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) Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, IS cents per copy per month, or $1.50 for 12 months. 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 f