Full text of Federal Reserve Bulletin : July 1946
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FEDERAL E S E RV BULLETIN JULY 1946 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Review of the Month—Postwar Business Finance 707-715 A National Survey of Liquid Assets—Distribution According to Income. 716-722 Announcement of Postwar Economic Studies No. 4. British White Paper on War Finance. 722 723-748 Law Department: Purchase of Government Obligations by Federal Reserve Banks. 749 Consumer Credit: Amendment to Regulation W Conviction for Violating Regulation W 749 749-750 Peoples Bank v. Eccles, et al. 750-753 Foreign Funds Control—Treasury Department Releases. 753-755 Current Events 756 National Summary of Business Conditions 757-758 Financial, Industrial, Commercial Statistics, U. S. (See p. 759 for list of tables) 759-810 International Financial Statistics (See p. 812 for list of tables). 812-829 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 830 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 831 Map of Federal Reserve Districts. . 832 Federal Reserve Publications (See inside of bac\ 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, 15 cents per copy per month, or $1.50 for 12 months. FEDERAL RESERVE BULLETIN VOLUME 32 July 1946 NUMBER 7 POSTWAR BUSINESS FINANCE Business concerns have made considerable progress in the past twelve months in preparing for large postwar civilian markets. Despite work stoppages and industrial disputes in certain industries, large additions to plant and equipment have been initiated and some civilian-type inventories have been accumulated. Many concerns have been able to finance a large part of the expenditures for expansion of business assets out of their own funds. War producers have been aided by prompt settlement of war contracts and by liberal tax credits, while concerns engaged in civilian-type production and in the trade and service industries have derived funds from well maintained or increasing earnings. Holdings of liquid assets have been drawn on only moderately, but the amount of funds raised from external sources has increased substantially. At the end of 1945 business holdings of cash and United States Government securities were at high levels, equal to those at the beginning of the year. There are indications, however, that these assets were drawn down somewhat during the first half of 1946. Business concerns since V-E Day have secured one to two billion dollars of new funds from banks and more than a billion from new security issues. Concerns in nonwar activities appear to have been obtaining a major portion of the new funds from external sources. In addition to furnishing JULY 1946 new funds to business, banks and the security market have materially aided reconversion in providing short-term financial assistance and in affording a transfer mechanism for the shifting of funds from one concern to another and from one type of financial obligation to another. The expansion in business assets since the end of the war has been moderate and consistent with the current volume of business; moreover, it appears not yet to have run its course. Large expenditures on plant and equipment have occurred both in industries in which reconversion requirements were large and in nonwar industries in which expansion and modernization had been restricted during the war, with expenditures in industries of the latter type becoming more dominant in recent months. Private capital expenditures will reach new peaks during the remainder of 1946 despite restrictions on construction in order to provide for emergency residential building. Inventory accumulation thus far has been slow, restrained primarily by the moderate expansion in production and by continued large consumer demands for goods. Inventories should continue to increase, since relative to sales they are still substantially below prewar levels. In many lines the incentives for inventory accumulation are strong at this time because shortages are still acute and upward pressures on prices continue great. 707 REVIEW OF THE MONTH FINANCIAL POSITION AT THE END OF 1945 Changes in the financial position of business in 1945 reflected primarily the decrease in Government military orders, reconversion expenses, and tax adjustments arising out of the end of hostilities. In view of the fact that business sales and industrial production declined, the latter by 30 per cent from December 1944 to December 1945, the most striking feature of business financial position at the end of the year, as is shown in the table, was its over-all similarity to that a year earlier. ESTIMATED BALANCE SHEETS OF ALL NONFINANCIAL CORPORATIONS, DECEMBER 3 1 , 1944 AND DECEMBER 31, 1945 [In billions of dollar 3] Balance'sheet items Dec. 31, 1945 Dec. 31, 1944 Net change from Dec. 31, 1944 to Dec. 31, 1945 ASSETS Cash U. S. Government securities.... Receivables From U. S. Government From others Inventories Other current assets 23 23 21 21 3 23 26 2 5 23 26 1 +1 98 99 -1 94 43 235 96 43 -2 238 -3 26 26 1 11 8 46 2 17 8 —1 53 -7 Long-term debt and capital stock Surplus and capital reserves 125 64 124 61 +1 +3 Total liabilities and net worth Working capital (current assets minus current liabilities) 235 238 -3 52 46 +6 Total current assets Plant and equipment (net of depreciation) Other assets Total assets -2 LlABILITES AND NET WORTH Notes and accounts p a y a b l e . . . . Advances from U. S. Government . . Accrued Federal income taxes. . Other current liabilities Total current liabilities.... -6 NOTE.—These data are not strictly comparable to those published in the October 1945 BULLETIN since beginning in 1942 the tax laws underlying the Bureau of Internal Revenue Statistics of Income data, upon which the over-all corporate financial data are based, permitted a greater use of consolidated returns. Sources: Current assets and liabilities are from Securities and Exchange Commission. Other figures are estimates based on samples of corporate data compiled at the Board and on data from Bureau of Internal Revenue, Department of Commerce, and Securities and Exchange Commission. 708 Of the changes in the assets of nonfinancial corporations during the year, the most important, quantitatively, were decreases in receivables due from the Government and in plant and equipment. The decrease in the latter was in part a reflection of the final amortization of emergency war facilities, which decreased book values of property but did not represent a corresponding decrease in actual productive capacity except to the extent that privately owned property for war production is not adaptable to peacetime use. Expenditures on plant and equipment in 1945 increased 20 per cent over 1944, reflecting the reconversion of war plants as well as the renewal of capital expenditures by nonwar producers. Although the volume of total current assets of all nonfinancial corporations was at about the same dollar level at the end as at the beginning of the year, total current liabilities decreased almost 15 per cent. As a result, business working capital—current assets minus current liabilities—rose almost 15 per cent. Among the debts of business corporations, short-term indebtedness to the Government for both taxes and advanced payments on contracts decreased considerably. Actual payments on 1944 Federal income tax liabilities were in excess of current provisions out of income, which were considerably reduced by tax credits and other adjustments arising out of the war's end. The reduction in Government advances reflected the decrease in shipments following the curtailment of the munitions program and finally the termination of war orders. External sources of business funds played an important part in the financing of business during 1945. All nonfinancial corporations increased their bank debt over the year by approximately one billion dollars while reFEDERAL RESERVE BULLETIN REVIEW OF THE MONTH ducing their trade debt by a similar amount. Bond and stock sales yielded somewhat less than a billion dollars of new funds to nonfinancial businesses in the aggregate. While the total debt of business decreased in 1945, the ownership element of business increased, largely because of retained earnings—that is, earnings after charges for current costs, taxes, and dividends. Such earnings were increased by tax credits. The additions thus made to net worth by retained earnings were offset only in part by reconversion costs, many of which were charged to war reserves set aside out of prior-year earnings. CAPITAL EXPENDITURES As was indicated above, business capital expenditures—those for the purchase of existing plant and equipment and for the construction of new plant and purchase of new equipment—reflected in 1945 the relaxation of controls on civilian production and the growth of privately financed as contrasted to Federally financed expenditures. Expenditures for new plant and equipment, according to data gathered by the Department of Commerce and the Securities and Exchange Commission and shown in the chart, more than doubled from the first to the last quarter of 1945 and, based on the anticipations of business, continued to increase during the first half of 1946. Expenditures by mining and manufacturing companies have been the major part of the total. The greatest relative increase in expenditures thus far in 1946 has been by concerns in the trade and service industries. The increase in business capital expenditures since the end of the war has been due in part to the reconversion of plants and replacement of wornout equipment to regain prewar capacity, and in part to the expansion JULY 1946 BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT BILLIONS OF DOLLARS BILLIONS OF DOLLARS JAN-MAR. APR". 1946ANTICIPATED Quarterly survey of the Securities and Exchange Commission and the Department of Commerce. Figures for 1946 represent expenditures anticipated by business. Commercial and miscellaneous includes trade, service, finance, communications, and transportation other than railroad. of capacity to meet the expected increase in postwar civilian demands. A comparison of 1945 expenditures by industry with those of 1937, a peak year of expansion unaffected by the needs of a war economy, indicates that both factors were at work. In such industries as machinery and automobiles and parts, where the problems of adapting war facilities to peacetime use have been great, capital expenditures were larger in 1945 than in 1937. They were also larger in the petroleum, chemical, building material, and printing industries, where the reconversion demands for expenditures were presumably small. Even in industries such as these, however, large capital expenditures reflected replacements postponed during the war as well as expansion. In other manufacturing industries, expenditures in 1945 did not attain the level of 1937. Although complete data are not yet available on an industry breakdown of 1946 expenditures to date, those on hand indicate a greater relative in709 REVIEW OF THE MONTH crease in industries without reconversion problems. Business concerns have also purchased certain used surplus plants and equipment, Federally financed during the war. According to the War Assets Administration, through May 31, 1946 surplus war plants and sites originally costing 732 million dollars had been sold for 332 million. Average prices paid represented a much smaller percentage of original cost for the large plants than for the small. In addition to purchases, plants which originally cost 670 million dollars were being operated under leases. The plants purchased or leased through May 31 account on an original cost basis for oneeighth of the 1,540 plants, costing 11.2 billion dollars, that are expected eventually to be declared surplus. Fragmentary data indicate that the amount of funds expended on surplus producers' equipment may have been three-fourths as large as that expended on surplus plants and sites. The volume of corporate funds that will be used for the purchase of surplus war plants and equipment during the remainder of 1946 will depend in part upon the demand for additional productive capacity, and in part on the number and size of usable surplus plants and equipment that will become available. About half of the eventually surplus plants, accounting for over two-thirds of the Government's financial investment, have not yet been declared surplus. Moreover, many corporations may continue to prefer to lease plants, particularly the very large ones, rather than to buy them outright. INVENTORY ACCUMULATION The end of the war has brought with it not only a resumption of business expenditures on peacetime plant and equipment but also the beginning of an accumulation 710 of civilian-type inventories. Thus far, however, this accumulation has been hindered by continued large consumer demands and by difficulties in procuring goods and partially oflfset in the aggregate by the liquidation of surplus war-type inventories. As of the end of April, total business inventories were estimated by the Department of Commerce at 28 billion dollars, less than a 5 per cent increase from the 27 billion on hand a year earlier, or just before V-E Day. Moreover, price rises over the period, especially the latter part, have been so marked that there may have been little increase, or possibly even a decrease, in the aggregate physical stocks of goods, which include war as well as nonwar type goods. The effect of the liquidation of war inventories is clearly seen from the fact that whereas in durable goods manufacturing industries—in which production of specialized war material was concentrated—inventories on April 30, 1946 were almost half a billion dollars less than a year previous, those in nondurable goods industries were almost a billion greater. The dollar volume of inventories of trade concerns, which did not increase during the war as did sales, was only about 5 per cent higher on April 30,1946 than a year earlier, the relative increase in wholesalers' inventories being greater than that in retailers' inventories. Current sales at retail thus far have absorbed practically all goods available and have precluded any large accumulation of inventories. Department store stocks, after allowing for seasonal changes, were one-fourth higher at the end of May than at the beginning of the year, but they were still low compared to the current volume of sales. Inventories in all retail trade establishments during the first quarter of 1946 averaged less than a month's sales FEDERAL RESERVE BULLETIN REVIEW OF THE MONTH and wholesalers' inventories were even smaller relative to first quarter sales. RETAINED EARNINGS The 1945 volume of retained earnings of nonfinancial business corporations was below that of 1944 because of the reduced earnings (before taxes) of war producers and the final amortization of emergency facilities. The effect of those factors which tended to reduce earnings was offset in part by reduced current tax liabilities and by tax credits arising out of the final amortization of emergency facilities and the carryback of losses and unused excess profits tax credits. Corporations usually have available for general business purposes a larger portion of their current receipts than is represented by the volume of retained earnings. The additional volume is made available by the presence among the costs of doing business of certain charges which diminish earnings but do not require immediate cash expenditures. The largest of these charges is the depreciation and amortization of plant and equipment. To normal charges of this kind in 1945 was added the final write-off of emergency war facilities. As a result, total depreciation and amortization charges in 1945 probably exceeded capital expenditures by 2 billion dollars. A portion of business fixed property was in effect converted to working capital. The volume of retained earnings of nonfinancial business corporations in 1946 should equal if not slightly exceed that in 1945. Although aggregate first quarter earnings (after taxes) of large industrial, railroad, and other public utility companies were about a third below those of the first quarter a year ago, this decrease was due primarily to the work stoppages and reconversion difJULY 1946 ficulties of the railroads and a relatively small number of large durable goods manufacturers. Many concerns of nondurable goods manufacturing, trade, and the service industries reported new all-time highs in sales and earnings. Net profits of concerns in these industries were substantially bolstered by the elimination of the excess profits tax. As reconversion difficulties are surmounted, durable goods manufacturers should also be in a position to profit from the volume of output required to meet the expected large demands of consumers, other business concerns, and foreign customers during the second half of 1946. As a result, total nonfinancial corporate earnings in 1946 should compare much more favorably with 1945 than is indicated by the first quarter earnings of large concerns. TAX PAYMENTS AND CREDITS The tax credits arising out of the end of the war have partially offset the decline in the earnings of war producers in 1945 and thus far in 1946. The primary influence of these war-end tax adjustments will be to make actual cash tax payments in 1946 less than they would have been in the absence of such adjustments. Tax payments in 1945, on the other hand, were much less affected by war-end tax credits. During 1945 nonfinancial business corporations were required in the aggregate to expend funds of approximately 5 billion dollars in excess of current tax provisions out of income in order to pay their 1944 tax liabilities to the Federal Government. The liquidation of Treasury tax notes took care of a large part of this tax liability, but substantial purchases of marketable Government securities by corporations during the Seventh and Victory Loan Drives in 1945 resulted in slightly larger total 711 REVIEW OF THE holdings of Government securities at the end than at the beginning of the year. The one tax adjustment that materially affected 1945 tax payments was the 10 per cent excess profits tax refund for 1944, which under the Tax Adjustment Act of 1945 was directly deductible from accrued tax liabilities of 1944. Since the volume of 1944 excess profits tax liabilities was approximately 11 billion dollars, the result of this tax adjustment was to decrease by over one billion the cash payments required during 1945 to liquidate 1944 tax liabilities. The two tax credits which, though applied against 1945 liabilities, will primarily affect tax payments in 1946 were those arising from the final amortization of emergency war facilities and from the carryback of 1945 losses and of excess profits tax credits unused in 1945. The former was the more important quantitatively. Final amortization on emergency facilities, as charged in annual reports to stockholders, probably amounted to between 2.0 and 2.5 billion dollars, while tax credits arising therefrom probably amounted to between 1.5 and 2.0 billion. Tax credits from the carryback of losses and unused excess profits tax credits may have amounted to between 0.5 and 1.0 billion dollars. An additional source of funds in 1946, especially for war producers, has been over one billion dollars of Government bonds issued for the 10 per cent postwar credit on 1942 and 1943 excess profits taxes; these became payable on January 1, 1946. In the aggregate, the tax credits listed above, together with certain other credits that will become realizable in the future, such as carrybacks in 1946, will probably amount to between 5.0 and 6.5 billion dollars. 712 MONTH CONTRACT TERMINATION The prompt settlement of war contracts, like the tax adjustments discussed above, helped to ease the reconversion financing problems of many companies in the war industries. Careful legislative and administrative preparation for the problems of terminating war production resulted in expeditious work in clearing plants of Federally financed equipment and in shifting inventories to private ownership for civilian production. By the end of May 1946, according to the most recent report of the Office of Contract Settlement, work on over 90 per cent of the number of contracts in the V-J Day load—contracts pending settlement on that date or canceled thereafter—had been completed. Contracts awaiting settlement were mostly very large ones. Although these contracts amounted to 15 billion dollars—over one-third the 42 billion volume of the aggregate V-J Day load of terminated contracts—contractors' funds tied up in them were comparatively small, probably between 2.0 and 2.5 billion. Moreover, about one billion dollars of these funds have already been made available to contractors, largely through partial payments. BANK LOANS The financial aids offered by the Government have been available largely to companies in war industries. Along with such financing the dollar volume of bank loans to business has shown a steady rise since mid-1945 and may very well now be larger than at any time since the peak of the early twenties. Since May 1945, bank loans to business have increased about one-third, the greatest rate of increase occurring during the seasonal demand in the fall of 1945. Even during the first quarter of 1946, when a seasonal deFEDERAL RESERVE BULLETIN REVIEW OF THE MONTH COMMERCIAL AND INDUSTRIAL LOANS OF BANKS BILLIONS OF DOLLARS _JUNE AND DECEMB IONS OF DOLLARS ther increase in this type of business bank borrowing if this market is tapped. The large increase in aggregate outstanding bank loans to business has occurred simultaneously with a sharp reduction in guaranteed V loans. The outstanding volume of such loans had declined from a peak of over 2 billion dollars in mid-1944 to about 120 million at the end of May 1946. The sharpest decline occurred during the last half of 1945. The rate of decline in other war loans was probably also sharp. FINANCING THROUGH THE SECURITY MARKET All insured commercial banks in the United States. Total loans for June 30, 1946 are partly estimated. Total war loans Security sales were a relatively minor source of new funds for all nonfinancial ports are tor June JU, ly^s. latest n§ business corporations during the first part Regulation V loans are for May 31, 1946. of 1945, but since V-E Day business has cline usually sets in, the total volume con- probably drawn more new funds from the tinued to increase. The increase in lending security market than it has for any comparappears to have been general in all regions able period since 1930-31. Corporate seof the country and at both large and small curity issues for new money, as can be seen banks. from the table, have averaged about 120 A substantial part of the increase in com- million dollars per month since June 1945, mercial loans has been in the form of term over one and a half times the average for loans. Subsequent to 1933 and prior to 1941, the last prewar year. Although the World War II, the term loan had experi- dollar volume of these recent security sales enced remarkable growth relative to other has been dominated by sizable issues of very outside sources of business funds—shortCORPORATE SECURITY ISSUES FOR N E W MONEY term bank loans and publicly offered is[Monthly averages; in millions of dollars] sues of bonds and equity securities. This rapid growth was apparently resumed after Plant and Total Working new money equipment capital mid-1945, encouraged by the opportunity Period of retiring higher-cost bonds and preTotal IndusTotal IndusTotal Industrial trial trial ferred stock with the proceeds from lower55 17 20 9 12 72 cost term loans. Large corporations have 1941 24 16 24 15 10 39 1942 . 12 14 12 19 1943 26 7 secured from a number of participating 1944 21 34 27 38 55 10 27 17 44 32 26 banks individual term loans with maturities 1945—1st half.... 59 70 51 28 —2nd half... 107 78 37 up to 10 years and for as much as 50 million 1946—1st half 1 ... 130 115 80 75 50 40 dollars, with interest rates as low as V/2 per 1 Figures for June partly estimated. cent. The fact that the term loan is still NOTE.—"Industrial" includes primarily manufacturing, trade, and air transport. "Total" also includes railroads, other public a minor source of funds for small and utilities, and miscellaneous which are not shown separately. Detailed figures may not add up to totals because of rounding. medium-sized concerns may lead to a furSource: Securities and Exchange Commission. JULY 1946 713 REVIEW OF THE MONTH large companies in a few industries, principally petroleum, tobacco, beverages, automobiles and airlines, there has been an increasing number of smaller issues sold during recent months. These issues, primarily stocks, have been floated by small and medium-sized companies in nondurable and durable manufacturing, trade, and air transport industries. This rise in security flotations for new money since the end of the war has been due to business needs for fixed property as well as working capital. There has been a notable increase in offerings for the purpose of financing private capital expenditures since the limitations on private construction for nonwar purposes were lifted. Issues of which the proceeds were intended for plants or equipment have averaged approximately 75 million dollars per month since mid-1945, three to four times the war average and a third above the 1941 average. By far the greatest part of this growth was in manufacturing industries. The need for additional working capital has also been an important reason for corporate new money issues. Working capital needs during the earlier war period were supplied to a considerable extent by retained earnings, prepayments on Government contracts, and guaranteed bank loans. Beginning in 1944, however, security issues for working capital purposes began to increase, from companies in war as well as nonwar industries. Monthly offerings for this purpose averaged 35 million dollars in 1945 and offerings thus far in 1946 have exceeded the 1945 average. Another tendency that began in mid-1945 has been the increase in stock offerings relative to bonds to secure new money. During the period 1942-44 about one-fourth of the total dollar volume of new money was se714 cured from the sale of stocks, but since mid1945 the proportion has increased to nearly two-thirds. Corporations are taking advantage of the ready salability of stocks, the prices of many of which are as high as they were in 1930. Manufacturing corporations have been responsible for the major part of this shift to stock financing, railroads and public utilities continuing to rely largely on debt issues for their new capital. SUMMARY Business expenditures on plant and equipment which began to increase sharply after the end of hostilities in Europe in the spring of 1945 have risen further in the first half of 1946. Inventory accumulation in the aggregate has continued at a slow rate as stocks of war goods have been liquidated and increases in inventories of civilian goods have been limited in many lines. Consumer buying has been in exceptionally large volume and production, while much larger than before the war, has been restricted by labor-management disputes and lack of materials. Outstanding orders in many lines of business have reached new highs in recent months but there is much duplication in these orders. Upward pressures on prices continue great and efforts to accumulate inventories may be expected to continue for some time. Liquid assets are being drawn on to a limited extent in financing the expansion of other business assets, largely in war manufacturing industries where the volume of some Government financial aids has been reduced. Retained earnings have been well maintained in industries that did not manufacture specialized war products and appear to be increasing in trade and service. The volume of external financing through banks and the security market has increased FEDERAL RESERVE BULLETIN REVIEW OF THE MONTH sharply, and is substantially larger than it has been in recent years. The expansion of business assets and borrowings can be expected to continue in the months immediately ahead. The dollar volume of this expansion will be closely related to price developments. It will be greatly accentuated if the relaxation of the JULY 1946 remaining price and other Government controls is followed by substantial increases in prices and by disorderly price and inventory conditions such as followed World War I. In these circumstances, bank loans and deposits might increase considerably and greatly augment existing inflationary pressures. 715 A NATIONAL SURVEY OF LIQUID ASSETS DISTRIBUTION ACCORDING TO INCOME1 Current saving and the holding of liquid assets is characteristic of a large percentage of the people of the United States, even though in dollar amounts the bulk of the saving and of asset holdings is concentrated in a relatively small proportion of all the spending units. Analysis of information compiled for the Federal Reserve System by the Division of Program Surveys of the Bureau of Agricultural Economics indicates that while current saving and holdings of liquid assets in the form of bank deposits and Government securities tend to vary with current income, a substantial portion of people with moderate incomes reported considerable amounts of saving, while some with rather large incomes reported relatively small savings. In the first quarter of 1946 about three-fourths of all spending units held some liquid assets in the form of bank deposits or Government securities, and in the year 1945 a similar proportion saved some part of their income.2 It was shown in a previous article that the 10 per cent of the spending units who saved the largest amounts in 1945 accounted for 60 per cent of all the saving in that year and also that the 10 per cent with the largest dollar amounts of liquid assets (bank deposits and Government securities) held 60 per cent of all such assets held by all spending units at the beginning of 1946. When these units are distributed by amounts of income received in 1945, as is done in this article, the results show that the 8 per cent of the spending units with incomes of over $5,000 in 1945 accounted for 40 per cent of the saving in that year and held 36 per cent of all liquid assets at the beginning of 1946. Some of the 20 per cent of the units with incomes of less than $1,000 saved part of their income and held some liquid assets but in the lf rhis is the second of three articles covering the national liquid asset survey. Prepared by Henry H. Villard of the Board's Division of Research and Statistics, it summarizes the results in part two of the report of the Division of Program Surveys. Those wanting fuller information may obtain the full report by applying to the Division of Program Surveys, Bureau of. Agricultural Economics, U. S. Department of Agriculture. Mr. George Katona and Mrs. Eleanor Maccoby of the Division of Program Surveys were primarily responsible for the conduct of the studies and Mr. Villard was closely associated with them throughout the planning and execution of the investigations. 2 A "spending unit" is defined as all persons living in the same dwelling unit and belonging to the same family who pool their income to meet their major expenses. 716 aggregate these people drew upon their past savings. About half of both saving and liquid asset holdings are accounted for by spending units with incomes of between $1,000 and $4,000 a year. Among the many factors affecting liquid asset holdings and saving, it is clear that opportunity to save is of major importance and that opportunity to save largely depends on income. Current income, however, is not the only influence determining the volume of current saving, and the volume of accumulated savings is even less related to current income. Other factors than income as an influence upon saving are indicated by the results of the survey. People who have had more education, who live in rural communities, who are self employed or have professional occupations, and who have regular saving programs tend to save more and to hold more liquid assets than do other people in the same income group. Older people apparently do not save any more than younger ones in the same income groups but tend to have larger holdings of liquid assets. The present article is devoted to factors influencing liquid asset holdings and saving, with special reference to income. Some of the major findings of the national interview survey conducted by the Bureau of Agricultural Economics for the Board, together with a description of its methods and tests of the reliability of its results, were presented in the June BULLETIN. A final article discussing additional factors influencing prospective spending and saving and appraising the over-all significance of the results will appear in the August BULLETIN. The present article starts with a discussion of the relation between income and liquid asset holdings and saving. It then considers the effect of changes in income on saving and concludes with the factors other than income which influence both liquid asset holdings and saving. LIQUID ASSET HOLDINGS IN RELATION TO INCOMES The extent to which liquid asset holdings are distributed among people in different income groups is illustrated by the chart and also shown in Table 1. The 30 per cent of all units with incomes FEDERAL RESERVE BULLETIN A NATIONAL SURVEY OF LIQUID ASSETS of more than $3,000 account for 62 per cent of all holdings, while the 47 per cent with incomes of less than $2,000 account for 21 per cent. Those with incomes of less than $4,000 hold more than half of CONCENTRATION OF LIQUID ASSET HOLDINGS AND NET SAVING PERCENTAGES OF TOTAL BY INCOME CLASSES per cent of such assets.3 This shows that, while income is obviously a major factor, it is not the only one giving rise to differences in asset holdings. Somewhat more than three out of four spending units hold some liquid assets. The proportion holding assets increases steadily from around 50 per cent in the case of those with incomes of under $1,000 to 95 per cent of those with incomes of between $4,000 and $5,000 and 100 per cent of those with incomes of over $7,500. Savings bonds are distributed in a manner similar to total holdings, but savings accounts are held by more units in the upper middle than in the top income bracket. Demand deposits, on the other hand, are held by a relatively small percentage of units in the middle income brackets and a relatively large percentage of those in the highest brackets. Information regarding asset holdings in different income classes is presented in Table 2. TABLE 2 HOLDINGS OF LIQUID ASSETS BY INCOME CLASSES Percentage of spending units in each income class holding1 Income class l DURING 1945 * Spending units in the $1,000-$ 1,999 income class accounted for 11 per cent of the net saving while those having incomes under $1,000 dissaved (had negative savings) to the amount of one per cent of the total. all liquid assets. This degree of concentration is considerably less sharp than when holders are ranked without reference to income: then the top 30 per cent of holders account for 87 per cent of all liquid assets and the bottom 50 per cent a mere 3 TABLE 1 DISTRIBUTION OF SPENDING U N I T S , LIQUID ASSETS, AND N E T SAVING BY INCOME CLASSES 1 [Percentage of total] Income class 1 Under $1,000.., $l,000-$l,999.. $2,000~$2,999.. $3,000-$3,999.. $4,000-$4,999.. $5,000-$ 7,499.. $7,500 and over All classes 1 2 Spending units (Early 1946) Liquid asset holdings (Early 1946) Net saving 2 (During 1945) 20 27 23 15 7 5 3 7 14 17 16 10 13 23 -1 11 14 24 12 16 24 100 100 100 Based on 1945 money income before taxes. Net saving is total positive saving less total dissaving (consumption expenditures in excess of income). JULY 1946 Under $1,000 $l,000-$l,999 $2,000-$2,999 $3,000-$3,999 $4,000-$4,999 $5,000-$7,499 $7,500 and over. . All classes Some liquid assets 2 Savings bonds 3 Savings accounts Checking accounts 54 71 87 92 95 98 100 31 54 74 80 89 91 94 22 32 43 50 55 60 52 21 29 28 42 50 67 88 78 63 39 34 1 2 Based on 1945 money income before taxes. Including all Government bonds, bank deposits, and currency holdings to the extent that the latter were reported. Holdings of currency, as was explained in the previous article, were underreported in the survey; the amounts actually reported averaged only $20 per spending unit compared with $1,748 in other assets and so have negligible importance in the3 table. Excluding Series G bonds. The number of types of liquid assets held is larger for those with higher incomes than for those in lower income groups. Those holding two or more types rose from 25 per cent in the lowest income class to 85 per cent in the highest. Of those holding only one type of asset 70 per cent in the lowest bracket held bank deposits, compared with 30 per cent who held savings bonds. In the next income bracket the split was 55 to 45, while in the third it was 40 to 60 in favor of savings bonds. It seems clear that bank deposits are the most common asset of even the lower income brackets. 3 The previous article presented additional information on concentration when ranked by holdings alone. 717 A NATIONAL SURVEY OF LIQUID ASSETS The typical amount of liquid assets held is not only larger in dollars for the high income group than for the low income groups but is also larger relative to income. This is shown by the comparison in Table 3 of median income and liquid asset holdings (the median amount being that held by the middle unit when all units in the class are ranked by size). Median holdings increase from $20 for the lowest income class to $7,270 for the highest, and they rise as a percentage of income from 3 per cent to 73 per cent. TABLE 3 MEDIAN A M O U N T OF LIQUID ASSETS BY INCOME CLASSES Income class l Median income (In dollars) Median liquid Holdings as asset holdings percentage of (In dollars) income Under $1,000. . $1,000-11,999 $2,000-$2,999 $3,000-$3,999 $4,000-$4,999 $5,000-$7,499 $7,500 and over 1,500 2.400 3,300 4,300 5,500 10,000 1,450 2,700 7,270 3 15 20 27 34 49 73 All classes.. 2,020 430 21 20 230 470 900 600 1 Based on 1945 money income before taxes. The median amount is that of the middle unit when all units in the class are ranked by size of income or liquid asset holdings. In every income class a few holdings of very large amounts of liquid assets, which are not at all typical of the class as a whole, have a major influence on average or mean holdings (the mean amount being the total held by all units in the class divided by the number of units involved). These large holdings result in a very high ratio of mean asset holdings to mean income in the lowest income class, while over the entire range from $1,000 to $5,000 of income, the ratio remains roughly constant at an appreciably lower level. Only in the highest income bracket does the ratio exceed that for the lowest bracket. The large holdings of some people with small incomes appear to be accounted for chiefly by two groups. First, there are many farmers among people with low incomes and large assets; their money income is obviously not representative of their real income. Second, a number of retired people and others whose earning capacity has decreased also have current incomes bearing little relation to their asset holdings—that is, they are likely to be living, in part at least, on their capital. The influence of factors other than income on liquid asset holdings is also indicated by the wide differences in holdings within a given income class and the extent to which the holdings of one class overlap those of other income classes. This is indicated in Table 5, which shows that when holders within each income class are ranked according to size of holdings, every holder in the quarter with the highest holdings had more assets than the middle holder of the next higher income class (with the sole exception of the highest income class). Similarly, every holder in the quarter of the spending units with the lowest holdings had less assets than the middle holder of the next lower income class. The overlapping of the complete ranges within each income class was even more extreme, but less significant because the end points depended on a single or a few not necessarily typical cases. TABLE 5 DISPERSION OF LIQUID ASSET HOLDINGS W I T H I N INCOME GROUPS Amount of liquid assets held by holder a t 2 Income class x First quartile Median Third quartile $0 0 90 300 430 1,035 2,650 $20 230 470 900 1,450 2,700 7,270 $250 670 1,090 1,650 3,250 5,450 11,870 TABLE 4 MEAN A M O U N T OF LIQUID ASSETS BY INCOME CLASSES Income class l Mean income (In dollars) Under $1,000 $l,000-$l,999 $2,000-12,999 $3,000-$3,999 $4,000-$4,999 $5,OOO-$7,499 $7,500 and over.. . . All classes.. 600 Mean liquid Holdings as asset holdings percentage of (In dollars) income 1,550 2,670 3,540 4.590 6,060 13,000 570 880 1,350 1,850 2,600 4,580 15,830 95 57 51 52 57 76 122 2,620 1,748 67 1 Based on 1945 money income before taxes. The mean amount is the total amount held by all units in the class divided by the number of units in the class. 718 Under $1,000 $l,000-$l,999 $2,000-$2,999 $3,000-$3,999 $4,000-$4,999 $5,000-$7,499 $7,500 and over... 1 2 Based on 1945 money income before taxes. Figures refer to holders within each income group selected as follows: First quartile—holdings of case which separates the fourth with smallest holdings from the upper three-fourths. Median—holdings of case which is the mid-point of the distribution; half of the individuals are below and half above this case. Third quartile—holdings of case which separates the fourth with largest holdings from the lower three-fourths. Since there are substantial differences in size of asset holdings even when people have the same FEDERAL RESERVE BULLETIN A NATIONAL SURVEY OF LIQUID ASSETS income, it is important to determine the factors likely to be responsible for these differences—such as place of residence, occupation, education, or age. In many cases the factors in question are also related to differences in saving rates. Hence examination of them will be postponed until the relationship of income to saving has been set forth. This will allow effects on both asset holdings and saving to be considered at the same time. SAVING IN RELATION TO INCOME Information was obtained for amounts saved in the year 1945 by adding to the change in liquid assets (excluding currency) the amount used to purchase other assets (including housing and insurance) and to repay loans, and then subtracting the amount derived from the sale of assets, the increase in loans, and gifts or inheritances. By income class net saving is more concentrated than liquid asset holdings, as was demonstrated in Table I.4 The 70 per cent of spending units with incomes of under $3,000 accounted for less than a quarter of all saving but held 38 per cent of all liquid assets, while the 8 per cent with incomes of over $5,000 were responsible for 40 per cent of saving and 36 per cent of liquid asset holdings. By far the most striking contrast, however, is in the $3,000 to $4,000 bracket, which accounted for 24 per cent of saving but only 16 per cent of liquid asset holdings. The probable explanation of the greater concentration of saving in general is that some of those with large assets in the lower income classes had high incomes in the past, while the unusually large difference in the other direction for the middle income bracket might be explained by the rapid growth in incomes during recent years for many people formerly receiving low incomes. As with liquid asset holdings, the median percentage saved is much larger for higher than for lower incomes, while the amount saved even within the same income class varies widely. Over half of those with incomes of under $1,000 had no savings or dissaved in 1945, while among those with incomes of over $5,000, only 6 per cent had no saving or dissaved, and almost half saved 20 per cent or more of their income, as is indicated in Table 6. The forms taken by saving also showed considerable variation. Of all spending units 12 per cent 4 Net saving is positive saving less dissaving expenditures in excess of income). JULY 1946 (consumption TABLE 6 PERCENTAGE OF INCOME SAVED BY INCOME CLASSES Percentage of spending units in each income class 1 Percentage of income saved Dissaving 2 No saving 1 to 9 10 to 19 20 to 29 30 to 49 50 ana over Not ascertained. . Median 3 Under $1,000 $1,000$2,999 $3,000$4,999 $5,000 and over All classes 18 33 16 9 7 7 7 3 21 9 25 16 10 9 6 4 11 2 23 24 13 15 6 6 4 2 14 24 12 19 14 11 17 13 23 18 11 11 6 1 100 100 100 100 100 0 6 13 19 8 1 2 3 Based on 1945 money income before taxes. Expenditures in excess of income. Percentage of income saved by the median spending unit in each income class. saved exclusively by increasing their holdings of liquid assets (bank deposits and Government securities). 25 per cent exclusively in other forms, and 32 per cent in both forms, making a total of 69 per cent who saved in some form or other. By far the most widespread form of saving was premiums on life or retirement insurance, which were paid by three out of five spending units. This compares with two out of five who increased their holdings of liquid assets as a whole and almost as many who increased their holdings of savings bonds, one in five who increased their savings accounts, and one in ten who increased their checking accounts. About one in twenty saved by buying real estate out of their income and a similar proportion put their current saving into business or securities, while one in a hundred increased their holdings of Government bonds other than savings bonds. In addition, the saving of one in five was accomplished by reducing their indebtedness. If we compare those who increased their holdings by more than 5 per cent with those who decreased them to a similar extent, we find that 20 per cent of all spending units decreased their holdings of savings bonds (compared with 37 per cent who increased them), 11 per cent decreased their savings accounts (compared with 18 per cent), 7 per cent their checking accounts (compared with 11 per cent), and 26 per cent their liquid assets as a whole (compared with 42 per cent). The remaining spending units had either no holdings or unchanged holdings. Thus while decreases were sizeable, increases were appreciably larger. About half of the 719 A NATIONAL SURVEY OF LIQUID ASSETS funds withdrawn, covering three-quarters of those making withdrawals, was added to consumption expenditure and therefore involved dissaving, while the remainder was used to purchase non-liquid assets. incomes had smaller saving and 25 per cent unchanged saving. Rising prices were probably also an influence in reducing the rate of saving during the year. TABLE RELATION CHANGES IN SAVING DURING 1945 BETWEEN IN RELATION TO 5 Appreciably more people felt that their financial situation deteriorated after the end of the war; as many mentioned increases in prices in explaining their changed situation as mentioned decreases in income. 720 7 CHANGES AND SAVING Change in income * INCOME Incomes generally declined during 1945, but the difference in the number of spending units whose income increased and decreased in the course of the year was not great. About 30 per cent of all spending units had smaller incomes in January 1946 than in January 1945, while 25 per cent had larger incomes. Loss of overtime pay, changes to lower paid jobs, and unemployment were the main factors given in explanation of lowered earnings.5 A large proportion of those with increased incomes were veterans. The rate of current saving declined considerably more over the period than income, with the overall percentage of income saved declining approximately one-fifth from January 1945 to January 1946. Of all spending units (except farmers, who were not asked to estimate the change because their income is not received on a monthly basis), 27 per cent decreased their saving between January 1945 and January 1946, 15 per cent increased their saving, 47 per cent made no change, and 11 per cent were unable to estimate the change. Of those increasing their saving, about two out of five had saved nothing in January 1945; of those who made no change, over half saved nothing at either time; and of those who decreased their saving, over half were saving nothing in January 1946. The estimates of saving in the months of January 1945 and January 1946 are less accurate than the estimate for 1945 as a whole, but are believed to be adequate to permit comparisons between the two periods. Changes in income were, of course, the most important single factor explaining the decline in saving, but other factors were also present. In money terms, decreases in income had more effect in reducing saving than improvements in income had in increasing saving. Table 7 shows that 43 per cent of those with substantially increased incomes had larger saving and 38 per cent unchanged saving, while 62 per cent of those with decreased INCOME Change in saving Increase No change Decrease Not ascertained.. InDeInDecrease No crease crease crease of 5 change of 5 of 25 of 25 cent in per cent per cent per cent per to 24 income2 to 24 or more per or more cent per cent 43 38 11 8 30 44 18 8 9 67 13 11 9 42 38 11 3 25 62 10 100 100 100 100 100 1 Figures in each column are percentages of all spending units having the change in income specified for the column. 2 Including change of less than 5 per cent. OTHER FACTORS INFLUENCING SAVING AND LIQUID ASSET HOLDINGS Around half of all spending units plan to save whatever is left after meeting their expenses, a quarter say they can not save at all, and the remaining quarter plan to save some portion of their income regularly and to meet their expenses from what is left. More than half of the regular savers use the pay-roll deduction plan for purchase of Series E savings bonds. When asked their purpose in saving, about three out of five spending units mentioned motives which can be classified under the general head of "security." Old age, ill-health, unemployment, and general protection against a "rainy day" were included under this head. Old age and ill-health together were specifically mentioned far more frequently than unemployment, perhaps indicating that people expect little unemployment or that they no longer consider protection against unemployment an individual responsibility. A further one out of five save to make investments (mainly to purchase a home but including some business investment as well) and one out of six to provide benefits for children (mainly education). Only one out of ten indicated that they were saving to purchase consumer durable goods or to make other consumption expenditures, while one in twelve mentioned miscellaneous reasons or had no specific purpose.6 6 As some people mentioned more than one purpose in saving, the answers total more than 100 per cent. FEDERAL RESERVE BULLETIN A NATIONAL SURVEY OF LIQUID ASSETS The influences of factors other than income on liquid asset holdings of individual spending units can be analyzed by comparing the characteristics of "large" and "small" asset holders with similar incomes. In drawing the line "large" was defined to include approximately the top quarter distributed according to asset holdings and "small" the bottom quarter of all spending units having similar incomes. Throughout the remainder of the discussion "large" holders (or savers) are units whose holdings (or savings) are large for their income, not large in an absolute sense. "Similar incomes" is defined as income differences of less than $100 annually. Even when the influence of income is eliminated in this way, sharp differences in holdings remain: the smallest of the large holders, for example, has on the average seven times as much as the largest of the small holders. Moreover, roughly similar differences appear when savers are analyzed in the same way. Various characteristics of large and small holders and savers are compared in Table 8. These comparisons throw light on non-income influences on savings and holdings. We find that, at least in money terms, the percentage of a given income saved is larger in rural than in metropolitan areas. Of those residing in rural areas 37 per cent were large savers for their income, compared with 13 per cent of those in metropolitan areas. This difference may be in part explained by lower prices and nonmonetary income in rural areas. Differences in liquid asset holdings between areas are far less marked than in the case of saving, although some residents of open country have large holdings of liquid assets in relation to their income. Among occupational groups, farm operators, selfemployed businessmen, and professional and whitecollar workers are large savers for their money income (in the order named), while skilled and unskilled laborers, those without paid occupation (retired and housewives), and the unemployed are at the other extreme. These same differences prevail in regard to liquid asset holdings, except that businessmen have relatively small liquid holdings and those without paid occupations relatively large TABLE 8 CHARACTERISTICS OF LARGE AND SMALL SAVERS AND HOLDERS OF LIQUID ASSETS [Percentage of total number of spending units in group] 1 Groups of spending units By age of head of unit: 20-29 30-44 45-60 Over 60 . . . By occupational status of head of unit: Professional or white collar worker Self-employed businessman . . Skilled or unskilled worker* Retired or housewife Unemployed By education of head of unit: Grammar school High School College By type of community: 3 Metropolitan areas .... Other cities of more than 50,000 population Towns of 2,500 to 50 000 population Towns of less than 2 500 population Open country By savings plans:* Have regular plan other than pay-roll deduction^ Save by pay-roll deduction5 Have no plan but try to save Say they can not save .. . Large savers2 Medium savers2 Small savers2 Large holders2 Medium2 holders Small holders2 27 22 22 21 41 45 44 49 29 27 23 21 22 19 27 34 45 47 41 28 32 30 25 31 23 30 19 16 17 52 40 46 47 36 17 17 30 27 41 28 26 18 33 20 50 48 44 28 35 15 17 35 31 42 20 25 29 48 41 43 26 26 17 23 24 34 37 48 42 37 23 16 13 20 46 48 47 43 29 29 34 25* 19 23 26 27 37 43 44 42 22 23 17 27 22 34 31 24 23 10 45 50 44 48 16 18 24 38 32 24 26 12 42 41 30 25 32 34 49 55 46 28 13 14 22 58 1 Figures in each line are percentages of all spending units having characteristic indicated in stub; for each characteristic shown, the percentage figures in each set of three columns, together with percentages not shown for units for which the particular characteristics were 2not ascertained, add across to 100 per cent. Terms "large," "medium," and "small" savers or holders refer to amounts saved in 1945 or amounts of liquid assets held in first quarter of 1946 relative to income and not to dollar amounts of savings or holdings. * The 11 largest cities including their suburbs. * Farmers have been omitted from this grouping since the irregular nature of their incomes makes it difficult for them to have a regular s a v ings plan. 6 People who saved by payroll deduction and also had other savings plans of their own are included in both columns. Pay-roll deduction refers only to purchase of Series E savings bonds. JULY 1946 721 A NATIONAL SURVEY OF LIQUID ASSETS holdings. Information was not obtained as to holdings of other assets. Higher education appears to encourage both saving and the accumulation of liquid assets. Of those with a college education 29 per cent were large and 17 per cent small savers, compared with 20 per cent large and 26 per cent small savers in the case of those with only a grammar school education. This difference was even more pronounced in the case of liquid asset holdings, where 34 per cent of those with college education were large and 16 per cent small holders, compared with 23 per cent large and 37 per cent small holders among those with grammar school education. Differences in age have relatively little effect on the current rate of saving, except that the number who are average savers grows with age. As is to be expected, however, the number of large asset holders increases and the number of average holders decreases with age, but the number of small holders—those who never succeed in accumulating holdings—remains roughly constant. That there is some stability of the saving habit is demonstrated by the fact that about three times as mai\y large savers as small savers hold $1,000 or more in liquid assets. While about as many large savers save entirely in liquid as in non-liquid forms, among small savers non-liquid forms predominate, largely because of the importance of insurance. The largest savers are those who save regularly before meeting their expenses by a plan other than pay-roll deductions; those using pay-roll deductions for purchase of Series E bonds come next, followed by those without any definite plan. POSTWAR ECONOMIC STUDIES NO. 4 Prices, Wages, and Employment, the fourth of the series of eight postwar studies authorized by the Board of Governors, is now ready for distribution. It contains the following papers: "Prospects of Inflation in the Transition Period," by Charles O. Hardy; "Employment and Wage Policies," by Kenneth B. Williams; and "Monopoly and Unemployment," by Howard S. Ellis. Later pamphlets will be announced in the BULLETIN as they become available at irregular intervals. Each pamphlet will contain essays on 722 related subjects by specialists on the staffs of the Board and the Federal Reserve Banks. The views expressed in the papers are entirely those of the authors, and there is no official endorsement of any of the proposals made. Individual pamphlets may be purchased for 25 cents each, or for 15 cents each for group purchases of ten or more in single shipment. Orders should be sent to the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. FEDERAL RESERVE BULLETIN BRITISH WHITE PAPER ON WAR FINANCE Printed below is the text of a British Government White Paper (Cmd. 6784) presented to Parliament in April under the title "National Income and Expenditure of the United Kingdom, 1938-1945." This document is the sixth of a series initiated in 1941, and provides a summary of British war finance for the entire period of hostilities. The texts of the earlier White Papers were published in the BULLETIN for August 1945, pages 732-53; for July 1944, pages 655-69; for August 1943, pages 72940; for June 1942, pages 539-49; and for July 1941, pages 633-38. stated are for calendar years and relate to the United Kingdom of Great Britain and Northern Ireland. The numbers in brackets after the titles of items in the tables in Sections I to IV refer to items in the main tables in Section V. These numbers are intended solely for reference purposes and no account is taken of the sign of the corresponding item in the main tables. The tables have been prepared in the Central Statistical Office with the collaboration of the Treasury and other Departments. PREFACE I. INTRODUCTION This Paper gives estimates of national income and expenditure in a form designed to show changes in the distribution of the country's resources between different uses. The introduction to the corresponding paper issued in April 1945, Cmd. 6623, contained a discussion of the principles of social accounting followed in this series of papers. Reference should be made to that discussion for fuller explanations of the treatment and the definitions adopted in this Paper. In those cases where the definitions differ from those in Cmd. 6623, the changes are noted and explained in Appendix II. In general, changes have been made either because more information has become available or for reasons of logical consistency. All the statistics in this Paper unless otherwise Detailed tables of income and expenditure are given in Section V. Table 1 sets out the main totals and shows the relationship of the various concepts of income and product to one another. Personal income before tax is the sum of incomes received by individuals, charities and non-profit making bodies from whatever source they are derived; private income includes, in addition, the undistributed profits of companies and thus constitutes the total income accruing to the private sector of the economy. The figures of personal and private income are of particular use in the analysis of changes in consumption, and in the discussion of tax policy. Both series, however, contain an element of duplication, in that they include both direct taxes paid to public authorities and transfer incomes (for example, unemploy- TABLE 1 NATIONAL INCOME AND PRODUCT [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1945 1. Personal income before tax [29] 2. Plus other private income before tax [39]. 4,772 259 5,010 369 5,720 615 6,400 919 7,087 962 7,643 980 8,019 975 8,351 900 3. Private income before tax [45] 4. Less transfer payments from public authorities to the private sector [70] 5,031 5,379 6,335 7,319 8,049 8,623 8,994 9,251 -475 -469 -484 -522 -581 -652 -724 -891 5. Private income from current economic activity 6. Plus public income from trading, property, etc. [56]... 4,556 54 4,910 50 5,851 71 6,797 89 7,468 132 7,971 147 8,270 131 8,360 123 7. National income (or net product at factor cost) [6] 8. Plus sums allowed for depreciation and maintenance [85] 4,610 475 5,085 4,960 485 5,445 5,922 505 6,886 515 7,600 520 8,118 520 8,401 520 8,483 520 6,427 601 669 827 7,401 1,089 8,120 1,207 8,638 1,295 8,921 1,256 9,003 1,188 5,686 6,114 7,254 8,490 9,327 9,933 10,177 10,191 9. Gross national product at factor cost 10. Plus indirect taxes net of subsidies [53-65].... 11. Gross national product at market value. . JULY 1946 723 BRITISH WHITE PAPER ON WAR FINANCE ment assistance, old-age pensions and national debt interest) received from public authorities. To the extent that they consist of such transfer payments, they are affected by changes in fiscal policy or social insurance schemes. From some points of view it is important to have a measure of the total national output of goods and services which is not affected by such changes. Except in so far as the treatment of depreciation and, hence, profits is a fiscal matter, thefiguresof national income or net national product shown in item 7 of table 1, satisfy this need. They show the value of the product of the United Kingdom from its resources at home and overseas. This product is in later tables measured by both the incomes received from economic activity and the expenditure which gives rise to such incomes. Thefiguresof net national product are net in the sense that they exclude sums allowed for depreciation and maintenance, and are at factor cost—that is, they represent the remuneration of the factors of production the calls on the national resources for war purposes could not be met without cutting consumption, reducing capital formation at home, disposing of external investments and increasing external liabilities. The purpose of this section is to show how the distribution of the national expenditure between war expenditure, consumption and capital formation changed during the war years. Total expenditure on goods and services by public authorities increased more than fivefold between 1938 and 1943—from 941 million pounds to 5,227 million. It rose slightly above this level in 1944 and in 1945 was still only about 200 million pounds below 1943. The 1945 figure was raised in relation to those of earlier years by the inclusion of 161 million pounds to cover the cost of the final Lend-Lease settlement with the United States. No Exchequer issue was made in respect of this item. The series in table 2, however, do not give a consistent measure of the goods and services currently TABLE 2 EXPENDITURE ON GOODS AND SERVICES BY PUBLIC AUTHORITIES AT MARKET VALUE [In millions of pounds] 1938 1. Central government: (a) War expenditure [115] (b) Other current expenditure [116] (c) Net non-war capital formation [117].... 2. Extra-budgetary funds and local authorities: (a) War expenditure (b) Other current expenditure (c) Net non-war capital formation [72] 3. Total [73+77] employed in producing goods and services. They therefore include the amount of subsidies received from public authorities but exclude indirect taxes paid to those public authorities. Gross national product at factor cost includes sums allowed for maintenance and depreciation, and, at mar\et value, includes, in addition, the amount of indirect taxes paid to public authorities less subsidies received. The size of the gross national product at market value is, therefore, affected by changes in the division of government revenue between direct and indirect taxes. II. CHANGES IN THE COMPOSITION OF THE NATIONAL PRODUCT Although the size of the national product rose during the war both in money and in real terms, 724 1939 1940 1941 1942 1943 1944 1945 343 92 24 735 105 25 2,467 117 18 3,579 131 11 3,962 140 11 4,609 139 10 4,645 140 4,389 155 40 5 376 101 45 382 70 107 382 134 396 -23 117 409 -34 99 408 -38 89 416 -42 78 434 -37 1,362 3,099 4,228 4,605 5,227 5,256 5,059 at the disposal of public authorities during the war years. In the first place, they exclude the value of goods and services received as Lend-Lease assistance and Mutual Aid before V-J day or paid for out of the Canadian contribution of 1942. In the second place, they are, with the exception noted above for 1945, figures of cash payments and these fell short of the value of work done on government account in the years 1940 to 1943 when war programmes were expanding and exceeded it in 1945 when programmes were being cut. Table 2 does not, therefore, bring out fully the year to year changes in the claims of the government on the country's resources. In table 3 an attempt is made in line 2 to allow for the second of these factors and thus to give a measure of the total value of war work done on FEDERAL RESERVE BULLETIN BRITISH WHITE PAPER ON WAR FINANCE government account. In item 5 of the table the value of this work is shown after deduction of the indirect taxes which enter into its market value and, since they are paid to public authorities, represent merely a transfer within the public sector of the economy. Item 5 is, therefore, a measure of the factors of production taken up by the war effort and is here called the "national cost of the war. TABLE 3 NATIONAL COST OF THE WAR 1940-45 [In millions of pounds] 1940 1941 1942 1943 1944 1945 1. War expenditure by pub2,574 3,713 4,079 4,708 4,734 4,467 lic authorities 2. Increase in work in progress on government account held under pri175 vate finance [10] 125 75 25 -225 3, Total market value of war work done on government account 2,699 3,8884,154 4,733 4 734 4,242 4. Less net indirect taxes included in market value -104 -171 -166 -181 -188 -95 5. National cost of the war1. 2,595 3,717 3,988 4,552 4,546 4,147 1 Expenditure at market value less indirect taxes plus subsidies. The analysis is carried a stage further in table 4. There the cost of the factors of production taken up by the war effort is compared with the cost subsidies. The item of government consumption consists of the cost of the ordinary peace-time services of government, such as justice, education and road maintenance. Net non-war capital formation includes work on both public and private account. The total national cost of personal consumption at current prices rose between 1938 and 1945 by 980 million pounds, or 27 per cent. Consumers' expenditure in real terms, however, had by 1941 fallen 17 per cent below the pre-war level and even in 1945 was still 14 per cent less than in 1938. This fall is discussed in more detail in Section III. Consumption could not have been maintained at this level if capital had been maintained intact. In fact, net capital formation was negative in each of the years 1940-45. Some analysis of this loss of wealth is given below. It is, however, especially important to bear in mind the technical limitations of the figures presented: Firstly, it has not been possible during the war to make a direct estimate of private domestic capital formation, which has had to be obtained as a residue by subtracting all the other elements in the net national product from an independent estimate of the total. It is, therefore, peculiarly subject to error. Secondly, the allowances for depreciation used in TABLE 4 COMPOSITION OF NET NATIONAL PRODUCT 1938 1939 1940 1941 1942 1943 1944 1945 3,839 4,010 508 531 3,717 3,988 -1,178 - 9 2 9 4,006 532 4,552 -972 4,285 544 4,546 -974 4,582 578 4,147 -824 6,886 7,600 8,118 8,401 8,483 60 52 -12 56 56 -12 58 54 -12 61 49 -10 100 100 100 100 (In millions of pounds) National cost of1: Consumption Personal [30] Government War Net non-war capital formation 3,602 456 338 214 3,659 473 754 74 3,796 483 2,595 -952 Net national product at factor cost (or national income) [6]. 4,610 4,960 5,922 (Percentages) Consumption War Net non-war capital formation. Net national product at factor cost. 1 72 44 -16 100 100 100 Expenditure at market value less indirect taxes plus subsidies. of the factors of production used up in providing current non-war goods and services and in adding to the country's stock of assets at home and abroad. All the figures in this table are on the same basis as those in table 3, that is, they are at the prices current in each year, adjusted for indirect taxes and JULY 100 83 15 2 1946 calculating income and net capital formation are, except in the case of agriculture, based on Inland Revenue practice: that is, they are calculated on the original and not on the replacement cost of assets. In a period during which costs are rising, these sums will in fact fall short of replacement 725 BRITISH WHITE PAPER ON WAR FINANCE accounted for by failure to maintain equipment and stocks in this country. The balance of 4,628 million pounds represented a loss of external assets or a piling-up of external liabilities. It should be noted that the figure of 819 million pounds for 1945 given costs, and the figures in line 3 of table 6 should accordingly not be used as a measure of what it would cost the country to replace all its lost wealth. Thirdly, while no deduction has been made for loss or damage due to enemy action, the making TABLE 5 NATIONAL COST OF PERSONAL CONSUMPTION AT CURRENT AND AT 1938 PRICES * 1938 1939 1940 3,602 3,602 3,659 3,603 3,796 3,241 100 100 102 100 105 90 1941 1942 1943 1944 1945 4,285 2,974 4,582 3,115 119 83 127 86 (In millions of pounds) Current prices [30]... 1938 prices Current prices 1938 prices 1 ... ... 3,839 ! 4,010 3,001 2,963 4,006 2,844 (Index numbers ,1938 -- 100) 107 83 111 82 111 79 Expenditure at market value less indirect taxes plus subsidies. good of these losses so far as it has occurred is included in capital formation. Fourthly, the estimates given of net capital for- in line 4 includes 161 million pounds (650 million dollars) as indebtedness to the United States Government arising out of the Lend-Lease settlement. TABLE 6 NON-WAR CAPITAL FORMATION [In millions of pounds] 1. 2. 3. 4. Gross non-war capital formation at home and war losses made good [88 +90] • Less sums allowed for depreciation and maintenance [85] Net capital formation at home and war losses made good [9+11 -fl2] Net lending abroad and purchase of assets and financial claims from overseas [91] 5. Net capital formation at home and abroad [9+11+12+13] 6. Less net indirect taxes falling on gross capital formation at home. 7. National lcost of net non-war capital formation at home and abroad 1938 1939 1940 1941 1942 1943 1944 1945 780 -475 826 -485 364 -505 170 -515 283 -520 251 -520 211 -520 534 -520 305 341 — 141 — 345 — 237 —269 —309 14 -70 -250 -804 -816 -663 -680 -659 -819 235 -21 91 -17 -945 -7 -1,161 -17 -900 -29 -949 -23 -968 -6 -805 -19 214 74 -^952 -1,178 -929 -972 -974 -824 1 N e t non-war capital formation a t home at m a r k e t value less indirect taxes plus subsidies, plus increase in net lending abroad and purchase of assets and financial claims from overseas. mation make no allowance for under-maintenance of plant and equipment. All these factors work in the same direction. On the other hand, government expenditure of a capital nature for war purposes has been entirely excluded from the figures of capital formation given in this paper although some part of it will have a peacetime use. Of the total recorded disinvestment during the years 1940-45, however, only about one-fifth was 726 III. CHANGES IN THE COMPOSITION OF PRIVATE OUTLAY The changes in the composition of the national product discussed in the last section have been reflected in changes in the composition of private outlay. Table 7 shows the distribution of private income between expenditure on consumption, direct tax payments and saving. FEDERAL RESERVE BULLETIN BRITISH WHITE PAPER ON WAR FINANCE TABLE 7 DISPOSAL OF PRIVATE INCOME 1938 1939 1940 Consumers' expenditure at market value [30+31] Direct taxes [32+33 + 3 4 + 4 0 + 4 1 ] Private saving (including undistributed profits) [35+36+42+43]. 4,160 545 326 4,271 595 513 4,496 786 1,053 Private outlay [46]. . , 5,031 5,379 6,335 1941 1942 1943 1944 1945 (In millions of pounds) 4,721 1,230 1,368 5,004 1,513 1,532 5,082 1,902 1,639 5,335 2,107 1,552 5,645 2,148 1,458 7,319 8,049 8,623 8,994 9,251 (Percentages) Consumers' expenditure at market value Direct taxes Private saving (including undistributed profits).... Private outlay A. Consumers' Expenditure Table 8 shows the distribution of consumers' expenditure on goods and services at current market prices. More detailed figures, together with definitions of the items are given in Appendix III. Revisions in detail have led to several changes compared with the figures previously given, the most substantial of these being in the estimates of expenditure on food and alcoholic drink. In interpreting the figures and those in tables 9 and 10, the following definitions should be noted: (1) The figures relate as far as possible to expenditure met out of personal income including that of charities and other non-profit-making bodies as well as of individuals. The figures for individual categories relate to purchases in this country even when made by tourists or Dominion and Allied troops. On the other hand they do not include consumers' expenditure abroad out of British personal income. A rough adjustment for these factors is included in item 18 of the table. (2) Expenditure on consumers' goods and services by business and public authorities is, as far as possible, excluded except in certain cases where the object purchased is resold to persons as part of a composite product or service. Thus, personal expenditure on meals in restaurants and hotels is spread over several categories; the cost to the establishment of the food used appears in item 1, "food"; the rent of the building in item 4, "rent, rates and water charges"; the chinaware and cooking utensils purchased in item 6, "hardware" and an allowance for the purely service and managerial element of expense in item 14, "other services." JULY 1946 83 11 6 80 11 9 71 12 17 65 17 18 62 19 19 59 22 19 59 24 17 61 23 16 100 100 100 100 100 100 100 100 (3) The figures represent the expenditure of consumers in the above sense on goods and services of all kinds whether these are provided out of new production or from stock. Second-hand goods are not included, but an allowance is made in item 14, "other services," for the costs, including profit, of handling and reconditioning them. In table 9 estimates are given of the value of the various components of consumers' expenditure in terms of constant prices. During the war most groups of consumers' expenditure showed a decline in real terms, but the extent of the curtailment varied appreciably between different groups. The greatest decline was in the categories of durable goods and personal services. Purchases of new motor-cars by private individuals ceased entirely for five years, purchases of furniture were by 1944 down to only one-fifth and purchases of clothing not much above half of their 1938 level. In both these last two categories expenditure rose slightly in 1945. In contrast, there was during the war a rise in expenditure on drink, tobacco and entertainments, all items subject to exceptionally heavy indirect taxation. It is important to bear in mind certain qualifications to which all the categories in table 9 are subject to some extent: (1) The figures relate to the expenditure of the total population of the United Kingdom, which, because of the movement of troops between this country and overseas, did not remain constant either in size or composition. Thus, for example, in 1943 and 1944 large numbers of Allied and Dominion troops were stationed in this country, whose expenditure was distributed 727 BRITISH WHITE PAPER ON WAR FINANCE very differently from that of the average British civilian. Their expenditure on rent was smaller, but their expenditure on drink and entertainments was larger, than the average. It is not, therefore, to be expected that the movement of these aggregate of expenditure will reflect at all exactly the changes experienced 6y any particular class or individual. TABLES 8 AND 9 PERSONAL EXPENDITURE ON CONSUMERS' GOODS AND SERVICES 8. I N MILLIONS OF POUNDS, AT CURRENT M A R K E T PRICES Food Alcoholic beverages: Other Tobacco: Cigarettes Other Rent, rates and water charges Fuel and light Durable household goods: Furniture and furnishings Hardware Other household goods Clothing: Footwear Other clothing Men's and boys' wear Women's, girls' and infants' wear Reading matter Privately-owned motor vehicles and their running expenses. Travel. Communication services Entertainments Services not included above Other goods Income in kind of Armed Forces. 1938 1939 1940 1941 1942 1943 1944 1945 1,221 1,262 1,309 1,323 1,369 1,330 1,396 1,414 195 90 211 99 273 103 346 118 420 122 529 133 550 135 144 32 491 195 168 36 510 198 215 47 519 223 264 55 515 236 343 72 509 240 470 138 412 79 510 236 428 79 512 248 469 79 517 265 152 82 51 146 77 53 139 73 56 128 69 55 114 60 50 83 56 49 68 56 52 92 75 53 73 78 90 91 97 87 90 93 127 246 61 114 159 29 60 452 176 17 131 249 61 101 152 29 56 450 180 29 137 269 66 34 138 32 57 449 186 81 116 245 67 27 165 37 83 453 188 135 123 267 73 14 198 39 113 422 183 146 101 241 77 7 207 48 133 404 189 185 125 279 84 7 210 54 142 404 200 199 130 293 88 26 238 51 153 441 228 205 4,276 4,496 4,716 4,974 5,042 5,295 5,584 30 40 40 50 5,004 5,082 5,335 5,634 4,167 17. Total of above items. 18. Adjustment 1 -5 19. Total [7] 1 4,160 4,271 4,496 4,721 It is necessary to make a specific adjustment in order to convert the total in line 17 to a total of purchases out of British income. 9. I N MILLIONS OF POUNDS, AT 1938 1. Food 2. Alcoholic beverages: Beer Other 3. Tobacco: Cigarettes Other 4. Rent, rates and water charges 5. Fuel and light 6. Durable household goods: Furniture and furnishings Hardware 7. Other household goods 8. Clothing: Footwear Other clothing Men's and boys' wear Women's, girls' and infants' wear 9. Reading matter 10. Privately-owned motor vehicles and their running expenses 11. Travel 12. Communication services 13. Entertainments 14. Services not included above 15. Other goods 728 PRICES 1938 1939 1944 1945 1,221 1,231 1,075 983 1,022 195 90 203 95 202 82 233 68 144 32 491 195 150 32 504 196 149 30 507 200 230 84 166 32 502 201 980 1,027 1,034 236 64 249 59 259 60 174 32 496 196 176 29 497 185 177 28 499 186 194 27 501 192 152 82 51 144 75 53 105 59 51 70 45 47 48 33 42 36 29 40 30 29 40 42 38 40 1941 73 76 68 58 56 53 53 54 127 246 61 114 159 29 60 452 176 127 241 61 100 152 28 56 448 176 103 201 57 29 128 26 48 402 159 70 147 59 22 144 26 70 377 125 69 148 60 11 169 28 82 330 103 57 137 63 6 181 32 83 304 105 69 153 68 6 184 35 83 293 110 70 155 72 21 207 35 8S 313 117 FEDERAL RESERVE BULLETIN BRITISH WHITE PAPER ON WAR FINANCE (2) It has not been possible with the data available to adopt a uniform basis in compiling the series of expenditures at constant prices. Two main methods have been used. In the case of rents, durable household goods, clothing, books, travel and entertainments the values at current prices have been deflated by dividing the estimates for each year by an index reflecting changes in the prices of those goods actually sold in the year in question in relation to 1938. In the case of the other groups of expenditure the physical quantities purchased of the various items in a category have been multiplied by their respective average prices in the base-year. would show a greater fall during the war than do the figures in table 9, because the latter reflect the movement of consumption from cheaper to more expensive garments since rationing started. In the case of food it has not been possible to allow consistently for quality changes. Thus, dried milk and liquid milk, for example, are treated as two distinct commodities and a shift from one to the other is reflected in the series of expenditure at constant prices. On the other hand, an increase in the proportion of inferior cuts of meat and a disappearance of the more expensive blends of coffee have not affected the series, since the basic figures are in terms of undifferentiated weight. There can TABLE 10 NATIONAL COST OF CONSUMERS' GOODS AND SERVICES * [In millions of pounds] 9. 10. 11. 12. 13. 14. 15. 16. 17. Food Alcoholic beverages: Beer Other Tobacco Rent, rates and water charges Fuel and light Durable household goods: Furniture and furnishings Hardware Other household goods Clothing: Footwear Other clothing Reading matter Privately-owned motor vehicles and their running expenses Travel Communication services Entertainments Services not included above Other goods Income in kind of the Armed Forces Adjustment 2 18. Total [30] 1 2 1939 1940 1941 1942 1943 1944 1945 1,155 1,186 1,255 1,280 1,362 1,345 1,451 1,527 125 85 334 188 130 52 92 344 190 139 51 96 350 211 178 57 110 344 224 206 57 118 342 229 206 62 121 344 228 240 60 123 350 243 145 78 46 139 74 47 133 69 49 103 57 46 89 47 42 65 44 42 53 45 44 70 352 59 92 141 28 49 433 167 16 -7 74 359 59 81 135 28 46 430 171 27 85 386 63 28 124 31 47 428 176 75 79 306 64 21 147 35 65 428 161 129 5 85 334 70 80 306 74 7 190 46 89 386 151 180 40 84 372 3,602 3,659 3,796 3,839 4,006 4,285 46 c U 180 37 82 401 149 139 30 ? 195 Si 19 J> 4,582 Expenditure at market value less indirect taxes plus subsidies. It is necessary to make a specific adjustment in order to convert the total in line 17 to a total of purchases out of British income Owing to the lack of a uniform method of compilation the extent to which quality changes are reflected in the figures varies from category to category. In none of the service items has any allowance been made for this factor. The figures in table 9 are unaffected by changes in the extent of overcrowding of trains, the delay in postal and telephone services or the state of repair of houses. Nor has any account been taken of changes in the amount of services provided by sellers of goods, for example, delivery services and use of wrapping material. In the case of most groups of merchandise, however, some allowance has been made for changes in the quality of goods. A series of clothing sales based on the number of garments sold JULY 1938 1946 be no doubt, therefore, that the war-time changes in the series of food expenditure at 1938 prices underestimate the loss of satisfaction that has occurred through declines in quality. (3) The "weights" used to combine the different items in composite groups such as food and fuel are prices and not, as would for other purposes be more appropriate, technical factors such as food values or thermal units. A series of food purchases designed to measure changes in the nutritional value of the diet would fall by less during the war. Conversely, an index of purchases of fuel weighted by their thermal content would show a smaller rise than the series in table 9. 729 BRITISH WHITE PAPER ON WAR FINANCE (4) None of the figures makes any allowance for the loss of satisfaction caused by restrictions on consumers' freedom of choice. It was mentioned above that consumers' expenditure includes a large element of indirect taxation entering into the market price of the goods. To this extent consumers' expenditure exceeds the receipts of the producers of the goods. On the other hand producers in some cases receive subsidies from the government in addition to their sales proceeds. Table 10 shows estimates of the amount producers of consumers' goods and services actually receive, whether from consumers or from public authorities. It is these items that enter into the national cost of consumption shown in table 5 above. Though it is not feasible here to attempt to distribute the whole of this taxation over different ranges of income it is possible to continue the estimates published in previous years of the extent to which direct taxes fall on different incomes. Table 12 gives the estimated distribution of incomes before and after tax in the calendar years 1938 and 1944. It is clear from more recent information that the figures for 1942 given in Cmd. 6623 need revision; they should, therefore, be compared with the figures given in Table 12 for 1944 which are themselves provisional. Table 12 relates to income received in 1938 and 1944 and shows the amount of private income at the disposal of individuals which can be allocated to TABLE 11 TOTAL PRIVATE INCOME AND THE PROPORTION REQUIRED TO MEET TAXATION [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1945 5,031 5,379 6,335 7,319 8,049 8,623 8,994 9,251 545 595 786 1,230 1,513 1,902 2,107 2,148 571 16 622 120 706 286 902 329 1,022 343 1,097 133 1,054 72 1,074 -22 5. Total tax liabilities in respect of private income 1,132 1,337 1,778 2,461 2,878 3,132 3,233 3,200 6. Tax liabilities as a percentage of private income 23 25 28 34 36 36 36 34 1. Private income [45] 2. Direct taxes, social insurance contributions of employees, war damage contributions and premiums, etc., met out of private income [49] 3. Indirect taxes, rates and war risks insurance premiums less subsidies met out of private income 4. Excess of tax liabilities over payments [83] The difference between the entries in table 10 and the corresponding entry or group of entries in table 8 represents the indirect taxation less subsidies estimated to have fallen on particular classes of consumers' goods and services. A comparison of these two tables, therefore, shows the extent to which different categories of consumers' expenditure are subject to net indirect taxation. B. Taxation in Relation to Income Table 7 showed the disposal of private income between its immediate uses: personal expenditure, direct tax payments and saving. Table 11 above collects together all the taxes, both direct and indirect, which fall on private income. The figures in line 3 are estimates of that part of the excess of indirect taxes over subsidies which is met out of private income: that is, which does not appear in the value of goods and services bought by public authorities. Indirect taxes entering into the value of government purchases clearly represent a transfer entirely within the public authority sector. 730 different ranges. The category of unallocated private income is not the same as other private income shown in item 39 of table 21 since, while the undistributed profits of companies and all liabilities for National Defence Contribution and Excess Profits Tax are common to both, the figures in table 12 contain in addition all personal income (including the income of non-profit-making bodies) which cannot be allocated to ranges of income. Examples are the investment income of charities, the increase in assurance funds and certain allowances and income in kind. In the tables relating to 1944 the total net income at 1944-45 rates is the amount which would have resulted if all taxpayers had during that year paid tax at 1944-45 rates on the income received by them in that year. The figures in the corresponding column for 1938-39 do not relate to the income of that year, but to the income that would have remained after tax in 1944 if the taxation of 1938-39 had been in force in that year. The change in the distribution of incomes brought FEDERAL RESERVE BULLETIN BRITISH WHITE PAPER ON WAR FINANCE about by change in taxation can be shown in another way by classifying individuals by ranges of income after tax, i.e. aggregate income as assessed to tax less the income tax and surtax payable. This is shown for the financial years 1938-39 and 1944-45 in table 13 which relates solely to income assessed to income tax. TABLE 12 DISTRIBUTION OF PRIVATE INCOME BY RANGES OF INCOMES Range of income before tax ber of incomes Proportion Total in- of income come after before tax Total income tax retained and inafter decome surtax1 at duction of betaxes at fore tax 1938- 1944- 1938- 194445 39 39 45 rates2 rates rates rates Private Income in 1938 (in pounds): (In thousands) (In millions (Per cent) of pounds) provide this information below. It will be understood that in the case of mixed incomes the allocation of tax can only be arbitrary. Thus, if, for example, income is derived partly from wages and partly from interest-bearing securities, the tax payable in respect of the total income depends partly on the size of the tax-free allowances and these are calculated with reference to the total of income and not with reference to its separate component parts. TABLE 13 NUMBER OF INDIVIDUALS IN DIFFERENT RANGES OF NET INCOME ASSESSED IN 1938-39 AND 1944-45 * Range of income after tax (In pounds) 1938-39 1944-45 150-250 250-500 500-1,000 1,000-2,000 2,000-4,000. 4,000-6,000 6,000 and over 4,500,000 1,820,000 450,000 155,000 56,000 12,000 7,000 7,400,000 5,050,000 830,000 186,000 33,050 890 60 Total 7,000,000 13,500,000 X Private income at the disposal of individuals3 which can be allocated to different ranges Under 25O2 250-500 500-1,000 1,000-2,000 2,000-10,000 10,000 and over Unallocated private income Total private income Private Income in 1944 (in pounds) Private income at the disposal3 of individuals which can be allocated to different ranges Under 2502 250-500 500-1,000 1,000-2,000 2,000-10,000 10,000 and over Unallocated private income Total private income A married couple is for income tax purposes counted as one individual. ! 1 745 500 195 97 8 2,681 2,676 2,616 99.8 499 97 1 578 595 244 88.9 311 350 270 160 83 0 224 256 360 170 71.1 84 170 35 49.4 499 82.5 5,O31 4,628 92.0 *605 — — 4 3,569 3,560 3,479 99 7 5,200 1,830 1,785 1,590 97.5 896 995 730 90.1 1,400 520 729 454 83.1 606 117 294 415 195 70.8 8 80 155 30 51.6 4 1,3O1 4 8,994 573 7,051 97.6 83 9 69.7 59 3 47.2 20.6 97 5 86.9 73.4 62.3 47.0 19.4 44.0 78.4 1 The estimates of income in this table relate to calendar years; the tax-rates used are those that were current in the fiscal years 1938-39 and 1944-45. 2 All transfer payments, other than interest on the national debt, have been included in the incomes below 250 pounds. 3 A married couple is for income tax purposes counted as one individual. 4 Including all liabilities for National Defence Contribution and Excess Profits Tax, which are deducted together with income tax in arriving at retained income. The preceding tables showed the effect of income tax and surtax on personal incomes in different income ranges, but gave no indication of the extent to which direct taxation falls on different types of income or property. An attempt is made to JULY 1946 C. Private Saving Table 15 brings together the information on private saving, personal and other, contained in table 21. The allowance to meet accrued taxation in each year is the excess of tax liabilities acrued during the year, on the assumption that there will be no change from the latest rate of tax announced, over total payments during the year in respect both of tax currently due and of arrears. Thus in order to obtain the total amount required at the end of 1945 to meet the taxation accrued and unpaid, though not necessarily due, at that date on personal income, the figures in item 4 must be added together; that is to say, the aggregate at that date was the sum of the figures for the years 1938-45 ( = 463 million pounds), plus the amount accrued and unpaid at the end of 1937, plus or minus any adjustment due to changes in the rate of tax between the dates of earning and of assessment. The same applies to the increase in allowances to meet accrued taxation on other private income which is shown in item 7. IV. CENTRAL GOVERNMENT EXPENDITURE AND ITS FINANCE This section deals with the finance of central government expenditure. Table 16 shows the relation between total expenditure by the central government and expenditure of all public authorities on goods and services. 731 BRITISH WHITE PAPER ON WAR FINANCE TABLE 14 DIRECT TAXATION PAID IN RESPECT OF DIFFERENT TYPES OF INCOME AND PROPERTY [In millions of pounds] On income: Rent of land and buildings Income tax Surtax Interest and profits Income tax Surtax N.D.C., E.P.T., etc Salaries Income tax Surtax Employees' contributions Wages Income tax Surtax Employees' contributions Pay of Armed Forces Income tax On property: Land and buildings Death duties, corporation duty and land tax War damage contributions Interest bearing securities 2 Estate duties and corporation duty Other stocks and shares Estate duties and corporation d u t y . . . Other forms of property Estate duties War damage contributions Unallocated 2 1939 1940 1941 1942 1943 1944 59 7 208 43 16 65 7 84 8 120 132 8 305 59 69 1397 53 345 125 8 534 54 126 8 224 48 28 105 8 401 57 234 42 9 4 53 10 4 75 12 5 119 12 7 28 51 53 56 1 1 4 10 10 10 22 22 23 37 37 37 9 9 9 25 21 '25 545 595 786 1945 602 486 54 517 632 53 474 198 12 7 242 12 7 287 12 7 32a 112 185 238 241 61 65 64 63 "62 11 21 24 26 28 11 11 40 12 40 13 40 3a 30 31 36 43 43 43 47 48 11 26 14 11 14 10 12 9 16 13 21 1,513 1,902 2,107 2,148 1942 1943 1944 1945 32 Total direct taxes [49]. 1 1938 28 40 10 43 23 1,230 12 7 16 The introduction of Tax Reserve Certificates absorbed payments previously made in advance. Government and municipal stocks, bonds, mortgages and debentures. TABLE 15 PRIVATE SAVING [In millions of pounds] 1938 1939 1940 1941 Personal Saving 1. Gross personal saving, including allowance for accrued taxation [34+35+36] 2. Less death duties, etc. [34] 234 -90 334 -87 700 -84 979 -93 1,283 -100 1,504 -106 1,450 -115 1.396 -133 3. Gross personal saving after allowance for death duties, etc. [35 +36] . . 4. Less increase in allowance to meet accrued taxation [35] 144 -4 247 -34 616 -39 886 -42 1,183 -194 1,398 1,335 -97 -60 1,263 7 5. Net personal saving after allowance for accrued taxation [36]. .. 140 213 577 844 989 1,301 1,275 1,270 Ot ler Privjite Savin g 6. Other gross private saving, including allowance for accrued taxation [42 +43] 7. Less increase in allowance to meet accrued taxation [42] 182 -12 266 -86 437 -247 482 -287 349 -149 241 -36 217 -12 195 15 8. Other net private saving after allowance for accrued taxation [43]. 170 180 190 195 200 205 205 210 9. Net personal saving after allowance for accrued taxation [36].... 10. Other net private saving after allowance for accrued taxation [43]. 140 170 213 180 577 190 844 195 989 200 1,301 205 1,275 205 1,270 210 11. Total net private saving after allowance for accrued taxation [82]. 310 393 767 1,039 1,189 1,506 1,480 1,480 To tal Privstte Savin g 732 FEDERAL RESERVE BULLETIN BRITISH WHITE PAPER ON WAR FINANCE TABLE 16 EXPENDITURE OF THE CENTRAL GOVERNMENT AND OF ALL PUBLIC AUTHORITIES [In millions of pounds] 1. Expenditure of all public authorities on goods and services at market prices [73 +77] 2. Less expenditure by extra-budgetary funds and local authorities on goods and services [72 +75 +76] 3. Central government expenditure on goods and services [71+74]. . 4. Plus central government subsidies and transfer payments [65 +67]. 5. Plus net transfers from central government to other public authorities [125] 1938 1939 1940 1941 1942 1943 1944 1945 5,059 941 1,362 3,099 4,228 4,605 5,227 5,256 -482 -497 -497 -507 -492 -469 -463 -475 459 343 865 352 2,602 429 3,721 550 4,113 637 4,758 715 4,793 826 4,584 1,024 231 273 334 382 379 358 352 359 5,831 5,971 5,967 6. Total central government expenditure [61] 1,033 Central government expenditure was met partly by revenue and partly by borrowing. The proportion covered by revenue has increased steadily since 1940. The channels through which government borrowings reached the Exchequer are set out in one of the main tables in Section V (table 24). Table 19 shows the ultimate sources of these borrowings, 1,490 3,365 4,653 5,129 TABLE 17 THE METHODS OF CENTRAL GOVERNMENT FINANCE 1938 1939 1940 1941 1942 1943 1944 1945 (In millions of pouncIs) 1. Revenue [47+50+54] 2. Net borrowing [57] 3. Expenditure [61].. 885 148 977 513 1,275 2,090 1,033 1,490 3,365 1,857 2,796 2,366 2,763 2,926 2,905 3,218 2,753 3,268 2,699 4,653 5,129 5,831 5,971 5,967 (Percen tages) 4. Revenue 5. Net borrowing 6. Expenditure The composition of central government revenue is shown below: 86 14 66 34 38 62 40 60 46 54 50 50 54 46 55 45 100 100 100 100 100 100 100 100 namely, private saving, surpluses of extra-budgetary funds and of local authorities, sums arising from TABLE 18 CENTRAL GOVERNMENT REVENUE [In millions of pounds] 1938 1939 1941 473 79 24 664 77 23 848 73 27 44 211 317 1942 1943 1944 1945 1,110 74 33 1,279 74 35 1,353 73 34 Income tax Surtax National Defence Contribution 312 59 15 Excess Profits Tax Death duties . . Customs and excise duties on drink 107 116 175 218 267 337 360 375 84 108 159 208 97 306 113 371. 93 385 95 409 109 8 8 8 15 27 40 46 50 150 34 19 132 37 14 138 38 14 139 32 15 151 28 17 202 28 17 150 35 23 Customs and excise duties on tobacco Purchase tax Entertainments duty Other customs and excise duties 1 Motor vehicle duties Stamp duties Post Office surplus 2 Receipts under the railway agreement Other revenue Central government revenue [47 +50 +54] 1 2 78 138 35 21 . ... 346 65 28 1940 77 79 88 94 453 97 481 107 440 119 10 8 19 18 18 32 25 10 31 31 66 23 36 54 20 39 49 21 42 32 24 885 977 1,275 1,857 2,366 2,926 3,218 3,268 The reduction in this item in 1945 was due largely to a reduction of imports of petroleum products on government account. Surplus shown in the commercial accounts of the Post Office. JULY 1946 733 BRITISH WHITE PAPER ON WAR FINANCE the running down of domestic capital and sums received from overseas as a result of borrowing and the sale of overseas assets. Sums set aside to replace equipment become available for an alternative purpose if the replacement is postponed. The same is true of money obtained by the sale of stocks without replacement and of compensation received in respect of war risks and other insurance claims which is not spent in the period. When allowance has been made for other calls on these sums the total described in the heading to item 2 is reached. Attention is drawn to the statement under (2) above that the net change in stocks and work in progress is measured by the change in their value as reckoned in the calculation of profits. While the practice in this respect is not uniform, the measure given here approximates more closely to the change in the value of stocks than to the value of the quantitative change and to some extent, therefore, the basis of valuation of stocks differs from the one adopted for other forms of capital assets. In other words, the calculation of profits takes account of changes in the value rather than TABLE 19 THE SOURCES OF CENTRAL GOVERNMENT NET BORROWING [In millions of pounds] 1938 1. Saving: (a) Private [82 +83] (b) Extra-budgetary funds and local authorities [72 —58 —59]. 2. Sums released by running down domestic capital equipment and stocks1: (a) Private [ 8 6 - 1 0 - 1 1 - 1 2 ] (b) Local authorities [72] 3. Net sale of assets and increase in liabilities to countries abroad [91]. 4. Central government net borrowing (deficit) [57] 1 1939 1940 1941 1942 1943 1944 1945 326 33 513 66 1,053 163 1,368 183 1 532 181 1 639 145 1 552 114 1 458 8 -180 — 101 70 -246 -70 250 78 —8 804 406 23 816 353 34 663 403 38 680 386 42 659 377 37 819 148 513 2,090 2,796 2,763 2,905 2,753 2,699 Including any unspent compensation in respect of war risks and insurance claims. This total, therefore, is provided from the following sources: (1) Additions to depreciation, obsolescence and similar funds held by firms, institutions and persons; (2) Depletion of stocks and work in progress held under private finance, measured by the reduction in their value as reckoned in the calculation of profits; (3) Sums repaid to lenders and transferred to sinking funds by local authorities; (4) Receipts from the sale to the central government of fixed capital assets such as sites and buildings; (5) Compensation received in respect of war risks claims; (6) Less private gross capital formation, including replacement of war losses and the increase in work in progress on government contracts which, being ultimately recoverable from the Exchequer, is shown separately in item 10 of table 20; (7) Less gross capital formation of local authorities. 734 in the quantity of stocks. The information available does not permit measurement of the value of the quantitative change in stocks. There can be no doubt, however, that in the early years of the war, particularly 1940 and 1941, when stocks were falling, the value of the decrease was greater than the fall in value implied in the calculation of profits. An adjustment to bring the figures on to the former basis would, therefore, reduce the estimate of net capital formation in those years. If this adjustment were possible, profits, and hence private saving, would be lower to exactly the extent that item 2(a) would be increased. The distribution of sums between items l(a) and 2(a) of the above table is, therefore, arbitrary to the extent that it depends on the adoption of a particular convention for the assessment of profits. Each of these items, moreover, consists in part of the residual items in tables 20 and 21, for which no independent estimate has, except in 1938, so far been possible. Each of them is, therefore, peculiarly subject to error, although their sum is not. FEDERAL RESERVE BULLETIN BRITISH WHITE PAPER ON WAR FINANCE V. THE MAIN TABLES TABLE 20 ESTIMATES OF NATIONAL INCOME AND EXPENDITURE [In millions of pounds] 1938 1939 1940 1941 1942 1943 1944 1. Rent of land and buildings 2. Interest and profits, including farming profits and professional earnings 3. Salaries 4. Wages » 5. Pay and allowances (in cash and kind) of serving members of the Armed Forces 380 388 386 385 384 384 384 385 1,317 1,100 1,735 1,472 1,141 1,835 1,829 1,206 2,115 2,128 1,332 2,419 2,342 1,381 2,688 2,460 1,430 2,845 2,487 1,473 2,890 2,445 1,585 2,840 78 124 386 622 805 999 1,167 1,228 6. National income (or net national product at factor cost) 4,610 4,960 5,922 6,886 7,600 8,118 8,401 8,483 4,271 1,267 95 4,496 3,073 26 4,721 4,240 -12 5,004 4,628 -23 5,082 5,255 -28 5,335 5,290 -34 5,645 5,056 3 125 175 75 7. Personal expenditure on consumers' goods and services at market prices 4,160 816 8. Current expenditure by public authorities on goods and services.. 125 9. Net non-war capital formation of public authorities 10. Increase in work in progress on government account held under private finance 180 11. Private net capital formation at home and war losses made good not included below 12. Expenditure incurred in making good war damage to buildings.. 13. Net lending abroad and purchase of assets and financial claims -70 from overseas 15 14. Subsidies -562 15. Less indirect taxes and rates -54 16. Less employers' national insurance contributions 17. Less war risks insurance premiums 18. Net national expenditure NOTES 1. This item represents the income from the ownership of lands, houses, etc., as assessed for income tax under Schedule A, after allowance has been made for maintenance and repair. Incomes from these sources below the effective income tax exemption limit are included, as also are those received by non-profit-making bodies, e.g. charities, colleges, etc. Premises occupied by their owners are treated on the same basis as rented premises. Rents paid by occupiers in excess of Schedule A values are excluded from this item, since they attract income tax under Schedule D. 2. Aggregate profits here are net, after current business losses have been deducted. This item excludes interest on the national debt and also income due to foreigners after deduction of income tax, but includes miscellaneous government income such as trading profits, receipts under the railway agreement, certain receipts from abroad and central government taxes paid by foreigners. It also includes profit and interest not brought into assessment, including income in kind and the amounts received by persons below the income tax exemption limit or by non-profit-making bodies, and incomes, whether or not below the income tax exemption limit, accruing to persons working on their own account. In addition to profits and interest this item includes rents paid in excess of Schedule A values. 3. Aggregate salaries include: (a) the whole of the earnings of shop assistants, (b) small salaries below the income tax exemption limit, (c) allowances of salary earners not brought under assessment to income tax. 4. This item includes an allowance for the income in kind (food, lodging, etc.) of, e.g. domestic servants, miners and farm workers. The estimate of personal expenditure on consumption at market prices (item 7) includes a similar allowance. JULY 1946 4,610 (246) I -225 (-167) (-362) (-275) (-290) (-331) (-109) 120 29 49 56 61 -250 20 -620 -55 -14 -804 70 -715 -58 -124 -816 130 -915 -65 -239 4,960 5,922 6,886 -819 -659 -680 -663 215 250 170 160 -1,095 -1,241 - 1 , 3 4 2 - 1 , 3 5 4 -70 -69 -72 -73 -59 -15 -152 -199 7,600 8,118 8,401 8,483 5. This item includes: (a) the pay and cash allowance of, and the value of issues of food and clothing to, members of H.M. Forces and Auxiliary Services, other than those on release leave, and (b) the pensions and retired pay of former members of the Armed Forces other than pensions awarded for death pension or disability attributable to war service. War pensions appear as a transfer payment in* item 26; payments and issues of civilian clothing to members of the Armed Forces on release leave are shown as a separate transfer payment in item 23 of table 21. 6. This item is the sum of items 1 to 5 and is an estimate of the incomes received by factors of production in, or only temporarily absent from, the United Kingdom in the course of producing the current output of goods and services of all kinds. These incomes are before tax, since all taxes, direct and indirect, falling on them, whether paid directly by individuals (including non-profit-making bodies) or through businesses or public authorities, will be paid out of them. The item is net in the sense that the sums shown in items 1 and 2 exclude that part of gross receipts which is allowed in the calculation for tax purposes of net rent and profit in respect of the maintenance and repair or replacement of all existing capital equipment (such as houses, machinery and stocks) which is currently worn out or used up. The estimates of labour income given in items 3, 4 and 5 do not include employers' contributions to national insurance (unemployment, health and pensions). These payments are, however, included in the income figures for some countries and are therefore shown separately in item 16 of this table. 7. This item shows the money value of all consumers' goods and services either bought by individuals and nonprofit-making bodies or received by them as income in kind. The figures shown here are therefore at prices which include 735 BRITISH WHITE PAPER ON WAR FINANCE those indirect taxes, rates, employers' contributions to national insurance and insurance premiums which appear in the market value of these goods and services. They exclude costs which, being met by government subsidies, do not enter into market values. The market value of personal expenditure on insurance is measured by the cost of the factors of production taken up in providing the insurance, that is, an estimate of the share of premiums which is paid out in expenses of management, commissions and dividends or retained in free reserves. 8. This item excludes expenditure by public authorities which does not arise from a direct demand for goods and services. Thus it excludes (i) transfer payments, (ii) claims paid in respect of war losses, (iii) loan repayments, payments to sinking funds, etc., by the central government. Loan repayments and payments to sinking funds by local authorities on rate fund account are included in lieu of depreciation allowances as part of the current cost of providing the services. Subsidies, which are shown in item 14 below, are excluded and so are operating expenses incurred in the provision of services such as postal services and local authority trading services, which are sold to persons and businesses. Net non-war capital expenditure is excluded from this item and appears separately in item 9. With the exception noted below, Lend-Lease assistance and, in 1942, expenditure equivalent to the Canadian contribution are excluded from this item. Thus, in so far as goods have been received under Lend-Lease and Mutual Aid or have been paid for out of the Canadian contribution, this series is not a consistent measure of the value of the total amount of goods and services currently at the disposal of public authorities since it includes resources obtained by borrowing from, or sale of assets and financial claims to, countries abroad, but not those obtained under Lend-Lease provisions or as a result of the Canadian contribution. The 1945 figure includes an amount of 161 million pounds (650 million dollars) to cover the following items mentioned in the joint statement regarding settlement for Lend-Lease, Reciprocal Aid, surplus war property and other claims issued by the Governments of the United Kingdom and the United States on 6th December 1945 {see Cmd. 6708): (a) a net sum of 118 million dollars representing the difference between the amount of the services and supplies furnished or to be furnished by each Government to the other Government after V-J day through Lend-Lease and Reciprocal Aid channels, less the net sum due to the United Kingdom under the claims settlement, and (b) a net sum of 532 million dollars for all other LendLease and Reciprocal Aid items, and for surplus property, and the United States interest in installations, located in the United Kingdom and owned by the United States Government. The exact amount for the items mentioned in (a) above, other than claims, will be ascertained by accounting in due course but is not likely to differ greatly from the amount provisionally taken as a working total. Since no cash payment has been made this expenditure is not included in Exchequer issues. 9. This item excludes entirely expenditure on goods and services connected with the war even though it was of a capital nature. It is mainly composed of Post Office loan expenditure, central government expenditure on the manufacture of pre-fabricated houses (in 1945 only) and the 736 capital formation of local authorities (other than that on war emergency services, which is included in the preceding item). The latter is measured by taking capital expenditure on works less receipts from the sale of assets and sums repaid to lenders and transferred to sinking funds. This last deduction is made in lieu of allowances for depreciation since there is a reasonable correspondence between the life of the assets and the period over which the borrowing used to finance them is repaid. 10. This item is shown separately since it is convenient to keep it distinct from other forms of private net capital formation at home. Unless separately accounted for it necessarily appears in the balancing item (item 11 in the war years) since the national income includes all income accruing as a result of current activity in producing goods and services on government account whereas items 8 and 9 include only payments actually made by public authorities. 11. This item relates only to capital formation of the private sector of the economy. It is composed of (a) gross expenditure on fixed capital and its upkeep, i.e. new additions, replacements and repairs (whether normal or resulting from war damage, with the exception of the sums shown separately in item 12 below), less (b) maintenance expenditure and depreciation allowances deducted from gross revenue in arriving at the figures of net rent and profits shown in items 1 and 2, less (c) increases in assurance reserves to meet claims by business insurers, less (d) receipts in respect of business insurance claims for damage (other than war damage) to fixed capital less (e) receipts from the sale to public authorities of existing privately-owned capital assets such as land and buildings, plus (f) the increase in stocks (including replacements of war losses) as valued for the calculation of profits in item 2, less (g) the increase in work in progress on government account held under private finance shown separately in item 10. The necessity for the deductions in (c) and (d), which were not previously made, is explained in Appendix II. It has been impossible to make a direct estimate of the constituents of this item for the war years. The figures in brackets have been obtained by subtracting the sum of items 7 to 10 and 12 to 17 from item 6 and are therefore dependent on the accuracy of those estimates. 12. Equal to the amount of compensation paid under Part I of the War Damage Act, substantially all of which arises only where actual work is put in hand. This work includes a small amount of equipment other than buildings. 13. This item is an estimate of the net recorded increase (or, when negative, decrease) in the external assets of the United Kingdom. The amounts shown for the war years are known to understate the extent to which the country's international position has deteriorated. If records were complete this item would be equal to the United Kingdom balance of payments on current account. This balance represents the excess of payments over receipts on current account and is required here since receipts for exports and similar services which give rise to income in this country do not appear elsewhere in expenditure, whilst payments for imports and similar services which do not give rise to such income appear in items 7 to 12 and have, therefore, to be deducted. Lend-Lease affects this item, as also item 8, in only one year: the 1945 figure includes the liability of 161 million pounds to the Government of the United States to cover FEDERAL RESERVE BULLETIN BRITISH WHITE PAPER ON WAR FINANCE the net sum due for the settlement of Lend-Lease and Reciprocal aid, etc. mentioned in the note to item 8. 14. This item is included here since it represents payments in respect of costs not appearing in the market value of goods and services. It is restricted to the following classes of payments made by the central government towards the cost of goods and services bought by the public: (i) agricultural subsidies such as the beet sugar subsidy, milk subsidy, wheat deficiency payments and grants in respect of fertilizers, grassland ploughing and field drainage, (ii) acreage payments, (iii) losses incurred on the commercial accounts of the Ministry of Food and the Ministry of War Transport, (iv) subsidies in respect of coal paid by the Ministry of Fuel and Power, (v) subsidies in respect of utility cloth and (vi) certain subsidies in respect of raw materials and fertilizers met by the Ministry of Supply. The corresponding item in Cmd. 6623 included the Ministry of Food's contributions towards the cost of food and vitamin products supplied under the National Milk Scheme and the milk-in-schools and vitamin schemes, which are in this Paper treated as transfer payments and therefore enter into consumers' expenditure on goods and services (item 7). 15. This and the two items following require to be deducted from the sum of items 7 to 13 (which is the net national expenditure at market value) since they appear in market prices but do not appear in any of items 1 to 6. The item includes (i) customs and excise duties, (ii) motor vehicle duties on vehicles owned by businesses, (iii) stamp duties other than those on the transfer of property and (iv) local rates. An estimate of the amount of taxes paid by foreigners has been deducted since these taxes are now treated as a part of the national income. 16. Compulsory contributions of employers to the national health and unemployment insurance and contributory pensions schemes. 17. This item shows the premiums paid under the commodities and marine war risks insurance schemes, but not contributions and premiums under the War Damage Act, which are treated as direct taxes. 18. This item is the sum of items 7 to 17 and is an TABLE 21 ESTIMATES OF PRIVATE INCOME AND OUTLAY [In millions of pounds] Personal Income 1938 19. Rent, interest and.profits received by persons 1,589 20. Wages and salaries paid by government non-trading under250 takings 2,585 21. All other wages and salaries 78 22. Pay and allowances of serving members of the Armed Forces. . 23. Pay and allowances of members of the Armed Forces on release leave 24. War gratuities and post-war pay credits of members of the Armed Forces 132 25. Pension payments 114 26. Payments in respect of unemployment and the relief of poverty. 23 27. Sickness benefit 1 28. Other transfer payments 1943 1945 1,649 1,746 1,744 1,919 2,052 2,144 2,230 320 2,656 124 380 2,941 475 540 3,529 805 580 3,695 999 590 3,773 1,167 615 3,810 1,228 386 3,276 622 45 134 98 23 6 153 67 23 24 181 31 21 50 204 19 27 44 5,010 5,720 6,400 80 257 25 31 30 225 17 31 44 250 18 32 45 7,087 7,643 8,019 8,351 4,285 4,582 1,050 1,029 205 115 1,063 1,085 225 133 -7 29. Personal income before tax 4,772 30. National cost of personal consumption 31. Indirect taxes, rates, etc., less subsidies on consumers' goods and services 32. Direct tax payments not included below 33. Income tax payments due for repayment after the war 34. Death duties and stamps on the transfer of property 35. Excess of direct tax liabilities over payments 36. Net personal saving after setting aside the excess of direct tax liabilities over payments 3,602 3,659 3,796 3,839 4,010 4,006 558 378 612 405 700 524 87 34 84 39 882 690 10 93 42 994 675 125 100 194 1,076 887 170 106 97 (213) (577) (844) (989) (1,301) (1,275) (1,270) 37. Personal outlay 4,772 90 4 (140) 5,010 60 5,720 6,400 7,087 7,643 8,019 8,351 615 919 962 980 975 900 962 980 975 Other Private Income 38. Other private income before tax. 259 369 39. Other private income before tax 615 40. National Defence Contribution and Excess Profits Tax payments 41. Other direct tax payments 42. Excess of direct tax liabilities over payments 43. Other private net saving after setting aside the excess of direct tax liabilities over payments 15 62 12 28 75 86 170 180 44. Other private outlay 259 68 110 247 234 203 287 344 269 149 486 253 36 516 242 12 190 195 200 205 205 474 231 -15 210 900 615 Private Income 45. Private income before tax (sum of items 29 and 39) 46. Private outlay (sum oi items 37 and 44) JULY 1946 5,031 5 ,379 6 , 335 7 ,319 8 ,049 8 ,623 8, 994 9 , 251 5,031 5 ,379 6 , 335 7 ,319 8 ,049 8 ,623 8, 994 9 , 251 737 BRITISH WHITE PAPER ON WAR FINANCE estimate of expenditure on the factors of production in, tions to national insurance, (iv) war damage contributions or only temporarily absent from the United Kingdom. It is, and premiums met out of personal income and (v) motor therefore, by definition equal to item 6. vehicle duties on vehicles owned by persons. NOTES 33. The amount of income tax payments for which post19. This item is composed of items 1 and 2 of table 20 war credits are due. plus national debt interest received by the private sector of 34. Together with items 32 and 33 this item makes up the the economy and the increase in interest accrued on National total of direct tax, etc. payments met out of personal income. Savings Certificates (item 119 of table 24) less private income 35. This item shows the excess of the liability for the not accruing to persons (item 38) less miscellaneous income direct taxes included in items 32 to 34 accruing on current from public property, etc. (item 56 of table 22). income over current direct tax payments. It relates particularly to income tax on interest and profits and to surtax 20. An estimate of that part of items 3 and 4 of table since in these cases liabilities in respect of current incomes 20 which is paid by government non-trading undertakings, (payable in the future) differ considerably from current i.e. by central government departments other than the Post payments at times when money incomes or rates of taxation Office, by extra-budgetary funds and by local authorities on are changing. Income tax accruals in respect of income rate fund account. assessed under Schedule E (wages and salaries) have been 21. Items 3 and 4 of table 20, less item 20. omitted throughout the period. This has been done to 22. The same as item 5 of table 20. avoid the discontinuity which would otherwise have been 23. This item includes, in addition to the pay and cash introduced into the figures as a result of the introduction of allowances of members of the armed forces on release leave, the "p a v as you earn" scheme in 1944. the cost of the civilian clothing issued to them on their Tax liabilities have been calculated at current rates of release. taxation, except in 1945 when account has been taken of 24. The post-war pay credits included in this item are the reduction in tax-rates, to take effect in April, 1946, which the amounts paid out in respect of service in the Armed was announced in the autumn Budget of 1945. Forces. They are not post-war credits of income tax. 25. Non-contributory and contributory old age pensions, 36. This item represents the excess of personal income over other contributory pensions, supplementary pensions and outgoings on consumers' goods and services and liability cash payments in respect of war pensions and service grants. for taxes and compulsory contributions. It has been obtained throughout by subtracting the sum of items 30 to 35 from 26. Unemployment insurance benefits, unemployment alitem 29 and therefore depends on the accuracy of those items. lowances and outdoor relief paid by local authorities. 37. This item is the sum of items 3Q to 36, which show 27. Cash benefits under the national health insurance the various ways in which personal income is disposed of. scheme. In previous years the corresponding item included, Current income may be either (a) spent on consumers' in addition, the cost of medical benefit, which is now treated goods and services, (b) paid away in taxes and the like, as expenditure by public authorities on goods and services and (c) set temporarily aside against increased liabilities to tax not as a transfer payment. A corresponding deduction has or (d) added to past savings. Since this list is exhaustive been made from personal expenditure on medical services and the item is by definition equal to item 29. drugs included in item 30 on the other side of the account. 38. This item is equal to that part of the national income 28. This item previously consisted of billeting allowances, (item 6 of table 20) which is neither paid out to persons fireguards' subsistence allowances, travelling and lodging (in which case it enters, together with transfer payments, allowances of transferred workers, trainees' wages and lodginto item 29) nor accrues to public authorities as miscellaneing allowances, State scholarships and maintenance allowous income from public property, trading, etc. (item 56 of ances to students. It now includes, in addition, that part table 22). of the cost of vitamin products and milk sold under the National Milk and milk-in-schools schemes, which is met by 39. See preceding note. the Ministry of Food. This cost, previously treated as a 40. The total payments of National Defence Contribution subsidy, has this year been treated as a transfer income. and Excess Profits Tax. A corresponding addition has been made to item 30 on the 41. This item is composed of other direct taxes such as other side of the account. income tax and war damage contributions and premiums The sum of items 23 to 28, plus that part of the national met out of other private income. Together with items 32, 33, debt interest and increase in interest accrued on National 34 and 40, it is equal to item 49 of table 22. Savings Certificates which is included in private income 42. This item shows the excess of the liability for the (item 119 of table 24), is equal to the total of transfer paydirect taxes included in items 38 and 39 accruing on current ments shown in item 70 of table 22. income over the current payments of these taxes. As ex29. This item is the sum of items 19 to 28 and shows the plained in the note to item 35, accruals of this kind are total of disposable income received by persons (including payable in the future in so far as current payments are made non-profit-making bodies). in respect of assessments based on the income earned in an earlier period. Tax liabilities were calculated as explained 30. This item is equal to item 7 of table 20 less item 31. in the note to item 35. 31. That part of the excess of indirect taxes, etc. (items 15, 16 and 17 of table 20) over subsidies (item 14 of table 43. An estimate of other private net saving, the net 20) which falls on consumers' expenditure. undistributed profits of companies. 32. This item includes payments of (i) income tax in 44. The sum of items 40 to 43 and by definition equal respect of private income (other than that paid by businesses to item 39. in respect of business saving, which is included in item 41, 45. The sum of items 29 and 39; equal to item 6 of and the sums due for repayment after the war which are table 20 plus item 70 of table 22 less item 56 of table 22. shown in item 33), (ii) surtax, (iii) employees' contribu46. The sum of items 37 and 44. 738 FEDERAL RESERVE BULLETIN BRITISH WHITE PAPER ON WAR FINANCE TABLE 22 THE INCOME, DEFICIT AND EXPENDITURE OF PUBLIC AUTHORITIES | In millions of pounds] 1938 1939 L940 1941 1942 1943 1944 1945 Direct taxes 490 55 538 57 725 61 1,087 143 1 375 138 1 777 125 1,988 119 2 ,041 107 545 595 786 1,230 1 513 1 902 2,107 2 ,148 50. Central government 51. Extra-budgetary funds. . . . 52. Local authorities 351 54 211 397 69 223 487 182 228 690 304 225 871 272 224 1 014 224 227 1,112 129 230 1,119 84 235 53. Total. . 616 689 897 1,219 1 367 1 465 1,471 1,438 44 10 42 8 63 8 80 9 120 12 135 12 118 13 108 15 54 50 71 89 132 147 131 123 148 -22 90 513 -54 58 2 ,090 2 ,796 2 ,763 2 905 2,753 -146 -149 -153 -173 -9 -57 -62 -60 -97 -59 2,699 16 -61 216 517 1,935 2 ,590 2,548 2 ,722 2,597 2 ,654 1,033 87 311 1,490 72 289 3 ,365 97 227 4 ,653 298 177 5 ,179 257 174 5 831 226 179 5,971 151 184 5 ,967 207 189 1,431 1,851 3 ,689 5 ,128 5 ,560 6 ,236 6,306 6 ,363 15 20 70 130 160 170 215 250 36 248 214 187 111 163 47. Central government 48. Extra-budgetary funds 49. Total Indirect taxes Income from property 54. Central government. 55. Local authorities. . . . 56. Total. . Deficit 57. Central government 58. Extra-budgetary funds 59. Local authorities 60. Total Income plus deficit 61. Central government 62. Extra-budgetary funds 63. Local authorities 64. • Total Subsidies 65. Central government Payments in respect of war damage claims 66. Extra-budgetary funds Transfer payments 67. Central government. . . . 68. Extra-budgetary funds. . 69. Local authorities 328 124 23 332 114 23 359 105 20 420 89 13 477 92 12 545 95 12 611 101 12 774 104 13 70. Total. 475 469 484 522 581 652 724 891 24 101 25 70 18 8 11 -23 11 -34 10 -38 8 -42 40 -37 125 95 26 -12 -23 -28 -34 3 74. Central government 75. Extra-budgetary funds. . . 76. Local authorities 435 26 355 840 27 400 2 ,584 25 464 3 ,710 27 503 4 ,102 77 499 4 ,748 26 481 4,785 28 477 4 ,544 28 484 77. Total. 816 1,267 3 ,073 4 ,240 4 ,628 5 ,255 5,290 5 ,056 802 150 479 1,217 141 493 3 ,031 166 492 4 ,271 364 493 4 ,750 5 ,473 333 308 477 455 5,619 240 447 5 ,608 295 460 1,431 1,851 3 ,689 5 ,128 5 ,560 6,306 6 ,363 Net non-war capital formation 71. Central government. 72. Local authorities. . . . 73. Total. Current expenditure on goods and services Total expenditure, excluding transfers to other authorities but including payments out of transfers from other authorities 78. Central government. . . 79. Extra-budgetary funds. 80. Local authorities 81. Total. . NOTES This table is a combined statement of the income, deficit and expenditure of public authorities in the United Kingdom. Transfers between one public authority and another, such as JULY 1946 6 ,236 Exchequer grants to local authorities, similar contributions to extra-budgetary funds and payments by public authorities of direct taxes are excluded from the income of the receiving authority and from the expenditure of the authority making 739 BRITISH WHITE PAPER ON WAR FINANCE the transfer. Thus, expenditure by local authorities from Exchequer grants is attributed to local authorities and not to the central government. Expenditure on goods and services is here net in the sense that it is after deduction of goods and services sold by public authorities to the general public, which are included either in personal expenditure on consumption or in private net capital formation at home. 47. Includes income tax, after deduction of the small amount paid by foreigners and by public authorities in respect of their income from property surtax, National Defence Contribution, Excess Profits Tax and other Inland Revenue duties with the exception of those stamp duties included in item 50. Certain appropriations-in-aid and receipts appearing in miscellaneous revenue which can be regarded as gifts (e.g. sundry contributions towards the cost of the war) or direct taxes are also included. Receipts from wireless licences are here treated as direct taxes, as also are motor vehicle duties on vehicles owned by persons. 48. Employees' contributions to national insurance schemes and War Damage Act contributions and premiums. 49. The sum of items 47 and 48: equal to the sum of items 32, 33, 34, 40 and 41 of table 21. 50. Customs and excise duties, motor vehicle duties not included in item 47 above, stamp duties other than those on the transfer of property and appropriations-in-aid corresponding to indirect taxes. A deduction has been made to cover indirect taxes estimated to enter into the value of exports and therefore to fall on foreigners. These have been treated as central government income from trading, property, etc., and included in item 54. 51. Employers' contributions to national insurance schemes and premium payments under the commodities and marine war risks insurance schemes. 52. Composed of local rates and central government contributions in lieu of rates, with the exception of water rates, which are treated as current receipts from a trading service. 53. The sum of items 50 to 52; numerically equal to the sum of items 15 to 17 of table 20. 54. As in previous years, this item includes receipts from Crown Lands and from Sundry Loans, certain items appearing in miscellaneous revenue, such as contributions towards the cost of the war received from colonial governments and peoples, and certain appropriations-in-aid, such as receipts under the railway agreement. Interest on national debt owned by public departments continues to be excluded. The Post Office income from trading, previously measured by the Post Office net receipt less Post Office expenditure out of Vote of Credit, is here measured by the surplus shown in the Post Office commercial accounts. The item now includes, in addition, the direct and indirect taxes estimated to fall on foreigners. 55. An estimate of the profits from trading services and corporation estates treated in such a way that contributions to rate fund accounts are included while transfers from rate fund accounts in aid of deficiencies are not. 57. The excess of central government expenditure over revenue. Sums received through the Currency Deposit Account, amounting in 1944 and 1945 to 90 million and 38 million pounds respectively, are omitted from this item and corresponding amounts are omitted from expenditure. 58. This item shows the excess (or, in 1945, shortfall) of receipts over payments of the war risks insurance schemes, 740 the Unemployment and National Health Insurance Funds and various accounts managed by the National Debt Commissioners. Since the item is headed "deficit", a surplus requires a negative sign. 59. This item shows the net borrowing of local authorities. It is composed of total borrowing less repayments, transfers to sinking funds and additions to balances. 61. The sum of items 47, 50, 54 and 57. 62. The sum of items 48, 51 and 58. 63. The sum of items 52, 55 and 59. 65. This item is identical with item 14 of table 20; it is fully described in the note to that item. 66. Payments in respect of claims under the commodities and marine war risks insurance schemes and the War Damage Act. 67. As in previous years this item includes (i) national debt interest paid to persons and businesses, (ii) increase in interest accrued on National Savings Certificates, (iii) contributory and non-contributory old age pensions, (iv) cash payments in respect of war pensions and service grants, (v) supplementary pensions, (vi) unemployment allowances, (vii) billeting allowances, (viii) fireguards' subsistence allowances, (ix) travelling and lodging allowances of transferred workers, and (x) trainees' wages and lodging allowances. It also includes, for the first time, the Ministry of Food's contributions to the cost of milk provided under the National Milk and milk-in-schools schemes, and of orange-juice, cod-liver oil and vitamin tablets provided under the vitamin schemes. These were previously treated as subsidies and so appeared in item 65. 68. Unemployment benefit, cash benefits under the.national health insurance scheme and contributory pensions. In previous years this item included also the cost of medical benefit, which now forms part of item 75. 69. Public assistance (out-relief) in cash and kind. 70. The sum of items 67 to 69; equal to the sum of items 23 to 28 of table 21 plus that part of national debt interest and the increase in interest accrued on National Savings Certificates which is included in private income (item 119 of table 24). 71. This item is mainly composed of Post Office loan expenditure, Road Fund expenditure on improvements and new construction and, in 1945, expenditure on the manufacture of pre-fabricated houses. A small allowance is made to cover normal additions to government buildings. It excludes altogether expenditure connected with the war even though this was of a capital nature. 72. This item includes the net capital formation of local authorities' trading services as well as of all rate fund services except war emergency services. Net capital formation is equal to capital expenditure on works less receipts from the sale of assets and sums repaid to lenders or transferred to sinking funds. As explained in the note to item 9 of table 20, this last deduction is made in lieu of allowances for depreciation. 73. The same as item 9 of table 20. 74. This item comprises the whole of central government expenditure on goods and services except the net capital formation shown in item 71. 75. This item is composed of fees and commissions paid to agents under the war risks insurance schemes, (which are included in war expenditure in item 2 (a) of table 2) the administration costs of the national insurance schemes and FEDERAL RESERVE BULLETIN BRITISH WHITE PAPER ON WAR FINANCE expenditure on medical benefit by the national health insurance funds. This last component was previously treated as a transfer payment and therefore appeared in the item corresponding to item 68. 76. This item comprises all local authorities' expenditure on revenue account other than that recouped from the private sector of the economy in the form of fees, rents, etc., plus capital expenditure on war emergency services. Loan repayments and payments to sinking funds are included as an operating expense in lieu of depreciation allowances. All expenditure on war emergency services, even that of a capital nature, is included in war expenditure in item 2 (a) of table 2. 77. The same as item 8 of table 20. 78. This item excludes net transfers made by the central government to extra-budgetary funds and local authorities which, in so far as they are spent, appear in items 79 and 80. It therefore differs from item 61 (which also appears as item 6 of table 16, item 3 of table 17 and item 126 of table 24), which includes such transfers. TABLE 23 COMBINED CAPITAL ACCOUNT [In millions of pounds} 1938 82. Net private saving after setting aside the excess of direct tax liabilities over payments Excess of direct tax liabilities on private income over payments. . Net saving of public authorities Sums allowed for depreciation and maintenance .. Compensation received in respect of war damage claims 83. 84. 85. 86. 87. Saving and other sums set aside 88. Private gross capital formation at home and war losses made good 89. Increase in work in progress on government account held under private finance 90. Gross capital formation of public authorities 91. Net lending abroad and purchase of assets and financial claims from overseas 92. Gross capital formation NOTES 82. The sum of items 36 and 43 of table 21. 83. The sum of items 35 and 42 of table 21. 84. Net non-war capital formation of public authorities (item 73 of table 22) less the net borrowing (deficit) of public authorities (item 60 of table 22). The fact that throughout the period this figure was negative means that public authorities were borrowing to finance current expenditure. 85. These estimates are, so far as the private sector is concerned, mainly based on the allowances, as computed for income tax purposes, which were due each year, viz., allowances for repairs, etc., under Schedule A and wear and tear and obsolescence allowances under Schedule D. In fact, when assessment under Schedules A and D are taken together it becomes clear that the Schedule A allowances are nonoperative and the deduction allowed for repairs before tax is chargeable is the actual amount spent, which is known to have varied from year to year more than the statutory allowances. Because gross capital formation has, except in 1938, been estimated by adding the sums allowed for depreciation and maintenance to the figure of net capital formation obtained as a residual in table 20, the conventional treatment of Schedule A allowances adopted in this Paper has affected private gross capital formation (item 88) to exactly the same extent as this item; a change in practice would alter this item and item 88 but would leave item 11, private net capital formation, unchanged. In the case of local authorities sums repaid to lenders and transferred to sinking funds are treated as the equivalent of depreciation allowances, as explained in the note to item JULY 1946 310 16 -91 475 1939 1940 1941 1942 1943 1944 1945 ^ 393 767 1,039 1,189 1,480 1,480 1,506 120 286 -22 329 343 72 133 -422 - 1 , 9 0 9 - 2 , 6 0 2 - 2 , 5 7 1 - 2 , 7 5 0 - 2 , 6 3 1 - 2 , 6 5 1 520 485 505 515 520 520 520 163 36 248 214 187 111 576 545 621) 1 235 205 -70 -250 710 576 -471 -305 -404 -448 231 76 205 174 140 424 125 175 25 133 94 75 89 77 71 -225 110 804 -816 -663 -680 -659 -819 -315 -471 -305 -404 -448 -510 -315 710 - -510 9. Expenditure by public authorities on maintaining highways and bridges is included, as is also Post Office capital expenditure charged to Vote. It will thus be seen that these allowances are treated here in a narrow sense in that they exclude, except in the case of buildings, highways and bridges, the greater part of outlays for current repair work. A wider treatment of these allowances would, of course, leave the figures for net capital formation unaffected since the gross figure (items 88 and 90) would be increased to the same extent as the allowances. An addition has this year been made to cover the amount received by business insurers in respect of claims for damage (other than war damage) to fixed capital goods and the increase in assurance reserves to meet business claims of all kinds. Expenditure on making good such damage appears in gross capital formation; by the practice here adopted provision for insurable loss is treated identically with provision to meet normal wear and tear. This point is further discussed in Appendix II. 86. The same as item 66 of table 22. 88. Composed of total expenditure on fixed capital, works, etc., by the private sector of the economy, together with the change in the value of stocks and work in progress as implied in the calculation of profits. As explained in the note to item 85 this item is treated here in a narrow sense since except in the case of buildings the greater part of private outlays on repair work is excluded. 89. The same as item 10 of table 20. 90. Capital expenditure on works less receipts from the sale of assets plus maintenance of highways and bridges. 91. The same as item 13 of table 20. 741 BRITISH WHITE PAPER OTsI WAR FINANCE TABLE 24 CENTRAL GOVERNMENT EXPENDITURE AND THE CHANNELS THROUGH WHICH IT WAS FINANCED [In millions of pounds] 93. Central government revenue. 94. 95. 96. 97. 98. 99. 100. Unemployment Fund National Health Funds Local Loans Fund Other extra-budgetary receipts Reconstruction Finance Corporation loan Canadian Government interest-free loan, Credit granted by United States Government in connection with Lend-Lease settlement 101. Capital receipts included in miscellaneous revenue, appropriations in aid, etc 102. Less sinking funds 103. Less other expenditure (net) 104. Finance through government agencies 105. Post Office and Trustee Savings Banks 106. National Savings Certificates including increase in accrued interest 107. Defence Bonds 108. Other public issues (net) 109. Increase in fiduciary issue 110. Increase in Treasury Bills held outside government departments and in Bank Ways and Means 111. Treasury deposit receipts , 112. Tax reserve certificates 1938 1939 1940 1941 1942 1943 1944 1945 885 977 1,275 1,857 2,366 2,926 3,218 3,268 ' —2 258 1 186 24 9 5 516 64 8 9 72 87 74 12 10 -58 4 157 74 9 10 -155 -7 -4 72 5 10 -107 -11 -13 69 3 6 63 -10 -14 2 -11 4 2 -14 -21 6 -12 7 -17 13 2 -13 -1 5 -15 15 5 -16 16 250 161 540 243 187 -68 -39 257 19 119 214 234 301 325 355 73 10 21 22 10 -30 167 180 567 50 214 174 1,031 150 232 134 1,047 170 297 121 1,060 150 265 112 896 150 159 154 1,176 150 -189 310 129 338 279 474 17 151 155 453 433 434 177 537 394 113 565 -158 41 -1 161 5 -16 -10 113. Public borrowing at home -102 352 1,550 2,553 2,576 2,973 2,792 2,442 114. Central government revenue plus deficit 1,033 1,490 3,365 4,653 5,129 5,831 5,971 5,967 343 92 24 15 735 105 25 20 2,467 117 18 70 3,579 131 11 130 3,962 140 11 160 4,609 139 10 170 4,645 140 4,389 155 40 250 205 208 217 239 287 335 379 423 12 19 122 16 24 382 144 13 24 379 164 13 28 358 185 10 29 352 194 7 22 359 4,653 5,129 5,831 5,971 5,967 115. 116. 117. 118. 119. Expenditure on goods and services connected with the war. . . . Current expenditure on non-war goods and services Net non-war capital formation Subsidies National debt interest paid to the private sector of the economy and increase in accrued interest on National Savings Certificates 120. War gratuities, post-war pay credits and pay and allowances of members of the Armed Forces on release leave 121. Billeting allowances 12 2» No^i-contributory pensions, and payments in respect of war pensions and service grants 123. Unemployment and training allowances 124. Other transfer payments 125. Net transfers to other public authorities 126. Central government expenditure NOTES 93. This item, the sum of items 47, 50 and 54 of table 22, is composed of total ordinary revenue (including throughout the period the receipts from wireless licenses but excluding receipts under the War Damage Act, which appear in the income of extra-budgetary funds, and the Canadian contribution) plus receipts of classes which may be appropriated in aid of Votes which correspond to gifts, taxes and income from property, less receipts from the Post Office Fund, which is treated as an extra-budgetary fund, less Post Office receipts from the Vote of Credit (which represent a transfer within the central government sector) plus the surplus shown in the commercial accounts of the Post Office, less receipts from capital transactions included in miscellaneous revenue, which are properly regarded as a part of the finance of the deficit, less transfers between public authorities included in miscellaneous revenue, less departmental receipts in excess of those appropriated in aid of Votes, since these appear in miscellaneous revenue and 742 231 273 100 21 9 334 1,033 1,490 3,365 125 3 also, so far as they are relevant, in those receipts of classes which may be appropriated in aid of Votes which correspond to gifts, taxes and income from property. 94, 95 and 96. The net increase in these funds available for loan to the Exchequer. 97. The net increase in government securities held by other extra-budgetary funds and by the Exchange Equalisation Account, certain receipts in respect of war risks insurance and the War Damage Act, and the reduction in the Exchequer balance. 100. The net sum due from the United Kingdom to the United States for the settlement of Lend-Lease and Reciprocal Aid, for the acquisition of surplus property, and the United States interest in installations, located in the United Kingdom, and for the settlement of claims. An identical amount has been included in item 115, central government expenditure on goods and services connected with the war. 101. These items appear here since they are not included in item 93. FEDERAL RESERVE BULLETIN BRITISH WHITE PAPER ON WAR FINANCE 103. This item includes net issues under various Acts, e.g. North Atlantic Shipping Act, 1934, Tithe Act, 1936, Anglo-Turkish (Armaments Credit) Agreement Act, 1938, Overseas Trade Guarantees Act, 1939. 104. The sum of items 94 to 103; represents the total of sums used to finance the central government deficit which is received from government funds and similar sources as opposed to loans from the public. 105. The increase in investments from the net deposits in the Post Office and Trustee Savings Bank. 106 and 107. Receipts less repayments. 108. Receipts from public issues, e.g. National War Bonds and Savings Bonds, and Other Debt (net) less securities redeemed and excluding purchases of government securities (war or pre-war issues) by public departments. 110. The increase in bills held by the market or by Empire Funds and in Bank Ways and Means Advances. 111. Receipts less repayments. 112. The increase in the amount of certificates outstanding. 113. The sum of items 105 to 112, showing the amount of public borrowing at home. The sum of item 104 and this item is equal to item 57 of table 22. 114. The sum of items 93, 104 and 113; the same as item 61 of table 22. 115. Expenditure on goods and services out of Vote of Credit and Defence Votes and under the Defence Loans Act. All subsidies, transfer payments and sums transferred to other public authorities (Exchequer grants and contribu- tions and interest on national debt held by extra-budgetary funds) are excluded from this item. 116. The sum of this and the preceding item is equal to item 74 of table 22. 117. The same as item 71 of table 22. It should be noted that all war expenditure of a capital nature is excluded from this item and included, together with current expenditure, in item 115. 118. The same as item 14 of table 20 and item 65 of table 22. 119. This item forms part of items 19 and 38 of table 21. The estimates have been revised in the light of fuller information. 120. The sum of items 23 and 24 of tab1e 21. 121. This item was not previously shown separately. 122. This item forms part of item 25 of table 21. 123. This item forms part of items 26 and 28 of table 21. 124. This item forms part of item 28 of table 21. The corresponding item in Cmd. 6623 included billeting allowances, which now appear separately in item 121, but excluded the Ministry of Food's contributions to the cost of milk provided under the National Milk Scheme and of milk and vitamin products provided under the milk-in-schools and vitamin schemes, which were then treated as subsidies. 125. Equal to item 61 of table 22 less item 78 of table 22. 126. This item differs from item 78 of table 22 by the in- • elusion of the net transfers to other public authorities shown in item 125 and is therefore equal to item 114, the sum of central government revenue and deficit. APPENDIX IV A COMPARISON WITH CMD. The differences between the estimates given in this Paper and those which appeared a year ago in Cmd. 6623 arise from two sources: changes in definition and treatment and new data which have become available. Changes in definition and treatment. 1. An important change has been made in order to remove an inconsistency in the treatment of business insurance against risk. In order that the two sides of table 20 shall balance, it is necessary to ensure that only that part of expenditure shall appear in the total of net national expenditure, which actually gives rise to income. If more than this is included in any item of expenditure it is necessary, as in the case of indirect taxes, to make a specific deduction of the excess. The total amount paid in insurance premiums each year can be thought of as consisting of three 1 Appendix I in the original paper contained the notes for the detailed tables presented in Section V. These notes have been transferred to positions following the tables to which they refer. JULY 1946 6623 parts: the amount paid out to claimants in respect of insured losses, the amount added to reserve to meet any such future losses and the amount paid out in wages, salaries, rent, interest and profits (including free reserves) to the factors of production employed in providing insurance. Only this last part appears in the national income and the problem is, therefore, to ensure that no more than this is included in the net national expenditure. In the case of personal insurance this is achieved by including in consumers' expenditure only the cost of the factors of production taken up in providing the insurance, i.e. expenses of management, commissions and operating profit. Business insurance is not a final but an intermediate service, whose cost has to be covered by the market value of the final goods and services whose production it facilitates. This value, however, in fact covers the whole amount of the premiums, since the insurer is allowed to deduct these from the gross proceeds as an expense of production not subject to income tax. 743 BRITISH WHITE PAPER ON WAR FINANCE When the proceeds of the claims are spent on making good losses, income is generated whatever the nature of the goods and services purchased. But estimates of capital formation are only affected to the extent that the expenditure is in respect of fixed capital; investment in circulating capital is normally measured by changes in inventories resulting from the balance of purchases, sales and losses. The net result is that, in any year in which each component of the national income and expenditure is separately estimated, unless a specific deduction is made, recorded net national expenditure will, apart from errors of estimation, exceed income by the amount of the increase in insurance reserves to meet business claims and receipts by business insurers in respect of claims for damage to fixed capital. In this Paper such an adjustment has for the first time been attempted; the whole deduction has been made from the previous figures of private net capital formation on the ground that provision for insurable losses should be treated analogously with provision for normal wear and tear. An equal addition has been made to depreciation allowances. The effect of this is to change the definition of net capital formation in each year but to change the figures given under this head only in 1938, since for later years they were always residuals. The size of the adjustment made is believed to be of the right order of magnitude, but no accuracy can be claimed for it. 2. The proceeds of certain insurance claims are treated as a current receipt by the Inland Revenue and so attract tax. While the individual seller who is insured may not sacrifice income if his goods are destroyed, the community as a whole ' clearly suffers loss and it is unrealistic to measure the national income as if it were a matter of indifference whether goods are sold or destroyed. A deduction has therefore been made from profits to cover the estimated amount of claims brought into the assessment of income. No corresponding change was necessary in the case of net capital formation in 1938 since replacements of lost goods were not counted as increases in inventories, and so were never treated as part of net capital formation. 3. Taxes falling on foreigners both direct and indirect have this year been treated as central government income from property and hence included in the national income. It has been possible to make only a rough estimate of the amount involved. 744 4. Hitherto the whole of the pay and allowances of the Armed Forces (in cash and kind) has been treated as a part of net national product. In 1945 that part of it paid to men and women on release leave has, like war gratuities, been treated as a transfer payment, i.e. it enters into personal income but not into the national income. The amount involved is shown separately in item 23 of table 21. 5. Ministry of Food contributions to the cost of vitamin products and milk issued to certain classes of the community have hitherto been treated as a subsidy. This year they have been treated as a transfer payment and the full value of these products is therefore included in personal expenditure at market prices in table 20. This change was made in order to make the treatment of subsidies approximate more closely to the definition suggested in Cmd. 6623. 6. Medical benefit, hitherto treated as a transfer payment in kind and so entering into personal expenditure, has been treated as a direct purchase of medical attendance and drugs by the national health insurance funds. This brings the treatment of public health into line with that already adopted for public education. Changes in estimates. 1. More reliable estimates have become available of the amount of national debt interest not paid to the private sector of the economy. This improvement has affected, in particular, the computation of the profit component of the national income and private income. 2. The contribution of the Post Office to government income from trading and property has been differently measured this year. Previously, the Post Office net receipt shown in the Exchequer returns was used, abated by the Post Office expenditure out of Vote of Credit. Owing to the suspension of inter-departmental payments during the war this resulted in a lack of year to year comparability and, since the proportion of work done by the Post Office for other Departments without reimbursement increased greatly, in an underestimation of both the income and expenditure of the central government. The surplus shown in the Post Office commercial accounts has, therefore, been substituted. Government war expenditure has been increased by the same amount as government income from property. 3. In the case of central government taxes figures of net receipts by revenue departments have been FEDERAL RESERVE BULLETIN BRITISH WHITE PAPER ON WAR FINANCE used this year instead of payments into the Exchequer. The differences are very slight. 4. Numerous improvements have been made in the estimates of consumers' expenditure. The most substantial of these occur in the case of food and alcoholic drink. The value of food produced and consumed on farms was previously erroneously omitted from personal expenditure on food, although it was included in income. Additional information has led to a considerable upward revision of the previous estimates of expenditure on meat from 1940 onwards. The changes in the estimates of expenditure on alcoholic drink are due to a revision of the series of average prices used. The prices previously used are believed to have been too low because they took little or no account of the difference between the prices charged in public bars and those charged elsewhere. 5. The estimates of the overseas balance of payments have been revised for the years from 1938 onwards. In almost every case the effect of the revisions has been to make the figures show a less favourable position than those they replace. The estimates still cover only recorded disinvestment, and must be regarded as underestimates of the true deterioration of the country's international position. 6. It is believed that the allocation of indirect taxes and subsidies over the various components of national expenditure at market value has been improved. Items of expenditure were first adjusted for taxes and subsidies known to be specific to them; components of expenditure known to con- JULY 1946 tain no general taxes {e.g. expenditure on domestic service, government expenditure on the wages and salaries of civil servants and the Armed Forces) were then deducted and the general taxes and subsidies spread pro rata over the remaining parts of gross national expenditure. Net taxes attributable to exports were added to the national income; the others were deducted in order to arrive at the estimates of the national cost of particular items shown in table 4. The Effect of the Changes. The absolute change in the balancing figures of private saving and capital formation resulting from these changes of definition and estimation has been considerable. The relative movements shown by the main series in the successive annual estimates have changed considerably less, as can be seen from table 25. TABLE 25 RELATIVE MOVEMENTS OF SOME OF THE MAIN SERIES (1938 = 100) 1938 1939 1940 1941 1942 1943 1944 1945 National income as given in: 100 108 C m d . 6623 100 108 C m d . 6520 100 108 Consumers' expenditure on goods and services as given in: 100 103 C m d 6623 100 102 C m d . 6520 100 103 Private saving including allowance for accrued taxation as given in:. . 100 157 C m d . 6623 100 151 C m d . 6520 100 159 128 149 165 176 182 184 128 149 164 175 180 129 150 165 177 108 in 1?0 1?? 1?8 136 107 112 118 120 126 106 112 119 122 323 420 470 503 476 447 315 408 444 484 465 345 419 460 498 745 BRITISH WHITE PAPER ON WAR FINANCE APPENDIX III CONSUMERS' EXPENDITURE Table 26 shows the composition of the personal expenditure on consumer goods and services at current market prices in greater detail than was given in table 8. TABLE 26 PERSONAL EXPENDITURE ON CONSUMERS' GOODS AND SERVICES AT CURRENT MARKET PRICES [In millions of pounds] 1938 1. Food: (a) Household expenditure Bread and cereals, etc Meat, bacon, etc Fish, fresh and canned Oils and fat Sugar, preserves and confectionery Dairy products Fruit, fresh, canned and dried Potatoes and vegetables Beverages not included below Other manufactured food (b) Other personal expenditure 2. Alcoholic beverages: (a) Beer (b) Other 3. Tobacco: (a) Cigarettes (b) Other 4. Rent, rates and water charges 5. Fuel and light: (a) Coal (b) Electricity. . (c) Gas (d) Other 6. Durable household goods: (a) Furniture and furnishings (b) Hardware 7. Other household goods: (a) Matches (b) Soap (c) Other 8. Clothing: (a) Footwear (b) Other clothing (i) Men's and boys' wear (ii) Women's, girls' and infants' wear 9. Reading matter: (a) Books (b) Newspapers and magazines 10. Privately-owned motor vehicles and their running expenses 11. Travel: (a) Railway travel (b) Other travel 12. Communication services: (a) Postal services (b) Telephone and telegraph services 13. Entertainments 14. Services not included above: (a) Cost of assurance and transfer of property (b) Other 15. Other goods 16. Income in kind of the Armed Forces 17. Total of above i t e m s . . . . 18. Adjustment... 19. Total 746 1939 1940 1941 1942 1943 1944 1945 165 276 43 98 108 204 79 84 54 33 77 56 110 237 41 126 50 45 122 229 293 35 58 106 231 78 244 274 46 60 112 220 32 119 51 51 114 246 300 36 1,184 220 309 39 65 128 193 62 85 52 57 99 129 47 39 127 229 327 42 60 100 234 43 133 49 41 138 228 293 56 59 93 244 59 138 55 47 142 195 90 211 99 273 103 346 118 420 122 470 138 529 133 550 135 144 32 491 168 215 47 519 264 510 55 515 343 72 509 412 79 510 428 79 512 469 79 517 108 33 38 16 107 36 39 16 120 39 45 19 129 40 47 20 126 42 51 21 120 40 54 22 121 43 59 25 120 54 63 28 152 82 146 77 12 30 11 139 73 128 69 114 60 83 56 68 56 92 75 12 31 13 11 32 12 10 28 12 10 28 11 10 29 13 9 29 15 10 30 11 36 36 73 78 90 91 97 87 90 93 127 246 131 249 137 269 116 245 123 267 101 241 125 279 130 293 10 51 114 9 52 101 8 58 34 13 54 27 17 56 14 20 57 7 23 65 26 55 104 52 100 48 90 59 106 74 124 86 121 21 63 7 90 120 18 11 60 17 12 56 20 12 57 24 13 83 13 113 26 32 16 133. 18 142 36 32 19 153 • 66 176 17 66 384 180 29 66 383 186 81 67 386 188 135 68 354 183 146 68 336 189 185 68 336 200 199 68 373 228 205 4,167 4,276 4,496 4,716 4,974 5,042 5,295 5,595 30 40 40 50 5,004 5,082 5,335 5,645 386 n 4,160 -5 4,271 4,496 4,721 102 136 FEDERAL RESERVE BULLETIN BRITISH WHITE PAPER ON WAR FINANCE NOTES The items included in each group are set out below: 1. Food—comprises purchases of food, including nonalcoholic beverages, by households, together with the value at farm prices of farm produce consumed on farms and the cost to the establishment of food used in canteens, restaurants and hotels. It should be noted that the estimates this year include the full value of milk provided under the National Milk and milk-in-schools schemes and vitamin products provided under the vitamin schemes. Previously, personal expenditure included only their cost to the consumer and the balance was treated as a subsidy. This change was discussed in Appendix II. 2. Alcoholic beverages— (a) Beer, ale, stout and porter (b) Imported wines, British wines, spirits, cider and perry. 3. Tobacco—comprises purchases in the United Kingdom, including gifts to troops overseas. An allowance has been made for the concession introduced in 1942, by which members of the armed forces were able to buy a limited quantity of tobacco at N.A.A.F.I. canteens at reduced prices. (a) Home-produced cigarettes (b) Home-produced pipe tobacco, cigars, snuff and all imports of finished tobacco products. 4. Rent, rates and water charges—includes an allowance for buildings occupied by non-profit-making bodies and for hotels, boarding houses, etc., in addition to private dwelling houses. 5. Fuel and light—includes the value of the fuel and power only. The cost of the hire of equipment is included in item 14(b). (a) Coal—includes miners' coal valued at pithead prices (b) Electricity (c) Gas (d) Coke, paraffin and firewood. 6. Durable household goods— (a) Furniture, furnishings, household textiles, floor coverings and musical instruments (including wireless sets, gramophones and accessories). (b) Pottery and glassware, ironmongers' goods, electrical goods, heating and cooking appliances, sewing machines and refrigerators. 7. Other household goods— (a) Matches (b) Toilet, shaving and household soap, scourers, etc. (c) Polishes, candles and nightlights, miscellaneous cleaning materials, etc. 8. Clothing— (a) Footwear covers all new boots, shoes, slippers, etc., but not socks and stockings, repairs or repair materials. (b) Other clothing covers all kinds of garments, dress materials, millinery, haberdashery, etc. The expense of making-up customers' materials is included, but not alterations or repairs. All dress materials are allocated to (b) (ii), and so are such things as knitting wool and general haberdashery. Infants for this purpose are children under about four years of age. JULY 1946 9. Reading matter— (a) Books (b) Newspapers and magazines. 10. Privately-owned motor vehicles and their running expenses—comprises an estimate of the purchases by persons of motor-cars, motor-cycles and motor accessories and the running expenses incidental to their use, together with an allowance for dealers' margins on second-hand vehicles. 11. Travel—includes all travel in public conveyances paid for out of personal income and therefore the travel of members of the Armed Forces when at their own expense. (a) Main line, joint line and London Passenger Transport Board railways (b) Buses, coaches, trams, trolley-vehicles, taxis, etc. 12. Communication services— (a) Postage on letters, parcels, etc. and the poundage on postal and money orders (b) Telephone rentals, local and trunk calls and telegrams. 13. Entertainments—includes admissions to cinemas, theatres, concert-halls, music-halls, sporting events, dancehalls, skating rinks and all other places of public amusement. 14. Services not included above— (a) Expenditure out of personal income on the factors of production taken up in providing life and other assurance and in facilitating the acquisition and transfer of property (b) Medical services not provided under the national health insurance scheme, undertaking, hairdressing, hotel and restaurant services, domestic service, repairs to furniture, clothing, footwear, watches, etc., dealers' margins on secondhand goods (other than motor vehicles) and the hire of domestic heating and cooking equipment. Expenditure on medical services provided under the national health insurance scheme is now treated as expenditure by public authorities. 15. Other goods—includes stationery, fancy goods, jewellery, bicycles, travel goods, toys and sports goods, chemists' wares other than drugs and medicines provided under the national health insurance scheme (expenditure on which is included in expenditure on goods and services by public authorities), flowers, garden seeds, food for domestic pets, etc. 16. Income in kind of Armed Forces—cost of providing members of H.M. Forces and Auxiliary Services with food and clothing, including civilian clothing issued on release from the services. 17. Adjustment—the figures in all the previous categories include expenditure in the United Kingdom by tourists from overseas and Allied troops temporarily resident in this country and exclude expenditure abroad by British tourists and members of the Armed Forces. An adjustment is needed to convert the total to a total of purchases out of British income. The adjustment given here also includes a rough allowance for the excess of personal remittances abroad from this country over remittances received in this country from overseas. This is because remittances sent abroad appear in British income but not in British expenditure whereas remittances received from overseas are not treated as income although they finance British expenditure. 747 BRITISH WHITE PAPER ON WAR FINANCE APPENDIX IV BANK DEPOSITS The estimates of the distribution of bank deposits provided in previous years by courtesy of the Clearing Banks are continued in the following table: TABLE 27 DEPOSITS HELD BY CLEARING BANKS [In millions of pounds] 1943 Dec. 31 1. Total deposits held by C l e a r i n g Banks 4,032 2. Less advances to customers and other accounts. . . 743 3. Total deposits (net). 3,289 4. Personal deposits 972 (net) 5. Other deposits (net). 2,317 748 1945 1944 June 30 Dec. 31 June 30 Dec. 31 4,100 4,545 4,751 4,850 770 754 761 815 3,330 3,791 3,990 4,035 1,032 2,298 1,158 2,633 1,260 2,730 1,339 2,696 Net personal deposits in item 4 exclude the accounts of businesses, financial institutions, public authorities, and also, for example, those of individual traders, shopkeepers, farmers and professional men where the accounts are known to be used for the purpose of business. Non-resident deposits and sundry accounts are also excluded. No attempt has been made to adjust for the amount of bank accommodation obtained by the discounting of bills. The figures in item 5 have been obtained by subtracting those in item 4 from those in item 3. Thus item 5 includes non-resident deposits and sundry accounts as well as the business deposits of which it is mainly made up. FEDERAL RESERVE BULLETIN LAW DEPARTMENT Administrative interpretations of ban\ing laws, new regulations issued by the Board of Governors, and other similar material. Purchase of Government Obligations by Federal Reserve Banks tions, or improvements do not incorporate any listed article". Amendment to Section 14(b) Extended 3. Section 8(r) is amended by revising clause (1) thereof to read as follows: Under the Second War Powers Act, enacted March 27, 1942, section 14(b) of the Federal Reserve Act was amended so as to authorize the purchase or sale by Federal Reserve Banks, directly from or to the United States, of bonds, notes, or other obligations which are direct obligations of the United States or which are fully guaranteed as to principal and interest, but limited the aggregate amount acquired directly from the United States held at any one time by the twelve Federal Reserve Banks to not exceeding $5,000,000,000. Another provision of the Second War Powers Act, as amended, provided that such authority should terminate on June 30, 1946, or at such earlier time as Congress by concurrent resolution, or the President, might designate. By Act of Congress approved June 29, 1946, this time limit was extended until March 31, 1947. (1) That the proceeds are to be used for bona fide educational, medical, hospital, dental, or funeral expenses, or to pay debts incurred for such expenses, and that such proceeds (unless they are to be used exclusively for educational expenses) are to be paid over in amounts specified in such statement to persons whose names, addresses, and occupations are stated therein; 4. Section 13(a) is amended by striking out the names of the articles listed as items 4, 5, and 6 of Group A and inserting in lieu thereof the word "(deleted)", and also by adding at the end of Group A a new item 42 reading as follows: 42. Combination units incorporating any listed article in classifications 12, 13, 18, 30, or 36 of this Group A. Consumer Credit Amendment to Regulation W The Board of Governors of the Federal Reserve System, effective July 5, 1946, issued the following amendment to its Regulation W, entitled "Consumer Credit": AMENDMENT NO. 20 TO REGULATION W Regulation W is hereby amended in the following respects, effective July 5, 1946: 1. Section 2(e) is amended by inserting the words "in a principal amount of $1,500 or less" after the word "credit." 2. Section 8(a) is amended by inserting at the end thereof after the word "structures" a comma and the following: "provided such repairs, alteraJULY 1946 Conviction for Violating Regulation W In the Federal Reserve BULLETIN for August 1945, at page 775, there was published a decree entered July 19, 1945, in the District Court of the United States for the Eastern District of Michigan, Southern Division, restraining Consumers Home Equipment Co. and A. B. Chereton, its President, from violations of Regulation W of the Board of Governors of the Federal Reserve System. On June 14, 1946, the District Court rendered an oral opinion in which it found that the defendants had violated Regulation W and the terms of the injunction. Accordingly, the court found each of the defendants guilty of contempt of court. The Company was fined $2,500 and A. B. Chereton was sentenced to one year in prison. 749 LAW DEPARTMENT The text of the oral opinion is as follows: UNITED STATES OF AMERICA IN THE DISTRICT COURT OF THE UNITED STATES FOR THE EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION In re: CONSUMERS HOME EQUIPMENT CO., a Corporation, and A. B. CHERETON, 4801-19 Woodward Avenue, Detroit, Michigan Cr. No. 28826 Oral Opinion This cause having come on for hearing May 27, 1946, on the Rule to Show Cause issued pursuant to Petition filed in behalf of the United States of America was continued from day to day thereafter until May 31, 1946. The Court having fully considered the evidence submitted and arguments urged on behalf of respective parties found both defendants to have violated the terms of an injunction issued July 19, 1945 in Civil Action No. 5097 in the following particulars. More than thirty customer witnesses were sworn on behalf of the United States of America and the evidence stands undisputed except in one case, where an attempt was made to controvert the testimony of the witness for the Government. The overwhelming weight of such testimony conclusively establishes the defendant Corporation and A. B. Chereton, individually, violated the terms of said injunction in making instalment sales, of socalled listed articles without securing the one-third down payment required by Section 4 of Regulation W of the Board of Governors of the Federal Reserve System. Under the evidence in this case there can be no doubt that the persons who made the sales to the customer witnesses produced by the Government were in fact Agents of the defendant Corporation acting under a general policy of said company determined and controlled by the defendant A. B. Chereton. The forms used by said Agents in negotiating sales of merchandise bore the name of the defendant corporation and the undisputed evidence is that the samples they displayed were the property of said defendant Corporation. While it may have been true that detailed directions as to prospective customers were not given said Agents, it certainly can not be contradicted that they acted under the general direction of the defendant Corporation, 750 pursuant to policies emanating from the defendant A. B. Chereton. It is admitted that the goods sold were the property of the defendant Corporation and the sales were made in behalf of said Corporation. It is admitted that the Michigan State Sales Tax was paid in every instance by the defendant Corporation. The form used by said Agents in making such sales was supplied by the defendant Corporation. It appears on its face to be an order form, and, with the notations made thereon in each instance, reflects a direct instalment sale. It is stated thereon in each instance, without equivocation, that the goods described were sold on a certain date to the purchaser named and the amount of the down payment received. It necessarily follows that the transaction is a time or instalment sale on the face of it and that it could not be anything else. These salesmen did nothing whatever to enlighten the prospective purchasers as to the cash price of the goods sold with the single possible exception noted above. A substantial number of instalment sales were made by defendants of "listed articles" selling for more than $10.00 either without any down payment whatsoever or with a down payment substantially smaller than that required by Section 4 of Regulation W, directly in violation of the terms of said injunction. Something has been said as to intent. Intent is not evidenced by what a man says, nor by his proclamations, but by what he does. Intent in a criminal action flows not from a written or spoken word, but from the logical and natural inferences that come from a man's actions. From all the facts presented from this witness stand, rather than from isolated declarations or written circulars of defendants, it is found that there was an intent to violate Regulation W and the terms of said injunction; The defendants and each of them are accordingly found guilty of contempt of court. The Court does not pass directly on die validity or the constitutionality of Regulation W. The Regulation is presumed to be valid, and that is all that is necessary in this proceeding. ERNEST A. O'BRIEN, United States District Judge. Dated: June 14, 1946. Peoples Bank v. Eccles, et al. The Peoples Bank, Lakewood Village, California, brought suit in the District Court of the United States for the District of Columbia against the inFEDERAL RESERVE BULLETIN LAW DEPARTMENT dividual members of the Board of Governors of the Federal Reserve System, seeking a declaratory judgment that a condition of membership which had been prescribed when the Peoples Bank became a member of the Federal Reserve System was invalid and seeking a judgment restraining defendants from taking any steps to enforce the condition. The court ruled that the plaintiff could not now attack the validity of the condition to which it voluntarily agreed, and the motion of the defendants for summary judgment was sustained. This suit has the same object as that brought by the Peoples Bank in the District Court of the United States for the Northern District of California, which was dismissed on November 17, 1944. The opinion of the California District Court was published in the December 1944 Federal Reserve BULLETIN at page 1182, and the text of the recent opinion is as follows: IN THE DISTRICT COURT OF THE UNITED STATES FOR THE DISTRICT OF COLUMBIA Civil Action 32200 PEOPLES BANK, Plaintiff, v. S. ECCLES, et al., Defendants This case is before the Court on defendants' motion for judgment on the pleadings and plaintiff's motion for summary judgment, both motions having been orally argued on April 29th, last. The complaint shows that plaintiff is a banking corporation organized under the laws of the State of California; that defendants are the individual members of the Board of Governors of the Federal Reserve System; that in 1941 plaintiff applied for membership in the Federal Reserve System; that in May 1942 it was admitted to the Federal Reserve System membership upon the following condition, among others: "4. If, without prior written approval of the Board of Governors of the Federal Reserve System, Transamerica Corporation or any unit of the Transamerica group, including Bank of America National Trust and Savings Association, or any holding company affiliate or any subsidiary thereof, acquires, directly or indirectly, through the mechanism of loans for the purpose of acquiring bank stock, or in any other manner, any interest in such bank, other than such as may arise out of usual correspondMARRINER JULY 1946 ent bank relationships, such bank, within 60 days after written notice from the Board of Governors of the Federal Reserve System, shall withdraw from membership in the Federal Reserve System." The complaint further shows that, since plaintiff's admission to the Federal Reserve System membership, a number of its shares have been acquired by, and registered on its books in the name of Transamerica Corporation, and that these shares were acquired by Transamerica without plaintiff's knowledge or consent, and without the approval of the Board of Governors. Upon the basis of these facts plaintiff seeks a declaratory judgment that Condition No. 4 is invalid and an injunction restraining defendants from taking any steps to enforce the Condition. The defendants have filed a joint and several answer, in which they set forth two defenses. The first defense is that plaintiff, having enjoyed for almost four years the benefits of the Federal Reserve System membership, which resulted from its acceptance of Condition No. 4 is now estopped from challenging the validity of such Condition. The second defense is that the complaint otherwise fails to state facts upon which any relief can be granted. It appears that plaintiff filed its formal application for admission to the Federal Reserve System under date of December 2, 1941; that on February 14, 1942, the Board of Governors rejected the application; that after a conference with the Board representatives in Washington, attended by its representatives, plaintiff by letter formally requested the Board of Governors to reconsider its decision, calling attention to the fact that a number of changes had taken place in its stock ownership; that, following the receipt of plaintiff's formal request for reconsideration, the Board of Governors, under date of March 11, 1942, notified plaintiff that its application would be reconsidered if the plaintiff could demonstrate inter alia: # # # "2. That some change has been made in the arrangements for the use of the furniture and fixtures whereby the bank will be under no obligation to Capital Company or any other part of the Transamerica group. "3. That neither Transamerica Corporation nor any organization affiliated or closely identified with Transamerica Corporation or any 751 LAW DEPARTMENT other bank holding company group has any interest, direct or indirect, in the applicant bank, and that the bank is in no manner obligated to any such organization. "4. That all stockholders have stated in writing that they have no agreements or understandings, expressed or implied, with respect to the sale or transfer of the stock of the bank to any such organization, and that they do not intend to enter into any such agreements or understandings. "5. That the bank was organized as a bona fide local, independent institution, and is expected to be continued as such." Plaintiff, as a means of securing the Board of Governors reconsideration of its application, voluntarily complied with all of these requirements. Under date of April 23, 1942, plaintiff sent to the Federal Reserve Bank of San Francisco (1) a statement relative to the refinancing of his shares of plaintiff's stock, (2) a declaration signed by all of plaintiff's directors that plaintiff was "organized as a bona fide local, independent institution," and that it was not obligated in any manner to Transamerica Corporation or to any of its affiliated companies, and (3) a signed statement of each stockholder that he had no arrangements respecting the sale or transfer of his shares to Transamerica or any of its affiliated companies and that he did not intend to enter into any such arrangements in the future. Based upon the representations thus made to it by the bank and by all of its directors and stockholders, the Board of Governors, under date of May 6, 1942, notified the plaintiff that its application had been approved subject to a number of conditions, including Condition No. 4. Before Membership status could attach, however, plaintiff was required to evidence its acceptance of the conditions by formal resolution, a certified copy of which was to be filed with the Federal Reserve Bank of San Francisco. The plaintiff contends that the Board was without power to impose this Condition No. 4 and therefore it is a nullity and should be cancelled. In my opinion, however, the plaintiff is not in a position to raise this question. It voluntarily agreed to it and on the basis of that agreement was admitted to membership in the Federal Reserve System, and for several years has received the benefits of membership in that System. It is true that there are many cases in which the Supreme Court has held 752 that a state can not impose conditions upon the doing of business by foreign corporations which are in violation of rights secured by the Federal Constitution, and in the case of United States v. Chicago, M. St. P. & Pac. RR. Co., 282 U. S. 311, it held that a corporation was not estopped by a condition imposed by the Interstate Commerce Commission which was beyond the power of the Federal Government to impose. The case of Hammer v. Dagenhart, et al., 247 U. S. 251, had not then been overruled and was relied on by the majority of the court in holding that the Interstate Commerce Commission nor Congress itself may take any action which lies outside the realm of interstate commerce. On the other hand, in cases such as Pierce Oil Corporation v. Phoenix Refining Co., 259 U. S. 125; St. Louis Malleable Casting Co. v. Prendergast Construction Co., 260 U. S. 469, and Hurley v. Commission of Fisheries, 257 U. S. 223, it has been held that where one accepts a privilege it consents to be bound by the conditions attached to it and it will not be heard to attack its legality. And in those cases, where a foreign corporation undertakes to do intrastate business within a state, as distinguished from business arising out of interstate commerce, the tendency has been to sustain the conditions imposed by a state, United Fuel Gas Co. v. Railroad Commission, 278 U. S. 300. So, too, in the case of United States v. Chicago etc. R. R. Co., supra, at p. 342, Mr. Justice Stone, dissenting, said: "Courts may determine whether the Commission lacks the power to impose a particular condition; but they may not strike from an order the condition upon which it was granted, and thus declare that it should stand although the condition is not complied with." The condition here is clearly not one outside the domain of the Federal Government. Here the defendant Board, with discretionary power to admit or to refuse to admit the plaintiff to the privilege of membership in the Federal Reserve System, imposed a condition which was not merely acquiesced in but agreed to by the plaintiff. The claim that this agreement was brought about by duress of the plaintiff is, I think, without foundation. The agreement was voluntarily made, it was acted on and the plaintiff received the benefits which arose from its admission to membership in the System. I see nothing contrary to public policy in the FEDERAL RESERVE BULLETIN LAW DEPARTMENT condition agreed upon by the parties; indeed, it may well be that the condition imposed was within the Board's discretion if it was of the opinion that unsound banking policies were being pursued by Transamerica and that the character of management of this plaintiff bank, if Transamerica obtained control, would be detrimental to sound banking. In any event, plaintiff can not now attack the validity of the condition to which it voluntarily agreed and this motion of the defendants for summary judgment will be sustained. Mr. Justice Holtzoff has held that the Court has jurisdiction of this suit and that a case is presented for a declaratory judgment. Peoples Bank vs. Eccles et al. 64 F. Supp. 811; and denied a motion to dismiss the complaint based on the ground that no justiciable controversy was presented; but the motions for summary judgment were not before him, they having been filed since his action on the motion to dismiss. The defendant, John K. McKee, has moved to dismiss the complaint as to him, and apart from the motions for summary judgment it will be sustained. He is no longer a member of the Board; the action is not one for damages; and he no longer has any power to take any action in the premises. (Signed) JENNINGS BAILEY, Justice. with the Enemy Act, as Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control* GENERALLY LICENSING MEMBERS OF, AND PERSONS GENERALLY LICENSED TRADE AREA IN, (1) Members of generally licensed trade area licensed. Notwithstanding the proviso of paragraph (1) of General License No. 94, members of the generally licensed trade area are hereby licensed to be regarded for all purposes as not blocked. (2) Persons licensed. This general license also licenses as a generally licensed national: (a) any individual in the generally licensed trade area, except an individual who on October 5, 1945 was in a blocked country other than a member of the generally licensed trade area, and (b) any partnership, association, corporation, or other organization which is a national of a blocked country solely by reason of the interest of persons licensed hereby, provided that this license shall not apply with respect to any person whose name appears on the Proclaimed List of Certain Blocked Nationals. (3) Definitions. As used in this license: (a) the term "member" and "generally licensed trade area" shall have the meaning prescribed in General License No. 53; and (b) the term "blocked country" shall be deemed to include countries licensed by General License No. 94 except a country licensed by General License No. 96. FRED M. VINSON, Secretary of the Treasury. Foreign Funds Control Treasury Department Releases The following releases relating to transactions in foreign exchanges, 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 30, 1946 GENERAL LICENSE NO. 53A Under Executive Order No. 8389, as Amended, Executive Order No. 9193, as Amended, Section 5(b) of the Trading * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, July 26, 1941, and February 19, 1946. . JULY 1946 Treasury Department Foreign Funds Control May 30, 1946 REVOCATION OF GENERAL LICENSES NOS. 54, 76 AND 78 Under Executive Order No. 8389, as Amended, Executive Order No. 9193, as Amended, Section 5(b) of the Trading with the Enemy Act, as Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control* General License No. 54, issued July 26, 1941, General License No. 76, issued December 9, 1941, and General License No. 78, issued December 26, 1941, are hereby revoked, rin view of paragraph 3 of Public Circular No. 10, as amended on the date hereof. FRED M. VINSON, Secretary of the Treasury. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, July 26, 1941, and February 19, 1946. 753 LAW DEPARTMENT Treasury Department Foreign Funds Control May 30, 1946 AMENDMENT TO PUBLIC CIRCULAR NO. 10 Under Executive Order No. 8389, as Amended, Executive Order No. 9193, as Amended, Sections 3(a) and 5(b) of the Trading with the Enemy Act, as Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control* Public Circular No. 10 is hereby amended to read as follows: (1) The privileges of all general licenses are hereby extended to Hong Kong to the same extent as though Hong Kong were a part of China. (2) The offices within Hong Kong of banks named in Schedule A of General License No. 58 are hereby reinstated as appointed banks for the purposes of such license and as generally licensed nationals within the meaning of General Licenses Nos. 59, 60 and 61. (3) No transaction shall be deemed to require a license solely because it involves property in which a blocked country or national thereof had an interest which was extinguished prior to the date of the extension of the Order to such country. In view of the provisions of this paragraph General Licenses Nos. 54, 76 and 78 have been revoked. FRED M. VINSON, Secretary of the Treasury. Treasury Department Foreign Funds Control May 30, 1946 REVOCATION OF PUBLIC CIRCULAR NO. 16 Under Executive Order No. 8389, as Amended, Executive Order No. 9193, as Amended, Sections 3(a) and 5(b) of the Trading with the Enemy Act, as Amended by the First War Powers Act, 1941, Relating to Foreign Funds Controls Public Circular No. 16, issued February 18, 1942, is hereby revoked. FRED M. VINSON, with the Enemy Act, as Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control* Paragraph (4) (a) of General License No. 95 is hereby amended to read as follows: (a) the term "country specified herein" means the following: (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) France, effective October 5, 1945; Belgium, effective November 20, 1945; Norway, effective December 29, 1945; Finland, effective December 29, 1945; The Netherlands, effective February 13, 1946; Czechoslovakia, effective April 26, 1946; Luxembourg, effective April 26, 1946; Denmark, effective June 14, 1946; and each country specified herein shall be deemed to include any colony or other territory subject to its jurisdiction. FRED M. VINSON, Secretary of the Treasury. Treasury Department Foreign Funds Control June 21, 1946 GENERAL LICENSE NO. 32A, AS AMENDED Under Executive Order No. 8389, as Amended, Executive Order No. 9193, as Amended, Section 5(b) of the Trading with the Enemy Act, as Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control* General License No. 32A is hereby amended to read as follows: LIVING EXPENSE REMITTANCES TO ITALY, BULGARIA, HUNGARY, AND RUMANIA (1) Certain remittances for living expenses authorized. A general license is hereby granted authorizing remittances from blocked accounts by any person to any individual within Italy, Bulgaria, Hungary, or Rumania, provided that: Under Executive Order No. 8389, as Amended, Executive Order No. 9193, as Amended, Section 5(b) of the Trading (a) Such remittances are made only for the necessary living expenses of the payee and his household, and are not made from an account other than an account in the name of, or in which the beneficial interest is held by, the payee or a member of his household; and (b) Such remittances do not exceed $1,000 in any one calendar month to any one household, except that in the case of individuals who are citizens or subjects of Italy, Bulgaria, Hungary, or Rumania, the * 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, 194f, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, July 26, 1941, and February 19, 1946. t Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, July 26, 1941, and February 19, 1946. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8, 1945.; Regulations, April 10, 1940, as amended June 14, 1941, July 26, 1941, and February 19, 1946. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940. as amended by Ex. Order 8785, June 14, 1941, Ex. Order -8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14. 1941, July 26, 1941, and February 19, 1946. % Secretary of the Treasury. Treasury Department Foreign Funds Control June 7, 1946 AMENDMENT TO GENERAL LICENSE NO. 95 754 FEDERAL RESERVE BULLETIN LAW DEPARTMENT amount does not exceed $100, plus an additional sum of not more than $25 for each member of the payee's household in addition to the payee, but in no event shaU more than $200 per calendar month be remitted to any such individual and his household. (2) Refunds. Any person in the United States receiving the amount of any remittance ordered pursuant to this general license for transmittal to Italy, Bulgaria, Hungary, or Rumania may refund such amount when advised that the remittance can not be effected. (3) Definition. As used in this general license, the term "household" shall mean: (a) Those individuals sharing a common dwelling as a family; or (b) Any individual not sharing a common dwelling with others as a family. E. H. FOLEY, JR., Acting Secretary of the Treasury. Treasury Department Foreign Funds Control June 28, 1946 Revocation of Public Circulars Nos. 1, 4, and 22 under Executive Order No. 8389, as Amended, Executive Order No. 9193, as Amended, Sections 3(a) and 5(b) of the Trading With the Enemy Act, as Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control * Public Circular No. 1, issued July 9, 1941, as amended; Public Circular No. 4 issued August 16, 1941, and Public * 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 8998, Dec. Order 993, 9193, July 6, a d Ex.. Order Or 899, e . 26, 6, 1941; 9 1 ; Ex.. Ordr 1942 dd b d 9567 145; Regula1942, as amended by E Ex. O Order 9567, JJune 8 8, 1945; i April 10, 1940, as amended June 14, 1941, July 26 , 1941, ebruary 19, 1946; Special Regulation No. 1, June 1, JULY 1946 Circular No. 22, issued June 1* 1943, as amended, are hereby revoked. E. H. FOLEY, JR., Acting Secretary of the Treasury. Treasury Department Foreign Funds Control June 28, 1946 Revocation of Special Regulation No. 1, as Amended, Requiring Reports on Form TFR-500 by Persons Subject to the Jurisdiction of the United States with Respect to Property in any Foreign Country.* Special Regulation No. 1, as amended, is hereby revoked. E. H. FOLEY, JR., Acting Secretary of the Treasury. Treasury Department Foreign Funds Control June 28, 1946 Amendment of Regulations of April 10, 1940, as Amended, under Executive Order No. 8389, as Amended.* Section 130.4 of the Regulations of April 10, 1940, and the amendment of July 26, 1941 to such Regulations are hereby revoked. E. H. FOLEY, JR., 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; Sec. 3, Public No. 831, 77 Congress; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942 as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10, 1940, as amended June 14, 1941, July 26, 1941, and February 19, 1946. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942, as amended by Ex Order 9567, June 8, 1945. 755 CURRENT EVENTS Federal Reserve Meetings A meeting of the Presidents of all of the Federal Reserve Banks was held in Washington on June 7 and 8, 1946. The Board of Governors met with the Presidents on June 11, 1946. 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 1946 was held in Washington on June 10. Change in Weekly Reserve Computation Period Pursuant to action taken by all Federal Reserve Banks under Section 3(a) of Regulation D, with the approval of the Board, deficiencies in reserves of member banks in central reserve and reserve cities will, beginning June 22, 1946, be computed on the basis of average daily net deposit balances covering weekly periods ending on Thursdays, instead of on Fridays as had previously been the case. This action was taken because Saturdays 756 during the summer months are observed as holidays by banks in some States, and it was thought undesirable that the weekly reserve computation period of member banks in those States should begin with two nonbusiness days, Saturday and Sunday. 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, 1946, to June 15, 1946: Illinois De Kalb—De Kalb Trust and Savings Bank Missouri St. Louis—Mutual Bank and Trust Company Pennsylvania Kittanning—Safe Deposit and Title Guaranty Company FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 26, and released for publication June 28] Industrial output declined somewhat further in May but advanced considerably in the early part of June, reflecting chiefly the settlement of the coal strike. Department store trade was maintained in record volume for this season of the year. Prices in both wholesale and retail markets continued to advance. changes, largely due to further reductions in output of flour and cereal products and of meats. Despite these declines production in recent months of most nondurable goods, including many manufactured foods, cigarettes, textiles, shoes, gasoline, chemicals, and rubber and paper products, has been considerably larger than the volume produced for civilian use a year ago and also than the 1939-40 level of INDUSTRIAL PRODUCTION output. Output of minerals rose 12 per cent in May, The Board's seasonally adjusted index of industrial production was 160 per cent of the 1935-39 reflecting largely the resumption of bituminous average in May as compared with 165 in April coal production around the middle of the month. and 168 in March. Since the resumption of bitu- In the first two weeks of June bituminous coal minous coal mining and the settlement of various output increased sharply to a level close to the other wage disputes in the latter part of May, in- pre-strike rate. Anthracite production was maindustrial production has expanded considerably and tained at an exceptionally high level during most indications are that the Board's index in June will of May, and after a work stoppage during the first week of June, was resumed in large volume. Outsurpass the March level. Output of iron and steel was especially affected put of crude petroleum continued to advance in by the coal shutdown and in May steel ingot pro- May and the early part of June. Metals producduction averaged only 52 per cent of capacity as tion showed much less than the usual seasonal rise compared with 78 per cent in the previous month. in May, reflecting chiefly wage disputes in iron ore Steel production, however, rose rapidly in June, mines which were largely settled by the end of reaching a scheduled rate of 87 per cent of capacity the month. during the current week. Activity in other durable Value of construction contracts awarded, as regoods industries was generally maintained in May ported by the F. W. Dodge Corporation, continued at about the April level. to rise sharply in May, reflecting increases in Output of nondurable goods continued to show awards for most types of construction. Residential a slight decline in May, after allowance for seasonal COST CAL VOLUME SEASONALLY ADJUSTED, 1935-39 • too PER CENT 260 OF LIVING 1935 -39-100 INDUSTRIAL PRODUCTION PER C 240 240 r iiidO / iiOO 180 1 140 220 e \ 130 I / 200 V V IbO , - / \ FOO 140 \ 180 110 140 100 V 140 > ^ 130 /CLOTHING ^/ALL ITEMS 120 160 J 120 — RENT — 110 100 j / 120 120 \J 90 90 80 80 100 1939 1940 1941 1942 1943 1944 1945 1946 80 1939 1940 1941 Federal Reserve index. for May. JULY 1946 1942 1943 1944 1945 1946 Monthly figures, latest shown are Bureau of Labor Statistics' indexes. Last month in each calendar quarter through September 1940, monthly thereafter. Mid-month figures, latest shown are for May. 757 NATIONAL SUMMARY OF BUSINESS CONDITIONS expansion in the volume of goods sold. Department store stocks continued to rise sharply in May and, after allowing for seasonal changes, the value of stocks held on May 30 was one-fourth larger than at the beginning of the year, although still comparatively low relative to the value of sales. EMPLOYMENT Freight carloadings during May were slightly below the April rate as increased shipments of Nonagricultural employment showed a further coal and grain were more than offset by declines substantial gain in May, reflecting increases at facin loadings of most other classes of revenue freight tories and mines due to termination of work stopdue chiefly to the railroad strike. During the first pages and a continued large advance in constructhree weeks of June carloadings increased sharply tion employment. The number of persons unem- and in the week ending June 22 were as high as in ployed remained unchanged at the April level of the same period a year ago. 2.3 million. building awards were at a new record level, onefourth higher than in April. Awards for nonresidential construction advanced in May, after a drop in April. Awards for manufacturing plant and public works permitted by Federal authorities showed sharp increases. BANK CREDIT COMMODITY PRICES The general level of wholesale commodity prices continued to advance from the middle of May to the third week of June. There were important increases in prices of milk, bread, coal, cotton, leather, copper, and of a number of miscellaneous products. From the middle of April to the middle of May the consumer price index advanced another onehalf per cent and since that time additional increases have occurred in retail prices. DISTRIBUTION Department store sales in May and the first half of June were maintained at the high level reached earlier in the spring. Value of sales was about 35 per cent larger than in the corresponding period last year, reflecting largely a considerable Deposits subject to reserve requirements increased further in May and the first three weeks of June, reflecting primarily a shift of about 3.5 billion dollars from Treasury war loan accounts to accounts held by businesses and individuals, and average required reserves increased about 500 million dollars. Reserve balances increased considerably less than required reserves and excess reserves declined. At member banks loans for purchasing and carrying Government securities were further reduced in May and the first half of June. Real estate and commercial and industrial loans continued to increase at banks outside New York City. Bank holdings of Treasury certificates and bonds declined largely as a result of Treasury debt retirement operations. MEMBER BANKS IN LEADING CITIES DEPARTMENT STORE SALES AND STOCKS DOLLAB. YQLUME SEASONALLY ADJUSTED, 1935-39 = 100 PEH CENT PER 280 I u. S. GOV'T SECURITIES ^ r 240 1 SALES A 200 i 160 1 T\J \jf\r , / AA/ r ^1 h 10 - 120 i DEMAND DEPOSITS AD. USTED 20 A U. S. GOV'T DEPOSITS 1939 80 1939 1940 1941 " •• Federal Rese:rve indexes. for May. 758 " ~ 1943 " " 1944 ""' 1945 "" " " Monthly figures, latest shown are Demand l^emanu dcdeposits (adjusted) exclude U. S. Government and K depo interbank deposits and collection items. Government securities include direct and guaranteed issues. Wednesday figures, latest shown are for June 26, 1946. 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 member banks. . Money in circulation Gold stock; bank debits and deposit turnover. . Deposits and currency; Postal Savings System; bank suspensions All banks in the United States, by classes . All insured commercial banks in the United States, by classes. Weekly reporting member banks Commercial paper, bankers' acceptances, and brokers' balances Money rates and bond yields. Security prices and new issues. Corporate earnings and dividends. . Treasury finance. . ... Government corporations and credit agencies. Business indexes. Department store statistics. Consumer credit statistics. Cost of living. Wholesale prices . Gross national product, national income, and income payments. . Current statistics for Federal Reserve chart book. Number of banking offices in the United States. 761 762-763 763-767 767 767-768 769-770 770 771 772-773 774-775 776-779 780 781 782-783 784 785-787 788 789-798 799-801 802-804 804 805 806 807-809 810 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. JULY 1946 759 MEMBER BANK RESERVES AND RELATED ITEMS WEDNESDAY BILLIONS OF DOLLARS FIGURES BILLIONS OF DOLLARS 30 1939 1940 1941 1942 1943 1944 19*5 1946 10 10 1939 1940 1941 1942 1943 Wednesday figures, latest shown are for June 26. 760 1944 1945 1946 See p. 761. FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding U. S. Government securities Discounts and advances Total Date Monthly averages of daily figures: 1945—Mar Apr May 1946—Mar Apr May End of month figures: 1945—Mar. 3 1 . .. Apr. 3 0 . . . May 31... 1946—Mar. 3 0 . . . Apr. 3 0 . . . May 31... W e d n e s d a y figures: 1945—Aug. 1... Aug. 8 . . . Aug. 1 5 . . . Aug. 2 2 . . . Aug. 2 9 . . . Sept. Sept. Sept. Sept. 5... 12... 19... 26... All Treasury other All 1 bills and other certificates Gold stock Total 245 19,509 17,313 2,196 360 20,115 17,985 2,129 633 20,754 18,640 2,114 566 22,549 20,243 2,307 433 22,260 19,855 2,406 212 22,699 20,076 2,623 500 20,253 20,448 459 20,934 20,400 20,325 412 23,533 20,237 23,070 20,252 376 458 23,369 20,246 17,490 2,180 20,455 18,344 2,111 20,954 18,824 2,130 22,601 20,234 2,366 22,732 20,166 2,566 254 22,932 20,291 2,641 399 21,877 353 21,910 312 21,869 400 22,296 442 22,358 19,066 19,099 19,058 19,466 19,516 377 457 301 422 22,435 22,808 22,965 23,186 19,670 20,014 20,116 20,306 TreasTreasOther deury Treas- ury Money posits Non- Fedcurury eral in cirwith memrency cash Reculaber de- serve outhold- Federal Reposits standings acserve ing counts Banks 4,120 4,120 4,136 4,464 4,510 4,534 Member bank reserve balances Total Excess1 25,850 26,009 26,351 27,913 27,923 27,978 2,357 2,367 2,361 2,274 2,261 2,263 269 504 405 809 448 556 1,495 1,516 1,549 1,167 1,120 1,074 423 14,429 437 14,621 439 15,156 536 15,536 550 15,531 551 15,727 396 362 303 402 346 331 20,311 20,419 4,119 25,899 21,307 20,374 4,130 26,189 22,131 20,270 4,144 26,528 23,630 20,256 4,480 27,879 20,251 4,537 27,885 23',518 20,242 4,535 28,120 2,346 2,371 2,331 2,288 2,263 2,257 647 446 362 1,593 679 846 1,361 1,549 1,589 1,213 1,166 866 429 14,166 796 437 14,818 918 440 15,296 1,038 540 14,853 627 959 547 15,606 807 553 15,653 2,811 2,811 2,811 2,829 2,841 288 342 601 447 263 22,564 20,152 22,606 20,151 22,782 20,130 23,142 20,088 23,063 20,088 4,108 4,197 4,198 4,201 4,215 27,130 27,260 27,351 27,506 27,600 2,257 2,248 2,262 678 538 398 671 397 ,532 ,588 ,643 ,557 ,577 454 14,861 14,833 458 15,004 458 14,992 458 15,070 2,765 2,795 2,850 2,880 380 412 441 285 23,192 20,088 23,677 20,096 23,707 20,095 23,892 20,093 4,216 4,216 4,222 4,222 27,750 27,793 27,777 27,729 2,263 304 598 428 961 ,529 ,538 ,525 ,506 463 465 475 475 15,180 966 15,329 964 15,552 1,039 15,274 893 23,212 20,297 2,916 23,272 20,357 2,916 22,901 19,985 2,916 23,089 20,192 2,898 23,276 20,379 2,898 294 338 482 312 272 23,821 20,072 23,923 20,040 23,699 20,039 23,790 20,038 23,987 20,036 4,248 4,257 4,262 4,270 4,278 27,853 27,962 27,952 27,974 28,049 2,268 2,282 2,249 2,248 2,244 648 535 293 295 429 ,469 ,419 ,324 ,349 ,373 484 485 482 482 483 15,420 15,537 15,700 15,751 15,723 245 19,669 489 875 626 279 1,010 931 1,005 1,031 1,024 956 1,063 1,066 1,132 1,018 986 Oct. Oct. Oct. Oct. Oct. 3... 10... 17... 24... 31... 314 313 316 389 439 Nov. Nov. Nov. Nov. 7... 14... 21... 28... 508 23,076 596 23,448 630 23,343 792 23,646 20,179 20,510 20,372 20,62 2,898 2,938 2,970 3,019 23,877 20,035 455 24,498 20,034 359 20,032 326 24,764 20,031 4,285 4,284 4,297 4,297 28,137 28,178 28,198 28,169 2,268 2,265 2,272 2,269 261 580 410 557 ,310 ,313 ,360 ,351 484 15,737 928 486 15,994 1,163 484 15,937 1,043 485 16,261 1,293 Dec. Dec. Dec. Dec. 5... 12... 19... 26... 345 23,525 312 23,493 360 23,668 492 24,037 20,474 20,440 20,602 20,970 3,052 3,053 3,067 3,067 359 460 829 643 24,229 20,029 24,264 20,045 24,859 20,066 25,172 20,065 4,303 4,317 4,326 4,334 28,279 28,370 28,557 28,649 2,242 2,268 2,288 2,283 8 627 718 1,199 ,304 ,204 ,284 ,282 487 488 496 500 16,242 15,669 15,906 15,658 1,594 1,296 1,332 1,213 2... 9... 16... 23... 30... 222 24,092 215 23,859 210 23,437 207 23,341 310 23,297 21,602 21,377 21,030 20,968 20,945 2,490 2,482 2,407 2,373 2,352 533 463 426 373 291 4,352 4,362 4,377 4,385 4,404 28,491 28,297 28,119 27,977 27,914 2,306 2,256 2,262 2,282 2,295 771 758 272 578 762 ,299 ,307 ,257 239 ,298 498 505 505 506 507 15,900 15,822 16,145 15,859 15,681 1,439 1,266 1,423 1,169 1,061 6... 13... 20... 27... 289 411 352 380 23,227 20,876 23,253 20,904 20,692 23,017 20,652 22,972 2,352 2,349 2,326 2,320 324 270 417 325 24,847 20,065 24,536 20,046 24,072 20,111 20,135 23,898 20,157 23,840 20,157 23,933 20,157 23,78 20,233 23,677 20,233 4,413 4,424 4,434 4,447 27,929 27,967 27,955 27,938 2,306 2,301 2,318 2,317 716 864 940 826 ,226 ,173 ,235 ,203 516 15,717 1,115 516 15,693 1,146 15,490 950 517 15,555 1,039 Mar. 6... Mar. 13... Mar. 20... Mar. 27... 443 22,526 20,207 2,320 710 22,393 20,074 2,320 22,592 20,335 2,258 683 22,974 20,634 2,340 327 319 408 305 23,297 20,232 23,423 20,232 23,483 20,233 23,963 20,257 4,451 4,456 4,467 4,478 27,957 27,946 27,889 27,842 2,284 2,260 2,267 2,298 612 501 774 1,397 ,153 ,210 ,230 ,226 924 531 15,444 530 15,663 1,112 540 15,484 929 540 15,395 995 Apr. Apr. Apr. Apr. 686 21,969 19,603 2,366 353 22,232 19,866 2,366 326 22,103 19,736 2,366 324 22,304 19,874 2,430 22,936 20,255 261 22,846 20,253 429 22,857 20,251 274 22,901 20,247 4,485 4,492 4,514 4,536 27,912 27,955 27,948 27,877 2,271 2,259 2,259 2,260 533 260 334 385 ,013 ,161 ,138 ,159 550 550 548 547 15,396 1,072 15,406 940 15,395 843 15,45' 836 1946—Jan. Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. 3... 10. .. 17... 24. .. 22,579 22,732 22,660 22,643 22,983 1,001 1,027 1,032 1,002 904 May 1 . . . May 8 . . . May 1 5 . . . May 2 2 . . . , May 29. .. 207 145 163 237 20,003 20,134 20,019 20,001 20,341 2,577 2,598 2,641 2,641 2,641 279 23,084 20,251 279 23,219 20,248 20,245 326 23,132 20,245 337 23,556 20,242 4,535 4,534 4,534 4,532 4,533 27,888 27,958 27,950 27,961 28,106 2,267 2,266 2,265 2,262 2,265 409 ,010 314 ,162 504 ,110 56: 1,069 681 1,038 548 550 550 550 553 15,74' 1,111 15,751 1,014 15,652 916 15,505 700 15,689 830 June 5. .. June 12. .. June 1 9 . . . June 26 252 22,780 20,129 23,270 20,619 252 22,691 20,187 231 23,385 20,882 2,651 2,651 2,503 2,503 417 23,450 20,272 374 23,896 20,271 23,454 20,272 23,986 20,269 4,534 4,537 4,536 4,539 28,159 28,128 28,116 28,135 2,285 2,280 2,260 2,262 860 419 970 1,063 969 985 950 556 557 566 569 15,799 15,909 15,916 15,910 738 833 *>554 p Preliminary. Includes industrial loans and acceptances purchased shown separately in subsequent tables. End of month and Wednesday figures are estimates. Back figures—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 1 2 JULY 1946 761 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 and discounts of and advances secured by eligible paper (Sees. 13 and 13a)1 Federal Reserve Bank Rate Effective Apr. Apr. Apr. May May May Apr. Apr. Apr. Apr. May Apr. Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis. . Kansas City.. Dallas San Francisco FEDERAL RESERVE BANK BUYING RATES ON BILLS [Per cent per annum] Maturity Rate on June 30 In effect beginning— H Apr. 30, 1942 1 Oct. 20, 1933 Oct. 20, 1933 Oct. 20, 1933 Treasury bills l Bankers' acceptances:2 1- 90 days 91-120 days 121-180 days Previous rate 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 15,2 1943, all purchases have been made subject to repurchase option. Minimum buying rates on prime bankers' acceptances. Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. GUARANTEE FEES AND MAXIMUM INTEREST AND COMMITMENT RATES CHARGEABLE UNDER REGULATION V ON LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION UNDER EXECUTIVE ORDER NO. 9112 AND CONTRACT SETTLEMENT ACT OF 1944 [Rates in effect June 30] FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS Percentage of loan guaranteed 80 or less Guarantee fee (In terms of percentage of amount of interest payable by borrower)1 10 15 20 30 50 85 90 95 Over 95 MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY FINANCING INSTITUTIONS (Per cent per annum] Maximum rate of interest. . . . Maximum commitment rate 2 . 1 2 4V2 1946 1946 1946 1946 1946 1946 1946 1946 1946 1946 1946 1946 Rate Effective 1H 13^ 1 V*> Oct. 27,1942 Oct. 30,1942 Oct. 17,1942 Sept. 12,1942 Oct. 28,1942 Oct. 15,1942 Aug. 29, 1942 Mar. 14, 1942 Oct. 30,1942 Oct. 27,1942 Oct. 17,1942 Oct. 28,1942 IX IH IX IX Effective Rate Mar. 29, 1946 Apr. 6, 1946 Mar. 23, 1946 Mar. 9, 1946 Mar. 16, 1946 Mar. 16, 1946 Mar. 16, 1946 Mar. 16, 1946 Mar. 23, 1946 Apr. 13,1946 Mar. 16, 1946 Apr. 25,1946 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT i Maturities not exceeding five years [In effect June 30. Per cent per annum] To industrial or To financing institutions commercial businesses Federal Reserve Bank Boston New York Philadelphia. . . Cleveland Richmond Atlanta Chicago St. Louis Minneapolis. . . Kansas City. . . Dallas San Francisco.. On discounts or purchases On loans2 On commitments Portion for which institution is obligated Remaining portion On commitments 003 () 52 (3) (8) (3) 2K1-1H o) 2^-5 8 2H5 2^-5 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. *6 Rate charged borrower. May charge rate charged borrower by financing institution, if lower. 8 Charge of \i per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q [Per cent per annum] Nov. 1,1933- Feb. 1, 1935- Effective Jan.31, 1935 Dec.31,1935 Jan. 1, 1936 Savings deposits Postal savings deposits Other deposits payable: In 6 months or more In 90 days to 6 months In less than 90 days 2% 2V2 X 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. 762 27, 25, 25, 3, 10, 10, 26, 26, 26, 27, 10, 25, Other secured advances [Sec. 10(b)] Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (last par. Sec. 13) NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the F. D. I. C, effective Feb. 1, 1936, are the same as those in effect for member banks. Under Regulation Q the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. FEDERAL RESERVE BULLETIN MARGIN REQUIREMENTS1 MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] [Per cent of market value] Net demand deposits1 Central reserve city banks Period in effect June Aug. Mar. May Apr. Nov. Aug. Sept. Oct. 21, 16, 1, 1, 16, 1, 20, 14, 3, 1917-Aug. 15, 1936.. 1936-Feb. 28,1937.. 1937-Apr. 30,1937.. 1937-Apr. 15,1938.. 1938-Oct. 31,1941.. 1941-Aug. 19, 1942. 1942-Sept. 13, 1942.. 1942-Oct. 2, 1942.. 1942 and after Reserve city banks 13 22% 26 26 24 22 20 4 7 10 15 P 12H 20 20 20 20 20 3 2 14 12 14 14 14 14 5 6 6 6 6 Feb. 5, 1945July 4, 1945 Regulation T: For extensions of credit by brokers and dealers on listed securities For short sales Regulation U: For loans by banks on stocks 50 50 75 75 100 100 50 75 100 1 1 Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. EffecJuly 5, 1945tive Jan. 20, Jan. 21, 1946 1946 Prescribed in accordance with Securities Exchange Act of 1934 Time deposits (all Country member banks banks) Regulations T and U limit the amount of credit that may be ex- margin requiitmeiiis siiowu in tins tauie are trie uinerence oetween the market value (100%) and the maximum loan value. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504. PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands ot dollars] Wednesday figures Item End of month 1946 June 26 June 19 June 12 1946 June 5 May 29 May 22 May 15 June Assets 17,342,055 17,354,060 17,339,060 17,344,055 17,344,060 17,346,055 17,346,060 17,347,057 Gold certificates Redemption fund for 748,058 747,445 752,036 747,267 755,979 752,035 747,611 760,979 F. R. notes Total gold certificate reserves. . . 18,103,034 18,106,095 18,091,096 18,091,322 18,092,118 18,093,500 18,093,671 18,103,036 Other cash 290,960 297,404 132,190 116,507 118,082 120,000 120,000 45,000 236,507 1,324 11,324 283,344 271,505 264,762 111,243 131,259 131,330 Discounts and advances: For member banks... For nonmember banks, etc 120,000 120,000 120,000 Total discounts and advances........ 231,243 251,259 251,330 1,189 18,173 1,260 15,118 1,287 12,917 Industrial loans Acceptances purchased.. U. S. Gov't securities: Direct : Bills: Unde,r repurchase option Other Certificates: Special Other Notes Bonds 259,945 279,626 1,268 11,193 1945 May June ,344,055 17,355,214 748,059 699,302 ,092,114 18,054,516 280,138 264,866 212,909 100,124 36,772 134,092 46,082 45,000 120,000 120,000 163,082 145,124 156,772 254,092 46,082 1,354 13,745 1,412 17,070 1,206 18,057 1,306 13,456 3,147 5,385,431 4,907,219 5 ,444,686 5,035, 9,013,815 8,946,995 8,880,175 8,824; 5,248,049 4,986,372 5,056,440 5,383,696 5,072,062 4,874,482 8,757,805 8,679,415 8,635,025 9,082,635 8,824,125 8,087,965 6,482,370 6,332,870 6,293,870 6,268 1,748,200 1,748,200 1,748,200 1,748 902 755,290 755,290 902,942 6,335,596 6,335,596 6,327,096 6,813,370 1,738,200 1,738,200 1,738,200 1,748,200 902,942 902,942 755,290 902,942 Total U. S. Govt. 23,385,106 22,690,574 23,269,873 22,779, securities Other Reserve Bank 405, 495,985 350,167 credit outstanding.... 360,574 22,982, 22,642,525 22,659,703 23 ,783,191 22,931,925 ,792,050 317,245 462,864 311,370 324; 394,596 6,032,011 738,200 1,684,950 902,942 1,112,642 428,341 496,589 Total Reserve Bank credit outstanding 23,985,878 23,454,196 23,895,981 23,449,874 23,556,070 23,132,076 23,251,650 24,455,815 23,518,024 22,304,143 Liabilities Federal Reserve notes. . 24,090,486 24,078,540 24,104,137 24,066,413 23,946,502 23,950,426 24,190,592 24,064,389 23,018,860 Deposits: Member bank — reserve account 15,909,762 15,916,383 15,909,236 15,798,813 15,688,738 15,505,017 15,652,429 16,123,380 15,653,470 14,919,911 U. S. Treasurer—gen599,208 419,092 833,364 846,175 680, eral account 394, 504,134 969,537 561,524 860,105 504,5 i1 552,125 601,236 1,248,166 608, Foreign 618, 660,099 685,786 519,116 534,879 745,209 420,236 432,406 264,546 429, 409,166 444, 424,269 431,247 Other deposits 434,450 Total deposits 17,829,662 17,320,006 17,738,670 17,256,090 17,407,251 17,135,806 17,266,618 18,206,484 17,365,427 17,187,521 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. 43.2 43.' 43.7 43.6 44.0 43.9 43.7 42.7 44.9 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] June 26, 1946 Discounts and advances Industrial loans Acceptances purchased U. S. Government securities JULY 1946 Total 231,243 1,189 18,173 23,385,106 Within 15 days 16 to 30 days 31 to 60 days 61 to 90 91 days to 6 months 1 year to 2 years to Over 5 years 5 years 6 months to 1 year 2 years days 95,198 14,608 10,494 110,943 1,012 6 9 77 13 4,901 5,265 5,897 2,110 ,356,617 2,233,163 5, 336,390 5 ,950,616 1,577,1502,859,080 19 45 46,400 443,250 582,440 763 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Assets Gold certificates: M a y 29 17,344,060 June 5 17,344,055 June 12 17,339,060 June 19 17,354,060 June 26 17,342,055 Redemption fund for F. R. notes: M a y 29. 748,058 June 5 747,267 June 12 752,036 June 19 752,035 June 26 760,979 Total gold certificate reserves: M a y 29 18,092,118 June 5 18,091,322 June 12 18,091,096 June 19 18,106,095 June 26 18,103,034 May June June June June 29.' 5 12 19 26 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago Minneapolis Kansas City Dallas 558,030 529,021 547,604 548,978 551,568 324,729 316,696 334,055 328,656 327,682 560,984 546,519 564,022 555,215 546,250 453,721 2,364,342 447,398 2,372,080 455,297 2,385,784 459,697 2,366,741 468,367 2,386,486 42,553 42,550 42,527 42,527 42,450 19,986 19.984 19,975 19,975 19,952 34,885 34,883 34,873 34,873 34,815 600,583 344,715 571,571 336,680 590,131 354,030 591,505 348,631 594,018 347,634 595,869 581,402 598,895 590,088 581,065 750,999 718,033 741,063 738,488 760,834 5,009,154 5,183,838 5,028,946 5,301,670 4,956,762 821,665 806,033 801,865 845,977 852,367 1,105,812 1,076,928 1,090,851 1,093,657 1,099,767 799,936 832,188 837,855 823,771 860,049 58,020 57,988 57,977 57,977 57,824 119,034 118,844 118,799 118,799 118,208 59,982 59,925 59,878 59,877 59,620 76,615 76,578 76,563 76,563 76,354 60,795 60,418 60,415 60,415 61,333 809,019 776,021 799,040 796,465 818,658 5,128,188 5,302,682 5,147,745 5,420,469 5,074,970 259,945 264,762 271,505 283,344 279,626 22,225 20,430 20,739 20,663 17,981 67,435 67,371 74,712 76,080 78,448 16,848 17,315 17,149 19,090 18,853 21,828 19,360 21,214 20,030 20,657 17,674 18,414 17,131 18,371 17,290 18,590 21,815 22,330 23,662 20,996 28,384 26,119 29,584 30,375 30,491 10,175 10,024 11,137 12,041 11,421 3,759 4,254 3,709 4,598 4,021 15,624 15,401 15,290 16,213 16,384 7,891 8,000 9,207 10,364 9,710 29,512 36,259 29,303 31,857 33,374 116,507 132,190 131,330 131,259 111,243 7,503 7,856 5,716 5,031 6,079 28,051 32,021 24,646 11,976 16,726 3,359 5,409 5,524 2,209 5,044 31,485 29,370 30,410 13,250 13,350 12,850 12,875 12,525 14,450 18,900 1,450 500 500 2,000 7,100 11,915 16,515 26,115 36,515 15,400 12,200 16,200 16,600 21,600 19,050 1,300 1,300 5,200 13,000 2,750 6,750 950 9,950 4,250 144 144 144 778 144 3,500 3,250 3,000 500 5,200 120,000 120,000 120,000 120,000 120,000 7,680 7,680 7,680 7,680 7,680 39,960 39,960 39,960 39,960 39,960 9,960 9,960 9,960 9,960 9,960 11,160 11,160 11,160 11,160 11,160 5,640 5,640 5,640 5,640 5,640 4,560 4,560 4,560 4,560 4,560 16,080 16,080 16,080 16,080 16,080 4,080 4,080 4,080 4,080 4,080 3,000 3,000 3,000 3,000 3,000 3,960 3,960 3,960 3,960 3,960 3,840 3,840 3,840 3,840 3,840 10,080 10,080 10,080 10,080 10,080 1,324 1,268 1,287 1,260 1,189 87 87 87 87 82 20,710 24,685 17,785 19,500 26,100 844,944 912,199 953,586 906,998 944,536 83,802 79,952 70,457 81,434 77,708 34,695 35,995 28,307 35,277 32,755 65,262 52,517 56,333 74,398 75,358 22,607 23,635 28,485 35,912 22,942 388,055 347,185 366,605 384,815 354,915 580,020 591,731 590,129 567,544 570,054 881,647 1,182,427 865,958 1,153,506 861,743 1,167,414 905,854 1,170,220 911,987 1,176,121 962,106 3,632,584 943,724 3,571,595 958,014 3,593,704 914,468 3,376,742 926,606 3,605,317 San Francisco St. Louis 43,588 43,562 43,552 43,552 43,376 96,770 96,728 101,695 101,695 111,471 860,731 1,005,694 3,729,354 892,606 987,286 3,668,323 898,270 1,001,566 3,695,399 884,186 958,020 3,478,437 921,382 969,982 3,716,788 25,790 25,788 25,785 25,785 25,743 110,040 110,019 109,997 109,997 109,833 479,511 2,474,380 473,186 2,482,101 481,082 2,495,781 485,482 2,476,738 494,110 2,496,319 vances: Secured by U. S. Govt. securities: M a y 29... June 5... June 12... June 19... June 26... Other: M a y 29... June 5... June 12... June 19... June 26... Industrial loans: M a y 29 June 5 June 12 June 19 June 26 Acceptances purchased: M a y 29 June 5 June 12 June 19 June 26 U. S. Govt. securities: Bills: Under repurchase option: M a y 29... June 5... June 12... June 19... June 26... Other bills* M a y 29... June 5... June 12... June 19... June 26... Certificates * M a y 29 June 5 June 12 June 19 June 26 Notes: M a y 29 June 5 June 12 June 19 June 26 M a y 29 June 5 June 12 June 19 June 26 Total TT S Grwfr securities: M a y 29 June 5 June 12 June 19 June 26 33 28 28 1 204 1,153 1 172 1 173 1,107 11,324 11 193 12 917 15 118 18,173 11,324 11,193 12,917 15,118 18,173 5,248,049 5,035,799 5,444,686 4,907,219 5,385,431 8,757,805 8,824,125 8,880,175 8,946,995 9,013,815 87,979, 63,326 72,095 73,540 90,447 3,373,792 3,177,027 3,488,807 2,997,977 3,460,337 756,044 778,062 786,679 783,331 815,718 231,470 247,373 260,814 276,837 292,860 6,335,596 6,268,870 6,293,870 6,332,870 6,482,370 420,436 415,801 417,553 419,733 430,211 1,738,200 1,748,200 1,748,200 1,748,200 1,748,200 90,714 91,019 98,059 91,784 82,639 80,994 75,614 74,594 62,516 71,556 756,087 1,147,572 760,139 1,125,834 754,997 1,148,722 758,025 1,127,692 786,560 1,186,643 829,608 833,827 837,392 841,642 845,892 713,642 1,046,330 717,131 1,039,533 720,080 1,046,201 723,595 1,181,056 727,110 1,049,542 535,997 338,915 537,398 341,243 555,465 344,718 529,097 336,993 536,283 349,849 1,592,520 1,576,210 1,582,290 1,593,000 1,629,338 478,793 473,717 475,620 478,508 489,887 610,796 604,238 606,703 610,219 624,970 397,568 393,349 394,930 397,312 406,784 317,532 314,090 315,387 317,147 324,906 317,912 180,739 301,925 314,647 178,850 298,704 315,866 179,557 299,914 317,983 180,699 301,689 325,264 184,923 308,927 115,349 115,955 115,979 115,869 116,021 436,916 439,557 439,501 439,749 439,408 131,357 132,106 132,110 132,092 132,115 167,575 109,075 168,504 109,692 168,520 109,698 168,451 109,679 168,544 109,705 902,942 902,942 902,942 755,290 755,290 59,920 59,890 59,903 50,060 50,126 226,964 227,030 227,001 189,989 189,841 68,236 68,233 68,234 57,069 57,079 22,982,592 22,779,936 23,269,873 22,690,574 23,385,106 1,439,728 1,433,034 1,452,209 1,442,533 1,502,523 764 154,495 152,645 189,573 143,068 146,138 87,050 87,032 87,040 72,778 72,817 56,662 56,656 56,659 47,385 47,397 816,600 808,036 811,242 816,344 835,510 490,448 1,331,672 513,521 1,338,333 491,016 1,343,962 470,510 1,350,673 495,920 1,357,384 268,337 265,475 266,550 268,132 274,558 632,438 625,753 628,258 632,104 647,092 87,117 224,038 87,590 225,338 87,602 225,333 87,548 225,353 87,622 225,326 87,221 87,746 87,735 87,781 87,719 49,586 49,876 49,874 49,883 49,871 82,836 83,300 83,305 83,283 83,314 73,618 74,033 74,036 74,019 74,043 173,512 174,503 174,507 174,493 174,512 45,255 45,240 45,246 37,824 37,856 45,309 45,320 45,315 37,925 37,898 25,758 25,761 25,760 21,551 21,546 43,031 43,024 43,027 35,981 35,995 38,242 38,238 38,240 31,979 31,990 90,134 90,131 90,133 75,388 75,396 116,381 116,387 116,384 97,361 97,349 5,861,662 1,588,968 2,103,707 1,473,907 1,184,256 3,048,293 1,070,241 5,667,197 1,586,840 2,076,627 1,469,138 1,188,736 3,101,493 1,065,063 5,998,413 1,620,534 2,109,044 1,473,273 1,186,100 3,152,746 1,074,838 5,497,552 1,568,762 2,070,924 1,458,534 1,185,614 3,227,112 1,054,220 6,011,784 1,611,779 2,135,613 1,481,334 1,203,594 3,152,263 1,064,872 629,693 1,073,074 631,725 1,069,276 628,216 1,072,708 624,403 1,062,895 638,944 1,073,648 893,252 2,615,811 914,902 2,575,905 898,327 2,603,465 880,552 2,617,473 899,453 2,609,299 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total New York Boston Total loans and securities: 23,231,747 ,454,998 May 29 23,044,587 ,448,657 June 5 ,465,692 June 12 23,535,40 22,958,211 ,455,331 June 19 23,635,711 ,516,364 June 26 Due from foreign banks: May 29 June 5 June 12 June 19 June 26 84 Federal Reserve notes of other banks: May 29 3,145 118,716 June 5 3,365 109;67 June 12 4,009 115,032 June 19 3,303 120,367 June 26 4,250 119,795 Uncollected items: May 2 9 . . . . 1,987,701 143,522 June 5 2,188,403 186,107 June 1 2 . . . . 2,242,568 194,391 June 1 9 . . . . 2,721,093 254,177 June 26 2,185,41" 178,728 Bank premises: May 29 33,029 1,329 June 5 33,003 1,329 June 1 2 . . . . 33,006 1,329 June 19 33,00. 1,329 June 26 32,966 1,329 Other assets: May 2 9 . . . . 56,128 3,703 June 5 55,546 3,777 June 12 56,901 3,721 June 1 9 . . . . 48,789 3,809 June 26 50,326 3,124 Total assets: May 2 9 . . . . 43,779,469 2,437,947 June 5 . . . . 43,787,382 2,439,692 June 1 2 . . . . 44,345,599 2,488,926 June 19 44,270,988 2,535,082 June 26 44,406,954 2,540,439 Liabilities Federal Reserve notes: May 29 24,066,413 1,462,090 June 5 24,104,137 1,466,896 June 12 24,078,540 1,463,864 June 19 24,077,691 1,462,827 June 26 24,090,486 1,474,401 Deposits: Member bank —reserve account: May 2 9 . . . 15,688,738 702,068 June 5 . . . 15,798,813 718,234 June 12... 15,909,236 725,56" June 19... 15,916,383 744,363 June 26... 15,909,76: 727,691 U. S. Treasurer-general account: May 2 9 . . . 680,516 56,123 June 5 . . . 394,158 21,801 June 12... 860,105 53,706 June 19... 419,09 22,872 969,53 June 26... 90,351 Foreign: 608,209 May 29... 37,089 618,505 June 5 . . . 37,869 534,879 32,246 June 12... 552,125 33,414 June 19... 519,116 31,549 June 26... Other: 3,547 429,788 May 29... 444,614 1,446 June 5 . . . 434,450 3,786 June 12... 432,406 June 19... 4,156 431,247 June 26... 4,602 Total deposits: May 29 17,407,251 798,827 June 5 17,256,090 779,350 June 12 17,738,670 815,301 June 19 17,320,006 804,805 June 26 17,829,662 854,193 Deferred availability items: M a y 29 1,663,463 135,585 June 5 1,783,201 151,869 June 12 1,882,078 168,073 June 19 2,225,192 225,589 June 26 1,835,329 169,845 5,940,997 5,750,371 6,075,936 5,564,606 6,086,643 Philadelphia Cleveland Richmond 1,603,491 2,146,352 1,492,430 1,603,362 2,117,157 1,487,681 1,637,190 2 ,150,614 1,491,466 1,582,104 2,095,334 1 ,478,624 1,627,890 2,160,123 1,505,874 Atlanta Chicago 1,190,266 3,076,288 1,193,796 3 ,134,088 1,191,160 3 ,194,941 1,192, "",707 1,215,254 3,183,743 St. Louis Minneapolis Kansas City 1,086,521 1,085,343 1,095,518 1,079,900 1,088,002 633,993 636,025 636,416 640,403 641,944 1,079,784 1,079,986 1,077,618 1,076,805 1,081,858 Dallas San Francisco 897,236 2,629,391 918,886 2,589,235 902,311 2,616,545 885,170 2,628,053 2^28,053 903,437 :2,624,579 128 128 128 128 128 15,118 13,018 14,121 19,065 17,18: 5,144 4,442 4,858 6,479 5,466 5,466 5,140 5,331 5,476 5,485 29,718 28,086 25,806 25,195 24,453 9,477 8,678 10,231 8,869 9,225 11,967 12,247 13,042 13,674 12,688 6,072 7,123 6,992 8,074 8,375 3,931 3,554 3,522 3,835 4,622 6,897 5,979 6,075 5,774 6,262 4,513 2,922 4,351 3,977 2,975 17,268 15,120 16,694 16,646 18,809 429,056 476,706 513,953 608,524 477,893 116,793 123,931 127,476 174,646 135,093 195,700 193,186 191,307 273,305 185,807 144,336 179,200 175,569 195,090 185,859 125,628 159,056 153,465 162,724 130,774 313,530 301,877 331,631 410,563 337,315 90,134 99,187 96,053 101,752 85,159 50,453 53,232 52,762 57,033 48,098 106,881 116,357 111,032 120,843 104,922 82,526 108,623 93,841 101,389 91,057 189,142 190,941 201,088 261,047 226,707 8,601 8,583 8,583 8,583 8,583 3,253 3,253 3,253 3,253 3,241 3,942 3,942 3,942 3,942 3,942 2,735 2,735 2,735 2,735 2,728 1,551 1,551 1,551 1,550 1,547 3,091 3,091 3,091 3,091 3,085 2,037 2,037 2,037 2,037 2,036 1,273 1,273 1,273 1,273 1,273 2,568 2,562 2,562 2,562 2,562 817 815 815 815 815 1,832 1,832 1,835 1,835 1,825 13,135 12,749 13,567 10,977 11,726 3,994 3,907 3,608 3,062 3,208 5,801 5,853 6,048 5,430 5,647 3,733 3,621 3,633 3,124 3,221 3,018 3,038 2,917 2,457 2,568 7,477 7,421 7,667 6,835 7,109 3,118 3,180 3,297 2,836 2,940 1,604 1,625 1,681 1,275 1,344 2,536 2,575 2,661 2,092 2,196 2,406 2,300 2,509 2,088 2,246 5,603 5,500 5,592 4,804 4,997 2,631,177' 3,561,524 2,551,361 2,622,1775 3,498,152 2,612,347 2,655,284 ' I 3,545,8782,614,614 2,694,495» 3,573,7452,607,329 2,705,745 3,557,790 2,658,811 2,354,227 2,375,223 2,383,223 2,349,459 2,350,349 7,170,102 7,153,177 7,275,366 7,222,693 7,291,230 1,798,643 1,778,468 1,805,168 1,798,148 1,791,954 1,039,730 1,036,645 1,053,395 1,057,050 1,048,938 1,810,162 1,804,265 1,814,136 1,814,380 1,795,252 5,403,928 5,407,950 5,400,416 5,414,378 5,434,214 1,618,729 1,615,389 1,621,368 1,619,174 1,627,956 2,036,830 2,040,511 2,040,316 2,040,747 2,052,603 1,647,198 1,650,870 1,648,001 1,646,990 1,653,929 1,426,265 4,405,351 1,428,997 4,425,247 1,427,771 4,418,513 1,425,882 4,4:25,387 1,424,130 4,427,653 1,045,295 1,047,782 1,047,471 1,047,418 1,046,668 553,602 555,971 556,014 556,684 556,428 886,381 890,222 889,076 888,251 887,075 591,358 595,359 594,694 594,995 593,755 2,989,386 2,978,943 2,971,036 2,954,958 2,911,674 4,965,339 5,011,150 5,033,902 5,029,991 5,050,755 772,370 781,756 792,308 803,928 795,421 1,138,934 1,154,022 1,155,624 1,168,543 1,144,976 681,595 705,220 705,667 684,707 687,659 726,553 729/ 732,399 715,047 719,164 2,230,804 ,246,706 2,273,562 2,252,287 2,27 ,270,032 590,502 582,192 588,397 579,807 590,921 391,530 388,277 391,712 391,320 396,709 763,855 759,907 758,695 766,466 760,773 738,359 745,251 751,835 744,804 749,127 1,986,829 1,976,459 1,999,572 2,035,120 2,016,534 123,230 81,025 296,761 89,200 188,386 40,829 13,307 33,686 18,631 73,312 101,639 28,783 79,908 25,656 82,571 35,001 33,433 40,587 38,054 102,576 38,217 28,475 33,852 10,283 35,660 125,134 75,909 156,501 58,579 173,389 29,314 16,496 34,109 30,801 30,128 23,984 19,164 31,033 32,340 26,685 24,538 19,504 32,712 21,491 21,325 31,441 30,128 25,306 21,642 43,703 51,066 26,133 41,944 49,543 19,912 225,877 2 228,455 201,969 22 207,171 193,923 47,517 48,472 41,381 42,877 40,414 53,242 54,312 46,366 48,043 45,283 26,907 27,448 23,433 24,280 22,885 21,755 22,192 18,945 19,631 18,503 76,714 78,256 66,808 69,223 65,247 19,465 19,856 16,951 17,564 16,555 14,312 14,600 12,464 12,915 12,173 18,892 19,272 16,453 17,048 16,068 18,320 18,688 15,954 16,531 15,581 48,119 49,085 41,909 43,428 40,935 348,746 339,579 320,266 319,343 306,620 2,758 4,827 2,599 2,883 3,647 4,919 5,408 8,094 8,953 9,154 1,842 5,764 5,842 2,948 2,338 1,311 1,397 1,673 1,678 2,217 2,627 5,549 5,306 4,706 3,345 12,043 8,685 7,692 10,061 8,916 2,144 2,657 2,301 2,458 2,624 1,249 783 446 418 795 2,295 1,849 1,383 1,010 934 46,307 66,670 75,062 73,792 86,055 5,663,192 5,660,209 5,852,898 5,645,705 5,739,684 863,474 848,362 869,974 868,319 912,794 1,298,734 1,242,525 1,289,992 1,251,195 1,281,984 745,345 771,865 775,529 749,989 815,458 787,836 2,435,279 781,703 2,^ 2,406,420 786,869 :2,502,177 746,639 2,384,795 775,544 2,512,013 651,324 627,229 647,149 638,233 646,520 431,970 424,698 437,510 439,033 438,191 808,534 799,466 808,306 805,423 798,961 790,415 795,916 794,478 783,987 809,345 ,132,321 ,118,347 ,158,487 201,883 163,436 331,900 359,350 390,698 443,327 375,227 96,661 105,878 111,221 154,254 112,085 166,061 155,138 155,332 221,440 162,554 127,190 157,884 159,193 178,412 157,344 113,644 137,998 141,935 150,199 123,799 243,373 235,370 268,172! 325,507! 264,132 78,899 80,181 87,182 89,126 75,263 37,264 38,946 42,830 44,116 37,189 92,234 91,473 93,528 97,456 85,830 70,751 101,122 82,523 87,749 78,585 169,901 167,992 181,391 208,017 275,015 11,602,558 11,631,508 11,848,645 11,708,332 11,755,476 2 2 1,,474,903 5,347,135 1,514,735 5,320,995 1,494,119 5,366,845 1,489,288 5,420,987 1,504,353 5,406,617 1 After deducting $57,000 participations of other Federal Reserve Banks on May 29 and June 5; $56,000 on June 12; June 19; and June 26. 2 After deducting $381,855,000 participations of other Federal Reserve Banks on May 29; $389,526,000 on June 5; $332,543,000 on June 12; $344,567,000 on June 19; and $324,774,000 on June 26. JULY 1946 765 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Other liabilities including accrued div.: May 29 June 5 June 12 June 19 June 26 Total liabilities: May 29 June 5 . . . . . June 12 June 19 June 26 Cap. Acc'ts.: Capital paid in: May 29 New York Boston Total Richmond Cleveland Philadelphia Minneapolis St. Louis Chicago Atlanta Kansas City Dallas San Francisco 13,828 13,719 14,476 14,243 15,769 786 798 856 901 930 3,989 4,027 4,260 4,145 5,182 800 848 914 834 879 1,379 1,311 1,397 1,347 1,479 690 688 740 662 702 620 580 606 601 651 2,330 2,206 2,343 2,292 2,478 513 519 543 490 547 43,150,955 43,157,147 43,713,764 43,637,132 43,771,246 2,397,288 2,398,913 2,448,094 2,494,122 2,499,369 11,403,009 11,431,536 11,648,272 11,507,555 11,554,307 2,579,664 2,570,477 2,603,477 2,642,581 2,653,714 3,503,004 3,439,485 3,487,037 3,514,729 3,498,620 2,520,423 2,581,307 2,583,463 2,576,053 2,627,433 2,328,365 2,349,278 2,357,181 2,323,321 2,324,124 7,086,333 7,069,243 7,191,205 7,137,981 7,206,276 1,776,031 1,755,711 1,782,345 1,775,267 1,768,998 182,003 182,104 182,175 182,642 182,860 10,809 10,812 10,822 10,823 10,829 64,365 64,371 64,375 64,378 64,390 13,489 13,491 13,493 13,494 13,494 18,258 18,260 18,281 18,305 18,309 7,603 7,639 7,640 7,645 7,645 6,787 6,787 6,804 6,825 6,830 21,599 21,588 21,593 21,937 21,953 5,811 5,875 5,877 5,886 5,886 3,959 3,955 3,965 3,966 3,968 5,974 5,974 5,975 6,009 6,023 6,589 6,590 6,588 6,612 6,615 16,760 16,762 16,762 16,762 16,918 358,355 358,355 358,355 358,355 358,355 22,439 22,439 22,439 22,439 22,439 116,860 116,860 116,860 116,860 116,860 28,946 28,946 28,946 28,946 28,946 33,745 33,745 33,745 33,745 33,745 15,593 15,593 15,593 15,593 15,593 14,450 14,450 14,450 14,450 14,450 53,029 53,029 53,029 53,029 53,029 12,939 12,939 12,939 12,939 12,939 8,869 8,869 8,869 8,869 8,869 11,891 11,891 11,891 11,891 11,891 10,670 10,670 10,670 10,670 10,670 28,924 28,924 28,924 28,924 28,924 27,428 27,428 June 5 June 12 27,428 June 19 27,428 June 26 27,428 Other capital accounts: May 29 60,728 June 5 62,348 June 12 63,877 June 19 65,431 June 26 67,065 Total liabilities and capital accounts: May 29 , 43,779,469 June 5 43,787,38? June 12 44,345,599 June 19 44,270,988 June 26 44,406,954 Commitments to make industrial loans: May 29 5,431 5,421 June 5 5,398 June 12 June 19 5,396 5,484 June 26 3,012 3,012 3,012 3,012 3,012 7,205 7,205 7,205 7,205 7,205 4,501 4,501 4,501 4,501 4,501 1,007 1,007 1,007 1,007 1,007 3,326 3,326 3,326 3,326 3,326 762 762 762 762 762 1,429 1,429 1,429 1,429 1,429 527 527 527 527 527 1,073 1,073 1,073 1,073 1,073 1,137 1,137 1,137 1,137 1,137 1,307 1,307 1,307 1,307 1,307 2,142 2,142 2,142 2,142 2,142 4,399 4,516 4,559 4,686 4,790 11,119 11,536 11,933 12,334 12,714 4,577 4,760 4,867 4,973 5,090 5,510 5,655 5,808 5,959 6,109 4,416 4,482 4,592 4,712 4,814 3,863 3,946 4,026 4,101 4,183 7,712 7,888 8,110 8,317 8,543 3,335 3,416 3,480 3,529 3,604 2,633 2,660 2,706 2,747 2,800 3,481 3,574 3,640 3,678 3,787 3,257 3,298 3,358 3,416 3,472 6,426 6,617 6,798 6,979 7,159 2,437,947 22,439,69 2,488,926 2,535,082 2,540,439 11,602,558 211,631,50 11,848,645 11,708,332 11,755,476 2,631,177 8,622,175 2,655,284 2,694,495 2,705,745 3,561,524 3,498,152 3,545,878 3,573,745 3,557,790 2,551,361 2,612,347 2,614,614 2,607,329 2,658,811 2,354,227 2,375,223 2,383,223 2,349,459 2,350,349 7,170,102 7,153,177 7,275,366 7,222,693 7,291,230 1,798,643 1,778,468 1,805,168 1,798,148 1,791,954 1,039,730 1,036,645 1,053,395 1,057,050 1,048,938 857 850 830 828 916 521 521 521 521 521 265 262 262 262 262 June 5 June 12 June 19 June 26 Surplus (section 7): May 29 June 5 June 12 June 19 June 26 Surplus (section 13 b): May 29 360 473 428 562 420 530 528 583 535 548 1,023,196 1,787,679 1,020,088 1,781,689 1,036,782 1,791,493 1,040,395 1,791,665 1,032,228 1,772,414 556 473 501 552 604 1,275 1,268 1,305 1,322 1,349 1,453,080 5,292,883 1,492,870 5,266,550 1,472,196 5,312,219 1,467,283 5,366,180 1,482,289 5,351,474 1,810,162 1,474,903 5,347,135 1,804,265, 1,514,735 5,320,995 1,814,136 1,494,119 5,366,845 1,814,380 1,489,288 5,420,987 1,795,252 1,504,353 5,406,617 170 170 170 170 170 3,603 3 603 3,600 3,600 3,600 15 15 15 15 15 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Federal Reserve notes outstanding (issued to Bank): May 29 June 5 June 12 June 19 June 26 Collateral held against notes outstanding: Gold certificates: May 29 June 5 June 12 June 19 June 26 Eligible paper: May 29 June 5 June 12 June 19 June 26 U. S. Govt. securities: May 29 June 5 June 12 June 19 June 26 Total collateral: May 29 June 5 June 12 June 19 June 2 6 . . . 24,693,082 24,770,351 24,773,028 24,778,830 24,797,939 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago 1,491,812! 5,545,939 1,657,289 2,086,893 1,704,637 1,462,763 4,472,526 1,079,021 564,397 1,495,5,249 5,559,143 1,660,464 2,106,209 1,705,087 1,462,665 4,495,822 1,084,550 566,421 1,490,670 5,565,087 1,662,836 2,110,876 1,707,419 1,461,725 4,493,424 1,083,179 566,463 1,500,470 5,572,337 1,666,559 2,104,985 1,705,228 1,459,550 4,500,790 1,079,712 566,607 1,511,033 5,597,949 1,669,905 2,100,629 1,707,233 1,459,946 4,505,986 1,084,568 567 ,855 11,444,000 11,274,000 11,174,000 11,099,000 11,019,000 410,000 410,000 410,000 410,000 430,000 3,495,000 3,295,000 3,295,000 3,320,000 3,320,000 500,000 500,000 500,000 500,000 500,000 71,513 85,661 74,161 78,716 75,249 7,503 7,856 5,716 5,031 6,079 28,051 32,021 24,646 11,976 16,726 3,359 5,409 5,524 2,209 5,044 635,000 635,000 635,000 635,000 635,000 550,000 550,000 550,000 550,000 550,000 640,000 2,595,000 640,000 2,625,000 640,000 2,525,000 640,000 2,525,000 640,000 2,325,000 12,850 12,875 12,525 14,450 18,900 1,100,0002,100,000 1,200,000 1,550,000 1,100,000 2,300,000 1,200,000 1,550,000 1,100,000 2,300,000 1,200,000 1,550,000 1,100,000 2,300,000 1,200,000 1,550,000 1,100,000 2,300,000 1,200,000 1,550,000 1,175,000 1,175,000 1,175,000 1,175,000 1,175,000 850,000 1,900,000 850,000 1,900,000 850,000 2,000,000 850,000 2,000,000 850,000 2,200,000 25,499,315 1,517,503 5,623,051 1,703,359 2,185,000 25,539,61 1,517,856 5,627,021 1,705,409 2,185,000 25,518,618 1,515,716 5,619,646 1,705,524 2,185,000 25,459,150 1,515,031 5,631,976 1,702,209 2,185,000 25,571,957 1,536,079 5,636,726 1,705,044 2,185,000 1,737,850 1,737,875 1,737,525 1,739,450 1,743,900 ,490,000 ,490,000 ,490,000 ,490,000 ,490,000 13,983,802 14,179,952 14,270,457 14,281,434 14,477,708 766 Minne- Kansas apolis City St. Louis 4,495,000 4,525,000 4,525,000 4,525,000 4,525,000 Dallas San Francisco 910,046 911,210 909,418 906,636 907,308 619,543 3,098,216 626,735 3,096,796 627,778 3,094,,123 170,000 170,000 170,000 170,000 170,000 280,000 280,000 280,000 280,000 280,000 169,000 169,000 169,000 169,000 169,000 12,200 1,300 16,200 1,300 16,600 5,200 21,600 13,000 19,050 2,750 6,750 95 0| 9,950! 4,250 300,000 300,000 300,000 300,000 300,000 908,802 904,952 895,457 906,434 902,708 400,000 400,000 400,000 400,000 400,000 1,221,002 5711,300 1,221,152 5711,300 1,212,057 5755,200 1,228,034583,000 1,221,758 570,000 700,000 700,000 700,000 700,000 700,000 625,9143,090,042 622,366 3,063,161 1,700,000 1,700,000 1,700,000 1,600,000 1,700,000 3,500 3,250 3,000 500 5,200 500,000 1,600,000 500,000 1,600,000 500,000 1,600,000 500,000 1,600,000 500,000 1,600,000 982,750 669,000 3,303,500 986,7501 669,000 3,303,250 980,950 669,000 3,303,000 989,950 669,000 3,200,500 984,250 669,000 3,305,200 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] Date Guaranteed loans authorized to date Guaranteed loans outstanding Portion guaranteed Additional amount available to borrowers under guarantee agreements outstanding Number Amount 1942 June 30 Sept. 30 Dec. 31 565 1,65& 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 Mar. June Sept. Dec. 1944 31 30 30 30 5,904 6,433 6,8S2 7,434 7,466,762 8,046,672 8,685,753 9,310,582 2,009,511 2,064,318 1,960,785 1,735,970 Mar. June Sept. Dec. 1945 31 30 30 31 7,886 9,645,378 1,599,120 1,365,959 3,963,961 8,422 10,149,315 1,386,851 1,190,944 3,694,618 8,695 10,313,868 1,073,892 916,851 3,043,674 8,757 10,339,400 510,270 435,345 966,595 1946 Jan. 31 Feb. 28 Mar. 30 Apr. 30 May 31 8,761 8,766 8,768 8,770 8,771 Total amount 10,340,275 10,341,890 10,342,690 10,343,018 10,344,018 81,108 427,918 803,720 69,674 137,888 356,677 230,720 632,474 1,430,121 1,680,046 1,735,777 1,663,489 1,482,038 427,278 357,161 271,793 171,036 116,077 3,615,963 3,810,797 4,301,322 4,453,586 363,048 302,597 230,110 147,164 100,316 764,093 477,429 363,010 286,701 147,815 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, guarantees available but not completed, and authorizations expired or withdrawn. INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Date (last Wednesday or last day of period) Applications approved to date Approved Loans Commitments but not outoutcom- standing2 pleted1 (amount) standing (amount) (amount) Participations outstanding (amount) Number Amount 984 1,993 2,280 2.406 2,653 2. 781 2,908 3,202 49,634 124,493 139,820 150,987 175,013 188.222 212.510 279,860 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. . . 3,352 Dec. 3 1 . . . 3,423 338.822 408,737 26,346 4,248 11,265 14,126 16,832 10,661 26,430 17,305 1934 1935 1936 1937 1938 1939 1940 1941 1943 June 3 0 . . . 3,452 Dec. 3 1 . . . 3,471 475,468 491,342 3,203 926 13.044 10,532 12,132 9,270 19,070 17,930 1944 June 3 0 . . . 3.483 Dec. 30. . . 3,489 510.857 525.532 45 1 295 11,366 3,894 4,048 4,165 11,063 2,706 1945 Mar. 3 1 . . . June 3 0 . . . Sept. 30. . . Dec. 3 1 . . . 3,493 3,502 3,505 3,511 528.936 537,331 540,241. 544,961 85 70 130 320 4,214 3,252 3,166 1,995 3,321 5,224 4,291 1,644 2,365 2,501 2,018 1,086 1946 Jan. 31 Feb. 28 Mar. 3 0 . . . . A"r. 3 0 . . . . May 31 3,512 3,513 3,519 3.520 3,520 545,372 546,149 547.581 551,512 551,890 195 545 755 4,095 45 1,579 1,575 2.063 1,631 5,393 1,046 976 1.014 1,034 1,229 1 1,843 1,590 1.536 1.486 1,310 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 1946 MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] All member 1 banks Month, or week ending Friday Total reserves held: 1945—Apr May 1946—Apr May May 3 May 10 May 17 May 24 May 31 June 7 June 14 June 21 Excess reserves: 1945— Apr May 1946—Apr May May 3 May 10 May 17 May 24 May 31 June 7 June 14 June 21 Borrowings a t Federal Reserve B a n k s : 1945—Apr May 1946—Apr.. May May May May May May June June June 3 10 17 24 31 7 14 21 Central reserve city banks Reserve city banks Country banks 1 New York Chicago 14,621 15,156 15,531 15,727 4,023 4,215 4,015 4,077 890 940 872 5,793 5,970 6,127 6,220 3,916 4,032 4,517 4,552 15,623 15,748 15,720 15,706 15,808 15,949 15,951 16,086 4,073 4,065 4,043 4,098 4,126 4,172 4,168 4,225 884 882 883 886 888 893 889 895 6,152 6,221 6,228 6,208 6,250 6,313 6,314 6,335 4,515 4,580 4,567 4,515 4,545 4,571 4,580 4,632 931 1,005 1,024 956 12 13 36 12 14 8 24 -1 227 254 215 230 678 730 748 714 955 1,026 985 908 945 981 887 P912 16 15 13 23 27 36 13 17 214 251 233 211 229 256 217 226 717 754 733 668 684 682 652 P664 360 632 393 150 127 330 139 7 150 209 148 105 80 92 60 36 287 227 179 164 126 127 148 139 42 151 132 90 97 82 81 100 100 92 85 78 59 36 35 35 26 P Preliminary 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. DEPOSITS OF COUNTRY MEMBER BANKS I N LARGE AND SMALL CENTERS i [Averages of daily figures. In millions of dollars] In places of 15,000 and over population In places of under 15,000 population Demand deposits except interbank2 Time deposits Demand deposits except interbank2 Time deposits May 1945 April 1946 14,383 17,229 6,509 7,755 9,417 11,980 4,477 5,376 May 1946 5,437 17,074 7,845 11,965 Boston New York Philadelphia Cleveland 2,109 3,343 1,216 1,483 839 359 219 2,022 1,121 1,060 Richmond Atlanta Chicago St Louis 1,192 1,691 2,102 Minneapolis Kansas City Dallas San Francisco. . . 688 862 965 1,084 365 458 884 740 1,255 1,611 650 310 978 571 534 935 266 102 121 556 1,503 1,426 1,248 700 593 806 745 419 192 848 246 384 187 54 277 Includes any banks in outlying sections of reserve cities that have been given permission to carry the same reserves as country banks. All2 reserve cities have a population of more than 15,000. Includes war loan deposits, shown separately for all country banks in the table on the following page. 767 DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits Class of bank and Federal Reserve district Total Interbank U.S. Government war loan deposits2 Other Demand deposits adjusted* Net demand deposits* Time deposits' Demand balances due from domestic banks Reserves with Federal Reserve Banks Total Re- Ex- quired cess Borrowings at Federal Reserve Banks First half of May 1946 All member banks 98,644 12 ,082 16, 363 70,198 65,925 72,386 25,578 5,857 15 ,723 14, 715 1,008 174 Central reserve city banks: New York Chicago 26,081 5,719 4 ,300 1 ,154 4,963 1, 132 16,818 3,433 15,544 3,171 19,825 4,152 1,357 757 50 174 4 ,055 879 4, 046 876 9 3 Reserve city banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 36,691 2,298 601 2,643 4,201 2,371 2,325 4,396 2,151 1,167 2,953 2,478 9,107 5 ,549 281 28 345 501 356 577 485 586 313 889 554 634 6,150 481 103 506 799 390 353 784 364 239 392 363 1,375 24,992 1,535 471 1,792 2,901 1,626 1,395 3,126 1,202 615 1,671 1,561 7,098 22,944 1,436 443 1,666 2,704 1,495 1,251 2,909 1,069 545 1,505 1,441 6,481 26,786 1,675 449 1,939 3,044 1,754 1.683 3,111 1,556 794 2,131 1,782 6,868 10,220 184 289 207 1,199 435 386 1,858 305 160 336 304 4,556 1,801 45 22 73 166 112 150 293 102 66 270 217 286 6 ,217 353 110 412 702 399 375 774 341 170 467 420 1 ,693 5, 970 346 107 400 681 377 360 734 330 168 446 375 1, 647 246 7 3 12 21 22 16 41 11 3 21 45 46 9 2 124 6 3 3 40 3 8 38 12 7 3 1 1 Country banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 30,153 2,565 4,560 2,200 2,593 2,216 2,667 3,776 1,757 1,337 2,117 2,492 1,872 1 ,079 98 86 14 26 133 228 71 127 67 77 127 26 4, 118 473 869 348 417 296 295 539 173 169 166 183 190 24,956 1,994 3,604 1,838 2,149 1,787 2,145 3,166 1,457 1,101 1,875 2,182 1,657 24,267 1,905 3,459 1,791 2,098 1,720 2,084 3,106 1,420 1,074 1,851 2,144 1,614 21,622 1,837 3,245 1,596 1,834 1,548 1,928 2,665 1,296 958 1,538 1,770 1,406 13,244 1,057 3,073 1,488 1,603 782 646 2,097 554 649 288 174 832 3,832 175 316 215 296 318 395 523 257 187 399 511 241 4 ,572 357 735 372 437 311 364 615 256 211 296 337 280 3, 822 321 638 313 353 264 309 499 215 173 233 258 247 750 36 97 59 84 47 55 116 42 39 63 79 33 40 9 17 3 1 3 2 2 1 1 Second half of May 1946 All member banks 98,387 11,864 15,698 70,826 66,606 72,944 25,736 5,761 15,731 14,824 906 Central reserve city banks: New York Chicago 25,995 5,706 4,216 1,151 4,742 1,081 17,037 3,474 15,803 3,208 19,998 4,177 1,374 766 53 184 4,098 878 4,082 881 16 -4 Reserve city banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 36,634 2,290 593 2,615 4,231 2,339 2,313 4,391 2,147 1,176 2,955 2,482 9,101 5,448 279 27 334 496 342 556 487 567 308 868 552 631 5,914 462 98 484 767 374 341 756 354 229 379 349 1,322 25,271 1,550 468 1,798 2,967 1,622 1,415 3,148 1,227 639 1,708 1,582 7,148 23,215 1,450 441 1,673 2,759 1,492 1,274 2,929 1,096 566 1,543 1,460 6,533 26,954 1,687 447 1,935 3,095 1,744 1,685 3,131 1,564 810 2,150 1,790 6,917 10,279 185 289 209 1,201 439 389 1,878 308 161 337 307 4,576 1,803 44 21 74 167 106 152 293 102 64 268 226 286 6,223 354 110 409 717 391 373 768 339 175 474 411 1,701 6,008 348 107 400 691 375 350 739 331 172 450 376 1,658 215 6 3 10 26 16 13 29 8 3 24 35 43 Country banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 30,053 2,562 4,540 2,190 2,594 2,198 2,639 3,790 1,748 1,338 2,110 2,481 1,862 1,048 92 84 14 26 129 217 70 123 66 76 125 26 3,961 453 832 334 402 284 285 520 166 163 159 179 184 25,044 2,016 3,623 1,842 2,166 1,785 2,137 3,200 1,460 1,109 1,875 2,177 1,652 24,380 1,929 3,479 1,797 2,117 1,720 2,079 3,141 1,425 1,083 1,853 2,142 1,613 21,814 1,852 3,274 1,610 1,857 1,558 1,942 2,696 1,308 968 1,553 1,777 1,419 13,317 1,060 3,091 1,499 1,611 787 652 2,109 557 649 289 177 835 3,722 179 305 206 291 304 366 527 245 185 386 500 228 4,532 359 728 368 436 308 358 613 251 210 289 330 281 3,853 323 644 315 357 265 311 504 217 174 235 259 249 679 36 84 54 79 43 47 109 35 35 54 71 32 128 6 2 88 3 2 2 34 10 2 17 11 32 5 16 3 1 2 1 1 1 1 1 5 A\erages of daily dosing figures for reserves and borrowings and of daily openingfiguresfor other columns, inasmuch as reserves required are based on deposits at opejiing of business. 2 Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3. » Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other than 4 war loan and Series E bond accounts) on the latest available call report date. Demand deposits subject to reserve requirements, i. e., demand deposits other than war loan deposits, minus cash items in process of collection and demand balances due from domestic banks. • Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. 768 FEDERAL RESERVE BULLETIN UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Coin and small denomination currency2 Large denomination currency2 Total in circula-1 tion Total Coin 3$1 $2 $5 $10 $20 Total $50 $100 $500 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 5,519 5,536 5,882 6,543 6,550 6,856 7,598 8,732 11,160 15,410 20,449 25,307 4,167 4,292 4,518 5,021 5,015 5,147 5,553 6,247 8,120 11,576 14,871 17,580 442 452 478 517 537 550 590 648 751 880 ,019 ,156 402 423 460 499 505 524 559 610 695 801 909 987 33 32 33 35 33 34 36 39 44 55 70 81 719 771 815 906 905 946 ,019 ,129 ,355 ,693 ,973 2,150 1,229 1,288 1,373 1,563 1,560 1,611 1,772 2,021 2,731 4,051 5,194 5,983 1,342 1,326 ,359 ,501 ,475 ,481 ,576 ,800 2,545 4,096 5,705 7,224 1,360 1,254 1,369 1,530 1,542 1,714 2,048 2,489 3,044 3,837 5,580 7,730 364 337 358 399 387 409 460 538 724 1,019 ,481 1,996 618 577 627 707 710 770 919 1,112 1,433 1,910 2,912 4,153 125 112 122 135 139 160 191 227 261 287 407 555 237 216 239 265 288 327 425 523 556 586 749 990 1945—January February March April May June July August September... October November... December. . . 25,290 17,456 25,751 17,778 25,899 18,000 26,189 18,353 26,528 18,715 26,746 19,183 27,108 19,599 27,685 20,141 27,826 20,235 28,049 20,381 28,211 20,500 28,515 20,683 ,150 ,158 ,170 ,180 ,196 ,205 ,223 ,236 ,243 ,252 ,263 ,274 950 953 954 957 972 981 995 1,003 1,001 1,000 1,009 1,039 77 75 73 73 73 73 73 73 72 71 71 73 102 135 2,132 2,151 2,186 2,215 2,250 2,301 2,288 2,274 2,279 2,313 5,936 6,076 6,132 6,238 6,377 6,515 6,659 6,826 6,815 6,779 6,783 6,782 7,242 7,381 7,539 7,754 7,911 8,193 8,400 8,700 8,816 9,004 9,095 9,201 ,837 ,974 ,900 ,837 ,814 ,565 ,511 ,546 7,592 7,671 7,713 7,834 2,022 2,059 2,088 2,126 2,159 2,132 2,139 2,180 2,204 2,243 2,264 2,327 4,228 4,317 4,266 4,210 4,192 4,044 4,013 4,038 4,071 4,123 4,154 4,220 566 571 550 527 513 483 472 466 464 461 457 454 990 994 965 932 909 868 847 832 825 816 811 801 1946—January February.... March April May 27,917 20,126 27,954 20,139 27,879 20,045 27,885 19,997 28,120 20,171 ,261 ,264 ,269 1,280 1,291 985 982 984 987 999 69 68 67 66 67 2,217 2,211 2,191 2,173 2,199 6,568 6,570 6,547 6,509 6,586 9,027 9,044 8,986 8,981 9,029 7,794 7,816 7,834 7,889 7,950 2,316 2,322 2,327 2,337 2,352 4,224 4,248 4,267 4,309 4,356 445 443 442 439 438 779 772 768 773 775 End of year or month $1,000 $5,000 $10,000 5 7 7 6 17 20 30 24 9 9 10 10 10 9 9 Unassorted 10 7 16 18 12 32 32 60 46 25 22 24 8 10 5 8 7 5 2 4 4 3 2 3 21 24 23 33 33 31 32 22 21 21 20 24 3 1 1 1 1 2 2 2 2 2 2 2 22 22 22 22 21 3 1 1 1 1 1 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 8 as destroyed. Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money neld in the Treasury Total outstanding, As security May 31, against Treasury 1946 gold and cash silver certificates Gold . . . Gold certificates Federal Reserve notes Treasury currency—total Standard silver dollars Silver bullion Silver certificates and Treasury notes of 1890. . Subsidiary silver coin Minor coin .. . United States notes Federal Reserve Bank notes National bank notes Total—May 31 1946 April 30, 1946 May 31 1945 . .. 2 20 242 18,143 24,682 4,535 *2,226 96 157 494 1,909 317 1,909 35 s 2,226 873 324 347 473 116 (4) (4) 4 ( ) 18 143 2 099 For Federal Reserve Banks and agents 15 277 2,257 2 263 2,331 2 815 50 725 265 23,861 4,209 15,277 15 281 15,296 51 23,685 4,149 52 22,651 3,824 3 139 138 123 207 2,019 837 315 317 468 114 1,979 830 312 303 473 115 1,653 784 290 322 533 121 20 4 26 4 2 15 5 4 1 (5) 20,368 20 386 20,018 Money in circulation1 Money held by Federal Reserve May 31, 31, Apr. 30, Banks and May 1945 1946 1946 agents 3,806 3,975 3,745 28,120 27 885 26,528 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. 761, and seasonally adjusted figures in table on p. 7702 Includes $1,800,000,000 Exchange Stabilization Fund and $156,039,431 held as reserve against United States notes and Treasury notes of 1890; the balance resulting from reduction in weight of the gold dollar, also included, is not shown in the circulation statement beginning July 31, 1945.3 To avoid duplication, amount of silver dollars and bullion5 held as security against silver certificates and Treasury notes of 1890 outstanding is not4 included in total Treasury currency outstanding. Less than $50?,000. Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold buHion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. JULY 1946 769 ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars] MONEY IN CIRCULATION WITH ADJUSTMENT FOR SEASONAL VARIATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Amount— unadjusted for seasonal variation Date End of year figures: 1939 1940 1941 1942 1943 1944 1945 Amount— adjusted for seasonal variation Change in seasonally adjusted series1 +742 + 1,134 +2,428 +4,250 +5,039 +4,858 +3,208 7,598 8,732 11,160 15,410 20,449 25,307 28,515 Monthly averages of daily figures: 1945—January February March April May June July August September October November December 25,243 25,527 25,850 26,009 26,351 26,561 26,918 27,392 27,765 27,943 28,151 28,452 25,167 25,527 25,928 26,219 26,537 26,694 26,972 27,530 27,821 27,943 28,067 28,170 +210 +360 +401 +291 +318 +157 +278 +558 +291 + 122 + 124 + 103 1946—January February March April May June 28,158 27,944 27,913 27,923 27,978 28,140 28,074 27,944 27,997 28,148 28,175 28,281 -96 -130 +53 + 151 +27 + 106 1 For end of year figures, represents change computed on absolute amounts in first column. NOTE.—For discussion of seasonal adjustment factors and for back figures on comparable basis see September 1943 BULLETIN, pp. 822-826. Because of an apparent recent change in the seasonal pattern around the year end, adjustment factors have been revised somewhat for dates affected, beginning with December 1942; seasonally adjusted figures for money in circulation, as shown in Banking and Monetary Statistics, Table 111, p. 414, and described on p. 405, are based on an older series of adjustment factors. Period Gold stock at end of period Increase in gold stock 19342 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1945—June July August September.. October.... November.. December. . 1946—January.. . . February... March April May June 8,238 10,125 HI,258 312,760 14,512 17,644 21,995 22,737 22,726 21,938 20,619 20,065 20,213 20,152 20,088 20,073 20,036 20,030 20,065 20,156 20,232 20,256 20,251 20,242 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 -553.9 -57.3 -60.6 -64.6 -15.0 -36.9 -6.2 35.2 91.0 76.3 23.9 -5.2 -9.1 P27.7 P2O,27O EarNet marked gold gold: deimport crease or export or in(-) crease (—) 1,133.9 1,739.0 1,116.6 1.585.5 1,973.6 3,574.2 4,744.5 982.4 315.7 68.9 -845.4 -106.3 -83.8 -7.0 -12.3 13.5 -4.3 .8 19.3 154.1 82.4 31.4 -20.5 P-27.0 (4) 82.6 .2 -85.9 -200.4 -333.5 -534.4 -644.7 -407.7 -458.4 -803.6 -459.8 -356.7 96.0 -100.3 -63.0 -19.0 34.6 -38.2 -4.3 -12.5 -5.8 19.7 15.1 27.5 '15.0 Domestic gold production1 92.9 110.7 131.6 143.9 148.6 161.7 170.2 169.1 125.4 48.3 35.8 34.8 2.5 2.1 3.4 2.9 3.8 4.0 3.8 4.0 P3.7 P4.2 P3.9 (*) (4) P Preliminary. 1 Annual figures through 1944 are estimates of the United States Mint. Annual figure for 1945 and monthly figures are those published in table on p. 814, adjusted to exclude Philippine Islands production received in United States. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. 3 Includes gold in the Inactive Account amounting to 27 million dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. 4 Not yet available. 5 Gold held under earmark at the Federal Reserve Banks for foreign account amounted to 4,234.8 million dollars on June 30, 1946. Gold under earmark is not included in the gold stock of the United States, NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to total deposit accounts except interbank accounts Year and month Total, all reporting centers New York1 City 140 other centers1 Other reporting centers2 Annual rate of turnover of total deposits except interbank Debits to demand deposit accounts except interbank and Government New York City 333 other reporting centers New York City 1937 1938 1939 1940 1941 1942—old series3 1942—new series3 1943 1944 1945 469,463 405,929 423,932 . . . 445,863 537,343 607,071 641,778 792,937 891,910 974,102 197,836 168,778 171,382 171,582 197,724 210,961 226,865 296,368 345,585 404,543 235,206 204,745 218,298 236,952 293,925 342,430 347,837 419,413 462,354 479,760 36,421 32,406 34,252 37,329 45,694 53,679 67,074 77,155 83,970 89,799 16.1 16.5 17.1 18.3 13.1 11.7 10.8 9.7 193,143 164,945 167,939 167,373 193,729 200,337 258,398 298,902 351,602 1945—May June July August September October November December 1946—January February March April May 81,724 98,024 79,163 73,208 71,169 81,616 79,401 101,577 89,132 73,963 87,579 87,532 85,898 33,678 41,725 33,590 29,388 28,545 34,984 32,246 45,035 38,819 30,498 35,670 37,208 35,085 40,643 47,716 38,286 36,767 35,718 39,006 39,255 47,774 41,977 36,210 43,449 42,122 42,433 7,403 8,583 7,287 7,054 6,906 7,626 7,900 8,766 8,337 7,255 8,459 8,201 8,380 18.8 22.0 17.5 14.4 16.5 18.1 18.1 23.1 18.5 16.6 17.8 19.0 17.9 10.1 11.3 9.2 8.2 9.1 8.8 9.9 10.9 9.0 8.7 9.4 9.2 9.3 28,384 36,951 29,190 24,803 26,534 29,990 28,423 37,046 34,165 27,425 32,831 33,290 30,408 Annual rate of turnover of demand deposits except interbank and Government 100 other leading cities New York City 100 other leading cities 215.090 186,140 200,636 217,744 270,439 308,913 369,396 403,400 412,800 29.5 25.1 21.0 17.1 17.3 18.0 20.5 22.4 24.2 22.4 19.9 19.4 18.6 19.4 18.4 17.4 17.3 16 1 34.418 41,870 32,662 30,796 30,631 33,474 34,616 41,070 35,546 31,402 36,543 36,478 35,324 21.4 28.9 25.6 19.7 22.9 22.4 23.5 31.8 28.3 25.6 27.5 27.6 24.5 15.3 18.9 16.1 13.7 14.9 14.4 16.5 19.5 16.2 16.2 16.8 16.8 15.8 1 2 National series for which bank debit figures are available beginning with 1919. Annual figures for 1937-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers. * See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of 1942 partly estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. 770 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 Total deposits adjusted Demand deposits adjusted1 1929—June December 1933—June December 55,171 54,713 26,179 26,366 51,532 51,156 22,540 22,809 41,680 42,548 19,172 19,817 36,919 37,766 1937—June December.... 1938—June December. . . . 1939—June December.... 1940—June December.... 57,258 56,639 56,565 58,955 60,943 64,099 66,952 70,761 30,687 29,597 29,730 31,761 33,360 36,194 38,661 42,270 1941—June December. . . 1942—June December. . . 1943—June December 1944—June December 74,153 78,231 81,963 99,701 110,161 122,812 136,172 150,988 1945—May 152,600 162,784 163,600 163,200 162,900 163,900 167,300 175,401 176,300 177,000 173,700 r 174,200 173,400 End of month June July August September October November December. . . . 1946—January? FebruaryP.... March? April P May* Time deposits United States Government deposits2 Currency outside banks Total Commercial banks' * Mutual savings banks* Postal Savings System8 381 158 28,611 28,189 19,557 19,192 8,905 8,838 149 159 3,639 3,557 14,411 15,035 852 1,016 21,656 21,715 10,849 11,019 9,621 9,488 1,186 1,208 4,761 4,782 51,769 51,001 51,148 53,180 54,938 57,698 60,253 63,436 25,198 23,959 24,313 25,986 27,355 29,793 31,962 34,945 666 824 599 889 792 846 828 753 25,905 26,218 26,236 26,305 26,791 27,059 27,463 27,738 14,513 14,779 14,776 14,776 15,097 15,258 15,540 15,777 10,125 10,170 10,209 10,278 10,433 10,523 10,631 10,658 1,267 1,269 1,251 1,251 1,261 1,278 1,292 1,303 5,489 5,638 5,417 5,775 6,005 6,401 6,699 7,325 45,521 48,607 52,806 62,868 71,853 79,640 80,946 90,435 65,949 68,616 71,027 85,755 94,347 103,975 115,291 127,483 37,317 38,992 41,870 48,922 56,039 60,803 60,065 66,930 753 1,895 1,837 8,402 8,048 10,424 19,506 20,763 27,879 27,729 27,320 28,431 30,260 32,748 35,720 39,790 15,928 15,884 15,610 16,352 17,543 19,224 21,217 24,074 10,648 10,532 10,395 10,664 11,141 11,738 12,471 13,376 1,303 1,313 1,315 1,415 1,576 1,786 2,032 2,340 8,204 9,615 10,936 13,946 15,814 18,837 20,881 23,505 100,800 94,150 97,700 99,900 101,700 104,500 106,300 102,341 102,700 102,300 101,200 -103,600 104,900 127,800 137,687 138,100 137,300 136,800 137,600 141,000 148,911 150,200 150,900 147,600 148,000 147,000 76,000 69,053 72,200 74,000 75.600 78,200 80,000 75,851 76,600 76,200 75,100 77,400 78,500 8,200 24,381 20,800 17,300 14,300 11,700 13,100 24,608 24,600 25,000 22,400 20,000 17,400 43,600 44,253 45,100 46,000 46,900 47,700 47,900 48,452 49,000 49,700 50,100 50,600 51,100 26,700 27,170 27,800 28,500 29,200 29,700 29,800 30,135 30,500 31,100 31,300 31,600 32,000 14,300 14,426 14,600 14,700 14,900 15,100 15,200 15,385 15,500 15,600 15,800 15,900 16,000 2,600 2,657 700 800 800 2,900 2,900 2,932 3,030 3,000 3,000 3,100 3,100 24,800 25,097 25,500 25,900 26,100 26,300 26,300 26,490 26,100 26,100 26,100 '26,200 36,400 r Revised /. includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. P Preliminary. with December 1938, includes United States Treasurer's time deposits, open account. • ivxcmues interbank time deposits and postal savings redeposited in banks. •Beginning June 1941, the commercial bank figures exclude and mutual sayings bank figures include three member mutual savings banks. 6 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 Table ind 9, pp. 34-35, for back figures. Assets End of month Depositors' balances1 Total Cash in depository banks U. S. Government securities Total Direct 1939—Dec.. . 1,279 1940—Dec.. . 1,304 1941—Dec... 1,314 1942—Dec.. . 1,417 1943—Dec.. . 1,788 1944—Dec... 2,342 1,319 1,348 1,396 1,464 1,843 2,411 53 36 26 16 10 8 1,192 1,224 1,274 1,345 1,716 2,252 1,046 1,078 1,128 1,220 1,716 2,252 2,609 2,659 2,720 2,785 2,836 2,880 2,909 2,933 2,981 3,013 P3.043 2,696 2,751 2,809 2,867 2,921 2,968 2,999 3,022 3,073 3,107 8 8 7 8 8 6 6 6 5 5 2,518 2,574 2,625 2,674 2,737 2,780 2,809 2,837 2,886 2,910 2,518 2,574 2,625 2,674 2,737 2,780 2,809 2,837 2,886 2,910 1945—May. . June. . July.. Aug.. . Sept... Oct. . . Nov... Dec. .. 1946—Jan.... Feb... Mar.. . Apr.. . May. . Total, all banks Cash reserve Guar- funds, anetc.2 teed 146 146 146 126 74 88 95 102 118 152 170 169 176 185 176 182 184 179 181 192 P3,062 P3,088 f Preliminary. Outstanding principal, represented by certificates of deposit. Includes working cash with postmasters, 5 per cent reserve fund and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. 1 s JULY 1946 Number of banks suspended: 1934-39 1940 1941 1942 . . . 1943 1944 1945 1946—Jan -June I Nonmember banks Member banks National 291 15 22 8 9 4 1 0 0 1 4 2 State 6 Insured Noninsured 189 81 18 3 3 1 ON BANK SUSPENSIONS 3 — Si POSTAL SAVINGS SYSTEM [In millions of dollars] Deposits of suspended banks2 (in thousands of dollars) : 1934-39 125,991 14,616 26,548 44,348 40,479 1940 1941 1942 1943 1944 1945 1946—Jan -June 256 5,943 3,726 3,144 1,702 6,223 4,982 405 0 0 5,341 503 1,375 1,241 346 79 327 405 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). 2 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. 771 ALL BANKS IN THE UNITED STATES, BY CLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans a nd investments Deposits Investments Class of bank and call date All b a n k s : 1938—Dec. 3i 1939—Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—June 30 Dec. 30 1 9 4 5 _ j u n e 30 Dec. 31 Total Other Other securities Totals Total U.S. Government obligations Loans Interbank^ Number of banks Demand Time 48,831 50,885 54,170 61.101 78,137 96,966 108,707 119,461 129,639 140,227 21,261 22,169 23,751 26.616 23.915 23.601 25.424 26,015 27,979 30,355 27 570 28.716 30 419 34,485 54 222 73 365 83,284 93 446 101.661 109,872 17,953 19.402 20.983 25.488 45 932 65,932 75,737 85.885 93.657 101,295 9 617 9,314 9.436 8,997 8.290 7,433 7.547 7,561 8,004 8,577 61 319 68 225 75 963 81 780 99 796 117 661 128,605 141 449 151,033 165,612 7 484 28 695 9 883 32.492 38 518 10 941 44,316 10 989 61 395 11 318 75,561 11 012 83,588 11,219 91,644 12 245 96,725 12,605 14,065 105,923 25 140 25 850 26 S04 26 476 27 083 31 088 33.797 37 559 41 702 45,623 15,207 15,035 14,895 14,825 14,682 14,579 14,553 14,535 14,542 14,553 All commercial b a n k s : 1938—Dec. 31 1939—Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec. 31 1943—Dec 31 1944—June 30 Dec 30 1945—j u n e 30 Dec. 31 38.669 40,667 43.922 50,722 67,391 85,095 95,731 105,530 114,505 124,019 16,364 17,243 18,792 21,711 19.217 19,117 21,010 21,644 23.672 26,076 22,305 23 424 25,130 29.011 48 174 65.978 74 722 83 886 90 833 97,943 15.071 16.300 17,759 21,788 41.373 59,842 68,431 77 558 84.069 90,613 7,234 7 124 7,371 7,223 6,801 6,136 6,290 6 329 6,764 7,331 51,041 57 702 65.305 71,248 89 132 105,923 116 133 128 072 136 607 150,227 7 484 28,695 9 883 32 492 38,518 10,941 44.316 10,989 61,395 11 318 75,561 11,012 83,588 11 219 91 644 12 245 96,725 12 605 14 065 105,923 14 862 15 327 15.846 15,944 16 419 19,350 21 326 24 183 27 276 30 238 14,652 14,484 14.344 14.277 14.136 14,034 14,009 13,992 14,000 14,011 All insured commercial b a n k s : 1938—Dec. 31 1939—Dec 30 1940—Dec. 31 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—June 30 Dec. 30 1945—June 30 Dec. 31 37,470 39,289 42,556 49,288 66,240 83,507 93,936 103,382 112,353 121,809 16,021 16,863 18,394 21,258 18,903 18,841 20,729 21.352 23.376 25,765 21.449 22.426 24 161 28,030 47.336 64.666 73,207 82 030 88.978 96,043 14,506 15,566 17,063 21,046 40,705 58,683 67,085 75,875 82.401 88,912 6,943 6,859 7,098 6,984 6,631 5,983 6,122 6.155 6,577 7,131 49 772 56,069 63 461 69,411 87,803 104 094 114,145 125 714 134,245 147,775 7 254 27,849 31,483 9,523 37 333 10 539 10,654 43,061 60,504 11,144 74,309 10 705 82.061 11,038 89,761 12 074 94.910 12,401 13,883 104,015 14 669 15,063 15 589 15 697 16.154 19 081 21 045 23 879 26,934 29,876 13.655 13,531 13,438 13,426 13,343 13,270 13,264 13,263 13,277 13,297 AH member b a n k s : 1938—Dec. 31 1939—Dec 30 1940—Dec. 312 1941—Dec 31 1942—Dec. 31 1943—Dec 31 1944—June 30 Dec. 30 1945—j u n e 30 Dec. 31 32,070 33,941 37,126 43,521 59,263 74,258 83,587 91,569 99,426 107,183 13,208 13,962 15,321 18,021 16,088 16,288 18.084 18,676 20,588 22,775 18,863 19,979 21,805 25,500 43.175 57.970 65.503 72,893 78,838 84,408 13.223 14,328 15,823 19,539 37.546 52,948 60,339 67.685 73.239 78,338 5,640 5,651 5,982 5,961 5,629 5,022 5,164 5,208 5,599 6,070 43,363 49,340 56,430 61,717 78 277 92,262 101,276 110,917 118,378 129,670 7,153 9,410 10 423 10,525 11 000 10,555 10 903 11,884 12 230 13,640 24.842 28,231 33,829 38.846 54,523 66,438 73,488 79,774 84.400 91,820 11 369 11.699 12 178 12,347 12 754 15,268 16 884 19,259 21 748 24,210 6,338 6,362 6,486 6,619 6.679 6,738 6,773 6,814 6,840 6,884 All national b a n k s : 1938—Dec. 31 1939—Dec. 30 1940—Dec 31 1941—Dec. 31 1942—Dec. 31 1943—Dec 31 1944—June 30 Dec. 30 1945—j u n e 30 Dec. 31 20,903 21,810 23,648 27,571 37,576 47,499 53,343 58,308 63,177 69,312 8,469 9,022 10,004 11,725 10,183 10,116 11,213 11,480 12,369 13,925 12,434 12,789 13.644 15,845 27 393 37,382 42,129 46 828 50,808 55,387 8,691 9,058 9,735 12,039 23,744 34,065 38.640 43.292 47.051 51,250 3,743 3,731 3,908 3.806 3,648 3.318 3,490 3.536 3,757 4,137 27,996 31 559 35,787 39,458 50 468 59,961 65,585 71,858 76,533 84,939 4 499 5 898 6,574 6,786 7 400 7,159 7,402 8 056 8,251 9,229 15,587 17,579 20,885 24,350 34 499 42,605 46,879 50,900 53,698 59,486 7 910 8 081 8.329 8 322 8 570 10,196 11 304 12 901 14.585 16,224 5,224 5,187 5,144 5,117 5,081 5,040 5,036 5,025 5,015 5,017 State m e m b e r b a n k s : 1938—Dec. 31 1939—Dec 30 1940—Dec. 312 1941—Dec 31 1942—Dec. 31 1943—Dec. 31 1944—j u n e 30 Dec. 30 1945—j u n e 30 Dec. 31 11,168 12,130 13,478 15,950 21,687 26,759 30,244 33,261 36,249 37,871 4,738 4,940 5,316 6,295 5,905 6,171 6,870 7,196 8,219 8,850 6,429 7,190 8 162 9,654 15 783 20.588 23,373 26,065 28,030 29,021 4,532 5,271 6,088 7,500 13,802 18,883 21,699 24,393 26,188 27,089 1,897 1,920 2,074 2,155 1,980 1,705 1,674 1,672 1,842 1,933 15,367 17,781 20,642 22,259 27 808 32,302 35,690 39,059 41,844 44,730 2 653 3,512 3 849 3,739 3 600 3,397 3,501 3 827 3,980 4,411 9,255 10,652 12 944 14,495 20 024 23.833 26,609 28 874 30,702 32,334 3 459 3.617 3 849 4,025 4 184 5 072 5,580 6 357 7,163 7,986 . . . . . . . . 1,114 1,175 1 34.9 L502 L 598 1,698 L ,737 I 789 1,825 L 867 * 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 Dec. 31, 1942, aggregated 513 million dollars a t all member banks and 525 million a t 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." • Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve System of one large b a n k with total loans and investments aggregating 554 million dollars on Dec. 31, 1942. 4 Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars, and its loans and investments 26 million. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. 772 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES, BY CLASSES*—Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Class of bank and call date Deposits Investments Total Loans Total Other U.S. Government obligations Other securities Total* Inter-1 bank Number of banks Demand Time All nonmember commercial banks: 1938—Dec. 31 1939—Dec. 30 1940—Dec. 31 1941—Dec. 3i 1942—Dec. 31 1943—Dec. 3i 1944—June 30 Dec. 30 1945—June 30 Dec. 31 6,598 6,726 6,796 7,208 8,135 10,847 12,155 13,972 15,091 16,849 3,156 3,281 3,471 3,693 3,132 2,832 2,929 2,971 3,087 3,303 3,442 3,445 3,325 3,515 5,003 8,014 9,226 11,002 12,005 13,546 1,848 1,971 1,936 2.251 3,829 6,899 8,099 9,880 10.839 12,284 1.594 1,474 1,389 L,264 1,174 L, 115 L, 128 1,122 t, 166 1,262 7,678 8,362 8,875 9,539 10,864 13,671 14,869 17,168 18,242 20,571 331 473 518 464 318 457 315 362 375 426 3,853 4,260 4,689 5,470 6,872 9,123 10,100 11.870 12,326 14,104 3 493 3 629 3,668 3 605 3 674 4 091 4 453 4 936 5 541 6 042 8,314 8,122 7,858 7,661 7,460 7,299 7,239 7,181 7,163 7,130 Insured nonmember commercial banks: 1938—Dec. 3i . . . . 1939—Dec. 30 1940—Dec 31 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—June 30 Dec. 30 1945— j l m e 30 Dec. 31 5,399 5,348 5,429 5,774 6,984 9,258 10,360 11,824 12,940 14,639 2,813 2,901 3,074 3,241 2,818 2,556 2,648 2,678 2,790 2,992 2,586 2,447 2,356 2,533 4,166 6,702 7,712 9,146 10,150 11,647 1,283 1,238 1,240 1,509 3,162 5,739 6,752 8,197 9,170 10,584 1,303 1,209 L, 116 1,025 L.004 101 1,063 6,409 6,729 7,032 7,702 9,535 11,842 12,880 14,809 15,880 18,119 129 145 149 135 190 171 244 3,007 3,252 3,504 4,215 5.981 7,870 8,573 9,987 10,510 12,196 3,300 3.365 3 411 3,358 3,409 3,823 4.172 4,632 5.199 5,680 7,317 7,169 6,952 6,810 6,667 6,535 6,494 6,452 6,440 6,416 1,199 1,378 1,367 1,434 1,151 1,588 1,795 2,148 2,152 2,211 343 380 397 452 314 276 281 292 297 311 856 998 969 982 837 565 733 696 742 667 1,160 1,347 1,682 1,668 1,700 1,269 1,633 1,843 1,837 1,329 1,829 1,989 2,358 2,362 2,452 230 360 402 335 173 307 181 171 204 182 846 1,312 1,514 1,856 1,855 1,900 291 265 273 239 170 153 168 174 187 200 193 264 257 247 265 269 281 304 343 362 997 953 906 851 793 764 745 729 723 714 All mutual savings banks: 1938—Dec. 31 1939—Dec. 30 1940—Dec. 312 1941—Dec 31 1942—Dec 31 1943—Dec. 31 1944—June 30 Dec 30 1945—June 30 Dec 31 10,162 10,218 10,248 10,379 10,746 11,871 12,976 13,931 15,134 16,208 4,897 4,926 4,959 4,905 4,698 4,484 4,414 4,370 4,307 4,279 5,265 5,292 5,289 5,474 6,048 7,387 8,562 9,560 10,827 11,928 2,883 3,102 3,224 3,700 4,559 6,090 7,306 8,328 9,588 10,682 2,382 2,190 2,065 1,774 1,489 1,297 1,257 1,232 1,240 1,246 10,278 10,523 10,658 10,532 10,664 11,738 12,471 13,376 14,426 15,385 10,278 10,523 10 658 10,532 10 664 11,738 12,471 13,376 14.426 15,385 555 551 551 548 546 545 544 543 542 542 Insured mutual savings banks: 1938—Dec 31 1939—Dec. 30 1940—Dec. 31 1941—Dec 312 1942—Dec. 31 1943—Dec 31 1944—June 30 Dec. 30 1945—j u n e 30 Dec 31 1,329 1,655 1,693 2,007 7 525 8,489 9,223 10,063 10,846 972 461 605 637 642 740 511 724 280 422 548 629 861 232 303 470 421 405 608 626 604 607 606 1,012 1,409 1,818 1,789 2,048 7,534 8,235 8,910 9,671 10,363 1,012 1,409 1,818 1.789 2,048 7 534 8,235 8,910 9.671 10,363 48 51 53 52 56 184 192 192 192 192 9,190 8,889 8,593 8,686 8,739 4,345 4,487 4,708 5,071 5,361 2,150 1,887 1,595 1,353 1,084 9,266 9,114 8,840 8,743 8,616 4,204 4,236 4,466 4,754 5,022 9,266 9,114 8,840 8,743 8,616 4,204 4,236 4,466 4,754 5,022 507 500 498 496 490 361 352 Noninsured nonmember commercial banks: 1938—Dec. 31 1939—Dec 30 1940—Dec. 31 1941—Dec 31 1942—Dec. 313 4 1943—Dec 31 1944—Tune 30 Dec. 30 1945—j u n e 30 Dec. 31 Noninsured mutual savings banks: 1938—Dec 31 1939—Dec. 30 1940—Dec. 31 1941—Dec 31 1942—Dec. 31 1943 Dec 31 1944—June 30 Dec 30 1945—j une 30 . . Dec. 31 3,073 3,111 3,110 3,089 3,081 1,018 1,050 1,267 4,452 5,378 6,113 6,974 7,765 3,844 4,752 5,509 6,368 7,160 4,436 4,321 4,322 4,263 3,958 1,411 1,302 1,260 1,218 1,198 4,754 4,568 4,271 4,424 4,781 2,935 3,185 3,448 3,853 4,163 2,603 2,680 2,676 3,071 3,698 2,246 2,554 2,819 3,220 3,522 962 960 949 979 689 631 629 633 641 113 116 1,008 1,185 1,255 891 1,253 1,527 1,883 1,815 1,908 351 350 350 For footnotes see page 772. JULY 1946 773 ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Investments Loans Class of bank and call date Total loans and investments All insured commercial banks: 193g—Dec> 3 i . . . 37,470 1940—Dec. 31. . . 42,556 1941—Dec. 31. . . 49,288 1942—Dec. 31. . . 66,240 1943—Dec. 3 1 . . . 83,507 1944—June 30. . . 93,936 Dec. 30. . . 103,382 1945—June 30. . . 112,353 Dec. 3 1 . . . 121,809 Member banks, total: 1938—Dec. 31. . . 32,070 1940—Dec. 31.2 . . 37,126 1941—Dec. 31 . . 43,521 1942—Dec. 3 1 . . . 59,263 1943—Dec. 31. . . 74,258 1944—June 30. . . 83,587 Dec. 30. . . 91,569 1945—June 30. . . 99,426 Dec. 3 1 . . . 107,183 New York City:3 1938—Dec. 3 1 . . . 8,335 1940—Dec. 31. . . 10,910 1941—Dec. 3 1 . . . 12,896 1942—Dec. 31. . . 17,957 1943—Dec. 3 1 . . . 19,994 1944—June 30. . . 22,669 Dec. 30. . . 24,003 1945—June 30. . . 25,756 Dec. 3 1 . . . 26,143 Chicago:* 1938—Dec. 3 1 . . . 1,969 1940—Dec. 31. . . 2,377 1941—Dec. 31. . . 2,760 1942—Dec. 31. . . 3,973 1943—Dec. 31. . . 4,554 1944—June 30. . . 5,124 Dec. 30. . . 5,443 1945—June 30. . . 5,730 Dec. 3 1 . . . 5,931 Reserve city banks: 1938—Dec. 31. . . 11,654 1940—Dec. 31. . . 13,013 1941—Dec. 3 1 . . . 15,347 1942—Dec. 31. . . 20,915 1943—Dec. 31. . . 27,521 1944—June 30. . . 30,943 Dec. 30. . . 33,603 1945—June 30. . . 36,572 Dec. 3 1 . . . 40,108 Country banks: 1938—Dec. 31. . . 10,113 1940—Dec. 31. . . 10,826 1941—Dec. 31. . . 12,518 1942—Dec. 3 1 . . . 16,419 1943—Dec. 31. . . 22,188 1944—June 30. . . 24,850 Dec. 30. . . 28,520 1945—June 30. . . 31,368 Dec. 3 1 . . . 35,002 Insured nonmember commercial banks: 1938—Dec. 31. . . 5,399 1940—Dec. 31. . . 5,429 1941— Dec. 31. . . 5,774 1942—Dec. 31. . . 6,984 1943—Dec. 31. . . 9,258 1944—June 30. . . 10,360 Dec. 30. .. 11,824 1945—June 30. . . 12,940 Dec. 31. . . 14,639 Commercial, in- Agriclud- culing turTotal open- ali market paperi Loans for purchasing or carrying securities To brokTo ers and othdeal- ers ers 885 727 662 597 922 U. S. Government obligations ga- Reales- Con- Other tate sumer loans Total loans loans Total 16,021 18,394 21,258 18,903 18,841 20,729 21,352 23,376 25,765 5,636 1,060 7,178 1,281 9,214 1,450 7,757 1,642 7,777 1,505 7,406 1,474 7,920 1,723 7,501 1,632 9,461 1,314 13,208 15,321 18,021 16,088 16,288 18,084 18,676 20,588 22,775 5,179 6,660 8,671 7,387 7,421 7,023 7,531 7,095 8,949 3,262 3,384 4,072 4,116 4,428 5,479 5,760 7,069 7,334 1,594 2,125 2,807 2,546 2,515 2,430 2,610 2,380 3,044 5 6 8 21 24 64 30 53 539 696 954 832 1,004 1,064 1,184 1,250 1,333 335 492 732 658 763 710 738 671 760 17 5 6 6 6 11 17 13 2 4,963 5,931 7,105 6,102 6,201 6,761 6,822 7,155 8,514 2,063 2,589 3,456 2,957 3,058 2,787 3,034 2,883 3,661 207 263 300 290 279 277 348 304 205 4,444 5,309 5,890 5,038 4,654 4,780 4,910 5,114 5,596 1,186 1,453 1,676 1,226 1,084 1,096 1,149 1,162 1,484 483 590 659 772 713 671 802 755 648 25 21 20 17 25 33 32 32 42 243 201 183 161 197 345 310 422 471 1,353 1,644 1,823 1,797 1,725 1,708 1,719 1,771 1,881 674 528 536 547 611 707 2,813 3,074 3,241 2,818 2,556 2,648 2,678 2,790 2,992 457 518 543 370 356 383 389 406 512 348 416 478 553 482 452 525 506 459 28 21 20 16 16 21 21 24 31 110 75 64 59 82 166 156 193 228 1,141 1,240 1,282 1,225 1,165 1,159 1,136 1,167 1,224 730 2,586 1,283 803 2,356 1,240 854 2,533 1,509 422 173 4,166 3,162 385 70 6,702 5,739 395 73 7,712 6,752 383 67 9,146 8,197 420 74 10,150 9.170 460 77 11,647 10,584 712 865 972 1,089 1,023 1,023 1,198 1,125 855 1,002 Obli- Direct tions of States Other CerGuar- a n d secutifian- politi- rities Bills cates Notes Bonds teed cal of insubdebtdiviedsions ness 290 662 988 3,857 4,468 4,773 4,646 4,437 4,364 4,343 4,413 4,677 3,583 4,077 4,545 2,269 1,042 1,868 918 1,862 1,106 1,888 944 2,108 1,008 2,361 1,181 21,449 24,161 28,030 47,336 64,666 73,207 82,030 88,978 96,043 14,506 17,063 21,046 40,705 58,683 67,085 75,875 82,401 88,912 2,716 3,228 3,494 3,423 1,398 3,274 2,200 2,130 3,207 2,249 2,108 3,209 3,089 3,407 3,248 3,133 3,378 3,455 2,853 3,273 3,692 1,847 870 1,484 848 1,467 1,033 1,505 877 1,688 934 1,900 1,104 18,863 21,805 25,500 43,175 57,970 65,503 72,893 78,838 84,408 13,222 15,823 19,539 37,546 52,948 60,339 67,685 73,239 78,338 148 153 251 179 223 298 5,072 7,527 8,823 13,841 15,566 17,190 18,243 18,687 18,809 3,857 158 1,142 1,663 894 6,044 207 1,245 2 977 1,615 7,265 311 1,623 3,652 1,679 12,547 1,855 2 i 144 2,056 5,420 1,071 14,563 1,328 3,409 1,829 7,014 984 16,157 1,258 4,242 2,805 7,650 201 17,179 913 3,740 3,745 8,592 189 2 17,492 424 3,538 3,607 9,920 I 17,574 477 3,433 3 325 10,337 18 14 40 34 34 40 1,430 1,681 1,806 3,141 3,550 4,060 4,258 4,480 4,598 1,114 1,307 1,430 2,789 3,238 3,688 3,913 4,130 4,213 59 297 256 397 199 367 250 127 133 1,101 1,322 1,512 5,018 5,204 6,467 13,038 19,682 22,484 25,042 27,523 29,552 57 103 295 312 301 350 313 315 404 6,691 7,081 8,243 14,813 21,321 24,183 26,781 29,417 31,594 1,154 1,400 1,530 5,669 5,517 6,628 11,380 17,534 20,071 23,610 26,253 29,407 11 732 1,893 3,233 3,269 45 433 2,081 110 481 2,926 4,377 671 1^251 1,240 5,436 9,172 15,465 1,032 3,094 2,096 8,705 18,009 926 3,362 3,355 10,114 21,552 882 3,466 4,422 12,540 24,094 762 4,194 4,613 14,504 26,999 630 5,102 4,544 16,713 663 614 950 1,414 2,221 2,269 3,113 3,164 2,296 2,265 3,601 3,606 973 642 594 934 775 652 598 538 839 787 465 412 787 220 190 169 193 323 751 859 121 130 123 117 107 93 86 76 80 535 468 554 303 252 232 253 270 287 70 54 52 32 52 130 163 299 233 12 19 22 23 22 21 24 23 36 63 84 96 62 45 49 45 50 51 1,054 1,657 1,742 2,528 1,539 2,453 1,172 43 42 48 34 102 102 163 159 211 119 242 1,230 115 207 1,436 114 194 1,527 97 153 1,486 217 267 1,420 409 903 1,385 311 777 1,379 371 1,147 1,378 427 1,503 1,459 808 658 650 660 757 855 393 381 392 351 362 363 4,462 4,636 4,708 3,971 2,831 2,455 6\727 13,218 15,466 15,300 17,204 19,071 3,648 8,000 2,568 2 756 9,925 3,719 3,159 12,797 4,102 5,799 20,999 2,718 7,672 30,656 2,501 11,834 34,114 963 15,778 39,848 978 43 16,454 45,870 22 16,045 51,321 '6i285 12,071 14,228 13,982 15,584 16,985 3,389 2,594 3,007 5,409 6,906 10,640 14,127 14,723 14,271 286 652 971 4,363 4,360 4,466 3,748 2,633 2,275 1,441 1,802 1,914 1,704 1,320 1,034 4 10 17 99 276 242 223 198 180 637 877 1,038 1,045 1,253 1,467 2,253 4,691 5,586 5,730 6,598 6,982 442 1,147 1,238 1,319 1,620 2,087 3,011 3,932 3,608 3,491 3,651 3,333 3,533 3,098 3,287 2,696 3,393 2,730 3,422 2,733 3,684 2,892 3,873 3,258 7,208 2,340 2,448 3,192 9,091 3,486 3,013 2,970 11,729 3,832 3,090 2,871 18,948 2,540 2,965 2,664 27,265 2,345 2,729 2,294 30,118 887 2,834 2,331 34,927 902 2,857 2,350 33 3,102 2,497 40,266 16 3,254 2,815 44,792 517 695 729 593 444 456 468 567 606 698 788 830 701 558 577 596 629 629 141 188 182 166 158 204 160 154 181 176 186 193 186 155 169 185 196 204 1,224 2,997 740 808 984 771 3,281 1,049 956 751 4,248 1,173 1,723 6,810 811 954 2,497 9,943 749 913 3,893 10,689 402 963 5,181 11,987 440 1,000 10 1,100 5,689 13,906 5 1,126 5,653 15,878 866 893 820 821 726 735 740 794 916 291 145 153 391 484 587 779 814 749 259 162 152 390 766 1,194 1,652 1,731 1,774 655 752 903 1,282 1,602 1,665 1,809 1,936 1,864 793 834 1,069 2,053 3,395 4,002 4,928 5,611 6,538 109 112 119 83 74 31 31 597 710 861 574 538 252 241 21 9 228 234 271 179 156 76 76 10 6 982 1,453 1,146 1,102 1,222 1,028 1,252 956 1,214 855 1,212 849 1,230 829 1,281 878 1,342 1,067 563 595 563 569 560 560 566 584 619 739 521 462 435 403 400 383 396 443 * These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit Insurance Corporation. 1 During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, the items for Dec. 31, 1945, may not be entirely comparable with prior figures. 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. 774 FEDERAL RESERVE BULLETIN ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued RESERVES AND LIABILITIES [In millions of dollars] Time deposits Demand deposits Re- Class of bank and call date All insured commercial b a n k s : 1938—Dec. 3 1 . . 1940—Dec. 3 1 . . 1941—Dec. 3 1 . . 1942—Dec. 3 1 . . 1943—Dec. 3 1 . . 1944—June 30. . Dec. 30. . 1945—June 30. . Dec. 31.. Member banks, total: 1938—Dec. 3 1 . . 1940—Dec. 3 1 . . 1941—Dec. 312 . 1942—Dec. 3 1 . . 1943—Dec. 3 1 . . 1944—June 30. . Dec. 30. . 1945—June 30. . Dec. 3 1 . . New York City:* 1938—Dec. 3 1 . . 1940—Dec. 3 1 . . 1941—Dec. 3 1 . . 1942—Dec. 3 1 . . 1943—Dec. 3 1 . . 1944—June 30. . Dec. 30. . 1945—June 30. . Dec. 3 1 . . serves Cash with Federal in Revault serve Banks DeBalances mand dewith posits doadmestic4 justed 5 banks 950 8,694 5,663 13,992 1,234 8,202 12,396 L,358 8,570 13,072 1,305 9,080 12,834 1,445 8,445 12,812 1,464 8,776 14,260 1,622 9,787 14,806 1,474 9,959 15,810 1,829 11,075 25,198 33,820 37,845 48,221 59,921 59,197 65,960 68,048 74,722 Interbank deposits DoFormestic4 eign 503 838 6,595 702 666 9,677 673 1,762 9,823 813 8,167 10,234 893 9,950 9,743 940 18,757 10,030 948 19,754 11,063 11,217 1,119 23,478 12,566 1,248 23,740 2,942 3,298 3,677 3,996 4,352 4,402 4,518 4,698 5,098 595 971 1,077 1,219 1,669 1,550 1,354 1,240 2,585 U.S. IndiGov- States viduals ernand partner- Inter- ment politships, bank and ical and corPostal subdiporaSavvisions tions ings IndiCapital viduals Boracpartner- rowships, ings counts and corporations 23,475 32,398 36,544 47,122 58,338 57,351 64,133 65,494 72,593 157 160 158 97 68 68 64 66 70 86 69 59 61 124 108 109 105 103 575 522 492 397 395 407 423 482 496 14,009 14,998 15,146 15,697 18,561 20,530 23,347 26,346 29,277 18 11 10 10 46 84 122 65 215 6,434 6,673 6,841 7,055 7,453 7,709 7,989 8,340 8,671 21,119 29,576 33,061 42,139 51,820 50,756 56,270 57,417 62,950 142 141 140 87 62 63 58 61 64 61 56 50 56 120 104 105 102 99 462 435 418 332 327 333 347 392 399 10,846 11,687 11,878 12,366 14,822 16,448 18,807 21,254 23,712 6 3 4 5 39 75 111 52 208 5,424 5.698 5,886 6,101 6,475 6,696 6,968 7.276 7,589 6 5 6 3 4 11 11 16 17 5 7 7 8 10 30 51 29 23 26 17 17 19 20 652 768 778 711 816 861 977 29 64 96 40 195 1,593 1,615 1,648 1,727 1,862 1,907 1,966 2,023 2,120 5 9 8 v 746 8,694 991 13,992 12,396 1,087 13,072 1,019 12,835 L, 132 12,813 1,143 14,261 ,271 14,807 ,150 15,811 ,438 4,240 6,185 6,246 6,147 5,450 5,799 6,354 6,486 7,117 22,293 30,429 33,754 42,570 52,642 51,829 57,308 59,133 64,184 6,510 501 790 616 700 9,581 671 1,709 9,714 811 7,923 10,101 891 9,444 9,603 937 17,634 9,904 945 18,509 10,881 11,064 1,106 21,967 12,333 1,243 22,179 4,104 7,057 5,105 4,388 3,596 3,455 3,766 3,879 4,015 68 102 93 72 92 85 102 89 111 109 122 141 82 61 60 76 64 78 7,168 11,062 10,761 11,899 13,899 13,254 14,042 14,643 15,065 884 902 821 811 899 929 942 35 42 43 39 38 41 43 33 36 235 319 298 164 158 179 177 180 200 1,688 1,941 2,215 2,557 3,050 3,070 3,041 3,152 3,153 1,090 1,132 1,174 1,292 9 8 8 12 14 15 16 19 20 Reserve city banks: 19 58—Dec. 3 1 . . 1940—Dec. 3 1 . . 1941—Dec. 3 1 . . 1942—Dec. 3 1 . . 1943—Dec. 3 1 . . 1944—June 30. . Dec. 30. . 1945—June 30. . Dec. 31. . 2,354 4,027 4,060 4,940 5,116 5,109 5,687 5,882 6,326 321 396 425 365 391 399 441 396 494 1,940 2,741 2,590 2,202 1,758 1,922 2,005 2,029 2,174 7,214 9,581 11,117 14,849 18,654 18,405 20,267 20,682 22,372 2,719 3,919 4,302 4,831 4,770 4,757 5,421 5,510 6,307 53 49 54 63 63 65 70 90 110 Country banks: 1938—Dec. 3 1 . . 1940—Dec. 3 1 . . 1941—Dec. 3 1 . . 1942—Dec. 3 1 . . 1943—Dec. 3 1 . . 1944—June 30. . Dec. 30. . 1945—June 30. . Dec. 31. . 1,353 1,857 2,210 2,842 3,303 3,438 3,909 4,117 4,527 322 452 526 542 611 618 684 632 796 1,956 3,002 3,216 3,699 3,474 3,638 4,097 4,213 4,665 446 6,224 633 7,845 790 9,661 957 13,265 994 17,039 951 17,099 19,958 1,149 20,656 1,108 23,595 1,199 2 2 2 4 5 5 8 8 8 204 243 271 287 313 322 352 324 391 1,423 2,904 2,017 3,391 2,325 4,092 2,934 5,651 2,996 7,279 2,978 7,368 3,434 8,652 3 473 8 915 3,959 10,537 Chicago:3 1938—Dec. 3 1 . . 1940—Dec. 3 1 . . 1941—Dec. 3 1 . . 1942—Dec. 3 1 . . 1943—Dec. 3 1 . . 1944—j un e 30. . Dec. 30. . 1945—June 30. . Dec. 31. . Certified U. S. States and and Gov- political offiern- subdi- cers' ment visions checks, etc. 1,051 1,021 437 2,687 4,032 641 3,595 607 733 3,209 2,867 810 852 3,105 851 3,179 989 3,271 3,535 1,105 658 997 1,027 1,105 972 2,386 2,724 3,066 3,318 3,602 3,638 3,744 3,877 4,240 547 913 1,009 1,142 1,573 1.460 1,251 1,138 2,450 280 370 319 263 252 213 199 229 237 1,338 7,273 11,357 11,282 12,501 14,373 13,740 14,448 14,789 15,712 83 90 127 665 713 181 174 233 178 174 218 167 193 237 29 27 34 38 44 41 33 29 66 1,597 1,905 2,152 2,588 3,097 3,040 3,100 3,124 3,160 424 327 491 796 995 170 228 286 7,034 9,468 11,127 15,061 18,790 18,367 20,371 20,559 22,281 113 107 104 63 41 37 33 31 30 17 19 20 22 56 45 40 39 38 269 226 243 169 151 158 154 166 160 154 5,215 187 6,846 239 8,500 272 11,989 344 15,561 314 15,609 369 18,350 346 18,945 435 21,797 23 29 30 20 17 15 14 14 17 44 33 31 32 56 52 57 54 52 147 5,509 150 5.917 146 6,082 140 6,397 149 7,599 157 8,477 175 9,650 207 10,981 219 12,224 6 3 4 3 10 11 16 9 11 48 58 68 76 96 90 103 101 135 15 18 18 10 6 5 6 5 6 25 13 8 5 4 4 4 4 4 113 87 74 65 68 74 76 90 97 11 1,010 975 8 6 956 5 955 979 6 9 1,015 10 1,022 13 1,065 7 1,083 139 48 866 4,186 3,395 6,150 6,722 7,618 6,940 1,105 1,400 1,499 1,552 1,982 3,373 6 453 6,'157 7,655 8,221 143 151 225 1.144 1,319 1,448 ,464 1,509 1,516 1,763 1,090 1,962 3,926 4,230 5,195 5,465 1,128 1,184 1,370 1,558 1,727 L.743 1,868 1,939 2,004 2 48 3 50 2 53 2 243 2 506 3 1,124 3 1,245 13 1,511 5 1,560 555 574 611 678 750 764 775 820 858 195 471 450 448 710 722 361 341 . 385 475 384 488 422 611 2 2 1 1 1 1 1,082 1,206 452 496 476 453 505 543 619 663 719 257 270 288 304 326 343 354 362 377 4,233 1,777 4,505 1,904 4,542 1,967 4,805 2 2,028 5,902 2,135 6 567 2 207 2,327 7,561 8.529 " " 3 2,450 2 2,566 9,563 1,798 1,909 1,982 2,042 2,153 2,239 2,321 2,440 2,525 [nsured nonmember commercial b a n k s : 1938—Dec. 31 1940—Dec. 3 1 . . 1941—£)ec. 3i 1942—Dec. 31 1943—Dec. 3 1 . . 1944—June 30 Dec. 30. . 1945—j u n e 30 Dec. 31 85 95 108 133 141 126 182 153 233 2,356 2,822 3,483 4,983 6,518 6,595 7,863 8 078 9,643 3,163 3,311 3,276 3,339 3,750 4,094 4,553 5 105 5,579 * Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 6 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection. For other footnotes see page 774. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. JULY 1946 775 WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Date or month Total loans and invest- Total ments Commercial, industrial, and agricultural Investments For purchasing or carrying securities U. S. Government obligations To brokers and dealers To others Real- Loans estate to Other Total loan!s banks loans U. S. Other U.S. Other Govt. se- Govt. seobobliga- curi- liga- curitions ties tions ties Total CerOther tificates Guar- secuBills of in- Notes Bonds an- rities debtteed edness Total—101 Cities 1945—May 57,285 11,415 1946—January February... March April May 68,066 68,124 66,928 65,360 64,124 15,367 15,142 15,340 15,128 14,899 7,272 7,368 7,475 7,511 7,468 1,675 1,568 1,756 1,491 1,351 774 2,345 703 2,137 711 1,986 743 1,869 758 1,713 432 441 431 423 445 ,102 ,120 ,140 ,169 ,213 63 75 61 76 84 52,699 52,982 51,588 50,232 49,225 49,325 49,576 48,146 46.803 45,840 1,849 1,565 1,119 1,230 1,106 12,518 12,853 12,393 11 11,322 10,460 Apr. Apr. Apr. Apr. 3 10 17 24 65,247 65,338 65,515 65,340 15,272 15,224 15,025 14,992 7,506 7,560 7,509 7,468 1,575 1,586 1,414 1,388 1,917 719 1,875 720 1,854 757 1,830 417 422 425 427 ,157 ,163 ,170 ,185 86 1,835 49,975 60 1,839 50,114 50,490 81 77 1,860 50,348 46,538 46,689 47,050 46,935 1,039 1,243 1,376 1,262 11,345 7,057 11,252 7,045 11,346 7 ,029 11,344 7 ,002 27,088 27,142 27,292 27,320 9 3,437 7 3,425 7 3,440 "3,413 May 1 . . . . May 8 . . . . May 1 5 . . . . May 2 2 . . . . May 29 64,433 64,067 64,071 64,160 63,887 15,053 7,473 1,400 14,911 7,456 1,349 14,815 7,461 1,342 14,812 7,467 1,294 14,904 7,482 1,370 804 754 715 718 797 1,780 1,747 1,702 1,671 1,663 444 ,195 435 ,206 442 1,214 457 1,221 450 1,228 91 1,866 49,380 100 1,864 49,156 1,874 49,256 i49,348 1,840 48,983 45,993 45,777 45,871 45,965 45,593 1,052 984 1,220 1,262 1,014 10,626 10,479 10 ,361 10,445 10,387 6,906 6,890 6,856 6 ,782 6,714 27,402 27^,418 27,427 27,469 27,471 3,387 3,379 3,385 3,383 3,390 June June June June 63,331 62,864 62,505 61,748 14,742 14,786 14,803 14,917 744 733 728 719 1,629 1,610 1,588 1,559 448 448 453 454 45,222 1,205 9,855 6,685 44,716 824 9,708 6 ,649 44,324 1,268 9,740 6 ,569 43,437 758 9,415 6,514 27,469 27,528 26,740 26,744 3,367 3,362 3,378 6 3,394 166 3,456 2,594 8,284 ,51 1,009 5 12.... 19.... 26 5,818 1,281 7,469 7,507 7,520 7,529 1,279 1,242 1,264 1,400 821 593 365 1,046 102 1,389 45,870 42,837 1,336 10,776 7,358 23,035 1,239 1,251 1,264 1,277 1,704 1,730 1,780 1,846 1,867 1,854 48,589 1,879 48,078 894 47,702 889 46,831 7,981 26,968 7,924 27 ,226 7,502 27,126 7,033 27,210 6,830 27 ,437 332 3,033 3,374 3,406 3,442 3,429 3,385 New York City 1945—May 20,354 4,794 2,218 1,093 632 193 162 84 347 15,560 14,551 1946—January February... March April May 23,754 23,702 23,189 22,521 21,993 6,412 6,305 6,483 6,213 5,962 2,837 2,908 2,981 3,003 2,925 1,317 1,257 1,435 1,163 1,059 570 522 527 541 525 918 816 728 664 599 185 195 190 186 205 45 60 48 64 72 477 483 507 527 513 17,342 17,397 16,706 16,308 16,031 16,244 16,300 15,608 15,223 15,008 553 438 199 420 356 3,492 3,582 3,449 2,993 2,792 2,699 2,747 2,573 2,307 2,131 9,498 9,532 9,386 9,502 9,728 1,098 1,097 ,098 1,085 1,023 Apr. Apr. Apr. Apr. 3 10 17 24 22,461 22,476 22,590 22,558 6,344 6,298 6,132 6,078 3,004 3,034 3,003 2,971 1,247 1,244 1,099 1,062 560 528 527 548 691 669 653 644 184 185 187 189 72 46 70 67 521 527 528 532 16,117 16,178 16,458 16,480 15,027 15,091 15,366 15,406 311 389 505 473 2,987 2,956 2,997 3,031 2,351 2 ,309 2,285 2,283 9,377 9,436 9,578 9,618 1,090 1,087 1,092 1,074 May 1... . May 8 . . . . May 1 5 . . . . May22 May 29 22,145 21,952 21,915 22,036 21,915 6,090 6,023 5,913 5,883 5,900 2,949 2,933 2,925 2,910 2,910 1,069 1,067 1,059 1,016 1,084 633 623 591 576 570 204 197 203 215 204 79 90 53 74 63 533 515 520 533 464 16,055 15,929 16,002 16,153 16,015 15,042 14,913 14,976 15,123 14,988 341 255 386 477 321 2,804 2,224 749 2,208 2,729 2,130 2,815 2,071 2,865 2,024 9,672 9,700 9,730 9,759 9,777 1,013 1,016 1,026 1,030 1,027 June June June June 21,732 21,525 21,589 21,182 5,790 5,761 5,761 5,845 2,918 1,009 2,894 967 2,888 1,001 2,865 1,136 557 532 496 496 544 509 505 497 489 556 544 541 531 200 199 204 207 67 105 81 79 469 483 485 473 15,942 15,764 15,828 15,337 14,923 14,742 14,802 14,290 519 ,023 256 ,024 643 2,790 ,076 167 2,801 2,018 9,784 9,845 9,292 9,303 1,019 1,022 1,026 1,047 18 1,042 30,310 28,286 1,170 7,320 4,764 14,751 281 2,024 5 12... . 19 26 Outside New York City 1945—May 36,931 6,621 3,600 188 189 400 1946—January February... March April May 44,312 44,422 43,739 42,839 42,131 8,955 8,837 8,857 8,915 8,937 4,435 4,460 4,494 4,508 4,543 358 311 321 328 292 204 181 184 202 233 1,427 1,321 1,258 1,205 1,114 247 246 241 237 1,039 1,056 1,073 1,104 1,149 1,227 1,247 1,273 1,319 1,354 35,357 35,585 34,882 33,924 33,194 33,081 33,276 32,538 31,580 30,832 ,296 ,127 920 810 750 Apr. Apr. Apr. Apr. 3.... 10 17 24.... 42,786 42,862 42,925 42,782 8,928 8,926 8,893 8,914 4,502 4,526 4,506 4,497 328 342 315 326 1,226 191 1,206 193 1,201 209 1,186 233 237 238 238 1,092 1,098 1,105 1,120 1,314 1,312 1,324 1,328 33,858 33,936 34,032 33,868 31,511 31,598 31,684 31,529 May 1 . . . . May 8 . . . . May 1 5 . . . . May 2 2 . . . . May 29 42,288 42,115 42,156 42,124 41,972 8,963 8,888 8,902 8,929 9,004 4,524 4,523 4,536 4,557 4,572 331 282 283 278 286 247 222 219 222 253 1,147 1,124 1,111 1,095 1,093 240 238 239 242 246 1,333 1,349 1,354 1,360 1,376 33,325 33,227 33,254 33,195 32,968 June June June June 41,599 41,339 40,916 40,566, 8,952 9,025 9,042 9,072 4.551 4,613 4,632 4,664 270 275 263 264 235 228 231 230 1,073 1,066 1,047 1,028 248 ,177 249 ,187 249 1,200 247 1,212 1,385 32,647 32,314 1,409 31,874 1,416 31,494 5 12.... 19 26 981 129 140 148 158 167 9,026 5,282 9,271 5,177 8,944 4,929 8,329 4,726 7,668 4,699 17,470 17,694 17,740 17,708 17,709 2,276 2,309 2,344 2,344 6 2,362 728 854 871 789 8,358 8,296 8,349 8,313 4,706 4,736 4,744 4,719 17,711 17,706 17,714 17,702 2,347 2,338 2,348 2,339 30,951 30,864 30,895 30,842 30,605 711 729 834 785 693 7,822 4,682 7,730 4 ,682 7,632 4,726 7,630 4 ,711 7,522 4 ,690 17,730 17,718 17,697 17,710 17,694 6 2,374 2,363 6 2,359 6 2,353 2,363 30,299 29,974 29,522 29,147 686 568 625 591 7,259 4,662 7,092 4,625 6,950 4 ,493 6,6144 496 17,685 17,683 17,448 17,441 1 2,348 6 2,340 6 2,352 2,347 Back figures.—See Banking and Monetary Statistics, pp. 127-227. 776 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, except interbank Date or month ReDeserves Balwith ances mand deFed- Cash with do- posits eral in mestic adRe- rault bank ustedi serve Banks IndiIndividvid- States Certiuals, States uals, fied and and part- politU. S. part- politand nerGov- ner- ical ical offiships, subern- ships, subcers' and and dividivi- checks, ment corcor- sions etc. porapora- sions tions tions Total 101 Cities 1945—May 10,192 58J 2,15' 39,886 39,660 2,296 1946—January.... February. . March April May 10,218 10,060 9,930 9,862 10,083 59: 580 569 568 562 2,431 2,271 2,165 2,160 2,155 Apr. Apr. Apr. Apr. 3... 10. . . 17.... 24 9,80' 9,816 9,868 9,958 May 1 . . . . May 8 . . . . May 1 5 . . . . May 2 2 . . . . May 29 10,15: 10,12; 10.04J 9,97? June 5 . . . . 10,19. 10,21? 10,20i 10,24- June 1 2 . . . . June 1 9 . . . . June 26 Time deposits, except interbank Interbank deposits Domestic U. S. banks Bor- Cap- Bank Govrow- ital debacernForings counts its2 ment eign and banks Postal De- Time Sav- mand ings 47 899 5,804 8,265 109 9,216 1,007 573 4,748 62,802 1,997 2,144 2,177 2,296 2,403 ,254 ,170 ,16 ,258 1,306 16,237 9,372 16,377 9,482 15,119 9,567 13,725 9,632 11,864 9 ,769 102 119 126 130 129 10,790 10,121 9,787 9,543 9,368 1,189 ,221 ,240 ,264 ,265 200 303 508 360 139 4,995 69,711 5,031 58,827 5,059 69 ,374 5,093 69,768 5,124 65 ,732 536 2,116 36,553 36,320 2,281 580 2,157 37,259 37,126 2,288 564 2,226 37,748 37,912 2,308 591 2,141 38,089 37,959 2,308 1,410 1,131 1,300 1,188 14,008 9,597 13,923 9,622 13,637 9,638 13,334 9,670 131 128 130 130 9,629 9,531 9,634 9,378 ,269 ,267 ,259 ,258 628 268 261 282 5,084 5,093 5,093 5,103 18,768 14,981 16,143 14,504 54 56" 2,15 38,242 38,041 2,456 2,128 38,251 37,770 2,398 558 2,254 38,348 38,690 2,381 574 2,118 38,727 38,581 2,345 568 2,11' 38,941 38,669 2,433 1,565 1,175 1,219 1,206 1,364 12,363 9,704 11,990 9,740 11,922 9,765 11,666 9 ,785 11,377 9,851 129 131 130 129 128 9,505 9,422 9,540 9,247 9,125 ,280 ,279 ,252 ,252 ,260 198 181 77 122 118 5,121 17,708 15,051 14,991 15,276 14,657 39,471 39,190 2,436 612 2,195 39,505 39,738 2,37 58 2,148 39,869 40,034 2,370 60C 2,096 39,522 39,295 2,436 1,349 1,362 1,353 1,282 10,071 9,882 9,654 9,901 8,644 9,915 8,660 9,943 129 125 121 120 9,352 9,355 9,363 8,997 ,254 ,264 ,287 1,268 5,145 5,142 5,137 5,135 14,037 14,732 17,530 16,122 37,648 37,888 37,665 37,822 37,386 37,413 37,412 37,329 38,502 38,350 173 176 184 126 New York City 1945—May 3,83. 14,952 15,266 288 532 2,257 994 2,927 904 1946—January. . . February. . March April May 3,654 3,628 3,563 3,57 3,71 13,53 13,600 13,445 13,563 13,965 13,934 13,950 13,790 13,898 14,290 214 264 230 254 279 739 712 701 768 797 6,263 6,252 5,723 5,159 4,42. 1,118 1,132 1,137 1,148 1,197 3,356 3,141 3,014 2,999 2,990 1,059 1,092 1,114 1,132 1,125 119 143 322 136 34 ,922 34,165 ,937 27,425 ,943 32,331 ,955 33,290 Apr. 3 . . . . Apr. 10 Apr. 1 7 . . . . Apr. 24. . . . May 1 . . . . May 8 . . . . May 1 5 . . . . May 2 2 . . . . May 29 3,595. 3,533 3,54f 3,62< 9 83 90 110 13,37 13,653 5: 13,425 13,759 2 13,587 13,998 13,86- 14,182 253 259 244 261 906 669 803 694 5,265 5,240 5,127 5,004 1,144 1,145 1,147 1,155 2,996 2,976 3,075 2,948 1,140 1,139 1,128 1,123 210 126 94 113 ,955 ,956 ,955 ,955 9,360 7,167 7,576 6,505 3,811 3,71:( 3,67 3,64* 3,74 85 90 83 85 93 13,887 13,863 13,827 14,091 14,15' 14,255 14,086 14,279 14,401 14,431 32 263 284 262 264 986 695 712 720 872 4,609 4,485 4,449 4,348 4,234 1,172 1,187 1,190 ,191 1,244 3,113 2,969 3,017 2,946 2,906 1,144 1,139 1,116 1,108 1,118 47 46 10 29 38 ,967 ,968 ,968 ,965 ,958 8,835 7,183 6,711 6,878 6,851 June June June June 3,74 3,76 3,72. 3,81 94 100 9 95 14,37 14,324 14,604 14,48 14,717 14,768 15,005 14,801 225 240 241 252 815 874 81 797 3,711 3,560 3,18' 3,172 1,249 1,253 1,248 1,249 2,980 2,991 3,063 2,919 ,105 ,111 ,135 ,119 77 79 67 46 ,970 ,970 ,964 ,959 6,565 6,748 8,314 7,330 5.. . . 12... . 19 26 332 1,826 28,384 965 30,408 Outside New York City 1945—May 6,35 49- 2,13 24,934 24,39 2,008 36' 90 36 6,289 103 241 2,922 34,418 1946—January... February. . March April May 6,566,43 6,36 6,28. 6,36^ 50: 48< 48: 48: 47- 2,403 2,246 2,12' 2,105 2,128 24,114 24,065 23,941 23,849 24,53 23,954 23,872 23,623 23,431 24,060 1,783 1,880 1,94 2,042 2,124 515 458 466 490 509 8,254 8,350 8,430 8,484 8,572 82 95 100 108 108 7,434 6,980 6,773 6,544 6,378 130 129 126 132 140 81 160 186 224 105 3,073 35,546 3,094 31 ,402 3,116 36,543 3,138 36,478 3,159 35 ,324 Apr. Apr. Apr. Apr. 3. . . . 10 17 24 6,21 6,283 6,31? 6,32? 453 48< 48: 50 2,006 2,099 2,199 2,114 23,176 23,834 24,16 24,22* 22,66 23,36 23,91 23,77 2,028 2,029 2,064 2,047 504 8,743 8,453 8,683 8,477 8,510 8,491 494 8,330 8,515 105 108 110 110 6,633 6,555 6,559 6,430 129 128 131 135 418 142 167 169 3,129 3,137 3,138 3,148 9,408 7,814 8,567 7,999 May 1 . . . . May 8 . . . . May 1 5 . . . . May 2 2 . . . . May 2 9 . . . . 6,34! 6,41: 6,36t 6.33C 6,37 456 47' 475 48< 47. 2,12 2,099 2,226 2,09 2,09 24,355 24,388 24,52 24,636 24,782 23,786 23,684 24,411 24,180 24,238 2,134 2,135 2,09 2,083 2,169 579 480 507 486 49 7,754 8 ,532 7,505 8,553 7,473 8,575 7,318 8,594 7,143 8,607 108 110 109 108 107 6,392 6,453 6,523 6,301 6,219 136 140 136 144 142 151 3,152 135 158 67 156 93 3,163 80 3,163 8,873 7,868 8,280 8,398 7,806 June June June June 6,45 6,45 6,48. 6,42 2,09. 2,165 2,12C 2,065 25,10C 25,18 25,265 25,038 24,473 24,970 25,029 24,494 2,211 2,132 2,129 2,184 534 488 541 485 6,360 6,094 5,45 5,488 108 108 104 104 6,372 6,364 6,300 6,078 149 153 152 149 96 97 117 80 3,175 3,172 3,173 3,176 7,472 7,984 9,216 8,792 1 2 5.... 12... 19 26 3,54 7,271 9,974 10,125 9,396 8,566 7,439 8,633 8,648 8,667 8,694 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. JULY 1946 777 WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Federal Reserve district and date Boston May 29 June 5 June 12 June 19 June 26 New York* May 29 June 5 June 12 June 19 June 26 Philadelphia May 29 June 5 June 12 June 19 June 26 Cleveland M a y 29 June 5 J u n e 12 J u n e 19 . . . . . June 2 6 . . . . . . . . . Richmond May 29 June 5 June 12 June 19 June 26 Atlanta May 29 June 5 • June 12 June 19 June 26 . .. Chicago* May 29 June 5 June 12 June 19 June 26 St. Louis May 29 June 5 June 12 June 19 June 26 Minneapolis May 29 June 5 June June June Kansas May 12 19 26 City 29 Total loans and invest- Total ments Commercial, industrial, and agricultural Investments For purchasing or carrying securities To brokers and dealers U . S. Government obligations To others U.S. Other U. S. Govt. Other sese- Govt. obobcuriliga- ties liga- curities tions tions Real- Loans estate to Other Total loans banks loans 3,199 3,177 3,164 3.117 3.086 842 829 840 830 824 498 493 499 500 500 35 35 38 31 30 43 31 30 30 24 39 39 39 38 36 17 17 17 17 17 76 77 77 78 79 1 1 1 1 1 24,170 23,982 23,765 23,809 23,409 6,290 6,180 6,152 6.153 6,246 3,066 3,076 3,052 3,046 3,028 1,090 1,015 1.007 1,145 549 514 510 502 494 601 586 575 571 560 225 221 220 225 228 157 157 159 160 162 63 67 105 81 79 2,574 2,574 2,547 2.545 2,550| 581 579 585 590 586 277 276 276 282 284 11 11 12 10 10 32 31 32 33 32 53 52 51 50 44 11 11 11 11 10 41 42 43 44 44 1 1 1 1 1 5,162 5,136 5,114 5.032 5,010 1,135 1,134 1,143 1.142 1,142 469 466 475 476 480 53 54 51 45 41 37 35 34 33 33 223 221 223 222 220 14 15 15 15 15 175 177 180 181 182 2,149 2,123 2,120 2.096 2,070 403 400 402 402 401 180 179 180 178 176 3 4 4 5 5 7 7 7 7 7 63 60 59 58 56 9 9 9 9 9 56 56 57 58 59 2 2 2 2 2 83 83 84 85 87 2,193 2,179 2,168 2,145 2,119 501 503 505 505 507 237 237 242 244 246 2 2 2 3 1 11 11 12 11 13 114 114 112 107 107 10 11 10 10 10 29 29 31 31 31 3 4 3 4 3 95 95 93 95 96 1,029 1,031 1,044 1,048 1,070 120 124 127 129 138 59 57 54 55 57 200 195 192 192 190 75 73 75 75 190 192 193 196 973 Total CerOther tificates Guar- secuBills of in- Notes Bonds an- rities debtteed edness 133 2,357 136 2,348 139 2 324 135 2,'287 137 2,262 2,269 2,260 2,233 2,196 2,171 43 60 43 50 26 388 361 361 356 364 326 326 322 307 304 1,512 1,513 1,507 1.483 1,477 88 88 91 91 91 539 544 558 561 550 17,880 17,802 17,613 17,656 17,163 16,755 16,686 16,494 16,532 16,018 360 568 307 722 280 3,103 2,820 ,825 ,069 - ,051 2,326 2,324 2,325 2,313 2,253 10,965 10,973 11,036 10.427 10,433 1 1,125 1 1,116 1 1,119 1 1,145 155 155 159 159 161 1,993 1,995 1,962 1,955 1,964 1,800 1,804 1,771 1,765 1,774 78 91 60 97 103 269 266 271 246 245 280 280 283 278 276 1,173 1,167 1,157 1.144 1,150 193 191 191 190 190 164 4 027 165 4,002 164 3,971 169 3,890 170 3,868 3,733 3,709 3,684 3,603 3,582 40 39 38 31 28 854 833 809 752 732 554 551 545 528 527 2,285 2,286 2,292 2.292 2,295 294 293 287 287 286 1,746 1,723 1,718 1,694 1,669 1,662 1,638 1,634 1,610 1,585 28 32 31 23 11 418 403 402 393 379 187 180 178 177 175 1,029 1,023 1,023 1,017 1,020 84 85 84 1,692 1,676 1,663 1,640 1,612 1,534 1,516 1,502 1,479 1,451 37 34 37 35 27 465 452 440 433 411 217 215 209 202 202 813 813 814 807 809 2 2 2 2 2 158 160 161 161 161 178 7,429 179 7,292 181 7,185 181 7.098 181 6,914 6,858 6,732 6,627 6,534 6,351 143 95 56 105 69 2 ,144 2 ,047 1 ,975 1 ,899 1 ,720 960 965 963 961 974 3,610 3,624 3,632 3,568 3,587 1 1 1 1 1 571 560 558 564 563 113 117 117 117 118 1,497 1,469 1,449 1,419 1,403 1,357 1,330 1,310 1,279 1,262 31 17 15 10 15 237 234 230 214 202 259 250 238 231 227 830 829 827 824 818 140 139 139 140 141 1,124 • 9,280 9,143 9,051 8.974 8.825 1,851 1,851 1,8661 1,876 1,911 76 " i l l l • 84 84 2,085 2,045 2 031 1.999 1.975 588 576 582 580 572 306 293 299 299 290 4 4 4 4 4 9 9 9 8 8 58 56 56 54 52 15 15 15 15 15 79 79 80 81 82 1,330 1,315 1,319 1.285 1.263 239 240 111 112 113 113 114 1 24l! 1 3 3 3 3 3 31 30 30 30 30 5 5 5 5 5 31 32 32 32 32 57 58 57 58 57 1,091 1,075 1,078 1,043 1,022 1,030 1,016 1,018 983 961 16 14 19 9 9 188 178 173 157 137 147 147 148 147 167 679 677 678 670 648 61 59 60 60 61 242 241 1 4 3 2 2 3 424 430 430 431 243 239 245 245 245 2 2 2 2 2 5 5 5 4 6 41 40 40 38 37 9 10 9 9 9 47 47 48 49 49 80 81 81 83 83 1,944 1,928 1,921 1,892 1,869 1,781 1,765 1,758 1,727 1,703 78 81 77 60 55 493 479 474 475 458 340 333 333 329 328 870 872 874 863 862 163 163 163 165 166 Dallas May 29 June 5 . . . . June 12 June 19 June 26 San Francisco 2,371 2,352 2,351 2,322 2,300 2,092 2,079 2,070 2,049 2,038 682 679 681 674 673 401 398 401 395 395 1 1 1 1 1 11 11 7 7 7 115 113 113 111 110 28 28 29 29 29 39 42 42 43 43 87 86 88 88 88 1,410 1,400 1,389 1,375 1,365 1,343 1,333 1,322 1,307 1,298 53 52 44 35 47 425 420 415 409 395 215 214 216 219 211 650 647 647 644 645 67 67 67 68 67 1,365 1,347 1,359 1,379 1,383 665 669 681 694 701 48 27 27 26 23 31 30 30 35 35 125 123 120 117 117 32 33 33 33 31 156 5,917 155 5,879 158 5,805 163 5,753 161 5,720 5,471 5,433 5,363 5,309 5,281 107 122 97 91 88 ,403 ,362 ,333 ,337 ,321 903 900 889 877 870 3,055 3,045 3,041 3,001 3,000 City of Chicago* May 29 June 5 June 12 June 19 June 26 7,282 7,226 7,164 7,132 7,103 5,501 5,398 5,333 5,289 5,170 1,256 1,258 1,263 1,270 1,299 763 767 773 776 795 117 122 125 127 136 53 51 48 49 49 124 120 118 119 118 66 64 65 65 66 4,245 4,140 4,070 4,019 3,871 3,898 3,801 3,732 3,676i 3,529 93 1,360 L,284 L ,222 L.179 L ,037 520 525 526 523 539 1,925 1,937 1,945 1,898 1,917 June 5 June 12 June 19 June 26 May 29 June 5 June 12 June 19 June 26 427j 308 . .. . . 309 309 1 311 315 42 43 43 43 44 91 91 91 91 91 55 39 76 36 * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 778 3 4 3 3 2 446 446 442 444 439 347 339 338 343 342 The figures FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES fin millions of dollars] Demand deposits except interbank Federal Reserve district and date Boston (6 cities) May 29 June 5 June 12 June 19 June 26 New York (8 cities)* May 29 June 5 June 12 June 19 June 26 Philadelphia (4 cities) May 29 June 5 June 12 June 19 June 26 Cleveland (10 cities) May 29 June 5 June 12 June 19 June 26 . Richmond (12 cities) May 29 June 5 June 12 June 19 June 26 Atlanta (8 cities) May 29 June 5 June 12 June 19 June 26 Chicago (12 cities)* May 29 June 5 June 12 June 19 June 26 St. Louis (5 cities) May 29 June 5 June 12 June 19 June 26 Minneapolis (8 cities) May 29 June 5 June 12 June 19 June 26 Kansas City{12 cities) May 29 June 5 June 12 . June 19 June 26 Dallas (9 cities) May 29 June 5 Reserves Bal^ Dewith Cash ances mand with deFedin eral do- posits Re- vault mestic adserve banks justed 1 Banks 462 470 465 485 490 52 59 60 60 57 3,997 4,017 4,020 4.012 4,045 122 127 134 125 132 113 113 129 122 131 415 425 427 435 427 29 32 34 32 33 94 87 86 88 84 748 759 756 767 748 73 74 80 77 78 188 189 190 197 188 3,041 3,115 3,128 3,131 3,102 327 353 349 333 333 38 38 40 38 40 373 365 372 363 371 June 12 June 19 June 26 Individuals, U. S. partGov- nerern- ships, ment and corporations 2,141 2,190 2,224 2,245 2,191 117 123 120 123 135 41 43 40 43 44 636 559 539 484 484 451 456 456 457 458 15,588 15,887 15,975 16,225 15,985 572 545 558 546 556 910 855 910 855 830 4,547 3,988 3,826 3,426 3,414 1,923 1,930 1,936 1,932 1,937 1,774 1,818 1,828 1,855 1,818 1,889 1,852 1,937 1,843 1,909 71 77 63 60 67 30 25 24 36 28 509 447 430 385 394 3,075 3,088 3,166 3,169 3,103 162 161 156 160 168 53 72 56 60 57 125 137 144 130 122 1,356 1,362 1,388 1,391 1,404 1,421 1,382 1,388 1,370 1,369 86 97 94 94 93 30 27 30 31 31 140 138 140 139 124 1 360 1,355 1,366 1,378 1,360 1,257 1,265 1,290 1,282 1,250 1,408 1,415 1,443 1,427 1,442 94 98 100 96 97 400 384 391 379 367 5,398 5,432 5,408 5,450 5,379 343 336 341 326 336 22 22 23 22 23 113 126 124 115 110 207 206 203 195 206 11 11 12 11 11 85 82 86 80 82 444 431 433 440 436 23 21 23 22 24 391 402 June 12 401 394 June 19 396 June 26 SanFrancisco(7 cities) 1,003 May 29 1,016 June 5 1,009 June 12 June 19 1,031 June 26 1,014 City of Chicago* 855 May 29 June 5 Individuals, States Certified part- and and ner- politoffiships, ical cers' suband cor- divi- checks, etc. pora- sions tions 863 877 870 905 Interbank deposits Time deposits, except interbank Domestic S. banks Bor- CapStates U. Bank Govital and row- acdebernFor- ings counts polit- ment its 1 ical eign and sub- Postal Debanks divi- Sav- mand Time sions ings 3 3 3 3 4 287 301 303 323 294 25 25 21 20 18 17 17 17 18 18 2,972 3,048 3,059 3.134 2,988 232 232 233 233 234 10 10 9 8 8 1 1 1 1 1 340 351 355 366 357 832 736 709 637 637 1,282 1,286 1,287 1,289 1,293 30 30 30 29 28 30 34 30 33 31 370 329 316 284 284 365 365 366 368 369 2 2 2 2 2 221 224 220 218 223 13 16 15 17 15 328 292 280 250 251 439 441 441 442 443 5,216 5,211 5,291 5,288 5,177 560 546 530 543 549 90 93 92 101 86 1,641 1,441 1,389 1,243 1,243 1,927 1,934 1,937 1,940 1,944 1,139 1,179 1,121 1,162 1,141 1,211 1,122 1,176 1,116 1,155 69 71 74 73 74 19 19 17 17 21 356 314 302 271 273 360 362 362 363 363 720 719 740 718 699 94 99 99 97 112 15 15 15 14 12 261 232 221 199 197 221 222 222 223 223 258 260 273 265 265 1,493 1,424 1,475 1,440 1,507 1,494 1,506 1,476 1,492 1,451 188 177 167 179 182 29 27 24 24 25 355 326 316 287 286 304 305 305 306 306 25 24 26 24 26 217 209 235 223 212 1,426 1,420 1,423 1,438 1,457 1,467 1,449 1,469 1,443 1,439 98 102 99 92 95 25 33 27 33 27 340 299 289 259 258 49 47 50 49 48 268 276 282 294 289 3,474 3,540 3,505 3,553 3,528 3,469 3,544 3,570 3,661 3,567 195 214 192 185 182 109 117 112 120 106 36 41 39 37 38 184 182 178 175 164 3,220 3,242 3,199 3,263 3,210 3,217 3,218 3,243 3,271 3,192 250 243 233 247 249 45 44 41 45 39 118 2,166 117 2,214 115 2,217 116 2.216 122 2,219 15,572 15,832 15,792 16,092 15,924 742 748 762 738 746 26 26 26 25 24 3 3 2 2 2 1,121 1,108 1,114 1,138 1,122 3 5 1 4 3 293 293 293 294 293 704 575 657 709 757 46 2,119 91 2,132 83 2,131 70 2,125 47 2,121 7,215 6,904 7,190 8,817 7,787 11 11 11 11 11 1 2 1 1 6 260 262 261 261 259 550 524 608 661 685 490 499 492 496 479 6 6 6 6 6 3 3 3 3 4 31 28 29 15 9 489 490 490 490 491 822 804 816 940 967 8 9 9 9 9 355 375 367 359 338 4 5 4 4 5 7 6 10 9 7 10 11 12 16 ii 142 143 142 144 144 366 376 314 468 412 4 4 4 4 4 3 2 3 4 4 482 498 499 477 461 1 1 1 1 1 9 9 9 9 9 2 129 129 128 129 129 373 367 414 450 416 6 6 6 6 6 5 5 5 5 6 1,586 1,593 1,601 1,560 1,503 4 4 4 4 4 27 28 28 29 27 10 13 27 35 18 609 615 615 617 618 2,056 1,93a 1,995 2,235 2,187 1 2 2 2 2 2 562 580 563 547 533 5 5 5 5 5 11 15 16 21 18 138 138 138 139 139 364 383 371 468 391 1 1 1 1 1 324 326 325 313 309 2 2 2 ' ""5 12 2 2 89 89 90 89 90 260 277 285 341 259 2 2 2 2 3 2 2 2 2 2 793 804 804 790 784 2 6 1 10 4 152 152 152 153 153 415 420 439 536 494 285 285 287 287 289 19 20 20 20 21 2 2 2 2 2 531 562 554 548 532 145 145 144 146 147 360 353 421 468 441 1,202 2,062 1,108 2,064 1,037 2,069 919 2,075 939 2,084 30 30 30 29 29 7 7 7 7 7 403 415 433 450 419 556 557 558 550 551 1,172 1,124 1,222 1,437 1,326 1 1 1 1 2 1,112 1,116 1,138 1,102 1,061 385 390 391 391 392 1,350 1,252 1,259 1,432 1,371 1,055 923 889 791 791 789 792 794 793 795 1 1 5 5 5 5 5 ' 3 2 3 3 3 3 5 5 5 5 5 47 53 53 53 54 3 3 2 1 3 23 24 23 24 . . . . . 23 *1 See note on preceding page. Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. • Debits to demand deposit accounts except in interbank and U. S. Government accounts. JULY 1946 779 COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding End of month Based on 2 Held by Commercial Total paper outout- 1 standing standing Accepting banks Total Own bills Bills bought 1945—February March April May June July August September October November December 157 147 119 103 101 107 110 111 127 156 159 126 128 117 104 107 117 128 135 135 145 154 97 96 90 82 80 90 101 104 100 107 112 52 54 52 51 44 45 50 52 53 58 64 46 42 38 32 36 45 50 52 46 49 48 1946—January February March April May 174 178 172 149 126 166 167 163 169 177 126 128 119 109 108 71 74 64 65 66 55 53 55 44 42 Federal Reserve Banks (For own account) Others (3) l" 13 13 Imports into United States Exports from United States 29 32 26 22 27 26 28 31 35 38 42 87 87 81 72 74 81 91 98 95 100 103 40 39 42 47 55 109 109 104 114 124 Goods stored in or shipped between points in United States Foreign countries 12 11 10 9 10 9 10 11 12 15 18 24 25 24 22 20 22 25 23 22 23 26 4 4 2 2 3 4 2 3 6 6 7 20 18 17 16 18 29 31 33 30 28 8 9 8 9 7 1 2 As reported by dealers; includes some finance company paper sold in open market. Dollar exchange less than $500,000 throughout the period. 3 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Credit balances Debit balances End of month Debit Debit Customers' balances in balances in firm partners' debit investment investment balances and trading and trading (net) 1 accounts accounts Customers' credit balances1 Cash on hand and in banks Money borrowed2 Free Other (net) Other credit balances In partners' In firm investment investment In capital and trading and trading accounts (net) accounts accounts 1936—June December... 1937—June December... 1938—June December... 1939—June December... 1940—June December... 1,267 1,395 1,489 985 774 991 834 906 653 677 67 64 55 34 27 32 25 16 12 12 164 164 161 108 88 106 73 78 58 99 219 249 214 232 215 190 178 207 223 204 985 1,048 1,217 688 495 754 570 637 376 427 276 342 266 278 258 247 230 266 267 281 86 103 92 85 89 60 70 69 62 54 24 30 25 26 22 22 21 23 22 22 14 12 13 10 11 5 6 7 5 5 420 424 397 355 298 305 280 277 269 247 1941—June December... 1942—June December... 1943—June December... 1944—June December... 616 600 496 543 761 788 887 1,041 11 8 9 7 9 11 5 7 89 86 86 154 190 188 253 260 186 211 180 160 167 181 196 209 395 368 309 378 529 557 619 726 255 289 240 270 334 354 424 472 65 63 56 54 66 65 95 96 17 17 16 15 15 14 15 18 7 5 4 4 7 5 11 8 222 213 189 182 212 198 216 227 1945—June July August September. . October November. . December... 1,223 51,141 '1,100 '1,084 »l,063 »l,095 1,138 11 333 220 121 14 13 264 12 413 313 549 3580 3573 3594 3632 3639 654 112 29 13 299 1946—January.... February. . . March April May 4,168 1 046 853 3824 3758 3762 3743 3711 795 3 734 3 645 3 622 3 575 3 547 3 936 3 895 3 856 3 3 3 3 3 727 755 712 697 669 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'2 own partners. Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). * 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, 165; April, 154; May, 144. 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. 780 FEDERAL RESERVE BULLETIN COMMERCIAL LOAN RATES AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Per cent per annum] OPEN-MARKET MONEY RATES IN NEW YORK CITY [Per cent per annum] Stock Prime exbank- change comers' call mercial acceptloan paper, ances, re4- to 690 newmonths 1 days 1 als2 U. S. Government security yields Prime Year, month, or week 9-to 12month certifi- 3- to 53year cates month of in- taxable bills' notes debtedness 1943 average 1944 average 1945 average .69 .73 .75 .44 .44 .44 1.00 1.00 1.00 .373 .375 .375 .75 .79 .81 1.34 L.33 L.18 1945—June August.... September. October... . November. December.. .75 .75 .75 .75 .75 .75 .75 .44 .44 .44 .44 .44 .44 .44 1.00 1.00 1.00 1.00 1.00 1.00 1.00 .375 .375 .375 .375 .375 .375 .375 .81 .80 .82 .84 .83 .84 .84 L.16 L.16 L.17 L.19 L.17 1.14 1946—January... February. . March April May June .75 .75 .75 .75 .75 .75 .44 .44 .44 .44 .47 .50 1.00 1.00 1.00 1.00 1.00 1.00 .375 .375 .375 .375 .375 .375 .79 .76 .79 .81 .83 .83 L.10 L.03 .99 L. 12 1.18 1.15 M 3 A (1 1.00 1.00 1.00 1.00 1.00 .375 .375 .375 .375 .376 .84 .83 .83 .83 .84 1.21 1.19 1.15 1.12 1.13 July Week ending: June 1 . . . June 8 . . . June 1 5 . . . June 2 2 . . . June 2 9 . . . l i H 4 4 L.15 Total 19 cities New York City 7 Other Northern and Eastern cities 11 Southern and Western cities 1937 average 1 1938 average 1 .... 2.59 2.53 1.73 1.69 2.88 2.75 3.25 3.26 1939 average.... 1940 average.... 1941 average.... 1942 average.... 1943 average 1944 average. . .. 1945 average.... ,78 63 2.54 .61 2.72 2.59 2.39 2.07 30 11 1.99 2.87 2.56 2.55 2.58 2.80 2.68 2.51 3.51 3.38 3.19 3.26 3.13 3.02 2.73 1942—March.... June September December. 2.48 2.62 2.70 1.85 2.07 2.28 2.09 2.48 2.56 2.66 2.63 3.20 3.34 3.25 3.26 1943—March June September December. .76 .00 .48 2.36 2.70 2.05 2.10 2.76 2.98 2.71 2.76 3.24 3.38 2.73 3.17 2.10 2.23 2.18 1.93 2.75 3.12 3.18 3.14 2.65 1944—March... . June September December. 1945—March.... June September December. 2.53 2.50 2.45 2.09 1.99 2.20 2.05 1.71 2.73 2.55 2.53 2.23 2.91 2.80 2.81 2.38 1946—March June 2.31 1.75 1.84 2.34 2.93 1 Monthly figures are averages of weekly prevailing rates. The average rate on 90-day stock exchange time loans was 1.25 per cent during the entire period. 3 Rate on new issues offered within period. * From Sept. 15 to Dec. 15, 1945, included Treasury notes of Sept. 15, 1948, and Treasury bonds of Dec. 15, 1950; beginning Dec. 15, 1945, includes only Treasury bonds of Dec. 15, 1950. Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and the BULLETIN for May 1945, pp. 483-490. 2 1 Prior to March 1939 figures were reported monthly on a basis not strictly comparable with the current quarterly series. Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427. BOND YIELDS 1 [Per cent per annum] U. S. Government Year, month, or week 7 to 9 years 15 years and over Partially tax exempt Taxable Corporate ( Moody's)* Municipal (highgrade)2 Corporate (highgrade)3 By ratings ] ly groups Total Aaa Taxable Aa A Baa Industrial Railroad Public utility 1-5 1-9 15 5 120 30 30 30 30 40 40 40 1.98 1.92 1.66 1.63 1.63 1.68 1.68 1.62 1.56 1.51 2.47 2.48 2.37 2.35 2.34 2.36 2.37 2.35 2.33 2.33 2.06 1.86 1.67 1.58 1.57 1.70 1.79 1.76 1.70 1.64 2.64 2.60 2.54 2.54 2.53 2.56 2.56 2.54 2.54 2.54 3.16 3.05 2.87 2.87 2.85 2.86 2.85 2.84 2.82 2.80 2.73 2.72 2.62 2.61 2.60 2.61 2.62 2.62 2.62 2.61 2.86 2.81 2.71 2.69 2.68 2.70 2.70 2.70 2.68 2.68 3.13 3.06 2.87 2.86 2.85 2.85 2.85 2.84 2.81 2.79 3.91 3.61 3.29 2.85 2.80 2.68 2.99 2.97 2.89 3.29 3.26 3.26 3.24 3.20 3.15 3.10 2.68 2.68 2.68 2.67 2.65 2.64 2.64 3.64 3.39 3.06 3.03 3.00 3.02 3.05 3.03 2.99 2.96 June 1.31 1.28 1.28 1.36 1.47 1.43 (6) (6) (6) (6) (6) (6) 2.21 2.12 2.09 2.08 2.19 2.16 1.57 1.49 1.49 1.45 1.54 1.55 2.43 2.36 2.35 2.37 2.44 2 .42 2.73 2.68 2.66 2.67 2.71 2.71 2.54 2.48 2.47 2.46 2.51 2.49 2.62 2.56 2.54 2.56 2.58 2.59 2.73 2.70 2.69 2.69 2.73 2.73 3.01 2.95 2.94 2.96 3.02 3.03 2.57 2.54 2.54 2.57 2.60 2.59 2.89 2.83 2.80 2.78 2.84 2.85 2.71 2.65 2.64 2.65 2.69 2.70 Week ending: June 1 . . . June 8 . . . June 15... June 2 2 . . . June 2 9 . . . 1.48 1.46 1.42 1.41 1.41 (6) (6) (6) (6) (6) 2.18 2.17 2.15 2.15 2.16 1.55 1.55 1.55 1.55 1.56 2.44 2.44 2.43 2.40 2.40 2.71 2.71 2.71 2.71 2.71 2.51 2.50 2.49 2.48 2.49 2.58 2.59 2.59 2.59 2.59 2.73 2.73 2.73 2.73 2.73 3.03 3.03 3.03 3.03 3.03 2.60 2.60 2.59 2.58 2.59 2.84 2.85 2.85 2.85 2.85 2.70 2.70. 2.70 2.69 2.69 Number of issues. 1-5 1.96 1.94 1.60 1.56 1945—June July 1.58 August. . . 1.59 September 1.56 October.. . 1.50 November 1.42 5 December. 1.38 1943 a v e r a g e . . . . 1944 a v e r a g e . . . . 1945 a v e r a g e . . . . 1946—January. . February.. March April May •Ota.llua.IU cum i w i a v^ui pvjia.i-.iuii. w. »->. m - a o m j 2.89 2.87 2.86 2.85 2.84 2.81 2.79 ^ » J p a l bonds, which are based on Wednesday figures. Department. vcpaumciiL. imber of Moody's Investors Service, week ending Friday. Because of limited number ofsuitable suitable isissues, the industrial Aaa, Aa, and A groups have been reduced from 10 to 3, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 7, 6, and 9 issues, respectively. 5 Beginning Dec. 15, 1945, includes Treasury bonds of June 1952-54, June 1952-55, December 1952-54, and March 1956-58. 6 No partially tax-exempt bonds due or callable in 15 years and over. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490. 4 JULY 1946 781 SECURITY MARKETS * Stock prices5 Bond prices Corporate4 Year, month, or week Number of issues U. S. Government2 1-9 Municipal (highgrade)3 Highgrade Medium- and lower-grade Total Industrial DePublic faulted utility Railroad Preerred 6 Common (index, 1935-39=100) Volume of trading7 (in thousands of shares) Public IndusRailTotal utility road trial 15 15 50 10 20 20 15 15 402 354 20 28 109.5 114.7 117.9 117.0 120.5 122.2 97.6 107.3 115.1 114.0 116.3 116.3 44.0 59.2 75.4 172.7 175.7 189.1 92 100 122 94 102 123 89 101 137 82 90 106 1,032 971 1,443 1943 average 1944 average 1945 average 100.50 100.25 102.04 131.8 135.7 139.6 120.3 120.9 122.1 1945—June July August September October November December 102.38 102.46 102.22 102.02 102.38 102.60 102.68 141.5 141.6 138.8 137.0 137.7 139.0 140.1 122.1 122.3 121.7 121.6 121.9 122.0 121.9 118.1 117.9 117.2 117.1 117.7 118.3 119.0 122.2 122.2 121.7 121.4 122.0 122.5 123.1 115.5 115.2 114.4 114.4 115.3 116.6 117.5 116.7 116.4 115.5 115.6 115.7 116.0 116.2 81.4 80.4 75.6 74.5 76.6 78.9 82.1 190.9 189.6 188.1 186.7 188.0 192.2 195.3 121 118 118 126 132 137 140 122 119 119 128 135 139 142 144 140 131 138 145 154 157 106 108 107 111 114 121 120 1,828 951 1,034 1,220 1,556 1,961 1,626 1946—January February March April May June 104.59 106.03 106.46 106.61 104.82 105.28 141.6 143.4 143.4 144.1 142.1 142.0 123.8 124.5 124.5 124.3 123.7 123.9 119.7 120.0 120.1 119.9 119.5 119.5 123.9 124.4 124.5 124.4 123.9 123.9 118.9 119.6 119.9 119.6 118.6 118.7 116.3 116.1 115.9 115.8 116.0 116.0 84.9 85.4 82.7 83.6 81.8 83.2 197.9 200.5 203.1 204.9 201.8 202.4 145 143 142 152 154 153 148 146 145 156 159 157 164 160 154 157 157 162 124 124 123 128 129 130 2,1831,776 1,116 1,391 1,311 1,086 Week ending: June 1 June 8 June 15 June 22 June 29 104.92 105.18 105.36 105.37 105.20 142.0 142.0 142.0 142.0 141.8 123.7 123.6 123.6 124.2 124.0 119.7 119.4 119.5 119.8 119.5 124.1 123.4 123.7 124.4 124.0 118.6 118.5 118.8 118.8 118.7 116.5 116.2 116.0 116.0 115.8 82.8 82.3 83.4 83.9 83.1 201.8 201.8 202.4 202.9 202.4 159 156 155 152 150 163 160 159 156 153 164 160 164 164 159 132 131 132 130 129 1,812 1,116 1,038 1.167 1,02? i8 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. *8 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 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 BULLETINfor May 1945, pp. 483-490. NEW SECURITY ISSUES [In millions of dollars] For new capital Year or month 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 Total (new Total and (dorefund- mestic and ing) foreign) 6,214 1,972 3,937 2,138 4,449 2,360 5,790 2,277 4,803 1,951 5,546 2,854 2,114 1,075 642 2,174 913 4,216 7,958 1,764 For refunding Domestic Total 1,949 2,094 2,325 2,239 1,948 2,852 1,075 640 896 1,752 State and municipal 735 712 971 931 751 518 342 176 235 471 Federal agen-1 cies Total 22 157 481 924 461 ,272 108 90 15 26 Domestic Corporate Bonds and Stocks notes 1,192 1,225 873 383 736 1,062 624 374 646 1,255 839 817 807 287 601 889 506 282 422 602 352 408 67 97 135 173 118 92 224 654 103 Total (doFor-2 mestic eign and foreign) 23 44 35 38 2 1 "2 17 12 4,242 1,799 2,089 3,513 2,852 2,693 1,039 1,532 3,303 6,194 Total 4,123 1,680 2,061 3,465 2,852 2,689 1,039 1,442 3,288 6,146 1945—May 584 June 169 1,229 July August. . . 510 September. 879 October... 1,338 November. 223 838 December. 187 52 249 144 142 243 94 243 186 52 249 144 142 238 94 241 28 43 35 37 37 29 34 80 158 1 212 107 105 209 60 161 "34 64 35 103 28 107 55 1 178 43 70 106 31 54 397 117 981 366 737 1,096 129 594 395 117 981 366 732 1,070 129 594 1946—January-- • February. . March.... 200 65 223 373 310 200 65 222 373 302 68 131 47 127 290 192 10 5 17 118 99 122 42 111 172 93 146 284 334 723 728 146 284 311 698 728 April May. . . 346 350 557 1,097 1,037 79 61 103 State and municipal Federal agen-1 cies 382 191 129 195 482 435 181 259 404 324 353 281 665 1,537 344 698 440 497 418 912 31 7 9 38 7 3 19 30 200 20 17 42 44 255 30 20 23 326 17 Corporate For-2 ign " Bonds and Stocks Total notes 3,387 3,187 1,209 856 1,267 1,236 1,733 1,596 2,026 1,834 1,557 1,430 407 418 603 685 2,466 2,178 4,911 4,256 200 352 31 137 193 126 11 82 288 655 90 IS 48 95 79 750 338 705 989 78 337 272 79 623 297 645 820 60 282 127 41 60 169 18 55 113 264 284 363 664 55 247 238 277 536 58 17 46 85 127 367 119 119 28 48 5 26 23" 25 1 I n c l u d e s publicly offered issues of F e d e r a l credit agencies, b u t excludes direct obligations of U . S. T r e a s u r y . I n c l u d e s issues of n o n c o n t i g u o u s U . S. T e r r i t o r i e s a n d Possessions. Source.—For d o m e s t i c issues, Commercial and Financial Chronicle; for foreign issues, U . S. D e p a r t m e n t of C o m m e r c e . s u b j e c t t o revision. 1 Monthly figures, Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 782 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 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 Estimated Estimated gross net proceeds2 proceeds3 New money Total Plant and equipment Retirement of securities Working capital Total Bonds and notes Preferred stock Repayment of other debt Other purposes 2,332 4,572 2,310 2,155 2,164 2,677 2,667 1,062 1,170 3,202 5,800 2,266 4,431 2,239 2,110 2,115 2,615 2,623 1,043 1,147 3,142 5,691 208 858 991 681 325 569 868 474 308 657 996 111 380 574 504 170 424 661 287 141 252 581 96 478 417 177 155 145 207 187 167 405 415 1,865 3,368 1,100 1,206 1,695 1,854 1,583 396 739 2,389 4,447 1,794 3,143 911 1,119 1,637 1,726 1,483 366 667 2,038 4,017 71 226 190 87 59 128 100 30 72 351 430 170 154 111 215 69 174 144 138 73 49 124 1944—November December 380 182 373 178 33 66 17 9 338 109 224 106 115 3 1 1945—January February March April May June July August September October November December 281 215 226 643 496 92 944 440 795 1,077 121 470 275 212 221 632 485 91 925 433 780 1,057 117 462 35 28 48 102 136 5 190 80 99 150 20 103 14 16 28 55 49 1 147 41 50 97 7 75 17 57 21 12 19 47 88 3 43 39 49 53 13 27 240 177 171 513 331 79 719 297 668 854 70 327 221 160 158 501 278 72 581 278 634 798 51 286 19 17 13 12 53 7 138 19 35 56 19 41 5 1 14 12 1 5 50 1 19 4 12 1 2 3 6 6 11 6 12 34 22 19 253 297 417 682 820 245 291 405 666 802 111 37 99 213 149 63 17 55 148 89 49 20 44 65 60 118 238 287 376 610 56 222 257 320 497 62 16 30 56 113 5 2 2 57 28 10 15 17 21 14 .. . 1946—January February March April Mav 23 49 36 7 26 19 28 35 27 47 124 3 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Public utility Railroad 1944—November.. December.. 1945 Tanuarv February... March April May June July 54 182 319 361 24 85 115 253 54 558 110 47 160 602 32 46 102 115 15 114 500 1,436 52 82 119 108 4 "il 10 77 1 1,250 1,987 751 30 63 89 1,190 1,897 150 80 90 122 390 71 1,033 1,865 293 228 454 732 89 199 504 984 146 71 76 149 4 21 107 194 4 13 61 88 265 20 47 34 22 24 1 3 2 42 1 42 1 65 60 122 82 27 93 28 9 41 23 7 54 16 50 i 10 18 4 8 7 4 2 6 118 64 38 15 12 1 2 180 43 245 317 943 1,157 922 993 464 469 1,320 1,400 2,196 145 22 40 61 1,343 2,083 48 82 272 21 7 119 65 60 124 96 360 75 14 18 346 57 139 105 12 184 30 2 12 1 292 423 127 10 4 27 93 301 84 270 246 74 266 219 115 371 565 42 15 2 December. . 68 19 50 200 23 169 1946—January February... M^arch April Mav 150 192 98 76 7 7 43 32 78 138 405 1 1 1 6 5 43 31 76 119 389 148 190 97 69 1 30 27 50 86 47 13 30 27 25 17 51 1 183 30 August September.. October 1 2 1 7 4 1 72 152 7 550 761 373 1,208 1,246 18 1,180 1,340 30 97 186 108 46 218 57 74 439 616 611 297 774 1,280 1,079 831 584 961 828 527 497 469 188 167 244 223 59 117 3 480 163 221 130 218 63 87 89 226 353 738 463 89 49 152 16 102 155 94 111 38 107 17 7 16 47 6 23 40 6 27 301 110 364 523 4 6 26 35 5 8 17 26 166 51 106 13 11 181 100 126 412 285 98 26 94 198 123 68 59 13 157 136 49 136 43 56 121 13 10 27 9 27 15 15 19 56 25 13 9 10 18 37 8 9 42 55 1 11 ON ... 57 139 228 1 5 104 21 4 42 60 4 3 47 29 2 1 5 10 9 3 6 9 2 7 14 4 20 7 7 88 9 18 00 . ... . 120 774 338 NO 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 Retire- All Total Retire- All Total Retire- All Total Retire- All Total New ment of other net net net New ment of other New ment of other net New ment of other pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- purties ties ties poses ceeds ties poses* poses ceeds poses ceeds ceeds S3 S3 Year or month Other Industrial 5 1 i 5 1 4 15 15 7 8 3 17 9 6 1 2 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. Gross proceeds are derived by multiplying principal amounts or number of units by offering price. Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agentsf etc., and expenses. * Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. JULY 1946 783 QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Profits and dividends Net profits,1 by industrial groups Year or quarter Total Number of companies. 1939 1940 1941 1942 1943 1944 1945 Quarterly 1942—l . . . . 2 3 4 1943—i Iron and steel NonOther MaAu- trans- ferrous metals chin- tomo- portaand tion ery biles equipproducts ment 47 69 15 68 77 75 49 45 30 80 74 152 152 152 146 278 325 115 158 193 223 242 274 119 133 153 70 88 113 151 148 159 98 112 174 186 194 207 847 1,028 1 137 564 669 705 159 165 174 163 209 201 222 243 182 180 190 169 138 128 115 108 90 83 88 88 151 162 175 199 152 186 220 223 164 170 187 187 134 160 187 122 132 152 226 204 194 188 102 173 227 413 358 445 553 52 52 51 72 38 35 36 49 46 25 46 92 2 46 36 32 34 36 / 19 18 22 30 32 32 42 44 35 27 42 49 430 52 39 47 34 39 36 53 2 48 246 2 46 2 41 19 50 52 2 43 2 43 2 50 477 53 45 4 444 459 475 518 47 46 47 55 40 40 38 55 52 55 55 59 2 2 2 2 1945—i 492 49 38 63 1944—1 2 3 2 3 4 . . . 1946—1 Dividends MiscellaNet 1 neous profits servPre- Comices ferred mon 629 47 51 . . . Other nondurable goods 1,465 1,818 2,163 1,769 1,800 1,896 1,925 433 461 2 3 4 Oil produc- IndusOther Foods, ing dura- bevertrial ages, and ble chemiand refingoods tobacco cals ing 41 41 32 31 22 20 37 43 31 23 52 47 47 43 29 30 28 28 31 27 23 21 20 46 50 64 61 27 26 58 19 12 65 508 439 53 37 42 35 485 49 47 58 2 50 2 47 2 36 2 36 312 25 -17 -38 2-10 77 46 136 149 147 154 161 171 184 203 888 902 970 989 90 90 92 88 86 86 85 39 35 41 48 39 27 35 35 31 32 52 46 205 174 213 296 21 23 20 23 134 135 125 158 41 36 39 209 38 50 221 226 38 44 246 21 22 21 22 127 36 39 224 230 244 272 21 22 20 23 142 149 137 184 250 142 146 42 49 41 40 43 58 47 20 22 21 25 38 43 45 49 49 52 56 64 42 43 49 53 36 37 37 37 39 43 52 50 21 45 62 48 39 45 45 43 38 37 47 53 37 51 40 58 246 20 22 21 22 54 62 64 76 112 20 269 224 552 556 611 612 132 127 170 145 145 182 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad8 Year or quarter 1939 1940 1941 1942 1943 1944 1945 1942—1 2 3 4 Quarterly Operating revenue Income before income tax 6 3,995 4,297 5,347 7,466 9,055 9,437 8,902 249 674 1,658 2,211 1 971 755 126 Electric power4 Net income1 Dividends 93 189 500 126 902 873 668 202 217 246 447 Operating revenue 253 2,647 2,797 3,029 3,216 3,464 3,618 3,695 159 186 Income before income tax 6 629 Net income1 Dividends 535 444 692 774 548 527 906 523 847 914 915 Telephone 5 490 502 499 447 437 408 410 390 399 Operating revenue Income before income tax 6 J 067 1,129 L 235 L 362 1,537 L 641 227 Net income1 191 Dividends 175 248 271 194 178 178 172 302 374 399 163 180 174 396 177 163 168 168 44 42 173 . . . . 1,483 1,797 2,047 2,139 178 390 90 198 24 46 816 770 234 196 131 104 98 96 324 337 72 75 41 41 556 534 286 327 30 101 792 839 195 222 105 150 84 131 342 359 72 83 39 43 39 38 I943—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 42 43 43 46 42 42 42 43 I945—1 2 3 4 2,277 2,422 . . . . 2,231 1,972 425 504 30 72 971 909 292 233 139 123 229 -404 139 187 211 171 116 145 436 444 887 928 102 96 449 474 115 109 103 70 46 45 92 109 41 44 1946—1 1,866 38 971 280 176 107 475 84 54 125 -4 29 123 14 56 104 44 43 43 46 44 1 2 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. Partly estimated. *4 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. 6 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,6 the greater part of whose income consists of dividends received on stock holdings in the 30 companies. After all charges and taxes except Federal income and excess profits taxes. 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. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN. 784 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. End of month 1942—Dec 1943—June Dec. . . 1944—June.... Dec June.... 1945—July Aug Sept Oct. Nov Dec. 1946—Jan Feb Mar Apr May June.... Marketable public issues Total interestbearing direct debt Total gross direct debt Totals 1 In millions of dollars] Nonmarketable public issues CertifiTreasury cates of Treasury Treasury bills indebtnotes bonds edness Total 2 Treasury Special U. S. tax and issues savings savings bonds notes 108,170 107,308 136,696 135,380 165,877 164,508 201,003 199,543 230,630 228,891 258,682 256,357 76,488 95,310 115,230 140,401 161,648 181,319 6,627 11,864 13,072 14,734 16,428 17,041 10,534 16,561 22,843 28,822 30,401 34,136 9,863 9,168 11,175 17,405 23,039 23,497 49,268 57,520 67,944 79,244 91,585 106,448 21,788 29,200 36,574 44,855 50,917 56,226 15,050 21,256 27,363 34,606 40,361 45,586 6,384 7,495 8,586 9,557 9,843 10,136 9,032 10,871 12,703 14,287 16,326 18,812 262,045 263,001 262,020 261,817 265,342 278,115 278,887 279,214 276,012 273,898 272,583 269,422 183,080 183,334 182,833 182,790 185,112 198,778 199,633 199,810 197,063 195,079 193,487 189,606 17,025 17,038 17,018 17,026 17,026 17,037 17,042 17,032 17,047 17,054 17,041 17,039 34,472 34,430 35,072 35,021 35,021 38,155 41,502 41,413 40,399 38,408 36,828 34,804 23,498 23,498 23,498 23,498 23,498 22,967 19,551 19,551 18,261 18,261 18,261 18,261 107,890 108,172 107,049 107,049 109,371 120,423 121,358 121,635 121,177 121,177 121,177 119,323 57,143 57,379 56,278 56,072 57,028 56,915 57,168 57,206 56,550 56,408 56,472 56,173 46,508 46,715 46,741 46,786 47,473 48,183 48,588 48,692 48,733 48,828 48,917 49,035 10,119 10,148 9,021 8,776 9,058 8,235 8,107 8,043 7,365 7,144 7,127 6,711 19,558 20,033 20,519 20,577 20,710 20,000 20,655 20,897 21,135 21,224 21,481 22,332 259,781 260,746 259,630 259,439 262,849 275,694 277,456 277,912 274,748 272,711 271,440 268,111 Noninterestbearing debt 862 ]1,316 L.37O 11,460 ]1,739 ',326 1,264 1,255 1,391 2,378 2,492 2,421 L ,431 1,301 1,264 L ,188 1,143 L,311 Fully guaranteed interestbearing securities 4,283 4,092 4,225 1,516 1,470 409 484 515 527 541 536 553 545 539 542 533 542 467 1 2 Including amounts held by Government agencies and trust funds, which aggregated 7,009 million dollars on May 31, 1946. 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 54 million dollars on securities dated Nov. 15, 1945, and Dec. 3, 1945, sold in the Victory Loan, beginning 4on Oct. 29, 1945. Including prepayments amounting to 192 million dollars on securities dated Dec. 3, 1945, sold in the Victory Loan, beginning on Oct. 29, 1945. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC SECURITIES OUTSTANDING, JUNE 30, 1946 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount 1 Treasury bills July 5,1946.. July 11, 1946. . July 18, 1946. . July 25, 1946. . Aug. 1,1946... Aug. 8, 1946... Aug. 15, 1946. . . Aug. 22, 1946.. . Aug. 29, 1946.. . Sept. 5, 1946... Sept. 12, 1946... Sept. 19, 1946... Sept. 26, 1946.. . 1,312 1,317 1,310 1,315 1,309 1,308 1,301 1,314 1,313 1,313 1,310 1,310 1,306 Cert, of indebtedness 2,470 Aug. 1, 1946 7 A 4,336 Sept. 1, 1946. 3,440 3,778 3,768 3,330 4,954 3,133 2,820 2,775 Oct. 1, 1946. Nov. 1946. Dec. 1946. Jan. 1947. Feb. 1947. Mar. 1947. Apr. 1947. June , 1947.. Treasury notes July 1,1946 Dec. 15, 1946 Mar. 15, 1947 Sept. 15, 1947 Sept. 15, 1947 Sept. 15, 1948 .90 Treasury bonds Oct. 15, 1947-52... 4M Dec. 15, 1947 2 Mar. 15, 1948-50 2 Mar. 15, 1948-51... 2 % June 15, 1948 1% Sept. 15, 1948 2% Dec. 15, 1948-50 2 June 15, 1949-51 2 Sept. 15, 1949-51 2 Dec. 15, 1949-51 2 1 Sold on discount basis. p. 781. JULY 1946 4,910 3,261 1,948 2,707 1,687 3,748 Issue and coupon rate Treasury bonds—< Dec. 15, 1949-52. Dec. 15, 1949-53. Mar. 15, 1950-52. Sept. 15, 1950-52. Sept. 15, 1950-52. Dec. 15, 1950 June 15, 1951-54. Sept. 15, 1951-53. Sept. 15, 1951-55. Dec. 15, 1951-53. Dec. 15, 1951-55. Mar. 15, 1952-54. June 15, 1952-54. June 15, 1952-55. Dec. 15, 1952-54. June 15, 1953-55. June 15, 1954-56. Mar. 15, 1955-60. Mar. 15, 1956-58. Sept. 15, 1956-59. Sept. 15, 1956-59. June 15, 1958-63. June 15, 1959-62. Dec. 15, 1959-62. Dec. 15, 1960-65. June 15, 1962-67. Dec. 15, 1963-68. June 15, 1964-69. Dec. 15, 1964-69. Mar. 15, 1965-70. Mar. 15, 1966-71. June 15, 1967-72. Sept. 15, 1967-72. Dec. 15, 1967-72. Amount 491 1,786 1,963 1,186 4,939 2,635 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 5,284 3,470 1,485 2,118 2,831 3,761 3,838 5,197 3,481 7,967 2,716 11,689 759 Postal Savings 117 701 bonds 2H 13 1,115 Conversion b o n d s . . . . 3 50 1,223 Panama Canal loan. .3 3,062 451 Total direct issues.... 189,606 571 1,014 Guaranteed securities Federal Housing Admin. 1,292 43 Various 2,098 See table on Open-Market Money Rates, UNITED STATES SAVINGS BONDS [In millions of dollars] Month 1944 Dec Redempfrom sales during tions Amount Funds received and month outmaturities standing at end oi All All Series Series Series month G F E series series 40,361 2,386 1,855 125 406 365 41,140 41,698 42,159 42,626 43,767 June.. . 45,586 J u l y . . . 46,508 46,715 Aug Sept.... 46,741 O c t . . . . 46,786 47,473 Nov D e c . . . 48,183 1,074 848 889 838 804 653 712 684 1,540 2,178 1,295 1,195 1,468 1,032 1,184 1,254 228 164 151 130 282 532 215 107 76 107 265 262 341 323 464 404 426 403 571 420 510 865 908 42 31 27 23 63 178 47 22 18 8 54 83 48,588 48,692 48,733 48,828 48,917 June.. . 49,035 960 622 626 668 594 571 641 367 371 388 345 321 40 30 27 30 24 24 278 225 228 251 225 226 629 565 634 621 552 519 1945—Jan Feb.... Mar.... Apr.. . . May... 1946—Jan Feb.. . . Mar.... Apr.... May... 700 514 625 428. 531 528 616 533 559 Maturities and amounts outstanding, June 30, 1946 Year of maturity 1946 1947 1948 . . 1949 1950 1951 . . 1952 1953 1954 1955 1956 . ... 1957 1958 Unclassified. . Total All series Series B-D 221 221 424 498 800 424 498 800 984 984 437 1,620 4,691 8,515 11,326 10,153 5,266 3,062 1,544 -69 49,035 3,365 Series E 1,182 4,691 7,137 8,484 7,125 1,808 30,427 Series F Series G 212 574 645 723 578 164 1,165 2,268 2,383 2,735 2,484 1,380 2,895 12,416 785 OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Estimates of the Treasury Department. Par value, in millions of dollars] Held by banks Total interestbearing securities End of month 76,517 111,591 139,472 168,732 201,059 230,361 256,766 261,261 260,156 259,980 263,386 276,246 278,001 278,451 . . . . 275,290 273,244 1942—June December 1943—June December 1944—June December . . . . . . 1945—June 1945—August . ... September October November . December 1946—January February Inarch April Total Held by non bank investors Com- Federal mercial Reserve banks * Banks 26,000 41,100 52,200 59,900 68,400 77,700 84,100 84,700 83,700 84,400 85,900 90,100 92,000 92,500 89,000 88,600 28,645 47,289 59,402 71,443 83,301 96,546 105,892 107,230 107,028 107,676 109,372 114,362 115,264 115,404 111,601 111,332 2,645 6,189 7,202 11,543 14,901 18,846 21,792 22,530 23,328 23,276 23,472 24,262 23,264 22,904 22,601 22,732 Total 47,872 64,302 80,070 97,289 117,758 133,815 150,874 154,031 153,128 152,304 154,014 161,884 162,737 163,047 163,689 161,912 Individuals 18,200 23,800 30,300 37,100 45,100 52,200 58,500 59,800 59,500 59,300 62,000 63,600 63,700 63,700 63,800 63,400 Insurance companies Mutual savings banks Other corporations and associations State and local governments 9,200 11,300 13,100 15,100 17,300 19,600 22,700 22,500 22,500 22,400 22,200 24,400 24,700 24,800 25,000 25,000 3,900 5,400 4,500 11,600 5,300 15,700 6,100 20,100 7,300 25,700 8,300 27,600 9,600 29,900 10,000 30,000 10,000 28,900 10,000 28,300 9,800 27,800 10,700 29,900 10,900 29,300 11,100 29,000 11,200 ••29,200 11,300 27,500 600 800 1,300 2,000 3,200 4,300 5,300 5,500 5,500 5,500 5,300 6,300 6,400 6,400 6,400 6,400 U. S. Government agencies and trust funds Special issues Public issues 7,885 9,032 10,871 12,703 14,287 16,326 18,812 20,033 20,519 20,577 20,710 20,000 20,655 20,897 21,135 21,224 2,737 3,218 3,451 4,242 4,810 5,348 6,128 6,121 6,123 6,175 6,134 7,038 7,043 7,061 7,046 7,045 r 1 Revised. Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 600 million on Mar. 31, 1946. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Public marketable securities. Par values in millions of dollars] Total outstanding U. S. Govern- Fed- Com- Mu- Insurmer- tual ment eral sav- ance Other agen- Recial cies serve banks ings comx and Banks ( ) banks panies trust funds Total:2 1945—Sept.. Oct... Nov. . Dec... 1946—Jan.. . Feb... Mar. . Apr... 182,870 182,829 185,151 198,820 199.672 199,849 197,104 195,120 6,094 23,328 6,146 23,276 6,104 23,472 7,009 24,262 7,014 23,264 7,030 22,904 7,016 22,601 7,014 22,732 76,939 77,547 78,935 82,830 84,700 85,192 81,861 81,477 Treasury bills: 1945—Sept. . Oct... Nov. . Dec... 1945—jan> Feb. Mar.'.' Apr... 17,018 17 026 17,'026 17,037 17,042 17 032 17,'047 17 054 18 21 18 5 6 14 9 g 13,234 13 172 12,593 12,831 12,866 13 038 13 ,'280 13,661 2,035 1,978 2,306 2,476 2,387 2,396 l,fS12 1,875 10 6 14 Certificates: 1945—Sept. . Oct.. . Nov. . Dec... 1946—Jan.. . Feb... Mar.. Apr... 35,072 35,021 35,021 38,155 41,502 41,413 40,399 38,408 55 7,184 16,209 77 7,206 16,230 62 7,800 16,358 38 8,364 18,091 51 8,047 21,380 58 7,546 21,716 73 6,954 20,618 69 6,505 19,598 211 221 171 91 101 119 179 205 Treasury notes: 1945—Sept.. Oct... Nov. . Dec... 1946—Jan.. . Feb... Mar.. Apr... 23,498 23,498 23,498 22,967 19,551 19,551 18,261 18,261 53 1,933 15,830 80 1,920 15,834 71 2,102 15,678 8 2,120 15,701 8 1,405 13,652 7 1,373 13,625 9 1,463 12,292 9 1,663 12,071 260 258 223 179 176 184 211 211 End of month Guaranteed securities: 1945—Sept.. Oct... Nov Dec. . 1946—Jan... Feb... Mar. . Apr... 37 39 39 41 39 39 40 41 7 7 7 7 7 8 8 8 12 12 13 11 12 12 13 11 Treasury bonds: Total: 1945—Sept.. 107,049 Oct... 107,049 Nov. . 109,371 Dec... 120,423 1946—Jan... 121,358 Feb... 121,635 Mar.. 121,177 Apr... 121,177 Maturing within 1,721 5 years: 1945—Sept 1,850 7 725 1 2,094 Oct... 7,725 1 1,723 Nov 8,214 1,783 Dec... 10,879 1946—Jan.. . 10 879 1,584 Feb.. . 10',879 6 2,239 Mar. . 11,613 1,502 Apr... 11,613 Maturing in 5-10 494 10,918 years: 553 10,735 1945—Sept.. 49,180 561 10,070 Oct... 49,180 360 11,211 Nov. . 49,180 390 11,532 Dec... 46,484 1946—Jan.. . 46,484 531 11,442 Feb... 46,484 573 12,003 549 11,483 Mar. . 45,261 Apr... 45,261 Maturing in 10-20 581 4,841 years: 591 4,815 1945—Sept. . 16,748 607 4,817 Oct... 16,748 576 4,383 Nov. . 16,880 546 3,764 Dec... 20,532 1946—Jan... 20,643 538 3,824 Feb... 20,692 520 3,765 527 3,779 Mar.. 20,701 Apr... 20,701 Maturing after 20 years: 13 4 1945—Sept.. 33,394 4 13 Oct... 33,394 3 Nov. . 35,095 14 6 14 Dec... 42,526 4 1946—j an# t 43 350 13 4 13 Feb... 43,577 3 13 Mar. . 43,600 13 Apr... 43,600 6 9,845 21,437 45,227 9,847 21,501 44,512 9,587 21,375 45,679 10,491 23,183 51,046 10,726 23,758 50,210 10,871 23,895 49,957 10,955 24,008 50,663 11,026 24,060 48,811 1 2 8 2 2 3 3 3 3 3 3 End of month Total outstanding U. S. Govern- Fed- Com- Mu- Insurment eral mer- tual ance Other agen- Resavcial cies serve banks ings comand Banks 0) banks panies trust funds 977 977 977 947 947 947 903 903 42,834 43,477 44,564 46,535 47,253 47,429 47,414 47,908 9,360 9,360 9,176 10,217 10,445 10,565 10,561 10,599 20,348 20,343 20,192 22,230 22,807 22,812 22,896 22,972 27,604 26,964 28,551 33,579 33,000 32,974 32,523 31,912 381 379 456 481 478 478 561 561 5,126 5,177 5,387 7,282 7 360 7',320 7,887 8,019 181 184 173 161 169 159 174 179 320 304 277 257 258 257 288 268 1,714 1,681 1,917 2,697 2 613 2',666 2 701 2^585 L.398 L.396 1,386 1,340 1,323 1,321 1,154 1,153 30,798 31,241 32,125 31,317 31,776 31,901 31,247 31,502 5,926 5,926 5,911 6,915 6,905 6,909 6,882 6,884 982 985 907 967 970 972 973 975 4,141 4,140 4,139 5,073 5,082 5,086 5 098 5*100 3,056 4,179 9,749 2,970 4,066 9,506 2,705 3,945 9,021 2,460 3,840 7,534 2,230 3,735 7,418 2,128 3,697 7,444 2,052 3,603 7,202 2,000 3,513 7,092 4,388 2,868 2,493 4,451 2,928 2,505 4,371 2,966 2,458 5,406 3,298 2,995 5,479 3,427 3,054 5,541 3,476 2,986 5,596 3,422 3,012 5,687 3,484 3,100 2,521 2,609 2,679 2', 532 2,634 2,669 2 679 2,695 3,257 13,357 3,277 13,466 3', 333 13,511 4,300 15]141 4,617 15,759 4^802 15,'871 4 909 15 991 4*, 936 16^090 6,020 5,880 6,178 7,865 7,711 7,718 7,696 7,454 10,120 9,900 11,432 15^482 15,257 15,150 14 922 14^783 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and the residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial banks has been expanded. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. On Apr. 30, 1946, commercial banks reporting to the Treasury held 28,615 million dollars of U. S. Government2 securities due or callable within one year out of a total of 67,564 million outstanding. Including 196 million dollars of Postal Savings and prewar bonds not shown separately below. 786 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] MisChange TransIncome taxes1 cella- Social in Trust Na- fers to Other Total neous Secu- Other Total Net Interacgentional trust exbudget Defiinter- rity rere- 3 est recounts, eral ac- pendi- expend- cit denal ceipts ceipts ceipts etc.* fund debt fense counts, tures itures Withreve- taxes baletc. held2 Other nue1 ance Period Increase gross debt Fiscal year ending: June 1944 June 1945... . June 1946 8,393 26,262 5,291 1,751 3,711 45,408 44,149 2,609 87,039 -4,051 + 10,662 64.307 556 3,540 93,744 0,289 24,884 6,949 1,793 3,824 47,740 46.457 3.617 90.029 1,646 5,113 100,405 53,948 + 798 +4,529 57,679 9,392 21,493 7,725 1,714 3,915 44,239 43,038 4, 722 48,542 1,918 9,837 65,019 21,981 +781 -10,460 10,740 1945—June July August September. October November. December.. 826 669 1,200 768 572 1,076 707 3,930 1,073 466 3,440 1,021 449 2,659 561 718 877 573 689 602 516 69 66 306 69 58 257 69 529 5,916 228 2,754 432 3,281 342 5,192 241 2,581 225 2,609 170 4,122 5,914 1,009 7,837 2,695 156 7,325 2,997 99 6,399 5,189 647 5,367 2,530 172 5,126 2,374 84 4,226 4,118 817 4,245 335 530 162 34 38 1946—January... February. . March April May 554 2,201 1,086 1,704 658 4,180 64: 584 649 642 615 615 51 310 100 65 285 76 397 191 176 424 690 399 3,819 309 118 3,678 646 5,74 174 2,67 106 2,733 4,479 1.395 684 148 June 1,118 44: 966 650 2,742 3,848 3,875 5,762 2,734 2,998 4,48 3,417 2,702 2,550 2,560 2,18: 2,442 Details of trust accounts, etc. Social Security accounts Period Net receipts 460 546 694 563 615 346 384 9,641 8,557 7,354 6,611 5,950 4,656 5,445 482 543 1,383 200 1,316 1,294 1,671 4,891 3,510 4,602 4,251 3,677 5,513 Receipts 1,073 + 168 +1,146 1,573 944 1,034 -276 +39 +462 +254 -139 -103 19,850 3,362 956 -980 -203 3,524 12,773 -577 +534 -1,593 -3,433 -2,398 -4,2'"' 772 327 -3,201 -2,114 -1,316 -3,161 General fund of the Treasury (end of period) Other Net expenditures in checking acExcounts of Invest- pendiGovernments tures ment agencies 3,727 -1,050 + 15,073 5,862 -116 - 2 , 6 1 5 4,357 -50 -3,451 1,422 -95 -2,497 3,420 +302 - 3 , 3 2 1 2,282 +390 +1,632 1,327 + 113 + 11,558 Assets Expenditures Investments Total Deposits in Federal Reserve Banks Deposits in special depositaries Other assets Total liabilities Balance general fund Fiscal year ending: June 1944.... June 1945 June 1946. . .. 3,202 3.239 2,940 2,816 2,757 1,261 380 453 1,618 4,403 1,178 -952 1,851 3.820 4,723 1,313 2,444 4, 192 -571 20,775 25,119 14,708 1,442 1,500 1,006 18,007 22.622 12,993 1,327 997 708 607 421 470 20,169 24,698 14,238 1945—June July August September. October.... November. December.. 217 312 543 52 132 419 54 482 203 239 241 -66 38 198 42 51 56 91 146 143 149 778 222 -26 701 579 336 407 284 295 260 663 441 172 163 80 65 54 3 89 487 9 228 158 195 25,119 22,469 19,018 16,582 13,307 14,849 26,520 1,500 1,252 1,300 1,755 1,124 1,372 1,674 22,622 20,303 16,874 13,989 11,389 12,694 24,044 997 914 844 839 794 784 802 421 386 387 447 494 404 517 24,698 22,082 18,631 16,134 12,813 14,445 26,003 -36 -13 87 -60 72 359 178 178 174 155 158 140 810 393 181 326 390 463 583 225 72 133 165 292 548 309 85 -18 419 25,851 26,414 24,743 21,293 18,859 14,708 1,011 1,209 2,160 1,124 1,230 1,006 24,030 24,447 21,776 19,502 16,949 12,993 810 758 807 667 681 708 424 453 376 359 323 470 25,427 25,961 24,367 20,935 18,536 14,238 1946—January. . . February. . March April May June 178 355 64 135 465 232 51 -274 -79 -395 -9 9 -635 -4 181 1 1 2 Details on collection basis given in table below. Withheld by employers (Current Tax Payment Act of 1943). Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. * 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] ncome taxes Period Total Fiscal year June June June Current Withindi- held 1 vidual ending: 1943.... 16,299 5,771 1944.... 33,028 10,254 7,038 1945.... 35,062 8,567 10,263 2,406 1945—May 4,025 June 2,242 July 1,916 August September. . . 3,553 2,031 October November. . . 1,856 2,742 December 1946—January February.... March April May 201 1,751 46 1,127 318 1,249 87 1,461 1,112 32 271 1,094 41 1,405 539 27 604 3,189 1,670 949 1,848 3,206 4 320 1 821 154 460 708 1 703 1,663 136 1,245 Victory tax CurOther rent Back Excess profits Total corpo- taxes profits taxes taxes ration 686 4,137 785 4,763 1 4,422 1 -1 Miscellaneous internal revenue 557 5,064 705 9,345 661 11,004 70 79 858 161 74 79 75 62 295 1,895 429 228 768 191 105 660 46 1,584 421 47 248 50 105 1,398 151 -3 933 104 52 84 4,571 137 5,353 144 6,960 10 571 21 8 5 572 791 824 11 6 6 13 531 706 605 512 222 536 173 236 134 1,268 6 4 9 643 597 639 102 69 5 614 641 324 157 ManufacCapi- Estate Alcoholic To- Stamp turers' and beverand tal bacco taxes retailers' stock gift age taxes taxes taxes excise tax taxes 329 381 372 105 209 7 30 1 -1 447 1,423 511 1,618 643 2,310 924 988 932 45 51 66 Miscellaneous taxes 670 732 729 1,075 1,207 1,430 64 180 83 6 116 121 62 49 69 191 198 199 93 84 108 6 6 5 104 121 102 116 228 132 34 44 44 45 198 243 230 188 101 120 98 62 6 7 8 7 93 122 112 107 93 140 113 102 61 54 84 221 210 212 96 89 99 8 8 9 136 142 113 66 64 214 214 96 113 7 8 121 93 120 111 123 116 119 »Withheld by employers (Current Tax Payment Act of 1943). JULY 1946 787 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 All agencies: June 30, 1945 Sept. 30, 1945 Dec. 31, 1945 Mar. 31, 1946 Classification by agency, Mar. 31, 1946 Department of Agriculture: Farm Credit Administration: Banks for cooperatives Federal intermediate credit banks.. Federal land banks Production credit corporations.... Regional Agricultural Credit Corp.. Farm Security Administration.... Other* Federal Farm Mortgage Corp Rural Electrification Administration. Commodity Credit Corp Federal Crop Insurance Corp Federal Surplus Commodities Corp.. . National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks Federal Savings and Loan Insurance Corp Home Owners' Loan Corp Federal Public Housing Authority and affiliate: Federal Public HousingAuthority Defense Homes Corp Federal Housing Administration Federal National Mortgage Association. R.F.C. Mortgage Company Total Cash Commodities, supplies, and materials 700 33,55: 34,24 815 33,844 925 33,325 1,279 5,544 5,409 5,290 5,069 2,507 1,679 2,487 1,756 2,288 1,683 1,918 1,789 20 10 43 1 12 55 1 9 4 521 4 3 183 279 998 43 43 135 73 248 334 ,200 124 15 456 26 151 432 ,401 7 3 33S 168 849 2 322 23 137 422 31 20,164 20,816 21,017 20,784 502 551 555 536 1,811 2,154 1,845 460 1,741 772 442 472 1,163 1,135 1,113 1,133 4,162 27 ,266 4,486 27 ,610 4,212 27,492 4,959 26 ,218 267 797 2 37 49 1 5 1 4 166 781 163 15 285 1 21 7 26 Reconstruction Finance Corporation 4 . . 9,832 Office of Emergency Management: 5 8,910 War Shipping Administration 14 Office of Inter-American Affairs 311 Export-Import Bank 997 Federal Deposit Insurance Corp 271 Federal Works Agency 747 Tennessee Valley Authority 3,716 U. S. Maritime Commission 42 951 1,046 304 13 30 17 2 12 31 39 39 1,163 3 492 153 () 279 5 80 2 3 77 375 368 325 285 759 29 1 29 1,943 Investments 21 553 64 172 7 38 All other U. S. PriBonds, notes, Gov- vately Land, and debenern- owned struc- Undis- Other tures payable Other ment tures, tribasliabil- inter- interU. S. Other and Fully uted est est ities Govt. secu- equip- charges sets guarsecu- rities ment anteed Other by U.S. rities Loans receivable Corporation or agency 69 225 62 1 5 551 63 134 7 32 6,794 251 486 1,712 8,121 7,818. 129 620 955 7,955 9 5 2 309 698 160 271 7 740 141 3,575 65 1,878 6 (2) 7 965 52 27 98 18 213 8 *234 100 818 103 48 240 65 132 124 14 451 25 143 432 -255 3 3 459 465 472 479 32 18 2 11 43 3 334 30 (*) 146 721 3,224 1,752 139 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1946 Purpose of loan Fed. Fed. inter- Banks Com- Rural Elec- Farm Fed. Farm Secumedico- modity trificaland Mort. ate for rity operaCredit tion Adm. banks Corp. credit tives Corp. Adm. banks 1,070 To aid agriculture To aid home owners To aid industry: Railroads Other To aid financial institutions: Banks Other Foreign loans Other 72 Less: Reserve for losses. Total loans receivable (net) 998 206 279 183 31 422 Home Owners' Loan Corp. Fed. ExFed. R.F.C. portPublic home and Hous- loan affiliIming port Auth. banks ates Bank 475 (2) 31 794 178 151 153 70 (2) 137 279 (2) 1 183 31 422 152 13 322 781 285 285 153 All other Dec. 1945, All 31, all agen- agencies cies 148 1 18 49 2,816 825 196 200 223 232 10 2,878 896 15 32 267 316 4 279 (22) () (2) 114 127 25 185 545 715 438 40 227 526 707 438 985 279 213 5,069 5,290 1 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. 4 Includes War Assets Corporation (formerly Petroleum Reserves Corporation), Rubber Development Corporation, and U. S. Commercial Company, which were transferred to the Reconstruction Finanqe Corporation from Foreign Economic Administration under Executive Order 9630,5 and War Damage Corporation. All assets and liabilities of the Smaller War Plants Corp. have been transferred to the Reconstruction Finance Corp. and the Department of Commerce. NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly figures are not comparable with monthly figures previously published. Monthly figures on the old reporting basis for the months prior to Sept. 30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p. 517. 788 FEDERAL RESERVE BULLETIN BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction contracts awarded (value)3 1923-25=100 Industrial production (physical volume)* 2 1935-39=100 Year and month Income payments (value) 1935-39 = 100 Adjusted 1919... 1920... 1921... 1922... 1923. .. 1924... 1925.. . 1926... 1927... 1928... 1929... 1930... 1931... 1932... 1933. .. 1934... 1935. . . 1936... 1937... 1938.., 1939... 1940... 1941... 1942. 1943...... 1944 1945 1943 March.... April May June July August.... September October. November. December Manufactures Total Nondurable Minerals 72 75 58 73 88 82 90 96 95 99 110 91 75 58 69 75 87 103 113 89 109 125 162 199 239 235 203 84 93 53 81 103 95 107 114 10' 11' 132 9 6 4 54 65 82 10 122 7 10 13' 20 279 360 353 274 7i 6 7' 8 9i 100 106 95 109 115 142 158 176 17 166 7i 235 23 239 23 240 24 244 247 247 241 232 236 23' 238 241 245 248 249 247 239 351 356 359 358 360 365 368 374 376 365 174 175 176 177 177 178 179 179 180 174 133 137 240 240 238 23 236 236 232 235 234 234 232 230 369 36 364 361 356 354 34 348 342 344 341 343 176 177 175 172 169 169 165 168 168 169 173 173 139 14: 139 140 143 14 139 142 143 14. 14. 137 107 98.5 105.4 113.5 138.0 174.6 213.0 233 P239.1 222.9 224. Durable 7' 7 8 66 7 9. 8< 9: 10C 10 9( 10 9. 8i 9' 11 9 10C 11 12. 12< 13: 14C 13 231.1 232.1 233.9 233.2 234.0 232.5 235.5 237.5 239.0 243 244 241 239 236 235 230 232 230 232 232 232 1945 January.. . February.. March.... April May June July August.... September October.. . November. December. 241.9 245.2 244.1 242.3 241.9 244.6 243.4 236.0 229.0 231.4 235.7 234.1 234 236 235 230 225 220 210 186 167 162 168 163 230 232 232 229 225 220 211 188 171 164 167 161 345 346 345 336 323 308 292 239 194 186 191 185 175 176 176 174 173 173 165 157 156 154 158 156 140 141 142 140 138 144 143 140 134 124 138 133 1946 January February.. March April May 233.5 231.7 234.7 233.5 160 152 168 165 156 148 164 163 P159 166 '139 ••183 191 161 >166 141 141 138 104 P116 P160 163 P161 Nonagricultural AH other Adjusted AdAdAd- Unad Unad- Adjusted justed justed justed justed justed 6. Factory 102.9 103.2 122.8 124.1 125.1 124.8 123.9 123.4 123.9 124.4 124.2 124.4 174 173 183 174 183 177 189 187 187 193 204 197 103.3 103.6 103.8 103.9 104.0 104.3 104.1 103.9 104.0 104.1 104.4 104.7 124.2 123.8 123.8 124.6 125.1 125.4 126.1 126.4 126.5 126.5 126.6 127.0 144 139 145 141 »"14i 140 139 128 127 118 133 127 198 210 220 182 189 202 218 200 200 213 225 216 104.9 105.2 105.3 105.7 106.0 106.1 105.9 105.7 105.2 105.9 106.8 107.1 127.1 126.9 126.8 127.1 128.1 129.0 129.4 129.3 128.9 128.9 129.3 129.9 133 126 139 '109 106 228 254 263 250 257 107.1 107.7 108.9 110.2 111.0 129.9 129.6 130.2 130.9 131.5 106 11 133 149 168 186 207 175. 176.2 176. 179.0 180.1 180.2 179.6 180.6 181.5 179.9 174.6 175.4 175.8 178.3 180,2 181.4 180.8 181.4 181.9 180.3 318.0 324.9 330.4 336.1 335.8 343.1 349.5 354.9 359.7 350. 138 136 13. 127 141 140 140 13 139 143 161 160 15' 168 169 166 166 172 176 168 178.8 178.5 176.6 174.5 173 172.5 171.4 170.9 169 168.1 167.3 125.7 168.0 178.3 178 176.2 173.8 172.3 172.2 171.9 172.0 170.1 168.5 167.7 168.3 351.6 352.7 350.5 345.0 345.3 346.6 339.6 343.1 341.9 343.8 341.0 346. 7[ 145 142 140 138 138 139 142 142 139 137 141 137 345.6 344.8 341.7 333.3 318.7 314.6 298.7 267.3 224.2 222.9 222.9 226.2 229.2 210.51 130.0 129.6 128.9 128.0 127.7 127.7 127.5 127.3 61 95 129 172 P209 103.4 103. 104.1 103 103 103 103 92 107 11 8< 10 109 130 13; 13 140 135 132.0 131.4 130.9 131.0 131.4 130.9 130.1 130.1 130. 130.1 75 96 118 112 89 73 79 91 104 121 134 150 126.6 126.7 126.7 125.1 124.4 123.4 122.7 121.5 115.8 115.4 116.4 117.3 168.1 168.0 166.5 163.8 160.8 157.2 151.7 147.6 127.8 127.2 127.8 128.1 167.7 167.5 166.0 163.0 159.8 156.9 152.1 148.7 128.5 127.6 128.2 128.4 145 169 161 168 P157 119.7 118.4 121.0 122.4 123.5 130.7 122.4 130.3 136.9 138.1 130.2 121.9 129.9 136.1 137.0 •233.1 249.1 Unadjusted 124.5 143.2 127.7 119.7 121.9 122.2 125.4 126.4 124.0 122.6 122.5 119.4 108.7 97.6 92.4 95.7 98.1 99.1 102.7 100.8 99.4 100.2 105.2 116.5 123.6 125.5 128.4 120 129 110 121 142 139 146 152 14' 148 152 131 105 7, 102. 95.« 86. 75.5 76.C 83.8 87. 94. 100. 94.4 100.0 104. 117.5 235 126. 130. 127.5 102 121.8 Unadjusted 138.6 154. 97.6 96.7 100.6 98.1 103.5 100.0 95. 96. 95.3 86. 73.0 64.8 65.9 74.9 80.0 80.8 86.3 78.6 77.1 78.6 87.3 98.8 103.1 104.0 105.8 103. 123.5 79.7 85.5 108 101 106 109 107 109.1 117.1 94. 71.8 49.5 53. 68. 78. 91. 108. 84. 100.0 114. 167.5 245.2 334.4 345. 288.4 86 94 121 13. 13< 14: 14: 12. 8' 4C 3 4! 5C 7C 7' 48 59 7: 70 58 50 54 61 69 83 94 108 Adjusted 103.8 104.2 79.8 88.2 101.0 93.8 97. 98. 96. 96. 103. 89. 75. 64. 71. 83. 88. 96.4 105.8 90. 100. 107. 132. 154.C 177. 172. 149.5 90 6 88 6, 5< 71 8 94 12: 12' 12( 13. 11 9 6. 2: 2. 3 3 5. 5« 6 7: 8 12 16C 61 4 6, 107 136 147 170 Depart Fac- Freighi ment Wholesale Cost of tory carload store com- living* sales pay 1935-39 ings* (val- modity 4 rolls* 1935-3' = 100 1939 = = 100 ue) *5 prices 1935-3' =1926 100 100 = 100 Residential 133 13 12' 11 134 135 138 136 1944 January... February.. March April May June July August.... September October. . . November. December 227. 232.4 231.9 Total AdAdAd- Unad- AdAdjusted justed justed justed justec juste 122.9 109.1 92.3 70.6 68.9 78.7 87.1 101.3 206.9 208.8 209.4 212.8 214.8 216. 216.8 219.3 Employment4 1939=100 83 9' 92 9 105 105 110 11 114 115 11 108 9 75 73 83 88 100 10 9< 103 r * Average per working day. P Preliminary. Revised. Department of Commerce series on value of payments to individuals. For indexes by groups or industries, see pp. 790-793. For points in total index, by major groups, see p. 808. * Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 797 of this BULLETIN. * The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 5 For indexes by Federal Reserve districts and other department store data, see pp. 799-801. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1946, p. 529; for department stores sales, June 1944, pp. 549-561. 1 2 JULY 1946 789 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1945 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Industrial Production—Total... 230 225 220 210 Jan. Feb. Mar. 186 167 162 168 163 160 152 168 Apr. May 165 1 P167 247 240 233 222 194 173 168 173 169 163 154 173 176 336 323 308 292 239 194 186 191 185 166 139 183 191 P175 206 204 192 187 155 163 146 167 164 102 43 169 159 r>108 188 232 184 573 190 229 182 567 181 214 173 505 182 203 172 421 161 164 142 319 166 171 154 296 129 159 139 307 158 178 160 306 164 172 155 293 100 108 95 199 48 46 38 106 168 176 161 286 142 175 148 '363 86 124 99 307 419 405 393 371 310 230 232 231 232 217 190 206 Transportation Equipment Automobiles (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1 651 610 572 535 405 273 258 252 217 220 199 '210 231 218 207 188 142 105 120 137 95 107 '98 '115 Nonferrous Metals and Products... 263 248 219 196 165 139 144 148 147 151 139 141 132 Smelting and refining 194 (Copper smelting; Lead refining;1Zinc smelting; Aluminum; Magnesium; Tin) Fabricating 291 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 188 184 183 171 150 148 147 140 140 128 123 109 272 234 202 162 135 143 148 155 144 148 119 118 116 110 107 98 92 108 109 140 108 138 104 138 98 134 98 124 89 115 76 120 83 123 72 131 95 135 108 139 117 142 123 167 162 166 169 160 161 161 158 164 172 '185 192 191 '177 183 62 225 85 122 180 300 179 61 220 85 115 168 295 176 43 223 95 121 172 298 193 62 240 93 117 179 287 177 61 218 97 110 162 260 200 79 243 97 110 172 220 186 50 235 106 116 177 218 175 4 235 113 119 181 215 181 3 244 119 124 182 217 190 29 247 131 144 197 199 216 106 255 149 144 201 '197 221 136 251 152 150 204 '218 214 130 243 152 148 202 229 192 133 213 128 P143 P191 P228 Manufactures—Total Durable Manufactures. . . Iron and Steel Pig iron Steel Open hearth. Electric Machinery P231 1 Manufacturing Arsenals and Depots . Lumber snd Products. . . Lumber. . . Furniture.. Stone, Clay, and Glass Products. Glass products Plate glass Glass containers Cement Clay products Gypsum and plaster products. . . Abrasive and asbestos products.. Other stone and clay products1. . Nondurable Manufactures. . Textiles and Products Textile fabrics Cotton consumption Rayon deliveries Nylon and silk consumption1. . Wool textiles Carpet wool consumption. Apparel wool consumption Woolen and worsted yarn Woolen yarn Worsted yarn Woolen and worsted cloth Leather and Products. . . Leather tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers. . . Sheep and lamb leathers. Shoes Manufactured Food Products. Wheat flour Cane sugar meltings1 Manufactured dairy products . Butter Cheese Canned and dried milk. .. Ice cream Meat packing Pork and lard Beef Veal Lamb and mutton 9 Revised. * Preliminary. 790 128 P\22 P141 174 173 173 165 157 156 154 158 156 161 166 165 163 P161 149 150 150 132 134 144 141 146 143 151 159 162 160 P163 137 143 218 138 142 221 138 144 220 121 123 220 123 123 213 134 138 215 131 128 215 135 133 226 132 125 228 140 138 233 '149 146 234 150 147 241 148 144 •245 142 36 233 147 153 139 161 146 42 243 151 161 137 165 144 40 234 152 162 137 161 117 33 185 124 129 117 129 127 58 172 136 145 125 136 142 82 186 154 158 149 144 147 93 191 156 156 156 149 150 89 193 160 163 156 154 149 104 184 156 159 152 153 153 110 200 158 160 154 155 171 135 222 175 177 171 170 173 138 229 174 176 171 173 168 122 224 170 172 169 173 122 121 127 109 108 119 112 116 111 117 133 134 130 118 134 95 61 146 125 115 132 91 62 132 126 119 137 97 56 137 132 109 128 79 50 133 109 98 112 75 47 130 114 112 125 97 52 151 123 107 121 89 46 145 116 109 125 83 51 140 120 114 131 92 49 139 115 131 92 54 151 118 126 146 99 64 146 138 120 140 84 ' 62 '148 144 115 135 84 54 135 160 153 151 147 138 144 143 150 154 159 155 140 138 135 138 109 130 127 129 133 P145 72 155 156 P154 129 99 159 197 134 87 181 204 87 175 196 90 179 206 89 181 222 85 171 208 P148 75 160 201 134 137 139 88 121 132 135 134 95 128 141 144 142 103 142 140 146 136 116 133 133 126 144 151 110 141 120 165 179 125 P143 l 130 P133 P143 P148 P146 153 149 246 141 152 P142 163 122 65 149 146 136 P131 59 143 136 149 P116 59 151 130 P117 58 150 131 '122 59 153 144 120 '129 65 173 163 P120 62 168 155 153 158 189 135 155 171 138 138 148 131 146 122 87 105 178 205 153 87 184 140 149 132 80 157 130 157 101 72 132 120 151 90 68 94 P93 Series included in total and group indexes but not available for publication separately. FEDERAL RESERVE BULLETIN. INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1946 1945 Industry Manufactured Food .... Beverages Malt liquor Whiskev Other distilled spirits Rectified liquors Industrial . . . Products Cigars Cigarettes Other tobacco products Paper and Paper Products Paper and pulp Pulp . . Groundwood pulp Soda pulp Sulphate pulp . . . Sulphite pulp Paper . . . Paperboard Fine paper Printing paper . . Tissue and absorbent paper WraDPing paper Newsprint Paperboard containers (same as Paperboard) 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 Rubber Dec. Jan. Feb. Mar. Apr. May 148 128 108 160 152 128 113 165 159 1.38 137 168 165 143 145 174 164 140 143 174 165 153 139 173 P153 192 201 216 212 231 238 176 169 149 55 399 306 181 52 236 365 182 70 218 420 199 83 223 427 197 130 274 343 199 131 431 396 197 125 524 416 127 100 370 401 117 96 356 409 128 150 160 167 154 112 143 156 161 154 16.1 83 162 88 91 195 98 106 206 99 111 216 96 110 194 94 87 139 64 104 185 71 111 205 69 110 217 65 109 205 69 219 71 142 135 131 143 143 142 134 133 140 148 146 vl43 137 160 116 103 236 138 134 160 75 126 139 139 79 131 149 120 93 227 122 128 149 73 122 146 133 80 129 146 118 92 219 120 126 141 74 126 142 135 72 138 152 124 100 223 126 136 165 77 125 142 141 81 139 154 124 101 227 129 137 157 80 133 147 147 79 138 153 114 103 223 131 136 158 79 132 145 140 81 132 137 95 100 195 120 136 144 96 104 203 130 135 155 82 139 141 135 86 143 156 98 111 239 132 141 165 82 144 149 138 86 141 155 96 112 235 131 139 166 85 144 143 126 86 P\ 38 143 78 132 149 140 86 130 131 93 102 167 125 130 145 81 134 146 128 86 105 106 105 111 109 115 114 112 118 123 127 126 124 85 85 88 96 93 96 96 92 102 108 110 108 108 268 273 269 145 167 136 120 149 174 138 121 148 177 136 132 156 175 136 133 155 173 138 140 132 151 119 116 129 152 120 122 147 164 133 144 140 164 123 157 131 171 129 180 129 176 130 190 1 30 P 1 3 5 172 141 183 161 157 284 168 161 406 163 155 421 165 158 400 153 148 332 152 150 116 115 145 148 144 276 154 150 286 116* 111' 296 91 85 295 151 145 337 113 116 20 318 319 318 307 265 230 228 230 234 '232 '232 235 P236 135 134 241 405 131 134 240 407 134 132 243 412 139 130 243 409 133 122 222 368 136 126 237 386 139 124 238 371 142 124 244 370 142 127 246 378 145 130 251 -384 147 126 255 -379 148 122 r 256 r 382 150 123 260 P146 P125 3 9 "> P 3 9 5 233 224 222 218 193 172 191 192 205 215 216 r221 219 P219 140 138 144 143 140 134 114 138 133 141 141 rl38 104 P116 145 143 150 148 146 139 126 143 137 146 149 145 108 P123 136 138 131 150 125 145 47 152 148 153 129 151 140 146 117 153 135 144 102 152 142 148 114 138 112 110 120 133 149 159 112 141 132 142 94 139 150 159 114 144 152 160 121 147 159 168 -125 138 32 10 121 145 P125 P148 111 110 109 109 105 106 109 109 108 108 P95 P93 P82 169 167 168 168 162 161 164 163 159 159 135 133 P113 23 61 24 54 22 49 23 42 22 47 25 51 27 54 30 51 33 48 P37 P39 Sept. Oct. 168 170 156 169 161 149 151 165 155 139 129 163 150 134 108 161 139 101 107 155 146 109 108 162 144 136 139 193 173 152 0 67 283 139 0 61 291 139 0 57 318 147 199 448 293 120 128 139 91 143 90 92 156 94 93 177 90 140 141 136 160 114 103 234 141 132 158 79 126 144 129 80 136 160 108 103 236 140 133 161 78 125 141 132 80 105 85 151 P136 169 P159 Alcohol from Beverage Plants^ Tobacco Printing Nov. Aug. May Products—Continued Other manufactured foods Processed fruits and vegetables Confectionery Other food products Alcoholic June July Apr. . Products Minerals—Total . . . . Fuels Coal Bituminous coal Anthracite Crude petroleum . . Metals Metals other t h a n gold and silver Gold Silver P267 P240 P184 224 239 P156 vl 74 P172 P166 r P161 r t to 136 160 84 141 143 128 83 P168 ' ' ' J pfiO P43 r Revised. P Preliminary. * Series included in total and group indexes b u t not available for publication separately. NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. For description a n d back figures see BULLETIN for October 1943, p p . 940-984, September 1941, pp. 878-881 a n d 933-937, a n d August 1940, p p . 753-771 a n d 825-882. JULY 1946 791 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1946 | Industry Apr. May June July Aug. Sept Oct. Nov. Dec Jan. Industrial Production—Total. 229 225 220 211 188 171 164 167 161 756 Manufactures—Total 245 240 234 223 196 177 171 173 167 160 Feb. I Mar. Apr. May 148 164 163 159 151 170 174 167 182 191 176 169 159 >108 r 335 323 308 292 240 195 187 192 184 164 Iron and Steel Pig iron Steel Open hearth. Electric 206 204 192 187 155 163 146 167 164 102 43 188 232 184 573 190 229 182 567 181 214 173 505 182 203 172 421 161 164 142 319 166 171 154 296 129 159 139 307 158 178 160 306 164 172 155 293 100 108 95 199 48 46 38 106 168 142 176 175 161 '148 286 ••363 86 124 99 307 Machinery 419 405 393 371 310 230 232 231 232 217 190 206 225 >231 651 610 572 535 405 273 258 252 217 220 '199 210 249 '238 231 218 207 188 142 105 120 137 95 107 '98 115 164 '157 263 248 219 196 165 139 144 148 147 151 139 141 132 '132 194 189 183 182 171 150 148 148 141 140 128 123 109 •109 291 272 234 202 162 135 143 148 150 155 144 148 141 120 121 116 113 104 94 95 86 99 110 120 129 131 108 140 112 138 113 138 107 134 108 124 98 115 82 120 81 123 63 131 80 135 95 139 108 142 122 144 126 141 Durable Manufactures... Manufacturing Arsenals and Depots x. . . Transportation Equipment.... 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 165 167 166 168 165 166 167 162 159 163 •174 184 188 182 Glass products Plate glass Glass containers Cement Clay products , Gypsum and plaster products. . Abrasive and asbestos products. Other stone and clay products 1. 183 62 225 81 119 177 300 190 61 235 89 115 169 295 175 43 221 102 120 175 298 186 62 230 102 115 179 287 183 61 227 110 113 162 260 204 79 247 112 114 176 220 192 50 242 123 122 182 218 176 4 237 122 123 183 215 169 3 227 108 128 186 217 186 29 242 107 134 190 199 210 106 247 113 138 191 197 221 136 251 125 143 197 214 130 243 145 144 198 229 203 133 228 135 143 193 '228 Nondurable Manufactures . . 171 172 173 167 159 161 158 158 154 157 162 161 160 160 149 150 150 132 134 144 141 146 143 151 159 162 160 >163 137 143 218 138 142 221 138 144 220 121 123 220 123 123 213 134 138 215 131 128 215 135 133 226 132 125 228 140 138 233 149 146 234 150 147 241 148 144 •245 246 142 36 233 147 153 139 161 146 42 243 151 161 137 165 144 40 234 152 162 137 161 117 33 185 124 129 117 129 127 58 172 136 145 125 136 142 82 186 154 158 149 144 147 93 191 156 156 156 149 150 89 193 160 163 156 154 149 104 184 156 159 152 153 153 110 200 158 160 154 155 171 135 222 175 177 171 170 173 138 229 174 176 -•171 173 168 122 224 170 172 169 173 122 121 126 107 107 118 113 117 111 117 137 134 129 117 134 91 63 143 125 115 132 87 61 142 126 116 132 99 57 135 132 103 120 78 49 123 97 109 79 46 134 110 123 95 52 148 123 108 122 91 46 145 116 113 130 86 50 148 120 113 131 90 49 132 109 115 134 90 54 140 118 136 119 157 140 104 82 67 "62 160 1 4 4 138 144 114 135 81 56 132 145 146 150 166 153 151 149 143 144 '138 139 136 134 135 149 165 119 P155 72 164 185 P120 62 139 127 PIOO 50 112 105 P84 47 103 105 P75 49 112 105 P85 51 123 118 134 95 179 197 134 133 93 173 224 140 171 179 164 202 135 182 225 138 130 145 155 191 125 81 111 171 201 141 76 186 Textiles and Products Textile fabrics Cotton consumption Rayon deliveries Nylon and silk consumption x . . Wool textiles Carpet wool consumption.. Apparel wool consumption. Woolen and worsted yarn.. Woolen yarn Worsted yarn Woolen and worsted cloth. Leather and Products. Leather tanning Cattle hide leathers Calf and kip leathers.... Goat and kid leathers. . . Sheep and lamb leathers. Shoes Manufactured Food Products Wheat flour Cane sugar meltings x Manufactured dairy products. Butter Cheese Canned and dried milk. .. Ice cream Meat packing Pork and lard Beef Veal Lamb and mutton >• Revised. » Preliminary. 792 133 134 132 109 114 157 151 133 J»149 89 189 231 112 234 272 124 254 284 109 223 257 128 P185 93 191 214 125 125 131 86 118 132 135 134 98 130 139 144 139 103 132 131 129 137 116 127 119 97 146 148 108 P209 P212 •218 141 138 9135 P89 116 P134 P160 79 54 66 138 '180 225 141 184 P101 129 138 120 75 154 120 143 95 71 128 120 151 90 70 96 iSeries included in total and group indexes but not available for publication separately. FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average=100] 1946 Industry Apr. May 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 Malt liquor Whiskey Other distilled spirits. Rectified liquors 148 104 130 162 145 97 117 162 146 107 96 165 157 174 88 165 154 165 115 158 176 242 139 165 164 165 142 168 158 118 134 173 156 108 139 171 152 93 149 167 149 88 144 166 147 P143 P138 84 92 P94 129 P113 162 166 148 147 162 214 175 199 214 201 188 198 211 162 164 158 0 175 0 35 318 184 199 400 293 170 55 216 306 183 52 324 365 169 70 154 83 566 420 467 427 157 130 301 343 163 131 280 396 178 125 314 416 118 100 241 401 123 96 214 409 160 0 44 283 291 115 128 133 155 169 173 157 104 142 148 152 147 164 91 133 90 92 156 95 93 186 92 83 170 88 91 204 95 106 220 106 111 225 103 110 198 97 87 128 57 104 185 70 111 193 67 110 202 65 109 190 69 110 219 141 142 142 134 131 144 143 142 134 141 148 146 36 Industrial Alcohol from Beverage Plants x. . . Tobacco Products Cigars Cigarettes Other tobacco products... 71 Paper and Paper Products P143 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 l Coke By-product coke Beehive coke Chemical Products... Paints Soap Rayon Industrial chemicals Explosives and ammunition l Other chemical products 1 129 144 104 92 219 120 126 141 74 126 142 135 71 138 150 110 100 223 126 136 165 77 125 142 141 81 139 153 115 101 227 129 137 157 80 133 148 147 79 138 153 121 103 223 131 136 158 79 132 145 140 82 131 137 96 100 195 120 131 143 78 132 145 140 84 130 131 96 102 167 125 130 145 81 134 144 128 86 137 145 100 104 203 130 136 155 82 139 147 135 86 143 157 105 111 239 132 141 165 82 144 149 138 86 141 156 106 112 235 131 139 166 85 144 144 126 88 105 107 110 117 118 114 114 122 129 129 126 84 87 94 101 104 96 94 106 114 114 112 273 269 r>267 P240 P184 P156 P174 l 72 145 167 141 123 149 174 143 122 148 177 136 124 156 175 134 124 155 173 137 135 132 151 119 115 129 152 120 122 147 164 133 148 140 164 122 162 131 171 125 184 129 176 129 200 130 P135 P138 172 139 187 161 157 284 168 161 406 163 155 421 165 158 400 153 148 332 152 150 224 116 115 145 148 144 276 154 150 286 116 111 296 91 85 295 151 145 337 113 116 20 320 318 315 303 261 239 232 230 231 137 131 241 405 135 130 240 407 138 130 243 412 132 129 243 409 135 131 237 386 139 130 238 371 140 125 244 370 136 162 125 103 234 141 132 158 79 126 145 129 82 137 161 117 103 236 140 133 161 78 125 141 132 81 137 160 117 103 236 138 134 160 75 126 142 139 80 108 106 90 88 268 130 147 107 93 227 122 128 149 73 122 140 133 78 368 P139 136 160 84 141 143 128 83 "161 P168 r r 233 '234 237 P235 142 127 '246 378 142 127 251 '384 145 124 255 '379 148 122 151 ^150 121 121 260 P259 392 P395 233 •256 '382 r Rubber Products.... 233 224 222 218 193 172 191 192 205 215 Minerals—Total.. 140 141 147 145 143 137 125 134 126 134 134 131 100 Fuels. . 145 143 150 148 139 126 143 137 146 149 145 108 P123 Coal 136 138 131 150 125 145 47 152 148 153 129 151 140 146 117 153 135 144 102 152 142 148 114 138 112 110 120 133 149 159 112 141 132 142 94 139 150 159 114 144 152 160 121 147 159 168 125 138 32 10 121 146 125 124 123 116 80 61 60 P49 P48 P52 196 289 192 289 188 281 175 245 111 108 79 50 78 50 Bituminous coal. Anthracite Crude petroleum.... Metals.. Metals other than gold and silver Iron ore (Copper; Lead; Zinc)1 Gold Silver 109 131 166 216 207 304 204 301 20 47 216 58 22 219 57 28 P219 116 P63 58 32 54 r Revised. P Preliminary. Series included in total and group indexes but not available for publication separately. NOTE.—Series on petroleum refining, usually published in this table, is in process of revision. For description and back figures see BULLETIN or October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 1 JULY 1946 793 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939=100] Factory employment Industry group or industry 1945 Apr. Factory pay rolls 1945 1946 May Jan. Feb. Mar. Apr. May Mar. 1946 Apr. May Jan. Feb. Mar. Apr. Total Durable goods Nondurable goods 163.0 159.8 130.2 121.9 129.9 136.1 137.0 341.7 333.3 318.7 229.2 '210.5 '233.1 249.1 217.5 211.5 144.1 '122.6 138.5 152.2 154.6 465.1 451.6 427.6 243.0 '199.6 '237.1 267.3 120.1 119.0 119.2 '121.4 123.1 123.5 123.2 221.0 217.5 212.2 215.7 '221.3 '229.2 231.4 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. . 172.1 122 236 131 129 134 169.7 122 230 130 127 131 131.9 85.0 116 44 175 85 120 . 91 107 108 112 95 127.9 120 125 105 112 103 135.9 134.1 124 161 117 122 108 333.5 229 458 231 281 270 328.8 229 451 228 275 265 318 6 227 422 213 268 247 216.1 173 264 208 203 197 127.2 48 144 149 196 159 211.1 182 207 178 209 182 227.2 186 286 206 230 194 179 155 176 153 145 123 113 104 119 117 145 127 350 331 348 323 334 313 252 225 192 189 204 216 249 240 190 179 126 '91 130 369 365 341 194 '134 -•201 Electrical Machinery Electrical equipment Radios and phonographs 276.0 271.6 183.7 134.2 141.8 172.9 188.6 528.6 517.8 500 =;302.6 161 97 453 441 103 232 259 228 426 132 529 521 151 149 157 272 263 260 165 501 211.1 145 272 225.1 156 286 289.1 213 303 Machinery except Electrical Machinery and machine-shop products Engines and turbines Tractors Agricultural, excluding tractors.. . Machine tools Machine-tool accessories Pumps Refrigerators 224.0 219.9 180.9 '157.2 166.5 179.3 183.9 438.7 426.4 404.7 297.5 255.3 277.9 300.7 239 231 -•105 "•166 -258 277 346 168 258 230 '199 -170 '257 287 355 194 290 311 178 170 261 284 374 228 165 209 171 140 159 186 218 135 420 410 155 146 386 170 769 732 133 131 683 183 288 278 '129 r81 272 130 325 313 -•107 '109 289 108 382 371 348 162 rl60 '156 457 449 186 430 187 186 630 593 202 576 212 196 266 260 124 250 144 125 '292. 6 2767.9 2615.4 Transportation Equipment, except Autos 1237.5 1153.0 326.9 '294.4 2396 0 312.8 311.2 r 3190 3071 2837 Aircraft, except aircraft engines. . 1560 1450 299 296 -•302 311 4280 3957 3703 2289 2167 249 240 Aircraft engines 295 239 2907 2711 2434 360 318 Shipbuilding and boatbuilding. . . . 1233 1132 315 329 '103.0 171.6 103.5 mo.7 Automobiles 165.3 155.1 159.9 325.5 317.5 292.2 Nonferrous Metals and Products Primary smelting and refining. . . . Alloying and rolling, except aluminum Aluminum manufactures Lumber and Timber Basic Products.. . . Sawmills and logging camps Planing and plywood mills Furniture and Lumber Products Furniture Stone, Clay and Glass Products Glass and glassware Cement Brick, tile, and terra cotta Pottery and related products 218 ?49 178 153 201 254 284 142 214 339 174 149 198 250 279 139 273 371 249 234 2*2 284 391 164 559.1 514 357 603 r r 491.5 r512.5 521 ••537 369 380 530 554 153.5 r142.4 '166.2 245.3 184.6 183.4 145.3 126. < 138.4 144.9 148.4 364.0 360.0 347.3 256.1 228.7 265 142 128 269 122 109 225 211 140 262 104 185 300 183 296 144 179 121 104 124 171 128 181 367 556 362 554 121.3 123.4 122.3 124.0 127.0 132.6 226.2 228.3 140 141 74 70 70 72 75 75 89 91 168 167 94 91 93 93 108. 197.9 104.3 103.7 106.0 109.9 HI. 5 110.3 177 97 94 94 95 182 93 98 570.8 566 462 573 222 173 250.8 263.8 191 181 341 524 257 269 230 142 164 207.7 '219.9 '234.5 248.2 118 123 140 132 149 '•161 '165 170 194.2 192.9 200.4 169 177 173 222 291 226 312 209.0 214.6 190 184 108.2 107.7 114.3 121.4 124.9 125 125 142 146 124 68 92 94 99 69 92 93 96 71 71 126 130 132 116 115 128.4 147 105 99 134 190.5 207 108 121 191 190.7 206 115 124 189 185 5 200 114 121 184 185.4 192 135 155 196 '204.6 '217.2 226.8 237 250 247 142 172 155 158 169 181 217 210 219 Textile-Mill and Fiber Products Cotton goods except small wares.. Silk and rayon goods Woolen and worsted manufactures Hosiery Dyeing and finishing textiles 93.9 93.1 98.6 101.t 108 110 105 104 72 73 74 71 95 100 103 94 61 61 67 69 86 86 91 93 103.4 103.5 112 75 107 71 95 177.5 207 139 193 101 151 172.9 202 135 187 99 148 168.3 200 134 179 95 141 190.7 217 149 207 116 168 203.7 230 158 227 125 178 212. f 242 164 234 129 181 215.8 246 167 239 131 179 Apparel and Other Finished Textiles. . . Men's clothing, n.e.c Shirts, collars, and night wear Women's clothing, n.e.c, Millinery 118.0 116.2 121.0 125., 128.6 128.9 128.2 233.1 219.7 174 85 83 87 167 91 90 87 73 72 74 133 129 69 68 74 79 76 80 157 144 76 74 80 86 81 81 160 126 83 69 204.5 157 123 131 84 228.0 148 136 149 147 240.2 158 263.6 170 153 173 170 263.5 174 153 170 143 Leather and Leather Products Leather Boots and shoes 102. 112 75 106 70 94 97.4 100.4 102.4 102.5 92 95 93 93 84 86 89 90.4 82 78 90.0 82 78 Food and Kindred Products Slaughtering and meat packing.. . Flour Baking Confectionery Malt liquors Canning and preserving 118.6 107 115 110 113 138 76 117.9 103 116 110 109 139 73 Tobacco Manufactures Cigarettes Cigars 86., 125 65 85.6 87.0 87.3 87.9 90.8 118 116 124 117 120 69 73 64 76 72 123.0 127 127 110 106 152 69 122.2 126 127 110 103 154 67 121.0 122 122 110 106 143 63 119.8 119.0 115 118 107 104 140 68 148 153 153 172.3 169.3 163.6 185.2 194.5 202.1 203.9 148 151 163 165 165 164 147 154 150 164 174 143 183 185 194.4 178 201 170 199 201 143 194. 168 201 170 192 207 150 166.0 160.8 207 200 135 131 211.5 199 242 181 183 238 137 193. 163 202 171 185 206 144 215.0 218 228 180 191 228 144 157. 192 133 166.7 165.2 201 194 149 146 206.6 191 214 183 186 200 132 205.4 181 203 179 193 195 149 171.3 174.6 205 202 162 156 r Revised. NOTE.—Indexes for major groups and totals have been adjusted to final 1944 data made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for May 1946 are preliminary. 794 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939=100] Factory pay rolls Factory employment Industry group or industry 1946 1945 1946 1945 Apr. May Jan. Feb. Mar. Apr. May Mar. Apr. May Jan. Paper and Allied Products Paper and pulp Paper goods, n.e.c Paper boxes 117.7 105 117 110 116.9 104 115 109 128.6 114 118 120 131.0 116 121 120 132.9 118 123 121 134.5 119 123 122 135.0 201.9 183 198 182 199.8 182 194 180 194.5 178 186 175 Printing and Publishing 97.3 92 104 97.5 92 104 109.4 103 118 112.1 105 121 113.5 107 122 114.2 108 122 114.8 139.4 120 157 138.2 121 156 138.9 122 154 221.7 226.2 233.3 208 204 198 -205 202 -212 204 204 213 r 165.7 l71.2 rl77.2 149 144 154 189 194 200 Chemicals and Allied Products 240.5 236.8 Drugs, medicines, and insecticides. . 183 183 Rayon and allied products 110 110 Chemicals, n.e.c 164 165 Explosives and safety fuses 1358 1349 Ammunition, small-arms 1581 1549 Cottonseed oil 88 95 Fertilizers 126 145 169.7 170.3 171.4 186 182 186 124 123 124 166 165 165 '200 239 '212 194 226 198 92 117 101 168 133 152 170.9 187 122 170 199 181 78 155 167.0 Products of Petroleum and Coal Petroleum refining Coke and by-products Newspaper periodicals. . . . Book a n d j o b Rubber Products R u b b e r tires a n d inner t u b e s . R u b b e r goods, other . . . . Miscellaneous Industries Instruments, scientific Photographic apparatus Mar. Feb. Apr. 235.9 211 212 216 178.4 158 199 431.0 428.1 425.7 285.2 "284.7 r290.0 291.2 280 277 297 302 281 282 301 182 181 197 201 197 183 200 297 296 '273 283 '273 295 '276 2092 2076 2096 '361 '325 305 -310 3167 3150 3185 384 342 428 377 225 203 215 168 253 184 198 341 351 336 363 283 293 387 126.4 126 100 126.8 127 100 134.0 '130.8 '136.7 133 132 132 '115 110 '91 138.2 134 114 138.7 224.6 221 184 230.3 227 179 227.8 220.9 221.3 231.0 218 217 211 223 -192 '•162 186 r2l0 233.5 221 197 169.6 172 138 166.6 169 134 172.7 182 127 177.1 187 129 181.5 192 132 182.0 193 130 184.4 315.4 302 265 315.9 306 256 299.8 289 244 290.1 273 232 202.1 272 234 302.8 281 242 324.9 313 241 173.3 540 159 172.9 534 158 150.4 200 127 155.4 rl60.5 201 205 130 136 163.7 203 136 165.7 348.0 345.2 1068 1070 275 270 336.7 996 265 271.0 330 199 278.1 293.1 -346 322 215 205 301.6 342 220 For footnotes, see page 794. FACTORY EMPLOYMENT {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] 1945 Group Total Durable Nondurable P Preliminary. 194<? Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. 163.8 217 6 121.3 160.8 211 5 120.8 157.2 204 3 120.1 151.7 195.2 117.4 147.6 187.5 116.1 127.8 144.8 114.5 127.2 142.6 115.1 127.8 143.3 115.6 128.1 141.2 117.8 130.7 -122.4 144 4 '122 9 119.8 -122.0 ' Revised. Feb. Mar. Apr. -130.3 -138 7 123.7 May 136.9 P138.1 152 3 P154 6 124.7 P125.1 Back figures from January 1939 may be obtained from the Division oi Research and Statistics. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week 1945 Industry group AH Manufacturing. Durable Goods Iron and Steel and Products Electrical Machinery Machinery Except Electrical. Transportation Equipment Except Autos. . Automobiles Nonferrous Metals and Products Lumber and Timber Basic Products Furniture and Finished Lumber Products. . Stone, Clay, and Glass Products Nondurable Goods Textiles—Mill and Fiber Products . Apparel and Other Finished Products Leather and Manufactures Food and Kindred Products Tobacco Manufactures Paper and Allied Products Printing, Publishing and Allied Industries.. Chemicals and Allied Products Products of Petroleum and Coal Rubber Products Miscellaneous Industries. . . r Revised. Average hourly earnings (cents per hour) 1946 1945 1946 Mar. Apr. D e c Jan. Feb. Mar. Apr. Mar. 45.4 45.1 41.5 41.0 40.5 40.8 40.6 104.4 104.4 99.4 100.4 -100 .2 103.4 46.7 46.5 41.4 40.8 40.0 40.6 40.5 113.9 113.8 106.6 107.0 nO6.4 '110.2 47.1 46.6 48.6 47.1 46.1 47.3 43.1 44.6 44.2 46.9 46.4 48.1 46.8 45.5 47.1 43.6 44.3 44.5 42.5 41.5 42.9 39.7 36.0 43.3 39.0 42.5 41.9 41.1 41.3 42.0 40.0 37.5 43.3 38.8 41.8 40.7 -39.1 40.3 41.4 -39.0 -34.5 43.2 40.1 '42.3 '41.1 -40.0 40.4 41.6 -39.9 -37.3 42.4 41.1 -42.6 -41.6 39.9 40.2 41.4 39.9 38.0 42.0 41.3 42.3 41.6 110.7 107.0 115.3 129.9 128.0 108.1 79.8 85.0 92.3 110.9 106.8 115.2 129.5 128.0 108.2 80.7 85.5 92.9 109.1 105.0 113.4 123.9 122.0 106.3 81.4 85.9 93.9 109.5 105.3 113.9 123.1 123.0 106.6 83.0 86.4 94.2 108.4 102.9 114.7 '123.4 '124.8 109.1 83.6 '87.1 96.7 116.8 103.7 116.9 -126.4 -125.6 111.6 84.8 '88.8 98.5 118.5 109.5 117.6 131.9 130.0 113.2 85.6 90.3 100.4 43.5 43.2 41.5 41.2 40.9 40.9 40.6 89.6 89.9 92.7 94.1 95.3 97.5 98 8 42.4 39.0 42.5 45.1 42.9 46.3 41.6 45.9 47.4 45.3 46.1 41.9 37.9 42.0 45.0 42.3 46.5 41.2 45.7 48.3 45.7 45.8 40.7 36.4 40.6 45.3 39.1 45.6 41.5 42.5 42.9 40.9 42.1 40.4 36,7 39.9 44.9 39.3 44.3 41.1 42.0 41.7 41.7 41.8 40.5 36.5 40.4 44.3 38.5 43.9 40.8 '41.7 -41.6 -40.8 41.8 40.4 37.5 40.8 42.9 39.7 43.9 '41.2 -41.6 40.8 -40.8 -42.1 40.3 73.3 73.5 79.5 37.2 87.4 86.2 87.5 40.5 84.8 85.2 88.1 42.7 86.4 86.9 91.5 39.2 74.1 74.0 80.6 43.5 87.1 87.4 91.0 41.0 112.1 112.9 118.8 41.4 97.5 98.0 100.1 40.2 119.5 120.2 123.6 40.3 111.7 113.6 111.3 41.8 99.1 99.3 98.5 80.3 90.6 90.4 92.1 82.4 92.8 120.0 101.5 124.9 112.1 99.1 83.3 '92.2 90.7 92.4 83.2 '93.7 -122.1 '102.1 '128.6 112.9 98.5 85.8 -96.1 91.7 '94.3 83.0 '95.6 '123.6 -103.3 -130.7 113.8 -99.9 86.8 96.6 92.8 95.3 83.0 96.5 124.4 104.4 133.1 123.4 101.5 Apr. Dec. Jan. Feb. Mar. Apr. 105.8 w 113.1 NOTE.—Back figures are available from the Bureau of Labor Statistics. JULY 1946 795 ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thousands of persons] Transportation and public utilities Trade Finance, service, and miscellaneous Federal, State, and local government 1,753 1,722 2,236 2,078 1,259 679 834 2,912 3,013 3,248 3,433 3,619 3,761 3,822 6,618 6,906 7,378 7,263 7,030 7,044 7,173 4,160 4,310 4,438 4,447 4,115 4,348 4,589 3,988 4,136 4,446 5,203 5,890 5,911 5,887 982 981 982 973 962 954 944 933 2,048 2,057 2,077 2,101 2,077 2,136 2,095 2,041 3,419 3,419 3,433 3,448 3,448 3,484 3,503 3,525 7,280 7,206 7,210 7,222 7,227 7,224 7,132 7,136 4,521 4,532 4,520 4,518 4,382 4,330 4,255 4,229 5,082 5,144 5,216 5,338 5,431 5,526 5,620 5,701 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 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 38,426 38,469 38,456 37,963 37,746 37,465 37,231 36,888 35,151 35,029 35,338 35,605 15,633 15,595 15,445 15,178 14,885 14,534 14,130 13,762 12,022 11,893 11,910 11,851 805 802 796 765 732 798 784 780 780 714 789 798 633 658 691 736 782 828 868 858 883 940 984 7.210 7.164 7,214 7.004 7,056 7,039 7,117 7,121 7,215 7,258 7,315 7,335 4,394 4.404 4.438 4,466 4.513 4,521 4.558 4,597 4.603 4,745 4,894 4,936 5,954 5,998 6,026 6,003 5,976 5,953 5,973 5,967 5,874 1,085 3,797 3,848 3,846 3.811 3,802 3,792 3,801 3,803 3,774 3,806 3,871 3,916 36,333 '35,938 '36,737 37,138 37,480 12,098 '11,458 '12,074 12,614 12,709 814 812 801 508 767 1,230 1,385 '•1,462 1,631 1,721 3,956 '3,987 3,989 3,942 3,885 7,673 '7,697 -7,762 7,775 7,731 5,034 5,082 5,127 5,166 5,147 1944—July August September October November December 38,731 38,744 38,571 38,360 38,347 38,889 16,013 16,023 15,843 15,692 15,607 15,632 833 834 826 816 812 806 686 700 671 652 629 594 3,809 3,818 3,791 3,767 3,771 3,770 6,942 6,918 6,994 7,148 7,299 7,611 4,618 4,582 4,488 4,340 4,315 4,304 1945—January February March April May June July August September October November December 37,952 37,968 38,062 37,791 37,679 37,549 37,273 36,984 35,321 35,231 35,639 36,314 15,555 15,517 15,368 15,102 14,811 14,534 14,130 13,831 12,082 11,952 11,970 11,910 801 798 796 761 728 794 784 784 784 718 793 802 582 599 636 699 798 845 911 927 945 1,006 1,014 1,042 3,740 3,771 3,788 3,792 3,802 3,830 3,858 3,860 3,831 3,825 3,871 3,896 7,030 6,985 7,084 6,990 7,021 7,004 6,975 6,979 7,143 7,331 7,571 7,959 4,350 4,360 4,394 4,444 4,513 4,589 4,672 4,666 4,603 4,698 4,845 4,936 35,815 '35,374 '36,281 36,928 37,435 12,038 '11,401 '12,014 12,551 12,645 810 808 801 505 763 1,132 1,260 1,345 1,549 1,755 3,897 •"3,907 3,929 3,922 3,885 7,481 '7,505 '7,622 7,759 7,692 4,984 5,031 5,076 5,140 5,147 Manufacturing ni g 30,353 31,784 35,668 38,447 39,728 38,698 36,981 10,078 10,780 12,974 15,051 16,924 16,121 13,897 845 916 947 970 891 835 779 1942—May June July August September October November December 37,981 38,204 38,581 39,042 39,171 39,452 39,597 39,898 14,649 14,865 15,143 15,442 15,644 15,798 16,048 16,333 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 1944—January February March April May June July August September October November December Year and month Total 1939 1940 1941 1942 1943 1944 1945 Construction* SEASONALLY ADJUSTED 1945—January February March April May June July August September October November December , 1946—January February March April May 5,673 5,575 5,684 5,528 5,517 5,522 5,502 5,520 UNADJUSTED 1946—January February March April May 5,830 5,869 5,958 5,945 5,914 6,172 5,894 5,938 5,996 6,003 6,006 5,953 5,943 5,937 5,933 5,701 5,575 5,769 5,473 5,462 5,494 5,502 5,548 r * Includes Contract Construction and Federal Force Account Construction. Revised. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. May 1946 figures are preliminary. For back seasonally adjusted estimates see BULLETIN for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics. 796 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 Factories Month January February March April May June July August September October November December Year 1945 1946 1945 1946 140.9 147.0 328.9 395.8 242.5 227.3 257.7 263.6 278.3 316.6 370.1 330.7 357.5 387.4 697.6 734.9 19.5 19.3 26.9 42.7 47.2 41.8 46.3 42.7 42.6 59.9 88.4 86.1 89.7 102.1 275.2 370.6 3,299.3 1945 1946 45.2 104.7 66.6 97.7 160.4 113.7 174.5 105.1 43.4 25.5 51.5 75.5 98.3 85.4 107.9 92.6 1,027.0 563.5 1944 1945 1946 1944 1945 1946 1944 1945 1946 159 137 176 179 144 164 191 169 176 145 165 188 122 109 133 133 98 122 148 125 127 102 103 114 June July August September. . October.... November. . December. . 141 147 329 396 243 227 258 264 278 317 370 331 1,994 3,299 358 387 698 735 952 75 74 221 309 148 82 108 67 43 61 61 62 37 28 43 46 46 42 42 44 49 43 62 74 47 56 146 127 197 1,435 1,311 559 66 73 107 87 95 146 149 196 235 256 309 269 311 331 551 608 756 Title I Loans 1946 1945 1946 1945 1946 1945 1946 7.5 8 5 10.0 12 3 9.5 18 8 19.8 25 5 45.5 60 8 62.8 65.5 69.0 77 5 112.7 75 1 4.9 3 0 4.6 4 3 5.1 10 5 13.4 10 4 10.2 18 6 7.0 8.2 18.1 17 1 11.4 18 0 23.9 17 6 36.3 49 9 29.4 35 6 36.9 32 0 27.0 30 8 30.0 27.3 25.8 28 3 40.9 37.9 39.8 32 0 90.6 111.9 107.9 95.0 89.9 77 5 54.6 61 1 74.0 51.0 50.2 64.7 143.6 128.1 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 Total 320 557 495 694 954 1 026 1.186 1.137 942 886 684 1945—May... July Aug Sept. Oct. . Nov Dec Property improvement Small home construction 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] 94 2 309 424 473 669 2 11 48 51 736 877 691 13 13 6 13 284 7 3 601 537 272 251 262 141 96 125 189. 26 21 15 1 14 13 • 52 45 12 12 i 11 26 * 28 > 60 ID 224 62 56 44 62 1- to 4- Rental War and family houses group housing (Title housing (Title VI) (Title 246 60 160 208 13 25 55 23 56 46 48 58 80 17 14 13 21 39 Ic 243 216 219 22 19 26 24 19 18 * • 16 19 2 * 14 17 20 1 11 27 24 28 28 31 * 12 8 7 1 1 21 21 15 11 •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 1946 1945 1946 May Boston New York. . . Philadelphia. Cleveland. . . Richmond. . . Atlanta. Chicago St. Louis. . . . Minneapolis. Kansas City. Dallas 952,418 May Apr. 7,746 20,904 43,368 127,907 48,522 68,374 105,115 66,630 109,843 42,652 27,176 26,903 68,421 8,864 21,064 25,220 20,856 37,868 58,787 6,434 23,222 11,558 734,911 242,523 NOTE.—Data for most recent month preliminary. INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] Mortgages on ID 885.4 376.8 100.2 Total (11 districts) OOO Year or month May 1945 1,988 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION •" [In millions of dollars] 1946—j a n Feb Mar Apr. Other Federal Reserve district January.... February... March April May June Educational Public ownership Private ownership Total Month Year. Commercial 346.4 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 works and public utilities End of month Total SavCom- Muings tual mer- savand cial loan ings associbanks banks ations Insur- Federal Other 2 ance com- agenpanies cies1 1936—Dec 1937—Dec 1938—Dec 365 771 1,199 228 430 634 8 27 38 56 110 149 41 118 212 5 32 77 27 53 90 1939—June Dec 1,478 1,793 759 902 50 71 167 192 271 342 137 153 94 133 1940—Mar June Sept Dec 1,949 2,075 2,232 2,409 971 1,026 1,093 1,162 90 100 111 130 201 208 216 224 392 432 480 542 171 182 190 201 124 127 141 150 1941—Mar., June Sept Dec 2,598 2,755 2,942 3,107 1,246 1,318 1,400 1,465 146 157 171 186 230 237 246 254 606 668 722 789 210 220 225 234 160 154 178 179 1942—Mar. June Dec 3,307 3,491 3,620 1,549 1,623 1,669 201 219 236 264 856 272 940 276 1,032 237 243 245 200 195 163 1943—June Dec 3,700 3,626 1,700 1,705 252 256 284 1,071 292 1,134 235 79 158 159 1944—June Dec 3,554 3,399 1,669 1,590 258 260 284 1,119 269 1,072 73 68 150 140 1945—June Dec 3,324 3,156 1,570 1,506 265 263 264 1,047 253 1,000 43 13 134 122 iThe RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. including mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc. NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at tht Federal Housing Administration. 797 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise expojts 1 Merchandise imports 2 Excess of exports Month 1942 1943 1944 1945 1946 1942 1943 1944 1945 1946 1942 1943 1944 1945 1946 January February March 482 483 637 749 728 988 1,124 1,107 1,197 903 887 1,030 P800 P671 P815 254 254 272 230 234 249 300 314 358 334 325 365 P394 P318 P384 228 230 365 519 494 739 824 793 839 569 561 665 P406 P353 P431 April May June 717 542 650 989 1,092 1,003 1,231 1,455 1,297 1,005 P756 235 191 215 258 282 296 352 386 331 366 P372 P360 P406 482 351 434 732 810 707 879 1,069 965 639 P350 P1,135 P870 P763 P511 July August September.... 659 705 732 1,265 1,280 1,269 1,197 1,191 1,194 J»893 P737 P514 214 187 196 302 318 289 294 304 282 P356 P360 P335 446 518 536 963 962 981 903 887 912 P537 P378 P180 October November December 803 788 883 1,238 1 073 1,288 1,144 1 187 939 P455 P639 P736 200 168 359 329 312 282 328 323 347 P344 P322 P297 603 620 524 909 761 1 005 815 863 591 P317 P439 2,318 3,454 4,659 3,825 1,014 971 1,325 1,390 1,304 2,484 3,334 2,435 Jan.-x\pr P3,042 P1,501 Pill PI.541 P Preliminary. Including both domestic and foreign merchandise. General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for April 1944, p. 389; April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. 1 1 FREIGHT CARLOADINGS BY CLASSES [Index numbers: 1935-39 average = 100] Foructs Mis- Mereel- chanlane- dise ous I.C.I. Live- est Total Coal Coke Grain stock prod- Ore Annual REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS [In millions of dollars] 102 137 168 181 186 185 172 107 101 112 120 146 139 151 96 96 91 104 117 124 124 110 100 147 114 183 139 155 . 206 192 141 180 143 169 129 101 110 136 146 145 147 142 97 96 100 69 63 67 68 127 118 133 127 143 136 128 143 109 148 133 191 180 193 181 193 167 155 113 167 164 134 160 167 155 157 163 146 158 167 153 129 124 120 121 121 115 114 123 145 140 134 133 137 144 140 133 125 109 110 106 218 204 204 170 171 166 174 134 134 117 159 153 151 146 146 132 126 125 133 130 68 71 69 68 67 64 66 69 74 74 1946—January 133 F e b r u a r y . . . . 126 March 139 April 109 106 May 148 152 155 26 68 127 107 165 95 62 152 150 141 112 126 126 158 140 143 114 122 126 134 143 125 118 94 121 '66 66 134 121 143 143 123 78 78 78 81 74 137 126 '127 143 136 128 143 109 148 133 192 176 191 178 187 160 154 111 167 172 124 141 147 158 188 176 163 158 164 144 102 111 108 99 97 109 150 189 183 135 134 133 143 149 140 140 135 115 108 94 63 203 268 263 273 249 261 215 114 36 151 151 152 150 148 133 136 136 139 123 68 71 69 68 67 65 69 72 75 71 133 114 166 93 61 152 147 130 99 111 120 126 111 127 103 109 121 134 143 130 29 24 35 50 103 123 113 136 141 125 74 75 79 82 74 1939 1940 1941 1942 1943 1944 1945 101 98 109 130 111 123 138 135 137 140 138 143 135 134 145 141 141 137 126 SEASONALLY ADJUSTED 1945—March April r May June... July August September.. . October November. . . December.... 140 139 128 T-127 UNADJUSTED 1945—March. April May ... June July August.. September.. . October November.. . December.... 1946—January February.... March April May 136 139 142 145 143 132 137 128 136 119 123 119 132 107 107 r 148 152 155 26 68 Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. 798 Total railway operating revenues Total railway expenses Net railway operating income Net income 3,995 4,297 5,347 7,466 9,055 9,437 P8.902 3,406 3,614 4,348 5,982 7,693 8,343 P8,052 589 682 998 1,485 1,362 1,093 P850 93 189 500 902 874 668 P447 1945—February.. . March April May June July . . August.... September. October November.. December. . 781 796 799 796 831 791 705 691 657 668 628 678 698 704 704 725 696 648 655 620 608 674 103 98 96 92 106 95 57 36 37 61 -36 68 63 62 57 71 61 22 4 3 30 -56 1946—January.. . . February.. . March April 655 635 651 566 567 555 667 562 88 80 -16 4 51 51 -45 P-25 July August.... September. October.... November.. December. . 713 813 779 823 820 796 755 679 697 661 614 638 711 ••684 723 724 699 669 635 643 600 651 75 102 '95 100 96 97 87 44 54 61 -37 40 K6 56 65 66 63 51 9 20 34 -75 1946—January.. . . February.. . March April 641 579 646 567 570 521 667 557 71 58 -20 10 29 -49 P-21 Annual 1939 . . . 1940 1941 1942 1943 1944 1945 SEASONALLY ADJUSTED UNADJUSTED 1945—February.. . March April May June 34 r p Preliminary. Revised. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS [Based on value figures] SALES AND STOCKS BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average = 100] Federal Reserve district United States Year and month Boston New York 106 114 133 149 168 186 207 104 108 126 140 148 162 176 101 106 119 128 135 150 169 104 111 129 143 151 168 184 189 202 218 200 200 213 225 216 160 177 183 166 167 177 183 188 156 169 177 165 161 172 182 179 '•171 186 200 Minne- Kansas Dallas City apolis San Francisco 106 109 123 129 148 164 185 105 110 127 149 184 205 229 112 117 138 157 212 246 277 109 117 139 169 200 221 244 171 181 184 178 191 190 203 199 ••218 '262 '235 220 237 225 232 238 240 239 218 268 300 272 278 289 288 287 233 255 231 232 245 273 256 234 281 286 267 212 236 246 224 '249 '261 ••317 209 241 243 237 269 300 297 291 319 234 277 254 '272 290 306 339 336 352 342 314 Richmond Atlanta Chicago St. Louis 106 114 138 153 167 182 201 109 120 144 170 194 215 236 113 123 145 162 204 244 275 107 116 135 149 161 176 193 111 119 143 158 179 200 227 179 197 220 189 187 209 220 211 '211 235 252 236 225 248 251 237 243 277 300 274 268 292 298 288 170 184 197 189 193 199 208 206 »-205 185 198 175 175 184 202 184 205 221 244 214 242 271 236 262 283 294 276 308 339 335 245 276 Phila- Clevedelphia land SALES* 1939 1940 1941 1942 1943 1944 1945 SEASONALLY ADJUSTED 1945—May June July August September October November December 1946—January February March April May .. '226 '216 '239 241 '238 '244 210 194 210 232 219 257 213 226 '224 232 183 158 149 ' 164 177 '210 238 170 '201 164 205 '247 219 186 163 168 209 230 273 352 165 127 125 176 196 225 323 155 118 120 171 196 235 307 167 137 136 178 208 255 327 187 161 165 199 224 264 338 207 181 194 239 271 319 399 233 225 244 279 307 348 466 178 154 158 197 213 254 320 198 185 194 234 255 303 365 172 149 160 207 210 243 305 200 192 201 239 253 286 3f6 228 228 237 292 318 352 467 215 211 210 243 254 321 407 179 207 238 147 156 197 155 174 206 158 174 219 167 194 237 197 227 264 246 292 315 167 193 226 192 236 264 158 182 223 199 238 255 248 299 316 255 248 223 211 219 214 228 223 254 243 281 274 '336 313 242 234 281 272 234 244 272 272 335 322 214 253 258 287 285 102 108 131 99 105 124 97 102 123 96 99 119 99 106 130 107 113 139 107 115 140 103 111 134 102 108 134 103 110 138 99 105 125 106 113 130 106 113 137 179 155 165 142 181 143 167 141 182 144 191 175 178 161 186 160 176 152 171 151 159 152 161 159 187 172 162 147 150 148 151 190 185 161 159 169 157 177 177 166 153 159 150 156 198 188 159 166 165 156 190 182 173 179 176 169 166 164 165 158 162 160 161 155 152 151 148 139 165 176 174 170 161 155 152 150 155 164 163 159 152 149 149 146 162 173 166 156 153 151 157 149 207 211 212 199 200 196 195 192 205 201 198 187 186 188 193 189 168 171 167 161 155 156 155 147 172 182 174 166 172 166 163 155 174 178 177 166 163 160 160 155 166 164 156 157 154 155 158 154 196 208 196 187 212 193 189 198 184 196 189 186 184 185 191 176 167 171 177 189 200 145 154 157 171 177 162 166 170 180 190 149 153 160 170 177 157 163 174 178 192 207 201 206 217 233 184 192 201 '220 239 163 165 168 179 191 160 175 185 193 211 166 162 166 183 186 165 163 180 186 201 179 190 195 208 239 183 190 190 215 173 159 166 157 164 202 199 168 172 173 162 175 175 182 184 185 179 136 153 154 164 166 169 167 127 165 160 173 174 175 173 136 156 155 165 167 170 164 124 166 166 169 171 174 165 124 202 210 224 224 224 207 160 203 204 202 205 211 203 155 168 164 172 173 174 171 132 182 181 181 190 186 175 130 172 180 176 176 178 173 136 146 158 172 188 132 145 154 164 144 156 171 182 130 148 160 173 138 151 168 183 177 190 205 218 166 179 201 217 140 150 163 179 138 158 180 193 200 173 192 179 194 228 232 191 211 228 254 263 250 '218 275 UNADJUSTED 1945—May June July. August September October November December 1945—January February March April May STOCKS* 1939 1940 1941 1942 1943 1944 . 1945 . SEASONALLY ADJUSTED 1945—May June July August September October November December 1946—January February March April May UNADJUSTED 1945—May June July August September October November December 1946—January February March April May fc- 217 164 174 175 173 176 170 126 *- m 186 201 212 212 237 218 202 166 200 200 205 207 205 202 144 151 155 167 174 143 147 165 181 161 169 185 202 161 167 177 212 185 197 227 225 191 r Revised. * Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561 and for stocks BULLETIN for June 1946, pp. 588-612. JULY 1946 799 DEPARTMENT STORE STATISTICS—Continued SALES, STOCKS, AND OUTSTANDING ORDERS [As reported by 296 department stores in various Federal Reserve districts] Amount (In millions of dollars) Stocks (end of month) 128 136 156 179 204 227 255 344 353 419 599 508 534 564 108 194 263 530 560 728 1944—Oct.. . Nov... Dec... 257 300 385 607 580 451 577 613 618 1945—Jan.. . Feb.. . Mar... Apr.. . May. . June.. July.. Aug... Sept.. Oct.. . Nov... Dec... 198 198 280 209 231 236 191 213 243 298 334 429 463 495 524 566 '592 601 592 625 620 624 602 462 767 819 772 725 671 697 722 671 652 700 777 764 1946—Jan.. . Feb.. . Mar... Apr.. . May .. 224 239 301 319 P303 488 529 582 644 P675 892 981 974 910 P936 1939 1940 1941 1942 1943 1944 1945 average. average. average. average. average. average. average. Without seasonal adjustment 1944 1943 1942 7. . . .182 Nov. 6. . . .202 Nov. 4 . 11. 14. . . .182 13. . . .211 18. 21. . . .182 20. . . .223 25. 28. . . .176 2 7 . . . .201 Dec. 5. . . .250 Dec. 4. . . .269 Dec. 2 . 9. 12. . . .295 11. . . .297 16. 19. . . .333 18. . . .321 23. 26. . . .222 2 5 . . . .274 Nov. Outstanding orders (end of month) Sales (total for month) WEEKLY INDEX OF SALES [Weekly ending on dates shown. 1935-39 average = 100] 30. Jan. Feb. Mar. Apr. May June July 1943 2. . . .117 9. . . .146 16. . . .139 23. . . .125 30. . . .126 6. . . .143 13. . . .178 20. . . .155 27. . . .162 6. . . .150 13. . . .144 20. . . .147 27. . . .155 3 . . . .161 10. . . .168 17. . . .170 24. . . .182 1. . . .142 8. . . .169 15. . . .149 22. . . .153 29. . . .151 5. . . .151 12. . . .168 19. . . .168 26. . . .132 3' .134 10 1945 1944 Jan. 1. . 8. . 15. . 22. . Feb. Mar. Apr. May June July 113 17. . . .126 24. . . .124 . .110 Jan. . .143 . .146 . .144 29 . .137 Feb. 5. . . .146 12. . . .142 19. . . .142 26. . . .146 Mar. 4. . ..153 11. . . .160 18. . . .172 2 5 . . . .182 1. . . .212 Apr. 8. . . .208 15. . . .152 22. . . .163 29. . . .168 May 6. . . .184 13. . . .197 20. . . .177 27. . . .168 June 3 . . . .163 10. . . .172 17. . . .173 24. . . .151 1. . '. !l49 July 8 '. .116 15. . . .145 22. . . .138 6. 13. 20. 27. 3 10. 17. 24. 3. 10. 17. 24. 31. 7. 14. 21. 28. 5. 12. 19. 26. 2. 9 16! 23. 30. 7 14 21. 28. 1945 .215 Nov. 3 . . . .236 .231 10. . . .261 .252 17. . . .275 .236 24. . . .258 .304 Dec. 1. . . .326 .365 8. . . .401 .377 15. . . .433 .369 22. . . .421 .123 29. . . .158 1946 . .145 Jan. 5. . . .135 . .166 12. . . .188 . .160 19. . . .191 . .161 26. . . .188 . .163 Feb. 2. . 197 . .172 9. . . .214 . .176 16. . . .209 ..177 23. . . .213 . .182 Mar. 2. . . .217 . .204 9. . . .233 . .214 16. . . .243 . .226 23. . . .255 . .230 30. . ..257 . .181 Apr. 6. . . .272 ..156 13. . . .282 . .192 20. . . .289 . .184 27. . . .232 . .193 May 4. . . .248 . .196 11. . . .274 . .178 18. . ..246 . .182 2 5 . . . .245 . .169 June 1. . . .223 ..196 8. . ..273 ..206 15. . . .283 . .183 22. . . .247 29 . .173 .153 July 6 . . . . . . . . . 13 167 20. . 27. . . .157 . .153 NOTE.—Revised series. For description and back figures see pp. p Preliminary. ' Revised. 874-875 of BULLETIN for September 1944. Back figures.—Division of Research and Statistics. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage, change from corresponding period of preceding year] May Apr. 1946 1946 United States. -1-36 +52 +26 Cleveland-cont. Toledo Youngstown.... Erie Pittsburgh Wheeling + 17 +21 + 15 +31 +27 +23 Richmond +32 +26 +16 Washington +31 +25 Baltimore +34 Raleigh, N. C... +21 Winston-Salem.. +35 +33 Charleston, S. C. +14 +28 Greenville, S. C. +28 +33 +33 Lynchburg +10 +54 Norfolk +36 Richmond +30 +44 +28 Roanoke Charleston, +15 +31 W. Va +10 +36 +35 Clarksburg +35 H u n t i n g t o n . . . . +27 +26 +31 +16 Atlanta +33 Birmingham.... +29 +19 +21 Mobile Montgomery. . . +30 +26 Jacksonville. . . . +17 +34 +37 Miami +41 +26 Orlando +37 +23 Tampa +35 +30 Atlanta +44 +32 Augusta +19 +23 Columbus +34 Macon +26 Baton Rouge... +29 + 15 New Orleans. . . +30 +18 Bristol, T e n n . . . +40 +30 +30 Jackson +24 Chattanooga.. . +27 + 15 +26 Knoxville +50 +14 Nashville +5/ +46 +52 +60 +61 +17 +51 +64 +25 +58 +22 +19 +21 +25 +22 +3 +19 +23 + 1 St. Louis +27 Fort Smith... +32 Little Rock... Quincy +27 Evansville.... +32 Louisville +23 East St. Louis. St. Louis +25 St. Louis Area +23 Springfield.... +12 Memphis +20 +17 Minneapolis. . +27 Minneapolis. . . +34 St. Paul +31 Duluth-Superior +32 +34 Kansas City... +11 Denver +29 Pueblo +31 Hutchinson.... +22 Topeka +27 Wichita +21 Joplin +27 Kansas City.. +9 St. Joseph +38 Omaha +49 +22 +58 +21 +38 **+15 +46 +23 +35 +27 +33 +30 +46 +48 +56 +50 New York Bridgeport Newark Albany Binghamton... Buffalo Elmira Niagara Falls.. New York City Poughkeepsie.. Rochester Schenectady... Syracuse Utica +44 +59 +38 +63 +41 +62 +65 +65 +41 +57 +36 +53 +17 +42 +15 +35 +47 +61 +51 +65 +37 +51 +26 +49 +43 +57 +34 +50 Philadelphia. . Trenton Lancaster Philadelphia... Reading Wilkes-Barre.. York +36 +57 +52 +73 +42 ' + 5 1 +33 +56 +36 +60 +39 +69 +32 -+58 Cleveland Akron Canton Cincinnati Cleveland Columbus Springfield.... +37 +29 +42 +40 +37 +39 +17 * Data not available. 800 Chicago Chicago Peoria Fort Wayne.. . Indianapolis... Terre Haute.. Des Moines. . Detroit Flint Grand Rapids. Lansing Milwaukee.... Green B a y . . . . Madison +44 +55 +35 +63 +54 +33 +31 * +35 r Revised. Five 1946 1946 mos. 1946 M a y Apr. +27 +31 +22 +40 +33 Boston New Haven. . . Portland Boston A r e a . . . Downtown Boston Springfield.... Worcester Providence.. . . +54 +36 +39 +61 +53 +52 +43 Five May Apr. mos. 1946 1946 1946 Five mos. 1946 +67 +54 +53 +54 +51 +42 +47 '+47 +49 +52 +53 +60 +69 +46 +73 +60 +55 +59 +48 +57 +34 +68 Mav Apr. 1946 1946 +38 +53 +33 +57 +33 '+67 +43 '+49 +31 +47 +35 +57 +38 +46 +43 +46 +44 +43 +55 +49 +45 '+49 +46 +64 +43 +60 +34 +50 +26 +28 +28 +27 +21 +30 +28 +21 + 14 +25 +22 +31 +31 +24 +35 +52 +16 +53 +28 +52 +29 +52 +36 +40 +33 '+48 +73 +60 +38 +54 +39 +54 +47 +54 +27 +56 +26 +23 +22 +24 +21 +26 +36 +27 +27 +38 +26 +49 +47 +43 +20 +56 +69 +60 +37 +33 +36 +30 + 13 +33 +43 + 16 + 19 +32 +18 +46 +33 +44 +37 +45 +58 +45 +40 +37 +40 +42 +43 +54 +50 +23 +30 +9 + 15 +16 +15 +31 +23 +31 +29 Five mos. 1946 Kansas City— cont. Oklahoma City. +22 Tulsa +22 +36 +39 Dallas Shreveport Corpus Christi. Dallas Fort Worth Houston San Antonio. . . +31 +26 +29 +35 +30 +35 +23 +53 +49 +49 +56 +49 +62 +53 + 16 + 15 +27 +23 +20 +33 +21 +30 +29 San Francisco. Phoenix Tucson Bakersfield Fresno Long Beach.... Los Angeles.... Oakland and Berkeley Riverside and San Bernardino Sacramento.... San Diego San Francisco. . San Jose Santa Rosa Stockton Vallejo and Napa Boise and Nampa Portland Salt Lake City. Bellingham.... Everett Seattle Spokane Tacoma Yakima +30 +45 +38 +49 +41 +30 +26 '+46 +46 '+48 +43 '+41 '+47 '+57 +21 +28 +30 +25 +25 +19 +25 +30 '+52 +17 +24 +35 +41 '+44 +22 +31 +27 +40 +31 '+45 +38 +43 +49 +40 +16 +26 +16 +23 +22 +21 +15 -6 <-i +7 +37 +44 +22 +21 +36 +43 +30 +37 '+49 * +41 *+23 +31 +47 +55 +13 +25 +34 +24 +41 +41 +13 +25 +35 +22 +38 '+49 **Four months 1946. FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Per cent change from a year ago (value) Number of stores reporting Department GRAND TOTAL—entire store. MAIN STORE—total Women's apparel and accessories Coats and suits Dresses Blouses, skirts, sportswear, etc Juniors' and girls' wear Infants' wear Aprons, housedresses, uniforms Underwear, slips, negligees Corsets, brassieres Hosiery (women's and children's) Gloves (women's and children's) Shoes (women's and children's) Furs Neckwear and scarfs Handkerchiefs Millinery Handbags and small leather goods Men's and boys' wear Men's clothing Men's furnishings, hats, caps Boys' clothing and furnishings Men's and boys' shoes and slippers Sales during period 355 355 352 333 337 328 311 313 289 336 335 346 329 239 267 250 284 170 322 324 233 309 285 179 313 235 258 292 199 298 229 226 227 295 124 340 Home furnishings Furniture, beds, mattresses, springs Domestic floor coverings Draperies, curtains, upholstery Major household appliances Domestics, blankets, linens, etc Lamps and shades China and glassware Housewares Piece goods Cotton wash goods Small wares Lace, trimmings, embroideries, ribbons Notions Toilet articles, drug sundries, and prescriptions Jewelry and silverware Art needlework Stationery, books, and magazines 122 226 320 306 238 231 Miscellaneous 297 229 Luggage BASEMENT STORE—total Women's apparel and accessories Men's and boys' clothing and furnishings. Home furnishings Piece goods Shoes 210 197 163 138 51 132 Ratio of stocks to sales Stocks (end of month) April Apr. 1946 Four mos. 1946 Apr. 1946 1946 1945 +52 +54 +48 +63 +31 +32 +73 +43 + 18 +25 +36 +32 +88 +68 +65 +55 +62 +93 + 103 +103 + 104 +96 + 115 + 110 +61 +59 +54 +34 +493 +45 +57 +41 +71 + 19 +20 +32 +53 +22 +25 +69 + 11 +20 +64 +61 +48 +44 +86 +35 + 12 +66 +22 +24 + 14 + 19 + 18 + 12 + 15 +4 + 13 + 12 + 19 -3 + 10 +26 +3 +8 + 11 +21 +25 +33 +31 +47 + 12 +43 +50 +49 +48 +23 +447 +34 +48 +34 +66 +5 +2 + 13 + 10 + 14 +9 +34 +11 + 12 + 10 2.1 2.1 1.7 1.0 1.2 2.8 1.7 2.4 1.5 1.8 1.7 1.0 2.2 1.7 6.2 2.0 4.2 0.8 1.8 1.8 1.0 2.1 2.2 2.2 ' 2.5 2.3 1.9 2.3 0.8 2.5 3.9 4.0 2.9 1.4 1.0 3.8 2.4 3.0 4.1 3.8 5.2 3.8 2.4 3.1 2.0 1.8 2.4 2.3 1.6 2.8 2.8 2.9 2.3 1.7 1.6 3.1 2.5 3.1 1.5 2.0 1.7 1.1 3.7 3.1 8.9 2.7 5.9 1.4 3.3 4 4 3.8 4.4 5.2 5.7 3.2 3.4 2.6 2.4 1.6 2.8 4.6 4.4 3.3 1.7 -9 +1 +21 + 18 + 11 + 15 +8 +38 +20 + 15 +~14 + 12 + 15 +6 + 11 -19 -46 -9 -9 -18 +27 +7 + 13 +31 + 197 +28 +33 +28 +50 +4 +24 + 16 +2 + 15 +3 +31 +34 + 18 + 15 +57 +9 + 11 -1 +7 +31 +47 + 14 +7 +27 +30 +6 + 14 -8 +27 + 15 +2 1.0 4.3 3.5 3.2 5.0 4.9 4.3 3.8 3.4 3.2 2.7 2.3 4.8 2.4 1.5 4.6 NOTE.—Group totals include sales in departments not shown separately. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. SALES ACCOUNTS RECEIVABLE, AND COLLECTIONS Percentage of total sales Index numbers, without seasonal adjustment , 1941 average = 100 Year and month Accounts receivable at end of month Sales during month Total Cash Instalment 1945—April . May . . . . June July August September October November December. 133 147 149 121 136 154 190 212 171 n89 194 163 182 203 245 272 52 55 52 48 58 63 90 101 270 357 108 1946—January February March April Mayp 142 151 190 204 193 186 101 232 249 234 65 72 85 97 85 Charge account r Instalment Collections during month Cash Instalment sales Chargeaccount sales Charge account Instalment Charge account 66 64 61 57 57 59 71 77 128 122 121 117 104 103 122 143 62 63 63 66 65 63 63 62 3 3 3 3 4 4 4 4 79 148 64 4 33 34 32 82 75 83 82 83 190 140 138 154 168 64 61 59 59 59 4 4 4 4 4 32 35 37 37 37 107 116 117 88 99 118 147 165 37 35 34 32 32 33 36 41 88 88 88 76 76 85 99 113 204 48 145 106 122 162 175 169 45 43 45 45 108 100 114 126 129 r 35 34 34 31 31 33 r P Preliminary. . Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on page 799. JULY 1946 801 CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End of month or year Total consumer credit 1929 1930. . 1931 1932 1933. . . 1934 1935. . 1936 1937... 1938 1939. . 1940 1941... . 1942 1943. . 1944 1945. . 1945—May . June July August September October November December 1946—January February March AprilpP May Total instalment credit 7,637 6 839 5 528 4,082 3 905 4,378 5 419 6,771 7 467 7,030 7 981 9,153 9 899 6,485 5 338 5,777 6 734 3,167 2 706 2,214 1,515 1,581 1,849 2,607 3,501 3,947 3,578 4,436 5,455 5,924 2,955 1 961 2,039 2 365 5 541 5,697 5 654 5,649 5,702 6,000 • 6,344 6,734 6,506 6,564 6,978 7,312 7,513 1 961 1,987 1 992 1,988 2,010 2,086 2,190 2 365 2,364 2,408 2,507 2,651 2,779 Sale credit Total Automobile 2,515 2 032 1,595 1,318 999 814 835 903 482 175 200 227 718 184 741 865 1,147 1,368 1,343 1,525 1,721 1 802 1,009 639 635 676 534 188 192 196 202 210 219 227 235 245 264 289 320 719 712 706 717 754 805 903 877 879 905 957 1,002 532 802 1,065 1,195 1,265 1,644 2,005 2,180 1,464 1,147 1,204 1,462 1,048 1,331 1,504 L.442 1,468 1,488 1,601 1,369 L.192 1,251 1,616 1.749 L ,611 ,381 1,114 1,081 L,203 ,292 ,419 ,459 ,487 L.544 ,650 1,764 ,513 L,498 L,758 ,981 1.243 1,268 L,280 1,282 1,293 L.332 1,385 L.462 1,487 ,529 .602 1,694 1,777 1,348 L,420 1,452 L,466 L,466 L,490 L,556 L ,616 1,659 L.671 L,695 1,710 1,730 1,488 1,544 1,459 L.441 1,470 1,666 1,835 1,981 1,701 1,692 1,972 2,138 2,182 2,125 1 949 1,402 652 674 619 516 459 958 677 663 576 940 1,289 1,384 970 1,267 1,729 1,942 Charge accounts Service credit Other 1,197 1,104 928 637 322 459 1,122 1,317 1,805 2,436 2,752 2,313 2,792 3,450 3,744 1,491 Singlepayment loans2 Loans 1 531 520 510 515 544 586 676 642 634 641 668 682 962 776 875 596 573 531 491 467 451 472 520 557 523 533 560 610 648 687 729 772 744 746 751 754 756 758 763 772 782 793 804 813 822 P Preliminary. Includes repair and modernization loans insured by Federal Housing Administration. Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). 1 2 CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (during period) (end of period) Year or month Total 1929 1930 1931 1932 1933 1934 1935 1936 1937. 1938 1939 . 1940 1941 1942 1943 1944 1945 652 674 1945—May June July . . August September. . October November. . December... 1946—January.... February... March April? May? Commercial1 banks 43 45 619 516 459 532 802 1,065 1,195 1 265 1,644 2,005 2 180 1,464 1,147 1,204 1,462 39 31 29 44 88 161 258 312 523 692 784 426 312 358 471 1,243 1,268 1,280 1,282 1,293 1,332 1,385 1,462 1,487 1,529 1,602 1,694 1,777 388 400 406 406 413 428 448 471 494 522 564 608 657 Small loan companies Industrial banks 2 289 257 232 246 267 301 350 346 435 505 535 424 372 388 445 129 384 69 491 131 132 134 89 67 68 76 184 143 121 125 156 191 221 Credit unions 32 31 219 218 263 287 389 391 389 387 395 409 445 446 452 462 482 Industrial loan com- 2 panies Miscellaneous lenders Insured Comrepair mercial and modern- banks 1 ization3 loans Small loan companies 463 503 95 93 238 261 255 255 182 151 155 166 78 14 99 104 107 72 59 60 70 95 78 58 50 60 79 102 125 117 96 99 102 91 86 88 93 25 168 244 148 154 213 284 301 215 128 120 179 61 120 87 134 122 122 121 120 121 124 128 127 128 132 137 88 88 88 87 88 90 93 93 94 95 97 136 140 145 152 165 174 179 181 184 194 209 81 75 73 72 88 94 101 104 105 132 138 82 76 71 74 89 97 133 76 80 103 105 142 98 223 149 98 63 63 63 64 64 67 70 70 71 73 76 88 78 69 130 248 368 460 680 1,017 1,198 792 636 744 938 75 Industrial loan com- 2 panies 14 13 13 13 16 15 18 14 14 18 18 19 340 250 202 234 288 354 409 Credit unions 42 41 413 380 498 376 304 384 423 563 619 604 763 927 983 798 809 876 978 29 27 27 32 44 66 93 112 147 189 217 147 123 122 128 70 70 70 70 71 73 76 76 78 82 85 Industrial banks 2 176 194 198 203 146 128 139 151 38 34 33 42 67 105 148 179 257 320 372 247 228 230 228 13 20 16. 28 13 12 11 12 14 14 16 14 14 16 16 21 18 18 16 20 21 23 19 19 24 25 P Preliminary. 1 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 not shown separately. Other retail direct loans outstanding at the end of May amounted to 43 million dollars, and loans made2 during May were 11 million. Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper. Includes only loans insured by Federal Housing Administration. 802 FEDERAL RESERVE BULLETIN CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of dollars] Department HouseTotal, All End of excluding stores Furnihold other year or and ture appli- Jewelry autoretail stores month mailstores ance mobile stores order stores houses 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1,197 1,104 958 677 663 741 865 1,147 1,368 1,343 1,525 1,721 1,802 1,009 639 635 676 160 155 138 103 119 146 186 256 314 302 377 439 466 252 172 183 198 583 539 454 313 299 314 336 406 469 485 536 599 619 391 271 269 283 265 222 185 121 119 131 171 255 307 266 273 302 313 130 29 13 14 56 47 45 30 29 35 40 56 68 70 93 110 120 77 66 70 74 133 141 136 110 97 115 132 174 210 220 246 271 284 159 101 100 107 534 531 520 510 515 544 586 676 154 150 145 142 144 156 173 198 238 237 235 232 235 247 262 283 10 11 11 11 11 11 12 14 48 49 47 45 44 44 47 74 84 84 82 80 81 86 92 107 642 634 641 668 682 189 184 188 200 205 272 274 279 288 293 14 14 14 15 16 66 62 59 60 61 101 100 101 105 107 1945 May June July Aug Sept Oct Nov Dec 1946 Feb. Mar Apr.? May? CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] Year and month Total Retail instalment paper 2 Automobile Outstanding at end of period 1941—june December.... 1942—June December.... 1943—June December.... 1944—June December.... 1945—May June July August September October November... . December.... 1946—January February March April? May? 202.5 196.8 162 4 125.4 100.2 91.8 89.6 92.0 92.6 94 6 95.1 95 1 95.7 97.7 100.9 104.1 105.6 107.3 112.8 118.1 122.2 53.5 49.3 34 3 21.4 14.4 12.6 12.5 13.0 12.6 12 8 12.8 12.7 12.6 13.1 13.6 13.8 14.1 14.6 15.4 16.8 17.7 Volume extended during month 1945—May June July August September.... October November... . December. . .. 1946—January. . . . February March April? May? 17.1 18.0 16 2 15^8 16.4 19.7 19.9 21.3 18.6 18.0 23 3 23'.6 24.6 2.4 2.4 2.3 2.1 2.2 2.7 3.0 3.1 1 2 Other Repair and modernization1 loans Persona instalment cash loans CONSUMER INSTALMENT CREDITS OF COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] r 3 1 3.0 3.8 4.2 4.1 112 4 10.0 10.9 11.8 12.7 18.2 18.6 16.5 15.6 14.1 14.0 12.9 13.4 13.6 14.2 14.6 14 9 15.4 16.2 16.8 17.2 18.0 18.2 19.1 20.2 21.2 1.3 1.6 1.4 1.3 1.3 1.7 2.2 2.0 1.6 1.7 2.2 2.4 2.8 1.5 1.6 1.5 1.5 1.6 2.1 1.9 1.6 1.8 1.6 2.4 2.5 2.5 11.9 12.4 11 0 10.'9 11.3 13.2 12.8 14.6 12.1 11.7 14 9 14^5 15.2 8.8 7.7 6.8 7.8 7.5 7 7 7.8 7 9 8.0 8.4 9.0 9.8 9.9 Total Outstanding at end of period: 1939 1940 1941 1942 1943 1944 1945 1945—May June July August September. October. . . November. December. 1946—January. .. February. . March April P May P Volume extended during month: 1945—May June July August... . September, October. . . November. December. 1946—January. .. February. . March. April? . . . . May? 1,093 1,450 1,694 845 514 559 731 592 609 619 622 633 659 694 731 771 809 871 946 1,024 110 116 107 108 106 131 140 147 157 155 188 212 225 347 422 451 289 221 245 302 258 265 270 267 271 279 291 302 314 329 353 378 402 50 53 50 47 46 56 60 64 63 63 82 83 85 155 217 288 143 75 97 78 79 79 79 79 83 90 97 107 111 117 127 142 209 247 234 154 89 83 121 89 93 96 100 103 109 116 121 125 131 140 151 161 22 24 22 23 23 28 29 32 34 35 41 46 53 18 15 13 15 13 19 21 24 27 24 25 32 38 10 12 11 12 12 15 16 13 14 15 20 22 21 68 Outstanding at end of period 1944 1945 1945—May June July August... September October. . November December 1946—January. February March. . April?. . May? ... Volume extended during month 1945—May June July August September... October November... December. . . 1946—January February.... March April? . May? Repair Personal instaland modern- ment cash izationl loans loans Automobile Other 67.1 76.7 68.2 69.6 70.0 69.3 70.4 71.4 73.8 76.7 77.5 78.4 81.0 83.2 85.6 10.5 11.0 9.4 9.2 9.6 9.6 9.6 10.0 10.6 11.0 11.2 11.2 11.6 12.1 12.6 3.8 4.0 3.6 3.7 3.8 3.7 3.8 3.9 4.0 4.0 4.0 4.1 4.2 4.5 4.8 1.1 1.5 1.2 1.3 1.3 1.3 1.4 1.5 .6 .5 .5 .6 .6 .6 .7 51.7 60.2 54.0 55.4 55.3 54.7 55.6 56.0 57.6 60.2 60.8 61.5 63.6 65.0 66.5 14.1 14.1 13.4 13.1 13.8 16.0 16.2 17.8 15.6 15.2 18.3 18.0 18.2 2.0 2.3 2.4 2.2 2.2 2.6 2.7 2.7 0.7 0.6 0.7 0.7 0.7 1.0 1.1 0.8 0.7 0.8 0.9 1.0 1.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.2 0.2 0.2 11.2 11.0 10.1 10.0 10.7 12.2 12.2 14.1 12.2 11.9 14.2 13.7 13.7 Includes not only loans insured by Federal Housing Administration but also noninsured loans. Includes both direct loans and paper purchased. JULY 1946 Personal instalment cash loans 164 253 310 123 81 99 146 112 116 118 119 122 128 135 146 155 164 179 193 212 Retail instal-2 ment paper Total no!i 95 3 75." 6 62.9 57.5 57.4 57.8 58.9 59 9 59^9 59 6 59.7 60.0 61.5 63.3 '•63.6 r 64.5 67.4 69.3 70.6 218 311 411 136 55 57 65 55 56 56 57 58 60 62 65 70 74 82 97 107 Repair and modernization loans1 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] Year and month 18 4 18.8 16.3 12.8 Other retail, purPur- Direct chased and chased loans direct Automobile retail Year or month 2.6 2.4 3.0 3.1 3.1 Preliminary. ' Revised. 803 CONSUMER CREDIT STATISTICS— Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1 Percentage change from preceding month Percentage change from corresponding month of preceding year May Apr. 1946? 1946 May Apr. 1946? 1946 Net sales: Total Cash sales Credit sales: Instalment Charge account Accounts receivable, at end of month: Total Instalment Mar. 1946 +6 +3 +9 +7 +18 + 19 +60 +80 +62 +84 +44 +65 + 19 +11 +48 +73 +54 +71 +29 +52 +4 +3 +4 +3 +3 +1 +26 +20 + 18 + 16 + 14 +11 Collections during month: Total Instalment . +7 +4 Inventories, end of month, at retail value. +7 Year and month Mar. 1946 +6 +7 +4 + 11 +1 -1 + 14 +15 +40 +37 +35 +35 +27 +22 +8 +6 +22 + 18 +13 * Preliminary Charge accounts Instalment account.-. 1945 April May , June July August , September. . . . October , November. December January February March April M 1946 , Department stores Furniture stores Household ap pliance stores Jewelry stores Department stores 31 32 32 31 33 35 40 40 36 22 23 23 24 23 23 27 27 24 36 40 43 42 48 49 52 51 48 30 33 33 31 31 30 31 35 46 62 64 64 62 63 63 66 67 61 32 31 35 35 34 25 24 27 28 28 52 51 53 56 54 32 29 32 32 33 61 60 64 63 62 P Preliminary. i Ratio of collections during month to accounts receivable at beginning of month. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100] All items Food Clothing Rent Fuel, electricity, and ice House furnishings Miscellaneous 1929 1930 122.5 119.4 132.5 126.0 115.3 112.7 141.4 137.5 112.5 111.4 111.7 108.9 104.6 105.1 1931 1932 1933 1934 . 1935 108.7 97.6 92.4 95.7 98.1 103.9 86.5 84.1 93.7 100.4 102.6 90.8 87.9 96.1 96.8 130.3 116.9 100.7 94.4 94.2 108.9 103.4 100.0 101.4 100.7 98.0 85.4 84.2 92.8 94.8 104.1 101.7 98.4 97.9 98.1 1936 1937 1938 1939 1940 99.1 102 7 100.8 99.4 100.2 101.3 105 3 97.8 95.2 96.6 97.6 102 8 102.2 100.5 101.7 96.4 100 9 104.1 104.3 104.6 100.2 100 2 99.9 99.0 90.7 96.3 104 3 103.3 101.3 100.5 98.7 101.0 101.5 100.7 101.1 1941 1942 1943 1944 1945 105 2 116.5 123.6 125.5 128.4 105 5 123.9 138.0 136.1 139.1 106 5 124.2 129.7 138.8 145.9 105 9 108.5 108.0 108.2 108.3 102 5 105.4 107.8 109.8 110.3 108 2 122.2 125.6 136.4 145.8 104.0 110.9 115.9 121.3 124.1 127 1 126 9 126.8 127 1 128.1 129.0 129 4 129 3 128.9 128.9 129 3 129.9 137 3 136.5 135.9 136 6 138.8 141.1 141 7 140.9 139.4 139.3 140 1 141.4 143 0 143 3 143.7 144 1 144.6 145.4 145 9 146 4 148.2 148.5 148 7 149.4 109 7 110 0 110.0 109 8 110.0 110.0 111 2 111 4 110.7 110.5 110 1 110.3 143 6 144 0 144.5 144 9 145.4 145.8 145 6 146 0 146.8 146.9 147 6 148.3 123 3 123.4 123.6 123 8 123.9 124.0 124 3 124.5 124.6 124.7 124 6 124.8 129 9 129.6 130 2 130 9 131.5 141 0 139.6 140 1 141 7 142.6 149 7 150.5 153 1 154 3 155.4 110 8 111.0 110 5 110 4 110.3 148 8 149.7 150 2 151 3 152.4 125 4 125.6 125.9 126 0 126.3 Year or month . . 1945—January. February March April .. May June July August September October November December 1946—January February March April May . « . . . . . . . . . .108.3 108.3 108.3 108.3 108 4 Back figures.—Bureau of Labor Statistics, Department of Labor. 804 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. Year, month, or week 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1945—March April May June July August.... September. October November. December.. 1946—January... February.. March April May Week ending: 1946—Tan. 26. Feb. 2 . . . Feb. 9. . . Feb. 1 6 . . . Feb. 2 3 . . . Mar. 2 . . . Mar. 9 . . . Mar. 1 6 . . . Mar. 2 3 . . . Mar. 3 0 . . . Apr. 6. Apr. 13... Apr. 20... Apr. 27... May 4. .. May 11... May 18. .. May 25. .. June 1. . . June 8. . . June 1 5 . . . June 22. .. June 2 9 . . . All commodities Farm products 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 1 104.0 105.8 105.3 105.7 106.0 106.1 105.9 105.7 105.2 105.9 106.8 107.1 10^.1 107.7 108 0 110.2 111.0 104.9 88.3 64.8 48.2 51.4 65.3 78.8 80.9 86.4 68.5 65.3 67.7 82.4 10.S 9 122.6 99.9 90.5 74.6 61.0 60.5 106 8 106.7 107.1 108.0 108.3 107.9 109.2 109.5 109.4 10^.5 109.7 109.9 110.4 110.3 110.7 110.9 111.5 111.0 111.8 111.9 111.8 113.7 106 8 106.8 107 107. 107, 107.6 108 108 108.4 108.7 109.1 109.3 109.6 109.6 109.9 110.1 110.9 110.7 111.1 111.5 111.8 112.4 Foods Hides and Textile leather nroduct" products Total Fuel and Metals lighting and metal Building materials iroducts materials Chemicals and allied products HouseMiscelfurnishing goods- laneous 73.6 70. 71.3 82.7 99 6 106.6 1 "> ^ . 3 104.9 128.2 106.2 127.2 104.6 129.0 105.8 129.9 107.0 130.4 107.5 129.0 106.9 126.9 106.4 124.3 104.9 127.3 105.7 131 1 107.9 131 5 108.6 179.9 107.3 130.8 107.8 133.4 109.4 135.4 110.8 137.5 111.5 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 99.7 99.2 99.3 99.4 99.6 99.7 99.9 99.8 100.1 100.2 100.5 100.8 101.3 102.2 103.3 103.9 109.1 100.0 86.1 72.9 80.9 86.6 89.6 95.4 104.6 92.8 95.6 100.8 108.3 117.7 117.5 116.7 118.1 117.8 117.9 117.9 118.0 118.0 118.0 118.7 118.6 118.8 118 9 119.4 119.6 119.8 119.8 120.4 90.4 80.3 66.3 54.9 64.8 7? 9 70.9 71.5 76.3 66.7 69.7 73.8 84.8 96.9 97.4 98.4 100.1 99.7 99.6 99.6 99.6 99.6 99.6 100.1 101.0 101.1 101.4 101.6 102.2 104.7 107.9 108.8 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 84.0 83.4 83.5 83.7 83.9 84.3 84.8 84.1 84.2 84.6 84 8 84.9 85.1 85.0 86.1 86.1 100.5 92.1 84.5 80.2 79.8 86.9 86 4 87.0 95.7 95.7 94.4 95.8 99.4 103.8 103.8 103.8 104.7 104.2 104.2 104.3 104.7 104.7 104.7 104.9 105.0 105.2 105.6 105.7 106.6 108.4 108.8 109.4 95.4 89 9 79.2 71.4 77.0 86.2 85.3 86.7 95.2 90.3 90.5 94 8 103.2 110.2 111.4 115.5 117.8 117.1 117.1 117.3 117.4 117.5 117.8 118.0 118.3 118.7 110.5 120.0 120.9 124.9 126.5 127.8 94.0 88.7 79.3 73.9 72.1 75.3 79.0 78.7 82.6 77.0 76.0 77.0 84.4 95.5 94.9 95.2 95.2 94.9 94.9 94.9 95.0 95.3 95.3 95.3 95.5 95.7 96.1 96.0 95.9 96.0 96.1 96.5 94.3 92.7 84.9 75.1 75.8 81.5 80.6 81 .7 89.7 86.8 86.3 88.5 94.3 102.4 102.7 104.3 104.5 104.5 104.5 104.5 104.5 104.5 104.5 104.6 104.7 104.7 104.7 106.2 106.5 106.9 107.5 108.3 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 94.7 94.6 94.8 94.8 94.8 94.8 94.8 94.8 94.8 94.8 94.8 95.3 95.6 95.6 95.7 97.0 179 9 129.7 130.4 131.0 131.1 130.7 133.9 133.1 132.9 133.3 135.2 135.1 135.4 135.5 135.6 135.8 137.9 137.2 138.8 139.4 139.9 140.0 100.9 100.9 101.1 101.1 101.1 101.5 101.6 101.9 102.0 102.3 102.4 102.8 103.1 103.1 103.6 103.7 104.0 104.1 104.3 104.6 104.9 105.1 119.4 119.8 120.0 120. 120. 120. 120. 120. 120. 120. 120. 120.3 120.3 120.3 120.3 120.3 120.9 120.9 120.9 120.9 123.4 123.5 101 101 101 101 101 101 101.9 101.9 102.4 104.3 104.5 105.0 105.2 105.5 106.7 106.7 108.2 108.2 108.2 108.3 108.3 108.3 85.4 85.4 85.8 85.7 85.6 85 85.4 85.4 85.4 85.4 85.5 86.5 86.6 86.6 87.0 87.0 87.0 87.1 86.7 86.9 86.9 87.1 105.8 105.8 105.8 105.8 105.8 107.8 107.8 107.7 107.9 107.9 108.0 108.2 109.0 109.0 109.1 109.3 109.3 109.4 109.5 110.5 111.0 111.0 119.9 119.9 119.9 120.0 120.2 121.0 121.1 123.3 123.6 123.6 124.0 124.0 126.0 126.0 126.6 126.8 126.9 127.2 127.8 128.2 128.5 96.0 96.0 96.0 95.9 96.0 96.0 96.0 96.0 96.0 96.0 96.0 96.1 96.1 96.1 96.1 96.2 96.3 96.6 96.6 96.8 96.8 96.9 106.6 106.8 106.8 106.8 108.0 108.0 108.3 108. 108. 108. 108. 108. 108. 108. 108. 108. 109. 109. 110.0 110.2 110.4 110.0 95.0 95.0 95.3 1945 1946 95.4 95 95 95.4 95.4 95.4 95.5 96.2 96.2 96.3 96.o 97.8 97.9 97.9 97.9 1946 1945 Subgroups Subgroups May Farm Products: Grains Livestock and poultry Other farm products Foods: Dairy products Cereal products Fruits and vegetables Meats Other foods Hides and Leather Products: Shoes Hides and skins Leather Other leather products Textile Products: Clothing Cotton goods Hosiery and underwear . . . . Silk Rayon Woolen and worsted goods.. . Other textile products Fuel and Lighting Materials: Anthracite Bituminous coal Coke Electricity Gas Petroleum products 1926=100] Other commodities Feb. Mar. Apr. May 129.1 133.9 136.7 137.0 148.1 135.5 132.7 133.5 135.1 134.9 125.9 127.9 131.4 134.2 135.1 110.6 115.8 116.1 116.3 95.4 96.1 96.2 99.4 131.4 127.5 133.1 138.2 108.6 108.1 109.6 110.3 94.7 96.5 97.7 97.7 126.3 117.0 101.3 115.2 128.2 117.6 103.9 115.2 128.6 117.6 104.0 115.2 128.6 117.6 104.0 115.2 117.0 100.3 140.6 110.5 98.1 128.9 120.7 104.0 115.2 107.4 109.4 109.5 117.4 119.6 119.7 125.8 132.9 137.6 138.6 71.5 75.3 75.5 75.5 75.7 30.2 30.2 30.2 30.2 30.2 112.7 112.7 112.7 112.7 112.7 100.9 102.0 109.6 110.5 111.9 95.6 104.0 104.0 104.0 123.2 125.1 125.2 125.2 130.7 134.9 134.9 133.5 58.5 71.3 68.3 76.4 79.1 79.6 79! 7' 64.2 61.6 61.2 62.8 104.1 125.3 133.5 63.5 Apr. May 97.5 98.1 98.5 98.6 98.7 99.2 99.6 99.6 98.4 103.3 107.0 107.4 112.8 112.8 112.8 112.8 85.9 85.7 86.1 87.1 92.4 95.1 95.1 100.8 101.7 102.7 107.8 112.8 89.0 100.8 119.9 102.4 171.4 108.0 100.8 120.1 112.8 120.5 102.6 172.5 108.2 100.8 120.1 115.7 May 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 Fertilizer materials Mixed fertilizers Oils and fats Houstfurnishing Goods: Furnishings Furniture Miscellaneous: Auto tires and tubes Cattle feed Paper and pulp Rubber, crude Other miscellaneous 110.7 99.4 154.9 106.4 92.4 107.3 104.1 Feb. 116.9 101.5 160.1 107.8 95.1 113.7 107.2 Mar. 117.4 102.3 167.6 107.8 95.1 120.1 112.3 95.8 97.0 97.0 97.1 97.9 106.8 111.5 111.7 112.4 112.4 81.9 81.9 81.9 81.9 81.9 86.6 86.6 86.6 86.6 86.6 102.0 101.8 102.1 102.1 102.1 107.5 110.1 110.9 112.1 113.4 101.5 102.9 102.9 102.9 102.9 73.0 73.0 73.0 73.0 73.0 159.6 159.6 159.6 159.6 173.6 109.0 113.7 113.7 113.9 115.3 46.2 46.2 46.2 46.2 46.2 98.9 98.9 98.9 99.2 100.2 Back figures.—Bureau of Labor Statistics, Department of Labor. JULY 1946 805 GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS [Estimates of the Department of Commerce. In billions of dollars] 1945 by quarters Annual totals Seasonally adjusted annual rates Unadjusted 1937 Gross national product. 1938 1939 1940 1941 1942 1943 1944 1945 87.7 80.6 88.6 97.1 120.2 152.3 187.4 197.6 197.3 49.8 51.8 48.7 47.0 204.5 206.3 195.7 182.8 Government expenditures for goods and services Federal Government , 13.6 6.1 14.4 6.8 16.0 7.9 16.7 26.5 18.6 62.7 55.3 93.5 86.2 97.1 89.5 83.0 24.0 75.1 21.9 25.1 23.1 19.5 17.7 14.5 12.4 95.6 87.8 99.2 91.3 79.5 71.6 57.7 49.8 War Nonwar State and local governments. Private gross capital formation. Construction 7.5 11.6 3.7 7.6 7.7 3.3 1.4 6.5 8.1 10.9 3.6 2.8 6.1 7.9 14.8 4.3 13.3 5.3 7.9 19.1 5.3 50.3 5.0 7.4 7.6 2.9 81.3 4.9 7.4 2.5 1.6 83.7 5.7 7.7 2.0 1.6 69.0 6.1 7.9 9.4 2.7 20.5 1.4 2.0 1.2 0.4 21.3 1.7 2.0 1.6 0.6 16.3 1.4 1.7 3.5 0.8 10.8 1.6 2.1 3.1 1.0 82.2 5.6 7.8 3.9 1 85.3 6.0 7.8 7.1 2.3 65.2 6.4 7.9 12.5 2.9 43.3 6.5 8.0 14.2 3.7 2.0 1.6 2.4 2.0 2.8 2.5 1.3 1.6 0.6 1.0 0 5 1.1 0.8 1.9 0.1 0.1 0.4 0.2 0.5 0.3 0.6 5.5 6.9 8.9 5.1 3.1 4.0 6.4 1.3 1.5 1.8 1.8 5.2 Residential Other Producers durable equipment 4.5 6.3 Net change in business inventories 1.1 - 1 . 3 Net exports of goods and services 1.1 0.1 Net.exports and monetary use of gold and silver... . 0.1 0.4 Consumer goods and services.. . 62.5 58.5 Durable goods 6.0 7.6 Nondurable goods 54.9 52.5 Services 1 1.8 3.5 -0.5 -0.6 -1. C) 0.8 1.5 1.2 0) -1.5 -1.8 0.4 - 0 . 4 - 0 . 2 0.2 61. 0.3 65.7 7.4 34.4 23.9 0.2 74.6 9.1 40.1 25.4 6.4 32.6 22. o.i 82.0 6. 47.9 27.8 C1) 91.3 6.6 55.1 29.7 -0.1 -0.1 98.5 104.9 7.4 6. 60.0 64.4 31.8 33.1 Gross national product 87.7 80.6 88.6 97.1 120.2 152.3 187.4 197.6 197.3 Deductions: Business tax and nontax liabilities 28.6 9.0 10.4 12.4 27.4 29. 23.1 18.5 Depreciation and depletion 6.2 6.1 6.2 8.2 6.4 8.0 7.6 8. 7.0 Other business reserves. . . 0.5 1.0 0.8 0 0. 0 0.6 0. 0.8 Capital outlay charged to current expense 0.5 0.8 0.9 1.1 1.3 0.8 0. Adjustments: For inventory revaluation - 0 . 7 +0.9 - 0 . 4 - 0 . 4 - 3 . -2.1 -0.2 -0. For discrepancies 0 1.5 - 2 . -2.0 0 0 -0.4 -0.2 National income 71.5 64.2 70.8 77.6 96! 122.2 149.4 160. 161.0 Additions: Transfer payments 2.4 3.2 2.4 2.6 1. 2.7 5.3 2.5 Deductions: Corporate savings 5.5 0.4 1.8 -0.8 -1.5 4.4 5.4 4.0 Contributions to social insurance funds 1. 3.8 2.C 2.1 3.9 3.2 2.6 I n c o m e payments to individuals 72.3 66.2 70.8 76.2 92.7 117.3 143.1 156.8 160.7 I n c o m e p a y m e n t s to individuals Personal taxes and nontax payments Federal State and local Disposable income of individuals Consumer expenditures. . . Net savings of individuals. 72.3 0) 0.9 70.8 76.2 92.7 117.3 143.1 3.1 1.4 1. 3.3 1.6 1. 3.1 1.3 1. 3.3 1.4 1.9 4.C 2.C 2.C 6.1 4. 2.0 18.6 16.6 2.0 62.5 62.9 58.5 4.4 67.7 61. 6.C 65.7 7.3 74.6 14.2 110.6 82.0 28.6 National income 71.5 64.2 Total compensation of employee. 48.3 45.1 Salaries and wages 45.0 41.2 Supplements 3.3 3.9 Net income of proprietors.... 11.9 10.1 Agricultural 4.0 5. Nonagricultural 6.8 6.1 Interest and net rents 7.4 7.3 Net corporate profit 3.9 1.7 Dividends 4. 3.2 Savings -0. -1 70.8 48.1 44.2 3.8 11. 4.3 6. 7.4 4.2 3.8 0. 77.6 96 52.3 48.6 3.7 12.0 4. 7.6 7.5 5.8 4.0 1.8 64.5 60.8 3. 15.8 6.3 9.6 8.0 8.5 4.5 4 122. 84. 80. 3. 20. 9. 10. 8. 8. 4. 4. 72.9 160. 21.0 18.9 2. 124.6 91.3 33.3 137.4 139.7 104. 34.5 149. 106. 103. 3. 23. 11. 11. 9. 9. 4. 5. 160. 116. 112. 3. 24. 11. 12. 10. 9. 4. 5. 19. 17. 2. 0) -0.2 0 6.1 7.0 7.2 0.4 - 0 . 2 - 1 . 3 - 0 . 2 0.2 1.6 0.6 0.5 - 1 . 7 - 1 . 0 2.5 C1) C1) 1.9 24.7 1.5 15.0 25.0 1.7 14.9 8.4 25.7 1.7 15.7 8.3 -0.1 -0.1 -0.1 29.5 105.0 100.0 103. 7 2.5 7.2 6.7 7.1 18.8 65.2 59.5 63.3 32.6 33.7 33.3 49.8 51.8 48.7 47.0 204.5 206.3 195.7 182.8 7.3 2.0 0 7.5 2.0 0.1 7.3 2.0 0. 0.2 0.2 0.3 C1) C1) -0.8 40. 1.5 6.5 2.0 0 0.3 C1) 0.6 - 0 . 8 - 1 . 0 41.3 39.8 39.0 167.6 166. 1. 1.9 3.0 0.2 1 1. 1.1 1.0 1.0 0.9 39.8 40.4 39.7 39.8 40.4 39.7 40. 4. 4.3 0.6 0.6 3.8 3.5 0.3 31.1 24.7 6. 35.5 25.0 10.5 35.9 25.7 10.2 161.0 40. 114.5 29. 111.4 29.0 0.8 3. 5.7 25. 2.5 12.5 3.2 13. 2.9 11.8 2.6 9.0 1.0 4. 1.6 4.5 -0.1 110.9 8.4 69.5 33.0 158.4 150.7 0.9 40.9 163.7 163.2 158.6 156.9 163.7 22.1 200 2.1 163.2 158.6 156.9 21. 19. 2. 20.6 18 5 2.1 19.7 17.6 2.1 141. 141.6 138.0 137.3 105.0 100.0 03.7 110.9 34.3 26.4 41.3 39.8 39.0 167.6 166.2 158.4 150.7 29.8 29.0 0.8 5.8 2.6 3.2 3.1 2.6 1.1 28. 27.5 0.8 6.6 3.4 3.2 2 2.1 1.0 1.1 26.7 119.6 118.3 113.0 105.7 26.0 116. 115. 110.0 102.7 0.7 3. 3.2 3.0 2.9 7.5 26.3 25., 26.0 25. 4.1 13.3 13. 12.1 12. 3.5 13.0 12. 12. 13.9 3.0 11.4 11. 12.2 11. 1.7 10.4 10. 6.8 1 0.2 1 Less than 50 million dollars. NOTE.—Detail does not always add to totals because of rounding. For a general description of above series see the Survey of Current Business for May and August 1942, and March 1943. Back figures: For annual totals 1929 through 1936, see the Survey of Current Business, May 1942 and April 1944. For quarterly estimates 1939 through 1944, see the Survey of Current Business for April 1944 and February 1946. 806 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* ON BANK CREDIT, MONEY RATES, AND BUSINESS 1946 1946 May June June June 29 12 19 WEEKLY FIGURES* June 26 In billions of dollars WEEKLY FIGURES*—Cont. RESERVES AND CURRENCY May June June June June 12 In unit indicated BUSINESS CONDITIONS 23.56 23.45 23.90 22.98 22.78 23.27 4.01 13.86 14.32 6.34 6.27 6.29 1.74 1.75 1.75 .90 .90 .90 .24 .25 .25 20.24 20.27 20.27 28.11 28.16 28.13 2.27 2.29 2.28 39 .86 68 15.69 15.80 15.91 14. 15.06 15.08 .74 .83 Reserve Bank credit, total U. S. Govi. 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 e Excess reserves (weekly average): Total e New York City Chicago Reserve city banks Country banks e .95 .03 .01 .01 .22 .68 23.45 22.69 13.85 6.33 1.75 .76 .25 20.27 28.12 2.26 .42 15.92 '15.36 P. 55 Total—101 cities: Loans and investments 14 63. 63.33 62.86 U. S. Govt. obligations 14 45.59 45.22 44.72 39.51 Demand deposits adjusted 14 38.94 11.43 10.12 9.71 U. S. Govt. deposits Loans 14 14.90 14.74 14.79 New York City: Loans and investments 1. 21.92 21.73 21.53 U. S. Govt. obligations, total.. . 1. 4.99 .92 14.74 Bonds li 9.78 .78 9.85 Notes, certificates, and guar. .62 4.64 securities 1< 4.89 .32 .52 .26 Bills h Demand deposits adjusted 1: 14.16 14.37 14.32 ,72 3.57 U. S. Govt. deposits 1 4.24 ,09 4.10 Interbank deposits 1 4.0. ,27 1.2 Time deposits 1. 1.27 .79 5.76 Loans, total 1 5.90 92 2.89 Commercial 1 2.91 For purchasing securities: Brokers'—on U. S. Govts.. 16 1.08 .01 .9 Brokers'—on other securities 16 .54 .51 .51 .7 .76 .74 To others 1' .59 .60 .65 All other 1 100 cities outside New York: Loans and investments 1. 41.9' 41.60 41.34 U. S. Govt. obligations, total.. . 1: 30.61 30.30 29.9 Bonds li 17.70 17.69 17.68 Notes, certificates, and guar. securities 1< 12.21 11.93 11.72 .69 .69 .57 Bills li Demand deposits adjusted 1 24.78 25.10 25.18 .40 6.1 U. S. Govt. deposits 1 7.19 .55 6.54 Interbank deposits 15 6.39 .74 8.76 Time deposits 1 8.71 .95 9.03 Loans, total 15 9.00 .55 4.61 Commercial 1 4 .83 1.82 For purchasing securities.... 1 1.88 .58 2.59 2.55 All other 1 .02 .01 .23 P. 66 62.51 44.32 39.87 8.70 14.80 21.59 14.80 9.29 4 .64 14.60 3.20 4.20 1.2 5.76 2.89 U. S. Govt. securities: Bills (new issues) 24 Certificates 2 Notes 24 Bonds (7-9 years) 2 Bonds (15 years and over)... 24, 26 Corporate bonds: High grade (5 issues) 26 Aaa 26 Baa 26 .375 .375 375 .84 .83 .83 1.21 1.19 1.15 1.48 1.46 1 .42 2.18 2.17 2 .15 2.44 2.44 2 .43 2.51 2.50 2 .49 3.03 3.03 3 .03 .75 .63 40.92 29.52 17.45 MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY Reserve Bank credit Gold stock Money in circulation Treasury cash Treasury deposits Member bank reserves, total Central reserve city 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 14.51 4.83 5.94 3.73 1.03 23.07 20.25 27.92 2.26 .45 15.53 4.89 6.13 4.52 14.51 4.83 5.91 3.77 1.02 23.37 20.25 27.98 2.26 .56 15.73 4.96 6.22 4.55 14.77 4.94 5.99 3.84 .96 1.84 4.02 27.88 7.83 15.53 4.51 1.80 3.86 27.89 7.89 15.49 4.51 1.80 3.78 28.12 7.95 15.62 4.56 P173.7O P75.1O P50.10 P26.10 P22.40 P174.20 P77.40 P50.60 P26.20 P20.00 6.98 1.70 1.97 .80 2.51 1.60 .91 .26 .64 P7.31 Pl.71 P2.14 P. 81 P2.65 Pi.69 P.96 P.29 P.67 2C 275.29 273.24 271.98 20 20 20 20 121.18 75.71 56.55 21.14 121.18 73.72 56.41 21.22 121.18 72.13 56.47 21.48 20 20 20 20 20 20 20 109.72 66.12 45.37 87.34 69.43 40.40 17.05 109.72 66.12 45.37 85.36 67.45 38.41 17.05 109.72 66.12 45.37 83.77 65.86 36.83 17.04 2 21 2: 2 2 2 2 89.00 28.18 22.60 11.20 25.00 99.30 44.80 88.60 28.27 22.73 11.30 25.00 97.30 42.90 6 23.53 6 20.24 6 27.91 6 2.27 6 .81 6, 7 15.54 13 4.83 13 6.17 13 4.54 13 13 13 13 13 8 8 Total deposits and currency Demand deposits Time deposits Currency outside banks U. S. Govt. deposits *>173.40 P78.5O ^26.40 P17.40 CONSUMER CREDIT Consumer credit, total 11.45 Single payment loans .63 25.2 25.04 Charge accounts Service credit 5.50 5.5' 6.48 6.25 Instalment credit, total 18, 8.77 8.8( Instalment loans 9.04 9.0 Instalment sale credit, total.. . . 4.63 4.66 Automobile 1.79 1.77 Other 2.62 2.64 P7.51 PI.73 P2.1S P. 82 *>2.78 PI.78 PI.OO P.32 P.68 TREASURY FINANCE 375 .83 1.12 1.41 2.15 2 .40 2 .48 3 .03 In unit indicated 27 159 156 155 27 163 160 159 27 164 160 164 27 132 131 132 27 1.81 1.12 1.04 43.6 55.2 76.1 84.2 87.2 iteel production (% of capacity). . 1,741 3,920 4,030 4 129 Electric power prod. (mill. kw. hrs.) 858 627 830 Freight carloadings (thous. cars). . Department store sales (1935-39 247 283 45 273 = 100) 223 Wholesale prices (1926 = 100): Total 49 11.1 111.5 111 112.4 Farm products 49 .38.8 139.4 139.9 140.0 Other than farm and food 49 04.3 104.6 104.9 105.1 ALL BANKS IN U. S. 1.00 .50 Per cent per annum MONEY RATES, ETC. 23.99 23.39 14.40 6.48 1.75 .76 .23 20.27 28.14 2.26 .97 15.91 '15.20 p. 71 P.91 MEMBER BANKS IN LEADING CITIES Stock prices (1935-39=100), total. Industrial Railroad Public utility Volume of trading (mill, shares).. Chart book page 152 156 164 130 1.17 U. S. Govt. obligations outstanding, total interest-bearing By classes of securities: Bonds (marketable issues) Notes, cert., and bills .37 Savings bonds and t a x n o t e s . . . 1.1. Special issues 1.4 By maturities: 5 years and over 5-20 years 2.4< 5-10 years W i t h i n 5 years 3.4« W i t h i n 1 year 3.0Certificates Bills Holdings of U. S. Govt. obligations: Commercial banks Fed. agencies and trust funds. . . . 150 Federal R e s e r r e Banks 153 M u t u a l savings b a n k s 159 Insurance companies 129 Other investors, total Marketable issues 1.02 28.53 22.93 For footnotes see p. 809. JULY 1946 807 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart book page Apr. May Per cent per annum MONTHLY FIGURES—Cont. MONEY RATES, ETC. Corporate Aaa bonds F. R. Bank discount rate (N. Y.) Treasury bills (new issues) Mar. Chart book page 23 23 23 2.47 .50 .375 2.46 1.00 .375 MONTHLY FIGURES—Cont. 2.51 1.00 In unit indicated Stock prices (1935-39=100): Total Industrial Railroad Public utility Volume of trading (mill, shares) Brokers' balances (mill, dollars): Credit extended customers Money borrowed Customers' free credit balances.... 27 27 27 27 27 142 145 154 123 1.12 152 156 157 128 1.39 154 159 157 129 1.31 29 29 29 936 622 712 895 575 697 856 547 669 BUSINESS CONDITIONS Income payments (mill, dollars): 3 Total 30 Salaries and wages 30 Other 30 Cash farm income (mill, dollars): Total 31 Livestock and products 31 Crops 31 Govt. payments 31 Armed forces (mill, persons) 32 Civilian labor force (mill, persons): Total 32 Male 33 Female 33 Unemployment 32 Employment 32 Nonagricultural 33 Agricultural 33 Industrial production: 3 Total (1935-39=100) 35, 49 B Groups (points in total index): Durable manufactures 35 Machinery and trans, equip... 49B Iron and steel 49B Nonferrous metals, lumber, and building materials 49B Nondurable manufactures 35 Textiles and leather 49B Food, liquor, and tobacco . . . 49B Chemicals, petroleum, rubber, and coal products 49B Paper and printing 49B Minerals 35, 49B New orders, shipments, and inventories (1939=100): New orders: Total 36 Durable 36 Shipments: Total 36 Durable 36 Nondurable 36 Inventories: Total 36 Durable 36 Nondurable 36 Factory employment and pay rolls (1939=100): Pay rolls 38 Employment 38 Hours and earnings at factories: Weekly earnings (dollars) 39 Hourly earnings (cents) 39 Hours worked (per week) 39 Nonagricultural employment (mill. persons): 3 Total 40 Manufacturing and mining 40 Trade 40 Government 40 Transportation and utilities 40 Construction 40 Construction contracts (33 mo. moving average, mill, dollars): Total 41 Residential 41 Other 41 13,141 P13.071 8,368 P 8 , 3 8 7 4,773 P4.684 '•1,426 ••883 487 56 4.4 Pl.547 P944 P453 P150 3.8 3.4 55.7 39.4 16.3 2.7 53.0 45.4 7.6 56.9 40.3 16.6 2.4 54.6 46.4 8.2 57.6 41.0 16.7 2.3 55.3 46.4 8.9 168 165 69.4 35.6 18.6 72.5 39.9 17.5 P66.4 P39.8 Pll.9 15.2 77.4 21.2 22.2 15.2 76.6 21.0 21.6 P14.7 P75.5 P21.3 P20.5 21.3 12.8 20.9 21.3 12.7 15.9 P21.3 P12.5 P17.6 194 204 P200 197 184 205 P205 169 181 159 P169 BUSINESS CONDITIONS P205 P205 233.1 129.9 249.1 136.1 P137.0 42.16 103.4 40.8 42.92 105.8 40.6 36.7 12.9 7.8 5.5 4.0 1.5 37.1 13.1 7.8 5.5 3.9 1.6 Residential contracts (mill, dollars) :3 Total Public Private, total 1- and 2-family dwellings Other Value of construction activity (mill, dollars): Total Residential: Public Private Nonresidential: Public Private 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 LendLease exports Cost of living (1935-39=100): All items Food Clothing Rent Wholesale prices (1926=100): Total Farm products Other than farm and food 42 42 42 42 42 240 6 234 208 26 308 8 *300 276 24 390 11 379 327 52 49 C 602 706 828 49 C 49 C 5 195 244 14 299 49C 49 C 93 309 109 345 125 390 43 '109 106 43 43 43 78.2 5.6 '25.6 67.6 14.5 24.0 44 44 263 '177 46 46 46 P756 P6 75 P406 47 47 47 47 130.2 140.1 153.1 108.4 130.9 141.7 154.3 131.5 142.6 155.4 49 49 49 108.9 133.4 102.2 110.2 135.4 103.3 111.0 137.5 103.9 602 237 365 696 316 380 250 189 257 200 P269 1945 Oct.Dec. QUARTERLY FIGURES RECEIPTS AND EXPENDITURES OF THE U. S. TREASURY 49D 49D 49D 49D 49D 49D 49D 1946 Jan.Mar. Apr.June In billions of dollars 16. 05 13 60 9.02 8,45 3.44 3.19 1.82 13.00 8.67 13.24 12.59 7.22 3.49 1.88 Per cent per annum Bank rates on customer loans: Total, 19 cities New York City Other Northern and Eastern cities. Southern and Western cities 23 25 25 25 2.09 1 .71 2.23 2.38 2.31 1.75 2.34 2.93 1.84 In millions of dollars SECURITY MARKETS P37.5 Corporate security issues: Net proceeds: P13.5 All issues vl Industrial P5 Railroad P3.9 Public utility Pl.7 New money: All issues Industrial P741 Railroad P385 Public utility P356 May In unit indicated MONEY RATES P181 P158 April Cont. Budget receipts and expenditures: Total expenditures National defense Net receipts Internal revenue collections, total Individual income taxes Corporate income taxes Misc. internal revenue P214 Mar. 28 28 28 28 1,636 433 315 807 941 407 348 154 28 28 28 28 272 157 46 41 248 219 10 3 For footnotes see p. 809 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart book page 1945 Mar. June 30 Dec. 31 In billions of dollars GALL DATE FIGURES 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 Agricultural For purchasing securities: Brokers To others Consumer Demand deposits adjusted 1945 Mar. 20 Ju-ie 30 Dec. 31 In billions of dollars GALL DATE FIGURES—Cont. CLASSES OF BANKS—CONT. 10 10 11 11 11 11 11 10 90.52 67.92 4 11 11 10 11 11 11 2.99 2.40 17.22 11 11 11 10 () (4) (4) 0) (4) 5.39 (4) (4) (4) 99.43 107.18 Country banks: 73.24 78.34 Loans and investments, t o t a l . . . . . . 40.27 44.79 U. S. Govt. obligations 15.58 16.98 Other securities 14.72 14.27 Loans 2.27 2.63 Demand deposits adjusted .03 .02 Time deposits 6.07 5.60 3.10 2.50 20.59 7.10 3.25 1.13 3.25 2.82 22.78 8.95 3.46 .86 3.09 3.41 1.69 59.13 29.13 22.20 2.12 4.81 20.84 10.54 31 37 24.09 2.16 5 11 20 66 11 26 JulySept. FARM REAL ESTATE VALUES 27.95 20.41 1.47 6.07 18.60 1.73 31.49 21.62 1.55 8.32 17.80 1.79 12 12 12 12 12 12 33.45 25.30 1.80 6.35 21.74 8.28 36.57 27.52 1.89 7.15 20.68 8.76 40.11 29.55 ash farm income (bill, dollars) 2.04 Farm transfers (number per 1000 8.511 farms) : Total 22.37 Voluntary sales and trades 9.79 r t Estimated. P Preliminary. Revised. 1 figures for other than vVednesday dates are shown under the Wednesday included in the weekly period. 2 For cnarts on pages 10, 16, ana 11, rigures for a more recent period are availaole in the regular BULLETIN 3 Adjusteu for seasonal variation. 4 Figures availaole for J une and December dates only. 6 35.00 27.00 2.41 5.60 23.60 12.51 1946 1945 12 12 12 12 12 12 61.17 13 13 13 13 13 13 SELECTED DATES 3.13 3.38 Cash farm income (bill, dollars, annual 1.90 basis) 64.18 Farm real estate values (1912-14= 100) Prices received and paid by farmers: Prices paid (1910-14=100) Prices received (Aug. 1909-July 32.07 1914=100) 21.79 1.62 8.67 18.22 1.97 (4) (4) (4) 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 Chart book page Jan»Mar. Oct.Dec. In unit indicated 49A 21.2 21.4 49A 5 130 5 49A 173 175 178 49A 202 204 207 1944 P22.7 133 6 ,142 1945 In unit indicated 49A 21.0 49A 49A 53.4 51.5 21.6 tables that show those series. As of July 1, i\ov. 1, Marcn 1. « Less tuan 1500,000. * Copies of the Chart Book may be obtained at a price of 50 cents each. JULY 1946 809 NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercia banks x All re- Member banks banks l Total Banks (Head Offices) Dec 31 1942 Dec. 31, 1943 Dec 31 1944 Dec. 31, 1945 May 31, 1946? 14,682 14,579 14,535 14,553 14,569 Branches a n d Additional Offices 3 31 1942 31 1943 31, 1944 31 1945 31, 1946*> 3 739 3,933 4,064 4.090 4,024 Dec Dec Dec. Dec May Mutual savings banks Nonmember banks " Noninsured ' Total 2 National State 2 Total Insured 14,136 14,034 13,992 14,011 14,028 6,679 6,738 6,814 6,884 6,889 5,081 5,040 5,025 5,017 5,011 1,598 1,698 1,789 1,867 1,878 7,460 7,299 7,181 7,130 7,142 6,667 6,535 6,452 6,416 6,439 793 703 191 3,602 3,797 3,924 3,947 3,880 2,615 2,793 2,892 2,909 2,850 1,592 1,741 1,813 1,811 1,737 1,023 1,052 1,079 1,098 1,113 987 1,004 1,032 1,038 1,030 935 52 35 102 952 978 981 971 52 54 57 59 95 99 101 102 41 41 42 42 Insured 2 Noninsured 56 Nonreporting banks (nonmember noninsured) 490 764 729 184 192 361 351 714 192 350 130 119 120 112 112 350 P1 Preliminary. Excludes banks (shown in last column) that do not report to State banking departments, principally as follows on the latest date: 11 "cooperative"2 banks in Arkansas and 99 unincorporated (private) banks in Georgia, Iowa, Michigan, and Texas. The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks. These banks are not included in the total for "Commercial banks" and are included only once in "All reporting banks." 3 Includes all branches and other additional offices at which deposits are received, checks paid, or money lent. Includes offices at military reservations, consisting mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government; the number of such offices on the above dates was 40, 233, 308, 241, and 132, respectively. NOTE.—Prior to February 1946, statistics on number of banking offices were published quarterly. For back figures, see Ban dng and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. NUMBER OF BANKS CLASSIFIED ACCORDING TO FEDERAL RESERVE PAR LIST STATUS, BY DISTRICTS AND STATES On par list On par list * l Not Not Federal Reserve ^district or State United Dec Dec. Dec. Dec. May States total: 31 1942 31, 1943. . . . 31, 1944 31, 1945. . . . 31, 1946?. . . . Total i Total 14 123 14,021 13,989 14,002 14,024 11 413 11,492 11,544 11,869 11,917 491 949 851 491 949 851 Member banks Nonmember banks 6,670 6,729 6.806 6,877 6,883 4,743 4,763 4,738 4,992 5,034 on par list' State 2,710 2,529 2,445 2,133 2,107 By districts a n d by States May 31, 1946 v Boston New York Philadelphia Richmond Atlanta Chicago St Louis Kansas City Dallas Alabama Arizona Arkansas California Colorado Connecticut Delaware Dist. of Columbia... Florida Georgia Idaho Illinois Indiana Kansas Kentucky Louisiana Maine Maryland Massachusetts 1 176 1 176 1,009 1 126 2 464 1 465 774 501 2,405 1,099 336 807 649 722 155 142 202 454 475 328 994 494 299 173 1,411 605 235 625 59 365 120 982 266 225 681 15 118 8 115 1 270 1,748 1,733 972 503 854 495 469 751 588 270 218 11 228 191 103 11 96 191 84 6 66 111 140 92 19 5 30 80 115 63 52 140 115 40 589 40 17 48 23 21 167 21 100 18 67 3 33 362 85 60 25 46 856 491 659 612 46 854 491 659 610 26 489 238 164 213 20 365 253 495 397 386 386 114 52 63 43 38 272 170 185 80 149 90 36 153 63 170* 185 810 132 9 25 67 277 2 2 101 Total i Total M ember banks Nonmember banks on par 1 list Michigan Minnesota Mississippi Missouri Montana 442 673 203 592 110 441 257 35 518 108 229 208 29 184 77 212 49 6 334 31 1 416 168 74 2 Nebraska Nevada New Hampshire. . . . New Jersey New Mexico 411 8 64 346 41 408 8 64 346 41 146 6 52 296 28 262 2 12 50 13 3 New York North Carolina North Dakota Ohio Oklahoma 676 676 582 94 204 150 676 381 85 45 676 370 55 42 424 217 30 3 252 153 70 70 33 771 11 37 248 10 Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming . .. 1,019 21 1,019 21 119 105 11 20 7 97 100 82 545 34 40 199 105 250 23 31 100 106 66 55 108 166 38 60 68 274 18 8 3 116 145 167 48 67 28 60 293 861 57 71 315 187 795 57 71 299 123 179 556 56 115 176 440 56 16 P Preliminary. 1 Represents banks on which checks are drawn, except that i t excludes both member and nonmember mutual savings banks on a few of which some checks are drawn. Similar par list figures Dublished heretofore have included member mutual savings banks and member nondeposit trust companies (three and four, respectively, on Dec. 31, 1945) on which no checks are drawn, because of the reauirement that member banks remit at par for checks presented to them through the Federal Reserve Banks. The total in this table differ s from total commercial banks in preceding table because the commercial bank total excludes some banks on which checks are drawn, namely, those that do not report to State banking departments (see footnote 1 of preceding table), and includes industrial banks and nondeposit trust companies whether or not checks are drawn on them. NOTE.—Prior to February 1946, statistics on the Federa [ Reserve par list were published annually. For back figures see Bayiking and Monetary Statistics, Table 15, and descriptive text, pp. 14-15. FEDERAL RESERVE BULLETIN INTERNATIONAL FINANCIAL STATISTIC PAGE Gold reserves of central banks and governments 813 Gold production 814 Gold movements. . 814 Net capital movements to United States since January 2, 1935 815-820 Central banks. . 821-824 Money rates in foreign countries 825 Commercial banks 826 Foreign exchange rates 827 Price movements: Wholesale prices . 828 Retail food prices and cost of living. . 829 Security prices . 829 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. 812 FEDERAL RESERVE BULLETIN GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month United States 1938—Dec 1939—Dec 1940—Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec 14 512 17,644 21,995 22,737 22,726 21,938 20,619 Argentina 1 431 466 353 354 1658 1939 U 111 1945—June July 20,213 ?O,152 20,088 Aug Sept.. . . 20,073 20,036 Oct Nov.. . . 20,030 20,065 Dec. 1946—Jan 20.156 20,232 Feb 20,256 Mar 20,251 Apr M a y . . . . 20,242 End of month 1938—Dec 1939—Dec.... 1940—Dec 1941—Dec. . . 1942—Dec. 1943—Dec. .. 1944—Dec Hungary 409 409 409 409 407 404 403 398 398 397 Iran (Persia) 37 24 24 24 24 24 24 1945—June July 26 26 26 26 34 92 128 Belgium Brazil British Canada India 32 40 51 70 115 254 329 274 274 274 274 274 274 274 192 214 27 5 6 5 6 30 30 30 31 36 54 79 24 21 17 16 25 59 92 713 712 712 694 698 711 716 729 747 755 763 761 342 342 352 352 357 356 354 363 362 361 361 274 274 274 274 274 274 274 274 274 274 6 7 6 7 5 5 7 7 6 6 7 5 80 82 82 82 82 82 82 82 82 82 102 103 104 106 114 115 127 128 129 131 132 133 Italy Japan Java 193 144 120 164 164 164 80 90 140 235 5164 <216 P131 P131 P131 P131 P131 P131 Sept. Oct. .. Nov Dec. 1946—jan Feb Mar. . Apr May. . . . Mar May Peru 94 94 *84 20 20 20 21 25 31 32 69 68 90 100 89 121 157 52 52 29 41 68 89 130 57 59 82 *83 14 7 12 12 21 45 37 166 178 170 166 185 229 245 234 234 234 236 236 236 241 241 241 241 241 1 1 1 1 1 1 1 1 1 1 1 1 175 179 189 195 195 195 195 195 195 195 176 176 186 191 191 202 202 212 212 212 212 215 39 39 39 39 39 39 39 39 39 39 39 247 248 248 248 247 245 247 247 247 n1 1 1 1 1 P246 ?246 3>246 r Revised. P Preliminary. Figures through March 1940 and for December 1942, December 1943. and December 1944 include, in addition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold belonging to the Argentine Stabilization Fund. 2 On May 1, 1940, golc belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance. 3 Figure for December 1938 is that officially reported on Apr. 30, 1938. 4 Figures relate to last official report dates for the respective countries, as follows : Java— Jan. 31, 1942; Norway—Mar. 30, 1940: Poland—July 31, 1939; Yugoslavia—Feb. 28 , 1941. 6 Figure for February L941; beginning Mar. 29, 1941, gold reserve s no longer reported separately. 6 These countries are: Albania Algeria, Australia, Austria throu gh Mar. 7, 1938, Belgian Congo, Bolivia, Bulgaria1, 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, and 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. 8 In addition to gold held bv the Swiss National Bank, the Swiss National Bank' 3 Annual Report for 1945 stated that the Swiss Government owned gold amounting to 238 million dollars on Dec. 31, 1945. Nonc.—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. 1 JUNE 1946 Egypt France 53 53 52 44 44 44 44 55 55 52 52 52 52 52 2 430 2,709 2.000 2.000 2,000 2,000 1 777 44 44 44 44 44 44 38 38 38 38 38 52 52 52 52 52 52 52 52 52 52 Poland Portugal 85 *84 28 28 28 28 28 28 28 28 28 28 28 25 2,690 478 478 479 479 475 474 482 481 481 478 476 Apr. . 23 23 23 23 23 23 23 23 23 23 23 Norway 29 29 88 92 114 161 221 1945—June July Aug Sept 1946—J a n Feb . 500 270 270 270 270 270 270 270 270 270 270 Denmark Germany 29 29 29 29 29 29 29 Greece 27 28 28 28 28 28 28 1,777 1,777 1,540 1,540 1 090 1,090 1 090 1,090 1,090 796 Other coun-6 tries 701 549 502 665 824 964 Nov.. . . 231 230 255 255 250 296 294 288 284 257 254 250 61 61 61 61 61 61 61 61 61 61 61 166 171 176 176 186 186 191 201 201 201 B.I.S. 321 308 160 223 335 387 463 Dec 23 23 23 23 23 23 23 83 56 58 61 61 61 61 Yugoslavia 1938—Dec 1939—Dec 1940—Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec Oct 998 692 617 575 506 500 500 1 1 1 16 46 111 Venezuela Turkey 1 069 1 073 1,084 1,085 1 111 1,109 8 1 104 1 099 1 091 1 102 1,099 1 106 29 32 47 47 39 203 222 Czechoslovakia Uruguay Switzerland 1,052 New Mexico Netherlands Zealand Cuba United Kingdom Sweden End of month Colombia 581 609 734 734 735 734 131 Aug Chile 69 69 59 59 59 60 60 60 60 60 60 60 60 60 60 60 60 Governmen Rumania South Africa 133 152 158 182 3525 267 220 249 367 366 634 706 814 267 267 267 268 268 268 269 269 269 878 886 909 938 954 943 914 949 982 109 109 109 108 108 108 110 111 111 111 111 r 203 r 260 1 014 1,046 Spain 42 42 91 105 gold reserves 1 not included n previous figures United End of month United King- France Bel- dom 1938—Dec 1939—Mar May . . . June Sept Dec 1940—june Dec... 1941—June Dec. .. 1942—June Dec I943—June Dec 1944—June .. Dec. . 1945—Mar... June .. Sept. Dec 80 154 85 164 156 86 48 89 25 8 12 11 43 21 12 32 81 20 18 2759 1 732 3 331 559 477 44 17 876 292 4 151 17 17 17 17 17 17 17 17 17 17 17 17 17 1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund (Special A/c No. 1); LF. K.—Exchange Equalization Account ; France—Exchange Stab? ization Fund and Rentes Fund Belgium—Treasury. 2 Figure for end of September. 3 Reported figure for total British gold reserves on Aug. 31, 1939, less reported holdings of Bank of England on that date. * Figure for Sept. 1, 1941. NOTE.—For available back figures anc lor details regarding specia. interna gold ranst'ers affecting the B ritish and French insti tut ons, see Banking and ,Monetary Statisti cs, p. 526, and BULLETIN for Februarv 1945, p. 190. 813 Year or Estimated world production Total outside 1 reported monthly U.S.S.R. South Africa 823 003 708,453 366 795 882,533 752,847 377,090 971,514 833,895 396,768 1 041 576 893,384 410,710 1,136,360 958,770 425,649 1 208 705 1,020,297 448,753 1,297,349 1,094,264 491,628 1 288 945 1,089,395 504 268 968,112 494,439 738,471 448,153 r 664,282 429,787 647,689 427,862 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1945—Mav 53 934 53,213 53,340 53 560 52,953 55,937 54,883 55 093 June July Aug. Sept Oct Nov. . . . 1946—Tan Feb Mar. Apr. 36 073 35,800 36,311 34,199 35,313 36,809 36,005 35 043 35,892 32,971 30,871 34,793 GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Production reported monthly Africa North and South America RhoMexWest Belgian United Can-5 Colom- Chile Nicaada ico6 desia Africa2 Congo3 bia ragua7 States^ $1 = 25V21 grzins of gcId •/n fit te; i. e., ar1 ounce of fine go Id =$35. 24,264 12,153 6 ,549 108 191 104 023 12 045 8 350 1 166 25,477 13,625 7 1SQ 126,325 114,971 23,858 11,515 9,251 868 28,053 16,295 7 ,386 152,509 131,181 26,465 13,632 9,018 807 28,296 20,784 8 01R 168,159 143,367 29,591 15,478 9 544 848 28,532 24,670 8 ,470 178,143 165,379 32,306 18,225 10,290 1 ,557 28,009 28,564 8 ,7SQ 196,391 178,303 19 951 11 376 506 29,155 32,163 3 8 86? 210,109 185,890 30,878 22,117 11,999 5 ,429 27,765 32,414 209 175 187 081 27 969 22 961 9 259 7 525 26,641 29,225 130,963 169,446 6 30,000 20,882 6,409 8 ,623 23,009 19,740 48,808 127,796 19,789 6,081 7 ,715 20,746 18,445 35,778 '"102,302 19,374 7 131 7 865 19,888 18,865 34,878 92,794 17,734 6,282 6 ,985 1 673 1,645 1,679 1,668 1,680 1,664 1,595 1,597 1,584 1 473 1,574 1 575 1,575 1,610 1,610 1,610 1,610 1,400 1 470 1,610 1 610 1,645 ? 563 2 516 2,078 3 528 2,926 3,836 4,020 3 832 3,984 P3 669 P4,157 P3,944 7 614 7,426 7,357 7,411 7,404 8,034 7,726 8 391 8,346 8 018 8 694 1 736 1,460 1,518 1,459 1,400 1,319 1,224 1 140 1,492 1 309 1 473 528 574 504 464 370 425 396 1 096 631 574 393 595 S70 559 634 522 443 608 580 Other British Australia8 India* 30 559 31,240 40,118 46 982 54,264 56 182 55,878 51 039 42,525 28,560 16 310 16,450 1 190 1 295 1,400 2 065 1,190 1,190 1,435 1 365 1,470 1 330 1 400 11 11 ,468 11 ,663 11 607 11 ,284 11 078 10 ,1S7 0 040 8 960 8 ,820 6 ,S4S s ISO 3S0 490 560 490 490 490 S*>S 17S 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, r 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. P1 Preliminary. Revised. Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold Coast3 only. Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. • Includes Philippine Islands production received in United States. Annual figures through 1944 are estimates of United States Mint. Annual 5figure for 1945 and monthly figures represent estimates of American Bureau of Metal Statistics. Figures for Canada beginning 1945 are subject to official revision. 6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first 7three months of year. Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 19439 they represent total Australia; beginning January 1944, Western Australia only. Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollar 3 at approximately $35 a fine ounce] Net imports from or net exports (—) to: Year Total net or month imports 19341 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1945 Sept. Oct. Nov. Dec. 1946 United Kingdom France Belgium Netherlands Swe- SwitzerCanada den land Mexico Other Latin American Republics Philippine Islands 12,402 30,270 86,829 28,153 12,038 1,131,994 499,870 260,223 8,902 94,348 968 13,667 95,171 3 227,185 29,359 15,335 1,739,019 315,727 934,243 39,966 72,648 2 7,511 30,790 21,513 1,116,584 174,093 573,671 3,351 71,006 38,482 6 54,452 111,480 39,485 25,427 1,585,503 891,531 -13,710 90,859 6,461 36,472 76,315 65,231 27,880 1,973,569 1,208,728 81,135 15,488 163,049 60,146 1,363 33,610 3,798 165,122 341,618 28,715 86,987 612,949 57,020 35,636 3,574,151 1,826,403 29,880 128,259 38,627 977 63,260 161,489 90,320 2,622,330 4,744,472 633,083 241,778 899 412,056 16,791 1,747 1 1 61,862 42,678 3,779 982,378 5 208,917 40,016 321 39,680 1,955 315,678 -3,287 66,920 13,489 88 68,938 46,210 -109,695 -108,560 -845,392 -695,483 15,094 -41,748 '"io3 53,148 160 -106,250 13,496 -4,317 789 19,253 154,070 Jan. 82,439 Feb. 31,396 Mar. Apr. -20,534 May? -27,028 41 64 36 34 —1 —6 11,796 463 272 37,131 272 329 355 247 151,270 80,629 25,265 222 127 391 126 75 149 34 951 1,115 1,698 -18,499 South Africa Australia British India All other countries 1,029 12 4 76,820 21,095 3,498 75,268 65 28,529 23,280 77,892 8 20,856 34,713 181 246,464 50,762 8,910 39,162 401 168,740 16,159 13,301 74,250 22,862 165,605 50,956 2 68,623 103,777 184,756 111,739 49,989 3 284,208 67,492 292,893 9,444 9,665 « 63,071 528 4,119 129 20,008 152 307 -8,731 199 3,572 18,365 5 106 357 -133,471 19 11 3 1,729 1,479 . . . ^ 1,386 637 -2 -33 -8 Japan 3 3 3 11 12 15 9 407 -6,236 -1,562 297 23 11 3,267 9 13 654 191 1,366 6_2l 586 ! 7 -27,155 p Preliminary. Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries. * Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries. * Includes $44,920,000 from U. S. S. R., and $18,151,000 from other countries. 6 Includes $133,980,000 to China and $509,000 from other countries. *7 Includes $27,567,000 to China, $5,625,000 from U. S. S. R., and $356,000 from other countries. Includes $27,229,000 to China and $75,000 from other countries. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. 1 814 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES From Jan. 2, 1935, through— Total r Increase in foreign banking funds in U. S. Total r Official1' 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) 265.9 632.5 920.2 1,440.7 64.1 230.3 371.5 631.5 4.4 22.6 16.3 38.0 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. June Sept. Dec. (Apr. 1) (July 1) 30 30 .,546.3 1,993.6 2,331.9 2,667.4 613.6 823.4 947.1 989.5 79.6 80.3 86.0 140.1 534.0 743.1 861.1 849.4 390.3 449.0 456.2 431.5 114.4 180.5 272.2 316.2 427.6 524.1 633.3 917.4 .4 16.5 23.2 12.9 1937—Mar. June Sept. Dec. 31 30 29 29 2,998.4 3,639.6 3,995.5 3,501.1 1,188.6 1,690.1 1,827.2 1,259.3 129.8 293.0 448.2 334.7 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) 3,301.3 3,140.5 3.567.2 3,933.0 1,043.9 880.9 1,275.4 1,513.9 244.0 220.6 282.2 327.0 799.9 660.4 993.2 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) 4,279.4 4,742.0 5,118.2 5,112.8 1,829.4 2,194.6 2,562.4 2,522.4 393.2 508.1 635.0 634.1 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) 5,207.8 5,531.3 5,831.2 5,807.9 2,630.9 2,920.7 3,175.9 3,239.3 631.0 1,012.9 1,195.4 1,281.1 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 5,607.4 5,660.1 5,612.6 5,354.1 3,229.7 278.0 241.? 2,979.6 1,388.6 1,459.8 1,424.0 1,177.1 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 5,219.3 5,636.4 5,798.0 : ,980.2 2,820.9 3,217.0 3,355.7 3,465.5 1,068.9 1,352.8 1,482.2 1,557.2 1,752.0 1,864.2 1,873.5 1,908.3 819.7 842.3 858.2 849.6 838.8 830.5 848.2 624.9 632.0 646.1 673.3 104.3 106.2 107.5 104.4 1943—Mar. June Sept. Dec. 31 30 30 31 6,292.6 6,652.1 6,918.7 7,267.1 3,788.9 4,148.3 4,278.0 4,644.8 1,868.6 2,217.1 2,338.3 2,610.0 1,920.3 1,931.2 1,939.7 2,034.8 898.7 896.9 888.6 877.6 810.5 806.8 929.3 925.9 685.9 687.9 708.1 701.1 108.6 112.1 114.8 117.8 1944—Mar. June Sept. Dec. 31 30 30 31 7,611.9 7,610.4 7,576.9 7,728.4 5,034.4 5,002.5 4,807.2 4,865.2 .,005.0 2,812.2 2,644.8 2,624.9 2,029.4 2,190.3 2,162.3 2,240.3 868.0 856.6 883.5 805.8 904.1 929.8 1,026.2 1,019.4 685.8 702.4 737.8 911.8 119.6 119.1 122.2 126.3 1945—Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 7,908.1 7,983.6 8,002.6 8,079.7 8,131.6 8,422.8 4,999.6 5,159.6 5,219.4 5,289.5 5,335.4 5,671.0 2,744.4 2,859.6 .,865.1 2,920.2 2,964.9 3,313.2 2,255.2 2,300.0 2,354.3 2,369.2 2,370.5 2,357.9 848.2 859.8 848.5 844.7 845.7 760.4 1,025.2 989.3 983.7 1,012.6 1,032.0 1,011.2 909.0 845.0 820.6 802.5 785.0 848.4 126.1 129.9 130.5 130.4 133.6 131.8 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 8,641.7 8,711.9 8,858.6 .,965.4 8,828.1 8,802.8 5,846.2 5,922.4 6,042.2 6,214.0 6,122.9 6,144.5 3,482.4 3,513.6 3,554.9 3,593.0 3,431.0 3,469.0 2,363.9 2,408.8 2,487.2 2,620.9 2,691.9 2,675.5 810.2 829.0 865.3 875.5 804.2 742.7 1,015.0 999.7 998.2 946.5 983.0 972.8 843.2 831.6 818.4 795.1 779.1 798.7 127.1 129.1 134.6 134.4 139.0 144.1 1946—Jan. 31 Feb. 28 8,822.9 38,733.9 6,234.7 36,131.8 3,582.4 33,413.5 2,652.4 32,718.3 729.2 3 728.7 1,097.8 1,067.2 625.9 672.4 135.1 3133.9 r 1 Revised to include movement in official Philippine accounts held with the United States Treasury. This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and Philippine accounts held with the United States Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts a t 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 2their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures3 are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. Amounts outstanding Feb. 28, in millions of dollars: total foreign banking funds in United States, 6,870.3, including official funds, 4,123.8, and other funds, 2,746.6; United States banking funds abroad, 406.8; and brokerage balances (net due "foreigners"). 57.1. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. JULY 1946 815 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935— Continued [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2, 1935, through— 1935—Dec. (Jan 1, 1936). . . 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939). . . 1939—Dec. (Jan. 3. 1940). . . 1940—Dec. (Jan. 1, 1941). . . 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 31 1945—Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1946—Jan. 31 Feb.28 United King- France dom Netherlands Switzerland Germany 1,440.7 554.9 210.2 2,667.4 829.3 299.5 3,501.1 993.7 281.7 3,933.0 1,183.8 339.6 5,112.8 1,101.3 468.7 5,807.9 865.2 670.3 5,354.1 674.1 639.9 5,980.2 837.8 625.9 7,267.1 1,257.7 636.8 7,728.4 1,090.0 585.7 002.6 1,048.9 506.5 079.7 1,026.0 477.6 131.6 1,029.3 453.0 ,422.8 1,066.2 521.7 ,641.7 1,075.0 542.4 ,711.9 1,018.8 499.8 ,858.6 946.7 463.9 ,965.4 937.8 510.9 ,828.1 888.7 469.8 802.8 892.5 464.2 ,822.9 858.3 553.6 ,733.9 804.7 531.6 114.5 229.7 311.9 328.6 470.3 455.6 464.4 474.0 487.7 506.2 505.7 506.3 506.8 513.0 516.1 518.1 518.1 523.8 526.3 539.7 538.4 525.8 130.4 335.5 607.5 557.5 773.0 911.5 725.7 592.1 629.1 664.3 673.0 670.7 677.1 679.7 689.9 695.6 698.4 705 2 709.8 722.3 728.6 731.1 36.6 83.1 123.9 140.5 165.9 175.9 179.9 179.5 178.6 179.1 179.2 179.2 179.0 179.0 179.0 179.2 179.3 179.5 179.4 179.7 179.6 179.4 Total r Italy 24.0 45.6 22.1 32.2 58.0 55.4 50.5 48.1 48.2 63.1 72.0 75.5 77.5 80.0 85.2 89 6 94.2 98.0 100.8 106.5 107.3 108.5 Other Total Europe Europe 130.0 228.5 312.2 472.0 752.9 922.7 891.8 850.9 954.8 993.3 967.6 990.5 ,003.6 .017.9 ,053.0 .059.2 ,134.2 ,118.1 ,127.8 ,132.1 ,142.9 ,125.5 Canada Latin 1 America Asia ' 1,200.6 70.9 156.5 () >,051.3 150.5 201.2 243.0 >,653.0 106.3 410.6 315.4 5,054.2 155.3 384.6 302.7 I,790.1 229.4 483.4 522.6 1,056.6 411.7 606.8 642.6 5,626.3 340.5 567 5 691.1 3,608.1 425.1 835.8 932.9 4.192.8 760.3 951.0 1,161.6 4,081.8 976.4 1,193.7 1,273.6 952.9 ,089.4 1.234.2 ,514.8 925.8 .145.9 ,263.0 ,534.2 926.4 ,147.7 ,324.. ,524.7 057.5 ,218.0 ,353J ,585.1 140.6 1,302.7 ,579.1 ,060.2 ,383.1 .392. ,656.1 ,034.8 ,411.2 .413. ,763.7 ,073.2 .419.2 ,404.7 ,804.3 4,002.6 ,434.3 ,336.5 ,801.7 ,037.0 ,395.7 .338.4 ,784.1 ,108.7 ,342.6 ,345.1 .780.5 ,764.9 ,006.7 357.0 ,350. All other1 12.7 21.4 15.9 36.2 87.4 90.2 128.6 178.3 201.4 203.0 211.4 210.7 208 5 208.4 207.6 220.3 235.2 264.1 253.0 247.5 246.0 254.7 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935, through— Total r 1935—Dec. (Jan. 1, 1936). . . 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939).. . 1939—Dec. (Jan. 3, 1940). . . 1940—Dec. (Jan. 1, 1941). . . 1941—D ec 3i 1942—Dec. 31 1943—Dec 31 1944—Dec. 31 1945—Mar. 31 Apr. 30 May 31 June 30 July 31 Aug 31 . . . Sept. 30 Oct 31 Nov. 30 Dec. 31 1946—j a n . 3i Feb 28 . . . 631.5 989.5 1,259.3 1,513.9 2,522.4 3,239.3 2 979.6 3,465.5 4 644 8 4,865.2 5,219.4 5,289.5 5,335.4 5,671.0 5,846.2 5 922.4 6,042.2 6 214 0 6,122.9 6 144 5 6,234.7 6,131.8 United King- France dom Netherlands Switzerland Germany Italy Other Total Europe Europe 128.6 163.5 189.3 364.0 376.1 293.3 328.6 493,3 939 4 804.4 772.9 758.5 770.7 800.5 810.6 762.6 684.8 678 9 638.3 646.4 617.7 569.2 55.7 65.9 76.3 87.9 190.9 160.3 161.0 170.0 176.7 193.1 192.2 192.2 192.7 196.7 199.2 201.4 204.0 211.4 253.0 265.0 277.3 265.6 72.4 109 8 288.4 205.1 362.7 494.7 326.2 166.3 192.7 221.4 234.5 234.1 240.1 243.2 250.6 255.8 259 7 266.5 272.0 286.3 297.5 298.3 -.8 2.7 9 6 -11.8 -20.1 -22.9 -23.1 -22.7 -23.7 -23.4 -23.3 -23.3 -23.5 -23.5 -23.5 -23.4 -23.4 -23.2 -23.4 -23.3 -23.3 -23.5 7.3 23.0 6 9 1.7 19.7 -.9 -3.4 -6.2 -6 9 60.7 79 7 109.4 208.6 470.0 603.7 561.1 502.5 589.0 634.7 582.8 606.8 619.7 670.0 706.8 672.4 744.8 729.9 738.2 769.1 757.6 742.0 129.6 144.2 111.8 155.3 256.1 458.0 416.5 394.5 404.1 356.6 286.4 258.3 235.0 292.2 318.8 276.6 233 3 280.2 247.1 229.9 318.2 300.5 7.0 15.7 19.1 22.5 23.6 29.2 33.6 38.2 41.7 45.1 50.1 50.8 52.2 453.5 588 9 791.7 1,010.7 1.655.4 1,986.3 1,766.9 1,697.5 2,271 2 2,193.7 2,061.3 2,045 9 2,057.3 2,202.7 2,291.7 2.179.0 2.141.4 2,185 4 2,170.3 2.223.4 2,295.8 2,204.2 Canada 46.0 86.8 76.3 101.6 174 5 334.1 273 1 399.5 704 7 818 6 1,021.2 1,056.8 1,053.4 1,159.3 1,241.8 1,341 9 1.384.1 1,443 9 1.437.8 1,414.2 1,242.8 1,241.8 Latin America Asia*' 33.5 149 3 166.3 127.6 215.1 326.4 296 7 482 8 578 7 794 7 842.5 872 0 913.5 955 4 979.2 965 8 989.0 976 2 924 2 924 9 929.4 922.0 87.0 149.4 217.0 251.8 417.0 531.2 541 4 743 9 928 2 888 6 1,118.8 1 139 6 1,138.6 1 180 1 1 161.2 1 252 1 1 329 9 1 382 8 1 373 7 1 369 1 1,554.5 1,542.9 All other1 11.5 15.2 8.0 22.2 60.5 61.3 101 6 141.9 162 0 169.7 175.7 175 2 172.7 173 5 172.3 183 6 197.6 225 7 216.8 212 9 212.3 220.8 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through- Total 1935—Dec. (Jan. 1, 1936) . . . 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939) . . . 1939—Dec. (Jan. 3, 1940). . . 1940—Dec. (Jan. 1, 1941). . . 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 31 1945—Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1946—Jan. 31 Feb. 28 361.4 431.5 449.1 510.1 650.4 775.1 791.3 883.8 877.6 805.3 848.5 844.7 845.7 760.4 810.2 829.0 865.3 875.5 804.2 742.7 729.2 728.7 United King- France dom Netherlands Switzerland Germany Italy 48.1 62.0 65.3 68.4 73.8 74.6 76.9 77.8 77.9 77.7 77.6 77.6 77.8 77.8 77.8 77.8 77.8 78.1 78.0 78.0 78.3 78.4 -.4 -3.3 -4.4 -5.6 12.9 17.7 17.6 18.1 18.3 18.3 18.3 18.1 18.2 18.0 18.3 18.2 18.0 18.0 -17.9 -17.7 -17.1 -17.5 1.6 2.7 2.6 2.6 2.9 6.5 5.4 6.6 5.1 6.8 7.2 7.2 7.3 2.7 4.5 6.1 5 4 5.1 6.5 5.2 1.9 3.2 29.7 66.0 105.1 141.7 177.8 191.6 196.8 196.7 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 196.9 13.7 16.3 6.5 13.7 15.5 25.3 25.8 26.2 26.2 26.2 26.2 26.2 26.2 26.2 26, 26, 26.2 26.4 26.2 26.2 26.2 208.8 178.0 207.4 206.2 252.2 269.2 271.2 279.4 272.1 266.1 268.8 266.6 261.5 264.1 267.2 260.4 267.1 270.5 266.1 266.6 266.2 265.7' 26.2 Other Total Europe Europe 8.8 22.0 26.9 33.8 28.4 49.8 53.6 56.8 60.0 34.6 70.4 70.6 70.1 30.9 30.3 69.4 70.9 69.4 68.8 38.3 65.9 61.1 310.2 343.7 409.3 460.9 563.5 634.7 647.4 661.5 656.5 626.6 665.3 663.3 658,0 616.5 621.2 655.0 662.5 664.4 624.6 593.4 618.3 614.0 Canada -4 6 36.9 -21.7 35.9 56.5 60.3 62.7 58.6 55 1 64.8 69.0 69.9 67.3 39.1 47.7 51.4 53.3 60.7 54.9 39.5 18.5 21.6 Latin 1 America Asia 20.1 24.9 51 6 66.8 52.6 43.2 17 7 68.3 55.7 37.0 23.9 23.0 40.1 23.5 58.2 51.4 47.4 54.4 22.2 9.1 3.3 6.8 37.3 30.4 18.7 -46.5 -21.5 34.8 64 7 93.8 102.7 77.7 88.1 86.4 77.9 79 9 81.4 68.4 98.3 91.7 99.9 99.2 88.5 85.5 All other1 -1.6 -4.4 -8.7 -7.0 -.8 2.1 -1.2 6.6 7.5 -.3 2.2 2.1 2.4 1.5 1.8 2.9 3.8 4.2 2.6 1.5 .6 .9 r 1 Revised to include movement in official Philippine accounts held with the United States Treasury. Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." * Inflow less than $50,000. 816 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— Total 1935—Dec. (Jan. 19*6—Dec. 30 19 M—Dec. 29 1938—Dec. (Jan. 1939—Dec. (Jan. 1940—Dec. (Jan. 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 31 1945—Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Jan. 31 1946—Dec. 31 Feb. 28 125.2 316.2 583.2 641.8 725.7 803.8 855.5 848.2 925.9 ,019.4 983.7 ,012.6 ,032.0 .011.2 ,015.0 999.7 998.2 946.5 983.0 972.8 ,097.8 ,067.2 1, 1936). .. 4, 1939). . . 3, 1940). . . 1, 1941). . . United King- France dom 67.8 116.1 136.8 127.7 125.5 128.6 127.6 125.4 127.6 126.5 124.0 121.6 120.8 118.9 119.0 119.0 119.1 119.2 119.1 117.7 115.0 113.9 6.8 18.2 22.8 26.1 42.1 43.4 51 6 52.4 50.6 51.0 51.4 51.3 51.2 51.3 51.2 51.2 51.2 51.1 51.1 51.2 51.1 51.0 Netherlands Switzerland Germany Italy Other Europe Total Europe Canada Latin America Asia1 All other* 7.4 10.4 21.2 27.3 29.4 31.0 31.5 31.6 33.0 33.6 33 6 33.6 33.5 33.5 33.5 33.5 33.5 33.7 33.0 33.0 33.4 33.4 -1.2 13.7 30.4 36.1 45.0 46.0 44.3 44.9 44.7 44.5 44.7 44.7 44.5 44.7 45.0 45.0 45.2 45.5 45.0 45.2 44.9 45.0 13.3 22.5 26.6 33.5 36.6 36.5 36.5 36.5 36.5 36.5 36.5 36.5 36.5 36.5 36.5 36.5 36.5 36.5 36.5 36.5 36.5 36.5 2.9 9.4 13.5 22.0 27.6 28.1 28.1 28.0 27.9 27.6 27.6 27.6 27.6 27.6 27.6 27.6 27.6 27.6 27.6 27.5 27.3 27.3 46.1 87.9 115.2 167.8 189.0 196.4 201.8 207.6 210.1 210.4 210.3 210.1 210.0 210.1 210.1 210.1 210 9 211.1 210.4 212.8 212.5 212.6 143.1 278.3 366.4 440.6 495.2 510.0 521.3 526.3 530.3 530.1 528.0 525.4 524.1 522.5 522.8 522.9 523.9 524.6 522.7 523.8 520.7 519.7 -39.7 1.7 10.5 -9.7 -7.6 25.0 35.4 -3.0 41.2 104.9 67.9 98.1 114.5 93.3 94.4 77.0 73.1 23.4 59.6 49.1 176.8 144.3 12.7 15.7 175.0 167.4 184.0 202.3 221.1 245.4 272.3 302.0 305.1 306.1 310.4 312.4 314.7 316.5 317.6 314.9 317.4 U7.1 317.6 320.5 7.9 17.0 24.5 33.8 42.8 53.0 61.2 61.5 62.2 61.3 61.5 61.9 61.7 61.7 61.7 61.7 61.8 61.8 61.5 60.8 60.9 60.6 1.1 3.5 6.8 9.7 11.3 13.5 16.6 18.0 19.9 21.0 21.1 21.2 21.2 21.3 21.3 21.7 21.8 21.9 21.8 22.0 21.9 22.1 Latin America Asia* All other1 3.7 15.5 18.2 23.7 30.1 25.6 28.1 35.2 40.5 54.9 55 2 55.1 52.8 58.5 57.2 56.1 55.1 54.6 65.8 81.3 89.3 97.6 21.4 44.1 54.7 65.2 87.6 17.6 17 5 27.7 62 5 240.5 241 7 241.9 242.7 260.4 272.2 270.9 270 6 264.4 263 1 251.3 73 0 71.9 2.6 7.1 9.8 11.1 14.3 12.6 10 9 10.9 10 6 10.7 10 5 10.3 10 3 10.3 10 2 10.0 9 8 10.0 9 4 Canada Latin America Asia1 All other1 -4.5 -7.6 3.5 1.8 8.7 10.7 14.1 15 2 17.6 16.2 17 0 17.0 19.3 17 9 17.3 18 2 18 6 17 6 18 8 19 5 19 0 18.9 1.0 -4.2 2.9 2.1 .5 -1.5 -3.4 6.0 6.3 6 0 6.0 5.6 4 7 4.4 3.9 3 0 2.7 3 2 3 2 3 6 -.9 00 W .3 2.1 .7 .8 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From Jan. 2, 1935, through— 1935—Dec. (Jan. 1936—Dec 30 1937—Dec. 29 1938—Dec. (Jan. 1939—Dec. (Jan. 1940— Dec. (Jan. 1941—Dec. 31 1942—Dec 31 1943—Dec. 3i 1944—Dec 31 1945—Mar. 31 Apr. 30 May 31 June 30 July 31 Aug 31 Sept 30 Oct. 31 Nov 30 Dec. 31 1946—Jan 31 Feb. 28 1, 1936). .. 4, 1939). . . 3, 1940). . . 1, 1941). . . . . . . . ... . . . . Total 316.7 917.4 1,162.0 1,219.7 1,133.7 888.7 626.7 673.3 701.1 911.8 820.6 802.5 785.0 848.4 843.2 831.6 818 4 795.1 779.1 798.7 625 9 672.4 United King- France dom Netherlands Switzerland Germany Italy 149.8 367 7 448.7 472.6 328.1 157.1 -70 1 -77.6 -100.3 -125.4 — 135 4 -139.2 — 142 8 -138.9 -140 3 -141.5 -143 4 -149.9 — 154 0 -157.9 — 161 9 -164.7 50.5 157.6 213.8 212.1 227.7 233.2 236.7 236.9 239.9 239.0 239.1 239.4 239.3 241.3 240.9 240.7 237.8 235.5 234 0 233.5 228 6 228.1 55.1 200.2 275.3 304.1 344.7 348.1 336.4 360.5 367 3 368.5 362 2 360.1 359 4 363.1 363 5 362.0 360 2 360.9 358 1 355.4 354 0 353.8 -5.4 -7.5 -17.4 -22.8 -28.2 -29.1 —30 1 -30.9 —30 8 -30.8 —30 8 -30.8 —30 7 -30.7 -30 7 -30.7 -30 7 —30 7 —30 6 —30.4 —30 4 -30.4 -.1 -3.3 -4.9 -5.5 -4.9 2.7 — .1 -.1 6 1.9 2 1 2.2 .8 2.2 1 9 1.8 1 8 23.4 64.7 70.3 76.9 76.6 74.4 74.9 80.5 82.7 77.3 68.0 67.1 66.4 77.6 71.7 71.1 78 5 78.3 70 4 81.7 81 8 77.0 1.9 1 6 2.2 2 4 2.4 Other Europe Total Europe Canada 286.2 2.8 12.9 818.0 32.6 38.5 37.6 55.7 1,041.6 25.7 56.6 1,094.1 -2.6 60.4 1,004.4 851.3 - 1 8 . 4 64.9 615.0 -44.7 67.3 644.7 - 4 5 . 1 75.3 645.7 -58.2 86 3 633.7 -28.1 103.2 598.9 - 8 5 . 7 93 7 591.2 -95.9 92.5 585.9 -106.7 93 5 611.0 -91.7 96.4 602.1 -98.5 95 3 600.0 -105.4 96.5 600.8 -117.9 96 4 592.4 -126.4 96.4 577.4 -136.8 98 0 582.9 -126.6 98.5 568.3 -114.5 93 7 562.8 - 6 9 . 6 96.8 9.9 9 9 9.7 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— Total 1935—Dec. (Jan. 1, 1935—Dec 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939—Dec. (Jan. 3, 1940—Dec. (Jan. 1, 1941—Dec 31 1942—Dec. 31 1943—Dec 31 1944—Dec 31 1945—Mar 31 . Apr 30 May 31 June 30 July 31 Aug 31 Sept. 30 Oct 31 Nov. 30 Dec 31 1946—Jan 31 Feb. 28 6.0 12.9 47.5 47.6 80.6 100.9 100.9 104 4 117.8 126.3 130.5 130.4 133.6 131.8 127.1 129.1 134.6 134 4 139.0 144 1 135.1 133.9 1 J 1936). . . 1939). . . 1940). . . 1941). . . . . ... United King- France dom Netherlands Switzerland 2.4 10 4 11.5 12.9 20.1 19.9 19.9 20.7 21.5 23.1 23.1 23.1 22.6 22.8 22.8 23.1 23 1 23.2 23 1 23.4 24.2 24.7 1.3 -.9 5.0 6.8 9.3 13.4 17.6 17 5 19.9 22.3 22.6 23.0 23.1 23.5 24.2 24 4 24.7 25 2 24.1 26.0 16.2 16.2 2.5 9.1 10.8 9.6 17.8 16.2 13.5 13.7 19.3 23.0 24.5 24.7 25.8 26.0 26.4 26 6 27 8 27.3 28.2 30 3 30.3 30.9 4.0 11.5 13.4 19.4 17.0 16.8 17.4 18.8 18.5 18.6 18.4 19.1 21.7 18.5 18.2 19.1 19 1 19.3 19.8 21.3 20.7 Germany -.2 7 -.2 -.1 -.2 -.2 — 1 -.2 —. 1 Italy .1 .3 .1 .2 .1 .2 .2 2 .3 .3 .3 .3 .3 .3 -.1 A (2) A 4 A (3) li 4 4 .4 Total Other Europe Europe 1.4 .4 5.0 5.2 5.0 7.9 8.0 8 7 9.4 10.5 10 5 10.5 10.3 10 6 10.6 10 8 11.1 11 3 12.4 13 6 13 1 13.1 7.6 22.6 44.0 47.9 71.6 74.3 75.7 78 1 89.1 97.7 99.4 100.0 101.1 104 8 102.7 103 4 106.1 106 4 107.5 113 6 105 6 105.9 c l!6 9.2 3.9 4 2 3.8 5.1 7 5 7.0 7.5 4.1 2.3 2 3 4.5 4 5 6.9 5 9 5.5 3.9 3 8 3 6 1.3 1.8 1 9 1.9 1.9 1 9 1.9 2 0 2 2 2 2 2 4 1 3 1 5 3.9 1.3 3.4 Prior to Jan. 3, 1940. the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." Inflow less than $50,000. « Outflow less than $50,000. JULY 1946 817 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES 1934—Dec. 1935—Dec. 1936—Dec. 1937—Dec. 1938—Dec. Netherlands Switzerland Germany Italy Other Total Europe Europe Canada 33.9 163.5 176.3 143.9 187.4 12.9 68.6 78.8 89.1 101.8 13.7 86.1 123.5 302.1 218.8 29.9 29.0 32.0 39.0 17.8 18.8 26.1 41.7 25 7 20.4 46.8 107.5 126.3 156.0 255.5 232.9 686.3 814.3 1,017.1 1,237.8 99.3 145.3 186.1 175 6 201.8 122.8 156.3 263.9 280 9 248.5 3,221.3 448.2 288.2 3,938.2 365.5 490.1 3,678.5 400.8 448.6 4 205.4 554.6 432.3 439.9 1,000.8 5,374.9 865.7 401.2 5,596.8 204.9 174.3 174.9 186.6 193.3 209.7 376.3 508.4 339.9 184.2 210.6 239.3 9.5 6.7 6.6 38.5 17.9 15.4 12 1 11.3 27.3 516.9 650.6 608.0 643.4 722.1 767.7 1,882.6 2,213.5 1,994.0 2,020.7 2,584.5 2,517.8 274.6 434.3 373.2 507 4 812.6 926.5 336.0 655.7 72.5 447.3 769.9 73.3 417.7 780 0 113 6 597 7 930 0 149 6 693.7 1,108.8 175.3 909.3 1,069.2 174.0 5 957.9 6,028.0 6,074.0 6 409.6 6,584.8 6 660 9 6,780.7 6,952.5 6 861.4 6 883 1 6 973.3 6,870.3 208.8 208.8 209.3 213.3 215.8 218.0 220.6 228.1 269.6 281.6 293.9 282.2 252 5 252.0 258.0 261.2 268.5 273.8 277.7 284.4 290.0 304.2 315.5 316.2 6.9 36 0 39.4 42.9 43.9 49.5 53.9 58.5 62.0 65.4 70 4 71.1 72.5 715.8 739.9 752.7 803.0 839.8 805.4 877.9 862.9 871.2 902.1 890.6 875.0 2,420 8 2,405.5 2,416.9 2,562.3 2,651.3 2,538.6 2,501.0 2,545.0 2,529.9 2,583 0 2,655.4 2,563.8 United King- France dom Total r Date 669.7 (Jan. 2, 1935). .. (Jan. 1, 1936). .. 1,301.1 1,623.3 30 1,893.1 29 ... (Jan. 4, 1939). .. 2,157.8 1939—Dec. (Jan. 3, 1940). .. 1940—Dec. (Jan. 1, 1941). .. 1941—Dec. 31 1942—Dec 31 1943—Dec 31 1944—Dec 31 ... 1945—M ar 3i Apr 30 May 31 June 30 July 31 4.ug 31 Sept. 30 Oct. 31 Nov. 30 Dec 31 1946—j a n 31 . . Feb 28 76.9 205.5 235.7 261.5 436.1 834.2 819.9 832.1 861.8 872.0 824.0 746.2 740.2 699.6 707.7 679.0 630.5 366 6 338.5 315.1 372.3 399.0 356.7 313.4 360.3 327.3 310.0 398.3 380.7 7.5 6.5 6.8 7.0 6.7 6.7 6.8 6.9 6.9 7.1 6.9 7.0 6.9 6.8 Latin 1 America Asia ' 202.8 289.8 331.9 399 5 435.5 1 129 1 964 0 1 299 4 1,164.8 993 5 1 320 2 1,161.3 1,035.0 1,319.2 1,267 3 1,076 9 1 360 7 1,349.8 1,100.7 1,341.8 1 449 9 1 087 4 1 432 7 1,492.1 1,110.6 1 510 5 1,551.8 1,097.7 1 563 4 1,545.7 1,045 7 1 554 4 1 522 2 1 046 4 1 549 7 1 350 7 1 050 9 1 735 1 1,349.7 1,043.5 1,723.6 All other1 12.0 23.4 27 1 20 0 34.1 144 5 144 1 141.6 142 4 141.2 152 5 166 5 194.6 185 7 181 8 181 1 189.7 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date Other Europe Belgium Denmark Finland 1939—Dec. (Jan. 3, 1940). . 1940— Dec (Tan 1 1941) 1941 Deo 31 1942—Dec. 31 1943—Dec 31 1944—Dec 31 516 9 650 6 608 0 643.4 722 1 767.7 159.2 144 8 117 3 121.8 122.9 124.3 28.1 17 3 18 1 17.7 13.9 14.8 21.4 16 5 5 7 7.9 7.7 7.1 1945—Mar 31 Apr 30 May 31 June 30 July 31 Aug 31 Sept 30 Oct 31 Nov. 30 Dec 31 1946—Jan M Feb. 28 715.8 739 9 752 7 803 0 839 8 805 4 877 9 862 9 871.2 902 1 890 6 875.0 133.7 139.7 147 3 142.1 150 5 149.9 218 6 195.6 183.0 185.0 184 9 167.6 14.4 13.7 13 4 13.7 13.7 14.4 16.8 20.1 24.3 25.9 40 1 41.6 7.1 7.0 6 8 . 6.7 6.6 6.7 7.2 6.7 6.2 5.5 6.6 10.7 Greece2 Luxembourg2 Norway 39.3 43.5 48.7 18.3 18.4 18.6 56.3 48.7 65 2 132.4 158.9 220.8 50.6 52.5 53.7 56.6 60.5 63.2 66.1 68.7 71.0 70.8 70.0 69.7 18.6 18.5 19.1 19.3 22.9 22.9 22.9 22.9 23.0 22.3 22.3 22.4 194.7 199.9 194.0 240.6 236.6 187.1 184.4 182.7 182.9 216.1 176.5 175.0 2 PortuRu2 YugoAll gal2 mania 2 Spain Sweden USSR slavia2 other 35.7 53.4 54.5 9.4 9.3 9.5 17.5 31.8 43.4 35.4 39.4 36.6 40.6 46.4 39.0 45.5 45.2 48.5 9.3 9.3 27.3 31.5 37.6 31.8 36.9 40.4 32.6 24.4 31.2 47.9 47.5 45.3 9.3 9.3 9.3 9.7 9.2 9.2 9.2 9.3 9.3 9.2 31.7 37.1 37.4 142.2 235 4 210 7 153.5 163.2 152.1 14.3 12 3 16.1 17.7 9 9 5.7 157.7 158.0 160 2 165.4 183 7 194.3 199 1 213.5 217.2 210.1 214 0 212.9 8.6 12 8 17 5 20 9 22 3 25.7 25 4 24 4 24.8 28 0 29 7 28.5 5.8 5 8 5 6 57 5 5 5 5 2 1 2 2 5.4 5 7 6 3 6.6 109 8 187 9 191 0 57.9 76 9 52.1 52.8 51 8 51 7 50 3 45 2 46 9 45 0 44 5 44.3 43 7 46 4 48.4 Latin America Date 1939—Dec. (Jan. 3, 1940) 1940—Dec. (Jan. 1, 1941) 1941—Dec. 31 1942—Dec 31 1943—Dec. 31 1944—Dec 31 1945—Mar 31 Apr 30 May 31 June 30 July 31 Aug 31 Sept 30 Oct. 31 Nov 30 Dec 31 1946—Jan 31 Feb 28 Latin BoAmer- Argentina livia' Brazil Chile ica 336.0 447.3 417.7 597.7 693.7 909.3 57.7 115.4 75.7 67 6 69.8 93.9 964.0 993.5 1,035.0 1,076.9 1,100.7 1,087.4 1,110.6 1,097.7 1,045.7 1 046 4 1,050.9 1,043.5 73.4 73 1 70.0 73.2 82.5 75 1 78.0 77.2 82.3 77 3 94 8 80.0 Colom-3 bia NethFrench erWest lands Other Costa3 Cuba Indies Mex- West Pana3 Vene- Latin and Rica ico Indies ma4 Peru zuela3 Amerand Gui-3 ica Suriana nam3 36.4 36.2 50.5 10.8 67.7 12.6 98.7 17.7 140.8 26.8 28.5 27.3 34.5 54.0 55.0 43.4 67.1 83.6 37.0 47.9 62.5 12.4 100.3 12.2 70.4 7.4 139.3 128.2 133.3 138.8 146.2 164.4 163.0 181.5 179.2 185.6 195.1 192.3 199.6 52.1 51.3 54.9 66.8 64.6 64.5 63.2 63.6 71.4 66.3 66.6 64.6 81.5 77.2 76.6 76.2 82.3 90.2 93.2 83.1 84.5 79.2 82.4 80.6 7.4 141.2 8.1 160.2 169.6 190.4 8.0 153.9 7.0 156.9 6 . 2 154.5 6 . 6 145.4 7 . 1 136.5 6 . 9 128.3 6 . 0 122.2 5 . 7 120.5 17.1 18.5 17.7 19.2 17.2 18 0 17.9 17.9 15.6 14 5 13.6 13.4 8.2 7.5 58.8 55.0 37.7 95.7 70.4 83.1 5.4 129.0 5.2 140.1 158.4 163.8 8.6 177.2 7.3 158.7 7 . 8 164.4 7 . 3 164.3 6 . 6 111.8 7 . 1 116.4 7 . 2 125.9 7 . 1 128.3 4.9 2.6 4.4 6.3 6.3 20.7 41.2 36.0 34.0 58.7 42.1 36 9 57.6 69.1 17.7 17.4 27.7 20 9 24 2 31.5 85.3 105.6 121 8 64 2 95 4 119.8 34.3 33.7 32.5 29.2 31.5 31.7 32.9 33.6 31.0 28.2 20.9 22.8 82.5 81 8 83.1 86 2 89.6 87 8 89.1 90.5 90.7 88 7 89 4 87.5 32.7 33.9 33.9 35 5 35.8 38 8 38.8 42.6 45.9 43 9 43 4 45.0 49.4 43 2 48 2 41 5 50.2 43 0 44 3 48 5 38 3 49 7 36 0 42.4 129.9 133 8 136 6 134 8 134.9 145 3 138 6 138 1 138 3 144 8 150 3 146.0 For footnotes see p. 819. 818 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] LIABILITIES—SUPPLEMENTARY DATA—Continued Asia and All Other Date 1939—Dec. (Jan. 3, 1940). . 71.4 655.7 167.0 1940—Dec. (Jan. 1, 1941). . 91.1 769.9 207.5 1941—Dec. 31 61.6 780.0 156.8 1942—Dec. 31 930.0 360.9 " 2 7 . 4 41.6 13.'i 1943—Dec. 31 1,108.8 574.2 27.4 23.9 18.2 1,069.2 427.3 27.4 22.9 22.1 1944—Dec. 31 1945—Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1946—jan. Feb. r 1 2 31 30 31 30 31 31 30 31 30 31 31 28 Japan Egypt Neth- Philand Union Bri- (inch New AusKoerAnglo- French of Other All Turtish Mo- South Other 2 tra- Zea1 lands ippine Egyp- rocco other Ma- 1 rea) key Asia Islia land tian and East 1 lands r Africa laya ManIndies Sudan churia India, BurFrench ma, Asia' Ctiina Indo-1 Hong Kong and China Ceylon1 1,299.4 1,320.2 1 319 2 1,360.7 1,341.8 1,432 7 1,510.5 1 563 4 1,554.4 1 549 6 1 735 1 1,723.6 554.4 546.9 541 7 519.6 501.1 578.7 588.5 591 7 581 4 582 3 756 3 738.0 27.4 27.5 27 5 27.5 27.5 27 6 27.6 27 5 27 5 28 0 28 2 34.6 21.9 21.6 21 9 22.0 21.9 21 7 21.9 21 7 22 1 27 4 30 5 31.8 58.5 193.4 165.4 198.6 110.3 226.8 69.9 "i.'o 4.8 160.4 254.7 29.9 4.1 110.1 259.1 35.4 .9 4 0 110.5 365.8 23.7 1.3 162.4 264.9 36.2 55.5 64.2 50.4 51.6 50.7 51.5 50.8 51.2 50.5 50 5 47.2 52 5 57.3 62.2 80.1 80.9 79.4 68.6 69.6 74.2 76.7 83.7 73.0 78.0 75.1 78.4 21.3 23.5 26 6 23.2 24.1 25 3 28.9 33 2 34 6 33 4 29 4 36.7 .9 .9 1.0 .9 .9 .9 1 0 1 0 1 2 1 7 4.0 4.0 4 0 4.1 4.3 3 9 4.2 4 2 4 1 4 1 4 0 1.6 3.9 8 116.5 115.4 117 6 111.3 112.6 108 8 99.3 104 4 103 8 113 7 110 0 100.7 422.6 447.8 448 8 531.9 528.8 540.5 612.1 645 4 659.7 629 1 642.8 635.7 72.5 73.3 113 6 149.6 23.1 4.8 175.3 25.3 5.1 174.0 52.9 3 5 144.5 144.1 141.6 142.4 141.2 152.5 166.5 194.6 185.7 181.8 181.1 189.7 34.6 34 5 32.0 30.7 27.8 ?7 6 28.5 29.0 30.2 28.9 29.6 26.1 4.1 3 6 3S 3.3 3.3 4 6 3.1 3 7 4 3 4 3 4 0 4.0 6.8 6.1 7.3 12.1 10.3 4.3 11.0 91.8 4.5 124.1 8.3 97.6 9.0 9.8 3.9 4.1 9.5 4.3 7.4 85.5 7.1 85.0 86.2 6.4 87.4 4.7 90.5 5.8 96.2 8.4 107.1 6.4 130.4 8 . 0 114.2 6 . 4 113.4 6 . 3 112.2 9 . 1 120.8 11.0 10.8 13.6 13.6 17.3 19.6 18.9 19.4 19.6 3.6 4.0 4.7 5.8 7.7 9.4 10.0 9.7 10.1 6.0 Revised (see main table). Prior to June 30, 1942, included under "Other Asia." Country breakdown not available until June 30, 1942. Footnotes to table on p. 818 r Revised to include official Philippine accounts held with the United States Treasury. 1 Prior to Jan. 3, 1940, the rigures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 2 Prior to June 30, 1942, included under "All other." 3 Prior to June 30, 1942, included under "Other Latin America." * Included "Canal Zone" prior to June 30, 1942. NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to the United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584 and BULLETIN for September 1945, pp. 967-970. ASSETS Date Total United King- France dom Nether lands Switzerland Germany Italy Other Total Europe Europe Canada Latin America Asia1 All other1 1,139.9 778.6 672.6 655.0 594.0 296.9 88.1 114.1 84.8 86.0 80.5 32.5 16.8 13.5 10.3 18.6 19.0 21.9 23.0 24.2 8.2 6.6 5.4 5.5 5.5 231.7 202.0 165.1 126.1 89.4 27.2 13.5 10.9 20.8 13.5 80.0 71.2 57.8 52.9 45.9 743.2 433.0 392 1 326.5 274.9 96.3 100.9 59 4 118.0 60.4 174.6 154.5 141 1 114.4 99.1 117.4 80.1 67 2 78.9 144.1 8.5 10.1 12 9 17.2 15.5 (Jan. 3, 1940) (Jan. 1, 1 9 4 1 ) . . . . 31 31 31 31 508.7 384.0 367.8 246.7 257.9 329.7 39.9 23.0 20.9 12.6 19.9 25.9 4.9 4.2 1.8 L.3 1 L4 5.7 .9 1.1 .5 .4 .3 5.2 1.5 2.6 1.5 3.0 1.3 53.4 39.6 34.4 34.0 33.9 33.9 11.8 2.0 1.5 .4 .4 .3 51.4 29.9 26.2 22.3 19.0 44.4 172.2 101.0 88 4 72.6 77 6 107.5 39.7 36.0 33 6 34.3 37 8 28.1 113.3 122.7 148 3 99.7 112 2 131.0 174.1 117.8 87 9 35.3 26 3 51.4 9.3 6.4 9 7 4.8 3 9 11.7 31 30 31 30 31 31 30 31 30 31 31 28 286.9 290.8 289.8 375.0 325.2 306.5 270.2 260.0 331 3 392.8 406.3 406.8 23.2 25.4 30.5 27.9 24.8 31.6 24.9 21.5 25 9 25.4 25.9 26.3 1.4 ^ L.3 L.2 1.2 ? .3 .5 .4 .7 .3 .4 .6 .9 .9 .8 5.4 3.6 2.0 2.7 .3 .3 .3 .3 .3 .3 .3 8.7 8.4 8.9 48.2 48.7 9.7 8.1 .6 3.0 1.6 2.9 33.9 33.9 33.9 33.9 33.9 33.9 33.9 33.9 33.9 33.9 33.9 33.9 68 8 70.8 76 2 117.6 113.0 79.1 71.7 69.8 109 6 140.7 115.8 120.2 23 9 23.0 25 6 53.8 45.2 41.5 39 6 32 2 38 0 53 3 74.3 71.3 144 1 145.0 127 9 144.5 109.8 116.6 120 6 113 6 145 8 158 9 164.7 161.2 41 0 42.6 51 1 49.2 47.7 60.7 30 8 37 3 29 1 29 9 40.6 43.6 9 2 9.3 9 0 9.9 9.5 8.5 7 6 7 2 8 8 9 9 10.8 10.5 1934—Dec. 1935—Dec. 1936—Dec. 1937—Dec 1938—Dec. (Jan. 2, 1935) (Jan. 1, 1936) 30 29 (Jan. 4, 1939) 1939—Dec. 1940—Dec. 1941 —Dec. 1942—Dec. 1943—Dec. 1944—Dec 1945—Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1946—Jan. Feb. 0 1 1 .8 .7 36.5 36.3 35.7 36.1 6.2 4.9 .1 .3 .3 .3 .4 9.6 10.2 40.8 13.1 17.9 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942, reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974. JULY 1946 819 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES— Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Other Europe Belgium Denmark Finland 1939—Dec. (Jan. 3, 1940) 1940—Dec. (Jan. 1, 1941) 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 31 51.4 29.9 26.2 22.3 19.0 44.4 6.5 1.5 1.1 .8 .7 .7 3.2 .3 1.4 1.8 1.9 5.6 7.6 1945—Mar. 31 Apr. 30 May 31 June 30. July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1946—Jan. 31 Feb. 28 8.7 8.4 8.9 48.2 48.7 9.7 8.1 9.6 10.2 40.8 13.1 17.9 Date .8 .8 .7 .5 .5 () 1.5 1.5 () 1.0 1.0 .6 .6 1.8 2.6 Greece* Luxembourg1 Norway PorRu: tugal1 mania1 Spain 3.6 .9 .5 () 1.3 1.4 1.1 .6 .6 .2 .2 35.1 .6 .6 .6 .6 .6 .6 .6 .6 .6 .7 .7 .1 .1 .1 40.1 40.5 .1 .1 .1 .1 31.6 .1 4.2 2.4 1.4 Sweden USSR1 Yugo- All slavia1 other 3.2 3.2 1.8 8.7 1.0 .6 .4 .2 .2 28.0 24.5 22.1 8.4 5.0 5.1 1.3 .9 1.5 .9 .9 1.4 .9 1.0 .9 1.6 1.8 1.4 .2 .2 .3 .3 .7 1.5 .3 .5 1.0 .9 1.1 1.1 5.0 5.1 4.9 4.8 4.9 4.9 5.1 5.0 4.9 4.7 4.8 4.9 Latin America Date Latin Argen- BoAmer- tina livia' ica Brazil Chile 9.7 13.4 14.9 15.3 16.6 9.0 7.8 8.7 8.4 7.0 8.4 6.3 7.5 6.8 7.2 6.6 7.0 6.2 1939—Dec. 1940 Dec 1941—Dec. 1942—Dec 1943—Dec. 1944—Dec. (Jan. 3, 1940)... (Jan 1 1941) 31 31 31 31 113.3 122.7 148.3 99.7 112.2 131 0 16.8 11.9 16.8 6.9 15.3 3.1 3.0 1.8 1.8 32.2 33.1 38.0 16.7 18.9 25.3 1945—Mar. Apr May June July Aug. Sept. Oct. Nov. Dec. 1946—Jan. Feb. 31 30 31 30 31 31 30 31 30 31 31 28 144.1 145.0 127.9 144.5 109.8 116.6 120.6 113.6 145.8 158.9 164.7 161.2 5.5 8.7 7.7 8.3 14.1 11.0 12.8 10.8 20.5 21.0 24.2 18.0 1.3 4 L.3 ? L.2 1.3 1 8 ? 3 7 1.5 22.7 24.1 25.5 30.6 26.9 24.4 21.7 18.2 22.0 24.7 26.8 29.7 . . . . . . . . Colombia' Costa Rica' Cuba 20.7 12.2 15.5 .6 .7 1.2 10.5 11.7 11.3 8.3 20.1 47.4 16.0 14.7 15.1 16.8 16.3 17.1 16.7 14.2 19.4 16.8 17.5 18.1 .9 0 .1 1.2 L.2 S 4 ? ? 4 S French West Indies and Guiana' (2) (2) .2 (2) 60.9 57.1 39.1 49.7 10.3 14.5 18.3 17.0 27.2 33.3 33.9 32.9 (2) (2) (2) .1 .1 .2 (2) .1 .1 .1 Netherlands West Mexico Indies Panama4 and Surinam' 5.9 6 1 7.6 4.8 11.2 8.6 9.1 8 8 8.7 8.9 10.2 8.7 9.0 9.7 10.6 11.0 10.5 13.9 Peru3 Other Vene- Latin zuela3 America .3 5 3 1.0 2 1 2 4 2.1 1 1 .8 2.8 1 4 1 2 3.9 3 8 5 1 .4 4 .4 4 .3 .3 .3 .4 .3 .5 .3 .4 1.0 1 0 .9 1 0 1.1 .8 .8 .8 1 0 1.1 1 9 2.8 1 4 1 4 1.4 1 4 1.7 1.9 1 3 1.3 1 7 1.9 3 3 3.5 4 0 4 9 5.8 5 6 5.5 5.2 5 2 5 7 6 1 6 1 6 6 6.9 37 2 44 4 57 3 14.2 8 7 11 7 13 1 no 12.6 12 3 12.4 23.7 24 1 25 4 27 3 3?> 4 ^9 5 25.9 A s la and All Other Date 1939—Dec. 1940—Dec. 1941—Dec. 1942—Dec 1943—Dec. 1944—Dec India, BurFrench Hong ma, Asia China Indo- Kong and China5 Cey- (Jan. 3, 1940) 174.1 fTan. 1. 1941) 117.8 87.9 31 35.3 31 26.3 31 ^1 51.4 1945—Mar ^1 A p r 30 M a y 31 June 30 July 31 Aug. 31 Sept 30 Oct. 3 1 . Nov. 30 . . . . Dec. 31 1946—Jan. 3 1 . Feb. 28 41.0 42.6 51.1 49.2 47.7 60.7 30.8 37.3 29.1 29.9 40.6 43.6 22. ?3 23. 11 1 1 0 7 5 1 " (2) " 7 (2) S 1 3 1 3 1 1 1 1 0 1 1 1 1 1 1 7 1 0 7 7 9. 7 (2) 2 ( ) (2) (2) (2) (2) .2 2 () Japan Egypt NethBri- (incl. PhilKoerAus- New and French Union tish ippine TurOther All Angl >of rea) lands MaIskey5 Asia other6 tra- Zea- Eg/ra- Mo- South Other and East lia land ttan rocco Africa laya5 Man5 lands Indies Sudan churia 1 .9 102.1 1 7 55.8 3 .1 18.9 . . . . . 9 "l.'l " '.' 7 6 .5 2.0 .5 1 .0 1. 7 .5 9 22.3 .1 1. S .5 26.4 22.6 23.0 14.4 1 8 13.9 3 7 13.8 1 8 9 ,9 .9 8 8 .8 8 8 .8 8 1 1 .8 13.9 13.9 13.9 13.6 13.9 25.0 13.6 13.0 13.7 13.8 18.5 20.1 11.8 12.1 19.4 16.8 14.5 15.0 8.0 7.2 7.1 7.5 7.9 7.0 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .3 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 .3 .3 1. 4 1. 4 1. 4 1. 4 1. 4 1. 4 1. 4 1 4 1 4 1 4 1 4 4 1 8 1 9 7 0 0 7 2 1 7 1 6 1 7 7 0 1 0 1 21.6 9.3 14 0 6.4 19.5 9.7 2.0 4.8 3.9 1.8 8 . 8 11.7 i.6 9.1 10.5 11.8 12.5 13.1 13.6 2.9 11.4 2.0 2.7 2.5 2.8 .8 .8 1.0 .9 2.1 1.0 .7 .7 .9 1.7 2.1 1.8 9.2 9.3 9.0 9.9 9.5 8.5 7.6 7.2 8.8 9.9 10.8 10.5 .5 .6 ...... "'"7 2 .2 .4 .4 .4 4 4 6 7 7 6 .7 .1 2 3 .4 .4 2 .3 .3 .3 .2 .2 .3 .2 .3 " (2) ' ' i 7 (2) (2) 2 4 9 7 (2) (2) (2) (2) (2) (2) (2) (2) 1 .1 .1 6 7 6 7 6 1 6 0 S 2 5 0 4 5 4 1 5 0 4 7 5 0 5.3 ... 7 « 1 I 9 o \ i 1 \ 1 Q j 5 1 Q 7 0 s s 0 2 .4 1 Prior to June 30, 1942, included under "All other." 2 Less than $50,000. 3 Prior to June 30, 1942, included under "Other Latin America." * Included "Canal Zone" prior to June 30, 1942. 6 Prior to June 30, 1942, included under "Other Asia." 6 Country breakdown not available until June 30, 1942. 820 FEDERAL RESERVE BULLETIN CENTRAL BANKS Bank of England (Figures in millions of pounds sterling) 10?0—Dec. 25. . 1030—Pec. 31. . 1031—Dee. 30. . 1032—Dec. 28. . 1033—Dec. 27. . 1034—Pec. 26 . . 1035—Pec. 25 . . 1036—Dec. 30. . 1037—Dec. 20. . 1038—Dec. 28. . 1030—pPC> 27. . 1040—Dec. 25 . . 1041—Dec. 31. . 1042—Dec. 30. . 1043—Dec. 20. . 1944—Dec. 2 7 . . Assets of issue department Assets of banking department Cash reserves Other assets2 Gold* Coin Notes .2 .6 .6 .8 1.0 .5 .6 .6 26.3 38.8 31.6 23.6 58 47 35.5 22.3 49.0 27.3 18.5 16.8 7.6 8.5 17.5 s 1,100.0 5 1,250.0 1.0 .9 .3 .9 .9 1.9 25.6 13.3 28.5 26.8 11.6 11.6 260.0 260.0 275 0 275.0 260.0 260.0 260.0 200.0 220.0 230 0 580.0 5 630 0 * 780 0 145.8 147.6 120.7 110.8 100.7 102.3 200.1 313.7 326 A 326 A < .2 .2 .2 .2 .2 .2 Discounts and advances 5 950.0 Liabilities of banking department Securities Note circulation3 Deposits Bankers' Public Other Other liabilities 28.5 4.3 4.0 6.4 3.5 2.5 5.1 84.9 104.7 133.0 120.1 101 98.2 94.7 155.6 135.5 90.7 176.1 199.1 267.8 267.9 307.9 317.4 379.6 368.8 364.2 371 2 392.0 405.2 424.5 467.4 505.3 504.7 554.6 616.9 751.7 923.4 ,088.7 ,238.6 71.0 132 4 126.4 102.4 101.2 89.1 72.1 150.6 120.6 101.0 117.3 135.7 219.9 223.4 234.3 260.7 8.8 6.6 7.7 8 0 22.2 0.0 12.1 12 1 11.4 15.0 20.7 12 5 11.2 0 0 10.3 5.2 35.8 36.2 40.3 33 8 36.5 36.4 37.1 39.2 36.6 36.8 42.0 51 2 54.1 48.8 60.4 52.3 17.0 18 0 18.0 18.0 18.0 18 0 18 0 18.0 18 0 18.0 17.0 17 9 17.0 17.0 17.0 17.8 9.2 1945—June 27. Tuly 25. Aug. 20., Sept. 26. Oct. 31. Nov. 28. Dec. 26. .2 .2 .2 .2 .2 .2 .2 1,300.0 s 1,350.0 1,350.0 1,350.0 1,350.0 1,350.0 5 1,400.0 1.3 .9 .4 .2 .4 .5 .4 15.1 44.5 24.3 20.3 28.1 22.6 20.3 3.8 1.8 7.2 3.6 11.2 11.3 8.4 324.2 263.6 295.3 331.7 288.9 301.6 327.0 ,285.2 ,305.7 ,325.9 ,329.9 ,322.2 ,327.6 ,379.9 262.3 229.1 238.2 279.1 244.2 250.2 274.5 12.7 10.3 16.0 5.5 0.2 10.5 5.3 51.6 53.6 55.0 53.1 57.4 57 7 58.5 17.0 17.0 18 0 18.1 17.7 17 8 17.8 1946—Jan. 30. Feb. 27. Mar. 27. Aor. 24.. May 29. .2 .2 .2 .2 1,400.0 1,400.0 1,400.0 1,400.0 1,400.0 .5 .9 .8 1.0 1.5 68.8 77.1 71.9 52.0 58.6 5.5 7.4 20.0 22.4 16.7 289.6 236.7 238.7 256.3 250.9 .331.4 ,323.1 ,328.3 ,348.3 1,341.7 270.7 234.5 240.1 253.4 244.8 11.0 16.7 0.0 7.4 7.4 55.0 53 0 54.0 53.1 57.4 17.0 18.0 18.5 17.8 18.0 Assets Bank of Canada (Figures in millions of Canadian dollars) Gold Sterling and United States dollars Liabilities Dominion and provincial government securities Deposits Other assets Short-6 term Other 4.2 9.1 14.9 28.4 64.3 38.4 200.9 .5 .6 172.3 30.9 61.3 82.3 144.6 181.9 448.4 301.8 807.2 787.6 906.9 83.4 99.0 91.6 40.9 40.0 127.3 216.7 200.2 472.8 573.0 8.6 8.2 21.7 5.2 5.5 12.4 33.5 31.3 47.3 34.3 1945—June 30. Tuly 31. Aug. 31. Sept. 29. Oct. 31 . Nov. 30. Dec. 31.. 174.4 174.4 176.1 176.1 176.1 159.0 156.8 1,073.8 1,034.7 1,031.5 1,028.9 1,109.4 1,168.1 1,157.3 550.5 558.3 584.0 591.4 500.6 620.4 688.3 34.4 56.5 62.3 34.0 30.5 60.5 29.5 1946—Jan. 31. Feb. 28. Mar. 30. Apr. 30. May 31. . 101.8 95.2 95.2 24.1 2.0 1,143.8 1,155.2 ,296.2 ,348.0 1,230.0 686.2 688.8 550.0 553.0 541.1 33.2 48.0 39.4 48.6 52.9 1035—Dec. 31 1036—Dec. 31 1037—Dec. 31 1038—Dec. 31 10.39—Dec. 30 1040—Dec. 31 1041—Dec. 31 1042—Dec. 31 1043—Dec. 31 1044—Dec. 30 180.5 170.4 179.8 185.9 225.7 Note circulation7 Chartered banks Dominion government Other liabilities8 Other 1,036.0 181.6 187.0 196.0 200.6 217.0 217.7 232.0 259.9 340.2 401.7 17.9 18.8 11.1 16.7 46.3 10.9 73.8 51.6 20.5 12.9 2.1 3.5 3.1 17.9 9.5 6.0 19.1 17.8 27.7 7.7 13.4 14.4 9.3 13.3 28.5 35.1 24.0 55.4 209.1 1,063.2 1,078.8 1,097.9 1,112.4 1,136.6 1.113.8 1,129.1 492.0 441.1 444.4 442.9 474.2 495.2 521.2 43.9 57.5 32.6 39.6 51.0 159.1 153.3 35.9 37.6 39.7 22.4 32 4 27.4 29.8 207.1 208.8 239.2 213.9 221.3 230.5 198.5 1.088.1 1,086.7 1,102.2 1,114.4 1,109.5 505.9 522.9 518.1 555.8 493.9 187.2 201.7 149.2 183.3 87.1 34.2 56.4 89.1 62.7 78.5 149.6 119.6 132.1 57.4 57.2 99.7 135.7 165.3 175.3 232.8 359.9 496.0 693.6 874.4 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1039, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 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 6 8. July 3, and Dec. 10. 1945. Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 9 On May 1. 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1040. pn. 677-678^. NOTE.—For back figures on Bank of England and Bank of Canada, see Banking ani Monetary Statistics, Tables 164 and 165, pp. 638-640 and pp. 644-645, respectively; for description of statistics see pp. 550-564 in same publication. JULY 1946 821 CENTRAL BANKS—Continued Assets Bank of France (Figures in millions of francs) Advances to Government Domestic bills Foreign exchange Gold1 Open market 2 1929—Dec 27 1930—Dec. 2 6 . . . 1931—Dec. 3 0 . . . 1932—Dec. 30. .. 1933—Dec. 2 9 . . . 1934—Dec. 2 8 . . . 1935—Dec. 27. .. 1936—Dec 30 1937—Dec. 30. .. 1938—Dec 29 1939—Dec. 2 8 . . . 1940—Dec. 2 6 . . . 1941—Dec. 3 1 . .. 1942—Dec. 3 1 . .. 1943—Dec. 30. . . 1944—Dec. 2 8 . . . 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 75,151 25,942 26,179 21,111 4,484 1,158 963 1,328 1,460 911 821 112 42 38 37 37 42 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 47,288 1945—Apr. 26. .. May 31 Aug. 3 0 . . . Sept. 2 7 . . . Oct. 3 1 . . . Nov 29 Dec. 2 7 . . . 75,151 75,151 75,151 75,151 565,152 65 152 5 129,817 44 45 46 46 47 45 68 48,257 48,141 48,703 49,363 60,087 62,210 7 23,038 1946—Jan. Feb Mar Apr. May 129 817 129 817 129 817 129,817 594,817 69 26,081 27,247 25,524 25,810 63,090 31. .. 28 28 25... 29... Liabilities 69 69 5 5 Special2 Other For occupation costs3 Other 2 27 153 303 220 160 46 Note circulation Govern- C.A R.* ment ,624 8 ,429 7 ,389 3 ,438 4 ,739 3 ,971 9 ,712 8 ,465 17,698 10 ,066 31,909 20,627 7 ,880 5 ,149 34,673 3 ,646 " 7 2 ! 317 63,900 4 ,517 142, 507 69,500 5 ,368 210, 965 68,250 7 ,543 326, 973 64,400 18 ,592 426, 000 15,850 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 6 35,221 68,571 76,436 85,725 85,028 82,613 83,412 81,150 89,342 93,837 110,935 151,322 218,383 270,144 382,774 500,386 572,510 11,737 12,624 5,898 2,311 2,322 3,718 2,862 2,089 3,461 5,061 1,914 984 1,517 770 578 748 14 ,967 10 ,162 12 ,936 14 ,242 20 ,442 ?6 ,073 25 ,548 426, 426, 426, 426, 426, 426, 426, 000 20,900 000 19,750 000 000 000 000 000 8 43,634 8 35,403 6 41,666 6 42,717 6 46,152 6 580,944 548,945 469,652 496,258 528,945 545 795 570,006 ?7 ,415 30 ,945 3? ,647 36 ,579 45 ,512 426, 426, 426, 426, 426, 000 6 44,818 6 46,744 6 40,985 6 38,614 6 592,436 605,156 613,434 616,102 625,809 8 1.379 652 1.797 2,345 661 12 169 29 48 Deposits Other assets 000 000 16,000 000 19,000 000 11,200 45,859 "39,122 41,848 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 37,855 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 7,078 756 774 80,246 53,598 30,793 21,708 12,048 42,302 57 231 50,005 53,156 52,552 53 447 57,755 4,950 7 701 4,600 4,506 5,617 4 540 4,087 5,781 1 014 52 046 50 743 52 516 53,653 51,845 4 156 4 070 4 357 5,337 4,072 41, 64, 16, 10, 781 732 745 Assets Reichsbank Reserves of gold and foreign exchange (Figures in millio ns of reichsmarks) Total reserves 1929 Dec 1930 Der 1931—Dec 1932 Der I933—Dec. I934—Dec. 1935—Dec. 1936—Dec. I937—Dec. 1938—Dec I939—Dec. 1940—Dec. 1941—Dec 1942—Dec. 1943—Dec. 31 31 31 31 30... 31 31 31... 31 .. . 31 30.. . 31 31 31 .. 31 2 687 2 685 1 156 I944—Mar. Apr May Tune July Aug Sept Oct Nov Dec 31. .. 29 31 30 31 31 30 31 30 30 77 77 77 77 77 77 77 77 77 1945 Tan 31 Feb. 2 8 . . . 920 396 84 88 72 76 76 78 78 77 76 77 77 77 77 Gold Bills (and checks), including Treasury bills 400 580 857 724 Liabilities Securities Security loans Eligible as note cover Other 984 806 386 79 82 66 71 71 71 71 71 71 71 2,848 2,572 4,242 2,806 3,226 4,066 4,552 5,510 6,131 8,244 11,392 15,419 21,656 29,283 41,342 46 33 71 40,379 40,909 42,159 42,150 43,222 45,829 50,821 53,954 56,939 63,497 38 28 26 38 42 47 46 62 112 64,625 70,699 199 307 2,283 2,216 Other Other liabilities 251 256 245 176 183 146 84 74 60 45 30 38 32 25 27 Other assets Note circulation Deposits Other liabilities 1,621 2,498 2,066 2,311 1,664 2,337 5,044 4,778 4,776 3,560 3,645 3,901 4,285 4,980 5,493 8,223 11,798 14,033 19,325 24,375 33,683 67 70 69 1 31 23 27 21 20 25 24 21 45 2,281 2,525 2 096 2,397 2,396 2,275 2,510 2,351 2,795 2,351 33,792 34,569 35 229 35,920 36,888 38,579 42 301 44,704 46,870 50,102 7 179 7 240 6 ,754 6 813 7 ,480 9 088 9 603 1(1 ,829 13 ,535 2 004 2 054 2 185 2 160 2 216 2 264 2,445 81 112 60 61 2,083 2,591 51,207 55,519 13 566 16 ,419 2 353 1,909 259 445 349 221 106 557 804 32 107 87 1 92 102 161 398 322 319 315 303 286 298 393 357 283 210 65 656 638 1,065 1,114 735 827 853 765 861 755 652 755 540 640 984 1 ,032 1 ,012 1 ,059 1 ,527 ,018 736 822 1 338 1 313 836 1,001 923 953 970 1,091 1,378 2 ,561 3 ,649 S ,292 1L,396 7 ,237 1,788 L 833 8 ,186 L 493 L,680 L.980 ois 1 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for May 2 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 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. *6 Central Administration of the Reichskreditkassen. In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000, and in week ending May 2, 1946, 35,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22, 1944. 7 Forty billion francs of gold increment resulting from revaluation used to cancel an equal amount of Treasury bonds. 8 Gold not shown separately in weekly Reichsbank statement after June 15, 1939. NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and pp. 645-647, respectively; for description of statistics see pp. 562-565 in same publication. 822 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) 1946 May Apr. 1945 Mar. May Central Bank of the Argentine Republic (millions of pesos): ,189 Gold reported separately 1,242 1,206 ,552 Other gold and foreign exchange. 2,807 3,491 873 Government securities 882 866 56 Temporary advances to Govt.. . . 12 145 Other assets 144 " 'l42 ,033 Note circulation 2,495 2,979 ,752 Deposits—Member bank 1,657 1,828 503 Government 471 408 Other 183 112 145 Certificates of participation in Government securities 141 153 164 Other liabilities 202 186 194 C o m m o1n w e a l t h Bank of Australia (thousands of pounds): Gold and foreign e x c h a n g e . . . . . 199,305 202, 686 197,255 Checks and. bills of other banks. . 2,330 3, 075 2,446 Securities (inch Government and 414,549 411, 725 421,735 Treasury bills) 14,486 17, 020 21,374 Other assets 199,964 200, 964 195,464 Note circulation Deposits of Trading Banks: 261,112 261, 112 253,674 Special 24,377 20, 187 29,772 Other 148,218 152, 242 163,899 Other liabilities National Bank of Belgium (millions of francs): 33,328 Gold2 452 33,095 31,283 4,048 Foreign exchange 4,065 122 4,659 48,212 Loans to Government 303 49,410 39,687 2,761 Other loans and discounts 513 105 2,217 Claim against Bank of Issue.. . . 64,597 597 64,597 64,589 2,022 Other assets 2,151 894 1,751 72,542 Note circulation 564 72,838 55,951 2,772 Demand deposits 3 4,341 223 3,133 78,222 Blocked accounts 262 78,349 80,940 1,433 Other liabilities 1,055 424 1,408 Central Bank of Bolivia—Monetary Dept. 4 (millions of bolivianos): Gold at home and abroad 919 Foreign exchange 493 Loans and discounts 27 Government securities 550 Other assets 11 Note circulation 1,620 Deposits 379 Other liabilities National Bank of Bulgaria 5 Central Bank of Chile (millions of pesos): Gold 277 383 Discounts for member banks... 213 311 Loans to Government 760 701 Other loans and discounts 1,049 652 Other assets 1,294 1,955 Note circulation 2,658 2,918 Deposits—Bank 451 523 Other 150 204 Other liabilities 335 356 Bank of the Republic of Colombia (thousands of pesos): Gold 228,456 175,359 Foreign exchange 86,102 96,042 Loans and discounts 10,565 19,903 Government loans and securities. 72,577 70,544 Other assets 39,371 30,776 Note circulation 191,300 172,136 Deposits 203,577 155,399 Other liabilities 42,194 65,089 National Bank of Czechoslovakia 6 in Prague (millions of koruny): 1,517 1,517 Gold ,517 787 1,441 Foreign exchange ,598 1,143 7,087 Loans and discounts ,541 91,916 Other assets ,576 125,751 1945 Central B a n k (Figures as of last report date of month) May Apr. Mar. May National Bank of Czechoslovakia in Prague—Continued 1,191 42,385 1,066 Note circulation—Old 32,336 31,454 New 84,677 5,387 34,752 Deposits—Old 8,173 6,855 New 8,981 9,908 18^225 Other liabilities National Bank of Denmark (millions of kroner): 83 97 Gold 83 83 173 23 Foreign exchange 141 147 99 Clearing accounts (net) 105 108 2,969 25 28 28 23 Loans and discounts 90 98 81 83 Securities 65 Govt. compensation account 7 . . . 7,594 7,594 7,594 117 Other assets 115 5,108 98 Note circulation 1,508 1,512 1,379 1,497 Deposits—Government 2,860 2,684 2,747 2,791 Other 3,744 3,650 3,575 3,622 Other liabilities 557 243 247 236 Central Bank of Ecuador (Dec. 8 (thousands of sucres): 1945) Gold 288,872 288,577 Foreign exchange (net) 82,178 145,013 Loans and discounts 149,568 92,212 Other assets 98,356 93,909 4 Note circulation 335,483 312,331 Demand deposits 253,884 282 ,696 Other liabilities 29,607 24,684 National Bank of Egypt 9 (thousands of pounds): Gold 6,241 6,241 6,241 Foreign exchange 14,723 15,601 18,355 Loans and discounts 2,238 2,231 3,283 British, Egyptian, and other Government securities 297,662 299,432 287,494 Other assets 27,996 24,927 26,264 Note circulation 136,723 137,377 122,077 Deposits—Government 49,960 47,939 76,319 Other 147,447 149,232 129,907 Other liabilities 14,731 13,883 13,334 Central Reserve Bank of El Salvador (thousands of colones): Gold 32,935 33,142 Foreign exchange 39,398 38,970 Loans and discounts 843 805 Government debt and securities. 6,255 5,168 Other assets. 1,712 1,681 Note circulation 48,244 45,694 Deposits 26,078 26,981 Other liabilities 6,819 7,091 Bank of Finland5 5 Bank of Greece National Bank of Hungary 5 Reserve Bank of India (millions of rupees): Issue department: Gold at home and abroad. . 444 444 Sterling securities 11,203 10,193 Indian Govt. securities 578 578 Rupee coin 158 158 Note circulation 12,188 11,210 Banking department: Notes of issue department., 196 164 Balances abroad 6,040 3,924 Treasury bills discounted. , 26 61 Loans to Government Other assets 470 267 Deposits 6,434 4,098 Other liabilities 299 319 Central Bank of Ireland (thousand; of pounds): Gold 2,646 2,646 2,646 2,646 Sterling funds 34,766 35,480 35,733 29,991 Note circulation 37,412 38,126 38,379 32,637 5 Bank of Japan Bank of Java5 c 1 Corrected. Beginning Aug. 27, 1945, figures published in the balance sheet of the Commonwealth Bank cover central banking operations only, while previously these statements included the operations of the General Banking Division. 2 Gold revalued under authorization of decree of May 1, 1944; provisional rate fixed at 49.318 francs per gram. 3 Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. 4 Effective Jan. 1, 1946, a change in the Organic Law of the Banco Central de Bolivia divided the institution into Monetary (central banking functions) and Commercial Banking Departments. 5 For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BULLETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; of Hungary (November 1944), see BULLETIN for January 1946, p. 99; and of Java (January 1942), see BULLETIN for March 1943, p. 278. 6 First statement available since liberation is that for July 31. Until May 1945, known as the National Bank of Bohemia and Moravia. 7 In December 1945, State-guaranteed German assets, formerly included in "Clearing accounts" and "Other assets," were transferred to -Government compensation account. 8 Latest month available. 9 Issue and banking departments consolidated. JULY 1946 823 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) Bank of Mexico (millions of pesos): Metallic reserve1 "Authorized" holdings of securities, etc Bills and discounts Other assets Note circulation Demand liabilities Other liabilities Netherlands Bank (millions of guilders): Gold* Silver (including subsidiary coin) Foreign bills Discounts Loans Other assets Note circulation—Old News Deposits—Government Blocked Other Other liabilities Reserve Bank of New Zealand (thousands of pounds): Gold Sterling exchange reserve Advances to State or State undertakings Investments Other assets Note circulation Demand deposits Other liabilities Bank of Norway 4 Bank of6 Paraguay—Monetary Dept. (thousands of guaranies): Gold Foreign exchange Loans and discounts Government loans and securities. Other assets Note circulation Demand deposits Other liabilities Central Reserve Bank of Peru (thousands of soles): Gold and foreign exchange Discounts Government loans Other assets Note circulation Deposits Other liabilities Bank of Portugal (millions of escudos):7 Gold Other reserves (net) Nonfeserve exchange Loans and discounts Government debt Other assets Note circulation Other sight liabilities Other liabilities National Bank of Rumania 4 8 South African Reserve Bank (thousands of pounds): Gold Foreign bills Other bills and loans Other assets Note circulation Deposits Other liabilities Bank of Spain (millions of pesetas): Gold Silver Government loans and securities. Other loans and discounts Other assets 1945 May 739 434 83 1,698 1,257 198 Apr. Mar May 753 764 671 1,951 438 1,997 420 57 1,717 1,339 182 1,707 404 66 1,726 1,286 196 713 1 4,663 1 159 124 280 2,241 1,384 638 589 528 713 1 4,634 1 160 122 294 2,096 1,806 242 555 638 64 1,408 1,274 163 931 4,488 111 132 105 5,354 246 563 271 2,802 2,802 2,802 76,616 85,872 54,893 45,734 34,274 28,069 5,192 5.406 14,341 1,214 2,199 1,713 44,731 43,617 40,716 81,809 81,802 57,098 5,018 5,134 4,004 3,404 3,404 3,324 34,967 28,955 22,319 3,899 4,261 8,638 10,083 10,100 10,634 460 446 312 29,364 26,192 28,607 17,391 17,046 14,865 6,058 3,928 1,755 149,264 39,298 594,310 22,550 505,020 265,838 34,564 123,862 22,402 559,836 19,313 436 ,116 262,122 27,175 (Feb.) 6 1,423 1,417 7,018 6,014 9,915 9,391 281 297 1,018 1,020 746 690 7,885 7,624 11,646 10,435 809 830 126,897 123, 37,368 46, 4,534 4. 119,452 us; 66,355 66, 217,458 221 4,439 105,007 28,352 3,880 93,505 58,888 165,990 5,866 1,213 1,213 1,189 585 585 609 15,906 15,764 16,058 3,816 3,764 3,199 2,325 2,303 1,808 Central Bank (Figures a? of last report date of month) 1946 May Apr. 1945 Mar. May Bank of Spain—Continued Note circulation . . ,714 18,512 16,874 Deposits—Government 714 1,922 644 Other , ,976 3,938 3,598 Other liabilities , 510 464 471 Bank of Sweden (millions of kronor) ,048 1,054 1,035 Gold 1,043 ,012 805 1,028 Foreign assets (net) 601 Swedish Govt. securities and ad- 9 ,207 1,133 ,280 1,235 vances to National Debt Office 28 25 59 35 Other domestic bills and advance; ,107 1,031 836 826 Other assets ,507 2,368 ,459 2,453 Note circulation 891 ,003 761 1,163 Demand deposits—Government 133 280 77 141 Other 669 460 435 629 Other liabilities Swiss National Bank (millions of francs): ,756 4,767 4,783 4,784 Gold 186 176 183 103 Foreign exchange 123 68 79 348 Loans and discounts 89 89 92 83 Other assets 579 3,614 3,532 3,564 Note circulation 1,258 239 1,494 1,256 Other sight liabilities 294 291 292 297 Other liabilities Central Bank of the Republic of Turkey (thousands of pounds): 300,927 300,926 281,200 Gold. . Foreign exchange and foreign 449 90,983 70, 914 clearings 584 821,454 730, 184 Loans and discounts 951 822 170, 171,362 Securities 776 25,106 63, 283 Other assets 667 973 892, 976,408 Note circulation 821 85,586 91, 821 Deposits—Gold 305 151,679 129, 005 Other 893 176,434 222, 331 Other liabilities B i n k of the Republic of Uruguay w (Jan.) (thousands of pesos): 295,704 262 ,369 Gold 13,882 14,038 Silver Advances to State and govern11,397 10,982 ernment bodies 97,799 90,500 Other loans and discounts 326,079 301,919 Other assets 173,916 158,923 Note circulation 37,687 37,597 Deposits—Government 253,998 237 ,005 Other 279,260 246 ,282 Other liabilities Central Bank of Venezuela (thousands of bolivares): 547,582 392,758 557,080 547 Gold" 15,549 99,264 44,116 47 Foreign exchange (net) 20,310 Credits to national banks 16,710 23, 406 24,507 21,160 Other assets Note circulation—Central Bank 394,167 380, 718 377,703 320,577 876 8,981 14,970 National bank? 8,272 907 187,107 189,281 199,516 Deposits 227 13,847 8,665, 15,951 Other liabilities National Bank 4of the Kingdom of Yugoslavia Bank for2 International Settlements* (thousands of Swiss gold francs): 164 120,192 119,323 Gold in bars Cash on hand and on current 692 13,669 46,446 account with banks 140 140 8,166 Sight funds at interest Rediscountable bills and accept12 11,431 83,882 ances fat cost) 2,749 2,749 2. Time funds at interest 301 688 303,124 197,056 Sundry bills and investments. . . 56 53 117 Other a^ets 14 623 16,958 18,418 Demand deposits (gold) Short-term deposits (various currencies): Central banks for own ac3,662 6,233 count 1,078 2,016 Other Long-term deposits: Special ac,001 228,909 229,001 counts ,743 200,750 202,070 Other liabilities 1 2 8 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. Gold revalued in July 1945 from 2,098 to 2,970 guilders per fine kilogram. Notes issued before October 1945 were gradually withdrawn from circulation and deposited in "blocked" accounts in accordance with the currency reform decrees effected between June and October 1945. * For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282: and of Rumania (June 1944), see BULLETIN for March 1945, p. 286. 6 The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is divided into a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes central banking functions, was issued for the end of December 1944. 6 7 Latest month available. Valued at average cost beginning October 1940. 8 9 Beginning July 1945, end-of-month statements have been available. Includes small amount of non-Government bonds. 10 Issue and banking departments consolidated. 11 Beginning October 1944, a certain amount of gold, formerly reported in the12 Bank's account, shown separately for account of the' Government. See BULLETIN for December 1936, p. 1025. 824 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 "I uly 6 Aug. 24 Aug. 29 Sept. 28 Oct. 26 Dec. 15 Jan. 25, 1940... Apr. 9 . . . . May 17 Mat. 17, 1941... May 29 June 27 Jan. 16, 1945... Jan. 20 Feb. 9 In effect June 30 1946 United SwitzGer- Bel- NethKing- France many er- Sweergium lands den dom land 2 2 4 6 5 4 3 4 2 2 2K IK Rate June 30 Central bank of— 5K Mar. 21, 1940 Albania Argentina Belgium Bolivia . . . Mar. 1, 1936 IK Jan. 16, 1945 6 Nov. 8, 1940 Rate Central bank of— June 30 Italy Japan Java Latvia Lithuania.... 4 3.29 3 5 6 Date effective Date effective Sept. 11, 1944 Apr. 7, 1936 Jan. 14, 1937 Feb. 17, 1940 July 15, 1939 2 4 2K 3 3 2K 2K 3 British India 5 Bulgaria Canada IK 3-4K Chile 4 Colombia Czechoslovakia 2K Nov. 28, Dec. 1, Feb. 8, Dec. 16, July 18, Oct. 28, 1935 1940 1944 1936 1933 1945 Mexico 4K Netherlands New Zealand. Norway 5* Peru 2K Portugal June June July Jan. Aug. Jan. 4, 27, 26. 8, 1, 12, 1942 1941 1941 1946 1940 1944 Denmark Ecuador El Salvador. . . Estonia Finland 7 3 4K 4 Tan. May Mar. Oct. Dec. 15, 26, 30, 1, 3, 1946 1938 1939 1935 1934 Rumania. . . . South Africa. Spain Sweden Switzerland.. 4 3 4 2K May June Dec. Feb. Nov. 8, 2, 1, 9, 26, 1944 1941 1938 1945 1936 France Germany Greece Hungary Ireland 7 3 2K Jan, 20, Apr. 9, Feb. 11, Oct. 22, Nov. 23, 1945 1940 1945 1940 1943 4 Turkey United King2 dom U. S. S. R.... 4 Yugoslavia. . 5 4 3 2K 4 3 3 2 3 2 ^y2 31/ 3 IK m 2 2 y 2K 3H IK 2K July 1, 1938 Oct. 26, 1939 July 1, 1936 Feb. 1, 1935 NOTE.—Changes since May. 31: None. IK OPEN-MARKET RATES [Per cent per annum] United Kingdom Month Germany Netherlands Bankers' acceptances 3 months Treasury bills 3 months Day-today money Bankers' allowance on deposit? Private discount rate Day-today money Private discount rate Money for 1 month 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 1945—Apr 5.21 2.48 2.58 2.19 .59 .96 .59 .55 .55 .53 1.40 1.03 1.03 1.03 1.03 1.03 1.03 5.18 2.49 2.57 2.07 .50 .89 .51 .52 .53 .51 1.36 1.03 1.01 1.01 1.01 1.01 1.01 4.43 2.28 2.17 1.91 .61 .88 .75 .75 .75 .75 .76 1.00 1.00 1.00 .03 .13 .00 3K IK 1K-1 6.63 4.46 4.65 5 12 3 3 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 .66 2.07 3.65 1.07 .19 .13 1.11 1.68 2.06 5.81 3.08 1.61 .94 1.00 1.85 3.26 1.27 1.00 .50 1.24 2.75 2.75 1945—May June July Aug Sept Oct Nov Dec 1.03 1.03 1.03 1.03 1.03 .83 .53 .53 1.00 1.00 1.00 1.00 1.00 .75 .51 .50 .03 .13 .13 .13 .13 .96 .63 .63 1946—Tan Feb Mar Apr .53 .53 .53 .53 .50 .51 .51 .51 .63 .63 .63 .63 Sweden Switzerland Loans up to 3 months Private discount rate 3.45 2.61 1.06 1.50 .50 .50 .80 .25 .00 .00 .00 .25 .25 .25 .25 .25 .25 .25 .25 1.25 1.25 1.25 1.25 1.25 1.25 2K-5 2K-5 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 1946 825 COMMERCIAL BANKS (11 London clearing banks. Figures in [millions of pounds sterling) Liabilities Assets United Kingdom 1 Cash reserves 1939—December . 1940—December 1941—December 1942—December 1943—December 1944—December 1945—May June July August September October November December.... 1946—January February . March April Money at call and Bills dis- Treasury deposit 2 short counted receipts notice 274 174 324 366 390 422 500 159 141 142 151 199 482 494 500 511 Loans to Securities customers Demand Time 290 2,441 2,800 3,329 3,629 4,032 4,545 1,398 1,770 2,168 2,429 2,712 3,045 1,043 1,030 1,161 1,200 1,319 1,500 256 757 297 3,064 3,147 3,205 3,236 3,266 3,277 3,254 3,262 1,553 1 605 1,613 1 638 1,632 1 582 1,535 1,588 243 3,135 3,078 3,143 3,242 1,594 1 606 1,606 1,623 271 276 281 287 265 171 198 133 147 314 758 896 1.307 ,667 771 999 1,120 1,154 1,165 196 120 195 198 233 135 181 195 1,126 1,128 1,123 1,126 1,146 1,178 1,201 1,234 774 767 769 771 799 809 827 331 300 292 299 308 318 374 4,617 4,752 4,819 4,875 4,898 4,859 4,789 4,850 1,230 1,241 1,246 1,282 840 847 863 841 333 338 353 367 4,729 4,684 4,749 4,865 518 513 496 536 226 201 229 252 215 189 296 369 ,882 ,939 ,994 ,993 ,971 ,925 ,703 .523 496 483 493 509 249 243 254 271 361 340 379 433 1,493 1,468 1,443 1,449 293 324 325 349 347 Assets Canada (10 chartered banks. End of month figures in millions of Canadian dollars) Security loans 1939—December 1940—December 1941—December 1942—December 1943—December. . . . 1944—December 292 323 53 40 356 387 471 32 31 48 Security loans abroad and net Securities Other due from loans and foreign discounts banks 550 92 1945—May June . . July August September October November December 622 622 591 581 125 123 135 112 646 694 239 251 1946—January . . . February March April 665 210 669 650 722 200 148 152 582 640 109 130 132 159 168 231 250 214 1,299 1,142 1,079 1,021 1,002 1,009 1,372 1,274 251 248 237 242 1,213 1,194 1,181 1,160 209 237 242 229 227 206 214 221 Note circulation Other assets 243 244 244 247 254 263 265 1,646 1,531 1,759 2,293 2,940 3,611 612 570 85 80 653 657 744 782 71 60 42 34 3,885 3,996 3,802 3,835 3,960 4,159 4,015 4,038 775 766 769 789 29 29 28 28 750 812 888 869 27 27 4,100 4,119 4,197 4,243 793 25 845 803 876 25 25 24 26 26 DepOvSits payable in Canada excluding interbank deposits Other liabilities Total Demand Time 2,774 2,805 3,105 3,657 4,395 5,137 1,033 1 163 1,436 1 984 2 447 2,714 1,741 1 641 1 669 1 673 1 948 2,423 L 049 1,172 1,289 5,616 5,540 5,269 5,229 5,269 5,573 6,013 5,941 3,053 2 894 2,528 2 396 2,331 2 582 3,197 3,076 2,563 2 646 2,741 2 833 2 935 2 992 2,816 2,865 L ,312 L 326 1,316 L 324 1,344 [ 392 1,350 1,386 5,810 5,830 5,781 5,898 2 848 2,752 2 611 2,660 2 963 3,078 3 170 3,238 L 354 1.379 1 387 1,452 Assets France (4 large banks. End of month figures in millions of francs) 1,088 1,108 1,169 1,168 1,156 1,211 250 253 236 245 250 Liabilities Entirely in Canada Cash reserves Other liabilities Total 1,015 924 823 794 761 772 609 334 Deposits Other assets 963 846 962 Liabilities Cash reserves Due from banks Bills discounted Loans 1939—December 1940—December 1941—December 1942—December . . 1943—December 1944—December 4,599 6,418 6,589 7,810 8,548 10,365 3,765 3,863 3,476 3,458 4,095 4,948 29,546 46,546 61,897 73,917 90,897 99,782 7,546 8,346 8,280 10,625 14,191 18,653 1945—January February March April .. . May June July August September October November December 8,673 9,623 8,117 8,582 27,281 16,282 11,990 11,104 11,122 11,942 11,898 14,602 4,969 4,790 5,072 4,954 4,999 5,660 5,944 5,991 6,080 6,337 6,859 13,804 93,982 94,986 98,593 99,146 109,270 156,620 146,195 143,799 143,818 143,567 145,110 155,025 18,586 18,705 21,255 22,246 23,108 23,216 27,127 27,697 28,732 30,153 32,165 36,166 Other assets 2, i40 2, 229 2, 333 Deposits Total Demand 42 443 62 032 76 675 2 , 522 2,< 535 91 549 11? 732 128 758 41,872 61,270 75,764 91,225 111,191 126,578 1, S87 1, 949 121 ,169 ,070 1?8 ,007 129 ,859 159 ,526 196 ,167 18S ,763 183 ,140 184 ,400 186 ,740 190 ,759 213 ,908 119,039 121,118 126,132 128,154 157,453 193 828 183,477 180,779 182 105 184,637 188,748 211,871 2, 190 2, 2, 3, 3, 4, 118 490 008 618 212 4, 970 5, 279 5 , 906 6, 325 7, 360 Time Own acceptances Other liabilities 1,541 2,180 844 558 413 462 428 557 4,609 4,813 5,187 6,422 7,506 6,623 2,130 1,952 1,876 1,705 2,073 2 339 2,286 2,361 2 296 2,103 2,010 2,037 616 681 745 939 1,212 1 544 1 837 2,150 2 268 2 476 2,618 2,898 6,312 6 302 6,403 6 619 6,928 7 685 7 868 8,271 8 364 8 690 8,980 10,151 571 762 912 324 1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at V/% per cent through Oct. 20, 1945, and at Y% per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 826 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. Year or month Argentina (peso) Official 1937 1938 1939 1940 1941 1942 1943 1944 1945 1945—June July Aug. . Sept Oct. Nov Dec. . . 1946—j a n Feb Mar Apr May Year or month 32 959 32 597 30.850 29.773 29.773 29.773 29.773 29.773 29.773 223.704 23.704 24.732 25.125 25.125 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 29.773 29.773 29.773 29.773 29.773 25.125 25.125 25.125 25.125 25.125 56.726 55.953 57.061 57.085 57.004 57.052 57.265 57.272 57.014 1945—j u n e July Aug Sept Oct Nov Dec 56.980 56.980 56.980 56.980 56.980 56.980 56.980 . . . Year or month Official 2322.80 322.80 322.80 322.80 322.80 2 322.80 322.80 Free Brazil (cruzeiro1) Belgium (franc) Official 8.6437 5.8438 6.0027 6.0562 6.0575 6.0584 6.0586 6.0594 2321.17 22.2860 6.0602 393.94 389.55 353.38 305.16 321.27 321.50 2321.50 321.35 320.87 320.70 321.31 321.41 321.41 321.41 321.41 321.41 321.40 321.38 3.3752 3.3788 3.3704 23.3760 Free In cents per unit of foreign currency] British BulIndia garia (rupee) (lev) 56.980 56.980 56.980 57.032 57.021 3.4930 3.4674 3.4252 2 22.069 21.825 20.346 219.308 2.1811 2.1567 1.9948 1.8710 22.0101 32.2883 2.2879 2.2857 2.2839 30.122 30.122 30.122 30.122 30.122 30.122 30.122 90.909 90.909 90.909 90.909 90.909 90.909 90.909 90.828 90.736 90.475 89.908 90.358 90.736 90.725 2.2840 2.2845 2.2845 2.2844 2.2846 6.0602 6.0602 6.0602 6.0602 6.0602 5.1802 5.1802 5.1829 5.1902 5.1900 30.122 30.122 30.122 30.139 30.182 90.909 90.909 90.909 90.909 90.909 90.712 90.695 90.747 90.764 90.679 Italy (lira) Japan (yen) 5.2607 5.2605 5.1959 5.0407 2 5.0703 28.791 28.451 25.963 23.436 223.439 4.0460 2.8781 2.5103 22.0827 40.204 40.164 40.061 40.021 239.968 .9055 .8958 .8153 2 .6715 30.694 30.457 27.454 22.958 2 24.592 19.779 19.727 19.238 18.475 219.770 21.9711 8410 .8410 .8410 .8409 .8408 5 20.877 «2.'666O' 20.877 2.0060 20.877 2.0060 20.877 2 18.923 18.860 18.835 4.4792 4.4267 4.0375 3.7110 2 4.0023 .7294 .7325 .7111 2.6896 7 489.62 6.053 57.973 25.487 484.16 5.600 56.917 25.197 440.17 10.630 51.736 23.991 397.99 9.322 46.979 23.802 398.00 29.130 47.133 223.829 246.919 398.00 398.00 398 00 399.05 54.0501 4.0501 4.0501 4.0501 400 50 400.50 59.132 400.50 9.132 400.50 9.132 400.50 9.132 China (yuan Shanghai) Official Export 5.1697 5.1716 5.1727 5.1668 2 5.1664 24.OOOO 29.606 4.0000 21.360 4.0000 11.879 4.0000 26.000 5.313 24.OOOO New NethMex- erlands Zeaico (guild- land (peso) (pound) er) 27.750 22.122 19.303 18.546 20.538 20.569 20 577 20 581 20.581 United Kingdom (pound) Official 403 50 523.852 23.852 23.852 23.852 20.580 20.581 20.580 20.580 20.575 4434 4434 .4434 Free 22.938 494.40 22.871 488.94 22.525 443.54 22.676 2403.50 383.00 223.210 403.50 403.18 403.50 2403.50 403.50 403.50 403 50 2 403.50 2403.02 398 00 398.30 400 50 400 50 400.50 400 50 400 50 520.202 20.202 20.202 20.197 Chile (peso) 55.045 55.009 53.335 253.128 396.91 392.35 354.82 306.38 322.54 322..78 324.20 324.42 2 37.933 323.46 324.42 20 582 322.69 20 582 322.16 20 581 321.99 20 578 322.60 20.578 20.578 437.933 322.70 20.579 37.933 322.70 2.0189 2.0189 2.0189 2.0186 1.7822 1945—June July Aug. Sept Oct Nov. Dec 1946—Jan Feb Mar Apr May Free 5.1802 5.1802 5.1802 5.1802 5.1802 5.1802 5.1802 Ruma- South Spain Straits SwitzNorway Poland PortuSettle- SweAfrica gal nia den erland (krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc) 24.840 24.566 23.226 2 22.709 Official 6.0602 6.0602 6.0602 6.0602 6.0602 6.0602 6.0602 (dollar) 1937 1938 1939 1940 1941 1942 1943 1944 1945 Canada (dollar) 6.1983 37.326 1.2846 100.004 99.419 36.592 1.2424 '5!1248 33.279 21.2111 96.018 5.0214 30.155 296!909 85.141 5.0705 30.137 90.909 87.345 5.1427 30.122 90.909 88.379 5.1280 30.122 90.909 89.978 5.1469 30.122 90.909 89.853 5.1802 30.122 90.909 90.485 FinGerColom- Czecho- Denland France many Greece Hong Hunbia slovakia mark (mark(drach- Kong gary (reichs(franc) (dollar) (peng6) (peso) (koruna) (krone) ma) ka) mark) 1937 1938 1939 1940 1941 1942 1943 1944 1945 1945—j a n Feb Mar. Apr May Special Export Australia (pound) 5 23.363 23.363 23.363 23.363 37.933 37.926 37.789 37.789 37.789 322.70 322.70 322.70 322.69 322.67 Uruguay (peso) Yugoslavia (dinar) Controlled Noncontrolled 79.072 64.370 62.011 65.830 65.830 65.830 65.830 65.830 65.830 2.3060 2.3115 '236! 789 2.2716 37.601 2.2463 43.380 22.2397 52.723 52.855 53.506 55.159 402.95 402.69 402.49 403.24 403.38 403.37 65.830 54.265 65.830 55.489 65.830 56.125 65.830 56.175 65.830 56.282 65.830 56.290 65.830 56.290 403.38 403.38 403.38 403.35 403.32 65.830 65.830 65.830 65.830 65.830 56.290 56.290 56.290 56.290 56.287 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. * Based on quotations beginning Sept. 24. 6 * Based on quotations beginning Nov. 2. Based on quotations beginning Feb. 5. 6 7 Based on quotations beginning Mar.9. Based on quotations beginning Mar. 22. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943, p. 201, and February 1944, p. 209. JULY 1946 827 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United States (1926 = 100) Year or month 1926 United Kingdom (1930 = 100) Canada (1926 = 100) 1 100 100 France (1913 = 100) Germany (1913 = 100) 695 124 Italy (1928 = 100) Netherlands (1926-30 = 100) 237 106 1 126 144 65 63 63 62 64 76 72 74 8 88 1 1 1 92 90 96 100 102 114 111 115 146 172 189 196 196 194 96 91 90 90 96 111 107 111 143 184 210 218 223 221 221 222 222 223 222 220 219 214 215 213 214 213 134 427 398 376 338 411 581 653 707 2 901 97 93 98 102 104 106 106 107 110 112 114 116 Switzerland (July 1914 = 100) Japan (October 1900 = 100) Sweden (1935 = 100) 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1945—M a y June July . .. August September October November December 65 66 75 80 81 86 79 77 79 87 99 103 104 106 67 67 72 72 75 85 79 75 83 90 96 100 103 104 86 86 88 89 94 109 101 103 137 153 159 163 166 169 106 106 106 106 105 106 107 107 104 104 105 104 103 104 104 104 168 170 171 171 170 169 169 169 196 197 196 194 191 191 191 190 1946—January February March April ]Vtay 107 108 109 110 111 105 105 106 108 172 172 172 173 173 184 185 184 70 63 62 68 76 89 95 99 116 132 161 180 178 186 198 238 251 278 311 329 ' Revised. Approximate figure, derived from old index (1913 =100). Average based on figures for 5 months; no data available since May 1940, when figure was 919. « Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. 1 2 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] Canada (1926=100 United States (1926=100) Year or month R a w and Fully and partly chiefly Other Farm manumanucommod- products factured factured ities goods goods Foods 1926 100 100 100 100 100 100 1932 . . 1933 1934 1935 1936 1937 . 1938 1939 1940 1941 1942 1943 1944 1945 48 51 65 79 81 86 69 65 68 82 106 123 123 128 61 61 71 84 82 86 74 70 71 83 100 107 105 106 70 71 78 78 80 85 82 81 83 89 96 97 99 100 48 51 59 64 69 87 74 64 67 71 83 96 103 105 55 57 64 66 71 84 73 67 75 82 90 99 104 106 70 70 73 73 74 81 78 75 82 89 92 93 94 94 88 83 85 87 92 102 97 97 133 146 158 160 158 158 85 87 90 90 96 112 104 106 138 156 160 164 170 175 130 130 129 127 124 127 131 132 107 108 107 106 105 106 108 109 99 100 100 100 100 100 100 101 105 106 108 106 104 106 106 106 106 107 107 107 105 106 106 106 94 94 94 94 94 94 94 94 156 160 161 161 158 158 158 158 175 175 176 176 175 175 175 175 130 131 133 135 138 107 108 109 111 112 101 101 102 103 104 107 107 107 108 106 107 107 108 95 95 96 99 157 157 158 159 180 179 179 180 1945—May June July August September October November December .. 1946—January . February . April May Foods 1913 =100^ IndusIndusAgricul- trial raw trial Indusfintrial tural and semi- ished products products finished products products Farm products . . . . Germany United Kingdom (1930=100) 129 130 150 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 «• Revised. Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 828 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued COST OF LIVING [Index numbers) RETATL FOOD PRICES [Index numbers] 1934 1935 1936 1937 1938 1939 1940 1941 1942. 1943 1944 1945 C a n a d a (1935-39 = 100) U n i t e d S t a t e s (1935-30 = 100) Year or month . . . . . . . . . . 1945-May June JulyA u g u s t S e p t e m b e r October N o v e m b e r D e c e m b e r 1946-January... February.. M a r c h . ... April .... May SwitzUnited Nether- erKingGerlands land dom many (July (1913-14 (1911-H ('June 1914 = 100) = 100) 1914 = 100) = 100) 115 114 120 130 130 132 146 175 200 211 215 215 1034 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 168 170 176 172 169 169 169 169 216 217 217 216 216 213 210 210 1945-May 169 169 169 169 169 210 208 206 206 94 100 101 105 98 95 97 106 124 138 136 139 93 95 98 103 104 101 106 116 127 131 131 133 122 125 130 139 141 141 164 168 161 166 168 170 139 141 142 141 139 139 140 141 132 133 136 136 134 133 134 134 141 140 140 142 143 133 133 133 135 P138 124 118 120 127 130 130 150 177 191 198 118 120 122 122 122 123 128 129 132 134 U n S t '19 = Year or month i t e d a t e s 35-39 100) SwitzUnited erGerNetherKinsl a n d lands dom many (Julv (1013-14 '1911-13 ( T u n e = 100) 1914 1014 = 100) = 100) = 100) C a n a d a (1935-30 = 100) 121 123 125 125 126 126 130 133 137 139 129 128 130 137 137 138 151 174 193 203 208 209 140 136 * 132 137 139 140 154 175 187 195 96 98 99 103 101 99 100 105 117 124 126 128 96 96 98 101 102 102 106 112 117 118 119 119 141 143 147 154 156 158 184 199 200 199 201 203 July August September. October N o v e m b e r D e c e m b e r . 128 129 129 129 129 129 129 130 119 120 120 121 120 120 120 120 203 204 207 205 203 203 203 203 210 210 211 210 210 208 207 207 1946-January... February. M a r c h A p r i l .... May 130 130 130 131 132 120 120 120 121 *>123 203 203 203 203 204 207 206 205 205 . . June v Preliminary. Revised index f r o m M a r c h 1936 (see BULLETIN for April 1937, p. 373). Sources.—See BULLETIN for M a y 1942, p. 451; October 1939, p. 943; a n d April 1937, p. 1 S E C U R I T Y 373. P R I C E S [Index n u m b e r s except as otherwise specified] Common stocks B o n d s (1926 = Y e a r or m o n t h U n i t e d S t a t e s (derived price)1 U n i t e d K i n g d o m G e r m a n y F r a n c e ( D e c e m b e r (1938 = 100)2 (average price) 3 1921 =100) 87 15 N u m b e r of issues. . 8 139 114.2 M 1 4 . 2 •143 4 146.4 146 6 150 5 152.1 99.0 100.7 103 0 U 0 3 . 3 1 1 1 1 1 1 1 1 1 1 1 2 2 2 3 5 7 8 0 0 2 8 9 8 3 3 9 .1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 8 3 7 7 7 8 . . . . . . . 3 3 8 3 8 5 3 1 9 4 5 — M a y J u n e July A u g u s t September. . October N o v e m b e r . . D e c e m b e r . . . 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 1 1 1 2 1 . . . . . . . , 3 1 3 7 6 9 0 9 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 8 7 8 8 8 8 7 7 . . . . . . . . 1 8 3 3 2 5 8 5 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 3 1 1 0 0 0 0 1 . . . . . . . . 1 9 4 5 — J a n u a r y F e b r u a r y . . . M a r c h April M a y 1 1 1 1 1 2 2 2 2 2 3 4 4 4 3 . . . . 8 5 5 3 7 1 1 1 1 1 29 30 29 31 32 . . . . 1 1 9 7 6 14 14 14 £14 8 8 7 6 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 4 4 4 4 4 4 9 0 1 2 3 4 5 . . . . . 50 N e t h e r lands4 U n S t (19 = 8 0 7 4 4 8 G e r m a n y 278 « 402 9 . 9 3 .7 5 100) U n i t e d K i n g d o m 94 88 80 69 91 99 121 2 .1 0 .4 9 8 .5 7 7 7 7 8 8 9 5 0 2 5 4 8 2 .9 .8 .5 .3 .5 .6 . 4 8 9 1 6 9 2 3 2 1 1 1 1 1 1 1 1 18 20 18 17 26 32 36 39 . . . . . 2 7 4 9 1 0 .9 .7 9 9 9 9 9 9 9 9 2 2 3 1 2 3 4 4 . . . . . . . . 6 6 .5 .1 1 1 1 1 1 44 43 41 51 54 8 3 .8 .7 .3 95 94 93 95 97 7 9 7 8 9 9 i t e d a t e s 35-39 100) 1 1 1 1 9 1 3 4 4 4 4 6 2 5 F r a n c e (1938=100) 2 295 . . . . . 1 6 8 1 0 112 6 140 9 308 479 540 551 453 8 8 7 4 0 2 5 2 414 386 360 421 477 467 441 450 2 9 .8 .2 .6 433 461 452 P448 2 Netherl a n d s (1930 = 100) 100 8 8 9 12 13 15 9 5 9 1 1 . . . . . 7 0 1 5 0 P Preliminary. 1 Figures represent calculated prices of a 4 per cent 20-year b o n d offering a yield equal to the m o n t h l y average yield for 15 high-grade corporate bonds. S o u r c e . — S t a n d a r d a n d Poor's Corporation; for compilations of b a c k figures o n prices of b o t h b o n d s a n d c o m m o n stocks in the U n i t e d States see B a n k i n g and Monetary Statistics, T a b l e 130, p. 475, a n d T a b l e 133, p. 479. 2 P u b l i s h e d b y the M i n i s t r y of N a t i o n a l E c o n o m y w i t h n e w base of 1938 = 1 0 0 . Figures are for the last F r i d a y of each m o n t h . T h e n u m b e r of b o n d s included in the n e w index w a s increased to 50 (formerly 36). T h e i n d e x for s t o c k s w a s b a s e d o n 3 0 0 issues until D e c . 6, 1 9 4 5 , a n d o n 2 9 5 thereafter as a result of t h e nationalization of five b a n k s . F o r c o m p l e t e i n f o r m a t i o n o n t h e c o m p o s i t i o n of the b o n d a n d stock indexes see "Bulletin d e la Statistique G e n e r a l e " D e c e m b e r 1942, pp. 5 1 1 - 5 1 3 , a n d J u l y - A u g u s t 1942, pp. 3 6 4 - 3 7 1 , respectively. F o r b a c k figures for b o t h indexes f r o m 1938 t h r o u g h 1941 o n a m o n t h l y basis see "Bulletin d e la Statistique G e n e r a l e " for O c t o b e r - D e c e m b e r 1944, p p . 2 7 4 - 2 7 6 . 3 S i n c e A p r . 1, 1 9 3 5 , t h e 1 3 9 b o n d s i n c l u d e d i n t h e c a l c u l a t i o n o f t h e a v e r a g e p r i c e h a v e all b o r n e i n t e r e s t a t 4 K p e r c e n t . T h e s e r i e s p r i o r t o t h a t d a t e is n o t c o m p a r a b l e t o t h e p r e s e n t series, p r i n c i p a l l y b e c a u s e t h e 1 6 9 b o n d s t h e n i n c l u d e d in t h e c a l c u l a t i o n b o r e i n t e r e s t a t 6 p e r c e n t . 4 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 =100; average yield in base year w a s 4.57 per cent. For n e w index beginning J a n u a r y 1937, Jan.-Mar. 1937 = 1 0 0 ; average yield in base period was 3.39 per cent. 6 T h i s n u m b e r , originally 329, has declined as the n u m b e r of securities eligible for the index has diminished. I n M a y 1 9 4 1 it w a s d o w n t o 2 8 7 . 6 7 A v e r a g e based on figures for 5m o n t h s ; no data available June-Dec. Average based o n figures for 7m o n t h s ; no data available M a y - S e p t . 8 Average based on figures for 9m o n t h s ; no data available May-July. •A v e r a g e b a s e d o n figures for 10 m o n t h s ; no data available Jan.-Feb. Sources.—See BULLETIN for N o v e m b e r 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; J u n e 1935, p. 394; a n d February 1932, p. 121. JULY 1946 829 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman M. S. SZYMCZAK ERNEST G. DRAPER ELLIOTT THURSTON, Assistant to the Chairman DAVID M. KENNEDY, Special Assistant RONALD RANSOM, Vice Chairman R. M. EVANS JAMES K. VARDAMAN, JR. Special Adviser to the Board of Governors CHESTER MORRILL, to the Chairman DIVISION OF BANK OPERATIONS OFFICE OF THE SECRETARY EDWARD L. SMEAD, Director J. R. VAN FOSSEN, Assistant Director J. E. HORBETT, Assistant Director S. R. CARPENTER, Secretary BRAY HAMMOND, Assistant Secretary LEGAL DIVISION GEORGE B. VEST, General Counsel J. LEONARD TOWNSEND, Assistant General DIVISION OF SECURITY LOANS Counsel CARL E. PARRY, Director BONNAR BROWN, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION WOODLIEF THOMAS, Director RALPH A. YOUNG, Assistant Director CHANDLER MORSE, Assistant Director J. BURKE KNAPP, Assistant Director DIVISION OF EXAMINATIONS LEO H. PAULGER, Director C. E. CAGLE, Assistant Director FEDERAL OPEN MARKET COMMITTEE MARRINER S. ECCLES, Chairman Vice Chairman ALLAN SPROUL, ROBERT F. LEONARD, Director DIVISION OF ADMINISTRATIVE SERVICES LISTON P. BETHEA, Director FRED A. NELSON, Assistant Director OFFICE OF ADMINISTRATOR FOR WAR LOANS EDWARD L. SMEAD, Administrator GARDNER L. BOOTHE, II, Assistant Administrator FEDERAL ADVISORY COUNCIL CHAS. E. SPENCER, JR., BOSTON DISTRICT Vice President IRA CLERK JOHN C. TRAPHAGEN, N E W YORK DISTRICT ERNEST G. DRAPER DAVID E. WILLIAMS, PHILADELPHIA DISTRICT HUGH LEACH JOHN H. MCCOY, CLEVELAND DISTRICT W. S. MCLARIN, JR. A. L. M. WIGGINS, RICHMOND DISTRICT M. S. SZYMCZAK ROBERT STRICKLAND, ATLANTA DISTRICT JAMES K. VARDAMAN, JR. EDWARD E. BROWN, CHICAGO DISTRICT R. M. EVANS RONALD RANSOM C. S. YOUNG Secretary S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel J. LEONARD TOWNSEND, Assistant General Counsel WOODLIEF THOMAS, Economist E. A. KINCAID, Associate Economist JOHN K. LANGUM, Associate Economist EARLE L. RAUBER, Associate Economist O. P. WHEELER, Associate Economist JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Mar\st Account CHESTER MORRILL, 830 President JAMES H. PENICK, ST. LOUIS DISTRICT JULIAN B. BAIRD, MINNEAPOLIS DISTRICT A. E. BRADSHAW, KANSAS CITY DISTRICT ED H . WINTON, DALLAS DISTRICT RENO ODLIN, SAN FRANCISCO DISTRICT WALTER LICHTENSTEIN, Secretary HERBERT V. PROCHNOW, Acting Secretary FEDERAL RESERVE BULLETIN CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 Bank of Deputy Chairman President First Vice President Boston.... Albert M. Creighton Henry I. Harriman Beardsley Ruml William I. Myers Laurence F. Whittemore William Willett E. G. Hult J. C. Hunter2 Carl B. Pitman O. A. Schlaikjer Allan Sproul L. R. Rounds E. O. Douglas J. W. Jones H. H. Kimball L. W. Knoke Walter S. Logan A. Phelan H. V. Roelse Robert G. Rouse John H. Williams V. Willis R. B. Wiltse Philadelphia. . Thomas B. McCabe Warren F. Whittier Alfred H. Williams W. J. Davis E. C. Hill Wm. G. McCreedy C. A. Mcllhenny Philip M. Poorman* C. A. Sienkiewicz Cleveland George C. Brainard Reynold E. Klages Ray M. Gidney Wm. H. Fletcher W. D. Fulton J. W. Kossin 3 A. H. Laning B. J. Lazar Martin Morrison W. F. Taylor Richmond Robert Lassiter W. G. Wysor Hugh Leach J. S. Walden, Jr. Claude L. Guthrie3 E. A. Kincaid R. W. Mercer C. B. Strathy Edw. A. Wayne Atlanta Frank H. Neely J. F. Porter Simeon E. Leland W. W. Waymack W. S. McLarin, Jr. Malcolm H. Bryan C. S. Young Charles B. Dunn V. K. Bowman L. M. Clark H. F. Conniff S. P. Schuessler Allan M. Black2 Neil B. Dawes J. H. Dillard E. C. Harris John K. Langum O. J. Netterstrom A. L. Olson Alfred T. Sihler St. Louis Russell L. Dearmont Douglas W. Brooks Chester C. Davis F. Guy Hitt O. M. Attebery A. F. Bailey Wm. E. Peterson William B Pollard C A. Schacht William H. Stead C. M. Stewart Minneapolis. . Roger B. Shepard W. D. Cochran J. N. Peyton O. S. Powell H. G. McConneli A. W. Mills2 Otis R. Preston E. W. Swanson Sigurd Ueland Harry I. Ziemer Kansas City. , H. G. Leedy Robert B. Caldwell Henry O. Koppang Robert L. Mehornay O. P. Cordill L. H. Earhart C. O. Hardy Dallas J. R. Parten R. B. Anderson Delos C. Johns John Phillips, Jr. G. H. Pipkin D. W. Woolley3 W. E. Eagle W. H. Holloway Watrous H. Irons L. G. Pondrom New York. Chicago San Francisco. R. R. Gilbert W. D. Gentry Federal Reserve Bank of Chief Officer Branch New York Buffalo I. B. Smith4 Cleveland Cincinnati Pittsburgh B. J. Lazar* J. W. Kossin6 Richmond Baltimore Charlotte W. R. Milford4 W. T. Clements* Atlanta Birmingham Jacksonville Nashville New Orleans P. L. T. Beavers* Geo. S. Vardeman, Jr.* Joel B. Fort, Jr.* E. P. Paris* Chic ago Detroit E. C. Harris5 St. Louis Little Rock Louisville Memphis A. F. Bailey5 6 C. A. Schacht William B. Pollard5 JULY E. B. Austin3 R. B. Coleman H. R. DeMoss Henry F. Grady J. M. Leisner3 H. F. Slade Ira Clerk W. F. Volberg H. N. Mangels Harry R. Wellman C. E. Earhart OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of 1 Vice Presidents Also Federal Reserve Agent. 1946 2 Cashier. 3 Chief Officer Branch Minneapolis. . . . Helena R. E. Towle* Kansas C i t y . . . . Denver Oklahoma City Omaha G. H. Pipkin66 0. P. Cordill 5 L. H. Earhart Dallas W. E. Eagle5 5 L. G. Pondrom 8 W. H. Holloway El Paso Houston San Antonio San Francisco... Los Angeles Portland Salt Lake City Seattle Also Cashier. * Managing Director. W. N. Ambrose* D. L. Davis* W. L. Partner* C. R. Shaw* 5 Vice President. 831 oo FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES i BOUNDARIES OF FEDERAL RESERVE DISTRICTS w FEDERAL RESERVE BANK CITIES BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM w bd FEDERAL RESERVE BRANCH CITIES