Full text of Federal Reserve Bulletin : January 1946

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F E D E R A L




R E S E R V E

BULLETIN
JANUARY 1946

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BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM

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 United Kingdom and Postwar International Trade
Anglo-American Trade and Financial Negotiations

1-13
14-19

British White Paper Published in Connection with Anglo-American Financial Agreement. . 20-27
Law Department:
License to Transact Banking Business
Purchase of Government Obligations by Federal Reserve Banks
Consumer Credit—Listed Articles Used in Realty Improvements
Foreign Funds Control—Treasury Department Releases
Current Events

28
28
29
29-30
31-32

Foreign Banking Laws and Reports:
Transfer of Gold to French Stabilization Fund
Re-establishment of the Austrian National Bank

33
33-35

National Summary of Business Conditions

36-37

Financial, Industrial, Commercial Statistics, U.S. (See p. 38 for list of tables)

38-87

International Financial Statistics (See p. 88 for list of tables)
88-105
Board of Governors and StafT; Open Market Committee and Staff; Federal Advisory
Council
106
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
Map of Federal Reserve Districts
Federal Reserve Publications (See inside of bac\ cover)

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107
108

FEDERAL RESERVE BULLETIN
VOLUME 32

January 1946

NUMBER 1

THE UNITED KINGDOM AND POSTWAR
INTERNATIONAL TRADE
THE RECENT AGREEMENTS

The recently-announced agreements between the governments of the United States
and the United Kingdom contain proposals
for solving some of the most pressing economic and financial problems which face the
postwar world. The agreements have already been approved by the British Parliament and will soon be submitted to Congress
for consideration. The most widely discussed
feature of the arrangements is the financial
agreement providing for a loan of 3,750
million dollars from the United States to the
United Kingdom. The agreements as a
whole go much further than this, however,
for, in addition to the loan agreement, agreements have been made for the final settlement of lend-lease, reciprocal aid, surplus
property and other war claims, and for steps
looking toward the removal of barriers to
trade and commerce. In the words of the
joint statement made by the President of the
United States and the Prime Minister of
Great Britain, the discussions "have covered
the questions of financial assistance from the
United States to the United Kingdom, the
demobilization of wartime trade and monetary restrictions, the settlement of lend-lease,
the disposal of surplus war property in the
United Kingdom owned by the United
States, and, finally, long-range commercial
JANUARY 1946




policies in the broad sense, embracing the
fields of trade barriers and discriminations,
policies in respect to commodities in world
surplus, cartels, an international trade organization, and international aspects of domestic
measures to maintain employment."
The agreements between the two governments were presented in three parts: (1) a
joint statement regarding the understanding
reached on commercial policy; (2) a joint
statement regarding settlement for lendlease, reciprocal aid, surplus war property,
and claims; and (3) a financial agreement.
The financial agreement, together with the
joint statements on commercial policy and
on lend-lease, reciprocal aid, etc., represents an integral part of a broad program for
reviving postwar international trade, not only
between the two largest trading nations in
the world, but also between those two nations
and the rest of the world.
THE FINANCIAL AGREEMENT

The loan of 3,750 million dollars proposed
in this agreement would be made in the
form of a "line of credit" upon which the
British might draw at any time between the
effective date of the agreement and the end
of 1951. The main purpose of the loan is to
assist the British in financing their necessary imports during the transition from war
1

REVIEW OF THE

to peace. In addition to the line of credit,
a further credit of 650 million dollars has
been agreed upon to cover the final settlement of lend-lease and other claims arising
out of the war. The rate of interest and the
terms of repayment are to be the same for
both loans.
The terms for the combined credits of
4.4 billion dollars were carefully drawn with
a view to avoiding the strains which arose in
connection with financial arrangements following the first World War. No payment of
either interest or principal will be required
during the difficult transition years. Beginning on December 31, 1951, payments
will be made by the United Kingdom in
equal annual instalments over a period of
fifty years. Such payments will include interest at the rate of two per cent on the outstanding obligation in any year, as well as
amortization of principal. If the entire credit
is used, the annual payment of principal and
interest by the United Kingdom will amount
to approximately 140 million dollars. If the
United Kingdom has serious difficulties with
its balance of payments, however, the interest
portion of this annual payment may be
waived. Thus, if in any year the average
United Kingdom income from exports and
net invisible items in its balance of payments
during the preceding five years is less than
the value of 1936-38 average imports, after
correction for price changes, the United
Kingdom will be entitled to a waiver of
interest. This means, in general, that the
United Kingdom would not need to pay
interest as long as receipts on current account
were inadequate to purchase the prewar
physical volume of imports. In order to
avail itself of the waiver, however, the United
Kingdom would have to determine that a
waiver was "necessary in view of the present
and prospective conditions of international




MONTH

exchange and the level of its gold and foreign
exchange reserves." While the decision with
respect to the necessity for a waiver would
be made at the discretion of the United Kingdom alone, it is not believed that a determination that a waiver is necessary would be
made lightly.
In addition to the loan from the United
States, it is anticipated that financial assistance will also be received from certain countries of the British Empire, notably Canada.
In order to insure equal treatment of the
loan from the United States with other postwar loans, the agreement provides that loans
which the British receive from governments
of the Commonwealth between December 6,
1945, and December 31, 1951, shall be on
terms which are no more favorable to the
lender than those contained in the American loan. Moreover, the agreement provides
specifically that if the interest payment is
waived on the American loan a similar
waiver must also apply to interest on loans
from Empire governments.
STERLING BALANCES

Closely related to the problem of interest
payments is the problem of payments on
accumulated sterling balances. It is well
known that the United Kingdom has incurred large debts to other countries, particularly to members of the Empire, in the
form of short-term balances. These balances
arose largely through British military expenditure overseas, as well as through imports which were not matched by exports
from the United Kingdom. In prewar years
many of the present creditor countries normally held balances in London, partly as a
reserve against central bank liabilities and
partly as working balances for settling international transactions. Today, the sterling
balances have reached a level which is many
FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

times the size of normal requirements, and
if such balances were made freely convertible
into nonsterling currencies there is no doubt
that the demand for outside currencies would
be entirely beyond the capacity of the United
Kingdom to pay. This means that an understanding must be reached with the holders
of sterling balances for gradual repayment.
In the present financial agreement, the
United Kingdom has committed itself to seek
such an understanding at an early date.
Agreements will be sought with all countries holding abnormal sterling balances, regardless of whether they are members of
the sterling area or not. While the details
of such arrangements will be left to the
British, the present financial agreement
nevertheless establishes certain broad principles for the settlement of balances of members of the sterling area. Such balances are
to be divided into three categories, as follows:
"(a) balances to be released at once, and
convertible into anv currency for current
transactions; (b) balances to be similarly released by instalments over a period of years,
beginning in 1951; and (c) balances to be
adjusted as a contribution to the settlement
of war and postwar indebtedness. . . ." Anv
balances which do not become the subiect of
a settlement within one year of the effective date of the agreement (or, by mutual
agreement of the two governments, within
a longer period) can be left available to
their holders only if they are freely convertible. In practice, this probably means that
a large proportion of the balances which
are not made the subject of an agreement
will be unavailable either for the purchase
of goods or for conversion into other currencies.
Since in the near future the British will
not have the resources with which to supply
abnormally large exports, payments on balJANUARY 1946




ances which are released immediately will
have to be made largely from British gold
and foreign resources. Payments on the balances which are released in instalments, on
the other hand, will presumably be made
mainly from the proceeds of current British
exports. In order that such payments will
not receive more favorable treatment than
payments on the American loan, the financial agreement contains two provisions with
respect to released sterling. First, in deciding whether the United Kingdom's income
from exports and net invisible items in its
current balance of payments is inadequate
to make an interest payment on the American loan, not more than 43,750,000 pounds
sterling may be considered as a current payment in any one year on account of released
sterling balances. Beyond this point, any
payments must be regarded as capital transfers. Second, if the annual payment to the
United States is reduced by a waiver of interest in any year, a proportionate reduction
must be made in the annual instalments of
released sterling balances.
EXCHANGE ARRANGEMENTS AND THE STERLING
AREA

During the war the United Kingdom
adopted a comprehensive system of exchange
controls. This system was emulated by the
other countries in the sterling area, and an
integrated currency system was developed
with London at the center. Under this system every effort was made to substitute trade
within the area for trade with the rest of
the world. The pound sterling remained
freely convertible into currencies of the sterling area, but transactions between the sterling area and "outside" countries were subjected to strict controls. In addition, all countries in the area turned over their receipts
of dollars to London authorities, and dollar

REVIEW OF THE

payments for imports were then made by
application to London. The effect of the
sterling area exchange arrangements and
the so-called dollar pool was thus to make
transfers between members of the sterling
area and outside countries subject to severe
limitations administered by centralized control.
In view of Britain's difficult financial position, the question arose as to whether these
exchange controls would be continued or
strengthened in the postwar years. The
present financial agreement, if accepted by
Congress, will commit the United Kingdom
to a system of free exchanges on current account. The sections of the agreement relating to foreign exchange are somewhat complicated, but the effect of the exchange arrangements is to establish a time schedule for
making sterling convertible on current account. The first part of this schedule relates to sterling accruing to residents of the
United States from current transactions,
which will be freely convertible as soon as
the agreement becomes effective. Second,
within one year of this date, both countries
must refrain from imposing restrictions upon
payments and transfers for current transactions. Exceptions to this second commitment
are made for balances accumulated by third
countries before the currencies become convertible, for restrictions imposed with the
consent of the International Monetary Fund,
and for restrictions imposed for the purpose
of revealing and disposing of assets of Germany and Japan. Apart from these exceptions, the effect of the exchange arrangements is to remove exchange restrictions
upon current British transactions with all
countries within one year of the effective
date of the agreement, unless the governments of the United States and the United
Kingdom agree to an extension of time.




MONTH

Both countries agree not to invoke the
provisions of the Articles of Agreement of
the International Monetary Fund which
permit exchange restrictions during a transitional period. This means that if the present agreement is accepted, the International
Monetary Fund will begin operations without a protracted period of exchange control
on the part of the United Kingdom. These
arrangements will be operative until December 31, 1951, by which time it is anticipated that more comprehensive arrangements will have been made under the International Monetary Fund.
In addition to the general arrangements
concerning exchange restrictions, an understanding has also been reached concerning
the relations between the United Kingdom
and other countries of the sterling area. The
United Kingdom has agreed to eliminate the
so-called dollar pool within a period of one
year of tl>e effective date of the agreement,
and to give residents of the sterling area complete freedom thereafter in the use of both
sterling and dollars which they acquire on
current account. As a result of this understanding, the centralized control of exchange
transactions between the sterling area and
the rest of the world which developed during
the war will be brought to an end. No time
limit applies to this part of the agreement.
COMMERCIAL POLICY

The financial agreement contains a commitment on the part of each country not to
impose or maintain quantitative import restrictions which discriminate against the
other country's products during the transition years between the effective date of the
agreement and the end of 1951. Exceptions
are made for various special circumstances,
the most important of which is the eventuality that the dollar may be declared a scarce
FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

currency by the International Monetary
Fund.
In addition to the limitation on quantitative import controls, significant developments in the field of commercial policy are
also contained in the joint statement regarding commercial policy in which both governments agree to support a broad program for
relaxing trade barriers. Officials of the
United States Government have issued a
document containing "Proposals for Consideration by an International Conference on
Trade and Employment," and in the joint
statement the United Kingdom has expressed
full agreement with all important points in
these proposals.
The document recognizes the importance
of a high level of employment in all countries
to the success of a liberal program in the
fields of commercial policy, commodity
problems, cartel problems, monetary stabilization, and investment. In addition, it
makes numerous recommendations for the
relaxation of specific barriers to trade and
commerce. Among others, proposals are
made for reduction of tariffs and tariff preferences, general elimination of import
quotas, regulation of cartel practices, of commodity agreements, and state trading. Supervision of these arrangements is to be carried
out through an International Trade Organization.
The importance of this agreement to the
future development of foreign trade can
hardly be overestimated. Without such an
understanding between the world's two
greatest trading nations, the trade restrictions
and exchange controls which developed in
the 'thirties and during the war would be
intensified until the world was divided into
trading blocs, with each bloc attempting to
isolate itself as much as possible from trade
outside its own area. On the one hand, the
JANUARY 1946




countries of the sterling area, including the
British Dominions (except Canada), the
British Colonies, and countries such as India,
Egypt, Iraq, and Eire would increase trade
among themselves at the expense of countries outside the area. On the other hand,
the countries in the dollar area, including
Canada, the United States, and the Latin
American countries would comprise another
bloc, and in the course of subsequent developments it would probably be necessary for
most of the countries of Europe to choose
between these groups of countries. The
world would experience a substantial increase in preferential tariff rates, exchange
controls, and bilateral trade agreements, as
countries with balance-of-payments deficits
attempted to balance their accounts by purchasing only from countries which promised
to buy from them. In this way, foreign
trade would be forced into uneconomic
channels, and private traders would find
their activities subjected to increasing state
supervision and control.
It is still too early to foresee accurately the
postwar trend of international trade policies
in all countries, but the agreement between
the United Kingdom and the United States
should do much to start the trend toward
less restricted multilateral trade. In proposing the agreement, both countries have pursued a conscious policy of giving first importance to the long-run development of
trade.
LEND-LEASE, RECIPROCAL AID, AND SURPLUS
PROPERTY

In the joint statement regarding lendlease, reciprocal aid, surplus war property,
and claims, the two governments have agreed
upon a final settlement for all of the financial
claims arising out of the war. This settlement is to be effected by a total payment of

REVIEW OF THE

650 million dollars from the United Kingdom to the United States, to be made on the
same terms as those on the loan provided bv
the financial agreement. The items included
in the settlement are: (1) lend-lease and
reciprocal aid goods consumed during the
war; (2) lend-lease goods of civilian character
remaining in the hands of the British Government (lend-lease inventory); (3) goods
and services arranged for under lend-lease
and reciprocal aid before V-J day but not
delivered until after the termination of lendlease (lend-lease pipeline); (4) surplus
property belonging to the United States Government but located in the United Kingdom;
and (5) all other financial claims between
the two governments arising out of the conduct of the war.
By far the largest of these items is the value
of lend-lease and reciprocal aid consumed
during the war. Although figures for lendlease assistance by countries have never been
published, it has been estimated that prior
to the end of the Japanese war the United
Kingdom had received lend-lease aid amounting to between 21 and 22 billion dollars. In
return, they had provided the United States
with four to five billion dollars of reciprocal
aid. Net lend-lease assistance to the United
Kingdom may thus be estimated at approximately 17 billion dollars. The bulk of these
amounts represents goods and services consumed during the war, and this category of
goods has been written off without compensation other than the common victory and the
willingness of the partners to collaborate in
constructing the peace.
The actual settlement, amounting to 650
million dollars, covers mainly payment for
the lend-lease inventory in the hands of the
British Government, plus various other
claims and counter-claims as listed above.




MONTH

It includes an estimate for the net value of
goods and services to be delivered by the
lend-lease pipeline through December 31,
1945; thereafter, all such transactions will be
on a cash basis.
The final settlement of lend-lease, reciprocal aid, and other financial claims arising
from the war should do much to remove the
uncertainties which might otherwise have
complicated the international trade picture
for a long time.
THE TRANSITION FROM WAR TO PEACE IN THE
UNITED KINGDOM

The war and its aftermath have left the
United Kingdom with two distinct types of
international economic problems. One is a
short-run, transition problem of restoring the
normal trade relations which were seriously
disrupted by the war itself. The other is a
more basic problem of adjustment to a loss
of overseas income and an increase in overseas expenditure.
With respect to the transition problem, the
present level of British exports is far below
the level which prevailed in prewar years,
and Britain's productive resources do not
permit an immediate resumption of normal
export trade. During the transition period,
when exports remain abnormally low, financial assistance will be needed in order to enable the United Kingdom to pay for its import requirements. This problem is common
to almost all countries located in the active
war theater, but it is particularly acute in the
United Kingdom. It has been apparent for
some time that the United Kingdom would
be forced by its transitional balance-of-payments deficit to choose between two fundamentally different foreign trade policies.
First, if no financial assistance were received,
it would be necessary for the United Kingdom to continue, and to strengthen, the trade
FEDERAL RESERVE BULLETIN

REVIEW OF THE

and exchange controls which developed during the war. Among other things, this policy
would result in increased discrimination
against imports from countries outside the
sterling area. The second alternative open
to the United Kingdom is to finance its transitional deficit by means of loans from other
countries, particularly the United States and
Canada, and to return to a system of nondiscriminatory multilateral trade as quickly as
possible. If the present financial agreement
between the United States and the United
Kingdom is approved by the legislative bodies
of both countries, considerable progress will
have been made toward the goal represented
by the second alternative.
In addition to the immediate reconversion
and restoration of its export industries, the
United Kingdom is faced with a more basic
problem of adjustment to certain fundamental and more persistent changes in its balance
of payments. During the interwar period,
the value of commodity imports into the
United Kingdom was consistently greater
than the value of exports. In the fifteenyear period 1924 through 1938, for example,
the average annual commodity import surplus was 358 million pounds sterling. Payment for this import surplus was largely
made in three ways: (1) from income
which the British received on their overseas
investments; (2) from income received for
shipping services performed for other countries; and (3) from income received for certain financial services, particularly insurance.
The war has caused a serious reduction in
at least one, and perhaps two, of those sources
of overseas income. In the first place, it has
radically affected the United Kingdom's international investment position. To finance
their overseas war expenditures, the British
found it necessary to sell a substantial part
JANUARY 1946




MONTH

of their overseas investments. In addition,
British assets in both Europe and Asia have
suffered a considerable amount of war damage. Thefinaleffect of these war losses and
liquidations upon British income from overseas investment can not be accurately determined at the present time, but most estimates
suggest that in the early postwar years income from such assets will be between onehalf and two-thirds of its prewar normal
level. This would mean a reduction of 70
to 100 million pounds sterling, compared
with prewar income from such sources.
While the effects of the loss of overseas investments may be offset, to some extent, by prosperous conditions in the postwar world, it
seems probable that income from such investments will remain below its prewar level.
Moreover, net income from overseas investment will be considerably reduced, over a
long period of years, by the payments which
the United Kingdom will make on overseas
liabilities accumulated during the war and
during the postwar transition period.
A reduction of British shipping income below the prewar level is also possible, although
this is much more difficut to estimate. As
a result of war losses, which exceeded new
building, the British merchant fleet has declined from more than 21 million to less than
16 million deadweight tons. During the immediate postwar years, this decline in the
merchant fleet will probably have no serious
effect upon British shipping income, since
the reduction in tonnage will be offset by
higher freight rates and by a more complete
utilization of existing tonnage. In the more
distant future, however, the United Kingdom will be confronted by an important
change in its competitive shipping position,
owing largely to the wartime growth of
United States tonnage. During the years

REVIEW OF THE MONTH

when the British tonnage was declining, the
merchant fleet of the United States was increasing rapidly, until, today, it has reached
the unprecedented size of 56 million deadweight tons. Before the war the American
merchant fleet represented only one-fifth of
the world's total merchant tonnage, whereas
the present American fleet accounts for threefifths of the world's total. If our merchant
fleet is kept well above its prewar size, some
decline in British shipping income, relative
to international trade as a whole, is to be
expected.
THE PREWAR BALANCE OF TRADE AND CHANGES
DURING THE WAR

These are the important international economic problems which the war has bequeathed to the United Kingdom. To recapitulate briefly, they include a transitional
problem of financing imports while exports
are being restored to their normal level as
well as a more basic problem of offsetting a
loss of income from overseas investments
(and perhaps from shipping) and of servic-

ing external debts. The significance of these
two types of problems is clearly shown in the
data for the British balance of payments.
Figures for an average annual balance of payments covering the three years 1936-38,
presented in the table, show that, in the
immediate prewar period, the value of exports from the United Kingdom was only
slightly larger than half the value of imports. The import surplus was financed
largely by the three types of income mentioned above, i.e., by income from overseas
investments, by income from shipping, and
by short-term interest and commissions.
T A B L E 1. AVERAGE ANNUAL BALANCE OF PAYMENTS OF T H E
U N I T E D KINGDOM ON C U R R E N T ACCOUNT, 1936-1938.

[In millions of pounds sterling]
Imports retained
Exports of United Kingdom produce
Excess of imports over exports
Net government payments overseas
Total: Overseas payments not covered by exports
Overseas income other than exports:
Net shipping income
Net income from overseas investments
Short-term interest, commissions, insurance, etc
Other receipts, including net silver exports
Total
Leaving an annual deficit of

866
477
389
7
396
105
203
37
8
353
43

EXPORTS AND IMPORTS OF THE UNITED KINGDOM

These figures include nonmunitions lend-lease but exclude
all munitions.




The war brought about an almost threefold increase in the excess imports of the
United Kingdom. Between 1938 and 1944
the difference between imports and exports,
excluding munitions, increased from 387
million pounds to 1,041 million pounds. The
increase was attributable partly to an increase
in the value of imports and partly to a sharp
decline in the value of exports. While the
value of retained imports increased from 858
million pounds to 1,299 million pounds during the years 1938 through 1944, the value of
United Kingdom exports declined from 471
million pounds to 258 million pounds. The
FEDERAL RESERVE BULLETIN

REVIEW OF THE

MONTH

prices increased somewhat more than export prices. The effects of both of these
factors will have to be overcome in the reestablishment of Britain's foreign trade. To
this end, the United Kingdom intends to
restore the physical volume of exports to
normal levels as rapidly as possible.
In the first two or three years after the
war, adequate markets will be available for
almost any exports which the British produce. The backlog of demand for manufactured goods of all types will be large,
and many countries may be expected to use
part of their external reserves in the purchase of goods in the United Kingdom. The
T A B L E 2. FOREIGN TRADE OF THE U N I T E D KINGDOM
[In millions of pounds sterling]
restoration of British exports will therefore
be primarily a problem of supply rather than
Exports
Import
Year
• Retained
of
U.K.
a
problem of markets; exports can be insurplus
imports
produce
creased as rapidly as the United Kingdom
471
387
1938
S58
can increase production in the export trades.
720
991
271
1942
994
1,227
1943
233
The time required to establish a balanced
1,041
1,299
1944
258
position thus depends to a large extent
upon the speed of reconversion in such fields
The decline in the physical volume of ex- as machinery, iron and steel manufactures,
ports was even more striking. The 1944 electrical goods, motor vehicles, textiles, and
volume of exports of United Kingdom mer- other export industries. The industrial charchandise was only 31 per cent of the 1938 acter of the export problem is shown by
level. The effect of this decline upon the the fact that in 1938 three-fourths of the
total value of exports was partly offset by a value of British-made exports was attribut78 per cent increase in average export prices. able to articles wholly or mainly manufacAs a result, the value of exports in 1944 was tured
55 per cent of the prewar level even though
The restoration of exports is complicated
the volume had declined to less than oneby the fact that most export industries prothird of the 1938 level.
duce for home consumption as well as for
sales abroad, and the domestic demand will
T H E NEED FOR MORE EXPORTS
be large at a time when a large growth of
From these figures it is apparent that the exports is urgently needed. Hence, governincrease in the British import surplus during ment controls of materials and consumption
the war was a result of two factors. First, can not be removed until production is
the decline in the physical volume of exports adequate for both exports and home demand.
was much greater than the decline in the In the absence of such controls there is no
volume of imports. And, second, import doubt that many products required to restore

trade figures for 1938 and for selected war
years are shown in the Chart and in Table 2,
below.
The increase in the value of imports does
not represent an increase in their physical
volume. On the contrary, when allowance
is made for the average increase in import
prices, it appears that the physical volume of
imports in 1944 was more than 20 per cent
below the 1938 volume; average import
prices increased 91 per cent between 1938
and 1944, whereas the increase in the value
of imports was only 51.4 per cent.

JANUARY 1946




REVIEW OF THE MONTH

exports would be diverted to the home market. And even with controls in force, it is
inevitable, and would appear to be desirable,
that a part of the increased output of British
manufactures be used for home consumption.
The pressing nature of the home demand is
indicated to some extent by the low wartime
levels of British consumption; in 1944, the
physical volume of civilian consumption was
20 per cent lower than the volume of consumption in 1938. In many individual types
of consumption, the decline was even more
pronounced. The volume of civilian clothing
purchased in 1944, for example, was only
60 per cent of the 1938 volume. In view of
the low level of living standards in the
United Kingdom, it is to be expected that
the re-establishment of the export trades
will require more time than would be needed
for reconversion alone. [The British must
produce not only for export but also for
the restoration of home consumption.]
Apart from the wartime decline in exports,
the problem of achieving a balanced international position is further complicated, as
noted above, by the large increase in export
and import prices; such prices are now more
than 90 per cent above prewar levels. Even
if the physical volume of exports were restored to the prewar level, the value, in
pounds, of the excess imports would be nearly
twice the prewar import surplus as a result
of the price rise. This would not be particularly serious if the invisible items, such as
income from shipping and from overseas
investments increased proportionately, but
some of these items, such as income from
overseas bonds, will be relatively insensitive
to price changes.
When, in addition, the loss of overseas
assets, the accumulation of external debt
and the decline in the size of the British
10




merchant fleet are taken into account, it
seems clear that a considerable deficit will
remain in the British balance of payments
even if exports and imports are restored to
their prewar levels. This means that the
United Kingdom can not achieve a balanced
international position, at prewar levels of
imports, without a substantial increase in
exports above the prewar volume. In other
words, the British are faced With the problem not only of re-establishing their former
export trade, but also of increasing it considerably. The exact size of the required
increase in exports, relative to prewar, can
not be determined accurately, but the British have repeatedly said, in both official and
unofficial statements, that they must increase their exports 50 to 75 per cent above
prewar in order to enable the country to pay
for imports of the prewar volume.
RELAXING IMPORT CONTROLS

In the recent agreements, as noted above,
both the United Kingdom and the United
States have pledged themselves to a gradual
reduction of direct trade controls, such as
tariffs and import quotas. In view of Britain's difficult position, however, it is clear
that the relaxation of such controls (as distinct from the removal of discrimination)
will necessarily be a slow process. Even
after the United Kingdom achieves a balanced international position, it may be necessary to maintain certain import restrictions
for a considerable period of time, for otherwise this balance would be destroyed. The
balanced position described above is in terms
of the prewar volume of imports, and if
all import controls were removed the present
large demand for imports would carry them
far above the prewar volume.
This is true for several reasons. The country has suffered a loss of domestic assets,
FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

roughly estimated at 4,000 million pounds,
through war damage and depreciation. Replacement of these assets will naturally create
a large demand for imports, particularly
for building materials. Quite apart from the
demand for imports for reconstruction, however, the normal demand for imports in the
postwar period will considerably exceed the
prewar demand. There is little doubt that
the postwar level of output in the United
Kingdom will be considerably greater than
it was in the prewar period. In the absence
of import controls, this higher level of output would normally lead to an increased
demand for imported raw materials while
the associated increase in income would stimulate demand for imported consumer goods.
It has been estimated that the United Kingdom will be capable of producing a net
national income of 5.6 billion pounds, stated
in 1938 prices. This represents a 22 per
cent increase over the 1938 level of output.
There are reasons for believing that the
normal increase in the demand for imports
will be smaller than the relative growth of
income, even if a high standard of living is
achieved. In the first place, more than 40 per
cent of prewar imports consisted of foodstuffs, and it is unlikely that the demand for
these products will increase in proportion to
the increase in real income. Second, import
prices have increased considerably more than
domestic prices, and it is expected that this
will lead to an attempt, wherever possible, to
substitute home goods for imports. Even
after making allowance for these facts, however, it is probable that a 22 per cent increase in domestic output in the United
Kingdom would increase the normal demand for imports by as much as 15 per
cent. If, therefore, no greater controls were
maintained than those existing before the
JANUARY 1946




war, the value of postwar imports, at. present
prices, would be about 1,900 million pounds.
This suggests that it will not be possible to
abandon all import controls imposed during
the war at any time in the immediate postwar
period. It may be expected that when Great
Britain attains a balanced international position it will be on the basis of a volume of
imports below the level corresponding by
prewar standards, to the country's national
income. Consequently there will be a tendency for imports to rise and to upset the balance unless some of the restrictions imposed
during the war are maintained for some
time.
LONG-RUN PROSPECTS

The proposed American loan to the
United Kingdom, as noted above, is intended
primarily to meet the deficit in Britain's
balance of payments during the period of
transition from a war economy to a pea£e
economy. Once this period of readjustment
has passed, it is anticipated that the United
Kingdom will be able to pay for its necessary imports with the proceeds of exports
and with income from overseas investments,
shipping, insurance, etc. while at the same
time making payments of principal and
interest on both its foreign loans and its
accumulated sterling obligations. With a
sound program for rebuilding and modernizing British industries, it should be possible
for them to expand exports sufficiently to
realize this goal. And once a balanced position is achieved, gradual payment of its overseas obligations will not place a serious strain
on the British economy.
A balanced international position will not
occur automatically, however, but only as
the result of a well-planned policy of trade
expansion. A prerequisite to trade expansion is modernization of British industry.
11

REVIEW OF THE

Many British industries have not kept pace
with their American counterparts in the
adoption of technological improvements.
As a result, costs of production in the United
Kingdom have tended to increase relative to
costs for similar products in the United
States. Recent studies have shown that
capital per worker and output per worker in
such important industries as coal and textiles are considerably lower in the United
Kingdom than in the United States. In the
British coal industry, the problem has been
further aggravated by the depletion of coal
reserves, and the necessity of using highercost deposits.
Since coal, textiles, and textile products
accounted for more than one-fourth of the
value of prewar exports, it would appear that
modernization of these industries is essential
to the establishment of postwar exports on
abound basis. The British are well aware of
this, and are making extensive plans for improving the efficiency not only of coal and
textile production but of many other industries as well. Factories which suffered war
damage will be rebuilt with up-to-date equipment, and the replacement of depreciated
capital, long delayed by the war, will add
further to Britain's modern industrial plant.
All of these developments suggest that the
productivity of the capital with which the
United Kingdom emerges from her period
of reconversion and reconstruction will be
considerably greater than that of her prewar
capital.
With modern and efficient plant and
equipment and a conscious effort to adapt
production to the changing requirements of
Britain's customers the competitive position
of the United Kingdom in world markets
should be better than it was before the war.
But British exports obviously can not be kept
12




MONTH

at a high level without a high and sustained
level of world income. A prolonged world
depression, such as was experienced in the
early 'thirties, would seriously impair the
ability of the United Kingdom to liquidate
its external debts, and might well lead to an
intensification of the trade controls and exchange restrictions which the present agreement between the United States and the
United Kingdom is intended to reduce.
The establishment and maintenance of this
high level of world income will depend to a
large extent upon developments in the
United States. The value of United States
output is a large proportion of world output
—some estimates place the proportion as
high as one-third. Although imports into
the United States are small relative to
domestic output, they nevertheless constitute a significant part of world trade as
a whole. Fluctuations in the American
demand for foreign goods therefore play
an important part in the state of world
markets as a whole.
It is true, of course, that export trade of the
United Kingdom in prewar years was more
dependent upon certain other countries than
upon the United States. In the three years
preceding the war, British exports to the
United States accounted for only five to seven
per cent of her total exports. Nevertheless,
the United States was the most important
customer of the United Kingdom in those
years outside the British Empire. Moreover,
British exports as a whole are indirectly
much more dependent upon economic activity in the United States than these figures
indicate. When a depression reduces the
American demand for foreign goods, the
British suffer not only from a direct reduction in their exports to the United States,
but also from an indirect effect through
FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

other countries. South American countries,
for example, may be unable to buy from the
United Kingdom because their sales to the
United States have been reduced. It has been
estimated that these indirect effects are about
twice as important as the direct effects. If this
is true, a fifty per cent reduction in American
imports as a whole would involve a ten to fifteen per cent reduction in total exports to the
United Kingdom. In practice, the repercussion would probably be even greater, since a
depression in the United States might easily
start a downward spiral in other countries.
These relationships confirm the fact, often
mentioned in recent discussions of foreign
trade and repeated in the "Proposals for Consideration by an International Conference on

JANUARY 1946




Trade and Employment," that the long-run
success of the Anglo-American trade and
financial program is dependent upon a high
and sustained level of world income. In the
temporary period of reconstruction and reconversion, the gap in the British balance of
trade will be offset by the financial assistance
received from the United States and from
other countries. But in the long run, after
lending ceases and repayment begins, it is
probable that a balanced position for the
United Kingdom will be maintained without
restrictive controls only if the world demand
for British goods is kept at a high level, and
this means if the world—and particularly
the United States—succeeds in maintaining
prosperity.

ANGLO-AMERICAN TRADE AND FINANCIAL

The documents below, resulting from the trade
and financial discussions between officials of the
United States and United Kingdom Governments
meeting in Washington, were released on December
6, 1945, by the two governments. The financial
agreement was approved by the British House oj
Commons on December 13 and by the House oj
Lords on December 18 and will be submitted to
Congress in the near future?
STATEMENT MADE IN WASHINGTON BY
THE PRESIDENT OF THE UNITED STATES
AND IN LONDON BY THE PRIME MINISTER
OF GREAT BRITAIN ON DECEMBER 6, 1945
The economic and financial discussions between
officials of the United States and United Kingdom
Governments meeting in Washington have now
been completed.
These discussions have been concerned with the
major problems affecting the basic economic and
financial relations between the two countries, in the
light of the provisions of Article VII of the MutualAid Agreement between their governments signed
February 23, 1942.
They have covered the questions of financial assistance from the United States to the United Kingdom, the demobilization of wartime trade and
monetary restrictions, the settlement of lend-lease,
the disposal of surplus war property in the United
Kingdom owned by the United States, and, finally,
long-range commercial policies in the broad sense,
embracing the fields of trade barriers and discriminations, policies in respect of commodities in world
surplus, cartels, an international trade organization,
and international aspects of domestic measures to
maintain employment.
The purpose of the discussions has been to arrive at mutually advantageous solutions of these
problems which the two governments would commend to the peoples and legislatures of the two
countries and to the world as a whole.
Both sides have been fully conscious of the significance to other countries, as well as their own,
of the outcome of these discussions, and they have
from the beginning had continuously in view the
common interest of their governments in establish1
There is also given on pages 20-27 of this issue of the
BULLETIN the text of a British White Paper published in connection with the Anglo-American negotiations.

14




ing a world trade and monetary system from which
the trade of all countries can benefit and within
which the trade of all countries can be conducted
on a multilateral, nondiscriminatory basis.
The discussions have been successful.
Agreement has been reached, subject to the approval of the legislatures of both countries, for the
extension by the United States to the United Kingdom of a line of credit of $3,750,000,000 on the
terms stated in the financial agreement signed this
day, for the following purposes: to facilitate purchases by the United Kingdom of goods and services from the United States, to assist the United
Kingdom to meet transitional postwar deficits in
its current balance of payments, to help the United
Kingdom to maintain adequate reserves of gold and
dollars, and to assist the United Kingdom to assume
the obligations of multilateral trade. This credit
would make it possible for the United Kingdom to
relax import and exchange controls, including exchange arrangements affecting the sterling area, and
generally to move forward with the United States
and other countries toward the common objective
of expanded multilateral trade.
Agreement has been reached for the final settlement of lend-lease and reciprocal aid, the disposal
of surplus war property in the United Kingdom
owned by the United States, and the final settlement of the claims of each government against the
other arising out of the conduct of the war.
Agreement has been reached on the broad principles of commercial policy for which the two
governments will seek general international support.
These arrangements, if carried out, will put an
end to the fear of an economically divided world;
will make possible, throughout the world, the expansion of employment and of the production, exchange and consumption of goods; and will bring
into being, for the first time, a common code of
equitable rules for the conduct of international
trade policies and relations.
The realization of these proposals will depend
upon the support given them by the peoples and
legislatures of the United States and the United
Kingdom; and where they envisage measures requiring broad international collaboration, the support of other countries.
The following documents resulting from these
discussions are being issued by the two governments:
FEDERAL RESERVE BULLETIN

ANGLO-AMERICAN TRADE AND FINANCIAL NEGOTIATIONS
Financial agreement.
Joint statement regarding the understanding
reached on commercial policy.
Joint statement regarding settlement for lendlease and reciprocal aid, surplus war property,
and claims.
JOINT STATEMENT BY THE UNITED
STATES AND THE UNITED KINGDOM
REGARDING THE UNDERSTANDING
REACHED ON COMMERCIAL POLICY
The Secretary of State of the United States has
made public today a document setting forth certain
"Proposals for Consideration by an International
Conference on Trade and Employment". These
proposals have the endorsement of the Executive
branch of the Government of the United States and
have been submitted to other governments as a basis
for discussion preliminary to the holding of such
a conference.
Equally, the Government of the United Kingdom
is in full agreement on all important points in these
proposals and accepts them as a basis for international discussion; and it will, in common with the
United States Government, use its best endeavors
to bring such discussions to a successful conclusion,
in the light of the views expressed by other countries.
The two Governments have also agreed upon the
procedures for the international negotiation and implementation of these proposals. To this end they
have undertaken to begin preliminary negotiations
at an early date between themselves and with other
countries for the purpose of developing concrete
arrangements to carry out these proposals, including definitive measures for the relaxation of trade
barriers of all kinds.
These negotiations will relate to tariffs and preferences, quantitative restrictions, subsidies, State
trading, cartels, and other types of trade barriers
treated in the document published by the United
States and referred to above. The negotiations will
proceed in accordance with the principles laid down
in that document.
JOINT STATEMENT REGARDING SETTLEMENT FOR LEND-LEASE, RECIPROCAL AID,
SURPLUS WAR PROPERTY AND CLAIMS
1. The Governments of the United States and
the United Kingdom have reached an understanding for the settlement of Lend-Lease and Reciprocal
Aid, for the acquisition of United States Army and
Navy surplus property, and the United States interest in installations, located in the United Kingdom, and for the final settlement of the financial
JANUARY

1946




claims of each government against the other arising
out of the conduct of the war. Specific agreements
necessary to implement these understandings, setting forth the terms in detail, and consistent herewith, are in the course of preparation and will
shortly be completed.
2. This settlement for Lend-Lease and Reciprocal
Aid will be complete and final. In arriving at this
settlement both Governments have taken full cognizance of the benefits already received by them in
the defeat of their common enemies. They have
also taken full cognizance of the general obligations
assumed by them in Article VII of the Mutual Aid
Agreement of February 23, 1942, and the understandings agreed upon this day with regard to commercial policy. Pursuant to this settlement, both
Governments will continue to discuss arrangements
for agreed action for the attainment of the economic
objectives referred to in Article VII of the Mutual
Aid Agreement. The Governments expect in these
discussions to reach specific conclusions at an early
date with respect to urgent problems such as those
in the field of telecommunications and civil aviation. In the light of all the foregoing, both Governments agree that no further benefits will be
sought as consideration for Lend-Lease and Reciprocal Aid.
3. The net sum due from the United Kingdom
to the United States for the settlement of LendLease and Reciprocal Aid, for the acquisition of
surplus property, and the United States interest in
installations, located in the United Kingdom, and
for the settlement of claims shall be $650,000,000
subject to the account adjustment referred to below. This amount consists of (a) a net sum of
$118,000,000 representing the difference between
the amount of the services and supplies furnished
or to be furnished by each Government to the other
Government after V-J Day through Lend-Lease and
Reciprocal Aid channels, less the net sum due to
the United Kingdom under the claims settlement,
and (b) a net sum of $532,000,000 for all other
Lend-Lease and Reciprocal Aid items, and for surplus property and the United States interest in installations located in the United Kingdom and
owned by the United States Government. The
actual amounts due to the respective Governments
for items included in (a) above other than claims
will, however, be ascertained by accounting in due
course, and the total sum of $650,000,000 will be
adjusted for any difference between the sum of
$118,000,000 mentioned above, and the actual sum
found to be due. All new transactions between the
two Governments after December 31, 1945, will be
settled by cash payment.
15

ANGLO-AMERICAN TRADE AND FINANCIAL NEGOTIATIONS
4. The total liability found to be due to the Government of the United States will be discharged
on the same terms as those specified in the Financial
Agreement concluded this day for the discharge of
the credit provided therein.
5. In addition to the financial payments referred
to above, the two Governments have agreed upon
the following:
(a) Appropriate non-discriminatory treatment
will be extended to United States nationals in the
use and disposition of installations in which there
is a United States interest;
(b) Appropriate settlements for the Lend-Lease
interest in installations other than in the United
Kingdom and the Colonial Dependencies will be
made on disposal of the installations;
(c) The United States reserves its right of recapture of any Lend-Lease articles held by United
Kingdom Armed Forces, but the United States has
indicated that it does not intend to exercise generally this right of recapture;
(d) Disposals for military use to forces other
than the United Kingdom Armed Forces of LendLease articles held by the United Kingdom Armed
Forces at V-J Day, and disposals for civilian use
other than in the United Kingdom and the Colonial
Dependencies of such Lend-Lease articles, will be
made only with the consent of the United States
Government and any net proceeds will be paid to
the United States Government. The United Kingdom Government agrees that except to a very limited extent it will not release for civilian use in,
or export from, the United Kingdom and the Colonial Dependencies Lend-Lease articles held by the
United Kingdom Armed Forces;
(e) The Government of the United Kingdom
will use its best endeavors to prevent the export to
the United States of any surplus property transferred in accordance with this understanding.
6. The Government of the United Kingdom
agrees that, when requested by the Government of
the United States from time to time prior to December 31, 1951, it will transfer, in cash, pounds
sterling to an aggregate dollar value not in excess
of $50,000,000, at the exchange rates prevailing at
the times of transfer, to be credited against the
dollar payments due to the Government of the
United States as principal under this settlement.
The Government of the United States will use these
pounds sterling exclusively to acquire land or to
acquire or construct buildings in the United Kingdom and the Colonial Dependencies for the use of
the Government of the United States, and for carrying out educational programs in accordance with

16




agreements to be concluded between the two Governments.
7. The arrangements set out in this statement are
without prejudice to any settlements concerning
Lend-Lease and Reciprocal Aid which may be negotiated between the Government of the United States
and the Governments of Australia, New Zealand,
the Union of South Africa, and India.
FINANCIAL AGREEMENT BETWEEN THE
GOVERNMENTS OF THE UNITED STATES
AND THE UNITED KINGDOM
It is hereby agreed between the Government of
the United States of America and the Government
of the United Kingdom, of Great Britain and
Northern Ireland as follows:
1. Effective date of the Agreement. The effective
date of this Agreement shall be the date on which
the Government of the United States notifies the
Government of the United Kingdom that the Congress of the United States has made available the
funds necessary to extend to the Government of
the United Kingdom the line of credit in accordance with the provisions of this Agreement.
2. Line of credit. The Government of the United
States will extend to the Government of the United
Kingdom a line of credit of $3,750,000,000 which
may be drawn upon at any time between the effective date of this Agreement and December 31, 1951,
inclusive.
3. Purpose of the line of credit. The purpose of
the line of credit is to facilitate purchases by the
United Kingdom of goods and services in the United
States, to assist the United Kingdom to meet transitional postwar deficits in its current balance of
payments, to help the United Kingdom to maintain
adequate reserves of gold and dollars, and to assist
the Government of the United Kingdom to assume
the obligations of multilateral trade, as' defined in
this and other agreements.
4. Amortization and interest.
(i) The amount of the line of credit drawn by
December 31, 1951, shall be repaid in 50 annual
installments beginning on December 31, 1951, with
interest at the rate of 2 per cent per annum. Interest for the year 1951 shall be computed, on the
amount outstanding on December 31, 1951, and for
each year thereafter, interest shall be computed on
the amount outstanding on January 1 of each
such year.
Forty-nine annual installments of principal repayments and interest shall be equal, calculated at
FEDERAL RESERVE BULLETIN

ANGIO-AMERICAN

TRADE AND FINANCIAL

NEGOTIATIONS

(ii) The Government of the United Kingdom
will not arrange any long-term loans from governments within the British Commonwealth after
December 6, 1945, and before the end of 1951 on
terms more favorable to the lender than the terms
of this line of credit.
(iii) Waiver of interest will not be requested or
allowed under section 5 in any year unless the
aggregate of the releases or payments in that year
of sterling balances accumulated to the credit of
overseas governments, monetary authorities and
banks (except in the case of colonial dependencies)
before the effective date of this Agreement is re5. Waiver of interest payments. In any year in duced proportionately, and unless interest paywhich the Government of the United Kingdom re- ments due in that year on loans referred to in (ii)
quests the Government of the United States to above are waived. The proportionate reduction of
waive the amount of the interest due in the in- the releases or payments of sterling balances shall
stallment of that year, the Government of the be calculated in relation to the aggregate released
United States will grant the waiver if:
and paid in the most recent year in which waiver
(a) the Government of the United Kingdom of interest was not requested.
finds that a waiver is necessary in view of the pres(iv) The application of the principles set forth
ent and prospective conditions of international exin this section shall be the subject of full consultachange and the level of its gold and foreign exchange tion between the two governments as occasion may
reserves and
arise.
(b) the International Monetary Fund certifies
7. Sterling area exchange arrangements.
that the income of the United Kingdom from
home-produced exports plus its net income from
The Government of the United Kingdom will
invisible current transactions in its balance of pay- complete arrangements as early as practicable and
ments was on the average over the five preceding in any case not later than one year after the effeccalendar years less than the average annual amount tive date of this Agreement, unless in exceptional
of United Kingdom imports during 1936-8, fixed cases a later date is agreed upon after consultation,
at ;£866 million, as such figure may be adjusted under which immediately after the completion of
for changes in the price level of these imports. such arrangements the sterling receipts from curAny amount in excess of ^43,750,000 released or rent transactions of all sterling area countries (apart
paid in any year on account of sterling balances from any receipts arising out of military expendiaccumulated to the credit of overseas governments, ture by the Government of the United Kingdom
monetary authorities and banks before the effective prior to December 31, 1948, to the extent to which
date of this Agreement shall be regarded as a they are treated by agreement with the countries
capital transaction and therefore shall not be in- concerned on the same basis as the balances accucluded in the above calculation of the net income mulated during the war) will be freely available
from invisible current transactions for that year. for current transactions in any currency area withIf waiver is requested for an interest payment prior out discrimination; with the result that any disto that due in 1955, the average income shall be crimination arising from the so-called sterling area
computed for the calendar years from 1950 through dollar pool will be entirely removed and that each
the year preceding that in which the request is member of the sterling area will have its current
made.
sterling and dollar receipts at its free disposition
for current transactions anywhere.
6. Relation of this line of credit to other obligations.
8. Other exchange arrangements.
(i) It is understood that any amounts required
(i) The Government of the United Kingdom
to discharge obligations of the United Kingdom to agrees that after the effective date of this Agreement
third countries outstanding on the effective date of it will not apply exchange controls in such a manner
this Agreement will be found from resources other as to restrict (a) payments or transfers in respect of
products of the United States permitted to be imthan this line of credit.
the rate of $31,823,000 for each $1,000,000,000 of
the line of credit drawn by December 31, 1951, and
the fiftieth annual installment shall be at the rate
of $31,840,736.65 for each such $1,000,000,000. Each
installment shall consist of the full amount of the
interest due and the remainder of the installment
shall be the. principal to be repaid in that year.
Payments required by this section are subject to
the provisions of section 5.
(ii) The Government of the United Kingdom
may accelerate repayment of the amount drawn
under this line of credit.

JANUARY 1946




17

ANGLO-AMERICAN TRADE AND FINANCIAL NEGOTIATIONS
ported into the United Kingdom or other current
transactions between the two countries or (b) the
use of sterling balances to the credit of residents of
the United States arising out of current transactions.
Nothing in this paragraph (i) shall affect the provisions of Article VII of the Articles of Agreement
of the International Monetary Fund when those
Articles have come into force.
(ii) The Governments of the United States and
the United Kingdom agree that not later than one
year after the effective date of this Agreement, unless in exceptional cases a later date is agreed upon
after consultation, they will impose no restrictions
on payments and transfers for current transactions.
The obligations of this paragraph (ii) shall not
apply:
(a) to balances of third countries and their nationals accumulated before this paragraph (ii) becomes effective; or
(b) to restrictions imposed in conformity with
the Articles of Agreement of the International
Monetary Fund, provided that the Governments of
the United Kingdom and the United States will
not continue to invoke the provisions of Article
XIV, Section 2 of those Articles after this paragraph (ii) becomes effective, unless in exceptional
cases after consultation they agree otherwise; or
(c) to restrictions imposed in connection with
measures designed to uncover and dispose of assets
of Germany and Japan.
(iii) This section and section 9, which are in
anticipation of more comprehensive arrangements
by multilateral agreement, shall operate until December 31, 1951.
9. Import arrangements. If either the Government of the United States or the Government of
the United Kingdom imposes or maintains quantitative import restrictions, such restrictions shall be
administered on a basis which does not discriminate
against imports from the other country in respect of
any product; provided that this undertaking shall
not apply in cases in which (a) its application
would have the effect of preventing the country
imposing such restrictions from utilizing, for the
purchase of needed imports, inconvertible currencies accumulated up to December 31, 1946, or
(b) there may be special necessity for the country
imposing such restrictions to assist, by measures
not involving a substantial departure from the general rule of non-discrimination, a country whose
economy has been disrupted by war, or (c) either

18




government imposes quantitative restrictions having equivalent effect to an exchange restriction
which that government is authorized to impose in
conformity with Article VII of the Articles of Agreement of the International Monetary Fund. The
provisions of this section shall become effective as
soon as practicable but not later than December
31, 1946.
10. Accumulated sterling balances.
(i) The Government of the United Kingdom intends to make agreements with the countries concerned, varying according to the circumstances of
each case, for an early settlement covering the
sterling balances accumulated by sterling area and
other countries prior to such settlement (together
with any future receipts arising out of military expenditure by the Government of the United Kingdom to the extent to which they are treated on the
same basis by agreement with the countries concerned). The settlements with the sterling area
countries will be on the basis of dividing these accumulated balances into three categories: (a) balances to be released at once and convertible into
any currency for current transactions, (b) balances to be similarly released by installments over
a period of years beginning in 1951, and (c) balances to be adjusted as a contribution to the settlement of war and postwar indebtedness and in recognition of the benefits which the countries concerned
might be 'expected to gain from such a settlement.
The Government of the United Kingdom will make
every endeavor to secure the early completion of
these arrangements.
(ii) In consideration of the fact that an important purpose of the present line of credit is to promote the development of multilateral trade and
facilitate its early resumption on a non-discriminatory basis, the Government of the United Kingdom
agrees that any sterling balances released or otherwise available for current payments will, not later
than one year after the effective date of this Agreement unless in special cases a later date is agreed
upon after consultation, be freely available for current transactions in any currency area without discrimination.
11. Definitions.
For the purposes of this Agreement:
(i) The term "current transactions" shall have
the meaning prescribed in Article XIX (i) of the
Articles of Agreement of the International Monetary Fund.
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ANGLO-AMERICAN TRADE AND FINANCIAL NEGOTIATIONS

(ii) The term "sterling area" means the United
Kingdom and the other territories declared by the
Defence (Finance) (Definition of Sterling Area)
(No. 2) Order, 1944, to be included in the sterling
area, namely "the following territories excluding
Canada and Newfoundland, that is to say—
(a) any Dominion,
(b) any other part of His Majesty's dominions,
(c) any territory in respect of which a mandate
on behalf of the League of Nations has been accepted by His Majesty and is being exercised by
His Majesty's Government in the United Kingdom
or in any Dominion,
(d) any British protectorate or protected State,
(e) Egypt, the Anglo-Egyptian Sudan and Iraq,
(f) Iceland and the Faroe Islands."

JANUARY 1946




12. Consultation on Agreement. Either government shall be entitled to approach the other for a
reconsideration of any of the provisions of this
Agreement, if in its opinion the prevailing conditions of international exchange justify such reconsideration, with a view to agreeing upon modifications for presentation to their respective legislatures.
Signed in duplicate at Washington, District of
Columbia, this 6th day of December, 1945.
For the GOVERNMENT OF THE UNITED STATES
OF AMERICA
(S.)

FRED M.

Secretary

VINSON

of the

Treasury

For the GOVERNMENT OF THE UNITED KINGDOM
OF GREAT BRITAIN AND NORTHERN IRELAND
(S.)

HALIFAX

His
Majesty's
Extraordinary
potentiary at

Ambassador
and PleniWashington

19

BRITISH WHITE PAPER PUBLISHED IN CONNECTION
WITH ANGLO-AMERICAN FINANCIAL AGREEMENT
Given below is the text of a British Government
White Paper (Cmd. 6707) setting forth statistical
material concerning the financial position of the
United Kingdom, which was published in December 1945 in connection with the Anglo-American
financial Agreement. The data included in the
White Paper had previously been presented for
consideration at the Washington negotiations between officials of the United States and the United
Kingdom Governments.
I. THE NATURE OF THE PROBLEM

1. In the Anglo-American discussions on commercial and financial questions much study has
been devoted to the factual material which is available, in order to ascertain the magnitude of the
problem and the best and fairest means of solving
it in the light of all the relevant circumstances.
The data which have been furnished are set out
in detail in the appendices which follow. The
significance of these may be made clearer by some
preliminary observations.
2. The problem facing the United Kingdom has
two aspects, both of them directly arising out of
the role undertaken by the United Kingdom in the
combined war effort. The first of these arises out
of the deficit in the external balance of payments
of the United Kingdom which seems certain to
develop during the period of uncertain duration,
but provisionally estimated at from three to five
years, before internal and external adjustments can
be made in the British economy adequate to restore
equilibrium.
3. The second arises out of the indebtedness of
the United Kingdom to overseas countries in the
shape of sterling balances and other liabilities accumulated during the war. The causes leading to
the growth of these liabilities are set out in this
paper, together with the statistics of their present
magnitude.
II. THE CAUSES OF THE PROSPECTIVE OVERSEAS DEFICIT OF THE UNITED KINGDOM IN THE
TRANSITIONAL PERIOD

4. The immediate problem is the direct legacy of
the United Kingdom effort in the war. The foundations of the United Kingdom's normal economic
life are a high degree of industrial specialisation,
a substantial dependence upon imported foodstuffs
20




and raw materials, and the maintenance of a volume
of export trade and of other sources of foreign exchange earnings adequate to pay for those imports.
Before the war the United Kingdom was dependent
on imports for two-thirds of the food consumed by
its people and, apart from coal, for the bulk of the
raw materials used by its industries. But the United
Kingdom paid for such requirements by the proceeds of its exports and by the earnings of its shipping and other services rendered to overseas countries and of its investments abroad.
5. The effect of the war was to bring about a
severe dislocation of the United Kingdom position
in several respects, which will inevitably take some
years to remedy; namely, loss of exports, loss of
shipping, loss of overseas investments, increase of
overseas debt, and loss of reserves.
6. Loss of Exports. The loss of United Kingdom
export trade during the war was to a large extent
the consequence of a deliberate act of policy. An
attempt to maintain United Kingdom export trade
at a high level would have stood in the way of the
full degree mobilisation of manpower, production,
and materials for the direct war effort which the
situation of the United Kingdom required as being
the base of operations nearest to Germany. But
food, munitions, and raw materials still had to be
imported. The operation of Lend-Lease from the
United States, Mutual Aid and other contributions
from Canada, and sterling credits from other countries, made this compatible with the deliberate abandonment of the export trade. The decision, that
the United Kingdom should in effect disregard the
maintenance of export trade in favour of the maximum concentration of resources on the armed forces
and war industry, undoubtedly constituted a rational and proper allocation of effort between ^the
Allies which was willingly accepted by the United
Kingdom in the interests of winning the war. But
the outcome has been that British export trade
shrank to less than one-third of its prewar volume,
and, despite some recovery, may be expected to
cover in 1946 not more than one-half of the essential
expenditure of the country on the purchase of a
minimum volume of imports and on other necessary
payments overseas. Thus with the end of the war
and the termination of Lend-Lease and Mutual Aid
a period of acute difficulty must be faced until the
reconversion of industry, the release of manpower
and the recovery and expansion of export markets
FEDERAL RESERVE BULLETIN

BRITISH WHITE PAPER

ANGLO-AMERICAN FINANCIAL AGREEMENT

have begun to result in a substantial flow of exports,
(See Appendix I.)
7. Loss of Shipping. More than half of the prewar tonnage of British merchant shipping was lost
during the war. Allowing for new building in the
war, United Kingdom-owned tonnage is now less
than three-quarters of the prewar figure. Until the
fleet has been expanded and carrying trades abandoned in the war have been recovered, the net income available from shipping service to supplement
United Kingdom purchasing power abroad will be
greatly below prewar level. (See Appendix II.)
8. Loss of Overseas Investments. It is estimated
that the net income from overseas investments in
1945 will be less than half that received in 1938.
This reflects the extensive liquidation of foreign
securities, the repatriation of loans by overseas
debtors, and the increased interest payments to
holders of sterling debts caused by the heavy war
expenditure which the United Kingdom has had
to incur overseas. Thus nearly all the marketable
United States dollar securities of United Kingdom
nationals were compulsorily acquired for sale or
pledging in order to finance the purchase of munitions and the construction of war plans in the
United States of America before the operation of
the Lend-Lease Act. (See Appendix HI.)
9. The Increase of Overseas Debt. The interval
of time which must inevitably elapse, before the
export trade can be recovered and the loss of income from investments and shipping can be made
good, would have brought about a position of serious difficulty for the United Kingdom, even if overseas expenditure had remained at prewar levels.
But the exigencies of the war involved the United
Kingdom in enormous cash expenditure overseas.
Large military forces had to be maintained in the
Middle East to engage the Germans there: even
larger forces operated against the Japanese in Burma
and the Far East. Supplies on an immense scale
had to be acquired in addition to those furnished
under Lend-Lease and Mutual Aid to sustain these
forces. All these involved a great outpouring of
expenditure in local currencies, particularly in
India, Egypt and Palestine, whether on troop pay,
the building of aerodromes, railways or roads, or
the payment of local labour, or on the acquisition
of supplies. Such expenditure could be covered
only to a limited extent by exports or by the liquidation of investments: the result has been that
the United Kingdom has incurred huge debts in
the form of accumulated sterling balances. (See
Appendix IV.) Nor can this substantial burden of
overseas payments be brought to an end with the
day of victory. There will inevitably remain heavy
JANUARY

1946




commitments to be met overseas before all British
troops can be withdrawn from the distant fronts
on which they have been engaged. Thus apart
altogether from the repayment of the war debts a
further substantial, though temporary, burden of
current expenditure abroad has to be sustained at
a time when British exports and other sources of
overseas income are quite insufficient to finance even
an import programme on the barest minimum level.
10. Loss of Reserves. Nor has the United Kingdom sufficient reserves from which to fill the gap.
The gold and dollar holdings of the United Kingdom and of the other countries in the Sterling Area
were mobilised and freely spent in the early critical
days of 1939-1941 mainly for the purchase of vital
war supplies from the United States of America.
During April 1941, soon after the passage of the
Lend-Lease Act but before its effects could be felt,
the reserves fell to only 12 million dollars. They
have now to some extent been built up again largely
because the pay of United States forces in the
Sterling Area brought considerable dollar sums into
the country, a state of affairs which of course ceases
with, or soon after, the end of hostilities. But
they are still below the prewar level, and are manifestly inadequate in relation to the immediate needs
of the United Kingdom itself and to the problem
of releasing the accumulated sterling balances which
is discussed below. (See Appendix V.)
III. THE MAGNITUDE OF THE OVERSEAS DEFICIT
LIKELY TO ARISE BEFORE EQUILIBRIUM
Is RESTORED

11. It is estimated that the increase in the volume
of exports over the prewar level which will be
necessary to pay for the prewar volume of imports,
after allowing for the decline in other sources of
external earnings, is of the order of 50 per cent.
Something more than this will, however, be necessary to reach and maintain full equilibrium. For
the above calculation makes no allowance for the
following factors:
(i) By the end of the transitional period more
than 10 to 15 years will have elapsed since the
dates taken as the prewar standard of reference.
During this period the number of adults and separate families in the United Kingdom will have increased appreciably. Moreover, it is expected that
the standard of output and efficiency which will
have been reached should bring some improvement
in the standard of life and some increase in the level
of industrial production, with a consequent increase
in the payment for imports of all kinds. Thus in
the absence of restrictive measures of the type which
it is hoped to avoid, it is likely, and indeed ob21

BRITISH WHITE PAPER

ANGLO-AMERICAN FINANCIAL AGREEMENT

viously desirable, that the volume of imports will
tend to exceed the prewar level.
(ii) No provision has been included for the repayment of war and postwar debts.
(iii) No provision has been included for the
working capital to allow credit to foreign purchasers or for other expenditure overseas inevitably required in the course of building up a great volume
of new trade.
12. It may be, therefore, that the full restoration
of a reliable equilibrium, which can persist without
measures of restriction or the other defensive
mechanisms of the type with which it is hoped
to dispense, may require a volume of exports nearer
75 per cent than 50 per cent in excess of the
prewar level.
13. It is the aim of the United Kingdom Government to attain this target at the earliest possible date
and to undertake, with the same energy as in time
of war, whatever measure of industrial and marketing reorganisation and reconstruction may be necessary. But it is impossible to guess with any precision the date at which sufficient success will have
been achieved. It is hoped that work on export
orders will have attained the prewar level by the
second half of 1946, but the period of production
and the time lag in payment mean that actual cash
receipts will not attain the corresponding level until
after the end of the year. This moreover, represents
so rapid a reconversion from the very low level of
export activity existing in 1945 that it must be regarded as optimistic.
14. Other factors afTecting the future balance of
payments have been discussed above; in particular,
loss of investment income and loss of shipping earnings. A further factor of considerable importance
in the immediate future is Government expenditure
overseas. Before the war, such expenditure was
only an insignificant figure. During the war, as
explained above, it has risen to a very large figure;
and although it will fall rapidly with the end of the
war, it can not be abruptly and completely terminated. A period must elapse before troops, due for
demobilisation, can be brought home; and some
time will be needed for all commitments incurred
during the war to be brought to account. Moreover, the necessity to maintain occupation forces
abroad for the maintenance of world order will
constitute a continuing commitment, although not,
of course, on a scale anywhere comparable with that
of war expenditure. But in any case a substantial
outgoing on account of Government expenditure
overseas must be foreseen in the immediate future.
15. Any estimate of the balance of payments in

22




1946 would be so precarious, in view of the large
uncertainties afTecting many of the factors discussed
above, that it is useless to attempt to provide detailed estimates. But a study of the position indicates, on the assumption that the price level both
of exports (f.o.b.) and imports (c.i.f.) will be approximately double the prewar level in terms of
sterling, that the order of magnitude of the deficit,
with a fairly large measure of uncertainty, may be
3 billion dollars. This figure is accordingly adopted
as the starting-point of any calculations as to the
future position. {Note: For convenience of reference, estimates of the balance of payments in 193638 are given in Appendix VII.)
16. It is even more difficult to foresee the rate
of further expansion of exports in 1947 and 1948.
On the basis, however, of a 3 billion dollar deficit
in 1946, it would not be safe to base policy on the
assumption of a further deficit of less than 2 billion
dollars to provide for the two years 1947 and 1948
taken together and for some more modest deficiency in 1949 and 1950 before the attainment of
stable equilibrium.
17. This leaves us with a cumulative deficit which
may well be 5 billion dollars or even higher. It
must be emphasised once again that these estimates are very precarious. They are fully as optimistic as any prudent person would adopt as the
basis of a decision, in view of the extreme uncertainty of the conditions which will prevail in Europe and elsewhere in the years immediately ahead
of us; in view also of the international obligations
and responsibilities which the Government of the
United Kingdom may have to assume in the pacification and restoration of the shattered world. Admittedly, if all goes extremely well, if no unforeseen contingencies arise, and if the uncertain factors
mostly turn out on the favourable side, the ultimate
figure might work out at less than the above. To
meet this deficit, and at the same time to release
some part of the accumulated sterling balances, the
United Kingdom has to rely on its own reserves
and, in the main, further external credits.
In face of the uncertain outlook of 1946 and the
doubtful prospects of trade in Europe and the Far
East in the early postwar years, in addition to the
uncertainties inevitably arising out of a reconversion
on so large a scale as is involved in increasing the
volume of a country's exports by more than 50 per
cent (See Appendix VIII) any kind of exact estimation covering three to five years ahead is obviously impossible. But if difficult commitments
are to be undertaken and onerous responsibilities
accepted, it is necessary to set out on a basis sufficient
to give some measure of confidence, without which
FEDERAL RESERVE BULLETIN

BRITISH WHITE PAPER

ANGLO-AMERICAN FINANCIAL AGREEMENT

all would fail, and to set at rest undue financial
preoccupation, which would be sure to interfere
with any confident sharing of responsibilities.
The appendices which follow provide the relevant
factual data without attempting any precarious forecasts for the future.

sources upon war needs, the extent to which normal
export trade has had to be sacrificed. The following table shows the income derived from exports
and, since the later receipts reflect increases in world
prices, the amount of exports by volume before and
during the war.
TABLE 2

APPENDIX I

UNITED KINGDOM COMMERCIAL EXPORTS
(PRODUCE AND MANUFACTURES OF THE
UNITED KINGDOM)

Loss of Exports
1. Diversion of Manpower to the Forces and War
Production. During the war every effort was conIndex of
Millions
volume
of pounds
centrated upon building up the largest possible
Armed Forces and war production consistent with 1
471
100
938
maintenance of minimum civilian needs. This was 11939
94
440
73
411
achieved in a number of ways—by conscripting 1940
56
365
941
36
270
both men and women to increase the labour force 11942
29
233
943
including a substantial number of women who will 1944
30
258
1
42
272
1945
Jan.
/Sept.
not remain in industry, by increasing substantially
average weekly working hours and by cutting to
1
Increase of exports in 1945 is partly due to exports for relief
an absolute minimum production of every kind purposes.
other than for direct war purposes or essential
APPENDIX II
minimum civilian needs. The export industries
Shipping Losses
were stripped of manpower; civilian supplies and
services of all kinds were reduced to the greatest
The United Kingdom entered the war with a
possible extent. The following table (excluding merchant fleet of some 22 million deadweight tons.
Northern Ireland—and excluding men over the age
TABLE 3
of 64 and women over the age of 59) shows changes
UNITED KINGDOM AND COLONIES MERCHANT
in the distribution of the British labour force beSHIPPING POSITION^
tween 1939 and 1944 and the extent to which export
[1600 gross tons and over]
industries and the distributive trades were affected.
Million deadweight tons

TABLE 1
DISTRIBUTION OF LABOUR FORCE IN
GREAT BRITAIN

Mid 1939 Mid 1944 Mid 1945

Total

0.6
1.4
1.3
12.3
2.9
1.3

5.2
5.0
0.3
9.5
1.9
0.1

5.2
4.0
0.4
9.8
2.0
0.1

19.8

22.0

21.5

1

Munitions and other military stores. Excluding Government
Service and the contribution to the war effort of transport, food,
public
utilities, etc.
2
Includes all occupations (including Government Service and
Professions) not otherwise classified.

2. Wartime Export Trade. The vital role of
exports in the United Kingdom Balance of Payments has been referred to in the Paper, and prewar figures appear in Appendix VII. However,
there should be noted here, in the context of the
concentration of manpower and productive reJANUARY

1946




Tankers

17.7

4.4

Position at 3rd Sept. 1939.

Millions

Armed Forces &1Civil Defence... .
War Industries
Direct Export Industries
Cther Industry 2
Distributive Trades
Unemployed

D r y cargo

Add: Gains—
New Building
Captures
Acquisitions (not
returnable)
Acquisitions (returnable)

22.1

7 0
0 6

1.7
0.1

8 .7
0 .7

1 1
4 4

0.2
0.2

1 .3
4 .6

Total Gains
Less: Losses—
Prewar tonnage
Tonnage acquired during war

Total

13.1

2.2

15.3

30.8

6.6

37.4

10 7

2.3

4 5

0.5

13 .0
5 .0

Total Losses

15.2

2.8

18.0

Position at 30th June 1945 .
Less: Returnable

15.6
3.4

3.8
0.1

19.4
3.5

Position after return2 of
returnable tonnage

12.2

3.7

15.9

1
It is not possible to prepare an analysis on this basis of United
Kingdom shipping alone (i. e. excluding vessels on Colonial registers) but the fact that the figures are not appreciably affected by
the inclusion of vessels on Colonial registers is seen from the fact
that at 3rd September 1939 these totalled 0.5 million tons and
at 230th June 1945, 0.2 million tons.
Subject to losses and gains after 30th June 1945.

23

BRITISH WHITE PAPER

ANGLO-AMERICAN FINANCIAL AGREEMENT

In the course of the war more than half this tonnage
has been lost as the result of enemy action. Part
of the loss has been made good by new building and
acquisition; but, excluding 3^2 million tons of
Dominion and foreign-owned vessels now operating
under charter, the United Kingdom merchant fleet
at 30th June 1945 amounted to less than threequarters of the prewar fleet. The following table
summarizes the position.

vestments overseas, less income payments arising
out of overseas holdings of sterling securities, represent the contribution to the United Kingdom
balance of current payments on account of capital
assets and liabilities. The following figures show
dividends and interest payments on all types of investment other than shipping and insurance.

APPENDIX III

UNITED KINGDOM OVERSEAS RECEIPTS AND PAYMENTS OF DIVIDENDS, INTEREST, ETC., IN 1945

TABLE 5

Loss of Overseas Investments

[Partly estimated]
[Millions of dollars]

i. Repatriations and Realisations during the War.
The proceeds realised from the sale overseas of
United Kingdom-owned investments requisitioned
or otherwise repatriated during the war (i.e. September 1939 to June 1945, inclusive), so far as Sterling Area
Dominions (Australia, New
known, were as follows:
Zealand, S. Africa & Eire)..
TABLE 4
PROCEEDS OF SALE OR REPATRIATION OF OVERSEAS
INVESTMENTS DURING THE WAR
Millions
of dollars
Sterling Area
Dominions (Australia, New Zealand, South Africa
and Eire)
. India, Burma and Middle East
Colonies and other Sterling Area Countries
Total Sterling Area

Rest of World
Total All Countries

Total North America
810
1,400

Total All Countries
l

820
905

1 725

»

385
55

125
-45

65
90

50
C2)

15
90

385

200

185

335
60

455
10

-20
50

95

65

30

110

5

105

25

20

> 50

(2)

50

685

295

390

65

1

Gross receipts and payments include certain collections of
interest on external securities remitted to holders overseas. This
does not, of course, affect the figures of net receipts..
2
Less than 5 million dollars.
3
Includes income on investments (other than insurance holdings)
pledged to R. F. C.
4
Includes interest charges on R. F. C. Loan.
5
Includes non-recurring payments of arrears arising from the
war years.

4,500

2. Remaining Overseas Holdings. While in Section (1) above it was possible to show receipts
from securities realised during the war it would
not be possible to give an estimate in terms of
capital value of the residue to which any real significance could be attached, in view of the technical
difficulties of arriving at any satisfactory basis of
valuation.
An approach can, however, be made in terms of
income, and this leads to results of significance for
the present purposes. For the figures of net income,
that is of income receipts arising out of capital in-




60
90

H5

Europe

Net
U. K.
receipts

60

1
Does not include collateral for Reconstruction Finance Corporation Loan.

24

S o u t h America

Gross
U. K.
payments 1

185
45

2, 270

Total North America
South America

Total Sterling Area

North America
U. S. A
Canada

Rest of World & Unallocated.

North America
U. S. A...,
Canada

Europe

India, Burma & Middle East. .
Colonies & Other Sterling
Area Countries
Unallocated Sterling A r e a . . . .

Gross
U. K.
receipts 1

APPENDIX IV

The Increase of Overseas Debt
Apart from the immediate balance of payments
deficit referred to in paragraph 16 above, the
United Kingdom is faced with problems arising
out of the deterioration in her overseas financial
position on capital account. This has taken the
form partly of a reduction in overseas capital assets
through sales and repatriations during the war,
partly of a reduction in available reserves, but
mainly of the accumulation of very large external
liabilities.
The following table shows the growth of external
liabilities:
FEDERAL RESERVE BULLETIN

BRITISH WHITE PAPER

ANGLO-AMERICAN

TABLE 6
EXTERNAL LIABILITIES OF THE UNITED KINGDOM
[Millions of dollars]
Net quick
external
liabilities1
31st August
do.
31st December
do.
do.
do.
do.
do.
30th June

193822
1939
193922
1940
1941
1942
1943
1944
1945

3.685
1,920
2,240
2,950
4,800
6,105
8,695
11,175
12,300

Overseas
loans

Total
external
liabilities
3.685
1 ,920
2,240
2,960
5,235
7,325
9,930
12,385
13,525

io
435
1,220
1,235
1,210
1,225

(Conversion of sterling into U. S. dollars from 31st December
1939 to 30th June 1945 is at £1 =$4.03. For the sake of comparability a similar rate has been used for 31st August 1939 although
the rate then operative was £ l = $4.33. Conversion for August
1938
is at £1 = $4.85, the rate then current.)
1
Comprising banking liabilities less assets, and funds held in
the2 United Kingdom as cover for overseas currencies, etc.
Figures for earlier years are subject to a greater degree of
uncertainty in estimating than those for later years.

The following table gives a geographical analysis
of overseas liabilities:
TABLE 7
EXTERNAL LIABILITIES OF THE UNITED KINGDOM
BY AREAS
[Millions of dollars converted at £1 = $4.03]
Outstanding o n :
31st
Dec.
1941
Sterling Area
Dominions
India, Burma & Middle
East
Other sterling area countries
Total sterling area
N. & S.1 America. . . .
Europe
Rest of world
Total
1

560

31st
Dec.
1942
765

31st
Dec.
1943

31st
Dec.
1944

30th
June
1945

950 1,380 1,550

FINANCIAL

into dollars on demand (these liabilities are not included in the figures in Table 6). Gold is valued
throughout Table 8 at $35 an ounce; and liabilities
to convert sterling holdings into dollars, at £1 =
$4.03.
TABLE 8
NET GOLD AND U. S. DOLLAR RESERVES OF THE
UNITED KINGDOM
[Millions of dollars]
1938
1939
1939
1940
1941
1942
1943
1944
1945
1945

31st August
do.

31st December
do.
do.
do.
do.
do.

30th June
31st October

1,560

1,300
1,710
1,840
1,840 (provisional)

Overseas Disinvestment
Table g summarises, over the period from the
outbreak of war in Europe to 30th June 1945, the
effect of the war upon the United Kingdom in
terms of capital loss in the overseas financial position. This loss has taken the form of:
(1) the realisation of investments (Appendix III);
(2) the incurring of debts in the form of sterling
balances, etc. (Appendix IV); and
(3) the running down of gold and dollar reserves
(Appendix V).
TABLE 9
UNITED KINGDOM EXTERNAL DISINVESTMENT 1
[So iar as recorded; probably an underestimate]

10,975
1 225
1,075
250

[Millions of dollars]

13,525
Period

Including dependencies of European countries.

APPENDIX V

300
395
700

APPENDIX VI

1,910 2,235 2,445

3,450 5,125 7,455 9,810
965 1,030 1 120 1 130
725
975 1,130 1,205
95
195
240
225
5,235 7,325 9,930 12,385

14,220
12,455
12,225

1
Including an estimate of private holdings of gold and dollars
subsequently requisitioned.

1,605 2,800 4,595 6,195 6,980
1,285

AGREEMENT

Sept./Dec. 1939. .

Realisa- Increase Deer, or Sundry
of
minor
tion of
mcr.
adexternal external ( - ) of
justrecapital liabiliments
assets
ties
serves
235

320

230

70

Total
net
disinvestment
855

3,270
1,925
-35
Year 1940
660
720
Loss of Reserves
-95
20
3,305
Year 1941
1,105
2,275
15
2,715
915
Year 1942
2,090
-305
The following table shows the movement of Year 1943
760
— 600
10
2,775
2,605
2 ,670
-410
50
575
2,455
Year 1944
United Kingdom reserves during the war. It will Jan./June
250
-130
65
1,325
1945..
1,140
be seen that they have been restored to some extent,
16,915
195
615
4,500 11,605
largely due to the pay of United States Forces in
the United Kingdom, but they are still considerably
Sterling converted a t £ = $4.03 and Gold Reserves valued a t
below prewar levels. The figures are shown after $35 per ounce fine.
deduction of outstanding liabilities to provide gold
against sterling liabilities and of liabilities to con- The sum of these represents the loss of overseas
vert United States of America holdings of sterling wealth which Britain has suffered in order to meet
1

JANUARY 1946




25

BRITISH WHITE PAPER

ANGLO-AMERICAN FINANCIAL AGREEMENT

overseas military expenditure and the cost of essential services and supplies from abroad.

erty in the United Kingdom by bombing and rocket
attacks has, of course, been extensive.
Houses destroyed or damaged by enemy action in
APPENDIX VII
the United Kingdom totalled 4,000,000. Of these
210,000 were totally destroyed, and 250,000 were
For convenience of reference Table 10 below so badly damaged as to be rendered uninhabitable.
shows an estimated statement of the average United
The amount already paid out for compensation
Kingdom Balance of Payments for the years 1936 by the War Damage Commission is 1,084 million
to 1938. And while in other chapters of this paper dollars. The total damage to property is estimated
values have so far as possible been expressed in at 5,800 million dollars at current replacement costs:
terms of dollars, Table 10 is expressed in sterling equal to 3,440 million dollars at 1938 replacement
since changes in the dollar/sterling rate render a costs.
comparison of converted figures taken at the curMuch of the property destroyed has consisted of
rent or past exchange rate misleading.
industrial plants which were naturally one of the
enemy's main objectives. But over and above such
TABLE 10
losses, United Kingdom industrial capacity has been
ESTIMATED AVERAGE UNITED KINGDOM BALANCE
OF PAYMENTS FIGURES IN THE YEARS 1936 TO 1938 * run down by the deliberate policy of deferring all
but the most vital repair and maintenance. Thus
[Millions of pounds]
during the war the United Kingdom has not merely
lived on its external capital. It has also suffered
Millions
of pounds
a very considerable measure of domestic disinvestment. The amount of this domestic disinvestment
Imports
is shown in Table 11. The figures shown represent
Merchandise retained
866
18
Silver bullion and specie
simply the amount by which industrial and other
enterprises have been compelled, by shortage of
884
Total
materials and labour, to allow arrears of normal
Exports
477
U. K. produce and manufacture
depreciation and obsolescence to accumulate. They
19
Silver bullion and specie
do not take account of destruction by the enemy.
496
Total
Nor do they allow for the substantial running down
Excess of imports over exports
388
of
the stocks of clothing and household goods or
Net Government payments overseas
7
of arrears of normal maintenance of private resi395
Total
dential property.
Estimated net income from shipping
Estimated net income from overseas investments
Estimated net receipts from commissions, insurances,
etc.
Estimated net receipts from other sources
Total
Estimated debit balance
1

105
203
37
7

TABLE 11
DISINVESTMENT WITHIN THE UNITED KINGDOM

352

Millions
of dollars

-43

Re-exports and imports for re-export excluded.

APPENDIX VIII
General Conditions
The preceding Appendices have been concerned
primarily with the financial problems confronting
the United Kingdom at the end of the war, a major
element being the need to restore and increase the
export trade. This Appendix records some of the
physical factors—losses of internal capital, both industrial and domestic, restoration of civilian supplies and demands upon the labour force—which
compete with or complicate the production of goods
for export.

1940
1941
1942
1943
1944

.

.

.

...

391
1,024
653
782
717
3,567

The above figures do not take account of possible
postwar values of capital formation in the form of
Government war expenditure. While these assets
may have some peacetime use, their value for this
purpose is not likely to be large.
Summarising the foregoing and including shipping losses already referred to in Appendix II and
Overseas Disinvestment referred to in Appendix VI,
total United Kingdom losses of national wealth
1. Destruction and Depreciation of Industrial Re- may be stated very approximately, to the extent that
sources and Other Property. War damage to prop- they can be estimated, as follows:

26




FEDERAL RESERVE BULLETIN

BRITISH WHITE PAPER

ANGLO-AMERICAN FINANCIAL AGREEMENT

TABLE 12
Billions
of dollars
Physical destruction:
On land
Shipping (including cargoes)
Internal disinvestment
External disinvestment

17

This omits any estimate of private (i.e. non-industrial) disinvestment—deterioration of dwellings, reduction of household inventories, etc.—for which
no estimate can be given. On the other hand, it
also fails to allow correction for any possible postwar value of wartime capital work undertaken by
the Government. But in any case, a figure of 30
billion dollars would appear to be of the right order.
Prewar United Kingdom national wealth has been
very roughly estimated as of the order of 120 billion
dollars (at present prices), so that the loss of national
wealth over the war period is about 25 per cent.
2. Demands on Production and the Labour Force.
Appendix I has shown not only the diversion of
manpower from the export industries but the manner in which the whole distribution of the labour
force as between civil production on the one hand
and the Armed Forces and direct munitions production on the other has been radically changed to
meet war needs. The delays and difficulties of demobilisation and redistribution are in themselves
formidable. They are rendered even more so by the
special demands which have accumulated during the
war.
The building trade will make substantial demands for both direct building labour and production. Immediate housing needs, to make good destruction and the cessation of building during the
war, are of the order of a million and the long-term
housing programme calls for the building of 4,000,000 houses in all in 10-12 years. The labour
force in the building industry which amounted to
400,000 at the end of June 1945 is to be increased
to 905,000 by June 1946 and is likely to be around
an average of 1,250,000 over the subsequent 12
years, or about one-twelfth of the prospective total
male population aged 14-64.
Manpower has been depleted by military and
civilian casualties.
The industrial population feels the inevitable
after-effects of the long period of overwork and
overstrain in all the difficulties—blackout, queues,
food shortages, raids, etc. of wartime Britain.
Domestic capital in all but the war industries has
been allowed to run down. There is an enormous
JANUARY

1946




backlog of renovation and re-equipment to be
tackled.
Stocks of clothing and household goods have
been drastically cut and for most families must now
be approaching the point of exhaustion. Moreover,
so far as textiles at least are concerned, the immediate outlook is worse, not better. People have been
living on their capital of such goods and even without the reconstitution of that capital, the mere replacement of wear and tear must call for a great
expansion in output. Extensive studies of comparative consumption levels in the United States of
America, United Kingdom and Canada have been
made by the Combined Production and Resources
Board and published on 21st October 1945. It is
not proposed here to go in detail over the ground
so fully covered by these studies. It will be sufficient to give the following table, showing purchases
per capita of consumer goods and services in the
United Kingdom.
TABLE 13
CONSUMER GOODS PURCHASED IN THE UNITED KINGDOM AT 1938 PRICES PER HEAD OF POPULATION
1938
1941
1942
1943
1944
Change from prewar to 1941
Change from 1941 to 1944
Change from prewar to 1944

£87.9
74.4
74.1
71.7
73.9
-15%
- 1%
—16%

The following table shows also the proportions in
which the United Kingdom national income was
spent in the years 1938, 1941 and 1944:
TABLE 14
EXPENDITURE OF UNITED KINGDOM NATIONAL
INCOME
Per cent of national income
1941

1944

8
87

53
62

53
57

5

-15

-10

100

100

100

1938
War
Consumption
Net nonwar capital formation at
home and abroad.
Total national income

Thus the difficulties to be overcome in restoring
external financial equilibrium and expanding exports which are formidable enough in themselves,
have to be faced at a time when there are no less
pressing demands at home to make good war losses
and deprivations alike of industry and of a civilian
population whose needs, beyond the barest minimum, have for six years been subordinated to the
demands of war.
27

LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material.

License to Transact Banking Business
Since the Banking Holiday in 1933 every national
bank and every State bank which is a member of
the Federal Reserve System has been required to
obtain individually a license from the Treasury
Department before transacting normal banking
business. In lieu of the issuance of these individual
licenses in the future, the Treasury Department by
general license issued under date of December 31,
1945, granted all national banks hereafter authorized to begin business and all State banks hereafter
admitted to membership in the Federal Reserve
System the right to transact normal banking business. The text of the general license reads as
follows:
GENERAL LICENSE ISSUED UNDER EXECUTIVE ORDER
No. 6073, AS AMENDED, SECTION 5 ( B ) OF THE ACT
OF OCTOBER 6, 1917,,AS AMENDED, AND SECTION 4 OF
THE ACT OF MARCH 9, 1933.

A general license to transact normal banking business is hereby granted to all banks hereafter authorized to begin business by the Comptroller of
the Currency, effective upon the date of such authorization, and to all State banks hereafter admitted to
membership in the Federal Reserve System, effective upon the date of such admission, except:
(1) to the extent prohibited in the Executive
Order of the President of the United States
issued on March 10, 1933, as amended by
the Proclamation of December 30, 1933, and
by the Executive Order of January 15, 1934
(see extract printed on the reverse of this
license);
(2) to the extent limited or prohibited by any
executive order of the President or by regulations of the Secretary of the Treasury.
This license may be revoked in whole or in part
by the Secretary of the Treasury at any time.
FRED M. VINSON,

Secretary of the Treasury

28




EXTRACT FROM EXECUTIVE ORDER NO.
AMENDED

6073,

AS

Until further order, no individual, partnership,
association, or corporation, including any banking
institution, shall export or otherwise remove or permit to be withdrawn from the United States or any
place subject to the jurisdiction thereof any gold
coin, gold bullion, or gold certificates, except in
accordance with regulations prescribed by or under
license issued by the Secretary of the Treasury.
No permission to any banking institution to perform any banking functions shall authorize such
institution to pay out any gold coin, gold bullion
or gold certificates except as authorized by the
Secretary of the Treasury, nor to allow withdrawal
of any currency for hoarding.
Purchase of Government Obligations
by Federal Reserve Banks
Amendment to Section 14(b) Extended
Under the Second War Powers Act, enacted
March 27, 1942, section 14(b) of the Federal Reserve Act was amended so as to authorize the purchase or sale by Federal Reserve Banks, directly
from or to the United States, of bonds, notes, or
other obligations which are direct obligations of
the United States or which are fully guaranteed as
to principal and interest, but limited the aggregate
amount acquired directly from the United States
held at any one time by the twelve Federal Reserve
Banks to not exceeding 5 billion dollars. Another
provision of the Second War Powers Act, as
amended, provided that such authority should terminate on December 31, 1945, or at such earlier
time as Congress by concurrent resolution, or the
President, might designate. By Act of Congress
approved December 28, 1945, this time limit was
extended until June 30, 1946.
FEDERAL RESERVE BULLETIN

LAW DEPARTMENT
Consumer Credit

Foreign Funds Control

Listed Articles Used in Realty Improvements

Treasury Department Releases

An inquiry has been received as to the application of section 8 (a) of Regulation W, as amended
by Amendment No. 18, when the repair, alteration
or improvement consists in whole or in part of an
article which is still on the list of articles in section
13(«).
The question arises in those cases where items
like attic ventilating fans, linoleum or floor furnaces
are installed, and the question essentially is whether
the item has become an "improvement" upon the
realty.
If the item is affixed to the structure so as to become an "alteration or improvement" upon the
realty, it would come within the terms of the exception and the credit would be exempt under section 8 (a) even though the item is of a class still
included in the list of articles in section I3(a).
(This is so because the phrase "other than articles
. . . elsewhere listed" which was in Group C is not
in section $(a) as amended.)
Whether or not the installation is of such a character as to be an "improvement" would seem to
depend on whether the article becomes a part of
the realty. This is a matter as to which the decisions of the courts have not been uniform, and
the result in particular cases is often affected by
an agreement of the parties, the purpose for which
the installation was made, the nature of the article
(as distinguished from the manner in which it is
attached or installed) and other extraneous factors.
However, for the purposes of section 8(#)(2) of
Regulation W, the Board believes that a credit
should be considered to be exempt only when the
article is built into the structure in such a way that
it can not be removed without substantial damage
to the structure. Under this rule, anything which
can be taken out by the removal of a few screws,
leaving the structure as it was formerly, would not
be an "improvement" upon the realty. On the
other hand, if a section of the wall, floor or ceiling
had been removed in the process of installation and
the article had been affixed in that space, removal
would require restoration of the wall, floor or ceiling, and the article would be regarded as having
become a part of the realty and therefore an "improvement" within the meaning of section 8(#)

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:

JANUARY 1946




Treasury

Department

Foreign Funds Control
December 6, 1945
GENERAL RULING NO. 19

Under Executive Order No. 8389, as Amended, Executive
Order No. 9193, as Amended, Sections 3(a) and 5(b) of
the Trading With the Enemy Act, as Amended by the
First War Powers Act, 1941, Relating to Foreign Funds
Control*
RELEASE OF PROPERTY VESTED BY ALIEN PROPERTY CUSTODIAN.

All control under Executive Order No. 8389, as amended,
and Executive Order No. 9193, as amended, of any property
or interest of Germany or Japan or any national thereof vested
by the Alien Property Custodian is hereby released to the
Alien Property Custodian. The release of any such property
or interest shall take effect on the effective date of the
vesting order of the Alien Property Custodian covering the
property or interest.
FRED M. VINSON,

Secretary of the Treasury.
Treasury

Department

Foreign Funds Control
December 7, 1945
GENERAL LICENSE NO. 94

Under Executive Order No. 8389, 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.^
CERTAIN COUNTRIES GENERALLY LICENSED

(1) Blocked countries generally licensed subject to certain
conditions. A general license is hereby granted licensing all
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966;
Sec. 2. 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389,
April 10, 1940, as amended by Ex. Order 8785, June 14, 1941,
Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941.
and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6.
1942. as amended by Ex. Order 9567. June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, and July 26,
1941.
t Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended
by Ex. Order 8785, Tune 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.

29

LAW DEPARTMENT
blocked countries and nationals thereof (excepting the following countries and nationals thereof: (i) Germany and
Japan, (ii) Portugal, Spain, Sweden, Switzerland, Liechtenstein and Tangier) to be regarded as if such countries were
not foreign countries designated in the Order provided that
(a) any property in which on the effective date hereof any
of the following had an interest: (i) any blocked
country (including countries licensed hereby) or person therein; or (ii) any other partnership, association,
corporation, or other organization, which was a national of a blocked country (including countries licensed hereby) by reason of the interest of any such
country or person therein; or
(b) any income from such property accruing on or after
the effective date hereof
shall continue to be regarded as property in which a blocked
country or national thereof has an interest and no payment,
transfer, or withdrawal or other dealing with respect to such
property shall be effected under, or be deemed to be authorized by, this paragraph.
(2) Transactions under other licenses authorized without
regard to certain restrictions. With respect to property subject to the proviso of paragraph (1), any transaction not involving any excepted country or national thereof which is
authorized under any license (other than General Licenses
Nos. 1, 1A, 4, 27, 30A, 58 and 75 or any other license to the
extent that it merely authorizes transfers between blocked
accounts of the same person or changes in the form of property held in a blocked account) may be effected without
regard to any terms of such license relating to the method of
effecting such transaction.
(3) Certain other transactions authorized. This license
also authorizes any transaction which could be effected under
General License No. 53 if the countries licensed hereby were
members of the generally licensed trade area, provided that
this paragraph shall not be deemed to authorize any payment,
transfer, or withdrawal, or other dealing, with respect to
any property which is subject to the proviso of paragraph (1).
(4) Application of license to nationals of countries licensed
hereby who are also nationals of excepted countries. Paragraphs (1) and (2) shall not apply with respect to any
national of a country licensed hereby who is also a national
of any excepted country, provided, however, that for the purpose only of this license the following shall be deemed not
to be nationals of an excepted country:
(a) Any individual residing in a country licensed hereby,
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

30




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
licensed hereby, unless it is a national of Germany or
Japan.
(5) Definition. As used in this license, the term "excepted
country" shall mean any country excepted in paragraph (1).
(6) Effective date. The effective date of this general license
shall be December 7, 1945, except that it shall be October 5,
1945 as to France and November 20, 1945 as to Belgium.
FRED M. VINSON,

Secretary of the Treasury.
Treasury Department
Foreign Funds Control
December 7, 1945
GENERAL RULING NO. 20

Under Executive Order No. 8389, as Amended, Executive
Order No. 9193, as Amended, Sections 3(a) and 5(b) oj
the Trading With the Enemy Act, as Amended by the
First War Powers Act, 1941, Relating to Foreign Funds
Control*
REGULATIONS RELATING TO PAYMENTS UNDER CERTAIN LICENSES

(1) Certain payments not authorized. General Licenses
Nos. 1 and 1A and any other license to the extent that it
merely authorizes payments or transfers between blocked
accounts of the same person do not authorize any payment
or transfer of property from an account regarded as blocked
under the proviso of paragraph (1) of General License No.
94 except to an account which is also regarded as blocked
under the proviso.
(2) Responsibility for giving notice. Persons effecting any
payment or transfer of property held in a blocked account
pursuant to General Licenses Nos. 1 or 1A or any other
license to the extent that it merely authorizes payments or
transfers between blocked accounts of the same person are
required to notify the recipient that the property transferred
must be placed in a blocked account.
FRED M. VINSON,

Secretary of the Treasury.
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966;
Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389,
April 10, 1940, as amended by Ex. Order 8785, June 14, 1941,
Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941,
and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6,
1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, and July 26,
1941.

FEDERAL RESERVE BULLETIN

CURRENT EVENTS
Appointments of Chairmen, Deputy Chairmen,
and Directors

In January the Board made the customary announcements of appointments of directors and
designations of Chairmen and Deputy Chairmen
of the Federal Reserve Banks for the new terms.
A complete list of the Federal Reserve Bank and
branch directors will appear in a later issue of the
BULLETIN.

The new appointments and designations announced up to the time this issue went to press
are listed below:
Federal Reserve Bank of Boston
Mr. Henry I. Harriman of Newton, Massachusetts, who has been a Class C Director of the Federal Reserve Bank of Boston since March 12, 1938,
was appointed Deputy Chairman for the year 1946.
Mr. Harriman is Director and Vice Chairman of
the New England Power Association, Boston, Massachusetts.
Mr. Donald K. David of Cambridge, Massachusetts, was appointed a Class C Director of the
Federal Reserve Bank of Boston for a three-year
term beginning January 1, 1946. Mr. David is
Dean of the Graduate School of Business Administration of Harvard University, Cambridge, Massachusetts.
Federal Reserve Bank of New York
Mr. Carl G. Wooster of Union Hill, New York,
was appointed a Director of the Buffalo Branch of
the Federal Reserve Bank of New York for a
three-year term beginning January 1, 1946. Mr.
Wooster is engaged in farming.
Federal Reserve Bank of Cleveland
Mr. Albert H. Burchfield, Jr., of Pittsburgh,
Pennsylvania, was appointed a director of the
Pittsburgh Branch of the Federal Reserve Bank of
Cleveland for a three-year term beginning January
1, 1946. Mr. Burchfield is Vice President of the
Joseph Home Company, Pittsburgh, Pennsylvania.
Federal Reserve Bank of Richmond
Mr. James E. Hooper of .Baltimore, Maryland,
was appointed a director of the Baltimore Branch of
the Federal Reserve Bank of Richmond for a threeyear term beginning January 1, 1946. Mr. Hooper
JANUARY

1946




is Viet President of William E. Hooper and Sons,
Company, Baltimore, Maryland.
Mr. R. Flake Shaw was appointed a director
of the Charlotte Branch of the Federal Reserve
Bank of Richmond for a three-year term beginning
January 1, 1946. Mr. Shaw is engaged in farming
and is also Executive Secretary of the North Carolina Farm Bureau Federation, Greensboro, North
Carolina.
Federal Reserve Bank of Atlanta
Mr. H. G. Chalkley of Lake Charles, Louisiana,
who was serving as a director of the New Orleans
Branch of the Federal Reserve Bank of Atlanta in
1941 when he was called to active duty as an officer
in the Navy, was appointed a director of the New
Orleans Branch January 3, 1946, for the unexpired
portion of the term ending December 31, 1947,
Mr. Chalkley is President of The Sweet Lake Land
and Oil Company, Inc., Lake Charles, Louisiana.
Federal Reserve Bank of Chicago
Mr. Prentiss M. Brown of Detroit, Michigan, was
appointed a director of the Detroit Branch of the
Federal Reserve Bank of Chicago for a two-year
term beginning January 1, 1946. Mr. Brown is
Chairman of the Detroit Edison Company, Detroit, Michigan.
Federal Reserve Bank of St. Louis
Mr. Russell L. Dearmont, of St. Louis, Missouri,
who was appointed a Class C Director of the Federal Reserve Bank of St. Louis on December 7,
1945, was designated Chairman and Federal Reserve Agent for the year 1946. Mr. Dearmont
is General Counsel for Trustee, Missouri-Pacific
Lines, St. Louis, Missouri.
Mr. Cecil C. Cox, of Stuttgart, Arkansas, was
appointed a director of the Little Rock Branch of
the Federal Reserve Bank of St. Louis for a threeyear term beginning January 1, 1946. Mr. Cox
is engaged in farming.
Mr. Leslie M. Stratton, Jr., of Memphis, Tennessee, was appointed a director of the Memphis
Branch of the Federal Reserve Bank of St. Louis
for a three-year term beginning January 1, 1946.
Mr. Stratton is Executive Vice President of the

31

CURRENT EVENTS
as President on December 31, 1945, having availed
himself of the privilege of retiring under the provisions of the Retirement System of the Federal ReFederal Reserve Bank of Minneapolis
serve Banks.
Mr. Roger B. Shepard of Newport, Minnesota,
Mr. Day was succeeded as President, effective
who has been a Class C Director of the Federal Re- January 1, 1946, by Mr. Ira Clerk, who had served
serve Bank of . Minneapolis since December 28, as First Vice President since April 1936. Mr. Clerk
1939, and Deputy Chairman since March 11, 1940, has been an officer of the Bank since it was orwas designated Chairman and Federal Reserve ganized in November 1914. Mr. Clerk, in turn, was
Agent for the year 1946. Mr. Shepard is President succeeded as First Vice President by Vice Presiof Finch, Van Slyck and McConville of St. Paul, dent C. E. Earhart, who has been with the Bank
Minnesota.
since 1917 and who has served as an officer
Mr. W. D. Cochran of Iron Mountain, Michigan, since 1920.
who has been a Class C Director of the Federal
Appointment of Assistant Director of Research
Reserve Bank of Minneapolis since January 28,
Chandler Morse has been appointed as Assistant
1939, was appointed Deputy Chairman for the year
1946. Mr. Cochran is the owner of the W. D. Director of the Board's Division of Research and
Cochran Freight Lines, Iron Mountain, Michigan. Statistics and assumed his new duties on January
Mr. Paul E. Miller of St. Paul, Minnesota, was 2, 1946. Mr. Morse has been associated with the
appointed a Class C Director of the Federal Reserve Office of Strategic Services for the past four years.
Bank of Minneapolis for a three-year term be- Prior to that time he served for a number of years
ginning January 1, 1946. Mr. Miller is Director of on the stafl of the Board's Division of Research
and Statistics and the staff of the Research DepartAgricultural Extension, University of Minnesota.
ment of the Federal Reserve Bank of New York.
Federal Reserve Bank of Dallas
State Banks to Membership in the
Mr. J. R. Parten of Houston, Texas, who has Admissions of Federal
Reserve System
been a Class C Director and Deputy Chairman of
The following State banks were admitted to memthe Federal Reserve Bank of Dallas since January
bership in the Federal Reserve System during the
1, 1944, was designated Chairman and Federal Reperiod November 16, 1945, to December 15, 1945:
serve Agent for the year 1946. Mr. Parten is President of the Woodley Petroleum Company, HouCalifornia
ston, Texas.
San Diego—Security Trust & Savings Bank of San
Mr. R. B. Anderson of Vernon, Texas, was apDiego
pointed a Class C Director of the Federal Reserve
Florida
Bank of Dallas for a three-year term beginning
January 1, 1946, and Deputy Chairman for the Miami—Pan American Bank of Miami
Stratton-Warren Hardware Company, Memphis,
Tennessee.

year 1946. Mr. Anderson is General Manager of
the Waggoner Estate, Vernon, Texas.
Mr. Dorrance D. Roderick of El Paso, Texas, was
appointed a director of the El Paso Branch of the
Federal Reserve Bank of Dallas for a three-year
term beginning January 1, 1946. Mr. Roderick
is President of the Newspaper Printing Corporation,
El Paso, Texas.
Retirement of Mr. Day and appointments of Mr.
Clerk as President and Mr. Earhart as First Vice
President of the Federal Reserve Bank
of San Francisco
Mr. William A. Day, who had been an officer of
the Federal Reserve Bank of San Francisco since
July 1917 and President since April 1936, resigned
32




Iowa
Rock Rapids—Lyon County State Bank
Missouri
Pleasant Hill—The Pleasant Hill Bank
Oklahoma
Fairfax—The First State Bank
Pennsylvania
New Bethlehem—New Bethlehem Bank
Texas
McAllen—McAllen State Bank
FEDERAL RESERVE BULLETIN

FOREIGN BANKING LAWS AND REPORTS
TRANSFER OF GOLD TO FRENCH STABILI- CONVENTION BETWEEN THE MINISTER OF FINANCE
AND THE BANK OF FRANCE
ZATION FUND
Between
the
undersigned, M. Rene Pleven, MinOn September 20, 1945, a convention was conister
of
Finance,
acting on behalf of the State, and
cluded between the Ban\ of France and the State
authorizing the Ban\ to cede 10 billion francs in M. Emmanuel Monick, Governor of the Bank of
gold to the Stabilization Fund in return for a li\e France, duly authorized by decision of the general
amount of three-month Treasury bills. The last council of the Bank of France, under date of Septransaction of this nature too\ place in March 1940. tember 20, 1945, it has been agreed as follows:
France is now making large purchases abroad and Art. 1. The Bank of France shall transfer to the
the transfer of this gold from the Ban\ to the Fund State for account of the Exchange Stabilization
was necessary in order to replenish foreign exchangeFund, gold from its reserve to an amount of 10,000
holdings reduced by these purchases. The texts of million francs, at the rate of 23.34 milligrams gold
the convention and of the ordinance approving the 0.900 fine per franc.
convention as given in the Journal Officiel of OctoArt. 2. In return for the transfer provided for in
ber 2, 1945, are translated below.
article 1 of the present convention, the amount of
negotiable Treasury bills delivered to the Bank of
France in accordance with the provisions of the
ORDINANCE APPROVING A CONVENTION ENTERED
convention of February 29, 1940,1 shall be increased
INTO BETWEEN THE STATE AND THE BANK
from 30,000 million to 40,000 million francs.
OF FRANCE
Art. 3. The present convention is exempt from
The provisional Government of the French stamp and registration taxes.
Republic,
Done at Paris, September 20, 1945.
On the report of the Minister of Finance,
By virtue of the ordinance of June 3, 1943, estab- Read and approved:
Read and approved:
lishing the French Committee of National LiberaR. PLEVEN.
E. MONICK.
tion, in conjunction with the ordinances of June 3
RE-ESTABLISHMENT OF THE AUSTRIAN
and September 4, 1944:
NATIONAL BANK
In view of the urgency stated by the President
The Provisional Government of Austria has reof the Government;
established
the Austrian National Ban\, which had
The Council of State (permanent commission)
been dissolved by the Germans immediately after
concurring:
the annexation of Austria in 193 8. The GovernDecrees:
ment adheres to its contention that the annexation,
Art. 1. The convention entered into on Septem- and all German legislative acts connected with it,
ber 20, 1945, between the Minister of Finance and was legally invalid, and that the Austrian National
the Bank of France, is approved.
Ban\ therefore has never ceased to exist. Accordingly
it did not re-enact the BanJ(s statutes, but
Art. 2. The present ordinance shall be published
in the Official Journal of the French Republic and simply modified certain provisions of the old statutes that had become inapplicable because of the
executed as law.
changed conditions. It left the final reorganization,
Done at Paris, September 29, 1945.
and especially the question of public or private ownership, to future legislative action. The notes of the
C. DE GAULLE.
National Ban\ have again become the only legal
By the provisional Government of the French tender paper money in Austria since the currency
Republic:
exchange that went into effect on December 21,
1945.
The Minister of Finance,
R. PLEVEN
JANUARY

1946




1

See BULLETIN for May 1940, pp. 406-407.

33

FOREIGN BANKING LAWS AND REPORTS

of the demand liabilities of the German Reichsbank
which shall be declared by law to constitute circulating media for Austria.
(ii) It shall take over all assets of the German
The Provisional Government has decided:
Reichsbank located in Austrian territory and it shall
further be authorized to pursue all claims arising
ARTICLE I
The Austrian National Bank, robbed of its gold from the removal of the cash reserves and other
and foreign exchange reserves as a result of the assets of the Austrian National Bank and from the
forcible annexation by the German Reich and sus- fact that the liquidation of the Austrian National
pended from activity during the period of annexa- Bank was undertaken contrary to law.
(iii) The Austrian National Bank shall be retion because of the transfer of its assets to the
sponsible
for the liabilities of the branches of the
German Reichsbank, has been re-established through
German
Reichsbank
located in Austrian territory,
the declaration of the independence of Austria.
other than the liabilities mentioned in paragraph
ARTICLE II
(i), only in case and to the extent that the satisWhereas due to the state of war the former stat- faction of its claims against the German Reich and
utes of the Austrian National Bank can not remain the German Reichsbank results in a surplus over
in force unaltered pending the restoration of peace- and above the liabilities mentioned in paragraph (i)
ful conditions and also pending the revision of the or to the extent that such liability shall be imposed
statutes by the future legislature, the Provisional by law.
(iv) Until further notice the Austrian National
Government, in amendment of the former statutes
of the Bank, adopts the following temporary meas- Bank shall be authorized to enter in its assets, as
ures concerning the legal status of the Austrian cover for the liabilities to be assumed according to
paragraph (i), a claim against the German ReichsNational Bank.
Sec. 1. The management of the Austrian National bank in the same amount.
Sec. 5. (i) The amount of bank notes and deBank is reorganized in such a manner that the
mand
liabilities to be taken over according to Sec. 4,
President and his deputy shall be appointed by the
paragraph
(i), shall not be exceeded pending the
State Chancellor, the former upon nomination by
the Provisional Government and* the latter upon issue of the definitive statutes of the Austrian
National Bank.
nomination by the Department of Finance.
(ii) As soon as the amount of the liabilities to be
Sec. 2. The General Council shall consist of nine
voting members appointed by the State Chancellor assumed is established, the Bank shall begin pubupon nomination by the Provisional Government lication of weekly statements. These statements
taking into consideration the representation of im- shall include on the liabilities side only the amount
portant economic groups. The President, or in his of bank notes in circulation and demand liabilities
absence the Vice-President, shall act as chairman. and on the assets side only the assets serving as
Sec. 3. (i) The General Council shall determine cover for the note issue.
Sec. 6. The current fiscal year of the Austrian
the principles of the credit policy of the Austrian
National Bank and supervise its execution. It shall National Bank shall run from May 1, 1945, to Dedraft new statutes for the Bank and submit them cember 31, 1946. As soon as possible, but not
in the form of a bill to the Provisional Govern- later than October 1, 1945, the Austrian National
ment. In this draft due consideration shall be Bank shall submit to the Department of Finance
given to the increased influence of the National a budget estimate for this fiscal year and obtain
Bank upon the supply and control of credit as re- approval of this estimate. To the extent that the
approved expenditures of this estimate are not
quired by the demands of the postwar economy.
(ii) Resolutions of the General Council shall be covered by the business receipts of the Bank, the
submitted immediately to the Provisional Govern- deficit shall be covered by advances from the State.
The status of these advances shall be settled at the
ment.
Sec. 4 (i) The Austrian National Bank shall time of the legislative reorganization (Article II)
take over that part of the bank note circulation and of the bank of issue. The profit and loss account

LAW OF JULY 3, 1945, CONCERNING THE PROVISIONAL
REORGANIZATION OF THE AUSTRIAN NATIONAL BANK
(STAATSGESETZBLATT 1945, No. 45—ISSUE OF JULY 4.)

34




FEDERAL RESERVE BULLETIN

FOREIGN BANKING LAWS AND REPORTS
to be set up at the end of the fiscal year shall be
examined by auditors appointed by the Department
of Finance. Surpluses, if any, shall be carried forward.
Sec. 7. (i) The transfer of assets of the German
Reichsbank to the Austrian National Bank shall
be tax tree. The necessary land registration shall be
carried out by the courts upon application by the
Austrian National Bank.
(ii) The Austrian National Bank is authorized
to reconvert into business offices the apartments
constructed after March 12, 1938, in the buildings
taken over by it and utilized for the conduct of
its business, and to give any necessary notice of
cancellation of leases.

bank Law of June 15, 1939, German Reichsgesetzblatt I, p. 1015, the decree of March 17, 1938, for
the absorption of the Austrian National Bank by
the German Reichsbank, German Reichsgesetzblatt
I, p. 254, together with the administrative order
of April 23, 1938, concerning the introduction of
the reichsmark currency in Austria and the absorption of the Austrian National Bank by the
Reichsbank, German Reichsgesetzblatt I, p. 405,
and the second administrative order of October 12,
1938, for the absorption of the Austrian National
Bank by the German Reichsbank, German Reichsgesetzblatt I, p. 1419.
ARTICLE IV

ARTICLE III

The Provisional Government shall be responsible
for the execution of this law.

All laws, decrees, and other measures affecting
central banking issued after March 12, 1938, by
the German Reich Government for Austrian territory are repealed, especially the German Reichs-

Renner
Scharf
Figl
Koplenig
Honner
Fischer
Gero
Zimmermann
Buchinger
Heinl
Korp
Bohm
Raab

JANUARY

1946




35

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled December 20, and released for publication December 22~\

Output at factories and mines increased considerably in November and activity continued to expand in most other lines. Value of retail sales
reached new record rates in November and the
early part of December reflecting in part further
increases in prices.
INDUSTRIAL PRODUCTION

Output in most industries showed important gains
in November and the Board's index of industrial
production advanced about 5 per cent. The index,
at a level of 171 per cent of the 1935-39 average,
was about the same as in September and in the
autumn of 1941. Output for civilian use in November, especially of fuels, industrial materials, and
producers' equipment, was larger than in those
earlier periods. Production for civilians of many
finished consumer products, however, like automobiles, radios, clothing, and shoes, while much higher
in November than in September, was still greatly
reduced from 1941 levels.
Steel production showed a large rise during November and in the first three weeks of December
output was scheduled at an average rate of 83
per cent of capacity, which was higher than the
November average. Activity at shipyards continued
to decline considerably in November but increases
occurred in most other metal fabricating industries.
Further increases in output were indicated in plants
producing electrical products and machinery and
in the railroad equipment and automobile parts
and assembly industries. Automobile production,

however, was curtailed sharply in the last week of
November and the first half of December by a
strike in the plants of a major producer.
Lumber and glass production were at low levels
in November owing partly also to industrial disputes. In the case of lumber, however, output in
recent months before the West Coast strikes was
below 1939 levels and one-third less than the rate
in 1941.
Production of most nondurable manufactures and
of fuels increased from October to November reflecting increased supplies of materials and labor
and the end of work stoppages in the-petroleum
and coal industries as well as strong demand generally for these and most other goods for civilian
use.
Incomes received by agriculture, business, and
consumers appear to have continued to rise in
November as a result of the widespread increases
in production and employment and further rises
in prices and wage rates. Payments to unemployed
industrial workers and veterans also increased somewhat in November.
Employment in nonagricultural establishments
rose by over 300,000 workers in November, after
allowing for seasonal changes, reflecting increases
in all major lines except Federal war agencies. A
further decline of about 100,000 workers in munitions industries was more than offset by gains in
employment in other manufacturing industries,
mostly in reconverted metal-products plants. Employment in the trades and services, construction,
DEPARTMENT STORE SALES AND STOCKS

INDUSTRIAL PRODUCTION
PERCENT

1937

PHYSICAL VOLUME SEASONALLY ADJUSTED, 1935-39= 100

1938

1939

1940

Federal Reserve index.
for November.

36




1941

1942

1943

1944

PERCENT

1945

Monthly figures, latest shown is

PER CENT

1937

DOLLAR VOLUME SEASONALLY ADJUSTED, 1935-39-100

1938

1939

1940

Federal Reserve indexes.
for November.

1941

1942

1943

1944

1945

Monthly figures, latest shown are

FEDERAL RESERVE BULLETIN

NATIONAL SUMMARY OF BUSINESS CONDITIONS
and various other lines showed relatively larger
increases than in manufacturing.

cities increased by over 7 billion dollars during the
six weeks ended December 12; this period covered
the
major part of the Victory Loan Drive. GovDISTRIBUTION
ernment security holdings increased by 3.7 billion
Department store sales increased sharply in Nodollars—a somewhat smaller rise than had occurred
vember and the Board's seasonally adjusted index
in the three prior drives. Loans for purchasing or
rose to a record level of 228 per cent of the 1935-39
carrying Government securities rose by 2.5 billion
average as compared with 213 in October. Novemdollars, and at their mid-December levels loans both
ber sales were 11 per cent larger than last year and
to
brokers and dealers and to other bank customers
in the first half of December sales continued to
show about the same increase. Sales at some other slightly exceeded the high points of the previous
types of retail stores, especially those selling auto- drives. Commercial and industrial loans, which
motive supplies, men's apparel, furniture, building had been expanding since early fall, rose by an admaterials, and hardware, have recently shown much ditional 800 million dollars during the six-week
larger increases than department stores, while sales period. The increase in commercial credit extenof foods and various other products have shown sion has been at a rate substantially greater than
at any time in recent years.
somewhat smaller increases.
As payments for security purchases transferred
Shipments of most classes of railroad revenue
freight showed less decline than is usual in No- funds from deposits of businesses and individuals
vember and the early part of December and were to reserve-exempt war loan accounts, the average
only 4 per cent below last year's high level. Car- level of required reserves at all member banks deloadings of agricultural commodities and l.c.l. mer- clined by around 500 million dollars during the
chandise were considerably above last year's level. first half of December. Early in the month, excess
reserves rose to above 1.5 billion dollars on a weekly
COMMODITY PRICES
average basis. Subsequently, however, excess reWholesale prices of most groups of commodities serves declined somewhat, as the amount of War
increased from the early part of November to the Loan deposits at many banks reached the maximum
middle of December. With most farm products at limits and banks turned over to the Treasury curceiling levels, advances in prices of these products rent receipts from sales of Government securities.
were smaller than in September and October. CeilCurrency outflow has continued at a slackened
ing prices were raised for newsprint, textile fabrics, rate compared with wartime years; money in cirbuilding materials, and various other industrial prod- culation increased by close to 350 million dollars
ucts, but a general increase in steel prices was during the six weeks ended December 12 comturned down.
pared with over 750 million in the 1944 period.
BANK CREDIT
On a seasonally adjusted basis, currency outflow
Loans and investments at banks in 101 leading has recently been at the lowest rate since the early
part of 1941.
MEMBER BANKS IN LEADING CITIES
BILLIONS OF DOLLARS

MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS

1939

1940

1941

1942

1943

1944

1945

Demand deposits (adjusted) exclude U. S. Government and
interbank deposits and collection items. Government securities
include direct and guaranteed issues. Wednesday figures,
latest shown are for Dec. 19.
JANUARY 1946




1939

1940

1941

1942

1943

1944

1945

Breakdown between required and excess reserves partly
estimated. Wednesday figures, latest shown are for Dec. 26.

37

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES

PAGE

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
December crop report, by Federal Reserve districts
Current statistics for Federal Reserve chart book

40

41-42
43-46
46
46-47
48-49
49
50
51-52
53-54
55-58
59
60
61-62
63
64-66
67
68-77
78-80
81-82
83
84
85
86-87

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.

38




FEDERAL RESERVE BULLETIN

MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS

WEDNESDAY FIGURES

BILLIONS OF DOLLARS

30

1938

1939

1940

1941

1942

1943

1944

(945

Wednesday figures, latest shown are for D e c 26. See p. 40.

JANUARY

1946




39

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Member
bank reserve
balances

Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
advances

Date

Total

Treasury
bills
and
certificates

All
other

Gold
stock

All
other 1

Total

Treasury
currency
outstanding

Money
in circulation

Treasury
cash
holdings

Treasury deposits
Nonwith
memFederal ber deReposits
serve
Banks

Other
Federal
Reserve
accounts

Total

Excess2

Monthly averages of
daily figures:
1944—Sept
Oct
Nov
1945—Sept
Oct
Nov

109
190
436
398
369
636

16,383
17,079
18,129
22,877
23,123
23,333

14,054
14,757
15,775
20,051
20,216
20,390

2,330
2,322
2,354
2,827
2,908
2,943

453
419
445
434
395
420

16,945
17,689
19,009
23,709
23,888
24,389

20,872
20,753
20,708
20,090
20,048
20,033

4,114
4.114
4,116
4,221
4,261
4,290

23,525
24,112
24,738
27,765
27,943
28,151

2,383
2,362
2.340
2,261
2,259
2,268

495
290
262
609
448
419

1,674
1,593
1,579
1,499
1,388
1,347

379
391
395
470
483
485

13,476
13,808
14.520
15,414
15,675
16,043

983
958
1,023
1,063
1,057
1,167

End of month figures:
1944—Sept. 30. .
Oct. 3 1 . . .
Nov. 30..
1945—Sept. 29..
Oct. 3 1 . .
Nov. 30. .

49
345
473
334
439
775

16,653
17,647
18,388
23,328
23,276
23,472

14,342
15,301
16,031
20,418
20,379
20,393

2,311
2,346
2,357
2,911
2,89S
3,079

410
333
496
420
272
450

17,113
18,325
19,357
24,082
23,987
24,697

20,825
20,727
20,688
20,073
20,036
20,030

4,112
4,115
4,122
4,251
4,278
4,303

23,794
24,425
25,019
27,826
28,049
28,211

2,363
2,332
2,327
2,246
2,244
2,239

349
255
138
854
429
866

1,612
1,614
1,561
1,487
1,373
1,209

384
392
395
473
483
483

13,548
14,148
14,728
15,520
15,723
16,022

1,062
960
1,124
1,153
904
1,024

Wednesday figures:
1945—Feb. 7..
Feb. 14..
Feb. 2 1 . .
Feb. 28..

200
230
294
321

19,062
19,181
19,231
19,439

16,340
16,465
16,534
16,748

2,722
2,716
2,698
2,692

442
506
478
398

19,703
19,918
20,003
20,158

20,548
20,507
20,506
20,506

4,126
4,124
4,124
4,122

25,411
25,533
25,652
25,751

2,372
2,389
2,384
2,355

593
547
517
460

1,643
1,649
1,672
1,581

409
409
410
410

13,950
14,022
13,999
14,228

922
975
851
965

Mar. 7..
Mar. 14..
Mar, 2 1 . .
Mar. 2 8 . .

304
255
192
218

19,350
19,576
19,493
19,516

17.152
17,378
17,294
17,326

2,198
2,198
2,198
2,190

495
465
488
341

20,150
20,296
20,173
20,074

20,454
20,453
20,451
20,419

4,121
4,120
4,120
4,118

25,864
25,881
25,836
25,834

2,365
2,364
2,360
2,356

288
263
96
310

1,586
1,485
1,447
1,377

415
417
427
429

14,208
14,459
14,579
14,305

899
1,013
1,067
852

Apr. 4 . .
Apr. 1 1 . .
Apr. 18..
Apr. 2 5 . .

220
323
341
508

19,580
20,091
20,153
20,444

17,414
17,975
18,037
18,331

2,167
2,116
2,116
2,113

455
349
478
358

20,255
20,763
20,973
21,310

20,418
20,417
20,396
20,374

4,117
4,118
4,117
4,120

25,865
25,939
26,068
26,074

2,379
2,364
2,374
2,371

335
409
430
651

1,420
1,553
1,594
1,563

438
439
437
437

14,353
14,593
14,582
14,708

934
946
806
835

May 2 . .
May 9 . .
May 16..
May 2 3 . .
May 3 0 . .

569
552
487
724
886

20,479
20,720
20,668
20,929
21,023

18,374
18,617
18,555 2,113
18,809 2,120
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

,571
,463
,541
,592
,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 13..
June 20..
June 27..

912
852
307
203

20,896
21,103
21,507
21,693

18,126
18,323
18,710
18,896

2,771
2,780
2,797
2,797

398
392
473
315

22,207
22,347
22,287
22,211

20,268
20,268
20,265
20,263

4,145
4,146
4,145
4,144

26,513
26,533
26,536
26,628

2,314
2,292
2,297
2,314

352
170
347
687

1,546
1,550
1,710
1,774

443
444
452
454

15,452
15,771
15,354
14,760

1,098
1,237
1,454
1,362

July 3 . .
July 1 1 . .
July 18..
July 2 5 . .

39
73
126
229

21,745
21,544
21,613
21,570

18,948
18,747
18,816
18,871

2,798
2,798
2,798
2,799

464
411
430
33t

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. 15..
Aug. 22..
Aug. 29..

399
353
312
400
442

21,877
21,910
21,86"
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.
Sept.
Sept.
Sept.

377
457
301
422

22,435
22,808
22,965
23,186

19,670 2,765
795
20,014
850
20,116
20,306

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

3..
10..
17..
24..
31..

314
313
316
389
439

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. 7..
Nov. 14..
Nov. 2 1 . .
Nov. 2 8 . .

508
596
630
792

23,076
23,448
23,343
23,646

20,179
20,510
20,372
20,627

938
970
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
15,93
16,261

928
1,163
1,043
1,293

Dec.
5..
Dec. 12..
Dec. 19..
Dec. 26..

345
312
360
492

23-,525
23,493
23,668
24,03

052
20,474
20,440
053
20,602
067
20,970 3,067

359
460
829
643

24,229
24,264
24,859
25,172

20,029
20,045
20,066
20,065

4,303
4,317
4.326
4,334

28,279 2,242
28,370
627
268
28,557
718
288
28,649 2,283 1,199

1,304
1,204
1,284
1,282

487
488
496
500

1,596
16,242
1,298
15,669
15,906 P 1 , 4 4 1
15,658 Pl.352

Oct.
Oct.
Oct.
Oct.
Oct.

5..
12..
19..
26..

P Preliminary.
1 Includes industrial loans and acceptances purchased shown separately in subsequent tables.
2
End of month and Wednesday figures are estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.




FEDERAL RESERVE BULLETIN

FEDERAL RESERVE BANK DISCOUNT RATES
[In effect December 31. Per cent per annum|
Discounts for and advances to member banks

Federal Reserve
Bank

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 1
(Sees. 13 and 13a)

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. . . .

V2
Y2
Vi
l

A

H

y

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

27
30
17
27
28
15
17
27
30
27
17
28

Effective

Rate

Sept. 1,
Aug. 25,
Mar. 21,
Apr. 11,
Mar. 14,
Mar. 21,
Feb. 28,
Mar. 14,
Mar. 28,
Apr. 11,
Mar. 21,
Apr. 4,

1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942

1939
1939
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942

Effective

Rate

Oct. 27,
Oct. 30,
Oct. 17,
Sept. 12,
Oct. 28,
Oct. 15,
Aug. 29,
Mar. 14,
Oct. 30,
Oct. 27,
Oct. 17,
Oct. 28,

A
\y2

Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)

To others

T o nonmember banks

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

1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942

Effective

Rate

Effective

Rate

vSept. 16,1939
Apr. 4, 1942

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

2

2H

2
2

2XA

2
2
2
2^,4
2
2

2XA

27,
30,
17,
27,
28,
15,
17,
27,
30,
27,
17,
28,

1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942

shown also apply to advances secured by obligate ns of Federal intermediate credit banks

FEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum]
Rate on
Dec. 31

Maturity
Treasury bills l
Bankers' acceptances:2
1- 90 days
91-120 days
121-180 days

In effect beginning—

Previous
rate

Apr. 30, 1942
X

A

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT i
Maturities not exceeding five years
[In effect December 31. Per cent per annum 1
To industrial or
commercial
To financing institutions
businesses

1
1

Oct. 20, 1933
Oct. 20, 1933
Oct. 20, 1933

On discr>unts or
purchases

1H

Reserve
Bank

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 cf
like amount and maturity at the same rate of discount. Since May
15,2 1943, all purchases have been made subject to repurchase option.
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 December 31]
F E E S 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

On
loans2

On
Portion
commit- for
which
ments
institution IS

obligated
Boston
New York
Philadelphia. . .
Cleveland
Richmond
Atlanta
Chicago..
St. Louis
Minneapolis. . .
Kansas City. . .
Dallas
San Francisco. .

23^-5
2^-5

23^-5
23-3-5

2^-5
2>|-5

y-\
3^—134
]

y>—\ 4

1/2 - 1 \A
1/^—1 i/£

H-Ui
l/

23^-5
2K-5

2~ \XA
y>—i}4
l/ij-l 1^

A-VA

Remaining
portion

A3)

(-0

(3)

C)

52
<*)

I44)
(4)
()

(3)

23^-5
1-1XA

(V
4

(3)
(3)

C)
(4)

(?)

(0

On
commitments

y~\

3J-1M
X
X
A~\ A

6

yz.—\}/±

3^~i M

X-iX

}/2—\\&.
x

A-ixA

6 }/2~\}/i
&X
A~1XA

1

See table on maximum interest and commitment rates chargeable
under Regulation V for rates on guaranteed Section 13b loans.
2
Including loans made in participation with financing institutions.
3
Rate
charged borrower less commitment rate.
4
Rate charged borrower.
5
May charge rate charged borrower by financing institution, if
lower.
6
Charge of M 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

MAXIMUM RATES THAT MAY B E CHARGED BORROWERS BY
FINANCING INSTITUTIONS

[Per cent per annum]
Maximum rate of interest. . .
Maximum commitment rate 2
1
2

X

A

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.
JANUARY

1946




Savings deposits
Postal savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . . .
In less than 90 days

2XA

2y

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.

41

MARGIN REQUIREMENTS 3
[Per cent of market value]

MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits1
Central
reserve
city
banks

Period in effect

June
Aug.
Mar.
May
Apr.
Nov.
Aug.
Sept.
Oct.

21,
16,
1,
1,
16,
1,
20,
14,
3,

1917-Aug. 15,
1936-Feb. 28,
1937-Apr. 30,
1937-Apr. 15,
1938-Oct. 31,
1941-Aug. 19,
1942-Sept. 13,
1942-Oct. 2,
1942 and after

. Time
deposits
(all
Reserve Country member
city
banks)
banks
banks

13
19^
11%
26
21%
26
24
22
20

1936
1937
1937
1938
1941
1942
1942
1942

10
15
17^
20
17H
20
20
20
20

10^
12J4
14
12
14
14
14
14

3
4^
SH
6
5
6
6
6
6

1
Demand deposits subject to reserve requirements, i. e., demand deposits
other than war loan deposits, minus cash items in process of collection and
demand balances due from domestic banks.

Prescribed in accordance with Securities
Exchange Act of 1934

Nov. 1,
1937Feb. 4,
1945

Feb. 5,
1945July 4,
1945

Effective
July 5,
1945

Regulation T:
For extensions of credit by brokers and dealers
on listed securities
For short sales
Regulation U:
For loans by banks on stocks

40
50

50
50

75
75

40

50

75

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.

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures

End of month

1945

Item
Dec. 26

Dec. 19

Dec. 12

Dec. 5

1945
Nov. 28

Nov. 21

Nov. 14

Nov. 7

1944

December November December

Assets
17,062,565 17,067,565 17,115,065 17,127,565 17,110,565 17,111,560 17,112,065 17,113,565 17,062,565 17,108,064 17,850,365
Gold certificates
Redemption fund for F. R.
764,708
795,386
760,936
759,705
800,371
776,022
760,725
759,726
800,359
762,380
594,126
notes
Total gold certificate
17,862,936 17,862,951 17,891,087 17,892,273 17,871,290 17,871,286 17,873,001
reserves
Other cash
Discounts and advances:
For member banks
For nonmember banks,
etc
Total discounts and
advances
Industrial loans
U.S.Government securities:
Direct:
Bills:
Under repurchase
option
Other
Certificates:
Special
Other
Notes
Bonds
Guaranteed

206,774

216,125

223,127

227,410

234,846

229,906

232,056

445.000

312,855

264,650

297,446

744,416

583,408

548,448

47,000

47,000

47,000

47,000

47,000

47,000

47,000

492,027

359,855

311,650

344,446

791,416

630,408

2,038

2,255

2,299

2,333

2,421

2,544

17,862,924 17,870,444
236,315

241,742

460,382

201,865

727,816

47,000

47,040

47,000

595,448

507,882

248,905

774,816

79,825

2,382

2,331

1,941

2.372

3,751

79,825

4,845,110 4,564,012 4,451,644 4 168,034 4,836,729 4,624,637 4,993,328 4,680,262 4,851,923 4,538,612 3,983,771
7,957,459 7,922,049 7,954,966 8,054,196 8,131,586 8,207,076 8,185,136 8,206,979 7,979,322 8,054,196 7,164,147
318,000
8,167,461 8,115,461 8,033,461 7,933,461 7,658,961 7,540,461 7,331,661 7,291,661 8,364,461 7,799,761 4,886,640
2,119.650 2,119,650 2,105,650 2,097,650 2,041,550 1,993,050 1,960,150 1,920,150 2,119,650 2,101,550 1,565,721
977,392
977,392
946,892
977,392
946,892
945,892
977,392 1,243,426
977,392
946,892
954,092
2,500

Total U. S. Government securities,
including guaranteed securities.... 24,036,572 23,668,064 23,492,613 23.525,433 23,646,218 23,342,616 23,447,667 23,076,444 24,262, 248 23,471,511 18,846,205
Other Reserve Bank credit
452,726
323,572
448,381
355,860
457,717
356,938
outstanding
815,055
578,272
290,379
641,033
826,731
Total Reserve Bank
credit outstanding. 25,171,670 24,856,905 24,264,279

150 24,763,627 24,331,428 24

23,877,036 25,091,366 24,697,080 19,744,836

Liabilities
24,736,391 24,663,200 24,516,295
24,340,600 24,363,494 24
24,295,813 24,649,132 24,364,692 21,731,017
Federal Reserve notes
Deposits:
Member bank—re15,657,678 15,905,934 15,668,692 16,241,731 16,260,965 15,936,785 15,994,438 15,737,328 15,914,950 16,022,382 14,372,899
serve account
U. S. Treasurer—gen579,532
1,198,710
718,240
626,956
7,857
557,336
409,880
261,470
865,971
440,487
976,668
eral account
871,862
863,436
844,008
885,802
897,869
875,359
902,189
913,922
885,382 1,203,703
862,320
Foreign
441,443
418,880
439,582
317,899
476,026
457,329
406,442
396,350
323,468
445,572
393,881
Other deposits
Total deposits.

18,138,704 17,907,764 17,499,349 17,553,899 18,169,686 17,706,183 17,887,275 17,309,070 18,199,510 18,097,203 16,410,970

Ratio of gold certificate reserves to deposit and
F. R. note liabilities combined (per cent)

42.0

42.6

42.6

42.0

42..

42.3

43.0

42.1

48.4

MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
December 26, 1945
Discounts and advances
Industrial loans
U. S. Government securities

42



Total

Within
15 days

16 to 30
days

31 to 60
days

61 to 90
days

91 days to
6 months

6 months
to 1 year

492,027
437,777
4,600
47,900
1,750
2,038
1,925
2
4
4
64
13
24,036,572 3,406,738 2,032,552 5,413,206 4,985,894 2,142,750 4,857,090

1 year to 2 years to
2 years
5 years

13

13
507,652

Over
5 years

690,690*

FEDERAL RESERVE BULLETIN

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Redemption fund for
F. R. notes:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Total gold certificate
reserves:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Other cash:
.. Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Discounts & advances:
Secured by U. S.
Govt. securities:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Other:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Industrial loans:
Nov 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
U. S. Govt. securities:
Bills:
Under repurchase
option:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Other bills:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Certificates:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Notes:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Bonds:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Total U. S. Govt.
securities:
Nov.
Dec.
Dec.
Dec.
Dec.

JANUARY

28
5
12
19
26

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta Chicago

17,110,565
17,127,565
7,115,065
17,067,565
17,062,565

769,926
759,379
744,904
740,103
780,234

4,951,417
5,029,604
4,719,240
4,894,658
4,660,960

817,322
831,337
817,694
884,483
876,112

760,725
764,708
776,022
795,386
800,371

59,551
59,481
59,431
59,189
59,189

111,019
110,743
110,008
124,299
124,283

61,550
61,418
61,379
61,134
61,134

17,871,290
17,892,273
17,891,087
17,862,951
17,862,936

829,477
818,860
804,335
799,292
839,423

5,062,436
5,140,347
4,829,248
5,018,957
4,785,243

878,872
892,755
879,073
945,617
937,246

234,846
227,410
223,127
216,125
206,774

20,327
19,705
17,716
18,128
17,367

40,799
36,463
39,378
33,062
31,215

15,722
15,446
14,628
15,131
13,465

20,269
17,725
18,674
15,986
15,485

14,891
15,459
14,150
15,265
15,141

20,579
23,025
20,622
23,141
20,523

744,416
297,446
264,650
312,855
445,027

33,515
10,490
4,385
12,985
23,060

410,310
130,780
159,185
238,635
339,760

9,650
5,380
6,685
7,810
4,412

28,050
6,950
11,350
3,900
19,530

6,300
2,150
2,150
4,050
4,465

24,390

47,000
47,000
47,000
47,000
47,000

3,149
3,149
3,149
3,149
3,149

17,014
17,014
17,014
17,014
17,014

4,136
4,136
4,136
4,136
4,136

4,089
4,089
4,089
4,089
4,089

1,974
1,974
1,974
1,974
1,974

2,421
2,333
2,299
2,255
2,038

115
115
115
115
110

4,836,729
4,168,034
4,451,644
4,564,01
4,845,110

113,022
38,349
81,892
113,082
122,244

2,937,782
2,667,272
3,002,733
2,885,035
3,057,058

8,131,586
•8,054,196
7,954,966
7,922,049
7,957,459

615,329
584,329
622,241
572,219
603,834

266,023
35,005
35,005
35,005
35,005

7,658,961
8,251,461
8,033,461
8,115,461
8,167,461

517,700
574,720
559,708
565,58
569,292

2,041,550
2,097,650
2,105,650
2,119,650
2,119,65C

977,392
954,092
946,892
946,892
946,892

,116,926 1,059,334 924,533 3,142,477
,134,005 1,067,202 964,539 3,125,072
,108,425 1,062,386 1,007,132 3,225,543
,116,045 1,040,807 1,001,862 3,116,223
,137,623 1,070,423 1,002,091 3,220,843
72,837
75,235
75,214
78,031
78,031

61,835
61,286
61,164
60,083
60,084




124,820
127,719
130,691
130,320
135,320

1,189,763 1,121,169 971,124 3,267,297
1,209,240 1,128,488 1,011,033 3,252,791
1,053,376 3,356,234
1,183,639 1,123,550
T
1,194,076 1,100,890 1,047,812 3,246,543
1,215,654 1,130,507 1,048,041 3,356,163

Minneapolis

Kansas
City

550,704
525,569
553,149
584,454
556,837

320,999
302,697
322,501
333,546
323,662

577,223
561,152
600,973
567,610
582,225

43,135
43,102
43,083
42,997
42,997

20,191
20,181
20,177
20,145
20,145

35,360
35,339
35,329
35,246
35,246

593,839 341,190
568,671 322,878
596,232 342,678
627,451 ,353,691
599,834 343,807

612,583
596,491
636,302
602,856
617,471

27,562
26,587
27,309
26,586
24,318

12,962
12,670
12,345
12,263
12,234

7,728
8,155
7,717
7,884
7,265

12,900
13,013
11,168
11,029
10,386

78,766
4,286

3,925
5,650

7,200
4,200
200

1,600

39,285
30,380
19,259
15,450
15,750

' 5,666

21,900
21,900
16,300
14,300
15,800

1,645
1,645
1,645
1,645
1,645

6,110
6,110
6,110
6,110
6,110

1,410
1,410
1,410
1,410
1,410

1,081
1,081
1,081
1,081
1,081

1,410
1,410
1,410
1,410
1,410

6,700
4,300
600

65
65
65
61
56

2,011
1,923
1,929
1,889
1,857

29,666

Dallas

457,095 2,422,609
458,719 2,368,290
489,363 2,463,755
466,984 2,320,790
472,742 2,378,813
26,288
26,267
26,242
26,155
26,155

97,548
97,443
107,060
111,837
111,837

483,383 2,520,157
484,986 2,465,733
515,605 2,570,815
493,139 2,432,627
498,897 2,490,650
8,905
9,020
8,674
8,182
9,049

32,202
30,142
30,746
29,468
30,326

85,050
48,850
36,550
11,200
10,000
1,410
1,410
1,410
1,410
1,410

15
15
15
15
15

40
40

San
Francisco

3,572
3,572
3,572
3,572
3,572
175
175
175
175

83,746
67,021
82,836
101,861
149,321

41,581
29,570
32,195
51,581
46,651

15,190
18,490
13,440
8,690
20,640

891,025
692,705
638,655
688,735
705,943

77,834
76,374
90,219
111,069
120,222

31,210
22,135
21,685
28,348
40,488

66,841
44,460
39,325
43,094
43,391

31,296
32,018
14,478
15,328
23,469

337,690
327,309
249,179
296,279
267,760

616,229 1,073,386
611,451 1,065,873
587,587 1,036,735
516,949 972,862
538,736 977,393

661,129
643,043
631,209
627,283
631,506

614,951
614,701
604,933
610,595
614,081

1,300,126
1,453,817
1,453,917
1,534,103
1,490,539

430,709
400,772
399,754
380,992
388,347

300,261
278,229
285,045
278,506
277,268

501,658
497,239
498,685
486,392
483,409

399,475
376,544
403,736
400,644
415,330

1,352,310
1,393,193
1.396,119
1,506,499
1,502,011

1,874,295
2,073,851
2,018,210
2,038,003
2,050,626

570,689
612,549
596,543
602,798
606,751

737,410
790,114
769,562
777,722
782,870

471,080
506,268
493,049
498,232
501,505

426,314
414,419
403,630
407,901
410,597

997,890
1,082,110
1,053,237
1,063,724
1,070,394

392,770
422,964
411,536
415,498
418,032

205,449
228,781
222,780
225,095
226,562

383,490
412.336
401,349
405,360
407,910

339,345
360,156
350,596
354,131
356,376

742,534
773,193
753,261
761,415
766,546

137,996
146,103
146,705
147,723
147,746

499,606
527,20"
528,992
532,299
532,187

152,12:
155,719
156,359
157,443
157,466

196,56:
200,858
201,709
203,130
203,173

125,570
128,701
129,234
130,132
130,153

113,637
105,350
105,794
106,538
106,559

265,994
275,090
276,066
277,829
277,793

104,697
107,524
107,868
108,522
108,488

54,763
58,160
58,394
58,793
58,797

102,220
104,822
105,198
105,874
105,862

90,455
91,558
91,895
92,495
92,489

197,928
196,558
197,436
198,872
198,937

66,066
66,454
65,972
65,991
66,001

239,186
239,794
237,883
237,789
237,739

72,828
70,82
70,313
70,333
70,344

94,104
91,358
90,70
90,743
90,761

60,117
58,538
58,116
58,133
58,142

54,404
47,917
47,575
47,593
47,602

127,344
125,122
124,144
124,11
124,096

50,124
48,906
48,507
48,479
48,464

26,218
26,453
26,259
26,264
26,266

48,938
47,677
47,307
47,296
47,291

43,305
41,644
41,324
41,319
41,317

94,758
89,402
88,785
88,840
88,869

209,512
152,331
185,007
220,910
247,923

23,646,218 1,450,113 5,816,88' 1,621,380 2,185,208 1,359,477
23,525,433 1,509,955 5,543,129 1,602,877 2,215,224 1,366,120
23,492,613 1,476,518 5,822,823 1,595,809 2,181,549 1,343,803
23.668,06 l,464,5<r 5,728,131 1,568,433 2,146,318 1,365,361
24,036,572 1,509,117 5,912,615 1,621,220 2,203,518 1,367,95

1946

46,591
46,494
46,244
45,950
45,950

St.
Louis

1,224,496 3,582,379 1,056,134
1,200,877 3,628,844 1,056,540
1,175,372 3,546,019 1,057,884
1,181,317 3,688,503 1,064,560
1,199,479 3,668,765 1,083,553

617,901 1,103,147
613,758 1 ,106,534
614,163 1,091,864
617,006 1,088,016
629,381 1,087,863

903,876 2,725,220
901,920 2,779,655
902,029 2,684.780
903,917 2,851,905
928,981 2,824,123

43

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars!
Total
Total loans and s e c :
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Due from foreign banks:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Federal Reserve notes
of other banks:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Uncollected items:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26.
Bank premises:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Other assets:
Nov. 28
Dec. 5
Dec. 12
Dec 19
Dec. 26
Total assets:
Nov. 28
Dec 5
Dec 12
Dec. 19
Dec. 26
Liabilities
Federal Reserve notes:
Nov. 28
Dec. 5
Dec. 12
Dec 19
Dec. 26
Deposits:
Member bank—
reserve account:
Nov. 28
Dec 5
Dec. 12
Dec. 19
Dec. 26
U. S. Treasurer—
general account:
Nov. 28
Dec. 5 . . .
Dec. 12
Dec. 19
Dec. 26
Foreign:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Other:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Total deposits:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Deferred availability
items:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26

Boston

New
York

Philadelphia

Cleveland

Richmond

1,637,177
1,614,316
1,608,559
1,582,268
1,631,625

2,217,347
2,226,263
2 ,196,988
2,154,307
2,227,137

1,367,816
1,370,309
1,347,992
1,371,446
1,374,452

24,440,055
23,872,21
23,806,562
24,030,174
24,530,63

1,486,892
1,523,709
1,484,167
1,480,846
1,535,436

6,244,211
5,690,923
5,999,02
5,983,780
6,269,389

110
110
110
110
110

7
7
7
7

140
HO
140
140
140

124,729
121,403
125,515
131,388
133,595

4,181
4,347
3,245
4,866
2,985

18,638
15,207
15,888
16,589
13,054

4,751
5,629
4,793
4,817
5,446

1,890,150
1,938,720
2,140,176
2,714,147
2,019,476

123,300
128,196
147,223
196,640
144,721

374,942
389,076
489,430
571,167
386,154

33,683
33,654
33,654
33,653
33,615

1,559
1,559
1,559
1,559
1,559

67,959
67,126
68,884
63,115
63,508

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

San
Francisco

Dallas

,250,531 3,667,295 1,096,829
,209,22: 3,664,660 1,088,330
,181,317 3,556,415 1,078,553
,183,56: 3,698,538 1,081,420
,202,724 3,680,525 1,100,713

626,18:
619,039
615,444
618,087
635,462

1,126,472
1,129,859
1,109,589
1,103,741
1,105,088

905,286
903,330
903,439
905,327
930,391

2,814,017
2,832,252
2,725,077
2,866,852
2,837,695

5
5
5
5

4
4
4
4
4

14
14
14
14
14

3
3
3
3
3

3
3
3
3

3
3
3
3
3

3
3
3
3

8
8
8
8

7,419
7,342
8,746
9,583
10,033

17,797
19,465
20,694
22,687
25,274

9,906
10,120
10,043
10,847
9,107

13,825
13,957
12,440
13,602
17,998

8,912
8,519
8,870
7,199
8,224

5,986
5,700
5,107
5,598
6,134

7,385
7,098
8,933
7,864
8,703

4,714
4,765
4,734
4,530
4,345

21,215
19,254
22,022
23,206
22,292

116,400
120,915
133,623
157,718
117,423

176,155
190,323
188,102
256,099
173,008

145,980
144,016
165,411
215,565
184,750

122,447
133,251
149,536
178,031
144,559

298,555
312,822
323,488
470,890
332,828

82,247
90,714
102,729
111,902
77,123

49,730
54,654
49,069
62,802
55,136

110,288
102,815
107,858
136,051
107,316

83,189
75,067
81,580
101,430
75,995

8,711
8,693
8,693
8,693
8,693

3,325
3,325
3,325
3,325
3,313

3,998
3,998
3,998
3,998
3,989

2,776
2,776
2,776
2,776
2,769

1,572
1,572
1,572
1,572
1,569

3,117
3,112
3,112
3,111
3,111

2,064
2,063
2,063
2,063
2,062

1,255
1,258
1,258
1,258
1,258

2,603
2,597
2,597
2,597
2,597

834
832
832
832
832

1,869
1,869
1,869
1,869
1,863

4,439
4,634
4,903
5,451
5,008

15,167
15,150
16,100
14,194
14,992

4,459
4,530
4,696
4,180
3,988

6,886
6,885
7,026
6,340
5,955

4,151
4,128
4,187
3,791
3,914

4,010
3,648
3,770
3,486
3,609

9,332
9,061
9,370
8,558
8,989

3,955
4,015
4,155
3,674
3,698

1,845
1,930
1,952
1,796
1,714

3,342
3,313
3,176
2,844
2,914

3,239
3,062
3,006
2,896
2,960

7,134
6,770
6,543
5,905
5,767

44,662,822
44,152,908
44,289,115
45,051,663
44,850,651

,470,182
,501,017
,463,155
,506,789
,546,506

11,764,944
11,295,899
11,397,799
11,646,482
11,508,780

2,660,716
2,656,926
2,648,707
2,713,066
2,712,516

3,621,847 2,674,585
3,661,786 2,684,646
3,607,183 2,678,765
3,640,399 2,732,425
3,651,271 2,736,812

2,380,173
2,391,875
2,420,240
2,448,455
2,430,136

7,286,997 1,800,811
7,283,004 1,774,985
7,288,382 1,804,950
7,467,842 1,845,975
7,423,946 1,803,891

1,033,919
1,013,617
1,023,228
1,051,119
1,050,779

1,875,576
1,855,189
1,879,626
1,866,985
1,854,478

1,489,553 5,603,519
1,481,065 5,552,899
1,517,873 5,559,207
1,516,339 5,615;787
1,522,472 5,609,064

24,340,600
24,429,835
24,516,295
24,663,200
24,736,391

1,463,099
1,474,301
1,480,485
1,487,174
1,492,785

,475,788
4,413,351 1,042,862
. .
1,481,425 4,421,378 1,049,045
1,483,882
4,425,979 1,054,760
*
1,494,136 4,437,363 1,062,871
1,490,672 4,458,295 1,066,772

546,455
549,712
551,074
551,921
554,582

906,691
910,020
910,328
911,270
912,460

624,085 3,171,766
626,438 3,166,960
627.022 3,196,394
626,410 3,223,185
626,078 3,219,975

16,260,965
16,241,731
15,668,692
15,905,934
15,657,678

736,954
789,454
676,564
698,302
694,083

5,151,119
4,972,961
4,824,135
4,880,776
4,843,591

728,995 2,016,491
745,382 2,040,163
747,772 1,988,505
745,804 2,003,150
745,148 1,990,734

557,336
7,857
626,956
718,240
1,198,710

48,853
583
71,904
63,916
149,999

165,859
949
228,580
177,926
211,429

875,359
897,869
885,802
844,008
863,436

56,385
57,297
57,036
53,799
55,674

476,026
406,442
317,899
439,582
418,880

5,282,934 1,610,443
5,316,417 1,617,896
5,326,168 1,627,375
5,375,246 1,636,938
5,410,462 1,644,309

206,917
196,871
202,127
255,852'
220,463

,076,116
,083,653
,091,477
,107,008
,111,992

,727,010
,732 590
,741,351
,749,678
,748,009

806,638
821,097
768,897
778,010
783,475

1,193,800
1,224,333
1,180,701
1,173,863
1,140,313

728,037
765,236
702,514
724,819
707,300

719,990
745,385
733,198
733,321
726,386

,377,496
,370,308
,276,662
,373,063
,272,678

603,348
589,858
592,519
610,315
595,309

389,672
376,466
376,421
391,063
388,187

808,425
801,088
800,804
793,448
770,474

25,092
475
21,968
34,959
82,643

63,268
516
28,953
49,767
139,311

28,113
470
30,840
43,074
77,143

23,968
547
18,788
38,312
39,695

72,104
531
98,041
150,654
293,933

21,835
758
16,938
37,641
30,082

21,306
533
22,998
35,163
28,094

16,780
525
29,342
26,689
41,981

20,339
398
25,421
25,493
38,406

49,819
1,572
33,183
34,646
65,994

349,161
2358,937
2349,920
2
335,173
2337,938

72,399
74,221
73,785
70,116
72,389

71,577
73,378
72,947
69,319
71,566

34,554
35,424
35,216
33,464
34,549

28,795
29,520
29,346
27,887
28,791

106,953
109,645
109,001
103,580
106,938

24,682
25,303
25,154
23,903
24,678

18,923
19,399
19,285
18,326
18,920

24,682
25 303
25,154
23,903
24,678

24,682
25,303
25,154
23,903
24,678

62,566
64,139
63,804
60,635
62,637

5,848
15,037
3,771
3,646
3,970

327,498
151,166
149,358
319,880
325,642

3,314
4,866
6,629
3,733
3,041

16,825
72,053
24,541
7,171
5,194

6,851
4,314
3,385
4,658
2,832

3,269
5,007
6,846
3,914
4,342

16,133
65,915
57,452
33,179
9,477

14,508
12,335
10,273
10,046
9,860

3,373
13,088
3,800
2,350
2,632

1,680
4,881
1,284
481
528

2,045
2,340
1,642
1,363
1,132

74,682
55,440
48,918
49,161
50,230

18,169,686
17,553,899
17,499,349
17,907,764
18,138,704

848,040
862,371
809,275
819,663
903,726

5,993,637
5,484,013
5,551,993
5,713,755
5,718,600

907,443
900,659
871,279
886,818
941,548

1,345,470
1,370,280
1,307,142
1,300,120
1,356,384

797,555
805,444
771,955
806,015
821,824

776,022
780,459
788,178
803,434
799,214

,572,686
,546,399
,541,156
,660,476
,683,026

664,373
628,254
644,884
681,905
659,929

433,274
409,486
422,504
446,902
437,833

851,567
831,797
856,584
844,521
837,661

776,061
773,423
799,989
796,563
809,364

,203,558
,161,314
,134,410
,147,592
,169,595

1,566,688
1,581,892
1,682,569
1,887,526
1,378,553

120,780
125,872
134,604
161,062
110,902

299,583
306,562
329,654
366,554
187,494

94,273
89,694
101.163
140,320
77,461

145,690
153,100
153,526
178,070
127,357

121,951
118,451
137,132
148,283
138,345

104,842
106,392
124,474
127,064
116,254

222,889
236,962
242,629
290,999
203,106

72,959
76,964
84,445
80,302
56,101

38,722
38,953
33,926
36,596
42,407

96,863
92,806
91,985
90,447
83,507

69,632
61,460
70,994
73,383
66,883

178,504
174,676
178,037
194,446
168,736

2

1

After deducting $70,000 participations of other Federal Reserve Banks.
2
After deducting $524,894,000 participations of other Federal Reserve Banks on Nov. 28; $538,104,000 on Dec. 5; $534,943,000 on Dec. 12; $508,341,000
on Dec. 19; and $524,820,000 on Dec. 26.

44



FEDERAL RESERVE BULLETIN

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total

Other liabilities including accrued div.:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Total liabilities:
Nov. 28
Dec. 5
Dec. 12
:
Dec. 19
Dec. 26
Capital Accounts
Capital paid in:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Surplus (section 7):
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Surplus (section 13b):
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Other capital accounts:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Total liabilities and
capital accounts:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Commitments to make
industrial loans:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26

New
York

Boston

Philadelphia

Richmond

Cleveland

Atlanta

Chicago

Minneapolis

St.
Louis

Kansas
City

Dallas

San
Francisco

1,243
1,201
1,230
1,185
1,254

627
578
595
548
582

606
526
514
520
574

1,785
1,794
1,670
1,846
1,882

433
410
436
413
444

350
302
488
419
551

490
462
510
459
454

3,568,519
3,608,234
3,553,375
3,586,383
2,664,206 3,596,987

2,647,143
2,657,063
2,651,033
2,704,524
2,708,760

2,357, 258
2,368,802
2,397,048
2,425,154
2,406,714

7, 210,711
7,206,533
7,211,434
7,390,684
7,346,309

1,780,627
1,754,673
1,784,525
1,825,491
1,783,246

1,018,801
998,453
1,007,992
1,035,838
1,035,373

1,855,611
1,835,085
1,859,407
1,846,697
1,834,082

17,542
17,538
17,557
17,580
17,659

7,089
7,098
7,101
7,151
7,173

6,253
6,304
6,305
6,326
6,354

20,594
20,619
20,646
20,684
20,756

5,529
5,530
5,533
5,549
5,586

3,769
3,769
3,776
3,787
3,851

5,700
5,700
5,710
5,728
5,731

5,958
5,958
5,967
5,970
6,007

16,088
16,134
16,288
16,291
16,297

19,872
19,872
19,872
19,872
• 19,872

19,071
19,071
19,071
19,071
19,071

7,813
7,813
7,813
7,813
7,813

7,936
7,936
7,936
7,936
7,936

33,201
33,201
33,201
33.201
33,201

7,048
7,048
7,048
7,048
7,048

4,950
4,950
4,950
4,950
4,950

6,196
6,196
6,196
6,196
6,196

6,025
6,025
6,025
6,025
6,025

15,899
15,899
15,899
15,899
15,899

7,143
7,143
7,143
7,143
7,143

4,468
4,468
4,468
4,468
4,468

1,007
1,007
1,007
1,007
1,007

3,290
3,290
3,290
3,290
3,290

762
762
762
762
762

1,429
1,429
1,429
1,429
1,429

527
527
527
527
527

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

8,991
9,186
9,327
9,436
9,570

31,859
32,423
33,007
33,494
33,999

10,307
10,469
10,642
10,768
10,912

15,708
15,936
16,173
16,358
16,547

9,250
9,382
9,528
9,647
9,776

7,964
8,071
8,189
8,277
8,370

21,062
21,222
21,672
21,844
22,251

7,080
7,207
7,317
7,360
7,484

5,326
5,372
5,437
5,471
5,532

6,932
7,071
7,176
7,227
7,332

5,990
6,060
6,168
6,238
6,315

14,310
14,492
14,692
14,836
14,980

44,662,822
44,152,908
44,289,115
45,051,663
44,850,651

,470,182
,501,017
,463,155
,506,789
,546,506

11,764,944
11,295,899
11,397,799
11,646,482
11,508,7

2,660,716 3,621,847
2,656,926 3,661,786
2,648,707 3,607,183
2,713,066 3,640,399
,712,516 3,651,271

2,674,585
2,684,646
2,678,765
2,732,425
2,736,812

2,380,173 7,286,997
2,391,875 7,283,004
2,420,240 7 ,288,382
2,448,455 7,467,842
2,430,136 7,423,946

1,800,811
1,774,985
1,804,950
1.845,975
1,803,891

1,033,919
1,013,617
1,023,228
1,051,119
1,050,779

1,875,576
1,855,189
1,879,626
1,866,985
1,854,478

3,257
2,973
2,965
2,970
2,850

164
164
164
164
164

12,288
11,457
12,109
11,906
12,781

685
700
727
713
772

3,433
2,968
3,325
3,140
3,447

889
840
868
824

44,089,262
43,577,083
43,710,322
44,470,396
44,266,429

2,432,604
2,463,244
2,425,091
2,468,612
2,508,185

11,579,587
11,109,960
11,211,140
11,458,695
11,320,003

2,613,048
2,609,089
2,600,685
2,664,900

173,463
173,616
174,147
174,993
175,836

10,468
10,468
10,618
10,622
10,632

61,452
61,470
61,606
62,247
62,732

13,021
13,028
13,040
13,058
13,058

228,15.1
228,153
228,153
228,15
228,153

15,239
15,239
15,239
15,239
15,239

84,903
84,903
84,903
84,903
84,903

27,165
27,165
27,165
27,165
27,165

2,1
2,880
2,880
2,1
2,880

144,779
146,891
149,328
150,956
153,068

2,066
1,782
1,774
1,779
1,809

300
300
300
300
300

495
394
401
443
493

1,252
1,282
1,345
1,396
1,440

1,470,273 5,555,080
[
1,461,715 5,504,232
I
1,498,406 5,510,186
1,496,799 5,566,619
I
1,502,818 5,559,746
=

1,489,553 5,603,519
I
1,481,065 5,552,899
I
1,517,873 5,559,207
i
1,516,339 5,615,787
1,522,472 5,609,064

300
300
300
300
300

185
185
185
185
185

242
242
242
242
92

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]

Federal Reserve notes outstanding (issued to Bank):
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Collateral held against notes
outstanding:
Gold certificates:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Eligible paper:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
U. S. Govt. securities:
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Total collateral:
Nov.
Dec.
Dec.
Dec.
Dec.

JANUARY

28
5
12
19
26

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

25,138,466
25,217,849
25,352,242
25,528,778
25,608,777

1,501,726
1,508,327
1,519,351
1,523,720
1,534,452

5 ,414,178
5,451,200
5,473,632
5 528,203
5,558,972

1,668,507
1,676,330
1,688,420
1,693,003
1,699,838

2,143,430
2,143,403
2,159,263
2,177,506
2 ,180,553

1,770,124
1,774,147
1,785,662
1,795,837
1,801,677

1,545,770
1,.546,389
1,557,077
1,565,303
1,565,940

410,000 3,270,000
460,000 3,270,000
460,000 3,320,000
460,000 3,120,000
460,000 3,120,000

470,000
480,000
490,000
490,000
500,000

695,000
655,000
660,000
630,000
635,000

625,000
625,000
645,000
645,000
670,000

660,000
660,000
660,000
680,000
680,000

10,778,000
10,603,000
10,688,000
10,583,000
10,523,000
613,210
254,130
244,714
303,930
417,747

33,515
10,490
4,385
12,985
23,060

410,310
130,780
159,185
238,635
339,760

2,090,000
1,990,000
1,990,000
1,990,000
1,890,000

1,649,000
1,549,000
1,549,000
1,649,000
1,649,000

300,000
300,000
300,000
300,000
300,000

165,000
165,000
165,000
170,000
170,000

280,000
280,000
280,000
280,000
280,000

39,285
30,380
19,259
15,450
15,750

7,200
4,200
200
"5,000

21,900
21,900
16,300
14,300
15,800

400,000
400,000
400,000
400,000
400,000

700,000
700,000
700,000
700,000
700,000

900,000
900,000
900,000
900,000
900,000

2,450,000
2,550,000
2,600,000
2,600,000
2,700,000

852,834
851,374
865,219
886,069
895,222

1,679,650 2.,145,000
1,685,380 2.,155,000
1,696,685 2,160,000
1,697,810 2 ,180,000
1,704,412 2,185,000

1,806,300
1,802,150
1,822,150
1,823,550
1,848,965

1,560,000
1,560,000
1,560,000
1,580,000
580,000

4,540,000
4,540,000
4,590,000
4,590,000
4,590,000

1,192,119
1,181,754
1,184,478
1,201,519
1,210,972

1,543,515 5,780,310
1,570,490 5,500,780
),185
1,564,385 5,579,
1,572,985 5>,758,635
1,583,060 5,859,
>,760

San
Francisco

3,331,341
3,328,089
3,358,883
3,396,644
3,397,723

1,175,000
1,175,000
1,175,000
1,175,000
1,175,000

26,019,044
25,733,504
25,872,933
26,197,999
26,360,969

Minne- Kansas Dallas
apolis
City

938,767 660,710
941,744 661,441
941,911 660,912
946,033 662,682
952,110 664,405

1,450,000
1,500,000
1,500,000
1,550,000
1,550,000

1,100,000 2.
!, 100,0001,200,000
1,100,000 2.
!, 100,0001,200,000
1,100,000 21,100,0001,200,000
1,100,000 2,400,000 1,200,000
1,100,000 2,400,000 1,200,000




St.
Louis

4,508,304 ,095,020 560,589
4,523,928 ,101,861 560,990
4,534,810 ,108,094
.
564
564,227
4,556,461 ,117,918 565,468
4,564,226 119,276 569,605

6,300
2,150
2,150
3,550
3,965

9,650
5,380
6,685
7,810
4,412

14,627,834
14,876,374
14,940,219
15,311,069
15,420,222

1946

Chicago

164,000
169,000
169,000
169,000
169,000

85,050
48,850
36,550
11,200
10,000
500,000
500,000
500,000
500,000
500,000

1,800,000
1,900,000
1,900,000
1,900,000
1,900,000

572,200 1,001,900 664,000 3,534,050
569,200 1,001,900 669,000 3,497,850
565,200 996,300 469,000 3,485,550
570,000 994,300 669,000 3,560,200
575,000 995,800 669,000 3,559,000

WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Guaranteed
loans
outstanding

Guaranteed loans
authorized
to date
Date

Total
amount

Additional
amount
available to
borrowers
under guarPortion antee agreements
guaranoutstanding
teed

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
30
30
30

5,904
6,433
6,882
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

1945
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30

7,581
7,720
7,886
8,048
8,218
8,422
8,553
8,651
8,695
8,732
8,746

81,108
427,918
803,720

69,674
137,888
356,677
230,720
632,474 1,430,121

1,680,046
1,735,777
1,663,489
1,482,038

3,615,963
3,810,797
4,301,322
4,453,586

9,407
1,700,632 ,448,995 3,911,058
9,517 ,272 1,646,160 1,402,646 3,964,830
9,645 ,378 599,120 ,365,959 3,963,961
9,872 ,916
558,270 ,332,050 4,002,772
10,015 ,427 ,479,847 ,272,137 3,994,726
10,149 ,315 ,386,851 ,190,944 3,694,618
10,241 ,600 ,274,238 ,091,654 3,627,297
10,292 ,225 ,242,688 ,061,601 3,460,272
10,313 ,868 ,073,892 916,851 3,043,674
835,537
10,321 ,336
716,953 2,686,411
715,309 613,551 2,077,154
10,332 ,868

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]
Applications
approved
to date
Number

ApParticiLoans Commitproved
pations
out- 2 ments
but not
outoutcom- standing standing standing
pleted1 [amount) (amount)
(amount)
Amount (amount)

1934...
1935. . .
1936. . .
1937. . .
1938. . .
1939. . .
1940. . .
1941. . .

984
1,993
2,280
2,406
2,653
2,781
2,908
3,202

49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860

20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294

13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337

8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597

1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600

1942
June 24
Dec. 31

3,352
3,423

338,822
408,737

26,346
4,248

11,265
14,126

16,832
10,661

26,430
17,305

Date (last
Wednesday
or last day
of period)

1943
June 30
Dec. 31

3,452
3,471

475,468
491,342

3,203
926

13,044
10,532

12,132
9,270

19,070
17,930

1944
June 30
Dec. 30

3,483
3,489

510,857
525,532

45
1,295

11,366
3,894

4,048
4,165

11,063
2,706

1945
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30

3,491
3,492
3,493
3,500
3,502
3,502
3,503
3,504
3,505
3,508
3,509

526,659
527,700
528,936
533,037
535,117
537,331
538,624
539,765
540,241
543,090
544,116

560
585
85
1,370
220
70
130
130
130

4,066
3,921
4,214
4,553
4,339
3,252
3,199
3,259
3,166
2,460
2,471

3,461
3,547
3,321
3,285
4,392
5,224
5,165
4,708
4,291
3,679
2,953

2,405
2,374
2,365
2,361
2,697
2,501
2,455
2,358
2,018
1,876
1,777

1

1,055
105

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.

46



MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
All
member 1
banks

Month, or
week ending Friday

Total reserves held:
1944—Oct
Nov
1945—Oct
Nov

Central reserve
city bankvS
New
York

Chicago

Reserve
city
banks

Country
banks 1

13,807
14,520
15,675
16,043

3,815
4,057
4,183
4,262

925
926
950

5,501
5,773
6,244
6,381

3,603
3,764
4,323
4,450

Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Excess reserves:
1944—Oct
Nov
1945—Oct
Nov

15,840
15,912
16,038
16,093
16,165
16,353
15,883
15,985

4,253
4,239
4,231
4,263
4,299
4,240
4,041
4,107

940
947
948
953
960
956
930
941

6,303
6,323
6,389
6,405
6,424
6,542
6,360
6,354

4.344
4,404
4,470
4,473
4,482
4,615
4,553
4,583

958
1,023
1,057
1,167

22
22
14
27

7
5
5
5

251
286
261
300

679
710
111
835

Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Borrowings a t Federal
Reserve B a n k s :
1944—Oct
Nov
1945—Oct
Nov

1,030
1,102
1,192
1,191
1,200
1,567
1,516
PI,418

26
19
29
25
17
47
43
30

190
436
358
592

119
261
93
216

49
124
179
281

22
52
86
95

502
526
644
614
770
427
248
359

143
134
206
196
326
148
70
199

221
256
293
295
289
147
95
75

136
136
145
123
155
132
83
85

Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.

2
9
16
23
30
7
14
21

750
247
795
282
308
849
314
845
299
877
480 1,031
433
1,025
366 "1,011

P Preliminary.
i Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.

DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS i
[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
interbank2

Time
deposits

Demand
deposits
except
interbanks

Time
deposits

November 1944
October 1945

13,482
15,333

5,733
7,184

8,807
10,804

3,970
5,019

November 1945

15,672

7,260

11,160

5,088

Boston
New York
Philadelphia
Cleveland

2,034
3,025
1,150
1,381

787
1,835
640
818

339
1,026
874
995

206
1,004
747
699

Richmond
Atlanta
Chicago
St. Louis

1,110
1,458
1,924
593

345
425
1,173
289

840
635
1,478
922

389
173
790
230

Minneapolis
Kansas City
Dallas
San Francisco. ..

531
498
848
1,120

244
98
106
499

646
1,434
1,386
586

356
177
55
262

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, i

FEDERAL RESERVE BULLETIN

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

De-

Other

Demand
deposits
ad- 3
justed

Net
de-

mand
de-

posits4

Time

mand
balances

posits5

from

de-

Reserves with Federal
Reserve Banks

due
do-

Total

mestic
banks

First half of November 1945

All member banks
Central reserve city banks:
New York
Chicago

Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Country banks

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

93,822

12,816

10,561

70,445

66,317

73,077

23 ,935

6,312

15 ,955

14 ,821

1,134

538

25,312
5,568

4,259
1,220

3,416
667

17,638
3,681

16,450
3,440

20,691
4,488

1 ,266
703

54
177

4 ,237
950

4 ,214
940

23
10

170

35,105
2,322
565
2,671
4,055
2,284
2,130

6,083
301
32
360
571
424
583
518
624
355
1,021
621
672

3,938
458
63
360
536
301
173
502
201
144
220
212
768

25,084
1,562
470
1,951
2,949
1,559
1.374
3,132
1,204
622
1,695
1,536
7,030

23,075
1,467
442
1,830
2,752
1,433
1,237
2,934
1,073
545
1,517
1,415
6,430

27,395
1,724

9 ,621
167
268
192
1 ,127
414
360
1 ,738
287
147
313
283
4 ,324

1,855

6 ,347
363
109
445
742
400
380
774
345
178
520
413
1 ,678

6 ,056
355
107
435
699
376
361
737
338
175
470
376
1 ,628

290
8
2
10
43
24
18
37
6
4
50
37
51

272
8
3
8
50
9
17
81
23
10
24

1,254
104
90
18
29
181
238
86
152
83
95
146
31

2,540
354
551
233
252
174
167
313
98
88
91
109
110

24,043
2,010
3,462
1. 766
2.104
1,757
1,901
3,062
1.402
1,079
1,820
2,098
1,580

23,353
1,930
3,332
1,718
2,055
1,681
1,840
2,999
1,361
1,049
1,795
2,055
1,536

20,503
1,858
3,122
1,510
1,766
1,494
1,704
2,520
1,229

12 ,346
993
2 ,845
1 ,388
1 ,516
734
598
1 ,959
517
600
275
160
761

4,226

4 ,422
363
696
357
445
318
331
589
246
205
280
323
268

3 ,611
320
608
295
338
253
274
470
203
163
216
242
229

811
43
89
62
107
65
57
119
43
42
64
81
39

96
20
52
3
5
3
7
1
1

. 153
2,029
1,122
2.936
2,369
8.470
27,837
2.469
4,103
2.016
385
113
306
461
652
251
006
2.353
1,722

456

2,119
3.155
1,756
1,698
3,163
1,604
829

2,255
1,795
6,841

908

1,424
1,660
1,309

47
19
71
172
112
130
297
98
74
290
247
298
187
315
231
324
384
388
577
291
228
476
556
268

38*

i'
2

Second half of November 1945
95,787

13,154

11,577

71,055

66,656

73,618

23,978

6,448

16,130

14,929

1,201

646

25,749
5,644

4,319
1,263

3,520
676

17.909
3,705

16,604
3,446

20,900
4,536

1,264
705

60
179

4,288
950

4,256
949

32

261

Reserve city banks

36,021
2,336
576
2,673
4,146
2,340
2.214
4,213
2,100
1,150
3,022
2,515
8,737

6,281
315
28
368
578
428
606
556
640
364
1,039
649
710

4,425
447
67
376
592
320
222
566
243
155
259
335
843

25,315

1,574
480
1,929
2.976
1,591
1,386
3,092
1,217
631
1,724
1,531
7,184

23,168
1,473
452
1,802
2,763
1,459
1,240
2,892
1,073
553
1,536
1,399
6,526

27,631
743
461
2,096
3,173
781
1,717
3,152
1,618
838
2,287
1, 798
6,967

9,659
168
270
191
1,134
412
362
1,747
287
148
314
285
4,341

1,910
46
20
74
173
118
136
304
100
79
296
257
307

6,415
367
110
445
745
410
382
772
349
179
527
409
1,719

6,106
359
108
431
703
381
365
735
341
176
476
377
1,654

310
9
2
14
43
29
17
37
8
3
51
32
65

291
9
3
11
32
4
20
79
36
7
24

Country banks

28,373
2,490
4,181
2,071
2,425
156
360
517
688
272
049
2,411
1.753

1 291

2,956
367
614
264
299
209
197
365
127
110
118
158
129

24,125
2,014
3,474
1,787
2.098
1,760
1,919
3,064
1,402
1 .075
1,834
2,104
1 ,593

23,437
1,929
3,346
1,739
2,046
1,685
1,858
3,005
1,359
1,046
1,810
2,063
1,550

20,551
1,852
3,142
1 535
1 758
1 497
1 720
2,517
1,228
901
1,425
1,658
1,319

12,350
993
2,833
1,386
1,519
734
600
1,969
519
601
275
161
760

4,299
196
312
231
324
389
397
588
297
236
491
569
271

4,477
362
702
365
449
320
339
597
250
209
286
326
272

3,618
319
610

859
43
92
67
112
66
62
127
47
46
70
84
42

All member banks
Central reserve city banks:
New York
Chicago

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

109
92
20
28
187
243
87
158
88
97
149
32

298
337
254
277
470
203
162
216
242
230

"67*
94
23
38
3
6
4
14
1
.. . . .
1

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, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3.
»Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other
than 4 war loan and Series E bond accounts) on the latest available call report date.
Demand deposits subject to reserve requirements, i. e.f demand deposits other than war loan deposits, minus cash items in process of collection
and demand balances due from domestic banks.
5 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.

JANUARY

1946




47

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Coin and small denomination currency2

Large 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

33
32
33
35
33
34
36
39
44
55

719
771
815
906
905
946
1,019
1,129
1,355
1,693

1943—November.
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.

19,918
20,449
20,529
20,824
21,115
21,552
22,160
22,504
22,699
23,292
23,794
24,425
25,019
25,307
25,290
25,751
25,899
26,189
26,528
26,746
27,108
27,685
27,826
28,049
28,211

14,598
14,871
14,817
15,004
15,100
15,342
15,731
15,925
16,034
16,410
16,715
17,089
17,461
17,580
17,456
17,778
18,000
18,353
18,715
19,183
19,599
20,141
20,235
20,381
20,500

1,006
1,019
1,013
1,018

886
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

68
70
69
70
70
70
72
72
73
75
75
76
78
81
77
75
73
73
73
73
73
73
72
71
71

1,950
,323
127
561
194
1,973
705
,580
174
742
,715
1,940
255
832
1,952
,823
265
905
1,951
,017
344
040
1,964
,212
498
198
2,003
,431
544
326
2,010
,581
569
388
,667
2,016
706
562
2,053
,884
789
731 7,081
2,078
877
960 7,339
2,103
990
157 7,561
2,129
983
224 7,730
150
936
242
7,837
102
076
381 7,974
135
132
539 7,900
132
238
754
837
151
911
814
186 6,377
193
515
565
215
400
659
511
2,250
700
826
546
2,301
815 8,816
592
2,288
9,004
779
671
2,274
2,279 6,783 9,095 7,713

End of year and
month

029

1,039
1,055
1,065
1,077
1,092
1,105
1,125
1,144
156
150
158
170
180
196
205
223
236
243

252
1,263

$10

$5

1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051

$20

1,342
1,326
1,359
1,501
1,475
1,481
1,576
,800
2,545
4,096

Total
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837

$50

$100

$500

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

1,416
1,481
1,509
1,534
1,576
,618
1,668
1,699
1,722
1,780
1,829
1,893
1,946
1,996
2,022
2,059
2,088
126
159
132
139
180
204
243
2,264

388
407
418
426
444
456
473
481
487
502
516
532
546
555
566
571
550
527
513
483
472
466
464
461
457

729
749
767
777
814
836
887
912
911
929
939
963
981
990
990
994
965
932
909
868
847
832
825
816
811

2,761
2,912
2,992
054
152
270
371
458
516
642
765
918
056
153
4,228
4,317
4,266
4,210
4,192
4,044
4,013
4,038
4,071
4,123
4,154

$1,000 $5,000 $10,000

5
7
7
6
17
20
30
24
9
10
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

19
22
21
22
22
23
23
22
22
22
22
23
23
24
21
24
23
33
33
31
32
22
21
21
20

2
2
3
3
1
1
2
2
2
2
2
2
3
3
3
1
1
1
1
2
2
2
2
2
2

1
2

Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
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]
Money in circulation1

Money held in the Treasury
Total outstanding. As security
against
Nov. 30,
Treasury
gold and
1945
cash
silver
certificates
20,030
17,921
25,148
4,303

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—November 30, 1945
October 31, 1945
November 30 1944

....

494
1,672
3 2,014
852
314
347
506
119
(04
()
(4)

17.921

2 2,109

32.014

93
38

342
1.672

16

For
Federal
Reserve
Banks
and
agents

15.054

12 "
5
3
1
1
19,935
19,916
20,386

2, 239
2,244
2,327

15,054
15,064
15,713

Money
held by
Federal
Reserve
Banks and
agents

Nov. 30,
1945

Oct. 31,
1945

Nov. 30,
1944

2,815
919
242

51
24,136
4,024

51
24,008
3,990

53
21,200
3,766

2

133

132

113

186
15
4
27
6
1

1,828
825
305
316
499
118

1,797
818
303
316
506
118

1,605
751
280
325
569
124

3,977
3,935
3,790

28,211

'28,649' '

25,019

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. 40, and seasonally adjusted figures in table on p. 49.
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
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
significance and is not shown. See note for explanation of these duplications.
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 buUion 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.

48



FEDERAL RESERVE BULLETIN

ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
fin millions of dollarsl

MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
adjusted for
seasonal
variation

Amount—
unadjusted
for seasonal
variation

Date

Change in
seasonally
adjusted
series1

Gold
stock
at end

gold
import

12,760
14,512
17,644
21 995
22,737
22 726
21,938
20,619

4,202.5
1,887.2
1 132 5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
— 10 3
-788.5
— 1,319.0

1,133.9
1,739.0
1 116 6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
315.7
68.9
— 845.4

20,688
20,619
20,550
20,506
20,419
20,374
20,270
20,213
20,152
20,088
20,073
20,036
20,030
P20.065
P20.065

-38.3
-69.6
-69.0
-43.8
-87.3
-45.1
-103.3
-57.3
-60.6
-64.6
-15.0
-36.9
-6.2
P35.2
P-553.9

-12.0
-17.0

Period

of

period

End of year figures:
1939
1940
1941.
1942
1943.
1944
1945.

7,598
8,732
11,160
15,410
20,449
25 307

+742
+ 1,134
+2,428
+4,250
+5,039
+4,858

P+3,200

P28,507

Monthly averages of daily
figures:
1944—Mav
June
July
.. .
August
September
October
November
December

21 822
22,296
22,580
22,988
23,525
24,112 _
24,738
25,207

21 976
22,408
22 625
23,104
23,572
24,112
24,664
24,957

+492
+432
+217
+479
+468
+540
+552
+293

1945- -January
February
March
April
May
June
July
August
September
October
November
December

25,243
25,527
25,850
26,009
26,351
26,561
26,918
27,392
27,765
27,943
28,151
28,452

25,167
25,527
25,928
26,219
26,537
26,694
26,972
27,530
27,821
27,943
28,067
28,170

+210
+360
+401
+291
+318
+ 157
+278
+558
+291
+ 122
+ 124
+ 103

p Preliminary.
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.

19342
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

8,238
10,125
HI,258
3

1944—November. .
December. .
1945—January.. . .
February...
March
April.......
May
June
July
August
September. .
October....
November. .
December. .
Jan.-Dec... .

Earmarked
gold: decrease
or increase ( —)

Net

Increase
in gold
stock

.7
1.9

-19.1

2.4

-18.3
-83.8
-7.0
-12.3
13.5
-4.3
.8
(4)
(4)

82.6
.2

— 85.9
-200.4
-333.5
-534.4
—644.7
-407.7
—458.4
-803.6
—459.8
-34.7
-46.3
-58.2
-37.4
-46.9
-53.2
-66.9
96.0
-100.3
-63.0
-19.0
34.6
-5 3 8 . 2
-4.3
s-356.7

Do-

mestic
gold
production1
92 9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
3.0
2.8
2.5
2.3
2.4
2.3
2.6
2.5
2.1
3.2
2.7
3.6

'3.6
/3.6
P33.3

P Preliminary.
f Figure carried forward.
1
Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on p. 90, adjusted to exclude
Philippine
Islands production received in United States.
2
Figures based on rate of $20.67 a fine ounce in January 1934 and
$35
a
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.
45 Not yet available.
Gold held under earmark at the Federal Reserve Banks amounted
to 4,293.8 million dollars on Dec. 31, 1945. All of this was earmarked
directly for foreign account except 102.8 million dollars which was earmarked in the name of a domestic bank as security for a foreign loan.
NOTE.—For back figures, see Banking and Monetary Statistics, Table
156, pp. 536-538, and for description of statistics see pp. 522-523 in
the same publication.

BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollarsl
Debits to total deposit accounts except
interbank accounts
Year and month

1936
1937
1938'.'.'.'.
1939
1940
1941
1942—old series*3
1942—new series
1943
1944

Total, all
reporting
centers

New

140

York1
City

other
centers1

Other
reporting
centers2

461,889
469,463
405,929
423,932
445 863
537,343
607,071
641,778
792,937
891,910

208,936
197 836
168,787
171,382
171,582
197,724
210,961
226,865
296,368
345,585

219,670
235,206
204,745
218,298
236 952
293,925
342,430
347,837
419 413
462,354

33,283
36 421
32,406
34,252
37 329
45,694
53,679
67,074
77 155
83,970

77,775
91,281
82,756
70,249
81,077
74,139
81,724
98,024
79,163
73,208
71,169
81,616
79,401

30,016
37,678
34,990
29,065
31,884
29,413
33,678
41,725
33,590
29,388
28,545
34,984
32,246

40,381
45,490
40,305
34,724
41,722
37,846
40,643
47,716
38,286
36,767
35,718
39,006
39,255

7,378
8,114
7,461
6,461
7,471
6,881
7,403
8,583
7,287
7,054
6,906
7,626
7,900

1944—November
December
1945—January
February
March
April
May
June
July
.. .
August
September
October
November

Annual rate of
turnover of total
deposits except
interbank

Debits to demand
deposit accounts
except interbank
and Government

Annual rate of
turnover of demand
deposits except interbank and Government

333 other
reporting
centers

York
City

100 other
leading
cities

York
City

13.1
11 7
10.8

202,267
215,090
186,140
200,636
217,744
270,439
308,913
369,396
403,400

31.4
29.5
25.1
21.0
17.1
17.3
18.0
20 5
22.4

22.4
22 4

16. i
16 5
17.1

204,831
193,143
164,945
167,939
167,373
193,729
200,337
258,398
298,902

18.7
21.4
18.6
17.7
17.0
17.2
18.8
22 0
17.5
14.4
16.5
18.1
18.1

11.5
11.9

25,464
33,064
30,826
25,416
28,924
25,115
28,384
36,951
29,190
24,803
26,534
29,990
28,423

34,676
40,559
34,801
30,024
36,008
32,430
34,418
41,870
32,662
30,796
30,631
33,474
34,616

21.6
30.0
27.0
24.3
22.9
20.8
21.4
28.9
25.6
19.7
22.9
22.4
23.5

17.2
20.4
16.9
16.0
16.1
15.5
15.3
18.9
16.1
13.7
14.9
14.4
16.5

New

York
City

9.9
9.7

10.0
9.9

10.1
11.3
9.2
8.2
9.1
8.8
9.9

New

New

100 other
leading
cities

19^

19.4
18.6
19.4
18.4
17.4
17.3

ies; and subsequent figures include 193 centers,
deposits and debits of new series for first four
NOTE.—Debits to total deposit accounts, except interbank ace

JANUARY

1946




49

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]

End of month

Total
deposits
adjusted
and
currency
outside
banks

Total
demand
deposits
adjusted
and
currency
outside
banks

Total
deposits
adjusted

Demand
deposits
adjusted1

55,171
54,713

26,179
26,366

51,532
51,156

22,540
22,809

Time deposits
United
States
Government
deposits2

Currency
outside
banks

Total

Commercial
banks' <

381
158

28,611
28,189

19,557
19,192

8,905
8,838

149
159

3,639
3,557

Mutual
savings4
banks

Postal
Savings
System5

1929—June
December
1933—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December

41,680
42,548

19,172
19,817

36,919
37,766

14,411
15,035

852
1,016

21,656
21,715

10,849
11,019

9,621
9,488

,186
,208

4,761
4,782

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

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

,267
,269
,251
,251
,261
,278
,292
,303

5,489
5,638
5,417
5,775
6,005
6,401
6,699
7,325

1941—June
December
1942—June
December
1943—June..
December
1944—June

74,153
78,231
81,963
99,701
110,161
122,812
136,172

45,521
48,607
52,806
62,868
71,853
79,640
80,946

65,949
68,616
71,027
851755
94,347
103,975
115,291

37,317
38,992
41,870
48,922
56,039
60,803
60,065

753
1,895
1,837
8,402
8,048
10,424
19,506

27,879
27,729
27,320
28,431
30,260
32,748
35,720

15,928
15,884
15,610
16,352
17,543
19,224
21,217

10,648
10,532
10,395
10,664
11,141
11,738
12,471

,303
,313
,315
,415
,576
,786
2,032

8,204
9,615
10,936
13,946
15,814
18,837
20,881

1944—November
143,200
150,988
December
1945—January
151,200
February
150,800
March
150,600
150,900
April
152,600
May
162,785
June
163,500
Julyp
163,400
August?
September P . . . . 162,800
163,800
October?
168,100
November?

95,800
90,435

119,900
127,483

72,500
66,930

8,200
20,763

39,200
39,790

23,700
24,074

13,200
13,376

2,300
2,340

23,300
23,505

92,300
93,800
95,100
98,100
100,800
94,150
97,600
100,000
101,600
104,500
107,000

127,500
126,700
126,400
126,400
127,800
137,688
138,000
137,400
136,600
137,400
141,600

68,600
69,700
70,900
73,600
76,000
69,053
72,100
74,000
75,400
78,100
80,500

18,300
15,600
13,400
9,800
8,200
24,381
20,800
17,300
14,300
11,700
13,100

40,600
41,400
42,100
43,000
43,600
44.254
45,100
46,100
46,900
47,600
48,000

24,600
25,200
25,700
26,300
26,700
27,171
27,800
28,500
29,100
29,600
29,800

13,600
13,700
13,900
14,100
14,300
14,426
14,600
14,800
15,000
15,100
15,300

2,400
2,500
2,500
2,600
2,600
2,657
2,700
2,800
2,800
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

l
P Preliminary.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
Excludes interbank time deposits and postal savings redeposited in banks.
Beginning June 1941, the commercial bank figures exclude and mutual sayings 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.
2
8

POSTAL SAVINGS SYSTEM

BANK SUSPENSIONS

[In millions of dollars]
Assets

End of month

Depositors'
balances1

Total

Cash
in depository
banks

Total,
all
banks

U. S. Government
securities

Total

Direct

Cash
reserve
Guar- funds,
anetc.2
teed
74
88
95
102
118

1,279
1,304
1,314
1.417
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

9144—Nov... 2,305
Dec.. . 2,342

2,374
2,411

8
8

2,214
2,252

2,214
2,252

152
152

2,404
2,458
2,513
2,563
2,609
2,659
2,720
2,785
2,836
P2.874

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

1939—Dec.. .
1940—Dec.. .
1941—Dec...
1942—Dec.. .
1943—Dec.. .

1945—Jan. . .
Feb.. .
Mar...
Apr.. .
May. .
June. .
July..
Aug.. .
Sept...
Oct.
Nov...

146
146
146
126

P2,910

P 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

50



Number of banks suspended:
1934-39
1940.
1941
1942
1943
1944.
1945.

l

Nonmember
banks

Member
banks
National

291

15

22
8
9
4
1
0

1
4
2

State

6

Insured

Noninsured

189

81

18
3
6
2
1

3
1
3

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

5,943
256
3,726 3,144
1,702
6,223 4,982
405
0

5,341
503
1,375
1,241

346
79
327

405

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.

FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES, BY GLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Investments

Class of bank
and
call date

Total

All 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
j\l\
.

Deposits
Other

Total

U. S.
3overnment
obligations

Other
securities

Loans

Total 1

Interbank*

Number
of banks
Demand

Time

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

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
95,731
105,530
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

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

5,599

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

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
37,382
42,129
46,828
50,808

8,691
9,058
9,735
12,039
23,744
30,102
34,065
43,292
47,051

3,743
3,731
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

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
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—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30
..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
State member
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—June
Dec.
1944—June
Dec.
1945—June

banks:
31
30
31 2
31
31
30
31
30
30
30

'

38,640

* 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.—Sez^Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.

JANUARY

1946




51

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
Investments
Class of bank
and
call date

Total

Other
Other
securities

TotaP

Total

U. S.
Government
obligations

Loans

Inter-1
bank

Number
of banks
Demand

Time

All nonmember commercial banks:
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—June
Dec.
1944—June
Dec.
1945—June

31
30
31
31
31
30
31
30
30
30

Insured nonmember commercial
banks:
1939—Dec.
30
1938—Dec 31
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31.
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30

Noninsured nonmember commercial
banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 313*
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

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

3,300
3,365
3,411
3,358
3,409
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

1,160
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

1,094
1,312
1,514
1,856
1,855

565
733
696
742
667
925

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
1,774
1,489
1,376
1,297
1,257
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

461
605
637
642
740

511
724

280
422
548
629
861

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

2,150
1,887
1,595
1,353
1,084

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

1,008
1,185
1,255

891

1,045
1,253
1,527
1.883
1,815

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—j une 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30

1,329
1,655
1,693
2,007
2,704
7,525
8,489
9,223
10,063
9,190
8,889
8,593
8,686
8,739
8,544
4,345
4,487
4,708
5,071

1,013
3,073
3,111
3,110
3,089

1,018
1,050
1,267
1,691
4,452
5,378
6,113
6,974

1,264
3,844
4,752
5,509
6,368

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

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

.

949
689
631
629
633

For footnotes see page 51.

52




FEDERAL RESERVE BULLETIN

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars]
Investments

Loans

Class of bank
and
call date

All insured commercial banks: 1
1938—Dec. 31. .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—June 30. .
Dec. 30. .
1945—June 30. .

Total
loans
and
investments

37,470
42,556
49,288
66,240
83,507
93,936
103,382
112,353

Total

Commercial,
inAgrielud- culing
turopenal
market
paper

16,021 5,636
18,394 7,178
21,258 9,214
18,903 7,757
18,841 7,777
20,729 7,406
21,352 7,920
23,376 7,501

U. S. Government obligations

Loans for
purchasing
or carrying
securities
To
brokers
and
dealers

Real- ConesOther
tate sumer loans Total
loans loans

Total
Bills

3,857
4,468
4,773
4,646
4,437
1,414
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
944
1,888
2,108 1,008

712
865
972

2,716
3,228
3,494
3,423
3,274
1,398
2,200 2,130 3,207
2,249 2,108 3,209

2 853
3,273
3,69?
1,847
870
1,484
848
1,467 1,033
1,505
877

663
614
950

of

To
others

L.060
L ,281
1,450
1,642
L,505
1,474
1,723
L.632

1,002

Obligations

Direct

885
727
662
597
922

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

States Other
and
CerGuarpoliti- securities
tifiancal
cates
subteed
Bonds
of in- Notes
dividebtsions
edness

290
662
988

3,648
2,756
3,159
5,799
7,672
11,834
15,778
16,454

8,000
9,925
12,797
20,999
30,656
34,114
39.848
45,870

2,568
3,719
4,102
2,718
2,501

286
13,222
3,389
652
15,823
2,594
971
19,539
3,007
37,546 4,363 6^285 5,409
52,948 4,360 12,071 6,906
60,339 4,466 14,228 10.640
67,685 3,748 13,982 14,127
67,915
73,239 2,633 15,584 14,723

7,208
9.091
11,729
18,948
27,265
30,118
34,927

2,340
3,486
3,832
2,540
2,345

4,462
4,636
4,708
3,971
2,831

6,727
13,218
15,466
15,300
17,204

3,011
3,608
3,651
3,533
3,287
963 3,393
978 3,422
43 3,684

3,932
3,491
3,333
3,098
2,696
2,730
2,733
2,892

2,448
3,013
3,090
2,965
2,729
887 2,834
902 2,857
2,989
33 3,102

3,192
2,970
2,871
2,664
2,294
2,331
2,350
2,400
2,497

Member banks,1
total:
1938—Dec. 31. .
1940—Dec. 3 1 . .
1941—Dec. 31 ..
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944—June 30. .
Dec. 30. .
1945—Mar. 20..
June 3 0 . .

32,070
37,126
43,521
59,263
74,258
83,587
91,569
90,524
99,426

13,208
15,321
18,021
16,088
16,288
18,084
18,676
17,219
20,588

New York City:2
1938—Dec. 31. .
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944—June 30. .
Dec. 30. .
1945—Mar. 20..
June 3 0 . .

8,335
10,910
12,896
17,957
19,994
22,669
24,003
22,734
25,756

3,262
3,384
4,072
4,116
4,428
5,479
5,760
5,054
7,069

1,594
2,125
2,807
2,546
2,515
2,430
2,610

5
6
8
21
24
64
30

1,054
1,657
1,742

220
190
169
193
323
751
859

121
130
123
117
107
93
86

2^380

53

2,528 1,539

76

Chicago:2
1938—Dec. 31. .
1940—Dec. 31. .
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944_june30. .
Dec. 30. .
1945—Mar 20..
June 3 0 . .

1,969
2,377
2,760
3,973
4,554
5,124
5,443
5,212
5,730

539
696
954
832

1,004
1,064
1,184
1,012
1,250

335
492
732
658
763
710
738

17
5
6
6
6
11
17

43
42
48
34
102
102
163

70
54
52
32
52
130
163

12
19
22
23
22
21
24

63
84
96
62
45
49
45

18
14
40
34

671

13

159

299

23

50

34

Re serve cilybanks:
1938—Dec. 31. .
1940—Dec. 3 1 . .
1941—Dec. 31 ..
1942—Dec. 31. .
1943—Dec. 31. .
1944—June 30. .
Dec. 30. .
1945—Mar. 20..
June 30. .

11,654
13,013
15,347
20,915
27,521
30,943
33,603
33,452
36,572

4,963
5,931
7,105
6,102
6,201
6,761
6,822
6,346
7,155

2,063
2,589
3,456
2,957
3,058
2,787
3,034

207
263
300
290
279
277
348

119
115
114
97
217
409
311

242
207
194
153
267
903
777

1,230
1,436
1,527
1,486
1,420
1,385
1,379

808
658
650
660

312
301
350
313

2,883

304

371

1,147

1,378

757

315

Country banks:
1938—Dec. 31. .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944—June 30. .
Dec. 30. .
1945—Mar. 20..
June 30. .

10,113
10,826
12,518
16,419
22,188
24,850
28,520
29,126
31,368

4,444
5,309
5,890
5,038
4,654
4,780
4,910
4,807
5,114

1,186
1,453
1,676
1,226
1,084
1,096
1,149

483
590
659
772
713
671
802

25
21
20
17
25
33
32

243
201
183
161
197
345
310

1,353
1,644
1,823
1,797
1,725
1,708
1,719

674
528
536
547

393
381
392
351

1,162

755

32

422

1,771

611

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
L.159
L.136
1,167

730
803
854
422
385
395
383
420

Insured nonmember commercial banks:
1938—Dec. 3 1 . . 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. 3 0 . . 11,824 2,678
1945—June 30. . 12,940 2,790

5,179
6,660
8,671
7,387
7,421
7,023
7,531

1,089
1,023
1,023
1,198

973
642
594
934

775
652
598
538
839

'7\O95 1,125 3^089 '3,407
787
465
412
787

18,863
21,805
25,500
43,175
57,970
65,503
72,893
73,305
934 78,838

3^248 1,688
535
468
554
303
252
232
253

"270

158
207
311

5,072
7,527
8,823
13,841
15,566
17,190
18,243
17,681
18,687

3,857
6,044
7,265
12,547
14,563
16,157
17,179
16,568
17,492

1,430
1,681
1,806
3,141
3,550
4,060
4,258
4,199
4,480

1,114
1,307
1,430
2,789
3,238
3,688
3,913
3,840
4,130

59
297
256
397
199
367
250
127

6,691
7,081
8,243
14,813
21,321
24,183
26,781
27,106
29,417

5,018
5,204
6,467
13,038
19,682
22,484
25,042
25,304
27,523

57
103
295

362

5,669
5,517
6,628
11,380
17,534
20,071
23,610
24,319
26,253

3,233
3,269
4,377
9,172
15,465
18,009
21,552
22,204
24,094

173
70
73
67
74

2,586
2,356
2,533
4,166
6,702
7,712
9,146
10,150

1,283
1,240
1,509
3,162
5,739
6,752
8,197
9,170

148
153
251
179

'223

1,101
1 322
1,512

1,154
1U00
1.530

1,855 2,144
1,328 3,409
1,258 4,242
913 3,740

1,142
1,245
1 ,623
2,056
1,829
2,805
3,745

40,266

894
1,663
2,977 1,615
3,652 1,679
5,420 1,071
984
7,014
201
7,650
189
8,592

517
695
729
593
444
456
468
515
567

698
788
830
701
558
577
596
598
629

141
188
182
166
158
204
160
177
154

176
186
193
186
155
169
185
183
196

808
740
1,224 2,997
984
771 3,281 1,049
956
751 4,248 1,173
954
811
1,723 6,810
913
749
2,497 9,943
963
402
3,893 10,689
440 1,000
5,181 11,987
1,034
5^689 13/306 " " i o 1,100

866
893
820
821
726
735
740
768
794

*424 3,538 3,607 9,920

1,441
1,802
1,914
1,704

655
752
903

1,038
1,045

291
145
153
391
484
587
779

1,282
1,602
1,665
1,809

1,253

814

1,936

637
877

2 \ 253
4,691
5,586
5,730

1^320 6,598

11
732
45
433
110
481
671 * i , 2 5 1 1,240

1,893
2,081
2,926
5,436
1,032 3,094 2,096 8,705
926 3,362 3,355 10,114
882 3,466 4,422 12,540
762

4,194 4,613 14,504

4
10
17
99 ' " 4 4 2
276 1,147
242 1,238
223 1,319
198 1,620

259
162
152
390
766

793
834

1,069
2,053
3,395
1,194 4,002
1,652 4,928
1,731 5,611

2
109
112
119
83
74
31
31

597
710
861
574
538
252
241

982

228
234
271
179
156
76
76
10

563
595
563
569
560
560
566
584

1,146
1,222
1,252
1,214
1,212
1,230
1,264
21 1,281

1,453
1,102
1,028

956
855
849
829
851
878

739
521
462
435
403
400
383
396

* 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 1 Corporation.
During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These banks are in
eluded
in "member banks" but are not included in "all insured commercial banks."
2
Central reserve city banks.
JANUARY 1946




53

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits

Class of bank
and
call date

Reserves
Cash
with
in
Federal
Revault
serve
Banks

All insured commercial banks :l

1938—Dec. 3 1 . . . 8,694
1940—Dec. 3 1 . . . 13,992
1941—Dec. 3 1 . . . 12,396
1942—Dec. 3 1 . . . 13,072
1943—Dec. 3 1 . . . 12,834
1944—June 30... 12,812
Dec. 30... 14,260
1945—June 30... 14,806

DeBalances mand
dewith
posits
doad- 4
mestic3
banks justed

Interbank
deposits

Domestic3

Foreign

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

6,595
9,677
9,823
10,234
9,743
10,030
11,063
11,217

1,087
1,019
1,132
1,143
1,271
1,365
1,150

4,240
6,185
6,246
6,147
5,450
5,799
6,354
5,772
6,486

22,293
30,429
33,754
42,570
52,642
51,829
57,308
61,175
59,133

6,510
9,581
9,714
10,101
9,603
9,904
10,881
10,250
11,064

4,104
7,057
5,105
4 388
3,596
3,455
3,766
3,949
3,879

68
102
93
72
92
85
102
104
89

109
122
141
82
61
60
76
62
64

7,168
11,062
10,761
11,899
13,899
13,254
14,042
15,309
14,643

2,687
4,032
3,595
3,209
2,867
3,105
3,179
2,996
3,271

Chicago:2
1938—Dec. 3 1 . . .
884
1940—Dec. 3 1 . . . 1,051
1941—Dec. 3 1 . . . 1,021
1942—Dec. 3 1 . .
902
1943—Dec. 3 1 . . .
821
1944—June 30..
811
Dec. 30...
899
1945—Mar. 20. .
892
June 30...
929

35
42
43
39
38
41
43
45
33

235
319
298
164
158
179
177
144
180

1,688
1,941
2,215
2,557
3,050
3,070
3,041
3,289
3,152

1,090
1,132
1,092
1,174

Reserve city banks:
1938—Dec. 3 1 . . . 2,354
1940—Dec. 31
4,027
1941—Dec. 3 1 . . ' 4,060
1942—Dec. 3 1 . . . 4,940
1943—Dec. 3 1 . . . 5,116
1944—June 30.
5,109
Dec. 30
5^687
1945—Mar. 20. ." 5,836
June30... 5,882

321
396
425
365
391
399
441
470
396

1,940
2^741
2^590
2,202
1,758
1,922
2^005
1^874
2,029

7,214
9,581
11,117
14,849
18,654
18,405
20^267
21,735
20,682

2,719
3,919
4 302
4,831
4,770
4,757
5^421
5,094
5,510

Country banks:
1938—Dec. 3 1 . . .
1940—Dec. 3 1 . . .
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 3 1 . . .
1944—June 30...
Dec. 30...
1945—Mar. 20. .
June 30...

322
452
526
542
611
618
684
745
632

1,956
3,002
3,216
3,699
3,474
3,638
4,097
3,693
4,213

6,224
7,845
9,661
13,265
17,039
17,099
19,958
20,842
20,656

446
633
790
957
994
951

1,149
1,068
1,108

2
2
2
4
5
5
8
8
8

204
243
271
287
313
322
352
324

1,423
2,017
2,325
2^934
2,996
2^978
3,434
3,473

2,904
3,391
4,092
5,'651
7,279
7^368
8,652
8,915

85
95
108
133
141
126
182
153

2
3
2
2
2
3
3
13

Member banks,1
total:

1938—Dec. 3 1 . . . 8,694
1940—Dec. 3 1 . . . 13,992
1941—Dec. 3 1 . . . 12,396
1942—Dec. 3 1 . . . 13,072
1943—Dec. 3 1 . . . 12,835
1944—June 30... 12,813
Dec. 30... 14,261
1945—Mar. 20. . 14,605
June30... 14,807
New York City:*
1938—Dec. 3 1 . . .
1940—Dec. 3 1 . . .
1941—Dec. 3 1 . . .
1942—Dec. 31.
1943—Dec. 3 1 . . .
1944—June 30...
Dec. 30...
1945—Mar. 20. .
June 30...

Insured nonmember commercial banks:

1938—Dec. 31
1940—Dec. 3 1 . . .
1941—Dec. 31
1942—Dec. 31
1943—Dec# 3i
1944—j u n e 30
Dec. 30
1945—June 30

1,353
1,857
2,210
2,842
3,303
3,438
3,909
3,927
4,117

950

1,234
1,358
1,305
1,445
1,464
1,622
1,474
746
991

658
997

1,027
1,105

972

Certi- Indified viduals
U. S. States
and partner- Interand
Gov- politica
offiships,
erncers' and cor- bank
subdiment visions
checks, poraetc.
tions

503
702
673
813
893
940
948

838
666

501
700
671
811
891
937
945

790
616

437
641
607

139
48
866

1,762
8,167
9,950
18,757
19,754
1,119 23,478

1,709
7,923
9,444
17,634
18,509
1,016 12,409
1,106 21,967

733
810

852
851
914
989

Q

g

4 186
3,395
6,150
6,722
4,296
7,618
83
90
127
665
713

12
14
15
16

1,105
1,400

16
19

1,499

53

49
54

63
63

65
70
78

90

Time deposits

900

424
327
491

1,982
3,373
6,453
6^ 157
4,260
7,655
143
151
225

1,090
1,962
3,926
4,230
2,952
5,195

48
50
53
243
506

1,124
1^245
1,511

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

2,386
2,724
3,066
3,318
3,602
3,638
3,744
4,030
3,877

U. S.
IndiGov- States viduals
ernand partnerment
polit- ships,
and
ical
corPostal subdi- and
Sav- visions porations
ings

Borrowings

Capital
accounts

23,475
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

18
11
10
10
46
84
122
65

6,434
6,673
6,841
7,055
7,453
7,709
7,989
8,340

1,009
1,142
1,573
1,460
1,251
1,305
1,138

21,119
29,576
33,061
42,139
51,820
50,756
56,270
59,409
57,417

142
141
140
87
62
63
58
65
61

61
56
50
56
120
104
105
101
102

462
435
418
332
327
333
347
378
392

10,846
11,687
11,878
12,366
14,822
16,448
18,807
20,004
21,254

6
3
4
5
39
75
111
285
52

5,424
5,698
5,886
6,101
6,475
6,696
6,968
7,138
7,276

280
370
319
263
252
213
199
293
229

195
471
450
448
710
722
361
494
341

7,273
11,357
11,282
12 501
14!373
13,740
14,448
15,614
14,789

6
5
6
3
4
11
11
11
16

5'
7
7
8
8

36
51
29
23
26
17
17
18
19

652
768
778
711
816
861
977

29
64
96
164
40

1,593
1,615
1,648
1 727
1^862
1,907
1,966
1,995
2,023

181
174
233
178
174
218
167
162
193

29
27
34
38
44
41
33
34
29

1,597
1,905
2,152
2,588
3,097
3 040
3,100
3,324
3,124

5

9
8

595
971

547
913

2
2

1,065
1,082

1
1
1

452
496
476
453
505
543
619
631
663

257
270
288
304
326
343
354
353
362

i1

1,144
1,319
1,448
1,464
1 509
l!615
1,516

170
7,034
9,468
228
286 11 [127
385 15,061
475 18,790
384 18,367
488 20*371
416 21,456
422 20,559

113
107
104
63
41
37
33
33
31

17
19
20
22
56
45
40
38
39

269
226
243
169
151
158
154
179
166

4,233
4,505
4,542
4,805
5,902
6 567
7,561
8,028
8,529

70
3

1,777
1,904
1,967
2,028
2,135
2,207
2,327
2,395
2,450

1,128
1,184
1,370
1,558
1,727
1,743
1,868
1,959
1,939

5,215
154
187
6,846
239
8,500
272 11,989
344 15,561
314 15,609
369 18,350
361 19,014
346 18,945

23
29
30
20
17
15
14
21
14

44
33
31
32
56
52
57
56
54

147
150
146
140
149
157
175
181
207

5,509
5,917
6,082
6,397
7,599
8,477
9,650
10,279
10,981

6
3
4
3
10
11
16
51
9

1,798
1,909
1,982
2,042
2,153
2,239
2,321
2,395
2,440'

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

796
995

555
574
611
678
750
764
775
820

48
58
68
76
96
90
103
101

2

975
956
955
979

1,015
1,022
1,065

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.
« 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.

54



FEDERAL RESERVE BULLETIN;

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars!
Loans

Date or month

Total
loans
and
investments Total

Investments

For purchasing
or carrying securities
Commercial,
To brokers
To others
indus- and dealers
Real- Loans Other
trial,
estate
to
and
loans banks loans
agri- U. S.
U. S. Other
culGovt. Other Govt.
tural
obobseligacuriliga- cunties
tions
tions ties

U. S. Government obligations

Total
Total

Bills

Certificates
of indebtedness

Notes

Bonds

Guaranteed

Tot I—101 Cities
1944—November..

54,168 11,397 6,287 1,069

759

494

336

1,060

1,320 42,771 39,896

1,752 10,236 7,316 19,996

596

1945—July
August....
September .
October
November..

64,094
63,014
61,765
60,988
61,646

1,618
,400
,396
,263
,382

890
863
850
858
843

2,234
1,797
1,390
1,004
1,044

397
403
398
402
401

1,051
1,056
1,060
1,062
1,068

75
84
98
82
69

1,483 50,421
1,474 49 ,993
1,473 49,004
1,500 48 ,550
1,568 48,612

47,258
46,674
45,655
45,264
45,373

1,967 10,640 9,614 25 ,027
1,551 10,380 9,502 25,230
1,259 10,258 9,301 24,826
1,284 9,853 9,159 24,959
1,070 9,798 9,049 25 ,444

10
11
11
9
12

Oct.
Oct.
Oct.
Oct.
Oct.

3
61,030
10
60,883
17
61,075
24. . . . 61,007
31. . . . 60,945

13,673 5,925
13,021 5,944
12,761 6,096
12,438 6,267
13,034 6,659
12,586
12,493
12,321
12,279
12,510

6,218
6,271
6,251
6,266
6,328

,366
,269
,190
,203
,287

828
872
852
848
890

1,155
1,067
985
922
890

395
396
405
399
416

1,063
1,065
1,063
1,062
1,060

76
65
76
72
120

1,485 48,444
1,488 48,390
1,499 48,754
1,507 48,728
1,519 48,435

45,143
45,108
45,471
45,458
45,142

1,310
1,284
1,553
1,303
969

9,803
9,830
9,864
-•9,906
9,863

24 ,840
24,847
24,906
'25,068
25M 3 3

10
10
9
9
9

9,731 9,129 25,219
9,741 9,073 25,335
9,889 9,041 25,491
9,832 8,953 25,729

11
11
13
12

9,180
9,137
9,139
'9,172
9,168

Nov. 7 . . . .
Nov. 14
Nov. 21
Nov. 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

,229
,251
,375
,674

870
855
838
807

878
911
167
1,222

391
387
410
416

1,060
1,067
1,070
1,073

81
49
78
66

1,542 48,503
1,554 48 ,410
1,581 48,787
1,596 48,749

45,263
45,176
45,550
45,501

1,173
1,016
1,116
975

Dec. 5 . . . .
Dec. 12
Dec. 19
Dec. 26

67,140
68,034
68,102
67,733

15,253
15,951
15,952
15,829

6,964
7,128
7,241
7,268

1,717
1,996
1,893
1,917

819
832
901
865

2,458
2,697
2,589
2,495

427
437
442
432

1,079
1,081
1,091
1.091

129
98
96
71

1,660 51 ,887
1,682 52,083
1,699 52,150
1,690 51 ,904

48,654
48,817
48,827
48,541

2,164 11,193
2,031 11,187
1,962 11,218
1,674 11,186

9,052
9,116
9,078
9,073

26,233
26,471
26,555
26,598

12
12
14
10

2,696

7,185

148

3,233
3,146
3,019
2,986
2,939

9,102
9,151
8,853
8,805
8,955

1
2
2
2
2

New York City
1944—November..

19,288 4,637 2,366

885

572

200

139

53

348 14,651 13,695

1945—July
August. . . .
September .
October
November..

22,997
22,253
21,591
21,281
21,342

6,089
5,560
5,397
5.173
5,415

2,221
2,191
2,295
2,415
2,597

1,316
1,125
1,135
1,021
1,134

693
656
628
623
628

1,153
859
597
377
325

182
191
183
185
179

62
67
83
68
54

397
404
409
417
434

16,908
16,693
16,194
16,108
15,927

15,798
15,490
14,965
14,967
14,855

310 3,356
443 3,019
333 2,858
280 2,811
395 2,779
209 2,750

Oct.
Oct.
Oct.
Oct.
Oct.

3
10. . . .
17. . . .
24
31. . . .

21,382
21,261
21,331
21,216
21,216

5,322
5,248
5,054
5,019
5,224

2,372
2,420
2,411
2,419
2,453

1,134
1,043
946
939
1,041

615
649
607
611
635

474
422
356
324
309

182
181
186
182
196

63
52
63
56
104

414
413
417
420
422

16,060
16,013
16,277
16,197
15,992

14,886
14,856
15,144
15,083
14,867

384
378
606
414
195

2,750 2,995 8,755
2,761 2,954 8,761
2,770 2,967 8,799
2,816 2,999 8,852
2,796 3,017 8,857

2
2
2
2
2

Nov. 7
Nov. 1 4 . . . .
Nov. 21
Nov. 28..-..

21,158
21,048
21,483
21,677

5,168
5,231
5,501
5,759

2,531
2,587
2,628
2,647

975
1,023
1,134
1,403

640
636
629
607

298
288
357
356

168
169
188
191

66
36
63
49

427
428
438
442

15,990
15,817
15,982
15,918

14,913
14,746
14,914
14,848

3,012 8,886
264
159 2,725 2,959 8,901
2,921 8,954
249
2,864 9,082
164

2
2
2
2

Dec. 5 . . . . 23,817 6,611
Dec. 12
23,914 6,997
Dec. 19
23,952 6,902
Dec. 26. . . . 23,817 6,838

2,701
2,797
2,841
2,838

1,369
1,644
1,541
1,562

614
622
657
635

1,107
1,153
1,072
1,033

198
198
195
186

101
64
66
54

743
525
610
441 3,176

2,934 9,229
2,942 9,319
2,904 9,325
2,886 9,346

2
2
2
2

455 17,206 16,151
455 16,917 15,857
465 17,050 15,973
16,979 15,851

Outside
New York City
1944—November..

34,880 6,760

3,921

184

187

294

197

986

19

1,442 6,880 4,620 12,811

448

1945—July
August....
September .
October
November..

41,097
40,761
40,174
39,707
40,304

7,584 .
461 |
7,364
7,265
7,619

3,704
3,753
3,801
3,852
4,062

302
275
261
242
248

197
207
222
235
215

1,081
938
793
627
719

215
212
215
217
222

986
989
993
995
1,004

13
17
15
14
15

1,086
,070
,064
,083
,134

33,513
33,300
32,810
32,442
32,685

31,460 1,524 7,621 6,381 15,925
31,184 1,218 7,522 6,356 16,079
30,690
979 7,447 6,282 15,973
30,297
889 7,074 6,173 16,154
30,518
861 7,048 6,110 16,489

9
9
9
7
10

3 . . . . 39,648
10
39,622
17. . . . 39,744
24
39,791
31. . . . 39,729

264
245
267
260
7,286

3,851
3,840
3,847
3,875

232
226
244
264
246

213
223
245
237
255

681
645
629
598
581

213
215
219
217
220

995
997
995
994
996

13
13
13
16
16

,071
,075
,082
,087
,097

32,384
32,377
32,477
32,531
32,443

30,257
30,252
30,327
30,375
30,275

926
906
947
889
774

7,053
7,069
7,094
•7.090
7,067

6,185
6,183
6,172
6,173
6,151

16,085
16,086
16,107
'16,216
16,276

7
7
7

Nov. 7 . . . . 39,876
Nov. 14... . 40,064
Nov. 21
40,574
Nov. 2 8 . . . . 40,704

7,363
7,471
7,769
7,873

3,949
4,041
4,123
4,131

254
228
241
271

230
219
209
200

580
623
810
866

223
218
222
225

997
1,003
1,006
1,009

15
13
15
17

,115 32,513 30,350
,126 32,593 30,430
,143 32,805 30,636

909
857
867
811

6,982
7,016
7,101
7,096

6,117
6,114
6,120
6,089

16,333
16,434
16,537
16,647

9
9
11
10

Dec. 5
Dec. 12. . . .
Dec. 19
Dec. 26. . . .

8,642
8,954
9,050
8,991

4,263
4,331
4,400
4,430

348
352
352
355

205
210
244
230

1,351
1,544
1,517
1,462

229
239
247
246

1,013
1,017
1,026
1,026

28
34
30
17

34,681 32,503 1,421 7,950
35,166 32,960 1,506 8,118
1.352 8,086
34,925 32,690 1,233 8,010

6,118
6,174
6,174
6,187

17,004
17,152
17,230
17,252

10
10
12

Oct.
Oct.
Oct.
Oct.
Oct.

43,323
44,120
44,150
43,916

972 28,120 26,201

,154 32,831 30,653
,205
,227
1, 234
1,225

35 ,100 32,854

'• Revised.
Back figures.—See Banking and Monetary Statistics, pp. 127-227.

JANUARY 1946




55

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
Reserves
with
Federal
Reserve
Banks

Date or month

Total 101 Cities
1944—November...

9,861

1945—July
August....
September. .
October
November..,

9,709
9,900
10,129
10,307
10,491

Oct.
Oct.
Oct.
Oct.
Oct.

3
10,191
10. . . . 10,250
17. . . . 10,345
24. . . . 10,413
31
10,336

DeBalmand
Cash ances
dewith
in
posits
dovault mestic
adbanks justed

Individuals,
partnerships,
and
corporations

States
and

political
subdivisions

Certified
and

officers'
checks
etc.

Time deposits,
except interbank

Interbank
deposits

IndiDomestic
U. S.
vidbanks
Govuals, States
and
ernU. S. part- politForGovnereign
ical ment
ernand
ships, subbanks
ment
Postal Deand
diviTime
mand
Savcorpora- sions ings
tions

Borrow-

Capital

398 4,524

38,637

1,963

876

9,409

38

868

[36,847
37,651
38,894
39,458
[40,011

1,826
,874
,882
,983
,112

1,065
876
1,009
1,135
1,186

15,142
12,818
10,074
8,571
8,218

8,506
8,751
8,968
9,087
9,186

108
109
111
108
106

44 9,803
44 9,632
43 9,741
43 9,921
43 10,419

32
32
32
32
31

1,048
1,072
1,085
1,105
1,116

131
343
348
312
533

4,800
4,834
[4,862
4,905
4,942

539 2,172 38,690 38,577
588
187 39,082 39,229
572
288 [39,362 39,896
576
193 [39,929 39,862
568
209 39,592 39,726

.975
,928
,886
,991
2,137

1,018
1,230
980
1,158
1,287

9,406
8,793
8,520
8,036
8,098

9,008
9,052
9,099
9,128
9,148

110
111
108
105
104

42 9,729
42 9,860
43 10,186
44 9,882
44 9,945

32
32
32

1,082
1,C99
1,104
1,111
1,131

289
262
266
339
405

4,894
4,901
4,900
4,911
4,920

2,094
2,092
2,079
2,181

1,090
1,093
1.184
1,376

7,919
173
7,884 9,181
8,521 9,199
8,547 9,194

106
104
104
110

43
43
43
43

31 1,139
31 1,096
31 ,103
31 ,126

412
515
540
663

4,936
4,938
4,944
4,949

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
195
16,100

102
102
97
99

42 10,871
42 10,812
43 10,833
45 10,666

29
30
30
31

354
258
328
451

4,967
4,955
4,958
4,954

590 2,170 |38,268
564 2,358 36,619
553 2,243 37,553
570 2,175 [38,748
569 2,210 39,331
603 2,266 39,751

5,230 7,464

46

Nov. 7
Nov. 14. . . .
Nov. 21. . . .
Nov. 28. . . .

10,289
10,474
10,460
10,741

575 2,215 39,449 39,518
620
334 39,501 40,265
590 2,241 39,805 40,030
627 2,273 40,247 40,230

Dec. 5 . . . .
Dec. 12
Dec. 19. . . .
Dec. 26
New York City
1944—November...

10,485
10,037
10,237
10,133

598
651
654
668

3,661

96

30 14,293

14,673

282

483

2,003

903

17

2,947

785

274 1,768

84
86
87
98

28
23
24
24
25

13,381
13,676
14,198
14,561
14,711

13,741
14,046
14,541
14,938
15,127

184
169
168
219
261

677
530
618
724
726

6,200
5,180
4,005
3,370
3,077

1,001
1,076
1,119
1,085
1,100

19
20
20
18
19

9
10
10
10
10

3,102
2,939
2,941
3,031
3,138

938
958
971
986
992

72
160
122
100
227

1,847
1,863
1,869
1,884
1 ,894

2,518
2,570
2,525
2,416

37,452
37,381
37,974
37,556

10,265
10,581
10,397
10,432

,131
,132
,154
,162

1945—July
August
September.
October
November .

3,528
3,590
3,671
3,767
3,809

Oct.
Oct.
Oct.
Oct.
Oct.

3
10. . . .
17
24. . . .
31

3,679
3,730
3,783
3,853
3,792

79
98
85
87

22
21
25
26
27

14,284
14,497
14,584
14,810
14,630

14,541
14,962
15,046
15,094
15,046

220
203
174
206
291

616
853
576
739
836

3,715
3,458
3,353
3,159
3,164

1,073
1,074
1,084
1,097
1,098

19
19
18
18
18

10
10
10
10
10

3,000
2,983
3,123
3,011
3,036

968
980
986
989
1,009

89
96
76
83
158

1,879
1,882
1,882
1,883
1,892

Nov. 7. . . .
Nov. 14. . . .
Nov. 21. . . .
Nov. 28

3,702
3,817
3,795
3,924

95
100
100
98

20
24
30
26

14,551
14,545
14,790
14,956

14,967
15,072
15,190
15,278

238
270
254
280

668
613
713
910

3,061
,100
2,993 1,095
3,161 1,102
3,096 1,101

19
19
18
19

10
10
10
10

3,092
3,165
3,120
3,175

1,011
975
980
1,002

129
195
224
359

1,894
1,894
1,895
1,896

Dec. 5 . . .
Dec. 12. . .
Dec. 19. . .
Dec. 26. . .

3,693
3,557
3,634
3,659

96
107
109
112

38 13,469 13,970
25 13,425 13,928
25 13,677 14,108
26 13,625 13,999

191
189
183
213

963
808
887
791

6,469
6,576
6,215
6,183

1,097
1,094
1,081
1,089

18
17
17
18

10
10
10
10

3,374
3,312
3,381
3,272

1,001
1,003
1,028
1,031

191
165
261
344

1,903
1,901
1,901
1,893

.
.
.
.

Outside
New York City
1944—November...

6,200

2,140 23,975 23,964

1,681

393

3,227

5,561

39

6,462

37

83

1945—July
August
September.
October
November..

6,181
6,310
6,458
6,540
6,682

476 2,330 23,238 23,106
469
220 23,877 23,605
484
151 24,550 24,353
482
186 24,770 24,520
505 2,241 25,040 24,884

1,642
1,705
1,714
1,764
1,851

388
346
391
411
460

8,942
7,638
6,069
5,201
5,141

7,505
7,675
7,849
8,002
8,086

89
89
91
90
87

35
34
33
33
33

6,701
6,693
6,800
6,890
7,281

31
31
31
31
30

110
114
114
119
124

59
183
226
212
306

2,953
2,971
2,993
3,021
3,048

Oct.
Oct.
Oct.
Oct.
Oct.

3.. .
10. . .
17. . .
24. . .
31. ..

6,512
6,520
6,562
6,560
6,544

460
150
490
166
487
263
489
167
480 2,182

24,406
24,585
24,778
25,119
24,962

24,036
24,267
24,850
24,768
24,680

1,755
1,725
1,712
1,785
1,846

402
377
404
419
451

5,691
5,335
5,167
4,877
4,934

7,935
7,978
8,015
8,031
8,050

91
92
90
87
86

32
32
33
34
34

6,729
6,877
7,063
6,871
6,909

32
31
31
31
31

114
119
118
122
122

200
166
190
256
247

3,015
3,019
3,018
3,028
3,028

Nov. 7 . . .
Nov. 14. . .
Nov. 21. . .
Nov. 28. . .

6,587
6,657
6,665
6,817

480
520
490
529

2,195
2,310
2,211
2,247

24,898
24,956
25,015
25,291

24,551
25,193
24,840
24,952

1,856
1,822
1,825
1,901

422
480
471
466

4,858
4,891
5,360
5,451

8,073
8,086
8,097
8,093

87
85
86
91

33
33
33
33

7,173
7,416
7,277
7,257

30
30
30
30

128
121
123
124

283
320
316
304

3,042
3,044
3,049
3,053

Dec. 5 . . .
Dec. 12 . . .
Dec. 19. . .
Dec. 26. . .

6,792
6,480
6,603
6,474

502
480 23,983 23,756
544 2,545 23,956 24,062
545 2,500 24,297 24,052
556 2,390 23,931 23,663

1,793
1,704
1,786
1,768

9,489 8,091
529
,096
466 10,185
,114
531 9,934
460 9,917 8.139

84
85
80
81

32
32
33
35

7,497
7,500
7,452
7,394

28
29
29
30

130
129
126
131

163
93
67
107

3,064
3,054
3,057
3,061

1
2

124 2,756

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.

56



FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans

Federal Reserve
district and date

Boston
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
New York*
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Philadelphia
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Cleveland
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Richmond
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Atlanta
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Chicago*
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
St. Louis
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Minneapolis
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Kansas City
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Dallas
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
5an Francisco
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
City of Chicago*
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26

Total
loans
and
investments Total

3,223
3,51
3,477
3,418
3,399

Investments

For purchasing
or carrying securities
Commercial,
To brokers
To others
indus- and dealers
Real- Loans Othetrial,
estate
to
Total
and
loans banks loans
agri- U. S.
U. S. Other
Other
cul- Govt.
sese- Govt.
tural
obobliga- curiliga- curities
ties
tions
tions

U. S. Government obligations

Total

Bills

Certificates
of in- Notes
debtedness

445
458
461
462
469

46
53
33
33
38

30
30
29
40
29

23
36
43
44
44

17
17
18
18
19

68
68
68
68
68

7
6
6
5

116
119
125
128
127

2,474
2,725
2,694
2,619
2,600

2,404
2.660
2,628
2,555
2,537

72
182
148
116
102

468
575
571
571
565

23,832 6,127
26,047 6,986
26,164 7,392
26,216 7,301
26,059 7,227

2,795
2,849
2,947
2,994
2,991

1,403
1,373
1,661
1,562
1,578

616
620
628
664
643

397
1,155
1,203
1,119
1,073

214
221
221
218
209

147
149
148
148
148

50
101
64
66
54

505
518
520
530
531

17,705
19,061
18,772
18,915
18,832

16,550
17,920
17,626
17,745
17,612

188
791
568
660
491

3,062
3,577
3,392
3,449
3,489

3,164
3,227
3,232
3,183
3,150

10,134
10,323
10,432
10,451
10,480

114
180
169
156
138

287
337
353
317
316

352
355
357
383

1,191
1,215
1,227
1,231
1,247

2,610
2,82:
2,849
2,840
2,834

471
539
546
552
544

236
241
238
245
244

8
8
11
9
9

33
34
34
34
34

22
76
80
80
73

9
10
10
10
10

33
33
33
33
33

1
1
1
1
1

129
136
139
140
140

2,139 1,944
2,283 2,087
2,303 2,106
2,288 2,087
2,290 2,084

4,935
5,233
5,318
5,33
5,299

938
1,064
1,092
1,111
1.106

388
404
413
426
428

72
87
84
84
87

25
25
22
28
27

144
221
237
245
251

14
16
16
16
16

154
155
156
156
156

1
9
15
11
1

140
147
149
145
140

3,997
4,169
4,226
4,221
4,193

3,738
3,913
3,967
3,960
3,927

33
93
86
80
40

830
930
950
945
944

722 2,153
718 2,172
738 2,193
2,200
735 2,208

2,08'
2,183
2,213
2,213
2,213

350
378
395
397
400

157
164
169
170
171

4
6
6
7

6
6
6
6

52
69
79
78
79

10
10
10
10
10

49
50
50
50
49

2
3
4
4
3

70
70
71
72
73

1,737
1,805
1,818
1,816
1,813

1,673
1,740
1,753
1,751
1,748

60
67
71
75
78

314
372
380
382
361

280

2,104
2,198
2,276
2,303
2,307

438
512
552
548
54'

228
241
244
248
250

1
3
4
4
4

7
10
11
13
12

81
129
159
149
147

23
23
24
24
23

3
3
3
3
4

87
95
100
99
99

1,666
1,686
1,724
1,755
1,760

1,517
1,538
1,575
1,606
1,611

43
44
49
55
52

379
389
415
434
439

296
297
294
295
298

8,965
9,86
10,02
9,998
9,933

1.599
1,800
1,880
1,915
1,884

946
967
989
1,014
1,015

95
133
146
142
134

46
45
50
61
57

147
284
323
308
280

150
151
152
162
163

148
151
150
151
156

7,366
8,067
8,142
8,083
8,049

6,802
7,496
7,569
7,496
7,461

115
396
440
372
354

1,862
2,240
2,264
2,260
2,236

2,03:
2,150
2,210
2,210
2,183

530
575
595
606
604

302
324
332
339
343

2
3
4
6
6

5
6
6
7
7

44
62
70
69
68

68
68
68
68
68

93
96
98
102
97

,502
,575
,615
,604
,579

1,364
1,438
1,476
1,462
1,446

45
67
68
48
26

222
220
247
258
258

315
356
366
360
361

782
795
795
796
801

1,258
1,371
1,396
1,390
1,389

234
268
275
273
26'

129
129
128
127
124

2
2
2
2

2
3
3
4
4

24
53
60
57
56

24
24
24
24
24

,024
50
,103
51
,121
52
53 1,117
52 1,122

971
1,050
1,067
1,063
1,067

13
24
30
29
18

187
207
209
201
206

185
195
202
203
206

585
623
625
629
636

2,347
2,433
2,484
2,504
2,495

403
42'
449
449
44

240
247
251
253
253

2
2
3
3
3

4
4
5
5
5

41
59
70
68
66

9
9
9

39
39
39
39
39

68
69
71
71
71

1,944
2,004
2,035
2,055
2,048

1,807
1,867
1,898
1,918
1,911

77
98
117
117
111

449
477
483
490
490

460
454
455
462
462

820
837
842
848
847

2,069
2,149
2,198
2,196
2,186

616
651
666
667
671

339
351
358
362
368

1
1
2
2
2

5
5
4
5
6

148
170
175
170
166

25
23
25
25
25

28
28
28
27
28

69
72
73
74
75

1,453
1,498
1,532
1,529
1,515

1,396
1,441
1,475
1,471
1,457

72
74
96
91
82

405
430
442
436
435

292
282
282
291
292

626
655
655
653
648

1,177
1,263
1,326
1,334
1,333

573
589
598
601
612

40
46
40
39
47

28
31
34
34
33

99
144
198
202
192

26
26
31
32
28

290
291
291
292
292

121
136
134
134

5,742
5,911
6,101
6,148
6,103

5,335
5,504
5,677
5,713
5,680

143
148
189
163
182

1,367
1,439
1,481
1,475
1,447

1,121
1,125
1,142
1,156
1,146

2,701
2,788
2,861
2,913
2,903

1,091
1,257
1,313
1,345
1,310

712
729
745
766
759

93
131
143
138
130

37
35
40
51
47

80
188
211
200
179

59
60
61
68

27
28
28
37
37

4,228 3,858
4,832 4,459
4,865 4,490
4,790 4,399
4,746 4,358

62
308
333
254
222

1,175
1,504
1,512
1,504
1,484

736
750
755
750
762

1,885
1,897
1,890
1,891
1,890

5,319
6,089
6,178
6,135
6,056

70

Other
securities

462 1,402
476 1,427
475 1,434
432 1,436
432 1,438

749
788
783
799
799

_____^__

1,019
1,051

249 1,053
248 1,046
266 1,043
798
807
816
821
821

1,304 3,518
1,317 3,540
1,324 3,538
1,330 3,531
1,342 3,526

i

* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table.
York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.

JANUARY

GuarBonds anteed

1946




The figures for the New

57

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,

Time deposits,
except interbank

except interbank

Interbank
deposits

Re-

Federal Reserve
district and date

Boston (6 Cities)
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26

serves
with
Federal
Reserve
Banks

Cash
in
vault

States
and
political
subdivisions

Certified
and
officers'
checks,
etc.

U. S.
Government

42
51
34
42
34

1,075
1,015

492
495
428
460
456

62
67
65
67
69

131
148
142
135
123

2,230
2,093
2,075
2,132
2,102

2,193
2,050
2,069
2,115
2,077

131
120

4,186
3,957
3,793
3,890
3,898

133
130
144
146
148

105
139
125
125
123

16,352
14,787
14,733
15,035
14,941

16,510
15,109
15,090
15,267
15,138

505
404
391
396
426

455
442
416
431
429

36
34
38
39
36

90
92
93
91
86

1,936
1,801
1,788
1,822
1,822

1,987
1,860
1,871
1,888
1,883

780
815
783
765
739

83
80
87
90
86

202
218
232
222
206

3,056
2,971
2,979
2,979
2,889

360
389
345
348
348

42
39
43
44
44

154
190
196
177
154

382
386
375
373
375

32
29
32
32
33

1,579
1,528
1,454
1,506
1,453
357
340
344
347
348

New York (8 Cities)*

Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Philadelphia (4 Cities)
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Cleveland (10 Cities)
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Richmond (12 Cities)
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Atlanta (8 Cities)
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Chicago (12 Cities)*
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
St. Louis (5 Cities)
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Minneapolis (8 Cities)
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
KansasCity {12 Cities)
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Dallas (9 Cities)
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
SanFrancisco(7Cities)
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
City of Chicago*
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26

BalDeIndiances mand
viddewith
uals,
posits
dopartadmestic
nerbanks justed 1 ships,
and
corporations

209
191
192
201
202

Individuals,
partnerships,
and
corporations

States
and
political
subdivisions

U.S.
Government
and
Postal
Savings

Domestic
banks

Demand

Bank
Bor- Capital
debrowacits 2
ings counts

Ti me

24
23
23
23
25

27
6
3
10
19

1,005
1,004
1,005
1,031
1.034

395
208
170
269
354

11
11
11
10
11

6
3
5
7
3

254
254
254
254
254

289
295
295
293
292

566

912
906

416
418
419
419
420

836
940
819

3,349
6,929
7,049
6,664
6,625

1,744
1,736
1,734
1,723
1,732

22
21
20
20
21

60
48
50
46
45

19
27
21
26
20

417
735
750
717
714

215
219
217
217
218

4
4
4
2
2

376
392
397
393
381

3,075
3,012
3,059
3 006
2,923

146
124
128
137
135

47
60
46
53
48

661

1,089
1,156
1,143
1,139

1,209
1,214
1,213
1,218
1,223

28
23
24
22
21

566
593
587
584
577

7
7
7
7
7

4
4
4
3
4

28
6
13
3
19

475
477
476
476
476

1.368
,286
1,298
1,311
L,285

1,364
1,295
1,325
1,311
1,292

97
78
77
84
78

27
26
30
33
30

302
524
524
507
511

341
338
338
338
339

2
2
2
2
2

7
7
7
7
7

459
486
470
457
451

5
4
5
5
5

3
4
3
3
3

4
1
2

133
133
133
134
134

350
674
429
445
340

141
157
192
171
157

1,324
L,240
1,251
L.261
1,256

1,250
1,191
1,227
1,221
1,201

186
169
153
162
165

13
12
15
16
15

229
409
477
473
472

411
410
410
411
412

4
3
3
3
4

3
3
3
3
3

571
595
621
614
612

1
1
1
1
1

7
8
8
9
8

8

124
125
124
123
124

343
527
453
446
355

98
93
101
97
103

394
427
415
430
405

5,720
5,394
5,382
5,459
5,325

5,576
5,253

5,331
5,317
5,181

445
443
418
463
466

92
95
83
100
81

1,109
2,285
2,404
2,346
2.392

1,809
1,810
1,811
1,813
1,816

5
5
5
5
5

4
4
4
4
4

1,728
1,805
1,803
1,801
1,793

5
5
5
5
5

24
24
25
24
25

71
28
1
1
3

586
587
586
589
590

1,594
3,554
2,337
2,488
1,781

25
23

114
119
126
123
124

1,114
1,056
1,061
1,063
1 049

1,163
1,118
1,133
1,120
1 102

68
68

16
18
18
16
17

281
434
491
485
482

337
334
335
335
336

1
1

1
1

1

1

634
655
676
680
673

2
2
2
2
2

35
30
19
15
15

132
132
131
133
133

381
558
495
444
336

116
140
133
117
109

731
664
677
687
674

709
655
668
671
657

88
80

15
14
20
13
14

196
371
394
377
376

204
205
205
206
206

376
389
378
368
367

3
2
2
2
2

7
4
5

85
85
85
85
86

236
427
292
271
242

284
284
284
286
286

1
1
1
1
1

2
2
2
2
2

958
974
979
977
964

20
20
14
12
16

146
146
146
147
147

399
570
473
511
384

132
132
131
132
133

331
467
389
442
343

542
542
537
536
537

1,111
1,650
1,313
1,295
1,018
1,001
2,528
1,542
1,681
1,170

26
25
26
11
9
•j -t

11
10

117 .
109
105

68
63
64

69
81
84

940

1,007

606

]

3
2
2
3
3

350
352
321
318
310

12
12
12
12
14

3,248
3,440
3,382
3,448
3,340

498
484
472
471
457

25
22
26
25
27

286
304
322
319
322

1,485
1,375
1,388
1,399
1,390

1,472
1,387
1,412
1,402
1,393

148
136
136
142
148

27
28
26
27
28

270
451
501
502
501

390
403
402
400
394

28
25
27
27
29

256
246
261
275
275

1,377
1 S3 2
1 346
l!360
1,365

1,368
1 329
1 368
l!375
1.353

106
95
86
85
93

22
21
21
25
29

337
456
494
492
491

264
262
263
263
264

15
14
14
14
14

3
3
3
3
3

635
644
657
650
644

1,053
1,055
1,033
1,045
1.034

52
47
51
51
57

284
338
333
340
332

3,554
3,453
3,403
3,466
3.458

3,563
3,467
3,437
3,467
3,462

201
219
200
201
172

116
133
124
127
116

790

1,200
1,506
1,531
1,541

1,960
1,958
1,961
1,966
1,976

28
28
28
27
28

7
7
7
7
7

531
546
541
543
554

1 010
'953

38
38
38
38
42

180
201
194
199
198

3,526
3 ! 300
3 273
3'.336
3.251

3 518
3^77
3 309
3! 299
3,226

208
216
204
243
243

49
51
42
53
38

1,567
1 615
1,547
1,544

897
935
917

Foreign
banks

670

731
732
734
736
737

3
2
2
2
3

5
5
5
5
5

1

3
3
3
4
3
5
5
5
5
5

1,227
1,292
1,296
1,289
1,279

40
46
46
43
45
21
20
21
20
21

62
48
31
11
16

1,154

818
727
632

2,051 6,186
2,059 11,133
2,057 8,302
2,056 9,624
2,048 6,069

374
375
375
375
377

489
991
655
680
486
729

1,274

978

1,070

815

*1 See note on preceding page.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2
Debits to demand deposit accounts except interbank and U. S. Government accounts.

58



FEDERAL RESERVE BULLETIN"

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Based on

Held by
Commercial
paper
outstanding 1

End of month

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
snipped between
points in
United
States

Foreign
countries

1944—August
September
October
November
December

141
141
142
167
166

110
111
115
115
129

82
85
85
84
93

44
42
40
44
44

38
43
45
40
50

28
26
30
32
35

75
78
79
74
86

10
11
13
14
14

(3)
(3)
(3)
(3)
(')

22
19
21
24
25

3
3
2
4
3

1945—January
February
March
April
May
June
July
August
September
October
November

162
157
147
119
103
101
107
110
111
127
156

130
126
128
117
104
107
117
128
135
135
145

98
97
96
90
82
80
90
101
104
100
107

48
52
54
52
51
44
45
50
52
53
58

50
46
42
38
32
36
45
50
52
46
49

32
29
32
26
22
27
227
28
31
35
38

86
87
87
81
72
74
81
91
98
95
100

13
12
11
10
9
10
9
10
11
12
15

(3)
(3)

25
24
25
24
22
20
22
25
23
22
23

5
4
4
2
2
3
4
2
3
6
6

8
8(33)
((3))
00
(3)

1
2

As reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks except on July 31, 1945, when their holdings were $486,000.
3 Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances

End of month

Debit

Customers'
credit balances 1

Debit

Customers' balances in balances in
partners'
debit
firm
investment investment
balances
and trading and trading
(net) 1
accounts

Credit balances

accounts

Cash on
hand
and in
banks

Money
borrowed 2
Free

Other
(net)

Other credit balances
In partners'
In firm
investment investment
and trading and trading

accounts

accounts

In capital
accounts
(net)

1936—June
December...
1937—June
December...
1938—June
December...
1939—June
December...
1940—June
December...

1,267
1,395
1,489
985
774
991
834
906
653
677

67
64
55
34
27
32
25
16
12
12

164
164
161
108
88
106
73
78
58
99

219
249
214
232
215
190
178
207
223
204

985
1,048
1,217
688
495
754
570
637
376
427

276
342
266
278
258
247
230
266
267
281

86
103
92
85
89
60
70
69
62
54

24
30
25
26
22
22
21
23
22
22

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. .

*l,070
e
l,100
»l,034
31.065

121

14

13

264

L.094
L.223
1,141
3 1,100
3 L,084
3 ,063
3 L.095

e

3
3

730
73O
3722
3701
3742
853
3824
3758
3762
3743
3711

c

11

333

220

6

530
«540
3553
3575
3583
549
3580
3573
3594
3632
3639

e
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).
3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances

• September" 1936. The article describes the
.. . . . „..
,
, _—tinguishes 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.

JANUARY

1946




59

OPEN-MARKET

MONEY RATES IN NEW YORK
[Per cent per annuml

COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]

CITY

u. s
Year,
month, or
week

Stock
Prime
exPrime
bank- change
comers'
call
mercial acceptloan
paper, ances,
re4- to 690
newmonths1 days1
als2

.373
.375
.375

.75
.79
.81

1.34
1.33
1.18

.44

1.00

.375

.80

1.35

.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

.78
.77
.78
.77
.80
.81
.80
.82
.84
.83
.84
.84

1.31
1.22
1.18
1.14
1.16
1.16
1.16
1.17
41.19
1.17
1.14
1.15

7

1.00
1.00
1.00
1.00
1.00

.375
.375
.375
.375
.373

.85
.84
5.83
.83
.84

1.14
1.13
1.13
H.18
1.18

.69
.73
.75

.44
.44
.44

1944—December..

.75

1945—January...
February..
March
April
May
June
July
August....
September.
October. . .
November.
December..

.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75

¥
%

9-to 12month
3certifi- 3- to 5year
cates
month
of in- taxable
bills'
notes
debtedness

1.00
1.00
1.00

1943 average
1944 average
1945 average

Week ending:
Dec.
1....
Dec.
8....
Dec. 15.. . .
Dec. 22.. . .
Dec. 29.. . .

Government
security yields

/l6

Vie
7

Ae

Vie

Total
19 cities

New
York
City

7 Other
Northern and
Eastern
cities

11 Southern and
Western
cities

1937 average1. . . .
1938 average1

2.59
2.53

1.73
1.69

2.88
2.75

3.25
3.26

r
erage.
'erage.
a erage.
r
a- erage.
a erage.
a erage.
erage.

.78
.63
.54
.61
2.72
2.59

2.07
2.04
1.97
2.07
2.30
2.11
1.99

2.87
2.56
2.55
2.58
2.80

3.51
3.38
3.19
3.26
3.13
3.02

1941—June
September. . . .
December

2.55
2.60
2.41

1.95
1.98
1.88

2.58
2.62
2.45

3.23
3.29
2.99

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
.00
48
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

1.99
2.20
2.05
1.71

2.73
2.55
2.53

2.91
2.80
2.81

1939
1940
1941
1942
1943
1944
1945

1

Monthly figures are averages of weekly prevailing rates.
2
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.
5
Number of issues increased from 2 to 3 on Dec. 10.
Back figures.—See Banking and Monetary Statistics, Tables 120-121
pp. 448-459, and the BULLETIN for May 1945, pp. 483-490.

I"

1

Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125,
pp. 463-464; for description, see pp. 426-427.

BOND YIELDS 1
[Per cent per annum]
Corporate (Moody's)4

U. S. Government

Year, month,
or week

7 to 9
years
Taxable

15 years and
over
Partially tax
exempt

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. . . .

1.96
1.94
1.60

1.98
1.92
1.66

2.47
2.48
2.37

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
C
2.97
2.89

1944— December

1.93

1.87

2.48

1.87

2.59

2.98

2.70

2.76

2.98

3.49

2.74

3.25

2.96

1945—January.. .
February .
March. . . .
April
May
July
August. . .
September.
October.. .
November.
December.

1.89
1.77
1.70
1.62
1.57
1.56
1.58
1.59
1.56
1.50
1.42
1.38

1.81
1.75
1.70
1.68
1.68
1.63
1.63
1.68
1.68
1.62
1.56
1.51

2.44
2.38
2.40
2.39
2.39
2.35
2.34
2.36
2.37
2.35
2.33
2.33

1.81
1.71
1.61
1.57
1.58
1.58
1.57
1.70
1.79
1.76
1.70
1.64

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

3.46
3.41
3.38
3.36
3.32
3.29
3.26

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

3.24
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

Week ending:
Dec.
1...
Dec.
8...
Dec. 15. . .
Dec. 22. . .
Dec. 29. . .

1.40
1.38
H.38
1.40
1.37

1.53
1.51
1.51

2.33
2.32
2.34
2.34
2.32

1.69
1.67
1.64
1.63
1.63

2.54
2.56
2.54
2.53
2.52

2.81
2.81
2.80
2.79
2.79

2.61
2.62
2.62
2.61
2.60

2.68
2.68
2.68
2.68
2.67

2.80
2.80
2.80
2.80
2.79

3.13
3.12
3.11
3.09
3.07

2.64
2.64
2.64
2.64
2.63

2.99
2.98
2.97
2.96
2.95

2.80
2.80
2.80
2.79
2.78

June

6

c

r
Corrected.
Revised.
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Standard and Poor's Corporation.
3
U. S. Treasury Department.
4
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have
been 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.
6
Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58.
8
Number of issues increased from 8 to 9 on Dec. 10.
7
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.
1

2

60



FEDERAL RESERVE BULLETIN

SECURITY MARKETS 1
Stock prices5

Bond prices

Common (index, 1935-39=100) Volume
of trading7 (in
thouPreMedium- and lower-grade
sands of
ferred e
shares)
IndusPublic
RailDeTotal
trial
utility
road
Rail- Public faulted
Total Indusroad
trial
utility
Corporate 4

Year, month, or week

U. S.
Government2

Municipal
(highgrade) 3 Highgrade

15

15

50

10

20

20

15

15

402

354

20

28

1943 average
1944 average
1945 average

100.50 131.8
100.25 135.7
102.04 139.6

120.3
120.9
122.1

109.5
114.7
117.9

117.0
120.5
122.2

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

1944—December

100.34 135.5

121.4

116.9

120.7

113.2

116.8

65.8

180.9

105

106

114

92

1,421

100.97
101.81
101.56
101.68
101.74
102.38
102.46
102.22
102.02
'•102.38
102.60
102.68

136.6
138.7
140.7
141.6
141.3
141.5
141.6
138.8
137.0
137.7
139.0
140.1

121.6
121.9
122.7
122.9
122.3
122.1
122.3
121.7
121.6
121.9
122.0
121.9

117.3
117.6
118.1
118.2
117.9
118.1
117.9
117.2
117.1
117.7
118.3
119.0

121.2
121.9
122.9
123.1
122.1
122.2
122.2
121.7
121.4
122.0
122.5
123.1

113.7
114.3
114.8
115.0
115.0
115.5
115.2
114.4
114.4
115.3
116.6
117.5

117.0
116.5
116.5
116.5
116.5
116.7
116.4
115.5
115.6
115.7
116.0
116.2

68.6 183.3
68.1 185.5
68.9 187.7
71.9 190.9
77.5 191.2
81.4 190.9
80.4 189.6
75.6 188.1
74.5 186.7
76.6 188.0
78.9 '•192.2
82.1 195.3

108
113
112
114
118
121
118
118
126
132
137
140

110
115
114'
117
120
122
119
119
128
135
139
142

121
125
124
129
135
144
140
131
138
145
154
157

94
97
96
98
101
106
108
107
111
114
121
120

1,652
1,664
1,195
1,273
1,357
1,828
951
1,034
1,220
1,556
1,961
1,626

102.65
102.77
1O2.55
102.57
102.84

139.1
139.5
140.1
140.3
140.3

121.7
121 6
121.9
122.0
122.3

118.5
118.6
118.9
119.2
119.2

122.6
122.9
123.0
123.3
123.4

117.0
117.0
117.4
117.7
118.2

115.9
115.9
116.4
116.6
116.1

80.8
81.3
82.6
82.2
82.4

193.4
193.9
194.4
196.1
196.7

137
140
140
138
140

139
143
143
141
143

156
158
156
156
159

121
121
121
119
120

1.844
2,292
1,572
1,235
1,291

Number of issues

1-9

1945—January
February
March
April
May

June

July
August
September
October
November
December
Week ending:
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29

8

r
1
2
3
4
5
6
7
8

Revised.
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 percent 20-year bond.
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Number of issues increased from 8 to 9 on Dec. 10.
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

1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1944—November.
December.

4,699
6,214
3,937
4,449
5,842
4,803
5,546
2 114
2,174
4,153

1945—January . .
February.
March.. . .
April
May

June
July

Total

1,457 1 409
1,972 1,'949
2,138 2,094
2,360 2 325
2,289 2,239
1,951 1,948
2,854
1,075 1075

State
and
municipal

404

69
352
408
67
97
135
173
118
92
223

48
23
44
35
50
2
1

Total

State
and
municipal

3 242
4! 242
1,799
2,089
3,553
2,852
2,693
1 039
1,532
3,230

3 216
4^123
1,680
2,061
3,465
2,852
2,689
1 039
1,442
3,215

365
382
191
129
195
482
435
181
259
404

Federal
agen-1
cies Total

Corporate
Bonds
and Stocks
notes

1,864
3,'387
1,209
1.267
1,537 1,733
344 2 026
698 1,557

1,782
3,187

418
685

407
603

987
353
281
665

Foreign2

81
200
352
31
137
193
126
11
82
288

108
90
45

624
374
627

6
20

10

23
19

9
13

14
6

440
155

440
155

65
14

39
27

336
114

304
114

32

99
6
24
19
28
43
35
37
37
29
35

2
9

43
27
62
101
157
1
212
107
103
209
60

18
22
27
50
102

25
5
35
51
55
1
178
43
68
106
31

490
178
471
630
397
112
981
363
730

490
163
471
630
395
112
981
363
725

1,070

195
18
25
46
19
30
200
20
17
42
44

272
136
296
554
367
74
750
335
698
989
78

240
136
265
529
272
74
623
295
638
820
60

33

1,096

23
8
150
30
9
8
31
7
9
38
7

642
923

640
906

480
193

39
38

39
38

633
220
557
758
583
164

143
42
86
128
185
52
249
144
140
242
95

143
42
86
126
185
52
249
144
140
237
95

August. . . 507
September. 870
October.. . 1,338
November. 223

Federal
agen-1
cies

Total
(doCorporat e
For-2 mestic
eign
and
forBonds
eign)
Total and Stocks
notes
334
839
817
807
287
601
889
506
282
404

855
735
712
971
931
751
518
342
176
235

1,229

Domestic

Domestic

150
22
157
481
924
461

1,192
1,225
873
383
736

1,272 1,062

"" Y
"" Y
2

' " "34*
64
35
103
28

2
17

""2"
1

5

129

129

440
497
388

856

1,236
1,596
1 834
1,430

2,423 2,135

31
25
95

26
119
119
28
88
4
90
15

is
' "2

' 127
41
60
169
18

'' 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,
subject to revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
JANUARY

1946




Monthly figures

61

NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

Estimated Estimated
net
gross
proceeds2 proceeds3

.

Retirement of securities

New money
Total

Plant and
equipment

Working
capital

Total

Bonds and
' notes

Preferred
stock

397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202

384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142

57
208
858
991
681
325
569
868
474
308
657

32
111
380
574
504
170
424
661
287
141
252

26
96
478
417
177
155
145
207
187
167
405

231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389

231
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

July
August
September
October
November
December

169
180
210
219
463
742
380
182

166
177
206
215
453
729
373
178

37
27
63
61
29
125
33
66

20
14
37
27
18
10
17
9

17
13
26
34
11
115
17
57

122
127
131
151
415
594
338
109

115
113
107
149
375
570
224
106

7
14
24
2
40
24
115
3

1945—January
February
March
April
May
June. .
July
August
September
October
November

281
215
226
643
496
92
944
440
795
1,077
121

275
212
221
632
485
91
925
433
780
1,057
117

35
28
48
102
136
5
190
80
99
150
20

14
16
28
55
49
1
147
41
50
97
7

21
12
19
47
88
3
43
39
49
53
13

240
177
171
513
331
79
719
297
668
854
70

221
160
158
501
278
72
581
278
634
798
51

19
17
13
12
53
7
138
19
35
56
19

1944—May

June

Repayment
of
other debt

Other
purposes

11
23
49
36
7
26
19
28
35
27
47

84
170
154
111
215
69
174
144
138
73
49
7
18
5

5
7
3
7
7

2
2
1

3
1
2
3
6
6
11
6
12
34
22

5
1
14
12
1
5
50
1
19
4

PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

Retire- All
Retire- All Total
Total
Retire- All Total
Retire- All Total
New ment of other
net
New ment of other
net
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 . poses
poses ceeds
poses ceeds
ties
poses ceeds
ceeds
ties
ties
172

. . .

1944—May

June

. .

July
August
September..
October
November..
December

1945—January....
February...
March
April
May . . . .

June
July

August
September..
October
November..

21

120
774
338
54
182
319
361
47
160
602

57
139
228
24
85
115
253
32
46
102

2
45
21
134
189
36
52
82

2
4
21
19
10
2
4

119
108

12

120

54
558
110
30
97
186
108
15
114
500
41

115
179
35
48
82
119
96

360
75

14
18

346
57

105
84
270
246

12
10
4
27

93
74
266
219

31

130

77

63
30
74
10
77
74
23
7

65
60

82
27

28
9

54
16

j'

122
127

93
118

41
64

50
38

2
15

58
25
56
26
155
485
265
20

2
12
1

2

2

33
19
37
36
12
115
22
24

1
2
5
3
5
9
7

4
1

34

103
71
121
47
91
191
47
34

59
28
62
31
167
499
272
21

184
30
301
115
371
565
42

25

550
761
373
226
353
738
463
89
199
504

1,190
1,897
611
943
1,157
922
993
292
423
1,343

65
60

62

74
439
616
469
188
167
244
293
228
454

30
63
89
180
43
245
317
145
22
40

124
139

42

774
30
27 1,280
50 1,079
831
86
584
47
961
13
828
30
527
27
497
25
17 1,033

10 1,250
77 1,987
751
1
1,208
1,246
18 1,180
1,340
464
469
1,400

183
30
297
110
364
523
35

2
1
2
6
5

1

• • • " 4 "

6
26
5

223
59
480
221
130
218
49

117
3
163
63
87
89
17

89
49
301
111
38
107
26

150
80
90
136
43
56
121
146
71
76
3
6
1
1
3

17
7
16
47
6
23
6

20

122
390
71
16
102
155
94
4
21
107

4
3

1
31
1
1
4

10
18

8
7

2
2
40
13
10
27
27

4
42

1
3
2
1
42

4
15

88
9
18

72
152
7

2
34
1
3
6
3
2
42

3

4
12

1

2
6
1
2

1

11
6
8
19
1

19

4
20
7
1
5
104
21

46
218
57
8
9
42
55
4
13
61

to- •

Year or month

Other

Industrial

Public utility

Railroad

5
1
1

29
2
5'
10

5*
1
4
15

1
2
3

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.

62



FEDERAL RESERVE BULLETIN

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends

Net profits,1 by industrial groups
Year or quarter

Iron
and
steel

Total

Number of companies..
1939
1940
1941
1942
1943 .
1944
Quarterly
1941_1
2
3

4
1942—1
2

3
4
1943—i
2

3
4

1944—i
2
3

4
1945—i
2

. .

3

NonOther
trans- ferrous
MaAumetals
chin- tomo- portaand
tion
ery
biles equipproducts
ment

Other
durable
goods

Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
cals
tobacco refining

Other
nondurable
goods

Dividends
MiscellaNet
1
neous profits
servPre- Comices
ferred mon

629

47

69

15

68

77

75

49

45

30

80

74

152

152

152

1,465
1,818
2,163
1,769
1,800
1,896

146
278
325
226
204
194

115
158
193
159
165
174

223
242
274
209
201
222

102
173
227
182
180
190

119
133
153
138
128
115

70
88
113
90
83
88

151
148
159
151
162
175

98
112
174
152
186
220

186
194
207
164
170
187

134
160
187
136
149
147

122
132
152
161
171
184

847
1,028
1,137
888
902
970

90
90
92
88
86
86

564
669
705
552
556
611

509
547
558
549

86
84
81
72

44
48
46
55

79
73
60
61

53
56
56
62

39
36
38
40

23
28
30
32

36
43
44
37

29
42
56
46

49
53
52
52

44
48
49
46

28
33
44
47

285
295
282
275

22
23
23
24

150
165
170
221

413
358
445
553

52
52
51
72

38
35
36
49

46
25
46
92

2
2
2
2

46
43
43
50

36
32
34
36

19
18
22
30

32
32
42
44

35
27
42
49

39*
35
41
48

39
27
35
35

31
32
52
46

205
174
213
296

21
23
20
23

134
135
125
158

430
433
461
477
444
459
475
518

52
47
51
53

39
41
41
45

47
50
52
53

2
2
2
2

48
46
46
41

34
32
31
31

19
22
20
23

39
37
43
43

36
42
49
58

41
41
40
47

36
36
39
38

39
38
50
44

209
221
226
246

21
22
21
22

127
132
127
170

47
46
47
55

40
40
38
55

52
55
55
59

2
2
2
2

52
47
47
43

29
30
28
28

20
22
21
25

38
43
45
49

49
52
56
64

42
43
49
53

36
37
37
37

39
43
52
50

224
230
244
272

21
22
20
23

142
149
137
184

3 492
3 508
427

49
53
38

38
42
35

3 63
3 77
45

2 50
2 47
2 34

31
27
23

21
21
19

45
46
46

62
64
61

48
45
43

39
38
36

45
47
49

3 250
3 269
223

20
22
21

142
145
143

PUBLIC UTILITY CORPORATIONS
[In millions of dollars]

Year or quarter

1939
1940
1941
1942
1943
1944

. .

1941—i

Quarterly

2

3
4

1942—1
2
3
4

1943—i
2

3
4

1944—i
2

3
4

1945—i
2

3

Telephone6

Electric power5

Railroad*
Operating
revenue

Income
before
income
taxi

Net
income7

Dividends

Operating
revenue

Income
before
income
taxi

Net
income7

Dividends

Operating
revenue

Income
before
income
tax7

Net
income1

3,995
4,297
5,347
7,466
9,055
9,437

126
249
674
1,658
2,211
1,971

93
189
500
902
873
668

126
159
186
202
217
246

2,647
2,797
3,029
3,216
3,464
3,618

629
692
774
847
914
915

535
548
527
490
502
499

444
447
437
408
410
390

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

1,152
1,272
1,468
1,454

96
145
267
166

69
103
189
138

751
723
750
805

209
182
183
200

154
126
107
139

(88)
(8)
(8)
()

295
308
311
321

67
69
66
68

43
44
45
46

44
45
44
40

1,483
1,797
2,047
2,139

178
390
556
534

90
198
286
327

28
36
34
87
24
46
30
101

816
770
792
839

234
196
195
222

131
104
105
150

98
96
84
131

324
337
342
359

72
75
72
83

41
41
39
43

44
42
39
38

2,091
2,255
2,368
2,340

515
608
653
435

214
244
250
166

29
52
36
100

864
835
859
906

136
118
114
133

99
100
99
113

366
382
391
398

88
96
94
96

42
44
45
48

40
42
43
43

2,273
2,363
2,445
2,356

458
511
550
452

148
174
180
165

31
55
30
130

925
886
878
929

254
221
210
228
262
241
207
205

135
123
111
130

94
102
94
101

400
406
409
426

97
101
98
104

42
43
43
46

42
42
42
43

2,277
2,422
2,231

425
504
229

139
187
125

30
72
29

971
909
887

292
233
211

139
123
116

102
96
92

436
444
449

115
109
103

46
45
44

41
44
43

Dividends

1
3

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 first 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.
6
Thirty large companies, covering about 85 per 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 for 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.

JANUARY 1946




63

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]

End of month

Total
interestbearing
direct
debt

Total
gross
direct
debt

Marketable public issues1

Total 2

Nonmarketable public issues

CertifiTreasury cates of Treasury Treasury
bonds
notes
bills
indebtedness

Total*

Special
U. S. Treasury
and issues
savings tax
bonds savings
notes

Noninterestbearing
debt

Fully
guaranteed interestbearing
securities

1942—June....
Dec.
1943—June
Dec.
1944—June
Dec.

72,422
71,968
108,170 107,308
136,696 135,380
165,877 164,508
201,003 199,543
230,630 228,891

50,573
76,488
95,310
115,230
140,401
161,648

2,508
6,627
11,864
13,072
14,734
16,428

3,096
10,534
16,561
22,843
28,822
30,401

6,689
9,863
9,168
11,175
17,405
23,039

38,085
49,268
57,520
67,944
79,244
91,585

13,510
21,788
29,200
36,574
44,855
50,917

10,188
15,050
21,256
27,363
34,606
40,361

3,015
6,384
7,495
8,586
9,557
9,843

7,885
9,032
10,871
12,703
14,287
16,326

454
862
1,316
1,370
1,460
1,739

4,548
4,283
4,092
4,225
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

162,261 16,403
162,379 16,399
162,625 16,921
162,680 17,041
162,652 17,049
181,319 17,041
183,080 17,025
183,334 17,038
182,833 17,018
182,790 17,026
185,112 17,026
198,778 17,037

30,401
30,396
34,544
34,478
34,442
34,136
34,472
34,430
35,072
35,021
35,021
38,155

23,039
23,039
18,588
18,588
18,588
23,497
23,498
23,498
23,498
23,498
23,498
22,967

92,221
92,349
92,377
92,377
92,377
106,448
107,890
108,172
107,049
107,049
109,371
120,423

51,723
52,345
51,833
52,460
54,517
56,226
57,143
57,379
56,278
56,072
57,028
56,915

41,140
41,698
42,159
42,626
43,767
45,586
46,508
46,715
46,741
46,786
47,473
48,183

9,864
9,927
8,948
9,109
10,031
10,136
10,119
10,148
9,021
8,776
9,058
8,235

16,688
17,130
17,567
17,923
18,592
18,812
19,558
20,033
20,519
20,577
20,710
20,000

1,736
1,853
1,923
2,006
33,071
2,326
2,264
2,255
2,391
42,378
52,492
2,421

1,496
1,114
1,119
1,132
1,151
409
484
515
527
541
536
553

June....
July
Aug
Sept
Oct.
Nov
Dec

230,672
231,854
232,026
233,063
235,761
256,357
259,781
260,746
259,630
259,439
262,849
275,694

1
Including amounts held by Government agencies and trust funds, which aggregated 6,098 million dollars on Nov. 30, 1945.
2
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary
bonds not shown separately.
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 5on 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, DECEMBER 31, 1945
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate

Amount

Treas ury bills 1
Jan. 3, 1946
Jan. 10, 1946....
Jan. 17, 1946....
Jan. 24, 1946....
Jan. 31, 1946....
Feb. 7, 1946
Feb. 14, 1946....
Feb. 21, 1946.
Feb. 28, 1946....
Mar. 7, 1946...
Mar. 14, 1946....
Mar. 21, 1946
Mar. 28, 1946
Cert. of i n d e b t e d n e s s
Feb. 1, 1946
.. • v%
Mar. 1, 1946
Apr. 1, 1946.... ...y8
M a y 1, 1946....
June 1, 1946....
Aug. 1, 1946
Sept. 1, 1946.... • y%
Oct. 1, 1946....
y%
Nov. 1, 1946
Dec. 1, 1946.... • • • y%

Treasury notes
. . .90
Jan. 1, 1946
15, 1946....
i
Mar.
1,
1946....
. . .90
July
Dec. 15, 1946.... .. 1K
Mar. 15, 1947.... 1 V\
Sept. 15, 1947.... '. \\lA
Sept. 15, 1947....
'.'.iy2
Sept. 15, 1948
Treasury bonds
Mar. 15, 1946-56. . 3X
June 15,1946-48. . . . . 3
June 15, 1946-49.
Oct.
Dec.
Mar.
Mar.

1,310
1,311
1,310
1,310
1,318
1,317
^317
,302
303

t]302
1,317
'"" *
5,043
4,147
4,811
1,579
4,799
2,470
4',336
3,440
3, 777
3',753
3,416
1,291
4,910
3,261
1,948
2,707
1,687
3,748
2
489
1 036

819
759
701

15, 1947-52.
7
15 1947
15,' 1948-50. . '.'. '. 2 1,115
15, 1948-51. • -2H 1,223
3,062
June 15, 1948.... ..IX
451
Sept. 15, 1948
571
Dec. 15, 1948-50. '.'./. 2

Issue and coupon rate
Treasury bonds— Cont.
June 15, 1949-51.
2
Sept. 15, 1949-51.
2
Dec. 15, 1949-51.....2
Dec 15, 1949-52. 3 y%
Dec. 15, 1949-53. '.'.2y2
Mar. 15, 1950-52. . . . .2
Sept. 15, 1950-52. .'.' i k
Sept. 15, 1950-52. . . .'. 2
Dec. 15, 1950....'
June 15, 1951-54. 2 3 /
Sept. 15, 1951-53. . . . . 2
3
Sept. 15, 1951-55.
l
Dec. 15, 1951-53. 2 /
Dec 15, 1951-55. '.'... 2
Mar. 15, 1952-54. ..2K
2
June 15, 1952-54.
June 15, 1952-55. ..2%
Dec. 15, 1952-54.
2
June 15, 1953-55.
2
June 15, 1954-56. • 2 y$
Mar. 15, 1955-60.
Mar. 15, 1956-58. '.'.2%
Sept. 15, 1956-59.
Sept. 15, 1956-59.
June 15, 1958-63!
June 15, 1959-62. '.'.2YA
Dec. 15, 1959-62. ..2%
Dec. 15, 1960-65. ..2H
June 15, 1962-67. ..2%
Dec. 15, 1963-68. . . 2 H
June 15, 1964-69. ..2Y2
Dec 15, 1964-69. ..2V2
Mar. 15, 1965-70.
Mar. 15, 1966-71. 2 y2
June 15, 1967-72. '.'.2%
Sept. 15, 1967-72. . .2K
Dec 15, 1967-72. • 2l/2
Postal Savings
. .2%
bonds
Conversion bonds
Panama Canal loan. . 3
Total direct iss,ues...
Guaranteed securities
Federal Housing Admin.
Various

UNITED STATES SAVINGS BONDS
[In millions of dollars]

Amount

1,014
1,292
2,098
491

1,786
1,963
11186
4^939
2 \ 635
1 627
7,'986
755

1 118
'510
1,024
5,825
1,501
8,662

Month

RedempAmount Funds received from sale 3 during tions and
outmaturities
standing
at end of
All
All
Series Series Series
month
G
E
series
F
series

1944—May. . . 32,987
June.. . 34,606
July. .. 36,538
Aug... . 36,883
Sept.... 37,323
Oct.. . . 37,645
Nov.... 38,308
D e c . . . 40,361
1945—Jan.. . .
Feb.. . .
Mar....
Apr.. . .
May. . .

June. . .
July. . .
Aug.. . .
Sept....
Oct.. . .
Nov....
Dec.. .

725
681

2 ,611
1', 449
982

3,823

41,140
41,698
42,159
42,626
43,767
45,586
46,508
46,715
46,741
46,786
47,473
48.183

751

624

1,842
2,125

1,350
1,687

1,023
2,386

1,855

499
591
599
807

602
692
695

1,074
848
889
838

804
653
712
684

1,540
2,178
1,295

1,195
1,468
1,032

571
420
510
865
908

700
514
625

1,184
1,254

15
115
101
18
16
14
43
125

111
377
338
85
85
83
174
406

279
248
227
279
283
401
382
365

42
31
27
23
63
178
47
22
18
8
54
83

228
164
151
130
282
532
215
107
76
107
265
262

341
323
464
404
426
403
428
531
528
616
533
559

919

5,284
3,298
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,967
2,716
10,617
117
29
50

198,778

41

Maturities and amounts outstanding, December 31, 1945
Year of
maturity

All
series

1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
Unclassified. .

331
420
494
803
989
1,648
4,908
9 029
12,172
10,844
3,536
3,056
-47

331
420
494
803
989
441

48,183

3,477

Total

Series
B-D

Series
E

1,207
4,908
7,636
9,278
7,745

i30,774

Series
F

Series
G

214

588
667
743
580

1,179
2,306
2,432
2,793
2,476

2,793

11,186

1

Sold on discount basis. See table on Open-Market Money Rates,
p. 260.
Called for redemption on Mar. 15, 1946.

64



1

Total for October revised to 29,882 million dollars.

FEDERAL RESERVE BULLETIN

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
35r200

13,000
21,100
28,400
35,500
43,300
49,200

1945—February
March
April. . .
May

232 968
233,145
234 194
236,912
256 766
260,265
261,261
260 156
259,980

17 130
17,567
17 923
18,592
18 812
19,558
20,033
20 519
20,577

5 267
5,303
5 262
5,217
6 128
6,105
6,121
6 123
6,175

19 439
19 669
20 455
20,954
21 792
21 717
22,530
23 328
23,276

191 132
190 606
190 554
192 149
210 034
212 885
212,577
210 186
209,952

78 100
77,400
77 400
77,500
84 069
85,300
84,500
83 500
84,200

8,700
8,700
8 700
8,700
9 588
9,800
10,000
10 000
10,000

20,100
20,400
20,500
20,100
22,700
22,700
22,500
22,500
22,600

33,600
34,000
33,300
33,100
39,500
40,100
40,300
40,000
39,200

50,600
50,100
50,700
52,700
54,200
55,000
55,300
54,200
54,000

June .

July
August
September
October

1
ial banks and
Figures
insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercia
res for insurance
mutual savir
'•ings banks have been rounded to nearest 100 million for all dates except June and December for which call report data are available.
Back fig
figures.—See Banking and Monetary Statistics, Table 149, p. 512.

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: 2
1944—June
Dec
1945—May

June
July

Aug
Sept
Oct
Treasury bills:
1944—June
Dec
1945—May
June
July
Aug
Sept
Oct
Certificates:
1944—June
Dec
1945—May
June
July
Aug
Sept
Oct
Treasury notes:
1944—June
Dec
1945—May
June
July
Aug
Sept
Oct
Guaranteed securities:
1944—June
Dec
1945—May
June
July
Aug
Sept
Oct

Total
outstanding

141,591
162,843
163,441
181,353
183,114
183,369
182,870
182,829

U.S.
Govern- Fed- Com- Mu- Insurment eral
mer- tual
agen- Resav- ance Other
cial
cies serve banks ings comand Banks 0)
banks panies
trust
funds

4,604 14,901 63,523 7,158
18,846 72,045 8,183
20,954 71,896 8,497
6,112 21 792 77,484 9,382
6,083 21 717 78,609 9,621
6,092 22,530 77,862 9,775
6,094 23,328 76,939 9,845
6,146 23, 276 77,547 9,847

Treasury bonds:
Total:
1944—June
Dec
1945—May
June
July
Aug
Sept
Oct
Maturing
within
5 years:
960
1944—June
1,159
Dec
1,706
1945—May
1,273
June
1,466
July
1,574
Aug
1,721
Sept
1,850
Oct
Maturing
in
5-10 years:
9,871
1944—June
9,974
Dec
9,989
1945—May
10,756
June
10,968
July
10,991
Aug
10,918
Sept
10,735
Oct
Maturing
in
10-20
years:
3,826
1944—June
5,098
Dec
3,912
1945—May
4,841
June
4,695
July
4,793
Aug
4,841
Sept
4,815
Oct
Maturing
after
20 years:
205
1944—June
203
Dec
187
1945—May
3
June
3
July
2
Aug
4
Sept
4
Oct

16,471 34,935
18,761 39,670
19,325 37,567
20,930 45,652
21,146 45,939
21,273 45,837
21,437 45,227
21,501 44,512

14,734
16,428
17,049
17,041
17,025
17,038
17,018
17,026

6
6
44
3
9
15
18
21

8,872
11,148
12,954
12,962
12,810
13,254
13,234
13,172

4,894
4,113
2,242
2,798
2,737
2,193
2,035
1,978

2
1
17
1
2
2
10
6

28,822
30,401
34,442
34,136
34,472
34,430
35,072
35,021

67
62
103
47
45
46
55
77

3,382
4,887
5,870
6,032
6,096
6,400
7,184
7,206

15,037
15,032
17,202
16,789
16,812
16,413
16,209
16,230

126
136
394
92
96
158
211
221

339
310
884
420
454
423
494
553

17,405
23,039
18,588
23,497
23,498
23,498
23,498
23,498

58
60
53
52
52
52
53
80

1,180
1,566
1,017
1,685
1,698
1,762
1,933
1,920

11,718
15,411
12,588
16,076
16,211
16,058
15,830
15,834

286
336
327
242
244
247
260
258

337
568
692
601
598
587
581
591

1
1
6
6
6
7
7
7

3
3

949
960
575
10
10
11
12
12

6
6
4
2
2
2
2
2

26
22
16
13
13
13
13
13

End of month

Total
outstanding

U.S.
Govern- Fed- Com- Mu- Insurtual
ment eral
ance
mer- savagen- Recom- Other
cial
cies serve banks ings panies
banks
and Banks
trust
funds

79,244
91,585
92,377
106,448
107,890
108,172
107,049
107,049

4,437 1,464 30,910 6,736 15,768 19,929
5,173
,243 36,508 7,704 17,859 23,098
4,961
,113 39,275 7,753 17,646 21,628
5,968
,113 41,795 9,045 19,892 28,636
5,936
.113 42,822 9,278 20,079 28,661
114 43,170 9,365 20,251 28,334
5,937
5,926
977 42,834 9,360 20,348 27,604
5,926
977 43,477 9,360 20,343 26,964
740
777
050

7,824
7,824
8,939
8,939
8,939
8,939
7,725
7,725

536
518
564
547
530
532
381
379

4,697
4,834
5,548
5,770
5,814
5,803
5,126
5,177

189
137
258
172
175
183
181
184

663
556
520
375
350
352
320
304

2,074
2,069
2,068
1,714
1,681

34,399
44,087
43,564
48,155
48,423
48,425
49,180
49,180

1,570
1,504
1,262
1,333
1,322
1,319
1,398
1,396

18,937
24,445
25,790
29,147
29,954
30,209
30,798
31,241

2,712
3,556
3,427
3,400
3,228
3,101
3,056
2,970

3,673
4,230
4,196
4,267
4,194
4,163
4,179
4,066

7,505
10,357
8,891
10,009
9,725
9,631
9,749
9,506

15,482
14,445
14,445
16,727
17,30'
17,446
16,748
16,748

1,097
1,028
960
1,054
1,058
1,057
982
985

5,509
5,354
5,745
4,562
4,667
4,687
4,388
4,451

1,857
1,887
1,828
2,458
2,673
2,814
2,868
2,928

2,792
2,612
2,319
2,471
2,476
2,534
2,493
2,505

4,228
3,563
3,591
6,179
6,433
6,352
6,020
5,880

21,539
25,227
25,427
32,626
33,219
33,360
33,394
33,394

2,696
3,366
3,290
4,146
4,140
4,141
4,141
4,140

1,766
1,873
2,194
2,317
2,385
2,470
2,521
2,609

1,981
,125
2,240
3,010
3,200
3,266
3,257
3,277

640
462
609
,779
13,061
13,199
13,357
13,466

6,456
7,401
7,095
10,375
10,435
10,284
10,120
9,900

* 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 sayings banks. On Oct. 31, 1945, commercial banks reporting to the Treasury held 26,204 million dollars of U. S. Government securities due
or
callable within one year out of a total of 65,212 million outstanding.
2
Including 196 million dollars of Postal Savings and prewar bonds not shown separately below.

JANUARY 1946




65

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
|On basis of daily statements of United States Treasury. In millions of dollars]
Income taxes

l

Period
With-2
held

Miscellaneous
internal

Other

nue x

Fiscal year ending:
June 1943
16,094
June 1944. . . . 8,393 26,262
June 1 9 4 5 . . . . 10,289 24,884

4,553
5,291
6,949

Social
Securitv
taxes

Other
re-

TransInter- War
fers to Other
Net
est
exre- 3
activi- trust
on
pendiacceipts
ties counts,
debt
tures
etc.

Total
re-

1,508 1,230 23.385 22,282 1,808 72,109
1,751 3,711 45,408 44,149 2,609 87,039
1,793 3,824 47,740 46,457 3,617 90,029

3,827
3,540
5,113

435
556
1,646

Total
budget
expenditures

Deficit

Trust
accounts,
etc.-

Chang
in
genera
fund
balance

Increase
in
gross
debt

78,179 55,897 - 1 , 8 6 1 +6,515 64,274
93,744 49,595 -4,051 + 10,662 64,307
+798 +4,529 57,679
100,405 53,948

-193 + 12.433 15,626

1944—December. .

741

3,606

539

63

470

5,418

5,416

560

7,503

22

332

8,416

2,999

1945—January. . . .
February...
March
April
May
June
July
August
September..
October....
November. .
December. .

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

545
172
473
221
477
529
228
432
342
241
225
170

3,587
3.9S7
6,908
2,967
3,398
5,916
2,754
3,281
5,192
2,581
2,609
4,122

191
3.556
3,767
91
6,892
628
2,929
139
3,085
66
5,914 1,009
2,695
156
2,997
99
5,189
647
2,530
172
2,374
84
4.118
817

7,551
6,948
8,246
7,139
S.156
7,837
7,324
6,398
5,365
5,124
4,224
4,244

69
48
45
236
296
335
530
162
34
38

390
373
513
455
757
460
547
695
564
617
348
384

8,202
7,460
9,433
7,968
9,275
9,641
8,557
7,354
6,611
5,950
4,656
5,445

+238 -2.630 1,778
4,645
+ 101 -2,292 1,300
3,693
242
+262 -2,036
2,540
+9 -3,911 1,120
5,040
+686 -1,741 3,763
6,190
3,727 -1,050 + 15,073 19,850
-116 - 2 , 6 1 5 3,362
5,862
956
-50 -3,451
4,357
-95 -2,497 -980
1,422
+302 -3,321 - 2 0 3
3,420
+390 + 1,632 3,524
2,282
+ 113 + 11 ,558 12,773
1,327

General fund of the Treasury (end of period)

Detai s of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
Fiscal year ending:
2,810
June 1943
3,202
June 1944
3,239
June 1945
43
1944—December.. .
169
1945—January
432
February....
66
March
122
April
592
May
217
June
312
July
543
August
52
September . .
132
October
November... 419
54
December.. .

Investments

2,350
2,816
2,757
312
84
208
227
48
271
482 '
203
239
241
-66
38
198

Expenditures

456
380
453
36
39
37
43
40
42
42
51
56
91
146
143
149

Assets

Other

Net expenditures
in checking accounts of
Government
agencies
2,194
4,403
1,178
164
-21
313
-407
71
-154
778
222
-26
51
-274
-79
-395

Receipts

Investments

Expenditures

1,117
1,851
3,820
182
251
250
270
412
530
701
579
336
407
284
295
260

655
1,313
2,444
119
117
122
128
228
296
663
441
172
163
80
65

133
192
-571
-213
-37
-98
84
137
-21
3
89
487
9
228
158

2418

Deposits
in
Federal
Reserve
Banks

Total

10,149
20,775
25,119
22,717
20,077
17,734
15,722
11,809
10,055
25.119
22,469
19,018
16,582
13,307
14,849
26,520

1,038
1,442
1,500
,335
,048
1,384
,547
,224
,140
,500
1,252
,300
,755
,124
,372
1,674

Deposits
in
special
depositaries
7,667
18,007
22,622
20,261
17,866
15,265
13,055
9,492
7,941
22,622
20,303
16,874
13,989
11,389
12,694
24,044

Balance
in
general
fund

Total
liabilities

Other
assets

1,444
1,327
997
1,120
1,164
1,085
1,120
1,093
974
997
914
844
839
794
784
802

643
607
421
481
471
420
445
443
430
421
386
387
447
494
404
517

9,507
20,169
24,698
22,236
19,606
17,313
15,277
11,366
9,625
24,698
22,082
18,631
16,134
12,813
14,445
26,003

I

Details on collection basis given in table below.
«3 Withheld by employers (Current Tax Payment Act of 1943).
Total
receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
II
Excess of receipts ( + ) or expenditures (—).
Back figures.—See Bankirig and Monetary Statistics. Tables 150-151, pp. 513-516.

INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections.

In millions of dolla rsl
Miscellaneous internal revenue

Income taxes
Period
Total

Fiscal year ending:
June 1943
June 1944
June 1945

16,299
33,028
35,062
1944—November. . . 1,633
December. . . 3,670
1945—January
February....
March
April
May
June
July
August
September...
October
November. . .

3,024
3,158
4 996
2,408
2,406
4 025
2,242
1,916
3,553
2,031
1,856

Current
individual

Withheld i

5,771
10,254 ' '7^038
8,567 10,263
37
294

1,203

1 889

690

759

1,892
61
915

1,127
318
87

1,112
271
41

686
785
1

18

1,737
907
201

Current
corporation

Victory
tax

1,751
46

1,249
1,461
32

1,094
1,405

-l

i

Back
taxes

Excess
profits
taxes

4,137
4,763
4,422

557
705
661

5,064
9,345
11,004

70
980

31
40

285

43
57
956
160
70
858
161
74
768
191
105

126
143
59
— 26
79
79
75
62
46
47
50

2,312
270
301

2,170
443
295

1,895
429
228

1,584
421
248

Other
profits Total
taxes

84 4,571
137 5,353
144 6,960

Capital
stock
tax

329
381
372

Estate
and
gift
taxes

Alcoholic
beverage
taxes

Tobacco Stamp
taxes taxes

447
511
643

1,423
1,618
2,310

924
988
932

45
51
66

ManufacMisturers'
and
cellaretailers' neous
excise
taxes
taxes

670
729

732

1,207

1,075
1,430

7
27

520
559

32
50

204
201

81
71

5
5

95
120

103

5
6
13
9
10
21
8
5
11
6
6

547
510
560
517
571
572
791
824
531
706
605

49
37
89
75
64
62
49
69
34
44
44

206
195
171
171
180
191
198
199
198
243
230

78
66
74
68
83
93
84
108
101
120
98

6
6
6
5
6
6
6

117
116
104
97
116
104
121
102
93
122
112

"l05
209

7
30

5
6
7
8

112

55

90
117
100
121
116
228
132
93
140
113

* Withheld by employers (Current Tax Payment Act of 1943).

66



FEDERAL RESERVE BULLETIN

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions or dollars!
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
Assets, other than interagency items l
interngency items

Corporation or agency
Total

All agencies:
Dec. 31,
Mar. 31.
June 30,
Sept. 30,

1944. . .
1945. . .
1945 . . .
1945. . .

Cash

Loans
receivable

Commodities,
supplies,
and
materials

756
768
700
815

6,387
5, 789
5,544
5,409

2,942
2 .960
2,507
2,487

29
27
59

127
279
.036

Classification bv agency,
Sept. JO, 1945
Department of Agriculture:
Farm Credit Administration:
234
Banks for cooperatives
346
Federal intermediate credit banks
1,27'
Federal land banks
123
Production credit corporations. . .
15
Regional Agricultural Credit Corp
21
Other 3
244
Federal Farm Mortgage Corp
39S
Rural Electrification Administration
War Food Administration
1,545
Commodity Credit Corp
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
I'Vderal National Mortgage Association
K.K.C. Mortgage Company
econstruction Finance Corp.5
Ml'ice of Emergency Management:
Smaller War Plants Corp
War Shipping Administration
Oilier6
\port-Import Bank
• <ltral Deposit Insurance Corp
< tlcral Works Agency
ennessee Valley Authority
S. Maritime Commission
ll ..(her

1
7
2
13
4
16
45
12
3

104
341

1,632
1,756
1,679
1,756

43
37
157
66
C2)

424
388
375
368

Bonds, notes,
and debentures payable

Undistrib- | Other
uted
3
Fully
charges
| guar- Other
i an teed
I by U.S.
1,692
1,001
772
442

16,£37
16,734
20,164
20,816

1 ,419 1.537
1,913 1,124
1,811
502
2,154
551

56
(
3
o
5

1,209

1
-I

' 895'
288
1
19
9
47

9,980

18

1,049

176
8,844
489
230
923
254
750
3,586
2,005

126
123
22

33
1
227
7
68
3

6

222
66
1

()

19
C-)

7

942

75

5

6,868

64
23

889
45
10

134

145
719
3,243
1,671

29

9

42
(')
1
2
6
09

23,857
23,510
27,266
27,610

19
232
398

505
465
31
3

100
945

10
1
10
(2)
4

540
67
122
9
55

1,017

807
197
2
13
41
4
262
16

269
89
634
(2)
9
132
63

504
451
459
465

227
75
176
123
14

62
28

1

15
7,810
10

40
232

00

1,505

455

325

4. 196
4,962
4.162
4,486

PriU. S.
vately
Govern- owned
ment
interest interest

125

6

C')

Other
liabilities

538
5
5

503

200
49
24

157
15

25

1,395
1,263
1,163
1,135

269
834

181

25

16
21
141

Other
Govt. secusecu- rities
rities

Land,
structures,
and
equipment

100

550
68
163
9
59

13

u. s.

16
222
388

30C

162
985

Investments

92

8 ,475

175
7,827
219
141
150
254
742
3 ,454
1,942

I

CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Sept. 30. 1945

'urpose of loan

To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Other
Less: Reserve for losses.
'f'otal loans receivable
(net)

Fed.
land
banks

1,108

Fed.
Farm
Mort.
Corp.

Fed.
intermediate
credit
banks

291

279

Banks Com- Rural
Elecfor co- modity trificaopera- Credit
tion
Corp. Adm.
tives

Farm
Security
Adm.

388

486

128

108

Home
Owners'
Loan
Corp.

Fed.
Public
Housing
Auth.

Fed.
home
loan
banks

Reconstruction
Finance
Corp.
and
affiliates

ExportIrnport
Bank

52

908

210
44

100
72

1,036

222

279

127

104

(r)

145

13

388

341

895

29
32
738

1

100

1, 105

227
(•)

June

All
other

All
agencies

30. 1945,
all
agencies

159
1
21
141

2,948
961

2,971
1,027

232
185

243
201

13

112
151

43
132
1,365
457

46
163
1,343
451

296

5,409

5,544

1
Assets are shown on a net basis, i.e., after reserves for losses.
- Less than $500,000.
3
Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
4
All
assets
and
liabilities
of
the
United
States
Housing
Corp.
have
been liquidated.
6

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 oi Inr.er-American Affairs.
i !n's iable is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly figures
•! .(I»lt« with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept. 30, 1944, may be
:
i- i su.-s of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p. 517.
JANUARY 1946




67

BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation!

Year and
month

Income
payments
(value)1
1935-39
= 100

Manufactures
Total
Durable

Adjusted
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

Construction
contracts
awarded (value)3
1923-25=100

Industrial production
(physical volume)* 2
1935-39=100

Nondurable

Minerals

Total

Residential

All
other

Employment 4
1939=100

Nonagricultural

AdAdAdAd- Unad- AdAdAd-1 Adjusted justed justed justed justed justed justed justed justed
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
109
125
162
199
239

122.9
109.1
92.3
70.6
68.9
78
87
101
107
98
105
113.5
138.0
174.6
213.0
'233.4

84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
100
139
201
279
360
P353

62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158
176

71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
132

63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
68
41

44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
40
16

79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
92
61

102.6
95.5
86.1
75.5
76.0
83.8
87.6
94.9
100.9
94.4
100.0
104.7
117.5
126.7
130.9
127.5

P171

Factory

Adjusted

Depart- WholeFacsale
Freight ment
store
tory carloadcomsales
pay
modity
ings*
(valrolls* 1935-39
ue) *s prices*
1939 =
= 100 1935-39 1926
100
= 100
100

Unadjusted

Unadjusted

Adjusted

Adjusted

Unadjusted

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

103.2
123.5
79.7
85.5
108.4
101.2
106.6
109.9
107.9
109.1
116.4
94.1
71.2
49.2
52.8
67.8
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
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
137
140

83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
150
168
186

138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
95.3

86.4
73.0

64.8
65.9
74.9
80.0
80.8

86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0

1942
November..
December. .

192.8
196.1

220
223

220
221

319
328

168
169

130
127

198
175

90
91

286
243

130.5
131.4

165.1
168.3

165.6
168.7

287.0
295.4

136
135

158
159

100.3
101.0

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
?47
241

224
229
232
236
239
238
241
245
248
249
247
239

337
344
351
356
359
358
360
365
368
374
376
365

171
174
174
175
176
177
177
178
179
179
180
174

125
131
133
131
129
117
134
135
138
136
133
137

145
102
85
63
52
45
60
59
65
49
60
61

79
56
42
33
31
32
36
35
35
34
37
35

198
140
119
87
68
55
80
79
89
61
78
81

131.6
131.6
132.0
131.4
130.9
131.0
131.4
130.9
130.1
130.1
130.2
130.1

170.7
173.1
175.1
176.2
176.9
179.0
180.1
180.2
179.6
180.6
181.5
179.9

170.1
172.5
174.6
175.4
1 75.8
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
192
161
159
159
168
169
166
165
172
177
167

101.9
102.5
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
102.9
103.2

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
235.5
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

55
45
40
36
33
34
38
41
39
42
46
51

76
64
59
52
46
50
57
63
61
65
73
81

130.0
129.6
128.9
128.0
127.7
127.7
127.5
127.3
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
163.0

177.5
176.5
174.1
171.0
169.1
168.6
167.7
167.9
166.0
164.1
163.0
163.3

350.0
349.7
346.3
339.8
339.2
339.5
331.7

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
104.4
104.7

241.9
245.2
244.1
242.3
241.9
244.6
243.4
236.0
229.0
231.4
'234.9

234
236
235
230
225
220
210
186
168
163

230
232
232
229
225
220
'211
188
171
165

345
346
345
336
323
308
'292
239
196
189
P197

175
176
176
174
173
173
165
157
156

140
141
142
140
138
144
143
140
134
124

48
59
72
70
58
50
54
61
69
83

75
96
118
112
89
73
79
91
104
121

143
139
145
141
140
140
139
128
127
118
133

197
211
220
181
188
202
218
200
199
213
227

104.9
105.2
105.3
105.7
106.0
106.1
105.9
105.7
105.2
105.9
106.8

1945
January.. . .
February...
March
April
May

June

July
August
September..
October....
November. .

P170

P\37

P140

126.6 162.9 162.4
126.7 162.5 162.0
126.7 160.6 160.2
125.1 157.6 156.9
124.4 154.5 153.6
123.4 151.0 150.5
122.7 145.5 145.6
121.5 '141.1 142.1
115.9 '121.5 122.6
115.3 120.9 121.5
"116.4 P121.9 P122.3

335.0
333.8
335.1
331.8
336.8

335.2
333.7
330.2
321.5
307.0
302.5
286.7
'256.2
214.5
213.5

r
*1 Average per working day.
P Preliminary.
Revised.
Department of Commerce series on value of payments to individuals.
2
For
indexes
by
groups
or
industries,
see
pp.
69-72.
For points in total index, by major groups, see p. 87.
3
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 76 of this BULLETIN.
4
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau
of Labor
Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
5
For indexes by Federal Reserve districts and other department store data, see pp. 78-80.
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 sales, June 1944,
pp. 549-561.

68



FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.

1935-39 average = 1001

Industry
Oct. Nov. Dec. Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov,
Industrial

Production—Total

232

Manufactures—Total

248

Durable Manufactures

344

Iron and Steel
Pig iron
Steel
Open hearth
Electric
Machinery

232

232

234

236

235

230

225

220

210

186

168

163

248

249

251

252

252

247

240

233

222

194

114

170

P176

345

346

345

336

323

308

292

239

196

189

P197

155

163

•146

166
171
154
296

129
159
139
307

341

343

206

201

198

197

202

210

206

204

192

187

197
225
187
492

192
218
186
453

190
215
181
456

188
219
176
526

192
226
180
552

198
234
189
561

188
232
184
573

190
229
182
567

181
214
173
505

182
203
172
421

161
164
142
319

428

422

431

431

431

419

405

393

371

310 »234

P237

P241

572 535

405 278

P264

P260

158
178
161
297

Manufacturing Arsenals and Depots1.. . .
Transportation Equipment

704

699

709

706

695 676

651

229

230

235

235

236

231

218

233

234

229

253

257 267

263

248

219

196

165

141

147

200

191

186

187

193

194

188

184

183

171

150

148

246

252

247

280

284

296

234 •202

162

137

146

Lumber and Products.

120

122

122

126

123

121

Lumber. . .
Furniture..

109
143

112
141

111
142

118
142

112
146

161

160

163

162

174
64
212
88
115
179
292

169
56
208
88
116
175
295

174
51
218
90
116
171
307

164
60
200
87
125
182
302

169

173

173

175

Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government) 1
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting; Lead refining; 1Zinc smelting;
Aluminum; Magnesium; Tin)
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium
products; Tin consumption) 1

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 .
Nondurable Manufactures.
Textiles and Products

146

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 yarr
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
L a m b and mutton
,
r

Revised.

JANUARY

P Preliminary.

1946




149

152

150

124

188

110

107

98

v97

110
144

109
140

108
138

104
138

98
134

98
124

89
115

76
120 P126

163

166

167

162

166

169

160

161

159

168
56
207
87
122
185
305

175
61
216
86
124
183
306

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
61
217
97
110
162
260

200
79
243
97
110
172
217

186
50
235
106
113
177
210

175
4
235

176

176

174

173

173

165

154

P159

155

153

118

149

150

150

157

156

134

144

123
123
213

134
138
215

P141

136
140
199

139
149
209

141
146
215

139
145
215

144
152
215

142
150
215

137
143
218

138
142
221

138
144
220

121
123
220

150
50
213
164
170
156
164

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

127 142
82
58
172 '186
136 '154
145 158
125 '149
136 144

115

116

114

113

121

122

122

121

127

109

108

112

111
119
88
80
149

112
122
84
81
144

115 113
127 12 S
86
85
72
68
154 155
114
113
155
155
130
123
P 1 4 5 P132
78
83
154 163
179 172
158' 146
164 149
149 147
175 123
149 143

119
137
89
63
148
123

117
132
88
69
144

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
112 125
97
75
52
47
130 '151
114 123

107
121
89
46
145

160

153

151

138

140

138

P133

P143

117

119

149

154

118
82
149
179

125
•165
82
156
181

154
159
140
218
145

158
167
141
213
142

P152

P136

158

126
160

131

125
P138 P143
87
81
84
162 168 181
175 189 204

146
135
169
101
129

146
139
165
104
129

134
137
139

87
175
196
132
135
134
95
128

109

90 P148
89
179
206 181
222
141 140
144 146
142 136
103 116
142 133

130

127

133

P113

115
144

147
135

128
215

P150

129

P152
P133

H48
85
75
171 160
208 201

72
155
156

66
151
146

141
120
165
179
125

129
99
159
197
134

155
153
158
189
135

133
126
144
151
110

145

i Series included in total and group indexes but not available for publication separately.

69

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.

1935-39 average = 100]
1945

1944
Industry
Oct.

Nov. Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

1
Sept

Oct.

150
139
118
158

155
145
128
162

159
146
138
165

162
162
137
167

165
163
143
170

169
180
151
169

168
170
156
169

161
149
151
165

155
139
129
163

150
134
108
161

139
101
107
155

146
109
108
162

149
127
108
162

166

184

169

213

170

148

144

136

139

193

173

192

201

177
0
104
305

197
0
76
353

174
0
74
355

167
198
452
346

167
11
250
312

153
0
156
265

152
0
67
283

139
0
61
291

139
0
57
318

147
199
448
293

149
55
399
306

181
52
236
365

182
70
218
420

199

120

135

131

121

123

123

120

128

139

128

150

160

167

154

93
142
93

105
157
107

95
155
108

85
147
95

95
145
97

93
147
91

91
143
90

92
156
94

93
177
90

83
162
88

91
195
98

106
206
99

111
216
96

110
194
94

143

143

135

136

137

141

140

141

142

135

131

143

143

P142

139
165
126
96
245
142
135
158
111
116
149
132
81

138
158
111
97
238
136
135
160
106
120
150
130
81

132
150
115
97
212
133
129
145
93
125
156
125
85

132
152
111
95
214
137
129
153
85
119
147
128
76

134
156
113
98
227
139
130
152
87
125
143
127
83

137
157
113
101
227
139
134
157
84
127
148
133
82

136
160
114
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

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

13S
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

P138

103

103

104

102

105

105

105

105

106

105

HI

89

86

84

85

84

83

85

85

85

266

268

268

273

276

272

268

273

140
167
135
124

144
165
136
124

141
165
133
119

143
171
133
123

150
174
126
126

145'
166
134
131

145
167
136
120

170
164
384

164
367

167
163
296

167
162
334

168
163
367

171
164
3S7

307

307

312

317

318

139
129
239
395

141
133
242
394

141
137
242
396

142
136
244
396

140
136
241
400

Nov.

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

P155
"133

"169

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
Ravon
Industrial chemicals
Explosives and ammunition 1
Other chemical products 1

no'

136
158
79
132
145
140
81

109

115

114

88

96

93

96

96

269

v267

P240

184

''156

149
174
138
121

148
177
136
132

156
175
136
133

155
173
138
140

132
151
119
116

129
152
120
122

"152

161
157
284

168
161
406

163
155
421

165
158
400

153
148
332

152
150
-224

116
115
'145

147
144
267

319

318

319

318

307

265

239

232

"234

139
135
244
402

135
134
241
405

131
134
240
407

134
132
243
412

139
130
243
409

133
122
222
368

137
126
237
383

142
127
242
377

>>\ 46
/'134
"242
"386

Rubber Products

231

2>1

239

247

247

236

233

224

222

218

193

172

187

P199

Minerals—Total

143

U3

131

140

141

142

140

138

144

143

140

134

124

P137

Fuels

148

148

141

145

146

147

145

143

150

148

146

139

126

"142

149
152
133
148

149
155
126
148

132
138
109
146

140
151
96
148

143
150
112
148

142
149
115
150

136
138
131
150

125
145
47
152

148
153
129
151

140
146
117
153

135
144
102
152

142
148
114
138

112
110
120
133

f'149
M59
"112
'•139

111

112

111

111

111

111

HI

110

109

108

105

105

vl07

171

170

168

170

170

170

169

167

168

168

162

161

M64

22
58

22
64

"23"
62

24
54

23
61

24
54

°2
49

" 23'
42

Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)1Gold
Silver

' 24' ' 24'
52
56

21 '
47

">3
51

r

p
Revised.
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.
1

70



FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.

1035-39 average = 100]

1944
Industry

Industrial

Production—Total

Manufactures—Total
Durable Manufactures
Iron and steel
Pig iron
Steel
Open hearth
Electric
Machinery

Oct.

Nov. Dec.

Jan.

Feb.

Mar. Apr.

May June

July

Aug. Sept. Oct.

Nov.

234

232

230

230

232

232

229

225

220

211

188

171

165

P170

250

248

248

248

249

249

245

240

234

223

196

178

172

P/76

190 P197

346

341

342

343

345

344

335

323

308

292

241

197

206

201

198

197

202

210

206

204

192

187

155

163

r

146

168

197
225
187
492

192
218
186
453

190
215
181
456

188
219
176
526

192
226
180
552

198
234
189
561

188
232
184
573

190
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
161
297

428

422

431

431

436

431

405

393

371

310

706

695

676

610

572

535

405

207

188

P234

P237

P241

Arsenals and Depots1

Manufacturing

Transportation equipment

704

Automobiles
(Aircraft;
Railroad cars; Locomotives;
building—Private and Government) 1

229

235

242

236

229

253

257

267

263

219

196

165

141

147

186

187

191

194

194

183

182

171

150

148

252

247

280

115

117
143

109
141

97
142

99
142

97
146

233

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

234

200
246

125

Lumber. .
Furniture.
Stone, Clay, and Glass Products

264

235

109

P136

Ship-

Nonferrous Metals and Products

Lumber and Products. . . .

651

114

272

234

119

120

121

101
144

108
140

112
138

113
138

107
134

108
124

162

94

113

P96-

98
115

P81
120 P126

167

163

159

156

156

161

165

167

166

168

165

166

166 P16O

Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products
Other stone and clay products 1

178
64
218
102
122
182
292

170
56
210
95
121
177
295

163
51
202
82
120
175
307

161
60
196
71
116
176
302

163
56
201
66
118
177
305

175
61
216
71
119
177
306

183
62
225
81
119
177
300

190
61
236
89
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
217

192
176
50
4
'242 237
123
119
182 P188
210 P2O7

Nondurable Manufactures

173

173

171

172

172

171

172

173

162

152

155

153

Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 1
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 meltings 1
Manufactured dairy products.
Butter
Cheese
Canned and dried m i l k . . .
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
" Revised.

JANUARY

" Preliminary.

1946

6

J

159
134

P150
134 P131
128
138
133
215 P225
215

139
149
209

141
146
215

139
145
215

144
152
215

142
150
215

137
143
218

138
142
221

138
144
220

121
123
220

123
123
213

150
50
213
164
170
156
164

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

i-42
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

115

118

113

114

125

122

126

107

112
121
90
80
149
117

116
127
86
79
153
119

114
127
84
73
146
113

113
128
83
68
-•144

128
148
93
66
162
123

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

159

155

141

142

145

125

126

132

122

133

114

P108
70
62
134
117
130
145

P94

61
111
138

69
120
140

71
133
157

P116
77
151
186

156
150
153
248
151

184
217
149
165
146

171
195
150
114
152

139
132
156
89
131

135
129
150
98
126

P125

175
195
146
228
142

158

167
132

136
140
199

P160

112 P115
108
122
91
46
145
115

150

157

166

154 P153

134

132

133

128

139

136 P134

Pi 49 P178
89
112
189
234
231
272

>209
124
254
284

'212
109
223
257

P185

P155

139
144
139
103
132

131
129
137
116
127

125
125
131
86
118

132
135
134
98
130

93
191
214

P120
62
'72
139
164
127
185

50
114
105

119
97
146
148
108

134
95
179
197
134

133
93
173
224
140

171
179
164
202
135

Series included in total and group indexes but not available for publication separately.

Include^ Petroleum Reserves Corp.,




150

71

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors.

1935-39 average = 100]
1945

Industry
Oct.

Nov. Dec

Jan.

Feb.

Mar. Apr. M a y

June

July

167
180
154
166

161
133
151
171

155
114
139
169

148
105
141
160

149
103
144
161

148
99
140
162

148
104
130
162

145
97
117
162

146
107
96
165

157
174
88
165

154
165
115
158

176
242
139
165

166
163
142
170

168

159

146

191

158

139

148

147

162

214

175

199

214

164
0
270
305

151
0
159
353

140
0
81
355

137
198
414
346

150
11
228
312

142
0
136
265

160
0
44
283

158
0
36
291

175
0
35
318

184
199
400
293

170
55
216
306

183
52
324
365

169
70
566
420

125

137

121

121

118

117

115

128

145

133

155

169

173

93
148
99

105
160
110

95
142
95

85
147
93

95
136
94

93
137
91

91
133
90

92
156
95

93
186
92

83
170
88

91
204
95

106
220
106

111
225
103

110
198
97

143

143

134

136

138

141

141

142

142

134

131

144

143

>142

139
164
117

138
159
117
97
238
136
135
160
106
120
150
130
•82

132
150
117
97
212
133
129
145
93
125
151
125
84

132
152
115
95
214
137
129
153
85
119
145
128
76

134
157
118
98
227
139
131
152
87
125
148
127
83

137
158
121
101
227
139
134
157
84
127
148
133
82

136
162
125
103
234
141
132
158
79
126
145
129
82

137
161
117
103
236
140
133
161
78
125
141
132
81

137
160
117
103
236
138
134
160
75
126
142
139
80

130
147
107
93
227
122
128
149
73
122
140
133
78

129
144
104
92
219
120
126
141
74
126
142
135
71

138
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

•138

Aug. Sept. Oct.

Nov,

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

P122
P177'

154

Industrial Alcohol from Beverage Plants1.
Tobacco Products
Cigars
Cigarettes
Other tobacco products.
Paper and Paper Products.
Paper and pulp
Pulp
v
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).

96
245
142
135
158
111
116
151
132
81

Printing and Publishing.

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
1
Explosives and ammunition
Other chemical products 1 . . .

106

107

Newsprint consumption
Printing paper (same as shown under Paper).
Petroleum and Coal Products...

107

268

118

94

93

268 273 276

268 273

136
158
79
132
145
140
82

104

184 P156

°266
155
173
137
135

132
151
119
115

170
164
384

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

i52
150
224

115
145

147
144
267

309

308

313

316

319

321

320

318

315

303

261

239

234

>235

139
135
239
395

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

136
131
237
383

142
133
242
377

145
135
242
386

Rubber Products

231

231

239

247

247

236

233

224

222

218

193

172

187

Minerals—Total

144

140

131

134

135

136

140

141

147

145

143

136

125

134

Fuels

148

148

141

145

146

147

145

143

150

148

146

139

126

142

149
152
133
148

149
155
126
148

132
138
109
146

140
151
96
148

143
150
112
148

142
149
115
150

136
138
131
150

125
145
47
152

148
153
129
151

140
146
117
153

135
144
102
152

142
148
114
138

112
110
120
133

149
159
112
139

Coal

Bituminous coal. . .
Anthracite
Crude petroleum
Metals..
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver

123

89

68

68

68

72

109

131

129

124

123

122

115

188
259

130
133

94
61

95
63

98
68

104
80

166
216

207
304

204
301

196
289

192
289

188
281

175
245

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 B U L L E T I N
for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882.
1

72



FEDERAL RESERVE BULLETIN

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 1001
Factory pay rolls

Factory employment
1944
Oct.

1945

Nov.

1944

July

Aug.

Sept.

Oct.

Nov.

Sept.

Oct.

Nov.

July

Aug.

Sept.

Total
Durable g o o d s . . . .
Nondurable goods.

164.1
221. C
119.2

163.0
219.1
118.6

145.6
187.8
112.3

'142.1
180.3
112.0

'122.6
138.V
109.6

121.5
136.8
109.5

122.3
137.6
110.2

333.8
460.6
209.8

335.1
462.9
210.0

331.8
457.2
209.2

286.7 '256.2
373.1 '322.9
202.2 191.0

'214.5
'236.8
192.6

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

168.6
122
238
129
128
135

167.7
122
238
122
129
136

151.
119
201
133
119
124

'145 . 1
118
193
127
116
121

120.5
109
178
118
95
'95

120.1
109
177
113
98
101

121.9

319.3
227
452
225
261
261

318.0
225
453
217
267
262

313.2
222
449
205
266
261

280.1
217
349
234
238
232

247.0
199
311
209
209
196

200.9
175
281
201
174
161

181

181
155

156
145

341
327

347
327

351
313

Electrical Machinery
Electrical equipment
Radios and phonographs
Machinery, except Electrical
Machinery and machine shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors
Machine tools
Machine-tool accessories
Pumps
Refrigerators
Transportation Equipment, except
Autos
Aircraft, except aircraft engines
Aircraft engines
Shipbuilding and boatbuilding

158

222
364
182
158
204
259
309
149
1370.3
1633
2546
1523

133
108

133
109

116

155

116

245.6
213
242

238.2
208
227

'166.1
150
139

174.1
161
136

178.0

221.2

202.2

196.7

166.6

166.2

168.7

220
362
181
158
202
256
304
147

203
320
171
147
188
233
265
130

197
309
165
142
182
230
258
124

1349.4 961.1 '893.7
1595
1192
1084
2466
1870
1733
1510
'935
998

165
'240
156
129
165
188
217
95

163
229
158
129
162
182
213
103

408
766
290
311
363
441
627
266

366
641
272
298
329
388
543
229

266
'369
'238
'247
266
277

390
156

112.8

124.3

311.1

313.1

312.8

244.7

178.8

150.5

'127.1
133

129.7
128

178
273

178
273

163
260

159
'250

133
153

129
156

Lumber and Timber Basic Products.
Sawmills and logging camps...
Planing and plywood mills. . . .

113.4
79
96

112.9
79
96

107.9
75
92

107.5
75
91

103.4
72
87

97.3
67
84

Furniture

102.
96

103.1
96

98.0
90

96.6
89

81

Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta. . .
Pottery and related products..

110.9
125
72
73
120

111.5
125
72
73
121

109.3
123
73
73
113

109 3
125
77
73
114

Textile-Mill

95.
107
74

95.8
108
74

90.4
103
71

98
64
89

324
511
'248
259
304
336
512
169

105.2

135.2

Apparel and Other Finished Textiles
Men's clothing, n.e.c
Shirts, collars, and nightwear.
Women's clothing, n.e.c
,
Millinery

416.1

416
787
292
316
373
447
659
277

'803.2
'623
'451
1107

'159 4
138

98
64

424.7

410
773
291
333
367
450
666
263

1682.9
1855
2376
1920

162.0
138

Products....

421.4

445.0
387
463
371.6 '326.8 '275.5

385.3 '260.6
330
'230
389
239

1999.9
2310
3043
2193

144.4

Fiber

507.2
444
542

2948.7
3136
4278
3498

175.2
146

and

397

512.5
450
542

2964.8
3186
4460
3469

169.1

Cotton goods except small wares.
Silk and rayon goods
Woolen and worsted manufactures
Hosiery
Dyeing and finishing textiles. .

179

401

520.7
458
547

349.7 2931.8
3175
4628
3399

176.3
150

Products....

240

407

406.2
324
341
530

170.2

Lumber

'234
190

'479.0
'402
'364
'641

Nonferrous Metals and Products
Primary smelting and refining.
Alloying and rolling, except
aluminum
Aluminum manufactures

and

254
243

279
277.6
240
279

Automobiles

Furniture

289
282

207

281.0
243
284

146
137

336.9
298

337.3
281

332.8
267

302.7 '282.1 '216.2
259
268
239

330
506

336
502

334
497

294
450

97.1

215.9
154
165

219.2
157
168

205.3
144
166

192.9
134
159

189.0
134
147

184.8
131
145

89.8
82

93.9

189.3
175

193.0
179

190.8
177

181.3
166

165.0
150

157.5
141

106.5
121
81
75
113

109.5
124
85
79
117

109.6

188.2
201
116
119
189

192.1
205
120
123
192

189.
201
116
120
191

187.7
194
128
127
176

181.7
193
128
118
173

176.8
189
131
126
173

90.2
103
71

90.,
103
71

90.6
102
71

91.8

171.,
204
133

172.8
204
139

174.6
207
139

169.9
210
138

159.
193
134

166.
201
138

91
60
84

90
60
84

91
61
84

185
104
148

188
104
150

189
105
151

177
94
145

167
89
140

175
101
142

136.5

94
62
81

'289
'412

'223
220

110.9
95
73
81
79

110.0
94
73
80
76

96.
86
68
65
67

98.9
85
68
70
72

99.8
83
69
74
75

101.0
82
70
76
75

100.

199.1
166
128
148
137

200.4
170
131
147
127

195.
169
129
141
105

167.5
152
124
109
108

157.3 180.
141
135
111
126
108
138
113
131

89.
83
79

90.6
83
79

88.5
81
78

88.6
81
78

86.3

87.9
84
77

90.

160.6
146
143

160.1
144
143

159.5
143
142

165.
147
149

157.
141
141

Food and Kindred Products
Slaughtering and meat packing
Flour
Baking
Confectionery
Malt liquors
Canning and preserving....

131.8
123
115
113
119
144
134

127.1
124
117
115
122
142
100

123.3
106
121
108
99
147
124

124.6
103
124
108
101
149
134

133.4
105
124
109
102
153
176

126.
105
126
110
108
151
124

123.8

215.5
200
197
169
192
216
336

209.8
200
192
171
200
210
262

206.0
211
195
175
205
204
189

205.
175
218
175
164
231
250

Tobacco Manufactures. .
Cigarettes
Cigars

89.2
129
68

90.1
131
68

83.2
124
60

84.
123
62

89.
127
68

92.
131
71

91.8

163.0
202
138

165.7
209
137

172.
216
144

151.
201
115

Leather and Leather Products
Leather
Boots and shoes
,

82
76

157.
146
140

198.6 218.
158
178
'211
'218
171
174
166
175
224
243
249
'352

148.8
194
115

'175.
'214
148

' 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 November 1945 are preliminary.
JANUARY

1946




73

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Con tinned
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
1944
Oct.

Factory pay rolls

1945
July

Nov.

Aug.

1945

1944

Sept.

Oct.

Nov.

Sept.

Oct.

July

Nov.

Aug.

Sept.

Oct.

Paper and Allied Products
Paper and pulp
Paper goods, n.e.c
Paper boxes

117.2
105
118
113

118.1
106
119
114

113.7
103
111
109

114.2
104
112
110

'114.4
103
'111
111

117.5
106
115
115

119.2

193.1
180
182
180

196.3
183
192
180

197.5
182
195
183

193.5
181
182
181

184.6
172
180
171

195.5
181
'183
186

201.2
187
185
193

Printing and Publishing
Newspaper periodicals
Book and job

98.7
93
106

99.3
93
106

96.8
91
104

'98.3
93
105

98.8
95
105

102.5
97
110

106.2

136.0
120
152

136.7
119
154

139.3
121
157

137.8
120
155

140.0
129
152

147.7
130
167

150.7
132
169

Chemical and Allied Products
Drugs, medicines, and insecti
cides
Rayon and allied products. ..
Chemicals, n.e.c
Explosives and safety fuses..
Ammunition, small-arms
Cottonseed oil
Fertilizers

208.6

203.7

190.0

152.0

361.0

364.4

366.5

363.0

325.7

181
110
167
1210
1179
128
102

183
111
162
1207
1346
76
104

181
111
166
1244
1183
139
107

'156.9

152.7

181
110
161
1105
889
76
106

171
111
161
''541
••316
95
111

174
113
157
404
243
117
108

265
176
293
1782
2332
221
232

Products of Petroleum an_d Coal. . .
Petroleum refining
Coke and by-products

124.9
124
103

125.0
124
102

127.4
128
101

127.3
128
'101

122.6
••120
••102

123.5
123
99

126.4

Rubber Products
Rubber tires and inner tubes
Rubber goods, other

160.2
171
135

161.7
171
136

151.1
162
128

148.4
159
124

'127.3
'133
110

143.8
163
113

Miscellaneous Industries
Instruments, scientific
Photographic apparatus

168.4
549
161

168.4
535
162

158.5
473
155

155.8
449
155

129.2
"237
121

130.8
216
120

268
177
289
1847
2402
276
227

270
179
289
1865
2371
300
234

273
184
292
1880
2636
151
247

'266.4

256.9

271
182
288
1607
1470
144
242

265
177
'274
'739
'593
200
'261

269
184
261
571
498
258
250

228.6
224
'189

'210.8
'204
'182

198.4
192
164

220.7
213
190

224.2
220
183

219.0
214
179

228
195

151.6

294.5
301
248

293.3
298
251

293.6
298
251

281.3
287
238

249.5
250
213

'216.1
'211
192

236.7
240
202

134.0

324.0
1039
268

327.5 326.2
1032
1014
269
271

300.9
835
260

279.2
798
250

227.7
'373
191

231.4
346
189

For footnotes see opposite page.

FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
Index numbers of the Board of Governors, 1939 = 100)
1944
Group
Total
Durable
Nondurable
r

.. .

Revised.

1945

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

163.3
220.8
118.0

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

'121.5
'138.7
'108.0

120.9
136.7
108.4

Industry

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 Products
Leather and Manufactures
Food and Kindred Products
Tobacco Manufactures
Paper and Allied Products
Printing, Publishing and Allied Indus
tries
Chemicals and Allied Products
Products of Petroleum and C o a l . . . .
Rubber Products
Miscellaneous Industries
Revised.

P121.9
P137.4
P1O9.7

Preliminary. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week

r

Nov.

Average hourly earnings (cents per hour)

1945

1944

1945

Sept.

Oct

June

July

Aug. Sept.

Oct

Sept.

Oct

44.8

45.5

44.6
45.8

44.0

40.7

46.6
46.2
47.9

47.1
47.2
46.3
48.8

46.0
45.7
47.7

44.9
45.2
45.3
46.7

41.1
41.7
41.2
42.7

46.9
43.5
46.3
43.3

48.1
45.6
47.2
44.7

46.2
43.8
46.2
44.0

45.8
42.3
45.7
41.4

44.0
43.4

45.0
44.7

44.1
43.8

43.0
41.8
38.1
41.5
44.5
43.4
46.2

43.3
42.2
38.2
41.6
44.8
43.3
46.7

41.4
45.6
46.4
45.7
45.2

40.9
45.9
47.9
45.9
46.0

June

July

Aug.

Sept

Oct.

41.6

103.2

103.1

103.8

103.3

102.4

'98.7

98.5

r

41.0
'41.8
r
40.9
'43.0

41.8
42.7
41.2
43.4

113.2
110.1
105.1
113.6

112.9
109.1
104.6
113.7

113.0
111.2
106.1
115.0

112.7
111.4
105.7
114.8

111.3
'110.9
'103.8
113.4

'107.2
'108.9
'101.3
111.9

106.3
107.7
103.2
111.8

'41.7
33.5
43.3
40.5

-•38.3
36.5
'42.5
40.9

38.8
38.7
43.0
42.2

129.7
128.7
105.8
80.3

130.1
127.0
105.9
80.7

130.0
126.8
107.2
82.2

130.1
126.0
106.8
81.0

'129.7
124.5
'106.7
81.3

'126.0
122.8
104.5
81.9

124.6
122.1
104.9
78.3

43.3
43.4

40.6
41.6

'42.3
41.8

42.7
42.5

82.9
91.0

83.3
91.2

85.2
92.9

85.2
93.1

'83.5
93.9

'83.2
93.4

84.1
93.2

43.1
41.8
37.2
42.1
45.6
42.8
46.4

42.8
41.3
36.7
41.7
45.8
41.0
46.3

40.3
38.4
'33.2
39.3
43.3
39.0
44.0

'41.8
40.6
'36.2
40.6
44.7
'42.3
'45.8

41.5
40.4
36.8
40.9
44.1
42.0
45.8

87.6
72.1
83.2
82.0
84.7
72.4
85.8

87.8
72.3
83.2
81.9
85.7
72.8
86.2

90.4
75.9
83.9
85.7
87.7
75.7
87.9

90.2
76.3
82.9
85.1
87.4
74.9
88.1

90.9
77.0
84.6
85.7
88.2
76.5
'88.0

'90.3
76.3
'87.8
85.2
88.0
'78.6
'89.0

90.9
77.0
87.5
85.5
89.5
79.3
89.5

41.6
45.4
47.8
45.2
45.2

41.5
45.1
47.7
45.5
44.0

40.7
43.4
'46.9
41.8
41.8

'42.2
'43.3
'44.9
42.3
42.2

41.6
43.1
43.0
40.7
42.0

110.1
96.6
120.2
111.7
97.3

110.2
95.7
119.0
110.8
96.8

112.8
99.7
120.7
114.0
99.2

112.3
99.9
121.7
113.8
98.3

'114.4 '116.0
100.3 '99.6
'122.2 '121.7
111.9 '108.9
'95.3
'97.5

115.7
99.3
121.0
109.2
95.9

41.4

NOTE.—Back figures are available from the Bureau of Labor Statistics.

74



FEDERAL RESERVE BULLETIN

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]

Year and month

Total

Manufacturing

.ining

Construction*

Transportation and
public
utilities

Trade

Finance,
service,
and miscellaneous

Federal,
State, and
local
government

30,353
31,784
35,668
38,447
39,728
38,698

10,078
10,780
12,974
15,051
16,924
16,121

845
916
947
970
891
835

1,753
1,722
2,236
2,078
1,259
679

2,912
3,013
3,248
3,433
3,619
3,761

6,618
6,906
7.378
7,263
7,030
7,044

4,160
4,310
4,438
4,447
4,115
4,348

3,988
4,136
4,446
5,203
5,890
5,911

1941—May
June
July
August
September
October
November
December

35,269
35,758
36,277
36,597
36,774
36,892
36,991
36,864

12,776
13,032
13,342
13,473
13,580
13,642
13,752
13,748

949
970
981
997

1,000
1,003
1,004
1,002

2,176
2,239
2,256
2,258
2,327
2.295
2,248
2,115

3,224
3,254
3,292
3,330
3.331
3.355
3.369
3,367

7,302
7,388
7,495
7,579
7,548
7,537
7,526
7,487

4,441
4,441
4,442
4,458
4,454
4.472
4,479
4,493

4,401
4,434
4,469
4,502
4,534
4,588
4,613
4,652

1942—January
February
March
April
May
June
July
August
September
October
November
December

37,057
37,195
37,391
37,724
37,981
38,204
38,581
39,042
39,171
39,452
39,597
39,898

13.879
14.041
14,255
14,463
14,649
14,865
15,143
15,442
15,644
15,798
16,048
16,333

996
981
976
982
982
981
982
973
962
954
944
933

2,102
2,090
2,055
2,054
2,048
2,057
2.077
2.101
2,077
2,136
2,095
2,041

3,372
3,357
3,382
3.402
3,419
3,419
3,433
3,448
3,448
3,484
3.503
3,525

7,481
7,414
7,331
7,319
7,280
7,206
7,210
7,222
7,227
7,224
7,132
7,136

4,520
4,491
4,523
4,541
4,521
4,532
4,520
4,518
4,382
4,330
4,255
4,229

4,707
4,821
4,869
4,963
5,082
5,144
5,216
5,338
5,431
5,526
5,620
5,701

1943—January
February
March
April
May
June
July
August
September
October
November
December

39,934
39,935
40,066
39,891
39,740
39,775
39,876
39,737
39,475
39,486
39,526
39,479

16,506
16,682
16,831
16,858
16,837
16,908
17.059
17,097
17,051
17,108
17,152
16,995

927
924
915
908
893
893
888
878
876
869
859
863

1,899
1,734
1,604
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

38,426
38,469
38,456
37,963
37,746
37,465
37,231
'36,888
'"35,164
35,005
35,320

15,633
15,595
15,445
15,178
14,885
14,534
14,130
'13,762
••12,037
11,914
11,955

805
802
796
765
732
798
784
780
780
714
790

633
658
691
736
782
828
868
858
925
964

3,797
3,848
3,846
3,811
3,802
3,792
3,801
3,803
'3,777
3,773
3,828

7,210
7,164
7,214
7,004
7,056
7,039
7,117
7,121
•"7,210
7,261
7,304

4,394
4,404
4,438
4,466
4,513
4,521
4,558
4,597
••4,603
4,745
4,912

5,954
5,998
6,026
6,003
5,976
5,953
5,973
5,967
r
5,874
5,673
5,567

1944—May
June
July
August
September
October
November
December

38,672
38,846
38,731
38,744
38,571
38,360
38,347
38,889

16,122
16,093
16,013
16,023
15,843
15,692
15,607
15,632

839
844
833
834
826
816
812
806

686
691
686
700
671
652
629
594

3,768
3,803
3,809
3,818
3,791
3,767
3,771
3,770

6,962
6,977
6,942
6,918
6,994
7,148
7,299
7,611

4,363
4.542
4,618
4,582
4,488
4,340
4,315
4,304

5,932
5,896
5,830
5,869
5,958
5,945
5,914
6,172

1945—January
February
March
April
May
June
July
August
September
October
November

37,952
37,968
38,062
37,791
37,679
37,549
37,273
••36,984
•\35.334
35,207
35,620

15,555
15,517
15,368
15,102
14,811
14,534
14,130
'13,831
r
12,O97
11,974
12,015

801
798
796
761
728
794
784
784
784
718
794

582
599
636
699

3,740
3,771
3,788
3,792
3,802
3,830
3,858
3,860

7,030
6,985
7,084
6,990
7,021
7,004
6,975
6,979
••7,138
7,334
,7,560

4,350
4,360
4,394
4,444
4,513
4,589
4,672
4,666
••4,603
4,698
4,863

5,894
5,938
5,996
6,003
6,006
5,953
5,943
5,937
'5,933
5,701
5,567

1939
1940
1941
1942
1943
1944
SEASONALLY ADJUSTED

'883

UNADJUSTED

* 798
845
911
927

••945
990
993

••3,834

3,792
3,828

r
* Includes Contract Construction and Federal Force Account Construction.
Revised.
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 ISth of the month. Proprietors, self-employed persons, domestic
servants, and personnel of the armed forces are excluded. November 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.

JANUARY

1946




75

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
Factories

Month

January
February
March
April
]VIay

June

July
August
September
October
November
December

Commercial

1944

1945

1944

1945

1944

1945

1944

1945

159.2
137.2
176.4
179.3
144.2
163.9
190.5
169.3
175.7
144.8
164.9
188.5

140.9
147.0
328.9
395.8
242.5
227.3
257.7
263.6
278.3
316.6

41.0
24.9
35.2
37.8
34.5
30.6
25.8
23.3
24.5
23.8
23.3
23.9

19.5
19.3
26.9
42.7
47.2
41.8
46.3
42.7
42.6
59.9

34.0
29.9
48.7
33.0
27.1
24.4
38.3
40.0
49.0
37.7
52.9
57.6

45.2
66.6
160.4
174.5
43.4
25.5
51.5
75.5
98.3
85.4

4.1
4.5
7.4
6.1
5.8
8.7
5.6
7.9
6.4
7.7
7.1
9.5

7.5
8.5
10.0
12.3
9.5
18.8
19.8
25.5
45.5
60.8

472.7

348.4

1,994.0

Year

Public works
and public
utilities

Residential
building

Total

Educational
1944

Other

1945

8.7

1945

1944

1945

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

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

4.9
3.0
4.6
4.3
5.1
10.5
13.4
10.4
10.2
18.6

!-0.2

4.4
5.4
3.8

10.5
10.1
6.4

7.6
3.5
5.3
3.8
69.2

80.8

1944

276.7

746.1

Negative because of revision of a prior month's entry.
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]

Total

Private ownership

Public ownership

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]

1944

1945
Federal Reserve district

Month

January....
February...
March
April
May
June
July
August
September. .
October....
November. .
December. .

Year

1943

1944

1945

1943

1944

1945

1943

1944

1945

351
394
340
303
234
230
184
414
175
214
184
252

159
137
176
179
144
164
191
169
176
145
165
188

141
147
329
396
243
227
258
264
278
317
370

316
364
304
253
192
183
122
351
120
157
135
198

122
109
133
133
98
122
148
125
127
102
103
114

75
74
221
309
148
82
108
67
43
61
61

35
30
36
50
42
46
61
62
56
56
50
54

37
28
43
46
46
42
42
44
49
43
62
74

66
73
107
87
95
146
149
196
235
256
309

3,274 1,994

2,695 1,435

579

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)

Year or month

Total

320
557
495
694
954
1,026
1,186
1,137
942
886

224
246
60
160
208
251
262
141
96
125

1944—Nov
Dec

82
66

17
11

1945—Jan
Feb
Mar.
Apr
May

67
68
60
53
62
56
52
45
44
62
60

8
19
13
10
14
13
12
12
11
26
28

1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

Mortgages on

June

July
Aug
Sept
Oct
Nov

13
25
26
21
15
1

Rental
1- to 4War
and
family
group housing
houses housing (Title
(Title
(Title
VI)
II)
II)
94
309
424
473
669
736
877
691
243
216

2
2
11
48
51
13
13
6
*
7

22
18
*
*
*

*
*
*

19
14
17
15
22
19
19
18
16
19
21

13
284
601
537
43
37

*

*
*
2
*

39
34
30
28
26
24
21
15
14
17
11

loans, figures mciuue some remsureu mortgages, WHICH are snown 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.

76



20,093
39,280
25,223
44,549
37,415
31,569
88,280
27,867
13,335
12,210
30,266

15,786
48,207
19,867
38,213
47,182
23,352
63,212
19,311
9,337
7,972
24,132

4,793
14,790
7,647
13,232
17,045
13,845
29,614
32,067
8,350
9,501
13,966

370,087

316,571

164,850

PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]

End of month
Small
home
construction

Nov.

NOTE.—Data for most recent month preliminary.
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN

[In millions of dollars]

Property
improvement

Oct.

559

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION

Title I Loans

Nov.

Total

Commercial
banks

Savings Insur- Federal
and
ance
loan
com- agen1
associpanies
cies
banks
ations
Mutual
sav-

Other 2

1936—Dec
1937—Dec
1938—Dec

365
771
1,199

228
430
634

8
27
38

56
110
149

41
118
212

5
32
77

27
53
90

1939—June
Dec

1,478
1,793

759
902

50
71

167
192

271
342

137
153

94
133

1940—Mar
June
Sept
Dec

1,949
2,075
2,232
2,409

971
1,026
1,093
1,162

90
100
111
130

201
208
216
224

392
432
480
542

171
182
190
201

124
127
141
150

1941—Mar
June
Sept
Dec

2,598
2,755
2,942
3,107

1,246
1,318
1,400
1,465

146
157
171
186

230
237
246
254

606
668
722
789

210
220
225
234

160
154
178
179

1942—Mar
June
Dec

3,307
3,491
3,620

1,549
1,623
1,669

201
219
236

264
272
276

856
940
1,032

237
243
245

200
195
163

1943—June
Dec

3,700
3,626

1,700
1,705

252
256

284
292

1,071
1,134

235
79

158
159

1944—June
Dec

3,554
3,399

1,669
1,590

258
260

284
269

1,119
1,072

73
68

150
140

1945—June

3,324

1,570

265

264

1,047

43

134

!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.

FEDERAL RESERVE BULLETIN

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1

Merchandise imports 2

Excess of exports

Month
1941

1942

1943

1944

1945

1941

1942

1943

1944

1945

1941

1942

1943

1944

1945

January
February
March

325
303
357

482
483
637

749
728
988

1,124
1,107
1,197

P903
P887
P1,030

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
r793
838

P569
P561

April
May
June

387
385
330

717
542
650

989
1,092
1,003

1,231
1,455
1,297

Pl,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

P639
P763
P511

July
August
September....

365
460
425

659
705
732

1,265
1,280
1,269

1,197
1,191
1,194

278
282
262

213
186
196

302
316
286

294
304
282

P356

P737

P335

87
178
162

446
518
536

963
964
983

903
887
912

P378
P181

October
November. . . .
December

666
492
653

803
788
883

1,238
1,073
1,288

1,144
Pl.187
P939

P455

304
281
344

200
168
358

329
311
281

329
P323
P336

362
211
309

603
620
525

909
762
1,006

815
P863
P603

P112

2,721

2,216

2,780

3,261

1,282

4,193

7,823

8,875

Jan.-October.. . 4,003

P1,135

P870
P893
?515

6,409 10,603 12,136

P360

P344

P3,516
P8,432
Revised.
P1 Preliminary.
Including both domestic and foreign merchandise.
2
General imports, including merchandise entered for immediate consumptionti :and that entered for storage in bonded warehouses,
erce.
Source.—Department of Commerce.
Back figures.—-See BULLETIN forr April 1940, p. 347; February 1937, p. 152; July
Ju 1933, p. 431; and January 1931, p. 18.

P665

P537

P4.916

r

REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]

FREIGHT CARLOADINGS, BY CLASSES
[Index numbers: 1935-39 average=100]
ForLive- est
Total Coal Coke Grain stock
prod- Ore
ucts

Mis- Mercel- chanlane- dise
ous
l.c.l.

Annual
101
109
130
138
137
140

1939
1940 .
1941
1942
1943
1944

98
111
123
135
138
144

102
137
168
181
186
186

107
101
112
120
146
139

96
96
91
104
117
124

100
114
139
155
141
144

110
147
183
206
192
181

101
110
136
146
145
147

97
96
100
69
63
67

SEASONALLY
ADJUSTED

139
137
141
137

1945—January
February....
March
April
May .
June
July
August
September. . .
October
November. . .

143
139
145
141
140
140
139
128
127
118
133

147
143
127

183
182
181
166

126
147
150
134

114
120
135
128

137
133
138
135

184
153
153
133

146
143
149
151

67
66
68
68

141
139
137
126
126
143
136
128
143
109
148

176
178
190
180
193
181
193
167
155
113
167

128
119
134
160
167
155
157
163
146
158
167

120
121
129
124
120
121
121
115
114
123
145

142
133
134
133
137
144
140
133
125
109
110

161
168
218
204
204
170
171
166
174

157
152
159
153
151
146
146
132
126
125
133

66
66
67
71
69
68
67
64
66
69
74

'142

'134
134

UNADJUSTED

150
148
144
128

147
142
143
127

181
178
181
175

142
147
147
126

151
184
170
124

148
140
135
120

276
237
138
41

158
156
155
142

70
69
70
65

1945—January
February....
March
April
May. .

132
130
136
139
142
145
143
132
137
128
136

141
139
137
126
126
143
136
128
143
109
148

185
188
192
176
191
178
187
160
154
111
167

128
117
124
141
147
158
188
176
163
158
164

115
97
102
111
108
99
97
109
150
189
183

128
128
134
133
143
149
140
140
135
115
108

40
42
63
203
268
263
273
249
261
215
114

143
142
151
151
152
150
148
133
136
136
139

63
64
68
71
69
68
67
65
69
72
75

'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. Totai index compiled by combining indexes for
classes with weights derived from revenue data of the Interstate Commerce
Commission.

JANUARY

Net

income

Annual
1939
1940
1941
1942
1943
1944

3.995
4.297
5,347
7,466
9.055
9,437

3,406
3.614
4.348
5.982
7,693
8,343

589
682
998

1,485
1,362
1.093

93
189
500
902
874
668

1944—August....
September.
October... .
November..
December..

781
790
791
788
780

710
710
709
697
711

71
80
82
91
69

32
42
46
57
33

1945—January.. . .
February.. .
March
April
May
June
July
August....
September.
October

766
781
796
799
796
831
791
705
691
657

673
678
698
704
704
725
696
648
655
620

93 ,
103
98
96
92
106
95
57
36
37

60
68
63
62
57
71
61
22
4
P5

UNADJUSTED

1944—September.. .
October
November. . .
December. . .

August
September.. .
October
November. . .

Net
Total
railway
railway
expenses operating
income

SEASONALLY
ADJUSTED

1944—September.. .
October
November. . .
December. . .

June
July

Total
railway
operating
revenues

1946




1944—August. . . .
September.
October... .
November..
December. .

836
799

735
709

-•818

1945—January.. . .
February.. .
March
April
May
June
July
August....
September.
October.. . .

751
713
813
779
823
820
796
755
679
697

781
757

-720
689
687

101
90
-98
92
70

60
-57
60
64
41

678
640
713
687
723
724
699
669
635
643

73
73
100
92
100
96
97
87
44
54

39
37
63
56
65
66
63
51
9
P21

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.

77

DEPARTMENT STORE STATISTICS
[Based on value figures]
MONTHLY INDEXES OF SALES
[1935-39 average = 100]
Federal Reserve district
Year and month

United
States

New
York

'hila- Clevelelphia land

Richmond

Atlanta

Chicago

St.
Louis

73
81
78
75
85
87
92
96
95
95
96
92
86
68
68
81
87
98
105
101
109
120
144
170
194
214

88
105
90
85
94
91
95
99
100
100
98
91
79
60
62
78
84
97
105
103
113
123
145
162
204
244

80
83
98
96
102
106
108
114
116
101
88
67
68
79
86
100
109
98
107
116
135
149
161
176

105
103
115
114
120
121
119
120
122
110
97
76
72
83
85
97
106
102
111
119
143
158
179
200

113
126
117
112
120
119
124
119
117
110
110
105
98
79
76
85
90
99
104
101
106
109
122
133
149
165

83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
150
168
186

95
110
108
112
119
121
123
127
128
126
128
123
114
90
84
90
92
100
104
100
104
108
126
140
148
162

84
100
96
99
106
110
116
120
123
124
129
126
116
91
86
91
93
101
106
99
101
106
119
128
135
150

106
126
120
122
135
134
135
138
133
127
128
118
105
83
80
88
91
102
107
96
104
111
129
143
151
168

84
106
94
95
108
106
109
110
110
110
116
105
93
68
69
81
86
101
111
96
106
114
138
153
167
182

1943—December

167

148

133

144

164

197

208

163

172

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
149
152
149
152
161
158

159
156
173
161
168
158
169
157
170
167
'•182
171

169
166
183
166
181
166
191
182
180
190
'204
190

202
198
213
200
212
208
212
215
219
228
231
220

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

1945—January
February
March
April
May
June
July
August
September
October
November

197
211
220
181
188
202
218
200
199
213
227

167
166
193
157
160
177
183
166
167
177
183

149
165
189
150
156
169
176
165
161
172
183

173
189
204
162
170
185
198
175
175
184
203

186
204
222
174
179
197
220
189
187
209
220

231
238
250
210
210
235
252
235
225
248
258

268
274
274
234
243
277
300
274
268
292
298

184
202
207
168
170
184
197
189
193
199
208

1943—December

273

255

228

256

262

332

336

1944—January
February
March
April
May
June
July
August
September
October
November
December

137
142
170
172
178
163
142
157
196
209
248
320

119
115
144
161
162
144
110
118
170
184
207
300

112
114
139
137
142
133
100
111
158
173
206
270

132
133
167
172
179
157
140
159
191
204
244
303

152
159
203
194
211
183
152
177
232
249
'293
369

179
194
221
228
228
199
197
216
257
273
317
417

1945—January
February
March
April
May
June
July
August
September
October
November

156
171
212
174
183
186
163
168
209
230
274

132
130
187
156
158
165
127
125
176
196
225

124
137
176
143
148
156
118
120
171
197
235

122
123
162
158
161
142
116
123
173
189
'229
305
133
149
200
152
163
167
137
136
178
208
255

145
163
214
171
177
187
161
165
199
224
264

174
191
250
193
209
207
181
194
239
271
329

214
236
282
227
238
233
225
244
279
307
348

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

Minne- Kansas Dallas
apolis
City

San
Francisco

119
124
123
125
119
117
111
96
74
73
85
89
99
107
100
105
110
127
149
184
205

93
112
92
86
91
94
98
103
101
103
104
96
81
61
62
76
80
97
105
106
112
117
138
157
212
246

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

146

174

212

206

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
259

208
211
219
201
214
210
222
222
216
229
253
233

211
236
235
188
209
220
250
225
213
248
266

181
208
205
157
162
172
187
186
185
180
219

241
246
240
199
203
218
243
214
217
241
265

261
271
269
256
264
268
300
272
278
289
288

247
257
249
219
234
233
255
231
232
'245
273

253

277

224

283

343

325

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
339

177
200
227
228
228
203
194
220
265
275
314
421

166
178
198
192
200
193
184
202
225
239
'297
373

147
162
200
165
170
178
154
158
197
213
254

173
187
233
192
209
198
185
194
234
255
303

136
144
186
156
164
171
147
165
210

178
194
233
195
205
200
192
201
239
253
287

211
239
269
228
248
228
228
237
292
318
352

197
217
232
205
219
215
211
210
243
'254
320

SEASONALLY
ADJUSTED

UNADJUSTED

••204

252

r

Revised.
NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944.

78




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
SALES, STOCKS, A N D O U T S T A N D I N G

WEEKLY I N D E X O F SALES
[Weeks ending on dates shown. 1935-39 average = 1001

ORDERS

[As reported by 296 department stores in various Federal Reserve districts]

Without seasonal adjustment
Amount
(In millions of dollars)

1939
1940
1941
1942
1943
1944

average
average
average
average
average
average

1944—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar........
Apr
May
June
July
Aug
Sept
Oct
Nov

Outstanding
orders
(end of
month)

Index of stocks
(1935-39 average
= 100)

May

June

Sales
(total
for
month)

Stocks
(end of
month)

128
136
156
179
204
227

344
353
419
599
508
533

108
194
263
530
560

170
226
206
220
198
162
198
234
257
299
385

514
531
526
525
523
517
574
583
P607
580
444

527
484
476
534
592
631
579
561
••577
'611
621

154
150
145
147
157
165
172
161
••156
144
136

147
153
151
151
150
148
165
167
174
166
127

198
198
284
209
231
236
191
213
243
298
P334

463
494
524
566
591
601
592
625
620
624

768
819
772
725
671
697
722
671
652
700

P602

P776

148
148
148
156
165
181
189
187
171
161
P150

133
142
151
162
170
••172
170
179
178
179
P173

Seasonally
adjusted

Unadjusted

July
Aug.

99
101
120
172
146
153

Sept.

Oct.

Nov.

Dec.

Jan.

1942
16...
23...
30...
6...
13
20
27...
4...
11...
18..
25
1.
8...
15. .
22...
29.
5...
12. .
19...
26. .
3
10...
17
24...
31...
7...
14...
21...
28...
5...
12...
19...
26...

. .127
. .125
..104
. .147
128
129
..109
...95
. .112
105
103
105
. .122
125
. .126
. .142
. .165
. .140
. .152
. .172
183
. .171
166
. .172
. .168
. .182
..182
. .182
. .176
. .250
. .295
. .333
. .222

1943
2...
9...
16.
23...
30...

. .117
..146
.139
..125
..126

1943
May 15 . . 149
2 2 . . . . .153
2 9 . . . . .151
.151
June 5
.168
12
.168
19
2 6 . . . . .132
July 3 . . 134
113
10
.126
17
124
24
31 . .118
131
Aug. 7
14
.131
.146
21....
.145
28
169
Sept. 4
11 . .156
1 8 . . . . .179
.176
25
175
Oct. 2
9 . . . .188
189
16
.194
23..
187
30
.202
Nov. 6
,211
13
2 0 . . . . .223
2 7 . . . . .201
4
.269
Dec.
11
297
1 8 . . . . .321
2 5 . . . . .274

Jan.

1944
1....
8....
15
22....
29

.110
.143
.146
.144
.137

1944
May 1 3 . . . . .197
2 0 . . . . .177
168
27
June 3 . . . . . 163
1 0 . . . . .172
17 . . .173
151
24
July 1 . . . ..149
8
116
15 . . .145
2 2 . . . . .138
2 9 . . . . .132
Aug. 5 . . . ..137
12 . . . . 148
1 9 . . . ..149
26 . . . .171
194
Sept. 2
9. . . .177
196
16
23 . . . 193
196
30
Oct. 7 . . . . .218
221
14
21 . . .209
2 8 . . . ..207
Nov. 4 . . . . .215
11
231
1 8 . . . ..252
2 5 . . . . .236
Dec. 2 . . . . .304
9
365
1 6 . . . ..377
2 3 . . . . .369
3 0 . . . . .123

Jan.
Feb.

1945
6 . . . ..145
1 3 . . . ..166
20 . . .160
2 7 . . . . .161
3 . . . .163

1945
May 1 9 . . . . .178
26
.182
June 2 . . . . .169
9 . . . . .196
1 6 . . . . .206
23 . . . .183
30
173
July 7 . . . . .153
1 4 . . . . .167
21 . . . .157
28
153
Aug. 4 . . .167
.176
11
18 . . . .124
25
182
Sept. 1 . . . .194
8
177
15
.213
22
220
.209
29
6
242
Oct.
13 . . . .245
2 0 . . . . .237
.233
27
Nov. 3 . . . . .236
10
.261
17
275
24
258
Dec. 1 . 326
8
.401
433
15 .
2 2 . . . .421
2 9 . . . .156

Jan.
Feb.

1946
5 .
12
19 .
26
2 ..

NOTE.—Revised series. For description and back figures see pp. 874875 of BULLETIN for September 1944.

P Preliminary,
»• Revised.
Back figures.—Division of Research and Statistics.

SALES BY F E D E R A L R E S E R V E DISTRICTS A N D BY

CITIES

[Percentage change from corresponding period of preceding year]

Nov. Oct.
1945 1945

United

States...

Boston
New Haven
Portland
Boston
Springfield
Worcester
Providence
New York
Bridgeport
Newark
Albany
Binghamton. . .
Buffalo
Elmira
Niagara F a l l s . .
New York City
Poughkeepsie. .
Rochester
Schenectady. . .
Syracuse
Utica
Philadelphia...,
Trenton
Lancaster
Philadelphia. .
Reading
Wilkes-Barre..
York
Cleveland
Akron
Canton
Cincinnati
Cleveland.
Columbus
Springfield
Toledo

,

+11 +14
+9 +11
-1
+4
+1 + 12
+ 10 + 14
+2 +8
+ 10 + 16
+ 9 +14
+14 +1S
+ 4 +4
+ 11 +20
+27 +37
+ 12 +15
+9 + 17
+ 7 + 12
+5 +13
+ 17 + 19
+ 18 + 14
+ 7 +15
+ 1 +9
+ 16 +17
+4 +9
+11 +14
+23 +20
+ 10 +13
+9 +14
+5 + 10
+ 18 r+22
+7 +12
+* +14
+4 +6
0
-8
+ 12 +19
+6 + 14
+9 +17
-6
+3
+ 1 +6

11

Nov. Oct.
1945

1945

+11
+9
+3
+6
+ 11
+6
+ 15
+ 10

Cleveland-Con
t.
Youngstown. . .
Erie
Pittsburgh
Wheeling

Richmond
Washington....
Baltimore
Raleigh, N . C . .
-{-13
Winston-Salem.
+3 Charleston^. C.
+ 14 Greenville, S. C.
+24 Lynchburg. . . .
+ 15 Norfolk
Richmond
+8 Charleston,
+9
W. Va
+8
larksburg....
+ 14 C
+ 15 H u n t i n g t o n . . . .

+ 11
+8
.+14
+4
+11
+ 16
+7
+9
+5
+ 18
+ 11
+10
+9
+3
+ 14
+8
+ 15
+4
+8

Atlanta
Birmingham. . .
Mobile
Montgomery...
Jacksonville. . .
Miami
Orlando
Tampa
Atlanta
Augusta
Columbus
Macon
Baton Rouge...
New O r l e a n s . . .
Bristol, T e n n . . .
Jackson
Chattanooga...
Knoxville
Nashville

11
mos.
1945

15 + 15
+8 ++7
+5

+~14 +19 + 12
+ 7 + 13 + 14
+10 +12 +10
+ 6 + 12 +9
+8 + 10 +9
+2 + 13 +6
+2 +21 + 10
-14

-6

+5 + 18 + 15
+21 + 18 + 17
-10
+ 19 + 18 + 14
+ 15 + 17 +19
+ 15 +25 + 13
+13 + 14 +17
+10 +17 +13
+9 + 14 +9
-9
+8
+ 19 +23 +20
+6 + 11 +11
+21 +29 + 17
+ 12 + 18 +10
+ 16 + 16 + 10
+ 16 +25 +19
+ 18 +33 +21
+6 +8 + 7
+ 17 + 15 +8
+ 15 +25 + 17
+3 +8 +7
+ 14 +21 + 13
+6 + 15 + 15
+ 13 +20 + 15
+7 +9
+ 18 +27 + 17

Nov. Oct.
1945 1945

Chicago
Chicago
Peoria
Fort W a y n e . . .
Indianapolis. . .
Terre H a u t e . . .
Des Moines
Detroit
Flint
Grand R a p i d s . .
Lansing
Milwaukee....
Green Bay
Madison
St. Louis
Fort S m i t h . . . .
Little R o c k . . . .
Quincy
Evansville
Louisville
East St. Louis..
St. Louis
St. Louis A r e a . .
Springfield
Memphis
Minneapolis
Kansas
City....
Denver
Pueblo
Hutchinson
Topeka
Wichita
Joplin
Kansas C i t y . . .
St. Joseph
Omaha
Oklahoma City.
Tulsa

+11
+13
+ 15
+9
+ 11
+23
+ 11
+3
+2
+ 14
-2

+ 19
+23
+ 10
+13
+11
+7
+ 14
+1
+7
+7
+15
+ 15
+ 15
+ 14
+18
+9
+ 16
+5
+4
+3
-3

+ 11
+9
+ 14
+8
+7
+7

+12
+14
+ 16
+17
+16
+31
+23
+5
+1
+ 13
+4
+ 15
+ 18
+ 14
+20
+30
+ 17
+27
+4
+ 15
+ 11
+22
+22
+27
+ 16
r+18
+17
+22
+8
+ 13
+ 15
+3
+30
+ 16
+27
+19
+ 16
+ 17

11

Nov. Oct.
1945 1945

1945

+10 Dallas
+ 11 S h r e v e p o r t . . . .
+ 13 Dallas
+ 15 Fort Worth
+13 Houston
+34 San Antonio. . .
+ 17 Corpus Christi.
+4
+ 8 San Francisco . .
+19 Phoenix
+ 8 Tucson
Bakersfield....
+ 15 Fresno
+ 19
Long Beach
+ 12 Los
Angeles
Oakland and
+13
B
e
rkeley....
+ 12
+14 Riverside and
San
Bernardino
+ 14
amento....
+2 S a c rDiego
+ 12 San
+ 6 San Francisco..
+ 15 San Jose
+14 Santa R o s a . . . .
+19 Stockton
+12 Vallejo and
Napa
+13 Boise and
+12
+16
+ 10
+ 15
+ 14
+3
+ 11
+ 12
+ 12
+ 11
+ 12
+ 15

Nampa
Portland
Salt Lake City.
Bellingham....
Everett
Seattle
Spokane
Tacoma
Yakima

+12 +20
0
+8
+ 17 +24
+11 + 19
+9 +10
+18 +35
+4 + 17
+8 +10
+ 16 '+16
+5 +35
+13 +15
+ 12 + 14
+6 + 9
+ 14 + 15
+2 + 8

11
nos.
1945

+16
+ 12
+6
+23
+ 14
+11
+ 16
+ 10
+13
+13
+ 12
+13
+9

+7 + 10
+8
+7 r+10 +3
r-4
-6
+ 7 r+s +13
+ 11 r+16 +9
+ 16 +19 + 15
+17 +4 + 14
-1

+1

-26

+9 +24
-2
+7
+ 10 +13
+ 10
+6 +7
+9 + 7
+4 +8
+4 +4

+9
+ 15

+6.

+9
+ 10
+ 19
+11
+9
+ 15

*• Revised.

JANUARY 1946




79

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

348

MAIN STORE—total

348

W o m e n ' 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

345
324
329
308
276
305
283
321
328
336
320
237
263
240
274
162
299

Men's and boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes and slippers

316
226
299
273
171

Home furnishings

309
230
231
287
164
286
218
217
217

Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major household appliances
Domestics, blankets, linens, etc
Lamps and shades
China and glassware
Housewares

Sales during period

Oct. 1945

Ten mos.
1945

+15
+16
+ 16
+ 19
+22
+ 19
+ 17
+9
+ 13
+8
+23
+3
+ 17
+26
+27
+ 16

+12
+13
+16
+ 17
+21
+21
+20
+ 11
+ 12
+ 15
+22
+8
+ 16
+ 18
+6
+8
+ 11
+ 13
+ 10
+14
+ 17
+ 13
+ 10
+20
+ 10
+ 17
+6
+59

-1

Piece goods
Cotton wash goods

282
115

Small wares
Lace, trimmings, embroideries, ribbons
Notions
Toilet articles, drug sundries, and prescriptions
Jewelry and silverware
Art needlework
Stationery, books, and magazines

330
120
220
311
296
236
231

Miscellaneous
Luggage

296
221

BASEMENT STORE— total
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes

210
197
160
121
52
129

+24
+ 13
+28
+52
+22
+ 12
+32
+24
+35
+4
+9
+ 137
+ 15
+31
+23
+49
+11
+5
+8
+ 13
+ 17
+3
+ 17
+ 11
-2
+ 12
+9
+5
+21
+ 13
+ 14
+ 15

Ratio of stocks to sales

Stocks (end
of month)

October

Oct. 1945

+3
+3
+1
-9
-10

+ 13
+ 13
+20
+3
-24
+25
-35
-3
-5

+23
+32
+20
+9
-16
-46
-8

+1

-11

+6

1945

1944

2.2
2.2

2.4

1.8
1.0
0.9
1.8
1.8
2.1
2.2
1.7
1.8
1.1
3.1
2.4
3.5
2.7
5.7
0.7
2.6

2.1
1.4
1.2
1.9
1.8
1.9
2.4
2.4
1.8
1.7
3.7
3.2
3.6
2.4
4.7
0.9
2.7

2.4
1.1
3.0
2.8
3.8

3.2
3.9
3.1
5.7
2.9
2.9
2.3
2.2
1.5
2.7
3.4
4.1
3.4

2.5

3.6

-1

+22
+ 18
+23

2.4
2.4
2.1
2.1
0.6
2.0
3.2
3.9
2.9

+9

-29
-22

1.3
1.3

2.1
1.8

+18
+8
+ 19
+16
+ 11
+ 13
+35
+23
+ 10

3.8
3.4
3.2
4.6
3.6
3.0
3.9

3.4
3.6
3.1
4.1
3.7
3.0
2.9

3.2
2.9

2.5
3.0

+1
+3
-9
+5
-12
+9

2.1
1.9
2.4
2.0
1.5
4.2

2.3
1.9
3.2
2.2
2.0
4.4

+ 12
-6

+5

-3
-17

+22
+ 13
+28
-2

+10
+5
+ 16
+5
+ 15
+ 12
+ 12
+7
+6
+9
+ 10
+ 11
+4
+ 12
+ 12

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
Percentage of total sales

Index numbers, without seasonal adjustment, 1941 average — 100
Accounts receivable
at end of month

Sales during month

Year and month

Collections during
month
Cash
sales

Total

Cash

Instalment

Charge
account

1944—October
November
December

164
191
245

211
245
326

81
95
105

127
149
181

1945—January
February
March
April
May
June
July
August
September
October
November

126
126
178
133
147
149
121
135
155
190
212

164
163
230
171
190
194
163
181
203
245
272

57
57
73
52
55
52
48
58
63
90
101

96
98
141
107
117
117
88
99
118
147
165

Instalment
sales

Chargeaccount
sales

Charge
account

Instalment

Charge
account

36
40
46

90
102
128

70
'77
78

115
130
135

63
62
64

4
4
4

33
34
32

43
40
40
37
35
34
32
32
33
36
41

97
84
96
88
88
88
76
76
85
99
113

78
69
77
65
64
61
57
57
59
71
77

168
128
120
128
122
121
117
104
103
122
143

63
63
63
62
63
63
66
65
63
63
62

4
4
3
3
3
3
3
4
4
4
4

33
33
34
35
34
34
31
31
33
33
34

Instalment

r
Revised.
NOTE.—Data based on reports from a smaller group of stores than included in the monthly index ot sales shown on page 78.

80



FEDERAL RESERVE BULLETIN

CONSUMER CREDIT STATISTICS
T O T A L C O N S U M E R C R E D I T , BY M A J O R P A R T S
[Estimated amounts outstanding. In millions of dollarsl
Instalment credit
End of month
or year

Total
consumer
credit

Total
nstalment
credit

Sale credit
Loans 1
Total

Automobile

Singlepayment
loans 2

Charge
accounts

Service credit

Other

7,637
6,839
5,528
4,082
3,905
4,378
5,419
6,771
7,467
7,036
8,008
9,205
9,956
6,526
5,377
5,790

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

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

652
674
619
516
459
532
802
1,065
1,195
1,271
1,671
2,057
2,237
1,505
1,186
1,248

2,125
1,949
1,402
962
776
875
1,048
331
1,504
1,442
1,468
1,488
1,601
1,369
1,192
1,220

1,749
1,611
1,381
1,114
1,081
203
1,292
1,419
1,459
1,487
1,544
1,650
1,764
1,513
1,498
1,758

596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729

5,412
5,595
5,790

1,937
1,973
2,083

743
772
835

210
208
200

533
564
635

1,194
,201
,248

1,231
1,231
1,220

1,516
1,664
1,758

728
727
729

5,487
5,330
5,581
5,448
5,494
'•5,641
5,594
5,588
5,637
P5.932

2,013
1,966
1,990
1,988
2,004
'2,031
2,038
2,034
2,053
*2,129
P2.234

777
741
731
723
718
719
712
706
717

192
186
184
184
184
188
192
196
202
P210
P219

585
555
547
539
534
531
520
510
515
P544
P583

,236
,225
,259
,265
,286
,312
,326
,328
,336
,375
,432

1,206
188
181
212
258
320
,346
1,359
1,358
l380
Pl.408

1,534
1,438
1,669
1,506
,488
1,544
1,459
1,441
1,470
PI,666
Pl.828

734
738
741
742
744
746
751
754
756

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1944
Oct
Nov
Dec
1945
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

P6,228

P754

PS02

P757
P758

r
P Preliminary.
Revised.
1
Includes repair and modernization loans insured by Federal Housing Administration.
2
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).

C O N S U M E R I N S T A L M E N T LOANS
[Estimated amounts outstanding. In millions of dollars]

CONSUMER

I N S T A L M E N T SALE C R E D I T , E X C L U D I N G
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]

Department
Total,
End of
stores
excluding
month or
and
automailyear
mobile
order
houses
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

Furniture
stores

Household
appliance
stores

Jewelry
stores

All
other
retail
stores

1,197
1,104
958
677
663
741
865
,147
L,368
1,343
1,525
1,721
L,802
L.009
639
635

160
155
138
103
119
146
186
256
314
302
377
439
466
252
172
183

583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
269

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

133
141
136
110
97
115
132
174
210
220
246
271
284
159
101
100

533
564
635

148
161
183

244
253
269

13
13
13

44
48
70

84
89
100

1944
Oct
Nov
Dec

Jan

Feb
Mar
Apr
May

June
July . . .

Aug
Sept
Oct
Nov

585
555
547
539
534
531
520
510
515
P544

171
162
162
158
154
150
145
142
144
P156

P583

P171

P Preliminary.

JANUARY 1946




249
240
238
237
238
237
235
232
235
P247
P261

12
12
11
11
10
11
11
11
11
Pll
P12

61
54
50
48
48
49
47
45
44
P44
P47

92
87
86
85
84
84
82
80
81
P86
P92

Insured
Miscel- repair
and
laneous
lenders modernization
loans 3

Small
loan
companies

652
1929
674
1930. . . .
619
1931
516
1932. . . .
459
1933
532
1934.. . .
802
1935
1 9 3 6 . . . . 1,065
1937. . . . 1,195
1,271
1938
1,671
1939
1 9 4 0 . . . . 2,057
1 9 4 1 . . . . 2,237
1,505
1942
1943 . . . . 1,186
1944. . . . 1,248

43
45
39
31
29
44
88
161
258
312
523
692
784
426
312
358

263
287
289
257
232
246
267
301
350
346
435
505
535
424
372
388

219
218
184
143
121
125
156
191
221
230
257
288
298
202
165
175

32
31
29
27
27
32
44
66
93
112
147
189
217
147
123
119

95
93
78
58
50
60
79
102
125
117
96
99
102
91
86
88

'25
168
244
148
154
213
284
301
215
128
120

1944
Oct
Nov
Dec

1,194
1,201
1,248

344
346
358

361
365
388

172
172
175

117
116
119

85
85
88

115
117
120

1945
1,236
1,225
Feb
1,259
Mar
1,265
Apr
M a y . . . . 1,286
J u n e . . . . r 1,312
July
1,326
1,328
Aug
1,336
Sept
V 1,375
Oct
PI,432
Nov

359
357
374
377
388
400
406
406
413
•P428
P449

378
372
381
381
384
389
391
389
387
P395
P409

172
168
171
172
177
181
182
182
182
P186
P193

116
114
116
116
116
118
119
118
116
P117
P120

87
86
87
87
87
88
88
88
87
P88

124
128
130
132
134
'136
140
145
151
P161
P171

Jan

1945

Industrial
ranking Credit
unions
companies 2

Commercial
banks 1

End of
month or
year

Total

P90

r

p Preliminary.
Revised.
1
These figures include only personal instalment cash loans and retail
automobile direct loans, shown on the following page, and a small
amount of other retail direct loans (22 million dollars at the end of
November 1945), not shown separately.
2
This series is in process of revision.
3
Includes only loans insured by Federal Housing Administration.

81

CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]

Month or year

Outstanding at end of
period:
1939
1940
1941
1942
1943
1944

Total

Automobile
retail

Other
retail,
purchased
Pur- Direct and
chased loans direct

Repair
and
modernization
loans1

Personal
instalment
cash
loans

1,093
1,450
1,694
845
514
559

218
311
411
136
55
57

164
253
310
123
81
99

155
217
288
143
68
75

209
247
234
154
89
83

347
422
451
289
221
245

1944—October....
November.,
December. .

538
544
559

97
97
99

67
70
75

80
82
83

234
236
245

1945—January... ,
February..,
March
April
May
June
July
August
September.,
October P . . .
November,

562
556
573
579
592
609
619
622
632
659
695

60
59
57
56
55
56
55
55
56
56
57
58
59
63

100
101
107
109
112
116
118
119
122
128
135

80
76
76
77
78
79
79
79
79
84
89

82
83
84
86
89
93
96
100
103
109
116

244
241
250
252
258
265
270
267
270
279
292

Volume extended during month:
1944—October. .. .
November. .
December. .

92
92
103

18
18
19

15
15
18

1945—January.. . .
February.. .
March
April
May
June
July
August
September..
October P . . .
November?.

96
86
114
101
110
116
107
108
106
131
140

20
19
24
21
22
24
22
23
23
28
29

17
12
15
16
18
15
13
15
13
19
21

40
41
50
7
7
9
10
10
12
11
12
12
15
16

43
39
54
45
50
53
50
47
46
56
60

P1 Preliminary.
Includes not only loans insured by Federal Housing Administration
but also noninsured loans.

FURNITURE STORE STATISTICS
Percentage change
from corresponding
month of preceding
year

Nov.
1945

Nov.
1945

Net sales:
Total
Cash sales
....
Credit sales:
Instalment
Charge account

Oct.
1945

+4 '+33
+ 10 '+37
+3 -+34
'+29

Accounts receivable, at
end of month:
Total
I nstalment

+6
+5

Collections during
month:
Total
I nstalment

+4 ••+16
+4 +19

Inventories, end of
month, at retail value.

-3

r

Revised.

82




Sept.
1945

+5
+8
+5
+2

-1

Oct.
1945

Sept.
1945

+20 '+19
+37 '+40
+ 14 +14
+28 '+18

+ 2
+19
- 3

+ 3

+4
+2

+1

-3
-1

0
-1

+ 13
+14

••+8
'+9

+2
+1

+1

+6

+7

+8

0

+1

Month or year
1929.
1930.
1931.
1932.
1933.
1934.
1935.
1936.
1937.
1938.
1939.
1940.
1941.
1942.
1943.
1944.

Commercial
Small loan Industrial
banking 1
banks 1
companies companies

Credit
unions

792
636
744

463
503
498
376
304
384
423
563
619
604
763
927
983
798
809
876

413
380
340
250
202
234
288
354
409
417
489
536
558
408
364
403

42
41
38
34
33
42
67
105
148
179
257
320
372
247
228
234

July
August
September
October
November.. .,
December

56
65
69
63
64
60
61
61
72

61
72
75
73
70
67
68
77
106

30
35
38
33
35
33
34
34
37

16
20
22
19
20
19
18
18
23

1945
January
February....
March
April
May
June
July
August
September
October?
November? . .

66
62
82
69
75
81
75
72
72
88
94

58
56
94
70
78
82
76
71
74
89
97

33
30
42
34
39
40
37
36
36
44
46

16
16
23
18
20
21
19
18
16
20
22

April
May

1944

June

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 November 1945) not shown separately.
2
This series is in process of revision.

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE i

Percentage change
from preceding
month

Item

CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING INSTITUTIONS
[Estimates of volume made in period. In millions of dollarsl

0

Charge
accounts

Instalment accounts
Month

Household ap- Jewelry
stores
pliance
stores

Department
stores

Furniture
stores

1944
October
November...
December...

40
'40
36

26
24
23

36
37
39

34
34
49

66
67
'62

1945
January
February
March
April
May
June
July
August
September. .
October
November...

31
30
36
30
32
32
31
33
35
40
39

21
21
24
22
23
23
24
23
23
27
27

35
32
36
36
40
43
42
48
49
'52
52

29
28
32
30
33
33
31
31
30
'31
33

61
61
66
61
64
64
62
63
63
66
67

Department
stores

r
1

Revised.
Ratio of collections during month to accounts receivable at beginning of month.

FEDERAL RESERVE BULLETIN

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.

1926 = 100]

Other commodities
All
commodities

Farm
products

1929
1930
1931
1932
1933
:1934
1935
1936
1937
1938
1939
1940
1941
-1942T
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

1944—October...
November
December.
1945—January..
February.
March
April
May
June
July
August. . .
September
October...
November
Week ending:
1945—Aug. 18. .
Aug. 25. .
Sept. 1. .
Sept. 8. .
Sept. 1 5 . .
Sept. 22. .
Sept. 29. .
Oct. 6. .
Oct. 13. .
Oct. 20. .
Oct. 27. .
Nov. 3. .
Nov. 10. .
Nov. 17. .
Nov. 24. .
Dec. 1. .
Dec. 8 . .
Dec. 15. .
Dec. 22. .
Dec. 29. .

Year, month, or week

Foods
Total

ChemiHides and Textile Fuel and Metals
HouseBuilding cals and furnishleather products lighting and metal materials
allied ing goods
products
materials products
products

Miscellaneous

65.3
67.7
82.4
105.9
122.6
123.3

99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9

91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5

109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7

90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4

83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0

100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8

95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5

94.0
88.
79
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

104.1
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

123.4
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

104.2
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

98.7
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

116.2
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

99.4
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

82.9
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

103.7
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

116.3
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

95.0
94.8
94.8
94.9
94.9
94.9
94.9
94.9
95.0
95.3
95.3
95.3
95.5
95.7

104.4
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

93.6
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

105.5
105.5
105.2
105.0
104.7
104.9
105.0
105.2
105.3
105.5
105.7
105.9
106.1
106.3
106.7
106.8
106.5
106.7
106.8
107.0

127.0
126.7
125.1
124.3
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

106.3
106.6
105.5
105.1
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

100.1
100.1
100.1
100.1
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

118.5
118.5
118.6
118.6
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

99.1
99.1
99.1
99.4
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

85.3
85.3
85.5
85.3
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

104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
105.1

117.8
117.8
117.6
117.6
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

95.3
95.3
95.3
95.3
95.3
95.3
95.3
95.3
95.3
95.5
95.5
95.
95.
95.6
95.6
96.1
96.1
96.1
96.1
96.1

106.2
106.2
106.2
106.3
106.3
106.3
106.3
106.3
106.3
106.3
106.3
106.4
106.4
106.4
106.4
106.4
106.4
106.4
106.4
106.4

94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
95.0
95.0
95.0

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

Nov.

105
105
105
105
105
105
105.3
105.3
105.3
105.3

1945
Aug.

Sept.

Oct.

1945
Nov.

124,
127,
121,

126.4 126.6 130.2 132.9
130.7 128.5 130.5 131.8
123.7 120.3 123.6 129.3

110,
94,
113,
106,
99.

110.6 110.3 110.4 113.2
95.1 95.1 95.3 95.5
124.3 117.5 116.3 123.8
107.9 107.9 107.9 107.9
96.8 94.9 98.5 100.7

126,
107,
101,
115,

126.3
117.8
101.3
115.2

107.
118.
71.

107.4 107.4 107.4 107.4
119.7 121.3 125.0 125.1
71.5 71.5 71.5 71.5

30
112,
100,

30.2 30.2 30.2 30.2
112.7 112.7 112.7 112.7
100.9 101.3 101.4 101.9

95,
120,
130.
60.
77.
63.

101.8 102.2 102.2 102.2
124.7 124.7 124.8 124.8
134.0 134.9 134.9 134.9
61.5 65.5
78.0 80.2 79.8
64.2 62.6 62.1 61.7

126.3
118.1
103.8
115.2

126.3
117.6
103.8
115.2

126.7
117.6
103.8
115.2

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
Lumber1
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.

Aug.

Sept.

Oct.

Nov.

97.5 97.8 97.9 97.9 98.1
98.7 98.8 98.9 98.9 99.1
97.1 99.1 99.6 99.8 100.2
112.8 112.8 112.8 112.8 112.8
85.8 85.8 85.7 85.7 8S.8
92.4 93.4 95.0 95.0 95.0
105.0
97.7
154.2
106.3
92.4
107.3
103.3

111.6
99.4
155.3
107.3
93.4
107.3
104.3

112.4
99.6
155.0
107.6
95.0
107.3
104.5

115.2
99.9
155.2
107.6
95.0
107.3
104.6

116.7
100.1
155.5
107.7
95.0
107.3
105.4

95.5 96.1 96.1 96.4 96.7
106.9 110.2 110.2 110.3 110.7
81.8 81.1 81.1 81.9 81.9
86.6 86.6 86.6 86.6 86.6
102.0 102.0 102.0 102.0 102.0
107.4 107.5 107.7 107.9 107.9
101.5 101.5 101.5 101.6 101.6
73.0 73.0 73.0 73.0 73.0
159.6 159.6 159.6 159.6 159.6
107.2 109.3 109.3 109.3 109.3
46.2 46.2 46.2 46.2 46.2
97.8 98.9 98.9 98.9 98.9

1

Lumber series revised from September 1943.
Back figures.—Bureau of Labor Statistics, Department of Labor.
JANUARY

1946




83

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS
[Estimates of the Department of Commerce.

In billions of dollars]
Half-year periods

Annual totals

Seasonally adjusted annual rates

Unadjusted
1937

1938

1939

1940

1941

1942

1943

1943

1944
1

1944
2

1

19451

1944

1943
2

1

2

1

2

1

Gross n a t i o n a l p r o d u c t . . .

87.7

80.6

88.1

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

Government
expenditures
for goods and services....
Federal G o v e r n m e n t . . . .

13.6
6.1

14.4
6.8

16.0
7.9

16.7
8.8

26.5
18.6

62.0
54.6

94.8
87.4

99.4
91.9

46.4
42.6

48.5
44.8

50.5
46.7

48.9
45.3

92.4
85.0

97.3
89.9

100.6
93.2

98.1
90.7

100.7
93.3

1.4
6.5

2.8
6.1

13.3
5.3

49.5
5.0

82.5
4.9

86.3
5.6

40.3
2.3

42.3
2.6

43.7
3.0

42.6

80.5

84.5

87.4

85.2
5.5

87.0
6.3

1.6
1.5

2.6
1.5

1.2
1.6

2.3
1.6

4.7
2.0

2.8

3.4

War
Nonwar
State and local governPrivate gross capital formation .
Construction

7.5

7.6

8.1

7.9

7.9

7.4

7.4

7.4

3.8

3.6

3.8

3.6

11.6
3.7

7.7
3.3

10.9
3.6

14.8
4.3

19.4
5.2

7.7
2.8

2.1
1.5

1.8
1.6

0.7
0.7

1.3
0.8

0.9
0.8

0.9
0.8

2.0
1.6

2.4
2.0

2.8
2.5

1.3
1.5

0.6
0.9

0.5
1.1

0.3
0.4

0.3
0.4

0.3
0.5

0.2
0.6

1 4

1.7

1.9

2.1

Residential
Other
Producers durable equipment
6 3
Net change in business
inventories
1.1
Net exports of goods
and services
..
0.1
Net exports and monetary use of gold and
silver
0.4
Consumer goods and services 62.5
Durable goods
7.6
Nondurable goods
| 54.9
Services

Gross national p r o d u c t . . .
Deductions:
Business tax and nontax
liabilities
Depreciation and depletion
Other business reserves.
Capital outlay charged
to current expense
Adjustments:
For inventory revaluation
For discrepancies
National i n c o m e
Additions:
Transfer payments
Deductions:
Corporate savings
Contributions to social
insurance funds
I n c o m e p a y m e n t s to i n dividuals

Income payments to individuals
Personal taxes and nontax
payments
Federal
State and local
Disposable income of individuals
Consumer expenditures.
Net savings of individuals

National i n c o m e
Total compensation of employees
Salaries and wages
Supplements
Net income of proprietors. .
Agricultural
Nonagricultural
Interest and net rents
Net corporate profit
Dividends
Savings

87.7

3 1

4 0

5 5

6 9

8 9

-1.3

0.9

1.8

3.5

-0.5

-0.6

-1.7

-0.6

1.1

0.8

1.5

1.5

0.2

-1.8

-2.1

-0.7

0.1
58.5
6.0

}5,5

0.2
61.7
6.4
32.6
22.7

0.3
65.7
7.4
34.4
23.9

0.2
74.6
9.1
40.1
25.4

0.1
81.9
6.3
47.9
27.6

-0.1
90.9
6.6
55.1
29.3

97.6
6.7
60.0
30.9

80.6

88.6

97.1

120.5

151.5

187.8

4 5

5 1

3.8

4.2

4.4

-1.6

-1.9

-0.8

-2.3

-2.7

-1.5

-0.9

89.3
6.5
53.9
28.9

-0.1
92.5
6.6
56.3
29.7

95.7
6.5
58.6
30.6

99.6
6.9
61.4
31.3

100.7
6.9
62.0
31.7

183.2

192.3

197.4

200.1

206.0

145.1

153.6

i59.5

iei.7

166.5

-0.5

-1.3

-1.2

-1.1

-1.3

-0.8

-1.4

t2)
43.4
3.0
25.9
14.5

47.5
3.6
29.2
14.7

46.5
3.0
28.1
15.4

51.1
3.7
31.9
15.6

198.7

90.5

97.3

97.8

100.9

9.0

8.3

10.4

12.4

18.5

23.1

27.4

29.3

13.3

14.1

14.3

15.0

6.1
1.0

6.2
0.5

6.2
0.8

6.4
0.7

7.0
0.8

7.6
0.7

8.2
0.7

8.4
0.7

4.1
0.3

4.1
0.3

4.2
0.3

4.2
0.3

0.8

0.5

0.7

0.9

1.3

1.1

0.8

0.9

0.4

0.4

0.4

0.4

-0.7
0
71.5

+0.9
0
64.2

-0.4
0
70.8

-0.4
-0.4
77.6

-3.2
-0.8
96.9

-2.1
-1.1
122.2

-0.2

-0.1
-1.1
160.7

-0.1

149.4

1.7

2.4

2.4

2.6

2.5

2.7

3.2

—0 8

—1 5

0 4

1 8

4 0

4 4

+ 1.0 +0.6

-0.1

-0.1

+0.1

71.5

77.9

78.5

0
-1.2
82.1

5.3

1.5

1.7

2.5

2.8

5.5

5.4

2.9

2.6

3.0

2 4

5.4
4.0

+1.6

6.3

1.7

1.9

2.0

2.1

2.6

3.2

3.8

3.9

1.8

2.0

2.0

2.0

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

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

4.0
2.0
2.0

6.7
4.7
2.0

18.5
16.6
2.0

19.3
17.2
2.0

7.8
6.7
1.1

10.7
9.8
0.9

11.5
10.3
1.1

7.8
6.9
0.9

23.5

69.2
62.5

62.9
58.5

67.7
61.7

72.9
65.7

88.7
74.6

110.6
81.9

124.6
90.9

137.5
97.6

60.4
43.4

64.2
47.5

64.8
46.5

72.7
51.1

139.9
100.7

6.7

4.4

6.0

7.3

14.2

28.8

33.7

39.9

17.0

16.7

18.3

21.6

39.2

71.5

64.2

70.8

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

48.3
45.0
3.3
11.9
5.1
6.8
7.4
3.9
4.7
-0.8

45.1
41.2
3.9
10.1
4.0
6.1
7.3
1.7
3.2
-1.5

48.1
44.2
3.8
11.2
4.3
6.9
7.4
4.2
3.8
0.4

52.3
48.6
3.7
12.0
4.4
7.6
7.5
5.8
4.0
1.8

64.5
60.8
3.7
15.8
6.3
9.6
8.0
8.5
4.5
4.0

84.1
80.8
3.3
20.6
9.7
10.9
8.8
8.7
4.3
4.4

106.3
103.1
3.2
23.5
11.9
11.6
9.7
9.8
4.3
5.5

116.0
112.8
3.2
24.1
11.8
12.3
10.6
9.9
4.5
5.4

51.2
49.6
1.6
10.7
5.0
5.7
4.8
4.8
1.9
2.9

55.2
53.5
1.6
12.8
6.9
5.9
4.9
5.0
2.4
2.6

57.1
55.5
1.6
11.1
5.1
6.1
5.3
5.0
2.0
3.0

58.9
57.3
1.6
13.0
6.7
6.2
5.3
4.9
2.5
2.4

102.6
99.4
3.2
23.4
11.9
11.4
9.5
9.7

110.0
106.8
3.3
23.6
11.8
11.7
10.0
10.0

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

"li.7
10.0
4.6
5.4

1

Seasonally adjusted data only are available for 1945.
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

84



FEDERAL RESERVE BULLETIN

DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of December 1, 1945]
(In thousands of units)
Cotton

Corn

Winter wheat

Spring wheat

Federal Reserve district

Boston
New York .
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City
Dallas
San Francisco

Production
1944

Estimate
Dec. 1, 1945

Bales

Bales

3,741

22,867

526
3,360
449

245
2,294
482

Bushels
7,731
29,302
47,208
181,230
136,296
166,231
1,194,923
368,067
452,692
530,114
82,016
7,500

12,230

9,195

3,203,310

1,603
2,551
1

Total

Production
1944

1,122
2,185

Oats

Estimate
Dec. 1, 1945
Bushels
7,412
27,253
52,911
220,734
148,381
186,519
1,156,790
349,257
383,549
397,723
80,483
7,398
3,018,410

Tame hay

Production
1944

Estimate
Dec. 1, 1945

Bushels

Bushels

9,799
18,022
52,928
33,841
9,222
54,467
46,911
31,304
336,920
72,587
92,929

10,194
17,974
66,402
25,775
7,649
66,754
48,392
37,541
403,707
42,546
96,243

758,930

823,177

Tobacco

Production
1944

Estimate
Dec. 1, 1945

Bushels
40
58
146
34

Bushels
36
57
126
30

783
16
265,502
4,145
133
42,390

786
20
257,127
5,039
100
36,645

313,247

299,966

White potatoes

Federal Reserve district

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

•. . . .

Production
1944

Estimate
Dec. 1, 1945

Production
1944

Estimate
Dec. 1, 1945

Production
1944

Estimate
Dec. 1, 1945

Production
1944

Bushels
5,461
26,116
15,062
47,135
29,201
28,256
388,123
53,497
377,205
106,568
44,158
33,884

Bushels
4,791
21,666
15,458
63,506
31,291
30,913
593,313
58,711
522,589
129,155
47,001
29,269

Tons
2,779
5,938
2,325
5,010
4,160
3,341
18,196
7,717
10,344
8,965
2,070
13,231

Tons
3,539
6,639
2,515
5,605
5,030
4,468
19,618
8,946
10,776
8,986
1,937
13,514

Pounds
32,515
1,404
52,893
158,414
1,075,665
212,416
31,677
383,053
2,526
5,459

Pounds
31,219
1,230
52,724
152,705
1,138,782
239,382
36,525
381,371
3,017
4,856

Bushels
62,095
31,143
19,765
11,813
18,070
14,342
32,675
8,945
45,887
34,471
6,010
97,918

Bushels
61,939
35,386
19,996
13,504
24,988
18,589
34,683
10,311
52,596
37,315
5,433
110,391

1,154,666

1,547,663

84,076

91,573

1,956,022

2,041,811

383,134

425,131

Estimate
Dec. 1, 1945

1

Includes 15,000 bales grown in miscellaneous territory.
Includes 8,000 bales grown in miscellaneous territory.
NOTE.—1944 figures for all crops except cotton are as revised in December 1945.

2

JANUARY 1946




85

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
OS BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page

1945
Nov.
28

WEEKLY FIGURES i
RESERVES AND CURRENCY

Reserve Bank credit, total
U. S. Govt. securities, total
Bills
Certificates
Notes
Bonds
Discounts and advances
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves
Required reserves
Excess reservese
Excess reserves (weekly average), total e .
New York City
Chicago
Reserve city banks
Country bankse

Dec.

Dec.
19

Dec.
26

In billions of dollars

MONTHLY FIGURES

24.76
23.65
12.97
7.66
2.04
.98
.79
20.03
28.17
2.27
.56
16.26
14.99
1.29|
1.20
.02
.01
.30

24.23
23.53
12.2:
28.25
2.10
.95
.34
20.03
28.28
2.24
.01
16.24
14.65
1.60
1.57
.05
.01
.48
1.03

24.26 24.86 25.17 JReserve Bank credit
23.49 23.67 24.04 JGold stock
12.41 12.49 12.80 Money in circulation
8.03 8.12
8.17 Treasury cash
2.11 2.12 2.12 Treasury deposits
.95
.95
.95 Member bank reserves, total
.31
.36
.49 Central reserve city banks
20.05 20.0 20.07
Reserve city banks
28.3 28.56 28.6:
Country banks
2.27 2.29
2.28 Required reserves, total
.63
.72
1.2C
Central reserve city banks
15.6 15.91 15.66
Reserve city banks
14.3 P14.47 P14.3
Country banks
1.30 J>1.44| Pi. 35 Excess
reserves, total
1.52, Pl.42 Pi. 3<5 Balances
due from banks:
.04|
.03
.03 Reserve city banks
.0:
.01
.01 Country banks
.43
.35
.37|
1.03 Pl.01 P.97 [Money in circulation, total
Bills of $50 and over
$10 and $20 bills
Coins, $1, 2, and $5 bills

14
14
14
14
14

62.38
45.50
40.25
8.59
13.63

67.14
48.65
37.45
16.00
15.25

68.03
48.82
37.38
16.80|
15.95

15
15
16
16
16
16
15
15
15
15
15
17

21.68| 23.82 23.91 23.95
14.35 16.15 15.861 15.97
9.08 9.23 9.32 9.33
2.74 3.24 3.07 3.13
2.87 2.94J 2.94J 2.91
.61
.53
.74
.16,
14.96| 13.47 13.43 13.68
3.11 6.48 6.59 6.23
4.18| 4.38 4.32 4.41
1.12
1.11 1.10
1.12
5.76 6.61 6.98 6.90
2.65 2.70| 2.80 2.84

68.10
48.83
37.97
16.19|
15.95

17
17
17
17

1.40|
.61
.55
.56

1.37
.61
1.31
.62

1.64
1.35,
.58

1.54
.66
1.27
.60

15
15
16
16
16
16
15
15
15
15
15
17
17
17

40.70|
30.65
16.65
7.10
6.10
.81
25.29
5.48
7.41
8.18
7.87
4.13
1.56
2.18

43.32
32.50
17.00
7.95
6.13
1.42
23.98
9.52
7.66|
8.18
8.64|
4.26
2.13
2.25

44.12
32.96
17.15
8.12
6.18
1.51
23.96
10.22
7.66
8.181
8.95
4.33
2.35
2.28

44.15
32.85
17.23
8.09
6.19
1.35
24.30|
9.97
7.61
8.19|
9.05
4.40i
2.36|
2.29

.62

Per cent per annum
MONEY RATES, ETC.

Treasury bills (new issues)
24
Treasury notes (taxable)
24
U. S. Govt. bonds:
Partially tax-exempt
24, 26
Taxable
24, 26
High-grade corporate bonds (5 issues). .
26
Corporate Aaa bonds
26
Corporate Baa bonds
26

.375
1.14

.375
1.13

.375
1.13

.375
1.18

1.53
2.33
2.54
2.61
3.13

1.51
2.32
2.56|
2.62
3.12

1.51
2.34
2.54]
2.62
3.11

()
2.33
2.55
2.61
3.091

27
27
27
27
27

137
139
156
121

140
143
158
121

140
143
156
121

138
141
156
119

1.84

2.29

1.57

1.23

37
37
45
45
49
49
49

82.9
83.0
82.8
83.5
4,043 4,097 4,154 4,239

804
326

776
401

772
433

688
421

106.8 106.5 106.7
132.0 130.3 131.3
100.4 100.5 100.5

106.8
131.5
100.5

Oct.

Nov.4-

23.71
20.09
27.77
2.26

.61

.45

15.41
5.03
6.17
4.22
14.35
5.00
5.91
3.45
1.06

15.68
5.11
6.24
4.32
14.62
5.09
5.98
3.55
1.06

24.3920.03
28.15
2.27
.42
16.04
5.21
6.38.
4.45
14.88
5.18
6.08
3.61
1.17

13
13
8
8
8
8

1.84
4.03
27.83
7.59
15.63
4.60

1.85
4.05
28.05
7.6V
15.78
4.60

1.88
4.26
28.21
7.71
15.88
4.62

Total deposits and currency
9
Demand deposits
9
Time deposits
9
~!urrency outside banks
9
U.
S.
Govt.
deposits
9
23.82
15.85
CONSUMER CREDIT
9.35
3.18 Consumer credit, total
18
2.89 Single payment loans
18
.44 Charge accounts
18
13.63 Service credit
18
6.19
Instalment credit, total
18, 19
4.30
Instalment loans
19
1.11
Instalment sale credit, total....
19
6.84
Automobile
19
2.84
Other
19
1.56
TREASURY FINANCE
.64
1.22 U. S. Govt. obligations outstanding,
.58
total interest-bearing
20
By classes of securities:
43.92
Bonds (marketable issues)
20
32.69
Notes, cert., and bills
20
17.25
Savings bonds and tax notes...
20
8.01
Special
issues
20
6.20
By maturities:
1.23
5 years and over
20
23.93
5-20 years
20
9.95
5-10
years
20
7.56
Within 5 years
20
8.22
Within 1 year
20
8.99
Certificates
20
4.43
Bills
20
2.29
2.27 Holdings of U. S. Govt. obligations:
Commercial banks
21
Fed. agencies and trust funds....
21
Federal Reserve Banks
21
Mutual savings banks
21
Insurance companies
21
Other investors, total
21
Marketable issues
21

162.80
P75.40
P46.90
P26.20
P14.30

P163.80
P78.10
P47.60
P26.40
Pll.70

P168.1O
P80.50
P48.00
P26.5O
P13.10

5.64
1.36
1.47

P5.93
Pl.38
Pl.67
P.76
P2.13
Pl.38
P.75
P.21
P.54

P6.23
Pl.41
Pl.83
P.76
P2.23
Pl.43

67.73
48.54
37.56
16.1
15.83

()
2.32
2.52
2.60
3.07

140|
143
159
120
1.29
62.8

3,759

506
156
107.0
132.7
100.6

23.89
20.05
27.94
2.26

ALL BANKS IN U. S.

.76
2.05
1.34

.72
.20
.52

P.80>

P.22
P.58.

260.16 259.98 263.39
107.05
75.59
56.28
20.52

107.05 109.37
75.55
75.55
56.07 57.03
20.58 20.71

99.48
66.09
49.29
83.35
62.79
35.07
17.02

99.48 101.32
66.09 66.22
49.29 49.29
83.80.
83.31
62.75 63.24
35.02 35.02
17.03
17.03

83.50
26.64
23.33
10.00

84.20
26.75
23.28
10.00
22.60
93.20
39.20

••22.50
r
94.20
'40.00

26.84
23.47

Per cent per annum
MONEY RATES, ETC.

Corporate Aaa bonds
F. R. Bank discount rate (N. Y.).
Treasury bills (new issues)

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

Sept.

6
6
6
6
6
6, 7
13
13
13
7
13
13
13
7

In unit indicated
Stock prices (1935-39 = 100), total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)

1945

In billions oj dollars

RESERVES AND CURRENCY

2
3
3
3
3
3
2
2
2
2
2
2, 4
4
4
5
5
5
5
5

MEMBER BANKS IN LEADING CITIES

Total—101 cities:
Loans and investments
U. S. Govt. obligations
Demand deposits adjusted
U. S. Govt. deposits
Loans
New York City:
Loans and investments
U. S. Govt. obligations, 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

Dec.
12

Chan
book
page

23
23
23

2.62,
.50|
.375

2.62
.50|
.375

2.62
.50*
.375

In unit indicated
Stock prices (1935-39= 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)....
Brokers' balances (mill, dollars):
Credit extended customers
Money borrowed
Customers' free credit balances...

27
27
27
27
27
29
29
29

126
128
138
111

132
135
145
114

1.22

1.56

1,084

1,063

762
594

743
632

137
139
154
121
1.96
1,095
711
639-

For footnotes see following page.

86



FEDERAL RESERVE BULLETIN;

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
MONTHLY FIGURES—Cont.

1945
Sept.

Oct. Nov.

1945
Sept.

Oct.

Nov.

In unit indicated

MONTHLY FIGURES—Cont.

In unit indicated

BUSINESS CONDITIONS—Cont.

BUSINESS CONDITIONS

Income payments (mill, dollars) :5
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)
32
Civilian labor force (mill, persons):
Total
32
Male
33
Female
33
Unemployment
32
Employment
32
Nonagricultural
33
Agricultural
33
Industrial production: 5
Total (1935-39 = 100)
35
Groups (points in total index):
Durable manufactures
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):5
Total
40
Manufacturing and mining
40
Trade
40
Government
40
Transportation and utilities
40
Construction
40
Construction contracts (3 mo. moving average, mill,
dollars) :*
Total
41
Residential
48
Other
.
41
5
Residential contracts (mill, dollars) :
Total
42
Public
42
Private, total
42
1- and 2-family dwellings
42
Other
42
Freight carloadings:5
Total (1935-39 = 100)
43
Groups (points in total index):
Miscellaneous
43
Coal
43
All other
43
Department stores (1935-39 = 100) :6
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

12,820 12,956 P13.150
8,663
8,523 P8.46:
4,433 P4.688
4,157
1,977
909
1,052
16
11.9

2,533 P 2 , 2 5 8
1,030 P 1 , 0 6 2
1,388 P 1 , 1 5 3
43
115
9.2
10.6

Wholesale prices (1926=100):
Total
Farm products
Other than farm and food

49
49
49

'53.1
'34.6
18.5
1.6
'51.6
'42.8
'8.8

53.4
35.3
18
1.7
51.7
43.3
8.4

QUARTERLY FIGURES
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities
Southern and Western cities

74.5
73.0
20.4
166
122
211
216
208
165
185
148
214.5
122.6

Corporate security issues:
Net proceeds:
71.7 P74.5
All issues
Industrial
72.3 P74.6
P20.9
Railroad
18.8
Public utility
New money:
All issues
P179
Industrial
P165
Railroad
Public utility
P204
163

23
25
25
25

35.2
12.8
7.2
5.9
3.8
0.9

2 45
1.71

2.05

2 53
2 81

1,208
400
435
354

2,139
831
459
786

28
28
28
28

244
184
32
13

369
313
26
5
1945

1944

P167
Dec.
30

P183
P153

213.5
121.5 P122.3
41.02
98.5
41.6
35.0 P35.3
12.6 P12.7
P7.3
7.3
P5.6
5.7
P3.8
3.8
Pl.O
0.9
340
66
274

P395

43
43
37
6

55
1
54
42
12

95
1
94
68
26

P78
P317

127

118

133

68.9
30.3
27.7

68.3
23.2
26.7

73.0
31.4
28.3

199
171

213
161

227
150

P515

P455
P380
P344

128.9
139.4
148.2
108.3

2.50
2.20
7.55
2.80

28
28
28
28

P205
P204

284
48
235

P357
P335
P22

Oct.Dec.

In millions of dollars

P170

CALL DATE FIGURES

P37

128.9
139.3
148.3

129.2
140.1
148.4

Loans and investments, total
U. S. Govt. obligations, total
Bonds
Certificates
Notes
Bills
Guaranteed obligations
Other securities, total
....
State and local government obligations
Other securities
Loans, total
Commercial
Real estate
Brokers'
Agricultural
Demand deposits adjusted

Mar.
20

June
30

In billions of dollars

ALL MEMBER BANKS
'40.84
'98.7
41.4

JulySept.

Per cent per annum

SECURITY MARKETS

168

106.8
131.1
100.2

105.9
127. 3
100. 1

1945
Apr.June

MONEY RATES
52.9
34.3
18.7
1.7
51.3
42.5
8.8

105.2
124.3
99.8

10
10
11
11
11
11
11
10
11
11
10
11
11
11
11
10

91.57
67.69
34.93
13.98
14.13
3.75
5.21
2.86
2.35
18.68
7.53
3.21
1.74
1.20
57.31

61.17

99.43
73.24
40.27
15.58
14.72
2.63
.03
5.60
3.10
2.50
20.59
7.10
3.25
2.53
1.13
59.13

12
12
12
12
12
12

29.45
21.09
1.41
6.94
17.08
1.63

27.95
20.41
1.47
6.07
18.60
1.73

31.49
21.62
1.55
8.32
17.80
1.79

12
12
12
12
12
12

33.60
25.04
1.74
6.82
20.27
7.79

33.45
25.30
1.80
6.35
21.74
8.28

36.57
27.52
1.89
7.15
20.68
8.76

13
13
13
13
13
13

28.52
21.55
2.06
4.91
19.96
9.90

29.13
22.20
2.12
4.81
20.84
10.54

31.37
24.09
2.16
5.11
20.66
11.26

.90

90.52
67.92
6)
i)
3)
3)
6)

5.39
2.99
2.40
17.22

(66)
(6)
(6)
()

CLASSES OF BANKS

Central reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
Reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
Country banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits

0
1
2
3

r
Estimated.
P Preliminary.
Revised.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
Includes a 318 million dollar special series certificate of indebtedness.
No partially tax-exempt bonds due or callable in 15 years and over.
*6 For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series.
Adjusted for seasonal variation.
6
Figures available for June and December dates only.
* Copies of the Chart Book may be obtained'at a price of 50 cents each.

JANUARY

1946




87

INTERNATIONAL FINANCIAL STATISTICS

PAGE

Gold reserves of central banks and governments

89

Gold production

90

Gold movements

90

Net capital movements to United States since January 2, 1935

91-96

Central banks

97-100

Money rates in foreign countries

101

Commercial banks

102

Foreign exchange rates

103

Price movements:
Wholesale prices

104

Retail food prices and cost of living

105

Security prices

105

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.




FEDERAL RESERVE BULLETIN

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month United
States
1938—Dec. . . .
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945__j a n
Feb
Mar....
Apr
May....

14,512
17,644
21,995
22,737
22,726
21,938
20,619

Argentina 1
431
466
353
354

1658
1939
il.lll

20 550
20,506
20,419
20,374
20,270
June.... 20,213
July
20 152
Aug
20 088
Sept.. . . 20,073
20,036
Oct
Nov.. . . 20,030

409
409
409
409
409
409
409
409
409
407

End of month

Hungary

Iran
(Persia)

1938—Dec
1939—Dec
1940—Dec. . . .
1941—Dec
1942—Dec
1943—Dec
1944—Dec. ..

37
24
24
24
24
24
24

26
26
26
26
34
92

1945—Jen
Feb.
Mar.. . .
Apr.
May....

Belgium

Brazil

British
India Canada

32
40
51
70
115
254
329

274
274
274
274
274
274
274

192
214
27
5
6
5
6

30
30
30
31
36
54
79

24
21
17
16
25
59
92

732
732
715
715
714
713
712
712
694
698
711

330
340
341
341
342
342
342
352
352

274
274
274
274
274
274
274
274
274
274

7
6
5
6
4
6
7
6
7
5
5

80
80
80
80
81
80
82
82
82
82

94
95
97
99
100
102
103
104
106
114
115

Italy

Japan

Java

193
144
120

164
164
164

80
90
140
235

5

164

4

216

P128

P128
P128

P131

Aug.
Sept.. . .
Oct.
Nov.. . .

End of month

Sweden

1938—Dec
1939—Dec
1940—Dec
1941—Dec.
1942—Dec
1943—Dec
1944—Dec

321
308
160
223
335
387
463

1945—j a n
Feb
Mar

477
475
474
472
470
478
478
479
479
475
474

Apr

May. . .
June....
July
Aug

Sept
Oct.
Nov

Switzerland

701
549
502
665
824
964

1,052
1 058
1,061
1,072
1 103
1,105
1,069
1 073
1 084
1 085
1 111
1,109

Colombia

581
609
734
734
735
734

P128

June
July

Chile

New
Mexico Netherlands Zealand
29
32
47
47
39
203
222

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

500
500
500
500
500
500
270
270
270
270
270

23
23
23
23
23
23
23
23
23

Cuba

1

1
1
16
46
111
121
126
131
141
151
166
171
176

Norway

4

94
94
84

Other
coun-6
tries

United
Kingdom

Uruguay

Venezuela

Yugoslavia

B.I.S.

29
29
88
92
114
161
221

2,690
7

69
68
90
100
89
121
157

52
52
29
41
68
89
130

57
59
82
4
83

14
7
12
12
21
45
37

166
178
170
166
185
229
245

159
164
166
168
173
175
179
189
195

130
147
147
161
161
176
176
186
191
191
202

37
37
37
39
39
39
39
39
39
39

245
246
246
246
247
247

221
221
225
225
225
234
234
234
236
236

1
1
1
1
1
1
1
1
1
1
1

Denmark

Egypt

France

Germany

Greece

83
56
58
61
61
61
61

53
53
52
44
44
44
44

55
55
52
52
52
52
52

2,430
2,709
2,000
2,000
2,000
2,000
1,777

29
29
29
29
29
29
29

27
28
28
28
28
28
28

61
61
61
61
61
61
61
61
61
61

44
44
44
44
44
44
44
44
44
44
44

52
52
52
52
52
52
52
52
52

1 777
1,777
1,777
1,777
1,777

Peru
20
20
20
21
25
31
32

Poland Portugal

4

85
84

r
r 248

248

r

248

249
249

69
69
59
59
59
60
60

28
28
28
28

1 777
1,777
1,540

Rumania

South
Africa

133
152
158
182
241
316

220
249
367
366
634
706
814
829
834
848
851
865
878
886
909
938
954

60
60
60
60
60
60
60
60
60

30
30
30
30
30
28
28
28
28
28
28

Turkey

1
1
1
1
1
1

Czechoslovakia

Spain
3

525
42
42
91
105
106
106
108
109
109
109
109
109
108

Governmeni gold reserves 1 not included
n previous figures
United
France
End of month United
States Kingdom
1938—Dec
1939—Mar . .

80
154

2
759
1,732

May

June

Sept.. .
Dec...
1940—June...
Dec...
1941—June
Dec
1942—June..'..
Dec.
1943—June.. .
Dec...
I944—Mar

June

Sept
Dec.
1945—Mar

June....

85
164
156
86
48
89
25
8
12
11
43
14
21
25
12
32
81

331
559
477

Belgium
44
17

3876
292

4151

17
17
17
17
17
17
17
17
17
17
17
17

r

P Preliminary.
Revised.
1
Figures through March 1940 iind for December 1942, December 1943, and December 1944
include, in addition to gold of the Centra I Bank held at home, gold of the Central Bank held
abroad and gold belonging to the Argentine Stabilization Fund.
2 On May 1, 1940, golcI belonging to Bank of Canada transferred to Foreign Exchange Control
Board. Gold reported since that time is gold held by Ministei - of Finance.
3
Figure for December 1938 is that officially reported on Apr. 30, 1938.
4
Figures relate to last official report dates for the respective countries, as follows : Java—
Jan.
31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28 , 1941.
5
Figure for February L941; beginning Mar. 29, 1941, gold reserves no longer reported separately.
6
These countries are: Albania, Algeria Austra ia, Austria throu gh Mar. 7, 1938, Belgian
Congo, Bolivia, BulgariEi, China, Costa Rica beginning July 1943, Danzig through Aug. 31,
1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Ireland beginning February
1943, Latvia, Lithuania, Viorocco and Thailand (Siam). Figures for certain of these countries
have
been carried forward from ast previous offic al report
7
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555,
and for a description of figures, including details regjarding s]Decialinternal gold transfers affecting the reported data, see pp. 524-535 in the same puolication.
JANUARY

1946




1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account ; France—Exchange Stabilization
Fund
and Rentes Fund; Belgium—Treasury.
2
Figure for end of September.
3
Reported figure for total British gold reserves
on Aug. 31, 1939, less reported holdings of Bank
of 4England on that date.
Figure for Sept. 1, 1941.
NOTE.—For available back figures and for details regarding special internal gold transfers
affecting the British and French institutions, see
Banking and Monetary Statistics, p. 526. and
BULLETIN for Februarv 1945. D.190.

89

GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Estimated
Year or month

1934
1935
1936
1937
1938 .
1939
1940 .
1941
1942
1943
1944

production
outside
U.S.S.R.i

Total
reported
monthly

South
Africa

823,003
882,533
971,514
1,041,576
1,136,360
1,208,705
1,297,349
1,288,945

708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1,089,395
968,112
738 471
663,960

366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
448 153
429,787

54 521
53,734
53 446
55,199
50 782
54,703
54,096
53,934
53,213
53,373
53,309
P52.794
PSS,145

35 821
35,270
34 836
36,216
33 698
36 458
35,937
36 073
35,800
36 311
34,199
35,313
36,809

1944__Oct... .
Nov
Dec.
1945—Jan
Feb..
Mar
Apr..
May

June

July
Aug.. .
Sept.
Oct

Africa
RhoWest
desia
Africa2
$1 = 15 5/21 grains
24,264 12,153
25,477 13,625
28,053 16,295
28,296 20,784
28,532 24,670
28,009 28,564
29,155 32,163
27,765 32,414
26,641 29 225
23 009 19 740
20,746 18 445
1 714
1 680
L 733
1,674
I 610
1,686
1,718
1,673
1,645
1,679
L 668
/]1,668
/I ,668

Production reported monthly
North and South America
Belgian3 United Canada 5 Mexico6 ColomChile
bia
Congo
States*
of gold* 110 fine; i. e ., an ounc e of fine g( Hd = $35
6,549 108,191 104,023 23,135 12,045
8,350
7,159 126,325 114,971 23,858 11,515
9,251
7,386 152,509 131,181 26,465 13,632
9,018
8,018 168,159 143,367 29,591 15,478
9,544
18,225 10,290
8,470 178,143 165,379 32,306
8,759 196,391 178,303 29,426 19,951 11,376
3 8,862 210,109 185,890 30,878 22,117 11,999
9,259
209,175 187,081 6 27,969 22,961
6,409
130,963 169,446 30,000 20,882
6,081
19,789
48 808 127 796
7,131
19,374
35,778 101,980
2 922
3,033
2 828
2 463
2 342
2 446
2,328
2,563
2,516
2,078
3,277
2,684
3,552

L 575
L 610
L 575
L 610
1,610
575
,575
610
,610
,610
610

J 370
1,380
L 162
1,882
I 379
1,382
1,836
1,736
1,460
1,518
L.459

8 051
7,809
8 012
8 166
7 432
8,004
7,831
7,614
7,426
7,357
7,411
7,404
/7.404

560
555
506
486
372
542

526
528
574
538
464
/464
/464

4.00

/I,400

Nicaragua 7

Other
British9
Austra8
lia
India

1,166
868
807
848
1,557
3,506
5,429
7,525
8,623
7,715
7,865

30,559
31,240
40,118
46,982
54,264
56,182
55,878
51,039
42,525
28,560
16,310

11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
8,820
6,545

653
613
765
672
590
615

1.295
1,260
1,470
1,470
1,260
L,365
L,225
L,190
1,295
L.400
2,065
1,190
/1,190

560
560
525
560
525
595

560
631
574
393
595
570
559

525
350
350
490
560
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.
/ 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 Coast only.
3
Beginning May 1940 monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year.
4
Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent estimates
of American Bureau of Metal Statistics, those for 1944 having been revised by adding to each monthly figure $59,421 so that aggregate for the year is equal to
annual
estimate compiled by Bureau of Mint in cooperation with Bureau of Mines.
5
Figures for Canada beginning 1944 are subject to official revision.
6
Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three months
of year.
7
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent 9total 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:
Year or
month

Total
net
imports

United
Kingdom

France

Belgium

Netherlands

Sweden

SwitzCanada
erland

Mexico

Other
Latin
American Republics

1,131,994 499,870 260,223 8,902 94,348
28,153
30,270
86,829
12,402
1,739,019 315,727 934,243
29,359
13,667
95,171
968
3 227,185
1,116,584 174,093 573,671 3,351 71,006
30,790
39,966
72,648
2 7,511
1,585,503 891,531 -13,710 90,859 6,461
39,485
38,482
111,480
6 54,452
1,973,569 1,208,728 81,135 15,488 163,049 60,146 1,363
65.231
36,472
76,315
3,574,151 1,826,403
57,020
33,610
3,798 165,122 341,618 28,715 86,987 612,949
977 63,260 161,489 90,320 2,622,330
4,744,472 633,083 241,778
29,880 128,259
1
982,378
61,862
16,791
899 412,056
1
3,779
1,747
315,678
39,680
40,016
5 208,917
1,955
68,938
-3,287
13,489
66,920
88
-845,392 -695,483
46,210 -109,695 -108,560

19341
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Apr
May

2,398
-18,266
-83,758
—6 979
Tuly
— 12,339
Aug
Sept
13,496
—4,317
Oct
NOV.P. . . .
789
Jan.-Nov.p -125,503

June

27
41
96

552
284
218
481
848
11,796
463
272
16,017

554
268
315
11,524
517
272
329
355
14,847

1,052
-13,700
1,815
1,583
1,192
951
1,115
1,698
-23,249

Philip- Auspine
Islands tralia
12,038
15,335
21,513
25,427
27,880
35,636
38,627
42,678
321

100

Japan

All
other
countries

British
India

4 76,820
21,095
1,029
12
75,268
28,529
3,498
65
77,892
20,856
23,280
8
8,910
34,713
181 246,464 50,762
13,301
39,162
401 168,740 16,159
74,250 22,862 165,605 50,956 3 2 68,623
103,777 184,756 111,739 49,989 284,208
67,492 292,893 9,444 9,665 4 63,071
129
20,008
528 4,119
-8,731
152
307
18,365
199 3,572
4
11

100

South
Africa

2
19
11
106

6
71
20
22
16
11
12
15
348

229
-5,199
-86,152
-20,589
-15,014
407
-6,236
-1,562
5
-133,768.

P Preliminary.
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
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.
3 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.
*6 Includes $44,920,000 from U. S. S. R., and $18,151,000 from other countries.
Includes $133,980,000 to China and $211,000 from other countries.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication.
1
2

90




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

From Jan. 2, 1935, through—

Increase in foreign banking
funds in U. S.
Total
Official

Total

Other

Decrease
in U. S.
banking
funds
abroad

Foreign
securities:
Return
of U. S.
funds

Domestic
securities:
Inflow of
foreign
funds

Inflow in
brokerage
balances

1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936)

259.5
616.0
899.4
1,412.5

57.7
213.8
350.7
603.3

-2.0
6.1
-4.5
9.8

59.7
207.7
355.2
593.5

155.0
312.8
388.6
361.4

31.8
43.7
40.1
125.2

-6.2
15.8
90.3
316.7

21.1
29.8
29.8
6.0

1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30

1,511.1
1,949.2
2,283.3
2,608.4

578.4
779.0
898.5
930.5

44.4
35.9
37.4
81.1

534.0
743.1
861.1
849.4

390.3
449.0
456.2
431.5

114.4
180.5
272.2
316.2

427.6
524.1
633.3
917.4

.4
16.5
23.2
12.9

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

799.9
660.4
993.2
1,186.9

434.4
403.3
477.2
510.1

618.5
643.1
625.0
641.8

1,150.4
1,155.3
1,125.4
1,219.7

54.2
57.8
64.1
47.6

1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)

4,197.6
4,659.2
5,035.3
5,021.2

1,747.6
2,111.8
2,479.5
2,430.8

311.4
425.3
552.1
542.5

1,436.2
1,686.5
1,927.3
1,888.3

550.5
607.5
618.4
650.4

646.7
664.5
676.9
725.7

1,188.9
1,201.4
1,177.3
1,133.7

63.9
74.0
83.1
80.6

1940—Mar/(Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)

5,115.9
5,440.7
5,748.1
5,727.6

2,539.0
2,830.1
3,092.8
3,159.0

539.1
922.3
1,112.3
1,200.8

1,999.9
1,907.8
1,980.5
1,958.3

631.6
684.1
773.6
775.1

761.6
785.6
793.1
803.8

1,095.0
1,042.1
987.0
888.7

88.7
98.9
101.6
100.9

1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31

5,526.5
5,575.4
5,510.3
5,230.7

3,148.8
3,193.3
3,139.5
2,856.2

,307.7
,375.1
,321.7
,053.7

1,841.0
1,818.2
1,817.7
1,802.6

767.4
818.6
805.3
791.3

812.7
834.1
841.1
855.5

701.8
631.2
623.5
626.7

95.9
98.2
100.9
100.9

1942—Mar. (Apr. 1)
June 302
Sept. 30
Dec. 31
1943—Mar. 31
June 30
Sept. 30
Dec. 31

5,082.4
.,495.3
5,654.9
5,835.0

2,684.0
3,075.9
3,212.6
3,320.3

932.0
,211.7
,339.1
,412.0

1,752.0
1,864.2
1,873.5
1,908.3

819.7
842.3
858.2
888.8

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

1,920.3
1,931.2
1,939.7
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

1944—Jan. 3 1 . . . . ;
Feb. 29
Mar. 31
Apr. 30
May 31
June 30

7,272.9
7,418.6
7,462.9
7,464.3
7,458.9
7,459.6

4,658.2
4,833.2
4,885.4
4,881.0
4,882.7
4,851.7

2,649.3
2,815.7
2,856.0
2,780.5
2,726.8
2,661.4

2,009.0
2,017.5
2,029.4
2,100.6
2,155.9
2,190.3

870.8
843.5
868.0
873.4
872.9
856.6

931.7
924.2
904.1
905.4
903.2
929.8

695.1
698.8
685.8
686.2
680.1
702.4

117.0
118.9
119.6
118.3
119.9
119.1

July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

.,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

2,468.7
2,587.3
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

8,296.8
8,363.2

5,442.6
35,505.0

3,078.8
3,096.2

2,363.9
32,408.8

810.2
3839.0

1,073.7
1,058.4

843.2
831.6

127.1
3129.1

3

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 Aug. 31, in millions of dollars: total foreign banking funds in United States, 6,170.8, including official funds, 3,733.8,.
and other funds, 2,437.0; United States banking funds abroad, 296.5; and brokerage balances (net due "foreigners"), 52.3.
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.

JANUARY

1946




91

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENTS 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

NethUnited
erKing- France
lands
dom

Switzerland

Germany

Italy

Other
Total
Europe Europe

Canada

Latin
1
America Asia

All
other1
12.7
21.4
15.9
36.2
87.4

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
,183.8
,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
31
5,230.7
31
5,835.0
31
7,118.6

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

,127.0
,053.6
,078.8
,090.0
,008.6
,053.6
,048.9
,026.0
,029.3
,066.2
,075.0
,018.8

633.5
635.4
635.2
585.7
566.6
558.3
506.5
477.6
453.0
521.7
542.4
499.8

498.5
504.0
502
506.2
503.3
506.3
505.7
506.3
506.8
513.0
516.1
518.1

653.2
652.8
654.4
664.3
659.6
666.4
673.0
670.7
677.1
679.7
689.9
695.6

178.6
178.9
179.0
179.1
179.0
179.0
179.2
179.2
179.0
179.0
179.0
179.2

56.2 966.8 4,113.6 951.9
58.5 973.5 4,056.8 ,014.4
61.5 982.7 4,094.2 ,015.6»
63.1 993.3 4,081.8 976.4
66.7 965.2 3,949.0 ,030.8
69.8 970.5 4,003.9 ,081.3
72.0 967.6 3,952.9 ,135.4
75.5 990.5 3,925.8 ,194.9
77.5 ,003.6 3,926.4 ,204.7
80.0 ,017.9 4,057.5 ,276.7
85.2 ,053.0 4,140.6 ,361.4
89.6 ,059.2 4,060.2 ,441.8

1944—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31

7,430.9
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

128.3
184.0
224.6
214.2
431.0

159.6 ,049.5
166.6 ,062.9
194.7 ,062.7
193.7 ,020.9
,250.2 ,199.2
,262.4 1 ,200.1
,234.2 ,205.3
,263.0 1 ,202.9
,324.3 ,193.8
,353.8 ,175.5
,411.7 ,175.5
,238.7

156.3
159.5
163.3
203.0
204.1
207.7
211.4
210.7
208.5
208.4
207.6
220.3

TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through—

Total

United
King- France
dom

Netherlands

Switzerland

Germany

Italy

60.7
79.7
109.4
208.6
470.0

Canada

Latin
1
America Asia

All
other1

453.5
588.9
791.7
1,010.7
1,655.4

46.0
86.8
76.3
101.6
174.5

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
15.7
19.1
22.5
23.6
29.2
33.6

574.8
581.9
591.0
634.7
570.5
576.7
582.8
606.8
619.7
670.0
706.8
672.4

776.2
839.8
848.7
818.6
868.1
962.3
,021.2
,056.8
,053.4
,159.3
,241.8
1 ,341.9

743.0
746.9
784.8
794.7
848.7
855.4
842.5
872.0
913.5
955.4
979.2
965.8

818.1
827.0
828.9
635.9
804.5
803.8
809.3
808.3
807.7
770.5
757.6
834.7

123.5
126.9
131.5
169.
169.
172.5
175.7
175.2
172.7
173.5
172.3
183.6

1
CanLatin
ada America Asia

All
other1

603.3
1935—Dec. (Jan. 1, 1936). . .
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

128.6
163.5
189.3
364.0
376.1

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

1940—Dec. (Jan. 1, 1941). . . 3,159.0
2,856.2
1941—Dec. 31
3,320.3
1942—Dec. 31
4,496.3
1943—Dec. 31

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

1944—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31

834.2
760.8
789.7
804.4
726.4
777.0
772.9
758.5
770.7
800.5
810.6
762.6

415.6
414.1
413.8
356.6
338.9
329.6
286.4
258.3
235.0
292.2
318.8
276.6

186.0
191.3
190.1
193.1
190.0
192.6
192.2
192.2
192.7
196.7
199.2
201.4

212.6
212.1
214.4
221.4
219.8
227.1
234.5
234.1
240.1
243.2
250.6
255.8

-23.7
-23.5
-23.6
-23.4
-23.4
-23.4
-23.3
-23.
-23
-23,
-23.5
-23.4

4,661.2
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

Other
Total
Europe Europe

2,200.3

139.6
181
193
032.9
2,093.2
2,061.3
2,045.9
2,057.3
2,202.7
2,291.7
2,179.0

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

1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.

(Jan. 1 , 1936). ..
30
29. . . .
(Jan. 4 , 1939)...
(Jan. 3 , 1940)...

361.4
431 5
449.1
510.1
650.4

208 8
178 0

48.1
62 0
65.3
68.4
73.8

-.4
—3.3
-4.4
-5.6
12.9

1. 6
2. 7
2. 6
2. 9

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
SO 4
18 7
- 4 6 .5
- 2 1 .5

-1.6
-4.4
-8.7
-7.0
-.8

1940—Dec.
1941—D ec#
1942—Dec.
1943—Dec.

(Jan. 1 , 1941). ..
31
31
31

775.1
791 3
888.8
877 6

74.6
76.9
77.8
77 9

17.7
17.6
18.1
18.3

6. 5
5. 4
6. 6
5. 1

29.7
66.0
105.1
141.7
177.8
191.6
196.8
196.7
196.9

13.7
16.3

207 4

25.3
25.8
26.2
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

77 8
77.8
77 7
77.7
77 6
77 6
77.6
77 6
77.8
77 8
77.8
77.8

18 3
18.3
18 3
18.3
18 3
18.3
18.3
18.1
18.2
18.0
18.3
18.2

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
26.2
26.2
26.2
26 2
26.2
26.2
26.2
26.2
26.2
26.2
26.2

70.4
70.3
70.9
34.6
70.7
70.3
70.4
70.6
70.1
30.9
30.3
69.4

664.0
664.6
662.2
626.6
662.0
661.2
665.3
663.3
658.0
616.5
621.2
655.0

62.3
64.4
64.9
64.8
61.8
68.1
69.0
69.9
67.3
39.1
47.7
51.4

64.3
64.9
51.2
37.0
36.1
40.7
23.9
23.0
40.1
23.5
58.2
61.4

9S ?

1944—Sept 30
Oct. 31
Nov. 30
Dec. 31...
1945—j an# 31
Feb. 28. . .
Mar. 31
Apr. 30. . .
May 31. . . .
June 30
July 31
Aug. 31
1
2

883 5
891.3
872 7
805.8
848 2
859 8
848.5
844 7
845.7
760 4
810.2
839.0

206
252
269
271
279
272

2
2
2
?
4
1

267 6

268
267
266
266

6
4
1

268
266
261
264
267
260

8
6
5
1
2
4

9
264 6

2. 6

6. 8

6.6
4.8
6. 8
6 ?
7. 1

7. 2
7. ?
7. 3
2. 7
4. 5
6. 1

Other
Total
Europe Europe

98 .2
96 0
77 .7
87 6
88 ?

88 .1
86 4
77 .9
79 9
81 .4
68 .4

-.3
-.8

-1.6
3

18
1.7

2.2
2.1
2.4
1.5

1.8
2.9

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.

92




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
Kingdom

France

Netherlands

Switzerland

Germany

Italy

Other
Europe

Total
Europe

Canada

Latin
America

Asia1

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
278.3
366.4
440.6
495.2

-39.7
1.7
10.5
-9.7
-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.
1941—Dec.
1942—Dec.
1943—Dec.

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

1,026.2
1,025.8
1,025.3
1,019.4
1,025.9
1,033.4
1,029.6
1,061.6
1,088.9
1,069.9
1,073.7
1,058.4

126.6
127.2
127.0
126.5
124.8
125.2
124.0
121.6
120.8
118.9
119.0
119.0

50.7
50.8
50.9
51.0
51.0
51.2
51.4
51.3
51.2
51.3
51.2
51.2

33.6
33.6
33.6
33.6
33.6
33.6
33.6
33.6
33.5
33.5
33.5
33.5

44.7
44.5
44.4
44.5
44.5
44.7
44.7
44.7
44.5
44.7
45.0
45.0

36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5

27.7
27.7
27.7
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.6
27.6

210.4
210.4
210.4
210.4
210.4
210.3
210.3
210.1
210.0
210.1
210.1
210.1

530.2
530.7
530.4
530.1
528.4
529.1
528.0
525.4
524.1
522.5
522.8
522.9

119.1
116.9
113.5
104.9
111.5
118.1
113.9
147.1
171.4
152.0
153.1
135.7

294.8
296.1
299.0
302.0
303.5
303.7
305.1
306.1
310.4
312.4
314.7
316.5

61.5
61.1
61.4
61.3
61.3
61.5
61.5
61.9
61.7
61.7
61.7
61.7

20.7
21.0
21.1
21.0
21.1
21.0
21.1
21.2
21.2
21.3
21.3
21.7

Latin
America

Asia1

All
other1

(Jan. 1, 1941)
31
31
31

1944—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31

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
Kingdom

France

Netherlands

Switzerland

Germany

Italy

Other
Europe

Total
Europe

Canada

1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.

(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
(Jan. 3, 1940)

316.7
917.4
1,162.0
1,219.7
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
,041.6
1,094.1
,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

737.8
735.8
732.4
911.8
909.0
845.0
820.6
802.5
785.0
848.4
843.2
831.6

-120.2
-122.0
-123.5
-125.4
-127.4
-131.7
-135.4
-139.2
-142.8
-138.9
-140.3
-141.5

66.9
70.1
70.0
77.3
77.2
76.9
68.0
67.1
66.4
77.6
71.7
71.1

239.7
239.7
239.4
239.0
239.0
239
239
239
239.3
241.3
240.9
240.7

367.6
367.2
369.2
368.5
366.1
363.3
362.2
360.1
359.4
363.1
363.5
362.0

-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
-30.7
-30.7
-30.7
-30.7

1.2
1.3
1.5
1.9
1.8
2.1
2.1
2.2
.8
2.2
1.9
1.8

100.9
100.5
100.5
103.2
103.0
102.4

625.2 - 2 1 . 7
626.0 - 2 4 . 9
626.3 - 2 8 . 2
633.7 - 2 8 . 1
629.0 - 2 7 . 4
621.4 - 8 4 . 2
598.9 - 8 5 . 7
591.2 - 9 5 . 9
585.9 -106.7
611.0 - 9 1 . 7
602.1 - 9 8 . 5
600.0 -105.4

51.9
52.4
53.3
54.9
55.7
55.4
55.2
55.1
52.8
58.5
57.2
56.1

71.7
71.6
70.4
240.5
241.1
241.9
241.7
241.9
242.7
260.4
272.2
270.9

10.7
10.6
10.6
10.7
10.7
10.6
10.5
10.3
10.3
10.3
10.2
10.0

Canada

Latin
America

Asia1

All
other1

2.9
2.1
.5
-1.5
-3.4

.3
2.1

1944—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31

93.5
96.4
95.3
96.5

TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—

Total

United
Kingdom

France

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)

6.0
12.9
47.5
47.6
80.6

()
4.0
11.5
13.4
19.4

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

1.8
8.7

1.0
-4.2
-.5
-.9
1.6

1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.

(Jan. 1, 1941)
31
31
31

100.9
100.9
104.4
117.8

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

1944—Sept.
Oct.
Nov.
Dec.
1945—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

30
31
30
31
31
28
31
30
31
30
31
31

122.2
127.1
125.0
126.3
126.1
129.9
130.5
130.4
133.6
131.8
127.1
129.1

18.9
19.0
18.2
18.5
18.5
18.6
18.6

22.4

20.9
21
21.3
22.3
22.4
22.7
22.6
23.0
23.1
23.5
24.2
24.4

21.5
22.5
21.6
23.0
22.9
23.9
24.5
24.7
25.8
26.0
26.4
26.6

10.3
10.5
10.0
10.5
10.6
10.8
10.5
10.5
10.3
10.6
10.6
10.8

94.0
95.9
94.1
97.7
96.6
99.0
99.4
100.0
101.1
104.8
102.7
103.4

16.0
18.2
16.7
16.2
16.7
17.0
17.0
17.0
19.3
17.9
17.3
18.2

5.5
6.3
6.4
5.1
6.3
7.2
7.5
7.0
7.5
4.1
2.3
2.3

5.0
5.0
6.0
5.6
4.7
4.8
4.7
4.4
3.9
3.0
2.7
3.2

8
8
8
8
8
9
1.9
1.9
1.9
1.9
1.9
2.0

1
2

18.2

22.9
23,
23.
22.6
22.8
22.8
23.1

-7.6
3.5

Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
3
Inflow less than $50,000.
Outflow less then $50,000.

JANUARY 1946




93

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]
LIABILITIES
Date

NethUnited
erKing- France
lands
dom

Total

Switzerland

Germany

Italy

Total
Other
Europe Europe

Latin
Can1
ada America Asia

All
other1

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

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
232.9
107.5
686.3
126.3
814.3
156.0 1,017.1
255.5 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

1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31

3,057.0
3,785.2
3,482.4
3,987.5
5,153.7

448.2
365.5
400.8
554.6
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
7.5
6.5

38.5
17.9
15.4
12.1
11.3

516.9
650.6
608.0
643.4
722.1

882.6
2,213.5
1,994.0
2,020.7
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
616.9
583.9
712.1
887.6

72.5
73.3
113.6
149.6
175.3

1944—Sept. 30
Oct. 31
Nov. 30
Dec. 31

5,318.1
5,337.2
5,432.0
5,269.4

895.6
822.1
851.0
865.7

451.4
449.9
449.6
392.3

202.6
207.9
206.7
209.7

230.5
230.0
232.3
239.3

6.5
6.7
6.7
6.8

19.1
21.3
24.0
25.3

707.8
714.9
724.0
767.7

2,513.5
2,452.9
2,494.4
2,506.9

884.2
947.7
956.6
926.5

857.6
861.5
899.4
909.3

926.0
934.9
936.8
743.8

136.7
140.1
144.7
182.9

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

5,389.7
5,553.1
5,575.7
5,624.0
5,670.4
5,927.3
6,108.5
6,170.8

787.8
838.3
834.2
819.9
832.1
861.8
872.0
824.0

206.6
209.3
208.8
208.8
209.3
213.3
215.8
218.0

237.8
245.0
252.5
252.0
258.0
261.2
268.5
273.8

6.8
6.8
6.9
7.0
6.7
6.7
6.8
6.9

31.0
33.8
36.0
39.4
42.9
43.9
49.5
53.9

703.6
709.8
715.8
739.9
752.7
803.0
839.8
805.4

2,392.5
2,452.8
2,420. 8
2,405.5
2,416.9
2,562.3
2,651.3
2,538.6

976.0
1,070.3
1,129.1
,164.8
,161.3
,267.3
,349.8
,449.9

912.4
911.7
917.2
916.2
915.6
878.
865.
942.6

138.6
141.4
144.5
144.1
141.6
142.4
141.2
152.5

Dec.
1945—Jan.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

312
31
312
28
31
30
31
30
31
31

419.0
409.8
366.6
338.5
315.1
372.3
399.0
356.7

970.2
976.9
964.0
993.5
1,035.0
1,076.9
1,100.7
1,087.4

LIABILITIES—SUPPLEMENTARY DATA
Other Europe3
Date

Other
Europe

Belgium

Denmark

Finland

1939—Dec. (Jan. 3, 1940). .
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
79
7.7

39 3
43.5

1944—Sept. 30..
Oct. 31
Nov. 30
Dec. 31
1945—j an# 3i
Feb. 28
Mar. 3 1 . .
Apr. 30
May 31
June 30
July 31
Aug. 31

707.8
714.9
724 0
767.7
703.6
709.8
715 8
739.9
752.7
803 0
839.8
805.4

124.7
124.1
124 3
124.3
121.8
123.5
133 7
139.7
147.3
142 1
150.5
149.9

14.0
13.6
13 4
14.8
14.4
14.2
14 4
13.7
13.4
13 7
13.7
14.4

7.2
7.1
71
7.1
7.0
6.6
71
7.0
6.8
6 7
6.6
6.7

46.4
48.8
48 7
48.7
48.7
48.6
50 6
52.5
53.7
56 6
60.5
63.2

Greece4 Luxembourg4

Norway

All
4
4 YugoRuPortu4
gal4 mania4 Spain Sweden USSR slavia other

18 3
18.4

56.3
48 7
65.2
132 4
158.9

35 7
53.4

9 4
9.3

18.5
18.6
18 5
18.6
18.5
18.6
18 6
18.5
19.1
19 3
22.9
22.9

178.6
186.6
186 6
220.8
185.4
187.2
194.7
199.9
194.0
240 6
236.6
187.1

45.9
45.6
49 8
54.5
42.0
41.3
35.4
39.4
36.6
40 6
46.4
39.0

9.2
9.2
9 4
9.5
9.4
9.1
9 3
9.3
9.3
9 3
9.3
9.7

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

45.2
41.4
43.3
43.4
38.2
41.1
27.3
31.5
37.6
31.8
36.9
40.4

147.5
149.0
148.0
152.1
148.6
152.3
157.7
158.0
160.2
165.4
183.7
194.3

7.9
8.2
12.9
16.1
12.7
12.9
8.6
12.8
17.5
20.9
22.3
25.7

6.9
6.9
5.8
5.7
5.7
5.7
5.8
5.8
5.6
5.7
5.2
5.1

55.9
55.7
56.2
52.1
51.0
48.7
52.8
51.8
51.7
50.3
45.2
46.9

Latin America5

Date

Latin
BoAmer- Argentina livia6 Brazil Chile
ica

10 8
12 6

36.4
36.2
50.5
67.7
98 7

26.8
28.5
27.3
34.5
54 0

43.4
67 1

66 1
72 1
84.6
93 9
89.3

17 1
17 4
18.7
17 7
19.9

144 3
134.8
142.7
140 8
160.2

45 3
46.3
57.4
55.0
54.4

85 5
86.9
85.2
83.6
85.0

89.3
89 9
73 4
73 1
70.0
73 2
82.5
75.1

19.9
18 9
17 1
18 5
17.7
19 2
17.2
18.0

160.2
156 9
128 2
133 3
138.8
146 2
164.4
163.0

54.4
53 2
52 1
51 3
54.9
66 8
64.6
64.5

85.0
82 8
81 5
77 2
76.6
76 2
82.3
90.2

1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)....
1941—Dec. 31
1942—Dec. 31
1943—Dec# 3i

336.0
447.3
417.7
597.7
693 7

57.7
115.4
75.7
67.6
69 8

1944—Sept. 30
Oct. 31
Nov. 30
Dec. 31.
1945—Jan. 31

857 6
861.5
899.4
909.3
963.3
970.2
976 9
964 0
993 5
1,035.0
1,076 9
1,100.7
1,087.4

Jan,
Feb.
Mar
Apr.
May
June
July
Aug.

312
28
31
30
31
30
31
31

Colombia*!

NetherFrench
Other
lands
West
6 Vene- Latin
Costa Cuba Indies Mex- West PanaIndies ma7 Peru zuela6 Americo
Rica*
and
ica
and
Guiana6
Suri-6
nam
37.0
47.9
62.5
12.4 100.3
12 2 70 4

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

89 2
87.9
90.7
83.1
99.3

36.9
37.6
35.8
36.0
35.3

64.2
65.7
67.7
69.1
69.4

22.9
24.0
25.8
27.7
29.2

31.8
39.7
29.4
31.5
49.0

118.3
117.0
120.0
119.8
121.5

99.3
5 1 114 2
5 4 129 0
5 2 140 1
6 . 3 158.4
6 3 163 8
8 . 6 177.2
7 . 3 158.7

35.3
35.5
34 3
33.7
32.5
29.2
31.5
31.7

76.3
78.7
82 5
81.8
83.1
86.2
89.6
87.8

29.2
29.7
32 7
33.9
33.9
35.5
35.8
38.8

49.0
43.9
49 4
43.2
48.2
41.5
50.2
43.0

121.5
124.6
129.9
133.8
136.6
134.8
134.9
145.3

4.9

26

7 9 124 6
120.6
131.1
139.3
139.1

3 6

139.1
136 6
141 2
160 2
169.6
190 4
153.9
156.9

4.6

7.8
7.1
7.4
7.0
7.0

6 9
74
8 1
8.2
7.5
8.0
7.0

3.8
3.1

4 4
4.6

58.8
55.0
37.7
95.7
70 4

For footnotes see p. 95.

94




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 1

Date

1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.

Asia

(Jan. 3, 1940). 491.4
(Jan. 1, 1941). 616.9
31
583.9
31
712.1
31
887.6

French Hong
China Indo- Kong
China2

167.0
207.5
156.8
360.9
574.2

27.4

71 .4
91.1
61.6
41.6
23.9

Japan
India,
Bri- (incl. Neth- PhilBurKoerma,
ippine Tur- Other All
tish
rea)
lands
and
IsMakey2 Asia other3
East
Cey- laya2 and
2 lands
2
ManIndies
lon
churia

r.o

13.1
18.2

165.4
110 3
69.9
4.8
4.1

Australia

Egypt
Union
and
New Anglo- French
of
Other
Zea- Egyp- Mo.South
rocco Africa
land
tian
Sudan

160.4
110.1

29.1
45 6
30.7
36.8
37.9

58.5 72.5
162 4 73 3
264.9 113.6
29'. 9 36.2 149.6
35.4 55.5 175.3

23.1
25.3

4^8'
5.1

6^8
6.1

12.1
10.3

4.1 109.2
4.1 .111.8
4.0 113.6
4.0 110.5

39.1
44.4
39.2
40.4

21.2
20.9
20.3
23.7

57.9
62.0
61.7
64.2

136.7
140.1
144.7
182.9

33.8
35.1
40.0
52.9

6.4
4.0
3.6
3.5

6.6
6.6
7.2
7.3

5.0
4.7
4.4
4.3

4.3
80.7
7.3
82.4
5.2" 84.2
8.3 106.5

11.0
4.5

91^8
124.1

.9
1944—Sept.
Oct.
Nov.
Dec.

30
31
30
31

926.0
934.9
936.8
743.8

615.6
617.6
607.2
427.3

27.4
27.4
27.4
27.4

23.7
23.0
22.9
22.9

26.7
22.6
39.3
22.1

Dec. 31-i
1945—Jan. 31

743.8
912.4

427.3
573.9

27.4
27.4

22.9
22.6

912.4
911.7
917.2
916.2
915.6
878.4
865.5
942.6

573.9
556.9
554.4
546.9
541.7
519.6
501.1
578.7

27.4
27.4
27.4
27.5
27.5
27.5
27.5
27.6

22.6
22.8
21.9
21.6
21 .9
22.0
21.9
21.7

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

31'
28
31
30
31
30
31
31

22.1
20.8

1.2
1.1
1.2
1.3
1.3
1.3

4.0
4.0

110.5
111.1

40.4
40.2

23.7
37.1

64.2 174.0
74.0 174.1

52.9
34.2

3.5
5.6

7.3
8.4

4.3
4.2

8.3
8.9

97.6
112.8

20.8
21.1
21.3
23.5
26.6
23.2
24.1
25.3

1.3
.9
.9
.9
.8
1.0
.9
.9

4.0
3.9
4.0
4 0
4.0
4.1
4.3
3.9

111.1
113.5
116.5
115 4
117.6
111.3
112.6
108.8

40.2
42.8
40.4
43 8
45.2
49.6
52.5
50.4

37.1
46.0
50.4
51 6
50.7
51.5
50.8
51.2

74.0
76.4
80.1
80 9
79.4
68.6
69.6
74.2

34.2
34.9
34.6
34 5
32.0
30.7
27.8
27.6

5.6
4.8
4.1
3 6
3.5
3.3
3.3
4.6

8.4
8.8
9.0
9 8
9.5
11.0
10.8
13.6

4.2
4.1
3.9
4 1
4.3
3.6
4.0
4.7

8.9
8.0
7.4
7.1
6.0
6.4
4.7
5.8

77.4
80.8
85.5
85.0
86.2
87.4
90.5
96.2

138.6
141.4
144.5
144 1
141.6
142.4
141.2
152.5

1
The figures in this table represent a breakdown of the columns headed "Asia" and "All other" in the main table. The figures for "Asia" cover four
countries from Jan. 3, 1940, and five additional countries since June 30, 1942, while those for "All other" cover five countries available only from
2
June 30, 1942.
Prior to June 30, 1942, included under "Other Asia."
3
Country breakdown not available until June 30, 1942.
•' See footnote 2 for main table.

Footnotes to table on p. 94.
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "AH 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
The figures in this table represent a breakdown of the column headed "Other Europe" in the main table and cover five countrievS from Jan. 3, 1940,
4
and seven additional countries since June 30, 1942.
Prior to June 30, 1942, included under "All other."
•»' The figures in this table represent a breakdown of the column headed "Latin America" in the main table and cover six countries from Jan. 3, 1940,
and seven additional countries since June 30, 1942.
H
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

i United
Kingdom

France

Netherlands

Sw itzer1 tnd

Germany

296.9
88.1
114 1
84.8
86.0

80.5
32.5
16 8
13.5
10.3

18.6
19.0
21 9
23.0
24.2

8 2
6.6
s 4
5 5
5 5

231.7
202.0
165. 1
126.1
89.4

5
1
2
1
3

2
5
6
5
0

1
1
3
1
1

^

1934—Dec.
1935—Dec.
1936—Dec
1937—Dec.
1938—Dec.

(Jan. 2, 1935). . 1,139.9
778.6
(Jan. 1, 1936). .
672 6
30
655.0
29. .
594.0
(Jan. 4, 1939). .

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

4.9
4.2
1 .8
1.3
1. 1

1Q44—sept
Oct
Nov.
Dec.
1945—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

30
31
30. .
31. .
31. .
28. .
31. .
30. .
31. .
30. .
31. .
31. .

252 0
244 2
262.8
329.7
287.3
275.6
286.9
290.8
289.8
375.0
325.2
296.5

24 4
23 4
24.6
25.9
25.8
27.4
23.2
25.4
30.5
27.9
24.8
31.6

1 3
1 3
1.4
1.4
1.5
1.5
1.5
1.4
1.3
1.3
1.2
1.2

5.7
.9
1 .1
.5
.4

.3
.3
.3
.3
.3
.5
.4
.7
.3
.4

s

3
3
9
8
9
9
8
5 4
3 6
2 0

Italy

Other
Europe

Total
Europe

Canada

Latin
America

Asia1

All
other1

2
5
9
8
5

80.0
71.2
57.8
52.9
45.9

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

8.5
10.1
12.9
17.2
15.5

53.4
39.6
34.4
34.0
33.9

11. 8
2. 0
1. 5
4
4

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

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
4
3
3
3
3
3
3
3

8.6
8 8
8.2
44.4
8.4
8.7
8.7
8.4
8.9
48.2
48.7
9.7

70.2
69 5
71.9
107.5
72.1
72.9
68.8
70.8
76.2
117.6
113.0
79.1

30.6
28.5
28.0
28.1
31.1
24.8
23.9
23.0
25.6
53.8
45.2
41.5

103.7
103.1
116.8
131.0
131.9
127.3
144.1
145.0
127.9
144.5
109.8
106.6

35.8
30.9
33.0
51.4
41.5
40.9
41.0
42.6
51.1
49.2
47.7
60.7

11.7
12.2
13.0
11.7
10.6
9.7
9.2
9.3
9.0
9.9
9.5
S.5

27.
13
10
70
13.

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 hanking 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.

JANUARY 1946




95

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 Europe1
Other
Europe

Date
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

1944—vSept. 30
Oct 31
Nov. 30
Dec. 31
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31

8.6
8 8
8.2
44 4
8.4
8 7
8.7
8.4
8.9
48.2
48.7
9.7

Belgium

Denmark

Finland

6.5
1.5
1 i
.8
.7
.7
7
.7
7
.7
.8
.8
.8
.8
.8
.8
.7

3.2
.3

1.4
1.8
1 9
5.6
7.6

(3)

(3)

(3)
(3)

(3)

m

i i

Greece2 Luxembourg2

Norway

1.1
.6

.1
.1

3 6
.9
5
.2
.2

.6
.6
.6
.6
.6
.6
.6
.6
.6
.6
.6
.6

.1
.1
.1
.1
.1
.1
.1
.1
.1
.1
.1
.1

.1
.1
.1
35.1
.1
.1
.1
.1
.1
40.1
40.5
.1

Portugal2

2
Rumania2 Spain

Sweden

2.4
1.4

3.2
3.2

8 7
1.0
6
.4
.2

.7
.6
.6
.8
.7
.6
.5
.6
.6
.5
.2
.3

1.1
1.6
.8
1.8
.9
1.2
1.3
.9
1.5
.9
.9
1.4

.2
.2
.3
.2
.2
.2
.2
.2
.3
.3
.7
1.5

(»)

NethFrench
erWest
lands
Indies
West
and
Mexico Indies
Guiand
ana5
Surinam5

Panama6

Peru5

5.9

1 0
2 1

7.6
4.8

2.4
2.1
1.1

1

All
other

Yugo-2
USSR2 slavia

(3)

(3)

(3)

(3)

28.0
24.5
22.1
8.4
5.0
5.0
4.8
5.0
5.1

(3)

5.0
5.1

5.0
5.1
4.9
4.8
4.9

m •

(3)

i i

4.9

Latin America4

Date

Latin
Amer- Argentina
ica

1939—Dec. (Jan. 3, 1940). 113.3
1940—Dec. (Jan. 1, 1941). 122! 7
1941—Dec. 3i
'
' 148^3
1942—Dec. 31
99.7
1943—Dec. 31
112.2
1944—Sept.
Oct.
Nov.
Dec.
1945—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

30
31
30
31
31
28
31
30
31
30
31
31

Date

103.7
103.1
116 8
131.0
131.9
127.3
144.1
145.0
127.9
144.5
109 8
106.6

6.9

' 3.0'

15.3

1.8

5.8
3.9

1.9
1.6
1.4
1.8
1.7
1.2
1.3
1.4
1.3

3 9

3.1
2.8
2.9
5.5
8.7
7.7
8.3

35.8
30.9
33.0
51.4
41.5
40.9
41.0
42.6
51.1
49.2
47.7
60.7

1 2

14 1
11.0

"Asia China

1939—Dec. (Jan. 3, 1940). 174.1
1940—Dec. (Jan. 1, 1941). 117.8
1941—Dec. 31
87.9
1942—Dec. 31
35.3
1943—Dec. 31
26.3
1944—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
.July 31
Aug. 31

16.8
11.9
16 8

Bolivia5

22.0
23.7
23.5
11.1
1.7
1.7
1.4
1.6
1.5
1.7
1.2
1.3
1.3
1.1
1.2
1.0
1.1

1.2
1.3

Brazil

Chile

32.2
33.1
38.0
16.7
18.9

13.4
14 9
15.3
16.6

25.8
23.5
24.4
25.3
24.8
23.8
22.7
24.1
25.5
30.6
26.9
24.4

7.8
8.7
8.7
9.0
8.5
8.5
7.8
8.7
8.4
7.0
8.4
6.3

French H o n g
IndoChina8 K o n g

Colom-5
bia

Costa5
Rica

10.5
11 7
11.3

9.7

20.7''
12.2
12.6
12.2
14.8
15.5
15.5
13.5
16.0
14.7
15.1
16.8
16.3
17.1

Cuba

.6
.7

20.1

1.2
1.2
1.3
1.2
1.1
1.0
.9
1.0
1.1
1.1
1.2
1.2

23.3
25.1
33.9
47.4
49.2
50.1
60.9
57.1
39.1
49.7
10.3
14.5

6 1

8.3

.2
(3)
(3)
(3)
(3)
(3)
(3)

.1
(3)
(3)

.1

11.2
7.6
8.3
8.0
8.6
9.3
8.4
9.1
8.8
8.7
8.9

.1

10.2

.1

8.7

.3
.5
.4
.4
.4
.3
.5
.3
.4
.4
.4
.4
.3
.3

Venezuela5

Other
Latin
America

.9
.8
.9
.8
.9
1.0
1.0
1.0
.9
1.0

1.1

.8

2.8
1.4

3.9
3.8

1.4
1.5
1.5
1.2
1.7
1.4
1.4
1.4
1.4

4.9
4.3
5.6
5.1
4.1
3.7
4.0
4.9
5.8
5.6
5.5
5.2

1 4

1.7
1.9

37.2
44 4
57.3
14.2
8.7

10.1
11.6
12.1
11.7
11.8
11.4
13.1
13.0
12.6
12.3
12.4
13.7

Asia and All Other?
Japan
Egypt
India,
(incl.
Philion
Bur- Brit- Ko- NetherNew and French U nof
ish
ma,
rea) lands ippine Tur-8 Other All 9 Aus- Zea- Anglo- MoOth€
EgypIsSouth
Asia
other
key
and Ma- 8 and
tralia
East 8 lands
land tian rocco Africa
Cey-8 laya Man- Indies
Sudan
lon
churia

(3)
(3)

1.9
1.7
3 1
.9
1.0

2.2
2.0

(»)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)

.9
.9
.9
.9
.9
.9
.9
.9
.9
.8
.8
.8

6.3
1.9
4.2
22.3
12.4
12.1
11.8
12.1
19.4
16.8
14.5
15.0

102.1
55.8
18.9
.5
.7
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5

.2
.2
.1
.1
.1
.1
.1
.1
.1
.1
.1
.1

1.6
1.7

26.4
22.6
23 0
14.4
13.9

21.6
14.0
19 5
1.8 2.0
1.8
3.2

9.3
6.4
9 7
4.8
3.9

1.0
.5

.7
.2

.1
.1

(3)
(3)

1.4
1.4
1.5
1.5
1.4
1.4
1.4
1.4
1.4
1.4
1.4
1.4

13.9
14.0
13.8
13.8
13.9
13.9
13.9
13.9
13.9
13.6
13.9
26.0

1.8
1.9
1.4
1.8
2.0
1.8
1.8
1.9
2.0
2.0
2.2
2.1

9.1
8.8
8.9
8.8
8.6
9.0
9.1
10.5
11.8
12.5
13.1
13.6

11.7
12.2
13.0
11.7
10.6
9.7
9.2
9.3
9.0
9.9
9.5
8.5

.5
.4
.7
.6
.8
.7
.8
.8
1.0
.9
2.1
1.0

.3
.2
.3
.2
.2
.2
.4
.4
.3
.4
.4
.4

.2
.1
.1
.2
.2
.3
.3
.4
.4
.2
.3
.3

(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)

1.7
2.4
9.9
10.4
11.0
9.7
8.3
7.2
6.7
6.7
6.1
6.0
5.2
5.0

1.2
.7
.9
1.0
1.0
1.0
1.1
1.2
1.1
1.2
1.2
2.4
1.6
1.8

1
The figures in this table represent a breakdown of2 the column headed "Other Europe" in the main table 3and cover five countries from Jan. 3, 194C
and 4seven additional countries since June'30, 1942.
Prior to June 30, 1942, included under "All other."
Less than $50,000.
The figures in this table represent a breakdown of the column headed "Latin America" in the main table and cover six countries from Jan. 3, 194C
and seven
additional
countries
since
June
30,
1942.
5
6
Prior to June 30, 1942, included under "Other Latin America."
Included "Canal Zone" prior to June 30, 1942.
7
The figures in this table represent a breakdown of the columns headed "Asia" and "All other" in the main table. The figures for "Asia" cover fou
countries
from
Jan.
3,
1940,
and
five
additional
countries
since
June
30,
1942,
while
those for "All other" cover five countries available only from June 30. 1942
8
9
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.

96




FEDERAL RESERVE BULLETIN

CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)

Assets of issue
department

Cash reserves
Other
assets2

Gold^

1929—Dec. 25 .
1930—Dec. 3 1 .
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. 3 1 .
1942—Dec. 30.
1943—Dec. 29.
1944—Dec. 27.

145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7

1945—Jan. 31 .
Feb. 28.
Mar. 28.
Apr. 25.
May 30.
June 27.
July 25.
Aug. 29.
Sept. 26.
Oct. 31.
Nov. 28.

.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2

326.4
326.4
< .2
.2
.2
.2
.2
.2

Discounts
and advances

Coin

Notes

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
5
780.0
5
950.0
1,100.0
1,250.0

.2
.6
.6
.8
1.0
.5
.6
.6

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

1,250.0
1,250.0
1,250.0
1,250.0
s 1,300.0
1,300.0
» 1,350.0
1,350.0
1,350.0
1,350.0
1,350.0

1.5
1.7
1.5
1.3
1.2
1.3

30.6
33. 1
14.5
15.0
30.6
15.1
44.5
24.3
20.3
28.1
22.6

6.6
8.5
18.6
20.1
9.6
3.8
1.8
7.2

5
6

Liabilities of banking department

Assets of banking department

1.0
.9
.3
.9
.9
1.9

.9
.4
.2
.4

.5

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

3.6

11.2
11.3

Securities

Note
circulation3

Deposits
Bankers'

Public

Other

8.8
6.6
7.7

35.8
36.2
40.3
33.8

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

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

263.6
261.1
268.4
269.9
254.3
324.2
263.6
295.3
331.7
288.9
301.6

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

215.1
207.8
218.9
229.6
212.4
262.3
229.1
238.2
279.1
244.2
250.2

(Figures in millions of
Canadian dollars)

1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.

31
31
31
31
30
31
31
31
31
30

1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31
Nov. 30

Gold

180.5
179.4
179.8
185.9
225.7

Sterling
and United
States
dollars

Dominion and provincial government
securities

11.6
18.1
8.9
8.5
14.8
12.7
10.3
16.0
5.5
9.2
10.5

57.8
60.5
57.0
50.5
50.7
51.6
53.6
55.0
53.1
57.4
57.7

17.9
18.0
18.1
17.7
17.8
17.9
17.9
18.0
18.1
17.7
17.8

22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5

Deposits
Other
assets

Short-6
term

11.2
9.0
10.3
5.2

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

Liabilities

Assets
Bank of Canada

Other
liabilities

Note
irculation
Chartered
banks

Other

Dominion
government

Other
liabilities8
Other

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

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

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

590.2
595.
608.7
621.7
533.5
559.5
558.3
584.0
591.4
590.6
629.4

28.0
29.0
33.2
49.7
42.0
34.4
56.5
62.3
34.9
39.5
69.5

,020.6
,028.6
,048.7
,062.3
,055.8
,063.2
,078.8
,097.9
1,112.4
1,136.6
1,113.8

413.1
397.6
422.0
448.9
464.8
492.0
441.1
444.4
442.9
474.2
495.2

23.2
27.9
18.7
39.5
33.6
43.9
57.5
32.6
39.6
51.0
159.1

36.0
37.2
52.7
50.8
32.4
35.9
37.6
39.7
22.4
32.4
27.4

212.
195,
203
204.2
235.
207.
208.8
239.2
213.9
221.3
230.5

4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
.6

7.7
13.4
14.4
9.3

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.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,
1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from
Exchange
Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
6
Fiduciary issue increased by 50 million pounds on June 12, 1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; by
70 million pounds on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, and on
May c 8 and July 3, 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.

JANUARY

1946




97

CENTRAL BANKS—Continued
Liabilities

Assets
Bank of France
(Figures in
millions of francs)

Advances to
Government.

Domestic bills
Foreign
exchange

Gold*

Open
market 2

1929—Dec. 27.
1930—Dec. 26.
1931—Dec. 30.
1932—Dec. 30.
1933—Dec. 29 .
1934—Dec. 28.
1935—Dec. 27.
1936—Dec. 30.
1937—Dec. 30.
1938—Dec. 29.
1939—Dec. 28.
1940—Dec. 26.
1941—Dec. 3 1 .
1942—Dec. 3 1 .
1943—Dec. 30.

41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
697,267
•84,616
84,598
84,598
84,598

25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
38
37
37

5,612
,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
42.115
43,661
44,699

1944—June 29.
July 13.
Dec. 286

84,598
84,598
75,151

37
37
42

46,241
45,851
47,288

1945—Jan. 25.
Feb. 22.
Mar. 29.
Apr. 26.
May 31.
Aug. 30.
Sept. 27.
Oct. 31.

75,151
75,151
75,151
75,151
75,151
75,151
75,151
5
65,152

42
42
44
44
45
46
46
47

47,842
47,894
48,483
48,257
48,141
48,703
49,363
60,087

Special

2

1,379
652
1,797
2,345
661
12
169
29

1
48
16
9
2

For occupation
costs3

Other

Deposits
Other
assets

Other

2

8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
5.149
3,646
4,517
5,368
7,543

72,317
142,507
210,965
326,973

17,698
31,909
20,627
34,673
63,900
69,500
68,250
64,400

6,045
4,856
18,592

409,200
409,200
426,000

71,500
70,850
15,850

26,360
23,473
16,601
14,967
10,162
12,936
14,242
20,442

426,000
426,000
426,000
426,000
426,000
426,000
426,000
426,000

7,700
17,550
20,900
19,750

7

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
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
218,383
270,144
382,774
500,386

737
624
898
311
322
718
862
089
461
061
914
984
,517
770
578

21,160
23,799
35,221

576,909
584,820
572,510

750
729
748

562,416
568,900
580,123
580,944
548,945
469,652
496,258
528,945

3,196
778
775
756
774
80,246
53,598
30,793

7
45,435
7
37,903
7
42,093
7
43,634
7
35,403
7
41,666
7
42,717
7

46,152

Other
liabilities

Note
circulation
Government

Other

41,400
64,580
16,857
10,724
12,309
1,853

Reichsbank

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.

Reserves of gold and
foreign exchange
Total
reserves

31.
31.
31.
31.
30.
31.
31.
31.
31.
31.
30.
31.
31.
31.
31.

687
685

156
920
396
84
88
72
76
76
78
78
77
76
77

Gold
2,283
2,216
984
806
386
79
82
66

71
71
71
71
71
71
71

Bills (and
checks),
including
Treasurybills

1,812
2,241
1,989
2,041
1,940
1.907
2,113
2,557
3,160
2,718
2,925
3,586
3,894
4,461
4,872

43,343
46,899
37,855

5,472
890
078

50,382
43,697
39,951
42,302
57,231
50,005
53,156
52,552

,852
797
5,075
950
7,701
4,600
4,506
5,617

Liabilities

Assets

(Figures in millions of
reichsmarks)

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

Securities
Security
loans

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

Eligible
as note
cover

Other

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

Other
assets

Note
circulation

Deposits

755

Other
liabilities

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
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
3,649
5,292
8,186

736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
1,493
1,680
1,980

656
638

1,065
1,114
735
827
853
765
861
1,621
2,498
2,066

652

1944—Mar. 31
Apr. 29.
May 31
June 30
July 31
Aug. 31
vSept. 30
Oct. 31
Nov. 30
Dec. 30.

77
77
77
77
77
77
77
77
77
77

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

1,788
1,833
1,915
004
054
185
160
2,216
2,264
2,445

1945—Jan. 3 1 .
Feb. 28.

77
77

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

1
Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, pp. 406-407;
January
1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
2
For
explanation of this item, see BULLETIN for July 1940, p. 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000
million
francs were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
&
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 gjld 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.




FEDERAL RESERVE

BULLETIN

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
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
("hecks 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):
Gold-'
Foreign exchange
Loans to Government
Other loans and discounts
Claim against Rank of Issue. . . .
Other assets
Note circulation
Demand deposits
Blocked Treasury account 2
Notes and blocked accounts. . . .
Other liabilities
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 BulgariaCentral 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
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Deposits
Other liabilities
National Bank
of Czechoslovakia
in Prague 6 (millions of koruny):
Gold
'
Foreign exchange
Loans and discounts
Other assets
Note circulation—Old
New
Deposits
Other liabilities

1945

Nov.

Oct.

1 ,235.
3,280
871

Sept.

Nov

1 .242
3,188
877

1 .242
2,439
878

2,622
1,631
616
213

159
2,264
1,339
620
174

182
221

175
214

127
196

172,780
1,925

1,752

164
2,68:
1 , 743
536

415,38 418,0
12,755 11.808
188,714 185.964
227,876 222,003
27,086 29.629
159,172 154,313

31 ,166 30,604
4,820
5,309
44,686 46,342
1 ,095
451
64.59
64.597
1,283
1 ,218
66.761 65,924
3,237
4,065
•H4.493 :'14,493
62,029 62.921
1.119
1,127

30.426
3,944
47,370
634
64.597
> 1.211
64,301
4.978
3
14,493
63.301
1.110

768
550
372
630
42
234
1 ,459
1,008
129

726
531
363
631
42
232
1-.419
1,007
99

287
385
706
549
1 .686
2,616
475
195
326

28
214
706
,010
,392
, 729
353
186
341

600
423
287

641
41
87
1,198
770
111

273
316
715
923
1,157
2,393
436
190
365

99,388 84,952
97,706 108,401
16,315 16,542
67.870 66,696
32,363 33,463
73,612 172,765
86,198 84,538
53,833 52,750

59,920
18,022
17,581
67,169
25,824
59,469
46,269
82,778

1.517
793

1,517
787

27,840
16.723
15.827
78.548
19,052

02,483
38,021

1,517
800
3. 794
55,027
32,705

48.430
18,336

13,942
14,491

Central Bank
(Figures as of last report
date of month)

1945
Nov.

Oct.

1944-

Sept.

Nov.

National Bank of Denmark
(millions of kroner):
97
97
97
Gold
97
22
30
Foreign exchange
71
110
Clearing accounts (net)
2,946 2,935 2,934 2, 720
Loans and discounts
29
33
46
41
Securities
94
69
68
73
85
Govt. compensation account 7 . .
65
65
Other assets
4,979 5,001 5,088 4.199
Note circulation:
1,421 1,350 1,242 1,621
Deposits—Government
2.829 2.903 3,001 2,160
Other
3,662 3,012
3,618 3,5
453
Other liabilities
443
452
Central Bank of Ecuador
(thousands of sucres):
(Aug.)'
Gold
288,829 283,780
Foreign exchange (net)
111,402 174,043
122,47
Loans and discounts
83,361
Other assets
87,016 109,756
Note circulation
327,737 305.183
249,57 288,254
Demand deposits
Other liabilities
32,410 57,503
National Bank of Egypt 9 (thousands of pounds):
Gold
6.241
6,241
Foreign exchange
17.137 14,684
5,416
Loans and discounts
3,681
British, Egyptian, and other
291,047 256,940
Government securities
Other assets
26,116 19,862
Note circulation
128,143 115,288
Deposits- -Government
72,539 64,868
Other
129,107 109,355
Other liabilities
14,432 13,633
Central Reserve Bank of El Salvador (thousands of colones):
Gold
33.04 33,066 33.167
Foreign exchange
36,415 36,430 28.614
Loans and discounts
2.304
2,126
1.075
Government debt and securities.
6.444 6,067
6,485
1,855
I
Other assets
1,905
1.360
Note circulation
43,769 43,639 44.494
Deposits
29,210 29,494 19,001
Other liabilities
7,000 6,966
6,789
Bank of Finland*
Bank of Greece 5
National Bank of Hungary
(millions of pengd):
Gold
*
100
Foreign exchange reserve
3
Discounts
11.977
Loans—To Treasury
511
To foreign countries. . . .
1 ,074
Other...
1,082
Other assets
Note circulation
10,672
Demand deposits
2,713
Consolidated foreign credits of
1931
10
1,352
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
444
444
444
Gold at home and abroad. .
8,663
10,493 10,423
Sterling securities
578
578
578
Indian Govt. securities
182
182
126
Rupee coin
9,731
Note circulation
11,561 11.418
Banking department:
209
81
136
Notes of issue department. .
5,330 4,985
Balances abroad
3,392
36
1
Treasury bills discounted..
5
Loans to Government
283
264
158
Other assets
5.532 5 .290 3,431
Deposits
203
217
205
Other liabilities
Central Bank of Ireland (thousands
of pounds):
Gold...
2 ,646 2.646 2.646 2 .646
34.809 33.288 31,895 29.165
Sterling funds
37,455
35,934 34,541 31,811
Note circulation
Bank of Japan 6
Bank of Java'

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.
- 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.
1
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 tor July 1943, p. 697; of Finland (August 1943),
see BULLETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java
(January
1942). see BULLETIN for March 1943, p. 278.
e
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. 823, 1942.
Latest month available.
9
Items for issue and banking departments consolidated.

JANUARY

1946




99

CENTRAL BANKS—Continued
1944

Central Bank
(Figures as of last report
date of month)

Nov.

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):
Silver (including subsidiary coin)
Foreign bills
Discounts
Loans
Other assets
Note circulation—Old 3
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 1 abilities
Bank of Portugal (millions of escudos):
Gold*
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of Rumania 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

Oct.

740

713
1
4,535
1
147
117
440
1,011
2,596
519
465
482

Sept.

72:

Nov.

580

1,975
377
45
1,604
1,356
177

1,930
361
64
1,549
1,359
174

1,428
421
74
1,298
1,023
182

713
1
4,509

713

931

4,491

4,458
1
147
147
5,007

136
123
563
748
2,560
834
294
482

130
126
1,683
1', 330
1,303
664
481

''"105
"'341
232

2,802
2,802
70,804 36,701
22,365 26,072
10,997 11,73
1,071
2,195
41,015 38,212
63,051 37,554
3,741
3.972

3,323
27,50=
6,04:
10,526
361
27,564
18,085
2,111

115,807
31,404
3,909
108,226
65,61
188,332
5,401

3,323
23,983
7,434
10,551
360
27,626
15,992
2,033
(July)"
142,340
25,278
572,322
28,198
474,040
264,27
29,825

137,395
18,83?
437.423
23,844
406,084
181,967
29,451

(Aug.)
1,41<
6,383
9,620
282
1,020
762
7,717
10,884
885

1,412
5,515
9,089
260
1,02.'
778
7,374
9,867
835

113,7
28,760
3,825
105,8865,846
180.514
5,

98,447
20,033
5,637
94.758
54,294
159,263
5,319

1,188
597
15,779
3,424
2,262

1,135
609
16,207
3,043
1,797

1945

Central Bank
(Figures as of last report
date of month)

Nov.

Bank of Spain Continued
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Sweden (millions of kroner) •
Gold
Foreign assets (net)
Swedish Govt. securities and ad-9
vances to National Debt Office
Other domestic bills andadvance^
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 circi#ation
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):
Gold10
Foreign exchange (net)
Credits to national banks
Other assets
Note circulation—Central Bank.
National banksDeposits
Other liabilities
National Bank 1of 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

Oct.

Sept.

Nov.

17,647
1,389
3,728
486

16,928
1,335
3,941
588

1,046
817

1,046
783

1,057
814

1,017
563

1,432
42
1.127
2,546
1.048
82
787

1,203
22
1.096
2.567
69'/
183
704

1,289
20
1,024
2,576
801
233
595

1,263
76
1,049
2,286
772
228
682

4,798
125
104
89
3,725
1,093
298

806
111
294
89
704
,298
298

4,697
129
191
93
3,640
1.169
301

4,502
94
91
124
3,337
1,186
288

294,692 294,692 276,379
53,834
794,839
168,531
21,654
918,075
85.586
150.341
179,549

54,087
804.199
169,752
21,650
929,535
85,586
142,002
187,258

56,308
831,654
176,216
25,029
964,081
85.583
47,133
168,789

122,751 122,674
154,644 143,908
186,829 119,141
26,912 32,001
8,012
94,625
317,194
295,082
338,489

18,239
93,792
295,103
248,933
309,342

516,903 484,013 484,011 313,547
37,672 72,849 68,683 45.202
14,310 14,31( 14,310 26,370
15,409 13,338 13,551 25.053
340,338 327,658 332,609 278,832
10,365 10,869 11,089 18,984
225,77 236,533 229.396 105,105
7,250
7,461
7,821
9,451

118,285 118,285 111,257
42,924 42,258 45,620
9,439
8,338 13,184
81,936 84,411 72,293
2,750 14,968
2,750
198.879 197,701 200,571
244
118
113
16,962 16,978 20,121

3.671
2,021

3,671
2,032

6,633
2,985

229,001 229,00 229,001
202,675 202,174 199,397

1

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.
4
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.
5
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 7the end.of December 1944.
6
Latest month available.
Valued at average cost beginning October
1940
s
9
Beginning July 1945, end-of-month statements have been available.
Includes small amount of non-Government bonds.
10
Beginning Octoberu 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.
3

100



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
Mav 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 Dec. 31,
1945

United
Kingdom

France

2
4
6
5
4

2

Germany

Belgium

4

2

Netherlands

Sweden

2

2Y2

Switzerland

..!*..

Rate
Dec.
31

Central
bank of—

2V2

"3 " "

3
2

4
3
2>2

4

3

3
2

Rate
Dec.
31

Central
bank of—

Date
* effective

Java

Italy
Japan

4
3.29
3
5
Latvia
Lithuania.. . . 6

Sept.
Apr.
Jan.
Feb.
July

11, 1944
7, 1936
14, 1937
17, 1940
15, 1939

3
Nov. 28, 1935
5
Dec. 1, 1940
1V2 Feb. 8, 1944
Dec. 16, 1936
4 2 July 18, 1933
Oct. 28, 1945

Mexico
Netherlands .
New Zealand.
Norway
3
Peru
5
Portugal
2V2

June
June
July
May
Aug.
Jan.

4,
27,
26,
13,
1,
12,

1942
1941
1941
1940
1940
1944

4
7
3

May
June
Dec.
Feb.
Nov.

8,
2,
1,
9,
26,

1944
1941
1938
1945
1936

Albania
Argentina
Belgium
Bolivia

6

British India. .
Bulgaria
Canada
Chile
Colombia
Czechoslovakia

Denmark
Ecuador
El Salvador. . .
Estonia
Finland

3XA
3

Date
effective

Mar.
Mar.
Jan.
Nov.

4

21, 1940
1, 1936
16, 1945
8, 1940

4
3
4

Oct.
May
Mar.
Oct.
Dec.

16, 1940
26, 1938
30, 1939
1, 1935
3, 1934

Rumania. . . .
South Africa.
Spain
Sweden
Switzerland. .

Jan.
Apr.
Apr.
Oct.
Nov.

20, 1945
9, 1940
10, 1945
22, 1940
23, 1943

4
Turkey
United King2
dom
U. S. S. R . . . . 4
Yugoslavia. . 5

VA

3
2

France
Germany
Greece
Hungary
Ireland

3Y2
3

"\y2"

••P

2

"2)4"

2V2

z

10
3

2

2V2

July

1, 1938

Oct. 26, 1939
July 1, 1936
Feb. 1, 1935

NOTE.—Changes since Nov. 30: none.

OPEN-MARKET RATES
[Per cent per annum]
United K i n g d o m
Month

Bankers'
acceptances
3 months

Treasury
bills
3 months

Day-to-day
money

1929—Oct..
1930—Oct..
1931—Oct.
1932—Oct..
1933—Oct..
1934—Oct..
1935—Oct..
1936—Oct..
1937—Oct..
1938—Oct..
1939—Oct..
1940—Oct..
1941—Oct..
1942—Oct..
1943—Oct..
1944—Oct..

6.13
09
68
.82
.79
.77
.63
.56
.55
.70
1.88
1.03
1.03
1.03
1.03
1.03

6.19
2.13
5.46
.71
.73

77
.02
.00
.00
.00
.00

5.45
1.65
4.36
.71
.75
.75
.75
.75
.75
.75
1.71
1.00
1.00
1.04
1.00
1.10

1944—Nov.
Dec.
1945—Jan..
Feb..
Mar.
Apr..
May
June
July.
Aug.
Sept.
Oct..

1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
.83

1.00
1.00
1.01
1.00
1.00
1.01
1.00
1.00
1.00
1.00
1.00
.75

1.00
1.02
1.00
1.00
1.00
1.00
1.03
1.13
1.13
1.13
1.13
.96

.68
.62

.54
.53
.68

Germany
Bankers'
allowance
on deposits

4-1

Private
discount
rate
7.28
4.66
8.00
3.88
3.88
3.81
3.04
2.94
.88
.88
2.75
2.25
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13

Netherlands

Day-today money

Private
discount
rate

Money
for
1 month

8.06
5.15
9.21
4.94
5.11
4.63
3.13
2.82
2.81
2.70
2.23
1.87
1.76
1.80
1.84

5.15
1.59
2.76
.37
.50
.59
4.70
1.87
.13
.21
1.90
2.25
1.88

4.52
1.48
3.07
1.00
1.00
1.00
5.00
2.51
.50
.50
2.24
2.75
2.25

Sweden
Loans
up to 3
months

Switzerland
Private
discount
rate
3.38
1.29
1.90
1.50
1.50
1.50
2.37
1.69
1.00
1.00
1.25
1.31
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
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. 656661, and for description of statistics see pp. 571-572 in same publication.

JANUARY

1946




101

COMMERCIAL BANKS

(11 London clearing
banks. Figures in
millions of pounds
sterling)

Liabilities

Assets

United Kingdom *
Cash
reserves

Money at
call and Bills dis- Treasury
deposit 2
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.

243
274
324
366
390
422

160
174
159
141
142
151

250
334
265
171
198
133

314
758
896
1,307

635
609
771
999
1,120
1,154

971
1,015
924
823
794
761

2,254
2,441
2,800
3,329
3,629
4,032

1,256
1,398
1,770
2,168
2,429
2,712

997
1,043
1,030
1,161
1,200
1,319

269
256
250
253
236
245

1944—November.
December.

460
500

205
199

198
147

,548
,667

1,192
1,165

748
772

4,398
4,545

2,922
3,045

1,475
1,500

245
250

1945—January. . .
February..
March....
April
May
June
July
August.. . .
September.
October. . .

460
455
464
472
482
494
500
511
518
513

198
188
180
180
196
195
198
233
226
201

159
140
149
109 "
120
135
181
195
215
189

,663
, 639

1,165
1,160
1,153
1,140
126
128
123
126
146
1,178

765
769
780
749
757
774
767
769
771
799

4,462
4,405
4,459
4,525
4,617
4,752
4,819
4,875
4,898
4,859

2,968
2,904
2,944
2,994
3,064
3147
,147
3,205
3,236
3,266
3,277

1,495
1,501
1,516
1,530
1,553
1,605
1,613
1,638
1 ,632
1,582

248
250
246
245
243
243
244
244
247
254

,681
1,821
1,882
1,939
1,994
1,993
1,971
1,925

Liabilities

Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)

Security
loans
abroad
and net
Other
due from
loans and foreign
discounts
banks

Deposits payable in Canada
excluding interbank deposits

Entirely in Canada

Cash
reserves

Security
loans

Securities

Other
assets

circulation

Other
liabilities
Total

Demand

Time

1938—December.
J939—December.
1940—December.
1941—December.
1942—December.
1943—December.

263
292
323
356
387
471

65
53
40
32
31
48

940
1,088
1,108
1,169
1,168
1,156

166
132
159
168
231
250

1,463
1,646
1,531
1,759
2,293
2,940

535
612
570
653
657
744

88
85
80
71
60
42

2,500
2,774
2,805
3,105
3,657
4,395

840
1,033
1,163
1,436
1,984
2,447

1,660
1,741
1,641
1,669
1 ,673
1; 948

1944—November.
December.

586
550

81
92

1,275
1,211

236
214

3,577

774
782

34
34

5,221
5,137

2,877

2,343

3,611

1,273
1,289

1945—January.. .
February. .
March
April
May

567
539
544
598
622
622
591
581
582
640

95
80
78
82
125
123
135
112
109
130

1,156
1,125
1,094
1,047
1,299
1,142
1,079
1,021
1,002
1,00<>

244
254
219
269
251
248
237
242
237
242

3,571
3,624
3,606
3,799
3,885
3,996
3,802
3,835
3,960
4,159

731
717
708
750
775
766
769
789
750
812

32
31
31
30
29
29
28
28
27
27

5,049
5,021
4,938
5,210
5,616
5,540
5,269
5,229
5,269
5,573

2,525
2,390
2,214
2,475
3,053
2,894
2,528
2,396
2,331
2,582

2,524
631
2,725
2,735
2,563
2,646
2,741
2,833
2,935
2,992

1,283
1,287
1,280
1,306
1,312
1,326
1,316
1,324
1,344
1,392

June

July
August
September
October. . .

Assets

France
(4 large banks. End
of month figures in
millions of francs)

Cash
reserves

Due from
banks

Bills discounted

843
963

846

962

1,049
1,172

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

133
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

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

7,776
7,414
7,499

8,092
10,377
10,555
10,175

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.

102




FEDERAL RESERVE BULLETIN

FOREIGN EXCHANGE RATES
(Averages o f certified noon buying rates in New Yo rk for ca Ac transfers.

Argentina

Australia

(PC so)

(pound)

Year or month
Official
1937
1938
1939
1940
1941
1942
1943
1944

32.959
32.597
30.850
29.773
29 773
29 773
29.773
29 773
29.773
"r 3

1944--Dec
!945—jan.
Feb
Mar.
Apr
Mav
June
July
Aug
Sept
Oct
Nov

29
29.
29
29.
29.
?9
29.
29.

"73
"73
"73
T
73
"73
"73
"73
"73
29. "73
29. "73

Year or month

1944-Dec
1945--Jan..
Feb
Alar.
May.

June
Julv
Aug
Sept
Oct
Nov

2322.80
23 704 T?? 80
2 3 704 3?2 80
24.732
322.80
? 5 1 ? 5 3?2 80

2

25.125
?5 1 ?5
25.125
~> 5 125
25 125
25.125
24 1 ?5

25.125
25.125
25 1 ? 5
25.125
25.125

322.80
3?2 80
322.80
32? 80
322.80
322.80
32? 80

Free
393.94
389 55
353.38
305.16
321 27
321 50
2321.50

8.6437
5 8438
6.0027
6.0562
6 0575
6 0584
6.0586
6 0594

6.0602
6 060?
6.0602
6 060 7
6.0602
6.0602
6 060 ?
321.35
6.0602
320.87
6.0602
3?0 70
6 0602
321.31 2.2879 6.0602
321.41 2.2857 6.0602

22.069
21.825
20.346
219.308

2.1811 4.0460 40.204
2 A667
1.9948
1.8710
22.0101

57.220
57.180
57.140
57 036
56.980
........ 56.980
56.980
56.980
56.980
56.980
56.980
56.980

Year or month

3.3752
3.3788
3.3704
23.3760

Official

Free

British BulIndia garia
(rupee)

(lev)

6.1983 37.326 1.2846
36 592 1 2424
5.1248 33.279 21.2111
5.0214 30.155
5 0705 30 137
5 1427 30 1 7 7
5.1280 30.122
5 1469 30 1?2
5.1803
5 180 3
5.1803
5 180^
5.1802
5.1802
5 1802
5.1802
5.1802
5 180?
5.1802
5.1802

30.122
30 12?
30.122
30 12?
30.122
30.122
30 1 ?2
30.122
30.122
30 1 >2
30J22
30.122

Canada

Chile

(dollar)

(peso)

Official

2.8781 40.164
2.5103 40.061
22.0827 40.021
. .0. . . . 239.968

.9055
. 8958
.8153
2.6715

30.694
30.457
2 7.454
22.958
224.592

90.909
90 909
90.909
90 909
90.909
90.909
90 909
90.909
90.909
90 909
90.909
90.909

19.779 5.2607
19.727 5.2605
19.238 5.1959
18.475 5.0407
219. 7 7(1 25.0703

SwitzRuma- South Spain Straits
Settle- SweNorway Poland Portuerlanc
den
gal
nia Africa
(krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc)
(dollar)

24 840 18 923
?4 S66 18 860
23.226 -'18.835
222.709

1944—Dec
1945—Jan
Feb
Mar..
Apr
May-

June

July
Aug. .
Sept
Oct
Nov

4 4792
4 4267
4.0375
3.7110
24.0023

7294
73?5
.7111
2.6896

Neth- New
Japan Mexico erlands Zea(yen)

28.791
28.451
25.963
23.436
223.439

Uni ted
King dom
(poiind)

489 62
484 16
440.17
397.99
398.00
398.00
398.00
398 00

6 053 57 973 25 487 ?? 938
5 6()(1 56 917 ?5 197 22 871
10.630 51.736 23.991 22 525
9 322 46.979 23.802 22.676 2403.50
29.130 247.133 223.829 223.210 403.50
46. 919
403.50
403.50
403 50

398.00
398.00
398 00
398 00
398 00
398 00
398.00
398 30
400 50
400 50
400.50
400.50

403.50
403.50
403.50
403 50
403.50
403 50
403.50

24.0000 29.606
4.0000 21.360
4.0000 11.879
4.0000 6.000
24.0000 25.313

89.747
89 968
90.553
90 295
90.506
90.753
90 828
90.736
90.475
89 908
90.358
90.736

2.0189
2.0189
2.0189
2.0186

Official
1937
1938
1939
1940
1941
1942
1943
1944

Free

China

(yuan
Shanghai)
Official Export

100.004 5.1697
99.419 5.1716
96.018 5.1727
290.909 85.141 5.1668
90 909 87.345 25.1664
90 909 88 379
90.909 89.978
90 909 89 853

FinGerHong H u n - Italy
land France many Greece
(drach- Kong gary
(mark(reichs(franc)
(dollar)
(pengo) (lira)
ma)
(koruna) (krone)
ka)
mark)

56,726 3.4930
55.953 3.4674
57.061 "3.4252
57.085
57.004
57.052
57.265
57 ?72

:

Official

Brazil
(cruzeiro1)

Colom- Czecho- Denbia slovakia mark
(peso)

1937
1938
1939
1940
1941
1942
1943
1944

Special
Export

Belgium
(franc)

In rents p( jr unit 0 foreign currene>

Free
494 40
488 94
443.54
383.00
403.18
403.50
2403.50

402.96
402.69
402.49
403.24
403.38

(peso)

(guild- land
er)
(pound)

27.750 55.045
22.122 55.009
19.303 53.335
18.546 253.128
20.538
20.569
20.577
20 581

396.91
392.35
354.82
306.38
322.54
322.78
324.20
324 4?

20.58?
20.582
20.582
20 582
20.582
20.582
20.582
20.582
20.581
20.578
20.578
20.578 •37.933

324.42
324.42
324.42
324 42
324.42
324.42
324.42
322.69
322.16
321.99
322.60
322.70

Uruj
(pe so)

trolled

Noncontrolled

Yugoslavia
(dinar)

79.072
2.3060
64 370
2 3115
62.011 236.789 2.2716
65.830 37.601 2.2463
65.830 43.380 22.2397
65.830 52.723
65.830 52.855
65.830 53 506
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830

54.196
54.197
54.197
54.197
54.253
54.265
54.265
55.489
56.125
56.175
56.282
56.290

1
2
3
1

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.
JANUARY

1946




103

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)

1

France
(1913 =
100)
695

134

427
398
376
338
411
581
653
707
2
901

97
93
98
102
104
106
106
107
110
112
114
116

124

1926 ....

100

100

1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

65
66
75
80
81
86
79
77
79
87
99
103
104

67
67
72
72
75
85
79
75
83
90
96
100
103

86
86
88
89
94
109
101
103
137
153
159
163
166

1944—November
December
1945—January
February
March
April
May
June
July
August
September
October
November

104
105
105
105
105
106
106
106
106
106
105
106
107

102
103
103
103
103
103
103
103
104
103
103
103

167
167
167
167
168
168
168
170
171
171
170
169

Italy
(1928 =
100)

Germany
(1913 =
100)

Japan
(October
1900 =
100)

Netherlands
(1926-30
= 100)

Sweden
(1935 =
100)

Switzerland
(July 1914
= 100)

237

106

i 126

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
195
196
196
196
197
196
194
191
191

222
221
221
221
221
221
221
222
222
223
222
220

70
63
62
68
76
89
95
99
116
132

118

P169

P Preliminary.
Approximate figure, derived from old index (1913=100).
Average based on figures for 5 months; no data available since May 1940, wnen figure was 919.
»Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
1
2

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]

Year or month

R a w and Fully and
chiefly
partly
Other
Farm
manumanucommod- products
factured factured
ities
goods
goods

Farm
products

Foods

100

100

100

100

100

100

48
51
65
79
81
86
69
65
. 68
82
106
123
123

61
61
71
84
82
86
74
70
71
83
100
107
105

70
71
78
78
80
85
82
81
83
89
96
97
99

48
51
59
64
69
87
74
64
67
71
83
96
103

55
57
64
66
71
84
73
67
75
82
90
99
104

70
70
73
73
74
81
78
75
82
89
92
93
94

124
126
126
127
127
129
130
130
129
127
124
127
131

105
106
105
105
105
106
107
108
107
106
105
106
108

99
99
99
99
99
99
99
100
100
100
100
100
100

103
103
104
105
105
105
105
106
108
106
104
104

103
104
104
105
105105
105
106
107
106
105
105

94
94
94
94
94
94
94
94
94
94
94
94

1926
1932
1933
1934 .
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1944—November
December
1945—January
February
March
April
May
June
Julv
August
September
October
November

Germany

United Kingdom
(1930=100)

Canada
1926 = 100

United States
(1926 = 100)

Foods

88
83
85
87
92
102
97
97
133
146
158
160
158
156
157
156
157
156
156
156
160
161
161
158
158

(1913 =100^

IndusIndusIndusAgricul- trial raw trial
fintrial
tural and semi- ished
products products finished products
products
129

130

150

85
87
90
90
96
112
104
106
138
156
160
164
170

91
87
96
102
105
105
106
108
111
112
115
119

89
88
91
92
94
96
94
95
99
100
102
102

118
113
116
119
121
125
126
126
129
133
134
135

173
173
173
173
174
174
175
175
176
176
175
175

122

103

137

Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.

104




FEDERAL RESERVE

BULLETIN

PRICE MOVEMENTS IN PRIN CIPAL COUNTRIES—Continued

Year or month

RETAIL FOOD PRICES

COST OF LIVING

[Index numbers]

[Index numbers!

CanUnited
ada
States
(1935-39 (1935-39
= 100)
= 100)

United
Kingdom
(July
1914
= 100)

SwitzGerN e t h e r - erland
manv
lands
(1913-14 (1911-13 (June
1914
= 100)
= 100)
= 100)

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

94
100
101
105
98
95
97
106
124
138
136

93
95
98
103
104
101
106
116
127
131
131

122
125
130
139
141
141
164
168
161
166
168

118
120
122
122
122
123
128
129
132
134

1944—November.
December..
1945—January...
February. .
March
April
May
June
July
August....
September.
October
November.

137
137
137
137
136
137
139
141
142
141
139
139
140

132
130
130
131
131
131
132
133
136
136
134
133
Pi 34

168
168
168
168
168
168
168
170
176
172
169
169
169

136

2

124
118
120
127
130
130
140

United
CanStates
ada
(1935-39 (1935-39
= 100)
= 100)

Year or month

United
Kingdom
(July
1914
= 100)

SwitzNether- erland
Gerlands
many
(June
(1911-13
(1913-14
1914
= 100)
= 100)
= 100)

115
114
120
130
130
132
146
175
200
211
215

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

96
98
99
103
101
99
100
105
117
124
126

96
96
98
101
102
102
106
112
117
118
119

141
143
147
154
156
158
184
199
200
199
201

121
123
125
125
126
126
130
133
137
139

215
215
216
216
216
216
216
217
217
216
216
213

1944—November.
December..
1945—January...
February
March
April
May
June
July
August....
September.
October
November.

127
127
127
127
127
127
128
129
129
129
129
129
129

119
119
119
119
119
119
119
120
120
121
120
120
»120

201
201
202
202
202
202
203
204
207
205
203
203
203

141

1

3

140
136
132
137
139
140
148

129
128
130
137
137
138
151
174
193
203
208
208
208
209
209
209
209
210
210
211
210
210
208

P 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.
3
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
1

2

SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds

Year or month

United
States
(derived
price)1

United
Germany
Kingdom
France
(December (1938 = 100)2 (average
price)3
1921 =100)

15

87

1938
1939
1940
1941
1942
1943
1944

111.1
113.8
115.9
117.8
118.3
120.3
120.9

121.3
112.3
118.3
123.8
127.3
127.8
127.5

100.0
114.2
« 114.2
» 143.4
146.4
146.6
150.5

1944—November
December
1945—January
February
March
April
May
June
July
August
September
October
November

120.9
121.4
121.6
121.9
122.7
122.9
122.3
122.1
122.3
121.7
121.6
121.9
122.0

127.9
128.1
128.5
128.7
128.7
129.3
128.1
127.8
128.3
128.3
128.2
128.5
127.8

151.9
152.3
153.8
154.2
154.4
153.1
153.8
151.9
151.1
P150.6
P150.9
P15O.2
P150.3

Number of issues

Common stocks

50

3

139

99.9
99.0
100.7
103.0
e 103.3

Netherlands 4

8
105.9
90.9
7
77.9
84.3
94.7
98.5

(1926 = 100)

United
States
(1935-39
= 100)

United
Kingdom

402

278

88.2
94.2
88.1
80.0
69.4
91.9
99.8

80.8
75.9
70.8
72.5
75.3
84.5
88.6

100.1
94.1
114.6
136.8
142.1
145.0

100
112
• 140
• 308
479
540
551

102.7
104.7
108.4
113.0
111.8
114.4
118.2
120.7
118.4
117.9
126.1
132.0
136.9

90.1
90.1
91.0
90.6
91.1
92.0
92.8
92.8
93.7
91.4
92.0
93.2
94.5

145.2

527
489
512
505
498
469
414
386
360
P421
P477
P467
P441

France
(1938 = 100)2
Germany
(5)

300

Netherlands
(1930=100)

100
95.8
89.7
8
95.0
129.0
131.5
151.0

v Preliminary.
1
Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds.
Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking
and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
Published by the Ministry of National Economy with new base of 1938 =100. Figures are for the last Friday of each month. The number of bonds
included in the new index was increased to 50 (formerly 36), while the number of stocks remained the same. For complete information on the composition
of the bond and stock indexes see "Bulletin de la Statistique Generale" December 1942, pp. 511-513, and July-August 1942, pp. 364-371, respectively. For
back figures for both indexes from 1938 through 1941 on a monthly basis see "Bulletin de la Statistique Generale" for October-December 1944, pp. 274-276.
3
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4K per cent. The series prior to that
date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
4
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 =100; average yield in base year was 4.57 per cent. For new index beginning
January 1937, Jan.-Mar. 1937 =100; average yield in base period was 3.39 per cent.
5
This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941 it was down to 287.
6
7
Average based on figures for 5 months; no data available June-Dec.
Average based on figures for 7 months; no data available May-Sept.
8
Average based on figures for 9 months; no data available May-July.
• Average based on figures for 10 months; no data available Jan.-Feb.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.

JANUARY 1946




105

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
VIARRINER S. ECCLES,

Chairman

RONALD RANSOM, Vice

Chairman

M. S. SZYMCZAK

ERNEST G. DRAPER

JOHN K. M C K E E

R. M. EVANS

ELLIOTT THURSTON, Assistant to the Chairman

CHESTER MORRILL, Special Adviser to the Board of Governors
OFFICE O F T H E SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary

LEGAL DIVISION
WALTER WYATT, General Counsel
GEORGE B. VEST, General Attorney

J. LEONARD TOWNSEND, Assistant General Attorney
DIVISION OF RESEARCH A N D STATISTICS

DIVISION OF BANK OPERATION!
EDWARD L. SMEAD, Director

J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
DIVISION OF SECURITY LOANS
CARL E. PARRY, Director

BONNAR BROWN, Assistant Director

DIVISION OF PERSONNEL ADMIN]
RoBERT R LE
™ A R D , Director

WOODLIEF THOMAS, Director

HOWARD S. ELLIS, Assistant Director
CHANDLER MORSE, Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director

FRED A. NELSON, Assistant Director

DIVISION OF EXAMINATIONS

OFFICE O F ADMINISTRATOR FOR WAR LOANS

LEO H . PA ULCER, Director

EDWARD L. SMEAD,

C. E. CAGLE, Assistant Director

GARDNER L. BOOTHE, II, Assistant

FEDERAL
OPEN MARKET COI 1MITTEE
MARRINER S. ECCLES,

Chairman

ALLAN SPROUL, Vice

Chairman

ERNEST G. DRAPER
R. M. EVANS
RAY M. GIDNEY
R. R. GILBERT
H . G. LEEDY
JOHN K. M C K E E
RONALD RANSOM
M. S. SZYMCZAK
ALFRED H . WILLIAMS
CHESTER MORRILL, Secretary

S. R. CARPENTER, Assistant Secretary
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

!06




Administrator

Administrator

FEDERAL
ADVISORY COUNCIL
[December 31, 1945]
CI-IAS. E. SPENCER, JR.,

BOSTON DISTRICT

Vice President
JOHN C. TRAPHAGEN,

N E W YORK DISTRICT

W I L L I A M F . KURTZ,

PHILADELPHIA DISTRICT

JOHN H . M C C O Y ,

CLEVELAND DISTRICT

ROBERT V. FLEMING,

RICHMOND DISTRICT

KEEI-IN W . BERRY,

ATLANTA DISTRICT

EDWARD E. BROWN,

CHICAGO DISTRICT

President
RALPH C. GIFFORD,

ST. LOUIS DISTRICT

JULIAN B. BAIRD,

MINNEAPOLIS DISTRICT

A. E. BRADS HAW,

KANSAS CITY DISTRICT

ED. H . W I N T O N ,

DALLAS DISTRICT

SAN FRANCISCO DISTRICT
GEORGE M. WALLACE,
WALTER LICHTENSTEIN, Secretary

BERT 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

Vice Presidents
E. G. Hult
J. C. Hunter2

Carl B. Pitman
O. A. Schlaikjer

J. W. Jones
L. W. Knoke
Walter S. Logan
A. Phelan
J. M. Rice

H. Y. Roelse
Robert G. Rouse
John H. Williams
V. Willis
R. B. Wiltse

Thomas B. McCabe
Alfred H. Williams
Warren F. Whittier
Frank J. Drinnen

W. J. Davis
E. C. Hill

C. A. Mcllhenny
Philp M. Poor manC. A. Sienkiewicz

Cleveland

George C. Brainard
Reynold E. Klages

J. W. Kossin 3
A. H. Laning

B. J. Lazar
W. F. Tavlor

Richmond

Robert Lassiter
W. G. Wysor

Ray M. Gidney
Win. H. Fletcher
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. Wavmack

W. S. McLarin, Jr.
Malcolm H. Bryan

Y. K. Bowman
L. M. Clark

H. F. Conniff
S. P. Schuesslcr

C. S. Young
Charles B. Dunn

Allan M. Black2
Neil B. Dawes
j . H. Dillard
E. C. Harris

John K. Langum
(). J. Netterstrom
A. L. Olson
Alfred T. Sihler

St. L o u i s . . . . . .

Russell L. Dearmont
Douglas W. Brooks

Chester C. Davis
F. Guy Hitt

O. M. Attebery
Win. E. Peterson
A. F. Bailey "
William B. Pollard
Henry H. Edmiston C. A. Schacht
C. M. Stewart

Minneapolis. . .

Roger B. Shepard
W. D. Cochran

J. N. Peyton
0. S. Powell

H. G. McConnell
A. W. Mills2
Otis R. Preston

E. W. Swanson
Sigurd Ueland
Harrv I. Ziemer

Kansas City. . .

H. G. Leedy
Robert B. Caldwell
Henry O. Koppang
Robert L. Mehornav

(). P. Cordill
L. H. Earhart
C. O. Hardy

John Phillips, Jr.
G. H. Pipkin 3
D. W. Woolley

Dallas

J. R. Parten
R. B. Anderson

R. R. Gilbert
W. D. Gentry

E. B. Austin3
R. B. Col em an
W. E. Eagle

W. O. Ford
W. H. Holloway
L. G. Pondroni

San Francisco.

Henry F. Grady
Harry R. Wellman

Ira Clerk
C. E. Earhart

J. M. Leisner3
H. N. Mangels

H. F. Slade
W. F. Volberg

Boston

Albert M. Creighton
Henry I. Harriman

New York

Beardsley Ruml
William I. Myers

Philadelphia. . .

Chicago

Ralph E. Flanders
William Willett
Allan Sproul
L. R. Rounds

OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of

Federal Reserve
Bank of

Chief Officer

Branch

New York.

Buffalo

I. B. Smith4

Cleveland.

Cincinnati
Pittsburgh

B. J. Lazar5
J. W. Kossin5

Richmond.

Baltimore
Charlotte

W7. R. Milford4 4
W. T. Clements

Atlanta. . .

Birmingham
Jacksonville
Nashville
New Orleans

P. L. T. Beavers4
Geo. S. Vardeman,
Jr.4
4
Joel B. Fort,
Jr.
E. P. Paris4

Chicago...

Detroit

E. C. Harris5

St. Louis. .

Little Rock
Louisville
Memphis

A. F. Bailey5 5
C. A. Schacht
William B. Pollard5

1

Also Federal Reserve Agent.

JANUARY

1946




2

Cashier.

3

Branch

Chief Officer

Minneapolis.... Helena

R. E. Towle4

Kansas City. . . . Denver
Oklahoma City
Omaha

G. II. Pipkin5
O. P. Cordill5 5
L. H. Earhart
W. E. Eagle5
L. G. Pondrom5
W. H. Hollowav'

El Paso
Houston .
San Antonio

Dallas

4
W. N. Ambrose
D.7 L. Davis4 4
W . L. Partner
C. R. Shaw4

San Francisco.. . Los Angeles
Portland
Salt Lake City
Seattle

Also Cashier.

4

Managing Director.

5

Yice President.

107

FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES

===

BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

5



if

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

®

FEDERAL RESERVE BANK CITIES

•

FEDERAL RESERVE BRANCH CITIES

OCTOBER I. 194S