Full text of Federal Reserve Bulletin : July 1945
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FEDERAL RESERVE
BULLETIN
JULY 194!
"«««»»»**
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
E. A. GOLDENWEISER
CARL E. PARRY
The Federal Reserve BULLETIN is issued monthly under the direction of the staff
editorial committee. This committee is responsible for interpretations and opinions
expressed, except in official statements and signed articles.
CONTENTS
PAGE
Review of the Month—Economic Effects of Changing War Program...
.. 635-643
Law Department:
Reserves of Federal Reserve Banks—Amendments to Federal Reserve Act
644-645
Reserves of Member Banks—Amendment to Regulation D. . .
Suit Regarding Removal of Bank Directors
645
,. 645-646
Consumer Credit—Disaster Credits
646
Alien Property Custodian—Executive Order Defining Duties
646
Foreign Funds Control—Treasury Department Releases
646-649
Current Events
650
National Summary of Business Conditions
651-65Z
Financial, Industrial, Commercial Statistics, U. S. (Sec p. 653 for list of tables)
653-703
International Financial Statistics (See p. 705 for list of tables)
705-717
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
718
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
719
Map of Federal Reserve Districts
72.0
Federal Reserve Publications (See inside of back cover)
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FEDERAL RESERVE BULLETIN
VOLUME 31
July 194s
NUMBER 7
ECONOMIC EFFECTS OF CHANGING
WAR PROGRAM
Victory in Europe set in motion economic
developments that reflect the change from
a world-wide to a one-front war. Prosecution of the war against Japan will continue
to make large though reduced demands
upon this country for materials, labor, and
transportation.
In the period immediately following the
cessation of the war in Europe, changes in
economic conditions in this country were
relatively small. There was some decline in
output of munitions, largely in accordance
with previously established schedules, but
no immediate sharp reduction. A number
of substantial cutbacks in war contracts
made and planned for in this period will be
reflected in production during coming
months. The program announced for the
redeployment of the armed forces envisages
a decline of about 1,300,000 men, or 10 per
cent, in the size of the armed forces by the
middle of next year.
Declines scheduled in munitions output
and in the armed forces will permit an
increase in production and employment in
civilian lines. It is likely, however, that
even with the resulting additions civilian
supplies will be far short of demands. Incomes will be maintained at a high level by
the large volume of Federal Government
expenditures and by the expanding volume
of civilian activities. Government exJuLY.1945
penditures will continue in excess of tax
and other receipts and there will be further
Government borrowing.
Holdings of
liquid assets by individuals and business
will continue to increase. Intensification of
hostilities in the Pacific may make shortages
of some products more acute and may also
greatly increase the overburdening of
domestic transportation facilities. In these
circumstances the problems of insuring
price stability, of allocating supplies to
essential uses, and of preventing speculative
activity will continue to be important.
DEVELOPMENTS SINCE VE DAY
Adjustments to the changed war situation
had been inaugurated in anticipation of the
actual cessation of hostilities on May 8.
Volume of munitions output in March,
which was the last month of production
under the full two-front war program, was
107 per cent of the 1943 average, according
to the War Production Board's index.
Munitions production declined 5 per cent in
April and decreased further in May to a
point about 15 per cent below the wartime
peak reached at the end of 1943. Output
of aircraft, ammunition, and combat and
motor vehicles, which had increased from
last autumn to March, has declined since
that time. Activity at shipyards, which by
March had been curtailed considerably, has
635
REVIEW OF THE MONTH
been reduced further since then and in May
was about 40 per cent below the peak level
at the end of 1943.
Reflecting primarily these changes in output at munitions plants, the Board's index
of industrial production, which had advanced somewhat to X35 per cent of the
1935-39 average in the first quarter of 1945,
declined in April to X3i, the level of the
last half of 1944. A similar decrease occurred in May, as shown in the accompanying chart.
vanced somewhat further, while prices of
corporate bonds and U. S. Government securities continued to show little change.
Retail buying, which had risen to an exceptionally high level in February and March,
declined considerably in April and increased
in May and the early part of June, after
allowance for seasonal changes.
Little change has occurred recently in the
agricultural situation.
Excellent early
pasture conditions have improved the feed
outlook and have resulted in increased milk
production. Output of other livestock
INDUSTRIAL PRODUCTION
products, however, has continued to fall
far short of domestic civilian demands after
war needs have been filled. Crop prospects
on June i were somewhat less promising
than two months earlier, but still compared
favorably with the past three years of large
harvests.
In the construction industry new contracts awarded in May were considerably
above the exceptionally low level prevailing
a year ago, reflecting increases in all types
of privately-owned building. Since VE
day restrictions on new construction and
repairs have been relaxed somewhat, but
activity is expected to remain at a relatively
low level for some time, owing to shortages
Note.—For a description of this breakdown of the index see subscript to chart on p. 841 of the September 1944 Bulletin. Latest month
of lumber and of numerous other building
shown is May 1945.
materials.
Employment at factories continued to
Freight carloadings in May and the first
decline somewhat in April and May, reflect- half of June of most major classes of coming chiefly the reductions in munitions modities, except coal, were maintained near
output. It appears, however, that the record levels for this season of the year.
over-all volume of unemployment has Production of coal was interrupted this
shown no noticeable increase. The workers spring by the negotiation of new wage
released from war plants have been largely contracts. More important from the standabsorbed in other activities or have with- point of 1945 fuel supplies, coal production
has been limited for some time by declining
drawn from the labor force.
In organized markets, traders had largely employment at the mines. Coal stocks
anticipated the termination of the European have been reduced substantially, and it
war and its immediate consequences. Prices appears that controls to insure essential uses
of commodities and of common stocks ad- of coal will be necessary for another heating
OTAL
INDEX
SEASONALLY
ADJUSTED, 1935-39 AVERAGE. FOR TOTAL= 100
636
TOTAL
INOE
FEDERAL RESERVE
BULLETIN
REVIEW OF THE MONTH
season, as will also be the case for fuel oil.
It has been announced that military requirements for fuel oil will continue to be as
large as ever until the end of the war in the
Pacific.
REVISED MUNITIONS SCHEDULES
The shift in war production planning to a
one-front basis has resulted in announced
cuts in the munitions program for 1945 of
about 10 billion dollars from the rate
scheduled on March 1. Additional reductions may be expected later this year if military requirements for the war with Japan
are further revised downward by combat
experience.
During March and April, as military
events in Europe indicated the imminence
of victory, the previously planned increase
in munitions production above the first
quarter levels was largely eliminated. The
programs chiefly affected by these cutbacks
in plans were those for aircraft, ammunition, and combat and motor vehicles.
After VE day the shift in war production
planning to a one-front basis was accelerated, and by the middle of June the 1945
program had been cut substantially.
The aircraft program for 1945 has been
cut by one-fourth, and this curtailment has
accounted for more than one-third of the
total reduction in the munitions program.
Output of planes in the second quarter has
already been reduced about 5 per cent from
the first-quarter level, and a further decline
of 2.5 per cent is scheduled during the last
half of this year. Production at Willow
Run was stopped in June and *'cease production" dates have been set for various
other plants throughout the country making heavy bombers and certain other types
of Army planes. This drastic curtailment
of aircraft production is expected to release
JULY 1945
at least 500,000 workers from aircraft assembly plants and from plants supplying
aircraft parts. Most facilities in the automobile and other industries which have
been producing aircraft and parts will be
released for reconversion to their peacetime
products.
Activity in shipyards is scheduled to continue to decrease at about the rate of recent
months. The last of the Liberty cargo
ships was launched in June, marking the
end of the program which has accounted for
about 60 per cent of merchant tonnage constructed during the war. Work on other
Maritime Commission programs and on
most Navy shipbuilding contracts will taper off during the coming months. Repair
work at shipyards, however, is being maintained at a high level.
In addition to the cutbacks in production
of aircraft and ships, output of guns and fire
control equipment is scheduled to drop
about 50 per cent from the second quarter
to the end of the year. Large production
cutbacks have also been announced for
military trucks, tanks, and certain types of
ammunition.
The over-all effects of these changed
schedules will be to reduce munitions output about a third by the end of the year
from first-quarter levels. Such a cut will
bring munitions production in the last
quarter of the year to about the same rate
as in the latter half of i94x.
There will be important differences in
the situation, however, from that previous
period, reflecting partly the differences
between a declining program and an expanding one. Requirements for manpower
and materials to produce inventories and
plant facilities for munitions purposes will
be a great deal less than in 1942.. The
greatly reduced level of war construction
since i94x is shown in the accompanying
637
REVIEW OF THE MONTH
chart, which also shows changes in output
of munitions by two major groups. On the
other hand, the armed forces are now 6 million larger than at the end of 1942-, and Federal war expenditures for maintaining these
forces and for other nonmunitions activities will be much greater at the end of this
year than they were in 194.x. Also, owing
to the increased size of the armed forces and
changes in employment opportunities since
MUNITIONS PRODUCTION AND WAR CONSTRUCTION
20
TOTAL
N
00
KVv
80
60
/
/
OTHER
MUNITIONS
/
/A
l\y
40
/
/
A1RCRAF"r
AND SHIP s
y
i
0
S
//7\
//
WAR
CONSTRUCTION
r
War Production Board indexes of munitions production and of
value-in-place of Government-financed war construction regrouped
and calculated as points in total index by Federal Reserve. "Other
munitions'' includes guns and fire control, ammunition, combat and
motor vehicles, communication and electronic equipment, and other
equipment and supplies.
194Z, it appears certain that manpower
problems will continue to be greater during
the rest of this year than in 1942.. They
will not be as acute as in 1944 except probably in some of the low-wage manufacturing lines, agriculture, and the service industries. At the same time devastation of
foreign areas and disrupted trade facilities
have resulted in an accumulation of needs
which are likely to create exceptionally
large demands for exports from this country
638
for relief, rehabilitation, and necessary commercial purposes.
TRANSPORTATION NEEDS
Problems of transportation within the
United States may be more difficult during
coming months than in any earlier period of
the war. While it is likely that production
of agricultural and industrial products will
be smaller than a year ago and private automobile travel will be easier because of larger
supplies of gasoline, war needs for the
Pacific will require that the present record
volume of railroad freight be maintained
and will require much larger transcontinental troop movements. The shift in the
war effort to the Pacific will place extraordinary demands on the lines serving the
West Coast and will result in unusual shifts
in the cross-country shipments of raw materials and foodstuffs and also manufactured
products.
For several years the railroad industry has
been operating at capacity levels without
being able to maintain adequately its road
and equipment. Most, if not all, of the
savings in the use of manpower and rolling
stock have already been introduced. Moreover, shortages of gasoline, tires, trucks,
repair parts, and manpower have resulted in
a curtailment of motor-freight traffic during
the past two years which is likely to continue for some time. Only the most efficient and judicious use of our transportation
facilities will prevent a critical situation
from developing in coming months.
If such a critical transport shortage
should develop, it would have serious effects
mainly on supplies and prices of civilian
goods. Prices in some markets for such
products as fresh fruits and vegetables have
already been influenced by wartime changes
in transportation practices. Care will need
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
to be exercised to assure adequate transportation facilities for marketing the larger
volume of civilian goods production which
is now being planned.
CIVILIAN NEEDS
Over-all civilian needs are not likely to
be much more adequately supplied during
the second half of this year than they have
been during the past year, although increased supplies of some products will be
available during coming months. Upward
revisions last winter in military production
schedules prevented the gradual reconversion of industry to output of civilian goods
for which plans had been made last year.
Also, since last autumn greatly increased
commitments have been made by the Government for the purchase of civilian-type
goods mainly for use by the armed forces;
and exports of civilian-type goods through
commercial channels have also increased,
either under Government-sponsored subsidy arrangements, as in the case of cotton,
wheat, and flour, or with Government approval for relief or commercial purposes.
During the second half of this year output
of a number of consumer durable goods,
which had been discontinued three years
ago, will be resumed on a restricted scale.
Many durable products, such as automobiles
and refrigerators, have been used by consumers beyond their usual period of usefulness, and it has been difficult to keep them
in proper repair. As a result, large demands
have accumulated for these products.
Output of consumer nondurable goods
has been maintained at an advanced level
during the war period, but an important
part of this production has been taken for
the armed forces and for other war purposes.
Owing to increased employment, civilian
consumer needs have increased during the
JULY 1945
war and, with consumer incomes greatly
expanded, shortages of nondurable goods
have become pronounced, especially during
the past twelve months. These goods are
used for current consumption and purchases
can not be as easily postponed as for durable
products. It appears now that shortages of
most of these consumer goods, including
food, tobacco products, clothing, other
textile products, shoes, fuel, paper, soap,
and tires, are not likely to be relieved significantly until Federal purchases for war
purposes are considerably curtailed.
Supplies of services available to civilians
have also been further restricted during the
past year. Housing, medical, and educacational services have generally deteriorated
during the war period and many of these
needs are especially urgent, partly because
they were inadequately supplied even before
the war. Some other services which have
been curtailed during the war, like recreational travel, are not so essential.
In addition to the need for supplying an
abundant volume of goods and services to
consumers as soon as military developments
permit, there is the related problem of supplying the large demands for producers'
equipment and other more or less essential
business needs that have accumulated during the war. The railroads and other
branches of the transportation industries
especially are wearing out much of their
equipment by accelerated wartime uses.
Telephone and other utility companies will
want to add considerably to their facilities
as soon as circumstances permit. Although
large amounts of farm machinery have already been purchased, it is likely that, considering the record level of agricultural income, farmers will wish for some time to
buy considerable quantities of machinery
and other supplies of a durable nature for
639
REVIEW OF THE MONTH
production and for living purposes. Trade expected to be considerably less beginning
and service establishments will want to in July than during the same period in 1944.
expand or rebuild their stores or plants and
Direct military uses of steel will drop
add to their fixtures and equipment as soon from over half of total production last year
as possible. In most manufacturing indus- to about a third of production by the last
tries, except shipbuilding, aircraft, and the quarter of this year, and there will be a
basic chemical and metal industries, the larger reduction in requirements for copper
demand for new machinery and other and brass products, according to the War
equipment and also for new or rebuilt Production Board. In June aluminum was
made available for general civilian use in
plant is likely to be large for some time.
As long as the war in the Pacific lasts, relatively large amounts and beginning
governmental measures will continue to be July 1 consumption of copper and steel,
required to restrict these private expendi- also previously restricted to war and
tures for capital purposes in order to prevent essential civilian purposes, was permitted
interference with essential war production. for general civilian use.
Such restrictions also will serve to postpone
While the adjustment to a one-front war
private capital expenditures until Federal will release a relatively large supply of
war expenditures are greatly reduced and metals, the extent to which they can be
thus will limit inflationary developments in utilized will partly depend, particularly
the markets for producers' goods.
in the early stages of reconversion, on a
dovetailing of the materials required for
MATERIALS FOR CIVILIAN PRODUCTION
output of various items for civilian conAs a result of the scheduled decline in sumption. With most materials other than
munitions production, substantial increases metals continuing to be severely limited
in supplies of some basic materials, mainly for civilian uses, an unbalanced situation
aluminum, copper, and steel, will be avail- in the supply of materials will confront
able for civilian production in the latter manufacturers of many types of civilian
half of 1945.
products. It is possible that surpluses of
Apart from these basic metals, however, some released metals will result from this
the materials situation generally will con- lack of balance, as well as from the diffitinue tight. Tin and many minor metals, culty of rapidly converting fabricating
textile yarns and fabrics, leather, rubber, facilities and expanding output of prochemicals, paper, and lumber will probably ducers' equipment and consumers' durable
not be available in significantly greater goods.
quantities until military operations in the
PRODUCTION OF CIVILIAN CONSUMER GOODS
Pacific area have been largely concluded.
Demand for materials for war production
Production of consumer goods at facdeclined during the summer of 1944, but tories and mines has been at about the same
increased military requirements last winter level this year as during the early part of
resulted in larger output of materials, as last year, as shown in the chart on page 636.
shown in the chart on page 636. In view Output of clothing and meats has declined
of the currently scheduled drop in munitions from a year ago, while production of other
output, military demands for metals are manufactured foods, tobacco products,
640
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
soap, and furniture has shown little change.
Output of shoes has increased since last
year, reflecting mainly increased production
of fabric types. The decline in output of
consumer goods shown for May on the
chart reflects mainly work stoppages at
the anthracite mines. Following the agreement on a new wage contract, anthracite
mine operations increased in the early
part of June.
Probably about one-third of the total
output of these consumer goods has been
going to the armed forces or exported during
recent months. In most lines the volume
of production remaining for civilian use in
this country, which had expanded somewhat last summer, declined again after
last autumn, and stocks have also been reduced further. Upward revisions in war
requirements during the winter have resulted in reducing civilian supplies available this summer to the lowest level of the
war period.
Even if manpower and price problems are
dealt with as effectively as possible, it will
not be easy to maintain current levels of output of most consumer goods during the rest
of this year. One of the main problems in
expanding output of consumer goods will be
how to increase employment in these lines
without further raising costs and wholesale
prices of materials and finished products by
amounts which would seriously endanger
retail price controls.
The Armed Services have not announced
any substantial changes in their procurement plans for consumer-type goods since
VE day. It may be expected, however,
that requirements for the Navy, which now
accounts for one-third of the personnel of
the armed forces, will be generally maintained at recent levels, while requirements
for the Army will be reduced by the fourth
JULY 1945
quarter. For some goods, like cigarettes
and cereal products, reduced military requirements may occur before that time
and result promptly in increased supplies
for civilians. In other cases, like textile
products, even if military requirements
are reduced, supplies available for purchase in retail stores would not reflect this
development until after the beginning of
next year.
Since output of most consumer durable
goods has either been sharply restricted or
discontinued since the early part of 1942.,
limited resumption of output will ease
shortages only gradually. So far, 165,000
domestic mechanical refrigerators and
350,000 washing machines have been scheduled to be produced with priority assistance
during the third quarter of this year. For
refrigerators this is about 40 per cent of the
1940 rate and for washing machines about
the same rate as in 1940. Automobile companies have been given permission to produce 141,000 passenger cars in the second
half of this year. The War Production
Board has announced a 449,000 car quota for
the first quarter of 1946. In 1940 factory
sales of passenger cars were at an average
quarterly rate of 910,000. In addition,
manufacturers will be generally free to produce many miscellaneous consumer durable
goods but the total volume available prior
to the end of war in the Pacific will be relatively small compared with ordinary peacetime demands, and far short of needs accumulated during the war.
INCOMES AND BUYING
Incomes received by individuals and businesses have been maintained in 1945 above
earlier record levels. During the second
quarter income payments to individuals
have been at an annual rate of 163 billion
641
REVIEW OF THE MONTH
dollars as compared with an annual rate of
156 billion during the same period in 1944.
Incomes of wage-earners and salaried employees, as well as proprietary incomes,
have increased steadily during the past
twelve months, and Federal payments to
the armed forces and their dependents have
increased further. Although the number
employed at factories has declined by 1.1
million, or 9 per cent, factory pay rolls are
INDIVIDUAL INCOMES, EXPENDITURES, AND TAXES
Retail sales declined in the second
quarter, but the dollar value of sales was
above the same period in 1944. This decline
reflected in part a reaction from the previous
increase and in part growing shortages of
goods available for purchase. It may also
have reflected in some localities restrained
buying because of actual or anticipated
reductions in income resulting from cutbacks in war production.
While important further cutbacks in
war production expected before the end of
the year will affect employment and incomes of many people, increases in nonwar
production will continue, in large part, to
offset these decreases. It appears certain
that consumer incomes will be maintained
at a level which will be greatly in excess of
the supply of goods available for purchase.
PRICE CONTROLS AFTER VE DAY
Department of Commerce data with quarterly figures since 1943
partly estimated by Federal Reserve. Amounts indicated as "Savings" represent excess of individual incomes over consumer expenditures and taxes.
only about 6 per cent less than a year ago.
Working hours have been generally maintained, and average hourly earnings have
increased somewhat further.
During the first quarter of this year consumer expenditures for goods and services
rose further to an annual rate of 105 billion
dollars, as shown in the chart. This rate
was 10 per cent above last year's high level.
Retail buying was stimulated by unseasonably warm weather and expectations of
shortages.
642.
Since it is likely that supplies of goods
will continue to be short of demand for
consumer use and for replenishing business
inventories and renewing equipment, it is
essential that price controls and savings
inducements remain fully effective during
the readjustment period ahead. In June
the price control and stabilization acts
were extended for another year with some
amendments. It is expected that under
this legislation some improved Federal
control measures will be developed, including special steps to encourage meat
production and to secure a better distribution of meat supplies.
Price stability is essential to the procurement of military supplies to finish the
Pacific war and to an orderly transition to a
peacetime economy. Prospects of a general
rise in prices would result in overbuying and
hoarding of goods on the part of business
enterprises and individuals. Speculative
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
activity and the withholding of supplies
would for a time more than offset any possible further small increases in total output.
Since output of most products is close to the
capacity of the nation's resources, increased
prices can do little to bring forth additional
production. Until civilian shortages disappear—as a result of curtailed war needs,
a resumption of imports, and an expansion
in the civilian labor force through demobilization—the upward pressure on prices
will continue.
The full effects of the war on the price
structure of the civilian sector of the
economy have not yet been felt. A number
of readjustments have been postponed by
direct controls and Federal subsidies, and
not until there is a greatly increased volume
of output for civilian purposes, higher than
JULY 1945
in any peacetime year or than in 1941, will
the possibilities of a further large rise in
prices and inventory speculation be averted.
To maintain stable prices during the
period of readjustment, it will be necessary
for individuals and businessmen to exercise
restraint in buying and to accumulate
additional Government securities and other
liquid assets. In the meantime, plans
should be readied for a large-scale expansion in private employment opportunities,
living standards, and foreign reconstruction
at the end of the Pacific war. The principal
economic problems of the nation during
the immediate period ahead, in addition
to providing products needed for carrying
on the war, are to expand production of
civilian goods as much as possible and to
maintain price stability.
643
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.
"40 per centum reserve hereinbefore required"
and by inserting in lieu thereof "2.5 per centum
reserve hereinbefore required to be maintained
By Act of Congress, approved June 12., 1945, against Federal Reserve notes in actual circulathe reserve requirements of Federal Reserve tion."
(c) Subsection (c) of section 11 of the Federal
Banks were reduced to a uniform minimum of
Reserve Act, as amended, is amended to read as
2.5 per cent in gold certificates against Federal follows:
Reserve notes in circulation and deposit liabili"(c) To suspend for a period not exceeding
ties, the authority for the use of direct obliga- thirty days, and from time to time to renew
tions of the United States as collateral security such suspension for periods not exceeding
for Federal Reserve notes was extended fifteen days, any reserve requirements specified
in this Act: Provided, That it shall establish
indefinitely, and the authority to issue Federal a graduated tax upon the amounts by which
Reserve Bank notes and the authority to issue the reserve requirements of this Act may be
United States notes under the Thomas Amend- permitted to fall below the level hereinafter
ment of May n , 1943, were terminated. specified: And provided further, That when the
reserve held against Federal Reserve notes falls
The Text of the Act reads as follows:
below 2.5 per centum, the Board of Governors
of the Federal Reserve System shall establish
[PUBLIC LAW 84—79TH CONGRESS]
a graduated tax of not more than 1 per centum
[CHAPTER 186—IST SESSION]
per annum upon such deficiency until the reserves
[S. 510]
fall to 2.0 per centum, and when said reserve
AN ACT
falls below to per centum, a tax at the rate
To amend sections 11 (c) and 16 of the Federal increasingly of not less than 1 ^ per centum per
annum upon each xj^> per centum or fraction
Reserve Act, as amended, and for other
thereof that such reserve falls below 2.0 per
purposes.
Be it enacted by the Senate and House of Representa- centum. The tax shall be paid by the Reserve
tives of the United States of America in Congress bank, but the Reserve bank shall add an amount
assembled, That (a) the third paragraph of sec- equal to said tax to the rates of interest and
tion 16 of the Federal Reserve Act, as amended, discount fixed by the Board of Governors of the
is amended by changing the first sentence of Federal Reserve System."
SEC. 2.. The second paragraph of section 16
such paragraph to read as follows:
"Every Federal Reserve bank shall maintain, of the Federal Reserve Act, as amended, is
reserves in gold certificates of not less than 15 amended to read as follows:
' 'Any Federal Reserve bank may make applicaper centum against its deposits and reserves in
gold certificates of not less than 2.5 per centum tion to the local Federal Reserve agent for such
against its Federal Reserve notes in actual circu- amount of the Federal Reserve notes hereinbefore
lation: Provided, however; That when the Federal provided for as it may require. Such applicaReserve agent holds gold certificates as collateral tion shall be accompanied with a tender to the
for Federal Reserve notes issued to the bank local Federal Reserve agent of collateral in
such gold certificates shall be counted as part of amount equal to the sum of the Federal Reserve
the reserve which such bank is required to notes thus applied for and issued pursuant to
maintain against its Federal Reserve notes in such application. The collateral security thus
offered shall be notes, drafts, bills of exchange,
actual circulation."
(b) The first sentence of the fourth paragraph or acceptances acquired under the provisions of
of section 16 of the Federal Reserve Act, as section 13 of this Act, or bills of exchange enamended, is amended by striking therefrom dorsed by a member bank of any Federal Reserve
Reserves of Federal Reserve Banks
Amendments to Federal Reserve Act
644
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
district and purchased under the provisions of
section 1.4 of this Act, or bankers' acceptances
purchased under the provisions of said section
14, or gold certificates, or direct obligations of
trie United States. In no event shall such collateral security be less than the amount of
Federal Reserve notes applied for. The Federal
Reserve agent shall each day notify the Board of
Governors of the Federal Reserve System of all
issues and withdrawals of Federal Reserve
notes to and by the Federal Reserve bank to
which he is accredited. The said Board of
Governors of the Federal Reserve System may at
any time call upon a Federal Reserve bank for
additional security to protect the Federal
Reserve notes issued to it/1
SEC. 3. All power and authority with respect
to the issuance of circulating notes, known as
Federal Reserve bank notes, pursuant to the
sixth paragraph of section 18 of the Federal
Reserve Act, as amended by section 401 of the
Act approved March 9, 1933 (48 Stat. 1, 6),
shall cease and terminate on the date of enactment of this Act.
SEC. 4. All power and authority of the President and the Secretary of the Treasury under
section 43 (b) (1) of the Act approved May
iz, 1933 (48 Stat. 31, 5z), with respect to the
issuance of United States notes, shall cease and
terminate on the date of enactment of this Act.
Approved June n , 1945.
Reserves of Member Banks
Amendment to Regulation D
The Board of Governors of the Federal Reserve
System, effective August 1, 1945, amended section z(V) of Regulation D, relating to Reserves
of Member Banks, so as to provide that a member bank with its head office or any branch office
located in a central reserve city shall be considered to be in a central reserve city for reserve
purposes and a member bank with any office in a
reserve city but no office in a central reserve city
shall be considered to be in a reserve city. However, a member bank considered to be in a central
reserve or reserve city solely by reason of the
location of an office in an outlying district of
such a city may obtain permission, upon the
affirmative vote of five members of the Board of
Governors, to carry lower reserve balances.
The text of the Amendment is as follows:
JULY
1945
AMENDMENT TO REGULATION D
Section x, subsection (a) of Regulation D is
amended, effective August 1, 1945, by inserting
immediately before the last paragraph of such
subsection the following new paragraph:
"For the purposes of this subsection and of
paragraph (1) of subsection (V) of section 3 of
this regulation, a member bank shall be considered to be in a central reserve city if the
head office or any branch of such bank is located in a central reserve city, and a member
bank shall be considered to be in a reserve
city if the head office or any branch thereof
is located in a reserve city and neither the head
office nor any branch thereof is located in a
central reserve city; provided that, if a member
bank is considered to be in a central reserve
city or a reserve city under this paragraph
solely by reason of the location of an office of
such bank in an outlying district of such a
city or in territory added to such city by the
extension of the city's corporate limits, such
bank may, upon the affirmative vote of five
members of the Board of Governors of the
Federal Reserve System, be permitted to maintain lower reserve balances as above provided
in this subsection."
Suit Regarding Removal of Bank
Directors
On April 30,1945, suit was filed in the District
Court of the United States for the District of
Columbia by John Agnew and F. O. Fayerweather against the Board of Governors of the
Federal Reserve System and the individual members thereof to review an order of the Board
issued pursuant to authority conferred by section
30 of the Banking Act of 1933, removing plaintiffs as directors of a national bank in Paterson,
New Jersey. The removal order was predicated
upon a finding that plaintiffs had violated section 32. of the Banking Act of 1933, which prohibits any officer, director or employee of any
company, partnership or individual primarily
engaged in the business of underwriting securities from serving at the same time as an officer,
director or employee of any member bank of the
645
LAW DEPARTMENT
Federal Reserve System. Plaintiffs contended in
effect that the use of the words "primarily engaged" in section 31 limited its application to
cases in which the underwriting business of the
securities company is first in volume as compared with other businesses in which it is engaged and that, since this was not true of the
securities company of which they were employees, the statute was not applicable to them.
Motions were filed by the defendants challenging the jurisdiction of the court to entertain
proceedings to review the Board's order in this
case and also challenging plaintiffs' interpretation of the law as set forth above. The motions
were granted by the Court and the suit dismissed.
Consumer Credit
Disaster Credits
Inquiries have been received as to the effect of
Amendment No. 16 to Regulation W with
respect to disasters occurring before the effective
date of the Amendment.
In the opinion of the Board, no extension of
credit made after June 11, 1945, the effective
date of the Amendment, will be exempted by
section 8(g) of Regulation W if the disaster
occurred more than 6 months before the extension of credit, regardless of whether the disaster
occurred before or after June 11, 1945.
Alien Property Custodian
Executive Order Defining Duties
There is set forth below the text of an Executive Order issued by the President on June 8,
1945, defining further the functions and duties
of the Alien Property Custodian with respect
to property of Germany and Japan and nationals
thereof. This Order amends Executive Order
No. 9193 of July 6, 1942., which was published
in the August 1942. Federal Reserve BULLETIN
at page 759.
EXECUTIVE ORDER N O .
9567
Amending Executive Order No. popj, as Amended
by Executive Order No. 9193, to Define Further the
Functions and Duties of the Alien Property
Custodian with Respect to Property of Germany and
Japan and Nationals Thereof.
646
By virtue of the authority vested in me by the
Constitution, by the First War Powers Act, 1941
(50 U.S.C. App., Sup., 601 et seq.), by the Trading with the Enemy Act of October 6, 1917, as
amended (50 U.S.C. App., Sup., 1 et seq.),
and as President of the United States, it is hereby ordered as follows:
Section i(c) of Executive Order No. 9095 of
March 11, 1942., as amended by Executive Order
No. 9193 of July 6, 1942. (3 CFR Cum. Supp.),
is amended to read as follows:
" ( 0 any other property or interest within
the United States of any nature whatsoever
owned or controlled by, payable or deliverable
to, held on behalf of or on account of, or
owing to, or which is evidence of ownership
or control by, a designated enemy country
or national thereof: Provided, however. That with
respect to any such country or national other
than Germany or Japan or any national thereof, such property or interest shall not include
cash, bullion, moneys, currencies, deposits,
credits, credit instruments, foreign exchange,
and securities except to the extent that the
Alien Property Custodian determines that
such cash, bullion, moneys, currencies, deposits, credits, credit instruments, foreign
exchange, and securities are necessary for the
maintenance or safeguarding of other property
belonging to the same designated enemy country or the same national thereof and subject to
vesting pursuant to section 2. hereof;"
HARRY S. TRUMAN
THE WHITE HOUSE,
June 8, 1945
Foreign Funds Control
Treasury Department Releases
The following releases relating to transactions
in foreign exchange, etc., in addition to those
heretofore published in the Federal Reserve
BULLETIN, have been issued by the Office of the
Secretary of the Treasury under authority of the
Executive Order of April 10, 1940, as amended,
and the Regulations issued pursuant thereto:
Treasury Department
Foreign Funds Control
May 2.5, 1945
GENERAL LICENSE N O . I I , AS AMENDED
Under Executive Order No. 8$8g, as Amended, Executive Order
No. gipSt Section $(1f) of the Trading with the Enemy Act, as
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Amended by the First War
Foreign Funds Control*
Powers Act,
1941, Relating
to
General License No. 11 is hereby amended to read as follows:
( 1 ) Certain -payments for living expenses from certain blocked
or other authority of Japan shall immediately
upon liberation thereof be included within the
term "United States" and shall cease to be included within the term "foreign country."
(2.) Status of Philippine nationals and property of Philippine
accounts authorised. A general license is hereby granted au- nationals under the freezing regulations. For the purpose of
administering the freezing regulations and complying with
thorizing payments and transfers of credit in the United
the provisions thereof:
States from blocked accounts in domestic banking institu(a) The definition of the term "national" as specified
tions held in the name of an individual within the United
in paragraph E of section 5 of the Order shall conStates to or upon the order of such individual, provided that:
tinue to apply with respect to the Philippine
(a) Such payments and transfers of credit are made
Islands as though the Philippine Islands in its
for the living, traveling and similar personal exentirety were a "foreign country" separately
penses in the United States of such individual or
designated in the Order and specifically named in
his family; and
section 3 thereof, and the effective date of the
(b) The total of all such payments and transfers of
Order as applied to the Philippine Islands were
credit made under this general license from the
January 1, 1942.. Any person who by virtue of
accounts of such individual does not exceed $1000
such definition is a national of the Philippine
in any one calendar month.
Islands shall, unless licensed as a generally li(2.) Duty of banking institutions acting under this license.
censed national, continue to be deemed a national
Banking institutions effecting any such payment or transfer
of a blocked country, namely, the Philippine
of credit shall satisfy themselves that the terms of this license
Islands, and the status of such person as a national
are complied with.
of a blocked country shall not be affected by the
HERBERT E. GASTON,
provisions of paragraph (1) hereof, or by the
Acting Secretary of the Treasury.
complete liberation of the Philippine Islands.
(b) Any person situated within the liberated portions
Treasury Department
of the Philippine Islands who is not a national of
Foreign Funds Control
any blocked country other than the Philippine
May 25, 1945
Islands shall be deemed to be a generally licensed
national, provided, however, that this subparagraph
GENERAL RULING No. 18
shall not be deemed to authorize any payment,
Under Executive Order No. 8389, as Amended, Executive Order
transfer, or withdrawal, or other dealing, with
No. 9193, Sections $(a) and / ( £ ) of the Trading with the Enemy
respect to:
Act, as Amended by the First War Powers Act, 1941, Relating
(i) Any property situated, held, or maintained
to Foreign Funds Control, f
in any part of the United States other than
the liberated portions of the Philippine
REGULATIONS'RELATING TO THE PHILIPPINE ISLANDS
Islands in which on the date hereof any such
person has any interest; or
( 1 ) Status of the Philippine Islands under the freezing regula(ii) Any income from such property accruing on
tions. For the purpose of administering the freezing regulaor after the date hereof.
tions and complying with the provisions thereof:
(c) General Licenses Nos. 2.8, 42. and 80 shall not be
(a) The liberated portions of the Philippine Islands
deemed to license as a generally licensed national
hereafter shall be included within the term
any person within the liberated portions of the
"United States" as denned in paragraph B of secPhilippine Islands.
tion 5 of the Order and shall not be included
( 3 ) Exportations of certain types of property from the liberated
within the term "foreign country" as defined in
portions of the Philippine Islands prohibited. Unless authorized
paragraph D of section 5 of the Order;
by a license or other authorization expressely referring to this
(b) Any portions of the Philippine Islands controlled
or occupied by the military, naval or police forces general ruling, the sending, taking, transmitting, or otherwise exporting of any (i) gold or silver coin or bullion, (ii)
currency, Qx\) securities, (iv) checks* drafts, bills of ex* 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
change, promissory notes, payment instructions, transfer
8785, June 14,1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec.
orders, or other financial instruments, (v) powers of attorney
9,1941, and Ex. Order 8998, Dec. 26,1941; Ex. Order 9193, July 6,1942;
Regulations, April 10, 1940, as amended June 14, 1941, and July 26,
or other authorizations or instructions to effect financial or
1941.
t Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48
property transactions, or (vi) other evidences of indebtedness
Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as
or evidences of ownership of property, from the liberated
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;
portions of the Philippine Islands to any other part of the
Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended
* United States or to any foreign country is hereby prohibited.
June 14,1941, and July 26,1941.
JULY
1945
647
LAW DEPARTMENT
Act,
(4) General Ruling No. 10 not applicable in the liberated portions of the Philippine
Islands.
T h e provisions of General
Ruling No. 10 shall not be applicable in the liberated portions of the Philippine Islands.
(5) Special provisions relating to the administration of the freezing regulations in the liberated portions of the Philippine Islands.
For the purpose of administering the freezing regulations in
the liberated portions of the Philippine Islands and complying
with the provisions thereof:
(a) Thereby is hereby established a Philippine Office
of Foreign Funds Control, at the head of which
shall be a United States Treasury Representative
designated by the Secretary of the Treasury.
Such office shall be charged with the administration of the freezing regulations in the liberated
portions of the Philippine Islands.
(b) Subject to such regulations, rulings and instructions as the Secretary of the Treasury may from
time to time prescribe, the United States Treasury
Representative at the head of the Philippine Office
of Foreign Funds Control is hereby authorized and
empowered to exercise and perform in the liberated portions of the Philippine Islands all authority, duties and functions which the Secretary
of the Treasury is authorized or required to exercise or perform under Sections 3(3) and 5(b) of the
Trading with the enemy Act, as amended, and any
executive orders, proclamations, regulations or
rulings that have been or may be issued thereunder.
(6) Definitions. As used herein:
(a) The term "liberated portions of the Philippine
Islands" shall mean the portions of the Philippine Islands not controlled or occupied by the
military, naval or police forces or other authority
of Japan.
(b) The term "freezing regulations" shall mean the
Order, and the regulations, rulings, licenses, instructions, etc., issued by or at the direction of the
Secretary of the Treasury pursuant to the Order
or Sections 3(a) or 5(b) of the Trading with the
enemy Act, as amended.
HENRY MORGENTHAU, JR.,
Secretary of the Treasury.
Treasury Department
Foreign Funds Control
May 2.5, 1945
REVOCATION OF GENERAL RULING N O . 10A
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Sections 3(0) and j(fi) of the Trading with the Enemy
648
as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control.*
General Ruling No. 10A is hereby revoked.
HERBERT E. GASTON,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
May 15, 1945
REVOCATION OF PUBLIC CIRCULAR N O . I I
Under Executive Order No. 8389, As Amended, Executive Order
No. 9193, Sections £a) and s(J?) of the Trading with the Enemy
Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control*
(1) Public Circular No. 11 is hereby revoked in view of the
issuance of General Ruling No. 18.
(2.) This revocation shall not be deemed to modify or reinstate any general licenses, specific licenses or other authorizations which were amended or revoked by Public Circular
No. 11.
HERBERT E. GASTON,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
May 2.9, 1945
AMENDMENT TO GENERAL RULING N O . I I
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Sections $(a) and j(Jf) of the Trading with the Enemy
Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control*
Paragraph (4XIO of General Ruling No. 11 is hereby
amended to read as follows:
(b) The term "enemy territory" shall mean the following :
(i) The territory of Germany, Italy, Japan, Bulgaria, Hungary, and Rumania; and
(ii) The territory controlled or occupied by the
military, naval, or police forces or other authority of Japan. Such territory shall be
deemed to be those portions of Burma, China,
French Indo-China, Hong Kong, British
Malaya, the Netherlands East Indies, the
Philippine Islands and Thailand occupied by
Japan, and any other territory controlled or
occupied by Japan.
D. W. BELL,
Acting 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; Regulations, April 10, 1940, as amended
June 14,1941, and July 26,1941.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Treasury Department
Certain general licesnses not applicable to Austria.
The pro-
Foreign Funds Control
visions of General Licenses Nos. 32. and 33 shall not be
May 2.9, 1945
deemed to authorize any remittances to any person within the
territory of Austria.
D W BELL
PUBLIC CIRCULAR N O . 18
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Sections $(a) and S(JJ) of the Trading with the Enemy
Act, as Amended by the First War Powers Acty 1941, Relating
to Foreign Funds Control.*
—
* 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
JULY 1945
Acting Secretary of the Treasury.
amended by Ex. Order 8785, June 14, 1941; Ex. Order 8832, July 26,
l y t l j Ex. V/H-itl. 8963, JL/Cti Zr
|7tl
C J V Ex. * V l U W i U77U| i ^ ^
VU
AV/| X 7 1
1941, U A , Order OyyJOj Dec. 9, +1941,j andX JL>AOrder 8998, Dec. «26, 1941; 1 )
Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended
June 14, 1941, and July 26, 1941.
649
CURRENT EVENTS
Federal Reserve Meetings
A meeting of the Presidents of all of the
Federal Reserve Banks was held in Washington
on June 18 and 19, 1945. The Board of
Governors met with the Presidents on June 2.1,
1945.
In accordance with the requirement of the law
that the Federal Open Market Committee meet
at least four times each year, the third meeting
of the Committee during 1945 was held in
Washington on June 20.
Changes in the Board's Staff
Effective July 1, 1945, Chester Morrill, who
had been Secretary of the Board since October
7, 1931, was appointed to the newly created
position of Special Adviser to the Board in
which capacity he will devote his time to matters of policy and procedure.
Effective as of the same date, S. R. Carpenter,
who had been Assistant Secretary of the Board
since May 18, 1933, was appointed Secretary.
Death of Director
Mr. S. S. Ford, President, Northwestern National Bank, Minneapolis, Minnesota, who had
650
served as a Class A director of the Federal Reserve Bank of Minneapolis since January 1, 1941,
died on June x6, 1945.
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during the period May 16, 1945, to June 15, 1945,
inclusive:
Indiana
Switz City—Switz City Bank
Ohio
Graft on—The Graft on Savings and Banking
Company
Texas
Harlingen—Harlingen State Bank
Wisconsin
Luxemburg—Bank of Luxemburg
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled June 219 and released for publication June 23. figures shown on
charts may differ from -preliminary figures used in text.
Industrial activity and factory employment
continued to decline slightly in May. Value of
department store sales increased in May and the
early part of June, following the sharp decline
in April.
made available for general civilian use and after
July i some steel also will be released.
Production of textile, leather, paper,
chemical, and petroleum products showed little
change in May and total output of nondurable
goods was at a level 3 per cent above that of a
INDUSTRIAL PRODUCTION
year ago.
Coal production declined 8 per cent in May as
As a result of further decreases in activity at
anthracite output dropped sharply due to intermunition plants, the Board's seasonally adjusted index of industrial production declined in ruptions in mine operations in the first three
May to 2.Z7 per cent of the 1935-39 average as weeks of the month. In the early part of June,
production of both anthracite and bituminous
compared with 131 in April.
A further reduction in operations at shipyards coal increased to about the level that prevailed
accounted for most of the decrease in activity at earlier in the year but was still somewhat below
munition plants, although there were small the rate of output in June 1944. Output of crude
decreases in activity in the machinery and air- petroleum was maintained in record volume in
craft and other transportation equipment in- May and the early part of June.
dustries. The decline in aircraft was in accordDISTRIBUTION
ance with reductions in schedules made prior to
Department store sales, which had declined
VE day. At the end of May the Army Air
Forces announced a cutback in procurement sharply in April, increased in May and the
which will reduce total military aircraft produc- first half of June, after allowance is made for the
tion in the last quarter of the year to a level 30 usual seasonal change. In May sales were 4
per cent larger than in May 1944, while sales
per cent below that of March.
during the first two weeks of June were 16 per
Steel production was maintained at a high
cent greater than in the corresponding period
level in May but declined somewhat during the
last year.
first three weeks of June. Production of nonMost classes of freight carloadings showed
ferrous metal products showed a sharp drop in
seasonal increases in May and the early part of
May following a large rise earlier this year.
In June brass mill products and aluminum were June and remained at a level slightly above last
DEPARTMENT STORE SALES AND STOCKS
INDUSTRIAL PRODUCTION
PEK CENT
PHYSICAL VOLUME SEASONALLY ADJUSTED, 1935
39'
100
260
1
1
240
—L_^
/
/
|
220
200
/
180
"
220
200
j
140
80
240
J
t60
100
J
260
\
\
1937
s //r
l
f
J
1938 1939 1940
120
100
80
1941 1942 1943 1944 1945
Federal Reserve index. Monthly figures, latest shown is for May.
JULY 1945
J937
1938
1939 1940
A
1942
1943
1944 1945
Federal Reserve indexes. Monthly figures, latest shown are for
May.
651
NATIONAL SUMMARY OF BUSINESS CONDITIONS
year's high level. Railroad shipments of manufactured goods, which reached a record volume
in March of this year, have declined only
slightly since that time.
individuals in the Seventh War Loan, loans and
investments at reporting banks in leading cities
increased by close to 1.7 billion dollars. Loans
for purchasing and carrying Government securities rose by 62.0 million dollars, as investors
COMMODITY PRICES
adjusted their portfolios in anticipation of securWholesale prices of consumer goods continued ity purchases. Advances to brokers and dealers
to advance from the middle of May to the middle accounted for 360 million of the increase and
of June. Anthracite was raised $i a ton, food loans to others for 2.60 million. Government
prices increased somewhat further, and various security holdings of reporting banks rose by
miscellaneous products were higher. On the 82.5 million dollars, reflecting continued purother hand, it was announced that maximum chases of bonds.
prices on used cars would be reduced 4 per cent
Deposits of individuals and businesses at
on July 1 and additional new regulations have
weekly reporting banks increased by about 1.3
been issued recently covering prices of clothing,
billion dollars during the first four weeks of the
automobile repairs, and some consumer durable
Drive. U. S. Government deposits at these
goods.
banks declined by 300 million dollars. The
time deposit expansion slackened, presumably
AGRICULTURE
Prospects for major crops have deteriorated due to the War Loan Drive. As a result of these
somewhat in the past month, but still compare developments the weekly average level of refavorably with the past three years of generally quired reserves at all member banks increased
abundant harvests. A record wheat crop of over by around 2.00 million dollars during the first
a billion bushels was indicated by June 1 condi- four weeks of the Drive.
Reserve funds to meet the increase in required
tions; cold, wet weather in May has delayed
reserves and a reduced currency drain of 160
most other crops.
Milk production was at a record level in May million dollars were supplied through an
and 6 per cent larger than last year, while increase of 435 million in the Government
marketings of meat animals and poultry products security portfolios of Reserve Banks and by
substantial member bank borrowing from the
were in smaller volume.
Reserve Banks shortly prior to and early in the
BANK CREDIT
Drive. Borrowing from the Reserve Banks
During the four weeks ending June 13, cover- rose in early June to over 900 million dollars
ing the period of intensified sales of securities to outstanding, the largest amount since the spring
GOVERNMENT SECURITY HOLDINGS OF BANKS IN LEADING CITIES
of 1933. The total increase in Reserve Bank
credit more than offset reserve needs and the
•
average level of excess reserves rose by about
350 million dollars to close to 1.4 billion outstanding in mid-June.
:
In the week ending June 2.0, when large payments were made by corporations and others
y
for securities purchased in the Drive, there was a
;
A. •
shift of deposits from private accounts to reserve
free war loan accounts and a consequent reduc*-*tion of 440 million dollars in required reserves
of member banks. Member bank borrowings
declined in the week by nearly 550 million
1939
1940
1941
1942
1943
1944
dollars. Reserve Bank holdings of Government
Excludes guaranteed securities. Data not available prior to Feb.
8, 1939; certificates first reported on Apr. 15, 1942. Wednesday figsecurities, however, increased further.
ures, latest shown are for June 20.
BONDS /
CERTIFICATES T ^ v
A—
1
/•
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans;
guarantee fees and rates under Regulation V; rates on time
deposits; reserve requirements; margin requirements
Federal Reserve Bank statistics
Guaranteed war production loans
Deposits and reserves of m e m b e r b a n k s . . .
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
s
Consumer credit statistics
Wholesale prices
Current statistics for Federal Reserve chart book
Member bank operating ratios, 1944
655
656-657
658-660
661
. 661-662.
663-664
664
665
666-66y
668-669
670-673
674
675
676-677
678
679-681
68z
683-691
693-695
696-697
698
699-700
701-703
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the
Board; index numbers of production are compiled by the Board on the basis of material collected by other
agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government
credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned;
data on money and security markets and commodity prices and other scries 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.
JULY 1945
653
MEMBER
BANK RESERVES AND RELATED ITEMS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
30
30
^
^
-
^
10
1938
1939
1940
1941
1942
1943
1944
1945
Wednesday figures, latest shown are for June 20. See p. 655.
654
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[ In millions of dollars ] ,
Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
advances
Date
Treasury
bills
Total
and
certificates
Gold
stock
All
other
All
other*
Total
Treasury
cur- Money
in cirrency
culaouttion
standing
Treasury deTreas- posits
ury
with
cash
Federal
holdReings
serve
Banks
Member
bank reserve
balances
Nonmember deposits
Other
Federal
Reserve
accounts
Total
Excess
Monthly averages of
daily figures:
1944—Mar
Apr
May
1945—Mar
Apr
May
63
75
160
245
360
633
12,099
12,711
13,716
19,509
20,115
20,754
9,512
10,102
11,102
17,313
17,985
18,640
2,587
2,609
2,614
2,196
2,129
2,114
449
450
387
500
459
412
12,611
13,235
14,264
20,253
20,934
21,799
21,641
21,490
21,343
20,448
20,400
20,325
4,090
4,093
4,097
4,120
4,120
4,136
20,964
21,312
21,822
25,850
26,009
26,351
2,335
2,330
2,325
2,357
2,367
2,361
393
324
318
269
504
405
1,873
1,922
1,922
1,495
1,516
1,549
346
356
355
423
437
439
12,431
12,574
12,962
14,429
14,621
15,156
978
886
868
1,010
931
1,005
End of month figures:
1944—Mar. 31
Apr. 29
May 31
1945—Mar. 31
Apr. 30
May 31
63
118
236
245
489
875
12,115
13,220
14,251
19,669
20,455
20,954
9,503
10,614
11,613
17,490
18,344
18,824
2,613
2,606
2,638
2,180
2,111
2,130
392
462
272
396
362
303
12,571
13,800
14,759
20,311
21,307
22,131
21,600
21,429
21,264
20,419
20,374
20,270
4,091
4,092
4,101
4,119
4,130
4,144
21,115
21,552
22,160
25,899
26,189
26,528
2,319
2,323
2,310
2,346
2,371
2,331
603
400
307
647
446
362
1,985
2,007
1,946
1,361
1,549
1,589
350
356
355
429
437
440
11,889
12,684
13,046
14,166
14,818
15,296
548
865
836
796
918
1,038
Wednesday figures:
1944—Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30
36
62
53
107
85
14,891
15,222
15,231
15,592
15,852
12,429
12,781
12,828
13,226
13,502
2,462
2,441
2,404
2,366
2,350
321
319
397
300
230
15,249
15,604
15,682
15,999
16,167
20,996
20,996
20,998
20,947
20,946
4,112
4,108
4,109
4,112
4,114
22,734
22,910
23,020
23,047
23,221
2,339
2,340
2,345
2,404
2,407
261
487
317
549
318
1,771
1,790
1,804
1,766
1,779
368
371
368
370
370
12,884
12,810
12,935
12,922
13,132
1,027
927
954
822
884
r
Sept.
Sept.
Sept.
Sept.
6
13....
20
27....
105
116
172
88
16,030
16,407
16,540
16,501
13,688
14,065
14,220
14,190
2,342
2,342
2,320
2,311
374
392
524
353
16,509
16,916
17,237
16,943
20,906
20,885
20,885
20,825
4,114
4,112
4,114
4,114
23,432
23,495
23,558
23,658
2,380
2,384
2,390
2,373
354
370
699
483
1,768
1,765
1,758
1,627
373
373
385
386
13,221
13,526
13,445
13,355
835
964
864
861
Oct.
Oct.
Oct.
Oct.
4...
11...
18...
25
33
148
185
322
16,660
17,016
17,087
17,261
14,350
14,699
14,768
14,922
2,311
2,317
2,319
2,339
406
339
523
316
17,099
17,503
17,795
17,899
20,824
20,725
20,728
20,727
4,113
4,113
4,114
4,115
23,881
24,099
24,157
24,216
2,372
2,366
2,362
2,359
347
211
315
229
1,612
1,568
1,598
1,606
391
390
390
391
13,433
13,708
13,814
13,940
888
989
895
861
Nov. 1 . . . .
Nov. 8 . . . .
Nov. 15
Nov. 2 2 . . . .
Nov. 29 . . . .
359
401
357
473
593
17,605
17,957
17,941
18,411
18,553
15,259
15,605
15,586
16,054
16,196
?,346
2,352
2,355
2,357
2,357
' 1
296
509
457
374
18,265
18,655
18,807
19,341
19,520
20,727
20,726
20,694
20,693
20,688
4,115
4,115
4,114
4,117
4,120
24,409
24,674
24,717
24,881
24,997
2,372
2,313
2,338
2,339
2,334
216
314
119
251
292
1,633
1,640
1,488
1,567
1,549
393
395
395
395
395
14,083
14,159
14,557
14,719
14,761
894
869
1,055
998
1,151
Dec.
6...
Dec. 13
Dec. 20
Dec. 27
383
176
218
153
18,311
18,577
19,009
19,064
15,522
15,783
16,208
16,253
2,789
2,794
2,801
2,812
435
558
886
604
19,130
19,311
20,113
19,821
20,668
20,667
20,646
20,639
4,122
4,123
4,127
4,131
25,107
25,163
25,280
25,335
2,337
2,348
2,369
2,377
258
503
1,250
901
1,636
1,597
1,621
1,601
397
397
408
409
14,184
14,092
13,958
13,969
1,260
1,184
1,155
1,260
30
130
129
141
176
18,734
18,907
18,651
18,620
19,006
15,927
16,120
15,880
15,880
16,272
2,808
2,787
2,771
2,739
2,734
706
449
529
459
370
19,470
19,486
19,310
19,220
19,552
20,619
20,593
20,572
20,571
20,550
4,130
4,130
4,129
4,129
4,127
25,326
25,257
25,209
25,175
25,290
2,368
2,372
2,370
2,380
2,371
592
528
334
479
648
1,609
1,590
1,538
1,397
1,634
402
405
404
404
402
13,921
14,057
14,156
14,085
13,884
1,158
1,197
Feb. 7
Feb. 14
Feb. 21
Feb 28
200
230
294
321
19,062
19,181
19,231
19,439
16,340
16,465
16,534
16,748
2,722
2,716
2,698
2,692
442
506
478
398
19,703
19,918
20,003
20,158
20,548
20,507
20,506
20,506
4,126
4,124
4,124
4,122
25,411
25,533
25,652
25,751
2,372
2,389
2,384
2,355
593
547
517
460
1,643
1,649
1,672
1,581
409
409
410
410
13,950
14,022
13,999
14,228
922
975
851
965
Mar.
Mar.
Mar.
Mar.
7
14
21
28
304
255
192
218
19,350
•9,576
493
516
17,152
17,378
17,294
i7,326
2,198
2,193
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. 11
Apr. 18
Apr. 25
220
323
341
508
19,580
20,091
20,153
20,444
17,414
17,975
18,037
18,331
2,167
2,116
2,116
2,113
455
349
478
358
20,255
20,763
20,973
21,310
20,418
20,417
20,396
20,374
4,117
4,118
4,117
4,120
25,865
25,939
26,068
26,074
2,379
2,364
2,374
2,371
335
409
430
651
1,420
1,553
1,594
1,563
438
439
437
437
14,353
14,593
14,582
14,708
934
946
806
835
May 2
May 9
May 16
May 23
May 30
569
552
487
724
886
20,479 18,374
20,720 8,617
20,668 8,555
20,929 8,809
21,023 8,891
2,104
2,103
2,113
2,120
2,132
358
318
432
327
349
21,406
21,589
21,587
21,980
22,258
20,374
20,352
20,351
20,271
20,270
4,130
4,132
4,137
4,142
4,141
26,204
26,312
26,372
26,399
26,500
2,382
2,384
2,376
2,319
2,315
423
447
102
526
426
1,571
1,463
1,541
1,592
1,619
438
439
438
440
439
14,892
15,029
15,246
15,117
15,371
927
961
1,045
866
1,113
June 6
June 13
June 20
912
852
307
20,896
21,103
21,507
8,126
8,323
8,710
2,771
2,780
2,797
398
392
473
22,207
22,347
22,287
20,268
20,268
20,265
4,145
4,146
4,145
26,513
26,533
26,536
2,314
2,292
2,297
352
170
347
1,546
1,550
1,710
443
444
452
15,452
15,771
15,354
1,098
1,237
Pi,407
1945—Jan.
Jan.
Jan.
Jan.
Jan.
3..
10
17
24
31
.
l'O49
869
r
p
1
2
Revised.
Preliminary.
Includes industrial loans shown separately in subsequent tables.
End of month and Wednesday figures are estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
JULY 1945
655
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect June 30. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations maturing or
callable in one year
or less (Sec. 13)
Federal Reserve Bank
Effective
Rate
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis .
Minneapolis
Kansas City
Dallas.....
San Francisco
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
27,
30,
17,
27,
28,
15,
17,
27,
30,
27,
17,
28,
Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)
Advances secured by
Government obligations;
maturing or callable
beyond one year and Other secured advances
discounts of and
[Sec. 10(b)]
advances secured by
eligible paper 1
(Sees. 13 and 13a)
Rate
Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Mar.
Feb.
Mar.
Mar.
Apr.
Mar.
Apr.
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
21, 1942
28, 1942
14, 1942
28, 1942
11, 1942
21, 1942
4, 1942
Rate i
I
*
1
*2
IX
IX
IX
Effective
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.
27,
30,
17,
12,
28,
15,
29,
14,
30,
27,
17,
28,
To others
To nonmember banks
Rate
1
1
1
1
1
1
1
1
1
1
1
1
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Sept.
Aug.
Mar.
Apr.
Mar.
Sept.
Sept.
Sept.
Mar.
Sept.
Sept.
Apr.
Effective
Rate
Effective
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
16, 1939
1, 1939
16, 1939
28, 1942
16, 1939
16, 1939
4, 1942
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
2
2X
2
2
Y2
2
2
27,
30,
17,
27,
28,
15,
17,
27,
30,
27,
17,
28,
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and adyances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the UnitedStates, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act
(except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively);
and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last
paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK BUYING RATES O N BILLS
[Per cent per annum]
Rate on
June 30
Previous
rate
Apr. 30, 1942
X
%
Treasury bills1
Bankers' acceptances:2
1- 90 days
91-120 days
121-180 days
In effect beginning—
Vs
Maturity
Oct. 20, 1933
Oct. 20, 1933
Oct. 20, 1933
1M
GUARANTEE FEES A N D MAXIMUM INTEREST A N D COMM I T M E N T RATES CHARGEABLE UNDER REGULATION
V O N LOANS GUARANTEED BY WAR DEPARTMENT,
N A V Y DEPARTMENT, AND MARITIME COMMISSION UNDER EXECUTIVE ORDER N O . 9112
A N D C O N T R A C T SETTLEMENT ACT
OF 1944
[Rates in effect June 30]
FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS
Guarantee fee
(In terms of percentage of amount
of interest payable
by borrower) 1
Percentage of loan guaranteed
80 or less
.'.'...'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.".'..'.'.'.'.
Over 95.
'.'.'.
To industrial or
commercial
businesses
1
1
1 Established rate at which Federal Reserve Banks stand ready to buy
all Treasury bills offered. Effective Aug. 3, 1942, purchases of such bills,
if desired by the seller, were made on condition that the Reserve Bank,
upon request before maturity, would sell back bills of like amount and
maturity at the same rate of discount. Since May 15, 1943, all purchases
have been made subject to repurchase option.
2
Minimum buying rates on prime bankers' acceptances.
Back figures.—Site Banking and Monetary Statistics, Table 117, pp. 443-445.
90.'.'!.'!
FEDERAL RESERVE BANK RATES O N INDUSTRIAL LOANS
A N D COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACTi
Maturities not exceeding five years
[In effect June 30. Per cent per annum 1
10
15
20
30
50
On discounts or
purchases
Federal Reserve
Bank
On ,
loans'
Boston
New York....
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
On
On comPortion
commitmitments
Rements for which
institu- maining
tion is
portion
obligated
2M-5
2H-5
2H-5
23^-5
[Per cent per annum]
Maximum rate of interest
Maximum commitment rate. .
1
2
Guarantee fee is charged only on guaranteed portion of loan.
Based on average daily unused balance of the maximum principal
amount of the loan. The financing institution may, in the alternative,
charge a flat fee of not to exceed $50, without regard to the amount or
maturity of the commitment.
)
S
()
?
8
0
XM
52
X-Ui
XiK
234-5
(4
X)
(J)
4
()
X-iH
X-iX
sym
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 XA per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics,Table 118, pp. 446-447.
MAXIMUM RATES O N T I M E D E P O S I T S
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum ]
Nov. 1,1933Jan. 31,1935
MAXIMUM RATES THAT MAY B E CHARGED BORROWERS BY
FINANCING INSTITUTIONS
To financing institutions
Feb. 1,1935Dec. 31,1935
Effective
Jan. 1,1936
Savings deposits
Postal savings deposits...
Other deposits payable:
In 6 months or more—
In 90 days to 6 months.
In less than 90 days
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the rate
payable by a member bank may not in any event exceed the maximum
rate payable by State banks or trust companies on like deposits under
the laws of the State in which the member bank is located.
FEDERAL RESERVE BULLETIN
M A R G I N REQUIREMENTS 1
[ Per cent of market value ]
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits 1
Period in effect
Central
reserve
city
banks
June 21, 1917-Aug. 15, 1936
Aug. 16, 1936-Feb. 28, 1937
Mar. 1, 1937-Apr. 30, 1937
May 1, 1937-Apr. 15, 1938
Apr. 16, 1938-Oct. 31, 1941
Nov. 1, 1941-Aug. 19, 1942
Aug. 20, 1942-Sept.l3, 1942
Sept. 14, 1942-Oct. 2, 1942
Oct. 3, 1942 and after
13
19M
22%
26
22%
26
24
22
20
Reserve
Country
city
banks
banks
10
15
20
20
20
20
20
7
10^
1234
14
12
14
14
14
14
Time
deposits
(all
member
banks)
3
4H
5M
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 demandjbalances due from domestic banks.
Nov. 1, Effective
1937Feb. 4, Feb. 5,
1945
1945
Prescribed by Board of Governors of the Federal
Reserve System in accordance with Securities
Exchange Act of 1934
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U
40
50
40
50
50
50
1
Regulations T and U limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of the extension; the "margin
requirements" shown in this table are the difference between the market
value (100%) and the maximum loan value.
NOTE.—Regulations T and U also provide special margin requirements on
"omnibus" accounts and loans to brokers and dealers.
Back figures.—See Banking andjdonetary Statistics, Table 145, p . 504.
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
..-[In thousands of dollars]
Wednesday figures
End of month
Item
1945
June 27
June 20
June 13
June 6
May 30
May 23
May 16
May 9
June
1944
May
June
Assets
7,407,210 7,411,215 17,421,210 17,412,465 17,416,465 17,429,460 17,513,465 17,508,360 7,355,214 7,416,463 18,599,375
Gold certificates
699,358
683,713
697,265
688,160
697,481
681,041
699,302
695,094
677,377
695,095
410,317
Redemption fund for F.R. notes.
Total gold certificate
reserves
18,106,568 18,108,480 .8,109,370 18,109,946
,111,559 8,113,173
194,506 18,185,737 18,054,516
,111,558 19,009,692
Other cash
216,554
249,361
248,770
247,330
248,091
254,8
241,771
240,801
212,909
248,175
277,364
Discounts and advances:
For member banks
For nonmember banks, etc
202,469
306,584
851,134
790
911,334
790
884,744
790
723,374
790
486,204
790
550,659
790
46,457
873,774
790
12,530
150
306,584
851,924
912,124
885,534
724,164
486,994
551,449
46,457
874,564
12,680
3,499
4,200
4,104
4,302
4,592
4,835
4,212
2,772
4,230
11,084
Total discounts and
advances
Industrial loans
U. S. Government securities:
Direct:
Bills:
Under repurchase option
Other
Certificates:
Special
Other
Notes
Bonds
Guaranteed
202,469
3,293
4,784,923 4,639,971 4,538,611 4,682,258 5,028,961 5,068,504 4,992,875 5,246,640 4,874,482 4,898,361 3,655,233
8,187,195 8,232,260 8,214,796 8,055,176 8,035,136 8,061,436 8,038,591 7,957,774 8,087,965 8,055,176 5,217,183
5,924,011 5,838,011 5,569,761 5,388,261 5,827,311 5,678,711 5,523,711 5,412,211 6,032,011 5,870,011 3,381,990
1,683,950 1,683,950 1,666,950 1,657,950 1,016,450 1,005,350
997,850
987,850 1,684,950 1,017,450 1,180,035
1,112,64: 1,112,642 1,112,64 1,112,642 1,115,142 1,115,142 1,115,142 1,115,142 1,112,642 1,112,642 1,464,096
2,500
Total U. S. Government
securities, including
guaranteed securities. 21,692,721 21,506,83' 21,102,760 20,896,28' 21,023,000 20,929,143 20,668,169 20 ,719,617 21,792,050 20,953, 640 14,901,037
Other Reserve Bank credit out462,864
322,247
312,499
347,317
standing
.
314,050
426,871
469,641
298,
394,382
387,952
345,46
Total Reserve Bank
credit outstanding
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve
account
U. S. Treasurer—general
account
Foreign
Other deposits
Total deposits
Ratio of total reserves to deposit and F.R. note liabilities
combined (per cent)
22,210,982 22,286,558 22,346,836 22,206,89 22,258,303 21,980,146 21,586,869 21,589,328 22,304,143 22,131,31 15,272,118
22,942,621 22,873,226 22,865,212 22,859,622
22,844,8
22,761,047 22,782,31; 22,722,460 23,018,860 22,885,30' 18,898,960
14,759,990 15,354,235 15,771,176 15,452,113 15,371,392 15,116,648 15,245,908 15,029,352 14,919,911 15,295,863 12,865,826
599,208
650,457
446,614
361
352,29
101,872
425,501
526,23:
169,626
687,287
347,240
1,507,511
1,297,666 1,268,960 1,230,572 1,188,401 1,159,080 1,187,244 1,134,984 1,071,542 1,248,166 1,142
420,236
362,493
391,845
446
404,600
357,438
406,104
459,676
319,572
476,382
440,756
17,221,325 17,411,191 17,490,946 17,350,249 17,415,649 17,234,724 16,888,868 16,939,353 17,187,521 17,246,593 15,386,287
45.1
45.0
45.9
44.9
45.1
55.4
MATURITY DISTRIBUTION OF LOANS A N D U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
June 27, 1945
Discounts and advances
Industrial loans
U. S. Government securities
JULY 1945
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
294
1,010
202,469
1,100
200,065
154
7
709
8
33
3,293
2,155
21,692,721 3,046,800 2,101,921 4,805,625 4,796,612 1,060,750 3,718,721
lyear
to
2 years
" 107
907,300
2 years
to
5 years
120
507,652
Over
5 years
747,340
657
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands ot dollarsT
Total
Assets
Gold certificates:
May 23
May 30
June 6
June 13
June 20
Redemption fund for
F. R. notes:
May 23
May 30
June 6
June 13
June 20
Total gold certificate
reserves:
May 23
May 30
June 6
June 13
June 20
Other cash:
May 23
May 30
June 6
June 13
June 20
Discounts & advances:
Secured by U. S.
Govt. securities:
May 23
May 30
June 6
June 13
June 20
Other:
May 23
May 30
June 6
June 13
June 20
Total discounts and
advances:
May 23
May 30
June 6
Tune 13
June 20
Industrial loans:
May 23
May 30
June 6
June 13
June 20
U. S. Govt. securities:
Bills:
Under repurchase
option:
May 23
May 30
June 6
June 13
June 20
J
ther bill
Other bills:
May 23
May 30
June 6
June 13
June 20
Certificates:
May 23
May 30
June 6
June 13
June 20
Notes:
May 23
May 30
June 6
June 13
June 20
Bonds r
May 23
May 30
June 6
June 13
June 20
Total U. S. Govt.
securities:
May 23
May 30
June 6
June 13
June 20
Boston
17,429,460
17,416,465
17,412,465
17,421,210
17,411,215
894,744
906,570
905,021
978,594
951,745
683,713
695,094
697,481
688,160
697,265
46,459
46,384
46,310
46,231
46,167
Philadelphia
New
York
Cleveland
4,655,854 971,181 1,339,996
4,606,134 971,717 1,353,248
4,641,398 975,684 1,335,027
4,481,518 1,037,269 1,370,555
518
4,544,477 1,013,714 1,407,069
133,609
138,319
138,032
132,533
132,279
18,113,173 941,203 4,789,463
18,111,559 952,954 4,744,453
18,109,946 951,331 4,779,430
'
18,109,370 1,024,825 4,614,051
18,108,480 997,912 4,676,756
Richmond
890,407
908,212
896,459
920,500
911,643
62,444
63,339
63,243
63,136
63,053
50,171
51,574
50,998
52,313
51,776
1,019,561 1,402,440
1,019,984 1,416,587
1,023,841 1,398,270
1,081,053 1,433,691
1,057,893 1,470,122
940,578
959,786
947,457
972,813
963,419
48,380
48,267
48,157
43,784
44,179
Atlanta
Chicago
912,631 3,272,962
922,705 3,224,641
909,432 3,256,624
9 2 1 052 3
, " ',156,585
888,165 3,132,176
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
514,190 ,345,278
524,695 320,381
512,674 331,708
542,277 ,278,341
550,015 305,787
634,965
665,312
630,909
700,591
681,541
354,711
358,322
364,488
364,122
365,838
642,541
654,528
653,041
669,806
659,045
110,250
115,136
115,019
114,895
124,809
33,896
33,859
33,835
33,801
33,771
16,322
16,311
16,300
16,286
16,276
27,051
27,022
28,996
28,966
28,943
19,997
19,968
19,939
19,902
19,878
95,588
95,491
95,321
95,240
95,148
952,177 3,383,212
962,129 3,339,777
950,763 3,371,643
962,125 3,271,480
929,151 3,256,985
668,861
699,171
664,744
734,392
715,312
371,033
374,633
380,
380,408
382,114
669,592
681,550
682,037
698,772
687,988
534,187
544,663
532,613
562,179
569,893
440,866
415,872
427,029
373,581
400,935
39,546
39,424
41,331
41,073
40,986
254,
248,091
247,330
248,770
249,361
22,922
21,664
21,315
20,677
19,746
62,676
62,750
62,413
65,122
63,105
20,815
20,148
20,477
19,889
19,855
20,831
22,750
21,375
22,749
21,458
15,035
14,759
15,300
14,560
15,447
21,397
20,273
20,563
19,061
21,201
29,631
27,569
27,784
29,125
28,237
11,327
10,526
9,311
9,027
9,215
5,348
4,837
4,400
4,635
4,677
12,621
12,303
11,897
12,217
12,645
9,768
10,235
9,509
8,983
9,663
22,517
20,277
22,986
22,725
24,112
724,164
885,534
912,124
851,924
306,584
29,600
32,305
29,580
18,280
1,835
426,364
637,099
653,769
634,109
235,444
11,325
16,335
16,275
31,625
3,055
44,975
33,880
43,845
36,545
4,725
15,155
12,835
10,625
10,825
5,950
6,400
12,100
7,500
6,350
1,200
70,100
38,450
46,975
46,625
7,300
40,780
24,415
38,290
18,900
22,950
36,07.
29,875
24,225
21,625
7,300
15,690
15,290
17,290
11,290
16,825
200
3,200
27,500
29,750
23,750
15,750
724,164
885,534
912,124
851,924
306,584
29,600
32,305
29,580
18,280
1,835
426,364
637,099
653,769
634,109
235,444
11,325
16,335
16,275
31,625
3,055
44,975
33,880
43,845
36,545
4,725
15,155
12,835
10,625
10,825
5,950
6,400
12,100
7,500
6,350
1,200
70,100
38,450
46,975
46,625
7,300
40,780
24,415
38,290
18,900
22,950
36,075
29,875
24,225
21,625
7,300
15,690
15,290
17,290
11,290
16,825
200
3,200
27,500
29,750
23,750
15,750
4,592
4,302
4,104
4,200
3,499
130
130
130
130
128
7
7
7
7
7
3,642
3,352
3,179
3,301
2,609
5,068,504
5,028,961
4,682,258
4,538,611
4,639,971
87,377
112,256
81,796
67,258
23,764
3,141,630
3,018,337
2,830,134
3,014,059
3,130,788
199,618
204,990
190,338
165,933
162,355
8,061,436
8,035,136
8,055,176
8,214,796
8,232,260
644,853
624,151
631,361
600,800
698,563
626,479
620,093
624,959
555,178
532,415
5,678,711
5,827,311
5,388,261
5,569,761
5,838,011
390,056
400,765
371,126
384,145
403,419
1,407,905
1,444,149
1,334,681
1,379,017
1,444,51."
1,005,350
1,016,450
1,657,950
1,666,950
1,683,950
69,056
69,905
114,193
114,970
116,364
1,115,14:
1,115,142
1,112,64
1,112,642
1,112,642
76,597
76,693
76,634
76,739
76,886
20,929,143 1,267,939
21,023,000 1,283,770
20,896,287 1,275,110
21,102,760 1,243,912
21,506,834 1,318,996
658
275
275
275
275
275
19
19
19
19
15
425
425
400
375
375
84,388
76,889
81,239
76,539
47,247
50,875
41,616
43,270
29,814
22,650
28,146
35,590
34,310
19,500
20,720
783,099
865,378
760,091
693,010
791,900
228,979
180,192
216,461
51,040
49,475
25,720
23,850
29,330
26,520
38,635
41,426
49,447
31,898
24,796
16,057
555,574 1,014,411
546,707 1,019,001
541,437 1,022,461
513,337 962,909
547,206 996,852
721,456
718,557
711,047
702,002
700,036
634,934
633,595
634,61
642,743
643,632
1,380,351
1,352,426
1,421,324
1,564,620
1,444,504
239,183
281,925
231,373
359,211
360,029
233,627
227,345
228,496
220,606
224,626
473,011
466,941
458,703
457,075
469,419
362,142 1,175,415
362,099 1,182,296
365,109 1,184,291
358,442 1,277,873
322,070 1,292,908
439,177
450,663
416,700
430,728
451,463
544,204
559,141
517,781
535,946
562,829
364,116
373,461
345,120
356,556
373,444
294,466
302,062
279,185
288,475
302,201
709,314
727,904
673,093
695,794
729,351
279,720
286,759
264,841
273,471
286,209
152,744
156,983
145,423
150,572
158,195
277,515
284,762
263,290
272,144
285,228
246,455
252,789
233,615
241,368
252,815
573,039
587,873
543,406
561,545
588,344
249,253
251,901
410,676
412,720
416,66.
77,751
78,608
128,218
128,912
130,22;
96,346
97,530
159,321
160,401
162,346
64,462
65,142
106,192
106,711
107,719
52,131
52,689
85,903
86,336
87,168
125,575
126,967
207,108
208,242
210,378
49,521
50,018
81,491
81,846
82,556
27,042
27,382
44,746
45,064
45,632
49,131
49,671
81,01
81,449
82,273
43,632
44,094
71,884
72,237
72,923
101,450
102,543
167,204
168,062
169,705
276, A
276,359
275,603
275,479
275,303
86,24:
86,241
86,046
86,045
86,043
106,867
107,000
106,919
107,063
107,268
71,502
71,467
71,265
71,227
71,174
57,825
57,804
57,649
57,62'
57,595
139,289
139,294
138,
138,996
139,003
54,928
54,875
54,689
54,630
54,54'
29,995
30,041
30,029
30,079
30,150
54,497
54,494
54,368
54,365
54,360
48,397
48,375
48,241
48,216
48,183
112,529
112,499
112,210
112,176
112,130
,846,216 1,272,411 1,067,502 3,137,628
,859,561 1,270,243 ,081,740 3,211,969
,887,721 1,276,894 1,091,662 3,200,605
,842,858 1,266,310 1,094,681 3,300,66:
,876,542 1,275,023 1,111,316 3,315,136
852,331
853,769
848,855
820,198
832,816
469,128
465,601
478,024
472,841
497,238
895,580
905,315
889,27.
889,829
907,337
5,701,741 1,358,362
5,610,839 1,367,209
5,476,053 1,362,739
5,636,453 1,324,955
5,799,68: 1,377,290
29,861
29,546
30,291
19,966
21,151
367,385
390,870
353,100
350,176
315,229
730,487 2,329,818
736,903 2,376,081
749,140 2,360,211
740,
",469,832
717,142 2,478,316
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Total loans and s e c :
May 23
May 30
June 6
June 13
June 20
Due from foreign
banks:
May 23
May 30
June 6
June 13
June 20.
Federal Reserve notes
of other Banks:
May 23
May 30
June 6
June 13
June 20
Uncollected items:
May 23...
May 30
June 6
June 13
June 20
Bank premises:
May 23
May 30
June 6
June 13
June 20
Other assets:
May 23
May 30
June 6
June 13
June 20
Total assets:
May 23
May 30
June 6
June 13
June 20
Liabilities
Federal Reserve notes:
May 23
May 30
June 6
June 13
June 20
Deposits:
Member bank—
reserve account:
May 23
May 30
,
: 6
; 13
_ J20
U. S. Treasurer—
general account
May 23
May 30
June 6
June 13
June 20
Foreign:
May 23
May 30
June 6
June 13
June 20
Other:
May 23
May 30
June 6
June 13
June 20
Total deposits:
May 23
May 30
June 6
June 13
June 20
Deferred availability
items:
May 23
May 30
June 6
June 13
Tune 20
New
York
Boston
Phila :
delphia
I
Cleveland
Richmond
Atlanta
,373,329
,386,896
,382,193
,359,881
,382,954
1,891,191
1,893,441
,931,566
1,879,403
1,881,267
,287,660
,283,172
,287,613
,277,228
,281,063
,073,902
,093,840
,099,162
,101,031
,112,516
,208,003
,250,694
,247,855
3,347,562
,322,711
893,111
878,184
887,145
839,098
855,766
505,203
495,476
502,249
494,466
504,538
911,289
920,624
906,582
901,138
924,177
730, 687
740, 103
749, 140
740, 229
717, 142
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
21,657,899
21,912,836
21,812,515
21,958,884
21,816,917
,297, 669
,316, 205
,304, 820
,262, 322
1,320, 959
6,128,112
6,247,945
6,129,829
6,270,569
6,035,133
112
112
110
110
110
8
8
8
8
8
138
136
136
136
87,343
82,076
89,208
94,606
92,174
7,898
3,554
3,496
4,191
5,592
18,127
13,417
18,674
21,060
16,937
3,310
3,799
4,830
6,407
7,005
3,880
4,333
4,844
5,181
4,708
7,238
7,704
7,852
8,077
7,214
7,652
8,531
8,514
7,848
7,547
10,646
9,556
11,253
10,226
10,388
5,991
6,495
6,467
6,940
7,534
1,686
2,301
2,138
2,896
2,502
4,181
5,033
4,649
4,634
5,137
3,273
2,432
2,950
3,444
3,565
13,461
14,921
13,541
13,702
14,045
1 786,465
1 727,261
1 752,583
2 055,495
2 363,188
133, 618
118, 722
123, 860
381,352
383,468
345,251
455,955
466,189
106,491
104,438
105,889
106,927
132,623
184,602
197,136
168,044
214,272
258,814
145,332
120,560
131,255
153,921
192,198
102,583
122,008
125,489
137,767
140,071
264,592
259,631
279,727
322,259
390,234
71,496
72,723
83,978
86,793
90,211
36,322
35,125
41,360
44,192
49,236
94,261
96,524
93,810
107,055
123,679
73,187
64,685
78,920
79,838
87,473
192,629
152,241
175,000
199,104
255,275
1,913
147 412
177, 185
2
:,357,743
2
',406,256
2!
1,384,361
2, 485,957
!
,
2, 478,691
!
34,191
34,174
34,144
34,144
34,143
1
1
1
1
1
591
586
587
587
587
8,821
8,821
8,803
8,803
8,803
3,397
3,397
3,397
3,397
3,397
4,054
4,054
4,054
4,054
4,054
2,818
2,818
2,827
2,827
2,827
1,596
1,593
1,593
1,593
1,593
3,150
3,149
3,144
3,144
3,144
2,096
2,096
2,092
2,092
2,091
1,244
1,242
1,242
1,242
1,242
2,638
2,638
2,632
2,632
2,632
87,
873
866
866
866
59,631
62,005
59,390
61,926
55,105
4
4
4
4
4
177
420
192
361
895
13,109
13,622
13,303
14,112
12,147
4,403
4,656
4,544
4,773
3,884
5,760
5,989
5,485
5,758
5,074
3,695
3,886
3,612
3,806
3,367
3,371
3,493
3,264
3,379
2,999
7,945
8,129
8,175
8,42:
7,72!
3,230
3,324
3,328
3,412
2,804
1,515
1,563
1,580
1,654
1,506
3,050
3,228
3,006
3,098
2,628
2,770
2,937
41
42
42
42
42
993,702
178,114
105,226
563,305
719,478
2,409
2,419
2,410
2,465
2,527
086 11,401,698
113 11,474,514
609 11,357, 739
383 11,449,708
884 11,279,106
2,531,316 3,512,768 2,402,361 2,162,682 6,907,194
2,543,328 3,544,300 2,392,690 2 ,211,871 6,898,520
2
',545,181 3,533,648 2,395,921 2,209,352 6,949,596
2,582,337 3,565,118 2,433,237 2,232,808 6,992,233
2,607,621 3,645,507 2,465,
,215,082 7,019,436
1,656,116
1,672,523
1,657,069
1,681,758
1,682,937
922,354
915,180
933,760
•929,496
945,818
1,697,635
1,721,903
1,704,616
1,729,549
,758,889
1,354,7
'48 5,035,744
5
1,365,931 5,018,241
1,376,745 5,030,990
1,398,347
1,391,
5,'180,'627
22
22
22
22
22
761,047
844,887
859,622
865,212
873,226
1,441
1,435
1,441
1,443
1,446
331
771
690
594
258
15
15
15
15
15
116,648
371,392
452,113
771,176
354,235
526,232
425,50
352,297
169,626
347,240
1,497,708
1,501, 684
1,501,883
1,511,574
1,508,130
1,984,270
1,987,902
1,995,522
1,998,500
2,002,023
1,517,417
1,523,022
1,526,592
1,529,540
1,528,619
185,053
1,333,
1,344, 977 4 193,400
197,796
1,349,
188,877
1,350,
1,348,117 4,191,593
961,267
964,477
964,009
964,029
963,253
498,854
498,819
499,629
500,152
500,055
838,237
844,606
846,774
846,221
843,935
563,009 2 ,884,453
572,282 ,895,675
575,
,909,595
575,561 2,913,208
571,726 2,910,022
685 638 5,008,228
709 614 5,100,605
717 264 5,070,579
750 459 5,212,535
763 632 4,899,801
771,441
773,064
808,427
824,155
794,554
1,161,520
1,181,055
1,213,608
1,201,012
1,214,158
643,361
657,275
664,868
675,395
664,520
658,398 ,211,312
662,148 ,253,823
674,991 ,268,075
696,945 ,288,330
665,112 2,233,304
545,543
554,802
546,300
566,025
557,674
335,541
334,84!
348,83'
339,146
340,977
696,434
709,112
707,995
724,120
723,359
655,676
661,420
661,744
689,653
683, 700
1,743,556
1,773,629
1,769,425
1,803,401
1,813,444
129,488
81,961
124,678
28,001
91,71
28,381
40,735
8,891
5,868
34,829
59,14.
55,780
32,973
20,686
26,618
31,166
25,879
20,416
14,228
22,039
17,678
22,012
16,092
3,865
7,823
78,491
20,53'
49,309
32,922
29,84:
20,320
25,141
10,765
7,280
5,273
13,969
9,822
10,359
8,864
6,426
21,206
25,403
14,068
10,453
16,130
22,707
23,914
15,003
13,780
9,907
55,558
42,644
30,036
13,724
60,218
456,606
446,128
453,22'
2470,71.
2
491,152
100,657
98,224
101,229
104,263
106,700
99,513
97,108
100,079
103,079
105,488
48,041
46,880
48,314
49,762
50,925
40,034
39,066
40,262
41,468
42,438
148,697
145,103
149,543
154,026
157,625
34,315
33,485
34,510
35,544
36,375
26,308
25,672
26,458
27,251
27,888
34,315
33,485
34,510
35,544
36,375
34,315
33,485
34,510
35,544
36,375
87,O;16
84,943
87,538
90,190
92,194
297,094
320,916
230,565
184,158
220,749
4,360
4,829
4,210
6,027
11,230
8,852
11,482
19,081
10,913
40,807
7,973
7,579
' 5,890
6,328
6,664
3,340
29,684
3,727
3,569
5,071
7,879
9,710
13,328
11,462
58,754
14,135
13,870
13,905
14,343
22,079
3,994
4,199
4,363
3,750
15,119
1,920
1,753
1,473
1,459
1,22:
1,228
1,971
2,637
2,299
2,222
49,323
49,861
53,710
69,426
45,808
5,891,416
5,949,610
5,879,049
5,895,407
5,703,419
904,839
916,852
922,757
940,313
947,313
1,329,030
1,345,425
1,365,741
1,335,690
1,387,071
730,541
737,613
739,488
745,713
744,148
719,450
752,910
735,072
745,847
720,444
2,446,379
2,429,173
2,480,255
2,486,740
2,479,525
614,313
627,298
605,480
623,192
621,401
379,812
374,538
390,01
379,011
390,410
753,875
769,753
758,046
771,576
777,086
713,926
720,790
713,894
741,276
732,204
1,935,473
1,951,077
1,940,709
1,976,741
2 ,011,664
278,030
266,261
250,913
333,450
338,155
83,8879,745
75,372
85,142
106,791
150,166
161,449
122,710
181,076
206,373
129,530
107,111
104,836
132,837
167,578
89,27'
93,026
103,631
115,098
125,340
204,83'
204,660
200,182
244,896
276,426
62,127
62,235
69,015
75,865
79,599
29,561
27,690
29,900
36,085
41,068
87,556
89,430
81,595
93,448
119,546
60,096
55,066
69,486
63,548
69,152
172,241
127,690
136,820
169,333
213,992
48
51
19
9
36
123
673
707
955
418
77 407
75 501
1 188,40
1 230,572
1 268,960
78 221
83 188
85 425
404,600
459,67
357,438
319,57
440,75
4 502
3 822
4 ,549
5 838
11,031
815,670
840,610
819,741
849,440
896,506
1,464,33
117,026
1,381,90
1,358,31
1,667,65
107,543
113,851
136,875
149,637
,893,65
J
6,606
6, 758
6,157
6,346
5,653
5,056,350
5,082,272
5,050,893
5,043,184
5,059,495
1 187,244
1 159,080
17,234,72
17,415,64
17,350,24
17,490,94
17,411,19
2,744
2,805
2,426
1,907
1,907
1,907
1,907
2
2
2
1
2
After deducting $74,000 participations of other Federal Reserve Banks on May 23; May 30; June 6; June 13; June 20.
After deducting $729,760,000 participations of other Federal Reserve Banks on May 23; $712,123,000 onMay 30; $733,910,000 on June 6; $755,910,000 on
June 13; $773,577,000 on June 20.
JULY 1945
659
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-Continued
[In thousands of dollars]
Other liabilities including accrued div.;
May 23
May 30
June 6
June 13
June 20
Total liabilities:
May 23
May 30
June 6
June 13
June 20
Capital Accounts
Capital paid in:
May 23
May 30
June 6.
June 13
J une
June 20
Surplus (section 7):
May 23
May 30
June 6
June 13
June 20
Surplus (section 13b):
May 23
May 30
June 6
June 13.
June 20
Other capital accounts:
May 23
May 30
June 6
June 13
June 20
Total liabilities and
capital accounts:
May 23
May 30
)une 6
June 13
June 20
Commitments to mak
industrial loans:
May 23
May 30
Tune 6
June 13
June 20
New
York
Boston
Total
Philadelphia
Richmond
Cleveland
Chicago
Atlanta
St.
Louis
Minneapolis
1,735
1,846
1,783
1,774
1,839
364
415
349
404
401
336
311
311
302
301
!11,229, 157 2,
,487,211 3,464,635 2,378,116 2,142,377 6,838,001
41, 471,954 2,374,898
i
588
41, 654,812 2,384,795 11,301, 2,499,122 3,496,048 2,368,348 2,191,507 6,829,079
)11,184,150 2,500,845 3,485, 140 2,371,511 2,188,877 6,880,016
41, 579,954 2,376,159
i,922,287
[
42, 036,228 2,430,854 11,275,"" ",537,895 3,516,460 2,408,733 2,212,250 6,
>
42, 190,217 2,493,276 11,104, 2,563,061 3,596,651 2,440," ",194,434 6,949,383
510
930 2
1,638,071
1,654,425
1,638,853
1,663,490
1,664,654
Kansas
City
908,563
901,358
919,857
915,550
931,834
871
871
877
945
875
11,853
12,370
11,772
12,417
12,143
3,361
3,445
3,295
3,542
3,441
1,169
1,272
1,167
1,194
1,184
780
841
833
866
827
550
594
515
533
533
628
602
595
643
585
Dallas'
443
475
443
460
463
447
478
388
509
428
San
Francisco
1,169
1,220
1,216
1,245
1,266
,680,111 1,337,478 4,993,336
,704,264 1,348,616 4,975,662
858
,686,""" 1,359,348 4,988,340
:
,711, 705 1,380,894 ,060,527
,741,030 1,373,510 ,136,944
168,077
168,145
168,335
168,508
169,336
10,253
10,253
10,249
10,256
10,260
59,865
59,874
60,025
60,106
60,119
12,720
12,718
12,731
12,731
12,745
16,891
16,896
16,904
16,912
16,927
6,776
6,776
6,777
6,777
6,779
6,090
6,090
6,090
6,093
6,101
20,242
20,243
20,243
20,284
20,310
5,452
5,454
5,454
5,458
5,460
3,663
3,663
3,679
3,683
3,686
5,370
5,422
5,423
5,448
5,452
5,687
5,687
5,691
5,691
5,703
15,068 ,
15,069
15,069
15,069
15,794
228,153
228,153
228,153
228,153
228,153
15,239
15,239
15,239
15,239
15,239
84,903
84,903
84,903
84,903
84,903
19,872
19,872
19,872
19,872
19,872
19,071
19,071
19,071
19,071
19,071
7,813
7,813
7,813
'7,813
7,813
7,936
7,936
7,936
7,936
7,936
33,201
33,201
33,201
33,201
33,201
7,048
7,048
7,048
7,048
7,048
4,950
4,950
4,950
4,950
4,950
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
27,165
27,165
27,165
27,165
27,165
2,880
2,880
2,880
2,880
2,880
7,143
7,143
7,143
7,143
7,143
4,468
4,468
4,468
4,468
4,468
1,007
1,007
1,007
1,007
1,007
3,290
3,290
3,290
3,290
3,290
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
527
527
527
527
527
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
98,353
99,839
101,619
103,251
104,607
5,816
5,946
6,082
6,154
6,229
20,630
21,006
21,518
21,973
22,431
7,045
7,148
7,265
7,371
7,475
11,164
11,278
11,526
11,668
11,851
6,366
6,463
6,530
6,624
6,728
5,517
5,576
5,68'
5,76'
5,849
14,321
14,568
14,707
15,032
15,113
5,018
5,069
5,187
5,235
5,248
4,105
4,136
4,201
4,240
4,275
4,821
4,884
5,002
5,063
5,074
4,251
4,296
4,374
4,430
4,486
9,299
9,469
9,540
9,694
9,848
2,402,361 2,162,682 6,907,194
2,392,690 2,211,87116,898,520
,395,921 2,209,35216,949,596
,433.237 2F232,8O8|6,992,233
2,465,540 2,215,082 7,019,436
1,656,116
1,672,523
1,657,069
1,681,758
1,682,93'
41, 993,702 2,409,086 11,401,698 2,531,316 3,512,768
,543,328 3,544,300
42, 178,114 2,419,113 11,474,
42, 105,226 2,410,609 11,357, 739 2,545,181 3,533,
42, 563,305 2,465,383 11,449,708 2,582,337 3,565,
42, 719,478 2,527,884 11,279,106 2,607,62 1 3,645,507
4,058
4,320
4,514
4,418
5,087
2,224
2,445
2,617
2,496
3,165
100
225
225
225
225
922,354 1,697,635
915,180 1,721,903
933,760 1,704,616
929,496 1,729,549
945,818 1,758,889
1,354,748 5,035,774
1,365,931 5,018,241
1,376,745 5,030,990
1,398,347 5,103,331
1,391,031 5,180,627
450
376
376
376
376
400
400
400
400
400'
200
200
200
200
200
614
604
630
655
655
FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve notes outstanding (issued to Bank):
May 23
May 30
June 6
June 13
June 20.
Collateral held against notes
outstanding:
Gold certificates:
May 23
May 30
June 6
June 13
June 20
Eligible paper:
May 23
May 30
June 6
June 13
June 20
TL S. Govt. securities:
May 23
May 30
June 6
June 13
June 20
Total collateral:
May 23
May 30
June 6
June 13
June 20
66o
Boston
New
York
23,426,187
23,504,966
23,542,366
23,530,273
23,560,093
1,487, 153 5 ,192,219
1,479,801 5,222,929
1,479, 548 5 ,248,945
"
1,479,552 5,212,440
1,479,452 5,230,864
10,521,000
10,331,000
10,321,000
10,638,000
10,697,000
545,000
575,
575,000 2, 545,000
545,000
575,
575,000 2, 695,000
585,000 2, 920,000
602,489
797,904
813,804
762,404
293,359
12,913,979
13,065,192
13,226,461
12,686,040
12,934,475
29,600
32,305
29,580
18,280
1,835
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
529,915 2,037,078 1,549,14311,387,661 4,272,144
537,258 2,048,597 1,556,780 1,391,798 ,282,467
543,005 2,050,454 1,559,141 1,394,
,272, 629
548,370 2,052,761 1,564,956 1,395, 164 4 ,261,145
556,553 2,054,647 1,565,277 1,401,977 4,250,952
598,000
598,000
598,000
683,000
707,000
790,000
800,000
805,000
812,000
812,000
600,000
600,000
600,000
600,000
600,000
426,364
637,099
653,769
634,109
235,444
11,325
16,335
16,275
31,625
3,055
15,155
12,835
10,625
10,825
5,950
900,000 2,400,000
900,000 2,400,000
2,400,000
900,000 2,.
900,0 2,100,000
2,100,000
900,000 2,:
950, 000
950,000
950,000
850,000
850,000
1,250,000 975,000
1,250,000 975,000
1,250,000 975,000
1,250,000 1,000,000
1,250,000 1,000,000
635,000 2,200,000
,000,000
635,
610 000 2 000,000
,000,000
610,
610,000 1,780,000
24,037,468 1,504,,600 5,371,364
24,194,096 1,507,
,305 5,582,099
24,361,265 1,504,580 5 ,598,769
24,086,444 1,493,
,429,109
23,924,834 1,486,835 5,255,444
St.
Louis
1,559,325 2,040,000 1 ,590,155 1,410,000 4, 300,000
1,564,335 2,050,000 1,587,835 1,410,000 4 300,000
1,564,275 2,055,"" 1,585,625 1,410,000 4; 300, 000
1,564,625 2,062,000 1,610,825 1,410,000 4, 300,000
1,560,055(2,062,000 1,605,950 1
',410,000 4 280,000
San
Francisco
999,504 509, 365 865,152 590,211 3,006,642
1,002,499 508\694 865 809 595 410 3
508,
",012,924
1,004,631 509,809 867,557 598^181 3,014,122
1,009,820 511,
511J190 868 819 599,015 3,027,041
1,004,411 511, 024 866,867 602, 427 3 ,035,642
375,000 190,000 320,000
375,000 190,000 320|,000
375,000 190,000 320,000
400,000 190,000 320,000
400,000 190,000 330,000
40,780
24,415
38,290
18,900
22,950
775i,000 2 ,100,000
775
,300,000
800),000 2 ,300,000
800
),000 2 ,300,000
800,000 2 ,500,000
Minne- Kansas Dallas
apolis City
36,075
29,875
24,2251
21,625
7,300!
219,000
219,000
229,000
229,000
239,000
15,690
15,290
17,290
11,290
16,825
1,474,000
1,474,000
1,474,000
1,524,000
1,524,000
27,500
29,750
23,750
15,750
703,979 325,000 550,000 385,000 1,600,000
655,192 325,000 550, 000 385,000 1,600,000
791,461 325,
5^000 550\ 000 385,000 1,600,000
626,040 325,000
385,000 1,600,000
674,475 325, 000 550,000 385,000 1,600,000
1,119,759 551,075 885,690 604,000
1,054,607 544,875 885,290 604,000
1,204,751 539,225 887,290 614,000
1,044,940 536,625 881,290 614,000
1,097,425 522,300 896,825 624,000
3,101,500
3,103,750
3,097,750
3,139, 750
3,124,000
FEDERAL RESERVE BULLETIN
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
authorized
to date
Guaranteed loans
outstanding
Number
Amount
Total
amount
1942
June 30
Sept. 30
Dec. 31
565
1,658
2,665
310,680
944,204
2,688,397
1943
Mar. 31
June 30
Sept.30
Dec. 31
3,534
4,217
4,787
5,347
3,725,241
4,718,818
5,452,498
6,563,048
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
1944
Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 30
5,565
5,720
5,904
6,079
6,283
6,433
6,590
6,744
6,882
7,051
7,237
7,434
6,989,682
7,172,719
7,466,762
7,647,180
7,797,400
8,046,672
8,333,741
8,487,623
8,685,753
8,985,617
9,133,750
9,310,582
2,020,294
2,030,547
2,009,511
1,990,996
2,033,579
2,064,318
2,083,435
2,010,958
1,960,785
1,895,733
1,776,539
1,735,970
1,691,802
1,700,400
1,680,046
1,666,185
1,706,421
1,735,777
1,765,841
1,706,363
1,663,489
1,611,873
1,507,709
1,482,038
3,278,822
3,451,581
3,615,963
3,684,568
3,795,558
3,810,797
3,904,215
4,107,606
4,301,322
4,367,332
4,476,988
4,453,586
7,581
7,720
7,885
8,047
8,216
9,407,853
9,517,272
9,645,328
9,872,866
10,014,377
1,700,632
1,646,160
1,599,120
1,558,270
1,479,847
1,448,995
1,402,646
1,365,959
1,332,050
1,272,137
3,911,058
3,964,830
3,963,961
4,002,772
3,994,726
Date
Jan.
Feb.
Mar.
Apr.
May
31
28
31
30
31
1945
Portion
guaranteed
81,108
427,918
803,720
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
69,674
137,888
356,677
230,720
632,474 1,430,121
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
T o t a l reserves h e l d :
1944—April. ..
May
1945—April
May
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
Excess reserves:
1944—April
May
1945—April
May
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
1944—April. .
May
1945—April
May
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22..
Date (last
Wednesday or
last day of
period)
APproved Loans Commit- Particiments pations
but not
outoutcom- 1 standing2 outstanding standing
pleted (amount)
Number Amount (amount)
(amount) (amount)
Applications
approved
to date
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. 3 1 . .
3,352
3,423
338,822
408,737
26,346
4,248
11,265
14,126
16,832
10,661
26,430
17,305
1943
Mar. 3 1 . .
June 30..
Sept. 30..
Dec. 3 1 . .
3,443
3,452
3,460
3,471
459,296
475,468
483,608
491,342
5,164
3,203
2,860
926
13,182
13,044
12,227
10,532
13,143
12,132
11,474
9,270
20,316
19,070
18,928
17,930
1944
31. .
30. .
30. .
30. .
3,481
3,483
3,487
3,489
503,330
510,857
519,120
525,532
1,408
45
645
1,295
11,774
11,366
9,274
3,894
9,069
4,048
4,400
4,165
18,267
11,063
9,851
2,705
1945
Jan. 31..
Feb. 28.
Mar. 3 1 . .
Apr. 30..
May 31
3,491
3,492
3,493
3,500
3,502
526,659
527,700
528,936
533,037
535,117
560
585
85
1,370
220
4,066
3,921
4,214
4,553
4,339
3,461
3,547
3,321
3,285
4,392
2,405
2,374
2,365
2,361
2,697
Mar.
June
Sept.
Dec.
Central reserve
city banks
Reserve
city*
Chicago banks
New
York
Counbanks1
12,574
12,962
14,621
15,156
3,580
3,706
4,023
4,215
848
890
940
797
5,007
5,152
5,793
5,970
3 190
3^256
3,916
4,032
14,874
15,051
15,203
15,198
15,341
15,531
15,753
. . 15,639
4,107
4,167
4,216
4,257
4,284
4,335
4,388
4,229
927
934
937
946
941
950
965
950
5,871
5,931
5,995
5,975
6,041
6,083
6,192
6,174
3,969
4,018
4,055
4,020
4,076
4,163
4,208
4,287
886
868
931
17
12
12
13
11
6
14
8
259
257
227
254
599
594
678
730
1,082
1,175
1,237
p
l,509
11
14
13
13
16
6
6
5
7
7
238
255
264
224
287
693
720
742
713
772
47
9
459
852
899
P994
74
160
360
632
35
53
127
330
15
56
150
209
24
51
80
92
517
557
524
693
831
891
860
455
260
271
231
356
512
600
592
315
167
193
206
242
212
203
192
88
89
92
86
94
106
87
75
52
Borrowings at Federal
Reserve Banks:
outstanding represents amounts repaid, guarante
pleted, and authorizations expired or withdrawn.
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
All
member
banks 1
Month,
or
week ending Friday
1,005
948
995
1,024
957
9
8
14
24
300
306
2"
1
1
1
1
1
1
1
1
p
1
Preliminary.
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 CENTERS1
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
Demand
deposits
except
interbank 2
May 1944
April 1945
May 1945
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.
San Francisco
In places of under
15,000 population
Time
deposits
Demand
deposits
except
interbank 2
12,243
14,479
14,383
1,862
2,796
1,026
1,283
4,987
6,374
6,509
714
1,647
574
723
7,505
9,360
9,417
290
867
751
868
3,481
4,388
4,477
187
896
668
607
1,136
1,294
1,875
524
325
360
1,072
252
682
554
1,286
793
340
151
689
200
438
428
752
970
212
83
95
451
501
1,182
1,171
471
308
156
49
228
Time
deposits
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of
Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and the
sum of the following four columns represents repayments of advances, and
applications for loans and commitments withdrawn or expired.
JULY 1945
66l
DEPOSITS, RESERVES, AND BORROWINGS OFj jMEMBER 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
deposits
Other
Demand Net dedeposits mand
deadjusted3 posits4
Time
deposits5
Demand
balances
due
from
domestic
banks
Reserves with Federal
Reserve Banks
Total
Required
Excess
Borrowings at
Federal
Reserve
Banks
First half of May 1945
All member banks
86,675
1 ,496
1
7,947
67,231
63,615
69,550
21,231
5,683
15,060
14,052
1,008
545
Central reserve city bank;
New York
Chicago
24,237
5,395
3 978
1 084
2,656
573
17,604
3,738
16,471
3,519
20,422
4,440
1,127
644
48
166
4 ,169
933
4 152
927
16
6
262
1
Reserve city banks..
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
32,104
2,127
5,261
2,819
22,315
1,459
25,834
1,726
1,783
5,936
5,678
258
269
42
230
369
204
129
383
166
117
162
130
619
24,025
1,543
8,517
316
27
329
527
313
525
449
573
257
895
505
545
147
476
450
458
48
20
1,794
2,908
1,252
1,222
2,997
1,053
2,052
3,260
1,463
1,618
3,164
1,530
552
750
1,563
1,392
6,406
1,408
1,296
5,925
2,014
1,585
6,214
354
106
421
714
314
343
722
321
158
419
332
4
2
10
50
21
23
31
608
3,857
106
133
288
98
59
295
218
270
358
107
430
764
335
366
753
329
160
452
363
1 518
192
5
5
1,903
3,103
1,342
1,340
3,186
1,164
234
174
1 474
2
33
31
44
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.....
San Francisco
24,938
2,270
3,722
1,784
2,172
2,007
2,092
3,227
1,464
1,005
1,679
2,047
1,469
1,174
1,899
18,853
1,755
2,948
1,404
1,632
1,471
1,551
2,406
1,111
3,687
4,023
3 296
727
271
379
147
194
145
120
278
69
62
72
83
80
21,311
1,820
3,149
1,587
1,907
1,608
1,687
2,829
1,213
10,943
103
82
13
28
191
238
21,865
1,895
3,260
1,625
1,949
1,672
1,734
2,878
1,245
897
856
766
1,531
1,839
1,361
1,515
1,809
1,330
1,200
1,470
1,140
340
646
335
403
295
301
544
219
169
248
288
236
299
564
875
173
289
198
305
335
383
499
256
160
397
470
221
308
246
248
442
183
138
182
214
200
41
81
64
95
50
53
102
37
31
65
5,740
15,246
14 ,243
1,002
714
4 ,259
946
4 ,249
937
10
9
394
1
6 ,002
368
112
438
762
355
365
751
333
161
458
373
5 ,752
360
250
223
10
5
11
37
546
2,462
3,998
1,858
1,995
4,018
1,903
981
2,620
2,027
7,569
70
151
68
77
125
27
71
177
1,028
349
324
1,491
258
132
275
246
2,533
1,238
1,324
662
509
1,751
450
518
241
143
676
271
7
29
11
3
45
30
23
13
1
20
90
15
54
2
2
8
2
3
74
36
Second half of May 1945
All member banks
87,085
11,608
7,362
68,115
64,477
70,464
21,399
Central reserve city banks:
New York
Chicago
24,349
5,393
3,987
1,105
2,311
497
18,051
3,791
16,949
3,558
20,902
4,488
1,137
55
649
177
Reserve city banks
Boston
New York
Philadelphia;
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
32,331
2,116
554
2,487
4,052
1,892
1,999
4,032
1,915
974
2,660
2,061
7,588
5,336
323
2,628
24,367
1,563
22,598
1,476
26,184
1,753
8,587
1,792
484
458
465
1,951
3,181
1,395
1,361
3,197
1,156
1,836
2,970
1,300
1,247
3,010
1,041
2,089
3,328
1,519
1,647
3,179
1,538
148
236
179
47
20
76
616
558
758
1,589
1,416
6,458
1,431
1,318
5,953
2,059
1,603
6,246
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco ...
25,012
2,245
3,762
1,79$
2,187
2,011
2,077
3,236
1,469
1,008
1,696
2,049
1,470
1,180
106
83
14
28
193
236
21,906
1,900
3,319
1,620
1,964
1,675
1,719
2,877
1,241
21,372
18,890
1,762
3,006
1,399
1,644
1,471
1,540
2,403
1,109
27
329
533
317
521
453
586
258
916
516
556
7
1
149
68
78
126
28
230
43
207
338
179
116
382
172
101
156
129
574
1,926
240
365
162
195
143
123
288
80
68
85
95
82
871
1,532
1,829
1,360
1 ,-829
3,206
1,583
1,920
1,613
1,677
2,831
1,211
852
1,517
1,803
1,331
760
1,196
1,458
1,142
1,034
177
350
322
107
429
728
325
349
726
323
160
428
336
3,890
102
124
292
90
58
292
234
278
1,525
1,483
11,026
3,715
4,040
904
176
289
200
306
341
380
505
254
163
404
476
221
336
664
336
410
297
297
545
218
172
246
287
233
3 ,306
301
574
271
310
246
246
443
182
138
182
213
201
1,506
260
132
278
252
2,552
1,246
1,335
668
512
1,770
454
521
237
145
681
8
5
10
34
30
16
25
9
2
30
37
43
733
35
90
65
99
51
51
102
35
34
64
56
25
34
14
1
24
95
21
47
3
1
11
3
2
3
74
33
1
Averages of daily closing figures for reserves and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at
opening of business.
2
Figures include Series E bond deposit accounts, b u t d o not include certain other demand deposits of the U. S. Government with member banks and,
therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3.
3
Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loan
and 4Series E bond accounts.
Demand deposits subject to reserve requirements, i.e., demand deposits other than war loan deposits, minus cash items in process of collection and
demand balances due from domestic banks.
6
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
66z
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation1
Total
Coin
$1 3
$2
$5
$10
$20
Total
1933
1934
1935
1936
1937
1938
1939
1940
1941.
1942
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
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
492
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
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
1943—April
May
June
July.
August
September. . . .
October
November....
December
[944—January
February
March
April
May
fune.
July
August....
September. . ..
October..
November..
December..
1945—January
February
March
April
May
16,660
17,114
17,421
17,955
18,529
18,844
19,250
19,918
20,449
20,529
20,824
21,115
21,552
22,160
22,504
22,699
23,292
23,794
24,425
25,019
25,307
25,290
25,751
25,899
26,189
26,528
12,428
12,789
12,960
13,334
13,715
13,891
14,135
14,598
14,871
14,817
15,004
15,100
15,342
15,731
15,925
16,034
16,410
16,715
17,089
17,461
17,580
17,456
17,778
18,000
18,353
18,715
904
914
929
943
960
970
987
804
824
834
843
858
866
872
886
909
880
877
881
885
903
906
910
921
937
948
962
987
950
953
954
957
972
58
59
61
62
64
64
65
68
70
69
70
70
70
72
72
73
75
75
76
78
81
77
75
73
73
73
1,741
1,785
1,793
1,836
1,878
1,887
1,902
1,950
1,973
1,940
1,952
1,951
1,964
2,003
2,010
2,016
2,053
2,078
2,103
2,129
2,150
2,102
2,135
2,132
2,151
2,186
4,391
4,526
4,565
4,719
4,853
4,893
4,962
5,127
5,194
5,174
5,255
5,265
5,344
5,498
5,544
5,569
5,706
5,789
5,877
5,990
5,983
5,936
6,076
6,132
6,238
6,377
4,531
4,681
4,778
4,931
5,102
5,211
5,347
5,561
5,705
5,742
5,832
5,905
6,040
6,198
6,326
6,388
6,562
6,731
6,960
7,157
7,224
7,242
7,381
7,539
7,754
7,911
4,232
4,326
4,462
4,622
4,816
4,951
5,118
5,323
5,580
5,715
5,823
6,017
6,212
6,431
6,581
6,667
6,884
7,081
7,339
7,561
7,730
7,837
7,974
7,900
7,837
7,814
End of year and
month
Coin and small denomination currency 2
1,006
1,019
1,013
1,018
1,029
1,039
1,055
1,065
1,077
1,092
1,105
1,125
1,144
1,156
1,150
1,158
1,170
1,180
1,196
Large denomination currency2
$50
$100
$500
618
577
627
707
710
770
919
1,019
1,112
1,433
1,910
125
112
122
135
139
160
191
227
261
287
237
216
239
265
288
327
425
523
556
586
1,131
1,159
1,195
1,237
1,293
1,327
1,366
1,416
1,481
1,509
1,534
1,576
1,618
1,668
1,699
1,722
1,780
1,829
1,893
1,946
1,996
2,022
2,059
2,088
2,126
2,159
2,128
2,186
2,259
2,347
2,453
2,535
2,636
2,761
2,912
2,992
3,054
3,152
3,270
3,371
3,458
3,516
3,642
3,765
3,918
4,056
4,153
4,228
4,317
4,266
4,210
4,192
312
319
329
341
353
360
373
388
407
418
426
444
456
473
481
487
502
516
532
546
555
566
571
550
527
513
621
630
648
667
687
698
713
729
749
767
364
337
358
399
387
409
460
538
724
$1,000 $5,000 $10,000
8
5
7 .
7
6
17
20
30
24
9
777
814
836
887
912
911 .
929
939
963
981
990
990
994
965
932
909
Unassorted
8
10
10
7
16
18
12
32
32
60
46
5
8
7
25
26
22
21
20
22
20
20
19
22
21
22
22
23
23
22
22
22
22
23
23
24
21
24
23
33
33
15
10
10
10
9
11
11
10
9
9
9
9
9
9
9
9
9
9
10
10
10
10
10
9
9
8
5
2
4
4
3
1
1
2
2
2
2
3
2
2
3
3
1
1
2
2
2
2
2
2
3
3
3
1
1
1
1
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
destroyed.
Paper currency,,only; $1 silver coins reported under coin.
Back figures.—Set 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,
May 31,
1945
Total—May 31, 1945
Apr. 30, 1945
May 31, 1944
22,106
20,270
18,164
23,485
4,144
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total.
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890.
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National bank notes
As security
against
gold and Treasury
cash
silver
certificates
...
....
18,164
1,854
153
72
494
1,520
1,853
823
300
347
538
122
334
1,520
35
(4)
(4)
(4)
20,018
20,052
20,971
For
Federal
Reserve
Banks
and
agents
s
15,296
2,815
681
248
May 31,
1945
Apr. 30,
1945
"52"
22,651
3,824
"52"
22,384
3,753
May 31,
1944
"54"
18,395
3,711
2
15,296
15,392
16,281
123
122
102
201
12
4
22
5
1
27"
6
3
1
(5)
2,331
2,371
2,310
Money
held by
Federal
Reserve
Banks and
agents
1,653
784
290
322
533
121
1,594
772
287
321
537
121
1,603
693
260
324
603
126
3,745
3,769
3,693
26,528
26,189
"22,160'
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. 655, and seasonally adjusted figures in table on p. 664.
2
Includes $1,800,000,000 Exchange Stabilization Fund, $143,991,022 balance of increment resulting from reduction in weight of the gold dollar,
and 3$156,039,431 held as reserve against United States notes and Treasury notes of 1890.
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not
included in total Treasury currency outstanding.
4 Because some of the types of money shown are held as collateral or 5reserves against other types, a grand total of all types has no special significance
and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—-There are maintained in the Treasury— (i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii)
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, until June 30, 1945, of direct obligations of the United States if so authorized by a majority vote of the
Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of at least 40 per cent (25 per
cent beginning June 12, 1945), 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.
JULY 1945
663
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Date
End of year figures:
1939
1940
1941
1942
1943
1944
Monthly averages of daily
figures:
1943—October
November
December
1944—January
February
March
April
May
June
July
August
September
October
November
December
1945—January
February
March
April
May
June
Amountunadjusted
for seasonal
variation
Change in
seasonally
adjusted
series 1
Amountadjusted for
seasonal
variation
+742
+1,134
+2,428
+4,250
+5,039
+4,858
7,598
8,732
11,160
15,410
20,449
25,307
19,001
19,566
20,243
19,001
19,507
19,944
+234
+506
+437
20,428
20,635
20,964
21,312
21,822
22,296
22,580
22,988
23,525
24,112
24,738
25,207
20,367
20,635
21,027
21,484
21,976
22,408
22,625
23,104
23,572
24,112
24,664
24,957
+423
+268
+392
+457
+492
+432
+217
+479
+468
+540
+552
+293
25,243
25,527
25,850
26,009
26,351
26,561
25,167
25,527
25,928
26,219
26,537
26,694
'
+210
+360
+401
+291
+318
+ 157
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
/ear end, adjustment factors have been revised somewhat for dates afJected, beginning with
1942;
F in circulation, as December Bankingseasonally adjusted figures for
e
money
shown in
and Monetary Statistics, Table
111, p. 414, and described on p. 405, are based on an older series of adjustment factors.
Gold
stock
at end
of period
8,238
10,125
11,258
3 12,760
14,512
17,644
21,995
22,737
22,726
21,938
20,619
Period
19342
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Increase
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
3
stock
Earmarked
DomesNet gold gold: de- tic gold
crease
producimport
or intion 1
crease (—)
1
1
1
1
1
3
4
133
739
116
585
973
574
744
982
315
68
9
0
6
5
6
2
5
4
7
9
(4)
82.6
-85!
-200.
-333.
-534
-644
-407.
-458
-803
-459
2
9
4
5
4
7
7
4
6
8
92
110
131
143
9
7
6
9
148.6
161 7
170.2
169
125
48
35
1
4
3
1
4 - 6 1 .2
-93 1
2 9
-165.5
21,264
June
-6 4
2 .4
21,173
-90.7
July
-96 6
3 .0
20,996
-177.1
August
2 7
2.8
20,926
—69.7
September... 20,825
-27 4
3 0
-101.2
October
-22 6
2 .9
20,727
-98.4
November.... 20,688
-34 7
3 .0
-38.3
December
-46 3
2 .8
20,619
-69.6
1945—January
2 .5
20,550
-69.0
-58.2
February
-37 4
2 .3
20,506
-43.8
March
- 4 6 .9
2 .4
20,419
-87.3
April
2 .3
20,374
-45.1
-53.2
May
-66 9
,2 .6
20,270
-103.3
June
596 .0
J2 .6
^20,213
P-57-.3
Jan.-June.
PU .7
^20,213
P-405.9
5-166 .5
p
Preliminary.
^ Figure carried forward.
1
Annual figures through 1943 are estimates of the United States Mint.
Annual figure for 1944 and monthly figures are estimates of American
Bureau of Metal Statistics.
2
Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a
fine3 ounce thereafter.
Includes gold in the Inactive Account amounting'to 27 million dollars
on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
4
The net gold import figures for months subsequent to May 1944
have not been released for publication.
1944—May
K /~<_1J 1~«1J
1
1-
_ i.
*-!_„
!?„
JNOTE.—.tor back ngures,see Banking and Monetary statistics, lable Io6,
pp. 536-538, and for description of statistics see pp. 522-523 in the same
Dublication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts except
interbank accounts
Year and month
Total, all
reporting
centers
1936
1937
1938
1939
1940
1941
1942—old series 3 ..
1942—new series 3 ..
1943
1944
461,889
469,463
405,929
423,932
445,863
537,343
607,071
641,778
792,937
891,910
New
York1
City
208,936
197,836
168,778
171,382
171,582
197 724
210,961
226,865
296,368
345,585
Other
140 other
centers 1 reporting
centers 2
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
Annual rate of
turnover of total
deposits except
interbank
New
York
City
16.1
16.5
17.1
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
100 other
leading
cities
13.1
11.7
10.8
204,831
193,143
164,945
167,939
167,373
193,729
200,337
258,398
298,902
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
19.9
19*4
18!6
19.4
18.4
17.4
17.3
New
New
1944—May
67,259
24,708
10.4
20,927
31,105
17.9
36,049
15.5
6,502
15.5
June
83,881
33,563
42,629
7,689
19.7
11.8
28,988
38,024
24.3
18.7
July
72,909
28,474
37,588
6,847
16.2
10.3
25,423
32,934
24.8
18.0
August....
9.2
69,124
26,165
36,332
6,627
13.9
21,722
30,988
19.0
15.2
September.
70,389
26,860
36,765
6,764
16.1
10.2
23,827
31,882
21.4
16.2
October...
73,891
28,558
38,336
6,997
16.9
10.3
24,672
33,498
20.9
16.0
November..
77,775
30,016
40,381
7,378
18.7
11.5
25,464
34,676
21.6
17.2
December..
91,281
37,678
45,490
8,114
21.4
11.9
33,064
40,559
30.0
20.4
1945—January
9.9
82,748
34,990
40,297
7,461
18.6
30,826
34,801
27.0
16.9
February...
9.7
70,243
29,065
34,717
6,461
17.7
25,416
30,024
24.3
16.0
March
81,069
31,884
41,714
7,471
17.0
10.0
28,924
36,008
22.9
16.1
r
r
April
9.9
74,132
29,413
37,838
6,881
17.2
25,115
32,430
20.8
15.5
May
81,716
33,678
40,635
7,403
18.8
10.1
28,384
34,418
21.4
15.3
r
Revised. l National series for which bank debit figures are available beginning with 1919.
2
Annual figures for 1936-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers.
3
.See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of
1942 partly estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which
rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit
accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member
banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table
55, p. 254, due to differences in method of computation.
664
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY-ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
deposits
adjusted
and
currency
outside
banks
Total
demand
deposits
adjusted
and
currency
outside
banks
55,171
54,713
41,680
42,548
57,258
56,639
56,565
58,955
60,943
64,099
66,952
70,761
74,153
78,231
81,963
99,701
110,161
122,812
26,179
26,366
19,172
19,817
30,687
29,597
29,730
31,761
33,360
36,194
38,661
42,270
45,521
48,607
52,806
62,868
71,853
79,640
22, 540
22, 809
H , 411
15, 035
60
63
65
68
71
85
94
103
532
156
919
766
769
001
148
180
938
698
253
436
949
616
027
755
347
975
1944—May
June
July
August
September
October
November
December
128,000
136,172
139,300
139,200
139,100
139,900
143,200
150,988
85,600
80,946
82,700
86,000
87,700
92,300
95,800
90,435
107 500
115 291
118 100
117 500
116 900
117 100
119 ,900
127 483
65 100
61
64
65
69
72
66
1945—January**
February13
March**
April*
151,100
150,900
150,700
151,000
152,700
92,300
93,900
95,300
98,300
101,100
127 400
126 ,700
126 ,500
126 ,500
127 ,900
68
69
71
73
76
End of month
1929—June
December
1933—June
December
1937—June
December
1938—June...
December
1939—June...
December
1940—June
December
1941—June
December
1942—June
December
1943—June
December
,
Total
deposits
adjusted
51,
51
36
37
51
51
51
53
54
57
Demand
deposits
adjusted 1
United
States
Government
deposits 2
Time deposits
Currency
outside
banks
Total
Commercial 4
banks 3
Mutual
savings
banks 4
Postal
Savings6
System
381
158
852
1,016
666
824
599
889
792
846
828
753
753
1,895
1,837
8,402
8,048
10,424
28,611
28,189
21,656
21,715
25,905
26,218
26,236
26,305
26,791
27,059
27,463
27,738
27,879
27,729
27,320
28,431
30,260
32,748
19,557
19,192
10,849
11,019
14,513
14,779
14,776
14,776
15,097
15,258
15,540
15,777
15,928
15,884
15,610
16,352
17,543
19,224
8,905
8,838
9,621
9,488
10,125
10,170
10,209
10,278
10,433
10,523
10,631
10,658
10,648
10,532
10,395
10,664
11,141
11,738
149
159
1,186
1,208
1,267
1,269
1,251
1.251
1,261
1,278
1,292
1,303
1,303
1,313
1,315
1,415
1,576
1,786
3,639
3,557
4,761
4,782
5,489
5,638
5,417
5,775
6,005
6,401
6,699
7,325
8,204
9,615
10,936
13,946
15,814
18,837
500
300
500
500
500
930
7,100
19,506
20,300
16,100
13,500
8,700
8,200
20,763
35,300
35,720
36,300
37,100
37,900
38,900
39,200
39,790
21,000
21,217
21,600
22,200
22,800
23,500
23,700
24,074
12,300
12,471
12,600
12,800
12,900
13,100
13,200
13,376
2,000
2,032
2,100
2,100
2,200
2,300
2,300
2,340
20,500
20,881
21,200
21,700
22,200
22,800
23,300
23,505
600
700
100
800
300
18,300
15,600
13,400
9,800
8,200
40,500
41,400
42,000
42,900
43,400
24,600
25,200
25,700
26,300
26,700
13,500
13,700
13,800
14,000
14,100
2,400
2,500
2,500
2,600
2,600
23,700
24,200
24,200
24,500
24,800
25, 198
23, 959
24, 313
25, 986
27, 355
29 793
31 962
34,945
37
38
41
48
56
60
317
992
870
922
039
803
60,065
P Preliminary.
J Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
2
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
3
Excludes interbank time deposits and postal savings redeposited in banks.
4
Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks.
5
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary,Statistics, p. 11, for description and
Table 9, pp. 34-35, for back figures.
POSTAL SAVINGS SYSTEM
[In millions of dollars]
BANK SUSPENSIONS^
Total,
all
banks
Assets
End of month
Depositors'
balances 1 Total
U. S. Government
securities
Cash
in depository
banks
Total
Di• rect
Guaranteed
Cash
reserve
funds,
etc. 2
1,207
1,201
1,260
1,270
1,252
1,279
1,304
1,314
1,417
1,788
1,237
1,237
1,296
1,308
1,291
1,319
1,348
1,396
1,464
1,843
540
287
145
131
86
53
36
26
16
10
1,058
1,097
1,132
1,192
1,224
1,274
1,345
1,716
1,046
1,078
1,128
1,220
1,716
Aug
Sept.
Oct
Nov
Dec
1,994
2,034
2,084
2,140
2,198
2,257
2,305
2,342
2,053
2,095
2,147
2,202
2,262
2,323
2,374
2,411
9
9
8
8
8
8
8
8
1,912
1,951
2,006
2,050
2,110
2,165
2,214
2,252
1 912
1,951
2,006
2,050
2,110
2,165
2,214
2,252
132
135
133
143
143
150
152
152
1945—Jan
Feb
Mar
Apr,
May
2,404
2,458
2,513
^2,562
2*2,607
2,477
2,536
2,590
8
8
8
2,308
2,363
2,426
2,308
2,363
2,426
162
164
156
1934—Dec
1935—Dec
1936—Dec
1937—Dec.
1938—Dec
1939—Dec.
1940-Dec
1941—Dec
1942—Dec
1943—Dec
1944—May
June
July
p
1
2
597
853
467
706
892
931
965
130
147
167
167
166
146
146
146
126
100
98
93
80
73
74
88
95
102
118
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. t
Back figures.—-See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication.
JULY 1945
Number of banks suspended:
1934-39
..
1940
1941
1942
1943.
1944 .
1945—Jan.-June
........
Nonmember
banks
National
State
291
15
6
22
8
9
4
1
4
2'
sured
Noninsured
189
81
18
3
6
2
1
3
1
3
44,348
40,479
5,341
503
1,375
1,241
405
346
79
327
0
Deposits of suspended banks
(in thousands of dollars):"2
125,-991
1934-39.
1940
1941
1942
1943
1944
1945—Jan .-June
Member
banks
5,943
3,726
1,702
6,223
405
0
14,616
*256
3,144
4^982
26,548
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.
665
ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, A N D NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Class of bank
and
call date
Deposits
Other
Investments
Total
Total
U.S.
Government
obligations
Other
securitie
Loans
Total1
Interbank 1
Number
of banks
Demand
Time
All banks:
1934—June 30..
1937—June 30..
1940—Dec. 31 . .
1941—Dec. 31..
1942—June 30. .
Dec. 31..
1943—June 30..
Dec. 31..
1944—June 30..
Dec. 30..
42,552
49,565
54,170
61,101
64,009
78,137
87,881
96,966
108,707
119,461
21,306
22,410
23,751
26,616
25,081
23,915
22,241
23,601
25,424
26,015
21,246
27,155
30,419
34,485
38,928
54,222
65,640
73,365
83,284
93,446
11,278
16,954
20,983
25,488
30,301
45,932
57,748
65,932
75,737
85,885
9,968
10,201
9,436
8,997
8,627
8,290
7,892
7,433
7,547
7,561
46,435
59,222
75,963
81,780
82,706
99,796
107,224
117,661
128,605
141,449
4,560
6,332
10,941
10,989
10,287
11,318
10,895
11,012
11,219
12,245
19,527
28,118
38,518
44,316
46,357
61,395
67,554
75,561
83,588
91,644
22,348
24,773
26,504
26,476
26,062
27,083
28,775
31,088
33, 797
37,559
15,929
15,539
14,895
14,825
14,775
14,682
14,618
14,579
14,553
14,535
All commercial banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
32,742
39,472
43,922
50,722
53,649
67,391
76,633
85,095
95,731
105,530
15,700
17,432
18,792
21,711
20,259
19,217
17,660
19,117
21,010
21,644
17,042
22,040
25,130
29,011
33,390
48,174
58,974
65,978
74,722
83,886
10,307
14,563
17,759
21,788
26,410
41,373
52,458
59,842
68,431
77,558
6,735
7,477
7,371
7,223
6,980
6,801
6,516
6,136
6,290
6,329
36,744
49,097
65,305
71,248
72,311
89,132
96,083
105,923
116,133
128,072
4,560
6,332
10,941
10,989
10,287
11,318
10,895
11,012
11,219
12,245
19,527
28,118
38,518
44,316
46,357
61,395
67,554
75,561
83,588
91,644
12,657
14,648
15,846
15,944
15,667
16,419
17,634
19,350
21,326
24,183
15,353
14,976
14,344
14,277
14,228
14,136
14,073
14,034
14,009
13,992
All insured commercial banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 303
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
31,688
38,218
42,556
49,288
52,642
66,240
75,270
83,507
93,936
103,382
15,190
17,041
18,394
21,258
19,920
18,903
17,390
18,841
20,729
21,352
16,498
21,177
24,161
28,030
32,722
47,336
57,880
64,666
73,207
82,030
10,005
13,964
17,063
21,046
25,934
40,705
51,534
58,683
67,085
75,875
6,493
7,213
7,098
6,984
6,789
6,631
6,347
5,983
6,122
6,155
35,833
47,824
63,461
69,411
71,150
87,803
94,563
104,094
114,145
125,714
4,435
6,146
10,539
10,654
10,076
11,144
10,681
10,705
11,038
12,074
19,013
27,240
37,333
43,061
45,664
60,504
66,509
74,309
82,061
89,761
12,385
14,438
15,589
15,697
15,410
16,154
17,374
19,081
21,045
23,879
13,939
13,883
13,438
13,426
13,399
13,343
13,298
13,270
13,264
13,263
27,175
32,739
37,126
43,521
46,800
59,263
67,155
74,258
83,587
91,569
12,523
14,285
15,321
18,021
16,928
16,088
14,823
16,288
18,084
18,676
14,652
18,454
21,805
25,500
29,872
43,175
52,332
57,970
65,503
72,893
9,413
12,689
15,823
19,539
24,098
37,546
46,980
52,948
60,339
67,685
5,239
5,765
5,982
5,961
5,774
5,629
5,352
5,022
5,164
5,208
31,012
41,490
56,430
61,717
63,404
78,277
84,016
92.262
101i276
110,917
4,355
6,051
10,423
10,525
9,971
11,000
10,552
10,555
10,903
11,884
16,976
24,230
33,829
38,846
41,311
54,523
59,670
66,438
73,488
79,774
9,681
11,210
12,178
12,347
12,122
12,754
13,794
15,268
16,884
19,259
6,375
6,357
6,486
6,619
6,647
6,679
6,703
6,738
6,773
6,814
17,011
20,893
23,648
27,571
29,464
37,576
42,805
47,499
53,343
58,308
7,681
8,796
10,004
11,725
10,880
10,183
9,173
10,116
11,213
11,480
9,331
12,097
13,644
15,845
18,584
27,393
33,632
37,382
42,129
46,828
5,847
8,206
9,735
12,039
14,878
23,744
30,102
34,065
38,640
43,292
3,484
3,891
3,908
3,806
3,706
3,648
3,529
3,318
3,490
3,536
19,896
26,716
35.787
39,458
'40,534
50,468
54,589
59,961
65,585
71,858
2,767
3,790
6,574
6,786
6,497
7,400
7,155
7,159
7,402
8,056
10,356
15,162
20,885
24,350
25,861
34,499
38,205
42,605
46,879
50,900
6,772
7,764
8,329
8,322
8,176
8,570
9,229
10,196
11,304
12,901
5,417
5,293
5,144
5,117
5,101
5,081
5,060
5,040
5,036
5,025
10,163
11,845
13,478
15,950
17,336
21,687
24,350
26,759
30,244
33,261
4,842
5,488
•5,316
6,295
6,048
5,905
5,649
6,171
6,870
7,196
5,321
6,357
8,162
9,654
11,288
15,783
18,701
20,588
23,373
26,065
3,566
4,483
6,088
7,500
9,220
13,802
16,878
18,883
21,699
24,393
1,755
1,874
2,074
2,155
2,068
1,980
1,823
1,705
1,674
1,672
11,116
14,774
20,642
22,259
22,871
27,808
29,427
32,302
35,690
39,059
1,588
2,261
3,849
3,739
3,474
3,600
3,396
3,397
3,501
3,827
6,620
9,068
12,944
14,495
15,451
20,024
21,465
23,833
26,609
28,874
2,908
3,446
3,849
4,025
3,946
4,184
4,566
5,072
5,580
6,357
958
1,064
1,342
1,502
1,546
1,598
1,643
1,698
1,737
1,789
All member banks
1934—June 3 0 . . .
1937—June 3 0 . . .
1940—Dec. 31. ..
1941—Dec. 3 1 2 .
1942—June 30 3
Dec. 3 1 . . .
1943—June 3 0 . . .
Dec. 3 1 . . .
1944—June 3 0 . . .
Dec. 30 . . .
All national banks:
1934—June
1937—June
1940—Dec.
1941—Dec.
1942—June
Dec.
1943—June
Dec.
1944—June
Dec.
30
30
31
31
30
SI...
30
31....
30....
30....
State member banks:
1934—June 30
1937—June 30
1940—Dec. 31 2
1941—Dec. 313 .
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the
Currency and the Federal Deposit Insurance Corporation for national banks and insured banks respectively.
1
Beginning June 30, 1942, excludes reciprocal bank balances, which on that date aggregated 600 million dollars at all member banks and 614 million
at all insured commercial banks.
2
During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These banks are
included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks."
3
Decreases in "noninsured nonmember commercial banks" and "all nonmember commercial banks" figures (with corresponding increases in member bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with
total loans and investments aggregating 472 million dollars on June 30, 1942.
4
Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
666
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued
LOANS, INVESTMENTS, DEPOSITS, A N D NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and
call date
Other
Total
Total
All nonmember commercial banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 303 4
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
U.S.
Government
obligations
Other
securities
Loans
Total
1
Inter-1
bank
Number
of banks
Demand
Time
5,567
6,733
6,796
7,208
6,856
8,135
9,486
10,847
12,155
13,972
3,177
3,147
3,471
3,693
3,334
3,132
2,840
2,832
2,929
2,971
2,390
3,586
3,325
3,515
3,522
5,003
6,647
8,014
9,226
11,002
895
1,874
1,936
2,251
2,314
3,829
5,482
6,899
8,099
9,880
1,495
1,712
1,389
1,264
1,208
1,174
1,165
1,115
1,128
1,122
5,732
7,607
8,875
9,539
8,915
10,864
12,076
13,671
14,869
17,168
205
281
518
464
316
318
343
457
315
362
2,551
3,888
4,689
5,470
5,046
6,872
7,884
9,123
10,100
11,870
2,976
3,438
3,668
3,605
3,553
3,674
3,849
4,091
4,453
4,936
8,978
8,619
7,858
7,661
7,584
7,460
7,373
7,299
7,239
7,181
4,513
5,479
5,429
5,774
5,849
6,984
8,123
9,258
10,360
11,824
2,667
2,756
3,074
3,241
2,995
2,818
2,570
2,556
2,648
2,678
1,846
2,723
2,356
2,533
2,854
4,166
5,553
6,702
7,712
9,146
592
1,275
1,240
1,509
1,837
3,162
4,557
5,739
6,752
8,197
1,254
1,448
1,116
1,025
1,017
1,004
996
962
960
949
4,821
6,334
7,032
7,702
7,754
9,535
10,557
11,842
12,880
14,809
96
116
129
105
145
129
149
135
190
2,037
3,010
3,504
4,215
4,353
5,981
6,839
7,870
8,573
9,987
2,704
3,228
3,411
3,358
3,296
3,409
3,589
3,823
4,172
4,632
7,564
7,526
6,952
6,810
6,755
6,667
6,598
6,535
6,494
6,452
1,054
1,254
1,367
1,434
1,007
1,151
1,363
1,588
1,795
2,148
510
391
397
'452
339
314
270
276
281
292
544
863
969
982
668
837
1,094
1,312
1,514
1,856
303
599
696
742
477
667
925
1,160
1,347
1,682
241
264
273
239
191
170
169
153
168
174
911
1,273
1,843
1,837
1,161
1,329
1,519
1,829
1,989
2,358
125
185
402
335
211
173
214
307
181
171
514
878
1,185
1,255
693
891
1,045
1,253
1,527
1,883
272
210
257
247
257
265
260
269
281
304
1,414
1,093
906
851
829
793
775
764
745
729
9,810
10,093
10,248
10,379
10,360
10,746
11,248
11,871
12,976
13,931
5,606
4,978
4,959
4,905
4,822
4,698
4,581
4,484
4,414
4,370
4,204
5,115
5,289
5,474
5,538
6,048
6,666
7,387
8,562
9,560
971
2,391
3,224
3,700
3,891
4,559
5,290
6,090
7,306
8,328
3,233
2,724
2,065
1,774
1,647
1,489
1,376
1,297
1,257
1,232
9,691
10,125
10,658
10,532
10,395
10,664
11,141
11,738
12,471
13,376
9,091
10,125
10,658
10,532
10,395
10,664
11,141
11,738
12,471
13,376
576
563
•551
548
547
546
545
545
544
543
1,022
969
1,655
1,693
1,800
2,007
2,704
7,525
8,489
9,223
576
470
637
642
692
740
1,013
3,073
3,111
3,110
446
499
1,018
1,050
1,108
1,267
1,691
4,452
5,378
6,113
120
252
548
629
686
861
1,264
3,844
4,752
5,509
325
247
470
421
422
405
427
608
626
604
1,040
1,002
1,818
1,789
1,864
2,048
2,739
7,534
8,235
8,910
1,040
1,002
1,818
1,789
1,864
2,048
2,739
7,534
8,235
8,910
66
56
53
52
53
56
61
184
192
192
8,788
9,124
8,593
8,686
8,560
8,739
8,544
4,345
4,487
4,708
5,030
4,508
4,322
4,263
4,130
3,958
3,568
1,411
1,302
1,260
3,758
4,616
4,271
4,424
4,430
4,781
4,975
2,935
3,185
3,448
851
2,139
2,676
3,071
3,205
3,698
4,026
2,246
2,554
2,819
2,908
2,477
1,595
1,353
1,225
1,084
949
689
631
629
8,651
9,123
8,840
8,743
8,531
8,616
8,402
4,204
4,236
4,466
8,651
9,123
8,840
8,743
8,531
8,616
8,402
4,204
4,236
4,466
510
507
498
496
494
490
484
361
352
351
Insured nonmember commercial
banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
Noninsured nonmember commercial
banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 3034 ,
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
All mutual savings banks:
1934—June 30
1937—June 30
1940—Dec. 31 2
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
,
Insured m u t u a l savings b a n k s :
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 312
1942—June 30
Dec. 31
1943—Tune 30
Dec. 31
1944—June 30
Dec. 30
'.
Noninsured mutual savings banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
For footnotes see opposite page.
JULY 1945
667
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS A N D INVESTMENTS
[In millions of dollars]
Loans 1
Class of bank
and
call date
All insured commercial banks:
1934—Dec. 3 1 . . . .
1937—Dec. 3 1 . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 3 0 . . . .
Dec. 3 0 . . . .
Member banks,
total:
Loans for
Compurchasing
meror carrying
Total
cial
ciai,
securities
loans
Agriinand
1
culinvest- Total clud- tur- To
ing
ments1
ali )rokopenTo
marers
othket
and
ers1
1
paper
dealers
32,785
37,221
42,556
49,288
66,240
83,507
93,936
103,382
14,614
16,747
18,394 ' " 7
21,258
9
18,903
7
18,841
7
20,729
7
21,352
7
Total
Notes
18,172
20,475
24,161
28,030
47,336
64,666
73,207
82,030
11,713
13,669
17,063
21,046
40,705
58,683
67,085
75,875
1 ,032
669
662
988
4 ,462
4 ,636
4 ,708
3 ,971
4, 402
4, 568
2 756
3 159
6," 727 5 799
13,218 7 672
15,466 11 834
15,300 15 778
5,069
6,336
9,925
12,797
20,999
30,656
34,114
39,848
1 ,210
2 ,097
3 ,719
4 ,102
2 ,718
2 ,501
963
978
2,411
2,587
3,608
3,651
3,533
3,287
3,393
3,422
4, 048
4, 220
3, 491
3, 333
3, 098
2, 696
2, 730
2, 733
6 660
8 671
7 387
7 421
7 023
7, 531
1,030 3,110 2,273
950 2,752 2,547
865
642
652 3,228
972
594
598 3,494
1 ,089
934
538 3,423
1 ,023 1,398
839 3,274
1 ,023 2,200 2,130 3,207
1 ,198 2,249 2,108 3,209
5,615
7,708
3,273
3,692
1, 847
870
1, 484
848
1, 467 1, 033
1, 505
877
16,122
17,794
21,805
25,500
43,175
57,970
65,503
72,893
73,305
10,895
12,371
15,823
19,539
37,546
52,948
60,339
67,685
67,915
1 ,030
662
652
971
4 ,363
4 ,360
4 ,466
3 ,748
4, 217
4 277
2 594
3, 007
5, 409
6, 906
10, 640
14, 127
4,659
5,635
9,091
11,729
18,948
27,265
30,118
34,927
989
1 ,797
3 ,486
3 ,832
2 ,540
2 ,345
887
902
1,965
2,047
3,013
3,090
2,965
2,729
2,834
2,857
2,989
3, 262
3, 375
2, 970
2, 871
2, 664
2, 294
2, 331
2, 350
2f 400
4,602
4,640
7,527
8,823
13,841
15,566
17,190
18,243
17,681
3,524
1
758
1
495
3,594
6,044
1
207
1
7,265
311
12,547 1 ,855 2,144 2
14,563 1 ,328 3,409 1
16,157 1 ,258 4,242 2,
17,179
913 3,740 3
16,568
664
536
245
623
056
829
805
745
824
278
1,175
388
2,977 1 ,615
3,652 1 ,679
5,420 1 ,071
7,014
984
7,650
201
8,592
189
446
342
695
729
593
444
456
468
515
632
703
788
830
701
558
577
596
598
299
366
145
153
391
484
587
779
279
518
752
903
1,282
1,602
1,665
1,809
78
94
112
119
83
74
31
31
129
135
188
182
166
158
204
160
177
100
121
186
193
186
155
169
185
183
279
1 692 2,022
1 589 2,267
637
771 3,281 1 ,049
751 4,248 1 ,173
811
1 723 6,810
749
2 497 9,943
402
3 893 10,689
5 181 11,987
440
649
691
984
956
954
913
963
1,000
1,034
979
922
893
820
821
726
735
740
768
3,159
3,673
3,384
4,072
4,116
4,428
5,479
5,760
5,054
Chicago:3
1934—Dec. 3 1 . . .
1937—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . .
1944—June 3 0 . . .
Dec. 3 0 . . .
1945—Mar. 2 0 . . . .
1,581
1,901
2,377
2,760
3,973
4,554
5,124
5,443
5,212
532
635
696
954
832
1,004
1,064
1,184
1,012
Reserve city banks:
1934—Dec. 3 1 . . . .
1937—Dec. 3 1 . . .
1940—Dec. 3 1 . . .
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 3 1 . . . .
1944—June 3 0 . . . .
Dec. 3 0 . . .
1945—Mar. 2 0 . . . .
10,028
11,414
13,013
15,347
20,915
27,521
30,943
33,603
33,452
4,312
5,203
5,931 " 2 589
7,105
3 456
6,102
2 957
6,201
3 058
6,761
2 787
6,822
3 034
6,346
Country banks:
1934—Dec. 3 1 . . .
1937—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . . .
1943—Dec. 3 1 . . . .
1944—June 3 0 . . .
Dec. 3 0 . . . .
1945—Mar. 20... .
8,780
10,124
10,826
12,518
16,419
22,188
24,850
28,520
29,126
4,025
4,446
5,309
5,890
5,038
4,654
4,780
4,910
4,807
4,635
5,470
5,429
5,774
6,984 !
9,258
10,360
11,824 !
2,586
2,789
3,074
3,241
2,818
2,556
2,648
2,678
31
31....
31....
31....
31....
31....
30....
30... .
Direct
Certificates
Bills of indebtedness
ObliRations
of
States Other
and
Guar- politi- securities
ancal
subBonds teed
divisions
6,718
9,072
4,077
4,545
2, 269 1, 042
1, 868
918
1, 862 1, 106
1, 888
944
New York City:3
7,761
1934—Dec. 3 1 . . . .
8,313
1937—Dec. 3 1 . . .
1940—Dec. 3 1 . . . . ' 10,910
12,896
1941—Dec. 3 1 . . .
17,957
1942—Dec. 3 1 . . .
19,994
1943—Dec. 3 1 . . .
22,669
1944—June 3 0 . . . .
24,003
Dec. 3 0 . . . .
22,734
1945—Mar. 2 0 . . . .
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
Real- Cones- sumer Other Total
tate loans loans 1
loans
5. Government obligations
1,068 3,492 3,336
971 3,065 3,640
1,281
663
727 4,468
1 ,450
614
662 4,773
1 ,642
950
597 4,646
1 ,505 1,414
922 4,437
1 ,474 2,221 2,296 4,364
1 ,723 2,269 2,265 4,343
12,028
13,958
15,321
18,021
16,088
16,288
18,084
18,676
17,219
Insured nonmember commercial banks:
U
ments1
178
214
757
777
406
920
28,150
31,752
37,126
43,521
59,263
74,258
83,587
91,569
90,524
1934—Dec. 3 1 . . . .
1937—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 2 . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 3 0 . . . .
Dec. 3 0 . . . .
1945—Mar. 20.
I n \ res
2
2
2
2
2
2
125
807
546
515
430
610
492
732
658
763
710
738
I
1
1
1
1
1
716
761
6
465
8
412
21
787
24 1,054
64 1,657
30 1,742
820
733
190
169
193
323
751
859
139
141
130
123
117
107
93
86
1,483
2,039
468
554
303
252
232
253
"5
6
6
6
11
17
55
41
42
48
34
102
102
163
170
129
54
52
32
52
130
163
18
12
19
22
23
22
21
24
290
453
84
96
62
45
49
45
263
300
290
279
277
348
195 1,124 1,090
123 1,066 1,176
115
207 1,436
114
194 1,527
97
153 1,486
217
267 1,420
409
903 1,385
311
777 1,379
1,904
2,838
1,322
1,512
808
658
650
660
453
676
226
084
096
149
590
659
772
713
671
802
64
25
21
20
17
25
33
32
996
824
201
183
161
197
345
310
1,026
1,219
1,644
1,823
1,797
1,725
1,708
1,719
1,938
2,377
1,400
1,530
674
528
536
547
518
543
370
356
383
389
416
478
553
482
452
525
38
21
21
20
16
16
2'
21!
383
313
75
64
59
82
166
156
1,062
1,094
1,240
1,282
1,225
1,165
1,159
1,136
1,103
1,363
803
854
422
385
395
383
148
153
251
179
18
14
40
34
312
301
350
313
393
381
392
351
174
70
73
67
1,049
1,266
1,681
1,806
3,141
3,550
4,060
4,258
4,199
821
1,010
1,307
1,430
2,789
3,238
3,688
3,913
3,840
5,715
6,211
7,081
8,243
14,813
21,321
24,183
26,781
27,106
4,088
4,599
5,204
6,467
13,038
19,682
22,484
25,042
25,304
4,756
5,677
5,517
6,628
11,380
17,534
20,071
23,610
24,319
2,049
2,681
2,356
2,533
4,166
6,702
7,712
9,146
6,285
12,071
14,228
13,982
164
32
297
256
637
397
199
877
367 1,038
250 1,045
95
106
103
295
1 ,441
1 ,802
1 ,914
1 ,704
2^ 253
4,691
5,586
5,730
2,463
13
29
3,168
3,269
45
110
4,377
9,172
671 1^ 251
15,465 1 ,032 3,094
18,009
926 3,362
882 3,466
21,552
22,204
818
1,297
1,240
1,509
3,162
5,739
6,752
8,197
1
2
3
4
562 1,533
786 1,675
433 2,081
481 2,926
240 5,436
096 8,705
355 10,114
422 12,540
185
2
291
7
10
162
17
152
99
390
442
276 1,147
766
242 1,238 1 ,194
223 1,319 1 ,652
411
700
834
1,069
2,053
3,395
4,002
4,928
355
678
710
861
574
538
252
241
741
879
,146
,222
,252
L,214
L, 212
1,230
1,264
221
299
234
271
179
156
76
76
446
540
595
563
569
560
560
566
1
1
1
1
552
630
102
028
956
855
849
829
851
785
844
521
462
435
403
400
383
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit
Insurance Corporation.
1
Classifications of loans and investments were revised as of Dec. 31, 1938, and consequently figures for some items prior to December 1938 are not
comparable with subsequent figures. For explanation see Banking and Monetary Statistics, pp. 64 and 69. 2
During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These banks are
included in "member banks" but are not included in "all insured commercial banks."
3 Central reserve city banks.
668
FEDERAL RESERVE
BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date
Reserves
with
Federal
Reserve
Banks
All insured commercial banks:
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
31....
31....
31....
31....
31....
31....
30. ...
30. . . .
Member banks,
total:
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
31....
31....
31. ...
3 1 2 . ..
31....
31....
30. ...
30. ...
20. ...
4,082
7,005
13,992
12,396
13,072
12,834
12,812
14,260
Cash
in
vault
793
789
1,234
1,358
1,305
1,445
1,464
1,622
BalDeances mand
with
dedoposits
mestic
ad- 5
4
banks justed
Inter bank
deposits
ForDomestic4 eign
148
456
702
673
813
893
940
948
4,193
4,744
8,202
8,570
9,080
8,445
8,776
9,787
17,901
23,267
33,820
37,845
48,221
59,921
59,197
65,960
4,652
5,519
9,677
9,823
10,234
9,743
10,030
11,063
15,686
20,387
30,429
33,754
42,570
52,642
51,829
57,308
61,175
4,569 147
5,436 453
9,581 700
9,714 671
10,101 811
9,603 891
9,904 937
10,881 945
10,250 1,016
4,082
7,005
13,992
12,396
13,072
12,835
12,813
14,261
14,605
1,087
1,019
1,132
1,143
1,271
1,365
3,149
3,414
6,185
6,246
6,147
5,450
5,799
6,354
5,772
1,576
2,738
7,057
5,105
4,388
3,596
3,455
3,766
3,949
86
56
102
93
72
92
85
102
104
103
120
122
141
82
61
60
76
62
5,069
6,111
11,062
10,761
11,899
13,899
13,254
14,042
15,309
1,797
2,108
4,032
3,595
3,209
2,867
3,105
3,179
2,996
126
416
641
607
733
810
852
851
914
415
596
207
179
319
298
164
158
179
177
144
1,189
1,438
1,941
2,215
2,557
3,050
3,070
3,041
3,289
445
528
997
902
821
811
899
892
40
27
42
43
39
38
41
43
45
1,027
1,105
1,090
1,132
1,092
2
5
8
8
12
14
15
16
16
1,268
2,310
4,027
4,060
4,940
5,116
5,109
5,687
5,836
207
200
396
425
365
391
399
441
470
1,543
1,470
2,741
2,590
2,202
1,758
1,922
2,005
1,874
5,136
6,870
9,581
11,117
14,849
18,654
18,405
20,267
21,735
1,984
2,389
3,919
4,302
4,831
4,770
4,757
5,421
5,094
17
30
49
54
63
63
65
70
78
822
275
307
452
526
542
611
618
684
745
1,296
1,645
3,002
3,216
3,699
3,474
3,638
4,097
3,693
4,292
5,968
7,845
9,661
13,265
17,039
17,099
19,958
20,842
342
412
633
790
957
994
951
1,149
1,068
2
1
2
2
4
5
5
8
8
184
199
243
271
287
313
322
352
1,044
1,329
2,017
2,325
2,934
2,996
2,978
3,434
2,216
2,879
3,391
4,092
5,651
7,279
7,368
8,652
83
83
95
108
133
141
126
182
1
3
3
2
2
2
3
3
609
589
991
Time deposits
U.S.
Certi- IndiGov- States
U. S. States fied viduals,
ernand
and
and partner- Inter- ment politGov- political offiships,
and
ern- subdi- cers' and cor- bank
ical
Postal subdiment visions checks poraSav- visions
tions
etc.
ings
1,687
801
666
1,762
8,167
9,950
18,757
19,754
1,636
781
616
1,709
7,923
9,444
17,634
18,509
12,409
2,266
2,667
3,298
3,677
3,996
4,352
4,402
4,518
863
814
971
1,077
1,219
1,669
1,550
1,354
16,717
22,105
32,398
36,544
47,122
58,338
57,351
64,133
151
153
160
158
97
68
68
64
524
126
69
59
61
124
108
109
335
588
522
492
397
395
407
423
11,674
13,988
14,998
15,146
15,697
18,561
20,530
23,347
49
30
11
10
10
46
84
122
6,152
6,403
6,673
6,841
7,055
7,453
7,709
7,989
141
140
141
140
87
62
63
58
65
452
95
56
50
56
120
104
105
101
294
482
435
418
332
327
333
347
378
9,020
10,806
11,687
11,878
12,366
14,822
16,448
18,807
20,004
19
15
3
4
5
39
75
111
285
5,054
5,371
5,698
5,886
6,101
6,475
6,696
6,968
7,138
8
7
5
6
3
4
11
11
11
56
4
49
51
29
23
26
17
17
18
591
696
768
778
711
816
861
977
1
1,565
1,606
1,615
1,648
1,727
1,862
1,907
1,966
1,995
1,799
2,132
2,724
3,066
3,318
3,602
3,638
3,744
4,030
1,009
1,142
1,573
1,460
1,251
1,305
14,951
19,747
29,576
33,061
42,139
51,820
50,756
56,270
59,409
229
189
370
319
263
252
213
199
293
540
404
471
450
448
710
722
361
494
5,371
6,507
11,357
11,282
12,501
14,373
13,740
14,448
15,614
182
207
174
233
178
174
218
167
162
23
23
27
34
38
44
41
33
34
1,073
1,354
1,905
2,152
2,588
3,097
3,040
3,100
3,324
585
777
995
169
192
228
286
385
475
384
488
416
4,919
6,743
9,468
11,127
15,061
18,790
18,367
20,371
21,456
118
111
107
104
63
41
37
33
33
186
34
19
20
22
56
45
40
38
206
266
226
243
169
151
158
154
179
1,184
1,370
1,558
1,727
1,743
1,868
1,959
106
149
187
239
272
344
314
369
361
3,589
5,143
6,846
8,500
11,989
15,561
15,609
18,350
19,014
16
21
29
30
20
17
15
14
21
210
61
33
31
32
56
52
57
56
84
158
150
146
140
149
157
175
181
466
535
574
611
678
750
764
775
25
47
58
68
76
96
90
103
1,766
2,357
2,822
3,483
4,983
6,518
6,595
7,863
9
14
18
18
10
6
5
6
72
31
13
8
5
4
4
4
41
106
87
74
65
68
74
76
838
767
913
Individuals, Bor- Capipartner- row- tal
acships, ings counts
and corporations
New York City:*
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
31....
31....
31....
31....
31....
31....
30....
30....
20....
792
382
48
866
4,186
3,395
6,150
6,722
4,296
""5"
7
7
8
1,065
29
64
96
164
Chicago:3
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
31....
31....
31....
31....
31
31....
30....
30....
20....
1,051
1,021
972
46
65
90
127
665
713
1,105
1,400
900
1
""5
2
2
•
•
•
•
-
8
1
1
1
1
•
226
255
270
288
304
326
343
354
353
381
445
496
476
453
505
543
619
631
Reserve city banks:
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
31....
31....
31....
31....
31....
31....
30... .
30....
20....
620
256
327
491
1,982
3,373
6,453
6,157
4,260
1,144
1,319
1,448
1,464
1,509
1,615
4
3,494
1
4,161
4,506
4,542
4,805 ""2
5,902
6,567
7,561
70
8,028
1,614
1,735
1,904
1,967
2,028
2,135
2,207
2,327
2,395
4,554
5,504
5,917
6,082
6,397
7,599
8,477
9,650
10,279
14
13
3
4
3
10
11
16
51
1,650
1,775
1,909
1,982
2,042
2,153
2,239
2,321
2,395
2,653
3,182
3,311
3,276
3,339
3,750
4,094
4,553
30
15
8
6
1,097
1,032
Country banks:
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
31....
31....
31....
31....
31....
31....
30
30....
20....
1,361
1,857
2,210
2,842
3,303
3,438
3,909
3,927
Insured nonmember commercial banks:
1934—Dec. 3 1 . . . .
1937—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 30
Dec. 30... .
178
78
151
225
1,090
1,962
3,926
4,230
2,952
51
20
50
53
243
506
1,124
1,245
804
959
5
6
9
10
975
956
955
979
1,015
1,022
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million 6 all insured commercial banks.
at
Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection.
For other footnotes, see opposite page.
Backfigures.—SeeBanking and Monetary Statistics, Tables 18-45, pp. 72-103, and 108-113.
JULY 1945
669
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[ Monthly data are averages of Wednesday figures. In millions of dollars]
Investments
Loans
Date or month
Total
loans
and
investments
Commercial,
Total
U. S. Government obligations
For purchasing
or carrying securities
To brokers To others Real- Loans
indus- and dealers
estate to Other
trial,
loans
and
loans banks
agri- U.S. Other U . S . Other
Govt. se- Govt. seculobobtural
liga- curi- liga- curities tions ties
Total
Total
Bills
CerOther
tificates
Guar- secuof in- Notes Bonds an- rities
debtteed
edness
tions
Total—101 Cities
1944—May
50,366
10,186
5,958
Feb
Mar
Apr.
May
59,590
58,796
58,112
57,271
57,285
12,356
11,768
11,350
11,039
11,415
6,405 1,196
6,320
991
6,157
900
881
5,989
5,817 1,281
726 1,236
763
929
751
800
755
651
821
593
357
354
346
350
365
Mar. 2 8 . . . .
57,797
11,180
6,088
838
776
Apr. 4
Apr. 11
Apr. 18
Apr. 25
57,349
57,387
57,291
57,058
10,992
10,977
11,056
11,131
6,044
749
6,017
812
5,958
918
5,938 1,044
759
737
776
747
May
May
May
May
May
2
9
16
23
30
57,176
56,995
57,228
57,482
57,541
11,316
11,220
11,358
11,546
11,636
5,904
5,829
5,797
5,790
5,765
810
794
830
832
840
604
593
587
581
600
June 6
June 13
June 20
58,254
58,896
63,005
11,886
12,124
13,546
5,818 1,439
5,856 1,595
5,896 1,729
New York City
1944—May
18,178
3,938
2,311
1945—Jan
Feb.
Mar
Apr.
May
21,500
21,019
20,631
20,277
20,354
5,140
4,798
4,574
4,392
4,794
Mar. 2 8 . . . .
20,524
4,463
2,346
Apr. 4 . . . .
Apr. 11
Apr. 1 8 . . . .
Apr. 2 5 . . . .
20,477
20,260
20,228
20,145
4,312
4,303
4,430
4,524
2,329
2,311
2,281
2,284
May
May
May
May
May
2
9
16
23
30
20,262
20,162
20,278
20,505
20,564
June 6
June 13
June 20
1945—j a n
Outside
New York City
1944—May
632
2,842
9,238
9,149
7,448
7,412
7,358
613
360
343
327
332
2,889
2,954
2,983
3,080
3,033
337
3,052
336
332
322
318
3,071
3,083
3,092
3,073
54
1,281
40,180 37,338 2,553
1,053
1,047
1,042
1,041
1,046
77
76
68
76
102
1,306
1,288
1,286
1,296
1,390
47,234
47,028
46,762
46,232
45,870
741
343 1,040
63
1,291
46,617 43,565 2,082 11,312 7,450 22,384
684
656
640
623
345
348
353
353
1,041
1,043
1,041
1,040
79
66
72
87
1,291
1,298
1,298
1,299
46,357
46,410
46,235
45,927
43,286
43,327
43,143
42,854
1,846
1,770
1,709
1,497
11,282
11,221
11,098
10,973
7,421
7,442
7,397
7,388
22,401
22,562
22,617
22,678
384
353
362
362
364
1,047
1,045
1,044
1,046
1,049
105
85
105
100
117
1,378
1,389
1,396
1,389
1,396
45,860
45,775;
45,870
45,936
45,905
42,844
42,748
42,853
42,897
42,842
1,530
1,339
1,399
1,218
1,195
10,845
10,832
10,767
10,774
10,663
7,369
7,350
7,350
7,357
7,366
22,782
22,906
22,999
23,209
23,276
318
321
338
339
342
3,016
3,027
3,017
3,039
3,063
869
812
870
848
902 2,035
390 1,044
381 1,045
388 1,047
102
108
91
1,412
1,421
1,458
46,368 43,296 1,368
46,772 43,676 1,418
49,459 46,334 1,946
9,397 9,038 23,470
9,417 9,143 23,678
10,505 9,510 24,349
23
20
24
3,072
3,096
3,125
486
443
124
125
83
43
323
14,240 13,351
867
3,337 2,637
6,306
204
889
2,454
942
2,437
787
2,372
721
2,301
699
2,218 1,093
547
588
582
580
632
602
409
332
230
193
144
146
141
146
162
71
68
67
65
65
60
63
59
64
84
320
300
300
307
347
16,360
16,221
16,057
15,885
15,560
843
664
575
423
166
3,346
3,348
3,823
3,710
3,456
3,340
3,290
2,665
2,612
2,594
7,713
7,878
7,940
8,032
8,284
163
73
68
57
51
955
968
986
1,051
1,009
660
606
284
142
66
55
304
16,061 15,016
525
3,781 2,652
7,990
68
1,045
574
620
742
861
586
561
600
571
241
239
225
214
142
143
150
148
65
65
65
65
70
55
60
72
305
309
307
309
16,165
15,957
15,798
15,621
15,111
14,894
14,744
14,586
674
416
366
234
3,773
3,744
3,692
3,632
2,599
2,636
2,612
2,601
8,000
8,035
8,023
8,069
65
63
51
50
1,054
1,063
1,054
1,035
4,687
4,612
4,744
4,926
5,002
2,267
922
2,219
959
2,207 1,049
2,201 1,249
2,198 1,284
621
606
640
639
653
200
196
191
184
191
177
151
159
161
164
66
66
65
65
65
90
69
88
79
94
344
346
345
348
353
15,575
15,550
15,534
15,579
15,562
14,585
14,547
14,535
14,559
14,528
277
161
155
117
121
3,532
3,525
3,475
3,413
3,334
2,579
2,595
2,600
2,596
2,601
8,147
8,214
8,245
8,386
8,425
50
52
60
47
47
990
1,003
999
1,020
1,034
20,812
21,107
22,821
5,050
5,236
6,038
2,208 1,203
2,235 1,338
2,232 1,394
677
287
681
297
710 1,038
172
173
171
65
65
65
81
87
64
357
360
364
15,762 14,725
15,871 14,814
16,783 15,699
250
154
382
2,851 3,143
2,856 3,200
3,205 3,345
8,480
8,603
8,766
1
1
1
1,037
1,057
1,084
25,940 23,987 1,686
5,591 4,470 11,812
428
1,953
30,874
30,807
30,705
30,347
30,310
6,662
6,724
7,626
7,433
7,320
5,898
5,859
4,783
4,800
4,764
13,960
14,226
14,366
14,532
14,751
450
287
275
270
281
1,934
1,986
1,997
2,029
2,024
1,084
1,132
1,237
1,446
1,505
582
300
32,188
6,248
3,647
146
139
176
181
990
11
958
Mar.
Apr.
May
38,090
37,777
37,481
36,994
36,931
7,216
6,970
6,776
6,647
6,621
3,951
3,883
3,785
3,688
3,599
254
204
179
182
188
179
175
169
175
189
634
520
468
421
400
213
208
205
204
203
982
979
975
976
981
17
13
9
12
18
986
988
986
989
1,043
M a r . 28
1945—Jan
Feb
8,928 7,107 18,118
306 1,073
632
44,345
44,074
43,779
43,152
42,837
15,405
15,253
15,071
14,834
14,551
28,940
28,821
28,708
28,318
28,286
2,813
2,389
2,233
1,706
1,336
1,970
1,725
1,658
1,283
1,170
10,008
10,072
11,449
11,143
10,776
21,673
22,104
22,306
22,564
23,035
37,273
6,717
3,742
178
170
457
201
974
8
987
30,556 28,549 1,557
7,531 4,798 14,394
269
2,007
Apr. 4 . . . . 36,872
Apr. 11. . . . 37,127
Apr. 1 8 . . . . 37,063
Apr. 2 5 . . . . 36,913
6,680
6,674
6,626
6,607
3,715
3,706
3,677
3,654
175
192
176
183
173
176
176
176
443
417
415
409
203
205
203
205
976
978
976
975
9
11
12
15
986
989
991
990
30,192
30,453
30,437
30,306
28,175
28,433
28,399
28,268
1,172
1,354
1,343
1,263
7,509
7,477
7,406
7,341
4,822
4,806
4,785
4,787
14,401
14,527
14,594
14,609
271
269
271
268
2,017
2,020
2,038
2,038
May 2
May 9
M a y 16
M a y 23
M a y 30
36,914
36,833
36,950
36,977
36,977
6,629
6,608
6,614
6,620
6,634
3,637
3,610
3,590
3,589
3,567
162
173
188
197
221
189
188
190
193
187
404
397
396
397
409
207
202
203
201
200
981
979
979
981
984
15
16
17
21
23
1,034
1,043
1,051
1,041
1,043
30,285
30,225
30,336
30,357
30,343
28,259
28,201
28,318
28,338
28,314
1,253
1,178
1,244
1,101
1,074
7,313
7,307
7,292
7,361
7,329
4,790
4,755
4,750
4,761
4,765
14,635
14,692
14,754
14,823
14,851
268
269
278
292
295
2,026
2,024
2,018
2,019
2,029
June 6
June 13
June 20
37,442
37,789
40,184
6,836
6,888
7,508
3,610
3,621
3,664
236
257
335
192
189
192
525
551
997
218
208
217
979
980
982
21
21
27
1,055
1,061
1,094
30,606 28,571 1,118
30,901 28,862 1,264
32,676 30,635 1,564
6,546 5.895 14,990
6,561 5,943 15,075
7,300 6,165 15,583
22
19
23
2,035
2,039
2,041
Back figures.—See Banking and Monetary Statistics, DC . 127-227.
670
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Date or month
Total 101 Cities
1944—May
Reserves
with
Cash
Fedin
eral
vault
Reserve
Banks
Balances
with
domestic
banks
Demand
deposits
adjusted 1
Individuals,
partnerships,
and
corpora*
tions
Interbank
deposits
Time deposits,
except interbank
Demand deposits,
except interbank
States Certiand
fied
U. S.
politand
Govical
offiernsubcers'
divi- checks ment
sions
etc.
IndiDomestic
vidU.S.
banks
Bor- C a p - Bank
ital
uals, States Govrow- ac- deband
part- polit- ernFor- ings counts its 2
nereign
ical ment
ships, suband
banks
and
divi- Postal Decor- sions Sav- mand Time
poraings
tions
6,070 6,519
129
48
8,053
39
891
139
4,388 52,031
7,643
7,812
7,982
8,109
8,265
113
123
124
104
109
46
45
44
44
44
9,419
8,917
9,061
9,035
9,216
33
34
40
46
47
904
939
937
955
,007
141
247
234
327
573
4,617
4,662
4,683
4,718
4,748
829
9,222 8,028
125
44
8,902
42
938
215
4,688 14,673
945
807
840
820
8,794
7,976
7,305
6,686
8,042
8,098
8,133
8,163
99
105
107
106
44
44
44
44
9,045
9,119
9,102
8,875
44
42
48
48
938
953
957
972
237
283
335
452
4,704
4,720
4,721
4,725
14,877
12,991
13,665
13,331
38,907
39,044
40,006
40,153
40,190
2,289 990
2,271 795
2,239 842
2,308 1,019
2,374 850
6,484
5,898
5,792
5,343
5,501
8,190
8,240
8,285
8,298
8,314
108
107
110
109
109
44
44
44
44
44
9,110
9,160
9,408
9,148
9,256
47
48
47
48
47
976
995
1,013
1,017
1,032
531
472
429
635
797
4,741
4,747
4,746
4,754
4,751
15,179
13,199
15,097
14,986
11,766
40,683
41,189
37,176
40,323
41,404
37,554
2,268 975
2,232 989
1,861 1,391
5,428 8,345
5,499 8,371
13,633 8,388
109
108
109
43
43
45
9,629
10,160
10,040
47
47
33
1,043
1,050
1,050
824 4,768 16,166
721 ' 4,755 14,274
328 4,761 25,376
32
13,202
13,484
237
362
2,443
784
18
6
2,590
1
807
49
26
26
32
42
26
12,768
13,241
13,681
14,121
14,952
13,219
13,631
14,026
14,485
15,266
172
240
235
233
288
590
574
442
471
532
5,543
4,745
3,929
3,163
2,257
899
922
952
966
994
18
18
19
18
19
7
7
7
8
8
2,985
2,850
2,859
2,869
2,927
1
1
1
1
1
817
849
844
857
904
69
99
130
131
332
1,792
1,805
1,806
1,816
1,826
30,826
25,416
28,924
25,115
28,384
98
51
13,831
14,122
246
456
3,799
967
18
8
2,791
1
842
134
1,803
6,593
92
98
95
93
80
35
27
27
13,910
13,983
14,183
14,411
14,262
14,338
14,630
14,710
214
214
249
256
544
449
446
446
3,639
3,289
3,003
2,721
958
963
968
973
18
18
18
18
8
8
8
8
2,823
2,908
2,921
2,822
1
1
1
1
841
858
857
871
96
92
113
223
1,815
1,817
1,818
1,816
6,419
5,827
5,848
5,781
84
92
91
92
93
24
21
30
24
31
14,505
14,699
14,938
15,359
15,260
14,837
14,969
15,277
15,597
15,650
313
277
282
279
287
583
437
488
679
475
2,581
2,336
2,287
2,054
2,025
987
989
998
995
999
19
19
19
19
19
8
8
8
8
8
2,941
2,934
2,973
2,877
2,909
1
1
1
1
1
873
895
910
914
927
339
241
199
338
542
1,826
1,828
1,827
1,828
1,823
6,674
6,183
7,024
6,868
4,840
3,889
3,990
3,663
93
92
87
20
23
27
15,448
15,451
13,657
15,680
15,853
14,048
243
244
193
623
610
966
1,908
2,066
5,558
998
999
992
19
19
21
8
8
8
3,018
3,297
3,259
1
1
1
936
945
941
579
526
235
1,835 7,467
1,831 6,643
1,830 12,331
Outside
New York City
1944—May
5,587
453
1,999
22,222
21,803
1,758
322
3,627 5,735
111
42
5,463
38
84
90
1945—Jan.
Feb
Mar
Apr
May
5,995
6,005
6,103
6,187
6,357
494
475
501
483
494
2,234
2,115
2,120
2,088
2,131
22,738
23,252
23,748
24,110
24,934
22,623
23,141
23,497
23,717
24,394
1,605
1,664
1,742
1,863
2,008
397
359
375
382
367
7,398
6,545
5,569
4,527
3,547
6,744
6,890
7,030
7,143
7,271
95
105
105
86
90
39
38
37
36
36
6,434
6,067
6,202
6,166
6,289
32
33
39
45
46
87
90
93
98
103
72
148
104
196
241
2,825
2,857
2,877
2,902
2,922
34,801
30,024
36,008
32,430
34,418
8,934
543
2,031
35,424
35,287
1,995
684
9,340
9,448
9,643
9,806
10,192
585
567
596
578
585
2,260
2,141
2,152
2,130
2,157
35,506
36,493
37,429
38,231
39,886
35,842
36,772
37,523
38,202
39,660
1,777
1,904
1,977
2,096
2,296
987
933
817
853
899
Mar. 28. . .. 9,543
607
2,110
37,347
37,198
2,077
Apr.
Apr.
Apr.
Apr.
4
11
18
25
9,611
9,823
9,857
9,933
564
572
581
594
2,119
2,131
2,150
2,121
37,184
38,037
38,603
39,099
37,091
38,077
38,739
38,902
2,065
2,057
2,080
2,183
May
May
May
May
May
2
9
16
23
30
9,997
0,077
10,254
0,216
0,418
567
566
587
605
600
2,138
2,115
2,230
2,123
2,179
39,147
39,490
39,900
40,516
40,378
June 6
June 13
June 20
0,400
10,660
0,142
580
582
574
2.172
2,345
2,463
New York City
1944—May
3,347
90
1945—Jan
Feb.
Mar
Apr
May
3,345
3,443
3,540
3,619
3,835
91
92
95
95
91
Mar. 28..
3,610
Apr.
Apr.
Apr.
Apr.
4
11
18
25
3,541
3,618
3,629
3,689
May
May
May
May
May
2. ... 3,797
9
3,767
16
3,843
23
3,856
30.
3,912
1945—Jan
Feb.
Mar
Apr
May
June 6
June 13
June 20
12,941
11,290
9,498
7,690
5,804
65,627
S5,440
64,932
57,545
62,802
1,728 20,927
2,660 31,104
Mar. 28..
5,933
509
2,059
23,516
23,076
1,831
373
5,423 7,061
107
36
6,111
41
96
81
2,885
8,080
Apr.
Apr.
Apr.
Apr.
4
11
18
25..
6,070
6,205
6,228
6,244
472
474
486
501
2,039
2,096
2,123
2,094
23,274
24,054
24,420
24,688
22,829
23,739
24,109
24,192
1,851
1,843
1,831
1,927
401
358
394
374
5,155
4,687
4,302
3,965
7,084
7,135
7,165
7,190
81
87
89
88
36
36
36
36
6,222
6,211
6,181
6,053
43
41
47
47
97
95
100
101
141
191
222
229
2,889
2,903
2,903
2,909
8,458
7,164
7,817
7,550
May
May
May
May
May
2
9
16
23
30....
6,200
6,310
6,411
6,360
6,506
483
474
496
513
507
2,114
2,094
2,200
2,099
2,148
24,642
24,791
24,962
25,157
25,118
24,070
24,075
24,729
24,556
24,540
1,976
1,994
1,957
2,029
2,087
407
358
354
340
375
3,903
3,562
3,505
3,289
3,476
7,203
7,251
7,287
7,303
7,315
89
88
91
90
90
36
36
36
36
36
6,169
6,226
6,435
6,271
6,347
46
47
46
103
100
103
103
105
192
231
230
297
255
2,915
2,919
2,919
2,926
2,928
8,505
7,016
8,073
8,118
6,926
107
105
109
245
195
93
2,933 8,699
2,924 7,631
2,931 13,045
46
35
6,611
90
3,520 7,347
24,643 2,025 352
6,511
487
2,152 25,235
46
6,863
35
89
25,55
1,988
3,433 7,372
379
6,670
490
2,322 25,738
32
6,781
23,506
37
88
1,668 425
6,479
8,075 1 7,396
487
2,436 23,519
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.
Tune 6 . . . .
June 1 3 . . . .
June 20. . . .
1
2
47
46
JULY 1945
671
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Total
loans
and
invest- Total
ments
Federal Reserve
district and date
Boston
May 23
May 30
June 6
June 13
June 20
J\ew York
May 23
May 30
June 6
June 13
June 20
Philadelphia
May 23
May 30
June 6
June 13
June 20
Cleveland
May 23
May 30
June 6
June 13
June 20
Richmond
May 23
May 30
June 6
June 13
June 20
Atlanta
May 23
May 30
June 6
June 13
June 20
Chicago*
May 23
May 30
June 6
June 13
June 20
St. Louis
May 23
May 30
June 6
June 13
June 20..
M inneapolis
May 23
May 30
June 6
June 13..'.
June 20
Kansas City
May 23
May 30
June 6
June 13
June 20
Dallas
May 23
May 30
June 6
June 13
June 20
San Francisco
May 23
May 30
June 6
June 13
June 20
City of Chicago*
May 23
May 30
June 6
June 13
June 20
For purchasing or carryComing securities
mercial, To brokers
inand dealers To others Real- Loans Other
dusestate to loans Total
trial,
loans banks
U.S.
and U. S.
agri- Govt. Other Govt. Other
cul- obli- secu- obli- secugatural
rities ga- rities
tions
tions
1 S. Government obligations
U.
Total
CertifiOther
cates
of
Guar- securities
Bills in- Notes Bonds andebtteed
edness
12
12
16
16
27
15
15
16
15
16
64
65
64
64
65
11
11
9
10
9
109
109
109
110
116
2,241
2,240
2,267
2,304
2,705
2,166
2,167
2,194
2,230
2,631
43
57
51
86
250
584
559
447
451
580
295
295
425
425
495
1,242
1,254
1,271
1,268
1,306
2
2
75
73
73
74
74
645
203
659
212
683
313
687
323
716 1,085
182
185
194
194
192
140
140
139
140
140
79
94
81
87
64
408
413
418
420
423
17,298
17,296
17,506
17,640
18,630
16,203
16,187
16,392
16,504
17,467
169
188
294
217
458
3,805
3,725
3,159
3,161
3,528
2,839
2,845
3,499
3,558
3,710
9,322
9,361
9,439
9,567
9,770
68
68
1
1
1
1,095
1,109
1*114
1,136
1,163
5
6
8
9
35
10
10
10
10
13
33
33
33
33
33
1
1
1
1
1
122
124
129
127
141
1,965
1,979
2,052
2,124
2,273
1,790
1,805
1,876
1,949
2,100
95
109
123
153
171
286
285
272
282
355
291
293
395
405
424
1,064
1,064
1,086
1,109
1,150
54
54
175
174
176
175
173
19
20
21
25
27
85
86
111
115
186
15
15
15
15
17
153
153
153
153
152
1
1
1
1
8
126
128
132
128
133
3,856
3,862
3,890
3 897
4,072
3,611
3,617
3,647
3,654
3,828
85
89
72
75
148
925
925
851
847
887
586
584
701
708
734
2,005
2,009
2,022
2,024
2,059
10
10
1
245
245
243
243
244
5
5
5
5
6
32
32
41
41
54
9
10
9
10
10
46
46
47
47
47
3
4
5
5
5
59
59
59
59
60
1,593
1,593
1,601
1,610
1,708
1,533
1,533
1,542
1,551
1,649
65
64
65
68
84
329
329
312
303
340
248
248
275
277
291
883
884
885
898
928
8
8
5
5
6
60
60
59
59
59
7
7
7
8
8
7
7
7
7
25
25
24
24
25
2
2
2
2
2
68
69
69
73
i
28
31
35
37
52
77
1,521
1,514
1,523
1,543
1,590
1,386
1,378
1,388
1,408
1,452
48
38
37
46
43
364
367
326
329
341
290
287
324
328
333
678
680
700
704
734
6
6
1
1
1
135
136
135
135
138
896
888
898
899
905
79
97
104
98
129
56
55
52
55
48
105
105
120
116
320
58
59
61
62
63
143
144
144
144
144
130
131
133
134
136
7,099
7,027
7,106
7,134
7,554
6,577
6,509
6,580
6,614
7,028
331
242
317
327
317
1,868
1 871
1,684
1,696
1,972
1,002
1,009
1,234
1,231
1,263
3,316
3,326
3,342
3,357
3,473
60
61
3
3
3
522
518
526
520
526
419
423
431
433
453
219
221
221
224
235
2
2
2
2
2
6
6
5
6
6
20
24
33
33
42
12
11
11
11
13
66
66
65
65
66
91
90
91
90
1,427
1,452
1,424
1,464
1,491
1,303
1,327
1,299
1,336
1,363
53
86
42
64
60
300
298
262
268
278
261
260
309
320
328
676
670
685
683
696
13
13
1
1
124
125
125
128
128
1,100
1,104
1,126
1,133
1,189
189
190
193
198
219
107
109
108
111
116
1
1
1
1
1
2
2
2
2
2
6
6
10
11
23
4
3
4
4
4
22
23
23
23
23
47
45
45
46
49
911
914
933
935
970
864
868
886
888
923
4
9
14
21
16
198
196
177
169
187
162
161
194
194
195
497
499
501
504
525
3
3
47
46
47
47
47
2,042
2,033
2,063
2,072
2,152
331
328
336
339
349
207
205
205
205
209
1
1
1
1
1
4
4
4
4
4
16
15
22
24
29
7
8
8
8
7
38
38
38
38
38
58
58
58
59
59
1,711
1,705
1,727
1,733
1,803
1,580
1,567
1,589
1,595
1,672
86
78
92
91
104
403
394
356
352
386
348
346
408
416
428
719
723
726
730
748
24
26
7
131
138
138
138
131
1,675
1,680
1,733
1,753
1,834
405
405
436
442
460
266
265
275
276
283
29
30
38
53
63
21
21
32
22
22
23
24
24
23
23
6.1
61
63
63
64
1,270
1 275
1^297
1,311
1,374
1,222
1 226
1^248
1,262
1,325
59
63
63
74
71
392
390
377
376
392
213
213
247
250
264
548
550
560
562
598
10
10
1
1
5
4
4
4
4
48
49
49
49
49
6,020
6,019
6,050
6,103
6,371
976
971
1,008
1,026
1,082
479
478
486
485
486
10
11
14
21
30
22
19
24
23
20
40
41
65
70
119
22
21
23
24
23
293
292
290
291
291
110
109
106
112
113
5,044
5,048
5,042
5,077
5,289
4,662
4,658
4,655
4,685
4,896
180
172
198
196
224
1,320
1,324
1,174
1,183
1,259
822 2,259
825 2,256
1,027 2,253
1,031 2,272
1,045 2,362
81
81
3
3
6
382
390
387
392
393
5,037
4,994
5,036
5,072
5,638
663
657
663
663
667
78
96
102
96
125
48
46
43
43
36
56
1,004
1,019
1,011
1,212
51
52
54
54
55
24
25
25
25
25
73
73
75
76
77
4,044
3,990
4,017
4,061
4,426
3,704
3,654
3,671
3,721
4,082
224
164
201
231
236
1,042
1,039
1,829
1,834
1,844
1,854
1,920
17
17
340
336
346
340
344
2,901
2,895
2,928
2,982
3,422
660
655
661
678
22,551
22,626
22,892
23,213
25,026
22
22
22
21
20
39
38
35
45
65
5,253
5,330
5,386
5,573
6,396
2,346
2,342
2,353
2,379
2,376
1,250
1,285
1,205
1,343
1,400
2,383
2,399
2,488
2,555
2,750
418
420
436
431
477
202
202
201
202
202
16
19
11
39
37
38
30
41
4,683
4,697
4,758
4,769
5,057
827
835
868
872
985
375
374
379
379
382
53
58
56
56
80
1,874
1,874
1,895
1,907
2,019
281
281
294
297
311
122
120
123
122
123
5
5
5
8
6
1,841
1,833
1,848
1,870
1,942
320
319
325
327
352
183
178
179
177
180
8,566
8,506
8,618
8,642
9,299
1,467
1,479
1,512
1,508
1,745
1,846
1,875
1,855
1,897
1,944
;
717
388
383
390
397
399
993
6
7
1
55
57
54
227
6
3
3
3
2
2
"l"
87
934
948
1,220
592
600
692
688
706
1
6
6
* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the
New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
67z
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS- -Continued
RESERVES A N D LIABILITIES
[ In millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
Federal Reserve
district and date
Boston(6 cities)
May 23
May 30
June 6
June 13
June 20
New York (8 cities)*
May 23
May 30
June 6
June 13
June 20
Philadelphia (4 cities)
May 25
May 30
Jur
6
Jui .3
June 20
Cleveland (10 cities)
May 23
May 30
June 6
June 13
June 20
Richmond (12 cities)
May 23
May 30
June 6
June 13
June 20
Atlanta (8 cities)
May 23
May 30
June 6
June 13
June 20
Chicago (12 cities)*
May 23
May 30
June 6
June 13
June 20
St. Louis (5 cities)
May 23
May 30
June 6
June 13
June 20
Minneapolis (8 cities)
May 23
May 30
Tune 6
June 13
June 20
Kansas City (12 cities)
May 23
May 30
June 6
June 13
Tune 20
Dallas (9 cities)
May 23
May 30
Tune 6
Tune 13
June 20
San Francisco (7 cities)
May 23
May 30
June 6
June 13
June 20
City of Chicago*
May 23
May 30
Tune 6
Tune 13 .
June 20.
ReDeIndiserves
Balvidwith Cash ances mand
deuals,
Fedwith
in
posits
eral
dopartvault
mestic
adRener1
serve
banks usted ships,
and
Banks
corporations
States Certified
and
U.S.
and
politGovoffiical
erncers' ment
subdivi- checks
etc.
sions
Individuals,
partnerships,
and
corporations
Interbank
deposits
U.S.
States Govand
ernpolit- ment
ical
and
sub- Postal
diviSavsions
ings
Domestic
banks
Demand Time
3
3
2
2
3
310
315
339
403
323
22
22
22
22
24
10
10
10
10
10
2,947
2,978
3,092
3,375
3,328
199
198
199
199
200
8
8
8
8
8
1
1
1
1
1
335
341
390
418
394
368
410
419
401
954
1,095
1,097
1,101
1,104
1,108
29
28
27
26
26
22
24
20
24
30
184
194
200
203
490
308
309
310
311
312
2
2
2
2
2
176
186
183
179
150
13
9
10
11
10
111
118
115
113
275
362
364
365
367
369
5,796
5,828
5,822
5,988
5,442
504
504
481
470
452
63
73
66
74
76
798
826
792
749
1,805
1,091
1,045
1,017
1,110
1,034
1,126
1,096
1,064
1,181
1,078
64
60
60
60
58
12
16
12
12
12
77
83
81
91
105
694
699
705
709
640
659
659
664
676
615
88
93
97
95
81
25
25
23
24
24
282
268
278
304
319
1,378
1,360
1,367
1,391
1,288
1 354
1,335
1,350
1,395
351
360
366
379
363
25
25
24
24
24
244
243
254
280
289
1,296
1,275
1,270
1,296
1,237
896
916
910
930
970
47
49
47
48
48
261
259
264
277
283
963
949
954
958
907
45
47
46
35
35
176
218
200
196
201
466
485
490
518
482
69
61
59
61
62
114
115
108
139
159
2,230
2,233
2,281
2,367
2,094
2 210
2^203
2,256
2,386
2,102
111
116
115
108
100
30
32
31
32
39
346
340
299
270
1,052
372
373
375
376
377
4,127
4,206
4,150
4,274
3,924
126
126
126
126
120
107
118
104
114
132
16,828
16,765
16,943
17,006
14,997
16,819
16,880
16,944
17,195
15,221
562
603
516
518
393
706
504
650
636
1,005
2,214
2,194
2,084
2,228
6,029
1,565
1,571
1,572
1,575
1,569
446
444
464
476
448
30
30
30
30
30
78
86
82
85
85
1,934
1,939
1,9"
2,037
1,796
1,930
1,966
1,977
2,047
1,863
104
100
106
119
41
12
21
16
18
24
231
237
242
232
686
798
806
831
814
810
78
77
75
76
77
194
208
199
209
215
3,245
3,243
3,283
3,293
3,054
3,265
3,290
3,279
3', 371
3,116
146
151
144
143
130
42
47
45
50
54
326
342
342
355
347
38
38
36
38
37
151
145
159
166
193
1,313
1,311
1,326
1,334
1,203
1,271
1,272
1,277
1,299
1,208
114
116
126
119
76
349
352
359
375
354
30
30
28
28
29
129
134
131
152
139
1,276
1,267
1,272
1,317
1,199
1,194
1,183
1,199
1,251
1,154
1,514
1,548
1,536
1,564
1,485
104
106
101
94
91
384
428
408
414
430
5,988
5,996
6,012
6,075
5,562
331
338
327
346
335
22
22
21
22
22
102
92
104
114
114
188
186
193
187
185
11
11
10
11
10
424
435
432
442
439
Foreign
banks
Borrowings
as-
accounts
Bank
debits2
21
20
20
20
20
278
276
27
277
276
751
545
802
629
1,313
916
929
939
947
943
365
567
580
531
253
1,978
1,974
1,"
1,984
l,98f
7,235
5,208
7,915
6,986
13,182
9
9
9
10
10
18
18
18
18
3
22
27
25
15
4
8
13
12
26
245
568
24=
535
702
246
593
245
245 1,182
525
532
556
579
572
8
7
7
7
7
2
3
2
3
4
59
47
47
36
4
462
911
462
779
463
966
463
854
464 1,530
7
7
7
7
7
393
390
404
428
410
5
5
5
5
5
2
2
2
2
2
13
13
13
9
5
125
12
125
125
126
371
323
442
393
634
3
3
3
3
3
2
2
2
2
3
488
481
499
519
503
1
1
1
1
1
6
7
7
6
7
3
7
4
120
120
120
11
119
419
307
350
351
536
1,642
1,645
1,657
1,661
1,166
5
5
5
5
5
4
4
4
4
4
1,512
1,528
1,602
1,629
1,689
5
5
5
5
5
21
21
22
21
21
63
29
39
39
5
560
563
563
562
564
2,095
1,747
2,203
1,940
3,430
175
205
216
217
339
302
302
304
305
306
1
1
1
4
4
4
4
4
572
630
610
606
588
2
2
2
2
2
39
22
38
19
23
127
127
126
126
12'
416
403
493
352
556
10
10
9
10
12
116
120
128
135
288
183
183
184
185
186
271
277
293
295
291
2
1
2
2
2
36
29
24
22
7
147
146
146
135
140
19
20
19
23
21
153
163
168
182
344
251
251
253
254
255
1
1
1
1
1
3
3
3
3
3
853
845
865
878
892
1,295
1,267
1,281
1,309
1,247
76
79
81
79
67
20
20
24
23
38
130
168
206
223
348
230
231
232
233
234
12
12
13
13
13
3
3
3
3
3
520
512
549
566
569
3,243
3,245
3,218
3,254
3,072
3,234
3,211
3,210
3,306
3,194
216
220
213
207
173
70
74
73
76
70
517
526
559
546
1,023
1,789
1,790
1,793
1,801
1,806
27
27
27
27
27
7
7
7
7
7
422
427
430
464
481
3,611
3,595
3,615
3,645
3,295
3,597
3,602
3,598
3,696
3,319
222
217
206
198
192
29
34
32
32
32
497
491
451
414
1,211
670
670
678
680
682
1,076
1,084
1,124
1,154
1,219
5
7
9
3
17
5
5
5
5
6
4
4
4
3
4
6
6
6
6
6
32
34
34
34
35
247
222
290
275
410
139
13<
140
140
141
378
475
444
670
123
123
12;
122
12
382
307
395
367
499
22
33
33
21
10
515
516
51
510
511
1,102
1,012
1,133
1,090
1,434
1
35'
359
35*
35<
35!
1,287
1,032
1,356
1,170
2,323
3
17
18
17
18
17
82
* See note on preceding page.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except in interbank and U. S. Government accounts.
1
2
JULY 1945
673
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by
Commercial
paper
Total
outoutstanding standing
End of month
Based on
Accepting banks
Total
Own
bills
Others
Bills
bought
1944—February..
March
April
May
Tune
July.......
August...
September
October...
November
December.
214
195
172
151
137
143
141
141
142
167
166
135
129
126
113
112
110
110
111
115
115
129
106
100
96
90
87
88
82
85
85
84
93
57
52
51
49
44
46
44
42
40
44
44
49
48
45
41
43
41
38
43
45
40
50
29
30
29
24
25
23
28
26
30
32
35
1945—January...
February.
March
April
May
162
157
147
119
103
130
126
128
117
104
98
97
96
90
82
52
54
52
51
50
46
42
38
32
Imports
into
United
States
2
32
29
32
26
22
Exports
from
United
States
83
79
77
71
74
72
75
78
79
74
Goods stored in or
shipped between
points in
United
States
ss3
(
12
12
12
10
11
12
10
11
13
14
14
87
87
81
72
Dollar
exchange
13
12
11
10
9
Foreign
countries
32
31
30
28
24
24
22
19
21
24
25
25
24
25
24
22
1
2
3
As reported by dealers; includes some finance company paper sold in open market.
None held by Federal- [Reserve Banks.
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]
Credit balances
Debit balances
End of month
Debit
Debit m
Customers' balances in balances in
debit
firm
partners'
balances investment investment
(net) 1
and trading and trading
accounts
accounts
1936-June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
December
1942—June
December
1943—June
December
1944—June
July
August
September
October
November
December
1945—January
February
March
April
May..
1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
496
543
761
788
c
940
c
940
e
940
c
950
e
940
1,041
e
l,070
e
l,100
3
l,034
3
l,065
31,094
Customers'
credit balances1
Cash on
hand
and in
banks
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
9
7
9
11
89
86
86
154
190
188
Money
borrowed 2
985
1,048
1,217
688
495
754
570
637
376
427
186
211
180
160
167
181
196
395
368
309
378
529
557'
619
660
630
e
640
e
670
e
640
726
e
e
209
Other credit balances
In firm
In partners'
investment investment
and trading and trading
accounts
accounts
Free
Other
(net)
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
255
289
240
270
334
354
65
63
56
54
66
65
17
17
16
15
15
14
424
420
*410
e
420
e
430
e
430
472
In capital
accounts
(net)
96
14
12
13
10
11
5
6
7
5
5
420
424
397
355
298
305
280
277
269
247
222
213
189
182
212
198
e
e
730
e
73O
3722
3
7O1
3742
8
5 53
575
3583
3
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'
ownpartners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured
by U. S. Government securities was (in millions of dollars): March, 109; April, 106; May, 110.
> NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail
at semiannual dates prior to 1942.
674
FEDERAL RESERVE BULLETIN
COMMERCIAL L O A N R A T E S
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
IPer cent per annum]
OPEN-MARKET MONEY RATES I N NEW YORK CITY
[Per cent per annuml
Year,
month, or
week
1942 average
1943 average
1944 average
1944—June
July
August
September....
October
November
December
1945—January
February
March
April
May
June
Week ending:
June 2
June 9
June 16
June 23
June 30
Prime
commercial
paper,
4- to 6monthsl
.66
.69
.73
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
u.s Government
security yields
Prime Stock
exbank- change
ers'
9- to 12call
accept- loan
month
to
ances,
certifi- 3-year53re90
cates taxable
month
new3
day si
of inbills
a l
debted- notes
ness
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.75
.75
.44
.44
.75
.44
H
H
'A
%>
/16
%
J!
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.326
.373
,375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.375
.75
.79
.79
.77
.76
.79
.80
.81
.80
.78
.77
.78
4
.77
.80
.81
4.81
.81
.81
.81
.80
1.46
1.34
1.33
1.34
1.31
1.30
1.31
1.35
1.34
1.35
1.31
1.22
1.18
1.14
1.16
1.16
1.18
1.17
1.17
1.14
1.14
1 Monthly figures are averages of weekly prevailing rates.
2
The average rate on 90-day stock exchange time loans was 1.25 per
ms
cent during the entire period.
3
Rate on new issues offered within period.
4
Number of issues decreased from 3 to 2 on June 1.
Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp.
448-459, and the BULLETIN for May 1945, pp. 483-490.
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
1936 average1
1937 average1
1938 average1
2.68
2.59
2.53
1.72
1.73
1.69
3.04
2.88
2.75
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
1940—December..
1941—March
June
September..
December ..
1942-March
June
September..
December...
1943—March
June
September
December
2.78
2.63
2.54
2.61
2.72
2.59
2.59
2.58
2.55
2.60
2.41
2.48
2.62
2.70
2.63
2.07
2.04
1.97
2.07
2.30
2.11
2.00
2.06
1.95
1.98
1.88
1.85
2.07
2.28
2.09
2.87
2.56
2.55
2.58
2.80
2.68
2.53
2.53
2.58
2.62
2.45
2.48
2.56
2.66
2.63
2.76
3.00
2.48
2.65
2.36
2.70
2.05
2.10
2.76
2.98
2.71
2.76
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
1945—March.
2.73
1.99
2.53
2.91
June
2.20
i Prior to March 1939figureswere reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp.
463-464; for description, see pp. 426-427.
B O N D YIELDS 1
[Per cent per annum]
U. S. Government
15 years
Taxable
Year, month,
or week
7 to 9
years
Partially tax
exempt
Corporate (Moody's)4
Municand over
ipal
(highgrader
Taxable
Corporate
(highgrade) 3
By groups
By rating
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
1-5
1-5
1-7
15
5
120
30
30
30
30
40
40
40
1942 average
1943 average
1944 average
1.93
1.96
1.94
2.09
1.98
1.92
2.46
2.47
2.48
2.36
2.06
1.86
2.75
2.64
2.60
3.34
3.16
3.05
2.83
2.73
2.72
2.98
2.86
2.81
3.28
3.13
3.06
4.28
3.91
3.61
2.96
2.85
2.80
3.96
3.64
3.39
3.11
2.99
2.96
1944—June
July....
August
September
October
November
December
1.95
1.95
1.93
1.92
1.93
1.92
1.93
1.91
1.89
1.90
1.93
1.93
1.90
1.87
2.49
2.49
2.48
2.47
2.48
2.48
2.48
1.87
1.84
1.82
1.83
1.87
1.88
1.87
2.58
2.59
2.57
2.55
2.55
2.61
2.59
3.05
3.04
3.02
3.03
3.02
3.02
2.98
2.73
2.72
2.71
2.72
2.72
2.72
2.70
2.81
2.80
2.79
2.79
2.81
2.80
2.76
3.07
3.05
3.04
3.05
3.01
3.01
2.98
3.59
3.57
3.55
3.56
3.55
3.53
3.49
2.79
2.79
2.79
2.79
2.79
2.77
2.74
3.40
3.37
3.34
3.35
3.32
3.29
3.25
2.96
2.95
2.94
2.94
2.96
2.98
2.96
1945—January
February
March
April....
May
June
1.89
1.77
1.70
1.62
1.57
51.56
1.81
1.75
1.70
1.68
1.68
1.63
2.44
2.38
2.40
2.39
2.39
2.35
1.81
1.71
1.61
1.57
1.58
1.58
2.58
2.56
2.51
2.49
2.53
2.54
2.97
2.93
2.91
2.90
2.89
2.87
2.69
2.65
2.62
2.61
2.62
2.61
2.76
2.73
2.72
2.73
2.72
2.69
2.98
2.94
2.92
2.90
2.88
2.86
3.46
3.41
3.38
3.36
3.32
3.29
2.73
2.69
2.68
2.69
2.68
2.68
3.23
3.16
3.11
3.07
3.05
3.02
2.97
2.95
2.94
2.94
2.93
2.89
Week ending:
June 2
June 9
June 16
Tune 23
June 30...
1.59
1.57
61.57
1.55
1.55
1.68
1.65
1.63
1.62
1.62
2.37
2.36
2.36
2.34
2.34
1.61
1.59
1.58
1.57
1.57
2.55
2.55
2.55
2.54
2.54
2.88
2.88
2.87
2.86
2.86
2.62
2.62
2.61
2.61
2.61
2.71
2.70
2.69
2.68
2.69
2.88
2.87
2.87
2.86
2.85
3.31
3.31
3.30
3.29
3.27
2.69
2.69
2.68
2.68
2.68
3.04
3.04
3.03
3.02
3.01
2.91
2.90
2.89
2.88
2.88
Number of issues
1
2
3
4
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Standard and Poor's Corporation.
U. S. Treasury Department.
.
. , . , » , »
,
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced
from5 10 to 5 and 10 to 6 issues, respectively, and the railroad Aaa group from 10 to 5 issues.
Number of issues decreased from 3 to 1 on June 15.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490.
JULY 1945
675
SECURITY MARKETS1
Stock prices 5
Bond prices
Corporate4
Year, month, or week
U.S.
Government
Municipal
(high
grade) 3
Common (index, 1935-39 = 100)
Medium- and lower-grade
Highgrade
Industrial
Total
DePublic faulted
utility
Railroad
Preferred 6
Total
Industrial
Public
utility
Railroad
Volume
of trading 7
(in thousands of
shares)
15
15
50
10
20
20
15
15
402
354
20
28
L942 average
1943 average
1944 average
100.72
100.50
100.25
126.2
131.8
135.7
118.3
120.3
120.9
100.1
109.5
114.7
109.1
117.0
120.5
86.6
97.6
107.3
104.8
114.0
116.3
27.2
44.0
59.2
162.4
172.7
175.7
69
92
100
71
94
102
66
89
101
61
82
90
466
1 ,032
971
1944—June..
100.16
100.19
100.35
100.40
100.29
100.26
100.34
135.5
136.1
136.5
136.2
135.5
135.2
135.5
120.9
121.3
121.2
121.2
121.1
120.9
121.4
114.5
114.7
114.8
114.5
115.5
115.9
116.9
121.5
121.1
120.9
120.1
119.9
119.9
120.7
106.2
106.8
107.3
107.0
109.6
110.9
113.2
115.9
116.3
116.2
116.5
116.9
116.7
116.8
61.2
61.3
57.3
55.5
59.1
61.2
65.8
175.8
177.6
176.9
177.4
177.4
178.5
180.9
102
104
103
101
104
103
105
104
107
105
103
106
105
106
101
105
103
99
103
105
114
90
91
92
91
93
92
92
1 ,598
1 ,283
872
738
776
850
1,421
1945—January
February
March
April
May
June
100.97
101.81
101.56
101.68
101.74
102.38
136.6
138.7
140.7
141.6
141.3
141.5
121.6
121.9
122.7
122.9
122.3
122.1
117.3
117.6
118.1
118.2
117.9
118.1
121.2
121.9
122.9
123.1
122.1
122.2
113.7
114.3
114.8
115.0
115.0
115.5
117.0
116.5
116.5
116.5
116.5
116.7
68.6
68.1
68.9
71.9
77.5
81,4
183.3
185.5
187.7
190.9
191.2
190.9
108
113
112
114
118
121
110
115
114
117
120
122
121
125
124
129
135
144
94
97
96
98
101
106
Week ending:
June 2
June 9
June 16
June 23
June 30
101.96
102.20
102.21
102.59
102.60
140.7
141.2
141.4
141.6
141.6
122.2
122.1
122.1
122.1
122.2
116.6
116.5
116.9
117.0
116.7
78.1
78 4
80.3
83.6
84.3
190.2
190.8
190.8
190.8
191.3
Number of issues
1-7
July
August
September
October
November
December
118.0
118.0
118.2
118.3
118.1
122.2
122.2
122.2
122.2
121.9
115.2
115.3
115.6
115.7
115.5
120
120
120
121
122
140
139
141
147
150
122
121
121
122
123
•
104
104
105
107
108
1,652
1,664
1,195
1,273
1,357
1,828
1,544
1,525
1,714
2,018
2,097
1
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
4
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
5
Standard and Poor's Corporation.
6
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130,133, 134, and 136, pp. 475,479,482, and 486, respectively, and the BULLETIN for May 1945,
pp. 483-490.
2
3
NEW SECURITY ISSUES
[In millions of dollars]
For new capital
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Total
(new
and
refunding)
4,699
6,214
3,937
4,449
5,842
4,803
5,546
2,114
2,174
4,153
For refunding
Domestic
Domestic
Total
(domestic
and
Total
foreign)
1,457
1,972
2,138
2,360
2,289
1,951
2,854
1,075
642
923
1,409
1,949
2,094
2,325
2,239
1,948
2,852
1,075
640
906
State
and
municipal
Federal
agencies 1
418
213
274
332
478
892
480.
193
53
42
70
145
42
178
39
38
53
42
64
145
42
178
39
38
21
23
12
40
13
47
6
20
1945—January
February
March
April
May...
625
220
557
769
584
136
42
86
138
186
136
42
86
136
185
92
6
24
19
? 28
•
•
•
-
•
10
2
9
Total
Foreign 2
Bonds
Stocks
and
notes
404
1,192
1,225
873
383
736
1,062
624
374
627
855
150
735
22
712
157
971
481
931
924
751
461
518 1,272
342
108
176
90
235
45
1944—May
June
July
August
September. .
October
November...
December...
Corporate
•
334
839
817
807
287
601
889
506
282
404
69
352
408
67
97
135
173
118
92
223
33
15
52
106
29
131
23
19
14
11
43
68
15
109
9
13
19
5
10
37
14
22
14
6
43
27
62
111
157
18
22
27
60
102
25
5
35
51
55
48
23
44
35
50
2
1
""2"
17
• y
"2"
2
Total
(domestic
and
foreign)
Total
Corporate
State
and
municipal
Federal
agencies 1
Total
Bonds
and Stocks
notes
Foreign 2
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
987
353
281
665
1,537
344
698
440
497
388
1,864
3,387
1,209
1,267
1,733
2,026
1,557
418
685
2,423
1,782
3,187
856
1,236
1,596
1,834
1,430
407
603
2,135
81
200
352
31
137
193
126
11
82
288
365
170
204
187
436
714
440
155
356
170
204
187
436
714
440
155
139
8
22
26
6
61
65
14
33
83
27
20
30
42
39
27
184
79
154
141
401
611
336
114
169
76
133
136
351
586
304
114
15
3
21
5
50
25
32
490
178
471
631
397
490
163
471
631
395
22
8
150
30
9
195
18
25
46
19
272
136
296
555
367
240
136
265
530
272
33
3l"
25
95
26
119
119
28
88
"•4""
"90 "
15
9
15
2
1
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.
revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
2
676
Monthly figures subject to
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES*
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated
gross
proceeds 2
Estimated
net
proceeds 3
New money
Plant and
equipment
Total
1934
1935
. . .
1936
1937
1938
1939 .
1940
1941
1942
1943
1944
Retirement of securities
Working
capital
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,014
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
2,956
57
208
858
991
681
325
569
868
474
308
575
32
111
380
574
504
170
424
661
287
141
224
26
96
478
417
177
155
145
207
187
167
351
1943—October
November
December
142
199
116
139
197
113
10
119
20
4
64
8
1944—January
February
March
April
May
June
July
August
September
October
November
December
154
97
203
155
148
163
192
229
438
735
347
154
150
95
199
150
146
160
188
226
429
722
340
152
34
49
48
53
23
23
60
57
27
123
24
54
1945—January
February
March
April
May
281
215
226
643
496
275
212
221
632
485
35
28
48
102
136
Repayment
of
other debt
Preferred
stock
Bonds and
notes
Total
Other
purposes
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,310
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
1,972
226
190
87
59
128
100
30
72
338
84
170
154
111
215
69
174
144
138
73
35
11
23
49
36
7
26
19
28
35
27
37
5
55
12
105
71
81
101
66
77
4
6
4
22
6
5
2
1
7
23
18
32
24
17
8
36
24
17
9
11
4
11
31
16
28
6
15
24
33
10
114
13
50
114
33
147
93
120
117
122
166
395
590
316
96
54
32
129
55
115
103
109
147
357
566
207
96
60
1
18
38
5
13
13
19
38
24
109
1
2
4
3
1
3
18
1
8
1
3
14
16
28
55
48
21
12
19
47
88
240
177
171
513
331
221
160
158
501
278
19
17
13
12
53
•
71
i
6
3
5
7
1
2
1
"s"
1
2
3
6
1
14
12
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars)
Public utility
Railroad
Year or month
Total
net
proceeds
Retire- All
New ment of other
purmoney securi
poses 4
ties
172
120
774
338
54
182
319
361
47
160
606
21
57
139
228
24
85
115
253
32
46
106
1943—-October
November
December
28
26
3
3
3
1944—January
February
March
April
May
June
July
August
September
October
November
December
8
9
29
8
9
29
2
45
21
134
189
36
52
82
2
4
21
19
10
2
4
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945—January
February
March
April
May..
28
23
41
115
179
35
48
82
119
96
119
108
360
75
120
54
558
110
30
97
186
108
15
114
500
14"
18
"346"
57
31
10
77
1
'"is"
Retire- All
Total
New ment of other
net
pro- money securi- purposes
ties
ceeds
130
1,250
1,987
751
1,208
1,246
1,180
1,340
464
469
1,339
11
30
63
89
180
43
245
317
145
22
28
2
77
1,190
1,897
611
943
1,157
922
993
292
423
1,297
"l"
50
38
71
61
30
140
6
28
58
24
58
5
26 " " 5 "
149
8
498
4
259
10
61
30
134
28
58
23
52
24
138
484
255
10
65
60 ""2"
124
12
137
1
184
65
60
122
125
183
53
38
78
Other
Industrial
Total
net
proceeds
Retire- All
New ment of other
money securi- pur- 4
poses
ties
Total
All
Retirenet
New ment of other
pro- money securipur-4
ceeds
poses
ties
42
30
27
50
86
47
13
30
27
25
14
62
774
1,280
1,079
831
584
961
828
527
497
918
25
74
439
616
469
188
167
244
293
228
389
34
550
761
373
226
353
738
463
89
199
475
2
150
80
90
136
43
56
121
146
71
54
20
122
390
71
16
102
155
94
4
21
92
2
57
131
29
7
115
13
27
11
10
22
6
6
1
2
3
1
1
3
81
55
28
118
85
58
109
66
85
186
29
18
26
40
14
49
19
17
34
38
10
113
16
12
53
3
11
65
62
22
70
27
75
71
11
5
2
12
4
3
4
19
5
2
""2"
1
1
2
4
1
33
3
1
2
"""31"
"2
4"
82
27
93
120
223
28
9
41
64
54
16
50
55
89
6
1
2
6
5
117
"l"
2
1
17
6
2
1
42
10
18
4
15
2
"46" • • " 7 2 "
218
152
57
7
8
7
9
88
42
9
55
18
4
13
51
38
4"
4
207
1
5
104
21
4
3
1
2
1
1
2
2
6
5
"42"
8
7
4
12
1
2
1
2
3
4
Estimates of new issues sold for cash in the United States. Current figures subject to revision.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of
the Board of Governors.
JULY 1945
677
QUARTERLY EARNINGS A N D DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits, 1 by industrial group)S
Year or quarter
Total
Iron
and
steel
Machinery
Automobiles
Other
transportation
equipment
Nonferrous
metals
and
products
Other
durable
goods
Oil
Foods, produc- Indusbevertrial
ing
ages,
chemiand
and
cals
refintobacco
ing
Other
nondurable
goods
Miscellaneous
services
Dividends
Net
profits 1
Preferred
Common
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,163
1,770
1,802
1,889
146
278
325
226
204
194
115
158
193
159
165
174
223
242
274
209
201
222
102
173
227
183
182
183
119
133
153
138
128
115
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
183
847
1,028
1,137
888
902
963
90
90
92
88
86
86
564
669
705
552
556
611
1941—1
2
3
4
509
547
558
549
86
84
81
72
44
48
46
55
79
73
60
61
53
56
56
62
39
36
38
40
23
28
30
32
36
43
44
37
29
42
56
46
49
53
52
52
44
48
49
46
28
33
44
47
285
295
282
275
22
23
23
24
150
165
170
221
1942—1.
2
3
4
413
358
445
554
52
52
51
72
38
35
36
49
46
25
46
92
«46
643
644
51
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
206
174
213
296
21
23
20
23
134
135
125
158
1943—1
2
3
4
431
433
461
477
52
47
51
53
39
41
41
45
47
49
52
53
648
646
646
641
34
32
31
31
19
22
20
23
39
37
43
43
36
42
49
58
41
41
40
47
36
36
39
38
39
38
50
44
209
221
226
247
21
22
21
22
127
132
127
170
1944—1
2
3
4
442
456
473
517
47
46
47
55
40
40
38
55
52
55
55
59
650
646
646
H2
29
30
28
28
20
22
21
25
38
43
45
49
49
52
56
64
42
43
49
53
36
37
37
37
39
42
52
50
222
227
242
271
21
22
20
23
142
149
137
184
1945—1..
471
50
39
54
647
32
21
39
62
48
39
41
239
20
142
Net
income 1
Dividends
Number of companies...
1939
1940
1941
1942
1943
1944
Quarterly
6
PUBLIC UTILITY CORPORATIONS
[ In millions of dollars]
Railroad 2
Year or quarter
1939
1940
1941
1942
1943
1944
Operating
revenue
Income
before
income
tax 5
Net
income 1
Telephone 4
Electric power 3
Dividends
Operating
revenue
Income
before
income
tax 6
Net
income 1
Dividends
Operating
revenue
Income
before
income
tax 5
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
1941—1
2
3
4
1,152
1,272
1,468
1,454
96
145
267
166
69
103
189
138
28
36
34
87
751
723
750
805
209
182
183
200
154
126
107
139
(7)
(7)
(7)
(7)
295
308
311
321
67
69
66
68
43
44
45
46
44
45
44
40
1942—1
2
3
4
1,483
1,797
2,047
2,139
178
390
556
534
90
198
286
327
24
46
30
101
816
770
792
839
234
196
195
222
131
104
105
150
98
96
84
131
324
337
342
359
72
75
72
83
41
41
39
43
.44
42
39
38
1943—1
2
3
4
2,091
2,255
2,368
2,340
515
608
653
435
214
244
250
166
29
52
36
100
864
835
859
906
254
221
210
228
136
118
114 •
133
99
100
99
113
366
382
391
398
88
96
94
96
42
44
45
48
40
42
43
43
1944—1....
2
3
4
2,273
2,363
2,445
2,356
458
511
550
452
148
174
180
165
31
55
30
130
925
886
878
929
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
1945—1
2,277
425
139
30
960
292
139
102
436
115
46
41
Quarterly
1
" N e t profits" and " n e t income" refer to income after all charges and taxes and before dividends.
* Class I line-haul railroads, covering about 95 per cent of all railroad operations.
* Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
4
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,
the greater part of whose income consists of dividends received on stock holdingsiin the 30 companies.
J After all charges and taxes except Federal income and excess profits taxes.
6
Partly estimated.
' 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.
678
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury, In millions of dollars ]
1944—June..
July
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
June
Nonmarketable public issues
Total
interestbearing
direct
debt
Total2
57,938
72,422
108,170
136,696
165,877
57,451
71,968
107,308
135,380
164,508
41,562
50,573
76,488
95,310
115,230
2,002
2,508
6,627
11,864
13,072
3,096
10,534
16,561
22,843
5,997
6,689
9,863
9,168
11,175
.. 201,003
208,574
209,802
209,496
210,244
215,005
230,630
232,408
233,707
233,950
235,069
238,832
258,682
199,543
207,117
208,289
207,850
208,608
210,774
228,891
230,672
231,854
232,026
233,063
235,761
256,357
140,401
144,919
145,213
144,723
145,008
145,183
161,648
162,261
162,379
162,625
162,680
162,652
181,319
14,734
15,524
15,715
15,747
16,060
16,405
16,428
16,403
16,399
16,921
17,041
17,049
17,041
28,822
30,035
30,001
29,573
29,546
29,545
30,401
30,401
30,396
34,544
34,478
34,442
34,136
17,405
18,067
18,067
17,936
17,936
17,936
23,039
23,039
23,039
18,588
18,588
18,588
23,497
End of month
1941—Dec
1942—June
Dec
1943—June
Dec
Marketable public issues1
Total
gross
direct
debt
CertifiTreasury cates of Treasury Treasury
indebtedbills
bonds
notes
ness
NonSpecial interestissues bearing
debt
Treasury
tax and
savings
notes
Fully
guaranteed interestbearing
securities
Total 2
U.S.
savings
bonds
33,367
38,085
49,268
57,520
67,944
8,907
13,510
21,788
29,200
36,574
6,140
10,188
15,050
21,256
27,363
2,471
3,015
6,384
7,495
8,586
6,982
7,885
9,032
10,871
12,703
487
454
862
1,316
1,370
6,317
4,548
4,283
4,092
4,225
79,244
81,097
81,235
81,270
81,271
81,102
91,585
92,221
92,349
92,377
92,377
92,377
106,448
44,855
47,237
47,614
47,152
47,430
49,008
50,917
51,723
52,345
51,833
52,460
54,517
56,226
34,606
36,538
36,883
37,323
37,645
38,308
40,361
41,140
41,698
42,159
42,626
43,767
45,586
9,557
10,000
10,030
9,124
9,075
9,990
9,843
9,864
9,927
8,948
9,109
10,031
10,136
14,287
14,961
15,461
15,976
16,170
16,583
16,326
16,688
17,130
17,567
17,923
18,592
18,812
1,460
1,456
1,514
1,645
1,636
H,230
1,739
1,736
1,853
1,923
2,006
43,071
2,326
1,516
1,468
1,475
1,480
1,480
1,470
1,470
1,496
1,114
1,119
1,132
1,151
409
1
Including amounts held by Government agencies and trust funds, which aggregated 5,240 million dollars on Apr. 30, 1945, and 5,195 million on
May 31, 1945.
1
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary bonds not shown separately.
3
Including prepayments amounting to 2,546 million dollars on securities dated Dec. 1,1944, sold in the Sixth War Loan, beginning on Nov. 20, 1944.
4
Including prepayments amounting to 947 million dollars on securities dated June 1,1945, sold in the Seventh War Loan, beginning on May 14, 1945.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, p p . 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, JUNE 30, 1945
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate
Amount
Treasury bills 1
July 5, 1 9 4 5 . . . .
July 12, 1945 . . .
Cert, of i n d e b t e d n e s s
Aug. 1, 1945
• 34
.'
Sept. 1 1945
4
Oct. 1 1945
4
Dec. 1 1945
• - •'
4
Feb. 1 1946
Mar. 1 1946
• -1
4
Apr. 1 1946
May 1 1946
June 1 , 1946
4
2,511
3,694
3,492
4,395
5,043
4,147
4,811
1,579
4,464
X
Treasury notes
Dec. 15, 1945
Jan. 1, 1946 . . . . \ 9 0
Mar. 15, 1 9 4 6 . . . . . .1
531
3,416
1,291
4,909
3,261
1,948
2,707
1,687
3,748
1, 1946... . . . 9 0
15, 1 9 4 6 . . . . 13^2
15, 1 9 4 7 . . . . 1/4
15, 1947...
15, 1947 . . . . 1/4
15, 1 9 4 8 . . . . Vp2,
Treasury bonds
Sept. 15, 1945-47.
Dec. 15, 1 9 4 5 . . . .
Mar. 15, 1946-56.
June 1 S 1946-48
June 15, 1946-49.
Oct. 15 1947-52.
Dec. 15, 1 9 4 7 . . . .
Mar. 15, 1948-50.
Mar. 15, 1948-51.
June 15, 1 9 4 8 . . . .
Sept. 15, 1 9 4 8 . . . .
Amount
Issue a n d coupon r a t e
Month
Treasury bonds—Cont
1,317
1,304
1,318
1,310
1,314
1,307
L,3O7
1,313
L314
1,302
1,310
1,305
1,318
July 19. 1945
July 26, 1945....
Aug. 2, 1 9 4 5 . . . .
Aug. 9, 1945..
Aug. 16, 1945....
Aug. 23. 1945
Aug. 30, 1945....
Sept. 6, 1 9 4 5 . . .
Sept 13, 1945 . . .
Sept 20, 1945 . ..
Sept 27, 1945 . . .
July
Dec.
Mar.
Sept.
Sept.
Sept.
UNITED STATES SAVINGS BONDS
[In millions of dollars]
• 2%
3
... 2
. ..2
.2%
'•2V2
21,214
541
489
1,036
819
759
701
1,115
1,223
3,062
451
1
Dec.
June
Sept.
Dec.
Dec.
Dec.
Mar.
Sept.
Sept.
Dec.
June
Sept.
Sept.
Dec.
Dec.
Mar.
June
June
Dec.
June
June
Mar.
Mar.
Sept.
Sept.
June
June
Dec.
June
Dec.
June
Dec.
Mar.
Mar.
June
Sept.
15, 1948-50
15, 1949-51
15 1949-51
15, 1949-51
15, 1949-52
15, 1949-53
15, 1950-52
15, 1950-52
15, 1950-52
15, 1950
15, 1951-54
15, 1951-53
15, 1951-55
15, 1951-53
15, 1951-55
15, 1952-54
15, 1952-54
15, 1952-55
15, 1952-54
15, 1953-55
15, 1954-56.
15, 1955-60
15, 1956-58
15, 1956-59
15, 1956-59
15, 1958-63
15, 1959-62
15, 1960-65
15, 1962-67
15, 1963-68
15, 1964-69
15, 1964-69 . . .
15, 1965-70 . . . .
15, 1966-71
15, 1967-72....
15, 1967-72
..2
..2
..2
..2
31^
2]/^
..2
23^
.2
13^
2M
..2
. 3
2/4
..2
2}/i
..2
2V±
..2
. .2
234
2Vz
2V2
2%
2\i
2%
2%
2V2
2^/i
2V2
2}/2
2MJ
2*/9
Postal Savings bonds • 2Yi
Conversion bonds . 3
Panama Canal loan.. .. 3
Total direct issues
571
1,014
1,292
2,098
491
1,786
1,963
1,186
4,939
2,365
1,627
7,986
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
919
4,508
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,199
2,716
117
29
50
181,319
Guaranteed securities
Federal Housing Admin.
Various
34
Sold on discount basis. See table on Open-Market Money Rates,
p. 675.
2
Called for redemption on Sept . 15, 1945.
Funds received from sales during
month
Redemptions
All
series
Series
E
Series
F
Series
G
All
series
1943—Oct
Nov.
Dec
26,056
26,697
27,363
1,708
798
853
1,340
665
728
93
23
24
275
109
101
144
170
207
1944—Jan
Feb
Mar
Apr
May
28,901
31,515
31,974
32,497
32,987
34,606
36,538
36,883
37,323
37,645
38,308
40,361
1,698
2,782
709
739
751
1,842
2,125
602
692
695
1,023
2,386
1,085
2,102
576
606
624
1,350
1,687
499
591
599
807
1,855
127
157
23
19
15
115
101
18
16
14
43
125
487
522
110
114
111
377
338
85
85
83
174
406
188
185
268:
237
279248
227
279
283
401
382
365
41,140
41,698
42,159
42,626
43,767
45,586
1,074
848
889
838
1,540
2,178
804
653
712
684
1,195
1,468
228
164
151
130
282
341
323
464
404
426
403
June. .
July
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb.
Mar
Apr
May
June
42
31
27
23
63
178
r
r
532
Maturities and amounts outstanding, June 30, 1945
Year of maturity
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957....
Unclassified
Total
r
JULY 1945
Amount
outstanding
at end of
month
All
series
Series
A-D
119
327
415
490
802
990
1,663
5,063
9,478
12,995
7,755
3,597
1,809
81
119
327
415
490
802
990
442
45,586
3,585
Series
E
Series
F
Series.
G
'.'.'.'.'."Ay.
" * 1," 222
5,063
8,069
10,060
4,603
29,016
216
597
681
758
352
1,193
2,338
2,471
2,839
1,457
2,604
10,299
Revised.
679
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Total
interestbearing
securities
m
End of month
Held by U. S. Government agencies
and trust funds
Special
issues
Public
issues
Privately held 1
Held
by
Federal
Reserve
Banks
Total
Other investors
Insurance
companies
Mutual
savings
banks
Commercial
banks
Nonmarketable
Marketable
issues
1941—December!. .
1942—June
December...
1943—June
December....
1944—June
63,768
76,517
111,591
139,472
168,732
201,059
6,982
7,885
9,032
10,871
12,703
14,287
2,557
2,738
3,218
3,451
4,242
4,810
2,254
2,645
6,189
7,202
11,543
14,901
51,975
63,249
93,152
117,948
140,244
167,061
21,788
26,410
41,373
52,458
59,842
68,431
3,700
3,891
4,559
5,290
6,090
7,306
8,200
9,200
11,300
13,100
15,100
17,300
9,800
10,700
14,800
18,700
23,700
30,700
8,500
13,000
21,100
28,400
35,500
43,300
September...
October
November
December
209,331
210,088
212,244
230,361
15,976
16,170
16,583
16,326
4,599
4,616
4,603
5,348
16,653
17.647
18,388
18,846
172,103
171,655
172,670
189,841
70,400
70,000
71,600
77,558
7,700
7,700
7,300
8,328
18,300
18,400
17,900
19,600
30,200
29,800
28,600
35,200
45,500
45,800
47,300
49,200
232,168
232,968
233,145
234,194
16,688
17,130
17,567
17,923
5,270
5,267
5,303
5,262
19,006
19,439
19,669
191,204
191,132
190,606
190,554
78,50O
78,100
77,4OO
77,300
8,600
8,700
8,700
8,700
43,200
33,600
34,100
33,500
50,000
50,600
50,100
50,700
1945—January
February
March
April
20,455
r
r
r
r
r
r
19,900
20,100
20,300
20,400
r
r
r
i Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks
a n d mutual savings banks have been rounded to nearest 100 million for all dates except June and December for which call report d a t a are available.
r
Back figures.—See Banking and Monetary Statistics, Table 149, p . 512.
Revised.
S U M M A R Y D A T A F R O M T R E A S U R Y S U R V E Y O F O W N E R S H I P OF SECURITIES I S S U E D O R G U A R A N T E E D
BY T H E UNITED STATES*
[Public marketable securities. Par values in millions of dollars]
U.S.
GovernTotal ment
End of month
U.S.
Gov-
Federal
MuComtual
out- agen- Remercial savstand- cies serve banks 1 ings
ing
and Banks
banks
Insurance Other
companies
Fed- Com- Mueral
tual
mer- savout- agen- Restand- cies serve cial
ings
ing
and Banks banks banks
ernTotal ment
End of month
1945—Jan
Feb
Mar.
Apr
Treasury bills:
1943—June
Dec
1944—June
Dec
1945—Jan
Feb
Mar
Apr
Certificates:
1943—June
Dec
1944—June
Dec
1945_j a n
Feb
Mar
Apr
Treasury notes:
1943—June
3,319
3,787
4 604
5,338
5,260
5,251
5,267
5,246
7,202
11,543
14,901
18,846
19,006
19,439
19,669
20,455
48,665
55,549
63,523
72,045
72,918
72,543
71,872
71,799
5,161
5,962
7,158
8,183
8,392
8,476
8,482
8,502
12,486
14,386
16,471
18^ 761
19,082
19,289
19,554
19,640
22,385
27,586
34,935
39,670
38,801
38,168
38,568
37,826
11,864
13,072
14,734
16,428
16,403
16,399
16,921
17,041
11
20
6
6
7
11
23
33
3,815
6,768
8,872
11,148
11,376
11,830
12,079
13,010
6,502
4,716
4,894
4,113
3,931
3,387
2,720
2,565
21
12
2
1
2
7
12
11
154
72
"21
25
1,361
1,484
960
1,159
1,087
1,164
2,066
1,397
16,561
22,843
28,822
30,401
30,401
30,396
34,544
34,478
51
50
67
62
66
80
110
129
1,092
2,467
3,382
4,887
4,897
4,917
5,411
5,333
9,823
12,701
15,037
15,032
15,145
15,259
17,830
17,550
184
208
126
136
133
203
269
345
305
367
339
310
357
429
698
830
5,106
7,050
9,871
9,974
9 804
9,509
10,225
10,290
9,168
11,175
774
665
1,180
1,566
1,566
1,560
1,051
988
5,500
7,389
11,718
15,411
15,487
15,560
12,657
12,611
155
197
286
336
342
330
318
324
276
275
337
568
628
662
651
693
2,402
2,583
3,826
5,098
4,960
4,866
3,858
3,919
54
83
3
3
3
2,602
2,466
949
960
921
586
581
560
76
38
6
6
6
4
4
4
309
283
26
22
19
16
17
17
1945—Jan
Feb
Mar
Apr
23,039
23,039
18,588
18,588
61
66
58
60
56
62
54
52
1943—June
Dec
1944—June
Dec
1945—Jan
Feb
Mar.
Apr
3,908
3,583
1,190
1,194
1,197
786
787
788
116
4
1
1
3
6
6
6
Guaranteed securities:
funds
99,218
118,813
141,591
162,843
163,458
163,166
163,412
163,468
1944—June....'..'.'. 17,405
23,039
Dec
ance Other
companies
trust
trust
funds
Total: 2
1943—June
Dec
1944—June
Dec
Insur-
1
751
709
205
203
245
175
179
202
Treasury bonds:
Total:
1943—June
Dec
1944—June
Dec
1945—Jan.
Feb
Mar
'.
Apr
Maturing within 5 years:
1943—June
Dec
1944—June
Dec
1945—Jan
Feb
Mar
Apr
Maturing in 5-10 years:
1943—June
Dec
1944—June
Dec.
1945—Jan
Feb.
Mar
Apr
Maturing in 10-20 years:
1943—June
Dec
1944—June
Dec.
1945_jan
Feb
Mar.
Apr
Maturing after 20 years:
1943—June
Dec
1044—Tune
x s m:
j KAXXK^
Dec
I945—j a n
Feb
Mar
Apr
, ..
57,520
67,944
79,244
91,585
92,221
92,349
92,377
92,377
3,045
3,614
4,437
5,173
5,091
5,056
5,039
4,991
1,468
1,559
1,464
1,243
1,166
1,132
1,128
1,123
24,226
28,264
30,910
36,508
37,418
37,737
38,068
38,499
4,725
5,506
6,736
7,704
7,909
7,931
7,879
7,817
298
211
189
137
144
172
268
267
11,442
13,389
15,768
17,859
18,077
18,182
18,167
18,073
12,615
15,613
19,929
23,098
22,561
22 311
22,097
21,873
9,474
8,524
7,824
7,824
7,824
7,824
8,939
8,939
867
665
536
518*
518
518
564
564
5,122
5,044
4,697
4,834
4,799
4,770
5,554
5,488
17,921
28,360
34,399
44,087
44,531
44,645
43,564
43,564
776
1,495
1,570
1,504
1,421
1 362
1,297
1,280
10,107
15,642
18,937
24,445
25,194
25,507
24,987
25,350
17,214
14,310
15,482
14,445
14,445
14,445
14,445
14,445
1,645
1,270
1,097
1,028
1006
1,003
998
963
7,611
6,051
5,509
5,354
5,475
5,466
5,500
5,590
1,405 2,896 3,657
1,219 2,571 3,203
1,857 2,792 4,228
1,887 2,612 3,563
1,880 2,603 3,480
1,829 2,607 3,538
1,812 2,569 3,561
1,830 2,530 3,531
12,912
16,751
21,539
25^227
25,420
25 433
25', 427
25,427
1 221
1,745
2,696
3*366
3,312
3! 306
31*308
3,308
1,385
1,526
1,766
l',873
1,946
1 991
2^024
2,072
1.713
2,046
1,981
2,125
2,176
2 187
2^209
2,218
1,308
2,030
2,712
3,556
3,710
3,743
3,588
3,503
991
828
663
556
525
510
535
543
2,195
1,775
1,740
1,777
1,836
1,856
2,015
2,076
2,326
3,254
3,673
4,230
4,357
4 467
4,385
4,335
3,401
5,934
7,505
10,357
9,850
9 569
9,307
9,099
5,229
6,737
8 640
10^462
10,591
10,600
10^675
10,666
3,366
4,699
6,456
7,401
7,396
7,349
7^214
7,168
^ * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and the
residual pother" 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 " o t h e r " include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total
holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table
above.
1
Including stock savings-banks. On Apr. 30, 1945, commercial banks reporting to the Treasury held 25,3 8 million dollars of U. S. Government
securities due or callable within one year out of a total of 59,888 million outstanding.
2
Including 196 million dollars of Postal Savings and prewar bonds not shown separately below.
680
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury.
Mis-
Income taxes1 cellaneous Social
Period
1945—January
February
March
April
May
June
746
594
741
609
1,035
741
619
1,295
883
600
1,282
826
Net
receipts*5
TransInter- War fers to Other
Total
est
exactivi- trust pendi- budget Defion
acexpend- cit
ties counts, tures
debt
itures
etc.
Trust
accounts,
etc. 4
435
1,808 72,109
2,609 87,039
556
3,617 90,029 1,646
-1,861 +6,515 64,274
-4,051 +10,662 64,307
+798 +4,529 +57,679
4,553
5,291
6,949
1,508
1,751
1,793
1,230
3,711
3,824
23,385
45,408
47,740
22,282
44,149
46,457
4,495
654
487
4,432
6S2
466
3,606
422
681
832
514
580
507
539
75
56
319
65
60
293
63
511
227
157
175
174
205
470
6,249
2,212
2,859
5,927
2,054
2,506
5,418
6,247
2,163
2,568
5,926
2,001
2,240
5,416
747
86
77
581
133
56
560
7,567
7,201
7,571
6,998
7,479
7,401
7,503
40
451
57
22
47
18
22
271
372
415
329
365
353
332
8,625
8,110
8,119
7,930
8,024
7,828
8,416
2,378
5,947
5,551
2,004
6,023
5,587
2,999
1,803
1,627
4,935
1,567
745
3,930
573
552
520
534
557
561
48
341
96
46
337
69
545
172
473
221
477
529
3,587
3,987
6,908
2,967
3,398
5,916
3,556
3,767
6,892
2,929
3,085
5,914
191
91
628
139
66
1,009
7,551
6,948
8,246
7,139
8,156
7,837
69
48
45
236
296
335
390
373
513
455
757
460
8,202
7,460
9,433
7,968
9,275
9,641
4,645
3,693
2,540
5,040
6,190
3,727
16,094
1,065
Total
receipts
Security
taxes
8,393 26,262
10,289 24,884
Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
Investments
Expenditures
Net expenditures
in checking accounts of
ReGovernceipts
ment
agencies
Other
2,350
2 816
2,757
456
380
453
2,194
4 403
1,178
1,117
1,851
3,949
1944—June
July
August
September...
October
November. ..
December. ..
213
305
586
42
146
519
43
489
225
287
303
45
266
312
34
31
35
35
36
35
36
88
193
254
-35
95
-71
164
231
415
216
162
206
225
182
231
320
149
121
84
95
119
1945—January
February
March
April
May
June
169
432
66
122
592
217
84
208
227
48
271
482
39
37
43
40
42
42
-21
313
-407
71
-154
778
251
250
270"
412
530
830
Expenditures
117
122
128
228
296
3
4
-613
+133
+70
-244
+148
+639
-193
+11,646
+1,756
-4,252
-2,555
-5,127
-188
+12,433
14,637
7,570
1,229
+238 -2,630
+101 -2,292
+262 -2,036
+9 -3,911
+686 -1,741
-1,050 + 15,073
1,778
1,300
242
1,120
3,763
19,850
— 307
748
4,761
15,626
Balance in
general fund
Assets
Investments
2,810
3,202
3,239
2
3,827 78,179 55,897
3,540 93,744 49,595
5,113 100,405 53,948
General fundjof the Treasury (end of period)
Fiscal year ending:
June 1943
June 1944
June 1945
1
Change
in
In- j
gen- crease
eral
in
fund
gross
baldebt
ance
Other
receipts
internal
revenue 1
With- Other
held2
Fiscal year ending:
June 1943
June 1944
June 1945
1944—June
July
August
September ..
October
November....
December....
In millions of dollars]
Total
Deposits
in
Federal
Reserve
Banks
Work-
Total
balance
taries
1,444
1,327
'997
643
607
421
9,507
20 169
24^698
8,744
19,406
23 ,'93 5
1,442
1,269
1,215
1,314
998
1,122
1,335
18 ,007
19 ,850
15 ,693
13 ,013
8 ,242
1,327
1,394
1,369
1,426
1,368
1,100
1,120
607
588
605
635
618
421
481
20,169
21,924
17,672
15,117
9,990
9,803
22,236
19,406
21,162
16,909
14,355
9,227
9,040
21,473
1,048
1,384
1,547
1,224
1,140
1,500
Vi ,866
1,164
1,085
1,120
1,093
471
420
445
443
430
421
19,606
17,313
15,277
11,366
9,625
24,698
18,843
16,551
14,514
10,603
8,862
23,935
1,038
1,442
1 \ 500
215
-181
6
24
-55
-220
-213
20,775
22,513
18,277
15,753
10,609
10,223
22,717
-37
-98
84
137
-21
20,077
17,734
15,722
11,809
10,055
25,115
795
Total
liabilities
Other
assets
7,667
10,149
20,775
25,119
133
655
109
1,313
2,001
Deposits
in
special
deposi-
18 ,007
22 ,622
,002
2C ,261
,265
1=
U ,055
9,492
,941
21 ,622
974
997
Details on collection basis given in table below.
Withheld by employers (Current Tax P a y m e n t Act of 1943).
T o t a l receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
Excess of receipts ( + ) or expenditures ( —).
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars]
Miscellaneous internal revenue
Income taxes
Period
Total
Fiscal year ending:
June 1943
June 1944.
1944—May
June.
July
J
309
1,245
133
73
1,330
82
37
294
3,024
3,158
4,996
2,408
2,406
1945—January
February
March
April
May.
Revised.
16,299 5,771
33,028 10,254 7,038
2,289
4,568
1,729
1,712
4,490
1,810
1,633
3,670
August
September
October
November
December
r
Current With- Vicindi- held 1 tory
tax
vidual
1,545
38
1,179
1,258
18
1,233
1,203
18
690
1,889
759 1,892
1,737
61
r
9O7
915
201 1,751
686
785
Cur-
rent
corporation
Back
taxes
4,137
4,763
557
705
86
28
49
28
43
31
26
31
40
1,044
93
72
953
110
70
980
43
57
956
160
70
126
143
'59
Excess
profits
taxes
Other
profits
taxes
JULY 1945
Capi- Estate
and
tal
gift
stock
taxes
tax
5,064
9,345
84
137
4,571
5,353
329
381
312
10
19
7
6
25
9
7
27
483
499
754
777
529
544
520
559
128
194
29
19
5
6
13
9
10
547
510
560
517
571
2,174
290
260
2,133
350
285
2,312
270
301
2,170
443
-26
79i
295
i
Withheld by employers (Current Tax Payment Act of 1943).
r
Total
1
ManufacAlcoturers'
Misholic Toand
cellabever- bacco Stamp retailers' neous
taxes
age
taxes
excise
taxes
taxes
taxes
447
511
1,423
1,618
924
988
45
51
670
729
42
50
48
63
•35
39
32
50
182
195
210
202
183
196
204
201
81
81
77
86
78
78
81
71
4
4
5
6
4
5
5
5
64
72
88
85
95
95
120
49
37
89
75
64
206
195
171
171
180
78
66
74
68
83
6
6
6
5
6
117
116
104
97
116
732
1,075
77
97
103
214
139
115
113
103
112
r
90
90
117
100
121
68l
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items 1
Total
All agencies:
Sept. 30, 1944
Dec. 31, 1944
Mar. 31, 1945
31,435
31,488
31,309
6,566
6,387
5,789
282
335
1,346
194
277
1,094
Classification by agency, Mar. 31, 1945
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Federal land banks
Production credit corporations
Regional Agricultural Credit Corp
Others
Federal Farm Mortgage Corp
Rural Electrification Administration
War Food Administration:
Commodity Credit Corp
Farm Security Administration
Federal Crop Insurance Corp
Federal Surplus Commodities Corp
21
21
290
376
National Housing Agency:
Federal Home Loan Bank Administration:
Federal home loan banks
Federal Savings and Loan Insurance Corp.
Home Owners' Loan Corp
....
United States Housing Corp
Federal Housing Administration
Federal Public Housing Authority and
affiliate:
Federal Public Housing Authority
Defense Homes Corp
Federal National Mortgage Association . . .
R. F . C. Mortgage Company
Reconstruction Finance Corp. and
affiliates:
Reconstruction Finance Corp
Certain affiliates 4
Office of Emergency Management:
Export-Import Bank
Smaller War Plants Corp..
War Shipping Administration
Other*
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee Valley Authority
U. S. Maritime Commission
All other
30
354
158
1,11
()
147
1,604
1,632
1,756
437
424
388
PriU.S.
Govern- vately
owned
Other
ment
liabil- interest interest
15,755
16,237
16,734
1,204
1,395
1,263
6,398
4,196
4,962
21,771
23,857
23,510
2
2
248
55
201
127
19
21
272
376
1,421
1,692
1,001
1,813
1,419
1,913
1,013
134
46
1
1,524
()
233
153
15
7
343
900
5
1
"26
549
69
49
217
68
certain
75
970
270
1
1
6,655
213
40
176
6,071
555
861
241
728
4,631
256
()
1
4
20
408
54
513
1
357
25
212
1,333
1,371
7,116
144
6
219
72
1
723
160
567
144
175
5,348
395
155
241
718
(
5,456
• 73
11
16
(2)
"48
90
35
2
()
714
328
797
3,380
6
27
64
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Purpose of loan
To aid agriculture
1,168
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Other
74
Less: Reserve for losses..
Total loans receivable
(net)
1,094
1
219
477
499
2
6
2
10
67
3
7
101
(
818
10
720
31
3,912
225
Mar. 31, 1945
Fed.
land
banks
498
504
451
125
100
313
50
290
1
50
81
1,146
78
2
11
769
26
87
1,583
8,449
ities
43
1
9
6
61
559
70
50
1,565
1,537
1,124
43
38
191
68
'""6"
20
266
368
1,721
505
2,987
2,942
2,960
Bonds, notes,
and debenLand,
tures payable
struc- Undistures,
trib- Other
and
uted assets Fully
equip- charges
guarment
anteed Other
by U. S.
24
279
InvestComments
modities,
Loans
supreceiv- plies, U . S .
Other
able
and Govt. secumate- secu- rities
rials rities
Corporation or agency
Fed.
Farm
Mort.
Corp.
335
Fed.
inter- Banks Com- Rural
medi- for co- modity Elecate
opera- Credit trification
credit
tives Corp.
Adm.
banks
278
195
35
368
Farm
Security
Adm.
Dec/
Fed.
Home
Own- Public
Housers'
ing
Loan
Corp. Auth.
Fed.
home
loan
banks
ReconstrucRFC
tion
affiliFiates
nance
Corp.
0)
494
11
1,027"
ExportImport
Bank
69
266
1
278
1
194
5"
30
141 '
368
354
32
32
775
1,013
290
61
1,146
209
213
3,037
1,149
3,385
1,237
281
226
343
191
18
14
All
agencies
21
115
"25 " " 2 1 3 "
All
other
164
1
110 '
260
37 ' " 7 5 "
290
31, 1944,
all
agencies
106
151
49
93
1,409
454
54
162
1,462
448
273
5,789
6,387
2
Assets are shown on a net basis, i.e., after reserves for losses.
Less than $500,000.
Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
Corporations previously classified "war corporations" are now shown under two headings: (1) "certain affiliates" under Reconstruction Finance Corp.
(including Defense Plant Corp., Defense Supplies Corp., Metals Reserve Co., and War Damage Corp.) and (2) " o t h e r " under Office of Emergency
Management (including Cargoes, Inc., Petroleum Reserves Corp., Rubber Development Corp., U. S. Commercial Co., and Coordinator of Inter-American
Affairs). The item "certain affiliates" also includes Disaster Loan Corp.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Figures on the
quarterly basis are not comparable with monthly figures previously published, owing to changes in reporting, of which the most important are: assets
items are included in total assets on a net basis (after reserves for losses); each asset and liability item is segregated into Government agencies (interagency) and other, and segregation of interagency amounts is more complete than formerly; some asset items formerly shown are completely changed;
reporting of certain assets, especially cash and privately-owned interest, is more complete.
Monthly figures on the old reporting basis for the months prior to Sept. 30, 1944, may be found in earlier issues of the BULLETIN (see p . 1110 of the
November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p . 517.
3
4
68x
FEDERAL RESERVE
BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Income
payments
value) 1
1935-39
= 100
Year and
month
Manufactures
Total
Durable
Ad-
justed
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..'
February
March
April
May
June
July
August
September
October
November
December
1943
January
February
March
April
May
June
July
August
September...
October
November.. .
December—
1944
January
February
March
April
May
June
July
August
September ...
October
November....
December....
1945
January
February
March
April
May
Nondurable
Minerals
Total
Residential
All
other
Employment 4
1939 = 100
Nonagricultural
Factory
Factory
Freight
carloadings*
4
rolls
1939 = 1935-39
= 100
100
AdUnad- UnadAdUnad- AdAdAdAdAdAdAdjusted justed justed justed 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
78.7
87 1
101.3
107.7
98.5
105.4
113.5
138.0
174 6
213.0
P
'. 233*.4
1942
Construction
contracts
awarded (value) 3
1923-25 = 100
Industrial production
(physical volume) **
1935-39 = 100
^235
p
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279
360
353
v
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
m
p
140
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
151
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
103.8
104.2
79.8
88.2
101.0
93.8
97.1
98.9
96.8
96.9
103.1
89.8
75.8
64.4
71.3
83.1
88.7
96.4
105.8
90.0
100.0
107.5
132.1
154.0
175.7
166.7
102.6
95.5
86.1
75.5
76.0
83.8
87.6
94.9
100.9
94.4
100.0
104.7
117.5
126.7
130.9
127.5
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
330.4
334.2
Ad-
justed
Depart- Wholement
sale
store
4
com- Cost ol
sales modity living
(val-5 prices 4 1935-39
ue)*
1926 = 100
1935-39 = 100
= 100
Ad-
justed
Unad- Unadjusted justed
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 \\
104.0
124.5
143.2
127^7
119^7
121.9
122.2
125A
126.4
124^0
122.6
122!5
119.4
108.7
97.6
92.4
95.7
98.1
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
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
* 107
99*. 1
102.7
100.8
99.4
100.2
105.2
116 5
123 6
125 .*S
159.0
161.2
165.4
167.8
172.3
175.5
179.5
182.5
187.2
192.8
196.1
183
186
189
191
193
197
204
208
215
220
223
180
182
187
192
195
199
207
213
218
220
221
241
250
257
264
272
278
290
299
311
319
328
153
153
154
153
152
154
158
161
165
168
169
133
126
125
126
127
126
130
131
129
130
127
128
125
128
158
193
206
182
179
185
198
175
100
95
82
76
76
74
65
70
83
90
91
122.5
123.2
124.3
125.1
125.9
127.1
128.6
129.1
130.0
130.5
131.4
143.3
145.4
147.8149.9
151.9
154.7
157.5
160.2
162.9
165.1
168.3
142.6
144.8
147.0
148.9
151.0
154.8
159.0
162.1
163.7
165.6
168.7
208.8
216.0
222.4
230.1
236.2
245.1
258.1
266.0
276.2
287.0
295.4
138
138
138
136
134
137
140
140
140
136
135
145
150
143
135
134
145
152
150
158
158
158
96.7
97,6
98.7
98.8
98.6
98.7
99.2
99.6
100.0
100.3
101.0
112.9
149
165
226
288
313
278
268
269
286
243
199.6
203.5
206.9
208.8
209.4
212.8
214.8
216.7
216.8
219.3
222.9
224.7
227
232
235
237
239
237
240
242
244
247
247
241
224
229
232
236
239
238
241
245
248
249
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
170.5
172.3
174.0
174.8
174.9
176.4
177.2
177.1
177.0
178.0
178.9
177.4
169.6
171.7
173.5
174.0
173.9
175.8
177.3
178.7
178.2
178.8
179.3
177.7
300.0
307.4
315.7
321.8
326.5
331.3
330.4
338.0
344.2
349.6
354.4
345.6
135
139
138
136
135
127
141
140
140
137
139
143
164
192
162
159
158
167
171
165
162
174
180
166
101.9
102.5
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
102.9
103.2
120.7
121.0
122.8
124.1
125.1
124.8
123.9
123.4
123.9
124.4
124.2
124.4
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
29
21
17
17
16
15
14
13
13
13
13
14
76
64
59
52
46
50
130.0
129.6
128.9
128.0
127.7
127.7
127.5
127.3
126.5
125.7
125.3
125.7
175.9
174.6
172.1
169.4
167.7
166.7
165.2
164.1
162.6
161.0
160.3
160.7
175.0
174.0
171.6
168.6
166.7
166.1
165.3
165.6
163.6
161.7
160,7
161.0
345.1
344.7
341.3
335.0
334.3
334.6
326.8
330.3
329.1
330.3
327.3
331.8
145
142
140
138
138
139
143
142
139
137
141
137
175
175
185
173
181
176
192
187
183
194
209
194
103.3
103.6
103.8
103.9
104.0
104.3
104.1
103.9
104.0
104.1
104.4
104.7
124.2
123.8
123.8
124.6
125.1
125.4
126.1
126.4
126.5
126.5
126,6
127.0
241.9
245.2
244.1
242.3
?242.8
234
236
235
231
345
175
176
176
174
140
141
142
140
327
^174
^138
48
59
72
70
^60
14
13
15
18
P21
126.6
126.7
126.7
125.1
p
124.3
161.0
160.2
158.4
155.5
P
152.8
160.1
159.7
158.0
154.8
p
151.9
330.5
329.0
325.5
317.2
143
139
145
141
140
199
345
336
104.9
105.2
105.3
105.7
106.0
127.1
126.9
126.8
127.1
128.0
?227
230
232
"232
229
^227
p
r
346
p
r
J
57
63
61
65
73
81
75
96
118
112
r
211
223
181
187
#92
!
Department of Commerce series on value of payments to individuals.
114.3
115.1
116.0
116.4
117.0
117.5
117.8
119.0
119.8
120.4
* Average per working day. Preliminary.
Revised.
For indexes by groups or industries, see pp. 684-687.
For
684687.
Based on F . W D d C
B d
W. Dodge Corporation d t f description, see p. 358 of BULLETIN for July 1931; by groups, see p. 691 of this BULLETIN.
i
data; for d i t i
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. 693-695.
Back figures ^ B U L L E T I N — F o r 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 1,187, respectively, and March 1945, p . 267; for department store sales, June 1944, pp. 549-561.
2
3
4
JULY 1945
683
INDUSTRIAL PRODUCTION, BY INDUSTRIES
*
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1945
1944
Industry
Nov.
Dec.
Jan.
232
232
232
234
248
248
249
251
344
341
343
345
202
206
201
198
198
224
183
512
196
222
183
502
197
225
187
492
192
218
186
453
435
434
427
428
704
707
695
Sept. Oct.
Apr.
239
Arsenals and Depots
Transportation
Equipment...
Metals and
354
347
348
342
210
204
202
203
203
234
188
559
198
225
183
526
196
222
184
491
437
442
726
716
and
236
235
231
P227
252
247
P242
346
345
336
p
197
202
210
206
P205
190
215
181
456
188
219
176
526
192
226
180
552
198
234
189
561
188
232
184
r
573
190
231
182
576
422
431
431
436
r
704
699
709
706
695
r
235
235
242
r
r
252
r
327
r
420
p
676
651
p
236
231
p
264
P247
431
r
226
228
223
229
226
229
292
Products..
232
230
279
263
244
245
238
233
234
229
253
257
266
200
191
186
191
193
194
252 " 2 4 6
252
"247'
"284
296
411
626
"292
289
Smelting and refining
273
;
(Copper smelting; Lead refining; Zinc smelting;
Aluminum; Magnesium; Tin)*
"293' "282
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)x
Lumber
May
Mar.
.
Automobiles
(Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1..
Nonferrous
356
Apr.
Feb.
OO
Manufacturing
246
July Aug.
253
246
226
'268' " 2 4 3 ' "252"
205
OO •
1
230
248
730
Machinery...
232
246
206
236
192
549
Pig iron
Steel
Open hearth
Electric
230
251
213
Iron and Steel.
235
253
361
Durable Manufactures
236
256
Production—Total
Manufactures—Total...
June
445
Industrial
May
r
226'
P
126
Products...
Lumber
Furniture
.
....
124
127
124
127
120
120
122
122
126
123
121
119
p
118
142
115
142
118
144
114
143
118
146
111
139
109
143
112
141
111
142
118
142
112
146
no
p
144
109
140
189
115
103
139
P
165
161
168 . 165
•162
159
161
160
163
162
r
163
166
167
P165
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products
Other stone and clay products1
183
59
227
78
125
183
297
173
66
210
76
122
176
300
187
65
230
84
127
180
297
180
60
222
86
124
182
294
169
66
204
88
122
181
295
165
66
200
86
116
175
302
174
64
212
88
115
179
292
169
56
208
88
116
175
295
174
51
218
90
116
171
307
164
60
200
87
125
182
302
168
56
207
87
122
185
r
305
175
61
216
86
124
183
r
306
183
62
225
85
122
180
300
179
61
221
Nondurable Manufactures ..
172
169
169
165
168
168
169
173
173
175
176
176
174
p
147
146
149
152
150
155
153
149
V
142
150
214
137
143
218
P136
142
219
149
43
249
156
166
142
166
141
36
234
147
153
138
160
Stone, Clay, and Glass Products
Textiles
and
Food
Revised.
p
Preliminary.
684
139
141
151
196
137
142
195
135
141
196
129
139
193
132
140
189
137
148
196
136
140
199
139
149
209
141
146
215
139
145
215
144
152
215
153 " l 5 2
51
53
213
213
167
167
171
169
163
163
168
165
148
49
196
163
166
159
163
131
41
185
144
148
138
144
140
47
193
154
163
141
153
144
42
197
158
162
153
160
150
50
213
164
170
156
164
"143
56
206
156
161
148
151
152'
57
215
165
170
157
166
146
49
225
156
162
148
159
151
44
238
160
170
146
169
112
115
105
112
121
115
116
114
113
121
122
122
110
118
86
86
136
114
113
124
85
84
141
117
113
126
78
81
144
100
108
118
82
77
144
114
120
132
92
80
157
122
111
119
88
80
149
117
112
122
84
81
144
119
115
127
86
72
154
113
113
125
85
68
154
114
119
137
89
63
148
123
117
132
88
69
144
126
119
135
95
62
146
124
P125
158
Products...
145
117
125
88
79
168
116
154
153
153
147
146
149
154
155
155
158
161
160
P155
118
125
123
130
131
125
138
^143
P\S2 "^165
82
82
149
156
179
181
p'us'
pm
83
p'm
84
168
189
U3
87
181
204
p'm
163
172
P'ttl
81
162
175
154 ' 158 " l 5 8 " " l 4 6 "
159
164
167
149
140
149
141
147
218
175
213
123
145
149
142
143
146
135
169
101
129
146
139
165
104
129
114
110
no
113
116
113
P137'
92
155
169
Wheat flour
Cane sugar meltings1
Manufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
r
174
147
141
116
and'Products...
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured
118
P\1S
2*296
151
Products..
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption^
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather
P
P139
93
153
173
P153'
93
158
180
P15l'
88
152
185
P139
83
145
180
p'ui
173 " 1 7 5 '
219
225
127
121
160
117
134
125
169
197
138
191
125
16l'
176
140
196
135
198' " l 8 0 "
266
239
136
124
107
100
109
113
1
85
146
184
78
154
179
r
r
r
P
149
P123
87
173
196
134 " l 3 2 '
135
137
134
139
95
88
128
121
Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1945
1944
Industry
Apr.
May
158
152
154
161
157
June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May
Manufactured Food Products—Continued
Other manufactured foods
Processed fruits and vegetables..
Confectionery
Other food products
Alcoholic Beverages
116
148
112
123
162
147
160
153
130
135
162
121
115
159
150
139
118
158
155
145
128
162
159
146
138
165
162
162
137
167
119
128
186
156
166
184
169
213
c
C
152
100
647
232
172
177
6
68
270
0
104
305
197
0
76
353
174
355
167
198
452
346
167
11
c
250
312.
168
170
156
169
147
165
163
143
170
170
136
152
0
r
67
283
139
0
61
291
169
180
151
169
^163
144
153
0
C
156
265
154
136
148
r
146
0
39
172
177
146
0
37
205
124
121
122
126
124
120
135
131
121
123
123
120
89
161
73
Industrial Alcohol from Beverage
135
0
34
174
126
Malt liquor
Whiskey...
_
Other distilled spirits
Rectified liquors
89
154
80
89
151
92
152
92
95
149
79
86
154
78
87
93
142
93
105
157
107
95
155
108
85
147
95
95
145
97
93
147
91
91
143
90
140
140
0
31
0
74
1
Plants ...
Tobacco Products
Cigars
Cigarettes
Other tobacco products
Paper and Paper
145
152
161
Products...
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard).
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products..
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1 .
Coke
By-product coke
Beehive coke
Chemical Products
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition 1 .
Other chemical products 1
92
156
94
138
142
140
133
142
142
143
143
135
136
137 141
134
151
110
97
213
136
131
152
117
119
156
120
73
137
129
153
114
92
232
137
137
159
119
96
234
138
134
158
111
118
149
127
156
118
92
231
135
134
159
113
116
149
127
84
139
165
126
96
245
142
135
158
111
116
149
132
81
138
158
111
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
102
234
141
132
158
79
126
144
129
80
P\33
127
76
136
156
108
91
232
137
133
156
110
115
159
125
80
101
98
100
95
102
99
103
103
104
102
105
105
105
PI 05
84
81
85
87
87
83
89
86
84
85
84
83
85
85
233
237
242
247
251
258
266
268
268
273
276 272
242
129
161
120
125
246
130
162
118
126
252
136
164
131
130
259
137
164
125
128
264
138
159
125
126
272
281
140
167
135
124
283
144
165
136
124
283
141
165
133
119
289
143
171
133
123
292
150
174
126
126
176
167
463
175
166
470
172
164
463
172
164
442
164
419
162
389
170 "l70"
164
164
384
367
167
163
296
167
162
334
323
324
319
314
314
307
307
307
312
138
137
232
408
137
137
235
410
138
138
237
411
142
134
237
408
143
132
240
408
139
131
237
400
139
129
239
395
141
133
242
394
141
137
242
396
227
231
151
108
92
217
135
135
159
115
115
159
127
125
148
99
103
158
118
83
77
141
162
132
126
171 "168
97
r
P161
P78
P125
PU1
P\32
271
287
145
166
134
131
288
145
167
136
120
'l68'
163
367
171
164
387
161
157
282
317
318
319
142
136
244
396
140
136
241
400
140
135
244
402
236
r
P152
318
P319
136
134
241
405
P
133
p
242
p
406
Rubber Products
231
230
228
230
231
231
239
247
247
Minerals—Total...
140
143
142 139
142 143
143
143
137
140
141 142
140 P138
Fuels
143
146
146
143
147
148
148
148
141
145
146
147
145
150
155
129
139
154
159
134
142
152
158
128
143
144
151
118
142
148
154
124
146
147
151
129
149
149
152
133
148
149
155
126
148
132
138
109
146
140
151
96
148
143
150
112
148
142
149
115
150
136
138
131
150
P\25
122
120
120
117
114
113
111
112
111
111
111
111
110
PI 09
168
170
170
170
169
P167
22 " 2 3 "
64
62
24'
56
Coal
Bituminous coal..
Anthracite
Crude petroleum
Metals...
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc) 1
Gold
Silver
184
182
181
178
175
175
171
27
67
25
24
67
23
63
22
22
58
72
57
170
r
24
52
r
233
PU5
P49
'24 " ' 2 3 '
54
r
p
c
Revised.
Preliminary.
Corrected.
Series included in total and group indexes but not available for publication separately.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940,
pp. 753-771 and 825-882.
1
JULY 1945
685
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1945
Industry
Apr,
May June
July
Aug. Sept
Oct. Nov. Dec,Jan. Feb. Mar. Apr. M a y
Industrial Production—Total
Manufactures—Total
Durable Manufactures ...
237
236
236
232
235
234
234
232
230
230
255
252
252
248
251
249
250
248
248
•248
361
357
354
348
349
343
346
341
342
Iron and Steel
213
210
204
202
203
202
206
201
198
206
236
192
549
203
234
188
559
198
225
183
526
196
222
184
491
198
224
183
512
196
222
183
502
197
225
187
492
192
218
186
453
445
437
442
435
434
427
422
.,
„.,
Pig iron
„.
Steel
Open hearth
Electric .
Machinery
,
232
P227
232
229
249
249
245
343
345
344
197
202
210
r
206
205
190
215
181
456
188
219
176
526
192
226
180
552
198
234
189
561
188
r
232
184
r
573
190
231
182
576
431
431
436
r
431
420
P411
651
626
r
336
Manufacturing Arsenals and Depots1
Transportation Equipment ...
r
730
726
716
704
707
695
704
699
709
706
695
r
232
226
228
223
229
226
229
230
235
235
242
r
292
279
263
243
245
238
233
234
229
253
289
273
252
244
226
205
200
293
282
268
243
252
252
246
252
247
12b
127
133
130
135
128
125
120
116
142
119
142
127
144
123
143
129
146
123
139
117
143
109
141
163
165
169
165
167
164
167
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products. ..
Abrasive and asbestos products .
Other stone and clay products 1 .
183
59
227
74
122
181
297
184
66
225
79
122
179
300
186
65
228
90
125
183
297
174
60
213
94
124
182
294
175
66
213
100
125
182
295
169
66
204
100
120
179
302
Nondurable Manufactures ..
169
168
169
167
171
151
147
145
139
141
141
151
196
137
142
195
135
141
196
129
139
193
132
140
189
153
51
213
167
171
163
168
152
53
213
167
169
163
165
148
49
196
163
166
159
163
131
41
185
144
148
138
144
116
112
114
103
116
125
85
81
165
116
110
118
83
84
147
114
111
119
87
85
139
117
107
119
"77
80
134
100
143
147
153
110
106
106
P143
94
161
191
120
205
240
Automobiles
(Aircraft; Railroad cars, Locomotives; Shipbuilding—Private and Government)1
Nonferrous Metals and Products
.,
Smelting and refining
(Copper smelting, Lead refining, Zinc smelting, Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products, Lead shipments; Zinc shipments, Aluminum products; Magnesium
products; Tin consumption)1
Lumber and Products .
Lumber . ..
Furniture ..
Stone, Clay, and Glass Products.
Textiles and Products ,
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption1 ..
Wool textiles
Carpet wool consumption ..
Apparel wool consumption .
Woolen and worsted yarn . .
Woolen yarn
Worsted yarn
Woolen and worsted cloth .
Leather and Products ,
Leathei tanning
Cattle hide leathers
Calt and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products .
Wheat flour . . . . . 1
Cane sugar meltings
Manufactured dairy products .
Butter
Cheese
Canned and dried milk ...
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
r
Revised.
p
183
242
128
105
105
676
236
231
257
266
266
P248
191
194
194
^189
280
284
296
292
113
113
114
116
119
97
142
99
142
97
146
101
144
108
140
163
159
156
156
r
161
165
P170
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
r
305
175
61
216
71
119
177
r
306
183
62
225
81
119
177
190
61
236
173
173
173
171
170
172
172
171
147
146
149
152
150
153
149
PJ49
137
148
196
136
140
199
139
149
209
141
146
215
139
145
215
144
152
215
137
143
218
P136
142
219
140
47
193
154
163
141
153
144
42
197
158
162
153
160
150 "i43
56
50
206
213
156
164
161
170
148
156
151
164
152
57
215
165
170
157
166
146
49
225
156
162
148
159
151
44
238
160
170
146
169
142
150
r
214
149
43
r
249
156
166
142
166
115
118
113
114
125
107
114
86
75
148
114
118
129
90
81
153
122
112
121
90
80
149
117
116
127
86
79
153
119
114
127
84
73
146
113
113
128
83
68
143
114
128
148
93
66
162
123
116
132
87
68
140
126
118
135
91
63
143
124
163
166
159
155
150
143
141
142
145
112
115
123
125
126
122
130
132
P225
128
225
249
107
187
215
n 78
91
162
186
82
149
170
^125
70
134
145
^108
62
117
130
P94
61
111
138
69
120
140
71
133
157
77
151
186
180 "172
239
225
124
118
104
117
115
116
193
128
'160
129
'147
151
140
188
122
148
139
151
215
144
156
150
153
248
151
175
195
146
228
142
'184
217
149
165
146
171
195
150
114
152
139
132
156
89
131
135
129
150
98
126
186
^296
r
141
36
234
147
153
138
160
122
P123
P147
133
pm
189
231
112
232
272
125
131
86
118
132'
135
134
98
130
r
Preliminary. * Series included in total and group indexes but not available for publication separately.
686
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average =» 100]
1945
1944
Industry
Oct. Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
167
180
154
166
161
133
151
171
155
114
139
169
148
105
141
160
149
103
144
161
148
99
140
r
162
147
104
130
r
162
159
168
159
146
191
C
158
r
r
173
100
609
232
174
6
94
270
164
0
270
305
151
0
159
353
140
0
81
355
137
198
414
346
150
11
C
228
312
127
129
131
125
137
121
121
86
162
78
92
160
89
95
160
93
93
148
99
105
160
110
95
142
95
85
147
93
141
132
141
141
143
143
134
137
156
109
91
232
137
134
156
110
115
162
125
80
128
151
101
92
232
127
125
148
99
103
151
118
82
137
157
105
96
234
138
134
158
111
118
149
127
77
137
154
105
92
231
135
134
159
113
116
149
127
84
139
164
117
96
245
142
135
158
111
116
151
132
81
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
100
100
89
98
100
105
107
106
84
84
75
78
84
93
93
88
233
237
242
247
251
258
266
268
268
273
276
242
129
161
125
127
246
130
162
123
127
252
136
164
131
123
259
137
164
124
119
264
138
159
124
121
272
141
162
132
124
281
140
167
135
124
283
144
165
136
128
283
141
165
132
123
289
143
171
129
126
292
150
174
125
132
176
167
463
175
166
470
"172" " l 7 2 '
164
164
463
442
171
164
419
' 168'
162
389
170
164
384
170
164
367
167
163
296
167
162
334
168
163
367
325
323
316
310
310
307
309
308
313
316
319
140
134
232
408
142
132
235
410
142
136
237
411
140
133
237
408
142
133
240
408
138
136
237
400
139
135
239
395
139
134
242
394
141
137
242
396
139
133
244
396
139
135
241
400
June July
Aug.
Sept.
159
169
111
165
-170
213
132
165
174
236
148
162
143
151
198
154
0
21
174
177
0
19
177
183
0
22
205
PO
124
126
89
150
73
89
154
81
89
158
80
138
142
134
153
121
97
213
136
132
152
117
119
157
120
75
137
152
117
92
217
135
135
159
115
115
159
127
77
104
89
Apr.
Manufactured
Food
140
92
128
154
Alcohol from Beverage
Products
Products
...
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper .
....
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing
and
...
Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum
and Coal Products
...
Petroleum refining .. .
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1
Coke
By-product coke
Beehive coke
Chemical Products
...
Paints
Soap
Rayon
I n d u s t r i a l chemicals
Explosives and ammunition 1
Other chemical products 1
162
147
142
0
C
136
265
160
0
r
44
283
158
0
36
291
118
117
115
128
95
136
94
93
137
91
91
133
90
92
156
95
136
138
141
141
P142
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
111
139
134
157
84
127
148
133
82
136
162
126
102
234
141
132
158
79
126
145
129
82
99
104
107
108
P106
79
83
87
90
88
231
230
228
Minerals—Total ..
138
146
146
Fuels
143
146
146
143
147
148
148
150
155
129
139
154
159
134
142
152
158
128
143
144
151
118
142
148
154
124
146
147
151
129
149
149
152
133
148
112
144
148
142
145
138
123
89
168
188
116
313
231
330
111
313
111
336
215
311
188
259
130
133
25
73
24
66
24
69
13
66
25
62
25
57
26
58
25
64
24
62
23
56
Rubber Products
p
148
139
Plants1
Cigars
Cigarettes
Other tobacco products
and Paper
127
153
0
23
172
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
Paper
145
105
109
162
127
Alcoholic Beverages
Tobacco
141
94
117
158
May
Products—Continued
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
Industrial
May
..
..
Coal . . . .
_
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc) 1
Gold
Silver
227
143
231
230
147
147
231
144
231
239
247
140
131
134
148
141
145
146
149
155
126
148
132
138
109
146
140
151
96
148
143
150
112
148
68
68
94
61
95
63
247
P\33
P\6\
P125
P\31
272
271
287
145
166
132
134
288
145
167
141
123
171
164
387
' 161
157
282
401
321
320
P318
140
135
244
402
r
138
131
241
405
P
137
P\31
p
242
r
2*152
233
P229
140
p
147
145
P143
142
149
115
150
136
138
131
150
PU5
PUS
P49
^152
68
72
108
P127
98
68
104
80
166
216
P199
287
21
S3
21
56
21
135
r
236
136
141
T
Revised. p Preliminary. c Corrected.
1
Series included in total and group indexes b u t not available for publication separately.
N O T E . — F o r description and back figures, see BULLETIN for October 1943, p p . 940-984, September 1941, p p . 878-881 and 933-937, and August 1940, p p .
753-771 and 825-882.
JULY 1945
687
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
1944
Apt.
May
Feb.
Mar.
Apr.
May
158.0 154.8 151.1
201J
212.2 206.
112.!
115.2 113.
168.3
124
251
118
128
134
187
159
214
167.1
122
240
125
130
137
183
157
206
168.0
123
241
129
131
139
184'
158
206
167.3
123
239
132
131
138
182
156
197
164.5
123
236
131
129
134
179
155
190
162.i
291.5
254
300
288.4
252
296
269.
238
271
268.6
237
270
267.5
236
268
263.3
232
263
258.9
232.2
235
383
191
164
219
282
340
151
229.2
232
380
191
163
216
276
332
150
220.0
223
365
r
186
160
203
258
305
149
218.0
222
213.8
218
349
178
153
201
254
284
142
208.9
,538.. ,512.7
,925 1,870
,913 2,872
,723 1,703
1,311.7
1,613
2,395
1,474
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
169.4
125
256
114
131
133
188
160
212
Electrical Machinery
Electrical equipment
Radios and phonographs
Transportation Equipment, except Autos.
Aircraft, except aircraft engines
Aircraft engines
Shipbuilding and boatbuilding..
Jan.
159.7
160.
215.9 215.2
116.1 115
168.6 166.7
233.2 230.3
117.7 116.7
Machinery, except Electrical
Machinery and machine shop product:
Engines and turbines
Tractors
Agricultural, excluding tractors
Machine tools
Machine-tool accessories
Pumps
Refrigerators
1944
1945
Total
Durable goods
Nondurable goods
....
Factory pay rolls
220.4
225
r
363
r
185
161
204
259
300
149
r
358
r
183
158
204
256
295
145
Mar. | Apr. May
Jan.
Feb.
Mar.
341.3 335.0 334.
481.6 474.8 470.
204.
198.2 200.
330.
454.
209.
329.i
451.
209.
r
325.
r
316.
222
478
186
271
254
357
326
424
310 S
221
463
189
266
248
352
313
415
310.
221
461
196
260
253
354
313
435
316.
224
457
219
274
267
358
337
395
318.
224
454
227
278
274
355
338
396
319.
229
458
231
281
270
350
331
369
314.2
230
451
228
275
265
348
323
365
524.7
466
570
513.2
456
556
512.
456
552
504.
454
540
505.0
452
535
504.:
453
529
494.8
441
521
443.4
441
825
301
331
401
503
732
276
434.4
429
803
298
333
384
481
769
269
426
814
298
333
381
471
699
259
421.
421
790
295
322
379
458
649
271
419.<
420
407.0
410
732
278
313
371
449
593
260
1,286.6 1,240.91,180.91,116.4
1,607 1,560
1,629
'2,369 2,289
2,404
1,325 1,232
1,405
3,171.9
3,728
,194
3,599
3,152.73,127.3
3,627 3,557
,239 4,946
3,621 3,645
2,852..
3,257
4,335
3,313
424.6
424
r
792
r
292
328
382
466
646
277
Apr.
317.2
444.C 430.8
206.1
209.
r
769
r
288
325
382
457
630
266
2,757.3 2,645.4 2 502.8
3,235 3,190 3 071
4,368 4,280 3 957
3,108 2,907 2^ 725
166.1
163.7
159.9
342.1
336.5
324.4
319.3
319.,
3l0.9
302.9
176.0
144
185
292
177.6
143
187
299
176.3
142
185
300
174.6
362.9
356
352
615
351.7
348
340
585
347.9
342
340
570
337:
264
355
530
343.0
264
362
542
348.1
265
367
556
343.9
269
362
554
107.1
76
97
107.0
76
97
106.5
76
96
104.3
74
94
104.6
204.0
147
174
205.8
149
171
208.4
152
170
192.9
138
167
196.5
140
171
195.9
140
168
196.3
141
167
104.3
98
103.,
96
103.9
97
102.9
96
101.0
94
100.2
191.5
183
186.0
176
187.7
176
194.0
180
196.9
184
195.8
182
191.6
178
115.6
133
72
76
126
114.2
131
71
75
125
111.6
126
69
73
119
111.3
126
68
73
119
111.4
127
68
72
118
109.7
125
68
71
116
109.2
191.5
211
104
121
193
189.4
209
108
117
193
189.8
208
109
119
193
189.0
202
107
117
185
189.6
202
106
119
187
193.2
207
108
121
191
193.3
206
115
124
189
Textile-Mill and Fiber Products
Cotton goods except small wares..
Silk and rayon goods
Woolen and worsted manufactures
Hosiery
Dyeing and finishing textiles
98.6
113
76
104
67
94
97.1
111
75
102
67
93
94.:
109
74
98
63
90
94.0
108
74
98
63
93.2
107
74
97
62
91.4
105
72
95
61
86
90.5
173.7
202
138
200
109
155
169.{
201
135
193
103
152
171.0
202
136
193
106
152
173.9
210
138
194
103
152
173.1
207
140
193
102
151
173.0
207
139
193
101
151
168.3
202
135
187
99
148
Apparel and Other Finished Textiles...
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
111.3
98
77
82
80
109.2
97
76
79
77
106.0
92
70
79
80
106.1
93
70
79
83
105.9
92
70
78
r
85
103.7
91
69
76
81
200.2
167
137
153
141
181.0
158
130
132
109
182.8
166
134
128
102
195.2
165
126
149
131
202.6
171
132
154
r
156
206.2
174
133
157
r
160
193.0
167
129
144
126
90.9
86
89.9
86
80
89.5
84
79
89.2
U
79
88.9
83
79
87.9
82
78
87.3
155.8
145
139
154.9
147
138
156.1
147
140
162.5
147
148
167.7
151
154
164.7
148
150
Food and Kindred Products
Slaughtering and meat packing.. .
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
117.2
130
113
111
116
134
74
117.6
128
112
110
114
139
74
118.6
128
119
111
118
137
116.7
120
119
112
117
139
75
114.6
113
117
111
117
138
71
114.1
107
115
110
113
138
76
113.2
185.7
212
184
163
191
186
127
185.1
206
181
160
183
192
141
191.6
217
179
164
183
202
143
195.8
222
206
168
198
195
154
189.1
188
204
169
199
201
149
187.3
178
201
170
199
201
143
187.4
168
201
170
192
207
150
Tobacco Manufactures
Cigarettes
Cigars
89.4
123
73
88.3
121
71
128
65
88.1
128
65
87.6
127
65
86.7
125
65
85.2
146.5
160
143
142.7
164
133
152.8
182
138
166.4
211
134
165.3
208
135
165.2
207
135
160.4
200
132
Paper and Allied Products
Paper and pulp
Paper goods, n.e.c
Paper boxes
118.3
106
126
116
117.1
105
124
115
116.5
107
119
112
116.7
107
119
113
115.7
106
119
112
113.6
105
117
110
112.6
190.5
176
198
183
187.6
175
195
177
188.8
177
195
177
194.9
183
198
182
195.2
183
198
182
192.8
182
194
180
Automobiles
180.1
176.5
169.4
169.1
Nonferrous Metals and Products
Primary smelting and refining
Alloying and rolling, except aluminum
Aluminum manufactures....
188.3
189
185
333
185.7
185
184
323
173.6
143
182
284
Lumber and Timber Basic Products...
Sawmills and logging camps
Planing and plywood mills
113.1
80
102
112.9
81
99
Furniture and Lumber Products
Furniture
Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
105.8
100
Leather and Leather Products
Leather
Boots and shoes
r
r
r
164.3
150
150
r
195.3
183
198
184
T
r
r
r
Revised.
NOTE.—Figures for May 1945 are preliminar
made available by th "*
' ""
able from the Burea
688
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY lNDUSTRlES-Continued
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
Factory pay rolls
1945
Apr.
May
101.2
93
105
Printing and Publishing
Newspaper periodicals
Book and job
Chemical and Allied Produ ts
Drugs, medicines, and insecticides.
Rayon and allied products
Chemicals, n.e.c
Explosives and safety fuses
Ammunition, small-arms
Cottonseed oil
Fertilizers . .
100.2
93
104
Jan.
100.8
92
106
208.6
205.4
217.8
189
186
179
108
107
112
173
173
166
942
964
1,311
1,359
1,285
1,431
102
88
130
139
120
123
Feb.
1945
May
Apr.
Mar.
100.2
92
105
100.5
92
106
99.4
92
104
221.6
221.3
219.
183
180
182
110
113
113
165
166
166
1,361
1,358
1,349
1,576
1,544
1,581
r
r
107
122
95
134
143
145
217.4
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
121.0
118
105
122.7
120
106
126.0
126
102
126.1
126
102
126.2
126
102
126.0
126
100
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
162.8
169
143
161.2
167
141
163.2
179
138
163.4
178
140
162.9
177
140
169.3
576
167.3
570
169
161.8
532
162
163.1
539
162
163.4
541
162
161.8
540
159
169
Apr.
Jan.
May
133.5
114
144
135.1
114
147
Apr.
141.1 142.4
118
120
157
157
141.1
121
156
380.9
304.1
384.2
391.3
277
273
280
277
180
182
182
181
295
293
297
296
1,999
2,020
2,092
2,076
2,915
3,070
3,167
3,150
r
r
276
257
225
203
269
302
341
351
203.9
196
180
206.4
200
179
221.7
216
189
223.3
218
186
297.0
299
258
281.3
280
249
319.8
342
261
320.2
340
266
320.1
325.0
1,091
1,109
271
280
322.4
1,057
278
126.0
161.4
Mar.
Feb.
142.c
118
160
358.8
372.1
268
276
172
171
294
295
1,509
1,434
3,203
2,718
215
194
286
305
159.1
172
138
Miscellaneous Industries
Instruments, scientific...
Photographic apparatus.
Mar.
99.'
223.9
221
182
2 30.6
227
185
296.7
302
265
r
296.4
306
256
324.6 r326.3
322.2
1,063
1,068
1,070
276
275
270
For footnotes see opposite page.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1944
1945
Group
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec
Jan.
Feb.
169.4
233.4
118.9
167.7
230.3
118.3
166.7
228.2
118.3
165.2
225.3
117.9
164.1
224.1
116.8
162.6
220.4
117.0
161.0
217.3
116.6
160.3
215.6
116.7
160.7
216.1
117.0
161.0
216.3
117.3
160.2
r
215.6
116.5
Total
Durable
Nondurable.
Mar.
Apr.
158.4
212.5
115.8
155.5
207.0
114.8
May
P
152.8
p
201.8
P
114,3
p
Preliminary. r Revised.
NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
H O U R S A N D E A R N I N G S OF W A G E EARNERS I N M A N U F A C T U R I N G I N D U S T R I E S
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)
Average hours worked per week
Industry
Mar.
Apr.
Dec.
Jan.
All Manufacturing
45
45.0
45 6
45 4 r45.4
Durable Goods
46. 7
46.5
47.1
Iron and Steel and Products
Electrical Machinery
Machinery Except Electrical
Transportation Equipment Except Autos
Automobiles
Nonferrous Metals and Products
Lumber and Timber Basic P r o d u c t s . . . . .
Furniture and Finished Lumber Products.
Stone, Clay, and Glass Products
Nondurable Goods
Textiles—Mill and Fiber Products
Apparel and other Finished Products
Leather and Manufactures
Food and Kindred Products
Tobacco Manufactures
Paper and Allied Products
Printing, Publishing, and Allied Industries
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
Miscellaneous Industries
o
Feb.
Apr.
4 4S ?
r
r
47 1
46 6
r
48 6
r
47 1
r
46 1
r
47 3
43 1
44 7
r
44.2
46.8
43.6
47 4
46.6
48.9
48.4
45.7
47.6
42.3
44.3
44.1
46 9 46 9
46.5 46.7
48.7 rr 48.8
48.0 47.2
45.2 r 46.5
47.2 r 47.1
42.6 43.3
44.4 r 44.8
43.6 43.8
43 2
42.5
43.5
43.4
43.4
41 .9
38 .9
41 .4
45 .3
40 .9
45 .8
40 .8
45 .8
46 .6
45 6
46 .3
41.2
37.3
41.1
44.8
39.0
45.5
40.6
45.6
46.3
44.7
45.8
42.8
37.7
41.6
46.0
45.0
46.6
41.4
45.7
47.1
46.6
45.7
42.3
38.2
41.8
45.6
43.^
46.2
41.5
45.7
46.6
47.3
45.7
42.3
r
38.8
42.2
44.9
r
43.0
46.3
41.0
45.5
47.3
47.3
r
46.0
7
1
0
3
9
7
5
Mar
r
46.8
46 5
46.2
48.8
47.1
46.4
46.6
43.2
43.7
43.2
46
46
49
47
46
46
43
44
1944
1945
1944
46. 7 46 5
41 0
46 7
48 1
46 8
45 5
47 1
43 6
44 3
44.5
43 5 43.2
42 4
r
39.0
r
42 5
45 1
42 9
r
46 '
r
41 6
45 9
r
47
45
r
46 1
41 9
37 8
42 0
45.0
42 3
46 5
41 2
45 7
48 5
45 7
45 .8
Mar. '
110 3
o
0
0
1
1
4
1
7
2
84.6
69
78
78
83
67
83
104
Dec.
Jan.
Mar.
Feb.
Apr.
101.3 104.0
100
107
101
111
125
1?.6
104
77
79
88
Apr.
1945
0
9
2
9
9
4
9
93.8
116 3
108 6
94 2
104,6 104.3 '104.4 ! 104.5
111. 0 114.0
114.4 r113.9
r
114.0
113.0
107.7
101. 4
111. 5
126. 1
126. 2
104. 5
110 1 109 8
106.9 106.7
114.9 r 115.1
130.4 r130.4
131.4 H27.9
107.9 r 107.8
79.1 r 79.4
84.5 r 84.7
91.7 91.6
110 7
107.3
r
115.3
r
130.0
128.0
r
108.1
r
79.8
r
85.0
r
92.3
110 8
106.8
115.3
130.0
128.C
108.1
80.7
85.3
92.9
109 5
105.9
114.6
130.9
127.9
106.9
78. 8 79.4
80.5 84.4
89. 1 91.3
85. 0
88.3
70. 1 ' 72.5
77.0
83.1
79. 0 82.4
84. 5 86.5
69. 1 73.8
83. 7 86.4
105. 9 110.8
94.4 96.4
117. 4 120.0
107. 5 113.0
94 7 98.5
89.1
r
89.2
72.9 73.1
84.9 r 86.2
82.9 rr 83.5
86.7 86.1
73.6 73.7
86.9 r r 86.5
110.9 lr l l .5
97.2 97.2
120.6 119.6
115.1 114.9
99.3 r 98.8
r
89.6
89.9
73.3
r
87.4
84.8
r
86.4
74.1
r
87.1
112.1
97.5
119.5
111.7
r
99.0
73.5
86.2
85.1
87.0
73.8
87.4
112.9
98.0
120.3
113.6
99.3
r
Revised.
NOTE.—Back figures are available from the Bureau of Labor Statistics.
JULY
1945
689
ESTIMATED EMPLOYMENT IN NONAGRIGULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Construction*
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
Federal,
State, and
local
government
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
11,589
926
2,135
3,076
7,076
4,393
4,202
11,720
11,934
12,174
12,456
12,776
13,032
13,342
13,473
13,580
13,642
13,752
13,748
938
935
943
643
949
970
981
997
1,000
1,003
1,004
1,002
2,243
2,256
2,260
2,133
2,176
2,239
2,256
2,258
2,327
2,295
2,248
2,115
3,072
3,082
3,131
3,161
3,224
3,254
3,292
3,330
3,331
3,355
3,369
3,367
7,065
7,123
7,192
7,266
7,302
7,388
7,495
7,579
7,548
7,537
7,526
7,487
4,366
4,374
4,397
4,438
4,441
4,441
4,442
4,458
4,454
4,472
4,479
4,493
4,234
4,269
4,309
4,344
4,401
4,434
4,469
4,502
4,534
4,588
4,613
4,652
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
15,633
15,595
15,445
15,178
14,928
805
802
796
765
730
633
3,797
3,848
3,846
3,814
3,805
Total
Manufacturing
30,353
31,784
35,668
38,447
39,728
38,698
10,078
10,780
12,974
15,051
16,924
16,121
1940—December
33,397
1941—January
February
March
April
May
June
July
August
September
October
November
December
33,638
33,973
34,406
34,441
35,269
35,758
36,277
36,597
36,774
36,892
36,991
36,864
1942—January..
February
March
April
May
June
July
August
September
October
November
December
Year and month
1939
1940
1941
1942
1943
1944
Mining
SEASONALLY ADJUSTED
1945—January
February
March
April
May
38,426
r
38,469
r
38,456
37,975
37,723
r
r
658
r
691
r
726
732
r
7,210
7,164
7,214
7,009
7,045
r
4,394
4,404
4,438
4,480
4,510
r
5,954
5,998
6,026
6,003
5,973
UNADJUSTED
1943—December
40,197
17,080
867
829
3,669
7,554
4,127
6,071
1944—January
February
March
April
May
June
July
August
September
October
November
December
38,965
38,840
38,725
38,689
38,672
38,846
38, 731
38,744
38,571
38,360
38,347
38,889
16,825
16,735
16,559
16,309
16,122
16,093
16,013
16,023
15,843
15,692
15,607
15,632
858
858
852
844
839
844
833
834
826
816
812
806
764
715
678
683
686
691
686
700
671
652
629
594
3,664
3,704
3,723
3,744
3,768
3,803
3,809
3,818
3,791
3,767
3,771
3,770
6,919
6,867
6,919
6,968
6,962
6,977
6,942
6,918
6,994
7,148
7,299
7,611
4,128
4,131
4,123
4,236
4,363
4,542
4,618
4,582
4,488
4,340
4,315
4,304
5,807
5,830
5,871
5,905
5,932
5,896
5,830
5,869
5,958
5,945
5,914
6,172
15,555
15,517
15,368
15,102
14,853
801
798
796
761
726
582
588
636
690
747
3,740
3,771
3,788
3,795
3,805
1945—January
February
March
April
May
37,952
37,957
38,062
37,804
37,654
r
r
r
r
7,030
6,985
7,084
6,995
7,010
r
4,350
4,360
4,394
4,458
4,510
r
5,894
5,938
5,996
6,003
6,003
* Includes Contract Construction and Federal Force Account Construction. r 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 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel
of the armed forces are excluded. May 1945 figures are preliminary. For back seasonally adjusted estimates see ~
es
BULLETIN * June 1944, p. 600.
for
Back unadjusted data are available from the Bureau of Labor Statistics.
69O
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Nonresidential building
Residential
building
Total
Month
Factories
Commercial
Educational
1944
1944
Year
1
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
January
February
March
April
May
June
July
August
September
October
November
December
140.9
147.0
328.9
395.8
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
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
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
1,994.0 1.
348.4
472.7
Public works
and public
utilities
Other
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
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
3.8
80.8
1944
4.9
3.0
4.6
4.3
69.2
t
x
1945
276.7
8
'
7
-0.2
4.4
5.4
3.8
10 5
10.1
6.4
76
3.5
5.3
746.1
Negative because of revision of a prior month's entry.
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Public ownership
Total
Private ownership
1943
1944
1945
35
30
36
50
42
46
61
62
56
56
50
54
37
28
43
46
46
42
42
44
49
43
62
74
66
73
107
87
95
579
559
Month
1944
1945
Federal Reserve district
1943
1944
1945
1943
351
394
340
303
234
230
184
414
175
214
184
252
159
137
176
179
144
164
191
169
176
145
165
188
141
147
329
396
243
316
364
304
253
192
183
122
351
120
157
135
198
January
February....
March
April
May
June
July
August
September...
October
November. .
December ...
Year
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
3,274 1,994
1944
122
109
133
133
98
122
148
125
127
102
103
114
1945
75
74
221
309
148
2,695 1,435
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Property
improvement
Total
320
557
495
694
954
942
886
224
246
60
160
208
251
262
141
96
125
1944—May
June
July
Aug. .
Sept
Oct.
Nov
Dec
69
66
71
81
83
84
82
66
9
9
7
11
14
12
17
11
1945—Jan
Feb
Mar
Apr
May
67
68
60
53
62
8
19
13
10
14
1,026
1,186
1,137
Small
home
construction
13
25
26
21
15
1
*
*
*
*
*
*
*
*
*
1- to 4family
houses
(Title
II)
94
309
424
473
669
736
877
691
243
216
18
18
18
20
20
22
22
18
19
14
17
15
22
Rental
War
and
group housing
housing (Title
VI)
(Title
ID
2
2
11
48
51
13
13
6
*
7
"l
3'
1
13
284
601
537
42
36
45
50
46
49
43
37
*
7,162
18,977
38,952
20,642
48,701
149,784
38,445
23,282
5,673
12,938
31,242
6,991
11,603
10,282
14,611
21,631
20,399
27,673
5,317
3,134
12,622
9,939
395,798
144,202
7,746
20,904
8,864
21,064
25,220
20,856
37,868
58,787
6,434
23,222]
11,558
242,523
INSURED FHA HOME MORTGAGES (TITLE II) HELD I N
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
End of month
Total
Commercial
banks
365
771
SavMuings Insur- Fedtual
ance
eral Other 2
and
savcom- agenloan
ings associ- panies cies 1
banks ations
39
34
30
28
26
1936—Dec.
1937—Dec
1938—Dec
1,199
228
430
634
8
27
38
56
110
149
41
118
212
5
32
77
27
53
90
1939—June
Dec
* Less than $500,000.
NOTE.—Figures represent gross insurance written during the period and
do not take account of principal repayments on previously insured loans.
Figures include some reinsured mortgages, which are shown in the month
in which they were reported by FHA. Reinsured mortgages on rental and
group housing (Title II) are not necessarily shown in the month in which
reinsurance took place.
JULY 1945
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Mortgages on
Title I Loans
May
May
Total (11 districts)
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollarsl
Apr.
1,478
1,793
759
902
50
71
167
192
271
342
137
153
94
133
1940—Mar
Sept
Dec.
1,949
2,075
2,232
2,409
971
June
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
1
The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States
Housing Corporation.
.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding
terminated mortgages and cases in transit to or being audited at the Federal Housing Administration.
69I
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports1
Merchandise imports2
Excess of exports
Month
1944
1943
1941
1945
1941
p
1942
1943
1944
325
303
357
482
483
637
749
728
1,124
900
1,107
P881
1,197 Pi,023
229
234
268
254
254
272
229
234
249
April.
May
June
387
385
330
717
542
650
989
1,092
1,003
1,226 pl,004
Pi,454
PI,296
287
297
280
235
191
215
258
281
295
P
July
August
September.
365
460
425
659
705
732
1,265
1,280
1,269
Pi,197
p
l,188
PI,192
278
282
262
213
186
196
302
316
286
October....
November..
December..
666
492
653
803
788
1,238
1,073
1,288
Pi,142
Pi,185
P934
304
281
344
200
168
358
329
311
281
1,372
2,318
3,454
1,018
1,014
January-April.
4,654 P3.808
1941
1942
1943
1944
1945
300
313
359
334
P324
p
365
96
69
89
228
230
365
520
494
739
824
794
838
P566
P557
P658
360
386
P331
P365
100
88
50
482
351
435
731
811
708
866
Pi,068
P964
P639
P294
P3O2
P
281
87
178
162
446
518
536
963
964
983
P903
P886
P911
P329
p
323
P336
362
211
309
to to o
January...
February..
March
1945
P
909
762
1,006
P814
P862
P598
354
1,304
2,485
3,322
1,332
PI,388
p
2,420
p
Preliminary.
Including both domestic and foreign merchandise.
General imports, including merchandise entered for immedi« ite consumption and that entered for storage in bonded warehouses.
Source.—Department
of Commerce.
Back figures.—See BULLETIN for April 1940, p . 347; February 1937, p. 152; July 1933/p. 431; and January 1931, p . 18.
1
2
REVENUES, EXPENSES, A N D INCOME OF CLASS I
RAILROADS
[In millions of dollars]
FREIGHT CARLOADINGS BY CLASSES
[Index numbers; 1935-39 a v e r a g e ^ 100 ]
Total
Forest
Coal Coke Grain Live- prod- Ore
stock
ucts
Miseellaneous
Merchandise
l.c.1.
Total
railway
expenses
Net
railway
operating
income
. Net
income
Annual
Annual
1939
1940.....
......
1941
1942
1943
1944'.'.'!'.!!.'!!!
101
109
130
138
137
140
98
111
123
135
138
144
102
137
168
181
186
186
107
101
112
120
146
139
96
96
91
104
117
124
140
138
138
139
143
142
139
137
141
137
139
140
r
146
148
143
146
147
143
143
127
185
190
190
194
194
185
182
182
181
166
136
123
128
135
144
131
126
147
150
134
143
139
145
141
140
141
139
137
126
126
176
178
190
180
193
132
135
r
140
144
147
146
150
148
144
128
139
140
r
146
148
143
146
147
143
143
127
132
130
136
141
139
137
126
126
97
96
100
69
63
67
1939
1940
1941
1942
1943
1944
149
146
144
143
150
149
146
143
149
151
67
67
67
67
66
68
67
66
68
68
161
168
218
r
204
204
157
152
159
153
151
66
66
67
69
1944—February
March
April
May
June
July
August
September
October
November
December
1945—January
February.
March
April
141
141
146
154
157
162
148
140
135
120
51
168
281
291
302
281
276
237
138
41
142
144
145
147
151
151
158
156
155
142
67
68
67
66
66
68
70
69
70
65
1944—February
March
April
May
June
July
August
September
October
November
December
128
128
134
133
143
40
42
63
203
268
143
142
151
151
152
63 1945—January
64
February
68
March
71
April..
69
100
114
139
155
141
144
110
147
183
206
192
181
101
110
136
146
145
147
131
120
118
124
124
121
114
120
135
128
141
141
140
148
156
155
137
133
138
135
174
195
195
187
189
188
184
153
153
133
June
July
August
September ....
October
November
December
1945—January
February
March.
April
May.
128
119
134
160
167
120
121
129
124
120
142
133
134
133
137
187
186
188
191
188
178
181
178
181
175
125
108
113
137
172
141
142
147
147
126
103
107
106
100
102
115
151
184
170
124
185
188
192
176
191
128
117
124
115
97
102
141
147
111
108
71
1945—January
February
March
"1
April
May
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
775
782
780
779
810
804
781
790
791
788
780
671
690
689
688
701
706
710
710
709
697
711
103
92
91
91
109
98
71
80
82
91
69
65
53
54
52
71
61
32
42
46
766
781
796
799
673
678
698
704
93
103
98
96
60
68
63
P61
648
703
67O
706
700
710
735
710
721
689
687
87
94
90
99
100
99
101
89
97
92
70
678
640
713
687
73
73
100
92
57
33
UNADJUSTED
UNADJUSTED
1944—March
April
May
June.
July
August
September
October
November
December
3,995
4^297
5,347
7,466
9 055
9*437
SEASONALLY
ADJUSTED
SEASONALLY
ADJUSTED
1944—March
April
May
A
Total
railway
operating
revenues
139
142
r
Revised.
N O T E . — F o r description and back data, see pp. 529-533 of the BULLETIN for
J u n e 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes
with weights derived from revenue d a t a of the Interstate Commerce Commission.
69Z
735
797
760
804
799
809
836
799
819
781
757
751
713
813
779
r
r
r
49
55
48
59
61
57
60
56
60
64
41
39
37
63
P54
P Preliminary. r Revised.
NOTE.—Descriptive material and back figures may be obtained
from the Division of Research and Statistics. Basic data compiled
by the Interstate Commerce Commission. Annual figures include revisions not available monthly.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on value figures]
MONTHLY INDEXES OF SALES
[1935-39 average = 100]
Federal Reserve district
Year and month
United
States
Boston
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
. .
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minne- Kansas
apolis
City
83
99
92
94
105
105
110
113
114
115
117
108
97
7
5
7
3
83
88
100
107
99
106
114
133
150
168
186
95
110
108
112
119
121
123
127
128
126
128
123
114
90
84
90
92
100
104
100
104
108
126
140
148
162
84
100
96
99
106
110
116
120
123
124
129
126
116
91
86
91
93
101
106
99
101
106
119
128
135
149
106
126
120
122
135
134
135
138
133
127
128
118
105
83
80
88
91
102
107
96
104
111
129
143
151
168
84
106
94
95
108
106
109
110
110
110
116
105
93
68
69
81
86
101
111
96
106
114
138
153
167
182
7
3
81
78
7
5
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
17
1
112
120
119
124
119
17
1
110
110
105
98
79
76
85
90
99
104
101
106
109
122
133
149
165
1943—June
July
August
September
October
November
December
167
171
165
162
174
180
166
145
147
143
139
145
158
148
133
137
135
133
137
143
133
151
154
144
149
154
161
144
164
171
164
158
170
178
164
201
197
189
196
194
199
197
209
221
201
210
222
220
208
17
5
168
161
151
169
174
154
184
185
17
7
11
7
188
197
172
1944—January
February
March
April
May
June
July ...
August
September
October
November
December
15
7
175
185
173
181
176
192
187
183
194
209
194
148
148
162
17
5
164
151
160
154
156
165
177
174
136
138
153
141
r
149
144
149
151
149
152
162
158
159
156
173
161
168
159
170
158
170
168
183
171
169
166
183
166
181
166
191
182
180
190
203
190
202
198
213
200
r
212
207
211
214
218
227
231
220
224
225
228
221
233
237
262
243
247
260
271
258
172
162
173
165
167
163
187
180
168
192
201
180
1945—January
February
March
April
May....
199
211
223
181
187
162
166
201
157
160
150
166
189
150
156
173
189
204
162
168
186
204
222
174
179
231
238
250
210
211
268
274
274
r
2U
244
1943—June
July
August
September
October
November
December
155
127
139
174
186
215
273
138
102
110
152
161
184
255
123
92
99
141
157
182
228
136
107
112
152
174
202
256
155
126
143
168
182
214
262
17
7
141
155
208
212
252
332
1944—January
February
March
April
May
June
July
August
September
October
November
December
138
142
170
172
178
163
142
157
196
209
248
320
119
115
144
161
162
144
110
118
170
184
207
300
112
115
139
137
142
132
100
110
158
173
207
270
122
123
162
158
161
143
117
123
13
7
190
231
305
132
133
167
172
19
7
157
140
19
5
191
204
244
303
156
172
212
r
174
183
132
130
187
156
158
124
137
176
143
148
133
149
200
152
162
145
163
214
11
7
17
7
Dallas
San
Francisco
119
124
123
125
119
117
111
96
74
7
3
85
89
99
107
100
105
110
127
149
184
205
93
12
1
92
86
91
94
98
103
101
103
104
96
81
61
62
76
80
97
105
106
112
117
138
17
5
212
246
67
80
75
78
91
95
99
106
107
110
112
104
94
7
1
68
77
86
100
106
100
109
117
139
169
200
221
144
148
149
17
4
148
166
146
17
8
184
174
179
194
210
174
220
220
208
211
231
227
215
200
199
198
189
211
212
206
182
194
195
173
197
189
208
207
193
215
235
207
160
176
159
157
r
160
151
165
173
162
158
189
175
207
203
194
181
192
192
212
204
200
215
244
208
206
241
247
232
228
245
277
250
241
252
264
263
208
211
219
201
r
214
210
223
221
217
228
253
233
193
200
213
r
167
166
211
236
235
188
209
181
208
205
157
162
241
246
240
199
203
261
284
283
240
253
247
257
249
219
233
175
166
179
218
233
257
336
154
124
136
166
174
200
253
166
137
152
188
194
224
277
144
117
132
166
168
192
224
172
145
163
197
203*
228
283
183
160
183
232
250
269
343
184
165
180
197
219
255
325
152
159
203
194
r
2U
182
151
17
7
231
249
294
369
179
194
221
228
228
199
197
216
257
273
317
417
131
131
159
166
170
160
139
151
185
197
231
295
149
153
185
183
197
170
154
178
212
221
268
333
119
122
141
159
r
162
151
130
154
184
179
218
269
153
161
182
183
194
177
168
191
220
226
264
339
177
200
227
228
228
203
202
220
265
272
314
421
166
178
198
192
r
200
193
15
8
202
226
238
299
373
174
191
250
193
210
214
236
282
r
227
239
147
12
6
200
r
165
170
173
187
233
192
209
136
144
186
156
164
178
194
233
195
205
211
239
269
228
248
197
217
232
205
218
SEASONALLY
ADJUSTED
UNADJUSTED
1945—January
February
March
April
May
r
Revised.
NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944.
JULY 1945
693
DEPARTMENT STORE STATISTICS—Continued
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average • 100]
SALES, STOCKS, A N D OUTSTANDING ORDERS
[As reported by 296 department stores in various Federal Reserve districts ]
Amount
(In millions of dollars)
OutSales Stocks standing
(total (end of
orders
for
month) month) (end of
month)
Index of stocks
(1935-39 average
= 100)
Seasonally
adjusted
Unadjusted
99
101
120
172
146
153
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
128
136
156
179
204
227
344
353
419
599
508
531
108
194
263
530
558
1943—Aug...
Sept,.
Oct...
Nov..
Dec. .
168
205
230
259
338
564
586
593
576
467
618
564
550
562
491
169
162
153
143
143
162
168
170
165
134
1944—Jan...
Feb...
Mar...
Apr...
May..
June..
July..
Aug. .
Sept...
Oct..
Nov. .
Dec. .
167
170
225
206
220
199
163
196
234
257
299
385
479
513
531
'525
525
522
516
568
583
600
579
444
527
526
483
475
521
590
628
574
559
576
608
620
154
154
149
145
147
157
165
170
161
154
144
136
137
147
152
151
r
151
r
150
148
163
167
172
166
127
1945—Tan...
Feb...
Mar...
Apr...
May..
198
198
284
r
209
^230
462
494
523
564
P590
765
817
770
r
724
P
656
148
148
147
156
133
142
150
162
P169
Without seasonal adjustment
1941
Nov. 22... . 1 3 9
29... . 1 7 6
Dec. 6 . . . . ..225
1 3 . . . . . .250
20 . . . . 2 9 9
2 7 . . . . .191
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
1942
Nov 21.... ..182
28.... ..176
Dec. 5. .. ..250
12... . 2 9 5
1 9 . . . ..333
26. .. ..222
1942
1943
3 . . . . ..111 Jan. 2 ... ..117
1 0 . . . ..135
9 ... ..146
1 7 . . . ..136
16 ... . 1 3 9
2 4 . . . . ..122
23 ... ..125
3 1 . . . . . .125
30 ... ..126
7 . . . . . .119 Feb. 6 . . . ..143
1 4 . . . . ..122
1 3 . . . . ..178
2 1 . . . . .115
20.... ..155
2 8 . . . . ..127
27.... ..162
130 Mar. 6 . . . . ..150
7
14.... ..137
13.... ..144
2 1 . . . ..148
20.... ..147
2 8 . . . . ..157
27.... ..155
4 . . . . ..170 Apr. 3 . . . . ..161
1 1 . . . . ..129
10.... ..168
1 8 . . . . . .146
17.... . 1 7 0
2 5 . . . . . .140
24.... ..182
2. . . . ..147 May 1 . . . . ..142
9.... .149
8 . . . . ..169
1 6 . . . . ..127
1 5 . . . . ..149
23 .... ..125
2 2 . . . . ..153
3 0 . . . . ..104
2 9 . . . . . .151
6 . . . ..147 June 5 . . . . ..151
13 ... ..128
1 2 . . . . ..168
20 ... ..129
1 9 . . . . ..168
27 ... ..109
26 .... ..132
4. . . . .. 95 July 3 . . . . . 134
11. . . . . .112
10 . . . . ..113
1 8 . . . . . .105
1 7 . . .. . 1 2 6
2 5 . . . . ..103
24 . . . . ..124
1 . . . ..105
31 ... . ..118
NOTE.—Revised series.
p
r
Preliminary.
Revised.
Back figures.—Division of Research and Statistics.
1943
Nov. 20. .. 223
2 7 . . . . 201
Dec. 4. ... .269
1 1 . . . . .297
18. ... .321
2 5 . . . . .274
1944
1 .... .110
8 .... .143
15 .... .146
22 .... 144
29 .... .137
146
Feb. 5
12
.142
19
.142
26
.146
Mar. 4
.153
1 1 . . . . . .160
18
.172
25
.182
Apr. 1 . . . . .212
8 . . . . .208
1 5 . . . . .152
22 . . . . .163
29 . . . . .168
May 6 . . . .184
13 . . . . .197
2 0 . . . . .177
2 7 . . . . .168
June 3
.163
10
.172
17
.173
24.. .. .151
July 1
.149
8
.116
15
.145
22
.138
29
.132
Jan.
1944
Nov. 18... .252
2 5 . . . . . .236
Dec. 2 . ... .304
9 . .. . 365
16 . .. . 377
23 . .. . .369
3 0 . . . . ..123
1945
Jan. 6 ... ..145
13 ... ..166
20 ... . 160
27 ... ..161
Feb, 3 ... .163
1 0 . . . ..172
17... ..176
2 4 . . . . ..177
182
Mar. 3
10
204
214
17
24.... ..226
3 1 . . . . .. 230
Apr. 7 . . . . ..181
1 4 . . . ..156
2 1 . . . . ..192
28. ... ..184
May ' 5 . . . . ..193
1 2 . . . . .196
1 9 . . . . ...178
26... .182
June 2 . . . , .169
196
9. .
16.
.206
23. ,
.183
July
30.
7.
14.
21.
28.
Aug. 4. .
For description and back figures see p p . 874-875
of BULLETIN for September 1944.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
M a y Apr. Five
1945 1945 mos.
1945
United States.
May Apr. Five
1945 mos.
1945
-4
-1
-2
May Apr.
1945
1945
+12
+3
Chicago—Cont.
+9 Cleveland—Cont.
+7 +3 +17 Fort Wayne....
+4 Youngstown...
0
-2
+7 Indianapolis...
+5 Erie
1
2
-2
+10 Terre H a u t e .
+1 +11 Pittsburgh
+6 Wheeling
+4 +6 +17 Des Moines....
Detroit
+16
+8
0 -3
+10 Richmond
+11 Flint
+1
0
Washington
2
+9 Grand Rapids.
0 — 1 +10 Lansing
+5 +4 +13 Baltimore
New York
-2
+6 Winston-Salem..
—1 - 9
Bridgeport
- 7 +13 Milwaukee
+6 +5 +14 Greenville, S. C +9 —4 + 17 Green Bay
Newark
+8 +9 +15 Lynchburg...
+4 - 8 +17 Madison,
Albany
+8
+8 - 4 +16 Norfolk
-13 - 1
Binghamton
+2 - 1
+7 Richmond
+1 - 1 +12 St. Louis
Buffalo
-1 - 1 0
+20 Fort Smith
+7 Charleston.W.Va. +6
Elmira
+4 - 1 1
+9 Clarksburg
+2 +7 +10 Little R o c k . . . .
Niagara F a l l s . . .
+5 +7 +14 Huntington.
+7 +4 +20 Quincy
New York City.
+5 - 4 +14
Evansville
Poughkeepsie...
+3
+5
0 +12 Atlanta
+14 Louisville
Rochester
+9 - 4 +11 Birmingham
+10 St. Louis
Schenectady.. .
+1
+4 +3 +13 Mobile
+1 Springfield
Syracuse
-13
-16
+2 Montgomery
Utica
+8 +7 +25 Memphis
Jacksonville
+14
+4
Philadelphia
+1 -3 +10 Miami
+17 +6 +12 Minneapolis
Trenton
+9
+8 - 4 +14 Tampa
+7 Atlanta
Lancaster
-1 -6
+11 +8 +21 Kansas City
+8 Augusta
-4
Philadelphia....
-2
+8 - 7 +17 Denver
+4 Macon
Reading
- 2 -12
+2 Pueblo
- 4 -20
0 +19 Baton Rouge
+9 +4 +15 Hutchinson . . .
+8
Wilkes-Barre.. .
+3 - 1 +11 Topeka
+9 - 3 +14 New Orleans
York
+2 +4 +15 Wichita
Jackson
-1
Cleveland
0 +11 Chattanooga.. .. +7 +2 +18 Joplin
+1 +1 +16 Kansas City...
+2 +1 +13 Knoxville
Akron
+4 +1 +14 St. Joseph
-9
Canton
......
-2
+8 Nashville
+2 +2 +14
Omaha
Cincinnati —
-3
0 r-2
+12 Oklahoma City
Cleveland
0 +10 Chicago.
+3 +4 +16 Chicago..
~ •
+12 Tulsa....
Columbus
+1 -2
-2
+13
Springfield . ..
+7 Peoria
+1
Toledo
+12
r
Revised. * Data not yet available. **Fqur months.
1
Sales in April 1944 were unusually small owing to a strike by store clerks.
Boston
New Haven
Portland
Boston
Springfield
Worcester
Providence
May Apr. Five
1945 1945 mos.
1945
-13
-10
694
+20 Dallas
Shreveport
+13 Dallas
+43 Fort Worth
+19 Houston
+6
0 +15 San Antonio
+8 +23 San Francisco
-4
+15 Phoenix
-3
+16 Tucson
+5 +22 Bakersfield
—1 +11 Fresno
Beach
+3 +13 LongAngeles
Los
—6 +10
Oakland and
+3 +16
Berkeley
-8
+11 Riverside and
-4
+4
San Bernardino
+ 3 +13 Sacramento
+5 +13 San Diego
+13 +21 San Francisco
+3 +13 San Jose
-2
+12 Santa Rosa
Stockton
+5 +15 Vallejoand Napa
Boise and
+3 +15
Nampa
- 7 **+15
+13 +24 Portland City..
Salt Lake
+10 +17 Bellingham
+9 Everett
+4
+6
+5
+7 +16 Seattle
Spokane
+4 +11 Tacoma
-1
+11 Yakima
+8 +18
+13 +25
+7 +13
0
+1
+10 +85
r
+10 +7
-7 -5
-10
+8
-1
+6
+12
+1
+2
+5
+3
-7
+3
+1
+11
+8
+2
+6
+7
*
+10
+3
-12
+7
—5
+2
+9
+16
+9
-2
+12 +6 +
+11 +5 +15
+15
+2
+20 +11 +6
+22
+9 +3 +14
+14 +7 +19
+8
+6
0
+9 +7 +15
+11 r + 7 + 16
+11 +3 + 18
+12 T+2
+6
+ 13
+10
-4
-1
+19
+3
+8
+4
+13
—4
r
+7
r
+0
+5
+1
+5
+1
+5
+3
+2
+ 13
+8
+9
+ 19
+ 10
+ 18
+15
+17
*+17
+10 - 4
2
+5
+11 +6
+6 +4
1
+ 18 + 1
+3
+9
+ 14
+13
+21
+10
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Percent change from a year ago (value) Ratio of stocks to sales
Number
of stores
reporting
Department
Apr.
1945
G R A N D TOTAL—entire store
350
329
333
313
299
297
285
323
329
343
325
241
261
241
279
168
300
Men's and boys' wear
•Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes and slippers...
321
230
305
281
175
Home furnishings
Furniture, beds, mattresses, springs..
Domestic floor coverings
Draperies, curtains, upholstery
Major household appliances
Domestics, blankets, linens, etc
Lamps and shades.
China and glassware
Housewares
Apr.
1945
+1
+2
+15
-2
-13
+18
+16
+27
+27
+26
+17
+24
+26
+26
+12
+12
+20
353
Women's apparel a n d 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.
Four mos.
1945
353
MAIN STORE—total
Stocks (end
of month)
Sales during period
1945
1944
+7
+6
2.8
2.7
2.9
2.8
+13
+41
+33
+26
+32
+31
2.3
1.7
1.6
3.0
2.6
3.1
1.6
2.1
1.7
1.1
3.7
3.1
9.0
2.7
5.9
1.4
3.3
2.0
1.1
1.4
2.7
1.8
2.2
2.3
2.7
1.8
1.6
2.1
3.0
+15
+18
+11
-11
-6
+18
+15
+10
-7
-33
-16
-20
-12
+4
-38
+19
-12
-21
+153
+39
+24
+27
+37
+21
2
-20
-17
-25
-3
+9
+15
+13
-14
-9
-2
-34
-23
+17
+15
+20
+14
+19
314
230
239
290
171
290
217
216
221
+12
+22
+12
+21
+7
+16
+35
-19
-3
-34
-26
+21
+11
+28
+9
+1
Piece goods
Cotton wash goods
284
117
+10
+5
+20
+12
Small wares
Lace, trimmings, embroideries, ribbons —
Notions
Toilet articles, drug sundries, and prescriptions .
Jewelry and silverware
Art needlework
Stationery, books, and magazines...
334
118
222
318
267
239
231
+16
+7
-12
+10
+20
+21
+30
Miscellaneous
Luggage
290
218
+1
+45
+6
+24
+11
+29
+32
3.9
4.0
4.6
2.6
5.4
5.7
3.2
+10
+5
3.4
2.6
2.4
1.7
2.8
4.5
4.5
3.3
-17
-26
1.7
1.0
2.3
4.3
3.5
3.2
5.0
4.9
4.3
3.8
4.1
2.4
3.5
4.7
5.2
4.6
3.4
3.6
3.3
3.2
5.0
+7
-6
+5
2.7
-4
+32
+17
+6
+24
+6
+17
+19
+14
-7
+44
1.8
3.9
0.8
-18
0
+17
+23
+23
+14
+9
16.3
4.4
3.8
4.4
5.2
-14
-4
-3
-8
Apr.
+17
-3
3.7
3.7
3.0
2.6
3.7
4.0
5.2
5.0
4.1
1.4
+16
-4
214
+10
BASEMENT STORE—total
2.4
2.8
Women's apparel and accessories
1.8
2.3
-5
202
+18
+20
-16
166
4.8
Men's and boys' clothing and furnishings
3.7
+16
+10
Home furnishings
3.0
2.6
-4
122
+13
+10
2.6
1.5
-27
51
Piece goods
+24
+23
4.2
4.6
-14
-5
134
Shoes
+11
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, A N D COLLECTIONS
:[ndex numbers, without seasonal adjustment, 1941 average = 100
Total
1944—April
May
June
Tulv
August
September
October
November
December
Cash
132
141
127
103
126
171
. .
1945—January
. .
February
March
April
May
r
Revised.
NOTE.—Data based on reports
JULY 1945
Accounts receivable
at end of month
Sales during month
Year and month
245
180
165
138
167
193
211
245
326
126
126
178
133
147
164
163
230
r
171
190
149
164
191
Instal-
ment
r
Charge
account
54
54
50
44
60
66
81
95
105
104
113
99
76
93
57
r
57
73
49
55
Instalment
Charge
account
38
37
34
32
32
79
82
78
67
70
r
Percentage of total sales
Collections during
month
Instalment
Charge
account
69
68
61
56
58
107
109
111
103
92
r
Cash
sales
r
63
62
63
65
64
Instalment
sales
r
r
3
3
3
4
4
Chargeaccount
sales
r
34
35
34
31
32
116
127
33
35
81
90
63
63
4
4
33
33
40
102
61
69
75
96
115
149
130
62
4
181
46
128
77
135
64
4
34
32
96
98
141
r
108
117
43
40
39
37
35
97
84
96
88
87
77
68
77
65
63
168
128
119
r
128
122
63
63
63
62
63
4
4
3
3
3
33
34
35
34
33
from a smaller group of stores than that included in the monthly index of sales shown on a preceding page.
695
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit
End of month
or year
Singlepayment
loans2
Charge
accounts
Service credit
674
619
516
459
532
802
1,065
1,195
1,271
1,671
2,057
2,237
1,505
1,186
1,248
2,125
1,949
1,402
962
776
875
1,048
1,331
1,504
1,442
1,468
1,488
1,601
1,369
1,192
1,220
1,749
1,611
1,381
1,114
1,081
1,203
1,292
1,419
1,459
1,487
1,544
1,650
1,764
1,513
1,498
1,758
596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729
519
519
515
502
499
510
533
565
636
1,157
1,159
1,175
1,183
1,187
1,192
1,194
1,201
1,248
1,139
1,189
1,241
1,250
1,239
1,231
1,231
1,231
1,220
1,346
1,390
1,370
1,287
1,330
1,402
1,516
1,664
1,758
705
710
716
722
727
727
728
727
729
586
557
548
1,236
1,225
1,260
PI,268
p
l,290
1,206
1,188
1,181
p
l,213
p
l,272
1,528
1,432
1,662
PI,500
p
l,482
734
738
741
?742
P743
Sale credit
Total
instalment
credit
Total
7,637
6,839
5,528
4,082
3,905
4,378
5,419
6,771
7,467
7,036
8,008
9,205
9,959
6,529
5,379
5,791
3,167
2,706
2,214
1,515
1,581
1,849
2,607
3,501
3,947
3,584
4,463
5,507
5,984
2,999
2,002
2,084
2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,747
1,494
816
836
1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
175
2,00
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
641
636
5,037
5,148
5,209
5,148
5,192
5,272
5", 412
5,596
5,791
"1,847
1,859
1,882
1,889
1,896
1,912
1,937
1,974
2,084
690
700
707
706
709
720
743
773
836
171
181
192
204
210
210
210
208
200
5,482
5,326
5,576
P5,447
p
5,509
2,014
1,968
1,992
p
l,992
^2,012
778
743
732
P724
192
186
184
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Loans
1
Other
Automobile
652
1944
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1945
Jan
Feb
Mar
Apr
May
p
1
2
71
540
P538
Preliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
Depart
ment
stores
and
mailorder
houses
Furniture
stores
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
641
636
160
155
138
103
119
146
186
256
314
302
377
439
469
254
174
184
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
66
70
133
141
136
110
97
115
132
174
210
220
246
271
284
160
101
100
519
519
515
502
499
510
533
565
636
142
141
138
132
132
138
148
162
184
229
235
237
234
233
236
244
253
269
18
16
15
14
13
13
13
13
13
48
45
44
43
42
43
44
48
70
82
82
81
79
79
80
84
89
100
Total,
End of month excluding
autoor year
mobile
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1945
1944
.
.
Household
appliance
stores
Jewelry
stores
77
All
other
retail
stores
1944
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1945
Jan
Feb
Mar
Apr
May
586
557
548
172
163
163
"159
*» Preliminary.
696
249
240
238
"23 7
P238
12
12
11
Pll
61
54
50
P48
P48
92
88
86
P85
"85
CONSUMER INSTALMENT LOANS
[Estimated amounts outstanding. In millions of dollars]
End of
month or
year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Total
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
1944
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.
1,157
1,159
1,175
1,183
1,187
1,192
1,194
1,201
1,248
1945
Jan
Feb
Mar
Apr
May
1,236
1,225
1,260
"I,268
PI,290
359
357
374
P3 78
P388
p
1
Preliminary.
These figures include only personal instalment cash loans and retail
automobile direct loans, shown on the following page, and a small amount
of other retail direct loans (18 million dollars at the end of May 1945), not
shown separately.
2
This series is in process of revision.
3
Includes only loans insured by Federal Housing Administration.
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
{Estimates. In millions of dollars]
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING INSTITUTIONS
[Estimates of volume made in period. In millions of dollars]
Other Repair PerCommercial Small loan Industrial
Credit
sonal
retail, and
Month or year
banking
banks1
companies companies 2
unions
pur- mod- instalchased erniza- ment
cash
Pur- Direct and
tion
chased loans direct loans1 loans 1929
463
413
42
1930
503
380
41
340
1931
Outstanding at end of
498
38
1932
period:
250
376
34
1939
304
1,093
1933
202
33
218
164
347
209
155
1934
384
1940
234
42
311
253
422
247
217
1,450
1941
423
288
67
411
310
451
1935
234
288
1,694
1936
563
1942
354
105
845
136
123
289
154
143
619
409
1943
148
1937
514
55
81
221
89
68
1938
604
179
1944
417
559
57
245
99
83
75
763
257
489
1939
1940
320
927
536
1944—April
496
52
85
222
76
61
983
558
372
May
1941
505
53
89
225
76
62
792
798
408
247
June
1942
518
56
93
231
76
62
636
809
364
228
July
1943
527
61
94
233
77
62
1944
744
876
234
403
August
235
532
62
95
78
62
September. .
534
62
80
96
234
62
1943
October
234
538
60
97
80
67
51
67
28
19
November
October
544
59
97
70
82
236
50
70
29
18
December
November
245
559
57
99
75
83
58
95
32
23
December
1945—January
562
56
100
82
80
244
1944
February
241
556
55
101
76
83
15
49
53
27
January
March
250
573
56
107
76
84
29
51
60
18
February
April?
579
55
109
252
86
77
94
38
26
73
March
258
591
55
112
77
89
April
56
61
30
16
65
72
35
20
May
Volume extended during
69
75
38
22
June
month:
63
73
19
33
July
1944—April
82
11
11
18
6
36
70
35
20
64
August
May
97
12
21
15
7
42
60
67
33
19
September
June
100
12
20
8
13
47
61
68
34
18
October
July
95
15
19
8
42
11
61
77
34
18
November
August
94
13
11
42
19
9
106
37
23
72
December
September
41
89
10
9
12
17
October
40
92
10
9
18
15
r
1945
41
November
92
10
8
18
15
66
58
33
16
January
50
December
103
8
19
18
8
61
56
30
16
February
82
94
42
23
1945—January
March
96
9
20
43
17
7
70
34
18
69
April?
February
86
9
19
12
39
7
39
20
77
75
May?
March
114
12
24
15
9
54
April?
101
9
21
16
10
45
p
110
9
22
19
10
50
Preliminary.
1
These figures for loans made include only personal instalment cash loans
v
and retail automobile direct loans, which are shown elsewhere on this page,
Preliminary.
1
small amount of other
Includes not only loans insured by Federal Housing Administration and a not shown separately. retail direct loans (3 million dollars in May
1945)
but also noninsured loans.
2 This series is in process of revision.
Automobile
retail
Month or year
Total
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE*
FURNITURE STORE STATISTICS
Item
Percentage
change from
corresponding
month of
preceding year
Percentage
change from
preceding
month
May
1945
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, at end of
month:
Total..
Instalment.
Apr. Mar.
1945 1945
+8
+8
+10
r_7
Inventories, end of month, at
retail value
+2
r
Revised.
JULY 1945
+25
+25
-8
-5
+30 —4
+18 - 1 1
-1
-1
0
+3
+3
-2
—6
+1
Collections during month:
Total
Instalment
May Apr. Mar.
1945 1945 1945
-5
—1
-1
r
+1
+10
0
0
g
+9
+ 12
0
-1
+3
+4
+9
T
+6
+ 18
+8
+1
+1
r
+5
+4
+4
Charge
accounts
Instalment accounts
Month
Furniture
stores
Household appliance
stores
Jewelry
stores
Department
stores
32
33
31
30
34
35
39
39
36
23
25
24
23
24
24
26
24
23
26
26
28
29
32
33
36
37
39
28
30
30
31
31
32
34
34
49
63
64
63
61
64
64
65
67
61
32
30
36
30
32
21
21
24
22
23
35
32
36
36
40
31
29
33
r
31
34
61
61
66
62
64
Department '
stores
1944
+ 17 April
+28 May
June
+ 15 July
+7 August
September
October
November
+2 December.
+1
1945
January
+9 February
+9 March.
April.
May.
+3
r
Revised.
1
Ratio of collections
of month.
r
r
during month to accounts receivable at beginning
697
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926 =100]
Other commodities
All
commodities
Farm
products
Foods !
1929....
1930....
1931....
1932....
1933....
1934....
1935....
1936....
1937....
1938....
1939....
1940....
1941
1942....
1943....
1944....
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
1944—May
July
August
September..
October
November..
December..
1945—January
February.. .
March
April
May
104.0
104.3
104.1
103.9
104.0
104.1
104.4
104.7
104.9
105.2
105.3
105.7
106.0
Week ending:
1945—Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
May 5
May 12
May 19
May 26
June 2. .
June 9. . .
June 16. .
June 23. .
105.0
105.1
105.1
105.1
105.1
105.1
105.5
105.6
105.7
105.7
105.7
105.8
105.9
106.1
106.0
106.0
105.9
Year, month, or week
June
Hides and
leather
products
p-ucts
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
122.9
125.0
124.1
122.6
122.7
123.4
124.4
125.5
126.2
127.0
127.2
129.0
129.9
105.0
106.5
105.8
104.8
104.2
104.2
105.1
105.5
104.7
104.7
104.6
105.8
107.0
98.5
98.5
98.5
98.6
98.6
98.7
98.8
98.9
99.1
99.2
99.2
99.3
99.4
117.0
116.4
116.2
116.0
116.0
116.2
116.2
117.4
117.5
117.6
117.8
117.9
117.9
97.8
97.8
98.0
98.4
99.2
99.4
99.4
99.5
99.6
99.7
99.7
99.6
99.6
83.2
83.3
83.2
83.2
83.0
82.9
83.1
83.1
83.3
83.3
83.4
83.5
83.7
103.7
103.7
103.7
103.8
103.8
103.7
103.7
103.8
104.0
104.2
104.2
104.2
104.3
115.7
115.9
115.9
116.0
116.0
116.3
116.4
116.4
116.8
117.0
117.1
117.1
117.3
127.2
127.1
127.4
127.0
127.3
127.2
128.9
129.5
130.5
129.8
129.5
129.5
130.5
130.8
130.7
131.0
130.0
104.5
104.5
104.6
104.5
104.8
104.9
105.5
105.7
106.5
106.5
106.6
106.8
107.4
107.5
107.3
107.7
107.3
99.4
99.4
99.4
99.4
99.4
99.5
99.5
99.5
99.5
99.5
99.6
99.7
99.7
99.8
99.7
99.7
99.8
118.1
118.1
118.2
118.2
118.3
118.3
118.3
118.3
118.3
118.3
118.3
118.3
118.3
118.3
118.3
118.3
118.3
99.2
99.2
99.2
99.2
99.2
99.2
99.1
99.1
99.
99.
99.
99.
99.
99.
99.1
99.1
99.1
83.8
83.8
83.9
83.9
83.9
84.0
84.0
83.9
83.9
84.0
84.3
84.6
84.6
84.7
84.5
84.5
84.7
104.3
104.3
104.3
104.3
104.3
104.3
104.3
104.3
104.3
104.3
104.4
104.3
104.4
104.8
104.8
104.8
104.8
116.9
116.9
116.9
116.9
116.9
117.0
117.0
117.0
117.0
117.0
117.2
117.2
117.2
117.3
117.3
117.3
117.3
May
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
1
Textile
Subgroups
Subgroups
Farm Products:
Grains
Livestock and poultry
Other farm products
ChemiFuel and Metals Building cals and Houseli."gja and metal material; ! allied
furnishproducts
products 1 ing goods
Total
Feb.
Mar.
Apr.
129.8
133.8
121.4
129.8
135.6
120.5
130.5
136.4
123.2
129.1
135.5
125.9
110.3
95.0
126.8
106.6
91.9
110.8
94.9
118.1
106.5
95.1
110.8
95.1
115.9
107.7
94.7
110.7
95.4
123.4
108.2
94.7
110.6
95.4
131.4
108.6
94.7
126.3
111.9
101.3
115.2
126.3
115.4
101.3
115.2
126.3
116.4
101.3
115.2
126.3
117.0
101.3
115.2
126.3
117.0
101.3
115.2
107.0
113.9
70.5
107.4
119.9
71.5
107.4
119.7
71.5
107.4
119.7
71.5
30.3
112.5
100.5
112.7
100.9
107.4
119.9
71.5
'30'.2"
112.7
100.9
'30.2
112.7
100.9
30.2
112.7
100.9
96.4
120.4
130.7
59.0
78.4
64.0
95.3
120.5
130.7
61.1
76.9
64.3
95.3
120.6
130.7
59.0
77.7
64.3
95.3
120.6
130.7
95.6
123.2
130.7
'77.0'
64.2
64.2
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
95.5
95.3
95.5
95.5
94.9
95.0
94.8
94.8
94.9
94.9
94.9
94.9
94.9
104.3
104.3
104.3
104.4
104.4
104.4
104.4
104.4
104.5
104.5
104.5
104.5
104.5
93.5
93.5
93.6
93.6
93.6
93.6
94.0
94.2
94.2
94.6
94.6
94.8
94.8
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
95.3
95.3
95.3
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
94.3
94.4
94.4
94.4
94.4
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
1944
May
May
129.7
122.6
120.4
I
Miscellaneous
Metals and Metal Products:
Agricultural implements
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials...
Plumbing and heating
Structural steel
Other building materials
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals 1
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
Feb.
Mar.
Apr.
May
97.2
98.4
97.1
112.8
85.8
92.4
97.5
98.7
98.0
112.8
85.9
92.4
97.5
98.7
98.1
112.8
85.9
92.4
97.5
98.7
98.1
112.8
85.9
92.4
97.5
98.7
98.4
112.8
85.9
92.4
100.5
96.4
154.0
104.7
92.4
107.3
103.0
110.5
99.0
153.9
106.4
92.4
107.3.
103.6
110.7
99.4
153.8
106.3
92.4
107.3
103.8
110.6
99.4
153.9
106.3
92.4
107.3
103.8
110.7
99.4
154.4
106.4
92.4
107.3
104.1
95.5
112.0
81.4
86.3
102.0
95.8
106.9
81.9
86.6
102.0
95.8
106.8
81.9
86.6
102.0
95.8
106.8
81.9
86.6
102.0
95.8
106.«
81.9
86.6
102.0
107.2
101.4
107.5
101.5
107.5
101.5
107.5
101.5
107.5
101.5
73.0
159.6
107.2
46.2
96.8
73.0
159.6
108.0
73.0
159.6
108.0
46.2
98.9
73.0
159.6
109.0
46.2
98.9
73.0
159.6
109.0
46.2
98.9
46.2.
98.9
Chemicals and allied products group and drugs and Pharmaceuticals revised from October 1941.
Back figures.—Bureau of Labor Statistics, Department of Labor.
698
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
On Bank Credit, Money Rates, and Business
Chart ;
book I
page May
23
WEEKLY FIGURES*
1945
May
30
June
6
June
13
June
201
In billions of dollars
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 reserves*3
Excess reserves (weekly average), total e ..
New York City
Chicago
Reserve city banks
Country banks 6
2
3
3
3
3
3
2
2
2
2
2
2,4
4
4
5
5
5
5
5
21.98 22.26
20.93 21.02
13.13 13.06
5.68
5.83
1.01
1.02
1.12
1.12
.2
7
22.21
20.90
12.74
5.39
1.66
1.11
22.35
21.10
12.75
5.57
1.67
1.11
.89
.91
.85
20.27 20.27
26.40 26.50
2.32
2.32
20.27
26.51
2.31
20.27
26.53
2.29
.43
.35
.17
15.37
14.26
.87 1.11
.96 1.08
15.45
14.35
1.10
1.18
15.77
14.53
1.24
1.24
.01
.01
.22
.02
.01
.29
.01
.01
.30
.1
7
.77
.85
.02
.01
.31
.90
.53
15.12
14.25
22.29
21.51
12.87
5.84
1.68
1.11
.31
20.27
26.54
2.30
.35
15.35
13.94
.41
Pi.51
.05
.01
.46
P. 99
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
14
14
14
14
14
15
15
16
16
16
16
15
15
15
15
15
17
17
17
17
17
15
15
16
16
16
16
15
15
15
15
15
17
17
17
MONEY RATES, ETC.
Treasury bills (new issues)
Treasury notes (taxable)
U. S. Govt. bonds:
Partially tax-exempt
Taxable
High-grade corporate bonds (5 issues)
Corporate Aaa bonds
Corporate Baa bonds
24
24
24, 26
24, 26
26
26
26
57.41
42.84
40.38
5.55
11.64
58.25
43.30
40.68
5.47
11.89
27
27
27
27
27
37
37
45
45
49
49
49
6
6
6
6
6
6, 7
13
13
13
7
13
13
13
7
20.25
20.45
25.85
2.36
.7
2
.50
14.43
4.80
5.74
3.89
13.42
4.78
5.47
3.17
1.01
14.62
4.91
5.79
3.92
13.69
4.89
5.57
3?24
.93
21.80
20.32
26.35
2.36
.40
15.16
5.15
5.97
4.03
14.15
5.13
5.72
3.30
1.00
13
13
8
8
8
8
1.80
3.66
25.90
7.90
13.67
4.33
1.79
3.64
26.19
7.84
13.99
4.36
1.79
3.70
26.53
7.81
14.29
4.43
P15O.7O
P151.00
P73.80
P42.90
P24.50
P9.80
P152.70
P76.30
P43.40
P24.80
P8.20
P5.51
PI. 27
PI. 48
.3
7
P5.45
1.21
PI. 50
P.74
PI. 99
Pi.27
P.72
.18
.55
P.18
2\54
P.18
20
233.15
234.19
236.91
20
20
20
20
92.38
70.05
51.83
17.57
92.38
70.11
52.46
17.92
92.38
70.08
54.52
18.59
20
20
20
20
20
20
20
83.60
58.17
43.65
79.03
57.26
34.54
16.92
83.60
58.17
43.65
79.08
57.31
34.48
17.04
83.60
58.17
43.65
79.05
58.50
34.44
17.05
21
21
21
21
21
21
21
77.10
22.87
19.67
8.70
20.40
84.40
34.30
77.10
23.19
20.45
8.70
20.50
84.30
33.60
*71.10
P42.00
P24.20
P13.40
5.58
1.18
1.66
.74
1.99
1.26
20.93
20.40
26.01
2.37
P.74
P2.01
PI. 29
P.72
P.54
TREASURY FINANCE
1.39
S. Govt. obligations
.71 U.total interest-bearing outstanding,
.47 1.21
By classes of securities:
.51
.50
.51 .49
Bonds (marketable issues).
Notes, cert., and bills
37.79 40.18
37.44
36.98
36.98
Savings bonds and tax notes
28.86 30.64
28.31
28.34
28.57
Special issues
15.08 15.58
14.99
14.85
14.82
By'maturities:
7.30
6.56
7.33
6.55
7.36
5 years and over
6.19
5.96
5.92
5.05
5.06
5-20 years
1.56
1.26
1.12
1.07
1.10
5-10 years
25.74 23.52
25.24
25.12
25.16
Within 5 years
8.11
3.47
3.51
3.56
3.33
Within 1 year
6.92
7.01
6.76
6.50
6.42
Certificates
7.48
7.46
7.41
7.44
7.39
Bills...
7.51
6.89
6.63
6.84
6.62
3.66 Holdings of U. S. Govt. obligations:
3.62
3.59
3.61
3.57
Commercial banks
1.74
1.21
.99
1.02
1.17
Fed. agencies and trust funds..
2.10
2.06
2.04
2.05
2.06
Federal Reserve Banks
Mutual savings banks
Per cent per annum
Insurance companies
Other investors, total
.375
.375
.375
.375
.375
Marketable issues
1.17 1.14
1.17
1.17
1.18
1.25
1.28
1.20
1.34
.64
.35
.49
.65
.36
.68
.46
.68
1.68
2.38
2.54
2.62
3.32
1.68
2.37
2.55
2.62
3.31
1.65
2.36
2.55
2.62
3.31
1.63
2.36
2.55
2.61
3.30
117
119
133
101
120
122
140
104
1.19
1.54
92.9
4,330
91.0
4,204
120
121
139
104
1.53
120
121
141
105
1.71
1.62
2.34
MONEY RATES, ETC.
2.54
2.61 Corporate Aaa bonds
3.29 F. R. Bank discount rate (N. Y.).
Treasury bills (new issues)
121
122
147
10'
2.02
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
Reserve Bank credit
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves, total
Central reserve city banks
Reserve city banks
Country banks
Required reserves, total
Central reserve city banks
Reserve city banks
Country banks
Excess reserves, total
Balances due from banks:
Reserve city banks
Country banks
Money in circulation, total
Bills of $50 and over
$10 and $20 bills
Coins, $1, $2, and $5 bills
58.90
43.68
41.19
5.54
12.12
In unit indicated
Stock prices (1935-39 = 100), total
Industrial
Railroad
Public utility.
Volume of trading (mill, shares)
In billions of dollars
RESERVES AND CURRENCY
63.01
ALL BANKS IN U. S.
46.33
9
37.18 Total deposits and currency
Demand deposits
9
13.
9
13.55 Time deposits
Currency outside banks
9
U. S. Govt. deposits
9
20.56
20.81
20.51
21.11 22.82
14.81 15.70
14.53
14.73
14.56
CONSUMER CREDIT
8.60
8.77
8.43
8.48
8.39
18
2.86
3.21 Consumer credit, total
3.33
2.85
3.41
Single payment loans
18
3.20
3.35
3.14
2.65
2.64
Charge accounts
18
.15
.38
.12
.12
.25
Service credit
18
15.45 13.66
15.26
15.45
15.36
Instalment credit, total
18, 19
5.57
1.92
2.07
2.03
2.06
Instalment loans
19
4.20
4.24
3.84
3.96
3.79
Instalment sale credit, total
19
1.01
1.02
1.02
1.02
1.01
Automobile
19
6.04
5.24
5.00
5.05
4.93
Other
19
2.24 2.23
2.20
2.21
2.20
57.48
42.90
40.52
5.39
11.55
May1
Apr.
Mar.
MONTHLY FIGURES
RESERVES AND CURRENCY
1945
Chart
book
91.1
4,327
90.0
4,348
18.8
876
183
105.9
130.0
99.8
882
182
838
169
884
196
873
206
105.9
130.5
99.7
106.1
130.8
99.8
106.0
130.7
99.7
106.0
131.0
99.7
Per cent per
2.62
23.81
20.95
annum
2.61
2.62
.50
.50
.50
.375
.375
.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
112
114
124
96
114
117
129
98
1.20
1.27
1,034
1,065
722
553
575
701
118
120
135
101
1.36
1,094
742
583
For footnotes see following page.
JULY 1945
699
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
MONTHLY FIGURES—Gont.
1945
Mar.
Apr.
Chart
book
page Mar. I Apr.
May
In unit indicated
May
In unit indicated
MONTHLY FIGURES—Gont.
BUSINESS C O N D I T I O N S — C o n t .
BUSINESS CONDITIONS
Income payments (mill, dollars):8
Total
Salaries and wages
'
Other.
t
Cash farm income (mill, dollars):
Total
Livestock and products
Crops
Govt. payments
Armed forces (mill, persons)
Civilian labor force (mill, persons):
Total
Male
Female
Unemployment
Employment
Nonagricultural
Agricultural
Industrial production:3
Total (1935-39 = 100)
Groups (points in total index):
Durable manufactures
Nondurable manufactures
Minerals
New orders, shipments, and inventories (1939 = 100):
New orders:
Total
Durable
Shipments:
Total
Durable
Nondurable
Inventories:
Total
Durable
Nondurable
Factory employment and pay rolls (1939 = 100):
Pay rolls
Employment
Hours and earnings at factories:
Weekly earnings (dollars)
Hourly earnings (cents)
Hours worked (per week;
Nonagricultural employment (mill, persons):3
Total
Manufacturing and mining
Trade
Government
Transportation and utilities
Construction
..
Construction contracts (3 mo. moving average, mill,
dollars) *
Total
Residential
Other
Residential contracts (mill, dollars):3
Total
Public
Private, total
1- and 2-family dwellings
Other
Freight carloadings:3
Total (1935-39 = 100)
Groups (points in total index):
Miscellaneous
Coal
All other
Department stores (1935-39 = 100) :3
Sales
Stocks
Exports and imports (mill, dollars):
Exports
•
Excluding Lend-Lease exports
Imports
Excess of exports excluding Lend-Lease exports...
Cost of living (1935-39 = 100):
All items
Food
Clothing
Rent
13,665 13,566 P13.591
9,599 9,523 P9.500
4,066 4,04'3 ^4,091
1,445
868
517
60
12.0
1,570 PI,529
P983
891
P468
529
P
78>
150
12.2
12.1
Wholesale prices (1926
100):
Total
Farm products
Other than farm and food
105 .3
127 .2
99 .2
1944
51.9
33.8
18.1
.8
51.2
43.4
7.8
51.3
43.3
8.0
235
231
P22.7
52.0
33.8
18.2
p
305
P447
311
464
P284
280
381
210
P
P
2.39
1.93
2.61
2.65
Corporate security issues:
Net proceeds:
All issues
Industrial
Railroad
Public utility
New money:
All issues
Industrial
Railroad
Public utility
In millions of dollars
28
28
28
28
1,214
233
170
766
708
201
227
248
28
28
28
28
201
142
5
12
111
78
12
2
387
213
1944
164
*»189
P
U2
325.5
158.0
317.2
154.8
June
30
1945
151.9
47.16
104.5
45.2
38.5
16.2
7.2
6.0
3.8
0.7
38.0
15.9
7.0
6.0
3.8
0.7
294
28
266
286
33
253
25
9
16
13
3
39
19
20
17
3
145
141
86.9
29.1
29.3
84.0
26.8
30.4
82.6
26.9
31.0
223
• 147
181
156
187
165
p
p
37.7
"15.7
p
6.0
3.
p
P40
209
p
42
14
28
22
6
l,004
p
301
p
365
127.1
136.6
144.0
Dec.
30
Mar.
20
CALL DATE FIGURES
P
47.43
104.4
45.4
126.8
135.9
143.7
108.3
2 .53
1 .99
2 .73
2 .91
P
165
189
144
^1,023
^298
^365
Apr.June
Per cent per annum
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities..
Southern and Western cities
SECURITY MARKETS
127.4 P124.2
81.6 p 81.3
21.3 p 21.0
130.9
82.5
21.6
1945
Oct.- J a n . Dec. Mar.
QUARTERLY FIGURES
MONEY RATES
51.7
33.7
17.9
.8
50.8
43.5
7.3
105 .7 106.0
129 .0 129.9
99 .3 99.4
'128.0
138.8
144.4
In billions of dollars
ALL MEMBER BANKS
Loans and investments, total
U. S. Govt. obligations, total
Bonds
Certificates
Notes
Bills
Guaranteed obligations
Other securities, total
State and local government obligations
Other securities
Loans, total
Commercial
Real estate
Brokers'
Agricultural
Demand deposits adjusted
10
10
11
11
11
11
11
10
11
11
10
11
11
11
11
10
83.59
60.34
30.12
14.23
10.64
4.47
.89
5.17
2.83
2.33
18.08
7.02
3.21
1.66
1.02
51.83
12
12
12
12
12
12
27.79 29.45 27.95
19.85 21.09 20.41
1.47
1.41
1.41
6.54
6.94 6.07
16.32 17.08 18.60
1.73
1.63
1.44
12
12
12
12
12
12
30.94 33.60 33.45
22.48 25.04 25.30
1.80
1.70
1.74
6.82 6.35
6.76
18.41 20.27 21.74
7.79
6.81
13
13
13
13
13
13
24.85 28.52 29.13
18.01 21.55 22.20
2.06 2.06 2.12
4.78 4.91 4.81
17.10 19.96 20.84
8.70
9.90 10.54
91.57
67.69
34.93
13.98
14.13
3.75
.90
5.21
2.86
2.35
18.68
7.53
3.21
1.74
1.20
57.31
90.52
67.92
()
5.39
2.99
2.40
17.22
()
61.17
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
e
1
2
3
4
p
r
Estimated.
Preliminary.
Revised.
For charts on pages 20, 23, 24, 26 and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
Adjusted for seasonal variation.
Figures available for June and December dates only.
* Copies of the Chart Book may be obtained at a price of 50 cents each.
7OO
FEDERAL RESERVE BULLETIN
MEMBER BANK OPERATING RATIOS, 1944
AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS
[Expressed as percentages]
Federal Reserve dis1 rict
Item
Summary ratios:
Percentage of total capital accounts:
Net current earnings
Profits before income taxes
Net profits after taxes
Cash dividends declared
All
districts
Boston
New
York
Philadelphia
Cleve- Richland mond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas Dallas
City
San
Francisco
10.4
11.5
9.8
2.9
7.8
9.0
7.6
2.3
8.8
10.8
9.5
2.1
7.6
7.9
7.2
2.0
8.4
9.7
8.6
2.3
9.6
10.7
8.9
2.7
12.6
13.6
11.2
3.2
11.6
12.9
11.1
2.7
11.0
11.8
10.4
3.1
12.0
13.2
11.1
3.1
12.0
13.1
10.7
4.0
12.3
12.7
10.6
4.3
13.3
14.2
11.8
3.2
2.1
7
7
2.2
7
7
2.3
7
2.4
7
7
2.2
6
7
2.1
7
6
2.0
7
2.0
8
6
7
6
2.0
7
7
2.4
7
7
2.1
.7
.7
2.1
7
7
2.0
7
45.2
36.9
7.4
10.5
48.9
31.5
8.6
11.0
52.4
32.4
7.1
8.1
51.3
35.8
4.4
8.5
50.1
34.9
6.0
9.0
44.0
40.5
6.5
9.0
43.3
36.4
7.8
12.5
49.2
32.1
8.7
10.0
46.3
36.3
6.8
10.6
40.5
34.1
6.4
19.0
36.3
43.3
9.4
11.0
31.3
49.8
8.8
10.1
42.9
38.6
7.2
11.3
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
30.7
11.5
25.5
30.8
11.8
27.0
29.6
15.2
25.2
26.2
16.7
25.7
27.3
15.6
27.2
28.9
14.1
25.0
30.5
8.2
26.0
30.4
11.9
24.1
30.5
8.5
26.8
30.3
14.4
24.4
35.9
4.9
24.6
36.2
2.0
28.0
32.1
12.8
22.4
Total expenses..
67.7
69.6
70.0
68.6
70.1
68.0
64.7
66.4
65.8
69.1
65.4
66.2
67.3
Net current earnings..
32.3
30.4
30.0
31.4
29.9
32.0
35.3
33.6
34.2
30.9
34.6
33.8
32.7
+4.4
+5.3
+7.7
+2.1
+5.3
+4.1
5.7
30.4
+3.4
+4.3
+3.7
+4.2
+4.4 +2.3
7.0
5.6
32.0 30.5
+3.4
Percentage of total assets:
Total earnings
Net current earnings
Net profits after taxes
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings..
Salaries and wages
Interest on time deposits
Other current expenses
Net charge-offs, etc. (or recoveries + )
Taxes on net income
Net profits after taxes
Rates of earnings on securities and loans:
Percentage of total securities:
Interest and dividends on securities
Net losses (or recoveries and profits + ). ...
5.0
31.7
1 7
5.5
30.2
17
+ .1 + .2
4.2
33.5
18
3.0
30.5
2.0
3.8
31.4
18
+ .2
+ .3
+ .2
5.2
17
6.4
32.3
1 7
+ .1 + .1
4.9
33.0
16
4.5
33.4
1 7
5.3
29.8
1.6
1.6
1.8
.6
5.9
30.2
1.4
+ .1
+ .1 + .1 + .1
Percentage of total loans:
Earnings on loans
Net losses (or recoveries + )
+ .3
+ .4
5.2
.1
+ .1 + .4
+ .3
+ .5
5.9
+ .4
+ .2
6.2
+ .3
+ .5
+ .3
5.7
+ .2
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets
48.7
6.3
15.6
28.3
10
54.2
6.4
15.1
23.0
12
56.9
7.1
15.0
19.4
13
51.3
8.9
16.8
20.9
2.0
49.4
8.8
14.5
26.1
1 l
47.7
5.3
16.9
28.7
13
43.6
6.0
15.4
34.0
.9
52.9
6.7
12.6
27.1
.7
47.8
6.2
14.1
31.0
.8
51.5
5.3
15.6
26.6
.8
41.3
4.1
15.7
38.3
.5
33.1
4.2
22.5
39.4
.8
51.4
4.5
14.9
28.4
.7
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities anc
cash assets
Total deposits
7.5
9.7
8.4
10.5
8.3
7.7
6.1
6.0
6.8
6.5
6.5
6.9
5.4
37.6
8.2
48.9
11.3
40.4
9.3
41.4
12.0
38.6
9.1
35.7
8.5
32.1
6.6
37.8
6.4
34.6
7.0
37.4
7.0
Time to total deposits
Interest on time to time deposits1.
Trust department earnings to total earnings 1 .
28.5
1.0
3.9
28.8
.9
4.9
42.8
.9
3.6
45.9
.9
4.3
37.8
.9
4.8
30.5
1.1
4.3
18.5
.9
2.9
30.5
.8
3.4
38.0
7.4
19.7
.9
3.1
33.7
1.1
3.0
10.4
1.1
3.0
31.0
7.5
4.4
1.1
2.9
32.0
5.7
27.6
1.0
4.7
6749
345
812
640
710
468
309
960
461
461
746
571
266
Number of banks 2 . .
5.4
4.9
5.3
5.3
5.2
5.3
5.6
5.5
1
Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average.
2
The ratios for 65 member banks in operation at the end of 1944 were excluded from the compilations because of unavailability of data covering the
complete year's operations, certain accounting adjustments, lack of comparability, etc.
NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding ratios
computed from aggregate dollar amounts shown in the May 1945 issue of the BULLETIN. Such differences result from the fact that each bank's figures
have an equal weight in calculation of the averages whereas the figures of the many small and medium-sized banks have but little influence on the aggregate dollar amounts.
Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1944. Balance sheet figures
:d in the compilations were obtained by averaging the amounts shown ir ™~u K~~I,', -ffi-oi ™ ^ u ; ™ « ^ r t c " ^ ™ ^ ^ f " r F l p r ^1 1(U * a n r l T " n p ^ f l n f l
c. 30, 1944, except for a limited number of banks for which all three i
nces. Savings deposits are included in the time deposit figures used in
banks having ratios of time to total deposits of less than 25 per cent.
JULY 1945
701
MEMBER BANK OPERATING RATIOS, 1944
AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS
[Expressed as percentages]
Ratio of time deposits to
total deposits (per cent)
Size group—total deposits (in thousands of dollars)
Item
All
groups
1,000- 2,000- 5,000- 10,000- 50,000 Under
and
25
2,000 5,000 10,000 50,000 over
25-50
50-75
75
and
over
11.7
12.6
10.4
3.5
9.8
11.0
9.6
2.5
8.2
9.7
8.8
2.1
6.9
7.2
6.6
2.0
2.0
.7
2.2
.7
.7
2.4
2.7
.7
.7
.7
.7
6
52.7
27.6
4.1
15.6
41.2
38.4
8.8
11.6
47.8
35.2
6.8
10.2
50.7
36.8
4.7
7.8
51.2
39.5
2.2
7.1
100.0
100.0
100.0
100.0
100.0
100.0
30.0
10.6
26.6
28.3
6.4
26.5
33.5
4.7
26.4
29.0
15.1
25.4
26.4
22.3
23.5
24.2
25.7
24.2
67.8
67.2
61.2
64.6
69.5
72.2
74.1
32.2
32.8
38.8
35.4
30.5
27.8
25.9
+3.7
+4.5
+4.2
+3.5
+4.8
+6.1
.2
1.9
23.8
1.5
1.6
Under
250
250500
5001,000
10.4
11.5
9.8
2.9
5.0
4.8
4.1
1.4
6.7
7.7
6.6
2.4
8.9
10.2
9.0
2.9
10.4
11.4
10.0
3.0
10.8
11.9
10.3
2.9
10.8
11.8
10.0
2.8
11.3
12.6
10.2
2.7
12.4
13.7
10.4
3.1
2.1
.7
.7
2.8
.8
.7
2.5
.7
2.3
2.1
.7
2.1
.7
.8
2.2
.7
1.7
.6
.7
.7
.7
.6
2.0
.6
.7
.6
.5
45.2
36.9
7.4
10.5
23.4
61.8
4.8
10.0
34.3
49.5
6.5
9.7
39.7
43.5
6.7
10.1
42.5
40.1
7.6
9.8
46.7
35.9
7.8
9.6
50.2
31.3
7.8
10.7
50.2
29.5
7.5
12.8
100.0
100.0
100.0
100.0
100.0
100.0
100.0
30.7
11.5
25.5
39.3
4.1
28.7
36.2
8.1
28.5
32.7
11.2
25.8
30.9
11.8
24.9
30.0
12.1
25.1.
29.4
12.8
25.6
Total expenses....
67.7
72.1
72.8
69.7
67.6
67.2
Net current earnings.
32.3
27.9
27.2
30.3
32.4
32.8
+4.4
5.0
31.7
+ .1
+4.1 +4.1
23.8
1.7
2.1
Summary ratios:
Percentage of total capital accounts:
Net current earnings.
Profits before income taxes
Net profits after taxes
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings
Net profits after taxes
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Net charge-offs, etc. (or recoveries + )
Taxes on net income
Net profits after taxes
Rates of earnings o n securities and loans:
Percentage of total securities:
Interest and dividends on securities
Net losses (or recoveries and profits + )
+5.8
28.1
31.9
2.0
1.8
+ .2
+ •1
+ .1
32.0
1.7
+ .1
32.4
1.7
+ .1
5.1
30.8
1.7
+ .1
6.9
30.4
1.6
+ .1
10.2
32.8
6.4
32.5
+ .1
4.2
31.1
1.8
3.0
30.9
1.9
2.1
+ .2
+ .2
+ .4
Percentage of total loans:
Earnings on loans
Net losses (or recoveries + )
+ .3
6.6
6.9
6.2
3.1
5.5
+ .4
+ .3
4.4
+ .2
+ .3
5.0
+ .2
+ .3.
+ .3
+ .1
+ .4
5.4
+ .3
5.4
+ .2
5.4
.8
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets
48.7
6.3
15.6
28.3
1.0
23.4
4.3
27.5
43.5
1.3
37.0
5.4
20.4
36.0
1.1
43.1
5.7
17.8
32.4
9
46.4
6.2
16.4
30.0
9
49.8
7.0
14.9
27.2
1 0
53.4
7.0
13.5
24.9
11
54.2
5.9
13.9
24.6
1 2
55.5
3.9
15.2
24.1
1 0
44.9
4.7
15.6
34.0
7
51.8
7.1
15.2
24.6
1 2
52.2
9.1
16.7
20.6
13
49.8
10.2
20.9
17.3
1 6
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities anc
cash assets
Total deposits
7.5
18.7
11.5
8.9
7.6
7.2
6.8
6.1
5.5
6.8
7.7
8.8
11.4
37.6
8.2
67.3
26.9
49.9
13.2
42.9
9.9
38.2
8.4
36.3
7.8
33.8
6.6
29.7
5.9
38.7
7.5
36.5
8.5
37.3
9.8
40.1
13.2
Time to total deposits
Interest on time to time deposits1
Trust department earnings to total earnings 1 ..
28.5
1.0
3.9
9.3
1.3
21.2
1.3
2.9
27.2
1.1
3.5
28.5
1.0
3.3
27.1
.8
4.6
14.9
.7
6.7
10.6
.9
4.8
38.0
.9
3.5
57.3
1.0
2.3
80.0
1.0
2.6
6749
19
204
953
1740
30.6
.9
2.4
1977
36.0*
7.4
32.6
.8
3.4
858
744
254
3095
2599
1031
24
Number of banks 2
5.4
5.8
5.4
For footnotes, see p. 701.
JOT-
FEDERAL RESERVE BULLETIN
MEMBER BANK OPERATING RATIOS, 1944
AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK
[Expressed in percentages]
Banks with ratios of time
to total deposits of under
25 per cent
All
groups
500- 2,000- 10,000 Jnder
and
500
2,000 10,000 over
5002,000
2,000- 10,000 Under
and
10,000 over
500
5002,000
2,000- 10,000
and
10,000 over
10.4
11.5
9.8
2.9
.•
Sources a n d disposition of earnings:
Percentage of total earnings:
Interest and dividends on securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings
...
7.0
7.4
6.3
2.7
11.1
12.1
10.3
3.7
12.7
13.3
11.2
3.6
12.3
13.4
10.2
2.9
5.7
7.0
6.3
1.8
9.1
10.3
9.2
2.3
10.2
11.3
9.9
2.5
11.0
12.4
10.3
2.8
6.5
8.6
8.1
1.8
8.0
9.4
8.6
2.1
8.2
9.7
8.7
2.2
9.0
11.6
10.1
2.5
2.1
7
.7
2.5
8
2.1
8
2.1
7
.6
7
.9
2.4
7
7
2.2
7
7
2.6
5
2.6
7
.7
2.3
7
7
1.9
7
6
1.7
6
7
.8
2.3
7
7
2.3
7
.7
45.2
36.9
7.4
10.5
27.2
55.1
7.5
10.2
36.1
44.0
9.0
10.9
44.0
35.0
9.8
11.2
50.6
28.4
6.6
14.4
44.3
41.9
4.8
9.0
45.0
38.7
6.5
9.8
49.3
33.9
7.1
9.7
50.8
29.5
7.0
12.7
40.4
47.1
3.5
9.0
48.8
39.3
4.3
7.6
52.5
34.8
5.1
7.6
53.3
31.0
4.7
11.0
100.0
Percentage of total assets:
Total earnings
Net current earnings
Net profits after taxes
Salaries and wages
Interest on time deposits
Other current expenses
Banks with ratios of time
to total deposits of 50 per
cent and over
Size group—total deposits (in thousands of dollars)
Under
500
Summary r a t i o s :
Percentage of total capital accounts:
Net current earnings
Profits before income taxes
Net profits after taxes
Cash dividends declared....
Banks with ratios of time
to total deposits of 25-50
per cent
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
30.7
11.5
25.5
39.6
3.2
28.8
35.0
4.4
25.9
32.8
5.0
26.0
30.2
5.3
27.7
32.0
13.5
29.2
29.4
15.7
25.3
28.5
15.1
25.2
29.0
13.9
25.5
28.8
21.4
23.6
26.5
22.7
23.2
26.1
22.2
23.8
26.4
22.6
22.9
71.9
Total expenses.
67.7
71.6
65.3
63.8
63.2
74.7
70.4
68.8
68.4
73.8
72.4
72.1
Net current earnings.
32.3
28.4
34.7
36.2
36.8
25.3
29.6
31.2
31.6
26.2
27.6
27.9
28.1
+4.4
+2.9
+4.2
+2.7
+3.7
94
31.1
+6.4
3.2
28.5
+4.9
+4.5
+5.0 +11.1
+5.8
+5.6
+8.5
Net charge-offs, etc. (or recoveries + )
Taxes on net income
.
Net profits after taxes
Rates of earnings o n securities a n d loans:
Percentage of total securities:
Interest and dividends on securities
Net losses (or recoveries and profits + ) . . . .
Percentage of total loans:
Earnings on loans
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets
5.0
31.7
1.7
+ .1
5.4
4 9
26.4
2.0
+.1
7.3
5.7
33.2
58
33.1
1.7
1.6
6.2
1.5
2.1
+ .1
5.3
+ .4
3.7
6.2
3.6
30.9
1.8
+ .2
4.3
31.4
5.8
30.8
1.7
1.6
+ .1
+ .1
2.4
34.9
2.0
+ .6
2.7
30.7
2.0
+ .3
3.0
30.5
1.9
4.5
32.1
1.9
+ .2
+ .2
+ .2
+ .3
+ .3
+ .1
5.3
+ .3
4.7
+ .1
49.0
6.9
16.4
26.5
1.1
53.0
7.6
14.3
23.8
1.2
56.4
6.0
14.1
21.8
1.4
45.7
5.6
20.6
26.7
1.4
49.9
9.2
17.7
21.9
1.2
54.2
9.1
15.9
19.4
1.4
55.3
9.3
16.2
17.5
1.4
5.7
5.3
4.5
6.2
5.7
+ .3
+ .3
+ .5
+ .3
+ .2
48.7
6.3
15.6
28.3
10
30.4
3.7
22.1
43.0
7
40.7
4.1
17.0
37.4
.6
47.2
5.5
13.9
32.5
7
53.1
4.6
14.1
27.0
9
7.4
6.1
5.5
12.2
8.4
7.3
6.4
11.2
9.2
8.5
7.7
38.1
9.3
35.7
8.0
33.5
6.9
46.5
12.7
36.7
10.3
38.0
9.5
34.7
8.5
44.5
8.6
18.9
26.2
1.7
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities anc
cash assets
Total deposits
7.5
12.1
37.6
8.2
55.0
14.7
42.3
8.2
36.1
6.6
31.6
5.9
45.3
14.0
Time to total deposits
Interest on time to time deposits1
Trust department earnings to total earnings 1 ..
28.5
1.0
3.9
6.4
1.4
3.0
8.9
1.1
3.5
1261
12.0
.8
3.5
12.7
.7
5.8
38.1
1.0
2.9
38.6
1.0
3.2
38.2
.9
2.9
35.7
.8
4.7
58.9
1.1
57.7
1.0
3.0
57.8
1.0
2.0
57.4
1.0
3.2
1137
559
67
963
1183
386
18
469
515
53
Number of banks 2
6749
138
For footnotes, see p. 701.
JULY 1945
7O3
INTERNATIONAL FINANCIAL STATISTICS
PAGB
Gold reserves of central banks and governments...,
706
Gold production. . .
707
Gold movements. .
707
Net capital movements to United States since January i , 1935..,
708
Central banks
. 709-712.
Money rates in foreign countries . . .
713
Commercial banks. ..
714
Foreign exchange rates . .
715
Price movements:
Wholesale prices
716
Retail food prices and cost of living...
717
Security prices ..
717
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 arc collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 11, 1934. Back figures for all except price tables, together with descriptive text,
may be obtained from the Board's publication, Banking and Monetary Statistics.
JULY 1945
705
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
Argentina 1
Belgium
1938—Dec...
1939—Dec.
1940—Dec
1941—Dec
1942—Dec
1943—Dec
14,512
17,644
21,995
22,737
22,726
21,938
431
466
353
354
^58
J
939
581
609
734
734
735
734
32
40
51
70
115
254
1944—June
July
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
21,173
20,996
20,926
20,825
20,727
20,688
20,619
20,550
20,506
20,419
20,374
20,270
391
397
408
409
409
409
734
734
734
"'732'
732
715
715
297
297
298
298
313
314
329
330
340
341
341
Italy
Japan
193
144
120
164
164
164
5
164
End of month
409
409
409
Hungary
Iran
(Persia)
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
37
24
24
24
24
24
26
26
26
26
34
92
1944—June
July
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
24
24
24
24
24
24
British
India
Canada
Chile
Colombia
274
274
274
274
274
274
192
30
30
30
30
36
51
6
6
5
5
6
5
6
7
6
5
6
4
56
56
56
56
56
56
56
57
57
57
57
84
86
88
89
90
91
92
94
95
97
99
100
115
115
115
P115
E n d of month
Cuba
Czechoslovakia
Denmark
Egypt
France
Germany
1
1
1
16
46
83
56
58
61
61
61
53
53
52
44
44
44
55
55
52
52
52
52
2,430
2,709
2,000
2,000
2,000
2,000
29
29
29
29
29
29
76
86
91
101
101
101
111
121
126
61
61
61
61
61
61
61
61
61
44
44
44
44
44
44
44
44
52
52
52
52
52
52
52
52
52
52
2,000
Norway
Peru
Poland
Portugal
Rumania
69
69
59
59
59
60
133
152
158
182
241
316
220
249
367
366
634
706
60
60
60
60
60
60
60
60
60
369
749
760
778
785
796
811
814
829
834
848
851
24
21
17
16
25
59
274
274
274
274
274
274
274
274
274
274
Brazil
Java
5
6
5
Mexico
NetherNew
lands Zealand
p
127
PI 28
29
32
47
47
39
203
998
692
617
575
506
500
23
23
23
23
23
23
224
222
220
220
221
222
111
222
221
220
219
219
80
90
140
235
3
216
500
500
500 .
500
500
500
94
94
84
23
23
23
23
23
23
23
23
23
23
3
20
20
20
21
25
31
3
84
34
36
34
32
32
32
32
30
30
30
30
30
Greece
27
28
28
328
29 '
" "i,'777"
1,777
1,777
1,777
1,777
South
Africa
Spain
4
525
""42"
42
91
104
104
104
104
104
104
105
106
106
Government gold reserves1 not included
End of month
Sweden
Switzerland
Turkey
United
Kingdom
Uruguay
Venezuela
Yugoslavia
B.I.S.
in previous figures
Other
countries 6
End of month
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
321
308
160
223
335
387
701
549
502
665
824
964
29
29
88
92
114
161
2,690
7
1
1
1
1
1
69
68
90
100
89
121
52
52
29
41
68
89
1944—June
July
Aug
Sept
Oct
Nov
Dec
1945—Jan....
Feb
Mar
Apr
May
432
435
449
454
456
462
463
477
475
474
472
470
1,023
1,030
1,029
1,033
1,029
1,040
1,052
p
l,058
p
l,061
p
l,072
p
l,103
^1,105
210
221
221
221
221
221
221
221
221
225
1
1
1
1
1
1
1
1
1
1
1
1
139
142
148
149
149
151
157
159
164
166
168
110
110
110
110
110
125
130
130
147
147
161
161
57
59
82
3
83
14
7
12
12
21
45
166
178
170
166
185
229
39
39
39
39
39
36
37
37
242
243
244
244
244
244
245
245
246
246
246
246
p
Preliminary. r Revised.
1
Figures through March 1940 and for December 1942, December 1943, and December 1944 include,
in addition to gold of t h e Central Bank held a t home, gold of the Central Bank held abroad and gold
belonging to the Argentine Stabilization Fund.
2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since t h a t time is gold held by Minister of Finance.
3
Figures relate to last official report dates for t h e respective countries, as follows: Greece—
M a r . 31, 1941; Java—Jan. 31,1942; Norway—Mar. 30,1940; Poland—July 31, 1939; Yugoslavia
—Feb. 28, 1941.
4
Figure for December 1938 is t h a t officially reported on Apr. 30,1938.
5
Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately.
6
These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo,
Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939,Ecuador, El
Salvador,Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia, Lithuania,
Morocco, a n d T h a i l a n d (Siam). Figures for certain of these countries have been carried forward
from last previous official 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 regarding special internal gold transfers affecting
the reported data, see pp. 524-535 in the same publication.
7O6
1938— Dec . . .
1939— Mar. . . .
May
June...
Sept....
Dec...
1940—J u n e . . .
Dec . . .
1941— J u n e . . .
Dec
1942— J u n e . . .
Dec
1943— June....
Dec
1944— Mar.. . .
Tune. . .
"Sept.. . .
Dec.. . .
United
States
80
154
85
164
156
86
48
89
25
8
12
11
43
14
21
25
12
United
Kingdom
France
2
759
1,732
3
331
559
477
Belgium
44
17
876
"292'
•••4151'
17
17
17
17
17
17
17
17 '
17
•••• — •
l Reported a t infrequent intervals or on d e layed basis: U. S.—Exchange Stabilization Fund
(Special A / c N o . 1); U. K.—Exchange
Equalization Account; France—Exchange Stabilization
Fund and Rentes F u n d ; Belgium—Treasury.
2 Figure for end of September.
3
Reported figure for total British gold reserves on
Aug. 31, 1939, less reported holdings of Bank of England on t h a t d a t e .
4
Figure for Sept. 1, 1941.
N O T E . — F o r available back figures and for details
regarding special internal gold transfers affecting
the British and French institutions, see Banking
and Monetary Statistics, p . 526, and BULLETIN for
February 1945, p . 190.
FEDERAL
RESERVE
BULLETIN
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Estimated
world
Total
Year or month production
outside 1 reported
monthly
U.S.S.R.
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
823,003
882,533
971,514
1,041,576
1,136.360
1,208,705
1,297,349
1,288,945
708 ,453
752 ,847
S33 ,895
893 ,384
958,770
1,020 297
1,094 264
1,089 395
968 112
738 471
663 247
57
54
55
57
54
54
53
53
55
50
^54,
p
53,
1944—May
June
July
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb. ..
Mar
Apr.
I
227
775
879
226
826
461
675
387
199
782
457
381
Production reported monthly
North and South America
Africa
Other
I Nicara- Austra- I British
8
lia I India*
I gua'
South
Africa
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
448,153
429,787
36,921
36,264
36,430
37,022
35,810
35,821
35,270
34,836
36,216
33,698
36,458
35,937
$1 = i 5 2\
24,264
25,477
28,053
28,296
28,532
28,009
29,155
27,765
26,641
23,009
20,746
1,749
1,702
1,763
1,732
1,724
1,714
1,680
1,733
1,674
/ 1>61 °
'l,'61O
grains of gold fa fine; i.e., an ounce of fine gold = $35
12,153
13,625
16,295
20,784
24,670
28,564
32,163
32,414
29,225
19,740
18,445
6, 549
7, 159
7, 386
8, 018
8, 470
8, 759
38, 862
108,191
126,325
152,509
168,159
178,143
196,391
210,109
209,175
130,963
48,808
35,065
1,575
1,435
1,400
1,470
1,540
1,575
1,575
1,610
1,610
1,575
1,610
'1,610
2,881
2,431
2,959
2,779
3,028
2,863
2,974
2,769
2,463
2,342
2,446
2,328
8,989
8,397
8,247
8,290
8,274
8,051
7,809
8,012
8,166
7,432
8,004
7,831
12,045
11,515
13,632
15,478
18,225
19,951
22,117
22,961
20,882
19,789
19,374
8,350
9,251
9,018
9,544
10,290
11,376
11,999
9,259
6,409
6,08!
7,131
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
2,020
1,732
1,901
2,044
1,421
1,370
1,380
1,162
1,882
1,379
1,382
A , 382
104,023 23 .135
114,971 23 .858
131,181 26,465
29 ,591
143,367
165,379 32 ,306
178,303 29 ,426
185,890 30 ,878
187,081
27 ,969
169,446 630 ,000
127,796
101,980
473
644
911
604
523
560
555
506
486
372
•$372
'372
693
560
590
625
615
653
613
765
672
590
615
560
1,330
1,435
1,295
2,100
1,365
1,295
L.26O
1,470
L,470
1,260
1,365
1,225
595
175
385
560
525
560
560
525
560
525
595
525
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 through 1943 are estimates of the United States Mint. Annual
figure for 1944 and monthly figures represent estimates of American Bureau of Metal Statistics.
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 t h a t they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent total Australia; beginning January 1944, Western Australia only.
9
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
N O T E . — F o r explanation of table and sources, see BULLETIN for February 1939, p . 151; July 1938, p. 621; June 1938, p. 540; April 1933, p p . 233-235;
and Banking and Monetary Statistics, p . 524. For annual estimates compiled by the United States Mint for these a n a other countries in the period
1910-1941, see Banking and Monetary Statistics* p p . 542-543.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars a t approximately $35 a fine ounce]
Net imports from or net exports (—) t o : 1
Year or
month
Total
net
imports
United
Kingdom
France
Belgium
Netherlands
Sweden
Switzerland
Other
Latin
Philippine
Australia
can Re- Islands
2
Canada Mexico Ameri-
South
Africa
Japan
British
India
publics
19343
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Feb
Mar
Apr
May
June
July
Aug.
Sept..
Oct
Nov..
1,131,994 499,870 260,223
8,902 94,348
86,829
12,402
1,739,019 315,727 934,243
3 227,185
95,171
968
1,116,584
3,351
2 7,511
174,093 573,671
72,648
71,006
1,585,503 891,531 -13,710
90,859
6 54,452
111,480
6,461
1,973,569 1,208,728 81,135
15,488 163,049 60,146
76,315
1,363
3,574,151 1,826,403
3,798 165,122 341,618 28,715 86,987
612,949
4,744,472
977 63,260 161,489 90,320 2,622,330
633,083 241,778
982,378
1
1
3,779
899 412,056
1,747
315,678
208,917
68,938
66,920
-125,09
-101,67
-138,98
-61,200
1,029
28,153 12,038
12
30,270
3,498
29,359 15,335
65
13,667
30,790 21,513 23,280
8
39,966
39,485 25,427 34,713
181
38,482
65,231 27,880 39,162
401
36,472
57,020 35,636 74,250 22,862
33,610
29,880 128,259 38,627 103,777 184,756
16,791 61,862 42,678 67,492 292,893
40,016 39,680
13,489
4 76,820
75,268
77,892
246,464 50,762
168,740 16,159
165,605 50,956
111,739 49,989
9,444 9,665
All
other
countries 2
21,095
28,529
20,856
8,910
13,301
4
68,623
6
284,208
6
63,071
23,461 -67,200
5,328 -44,711 -5',938
382 -10,810
378
311 - 1 4 , 8 0 3
410
190 - 1 3 , 2 7 1
367
235 -14,179
84 -12,767
3,655
93 - 5 , 2 9 9
295
1,051
321
10,649
84 - 4 , 5 6 9
362
under "Other Latin American Republics."
3
Differs from official customhouse figures in which imports and exports for January 1934 are valued a t approximately $20.67 a fine ounce.
4
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.
5
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.
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.
JULY 1945
707
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
From Jan. 2, 1935, through—
Total
Increase in foreign banking
funds in U. S.
Official1
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
,112.3
,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
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 30«
Sept. 30
Dec. 31
1943—Jan. 30
Feb. 27
Mar. 31
Apr. 30
May 29
June 30
5,082.4
5,495.3
5,654.9
5,835.0
2,684.0
3,075.9
3,212.6
3,320.3
932.0
1,211.7
1,339.1
,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
5,907.7
6,014.9
6,147.1
6,212.3
6,282.6
6,506.4
3,471.1
3,590.1
3,643.4
3,690.5
3,769.6
4,002.6
1,536.6
1,671.8
1,723.1
1,801.8
1,871.6
2,071.4
1,934.5
1,918.3
1,920.3
1,888.6
1,898.0
1,931.2
889.8
890.5
898.7
909.9
905.1
896.9
761.3
751.9
810.5
809.5
807.0
806.8
678.5
676.0
685.9
692.9
692.5
687.9
107.0
106.4
108.6
109.5
108.5
112.1
July 31
Aug. 31
Sept. 30
Oct. 30
Nov. 30
Dec. 31
6,556.0
6,726.3
6,771.3
6,904.6
7,073.6
7,118.6
4,056.4
4,107.9
4,130.6
4,284.4
4,435.7
4,496.3
2,103.4
2,122.6
2,190.9
2,312.9
2,450.0
2,461.5
1,953.0
1,985.3
1,939.7
1,971.5
1,985.7
2,034.8
901.9
909.4
888.6
870.5
882.6
877.6
792.9
907.8
929.3
928.3
929.8
925.9
692.3
687.0
708.1
707.4
710.1
701.1
112.6
114.3
114.8
114.1
•115.4
117.8
31
29
31
29
31
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
7,423.4
7,440.9
7,430.9
7,460.2
7,530.5
7,475.7
4,740.8
4,732.3
4,661.2
4,680.3
4,775.1
4,612.5
2,622.9
2,589.5
2,498.8
2,489.8
2,541.0
2,372.2
2,117.9
2,142.8
2,162.3
2,190.4
2,234.1
2,240.3
850.6
869.7
883.5
891.3
872.7
805.8
1,005.8
1,009.7
1,026.2
1,025.8
1,025.3
1,019.4
706.9
709.4
737.8
735.8
732.4
911.8
119.3
119.9
122.2
-127.1
125.0
126.3
1945—Jan. 31
Feb. 28
Mar. 31
7,633.1
7,755.4
7,739.1
4,723.9
4,887.3
H,909.9
2,468.7
2,587.3
2,555.6
2,255.2
2,300.0
32,354.3
848.2
859.8
848.5
,025.9
1,033.4
1,029.6
909.0
845.0
820.6
126.1
129.9
3130.5
1944—Jan.
Feb.
Mar.
Apr.
May
June
:
I
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
Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BULLETIN for January 1943, p. 98.
3
Amounts outstanding Mar. 31, in millions of dollars: total foreign banking funds in United States, 5,575.7, including official funds 3,193.2, and other
funds, 2,382.5; United States banking funds abroad, 286.9; and brokerage balances (net due "foreigners"), 53.6.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers, r " *
'
"
"
"
" ~
lished in earlier BULLETINS for all types of capital movement in the abov
and claims on "foreigners" as reported by banks and brokers. For bad
for full description of statistics see pp. 558-560 in the same publication.
708
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Cash reserves
Discounts
and advances
Gold*
Other
Coin
Notes
1929—Dec. 25.
1930—Dec. 31.
1931—Dec. 30.
1932—Dec. 28
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25.
1936—Dec 30.
1937—Dec. 29.
1938—Dec. 28
1939—Dec. 27.
1940—Dec. 25.
1941—Dec. 31.
1942—Dec. 30.
1943—Dec. 29.
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
.2
.6
.6
.8
1.0
.5
.6
.6
1.0
.9
.3
.9
.9
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
22.3
49.0
27.3
18.5
16.8
326.4
4.2
.2
.2
.2
.2
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5
630.0
5
780.0
5950.0
6
1,100.0
1944—June 28.
July 26.
Aug. 30.
Sept. 27
Oct. 25
Nov. 29
Dec. 27
.2
.2
.2
.2
.2
.2
.2
1,150.0
1,150.0
1,200.0
1,200.0
1,200.0
1,200.0
6
1,250.0
.9
1.0
1.5
2.0
2.3
2.3
1.9
1945—Jan. 31
Feb. 28.
Mar. 28.
Apr. 25.
May 30.
.2
.2
2
.2
.2
1,250.0
1,250.0
1,250.0
1,250.0
4,300.0
1.5
1.7
1.5
1.3
1.2
5
Liabilities of banking department
Assets of banking department
Securities
Note
circulation 8
Deposits
Bankers'
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
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
217.7
199.8
201.9
221.5
203.8
207.0
260.7
12.5
7.7
14.4
9.8
6.2
11.6
5.2
55.6
55.4
56.2
55.3
54.1
55.3
52.3
17.9
17.9
18.0
18.1
17.7
17.8
17.8
215.1
207.8
218.9
229.6
212.4
11.6
18.1
8.9
8.5
14.8
57.8
60.5
57.0
50.5
50.7
17.9
18.0
18.1
17.7
17.8
3.5
2.5
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
19.4
13.4
54.2
45.7
35.9
10.7
11.6
1.2
4.7
6.2
4.3
8.8
5.1
5.1
282.2
261.7
228.4
252.6
234.9
273.5
317.4
1,130.9
1,136.8
1,146.0
1.154.6
1,164.4
1,189.5
1,238.6
30.6
33.1
14.5
15.0
30.6
6.6
8.5
18.6
20.1
9.6
263.6
261.1
268.4
269.9
254.3
1,219.6
1,217.1
1,235.8
1,235.2
1,269.6
17.5
9.2
28.5
4.3
4.0
6.4
Bank of Canada
Gold
Sterling
and United
States
dollars
Dominion and provincial government
securities
Deposits
Other
assets
Note
circulation7
Dominion
government
Other
99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
874.4
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
340.2
17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
20.5
.8
2.1
3.5
3.1
17.9
9.5
6.0
19.1
17.8
7.7
13.4
14.4
9.3
13.328.S
35.1
24.0
55.4:
39.9
24.4
26.9
22.1
58.6
29.3
34.3
920.5
942.4
960.4
982.8
1,012.5
1,007.8
1,036.0
414.7
414.9
432.5
454.8
454.3
437.2
401.7
8.2
43.0
53.9
21.9
76.9
10.8
12.9
22.0
22.3
34.3
33.3
32.4
20.4
27.7
54.3
31.9
37.9
33.8
43.8
212.9
209.1
28.0
29.0
33.2
49.7
42.0
1,020.6
1,028.6
1,048.7
1,062.3
1,055.8
413.1
397.6
422.0
448.9
464.8
23.2
27.9
18.7
39.5
33.6
36.0
37.2
52.7
50.8
32.4
212.1
195.1
203.4
204.2
235.1
Other
200.9
.5
.6
30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
787.6
83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
472.8
8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3
47.3
1944—June 30..
July 31..
Aug. 31..
Sept. 30.
Oct. 31.
Nov. 30..
Dec. 30.
.2
25.9
48.7
45.9
62.8
172.3
172.3
803.5
801.6
849.4
833.1
875.7
868.6
906.9
576.1
602.6
593.8
625.5
622.9
618.9
573.9
1945—Jan. 31..
Feb. 28..
Mar. 31..
Apr. 30..
May 31.
172.3
170.4
177.1
196.6
177.9
914.5
891.6
926.5
937.7
1,068.3
590.2
595.5
608.7
621.7
533.5
31..
31..
31..
31..
30..
31..
31..
31.,
31..
180.5
179.4
179.8
185.9
225.7
9
4.2
9.1
14.9
28.4
64.3
38.4
Other
liabilities'
Chartered
banks
Shorttermfi
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
6.6
7.7
Liabilities
Assets
(Figures in millions of
Canadian dollars)
Other
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
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
7.6
8.5
Public
Other
liabilities
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when
it was officially set at 168 shillings per fine ounce.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
4 Notes issued less amounts held in banking department.
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, awm,
l Av^wum., v,« iuai. ±, i?o?, about
5.5 million pounds (at current price) transferred from Exchange Account to Bank; on .,„., 12. 1939. 20 millionJr>ounds tra
July 12, 1939, millionJpounds transferred from Exchange Account
^ --_,
,
r
o
to Bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account.
6
Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds
on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6, 1944, and on May 8, 1945.
6 Securities maturing in two years or less.
7 Includes notes held by the chartered banks, which constitute an important part of their reserves.
8
Beginning November 1944, includes a certain amount of sterling and United States dollars.
9
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940,.
pp. 677-678).
NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and p p .
<644-645, respectively; for description of statistics see pp. 560-564 in same publication.
JULY 1945
709
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of France
(Figures in millions
of francs)
Advances to
Government
Domestic bills
Gold 1
Foreign
exchange
2
Open
market 2 Special
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. 31.
1942—Dec. 31.
1943—Dec. 30.
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
5
97,267
5
84,616
84,598
84,598
84,598
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
38
37
37
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
42,115
43,661
44,699
1944—Feb. 24.
Mar. 30.
Apr. 27.
May 25..
June 29.
July 13.
Dec. 286
84,598
84,598
84,598
84,598
84,598
84,598
75,151
37
37
37
37
37
37
42
45,018
44,359
44,706
44,232
46,241
45,851
47,288
1945—Jan. 25..
Feb.22 .
Mar. 29.
Apr. 26.
75,151
75,151
75,151
75,151
42
42
44
44
47,842
47,894
48,483
48,257
Other
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
For occupation
costs 3
Deposits
Other
assets
Other 2
Note
circulation
Government
661
12
169
29
3
19
12
72,317
142,507
210,965
326,973
8,469
8,349
7,718
6,611
6,045
4,856
18,592
351,000
351,000
367,300
383,600
409,200
409,200
426,000
60,500
69,800
66,800
67,600
71,500
70,850
15,850
20,598
21,570
21,437
21,143
21,160
23,799
7
35,221
514,323
530,174
539,058
551,969
576,909
584,820
572,510
749
786
793
795
750
729
748
426,000
426,000
426,000
426,000
7,700
17,550
20,900
7
45,435
7
37,903
7
42,093
7
562,416
568,900
580,123
580,944
C.A.R.4
Other
41,400
64,580
16,857
10,724
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
27,202
25,272
29,935
33,137
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
3,586
3,894
4,461
4,872
35,359
35,100
38,017
37,876
43,343
46,899
37,855
5,887
4,608
5,928
7,528
5,472
4,890
7,078
50,382
43,697
39,951
42,302
4,852
4,797
5,075
4,950
11,737
12,624
5,898
2,311
2,322
3,718
17,698
31,909
20,627
34,673
63,900
69,500
68,250
64,400
68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
218,383
270,144
382,774
500,386
26,360
23,473
16,601
14,967
1,379
652
1,797
2,345
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
3,196
778
775
756
43,634
2,862
2,089
3,461
5,061
1,914
984
1,517
770
578
13,905
9,063
8,811
9,652
12,309
1,853
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Reserves of gold and
foreign exchange
Total
reserves
1929—Dec 31.
1930—Dec. 31.
1931—Dec. 31.
1932—Dec. 31.
1933—Dec. 30.
1934—Dec. 31.
1935—Dec. 31.
1936—Dec. 31.
1937—Dec. 31.
1938—Dec. 31.
1939—Dec. 30.
1940—Dec. 31.
1941—Dec. 31.
1942—Dec. 31.
1943— Dec. 31 .
1944—Feb. 29 .
Mar. 31..
Apr. 29..
May 31 .
June 30..
July 3 1 . .
Aug. 31
Sept. 30..
Oct. 31.
Nov. 30..
Dec. 31 .
1945—Jan. 3lp..
Gold
2,687
2,685
2,283
2,216
984
1,156
920
396
84
88
72
76
76
78
78
77
76
77
77
77
77
77
77
77
77
77
77
77
77
806
386
79
82
66
71
71
71
71
71
71
71
Other
liabilities
Liabilities
Securities
Bills (and
checks),
including
Treasury
bills
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
39,269
40,379
40,909
42,159
42,150
43,222
45,829
50,821
53,954
56,939
63,497
26
46
38
28
26
38
42
47
46
62
112
64,625
Other
Other
assets
Note
circulation
259
445
349
221
106
557
804
32
107
87
1
92
102
161
398
322
319
315
303
286
298
393
357
283
210
65
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
2,311
1,664
2,337
1
1
1
1
1
1
1
67
70
69
1
66
33
31
23
27
21
20
25
24
21
45
60
Eligible
as note
cover
Deposits
Other
liabilities
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19,325
24,375
33,683
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
3,649
5,292
8,186
736
822
1,338
1,313
836
1,001
923
953
970
,091
,378
,396
,493
,680
2,360
2,281
2,525
2,096
2,397
2,396
2,275
2,510
2,351
2,795
2,351
33,508
33,792
34,569
35,229
35,920
36,888
38,579
42,301
44,704
46,870
50,102
6,636
7,237
7,179
7,240
6,754
6,813
7,480
9,088
9,603
10,829
13,535
,654
,788
1,833
1,915
2,004
2,054
2,185
2,160
2,216
2,264
2,445
2,082
51,207
13,566
2,351
p
1
Preliminary.
Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939,
p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
2
For explanation of this item, see BULLETIN for July 1940, p. 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million
francs were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
5
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from'Exchange Stabilization Fund to Bank of France;
in week ending Mar. 7, 1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
jj First official statement published since liberation.
of Belgium on Dec. 22.
respectively; for description of statistics see pp. 562-565 in same publication.
710
pp. 641-643 and pp. 645-647,
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1944
May
Apr.
May
Mar.
date of month)
Central Bank of the Argentine Re-
public (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
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling. . ..
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
National Bank of Belgium (million J
of belgas) :1
Gold*
Foreign exchange
Loans to Government
Other loans and discounts
Claim against Bank of Issue
Other assets
Note circulation
Demand deposits
Blocked Treasury account2 3
Notes and blocked accounts
Other liabilities
National Bank of Bohemia and
Moravia (millions of koruny):
Gold
Foreign exchange
Discounts
Loans
Other assets
Note circulation
Demand deposits
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 Bulgaria 5
Central Bank of Chile (millions
of pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts.
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities
1,242
2,722
882
1,242
2,638
888
1,173
2,229
889
142
2,455
1,652
445
120
137
2,391
1,361
638
201
162
2,032
1,253
642
122
139
177
139
176
235
168
50,856 50,856 48,043
143,912 149,380 144,867
19,511
136,023
22,208
268,944
198,465
186,244
19,662
144,214
23,951
273,179
218,671
191,744
6,265
554
7,920
106
12,918
410
10,569
1,065
2,099
14,235
205
6,265
56:
7,446
134
12,918
399
10,255
827
2,099
14,347
203
(Nov. 4
1944)
1,51
80C
3,793
10,285
103,220
23,745
235,559
179,823
184,512
1,515
775
2,767
55,02 '38,'348
32,70^ 25,740
13,94
8,512
14,49:
9,153
1944
1945
Central Bank
May
Apr.
Mar*.
May
Dec.
National Bank of Denmark (millions
of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account 6 ... ,
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador (thousands
of sucres):
Gold..
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits.
Other liabilities
1944)4
97
22
2,762
55
95
85
4,389
1,658
2,327
3,009
512
(Feb.)*
97
22
2,338
27
76
85
3,268
1,486
1,553
2,453
421
288,648
148,701
94,635
99,196
305,782
298,978
26,420
249,675
72,678
84,770
111,276
227,445
235,788
55,166
6,241
17,185
4,140
6,241
14,489
2,199
277,571
26,926
120,423
72,933
125,370
13,33
234,105
12,886
98,088
62,745
95,975
13,113
National Bank of Egypt7 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities..
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange .
Loans and discounts
Government debt and securities..
Other assets
Note circulation
Deposits
Other liabilities
Bank of Finland55
Bank of Greece
National Bank of Hungary (million
of pengo):
33,165
38,880
896
5,05
1,53
46,98
25,62
6,92
33,18
37,69
53
4,93
1,48
48,40
22,61
6,81
32,711
36,698
713
6,341
1,269
43,314
28,240
6,178
(Nov.
1944)4
10
100
5
Foreign exchange reserve
11,97
4,556
Discounts
51
544579
Loans—To Treasury
64.
64:
#
363
52,
1,07
926
To foreign countries
38.
2
295
Other ..
35'
33<
' 1,08
1,367
630
Other assets
63
63
10,67
5,134
41
4
Note circulation
4
2,71
989
82
Demand deposits
9:
8
1,160
Consolidated foreign credits of
1,28!
1,274
1
12
744
1931
87.
734
1,35
1,365
Other liabilities
86
12.
115
Reserve Bank of India (millions of
rupees):
Issue department:
273
44
444
444
27;
Gold at home and abroad
39
9,98
9,78
8,048
29;
Sterling securities
719
57
57
583
71(
Indian Govt. securities
1,073
96:
17
14
137
Rupee coin
1,112
11,07
10,84
9,103
1,26:
Note circulation
2,373
Banking department:
2,58;
406
11
c
110
421
Notes of issue department
143
3,96
3,85
1,888
171
Balances abroad
6
12
294
Treasury bills discounted
33C
1
Loans to Government
Bank of the Republic of Colombi:
26
153
Other assets
(thousands of pesos):
4 1(
3,92
1,906
175,359 172,47 169,34: 144,058
Deposits
Gold
'30
29
259
Other liabilities
96,042 99,35! 102,5" 1 0 7 , " " •
Foreign exchange
2,396 Central Bank of Ireland (thousands
19,903 19,53' 40,18
Loans and discounts
70,544 70,57! 66,67( 56,665
of pounds):
Government loans and securities..
2,64
2 6L
2 6l
2,646
30,62( 30,783
30,776 31,
Gold
Other assets
30?, 26
30^22
25,527
29,99
Sterling funds
172,136 169,91i 172,40/ 129,010
Note circulation
32,91
28,173
32,86
32,63
Note circulation
155,399 148,05 149,84( 145,830
Deposits
5
65,089 75,10: 87,15C 66,946 Bank of Japan
Other liabilities
Bank of Java 5
1
First official statement published since liberation was that for Jan. 11, 1945.
.
2 Gold revalued provisionally at 49.318 francs per gram. The resulting increment is held for the account of the Treasury and is shown on the liabilities,
side 3under "Blocked Treasury account."
Includes current accounts transferred and to be transferred to blocked accounts and old notes not declared.
¥
4
Latest month for which report is available for this institution.
s For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BULLETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java (January 1942), see
BULLETIN for March 1943, p. 278.
6
7
Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942.
Items for issue and banking departments consolidated.
JULY 1945
711
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1944
1945
May
Bank of Mexico (millions of pesos):
671
Metallic reserve1
"Authorized" holdings of securi1, 707
ties, etc
404
Sills and discounts
64
Other assets
1, 408
Note circulation
1, 274
Demand liabilities
..
163
Other liabilities
Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin)..
Foreign bills
Discounts
Loans
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Reserve Bank of New Zealand (thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
..
Other liabilities
Bank of Norway3
Bank of Paraguay—Monetary Dept.
(thousands of guaranies):4
Gold
3, 324
22, 319
Foreign exchange
Loans and discounts
8, 638
Government loans and securities... 10 634
312
Other assets
28 607
Note circulation
•
14 865
Demand deposits
1 755
Other liabilities
Central Reserve Bank of Peru (thousands of soles): #
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of escudos):
Golds
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of Rumania 3
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets..
Note circulation
Deposits
Other liabilities
Bank of Spain (millions of pesetas):
Gold
Silver
.•;••••
Government loans and securities . .
Other loans and discounts
Other assets
Apr.
Mar.
May
659
642
514
1, 647
406
87
1, 390
1, 245
164
1,608
405
69
1,395
1,174
155
1, 370
256
71
1 192
865
155
(Oct.
1944)2
932
4,404
3
136
96
4,879
149
320
223
932
4
iii
134
86
4 186
104
788
186
2, 802
51, 436
2,802
47,535
2, 802
30 687
30, 004
14, 325
1 315
40 299
55 612
3 970
29,598
13,257
1,750
40^154
49,993
4,795
43
11
2
37
50
3
3
22
5
10
1
28
12
1
3,329
22,194
3,787
10,673
1,256
26,895
12,744
1,600
326
299
110
658
306
023
944
732
127,667
21,579
498,284
22*888
422,617
218*566
29', 233
173
1
398
22
372
198
24
132
734
397
031
433
287
358
103
961
461
126
812
945
(June2
1944)
1,412
4,871
9,010
236
1,023
910
6,946
9,577
940
103
29
3
92
59
164
4
228
921
642
431
865
854
504
1 411
4 752
8 881
240
1 023
925
6 885
9 428
919
102,956 89 891
32^349 21 598
2 on
3^012
94,465 85 140
60,255 51 027
166^436 142 760
6,091
4 854
(Feb.)2
1,166
102
'609
621
15,983 15 ,966
3,387
2 ,768
1,747
2 ,158
May
Bank of Spain—Continued
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Sweden (millions of kronor):
1 035
Gold
601
Foreign assets (net)
Swedish Govt. securities and ad6
vances to National Debt Office . 1 133
35
Other domestic bills and advances.
1 031
Other assets
2 368
Note circulation
761
Demand deposits—Government....
77
Other
629
Other liabilities
Swiss National Bank (millions of
francs):
4 783
Gold
103
Foreign exchange
348
Loans and discounts
7
)
Other assets
3 532
Note circulation
1 494
Other sight liabilities
7
)
Other liabilities
Central Bank of the Republic of
Turkey (thousands of pounds):
Gold
Foreign exchange and foreign
clearings
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Gold
Other
Other liabilities
Bank, of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
Note circulation
Banking department:
Gold and silver
Notes and coin
Advances to State and to government bodies
Other loans and discounts
Other assets
Deposits
Other liabilities
Central Bank of Venezuela (thousands of bolivares):
392 758
Golds
99 264
Foreign exchange (net)
20 310
Credits to national banks
21 160
Other assets
Note circulation—Central Bank.... 320 577
National banks.. 14 970
Deposits
189 281
Other liabilities
8 665
National Bank of the Kingdom of
Yugoslavia 3
Bank for International Settlements
(thousands of Swiss gold francs):9
Gold in bars
Cash on hand and on current account with ViFinlc^
Sight funds a t 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
Luuii L
v 1 . . ua,ixrk.j
v 11
1
. ,
1944
1945
Central Bank
(Figures as of last report
date of month)
. .
April
Mar.
May
(Feb.)*
17,298
1,698
3,407
488
16,037
2,450
3,634
494
1, 040
604
1,046
575
949
564
1, 140
27
1, 048
2, 388
613
195
663
1,189
24
1,050
2,402
576
236
669
1,087
74
955
2,157
532
307
632
4, 771
102
339
83
3, 558
1, 447
291
4,639
112
351
81
3,564
1,333
286
4,372
93
68
151
2,945
1,449
291
281,200
238,620
93,976
807,981
175,667
25,792
974,032
85,586
146,015
178,982
105,169
754,948
194,914
19,594
900,617
85,139
144,123
183,365
122, 751
158, 091
118,693
133,625
146, 827
23, 911
r
12, 307
92, 364
307] 196
266, 154
316,' 452
392, 758
85, 213
20, 310
21, 038
316, 042
15' 459
180 838
6 980
95,858
44,011
13,814
99,770
217,375
282^450
349,741
94,573
20,310
20,072
309,522
15^619
136,603
22^952
(Jan.) 2
338,108
32,733
26,370
29,444
266,971
23^318
128,469
114,039
118,873
44,913
12,818
18 180
6,945
77 361
8^856
199,331
98
19 56C
104 870
21,'075
197,306
366
28 579
6,599
2,128
7,600
2,798
229,001
200,128
229,001
199,636
' Revised.
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
Latest month for which report is available for this institution.
For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942 p 282- and
of Rumania (June 1944), see BULLETIN for March 1945, p. 286.
4
The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is divided into
a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes central banking functions, was issued for the end of December 1944.
5
Valued at average cost beginning October 1940.
6
Includes small amount of non-Government bonds.
7
Figure not available.
8
Beginning October 1944, gold in the amount of 70 million bolivares, formerly reported in the Bank's account, shown separately for account of the
Government.
9
1
2
3
See BULLETIN for December 1936, p. 1025.
7
iz
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum ]
Central bank of—
Date effective
In effect Dec. 31,
1936
Jan. 28, 1937
June 15
July 7
Aug. 4
Sept. 3
Nov. 13
May 10, 1938
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4,1939
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940
Apr. 9
May 17
Mar. 17, 1941
May 29
June 27
Jan. 16, 1945
Tan. 20
Feb. 9
In effect June 30,
1945
United
GerKing- France many
dom
2
4
6
5
4
2
3
Netherlands
Belgium
2
4
•
•
-
Sweden
Switzerland
2
•
•
iK
Date
effective
Rate
June
30
Central
bank of—
Mar. 21, 1940
Mar. 1, 1936
Jan 16, 1945
Albania
Argentina
Belgium
Bohemia and
Moravia
Oct.
Italy
•: 4
Japan
3.29
Java
3
Latvia
5
1, 1940 Lithuania. .. 6
Date
effective
Sept. 11, 1944
Apr. 7, 1936
Jan. 14, 1937
Feb. 17, 1940
July 15, 1939
•
Nov. 8, 1940
Bolivia
6
Nov. 28, 1935
British India..
3
Dec. 1, 1940
Bulgaria
5
Feb. 8, 1944
Canada
Chile
3-434 Dec. 16, 1936
July 18, 1933
Colombia
4
"3
"3 " "
•4'
Rate
June
30
Central
bank of—
• "
Mexico
Netherlands.
New Zealand 1*J
Norway
Peru
5
P o r t u g a l . . . . 2Y2
June
June
July
May
Aug.
Jan.
4, 1942
27 1941
26, 1941
13, 1940
1, 1940
12, 1944
May
June
Dec.
Feb.
Nov.
8, 1944
2, 1941
1, 1938
9,1945
26, 1936
1, 1938
3
•4" "
4
7
3
Denmark
Ecuador
El Salvador...
Estonia
Finland
3
"3 "
2
"3"
4
"2""
"ik"
France
Germany
Greece
Hungary
Ireland
"3
"iK"
' 2K"
2
2
3
Oct.
May
Mar.
Oct.
Dec.
16,
26,
30,
1,
3,
1940
1938
1939
1935
1934
Rumania....
South Africa
Spain
Sweden
Switzerland.
4
3
4
2H
Jan.
Apr.
Dec.
Oct.
Nov.
20,
9,
1,
22,
23,
1945
1940
1944
1940
1943
Turkey
United Kingdom
U . S . S. R . . .
Yugoslavia. .
4
July
2
4
5
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
NOTE.—Changes since May 31: none.
lYi
OPEN-MARKET RATES
[ Per cent per annum ]
Gem lany
United Kingdom
Month
Bankers'
acceptances
3 months
Treasury
bills
3 months
1929—Apr
1930—Apr
1931—Apr
1932—Apr
1933—Apr
1934—Apr
1935—Apr
1936—Apr
1937—Apr
1938—Apr
1939—Apr
1940—Apr
1941—Apr
1942—Apr
1943—Apr
1944—Apr
5.21
2.48
2.58
2.19
5.18
2.49
2.57
2.07
1.40
1.03
1.03
1.03
L.03
L.03
1.36
1.03
1.01
1.01
1.01
1.01
1.00
1.00
1.00
1.03
1.13
1944—May
June
July
Aug
Sept
Oct
Nov
.03
.03
.03
1.00
1.00
1.00
1.00
1.01
1.00
1.00
1.00
1.01
1.00
1.00
1.01
1.13
1.13
1.13
1.13
1.13
1.10
1.00
1.02
1.00
1.00
1.00
1.00
Dec
1945—-Jan.
Feb
Mar
Apr...
.59
.96
.59
.55
.55
.53
L.03
1.03
l"03
1.03
1.03
1.03
1.03
1.03
1.03
.50
.89
.51
.52
.53
.51
Bankers'
Day-to-day allowance
money
on deposits
4.43
2.28
2.17
1.91
.61
.88
.75
.75
.75
.75
.76
3^
IK
l
1J4-1
K
Yi
K
Yi
Vi
Vi
Yi
Yi
Yi
Yi
K
y.
Yi
B
K
K
K
Yi
K
K
K
Yi
Netherlands
Sweden
Switzerland
Private
discount
rate
Day-to-day
money
Private
discount
rate
Money
for
1 month
Loans
up to 3
months
Private
discount
rate
6.63
4.46
4.65
5.12
3.88
3.88
3.38
3.00
2.90
2.88
2.88
2.38
2.25
2.13
2.13
2.13
6.85
4.40
5.67
6.17
5.05
4.76
3.64
2.83
2.55
3.04
2.36
1.90
1.67
1.96
1.81
1.91
5.36
2.52
1.50
1.02
5.81
3.08
1.61
4H-6K
2.07
3.65
1.07
1.00
1.85
3.26
1.27
1.00
1.11
1.68
2.06
1.24
2.75
2.75
3.45
2.61
1.06
1.50
1.50
1.50
1.80
2.25
1.00
1.00
1.00
1.25
1.25
1.25
1.25
1,25
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
1.90
1.92
3 .90
1.89
1.93
.94
.66
.19
.13
.50
SY2-5Y2
3-5
5-7
334-5^2
2^-5
lYr^K
2^-5
2^-5
2^-5
2^-5
3-5
SK-SK
3-5 Yl
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. 656-661, and for description of statistics see pp. 571-572 in same publication.
JULY 1945
713
COMMERCIAL BANKS
(11 London clearing banks.
Figures in millions of
pounds sterling)
Liabilities
Assets
United Kingdom 1
Cash
reserves
Money at
Treasury
call and Bills dis- deposit Securities Loans to
customers
counted receipts 2
short
notice
Deposits
Other
assets
Total
Demand
Time
Other
liabilities
1938—December.
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
243
274
324
366
390
422
160
174
159
141
142
151
250
334
265
171
198
133
314
758
896
1,307
635
609
771
999
1,120
1,154
971
1,015
924
823
794
761
263
290
293
324
325
349
2,254
2,441
2,800
3,329
3,629
4,032
1,256
1,398
1,770
2,168
2,429
2,712
997
1,043
1,030
1,161
1,200
1,319
269
256
250
253
236
245
1944—May
June
July
August —
September
October...
November
December.
418
427
426
439
443
453
460
500
173
185
188
205
191
191
205
199
174
202
213
211
209
170
198
147
1,310
1,246
1,310
1,337
1,444
1,567
1,548
1,667
1,161
1,169
1,175
1,180
1,183
1,172
1,192
1,165
765
784
765
750
744
744
748
772
292
327
289
283
282
291
292
347
4,051
4,100
4,121
4,161
4,251
4,342
4,398
4,545
2,704
2,730
2,744
2,775
2,827
2,876
2,922
3,045
1,347
1,370
1,377
1,386
1,424
1,467
1,475
1,500
242
240
244
243
244
245
245
250
1945—January...
February..
March
April
460
455
464
472
198
188
180
180
159
140
149
109
1,663
1,639
1,681
1,821
1,165
1,160
1,153
1,140
765
769
780
749
301
305
299
300
4,462
4,405
4,459
4,525
2,968
2,904
2,944
2,994
1,495
1,501
1,516
1,530
248
250
246
245
Liabilities
Assets
Canada
(10 chartered banks. m End of
month figures in millions
of Canadian dollars)
Security
Entirely in Canada
Cash
reserves
Security
loans
Other
loans
and discounts
abroad
and net Securities
due from
foreign
banks
Other
assets
Note
circulation
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
1944—May
June
July
August....
September
October...
November.
December.
525
526
545
569
575
597
586
550
81
71
63
61
56
56
81
92
1,175
1,104
1,063
1,002
976
992
1,275
1,211
275
294
218
215
224
236
236
214
3,374
3,358
3,388
3,368
3,450
3,622
3,577
3,611
712
856
755
755
761
757
774
782
1945—January...
February..
March
April
567
539
544
598
95
80
78
82
1,156
1,125
1,094
1,047
244
254
219
269
3,571
3,624
3,606
3,799
731
717
708
750
85
80
71
60
42
37
36
35
41
35
34
34
32
31
31
30
Demand
2,500
2,774
2,805
3,105
3,657
4,395
840
1,033
1,163
1,436
1,984
2,447
660
741
641
669
,673
,948
843
963
846
962
1,049
1,172
4,850
4,836
4,716
4,667
4,726
4,957
5,221
5,137
2,756
2,641
2,451
2,297
2,262
2,468
2,877
2,714
2,094
2,195
2,265
2,370
2,464
2,489
2,343
2,423
1,256
1,339
1,282
1,268
3
1,282
1,269
1,273
1,289
5,049
5,021
4,938
5,210
2,525
2,390
2,214
2,475
2,524
2,631
2,725
2,735
1,283
1,287
1,280
1,306
Assets
France
Other
liabilities
Total
1938—December.
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
(4 large banks. End of month
figures in millions
of francs)
Deposits payable in Canada
excluding interbank deposits
Time
Liabilities
Other
assets
Deposits
Time
Own
acceptances
Other
liabilities
33,042
41,872
61,270
75,764
91,225
537
571
762
912
324
721
844
558
413
462
4,484
4,609
4,813
5,187
6,422
96,431
99,152
103,272
102,047
103,596
102,602
104,830
108,368
107,200
112,732
95,783
98,419
102,437
101,118
102,578
101,525
103,657
107,100
105,811
111,191
648
733
836
929
1,017
1,078
1,173
1,268
1,390
1,541
426
387
397
383
321
347
341
411
404
428
5,205
5,461
5,563
5,716
6,730
6,859
6,987
7,182
7,326
7,506
110,485
108,883
1,601
419
6,168
Cash
reserves
Due from
banks
Bills discounted
1938—December.
1939—December
1940—December.
1941—December.
1942—December.
3,756
4,599
6,418
6,589
7,810
4,060
3,765
3,863
3,476
3,458
21,435
29,546
46,546
61,897
73,917
7,592
7,546
8,346
8,280
10,625
1,940
2,440
2,229
2,033
2,622
33,578
42,443
62,032
76,675
91,549
1943—March....
April
May
June
July
August
September
October...
November.
December.
6,813
6,720
7,132
6,632
6,770
6,486
6,935
7,133
7,203
8,548
3,803
3,665
3,750
3,851
3,795
3,786
3,832
3,877
3,960
4,095
74,664
77,922
81,620
80,276
83,362
82,685
85,079
88,289
86,754
90,897
15,245
15,043
14,980
15,518
14,696
14,644
14,084
14,215
14,361
14,191
1,536
1,650
1,750
1,869
2,024
2,206
2,228
2,448
2,653
2,935
1944—January...
7,510
4,125
90,024
13,737
1,676
Loans
Total
Demand
* 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 month2
Represent six-month loans to the Treasury at V/% per cent, callable by the banks in emergency at a discount equal to the Bank of England rate.
3
Due to changes in reporting procedure, the figure for "Note circulation" includes a small amount of interbank note holdings while these holdings are
now omitted from "Other liabilities
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for description of
statistics see pp. 566-571 in same publication.
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Year or month
Argentina
ipeso)
Official
Special
Export
Australia
(pound)
Official
1937
1938
1939
1940
1941
1942
1943
1944
32.959
32.597
30.850
29.773
29.773
29.773
29.773
29.773
223!704*
23.704
24.732
25.125
2322!80"
322.80
322.80
322.80
322.80
1944—June
July
Aug
Sept.
Oct
Nov.
Dec
1945—Jan
Feb
Mar
Apr
May
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
Free
Belgium
(belga)
Colom- Czecho- Denbia slovakia mark
(peso) koruna) (krone)
1937
1938
1939
1940
1941
1942
1943
1944.
56.726
55.953
57.061
57.085
57.004
57.052
57 265
57 272
1944—June
July
Aug
Sept
Oct
Nov,
Dec
1945—j an>
393.94
389.55
353.38
305.16
321.27
321.50
2
321.50
16.876
16.894
16.852
2
16.880
Official
6.1983
5!l248"
5.0214
5.0705
5.1427
5.1280
5.1469
37.326
36.592
33.279
30.155
30.137
30.122
30.122
30.122
5.1275
5.1275
5.1529
5.1803
5.1803
5.1803
5.1803
5.1803
5.1803
5.1802
5.1802
5.1802
Canada (dollar)
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
2
1.2846
1.2424
1.2111
Official
Free
Official
Export
5.1697
5.1716
5 1727
5.1668
2
5.1664
2
290.909
90.909
90.909
90.909
90.909
100.004
99.419
96.018
85.141
87.345
88.379
89.978
89.853
Japan
(yen)
28.791
28.451
25.963
23.436
2
23.439
(pengo)
Italy
(lira)
2.1811
2.1567
1.9948
1.8710
2
2.0l01
19.779
19.727
19.238
18.475
2
19.770
5.2607
5.2605
5.1959
5.0407
2
5.0703
Hun-
..
Feb
Mar.
Apr.
May
Year or month
1937
1938
1939
1940
1941
1942
1943
1944
40.204
40.164
40.061
40.021
2
39.968
.9055
.8958
.8153
2
.6715
30.694
30.457
27.454
22.958
2
24.592
24.840
24.566
23.226
2
22.709
1944—June
July
Aug
Sept
Oct
Nov.
Dec
1945—Jan
Feb
Mar
Apr.
May
4.0000
4.0000
4.0000
4.0000
2
4.0000
2
18.923
18.860
18.835
4.4792
4.4267
4.0375
3.7110
2
4 0023
2
.7294
.7325
.7111
.6896
489.62
484.16
440.17
397.99
398.00
398.00
398 00
398.00
398.00
398.00
398 00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
6.053
5.600
10.630
9.322
29.130
57.973
56.917
51.736
46.979
47.133
2
46.919
25.487
25.197
23.991
23.802
2
23.829
22.938
22.871
22.525
22.676
2
23.210
(yuan
Shanghai)
United Kingdom
(pound)
Official
Free
27.750
22.122
19.303
18.546
20.538
20.569
20.577
20 581
55.045
55.009
53.335
2
53.128
Controlled
79.072
64.370
62.011
65.830
65.830
65.830
65.830
65.830
403.50
403.50
403.50
403 50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
396.91
392.35
354.82
306.38
322.54
322.78
324.20
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
Uruguay
(peso)
494.40
488.94
443.54
403!50* 383.00
403.50
403.18
403.50 2 403.50
403.50
403.50
403.50
2
29.606
21.360
11.879
6.000
2
5.313
Neth- New
Mexico erlands Zea(peso) (guild- land
er)
(pound]
20 582
20.576
20.580
20.581
20 582
20.582
20.582
20.582
20 582
20.582
20.582
20.582
Straits
South
Norway Poland Portu- R u m a - Africa Spain Settle- Sweden Switzerland
nia
gal
(krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc)
(dollar)
China
90.403
90.178
90.003
89.356
89.736
89.836
89.747
89.968
90.553
90.295
90.506
90.753
FinGerland France many Greece Hong
Kong
(mark- (franc) (reichs- (drach- (dollar)
ma)
ka)
mark)
4.0460
2.8781
2.5103
2
2.0827
Chile (peso)
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
Free
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
6.0586
6.0594
Bulgaria
(lev)
57 277
57 277
57.277
57 277
57.277
57.272
57.220
57.180
57 140
57.036
56.980
56.980
3.4930
3.4674
3.4252
2
22.069
21.825
20.346
2
19.308
British
India
(rupee)
6.0587
6.0598
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
Year or month
Brazil
(cruzeiro1)
Noncontrolled
2
Yugoslavia
(dinar)
2.3060
2.3115
36i789" 2.2716
37.601 2 2.2463
43.380 2.2397
52.723
52.855
53.506
52.962
53.421
54.200
54.185
54.185
54.189
54.196
54.197
54.197
54.197
54.253
54.265
1
2
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.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see p >. 572-573 in same publicai'ebruary 1943, p . 201, and
tion, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for '.
February 1944, p . 209.
JULY 1945
715
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES
[Index numbers]
Year or month
United
States
United
Kingdom
Canada
France
Germany
Japan
(October
(1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) (1900 = 100)
1926...
100
100
i 124
695
134
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
427
398
376
338
411
581
653
2
681
97
93
98
102
104
106
106
107
110
112
114
116
104
104
104
104
104
104
104
105
105
105
105
106
106
103
103
103
102
102
102
102
103
103
103
103
103
^103
166
166
167
168
167
167
167
167
167
167
168
168
168
Italy
...
1944—May
June
July
August
September
October
November
December
1945—January
February
March...
April
May.
Netherlands
(1926-30
= 100)
Switzerland
(July 1914
= 100)
(1935 = 100)
Sweden
237
106
U26
144
161
180
178
186
198
238
251
278
311
329
70
63
62
68
76
89
95
99
116
132
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
p
223
197
197
198
197
196
195
195
195
195
195
195
196
196
223
223
224
224
223
*>223
p
222
p
412
^417
118
118
119
118
118
118
118
p
221
p
Preliminary.
1 Approximate figure, derived from old index (1913=100).
2 Average based on figures for 8 months; no data available since August 1939, when figure was 674.
3 Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources— See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES-GROUPS OF COMMODITIES
[Indexs for groups included in total index above]
United States
(1926=100)
Year or month
Other
Farm
commod- products
ities
Germany
(1913 = 100)
United Kingdom
(1930=100)
Canada
(1926=100)
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Farm
products
Foods
1926
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
1944—May
June
July
August... .
September
October...
November
December.
1945—January...
February..
March
April
May
123
125
124
123
123
123
124
126
126
127
127
129
130
105
107
106
105
104
104
105
106
105
105
105
106
107
99
99
99
99
99
99
99
99
99
99
99
99
99
102
102
102
101
101
103
103
103
104
105
105
105
104
104
104
104
103
103
103
104
104
105
105
105
94
94
93
94
94
94
94
94
94
94
94
94
Industrial
products
100
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Foods
IndusIndusAgricul- trial raw trial fintural
and semi- ished
products finished products
products
129
130
150
83
85
87
92
102
97
97
133
146
158
160
158
85
87
90
90
96
112
104
106
138
156
160
164
170
91
87
,96
102
105
105
106
108
111
112
115
119
89
88
91
92
94
96
94
95
99
100
102
102
118
113
116
119
121
125
126
126
129
133
134
135
158
158
161
159
157
156
156
157
156
157
156
156
156
170
170
170
172
172
172
173
173
173
173
174
174
175
122
122
125
124
122
122
122
103
102
102
102
102
103
103
136
136
136
136
137
137
137
p
Preliminary.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
716
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
United
Ger- Nether- SwitzCanKingerland
States
ada
dom
many lands (June
(1935-39 (1935-39 (July (1913-14 (1911-13 1914
1914
= 100)
= 100)
= 100) = 100)
= 100)
= 100)
United
Year or month
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—May.
June.
July
August
September.
October.. .
November
December
1945—January.. ..
February..
March
April
136
136
137
138
137
136
137
137
137
137
136
137
139
132
131
132
132
131
131
132
168
168
169
170
169
138
139
146
143
137
136
136
May
|
130
130
131
131
P\3\
P132
! 168
168
168
168
168
168
168
168
United
Year or m o n t h
Can-
States
ada
(1935-39 (1935-39
= 100)
= 100)
United
King- Ger- Nether- Switzmany lands erland
dom
(June
(July
1914
= 100)
(1913-14 (1911-13
= 100)
= 100)
115
114
120
130
130
132
146
175
200
211
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
216
217
216
215
124
118
120
127
130
130
2140
1944—May.
Tune
July
August
September.
October
November .
December.
1945—January.
February
March.
April.
May.
125
125
126
126
127
127
127
127
127
127
127
127
128
119
119
119
119
119
119
119
119
119
119
119
2>119
p
119
200
200
201
202
202
201
201
201
202
202
202
202
203
141
142
146
144
141
140
141
P215
P216
^216
P216
140
136
132
137
139
140
3148
X
.
i
1914
= 100)
129
128
130
137
137
138
151
174
193
203
P208
208
208
209
208
208
p
208
p
208
^208
?209
*>209
P209
P209
*>210
p
1
2
3
Preliminary.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Average based on figures for 3 months; no data available since March 1940, when figure was 141.
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[ Index numbers except as otherwise specified]
Bonds
United
States
(derived
price) 1
United
Kingdom
(December
1921 = 100)
Number of i ssues...
15
87
1926...
90.1
110.0
57.4
105.5
109.5
l
110.2
111.1
113.8
115.9
117.8
118.3
120.3
120.9
127.5
129.9
131.2
124.6
121.3
112.3
118.3
123.8
127.8
127.8
127.5
82.1
83.5
76.3
75.1
77.3
83.9
6
84.7
P98.7
6
100.1
120.9
120.9
121.3
121.2
121.2
121.1
120.9
121.4
121.6
121.9
122.7
122.9
122.3
127.0
127.2
127.3
127.2
127.6
127.9
127.9
128.1
128.5
128.7
128.7
129.3
128.1
Common stocks
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1944—May.
June .
July.
August
September
October....
November.
December
1945—January
February
March
April
May
Germany
France
(average
(1913 = 100)
price) 2
36
2
Netherlands3
United
States
(1935-39
= 100)
(1926 = 100)
United
Kingdom
France
Netherlands
Germany (1930 = 100)
90.7
95.1
95.8
98.7
99.9
99.0
100.7
103.0
6
103.3
5
8
113.4
107.8
109.1
3
101.8
105.9
90.9
7
77.9
84.3
94.7
98.5
278
300
(4)
105.6
139
100.0
100.0
100.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80.0
69.4
91.9
99.8
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
75.3
84.5
88.6
83.3
79.7
77.2
97.4
89.7
98.3
6
120.6
9
289.7
p
476
71.1
82.9
91.6
102.6
100.1
94.1
114.6
136.8
142.1
145.0
97.2
101.5
104.3
102.7
100.7
103.5
102.7
104.7
108.4
113.0
111.8
114.4
118.2
88.0
89.3
90.3
90.6
88.8
89.1
90.1
90.1
91.0
90.6
91.1
92.0
92.8
402
100
55
55
66
104.2
95.8
89.7
8
95.0
129.0
131.5
151.0
145.8
145.7
145.5
145.1
145.0
145.2
145.2
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
for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for
both series. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States
see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p . 479.
2
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4 ^ per cent. The series prior to that
date3 is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
# >
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index beginning
January 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent.
4
This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was down to 287.
5
6
Average Apr .-Dec. only. Average Jan.-Mar. on old basis was 95.9.
Average based on figures for 5 months; no data available June-Dec.
7
8
Average based on figures for 7 months; no data available May-Sept.
Average based on figures for 9 months; no data available May-July.
9
Average based on figures for 10 months; no data available 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.
JULY 1945
717
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
JOHN K. M C K E E
RONALD RANSOM,
Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
ELLIOTT THURSTON, Assistant to the Chairman
CHESTER MORRILL, Special Adviser to the Board of Governors
OFFICE OF T H E SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
LEGAL DIVISION
WALTER WYATT, General Counsel
GEORGE B. VEST, General Attorney
DIVISION OF SECURITY LOANS
CARL E. PARRY, Director
BONNAR BROWN, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
ROBERT F . LEONARD, Director
J. LEONARD TOWNSEND, Assistant General Attorney
DIVISION OF RESEARCH AND STATISTICS
E. A. GOLDENWEISER, Economic Adviser
WOODLIEF THOMAS, Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P . BETHEA, Director
FRED A. NELSON, Assistant Director
HOWARD S. ELLIS, Assistant Director
DIVISION OF EXAMINATIONS
OFFICE OF ADMINISTRATOR FOR WAR LOANS
LEO H. PAULGER, Director
EDWARD L. SMEAD, Administrator
C. E. CAGLE, Assistant Director
GARDNER L. BOOTHE, II, Assistant Administrator
WILLIAM B. POLLARD, Assistant Director
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
RAY M. GIDNEY
R. R. GILBERT
H. G. LEEDY
JOHN K. M C K E E
RONALD RANSOM
M. S. SZYMCZAK
ALFRED H. WILLIAMS
FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, J R . , BOSTON DISTRICT
Vice President
CHESTER MORRILL, Secretary
N E W YORK DISTRICT
WILLIAM F. KURTZ,
PHILADELPHIA DISTRICT
JOHN H. MCCOY,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
KEEHN W. BERRY,
ATLANTA DISTRICT
EDWARD E. BROWN,
S. R. CARPENTER, Assistant Secretary
JOHN C. TRAPHAGEN,
CHICAGO DISTRICT
President
RALPH C. GEETORD,
ST. LOUIS DISTRICT
JULIAN B. BAIRD,
MINNEAPOLIS DISTRICT
L. MERLE HOSTETLER, Associate Economist
A. E. BRADSHAW,
KANSAS CITY DISTRICT
W. H. IRONS, Associate Economist
C. A. SLENKEEWICZ, Associate Economist
ED. H. WINTON,
DALLAS DISTRICT
WOODLIE* THOMAS, Associate Economist
JOHN H. WILLIAMS, Associate Economist
GEORGE M. WALLACE, SAN FRANCISCO DISTRICT
WALTER WYATT, General Counsel
GEORGE B. VEST, Assistant General Counsel
E. A. GOLDENWEISER, Economist
C. O. HARDY, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Chairman1
Deputy Chairman
Federal Reserve
Bank of
President
First Vice President
Vice Presidents
Ralph E. Flanders
William Willctt
Allan Sproul
L. R. Rounds
E. G. Hult
J. C. Hunter*
Carl B. Pitman
O. A. Schlaikjer
J. W. Jones
L. W. Knokc
Walter S. Logan
A. Phelan
J. M. Rice
H. V. Roclse
Robert G. Rouse
John H. Williams
V. Willis
R. B. Wiltse
Alfred H. Williams
Frank J. Drinncn
W. J. Davis
E. C. Hill
C. A. Mcllhcnny*
C. A. Sienkiewicz
Ray M. Gidncy
Reuben B. Hays
Wm. H. Fletcher
J. W. Kossin 8
A. H. Laning
B. J. Lazar
W. F. Taylor
Robert Lassiter
W. G. Wysor
Frank H. Neely
J. F. Porter
Hugh Leach
J. S. Walden, Jr.
J. G. Fry
Geor H. Keesce2
R. W. Mercer
Edw. A. Wayne
W. S. McLarin, Jr.
Malcolm H. Bryan
V. K. Bowman
L. M. Clark
H. F. Conniff
S. P. Schuessler
Chicago
Simeon E. Leland
W. W. Waymack
C. S. Young
H. P. Preston
Allan M. Black*
Neil B. Dawcs
J. H. Dillard
Charles B. Dunn
E. C. Harris
John K. Langum
O. J. Netterstrom
A. L. Olson
Alfred T. Sihler
St. Louis.
Wm. T. Nardin
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
O. M. Attcbery
Henry H. Edmiston
Wm. E. Peterson
C. M. Stewart
J. N. Peyton
O. S. Powell
H. G. McConnell
A. W. Mills2
Otis R. Preston
E. W. Swanson
Sigurd Ueland
Harry I. Ziemcr
O. P. Cordill
L. H. Earhart
C. O. Hardy
John Phillips, Jr*
G. H. Pipkin
D. W. Woolley8
R. R. Gilbert
W. D. Gentry
E. B. Austin8
K. B. Coleman
W. J. Evans
W. O. Ford
W. H. Holloway
L. G. Pondrom
Wm. A. Day
Ira Clerk
C. E. Earhart
J. M. Leisncr2
H. N. Mangels
H. F. Slade
Boston.
Albert M. Creighton
Henry S. Dennison
Bcardsley Ruml
William I. Myers
New York
Philadelphia . . . Thomas B. McCabe
Warren F. Whittier
Cleveland
George C. Brainard
Reynold E. Klages
Richmond
Atlanta
Minneapolis.... W. C. Coffey
Roger B. Shepard
H. G. Lccdy
Kansas City.. .. Robert B. Caldwell
Henry O. Koppang
Robert L. Mehornay
Jay Taylor
J. R. Parten
Dallas.
San Francisco... Henry F. Grady
Harry R. Wcllman
OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta.
Chicago
St. Louis
1
Chief Officer
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
I. B. Smith*
B. J. Lazar6
J. W. Kossin6
W. R. Milford*
W. T. Clements*
P. L. T. Beavers*
Gco. S. Vardcman, Jr.*
Joel B. Fort, Jr.*
E. P. Paris*
E. C. Harris*
A. F. Bailey*
C. A. Schacht*
W. H. Glasgow*
3
4
Also Federal Reserve Agent.
JULY
Federal Reserve
Bank of
Branch
1945
2
Cashier.
Also Cashier.
Branch
Chief Officer
Minneapolis
Helena
R. E. Towle*
Kansas City
Denver
Oklahoma City
Omaha
G. H. Pipkin*
O. P. Cordill* 6
L. H. Earhart
Dallas
El Paso
Houston
San Antonio
J. L. Hermann88
L. G. Pondrom
W. H. Holloway*
San Francisco...
Los Angeles
Portland
Salt Lake City
Seattle
W. N. Ambrose*
D. L. Davis*
W. L. Partner*
C. R. Shaw*
Managing Director.
* Vice President.
6
Manager.
719
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
===== BOUNDARIES OP FEDERAL RESERVE DISTRICTS
—
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^
w
w
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
©
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
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@FedFRASER