188
172.8
204
139
188
104
150
174.6
207
139
189
105
151
179.0
212
142
195
106
157
159.4
193
134
167
89
140
166.7
201
138
175
101
142
168.1
199
143
178
105
135
171.3
200
142
184
109
140
200.4
170
131
147
127
195.5
169
129
141
105
195.0
165
128
144
113
157.3
135
111
108
113
180.3
141
126
138
131
183.6
142
131
142
135
177.7
138
132
136
110
93.1
160.1
144
143
159.5
143
142
163.2
146
146
157.0
141
141
157.2 r161.7
146
151
140 '144
161.9
146
146
121.9 120.6
110
125
110
111
150
92
209.8
200
192
171
200
210
262
206.0
211
195
175
205
204
189
207.1
228
199
177
211
205
163
198.6
158
211
171
166
224
249
218.5 '207.7
178
173
218
225
174
177
175
188
243
226
352 '252
206.4
185
213
181
198
225
179
89.2
127
68
165.7
209
137
172.7
216
144
177.8
223
147
148.8
194
115
175.3
214
148
171.8
208
149
Lumber and Timber Basic Products. . . .
Sawmills and logging camps
Planing and plywood mills
Furniture and Lumber Products
Furniture
Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
...
133
159
179
250
153
274
112.9 111.3 107.5 103.4
75
79
77
72
91
96
97
87
178
273
103.1 103.7
96
97
96.6
89
88.8
81
129
156
'96.3
67
'83
89.8
82
111.5 112.2 109.3 r106.7 '109.8
125
126
121
125
124
77
81
72
72
85
73
75
73
73
79
114
113
121
121
117
Textile-Mill and Fiber Products
Cotton goods except small wares. .
Silk and rayon goods
Woolen and worsted manufactures
Hosiery
Dyeing and finishing textiles
95.8 96.8 90.2 90.2 90.6
103
108
110
103
102
71
74
71
71
75
90
98
91
94
99
60
64
61
62
64
84
89
84
81
90
Apparel and Other Finished Textiles. . .
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
110.0 109.6
94
94
72
73
80
80
76
78
98.9
85
68
70
72
99.8 101.0
83
82
69
70
74
76
75
75
100.6
81
72
75
74
90.6
83
79
91.0
84
80
88.6
81
78
86.3 r88.5
82
84
76
'78
90.6
86
80
Food and Kindred Products
Slaughtering and meat packing. . .
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
127.1
124
117
115
122
142
100
124.6
129
118
115
126
142
85
124.6
103
124
108
101
149
134
Tobacco Manufactures
Cigarettes
Cigars
90.1 90.7 84.0 89.1 92.2
123
127
131
133
131
62
71
68
68
68
Leather and Leather Products
Leather
Boots and shoes
133.4
105
124
109
102
153
176
'125.7
105
126
110
108
151
124
86.2
157.5
141
223
237
r
181.4
218
159
r
Revised.
NOTE.—Indexes for major groups and totals have been adjusted to final 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. Figures for December 1945 are preliminary.
180
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 =1001
Factory pay rolls
Factory employment
Industry and Group
1944
Nov.
Aug.
Dec.
Sept.
Oct.
Nov.
Dec.
Oct.
114.4
103
111
111
117.5
106
115
115
119.3 122.2 196.3
183
108
192
115
180
116
Nov.
Dec.
Aug.
Sept.
Oct.
Nov.
197.5
182
195
183
200.5
185
198
185
184.6
172
180
171
195.5
181
183
186
Paper and Allied Products
Paper and pulp
Paper goods, n.e.c
Paper boxes
118.1 119.4 114.2
106
104
107
119
112
121
114 114 110
201.2
187
185
193
204.9
190
187
197
Printing and Publishing
Newspaper periodicals
Book and job
99.3 100.1 98.3 98.8 102.5 105.9 108.3 136.7 139.3 141.1 140.0 147.7 150.7
119
122
130 1 3 3
94
121
129
93
97
101
93
95
169
154
167
107
157
160
152
106
110
105
105
113
158.5
138
178
'258.6
256.6
269
187
261
535
488
306
240
Chemical and Allied Products
Drugs, medicines, and insecticides
Rayon and allied products
Chemicals, n. e. c
Explosives and safety fuses
Ammunition, small-arms
Cottonseed oil
Fertilizers
210.9
181
111
166
1244
1183
139
107
215.4
182
112
166
1289
1292
134
114
190.0
181
110
161
1105
889
76
106
156.9
171
111
161
541
316
'97
111
'153.2
174
113
157
'417
243
119
108
154.3 151.5 364.4
268
175
177
116
289
159
1847
355
2402
264
276
136
227
111
366.5
270
179
289
1865
2371
300
234
377.9
272
180
291
1970
2633
289
250
325.7
271
182
288
1607
1470
-•146
242
266.4
265
177
274
739
'562
'205
261
269
184
261
••623
••472
'265
250
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
125.0 125.1 127.3 122.6 122.3 129.9 132.4 224.2 219.0 221.9 228.6 210.8 ' 196.0 221.9
217
215
224
204 '189
124
220
214
125
128
120
122
131
185
182
182
183
179
189
102
101
101
102
99
102
164
Rubber Products
Rubber tires and inner tubes. . ..
Rubber goods, other
161.7 163.3 148.4 '127.9 143.2 148.2 153.6 293.3 293.6 308.5 249.5 '216.7
250
211
240
298
298
319
171
159
133
163
169
174
'193
202
'112
251
251
136
124
115
119
256
213
138
238.0
240
207
Miscellaneous Industries
Instruments, scientific
Photographic apparatus
168.4 168.4 155.8 129.2 130.3 133.1 136.1 327.5 326.2 332.2 279.2 '226.4 '229.1
346
798
373
535
1032 1014 1058
449
237
216
202
534
189
191
162
271
250
121
120
269
259
162
155
125
234.6
322
198
For footnotes see page 180.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 =100]
1944
Group
Total
Durable
Nondurable. . . .
r
Revised.
1945
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
162.6
219.0
118.1
163.0
219.7
118.3
162.9
219.8
118.0
162.5
219.1
117.8
160.6
215.9
117.1
157.6
210.3
116.1
154.5
204.1
115.4
151.0
196.7
115.0
145.5
187.6
112.3
141.1
180.0
110.3
P Preliminary.
Nov.
Oct.
Sept.
'•121.4 120.5
138.3 136.0
108.1 108.3
Dec.
121.2 P120.8
136.4 P133.8
109.2 P I I O . 6
NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING
[Compiled by the Bureau of Labor Statistics]
INDUSTRIES
Average hourly earnings (cents per hour)
Average hours worked per week
Industry Group
All
Manufacturing..
Durable 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 P r o d u c t s . . . .
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
r
Revised.
FEBRUARY
Sept.
Oct.
Nov. July Aug. Sept. Oct.
Nov. Oct.
Nov.
45.5
45.3
44.0
40.7
41.4 41.7
41.3
103.1
103.5 103.3
102.4
98.7
98.5
99.0
47.1
46.7
44.9
41.1
41.0
41.8
41.4
112.9
113.6
112.7
111.3
107.2
106.3
106.3
47.2
46.3
48.8
48.1
45.6
47.2
44.7
45.0
44.7
46.8
46.3
48.2
47.8
45.5
46.9
43.0
44.4
44.1
45.2
45.3
46.7
45.8
42.3
45.7
41.4
43.3
43.4
41.7
41.2
42.7
41.7
33.5
43.3
40.5
40.6
41.6
41.8
'40.8
43.0
'38.8
36.5
42.5
-•40.8
42.3
41.8
'42.6
'41.1
43.4
'39.0
38.7
43.0
42.2
42
42
42.6
41.5
42.9
37.4
38.6
43.0
40.6
42.0
42.1
109.1
104.6
113.7
130.1
127.0
105.9
80.7
83.3
91.2
108.9
104.9
113.4
131.8
128.0
105.8
79.1
83.3
91.0
111.4
105.7
114.8
130.1
126.0
106.8
81.0
85.2
93.1
110.9
103.8
113.4
129.7
124.5
106.
81,
83,
93.9
108.9
'101.4
111.9
126.4
122.4
104
81.9
••83.3
'93.7
'107.6
103.1
111.8
124.9
121.7
104.9
'78.4
'83.9
93.2
43.3
43.2
42.8
40.3
41.8 '41.6
41,3
87.8
87.7
90.2
90.9
90.3
90.9
107.6
104.1
112.6
124.6
121.8
105.8
78.9
84.2
92.7
91.7
42.2
38.2
41.6
44.8
43.3
46.7
40.9
45.9
47.9
45.9
46.0
42.3
38.0
41.2
45.2
44.2
46.5
41.3
45.7
46.9
45.7
45.5
41.3
36.7
41.7
45.8
41.0
46.3
41.5
45.1
47.7
45.5
44.0
38.4
33.2
39.3
43.3
39.0
44.0
40.7
43.4
46.9
41.8
41.8
40.6
36.2
40.6
44.7
42.3
-•45.9
42.2
••43.4
44.9
'43.0
42.2
40.4
36.8
40.9
'44.2
42.0
45.8
41.6
'43.3
43.0
'41.4
42.0
July
Aug.
Oct.
Nov.
40.3 72.3 72.2 76.3 77.0 76.3 77.0 78.3
36.1 83
82.4 82.9 84.6 87.8 87.5 86.4
39.6 81.9 81.9 85.1 85.7 ••85.3 '85.2 85.7
44.4 85.7 85.9 87.4 88.2 88.0 89.5 90.7
40.4 72.8 73.5 74.9 76.5 78.6 79.3 80.7
45.7 86.2 86.3 88.1 88.0 ••89.3 89.8 90.3
41.7 110.2 110.4 112.3 114.4 115.8 115.5 117.2
42.5 95.7 95.6 99.9 100.3 '99.2 '99.0 99.1
44.5 119.0 118.6 121.7 122.2 121.7 120.9 122.5
40.1 110.8 110.7 113.8 111.9 109.8 110.2 111.2
41.8 96.8 97.5 98.3 97.5 '95.1 '95.7 96.4
NOTE.—Back figures are available from the Bureau of Labor Statistics.
1946
181
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Construction*
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
Federal,
State, and
local
government
vin
1,753
1,722
2,236
2,078
1,259
679
P837
2,912
3,013
3,248
3,433
3,619
3.761
P3.821
6,618
6,906
7,378
7,263
7,030
7,044
P7.175
4,160
4,310
4,438
4,447
4,115
4.348
P4.571
3,988
4,136
4,446
5,203
5,890
5,911
P5.887
13,342
13.473
13,580
13,642
13,752
13,748
981
997
1,000
1,003
1,004
1,002
2,256
2,258
2,327
2,295
2,248
2,115
3,292
3,330
3,331
3,355
3,369
3,367
7,495
7,579
7,548
7,537
7,526
7,487
4,442
4,458
4,454
4,472
4,479
4,493
4,469
4,502
4,534
4,588
4,613
4,652
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
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
1,476
1,358
1,263
1,164
1,082
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
July
August
September
October
November
December
38,426
38,469
38,456
37,963
37,746
37,465
37,231
36,888
•"35,151
••35.014
35.350
35,374
15,633
15.595
15,445
15,178
14.885
14,534
14.130
13,762
••12.022
"11.882
11.888
11,814
805
802
796
765
732
798
784
780
780
714
788
798
633
658
691
736
782
828
868
858
883
»-940
1,019
1,085
3,797
3.848
3.846
3.811
3.802
3,792
3,801
3,803
••3.774
?3.805
3,869
3,912
7,210
7,164
7,214
7,004
7,056
7.039
7,117
7,121
••7,215
•7,255
7,317
7,359
4.394
4.404
4.438
4.466
4.513
4,521
4,558
4.597
4.603
4,745
4,894
4,722
5,954
5.998
6,026
6,003
5,976
5,953
5,973
5.967
5,874
5,673
5.575
5,684
1944—July
August
September
October
November
December
38,731
38.744
38,571
38.360
38,347
38,889
16,013
16.023
15.843
15,692
15,607
15,632
833
834
826
816
812
806
686
700
671
652
629
594
3,809
3,818
3,791
3,767
3,771
3,770
6,942
6,918
6,994
7,148
7,299
7,611
4,618
4,582
4,488
4,340
4,315
4,304
5,830
5,869
5,958
5,945
5,914
6,172
1945—January
February
March
April.
May
June
July
August
September
October
November
December
37,952
37,968
38,062
37,791
37,679
37,549
37,273
36,984
r
35,321
••35,216
35,651
36,084
15,555
15,517
15,368
15,102
14,811
14,534
14,130
13,831
12,082
••11,941
11,947
11,873
801
798
796
761
728
794
784
784
784
718
792
802
582
599
636
699
798
845
911
927
945
'1,006
1,050
1,042
3,740
3,771
3,788
3,792
3,802
3,830
3,858
3,860
r
3,831
-3,824
3,869
3,892
7,030
6,985
7,084
6,990
7,021
7,004
6,975
6,979
•7,143
•7,328
7,573
7,984
4,350
4,360
4,394
4,444
4,513
4,589
4,672
4,666
4,603
4,698
4,845
4,722
5,894
5,938
5,996
6,003
6,006
5,953
5,943
5,937
5,933
5,701
5,575
5,769
Total
Manufacturing
30,353
31,784
35,668
38,447
39,728
38.698
P36.961
10,078
10.780
12.974
15,051
16,924
16.121
P13.891
1941—July
August
September
October
November
December
36,277
36,597
36,774
36,892
36,991
36,864
1942—January
February
March
April
May
June
July
August
September
October
November
December
1943—January
February
March
April
May
June
July
August
September
October
November
December
Year and month
1939
1940
1941
1942
1943
1944
1945
fining
845
916
947
970
891
835
SEASONALLY ADJUSTED
..
,
UNADJUSTED
* Includes Contract Construction and Federal Force Account Construction.
•• Revised.
P Preliminary
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates include all full- and part-time wage and salary workers in
nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic
servants, and personnel of the armed forces are excluded. December 1945 figures are preliminary. For back seasonally adjusted estimates see
BULLETIN for June 1944, p. 600. Back unajusted data are available from the Bureau of Labor Statistics.
182
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]
Nonresidential building
Residential
building
Total
Month
Factories
1944
159.2
137.2
176.4
179.3
144.2
163.9
190.5
169.3
175.7
144.8
164.9
188.5
January
February
March
April
May
June
July
August
September
October
November
December
Year
1945
1945
19.5
19.3
26.9
42.7
47.2
41.8
46.3
42.7
42.6
59.9
88.4
86.1
34.0
29.9
48.7
33.0
27.1
24.4
38.3
40.0
49.0
37.7
52.9
57.6
563.5
472.7
140.9
147.0
328.9
395.8
242.5
227.3
257.7
263.6
278.3
316.6
370.1
330.7
1,994.0 3,299.3 348.4
Commercial
1944
45.2
66.6
160.4
174.5
43.4
25.5
51.5
75.5
98.3
85.4
107.9
92.6
4.1
4.5
7.4
6.1
5.8
8.7
5.6
7.9
6.4
7.7
7.1
9.5
1,027.0
80..8
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]
Total
Public ownership Private ownership
1943 1944 1945
1943 1944 1945 1943 1944 1945
351
394
340
303
234
230
184
414
175
214
184
252
316
364
304
253
192
183
122
351
120
157
135
198
Year
159
137
176
179
144
164
191
169
176
145
165
188
3,274 1,994
141
147
329
396
243
227
258
264
278
317
370
122
109
133
133
98
122
148
125
127
102
103
114
75
74
221
309
148
82
108
67
43
61
61
2,695 1,435
35
30
36
50
42
46
61
62
56
56
50
54
37
28
43
46
46
42
42
44
49
43
62
74
579
559
66
73
107
87
95
146
149
196
235
256
309
Year or month
1935.
1936
1937..
1938
1939.
1940
1941
1942
1943
1944 .
Total
Property
improvement
320
557
495
694
954
...
1,026
1,186
1,137
942
886
224
246
60
160
208
251
262
141
96
125
1944—Dec...
66
11
1945—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.......
Oct
Nov
Dec
67
68
60
53
62
56
52
45
44
62
60
55
8
19
13
10
14
13
12
12
11
26
28
23
.
Small
home
construction
"13"
25
26
21
15
1
*
*
*
*
*
*
*
7.5
8.7
8.5 1-0.2
10.0
4.4
12.3
5.4
9.5
3.8
18.8
10.5
19.8
10.1
25.5
6.4
45.5
7.6
60.8
3.5
62.8
5.3
65.5
3.8
346.4
69.2
1- to 4- Rental
War
and
family group
housing
houses housing (Title
(Title
VI)
(Title
ID
ID
94
309
424
473
669
736
877
691
243
216
19
14
17
15
22
19
19
18
16
19
21
20
2
2
11
48
51
13
13
6
*
7
*
*
*
1
13
284
601
537
37
39
34
30
28
26
24
21
15
14
17
11
11
1944
1945
4.9
3.0
4.6
4.3
5.1
10.5
13.4
10.4
10.2
18.6
7.0
8.2
21.1
23.1
19.5
25.0
17.1
18.9
30.2
22.4
24.2
20.0
28.3
27.1
23.9
17.6
36.3
49.9
29,4
35.6
36.9
32.0
27.0
30.8
30.0
27.3
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
89.9
77.5
54.6
61.1
74.0
51.0
100.2
276.7
376.8
746.1
885.4
1944
1945
Federal Reserve district
Dec.
Dec.
Nov.
15,185
43,092
13,609
50,028
33,698
30,167
64,905
29,666
14,798
12,592
22.945
19,222
40,151
24,990
43,923
37,427
31,553
86,671
31,484
12,148
12,324
30,194
8,355
15,091
7,310
15,812
22,487
29,941
26,900
16,100
2,029
14,562
29,894
330.685
370,087
188,481
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
NOTE.—Data for most recent month preliminary.
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Mortgages on
18
*
*
1945
Total (11 districts).
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I Loans
Other
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]
Month
January....
February...
March
April
May
June
July
August
September. .
October....
November. .
December. .
Educational
Public work6
and public
utilities
End of month
Total
SavCom- Muings
tual
merand
savcial
loan
ings
banks banks associations
Insur- Federal Other2
ance
com- agenpanies cies1
1936—]}ec>
365
771
1937—Dec
1938—Dec. . . . . 1,199
430
634
27
38
110
149
118
212
1939—June
Dec.
1,478
1,793
759
902
50
71
167
192
1940—Mar
June
Sept
Dec
1,949
2,075
2,232
2,409
971
1,026
1,093
1,162
90
100
111
130
1941—Mar
June
Sept
Dec.
2,598
2,755
2,942
3 107
1,246
1,318
1,400
1 465
1942—Mar.
June
Dec
3,307
3,491
3,620
1943—June
Dec
228
8
56
41
5
27
53
90
94
133
201
208
216
224
271
342
392
432
480
542
32
77
137
153
171
182
190
201
124
127
141
150
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
178
179
1,549
1,623
1,669
201
219
236
856
264
940
272
1,032
276
237
243
245
200
3,700
3,626
1,700
1,705
252
256
284 1,071
292 1,134
235
79
158
159
1944—June
Dec
3,554
3,399
1,669
1,590
258
260
284 1,119
269 1,072
73
68
150
140
1945—June
3,324
1,570
265
264
1,047
43
134
195
163
x
*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.
FEBRUARY
1946
The RFC Mortgage Company, the Federal National Mortgage
Association, the Federal Deposit Insurance Corporation, and the
United States Housing Corporation.
including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the
Federal Housing Administration.
183
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
1
Merchandise imports 2
Merchandise exports 1
Excess of exports
Month
1941
1942
1943
1944
1945
1941
1943
1942
1945
1944
1941
1942
1944
1943
1945
January
February
March
325
303
357
482
483
637
749
728
988
1,124
1,107
1,197
P903
P887
Pl.030
229
234
268
254
254
272
229
234
249
301
314
359
P334
P325
P365
96
69
89
228
230
365
520
494
739
823
793
838
P561
P665
April
May
387
385
330
717
542
650
989
1,092
1,003
1,231
1,455
1,297
Pi,005
287
297
280
235
191
215
258
281
295
361
386
332
P366
P372
P360
100
88
50
482
351
435
731
811
708
869
1,069
965
P763
P870
July
August
September....
365
460
425
659
705
732
1,265
1,280
1,269
1,197
1,191
1,194
P893
P737
P514
278
282
262
213
186
196
302
316
286
294
304
282
P356
P360
P335
87
178
162
446
518
536
963
964
983
903
887
912
P537
P378
P180
October
November. . . .
December
666
492
653
803
788
883
1,238
1,073
1,288
1,144
1,187
P939
P455
P638
304
281
344
200
168
358
329
311
281
329
323
P344
P322
362
211
309
603
620
525
909
762
1,006
815
863
P603
Pill
P317
P336
Jan.-November
4,494
7,196
3.001
2.384
3,091
P3,585
P3,838
1,493
4,813
8,585
June
P1,135
11,676 13,323 P9,069
P569
P639
P511
9,738 P 5 , 2 3 1
P1 Preliminary.
Including both domestic and foreign merchandise.
2
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers: 1935-39 average=100]
ForLive- est
stock prod- Ore
ucts
Total Coal Coke
Mis- Mercel- chanlane- dise
Total
railway
operating
revenues
l.c.1.
Net
railway
operating
expenses
income
Total
railway
Net
income
Annual
1939
1940
1941
1942
1943
1944
1945
101
109
130
138
137
140
135
98 102
111 137
123 168
135 181
138 186
143 •185
134 172
107
101
112
120
146
139
151
96
96
91
104
117
124
124
100
114
139
155
141
143
129
110
147
183
206
192
180
169
101
110
136
146
145
147
142
97
96
100
69
63
67
68
SEASONALLY
ADJUSTED
Annual
589
682
998
3,995
4,297
5,347
7 466
9,055
9,437
3,406
3,614
4,348
5,982
7,693
8,343
1,485
1,362
1,093
93
189
500
902
874
668
1944—September.
October
November..
December..
790
791
788
780
710
709
697
711
80
82
91
69
42
46
57
33
1945—January.. . .
February.. .
March
April
May
June
July
August....
September.
October....
November..
766
781
796
799
796
831
791
705
691
657
668
673
678
698
704
704
725
696
648
655
620
608
93
103
98
96
92
106
95
57
36
37
61
60
68
63
62
57
71
61
22
4
799
818
90
98
757
709
720
689
687
751
713
813
779
823
820
796
755
679
697
661
678
640
713
687
723
724
699
669
635
643
600
1939
1940
1941
1942
1943
1944
SEASONALLY
ADJUSTED
1944—October. . . ,
November..
December. .
137
141
137
143
142
127
182
181
166
147
150
134
120
135
128
133
138
135
153
153
133
143
149
151
66
68
68
1945—January.. . .
February.. .
March
April
May
June
July
August
September..
October
November. .
December..
143
139
145
141
140
140
139
128
127
118
133
127
141
139
137
126
126
143
136
128
143
109
148
133
176
178
190
180
193
181
193
167
155
113
167
164
128
119
134
160
167
155
157
163
146
158
167
153
120
121
129
124
120
121
121
115
114
123
145
140
142
133
134
133
137
144
140
133
125
109
110
106
161
168
218
204
204
170
171
166
174
134
134
117
157
152
159
153
151
146
146
132
126
125
133
130
66
66
67
71
69
68
67
64
66
69
74
74
1944—October. . ..
November..
December. .
148
144
128
143
142
127
178
181
175
147
147
126
184
170
124
140
135
120
237
138
41
156
155
142
69
70
65
1945—January. . . ,
February...
March
April
May
June
July
August
September.
October
November.,
December..
132
130
136
139
142
145
143
132
137
128
136
119
141
139
137
126
126
143
136
128
143
109
148
133
185
188
192
176
191
178
187
160
154
111
167
172
128
117
124
141
147
158
188
176
163
158
164
144
115
97
102
111
108
99
97
109
150
189
183
135
128
128
134
133
143
149
140
140
135
115
108
94
40
42
63
203
268
263
273
249
261
215
114
36
143
142
151
151
152
150
148
133
136
136
139
123
63
64
68
71
69
68
67
65
69
72
75
71
UNADJUSTED
P5
P28
UNADJUSTED
r
Revised.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for
classes with weights derived from revenue data of the Interstate Commerce
Commission.
184
1944—September.
October
November..
December..
1945—January.. . .
February...
March
April
May
June
July
August. . . .
September.
October... .
November..
'780
-"191
70
73
73
100
92
100
96
97
87
44
54
61
57
60
64
41
39
37
63
56
65
66
63
51
9
P21
P34
r
P Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on value figures]
MONTHLY INDEXES OF SALES
[1935-39 average = 100]
Federal Reserve district
Year and month
United
States
Richmond
Atlanta
Chicago
St.
Louis
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
P201
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
P235
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
P275
80
83
98
96
102
106
108
114
116
101
88
67
68
79
86
100
109
98
107
116
135
149
161
176
P193
105
103
115
114
120
121
119
120
122
110
97
76
72
83
85
97
106
102
111
119
143
158
179
200
P227
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
P186
152
149
'151
161
'157
159
156
173
161
168
158
169
157
170
167
182
'170
169
166
183
166
181
166
191
182
180
190
204
190
202
198
213
200
212
208
212
215
219
228
231
'221
224
225
228
221
233
237
262
243
247
260
271
258
164
164
168
166
170
165
178
180
181
185
189
190
182
194
195
173
197
189
208
207
193
215
235
207
167
166
193
157
160
177
183
166
167
177
183
P187
149
165
189
150
156
169
'177
165
161
172
'182
P181
173
189
204
162
170
185
198
175
175
184
'202
P184
186
204
222
174
179
197
220
189
187
209
220
P211
231
238
250
210
210
235
252
235
225
248
'250
P236
268
274
274
234
243
277
300
274
268
292
298
P288
184
202
207
168
170
184
197
189
193
199
208
P206
119
115
144
161
162
144
110
118
170
184
207
300
112
114
139
137
142
133
100
111
158
173
206
'269
122
123
162
158
161
142
116
123
173
189
229
'303
132
133
167
172
179
157
140
159
191
204
244
'304
152
159
203
194
211
183
152
177
232
249
293
'372
179
194
221
228
228
199
197
216
257
273
317
417
132
130
187
156
158
165
127
125
176
196
225
P322
'123
137
176
'142
148
'155
118
120
171
'196
235
P3O7
133
149
200
152
163
167
137
136
178
208
255
P327
145
163
214
171
177
187
161
165
199
224
264
P338
174
191
250
193
209
207
181
194
239
271
'318
P397
214
236
282
227
238
233
225
244
279
307
348
P466
Phila- Clevedelphia land
Boston
New
York
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
P2O7
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
P175
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
150
P169
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
P184
1944—January
February............
March
April
May
June
July
August
September
October.
November
December
174
175
183
173
183
176
189
187
187
193
205
196
151
148
155
157
164
155
160
158
162
165
168
174
135
138
152
141
150
144
1945—January....
February
March
April. . . . . .
May
June.
July
August
September...........
October
.
November............
December. .
197
211
220
181
188
202
218
200
199
213
'226
P215
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
1945
Minne- Kansas Dallas
City
apolis
San
Francisco
119
124
123
125
119
117
111
96
74
73
85
89
99
107
100
105
110
127
149
184
205
P230
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
P277
67
80
75
78
91
93
99
106
107
110
112
104
94
71
68
77
86
100
106
100
109
117
139
169
200
221
P244
160
176
159
157
160
151
165
173
162
158
189
175
207
203
194
181
192
192
212
203
200
214
244
208
219
227
244
237
242
239
256
253
252
250
258
'256
208
211
219
201
214
210
222
222
216
229
253
'234
211
236
235
188
209
220
250
225
213
248
266
P227
181
208
205
157
162
172
187
186
185
180
219
P193
241
246
240
199
203
218
243
214
217
241
265
P225
261
271
269
256
264
268
300
272
278
289
288
P288
247
257
249
219
234
233
255
231
232
245
273
P254
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
153
184
179
218
269
153
161
182
183
194
177
168
191
220
225
263
'338
177
200
227
228
228
203
194
220
265
275
314
'417
166
178
198
192
200
193
184
202
225
239
297
373
147
162
200
165
170
178
154
158
197
213
254
P320
173
187
233
192
209
198
185
194
234
255
303
P365
136
144
186
156
164
171
147
165
210
204
252
P297
178
194
233
195
205
200
192
201
239
253
'286
P367
211
239
269
228
248
228
228
237
292
318
352
P470
197
217
232
205
219
215
211
210
243
254
'321
P407
SEASONALLY
ADJUSTED
••150
UNADJUSTED
1944—January
February
March...............
April.
May.
June
July.........
August
September
October.
November
December.
137
142
170
172
178
163
142 <
157
196
209
248
••319
1945—January
February..
March
April
May
June.
July
."
August
September
October
November
December.
156
171
212
174
183
186
163
168
209
230
274
P351
r
Revised.
P Preliminary.
NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944.
FEBRUARY
1946
185
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]
W thout seasonal adjustment
Amount
(In millions of dollars)
Sales
(total
for
Stocks
(end of
month)
month)
1939 average.
1940 average.
1941 average...
1942 average.
1943 average...
1944 average...
1945 average...
1944—Apr. ..
May... .
June... .
July....
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May....
June
Jaly....
AUg
Sept
Oct
Nov
Dec
128
136
156
179
204
227
P255
206
220
198
162
198
234
257
'300
385
198
198
284
209
231
236
191
213
243
298
334
P429
Outstanding
orders
(end of
month)
108
194
263
530
560
P564
P728
476
534
592
631
579
561
577
583
607
580
'451
'613
'617
463
494
819
524
566
591
601
592
625
620
624
602
P464
r
Seasonally
adjusted
Unadjusted
99
344
353
419
599
508
r
534
526
525
523
517
574
Index of stocks
(1935-3C average
= 100)
768
772
725
671
101
120
172
146
153
P162
145
147
157
165
172
161
156
144
••138
148
'149
148
156
697
722
165
181
189
671
652
700
777
187
171
161
150
P763
P142
151
151
150
148
165
167
174
'167
'130
133
142
151
162
170
172
170
179
178
179
173
P133
1942
June 13. ...128
20. . ..129
27. . ..109
July 4
95
.112
11. . .
18. . .
.105
25. ...103
.
Aug. 1. . .105
8. . ..122
15. ...125
22. ...126
29. ...142
.165
Sept. 5. . .
12. . ..140
19. ...152
26. ...172
3. . ..183
Oct.
10. ...171
17. . ..166
24. . ..172
31. . ..168
Nov. 7. . .182
.
14. . .
.182
21. ...182
28. ...176
.250
Dec. 5. . .
12. ...295
19. ...333
26. ...222
1943
June 12. ...168 June
19. ...168
26. ...132
July 3
. .134 July
10. .. .113
17. ...126
24. .. .124
31. ...118
Aug. 7. ...131 Aug.
14. ...131
21. ...146
28. ...145
Sept. 4. .
..169 Sept.
11. ...156
18. .. .179
25. ...176
2. ...175
Oct.
9. ...188 Oct.
16. .. .189
23. ...194
30. .. .187
Nov. 6. ...202 Nov.
13. ...211
20. .. .223
27. ...201
4. .. .269 Dec.
Dec.
11. ...297
18. .. .321
25. ...274
1943
2. . ..117 Jan.
9. . .
.146
16. . ..139
23. ...125
30. ...126
Feb. 6. . ..143 Feb.
13. ...178
20. ...155
27. . ..162
Jan.
1944
1. .. .110 Jan.
8. ...143
15. .. .146
22. ...144
29. ...137 Feb.
5. .. .146
12
. .142
19. .. .142
26. ...146 Mar.
1945
1944
10.. ..172 June 16. ...206
23. .. .183
17. ...173
24. .. .151
1. .. .149 July
8. .. .116
15. ...145
22. . ..138
29. ...132 Aug.
5. ...137
12. ...148
19. ...149
26. ...171 Sept.
2. ...194
9. ...177
16. .. .196
23. ...193
30. .. .196 Oct.
7. ...218
14. . . .221
21. ...209
28. ...207 Nov.
4. .. .215
11. ...231
18. .. .252
25. ...236 Dec.
2. ...304
9. . ..365
16. ...377
23. .. .369
30. . ..123
30.
7.
14.
21.
28.
4.
11.
. ..173
...153
...167
. ..157
. ..153
...167
. ..176
18. ...124
25. . ..182
1. ...194
8. ...177
15. ...213
22. ...220
29. . . .209
6. . ..242
13. .. .245
20. ...237
27. ...233
3. .. .236
10. .. .261
17. ...275
24. ...258
1. ...326
8. ...401
15. ...433
22. ...421
29. ..rl58
1945
6. ...145 Jan.
13. .. .166
20. ...160
27. . . .161
3. ...163 Feb.
10. ...172
17. . 176
.177
24
3. ...182 Mar.
1946
5. ...135
12.
19.
26.
2.
9.
16
23
2.
...188
...191
...187
.
.
.
Revised.
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
fPercentage change from corresnonding period of preceding vearl
P Preliminary.
Revised.
Back figures.—Division of Research and Statistics.
Dec. Nov. Year
1945 1945 1945
Dec. Nov. Year
1945 1945 1945
Chicago
States. + 10 + 10 + 11 Cleveland-cont.
Youngstown.... + 14 +8 + 15 Chicago
+9 +9 Erie
+8
+ 14 -1 + 6 Peoria
+2
-1
Pittsburgh
+ 16 + 14 + 12 Fort Wayne.. .
+3
Wheeling
+5
+1
+ 12 +7 + 14 Indianapolis...
+ 10 + 10 + 11
Terre Haute...
r
+1
Richmond
+5
+2
+7 +8 + 10 Des Moines. . .
+8 + 10 + 13 Washington
Detroit
+9
+6
+9
+7
+9 Baltimore
+9
+5 +8 +8 Flint
Raleigh, N. C... +7 +2 +6 Grand Rapids.
New York
+14 + 14 + 13 Winston-Salem.. +7 +2 + 10 Lansing
Bridgeport....
+6
- 2 Milwaukee. . . .
+4 Charleston, S. C. - 6 -14
+4
Newark
+13 + 11 + 14 Greenville, S. C. + 1 +5 + 13 Green B a y . . . .
Albany
+ 19 +27 +23 Lynchburg
+8 +21 + 15 Madison
-2
Binghamton... + 17 + 12 + 15 Norfolk
-7
-1
+8 Richmond
Buffalo
+8
+ 17 +19 + 15 St. Louis
+9
Fort Smith
Elmira
+ 11 +7
Charleston,
+<>
+ 14 + 15 + 18 Little Rock
Niagara Falls.. + 10 +5
W. Va
+8
New York City + 16 + 17 + 14 Clarksburg
Quincy
+ 12 + 15 + 12
Poughkeepsie.. + 10 + 18 + 14 H u n t i n g t o n . . . . + 13 +13 + 16 Evansville
+ 18 +7 + 12
Louisville
Rochester
+6
+ 12 + 10 + 13 East St. Louis.
Schenectady...
+ 1 +8 Atlanta
+ 15 + 16 + 14 Birmingham
Syracuse
+8 +9 +9 St. Louis
+7
-6
-9
Utica
+4 Mobile
-3 St. Louis Area.
+4
Montgomery. . . + 14 + 19 + 19 Springfield....
+8 + 11 + 10 Jacksonville. . . . +5 +6 + 10 Memphis
Philadelphia. .
+ 14 +23 + 16 Miami
Trenton
+20 +21 + 17
+5 + 10 + 7 Orlando
Lancaster
+5 + 12 +9 Minneapolis..
+7
+9 Tampa
Philadelphia...
+ 13 + 16 + 11
+9
City...
+5
+5
Atlanta
Reading
+5
+ 19 + 16 + 19 Kansas
Wilkes-Barre. . + 16 + 18 + 18 Augusta
+ 15 + 18 +20 Denver
+4
Pueblo
+
10
York
Columbus
2
+7
+6 +5
Macon
+ 14 + 17 +9 Hutchinson
Cleveland
+ 11 +8 + 10 Baton Rouge. . . + 19 + 15 + 17 Topeka
Akron
+4
+9 New Orleans. . . + 13
+5
+3 +8 Wichita
Canton
-8
-2
+2 Bristol, Tenn.. . +25 + 14 + 16 Joplin
+ 16 + 12 + 14 Jackson
Cincinnati
+ 16 +6 + 14 Kansas City...
+6
Cleveland
+7
+8 Chattanooga. . . + 11 +13 +14 St. Joseph
+ 15 +9 + 15 Knoxville
Columbus
+2 _ ? +8 Omaha
-6
Springfield....
+2
+4 Nashville
+ 18 + 18 + 17 Oklahoma City
+1
Tulsa
+8
Toledo
+8
r
Revised.
* Data not. availao
** Eleven months.
United
Boston
New Haven. . .
Portland
Boston
Springfield....
Worcester
Providence....
186
Dec. Nov. Year
1945 1945 1945
Dec. Nov. Year
1945 1945 1945
+9
+9
+5
*
+8
+ 16
+ 12
+8
0
+ 11
+2
+ 13
+9
+ 13
+ 11
+7
+ 14
+7
+ 12
+24
+ 10
+6
+ 10
+6
+7
+ 14
-1
+ 13
+1
+ 10
+ 10
+ 19
+9
+ 10
+9
+ 12
+8
+7
+9
+2
+8
+7
0
+ 13
+8
+7
+ 11
+ 10 Dallas.
+ 11 Shreveport
+ 15 + 12 Corpus Christi. .
+9 *+15 Dallas
+ 11 + 12 Fort Worth
+31 Houston
+23
17 San A n t o n i o . . . .
+ 11 ++5
+3
+6 San Francisco. .
+2
+ 14 + 17 Phoenix
+7 Tucson
+ 19 + 14 Bakersfield
+23
+ 17 Fresno
+ 10 + 11 Long Beach
Los Angeles
+ 13 + 13 Oakland and
+ 11 + 12 Berkeley
+ 13 Riverside and
+7
+ 14 San Bernardino.
+ 14
+ 1 Sacramento
+1
+ 12 San Diego
+7
+5 San Francisco.. .
+7
+ 14 San Jose
+ 15 +
14 Santa Rosa
+ 15
19 Stockton
+ 15 +
+
12
Vallejo and
+ 14
Napa
+ 16 + 13 Boise and
Nampa
+9
+ 12 Portland
+ 16
+ 15 Salt Lake City. .
+5
+ 10 Bellingham
+4
+ 14 Everett
+3
+ 14 Seattle
-3
+ 3 Spokane
+ 11 + 11 Tacoma
+ 12 Yakima
+9
+ 14 + 10
+ 11
+8
+ 12
+7
+ 14
+7
+ 13
+ 12 + 13
0
+3
+4 + 16
+ 17 + 15
+ 11 +11
+5
+9
+ 18
+8
+ 16
+5
+ 13
+ 12
+6
+ 14
+2
+9
-1
+ 13
+24
+ 15
+ 15
+ 10
+ 15
+ 11
+3
+5
+ 15
+ 16
+6
0
+4
+V3
+ 10
+ 16
+12
+ 13
+ 13
+ 12
+13
+9
+ 10
+8
+3
+ 12
+ 10
+ 15
+ 13
+7
-6
+7
+ 11
+ 16
+ 17
+1 +7
+9 + 14
+5
-2
-2
+ 12 + 10 + 10
+6 + 10 +9
+8 +6 + 10
+8 +9 + 11
+5 +4 +8
+ 13 +4 + 14
0
+7
+8
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Per cent change from a year ago (value)
Number
of stores
reporting
Department
GRAND TOTAL—entire store
MAIN STORE—total
Women's apparel and accessories
Coats and suits
Dresses
Blouses, skirts, sportswear, 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
Men's and boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes and slippers
Home furnishings
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major household appliances
Domestics, blankets, linens, etc
Lamps and shades
China and glassware
Housewares
Piece goods
Cotton wash goods
Small wares
Lace, trimmings, embroideries, ribbons
Notions
Toilet articles, drug sundries, and prescriptions
Jewelry and silverware
Art needlework
Stationery, books, and magazines
Miscellaneous
Luggage
BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
Ratio of stocks to sales
Stocks (end
of month)
Sales during period
November
Nov. 1945
Eleven mos.
1945
Nov. 1945
1945
1944
+11
+12
+7
+5
+ 16
+12
+8
+12
+13
+15
+ 15
+21
+21
+ 19
+ 10
+ 11
+12
+22
+5
+ 14
+ 18
+8
+8
+9
+ 13
+9
+14
+ 19
+14
+9
+22
+12
+ 19
+3
+3
+1
1.9
1.9
1.7
1.3
1.0
2.0
1.7
2.0
2.1
1.2
1.9
0.9
2.1
2.1
2.8
2.1
3.4
0.9
2.2
1.7
0.9
1.8
2.4
2.4
2.2
2.3
1.9
2.0
0.4
1.7
2.4
2.8
2.7
1.3
1.2
2.9
2.9
3.1
3.9
2.7
2.4
2.3
1.7
2.2
2.0
1.9
1.9
1.9
1.3
3.2
2.0
2.1
.8
.6
.3
.9
.7
.7
2.1
1.4
1.9
1.4
2.2
2.7
2.7
1.9
2.9
0.9
2.1
347
347
344
323
328
308
301
304
281
320
327
335
319
238
261
242
273
161
298
315
224
297
272
173
308
228
232
288
172
288
219
218
216
0
+7
+21
-11
+4
+21
+22
+ 11
0
+ 18
+4
+ 19
+36
+16
+6
+33
+25
+29
+ 13
+8
+256
+ 13
+26
+ 17
+53
+5
283
114
330
-10
+6
+ 13
+ 10
120
219
310
294
232
231
+ 11
+3
+ 11
+10
+ 17
+5
+ 18
+ 12
+ 12
+ 16
294
221
209
197
159
123
49
130
-13
-12
+ 16
+ 14
+ 18
+5
-20
+26
-44
-2
-5
+22
+26
+ 19
+ 12
+ 10
-22
-57
-13
-2
-14
+7
+7
-1
+6
+81
+8
+ 18
+23
+ 14
+30
+26
+20
+26
-32
-16
0
+9
-3
-32
+10
+6
+ 15
+4
+ 14
+ 11
+ 11
+7
+8
+9
+9
+ 12
+5
+ 12
+ 13
+21
+6
+ 19
+ 18
+21
+ 12
+36
+19
+23
+2
+6
+3
-12
-18
+7
2.6
2.9
2.4
2.5
3.7
2.5
2.8
2.2
2.0
1.4
2.3
2.4
2.7
3.2
1.9
1.6
2.6
3.1
2.9
3.2
2.4
2.2
1.9
1.6
2.1
2.0
1.8
2.6
2.0
1.8
3.5
NOTE.—Group totals include sales in departments not 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 obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand
at the end of the month in terms of sales for that month.
SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average = 100
Year and month
Accounts receivable
at end of month
Sales during month
Percentage of total sales
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
sales
Total
Cash
Instalment
Charge
account
Instalment
Charge
account
1944—November
December
191
'244
245
'324
95
'104
149
181
40
46
102
128
77
'79
130
135
62
64
4
4
34
32
1945—January
February
March
April
May
June
July
August
September
October
November
December P
126
126
178
133
147
149
121
135
155
190
212
270
164
163
230
171
190
194
163
181
203
245
272
357
57
57
73
52
55
52
48
58
63
90
101
108
96
98
141
107
117
117
88
99
118
147
165
204
43
40
40
37
35
34
32
32
33
36
41
48
97
84
96
88
88
88
76
76
85
99
113
144
78
69
77
65
64
61
57
57
59
71
77
79
168
128
120
128
122
121
117
104
103
122
143
148
63
63
63
62
63
63
66
65
63
63
62
64
4
4
3
3
3
3
3
4
4
4
4
4
33
33
34
35
34
34
31
31
33
33
34
32
Instalment
Charge
account
r
^Preliminary.
Revised.
NOTE.—Data based on reports from a smaller group of stores than included in the monthly index of sales shown on page 185.
FEBRUARY
1946
187
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
End of month
or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.
Total
consumer
credit
Sale credit
Loans
Total
7,637
6,839
5,528
4,082
3,905
4,378
5,419
6,771
7,467
7,036
8,008
9,205
9,956
6,526
5,377
5,790
P6,605
3,167
2,706
2,214
1,515
1,581
1,849
2,607
3,501
3,947
3,584
4,463
5,507
5,981
2,996
2,000
2,083
2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,744
1,491
814
835
P2,417
P903
5,595
5,790
1,973
2,083
772
835
5,487
5,330
5,581
5,448
5,494
5,641
5,594
5,588
'5,638
5,937
P6.279
P6.605
2,013
1,966
1,990
1,988
2,004
2,031
2,038
2,034
'2,054
2,133
777
741
731
723
718
719
712
706
717
754
P805
1944
1945
Total
instalment
credit
P2,240
P2,417
Automobile
1
Singlepayment
loans2
Charge
accounts
Service credit
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
Pl.487
1,749
1,611
1,381
1,114
1,081
,203
,292
,419
,459
,487
,544
,650
1,764
1,513
1,498
1,758
P 1,930
596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729
P771
Other
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
1,802
1,009
639
635
P227
P676
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
Pl,514
208
200
564
635
1,201
1,248
1,231
1,220
1,664
1,758
727
729
192
186
184
184
184
188
192
196
202
210
P219
P227
585
555
547
539
534
531
520
510
515
544
P586
P676
1,236
,225
,259
,265
1,286
1,312
1,326
1,328
-•1,337
1,379
Pl.435
Pl,514
1,206
1,188
1,181
1,212
1,258
1,320
1,346
1,359
1,358
1,380
Pl,441
Pi,487
1,534
1,438
1,669
1,506
1,488
1,544
1,459
1,441
1,470
1,666
Pl.835
Pl,930
734
738
741
742
744
746
751
754
756
758
P763
P771
r
P1 Preliminary.
Revised.
Includes repair and modernization loans insured by Federal Housing Administration.
2
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
CONSUMER
INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
Department
Total,
End of excluding
stores
and
month or
automailyear
mobile
order
houses
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1944
Nov
Dec
1945
Jan.......
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1 ,197
J ,104
958
677
663
741
865
1L.147
L.368
L.343
L,525
L ,721
1,802
1,009
639
635
P676
Furniture
stores
Household
appliance
stores
Jewelry
stores
All
other
retail
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
P197
583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
269
P283
P13
P76
133
141
136
110
97
115
132
174
210
220
246
271
284
159
101
100
P107
564
635
161
183
253
269
13
13
48
70
89
100
585
555
547
539
534
531
520
510
515
544
171
162
162
158
154
150
145
142
144
156
249
240
238
237
238
237
235
232
235
247
12
12
11
11
10
11
11
11
11
11
92
87
86
85
84
84
82
80
81
86
P586
P173
P197
P262
P283
P12
P13
61
54
50
48
48
49
47
45
44
44
P47
P676
160
155
138
103
119
146
186
256
314
302
377
439
466
252
172
183
P Preliminary.
188
P76
P92
P107
CONSUMER INSTALMENT LOANS
[Estimated amounts outstanding. In millions of dollars]
End of
month or
year
Total
652
1929....
674
1930
619
1931.. . .
516
1932....
459
1933
532
1934....
802
1935
1 9 3 6 . . . . 1,065
1,195
1937
1,271
1938
1,671
1939
2,057
1940
2,237
1941
1 9 4 2 . . . . 1,505
1943
1,186
1 9 4 4 . . . . 1,248
1945.... P1,514
1944
1,201
Nov
1,248
Dec
1945
1,236
Jan
Feb
1,225
Mar
1,259
Apr
1,265
May
1,286
J u n e . . . . 1,312
July
1,326
Aug
1,328
Sept
'1,337
Oct
1,379
P1,435
Nov
P1,514
Dec
Insured
IndusMiscel- repair
trial
Com- Small
Credit
loan
laneous and
mercial
com- banking
com- 2 unions lenders modernbanks 1 panies
ization3
panies
loans
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
95
93
78
58
50
60
79
102
125
117
9'6
99
102
91
86
88
'25
168
244
148
154
213
284
301
215
128
120
P469
P445
P200
P125
P93
P182
346
358
365
388
172
175
116
119
85
88
117
120
359
357
374
377
388
400
406
406
413
428
378
372
381
381
384
389
391
389
387
395
172
168
171
172
177
181
182
182
182
186
116
114
116
116
116
118
119
118
116
117
87
86
87
87
87
88
88
88
87
88
124
128
130
132
134
P448
P409
P445
P193
P200
P120
P125
P90
P93
P469
"136
140
145
'152
165
P175
P182
r
P1 Preliminary.
Revised.
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 (23 million dollars at the end of
December
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]
Month or year
Total
Outstanding at end of
period:
1939 .
...
1940
1941
1942
1943
1944
1945?
Other Repair Perretail, a n d
sonal
pur- mod- instalchased erniza- ment
tion
cash
Pur- Direct a n d
chased loans direct loans1 loans
Automobile
retail
1,093
1,450
1,694
845
514
559
729
218
311
411
136
55
57
65
164
253
310
123
81
99
146
155
217
288
143
68
75
97
209
247
234
154
89
83
121
347
422
451
289
221
245
300
1944—-November. .
December. .
544
559
59
57
97
99
70
75
82
83
236
245
1945—January. . . .
February. . .
March
April
May
June
July
August
September..
October. . . .
November?.
December? .
562
556
573
579
592
609
619
622
100
101
107
109
112
116
118
119
122
128
135
146
80
76
76
77
78
79
79
79
79
83
90
97
82
83
84
86
89
93
96
100
103
109
116
121
244
241
250
252
258
265
270
267
659
694
729
56
55
56
55
55
56
56
57
58
60
62
65
92
103
10
8
18
19
15
18
8
8
41
50
96
86
114
101
110
116
107
108
106
131
140
147
9
9
12
9
10
12
11
11
12
13
14
14
20
19
24
21
22
24
22
23
23
28
29
32
17
12
15
16
18
15
13
15
13
19
21
24
7
7
9
10
10
12
11
12
12
15
16
13
43
39
54
45
50
53
50
47
46
56
60
64
-633
Volume extended during month:
1944—November. .
December. .
1945—January.. . .
February...
March
April
May
June . .
July
August
September..
October. . . .
November?.
December?.
r
271
279
291
300
r
P Preliminary.
Revised.
Includes not only loans insured by Federal Housing Administration
but also noninsured loans.
1
Percentage change
from preceding
month
Dec. Nov.
1945* 1945
Oct.
1945
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
+ 14
+27
+8
+ 14
+4
+ 10
+37
+3
>"0
+34
+29
Accounts receivable, at
end of month:
Total
Instalment
+ 11
+ 15
+6
+5
+6
+5
+3
+4
+ 16
+ 19
-2
2
Inventories, end of
month, at retail value.
-10
r
r
-2
-\-33
Month or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945?
1944
May
June
July
August
September. . .
October
November. . .
December
1945
January
February
March
April
May
June
July
August
September
October.......
November**
December?
Nov.
1945
Oct.
1945
+ 16 '+19
+30 +37
+ 13 '+13
+ 14 +28
+ 19
+40
'+3
+2
0
+1
+ 12 r+11
+ 11 + 14
+8
+9
+6
+7
+6
+ 11
+6
Credit
unions
792
636
744
937
463
503
498
376
304
384
423
563
619
604
763
927
983
798
809
876
978
413
380
340
250
202
234
288
354
409
417
489
536
558
408
364
403
465
42
41
38
34
33
42
67
105
148
179
257
320
372
247
228
234
232
65
69
63
64
60
61
61
72
72
75
73
70
67
68
77
106
35
38
33
35
33
34
34
37
20
22
19
20
19
18
18
23
66
62
58
56
94
70
78
82
76
71
74
89
97
133
33
30
42
34
39
40
37
36
36
44
45
49
16
16
23
18
20
21
19
18
16
20
22
23
82
69
75
81
75
72
72
88
94
101
P1 Preliminary.
These figures for loans made include only personal instalment cash
loans and retail automobile direct loans, which are shown elsewhere on
this page, and a small amount of other retail direct loans (5 million
dollars
in December 1945) not shown separately.
2
This series is in process of revision.
Percentage change
from corresponding
month of preceding
year
Dec.
1945?
Commercial
Small loan Industrial
banking
banks 1
companies1
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE
FURNITURE STORE STATISTICS
Collections during
month:
Total
Instalment
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING INSTITUTIONS
[Estimates of volume made in period. In millions of dollars]
+ 14
+ 18
Charge
accounts
Instalment accounts
Month
Household ap- Jewelry
pliance
stores
stores
Department
stores
Department
stores
Furniture
stores
1944
November...
December. . .
40
24
23
37
39
34
49
67
62
1945
January
February... .
March
April
May
June
July
August
September. .
October
November...
December?. .
31
30
36
30
32
32
31
33
35
40
'40
36
21
21
24
22
23
23
24
23
23
27
27
25
35
32
36
36
40
43
42
48
49
52
'51
48
29
28
32
30
33
33
31
31
30
31
61
61
66
61
64
64
62
6*
63
66
67
61
r
P Preliminary.
Revised.
Ratio of collections during month to accounts receivable at begin
ning of month.
1
r
Preliminary
FEBRUARY
Revised.
1946
189
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.
70.
83.
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—November
December.
1945—January..
February.
March....
April
May
June.
July
August. . .
September
October...
November
December.
104.4
104.7
104.9
105.2
105.3
105.7
106.0
106.1
105.9
105.7
105.2
105.9
106.8
107.1
124.4
125.5
126.2
127.0
127.2
129.0
129.9
130.4
129.0
126.9
124.3
127.3
131.1
131.5
105.1
105.5
104.7
104.7
104.6
105.8
107.0
107.5
106.9
106.4
104.9
105.7
107.9
108.6
98.8
98.9
99.1
99.2
99.2
99.3
99.4
99.6
99.7
99.9
99.8
100.1
100.2
100.5
116.2
117.4
117.5
117.6
117.8
117.9
117.9
118.0
118.0
118.0
118.7
118.6
118.8
118.9
99.4
99.5
99.6
99.7
99.7
99.6
99.6
99.6
99.6
99.6
100.1
101.0
101.1
101.4
83.1
83.1
83.3
83.3
83.4
83.5
83.7
83.9
84.3
84.8
84.1
84.2
84.6
84.8
103.7
103.8
104.0
104.2
104.2
104.2
104.3
104.7
104.7
104.7
104.9
105.0
105.2
105.6
116.4
116.4
116.8
117.0
117.1
117.1
117.3
117.4
117.5
117.8
118.0
118.3
118.7
119.5
94.8
94.8
94.9
94.9
94.9
94.9
94.9
95.0
95.3
95.3
95.
95.
95.
96.1
104.4
104.4
104.5
104.5
104.5
104.5
104.5
104.5
104.5
104.5
104.6
104.7
104.7
104.7
94.0
94.2
94.2
94.6
94.6
94.8
94.8
94.8
94.8
94.8
94.8
94.8
94.8
94.8
Week ending:
1945—Sept. 15..
Sept. 22. .
Sept. 29. .
Oct. 6. .
Oct. 1 3 . .
Oct. 20. .
Oct. 27. .
Nov. 3. .
Nov. 10. .
Nov. 17. .
Nov. 24. .
Dec. 1. .
Dec. 8. .
Dec. 15. .
Dec. 22. .
Dec. 29. .
Jan. 5. .
Jan. 12. .
Jan. 19..
Jan. 26. .
104.7
104.9
105.0
105.2
105.3
105.5
105.7
105.9
106.1
106.
106.
106.8
106,
106.
106.8
107.0
106.8
106.7
106.7
106.8
123.6
124.5
124.7
125.7
126.3
126.9
127.7
129.1
129.5
130.3
132.1
132.0
130.3
131.3
131.5
132.7
131.3
130.0
129.3
129.9
104.6
105.1
104.7
105.3
105.2
105.8
106.0
106.6
107.0
107.2
108.7
108.5
108.1
108.3
108.6
109.5
108.0
107.6
107.3
106.8
99.8
99.9
99.9
100.0
100.0
100.1
100.1
100.1
100.2
100.3
100.3
100.4
100.5
100.5
100.5
100.6
100.6
100.7
100.8
100.9
118.6
118.6
118.6
118.4
118.4
119.1
119.1
119.1
119.1
119.1
119.1
119.4
119.4
119.4
119.4
119.4
119.4
119.4
119.4
119.4
99.4
99.6
99.9
99.9
99.9
99.9
99.9
100.0
100.5
100.5
100.5
100.6
100.6
100.6
100.6
100.6
100.6
101.0
101.1
101.1
84.4
84.5
84.4
84.5
84.5
84.5
84.7
84.5
84.5
84.6
84.6
85.1
85.2
85.2
85.2
85.3
85.2
85.5
85.5
85.4
104.8
104.8
104.8
104.8
104.8
105.1
105.2
105.2
105.3
105.3
105.3
105.3
105.3
105.3
105.3
105.3
105.3
105.
105
117.7
117.7
117.8
117.9
118.0
118.1
118.1
118.2
118.6
118.6
118.7
118.7
118.7
118.8
118.8
118.9
119.1
119.2
119.8
119.9
95.3
95.3
95.3
95.
95.
95.5
95.5
95.5
95.5
95.6
95.6
96.1
96.1
96.1
96.1
96.1
96.1
96.1
96.1
96.0
106.3
106.3
106.3
106.3
106.3
106.3
106.3
106
106
106
106
106
106
106
106
106
106
106
106.6
106.6
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
95.0
95.0
95.0
95.0
95.0
95.0
95.0
Year, month, or week
1945
1944
Subgroups
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
ChemiHides and Textile Fuel and Metals
House- Misceland furnishleather
lighting and metal Building cals
allied ing
products products materials products materials products
goods laneous
Total
1944
Sept.
Oct.
Nov.
Dec.
127.5 126.6
126.9 128.5
123.2 120.3
130.2
130.5
123.6
132.9
131.8
129.3
133.2
129.6
131.3
110.7 110.3
94.7 95.1
116.2 117.5
106.2 107.9
99.7 94.9
110.4
95.3
116.3
107.9
98.5
113.2
95.5
123.8
107.9
100.7
113.8
95.7
128.7
107.9
100.6
126.3
118.1
103.8
115.2
126.3
117.6
103.8
115.2
126.7
117.6
103.8
115.2
126.8
117.6
104.1
115.2
107.4 107.4
119.2 121.3
71.5 71.5
107.4
125.0
71.5
107.4
125.1
71.5
107.4
125.5
73.5
30.2
112.9
100.9
30.2
112.7
101.3
30.2
112.7
101.4
30.2
112.7
101.9
30.2
112.7
101.9
95.3
120.5
130.7
59.9
74.6
63.8
102.2
124.7
134.9
65.5
80.2
62.6
102.2
124.8
134.9
66.7
79.8
62.1
102.2
124.8
134.9
103.4
125.0
134.9
Dec.
126.3
114.0
101.3
115.2
79 .Y
61.7
61.6
Subgroups
Metals and Metal Products:
Agricultural implements
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement 1
Lumber
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
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Nov.
Dec,
97.
98.
97.
112.
85.
92.
97.9 97.9 98.1
98.9 98.9 99.1
99.6 99.8 100.2
112.8 112.8 112.8
85.7 85.7 85.8
95.0 95.0 95.0
98.1
99.1
101.0
112.8
85.8
95.0
105.
97.
154.
106.
92.
107.
103.
112.4
99.6
155.0
107.6
95.0
107.3
104.5
116.7
100.1
155.5
107.7
95.0
107.3
105.4
116.7
100.5
157.8
107.8
95.0
107.3
105.9
95.
106.
81.
86.
102.
107.
101.
96.1 96.4 96.7 97.1
110.2 110.3 110.7 112.3
81.1 81.9 81.9 81.9
86.6 86.6 86.6 86.6
102.0 102.0 102.0 102.0
107.7 107.9
101.5 101.6
107.9
101.6
107.9
101.6
73.
159.
107.
46.
98.
73.0 73.0
159.6 159.6
109.3 109.3
46.2 46.2
98.9 98.9
73.0
159.6
109.3
46.2
98.9
73.0
159.6
109.3
46.2
98.9
Dec.
Sept.
Oct.
115.2
99.9
155.2
107.6
95.0
107.3
104.6
1
Lumber series revised from September 1943.
Back figures.—Bureau of Labor Statistics, Department of Labor.
190
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS
[Estimates of the Department of Commerce.
In billions of dollars]
Half-year periods
Annual totals
Unadjusted
1937
Gross national product.
Government expenditures
goods and services
Federal Government
1938
1939
C
1940
1941
1942
1943
1944
Seasonally adjusted annual rates
19451
1944
1943
88.6 97.1 120.5 151.5 187.8 198.7 90.5 97.3 97.8 100.9 183.2 192.3 197.4 200.1 206.0
87.7
80.6
13.6
6.1
6.8
16.0
7.9
for
War
Nonwar
State and local governments.
Private gross capital formation..
Construction
Residential
Other
Producers durable equipment
Net change in business inventories
Net exports of goods and
services
Net exports and monetary
use of gold and silver. . . .
Consumer goods and services... .
Durable goods
Nondurable goods
Services
26.5
18.6
54.6
94.8
87.4
99.4
91.9
46.4
42.6
48.5
44.8
46.7
45.3
92.4
85.0
97.3
89.9
100.6
93.2
98.1
90.7
100.7
93.3
7.6
7.7
3.3
1.4
6.5
8.1
10.9
3.6
13.3
5.3
7.9
19.4
5.2
49.5
5.0
7.4
7.7
2.8
82.5
4.9
7.4
2.1
1.5
86.3
5.6
7.4
40.3
2.3
3.8
0.7
0.7
42.3
2.6
3.6
1.3
0.8
43.7
3.0
3.
0.9
0.8
42.6
2.7
3.6
0.9
0.8
80.5
4.4
7.4
1.6
1.5
84.5
5.4
7.4
2.6
1.5
87.4
5.8
7.4
1.2
1.6
85.2
5.5
7.4
2.3
1.6
87.0
6.3
7.4
4.7
2.0
2.0
1.6
5.5
2.
2.5
4.5
1.3
1.5
5.1
0.6
0.9
3.1
0.5
1.1
4.0
0.3
0.4
1.4
0.3
0.4
1.7
0.3
0.5
1.9
0.2
0.6
2.1
2.8
3.4
1.1 - 1 . 3
0.9
0.1
1.1
0.8
1.5
0.4
62.5
7.6
0.1
58.5
6.0
0.2
61.7
6.4
32.6
22.7
0.3
65.7
7.4
34.4
23.9
7.5
11.6
3.7
National income
Total compensation of employees.
Salaries and wages
Supplements
Net income of proprietors
Agricultural
Nonagricultural
Interest and net rents
Net corporate profit
Dividends
Savings
3.8
4.4
-1.6
-0.8
8.9
-0.5 -0.6
0.6
- 0 . 5 - 1 . 3 -1.2
0.7
-1.3
3.5
)S2.S
Gross national product
87.
88.6
Deductions:
Business tax and nontax liabilities
9.0
8.3 10.4
Depreciation and depletion. .
6.2
6.1
6.2
Other business reserves
0.8
1.0
0.5
Capital outlay charged to
current expense
0.8
0.5 0.7
Adjustments:
For inventory revaluation.. - 0 . 7 +0.9 - 0 . 4
For discrepancies
0
0
0
National i n c o m e
71.5 64.2 70.8
Additions:
Transfer payments. . .
2.4
1.7
Deductions:
Corporate savings
0.4
-0.8 -1.5
Contributions to social insurance funds
1.7
2.0
1.9
I n c o m e payments to individuals
72.3 66.2 70.8
Income payments to individuals
Personal taxes and nontax payments
Federal
State and local
Disposable income of individuals
Consumer expenditures
Net savings of individuals.. .
16.7
-1.5
-0.9
()
99.6
6.9
61.4
31.3
()
100.7
6.9
62.0
31.7
97.1 120.5 151.5 187.8 198.7
90.5 97.3 97.8 100.9 182.3 192.3 197.4 200.1
206.0
12.4
6.4
0.7
7.0
0.8
0.7
27.4
8.2
0.7
29.3
8.4
0.7
13.3
4.1
0.3
4.1
0.3
14.3
4.2
0.3
0.9
1.3
1.1
0.8
0.9
0.4
0.4
0.4
0.2 - 1 . 8 - 2 . 1
1.5
0.2
74.6
9.1
40.1
25.4
-0.1
0
81.9 90.9
6.6
6.3
47.9 55.1
27.6 29.3
)
97.6
6.7
60.0
30.9
-2.3
-0.1
()
()
()
()
92.5
43.4 47.5 46.5 51.1 89
3.0 3.6 3.0 3.7 6.5 6.6
56.3
53.9
31.9
28.1
29.2
25.9
14.5 14.7 15.4 15.6 28.9 29.7
-2.7
()
95.7
6.5
58.6
30.6
15.0
4.2
0.3
-0.4 -3.2 -2.1 -0.2 -0.1 - 0 . 1 - 0 . 1 - 0 . 1 0
- 0 . 4 - 0 . 8 - 1 . 1 + 1.6 - 1 . 1 + 1.0 + 0 . 6 +0.1 - 1 . 2
77.6 96.9 122.2 149.4 160.7 71.5 77.9 78.5 82.1 145.1 153.6 159.5 161.7 166.5
2.6
2.5
2.7
3.2
5.3
1.5
1.7
2.5
2.8
1.8
4.0
4.4
5.5
5.4
2.9
2.6
3.0
2.4
5.4
2.1
2.6
3.2
3.8
3.9
1.8
2.0
2.0
2.0
4.0
6.3
76.2 92.7 117.3 143.1 156.8 68.2 74.9 76.3 80.5 138.9 147.2 155.5 158.0 163.4
72.3 66.2 70.8 76.2 92.7 117.3 143.1 156.8 68.2 74.9 76.3 80.5 138.9 147.2 155.5 158.0 163.4
3.1
1.4
1.7
3.3
1.6
1.7
3.1
1.3
1.9
3.3
1.4
1.9
69.2
62.5
6.7
62.9
58.5
4.4
67.7
61.7
6.0
71.5 64.2
48.3 45.1
45.0 41.2
3.3
3.9
11.9 10.1
5.1
4.0
6.8
6.1
7.4
7.3
3.9
1.7
4.7
3.2
- 0 . 8 -1.5
70.8
48.1
44.2
3.8
11.2
4.3
6.9
7.4
4.2
3.8
0.4
7.8
6.7
1.1
10.7
9.8
0.9
11.5
10.3
1.1
7.
6.9
0.9
72.9
65.7
7.3
88.7 110.6 124.6 137.5 60.4
74.6 81.9 90.9 97.6 43.4
14.2 28.8 33.7 39.9 17.0
64.2
47.5
16.7
64.8
46.5
18.3
72.7
51.1
21.6
77.6
52.3
48.6
3.7
12.0
4.4
7.6
7.5
5.8
4.0
1.8
96.9 122.2 149.4 160.7 71.5 77.9
64.5 84.1 106.3
i.O 51.2 55.2
60.8 80.8 103.1 112.8 49.6 53.5
1.6
3.7
1.6
3.2
3.2
3.3
15.8 20.6 23.5 24.1 10.7 12.8
6.9
6.3
5.0
9.7 11.9 11.8
9.6 10.9 11.6 12.3
5.7
5.9
8.0
4.8
8.8
9.7 10.6
4.9
9.9
8.5
8.7
4.8
5.0
9.8
4.5
4.5
4.3
1.9
2.4
4.3
5.4
4.4
4.0
5.5
2.9
2.6
78.5
57.1
55.5
1.6
11.1
5.1
6.1
5.3
5.0
2.0
3.0
82.1 145.1 153.6
.0
58.9 102.6
57.3 99.4 106.8
3.3
3.2
1.6
13.0 23.4 23.6
6.7 11.9 11.8
6.2 11.4 11.7
9.5 10.0
9.7 10.0
2.5
2.4
4.0
2.0
2.0
6.7
4.7
2.0
18.5
16.6
2.0
19.3
17.2
2.0
23.5
139.9
100.7
39.2
159.5 161.7 166.5
114.8
111.6
3.2
24.3
12.1
12.1
10.5
10.0
117.1
113.9
3.2
23.9
11.4
12.5
10.8
9.8
118.9
115.7
3.2
25.7
11.7
10.0
4.6
5.4
1
c
Seasonally adjusted data only are available for 1945.
Corrected.
Less than 50 million dollars.
NOTE.—Detail will not necessarily add to totals because of rounding. For a general description of the series and methods of estimating, see
Milton Gilbert and R. B. Bangs, "Preliminary Estimates of Gross National Product, 1929-1941," Survey of Current Business, May 1942.
2
FEBRUARY 1946
191
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, AND BUSINESS
1946
Chart
book
page Dec.
26
WEEKLY FIGURES^
Jan.
2
Jan.
23
Jan.
9
In billions of dollars
Oct.
Nov.
Dec.
RESERVES AND CURRENCY
Reserve Bank credit, total
2
U. S. Govt. securities, total
3
Bills
'
. 3
Certificates
3
Notes
. 3
Bonds
.. 3
Discounts and advances
2
Gold stock
2
Money in circulation. .
...
. 2
Treasury cash
.
... 2
Treasury deposits
2
Member bank reserves
2,4
Required reserves
4
Excess reserves6
4
Excess reserves (weekly average), total 6 5
New York City
.. .
5
Chicago
5
Reserve city banks .
5
Country banks e . . .
5
25.17
24.04
12.80
8.17
2.12
.95
.49
20.07
28.65
2.28
1.20
15.66
14.45
1.21
1.36
.03
.01
.35
.98
24.54
23.86
12.57
8.81
1.54
.95
.21
20.05
28.30
2.26
.76
.77
15.82
15.90
P14.42 P14.50
Pi. 48 Pl.33
Pi. 49 P I . 45
.01
.03
.01
.01
.37
.41
Pi. 05 Pl.05
24.85
24.09
12.66
8.94
1.54
.95
.22
20.07
28.49
2.31
24 07
23.44
12.50
8.53
1.46
.95
.21
20.11
28.12
2.26
.27
16.15
'14.55
Pl.60
Pl.49
.02
.01
.39
23.92
23.34
12.78
8.19
1.4.?
.95
.21
20.14
27.98
2.28
.58
15.86
14.52
Pl.34
PI.08
MEMBER BANKS IN LEADING CITIES
Reserve Bank credit
Gold stock
Money in circulation
""reasury cash
treasury deposits
Member bank reserves, total. .
Central reserve city banks. . .
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 bills. . .
6
6
6
6
6
6, 7
13
13
13
7
13
13
13
7
23.89
20.05
27.94
2.26
.45
15.68
5.11
6.24
4.32
14.62
5.09
5.98
3.55
1.06
24.39
20.03
28.15
2.27
.42
16.04
5.21
6.38
4.45
14.88
5.18
6.08
3.61
1.17
24.74
20.05
28.45
2.27
13
13
1.85
4.05
28.05
7.67
15.78
4.60
1.88
4.26
28.21
7.71
15.88
4.62
2.07
4.53
28.51
7.84
15.98
4.70
163.80
P78.10
P47.60
P26.40
Pll.70
P168.10
P80.50
P48.00
P26.50
P13.10
P175.70
P75.90
P48.40
P26.80
P24.60
.62
16.03
5.06
6.39
4.58
14.53
4.99
5.98
3.56
1.50
ALL BANKS IN U. S.
14
14
14
14
14
67.73 67.95 67.84 68.22
48.54 48.67 49.13 49.63
37.56 37.07 37.38 37.73
16.15 16.70 16.14 16.21
15.83 15.89 15.31 15.22
68.11
49.53
38.04
16.08
15.22
Total deposits and currency.. .
Demand deposits
Time deposits
Currency outside banks
U. S. Govt. deposits
15 23.82 23.90 23.64 23.77 23. 7C
CONSUMER CREDIT
15 15.85 15.99 16.20 16.40 16.28
16 9.35 9.41 9.43 9.54 9.56 Consumer credit, total
18
16 3.18 3.38 3.47 3.55 3.53
Single payment loans
18
16 2.89 2.67 2.68 2.73 2.72
Charge accounts
18
.47
16
.44
.59
.63
.52
Service credit
18
15 13.63 13.39 13.42 13.40 13.73
Instalment credit, total
18, 19
15 6.19 6.49 6.24 6.24 6.16
Instalment loans
19
15 4.30 4.49 4.44 4.60 4.31
Instalment sale credit, total.
19
15 1.11 1.12 1.14 1.14 1.14
Automobile
19
15 6.84 6.80 6.33 6.28 6.34
Other
19
17 2.84 2.82 2.82 2.85 2.84
16
16
17
17
15
15
16
16
16
16
15
15
1
15
15
1
17
17
1.56
.64
1.22
.58
1.51
.63
1.22
.61
1.25
.57
1.13
.56
1.24
.57
1.06
.57
1.3C
.55
1.04
.60
43.92 44.04 44.20 44.45 44.41
32.69 32.69 32.93 33.23 33.26
17.25 17.32 17.40 17.47 17.53
9.19
8.01
8.90
9.04
8.75
5.25
5.28
5.30
6.20
5.38
1.29
1.44
1.33
1.23
1.24
23.93 23.68 23.96 24.33 24.30
9.91
9.97
9.91
9.95 10.22
7.46
7.77
7.82
7.56
7.79
8.37
8.34
8.32
8.22
8.28
8.89
8.94
8.99
8.98
9.09
4.43
4.43
4.44
4.43
4.43
2.16
2.21
2.29
2.29
2.38
2.30
2.27
2.29
2.27
2.28
Per cent per annum
MONEY RATES, ETC.
Treasury bills (new issues).
Treasury notes (taxable) . . .
U. S. Govt. bonds:
Partially tax-exempt
24, 26
Taxable
24, 26
High-grade corporate bonds (5 issues). 26
Corporata Aaa bonds
26
Corporate Baa bonds.
26
.373
1.18
Stock prices (1935-39=100), total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
140
143
159
120
1.29
375
i.17
(.29
2 .49
2 .58
3 .05
.375
1 12
.375
1.09
.375
1.06
)
2 23
2 46
2 57
3 03
2.19
2.44
2.54
3.02
00
2.18
2.39
2.5:
3.0C
In unit indicated
27
27
27
27
27
139
142
155
120
1.15
144
147
163
123
2.28
147
150
169
125
2.72
BUSINESS CONDITIONS
Steel production (% of capacity) . . . .
Electric power prod. (mill. kw. hrs.) . .
Freight carloadings (thous. cars)
Department store sales (1935-39=100)
Wholesale prices (1926=100), total. . .
Farm products
Other than farm and food
1945
In billions of dollars
MONTHLY FIGURES
RESERVES AND CURRENCY
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, total
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 York:
Loans and investments
U. S. Govt. obligations, total
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
Chart
book
page
45
45
49
49
49
82.0
76.5
62.8
80.6
3,759 3,865 4,163 4,150
773
506
652
749
158
188
191
135
107.0 106.8 106.7 106.7
132.7 131.3 130.0 129.3
100.6 100.6 100.7 100.8
5.94
1.38
1.67
.76
2.13
1.38
.75
.21
.54
P6.28
Pl.44
Pl.84
P. 76
P2.24
Pl.44:
P.81
p.22
P. 59
P6.61
Pl.49
Pi.93
P. 77
P2.42
Pi.51
P. 90
P. 23
P. 68
TREASURY FINANCE
LJ. S. Govt. obligations outstanding, total interest-bearing. .
By classes of securities:
Bonds (marketable issues)..
Notes, cert., and bills
Savings bonds and tax notes
Special issues
By maturities:
5 years and over
5-20 years
5-10 years
Within 5 years
Within 1 year
Certificates
Bills
Holdings of U. S. Govt. obligations:
Commercial banks
Fed. agencies and trust funds.
Federal Reserve Banks
Mutual savings banks
Insurance companies
Other investors, total
Marketable issues
259.98 263.39
276.25
20 107.05 109.37 120.42
20 75.55 75.55 78.16
20 56.07 57.03 56.91
20 20.58 20.71 20.00
20 99.48 101.32 109.70
20 66.09 66.22 67.17
20 49.29 49.29 46.59
89.08
20 83.31 83.80 68.57
20 62.75 63.24 38.16
35.02
35.02
20
20 17.03 17.03 17.04
21 84.20
21 26.75
21 23.28
21 10.00
21 »"22.40
21 '93.40
21 39.20
85.60
26.84
23.47
9.80
22.50
95.20
40.20
27.04
24.26
Per cent per annum
MONEY RATES, ETC.
Corporate Aaa bonds
F. R. Bank discount rate (N. Y.)
145 Treasury bills (new issues)
148
166
125
1.88
Stock prices (1935-39 =100):
Total
Industrial
Railroad
4.9
Public utility
709 Volume of trading (mill, shares).
189 Brokers' balances (mill, dollars):
Credit extended customers...
106.8
Money borrowed
129.
Customers' free credit balances
100.9
2.
23
2.
2.62
.50
.375
2.61
.50
.375
2.62
.50
.375
In unit indicated
2
27
27
27
27
132
135
145
114
1.56
137
139
154
121
1.96
140
142
157
120
1.63
29
29
29
1,063
743
632
1,095
711
639
1,138
795
654
For footnotes see page 193.
192
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued
Chart
book
page
MONTHLY FIGURES—Cont.
1945
Oct.
Nov.
Dec.
In unit indicated
BUSINESS CONDITIONS
Income payments (mill, dollars):4
Total
30
Salaries and wages
30
Other
30
Cash farm income (mill, dollars):
Total
31
Livestock and products
31
Crops
31
Govt. payments
31
Armed forces (mill, persons)5
32
Civilian labor force (mill, persons):
Total
32
Male
33
Female
33
Unemployment
32
Employment
32
Nonagricultural
33
Agricultural 4
33
Industrial production:
Total (1935-39 = 100)
35
Groups (points in total index):
Durable manufactures... . f
35
Nondurable manufactures
35
Minerals
35
New orders, shipments, and inventories
(1939 = 100):
New orders:
Total
. . 36
Durable
. . . 36
Shipments:
Total
36
Durable
36
Nondurable
36
Inventories:
Total
36
Durable
36
Nondurable
36
Factory employment and pay rolls (1939
= 100):
Pay rolls
38
Employment
38
Hours and earnings at factories:
Weekly earnings (dollars)
39
Hourly earnings (cents)
39
Hours worked (per week)
39
Nonagricultural employment (mill, persons) :4
Total
40
Manufacturing and mining
40
Trade
40
Government
40
Transportation and utilities
40
Construction
40
Construction contracts 4 (3 mo. moving
average, mill, dollars):
Total
41
Residential
48
Other
41
Residential contracts (mill, dollars) :4
Total
42
Public
42
Private, total
42
1- and 2-family dwellings
42
Other
42
Freight carloadings:4
Total (1935-39 = 100)
43
Groups (points in total index):
Miscellaneous
43
Coal
43
All other
43
Department stores (1935-39 = 100) :4
Sales
44
Stocks
44
Exports and imports (mill, dollars):
Exports
46
Excluding Lend-Lease exports
46
Imports
46
Excess of exports excluding Lend-Lease
exports
46
Cost of living (1935-39 = 100):
All items
47
Food
47
Clothing
47
Rent
..47
Chart
book
page
MONTHLY FIGURES—Cont.
BUSINESS CONDITIONS
53.1
34.6
-18.5
1.6
51.6
42.8
2,250 Pi,791
P946
1.057
P829
1,153
P16
40
7.9
9.2
53.4
35.3
18.2
1.7
51.7
43.3
8.4
162
168
'•72.1
'18.8
72.8
73.8
21.0
P165
205
206
204
P204
P208
167
183
153
P167
P176
P159
213.0
121.2
In unit indicated
49
49
49
105.9
127.3
100.1
Apr.-
June
QUARTERLY FIGURES
106.8
131.1
100.2
107.1
131.5
100.5
JulySept.
Oct.Dec.
Per cent per annum
23
25
25
25
SECURITY MARKETS
2.50
2.20
2.55
2.80
2.45
2.05
2.53
2.81
2.09
1.71
2.23
2 .38
In millions of dollars
P7O.8 Corporate security issues:
P72.9 Net proceeds:
All issues
P20.3
Industrial
Railroad
Public utility
New money:
All issues
Industrial
Railroad
Public utility
1,208
400
435
354
2,139
831
459
786
1,636
433
365
807
244
184
32
13
369
313
26
5
272
157
46
41
Mar.
20
212.
121.6 P121.1
40.89
99.0
41.3
35.0
12.6
7.3
5.7
3.
0.9
35.4
12.7
7.3
5.6
3.9
1.0
340
66
274
385
81
304
55
1
54
42
12
95
1
94
68
26
118
68.3
23.2
26.7
73.0
31.4
28.3
213
161
••226
150
P638
P52
P2O2
P36
128.9
139.3
148.3
Dec
1945
••41.04
98.5
'41.7
P380
P344
Nov.
1945
53.3
MONEY RATES
36.1
17.2 Bank rates on customer loans:
2.0 Total, 19 cities
51.4 New York City
44.2 Other Northern and Eastern cities.
7.2 Southern and Western cities
P164
Oct.
Cont.
Wholesale prices (1926 = 100):
12,956 13,195 13,086 Total
8,523 8,488 P 8 , 3 7 7
Farm products
4,433 4,707 M,709 Other than farm and food
2,526
1,030
1,388
108
10.6
1945
129.2
140.1
148.4
CALL DATE FIGURES
Dec.
31
In billions of dollars
ALL MEMBER BANKS
Loans and investments, total
U. S. Govt. obligations, total.
Bonds
Certificates
Notes
P35.4
Bills
P12.6
Guaranteed obligations
P7.4
Other
securities, total.
P5.7
State and local government obligaP3.9
tions
Pl. 1
Other securities
Loans, total
Commercial
P442
Real estate
98
Brokers'
P3 44
Agricultural
.
107 Demand deposits adjusted
11
CLASSES OF BANKS
96
82
14 Central reserve city banks:
Loans and investments, total
,U. S. Govt. obligations
Other securities
Loans
71.5
Demand
deposits adjusted
28.3
26.8 Time deposits
Reserve city banks:
Loans and investments, total...
P215
U. S. Govt. obligations
P142
Other securities
Loans
Demand deposits adjusted
Time deposits
Country banks:
Loans and investments, t o t a l . . . .
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
June
30
10
10
11
11
11
11
11
10
90. 52
67. 92
(66)
(6)
(6)
(6)
()
39
99.43 P107.14
73.24 *78.31
40. 27
15.58
14. 72
2.63
03"
5*.60 P6.05
11
11
10
11
11
11
11
10
2.99
2.40
17. 22
(66)
(6)
(6)
()
61. 17
3.10
2.50
20 59 P22.79
7 10
3 25
2 53
1 13
59 13
12
12
12
12
12
12
27. 95
20. 41
1.47
6 07
18 60
1 73
31 49 P32.O7
21 62 P21.79
1 55 Pl.62
8 32 P8.67
17 80
1 79
12
12
12
12
12
12
33 45
25 30
1 80
6 35
21 74
8 28
36
27
1
7
20
8
57 P 4 0 . 1 0
52 P29.56
89 P2.04
15 P8.51
68
76
13
13
13
13
13
13
29
22
2
4
20
10
31
24
2
5
20
11
37 P34.97
09 P26.96
16 P2.39
11 P5.61
66
26
13
20
12
81
84
54
e
1
2
3
Estimated.
P Preliminary.
r Revised.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
No partially tax-exempt bonds due or callable in 15 years and over.
For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series.
* Adjusted for seasonal variation.
6
Beginning July 1945 the armed force figures are those reported by the Bureau of the Census in the Monthly Report on The Labor Force.
These data are for the end of the week containing the 8th whereas Bureau of Labor Statistics data published prior to July are as of the 1st of
each fi month.
Figures available for June and December dates only.
* Copies of the Chart Book may be obtained at a price of 50 cents each.
FEBRUARY
1946
193
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1945
System
Current Earnings
Discounted bills
Purchased bills
Industrial loans
Commitments to make industrial loans
U. S. Government securities
All other
Total current earnings
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 ^upplic^
Insurance on currency and securitv shipments
Other insurance
Taxes on real estate
Depreciation (building)
Light, heat, power, and water
Repairs and alterations
Rent
Furniture and equipment
All other
Total operating expenses
Less reimbursement for certain fiscal agency and
other expenses
Boston
$1 977.081
110
New York
$87,764 SI 045.398
110
142 209.546
2 854.484
46 515.928
4 101.690
29.465
128.363
15,480
453.611
7 611,246
1
1
1
2
533,766
241 70S
28.292
220.365
510,801
041,179
596.925
287.660
000.294
772.917
107.011
73 051.185
9 233.987
9
$114,493
Richmond
Atlanta
$59,278
$57,478
8.763,622 7. 281,298
149.333
576,613
183,752
149,416
239.055
182.756
614,475 10 154,205 2,892.287 4,444.307 2,689,594 2 503,373
213,799
857,008
252,659
229,479
357.513
266,226
425
13
358
2,691
9,676
7,175
10.587
11,266
13,194
8,452
11.048
7,781
350
697
918
627
759
1 ,550
25.594
723.820
24.040
941 079
2,876
13.400
136.000
55.832
36.256
15.774
20.598
63.580
100,353
62,720
32,645
554,034
44,445
235,497
3,448
10,850
66,646
42,548
36.903
19.731
94.603
67,266
157,342
4 449.304 14 857.519 4.680.787 6.974.382 4,405,741 4 , 319,711
1 145,694
93,256
590 984
3,515
51,348
442.362
221.060
155.940
32.741
49,729
163.355
242.273
1 637.801
5 276.799
2 811.503
9 580.720
4 194.119
516.190
^04 798
23,032
Total current expenses
48 717.271
3 196.322
Profit and Loss
Current net earnings
.
03 492 275
Total additions
$55.854
3 6 , 025,725 10,063,287 13.289,224
41 666.453
2 340.509
Additions to current net earnings:
Profits on sales of U. S. Government securities
Recoveries of, and withdrawals from allowances for,
losses on industrial advances (net)
AH other
Cleveland
102
142
100,755
5.987
69,200
2,279
4,531
447
117
240
12.533
3.510
139 552.881 9 132.479 34 924,153 9.929.522 13,098.832 8.686,182 / , 202.604
566,186
7.310
55,922
8.594
73,380
10.121
21,114
31 384.732
Net operating expenses
Assessment for expenses of Board of Governors
Federal Reserve currency:
Original cost
Cost of redemption
Philadelphia
156.989
19.988
529.174
31,320
240 383
1,687
8.622
91,436
143.275
33.305
4.615
82,686
28.494
175,795
45,239
671.666
48.373
292 315
4.046
15,248
132.403
112.476
72.269
41.212
139.945
101.491
237.683
33,117
633,425
26,366
165 771
2.298
12.811
83,900
92,914
40,905
21,508
24,424
26,158
95,147
1.673.873 2.950,228 1.746,233 2, 185.982
3.006.914 4.015.154 2.659,508 2 133,729
843.342
81,557
204.489
203.849
98.625
394,097
179 668
431.524
322 021
112 731
52,502
37.967
35.248
86.367
27.032
11 623.160 3.560.456
4,436.638 3,224,905 2 661.885
037 665 94 402 565 6 502 831 8 852 586 5 538 717 4 619,413
3 312.628
241.116
802,592
255.719
336,234
207,653
169,877
476.585
305.627
185.721
9.419
129.671
5.345
100.721
101,736
6,074
63.778
44.373
2,717
4 094 840
436 ^56
937 608
458 176
406 086
254 743
10,000
18,835
198,712
3 709.701
1 .013.496
201 650
201 650
637 740
179,130
2.919
123.057
627,298
2,624
4 ,924.847
1 .018.520
2.919
4.775
123.057
629,922
468,946
-830.007
-582.264
934.689
453.401
283.029
-375,179
-270,234
92 .662.268
5 .455,401
25 .337.254
Deductions from current net earnings:
Reserves for contingencies
All other
Total deductions
Net additions
Net earnings
Paid V S Treasury (Sec 13b)
Dividends paid
Transferred to surplus (Sec. 13b)
Transferred to surplus (Sec. 7)
Surplus (Sec. 7), January 1
Additions, as above
Transferred from reserves for contingencies:
Previously charged to current net earnings
Previously charged to surplus
Surplus (Sec. 7), December 31
194
4 591
184
468,946
6.956,232 9.135.615 5.163.538 4 .349.179
9,884
65 Q40
4 154
83 968
7 177
57 502
367,516
409 879
618 318 3 597 446
765 606 1 025 I P
35,858
32,452
131.402
62.662
4 .648.179 21 ,581,206 6.074.206 8,103.326 4.713,647 3 .971,779
228 .152.331 15 .238.712 84 .902.462 19.871.579 19.071.303 7.813.341 7 .935,878
81 969 625 4 648 179 21 581 206 6 074 206 8 103 326 4 713 647 3 .971,775
247 659
10 182 851
262.133
81 .969.625
11 HI 011
37 ,102.278
2 ,551.663
5 706 OS'?
4 ,670.085
922 976
3.000.000 5.647.512 3.066,084 2 .542.929
358 .355,245 22 .438,554 116 .859.805 28.945,785 33,745.117 15.593.072
14
,450.586
FEDERAL RESERVE BULLETIN
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1945—Continued
Chicago
St. Louis
Kansas
City
Minneapolis
I
Dallas
San
1 Francisco
j
$227,592
$107,862
2^730
1.480
19,705.119
139.840
20.076.761
$55,166
$83.869
6,433,581
54.462
'3^597,155
4.766
6.596.119
3,657,087
$4,579
$77,748
6^492.342
156.133
800
5.531.031
9.802
14^551
5,725
14,819.881
24.742
6,733.577
5.546,212
14,942,647
1^233
214
354.229
7,537.418
708.747
198,644
2.689,726
252,290
164,458
1,254,087
137.745
9,884
1.244
68,085
6^914
1,350
44,642
11,615
1,424
25,020
903.864
41.734
516,317
2,649
28.410
180,560
70,581
70,843
23.679
306.179
130.787
417,720
11,373,537
5,727,458
349,446
46.947
189,844
263,141
23,513
78.214
14,574
65,864
55,786
35,581
30.291
39,808
52,395
154,267
187,264
2,420,126
225,642
2,108
15.023
1.755
28,418
172,911
2,232,144
214,459
6,000
S.156
1.456
28.890
296,053
5.084,186
386,123
9,315
73.442
29.086
22.578
38,804
16,441
15.807
70.495
430.437
41,815
172.272
1.190
18.680
92.930
70.312
22,135
46,966
29,556
46,607
135,163
395,444
37,384
159,053
1,305
10,405
38.752
72.477
36,462
5.245
21,154
30,945
105,543
1,011,101
74.573
359,979
3,712
26,702
106,506
74,832
33,748
7,094
175,171
46,032
215,230
4,229.232
1.893.963
2,235,928
981,495
3.988.399
1.645,771
3.578.185
1.740.863
7.958,460
3,915,266
5,646,079
303,183
2,335.269
71,535
1,254,433
53,409
2,342,628
70.411
1.837.322
71.180
4,043,194
181,940
525,960
75.789
223,952
33,772
26,528
10,953
171,458
27.419
182,264
31,162
419,118
74.947
6,551,011
2.664,528
1,345,323
2.611,916
2,121.928
4,719.199
13.525,750
3,931,591
2,311,764
4,121.661
3,424.284
10.223.448
415.493
156,071
95.519
161,320
141,061
329,973
607
863
40
703
372
14,443
3.350
39,253
25
7 .473
4,136
6.798
32.836
11.321
41.233
422,966
160,207
102,317
194,156
152.382
371.231
518^405
623^745
25,418
413'
885,955
49,923
41,215
461,426
70,208
Current Earni>igs
Discounted bills
Purchased bills
Industrial loans
Commitments to make industrial loans
U. S. Government securities
All other
Total current earnings
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
Total operating expenses
Less reimbursement for certain fiscal agency and
other expenses
Net operating expenses
Assessment for expenses of Board of Governors
Federal Reserve currency:
Original cost
Cost of redemption
Total current expenses
Current net earnings
Additions to current net earnings:
Profits on sales of U. S. Government securities
Recoveries of, and withdrawals from allowances for,
losses on industrial advances (net)
All other
Total additions
Deductions from current net earnings:
Charge-offs on bank premises
Reserves for contingencies
All other
518,405
649,163
413
935,878
41.215
531,634
-95,439
-488,956
101,904
-741,722
111.167
-160.403
Net additions
13.430,311
3,442,635
2,413,668
3,379.939
3.535.451
10.063,045
Net earnings
873
730
14.915
930,955
2.516
1,215,381
326,314
— 241
221,686
330,263
344,375
Total deductions
Paid U. S. Treasury (Sec. 13b)
Dividends paid
Transferred to surplus (Sec. 13b)
9',117 [ 175 Transferred to surplus (Sec. 7)
12 ^ 2i2 ^414
3,116,562
2,191.982
3,048,803
3,190^346
33,200,673
12,212,414
7,048,131
3,116,562
4,949,737
2,191,982
6,196,267
3,048,803
6,024,966
3,190,346
15,899,282
9.117,175
4,408 080
3.207,763
2,774.128
67,380
1,660,401
2,646,415
26,523
1,427,808
' 3,907,490
53.028,930
12,938.821
8.869,500
11.891,485
10,669,643
28,923.947
FKBRUARY
1946
Profit and Loss
Surplus (Sec. 7), January 1
Additions, as above
Transferred from reserves for contingencies:
Previously charged to current net earnings
Previously charged to surplus
Surplus (Sec. 7), December 31
195
CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES
[Figures for last date shown are preliminary]
Commercial banks
Total
December
December
December
December
December
December
December
Banks (Head Offices)
31, 1933
31, 1934
31, 1941
31, 1942
31, 1943
31, 1944
31, 1945.
Total 1
National
Mutual savings
banks
Nonmember banks 2
Member banks
All
banks
State
member
Total
Insured*
Noninsured3
Insured1
15,029
16,063
14,825
14,680
14.579
14,535
14,555
14,450
15,484
14,277
14,134
14,034
13,992
14,013
6,011
6,442
6,619
6,679
6,738
6,814
6,885
5,154
5,462
5,117
5,081
5,040
5,025
5,017
857
980
502
,598
698
789
1,868
8,439
9,042
7,661
7,458
7,299
,181
7,131
8.439
7,699
6,810
6.667
6,535
6,452
6,417
343
851
791
764
729
714
68
52
56
184
192
192
Branches and Additional Offices1
December 31, 1933
December 31, 1934
December 31, 1941
December 31, 1942
December 31, 1943.
December 31, 1944
December 31, 1945
2,911
,133
3,699
3,739
3,933
4,064
4,087
2,786
3,007
3,564
3,602
3,797
3,924
3,944
2,081
2.224
2,580
2,615
2,793
2,892
2,909
1,121
1,243
1,565
1,592
1,741
1,813
1,811
960
981
1,015
1,023
1,052
1,079
1,098
705
783
984
987
1,004
1,032
1.035
705
5
783
932
935
952
978
980
52
52
52
54
55
32
35
95
99
101
Bank Changes during 1945
Increases in number of banks:
Primary organizations (new banks) 6 . .
+ 117
+ 117
+25
[+8
+92
+82
-79
-18
-78
-18
-41
_2
-37
-16
-33
-9
+5
+5
+87
-87
-86
2
+2
Decreases in number of banks:
Consolidations and absorptions
Voluntary liquidations7
Inter-class bank changes:
Conversions—•
National into State
State into national
Federal Reserve membership8
Admissions of State banks
Withdrawals of State banks
Federal deposit insurance9
Admissions of State banks
Withdrawals of State banks
^Net increase or decrease in number of banks.
-5
+9
-34
-2
- 7
c
+ 16
+87
-2
-9
+71
+64
+40
+62
+39
+40
+32
-14
-14
-3
511
496
490
361
351
350
125
H26
103
102
41
41
42
+10
+2
-1
+21
579
-9
+ 14
+20
Noninsured
+ 79
-50
-35
+ 11
+9
+22
+20
+7
-14
+1
Branch Changes during 1945
Increases in number of branches:
De novo branches
Banks converted into branches
Decreases in number of branches:
Branches discontinued
Inter-class branch changes:
From national to State m e m b e r . . . .
From nonmember to State member.
Banking offices at military reservations:
Established
Reopened
Discontinued
Net increase or decrease in number of
branches and additional offices
+29
+23
-129
+60
+2
-129
+54
+1
+ 17
+1
+1
+8
+44
+1
-98
+ 10
" Hi7
-115
+23
+2
-11
+8
+60
+2
+7
+6
+6
+1
-14
+1
-14
+ 19
+3
+2
+1
+2
+1
1
The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks which became
members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only
once in "all banks."
196
FEDERAL RESERVE BULLETIN
PAGE
Gold reserves of central banks and governments.
199
Gold production
200
Gold movements
200
Net capital movements to United States since January 2, 1935
201-206
Central banks
207-210
Money rates in foreign countries.
211
Commercial banks
212
Foreign exchange rates
213
Price movements:
Wholesale prices
214
Retail food prices and cost of living
215
Security prices
215
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial
bank statements and official statistical bulletins, some data are reported to the Board directly. Figures
on international capital transactions of the United States are collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text,
may be obtained from the Board's publication, Banking and Monetary Statistics.
FEBRUARY 1946
197
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
United
States
Argentina 1
Belgium
1938—Dec...
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
4,512
17,644
21,995
22,737
22,726
21,938
20,619
431
466
353
354
1658
1939
il.lll
1945—Jan.. .
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct.. .
Nov..
Dec...
20,550
20,506
20,419
20,374
20,270
20,213
20,152
20,088
20,073
20,036
20,030
20,065
409
409
409
409
409
409
409
409
409
407
End of month
1938—Dec...
1939—Dec...
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
Hungary
Brazi
British
India
581
609
734
734
735
734
32
40
51
70
115
254
329
274
274
274
274
274
274
274
732
732
715
715
714
713
712
712
694
698
711
716
330
340
341
341
342
342
342
352
352
274
274
274
274
274
274
274
274
274
274
274
Iran
(Persia)
Italy
Japan
Java
26
26
26
26
34
92
128
193
144
120
164
164
164
H64
80
90
140
235
4216
37
24
24
24
24
24
24
1945—Jan...
Feb..
Mar..
30
30
30
31
36
54
79
24
21
17
16
25
59
92
80
80
80
80
81
80
82
82
82
82
94
95
97
99
100
102
103
104
106
114
115
Switzerland
Turkey
United
Kingdom
321
308
160
223
335
387
463
701
549
502
665
824
964
1,052
29
29
88
92
114
161
221
2,690
1939—Dec.
1940—Dec..
1941—Dec.
1942—Dec..
1943—Dec..
1944—Dec.
1945—Jan... .
Feb.. .
Mar.. .
Apr.. .
May. .
June..
July...
Aug.. .
Sept...
Oct....
Nov.. .
Dec. .
477
475
474
472
470
478
478
479
479
475
474
482
1,058
1,061
1,072
1,103
1,105
1,069
1,073
1,084
1,085
1,111
1,109
Pl.104
221
221
225
225
225
234
234
234
236
236
236
New
Mexico Netherlands Zealand
998
692
617
575
506
500
500
23
23
23
23
23
23
23
222
221
220
219
219
231
230
255
255
250
296
294
500
500
500
500
500
500
270
270
270
270
270
270
23
23
23
23
23
23
23
23
23
23
23
Uruguay
Venezuela
Yugoslavia
69
68
90
100
89
121
157
52
52
29
41
68
89
130
57
59
82
483
159
164
166
168
173
175
179
189
195
195
195
130
147
147
161
161
176
176
186
191
191
202
202
128
Sweden
1938—Dec.
Colombia
29
32
47
47
39
203
222
Nov..
Dec.
End of month
192
214
27
5
6
Chile
Cuba
1
1
1
16
46
111
121
126
131
141
151
166
171
176
176
zechoslovakia
Denmark
83
56
58
61
61
61
61
53
53
52
44
44
61
61
61
61
61
61
61
61
61
61
61
44
44
44
44
44
44
44
44
44
44
44
44
44
Egypt
France
55
55
52
52
52
52
52
2,430
2,709
2,000
2,000
2,000
2,000
1,777
52
52
52
52
52
52
52
52
52
52
1,777
,777
,777
,777
,777
Germany
29
29
29
29
29
29
29
Greece
27
28
28
28
28
28
28
28
28
28
28
,777
,777
,540
1,540
P1,090
P128
P128
P128
Apr.. .
May.
June.
July..
Aug..
Sept..
Oct.. .
Canada
B.I.S.
Norway
94
94
Peru
20
20
20
21
25
31
32
Poland
85
484
30
30
30
30
30
28
28
28
28
28
28
28
Other
countries 6
14
7
12
12
21
45
37
166
178
170
166
185
229
245
37
37
37
39
39
39
39
39
39
39
39
245
246
246
246
247
247
248
248
248
'247
>"247
247
Portugal
69
69
59
59
59
60
60
Rumania
South
Africa
133
152
158
182
241
316
220
249
367
366
634
706
814
3525
829
834
848
851
865
878
886
909
938
954
943
106
106
108
109
109
109
109
109
108
108
60
60
60
60
60
60
60
60
60
60
60
Spain
42
42
91
105
Government gold reserves 1 not included
in previous figures
End of month
United
States
United
Kingdom
1938—Dec
1939—Mar....
May....
80
154
2
759
1,732
June....
Sept.. . .
Dec
1940—June....
Dec
1941—June....
Dec
1942—June
Dec
1943—June... .
Dec
1944—Mar.
June....
Sept.
Dec
1945—Mar
" 85 "
164
156
86
48
89
25
8
12
11
43
14
21
25
12
32
81
France
331
559
477
Belgium
44
17
3876
"292
4151
17
17
17
17
17
17
17
17
17
17
17
Revised.
P Preliminary.
Figures through March 1940 and for December 1942, December 1943, and December 1944
17
June
include, in addition to gold of the Central Bank held at home, gold of the Central Bank held
abroad and gold belonging to the Argentine Stabilization Fund.
2
1
On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange ConReported at infrequent intervals or on detrol Board. Gold reported since that time is gold held by Minister of Finance.
layed basis: U. S.—Exchange Stabilization Fund
3
Figure for December 1938 is that officially reported on Apr. 30, 1938.
(Special A/c No. 1); U. K.—Exchange Equali4
Figures relate to last official report dates for the respective countries, as follows: Java— zation Account; France—Exchange Stabi [ization
J a n . 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941.
Fund and Rentes Fund; Belgium—Treasury.
5
2
Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepaFigure for end of September.
3
rately.
Reported figure for total British gold reserves
6
These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian on Aug. 31, 1939, less reported holdings of Bank
Congo, Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31, of England on that date.
1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Ireland beginning February
4 Figure for Sept. 1, 1941.
1943, Latvia, Lithuania, Morocco, and Siam. Figures for certain of these countries have
NOTE.—For available back figures and for debeen carried forward from last previous official report.
tails regarding special internal gold transfers
7
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British affecting the British and French institutions, see
Exchange Equalization Account during 1939.
Banking and Monetary Statistics, p. 526, and
NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, BULLETIN for February 1945, p. 190.
and for a description of figures, including details regarding special internal gold transfers affecting the reported data, see pp. 524-535 in the same puolication.
r
1
FEBRUARY 1946
199
Year or
month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Estimated
world
Total
production
outside 1 reported
monthly
U.S.S.R.
South
Africa
823,003 708,453 366,795
882,533 752,847 377,090
971,514 833,895 396,768
1,041,576 893,384 410,710
1,136,360 958,770 425,649
1,208,705 ,020,297 448,753
1,297,349 ,094,264 491,628
1,288,945 ,089,395 504,268
968,112 494,439
738,471 448,153
663,960 429,787
1944—Nov
Dec
1945—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
53,734
53,446
55,199
50,782
54,703
54,096
53,934
53,213
53,373
'53,560
52,953
P55,897
P55,OO2
35,270
34,836
36,216
33,698
36,458
35,937
36,073
35,800
36,311
34,199
35,313
36,809
36,005
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
Africa
North and South America
MexRhoColom-| Chile
West 2 Belgian United4 I Can-5
Nicaico6
desia Africa Congo" States \ ada
bia
ragua'
5
9
$1 =i5 /2i grains of gold /io fine; i. e., an ounce of fine gold =$35.
24,264 12,153 6,549 108,191104,023 23,135 12,045 8,350
1,166
25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251
868
28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018
807
28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544
848
28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557
28,009 28,564 8,759 196,391178,303 29,426 19,951 11,376 3,506
29,155 32,163 3 8,862 210,109 185,890 30,878 22,117 11,999 5,429
27,765 32,414
209,175 187,081 6 27,969 22,961 9,259 7,525
26,641 29,225
130,963 169,446 30,000 20,882 6,409 8,623
19,789
6,081 7,715
23,009 19,740
48,808 127,796
19,374
7,131 7,865
20,746 18,445
35,778 101,980
,680 1,575
,733 1,610
,674 1,610
,610 1,575
,686 1,610
,718 1,610
,673 1,575
,645 1,575
,679 1,610
,668 1,610
,680 1,610
,680 1,610
,680 n, 610
3,033
2,828
2,463
2,342
2,446
2,328
2,563
2,516
2,078
'3,528
'2,926
'3,836
4,020
7,809
8,012
8,166
7,432
8,004
7,831
7,614
7,426
7,357
7,411
7,404
8,034
7,726
1,380
1,162
1,882
1,379
1,382
,836
,736
,460
,518
,459
»400
,319
,319
555
506
486
372
542
526
528
574
538
464
370
'370
/37O
613
765
672
590
615
560
631
574
393
595
570
559
592
Other
AustraBritish9
8
lia
India
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
1,260
1,470
1,470
1,260
1,365
1,225
1,190
1,295
1,400
2,065
1,190
1,190
/I,190
560
525
560
525
595
525
350
350
490
560
490
490
490
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
P Preliminary.
' Revised.
/ Figure carried forward.
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
Coast3 only.
Beginning May 1940 monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months
of the4 year.
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.
6
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 7three months of year.
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
19439 they represent total Australia; beginning January 1944, Western Australia only.
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
Note.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp.
233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries
in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports ( —) to:
Total
Year
net
or
month imports
19341
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec?
Jan.-
United
Kingdom
France
Belgium
Netherlands
Swe- SwitzerCanada
den
land
Mexico
PhilOther
ipLatin
pine
AmeriIscan Republics lands
Australia
BritSouth
ish
Africa Japan India
All
other
countries
4 76,820 21,095
28,153 12,038 1,029
30,270
12,402
12
86,829
1,131,994 499,870 260,223 8,902 94,348
29,359 15,335 3,498
13,667
968
65
95,171
3 227,185
1,739,019 315,727 934,243
75,268 28,529
30,790 21,513 23,280
39,966
20,856
8
72,648
1,116,584 174,093 573,671 3,351 71,006
77,892
2 7,511
38,482 " 39,485 25,427 34,713
8,910
181 246,464 50,762
1,585,503 891,531 -13,710 90,859 6,461
6 54,452 111,480
65,231 27,880 39,162
36,472
13,301
401 168,740 16,159
76,315
1,973,569 1,208,728 81,135 15,488 163,049 60,146 1,363
57,020 35,636 74,250 22,862 165,605 50,956 2 68,623
33,610
3,798 165,122 341,618 28,715 86,987 612,949
3,574,151 1,826,403
29,880 128,259 38,627 103,777 184,756 111,739 49,989 3 284,208
977 63,260 161,489 90,320 2,622,330
4,744,472 633,083 241,778
61,862 42,678 67,492 292,893 9,444 9,665 4 63,071
16,791
899 412,056
1
1
3,779
982,378
1,747
321
528 4,119
39,680
40,016
5 208,917
1,955
315,678
129 20,008
152
13,489
-3,287
-8,731
307
66,920
88
68,938
199 3,572
18,365
46,210 -109,695 -108,560
-845,392 -695,483
-18,266
-83,758
-6,979
-12,339
13,496
-4,317
789
19,253
-106,250
64
284
218
481
848
11,796
463
272
37,131
268
315
11,524
517
272
329
355
247
-13.700
11
1,815
1,583
1,192 " l 6 6
2
951
19
1,115
.......
698
-18,499
3
160
53,148
15,094
-41,748
27
41
103
106
71
20
22
16
11
12
15
9
-5,199
-86,152
-20,589
-15,014
407
-6,236
-1,562
297
357
5-133,471
p Preliminary.
1
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries.
a Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong
Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000
from other countries.
< Includes $44,920,000 from U. S. S. R., and $18,151,000 from other countries.
6
Includes $133,980,000 to China and $509,000 from other countries.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of Statistics, see p. 524 in the samepublication.
200
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, (—). In millions of dollars]
TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES
Increase in foreign banking
funds in U. S.
From Jan. 2, 1935, through—
Total
Total
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)
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
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
1937—Mar. 31
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
660.4
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
,436.2
,686.5
,927.3
,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
,999.9
,907.8
,980.5
,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
,841.0
,818.2
,817.7
,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)
June 302
Sept. 30
Dec. 31
1943—Mar. 31
June 30
Sept. 30
Dec. 31
1944—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
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
,752.0
,864.2
,873.5
,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
6,147.1
6,506.4
6,771.3
7,118.6
3,643.4
4,002.6
4,130.6
4,496.3
1,723.1
2,071.4
2,190.9
2,461.5
,920.3
,931.2
,939.7
2,034.8
898.7
896.9
888.6
877.6
810.5
806.8
929.3
925.9
685.9
687.9
708.1
701.1
108.6
112.1
114.8
117.8
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 31
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. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
7,633.1
7,755.4
7,739.1
7,797.3
7,857.7
8,071.9
4,723.9
4,887.3
4,909.9
4,958.2
5,004.5
5,261.4
2,468.
2,587.
2,555.6
2,588.9
2,634.0
2,903.6
2,255.2
2,300.0
2,354.3
2,369.2
2,370.5
2,357.9
848.2
859.8
848.5
844.7
845.7
760.4
1,025.9
1,033.4
1,029.6
1,061.6
1,088.9
1,069.9
909.0
845.0
820.6
802.5
785.0
848.4
126.1
129.9
130.5
130.4
133.6
131.8
July 31
Aug. 31
Sept. 30
8,296.8
8,363.2
8,484.4
5,442.6
5,505.0
35,594.8
3,078.8
3,096.2
3 3,107.5
3 2,408.8
810.2
839.0
875.3
1,073.7
1,058.4
1,061.4
843.2
831.6
818.4
3134.6
259.5
2,363.9
2,487.2
3
6.0
127.1
129.1
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
The.weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures
are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
3
Amounts outstanding Sept. 30, in millions of dollars: total foreign banking funds in United States, 6,260.6, including official funds, 3,745.1,
and other funds, 2,515.5; United States banking funds abroad, 260.2; and brokerage balances (net due "foreigners"). 57.7.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics,
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see
BULLETIN for September 1945, pp. 960-974.
FEBRUARY
1946
201
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935, through—
Total
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
Canada
Latin
1
America Asia
All
other1
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
(Jan 1, 1936). . .
30
29
(Jan. 4, 1939). . .
(Jan. 3, 1940) . . .
1,412.5
2,608.4
3,410.3
3,844.5
5,021.2
554.9
829.3
993.7
1,183.8
1,101.3
210.2
299.5
281.7
339.6
468.7
114.5
229.7
311.9
328.6
470.3
130.4
335.5
607.5
557.5
773.0
36.6
83.1
123.9
140.5
165.9
24.0
45.6
22.1
32.2
58.0
130.0
228.5
312.2
472.0
752.9
1,200.6
2,051.3
2,653.0
3,054.2
3,790.1
()
150.5
106.3
155.3
229.4
70.9
201.2
410.6
384.6
483.4
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 1, 1941). . . 5,727.6
5,230.7
31
5,835.0
31
7,118.6
31
865.2
674.1
837.8
1,257.7
670.3
639.9
625.9
636.8
455.6
464.4
474.0
487.7
911.5
725.7
592.1
629.1
175.9
179.9
179.5
178.6
55.4
50.5
48.1
48.2
922.7
891.8
850.9
954.8
4,056.6
3,626.3
3,608.1
4,192.8
411.7
340.5
425.1
760.3
606.8 562.3 90.2
567.5 567.7 128.6
835.8 787.7 178.3
951.0 1,013.1 201.4
1944—Oct.
Nov.
Dec.
1945—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
31
30
31
31
28
31
30
31
30
31
31
30
7,460.2
7,530.5
7,475.7
7,633.1
7,755.4
7,739.1
7,797.3
7,857.7
8,071.9
8,296.8
8,363.2
8,484.4
,053.6
,078.8
,090.0
,008.6
,053.6
,048.9
,026.0
,029.3
,066.2
,075.0
,018.8
946.7
635.4
635.2
585.7
566.6
558.3
506.5
477.6
453.0
521.7
542.4
499.8
463.9
504.0
502.7
506.2
503.3
506.3
505.7
506.3
506.8
513.0
516.1
518.1
518.1
652.8
654.4
664.3
659.6
666.4
673.0
670.7
677.1
679.7
689.9
695.6
698.4
178.9
179.0
179.1
179.0
179.0
L79.2
179.2
179.0
179.0
179.0
179.2
179.3
58.5
61.5
63.1
66.7
69.8
72.0
75.5
77.5
80.0
85.2
89.6
94.2
973.5
982.7
993.3
965.2
970.5
967.6
990.5
,003.6
,017.9
,053.0
,059.2
,134.2
4,056.8 1 ,014.4
4,094.2 ,015.6
4,081.8 976.4
3,949.0 ,030.8
4,003.9 ,081.3
3,952.9 ,135.4
3,925.8 ,194.9
3,926.4 ,204.7
4,057.5 ,276.7
4,140.6 ,361.4
4,060.2 ,441.8
4,034.8 ,474.4
,166.6
,194.7
,193.7
,250.2
,262.4
,234.2
,263.0
,324.3
,353.8
,411.7
,402.1
,423.8
128.3
184.0
224.6
214.2
431.0
,062.9
,062.7
,020.9
,199.2
,200.1
,205.3
,202.9
,193.8
,175.5
,175.5
,238.7
,316.3
12.7
21.4
15.9
36.2
87.4
159.5
163.3
203.0
204.1
207.7
211.4
210.7
208.5
208.4
207.6
220.3
235.2
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, t h r o u g h -
Total
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
All
other1
33.5
149.3
166.3
127.6
215.1
58.8
90.4
126.2
163.3
325.4
11.5
15.2
8.0
22.2
60.5
-.9
-3.4
-6.2
-6.9
603.7 1,986.3
561.1 1,766.9
502.5 1,697.5
589.0 2,271.2
334.1
273.1
399.5
704.7
326.4
296.7
482.8
578.7
450.9
418.0
598.7
779.7
61.3
101.6
141.9
162.0
3.0
5.7
7.0
10.7
13.5
15
19.1
22.5
23.6
29.2
33.6
38.2
581.9
591.0
634.7
570.5
576.7
582.8
606.8
619.7
670.0
706.8
672.4
744.8
2,139.6 839.8
2,181.2 848.7
2,193.7 818.6
2,032.9 868.1
2,093.2 962.3
2,061.3 ,021.2
2,045.9 ,056.8
2,057.3 ,053.4
2,202.7 ,159.3
2,291.7 ,241.8
2,179.0 1 ,341.9
2,141.4 ,384.1
746.9
784.8
794.7
848.7
855.4
842.5
872.0
913.5
955.4
979.2
965.8
989.0
827.0
828.9
635.9
804.5
803.8
809.3
808.3
807.7
770.5
757.6
834.7
882.5
126.9
131.5
169.7
169.7
172.5
175.7
175.2
172.7
173.5
172.3
183.6
197.6
CanLatin
1
ada America Asia
All
other1
129.6
144.2
111.8
155.3
256.1
55.7
65.9
76.3
87.9
190.9
72.4
109.8
288.4
205.1
362.7
2.7
9.6
-11.8
-20.1
7.3
23.0
6.9
1.7
19.7
3,159.0
2,856.2
3,320.3
4,496.3
293.3
328.6
493.3
939.4
458.0
416.5
394.5
404.1
160.3
161.0
170.0
176.7
494.7
326.2
166.3
192.7
-22.9
-23.1
-22.7
-23.7
4,680.3
4,775.1
4,612.5
4,723.9
4,887.3
4,909.9
4,958.2
5,004.5
5,261.4
5,442.6
5,505.0
5,594.8
760.8
789.7
804.4
726.4
777.0
772.9
758.5
770.7
800.5
810.6
762.6
684.8
414.1
413.8
356.6
338.9
329.6
286.4
258.3
235.0
292.2
318.8
276.6
233.3
191.3
190.1
193.1
190.0
192.6
192.2
192.2
192.7
196.7
199.2
201
204.0
212.1
214.4
221.4
219.8
227.1
234.5
234.1
240.1
243.2
250.6
255.8
259.7
-23.5
-23.6
-23.4
-23
-23
-23
-23
-23.5
-23.5
-23.5
-23.4
1944—Oct. 31
Nov. 30
Dec. 31
1945—Jan. 3 1 .
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Latin
1
America Asia
46.0
86.8
76.3
101.6
174.5
128.6
163.5
189.3
364.0
376.1
(Jan. 1, 1941) . . .
31
31
31
60.7
79.7
109.4
208.6
470.0
Canada
453.5
588.9
791.7
1,010.7
1,655.4
1935—Dec. (Jan. 1, 1936). . .
603.3
930.5
1936—Dec. 30
1,168.5
1937—Dec. 29
1938—Dec. (Jan. 4, 1939). . . 1,425.4
1939—Dec. (Jan. 3, 1940). . . 2,430.8
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
Other
Total
Europe Europe
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
Total
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
(Jan. 1, 1936). . .
30
29. . . .
(Jan. 4, 1939)...
(Jan. 3 , 1940). . .
361
431
449
510
650
4
5
1
1
4
208
178
207
206
252
8
0
4
2
2
48 1
62. 0
65. 3
68. 4
73. 8
-.4
-3.3
-4.4
-5.6
12.9
16
2. 7
2 6
2. 6
2. 9
29.7
66.0
105.1
141.7
177.8
13. 7
16. 3
6. 5
13. 7
15. 5
8.8
22.0
26.9
33.8
28.4
310.2
343.7
409.3
460.9
563.5
-4.6
36.9
-21.7
35.9
56.5
20.1
24.9
51.6
66.8
52.6
37.3
30.4
18.7
-46.5
-21.5
-1.6
-4.4
-8.7
-7.0
-.8
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 1, 1941). . .
31
31 .
775. 1
791. 3
888 8
877. 6
269
271
279
272
2
2
4
1
74. 6
76. 9
77 8
77. 9
17.7
17.6
18 1
18.3
6. 5
5. 4
6 6
5. 1
191.6
196.8
196.7
196.9
25. 3
25. 8
26.
26. 2
49.8
53.6
56.8
60.0
634.7
647.4
661.5
656.5
60.3
62.7
58.6
55.1
43.2
17.7
68.3
55.7
34.8
64.7
93.8
102.7
2.1
-1.2
6.6
7.5
891. 3
872 7
805. 8
848 7
859. 8
848 s
844. 7
845. 7
760 4
810. 2
839 0
875. 3
268
267
266
266
264
268
6
4
1
77. 8
77 7
77. 7
77
77. 6
77
18.3
18 3
18.3
18 3
18.3
18 3
18 1
18.2
18 0
18.3
18 2
18.0
6. 6
4 8
6. 8
6
7. 3
7
196.9
196.9
196.9
196 9
196.9
196 9
196.9
196.9
196.9
196.9
196.9
196.9
26. 2
26.
26. 2
26.
26.2
26.2
70.3
70.9
34.6
70.7
70.3
70.4
70.6
70.1
30.9
30.3
69.4
70.9
664.6
662.2
626.6
662.0
661.2
665.3
663.3
658.0
616.5
621.2
655.0
662.5
64.4
64.9
64.8
61.8
68.1
69.0
69.9
67.3
39.1
47.7
51.4
53.3
64.9
51.2
37.0
36.1
40.7
23.9
23.0
40.1
23.5
58.2
61.4
57.4
98.2
96.0
77.7
87.6
88.2
88.1
86.4
77.9
79.9
81.4
68.4
98.3
— .8
— 1.6
-.3
.8
1.7
2.2
31
1944—Oct. 31
Nov. 30
Dec. 31
1945—j an> 31.
Feb. 28
Mar. 31
Apr. 30
May 31
June 30.
July 31
Aug. 31
Sept. 30
1
2
..
..
..
..
9
6
8
266 6
261 5
264 1
267. 2
260 4
267. 1
77 6
77. 8
77 8
77. 8
77 8
77. 8
7.
n
7. 3
2 7
4. 5
6 1
5. 4
26.
26. 2
26.
26. 2
26.
26. 2
2.1
2.4
1.5
1.8
2.9
3.8
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
Inflow less than $50,000.
202
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935, through—
Total
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other Total
Europe Europe
CanLatin
ada America Asia*
All
other1
1935—Dec. (Jan. 1, 1936). ..
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939). . .
1939—Dec. (Jan. 3, 1940). . .
125.2
316.2
583.2
641.8
725.7
67.8
116.1
136.8
127.7
125.5
6.8
18.2
22.8
26.1
42.1
7.4
10.4
21.2
27.3
29.4
-1.2
13.7
30.4
36.1
45.0
13.3
22.5
26.6
33.5
36.6
2.9
9.4
13.5
22.0
27.6
46.1
87.9
115.2
167.8
189.0
143.1 -39.7
1.7
278.3
10.5
366.4
440.6
-9.7
495.2
-7.6
12.7
15.7
175.0
167.4
184.0
7.9
17.0
24.5
33.8
42.8
1.1
3.5
6.8
9.7
11.3
1940—Dec. (Jan. 1, 1941). . .
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
803.8
855.5
848.2
925.9
128.6
127.6
125.4
127.6
43.4
51.6
52.4
50.6
31.0
31.5
31.6
33.0
46.0
44.3
44.9
44.7
36.5
36.5
36.5
36.5
28.1
28.1
28.0
27.9
196.4
201.8
207.6
210.1
510.0
521.3
526.3
530.3
25.0
35.4
-3.0
41.2
202.3
221.1
245.4
272.3
53.0
61.2
61.5
62.2
13.5
16.6
18.0
19.9
,025.8
,025.3
,019.4
,025.9
,033.4
,029.6
,061.6
,088.9
,069.9
,073.7
,058.4
,061.4
127.2
127.0
126.5
124.8
125.2
124.0
121.6
120.8
118.9
119.0
119.0
119.1
50.8
50.9
51.0
51.0
51.2
51.4
51.3
51.2
51.3
51.2
51.2
51.2
33.6
33.6
33.6
33.6
33.6
33.6
33.6
33.5
33.5
33.5
33.5
33.5
44.5
44.4
44.5
44.5
44.7
44.7
44.7
44.5
44.7
45.0
45.0
45.2
210.4
210.4
210.4
210.4
210.3
210.3
210.1
210.0
210.1
210.1
210.1
210.9
530.7
530.4
530.1
528.4
529.1
528.0
525.4
524.1
522.5
522.8
522.9
523.9
116.9
113.5
104.9
111.5
118.1
113.9
147.1
171.4
152.0
153.1
135.7
136.3
296.1
299.0
302.0
303.5
303.7
305.1
306.1
310.4
312.4
314.7
316.5
317.6
61.1
61.4
61.3
61.3
61
61
61.9
36.5
27.7
27.7
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.6
61.8
21.0
21.1
21.0
21.1
21.0
21.1
21.2
21.2
21.3
21.3
21.7
21.8
Latin
Can1
ada America Asia
All
other1
1944—Oct. 31
Nov. 30
Dec. 31
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
From Jan. 2, 1935, through—
Total
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
(Jan. 1, 1936). . .
316.7
30
917.4
29
1,162.0
(Jan. 4, 1939). . . 1,219.7
(Jan. 3, 1940). . . 1,133.7
149.8
367.7
448.7
472.6
328.1
23.4
64.7
70.3
76.9
76.6
50.5
157.6
213.8
212.1
227.7
55.1
200.2
275.3
304.1
344.7
-5.4
-7.5
-17.4
-22.8
-28.2
-.1
-3.3
-4.9
-5.5
-4.9
12.9
38.5
55.7
56.6
60.4
286.2
818.0
1,041.6
,094.1
1,004.4
2.8
32.6
37.6
25.7
-2.6
3.7
15.5
18.2
23.7
30.1
21.4
44.1
54.7
65.2
87.6
2.6
7.1
9.8
11.1
14.3
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 1, 1941). . .
31
31
31
888.7
626.7
673.3
701.1
157.1
-70.1
-77.6
-100.3
74.4
74.9
80.5
82.7
233.2
236.7
236.9
239.9
348.1
336.4
360.5
367.3
-29.1
-30.1
-30.9
-30.8
2.7
-.1
-.1
.6
64.9
67.3
75.3
86.3
851.3
615.0
644.7
645.7
-18.4
-44.7
-45.1
-58.2
25.6
28.1
35.2
40.5
17.6
17.5
27.7
62.5
12.6
10.9
10.9
10.6
735.8
732.4
911.8
909.0
845.0
820.6
802.5
785.0
848.4
843.2
831.6
818.4
-122.0
-123.5
-125.4
-127.4
-131.7
-135.4
-139.2
-142.8
-138.9
-140.3
-141.5
-143.4
70.1
70.0
77.3
77.2
76.9
68.0
67.1
66.4
77.6
71.7
71.1
78.5
239.7
239.4
239.0
239.0
367.2
369.2
368.5
366.1
363.3
362.2
360.1
359.4
363.1
363.5
362.0
360.2
-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
-30.7
-30.7
-30.7
-30.7
-30.7
1.3
1.5
1.9
1.8
2.1
2.1
2.2
.8
2.2
1.9
1.8
1.8
100.5
100.5
103.2
103.0
102.4
93.7
92.5
93.5
96.4
95.3
96.5
96.4
626.0
626.3
633.7
629.0
621.4
598.9
591.2
585.9
611.0
602.1
600.0
600.8
-24.9
-28.2
-28.1
-27.4
-84.2
-85.7
-95.9
-106.7
-91.7
-98.5
-105.4
-117.9
52.4
53.3
54.9
55.7
55.4
55.2
55.1
52.8
58.5
57.2
56.1
55.1
71.6
70.4
240.5
241.1
241.9
241.7
241.9
242.7
260.4
272.2
270.9
270.6
10.6
10.6
10.7
10.7
10.6
10.5
10.3
10.3
10.3
10.2
10.0
9.8
Latin
Can1
ada America Asia
All
other1
1944—Oct. 31
Nov. 30
Dec. 31
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
239
239
239
239.3
241.3
240.9
240.7
237.8
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 1, 1941)
31
31
31
1944—Oct. 31
Nov. 30
Dec. 31
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
1
2
Total
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
2.4
10.4
11.5
12.9
20.1
1.3
-.9
5.0
6.8
9.3
2.5
9.1
10.8
9.6
17.8
1.4
.4
5.0
5.2
5.0
7.6
22.6
44.0
47.9
71.6
-4.5
-7.6
3.5
1.8
8.7
1.0
-4.2
-.5
-.9
1.6
2.9
2.1
.5
-1.5
-3.4
- 3. 9
100.9
100.9
104.4
117.8
()
4.0
11.5
13.4
19.4
17.0
16.8
17.4
18.8
19.9
19.9
20.7
21.5
13.4
17.6
17.5
19.9
16.2
13.5
13.7
19.3
7.9
8.0
8.7
9.4
74.3
75.7
78.1
89.1
10.7
14.1
15.2
17.6
9.2
3.9
4.2
3.8
6.0
6.3
6.0
6.0
.7
.8
.9
1.3
127.1
125.0
126.3
126.1
129.9
130.5
130.4
133.6
131.8
127.1
129.1
134.6
19.0
18.2
18.5
18.5
18.6
18.6
18.4
19.1
21.7
18.5
18.2
19.1
22.6
22.7
23.1
21.9
22.9
23.1
23.1
22.6
22.8
22.8
23.1
23.1
21.2
21.3
22.3
22.4
22.7
22.6
23.0
23.1
23.5
24.2
24.4
24.7
22.5
21.6
23.0
22.9
23.9
24.5
24.7
25.8
26.0
26.4
26.6
27.8
10.5
10.0
10.5
10.6
10.8
10.5
10.5
10.3
10.6
10.6
10.8
11.1
95.9
94.1
97.7
96.6
99.0
99.4
100.0
101.1
104.8
102.7
103.4
106.1
18.2
16.7
16.2
16.7
17.0
17.0
17.0
19.3
17.9
17.3
18.2
18.6
6.3
6.4
5.1
6.3
7.2
7.5
7.0
7.5
4.1
2.3
2.3
4.5
5.0
6.0
5.6
4.7
4.8
4.7
4.4
3.9
3.0
2.7
3.2
3.2
1.8
1.8
1.8
1.8
1.9
1.9
1.9
1.9
1.9
1.9
2.0
2.2
6.0
12.9
47.5
47.6
80.6
()
(3)
Prior to J a n . 3, 1940, t h e figures under Asia represent F a r E a s t only, the r e m a i n i n g A s i a t i c countries being included under "All other."
3
Inflow less t h a n $50,000.
Outflow less then $50,000.
FEBRUARY
1946
203
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]
LIABILITIES
United
King- France
dom
Netherlands
Switzerland
Germany
Italy
Total
Other
Europe Europe
Canada
76.9
205.5
235.7
261.5
436.1
33.9
163.5
176.3
143.9
187.4
12.9
68.6
78.8
89.1
101.8
13.7
86.1
123.5
302.1
218.8
29.9
29.0
32.0
39.0
17.8
18.8
26.1
41.7
25.7
20.4
46.8
107.5
126.3
156.0
255.5
232.9
686.3
814.3
1,017.1
1,237.8
99.3
145.3
186.1
175 6
201.8
122.8
156.3
263.9
280 9
248.5
130.1
188.9
200.2
236 0
274.3
12.0
23.4
27.1
20 0
34.1
448.2
1939—Dec. (Jan. 3, 1940). . . 3,057.0
365.5
1940—Dec. (Jan. 1, 1941). . . 3,785.2
3,482.4
400.8
1941 Dec 31
554.6
3,987.5
1942—Dec 31
1943—Dec 31
5,153.7 1,000.8
288.2
490.1
448.6
432.3
439.9
204.9
174.3
174.9
186.6
193.3
376.3
508.4
339.9
184.2
210.6
9.5
6.7
6.6
6.5
38.5
17.9
15 4
12.1
11.3
516.9 1,882.6
650.6 2,213.5
608.0 1,994.0
643.4 2,020.7
722.1 2,584.5
274.6
434.3
373 2
507.4
812.6
336.0
447.3
417 7
597 7
693.7
491.4
61,6.9
583 9
712 1
887.6
72.5
73.3
113 6
149.6
175.3
Date
Total
1934—Dec. (Jan. 2, 1935). . .
1935—Dec. (Jan. 1, 1936). . .
1936—Dec. 30
1937—Dec 29
1938—Dec. (Jan. 4, 1939). . .
597.0
1,200.2
1,491.6
1,729.6
1,996.6
7.5
Latin
America Asia*
All
other1
1944—Oct. 31
Nov. 30
Dec 31
...
5,337.2
5,432.0
5,269.4
822.1 449.9
851.0 449.6
865.7 392.3
207.9
206.7
209.7
230.0
232.3
239.3
6.7
6.7
6.8
21.3
24.0
25.3
714.9 2,452.9
724.0 2,494.4
767.7 2,506.9
947.7
956.6
926.5
861.5 934.9
899.4 936.8
909.3 743.8
140.1
144.7
182.9
Dec 312
1945—Jan. 31
. . . . 5,271.4
5,382.8
865.7 401.2
787.8 383.6
209.7
206.6
239.3
237.8
6.8
6.8
27.3
31.0
767.7 2,517.8
703.6 2,357.1
926.5
976.0
909 3 743 8
963.3 912.4
174 0
174.1
Jan 312
Feb. 28
Mar 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept 30
5,389.7
5,553.1
5,575.7
5,624.0
5,670.4
5,927.3
6,108.5
6,170.8
6,260.6
419.0
409.8
366.6
338.5
315.1
372.3
399.0
356.7
313.4
206.6
209.3
208.8
208.8
209.3
213.3
215.8
218.0
220.6
237.8
245.0
252.5
252.0
258.0
261.2
268.5
273.8
277.7
6.8
6.8
6.9
7.0
6.7
6.7
6.8
31.0
33.8
36.0
39.4
42.9
43.9
49.5
53.9
58.5
703.6
709.8
715.8
739.9
752.7
803.0
839.8
805.4
877.9
787.8
838.3
834.2
819.9
832.1
861.8
872.0
824.0
746.2
6.9
6.9
2,392.5
2,452.8
2,420.8
2,405.5
2,416.9
2,562.3
2,651.3
2,538.6
2,501.0
976 0
1,070.3
1,129.1
1,164.8
1,161.3
1,267.3
1,349.8
1,449.9
1,492.1
970 2
976.9
964 0
993.5
1,035 0
1,076.9
1,100 7
1,087.4
1,110.6
912 4
911 7
917 2
916 2
915 6
878.4
865 5
942.6
990.4
138 6
141.4
144 5
144.1
141.6
142.4
141.2
152.5
166.5
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Date
Other
Europe
Belgium
Denmark
Finland
1939—Dec CTan 3 19401)
1940—Dec. (Jan. 1, 1941). .
1941—Dec 31
1942—Dec. 31
1943—Dec. 31
516 9
650.6
608 0
643.4
722.1
159 2
144.8
117 3
121.8
122.9
28 1
17.3
18 1
17.7
13.9
21 4
16.5
5 7
1944—Oct. 31
Nov. 30
Dec. 31
1945—Jan. 31
Feb. 28
Mar. 3 1 . .
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
714.9
724 0
767.7
703.6
709.8
715.8
739.9
752.7
803 0
839 8
805.4
877.9
124.1
124 3
124.3
121.8
123.5
133.7
139.7
147.3
142 1
150 5
149.9
218.6
13.6
13.4
14.8
14.4
14.2
14.4
13.7
13.4
13.7
13.7
14.4
16.8
7.1
7.1
7.1
7.0
6.6
7.1
7.0
6.8
6.7
7.9
7.7
6.6
6.7
7.2
Greece3 Luxembourg3
Norway
39.3
43.5
18.3
18.4
56 3
48 7
65 2
132.4
158.9
48.8
48.7
48.7
48.7
48.6
50.6
52.5
53.7
56.6
60.5
63.2
66.1
18.6
18.5
18.6
18.5
18.6
18.6
18.5
19.1
19.3
22.9
22.9
22.9
186.6
186.6
220.8
185.4
187.2
194.7
199.9
194.0
240.6
236.6
187.1
184.4
3
All
Portu3 YugoRugal3 mania3 Spain Sweden USSR slavia3 other
35.7
53.4
9.4
45.6
49.8
54.5
42.0
41.3
35.4
39.4
36.6
40.6
46.4
39.0
45.5
9.2
9.4
9.5
9.4
9.1
9.3
9.3
9.3
*9.3
9.3
9.3
9.7
9.2
17.5
31.8
142 2
235 4
210 7
153.5
163.2
14.3
12.3
17.7
9.9
109 8
187.9
191 0
57.9
76.9
41.4
43.3
43.4
38.2
41.1
27.3
31.5
37.6
31.8
36.9
40.4
32.6
149.0
148.0
152.1
148.6
152.3
157.7
158.0
160.2
165.4
183.7
194.3
199.1
8.2
12 9
16.1
12.7
12.9
8.6
12.8
17.5
20.9
22.3
25.7
25.4
6.9
5 8
5.7
5.7
5.7
5.8
5.8
5.6
5.7
5.2
5.1
5.2
55.7
56.2
52.1
51.0
48.7
52.8
51.8
51.7
50.3
45.2
46.9
45.0
Latin America
Latin
BoAmer- Argentina livia4 Brazil Chile
ica
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)....
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
336 0
447.3
417 7
597.7
693.7
57 7
115.4
75 7
67.6
69.8
1944—Oct.
Nov.
Dec.
1945—Jan.
31
30 .
31
31
861.5
899 4
909.3
963.3
Jan. 312
Feb. 28..
Mar. 31
Apr. 30 .
May 31
June 30
July 31 .
Aug. 31
Sept. 30
970.2
976.9
964.0
993.5
1,035.0
1,076.9
1,100.7
1,087.4
1,110.6
Colom-4
bia
NetherFrench
lands
West
Other
4 Vene- Latin
Costa4 Cuba Indies Mex- West PanaIndies ma5 Peru zuela4 Amerand
Rica
ico
and
Gui-4
ica
Suriana
nam4
37.0
47.9
62 5
12.4 100.3
12.2 70.4
26 8
28.5
27 3
34.5
54.0
43.4
67.1
72.1
84 6
93.9
89.3
12.6
17.4
18 7
17.7
19.9
36 4
36.2
50 5
67.7
98.7
134.8
142 7
140.8
160.2
46.3
57 4
55.0
54.4
86.9
85 2
83.6
85.0
7.8
7 1
7.4
7.0
89.3
89.9
73.4
73.1
70.0
73.2
82 5
75.1
78.0
19.9
18.9
17.1
18.5
17.7
19.2
17 2
18.0
17.9
160.2
156.9
128.2
133.3
138.8
146.2
164 4
163.0
181.5
54.4
53.2
52.1
51.3
54.9
66.8
64.6
64.5
63.2
85.0
82.8
81.5
77.2
76.6
76.2
82.3
90.2
93.2
7.0
6.9
7.4
8.1
8.2
7.5
8.0
7.0
6.2
io.8
20.7
41.2
34 0
58.7
42 1
36.9
57.6
17.7
17.4
20.9
24.2
85 3
105.6
121.8
64.2
95.4
87.9
90 7
83.1
99.3
37.6
35 8
36.0
35.3
65.7
67 7
69.1
69.4
24.0
25 8
27.7
29.2
39.7
29 4
31.5
49.0
117.0
120 0
119.8
121.5
99.3
114.2
129.0
140.1
158.4
163.8
177.2
158.7
164.4
35.3
35.5
34.3
33.7
32.5
29.2
31.5
31.7
32.9
76.3
78.7
82.5
81.8
83.1
86.2
89.6
87.8
89.1
29.2
29.7
32.7
33.9
33.9
35.5
35.8
38.8
38.8
49.0
43.9
49.4
43.2
48.2
41.5
50 2
43.0
44.3
121.5
124.6
129.9
133.8
136.6
134.8
134 9
145.3
138.6
4.9
2.6
58 8
55.0
37 7
95.7
70.4
120.6
131.1
139.3
139.1
3.8
3 1
4.4
4.6
139.1
136.6
141.2
160.2
169.6
190.4
153.9
156.9
154.5
4.6
5.1
5.4
5.2
6.3
6.3
8.6
7.3
7.8
For footnotes see p. 205.
204
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES.
BY COUNTRIES—Continued
[In millions of dollars]
LIABILITIES—SUPPLEMENTARY DATA—Continued
Asia and All Other
India,
BurFrench
ma,
Asia China Indo-1 Hong
Kong
and
China
Cey-1
lon
1939—Dec.
1940—Dec.
1941—D ec1942—Dec.
1943—Dec.
167.0
207.5
156 8
360.9
574.2
71 4
91.1
61.6
27.4 41.6 13.1
27.4 23.9 18.2
165.4
110 3
69.9
1.0
4.8 160.4
.9
4.1 110.1
29.1
58.5
162.4
45.6
30.7
264.9
36.8 29.9 36.2
37.9 35.4 55.5
72.5
73.3
113.6
149.6 23.1 4.8
175.3 25.3 5.1
6.8
6.1
12.1
10.3
11.0 91.8
4.5 124.1
. . . 934.9 617.6
936.8 607.2
743.8 427.3
27.4 23.0 22.6
27.4 22.9 39.3
27.4 22.9 22.1
1.1
1.2
1.3
4.1 111.8
4.0 113.6
4.0 110.5
44.4 20.9 62.0 140.1 35.1 4 0
39.2 20.3 61.7 144.7 40.0 3.6
40.4 23.7 64.2 182.9 52.9 3.5
6.6
7.2
7.3
4 7
4.4
4.3
7 3 82.45.2 84.2
8.3 106.5
743.8 427.3
912.4 573.9
27.4 22.9 22.1
27.4 22.6 20.8
1.3
1.3
4.0 110.5
4.0 111.1
40.4 23.7 64.2 174.0 52.9 3.5
40.2 37.1 74.0 174.1 34.2 5.6
7.3
8.4
4.3
4.2
8.3 97.6
8.9 112.8
912.4
911.7
917.2
916.2
915.6
878.4
865.5
942.6
990.4
27.4
27.4
27.4
27.5
27.5
27.5
27.5
27.6
27.6
1.3
.9
.9
.9
.8
4.0 111.1 40.2 37.1
3.9 113.5 42.8 46.0
4.0 116.5 , 40.4 50.4
4.0 115.4 43.8 51.6
4.0 117 6 45.2 50 7
4 . 1 111.3
49.6 51.5
4.3 112.6 52.5 50.8
3.9 108.8 50.4 51.2
99.3 92.0 50.5
4.2
8.4
8.8
9.0
9.8
9 5
11.0
10.8
13.6
13.6
4.2
4.1
3.9
4.1
4 3
3 6
4.0
4.7
5.8
8.9
8.0
7.4
7.1
6 0
6.4
4.7
5.8
8.4
(Jan. 3, 1940)491.4
(Jan. 1, 1941)616.9
3i
533 9
712.1
31
31
887.6
1944—Oct. 31
Nov. 30
Dec. 31
Dec. 313
1945—Jan. 3i
Jan. 31 3 .
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
1
2
3
Japan
Egypt
Neth- PhilBri- (incl.
and French Union
Koer- ippine Tur- Other All Aus- New Anglotish
of
rea)
lands
2 tra- Zea1
Other
Mo- South
IsMa- 1 and
other
key
EgypAsia
East 1 lands
lia land tian rocco Africa
laya Man- Indies
Sudan
churia
573.9
556.9
554.4
546.9
541.7
519.6
501.1
578.7
588.5
22.6
22.8
21.9
21.6
21.9
22.0
21.9
21.7
21.9
20.8
21.1
21.3
23.5
26.6
23.2
24.1
25.3
28.9
1.0
.9
.9
.9
74.0
76.4
80.1
80.9
79.4
68.6
69.6
74.2
76.7
138.6
141.4
144.5
144.1
141 6
142.4
141.2
152.5
166.5
34.2
34.9
34.6
34.5
32 0
30.7
27.8
27 6
28.5
5.6
4.8
4.1
3.6
3 5
3.3
3.3
4 6
3.1
77.4
80. &
85.5
85.0
86 2
87.4
90.5
96.2
107.1
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
See footnote 2 for main table.
Footnotes
to table on p. 204.
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
2
Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice
of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to the United States" have been adjusted to exclude
the unreal
movements introduced by these changes. Figures shown above are adjusted to compare with those of previous months.
3
Prior to June 30, 1942, included under "All other."
*5 Prior to June 30, 1942, included under "Other Latin America."
Included "Canal Zone" prior to June 30, 1942.
NOTE.—For previous changes or corrections in the reporting practices of reporting banks (similar to those indicated in footnote 2 above),
which occurred on Aug. 12, 1936, Jan. 5, 1938, Oct. 18, 1939, and May 7, 1941, see Banking and Monetary Statistics, pages 578-584. For changes
subsequent to 1941, which occurred on Apr. 1 and June 30, 1942, Sept. 30 and Oct. 31, 1943, and Mar. 31, 1944, see BULLETIN for September
1945, pp. 967-970.
ASSETS
Date
Total
United
King- France
dom
Nether
lands
Switzerland
Germany
Italy
.5
.5
.8
.5
.3
18.6
19.0
21.9
23.0
24.2
8.2
6.6
5.4
5.5
5.5
231.7
202.0
165.1
126.1
89.4
27.2
13.5
10.9
20.8
13.5
80.0
71.2
57.8
52.9
45.9
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
(Jan. 2, 1935)
(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
1.139.9
778.6
672.6
655.0
594.0
296.9
88.1
114.1
84.8
86.0
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
508.7
384.0
367.8
246.7
257.9
39.9
23.0
20.9
12.6
19.9
4L 9
4.2
: .8
.3
.1
5.7
.9
1.1
.5
.4
5.2
1.5
2.6
1.5
3.0
53.4
39.6
34.4
34.0
33.9
11.8
1944—Oct.
Nov.
Dec.
1945—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
31
30
31
31
28
31
30
31
30
31
31
30
244.2
262.8
329.7
287.3
275.6
286.9
290.8
289.8
375.0
325.3
296.5
260.2
23.4
24.6
25.9
25.8
27.4
23.2
25.4
30.5
27.9
24.8
31.6
24.9
.3
.4
L.4
.5
L.5
L.5
L.4
L.3
L.3
L.2
L.2
1.2
.3
.3
.3
.3
.3
.3
.5
.4
.7
.3
.4
.6
1.5
3.3
1.3
1.9
.8
.9
.9
.8
5.4
3.6
2.0
2.7
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
.3
.3
.3
.4
.3
.3
.3
.3
.3
.3
.3
.3
8C
32
16
13
1C
2.0
1.5
.4
.4
Canada
Latin
America
Asia1
All
other1
743.2
433.0
392.1
326.5
274.9
96.3
100.9
59.4
118.0
60.4
174.6
154.5
141.1
114.4
99.1
117.4
80.1
67.2
78.9
144.1
10.1
12.9
17.2
15.5
51.4
29.9
26.2
22.3
19.0
172.2
101.0
88.4
72.6
77.6
39.7
36.0
33.6
34.3
37.8
113.3
122.7
148.3
99.7
112.2
174.1
117.8
87.9
35.3
26.3
9.3
6.4
9.7
4.8
3.9
8.8
8.2
69.5
71.9
107.5
72.1
72.9
68.8
70.8
76.2
117.6
113.0
79.1
71.7
28.5
28.0
28.1
31.1
24.8
23.9
23.0
25.6
53.8
45.2
41.5
39.6
103.1
116.8
131.0
131.9
127.3
144.1
145.0
127.9
144.5
109.8
106.6
110.6
30.9
33.0
51.4
41.5
40.9
41.0
42.6
51.1
49.2
47.7
60.7
30.8
12.2
13.0
11.7
10.6
Other
Total
Europe Europe
44.4
8.4
8.7'
8.7
8.4
8.9
48.2
48.7
9.7
8.1
8.5
9.7
9.2
9.3
9.0
9.9
9.5
8.5
7.6
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice
of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942,
reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974.
FEBRUARY
1946
205
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
ASSETS—SUPPLEMENTARY DATA
Other Europe
Other
Europe
Bel-
Denmark
Finland
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
51.4
29.9
26.2
22.3
19.0
6.5
1.5
3.2
.3
1.4
1
1.9
5.6
7.6
1944—Oct. 31
Nov. 30
Dec. 31
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
8.2
44.4
8.4
8.7
8.7
8.4
8.9
48.2
48.7
9.7
8.1
Date
1.1
.8
.7
Greece1 Luxembourg1
Norway
PorRutugal1 mania1
Spain
Sweden
Yugo- All
USSR1 slaviar other
28.0
24.5
22.1
8.4
5.0
1.1
.6
3.6
.9
.5
.2
.2
2.4
1.4
3.2
3.2
8.7
1.0
.6
.4
.2
.6
.6
.6
.6
.6
.6
.6
.6
.6
.6
.6
.6
.1
.1
35.1
.1
.1
.1
.1
.1
40.1
40.5
.1
.1
.6
.6
.8
.7
.6
.5
.6
.6
.5
.2
.3
.3
1.6
.8
1.8
.9
1.2
1.3
.9
1.5
.9
.9
1.4
.9
.2
.3
.2
.2
.2
.2
.2
.3
.3
.7
1.5
.3
.7
.7
.7
.7
()
CO2
()
4.8
5.0
5.1
5.0
5.1
5.0
5.1
4.9
4.8
4.9
4.9
5.1
Latin America
Date
Latin Argen- BoAmertina
livia3
ica
Brazil
Chile
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
113.3
122.7
148.3
99.7
112.2
16.8
11.9
16.8
6.9
15.3
3.0
1.8
32.2
33.1
38.0
16.7
18.9
9.7
13.4
14.9
15.3
16.6
1944_Oct.
Nov.
Dec.
1945—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
31
30
31
31
28
31
30
31
30
31
31
30
103.1
116.8
131.0
131.9
127.3
144.1
145.0
127.9
144.5
109.8
106.6
110.6
3.9
3.9
3.1
2.8
2.9
5.5
8.7
7.7
8.3
14.1
11.0
12.8
1.6
1.4
1.8
1.7
1.2
1.3
1.4
1.3
1.2
1.2
1.3
1.1
23.5
24.4
25.3
24.8
23.8
22.7
24.1
25.5
30.6
26.9
24.4
21.7
8.7
8.7
9.0
8.5
8.5
7.8
8.7
8.4
7.0
8.4
6.3
7.5
Colombia3
Costa
Rica3
Cuba
French
West
Indies
and
Guiana3
Netherlands
West
PanaMexico Indies
ma4
and
Suri3
nam
20.7
12.2
10.5
11.7
11.3
8.3
20.1
5.9
6.1
7.6
4.8
11.2
1.0
2.1
2.4
2.1
1.1
12.2
14.8
15.5
15.5
13.5
16.0
14.7
15.1
16.8
16.3
17.1
16.7
25.1
33.9
47.4
49.2
50.1
60.9
57.1
39.1
49.7
10.3
14.5
18.3
8.3
8.0
8.6
9.3
8.4
9.1
8.8
8.7
8.9
10.2
8.7
9.0
.9
.8
.9
1.0
1.0
1.0
.9
1.0
1.1
(2)
()
Peru3
Other
Vene- Latin
zuela3 America
2.8
1.4
3.9
3.8
.5
.5
.2
.7
.4
.4
.4
.4
.4
.7
.9
.3
4.3
5.6
5.1
4.1
3.7
4.0
4.9
5.8
5.6
5.5
5.2
5.2
37.2
44.4
57.3
14.2
11.6
12.1
11.7
11.8
11.4
13.1
13.0
12.6
12.3
12.4
13.7
14.1
Asia and All Other
Date
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
India,
French Hong Burma,
Asia China Indo- Kong and
China5
Ceylon*
(Jan. 3, 1940) 174.1 22.0
(Jan. 1, 1941) 117.8 23.7
87.9 23.5
31
35.3 11.1
31
1.7
26.3
31
1.9
1.7
3.1
.9
1.0
1.4
1.6
1.5
1
1.2
1.3
1.3
1.1
1.2
1.0
1.1
1.1
.9
.9
.9
.9
.9
.9
.9
.9
1944—Oct. 3 1 .
Nov. 30.
Dec. 3 1 .
1945—Jan. 3 1 .
Feb. 28.
Mar. 31.
Apr. 30.
May 3 1 .
June 30.
July 3 1 .
Aug. 3 1 .
Sept. 30.
30.9
33.0
51.4
41.5
40.9
41.0
42.6
51.1
49.2
47.7
60.7
30.8
()
8
Japan
Egypt
(incl. Neth- PhilUnion
Briand
KoerAus- Ne Anglo- French
TurAll
of
tish
Other
rea)
lands
Mo5
6 tra- ZeaEgypSouth Other
MaIskey Asia other lia land
and
East lands
rocco Africa
tian
laya1 Man- Indies
5
Sudan
churia
2.2
2.0
1.6
1.7
26.4
22.6
23.0
14.4 1.8
13.9 3.2
1.9
4.2
22.3
12.4
12.1
11.8
12.1
19.4
16.8
14.5
15.0
8.0
1.4
1.5
1.5
1.4
1.4
1.4
1.4
1.4
1.4
1.4
1.4
1.4
14.0
13.8
13.8
13.9
13.9
13.9
13.9
13.9
13.6
13.9
26.0
13.6
102.1
55.8
18.9
1.9
1.4
1.8
2.0
1.8
1.8
1.9
2.0
2.0
2.2
2.1
2.3
21.6
14.0
19.5
2.0
1.8
9.3
6.4
9.7
4.8
3.9
2.4
8.9
8.8
8.6
9.0
9.1
10.5
11.8
12.5
13.1
13.6
2.9
12.2
13.0
11.7
10.6
9.7
9
9.3
9.0
9.9
9.5
8.5
7.6
10.4
11.0
9.7
8.3
7.2
6.7
6.7
6.1
6.0
5.2
5.0
4.5
1.7
1.0
.9
2.1
1.0
.7
1.0
1.0
1.0
1.1
1.2
1.1
1.2
1.2
2.4
1.6
1.8
1.6
(2)
1
Prior to June 30, 1942, included under "All other."
2 Less than $50,000.
3
Prior to June 30, 1942, included under "Other Latin America."
4
Included "Canal Zone" prior to June 30, 1942.
5
Prior to June 30, 1942, included under "Other Asia."
6
Country breakdown not available until June 30, 1942.
206
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
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.
1944—Dec. 27 .
1945—Jan. 31.
Feb. 28.
Mar. 28.
Apr. 25.
M a y 30.
June 27.
July 25.
Aug. 29.
Sept. 26.
Oct. 31.
Nov. 28.
Dec. 26.
Assets of issue
department
Assets of banking department
Coin
Notes
Discounts
and advances
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5 630.0
a 780.0
5 950.0
1,100.0
1,250.0
.2
.6
.6
.8
1.0
.5
.6
.6
1.0
.9
.3
.9
.9
1.9
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
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
5.1
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
317.4
1,250.0
1,250.0
1,250.0
1,250.0
s 1,300.0
1,300.0
5
1,350.0
1,350.0
1,350.0
1,350.0
1,350.0
M,400.0
1.5
1.7
1.5
1.3
1.2
1.3
.9
.4
.2
.4
.5
.4
30.6
33.1
14.5
15.0
30.6
15.1
44.5
24.3
20.3
28.1
22.6
20.3
6.6
8.5
18.6
20.1
9.6
3.8
1.8
7.2
3.6
11.2
11.3
8.4
263.6
261.1
268.4
269.9
254.3
324.2
263.6
295.3
331.7
288.9
301.6
327.0
Cash reserves
Other
assets2
Gold*
145.8
147.6
120.7
119.8
190.7
192.3
200 1
313 7
326 4
326 4
* .2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
Liabilities of banking department
5
5
Securities
Note
circulation3
Deposits
Bankers'
Public
Other
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
1,238.6
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
260.7
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
5.2
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
52.3
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
17.8
1,219.6
1,217.1
1,235.8
1,235.2
1,269.6
1,285.2
1,305.7
1,325.9
1,329.9
1,322.2
1,327.6
1,379.9
215.1
207.8
218.9
229.6
212.4
262.3
229.1
238.2
279.1
244.2
250.2
274.5
11.6
18.1
8.9
8.5
14.8
12.7
10.3
16.0
5.5
9.2
10.5
5.3
57.8
60.5
57.0
50.5
50.7
51.6
53.6
55.0
53.1
57.4
57.7
58.5
17.9
18.0
18.1
17.7
17.8
17.9
17.9
18.0
18.1
17.7
17.8
17.8
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
Gold
180.5
179.4
179.8
185.9
225.7
1945—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
M a y 31.
June 30.
July 31.
Aug. 31.
Sept. 29.
Oct. 31.
Nov. 30.
Dec. 31..
Sterling
and United
States
dollars
Other
liabilities
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Note
circulation7
Chartered
banks
Dominion
government
Other
liabilities8
Shortterm6
Other
4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
.6
172.3
30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
787.6
906.9
83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
472.8
573.9
8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3
47.3
34.3
99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
874.4
1,036.0
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
340.2
401.7
17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
20.5
12.9
2.1
3.5
3.1
17.9
9.5
6.0
19.1
17.8
27.7
7.7
13.4
14.4
9.3
13.3
28.5
35.1
24.0
55.4
209.1
172.3
170.4
177.1
196.6
177.9
174.4
174.4
176.1
176.1
176.1
159.0
156.8
914.5
891.6
926.5
937.7
1,068.3
1,073.8
1,034.7
1,031.5
1,028.9
1,109.4
1,168.1
1,157.3
590.2
595.5
608.7
621.7
533.5
559.5
558.3
584.0
591.4
590.6
629.4
688.3
28.0
29.0
33.2
49.7
42.0
34.4
56.5
62.3
34.9
39.5
69.5
29.5
1,020.6
1,028.6
1,048.7
1,062.3
1,055.8
1,063.2
1,078.8
1,097.9
1,112.4
1,136.6
1,113.8
1,129.1
413.1
397.6
422.0
448.9
464.8
492.0
441.1
444.4
442.9
474.2
495.2
521.2
23.2
27.9
18.7
39.5
33.6
43.9
57.5
32.6
39.6
51.0
159.1
153.3
36.0
37.2
52.7
50.8
32.4
35.9
37.6
39.7
22.4
32.4
27.4
29.8
212.1
195.1
203.4
204.2
235.1
207.1
208.8
239.2
213.9
221.3
230.5
198.5
Other
1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939.
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings
and three
pence.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3 Notes issued less amounts held in banking department.
* On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from
Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
s Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by
70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, and on
May6 8, July 3, and Dec. 10, 1945.
Securities maturing in two years or less.
7
Includes notes held by the chartered banks, which constitute an important part of their reserves.
8
Beginning November 1944, includes a certain amount of sterling and United States dollars.
9
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640
and pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication.
FEBRUARY
1946
207
CENTRAL BANKS—Continued
Assets
Bank of France
(Figures in
millions of francs)
Gold*
2
Open
market 2 Special
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
597,267
584,616
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
1,379
652
1,797
2,345
661
12
169
29
1944—July 1 3 . . .
D e c . 28« . .
84,598
75,151
37
42
45,851
47,288
48'
75,151
75,151
75,151
75,151
75,151
75,151
75,151
5
65,152
65,152
42
42
44
44
45
46
46
47
45
47,842
47,894
48,483
48,257
48,141
48,703
49,363
60,087
62,210
1945—Jan.
Feb.
Mar.
Apr.
May
Aug.
Sept.
Oct.
Nov.
25 . . .
22...
29...
26. ..
31...
30...
27...
31...
29.. .
Advances to
Government
Domestic bills
Foreign
exchange
27. ..
26...
30. ..
30...
29 . . .
28. ..
27...
30...
30. ..
29...
28...
26 . . .
31. ..
31...
30. . .
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
Liabilities
16
9
2
27
153
Other
For occupation
costs3
Other
Deposits
Note
circulation
Govern- C.A.R.4
ment
Other
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
68,571 11,737
76,436 12,624
85,725 5,898
85,028 2,311
82,613 2,322
83,412 3,718
81,150 2,862
89,342 2,089
93,837 3,461
110,935 5,061
151,322 1,914
218,383
984
270,144 1,517
382,774
770
500,386
578
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
3,16a
2,718.
2,925
3,586
3,894
4,461
4,872
23,799
35,221
584,820
572,510
46,899
37,855
4,89a
7,078
7
45,435
7
37,903
7
562,416
568,900
580,123
580,944
548,945
469,652
496,258
528,945
545,795
50,382
43,697
39,951
42,302
57,231
50,005
53,156
52,552
53,447
4,852
4,797
5,075
4,95a
7,701
4,600
4,506
5,617
4,540
Other
assets
2
8,624
8,429
7,389
3,438
4,739
3,971
9 712
8,465
17,698
10,066
31,909
7,880
20,627
5,149
34,673
3,646 ' 72,317 63,900
4,517 142,507 69,500
5,368 210,965 68,250
7,543 326,973 64,400
4,856
18,592
409,200 70,850
426,000 15,850
26,360
23,473
16,601
14,967
10,162
12,936
14,242
20,442
26,073
426,000
426,000 7,700
426,000 17,550
426,000 20,900
426,000 19,750
426,000
426,000
426,000
426,000
7
42,093
H3.634
7
35,403
7
41,666
7
42,717
7
46,152
45,859
41,400
64,580
16,857
10,724
729
748
3,196
778
775
756
774
80,246
53,598
30,793
21,708
1,853
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Reserves of gold and
foreign exchange
Total
reserves
1929—Dec. 31
1930—Dec. 31
1931—Dec. 31
1932—Dec. 31
1933—Dec. 30
1934—Dec. 31
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—]3 ec . 3i
1942—Dec. 31
1943—Dec. 31
2,687
2,685
1,156
920
396
84
88
72
76
76
78
78
77
76
77
1944—Mar. 31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 30
77
77
77
77
77
77
77
77
77
77
1945—Jan. 31
Feb 28
77
77
Gold
2,283
2,216
984
806
386
79
82
66
71
71
71
71
71
71
71
(8)
Bills (and
checks),
including
Treasury
bills
Other
liabilities
Liabilities
Securities
Security
loans
Eligible
as note
cover
Other
Other
liabilities
Other
assets
Note
circulation
Deposits
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
2,311
1,664
2,337
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
1,091
1,3781,396
1,493
1,68a
1,98a
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
"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
40,379
40,909
42,159
42,150
43,222
45,829
50,821
53,954
56,939
63,497
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
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
1,7881,833
1,915
2,004
2,054
2,185
2,160
2,216
2,264
2,445
64,625
70,699
199
307
81
112
60
61
2,083
2,591
51,207
55,519
13,566
16,419
2,353
1,909
736
822
1,338
1,313
836
1.001
923
953
97a
7l'
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 from Exchange Stabilization Fund to Bank
of France; in week ending Mar. 7, 1940, 30,000 million and in week ending Oct. 11, 1945, 10,000 million francs of gald transferred from Bank of
France
to Stabilization Fund.
6
First official statement published since liberation.
7
Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium
on Dec.
22, 1944.
8
Gold not shown separately in weekly Reichsbank statement after June 15, 1939.
NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and
pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication.
1
208
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1945
Dec.
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounted paper
Other assets
Note circulation
Deposits—Member bank
Government
Other
Certificates of participation in
Government securities
Other liabilities
C o m m o1n w e a l t h Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks. .
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities
National Bank of Belgium
(millions
of francs):
Gold2
31,383
Foreign exchange
3,688
42,270
Loans to Government
Other loans and discounts
1,769
Claim against Bank of Issue... . 64,597
Other assets
1,342
Note circulation
70.376
Demand deposits
3,444
Blocked Treasury account2
3 14,493
Notes and blocked accounts 4 .... 55,589
Other liabilities
:
1,147
Central Bank of Bolivia (millions
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria 5
Central Bank of Chile (millions
of pesos):
Gold
Discounts for member banks....
Loans to Government
,
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
P. . .
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
221,561
Foreign exchange
87,806
Loans and discounts
25,748
Government loans and securities. 65,549
Other assets
30,529
Note circulation
204,938
Deposits
174,436
Other liabilities
51,819
National Bank
of
Czechoslovakia
in Prague 6 (millions of koruny):
Gold
Foreign exchange
Loans and discounts
Other assets
Nov.
Oct.
Dec.
235
280
871
,242
,498
875
164
,682
,743
536
185
161
,354
,402
551
162
182
221
120
188
177,783 172 ,780
925
1,863
410,568 415 ,387
,755
13,731
,714
190,464
230,689 227 ,876
27,074 27 ,086
155,719 159 ,172
31,166 30
4,820
44,686
1,095
64,597
1,283
66,761
3,237
314,493
62,029
1,127
62
768
550
372
630
42
234
,459
,008
129
600
406
286
633
41
75
,253
682
107
287
385
706
549
,686
,616
475
195
326
273
361
710
927
,159
,598
333
187
312
201 261 199,388
96, 307 97,706
24, 234 16,315
66,
67,870
32,
32,363
173,612
180.
186,198
186
52,
53,833
787
122
573
281
058
287
598
937
1,517
813
1,160
129,579
,517
793
179
,517
799
,640
,888
Central Bank
(Figures as of last report
date of month)
1944
Dec.
Nov.
Oct.
Dec.
National Bank of Czechoslovakia
in Prague—Continued
Note circulation—Old
17,847 16,723 34,879
New
2,841 15,827
Deposits
99,501 78,548 15,306
Other liabilities
12,880 19,052 14,660
National Bank of Denmark
(millions of kroner):
97
Gold
97
97
Foreign exchange
22
71
110
Clearing accounts (net)
2,762
2,935
2,946
Loans and discounts
55
46
41
Securities
95
68
73
Govt. compensation account 7 . . .
85
65
65
Other assets
4,389
5,001
4,979
Note circulation
1,350 1,658
1,421
Deposits—Government
2,327
2,903
2,829
Other
3,011
3,579
3,618
Other liabilities
510
452
443
Central Bank of Ecuador
(thousands of sucres):
Gold
288,843 288,636
Foreign exchange (net)
118,365 178,737
Loans and discounts
131,895 84,421
Other assets
90,598 90,324
Note circulation
337,865 312,995
Demand deposits
263,650 284 ,989
Other liabilities
28,187 44,135
National Bank of Egypt 8 (thousands of pounds):
Gold
6,241
6,241
Foreign exchange
17,137 16,147
Loans and discounts
6,182 6,754
British, Egyptian, and other
Government securities
296,406 260,533
Other assets
27,615 20,329
Note circulation
139,789 116,708
Deposits—Government
69,170 67,790
Other
128,685 113,869
Other liabilities
15,939 11,638
Central Reserve Bank of El Salvador (thousands of colones):
Gold
33,027 33,047 33,241
Foreign exchange
36,252 36,415 29,438
Loans and discounts
1,314
1,789
2,126
Government debt and securities.
6,041
6,452 6,485
Other assets
1,149
1,892
1,905
Note circulation
44,607 43,769 44,711
Deposits
27,796 29,210 19,841
Other liabilities
7,008
7,000 6,630
Bank of Finland 5
Bank of Greece 5
5
National Bank of Hungary
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad. .
444
444
444
Sterling securities
10,693 10,493
9,043
Indian Govt. securities
578
578
578
Rupee coin
170
147
182
Note circulation
11,764 11,561 10,096
Banking department:
Notes of issue department..
122
117
136
Balances abroad
5,641
5,330 3,423
Treasury bills discounted. .
8
19
1
Loans to Government
2
3
Other assets
205
276 '"283
Deposits
5,532 3,513
5,814
Other liabilities
255
217
234
Central Bank of Ireland (thousands
of pounds):
Gold
2,646
2,646
2,646
2,646
Sterling funds
36,287 34,809 33,288 30,449
Note circulation
38,933 37,455 35,934 33,095
5
Bank of Japan
Bank of Java 5
1
Beginning Aug. 27, 1945, figures published in the balance sheet of the Commonwealth Bank cover central banking operations only, while
previously
these statements included the operations of the General Banking Division.
2
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
In addition to the gold increment includes notes not presented for exchange and forfeited to the State.
4
Includes current accounts transferred and to be transferred to blocked accounts and old notes not declared.
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; of Hungary
(November
1944), see BULLETIN for January 1946, p. 99; and of Java (January 1942), see BULLETIN for March 1943, p. 278.
6
First statement available since liberation is that for July 31. Until May 1945, known as the National Bank of Bohemia and Moravia.
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.
8
Items for issue and banking departments consolidated.
FEBRUARY
1946
209
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—Old
New*
Deposits—Government
Blocked
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 Norway4
Bank of5 Paraguay—Monetary
Dept. (thousands of guaranies):
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 labilities
Bank of Portugal (millions of escudos):7
Gold
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of R u m a n i a 4 8
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
Dec.
713
1
4,539
16
119
327
1,386
2.493
482
368
483
Nov.
713
1
4,535
1
147
117
440
1,011
2,596
519
465
482
2,802
74,177
30,865
5,799
921
42,795
67,153
4,616
114,457
42,679
3,747
106,835
66,254
196,055
5,409
1944
Oct.
Dec.
740
604
1,975
37
45
1,604
1,356
177
1,535
395
58
1,358
1,058
176
713
931
1
4,509 '4^518
91
136
138
123
102
563 5,078
748
2,560
116
834
294 " 345
482
240
2,802
71,766
25,016
10,997
938
41,916
65,557
4,045
2,802
39,655
28,126
11,737
2,729
41,385
39,860
3,804
3,323
27,505
6,045
10,526
361
27,564
18,085
2,111
3,332
25,778
4,854
10,740
928
28,161
15,856
1,615
(Sept.)6
142,340
25,278
72,322
28,198
474,040
264,274
29,825
136 ,972
15,511
449 ,466
21,214
416 ,601
178,816
27,746
Aug.)
1,419
6,383
9,620
282
1,020
762
7,717
10,884
885
1,412
5,570
9,116
261
1,023
784
7,642
9,713
810
115,807
31,404
3,909
108,226
65,614
188,332
5,401
98,832
25,518
12,922
94,964
59,920
166,666
5,649
1,188 1,147
609
598
15,910 16,506
3,544 3,107
2,048 1,862
1945
Central Bank
(Figures as of last report
date of month)
Dec.
ink of Spain—Continued
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Sweden (millions of kronor)
Gold
Foreign assets (net)
Swedish Govt. securities and ad- 9
vances to National Debt Office
Other domestic bills andadvances
Other assets
Note circulation
Demand deposits—Government
Other
Other liabilities
Swiss National Bank (millions of
francs):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities
Central Bank of the Republic of
Turkey (thousands of pounds):
Gold
Foreign exchange and foreign
clearings
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Gold
Other
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
Note circulation
Banking department:
Gold and silver
Notes and coin
Advances to State and to
government bodies
Other loans and discounts..
Other assets
Deposits
Other liabilities
Central Bank of Venezuela (thousands of bolivares):
Gold™
Foreign exchange (net)
Credits to national banks
Other assets
Note circulation—Central Bank.
National banks
Deposits
Other liabilities
National Bank 4of the Kingdom
of Yugoslavia
Bank for
International Settlements 11 (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
Nov.
1944
Oct.
Dec.
17,990 17,729
24
925
3,666 4,406
705 1,072
1,06:
758
1,500
32
1,120
2,782
831
122
739
4,777
166
199
3,835
1,110
,046
81
1,046
783
1,019
567
,43:
4!
,12:
,546
,048
82
787
1,203
22
1,096
2,567
697
183
704
1,278
61
1,107
2,492
564
244
730
,798
125
104
89
,725
,093
298
4,806
111
294
89
3,704
1,298
298
4,554
102
99
94
3,548
1,015
286
294,692 294,692 276,382
55, 869
76, 073
168, 378
27, 260
894, 375
85, 586
37, 853
204, 458 179
834 54,646
839 849,158
531 174,314
654 23,025
075 963,981
586 85,586
341 156,174
549 171,783
122,751 122,751
158,063 156,202
186,825 129,362
23,848 25,081
9,944 19,054
95,014 91,736
320,844 277,250
287,620 251,181
348,854 291,302
117,093
64,658
10,157
11,234
75,379
9,813
•11,131
> 6,820
903 484 013 328,694
672 72 849 65,600
14 310 22,560
13 338 25,843
327 658 290,991
10 869 18,742
!36 533 102,207
451 30,758
821
118,285 118,285 114,036
292 42,924 45,508
806 9,439 12,064
328 81,936 72,619
750 2,750 14,968
760 198,879 200,604
140
77
118
16 956 16,962 21,481
3,671
2,021
7,161
2,647
001 229,001 !29,001
204 202,675 199,587
1
2
3
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
Gold revalued in July 1945 from 2,098 to 2,970 guilders per fine kilogram.
Notes issued before October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with the
currency reform decrees effected between June and October 1945.
* 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.
6
The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is
divided into a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes
central
banking functions, was issued for the end of December 1944.
6
7
Latest month available.
Valued at average cost beginning October 1940.
8
9
Beginning
July 1945, end-of-month statements have been available.
Includes small amount of non-Government bonds.
10
Beginning October 1944, a certain amount of gold, formerly reported in the Bank's account, shown separately for account of the
Government.
» See BULLETIN for December 1936, p. 1025.
210
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 Jan. 31,
1946
2
2
4
4
5
4
2
2
Rate
Jan.
31
Central
bank of—
SwitzUnited
Ger- Bel- Nether- SweerKing- France many
den
gium lands
land
dom
Albania
Argentina
Belgium
Bolivia
2V,
Central
bank of—
Date
effective
5H
3H
Mar. 21, 1940
Mar. 1, 1936
6
Nov. 8, 1940
Italy
Japan
Java
134 Jan. 16, 1945
Latvia
Lithuania... .
.
Rate
Date
effective
Jan.
31
Sept.
Apr.
Jan.
Feb.
July
11,
7,
14,
17,
15,
1944
1936
1937
1940
1939
434
234
134
234
June
June
July
Jan.
Aug.
Jan.
4,
27,
26.
8,
1,
12,
1942
1941
1941
1946
1940
1944
4
3.29
3
5
6
334
3
Nov. 28,
British India. .
5
Dec. 1,
Bulgaria
Canada
134 Feb. 8,
Chile
3-434 Dec. 16,
4
July 18,
Colombia
Czechoslovakia
234 Oct. 28,
4
2V
3
3
2V
234
1935
1940
1944
1936
1933
1945
Mexico
Netherlands .
New Zealand.
Norway
Peru
Portugal
Denmark. . . .
Ecuador
El Salvador. . .
Estonia
Finland
334 Jan. 15, 1946
May
Mar.
434 Oct.
4
Dec.
26,
30,
1,
3,
1938
1939
1935
1934
Rumania....
South Africa.
Spain
Sweden
Switzerland..
4
3
4
234
134
May 8, 1944
June 2, 1941
Dec. 1, 1938
Feb. 9, 1945
Nov. 26, 1936
France
Germany
Greece
Hungary
Ireland
Jan.
334 Apr.
7
Feb.
3
Oct.
234 Nov.
20,
9,
11,
22,
23,
1945
1940
1945
1940
1943
Turkey
United Kingdom
U. S. S. R....
Yugoslavia. .
4
July
2
4
5
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
5
2
4
3
2*4
4
3
3
2
3
"3H
2
3y2
1M
3
234
1H
234
334
2
7
3
iy2
234
IK
1, 1938
NOTE.—Changes since Dec. 31: Denmark—Jan. 15, down from 4 to 334
per cent; Norway—Jan. 8, down from 3 to 234 Per cent.
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Month
Germany
Netherlands
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
Bankers'
allowance
on deposits
Private
discount
rate
Day-today
money
Private
discount
rate
Money
for
1 month
1929—Nov
1930—Nov
1931—Nov
1932—Nov
1933—Nov
1934—Nov
1935—Nov
1936—Nov
1937—Nov
1938—Nov
1939—Nov
1940—Nov
1941—Nov
1942—Nov
1943—Nov
1944—Nov
5.35
2.18
5.75
.89
1.05
.45
.57
.56
5.15
2.01
4.96
.73
.75
.68
.75
.75
.75
.75
1.00
1.00
1.00
1.00
1.00
1.00
4-3^
!66
.96
.03
.03
.03
.03
.03
5.30
2.15
5.55
.82
.94
.29
.55
.55
.58
.67
1.18
1.02
1.00
1.00
1.00
1.00
6.89
4.79
8.00
3.88
3.88
3.63
3.01
3.00
2.88
2.88
2.65
2.25
2.13
2.13
2.13
2.13
7.79
5.48
8.69
4.80
5.18
4.21
3.07
2.79
2.65
2.58
2.19
1.93
1.75
1.75
1.88
4.26
1.31
1.59
.37
.45
.63
3.15
.85
.13
.14
1.75
2.25
4.17
1.29
1.73
1.00
1.00
1.00
3.00
1.55
.50
.50
2.41
2.75
1944_Dec
1945—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
.03
.03
.03
.03
.03
.03
.03
.03
.03
.03
.83
.53
1.00
1.01
1.00
1.00
1.01
1.00
1.00
1.00
1.00
1.00
.75
.51
1.02
1.00
1.00
1.00
1.00
03
.13
.13
.13
.13
.96
.63
4
2.13
2.13
2.13
2.13
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
3.32
16
.77
.50
.50
.50
.44
.46
.00
.00
.25
.25
.25
.25
.25
.25
3-534
234-5
234-5
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
1.25
1.25
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.
FEBRUARY
1946
211
COMMERCIAL BANKS
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Liabilities
Assets
United Kingdom 1
Cash
reserves
Money at
call and Bills dis- Treasury
deposit2
counted receipts
short
notice
Loans to
Securities customers
Deposits
Other
assets
Other
liabilities
Total
Demand
Time
1938—December.
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—December.
243
274
324
366
390
422
500
160
174
159
141
142
151
199
250
334
265
171
198
133
147
314
758
896
1,307
1,667
635
609
771
999
1,120
1,154
1,165
971
1,015
924
823
794
761
772
263
290
293
324
325
349
347
2,254
2,441
2,800
3,329
3,629
4,032
4,545
1,256
1,398
1,770
2,168
2,429
2,712
3,045
997
1,043
1,030
1,161
1,200
1,319
1,500
269
256
250
253
236
245
250
1945—January. . .
February..
March
April
May
460
455
464
472
482
494
500
511
518
513
496
198
188
180
180
196
195
198
233
226
201
229
159
140
149
109
120
135
181
195
215
189
296
1,663
1,639
1,681
1,821
1,882
1,939
1,994
1,993
1,971
1,925
1,703
1,165
1,160
,153
,140
,126
,128
,123
,126
,146
,178
1,201
765
769
780
749
757
774
767
769
771
799
809
301
305
299
300
297
331
300
292
299
308
318
4,462
4,405
4,459
4,525
4,617
4,752
4,819
4,875
4,898
4,859
4.789
2,968
2,904
2,944
2,994
3,064
3,147
3,205
3,236
3,266
3,277
3,254
1,495
1,501
1,516
1,530
1,553
1,605
1,613
1,638
1,632
1,582
1,535
248
250
246
245
243
243
244
244
247
254
263
June
July
August.. . .
September.
October. . .
November.
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Liabilities
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts banks
Entirely in Canada
Cash
reserves
Security
loans
Other
assets
1938—December.
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
1944—December.
263
292
323
356
387
471
550
65
53
40
32
31
48
92
940
1,088
1,108
1,169
1,168
1,156
1,211
166
132
159
168
231
250
214
1,463
1,646
1,531
1,759
2,293
2,940
3,611
535
612
570
653
657
744
782
1945—January. . .
February..
March . . . .
April
May
June
July
August.. . .
September.
October. . .
November.
567
539
544
598
622
622
591
581
582
640
646
95
80
78
82
125
123
135
112
109
130
239
1,156
1,125
1,094
1,047
1,299
1,142
1,079
1,021
1,002
1,009
1,372
244
254
219
269
251
248
237
242
237
242
229
3,571
3,624
3,606
3,799
3,885
996
802
731
717
708
750
775
766
769
789
750
812
Deposits payable in Canada
excluding interbank deposits
Other
liabilities
Total
Demand
Time
85
80
71
60
42
34
2,500
2,774
2,805
3,105
3,657
4,395
5,137
840
1,033
1,163
1,436
1,984
2,447
2,714
1,660
1,741
1,641
1,669
1,673
1,948
2,423
843
963
846
962
,049
,172
,289
32
31
31
30
29
29
28
28
27
27
26
5,049
5,021
4,938
5,210
5,616
5,540
5,269
5,229
5,269
5,573
6,013
2,525
2,390
2,214
2,475
3,053
2,894
2,528
2,396
2,331
2,582
3,197
2,524
2,631
2,725
2,735
2,563
2,646
2,741
2,833
2,935
2,992
2,816
,283
,287
,280
,306
,312
,326
,316
,324
,344
1,392
1,350
Assets
France
(4 large banks. End
of month figures in
millions of francs)
3,835
3,960
4,159
4,015
Note
circulation
Cash
reserves
Due from
banks
Bills discounted
Liabilities
Loans
Other
assets
Deposits
Total
Demand
Time
Own
acceptances
Other
liabilities
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
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
1943—October
November
December
7,133
7,203
8,548
3,877
3,960
4,095
88,289
86,754
90,897
14,215
14,361
14,191
2,448
2,653
2,935
108,368
107,200
112,732
107,100
105,811
111,191
1,268
1,390
1,541
411
404
428
7,182
7,326
7,506
1944—January
February
March
April
May
June
July
August
7,510
7,776
7,414
7,499
8,692
10,377
10,555
10,175
4,125
4,116
4,010
4,000
4,056
4,039
3,970
3,933
90,024
91,847
92,648
95,337
96,443
96,245
101,529
100,287
13,737
13,936
16,481
16,568
16,666
16,584
16,758
17,731
1,676
1,618
1,775
1,853
2,014
2,087
2,261
2,522
110,485
112,846
115,558
118,370
120,312
122,149
127,704
127,160
108,883
111,164
113,696
116,449
118,307
120,102
125,493
124,627
1,601
1,682
1,862
1,922
2,005
2,048
2,212
2,533
419
412
404
382
413
403
368
435
6,168
6,035
6,366
6,505
6,546
6,780
7,000
7,054
1
Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported
by individual
banks for days, varying from bank to bank, toward the end of the month.
2
Represent six-month loans to the Treasury at 1% per cent through Oct. 20, 1945, and at % per cent thereafter.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for
description of statistics see pp. 566-571 in same publication.
212
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
Official
Special
Export
1937
1938
1939
1940
1941
1942
1943. . .
1944
1945
32,959
32 597
30.850
29.773
29.773
29.773
29.773
29.773
29.773
223'.704'
23.704
24.732
25.125
25.125
1945—Jan
Feb
Mar
Apr
May
June
July
Aug.
Sept
Oct.
Nov
Dec
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
25.125
25.125
25.125
25.125
25.125
24.125
25.125
25.125
25.125
25.125
25.125
25.125
56,726
55.953
57.061
57.085
57.004
57 052
57.265
57 272
. . 57.014
.
1945—j a n
2322.80
322.80
322.80
322.80
322.80
2
322.80
Free
Official
Free
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
6.0586
6.0594
2
32i." 17 22'. 2860 6.0602
5!1248
5.0214
5.0705
5.1427
5.1280
5.1469
5.1802
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
5.1803
5.1803
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
393.94
389.55
353.38
305.16
321.27
321.50
2321.50
3.3752
3.3788
3.3704
23.3760
322.80
322.80
322.80
322.80
322.80
322.80
321.35
320.87
320.70
321.31
321.41
321.41
3.4930
3.4674
23.4252
22.069
21.825
20.346
2
19.308
2.1811
2.1567
1.9948
1.8710
22.0101
n .2883
2.2879
2.2857
2.2839
May
June
July
Aug.
Sept
Oct..
Nov
Dec
Year or month
.
4.0460
2.8781
2.5103
22.0827
2
57 180
57.140
57 036
56.980
56.980
56.980
56 980
56.980
56 980
56.980
56 980
56 980
Feb
Mar
Apr
1937
1938
1939
1940
1941
1942
1943
1944
1945
Official
Belgium
(franc)
Brazil
(cruzeiro1)
In cents per unit of foreign currency]
British BulIndia garia
(rupee) (lev)
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
1945—j a n .
18.923
18.860
218.835
4.4792
4.4267
4.0375
3.7110
2
4.0023
.7294
. 7325
.7111
2.6896
Mar.
Apr
May
June
July
Au0'
Sept
Oct. .
Nov
Dec
Free
.9055
.8958
.8153
.6715
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
89.968
90.553
90.295
90.506
90.753
90.828
90.736
90.475
89.908
90.358
90.736
90.725
Italy
(lira)
Japan
(yen)
5.2607
5.2605
5.1959
5.0407
25.0703
28.791
28.451
25.963
23.436
223.439
China
(yuan
Shanghai)
Official Export
5.1697
5.1716
5.1727
5.1668
25.1664
24.OOOO 29.606
4.0000 21.360
4.0000 11.879
4.0000
6.000
24.0000 25.313
NethNew
Mex- erlands
Zeaico
land
(peso) (guilder)
(pound)
55.045
55.009
53.335
253.128
1.9711
2.0189
2 0189
2.0189
2 0186
1 7822
20 582
20 582
20 582
20 582
20 582
20 582
20 582
20.581
20 578
20.578
20.578 43 Y. 933
20.579 37.933
2
30.694
30.457
27.454
22.958
224.592
489.62 6.053 57.973 25.487
484.16 5.600 56.917 25.197
440.17 10.630 51.736 23.991
397.99 9.322 46.979 23.802
398.00 29.130 247.133 223.829
46 919
398 00
398 00
398.00
399 05
398.00
398 00
398.00
398 00
398 00
398 00
398.30
400 50
400 50
400.50
400 50
400 50
Feb
Official
Chile
(peso)
27.750
22.122
19.303
18.546
20.538
20 569
20 577
20 581
20.581
40.204
40.164
40.061
40.021
2
39.968
19.779
19.727
19.238
18.475
219.770
Straits Swe- SwitzRuma- South Spain SettleNorway Poland Portuden
Africa
gal
nia
erland
ments
(krone) (zloty) (escudo) (leu) (pound) (peseta)
(dollar) (krona) (franc)
24,840
24.566
23.226
222.709
Canada
(dollar)
6.1983 37.326 1.2846
100.004
99.419
36.592 1.2424
96.018
33.279 21.2111
30.155
290.909 85.141
30.137
90.909 87.345
30.122
90.909 88.379
30.122
90.909 89.978
30.122
90.909 89.853
30.122
90.909 90.485
GerFinHong HunColom- Czecho- Denland France many Greece
(drach- Kong
slovakia mark
bia
gary
(franc) (reichs- ma)
(dollar)
(peso) (koruna) (krone) (mark(pengo)
ka)
mark)
Year or month
1937
1938
1939
1940
1941
1942
1943
1944
1945
Australia
(pound)
United
Kingdom
(pound)
396.91
392.35
354.82
306.38
322.54
322.78
324.20
324.42
237.933 323.46
Uruguay
(peso)
324.42
324.42
324.42
324.42
324.42
324.42
322.69
322.16
321.99
322.60
322.70
322.70
Yugoslavia
(dinar)
Controlled
Noncontrolled
494.40
22.938
488 94
22.871
443.54
22.525
22.676 2403.50 383.00
223.210 403.50 403.18
403.50 403.50
403.50 2403.50
403.50 2
2
403.50 403.02
79.072
64.370
62.011
65.830
65.830
65.830
65.830
65.830
65.830
2.3060
2.3115
236.789 2.2716
37.601 2.2463
43.380 22.2397
52.723
52.855
53.506
55.159
403.50
403.50
403.50
403.50
403.50
403.50
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
54.197
54.197
54.197
54.253
54.265
54.265
55.489
56.125
56.175
56.282
56.290
56.290
Official
Free
402.95
402.69
402.49
403.24
403.38
403.37
:
2
3
4
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
Average of daily rates for that part of the year during which quotations were certified.
Based on quotations beginning Sept. 24.
Based on quotations beginning Nov. 2.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same
publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943,
p. 201, and February 1944, p. 209.
FEBRUARY
1946
213
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1926 =
100)
Year or month
United
Kingdom
(1930 =
100)
Canada
(1926 =
100)
France"
(1913 =
100)
Germany
(1913 =
100)
1926
100
100
U24
695
134
1932
1933 .
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
65
66
75
80
81
86
79
77
79
87
99
103
104
106
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
169
427
398
376
338
411
581
653
707
901
97
93
98
102
104
106
106
107
110
112
114
116
1944—December
1945—January
February
March
April
May
June
July
August
September
October
November
December
105
105
105
105
106
106
106
106
106
105
106
107
107
103
103
103
103
103
103
103
104
103
103
103
103
167
167
167
168
168
168
170
171
171
170
169
169
169
2
Italy
(1928 =
100)
Japan
(October
1900 =
100)
Netherlands
(1926-30
= 100)
Sweden
(1935 =
100)
Switzerland
(July 1914
= 100)
237
106
M26
144
161
180
178
186
198
238
251
278
311
329
65
63
63
62
64
76
72
74
3 88
i 92
i 90
i 96
100
102
114
111
115
146
172
189
196
196
96
91
90
90
96
111
107
111
143
184
210
218
223
195
195
195
196
196
196
197
196
194
191
191
189
221
221
221
221
221
221
222
222
223
222
220
70
63
62
68
76
89
95
99
116
132
P219
3
Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Year or month
R a w and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Foods
Industrial
products
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
158
85
87
90
90
96
112
104
106
138
156
160
164
170
175
94
94
94
94
94
94
94
94
94
94
94
94
157
156
is:
156
156
156
160
161
161
158
158
158
158
173
173
173
174
174
175
175
176
176
175
175
175
Farm
products
Foods
Other
commodities
Farm
products
1926...
100
100
100
100
100
100
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
48
51
65
79
81
86
69
65
68
82
106
123
123
128
61
61
71
84
82
86
74
70
71
83
100
107
105
106
70
71
78
78
80
85
82
81
83
89
96
97
99
100
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
126
126
127
127
129
130
130
129
127
124
127
131
132
106
105
105
105
106
107
108
107
106
105
106
108
107
99
99
99
99
99
99
100
100
100
100
100
100
101
103
104
105
105
105
105
106
108
106
104
104
104
105
105
105
105
106
107
106
105
105
105
.
.
.
.
.
....
1944—December
1945—January
February
March
April
May
June
Tuly
August
September
October
November
December .
••106
106
Germany
United K i n g d o m
(1930 = 100)
Canada
(1926=100'
United States
(1926 = 100)
(1913=100)
IndusAgricul- trial raw Industrial fintural
and semiished
products finished
products
products
129
130
150
91
87
96
102
105
105
106
108
111
112
89
88
91
92
94
96
94
95
99
100
102
102
118
113
116
119
121
125
126
126
129
133
134
135
us
119
T
Revised.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
214
FEDERAL RESERVE
BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]
SwitzUnited
Nether- erCanGerUnited
Kinglands
ada
many
land
States
dom
(1935-39 (1935-39 (July (1913-14 (1911-13 (June
= 100) 1914
= 100)
= 100)
= 100)
1914
= 100)
= 100)
Year or
month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
COST OF LIVING
[Index numbers]
. . .
1944-December.
1945-January...
February..
March. . . .
April
May
June
July
August... .
September
October. . .
November
December.
94
100
101
105
98
95
97
106
124
138
136
93
95
98
103
104
101
106
116
127
131
131
?133
122
125
130
139
141
141
164
168
161
166
168
170
137
137
137
136
137
139
141
142
141
139
139
130
130
131
131
131
132
133
136
136
134
133
168
168
168
168
168
168
170
176
172
169
169
140
134
P134
169
169
118
120
122
122
122
123
128
129
132
134
124
118
120
127
130
130
2
140
115
114
120
130
130
132
146
175
200
211
215
SwitzUnited
GerNether-r erKingUnited
Canland
dom
many
lands
States
ada
(1935-39 (1935-39 (July (1913-14 (1911-13 (June
= 100)
= 100) 1914
= 100)
= 100)
1914
= 100)
= 100)
Year or
month
96
98
99
103
101
99
100
105
117
124
126
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
215 1944-December.
216 1945-January. . .
216
February. .
216
March. . . .
216
April
216
May
217
June
217
July
216
August....
216
September.
October
213
P210
November.
December.
96
96
98
101
102
102
106
112
117
118
119
P120
141
143
147
154
156
158
184
199
200
199
201
203
119
119
119
119
119
119
120
120
121
120
120
201
202
202
202
202
203
204
207
205
203
203
120
203
203
127
127
127
127
127
128
129
129
129
129
129
129
P120
121
123
125
125
126
126
130
133
137
139
129
128
130
137
137
138
151
174
193
203
208
140
136
U32
137
139
140
3 148
208
209
209
209
209
210
210
211
210
210
208
P2O7
^Preliminary.
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.
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.
1
2
3
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
Number of issues. .
United
States
(derived
price)1
Common stocks
United
Germany
France
Kingdom
(December (1938 =100) 2 (average
1921 =100)
price)3
Netherlands 4
15
87
50
3 139
8
1939
1940
1941
1942
1943
1944
1945
113.8
115.9
117.8
118.3
120.3
120.9
122.1
112.3
118.3
123.8
127.3
127.8
127.5
128.3
114.2
6114.2
9
143.4
146.4
146.6
150.5
99.0
100.7
103.0
6
103.3
90.9
7
77.9
84.3
94.7
98.5
1944—December...
1945—January. . . .
February. . .
March
April
May
June
July
August
September. .
October
November. .
December...
121.4
121.6
121.9
122.7
122.9
122.3
122.1
122.3
121.7
121.6
121.9
122.0
121.9
128.1
128.5
128.7
128.7
129.3
128.1
127.8
128.3
128.3
128.2
128.5
127.8
127.5
152.3
153.8
154.2
154.4
153.1
153.8
151.9
151.1
150.6
150.9
^150.2
P150.3
for October-December 1944, pp. 274-276.
United
States
(1935-39
= 100)
(1926 = 100)
United
Kingdom
NetherFrance
lands
2
Ger- (1938=100) (1930=100)
many
278
(5)
300
100
94.2
88.1
80.0
69.4
91.9
99.8
121.5
75.9
70.8
72.5
75.3
84.5
88.6
92.4
94.1
114.6
136.8
142.1
145.0
112
6 140
9 308
479
540
551
89.7
895.0
129.0
131.5
151.0
104.7
108.4
113.0
111.8
114.4
118.2
120.7
118.4
117.9
126.1
132.0
136.9
139.7
90.1
91.0
90.6
91.1
92.0
92.8
92.8
93.7
91.4
92.0
93.2
94.5
94.2
402
489
512
505
498
469
414
386
360
421
477
P467
P441
The series prior
6
8
Average based on figures for 5 months; no data available June-Dec.
' Average based on figures for 7 months; no data available May-bept
Average based on figures for 9 months; no data available May-July. 9 Average based on figures for 10 months; no data available Jan.-Feb
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.
FEBRUARY
1946
215
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
RONALD RANSOM, Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
JOHN K. MCKEE
ELLIOTT THURSTON,
CHESTER MORRILL,
Special Adviser to the Board of Governors
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND,
Assistant to the Chairman
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
Assistant Secretary
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
LEGAL DIVISION
DIVISION OF SECURITY LOANS
WALTER WYATT, General Counsel
CARL E. PARRY, Director
GEORGE B. VEST, General Attorney
BONNAR BROWN, Assistant Director
J. LEONARD TOWNSEND, Assistant General Attorney
DIVISION OF PERSONNEL ADMINISTRATION
ROBERT F. LEONARD, Director
DIVISION OF RESEARCH AND STATISTICS
WOODLIEF THOMAS, Director
CHANDLER MORSE,
Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
FRED
DIVISION OF EXAMINATIONS
LEO H. PAULGER, Director
C. E. CAGLE, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice
ERNEST G. DRAPER
R. M. EVANS
RAY M. GIDNEY
R. R. GILBERT
H. G. LEEDY
JOHN K. MCKEE
RONALD RANSOM
M. S. SZYMCZAK
ALFRED H. WILLIAMS
Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
GEORGE B. VEST, Assistant General Counsel
C. O. HARDY, Associate Economist
L. MERLE HOSTETLER, Associate Economist
W. H. IRONS, Associate Economist
C. A. SIENKIEWICZ, Associate Economist
WOODLIEF THOMAS, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
OFFICE OF ADMINISTRATOR FOR WAR LOANS
EDWARD L. SMEAD, Administrator
GARDNER L. BOOTHE, II, Assistant Administrator
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR.,
BOSTON DISTRICT
JOHN C. TRAPHAGEN,
N E W YORK DISTRICT
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
JOHN H. MCCOY,
CLEVELAND DISTRICT
A. L. M. WIGGINS,
RICHMOND DISTRICT
ROBERT STRICKLAND,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
JAMES H. PENICK,
ST. LOUIS DISTRICT
JULIAN B. BAIRD,
MINNEAPOLIS DISTRICT
A. E. BRADSHAW,
KANSAS CITY DISTRICT
Chairman
CHESTER MORRILL,
216
A. NELSON, Assistant Director
ED H. WINTON,
DALLAS DISTRICT
SAN FRANCISCO DISTRICT
RENO ODLIN,
WALTER LICHTENSTEIN, Secretary
HERBERT
V.
PROCHNOW,
Acting Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman1
Bank of
Deputy Chairman
President
First Vice President
Boston.. .
Ralph E. Flanders
William Willett
Allan Sproul
L. R. Rounds
Albert M. Creighton
Henry I. Harriman
Beardsley Ruml
William I. Myers
New York.
Vice Presidents
E. G. Hult
J. C. Hunter2
Carl B. Pitman
O. A. Schlaikjer
E. O. Douglas
J. W. Jones
H. H. Kimball
L. W. Knoke
Walter S. Logan
A. Phelan
H. V. Roelse
Robert G. Rouse
John H. Williams
V. Willis
R. B. Wiltse
Philadelphia. ,
Alfred H. Williams
Thomas B. McCabe
Frank J. Drinnen
Warren F. Whittier
W. J. Davis
E. C. Hill
C. A. Mcllhenny 2
Philip M. Poorman
C. A. Sienkiewicz
Cleveland. . .
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Wm. H. Fletcher
W. D. Fulton
J. W. Kossin 3
A. H. Laning
B. J. Lazar
Martin Morrison
W. F. Taylor
Richmond. .
Robert Lassiter
W. G. Wysor
Hugh Leach
J. S. Walden, Jr.
Claude L. Guthrie3
E. A. Kincaid
R. W. Mercer
C. B. Strathy
Edw. A. Wayne
Atlanta. .
Frank H. Neely
J. F. Porter
Simeon E. Leland
W. W. Waymack
W. S. McLarin, Jr.
Malcolm H. Bryan
C. S. Young
Charles B. Dunn
V. K. Bowman
L. M. Clark
H. F. Conniff
S. P. Schuessler
Allan M. Black2
Neil B. Dawes
J. H. Dillard
E. C. Harris
John K. Langum
O. J. Netterstrom
A. L. Olson
Alfred T. Sihler
St. Louis. . .
Russell L. Dearmont
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
Minneapolis. .
Roger B. Shepard
W. D. Cochran
J. N. Peyton
O. S. Powell
Wm. E. Peterson
O. M. Attebery
A. F. Bailey
William B. Pollard
Henry H. Edmiston C. A. Schacht
C. M. Stewart
E.
W. Swanson
H. G. McConnell
A. W. Mills2
Sigurd Ueland
Otis R. Preston
Harry I. Ziemer
Kansas City. .
H. G. Leedy
Robert B. Caldwell
Henry O. Koppang
Robert L. Mehornay
O. P. Cordili
L. H. Earhart
C. O. Hardy
Dallas. .
J. R. Parten
R. B. Anderson
R. R. Gilbert
W. D. Gentry
E. B. Austin3
R. B. Coleman
H. R. DeMoss
W. E. Eagle
San Francisco.
Henry F. Grady
Harry R. Wellman
Ira Clerk
C. E. Earhart
J. M. Leisner3
H. N. Mangels
Chicago. .
John Phillips, Jr.
G. H. Pipkin
D. W. Woolley3
W. O. Ford
W. H. Holloway
L. G. Pondrom
H. F. Slade
W. F. Volberg
OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Buffalo
New York
Federal Reserve
Bank of
Chief Officer
Branch
I. B. Smith4
Cincinnati
Pittsburgh
B. J. Lazar
J. W. Kossin5
Richmond
Baltimore
Charlotte
W. R. Milford4 4
W. T. Clements
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers4
Geo. S. Vardeman, Jr.4
Joel B. Fort, Jr.4
E. P. Paris4
Chicago
Detroit
E. C. Harris5
St. Louis
Little Rock
Louisville
Memphis
A. F. Bailev5 5
C. A. Schacht
William B. Pollard5
Also Federal Reserve Agent.
FEBRUARY
1946
Chief Officer
Minneapolis.... Helena
R. E. Towle4
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
G. H. Pipkin5
0. P. Cordili5 5
L. H. Earhart
Dallas
W. E. Eagle5 5
L. G. Pondrom 5
W. H. Holloway
5
Cleveland
1
Branch
2
Cashier.
3
El Paso
Houston
San Antonio
4
W. N. Ambrose
D. L. Davis4 4
W. L. Partner
C. R. Shaw4
San Francisco.. . Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
Managing Director.
5
Vice President.
217
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
====
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
C/3
<
3
if
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
@FedFRASER