Full text of Federal Reserve Bulletin : June 1945
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FEDERAL RESERVE
BULLETIN
JUNE 194!
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
EDITORIAL COMMITTEE
ELLIOTT THURSTON
E. A.
GOLDENWEISER
CARL E. PARRY
The Federal Reserve BULLETIN is issued monthly under the direction of the staff
editorial committee. This committee is responsible for interpretations and opinions
expressed, except in official statements and signed articles.
CONTENTS
PAGE
Review of the Month—Monetary Developments in Latin America . . .
. 519-531
Liquid Asset Holdings of Individuals and Businesses . .
. 532.-535
Current Events
535
Canadian White Paper on Employment and Income. . .
Annual Report of the Bank of France. . .
. 536-549
. . 550-556
Law Department:
Consumer Credit—Amendment to Regulation W
Foreign Funds Control—Treasury Department Releases
. . 557-558
. 558-563
Passage of Reserve Ratio Bill. . =
563
Absorption of Exchange Charges
564
National Summary of Business Conditions
565-566
Financial, Industrial, Commercial Statistics, U. S. (See p. 567 for list of tables)
567-618
International Financial Statistics (See p. 619 for list of tables)
619-631
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
632.
Senior Officers of Federal Reserve Banks; Managing Officers of Branches....
633
Map of Federal Reserve Districts
634
Federal Reserve Publications {See inside of back cover)
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FEDERAL RESERVE
June
VOLUME 31
NUMBER 6
MONETARY DEVELOPMENTS IN
LATIN AMERICA
Wartime monetary developments in Latin
America have been in many respects comparable to those in the United States.
Similar gaps between the expansion of purchasing power in the hands of the public
and the expansion of available goods and
services for consumption are endangering
internal price stability and calling forth
controls of various types. The Latin
American problem, however, is largely of
external origin. Increased exports and
limited imports, rather than war expenditures, are primarily responsible both for the
growth of purchasing power and for the
shortages of civilian supplies. In most of
these countries, monetary and price controls are still relatively undeveloped and,
in consequence, the inflationary threat is
in many cases graver than in the United
States. On the other hand, expanded export surpluses have also resulted in great
accumulations of gold and foreign exchange, and these reserves, together with
recent monetary, banking, and fiscal reforms, will facilitate the task of postwar
readjustment.
lars in 1940 total Latin American exports
increased rapidly throughout the period
1941-1944, as shown by the chart, reaching
a total of nearly 3 billion in 1944. Imports, on the other hand, were restricted
by supply and shipping shortages. In
spite of price increases, the dollar volume
of imports did not expand until 1943-1944
WARTIME
and, even then, to a far lesser degree than
exports. For the whole period 1940-1944
exports exceeded imports by about 3.5
billion dollars.
These trade balances, more than capital
movements, explain the extraordinary accumulation of gold and foreign exchange
reserves by Latin American countries during
TRADE
AND
ACCUMULATION
OF
RESERVES
Exports from Latin America taken as a
whole delined somewhat in 1940, but rose
later to unprecedented levels as a consequence of the United States rearmament
program and active participation in the
war. From a low of about 1.7 billion dolJUNE 1945
FOREIGN TRADE OF LATIN AMERICA
BILLIONS OF DOLLARS
ANNUAL
BIL
30
/
EXPORTS
2.0
2.0
/
•
-
^
RTR
"•*•*- —
"
"
"
——'
1.0
1.0
EXPO
T SURPLU
0
O
1938
1939
1940
1941
1942
1943
1944
Total trade of twenty Latin AmericarL countries, converted to U. S.
dollars.
Source: Department of Commerce.
5*9
REVIEW OF THE MONTH
the war. Foreign loans and investments,
it is true, revived somewhat from the low
levels to which they had fallen in the
1930's. There was a substantial movement of European short-term capital into
the Argentine market, of direct American
investments into Mexico especially, and
of Export-Import Bank loans throughout
the area. This, however, was far more
than offset by increases in Latin American
investments and private bank balances
abroad and by amortization of indebtedness to foreigners and payments for services. Repatriation of Argentine sterling
bonds alone since September 1943 exceeded
substantially the total increase in the outstanding loans of the Export-Import Bank
to all Latin American countries in the five
years 1940-1944.
Thus net payments on service and capital
account over the period absorbed about 1.3
billion dollars of the cumulative surpluses
on merchandise account. This still left a
considerable residue which accrued to
official gold and foreign exchange reserves,
lifting them from about 800 million dollars
in December 1939 to over 3.3 billion at the
end of 1944.
The quadrupling of official reserves over
such a brief period constituted, by itself,
a powerful stimulus to monetary expansion. Central banks had to pay for the
foreign exchange they acquired, and their
note issue and deposits rose parallel with
the increase in their gold and foreign exchange holdings. The mere conversion
of new reserves into domestic money would
have been sufficient in most cases to double
or triplt the money supply. In thirteen
countries the total money supply would
have more than doubled from this source
alone, and in four of these—Paraguay,
Ecuador, Cuba, and Haiti—it would have
more than tripled.
Statistics on the wartime increases in
52.0
foreign trade, official gold and foreign
exchange reserves, and money supply of
individual Latin American countries appear
in the table on page 531.
DOMESTIC CREDIT EXPANSION
Monetary expansion in the Latin American countries, however, was not confined
to the direct effects of reserve accumulation
Domestic credit expansion, both by central
banks and commercial banks, added impetus to the upward movement.
Financing of budgetary deficits played a
prominent part in the increase of central
bank credit. While government expenditures rose under the pressure of rising prices
and, in some cases, of increased military
budgets, the disruptive effects of the war
on the import trade brought about a sharp
contraction in customs receipts, the traditional mainstay of Latin American tax
revenues. To cite two major cases, customs collections fell in Argentina from 377
million pesos in 1938 to IUJ million in
1943 and in Brazil from i,o5x million
cruzeiros to 596 million over the same
period. Similar declines in customs receipts
were general throughout Latin America
and constitute one of the chief explanations of the paradox of continuing budgetary deficits accompanying an unprecedented
increase in money incomes. New taxes
were created, but the effects of such reforms were slow and deficits continued in
most countries throughout the war years.
In the absence of developed markets for
government bonds, deficits had to be
financed in nearly all these countries
through central bank credit.
The addition to central bank money resulting from the acquisition of international
reserves and from loans to governments
in turn increased commercial bank reserves,
stimulating a secondary credit expansion by
the banking system. Required reserves in
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
Latin American countries are generally
around 8 per cent against time and savings
deposits and 16 per cent against demand deposits. The banks, therefore, were free to
devote a large portion of their increased
cash to new lending operations and thus to
multiply the total monetary impact of
central banking expansion.
PARTIAL MEASURES OF CONTROL
While money incomes of the public
increased as a result of the factors analyzed
above, the volume of purchasable goods
and services was held down by import
shortages and by the difficulty of developing
domestic substitutes in economies largely
geared to export trade rather than to their internal markets. The consequent development of inflationary forces ultimately led
to the adoption of restrictive or offsetting
policies by central banks and Treasuries,
side by side with direct controls over prices
and rationing of a few items in short
supply.
In a few countries flexible requirements
for commercial bank reserves were introduced. In Mexico reserve requirements
were increased to as much as 50 per cent of
demand and time deposits. Direct ceilings over the volume of bank loans were
maintained over a considerable period of
time in Costa Rica. In many countries,
including Argentina, Chile, Colombia,
Ecuador, and Uruguay, the central bank
attempted to withdraw liquid funds from
the market through the sale of debentures
to the public or the banks.
In Colombia a portion of foreign
exchange proceeds, business reserves,
profits, etc., was required to be invested in
Government bonds or certificates of deposit, although the program was later
curtailed. Brazil followed a somewhat
similar course by adopting an excess profits
tax, payment of which could be avoided
JUNE 1945
by investment of twice the amount of the
tax in equipment certificates to be used when
imports again became available. In
Colombia a substantial portion of the
foreign exchange arising out of coffee exports was paid at exchange rates below
parity, the difference accumulating in a
coffee reserve fund. In many countries,
such as Argentina, Chile, Paraguay, and
Uruguay, many classes of export drafts
were purchased at relatively low exchange
rates, sterilizing in part the inflationary
effect of the inflow of exchange. This
system of differential exchange rates, tantamount to export taxes, was in effect prior
to the war, but its anti-inflationary effects
were amplified during the war. New
capital funds brought into Argentina were
required to be held on deposit with the
central bank until that institution approved their investment as noninflationary.
In many countries consideration was
given to upward revaluation of the currency
as a means of reducing monetary expansion
resulting from the favorable balance of
payments. Exporters would have received
less local currency for their dollar drafts,
and import prices would also have been
reduced by the decline in exchange rates.
Exporting groups, however, were strongly
opposed to a policy which would have cut
deeply into their profits and argued that
an exchange shift should not be made to
meet what was an exceptional and temporary situation. It was also felt that in view
of the tight supply situation the importers
would not have passed on to the consumers
the savings resulting from a change in exchange rates. Finally, currency revaluation would have imposed upon central
banks or Treasuries accounting losses on
their gold and foreign exchange reserves,
and this also acted as a deterrent to the
lowering of exchange rates. Moderate
revaluations were effected in Mexico, Ecua5x1
REVIEW OF THE MONTH
dor, Bolivia, and Paraguay, but in other
countries the official parity of the currency
was left unchanged throughout the war
years.
The margins which, under the exchange
control system, had developed between
official rates and free or black market rates
declined, however, and often vanished entirely under the influence of free market
forces of supply and demand. Finally,
and most important, the exchange control
systems in existence and other restrictions
on imports were greatly relaxed, usually
through more liberal administration of the
controls rather than through legislative
enactments. Exchange was granted more
and more freely by the exchange authorities, and many commodities, among both
imports and exports, were transferred from
higher dollar rate categories to lower ones.
Exporters received, and importers paid,
fewer pesos for their dollars. About 40
per cent of Argentine exports had, access
in 1943 to an exchange rate of about 4
pesos per dollar. In January 1944 most of
them were shifted to the regular export
rate of 3.36 pesos per dollar. In Colombia
nonessential imports were subject until
April 7, 1943, to rates ranging from 1.795
to 1.95 pesos per dollar. These rates were
reduced to a range of 1.765 to 1.785 on that
date, and one year later a single rate of
1.76 pesos per dollar was put into effect.
All in all, however, the strengthening of
Latin American currencies in the exchange
market remained rather moderate and well
below that which occurred in the course of
the last war.
Efforts were made to limit or reduce the
budgetary deficits resulting in part from
falling custom revenues. One of the main
measures consisted of sharp increases in
income and profit taxes, including both the
imposition of new taxes and increases in
5 zz
rates. Income tax revenues rose in Argentina from 108 million pesos in 1938 to 373
million in 1944, in Colombia from 18 to 2.4
million pesos, in Chile from 2.83 to 1,2.17
million pesos, and in Brazil from 2.87 to
1,961 million cruzeiros. In all these countries income and profits taxes took first
place among the categories of fiscal receipts.
Expenditures, however, were also growing,
and few countries succeeded in achieving
full budgetary equilibrium. An outstanding exception was Venezuela, where total
revenues increased from 341 million bolivars
in 193 8-193 9 to 446 million in 1943-1944
and in the latter year exceeded expenditures by 81 million. This unusual fiscal
showing was in large part the result of
substantial increases in petroleum taxes
put into effect in 1943.
IMPACT UPON MONEY SUPPLY
Growth of the money supply—coin, currency, and demand deposits—in the various
countries reflects the interplay of the forces
reviewed above. The inflationary pressures
—external and domestic—proved far too
powerful for the measures of control available to monetary and fiscal authorities
or developed by them during the course of
the war. In only one country was the increase in the money supply less than 100
per cent from December 1939 to December
1944. Relative increases for individual
countries, as shown in the table, ranged
from 94 per cent in Venezuela to nearly
300 per cent in Cuba.
The relative effectiveness of monetary
policy in checking the domestic expansion
may be gauged for individual countries by
comparing in the table the percentage increase in money supply from 1939 to 1944
with the portion attributable to accumulation of official reserves.
In nearly every country the domestic
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
forces of expansion far outweighed the
measures of contraction. The two outstanding exceptions were Uruguay and Venezuela. In Uruguay the central bank is at
the same time the most powerful commercial bank in the country and could
control directly, to a large extent, the
volume of commercial bank loans as well
as of central bank credit. In Venezuela
fiscal action played an effective part in
achieving relative stabilization of the
money supply.
INCREASE IN MONEY SUPPLY AND IN COST OF LIVING INDEXES,
SELECTED LATIN AMERICAN COUNTRIES
Percentage increase 1939 to 1944
Money supply
Country
Total
Official
From
cost of
increased gold living
index
and foreign
exchange
reserves
Argentina
Venezuela
Uruguay
Colombia
Brazil
128
94
109
179
208
116
99
164
161
79
10
31
22
50
70
Peru
Costa Rica
Cuba
Paraguay
Mexico
222
232
298
262
269
30
132
306
208
100
73
76
83
89
100
Ecuador
Chile
Nicaragua
Bolivia
280
153
H81
236
263
66
84
149
123
126
170
237
1 Mar. 31,1941, to Aug. 31,1944.
NOTE.—More detailed statistics appear in the table on p. 531.
EXTENT OF PRICE RISES
Scarcity of import goods and increases in
their dollar prices, as well as in freight and
insurance charges, brought upon Latin
American commodity prices direct upward
pressures which no national measures of
control could combat effectively. These
pressures were intensified by the monetary
expansion reviewed above.
The increases in official cost of living indexes in the various countries, together
with the increases in money supply shown
in the table, give a rough indication of the
relative inflationary pressure in the various
countries. The increase in living costs was
JUNE 1945
least in Argentina, Uruguay, and Venezuela
and greatest in Ecuador, Chile, Nicaragua,
and Bolivia. The increases in the money
supply depict, on the whole, somewhat
similar trends.
The correspondence is far from perfect,
but this should be expected in view of the
imperfections in the data and of the influences on prices exerted by other factors than
the money supply. Official cost of living
indexes usually reflect only living costs for
a workman's family, and their adequacy,
even in this limited sense, is difficult to
judge. The American Chamber of Commerce of Rio de Janeiro recently estimated
that living costs in that city had risen by
151 per cent since June 1939, while the official index used in the table shows a rise of
only 70 per cent from the first half of 1939.
The rapid industrial development of Argentina—the official index of the volume
of industrial production rose by 2.5 per
cent from 1940 to 1944—tended to offset
shortages of imports through the substitution of newly-developed local production
and helped stabilize Argentine prices to a
greater extent than was the case in other
countries. Similar considerations should
also be taken into account for any accurate
appraisal of inflationary trends in other
countries.
BASIC VULNERABILITY TO EXTERNAL FORCES
Wartime dislocations in Latin American
countries can be properly appraised and
understood only against the background of
past experience. They should not be viewed
as a purely accidental phenomenon, arising
solely from the abnormalities of war. On
the contrary, the present emergency has
brought into clearer focus more permanent
forces, active even in time of peace upon the
economy of Latin American countries.
One of the most important characteristics
REVIEW OF THE MONTH
of the economic structure of these countries
is their vulnerability to fluctuations in international trade and capital movements.
Domestic saving and investment play a
relatively minor role as determinants of
economic activity, owing in part to low income levels which limit savings and to the
lack of well-developed capital markets. On
the other hand, national incomes are highly
dependent on international trade and capital
transactions. In Argentina, for instance,
available data indicate that about zx per
cent of national income in 1941 was derived
from exports and other foreign transactions.
Exports alone accounted for 15 per cent.
As a point of comparison, the ratio of exports to national income in the United
States has generally fluctuated around a
level of about 6 per cent. Thus any decline
in the world's demand for Argentine exports might be expected to have an effect
upon that country's economy two or three
times as great as the effect of a decline in
United States exports upon our economy.
National income estimates for most other
Latin American countries are too rough to
permit even approximate calculations of
similar ratios. For the area as a whole,
however, exports may average close to zo
per cent of national income. Wide variations exist from country to country, with
probable ratios of 30 per cent or over for
Bolivia, Cuba, Paraguay, Uruguay, the
Dominican Republic, and Chile.
The consequent vulnerability of Latin
American countries to external fluctuations
is all the more serious in view of the high
degree of concentration of their export trade
in a very few products whose markets are
particularly sensitive to the business cycle.
Two commodities alone—petroleum and
coffee—accounted in 1938 for 30 per cent of
total Latin American exports, and seven
commodities—petroleum, coffee, meat,
sugar, copper, wool, and cotton—for more
than 58 per cent. Even these figures fail to
reflect the degree of dependence of individual countries on a very few export
products. As shown in the table, in seven
countries a single commodity, and in eight
IMPORTANCE OF LEADING EXPORTS IN TOTAL TRADE OF LATIN AMERICAN COUNTRIES
Per cent of total export trade
in 1938 from —
Leading exports in order of importance
Country
First
Second
Third
Leading
export
Two
leading
exports
Three
leading
exports
South America:
Southeastern group:
Argentina
Uruguay
Paraguay
Brazil
Northern group:
Venezuela
Colombia
Ecuador
Southwestern group:
Peru
Chile.
Bolivia
Central America:
Panama
Costa Rica
Nicaragua
El Salvador
Honduras
Guatemala
Mexico
Island Republics:
Cuba
Dominican Republic.
Haiti
5M
Meats
Wool
Cotton
Coffee
Wheat
Meats
Meats
Cotton
Corn
Hides
Quebrach
Cacao
23
44
27
45
36
66
47
63
49
78
65
67
Petroleum
Coffee
Cacao
Coffee
Petr«leum
Petroleum
Gold
Gold
Cyanide
93
54
23
96
77
39
52
Petroleum
Copper
Tin
Cotton
Nitrate
Silver
Copper
Wool
Tungsten
34
48
52
70
75
69
75
81
Bananas
Coffee
Coffee
Coffee
Bananas
Coffee
Lead
Cacao
Bananas
Gold
Gold
Silver
Bananas
Gold
Beef
Cacao
Bananas
Sugar
Gold
Chicle
Silver
74
49
35
87
59
61
16
85
76
61
92
75
90
31
90
85
74
94
84
94
44
Sugar
Sugar
Coffee
Tobacco
Cacao
Cotton
Cigars
Coffee
Sugar
70
60
50
77
74
65
79
81
76
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
others two commodities, accounted for
more than 60 per cent of total export trade
in the last full prewar year. From 44 to
69 per cent of the foreign trade of the remaining five countries was concentrated
in three commodities.
The dangers of such concentration may be
gauged from the fact that Chilean exports
dropped to only one-eighth of their former
level in the short space of three years from
19x9 to 1932.. More recently, in 1938, Argentine exports declined by more than 40
per cent during a single year, changing an
export surplus of 870 million pesos in 1937
into an import surplus of n o million in
1938.
International capital movements exhibit
the same violent shifts. The net inflow of
foreign capital into Argentina totalled
about 800 million pesos in the three years
19x6-19x8, ceased entirely in 19x9, rose suddenly to 500 million in 1930, and then
turned into a net outflow in 1931-193X.
Foreign loans to Chile reached a total of
1,100 million gold pesos in 19x9-1930, but
dropped to 75 million in the following two
years and vanished completely in 1933.
PREVIOUS RIGIDITY OF MONETARY AND
BANKING MECHANISMS
This extreme vulnerability to international fluctuations makes the problem of
monetary stability in Latin American countries radically different from that faced by
older, more diversified economies. As a
consequence the monetary and banking
mechanisms which had developed in England and the United States and which were
transplanted in many Latin American countries in the 19x0^ failed to meet the different needs of these countries.
Under the banking systems established
during that period, the supply of money
was rigidly tied to the gold or gold exJUNE
1945
change standard, and the monetary function
of the central banks was largely limited to
the conversion of foreign exchange surpluses or deficits into equivalent changes in
the volume of currency or commercial bank
reserves. Provisions for central bank rediscounts and advances introduced a modicum
of flexibility into the system, but were so
narrowly circumscribed to types of credit
not readily available in those countries as
to be insignificant in comparison with
external inflationary or deflationary pressures .
The resulting instability of the monetary
system was aggravated by the operation of
the fractional reserve system of commercial
banking. The volume of central bank
money, which reflected almost automatically changes in international reserves
rather than any control by monetary authorities, in turn largely determined the
cash reserves at the disposal of the commercial banking system. Fluctuations in these
reserves generally stimulated a multiple
expansion or contraction in the money supply through their effect on the credit policy
of the banks. Due to the absence of welldeveloped money markets and to the lack of
power to modify reserve requirements, as
well as to legal limitations on their own
lending operations, the monetary authorities were unable to control the supply of
commercial bank reserves or the changes in
credit based on them. Thus every surplus
in the balance of payments tended to bring
about a multiple expansion, and every
deficit a multiple contraction, in the total
money supply.
The monetary history of Colombia in the
period 19x5-1931 illustrates these points
and is fairly representative of similar happenings in other Latin American countries.
In the three years 19x5-19x7 the international reserves of the central bank increased
52-5
REVIEW OF THE MONTH
by about 2.1 million pesos, as shown on the
chart. The secondary monetary expansion
by the private banks amounted to another
14 million pesos, bringing about a total
expansion of 35 million pesos in total
money supply, which represented an increase of about 58 per cent. Throughout
this period the central bank played a purely
been. With the cessation of the capital
inflow and a decline in foreign demand
for Colombia's products, international reserves fell by about 80 per cent in three
years, and the money supply was drastically
cut to about half of the 19x8 peak. Following these heavy losses, gold payments were
suspended in the late months of 1931.
SOURCES OF MONEY SUPPLY OF COLOMBIA
The monetary history of other Latin
American countries followed, on the whole,
a similar pattern. The gold standard broke
down throughout the area around the end of
1931 under the unbearable strains to which
the economies of these countries were subjected. Under the existing monetary mechanisms the violent fluctuations in balances
of payments resulting from the characteristics of the Latin American economies
described above were transmitted directly
to the monetary system. As a consequence
the disruptive influences of short-term trade
and capital movements were permitted to
affect domestic price and cost levels and
could not be alleviated by adoption of
offsetting monetary policies.
Fluctuations in exports were associated
NOTE.—Total money supply is divided into three parts: (1) that part
which originated in acquisition of international reserves by the Central
to a considerable degree with accidental or
Bank, i.e., an amount equal to the Central Bank's net gold and foreign
exchange assets, (2) that part which originated in Central Bank and
Treasury domestic credit operations, i.e., the excess of Central Bank and
cynical factors, owing to excessive dependTreasury monetary liabilities (coin, paper currency, bank balances, and
nonbank checking deposits) over their net international reserves, and (3)
ence on a few commodities the supply of
that part which originated in private bank domestic credit operations,
i.e., the excess of checking deposit liabilities of private banks over their
which
is greatly influenced by vagaries in
cash reserves and balances with the Central Bank. End of year figures
1924-1938; semiannual, 1939; quarterly, beginning 1940.
weather and the demand for which is domipassive role, and the increase of its mone- nated by the state of business activity and
tary liabilities exactly corresponded to its incomes in foreign markets. Similarly,
acquisition of gold and foreign exchange. capital movements were determined largely
In the first year of prosperity, 192.8, there by speculative or cyclical factors rather
was a further increase of 2.0 million pesos than by differentials in interest rates. The
in international reserves, which was offset great inflow of capital into Latin America in
in part by a decrease of 6 million in central the prosperous 19x0^ and its sudden
bank credit. Private banks, however, con- drying up in the following depression years
tinued expanding, and the total money contributed powerfully to monetary instasupply rose further to about 190 per cent bility by accentuating both the upswing
of the December 19x4 level.
and the downswing of the cycle.
Subsequent contraction was even more
This does not mean that international
drastic than the preceding expansion had lending is to be generally condemned. On
MILLIONS OF PESOS
5z6
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
the contrary, foreign loans and investments
may be of considerable value from the point
of view both of monetary stabilization and
of economic development. For this to be
true, however, the flow of capital should be
keyed to monetary or developmental needs
rather than to speculative waves. A capital inflow which is not balanced by payments abroad for goods and services used in
developing the country, and which results
merely in building up monetary reserves,
may have a harmful effect on the economy.
The increase in foreign indebtedness then
serves only to expand the country's money
supply.
The advantages, as well as the disadvantages, of capital movements are clearly
exemplified by the economic history of
Argentina. Foreign investments constituted one of the major factors in the spectacular development of the Argentine
economy in the last half of the nineteenth
century. On the other hand, they were
also an important factor of monetary instability. In fact, the major monetary
cycles since the foundation of the Argentine Republic have been predominantly
influenced by the ebb and flow of foreign
loans and investments as well as of export
trade.
RECENT CHANGES I N MONETARY AND
BANKING POLICIES
During the 1930's and also in the war
period Latin American countries have
moved toward the adoption of monetary
and fiscal policies designed to offset, rather
than to accentuate, the unstabilizing effects
of external fluctuations in trade and capital
movements. The rigid monetary mechanisms of the 192.0's had proved largely
unsuitable to deal with the principal shortterm forces affecting their economies and
often tended to sacrifice long-run stability
JUNE 1945
to immediate adaptations to temporary and
abnormal conditions. Adherence to these
mechanisms had contributed to bringing
about a large inflation in the late i^xo's
and a drastic deflation in the years 192.91931, ending in a near breakdown of the
economic and social structure of these
countries.
With the collapse of the gold standard, in
the latter part of 1931, every Latin American country attempted to promote internal
recovery without waiting for improvement in world conditions. Although the
policies adopted did not always follow a
clear and conscious pattern, they were generally characterized by liberal credit policies, direct or indirect central bank financing
of government deficits and of agricultural
and developmental loans, currency devaluation, and exchange control. Coupled with
more favorable conditions in the export
markets, these measures assisted in lifting
the national economies stage by stage from
the depths of the depression.
Exchange control constituted, in most
cases, an important element of these policies. Without it the drain on reserves
would have proved unbearable and would
have led either to new credit restrictions or
to runaway depreciation of the currencies.
On the other hand, the controls adopted
were unnecessarily stifling and cumbersome
and incorporated in some cases discriminatory or protectionist devices, alien to any
monetary function they might serve.
Moreover, the recourse to central bank
financing was often excessive in relation to
real needs and economic possibilities.
Abuses led to inflationary pressures of
varying magnitude. Available indexes reflect cost of living increases between 1931
and 1940 ranging from about 14 per cent
in Peru to 45 per cent in Colombia, 100 per
cent in Chile, and 690 per cent in Bolivia—
5x7
REVIEW OF THE MONTH
owing in large part to the Chaco War.
Central bank lending powers were broadened, but anti-inflationary controls were
still lacking and, as a consequence, it
proved difficult or impossible to prevent an
expansion from running into inflationary
excesses. The monetary structure thus
remained extremely vulnerable to inflationary pressures and this proved a source
of considerable weakness during the war.
Wartime evolution of banking legislation
was mainly directed toward remedying
this defect. Many new powers, described
earlier in this review, have been given to
central banks to curb inflationary developments.
The chart on page 5x6 illustrates concretely this evolution in the case of Colombia. Until the end of 1931 the total money
supply moved in close parallelism with
international reserves. In the period 1932.1940 the dominant factor was credit expansion by the central bank and to a minor
extent by private banks, leading to a progressive expansion of the money supply
from the low levels reached in 1931. In
the war years the central bank developed
for the first time a definite compensatory
policy, offsetting a loss of reserves in 1941
and sterilizing in part, through credit
contraction, the tremendous reserve acquisition in 194:1-1944.
The changes in banking organization
effected in the 1930's and in wartime years
were mostly in the nature of piecemeal
emergency measures, rather than of systematic and comprehensive reforms. They
left the central banking structure of most
countries in a state of relative disorganization. There appears to be a growing desire
for a systematic overhauling of monetary
and banking institutions. The Republic of
Paraguay has recently adopted new monetary and banking legislation, which consti-
tutes a fundamental departure from the
central banking structures previously established in Latin America. Brazil has taken
a first step toward the foundation of a central bank with the recent creation of a
"Superintendence of Money and Credit."
Monetary and central banking legislation is
now under discussion in Cuba, Bolivia,
the Dominican Republic, and Guatemala.
In addition wartime reforms in fiscal
structures—and especially the sharp increases in income and profit taxes—should
place government finances on a far stronger
basis than was formerly the case, especially
when imports revive and customs revenues
again approximate their former levels.
Treasuries may, therefore, be less dependent
on central bank financing. Progress in
this field would help to remedy one of the
main domestic sources of monetary instability.
POSTWAR INTERNATIONAL PROSPECTS
While new machinery and procedures for
meeting wide fluctuations in the Latin
American balances of payments have been
developed in recent years, there are many
uncertainties ahead arising out of the international situation. It is clear that the longrun equilibrium of the Latin American
balances of payments will be deeply affected
by international cost and price disparities
which have developed during the war. The
countries in which price rises have been
moderate will be in a relatively good position in this respect.
Necessary readjustments for the area as a
whole are now unpredictable, in view of the
uncertainties which attach to future price
and currency movements in the various
countries. Price rises have, on the whole,
been far less in Latin America than in continental Europe, but greater than in the
United States and in England. The ultiFEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
mate exchange parities to be adopted in
Europe, however, may offset the competitive advantage now possessed by Latin
America. On the other hand, the competitive disadvantage in comparison with
England and the United States may be
reduced if prices increase in these countries
after wartime controls are abolished, or if
they decrease in Latin America when
restoration of normal import channels
again makes available goods now in short
supply. As for individual countries the
relative extent of price rises suggests that
Argentina, Uruguay, Venezuela, and Colombia will be in rather favorable positions,
while difficulties may be especially great
in Ecuador, Chile, Nicaragua, and Bolivia.
Competitive cost differentials will, in
any case, be only one of many factors influencing Latin American exports. The reopening of European and Asiatic markets,
the shift from war demand to peacetime
consumption, the level of economic activity
in the major importing countries, the international movements of private or public
capital, and institutional developments in
the international monetary structure, in
exchange controls, and in tariffs are major
variables which will have considerable influence on the future development of the
Latin American economies.
Demand for war materials, such as copper and nitrates, may be sharply curtailed,
thus creating serious disruptions for the
countries dependent on them for the bulk
of their exports. On the other hand, coffee exporting countries may again find important outlets from which they have been
excluded during the war. Cereal and meat
exporting countries, like Argentina and
Uruguay, should continue to find exceptionally good markets abroad as long as
production in war-damaged countries continues on a reduced level. From a longJUNE 1945
term standpoint the prospects for Latin
America as a whole depend largely upon
the maintenance of high levels of trade
and income throughout the world.
On the side of imports the present situation is wholly abnormal. Because of the
war there exists in every Latin American
country a large backlog of demand, which
OFFICIAL GOLD AND FOREIGN EXCHANGE RESERVES,
END OF 1944
Country
Ratio (in per
Gross official
cent) 1944
gold and foreign reserves to —
1
exchange
• reserves, end
Re1 of 1944 (in
1944
serves,
! millions of
end
of Import
j
dollars)
1939
South America:
Southeastern group:
Argentina
Uruguay
Paraguay
Brazil
Northern group:
Venezuela
Colombia
Ecuador
Southwestern group:
Peru
Chile
Bolivia
261
300
228
10
611
1,000
1,036
487
317
91
150
151
158
35
290
658
875
156
180
152
35
105
23
167
300
460
44
70
62
7
25
6
21
222
650
350
313
692
300
694
70
250
46
91
80
451
1,735
216
8
267
50
3,335
403
180
1,226
Central America:
Panama
Costa Rica.
Nicaragua
El Salvador....
Honduras. . .
Guatemala
Mexico
[sland Republics:
Cuba
Dominican Republic
Haiti..
Total, all countries. .
13' '
62'
See footnotes to table on p. 531.
in the postwar years may occasion substantial drains upon their large reserves of gold
and foreign exchange. According to estimates of the Department of Commerce,
Latin American import demand for replacement of worn-out capital goods may
reach z.i billion dollars for the first four
years after the war, and imports for new
capital development about 1.2. billion,
making a total of 3.3 billion for four
years, or an average of 800 million dollars
per year. While those imports may be
financed to a large extent from foreign
loans and investments, they may neverthe-
REVIEW OF THE MONTH
less make substantial inroads from time to
time on existing gold and foreign exchange
reserves.
However the situation develops, the gold
and foreign exchange reserves accumulated
during the war should constitute a stabilizing element, giving greater freedom of action for monetary policy. Such reserves
show a total increase of about 303 per cent
for Latin America as a whole, ranging from
67 per cent in Peru to more than 1,600 per
cent in Cuba. More important than their
past increase, however, is their present
relation to foreseeable needs.
Any thorough appraisal should take into
account many unpredictable factors bearing
upon the size of possible future deficits in
the balance of payments. Some general
idea, however, of the relative reserve
strength of the various countries may be
derived from a comparison between their
international reserves and their annual disbursements for imports. As the table
530
shows, reserves for Latin America as a
whole at the end of 1944 were 180 per cent
of total 1944 imports. They ranged from
44 to 100 per cent of 1944 imports in ten
countries and from 100 to 300 per cent in
six others. They reached as high as 317
per cent in Uruguay and 487 per cent in
Argentina. Latin America as a whole now
has official gold and foreign exchange reserves of over 3.3 billion dollars—four
times their 1939 level.
These reserves, together with the
strengthening of the Export-Import Bank
in the United States and the establishment
of the proposed International Monetary
Fund and Bank for Reconstruction and
Development, if adopted, are likely to
cushion immediate postwar difficulties.
Together with improved central banking
and fiscal mechanisms, they offer hope for
more stable and prosperous economies
throughout the Latin American area.
FEDERAL RESERVE BULLETIN
R E V I E W OF T H E M O N T H
FOREIGN TRADE AND INCREASE IN OFFICIAL RESERVES AND IN MONEY SUPPLY OF LATIN AMERICA, 1939-1944
Gross official reserves
(in millions of dollars) 2
Foreign trade (in millions of dollars) 1
Country
Exports
1939
Imports
1944
1939
Cumulative
Net
export
increase
surplus
1940-1944
1940-1944
Export surplus
1944
1939
1944
End of
1939
End of
1944
South America:
Southeastern group:
Argentina
459
66
7
336
686
98
12
578
347
52
7
260
252
72
11
407
113
14
0
76
434
25
1
171
1,139
75
-1
587
2756
152
9
552
Colombia
Ecuador
166
101
12
239
140
33
102
105
10
97
88
24
64
-4
1
143
53
10
509
158
32
Bolivia
72
138
39
198
78
48
85
19
79
149
37
23
54
20
5
49
40
3
9
8
13
10
17
186
3
11
15
33
10
31
216
20
17
6
9
10
15
127
38
21
10
10
13
23
278
-17
-8
2
4
0
2
58
148
19
7
427
60
16
106
12
209
19
16
1,816
2,968
1,365
1,853
Uruguay
Paraguay
Brazil.....'
Northern group:
Venezuela
Southwestern group:
Peru
Chile
Central America:
Panama
Costa Rica
Nicaragua
El Salvador
Honduras
Guatemala
Mexico
Island Republics:
Cuba
Dominican Republic
Haiti
Total
470
76
1
59
21,226
228
10
611
299
134
31
252
24
4
151
158
35
66
241
181
14
70
18
21
35
5
35
105
23
-35
-11
5
23
-4
8
-62
-157
-38
18
50
-12
17
53
11
5
17
25
14
2190
2
2
8
21
13
7
25
2
6
21
2222
42
7
-1
218
42
0
528
85
450
1,115
3,531
Country
E n d of
1944
2,599
154
13
13,941
425
226
2
451
3
2,507
3,335
Percentage increase
in money supply
1939 to 1944
Increase 1939 to 1944
End of
1939
2
7
232
r
Money supply (in millions of local currency)3
Local
currency
unit
2
From gold and
foreign exchange
reserves
Percentage
increase
in living
costs
1939 to
19445
Total
From gold a n d
foreign exchange
reserves 4
From
domestic
factors
5,937
322
47
42,897
3,338
168
34
28,956
3,024
252
27
11,046
314
-84
7
17,910
128
109
262
208
116
164
208
79
10
22
89
70
311
146
162
603
407
615
292
261
453
6308
235
426
-16
26
27
94
179
280
99
161
263
31
50
123
312
2,524
7
563
1,004
6,387
'1,889
692
3,863
'1,326
95
1,671
839
597
2,192
487
222
153
236
30
66
149
73
126
237
47
832
26
156
890
73
ioi3
1222
3,392
109
58
47
62
27
42
13922
47
31
5
-4
0
1,551
232
181
181
127
175
269
132
84
162
189
175
100
76
170
(99)
()
(9)
100
"425
26
-11
-10
298
200
306
325
83
(9)
Total
South America:
Southeastern group:
Argentina
Uruguay
Paraguay
Brazil
peso
peso
guarani
cruzeiro
Northern group:
Venezuela
Colombia
Ecuador
bolivar
peso
sucre
Bolivia
sol
peso
boliviano
Southwestern group:
Peru
Chile.
Central America:
Costa Rica
Nicaragua
El Salvador
Honduras
Guatemala
Mexico
Island Republics:
Cuba
Haiti
colon
cordoba
colon
lempira
quetzal
peso
peso
gourde
106
12g
919
139
12g
553
1224
107
1214
2,473
414
1216
nil
14
1 Department of Commerce figures; 1944 partly estimated.
2
Gross official gold and foreign exchange reserves, estimated on the basis of published data; whenever possible, true dollar values have been
used, but the valuation of foreign exchange reserves is usually available only on the basis of cost prices rather than of current exchange rates.
Four countries, Honduras, Cuba, Dominican Republic, and Panama, have no central banks. For Honduras and Cuba, figures shown include
commercial banks' foreign exchange reserves and dollar currency and coin in circulation; in these two countries official Treasury reserves alone rose
from 0.8 and 1.6 million dollars, respectively, in 1939 to 1.6 and 163.2 million in 1944. There was no central bank in Venezuela in 1939; reserves
shown for that date are gold holdings of the seven banks of issue then in existence. For Mexico the series are based on reported gold holdings only,
since foreign exchange reserves are not published separately. No figures are shown for Dominican Republic and Panama, since comparable and
comprehensive data on reserves and money circulation are not available.
3
Notes and coins outside banks and demand deposits, except where otherwise indicated.
4
Increase in reported gross official gold and foreign exchange reserves as valued in central bank balance sheets (usually at cost), except where
otherwise indicated.
5
Base period is January-June 1939, except for Paraguay (December 1939); increases figured to December 1944, except for Argentina and Uruguay
(November) and Paraguay (August 1944).
6
December 1939 gold holdings of the seven banks of issue, converted into bolivars at 3.06 bolivars per dollar.
7
Total note issue plus total deposits (January 1940 and September 1944) in commercial banks and commercial departments of mortgage banks.
9
10
s Money supply figures are for Mar. 31, 1941, and Aug. 31, 1944.
Not available.
Currency and coin m circulation.
11
Includes increase in official reserves (1.5 million lempiras), dollar circulation (6.2 million lempiras) and foreign exchange reserves of private
12
issue banks (3.1 million lempiras).
Note issue only.
13 Includes only increase in reported gold, converted a t 4.85 pesos per dollar.
14 Includes increase in official reserves (161 million pesos), dollar circulation (117 million) and foreign exchange reserves of commercial banks
(147 million).
JUNE 1945
531
LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES
During the war holdings by individuals and
businesses of liquid assets, i.e. cash, bank deposits, and United States Government securities,
have shown a tremendous expansion. In the
five years from the end of 1939 to the end of 1944
the total of these holdings increased from 66 billion dollars to 194 billions. The growth is continuing at a rate of about 50 billion dollars a
year. By the end of the war total holdings of
liquid assets will probably be as much as four
times the maximum prewar amount.
Expansion of liquid asset holdings is an inevitable result of Government borrowing to
finance the war. Government payments for
goods and services needed to conduct the war
provide income to businesses and individuals,
supplementing income arising from goods and
services supplied for civilian use. The Government in turn collects taxes from businesses and
individuals, but since taxes are insufficient to
cover all Government expenditures, the amount
of income left after taxes exceeds the value of
goods and services available for purchase by
civilians. This excess of income is necessarily
saved, and the savings have been mainly kept
in the form of liquid assets.
Individuals and businesses have added tremendously to their holdings of Government
securities and thus have directly aided in financing the Government wartime deficit. At the
same time they have greatly expanded their
holdings of currency and bank deposits, and this
has meant approximately corresponding increases in holdings of Government securities by
the banking system—Federal Reserve Banks,
commercial banks, and savings banks. Other
forms of individual and business savings, such as
repayment of debt, building up of insurance and
pension reserves, investment in savings and loan
shares, purchase of corporate securities, and the
like, have been much smaller in amount than
liquid asset accumulation and in general have
meant that the recipients of the funds so trans-
532-
ferred have correspondingly increased their holdings of Government securities.
Accumulation of liquid assets during the war
will no doubt have a considerable effect on the
scale and pattern of spending and investment
after the war. The general significance of
liquid asset expansion was discussed in the
Review of the Month appearing in the October
1944 Federal Reserve BULLETIN. In that review,
estimates of total holdings of the principal types
of liquid assets at the end of 1944 and of 1941
were published and rough estimates of holdings
by broad classes of owners were presented in
chart form. Since the basic data were still subject to review and revision, actual figures by
owners were not published. These estimates
have been revised and, although available data
do not permit the computation of exact figures,
they are believed to be sufficiently accurate for
broad purposes. In view of the importance of
the subject it has been decided to publish them.
The accompanying table gives estimates by certain broad classes of holders and by type of liquid
asset.
The classes of owners are (1) corporations
(other than banks and insurance companies),
(2.) unincorporated businesses, and (3) individuals (including farmers and trust funds).
Figures for banks, insurance companies, building and loan associations, nonprofit associations,
and governmental bodies and agencies are not
included in the totals shown. The figures for
the different classes of holders are significant
with respect to the sort of use that may be made
of these liquid asset accumulations, whether
for consumption or for capital outlays. The
type of liquid asset held may have a bearing
upon the relative degree of liquidity or firmness
of ownership.
SOURCES OF THE ESTIMATES
These estimates are based on a number of
sources: Treasury Department estimates of ownFEDERAL RESERVE BULLETIN
LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES
ership of United States Government securities,
Federal Reserve estimates of ownership of demand deposits, and Securities and Exchange
Commission estimates of individual savings and
of corporate working capital. These published
sources were supplemented by more or less arbitrary estimates of ownership of time deposits
and currency. Totals of these estimates of ownership of different types of assets have also been
compared with estimates of total individual and
business savings which are implicit in the estimates of gross national product and income flow
compiled by the Department of Commerce.
Estimates based on such a combination of
L I Q U I D ASSET H O L D I N G S OF BUSINESS AND
INDIVIDUALS
[In billions of dollars]
1939
December
Total...
Currency
D e m a n d deposits
Time deposits
U. S. G o v e r n m e n t securities. . . .
....
. . .
Business holdings—Total.
1940
1941
1942
1944
1943
DeDeDeDeDeJune cember
June cember
June cember
June cember
June cember
65.9
68.6
71.6
75.3
82.1
89.8
112.7
132.2
153.0
170.9
193.6
6.2
21.3
26.3
12.1
6.5
23.4
26.7
12.0
7.1
25.1
26.9
12.5
8.0
27.0
27.1
13.2
9.4
28.3
26.9
17.5
10.7
29.9
26.5
22.7
13.7
37.2
27.7
34.1
15.6
43.4
29.6
43.7
18.6
48.3
32.0
54.1
20.7
47.9
35.0
67.3
23.3
54.7
38.9
76.7
17.5
18.6
20.3
20.9
24.2
27.2
37.0
45.5
51.6
57.7
66.0
Currency .
Demand deposits
Time deposits
U S Government securities
0.6
12.8
0.9
3.2
0.6
14.0
0.9
3.1
0.7
15.8
0.9
2.9
0.8
16.3
0.9
2.9
0.9
17.3
0.9
5.1
0.9
18.9
0.9
6.5
1.1
22.3
0.9
12.7
1.1
27.0
0.9
16.5
1.2
28.5
0.9
21.0
1.3
28.4
0.9
27.1
1.5
31.5
0.9
32.1
Corporations—Total1...
13.0
13.8
14.9
15.2
17.5
19.2
27.0
33.8
38.1
42.0
47.1
0.4
9.8
0.7
2.1
0.4
10.7
0.7
2.0
0.5
11.9
0.7
1.8
0.5
12.2
0.7
1.8
0.6
12.7
0.7
3.5
0.6
13.6
0.7
4.3
0.7
16.0
0.7
9.6
0.7
19.7
0.7
12.7
0.8
20.6
0.7
16.0
0.8
20.6
0.7
19.9
0.9
22.4
0.7
23.1
1.7
1.8
1.9
1.9
2.2
2.4
2.6
2.8
3.0
3.2
3.5
1.1
0.1
1.2
0.1
1.3
0.1
1.3
0.1
13
13
0.5
0.5
0.5
0.5
1.3
0.1
0.1
0.1
1.2
13
01
1.4
12
01
1.7
1 1
01
2.0
1 2
01
2.2
11.3
12.0
13.0
13.3
15.3
16.8
24.4
31.0
35.1
38.8
43.6
0.4
8.7
0.6
1.6
0.4
9.5
0.6
1.5
0.5
10.6
0.6
1.3
0.5
10.9
0.6
1.3
0.6
11.4
0.6
2.7
0.6
12.3
0.6
3.3
0.7
14.7
0.6
8.4
0.7
18.4
0.6
11.3
0.8
19.4
0.6
14.3
0.8
19.5
0.6
17.9
0.9
21.2
0.6
20.9
4.5
4.8
5.4
5.7
6.7
8.0
10.0
11.7
13.5
15.7
18.9
0.2
3.0
0.2
1.1
0.2
3.3
0.2
1.1
0.2
3.9
0.2
1.1
0.3
4.1
0.2
1.1
0.3
4.6
0.2
1.6
0.3
5.3
0.2
2.2
0.4
6.3
0.2
3.1
0.4
7.3
0.2
3.8
0.4
7.9
0.2
5.0
0.5
7.8
0.2
7.2
0.6
9.1
0.2
9.0
48.4
50.0
51.3
54.4
57.9
62.6
75.7
86.7
101.4
113.2
127.6
5.6
8.5
25.4
8.9
5.9
9.4
25.8
8.9
6.4
9.3
26.0
9.6
7.2
10.7
26.2
10.3
8.5
11.0
26.0
12.4
9.8
11.0
25.6
16.2
12.6
14.9
26.8
21.4
14.5
16.3
28.7
27.2
17.4
19.8
31.1
33.1
19.4
19.5
34.1
40.2
21.8
23.2
38.0
44.6
4.4
4.6
4.6
4.7
5.3
6.1
7.5
9.0
10.7
12.0
12.7
1.2
0.2
3.0
1.3
0.3
3.0
1.3
0.3
3.0
1.4
0.3
3.0
1.4
0.4
3.5
1.3
0.3
4.5
1.2
0.3
6.0
1.2
0.3
7.5
1.4
0.3
9.0
1.2
0.3
10.5
1.4
0.3
11.0
44.0
45.4
46.7
49.7
52.6
56.5
68.2
77.7
90.7
101.2
5.6
7.3
25.2
5.9
5.9
8.1
25.5
5.9
6.4
8.0
25.7
6.6
7.2
9.3
25.9
7.3
8.5
9.6
25.6
8.9
9.8
9.7
25.3
11.7
12.6
13.7
26.5
15.4
14.5
15.1
28.4
19.7
17.4
18.4
30.8
24.1
19.4
18.3
33.8
29.7
Currency
Demand deposits
Time depssits
:
U. S. Government securities
Financial corporations—Total...
Demand deposits
Time deposits
U. S. Government securities
..
Nonfinancial corporations—Total
Currency
Demand deposits
Time deposits
U. S. Government securities
Unincorporated business—Total2.
Currency
Demand deposits
Time deposits
U. S. Government securities
Personal holdings—Total
Currencv
Demand deposits
Time deposits
U. S. Government securities
Trust funds—Totals...
Demand deposits
Time deposits
U. S. Government securities
Other personal—Total4...
Currency
Demand deposits
Time deposits
U. S. Government securities
-
0.8
1.0
1
' x.9
21.8
21.8
37.7
33.6
1 Excludes nonprofit associations.
2
Currency, time deposit, andU. S. Government security holdings of unincorporated businesses include only those held for business purposes
—that is, those included in the financial statements of these concerns. Other such holdings of the owners of incorporated business are included
among personal holdings. In the reporting of demand deposits, "mixed" accounts from which both personal and business expenditures were made
have
been classified as business accounts.
3
Includes only amounts adminstered by corporate trustees.
4
Includes holdings of farmers and professional persons
JUNE
1945
533
LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES
sources require considerable internal reconcilement since the classifications of holder categories
in the various sources are not always identical
either as to time or as to scope. For example,
Treasury estimates of ownership of Government
securities include "other associations" with corporations. Treasury, Securities and Exchange
Commission, and Commerce Department figures
include unincorporated businesses with "individuals," whereas Federal Reserve estimates of
demand deposit ownership combine corporate
and unincorporated businesses for some dates and
show them separately for more recent dates.
The estimates here published reconcile such
disparities in classification so far as is possible.
PRINCIPAL FEATURES OF THE ESTIMATES1
The estimates of liquid asset ownership were
supplied for as many classes of owners as the
basic data would permit. Because of limitations
of the basic data, however, the degree of subdivision could not be carried very far. The division of corporations between financial and nonfinancial corporations was presented because of
basic differences in their economic characteristics. Liquid asset holdings of financial corporations, which consist mainly of real estate
concerns and of sales finance and loan companies,
have characteristics quite different from those of
nonfinancial concerns which deal with manufacturing, mining, trade, construction and the like.
Personal holdings of liquid assets were divided
between those held directly and amounts held
in trust funds administered by corporate fiduciaries for the benefit of individuals, because differences in the way in which the increases in
this latter group would influence consumption
and investment expenditure.
The following special points should be borne
in mind:
( i ) The estimates are made for semiannual
periods beginning in 1940 and thus permit recasting either on a fiscal or a calendar year basis.
Satisfactory estimates for any shorter time in1
A detailed description of the methods by which these estimates
were made, together with the basic worksheets, may be secured from
the Division of Research and Statistics, Board of Governors of the
Federal Reserve System, Washington 25, D. C.
534
terval could not have been prepared from the
available data. The estimates for December
dates are somewhat more dependable than those
for the June dates because of more comprehensive
year-end data.
(2.) These estimates are of liquid asset holdings
by domestic individuals and businesses. Holdings of all governmental units (Federal, or State
and local), foreigners, insurance companies,
building and loan associations, and nonprofit
associations, have been excluded. These groups
were excluded because it is believed that their
holdings of liquid assets have relatively little
to do with their plans and prospects for spending
and investment. Holdings of liquid assets for
these groups at the end of 1939 and 1944 are
shown in the following table.
LIQUID ASSET HOLDINGS—SELECTED GROUPS
[In billions of dollars]
December
31, 1939
Federal Government1
State and local governments
Foreigners2
Insurance companies
Building and loan associations
Nonprofit associations
6.8
3.9
1.1
8.6
0.3
1.4
December
31, 1944
40.8
9.2
2.0
21.7
2.0
3.8
1
Includes war loan balances and U. S. Government securities held
by 2the Treasury, its agencies, and trust funds.
Includes foreign holdings of U. S. Government securities, and the
deposits of foreigners included in deposits of individuals, partnerships,
and corporations. Foreign banking funds are not included.
NOTE.—The figures shown involve varying degrees of estimation.
There are other groups for which exclusion
would also probably have been appropriate,
such as credit unions, but for which precise
figures were not available or for which the
amounts were too small to merit detailed research. Holdings by the banking system are
not shown; their inclusion in the total would
have involved double counting because bank
holdings of Government securities, cash, and
other assets balance the deposits and currency
already shown as held by others.
(3) The estimates are based more on aggregate figures as reported by banks or the Treasury (the debtors) than on records of individuals
and businesses (the creditors or owners of the
assets). The total amounts of liquid assets
were taken from banking and Treasury statistics.
Some of the ownership categories are supported
FEDERAL RESERVE BULLETIN
LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES
by reliable figures. Others are residuals. As a
result, there is a varying degree of accuracy
within the estimates, some being precise and
some rough. The division of total liquid
asset holdings between corporate and other
holders, for example, is believed to be reasonably accurate, but the division of other holders
between unincorporated business and personal
holdings is somewhat more tenuous.
(4) The estimates of ownership by groups are
approximations of the amounts that are presumably shown or implied in the accounting
records of the holders rather than those reported
by banking and Treasury records, although the
aggregates are based on the latter. The demand deposit figures, for example, are adjusted
for items in transit as well as those in process of
collection. The amounts of demand deposits as
shown by bank records differs from those shown
on the accounts or checkbook stubs of the holders owing to time lags involved in the transmission of checks between payors and payees and
their respective banks.
There are other cases of slight disparities between public and private records of liquid asset
holdings. For example, Government securities
generally are carried at par on the public debt
records but may be carried either above or below
par on holders' records. These disparities,
though recognized, are believed to be so small
as not to require adjustment.
CURRENT EVENTS
Federal Reserve Meetings
The Federal Advisory Council held a meeting
in Washington on May 13-14, 1945, and met
with the Board of Governors of the Federal Reserve System on May 14, 1945.
Death of Director
Mr. Paul S. Dick, Chairman, The United
States National Bank of Portland, Portland,
Oregon, who had been a member of the Federal
Advisory Council for the years 1937 through
1941 and a director of the Portland Branch of the
Federal Reserve Bank of San Francisco since
January 1, 1942., died on May 9, 1945.
Appointment of Director
On June 7, 1945, the Federal Reserve Bank
of San Francisco appointed Mr. Charles H.
Stewart, President, Portland Trust and Savings
Bank, Portland, Oregon, a director of the Portland Branch for the unexpired portion of the
term ending December 31, 1945, to succeed Mr.
Dick.
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 April 16, 1945, to May 15, 1945'.
JUNE
1945
Florida
Miami—Little River Bank and Trust Company
Illinois
Lima—The State Bank of Lima
West Chicago—State Trust and Savings Bank
Indiana
Sellersburg—Sellersburg State Bank
Louisiana
Monroe—Central Savings Bank and Trust Company
Missouri
New Haven—Citizens Bank of New Haven
Montana
Malta—The First State Bank of Malta
Pennsylvania
Philadelphia—North Philadelphia Trust Company
South Dakota
Martin—Blackpipe State Bank
Texas
Odessa—First State Bank
535
CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME1
The ultimate aim of all reconstruction policies
is the extension of opportunity, welfare and
security among the Canadian people. Reconstruction must start from the circumstances
which result from nearly six years of war;
circumstances in which, at the peak, not far
from half of the Canadian people derived their
occupation and their incomes directly, or indirectly, from government expenditures. The
program of reconstruction is, therefore, not a
simple matter of striking out for new^goals, but
a complicated task of combining the demobilization of the armed services and war industry with
the rebuilding of an ampler and more stable
Canadian economy.
Comprehensive provisions have been made for
the demobilization and re-establishment of the
members of the armed forces. These provisions
will depend for their success on the conditions of
civilian life, in which such persons are finally
re-established, and particularly on the availability of employment or other gainful occupation.
The cejitral task of reconstruction, in the interest of the armed services and civilians alike,
must be to accomplish a smooth, orderly transition from the economic conditions of war to
those of peace and to maintain a high and stable
level of employment and income. The Government adopts this as a primary object of policy.
This goal can not be achieved by legislation
alone, nor by a single device or plan. In this,
it is like the wartime stabilization program.
Its attainment will require the effective working
of a number of compatible policies, all directed
to the same end, and each contributing to the
success of the others. It will not be enough
that it is an object of government policy. It
must be an object of national endeavour. The
active cooperation of all governments and
groups in the country will be essential to success.
In setting as its aim a high and stable level of
employment and income, the Government is not
selecting a lower target than "full employment." Rather, the Government is mindful
that employment and incomes will be subject to
fluctuations in the sphere of international trade,
which can not be wholly and instantaneously
offset, and that seasonal fluctuations, resulting
from climate and buying habits, are not to be
1
This report, having special reference to the initial period of reconstruction, was presented to the Canadian Parliament by the Minister
of Reconstruction, Honorable C D . Howe, in April 1945.
536
overcome without much patient and resourceful
work. The Government is inaugurating policies which break new ground, and is confident
that these policies, with full public understanding and support, will achieve, in the immediate
postwar period, satisfactory results of decisive
importance. In later years, as experience grows,
they can be made to yield ever-improving results
which will mark a new era in Canadian development.
The specific application of reconstruction
policies is set out in this paper in respect of
Stage 2. of the war only, as this is the period of
immediate urgency and is likewise a period concerning which it is possible to speak with a
greater degree of certainty. Stage 2. of the war
is the stage beginning at the cessation of hostilities in Europe and extending to the time when
complete and final victory has been won in the
Pacific. During Stage 2., war expenditures will
continue at a high level while those reductions
in the armed forces and war industry, and the
beginnings of reconstruction, which circumstances permit and require, are being carried out.
During this period, the Dominion Government,
under its wartime powers, will have the central
responsibility and authority for initiating and
carrying out reconstruction policies, as well as
for the continued prosecution of the war.
For the succeeding period, when final victory
has been achieved and when the full long-term
policies of reconstruction will be put into effect,
it is impossible at this time to lay down detailed
policies with the same definiteness. Concentration of attention and effort on the continuing
problems of war and the impending problems of
Stage 2. of the war have imposed limits on the
detailed work which could be done on later
programs. Policies will be vitally affected by
the international economic arrangements which
can be achieved and equally by the financial and
administrative agreements reached at the Dominion-Provincial Conference. It is possible,
however, to set out the broad lines of long-term
reconstruction policy which the Government
proposes to follow.
I. THE EMPLOYMENT PROBLEM
As of June 1, 1944, it is estimated that the
total number of people in remunerative occupations, including service in the armed forces, but
excluding women in agriculture, was 5,016,000,
FEDERAL RESERVE BULLETIN
CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME
as compared with 3,693,000 in 1939. Out of the it will be possible, in the view of the Governlarger number enlisted during the war, the ment, to release some part of our armed forces,
number in the armed services at that time was and some part of the workers and capacity in
784,000, and those in nonagricultural war indus- war industry. The rate of release will be govtry numbered 1,055,000, or 1,839,000 people erned by the exigencies of war. For the manwhose duties were directly connected with the power and resources so released, many uses will
prosecution of the war and would cease with it. compete. The Government proposes that they
These 1,839,000 persons had been drawn, on should be directed:
the one hand, from the natural growth of popu(1) to contributing, through international
lation, from the ranks of married and other arrangements, to the relief and rehabilitation of
women not previously seeking employment, and devastated countries;
from the unemployed. On the other hand,
QL) to the maintenance and resumption of
they had been withdrawn from agriculture, from exports to our historic markets and, as supplies
nonagricultural civilian industry and from the and shipping permit, to the development of new
student population. Even on the assumption continuing markets;
that a substantial number who have left agricul(3) to the reconversion of industrial capacity
ture may not return to it, these latter categories, released from war use and to the carrying out of
at the levels of June, 1939, would reabsorb rather desirable industrial expansion and modernizamore than 600,000. Further allowance must be tion;
made for an abnormal number of retirements at
(4) to the replacement and modernization of
the end of the war, for a number of married the equipment of agriculture and other primary
women who will wish to withdraw from em- industries and to the provision of additional
ployment, for those who will remain in. the facilities for production and marketing services;
armed forces, for some increase in the student
(5) to providing for as large a housing propopulation over the level of 1939, and, in view gram, both rural and urban, as available labour
of the extreme scarcity of manpower during the and materials will permit;
war and the highly seasonal character of some
(6) to providing for increases in consumer
of our industries, some necessary increase over goods produced for the civilian market, as the
the wartime level in the number of persons not demobilized armed forces pass into the civilian
at work on any one day. Without attaching population, and, as circumstances allow, to
precise figures to each of these categories, it is meet deferred civilian demand.
safe to say that they will include more than
In addition, it will be necessary in this period,
350,000 persons and that the employment of less to initiate plans and programs to provide overthan 900,000 persons over the level of 1939 would later years for the successful pursuit of policies,
provide a high level of employment for the directed to the attainment of high and stable:
population of June, 1944. As each year passes, employment and income.
this figure will be increased by about 60,000 by
None of these objectives can be given any
the natural increase of population.
absolute priority over others. In the interest of
At present, these additional jobs, and more, employment and welfare, a balance must be preare provided by government war expenditures, served among them.
which will be curtailed just as soon as the reIt is the view of the Government that the
quirements of war permit. The Government requirements of these competing uses in Stage 2.
does not believe it to be either desirable or prac- of the war will exceed the amounts of materials
ticable to look to the expansion of government and labour which can be made available. Warenterprise to provide, to any large degree, the time policies of economic stabilization and conadditional employment required. It follows trol over scarce materials and productive capacthat a major and early task of reconstruction is ity will continue to be necessary to ensure not
to facilitate and encourage an expansion of only the effectiveness of the war effort but an
private industry, including primary with other orderly transition to peacetime employment.
industries.
It is clear, however, that, even with over-all
The full increase in civilian employment will demands unsatisfied, there will be dislocations
be neither required nor possible until after vic- and unavoidable delays in transition, resulting
tory has been won in the Pacific. Initial steps at the same time in surpluses of some products
toward achieving it must be taken in Stage 2. of and shortages of others. The termination of
the war. While meeting the full requirements war contracts can not affect all communities,
of Canada's contribution to victory in the Pacific, equally and simultaneously. Our transition
JUNE
1945
537
CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME
from peace to war was not accomplished without
dislocations, and the transition from war to'
peace can not avoid them entirely.
II. THE SOURCES OF EMPLOYMENT AND INCOME
Remunerative employment and income in any
economy are provided by the expenditures which
are made. These expenditures are best classified
according to the channels through which the
expenditures flow, viz., (a) export trade, in
which the decision to spend is made outside the
country; Q?) private investment in plant, equipment and other durable goods and goods in
stock, in which the decision is governed largely
by prospective earnings in relation to cost; (c)
consumption expenditures, the level of which is
mainly dependent on the level of incomes; (tt)
public investment in useful works for improving
the productiveness of resources, and the welfare
and opportunities of the people. Public expenditures for current goods and services also
provide employment, but can not to any large
degree be determined with reference to the needs
of employment, except in terms of reasonable
stability. In maintaining a high and stable
level of employment and income, the Government proposes to use appropriate means to influence expenditures in all these channels with
particular emphasis on those which are most
susceptible of encouragement and control.
A higher degree of productive efficiency is
necessary to maintain the desired level of income and a correspondingly high standard of
living. Efficiency and direction in production
will have a very important bearing upon the
employment level which can be maintained, and
this in turn involves research and technical
education. Business management will be called
upon to apply wartime experience in attaining
new levels of efficiency and to secure larger production and greater employment through passing
on to the consumers and other purchasers in the
form of lower prices the savings thus made.
Labour, which will benefit most from high
levels of employment, will make an essential
contribution to the solution of the postwar
problem by assisting management in making
high labour earnings compatible with low costs
through skilful, abundant and efficient production.
In the four sections of this paper which follow,
the means which the Government proposes to
use to influence expenditures in each of these
channels are explained. First, they are set out
specifically in respect of Stage 2. of the war.
Second, for the succeeding period, the broad lines
538
of long-term policy are laid down. Detailed
measures, in addition to those which Parliament
has already enacted, will be planned to give
effect to these policies, in the latter period, as
overriding international and national decisions
are reached.
III. EXPORT TRADE
Canadian employment and income have, in the
past, been highly dependent on export markets.
In agriculture, and the other great primary
industries, the dependence has been direct and
obvious. Where it has been indirect, it has
been none the less real.
During the war, export shipments, financed
in part by the Canadian Government, have become highly abnormal in size and composition.
After the war, so high a level of export shipments will be neither possible nor desirable.
Nevertheless, a relatively high level of export
trade will be vitally necessary. A low level of
export trade might not ultimately defeat the
attainment of high employment, but it would
involve painful reorganization among our industries, costly delays, and reduced standards of
living.
Having regard to the structure of Canadian
industry, the desired levels of employment and
income, and the low level of export trade before
the war, the Government considers that a figure
of not less than one and three-quarter billion
dollars annually at current prices for merchandise exports and nonmonetary gold is a practical
and desirable target for postwar exports. This
would be about one-half our current swollen
wartime exports, about 60 per cent above the
prewar level in dollar value, but only about 15
per cent higher in the amount of goods exported.
(a) Export Trade in Stage 2 of the War.—In
Stage z of the war, the war requirements of the
United Nations will continue at a high level.
In addition, there will exist abroad great need
for Canadian and other exports. The relief,
rehabilitation and reconstruction needs of countries devastated by war will be extensive. An
unsatisfied import demand in other countries
has been deferred while goods and shipping
space were unobtainable. Export capacity in
all countries at war can be released only gradually.
The problem of the level of exports, other
than munitions of war, in this period will be
one of supply and of finance.
Financial provision for some exports has
already been made through the United Nations
FEDERAL RESERVE BULLETIN
CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME
Relief and Rehabilitation Administration. The
Government proposes to recommend the continuation of Mutual Aid to United Nations,
where necessary, until the end of the war in the
Pacific. Under the Export Credits Insurance
Act, the Government is authorized to extend
and guarantee credits to other governments for
financing Canadian exports, and this authoritywill be used, in so far as supplies permit, to restore and maintain historic markets and develop
new ones.
For certain of our exports, especially in food
products, wartime contracts are being continued
into Stage x of the war. Wartime collaboration
in the allocation and shipment of products in
short supply will be continued through the Combined Food Board, the Combined Production
and Resources Board and the United Maritime
Board.
Changes in requirements or dislocations of
trade may affect adversely the markets for particular products. To meet such contingencies
the Agricultural and Fisheries Price Support
Acts will be used to safeguard the primary producer against the penalties of sudden changes and
dislocations.
Within the limits which the continuing war
prescribes, the final period of the war must be
used to begin the re-establishment of Canadian
nonwar export trade on a dependable and expanded basis. Equally, since dependable trade
must ultimately be an exchange of goods for
goods, the period must be used to build up our
imports and the exporting capacity of other
countries so that we may ultimately receive
imports in payment for our exports.
For its part, the Government is prepared, as
rapidly as circumstances permit, to facilitate,
through its wartime controls and otherwise, the
re-establishment of peacetime markets for Canadian exports. The Commercial Intelligence
Service, which has been drawn on heavily for
war duties, is being re-established, as rapidly as
possible, as the instrument of vigorous and
expanded trade representation.
Initiative, resourcefulness and farsighted planning will be necessary, on the part of export
industry, and of industry which hopes for export
markets, in overcoming the initial problems of
resuming interrupted trade relations and developing new ones, and establishing their competitive position and the quality and continuing
acceptability of their products.
( b ) Problems of Postwar Export
Trade.—The
Government is looking to an expansion of total
world trade, within which other countries as
well as Canada can increase their exports. The
JUNE
1945
expansion of Canadian exports will be one
phase of an expanded Canadian economy which
will require for its use greatly increased imports.
The expansion of exports is not looked on as a
means by which unemployment is to be transferred from this to other countries, nor is the
contraction of Canadian imports any part of the
Government's employment policy.
The conditions under which postwar trade
can reach higher levels than before the war are
not, in any large degree, under the direct control
of the Canadian Government. They must be
achieved by collaboration with other governments, and particularly, in view of the direction
of our trade, with the governments of the
British Commonwealth and of the United
States. The great wartime increase in the output and exchange of goods was also dependent
on close collaboration among these governments.
Postwar collaboration along equally bold and
imaginative lines is essential if expanded world
trade is to reinforce domestic employment policies and contribute to freedom from want.
International security and freedom from
threat of war are the first objects of collaboration
and are essential prerequisites of international
economic prosperity.
The Government has pressed and is continuing
to press actively for a wide collaboration in the
reciprocal reduction and removal of trade barriers, especially trade barriers of an arbitrary and
discriminatory type.
Agreements must be
reached at an early date so that a dependable
framework may be set up for the reconversion of
war industries in all countries and so that vested
interests may not become entrenched in wartime
trade restrictions. Having regard to the widespread character of our trade, the Government
attaches special importance also to the reconstitution of multilateral trade on a firm basis and
arrangements under which the proceeds of our
exports may be spent wherever we desire to obtain our imports.
It is with these objects in mind that the Government has participated in the development of
the plans for the International Monetary Fund
and the United Nations Bank of Reconstruction
and Development on which agreement among
experts was reached at Bretton Woods in July
last.
The Monetary Fund plan would assure comparative stability of exchange rates and, where
change was desirable, would substitute for
competitive depreciation of exchanges an orderly
process of change following international consultation. It would outlaw the discriminatory
currency practices which turned trade into eco-
539
CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME
nornic warfare. When it was fully in operation,
it would assure the convertibility of the proceeds of our sales abroad into whatever currencies we required for our current needs. It would
give to each member country for the purposes of
its current balance of payments an assured,
though limited, line of credit to serve as a buttress to policies directed to the expansion of
employment.
The regular transfer of capital from surplus
to deficit countries for purposes of reconstruction
and development is essential to the expansion
and stability of international trade. The Bank
of Reconstruction and Development would provide through an international institution for a
needed revival of international investment.
In the interest of Canadian and world prosperity and of peaceful collaboration among
nations, the Government endorses these plans
and hopes that Parliament will in due course
approve the draft agreements. In reaching this
view, the Government is mindful of the possibility that Canada might, as a member of both
institutions, occupy the position of a "creditor"
nation.
Officials of the Government have participated
in preliminary discussions looking to agreements
which would assure greater stability in international markets for food and raw materials and
in equally preliminary discussions concerning
international private agreements commonly
known as cartels. These discussions will be
pursued actively with the object of reaching
agreements which will contribute to the stability and welfare of this country as of other
countries.
In pressing for international arrangements
which would permit and encourage the expansion of world trade, the Government is impressed
not only with the importance of trade from the
point of view of the Canadian economy, but is
also convinced that a high degree of freedom of
trade is thoroughly compatible with, and necessary to, a balanced program for promoting a high
level of employment and income.
The above are proposals, in varying stages of
discussion and agreement, for establishing enduring international economic arrangements
ander which the nations of the world might
.share prosperity and plenty rather than poverty
and depression. Rapid progress must be made
in reaching agreements on these lines if temporary expedients to meet immediate problems are
not to thwart long-term solutions.
Such long-term agreements will not, in themselves, however, meet fully the international
economic problems which will confront the
540
world in the transition period following final
victory in the Pacific. Our Allies whose territories have been overrun by the enemy and the
United Kingdom, which has spent its substance
without stint in the common cause, will face
very difficult balance-of-payments problems
when Lend-Lease and Mutual Aid come to an
end with the close of the Pacific War. The
Government is concerned lest these difficulties
should lead to the establishment, even on a temporary basis, of currency or trade blocs applying
discriminatory treatment to their trade with
other countries. Such a development would
contribute to economic disorder, and hamper
economic recovery throughout the world. The
problems which give rise to these possible developments are not to be solved by the nations
concerned, acting alone or in exclusive association with the other countries sharing these particular trade difficulties, but by international
collaboration as farsighted as that undertaken
during the war. Convinced that these countries
will again establish their trade and industry and
that our historic peacetime trade with them can
be re-established, the Government is willing to
extend to such countries, to enable them to accomplish this transition, adequate credits to
finance, to the degree necessary, their import
requirements from Canada. In the view of the
Government, appropriate terms for repayment of
these credits would recognize unequivocally the
dependence of such international debt payments
on the expansion of world trade and ample
markets for the exports by which credits must
be repaid.
The Government is prepared to press through
collaboration with other Governments for stable
solutions to this and related problems.
IV. PRIVATE INVESTMENT IN CANADA
Export trade has been the greatest dynamic
force influencing the level of national income and
employment in Canada. Next in importance is
the investment of private capital in industrial
and commercial buildings and equipment, goods
in stock, power and transportation facilities,
exploration and development of natural resources, and housing. In the past, the amount
of such investment has been closely related to
the volume and profitability of our export trade,
but it need not be so fully dominated by export
trade in the future.
(a) Private Investment in Stage 2 of the War.—
During the war, both private and public capital
expenditures have been largely absorbed in
equipping war production and the armed forces.
FEDERAL RESERVE BULLETIN
CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME
In terms of postwar needs, there is an abnormal
amount of capital and maintenance expenditures
to be made as soon as labour and materials are
available. In the period immediately following
the European War, it will be necessary to reduce
the barriers to such expenditures, facilitate those
which are of the greatest urgency and safeguard
them against an inflationary boom which would
bring them to an abrupt and abortive conclusion.
The Government, through the Department of
Reconstruction, will encourage and assist the
speedy conversion and expansion of our industries, giving special attention to those localities which have depended most on war production and in which the postwar adjustment will
be greatest. There will not be, in Stage 2. of the
war, all the materials and particular categories
of labour required to do all that people will
desire accomplished, but, within this limitation,
the assistance and controls at the disposal of the
Government will be used to facilitate private
investment in this field, having due regard to the
desirability of stable as well as high employment.
Faced with continuing war expenditures, the
Government has not been able to synchronize
the reduction or discontinuance of wartime taxation with the beginning of projects for conversion and expansion. Therefore, amendments
proposed in the Budget of 1944, and since enacted, provided for some substantial relief of
investment and maintenance expenditures as
such from the effects of wartime taxation. The
extension of the privilege of writing back or
carrying forward losses allows business firms to
approach more nearly to an average-profit basis
for taxation purposes. Provision for writing
back to the profits of a war year one-half the
maintenance expenditures incurred during a
designated postwar year, will provide a definite
incentive to make good all deficiencies in maintenance. A further and more important provision has been made. In respect of new investment in industrial plant and equipment, the
business taxpayer may select a rate of depreciation not less than one-half and not more than
double the normal rates. This provision will
allow business enterprises a fair chance of recovery of their capital newly invested, even
though wartime rates of profits taxation should
be in existence at the inception of the project.
There is in these provisions assurance to business
that, pending the time when it is possible to
reduce wartime taxation, new investment, on
which we must depend in large degree for exJUNE
1945
panded employment, will not encounter fiscal
penalties.
Having regard to prevailing congestion and
the needs of returning veterans, the highest importance will be attached also to housing. The
National Housing Act, 1944, makes very complete provision for financing, at lower rates than
ever obtained in Canada before, housing for
homeowners and for tenants, low rental housing
projects, houses on farms, and modernization
and improvements. For war veterans, this is
supplemented by postwar credits which may be
used to provide two-thirds of the cash equity
required to build or buy a home. During Stage
2.j all who wish to build homes for themselves or
for rent to others may not be able to do so because of continuing shortages.
Subject to war requirements, the Government
plans to encourage and use its wartime controls
to assist in the production of material and equipment for a total program of not less than 50,000
units in the first full construction year following
the end of the European war. This figure will
fall short of what is desirable but it will probably be as high as labour and materials can be
found for in that period. As in other fields of
reconstruction, the Government will direct
supplies to those communities which, by reason
of the decline of specific types of war production,
have the workers to use them.
This immediate period, when only a limited
housing program is possible, should also be
used to carry out the surveys which are basic to
community planning, establish the plans, and
agree on the methods for carrying out soundly
conceived housing and slum clearance projects.
Here the initiative must rest in large degree in
the local communities, the Government standing
ready to give technical assistance and to provide
substantial grants for slum clearance and generous assistance in the financing of well-located
and properly managed projects which provide
good housing at low rentals. Research and experiment in the use of materials and in the reduction of costs must also be hastened in this
period.
In attaining its housing objective, the Government will seek the cooperation of local government and of labour and management in the construction industry.
(F) Private Investment after the War.—The decision to invest private funds in capital goods
will depend on the businessman's view of the
prospective margin of profit to be made on the
investment. The demand for consumer goods
will be high and everything which the Govern-
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CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME
ment is doing, and plans to do, to enlarge external markets and increase and stabilize consumer income, will contribute to the prospective
profitableness of new investment. Buildings
and equipment will be worn out or obsolete.
New products and new processes will require new
capital investment.
One object of the Government's stabilization
policy has been to keep down costs and achieve
a postwar position in which the cost of new investment in buildings, equipment and materials
would not be a barrier to employment.
The Government recognizes that wartime
taxation, both in its form and rates, is discouraging to new investment. It was deliberately
designed to be discouraging in order that more
resources could be used for the purposes of war.
Because war expenditures are so inflationary in
effect, wartime taxation must be restrictive and
deflationary. After the war, a quite different
taxation policy will become an appropriate part
of policies directed to the maintenance of employment and income. The Government proposes not only to reduce taxation as rapidly
as possible but to develop its fiscal policy so
as to encourage the increase of private investment to a high and stable level. It is proposed
particularly to eliminate or minimize taxation
which contributes to a higher level of production
costs.
The Government desires and expects that low
interest rates will continue after the war. It
proposes to pursue a monetary policy which will
encourage, through low interest rates, the investment of funds in productive capital contributing to employment.
The sources of credit within the country are
ample to finance an expansion of investment.
To provide credit, however, for the establishment and expansion of industrial enterprises, in
circumstances in which lending institutions have
hitherto been unable to provide adequate financing, the Industrial Development Bank has been
established. Its facilities are of particular importance for small and new enterprises on the
development of which much future employment
will depend.
The improvement of buildings and equipment
on farms for increasing productive efficiency and
adding to the amenities of farm life is a field of
private investment to which the Government attaches especial importance. Maintenance of
farm incomes will be the most effective encouragement to this type of expenditure. To provide
credit, where needed, on reasonable terms, the
Farm Improvement Loans Act has been passed
542-
providing through the chartered banks, under
limited government guarantee, loans for a wide
range of farm improvements.
In the field of housing, expenditures have
been deficient over the past fifteen years, and
there is need, as soon as the exigencies of war
permit, for investment in housing on a scale far
exceeding the immediate prewar levels. War
savings and postwar credits, the greater assurance of steady employment, family allowances
and the facilities of the National Housing Act
will enable many thousands to build their own
homes. To assist in slum clearance, provision
is made in the Act for direct grants to municipalities of half the net cost. Life insurance
companies and other financial institutions have
been empowered to build and own rental housing
projects, with suitable guarantees for the protection of policyholders. Locally organized
limited-dividend corporations desiring to build
rental projects to meet the needs of those earning
low incomes may obtain all but a small fraction
of the capital they require from the Government.
The effort to attain a high postwar level of
employment and income must be a national and
not merely a government effort. The Government will make every effort to create by all its
policies favourable conditions within which the
initiative, experience, and resourcefulness of
private business can contribute to the expansion
of business and employment.
V. CONSUMPTION
The amount of goods and services at present
being consumed by civilians is well above the
level of 1939. This high level of consumption
has latterly, however, been kept up at the expense of inventories. It is much below the level
which present incomes would maintain were it
not for shortages of materials and labour, the
pressure of taxation, and insistent need for
saving for Victory Bonds. With the release of
labour and materials from war demands, we may
expect a substantial increase in consumption
expenditures which will be reinforced temporarily by the need to replenish depleted trade
inventories. The continuance of this level of
consumption expenditures will depend on the
maintenance and distribution of incomes.
( a ) Consumption Expenditures in Stage 2 of the
War.—In this period, consumption expenditures
may be expected to rise to the full degree to
which goods and services can be made available.
The reabsorption of the men and women of the
Armed Forces into the civilian population will
in itself call for greater production of civilian
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consumer goods. The many financial provisions penditures against the contingency of particular
for their re-establishment will add substantially dislocations in export trade.
The deferment of purchases during the war,
to expenditures on consumer goods.
Indeed, the danger in this period, as at present, the large accumulation of individual savings,
is that consumption expenditures will tend to some part of which is destined to reappear as
outrun our immediate capacity to put on the consumption expenditures, and the measures
market the goods and services desired. Every already taken to augment low family-income
effort will be made, consistent with meeting and those incomes interrupted by unemployment
other requirements, to facilitate the maximum or dislocation of export trade will give strong
increase in supplies, but it can not be anticipated support to consumption expenditures during
that shortages of consumers' goods will dis- Stage 2. of the war. This will necessitate conappear on the cessation of hostilities in Europe. tinued vigilance and careful management lest
Measures whose prime object is to stimulate the pressure of expenditures on markets should
consumption expenditures will not be appropri- result less in increased civilian employment than
ate to this period of the war, but there are in sharply rising prices.
(b") Consumption Expenditures After the War.—
possible dislocations, related to demobilization
and international trade, against which incomes The deferred demand for consumption goods, if
require protection. Such dislocations and de- not neutralized by price inflation, will continue
lays may occasion a fall in some incomes. It to influence consumption expenditures until well
will be necessary to prevent such declines from after the war is ended. The measures for supbecoming cumulative and to safeguard low porting and stabilizing such expenditures will
continue to operate.
family-incomes especially.
The Government has given support to the
Parliament has enacted statutes which, aside
from their long-term effects, will go far in meet- development of additional social security measing these needs. Under the Unemployment In- ures, and has indicated willingness to institute
surance Act, 1940, which came into effect when contributory old age pensions and health inemployment was rising, wage earners have ac- surance, as soon as financial and administrative
quired rights to benefits of substantial duration arrangements with the Provinces can be agreed
in periods of unemployment. A fund of over upon. Under the Pensions Act, equitable pen250 million dollars has been built up. In the sions are provided for disabled veterans and for
period of conversion of war industry, when some the dependents of members of the armed forces
dislocation and loss of work will be unavoidably who have lost their lives in the war. In addiassociated with the transfer of workers to new tion to their great direct results in human
jobs and other localities, benefits paid under the security and welfare, such measures will have
Act will to an important degree maintain con- important supplementary effects in stabilizing
sumption expenditures *and maintain employ- and enlarging consumption expenditures and
ment in the industries producing consumption the employment which is derived from them.
Much has been learned during the war of the
goods and services.
The Family Allowance Act, 1944, the purpose vital importance of improved nutrition. In
of which is to promote the well-being of chil- the years after the war, it will be possible to put
dren, provides for substantial payments in re- that knowledge to much more general use.
spect of children up to 16 years of age. These Both nationally and internationally, through
payments will begin in July, 1945, a date which the Food and Agricultural Organization, the
it is hoped will not be greatly before the be- Government proposes, by research, education,
ginning of Stage 2. of the war. They will aug- improvement or marketing methods and
ment the incomes of families in the lower- facilities, and by such other means as are necesincome groups, and will provide the means for sary, to foster the improvement of Canadian
maintaining or increasing the consumption of standards of nutrition up to a level worthy of so
these groups. The supplementary effect which great a food producer.
they will have in increasing or maintaining emVI. PUBLIC INVESTMENT
ployment will be evidence that what is in the
Government expenditures, like private exfirst instance a transfer of income will be ultimately paid for, in substantial part, out of an penditures, play an important part in determining the level of employment and income. In
increase in income.
The Agricultural and Fisheries Price Support the circumstances of this war, they have become
Acts, mentioned earlier in this paper, will to a the dominant part. Viewed from one direction,
degree underwrite consumption and other ex- the problem of the transition is to maintain the
JUNE
1945
543
CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME
level of employment, while substituting private period, the Dominion proposes to press ahead
for a large part of public expenditures.
with the planning of its own deferred works and
In relation to employment and income, invites provinces and municipalities to do the
government expenditures are of three sorts: (i) same.
current expenditures for goods and services,
In addition, the Dominion Government will
whose amount has to be determined by the give consideration to methods of stimulating
current need for government services and opera- provincial and municipal governments to carry
tions rather than varied according to the need out necessary surveys and draw the plans for
for employment; (2.) transfer payments, such as useful public projects, in defined categories, to be
pensions, allowances and similar payments, executed when they are needed to stabilize
which have their effect on employment as they employment, probably some time after the
reappear as private expenditures; (3) public Japanese war has ended.
capital or investment expenditures for buildings,
Further, the Dominion Government proposes
equipment, roads, airfields and other durable to press ahead as rapidly as possible with surdevelopments and improvements. The last are, veys, aerial and other mapping, and explorations
to a degree, capable of being timed so as to on the results of which a new and forward-lookcontribute to employment as needed and supple- ing agreed program for the development and
ment private expenditures and compensate for conservation of natural resources must be built.
their fluctuations.
The cooperation of the provincial governments
The postwar employment problem is not to and of the industries engaged in the use of our
be solved by huge expenditures on "public natural resources will be sought.
works". Efforts to increase and stabilize emBeyond this, the Dominion will undertake
ployment and income must pervade all economic its own deferred projects in those localities in
policies. On the other hand, it is the firm in- which the decline of war contracts or other cirtention of the Government to institute a system cumstances have made available labour, which
of managing its capital expenditures so that can be employed on such projects and for which
they may contribute to the maximum to the the locality gives promise of permanent employimprovement and stabilization of employment ment. The Government will invite provincial
and income.
and municipal governments to cooperate in fol(a) Public Investment in Stage 2 of the War.— lowing similar programs.
It has not been possible during the war to ac(b) Public Investment Policy After the War.—
cumulate a large * 'shelf' of ready-planned public The deliberate use of public investment expendiprojects. The war program has necessarily tures as a permanent instrument in employment
taken precedence and the engineering staffs of policy has to be undertaken experimentally.
all governments have been denuded by war There is, as yet, no working model even in other
demands. Particularly has it been impossible to countries. It will be necessary to frame policy
embark on the planning of new types of com- to fit the facts of the Canadian economy and
prehensive projects of far-reaching extent. On administer it in accordance with our federal conthe other hand, all governments, Dominion, stitution. The Government believes, however,
provincial and municipal, have a considerable that there will be wide agreement on making a
backlog of public projects of the normal sort for substantial beginning along two lines:
maintenance and expansion, which have been
(1) the undertaking of advance planning of
deferred during the war years. Some of these all necessary and desirable Dominion projects
are fully planned and others are capable of rapid so that there may be available a "shelf" of
planning. Governments will wish to carry out soundly planned projects, ready for execution
these projects as soon as labour and materials when
prospective employment conditions make
are available once more.
it
desirable
increase public investment exOther demands on our labour and materials penditures. to
Since
the inter-war years the
will limit severely the amount of public invest- public investment in
expenditures
provincial
ment expenditures. As already emphasized, and municipal governments haveof been
much
beyond the needs of the war in the Pacific, a greater than those of the Dominion Governhigher importance will be attached to an increase in exports to some markets, to private ment, it will be an essential part of such a policy
investment for the conversion and expansion of that advance planning on the part of these
industry, to housing, to some increase in con- governments should be encouraged, and, without interfering with provincial or municipal
sumption expenditures.
Accordingly, as an appropriate policy for this decisions in respect of the direction of their
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own expenditures, cooperation should be sought
on the timing of such expenditures;
(z) the implementation, in cooperation with
the Provinces, of a new Dominion policy of
expenditures on the development and conservation of natural resources. In view of the rapid
wartime depletion of natural resources, provision for such expenditures is urgent. While
some of these expenditures must be continuous,
a substantial portion of them may be varied according to employment and income levels. The
resources of the farm, forest, mines, fisheries and
rivers are basic to Canadian development and
prudent expenditure on their conservation and
development will be true investment expenditure
yielding valuable returns. The returns will be
greatly enhanced, if the development and conservation of the resources of particular areas can
be coordinated.
Such expenditures would provide some measure of alternative income in the areas affected
by declines in export markets, and thus would
fight most of our depressions at the point of
first contact rather than after they have spread
through the economy. There is in the field of
development and conservation the opportunity
at appropriate times for genuine public investment which would induce more private investment and not supplant it.
Beginning on these two lines, the Dominion
Government would seek to enlarge the scope of
its public investment program as rapidly as experience could be acquired in its management
and sound plans laid for the future. In undertaking this policy, the Dominion would not
seek in any particular to limit the control of
provinces over their own resources nor to divert
any of the revenues to be derived from them.
These policies, which have vast constructive
possibilities in this country, if boldly and
prudently planned to meet Canadian problems,
require for their full implementation, a new definition of financial arrangements between
Dominion and Provinces, and can not be undertaken in definite terms before the DominionProvincial Conference is held.
In the Yukon and Northwest Territories, the
Dominion Government is solely responsible for
policies governing the use, development and
conservation of the natural resources. Improved transportation, wartime experience,
scientific progress in the exploration of resources
and the experience of other countries in the
development of northern areas, all point to the
great possibilities of properly planned development in these regions. The Government proposes to press forward vigorously in improving
JUNE
1945
transportation to open up the various regions
and in carrying out thorough and carefully
planned scientific explorations and surveys.
Further public expenditures will be undertaken
as justified to develop and conserve the natural
resources for the support of the present and additional population.
The amazing wartime advance of aviation, the
large number of airfields constructed in Canada
for military or civil use and the decisive significance which transportation has always had
in Canadian development emphasize the importance which civil aviation will have as a
productive field of public investment after the
war. Already there has been considerable progress in the development of commercial aviation,
but in terms of the future it is only a beginning.
On both national and international commercial
routes, and in the exploration, development and
safeguarding of our natural resources, civil aviation will emerge as a great and, in the main, new
Canadian employment. The Government proposes, through the Department of Reconstruction, the Air Transport Board, the Department
of Transport and the Trans-Canada Airlines,
to turn the great potentialities of civil aviation
into realities as rapidly as possible and to do so
within a planned pattern.
VII.
SCIENTIFIC AND INDUSTRIAL RESEARCH
The Government attaches the greatest importance to the expansion of scientific research
in Dominion and other government laboratories,
in the universities and within industry. In the
past, Canadian industry and government have
been far too dependent on sources outside the
country for the results of research and there
has been too little dissemination of technical
knowledge. Scientific research has yielded during the war results of the greatest immediate
and future significance. Applied to the problems of Canadian industry and resources, equal
research effort can contribute enormously to the
future employment and income of the Canadian
people.
The Government proposes to continue and
expand after the war the work of the National
Research Council and coordinate it more closely
and effectively with the research work of the
universities, other government laboratories, and
industry. By cooperative endeavour, the whole
technical level of Canadian industry,* both
primary and secondary, must be raised.
In the immediate future, few, if any, research
facilities can be released from war work.
Through the medium of the Department of
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CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME
Reconstruction, however, definite steps have
been taken:
( i ) to establish and operate a technical and
scientific information service to make technical
knowledge and the results of research available
to industry, and particularly small industry,
throughout Canada;
(2.) to arrange, wherever men and facilities
are available, for research designed to assist
special industrial and development projects;
(3) to establish cooperation and coordination
in long-term research programs.
To encourage the expansion of research by
private industry, Parliament has made generous
fiscal provisions for charging as current expenses or writing off over a period of years
against taxable income all expenditure and investment made in research facilities.
VIII.
PLACEMENT AND TRAINING OF WORKERS
A high over-all demand for labour will not of
itself assure jobs for all. The kinds of work
offering and the places where unfilled jobs exist
will change with the seasons of the year and
with the development of new consumer demands, new industries, new processes and new
materials. There must, therefore, be a high
degree of mobility of labour as between occupations, and between jobs and places. This is
particularly true of such a country as Canada at
its stage of development and with its climatic
conditions. The attainment of the required
mobility and adaptability will depend in large
degree on the initiative and resourcefulness of
the workers themselves.
During the war, highly important experience has been gained in the placement and training of workers. The Employment Offices and
Placement Service, established under the Unemployment Insurance Act 1940, have been used,
since 1942., under the direction of the Minister
of Labour, for the administration of the National Selective Service program. Under difficult and exacting circumstances, a large and
increasingly efficient organization has been built
up. The restrictive regulations in force during
the war will disappear as soon as they no longer
serve a useful purpose, but the placement services
and the forward planning in the employment of
the labour force will be expanded in scope and
improved in quality on the basis of wartime experien§e and postwar requirements.
The employment offices will be key institutions in the period of demobilization when, of
necessity, there will be much transfer of workers and persons released from the Armed Forces.
546
For that period, their work is being closely correlated with that of the Department of Veterans
Affairs. After the war, the work of the employment offices will continue to be of essential
importance in the carrying out of employment
policies and in furnishing information on local
and national employment.
During the war, the War Emergency Training
Program, carried on jointly by the Dominion and
the provinces, has played an essential part by
providing trade training for service personnel
and industrial training, both in schools and
plants. In preparation for the transition to
peace and to meet the requirements of peacetime
training, the Vocational Education Co-ordination Act, 1942., was passed authorizing the
Minister of Labour to conduct, in cooperation
with the Provinces, or otherwise, training for,
among others, persons discharged from the
armed forces and persons whom the Unemployment Insurance Commission has directed to attend a course of training. The financial and
other provisions for the re-establishment training of persons discharged from the Armed
Services are already well known. The Minister
and the Commission will use their authority
actively in respect also of demobilized war workers who require training or retraining for satisfactory establishment in postwar industry.
To make possible the provision of adequate
training facilities, the Government has authorized grants to the provinces under the Vocational Education Co-ordination Act of xo
million dollars over a period of 10 years. In
addition, it has authorized grants of a further
10 million dollars over a period of three years
to provide physical facilities for vocational
training with particular reference to modern
shop equipment.
Under the Unemployment Insurance Act, an
insured person claiming benefit may be directed
by the Commission to take a course of training.
In order to distinguish such training from unemployment and to create greater inducement for
individuals to take such training, the Government proposes to provide for payments during
such approved training at higher rates than those
paid as unemployment insurance benefits.
These measures will assist in attaining the
necessary mobility and adaptability of workers.
They must not be taken as offering a substitute
in any way for the initiative and resourcefulness
of the workers themselves.
IX.
WARTIME CONTROLS
During the war, it has been necessary to impose many restrictive controls. The occasion
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for these controls has been acute scarcity—
scarcity of manpower, materials, productive
facilities, transport, foreign exchange, etc.
Many of these controls have been exercised
directly in the form of priorities, allocations or
prohibitions in the use of labour or scarce materials or facilities. Other controls such as price
control, reinforced by fiscal policy, have been
part of a general economic stabilization program
designed to control inflation.
As wartime scarcities disappear, wartime controls will be relaxed and discontinued. As
manpower, materials, productive capacity and
transport become available in larger quantities,
restrictive controls based on a condition of acute
scarcity will become obsolete. It will be necessary, however, to be sure that the underlying
condition has disappeared permanently before
all the machinery of control is abandoned. In
the period following the European war, when
only a limited program of reconstruction can be
begun, it will be the policy of the Government
to relax controls over production, materials and
manpower as rapidly as supplies justify. It is
probable, however, that many such controls will
continue to be needed for a time after the close
of the European war to ensure the effective
prosecution of the Japanese war and at the same
time the provision of essential civilian needs.
In addition, the maintenance of certain controls
will aid in meeting the more urgent requirements of reconstruction, including the first step
in industrial reconversion, the provision of
more housing, and the development of export
markets of a peacetime character.
The need for price control and other antiinflationary measures will not disappear with
the end of the European war. The magnitude
of the expenditures required for the prosecution
of the Japanese war and the continued claims
on manpower will be such as to necessitate the
continuance of the stabilization program, if
both war and reconstruction programs are not
to be jeopardized. Moreover, the accumulation
of savings and the steady increase in deferred
needs for some consumer goods and for a wide
variety of durable goods (such as housing,
household appliances, automobiles, highways,
farm machinery and buildings, and peacetime
industrial plant) will continue to set the background for price inflation until production of a
civilian character can be expanded very materially. The store of buying power which individuals and corporations have accumulated during
the war can be of great assistance in sustaining production and employment during the
transition from war to peace. On the other
JUNE
1945
hand, it could also be dissipated in a needless
inflation, which would defeat orderly reconversion, if such buying power were permitted to
run wild at a time when civilian production was
still restricted and shortages and bottlenecks
persisted.
The most severe inflationary pressure came
immediately after the war of 1914-18 and not
during it. The rise in prices after the last war
was extremely sharp and this unfortunate inflation undoubtedly greatly accentuated the
violent slump in prices which followed. The
Government is determined to safeguard the
stabilization program until its full benefits can
be reaped in a smoother, more rapid transition
to a prosperous peacetime economy. The stabilization program is a vital factor in maintaining the highest feasible level of employment
during the transition, both in the negative sense
that it can prevent inflation with its inevitable
deflationary consequences, and in the positive
sense that prices must be kept at reasonable
levels if a high volume of postwar production is
to be achieved. High postwar employment
can be based only on high production and an
absolute essential in achieving this objective is
to keep prices in hand during the transition.
Canada's dependence on exports gives special
emphasis to this need, both because of the obvious necessity of competing in external markets
and because of the dependence of large sections
of the domestic market on export income.
X. GOVERNMENT FINANCE
The broad proposals contained in this paper
have for their object the maintenance of levels
of employment and income greatly above those
ruling before the war. These and other requirements will call for government expenditures and
revenues at higher than prewar levels. Nevertheless, they are consistent, in the Government's
view, with postwar taxation at substantially
lower levels than at present.
The national debt has necessarily increased
greatly during the war, and in view of the expenditures associated with the termination of
the war, with demobilization and re-establishment, it will not be possible to balance the
budget immediately on the cessation of hostilities.
Rigorous war taxation, the steady reduction in
the rate of interest, acquisition of revenue-producing assets, and the rise in the national income
have served to keep the cost of carrying the debt
down to about the same relative weight it had
in 1939. The relative burden after the war is
likely to be little more than it was before the
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CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME
war, if income and employment can be maintained at high levels.
In these circumstances, the Government considers the postwar debt problem to be quite
manageable. The Government will be prepared, in periods when unemployment threatens,
to incur the deficits and increases in the national
debt resulting from its employment and income
policy, whether that policy in the circumstances
is best applied through increased expenditures
or reduced taxation. In periods of buoyant employment and income, budget plans will call for
surpluses. The Government's policy will be to
keep the national debt within manageable proportions, and maintain a proper balance in its
budget over a period longer than a single year.
Fiscal policy during the war has necessarily
been based on economic as much as purely financial consideration. It is proposed to extend that
practice into the postwar years and apply war
experience to the problems of peace.
XI. THE BEGINNING OF THE TRANSITION
The return to a civilian economy will be
affected by the rate at which the armed services
are brought back to Canada from overseas
theatres and the rate at which military demobilization is undertaken. The conversion of
industry to peacetime uses will also be affected
by the extent to which war production must be
continued during Stage 2. or the war. In the
light of these qualifying factors, steps have been
taken to meet the first problems of reconversion
and expansion of industry and the re-employment of persons released from the armed services
and war industry.
The transfer to civilian production of industry no longer required for war purposes involves both the settlement of war contracts and
the clearing of plant. The Department of Munitions and Supply has determined rapid procedures to deal with any final renegotiation of
contracts and termination of war orders, so that
civilian production, in plants no longer required
for war purposes, may be proceeded with expeditiously and delays incidental to the settlement of war contracts and clearing of plants
shall not impede the transition. In all cases, in
which contractors have complete and up-to-date
information on materials, costs, and production, substantial interim payments in settlement
of contracts may be made within thirty days and
final settlement should normally follow with
reasonable rapidity.
Arrangements have been developed whereby
full use of plant for civilian purposes may be
548
achieved with a minimum of delay by clearing
promptly from such plants government-owned
equipment or materials which are not required
for civilian production.
Arrangements are being made as speedily as
possible for the disposition of governmentowned plant, machine tools, equipment and
other materials no longer required for war production to those who can use such facilities in
civilian production. These facilities will be
sold at fair prices and on reasonable terms in accordance with policy already enunciated. Special attention will be given to the needs of small
industries for rental premises and for materials
and equipment. The desirability of establishing
industry in the smaller towns and cities and in
areas in which there was, before the war, little
industrialization, will also be taken into consideration.
The Government will have quantities of other
types of materials available for disposal as surplus. A great deal of this, produced specifically
for war purposes, will have little value or use in
peacetime. In dealing with such as can be used
to advantage for production purposes, general
welfare, or consumer goods, the Government
will make every effort to avoid all unnecessary
waste and to dispose of them to the best economic advantage of Canada. Every effort will
be made to see that goods intended for public
consumption reach the public by the shortest
possible route and that no speculation is involved. While the Government does not intend
to enter into unfair competition with civilian
business, it will seek to recover as much as possible for the taxpayers of the nation on these
goods. At the same time, they will be disposed
of in a manner designed to prevent speculation
and to contribute to the general welfare and
benefit of the Canadian people.
In the transition period, continuing needs for
war production, together with the demand for
civilian goods, both in Canada and abroad, will
require, taking the country as a whole, all the
labour and materials which can be made available. High employment on a nation-wide scale
will continue. There will, however, be unavoidable dislocations and delays in some localities where wartime demands have necessitated
heavy concentration of war orders and an abnormal wartime population. In these places, cancellation of war contracts will fall more heavily
than elsewhere.
The Government, working in the first instance
through the Department of Reconstruction, is
making plans to meet these local situations.
FEDERAL RESERVE BULLETIN
CANADIAN WHITE PAPER ON EMPLOYMENT AND INCOME
These plans include the speedy re-establishment
and development of civilian industry in these
areas. They will be supplemented, to the extent necessary and desirable by special attention
to the field of housing and public works. Re.strictions on house-building and other construction will be relaxed earlier than in other localities where employment is still at a high level;
public works projects may be initiated in these
areas as the occasion demands, even though it is
not possible or desirable to proceed with similar
works in other localities. Controls will be used
to see that materials are available to carry out
any special program designed to meet special
local conditions. The cooperation of provincial
and municipal authorities will be sought both
as regards the preparation and the implementation of these plans.
XII.
SUMMARY
In this paper, the Government has stated unequivocally its adoption of a high and stable
level of employment and income, and thereby
higher standards of living, as a major aim of
Government policy. It has been made clear
that, if it is to be achieved, the endeavour to
achieve it must pervade all government economic policy. It must be wholeheartedly accepted by all economic groups and organizations
JUNE
1945
as a great national objective, transcending in
importance all sectional and group interests.
This paper sets out the Reconstruction policies
of the Government for the period beginning at
the cessation of hostilities in Europe, and extending to the time when complete and final
victory has been won in the Pacific. Those policies are set out concretely, though of necessity
not in complete detail.
This paper also sketches the broad outline of
long run permanent policies, to follow total and
final victory on all fronts. Full implementation
of long run policies must await the full release
of manpower and resources from war. Permanent and mutually satisfactory financial and
administrative arrangements with the Provincial
governments are a necessary prelude to full
implementation.
The Government of Canada will support international undertakings to establish a peace of
good will, founded on sound economic grounds.
No other peace can endure. A prosperous world
is essential to a prosperous Canada.
During more than five years of war, Canada
has continued to mobilize and expand its full
productive capacity. Government, Labour and
Management have been united together in the
common objective of winning the war. The
same united effort can win our postwar objectives. Canada looks to the nature with
confidence.
549
ANNUAL REPORT OF THE BANK OF FRANCE
The annual report of the Bank of France for the
year ending December 31, 1944, was submitted to the
general meeting of stockholders on March 22, 1945.
The main text of the address of the Governor of the
Bank, M. Emmanuel Monick, is given in translation
herewith:1
Cut off from most foreign markets since 1940
and suffering first from a progressive contraction,
and afterwards from a complete stoppage of imports from its oversea possessions, France has
experienced a severe shortage of raw materials,
fuel and other commodities necessary for its industry and agriculture. To this shortage of
materials was added a shortage of labor. The
labor force, already curtailed by the absence of
more than one million French prisoners of war,
became obviously inadequate with the beginning
of the requisitions for compulsory labor in Germany and of deportations, by which 1.2. million
men, including a large number of skilled workers, were separated from their usual occupations.
The transportation crisis had hardly less serious consequences. It made itself felt as early as
1940, following the first deliveries of rolling
stock exacted by Germany; it grew suddenly
worse in 1943 and reached its climax during the
summer of 1944.
Economic effects of the German occupation.—French industry was bound to feel the
consequences of this triple shortage of raw materials, labor and means of transportation.
Almost every section experienced a decrease in
production: in the textile industry, in the chemical industry and, more particularly, in the rubber
industry, production has, since 1940, rarely
exceeded 30 per cent of the normal figures. The
industrial production index, based on 1938 =
100, fell to 62. in 1941, 58 in 1941 and 53 in 1943.
During the spring of 1944, the growing difficulties experienced in the distribution of commodities and the increasingly severe rationing
of motive power made it necessary to reduce still
further the number of working days. From
production reduced thus the occupying power
1
The report, available in French, contains in addition sections on
appointments and personnel, tables and explanatory notes showing the
operations of the Bank in detail, including earnings and dividends, and
a summary of an executive order of Dec. 5, 1944, governing the session
of the annual meeting (henceforth to be held in March), and the composition of the General Council of the Bank. For earlier repori
eports see
BULLETIN for June 1940, April 1939, etc.
55°
took for its own use huge percentages averaging
from 50 to 90 per cent.
The consequences are well known. Equipment has deteriorated, has been carried away by
the enemy or destroyed in the course of military
operations. Stocks have disappeared; this results very often in apparent profit, but actually
it indicates a loss of material assets and, for the
future, a serious increase in costs. The French
population, which industry can no longer provide with clothing, heat and sometimes even
with shelter, lives in a state of utter destitution.
Contrary to a too general opinion, agriculture
has suffered from occupation hardly less than
industry. The shortage of labor, fertilizer, and
seed, the large German requisitions of livestock
and horses and the deterioration of equipment
have resulted in an increasingly marked fall in
yields. Despite the untiring work of the farmers, crops have been constantly short since the
beginning of the war. Such has been the case
in 1944, the wheat crop being estimated at 64
million metric quintals against 93 million in
1938. Livestock, which has decreased in numbers, has been even more reduced in weight and
in quality owing to the lack of feedstuffs. The
same factor contributed to a dangerous reduction
in the milk supply.
Here also the occupying power imposed a
heavy tribute on the country: 643,000 horses
- were requisitioned; from our supply of wheat
and meat—to say nothing of many other products—the Germans took for their own use in
1942., 7.7 million metric quintals and z.2. million
metric quintals respectively, i.e., 12..75 and 34
per cent of consumption.
The growing scarcity of foodstuffs and the
difficulties experienced in distribution have,
from year to year, rendered the supply problem
more and more alarming. The drastic rationing
system imposed severe hardships on the French
population during the occupation, affecting its
health and its working capacity.
Under such conditions trade depended solely
upon French production and suffered directly
from its decrease. The small quantity of foodstuffs and goods available restricted increasingly
the actual importance of regular transactions,
though apparent figures were in some degree
swollen owing to the price increase. Furthermore, this shortage stimulated black market
transactions at disproportionately high prices.
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK OF FRANCE
The evolution of foreign trade was also affected by the disturbances to national economy
occasioned by the disasters of 1940 and by the
occupation. Imports showed a very material
decrease which became even worse in 1943,
when they amounted in value to only one-third,
and in weight to only one-tenth of 1938 figures.
Exports, to be sure, experienced a revival and
showed a steady increase in value until the beginning of 1944, but it is scarcely necessary to
say that this advance was of no benefit to our
economy; on the contrary, it reflected the systematic looting of French resources by the occupying power.
For the most part, exports during this period
consisted of deliveries of raw materials and
manufactures exacted by Germany. They involved a loss of real wealth for the country and
an additional burden for the Treasury, which
had to advance to French exporters the amounts
owing to them, in so far as exports were not
offset by the trifling amount of imported German
goods. At the time of liberation, the advances
of the French Treasury—the counterpart of
which is represented by reichsmark assets—
totalled 160 billion francs.
The Bank and public finance.—Government finance, as well as private economy, was
severely affected by four years of occupation.
France had to pay to the invader a tribute which
imposed an overwhelming burden on the State.
The payments which Germany exacted from
France as occupation costs had been fixed at 2.0
million reichsmarks a day, i.e., on the basis of
the arbitrary parity assigned to this currency,
400 million francs. After a reduction of onefourth in May 1941, this figure was, from November 11,1942., raised to Z5 million reichsmarks
or 500 million francs; furthermore, from this
date, France had to pay to Italy a monthly
advance of 1 billion francs, which was subsequently transferred to Germany. Moreover, the
French Government had to refund expenses of
billeting and quartering for German troops
which at the beginning averaged about 500 million francs monthly, but soon reached 1 billion.
Payments made under these various heads,
together with the advances corresponding to the
deficit of the Franco-German clearing, amounted
to 81 billion francs in 1940, 141 billion in 1941,
156 billion in 194X5 2.83 billion in 1943, and 193
billion for the period January-August 1944.
Thus, the financial costs directly resulting from
the occupation amount to 855 billion francs.
It must be stressed that the Treasury had to bear
the whole of this burden, since budgetary receipts—though constantly in excess of anticiJUNE
1945
pated yields—remained inadequate to cover
entirely actual French expenditures, both ordinary and extraordinary.
The financing of such huge payments through
normal credit operations would have been possible only if practically all the money put in
circulation in that way had returned ultimately
to the Treasury. But the monetary circuit
worked very imperfectly so long as the occupation continued. During this period, the French
Government was able to cover the expenses it
must meet only to the extent of 3Z per cent by
taxation and 40 per cent by borrowing;2 for the
balance it had to resort to the Bank of France.
After the rapid exhaustion of the special advances which, under an agreement dated August
15, 1940, the Bank had placed at the disposal of
the Government, up to an amount of 50 billion
francs to make possible the payment of occupation costs, several further agreements were
entered into authorizing successive increases in
in the limit.
The Bank has never ignored the dangers
involved in the growth of such advances; it
pointed out repeatedly and most emphatically
the seriousness of the situation. But its warnings and protests remained ineffectual at a time
when the enemy was master of the country.
The limit fixed for advances for occupation
costs was thus raised by degrees to 381 billion
francs by the end of 1943; on the eve of liberation
it stood at 416 billion and the credit opened was
exhausted. On the other hand, the advances
available for the current requirements of the
Treasury—for which the maximum was finally
raised to 100 billion francs by a new agreement
dated June 8, 1944—amounted, on August 31,
1944, to 74,550 million.
The expansion of the advances to the State
necessarily resulted in a corresponding increase
in the note issues. It is true that, if each year
is considered separately, there was no exact correspondence between these two movements.
The circulation increased sometimes more
slowly, sometimes more rapidly than the advances, following the rhythm of the German
drawings from their account. But if the period
which elapsed from the beginning of the war is
considered as a whole, the correlation is striking.
From the beginning of the war up to the day
after liberation, advances to the State have increased by 496 billion. During the same period,
the circulation advanced from 141 billion to 63 z
billion, i.e., it increased by 490 billion.
2
Of which 27 per cent by short-term and 13 per cent by long-term
loans.
551
ANNUAL REPORT OF THE BANK OF FRANCE
Banks and the money market.—The con- exceptional circumstances obliged the Bank to
siderable disbursements which the Treasury con- give to the Treasury has not caused our institutinued to make maintained an exceptional tion to forget its primary task of assisting the
abundance of means of payment in the country country's productive forces through a liberal
during recent years. Bank deposits, though and judicious credit distribution. But owing
increasing more slowly than the note currency, to the exhaustion of stocks and the overabunhave also largely expanded. For instance, for dance of funds, private enterprise has for several
the six large credit institutions deposits ex- years made only a very limited use of the Bank's
panded from 76 billion francs at the end of 1940 facilities.
to 138 billion at the end of 1943, and to 158 bilFrom 1941 to 1943, our discounts have exlion on October 31, 1944. They have accord- panded very little, much less than the price
ingly increased by 108 per cent.
increase which occurred during this period
The movement was still more accentuated in would have justified. It is true that occasionlocal and regional banks; in the seventeen most ally, when final payments on Government loan
important ones, the creditor accounts increased subscriptions were made, our portfolio amounted
by 137 per cent during the same period. In the for a time to relatively high figures, but its avpopular banks the percentage of increase in de- erage remained small: it fell from 5,2.19 million
posits amounted to X3o per cent and sometimes francs in 1941 to 4,653 million in 1942., and was
even to 400 per cent for certain local banks of no higher than 6,045 million in 1943.
secondary importance.
The resumption of hostilities on metropolitan
The savings banks* transactions have also territory has not given rise to the credit requireincreased rapidly. Since the critical days of ments which might have been expected and
June 1940, when they had to meet big with- which the Bank was prepared to meet. In fact,
drawals, new deposits were always larger than long before the landing in Normandy, the Bank
withdrawals; the monthly average excess ad- had made arrangements to supply funds, through
vanced from 569 million francs in 1941 to 4 discounts, to the industrial enterprises which
billion in 1944. On December 31, 1944, total would be isolated from the rest of France. But
deposits of the savings banks amounted to thanks to the rapidity with which the enemy
nearly 168 billion, against 69 billion at the end was driven out of the country and thanks also
of 1940.
to the confidence with which the French populaSuch a vast flow of funds necessarily reacted tion was anticipating liberation, these excepupon the money market, where rates remained tional facilities were but little used.
steadily at a very low level. The State took
Such are the consequences which the events of
advantage of such conditions to reduce progres- the years of occupation had on the Bank's activisively the rates on its short-term debt, as well ties.
as those on its long-term loans.
Problems of reconstruction.—We had at
The abundance of capital seeking investment last the joy of living the days so anxiously
also had an influence upon the course of the awaited, when the nation's long anguish was at
stock exchange. Stock prices advanced almost an end.
continuously up to the end of January 1943. At
But the country had suffered so much that it
that time a sudden reaction took place; then after had perhaps imagined deliverance in too rosy a
having fallen fairly steadily for six months, light. It believed that with the recovery of its
prices alternately rose and fell. The general liberties it would also regain all its productive
index of stock prices computed on the basis of powers. It is not the fault of the nation that the
the 1938 average rose to 651 on January xx, 1943, energy with which it struggled against the inand fell again to 5x9 at the end of that year. vader did not lead to a revival of its productive
On the eve of the liberation of Paris it was again activities.
at its previous maximum of 651.
Its soil was free up to the nearly regained
Taking advantage of the current public de- frontiers, but the land was filled with ruins.
mand for securities of variable yield, many com- Necessity had often forced the nation to damage
panies have increased their capital during the the instruments of its own economy, its transporpast few years, as the original capital was no tation, its factories, in order to weaken the
longer in proportion to the expansion of the enemy's resistance. The raw material supplies
other items of their balance sheet and to the size were exhausted. The available tonnage was
of the tasks they will have to assume when the not sufficient for the delivery of desperately
war is over.
needed supplies from overseas. The labor force
The importance of the help which highly had been scattered either by German demands or
552-
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK OF FRANCE
by the voluntary mobilization of the armed
forces of the interior.
The whole economic life was paralyzed. Is
it necessary to recall facts which are still present
to everyone's memory? Only four of our departments had entirely escaped devastation.
More than one and a half million buildings,
houses, factories or farms were damaged or destroyed. Enormous areas of cultivated land had
been devastated. Hundreds of thousands of
bombed-out people had been obliged to leave
their homes and places of employment. Communications were broken. Our railways, cut to
pieces by destruction of nearly ^,500 bridges,
tunnels, etc., could use only 18,000 kilometers
of broken lines out of more than 39,000, and
under very precarious conditions: only 3,000
engines instead of 16,000 were usable, and less
than 175,000 cars out of 450,000. Many railway
stations, 60 per cent of the principal freight yards
and of the great repair shops, and more than half
of the machine shops were demolished or seriously damaged. On the major part of the inland canals destruction of bridges and locks
rendered any traffic impossible. Two-thirds of
the barges and more than half of the steam tugs
were gone.
Road traffic could not make good the complete
deficiency of railway traffic, for want of the
necessary vehicles and fuel. Finally, all the
ports from which the enemy had been dislodged
were in a state of utter destruction, which rendered useless the liberty that we had regained
in control of our maritime communications.
The avenues of trade, even the oldest ones, those
which are most solidly based on geographical
conditions, were blocked and the national territory was in such a state of partition that the
consumer's subsistence had become as precarious
as the worker's employment. All branches of
industry were forced to slow down, then to stop
all activity: the sources of energy which determine the functioning of the whole economic
system, coal and electricity, were exhausted or
had become unobtainable.
Thus France was deprived simultaneously of
all the elements of recovery, whether they were
needed to feed the population, to replenish the
depleted markets or to support military action.
The hopes of a restoration of the national life
and of a resumption of the struggle which had
accompanied the liberation were in danger of
being completely wrecked.
Yet, it is even now possible to say that these
hopes have not been lost. Progress, it is true, is
slower than was anticipated by those who did
not fully realize the gravity of a situation withJUNE
1945
out precedent in our history. But all that has
been accomplished during the last six months
bears witness to the efforts of the nation determined to recover. There is a tendency to underrate these efforts. When more time has elapsed,
it will be possible to judge more equitably these
first months since liberation during which the
country, after having regained control of its
destiny, and in spite of so many obstacles, has
made the first movements toward recovery.
The most urgent task was the reorganization
of the transportation system: 1,800 bridges,
tunnels, etc., were repaired during a particularly
hard winter; the railway lines were gradually
reopened to traffic and their total length is
now only 3,000 kilometers less than that of the
lines in use in 1939. Simultaneously, the number of locomotives has been practically doubled
and several hundred units are added each month.
Soon only the engines seized by the Germans will
be lacking. It will take more time to rebuild
the stock of railway cars which, in spite of the
contribution of canal barges and motor trucks
will, for a long time to come, be inadequate to
meet the needs of normal commercial traffic.
Yet the latter, as the figures of freight shipments
show, is growing more active every day and
permits gradual restoration of some vital sectors
of the economic system.
Unfortunately, to this transportation crisis,
now subsiding, must be added the difficulties of
the fuel supply which is delaying recovery; the
deficiency of the production of our coal mines,
now much lower than before the war, has not
yet been made up by sufficient imports.
Yet, in spite of the extreme difficulty of their
task, employers, technical staff and workers are
preparing for the resumption of operations,
making plans for the repair of factories and
equipment, and for the manufacture of new
products; and wherever they have the facilities,
they are showing some initial results. Such
are the first positive evidences of efforts, scattered but determined, which stimulate the laborious reconstruction of the economic system.
These first achievements deserve particular
praise as they have been accomplished almost
solely with our own resources. Our allies who,
on the different fronts, were engaged in a war
demanding their full strength, could not give us
the economic assistance which they would have
otherwise provided. Furthermore, France was
anxious to help them with all her resources: her
ports, her roads, her railways, her factories,
have been placed at the disposal of the armies or
assigned to war production. France agreed to
give priority to war needs over the needs, how-
553
ANNUAL REPORT OF THE BANK OF FRANCE
ever urgent, of a people who, after five years of
suffering and hardship, expected some easing of
restrictions. The sacrifices which France took
upon herself for the benefit of the commonwealth
of nations in war will be more fully appreciated
in future.
Government finance since the liberation.
—In the midst of the inevitable confusion of our
economic system, the credit of the State has
been fully maintained. Its steadiness has shown
the faith of the country in its new destiny. In
spite of all material difficulties, ever increasing
amounts have been entrusted to the Treasury.
During the last four months of the year, the
surplus of subscriptions to Treasury bills has
exceeded 2.0 billion francs. Another and still
clearer proof of this faith in its future and in its
potentialities of recovery was given in November
by the nation which, as never before, has shown
its eagerness to answer the call of the State.
The Government, anxious to speed the financial and monetary adjustment, issued the 3 per
cent Liberation Loan made up of perpetual
rentes. Everywhere, even in the regions where
war damage was heaviest, the issue has been a
complete success. The subscriptions, totaling
165 billion francs, supplied the Treasury with
liquid funds representing a total of 1x7 billion,
of which 73 billion was paid in bank notes. The
issue has also made possible the funding of the
floating debt to the amount of 37 billion francs.
Following its tradition, the Bank loyally lent
its best efforts to the success of this great operation; it received at its offices or through specially
appointed agents subscriptions for a total
amount of 2.4,500 million francs.
Since June 1944, the old 3 per cent rentes had
regularly been quoted above par and the issue of
such a volume of new securities had no depressing effect on their price. Owing to the remarkable and continued steadiness of their quotations, the Government was able to make an offer
in January 1945 for voluntary conversion by
which 3 per cent redeemable rentes were substituted for former loans at a higher rate to a total
of more than 106 billion francs. This new and
very important operation was entirely successful.
It marks a significant stage of the cheap money
policy which was also extended to Treasury
bills, the rates on which have been again reduced.
The Bank has supported this policy by fixing its
discount rate at 1 ^ per cent, the lowest rate
hitherto applied in France.
Requests for the reimbursement of converted
securities have been very few. Consequently
they will not entail any considerable disbursements for the Treasury; the latter will thus re-
554
tain all the benefit of the monetary ease which it
secured by the issue of the Liberation Loan and
which is reflected by our balance sheet. Thus
the item "temporary advances" (Avances provisoires) which, at the time of liberation,
amounted to 74,000 million francs had fallen by
December 2.8 to 15,850 million. The Treasury
accordingly had at its disposal a large reserve of
borrowing power.
The diminution of the advances to the Treasury had the fortunate effect of reducing the
amount of notes in circulation, which was one
of the objectives of the loan. From the beginning of November to the end of December, the
amount of notes issued has fallen from 63 z billion francs to 572. billion.
The franc and the exchanges.—After being
separated by the occupation from its oversea
territories and from foreign countries the
mother country has, as rapidly as possible, resumed regular connections with them. Consequently an uninterrupted trade intercourse from
which we expect large benefits to our economic
life can be re-established and expanded.
In order to avoid any monetary disparity it
has been deemed advisable to introduce into
continental France the rates of exchange which
were already in force in the Empire. Accordingly, the sterling rate has been raised from
176.62.5 to zoo francs, and the dollar rate from
43.80 to 49.6Z5 francs. The rates of the other
foreign exchanges have been adjusted to these
new parities. A corresponding change has
been made in the official buying price of the kilogram of fine gold, which has been raised from
47,608 francs to 53,600 francs.
The Bank of France has been particularly glad
to be able to resume, at the earliest possible date,
direct contact with the banks of issue of allied
and friendly countries.
It desired to restore to the National Bank of
Belgium the equivalent of the gold deposit
which had been entrusted to it in 1940, and
which it had to surrender under duress. This
repayment is covered by an obligation of the
Government which appears in our balance sheet
under a special heading.
Monetary agreements.—In order to facilitate and to develop our commercial intercourse
with Belgium, we concluded on October 10 last,
a provisional monetary arrangement, which was
replaced on February Z3 by a broader agreement
which provides in particular for the opening of
reciprocal credits to the advantage of the two
banks of issue. An agreement along the same
lines has been concluded quite recently between
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK OF FRANCE
the Swiss Confederation and the French Government.
Negotiations preliminary to a financial and
monetary agreement with Great Britain have
just been brought to a happy conclusion. We
are glad to be able to re-establish active connections with the English market, which during
these long trials has once again shown the permanence of its strength.
France's postwar trade.—We hope that other
agreements will enable us to restore the interrupted business relations with foreign countries.
But during a long period, of which the end can
not be foreseen as yet, our foreign trade will still
depend on the necessities, the conditions and the
consequences of the war; that is to say, we shall
largely depend on foreign countries without
being able to supply them with equivalent
amounts of goods and services.
According to extensive programs drawn up by
the Government and carried out by our purchasing commissions, we are to receive from various
countries some products which are essential for
the restocking of our industries.
Not only have the United States of America
accorded to us, for war purposes, the amplest
facilities on the basis of Lend-Lease ana of
Mutual Aid, but they have granted us long-term
credits, which will facilitate the restoration
of our economic activity. The spirit which
prompted these arrangements is most generously
conceived and leads to the most effective pooling
of all resources of the nations jointly engaged
in war.
However, there is still a large part of our purchases from overseas which must be paid for in
cash. As a means of building up our available
resources in foreign exchange the Government
has decided to take a census of assets abroad
which could be mobilized to pay for our imports. For the same purpose the compulsory
deposit of certain classes of foreign securities and
the disclosure of the gold holdings have been
ordered. The nation has realized the importance
of these measures, as well as the supremacy of
the vital needs of its economy over private interests, however legitimate they seem to be.
Prospects for the reconstruction period.—
The picture that has been presented should not,
in spite of the extent of our losses and of our
boundless tasks, create the depressing impression
that the effort to be made is beyond our resources
and our powers. The reconstruction of a country where everything is weakened and shattered,
where nearly everything is lacking, will require
an incredible amount of courage and of selfdenial. It will be a work of patience and perJUNE
1945
sistence, and must be based on far-reaching
plans and an abiding faith.
When measuring our duties and our possibilities, we must not limit our view to immediate
obstacles, but look beyond. If we contemplate
a plan extending over several years, the difficulties appear successive and possible to overcome by dint of steady and progressive efforts.
During these successive stages—the duration of
which will have to be shortened by hard work—
it will be possible to rebuild houses and
factories, to supply the country with up-to-date
equipment, to restore and improve the means of
transportation, to increase production, and to
provide everyone with work, wages and profits,
which can not be assured in a weakened
economy. Indeed there can be no social
progress without prosperity. Thanks to the
increase of the national income, equilibrium in
public finance will be restored if the nation's
overhead charges are reduced to the limits of
taxation and if the burden of the public debt is
adjusted to the restored volume of savings.
Finally, it will be possible to improve progressively the monetary situation and to stabilize the
purchasing power of the franc as a means of
attaining economic progress, credit expansion
and social peace.
These prospects must strengthen our hopes.
Truly, France must rely heavily at first upon
the help of the Allied Nations; but above all she
will have to work as she has never worked
before. Indeed, everyone must realize that she
will have to depend chiefly on herself, on the
wisdom of her leaders, on the steady application
of her technicians and of her workmen, on the
foresight of her thrifty population, on the unity
and the patriotism of her people. All these
virtues, which recent events have again put to
the test, need only to be directed, disciplined and
encouraged by reminders of the object to be
attained, that is, the rebirth of the Fatherland.
In the fields of money and credit, the Bank,
faithful to its obligations towards the State and
its duty to the Nation, will endeavor to put
at the disposal of the country not only the
strength of its traditions, but also its desire to
find new solutions.
The experiences of the First World War and
of the subsequent years of disillusionment have
shown how pernicious easy methods can be.
We have seen that inflation is one of the worst
evils which a country can suffer, and that every
effort must be made to prevent it. But if uncontrolled issues, designed to facilitate an
unwise policy of unproductive expenses, must
be avoided by every possible means, it is also
555
ANNUAL REPORT OF THE BANK OF FRANCE
true that an expansion of credit may be beneficial
if it stimulates productive activity and if it is
accompanied by strict precautions as to its
influence on prices and exchange. In this
respect monetary technique has made progress,
and we shall take care to profit by its lessons.
In the years ahead the whole banking system
must participate in this distribution of credit.
The reform which will be necessary in order to
adjust it to this policy ought to make provision
for the permanent conditions of good management, whether as regards deposits, their use or
the sound rules of liquidity.
From this point of view it is the Bank's duty
to play, in accordance with the Government's
policy, a primary part as a promoting and controlling mechanism. By virtue of its functions
the bank of issue remains the principal wheel of
the credit mechanism. We are ready to assume
this function.
Moreover we have not forgotten the distress
which disturbances in exchange rates have
556
caused since 1914, both in France and in all
important countries. The monetary plans
which have been drawn up overseas and in
which our representatives have cooperated
effectively represent an effort, which we heartily
endorse, to insure that this time the war of
arms shall not be followed by a war of currencies.
It is generally recognized that equilibrium
of the exchanges is not merely a blessing, but a
necessity. However, in the present state of
the world, it can only be attained through joint
efforts of the Associated Nations, and not
through a chaotic series of separate attempts
like those which were too often tried during
the last 15 years. The increasingly close interdependance of the markets makes international
cooperation indispensable. In the technical
field the Bank of France intends to cooperate in
this great policy directed toward peace with no
reservations other than the faithful protection
of French interests.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.
Consumer Credit
Amendment to Regulation W
The Board of Governors of the Federal Reserve System, effective June n , 1945, issued
Amendment No. 16 to its Regulation W, relating
to Consumer Credit. The changes do not affect
the regulation as a whole but relate almost
exclusively to transactions for financing the
purchase of materials, articles, and services used
in repairs or improvements of residential
property.
The purpose of this amendment, notwithstanding the fact that it makes certain changes
of detail in down-payment and maturity requirements, is essentially administrative. It reflects
no change in the Board's consumer credit policy
or in the place of consumer credit regulation in
the Government's anti-inflation program.
Under the amendment no credit transaction in
the home-improvement field is any longer exempted from the regulation by reason of the way
in which it may be secured, the area in which it
may be located, or the type of job to which it
may relate. For all such credit transactions, if
they relate to residential property and are not
over $1,500, a length-of-contract requirement is
prescribed, but no down-payment requirement is
prescribed for any of them. The maximum
maturity may not hereafter exceed 18 months
except that for certain "fuel conservation
credits" extended during the next five months
the maximum maturity may be 2.4 months.
Heretofore some such transactions have been
altogether exempt, some have been subject to a
maturity limitation of iz months, and others
have been subject to both a down-payment requirement of one-third and a maturity limitation
of iz months.
The amendment also contains some technical
provisions which relate to so-called "summer
JUNE
1945
plans" for specified home-improvement items
and others which relate to the exemption for
"disaster credits."
The text of the amendment is as follows:
AMENDMENT N O . 16 TO REGULATION W
Regulation W is hereby amended in the following respects, effective June 11, 1945.
1. By changing section /\(F) to read as follows:
Qi) Maximum Maturity.—The maturity shall
not exceed the maximum maturity specified for
the listed article in section 13OO.
z. By changing section 6(V)(2-) t o r e a d a s
follows:
(z) The maturity shall not exceed the maximum maturity specified for the listed article in
section 13OO.
3. By striking out of section 8(V) entitled
"Real Estate Loans*' the words "which is
secured by a bona fide first lien on improved real
estate duly recorded or."
4. By striking out section 8(0 entitled "Defense Housing" and section S(m) entitled "Fuel
Conservation Credits" and by relettering the
remaining subsections of section 8 accordingly.
5. By amending section 8(A), relettered as section 8(g), so that it will read as follows:
(g) Disaster Credits.—Any extension of credit
made by the Disaster Loan Corporation; or any
extension of credit to finance the repair or replacement of real or personal property damaged
or lost as a result of a flood or other similar disaster which the Federal Reserve Bank of the
district in which the disaster occurs finds has
created an emergency affecting a substantial
number of the inhabitants of the stricken area,
provided such extension is made prior to the end
of the sixth calendar month following the month
in which the disaster is found to have occurred
and a statement describing the damage or loss is
preserved in the Registrant's files.
557
LAW DEPARTMENT
6. By adding to section 12 the following new
subsection (o):
(V) Summer Plans.—Notwithstanding sections 4(c) and 6(c) (2.), the payment schedule of
an instalment credit made for any of the purposes specified in section 13 (/) may reduce or
omit payments during the period from the extension of the credit to October 31,1945, if the other
payments are increased in such manner as to
meet all the other requirements of the regulation applicable to such credit.
7. By striking out the names of the articles
listed as Items x, 16, 22., 2.7, 38, and 39 in Group A
of section 13GO and inserting after each such
number the following parenthesis: "(JDeletedsee Group C)."
8. By changing Group C in section 1300 to
read as follows:
Group C—18 months' maximum maturity:
structures, or (3) the installation of storm doors,
storm windows, or weather stripping, may have
a maturity of not more than Z4 months if such
extension of credit is otherwise in conformity
with the requirements of this regulation.
Foreign Funds Control
Treasury Department Releases
The following releases relating to transactions
in foreign exchange, etc., in addition to those
heretofore published in the Federal Reserve BULLETIN, have been issued by the Office of the
Secretary of the Treasury under authority of the
Executive Order of April 10, 1940, as amended,
and the Regulations issued pursuant thereto:
Treasury Department
Foreign Funds Control
March 2.3, 1945
AMENDMENT TO SPECIAL REGULATION N O . I
1. Materials, articles and services (other than
articles, whether or not designed for
household use, which are of kinds elsewhere listed) in connection with repairs,
alterations, or improvements upon urban, suburban or rural real property in
connection with existing structures
(other than a structure, or a distinct part
thereof, which, as so repaired, altered
or improved, is designed exclusively for
non-residential use), provided the deferred balance does not exceed $i,5oo. 11
9. By adding to section 13 a new subsection
(/) to read as follows:
(/) Fuel Conservation Credits.—Notwithstanding the provisions of Group C of section
1300, any extension of instalment credit made
prior to November 1, 1945, to finance the purchase or installation of materials or articles
included in Group C that are to be used in (1) the
replacement of heating equipment that is worn
out, damaged beyond repair, or destroyed, (2)
the installation of loose-fill, blanket or batt-type
insulation, or insulating board, within existing
Special Regulation No. 1 is hereby amended in the following respects:
(1) Section 137.3, subdivision (b), shall read as follows:
(b) Reports are not required from (1) any citizen of
the United States in enemy or enemy-occupied territory,
provided that reports shall be filed by such persons
whenever they depart from such territory or, if they
have not so departed, whenever United States consular
services have been established in the territory within
which they are present, or (2.) any member of the armed
forces of the United States serving outside the continental United States, regardless of the amount or kind
of property otherwise reportable by any such person,
(x) Section 137.4, subdivision (b), shall read as follows:
(b) Reports by persons outside the United States who
are subject to the jurisdiction of the United States shall
be filed on or before December 1, 1943, with the United
States Consul of the District wherein such person is then
present, except that reports by persons who are in enemy
or enemy-occupied territory on December 1, 1943 shall
be filed on or before May 1, 1945, or within sixty days
after the date when United States consular services have
been established in the territory within which they are
present, whichever is later. Persons required to report
11
Effective June 11, 1945, the following articles were added to this
group: Air conditioning systems, furnaces and heating units for furnaces (including oil burners, gas conversion burners, and stokers),
lighting fixtures, plumbing and sanitary fixtures, water heaters, and
water pumps so installed, whether or not designed for household use.
* 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, 56 Stat. 1078; Ex. Order 8389,
April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order
8832, July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998,
Dec. 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940,
as amended June 14, 1941 and July 26, 1941.
558
Requiring Reports on Form TFR-joo by Persons Subject to the
Jurisdiction of the United States with Respect to Property in Any
Foreign Country*
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
hereunder who have returned to the United States before the date on which they are required to report should
file in the manner specified by subdivision (a) of this
Section.
required to report should file in the manner specified in
subdivision 9-A of this Section.
HERBERT E. GASTON,
Acting Secretary of the Treasury.
HERBERT E. GASTON,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
Treasury Department
March 30, 1945
Foreign Funds Control
AMENDMENT TO PUBLIC CIRCULAR N O . 2.5
March 2.3, 1945
AMENDMENT TO PUBLIC CIRCULAR N O . 2.2.
Under Executive Order No. 8389, as Amended, Executive Order
No. pi<)S, Sections 3 (V) and 5 (Jf) of the Trading with the
Enemy Act, as Amended by the First War Powers Act, 1941,
Relating to Foreign Funds Control*
Public Circular No. 2.2. is hereby amended in the following
respects:
(1) Section II-3-B shall read as follows:
B. Certain persotis exempted regardless of amount or kind
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Sections 3(0) and jQi) of the Trading with the Enemy
Act, as Amended by the First War Potvers Act, 1941, Relating
to Foreign Funds Control*
Public Circular No. 15 is hereby amended to read as
follows:
(1) Exemption from General Ruling No. 11 of certain communications with liberated Italy, Bulgaria and Rumania and certain
acts and transactions. There are hereby exempted from the
provisions of General Ruling No. 11:
(a) Any communication of a financial, commercial,
or business character with any person within any
part of the territory of Italy, Bulgaria or Rumania
controlled or occupied by the military, naval, or
police forces or other authority of any of the United
Nations:
(b) Any act or transaction involving any such communication;
(c) Any act or transaction for the benefit or on behalf
of any such person.
of property.—Report need not be made by any person
who is within any of the following categories on or
after May 31, 1943, and who remains therein until December 1, 1943, regardless of the amount or kind of
property otherwise reportable by such person: (1) citizens of the United States in enemy or enemy-occupied
territory, provided that reports shall be filed by such persons whenever they depart from such territory or, if they
have not so departed, whenever United States consular
(2.) Certain general licenses not applicable to Italy, Bulgaria
services have been established in the territory within
which they are present; (2.) members of the armed forces and Rumania. The provisions of General Licenses Nos. 32.
of the United States serving outside the continental and 33 shall not be deemed to authorize any remittances to
United States; (3) officers or employees of foreign gov- any person within the territory of Italy, Bulgaria or Rumania.
HERBERT E. GASTON,
ernments and members of the immediate families of such
Acting Secretary of the Treasury.
persons, provided they are not citizens of the United
States,
Treasur y Department
(z) Section II-9-B shall read as follows:
B. Persons outside the United States.—Reports
by per-
sons outside the United States who are subject to the
jurisdiction of the United States shall be filed on or
before December 1, 1943, with the United States Consul
of the district wherein such person is then present, except that reports by persons who are in enemy or enemyoccupied territory on December 1, 1943 shall be filed on
or before May 1, 1945, or within sixty days after the
date when United States consular services have been
established in the territory within which they are
present, whichever is later. Persons who have returned
to the United States before the date on which they are
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48
Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as
amended by Ex. Order 8785, June 14,1941, Ex. Order 8832, July 26,1941,
Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex.
Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June
14, 1941, and July 26, 1941; Special Regulation No. 1, June 1, 1943.
JUNE
1945
Foreign Funds Control
April 10, 1945
AMENDMENT TO GENERAL RULING NO. 11
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Sections 3(0) and $(])) of the Trading with the Enemy
Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control. \
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48
Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as
amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941;
Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended
June 14,1941, and July 26, 1941.
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; Regulations, April 10, 1940, as amended June 14,
1941, and July 26,1941.
559
LAW
DEPARTMENT
General Ruling No. n is hereby amended by deleting the
following from paragraph (4)(b)(ii) of such general ruling:
Luxembourg;
HERBERT E. GASTON,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
April 10, 1945
(2.) Trade transactions with France by blocked business enterprises in the United States authorised. Subject to all other terms
PUBLIC CIRCULAR NO. 2,7
and conditions of this general license, any national of a
blocked country doing business in the United States pursuant
to license is hereby authorized, while so licensed, to engage
in any transaction referred to in paragraph (1) hereof to the
same extent as such national is licensed to engage in trade
transactions with persons in the generally licensed trade area.
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Sections }(a) and $Qf) of the Trading with the Enemy
Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control *
Status
(ii) by the acquisition of French franc exchange from
a person in the United States having a license
specifically authorizing the sale of such exchange;
(b) Except as authorized by paragraphs (V) or (4) of this
general license, no payment shall be made from any
account in which any national of a blocked country
who is not within the generally licensed trade area
has any interest.
under the Order of Syria and Lebanon and
nationals
thereof. For the purpose of administering the Order and
complying with the provisions thereof:
(a) Syria and Lebanon shall not be deemed to be blocked
countries:
(b) Nationals of Syria and Lebanon shall not be deemed
to be nationals of a blocked country solely by reason
of the fact that Syria and Lebanon heretofore were
regarded as mandates of a blocked country.
HERBERT E. GASTON,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
April 14, 1945
( 4 ) Payments and withdrawals from certain balances in French
GENERAL LICENSE N O . 90
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Section $(]y) of the Trading with the Enemy Act, as
Amended by the First War Powers Act, 1941, Relating to
Foreign Funds Control.^
(1) Trade transactions
with France authorised.
A general
license is hereby granted authorizing all transactions ordinarily incident to the importing and exporting of goods,
wares and merchandise between the United States and France
or between any member of the generally licensed trade area
and France, provided
that:
(a) Payment for any goods, wares or merchandise exported
from France shall be made only
(i) by deposit of the dollar amount thereof with a
banking institution in the United States for credit
to a blocked account in the name of the consignor
or a banking institution in France; or
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48
Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as
amended by Ex. Order 8785, June 14,1941, Ex. Order 8832, July 26,1941,
Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex.
Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June
14, 1941, and July 26, 1941.
t Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55
Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785,
June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9,
1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942;
Regulations, April 10, 1940, as amended June 14,1941, and July 26,1941.
56O
( 3 ) Collection of certain other financial instruments for French
accounts authorized. This general license also authorizes the
collection and payment of the following financial instruments :
(a) Traveler's checks;
(b) Drafts of bills of exchange drawn under Traveler's
letters of credit issued by banking institutions in the
United States; and
(c) Checks, drafts, bills of exchange or warrants drawn
on the Secretary of State of the United States, the
Secretary of the Navy of the United States, or the
Treasurer of the United States;
provided that the proceeds are credited to a blocked account in
a domestic bank in the name of a banking institution in
France which has forwarded such instruments for collection.
blocked accounts authorised. This general license also authorizes payments in any amount:
(a) From any blocked account in a domestic bank in the
name of a banking institution in France to a person in
the United States:
(b) From any blocked account in a domestic bank in the
name of a banking institution in France to a person in
the generally licensed trade area, when such payments
are incident to the importing and exporting of goods,
wares and merchandise between France and the generally licensed trade area;
(c) From any blocked account in a domestic bank in the
name of a banking institution in France to any other
such account; and
(d) From any blocked account in the United States in the
name of a person in France to any account in the
United States in the name of, or in which the beneficial
interest is held by, the Bank of France or any agency
of the Government of France;
provided that such payments are made only from balances in
such accounts which have accrued on or since November 4,
1944 pursuant to (i) this general license, (ii) any license
authorizing remittances to France, or (iii) any license authorizing transfers from any account in the name of, or in
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
which the beneficial interest is held by, the Bank of France
Public Circular No. 4B, issued February 7, 1941, is hereby
or any agency of the Government of France.
revoked.
(5) Certain transactions not authorised. This general license
HERBERT E. GASTON,
shall not be deemed to authorize:
Acting Secretary of the Treasury.
(a) Any transaction which is by, on behalf of, or pursuant
Treasury Department
to the direction of (P any person whose name appears
on The Proclaimed L st of Certain Blocked Nationals,
Foreign Funds Control
or Qii) any blocked country or national thereof not
April 14, 1945
within France or the generally licensed trade area; or
(b) Any transaction which involves property in which (i)
AMENDMENT TO PUBLIC CIRCULAR 4C
any person whose name appears on The Proclaimed
Under
Executive
Order No. 8389, as Amended, Executive Order
List of Certain Blocked Nationals, or (ii) any blocked
No. 9193, Sections 3(0) and jQi) of the Trading with the Enemy
country or national thereof not within France or the
Act, as Amended by the First War Powers Act, 1941, Relating
generally licensed trade area has at any time on or
to Foreign Funds Control*
since the effective date of the Order had any interest.
(6) Definitions. As used in this general license:
Public Circular No. 4C is hereby amended in the following
(a) The term "France" shall include France and any
respects:
colony or other territory subject to the jurisdiction of
(1) Section II-A(i) is revoked.
France.
CO Section II-A(2.) shall read:
(b) The terms "generally licensed trade area" and "mem(2.) Nationals of foreign countries acquiring resiber" of the generally licensed trade area shall have
dence in the United States after February 2.3, 1942.,
the meaning prescribed in General License No. 53, as
who apply to be licensed as generally licensed naamended.
tionals under General License No. 41.
HERBERT E. GASTON,
(3) Section II-B(i) is revoked.
Acting Secretary of the Treasury.
(4) Section II-C shall read:
C. Amount of property.—Reports on Series L required
Treasury Department
under this Circular shall be made without any exemption whatever with respect to the amount of property
Foreign Funds Control
involved.
April 14, 1945
(5) Section II-D(6) is revoked.
(6) Section II-EC5) is revoked.
REVOCATION OF PUBLIC CIRCULAR N O . 4A
(7) Section II-G(i)( a ) is revoked.
Under Executive Order No. 8389, April 10, 1940, as Amended and
(8) Section IV-5(c)(i) is revoked.
Regulations Issued Pursuant
Thereto*
Public Circular No. 4A, issued January 16, 1942., is hereby
revoked.
HERBERT E. GASTON,
Acting Secretary of the Treasury.
HERBERT E. GASTON,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
May 15, 1945
Treasury Department
Foreign Funds Control
April 14, 1945
REVOCATION OF PUBLIC CIRCULAR NO. 4B
Under Executive Order No. 8389, April 10, 1940, as Amended and
Regulations Issued Pursuant Thereto.^
* Sec. 3(aj, 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48
Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as
amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941;
Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended
June 14, 1941, and July 26, 1941.
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; Regulations, April 10, 1940, as amended
June 14, 1941, and July 26, 1941.
JUNE
1945
GENERAL LICENSE NO. 91
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Section 5Q?) of the Trading with the Enemy Act,
as Amended by the First War Powers Act, 1941, Relating to
Foreign Funds Control. \
( 1 ) Trade transactions with Belgium authorised. A general
license is hereby granted authorizing all transactions ordi• Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48
Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as
amended by Ex. Order 8785, June 14,1941, Ex. Order 8832, July 26,1941,
Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex.
Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June
14,1941, and July 26, 1941.
t Part 131;—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54
Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by
Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order
8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193,
July 6, 1942; Regulations, April 10,1940, as amended June 14, 1941, and
July 26, 1941.
561
LAW
DEPARTMENT
narily incident to the importing and exporting of goods,
(d) From any blocked account in the United States in the
wares and merchandise between the United States and Belname of a person in Belgium to any account in the
gium or between any member of the generally licensed trade
United States in the name of, or in which the benefiarea and Belgium, provided that:
cial interest is held by, the Banque Nationale de
Belgique, the Banque du Congo Beige, or any agency
(a) Payment for any goods, wares or merchandise exof the Government of Belgium;
ported from Belgium shall be made only
(i) by deposit of the dollar amount thereof with a provided that such payments are made only from balances in
banking institution in the United States for such accounts which have accrued on or since February 2.,
credit to a blocked account in the name of the 1945 pursuant to (i) this general license, (ii) any license auconsignor or a banking institution in Belgium; or thorizing remittances to Belgium, or (iii) any license au(ii) by the acquisition of Belgian franc exchange from thorizing transfers from any account in the name of, or in
a person in the United States having a license spe- which the beneficial interest is held by, the Banque Nationale
cifically authorizing the sale of such exchange; de Belgique, the Banque du C6ngo Beige, or any agency of
(b) Except as authorized by paragraphs (Y) or (4) of this the Government of Belgium.
general license, no payment shall be made from any
(5) Certain transactions not authorised. This general license
account in which any national of a blocked country shall not be deemed to authorize:
who is not within the generally licensed trade area has
(a) Any transaction which is by, on behalf of, or pursuant
any interest.
to the direction of (i) any person whose name appears
(2.) Trade transactions with Belgium by blocked business enteron The Proclaimed List of Certain Blocked Nationals,
pises in the United States authorised. Subject to all other
or (ii) any blocked country or national thereof not
terms and conditions of this general license, any national of
within Belgium or the generally licensed trade area; or
a blocked country doing business in the United States pur(b) Any transaction which involves property in which
suant to license is hereby authorized, while so licensed, to
(i) any person whose name appears on The Proclaimed
engage in any transaction referred to in paragraph (1) hereof
List of Certain Blocked Nationals, or (n) any blocked
to the same extent as such national is licensed to engage in
country or national thereof not within Belgium or the
trade transactions with persons in the generally licensed
generally licensed trade area has at any time on or
trade area.
since the effective date of the Order had any interest.
( 3 ) Collection of certain other financial instruments for Belgian
(6) Definitions. As used in this general license:
accounts authorised. This general license also authorizes the
(a) The term "Belgium" shall include Belgium and any
collection and payment of the following financial incolony or other territory subject to the jurisdiction of
struments :
Belgium.
(a) Traveler's checks;
(b) The terms "generally licensed trade area" and "mem(b) Drafts or bills of exchange drawn under traveler's
ber" of the generally licensed trade area shall have
letters of credit issued by banking institutions in the
the meaning prescribed in General License No. 53, as
United States; and
amended.
(c) Checks, drafts, bills of exchange or warrants drawn
HERBERT E. GASTON,
on the Secretary of the State of the United States, the
Acting Secretary of the Treasury.
Secretary of the Navy of the United States, or the
Treasury Department
Treasurer of the United States;
provided that the proceeds are credited to a blocked account in
Foreign Funds Control
a domestic bank in the name of a banking institution in BelMay 15, 1945
gium which has forwarded such instruments for collection.
(4) Payments and withdrawals from certain balances in Belgian
GENERAL RULING N O . I I A
blocked accounts authorized. This general license also author- Under Executive Order No. 8389, as Amended, Executive Order No.
izes payments in any amount:
9193, Sections 3(^1) and j(Ji) of the Trading with the Enemy
(a) From any blocked account in a domestic bank in the
Act, as Amended by the First War Powers Act, 1941, Kelating
name of a banking institution in Belgium to a person
to Foreign Funds Control.*
in the United States;
Regulations
Limiting Withdrawals from Certain Blocked
(b) From any blocked account in a domestic bank in the
German and Japanese Accounts
name of a banking institution in Belgium to a person
in the generally licensed trade area, when such pay(1) Withdrawals from blocked German and Japanese accounts
ments are incident to the importing and exporting of
not authorised in certain cases. No license or other authorizagoods, wares and merchandise between Belgium and
the generally licensed trade area;
* 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
(c) From any blocked account in a domestic bank in the amended
by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
name of a banking institution in Belgium to any other 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941;
Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended
such account; and
June 14, 1941, and July 26, 1941.
562.
FEDERAL RESERVE BULLETIN
LAW
DEPARTMENT
tion now outstanding or hereafter issued, unless expressly
referring to this general ruling, shall be deemed to authorize
any payment, transfer, or withdrawal from any blocked
account if the person with whom the account is maintained
has reasonable cause to believe that any of the following has
an interest in the account:
(a) The Government of Germany or Japan, and any agent,
instrumentality, or representative of either Government;
(b) Any individual who is a citizen or subject of Germany
or Japan and who at any time on or since December 7,
1941 has been within the territory of either country or
within any other territory while it was designated as
"enemy territory" under General Ruling No. 11;
(c) Any partnership, association, corporation or other
organization which is organized under the laws of,
or which at any time on or since December 7,1941 has
had its principal place of business in, any territory of
Germany or Japan;
(d) Any partnership, association, corporation, or other
organization, situated within any foreign country,
which is a national of Germany or Japan by reason of
the interest therein of any government or person specified in this paragraph.
(2.) Continued applicability
of certain general licenses.
following general licenses shall continue applicable, notwithstanding the provisions of paragraph (1) of this general
ruling:
(a) General License No. 1;
(b) General License No. iA;
(c) General License No. 2. only with respect to payment
or reimbursement for normal service charges (as
therein defined) other than interest due;
(d) General License No. 4;
(e) General License No. 5;
(f) General License No. Z5;
(g) General License No. 2.6;
(h) General License No. 2.7;
(i) General License No. 19;
(j) General License No. 30;
(k) General License No. 30A;
(1) General License No. 31;
(m) General License No. 42..
( 3 ) Continued applicability
of certain specific licenses.
Any
specific license conferring generally licensed national status
on any person or authorizing the sale, purchase, or exchange
of any securities shall continue applicable, notwithstanding
the provisions of paragraph (1) of this general ruling.
The
HERBERT E. GASTON,
Acting Sectetary of the Treasury*
Passage of Reserve Ratio Bill
By Act of Congress, approved June iz, 1945, the reserve requirements of Federal Reserve Banks
were reduced to a uniform minimum of 2.5 per cent in gold certificates against Federal Reserve
notes in circulation and deposit liabilities, the authority for the use of direct obligations of the
United States as collateral security for Federal Reserve notes was extended indefinitely, the
authority to issue Federal Reserve Bank notes was terminated, and the authority to issue United
States notes under the Thomas Amendment of May 12., 1943, was terminated. The text of this
enactment, known as Public Law 84-79^ Congress, will appear in next month's edition of the
BULLETIN.
JUNE
1945
563
ABSORPTION OF EXCHANGE CHARGES
There is quoted below a statement addressed to all
member banks of the Federal Reserve System by the
Board of Governors under date of June 22, 194s, with
respect to the absorption of exchange charges. This
letter has been transmitted by the Comptroller of the
Currency to national banks with a covering letter under
date of June 25, 194s, and by each Federal Reserve
Bank to State member banks in its district with a
similar covering letter under date of June 25, 1945.
To All Member Banks of the Federal Reserve
System:
Subject: Absorption of Exchange Charges
The Board of Governors of the Federal Reserve
System wishes to invite your attention to the
provision of the Federal Reserve Act prohibiting
member banks of the Federal Reserve System
from paying interest on demand deposits "directly or indirectly, by any device whatsoever.
This provision authorizes the Board to determine what shall be deemed to be a payment of
interest and to prescribe such rules and regulations as it may deem necessary to effectuate the
purposes of this provision and prevent evasions.
The Board's Regulation " Q " provides that
"within this regulation, any payment to or for
the account of any depositor as compensation for
the use of funds constituting a deposit shall be
considered interest."
In developing a program for the enforcement
of this provision of the law with respect to cases
involving the absorption of exchange charges, it
has been pointed out that the discontinuance of
the practice of absorbing such charges in order
to conform to the law involves the question
whether and to what extent trivial items may be
disregarded and also the fixing of a period of time
within which the banks concerned may adjust
564
their practices and, if desirable, advise customers
affected.
It will be expected that no member bank in
any case will utilize the absorption of exchange
charges as a device for compensating a depositor
for the use of funds in order to obtain or retain
demand deposits, but the absorption of such
charges in amounts aggregating not more than
$1.00 for any one depositor in any calendar
month or in any other regularly established
period of 30 days will be considered as trivial
and will be disregarded, provided the bank keeps
such records as the appropriate supervisory
authority may require for reconcilement purposes. It should be clearly understood, however, that if it is ascertained that any member
bank has engaged in the practice of absorbing
exchange charges in amounts aggregating more
than $2_.oo for any one depositor in any calendar
month or in any other regularly established
period of 30 days, it will be presumed that the
law has been violated.
The Board has also decided that adequate time
for such adjustments as may be necessary or desirable in order to conform to this decision will
be afforded by fixing August 1, 1945 as the date
on and after which all member banks will be
expected to comply with this provision of the
law. The Comptroller of the Currency and the
Board of Governors are in agreement that if
after that date it is ascertained that any member
bank, national or State, is absorbing exchange
charges in violation of the law as explained
herein, the measures of enforcement provided by
law will be invoked.
This letter is being sent to each member bank
of the Federal Reserve System.
Very truly yours,
CHESTER MORRILL,
Secretary.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled May 2$, and released for publication May 26. Figures shown on
charts may differ from preliminary figures used in text.
the first quarter of this year, showed little
change in April. Output of stone, clay, and
glass products was maintained at thefirstquarter
level, while lumber production continued to
decline.
INDUSTRIAL PRODUCTION
Production of textiles and manufactured food
products
declined slightly in April and was at
Industrial production, which had advanced
the
level
of a year ago. Cotton consumption
earlier this year, declined in April to the same
showed
a
decrease
of 5 per cent from March but
general level that prevailed during the last half
rayon
shipments
rose
further to a record level.
of 1944. The Board's seasonally adjusted index
Activity
at
meatpacking
establishments, which
was 2.31 per cent of the 1935-39 average as comhad
shown
little
change
during
the first quarter
pared with Z35 in the first quarter.
after
allowing
for
seasonal
fluctuations,
declined
Activity in the machinery and transportation
10
per
cent
in
April.
Output
of
rubber
products
equipment industries declined about 3 per cent
in April, reflecting curtailed munitions produc- decreased as the shortage of carbon black contion; the largest part of the decrease was ac- tinued to limit production despite measures to
counted for by a further reduction in operations stretch available supplies. Production of most
at shipyards. As a result of the decline in ship- other nondurable goods showed little change.
Bituminous coal production recovered in the
building during the last i i months, activity in
latter
part of April from a substantial decline
the transportation equipment industries in April
earlier
in the month due to work interruptions
was 10 per cent below a year ago.
accompanying
contract negotiations. Output
Steel production was maintained at the March
for
the
month
was 8 per cent below that of
level as a decline in output at open hearth furMarch
and
in
the
first two weeks of May connaces was offset by a further rise in steel produced
tinued
at
this
lower
rate. Anthracite production
in electric furnaces. Production of nonferrous
metals, which had increased somewhat during
Output and employment at factories declined
somewhat in April. Department store sales
showed a marked decline and wholesale commodity prices continued to advance slightly.
INCOME PAYMENTS T O INDIVIDUALS
INDUSTRIAL
PRODUCTION
\i
260
240
I
)
220
A
140
120
100
J
7
140
POINTS IN TOTAL
•
-
V
MACHINERY ft
TRANSPORTATION
EQUIPMENT
-
\
OTAL
f
BILLIONS OF DOLLARS
ANNUAL RATES, SEASONALLY ADJUSTED
BILLIONS OF DOLLARS
IICAL VOLUME SEASONALLY ADJUSTED, 1935-39=100 FOR TOTAL
T OTAL
-
I
NON
MANl FAGTURES
-
i--
j
OTHE
0 URAB
u
-
/
i
r
120
A "
/
1
100
SALAR ES /
A ND W GES/
I
/
/
/
• OTHER
PAYM ENTS
-
V
MINERAL
r
80
Federal Reserve indexes. Groups are expressed in terms of points in
the total index. Monthly figures, latest shown are for April.
JUNE 1945
1940 "
1942
1944
1940
1942
1944
Based on Department of Commerce estimates. Wages and salaries
include military pay. Monthly figures raised to annual rates, latest
shown are for March.
565
NATIONAL SUMMARY OF BUSINESS CONDITIONS
in April was 14 per cent higher than in the preceding month but declined sharply in May prior
to agreement on a new wage contract on May 19.
Output of crude petroleum has been maintained
at record levels and iron ore production has
shown an exceptionally large increase this spring
due to early opening of the navigation season on
the Great Lakes*
DISTRIBUTION
Department store sales declined sharply in
April and the Board's seasonally adjusted index
was 181 per cent of the 1935-39 average as compared with an average of i n in the first quarter
and with 171 in April. 1944. Sales in the first
half of May were only slightly larger than in the
corresponding period a year ago. Owing to unseasonably warm weather and expectations of
shortages, much spring shopping, which would
usually be done in April and May, occurred this
year in February and March. In mid-April
many stores were closed immediately following
the death of President Roosevelt. Also, in
particular cities part of the recent decrease in
sales appears to have been associated with actual
or anticipated income declines resulting from
cutbacks in war production.
Freight carloadings of most manufactured
products were maintained at a high level in
April and the early part of May and were above
the same period a year ago. Shipments of coal
COST OF LIVING
1935-39-100
1937
1938
1939
1940
1941
1942
1943
1944 1945
Bureau of Labor Statistics' indexes. Last month in each calendar
quarter through September 1940, monthly thereafter. Midmonth figures, latest shown are for April.
566
and lumber, however, were in smaller volume,
reflecting reductions in output of these commodities.
COMMODITY PRICES
Wholesale prices of farm products advanced in
April and then showed little change in the first
3 weeks of May. Maximum prices for coal,
steel products, and various other industrial
commodities have been raised somewhat in
recent weeks.
Retail price changes for foods and other commodities apparently have continued to be small
in April and the early part of May.
BANK CREDIT
During the four weeks ended May 16 total deposit and currency holdings of businesses and
individuals increased by nearly 3 billion dollars.
Increases of about 300 million in currency and of
over 400 million in reserves required to be held
against expanding deposits at member banks
resulted in an increased demand for reserve funds
by member banks. This demand was supplied
largely by an increase of about 500 millions of
dollars in Reserve Bank holdings of Government
securities, mostly bills and certificates, and in
part by a temporary decline in Treasury deposits
at the Reserve Banks. Excess reserves rose
slightly to around a billion dollars.
In the 5 months between war loan drives,
December 10 to May 16, reporting banks in 101
cities reduced their holdings of short-term Government securities by around z.3 billion dollars
in order to maintain adequate reserve balances.
But during the same period bond holdings of
these banks were increased by 1.6 billion dollars.
Loans to brokers and dealers for purchasing or
carrying Government securities, which had declined in early April to a level comparable with
that reached before the Sixth War Loan Drive,
rose substantially during the three weeks immediately preceding the Seventh War Loan Drive.
Commercial loans declined during the interdrive
period, reaching a level about 500 million dollars
lower than that prevailing just before the Sixth
War Loan Drive.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
Member bank reserves, Reserve Bank credit, and related items
569
Federal Reserve Bank discount rates; rates on industrial loans;
guarantee fees and rates under Regulation V; rates on time
deposits; reserve requirements; margin requirements . .
570-571
Federal Reserve Bank statistics
572.-574
Guaranteed war production loans
575
Deposits and reserves of member banks
575~57^
Money in circulation
577-578
Gold stock; bank debits and deposit turnover
578
Deposits and currency; Postal Savings System; bank suspensions . .
579
All banks in the United States, by classes
580-581
All insured commercial banks in the United States, by classes
582.-583
Weekly reporting member banks
584-587
Commercial paper, bankers' acceptances, and brokers' balances ..
588
Money rates and bond yields
589
Security prices and new issues
. 590-591
Corporate earnings and dividends
...
592.
Treasury
finance
. . . 593-595
Government corporations and credit agencies
...
596
Business indexes
597~6©6
Department store statistics
. 607-609
Consumer credit statistics
610-611
Wholesale prices
612.
Current statistics for Federal Reserve chart book
613-614
Changes in number of banking offices in the United States
615
Banks and branches—Number in operation on Dec. 30, 1944
616-617
All member banks—Assets and liabilities on Mar. 2.0, 1945 by class
of bank
618
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the
Board; index numbers of production are compiled by the Board on the basis of material collected by other
agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government
credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned;
data on money and security markets and commodity prices and other 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.
JUNE
1945
567
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
30
30
15
15
JO
10
1933
1939
1940
1941
1942
1943
1944
1945
Wednesday figures, latest shown are for May 23. See p. 569.
5 68
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars!
Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
advances
Date
Total
'reasury
bills
and
ertificates
All
other
Gold
stock
All
other 1
Total
Treasury
currency
outstanding
Money
in circulation
TreasTreas- ury deposits
ury
with
cash
Federal
holdReings
serve
Banks
Nonmember deposits
Member
bank reserve
balances
Other
Federal
Reserve
accounts
Total
Excess 2
Monthly averages of
daily figures:
1944—Feb
Mar.
Apr.
1945—Feb..
Mar
Apr.
35
63
75
233
245
360
11,479
12*099
12,711
19,152
19,509
20^115
8 880
9^512
0,102
6,440
7,313
7,985
2 599
2^587
2,609
2,712
2,196
2,129
441
449
450
494
500
459
11,954
12*611
13 235
19J879
20,253
20,934
21,803
21,641
21,490
20,519
20,448
20,400
4 092
4! 090
4,093
4! 125
4,120
4)l20
20, 635
20,' 964
21, 312
25, 527
25, s^n
26,'nno
2,332
2,'335
2 330
2^377
2,357
2^367
335
393
324
536
269
504
1 858
1*873
1 922
l,f633
1 495
1516
340
346
356
410
423
437
12,349
12,431
12,574
14,040
14,429
14,621
End of month figures:
1944—Feb. 29
Mar. 31
Apr. 29
1945—Feb. 28
Mar. 31
Apr. 30
34
63
118
321
245
489
11,632
12,115
13,220
19,439
19,669
20,455
9,050
9,503
10,614
16,748
17,490
18,344
2,582
2,613
2,606
2,692
2,180
2,111
426
392
462
398
396
362
12,092
12,571
13,800
20,158
20,311
21,307
21,712
21,600
21,429
20,506
20,419
20,374
4,091
4,091
4,092
4,122
4,119
4,130
20, 824
21, 115
21, 552
25, 751
25, 899
26, 189
2,356
2,319
2,323
2,355
2,346
2,371
194
603
400
460
647
446
1,878
1,985
2,007
1,581
1,361
1,549
333
350
356
410
429
437
12,311
11,889
12,684
14,228
14,166
14,818
1,055
548
865
965
796
918
22
45
39
37
14,738
14,816
14,556
14^802
12,091
12,174
12 037
12',309
2,647
2,642
2 519
2^493
325
374
403
285
15,085
15,236
14,999
15^124
21,133
21,114
21,047
20^996
4,107
4,107
4,109
4J11
22, 598
22, 561
22, 531
22', 584
2,296
2,303
2,348
2',313
219
517
360
403
1,861
1,863
1,798
l',773
364
364
364
365
12,987
12,849
12 754
12^793
1,355
1,304
1 079
1^041
Wednesday figures:
1944—July 5
July 12
July 19
July 26
r
l,150
^978
886
952
1 010
931
Aug.
Aug.
Aug.
Aug.
Aug.
2
9
16
23
30
36
62
53
107
85
14,891
15^222
15,231
15,592
15,852
12,429
12!781
12,828
13,226
13,502
2,462
2*441
2,404
2,366
2,350
321
319
397
300
230
15,249
15^604
15,682
15,999
16,167
20,996
20^996
20,998
20,947
20,946
4 112
4^108
4,109
4,112
4,114
22, 734
22] 910
23,020
23, 047
23, 221
2,339
2^340
2,345
2,404
2,407
261
487
317
549
318
1 771
1^790
1,804
1,766
1,779
368
371
368
370
370
12 884
12^810
12,935
12,922
13,132
1 027
'927
954
822
884
Sept.
Sept.
Sept.
Sept
6
13
20
27
105
116
172
88
16,030
16,407
16,540
16,501
13.688
14,065
14,220
14,190
2,342
2,342
2,320
2,311
374
392
524
353
16,509
16,916
17,237
16,943
20,906
20,885
20,885
20,825
4,114
4,112
4,114
4,114
23, 432
23, 495
23, 558
23, 658
2,380
2,384
2,390
2,373
354
370
699
483
1,768
1,765
1,758
1,627
373
373
385
386
13,221
13,526
13,445
13,355
835
964
864
861
Oct. 4
Oct. 1 1 . . . .
Oct. 18
Oct. 25
33
148
185
322
16,660
17,016
17,087
17,261
14,350
14,699
14,768
14,922
2,311
2,317
2,319
2,339
406
339
523
316
17,099
17,503
17,795
17,899
20,824
20,725
20,728
20,727
4,113
4,113
4,114
4,115
23, 881
24, 099
24, 157
24, 216
2,372
2,366
2,362
2,359
347
211
315
229
1,612
1,568
1,598
1,606
391
390
390
391
13,433
13,708
13,814
13,940
888
989
895
861
1....
8....
15....
22....
29 . . . .
359
401
357
473
593
17,605
17,957
17,941
18,411
18,553
15,259
15,605
15,586
16,054
16,196
2,346
2,352
2,355
2,357
2,357
301
296
509
457
374
18,265
18,655
18,807
19,341
19,520
20,727
20,726
20,694
20,693
20,688
4,115
4,115
4,114
4,117
4,120
24, 409
24, 674
24, 717
24, 881
24, 997
2,372
2,313
2,338
2,339
2,334
216
314
119
251
292
1,633
1,640
1,488
1,567
1,549
393
395
395
395
395
14,083
14,159
14,557
14,719
14,761
894
869
1,055
998
1,151
Dec. 6 . . . .
Dec. 1 3 . . . .
Dec. 20
Dec. 27
383
176
218
153
18,311
18,577
19,009
19,064
15,522
15,783
16,208
16,253
2,789
2,794
2,801
2,812
435
558
886
604
19,130
19,311
20,113
19,821
20,668
20,667
20,646
20,639
4,122
4,123
4,127
4,131
25, 107
25, 163
25, 280
25 335
2,337
2,348
2,369
2,377
258
503
1,250
901
1,636
1,597
1,621
1,601
397
397
408
409
14,184
14,092
13,958
13,969
1,260
1,184
1,155
1,260
3
10
17
24
31
30
130
129
141
176
18,734
18,907
18,651
18,620
19,006
15,927
16,120
15,880
15,880
16,272
2,808
2,787
2,771
2,739
2,734
706
449
529
459
370
19,470
19,486
19,310
19,220
19,552
20,619
20,593
20,572
20,571
20,550
4,130
4,130
4,129
4,129
4,127
25
25
25
25
25
326
257
209
175
290
2,368
2,372
2,370
2,380
2,371
592
528
334
479
648
1,609
1,590
1,538
1,397
1,634
402
405
404
404
402
13,921
14,057
14,156
14,085
13,884
1,158
1,197
1,161
1,049
869
Feb. 7
Feb. 14
Feb. 21
Feb. 28
200
230
294
321
19,062
19,181
19,231
19,439
16,340
16,465
16,534
16,748
2,722
2,716
2,698
2,692
442
506
478
398
19,703
19,918
20,003
20,158
20,548
20,507
20,506
20,506
4,126
4,124
4,124
4,122
25
25
25
25
411
533
652
751
2,372
2,389
2,384
2,355
593
547
517
460
1,643
1,649
1,672
1,581
409
409
410
410
13,950
14,022
13,999
14,228
922
975
851
965
7
14
21
28
304
255
192
218
19,350
19,576
19,493
19,516
17,152
17,378
17,294
17,326
2,198
2,198
2,198
2,190
495
465
488
341
20,150
20,296
20,173
20,074
20,454
20,453
20,451
20,419
4,121
4,120
4,120
4,118
25
25
25
25
864
881
836
834
2,365
2,364
2,360
2,356
288
263
96
310
1,586
1,485
1,447
1,377
415
417
427
429
14,208
14,459
14,579
14,305
899
1,013
1,067
852
Apr. 4
Apr. 11
Aor. 18
Apr. 25
220
323
341
508
19,580
20,091
20,153
20,444
17,414
17,975
18,037
18,331
2,167
2,116
2,116
2,113
455
349
478
358
20,255
20,763
20,973
21,310
20,418
20,417
20,396
20,374
4,117
4,118
4,117
4,120
25 865
25 939
26 ,068
26 ,074
2,379
2,364
2,374
2,371
335
409
430
651
1,420
1,553
1,594
1,563
438
439
437
437
14,353
14,593
14,582
14,708
934
946
806
835
May 2
May 9....
May 16....
May 23....
569
552
487
724
20,479
20,720
20,668
20,929
18,374
18,617
18,555
18,809
2,104
2,103
2,113
2,120
358
318
432
327
21,406
21,589
21,587
21,980
20,374
20,352
20,351
20,271
4,130
4,132
4,137
4,142
26 ,204
26 ,312
26 ,372
26 ,399
2,382
2,384
2,376
2,319
423
447
102
526
1,571
1,463
1,541
1,592
438
439
438
440
14,892
15,029
15,246
15,117
927
961
^1,053
P879
Nov.
Nov.
Nov.
Nov.
Nov.
1945—Jan.
Jan.
Jan.
Jan.
Jan.
Mar.
Mar.
Mar
Mar
r
Revised.
Preliminary.
Includes industrial loans shown separately in subsequent tables.
2
End of month and Wednesday figures are estimates. The estimates originally published have been revised on the basis of reports of deposits submitted by member banks for reserve computation purposes; figures heretofore published were unrevised preliminary estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
v
1
JUNE 1945
569
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect May 31. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations maturing or
callable in one year
or less (Sec. 13)
Federal Reserve Bank
Effective
Rate
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..,
Kansas City..
Dallas
San Francisco
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)
Advances secured by
Government obligations
maturing or callable
beyond one year and Other secured advances
[Sec. 10(b)]
discounts of and
advances secured by
eligible paper 1
(Sees. 13 and 13a)
Rate
27, 1942
30, 1942
17, 1942
27, 1942
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Mar.
Feb.
Mar.
Mar.
Apr.
Mar.
Apr.
Rate
Rate
Effective
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
21, 1942
28, 1942
14, 1942
28, 1942
11, 1942
21, 1942
4, 1942
To others
To nonmember banks
27, 1942
30, 1942
17, 1942
12, 1942
28, 1942
15, 1942
29, 1942
14, 1942"
30, 1942
27, 1942
17, 1942
28, 1942
1
1
1
1
1
1
1
1
1
1
1
1
Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Sept.
Sept.
Sept.
Mar.
Sept.
Sept.
Apr.
1,
25,
21,
11,
14,
16,
1,
16,
28,
16,
16,
4,
Rate
Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
1939
1939
1942
1942
1942
1939
1939
1939
1942
1939
1939
1942
27, 1942
30, 1942
17, 1942
27, 1942
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the UnitedStates, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act
(except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively);
and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last
paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum]
Maturity
Treasury bills 1
Bankers' acceptances: 2
1- 90 days
91-120 days
121-180 days
Rate on
May 31
In effect beginning-
H
Apr. 30, 1942
\
Oct. 20, 1933
Oct. 20,1933
Oct. 20,1933
Previous
rate
NAVY DEPARTMENT, AND MARITIME COMMISSION UNDER EXECUTIVE ORDER NO. 9112
AND CONTRACT SETTLEMENT ACT
OF 1944
[Rates in effect May 31]
On discounts or
purchases
Federal Reserve
Bank
On
loans2
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
2H-5
23^-5
2H-5
2M-5
2)4-5
2)1-5
234-5
2^-5
234-5
2^-5
2)4-5
2)4-5
On
.
On comcommit- forPortion
mitments
which
Rements
institu- maining
tion is
portion
obligated
H-l
YrVA
H-VA
V2-1X
M
K-iK
Vr-VA
Yz-VA
Yr-VA
x
F E E S PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS
Guarantee fee
(In terms of percentage of amount
of interest payable
by borrower) 1
10
15
20
30
50
MAXIMUM RATES THAT MAY B E CHARGED BORROWERS BY
FINANCING INSTITUTIONS
[Per cent per annum]
1
2
21
A
Guarantee fee is charged only on guaranteed portion of loan.
Based on average daily unused balance of the maximum principal
amount of the loan. The financing institution may, in the alternative,
charge a flat fee of not to exceed $50, without regard to the amount or
maturity of the commitment.
57°
8
38
f
IT
ii
)4-l
m
MrlK
MrlK
*y
vA
6 r
H-iM
^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.
MAXIMUM RATES O N 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. 1,1933Jan.31,1935
Maximum rate of interest....
Maximum commitment r a t e . .
To financing institutions
1
IK
GUARANTEE FEES AND MAXIMUM INTEREST AND COMMITMENT RATES CHARGEABLE UNDER REGULATION
V ON LOANS GUARANTEED BY WAR DEPARTMENT,
80 or less
85
90
95
Over 95
To industrial or
commercial
businesses
1
1 Established rate at which Federal Reserve Banks stand ready to buy
all Treasury bills offered. Effective Aug. 3, 1942, purchases of such bills,
if desired by the seller, were made on condition that the Reserve Bank,
upon request before maturity, would sell back bills of like amount and
maturity at the same rate of discount. Since May 15, 1943, all purchases
have
been made subject to repurchase option.
2
Minimum buying rates on prime bankers' acceptances.
Back figures—See Banking and Monetary Statistics, Table 117, pp. 443-445.
Percentage of loan guaranteed
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION
13b
OF THE FEDERAL RESERVE ACT 1
Maturities not exceeding five years
[In effect May 31. Per cent per annum]
Savings deposits.
Postal savings deposits...
Other deposits payable:
In 6 months or more—
In 90 days to 6 months.
In less than 90 days
Feb. 1,1935Dec. 31,1935
Effective
Jan.1,1936
2)1
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F . D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the rate
payable by a member bank may not in any event exceed the maximum
rate payable by State # banks or trust companies on like deposits under
the laws of the State in which the member bank is located.
FEDERAL RESERVE BULLETIN
MARGIN REQUIREMENTS '
[ Per cent of market value ]
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
N e t demand deposits 1
Period in effect
Central
reserve
city
banks
June 21, 1917-Aug. 15, 1936
Aug. 16, 1936-Feb. 28, 1937
Mar. 1, 1937-Apr. 30, 1937
May 1, 1937-Apr. 15, 1938
Apr. 16, 1938-Oct. 31, 1941
Nov. 1, 1941-Aug. 19, 1942
Aug. 20, 1942-Sept. 13, 1942
Sept. 14, 1942-Oct. 2, 1942
Oct. 3, 1942 and after
13
19^
11%
26
22^
26
24
22
20
Reserve Country
city
banks
banks
10
15
17H
20
20
20
20
20
7
10^
14
12
14
14
14
14
Prescribed by Board of Governors of the Federal
Reserve System in accordance with Securities
Exchange Act of 1934
Time
deposits
(all
member
banks)
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U . . . .
3
4H
5%
6
5
6
6
6
6
Nov. 1,
1937Feb. 4,
1945
Effective
Feb. 5,
1945
40
50
40
50
50
50
1
Regulations T and U limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of the extension; the "margin
requirements" shown in this table are the difference between the market
value (100%) and the maximum loan value.
NOTE.—Regulations T and U also provide special margin requirements on
"omnibus" accounts and loans to brokers and dealers.
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.
Back figures.—See Banking and Monetary Statistics, Table 145, p . 504.
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1945
May 30
May 23
May [6
May 9
1945
May 2
Apr. 25
Apr. 18
Apr. 11
May
1944
April
May
Assets
17 416, 465 17, 429,460 17 513, 465 17,508, 360 17 533 360 17 545 360 17, 58? 765 17, 607,265 17 416 463 17 S33 364 18 741,125
Gold certificates
695, 094
683,713
673, 970
677, 377
663 798
681, 041
649 023
695, 095
646,242
673, 969
355,674
Redemption fund—F.R. notes.
240, 801
254,888
250 056
256 108
241, 771
250 970
248, 175
253,743
249, 214
248, 091
265,076
Other cash
18 ,359 650 18 368,061 18 436, 277 18,426, 538 18, 457 386 18 465 266 18, 482 258 18, 507,250 18 359, 733 18 ,456, 547 19 ,361,875
Total reserves
Discounts and advances:
For member banks
For nonmember banks, etc.
884 744
790
723,374
790
486 204
790
550, 659
790
568 191
790
507 ,471
790
340 438
790
321,939
790
873 774
790
488, 260
790
236,027
600
Total discounts and
advances
885 534
724,164
486 994
551, 449
568 981
508 ,261
341 228
322,729
874 564
489, 050
236,627
4 302
4,592
4 835
4 212
4 420
3 ,914
4 268
4,300
4 230
4 443
11,791
Industrial loans
U. S. Government securities:
Direct:
Bills:
Under repurchase option
Other
Certificates:
Special
Other
Notes
*
Bonds
Guaranteed
5 078 961 5 068,504 4 99? 875 5,246 640 S 10? 387 S,?8? S17 5 100 677 s 129,539 4 898 361
34 S 4 ,093 385
8 ,035 136 8 061,436 8 038 591 7,957 774 7 886 143 7 810 046 7 71? 341 7 611,041 8 055 176 7 ,886 143 4 ,372,283
5 ,827 311 5 678,711 5 573 711 5^412 ?ii 5 385 711 5 ,?38 011 5 774 011 5 234,011 's 870^011 S,333 ?11 3 ,147,490
1 ,016 450 1 005,350
987 8 SO 1 186 264
Q97 8 SO
987 8S0
987 ,850
987 8 SO
991,850 1 017 4 SO
987 8 SO
1 ,115 142 1 115,142 1 ,115 14? 1,115 14? 1 116 49? 1 ,175 49? 1 178 09? 1 124,392 1 117 647 1 ,1?3 ?9? 1 ,447,496
3,771
Total U. S. Government
securities, including
guaranteed securities.. 21 ,023 000 20,929,143 20 ,668,169 20,719 617 20 478 583 20 ,443 ,916 20 152 ,971 20 090,833 20 953 640 20 ,454 841 14 ,250,689
Other Reserve Bank credit out345 467
298 878
314 050
322,247
426,871
353 ,747
354 ,377
474 ,408
345,084
358 304
260,150
standing
Total Reserve Bank
credit outstanding
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve
account
U. S. Treasurer—general
account
Foreign
Other deposits
Total deposits
22 ,258 303 21 ,980,146 21 ,586 869 21,589 328 21 406 ,361 21 ,309 ,838 20 972 ,875 20 762,946 22 131 312 21 ,306 638 14 ,759,257
22 ,844 887 22 761,047 22 ,782 317 22,722 460 22 631 ,066 22 ,505 ,374 22 504 ,029 22 368,052 22 885 307 22 ,597 582 18,531,796
15 ,371 392 15 116,648 15 745 90S 15,029 35? 14 891 630 14 707 9S9 14 58? 373 14 593,429 15 295 863 14 ,817 807
n ,045,575
w\
475 501
4?9 ,946
S61 S71
6S1 ,^80
101 877
16S
94 S
526,232
446 614
408,931
307 484
1 ,159 080 1 ,187,244 1 ,134 984 1,071 542 1 158 ,994 1 ,167 ,896 1 191 ,486 1 ,194,886 1 ,142 847 1 ,158 579 1 ,553,508
459 676
446 ,312
391 845
404,600
394 ,807
406 104
411 ,916
402 ,297
390 593
392,739
357,858
17 ,415 649 17 234,724 16 ,888 868 16,939 353 16 885 705 16 ,921 ,942 16 606 ,052 16 ,555,104 17 ,246 593 16 ,812 924 15 ,299,306
Ratio of total reserves to deposit and F.R. note liabilities
combined (per cent)
45.6
45.9
16.5
-16.5
46.7
46.8
47.3
47.5
45.7
16.8
57.2
MATURITY DISTRIBUTION OF LOANS A N D U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars!
Total
May 30, 1945
Discounts and advances
Industrial loans
U. S. Government, securities
JUNE 1945
.. .
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days
to 6
months
6 months
to
1 year
885,534
801,829
57,310
12,355
14,040
4,302
3,105
7
8
33
877
"43
21,023,000 3,295,147 2,086,683 4,228,511 4,729,696 1,657,050 3,494,621
1 year
to
2 years
108
273,800
2 years
to
5 years
121
507,652
Over
5 years
749,840
571
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates:
' Apr. 25
May 2
May 9
May 16
May 23
Redemption fund—
F. R. notes:
Apr. 25
May 2
May 9
May 16
May 23
Other cash:
Apr. 25
May 2
May 9
May 16
May 23
Total reserves:
Apr. 25
May 2
May 9
May 16
May 23
Discounts & advances:
Secured by U. S..
Govt. securities:
Apr. 25
May 2
May 9
May 16
May 23
Other:
Apr. 25
May 2
May 9
May 16
May 23
Total discounts and
advances:
Apr. 25
May 2
May 9
May 16
May 23
Industrial loans:
Apr. 25
May 2
May 9
May 16
May 23
U. S. Govt. securities:
Bills:
Under repurchase
option:
Apr. 25
May 2
May 9
May 16
May 23
Other bills:
Apr. 25
May 2
May 9
May 16
May 23
Certificates:
Apr. 25
May 2
May 9
May 16
May 23
Notes:
Apr. 25
May 2
May 9
May 16
May 23
Bonds:
Apr. 25
May 2
May 9
May 16
May 2 3 . . .
Total U. S.
Govt.
securities:
Apr. 25...
May 2 . .
May 9 . .
May 16..
May 23..
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
17,545,360
17,533,360
17,508,360
17,513,465
17,429,460
919,789
891,935
918,716
888,610
894,744
4,769,971
4,711,949
4,576,298
4,735,936
4,655,854
952,526
973,958
968,078
959,287
971,181
,313,824
,306,504
,326,760
,318,164
,339,996
875,862
884,430
882,071
886,243
890,407
940,169
920,980
933,473
932,008
912,631
,379,969
3,394,317
,429,334
,331,178
,272,962
631,853
642,167
633,300
632,863
634,965
349,394
353,574
347,809
344,978
354,711
631,808
645,328
648,821
649,403
642,541
488,009
507,911
515,192
522,482
514,190
,292,186
,300,307
,328,508
,312,313
,345,278
663,798
673,970
677,377
681,041
683,713
45,821
45,736
45,657
46,522
46,459
129,951
129,613
134,321
133,849
133,609
45,902
45,772
45,638
48,479
48,380
62,863
62,758
62,659
62,527
62,444
50,854
52,093
51,465
50,691
50,171
37,996
37,899
37,808
37,627
39,546
110,758
110,635
110,528
110,346
110,250
32,058
32,021
31,990
31,925
33,896
15,981
15,969
15,955
16,332
16,322
27,199
27,162
27,137
27,072
27,051
20,144
20,113
20,086
20,019
19,997
84,271
94,199
94,133
95,652
95,588
256,108
250,056
240,801
241,771
254,888
23,413
22,504
22,438
22,394
22,922
63,120
62,327
60,259
62,030
62,676
20,460
20,169
19,532
19,703
20,815
21,133
23,069
20,857
22,067
20,831
15,824
14,383
14,267
13,034
15,035
20,006
18,461
18,862
17,428
21,397
28,652
30,114
28,069
28,068
29,631
12,228
10,623
9,818
10,290
11,327
4,915
4,745
4,499
5,145
5,348
12,890
11,356
11,953
11,700
12,621
8,859
8,529
8,427
8,815
9,768
24,608
23,776
21,820
21,097
22,517
18,465,266
18,457,386
18,426,538
18,436,277
18,368,061
989,023
960,175
986,811
957,526
964,125
4,963,042
4,903,889
4,770,878
4,931,815
4,852,139
,018,888
,039,899
,033,248
,027,469
,040,376
,397,820
,392,331
,410,276
,402,758
,423,271
942,540
950,906
947,803
949,968
955,613
998,171 ,519,379
977,340 3,535,066
990,143 3,567,"
987,063 ,469,592
973,574 3,412,843
676,139
684,811
675,108
675,078
680,188
370,290
374,288
368,263
366,455
376,381
671,897
683,846
687,911
688,175
682,213
517,012
536,553
543,705
551,316
543,955
,401,065
,418,282
,444,461
,429,062
,463,383
508,261
568,981
551,449
486,994
724,164
27,969
12,200
15,160
24,440
29,600
288,944
374,034
329,929
262,364
426,364
17,520
"5,005
11,265
9,235
11,325
30,750
14,870
33,170
24,980
44,975
21,521
22,055
14,885
14,205
15,155
6,000
11,250
3,250
3,100
6,400
15,525
42,025
45,500
59,750
70,100
32,812
28/802
25,800
19,805
40,780
19,800
23,150
22,475
27,97.
36,075
22,840
11,840
16,315
13,740
15,690
50
1,250
200
200
200
24,530
22,500
33,500
27,200
27,500
508,261
568,981
551,449
486,994
724,164
27,969
12,200
15,160
24,440
29,600
288,944
374,034
329,929
262,364
426,364
17,520
5,005
11,265
9,235
11,325
30,750
14,870
33,170
24,980
44,975
21,521
22,05;
14,885
14,205
15,15;
6,000
11,250
3,250
3,100
6,400
15,525
42,025
45,500
59,750
70,100
32,812
28,802
25,800
19,805
40,780
19,800
23,150
22,475
27,975
36,075
22,840
11,840
16,315
13,740
15,690
50
1,250
200
200
200
24,530
22,500
33,500
27,200
27,500
3,914
4,420
4,212
4,835
4,592
164
163
163
163
130
5,282,517
5,102,387
5,246,640
4,992,875
5,068,504
111,860
100,104
94,237
116,259
87,377
3,218,956
3,136,748
3,269,113
3,134,076
3,141,630
7,810,046
7,886,143
7,957,774
8,038,591
8,061,436
633,840
643,225
640,595
594,738
644,853
565,437
583,915
601,308
620,93!
626,479
5,238,011
5,385,711
5,412,211
5,523,711
5,678,711
358,418
368,978
370,874
378,907
390,056
987,850
987,850
987,850
997,850
1,005,350
94
94
94
94
94
3,201
3,43.
3,225
3,823
3,642
122,882
107,122
134,662
80,842
84,388
64,840
52,670
33,805
38,350
50,875
549,221 998,530
565,039 1,011,073
588,113 995,601
562,617 1,025,866
555,574 1,014,411
1,300,276
1,336,399
1,342,879
1,370,077
1,407,905
405,11:
416,529
418,578
427,196
439,177
67,596
67,679
67,694
68,449
69,056
245,222
245,123
245,105
247,503
249,253
1,125,492
1,116,492
1,115,142
1,115,142
1,115,142
77,014
76,492
76,416
76,494
76,597
279,390
277,044
276,689
276,595
276,474
20,443,916
20,478,583
20,719,617
20,668,165
20,929,143
1,248,728
1,256,478
1,249,816
1,234,847
1,267,939
572-
23
23
23
23
19
275
275
275
. 275
32,193
39,621
30,796
27,696
28,146
425
425
425
450
425
743,849
717,439
774,176
703,941
783,099
249,579
247,684
246,095
250,963
228,979
73,931
71,691
17,511
24,171
25,720
41,382
39,206
33,901
29,305
41,426
693,334
712,164
726,395
724,215
721,456
622,132 1,321,365
626,007 1,267,208
629,655 1,252,654
633,771 1,356,892
634,934 1,380,351
229,499
234,27^
247,751
244,424
239,183
201,327
208,533
257,552
243,778
233,627
473,925
502,203
485,270
484,07.
473,011
371,046 1,150,390
374,53. 1,157,965
367,784 1,165,096
374,142 1,173,141
362,142 1,175,415
500,075
514,804
517,449
528,652
544,204
336,358
345,677
347,34
354,361
364,116
271,912
279,481
280,83'
286,539
294,466
654,188
672,660
675,975
689,925
709,314
258,778
265,821
267,084
272,365
279,720
140,233
144,407
145,155
148,333
152,744
256,019
263,224
264,519
269,956
277,515
227,64:
233,956
235,088
239,841
246,455
529,001
543,775
546,426
557,559
573,039
76,401
76,400
76,399
77,172
77,751
94,310
94,426
94,446
95,500
96,346
63,435
63,404
63,399
64,015
64,462
51,281
51,263
51,260
51,762
52,131
123,374
123,380
123,381
124,633
125,575
48,804
48,75'
48,749
49,203
49,521
26,447
26,486
26,494
26,796
27,042
48,283
48,281
48,280
48,767
49,131
42,93
42,912
42,909
43,328
43,632
99,766
99,739
99,734
100,722
101,450
87,04'
86,349
86,244
86,243
86,242
107,451
106,722
106,617
106,726
106,867
72,273
71,661
71,56f
71,540
71,502
58,426
57,938
57,865
57,847
57,825
140,565
139,447
139,279
139,283
139,289
55,604
55,107
55,030
54,987
54,928
30,131r
29,93.
29,908
29,946
29,995
55,011
54,569
54,501
54,499
54,497
48,913
48.50C
48,43?
48,42:
48,397
113,667
112,728
112,586
112,561
112,529
5,609,281 1,335,895 1,823,248 1,230,240 1,035,944 2,,983.341
5,579,229 1,327,643 1,834,14" 1,245,576 1,054,310 2,920)134
5,735,09' 1,354,113 1,848,775 1,242,515 1,050,413 2,965,465
5,649,183 1,354," 1,837,586 1,252,48 1,057,615 3,014,674
5,701,74.' 1,358,362 l,846,21i 1,272,41: 1,067,502 3,137,628
842.264
851,646
864,709
871,942
852,331
472,069
481,052
476,620
473,024
469,128
874,620
907,483
886,47
886,602
895,580
713,80:
723,865
719,53'
729,15*
730,48'
2,274,484
2,297,017
2,3-26,087
2,306,168
2,329,818
218,114
183,326
184,779
201,663
199,618
23,271
23,966
25,320
23,42.
29,861
381,660
382,810
402,245
362,185
367,385
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total loans and sec:
Apr. 25
May 2
May 9
May 16
May 23
Due from foreign
banks:
Apr. 25
May 2
May 9
May 16
May 23
Federal Reserve notes
of other Banks:
Apr. 25
May 2
May 9
May 16 .
May 23
Uncollected items:
Apr. 25
May 2
May 9
May 16
May 23
Bank premises:
Apr. 25
May 2
May 9
May 16
May 23.
Other assets:
Apr. 25
May 2
May 9
May 16....
May 2 3 . . . .
Total assets
Apr. 25. .
May 2. .
May 9 ...
May 16...
May 2 3 . . .
Liabilities
Federal Reserve notes
Apr. 25
May 2
May 9
May 16
May 23
Deposits:
Member bank—
reserve account:
Apr. 25
May 2
May 9
May 16
May 23
U. S. Treasurergeneral account:
Apr. 25
May 2
May 9
May 16
May 23
Foreign:
Apr. 25
May 2
May 9
May 16
May 23
Other:
Apr. 25
May 2
May 9
May 16
May 23
Total deposits:
Apr. 25
May 2
May 9
May 16
May 23
Deferred availability
items:
Apr. 25
May 2
May 9
May 16
May 23
20
21
21
21
21
New
York
Boston
Total
956, 091
051, 984
275, 278
159 998
657', 899
,276, 861
,268, 841
,265, 139
259, 450
^297, 669
116
116
113
112
112
9
8
8
8
8
89, 511
91, 436
84, 371
86 100
87^ 343
5, 600
6, 633
6, 793
7, 175
7, 898
1 859, 370
1 869, 408
1 ,559, 223
2 ,124, 134
1,786, 465
Philadelphia
5,898, 232
5,953, 270
6,065, 030
5,911 554
6,128^ 112
,356, 616
,336, 081
,368, 603
,367, 949
329
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Kansas
City
Minneapolis
Dallas
San
Fran
ciscc
853, 998
017
945
862, 566
891 i 191
,251, 855
,267, 725
,257, 494
, 266, 780
',2&l',660
,041, 944
,065, 560
,053, 663
,060, 715
',073,' 902
,998, 866
,962, 434
,011, 240
,074, 699
^208^ 003
875, 076
880, 448
890, 509
891 747
893', 111
491, 869
504, 202
499, 095
500 999
505 ^203
897, 483
919, 346
902, 809
900 365
911,' 289
713, 852
725, 118
719, 739
729 356
730 \ 687
,299, 439
,319, 942
,360,012
333 518
|357^ 743
12
10
10
10
10
12
10
10
10
10
6
5
5
5
5
5
4
4
4
4
18
16
15
15
15
4
3
4
4
4
3
3
3
3
3
4
3
3
3
3
4
3
3
3
3
10
9
9
9
9
20, 457
21, 867
20, 121
21 040
18, 127
5, 420
5, 606
5, 365
2, 425
3, 310
4, 332
3, 502
3, 382
3, 740
3, 880
6, 731
7, 338
4, 830
221
l\ 238
8, 158
8, 243
8, 236
8, 668
7, 652
9, 142
9, 801
8, 601
9 440
10* 646
6, 273
4, 350
5, 533
5, 194
991
1, 103
1, 916
1, 597
837
ij 686
4, 134
4, 234
3, 404
3, 914
181
2, 879
2, 845
2, 731
3, 229
3, 273
15, 282
15, 101
13, 778
13, 217
461
136,357
149, 129
117, 160
162, 583
133, 618
388, 504
391, 561
350, 717
502, 844
381, 352
119, 325
116, 178
97, 606
123, 118
106,491
212, 663
192, 328
140, 420
238, 284
184, 602
131, 119
139, 793
109, 870
140, 203
145, 332
109, 729
124, 880
108, 832
119, 293
102, 583
283, 010
296, 903
215, 243
350, 122
264, 592
77, 316
80, 718
70, 966
92, 095
71, 496
36, 026
38, 004
33, 001
40, 314
36, 322
86, 326
93, 526
78, 341
97, 509
94, 261
83, 887
70, 658
65, 399
73, 175
73, 187
195, 108
175, 730
171, 668
184, 594
192, 629
34, 265
34, 221
34, 221
34 221
34 191
1, 596
1, 591
1, 591
1, 591
1, 591
8, 839
8, 821
8, 821
8, 821
8, 821
3, 409
3, 409
3, 409
3, 409
3, 397
4, 064
4, 064
4, 064
4, 064
4, 054
2, 825
2, 825
2, 825
2, 825
2, 818
1, 598
1, 597
1, 597
1, 597
1, 596
3, 151
3, 150
3, 150
3, 150
3, 150
2, 100
2, 096
2, 096
2, 096
2, 096
1, 247
1, 244
1, 244
1, 244
1, 244
2, 644
2, 638
2, 638
2, 638
2, 638
879
873
873
873
873
1, 913
1, 913
1, 913
1, 913
1, 913
54
55
57
59
59
612
213
451
381
631
3, 557
3 747
3 855
4 009
4 177
11, 753
11, 708
12, 323
12, 844
13, 109
881
966
102
234
403
5, 559
5, 315
5, 351
5, 629
5, 760
3, 431
3, 348
3, 498
3, 622
3, 695
3, 200
3, 199
3, 291
3 440
3, 371
8
8
8
8
2, 938
3, 034
3 114
3 195
3, 230
1, 424
1, 409
1, 485
1, 517
1, 515
2, 529
2, 766
2, 792
2, 940
3, 050
2, 487
2, 497
2, 548
2, 726
2, 770
5, 772
6, 032
6, 617
6, 499
6, 606
41 ,459
41 ,559
41 ,437
41 ,900
41 ,993
231
764
195
223
702
2,413 003
2,390 124
2,381 357
2,392 342
2,409,086
11,290, 856
11,291, 158
11,227, 929
11,388 956
11,401 698
2,507 551
2,505 149
2,512 343
2,528,614
2,531 316
3 478,448 2,338, 507
3 446, 567 2,371, 940
3 445 448 2,326, 325
517 051 2,369,624
3 512 768 2,402 361
2,162, 805
2,180 823
2,165 766
2,180 780
2,162 682
6,821
6,815
6,814
6,915
6,907
647
562
655
744
194
1,639 846
1,655, 460
1,647, 330
1,669 409
1,656 116
901, 962
921, 066
904, 688
912, 369
922, 354
1,665, 017
1,706, 359
1,677, 898
1,695, 544
1,697, 635
1,321, 000
1,338, 547
1,334, 998
1,360, 678
1,354, 748
4,918, 589
4,937, 009
4,998, 458
4,969, 112
5,035 744
22 ,505
22 ,631
22 ,722
22 ,782
22 ,761
374
066
460
317
047
1,428
1,433
1,440
1,443
1,441
450
763
540
896
331
5,015
5,041
5,061
5 065
5,056
123
770
776
187
350
1,487
1,491
1,499
1,504
1,497
380
668
239
538
708
1
1
1
1
1
962
964
976
982
984
451
913
881
360
270
1,319
1,335
1,336
1,338
1,333
481
795
703
629
098
4,140
4,154
4,173
4,187
4,185
042
445
568
372
053
951
958
962
964
961
611
769
252
111
267
493, 072
495, 440
498 512
499 110
498 854
828 170
837 710
840,452
840 189
838 237
555
566
566
564
563
829
231
205
652
009
2,821, 011
2,834 621
2,848 075
2,872 433
2,884 453
14 ,707
14 ,891
15 ,029
15 ,245
15 ,116
959
630
352
908
648
681
690
685
693
685
148
027
988
658
638
4,821
4,936
4,916
5,016
5,008
700
540
882
802
228
734
749
764
777
771
259
068
751
819
441
1
1
1
1
1
123
142
164
172
161
560
190
790
981
520
656 797
652 234
669 323
668,514
658 398
2,199
2,176
2,221
2,232
2,211
232
787
158
193
312
540
528
545
554
545
453
663
567
163
543
315
326
329
335
335
817
075
181
703
541
680
690
701
709
696
424
816
052
391
434
622
639
647
675
655
556
266
456
583
676
1,723
1,745
1,764
1,762
1,743
651 ,280
423 ,165
446 ,614
101 ,872
526 ,232
68 262
30 703
42 827
2 ,545
48 ,123
243
89
109
38
129
464
847
135
778
488
40 968
26 103
36 190
1 ,634
28 ,381
63
31
40
13
59
742
576
680
818
145
762
923
307
445
678
56 945
30,980
46 324
8 340
78 , 4 9 1
20
40
21
11
20
822
266
812
423
320
21
27
11
3
13
797
792
502
792
969
19
40
18
5
21
274
748
690
637
206
20
20
19
8
22
982
014
790
253
70
37 944
27 200
62 546
826
55 558
1 ,167 ,896
1 ,158 ,994
1 ,071 ,542
1 ,134 ,984
1 ,187 ,244
79 ,815
75 ,632
70 ,47
75 ,812
77 ,40
2445
2
443
2
409
2
431
2
456
318
555
442
991
606
99 ,048
98 ,390
91 ,165
96 ,642
100 ,657
97 922
98 572
90 ,129
95 ,544
99 ,513
273
959
511
125
041
39 394
39 133
36 259
38 ,437
40 ,034
146 , 3 2 0
145 , 3 4 9
134 , 6 7 6
142 ,767
148 ,697
33 766
33 542
31 079
32 ,946
34 ,315
25
25
23
25
26
887
716
827
259
308
33 766
33 542
31 079
32 ,946
34 ,315
33
33
31
32
34
76
54
07
94
31
85
85
78
83
87
394 ,807
411 ,916
391 ,845
406 ,10
404 ,60
4 ,466
4 ,72
5 ,79
5 ,26
4 ,50
294 ,456
316 ,839
297 ,193
302 ,226
297 ,094
5 ,551
4 ,346
3 ,896
4 ,411
4 ,360
4 ,738
5 ,626
4 ,738
6 ,737
8 ,852
9 834
7 746
7 ,114
8 ,072
7,973
6 ,288
2 ,988
2 ,35
3 ,94
3 ,34
4 ,443
5,343
5 ,03
6 ,79
7, 8 7 9
11 ,06
12 ,10
11 ,20
13 ,84
14 ,13
1 ,757
2 ,76
2 ,132
2 ,164
3 ,994
4 ,91o
1 ',75
2 ,53
2 ,71
1,920
1,289 ,962
1,277 ,964
1,300 ,33
1 ,289 ,080
1,329 ,030
2,406 , 9 4 0
2,358 ,45
2,407 ,19
2,390.09
2,446 ,37
606 ,10
614 ,57
609 ,65
612 ,37
614 ,31
365 ,25
382 ,35
366 ,64
366 ,91
379 ,81
63,98
63 ,86
57 ,08
74 ,58
62 ,12
29 ,68
29 ,28
25 ,43
32 ,25
29 ,56
1
29
*42
*38
3
3
4
4
4
16,921 ,94
16,885 ,70
16,939 ,35
16,888 ,86
17,234 ,72
833 ,69
801 ,08
805 ,07
777 ,27
815 ,67
5,804 ,938
5,786 ,78
5,732 ,652
5,789 ,79
5,891 ,416
879 ,826
877 ,907
896 ,002
880 ,506
904 ,839
1,505 ,73
1,515 ,14
1,245 ,28
1,697 ,37
1,464 ,33
116 ,21
120 ,47
100 ,85
136 ,18
117 ,02
296 ,829
288 ,398
258 ,49
358 ,40
278 ,030
95 ,963
91 ,078
72 ,385
98 ,813
83 ,884
( 849,
j 881,
177 ,36
155 ,02
119 26
196 ,49
150 ,16
1,502 754
1,515 941
1,518 257
1,519, 840
1,517 417
608
614
618
646
643
770
138
860
662
361
33 318
38 013
20 811
•381
31 166
47
46
43
46
48
23
19
16
6
17
699 ,19
706 ,85
690 ,29
701 ,24
730 ,54
726 ,24
714 ,27
724 ,24
717 .34
719,45
112 ,13
124 ,66
93 ,16
123 ,84
129 ,53
96 ,58.
110 ,17
84 ,18
104 ,11
89 ,27
081
192
475
726
7 945
204 ,73
232 ,39
1*63,60
267 ,67
204 ,83
738 ,37
766 ,85
753 ,36
750 ,69
753
80 ,851
84 ,021
66 . 23;
86,80^I
87 ,55( )
'
243
826
344
439
556
621
062
825
569
036
2 ,79
3 ,86
1 ,67
1 ,84
1 ,22
44 507
43 ,814
48 ,181
48 ,091
49 ,323
680 ,09
696 ,68
699 ,99
718 ,62
713 ,92
1,891 ,315
1,901 ,902
1,953 ,896
1,894 ,925
1,935 ,473
67 ,62
58 ,21
51 ,28
59 ,78
60 ,09
163 ,772
157 ,543
153 ,299
158 ,429
172 ,241
1 After deducting $87,000 participations of other Federal Reserve Banks on Apr. 25; and $74,000 on May 2, May 9, May 16, and May 23.
2 After deducting $718,095,000 participations of other Federal Reserve Banks on Apr. 25, $713,329,000 on May 2; $660,949,000 on May 9; $700,657,000
on May 16; and $729,760,000 on May 23.
JUNE 1945
573
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-Contmued
[In thousands of dollars]
Total
Other liabilities including accrued div.:
Apr. 25
May 2
May 9
May 16
May 23
Total liabilities:
Apr. 25
May 2
May 9
May 16
May 23
Capital Accounts
Capital paid in:
Apr. 25
May 2
May 9
May 16
May 23
Surplus (section 7):
Apr. 25
May 2
May 9
May 16
May 23
Surplus (section 13b):
Apr. 25
May 2
May 9
May 16
May 23
Other capital accounts:
Apr. 25
May 2
May 9
May 16
May 23
Total liabilities and
capital accounts:
Apr. 25
May 2
May 9
May 16
May 23
Commitments to make
industrial loans:
Apr. 25
May 2
May 9
May 16
May 23
New
York
Boston
890
854
861
889
871
11,213
10,767
11,481
11,559
11,853
40,944,268
41,042,685
40,918,580
41,380,119
41,471,954
Philadelphia
3,128
2,945
3,319
3,445
3,361
Richmond
Cleveland
751
756
871
771
780
1,071
1,056
1,142
1,147
1,169
2,379,250 11,120,018 2 ,463,920 3,430,849
2,356,183 11,119,894 2 ,461,409 3,398,956
2,347,333 11,056,238 2 ,468,497 3,,397,628
2,358,243 11,216,836 2 ,484,628 ,469,085
2,374,898 11,229,157 2,487,211 3,464,635
Chicago
Atlanta
1,592
1,614
1,574
1,610
1,735
504
479
489
477
550
569
538
574
563
628
St.
Louis
Minneapolis
315
303
374
337
336
444
388
393
385
364
1,809 6 753, 305 1,622,138
2 ,314,652 2
2 ,348,003 21,160, 724 6, 746, 914 1,637,605
2 ,302,293 2,!, 145,620 6,745,941 1,629,384
2 ,345,483 21,160,562 6 ,846,747 1,651,452
2 ,378, 116 21,142,377 6 ,838,001 ,638,071
Kansas
City
419
436
437
437
443
Dallas
423
333
355
400
447
*San
Francisco
1,107
1,065
1,092
1,098
1,169
888,331 1,647, 819 1,303, 972 4 ,877,205
907,377 1,689,024 1,321,465 4,895,131
890,966 11,660,482 1,317,836 4:, 956,362
898,617 1,678,120 1,343,4614:, 926,885
908,563 1,680,111 1,337,478 4,:, 993,336
167,622
167,706
167,871
167,987
168,077
10,181
10,244
10,244
10,247
10,253
59,845
59,850
59,859
59,865
59,865
12,655
12,655
12,660
12,720
12,720
16,760
16,767
16,844
16,861
16,891
6,759
6,760
6,760
6,776
6,776
6,077
6,077
6,079
6,079
6,090
20,211
20,215
20,214
20,221
20,242
5,412
5,414
5,449
5,452
5,452
3,657
3,657
3,660
3,661
3,663
5,361
5,363
5,363
5,363
5,370
5,656
5,656
5,683
5,686
5,687
15,048
15,048
15,056
15,056
15,068
228,153
228,153
228,153
228,153
228,153
15,239
15,239
15,239
15,239
15,239
84,903
84,903
84,903
84,903
84,903
19,872
19,872
19,872
19,872
19,872
19,071
19,071
19,071
19,071
19,071
7,813
7,813
7,813
7,813
7,813
7,936
7,936
7,936
7,936
7,936
33,201
33,201
33,201
33,201
33,201
7,048
7,048
7,048
7,048
7,048
4,950
4,950
4,950
4,950
4,950
6,196
6,196
6,196
6,196
6,196
6,025
6,025
6,025
6,025
6,025
15,899
15,899
15,899
15,899
15,899
27,165
27,165
27,165
27,165
27,165
2,880
2,880
2,880
7,143
7,143
7,143
7,143
7,143
4,468
4,468
4,468
4,468
4,468
1,007
1,007
1,007
1,007
1,007
3,290
3,290
3,290
3,290
3,290
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
527
527
527
527
527
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,142
2,142
2,142
2,142
2,142
18,947
19,368
19,786
20,209
20,630
6,636
6,745
6,846
6,926
7,045
10,761
10,766
10,898
11,027
11,164
5,993
6,074
6,169
6,262
6,366
5,221
5,324
5,369
5,441
5,517
13,501
13,803
13,870
14,146
14,321
4,721
4,866
4,922
4,930
5,018
3,951
4,009
4,039
4,068
4,105
4,504
4,639
4,720
4,728
4,821
4,040
4,094
4,147
4,199
4,251
8,295
8,789
8,999
9,130
9,299
2,r2,880
5,453
5,578
5,661
5,733
5,816
92,023
94,055
95,426
96,799
98,353
41,459,231
41,559,764
41,437,19:
41,900,22.
41,993,702
,162, 805 6,821,647 1,639,846
2,413,003 11,290, 856 2 ,507, ,5513 ,478, 448 2 ,338,
2,390,124 11 ,291, 158 2 ,505, ,149 3 ,446,567 2,371, 940 2!, 180,823 6,815,562 1,655,460
448 2 ,326, 325 21,165, 766 6,814,655 1,647,330
2,381,357 11 ,227, 929 2 ,512,1,343 31,445,'""
2,392,342 11 ,388, 956 2 ,528,614 3,,517, 051 2 ,369, 624 2,1,180,1,780 6, 915,744 1,669,409
2,409,086 11 ,401, 698 2 ,531,316 3 ,512, 768 21,402,361 2,162,1,682 6, 907,194 1,656,116
3,581
3,237
3,731
3,858
4,058
2,358
2,053
2,347
2,049
2,224
100
100
100
100
100
400
400
400
400
400
901, 962 1,665,017 1,321,,000 4,,918,589
921,066 1,706,359 1,338,,547 4,,937,009
904,688 1,677,898 1,334,998 4,,998,458
912, 369 1 ,695,544 1,360,678 4,,969,112
922, 354 1,697,635 1,354,, 748 5.
,035,744
200
200
200
450
450
653
614
614
589
614
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
jln thousands of dollars]
Total
Federal Reserve notes outstanding (issued to Bank):
Apr. 25
May 2
May 9
May 16
May 23
Collateral held against notes
outstanding:
Gold certificates:
Apr. 25
May 2
May 9
May 16
May 23
Eligible paper:
Apr. 25
May 2
May 9
May 16
May 23
U. S. Govt. securities:
Apr. 25
May 2
May 9
May 16
May 23
Total collateral:
Apr. 25
May 2
May 9
May 16
May 23
574
23,204,695
23,235,363
23,355,158
23,414,457
23,426,187
10,610,000
10,589,000
10,549,000
10,546,000
10,521,000
455,936
499,586
469,329
398,964
602,489
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.#
Louis
Minne- Kansas Dallas
apolis City
San
Francisco
1,469,180 5,179, 134 1,530,6912 ,016,775 ,543,825 1,375,505 4,221,264 989,853 503,222 849,994 587,689 2,937,563
1,471,840 5,172,486 1,539,447 2,020,935 543,670 1,375,091 4,228,918 992,410 504,645 855,338 593, 282 2,,937,301
1,476,460 5,236,691 1,545,021 2,025,575 ,544,185 1,379,467 4,244,246 993,207 506,657 858,877 594,545 2,950,227
1,482,242 5,205,647 1,550,525 2,036,569 ,549,36" 1,380,579 4 ,268,861 1,002,334 508,818 864,619 590, 064 2",974,832
~ 1,529,915 2,037,078 549,143 1,387,661 4,272,144 999,504 509,365 865,152 590,211 3,006,642
1,487,153 5,192,219
575,000 2,690,000
575,000 2,690,000
575, 000 2,620,000
575, 000 2,620,000
575, 000 2,,545,000
622,000
636,000
641,000
598,000
598,000
288,944
374,034
329,929
262,364
426,364
17,520
5,005
11,265
9,235
11,325
27,969
12,200
15,160
24,440
29,600
770,000
775,000
780,000
790,000
790,000
580,000
580,000
600,000
600,000
600,000
635, 000 2 ,140,000
635, 000 2,170,000
635, 000 2!,170,000
635, 000 2 ,200,000
635,000 2,200,000
21,521
22,055
14,885
14,205
15,155
900,000 1,250,000 975,000
900, 000 1',250,000 975,000
900, 000 1,250,000 975,000
950, 000 1,250,000 975,000
950, 000 1,250,000 975,000
12,749,579
12,847,684r
12,846,09.
12,910,963
12,913,979
900,000 2,,400,000
900,000 f2,400,000
900,000 2,400,000
900,
",400,000
900,000 2,400,000
23,815,515
23,936,270
23,864,424
23,855,927
24,037,468
,502,969 5,378,944 1,539,520 ,020,000 1,576,521
,577,055
,487,200 5,464,034 1,541,005 ,025,
929 1,552,265 1,030,000 1,589,885
,490,160 5,349,"""
,499,440 5,282,3641 ,557,235 1,040,000 1,589,205
1,559,325 2,040,000 1,590,155
'
,504,600 ",371,364
5
375,000 190,000 320,000 239,000 1,474,000
375,000 190,000 320,,000 219,000 1,424,000
375,000 190,000 320;000
,000 219,000 1,424,000
375,000 190,000 320,000
,000 219,000 1,424,000
375,000 190,000 320,000 219,000 1,474,000
32,812
28,802
25,800
19,805
40,780
750,000 2,100,000
750,000 2,100,000
750,000 2,100,000
750,000 2,100,000
775,000 2,100,000
19,800
23,150
22,475
27,975
36,075
724,579 315,,000
722,684 315,000
721,095 315,000
725,963 325,000
",000
703,979 325
22,840
11,840
16,315
13,740
15,690
24,530
22,500
33,500
27,200
27,500
150,000 385,000 1,500,000
150,000 385,000 1,600,000
150,000 385,000 1,600,000
150,000 385,000 1,600,000
150,000 385,000 1 ,600,000
,385,000 4,240,000 1 ,132,391 524,800 892,840 124,000 2,998,530
,385,!,000 4 ,270,000 1 , 126,486 528,150 881,840 604,000 3,046,500
,385,;,ooo4 ,270,
,121,895 5277,475 886,315 604, 000 3,057,500
,385,000 4,,300,
,120,768 5422,975 883,740 604 000 3,051,200
410,1,000 4 ,300,000 1 ,119,759 5511,075 885,690 604 000 3,101,500
FEDERAL RESERVE BULLETIN
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday or
last day of
period)
ApParticiproved
Loans Commitments
pations
outbut not
outcom- 1 standing2 outpleted (amount) standing standing
Amount (amount)
(amount) (amount)
Applications
approved
to date
Number
1934
1935
1936
1937
1938
1939
1940
1941
1
2
2
2
2
2
3
984
993
280
406
653
781
908
202
124, 493
139, 829
150,987
175, 013
188, 222
212, 510
279, 860
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
1942
June 24
Dec. 31
3 352
3 423
338, 822
408, 737
26,346
4,248
11,265
14,126
16,832
10,661
26,430
17,305
1943
Mar. 31
June 30
Sept. 30
Dec. 31
3 443
3 452
3 460
471
459, 296
475, 468
483, 608
491, 342
5,164
3,203
2,860
13,182
13,044
12,227
10,532
13,143
12,132
11,474
9,270
20,316
19,070
18,928
17,930
1944
Mar. 31
June 30
Sept. 30
Dec. 30
3
3
3
3
481
483
487
489
503, 330
510, 857
519, 120
525, 532
1,408
11,774
11,366
9,274
3,894
9,069
4,048
4,400
4,165
18,267
11,063
9,851
2,705
1945
31
28
31
30
3
3
3
3
491
492
493
500
526 659
527, 700
528, 936
533 037
560
585
85
4,066
3,921
4,214
4,553
3,461
3,547
3,321
3,285
2,405
2,374
2,365
2,361
Jan.
Feb.
Mar.
Apr.
49, 634
926
45
645
1,295
1,370
WAR P R O D U C T I O N LOANS GUARANTEED BY W A R DEPARTMENT, NAVY DEPARTMENT, A N D MARITIME
COMMISSION T H R O U G H FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Guaranteed loans
outstanding
Date
Total
amount
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Number
Amount
1942
June 30
Sept. 30
Dec. 31
565
1,658
2,665
310,680
944,204
2,688,397
1943
Mar. 31
June 30
Sept.30
Dec. 31
3,534
4,217
4,787
5,347
3,725,241
4,718,818
5,452,498
6,563,048
1,245,711
999,394 1,865,618
1,428,253 1,153,756 2,216,053
1,708,022 1,413,159 2,494,855
1,914,040 1,601,518 3,146,286
1944
Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 30
5,565
5,720
5,904
6,079
6,283
6,433
6,590
6,744
6,882
7,051
7,237
7,434
6,989,682
7,172,719
7,466,762
7,647,180
7,797,400
8,046,672
8,333,741
8,487,623
8,685,753
8,985,617
9,133,750
9,310,582
2,020,294
2,030,547
2,009,511
1,990,996
2,033,579
2,064,318
2,083,435
2,010,958
1,960,785
1,895,733
1,776,539
1,735,970
1,691,802
1,700,400
1,680,046
1,666,185
1,706,421
1,735,777
1,765,841
1,706,363
1,663,489
1,611,873
1,507,709
1,482,038
3,278,822
3,451,581
3,615,963
3,684,568
3,795,558
3,810,797
3,904,215
4,107,606
4,301,322
4,367,332
4,476,988
4,453,586
7,581
7,720
7,885
8,047
9,407,853
9,517,272
9,645,328
9,872,866
1,700,632
1,646,160
1,599,120
1,558,270
1,448,995
1,402,646
1,365,959
1,332,050
3,911,058
3,964,830
3,963,961
4,002,772
1
1945
31
28
31
30
81,108
427,918
803,720
69,674
137,888
356,677
230,720
632,474 1,430,121
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.
Jan.
Feb.
Mar.
Apr.
MEMBER BANK RESERVE BALANCES, BY CLASS OF BANK
[Averages of daily figures. In millions of dollars]
DEPOSITS OF C O U N T R Y MEMBER BANKS I N LARGE A N D
SMALL CENTERS, 1 APRIL 1945
[Averages of daily figures. In millions of dollars]
All
member
banks 1
Total reserves held:
1944—March
April
1945—March
April
Week ending (Friday)
1945—Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
Excess reserves:
1944—March
April
1945—March
April
Week ending (Friday):
1945—Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Counbanks1
Federal Reserve district
12,431
12,574
14,429
14,621
3,488
3,580
3,911
4,022
796
797
887
890
4,921
5,007
5,739
5,793
3,226
3,190
3,892
3,916
14,373
14,576
14,668
14,723
14,874
15,050
15,203
15,198
3,963
3,987
4,035
4,075
4,107
4,167
4,216
4,257
799
885
905
915
927
934
937
946
5,709
5,779
5,818
5,831
5,871
5,931
5,995
5,975
3,902
3,925
3,910
3,902
3,969
4,018
4,055
4,020
978
886
1,010
931
977
956
914
865
948
995
PI,022
p
951
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.
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
inter-2
bank
Demand
deposits
except
interbank 2
Time
deposits
Time
deposits
Total.
14,479
6,374
9,360
4,389
Boston
New York....
Philadelphia.
Cleveland....
1,926
2,835
1,022
1,277
701
1,616
562
706
294
869
755
869
185
878
656
594
Richmond.
Atlanta.. ..
Chicago
St. Louis..
1,142
1,301
1,872
318
351
678
553
1,045
1,281
332
149
675
196
436
421
748
977
207
84
93
443
1,163
1,139
522
247
781
16
17
18
12
-1
11
2
14
263
259
272
227
700
599
719
678
Minneapolis
Kansas City
Dallas
San Francisco
20
11
16
10
11
14
13
13
9
7
7
5
6
6
5
7
239
240
226
211
238
255
264
224
709
698
665
639
693
720
1
Includes any banks in outlying sections of reserve cities which have
been given permission to carry the same reserves as country banks. All
reserve
cities have a population of more than 15,000.
2
Includes war loan deposits, shown separately for all country banks
in the table on the following page.
505
474
303
153
45
223
P1 Preliminary.
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
JUNE 1945
575
DEPOSITS A N D RESERVES OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Reserves
Gross demand deposits
Class of bank and
Federal Reserve district
Total
Inter
bank
U.S.
Government
war loan
deposits2
Other
Net demand
de- 4
Demand
deposits
adjusted3 posits
Time
deposits 5
Demand
balances
due
from
domestic
Held
Required
Excei
First half of April 1945
All member banks
Central reserve city banks:
New York
Chicago
Reserve city banks
87,067
11 ,365
10 ,925
64,777
61,218
67,011
20,780
5,698
14 ,534
13 ,545
24,414
5,193
3 ,879
1 ,150
3 ,818
795
16,717
3,247
15,692
3,002
19,501
4,031
1,101
629
94
122
3 ,983
867
3 ,966
844
17
23
32,316
8,352
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.....
San Francisco
2,156
537
2,466
4,026
1,894
1,992
4,061
1,898
1,004
2,569
2,020
7,694
5 ,170
302
26
329
525
311
531
440
570
244
852
483
557
3 ,757
382
51
323
463
293
170
508
190
170
216
175
816
23,389
1,472
460
1,814
3,038
1,290
1,291
3,113
1,137
589
1,501
1,362
6,322
21,672
1,387
434
1,705
2,841
1,199
1,174
2,911
1,025
529
1,347
1,269
5,851
25,084
1,640
441
1,961
3,197
1,411
1,570
3,066
1,483
717
1,927
1,535
6,137
142
229
168
1,017
341
316
1,460
252
129
269
241
3,786
1,798
50
20
74
172
102
138
290
115
57
275
220
287
5 ,760
338
105
410
733
326
351
732
322
153
431
359
1 ,500
5 ,518
337
102
402
700
303
333
701
312
151
402
322
1 ,455
242
2
3
8
33
23
18
32
10
2
29
37
45
Country banks
25,144
2,348
3,834
1,806
2,186
2,020
2,095
3,233
1,455
1,014
1,658
2,003
1,491
1 ,167
98
80
12
28
195
241
68
152
69
74
123
26
2 ,555
378
521
199
253
202
157
353
92
84
94
114
108
21,423
1,873
3,234
1,595
1,905
1,623
1,697
2,811
1,211
861
1,490
1,766
1,357
20,851
1,796
3,121
1,556
1,859
1,558
1,649
2,760
1,179
841
1,473
1,736
1,323
18,393
1,725
2,914
1,362
1,579
1,430
1,498
2,342
1,077
751
1,169
1,422
1,125
10,699
882
2,481
1.211
1,292
647
498
1,708
440
507
235
137
662
3,685
172
293
210
310
330
400
492
257
161
385
444
229
3 ,924
337
634
322
390
289
307
530
212
167
232
273
231
3 ,217
294
557
263
299
239
240
430
707
43
177
136
178
207
197
77
59
91
50
67
100
35
31
55
66
34
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago.
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Second half of April 1945
86,531
11,277
9,107
66,147
62,665
68,471
21,001
5,597
14,709
13,836
873
24,094
5,408
3,911
1,067
3,133
659
17,050
3,681
16,062
3,457
19,940
4,357
1,107
638
57
169
4,062
914
4,054
910
8
4
Reserve city banks
32,168
2,143
546
2,439
4,008
1,850
2,000
4,023
1,904
973
2,585
2,041
7,656
5,138
304
26
323
516
302
524
429
567
241
856
497
553
3,159
318
45
266
391
241
144
429
160
140
184
148
694
23,871
1,521
475
1,850
3,101
1,308
1,332
3,165
1,177
592
1,546
1,396
6,408
22,139
1,429
449
1,741
2,900
1,220
1,215
2,976
1,064
538
1,389
1,291
5,927
25,535
1,688
455
1,995
3,247
1,428
1,606
3,121
1,534
725
1,964
1,559
6,214
8,430
143
232
172
1,021
345
320
1,474
255
128
273
244
3,822
1,783
46
21
69
171
97
136
290
98
55
284
232
283
5,825
353
107
415
748
324
354
742
327
154
439
357
1,505
5,613
346
105
409
711
306
340
713
322
153
409
327
1,472
212
6
2
6
37
17
13
29
5
2
30
31
33
Country banks
24,861
2,291
3,734
1,772
2,162
2,006
2,093
3,209
1,451
1,003
1,660
2,014
1,466
1,161
103
79
12
27
191
239
68
148
67
75
122
27
2,156
315
433
168
213
168
134
309
78
71
80
95
91
21,545
1,873
3,221
1,592
1,921
1,646
1,719
2,833
1,225
865
1,505
1,797
1,348
21,007
1,798
3,116
1,554
1,878
1,584
1,674
2,786
1,195
847
1,489
1,768
1,318
18,640
1,734
2,933
1,374
1,609
1,450
1,531
2,381
1,098
761
1,188
1,451
1,130
10,825
889
2,508
1,225
1,309
654
503
1,732
445
514
238
139
669
3,588
171
268
196
299
332
391
478
249
155
383
447
220
3,907
333
634
319
389
286
297
532
214
165
235
275
227
3,259
296
561
266
304
242
244
437
180
137
181
211
198
648
37
73
54
85
44
53
95
33
28
55
63
29
All member banks
Central reserve city banks:
New
York
Chicago
Boston
New York
Philadelphia1'1
Cleveland
Richmond
Atlanta
Chicasfo
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
. .
1
Averages of daily closing figures for reserves and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at
opening
of business.
2
Figures include Series E bond deposit accounts, 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.
3
Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loan and 4Series E bond accounts.
Demand deposits subject to reserve requirements, i.e., demand deposits other than war loan deposits, minus cash items in process of collection and
demand
balances due from domestic banks.
5
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
576
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circula-1
tion
Total
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
1943—April
May
June
July
August. ..
September
October...
November
December.
1944—January ..
February.
March....
April
May
June
July
August. . .
September
October...
November.
December.
1945—January...
February..
March....
April
16,660
17,114
17,421
17,955
18,529
18,844
19,250
19,918
20,449
20,529
20,824
21,115
21,552
22,160
22,504
22,699
23,292
23,794
24,425
25,019
25,307
25,290
25,751
25,899
26,189
End of year and
month
Large denomination currency2
Coin and small denomination currency 2
Coin
$1 3
$2
$5
$10
$20
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
442
452
478
517
537
550
590
648
751
880
402
423
460
499
505
524
559
610
695
801
33
32
33
35
33
34
36
39
44
55
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
12,428
12,789
12,960
13,334
13,715
13,891
14,135
14,598
14,871
14,817
15,004
15,100
15,342
15,731
15,925
16,034
16,410
16,715
17,089
17,461
17,580
17,456
17,778
18,000
18,353
904
914
929
943
960
970
987
804
824
834
843
858
866
872
886
909
880
877
881
885
903
906
910
921
937
948
962
987
950
953
954
957
58
59
61
62
64
64
65
68
70
69
70
70
70
72
72
73
75
75
76
78
81
1,741
1,785
1,793
1,836
1,878
1,887
1,902
1,950
1,973
1,940
1,952
1,951
1,964
2,003
2,010
2,016
2,053
2,078
2,103
2,129
2,150
2,102
2,135
2,132
2,151
4,391
4,526
4,565
4,719
4,853
4,893
4,962
5,127
5,194
5,174
5,255
5,265
5,344
5,498
5,544
5,569
5,706
5,789
5,877
5,990
5,983
5,936
6,076
6,132
6,238
4,531
4,681
4,778
4,931
5,102
5,211
5,347
5,561
5,705
5,742
5,832
5,905
6,040
6,198
6,326
6,388
6,562
6,731
6,960
7,157
7,224
7,242
7,381
7,539
7,754
4,232
4,326
4,462
4,622
4,816
4,951
5,118
5,323
5,580
5,715
5,823
6,017
6,212
6,431
6,581
6,667
6,884
7,081
7,339
7,561
7,730
7,837
7,974
7,900
7,837
1,006
1,019
1,013
1,018
1,029
1,039
1,055
1,065
1,077
1,092
1,105
1,125
1,144
1,156
1,150
1,158
1,170
1,180
77
75
73
73
Total
$100
$500
618
1,019
1,112
1,433
1,910
125
112
122
135
139
160
191
227
261
287
237
216
239
265
288
327
425
523
556
586
1,131
1,159
1,195
1,237
1,293
1,327
1,366
,416
,481
,509
,534
,576
,618
,668
1,699
1,722
1,780
1,829
1,893
1,946
1,996
2,022
2,059
2,088
: 2,126
2,128
2,186
2,259
2,347
2,453
2,535
2,636
2,761
2,912
2,992
3,054
3,152
3,270
3,371
3,458
3,516
3,642
3,765
3,918
4,056
4,153
4,228
4,317
4,266
4,210
312
319
329
341
353
360
373
388
407
418
426
444
456
473
481
487
502
516
532
546
555
566
571
550
527
621
630
648
667
687
698
713
729
749
$50
364
337
358
399
387
409
460
538
724
577
627
707
710
770
919
$1,000 $5,000 $10,000
8
10
5
7
7
6
17
20
30
24
9
15
10
10
10
9
11
11
10
9
9
9
9
9
9
9
9
9
9
10
10
10
10
10
9
9
767
777
814
836
887
912
911
929
939
963
981
990
990
994
965
932
Unassorted
7
16
18
12
32
32
60
46
25
10
5
8
7
5
2
4
4
3
1
1
2
2
2
2
3
2
2
3
3
1
1
2
2
2
2
2
2
3
3
3
1
1
1
26
22
21
20
22
20
20
19
22
21
22
22
23
23
22
22
22
22
23
23
24
21
24
23
33
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
3
destroyed.
Paper currency ,only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation 1
Money held in the Treasury
Total outstanding,
Apr. 30,
1945
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—Apr. 30, 1945
Mar. 31, 1945
Apr. 30, 1944
20 374
18 260
23,218
4,130
,
494
. .. .
1 520
1,792
806
297
As security
against
gold and Treasury
cash
silver
certificates
18 260
""z'l',79'2 '
272
1,520
2,114
130
128
15,392
99
20
53
347
544
122
1
2
For
Federal
Reserve
Banks
and
agents
1
20,052
20,110
21,097
2,371
2,346
2,323
15,392
15,446
16,449
Money
held by
Federal
Reserve
Banks and
agents
Apr. 30,
1945
2,815
704
249
22,384
3,753
52
Mar. 31,
1945
53
22,100
3,746
Apr. 30,
1944
54
17,852
3,646
2
122
120
100
198
14
5
1,594
772
287
1,591
765
285
1,552
682
257
23
321
321
320
6
1
537
121
544
122
3,769
3,803
3,721
26,189
608
127
25^899
21,552
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. 569, and seasonally adjusted figures in table on p. 578.
2
Includes $1,800,000,000 Exchange Stabilization Fund, $143,979,894 balance of increment resulting from reduction in weight of the gold dollar,
and $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not
included in total Treasury currency outstanding.
4 Because some of the types of money shown are held as collateral or6reserves against other types, a grand total of all types has no special significance
and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii)
as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as
security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal
Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured
by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible
pledged as collateral may be co
._
__ . .
.
...
gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement.
JUNE 1945
577
ANALYSIS OF CHANGES IN GOLD STOCK OF
U N I T E D 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
....
Monthly averages of daily
figures:
1943—September
October
November
December
Amount—
adjusted for
seasonal
variation
7,598
8,732
11,160
15,410
20,449
25,307
Change in
seasonally
adjusted
series1
+742
+1,134
+2,428
+4,250
+5,039
+4,858
18,729
19,001
19,566
20,243
18,767
19,001
19,507
19,944
+480
+234
+506
+437
20,428
20,635
20,964
21,312
21,822
22,296
22,580
22,988
23,525
24,112
24,738
25,207
20,367
20,635
21,027
21,484
21,976
22,408
22,625
23,104
23,572
24,112
24,664
24,957
+423
+268
+392
+457
+492
+432
+217
+479
+468
+540
+552
+293
Period
19342.
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Gold
stock
at end
of period
Increase
in gold
stock
8,238
10,125
3 11,258
M2.76O
14,512
17,644
21,995
22,737
22,726
21,938
20,619
4,202.5
1,887.2
' 1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
— 10.3
-788.5
—1,319.0
Ear- 1
marked
DomesNet gold gold: de- tic gold
crease
producimport
or intion^
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
82.6
.2
-85.9
-200.4
—333.5
—534.4
-644.7
—407.7
—458.4
-803.6
—459.8
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.1
1944—April
2.9
-70.5
21,429
- 1 7 0 . 7 4-139.0
2.9
May
21,264
-165.5
-93.1
June
2.4
21,173
-90.7
-6.4
July
3.0
20,996
-177.1
-96.6
2.7
2.8
August
20,926
—69.7
3.0
September... 20,825
-101.2
-27.4
2.9
October
20,727
-98.4
-22.6
3.0
November
20,688
-38.3
-34.7
2.8
December. ..
20,619
-69.6
-46.3
2.5
1945—January
20,550
-69.0
-58.2
2.3
February....
20,506
—43.8
—37.4
-46.9
March
20,419
-87.3
2.4
April
20,374
—45.1
—53.2
23
p
5
May
2O,27O
-66.9
P—103.4
4 3
5
Jan .-May ... p2O,27O
P-348.7
-262.5
m.
9
+210
25,167
25,243
1945—January
P1 Preliminary.
f Figure carried forward.
25,527
February
25,527
+360
Annual figures through 1943 are estimates of the United States Mint.
25,850
March
25,928
+401
Annual figure for 1944 and monthly figures are estimates of American
26,009
26,219
+291
April
Bureau
of Metal Statistics.
May
26,351
26,537
+318
2
Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a
fine3 ounce thereafter.
1
For end of year figures, represents change computed on absolute
Includes gold in the Inactive Account amounting to 27 million dollars
amounts in first column.
on Dec.
31, 1936, and 1,228 million on Dec. 31, 1937.
4
NOTE.—For discussion of seasonal adjustment factors and for back
The net gold import figures for months subsequent to April 1944
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
have5 not been released for publication.
Because of an apparent recent change in the seasonal pattern around the
Gold held under earmark at the Federal Reserve Banks amounted to
year end, adjustment factors have been revised somewhat for dates af4,199.7 million dollars on May 31, 1945. All of this was earmarked directly
fected, beginning with December 1942; seasonally adjusted figures for
for foreign account except 102.8 million dollars which was earmarked in
money in circulation, as shown in Banking and Monetary Statistics, Table
the name of a domestic bank as security for a foreign loan.
111, p. 414, and described on p. 405, are based on an older series of adjustNOTE.—For back figures, see Banking and Monetary Statistics, Table 156,,
ment factors.
pp. 536-538, and for description of statistics see p p . 522-523 in the same
publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
1944—January
February
March
April
May
June
July
August
September
October
November
December
Debits to total deposit accounts except
interbank accounts
Year and month
Total, all
reporting
centers
New
York1
City
1936
1937
1938
1939
1940
1941
1942—old seriess....
1942—new series 3 ...
1943
1944
461,889
469,463
405,929
423,932
445,863
537,343
607,071
641,778
792,937
891,910
208,936
197,836
168,778
171,382
171,582
197,724
210,961
226,865
296,368
345,585
1944—January
February
March
April
May
June
July
August
September...
October
November...
December...
1945—January
February
March
April
C
71,904
70,688
c
76,090
C
66,719
67,259
83,881
72,909
69,124
70,389
C
73,891
77,775
91,281
82,748
70,243
81,069
74,131
C
27,031
27,592
29,644
25,297
24,708
33,563
28,474
26,165
26,860
28,558
30,016
37,678
34,990
29,065
31,884
29,413
Other
140 other1 reporting
centers centers 2
219,670
235,206
204,745
218,298
236,952
293,925
342,430
347,837
419,413
462,354
c
37,960
36,469
C
39,412
C
34,944
36,049
42,629
37,588
36,332
36,765
C
38,336
40,381
45,490
40,297
34,717
41,714
37,838
C
Annual rate of
turnover of total
deposits except
interbank
New
York
City
33,283
36,421
32,406
34,252
37,329
45,694
53,679
67,074
77,155
83,970
16.1
16.5
17.1
6,914
6,627
7,034
6,478
6,502
7,689
6,847
6,627
6,764
6,997
7,378
8,114
7,461
6,461
7,471
6,880
17.3
17.7
16.5
16.0
15.5
19.7
16.2
13.9
16.1
16.9
18.7
21.4
18.6
17.7
17.0
17.2
Debits to demand
deposit accounts
except interbank
and Government
Annual rate of
turnover of demand
deposits except
interbank and
Government
333 other
reporting
centers
New
York
City
100 other
leading
cities
New
York
City
100 other
leading
cities
13.1
11.7
10.8
204,831
193,143
164,945
167,939
167,373
193,729
200,337
258,398
298,902
202,267
215,090
186,140
200,636
217,744
270,439
308,913
369,396
403,400
31.4
29.5
25.1
21.0
17.1
17.3
18.0
20.5
22.4
22.4
22.4
19.9
19.4
18.6
19.4
18.4
17.4
17.3
11.5
11.3
10.6
10.5
10.4
11.8
10.3
9.2
10.2
c
10.3
11.5
11.9
9.9
9.7
10.0
9.9
24,994
22,887
25,650
21,284
20,927
28,988
25,423
21,722
23,827
24,672
25,464
33,064
30,826
25,416
28,924
25,115
33,749
31,566
33,937
30,482
31,105
38,024
32,934
30,988
31,882
33,498
34,676
40,559
34,801
30,024
36,008
32,430
22.9
24.0
22.8
19.7
17.9
24.3
24.8
19.0
21.4
20.9
21.6
30.0
27.0
24.3
22.9
20.8
17.9
18.5
17.4
16.4
15.5
18.7
18.0
15.2
16.2
16.0
17.2
20.4
16.9
16.0
16.1
15.5
c
c
Corrected. l National series for which bank debit figures are available beginning with 1919.
J Annual figures for 1936-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers.
« See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of
1942 partly estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which
rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit
accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member
banks m 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,
57"
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
55,171
54,713
41,680
42,548
57,258
56,639
56,565
58,955
60,943
64,099
66,952
70,761
74,153
78,231
81,963
99,701
110,161
122,812
26,179
26,366
19,172
19,817
30,687
29,597
29,730
31,761
33,360
36,194
38,661
42,270
45,521
48,607
52,806
62,868
71,853
79,640
51,532
51,156
36,919
37,766
51,769
51,001
51,148
53,180
54,938
57,698
60,253
63,436
65,949
68,616
71,027
85,755
94,347
103,975
22,540
22,809
14,411
15,035
25,198
23,959
24,313
25,986
27,355
29,793
31,962
34,945
37,317
38,992
41,870
48,922
56,039
60,803
1944—April
May
June
July
August
September
October
November
December
127,500
128,000
136,172
139,300
139,200
139,100
139,900
143,200
150,988
82,000
85,600
80,946
82,700
86,000
87,700
92,300
95,800
90,435
107,600
107,500
115,291
118,100
117,500
116,900
117,100
119,900
127,483
1945—January?37
February
March?
April?
151,100
150,900
150,700
151,000
92,300
93,900
95,300
98,300
127,400
126,700
126,500
126,500
End of month
1929—June
December
1933—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
December
1942—June
December
1943—June
December
,
Demand
deposits 1
-.djusted
United
States
Government
deposits
Time deposits
Currency
outside
banks
Total
Commercial
banks 3 4
Mutual
savings4
banks
381
158
852
1,016
666
824
599
889
792
846
828
753
753
1,895
1,837
8,402
8,048
10,424
28,611
28,189
21,656
21,715
25,905
26,218
26,236
26,305
26,791
27,059
27,463
27,738
27,879
27,729
27,320
28,431
30,260
32,748
19,557
19', 192
10,849
11,019
14,513
14,779
14,776
14,776
15,097
15,258
15,540
15,777
15,928
15,884
15,610
16,352
17,543
19,224
8,905
8,838
9,621
9,488
10,125
10,170
10,209
10,278
10,433
10,523
10,631
10,658
10,648
10,532
10,395
10,664
11,141
11,738
1,186
1,208
1,267
1,269
1,251
1.251
1,261
1,278
1,292
1,303
1,303
1,313
1,315
1,415
1,576
1,786
3,639
3,557
4,761
4,782
5,489
5,638
5,417
5,775
6,005
6,401
6,699
7,325
8,204
9,615
10,936
13,946
15,814
18,837
62,100
65,100
60,065
61,500
64,300
65,500
69,500
72,500
66,930
10,900
7,100
19,506
20,300
16,100
13,500
8,700
8,200
20,763
34,600
35,300
35,720
36,300
37,100
37,900
38,900
39,200
39,790
20,500
21,000
21,217
21,600
22,200
22,800
23,500
23,700
24,074
12,200
12,300
12,471
12,600
12,800
12,900
13,100
13,200
13,376
1,900
2,000
2,032
2,100
2,100
2,200
2,300
2,300
2,340
19,900
20,500
20,881
21,200
21,700
22,200
22,800
23,300
23,505
68,600
69,700
71,100
73,800
18,300
15,600
13,400
9,800
40,500
41,400
42,000
42,900
24,600
25,200
25,700
26,300
13,500
13,700
13,800
14,000
2,400
2,500
2,500
2,600
23,700
24,200
24,200
24,500
Postal
Savings5
System
149
159
?1 Preliminary.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
2
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
3
Excludes interbank time deposits and postal savings redeposited in banks.
4
Beginning with June 1941, the commercial bank figures exclude and the mutual savings 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 and
Table 9, pp. 34-35, for back figures.
BANK SUSPENSIONS 1
POSTAL SAVINGS SYSTEM
[In millions of dollars]
Total,
all
banks
Assets
End of month
Depositors'
balances 1 Total
U. S. Government
securities
Cash
in depository
banks
Total
Direct
Guaranteed
Cash
reserve
funds
etc. 2
1934—Dec
1935—Dec
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940-Dec
1941—Dec
1942—Dec
1943—Dec
1,207
1,201
1,260
1,270
1,252
1,279
1,304
1,314
1,417
1,788
1,237
1,237
1,296
1,308
1,291
1,319
1,348
1,396
1,464
1,843
540
287
145
131
86
53
36
26
16
10
1,058
1,097
1,132
1,192
1,224
1,274
1,345
1,716
1,046
1,078
1,128
1,220
1,716
1944—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1,947
1,994
2,034
2,084
2,140
2,198
2,257
2,305
2,342
2,008
2,053
2,095
2,147
2,202
2,262
2,323
2,374
2,411
9
9
9
8
8
8
8
8
8
1,870
1,912
1,951
2,006
2,050
2,110
2,165
2,214
2,252
1,870
1,912
1,951
2,006
2,050
2,110
2,165
2,214
2,252
129
132
135
133
143
143
150
152
152
1945—Jan
Feb
Mar
Apr
2,404
2,458
?2,513
?2,562
2,477
2,536
8
8
2,308
2,363
2,308
2,363
162
164
597
853
467
706
892
931
965
130
147
167
167
166
146
146
146
126
100
98
93
80
73
74
88
95
102
118
P1 Preliminary.
Outstanding principal, represented by certificates of deposit.
2
Includes working cash with postmasters, 5 per cent reserve fund and
miscellaneous working funds with Treasurer of United States, accrued
interest on bond investments, and accounts due from late postmasters. t
Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication.
JUNE 1945
Number of banks suspended:
1934-39
1940
1941
...
1942
1943
1944
1945—Jan.-May
National
291
15
22
8
9
4
1
0
1
4
Deposits of suspended banks
(in thousands of dollars) : 2
1934-39.
125,991
1940.
1941
1942
1943
1944
1945—Jan.-May
Member
banks
5,943
3,726
1,702
6,223
405
0
Nonmember
banks
State
6
2
14,616
256
3,144
4J982
26,548
Insured
Noninsured
189
81
18
3
6
2
1
3
1
3
44,348
40,479
5,341
503
1,375
1,241
405
346
79
327
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.
579
ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
lAmounts in millions of dollarsl
Loans and investments
Deposits
Other
Investments
Class of bank
and
call date
Total
U.S.
Loans
Total
All banks:
Government
obligations
Other
securities
TotaU
Interbank!
Number
of banks
Demand
Time
42,552
49,565
54,170
61,101
64,009
78,137
87,881
96,966
108,707
119,461
21,306
22,410
23,751
26,616
25,081
23,915
22,241
23,601
25,424
26,015
21,246
27,155
30,419
34,485
38,928
54,222
65,640
73,365
83,284
93,446
11,278
16,954
20,983
25,488
30,301
45,932
57,748
65,932
75,737
85,885
9,968
10,201
9,436
8,997
8,627
8,290
7,892
7,433
7,547
7,561
46,435
59,222
75,963
81,780
82,706
99,796
107,224
117,661
128,605
141,449
4,560
6,332
10,941
10,989
10,287
11,318
10,895
11,012
11,219
12,245
19,527
28,118
38,518
44,316
46,357
61,395
67,554
75,561
83,588
91,644
22,348
24,773
26,504
26,476
26,062
27,083
28,775
31,088
33,797
37,559
15,929
15,539
14,895
14,825
14,775
14,682
14,618
14,579
14,553
14,535
All c o m m e r c i a l b a n k s :
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
32,742
39,472
43,922
50,722
53,649
67,391
76,633
85,095
95,731
105,530
15,700
17,432
18,792
21,711
20,259
19,217
17,660
19,117
21,010
21,644
17,042
22,040
25,130
29,011
33,390
48,174
58,974
65,978
74,722
83,886
10,307
14,563
17,759
21,788
26,410
41,373
52,458
59,842
68,431
77,558
6,735
7,477
7,371
7,223
6,980
6,801
6,516
6,136
6,290
6,329
36,744
49,097
65,305
71,248
72,311
89,132
96,083
105,923
116,133
128,072
4,560
6,332
10,941
10,989
10,287
11,318
10,895
11,012
11,219
12,245
19,527
28,118
38,518
44,316
46,357
61,395
67,554
75,561
83,588
91,644
12,657
14,648
15,846
15,944
15,667
16,419
17,634
19,350
21,326
24,183
15,353
14,976
14,344
14,277
14,228
14,136
14,073
14,034
14,009
13,992
All i n s u r e d c o m m e r c i a l b a n k s :
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 303
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
31,688
38,218
42,556
49,288
52,642
66,240
75,270
83,507
93,936
103,382
15,190
17,041
18,394
21,258
19,920
18,903
17,390
18,841
20,729
21,352
16,498
21,177
24,161
28,030
32,722
47,336
57,880
64,666
73,207
82,030
10,005
13,964
17,063
21,046
25,934
40,705
51,534
58,683
67,085
75,875
6,493
7,213
7,098
6,984
6,789
6,631
6,347
5,983
6,122
6,155
35,833
47,824
63,461
69,411
71,150
87,803
94,563
104,094
114,145
125,714
4,435
6,146
10,539
10,654
10,076
11,144
10,681
10,705
11,038
12,074
19,013
27,240
37,333
43,061
45,664
60,504
66,509
74,309
82,061
89,761
12,385
14,438
15,589
15,697
15,410
16,154
17,374
19,081
21,045
23,879
13,939
13,883
13,438
13,426
13,399
13,343
13,298
13,270
13,264
13,263
27,175
32,739
37,126
43,521
46,800
59,263
67,155
74,258
83,587
91,569
12,523
14,285
15,321
18,021
16,928
16,088
14,823
16,288
18,084
18,676
14,652
18,454
21,805
25,500
29,872
43,175
52,332
57,970
65,503
72,893
9,413
12,689
15,823
19,539
24,098
37,546
46,980
52,948
60,339
67,685
5,239
5,765
5,982
5,961
5,774
5,629
5,352
5,022
5,164
5,208
31,012
41,490
56,430
61,717
63,404
78,277
84,016
92,262
101,276
110,917
4,355
6,051
10,423
10,525
9,971
11,000
10,552
10,555
10,903
11,884
16,976
24,230
33,829
38,846
41,311
54,523
59,670
66,438
73,488
79,774
9,681
11,210
12,178
12,347
12,122
12,754
13,794
15,268
16,884
19,259
6,375
6,357
6,486
6,619
6,647
6,679
6,703
6,738
6,773
6,814
17,011
20,893
23,648
27,571
29,464
37,576
42,805
47,499
53,343
58,308
7,681
8,796
10,004
11,725
10,880
10,183
9,173
10,116
11,213
11,480
9,331
12,097
13,644
15,845
18,584
27,393
33,632
37,382
42,129
46,828
5,847
8,206
9,735
12,039
14,878
23,744
30,102
34,065
38,640
43,292
3,484
3,891
3,908
3,806
3,706
3,648
3,529
3,318
3,490
3,536
19,896
26,716
35,787
39,458
40,534
50,468
54,589
59,961
65,585
71,858
2,767
3,790
6,574
6,786
6,497
7,400
7,155
7,159
7,402
8,056
10,356
15,162
20,885
24,350
25,861
34,499
38,205
42,605
46,879
50,900
6,772
7,764
8,329
8,322
8,176
8,570
9,229
10,196
11,304
12,901
5,417
5,293
5,144
5,117
5,101
5,081
5,060
5,040
5,036
5,025
10,163
11,845
13,478
15,950
17,336
21,687
24,350
26,759
30,244
33,261
4,842
5,488
5,316
6,295
6,048
5,905
5,649
6,171
6,870
7,196
5,321
6,357
8,162
9,654
11,288
15,783
18,701
20,588
23,373
26,065
3,566
4,483
6,088
7,500
9,220
13,802
16,878
18,883
21,699
24,393
1,755
1,874
2,074
2,155
2,068
1,980
1,823
1,705
1,674
1,672
11,116
14,774
20,642
22,259
22,871
27,808
29,427
32,302
35,690
39,059
1,588
2,261
3,849
3,739
3,474
3,600
3,396
3,397
3,501
3,827
6,620
9,068
12,944
14,495
15,451
20,024
21,465
23,833
26,609
28,874
2,908
3,446
3,849
4,025
3,946
4,184
4,566
5,072
5,580
6,357
958
1,064
1,342
1,502
1,546
1,598
1,643
1,698
1,737
1,789
1934—June
1937—June
1940—Dec.
1941—Dec.
1942—June
Dec.
1943—June
Dec.
1944—June
Dec.
30
30
31
31
30
31
30
31
30
30
All m e m b e r b a n k s :
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 312
1942—June 303
Dec. 31
1943—June 30..."
Dec. 31
1944—June 30
Dec. 30
•
•
All national banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
S t a t e member b a n k s :
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 3132
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
-
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the
Currency and the Federal Deposit Insurance Corporation for national banks and insured banks respectively.
1
Beginning June 30, 1942, excludes reciprocal bank balances, which on that date aggregated 600 million dollars at all member banks and 614 million
at all insured commercial banks.
2
During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These banks are
included in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks."
3
Decreases in "noninsured nonmember commercial banks" and "all nonmember commercial banks" figures (with corresponding increases in member bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with
total loans and investments aggregating 472 million dollars on June 30, 1942.
4
Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
580
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued
LOANS, INVESTMENTS, DEPOSITS, A N D NUMBER OF BANKS
[Amounts in millions of dollars]
[Loans and investments
Class of bank
and
call date
Deposits
Investments
Total
Other
Total
U.S.
Government
obligations
Other
securities
Loans
Total
1
Inter-1
bank
Number
of banks
Demand
Time
All nonmember commercial banks:
1934—June 30
1937—June 30
1940—Dec. 31
.1941—Dec. 31
1942—June 3034
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
5,567
6,733
6,796
7,208
6,856
8,135
9,486
10,847
12,155
13,972
3,177
3,147
3,471
3,693
3,334
3,132
2,840
2,832
2,929
2,971
2,390
3,586
3,325
3,515
3,522
5,003
6,647
8,014
9,226
11,002
895
1,874
1,936
2,251
2,314
3,829
5,482
6,899
8,099
9,880
1,495
1,712
1,389
1,264
1,208
1,174
1,165
1,115
1,128
1,122
5,732
7,607
8,875
9,539
8,915
10,864
12,076
13,671
14,869
17,168
205
281
518
464
316
318
343
457
315
362
2,551
3,888
4,689
5,470
5,046
6,872
7,884
9,123
10,100
11,870
2,976
3,438
3,668
3,605
3,553
3,674
3,849
4,091
4,453
4,936
8,978
8,619
7,858
7,661
7,584
7,460
7,373
7,299
7,239
7,181
4,513
5,479
5,429
5,774
5,849
6,984
8,123
9,258
10,360
11,824
2,667
2,756
3,074
3,241
2,995
2,818
2,570
2,556
2,648
2,678
1,846
2,723
2,356
2,533
2,854
4,166
5,553
6,702
7,712
9,146
592
1,275
1,240
1,509
1,837
3,162
4,557
5,739
6,752
8,197
1,254
1,448
1,116
1,025
1,017
1,004
996
962
960
949
4,821
6,334
7,032
7,702
7,754
9,535
10,557
11,842
12,880
14,809
80
96
116
129
105
145
129
149
135
190
2,037
3,010
3,504
4,215
4,353
5,981
6,839
7,870
8,573
9,987
2,704
3,228
3,411
3,358
3,296
3,409
3,589
3,823
4,172
4,632
7,564
7,526
6,952
6,810
6,755
6,667
6,598
6,535
6,494
6,452
1,054
1,254
1,367
1,434
1,007
1,151
1,363
1,588
1,795
2,148
510
391
397
452
339
314
270
276
281
292
544
863
969
982
668
837
1,094
1,312
1,514
1,856
303
599
696
742
477
667
925
1,160
1,347
1,682
241
264
273
239
191
170
169
153
168
174
911
1.273
1,843
1,837
1,161
1,329
1,519
1,829
1,989
2,358
125
185
402
335
211
173
214
307
181
171
514
878
1,185
1,255
693
891
1,045
1,253
1,527
1,883
272
210
257
247
257
265
260
269
281
304
1,414
1,093
906
851
829
793
775
764
745
729
9,810
10,093
10,248
10,379
10,360
10,746
11,248
11,871
12,976
13,931
5,606
4,978
4,959
4,905
4,822
4,698
4,581
4,484
4,414
4,370
4,204
5,115
5,289
5,474
5,538
6,048
6,666
7,387
8,562
9,560
971
2,391
3,224
3,700
3,891
4,559
5,290
6,090
7,306
8,328
3,233
2,724
2,065
1,774
1,647
1,489
1,376
1,297
1,257
1,232
9,691
10,125
10,658
10,532
10,395
10,664
11,141
11,738
12,471
13,376
9,691
10,125
10,658
10,532
10,395
10,664
11,141
11,738
12,471
13,376
576
563
551
548
547
546
545
545
544
543
1,022
969
1,655
1,693
1,800
2,007
2,704
7,525
8,489
9,223
576
470
637
642
692
740
1,013
3,073
3,111
3,110
446
499
1,018
1,050
1,108
1,267
1,691
4,452
5,378
6,113
120
252
548
629
686
861
1,264
3,844
4,752
5,509
325
247
470
421
422
405
427
608
626
604
1,040
1,002
1,818
1,789
1,864
2,048
2,739
7,534
8,235
8,910
1,040
1.002
1,818
1,789
1,864
2,048
2,739
7,534
8,235
8,910
66
56
53
52
53
56
61
184
192
192
9,124
8,593
8,686
8,560
8,739
8,544
4,345
4,487
4,708
5,030
4,508
4,322
4,263
4,130
3,958
3,568
1,411
1,302
1,260
3,758
4,616
4,271
4,424
4,430
4,781
4,975
2,935
3,185
3,448
851
2,139
2,676
3,071
3,205
3,698
4,026
2,246
2,554
2,819
2,908
2,477
1,595
1,353
1,225
1,084
949
689
631
629
8,651
9,123
8,840
8,743
8,531
8,616
8,402
4,204
4,236
4,466
8,651
9,123
8,840
8,743
8,531
8,616
8,402
4,204
4,236
4,466
510
507
498
496
494
490
484
361
352
351
Insured nonmember commercial
banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
Noninsured nonmember commercial
banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 313 4
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
All mutual savings banks:
1934—June 30
1937—June 30
1940—Dec. 31 2
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
Insured mutual savings banks:
1934—June 30
1937—June 30
1940—Dec. 31 2
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
Noninsured mutual savings banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31.,
1944—June 30
Dec. 30
For footnotes see opposite page.
JUNE
1945
581
ALL INSURED COMMERCIAL BANKS I N THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars]
Loans1
Total
loans
and
1
invest-1 Total
ments
Class of bank
and
call date
All insured commercial banks:
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
31....
31
31....
31
31....
31....
30....
30....
Member banks,
total *
32,785
37,221
42,556
49,288
66,240
83,507
93,936
103,382
19^4 D e c 31
1937 Dec. 31
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 2 . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 3 0 . . . .
Dec. 3 0 . . . .
1945—Mar. 2 0 . . . .
28,150
31,752
37,'126
43,521
59,263
74,258
83,587
91,569
90,524
New York City:*
1934—Dec. 3 1 . . . .
1937—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 3 0 . . . .
Dec. 3 0 . . . .
1941; M a r 20
7,761
8,313
10,910
12,896
17,957
19,994
22,669
24,003
22,734
Chicago*
1934—Dec 31
1937—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 3 0 . . . .
Dec. 3 0 . . . .
1945—Mar. 2 0 . . . .
1,581
1,901
2,377
2,760
3,973
4,554
5,124
5,443
5,212
X >7*JTt
X—'V^V'*
Reserve city
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
\J X •
•
•
•
Loans for
Compurchasing
meror carrying
cial,
securities
AgriinculcludturTo
ing
al 1 brokopenTo
marers
othket
and
ers 1
1
paper
dealers
Real- ConOther
esTotal
tate sumer loans 1
loans loans
S. Government obligations
Direct
Total
Notes
6^727
13,218
15,466
15,300
4,402
4,568
2,756
3,159
5,799
7,672
11,834
15,778
5,069
6,336
9,925
12,797
20,999
30,656
34,114
39,848
1,210
2,097
3,719
4,102
2,718
2,501
963
978
2,411
2,587
3,608
3,651
3,533
3,287
3,393
3,422
4,048
4,220
3,491
3,333
3,098
2,696
2,730
2,733
'6,285
12,071
14,228
13,982
4,217
4,277
2,504:
3,007
5,409
6,906
10,640
14,127
4,659
5,635
9^091
11,729
18,948
27,265
30,118
34,927
989
1,797
3^486
3,832
2,540
2,345
887
902
1,965
2 047
3*013
3,090
2,965
2,729
2,834
2,857
2,989
3,262
3,375
2*970
2,871
2,664
2,294
2,331
2,350
2,400
824
278
1,175
388
2,977 1,615
3,652 1,679
5,420 1,071
7,014
984
7,650
201
8,592
189
446
342
695
729
593
444
456
468
515
632
703
788
830
701
558
577
596
598
279
518
752
903
1,282
1,602
1,665
1,809
78
94
112
119
83
74
31
31
129
135
188
182
166
158
204
160
177
100
121
186
193
186
155
169
185
183
1,692
2,022
279
1,589
2,267
637
771 3,281 1,049
751 4,248 1,173
6,810
1,723
811
2,497 9,943
749
3,893 10,689
402
5,181 11,987
440
649
691
984
956
954
913
963
1,000
1,034
979
922
893
820
821
726
735
740
768
355
678
710
861
574
538
252
241
741
879
1,146
1,222
1,252
1,214
1,212
1,230
1 264
1,552
1,630
1,102
1,028
956
855
849
829
851
221
299
234
271
179
156
76
76
446
540
595
563
569
560
560
566
785
844
521
462
435
403
400
383
6,718
9,072
4,077
4,545
2,269 1,042
1,868
918
1,862 1,106
1,888
944
18,172
20,475
24,161
28,030
47,336
64,666
73,207
82,030
11,713
13,669
17,063
21,046
40,705
58,683
67,085
75,875
1,032
669
662
988
4,462
4,636
4,708
3,971
12,028
13,958
15,321
18,021
16,088
16,288
18,084
18,676
17,219
1,030 3,110 2,273
950 2,752 2,547
865
642
652 3,228
972
598 3,494
594
1,089
934
538 3,423
1,023 1,398
839 3,274
1,023 2,200 2,130 3,207
1,198 2,249 2,108 3,209
5,615
7 708
3,273
3,692
1,847
870
1,484
848
1,467 1,033
1,505
877
16,122
17,794
21,805
25,500
43,175
57,970
65,503
72,893
73,305
10,895
12,371
15^823
19,539
37,546
52.948
60,339
67,685
67,915
1,030
662
652
971
4,363
4,360
4,466
3,748
4,602
4,640
7,527
8,823
13,841
15,566
17,190
18,243
17,681
3,524
758
1,664
3,594
495
1,536
207
6,044
1,245
7,265
311
1,623
12,547 1,855 2,144 2,056
14,563 1,328 3,409 1,829
16,157 1,258 4,242 2,805
913 3,740 3,745
17,179
16,568
6,660
8,671
7,387
7,421
7,023
7,531
3,159
3,673
3,384 "2,125
4,072
2,807
4,116
2,546
4,428
2,515
5,479
2,430
5,760
2,610
5,054
532
635
696
954
832
1,004
1,064
1,184
1,012
492
732
658
763
710
738
716
761
6
465
8
412
21
787
24 1,054
64 1,657
30 1,742
820
733
190
169
193
323
751
859
139
141
130
123
117
107
93
86
1,483
2,039
468
554
303
252
232
253
55
41
42
48
34
102
102
163
170
129
54
52
32
52
130
163
18
12
19
22
23
22
21
24
290
453
84
96
62
45
49
45
195 1,124 1,090
123 1,066 1,176
115
207 1,436
114
194 1,527
97
153 1,486
217
267 1,420
409
903 1,385
311
777 1,379
1,904
2,838
1,322
1,512
808
658
650
660
5
6
6
6
11
17
4,312
5,203
5,931 "2^589 ' " 2 6 3
7,105
3,456
300
6,102
2,957
290
6,201
3,058
279
6,761
2,787
277
6,822
3,034
348
6,346
Country banks:
1934—Dec. 3 1 . . . .
1937—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 3 0 . . . .
Dec. 30....
194 c: M a r 20
8,780
10,124
10,826
12,518
16,419
22,188
24,850
28,520
29,126
4,025
4,446
5,309
5,890
5,038
4,654
4,780
4,910
4,807
4 635
5^470
5,429
5,774
6,984
9,258
10,360
11,824
2,586
2,789
3,074
3,241
2,818
2,556
2,648
2,678
1,453 " ' 5 9 0
1,676
659
1,226
772
1,084
713
1,096
671
1,149
802
518
543
370
356
383
389
416
478
553
482
452
525
64
25
21
20
17
25
33
32
996
824
201
183
161
197
345
310
1,026
1,219
1,644
1,823
1,797
1,725
1,708
1,719
1, ?38
2,377
1,400
1,530
674
528
536
547
38
21
21
20
16
16
21
21
383
313
75
64
59
82
166
156
1,062
1,094
1,240
1,282
1,225
1,165
1,159
1,136
1,103
1,363
803
854
422
385
395
383
148
153
251
179
18
14
40
34
312
301
350
313
393
381
392
351
174
70
73
67
1,049
1,266
1,681
1,806
3,141
3,550
4,060
4,258
4,199
821
1,010
1,307
1,430
2,789
3,238
3,688
3,913
3,840
5,715
6,211
7,081
8,243
14,813
21,321
24,183
26,781
27,106
4,088
4,599
5,204
6,467
13,038
19,682
22,484
25,042
25,304
4,756
5,677
5,517
6,628
11,380
17,534
20,071
23,610
24,319
2,049
2^681
2,356
2,533
4,166
6,702
7,712
9,146
164
32
297
256
397
'637
199
877
367 1,038
250 1,045
95
106
103
295
1,441
1,802
1,914
1,704
2^ 253
4,691
5,586
5,730
299
366
145
153
391
484
587
779
2,463
13
562 1,533
3,168
29
786 1,675
45
3,269
433 2,081
110
4,377
481 2,926
9,172
671 1^ 251 1,240
5,436
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
22,204
818
1,297
1,240
1,509
3,162
5,739
6,752
8,197
Obli-
gations
of
States Other
and
Guar- politi- securities
ancal
subBonds teed
divisions
Certificates
Bills of indebtedness
1,068 3,492 3,336
971 3,065 3,640
1^281
663
727 4,468
1,450
614
662 4,773
1,642
950
597 4,646
1,505 1,414
922 4,437
1,474 2,221 2,296 4,364
1,723 2,269 2,265 4,343
10,028
11,414
13,013
15,347
20,915
27,521
30,943
33,603
33,452
1954 Dec
31
X Zr V/TC
X-^t^V'» \J X . . • •
1937—Dec. 3 1 . . . .
1940—Dec. 31
1941—Dec. 31
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 3 0 . . . .
Dec. 3 0 . . .
u.
14,614
16,747
18,394 ' " 7 ; 178
21,258
9,214
18,903
7,757
18,841
7,777
20,729
7,406
21,352
7,920
banks:
31....
31....
31....
31....
31....
31....
30....
30....
20....
Insured nonmember commercial banks:
Investments1
2
185
7
291
10
162
17
152
99
442
390
276 1,147
766
242 1,238 1,194
223 1,319 1,652
411
700
834
1,069
2,053
3,395
4,002
4,928
* 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.
A,
1
Classifications of loans and investments were revised as of Dec. 31, 1938, ancl consequently figures for some items prior to December 1938 are not
comparable with subsequent figures. For explanation see Banking and Monetary Statistics, pp. 64 and 69.
2 During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These banks are
included in "member banks" but are not included in "all insured commercial banks."
3 Central reserve city banks.
582.
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demanc deposits
Class of b a n k
and
call d a t e
Reserves
with
Federal
Reserve
Banks
All I n s u r e d c o m mercial b a n k s :
1934—Dec. 3 1 . . . . 4,082
1937—Dec. 3 1 . . . .
7,005
1940—Dec. 3 1 . . . . 13,992
1941—Dec. 3 1 . . . . 12,396
1942—Dec. 3 1 . . . . 13,072
1943—Dec. 3 1 . . . . 12,834
1944—June 30
12,812
Dec. 30. . . . 14,260
Interbank
deposits
ForDomestic4 eign
4,193
4,744
8,202
8,570
9,080
8,445
8,776
9,787
17,901
23,267
33,820
37,845
48,221
59,921
59,197
65,960
4,652
5,519
9,677
9,823
10,234
9,743
10,030
11,063
1,087
1,019
1,132
1,143
1,271
1,365
3,149
3,414
6,185
6,246
6,147
5,450
5,799
6,354
5,772
15,686
20,387
30,429
33,754
42,570
52,642
51,829
57,308
61,175
4,569 147
5,436 453
9,581 700
9,714 671
10,101 811
9,603 891
9,904 937
10,881 945
10,250 1,016
1,576
2,738
7,057
5,105
4,388
3,596
3,455
3,766
3,949
86
56
102
93
72
92
85
102
104
103
120
122
141
82
61
60
76
62
5,069
6,111
11,062
10,761
11,899
13,899
13,254
14,042
15,309
1,797
2,108
4,032
3,595
3,209
2,867
3,105
3,179
2,996
126
416
641
607
733
810
852
851
914
415
596
207
179
319
298
164
158
179
177
144
1,189
1,438
1,941
2,215
2,557
3,050
3,070
3,041
3,289
445
528
997
902
821
811
899
892
40
27
42
43
39
38
41
43
45
1,027
1,105
1,090
1,132
1,092
2
5
8
8
12
14
15
16
16
1,268
2,310
4,027
4,060
4,940
5,116
5,109
5,687
5,836
207
200
396
425
365
391
399
441
470
1,543
1,470
2,741
2,590
2,202
1,758
1,922
2,005
1,874
5,136
6,870
9,581
11,117
14,849
18,654
18,405
20,267
21,735
1,984
2,389
3,919
4,302
4,831
4,770
4,757
5,421
5,094
17
30
49
54
63
63
65
70
78
822
275
307
452
526
542
611
618
684
745
1,296
1,645
3,002
3,216
3,699
3,474
3,638
4,097
3,693
4,292
5,968
7,845
9,661
13,265
17,039
17,099
19,958
20,842
342
412
633
790
957
994
951
1,149
1,068
2
1
2
2
4
5
5
8
8
184
199
243
271
287
313
322
352
1,044
1,329
2,017
2,325
2,934
2,996
2,978
3,434
2,216
2,879
3,391
4,092
5,651
7,279
7,368
8,652
83
83
95
108
133
141
126
182
1
3
3
2
2
2
3
3
Member banks,
total:
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
Cash
in
vault
BalDeances mand
dewith
posits
doad- 5
mestic4
banks justed
3 1 . . . . 4,082
31....
7,005
31
13,992
3 1 2 . . . 12,396
3 1 . . . . 13,072
3 1 . . . . 12,835
3 0 . . . . 12,813
3 0 . . . . 14,261
2 0 . . . . 14,605
793
789
1,234
1,358
1,305
1,445
1,464
1,622
609
589
991
148
456
702
673
813
893
940
948
Time deposits
U.S.
Certi- IndiGov- States
fied viduals,
U. S. States
ernand
and
and partner- Inter- ment
Gov- political
politships,
offiand
ical
ern- subdi- cers'
bank
corPostal subdiment visions checks and
poraSavvisions
tions
etc.
ings
1,687
801
666
1,762
8,167
9,950
18,757
19,754
1,636
781
616
1,709
7,923
9,444
17,634
18,509
12,409
2,266
2,667
3,298
3,677
3,996
4,352
4,402
4,518
863
814
971
1,077
1,219
1,669
1,550
1,354
16,717
22,105
32,398
36,544
47,122
58,338
57,351
64,133
151
153
160
158
97
68
68
64
524
126
69
59
61
124
108
109
335
588
522
492
397
395
407
423
11,674
13,988
14,998
15,146
15,697
18,561
20,530
23,347
49
30
11
10
10
46
84
122
6,152
6,403
6,673
6,841
7,055
7,453
7,709
7,989
141
140
141
140
87
62
63
58
65
452
95
56
50
56
120
104
105
101
294
482
435
418
332
327
333
347
378
9,020
10,806
11,687
11,878
12,366
14,822
16,448
18,807
20,004
19
15
3
4
5
39
75
111
285
5,054
5,371
5,698
5,886
6,101
6,475
6,696
6,968
7,138
8
7
5
6
3
4
11
11
11
56
4
49
51
29
23
26
591
696
768
778
711
816
861
977
1
1,565
1,606
1,615
1,648
1,727
1,862
1,907
1,966
1,995
1,799
2,132
2,724
3,066
3,318
3,602
3,638
3,744
4,030
1,009
1,142
1,573
1,460
1,251
1,305
14,951
19,747
29,576
33,061
42,139
51,820
50,756
56,270
59,409
229
189
370
319
263
252
213
199
293
540
404
471
450
448
710
722
361
494
5,371
6,507
11,357
11,282
12,501
14,373
13,740
14,448
15,614
182
207
174
233
178
174
218
167
162
23
23
27
34
38
44
41
33
34
1,073
1,354
1,905
2,152
2,588
3,097
3,040
3,100
3,324
585
777
995
169
192
228
286
385
475
384
488
416
4,919
6,743
9,468
11,127
15,061
18,790
18,367
20,371
21,456
118
111
107
104
63
41
37
33
33
186
34
19
20
22
56
45
40
38
206
266
226
243
169
151
158
154
179
106
149
187
239
272
344
314
369
361
3,589
5,143
6,846
8,500
11,989
15,561
15,609
18,350
19,014
16
21
29
30
20
17
15
14
21
210
61
33
31
32
56
52
57
56
84
158
150
146
140
149
157
175
181
25
47
58
68
1,766
2,357
2,822
3,483
4,983
6,518
6 595
7,863
14
18
18
10
6
5
6
9
72
31
13
8
5
4
4
4
41
106
87
74
65
68
74
76
838
767
913
Individuals, Bor- Capipartner- row- tal
acships, ings counts
and corporations
New York City:z
1934—Dec. 3 1 . . . .
1937—Dec. 3 1 . . . .
1940—Dec. 3 1 . . .
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 3 1 . . .
1944—June 3 0 . . .
Dec. 3 0 . . .
1945—Mar. 2 0 . . .
Chicago:*
1934—Dec. 3 1 . . .
1937—Dec. 3 1 . . .
1940—Dec. 3 1 . . .
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 31...
1944—June 30...
Dec. 30...
1945—Mar. 20...
Reserve city banks
1934—Dec. 3 1 . . .
1937—Dec. 3 1 . . .
1940—Dec. 3 1 . . .
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 3 1 . . .
1944—June 30...
Dec. 30...
1945—Mar. 20...
1,051
1,021
972
792
382
48
866
4,186
3,395
6,150
6,722
4,296
46
65
90
127
665
713
1,105
1,400
900
620
256
327
491
1,982
3,373
6,453
6,157
4,260
1,144
1,319
1,448
1,464
1,509
1,615
5
7
7
8
17
17
18
1
5
2
2
8
8
i1
1
1
1,065
"29*
64
96
164
381
445
496
476
453
505
543
619
631
226
255
270
288
304
326
343
354
353
4
3,494
1
4,161
4,506
4,542
4,805 '""l
5,902
6,567
7,561
8,028 '"'76'
1,904
1,967
2,028
2,135
2,207
2,327
2,395
4,554
5,504
5,917
6,082
6,397
7,599
8,477
9,650
10,279
14
13
3
4
3
10
11
16
51
1,650
1,775
1,909
1,982
2,042
2,153
2,239
2,321
2,395
2,653
3,182
3,311
3,276
3,339
3,750
4,094
4,553
30
15
8
6
1,097
1,032
1,614
1,735
Country banks:
1934—Dec. 3 1 . . .
1937—Dec. 3 1 . . .
1940—Dec. 3 1 . . .
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 3 1 . . .
1944—June 3 0 . . .
Dec. 3 0 . . .
1945—Mar. 2 0 . . .
1,361
1,857
2,210
2,842
3,303
3,438
3,909
3,927
Insured nonmember commercial banks:
1934—Dec. 3 1 . . .
1937—r>ec 31
1940—Dec 31
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 3 1 . . .
1944—Tune 30
Dec. 30
178
78
151
225
1,090
1,962
3,926
4,230
2,952
804
959
1,184
1,370
1,558
1,727
1,743
1,868
1,959
•
51
20
50
53
243
506
1,124
1,245
466
535
574
611
678
750
764
775
76
96
90
103
5
6
9
10
975
956
955
979
1,015
1,022
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million 6at all insured commercial banks.
Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection.
For other footnotes, see opposite page.
Backfigures.—SeeBanking and Monetary Statistics, Tables 18-45, pp. 72-103, and 108-113.
JUNE 1945
583
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Investments
Loans
U. S. Government obligations
For purchasing
Date or month
Total
loans
and
investments
Total—101 Cities
1944—Apr
ligations
ties
ligations
680
619
Total
Total
Bills
CerOther
tificates
Guar- secuof in- Notes Bonds an- rities
debtedness
teed
ties
51,437
10,553
6,156
451
295 1,077
71
1,204
40,884 37,999 3,167
8,963 7,193 18,026
650
59,436
12,941
6,454 1,448
713 1,519
341 1,058
79
1,329
46,495 43,594 2,277
10,272 9,164 21,267
614
2,901
59,590
58,796
58,112
57,271
12,356
11,768
11,350
11,039
6,405 1,196
991
6,320
900
6,157
881
5,989
726 1,236
763
929
751
800
755
651
357
354
346
350
1,053
1,047
1,042
1,041
77
76
68
76
1,306
1,288
1,286
1,296
47,234
47,028
46,762
46,232
21,673
22,104
22,306
22,564
613
360
343
327
2,889
2,954
2,983
3,080
Dec
1945—Jan
Feb
Mar
Apr.
Total
or carrying securities
Commercial,
To brokers To others Real- Loans
indus- and dealers
Other
to
estate
trial,
loans
loans banks
and
U.S.
U
.
S
.
agriOther
Other
Govt. se- Govt. seculob- curi- ob- curitural
44,345
44,074
43,779
43,152
2,813
2,389
2,233
1,706
10,008
10,072
11,449
11,143
9,238
9,149
7,448
7,412
2,885
Feb. 28
58,501
11,634
6,251
964
773
899
346 1,044
71
1,286
46,867 43,912 2,140
9,994 9,206 22,215
357
2,955
Mar.
Mar.
Mar.
Mar.
58,424
58,155
58,071
57,797
11,517
11,419
11,284
11,180
6,198
6,186
6,155
6,088
951
924
889
838
745
736
748
776
864
824
770
741
347
346
347
343
1,044
1,042
1,041
1,040
82
70
57
63
1,286
1,291
1,277
1,291
46,907
46,736
46,787
46,617
43,977
43,799
43,773
43,565
2,350 11,555 7,478 22,241
2,238 11,498 7,432 22,286
2,260 11,432 7,430 22,314
2,082 11,312 7,450 22,384
353
345
337
337
2,930
2,937
3,014
3,052
Apr. 4
Apr. 11
Apr. 18
Apr. 25
57,349
57,387
57,291
57,058
10,992
10,977
11,056
11,131
749
6,044
812
6,017
5,958
918
5,938 1,044
759
737
776
747
684
656
640
623
345
348
353
353
1,041
1,043
1,041
1,040
79
66
72
87
1,291
1,298
1,298
1,299
46,357
46,410
46,235
45,927
43,286
43,327
43,143
42,854
1,846
1,770
1,709
1,497
11,282
11,221
11,098
10,973
7,421
7,442
7,397
7,388
22,401
22,562
22,617
22,678
336
332
322
318
3,071
3,083
3,092
3,073
May 2
May 9
May 16
May 23
57,176
56,995
57,228
57,482
11,316
11,220
11,358
11,546
5,904
5,829
5,797
5,790
1,084
1,132
1,237
1,446
810
794
830
832
604
593
587
581
384
353
362
362
1,047
1,045
1,044
1,046
105
85
105
100
1,378
1,389
1,396
1,389
45,860
45,775
45,870
45,936
42,844
42,748
42,853
42,897
1,530
1,339
1,399
1,218
10,845
10,832
10,767
10,774
7,369
7,350
7,350
7,357
22,782
22,906
22,999
23,209
318
321
338
339
3,016
3,027
3,017
3,039
New York City
1944—Apr
18,778
4,130
2,400
490
483
231
116
85
51
274
14,648 13,710 1,178
3,367 2,740
6,213
212
938
Dec
21,601
5,454
2,430 1,145
537
736
138
72
53
343
16,147 15,174
439
3,481 3,310
7,780
164
973
1945—Jan
Feb
Mar
Apr
21,500
21,019
20,631
20,277
5,140
4,798
4,574
4,392
2,454
2,437
2,372
2,301
942
787
721
699
547
588
582
580
602
409
332
230
144
146
141
146
71
68
67
65
60
63
59
64
320
300
300
307
16,360
16,221
16,057
15,885
15,405
15,253
15,071
14,834
843
664
575
423
3,346
3,348
3,823
3,710
3,340
3,290
2,665
2,612
7,713
7,878
7,940
8,032
163
73
68
57
955
968
986
1,051
Feb. 28
20,881
4,730
2,411
767
590
396
140
67
60
299
16,151 15,192
530
3,313 3,358
7,919
72
959
Mar.
Mar.
Mar.
Mar.
7
14
21
28....
20,799
20,608
20,594
20,524
4,668
4,634
4,530
4,463
2,391
2,385
2,365
2,346
749
755
719
660
572
572
580
606
381
353
309
284
141
141
142
142
67
67
67
66
72
60
50
55
295
301
298
304
16,131
15,974
16,064
16,061
15,189
15,031
15,049
15,016
630
562
582
525
3,864
3,828
3,819
3,781
2,696
2,658
2,655
2^652
7,927
7,915
7,929
7,990
72
68
64
68
942
943
1,015
1,045
Apr. 4 . . . .
Apr. 11. . . .
Apr. 1 8 . . . .
Apr. 2 5 . . . .
20,477
20,260
20,228
20,145
4,312
4,303
4,430
4,524
2,329
2,311
2,281
2,284
574
620
742
861
586
561
600
571
241
239
225
214
142
143
150
148
65
65
65
65
70
55
60
72
305
309
307
309
16,165
15,957
15,798
15,621
15,111
14,894
14,744
14,586
674
416
366
234
3,773
3,744
3,692
3,632
2,599
2,636
2,612
2,601
8,000
8,035
8,023
8,069
65
63
51
50
1,054
1,063
1,054
1,035
May 2... .
May 9
May 16
May 23
20,262
20,162
20,278
20,505
4,687
4,612
4,744
4,926
2,267
922
2,219
959
2,207 1,049
2,201 1,249
621
606
640
639
200
196
191
184
177
151
159
161
66
66
65
65
90
69
88
79
344
346
345
348
15,575
15,550
15,534
15,579
14,585
14,547
14,535
14,559
277
161
155
117
3,532
3,525
3,475
3,413
2,579
2,595
2,600
2,596
8,147
8,214
8,245
8,386
50
52
60
47
990
1,003
999
1,020
Outside
New York City
1944—Apr
32,659
6,423
3,756
190
136
220
179
992
20
930
26,236 24,289 1,989
5,596 4,453 11,813
438
1,947
Dec
37,835
7,487
4,024
303
176
783
203
986
26
986
30,348 28,420 1,838
6,791 5,854 13,487
450
1,928
1945—Jan
Feb
Mar
Apr
38,090
37,777
37,481
36,994
7,216
6,970
6,776
6,647
3,951
3,883
3,785
3,688
254
204
179
182
179
175
169
175
634
520
468
421
213
208
205
204
982
979
975
976
17
13
9
12
986
988
986
989
30,874
30,807
30,705
30,347
28,940
28,821
28,708
28,318
1,970
1,725
1,658
1,283
6,662
6,724
7,626
7,433
13,960
14,226
14,366
14,532
450
287
275
270
1,934
1,986
1,997
2,029
Feb.28
37,620
6,904
3,840
197
183
503
206
977
11
987
30,716 28,720
1,610
6,681 5,848 14,296
285
1,996
Mar.
Mar.
Mar.
Mar.
37,625
37,547
37,477
37,273
6,849
6,785
6,754
6,717
3,807
3,801
3,790
3,742
202
169
170
178
173
164
168
170
483
471
461
457
206
205
205
201
977
975
974
974
10
10
7
8
991
990
979
987
30,776
30,762
30,723
30,556
28,788
28,768
28,724j
28,549
1,720
1,676
1,678
1,557
7,691
7,670
7,613
7,531
4,782
4,774
4,775
4,798
14,314
14,371
14,385
14,394
281
277
273
269
1,988
1,994
1,999
2,007
Apr. 4.
36,872
Apr. 11
37,127
Apr. 1 8 . . . . 37,063
Apr. 2 5 . . . . 36,913
6,680
6,674
6,626
6,607
3,715
3,706
3,677
3,654
175
192
176
183
173
176
176
176
443
417
415
409
203
205
203
205
976
978
976
975
9
11
12
15
986
989
991
990
30,192
30,453
30,437
30,306
28,175
28,433
28,399
28,268
1,172
1,354
1,343
1,263
7,509
7,477
7,406
7,341
4,822
4,806
4,785
4,787
14,401
14,527
14,594
14,609
271
269
271
268
2,017
2,020
2,038
2,038
May 2
May 9
May 16
May 23
6,629
6,608
6,614
6,620
3,637
3,610
3,590
3,589
162
173
188
197
189
188
190
193
404
397
396
397
207
202
203
201
981
979
979
981
15
16
17
21
1,034
1,043
1,051
1,041
30,285
30,225
30,336
30,357
28,259
28,201
28,318
28,338
1,253
1,178
1,244
1,101
7,313
7,307
7,292
7,361
4,790 14,635
4,755 14,692
4,750 14,754
4,761 14,823
268
269
278
292
2,026
2,024
2,018
2,019
7
14
21
28....
7
14
21
28
Backfigures.See
36,914
36,833
36,950
36,977
5,898
5,859
4,783
4,800
Banking and Monetary Statistics, pp. 127-227.
584
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
Total 101 Cities
1944—Apr
Reserves
Balwith Cash ances
Fedwith
in
eral vault
doRemestic
serve
banks
Banks
Demand
deposits
adjusted 1
Individuals,
partnerships,
and
corporations
Interbank
deposits
Time deposits,
except interbank
States Certiand
fied
U. S.
politand
Govical
offiernsubcers'
ment
divi- checks
sions
etc.
Individuals,
partnerships,
and
corporations
States U.S.
Govand
ernpolitment
ical
and
subdivi- Postal
Savsions
ings
Domestic
banks
Demand Time
Foreign
banks
Borrowings
Cap- Bank
ital
ac- deb-2
counts its
8,659
547
2,034
33,853
33,936
1,848
779
8,651 6,370
128
56
8,102
40
869
83
Dec
9,394
647
2,289
35,459
35,922
1,742
925
12,992 7,473
113
45
9,550
35
883
242
4,532
73,623
1945—Jan
Feb
Mar
Apr
9,340
9,448
9,643
9,806
585
567
596
578
2,260
2,141
2,152
2,130
35,506
36,493
37,429
38,231
35,842
36,772
37,523
38,202
1,777
1,904
1,977
2,096
987
933
817
853
12,941
11,290
9,498
7,690
7,643
7,812
7,982
8,109
113
123
124
104
46
45
44
44
9,419
8,917
9,061
9,035
33
34
40
46
904
939
937
955
141
247
234
327
4,617
4,662
4,683
4,718
65,627
55,440
64,932
57,545
10,523 7,883
4,356 51,766
Feb. 28
9,560
565
2,164
37,018
37,347
1,939
905
125
44
8,883
32
951
288
4,676
12,978
Mar.
Mar.
Mar.
Mar.
7
14
21
28
9,551
9,725
9,753
9,543
564
619
594
607
2,121
2,218
2,159
2,110
37,149
37,635
37,585
37,347
37,168
38,158
37,569
37,198
1,923
1,921
1,986
2,077
798
835
807
829
9,942
9,481
9,345
9,222
7,936
7,956
8,011
8,028
125
125
123
125
44
44
44
44
9,065
9,195
9,082
8,902
34
42
41
42
945
930
936
938
310
203
206
215
4,682
4,676
4,687
4,688
14,365
13,955
14,501
14,673
Apr. 4
Apr. 11
Apr. 18
Apr. 25
9,611
9,823
9,857
9,933
564
572
581
594
2,119
2,131
2,150
2,121
37,184
38,037
38,603
39,099
37,091
38,077
38,739
38,902
2,065
2,057
2,080
2,183
945
807
840
820
8,794
7,976
7,305
6,686
8,042
8,098
8,133
8,163
99
105
107
106
44
44
44
44
9,045
9,119
9,102
8,875
44
42
48
48
938
953
957
972
237
283
335
452
4,704 14,877
4,720 12,991
4,721 13,665
4,725 13,331
May 2
May 9
M a y 16
M a y 23
9,997
10,077
10,254
10,216
567
566
587
605
2,138
2,115
2,230
2,123
39,147
39,490
39,900
40,516
38,907
39,044
40,006
40,153
2,289 990
2,271 795
2,239 842
2,308 1,019
6,484
5,898
5,792
5,343
8,190
8,240
8,285
8,298
108
107
110
109
44
44
44
44
9,110
9,160
9,408
9,148
47
48
47
48
976
995
1,013
1,017
531
472
429
635
4,741
4,747
4,746
4,754
15,179
13,199
15,097
14,986
New York City
1944—Apr
3,257
89
32
12,611
12,965
187
457
3,552
769
19
6
2,609
1
787
56
1,716
21,284
Dec
3,342
107
28
12,809
13,240
202
530
5,578
884
17
7
2,963
1
798
182
1,768
33,064
1945—Jan
Feb
Mar
Apr
3,345
3,443
3,540
3,619
91
92
95
*95
26
26
32
42
12,768
13,241
13,681
14,121
13,219
13,631
14,026
14,485
172
240
235
233
590
574
442
471
5,543
4,745
3,929
3,163
899
922
952
966
18
18
19
18
7
7
7
8
2,985
2,850
2,859
2,869
1
1
1
1
817
849
844
857
69
99
130
131
1,792
1,805
1,806
1,816
30,826
25,416
28,924
25,115
Feb. 28
3,509
88
24
13,434
13,862
239
529
4,390
928
18
7
2,888
1
861
128
1,811
5,474
Mar.
Mar.
Mar.
Mar.
3,497
3,523
3,530
3,610
92
98
92
98
21
25
28
51
13,521
13,679
13,691
13,831
13,873
14,142
13,968
14,122
213
209
271
246
456
455
399
456
4,131
3,930
3,856
3,799
933
939
968
967
19
19
18
18
7
7
8
8
2,911
2,891
2,844
2,791
1
1
1
1
855
837
841
842
172
95
119
134
1,809
1,806
1,807
1,803
6,638
6,368
6,116
6,593
Apr. 4
Apr. 11
Apr. 18
Apr. 25
3,541
3,618
3,629
3,689
92
98
95
93
80
35
27
27
13,910
13,983
14,183
14,411
14,262
14,338
14,630
14,710
214
214
249
256
544
449
446
446
3,639
3,289
3,003
2,721
958
963
968
973
18
18
18
18
8
8
8
8
2,823
2,908
2,921
2,822
1
1
1
1
841
858
857
871
96
92
113
223
1,815
1,817
1,818
1,816
6,419
5,827
5,848
5,781
May 2
May 9
May 16
May 23
3,797
3,767
3,843
3,856
84
92
91
92
24
21
30
24
14,505
14,699
14,938
15,359
14,837
14,969
15,277
15,597
313
277
282
279
583
437
488
679
2,581
2,336
2,287
2,054
987
989
998
995
19
19
19
19
8
8
8
8
2,941
2,934
2,973
2,877
1
1
1
1
873
895
910
914
339
241
199
338
1,826
1,828
1,827
1,828
6,674
6,183
7,024
6,868
5,402
458
2,002
21,242
20,971
1,661
322
5,099 5,601
109
50
5,493
39
82
27
6,052
540
2,261
22,650
22,682
1,540
395
7,414 6,589
96
38
6,587
34
85
60
5,995
6,005
6,103
6,187
494
475
501
483
2,234
2,115
2,120
2,088
22,738
23,252
23,748
24,110
22,623
23,141
23,497
23,717
1,605
1,664
1,742
1,863
397
359
375
382
7,398
6,545
5,569
4,527
6,744
6,890
7,030
7,143
95
105
105
86
39
38
37
36
6,434
6,067
6,202
6,166
32
33
39
45
87
90
93
98
72
148
104
196
6,051
477
2,140
23,584
23,485
1,700
376
6,133 6,955
107
37
5,995
31
90
160
2,865
7,504
90
93
95
96
138
108
87
81
2,873
2,870
2,880
2,885
7,727
7,587
8,385
8,080
7 .
14
21
28
Outside
New York City
1944—Apr.
Dec. ..
1945—Jan
Feb...
Mar
Apr
Feb. 28
2,640 30,482
2,764 40,559
2,825
2,857
2,877
2,902
34,801
30,024
36,008
32,430
7
14
21
28
6,054
6,202
6,223
5,933
472
521
502
509
2,100
2,193
2,131
2,059
23,628
23,956
23,894
23,516
23,295
24,016
23,601
23,076
1,710
1,712
1,715
1,831
342
380
408
373
5,811
5,551
5,489
5,423
7,003
7,017
7,043
7,061
106
106
105
107
37
37
36
36
6,154
6,304
6,238
6,111
33
41
40
41
Apr. 4
Apr. 11
Apr. 18
Apr. 25
6,070
6,205
6,228
6,244
472
474
486
501
2,039
2,096
2,123
2,094
23,274
24,054
24,420
24,688
22,829
23,739
24,109
24,192
1,851
1,843
1,831
1,927
401
358
394
374
5,155
4,687
4,302
3,965
7,084
7,135
7,165
7,190
81
87
89
88
36
36
36
36
6,222
6,211
6,181
6,053
43
41
47
47
97
95
100
101
141
191
222
229
2,889
2,903
2,903
2,909
8,458
7,164
7,817
7,550
May 2
May 9
May 16
May 23
6,200
6,310
6,411
6,360
483
474
496
513
2,114
2,094
2,200
2,099
24,642
24,791
24,962
25,157
24,070
24,075
24,729
24,556
1,976
1,994
1,957
2,029
407
358
354
340
3,903
3,562
3,505
3,289
7,203
7,251
7,287
7,303
89
88
91
90
36
36
36
36
6,169
6,226
6,435
6,271
46
47
46
47
103
100
103
103
192
231
230
2,915
2,919
2,919
2,926
8,505
7,016
8,073
8,118
Mar.
Mar.
Mar.
Mar.
297
1
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
JUNE 1945
585
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Federal Reserve
district and date
Boston
Apr. 25
May 2
May 9
M a y 16
M a y 23
New York*
Apr. 25
May 2
May 9
M a y 16
M a y 23
Philadelphia
Apr. 25
May 2
May 9
M a y 16
M a y 23
Cleveland
Apr. 25
May 2
May 9
M a y 16
M a y 23
Richmond
Apr. 25
May 2
May 9
M a y 16
M a y 23
Atlanta
Apr. 25
May 2
May 9
M a y 16
M a y 23
Chicago*
Apr. 25
May 2
May 9
M a y 16
M a y 23
St. Louis
Apr. 25
May 2
May 9
M a y 16
May 23..
Minneapolis
Apr. 25
May 2
May 9
M a y 16
M a y 23
Kansas City
Apr. 25
May 2
May 9
M a y 16
M a y 23
Dallas
Apr. 25
May 2
May 9
M a y 16
M a y 23
San Francisco
Apr. 25
May 2
May 9
M a y 16
M a y 23
City of Chicago*
Apr. 25
May 2
May 9
M a y 16
M a y 23
Total
loans
and
invest- Total
ments
Commercial,
industrial,
and
agricultural
For purchasing or carrying securities
To others
U.S.
Govt. Other
obli- secuga- rities
tions
U. S. Government obligations
Real- Loans
estate to Other
Total
loans banks loans
Total
DertifiOther
cates
secuof
Guar- rities
Bills in- Notes Bonds andebtteed
edness
2,960
2,938
2,929
2,916
2,901
651
638
636
655
660
396
389
385
383
388
29
19
20
38
39
24
22
24
23
22
12
12
12
13
12
16
16
15
15
15
64
64
64
64
64
102
109
109
110
109
2,309
2,300
2,293
2,261
2,241
2,235
2,228
2,219
2,186
2,166
94
95
86
64
43
618
616
609
595
584
299
298
295
297
295
1,218
1,217
1,227
1,228
1,242
74
72
74
75
75
22,168
22,272
22,182
22,300
22,551
4,854
5,019
4,944
5,078
5,253
2,430
2,415
2,364
2,352
2,346
867
926
967
1,056
1,250
576
626
612
647
645
233
220
214
210
203
168
197
171
180
182
140
141
141
140
140
368
404
406
405
408
17,314
17,253
17,238
17,222
17,298
16,207
16,192
16,160
16,14(
16,203
305
331
227
212
169
4,009
3,904
3,895
3,846
3,805
2,844
2,825
2,835
2,841
2,839
8,988
9,066
9,135
9,174
9,322
1,107
1,061
1,078
1,073
1,095
2,380
2,387
2,391
2,370
2,383
411
412
410
416
418
206
205
202
205
202
36
34
34
35
39
5
5
5
5
5
10
10
10
10
10
34
33
33
33
33
114
120
121
121
122
1,969
1,975
1,981
1,954
1,965
1,791
1,799
1,805
1,77
1,790
91
108
113
91
95
305
297
298
290
286
260
260
271
282
1,081
1,080
1,069
1,060
1,064
178
176
176
177
175
4,651
4,670
4,643
4,667
4,683
838
837
831
828
827
380
380
378
375
375
21
22
22
21
19
89
89
85
85
85
16
16
15
15
15
154
154
154
154
153
126
126
127
127
126
3,813
3,833
3,812
3,839
3,856
3,572
3,592
3,570
3,594
3,611
97
108
69
91
85
909
919
929
913
925
591
589
589
589
586
1,965
1,966
1,973
1,990
2,005
241
241
242
245
245
1,872
1,867
1,881
1,882
1,874
28:
282
282
28
28:
128
127
125
123
122
5
5
5
5
5
29
29
30
31
32
9
9
9
10
9
46
46
45
45
46
58
59
60
59
59
1,591
1,585
1,599
1,60:
1,593
1,532
1,526
1,539
1,541
1,533
82
73
85
84
65
318
315
315
322
329
25:
25:
249
249
248
867
873
877
877
883
59
59
60
60
60
1,821
1,816
1,823
1,826
1,841
32
322
32C
32C
320
184
185
185
184
183
30
29
29
29
28
7
7
7
7
7
26
25
25
25
25
64
67
64
65
68
1,500
1,494
1,503
1,506
1,521
1,369
1,362
1,370
1,372
1,386
48
36
37
45
48
359
366
362
363
364
296
300
298
297
290
660
654
667
661
678
131
132
133
134
135
8,570
8,631
8,540
8,606
8,566
1.45C
1.48C
1,463
1,452
1,467
914
909
895
891
896
121
114
112
109
105
58
57
58
59
58
136
147
146
143
143
118
132
132
131
130
7,11'
7,15
7,077
7,154
7,099
6,556
6,595
6,532
6,62'
6,577
374
405
346
420
331
1,859
1,842
1,843
1,847
1,868
1,05:
1,051
1,024
1,006
1,00"
3,234
3,260
3,281
3,308
3,316
558
556
545
525
522
1,829
1,832
1,839
1,841
1,846
42
42'
42i
422
411
232
229
227
223
219
19
19
19
19
20
12
13
12
12
12
66
66
66
66
66
84
91
93
92
91
1,408
1,405
1,413
1,41"
1,427
1,286
1,284
1,291
1,29!
1,303
38
37
45
45
53
306
303
297
297
300
259
259
260
259
261
670
672
676
681
676
122
121
122
124
124
1,098
1,104
1,103
1,103
1,100
19<
19'
19<
19i
18!
115
113
110
111
107
6
6
6
6
6
23
23
23
23
22
45
50
50
49
47
902
905
90'
907
911
857
860
862
86
864
7
10
10
6
4
199
199
200
193
198
163
16:
162
162
162
485
486
487
497
497
45
45
45
46
47
1,978
1,990
2,007
2,032
2,042
33.
32?
33
332
33
211
206
208
208
207
15
16
16
16
16
37
37
37
38
38
57
57
57
58
58
1,645
1,662
1,676
1,700
1,~"
1,515
1,531
1,545
1,569
1,580
73
85
92
98
86
387
385
390
397
403
318
319
319
327
348
713
718
720
722
719
130
131
131
131
131
1,666
1,671
1,673
1,677
1,675
395
40.
40/
409
405
263
266
268
260
266
28
29
29
29
29
22
22
22
23
23
60
60
61
70
61
1,267
1,268
1,266
1,268
1,270
1,220
1,220
1,218
1,220
1,222
62
60
58
60
59
389
390
390
391
392
223
226
221
218
213
536
534
539
541
548
47
48
48
48
48
6,065
5,998
5,984
6,008
6,020
97C
969
97.
969
976
479
480
482
482
479
36
36
36
35
40
292
289
289
290
293
103
103
109
109
110
5,095
5,029
5,010
5,039
5,044
4,71
4,655
4,637
4,660
4,662
226
182
171
183
180
1,315
1,309
1,304
1,313
1,320
831
828
827
823
822
2,261
2,256
2,255
2,260
2,259
381
374
373
379
382
5,118
5,103
5,073
5,085
5,037
98;
999
984
978
993
679
675
662
658
663
68
61
60
58
56
27
27
27
24
24
61
73
74
73
73
4,133
4,104
4, """
4,107
4,044
3,760
3,732
3,726
3,764
3,704
314
290
288
313
224
1,046
1,031
1,033
1,026
1,042
593
593
594
594
592
1,803
1,814
1,806
1,826
1,829
373
372
363
343
340
* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the
New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
586
FEDERAL RESERVE
BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[ In millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
Federal Reserve
district and date
Reserves
DeBalwith Cash ances mand
Feddewith
in
eral
posits
do-ault mestic
Readserve
banks usted
Banks
Boston (6 cities)
Apr. 25
May 2
May 9
May 16
May 23
New York (8 cities)
Apr. 25
May 2
May 9
May 16
May 23
Philadelphia (4 cities)
Apr. 25
May 2
May 9
May 16
May 23
Cleveland (10 cities)
Apr. 25
May 2
May 9
May 16
May 23
Richmond (12 cities)
Apr. 25
May 2
May 9
May 16
May 23
Atlanta (8 cities)
Apr. 25
May 2
May 9
May 16
May 23
Chicago (12 cities)
Apr. 25
May 2
May 9
May 16
May 23
St. Louis (5 cities)
Apr. 25
May 2
May 9
May 16
May 23
Minneapolis (8 cities)
Apr. 25
May 2
May 9
May 16
May 23
Kansas City (12 cities
Apr. 25
May 2
May 9
May 16
May 23
Dallas (9 cities)
Apr. 25
May 2
May 9
May 16
May 23
San Francisco (7 cities)
Apr. 25
May 2
May 9
May 16
May 23
City of Chicago*
Apr. 25
May 2
May 9
May 16
May 23
Individuals,
partnerships,
and
corporations
tates Certiand
fied
polit- and U.S.
ical
offi- Govsubcers' erndivi- :hecks ment
sions •etc.
Individuals,
partnerships,
and
corporations
Interbank
deposits
Domestic
banks
S.
Bor- CapStates U.
Bank
Govrow- ital
and
deb-2 ,
ernacFor- ings :ounts
polit- ment
its
eign
ical
and
banks
sub- Postal Dedivi- Sav- mand Time
ings
460
469
468
477
466
66
64
64
67
69
109
117
105
114
114
2,190
2,203
2,217
2,218
2,230
2,158
2,183
2,181
2,215
2,210
119
117
115
113
111
463
438
395
383
346
365
368
370
371
372
288
304
308
315
310
20
20
19
20
21
276
277
277
277
278
628
704
570
657
751
3,943
4,050
4,015
4,099
4,127
127
116
125
124
126
108
111
110
120
107
15,817
15,906
16,111
16,366
16,828
15,903
16,041
16,165
16,513
16,819
501
549
518
531
562
,911
615 ,770
469 ,510
515 :,458
706 2,214
1,535
1,551
1,556
1,567
1,565
2,888
3,010
3,002
3,045
2,947
873
876
897
912
916
,965
,976
,978
,977
,978
i, 135
',136
>,571
7,415
7,235
431
433
443
449
446
31
29
28
30
30
75
84
77
88
78
1,852
1,883
1,917
1,904
1,934
1,853
I,!""
1,1
1,928
1,930
100
98
111
97
104
23
19
20
18
12
280
272
246
243
231
197
198
199
199
199
344
348
337
352
335
243
243
244
244
245
584
619
499
587
568
771
763
787
788
798
76
73
71
75
78
189
199
194
203
194
3,182
3,167
3,176
3,197
3,245
3,211
3,198
3,181
3,267
3,265
139
137
144
145
146
42
40
39
47
42
413
442
402
396
368
1,080
1,085
1,090
1,093
1,095
503
521
520
548
525
461
461
462
462
462
835
994
796
914
911
308
308
312
326
326
38
35
35
37
38
145
155
148
150
151
1,246
1,248
1,280
1,29:
1,313
1,229
1,232
1,252
1,289
1,271
90
94
94
93
114
19
22
18
21
22
242
228
208
203
184
303
305
307
307
308
374
381
387
400
393
124
124
124
124
125
361
395
358
387
371
347
351
355
357
349
29
28
26
28
30
144
141
139
152
129
1,257
1,233
1,252
1,270
1,276
1,172
1,153
1,169
1,200
1,194
179
183
181
182
176
11
9
10
10
13
136
134
125
122
111
355
357
360
362
362
482
494
496
499
488
119
119
119
119
120
340
375
322
371
419
,512
,475
,520
,519
,514
101
100
97
101
104
392
381
381
400
384
5,940
5,923
5,937
5,938
5,988
5,761
5,689
5,678
5,816
5,796
486
516
517
495
504
76
100
72
69
63
977
951
868
863
798
1,614
1,617
1,629
1,636
1,642
1,465
1,495
1,494
1,573
1,512
329
320
326
339
331
21
20
20
20
22
109
111
110
108
102
1,115
1,082
1,109
1,122
1,091
1,156
1,118
1,140
1,178
1,126
65
64
68
68
64
11
13
11
11
12
162
179
164
162
175
297
299
300
302
302
562
575
576
580
572
127
127
127
126
127
372
423
339
376
416
17
183
185
188
188
11
10
10
11
11
73
78
78
81
77
677
685
695
704
694
646
647
653
671
659
84
90
88
9
11
10
10
10
151
142
128
123
116
180
181
182
182
183
253
267
271
269
271
82
82
82
82
82
211
232
223
237
247
425
416
423
434
424
24
23
23
23
25
276
285
298
310
282
1,339
1,344
1,371
1,394
1,378
1,325
1,324
1,337
1,387
1,354
145
148
143
143
147
20
22
21
23
19
173
170
154
158
153
247
248
250
251
251
798
819
836
860
853
137
138
138
138
139
465
444
414
477
439
338
342
350
373
351
25
24
23
23
25
233
220
223
243
244
1,263
1,269
1,275
1,305
1,296
1,275
1,257
1,265
1,314
1,295
72
82
79
75
76
24
24
20
20
20
154
147
135
133
130
226
227
229
230
230
502
496
513
531
520
122
122
122
122
123
366
352
310
350
382
893
905
896
45
4.
44
48
47
268
256
252
261
261
3,221
3,204
3,150
3,190
3,243
3,213
3,177
3,135
3,228
3,234
203
211
213
209
216
79
82
75
68
70
624
611
563
548
517
1,764
1,754
1,768
1,785
1,789
416
400
420
436
422
513
513
514
515
515
1,079
1,074
1,032
1,091
1,102
925
921
939
950
963
44
45
44
45
45
178
174
174
177
176
3,550
3,533
3,571
3,553
3,611
3,532
3,493
3,492
3,591
3,597
203
236
232
209
222
41
44
40
34
29
635
617
559
546
497
659
659
664
668
670
1,047
1,063
1,062
1,122
1,076
556 1,955
2,431
1,765
2,235
2,095
560
354 1,165
356 1,532
356. 1,106
356 1,350
357 1,287
* See note on preceding page.
1
2
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.
JUNE 1945
587
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by
Commercial
paper
Total
outoutstanding standing
End of month
Based on
Accepting banks
Total
1944—January
February
March
April
May
June
July
August
September
October
November
December
209
214
195
172
151
137
143
141
141
142
167
166
120
135
129
126
113
112
110
110
111
115
115
129
94
106
100
96
90
1945—January
February
March
April
162
157
147
119
130
126
128
117
Own
bills
Others 2
Bills
bought
Exports
from
United
States
Imports
into
United
States
82
85
85
84
93
55
57
52
51
49
44
46
44
42
40
44
44
38
49
48
45
41
43
41
38
43
45
40
50
27
29
30
29
24
25
23
28
26
30
32
35
71
83
79
77
71
74
72
75
78
79
74
86
12
12
12
12
10
11
12
10
11
13
14
14
98
97
96
90
48
52
54
52
50
46
42
38
32
29
32
26
86
87
87
81
13
12
11
10
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
s8
Foreign
countries
29
32
31
30
28
24
24
22
19
21
24
25
()
8(3)
(3J
(f)
25
24
25
24
1
2
3
As reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks.
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
Debit m
Debit
Customers' balances in balances in
debit
firm
partners'
balances
investment investment
(net) 1
and trading and trading
accounts
accounts
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
December...
1942—June
December
1943—June
December
1,267
1,395
1,489
985
774
991
834
906
653
677
Credit balances
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed 2
Free
Other
(net)
Other credit balances
In partners' Infirm
capital
investment investment In
and trading and trading accounts
(net)
accounts
accounts
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
616
600
496
543
761
788
67
64
55
34
27
32
25
16
12
12
11
8
9
7
9
11
89
86
86
154
190
188
186
211
180
160
167
181
395
368
309
378
529
557
255
289
240
270
334
354
65
63
56
54
66
65
17
17
16
IS
15
14
7
5
4
4
7
5
222
213
189
182
212
198
95
15
ii
216
96
18
8
e
1944—May
June
July
August
September
October
November
December
79O
887
5
253
196
950
^40
1,041
7
260
209
1945—January
February
March
April
«l,070
«l,100
3
l,034
31,065
e
940
e
940
e
940
e
e
55O
619
660
e
630
e
640
e
670
e
640
726
e
e
e
e
e
73O
e
73O
3722
3
701
400
424
420
e
410
*420
e
430
e
430
472
227 •
530
e
540
3553
3575
* Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own 2r partners.
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
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.
588
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
1942 average
1943 average
1944 average
1944—May
June
July
August
September....
October
November
December
1945—January
February
March
April
May
Prime
commercial
paper,
4- to 6monthsi
.66
.69
.73
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
Week ending:
Apr.28
May 5
May 12
May 19
May 26
Prime Stock
exbank- change
ers'
call
accept- loan
ances,
re90
newdaysl
a l
Yields on U . S .
Government securities
9- to 12month
53certifi- 3-to
year
month3
cates taxable
bills
of indebted- notes
ness
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.326
.373
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
7
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.375
A
%
7
A
I
.77
.79
.77
.76
.79
.80
.81
.80
.78
.77
.78
.77
.80
1.46
1.34
1.33
1.35
1.34
1.31
1.30
1.31
1.35
1.34
1.35
1.31
1.22
1.18
1.14
1.16
.79
.79
.79
.80
.81
1.14
1.14
1.16
1.17
1.17
'"".is"
.79
1 Monthly figures are averages of weekly prevailing rates.
2
The average rate on 90-day stock exchange time loans was 1.25 per
cent
during the entire period.
3
Rate on new issues offered within period.
Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp.
448-459, and the BULLETIN for May 1945, pp. 483-490.
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
11 Southern and
Western
cities
1936 average 11
1937 average 1. „ ,.......
1938 average .... „....... .„
2.68
2.59
2.53
1.72
1.73
1.69
3.04
2.88
2.75
3.40
3.25
3.26
1939 average... „.......... .„.....
1940 average
1941 average.
1942 average....
1943 average
.........
1944 average
1940—September
December....
1941—March
June
September
December ..
1942—March
June
September.
December..
2.78
2.63
2.54
2.61
2.72
2.59
2.68
2.59
2.58
2.55
2.60
2.41
2.48
2.62
2.70
2.63
2.07
2.04
1.97
2.07
2.30
2.11
2.14
2.00
2.06
1.95
1.98
1.88
1.85
2.07
2.28
2.09
2.87
2.56
2.55
2.58
2.80
2.68
2.56
2.53
2.53
2.58
2.62
2.45
2.48
2.56
2.66
2.63
3.51
3.38
3.19
3.26
3.13
3.02
3.43
3.36
3.25
3.23
3.29
2.99
3.20
3.34
3.25
3.26
1943—March
June
September..
December..
2.76
3.00
2.48
2.65
2.36
2.70
2.05
2.10
2.76
2.98
2.71
2.76
3.24
3.38
2.73
3.17
1944—March
June
September..
December..
2.63
2.63
2.69
2.39
2.10
2.23
2.18
1.93
2.75
2.55
2.82
2.61
3.12
3.18
3.14
2.65
2.91
1945—March
1.99
2.73
2.53
l Prior to*March 1939figureswere reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures—See Banking and Monetary Statistics, Tables 124-125, pp.
463-464; for description, see pp. 426-427.
B O N D YIELDS 1
[Per cent per annum]
U. S. Government
Year, month,
or week
Corporate (Moody's) 4
MunicTaxable
ipal
Long-term
(highpartially
years grade) 2
tax7 to 9 15 and
exempt years
over
Corporate
(highgrade) 3
By groups
By rating
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
Number of issues
1-5
1-5
1-7
15
5
120
30
30
30
30
40
40
40
1942 average
1943 average
1944 average
2.09
1.98
1.92
1.93
1.96
1.94
2.46
2.47
2.48
2.36
2.06
1.86
2.75
2.64
2.60
3.34
3.16
3.05
2.83
2.73
2.72
2.98
2.86
2.81
3.28
3.13
3.06
4.28
3.91
3.61
2.96
2.85
2.80
3.96
3.64
3.39
3.11
2.99
2.96
1944—May.
June
July
August
September
October
November
December
1.94
1.91
1.89
1.90
1.93
1.93
1.90
1.87
1.95
1.95
1.95
1.93
1.92
1.93
1.92
1.93
2.49
2.49
2.49
2.48
2.47
2.48
2.48
2.48
1.86
1.87
1.84
1.82
1.83
1.87
1.88
1.87
2.58
2.58
2.59
2.57
2.55
2.55
2.61
2.59
3.06
3.05
3.04
3.02
3.03
3.02
3.02
2.98
2.73
2.73
2.72
2.71
2.72
2.72
2.72
2.70
2.81
2.81
2.80
2.79
2.79
2.81
2.80
2.76
3.07
3.07
3.05
3.04
3.05
3.01
3.01
2.98
3.63
3.59
3.57
3.55
3.56
3.55
3.53
3.49
2.81
2.79
2.79
2.79
2.79
2.79
2.77
2.74
3.41
3.40
3.37
3.34
3.35
3.32
3.29
3.25
2.97
2.96
2.95
2.94
2.94
2.96
2.98
2.96
1945—January
February
March
April
May
1.81
1.75
1.70
1.68
1.68
1.89
1.77
1.70
1.62
1.57
2.44
2.38
2.40
2.39
2.39
1.81
1.71
1.61
1.57
1.58
2.58
2.56
2.51
2.49
2.53
2.97
2.93
2.91
2.90
2.89
2.69
2.65
2.62
2.61
2.62
2.76
2.73
2.72
2.73
2.72
2.98
2.94
2.92
2.90
2.88
3.46
3.41
3.38
3.36
3.32
2.73
2.69
2.68
2.69
2.68
3.23
3.16
3.11
3.07
3.05
2.97
2.95
2.94
2.94
2.93
Week ending:
Apr. 28
May 5
May 12
May 19
May 26
1.68
1.68
1.69
1.69
1.68
1.60
1.56
1.56
1.59
1.58
2.39
2.39
2.40
2.39
2.38
1.54
1.54
1.54
1.59
1.63
2.49
2.51
2.52
2.54
2.54
2.90
2.89
2.89
2.89
2.88
2.61
2.61
2.61
2.62
2.62
2.73
2.73
2.73
2.72
2.71
2.90
2.89
2.88
2.88
2.88
3.35
3.33
3.33
3.33
3.32
2.69
2.68
2.68
2.69
2.69
3.06
3.05
3.05
3.05
3.05
2.94
2.94
2.94
2.93
2.92
1
2
3
4
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced
from 10 to 5 and 10 to 6 issues, respectively, and the railroad Aaa group from 10 to 5 issues.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490.
JUNE 1945
589
SECURITY MARKETS 1
Stock prices 5
Bond prices
Corporate 4
Year, month, or week
Municipal
(high
ernGovment* grade) 3
Highgrade
15
15
50
10
u. s.
Medium- and lower-grade
Industrial
Total
Volume
of trading 7
[in thousands of
Public shares)
utility
Common (index 1935-39 = 100)
DePublic faulted
utility
Railroad
Preferred 6
Total
Industrial
Railroad
20
20
15
15
402
354
20
28
1942 average
1943 average
1944 average
100.72
100.50
100.25
126.2
131.8
135.7
118.3
120.3
120.9
100.1
109.5
114.7
109.1
117.0
120.5
86.6
97.6
107.3
104.8
114.0
116.3
27.2
44.0
59.2
162.4
172.7
175.7
69
92
100
71
94
102
66
89
101
61
82
90
1944—May
June
July
August
September.
October...
November..
December..
100.19
100.16
100.19
100.35
100.40
100.29
100.26
100.34
135.6
135.5
136.1
136.5
136.2
135.5
135.2
135.5
120.9
120.9
121.3
121.2
121.2
121.1
120.9
121.4
114.7
114.5
114.7
114.8
114.5
115.5
115.9
116.9
121.5
121.5
121.1
120.9
120.1
119.9
119.9
120.7
106.5
106.2
106.8
107.3
107.0
109.6
110.9
113.2
116.0
115.9
116.3
116.2
116.5
116.9
116.7
116.8
58.9
61.2
61.3
57.3
55.5
59.1
61.2
65.8
173.2
175.8
177.6
176.9
177.4
177.4
178.5
180.9
97
102
104
103
101
104
103
105
99
104
107
105
103
106
105
106
99
101
105
103
99
103
105
114
88
90
91
92
91
93
92
92
1945—January...
February..
March
April
May
100.97
101.81
101.56
101.68
101.74
136.6
138.7
140.7
141.6
141.3
121.6
121.9
122.7
122.9
122.3
117.3
117.6
118.1
118.2
117.9
121.2
121.9
122.9
123.1
122.1
113.7
114.3
114.8
115.0
115.0
117.0
116.5
116.5
116.5
116.5
68.6
68.1
68.9
71.9
77.5
183.3
185.5
187.7
190.9
191.2
108
113
112
114
118
110
115
114
117
120
121
125
124
129
135
94
97
96
98
101
Week ending:
Apr. 28..
May 5 .
May 12..
May 19..
May 26..
101.67
101.71
101.65
101.66
101.87
142.2
142.2
142.2
141.2
140.3
122.9
122.7
122.3
122.2
122.2
116.6
116.4
116.5
116.5
116.6
74.9
77.4
77.8
77.3
77.2
192.9
192.3
192.3
190.8
190.2
Number of issues.
1-7
122.9
122.3
122.1
121.9
122.2
118.2
118.0
117.9
117.8
117.9
115.2
115.2
115.2
115.0
114.8
117
118
118
118
117
119
120
121
120
119
136
133
132
134
133
466
1,032
971
730
1,598
1,283
872
738
776
850
1,421
1,652
1,664
1,195
1,273
1,357
1,533
1,443
1,511
1,245
1,186
100
100
101
101
101
1
2
3
4
5
6
7
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures— See Banking and Monetary Statistics, Tables 130,133,134, and 136, pp. 475,479,482, and 486, respectively and the BULLETIN for May 1945,
pp. 483-490.
NEW SECURITY ISSUES
[In millions of dollars]
]For
Year or month
1935
1936
1937
1938 . .
1939
1940
1941
1942
1943
1944
Total
(new
and
refunding)
Total
(domestic
and
for- Total
eign)
State
and
municipal
Corporate
For-2
eign
Total
(domestic
and
foreign)
Domestic
Federal
agen-1
cies
Total
855
150
735
22
712
157
971
481
931
924
751 461
518 1,272
108
342
90
176
45
235
404
1,192
1,225
873
383
736
1,062
624
374
627
334
839
817
807
287
601
889
506
282
404
69
352
408
67
97
135
173
118
92
223
48 • 3,242
23
4,242
44
1,799
35
2,089
50
3,553
2
2 852
1
2,693
1 039
2
1,532
3,230
17
3,216
4,123
1,680
2,061
3,465
2,852
2,689
1 039
1,442
3,215
73
33
15
52
106
29
131
23
19
21
14
11
43
68
15
109
9
13
52
19
5
10
37
14
22
14
6
155
365
170
204
187
436
714
440
155
149
356
170
204
187
436
714
440
155
490
490
1,457
1,972
2,138
2,360
2,289
1,951
2,854
1,075
642
923
1,409
1,949
2,094
2,325
2,239
1,948
2,852
1,075
640
906
1944—April
May
June
July
August
September..
October
November...
December..
235
418
213
274
332
478
892
480
193
80
53
42
70
145
42
178
39
38
80
53
42
64
145
42
178
39
38
21
23
12
40
13
47
6
20
1945—January....
February...
March
April
625
136
136
92
220
557
42
86
42
86
138
136
769
For refunding
Domestic
4,699
6,214
3,937
4,449
5,842
4,803
5,546
2,114
2,174
4,153
.
new capital
7
6
24
19
4
'"io"
Bonds
and Stocks
notes
2
9
43
18
27
62
6
111
22
27
60
7
25
178
471
5
35
51
2
631
Total
163
471
631
Corporate
State
and
municipal
Federal
agen-1
cies
365
382
191
129
195
482
435
181
259
404
10
139
8
22
26
6
61
65
14
987
353
281
665
1,537
344
698
440
497
388
31
33
83
27
20
30
42
39
27
108
184
79
154
141
401
611
336
114
22
195
272
8
150
30
18
25
46
Bonds
Total and Stocks
notes
1,864 1,782
3,387 3,187
1,209
856
1,267 1,236
1,733 1,596
2 026 1 834
1,557 1,430
418
407
685
603
2,423 2,135
Foreign2
81
200
352
31
137
193
126
11
82
288
26
119
119
28
88
53
169
76
133
136
351
586
304
114
55
15
3
21
5
50
25
32
6
9
136
296
136
265
240
33
555
530
31
25
4
90
15
15
1
2
Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to
revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
590
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated
net
proceeds3
Estimated
gross
proceeds£
Year or month
Plant and
equipment
Total
1934 .
1935
1936.
1937
1938 . . .
1939
1940
1941
1942
1943
1944
Retirement of securities
New money
Working
capital
Total
Bonds and
notes
Preferred
' stock
Repayment
of
other debt
Other
purposes
3;ou
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
2,956
1943—September
October
November
70
142
199
116
69
139
197
113
12
10
119
20
6
4
64
8
6
5
55
12
51
105
71
81
41
101
66
77
10
4
6
4
5
22
6
5
1
2
1
7
1944—January
February
March..
April
May
June
July
August
September
October
November
December
154
97
203
155
148
163
192
229
438
735
347
154
150
95
199
150
146
160
188
226
429
722
340
152
34
49
48
53
23
23
60
57
27
123
24
54
23
18
32
24
17
8
36
24
17
9
11
4
11
31
16
28
6
15
24
33
10
114
13
50
114
33
147
93
120
117
122
166
395
590
316
96
54
32
129
55
115
103
109
147
357
566
207
96
60
1
18
38
5
13
13
19
38
24
109
1
2
4
3
1
3
18
1
8
1
3
1945—January
February
March
April
281
215
226
643
275
212
221
632
35
28
48
102
14
16
28
55
21
12
19
47
240
177
171
513
221
160
158
501
19
17
13
12
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1.170
December
57
208
858
991
681
325
569
868
474
308
575
32
111
380
574
504
170
424
661
287
141
224
26
96
478
417
177
155
145
207
187
167
351
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,310
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
1,972
226
190
87
59
128
100
30
72
338
84
170
154
111
215
69
174
144
138
73
35
11
23
49
36
7
26
19
28
35
27
37
71
i"
6
3
5
7
1
2
1
1
2
3
5
1
14
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Railroad
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Total
net
proceeds
. .
1943—September
October
November
December
1944—January
February
March
April
May
June
. ...
Tulv
August
September
October
November
December
1945—January
February
March
April
172
120
774
338
54
182
319
361
47
160
606
21
57
139
228
24
85
115
253
32
46
106
4
28
26
3
4
8
9
29
8
9
29
2
45
21
134
189
36
52
82
2
4
21
19
10
2
4
119
108
360
3
3
"l2"
14
120
54
558
110
30
97
186
108
15
114
500
28
23
41
"ll5"
179
35
48
82
119
96
346
All
other
purposes 4
31
10
77
1
18
Retire- All
Total
New ment of other
net
pro- money securi- purposes*
ties
ceeds
130
1,250
1,987
751
1 208
1,246
1 180
1 340
464
469
1,339
11
30
63
89
180
43
245
317
145
22
28
49
53
38
78
4
2
Other
Industrial
Public utility
RetireNew ment of
money securities
Total
net
proceeds
RetireNew ment of
money securities
All
other
purposes 4
Total
All
Retirenet
New ment of other
pro- money securipurceeds
poses 4
ties
42
30
27
50
86
47
13
30
27
25
14
62
774
1,280
1,079
831
584
961
828
527
497
918
25
74
439
616
469
188
167
244
293
228
389
34
550
761
373
226
353
738
463
89
199
475
2
150
80
90
136
43
56
121
146
71
54
20
122
390
71
16
102
155
94
4
21
92
4
2
4
7
115
13
10
27
11
10
2
22
6
6
.......
6
16
57
131
29
61
30
6
140
28
58
24
58
5
26 ' " . ' 5 "
149
8
498
4
259
10
61
30
134
28
58
1
23
52 ""2"
24
6
138
5
484
255
10
81
55
28
118
85
58
109
66
85
186
29
18
26
40
14
49
19
17
34
38
10
113
16
12
53
3
11
65
62
22
70
27
75
71
11
5
65
60
124
137
65
60
122
125
82
27
93
120
28
9
41
64
54
16
50
55
2
12
77
1,190
1,897
611
943
1,157
922
993
292
423
1,297
41
50
38
71
2
12
4
3
4
19
5
2
""2"
1
1
2
1
46
218
57
8
9
42
55
4
13
51
2
3
1
3
4
1
33
3
1
2
10
18
4
15
19
4
20
7
88
9
18
1
5
104
21
4
38
4
3
1
2"
""2"
6
2
1
42
72
152
7
7
""2"
"42"
8
7
4
12
1
31
4"
i"
""2"
2
6
""s
f
""l
1
Estimates of new issues sold for cash in the United States. Current figures subject to revision.
2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses.
3
wt.Se
S o n f F J S p i l a t i o a s of back figures, see Banking and Monetary Statistics (Table 138, p. 49!), a publication of
JUNE 1945
591
the Board of Governors.
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
,
..
. . . .
1941—1
2
3
4
Quarterly
Machinery
Automobiles
Other
Nontrans- ferrous
porta- metals
tion
and
equip- prodment
ucts
Preferred
Common
69
15
68
77
75
49
45
30
80
74
152
152
152
115
158
193
159
165
174
223
242
274
209
201
r
222
102
173
227
183
182
183
119
133
153
138
128
115
70
88
113
90
83
88
151
148
159
151
162
175
98
112
174
152
186
r
220
186
194
207
164
170
187
134
160
187
136
149
147
122
132
152
161
171
183
847
1,028
1,137
r
888
902
r
963
90
90
92
88
86
86
564
669
705
552
r
556
r
611
r
509
r
547
r
558
r
86
84
81
72
44
48
46
55
79
73
60
61
53
56
56
62
39
36
38
40
23
28
30
32
36
43
44
37
29
42
56
46
49
53
52
52
44
48
49
46
r
r 28
r 33
44
r47
r
282
r
22
23
23
24
150
165
170
221
39
35
41
48
39
27
35
35
r
31
r
r
296
21
23
20
23
134
135
125
158
209
221
r
226
r
247
21
22
21
r
22
127
132
127
170
r
142
149
137
184
38
35
36
49
46
25
46
92
'•646
r
643
r644
1943—1
2
3
4
r
431
r
433
r
461
r
r
52
r
477
47
49
52
53
r
47
51
53
39
r
41
41
r
45
1944—1
2
3
4
r
442
r
456
r
473
r
r
47
r
55
40
40
38
55
1945—1
471
50
39
4
Dividends
Net,
profits 1
47
52
52
51
72
2
Miscellaneous
services
Other
nondurable
goods
146
278
325
226
r
204
194
549
3
Oil
Foods,
bever- produc- Industrial
ages,
and
chemiand
refincals
tobacco ing
629
r
413
r
358
r
445
r
1942—1
Other
durable
goods
1,465
1,818
r
2,163
1,770
1,802
r
l,889
Number of companies...
1939
1940
1941
1942
1943
1944
Iron
and
steel
554
517
47
46
r
r
285
''295
275
651
36
32
34
36
19
18
22
30
32
32
42
44
35
27
42
49
648
r
646
r
646
r
641
34
32
31
r
31
19
22
20
23
39
'•37
r
43
r
43
36
42
49
58
41
r 41
40
r47
36
r
36
r
39
r
3S
39
38
r
50
rU
52
55
55
^59
r
650
r
646
r-646
20
22
r
42
43
r49
53
r
T-642
29
30
28
28
36
37
37
37
r
42
r
52
r
r
242
r
271
21
22
20
23
54
647
32
39
41
'239
20
142
Income
before
income
tax 5
Net
income1
Dividends
r
r
r
21
r
r
45
r
49
49
52
''56
r
64
21
39
62
25
38
43
r
48
r
32
52
46
206
174
r
213
r
r
222
227
39
50
PUBLIC UTILITY CORPORATIONS
[ In millions of dollars]
Railroad2
Year or quarter
1939
1940
1941
1942
1943
1944
,
,..,
..,
1941—1
2
3
4
1942—i
Quarterly
. . .,
. .
.....
2
3
4
1943—1
2
3
4
1944—1
2
3
4
..,..
,,„
.
Operating
revenue
Income
before
income
tax*
3,995
4,297
5,347
7,466
r
9,055
9,437
Electric power3
Telephone 4
. Net
income
Dividends
Operating
revenue
Income
before
income
tax6
Net
income1
Dividends
126
249
674
1,658
r
2,211
1,971
93
189
500
902
r
873
668
126
159
186
202
r
217
246
2,647
2,797
3,029
3,216
3,464
3,618
629
692
774
847
914
915
535
548
527
490
502
499
444
447
437
408
410
390
1,067
1,129
1,235
1,362
1,537
1,641
227
248
271
302
374
399
191
194
178
163
180
174
175
178
172
163
168
168
1,152
1,272
1,468
1,454
96
145
267
166
69
103
189
138
28
36
34
87
751
723
750
805
209
182
183
200
154
126
107
139
(')
(7)
295
308
311
321
67
69
66
68
43
44
45
46
44
45
44
40
1,483
1,797
2,047
2,139
178
390
556
534
24
46
30
101
816
770
792
839
234
196
195
222
131
104
105
150
98
96
84
131
324
337
342
359
72
75
72
83
41
41
39
43
44
42
39
38
2,091
2,255
2,368
2,340
r
515
r
608
653
r
435
90
198
286
327
r
214
r
244
r
25O
166
r
29
r
52
r
864
835
859
906
254
221
210
228
136
118
114
133
99
100
99
113
366
36
100
r
382
r
391
r
398
88
96
94
96
42
44
45
48
40
42
43
r
43
2,273
2,363
2,445
2,356
458
511
550
452
148
174
180
165
31
55
30
130
925
886
878
929
262
241
207
205
135
123
111
130
94
102
94
101
400
406
409
426
97
101
98
104
42
43
43
46
42
42
42
43
Operating
revenue
1945—1
2,277
41
115
139
102
436
46
292
139
425
960
30
1
r
"Net
profits"
and
"net
income"
refer
to
income
after
all
charges
and
taxes
and
before
dividends.
Revised.
2
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
3
Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
4
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,
the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
° After all charges and taxes7 except Federal income and excess profits taxes.
6
Partly estimated.
Not available.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures
prior to 1942 are partly estimated'.; Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends Figures for the current and preceding year subject to revision, especially for war producers whose contracts are under
renegotiation. For description of data and backfigures,,see pp. 214-217 of the March 1942 BULLETIN.
591
FBDERAL RESERVE BULLETIN
U N I T E D STATES GOVERNMENT DEBT—VOLUME AND K I N D OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars ]
Marketable public issues 1
Total
gross
direct
debt
Total
interestbearing
direct
debt
Totaiz
1941—Dec
1942—June
Dec
1943—June
57,938
72,422
108,170
136,696
165,877
57,451
71,968
107,308
135,380
164,508
41,562
50,573
76,488
95,310
115,230
2,002
2,508
6,627
11,864
13,072
1944—May
June
July
Aug
Sept.
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
186,366
201,003
208,574
209,802
209,496
210,244
215,005
230,630
232,408
233,707
233,950
235,069
238,832
184,874
199,543
207,117
208,289
207,850
208,608
210,774
228,891
230,672
231,854
232,026
233,063
235,761
128,029
140,401
144,919
145,213
144,723
145,008
145,183
161,648
162,261
162,379
162,625
162,680
162,652
13,766
14,734
15,524
15,715
15,747
16,060
16,405
16,428
16,403
16,399
16,921
17,041
17,049
End of month
CertifiTreasury cates of
indebtedbills
ness
Nonmarketable public issues
NonSpecial interestissues
bearing
debt
Fully
guaranteed interestbearing
securities
Treasury
notes
Treasury
bonds
Total 2
U.S.
savings
bonds
Treasury
tax and
savings
notes
3,096
10,534
16,561
22,843
5,997
6,689
9,863
9,168
11,175
33,367
38,085
49,268
57,520
67,944
8,907
13,510
21,788
29,200
36,574
6,140
10^188
15,050
21,256
27,363
2,471
3*015
6,384
7,495
8,586
6,982
7,885
9,032
10,871
12,703
487
454
862
1,316
L.37O
6,317
4,548
4,283
4,092
4,225
25,266
28,822
30,035
30,001
29,573
29,546
29,545
30,401
30,401
30,396
34,544
34,478
34,442
16,265
17,405
18,067
18,067
17,936
17,936
17,936
23,039
23,039
23,039
18,588
18,588
18,588
72,537
79,244
81,097
81,235
81,270
81,271
81,102
91,585
92,221
92,349
92,377
92,377
92,377
42,724
44,855
47,237
47,614
47,152
47,430
49,008
50,917
51,723
52,345
51,833
52,460
54,517
32,987
34,606
36,538
36,883
37,323
37,645
38,308
40,361
41,140
41,698
42,159
42,626
43,767
9,050
9,557
10,000
10,030
9,124
9,075
9,990
9,843
9,864
9,927
8,948
9,109
10,031
14,122
14,287
14,961
15,461
15,976
16,170
16,583
16,326
16,688
17,130
17,567
17,923
18,592
1,492
1,460
,456
,514
,645
,636
3
4,230
1,739
1,736
1,853
1,923
2,006
"3,071
1,529
1,516
1,468
1,475
1,480
1,480
1,470
1,470
1,496
1,114
1,119
1,132
1,151
1
Including amounts held by Government agencies and trust funds, which aggregated 5,281 million dollars on Mar. 31, 1945, a n d 5,240 million on
Apr. 30, 1945.
2
Total marketable public issues includes Postal Savings a n d prewar bonds, and total nonmarketable public issues includes adjusted service a n d
depositary bonds not shown separately.
3
Including prepayments amounting to 2,546 million dollars on securities dated Dec. 1, 1944, sold in the Sixth War Loan, beginning on Nov. 20, 1944.
4
Including prepayments amounting to 947 million dollars on securities dated June 1,1945, sold in the Seventh War Loan, beginning on May 14, 1945.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, p p . 509-512.
U N I T E D STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, MAY 3 1 , 1945
lOn basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate
Amount
Treasury bills1
Month
Treasury bonds—Cont.
7, 1945
14, 1945
21, 1945
28, 1945
5, 1945
12, 1945
19, 1945
26, 1945
2, 1945
9, 1945
16, 1945
23, 1945
30, 1945
1,310
1,316
1,303
1,314
1,317
1,304
1,318
1,310
1,314
1,307
1,307
1,313
1,314
Cert, of indebtedness
June 1, 1945
y8
Aug. 1, 1945
%
Sept. 1,1945
Y%
Oct. 1, 1945
y%
Dec. 1, 1945
ys
Feb. 1, 1946
Y%
Mar. 1, 1946
%
Apr. 1, 1946
yB
May 1, 1946
%
4,770
2,511
3,694
3,492
4,395
5,043
4,147
4,811
1,579
Treasury notes
Dec. 15, 1945
Jan.
1, 1946
Mar. 15, 1946
Dec. 15, 1946
Mar. 15, 1947
Sept. 15, 1947
Sept. 15, 1947
Sept. 15, 1948
%
90
1
V/i
1M
W2
\%
1>|
531
3,416
1,291
3,261
1,948
2,707
1,687
3,748
Treasury bonds
Sept. 15, 1945-47... 2%
Dec. 15, 1945
2Y2
Mar. 15, 1946-56... 3%
June 15, 1946-48
3
June 15, 1946-49... 3H
Oct. 15, 1947-52... 4 ^
Dec. 15, 1947
2
Mar. 15, 1948-50
2
Mar. 15, 1948-51... 2%
June 15, 1948
1%
Sept. 15, 1948
2lA
21,214
541
489
1,036
819
759
701
1,115
1,223
3,062
451
June
June
June
June
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Issue and coupon rate
U N I T E D STATES SAVINGS BONDS
[In millions of dollars]
Dec. 15, 1948-50
2
June 15, 1949-51
2
Sept. 15, 1949-51
2
Dec. 15, 1949-51
2
Dec. 15, 1949-52
3H
Dec. 15, 1949-53
2lA
Mar. 15, 1950-52
2
Sept. 15, 1950-52
2lA
Sept. 15, 1950-52
2
June 15, 1951-54
2%
Sept. 15, 1951-53
2
Sept. 15, 1951-55
3
Dec. 15, 1951-53
2}4
Dec. 15, 1951-55
2
Mar. 15, 1952-54
2lA
June 15, 1952-54
2
June 15, 1952-55
2%
Dec. 15, 1952-54
2
June 15, 1953-55
2
June 15, 1954-56
1>A
Mar. 15, 1955-60
2Y8
Mar. 15, 1956-58
2Y2
Sept. 15, 1956-59
2%
Sept. 15, 1956-59
2M
June 15, 1958-63.
2%
Dec. 15, 1960-65
2%
June 15, 1962-67
2Vi
Dec. 15, 1963-68
2XA
June 15, 1964-69
2H
Dec. 15, 1964-69
2M
Mar. 15, 1965-70
2lA
Mar. 15, 1966-71
2^
Sept. 15, 1967-72
2XA
Postal Savings bonds.2H
Conversion bonds
3
Panama Canal loan — 3
Total direct issues
571
1,014
1,292
2,098
491
1,786
1,963
1,186
4,939
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
1,485
2,118
2,831
3,761
3.838
5,197
3,481
2,716
117
29
50
162,652
Guaranteed securities
Home Owners' Loan Corp.
June 1, 1945-47
V/v
Federal Housing Admin.
Various
3755
Total guaranteed issues
789
34
1
Sold on discount basis. See table on Open-Market Money Rates,
p. 589.
2
Called for redemption on Sept. 15, 1945.
3
Called for redemption on June 1, 1945.
JUNE 1945
Amount
outstanding
a t end of
month
Funds received from sales during
month
Redemptions
All
series
Series
E
Series
F
Series
G
All
series
1943—Sept.
Oct
Nov.
Dec
24,478
26,056
26,697
27,363
1,927
1,708
798
853
1,400
1,340
665
728
139
93
23
24
387
275
109
101
155
144
170
207
1944—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
28,901
31,515
31,974
32,497
32,987
34,606
36,538
36,883
37,323
37,645
38,308
40,361
1,698
2,782
709
739
751
1,842
2,125
602
692
695
1,023
2,386
1,085
2,102
576
606
624
1,350
1,687
499
591
599
807
1,855
127
157
23
19
15
115
101
18
16
14
43
125
487
522
110
114
111
377
338
85
85
83
174
406
188
185
268
237
279
248
227
279
283
401
382
365
1945—Jan
Feb
Mar
Apr
May
41,140
41,698
42,159
42,626
43,767
1,074
848
889
8.S8
1,540
804
653
712
684
1,195
42
31
26
23
63
228
164
150
130
282
341
323
464
404
426
Maturities and amounts outstanding, May 31, 1945
Year of maturity
All
Series
A-D
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
Unclassified
133
326
414
489
802
991
1,662
5,082
9,538
13,125
6,418
3,607
1,099
82
133
326
414
489
802
991
443
Total.
43,767
3,597
Series
E
1,219
5,082
8,126
10,181
3,257
27,866
Series
Series.
G
216
599
683
760
175
1,195
2,344
2,477
2,847
924
2,433
9,788
593
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Total
interestbearing
securities
End of month
Held by U. S. Government agencies
and trust funds
Privately held1
Held
Federal
Reserve
Banks
Total
Commercial
banks
Other investors
Insurance
companies
Mutual
savings
banks
Marketable
issues
Nonmarketable
issues
Special
issues
Public
issues
63,768
76,517
111,591
139,472
168,732
201,059
6,982
7,885
9,032
10,871
12,703
14,287
2,557
2,738
3,218
3,451
4,242
4,810
2,254
2,645
6,189
7,202
11,543
14,901
51,975
63,249
93,152
117,948
140,244
167,061
21,788
26,410
41,373
52,458
59,842
68,431
3,700
3,891
4,559
5,290
6,090
7,306
8,200
9,200
11,300
13,100
15,100
17,300
9,800
10,700
14,800
18,700
23,700
30,700
8,500
13,000
21,100
28,400
35,500
43,300
1944—August
September
October
November
December
209,764
209,331
210,088
212,244
230,361
15,461
15,976
16,170
16,583
16,326
4,619
4,599
4,616
4,603
5,348
15,806
16,653
17.647
18,388
18,846
173,878
172,103
171,655
172,670
189,841
71,500
70,400
70,000
71,600
77,558
7,600
7,700
7,700
7,300
8,328
18,100
18,300
18,400
17,900
19,600
30,700
30,200
29,800
28,600
35,200
46,000
45,500
45,800
47,300
49,200
1945—January
February
March
232,168
232,968
233,145
16,688
17,130
17,567
5,270
5,267
5,303
19,006
19,439
19,669
191,204
191,132
190,606
78,300
77,900
77,100
8,600
8,700
8,700
20,000
20,200
20,400
34,300
33,700
34,300
50,000
50,600
50,100
1941—December;
1942—June
December
1943-June
December
1944—June
,
l Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks
and mutual savings banks have been rounded to nearest 100 million for all dates except June and December for which call report data are available.
Back figures.—See Banking and Monetary Statistics, Table 149, p. 512.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES*
[Public marketable securities. Par values in millions of dollars]
U.S.
GovernTotal ment
out- agenstand- cies
ing
and
trust
funds
Federal ComRe- mercial
serve banks1
Banks
Mutual
savings
banks
Insurance Other
companies
99,218
118,813
141,591
146,376
162,843
163,458
163,166
163,412
3,319
3,787
4,604
4,594
5,338
5,260
5,251
5,267
7,202
11,543
14,901
18,388
18,846
19,006
19,439
19,669
48,665
55,549
63,523
66,396
72,045
72,918
72,543
71,872
5,161
5,962
7,158
7,132
8,183
8,392
8,476
8,482
12,486
14,386
16,471
17,035
18,761
19,082
19,289
19,554
22,385
27,586
34,935
32,830
39,670
38,801
38,168
38,568
11,864
13.072
14,734
16,405
16.428
16,403
16,399
16,921
11
20
6
12
6
3,815
6,768
8,872
11,868
11,148
7 11,376
11 11,830
23 12,079
6,502
4,716
4,894
2,935
4.113
3,931
3,387
2,720
21
12
2
154
1.361
1,484
16,561
22,843
28,822
29,545
30,401
30,401
30,396
34,544
51
50
67
69
62
66
80
110
1,092
2,467
3,382
4,163
4,887
4,897
4,917
5,411
9,823
12,701
15,037
15,888
15,032
15,145
15,259
17,830
184
208
126
235
136
133
203
269
305 5,106
367 7,050
339 9,871
620 8,570
310 9,974
357 9,804
429 9,509
698 10,225
9,168
11,175
1944—June......... 17,405
Nov
17,936
Dec
23,039
1945—Jan
23,039
Feb
23,039
Mar
18,588
Guaranteed securities:
3,908
1943—June
Dec
3,583
1944—June
1,190
Nov
1,193
Dec
1,194
1945—Jan
1,197
786
Feb
Mar
787
61
66
58
58
60
56
62
54
774
665
5,500
7,389
11,718
12,387
15,411
15,487
15,560
12,657
155
197
286
277
336
342
330
318
276
275
337
577
568
628
662
651
2,402
2,583
3,826
3,525
5,098
4,960
4,866
3,858
2,602
2,466
76
38
6
5
6
6
4
4
309
283
26
25
22
19
16
17
751
709
205
213
203
245
175
179
End of month
Total: 2
1943—June
Dec
1944—June
Nov
Dec
1945—Jan
Feb
Mar
Treasury bills:
1943—June
Dec
1944—June
Nov
Dec
1945—Jan
Feb
Mar
Certificates:
1943—June
Dec
1944—June
Nov
Dec
1945—Jan
Feb
Mar
Treasury notes:
1943—June
116
4
1
1
1
3
6
6
1,180
1,111
1,566
1,566
1,560
1,051
54
83
3
3
3
3
949
945
960
921
586
581
72
7
1
2
7
12
i
21
960
1,583
1,159
1,087
1,164
2,066
End of month
Treasury bonds:
Total:
1943—June
Dec
1944—June
Nov
Dec
1945—Jan
Feb
Mar...
Maturing within 5 years:
1943—June
Dec
1944—June
Nov. .
Dec
1945—Jan
Feb
Mar
Maturing in 5-10 years:
1943—June
Dec
1944—June
Nov
Dec.
1945—Jan
Feb
Mar
Maturing in 10-20 years:
1943—June
Dec
1944—June
Nov
Dec
1945—Jan
Feb
Mar.
Maturing after 20 years:
1943—June
Dec
1944—June
Nov.
Dec
1945—Jan
Feb
Mar
U.S.
GovernTotal ment
out- agenstand- cies
ing
and
trust
funds
57,520
67,944
79,244
81,102
91,585
92,221
92,349
92,377
3,045
3,614
4,437
4,418
5,173
5,091
5,056
5,039
Federal
Reserve
Banks
Commercial
banks
Mutual
savings
banks
Insurance
com- Other
panies
1,468
1,559
1,464
1,243
1,243
1,166
1,132
1.128
24,226
28,264
30,910
34,225
36,508
37,418
37,737
38,068
4,725
5,506
6,736
6,609
7,704
7,909
7,931
7,879
11,442 12,615
13,389 15,613
15,768 19,929
15,811 18,795
17,859 23,098
18,077 22,561
18,182 22,311
18,167 22,097
9,474
8,524
7,824
8 692
7,824
7,824
7,824
8,939
867
665
536
591
518
518
518
564
5,122
5,044
4,697
5,382
4,834
4,799
4,770
5,554
298
211
189
161
137
144
172
268
991
828
663
588
556
525
510
535
2,195
1,775
1,740
1,968
1,777
1,836
1,856
2,015
17,921
28,360
34,399
36,017
44,087
44,531
44,645
43,564
776
1,495
1,570
1,338
1 504
1,421
1,362
1,297
10,107
15,642
18,937
21,774
24,445
25,194
25,507
24,987
1,308
2,030
2,712
2,549
3,556
3,710
3,743
3,588
2,326
3,254
3,673
3,470
4,230
4,357
4,467
4,385
3,401
5,934
7,505
6,884
10,357
9,850
9,569
9,307
17,214
14,310
15,482
14,445
14,445
14,445
14,445
14,445
1,645
1,270
1,097
1,029
1,028
1,006
1,003
998
7,611
6,051
5,509
5,272
5,354
5,475
5,466
5,500
1,405
1,219
1,857
1,902
1,887
1,880
1,829
1,812
2,896
2,571
2,792
2,609
2,612
2,603
2,607
2,569
3,657
3,203
4,228
3,635
3,563
3,480
3,538
3,561
12,912
16,751
21,539
21,946
25,227
25,420
25,433
25,427
1,221
1,745
2,696
2,705
3,366
3,312
3*306
3; 308
1,385
1,526
1,766
1,793
1,873
1,946
1^991
2,024
1.713
2,046
1,981
1,998
2,125
2,176
2 187
2,209
5,229
6,737
8,640
9,144
10,462
10,591
io'600
10,675
3,366
4,699
6,456
6,306
7,401
7,396
7,349
7,214
I banks, mutual savings banks, and the
f commercial banks has been expanded.
„
_
•> 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 Mar. 31, 1945, commercial banks reporting to the Treasury held 25,814 million dollars of U. S. Government
securities
due or callable within one year out of a total of 59,834 million outstanding.
2
Including 196 million dollars of Postal Savings and prewar bonds not shown separately below.
594
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Income taxes 1
Period
Withheld 2
Other
Fiscal year ending:
J u n e 1942
7,960
J u n e 1943
16,094
J u n e 1944
'8,393' 26,262
1944—May
June
July
August
September..
October
November
December
1945—January
February
March
April
May
Miscellaneous
internal
revenue 1
Social
Security
taxes
Other
receipts
Total
receipts
Net
receipts 3
TransInter- War fers to Other
Total
est
exbudget Defiactivi- trust
pendi- expendacon
cit
ties counts, tures
debt
itures
etc.
Trust
accounts,
etc. 4
3,847
4,553
5,291
1,194
1,508
1,751
666
1,230
3,711
13,668
23 ,'385
45,408
12,799
22*. 282
44,149
1,260 26,011
l*.8O8 72]109
2,609 87,039
3 506
+358
- 1 * 8 6 1 +6,515
- 4 , 0 5 1 +10,662
337
75
56
319
65
60
293
63
232
511
227
157
175
174
205
470
3,256
6*249
2,212
2,859
5,927
2,054
2,506
5,418
2,950
6*247
2,163
2,568
5,926
2,001
2,240
5,416
52
747
86
77
581
133
56
560
7 879
7', 567
7,201
7,571
6,998
7,479
7,401
7,503
26
40
451
57
22
47
18
22
334
271
372
415
329
365
353
332
8 292
8*625
8,110
8,119
7,930
8,024
7,828
8,416
5 342
2*. 378
5,947
5,551
2,004
6,023
5,587
2,999
+185 —3 757
- 6 1 3 -+11*646
+133 +1,756
+70 - 4 , 2 5 2
-244 -2,555
+148 - 5 , 1 2 7
-188
+639
- 1 9 3 +12,433
1,399
14,637
7,570
1,229
-307
748
4,761
15,626
619
1,295
883
600
1,282
1,803
1,627
4,935
1,567
745
573
552
520
534
557
48
341
96
46
337
545
172
473
221
477
3,587
3,987
6,908
2,967
3,398
3,556
3,767
6,892
2,929
3,085
191
91
628
139
66
7,551
6,948
8,246
7,139
8,156
69
48
45
236
296
390
373
513
455
757
8,202
7,460
9,433
7,968
9,275
4,645
3,693
2,540
5,040
6,190
+238 - 2 , 6 3 0
+101 - 2 , 2 9 2
+262 - 2 , 0 3 6
+9 - 3 , 9 1 1
+686 - 1 , 7 4 1
1,778
1,300
242
1,120
3,763
Net
receipts
July
August
September....
October
November
December
1945—January
February
March
April
May
23 46i
64*. 274
64,307
520
422
681
832
514
580
507
539
Social Security
accounts
June
32 397 19 598
78*179 55^897
93,744 49,595
1,063
4,495
654
487
4,432
632
466
3,606
Period
1944—May
4 745
3^827
3,540
Increase
in
gross
debt
1,104
746
594
1,065
741
609
1,035
741
Details of trust accounts, etc.
Fiscal year ending:
J u n e 1942 . .
J u n e 1943
J u n e 1944
381
435
556
Change
in
general
fund
balance
Net expenditures
in checking accounts of
ReGovernceipts
ment
agencies
General fund of the Treasury (end of period)
Other
Balance in
general fund
Assets
Investments
penditures
Total
863
1,117
1,851
221
655
1,313
533
133
192
3,443
10,149
20,775
603
1,038
1,442
1,679
7,667
18 ,007
1,162
1,444
1,327
452
643
607
2,991
9,507
20,169
2,229
8,744
19,406
148
88
193
254
-35
95
-71
164
179
231
415
216
162
206
225
182
103
231
320
149
121
84
95
119
24
215
-181
6
24
—55
-220
-213
9,144
20,775
22,513
18,277
15,753
10,609
10,223
22,717
942
1,442
1,269
1,215
1,314
998
1,122
1,335
6 ,766
18 007
19 ,850
15 ,693
13 ,013
8 ,242
8 ,002
20 ,261
1,436
1,327
1,394
1,369
1,426
1,368
1,100
1,120
622
607
588
605
635
618
421
481
8,522
20,169
21,924
17,672
15,117
9,990
9,803
22,236
7,759
19 406
21,162
16,909
14,355
9,227
9,040
21,473
-21
313
-407
71
-154
251
250
270
412
530
117
322
128
228
-37
-98
84
137
20,077
17,734
15,722
11,809
10,055
1,048
1,384
1,547
1,224
1,140
17 ,866
15 ,265
13 ,055
9 ,492
7 ,941
1,164
1,085
1,120
1,093
974
471
420
445
443
430
19,606
17,313
15,277
11,366
9,625
18,843
16,551
14,514
10,603
8,862
Investments
2,327
2,810
3,202
1 705
2,350
2,816
614
456
380
3,625
2,194
4,403
584
213
305
586
42
146
519
43
269
489
225
287
303
45
266
312
34
34
31
35
35
36
35
36
169
432
66
122
592
84
208
227
48
271
39
37
43
40
42
276
Deposits
in
special
depositaries
Other
assets
Total
liabilities
Deposits
in
Federal
Reserve
Banks
Expenditures
Total
Working
balance
1
Details on collection basis given in table below.
2
Withheld b y employers (Current T a x P a y m e n t Act of 1943).
3
Total receipts less social security employment taxes, which are appropriated directly t o t h e Federal old-age and survivors insurance t r u s t fund.
4
Excess of receipts ( + ) or expenditures (—).
Back figures—See Banking and Monetary Statistics, T a b l e s 150-151, p p . 513-516.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars]
Miscellaneous internal revenue
Income taxes
Period
Current With- VicTotal
indi- held 1 tory
tax
vidual
Fiscal year ending:
J u n e 1942
J u n e 1943
J u n e 1944
1944—April
May
June
July
August
September
October
November
December
1945—January
February
March
April
r
Revised.
3,024
3,158
4,996
2,408
Excess
profits
taxes
Other
profits
taxes
Total
460
557
705
1,618
5,064
9,345
57
84
137
3,838
4,571
5,353
804
1,545
38
1,179
1,258
18
1,233
1,203
18
152
86
1,044
93
72
953
110
70
980
43
28
49
28
43
31
26
31
40
370
312
2,174
290
260
2,133
350
285
2,312
12
10
19
7
6
25
9
7
27
424
483
499
754
777
529
544
520
559
1,889
690
759 1,892
61
l,737
915
772
43
57
956
160
126
143
r
59
109
270
301
2,170
443
5
6
13
9
547
510
560
517
1,427
309
1,245
133
73
1,330
82
37
294
r
Back
taxes
2,764
4,137
4,763
8,007 3,108
""686
16,299 5,771
33,028 10,254 7^038
785
2,809
2,289
4,568
1,729
1,712
4,490
1,810
1,633
3,670
Current
corporation
Estate
and
gift
taxes
Capital
stock
tax
282
329
381
i
128
194
29
19
Alcoholic
beverage
taxes
Tobacco
taxes
Stamp
taxes
Manufacturers'
Misand
cellaretailers' n e o u s
excise
taxes
taxes
433
447
511
1,048
1,423
1,618
781
924
988
42
45
51
852
670
729
401
732
1,075
56
42
50
48
63
35
39
32
50
169
182
195
210
202
183
196
204
201
72
81
81
77
86
78
78
81
71
5
4
4
5
6
4
5
5
5
51
77
64
72
88
85
95
95
120
70
97
103
214
139
115
113
103
112
49
37
89
75
206
195
171
171
78
66
74
68
6
6
6
5
117
116
104
97
90
90
116
100
* Withheld by employers (Current Tax Payment Act of 1943).
JUNE 1945
595
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
Commodities,
Loans supCash receiv- plies,
able
and
materials
Corporation or agency
Total
All agencies:
Sept. 30, 1944...
Dec. 31, 1944...
M a r . 31, 1945...
31,435
31,488
31,309
6,566
6,387
5,789
282
335
1,346
194
277
1,094
21
21
290
376
6
20
266
368
1,721
505
30
354
Classification by agency, Mar. 31, 1945
Department of Agriculture^
F a r m Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Federal land banks
Production credit corporations
Regional Agricultural Credit Corp
Others
Federal F a r m Mortgage Corp
_
Rural Electrification Administration
War Food Administration:
Commodity Credit Corp.
Farm Security Administration
Federal Crop Insurance Corp
Federal Surplus Commodities Corp
National Housing Agency:
Federal Home Loan Bank Administration:
321
Federal home loan banks
Federal Savings and Loan Insurance Corp.
158
Home Owners' Loan Corp.
1,113
United States Housing Corp
147
Federal Housing Administration
Federal Public Housing Authority and
affiliate:
Federal Public Housing Authority . . . .
559
70
Defense Homes Corp
50
Federal N a t i o n a l Mortgage Association . . .
R . F . C. Mortgage Company
Reconstruction Finance Corp. and certain
affiliates:
1,583
Reconstruction Finance Corp
8,44
Certain affiliates 4
Office of Emergency Management:
216
E x p o r t - I m p o r t Bank
176
Smaller War P l a n t s Corp
6,071
War Shipping Administration
555
Other*
861
Federal Deposit Insurance Corp
241
Federal Works Agency
728
Tennessee Valley Authority
4,631
U. S. Maritime Commission
256
All other
2,987
2,942
2,960
Investments
U.S.
Govt. Other
secusecu- rities
rities
1,604
1,632
1,756
437
424
388
43
38
191
68
)
24
Bonds, notes,
and debenLand,
tures payable
struc- Undistures,
trib- Other
and
uted assets Fully
equip- charges
guarment
anteed Other
by U. S.
15,755
16,237
16,734
1,421
1,692
1,001
233
153
15
11
134
46
1
343
21,771
23,857
23,510
24
279
2
2
43
248
55
201
127
19
21
272
376
900
5
1
477
499
2
6
"26
(2V
270
1
970
1
6,655
213
40
()
14
20
408
6
219
54
513
1
357
25
)
144
73
16
35
5,456
11
(2)
"48
90
(2)
714
328
797
3,380
27
64
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
818
10
67
3
7
101
212
1,333
1,371
7,116
72
1
723
160
567
144
175
5,348
395
155
241
718
10
720
31
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Other
Fed.
land
banks
Fed.
Farm
Mort.
Corp.
1,168
335
74
69
266
losses..
278
195
35
368
Farm
Security
Adm.
Fed.
Home
Own- Public
Housers'
ing
Loan
Corp. Auth.
ReconstrucFed.
RFC
tion
home
affiliFiloan
ates
banks nance
Corp.
'"(*)"
278
194
30
368
141
14
354
1,013
290
61
61
Dec.
31, 1944,
all
agencies
All
agencies
110
164
1
3,037
1,149
3,385
1,237
260
37
"75"
21
115
281
226
343
191
32
32
775
18
25
213
106
151
49
93
1,409
454
54'
162
1,462
448
1,146
209
213
273
5,789
6,387
11
"290"
85
ExportAll
Import other
Bank
0)
494
1,027
Total loans receivable
(net)
1,094
Less: Reserve for
Fed.
inter- Banks Com- Rural
medi- for co- modity Elecate
opera- Credit trification
tives Corp.
credit
Adm.
banks
219
3,912
225
Mar. 31, 1945
Purpose of loan
504
451
549
69
49
217
68
290
1
50
81
""2
125
100
313
(2)
114
50
769
26
"87
1,146
78
6,398
4,196
4,962
()
9
6
PriU.S.
Govern- vately
owned
ment
interest interest
1,204
1,395
1,263
58
1,524
(
1,013
1,813 1,565
1,419 1,537
1,913 1,124
Other
liabilities
1
3
4
2
Assets are shown on a net basis, i.e., after reserves for losses.
Less than $500,000.
Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
Corporations previously classified "war corporations" are now shown under two headings: (1) "certain affiliates" under Reconstruction Finance Corp.
(including Defense Plant Corp., Defense Supplies Corp., Metals Reserve Co., and War Damage Corp.) and (2) "other" under Office of Emergency
Management (including Cargoes, Inc., Petroleum Reserves Corp., Rubber Development Corp., U. S. Commercial Co., and Coordinator of Inter-American
Affairs). The item "certain affiliates" also includes Disaster Loan Corp.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Figures on the
quarterly basis are not comparable with monthly figures previously published, owing to changes in reporting, of which the most important are: assets
items are included in total assets on a net basis (after reserves for losses); each asset and liability item is segregated into Government agencies (interagency) and other, and segregation of interagency amounts is more complete than formerly; some asset items formerly shown are completely changed;
reporting of certain assets, especially cash and privately-owned interest, is more complete.
Monthly figures on the old reporting basis for the months prior to Sept. 30, 1944, may be found in earlier issues of the BULLETIN (see p. 1,110 of the
November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p. 517,
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Income
payments
(value) 1
1935-39
= 100
Year and
month
Manufactures
Total
Durable
Adjusted
1919
1920
1921
1922
1923 . .
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933'!!!!.!!'..!
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Construction
contracts
awarded (value)3
1923-25 = 100
Industrial production2
(physical volume) *
1935-39 = 100
Nondurable
Minerals
Total
Residential
All
other
Employment 4
1939 = 100
Nonagricul-
Factory
tural
AdUnad- UnadAd- Unad- AdAdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed
122^9
109.1
92.3
70.6
68.9
78 7
87.1
101.3
107! 7
98 5
105.4
113.5
138.0
174!6
213.0
P233.4
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
P
235
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279
360
P
353
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158
176
p
171
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
132
p
140
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
68
41
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
40
16
79
90
65
88
86
94
120
I35
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
92
61
102.6
95.5
86.1
75.5
76!o
83.8
87.6
94.9
100.9
94.4
100.0
104.7
117.5
126.7
130.9
127.5
62
60
57
67
72
1942
February
March
April
May
June
July
August
September
October
November
December
..
August
September....
October
November....
December
1944
January
February
March
April
M
av
^aJr
June
July
August
September—
October
November
December
1945
January
February
March
April
Adjusted
Unadjusted
Unadjusted
124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
103.8
104.2
79.8
88.2
101.0
93.8
97.1
98.9
96.8
96.9
103.1
89.8
75.8
64.4
71.3
83.1
88.7
96.4
105.8
90.0
100.0
107.5
132.1
154.0
175.7
166.7
103.2
123.5
79.7
85.5
108.4
101.2
106.6
109.9
107.9
109.1
116.4
94.1
71.2
49.2
52.8
67.8
78.0
90.5
108.2
84.2
100.0
114.5
167.5
245.2
330.4
334.2
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
137
140
83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
I33
150
168
186
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
95.3
86.4
73.0
64.8
65!9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104 !o
Yl2.(y
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
183
186
189
191
193
197
204
208
215
220
223
180
182
187
192
195
199
207
213
218
220
221
241
250
257
264
272
278
290
299
311
319
328
153
153
154
153
152
154
158
161
165
168
169
133
126
125
126
127
126
130
131
129
130
127
128
125
128
158
193
206
182
179
185
198
175
100
95
82
76
76
74
65
70
83
90
91
151
149
165
226
288
313
278
268
269
286
243
122.5
123.2
124.3
125.1
125.9
127.1
128.6
129.1
130.0
130.5
131.4
143.3
145.4
147.8
149.9
151.9
154.7
157.5
160.2
162.9
165.1
168.3
142.6
144.8
147.0
148.9
151.0
154.8
159.0
162.1
163.7
165.6
168.7
208.8
216.0
222.4
230.1
236.2
245.1
258.1
266.0
276.2
287.0
295.4
138
138
138
136
134
137
140
140
140
136
135
145
150
143
135
134
145
152
150
158
158
158
96.7
97.6
98.7
98.8
98.6
98.7
99.2
99.6
100.0
100.3
101.0
112.9
199.6
203.5
206.9
208.8
209.4
212.8
214.8
216.7
216.8
219.3
222.9
224.7
227
232
235
237
239
237
240
242
244
247
247
241
224
229
232
236
239
238
241
245
248
249
247
239
337
344
351
356
359
358
360
365
368
374
376
365
171
174
174
175
176
177
177
178
179
179
180
174
125
131
133
131
129
117
134
135
138
136
133
137
145
102
85
63
52
45
60
59
65
49
60
61
79
56
42
33
31
32
36
35
35
34
37
35
198
140
119
87
68
55
80
79
89
61
78
81
131.6
131.6
132.0
131.4
130.9
131.0
131.4
130.9
130.1
130.1
130.2
130.1
170.5
172.3
174.0
174.8
174.9
176.4
177.2
177.1
177.0
178.0
178.9
177.4
169.6
171.7
173.5
174.0
173.9
175.8
177.3
178.7
178.2
178.8
179.3
177.7
300.0
307.4
315.7
321.8
326.5
331.3
330.4
338.0
344.2
349.6
354.4
345.6
135
139
138
136
135
127
141
140
140
137
139
143
164
192
162
159
• 158
167
171
165
162
174
180
166
101.9
102.5
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
102.9
103.2
120.7
121.0
122.8
124 1
125.1
124.8
123.9
123.4
123.9
124.4
124.2
124.4
227.2
232.4
231.9
231.1
232.1
233.9
233.2
234.0
232.5
235.5
237.5
239.0
243
244
241
239
236
235
230
232
230
232
232
232
240
240
238
237
236
236
232
235
234
234
232
230
369
367
364
361
356
354
347
348
342
344
341
343
176
177
175
172
169
169
165
168
168
169
173
173
139
142
139
140
143
142
139
142
143
143
143
137
55
45
40
36
33
34
38
41
39
42
46
51
29
21
17
76
64
59
52
46
50
130.0
129.6
128.9
128.0
127.7
127.7
127.5
127.3
126.5
125.7
125.3
125.7
175.9
174.6
172.1
169.4
167.7
166.7
165.2
164.1
162.6
161.0
160.3
160.7
175.0
174.0
171.6
168.6
166.7
166.1
165.3
165.6
163.6
161.7
160.7
161.0
345.1
344.7
341.3
335.0
334.3
334.6
326.8
330.3
329.1
330.3
327.3
331.8
145
142
140
138
138
139
143
142
139
137
141
137
175
175
185
173
181
176
192
187
183
194
209
194
103.3
103.6
103.8
103.9
104.0
104.3
104.1
103.9
104.0
104.1
104.4
104.7
124.2
123.8
123.8
124.6
125.1
125.4
126.1
126.4
126.5
126.5
126.6
127.0
241.9
245.2
244.1
^242.1
234
236
235
^231
230
232
-232
345
347
345
?337
175
176
176
?174
140
141
142
P140
48
59
72
P75
14
13
330.5
329.0
325.7
143
139
145
199
211
223
181
104.9
105.2
105.3
127.1
126.9
126.8
127.1
*>229
p
r
* Average per working day. Preliminary.
Revised.
For indexes by groups or industries, see pp. 598^601.
2
3
Adjusted
Depart- Wholement
sale
Cost of4
store
comsales modity living
(val-6 prices 4 1935-39
« 100
ue)*
1926
1935-39 = 100
= 100
159.0
161.2
165.4
167.8
172.3
175.5
179.5
182.5
187.2
192.8
196.1
1943
January
February
March
April
May
June
July
FacFreight
tory
carloadp^y-4
ings*
rolls 4 1935-39
1939 = = 100
100
1
17
16
15
14
13
13
13
13
14
15
?20
57
63
61
65
73
81
75
96
118
pn9
r
r
r
r
126.6
161.0 160.1
159.7
126.7 r 160.2
158.0
126.6 158.4
^124.9 ^155.4 *>154.7
141
105.7
114.3
115.1
116.0
116.4
117.0
117.5
117.8
119.0
119.8
120.4
Department of Commerce series on value of payments to individuals.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 605 of this BULLETIN.
4
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau
of Labor
Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
5
For indexes by Federal Reserve districts and other department store data, see pp. 607-609.
Backfiguresin 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. 13 and 1,187, respectively; for department store sales, June 1944, pp. 549-561.
JUNE 1945
597
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjusted jor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1945
1944
Industry
Mar.
Industrial Production—Total.
241
Manufactures—Total
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
Manufacturing
Arsenals
Transportation
Equipment
and
Apr. M a y June
239
236
235
July
230
Aug. Sept. Oct. N o v .
232
230
232
232
Dec.Jan.
232
234
Feb. Mar.
236
235
259
256
253
251
246
248
246
248
248
249
251
253
252
364
361
356
354
347
348
342
344
341
343
345
347
345
214
213
210
204
202
203
202
206
201
198
197
202
206
238
191
570
206
236
192
549
203
234
188
559
198
225
183
526
196
222
184
491
198
224
183
512
196
222
183
502
197
225
187
492
192
218
186
453
190
215
181
456
188
219
176
r
526
452
445
437
442
435
434
427
428
422
431
431
Apr.
p
231
V
247
r
210
207
192
226
180
r
552
198
P
234
189
r
561
188
234
184
590
436
432
p
424
Depots1....
p
650
p
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government) 1
Nonferrous Metals and Products
elting and
Smelting
and refiningg
((Copper
C o p smelting;
melting; L
Lead refining; Zinc smelting;
Aluminum; Magnesium; Tin) 1
Fabricating
;
(Copper products; Lead shipments; Zinc shipments; Aluminum products;
Magnesium products; Tin consumption) x
23S
234
266
257
P194
191
252
252
246
252
.247
280
284
124
127
120
120
122
122
126
123 121
115
142
118
146
111
139
109
143
112
141
111
142
118
142
110
144
P102
165
161
•162
159
161
160
163
162
166
V
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products....
Abrasive and asbestos products.,
Other stone and clay products 1 ..
183
59
227
78
125
183
297
173
66
210
76
122
176
300
169
66
204
88
122
181
295
165
66
200
86
116
175
302
174
64
212
88
115
179
292
169
56
208
88
116
175
295
174
51
218
90
116
171
307
164
60
200
87
125
182
r
302
168
56
207
87
r
122
185
r
306
Nondurable Manufactures ..
172
169
169
165
168
168
169
173
173
r
176
151
147
145
139
141
147
146
149
152
150
155
153
141
151
196
137
142
195
135
141
196
129
139
193
132
140
189
137
148
196
136
140
199
139
149
209
141
146
215
139
145
215
144
152
215
141
150
212
153
51
213
167
171
163
168
152
53
213
167
169
163
165
148
49
196
163
166
159
163
131
41
185
144
148
138
144
140
47
193
154
163
141
153
144
42
197
158
162
153
160
150
50
213
164
170
156
164
143
56
206
156
161
148
151
152
57
215
165
170
157
166
146
49
225
156
162
148
159
151
44
238
160
170
146
169
149
43
248
156
166
142
166
283
293
282
Lumber and Products.
126
Lumber
Furniture.
Stone, Clay, and Glass Products.
118
142
Textiles and Products.
Textile fabrics
.
Cotton consumption
Rayon deliveries'.
Nylon and silk consumption 1 ...
Wool textiles
Carpet wool consumption...
Apparel wool consumption.
Woolen and worsted yarn..
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products.,
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers.
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings 1
Manufactured dairy products..
Butter
Cheese
Canned and dried milk
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
r
Revised.
» Preliminary.
598
155
46
216
171
174
167
172
112
268
243
175
296
175
61
216
86
124
183
307
176
165
"62
^120
p
180
P306
p
174
143
p
112
115
105
112
121
115
116
114
113
121
122
107
113
79
86
155
116
117
125
88
79
168
116
110
118
86
86
136
114
113
124
85
84
141
117
113
126
78
81
144
100
108
118
82
77
144
114
120
132
92
80
157
122
111
119
88
80
149
117
112
122
84
81
144
119
115
127
86
72
154
113
113
125
85
68
154
114
119
137
89
63
148
123
117
132
89
69
143
126
159
158
154
153
153
147
146
149
154
155
155
158
160
114
114
110
110
113
116
113
118
125
123
130
P135
96
15!
156
92
155
169
139
93
153
173
153
93
158
180
152
185
P139
83
145
180
85
146
184
82
149
179
P165
82
156
181
P145
78
154
179
83
163
172
81
162
175
84
168
189
^143
87
181
204
20:
270
143
96
110
198
266
136
107
109
180
239
124
100
113
173
225
121
117
125
175
219
127
160
134
169
197
138
191
125
161
176
140
196
135
154
159
140
218
145
158
167
141
213
142
158
164
149
175
149
146
149
147
123
143
146
135
169
101
129
146
139
165
104
129
134
137
139
88
121
p
p
121
P124
p
159
125
* Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1945
1944
Industry
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
160
155
147
164
158
152
154
161
157
145
152
161
154
136
147
160
153
130
135
162
148
112
123
162
147
121
115
159
150
139
118
158
155
145
128
162
159
146
138
165
137
123
116
119
128
186
156
166
184
167
0
33
173
146
0
39
172
135
0
34
174
140
0
31
177
146
0
37
205
152
100
647
232
172
6
68
270
177
0
104
305
123
126
124
121
122
126
124
92
154
73
89
161
73
89
154
80
89
151
79
86
154
78
92
152
92
95
149
87
137
138
142
140
133
142
134
150
108
93
209
137
132
147
120
117
154
128
137
151
108
92
217
135
135
159
115
115
159
127
76
136
156
108
91
232
137
133
156
110
115
159
125
80
129
153
114
92
232
127
125
148
99
103
158
118
83
137
159
119
96
234
138
134
158 •
111
118
149
127
77
134
151
110
97
213
136
131
152
117
119
156
120
73
100
101
98
100
83
84
81
85
234
233
237
243
129
163
130
130
242
129
161
120
125
246
130
162
118
126
174
165
487
176
167
463
175
166
470
341
323
140
133
233
405
138
137
232
408
Rubber Products
242
Minerals—Total
139
Fuels
Jan.
Feb.
Mar.
162
162
137
167
165
163
143
170
169
180
151
170
169
213
'169
197
0
76
353
174
0
74
355
167
198
452
346
120
135
131
93
142
93
105
157
107
95
155
108
142
143
143
77
137
156
118
92
231
135
134
159
113
116
149
127
84
139
165
126
96
245
142
135
158
111
116
149
132
81
138
158
111
97
238
136
135
160
106
120
150
130
81
95
102
99
103
87
87
83
89
242
247
251
258
252
136
164
131
130
259
137
164
125
128
264
138
159
125
126
272
141
162
132
126
i72
164
463
172
164
442
171
164
419
324
319
314
137
137
235
410
138
138
237
411
142
134
237
408
231
230
228
227
231
230
231
231
239
247
247
140
143
142
139
142
143
143
143
137
140
141
141
143
146
146
143
147
148
148
148
141
145
146
147
P145
148
155
123
138
150
155
129
139
154
159
134
142
152
158
128
143
144
151
118
142
148
154
124
146
147
151
129
149
149
152
133
148
149
155
126
148
132
138
109
146
140
151
96
148
143
150
112
148
142
149
115
150
P136
PUS
PUl
P150
126
122
120
120
117
114
113
HI
112
HI
111
Apr.
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
r
r
^166
P170
C
141
143
167
11
232
312
153
0
57
265
152
0
58
283
121
123
123
120
85
147
95
95
145
97
93
147
91
91
143
90
135
136
137
141
132
150
115
97
212
133
129
145
93
125
156
125
85
132
152
111
95
214
137
129
153
85
119
147
128
76
134
156
113
98
227
139
130
152
87
125
143
127
83
137
157
113
101
227
139
134
157
84
127
148
133
82
103
104
102
105
105
86
84
85
84
83
85
266
268
268
273
276
272
268
281
140
167
135
124
283
144
165
136
124
283
141
165
133
119
289
143
171
133
123
292
150
174
126
126
288
145
166
134
131
168
162
389
170
164
384
170
164
367
167
163
296
167
162
334
314
307
307
307
312
r
r
318
318
143
132
240
408
139
131
237
400
139
129
239
395
141
133
242
394
141
137
242
396
142
r
136
244
396
140
r
136
r
241
400
140
135
244
400
P\V
^135
P
238
p
399
236
P?,30
Industrial Alcohol from Beverage Plants1
Tobacco Products
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper..
Newsprint
Paperboard containers (same as Paperboard) .
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1
Coke
By-product coke
Beehive coke
Chemical Products
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition 1
Other chemical products 1
....
.
..
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore..
(Copper; Lead; Zinc) 1
Gold
Silver
3l7
r
168
163
367
r
158
80
p
106
143
161
157
282
171
164
387
....
189
184
182
181
178
175
175
171
170
168
170
31
75
28
73
27
67
25
72
24
67
23
63
22
57
22
58
22
64
23
62
24
56
r
142
p
140
111
P110
170
170
P169
24
50
24
r
1
Revised.
P Preliminary.
Series Included in total and group indexes but not available for publication separately.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940,
pp. 753-771 and 825-882.
JUNE 1945
599
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100J
1945
1944
Industry
Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec.
Industrial
Production—Total..
Manufactures—Total
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth ..
Electric
Machinery
Jan. Feb. Mar.
Apr.
238
237
236
236
232
235
234
234
232
230
230
232
232
P229
257
255
252
252
248
251
249
250
248
248
248
250
249
p
363
361
357
354
348
349
343
346
341
M2
343
345
344
^337
214
213
210
204
202
203
202
206
201
198
197
202
r
210
207
206
238
191
570
206
236
192
549
203
234
188
559
198
225
183
526
196
222
184
491
198
224
183
512
196
222
183
502
197
225
187
492
192
218
186
453
190
215
181
456
188
219
176
r
526
192
226
180
r
552
198
r
234
189
r
561
188
234
184
590
452
445
437
442
435
434
427
422
431
431
436
432
P424
P650
245\
Manufacturing Arsenals and Depots1
Transportation Equipment ...
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government)1
Nonferrous Metals and Products
Smelting and refining
;
m
(Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products;1 Magnesium
products; Tin consumption)
Lumber and Products .
Lumber . .
Furniture .
734
730
726
716
704
707
695
704
699
709
706
698
677
233
232
226
228
223
229
226
229
230
235
235
242
238
287
292
279
263
243
245
238
233
234
229
253
257
266
297
273
252
244
226
205
200
191
186
187
191
194
283
282
243
252
246
252
247
'280
284
296
124
125
127
133
130
135
128
125
120
113
113
114
116
110
149
116
119
142
123
143
129
146
123
139
117
143
109
141
97
142
99
142
97
146
165
127
144
169
165
167
164
167
163
159
156
156
101
144
162
184
66
225
79
122
179
300
186
65
228
90
125
183
297
174
60
213
94
124
182
294
175
66
213
100
125
182
295
169
66
204
100
120
179
302
178
64
218
102
122
182
292
170
56
210
95
121
177
295
163
51
202
82
120
175
307
161
60
196
71
116
176
r
302
163
56
201
66
118
177
r
306
175
61
216
71
119
177
307
168
169
167
171
173
173
173
171
170
172
171
145
139
141
147
146
149
152
150
155
153
142
Stone, Clay, and Glass Products. .
r
163
163
P266
P194
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products . ..
Other stone and clay products1
175
59
216
68
126
188
308
Nondurable Manufactures ..
171
169
151
151
141
151
191
141
151
196
137
142
195
135
141
196
129
139
193
132
140
189
137
148
196
136
140
199
139
149
209
141
146
215
139
145
215
144
152
215
141
150
212
155
46
216
171
174
167
172
153
51
213
167
171
163
168
152
53
213
167
169
163
165
148
49
196
163
166
159
163
131
41
185
144
148
138
144
140
47
193
154
163
141
153
144
42
197
158
162
153
160
150
50
213
164
170
156
164
143
56
206
156
161
148
151
152
57
215
165
170
157
166
146
49
225
156
162
148
159
151
44
238
160
170
146
149
43
248
156
166
142
166
112
116
114
103
HI
121
115
118
113
114
125
122 P121
106
113
77
86
150
116
116
125
85
81
165
116
110
118
83
84
147
114
111
119
87
85
139
117
107
119
77
80
134
100
107
114
86
75
148
114
118
129
90
81
153
122
112
121
90
80
149
117
116
127
86
79
153
119
114
127
84
73
146
113
113
128
83
68
143
114
128
148
93
'66
162
r
123
116
132
87
68
139
126
142
143
147
153
163
165
166
159
155
150
143
141
142
p
110
106
106
112
115
123
125
P12S
PI 13 P143
87
94
137
161
153
191
120
205
240
'P225
128
225
249
107
187
215
*»178
91
162
186
82
149
170
H25
70
134
145
180
239
124
104
115
172
225
118
117
116
162
193
128
160
129
147
151
140
188
122
148
139
151
215
144
156
150
153
248
151
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
r
Revised. * Preliminary.
600
1
187
251
130
90
108
183
59
227
74
122
181
297
183
242
128
105
105
P177
143
220
144
122
130
132
122
62
117
130
61
111
138
69
120
140
P98
71
133
157
77
151
186
188
231
175
195
146
228
142
184
217
149
165
146
171
195
150
114
152
139
132
156
89
131
135
129
150
98
126
122
125
131
86
118
Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Cowfow/K?*/
(^Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1945
1944
Industry
Manufactured Food
Mar.
Apr.
142
85
137
157
140
92
128
154
May
June
July
Aug.
145
105
109
162
159
169
111
165
170
213
132
165
Sept. Oct.
Nov. Dec.
Jan.
Feb.
Mar.
148
105
141
160
149
103
144
161
148
99
140
163
191
157
133
147
142
0
37
265
160
0
35
283
Apr.
Products—Continued
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products .
Alcoholic Beverages
.
128
Malt liquor
Whiskey
Other distilled spirits
Rectified liQuors
.
127
141
94
117
158
127
143
151
198
174
236
148
162
159
167
180
154
166
161
133
151
171
155
114
139
169
168
159
146
164
140
0
81
355
137
198
414
346
150
11
209
312
r
p
W
*>101
*>163
155
0
21
173
153
0
23
172
154
0
21
174
111
0
19
177
183
0
22
205
173
100
609
232
174
6
94
270
305
151
0
159
353
117
120
124
126
127
129
131
125
137
121
121
118
117
115
92
143
73
89
150
73
89
154
81
89
158
80
86
162
78
92
160
89
95
160
93
93
148
99
105
160
110
95
142
95
85
147
93
95
136
94
93
137
91
91
133
90
137
138
142
141
132
141
141
143
143
134
136
138
141
134
150
115
93
209
137
132
147
120
117
154
128
77
134
153
121
97
213
136
132
152
117
119
157
120
75
137
152
117
92
217
135
135
159
115
115
159
127
77
137
156
109
91
232
137
134
156
110
115
162
125
80
128
151
101
92
232
127
125
148
99
103
151
118
82
137
157
105
96
234
138
134
158
111
118
149
127
77
137
154
105
92
231
135
134
159
113
116
149
127
84
139
164
117
96
245
142
135
158
111
116
151
132
81
138
159
117
97
238
136
135
160
106
120
150
130
82
132
150
117
97
212
133
129
145
93
125
151
125
84
132
152
115
95
214
137
129
153
85
119
145
128
76
134
157
118
98
227
139
131
152
87
125
148
127
83
137
158
121
101
227
139
134
157
84
127
148
133
82
101
104
100
100
89
98
100
105
107
106
99
104
107
P108
86
89
84
84
75
78
84
93
93
88
79
83
87
90
234
233
237
242
247
251
258
266
268
268
275
276
272
243
129
163
. .. 128
132
242
129
161
125
127
246
130
162
123
127
252
136
164
131
123
259
137
164
124
119
264
138
159
124
121
272
141
162
132
124
281
140
167
135
124
283
144
165
136
128
283
141
165
132
123
289
143
171
129
126
'292
150
174
125
132
288
145
166
132
134
174
165
487
176
167
463
175
166
470
172
164
463
172
164
442
171
164
419
168
162
389
170
164
384
170
164
367
167
163
296
167
162
334
168
163
367
344
325
323
316
310
310
307
309
308
313
r
140
133
233
405
140
134
232
408
142
132
235
410
142
136
237
411
140
133
237
408
142
133
240
408
138
136
237
400
139
135
239
395
139
134
242
394
141
137
242
396
139
r
133
244
396
242
231
230
228
227
231
230
231
231
239
247
138
146
146
147
147
144
140
131
134
141
143
146
146
143
148
155
123
138
150
155
129
139
154
159
134
142
152
158
128
143
144
151
118
142
86
112
144
148
120
76
168
188
226
313
27
77
25
73
24
66
. .
o
270
Industrial Alcohol from Beverage Plants^
Tobacco Products
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
Paper and pulp .
...
. . . . ....
Pulp
G r o u n d w o o d pulp
Soda pulp
Sulphate pulp
.
.
...
Sulphite pulp
Paper
..
Paperboard
Fine paper
Printing paper
.
Tissue and absorbent paper
Wrapping paper
Newsprint
PaDerboard containers (same as Paoerboard)
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 Detroleum Droducts*
Coke
By-product coke
.
Beehive coke
. -
Chemical Products
Paints
Soap
.
Rayon
Industrial chemicals
Explosives and ammunition*
Other chemical products*
...
....
• .
Rubber Products
133
Minerals—Total
Fuels
Coal
Bituminous coal
Anthracite
Crude petroleum
.
.
.
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc) 1
Gold
.
Silver
.
.
.
143
316
158
82
?143
171
164
387
161
157
282
r
319
320
P319
139
r
135
r
24l
400
140
135
244
400
*>138
*>133
^238
^399
247
236
P230
135
136
P140
r
147
148
148
148
141
145
146
147
P145
148
154
124
146
147
151
129
149
149
152
133
148
149
155
126
148
132
138
109
146
140
151
96
148
143
150
112
148
142
149
115
150
P136
P13S
P131
P150
142
145
138
123
89
68
r
68
r
231
330
222
323
227
336
215
311
188
259
130
133
94
61
95
63
r
24
69
23
66
25
62
25
57
26
58
25
64
24
62
"23
56
72
P108
98
68
104
80
*>166
216
21
51
"21
68
r
Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separately.
NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp.
753-771 and 825-882.
JUNE 1945
601
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory pay rolls
Factory employment
1944
1945
Mar.
Total
Durable goods
Nondurable goods
Apr. D e c .
Feb.
Mar. Apr.
Feb.
344.7 341.3 335.0 331.8
487.3 481.6 474.8 455.9
205.3 204.1 198.2 210.5
171.6 168.6
237.3 233.2
119.8 117.7
161.0
216.1
117.6
160.1
215.9
116.1
159.7
215.2
115.9
158.0
212.2
115.2
154.7
206.9
113.6
1 Mar.
1945
Jan. |
Jan.
Apr. Dec.
Feb.
Mar.
r
r
329.0
325.7
r
451.1 444.3
r
209.6 209.7
330.5
454.3
209.4
Iron and Steel and Products
Blast furnaces, steel works, etc
'
Steel c astings
Tin cans and other tinware
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus..
Stamped and enameled ware
Structural and ornamentalmetal work
171.9
126
261
112
132
134
190
163
212
169.4
125
256
114
131
133
188
160
212
166.5
122
238
124
130
139
183
157
205
167.1
122
240
125
130
137
183
157
206
168.0
123
241
129
131
139
184
158
206
167.3
123
239
132
131
138
182
156
197
164.2
321.2
225
487
186
266
253
366
329
419
316.5
111
478
186
271
254
357
326
424
310.9
111
463
189
266
248
352
313
415
316.7
116
455
216
276
269
354
332
402
316.3
224
457
219
274
267
358
337
395
318.0
224
454
227
278
274
355
338
396
319.1
229
458
231
281
270
350
331
369
Electrical Machinery
Electrical equipment
Radios and phonographs.
295.9
257
304
291.5
254
300
271.1
239
274
269.2
238
271
268.6
237
270
267.5 263.5
236
268
524.2
466
576
524.7
466
570
513.2
456
556
504.3
452
537
504.8
454
540
505.0
452
535
504.7
453
529
Machinery, except Electrical
Machinery and machine shop products
Engines and turbines
Tractors
Agricultural, excluding tractors
Machine tools
Machine-tool accessories
Pumps
Refrigerators
236.7
239
388
192
166
227
293
345
154
232.2
235
383
191
164
219
282
340
151
219.2
222
363
183
160
203
258
305
150
220.0
223
365
184
160
203
258
305
149
220.'
225
362
183
161
204
259
300
149
218.0
111
356
181
158
204
256
295
145
449.2
447
824
300
321
405
520
742
283
443.4
441
825
301
331
401
503
732
276
434.4
429
803
298
333
384
481
769
269
422.9
419
808
294
322
381
452
650
287
421.9
421
790
295
322
379
458
649
271
424.6
424
791
291
328
382
466
646
111
419.2
420
767
286
325
382
457
630
266
,566.5
,975
,916
,752
,538.3
1,925
2,913
1,723
,320.7
,604
1,422
,498
1,311.7
1,613
"2,395
1,474
1,286.6
1,629
'2,404
1,405
,240.9 ,181.1 3,213.93,171. 9 3,152.7
,607
3,827 3,728 3,627
,368
,240 5,194 5,239
,325
3,630 3,599 3,621
2,893.7
3,198
4,295
3,446
Automobiles
183.7
180.1
168.3
169.4
169.1
166.0
163.1
347.8
342.1
336.5
312.6
319.3
r
Nonferrous Metals and Products
Primary smelting and refining.....
Alloying and rolling, except aluminum
Aluminum manufactures
193.5
196
188
349
188.3
189
185
333
173.1
144
179
274
173.6
143
182
284
176.0
144
185
292
177.6
143
187
299
176.4
370.9
371
355
639
362.9
356
352
615
351.7
348
340
585
336.,
264
348
512
337.
1(A
355
530
343.0 348.1
264
265
r
362
367
542
556
Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills
114.
81
105
113.1
80
102
107.6
77
97
107.1
76
97
107.0
76
97
106.5
76
96
105.9
202.9
146
173
204.0
147
174
205.8
149
171
193.
139
167
192.9
138
167
196.5
140
170
195.9
140
168
Furniture and Lumber Products
Furniture
107.9
103
105.8
100
103.6
97
103.3
96
103.9
97
102.9
96
100.7
191.3
184
191.
183
186.0
176
194.0
180
194.0
180
196.9
184
195.8
182
189.0
101
107
117
185
189.6
101
106
119
187
193.2
207
108
121
191
Transportation Equipment, except Autos
Aircraft, except aircraft engines . . .
Aircraft engines
Shipbuilding and boatbuilding
213.5
2,852.5 2,757.3 2,645.4
'3,257 rr3,235 3,190
"4,335 4,368 4,258
3,313
3,108 2,907
319.2
T
312.7
115.6
133
72
76
126
98.6
113
76
104
67
94
112.3
126
72
73
121
111.6
126
69
73
119
111.3
126
68
73
119
111.4
127
68
72
118
109.9
191.0
208
106
124
188
191.
Ill
104
121
193
189.4
209
108
117
193
192.
204
114
118
194
Textile-Mill and Fiber Products
Cotton goods except small wares..
Silk and rayon goods
Woolen ana worsted manufactures
Hosiery
Dyeing and finishing textiles
116.8
133
72
78
127
100.6
115
78
106
69
96
95.5
110
75
99
64
90
94.
109
74
98
63
90
94.0
108
74
98
63
93.,
107
74
97
62
91.4
174.1
202
139
199
110
154
173.7
202
138
200
109
155
169.8
201
135
193
103
152
176.6
111
142
195
106
157
173.9
210
138
194
103
152
173.1
207
140
193
102
151
173.0
207
139
193
101
151
Apparel and Other Finished
Textiles...
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
114.7
99
78
85
86
111.3
98
77
82
107.8
94
72
80
78
106.0
92
70
79
80
106.
93
70
79
83
105.9
92
70
78
84
196.8
163
133
148
141
200.,
167
137
153
141
181.0
158
130
132
109
191.8
165
128
144
113
195.,
165
126
149
131
202.6
171
132
154
155
206.2
174
133
157
158
91.
87
81
86
80
89.8
84
80
84
79
84
79
83
79
154.2
145
138
155.8
145
139
154.9
147
138
160.8
146
146
162.5
147
148
164.3
149
150
167.7
150
154
117.3
134
117
112
119
132
67
117.
130
113
111
116
134
74
123.
129
118
115
126
142
85
118.6
128
119
111
r
118
137
78
116.
120
119
112
r
117
139
75
114.6
113
117
111
117
138
71
188..
227
191
161
187
182
133
185.
212
184
163
191
186
127
185.1
206
181
160
183
192
141
205.0
228
199
177
211
205
163
195.8
111
206
168
r
198
195
154
189.1
188
204
169
199
201
149
187.3
178
201
170
199
201
143
118
75
119.
107
127
119
123
73
90.
133
68
128
65
128
65
87.6
127
65
154.7
180
142
146.5
160
143
142.7
164
133
177.8
113
147
166.4
211
134
165.3
208
135
165.2
207
135
118.
106
126
116
117.
107
121
114
116.5
107
119
112
116.
107
119
113
115.7
106
119
112
190.0
176
195
183
190.5
176
198
183
187.6
175
195
177
197.0
185
198
185
194.9
183
198
182
195.3
183
199
184
195.2
183
199
182
Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
Leather and Leather Products
Leather
Boots and shoes
Food and Kindred Products
Slaughtering and meat packing
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
Tobacco Manufactures
Cigarettes
Cigars
Paper and
Paper
Paper
Paper
Allied Products
and pulp
goods, n.e.c
boxes
103.
113.
86.4
r
r
r
r
Revised.
NOTE.—Figures for April 1945 are preliminary. Indexes for major groups and totals have been adjusted to final 1942 and preliminary 1943 data
made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only.
6O2_
FEDERAL RESERVE
BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Gw/m**/
{Without Seasonal
Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory pay rolls
Factory employment
1944
Mar.
Feb.
Dec.
Jan.
102.3
94
107
100.8
92"
106
Apr.
100.2
92
105
99.0
Chemical and Allied Products
216.6 208.6 215.4 r 217.8
221.3 221.6
182
Drugs, medicines, and insecticides. 190
189
180
182
179
113
Rayon and allied products
108
108
113
112
112
166
Chemicals, n.e.c
173
173
166
166
166
Explosives and safety fuses
997
942 1,289 1,311
1,349 1,361
Ammunition, small-arms
1,644 1,359 1,292 1,431 r l,544 1,576
106
Cottonseed oil
113
102
120
134
130
139
148
134
143
114
Fertilizers
123
220.2
Printing and Publishing
Newspaper periodicals
Book and job
102.4
93
107
101.2
93
105
100.5
92
106
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
120.1
116
106
121.0
118
105
125.3
125
101
126.0
126
102
126.1
126
102
126.2
126
102
126.1
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
167.2
173
147
162.8
169
143
161.6
174
138
163.2
179
138
163.4
178
140
162.9
177
140
158.4
171.3
584
170
169.3
576
169
162.2
534
162
161.8
532
162
163.1
539
162
163.4
541
162
161.8
Miscellaneous Industries
Instruments, scientific
Photographic apparatus
r
....
r
1945
1944
1945
Apr.
Mar.
Feb.
Mar.
134.6
113
147
135.1
114
147
Apr.
Dec.
133.5
114
144
Jan.
144.1
122
160
Feb.
Mar.
141.1
118
157
142.8
118
160
142.4
120
157
389.0 372.1 358.8 377.8 r 384.2 r 389.9 394.1
268
277
280
274
276
111
273
r
171
180
182
169
172
180
182
297
295
295
296
294
291
293
1,563 1,509 1,434 1,970 1,999 r 2,020 2,092
3,167
3,O7O
4,200 3,203 2,718 2,633 2,915
r
r
223
194
255
241
215
289
276
341
302
274
305
286
250
201.4
192
182
203.9
196
180
206.4
200
179
220.4
215
182
r
221.7
r
269
r
223.3
r
218
186
223.9
221
180
295.7
296
261
297.0
299
258
281.3
280
249
305.2
319
256
319.8
342
261
320.2
340
266
296.7
302
265
216
189
324.6 326.3
325.6 325.0 320.1 319.7 322.4
1,063 1,068
1,116 1,109 1,091 1,058 1,057
276
275
279
271
259
278
280
Revised.
FACTORY EMPLOYMENT
(Adjusted for Seasonal
Variation)
[Index numbers of the Board of Governors, 1939 = 1001
1944
1945
Group
Mar
172. 1
237. 7
120. 4
Total
Durable
Nondurable
Apr.
May
June
July
169.4
233.4
118.9
167.7
230.3
118.3
166.7
228.2
118.3
165.2
225.3
117.9
Aug.
Sept.
Oct
Nov
Dec.
Jan
164.1
224.1
116.8
162.6
220.4
117.0
161 0
217 3
116 6
160. 3
215. 6
116. 7
160.7
216.1
117.0
161. 0
216. 3
117. 3
Feb
Mar.
r
160. 2
215. 7
r
116. 5
158.4
212.5
115.8
Apr.
"155.4
^207.1
^114.7
^ Preliminary. r Revised.
NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF WAGE EARNERS I N MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)
Average hours worked per week
Industry and year
,4//
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
1944\
Feb.
Mar.
Dec
Jan.
Feb.
45. 3
45.3
45. 3
45.6
45.4
45.5
45.5100.3
46. 7
46.7
46. 7
47. 1
46.8
46.9
46.9 110.0
110.3
113.6
114.0
r
114.4
113.8 | 113.')
47. 1
0
9
2
3
46
46
48
47
45
46
43
44
44
8
3
2
8
5
9
0
4
1
47. 4
46.3
46.9
46.7
49.1
47.0
46.3
46.9
43.2
44.5
43.6
45.7
6
3
3
1
46.9
r
46.5
r
48.7
48.0
45.2
47.2
42.6
44.4
r
43.6
47.0
46.7
48.9
r
47.5
46.5
r
47.3
43.2
44.8
43.9
47.1
46.6
48.8
47.3
46.5
47.5
43.1
44.7
44.3
106.9
100.5
110.7
124.7
125.7
104.0
77.0
79.2
87.9
107.0
101.0
111.0
125.1
126.1
104.4
77.1
79.7
88.2
108.9
104.9
113.4
131.8
128.0
105.8
79.1
83.3
91.0
109.5
105.9
114.6
130.9
127.9
106.9
79.4
84.4
91.3
110.1
106.9
r
114.9
r
130.4
131.4
r
107.9
79.1
r
84.5
r
91.7
109.8
"106.7
115.0
'130.1
"128.0
"107.6
79.3
r
84.9
r
91.6
110.7
107.3
115.1
129.7
128.0
108.0
79.7
85.3
92.4
43 2
43.2
43 2
43 5
43.4
43.4
43.5
84.2
84.6
87.7
88.3
89.1
89.3
89.7
8
7
2
5
41.9
38.9
41.4
45.3
40.9
45.8
40.8
45.8
46.6
45.6
46.3
42 3
38 0
41 2
42 8
37 7
41 6
42.3
38.2
r
41.8
45.6
43.4
r
46.2
41.5
r
45.7
46.6
47.3
r
45.7
42.3
38.9
r
42.1
44.9
r
43.3
46.3
41.0
r
45.5
47.3
47.3
45.8
42.4 68.6
39.1 77.8
42.4 77.8
45.1 83.8
43.2 67.8
46.4 82.9
41.5 104.4
45.9 93.5
47.3 115.9
45.3 107.2
45.9 93.8
69.0
78.9
78.2
83.9
67.9
83.4
104.9
93.8
116.3
108.6
94.2
72.2
82.4
81.9
85.9
73.5
86.3
110.4
95.6
118.6
110.7
97.5
72.5
83.1
82.4
86.5
73.8
86.4
r
110.8
96.4
120.0
113.0
98.5
72.9 r 73.1
84.9 86.0
82.9 83.6
r
86.7 86.5
73.6 73.7
r
86.9 r 86.6
r
110.9 111.3
'"97.2 97.3
120.6 119.6
r
115.1 114.9
99.3 99.1
73.3
87.2
84.8
86.8
74.1
87.3
112.1
97.5
119.5
111.7
99.4
46.8
49. 1
46 9
47
42
44
43
41
38
41
45
41.3
45
40
45
46
45
46
6
7
7
5
7
2
45.2
44 2
46 5
41 3
45 .7
46 9
45 7
45 .5
46.6
48.9
48 4
47
42
44
44
46.0
45
46
41
45
47
46
45
Revised.
NOTE.—Back figures are available from the Bureau of Labor Statistics.
JUNE 1945
1944
1945
No\ f.
0
6
4
7
1
6
7
Mar.
Feb.
Jan.
Dec.
Mar.
Nov.
100.6
103.5 104.0
Feb. I Mar.
104.6 104.3 I 104.5
r
ESTIMATED EMPLOYMENT IN NONAGRIGULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Year and month
Total
Manufacturing
Mining
truction*
Transportation and
public
Trade
Finance,
service,
and miscellaneous
Federal,
State, and
local
government
utilities
30,353
31,784
35,668
38,447
39,728
38,698
10,078
10,780
12,974
15,051
16,924
16,121
845
916
947
970
891
835
1,753
1,722
2,236
2,078
1,259
679
2,912
3,013
3,248
3,433
3,619
3,761
6,618
6,906
7,378
7,263
7,030
7,044
4,160
4,310
4,438
4,447
4,115
4,348
3,988
4,136
4,446
5,203
5,890
5,911
1940—November
December
1941—January
February
March
April
May
June
July
August
September
October
November
December
32,993
33,397
11,409
11,589
925
926
1,971
2,135
3,054
3,076
7,043
7,076
4,395
4,393
4,196
4,202
33,638
33,973
34,406
34,441
35,269
35,758
36,277
36,597
36,774
36,892
36,991
36,864
11,720
11,934
12,174
12,456
12,776
13,032
13,342
13,473
13,580
13,642
13,752
13,748
938
935
943
643
949
970
981
997
1,000
1,003
1,004
1,002
2,243
2,256
2,260
2,133
2,176
2,239
2,256
2,258
2,327
2,295
2,248
2,115
3,072
3,082
3,131
3,161
3,224
3,254
3,292
3,330
3,331
3,355
3,369
3,367
7,065
7,123
7,192
7,266
7,302
7,388
7,495
7,579
7,548
7,537
7,526
7,487
4,366
4,374
4,397
4,438
4,441
4,441
4,442
4,458
4,454
4,472
4,479
4,493
4,234
4,269
4,309
4,344
4,401
4,434
4,469
4,502
4,534
4,588
4,613
4,652
1942—January
February
March
April
May
June
July
August
September
October
November
December
37,057
37,195
37,391
37,724
37,981
38,204
38,581
39,042
39,171
39,452
39,597
39,898
13,879
14,041
14,255
14,463
14,649
14,865
15,143
15,442
15,644
15,798
16,048
16,333
996
981
976
982
982
981
982
973
962
954
944
933
2,102
2,090
2,055
2,054
2,048
2,057
2,077
2,101
2,077
2,136
2,095
2,041
3,372
3,357
3,382
3,402
3,419
3,419
3,433
3,448
3,448
3,484
3,503
3,525
7,481
7,414
7,331
7,319
7,280
7,206
7,210
7,222
7,227
7,224
7,132
7,136
4,520
4,491
4,523
4,541
4,521
4,532
4,520
4,518
4,382
4,330
4,255
4,229
4,707
4,821
4,869
4,963
5,082
5,144
5,216
5,338
5,431
5,526
5,620
5,701
1943—January
February
March
April
May
June
July
August
September
October
November
December
39,934
39,935
40,066
39,891
39,740
39,775
39,876
39,737
39,475
39,486
39,526
39,479
16,506
16,682
16,831
16,858
16,837
16,908
17,059
17,097
17,051
17,108
17,152
16,995
927
924
915
908
893
893
888
878
876
869
859
863
1,899
1,734
1,604
1,476
1,358
1,263
1,164
1,082
1,020
936
891
864
3,540
3,556
3,574
3,588
3,597
3,620
3,634
3,639
3,633
3,671
3,683
3,687
7,133
7,064
7,110
7,006
6,988
7,017
7,061
7,015
7,006
7,006
7,000
6,962
4,146
4,146
4,121
4,110
4,102
4,112
4,127
4,110
4,079
4,078
4,119
4,127
5,783
5,829
5,911
5,945
5,965
5,962
5,943
5,916
5,810
5,818
5,822
5,981
1944—January
February
March
April
May
June
July
August
September
October
November
December
39,454
39,352
39,123
38,865
38,749
38,766
38,700
38,654
38,400
38,159
38,044
38,164
16,910
16,819
16,642
16,391
16,203
16,093
16,013
15,943
15,764
15,614
15,529
15,554
862
862
852
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
7,210
7,164
7,208
7,002
4,394
4,404
4,421
4,463
5,954
5,998
6,023
6,003
1939
1940
1941
1942
1943
1944
SEASONALLY
ADJUSTED
1945—January
February
March
April
r
38,426
38,457
38,419
37,919
r
r
15,633
15,595
15,452
15,179
833
830
822
812
808
802
r
805
802
796
776
r
633
646
673
680
3,797
3,848
3,846
3,816
r
r
.
r
UNADJUSTED
1943—November
December
1944—January
February
March
April
May
June
July
August
September
October
November
December
1945—January
February
March
April
39,847
40,197
17,238
17,080
863
867
918
829
3,683
3,669
7,245
7,554
4,078
4,127
5,822
6,071
38,965
38,840
38,725
38,689
38,672
38 846
38,731
38,744
38,571
38,360
38,347
38,889
16,825
16,735
16,559
16,309
16,122
16,093
16,013
16,023
15,843
15,692
15,607
15,632
858
858
852
844
839
844
833
834
826
816
812
764
715
678
683
686
691
686
700
671
652
629
594
3,664
3,704
3,723
3,744
3,768
3,803
3,809
3,818
3,791
3,767
3,771
3,770
6,919
6,867
6,919
6,968
6,962
6,977
6,942
6,918
6,994
7,148
7,299
7,611
4,128
4,131
4,123
4,236
4,363
4,542
4,618
4,582
4,488
4,340
4,315
4,304
5,807
5,830
5,871
5,905
5,932
5,896
5,830
5,869
5,958
5,945
5,914
6,172
7,030
6,985
7,078
6,988
4,350
4,360
4,377
4,441
5,894
5,938
5,993
6,003
r
37,952
3-7,957
38,026
37,750
r
r
15,555
15,517
15,375
15,103
801
798
796
772
r
r
582
588
r
619
646
r
3,740
3,771
3,788
3,797
r
* Includes Contract Construction and Federal Force Account Construction. r Revised.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates include all full- and part-time wage and salary workers in nonagricultural
establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel
of the armed forces are excluded. April 1945 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.
6O4
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]
Month
Factories
January
February
March
..
April
May
June
July
August
September
October
November
December
Year
1
Nonresidential building
Residential
building
Total
Commercial
Educational
1944
1945
1944
1945
1944
1945
1944
1945
1944
159.2
137.2
176.4
179.3
144.2
163.9
190.5
169.3
175.7
144.8
164.9
188.5
140.9
147.0
328.9
395.8
41.0
24.9
35.2
37.8
34.5
30.6
25.8
23.3
24.5
23.8
23.3
23.9
19.5
19.3
26.9
42.7
34.0
29.9
48.7
33.0
27.1
24.4
38.3
40.0
49.0
37.7
52.9
57.6
45.2
66.6
160.4
174.5
4.1
4.5
7.4
6.1
5.8
87
5.6
7.9
6.4
7.7
71
7.5
8.5
10.0
12.3
1,994.0
348.4
472.7
9.5
8.7
-0.2
4.4
5.4
3.8
10 5
10.1
6.4
7.6
3.5
5.3
3.8
80.8
69 2
iJ
........
Public works
and public
utilities
Other
1945
1944
1945
1944
.1945
4.9
3.0
4.6
4.3
21.1
23.1
19.5
25.0
17.1
18 9
30.2
22.4
24.2
20.0
28.3
27.1
23.9
17.6
36.3
49.9
50.3
55.1
61.3
72.0
55.8
70 7
80.5
69.4
64.1
52.2
48.0
66.6
39.8
32.0
90.6
111.9
746 1
276 7
Negative because of revision of a prior month's entry.
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollar s]
Total
Public ownership
Private ownership
Month
January
February....
March
April
May
June
July
August
September...
October
November...
December ...
Year
1944
1945
Federal Reserve district
1943
1944
1945
1943
1944
351
394
340
303
234
230
184
414
175
214
184
252
159
137
176
179
144
164
191
169
176
145
165
188
141
147
329
316
364
304
253
192
183
122
351
120
157
135
198
122
109
133
133
98
122
148
125
127
102
103
114
1945
1943
1944
1945
35
30
36
50
42
46
61
62
56
56
50
54
37
28
43
46
46
42
42
44
49
43
62
74
66
73
107
579
559
75
74
221
2,695 1,435
3,274 1,994
Year or month
Total
Property
improvement
Small
home
construction
942
886
224
246
60
160
208
251
262
141
96
125
1944—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
62
68
69
66
71
81
83
84
82
66
6
9
9
9
7
11
14
12
17
11
*
*
*
*
#
*
*
*
1945—Jan
Feb
Mar
Apr
67
68
60
53
8
19
13
10
*
*
*
320
557
495
694
954
1,026
1,186
1,137
13
25
26
21
15
1
1- to 4family
houses
(Title
II)
94
309
424
473
669
736
877
691
243
216
13
13
18
18
18
20
20
22
22
18
19
14
17
15
Rental
War
and
group housing
housing (Title
VI)
(Title
ID
2
2
11
48
51
13
13
6
*
7
' 1
"2
3
1
*
13
284
601
537
44
45
42
36
45
50
46
49
43
37
39
34
30
28
* 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.
JUNE 1945
Boston
Slew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
Apr.
7,162
18,977
38,952
20,642
48,701
149,784
38,445
23,282
5,673
12,938
31,242
11,317
13,158
9,102
17,179
22,313
34,442
86,002
69,217
3,248
24,862
38,034
7,467
20,956
12,484
13,589
41,081
22,953
28,630
7,714
3,218
8,329
12,865
395,798
328,874
179,286
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Mortgages on
Title I Loans
Mar.
Apr.
Total (11 districts)
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
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]
End of month
Total
Savings Insur- FedCom- Mutual
2
ance
eral
and
mersavloan
com- agen- Other
cial
ings
banks banks associ- panies cies 1
ations
8
5
56
110
149
41
118
212
32
77
27
53
90
71
167
192
271
342
137
153
94
133
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
2,598
2,755
. . . . 2,942
3,107
1,246
1,318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
178
179
1942—Mar
June
Dec
3,307
3,491
3,620
1,549
1,623
1,669
201
219
236
264
272
276
856
940
1,032
237
243
245
200
195
163
1943—June
3,700
3,626
1,700
1,705
252
256
284
292
1,071
1,134
235
79
158
159
3,554
3,399
1,669
1,590
258
260
284
269
1,119
1,072
73
68
150
140
1936—Dec
1937—Dec
1938—Dec
1,199
228
430
634
1939—June
Dec
1,478
1,793
759
902
50
1940—Mar
June
Sept
Dec
1,949
2,075
2,232
2,409
971
1941—Mar
June
Sept.
Dec
Dec
1944—June
Dec
365
771
27
38
1
The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States
Housing
Corporation.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding
terminated mortgages and cases in transit to or being audited at the Federal Housing Administration.
605
MERCHANDISE EXPORTS AND I M P O R T S
[In millions of dollars]
Merchandise exports1
Merchandise imports2
Excess of exports
Month
1941
January
February
March
325
303
357
April
May
June
387
385
330
July
August
September
365
460
425
October
November...
December
666
492
653
January-April.
1945
1941
1942
1943
1944
1945
1941
1942
1943
1944
1945
r
482
r
483
r
r
749
r
728
r
229
234
268
254
254
272
229
234
249
P300
P313
P
359
P334
P324
P365
96
69
89
228
r
230
r
365
r
520
r
988
PI,124 P900
PI,107 p P881
?1,197 l,023
P824
P794
P838
P566
P557
P658
r
542
r
717
r
989
1,092
1,003
PI,226 PI,004
PI,454
PI,296
287
297
280
235
191
215
258
281
295
P360
P386
P331
P365
100
482
351
435
r
731
r
811
r
P866
l,068
P964
P639
r
r
l,265
r
l,28O
r
PI,197
PI,188
PI,192
278
282
262
213
186
196
302
316
286
P294
P302
P281
87
178
162
r
446
r
r
963
r
964
r
983
P903
P886
P911
r
803
r
788
r
r
l,238
r
l,O73
r
l,288
PI,142
PI,185
P934
304
281
344
200
168
3S8
329
311
281
P329
P323
P336
362
211
309
r
603
r
620
r
r
909
H62
\,006
P814
P863
P598
2,318
'3,454
P4.654 ! P3,808 j 1,018 1,014
970
PI,332
2,485
P3.322
1942
1943
637
650
7O5
732
883
r
1,372
1944
l,269
r
r
494
'"739
r
PI,388
354
708
518
536
r
525
r
l,304
r
p
P2,420
r
P1 Preliminary.
Revised.
Including Doth domestic and foreign merchandise.
2
General imports, including merchandise entered for immediate consumption and that entered for stora^ ;e in bonded warehouses.
Source.—Department
of Commerce.
Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
FREIGHT CARLOADINGS BY CLASSES
[Index numbers; 1935-39average == 100]
Miseellaneous
Mer-
Ore
110
147
183
206
192
181
101
110
136
146
145
97
96
100
* 69
63
For-
Total
Live- est
Coal Coke Grain stock
products
98
111
123
135
138
144
101
....
109
130
138
137
140
102
137
168
181
186
186
107
101
112
120
146
139
96
96
91
104
117
124
100
114
139
155
141
144
147
67
rp
.
1
lotai
railway
expenses
Net
railway
operating
income
. Net
income
1944—February
March
April
May
June
July
August
September ....
October
November
December
1945—January
February
March
April
147
67 1944—January.. .
February...
67
March
67
April
67
May
67
June
66
July
68
67
August..
September
66
October...
68
November....
68
December
141
137
148
139
140
147
148
143
146
147
143
143
127
180
185
190
190
194
194
185
182
182
181
166
148
136
123
128
135
144
131
126
147
150
134
135
131
120
118
124
124
121
114
120
135
128
146
141
141
140
148
156
155
137
133
138
135
193
174
195
195
187
189
188
184
153
153
133
149
146
144
143
150
149
146
143
149
151
143
139
145
141
141
139
137
126
176
178
190
180
128
119
134
160
120
121
129
124
142
133
134
133
161
168
218
210
157
152
159
153
133
132
135
141
144
147
146
150
148
144
128
148
139
r
140
147
148
143
146
147
143
143
127
191
187
186
188
191
188
178
181
178
181
175
145
125
108
113
137
172
141
142
147
147
126
108
103
107
106
100
102
115
151
184
170
124
140
141
141
146
154
157
162
148
140
135
120
48
51
168
281
291
302
281
276
237
138
41
138
142
144
145
147
151
151
158
156
155
142
64
67
68
67
66
66
68
70
69
70
65
132
130
136
139
141
139
137
126
185
188
192
176
128
117
124
141
115
97
102
111
128
128
134
133
40
42
63
203
143
142
151
151
63 1945—January
64
February
68
March
142
140
138
138
139
143
142
139
137
r
66
66 1945—January
February
67
71
i y
June
July
August
September....
October
November
December
1945—January
February
March
April
3,995
4,297
5,347
7,466
9,055
9,437
3,406
3,614
4,348
5,982
7,693
8,343
589
682
998
1,485
1,362
1093
93
189
500
c
778
775
782
780
779
810
804
781
790
791
788
780
662
671
690
689
688
701
706
710
710
709
697
711
116
103
92
91
91
109
98
71
80
82
91
69
78
65
53
54
52
71
61
32
42
46
57
33
766
781
796
673
678
698
93
103
98
60
68
P63
656
648
703
672
706
700
710
735
710
721
689
687
85
87
r94
88
99
100
99
101
89
97
92
70
48
r49
54
48
59
61
57
60
56
60
64
41
678
640
713
73
73
100
39
37
P63
902
874
C
668
March
UNADJUSTED
UNADJUSTED
February
March
April
1939
1940
1941
1942
1943
1944
SEASONALLY
ADJUSTED
SEASONALLY
ADJUSTED
Mflv
x&
Total
railway
operating
revenues
chandise
l.c.1.
Annual
Annual
1939
1940
1941
1942
1943
I944
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
71
1944—January
February
March
April
May
June
July
August
September
October
November
December
741
735
797
760
804
799
809
836
799
819
781
757
751
713
813
r
c
r
P Preliminary.
Corrected.
Revised.
Kevisea.
NOTE.—Descriptive material and back figures may be obtained
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for from the Division of Research and Statistics. Basic data compiled
June 1941. Based on daily average loadings. Basic data compiled by Associa- by the Interstate Commerce Commission. Annual figures include retion of American Railroads. Total index compiled by combining indexes for classes visions not available monthly.
with weights derived from revenue data of the Interstate Commerce Commission.
606
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on value figures]
MONTHLY INDEXES OF SALES
[1935-39 average = 100]
Federal Reserve district
United
States
Year and month
Cleveland
Richmond
106
126
120
122
135
134
135
138
133
127
128
118
105
83
80
88
91
102
107
96
104
111
129
143
151
168
84
106
94
95
108
106
109
110
110
110
116
105
93
68
69
81
86
101
111
96
106
114
138
153
167
182
73
81
78
75
85
87
92
96
95
95
96
92
86
68
68
81
87
98
105
101
109
120
144
170
194
214
88
105
90
85
94
91
95
99
100
100
98
91
79
60
62
78
84
97
105
103
113
123
145
162
204
244
80
83
98
96
102
106
108
114
116
101
88
67
68
79
86
100
109
98
107
116
135
149
161
176
105
103
115
114
120
121
119
120
122
110
97
76
72
83
85
97
106
102
111
119
143
158
179
200
113
126
117
112
120
119
124
119
117
110
110
105
98
79
76
85
90
99
104
101
106
109
122
133
149
165
130
133
137
135
133
137
143
133
148
151
154
144
149
154
161
144
157
164
171
164
158
170
178
164
183
201
197
189
196
194
199
197
196
209
221
201
210
222
220
208
146
157
168
161
151
169
174
154
164
184
185
177
171
188
197
172
138
144
148
149
147
148
166
146
148
148
162
157
164
151
160
154
156
165
177
174
136
138
153
141
150
144
149
151
149
152
162
158
159
156
173
r
202
198
213
200
211
207
211
214
218
227
231
220
224
225
228
r
168
159
170
158
170
168
183
171
169
166
183
166
181
166
191
182
180
190
203
190
172
162
173
165
167
163
187
180
168
192
201
180
182
194
195
173
197
189
208
207
193
215
235
207
160
176
159
157
158
151
165
173
162
158
189
175
199
211
223
181
162
166
r
173
189
204
162
186
204
222
174
231
238
r
157
150
166
189
150
210
235
193
200
213
170
211
236
235
188
181
208
205
157
1943—May
June
July
August
September
October
November
December
155
155
127
139
174
186
215
273
145
138
102
110
152
161
184
255
124
123
92
99
141
157
182
228
142
136
107
112
152
174
202
256
156
155
126
143
168
182
214
262
181
177
141
155
208
212
252
332
192
175
166
179
218
233
257
336
149
154
124
136
166
174
200
253
164
166
137
152
188
194
224
277
1944—January
February
March
April
May
June .
July
August
September
October
Novemoer
December
138
142
170
172
178
163
142
157
196
209
248
320
119
115
144
161
162
144
110
118
170
184
207
300
112
115
139
137
142
132
100
110
158
173
207
270
122
123
162
r
152
159
203
r
161
143
117
123
173
190
231
305
132
133
167
172
179
157
140
159
191
204
244
303
179
194
221
228
228
199
197
131
131
159
166
170
160
139
151
185
197
231
295
132
130
124
137
176
143
133
149
200
152
145
163
214
171
147
162
200
168
Boston
NewYork
83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
150
168
186
95
110
108
112
119
121
123
127
128
126
128
123
114
90
84
90
92
100
104
100
104
108
126
140
148
162
84
100
96
99
106
110
116
120
123
124
129
126
116
91
86
91
93
101
106
99
101
106
119
128
135
149
158
167
171
165
162
174
180
166
146
145
147
143
139
145
158
148
175
175
185
173
181
176
192
187
183
194
r
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...
Philadelphia
Atlanta Chicago
St.
Louis
Minne- Kansas
City
apolis
Dallas
San
Francisco
124
123
125
119
117
111
96
74
73
85
89
99
107
100
105
110
127
149
184
205
93
112
92
86
91
94
98
103
101
103
104
96
81
61
62
76
80
97
105
106
112
117
138
157
212
246
67
80
75
78
91
93
99
106
107
110
112
104
94
71
68
77
86
100
106
100
109
117
139
169
200
221
163
187
184
174
179
194
210
174
191
220
220
208
211
231
227
215
192
200
199
198
189
211
212
206
207
203
206
241
247
232
228
245
277
250
241
252
264
263
208
211
219
201
216
210
223
221
217
228
253
233
199
261
284
283
240
247
257
249
219
139
144
117
132
166
168
192
224
165
172
145
163
197
203
228
283
191
183
160
183
232
250
269
343
181
184
165
180
197
219
255
325
149
153
185
183
197
170
154
178
212
221
268
333
119
122
141
159
160
151
130
154
184
179
218
269
153
161
182
183
194
177
168
191
220
226
264
339
177
200
227
228
228
203
202
220
265
272
314
421
166
178
198
192
203
193
185
202
226
238
299
373
173
187
233
192
136
144
186
156
178
194
211
239
269
228
197
217
232
205
"ll9
SEASONALLY
ADJUSTED
1943—May
June
July
August
September
October
November
December
1944—January
February
March
April
May
June
July
August
September —
October
November...
December
....
209
194
1945—January
February
March
April
201
161
250
221
233
237
r
262
243
r
247
260
r
271
258
r
268
274
274
r
l94
181
192
192
212
204
200
215
244
208
r
241
246
240
UNADJUSTED
1945—January
February
March
April
r
156
r
172
212
175
r
187
156
158
194
210
182
151
177
231
249
294
369
r
216
257
273
r
317
r
417
174
191
r
25O
r
r
193
214
236
282
r
228
r
233
195
Revised.
NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944.
JUNE 1945
607
DEPARTMENT STORE STATISTICS—Continued
SALES, STOCKS, A N D OUTSTANDING ORDERS
[As reported by 296 department stores in various Federal Reserve districts ]
Outstanding
orders
(end of
month)
Seasonally
adjusted
128
136
156
179
204
227
344
353
419
599
508
531
1943—July
Aug
Sept
Oct
Nov
Dec
151
168
205
230
259
338
507
564
586
593
576
467
692
618
564
550
562
491
162
169
162
153
143
143
146
162
168
170
165
134
1944—Jan
Feb
167
170
r
225
206
220
199
163
196
234
257
299
385
479
513
r
531
r
525
525
522
516
568
583
600
579
444
527
526
r
483
475
521
590
628
574
559
576
608
620
154
154
r
149
145
147
157
165
170
161
154
144
136
137
147
152
151
r
152
r
151
148
163
167
172
166
127
765
817
770
148
148
r
147
133
142
r
150
1945—Tan
Feb
Mar
Apr
198
198
r
284
^210
r
462
494
r
523
r
99
101
120
172
146
153
""lO8"
194
263
530
558
r
1941
Unadjusted
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Without seasonal adjustment
Index of stocks
(1935-39 average
= 100)
Amount
(In millions of dollars)
Sales
Stocks
(total (end of
for
month)
month)
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
2 5 . . . . . .144
24
172
3 1 . . . ..168
7.... ..182
14.... ..182
2 1 . . . . ..182
28.... ..176
250
Dec. 5
12..'.' .' .295
1 9 . . . . .333
26. .. ..222
Nov. 1 . . . . ..145
8.... .150
15... ..159
2 2 . . . . ..139
2 9 . . . . ..176
225
Dec. 6
1 3 . . . . . .250
20 . . . ..299
2 7 . . . . ..191
1942
3...
10....
17....
24....
31....
Feb. 7 . . . .
14....
21....
28....
Mar.
Apr.
May
June
*>156
..111
..135
. .136
..122
..125
..119
..122
..115
..127
7 . . . . ..130
1 4 . . . . ..137
2 1 . . . . ..148
2 8 . . . . ..157
4 . . . . ..170
1 1 . . . . ..129
1 8 . . . . ..146
2 5 . . . . ..140
2 . . . . ..147
9 . . . . ..149
1 6 . . . . ..127
23 . . . . ..125
3 0 . . . . ..104
6 . . . ..147
13 . . . ..128
20 . . . ..129
27 . . . ..109
Nov
1943
2 . . . ..117
9 ... .146
16 . . . .139
23 . . . .125
30 . . . .126
Feb. 6 . . . ..143
1 3 . . . . ..178
2 0 . . . . ..155
2 7 . . . . ..162
Mar. 6 . . . ..150
1 3 . . . . .144
2 0 . . . . ..147
2 7 . . . . ..155
Apr. 3 . . . . .161
10.... .168
17.... .170
2 4 . . . . .182
May 1 . . . . .142
8 . . . . .169
1 5 . . . .149
2 2 . . . . ..153
2 9 . . . . .151
June 5 . . . . ..151
1 2 . . . . ..168
19 . . . . ..168
26 . . . . ..132
Jan.
r
Revised.
NOTE.—Revised series.
p
r
Preliminary.
Revised.
Back figures.—Division of Research and Statistics.
1943
Oct. 17.... ..166
Jan.
r
1942
Oct. 1 8 . . . . . 1 4 1
1944
Oct. 16... ..189
23
194
30... .187
Oct. 14.... .221
20Q
21
28.'.'.'.'. .207
Nov. 6 . . . .202
Nov. 4 . . . . .215
1944
1 . . . ..110
8 . . . .143
15 . . . ..146
22 . . . . 144
29 . . . ..137
5 . . . . . 146
1 2 . . . . ..142
1 9 . . . . ..142
2 6 . . . . ..146
4 . . . . ..153
1 1 . . . ..160
1 8 . . . . ..172
2 5 . . . . ..182
1 . . . .212
8 . . . .208
1 5 . . . .152
2 2 . . . .163
2 9 . . . .168
6 . . . .184
1 3 . . . .197
2 0 . . . .177
2 7 . . . .168
3 . . . . .163
1 0 . . . . .172
1 7 . . . . .173
2 4 . . . . .151
11 . . . . .231
18
252
25.
.236
2
304
9 ." .".''. 365
16 . . . . 377
23 . . . . .369
30
.123
1945
6 . . . . .145
13 . . . . .166
20 . . . . 160
27 . . . . .161
3 . . . . .163
10
.172
17
.176
24
.177
3
182
10
.204
17
.214
24
.226
31
.230
7
.181
14
.156
21
.192
28
.184
5
.193
r
12
196
19
.178
26
.182
2
9
16
23
30
13...
20. . .
27...
Dec. 4
11.'.'.'
18. . .
25. . .
Jan.
Feb.
Mar.
Apr.
May
June
.211
.223
.201
269
.297
.321
.274
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
For description and back figures see pp. 874-875
of BULLETIN for September 1944.
SALES BY FEDERAL RESERVE DISTRICTS A N D BY CITIES
[Percentage change from corresponding period of preceding year]
Apr. Mar.
1945 1945
United States.
Boston
New H a v e n . . . .
Portland
Boston
Springfield
Providence
New York
Bridgeport
Newark
Albany
Binghamton —
Buffalo
Elmira
Niagara Falls .
New York City
Poughkeepsie...
Rochester
Schenectady..
Syracuse
Utica
Philadelphia
Trenton
Lancaster
Philadelphia....
Reading
Wilkes-Barre.. .
York
Cleveland
Akron
Canton . ;
Cincinnati
Cleveland
Columbus
Springfield
Toledo
Apr. Mar
1945
+1 +26 +15
-5 +32 +12 Cleveland—Cont.
Youngstown
- 1 3 +19 +7
Erie.
- 1 0 +34 +8
Pittsburgh
+15
+ 1 +31
Wheeling
- 1 2 +27 +8
c +32 +12
Richmond
+4 +27 +15 Washington
Baltimore
- 9 +26 +8
Winston-Salem...
+5 +23 +16
Greenville, S. C .
+9 +38 +17
Lynchburg
,.
—4 +44 +18
Norfolk
- 1 +22 +8
Richmond
- 1 0 +32 +10
Charleston.W.Va.
- 1 1 +32 +11
Clarksburg
+7 +25 +17
Huntington
- 4 +47 +17
0 +32 +14
- 4 +30 +12 Atlanta
Birmingham
+3 ,.+40 +16
Mobile
- 1 6 +40 +7
-3
-4
-6
-4
-12
0
-3
+23
+39
+24
+16
+24
+35
+28
0 +28
+1 +30
-2
—
Four
mos.
1945
+34
+2 +29
0 +24
+4 +38
-8
-2
+28
+32
+12
+16
+9
+10
+6
+22
+15
Montgomery
Jacksonville
Miami
Tampa
Atlanta
Augusta
Macon
Baton Rouge
New Orleans
Jackson
Chattanooga..
Knoxville
Nashville
+15
+16
+13
+18
+14
+19 Chicago
+9
Chicago
+15 Peoria
+3 +31
+26
-2
+25
-2
+6 +38
r
-3
-2
+27
+23
+21
+28
+35
+42
+24
+25
+44
+39
+36
i
-7
-4
-8
-1
i
-1
+7
+4
r
0 +29
- 3 +17
- 1 1 •+12
+7 +44
+32
+6 r +22
+19
-4
+8 +33
+38
- 2 0 r +22
+4 +33
-1
+4
+2
+1
+1
+23
+27
+31
+31
+28
+
Apr. Mar. Four
1945 1945 mos.
1945
Four
mos.
1945
Apr. Mar.
1945 1945
Chicago—Cont.
0 +18 +14
Fort Wayne....
+34 **+28 Dallas
- 8 +15 +11
Indianapolis...
0 +29 +16 Shreveport
+6 +15 +16
Terre Haute 1 .. +85 +58 +55 Dallas
Fort Worth
+5 +24 +17
Des Moines
+8 r +33 +22 Houston
- 7 +13 +8
Detroit
+20 +10 San Antonio
+11
+26 +23
+14 Flint
* +50 **+33
+12 Grand Rapids. +8 +43 +28 San Francisco
+3
+19
+15
+12 Lansing
+40 **+30
+7 +27 +21
+18 Milwaukee
2 +34 +19 Phoenix
Tucson
0
+9
+20
Green
Bay
* +44 **+36
+19
+17
+7 r +23 +18
* +32 **+21 Bakersfield
+21 Madison
Fresno
+8
+22
+15
Beach
+3 +24 +19
+15 St. Louis
+3 +26 +17 Long
Los Angeles
+3 +17 +15
+25 Fort Smith
- 6 +27 +14
Oakland
and
+18 Little Rock
+3 +30 +19
0 +22 +15
Berkeley
Quincy
+24
- 8 +34 +14
Riverside and
Evansville
- 4 +17
+7
San
Bernardino
0 +24 +14
Louisville
+17
+ 3 +21 +16 Sacramento
+2 rr+13 +11
+13 St. Louis
+5 +25 +17 San Diego
4
+15 +12
+4 Springfield
+13 +38 +24 San Francisco
+8 r +21 +19
+30 Memphis
+3 +22 +15 San Jose
+
1
+22 +12
+19
+22
+5 +29 +18
-2 r+33 +15 Santa Rosa
+11 Minneapolis
Stockton
+26
+1
+11
Napa +5 +31 +18
+5 +29 +18 Vallejoand
+24 Kansas City
Boise and
+20 Denver
+3 +28 +17
Nampa
+3 r+19 +17
+4 Pueblo
- 7 +29 +15 Portland
0 +19 +12
+18 Hutchinson . . . +13 +41 +28 Salt Lake City..
+ 3 +9 +8
+14 Topeka
+31 +21 Bellingham
+
10
4
+20 +8
+19 Wichita
+4 +24 +12 Everett
- 2 +12 +10
+21 Joplin
+5 +22 +12 Seattle
r
+6
+2l +15
+20 Kansas City... +7 +26 + 18 Spokane
+4 +19 +15
+17 St. Joseph
+4 +27 +16 Tacoma
+11
+30 +22
Omaha
- 1 +29 +14
- 1 0 +19 +14
+16 Oklahoma City +8 +33 +21 Yakima
+15 Tulsa....
+13 +38 +27
+20
+10
+14
+22
+24
+36 *+27
r
Revised. * Data not yet available. **Three months.
i Sales in April 1944 were unusually small owing to a strike by store clerks.
608
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Percent change from a year ago (value) Ratio of stocks to sales
Number
of stores
reporting
Department
Stocks (end
of month)
Sales during period
Mar.
1945
Three mos.
1945
Mar.
1945
Mar.
1945
1944
GRAND TOTAL—entire store
352
+24
+20
-2
1.9
2.4
MAIN STORE—total
352
+23
+20
-2
2.0
2.5
Women's apparel and accessories
349
328
332
312
297
295
284
322
328
342
324
242
260
242
280
167
299
+31
+28
+39
+44
+49
+37
+32
+39
+35
+26
+50
+43
-56
+39
+45
+49
+4
+25
+25
+31
+33
+40
+26
+26
+30
+31
+19
+33
+37
-26
+22
+28
+32
+3
-2
1.4
0.8
1.3
2.0
1.1
1.7
1.5
1.7
1.3
0.8
1.6
1.9
3.6
1.4
3.3
0.7
1.5
1.9
1.0
1.5
2.6
1.6
2.0
2.5
2.6
1.9
1.8
2.4
3.4
1.1
2.0
4.2
1.0
1.4
+43
+40
+53
+43
+30
+25
+28
+37
+39
-11
-18
-13
+13
-27
2.6
2.6
3.0
2.0
3.4
4.1
4.3
4.8
2.7
6.7
+5
3.1
—5
-4
3.3
2.8
2.4
1.5
2.7
4.2
3.9
3.4
3.8
3.9
3.3
3.0
3.4
3.6
4.9
4.5
4.6
Coats and suits
Dresses
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
v
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
+2
+16
+11
+3
+15
-21
—9
_9
-45
+1
-23
+46
3
+8
Men's and boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes and slippers.
319
230
305
280
175
Home furnishings
313
230
238
289
171
289
218
215
219
+14
+22
+19
+47
0
+18
+11
+30
+12
+21
283
117
+13
+8
-5
+30
+24
+22
+14
-22
—22
1.3
1.0
1.9
1.4
+5
+20
+21
-28
y
-13
+18
+23
+39
+16
3.3
2.4
2.9
3.8
3.5
3.1
2.7
2.6
2.6
3.7
2.0
2.8
3.4
2.9
2.4
2.9
2.8
2.0
1.8
1.4
2.8
2.7
1.4
2.8
2.4
1.8
4.1
3.0
2.2
5.1
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
333
118
220
317
267
239
231
Lace, trimmings, embroideries, ribbons
Notions
Toilet articles, drug sundries, and prescriptions
Jewelry and silverware
Art needlework
Stationery, books, and magazines
Miscellaneous
Luggage
BASEMENT STORE-total ..,
Women's apparel and accessories
Men's and boys' clothing and furnishings .
Home furnishings
Piece goods
Shoes
-\-36
-8
-19
-6
-35
-25
+20
+32
+20
+11
+28
+2
+2
+18
+22
+13
+21
289
219
+20
-34
+18
214
203
167
122
51
134
+31
+35
+46
+5
+14
+48
+23
+27
+29
+9
+23
+21
0
+11
+8
-19
-4
-1
+6
-2
-7
-28
-17
NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main
store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained
by dividing stocks at the end of the month by sales during the month and hence indicates the number of m o n t h s ' supply on hand a t the end of t h e month
in terms of sales for t h a t month.
SALES/jACCOUNTS RECEIVABLE, A N D C O L L E C T I O N S
Index numbers, without seasonal adjustment, 1941 average = 100
Accounts receivable
at end of month
Sales during month
Year and month
Total
Cash
1944—March
April
May
June
July
August
September
October
November
December
143
132
141
127
103
126
149
164
191
245
182
171
180
165
138
167
193
211
245
326
^945—January
February
March.
April
126
126
178
133
164
163
230
172
Instalment
Charge
account
Instalment
Charge
account
73
55
58
50
44
60
66
81
95
105
114
104
112
99
76
93
116
127
149
181
40
38
36
34
32
32
33
35
40
46
79
79
82
78
67
70
81
90
102
128
57
57
73
49
96
98
141
107
43
40
39
37
97
84
96
88
r
.
Percentage of total sales
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
sales
100
107
109
111
103
92
96
115
130
135
62
62
62
63
65
64
63
63
62
64
4
4
4
3
4
4
4
4
4
4
34
34
34
34
31
32
33
33
34
32
168
128
r119
127
r63
62
4
4
3
3
33
33
34
35
Instalment
Charge
account
79
69
67
61
56
58
61
69
75
77
r
77
68
77
65
r
r
63
r
r
Revised.
NOTE.—Data based on reports from a smaller group of stores than that included in the monthly index of sales shown on a preceding page.
JUNE 1945
609
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding.
In millions of dollars]
Instalment credit
Total
consumer
credit
End of month
or year
Singlepayment
loans 2
Sale credit
Total
in eta 1m An f*
lH&lallllcIll.
Loans
1
Charge
Service credit
cvCCOU.il 1
credit
Total
7,637
6,839
5,528
4,082
3,905
4,378
5,419
6,771
7,467
7,036
8,008
9,205
9,959
6,529
5,379
r
5,791
3,167
2,706
2,214
1,515
1,581
1,849
2,607
3,501
3,947
3,584
4,463
5,507
5,984
2,999
2,002
r
2,084
2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,747
1,494
816
836
1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
175
200
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
641
636
652
674
619
516
459
532
802
1,065
1,195
1,271
1,671
2,057
2,237
1,505
1,186
''1,248
2,125
1,949
1,402
962
776
875
1,048
1,331
1,504
1,442
1,468
1,488
1,601
1,369
1,192
1,220
1,749
1,611
1,381
1,114
1,081
1,203
1.292
,419
,459
,487
,544
,650
,764
,513
,498
,758
596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729
5,037
5,148
5,209
5,148
5,192
5,272
5,412
r
5,596
r
5,791
,847
,859
,882
,889
,896
,912
,937
r
l,974
r
2,084
690
700
707
706
709
720
743
773
836
171
181
192
204
210
210
210
208
200
519
519
515
502
499
510
533
565
636
1,157
1,159
1,175
1,183
1,187
1,192
1,194
r
l,201
r
l,248
1,139
1,189
1,241
1,250
1,239
1,231
1,231
1,231
1,220
,346
,390
,370
,287
,330
,402
,516
1,664
1,758
705
710
716
722
727
727
728
727
729
f
5,482
5,326
"5,575
P5,411
r
2,014
1,968
Pi,991
P L.987
778
743
"731
P719
192
186
P184
P184
586
557
^547
P535
1,528
1,432
734
738
PI,500
P742
1929
1930
1931
1932
1933
1934
1935%
1936
1937
1938
1939
1940
1941
1942
1943
1944
Automobile
Other
1944
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1945
Jan...
Feb....
xMar...
Apr
p
r
1,206
1,188
PI,181
PI,182
l,236
1,225
PI,260
PI,268
V L.662
p
1
2
Preliminary.
Revised.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
Department
Total,
End of month excluding stores
and
autoor year
mailmobile
order
houses
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Furniture
stores
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
641
636
160
155
138
103
119
146
186
256
314
302
377
439
469
254
174
184
583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
269
265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
13
56
47
45
30
29
35
40
56
68
70
93
110
120
77
66
70
133
141
136
110
97
115
132
174
210
220
246
271
284
160
101
100
519
519
515
502
499
510
533
565
636
142
141
138
132
132
138
148
162
184
229
235
237
234
233
236
244
253
269
18
16
15
14
13
13
13
13
13
48
45
44
43
42
43
44
48
70
82
82
81
79
79
80
84
89
100
1944
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1945
Jan
586
557
547
P
535
Feb
Mar
Apr
p
172
163
^163
P156
P Preliminary.
6io
249
240
P238
P237
12
12
ll
PH
p
61
54
P49
P47
92
88
86
P84
CONSUMER INSTALMENT LOANS
[Estimated amounts outstanding. In millions of dollars]
IndusSmall
trial
loan banking
comcompanies panies 2
Insured
Miscel- repair
and
Credit laneous
unions lenders modernization
loans 3
Total
Commercia
banks 1
1929
1930
1931
1932
1933
1934
1935..
1936...
1937...
1938...
1939
1940
1941
1942
1943
1944.
652
674
619
516
459
532
802
1,065
,195
,271
,671
»,O57
,237
L,505
,186
r
,248
43
45
39
31
29
44
88
161
258
312
523
692
784
426
312
r
358
263
287
289
257
232
246
267
301
350
346
435
505
535
424
372
388
219
218
184
143
121
125
156
191
221
230
257
288
298
202
165
175
32
31
29
27
27
32
44
66
93
112
147
189
217
147
123
119
95
93
78
58
50
60
79
102
125
117
96
99
102
91
86
88
25
168
244
148
154
213
284
301
215
128
120
1944
Apr
May
June.. .
July
Aug
Sept
Oct..
Nov
Dec
,157
,159
.175
,183
,187
,192
,194
r
\ ,201
r
l,248
319
325
335
339
343
342
344
r
346
r
358
363
362
365
367
363
364
361
365
388
164
165
169
170
172
172
172
172
175
118
118
119
119
118
118
117
116
119
85
85
85
85
85
85
85
85
88
108
104
102
103
106
111
115
117
120
r
359
357
P374
P3 78
378
372
381
P381
172
168
P171
P172
116
114
PI 16
P116
87
86
P87
P87
End of
month or
year
1945
Jan
Feb
Mar
Apr
r
l,236
1,225
1,260
PI,268
p
P
124
128
131
P134
p
p
r
P Preliminary.
Revised.
1
These figures include only personal instalment cash loans and retail
automobile direct loans, shown on the following page, and a small amount
of other retail direct loans (17 million dollars a t the end of April 1945), not
shown separately.
2
This series is in process of revision.
3
Includes only loans insured by Federal Housing Administration.
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Other Repair Perretail, and
sonal
mod- instal
chased erniza- ment
Pur- Direct and
tion
cash
chased loans direct loans 1 loans
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING INSTITUTIONS
[Estimates of volume made in period. In millions of dollars]
Automobile
retail
Month or year
Total
Outstanding at end of
period:
1939
1940
1941
1942
1943
1944
1,093
1,450
1,694
845
514
559
218
311
411
136
55
57
164
253
310
123
81
99
155
217
288
143
68
75
209
247
234
154
89
83
347
422
451
289
221
245
497
496
505
518
527
532
534
538
544
559
52
52
53
56
61
62
62
60
59
57
82
85
89
93
94
95
96
97
97
99
61
61
62
62
62
62
62
67
70
75
78
76
76
76
80
80
r
82
83
224
222
225
231
233
235
234
234
56
55
56
55
100
101
107
109
80
76
76
77
82
83
84
86
244
241
250
252
9
11
12
12
r
15
13
10
10
10
8
19
18
21
20
r
19
19
17
18
18
r
19
10
11
15
13
11
11
12
15
r
15
18
5
6
52
36
42
47
42
42
41
40
41
50
9
9
20
19
17
12
1944—March
April
May
June
July
August..
September.
October..
November.
December.
r
1945—January.
February.
March?'
April?'.
562
r
556
573
579
Volume extended during
month:
1944—March.
April
May
June
July
August
September.
October.
November
December.
1945—January
February..
March?
Apr UP.
95
82
97
100
95
94
89
92
r
• 92
r
103
96
86
113
101
12
9
24
21
77
78
7
' 8
8
9
9
9
8
8
7
7
9
10
14
16
r
236
245
43
39
Month or year
Commercial
banks 1
1929.
1930.
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944...
r
792
636
744
413
380
340
250
202
234
288
354
409
417
489
536
558
408
364
403
42
41
38
34
33
42
67
105
148
179
257
320
372
247
228
234
57
51
50
58
70
67
70
95
32
28
29
32
21
19
18
23
49
51
73
56
65
69
63
64
60
61
r
61
53
60
94
61
72
75
73
70
67
68
77
106
27
29
38
30
35
38
33
35
33
34
34
37
15
18
26
16
20
January.
February
March?J.
April?.
58
56
94
70
33
30
42
34
16
16
23
18
r
n
1945
Credit
unions
463
503
498
376
304
384
423
563
619
604
763
927
983
798
809
876
1943
September
October.
November ..
December.
1944
January
February
March
April
May
June
July
August
September
October ..
November
December
Small loan Industrial
banking 2
companies companies
r
66
61
82
69
22
19
20
19
18
18
23
54
45
p
r
Preliminary.
Revised.
1
These figures for loans made include only personal instalment cash loans
and
retail
automobile
direct
loans, which are shown elsewhere on this page,
Preliminary.
Revised.
Includes not only loans insured by Federal Housing Administration and a small amount of other retail direct loans (3 million dollars in April
1945) not shown separately.
but also noninsured loans. .
2 This series is in process of revision.
p
1
r
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE*
FURNITURE STORE STATISTICS
Item
Apr. Mar.
1945
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
"8 I
Accounts receivable, at end of
fo'hth:
Total
Instalment
-1
JUNE 1945
Feb. Apr.
1945 1945
+6
+ 18
+30!
+18j
+7
—6
+1
+9
-1|
-3
-3
+1
+
+6
+4
+9
+9
+4
+3
r
i
+9
+
+ 12
+4;
+5
+ 17
+28
r
+15
r
+7
+2
Month
1944
+ 12 March.
+20 April
May.
+7 June
+4 July
August
September ...
October.
+ 1 November.
+1 December
+5
+1
Charge
accounts
Instalment accounts
Mar. Feb.
1945 1945
+2
Inventories, end of month, at j
retail value
i +3
Revised.
1945
-6
'"+25
- 6 j +25
Collections during month:
Total
Instalment
T
Percentage
change from
corresponding
month of
preceding year
Percentage
change from
preceding
month
1945
January.
February
March
April
r
1
Department
stores
Furniture
stores
Household appliance
stores
Jewelry
stores
Department
stores
36
32
32
31
30
34
35
39
39
36
23
23
25
24
23
24
24
26
24
23
26
26
26
28
29
32
33
36
37
39
34
28
30
30
31
31
32
34
34
49
65
63
64
63
61
64
64
65
67
61
32
30
36
30
21
21
24
22
31
30
33
33
61
61
66
62
r
35
32
36
36
r
r
Revised.
Ratio of collections during month to accounts receivable at beginning
of month.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926 =100]
Other commodities
All
commodities
Farm
products
Foods
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
104.3
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
1944—April
May
June
July
August....
September.
October...
November.
December.
1945—January...
February..
March
April
103.9
104.0
104.3
104.1
103.9
104.0
104.1
104.4
104.7
104.9
105.2
105.3
105.7
123.2
122.9
125.0
124.1
122.6
122.7
123.4
124.4
125.5
126.2
127.0
127.2
129.0
104.9
105.0
106.5
105.8
104.8
104.2
104.2
105.1
105.5
104.7
104.7
104.6
105.8
98.4
98.5
98.5
98.5
98.6
98.6
98.7
98.8
98.9
99.1
99.2
99.2
99.3
116.9
117.0
116.4
116.2
116.0
116.0
116.2
116.2
117.4
117.5
117.6
117.8
117.9
97.8
97.8
97.8
98.0
98.4
99.2
99.4
99.4
99.5
99.6
99.7
99.7
99.6
83.0
83.2
83.3
83.2
83.2
83.0
82.9
83.1
83.1
83.3
83.3
83.4
83.5
103.7
103.7
103.7
103.7
103.8
103.8
103.7
103.7
103.8
104.0
104.2
104.2
104.2
115.2
115.7
115.9
115.9
116.0
116.0
116.3
116.4
116.4
116.8
117.0
117.1
117.1
95.5
95.5
95.3
95.5
95.5
94.9
95.0
94.8
94.8
94.9
94.9
94.9
94.9
104.3
104.3
104.3
104.3
104.4
104.4
104.4
104.4
104.4
104.5
104.5
104.5
104.5
93.5
93.5
93.5
93.6
93.6
93.6
93.6
94.0
94.2
94.2
94.6
94.6
94.8
Week ending:
1945—Feb. 3 . . . .
Feb. 1 0 . . . .
Feb. 17....
Feb. 2 4 . . . .
Mar. 3 . . . .
Mar. 10....
Mar. 17....
Mar. 2 4 . . . .
Mar. 3 1 . . . .
Apr. 7 . . . .
Apr. 14....
Apr. 2 1 . . . .
Apr. 2 8 . . . .
May 5 . . . .
May 1 2 . . .
May 19....
May 26....
104.7
104.9
105.0
104.8
105.0
105.1
105.1
105.1
105.1
105.1
105.5
105.6
105.7
105.7
105.7
105.8
105.9
125.7
126.8
127.2
126.4
127.2
127.1
127.4
127.0
127.3
127.2
128.9
129.5
130.5
129.8
129.5
129.5
130.5
104.3
104.9
104.8
104.1
104.5
104.5
104.6
104.5
104.8
104.9
105.5
105.7
106.5
106.5
106.6
106.8
107.4
99.3
99.3
99.3
99.3
99.4
99.4
99.4
99.4
99.4
99.5
99.5
99.5
99.5
99.5
99.6
99.7
99.7
117.9
118.0
118.0
118.0
118.1
118.1
118.2
118.2
118.3
118.3
118.3
118.3
118.3
118.3
118.3
118.3
118.3
99.1
99.1
99.1
99.1
99.2
99.2
99.2
99.2
99.2
99.2
99.1
99.1
99.1
99.1
99.1
99.1
99.1
84.0
84.0
83.8
83.8
83.8
83.8
83.9
83.9
83.9
84.0
84.0
83.9
83.9
84.0
84.3
84.6
84.6
104.2
104.2
104.3
104.3
104.3
104.3
104.3
104.3
104.3
104.3
104.3
104.3
104.3
104.3
104.4
104.3
104.4
116.7
116.7
116.9
116.9
116.9
116.9
116.9
116.9
116.9
117.0
117.0
117.0
117.0
117.0
117.2
117.2
117.2
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
• 94.9
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
94.1
94.1
94.1
94.1
94.3
94.4
94.4
94.4
94.4
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
Year, month, or week
Total
1945
Subgroups
Apr.
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear
Silk
Rayon
Woolen and worsted goods
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
ChemiHides and Textile Fuel and Metals Building cals
Houseand furnishleather products lighting ind metal materials
allied
materials
products
products
products 1 ing goods
Jan.
Feb.
Subgroups
Mar.
Apr.
129.6
123.6
120.3
129.3
131.1
121.5
129.8
133.8
121.4
129.8
135.6
120.5
130.5
136.4
123.2
110.2
95.2
126.5
106.2
92.2
110.8
94.7
114.4
106.4
97.3
110.8
94.9
118.1
106.5
95.1
110.8
95.1
115.9
107.7
94.7
110.7
95.4
123.4
108.2
94.7
126.3
111.2
101.3
115.2
126.3
114.8
101.3
115.2
126.3
115.4
101.3
115.2
126.3
116.4
101.3
115.2
126.3
117.0
101.3
115.2
107.0
113.9
70.5
107.4
119.7
71.5
107.4
119.9
71.5
107.4
119.7
71.5
30.3
112.5
100.5
30.2
112.7
100.9
30.2
112.7
100.9
107.4
119.9
71.5
'30^2'
112.7
100.9
95.8
120.3
130.7
59.9
77.1
64.0
95.3
120.5
130.7
95.3
120.5
130.7
61.1
76.9
64.3
95.3
120.6
130.7
95.3
120.6
130.7
60.0
75.7
64.3
64.3
30^2
112.7
100.9
Metals and Metal Products:
Agricultural implements
Farm machinery
»
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials...
Plumbing and heating
Structural steel
Other building materials....
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals 1
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furnishings..,
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
1944
Miscellaneous
1945
Apr.
Jan.
Feb.
Mar.
Apr.
97.2
98.3
97.1
112.8
85.8
91.8
97.5
98.7
97.7
112.8
85.9
92.4
97.5
98.7
98.0
112.8
85.9
92.4
97.5
98.7
98.1
112.8
85.9
92.4
97.5
98.7
98.1
112.8
85.9
92.4
100.3
93.9
153.4
104.4
91.8
107.3
102.8
110.4
97.4
153.8
106.3
92.4
107.3
103.5
110.5
99.0
153.9
106.4
92.4
107.3
103.6
110.7
99.4
153.8
106.3
92.4
107.3
103.8
110.6
99.4
153.9
106.3
92.4
107.3
103.8
96.3
112.0
81.4
86.3
102.0
95.8
106.9
81.9
86.6
102.0
95.8
106.9
81.9
86.6
102.0
95.8
106.8
81.9
86.6
102.0
95.8
106.8
81.9
86.6
102.0
107.2
101.4
107.5
101.5
107.5
101.5
107.5
101.5
107.5
101.5
73.0
159.6
107.2
46.2
96.7
73.0
159.6
107.6
46.2
98.2
73.0
159.6
108.0
73.0
159.6
108.0
46.2
98.9
73.0
159.6
109.0
46.2
98.9
46.2.
98.9
1
Chemicals and allied products group and drugs and Pharmaceuticals revised from October 1941.
Back figures.—Bureau of Labor Statistics, Department of Labor.
6iz
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
On Bank Credit, Money Rates, and Business
Chart,
book
page
WEEKLY FIGURES
Apr.
25
1
May
2
May
9
Chart
book
page
May May
16
23
In billions of dollars
Feb.
Mar.
Apr.
In billions of dollars
MONTHLY FIGURES
EESERVES AND CURRENCY
Reserve Bank credit, total
U. S. Govt. securities, total
Bills.
Certificates
Notes
Bonds
Discounts and advances
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves
Required reserves.
Excess reserves 6 2
Excess reserves (weekly average), total e ..
New York City
Chicago
Reserve city banks
Country banks e
2
3
3
3
3
3
2
2
2
2
2
2, 4
4
4
5
5
5
5
5
21.31
20.44
13.09
5.24
.99
1.13
.51
20.37
26.07
2.37
.65
14.71
13.87i!
.84
.87
.01
(3)
.21
.64
21.41
20.48
12.99
5.39
.99
1.12
.57
20.37
26.20
2.38
.42
14.89
13.96
.93
.95
.01
.01
.24
.69
MEMBER BANKS IN LEADING CITIES
Total—101 cities:
Loans and investments
U. S. Govt. obligations
Demand deposits adjusted
U. S. Govt. deposits
Loans
New York City:
Loans and investments
U. S. Govt. obligations, total
Bonds
Certificates
Notes and guar. securities
Bills
Demand deposits adjusted
U. S. Govt. deposits
Interbank deposits
Tinae deposits
Loans, total
Commercial
For purchasing securities:
Brokers'—on U. S. Govts. . . . .
Brokers'—on other securities..
To others
All other
100 cities outside New York:
Loans and investments
U. S. Govt. obligations, total
Bonds
Certificates
Notes and guar. securities
Bills
Demand deposits adjusted
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities
All other
57.06
42.85
39.10
6.73
11.13
57.18
42.84
39.15
6.53
11.32
20.15
14.59
8.07
20.26
14.59
8.15
3.53
3.63
2.65
.23
14.41
2.73
3.69
.99
4.52
2.28
.57
.36
. .45
36.91
28.27
14.61
7.34
5.06
1.26
24.69
4.00
6.20
7.28
6.61
3.65
.97
1.98
MONEY RATES, ETC.
Treasury bills (new issues)
Treasury notes (taxable)
U. S. Goyt. bonds:
Partially tax-exempt
Taxable
High-grade corporate bonds (5 issues)
Corporate Aaa bonds
Corporate Baa bonds
-24
24
.375
1.14
24, 26
24, 26
26
26
26
1.68
2.39
2.49
2.61
3.35
2.63
.28
14.51
2.59
3.82
1.01
4.69
2.27
21.59
20.72
13.20
5.41
.99
1.12
.55
20.35
26.31
2.38
.45
15.03
14.07
.96
1.00
.01
.01
21.59
20.67
13.03
5.52
1.00
1.12
.49
20.35
1.68
2.39
2.51
2.61
3.33
27
27
27
27
27
.96
.61
.3.
.48
1.69
2.40
2.52
2.61
3.33
1.69
2.39
2.54
2.62
3.33
BUSINESS CONDITIONS
Steel production (% of capacity)
Electric power prod. (mill. kw. hrs.)
Freight carloadings (thous. cars)
Department store sales (1935-39 = 100)...
Wholesale prices (1926 = 100), total
Farm products
Other than farm and food
37
37
45
45
49
49
49
1.68
2.38
2.54
118
120
133
100
1.44
20.93
20.40
26.01
2.37
.50
14.62
4.91
5.79
3.92
13.69
4.89
5.57
3.24
.93
1.76
3.63
25.75
7.97
13.46
4.32
1.80
3.66
25.90
7.90
13.67
4.33
1.79
3.64
26.19
7.84
13.99
P150.90 P15O.7O
P69.70 P71.10
P41.40
P42.00
P24.20
P24.20
P15.60 P13.40
P151.00
P73.80
P42.90
P24.50
P9.80
5.33
1.19
1.43
.74
1.97
1.23
.74
.19
.56
P5.58
PI. 18
Pi. 66
P.74
PI. 99
PI. 26
P 73
P!l8
P.55
P5.41
PI. 18
PI.50
P. 74
PI. 99
PI. 27
P.72
P.18
P.54
20
232.97
233.15
234.19
20
20
20
20
92.35
69.83
52.34
17.13
92.38
70.05
51.83
17.57
92.38
70.11
52.46
17.92
20
20
20
20
20
20
20
84.68
59.25
44.74
77.69
55.75
30.40
16.40
83.60
58.17
43.65
79.03
57.26
34.54
16.92
83.60
58.17
43.65
79.08
57.31
34.48
17.04
21
21
21
21
21
21
21
77.90
22.40
19.44
8.70
20.20
84.30
33.70
77.10
22.87
19.67
8.70
20.40
84.40
34.30
118
121
132
101
1.51
4.36
23.19
20.45
Per cent per annum
MONEY RATES, ETC.
2.6: Corporate Aaa bonds
3.32 F. R. Bank discount rate (N. Y.).
2.65
.50
.375
Treasury bills (new issues)
11
119
133
101
1.19 Stock prices (1935-39 = 100):
Total. .#
Industrial
95.1
95.8
95.3
Railroad
93.2
Public utility
4,416 4,397 4,302 4,377
Volume of trading (mill, shares)
899
863
839
869
184
193
196
178 182 Brokers' balances (mill, dollars):
Credit extended customers
105.7 105.7 105.7 105.8 105.9
Money borrowed
130.5 129.8 129.5 129.5 130.5
Customers' free credit balances
99.5
99.5
99.6
99.7 99.7
117
119
136
100
1.53
20.25
20.45
25.85
2.36
.27
14.43
4.80
5.74
3.89
13.42
4.78
5.47
3.17
1.01
TREASURY FINANCE
1.05 1.25
.64 .64 U. S. Govt. obligations outstanding,
total interest-bearing
.35 .35
By classes of securities:
.50 .49
Bonds (marketable issues).
Notes, cert., and bills
36.91 36.83 36.95 36.98
Savings bonds and tax notes
28.26 28.20
Special issues
14.64 14.69
By
maturities:
7.31
7.29 7.36
7.31
5 years and over
5.02
5.03 5.05
5.06
5-20 years
1.24 1.10
1.18
1.25
5-10 years
24.64 24.79 24.96 25.16
Within
5 years
3.54 3.33
3.94
3.60
Within 1 year
6.58 6.42
6.32
6.37
Certificates
7.39
7.38
7.34
7.29
Bills
6.61 6.62
6.61
6.63
3.59 3.59 Holdings of U. S. Govt. obligations:
3.61
3.64
Commercial banks
.98 .99
.96
.96
Fed. agencies and trust funds..
2.05 2.04
2.04
2.03
Federal Reserve Banks
Mutual savings banks
Per cent per annum
Insurance companies
Other investors, total
.375
.375
.375 .37,
Marketable issues
1.1
1.14
1.16
1.17
.92
.62
.38
.50
19.88
20.52
25.53
2.38
.54
14.04
4.68
5.59
3.77
13.09
4.65
5.34
3.10
.95
6
20.93 Reserve Bank credit
_
6
13.13 Gold stock.
6
5.68 Money in circulation
6
1.01 Treasury cash
6
1.12 Treasury deposits
Member
bank
reserves,
total
6,7
.72
Central reserve city banks
13
20.27
Reserve city banks
13
26.37 26.40
Country banks
13
2.38 2.32
Required
reserves,
total
7
.10 .53
Central reserve city banks
13
15.25 15.12
Reserve
city
banks
13
14.19 14.24
Country banks
13
PI.05 P.88 Excess
total
7
^1.02 P.95 Balancesreserves,
due
from
banks:
.01
.01
Reserve
city
banks
13
.01 .01
Country banks
13
.26
.26 .22
in circulation, total
8
.72
P.74 P.71 Money
Bills of $50 and over
8
$10 and $20 bills
8
Coins, $1, $2, and $5 bills
8
57.00 57.23 57.48
ALL BANKS IN U . S.
.90
85
42
42.75 42.
9
39.49 39. 90 40 .52 Total deposits and currency
9
5.39 Demand deposits
5.94
5..
9
11.22 11. 36 11 .55 Time deposits
Currency outside banks
9
9
20.16 20.28 20.51 U. S. Govt. deposits
14.56
14.55 14.54
CONSUMER CREDIT
8.21
8.25 8.39
18
3.41 Consumer credit, total
3.53
3.
Single payment loans
18
2.65
2.66 2.64
Charge
accounts
18
.12
.16
.16
Service credit
18
14.70 14.94 15.36
Instalment
credit,
total
18,
19
2.06
2.34
2.30
Instalment loans
19
3.79
3.83
3.
Instalment
sale
credit,
total
19
1.01
1.01
1.02
Automobile
19
4.61
4.74 4.93
Other
19
2.20
2.22
2.21
In unit indicated
Stock prices (1935-39 = 100), total
Industrial
Railroad
Public utility
Volume of trading (mill shares)
RESERVES AND CURRENCY
118
120
134
101
1.25
2.62
.50
.375
2.61
.50
.375
In unit indicated
113
115
125
97
1.66
112
114
124
96
1.20
114
117
129
98
1.27
l,100
e
730
e
540
1,034
722
r
553
1,065
701
575
27
27
27
27
27
29
29
29
e
For footnotes see following page.
JUNE 1945
613
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
1945
Feb.
MONTHLY FIGURES-Cont.
BUSINESS CONDITIONS
Income payments (mill, dollars): 5
Total
Salaries and wages
Other
Cash farm income (mill, dollars):
Total
Livestock and products
Crops
Govt. payments
Armed forces (mill, persons)
Civilian labor force (mill, persons):
Total
Male
Female
Unemployment
Employment
Nonagricultural
Agricultural
[ndustrial production: 5
Total (1935-39 = 100)
Groups (points in total index):
Durable manufactures
Nondurable manufactures
Minerals
New orders, shipments, and inventories (1939 = 100):
New orders:
Total
Durable
Shipments:
Total
Durable
Nondurable
Inventories:
Total
Durable
Nondurable
Factory employment and pay rolls (1939 = 100):
Pay rolls
Employment
Hours and earnings a t factories:
Weekly earnings (dollars)
Hourly earnings (cents)
Hours worked (per week)
Nonagricultural employment (mill, persons): 5
Total
Manufacturing and mining
Trade
Government
.
Transportation and utilities
Construction
Construction contracts (3 mo. moving average, mill,
dollars) : 5
Total
Residential
Other
Residential contracts (mill, dollars): 5
Total .
.
Public
Private, total
1- and 2-family dwellings
Other
Freight car loadings: 5
Total (1935-39 = 100)
Groups (points in total index):
Miscellaneous
Coal
All other
Department stores (1935-39 = 100) :5
Sales
Stocks
.
Exports and imports (mill, dollars):
Exports
.
Excluding Lend-Lease exports
Imports
Excess of exports excluding Lend-Lease exports..
Cost of living (1935-39 = 100):
All items
Food.
Clothing
Jvcnt
Mar.
In unit
30
. 30
30
31
31
31
31
32
1,399
796
555
48
12.0
1,445
868
517
60
12.0
.
.
.
.
.
.
32
33
33
32
32
33
33
51.4
33.7
17.8
.9
50.6
43.8
6.8
51.7
33.7
17.9
.8
50.8
43.5
7.3
. 35
236
235
131.6
82.7
21.5
131.0
82.3
21.6
r
. 36
36
323
481
p
. 36
. 36
36
287
394
214
^283
P
384
. 36
. 36
. 36
166
189
146
^165
p
189
p
143
. 38
38
MONTHLY FIGURES—Cont.
r
309
y>454
p
l,566
P887
^529
p
150
12.1
51.9
33.8
18.1
.8
51.2
43.4
7.8
47.51
104.5
45.5
40
. 40
40
. 40
. 40
. 40
r
38.5
16.4
7.2
6.0
3.8
0.6
38.4
16.2
7.2
6.0
3.8
0.7
P37.9
^16.0
P7.0
P6.0
^3.8
p
0.7
. 41
. 41
41
241
25
216
294
28
266
P30t
P31
P2(&
. 42
42
. 42
. 42
42
24
17
12
25
9
16
13
. 43
139
145
. 43
43
43
83.1
29 5
26.9
86.9
29.1
29.3
. 44
. 44
211
148
46
. 46
. 46
. 46
2*324
P-102
126.9
136.5
143.3
108.3
MONEY RATES
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities
Southern and Western cities
r
223
l47
v
1,023
^298
^365
P-66
126.8
135.9
143:7
108.3
Jan.Mar.
Per cent per annum
2 .39
1 .93
2 .61
2 .65
2.69
2.18
2.S2
3.14
2.53
1.99
2.73
2.91
In millions of dollars
28
28
28
28
843 1,214
260
233
344
170
232
766
708
201
227
248
28
28
28
28
144
82
49
10
111
78
12
2
30
47.43
104.3
45.5
47
47
. 47
. 47
J u l y - Oct.Sept. Dec.
QUARTERLY FIGURES
June
. 39
39
39
222
indicated
201
142
5
12
1944
325.7
158.0 ^154*. 7
Apt.
105.2 105.3 105.7
127.0i 127.2 129.0
99.21 99.2 99.3
SECURITY MARKETS
^231 Corporate security issues:
Net proceeds:
J)
All issues
127.7
Industrial
?
Railroad. . '
'2l!3
Public utility
New money:
All issues
Industrial
Railroad
Public utility
329.0
159.7
P
881
P
Mar.
In unit
BUSINESS CONDITIONS—Cont.
Wholesale prices (1926 = 100):
Total
13,727 13,665^13,553
Farm products
9,602 9,599 *>9,515
Other than farm and food
4,125 4,066 ^4,038
.
.
.
.
.
35
. 35
. 35
Apr.
indicated
1945
Chart
book
page Feb.
CALL DATE FIGURES
Mar.
20
In bilHons of dollars
ALL MEMBER BANKS
Loans and investments, total
U. S. Govt. obligations, total
Bonds
Certificates
Notes
Bills
Guaranteed obligations
Other securities, total
'
State and local government obligations
Other securities
Loans, total
Commercial
Real estate
Brokers'
Agricultural
Demand deposits adjusted
15
CLASSES OF BANKS
2C
1/ Central reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
141
Loans
Demand deposits adjusted
84.C
26.£
Time deposits
30. t Reserve city banks:
Loans and investments, total
U. S. Govt. obligations
181
15^
Other securities
Loans
Demand deposits adjusted
P301
Time deposits.
^36= Country banks:
P-64
Loans and investments, total
U. S. Govt. obligations
Other securities
127.1
136. (
Loans
144.(
Demand deposits adjusted
Time deposits
Dec.
30
1945
90.52
67.92
10
10
11
11
11
11
11
10
11
11
10
11
11
11
11
10
83.59
60.34
30.12
14.23
10.64
4.47
.89
5.17
2.83
2.33
18.08
7.02
3.21
1.66
1.02
51.83
12
12
12
12
12
12
27.79 29.45 27.95
19.85 21.09 20.41
1.41
1.41 1.47
6.54
6.94 6.07
16.32 17.08 18.60
1.44
1.63 1.73
12
12
12
12
12
. . . 12
30.94 33.60 33.45
22.48 25.04 25.30
1.70
1.74 1.80
6.76
6.82 6.35
18.41 20.27 21.74
7.79 8.28
6.81
13
13
13
13
13
13
24.85 28.52 29.13
18.01 21.55 22.20
2.06 2.06 2.12
4.78 4.91 4.81
17.10 19.96 20.84
8.70 9.90 10.54
91.57
67.69
34.93
13.98
14.13
3.75
.90
5.21
2.86
2.35
18.68
7.53
3.21
1.74
1.20
57.31
()
5.39
2.99
2.40
17.22
()
61.17
e
v
r
Estimated.
Preliminary.
Revised.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
Revised figures beginning July 1944 may be found on p. 569.
3
Less than 5 million dollars.
4
For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that- show those series.
5
Adjusted for seasonal variation.
6
Figures available for June and December dates only.
* Copies of the Chart Book may be obtained a t a price of 50 cents each.
1
2
FEDERAL RESERVE BULLETIN
CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES
[Figures for last date shown are preliminary]
Commercial banks
All
banks
B a n k s (Head Offices)
December 31, 1933
December 31, 1934
December 31 1941
December 31, 1942
December 31, 1943
December 31 1944
March 31, 1945
. .
Total
Total
National
State
member
Total
Insured 2
15,029
16,063
14,825
14,680
14,579
14,535
14,538
14,450
15,484
14,277
14,134
14,034
13,992
13,995
6,011
6,442
36,619
36,679
36,738
36,814
36,827
5,154
5,462
5,117
5,081
5,040
5,025
5,020
857
980
31,502
31,598
31,698
31,789
31,807
8,439
9,042
7,661
7,458
7,299
7,181
7,171
7,699
6,810
6,667
6,535
6,452
6,444
2,911
3,133
3,699
3,739
3,933
4,064
4,087
2,786
3,007
3,564
3,602
3,797
3,924
3,946
2,081
2,224
2,580
2,615
2,793
2,892
2,911
1,121
1,243
1,565
1,592
1,741
1,813
1,829
960
981
1,015
1,023
1,052
1,079
1,082
705
783
984
987
1,004
1,032
1,035
Bank Changes—Jan. 1-Mar. 31, 1945
Increases in number of banks:
Primary organizations (new banks) 8
+22
+22
+2
+1
+1
Decreases in number of banks:
Consolidations and absorptions
Voluntary liquidations 7
-14
-5
-14
—5
-7
-2
—5
-2
-2
+4
" il{"
Branches a n d Additional Offices4
December 31, 1933
December 31, 1934
December 31, 1941
December 31 1942
December 31, 1943
December 31, 1944
March 31, 1945
Inter-class bank changes:
Conversions—
National into State
State into national
Federal Reserve membership 8
Admissions of State banks
Withdrawals of State banks
Federal deposit insurance 9
Admission of State banks
Withdrawals of State banks
-3
+3
+20
+20
Nonisnsured 2
5 79
1,343
851
791
764
729
727
68
a 52
s 56
3184
3192
3192
932
935
952
978
981
52
52
52
54
54
32
35
95
99
100
+20
+ 18
+2
-7
-3
- 1
+3
+3
-3
-20
-20
511
496
490
361
351
351
1
5196
705
&783
103
102
41
41
41
y
-2
-3
+3
+3
+13
-5
+18
+16
+6
+15
+6
+ 11
+5
+7
+5
+4
+4
+1
+4
+1
-4
-1
-1
-3
-3
-10
Noninsurec
Insured
•39
+3
Net increase or decrease in number of
banks
Mutual savings
banks
Nonmember banks 1
Member banks
0
-3
+1
-2
4
Branch Changes—Jan. 1-Mar. 31, 1945
Increases in number of branches:
De novo branches
Banks converted into branches
Decrease in number of branches:
Branches discontinued
Inter-class branch changes:
From national to State member . .
-4
Banking offices a t military reservations:
Established
Discontinued
Net increase or decrease in number of
branches and additional offices
+1
+ 11
-7
+9
+2
+2
+2
-8
-4
-3
-1
-1
+22
+19
+ 16
+3
+3
+3
+ 13
+13
+23Q
-1
+1
, +1
1
Includes unincorporated (private) banks.
Federal deposit insurance did not become operative until Jan. 1, 1934.
The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks, which became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all
banks."
2
3
taries and financial agents of the Government. Four of these banking fa*
arate tellers windows; each of these facilities is counted as one banking office only.
5
Separate figures not available for branches of insured and noninsured banks.
6
Exclusive of new banks organized to succeed operating banks.
7
Exclusive of liquidations incident to the succession, conversion, and absorption of banks.
8
Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they
are included under "conversions."
9 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes
do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "inter-class bank changes."
Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14.
JUNE 1945
615
BANKS AND BRANCHES—NUMBER IN OPERATION ON DECEMBER 30, 1944
Number of banks maintaining branches or additional offices1
Number of banks
Commercial banks
Geographic division
and State
Member
banks
All
banks
Commercial banks
Nonmember
banks
Mutual savings banks
All
banks
Total
2
InNonsured insured
2
1,789 6,452
InNonsured insured
13,992
5,025
899
97
107
80
383
35
197
545
65
65
72
192
26
125
312
35
52
39
124
11
51
52
5
1
1
30
2
13
124
17
4
31
34
3
35
57
Middle A t l a n t i c
New York
New Jersey
Pennsylvania.:
2,250
828
378
1,044
2,088
697
354
1,037
1,289
403
220
666
364
190
73
101
391
91
52
248
44
13
9
22
160
131
22
7
East N o r t h Central .
Ohio
Indiana
Illinois
Michigan
Wisconsin
3,001 22,990
682
499
833
428
559
679
2495
833
428
2
555
885
240
124
350
75
96
2625 1,406
177
246
2104
245
124
348
153
183
267
384
77
16
23
11
17
10
29
3
23
West N o r t h C e n t r a l .
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
3,250
673
640
594
153
164
407
619
3,249
672
640
594
153
164
407
619
746
184
42
36
130
176
263 1,897
435
25
425
63
387
96
"24
17
38
105
103
207
235
South Atlantic
1,576
42
184
21
312
178
227
146
293
173
1,564
40
174
21
312
178
227
146
293
173
461
13
63
9
130
76
45
22
47
56
156
4
17
9
64
30
9
6
12
5
E a s t S o u t h Central .
Kentucky
Tennessee
Alabama
Mississippi
1,103
392
292
217
202
1,103
392
292
217
202
252
93
70
66
23
West S o u t h C e n t r a l .
Arkansas
Louisiana
Oklahoma
Texas
1,578
213
149
382
834
1,578
213
149
382
834
Mountain
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
473
111
46
56
141
41
12
57
Pacific
Washington..
Oregon
California
405
128
71
206
14,535
New England
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Delaware
Maryland
Dist. of Columbia... r
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Nonmember
banks
Mutual savings banks
Total
State
National member
United States...
Member
banks
National
State
member
NonInsured insured
InNonsured insured
351
1,225
1,142
333
203
574
32
51
32
338
26
42
122
24
3
8
66
13
92
22
2
7
41
12
34
4
1
2
19
3
5
24
4
23
10
"'5'
6
2
11
4
1
1
29
2
1
265
149
59
57
217
108
56
53
87
39
23
25
91
50
26
15
34
17
7
10
230
39
46
6
51
230
39
46
6
51
38
40
18
3
147
13
34
14'
5
"22'
78
343
28
54
31
6
1
53
170
172
2
116
4
16
23
172
2
116
4
16
23
5
6
21
2
1
4
882
22
91
3
118
67
168
92
217
104
65
1
3
188
8
31
12
45
184
7
28
12
45
51
"4"
5
10
5
5
26
17
8
6
4
12
10
40
3
3
4
17
3
758
250
207
130
171
45
29
7
4
5
19
3
7
7
2
53
10
14
1
28
719
51
32
200
436
140
15
8
15
102
656
140
108
158
250
63
7
1
9
46
43
4
7
6
26
37
15
22
473
111
46
56
141
41
12
57
9
205
41
16
26
77
22
5
12
6
99
33
10
11
15
5
2
22
1
161
37
19
19
42
14
5
23
2
402
126
70
206
156
41
24
91
42
15
177
67
34
76
729
2192
1
4
10
26
27
3
4
20
191
9
70
2
"2
6
12
4
16
2
2
25
1
48
41
3
4
145
111'
4
4
6
30
3
7
6
7
99
4
16
1
6
1
4
1
2
3
3
6
3
3
1
20
8
3
9
22
3
4
15
See following page for footnotes.
616
FEDERAL RESERVE BULLETIN
BANKS AND BRANCHES—NUMBER IN OPERATION ON DECEMBER 30, 1944—Continued
Number of branches and additional offices1
Location of branches and additional
offices except offices at military
reservations
Commercial banks
Geographic division
and State
Member
banks
All
banks
Nonmember
banks
Mutual savings
banks
Total
NaState
NonNontional member Insured insured Insured insured
4,064
3,924
1,813
New England
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
307
64
3
18
156
47
19
261
62
2
9
124
45
19
95
5
1
2
69
10
Middle A t l a n t i c . . . .
New York
New Jersey
Pennsylvania. . . . . . .
976
720
133
123
899
661
129
109
East N o r t h Central.
Ohio
Indiana
Illinois
Michigan
Wisconsin
574
171
76
6
179
142
West N o r t h Central
Minnesota
Iowa
Missouri
North Dakota
'.
South Dakota
Nebraska
Kansas
United States
978
54
99
46
23
25
6
1
9
••y
46
18
3
9
7
10
8
279
185
42
52
520
417
65
38
94
56
22
16
3
574
171
76
6
179
142
137
39
13
6
64
15
217
111
15
210
21
47
10
"84
7
"23'
119
249
6
157
5
25
45
5
6
249
6
157
5
25
45
5
6
44
6
1
5
"22'
4
6
198
6
3
77
59
4
14
"i"
"8"
1
In noncontiguous
counties
1,708
882
494
672
308
37
2
1
143
6
100
31
5
10
1
'32"
2
113
19
5
"ll"
37
16
5
49
26
3
7
2
5
6
811
632
90
89
106
49
36
21
29
20
1
290
119
25
219
45
47
38
5
11
128
18
"27'
100
10
23
11
155
57
11
123'
33'
13"
19
12
12
7
5
23
23
1
In head In conoffice
tiguous
county counties
Offices at
military
reservations
"2
105
6
19
4
2
3
27
16
6
5
16
2
4
6
3
1
18
1
5
"3"
3
6
71
South Atlantic
Delaware
Maryland
Dist. of Columbia..
Virginia
West Virginia
North C a r o l i n a . . . .
South C a r o l i n a . . . .
Georgia
Florida
464
13
85
34
137
14
100
34
18
26
228
10
29
1
49
149
33
42
19
149
33
42
19
10
28
31
12
127
3
3
6
36
1
1
57
3
35
16
7
10
9
17
18
E a s t S o u t h Central.
Kentucky
Tennessee
Alabama
Mississippi
177
35
59
28
55
177
35
59
28
55
71
18
25
26
2
87
10
23
1
53
62
8
19
5
30
25
2
6
4
13
22
25
4
7
West S o u t h Central
Arkansas
Louisiana
Oklahoma
Texas
117
21
63
6
27
117
21
63
6
27
68
4
31
6
27
44
17
27
41
13
28
6
4
2
Mountain
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
127
20
19
39
40
26
3
12'
25'
"3
1
4
2
7
7
2
507
39
46
422
64
8
2
54
Pacific
Washington
Oregon
California
•
1,079
Outside head office city
In
head
office
city
127
103
43
1
4
8
35
20
16
""43
1
4
8
35
20
16
"41
1
4
1
29
15
12
1,057
102
71
1,056
101
71
884
879
93
67
719
125
1
124
12
12'
139
3
54
30
24
23
6
"7'
29
7
6
4
1
1
1
1
2
3
2
13
6
6
51
7
4
40
248
17
11
220
92
11
5
76
146
27
7
112
77
1
4
4
14
45
3
9
6
27
1
Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all branches or
additional offices within the meaning of Section 5155 U.S.R.S., which defines the term " b r a n c h " as "any branch bank, branch office, branch agency, additional office, or any branch place of business . . . a t which deposits are received, or checks paid, or money lent." Figures include "banking facilities"
provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government. The
table does not include "seasonal agencies, " w h i c h are only in operation a t certain periods of the year.
2
The figures for member (commercial) banks and those for mutual savings (noncommercial) banks both include one mutual savings bank in Indiana
and two in Wisconsin.
The total for "All b a n k s , " however, includes such banks only once; and they are not included in the total for "Commercial
banks."
Back figures—See Banking and Monetary Statistics, Table 1, p p . 16-17, and Tables 73-79, pp. 297-311, and descriptive text, pp, 14 and 294-295; and
BULLETINS for July 1943, pp. 687-688, and June 1944, pp. 612-613.
JUNE 1945
617
ALL MEMBER BANKS—ASSETS AND LIABILITIES ON MARCH 20, 1945, BY CLASS OF BANK
[Amounts in thousands of dollars]
Central reserve city
member banks1
New York ! Chicago
ASSETS
Loans and investments
Loans (including overdrafts)
United States Government direct and guaranteed obligations
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks (including Federal Reserve Bank
stock)
Reserves, cash, and bank balances
Reserve with Federal Reserve Banks
Cash in vault
#
;
Demand balances with banks in United States (except
private banks and American branches of foreign banks).
Other balances with banks in United States
Balances with banks in foreign countries
Cash items in process of collection
Due from own foreign branches
Bank premises owned and furniture and fixtures
Other real estate owned
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances
Income accrued but not yet collected
Other assets
Total assets
22,734,243
5,053,651
16,567,734
514,750
501,044
5,211,513
1,012,125
3,839,793
176,575
167,336
Reserve
city
member
banks1
Country
member1
banks
All
member
banks
All
national
member
banks
All
State
member
banks
33,452,325
6,346,335
25,303,537
1,034,052
654,692
29,125,858
4,806,956
22,204,321
1,263,758
773,898
90,523,939
17,219,067
57,966,023
10,525,626
43,801,212
2,124,786
1,369,441
32,557,916
6,693,441
24,114,173
864,349
727,529
67,915,385
2,989,135
2,096,970
97,064
15,684
113,709
76,925
303,382
144,958
158,424
5,217,894
3,949,351
104,141
1,312,095
891,770
44,951
9,938,299
5,836,233
470,359
8,859,927
3,927,488
745,208
25,328,215
14,604,842
1,364,659
17,143,364
9,491,332
946,817
8,184,851
5,113,510
417,842
58,878
2,750
9,844
1,092,930
141,968
1,649
538
231,219
1,857,884
16,435
4,903
1,752,485
3,675,301
17,406
1,531
492,993
5,734,031
38,240
16,816
3,569,627
4,364,881
28,478
9,196
2,302,660
1,369,150
9,762
7,620
1,266,967
284
178,375
6,172
16,677
1,349
277,053
13,510
341,308
16,957
1,633
813,413
36,639
1,349
509,751
16,783
284
303,662
19,856
4,725
25,035
50,778
20,399
218.
2,965
11,925
3,002
50,144
16,465
74,867
38,198
13,928
2,598
31,159
30,980
69,015
47,063
168,729
92,579
47,643
30,138
102,961
50,522
21,372
16,925
65,768
42,057
28,237,905
6,558,395
43,862,210
38,422,715 117,081,225 75,868,534
41,212,691
24,607,958
15,614,419
4,248,852
47,051
293,499
2,996,044
913,793
5,528,633
3,324,275
893,267
7,198
161,670
1,092,067
16,261
32,919,698
21,456,350
4,171,089
88,878
1,615,415
5,093,911
78,065
25,362,736
31,262,620
21,114,919
4,906,084
41,869
1,056,546
3,136,116
521,345
494,300
33,895
415,990
361,183
1,305,368
819,627
485,741
1,101,214
1,064,843
7,842
631,883
631,233
17,659
1,020
9,850
650
8,277,402
8,028,290
36,813
789
178,573
31,937
1,000
10,537,028
10,279,467
52,766
2,939
180,989
20,592
275
20,547,527
20,003,833
97,421
3,728
377,871
53,549
13,746,449
13,346,497
77,756
3,211
278,800
36,635
3,550
6,801,078
6,657,336
19,665
517
99,071
16,914
e
<
7,575
25,709,172
6,160,516
41,197,100
35,899,764
70,902,854
38,063,698
LIABILITIES
Demand deposits
Individuals, partnerships, and corporations
.
United States Government: War loan and Series E bond
accounts
Other
States and political subdivisions
Banks in United States #
Banks in foreign countries
•
Certified and officers' checks, cash letters of credit and
travelers' checks, etc
Time deposits
Individuals, partnerships, and corporations.
United States Government
Postal savings
• .#
States and political subdivisions
Banks in United States
Banks in foreign countries
Total deposits
Due to own foreign branches
Bills payable, rediscounts, and other liabilities for borrowed
money.
Acceptances outstanding
Dividends declared but not yet payable
Income collected but not yet earned
Expenses accrued and unpaid
Other liabilities
Total liabilities
19,014,308
2,836,361
115,859
1,959,068
1,068,277
7,680
182,432
164,100
28,918
11,669
6,454
93,494
46,451
3,456
2,235
1,831
28,525
8,967
70,050
21,376
10,196
19,207
118,082
31,415
26,242,690
6,205,530
41,467,426
588,438
1,001,820
309,811
95,146
131,500
146,350
31,845
43,170
811,950
1,044,429
353,861
184,544
88,419,025
59,409,352
12,149,569
258,986
4,029,652
10,250,299
1,015,799
11,125
108,966,552
57,156,405
38,294,433
7,243,485
217,117
2,973,106
7,114,183
494,454
182,432
285,124
56,354
26,738
39,710
288,164
97,959
156,152
26,280
130,389
36,448
13,418
26,328
179,038
47,876
154,735
19,906
13,320
13,382
109,126
50,083
36,027,387 109,943,033
71,492,503
38,450,530
1,572,359
1,830,843
703,257
269,572
911,797
1,253,472
408,805
188,087
50,974
2,604
2,638
12,218
48,063
11,126
CAPITAL ACCOUNTS
Capital
Surplus
Undivided, profits
Other capital accounts
Total capital accounts.
Total liabilities and capital accounts.
MEMORANDA
Par on face value of capital..
Capital notes and debentures
First preferred stock
Second preferred stock
Common stock
Retirable value of capital: First preferred stock
Second preferred stock.
1,995,215
352,865
2,394,784
28,237,905
6,558,395
43,862,210
588,438
200
8,010
131,500
580,228
131,500
811,950
15,708
58,061
550
737,631
952,268
891,716
416,545
134,799
2,484,156
3,084,315
1,112,062
457,659
2,395,328
7,138,192
4,376,031
2,762,161
38,422,715 117,081,225
75,868,534
41,212,691
1,572,594
912,171
29,142
55,655
3,609
823,765
952,877
13,234
68,964
7,934
862,745
2,484,765
29,142
135,035
8,484
2,312,104
79,380
4,875
1,488,339
20,025
Net demand deposits subject
to reserve
Demand deposits adjusted2
Number of banks
1
Banks are classed .
lying sections of reserve c
Figures for each class of
banks are located.
2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
618
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAOB
Gold reserves of central banks and governments. .
61.0
Gold production. .
6zi
Gold movements . .
6xi
Net capital movements to United States since January x, 1935. .
6zx
Central banks. .
613-616
Money rates in foreign countries . ,
617
Commercial banks. .
6z8
Foreign exchange rates .
619
Price movements:
Wholesale prices .
630
Retail food prices and cost of living. .
631
Security prices .
631
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 arc reported to the Board directly. Figures
on international capital transactions of the United States arc collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 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.
JUNE 1945
619
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
Argen- 1
tina
Belgium
1938—Dec
1939—Dec.
1940—Dec
1941—Dec
1942—Dec
1943—Dec...
14,512
17,644
21,995
22,737
22,726
21,938
431
466
353
354
2
658
*939
581
609
734
734
735
734
32
40
51
70
115
254
274
274
274
274
274
274
192
214
2
7
5
6
5
1944—May
June
July
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
21,264
21,173
20,996
20,926
20,825
20,727
20,688
20,619
20,550
20,506
20,419
20,374
386
391
397
408
409
409
409
409
409
409
409
734
734
734
734
296
297
297
298
298
313
314
329
330
340
341
274
274
274
274
274
274
274
274
274
274
6
6
6
5
5
6
5
6
7
6
5
6
Hungary
Iran
(Persia)
Italy
Japan
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
37
24
24
24
24
24
26
26
26
26
34
92
193
144
120
164
164
164
5
164
1944—May....
June....
July....
Aug
Sept....
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
24
24
24
24
24
24
24
115
115
115
115
End of month
End of month
End of month
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
Sweden
321
308
160
223
335
387
Switzerland
701
549
502
665
824
964
732
732
715
715
Turkey
29
29
88
92
114
161
Colombia
Cuba
30
30
30
30
36
51
24
21
17
16
25
59
1
1
1
16
46
56
56
56
56
56
56
56
56
57
57
82
84
86
88
89
90
91
92
94
95
97
99
Brazil British
India Canada Chile
Java
80
90
140
235
3
216
United
Kingdom
Uruguay
2,690
69
68
90
100
89
121
New
Mexico Netherlands Zealand
29
32
47
47
39
203
998
692
617
575
506
500
23
23
23
23
23
23
226
224
222
220
220
221
222
222
222
221
220
219
500
500
500
500
500
500
500
23
23
23
23
23
23
23
23
23
23
23
Venezuela
52
52
29
41
68
89
Yugoslavia
57
59
82
3
83
B.I.S.
14
7
12
12
21
45
Egypt
France
Germany
29
29
29
29
29
29
83
56
58
61
61
61
53
53
52
44
44
44
55
55
52
52
52
52
2,430
2,709
2,000
2,000
2,000
2,000
71
76
86
91
101
101
101
111
121
126
61
61
61
61
61
61
61
61
44
44
44
44
44
44
44
44
44
52
52
52
52
52
52
52
52
52
2,000
2,000
Norway
Peru
94
94
84
20
20
20
21
25
31
3
Other
coun-6
tries
166
178
170
166
185
229
1,777
1,777
1,777
1,777
1,777
J
85
84
69
69
59
59
59
60
60
60
60
60
60
60
60
60
133
152
158
182
241
316
369
Greece
27
28
28
29
Ruma- South
Poland Portugal
Africa
nia
34
34
36
34
32
32
32
32
30
30
30
30
1,010
191
430
136
1944—May
242
110
39
210
1,023
139
432
242
110
39
June
221
1,030
142
435
243
110
39
July
221
1,029
148
449
244
110
39
Aug
221
1,033
149
454
244
110
39
Sept
221
149
1,029
456
244
110
39
Oct
221
151
1,040
462
244
125
36
Nov
221
157
463
245
130
37
1,052
Dec
221
159
477
245
130
37
I,
058
1945—Jan
221
164
475 pPI,061
246
147
Feb
474
246
147
l,072
Mar
246
161
P,103
Apr
f1 Preliminary.
Figures through March 1940 and figure for December 1942 and December 1943 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, gold belonging to Bank of Canada transferred to Foreign Exchange Control 3Board. Gold reported since that time is gold held by Minister of Finance.
Figures relate to last official report dates for the respective countries, as follows: Greece—
Mar. 31, 1941; Java—Jan. 31,1942; Norway—Mar. 30, 1940; Poland—July 31,1939; Yugoslavia
- F e b4 . 28, 1941.
Figure for December 1938 is that officially reported on Apr. 30,1938.
5
Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately.
6
These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo,
Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939,Ecuador, El
Salvador,Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia, Lithuania,
Morocco, and Thailand (Siam). Figures for certain of these countries have been carried forward
from7 last previous official report.
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555,
and for a description of figures, including details regarding special internal gold transfers affecting
the reported data, see pp. 524-535 in the same publication.
6xo
Czecho- Denslovakia mark
220
249
367
366
634
706
741
749
760
778
785
796
811
814
829
834
2*848
851
Spain
4
525
42
42
91
101
104
104
104
104
104
104
105
106
106
Government gold reserves1 not included
in previous figures
End of month United
States
1938—Dec. ...
1939—Mar. ...
May
June...
Sept....
Dec
1940—June...
Dec. ...
1941—June...
Dec
1942—June. ..
Dec
1943—June....
Dec
1944—Mar....
June.. .
Sept....
Dec
80
154
85
164
156
86
48
89
25
8
12
11
43
14
21
25
12
United
King- France
dom
2759
1,732
3
876
292
4
151
... -.....-..
331
559
477
Belgium
44
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); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
23 Figure for end of September.
Reported figure for total British gold reserves on
Aug. 31,1939, less reported holdings of Bank of England
on that date.
4
Figure for Sept. 1, 1941.
NOTE.—For available back figures and for details
regarding special internal gold transfers affecting
the British and French institutions, see Banking
and Monetary Statistics, p. 526, and BULLETIN for
February 1945, p. 190.
FEDERAL RESERVE BULLETIN
Estimated
world
Total
Year or month production
outside 1 reported
monthly
U.S.S.R.
1934..
1935..
1936..
1937..
1938..
1939..
1940..
1941..
1942..
1943..
1944..
823,003
882,533
971,514
1,041,576
1,136.360
1,208,705
1,297,349
1,288,945
1944—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
South
Africa
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
Africa
North and South America
Other
British
Rho- I West I Belgian United tr a T , 9 j a R|\f- T ; r f t 6 Colom- rhn* INicara- Austra-1
desia I Africa* 1 CongpS States* | Canada5[Mexico
Chile | g u a 7
bia
lia8 I India 9
708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1,089,395
968,112
738,471
r
663,247
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
448,153
429,787
$1 = 15A
24,264
25,477
28,053
28,296
28,532
28,009
29,155
27,765
26,641
23,009
20,746
53,887
57,227
54,775
r
55,879
57,226
54,826
54,461
53,675
r
53,387
^55,219
p
S0,98Q
P
54,701
34,879
36,921
36,264
36,430
37,022
35,810
35,821
35,270
34,836
36,216
33,698
36,458
1,771
1,749
1,702
1,763
1,732
1,724
1,714
1,680
r
l,733
1,674
'1,674
'1,674
grains of gold fQfine; i.e.,an ounce of fine gold = $35
12,153 6,549 108,191 104,023 23 135 12,045
8,350
13,625
7,159 126,325 114,971 23 858 11,515
9,251
16,295
7,386 152,509 131,181 26 465 13,632
9,018
20,784 8,018 168,159 143,367 29 591 15,478
9,544
8,470 178,143 165,379 32 306 18,225 10,290
24,670
28,564 8,759 196,391 178,303 29,426 19,951 11,376
32,163 3 8,862 210,109 185,890 30, 878 22,117 11,999
209,175 187,081 27, 969 22,961
32,414
9,259
130,963 169,446 6 30, 000 20,882
29,225
6,409
19,740
48,808 127,796
19,789
6,081
18,445
35,065 101,980
19,374
7,131
1,610
1,575
1,435
1,400
1,470
1,540
1,575
1,575
1,610
1,610
1,575
1,610
2,936
2,881
2,431
2,959
2,779
3,028
2,863
2,974
2,769
2,463
2,342
2,446
8,568
8,989
8,397
8,247
8,290
8,274
8,051
7,809
8,012
8,166
7,432
^8,050
1,363
2,020
1,732
1,901
2,044
1,421
1,370
1,380
1,162
1,882
1,379
1,382
r
486
473
644
911
604
523
560
555
506
'506
'506
'506
1,557
3,506
5,429
7,525
8,623
7,715
7,865
30,559
31,240
40,118
46,982
54,264
56,182
55,878
51,039
42,525
28,560
16,310
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
8,820
6,545
665
693
560
590
625
615
653
613
765
672
590
615
945
1,330
1,435
1,295
2,100
1,365
1,295
1,260
1,470
1,470
1,260
1,365
665
595
175
385
560
525
560
560
525
560
525
595
1,166
868
807
848
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes,
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars;1935,r 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
v
Preliminary.
' Figure carried forward.
Revised.
1
Annual
figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics.
2
Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944 they represent Gold Coast only.
34 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 1943 are estimates of the United States Mint. Annual
figure for 1944 and monthly figures represent estimates of American Bureau of Metal Statistics.
5 Figures for Canada beginning 1944 are subject to official revision.
6
Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first threemonths
of year.
7
Gold exports, reported by the Banco Nadonal de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent 9total Australia; beginning January 1944, Western Australia only.
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235:
and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries m the period
1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD M O V E M E N T S
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) to: 1
Year or
month
19343
1935
1936
1937
1938
1939
1940
1941
1942
1943
Total
net
imports
United
Kingdom
1,131,994 499,870
1,739,019 315,727
1,116,584 174,093
1,585,503 891,531
1,973,569 1,208,728
3,574,151 1,826,403
4,744,472 633,083
3,779
982,378
315,678
68 938
1944
—23 269
Jan.
—125,093
Feb
Mar
—101,672
-138,989
Apr
Mav
June ...
July . .
Aug
Sept
Oct
France
Belgium
Netherlands
Other
Latin Philip- AusSwe- Switz- Canada Mexico Ameripine
den erland
can Re-2 Islands tralia
publics
South
Africa
12
1,029
8,902 94,348
86,829 30,270 28,153 12,038
260,223
12,402
65
3,498
3 227,185
95,171 13,667 29,359 15,335
934,243
968
8
3,351 71,006
72,648 39,966 30,790 21,513 23,280
573,671
2 7,511
181
-13,710 90,859
6 54,452 111,480 38,482 39,485 25,427 34,713
6,461
401
76,315 36,472 65,231 27,880 39,162
81,135 15,488 163,049 60,146 1,363
3,798 165,122 341,618 28,715 86,987 612,949 33,610 57,020 35,636 74,250 22,862
977 63,260 161,489 90,320 2,622,330 29,880 128,259 38,627 103,777 184,756
241,778
1
1
899 412,056 16,791 61,862 42,678 67,492 292,893
1,747
208,917 40,016 39,680
66,920 -3,287 13,489
316
400
23,461 -67,200
5,328 -44,711
382
378
311
410
190
367
235
565
84
3,655
93
295
321
10,649
Japan
British
India
4 76,820
75,268
77,892
246,464 50,762
168,740 16,159
165,605 50,956
111,739 49,989
9,444 9,665
All
other
coun-2
tries
21,095
28,529
20,856
8,910
13,301
4
68,623
s
284,208
6
63,071
-4,974
-3,584
-5,938
-10,810
-14,803
-13,271
-14,179
-12,767
-5,299
1,051
1
Total net import or net export figures have been released for publication on a twelve months' delayed basis. Figures for Canada and Latin American 2Republics are available on a six months' delayed basis. Figures for other countries are not available for publication subsequent to December 1941.
Figures for Colombia, formerly reported separately, and for Latin American Republics, formerly included under "All other countries," are now shown
under3 "Other Latin American Republics."
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
4
Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries.
5
Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong,
$20,583,000
from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries.
6
Includes $44,920,000 from U.S.S.R. and $18,151,000 from other countries.
NOTE—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p, 524 in the same
publication.
JUNE 1945
62.1
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
From Jan. 2, 1935, through-
Increase in foreign banking
funds in U. S.
Total
Total
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)
259.5
616.0
899.4
1,412.5
57.7
213.8
350.7
603.3
-2.0
6.1
-4.5
9.8
59.7
207.7
355.2
593.5
155.0
312.8
388.6
361.4
31.8
43.7
40.1
125.2
-6.2
15.8
90.3
316.7
21.1
29.8
29.8
6.0
1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30
1,511.1
1,949.2
2,283.3
2,608.4
578.4
779.0
898.5
930.5
44.4
35.9
37.4
81.1
534.0
743.1
861.1
849.4
390.3
449.0
456.2
431.5
114.4
180.5
272.2
316.2
427.6
524.1
633.3
917.4
.4
16.5
23.2
12.9
1937—Mar. 31
June 30
Sept. 29
Dec. 29
2,931.4
3,561.9
3,911.9
3,410.3
1,121.6
1,612.4
1,743.6
1,168.5
62.8
215.3
364.6
243.9
1,058.8
1,397.1
1,379.0
924.6
411.0
466.4
518.1
449.1
319.1
395.2
493.3
583.2
,075.7
,069.5
,125.1
,162.0
4.1
18.3
31.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)
3,207.2
3,045.8
3,472.0
3,844.5
949.8
149.9
125.9
187.0
238.5
799.9
1,180.2
1,425.4
660.4
993.2
1,186.9
434.4
403.3
477.2
510.1
618.5
643.1
625.0
641.8
,150.4
,155.3
1,125.4
1,219.7
54.2
57.8
64.1
47.6
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
4,197.6
4,659.2
5,035.3
5,021.2
1,747.6
2,111.8
2,479.5
2,430.8
311.4
425.3
552.1
542.5
1,436.2
1,686.5
1,927.3
1,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
1,188.9
1,201.4
1,177.3
1,133.7
63.9
74.0
83.1
80.6
1940-Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)
5,115.9
5,440.7
5,748.1
5,727.6
2,539.0
2,830.1
3,092.8
3,159.0
539.1
922.3
1,112.3
1,200.8
1,999.9
1,907.8
1,980.5
1,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2)
Sept.(Oct. 1)
Dec. 31
5,526.5
5,575.4
5,510.3
5,230.7
3,148.8
3,193.3
3,139.5
2,856.2
1,307.7
1,375.1
1,321.7
1,053.7
1,841.0
1,818.2
1,817.7
1,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100:9
1942—Mar. (Apr. 1)
June 302
Sept. 30
Dec. 31
1943—Jan. 30
Feb. 27
Mar. 31
Apr. 30
May 29
June 30
5,082.4
5,495.3
5,654.9
5,835.0
2,684.0
3,075.9
3,212.6
3,320.3
932.0
1,211.7
1,339.1
1,412.0
1,752.0
1,864.2
1,873.5
1,908.3
819.7
842.3
858.2
888.8
849.6
838.8
830.5
848.2
624.9
632.0
646.1
673.3
104.3
106.2
107.5
104.4
5,907.7
6,014.9
6,147.1
6,212.3
6,282.6
6,506.4
3,471.1
3,590.1
3,643.4
3,690.5
3,769.6
4,002.6
1,536.6
1,671.8
1,723.1
1,801.8
1,871.6
2,071.4
1,934.5
1,918.3
1,920.3
1,888.6
1,898.0
1,931.2
889.8
890.5
898.7
909.9
905.1
896.9
761.3
751.9
810.5
809.5
807.0
806.8
678.5
676.0
685.9
692.9
692.5
687.9
107.0
106.4
108.6
109.5
108.5
112.1
July 31
Aug. 31
Sept. 30
Oct. 30
Nov. 30
Dec. 31
6,556.0
6,726.3
6,771.3
6,904.6
7,073.6
7,118.6
4,056.4
4,107.9
4,130.6
4,284.4
4,435.7
4,496.3
2,103.4
2,122.6
2,190.9
2,312.9
2,450.0
2,461.5
1,953.0
1,985.3
1,939.7
1,971.5
1,985.7
2,034.8
901.9
909.4
888.6
870.5
882.6
877.6
792.9
907.8
929.3
928.3
929.8
925.9
692.3
687.0
708.1
707.4
710.1
701.1
112.6
114.3
114.8
114.1
115.4
117.8
31
29
31
29
31
30
7,272.9
7,418.6
7,462.9
7,464.3
7,458.9
7,459.6
4,658.2
4,833.2
4,885.4
4,881.0
4,882.7
4,851.7
2,649.3
2,815.7
2,856.0
2,780.5
2,726.8
2,661.4
2,009.0
2,017.5
2,029.4
2,100.6
2,155.9
2,190.3
870.8
843.5
868.0
873.4
872.9
856.6
931.7
924.2
904.1
905.4
903.2
929.8
695.1
698.8
685.8
686.2
680.1
702.4
117.0
118.9
119.6
118.3
119.9
119.1
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
7,423.4
7,440.9
7,430.9
7,460.2
7,530.5
7,475.7
4,740.8
4,732.3
4,661.2
4,680.3
4,775.1
4,612.5
2,622.9
2,589.5
2,498.8
2,489.8
2,541.0
2,372.2
2,117.9
2,142.8
2,162.3
2,190.4
2,234.1
2,240.3
850.6
869.7
883.5
891.3
872.7
805.8
1,005.8
1,009.7
1,026.2
1,025.8
1,025.3
1,019.4
706.9
709.4
737.8
735.8
732.4
911.8
119.3
119.9
122.2
127.1
125.0
126.3
1945—Jan. 31
Feb. 28
7,633.1
7,755.4
2,468.7
2,587.3
2,255.2
32,300.0
848.2
3859.8
1,025.9
1,033.4
909.0
845.0
126.1
3129.9
1944—Jan.
Feb.
Mar.
Apr.
May
June
786.2
4,723.9
3
4,887.3
3
1 This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning
Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of
New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to
government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by
foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic
and consular establishments, etc.).
2
Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BULLETIN
for January 1943, p. 98.
3
Amounts outstanding Feb. 28, in millions of dollars: total foreign banking funds in United States, 5,553.1, including official funds 3,224.9, and other
funds, 2,328.2; United States banking funds abroad, 275.6; and brokerage balances (net due "foreigners"), 53.1.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941 have been published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to
and claims on "foreigners" as reported by banks and brokers. For back figures, see Banking and Monetary Statistics, Tables 161-163, pp. 574-637, and
for full description of statistics see pp. 558-560 in the same publication.
6zz
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4
.2
.2
.2
.2
.2
1944—May 31
June 28
July 26
Aug 30
Sept. 27
Oct. 25
Nov 29
Dec. 27
.2
.2
.2
.2
.2
.2
.2
.2
1945—j a n
Feb.
Mar.
Apr.
.2
.2
.2
.2
3i
28
28
25
. .
Note
circulation 3
Coin
Notes
Discounts
and advances
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5
630.0
5
78O.O
5
950.0
6
1,100.0
.2
.6
.6
.8
1.0
.5
.6
.6
.8
.8
1.0
.9
.3
.9
.9
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26 8
11.6
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
1,150.0
1,150.0
1,150.0
1,200.0
1,200.0
1,200.0
1,200.0
5
1,250.0
.7
.9
1.0
1.5
2.0
2.3
2.3
1.9
14.7
19.4
13.4
54 2
45.7
35.9
10.7
11.6
1.0
1.2
4.7
6.2
4.3
8.8
5.1
5.1
239.8
282.2
261.7
228.4
252.6
234.9
273.5
317.4
1,250.0
1,250.0
1,250.0
1,250.0
1.5
1.7
1.5
1.3
30.6
33.1
14.5
15.0
6.6
8.5
18.6
20.1
263.6
261.1
268.4
269.9
Cash reserves
Other
assets' 5
Gold*
1929—Dec. 25
1930—Dec. 3 1 . .
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Dec. 27
1940—Dec. 25
1941—Dec. 31
1942—Dec 30
1943—Dec. 29
Liabilities of banking department
Assets of banking department
5
Securities
Deposits
Public
Other
Other
liabilities
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
8.8
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
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
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
1,135.5
1,130.9
1,136.8
1,146.0
1,154.6
1,164.4
1,189.5
1,238.6
165.1
217.7
199.8
201.9
221.5
203.8
207.0
260.7
15.0
12.5
7.7
14.4
9.8
6.2
11.6
5.2
58.2
55.6
55.4
56.2
55.3
54.1
55.3
52.3
17.8
17.9
17.9
18.0
18.1
17,7
17.8
17.8
1,219.6
1,217.1
1,235.8
1,235.2
215.1
207.8
218.9
229.6
11.6
18.1
8.9
8.5
57.8
60.5
57.0
50.5
17.9
18.0
18.1
17.7
Bankers'
Liabilities
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
1935—Dec. 31.
1936—Dec. 31.
1937—Dec. 31.
1938—Dec. 31.
1939—Dec. 30.
1940—Dec. 31.
1941—Dec. 31.
1942—Dec. 3 1 .
1943—Dec. 31.
1944—May 31
Tune 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 30
1945—Jan. 3 1 . .
Feb. 28.
Mar. 31.
Apr. 30..
Gold
180.5
179.4
179.8
185.9
225.7
9
Sterling
and United
States
dollars
4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
.6
.3
.2
25.9
48.7
45.9
62.8
172.3
172.3
172.3
170.4
177.1
196.6
Dominion and provincial government
securities
Deposits
Other
assets
Note
circulation*
Other
liabilities 8
Chartered
banks
Dominion
government
Other
99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
874.4
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
340.2
17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
20.5
2.1
3.5
3.1
17.9
9.5
6.0
19.1
17.8
23.8
39.9
24.4
26.9
22.1
58.6
29.3
34.3
911.5
920.5
942.4
960.4
982.8
1,012.5
1,007.8
1,036.0
377.7
414.7
414.9
432.5
454.8
454.3
437.2
401.7
101.8
8.2
43.0
53.9
21.9
76.9
10.8
12.9
26.6
22.0
22.3
34.3
33.3
32.4
20.4
27.7
212.9
209.1
28.0
29.0
33.2
49.7
1,020.6
1,028.6
1,048.7
1,062.3
413.1
397.6
422.0
448.9
23.2
27.9
18.7
39.5
36.0
37.2
52.7
50.8
212.1
195.1
203.4
204.2
ShorttermG
Other
30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
787.6
83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
472.8
8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3
47.3
879.0
803.5
801.6
849.4
833.1
875.7
868.6
906.9
548.7
576.1
602.6
593.8
625.5
622.9
618.9
573.9
914.5
891.6
926.5
937.7
590.2
595.5
608.7
621.7
7.7?
13.4
14.4
9.3
13.3
28.5
35.1
24.0
55.4
34.1
54.3
31.9
37.9
33.8
43. S
1
Through February 1939, valued a t legal parity of 85 shillings a fine ounce; thereafter a t market price, which fluctuated until Sept. 6, 1939 when
it was
officially set a t 168 shillings per fine ounce.
'
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued
less
amounts
held
in
banking
department.
4
On Jan. 6, 1939,200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about
5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million J 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, and on Mar. 7, Aug. 2, and Dec. 6, 1944.
67 Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
8
Beginning November 1944, includes a certain amount of sterling and United States dollars.
9
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940,
pp. 677-678).
NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, p p . 638-640 and p p .
644-645, respectively; for description of statistics see pp. 560-564 in same publication.
JUNE 1945
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of France
(Figures in millions
of francs)
Advances to
Government
Domestic bills
Gold*
Foreign
exchange
1929—Dec/27.
1930—Dec. 26.
1931—Dec. 30.
1932—Dec. 30.
1933—Dec. 29.
1934—Dec. 28.
1935—Dec. 27.
1936—Dec. 30.
1937—Dec. 30.
1938—Dec. 29.
1939—Dec. 28.
1940—Dec. 26.
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 30
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
5
97,267
5
84,616
84,598
84,598
84,598
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
38
37
37
1944—Jan. 27
Feb. 24
Mar. 30
Apr. 27
May 25.
June 29
July 13
84,598
84,598
84,598
84,598
84,598
84,598
84,598
75,151
37
37
37
37
37
37
37
42
1945—Jan.. 25..
Feb. 22 .
Mar. 29..
75,151
75,151
75,151
42
42
44
Special2
Other
Other 2
Note
circulation
Government
72,317
142,507
210,965
326,973
17,698
31,909
20,627
34,673
63,900
69,500
68,250
64,400
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179
22,121
21,749
21,420
68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
218,383
270,144
382,774
500,386
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
48
8,196
8,469
8,349
7,718
6,611
6,045
4,856
18,592
343,300
351,000
351,000
367,300
383,600
409,200
409,200
426,000
56,050
60,500
69,800
66,800
67,600
71,500
70,850
15,850
21,614
20,598
21,570
21,437
21,143
21,160
23,799
7
35,221
506,035
514,323
530,174
539,058
551,969
576,909
584,820
572,510
825
749
786
793
795
750
729
748
16
9
2
26,360
23,473
16,601
426,000
426,000
426,000
7,700
17,550
7
45,435
7
37,903
7
562,416
568,900
580,123
3,196
778
775
1,379
652
1,797
2,345
661
12
169
29
12
3
19
12
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
3,646
4,517
5,368
7,543
For occupation
costs 3
Deposits
Other
assets
42,093
C.A.R. 4
4i * 466
64,580
16,857
10,724
12,365
13,905
9,063
8,811
9,652
12,309
1,853
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Reserves of gold and
foreign exchange
Total
reserves
1929—Dec 31.
1930—Dec. 31.
1931—Dec. 31.
1932—Dec. 31.
1933—Dec. 30.
1934—Dec. 31.
1935—Dec. 31.
1936—Dec. 31.
1937—Dec. 31.
1938—Dec. 31.
1939—Dec. 30.
1940—Dec. 31.
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31 .
1944—Feb. 29
Mar. 31
Apr. 29
M a y 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1945—Jan. 3lp.
2,687
2,685
1,156
920
396
84
88
72
76
76
78
78
77
76
77
77
77
77
77
77
77
77
77
77
77
77
Gold
2,283
2,216
984
806
386
79
82
66
71
71
71
71
71
71
71
8
C)
71
Other
Other
liabilities
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
27,202
25,272
29,935
33,137
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
3,586
3,894
4,461
4,872
34,339
35,359
35,100
38,017
37,876
43,343
46,899
37,855
5,112
5,887
4,608
5,928
7,528
5,472
4,890
7,078
50,382
43,697
39,951
4,852
4,797
5,075
Liabilities
Securities
Bills (and
checks),
including
Treasury
bills
Security
loans
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
29,283
41,342
251
256
245
176
183
146
84
74
60
45
30
38
32
25
27
39,269
40,379
40,909
42,159
42,150
43,222
45,829
50,821
53,954
56,939
63,497
26
46
38
28
26
38
42
47
46
62
112
64,625
199
Other
Other
assets
Note
circulation
259
445
349
221
106
557
804
32
107
87
1
92
102
161
398
322
319
315
303
286
298
393
357
283
210
65
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
2,311
1,664
2,337
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19,325
24,375
33,683
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
3,649
5,292
8,186
1
1
67
70
69
1
66
33
31
23
27
21
20
25
24
21
45
2,360
2,281
2,525
2,096
2,397
2,396
2,275
2,510
2,351
2,795
2,351
33,508
33,792
34,569
35,229
35,920
36,888
38,579
42,301
44,704
46,870
50,102
6,636
7,237
7,179
7,240
6,754
6,813
7,480
9,088
9,603
10,829
13,535
51,207
13,566
Eligible
as note
cover
Deposits
Other
liabilities
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
1,493
1,680
1,980
1,654
1,788
1,833
1,9.15
2,004
2,054
2,185
2,160
2,216
2,264
2,445
P1 Preliminary.
Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939,
p. 29;
September 1937, p. 853; and November 1936, pp. 878-880.
2
For explanation of this item, see BULLETIN for July 1940, p. 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25,1940, through July 20,1944, advances of 441,000 million
francs
were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
5
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred fromJExchange Stabilization Fund to Bank of France;
in week
ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
First official statement published since liberation.
7
Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22.
J Gold not shown separately in weekly Reichsbank statement after June 15,1939.
9
Figure not available.
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.
624
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1945
Apr.
Mar.
1944
Feb.
Apr.
Central Bank of the Argentine Republic (millions of pesos):
1,242
Gold reported separately
1,242
1,157
2,638
Other gold and foreign exchange...
2,528
2,228
872
Government securities
Rediscounted paper
137
Other assets
150
164
2,391
Note circulation
2,354
2,008
1,361 cl,337
Deposits—Member bank
1,281
638
Government
578
628
C
201
Other
195
133
Certificates of participation in
139
Government securities
126
221
176
Other liabilities
168
203
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
50,856 50,856 46,793
Gold and English sterling
149,380 150,857 144,879
Securities
Banking department:
19,662 19,596 10,142
Coin, bullion, and cash
144,214 133,538 87,358
London balances
23,951 25,362 20,953
Loans and discounts
273,179 265,644 244,799
Securities
218,671 205,697 176,643
Deposits
191,744 193,244 183,262
Note circulation
National Bank
of
Belgium
(millions
1
of belgas)
i
Gold2
6,265 6,265
6,419
567
554
Foreign exchange
209
7,446
7,920
Loans to Government
6,738
134
106
Other loans and discounts
344
12,918 12,918 12,918
Claim against Bank of Issue
399
410
Other assets
419
10,569 10,255
Note circulation
9,589
827
1,065
Demand deposits
689
2
2,099
2,099
2,099
Blocked Treasury account 3
14,235 14,347 14,468
Notes and blocked accounts
203
205
202
Other liabilities
(Nov.4
National Bank of Bohemia and
1944)
Moravia (millions of koruny):
1,515
1,517
Gold
774
800
Foreign exchange
2,578
3,793
Discounts
Loans
1
Other assets
55,027 36^845
Note circulation
32,705 24,833
8,030
Demand deposits
13,942
Other liabilities
14,491
Central Bank of Bolivia (millions
(Jan.) ^
of bolivianos):
600
578
Gold at home and abroad
414
432
Foreign exchange
289
290
Loans and discounts
626
632
Securities—Government
41
41
Other
78
99
Other assets.
1,136
Note circulation
1,256
851
Deposits
701
85
Other liabilities
91
National Bank of Bulgaria 5
Central Bank of Chile (millions
of pesos):
273
277
Gold
146
341
Discounts for member banks
719
710
Loans to Government
987
973
Other loans and discounts
1,077
1,206
Other assets
2,323
2,580
Note circulation
442
447
Deposits—Bank
157
157
Other
280
324
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
169,343 167,090 140,685
Gold
96,852
102,571 109,079
Foreign exchange
1,385
40,187 c29,031
Loans and discounts
66,676 C 65,981 56,858
Government loans and securities..
30,626 28,281 31,292
Other assets
172,407 167,208 125,656
Note circulation
149,846 141,907 136,135
Deposits
87,150 90,347 65,281
Other liabilities
c
1
2
Central Bank
(Figures as of last report
date of month)
Apr.
National Bank of Denmark (millions
of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities. .t
Govt. compensation account6
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador (thousands
of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt 7 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold..
Foreign exchange
Loans and discounts
Government debt and securities...
Other assets
Note circulation
Deposits
Other liabilities
Bank of Finland55
Bank of Greece
National Bank of Hungary (millions
of pengo):
Gold
i
Foreign exchange reserve
Discounts
Loans—To Treasury
To foreign countries
Other
Other assets
Note circulation
Demand deposits
Consolidated foreign credits of
1931........
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Treasury bills discounted
Loans to Government
Other assets
Deposits
Other liabilities
Central Bank of Ireland (thousands
of pounds):
2,646
Gold
30,264
Sterling funds
32,910
Note circulation
Bank of Japan5 5
Bank of Java
1945
1944
M a r . I Feb.
Apr.
(Dec.
1944)
97
22
2,762
55
95
85
4,389
1,658
2,327
3,009
512
(Nov.
1944)4
283,780
174,043
83,361
109,756
305,183
288,254
57,503
(Jan.)*
6,241
15,659
6,144
97
22
2,272
29
72
85
3,076
1,455
1,478
2,314
406
249,644
71,649
82,897
95,843
222,472
235,138
42,422
6,241
14,148
2,343
265,124 228,803
22,738 14,480'
117,078 98,563
69,868 62,820
115,540 91,262
13,421 13,369
33,186
37,694
535
4,932
1,482
48,403
22,612
6,815
33,205
34,546
1,290
5,999
1,527
47,794
21,895
6,878
(Nov 4
1944)
100
3
11,977
511
1,074
444
9,783
578
141
10,849
32,612
36,390
438
6,340
1,324
43,412
27,779
5,914
1,082
10,672
2,713
100
6
4,436
546
979
6
1,497
5,191
906
10
1,352
12
1,462
444
9,543
578
105
10,593
444
7,898
583
158
8,968
77
3,690
47
3,851
33
12
231
3,928
296
"267
3,798
282
116
1,804
10
3
149
1,838
245
2,646
30,223
32,869
2,646
29,292
31,938
2,646
25,790
28,436
Corrected.
First official statement published since liberation was that for Jan. 11, 1945.
Gold revalued provisionally at 49.318 francs per gram. The resulting increment is held for the account of the Treasury and is shown on the liabilities
side 3under "Blocked Treasury account."
Includes current accounts transferred and to be transferred to blocked accounts and old notes not declared.
4
Latest month for which report is available for this institution.
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; and of Java (January 1942), see
BULLETIN
for March 1943, p. 278.
6
Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942.
7
Items for issue and banking departments consolidated.
JUNE 1945
CENTRAL BANKS-Continued
Central Bank
(Figures as of last report
date of month)
Bank of Mexico (millions
of pesos):
Metallic reserve1
i
"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
Deposits—Government
Other
Other liabilities
Reserve Bank of New Zealand (thousands of pounds):
Gold.
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway3
Bank of Paraguay—Monetary
Dept.
(thousands of guaranies):4
Gold
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):5
Gold
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of Rumania 3
South African Reserve Bank (thousands of p o u n d s ) :
Gold
Foreign bills
Other bills and loans
Other assets
N o t e circulation
Deposits
Other liabilities
B a n k of S p a i n (millions of pesetas):
Gold
Silver
Government loans and securities...
Other loans and discounts
Other assets
1945
Apr.
Mar.
Feb.
Apr.
659
642
623
507
1,647
1,608
405
69
1,395
1,174
155
1,573
388
62
1,356
'1,137
154
(Oct
1944)2
932
1,371
245
55
1,176
853
149
4,404
3
136
96
4,879
149
320
223
3,910
134
84
4,021
108
754
176
2,802 2,802
47,535 47,308
2,802
29,766
29,598
13,257
1,750
40,154
49,993
4,795
31,125
11,737
1,689
39,316
51,440
3,906
38,279
11,743
2,584
37,026
44,464
3,684
3,329
22,194
3,787
10,673
1,256
26,895
12,744
1,600
3,332
22,800
4,559
10,698
1,117
25,655
15,281
1,570
406
87
1,390
1,245
164
127,667 121,177
21,579 20,991
4 9 8 ,284
" 458,180
22,888 20,754
422,617 :17,363
218, 566 177,441
29,233 26,298
(June
1944)2
1,412
4,871
9,010
236
1,023
910
6,946
9,577
940
103,228
29,921
3,642
92,431
59,865
164,854
4,504
157,737
11,781
370,705
25,777
365,077
178,688
22,235
1,408
4,610
8,653
237
1,023
936
6,768
9,172
927
101,228
28,558
2,881
91,973
56,520
162,581
5,539
88,213
21,826
1,792
85,025
51,988
140,481
4,387
1,166
609
15,983
3,387
1,747
1,074
621
16,043
2,765
2,178
Central Bank
(Figures as of last report
date of month)
1944
1945
April
Mar.
Feb
Apr.
Bank of Spain—Continued
17,298 16,161
Note circulation
1,698
1,966
Deposits—Government
3,407
4,023
Other
488
530
Other liabilities
Bank of Sweden (millions of kronor):
940
Gold
1,046 1,047
559
585
Foreign assets (net)
575
Swedish Govt. securities and ad-6
1,140
1,189
1,314
vances to National Debt Office .
74
24
34
Other domestic bills and advances.
967
1,050 1,051
Other assets
2,158
2,402 2,345
Note circulation
616
608
576
Demand deposits—Government
272
344
236
Other
634
734
Other liabilities
669
Swiss National Bank (millions of
francs):
4,343
4,771
Gold
4,639 4,591
79
108
102
Foreign exchange
112
86
286
339
Loans and discounts
7
162
81
Other assets
()
2,962
Note circulation
3,558 3,564 3,478
1,428
Other sight liabilities
1,333 1,301
1,447
7
7
280
Other liabilities
()
Central Bank of the Republic of
Turkey (thousands of pounds):
Gold
276,382 238,650
Foreign exchange and foreign
85,070 102,297
clearings
835,281 736,268
Loans and discounts
173,893 196,437
Securities
21,155 18,526
Other assets
961,056 878,946
Note circulation
85,586 85,139
Deposits—Gold
174,526 138,191
Other
170,613 189,902
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
122,751 119,193
Note circulation
158,172 133,125
Banking department:
139,998 88,786'
Gold and silver
Notes and coin
23,164 44,898
Advances to State and to government bodies
16,550 12,885
Other loans and discounts
91,761 99,275
Other assets
297,080 228,876
Deposits
263,021 205,403
Other liabilities
305,533 269,316
Central Bank of Venezuela (thousands of bolivares):
Golds
392,758 349,741 380,249 307,208
Foreign exchange (net)
85,213 94,573 77,155 65,927
20,310 20,310 20,310 26,370
Credits to national banks
21,038 20,072 13,817 24,752
Other assets
Note circulation—Central Bank.... 316,042 309,522 304,741 251,208
National banks.. 15,459 15,619 16,079 24,198
180,838 136,603 160,945 132,646
Deposits
6,980 22,952 9,768 16,206
Other liabilities
National Bank3 of the Kingdom of
Yugoslavia
Bank for International Settlements
(Jan.)
(thousands of Swiss gold francs): 9
114,039 118,180
Gold in bars
Cash on hand and on current account with banks
Sight funds a t interest
Rediscountable bills a n d acceptances (at cost)
Time funds at interest
Sundry bills and investments
Other assets
Demand deposits (gold)
Short-term deposits (various currencies):
Central banks for own account
Other
Long-term deposits: Special accounts
Other liabilities
....
44,913
12,818
14,674
6,699
77,361 107,168
8,856 21,075
199,331 198,483
361
98
19,560 28,765
6,599
2,128
6,993
2,799
229,001 229,001
200,128 199,082
1
2
3
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
Latest month for which report is available for this institution.
For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282; and
of Rumania
(June 1944), see BULLETIN for March 1945, p. 286.
4
The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is divided into
a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes central banking functions,
was issued for the end of December 1944.
5
Valued at average cost beginning October 1940.
6
Includes small amount of non-Government bonds.
7
Figure not available.
8
Beginning October 1944, gold in the amount of 70 million bolivares, formerly reported in the Bank's account, shown separately for account of the
Government.
9
See BULLETIN for December 1936, p. 1025.
6z6
FEDERAL RESERVE
BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[ Per cent per annum J
Central bank of—
Date effective
United
GerKing- France many
dom
In effect Dec. 31,
1936
2
Jan. 28, 1937
June 15
July 7
Aug. 4
Sept. 3
Nov. 13
May 10, 1938
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4,1939
Apr. 17
May 11
July 6
•"'4"
Aug. 24
Aug. 29
Sept. 28
3
Oct. 26
2
Dec. 15
Jan. 25, 1940
Apr. 9
May 17
Mar. 17, 1941
May 29
June 27.
Jan. 16, 1945
Jan. 20
Feb. 9
In effect Mav 31,
1945
".
2
2
4
6
5
4
3K
Belgium
2
4
Netherlands
Sweden
Switzerland
m
2
Rate
Ma y
Central
bank of—
Date
effective
Mar. 21, 1940
Mar. 1, 1936
58 Jan.
16, 1945
Albania
Argentina
Belgium
Bohemia and
Moravia....
IK
sy2 Oct.
1, 1940
Central
bank of—
Rate
May
31
Date
effective
Italy
Japan
Java
Latvia
Lithuania. ..
4
3.29
3
5
6
Sept. 11, 1944
Apr. 7, 1936
Jan. 14, 1937
Feb. 17, 1940
July 15, 1939
'•4"" "
'iy2'
Nov. 8, 1940
Bolivia
6
Nov. 28, 1935
British India..
3
Dec, 1, 1940
Bulgaria
5
Canada
IK Feb. 8, 1944
Chile
3-4K Dec. 16, 1936
July 18, 1933
Colombia
3
"3
"v/i'
4
3
2H
"3""
"i""
sy2
France
Germany
Greece
Hungary
Ireland
3
IK
IVs"
"2H"
"214"
\%
IK
IK
4
7
3
4K
Denmark
Ecuador
El Salvador...
Estonia
Finland
3
\%
3K
11
3
2K
Oct.
May
Mar.
Oct.
Dec.
16,
26,
30,
1,
3,
1940
1938
1939
1935
1934
Mexico.. . . 4K
Netherlands.
New Zealand
Norway
Peru
Portugal....
2K
f
June
June
July
May
Aug.
Jan.
4,
27,
26,
13,
1,
12,
Rumania.... 4
South Africa 3
4
Spain
Sweden
Switzerland.
May
June
Dec.
Feb.
Nov.
8, 1944
2, 1941
1, 1938
9,1945
26,1936
July
1, 1938
4
Jan. 20, 1945 Turkey
Apr. 9, 1940 United Kingdom
2
Dec. 1, 1944
Oct. 22, 1940 U. S. S. R... 4
Nov. 23, 1943 Yugoslavia.. 5
1942
1941
1941
1940
1940
1944
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
NOTE.—Changes since April 30: none.
OPEN-MARKET RATES
f Per cent per annum J
United Kingdom
Month
Bankers'
acceptances
3 months
Treasury
bills
3 months
1929—Mar..
1930—Mar..
1931—Mar..
1932—Mar..
1933—Mar..
1934—Mar..
1935—Mar..
1936—Mar..
1937—Mar..
1938—Mar..
1939—Mar..
1940—Mar..
1941—Mar..
1942—Mar..
1943—Mar..
1944—Mar..
5.33
2.78
5.30
2.55
2.56
2.28
4.51
3.20
2.20
2.40
.46
.84
.64
1944—Apr...
May..
June..
July..
Aug..
Sept..
Oct..
Nov..
Dec.
1945—Jan...
Feb..
Mar..
2.60
2.59
.62
.95
.57
Bankers'
Day-to-day allowance
money
on deposits
1.03
1.03
1.03
1.03
1.03
.50
.52
.51
.50
.70
1.02
1.01
1.00
1.00
1.00
.88
.72
.75
.75
.75
.75
.99
1.00
1.03
.90
1.13
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.01
1.00
1.00
1.00
1.00
1.01
1.00
1.00
1.00
1.01
1.00
1.00
1.13
1.13
1.13
1.13
1.13
1.13
1.10
1.00
1.02
1.00
1.00
1.00
.56
.55
.53
.63
Netherlands
Germany
Private
discount
rate
Day-to-day
money
6.31
5.12
4.76
6.10
3.88
3.88
3.38
3.00
3.00
2.88
2.88
2.50
2.25
2.13
2.13
2.13
6.97
5.57
5.00
7.76
4.97
4.89
3.94
2.99
3.10
2.86
2.70
2.16
1.83
1.95
1.94
1.93
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
1.91
1.90
1.92
1.90
1.89
1.93
Private
discount
rate
Money
for
1 month
4.64
5.05
2.61
1.04
1.06
1.11
1.07
1.00
1.68
1.00
.50
.50
2.49
2.75
2.50
1.09
1.22
.64
1.24
.60
1.11
.19
.13
.29
1.35
2.07
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
3.39
2.60
.99
1.50
1.50
1.50
1.50
2.26
1.00
1.00
1.00
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
JUNE 1945
6l7
COMMERCIAL BANKS
(11 London clearing banks.
Figures in millions of
pounds sterling)
Liabilities
Assets
United Kingdom 1
Cash
reserves
Money at
call and Bills dis- Treasury
deposit Securities
counted receipts
short
notice
Loans to
Deposits
Other
assets
Total
Demand
Time
Other
liabilities
1938—December.
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
243
274
324
366
390
422
160
174
159
141
142
151
250
334
265
171
198
133
314
758
896
1,307
635
609
771
999
,120
,154
971
1,015
924
823
794
761
263
290
293
324
325
349
2,254
2,441
2,800
3,329
3,629
4,032
1,256
1,398
1,770
2,168
2,429
2,712
997
1,043
1,030
1,161
1,200
1,319
269
256
250
253
236
245
1944—April
May
June
July
August
September
October...
November.
December.
430
418
427
426
439
443
453
460
500
164
173
185
188
205
191
191
205
199
149
174
202
213
211
209
170
198
147
1,314
1,310
1,246
1,310
1,337
1,444
1,567
1,548
1,667
,152
,161
,169
,175
,180
,183
,172
,192
,165
762
765
784
765
750
744
744
748
772
285
292
327
289
283
282
291
292
347
4,017
4,051
4,100
4,121
4,161
4,251
4,342
4,398
4,545
2,672
2,704
2,730
2,744
2,775
2,827
2,876
2,922
3,045
1,345
1,347
1,370
1,377
1,386
1,424
1,467
1,475
1,500
240
242
240
244
243
244
245
245
250
1945—January...
February..
March
460
198
188
180
159
140
149
1,663
1,639
1,681
,165
,160
1,153
765
769
780
301
305
299
4,462
4,405
4,459
2,968
2,904
2,944
1,495
1,501
1,516
248
250
246
455
464
Liabilities
Assets
Canada
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Entirely in Canada
Cash
Security
loans
Other
loans
and discounts
Security
loans
abroad
and net Securities
due from
foreign
banks
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilities
1938—December.
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
263
292
323
356
387
471
65
53
40
32
31
48
940
1,088
1,108
1,169
1,168
1,156
166
132
159
168
231
250
1,463
1,646
1,531
1,759
2,293
2,940
535
612
570
653
657
744
85
80
71
60
42
2,500
2,774
2,805
3,105
3,657
4,395
840
1,033
1,163
1,436
1,984
2,447
1,660
1,741
1,641
1,669
1,673
1,948
843
963
846
962
1,049
1,172
1944—April
May
June
July
August
September
October...
November.
December.
510
525
526
545
569
575
597
586
550
42
81
71
63
61
56
56
81
92
920
1,175
1,104
1,063
1,002
976
992
1,275
1,211
212
275
294
218
215
224
236
236
214
3,390
3,374
3,358
3,388
3,368
3,450
3,622
3,577
3,611
669
712
856
755
755
761
757
774
782
38
37
36
35
35
3
35
35
34
34
4,506
4,850
4,836
4,716
4,667
4,726
4,957
5,221
5,137
2,253
2,756
2,641
2,451
2,297
2,262
2,468
2,877
2,714
2,254
2,094
2,195
2,265
2,370
2,464
2,489
2,343
2,423
1,198
1,256
1,339
1,282
1,268
3
1,282
1,269
1,273
1,289
1945—January...
February..
March
567
539
544
95
80
78
1,156
1,125
1,094
244
254
219
3,571
3,624
3,606
731
717
708
32
31
31
5,049
5,021
4,938
2,525
2,390
2,214
2,524
2,631
2,725
1,283
1,287
1,280
Assets
France
(4 large banks. End of month
figures in millions
of francs)
Liabilities
Deposits
Time
Own
acceptances
Other
liabilities
33,042
41,872
58,413
75,764
91,225
537
571
477
912
324
721
844
535
413
462
4,484
4,609
4,604
5,187
6,422
96,431
99,152
103,272
102,047
103,596
102,602
104,830
108,368
107,200
112,732
95,783
98,419
102,437
101,118
102,578
101,525
103,657
107,100
105,811
111,191
648
733
836
929
1,017
1,078
1,173
1,268
1,390
1,541
426
387
397
383
321
347
341
411
404
428
5,205
5,461
5,563
5,716
6,730
6,859
6,987
7,182
7,326
7,506
110,485
108,883
1,601
419
6,168
Cash
reserves
Due from
banks
Bills discounted
1938—December.
1939—December .
1940—December*
1941—December.
1942—December.
3,756
4,599
6,258
6,589
7,810
4,060
3,765
3,546
3,476
3,458
21,435
29,546
44,243
61,897
73,917
7,592
7,546
7,984
8,280
10,625
1,940
2,440
1,999
2,033
2,622
33,578
42,443
58,890
76,675
91,549
1943—March
April
May
June
July
August —
September.
October...
November.
December.
6,813
6,720
7,132
6,632
6,770
6,486
6,935
7,133
7,203
8,548
3,803
3,665
3,750
3,851
3,795
3,786
3,832
3,877
3,960
4,095
74,664
77,922
81,620
80,276
83,362
82,685
85,079
88,289
86,754
90,897
15,245
15,043
14,980
15,518
14,696
14,644
14,084
14,215
14,561
14,191
1,536
1,650
1,750
1,869
2,024
2,206
2,228
2,448
2,653
2,935
1944—January...
7,510
4,125
90,024
13,737
1,676
Loans
Other
assets
Total
Demand
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 \Ys per cent, callable by the banks in emergency at a discount equal to the Bank of England rate.
3
Due to changes in reporting procedure, the figure for "Note circulation" includes a small amount of interbank note holdings while these holdings are
now 4 omitted from "Other liabilities."
Figures for three banks only. Data for Credit Industriel et Commercial not available September 1940-March 1941.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for description of
statistics see pp. 566-571 in same publication.
FEDERAL RESERVE
BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Australia
(pound)
Year or month
Official
1937.
1938
1939
1940
1941.
1942
1943
1944..
32 959
32.597
30 850
29.773
29.773
29.773
29.773
29.773
1944—May
June
July
Aug
Sept
Oct
Nov.
Dec
1945—Jan
Feb
Mar
Apr
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
Year or month
1937
1938
1939
1940
1941
1942
1943
1944
1944—May
June
July
Aug.
Sept
Oct.
Nov
Dec
1945—Jan
Feb
Mar...
Apr
Official
2
Free
393.94
389.55
353.38
305.16
321.27
321.50
2
321.50
16.876
16.894
16.852
2
16.880
Brazil
(cruzeiro1)
British
India
(rupee)
Buigaria
(lev)
Canada (dollar)
Free
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
6.0586
6.0594
6.1983
5^0214
5.0705
5.1427
5.1280
5.1469
37.326
36.592
33.279
30.155
30.137
30.122
30.122
30.122
Official
90.909
90.909
90.909
90.909
90.909
100.004
99.419
96.018
85.141
87.345
88.379
89.978
89.853
5.1697
5.1716
5.1727
5.1668
2
5.1664
6.0586
6.0587
6.0598
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
5.1275
5.1275
5.1275
5.1529
5.1803
5.1803
5.1803
5.1803
5.1803
5.1803
5.1802
5.1802
30.122
30.122
30.122
30.122
30.122
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
90.909
90.909
90.909
90.909
90.909
90.507
90.403
90.178
90.003
89.356
89.736
89.836
89.747
89.968
90.553
90.295
90.506
1.2846
1.2424
2
322.80
322.80
322.80
322.80
322.80
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
Colom- Czechobia
slovakia
(peso) (koruna)
Denmark
(krone)
FinGerland F r a n c e many Greece
(mark- (franc) (reichs- (drachma)
ka)
mark)
Hong
Kong
(dollar)
Hungary
(pengo)
Italy
(lira)
Japan
(yen)
22.069
21.825
20.346
2
19.308
2.1811
2.1567
1.9948
1.8710
2
2.0l01
30.694
30.457
27.454
22.958
2
24.592
19.779
19.727
19.238
18.475
2
19.770
5.2607
5.2605
5.1959
5.0407
2
5.0703
28.791
28.451
25.963
23.436
2
23.439
2
3.4930
3.4674
3.4252
2
4.0460
2.8781
2.5103
2
2.0827
40.204
40.164
40.061
40.021
2
39.968
.9055
.8958
.8153
2
.6715
C h i l e (peso)
Free
Official
Official
23!704'
23.704
24.732
25.125
56.726
55.953
57.061
57.085
57.004
57.052
57.265
57.272
%
Special
Export
Belgium
(belga)
In cents per unit of foreign currency]
Export
2
4.0000
4.0000
4.0000
4.0000
2
4.0000
China
(yuan
Shanghai)
29.606
21.360
11.879
6.000
2
5.313
NethNew
Mexico erlands Z e a (guildland
(peso)
er)
(pound)
27.750
22.122
19.303
18.546
20.538
20.569
20.577
20 581
. . . . 57 277
57.277
57.277
57.277
57.277
57 277
57.272
57.220
57.180
57.140
57.036
56.980
55.045
55.009
53.335
2
53.128
20.582
20.582
20.576
20.580
20.581
20.582
20.582
20.582
20.582
20.582
20.582
?n 589
396.91
392.35
354.82
306.38
322.54
322.78
324.20
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
1
Year or month
1937
1938
1939
1940
1941
1942
1943
1944
. .
Straits
Portu- Ruma- South
SwitzSpain Settle- Sweden
Norway Poland
erland
gal
nia
Africa
(krone) (zloty) (escudo)
(leu) (pound) (peseta) ments (krona) (franc)
(dollar)
24.840
24.566
23.226
2
22.709
1944-May
June
July
Aug
Sept.
Oct
Nov
Dec
1945—Jan
Feb.
Mar
Apr..
18.923
18.860
18.835
2
4.4792
4.4267
4.0375
3.7110
2
4.0023
.7294
.7325
.7111
2
.6896
489.62
484.16
440.17
397.99
398.00
398.00
398.00
398.00
398.00
398 00
398.00
398.00
398 00
398.00
398.00
398.00
398 00
398.00
398.00
398.00
6.053
5.600
10.630
9.322
29.130
57.973
56.917
51.736
46.979
47.133
2
46 919
25.487
25.197
23.991
23.802
2
23.829
22.938
22.871
22.525
22.676
2
23.210
United Kingdom
(pound)
Official
403^50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
Uruguay
(peso)
Free
Controlled
494.40
488.94
443.54
383.00
403.18
403.50
2
403.50
79.072
64.370
62.011
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
Noncontrolled
2
3o!789
37.601
43.380
52.723
52.855
53.506
Yugoslavia
(dinar)
2.3060
2.3115
2.2716
2.2463
2
2.2397
52.964
52.962
53.421
54.200
54.185
54.185
54.189
54.196
54.197
54.197
54.197
54.253
1
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
2
Average of daily rates for that part of the year during which quotations were certified.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see 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.
JUNE 1945
6x9
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES
[Index numbers]
Year or month
-
United
States
United
Kingdom
Canada
France
Germany
Japan
(October
(1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) (1900=100)
1926
100
100
* 124
695
134
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
65
66
75
80
81
86
79
77
79
87
99
103
104
67
67
72
72
75
85
79
75
83
90
96
100
103
86
86
88
89
94
109
101
103
137
153
159
163
166
427
398
376
338
411
581
653
2
681
97
93
98
102
104
106
106
107
110
112
114
116
1944—April
May
June
July
August
September
October
November
December.
1945—January
February
March. .
April
104
104
104
104
104
104
104
104
105
105
105
105
106
103
103
103
103
102
102
102
102
103
103
103
103
P\03
166
166
166
167
168
167
167
167
167
167
167
168
?168
Italy
70
63
62
68
76
89
95
99
116
132
Netherlands
(1926-30
= 100)
Switzerland
1914
= 100)
(1935 = 100) (July
237
106
i 126
144
161
180
178
186
198
238
251
278
311
329
65
63
63
62
64
76
72
74
3
88
i 92
i 90
i 96
100
102
114
111
115
146
172
189
196
196
96
91
90
90
96
111
107
111
143
184
210
218
"223
195
197
197
198
197
196
195
195
195
195
195
195
196
223
223
223
224
224
223
p
223
P
222
*>221
p
221
P
221
*>221
p
420
p
118
118
118
119
118
118
118
118
Sweden
412
HI7
p
Preliminary.
1 Approximate figure, derived from old index (1913 = 100).
2 Average based on figures for 8 months; no data available since August 1939, when figure was 674.
3 Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES-GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Canada
(1926=100)
United States
(1926=100)
Year or month
Farm
products
Foods
Other
Farm
commod- products
ities
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
1926...,
100
100
100
100
100
100
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
48
51
65
79
81
86
69
65
68
82
106
123
123
61
61
71
84
82
86
74
70
71
83
100
107
105
70
71
78
78
80
85
82
81
83
89
96
97
99
48
51
59
64
69
87
74
64
67
71
83
96
103
55
57
64
66
71
84
73
67
75
82
90
99
104
70
70
73
73
74
81
78
75
82
89
92
93
94
1944—April
May
June
July
August
September
October
November
December
1945—January
February
March
April
123
123
125
124
123
123
123
124
126
126
127
127
129
105
105
107
106
105
104
104
105
106
105
105
105
106
98
99
99
99
99
99
99
99
99
99
99
99
99
104
102
102
102
101
101
103
103
103
104
105
105
105
104
104
104
104
103
103
103
104
104
105
105
94
94
94
93
94
94
94
94
94
94
94
94
United Kingdom
(1930=100)
Germany
(1913 = 100)
Industrial
products
IndusAgricul- trial raw
tural
and semiproducts finished
products
Foods
129
130
83
85
87
92
102
97
97
133
146
158
160
158
85
87
90
90
96
112
104
106
138
156
160
164
170
91
87
96
102
105
105
106
108
111
112
115
119
91
92
94
96
94
95
99
100
102
102
158
158
158
161
159
157
156
156
157
156
157
156
169
170
170
170
172
172
172
173
173
173
173
174
122
122
122
125
124
122
122
122
103
103
102
102
102
102
103
103
p
Preliminary.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
63O
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
Year or month
United
States
Canada
United
King-
(1935-39
= 100)
(1935-39
= 100)
dom
(July
1914
= 100)
Ger- Nether- Switzerland
many lands (June
(1913-14 (1911-13
= 100)
1934
1935
1936
1937
1938
1939
1940
1941 . . . .
1942
1943....
1944
94
100
101
105
98
95
97
106
124
138
136
93
95
98
103
104
101
106
116
127
131
131
122
125
130
139
141
141
164
168
161
166
168
118
120
122
122
122
123
128
129
132
134
1944—April
May. .
June
July
August....
September..
October.
November.
December
1945—January. . I
February..
March
April
135
136
136
137
138
137
136
137
137
132
132
131
132
132
131
131
132
130
130
131
131
168
168
168
169
170
169
168
168
168
168
168
168
168
138
138
139
146
143
137
136
136
137
137
136
137
Year or month
1914
= 100)
= 100)
124
118
120
127
130
130
2140
1934.
1935
1936
1937
1938
1939
1940
1941
1942.
1943.
1944.
215
215
216
217
216
215
1944—April
May.
June.
July
August .
September.
October..
November
December.
1945—January...
February
March
April
215
P216
Canada
(1935-39
= 100)
(1935-39
= 100)
United
Kingdom
(July
1914
Ger- Aether- Switzerland
many lands (June
(1913-14 (1911-13
= 100)
= 100)
= 100)
115
114
120
130
130
132
146
175
200
211
p
United
States
96
98
99
103
101
99
100
105
117
124
126
96
96
98
101
102
102
106
112
117
118
119
141
143
147
154
156
158
184
199
200
199
201
121
123
125
125
126
126
130
133
137
139
" 125
125
125
126
126
127
127
127
127
127
127
127
127
119
119
119
119
119
119
119
119
119
119
119
119
P119
200
200
200
201
202
202
201
201
201
202
202
202
202
140
141
142
146
144
141
140
141
140
136
1132
137
139
140
3148
1914
= 100)
129
128
130
137
137
138
151
174
193
203
P208
207
208
208
209
208
208
^208
P208
P208
P209
P209
?>209
v
r
Preliminary.
r r e n• _m_ iIn a• r y1 .
Revised index from March 1936 (see BULLETIN for April 1937, p . 373).
37*,,.
Average based on figures for 3 months; no data available since March 1940, when figure was 141.
3
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources.—See BULLETIN for May 1942, p . 451; October 1939, p . 943; and April 1937, p . 373.
1
1 V»
2
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Y e a r or m o n t h
United
States
United
Kingdom
(derived
price) 1
(December
1921 = 100)
France
(1913=100)
N u m b e r of i s s u e s .
15
1926...
90.1
110.0
57.4
98.2
105.5
109.5
HlO.2
111.1
113.8
115.9
117.8
118.3
120.3
120.9
127.:
129.9
131.2
124.6
121.3
112.3
118.3
123.8
127.3
127.8
127.5
82.1
83.5
76.3
75.1
77.3
83.9
6
84.7
*>98.7
6
100.1
120.7
120.9
120.9
121.3
121.2
121.2
121.1
120.9
121.4
121.6
121.9
122.7
122.9
127.1
127.0
127.2
127 .3
127.2
127.6
127.9
127.9
128.1
128.5
128.7
128.7
129.3
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1944—April
M ay. .
June
July..
August
September
October...
November.
December
1945—January ...
February..
March
April.
87
36
i
Germany
(average
price) 2
2
139
90.7
695.1
95.8
98.7
99.9
99.0
100.7
103.0
6
103.3
Nether-
lands 3
Common stocks
United
States
(1935-39
= 100)
(1926 = 100)
United
Kingdom
France
Germany
Netherlands
(1930=100)
278
300
(4)
105.6
100.0
100.0
100.0
113.4
107.8
109.1
3
101.8
105.9
90.9
7
77.9
84.3
94.7
98.5
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80.0
69.4
91.9
99.8
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
75.3
84.5
88.6
83.3
79.7
77.2
97.4
89.7
98.3
6
120.6
9
289.7
P476
71.1
82.9
91.6
102.6
100.1
94.1
114.6
136.8
142.1
145.0
55
55
66
104.2
95.8
89.7
8
95.0
129.0
131.5
151.0
105.0
95.1
97.2
101.5
104.3
102.7
100.7
103.5
102.7
104.7
108.4
113.0
111.8
114.4
87.2
88.0
89.3
90.3
90.6
88.8
89.1
90.1
90.1
91.0
90.6
91.1
92.0
145.8
145.8
145.7
145.5
145.1
145.0
145.2
145.2
152.6
8
402
100
p
Preliminary.
1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to t h e monthly average yield for 15 high-grade corporate bonds
for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to t h a t d a t e . T h e yearly average for 1937 is t h e same for
both series. Source.—Standard
a n d P o o r ' s Corporation; for compilations of back figures on prices of both bonds a n d common stocks in t h e U n i t e d States
see Banking and Monetary Statistics, Table 130, p . 475, a n d T a b l e 133, p ; 479.
2
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest a t 4J^ per cent. T h e series prior t o t h a t
date is n o t comparable to the present series, principally because the 169 bonds then included in the calculation bore interest a t 6 per cent.
3
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 — 100; average yield in base year was 4.57 per cent. For new index beginning
J a n u a r y 1937, J a n . - M a r . 1937 = 100; average yield in base period was 3.39 per cent.
4
This number, originally 329, h a s declined as the number of securities eligible for t h e index has diminished. I n M a y 1941, i t was down t o 287.
5
6
Average Apr .-Dec. only. Average J a n . - M a r . on old basis was 95.9.
Average based on figures for 5 m o n t h s ; no d a t a available J u n e - D e c .
7
8
Average based on figures for 7 months; no d a t a available M a y - S e p t .
Average based on figures for 9 m o n t h s ; no d a t a available M a y - J u l y .
9
Average based on figures for 10 m o n t h s ; n o d a t a available J a n . - F e b .
B
Sources.— See BULLETIN for November 1937.p. 1172; July 1937, p . 698; April 1937, p . 373; J u n e 1935, p . 394; a n d F e b r u a r y 1932, p . 121.
JUNE 1945
631
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
JOHN K. M C K E E
RONALD RANSOM,
Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
ELLIOTT THURSTON, Assistant to the Chairman
OFFICE OF T H E SECRETARY
DIVISION OF SECURITY LOANS
CHESTER MORRILL, Secretary
CARL E. PARRY, Director
S. R. CARPENTER, Assistant Secretary
BONNAR BROWN, Assistant Director
BRAY HAMMOND, Assistant Secretary
LEGAL DIVISION
WALTER WYATT, General Counsel
GEORGE B. VEST, General Attorney
DIVISION OF PERSONNEL ADMINISTRATION
ROBERT F . LEONARD, Director
J. LEONARD TOWNSEND, Assistant General Attorney
DIVISION OF RESEARCH AND STATISTICS
E. A. GOLDENWEISER, Economic Adviser
WOODLIEF THOMAS, Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P . BETHEA, Director
FRED A. NELSON, Assistant Director
HOWARD S. ELLIS, Assistant Director
DIVISION OF EXAMINATIONS
OFFICE OF ADMINISTRATOR FOR WAR LOANS
LEO H. PAULGER, Director
EDWARD L. SMEAD, Administrator
C. E. CAGLE, Assistant Director
GARDNER L. BOOTHE, II, Assistant
Administrator
WILLIAM B. POLLARD, Assistant Director
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
RAY M. GIDNEY
R. R. GILBERT
H. G. LEEDY
JOHN K. M C K E E
RONALD RANSOM
M. S. SZYMCZAK
ALFRED H. WILLIAMS
FEDERAL
CHAS. E. SPENCER, JR., BOSTON DISTRICT
Vice President
JOHN C. TRAPHAGEN,
N E W YORK DISTRICT
WILLIAM F. KURTZ,
PHILADELPHIA DISTRICT
JOHN H. MCCOY,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
KEEHN W. BERRY,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
RALPH C. GLFFORD,
ST. LOUIS DISTRICT
JULIAN B. BALRD,
MINNEAPOLIS DISTRICT
E. A. GOLDENWEISER, Economist
A. E. BRADSHAW,
KANSAS CITY DISTRICT
C. O. HARDY, Associate Economist
C. A. SIENKIEWICZ, Associate Economist
ED. H. WINTON,
DALLAS DISTRICT
WOODLIEP THOMAS, Associate Economist
JOHN H. WILLIAMS, Associate Economist
GEORGE M. WALLACE, SAN FRANCISCO DISTRICT
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
GEORGE B. VEST, Assistant General Counsel
ROBERT . G. ROUSE, Manager of System Open Market
Account
63 2-
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Chairman1
Deputy Chairman
Federal Reserve
Bank of
President
First Vice President
Vice Presidents
Boston
Albert M. Creighton
Henry S. Dennison
Ralph E. Flanders
William Willett
E. G. Hult
J. C. Huntcr2
Carl B. Pitman
O. A. Schlaikjer
New York
Beardsley Ruml
William I. Myers
Allan Sproul
L. R. Rounds
J. W. Jones
L. W. Knoke
Walter S. Logan
A. Phelan
J. M. Rice
H. V. Roelsc
Robert G. Rouse
John H. Williams
V. Willis
R. B. Wiltse
Philadelphia . . . Thomas B. McCabe
Warren F. Whittier
Alfred H. Williams
Frank J. Drinnen
W. J. Davis
E. C. Hill
C. A. Mcllhenny 8
C. A. Sienkiewicz
Cleveland
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Reuben B. Hays
Wm. H. Fletcher
J. W. Kossin
A. H. Laning3
B. J. Lazar
W. F. Taylor
Richmond
Robert Lassiter
W. G. Wysor
Hugh Leach
J. G. Fry
Geo. H. Kecscc2
R. W. Mercer
Edw. A. Wayne
Atlanta
Frank H. Neely
J. F. Porter
W. S. McLarin, Jr.
Malcolm H. Bryan
V. K. Bowman
L. M. Clark
H. F. Conniff
S. P. Schessler
Chicago
Simeon E. Leland
W. W. Waymack
C. S. Youn 8
H. P. Preston
Allan M. Black2
Neil B. Dawes
J. H. Dillard
Charles B. Dunn
E. C. Harris
John K. Langum
O. J. Netterstrom
A. L. Olson
Alfred T. Sihler
St. Louis
Wm. T. Nardin
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
O. M. Attebcry
Henry H. Edmiston
Wm. E. Peterson
C. M. Stewart
Minneapolis....
W. C. Coffey
Roger B. Shepard
J. N. Peyton
O. S. Powell
H. G. McConnell
A. W. Mills2
Otis R. Preston
E. W. Swanson
Sigurd Ueland
Harry I. Ziemer
O. P. Cordill
L. H. Earhart
C. O. Hardy
John Phillips, Jr.
G. H. Pipkin
D. W. Woollcy3
R. R. Gilbert
W. D. Gentry
E. B. Austin3
R. B. Coleman
W. J. Evans
W. O. Ford
W. H. Holloway
L. G. Pondrom
Wm. A. Day
Ira Clerk
C. E. Earhart
J. M. Leisner2
H. N. Mangels
H. F. Slade
J. S. Walden, Jr.
Kansas City.. .. Robert B. Caldwell
H. G. Lccdy
Henry O. Koppang
Robert L. Mehornay
Jay Taylor
J. R. Parten
Dallas
San Francisco... Henry F. Grady
Harry R. Wellman
OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Branch
Chief Officer
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
Detroit
I. B. Smith*
B. J. Lazar5
J. W. Kossin5
W. R. Milford*
W. T. Clements*
P. L. T. Beavers*
Geo. S. Vardeman, Jr.*
Joel B. Fort, Jr.*
E. P. Paris*
E. C. Harris*
St. Louis
Little Rock
Louisville
Memphis
A. F. Bailey*
C. A. Schacht*
W. H. Glasgow*
New York
Cleveland
Richmond
Atlanta
1
Also Federal Reserve Agent.
JUNE
1945
2
Cashier.
3
Also Cashier.
Federal Reserve
Bank of
Branch
Chief
Officer
Minneapolis
Helena
R. E. Towle*
Kansas City
Denver
Oklahoma City
Omaha
G. H. Pipkin*
O. P. Cordill*
L. H. Earhart5
Dallas
El Paso
Houston
San Antonio
J. L. Hermann6
L. G. Pondrom5
W. H. Holloway 5
San Francisco...
Los Angeles
Portland
Salt Lake City
Seattle
W. N. Ambrose*
D. L. Davis*
W. L. Partner*
C. R. Shaw*
* Managing Director.
5
Vice President.
6
Manager.
633
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
0
w
>
BOUNDARIES OF FEDERAL RESERVE OtSTRICTS
BOUNDARIES OF FEOERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE 8RANCH CITIES
BOARD OF GOVERNORS Of THE FEDERAL RESERVE
g
SYSTEM
@FedFRASER