Full text of Federal Reserve Bulletin : March 1945

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FEDERAL RESERVE




BULLETIN
MARCH 1941

OF THE FEDERAL RESERVE SYSTEM

EDITORIAL COMMITTEE
ELLIOTT THURSTON

E. A. GOLDENWEISER

CARL E. PARRY

The Federal Reserve„ BULLETIN is issued monthly under the direction of the staff
editorial committee. This committee is responsible for interpretations and opinions
expressed, except in official statements and signed articles.

CONTENTS
PAGE

Review of the Month—Civilian Supplies and Prices

2.05-2.14

The Reserve Position of the Federal Reserve Banks, by Roland I. Robinson. .. .

115-111

Statement by Marriner S. Eccles on a Capital Gains Tax to Curb Rising Prices of
Capital Values

1x1-2.14

Law Department:
Foreign Banking Corporations—Amendment to Regulation K.. .

115

Consumer Credit—Amendment to Regulation W

115

Margin Requirements for Purchasing Securities—Supplements to Regulations T
and U

115-116

Real Estate Loans—Farm and Business Loans to Veterans. .
Foreign Funds Control—Treasury Department Releases. .
Current Events

116
116-117
118

National Summary of Business Conditions

119-130

Financial, Industrial, Commercial Statistics, U. S. (See p. 131 for list of tables).

131-178

International Financial Statistics (See p. 179 for list of tables). .
179-191
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
.
191
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.

193

Map of Federal Reserve Districts.

194

Federal Reserve Publications (See inside of back cover)

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FEDERAL RESERVE BULLETIN
VOLUME 3 1

March

194J

NUMBER 3

CIVILIAN SUPPLIES AND PRICES
As a result of intensified military activities
in Europe and in the Pacific, governmental
policies affecting the country's civilian
activities have been altered. During most
of 1944 total output of munitions and other
war supplies was curtailed and in the summer and early autumn some provision was
made for gradual reconversion of industry
to output of civilian goods. Since last
autumn, however, there has been a general
upward revision of war production schedules and provisions for increased civilian
output have been canceled or suspended. It
seems probable that the enlarged war schedules will result in curtailment of civilian
goods supplies to the lowest level of the war
period.
Severe weather conditions in northeastern
industrial areas have added to production
and supply problems. Heavy snowfalls
have required two short embargoes on most
railroad freight except war products. Open
hearth steel production in January was at
the lowest level in x | years. Output
generally has been maintained, however,
and employment at factories has shown
little change since November, following a
large decline in the previous twelve months.
Federal controls over output and manpower have been broadened and revised
since last autumn to achieve a fuller use of
national resources for war purposes. Many
foods have been returned to the ration list
and special efforts are being made to assure
output of low-priced clothing and to proMARCH 1945




vide adequate supplies of other essential
goods and services.
Volume of buying and the level of prices
in primary markets, both of which had declined somewhat during the summer, have
increased since that time. Consumer buying has also been active in recent months,
and throughout the past year rural and urban property values and prices of industrial
and railroad shares have risen further.
Incomes of individuals, including those of
persons in the armed forces, have increased
further although at a slower rate than in
previous wartime years. The excess of incomes over expenditures has continued to be
large and has been reflected in an additional
expansion of individuals' holdings of cash
and Government securities.
The maintenance of relatively stable
prices under these conditions is due to our
large productive resources, which have permitted a substantial volume of civilian
output to continue, and to rationing and
price controls, as well as to voluntary restraint on the part of businessmen, workers,
and consumers in general, who have shown
awareness of the serious economic problems
involved, now and in the readjustment period ahead.
Military events and governmental decisions on foreign relief and reconstruction
and on domestic matters will largely determine the course of economic developments
in 1945. Even when active hostilities in
Europe are terminated, present plans seem

REVIEW OF THE MONTH

to call for maintenance of war production
schedules at close to present levels, and supplies of civilian goods will continue to be
limited relative to demand. As the period
of warfare and unsettled economic conditions is prolonged, the areas of devastation,
disrupted transportation facilities, and broken trade relationships become more serious.
This will mean that for some time to come
supplies of goods in this country and abroad
will continue to be restricted at a time when
money incomes and accumulated money savings are exceptionally large in nearly all
countries. A large measure of governmental
control and also' of individual restraint will
continue to be necessary for some time if an
equitable and economic distribution of
available supplies is to be assured and the
balance in the price structure is to be maintained.
WAR PRODUCTION SCHEDULES RAISED

Following a period when reductions
were being planned, the munitions production program for 1945 has been revised upward during the past several months, and
schedules now call for a total volume of output equal to that for 1944. During the first
three quarters of 1944 the over-all munitions program was being gradually reduced,
reflecting in part the accumulation of substantial stocks of munitions and the expectation of early victory in Europe. Munitions production was 108 per cent of the
1943 average in the autumn of 1944 as compared with 113 in the first quarter of the
year. The decline reflected substantial cutbacks in aircraft and shipbuilding, offset in
part by larger output in some other lines.
Manpower, materials, and facilities were
released and an attempt was made to shift
these resources where possible to output of
other critical munitions. Urgent demands
developed for specific items which resulted
106




from combat experience in the Pacific and
Europe. Landing craft had been of greatest
urgency prior to the invasion of France.
Large increases in requirements for tanks,
heavy trucks, and artillery ammunition
resulted from combat experience. The B2.9 bomber became a "critical" item as the
Pacific warfare advanced ahead of schedule.
Because of differences in production problems and in plant locations, it was not easy
to transfer manpower and other resources
to those parts of the munitions program
which were still increasing.
Output of some of the basic materials used
in war production was also curtailed. The
supply of aluminum was in excess of requirements under the reduced aircraft schedule,
and current output was curtailed sharply,
reaching levels in the autumn of 1944 more
than 50 per cent below the wartime peak.
A similar situation developed with respect
to magnesium, largely reflecting the cutbacks in incendiary bomb output. Alloy
steel production was reduced by one-third.
Under the munitions production program
as it shaped up in the spring and summer of
1944, productive resources were becoming
available which could be used for the output
of civilian durable goods. In view of this
and of estimates that cuts of from 40 to 50
per cent in munitions output might be possible following the end of the war in Europe,
the formulation of plans for industrial reconversion was expedited. A Federal program was instituted in the summer of 1944
authorizing the use of materials, facilities,
and manpower not needed for the war effort
in the production of civilian goods and in
advance preparation for future reconversion.
With the increase of the munitions program for 1945 by 15 per cent from the level
to which it had been reduced by October,
these plans for reconversion have been suspended. Increases of 30 per cent have
FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

been scheduled for the ammunition and
combat and motor vehicle programs, and
the aircraft program has been raised from
76,000 planes for 1945 to more than 83,000
planes; large increases in production of
heavy bombers and the new jet-propelled
planes are planned.
These expanded schedules will require
additional workers to produce munitions
and materials. Although plant capacity
for production of important manufactured
materials, which was a limiting factor in
1942., are now adequate, output of some
materials in 1945 may be limited by scarcity
of manpower. In the aluminum, copper
and brass, and steel mills the declining trend
of employment will need to be reversed.

time rise in the following year. Most of
this decline came in the early part of 1944,
reflecting not only curtailment in munitions
schedules but also improvement in productive processes, w^hich was stimulated by the
diminishing labor supply. Employment
continued to decline somewhat further in
the summer and autumn, but it has been
maintained since November.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
MILLIONS OF EMPLOYEES

EMPLOYMENT CHANGES AND NEEDS

Employment declined during 1944 as increases in the armed forces continued to
draw upon the labor supply and the hiring of persons not previously working
diminished. This decline was possible
without curtailing munitions output below
schedules, and without further reducing the
output of civilian goods and services, because of the decrease in munitions schedules
Bureau of Labor Statistics estimates, adjusted for seasonal variation
and increased efficiency in production.
by Federal Reserve. Latest figures shown are for January 1945.
The number of employees in nonagricultural establishments declined by nearly 1.5
From the autumn of 1943 to the end of
million during 1944, reflecting chiefly de- 1944 employment in munitions industries
creased employment at factories, as shown declined by ix per cent, while production of
in the chart. There were also decreases in munitions declined by 8 per cent, according
employment in mining and construction, to data published by war agencies. Since
while the number of workers on the rail- munitions production throughout that peroads and in most other nonagricultural riod was close to schedule, it seems that the
lines showed little change or small increases. flow of war weapons was not to any imporEmployment on farms was at about the tant degree restricted by lack of manpower.
same level in December 1944 as in De- In 1945, however, increased needs for both
cember 1943.
war weapons and supplies will require
Employment at factories, which had drains upon workers now employed in supexpanded by 70 per cent from 1939 to the plying civilian goods and services.
autumn of 1943, lost one-fifth of its warMost of the total decrease in factory
MARCH 1945




REVIEW OF THE MONTH

employment during 1944 was accounted for
by reductions in the metal producing and fabricating industries. This is indicated in the
table, which shows employment by broad
industrial groups in December 1944 and
changes over the preceding year and also
since the entry of this country into the war.
Most of the munitions and the materials
entering into them are produced in the metal
industries and in plants making explosives
and small arms ammunition, classified in
the chemical industry. Also, a major part
of the output of other chemical products
and the products of petroleum, rubber, and
miscellaneous industries is now used for
war purposes.
Employment in these three major divisions of industries had increased by December 1943 to a total of 9.1 million workers
as compared with 5.8 million in December
1941, and subsequently it declined by 1.1
million workers. Most of these workers
were laid off in the industries producing
aircraft, ships, and combat vehicles. Production and employment in the small arms
ammunition branch of the chemical industry
were also sharply reduced early in 1944 as
military stockpiles appeared to be ample.
During the past several months production
schedules for ammunition have again been
raised sharply. Employment in the petroleum refining, synthetic rubber, and rubber
products industries has been maintained at
the high level reached in the autumn of
1943, reflecting completion of large plant
expansion programs chiefly to supply the
armed services with gasoline and tires.
In most other manufacturing industries,
which produce mainly civilian-type goods,
employment continued to decline during
1944. Employment in these industries
reached a peak at the end of 1941 and has
declined steadily since this country entered
the war. The only increase in employment




over 1941 is in the manufactured food group,
which reflects chiefly larger supplies of raw
materials, higher wages, and more active
demand than for most other civilian goods,
including demands from the armed forces and
from allied nations. An important part of
the rise in the food group total was due to
large increases in employment in plants
producing flour, baking, and other cereal
products which have been in relatively
ample s.upply.
FACTORY EMPLOYMENT I N DECEMBER

1944

[Thousands of wage earners]
Change from:
Total
number

Major divisions

Total—all factories
Machinery and transportation
equipment
Iron and steel and nonferrous metal
products
Petroleum, chemical, rubber, and
miscellaneous products

Textile, leather, and apparel
products
Lumber, furniture, stone, clay, and
glass products
Manufactured food and tobacco
products
Paper products and printing and
publishing
Total

13,184

-1,375

+1,627

4,628

-813

+1,760

2,048

-162

+184

1,345

-108

+233

-1,083

+2,177

8,021

Total.

December December
1943
1941

2,255

-165

-347

1,122

-103

-230
+73

1,139
647

-19

-46

5,163

-292

-550

Bureau of Labor Statistics data; Federal Reserve grouping.

During 1944 the drop in employment at
plants producing civilian-type goods was
about 300,000 as compared with a decline of
1x5,000 per year in the previous two years.
Average hours of work had already lengthened in 1942. and 1943 and showed little
change in 1944. Since many of the plants
in these industries, such as those producing
food, textile, paper, and lumber products,
are supplying new large contracts for war
in addition to civilian needs, it has become
more difficult to maintain output of essential, low-priced products for civilian use.
Increases in employment in munitions
industries, which have occurred during the
past two or three months, have not been
FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

large enough to eliminate concern about
future manpower needs. During the next
few months it is anticipated that inductions
into the armed forces will be accelerated at
the same time that employment requirements for arms production will be expanding. Needs might be met by better utilization of labor at present jobs and by the
diversion of workers from less essential lines
of activity. The Congress is now considering whether present Federal measures limiting job transfers need to be supplemented by
national service legislation which would
provide more direct, compulsory controls
over war workers and workers in civilian
lines.
REDUCED CIVILIAN SUPPLIES

Upward revisions in war production
schedules during the past several months
have changed the outlook for civilian supplies of goods and services. Instead of expanded civilian output, it is likely that both
output and stocks will be reduced to the
lowest point of the war period.
Production for civilian use had been fairly
well maintained in 1943 and 1944 after declining considerably in 1942.. Production
in a few lines even showed important increases from their i94x lows. For example,
output of woolen and worsted fabrics for
civilian apparel doubled from the latter part
of 1942. to the early part of 1944. Total
production of foods increased further in the
early part of 1944 and, although purchases
for the armed services and lend-lease were
greater than in 1943, supplies available
for civilian consumption were generally
maintained. The same was true for tobacco
products, coal, and most other nondurable
commodities. Public transportation and
utility services were expanded further. In
the durable goods industries output of repair parts was increased and production of
MARCH 1945




agricultural machinery was resumed on a
large scale.
Since output in most industries and services was close to maximum levels in 1944,
increased war schedules will in many cases
be met only by cutting directly into civilian
output. Some examples of these changes
are described in subsequent paragraphs. In
addition to prospective declines in output of
civilian goods, current supplies will also be
smaller than in previous years because of the
reduced volume of stocks on which to draw.
During the past year there have been further
declines in physical stocks of civilian goods
which had been accumulated in 1941 and the
first half of 1942.. The value of manufacturers' and distributors' inventories of civilian goods is probably still moderately above
prewar levels but, in view of the large advance in prices which has occurred during
the war, physical volume has evidently been
substantially reduced.
The relative levels of inventories vary
greatly from one line to another. At department stores, where a large proportion of
the trade is in apparel products, the current
value of stocks is about 40 per cent above the
prewar level. On the other hand, the value
of dealers' inventories of new and used passenger automobiles has been considerably
reduced. In both cases, moreover, average
prices of the products stocked are probably
at least 50 per cent higher than in 1939.
In addition to the declines indicated in
the physical volume of business inventories,
stocks of goods held by consumers have
apparently also been reduced. In the case
of durable products, use has continued in
many instances beyond the customary period of time but even so there has been a
reduction in the number of units in use.
Clothing.—Since last autumn large commitments have been made by the Government for textile products. Because of these
109

REVIEW OF THE MONTH

requirements the War Production Board has
restricted the use of worsted textile plants
for the first-five months of this year to the
production of military and other priority
goods and is taking steps to,assure the production of priority-rated blankets and
fabrics which it has been estimated will
require some 60 per cent of woolen textile
output during this period. In recent
months, however, output of finished apparel
—especially women's wear—has been in
fairly large volume, and it is not expected
that supplies of wool clothing in retail
stores will be reduced as much in the months
ahead as these controls over the early stages
of manufacture might suggest.
Total output in the cotton industry has
been fairly stable during the past year, after
declining by approximately 15 per cent from
the peak 1942. rate. It is estimated, however, that direct military and export requirements accounted for 30 per cent of
cotton cloth production in 1944 and these
requirements will be larger during the first
half of 1945.
The rayon industry has produced an increased total output of yarn and fiber each
year during the war period and in 1944 total
production was 7x4 million pounds as compared with 380 million in 1939. Output
gained 9 per cent in 1944 over 1943, and after
providing for war orders and exports the
supply of rayon yarn available for civilians
w^as still greater in 1944 than in 1943.
During 1945, however, it is expected that
increased rayon cord requirements, mostly
for military tires and for other predominantly war uses, will reduce civilian
supplies.
The Office of Price Administration published an estimate on January i.^ that the
amount of textile materials available for
processing into retail products will be
about one-fourth less than in 1939. It does
210




not seem likely that production of civilian
clothing will be correspondingly reduced,
however, because since 1939 the amount of
materials used per unit of product has been
curtailed and there has been some diversion
of yarns and fabrics to clothing uses from
other civilian uses. During the past year
or more output of civilian clothing has been
around the 1939 level. Clothing prices,
however, continued to advance in 1944, reflecting in part the difficulty of determining
and enforcing effective maximum price controls for these products.
In an effort to reduce current clothing
prices by about 6 to 7 per cent and to restore
price and production relationships which
prevailed during the first half of 1943, a
special Federal program was announced on
January 2.1, to divert more of the civilian
supply of textiles to essential uses. Action
was planned to increase the proportionate
supply of low and medium-priced garments
and to improve the quality of the garments.
Subsequent announcements indicate that the
controls will not change current pricing
and production practices for textile products as much as first indicated.
Output of civilian shoes was at about the
same rate at the end of 1944 as at the end of
1943 but the year's total output was 8 per
cent smaller. There was a decline of about
2.0 per cent in output of leather shoes,
while fabric shoes showed a large increase.
According to Department of Commerce
estimates, the volume of output of rationed
shoes in 1944 was about 60 million pairs
less than the volume of sales. This reduction in inventories is equivalent to about
three months' production and in view of the
prospect of reduced supplies the ration rate
was changed in November from a stamp
each four months to a stamp each six
months.
FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

Food.—Production of foods, which had
been increasing each year since 1939, has
leveled off since the early part of 1944. An
important change in food supplies as compared with this same period last year is the
reduced number of livestock slaughtered.
Last season meat production was at an exceptionally high level, reflecting in part a
reduction in the number of hogs on farms.
Shortages of meat and butter relative to
demand resulted in all meats being placed
again under rationing in December and a
sharp increase in ration point requirements
for butter and those cuts of meats which had
continued to be rationed in 1944. Also
most processed fruits and vegetables were
placed again on the ration list.
Other goods.—In other fields the current
supply situation for civilians has also recently become more restricted, but probably
not so greatly as in the case of clothing.
Supplies of coal, electricity, and gas have been
fairly ample for all uses until this winter,
while fuel oil had been rationed during the
two previous seasons. Severe weather conditions during the current winter have
increased heating needs and held up shipments of coal. These developments have
added to the problem of providing adequate
fuel supplies at the same time that coal production has been limited in part by declining employment at mines. Broad controls
have been introduced to make supplies of
coal available for essential uses and consumption of electricity and gas has also been
restricted.
Civilian supplies of a number of other
commodities, including tobacco, paper,
petroleum, and rubber products, have become more restricted in recent months,
especially in certain areas, reflecting in part
local changes in population and income as
well as temporary transportation difficulties .
MARCH 1945




INCREASED CONSUMER EXPENDITURES

In the face of recent and prospective reductions in supplies of civilian goods, individual incomes have continued to increase and
the dollar value of consumer expenditures
has also shown substantial increases since
the first half of 1944. Expansion in consumer expenditures had previously slackened somewhat following the strengthening
of price controls in the early part of 1943.
The gross national product, which includes total value of output for Government
as well as that for business and for individual consumption, increased from an annual
seasonally adjusted rate of 113 billion dollars in the first half of 1941 to 197 billion in
the first half of 1944, according to Department of Commerce estimates. Federal war
expenditures accounted for 78 billion dollars
of the 84 billion increase in the total. In
the same period consumer expenditures increased by i 4 billion dollars, while private
business expenditures, mainly for plant,
equipment, and inventories, declined by 17
billion dollars.
Since the second quarter of 1944 the rate
of consumer outlays has increased further by
approximately 6 billion dollars, while total
Government and private capital expenditures have shown little change. Apparently most of this rise in consumer expenditures has reflected higher prices. Larger
output and withdrawals from stocks of
some items have probably permitted small
increases, but not much, in units purchased.
After the early part of 1943 the rate of
increase in retail sales leveled off as retail
price controls were broadened, increased
Federal income taxes became effective, and
output and stocks of civilian goods appeared
to be fairly well stabilized. Consumers
became more selective in their buying of
substitute goods and showed more resistance
to higher prices. Since the second quarter

REVIEW OF THE MONTH

of 1944, however, consumer buying has
again become more active. Purchases at
food and clothing stores, as shown in the
accompanying chart, had increased by the
fourth quarter of 1944 to a rate which was
IT. per cent larger than in the same period of
1943. Buying at department stores reached
a high rate during the Christmas season, and
sales in January and the first half of February, after allowing for the usual seasonal
decline, have also been at a high level.
Food buying may now be lower than in the
fourth quarter since some of the increase at
that time probably was stimulated by the
announcement of broadened rationing programs. Consumer buying of certain clothing items, especially shoes, appears also to
have been of an anticipatory nature.

increased Federal payments to the armed
forces and their dependents—a large part of
which became available for expenditure in
domestic markets.
RECENT RISE IN PRICES

Prices have shown a rising tendency since
last spring, following nearly a year of stability. The index of the cost of living of
moderate-income families, as computed by
the Bureau of Labor Statistics and shown on
the accompanying chart, has advanced by 3
per cent since last March, and, as the Bureau
points out, the index does not show the full
effects of such factors as lowered quality
and the disappearance of low-priced goods.
Following the broadening of direct price
controls and the lowering of meat and butter
prices through Federal subsidy payments,
INCOME PAYMENTS AND SALES OF FOOD AND APPAREL
the cost of living index declined by 1 per
cent in the summer of 1943. From that time
until March 1944 living costs showed# little
change. The subsequent rise in the index
200
reflects chiefly increases in prices of clothing
and miscellaneous items. The miscella150
neous series, which is not shown on the
chart, includes both goods and services.
Most
of the increase for this group occurred
100
last April when higher excise taxes were
applied to theatre admissions, railroad
50
transportation, and toilet articles, but since
then prices of miscellaneous items have continued to show slight increases. Prices of
housefurnishings have advanced by ix per
Department of Commerce data. Composite food and apparel series
cent in the period since the first quarter of
compiled for quarterly periods by Federal Reserve from data on sales
of retail stores with food store sales index weighted 3 and apparel store
1944. Most groups of food prices in retail
sales index weighted 1. Seasonal adjustments modified by Federal
Reserve.
markets were fairly stable during 1944 when
Freer consumer purchasing has been increased Federal subsidy payments were
encouraged by a continued rise in individual made to producers and processors of foodincomes. Incomes of individuals were at stuffs.
In wholesale markets, where prices are
an annual, seasonally adjusted, rate of 160.3
billion dollars in December as compared more directly influenced by war production
with 150.9 billions in December 1943. This trends than in retail markets, buying had
rise of 6 per cent in incomes reflected mainly fallen off last summer and early autumn.
PER

GE

PE

SEAS

TOTAL
IN COME PAYME

^

—

*

/

/

/ /
/

RETAIL SALES
AT FOOD AND

0




FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

Prices of some industrial materials declined
below Federal maximum levels. Prices of
steel scrap dropped by 3 ^ dollars per ton or
18 per cent and nonferrous metal scrap—especially aluminum scrap—showed large price
decreases. Since November prices of most
of these and other industrial materials have
advanced to maximum levels, and maximum
price limits on cement, iron and steel, lumber, and paper products have been raised.
COST OF LIVING

to manufacturers as wrell as large changes in
wage rates and other cost factors—some up
and some down—have contributed to the
difficulty of determining fair and equitable
maximum prices for finished consumer
goods. Business profits have generally increased considerably in lines supplying civilian goods as well as in those engaged in war
activities, but there are large variations
among different lines and companies. A
large part of the increase, particularly in
war industries, has been absorbed by higher
taxes. At the same time consumer incomes
have more than doubled, and so long as
incomes are maintained at present levels
and supplies of basic goods are restricted the
problem of price control will be acute.
CURRENT OUTLOOK

_J
1937

L
1938

1939

I
1943

_ J 80
1944

Bureau of Labor Statistics indexes. Last month in each calendar
quarter through September 1940, monthly thereafter. Mid-month
figures, latest shown are for January 1945. Groups not shown are fuel
and lighting, housefurnishings, and miscellaneous.

Prices of farm products have shown more
increase since November than in any other
period during the past two years. After
March 1943 prices received by farmers, as a
group, fluctuated within a narrow range,
but in the past several months prices of most
groups of agricultural commodities have
increased and the current level is on the
average 3 per cent above a year ago. A
maximum price schedule for livestock was
issued in January in order to prevent further
price increases for cattle and to avoid raising
meat prices.
Prices received by farmers for raw cotton
and wool average about 12.5 per cent higher
than in 1939 and prices received for raw
foodstuffs have increased about 100 per cent.
These greatly increased raw material costs
MARCH 1945




In view of current needs for increased output of munitions and war supplies and the
prospective pressures on supplies of civilian
goods, maintenance of price stability during
coming months will require fully effective
price control measures and inducements for
saving. Individual incomes and the excess
of total income over available supplies of
goods will continue large and may increase
further. Shortages of durable and seir^durable goods will become more acute as
existing supplies wear out or are consumed,
and supplies of many nondurable goods may
be further reduced. Prospects for increased
supplies depend more than ever on the extent to which the needs for war purposes can
be reduced. No such reduction appears to
be contemplated until there is a clearer indication of the consummation of ultimate
military objectives.
In the period immediately ahead, and more
particularly in the period of readjustment
that may follow termination of one phase of
the war, controls at the consumer level
alone may be inadequate to prevent specula-

REVIEW OF THE MONTH

tive activity and rising prices of commodities, securities, and real estate. Not only
have individuals accumulated large amounts
of available spending power in the form of
cash and war bond holdings, but producers
and distributors and prospective foreign
buyers have likewise increased their holdings of liquid assets. These business funds
could have a critical influence on commodity
markets if large-scale attempts were made to
build up inventories or to expand capital
equipment more rapidly than demands can




be met. It is necessary, therefore, in the
periods ahead for businessmen, as well as
consumers, to exercise restraint and support
measures designed to preserve price stability.
For the longer term outlook the country's
abundant human and material resources
provide the basis for a high and expanding
level of incomes and living standards, provided the proper utilization and distribution
of these resources can be achieved and
maintained.

FEDERAL RESERVE BULLETIN

THE RESERVE POSITION OF THE FEDERAL RESERVE BANKS
by
ROLAND I. ROBINSON

Division of Research and Statistics
The reserves of the Federal Reserve System,
under the impact of war finance, are approaching
their legal minima. If the present trend continues, they will reach these limits near the
end of 1945. In the meantime, measures for
relieving the situation are under consideration.
The Federal Reserve reserve requirements now
in effect have stood, with only minor technical
changes, since the establishment of the System
more than three decades ago. These requirements are that each Federal Reserve Bank must
maintain reserves in gold certificates or lawful
money of not less than 35 per cent against its
deposits, and reserves in gold certificates of not
less than 40 per cent against its Federal Reserve
notes in actual circulation.
Only twice in Federal Reserve history have
the reserves of the System fallen close to the
legal minima. The first time was in 19x0 at
the peak of the inflationary boom that followed
the first World War. The second was for a
few days at the time of the large currency
expansion and gold outflow that preceded
the banking holiday in March 1933. The
System is again approaching a tight reserve
position. The aggregate reserve ratio has
fallen steadily from 91 per cent at the end of
1941, soon after Pearl Harbor, to less than 50
RESERVE POSITION OF THE FEDERAL RESERVE SYSTEM

THROUGH THE E N D OF 1945

Federal Reserve System

Reserves
Liabilities against which reserves
are held
Deposits
F. R. notes outstanding
Required reserves...
Reserve ratio

Projections
Dec. 31, Dec. 30,
1944 June 30, Dec. 31,
1941
1945
1945
20.8
14.7
8.2
8.4
90.8

(In billions of dollars)
18.7
18.2
17.7
16.4
21.7

17.4
23.7

18.4
26.7

14.4
15.6
(Per cent)
49.0 I 44.3 I 39.2

Assumptions:
1. Loss of 1.0 billion dollars of gold reserves in 1945. The loss in 1943
was 0.8 billion; in 1944, 1.3 billion.
2. Excess reserves of member banks unchanged with sufficient growth
in reserve balances to accommodate deposit expansion equal to that
which occurred in 1944 with allowance for only two war loan drives
in 1945. A small growth of foreign deposits is also assumed.
3. A 5 billion-dollar increase in currency in circulation; approximately
the same as in 1943 and 1944.

MARCH 1945




per cent at present. If the present trend continues, the ratio will be below 40 per cent by
the end of 1945. The general range of expectations for reserve position, together with underlying assumptions, are shown in the preceding
table.
WAR

FINANCE AND THE RESERVE RATIO

The System reserve ratio has fallen primarily
because of war finance. While taxes have been
considerably increased during the war, expenditures have grown at a far greater rate,
so that the Federal Government has had to
borrow large amounts. It has been the policy
to raise as much of the debt as possible by
drawing on the savings of individuals and
businesses, but substantial amounts have had
to be borrowed from the banks. Bank purchases
of Government securities have resulted in the
creation of new money in the hands of the
public in the form of deposits and currency.
It is this expansion, and particularly that of
currency, which is the principal cause of the
declining System reserve ratio. The expansion
of currency has been relatively more rapid than
that of bank deposits, and currency expansion
puts six or seven times as much strain on Reserve
Bank reserves as does an increase in deposits
at member banks. A relatively more rapid
expansion of currency than of deposits during
the war has occurred not only in this country
but in almost all of the major countries in the
world having well developed commercial banking systems.
Great wars have almost always been financed
to some extent by monetary expansion. The
only way to avoid this is by drastic taxation
and absorption of private savings. The limits
of these policies are determined by legislation
and by the fiscal authorities. Such additional
funds as are necessary for the war effort must
be raised through the banks, and the reserve
position of the central banking system must be
adjusted to the resulting requirements.

"5

RESERVE POSITION OF FEDERAL RESERVE BANKS
OUR GOLD RESERVE POSITION IS FUNDAMENTALLY
STRONG

supply, as shown in the accompanying chart, 1
it is larger, notwithstanding the recent sharp
decline, than at any time during the past three
decades. This period comprehends the halcyon
days of the international gold standard. The
Federal Reserve System's reserve ratio may fall
below 40 per cent at the end of 1945, but the
ratio of our aggregate gold stock to total money
supply will still be higher than for any year
prior to 1930. The reason why the gold-money
supply ratio is higher than before 1930 while
the Federal Reserve ratio is much lower is that
the growth in the money supply has been in
relatively large proportion in the form of currency rather than in the form of deposits.

The reserve position of our money and banking
system is strong notwithstanding the fact that
the Federal Reserve ratio has declined rapidly.
The potential demand on gold reserves has
diminished since the Federal Reserve System
was established. At that time many forms of
money were legally convertible into gold coin
for domestic circulation and, by common custom,
deposits and other money forms had the same
privilege. At present, deposits and currency
are convertible into gold only for international
transactions and then only with a license from
the Secretary of the Treasury.
RESERVE RATIOS
In practice the domestic convertibility of
currency into gold was never an important part
of our monetary system. Even prior to the
V
centralization of gold reserves at the time of
the banking holiday, there was comparatively
little circulation of gold coin. Paper and
i
metallic currency issued by the Treasury, the
r
Federal Reserve Banks and the national banks
supplied most of the circulation needs. There
was no perceptible loss of confidence in the
V
currency system when the Gold Reserve Act of
1934 eliminated the domestic convertibility of
/
currency. Thereafter the gold standard, legally
1
as well as practically, was in substance an
;
international monetary standard.
Our gold reserves are adequate for any cony> —N,
ceivable foreign demand on them. The United
1 1 I!
MM
i M i
.Mil
States holds about half of the world's gold
1895 1900 1905 1910 1915 1920 1925 1930 1935 1940 1945
stock, and there are no grounds for expecting
SOURCE.—Banking and Monetary Statistics and the Federal Reserve
BULLETIN. The Federal Reserve ratio was adjusted to include gold
a loss of gold reserves through an adverse held
abroad for account of the System. Demand deposits are adjusted
to exclude items in process of collection. Currency excludes bank
trade balance in the postwar period. On the vault
cash. The 287 millions which was deducted from monetary gold
1914 to the present was removed from the period 1892-1913 by a
contrary, it is probable that short-term funds stock
straight-line adjustment. Projections through the end of 1945 are
based
on
the table shown at the beginning of the article.
accumulated in this country by foreigners during
the war will not be withdrawn in gold, but UNEQUAL DEMAND OF CURRENCY AND DEPOSITS
will be used in large volume to purchase goods
ON RESERVES
in the reconstruction period. This country's
The immediate reason why currency requires
loss of gold during the war was due to the fact relatively more gold-certificate reserves than do
that our exports were on Lend-Lease, while our
1
Total money supply as used here consists of demand deposits and
large imports were paid for in cash. When the currency in circulation outside banks. Demand deposits-adjusted are
used although technically net demand deposits and, to a lesser extent,
war is over and foreigners can buy increased time deposits at member banks of the Federal Reserve System measure
the amount of deposits subject to reserve requirements. Net demand
quantities of goods here, the gold drain is deposits is a legal concept, the scope of which has been changed from
time to time. Demand deposits-adjusted are a nearer approximation
likely to stop or to be reversed. Furthermore, to the total amounts shown in the checkbook stubs and other records of
depositors. Similarly currency in circulation outside banks is a better
if our gold stock is related to the total money measure of money supply although legal requirements apply to total
END OF JUNE A

\

r\

T

V

RAT 0 OF GOLD STOCK
TO DEMAND DEPOSITS
AND CUF RENCY

*""
'

A\ \

j

|

. ^ -

1

i i i M M

M M

M M

M M

"Ml

currency in circulation.

2.16




FEDERAL RESERVE BULLETIN

RESERVE POSITION OF FEDERAL RESERVE BANKS

deposits is to be found in the technical reserve
characteristics of our money and banking system.
Our monetary system is governed by reserve
requirements at two different levels; the Reserve
Bank level which is directly tied to the gold
stock, and the commercial bank level which is
one or more stages removed from gold reserves.
Most of the currency in circulation is issued by
the Reserve Banks and results in a direct,
though fractional, increase in reserve requirements of these banks. Bank deposits, on the
other hand, require only fractional amounts of
reserves in the form of reserve balances held
by member banks in Federal Reserve Banks,
and these in" turn are subject to fractional requirements of reserves at the Federal Reserve
Banks.
While commercial banks that are members of
the Federal Reserve System are one step removed
from demands upon ultimate gold reserves,
nonmember commercial banks are at least two
steps removed. Nonmember commercial banks
are subject to the reserve requirements of the
States in which they are chartered and the
commonest form of reserve required of them is
a deposit at other commercial banks, which in
turn hold reserves with other banks, generally
member banks. Thus deposits at nonmember
banks are at least two levels removed from basic
gold reserves and are divided three times by
various requirements before they impinge upon
these reserves.
Currency and deposit claims on gold stock
may be compared by the use of illustrative
figures. Our currency system consists of two
broad parts, Treasury currency and Federal
Reserve notes.2 About 85 per cent of the
currency now in circulation is Federal Reserve
notes, on which there is a 40 per cent gold
certificate requirement. The ratio of required
gold reserves to the total of all currency, therefore, is at present about 35 per cent.
2
This neglects the trifling amount of gold certificates which is still
reported as in general circulation, a large portion of which has probably
been lost or destroyed or for other reasons will never be returned to the
Treasury.
Treasury currency consists of all monies for which the Treasury is
liable: standard silver dollars, silver certificates and Treasury notes of
1890, subsidiary silver and minor coin, United States notes, and, in
addition, national bank notes and Federal Reserve Bank notes for
which the issuing banks have discharged their liability by a payment
to the Treasury. United States notes are backed by a fixed gold reserve of 156 million dollars.

MARCH

1945




The reserves required to be held by member
banks at the Federal Reserve Banks amount to
about 16 per cent of their total deposits.3
Against these member bank reserves, the
Reserve Banks must hold a reserve of 35 per
cent. The product of these two ratios measures
the demand made by member bank deposits
on gold reserves. The ratio is less than 6 per
cent.4
When individuals or businesses get currency
from banks by cashing checks they create in
effect a 100 per cent drain on commercial bank
reserves, because the commercial banks in order
to replenish their currency stock must pay the
Reserve Banks for such currency with a dollarfor-dollar draft on their reserve balances. If
the individuals or businesses had followed the
alternative of retaining their funds as deposits,
the commercial banks would have needed to
maintain a reserve balance of only a fraction of
the deposits. In other words, $100 deposited
in a member bank ties up about $6 of Federal
Reserve Bank reserves, while $100 withdrawn
in currency ties up about $35 in reserves.
HISTORICAL REASONS FOR DIFFERENT RESERVES
ON CURRENCY AND DEPOSITS

The basic reason that there are larger reserve
requirements for currency than for deposits is
a matter of historical evolution. Deposits are
a relatively modern monetary development.
A century ago hand-to-hand currency was
almost the sole medium of exchange and deposits
were only rarely used for this purpose. Banking
legislation during the early and middle nineteenth century focussed attention on the protection of the holders of bank notes and little
attention was given to deposit protection. It
3
The basic statutory requirement for member banks on net demand deposits is 13 per cent for central reserve city banks, 10 per cent
for reserve city banks, and 7 per cent for country banks, with 3 per cent
on time deposits at all classes of banks. U. S. Government war loan
balances are not subject to these requirements. The Board of Governors has administrative authority to raise these requirements for any
class of bank or either class of deposit to not more than twice the
statutory minima. The prevailing requirements are: for net demand
deposits at central reserve city banks, 20 per cent; reserve city banks,
20 per cent; country banks, 14 per cent; for all time deposits, 6 per cent.
Because of varying distribution of deposits among classes of banks and
between types of deposit, the aggregate member bank ratio of requirements varies from time to time but at the end of 1944 it averaged
about
16 per cent.
4
If the reserves of nonmember banks are kept at member banks, the
command of nonmember bank demand deposits on ultimate gold reserves averages less than one per cent (15 per cent x 18 per cent x 35
per cent). If the reserve deposits of nonmember banks are kept at
other nonmember banks, the command of these demand deposits on
gold reserves is, of course, nothing.

2-17

RESERVE POSITION OF FEDERAL RESERVE BANKS

was not until the latter part of the nineteenth
century that bank checks drawn on deposits
became the most important medium of exchange.
It is also sometimes averred that a distinction
between currency and deposits arose because
currency was the money of the poor and deposits the money of the rich, and that the
humanitarian public interest required greater
protection of the poor. Perhaps the legal
tender characteristics of currency also led to
preferential treatment.
Probably the most important circumstance
that leads to such a distinction, however, is
the institutional difference between deposit
expansion and currency issue. Currency is
generally a liability of the Government and
deposits are the liabilities of private institutions.
Lawmakers are more likely to erect more stringent requirements to guarantee public debt
than private liabilities. Moreover, banks as
private institutions were frequently permitted
to keep their reserves in any form of legal
tender money, which frequently included the
currency issued by Government. In other
words, the currency of Government which was
protected by varying kinds of fractional or
partial gold reserves was either circulated
directly or held as bank reserves. Thus bank
deposits, as was explained above, were separated from ultimate gold reserves by an intervening step.
Bank deposits became an important medium
of exchange before reserve requirements for
them were set by law or by tradition. Most
banks, however, followed the prudent policy
of maintaining the volume of reserves needed
for convertiblity. Originally, less prudent banks
which did not keep large reserves were frequently wiped out in money-hoarding panics.
In the course of time, however, as confidence in
the solvency of banks grew and practices for
assuring liquidity developed, the practical
requirements for convertibility diminished.
Improved systems for clearing checks and the
pooling of reserves among banks helped to
diminish the need for reserves. Ultimately,
when reserve requirements for deposits came
Zl8




to be crystallized by tradition or established
by law they were, in general, lower proportions
than the requirements established for currency
at earlier dates.
The pooling of reserves, which enabled banks
to keep lower reserve ratios, explains why deposits are now one or more steps removed from
ultimate metallic reserves. Banks originally
kept basic metallic reserves in their own vaults.
In the course of time, however, it was recognized
not only that individual banks could not stand
by themselves in times of financial distress,
but that pooling reserves reduced the aggregate
reserves needed by the banking system. It was
also recognized that deposits in the large
money-market banks furnished a convenient
form of reserves for banks operating in other
areas. This experience was drawn on in formulating the reserve requirements incorporated in
the National Banking Act, which were partly
carried over into the original Federal Reserve
Act.
It has now come to be recognized that the
basic function of reserve requirements is not
to guarantee convertibility, but rather to limit
monetary and credit expansion. Experience
has shown that with a smoothly operating
banking and currency system there is little need
for convertibility in normal times, but that in
times of stress large reserves are inadequate without other support. Then the central bank or
some other agency of Government must support
the banking system. If reserve requirements
curb unwarranted credit expansion when times
are good, this action reduces the likelihood of
an excessive credit structure that would collapse
in the absence of support when times turn bad.
It is also now recognized that differential
reserve requirements can not be used to enforce
any given proportion between the outstanding
amounts of currency and of deposits. Deposits and currency are interchangeable at the
will of the holder. Bank deposits, even though
not legal tender, are in practice as important
a form of money as currency. The velocity
of circulation of demand deposits is probably
greater than that of currency. For most money
FEDERAL RESERVE BULLETIN

RESERVE POSITION OF FEDERAL RESERVE BANKS

payments, checks are just as acceptable as
currency and in many cases much more common.
It is generally recognized that a change in the
volume of deposits is as inflationary or deflationary as a similar change in the level of
currency. As a matter of fact, the two often
move in roughly parallel fashion except in
periods when people doubt the solvency of
banks and try to convert their deposits into
currency, or when banks make special efforts
to attract deposits as they did in the ic^io's.
In the monetary expansion which has been
caused by war finance, currency in circulation
RESERVE POSITION
F. R. BANKS
MONTHLY

1939-1945

AVERAGE OF

DAILY FIGURES

?20 T

portionate growth in currency, the effect of
monetary expansion on the Federal Reserve
ratio has been substantially greater than would
have been true if currency and deposits had
expanded in the same proportion. The very
rapid outflow of currency has been mainly in
the form of Federal Reserve notes, and, as
shown in the accompanying chart, this has been
the chief reason for the declining reserve ratio.
The relatively greater outflow of currency is
also the explanation of the apparent paradox
that the country's fundamental gold reserve
position is now stronger than it was in the 192.0's
and yet the reserve ratio, which was generally
far above the legal requirements in the i9zo's, is
now approaching the legal minimum.
REMEDIAL MEASURES

SOURCE.—Condition statement of Federal Reserve Banks. Projections for June and December 1945 taken from table shown at beginning
of article.

has, however, increased relatively more rapidly
than deposits. In 192.9, currency was only
about 14 per cent of the total money stock.
From 1935 through 1941, the increase in currency outstanding represented about zz per
cent of the total increase in demand deposits
and currency, and since 1941 the growth in
currency has represented about 35 per cent of
that expansion. The factors involved in this
currency expansion have been discussed elsewhere. 5 As a result of the more than pro5
G. L. Bach, "Currency in Circulation," Federal Reserve BULLETIN, April 1944, pp. 318-328.

MARCH 1945




If one views Reserve Bank reserve requirements primarily as a broad legislative check on
monetary expansion, then the need for remedial
action resulting from a decline in the reserve
ratio should be reviewed with reference to the
causes of the expansion that has taken place and
is expected to take place. Since this expansion
was caused by war expenditures in excess of
tax receipts and investment of savings, and
since there is no immediate way to change that
situation, there is no choice other than to find
a way to ease reserve requirements. This is
particularly the case in view of the fact that the
decline in the reserve ratio, as explained above,
was due more to the nature of monetary expansion, i.e., currency versus deposits, than to
the aggregate amount of expansion.
Easing of reserves or of reserve requirements
must cover not only the expected scale of
further monetary expansion but also allow some
safety margin for the credit authorities. The
reserve position of the Reserve System must
be judged not only by the proximity to a legal
minimum; the margin above the minimum
must be sufficient to afford latitude for credit
action necessary to support war finance.
Since monetary expansion may continue into
2.19

RESERVE POSITION OF FEDERAL RESERVE BANKS

the postwar period temporary measures will
not suffice. Steps should be taken to permit
whatever Federal Reserve credit action the
public interest may require. Although some
gold inflow and a return of currency from circulation may be anticipated, the amount of monetary
expansion through the end of the war and early
postwar period may be such that the System's
reserve ratio will not rise promptly.
Some remedies can be dismissed as inadequate
or inappropriate. One would be a reduction
of member bank reserve requirements; the
reserves thus released would be available temporarily for meeting the currency drain without
increasing Reserve Bank liabilities. This instrument of credit policy, however, according
to the law, is to be used only to "prevent an
injurious credit expansion or contraction,"
and not to improve the reserve ratio. Moreover, in view of the large volume of deposits
outstanding and prospective uncertainties of
the postwar period, it would not appear to
be desirable to reduce member bank reserve
requirements from the present level.
Some relief in the reserve position would
result from the deposit by the Treasury in the
Federal Reserve Banks of gold held by the
Stabilization Fund. But this would be only a
temporary and not an adequate solution. Other
measures, such as the issuance of currency by
the Treasury, are possible, but the effect on
the reserve ratio of any of the measures would
not be great. Withdrawing large denomination
currency from circulation or ceasing to issue such
denominations would help the reserve position
of the Reserve Banks only in case this action
curbed the currency outflow. In Great Britain,
the suspension of issue of new large denomination currency had only a momentary and inconsequential effect on the currency outflow.
If the decline of the reserve ratio should be
large and continue for some time, none of these
measures would be adequate, and in most cases
they would involve resort to measures originally
intended for other purposes. The relatively
moderate effect of these measures is shown in
the following table.
ZZO




Projected
Federal
Reserve ratio
(End of 1945)
Continuation of present trend
39
If member bank reserve requirements were reduced to
statutory minima
45
If $50 and larger denomination currency were recalled*.. 43
If Stabilization Fund free gold of 1.8 billion were used as
reserves
43
If 3 billion dollars of Thomas Amendment greenbacks were
(a) put in circulation
42
(b) used as Federal Reserve Bank reserves
46
If free silver having a monetary value of 1.5 billion dollars
were monetized and
(a) put in circulation
41
(b) used as Federal Reserve Bank reserves
43
1
Assuming that half of the outstanding currency in such denominations would be converted to deposits and that the other half would be
converted into smaller denominations. This is probably an optimistic
assumption.

It is apparent that none of these methods
would provide an adequate solution to the
problem of the declining reserve ratio. There
are three ways, however, in which the problem
could be solved effectively. They are:
i. Suspension of Reserve Bank reserve
requirements by the Board of Governors
under Section n (c) of the Federal Reserve
Act.
z. Issuance of Federal Reserve Bank notes,
for which no reserve is required.
3. Reduction by statute of reserve requirements of Federal Reserve Banks.
The statutory authority of the Board of Governors to suspend reserve requirements of
Federal Reserve Banks is a useful safeguard for
emergency periods, but, if the war continues
for some time, the System reserve ratio
may be below present statutory levels for
a fairly long time. The issuance of Federal
Reserve Bank notes is also based on emergency
authority and so is subject to the same objection
of impermanence. This objection could be
removed by legislation making permanent the
power to issue Federal Reserve Bank notes.
But, if legislative action is taken, it would be
better not to encourage the issuance of two
kinds of Federal Reserve currency, but rather
to reduce the reserve requirements against both
notes and deposits. The reduction of Reserve
Bank reserve requirements by statute would be
the most logical action, especially since there
is a possibility that the System reserve ratio
may be around or below the 40 per cent level
for a considerable period.
FEDERAL RESERVE BULLETIN

RESERVE POSITION OP FEDERAL RESERVE BANKS

Ariiple precedent for changing reserve requirements when conditions require may be found in
the history of foreign central banking. Reserve
requirements for foreign central banks, where
experience runs longer than ours, have been
changed many times. One of the earliest of
these requirements was the fixed fiduciary issue
imposed on the Bank of England by the Peel Act
of 1844. Subsequently, the amount of fiduciary
issue has been increased a great many times. The
Bank of France was given an over-all limit on
its note issue in 1848 and this limit was increased at least a dozen different times before
the turn of the century. The Reichsbank was
limited by a ratio reserve in 1875 but again this
limit was modified subsequently a number of
times. In general, the reserve requirements
of most foreign central banks are now inoperative.

MARCH

1945




Granting of the change would not mean that
credit policy would differ from that which now
prevails. The Federal Reserve Banks, whether
their reserves are high or low, expand or contract credit according to the broad financial and
business needs of the country. There have
been many times when credit policy has been
restrictive even though reserves were high.
There have also been times, though less frequently, when expansion was needed though reserves were low. The present expansion arose
from the urgency and magnitude of the demands
made on the banking system by the war effort.
These demands have been and must continue to
be met. The reserve position of the Reserve
Banks and the legal requirements prescribing the
reserve ratio must be adjusted to this major requirement of the country.

XXI

STATEMENT BY MARRINER S. ECCLES ON A CAPITAL
GAINS TAX TO CURB RISING PRICES OF
CAPITAL VALUES 1
When questioned by members of the Senate
Banking and Currency Committee as to what
could be done to prevent further inflation of
capital values, I reiterated my opinion that the
most effective single instrument would be a wartime penalty rate on capital gains. Since the
proposal, which was only briefly discussed before the Committee, has been widely misunderstood and misrepresented in some quarters, I
feel that I should outline what I advocated and
why.
I did not propose any change in the present
capital gains tax. My proposal would apply only
to the sale of capital assets (as defined under the
present law) acquired during a period to be fixed
"by Congress. My suggestion was that this
period be from January i, 1945 until such time
as inflationary dangers have passed, which might
fae two, or possibly three years after the war.
This special wartime capital gains tax would
not be superimposed upon the existing tax, but
would apply only to assets purchased during this
period. It would not apply to real estate, stocks
or other assets acquired at any time prior to
January 1, 1945. These assets, if sold, would
continue to be subject to the existing capital
gains tax. The special tax I have in mind would
impose a 90 per cent rate on capital gains derived from the sale, within two years, of capital
assets acquired during the specified period; thereafter it would diminish by 10 per cent, or more,
annually until equal to the existing rate. Capital losses incurred on transactions subject to the
special rate would be deductible against profits.
The special tax, like any other anti-inflation
control, should be discontinued when the need
for it no longer exists. Since the purpose of the
special tax is anti-inflationary, revenue is not
the objective and the more effective the tax, the
less it would yield. However, such yield as
1 Text of a statement issued by Chairman Eccles for release on
March 3,1945.

TL2.




resulted would be based on rates in line with
those imposed under the wartime individual
and corporate income tax structure.
The reasons for such a special capital gains tax
may be summarized as follows:
1. Capital values, as reflected in current prices
of homes, farms, business properties, and stocks,
have increased sharply since this country entered
the war, and are still increasing. If unchecked,
this trend would undermine the entire price and
wage stabilization program, with grave consequences to postwar reconversion. It would
make war-financing problems more difficult and
increase the cost of the war. It would make a
mirage of the hopes of millions of war veterans
who are counting on being able to obtain a home,
or a farm, or to get started in business when they
return from the front. Congress has encouraged
this hope in the so-called G. I. Bill of Rights,
and by providing dismissal pay and otherwise.
Those on the home front have an inescapable
obligation to take whatever steps may be necessary to protect the values of homes, farms and
other necessities so that they will not be hopelessly out of reach of the veteran's purse. There
are no war profits in that purse.
2.. While other sectors on the home front have
been protected by direct measures, such as rationing, allocations, price and wage controls, no effective controls have been applied to. curb rising
prices of homes, farms, stocks and other capital
assets. The wartime expansion of liquid assets
presents a vast and growing danger to these
unprotected sectors. Currency, demand deposits and Government securities held principally by individuals and corporations are rapidly
approaching zoo billion dollars and have nearly
tripled since we entered the war. This huge
inflation potential will continue to grow as long
as deficit-financing continues. Unless effective
action is taken to prevent these liquid funds from
increasingly inflating capital values, it will beFEDERAL RESERVE BULLETIN

CAPITAL GAINS TAX TO CURB RISING PRICES

come more and more difficult, if not impossible,
to hold the line against inflationary price and
wage increases. Veterans of the last war,
especially farmers, have not forgotten the inflation and the consequent ruinous deflation resulting from failure to control a relatively small
volume of liquid funds in the last war. The
present volume of such funds is already four
times as great as it was in 1910. The national
debt is nearly ten times larger today and is still
growing.
3. The most serious gap in the line of defense
against inflationary forces is the capital gains
loophole in the wartime tax structure. While
Congress has provided sharply progressive surtax
rates, rising to a high of 91 per cent on individual
incomes, and a maximum excess profits tax of
95 per cent levied upon operating profits of
corporations, no corresponding curb has been
put upon capital gains, which continue to be
subject to prewar rates, with a X5 per cent maximum. This huge differential in favor of the
capital gains tax benefits only the larger taxpayers. The bigger they are, the greater the
inducement today to dispose of or refuse to put
money into fixed interest-bearing obligations
that return only a small yield and have, little
chance for a capital gain, and to put money instead into capital assets, which, when sold on a
rising market, yield profits subject only to a
capital gains tax of 2.5 per cent, or less.
Yet these profits are just as much a result of
war expenditures as are high individual and
corporate incomes which are subjected to high
wartime tax rates. The inequity of this situation is the more pronounced because the benefit
of the tax differential accrues only to those in
the higher income brackets. The smaller income taxpayers can derive no tax benefits from
it. Large operators, however,—so-called smart
money— are taking more and more advantage of
the opening, and this is a principal factor at
present in bidding up real estate, stocks and
other capital values. It is not the bona fide investor or the small taxpayer who is applying this
upward leverage to prices of capital assets. This
is speculation—not investment. It is speculaMARCH

1945




tion in basic essentials such as homes, or farms,
or in stocks representing' business investments.
It adds nothing to national wealth. Such forms
of gambling as betting on horse races or playing
slot machines do little economic damage. But
speculating in the things that people need and
use, speculation that leads to disruption of production and employment, is the worst form of
gambling.
4. The proposal I have in mind would simultaneously reach and discourage all such speculative transactions, whether in homes, farms,
stocks or commodities, and whether based upon
credit or cash—and would do so without interference with normal, nonspeculative transactions, whereas, if credit restrictions alone were
applied, they would fail entirely to reach cash
transactions for speculative purposes and would
interfere with legitimate, nonspeculative credit
transactions. The bona fide investor would not
be deterred either now or in the reconversion
period by the proposed tax, for he puts his
money into a farm, or into stocks of existing or
of new enterprise for the purpose of obtaining
current income and for long-range appreciation
of values. It is the speculator, not the investor,
who puts money into capital assets in anticipation of a quick rise in price from which a speculative profit can be realized through selling before the price breaks. However, should the
investor be obliged or desire to sell while the
wartime rate is still in effect, he would not be
injured, since he had not purchased in anticipation of selling in order to make a speculative
profit. In any event, under the proposed tax,
he would be permitted to retain a profit of 10
per cent, or more, depending on how long he
held the asset.
5. To the extent that the proposed tax would
discourage surplus funds from going into speculative fields, to which they will be attracted so
long as prices are rising, there will be that much
more available to go into Government securities
where they should go to help finance this war.
It would appear from criticisms expressed by
some of the financial press and market operators
that they fear the tax would be effective in

CAPITAL GAINS TAX TO CURB RISING PRICES

greatly reducing buying activity that might
otherwise develop. That is the purpose of the
tax. According to these critics, the proposed
tax would dry up the market because it would
deter holders of capital assets from selling. But
it need not deter holders of assets acquired prior
to the effective date of the tax from selling, because it would not apply to them. It would
deter the buying and hence the bidding up of
capital assets while the tax is in effect, and that
is exactly the result desired. It is the only way
to keep the prices of these assets from being bid
higher and higher until the bubble bursts.
Nothing would be a greater deterrent to postwar
reconversion than such an inflationary rise in
prices, which would inevitably be followed by a
deflationary collapse. Hence nothing would do
more to wreck postwar programs for full employment and economic stability on which a
lasting peace depends.
6. The proposed tax is an essential wartime
expedient, like price, wage and other direct
measures of control that deal with the effects,
not with the causes, of inflationary forces resulting from huge deficit-financing of the war.
Had the public and hence the Congres been
willing to deal with inflationary causes, deficitfinancing would have been held to a minimum




by far higher taxes and by far greater economy
and efficiency in war expenditures. Some of us
urged that course from the outset, but since it
has not been followed, the only alternative is to
deal with inflationary effects by such expedients
as are necessary to hold the line so long as inflationary dangers exist. After reconversion, demand, which has so vastly exceeded supply in
wartime, should be met by fully employing our
manpower and material resources in peacetime
production, and creation of further inflationary
forces should be ended by greatly reducing public
expenditures and by maintaining such taxes as
are necessary to bring about a balanced budget.
I have received a few letters from civilians
who fail to see why we should have either such
disagreeable things as taxes sufficient to deal
with inflationary causes or, alternatively, direct
control measures necessary to deal with inflationary effects. On the other hand, I have also
received a number of letters from men in the
armed forces who hope, if their lives are spared,
to buy a home or a farm. They do see, with a
clarity that should be a warning, why those on
the home front should do whatever is necessary
to make this country's economic future secure,
with all that portends for the peace of the world.

FEDERAL RESERVE BULLETIN

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

Foreign Banking Corporations
Amendment to Regulation K
The Board of Governors of the Federal Reserve System, effective February z, 1945, amended
the second paragraph of section XV of Regulation K entitled "Banking Corporations
Authorized to Do Foreign Banking Business
under the Terms of Section 2.5(a) of the Federal
Reserve Act" commonly known as Edge Act
Corporations, so as to provide that with the
permission of the Board the limitation placed
on the aggregate liabilities of such a corporation
may be exceeded. The text of the second
paragraph of section XV as thus amended reads
as follows:
Aggregate liabilities of the Corporation.—
Excepjt with the permission of the Board of
Governors of the Federal Reserve System, the
aggregate of the Corporation's liabilities outstanding on account of acceptances, monthly
average domestic and foreign deposits, debentures, bonds, notes, guaranties, indorsements,
and other such obligations shall not exceed
ten times the amount of the Corporation's
subscribed capital and surplus. In determining
the amount of the liabilities within the meaning
of this paragraph, indorsements of bills of
exchange having not more than six months to
run, drawn and accepted by others than the
Corporation, shall not be included.
Consumer Credit
Amendment to Regulation W
The Board of Governors of the Federal
Reserve System, effective February 5, 1945,
issued the following amendment to its Regulation W, entitled "Consumer Credit":
MARCH 1945




AMENDMENT N O .

15

TO REGULATION

W

Regulation W • is hereby amended effective
February 5, 1945, by adding "or by any State
agency pursuant to similar State legislation"
at the end of subsection (#) of section 8 entitled
"EXCEPTIONS" so that subsection (4) will read
as follows:
(£) Servicemen's Guaranteed Loans.—Any
extension of credit guaranteed in whole or in
part by the Administrator of Veterans' Affairs
pursuant to the provisions of Title III of the
Servicemen's Readjustment Act of 1944, or by
any State agency pursuant to similar State
legislation.

Margin Requirements for Purchasing
Securities
Supplements to Regulations T and U
The Board of Governors of the Federal
Reserve System, effective February 5, 1945,
amended the Supplement to Regulation Tentitled "Extension and Maintenance of Credit
by Brokers, Dealers, and Members of National
Securities Exchanges" and amended the Supplement to Regulation U entitled "Loans by
Banks for the Purpose of Purchasing or Carrying
Stocks Registered on a National Securities
Exchange" so as to increase the margin requirements for purchasing registered securities.
The texts of the Supplements as thus amended
are as follows:
SUPPLEMENT TO REGULATION T

Effective February 5, 1945
Maximum loan value for general accounts.—
The maximum loan value of a registered security
(other than an exempted security) in a general
account, subject to section 3 of Regulation T,
shall be 50 per cent of its current market value.

LAW DEPARTMENT

Maximum loan value for special omnibus
accounts.—The maximum loan value of a
registered security (other than an exempted
security) in a special omnibus account, subject
to section 4 of Regulation T, shall be 65 per cent
of its current market value.
Margin required for short sales.—The
amount to be included in the adjusted debit balance of a general account pursuant to section 3(d)
(3) of Regulation T, as margin required for short
sales of securities (other than exempted securities
shall be 50 per cent of the current market value
of each such security, and in the case of a special
omnibus account with another member, broker
or dealer, such amount shall be 35 per cent of
such current market value.

National Bank Examiners with respect to farm
and business loans by national banks to veterans.
"In conformity with the policy expressed
in instructions to you under dates of October
2.5 and December ix, 1944 regarding home
loans made by national banks and wholly
guaranteed under Section 505 or partially
guaranteed under Section 501 of Title III of
the Servicemen's Readjustment Act of 1944,
this office has adopted the same position with
respect to farm loans made under Section 502.
of the Act and business loans made under
Section 503 of the Act.
"Loans wholly guaranteed by the Administrator of Veterans' Affairs will not be considered real estate loans subject to the limitations and restrictions of Section X4 of the
SUPPLEMENT TO REGULATION U
Federal
Reserve Act, for the reason that the
Effective February 5, 1945
loan guaranty certificates constitute the bank's
For the purpose of section 1 of Regulation U,
primary security even though the regulations
the maximum loan value of any stock, whether
of the Veterans Administration require that
or not registered on a national securities exsecond liens on farm or business property
change, shall be 50 per cent of its current market
must be obtained.
value, as determined by any reasonable method.
"In the case of loans partially guaranteed
Loans to brokers and dealers.—Notwithand which are secured by first mortgages upon
standing the foregoing, a stock, if registered on
farm or business real estate, the limitations
a national securities exchange, shall have a
of Section 14 of the Federal Reserve Act
special maximum loan value of 65 per cent of
with respect to the amount of the loans comits current market value, as determined by any
pared to the appraised value of the real estate
reasonable method, in the case of a loan to a
will be applied only to the portions of the
broker or dealer from whom the bank (1)
loans not covered by the guaranties. In all
accepts in good faith a signed statement to the
other respects the loans in their entirety must
effect that he is subject to the provisions of
conform with the limitations and restrictions
Regulation T (or that he does not extend or
of Section 2.4 of the Federal Reserve Act."
maintain credit to or for customers except in
The Comptroller's instructions of October 2.5,
accordance therewith as if he were subject
1944, were published at page 1187 of the Dethereto), and (z) receives written notice, purcember 1944 Federal Reserve BULLETIN, and the
suant to a rule of the Securities and Exchange
instructions of December 11, 1944, were pubCommission concerning the hypothecation of
lished at page 2.9 of the January 1945 Federal
customers' securities by brokers or dealers
Reserve BULLETIN.
(Rule X-8C-1 or Rule X-15GL-1), to the effect
that the stock is a security carried for the acForeign Funds Control
count of a customer.
Real Estate Loans
Farm and Business Loans to Veterans
The Comptroller of the Currency on January
2.4, 1945, issued the following instructions to all

zz6




Treasury Department Releases
The following releases relating to transactions
in foreign exchangey etc., in addition to those
heretofore published in the Federal Reserve
FEDERAL RESERVE BULLETIN

LAW DEPARTMENT
have been issued by the Office of
the Secretary of the Treasury under authority
of the Executive Order of April io, 1940, as
amended, and the Regulations issued pursuant
thereto:
BULLETIN,

Treasury Department
Foreign Funds Control
February 16, 1945
AMENDMENT TO GENERAL RULING N O . I I
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Sections 5OO and j(J?) °f ^e Trading with the Enemy

Treasury Department

Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control*

Foreign Funds Control
February 2., 1945
AMENDMENT TO GENERAL RULING N O . I I
Under Executive Order No. 8589, as Amended, Executive Order
No. 9193, Sections 3(0) and $Qf) of the Trading with the
Enemy Act, as Amended by the First War Powers Act, 1941,
Relating to Foreign Funds Control*

General Ruling No. 11 is hereby amended by deleting
the following from paragraph 4(b)(n) of such general ruling:
"that portion of Belgium within continental Europe;"
HERBERT E. GASTON,

Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control

Paragraph (4)(b)(n) °f General Ruling No. 11 is hereby
amended to read as follows:
(ii) The territory controlled or occupied by the military, naval, or police forces or other authority of Germany, Italy, or Japan.
The territory so controlled or occupied shall be deemed
to be the territory of Albania; Austria; Bulgaria; that
portion of Burma occupied by Japan; that portion of
China occupied by Japan; Czechoslovakia; Danzig;
that portion of Denmark within continental Europe;
French Indo-China; Greece; Hong Kong; Hungary;
Luxembourg; British Malaya; that portion of the Netherlands within continental Europe; that portion of the
Netherlands East Indies occupied by Japan; Norway;
that portion of the Philippine Islands occupied by Japan;
Rumania; Thailand; Yugoslavia; and any other territory
controlled or occupied by Germany, Italy or Japan.
HERBERT E. GASTON,

Acting Secretary of the Treasury.

February 2., 1945
Treasury Department
Foreign Funds Control
AMENDMENT TO GENERAL LICENSE N O . 32A
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Section /(&) of the Trading with the Enemy Act,
as Amended by the First War Powers Act, 1941, Relating to
Foreign Funds Control.^

Paragraph 8(c) of General License No. 32.A is hereby
amended to read as follows:
(c) The following provinces of Italy.: Viterbo, Terni,
Teramo, Rieti, Pescara, Macerata, Grosseto, Chieti,
Aquila, Ascoli-Piceno, Ancona, Arezzo, Livorno, Perugia,
Siena, and those portions of the provinces of Florence
and Pisa south of the Arno River; and the following
cities of Italy: Florence and Pisa.
HERBERT E. GASTON,

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

MARCH 1945




February 16, 1945
PUBLIC CIRCULAR N O . 2.6
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Sections 3(0) andjQt) of the Trading with the Enemy
Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control, f
Status of Northern Bukovina and Bessarabia under Executive
Order No. 8389, as amended, and General Ruling No. 11, as
amended. For the purposes of Executive Order N o 8389, as
amended, and General Ruling N o . 11, as amended, N o r t h e r n
Bukovina and Bessarabia shall be deemed t o be subject t o
the jurisdiction of t h e Union of Socialist Soviet Republics,
in accordance w i t h t h e terms of the Armistice of September
12., 1944, between Rumania and the United N a t i o n s .
H E R B E R T E.

GASTON,

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

2.2.7

CURRENT EVENTS
Federal Reserve Meetings

The Federal Advisory Council met in Washington on February 18-19. The annual organization meeting of the Council was held on February 18, at which Edward E. Brown, President
of the First National Bank of Chicago, was
reelected President, C. E. Spencer, Jr., President
of the First National Bank of Boston, was reelected Vice President, and Walter Lichtenstein
was reappointed Secretary. The Council met
with the Board of Governors of the Federal
Reserve System on February 19.
A meeting of the Presidents of the Federal Reserve Banks 'was held February 2.6-17, a n d o n
February x8 and March 1 and 2. the Presidents met
with the Board of Governors.
On February 2.8 and March 1 meetings of the
Federal Open Market Committee were held. At
the meeting on March 1 Marriner S. Eccles was
reelected as Chairman of the Committee and
Allan Sproul as Vice Chairman. The representative members of the Committee elected by the
Federal Reserve Banks for the period of one year,
beginning March 1, 1945, are Allan Sproul,
Alfred H. Williams, Ray M. Gidney, R. R. Gilbert, and H. G. Leedy, Presidents of the Federal
Reserve Banks of New York, Philadelphia,
Cleveland, Dallas, and Kansas City, respectively. The members of the executive committee
are Marriner S. Eccles, Chairman; Allan Sproul,
Vice Chairman; M. S. Szymczak; R. M. Evans;
and Alfred H. Williams.
Resignation of Class C Director
Mr. William H. Stead resigned as a Class C
director of the Federal Reserve Bank of St.
Louis, effective February 1, 1945. Mr. Stead,
who was formerly Dean of the School of Business
and Public Administration, Washington University, St. Louis, and had served as a director
of the Federal Reserve Bank since January 1,
1944, is now Director, Institute of Research
and Training in the Social Sciences, Vanderbilt

zz8




University, Nashville, Tennessee, which is in
another Federal Reserve district.
Election of Class A and Class B Directors
On February 6, 1945, Mr. Robert Strickland,
President, Trust Company of Georgia, Atlanta,
Georgia, was elected a Class A Director of the
Federal Reserve Bank of Atlanta to fill the
unexpired portion of the term ending December
31, 1945. Mr. Strickland succeeds Mr. Thomas
K. Glenn, who resigned.
The Federal Reserve Bank of Philadelphia
on February 8, 1945, announced the election
of Mr. Charles A. Higgins, Chairman and
President, Hercules Powder Company, Wilmington, Delaware, as a Class B director of the
Bank to fill the unexpired portion of the term
ending December 31, 1947. Mr. Higgins succeeds Mr. Harry L. Cannon, deceased.
Appointment of Branch Director
On February 9, 1945, the Federal Reserve
Bank of Atlanta appointed Mr. J. S. Fairchild,
Cashier of the First National Bank of Winter
Garden, Winter Garden, Florida, a director of
the Jacksonville Branch for the unexpired portion of the term ending December 31, 1945.
Mr. Fairchild succeeds Mr. B. C. Teed, who
resigned.
Admission 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 January 16, 1945, to February
15, 1945:
California
Berkeley—Bank of Berkeley
Iowa

Webster City—First State Bank
New Jersey

Califon—Hunterdon County Trust Company
FEDERAL RESERVE BULLETIN

NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled February 23, and released for publication February 27. Figures shown on
charts may differ from preliminary figures used in text.
Factory output continued to increase in
January despite severe weather conditions.
Department store sales during the first seven
weeks of this year have been 14 per cent above
the high level maintained during the same
period last year.
INDUSTRIAL PRODUCTION

Output of nondurable goods rose 2. per cent
in January. Production of liquor and beverage
spirits increased sharply as a result of the release
of distilleries from industrial alcohol production
for the month of January. Output of manufactured food products also showed a gain for
the month, reflecting increases in the canning
and baking industries, after allowing for
seasonal changes. Activity at meatpacking
establishments declined 10 per cent in January
and was at a rate ±5 per cent below the same
month a year ago. Production in the chemical
industries continued to rise, largely reflecting
further increases in output of small arms ammunition. Activity at textile and paper mills
continued to show little change.
Output of coal increased in January but the
tonnage was 8 per cent less than the large
volume for January 1944. The production rise
was limited by shortages of cars at mines due
to congestion in ice-clogged northern railroad
yards. In the week ending February 10 output
of bituminous coal was the largest for any week
since last November.

Total output at factories and mines rose
slightly in January and the Board's seasonally
adjusted index was £34 per cent of the 1935-39
average as compared with 13x in the preceding
three months.
Activity in munitions industries was maintained in January at the December rate, although
slight increases were scheduled. In February
it was announced that schedules for 1945 production of aircraft and Army ordnance items
had been increased further. Output of open
hearth and Bessemer steel in January was at
the lowest rate since July 194:1, largely due to
severe weather conditions in several important
steelmaking areas. Output of electric steel,
however, which had been declining since the
end of 1943, rose 10 per cent in January, reflecting new military requirements for alloy steel.
The War Production Board early in February
ordered a 10 per cent increase in aluminum ingot
production and announced that a large increase
had occurred in output of aluminum sheet since
December 1.

Department store sales continued in January
and the first half of February at about the same
high level that prevailed in the last quarter of
1944 after allowance is made for the usual sharp
seasonal decline. Value of sales was 14 per

INDUSTRIAL PRODUCTION

DEPARTMENT STORE SALES AND STOCKS

Federal Reserve indexes. Groups are expressed in terms of points
in the total index. Monthly figures, latest shown are for January.

Federal Reserve indexes. Monthly figures, latest shown are for
January.

DISTRIBUTION

1937

MARCH

1945




1938

1939

1940

J94)

J942

1943

1944

NATIONAL SUMMARY OF BUSINESS CONDITIONS
cent greater than in the corresponding period a
year ago, with a higher rate of gain shown in
February.
Freight carloadings increased in the early part
of January due chiefly to larger shipments of
fuel and war materials. At the end of January
and in the early part of February, however,
two short embargoes were placed on rail shipments of most non-war goods. These embargoes were limited to the northeastern states
where heavy snowfalls had resulted in traffic
tie-ups.
COMMODITY PRICES

Prices of commodities in wholesale and retail
markets continued to increase slightly during
January. In the first three weeks of February
prices of farm products averaged above the
January level and small increases were permitted in maximum wholesale prices of various
industrial commodities.

make sizable purchases of Treasury bonds,
mostly in the eight- to ten-year maturity range.
Loans for purchasing and carrying Government
securities decreased, particularly loans made
directly to customers. Commercial loans also
declined slightly.
During the five weeks ending February 2.1,
Reserve Banks increased their holdings of Treasury bills by 630 million dollars and sold 65
million of Treasury bonds. The bill purchases,
together with advances of 165 million dollars
to member banks, enabled banks to meet a 450
million currency drain and a 2.70 million dollar
growth in required reserves. Although currency in circulation had declined through most
of January, the outflow was renewed in the last
days of the month and continued at an accelerated pace in February. Excess reserves declined to below 1 billion dollars late in January,
about the average level at which they have been
between drives during the past year.

BANK CREDIT
GOVERNMENT SECURITY YIELDS

With a steady succession of Treasury calls on
War Loan balances, both demand deposits adjusted and time deposits at member banks increased from mid-January to mid-February.
Time deposits maintained the rather rapid rate
of increase which has prevailed for the past
•several months. During this period reporting
member banks in 101 cities reduced their total
^holdings of Treasury bills in order to meet increases in required reserves and a currency drain.
A t the same time, however, banks continued to

Following the close of the Sixth War Loan
drive in December, the Government security
market was strong during January and the first
part of February. The average yield on medium-term, taxable Treasury bonds declined
from 1.94 per cent during the last week of December to 1.78 per cent during the week ended
February 17. The average yield on long-term,
taxable Treasury bonds declined from 2..47 per
cent to i-39 per cent in the same period, the
lowest since early December 1941.

MEMBER BANKS IN LEADING CITIES
GOVERNMENT SECURITY HOLDINGS OF BANKS IN LEADING CITIES

v

I '

i

1939

Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items. Government securities include
direct and guaranteed issues. Wednesday figures, latest shown are
for Feb. 21.




'
1940

v

! __-—^_U\^
194?

1942

1943

1944

Excludes guaranteed securities. Data not available prior to Feb.
8,1939; certificates first reported on Apr. 15, 1942. Wednesday figures,
latest shown are for Feb. 21.
FEDERAL RESERVE BULLETIN

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES

PAGE

Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates o n industrial loans;
guarantee fees and rates under Regulation V ; rates on time
deposits; reserve requirements; margin requirements
Federal Reserve Bank statistics
Guaranteed w a r production loans
Deposits and reserves of member b a n k s .
M o n e y in circulation
Gold stock; b a n k debits and deposit turnover
Deposits and currency; Postal Savings System; b a n k suspensions
All banks in t h e United States, b y classes
All insured commercial banks in t h e United States, b y classes
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances
M o n e y rates and bond yields
Security markets
Corporate profits
Treasury
finance
Government corporations and credit agencies
Business indexes
Department store statistics
Consumer credit statistics
Wholesale prices
Current statistics for Federal Reserve chart book

133

134-135
13 5—2.39
139
2.3 9-2.40
141-141
2.42.
143
144-2.45
146-147
148-151
151
153
2-54—2.5 5
156
157-159
160
161-170
171-173
174-175
176
177-178

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.

MARCH 1945




2.31

MEMBER

BANK RESERVES AND RELATED ITEMS
WEDNESDAY FIGURES

1938




1939

1940

1941

1942

BILLIONS OF DOLLARS

1943

1944

1945

Wednesday figures, latest shown are for Feb. 21. See p. 233.

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

Monthly averages of
daily figures:
1943—Nov
Dec
1944—Jan
Nov
Dec
1945—Jan
End of month figures:
1943—Nov. 30
Dec. 31
1944—Jan. 31
Nov. 30
Dec. 30....
Jan.

31..

Wednesday figures:
1944—Apr. 5
Apr. 1 2 . . . .
Apr. 19...
Apr. 26

Gold
stock

Treasury
Money
curin cirrency
culaouttion
standing

TreasOther
deFedTreas- ury
posits Noneral
ury
with
memRecash Federal ber de- serve
holdReposits
acings
serve
counts
Banks

Treasury
Total bills
and
certificates

All
other

35
90
32
436
265
118

9,886 7,630
11,166 8,876
11,832 9,517
18,129 15,775
18,693 15,895
18,726 15,956

2,256
2,290
2,315
2,354
2,798
2,770

418
658
506
445
654
543

10,339
11,914
12,370
19,009
19,612
19,387

22,091
22,018
21,933
20,708
20,657
20,582

4,102
4,098
4,093
4,116
4,125
4,129

19,566
20,243
20,428
24,738
25,207
25,243

2,294
2,307
2,321
2,340
2,355
2,371

338
669
484
262
666
532

1,687
1,723
1,889
1,579
1,595
1,501

52
5
22
473
80
176

10,348 8,071
11,543 9,236
12,073 9,728
18,388 16,031
18,846 16,035
19,006 16,272

2,277
2,307
2,345
2,357
2,812
2,734

362
691
334
496
819

370

10,763
12,239
12,428
19,357
19,745
19,552

22,065
21,938
21,918
20,688
20,619
20,550

4,097
4,094
4,091
4,122
4,131
4,127

19,918
20,449
20,529
25,019
25,307
25,290

2,289
2,303
2,320
2,327
2,375
2,371

394
579
375
138
440
648

44
55
87
89

12,332 9,719
12,648 10,040
12,734 10,128
12,998 10,392

2,613
2,609
2,606
2,606

389
402
508
398

12,766
13,106
13,330
13,485

21,540
21,479
21,469
21,429

4,093
4,093
4,093
4,094

21,191
21,295
21,334
21,396

2,347
2,327
2,321
2,327

All
other 1 Total

Member
bank i*eserve
balances

Total

Excess 2

334

339
339
395
403
403

12,313
12,749
12,935
14,520
14,168
14,048

1,073
1,048
1.114
1,023
1,284
1,114

1,592
1,716
1,956
1,561
1,598
1,634

332
339
341
395
402
4G2

12,401
12,886
12,917
14,728
14,373
13,884

1,236
1,112
1,179
1,773

426
274
204
373

1,801
1,823
1,967
2,019

356
356
362
357

12,277
12,604
12,704
12,537

859
986
927
640

982

May
May
May
May
May

3 . . . . 85
10
136
17... . 152
24...
227
31 . . . . 236

13,292
13,249
13,808
13,989
14,251

10,679
10,636
11,196
11,376
11,613

2,613
2,613
2,613
2,613
2,638

353
328
421
309
272

13,730
13,713
14,382
14,525
14,759

21,375
21,375
21,354
21,324
21,264

4,092
4,097
4,099
4,100
4,101

21,614
21,725
21,846
21,911
22,160

2,334
2,333
2,298
2,333
2,310

229
214
397
389
307

1,973
1,826
1,953
1,960
1,946

357
356
355
355
355

12,690
12,729
12,986
13,000
13,046

794
771
936
764
711

June
June
June
June

7
14
21
28

240
173
172
52

14,609
15,001
15,180
15,081

11,972
12,362
12,539
12,434

2,638
2,639
2,641
2,647

334
431
435
291

15,183
15,606
15,786
15,423

21,212
21,211
21,201
21,193

4,101
4,104
4,107
4,107

22,255
22,333
22,293
22,421

2,330
2,332
2,339
2,314

262
154
334
561

1,934
2,028
2,000
1,978

357
359
369
369

13,358
13,715
13,758
13,081

1,059
1,213
1,239

July
July
July
July

5
12
19
26

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
4,111

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
1,773

364
364
364
365

12,987
12,849
12,754
12,793

1,470
1,563
1,462
1,280

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

1,190
1,049
1,001

Sept.
Sept.
Sept.
Sept.

6
105
116
13
2 0 . : . . . 172
88
27

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

12,884
12,810
12,935
12,922
13,132
13,221
13,526
13,445
13,355

Oct. 4
33
148
Oct. 11
Oct. 18.. .. 185
322
Oct. 25

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

862
976
918
783

Nov.
Nov.
Nov.
Nov.
Nov.

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

921
883

1,087
1,062
1,205

258
503

397
397
408
409

14,184
14,092
13,958
13,969

1,364
1,286
1,277
1,406

...

818

868
928

846
971
878
865

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

Dec. 6
Dec. 13
Dec. 20
Dec. 27....

383
176
218
153

18,311
18,577
19,009
19,064

15,522
15,783
16,208
16,253

2,789
2,794
2,801
2,812

435
558
886
604

19,130
19,311
20,113
19,821

20,668
20,667
20,646
20,639

4,122
4,123
4,127
4,131

25,107
25,163
25,280
25,335

2,337
2,348
2,369
2,377

901

1,636
1,597
1,621
1,601

30
130
129
141
176

18,734
18,907
18,651
18,620
19,006

15,927
16,120
15,880
15,880
16,272

2,808
2,787
2,771
2,739
2,734

706
449
529
459
370

19,470
19,486
19,310
19,220
19,552

20,619
20,593
20,572
20,571
20,550

4,130
4,130
4,129
4,129
4,127

25,326
25,257
25,209
25,175
25,290

2.368
2,372
2,370
2,380
2,371

592
528
334
479
648

1,609
1,590
1,538
1.397
1,634

402
405
404
404
402

13,921
14,057
14,156
14,085
13,884

1,274
1,277
1,280
1,195

200
230
294

19,062 16,340
19,181 16,465
19,231 16,534

2,722
2,716
2,698

442
506

19,703
19,918
20,003

20,548
20,507
20,506

4,126
4,124
4,124

25,411
25,533
25,652

2,372
2,389
2,384

593
547
517

1,643
1,649
1,672

409
409
410

13,950
14,022
13,999

947
996
854

1945—Jan.
Jan.
Jan.
Ian.
Jan.

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

Feb. 7
Feb. U
Feb. 21..
1
2

'478

1,250

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

MARCPI

985

1945




982

FEDERAL RESERVE BANK DISCOUNT RATES
[In effect February 28. Per cent per annum]
Discounts for and advances to member banks

Advances secured by
Government obligations rnaturing or
callable in one year
or less (Sec. 13)

Federal Reserve Bank

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

Effective

Rate
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . .
Dallas........
San Francisco.

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

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

Rate

Effective

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

To others

To nonmember banks

(Sees. 13 and 13a)1

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

Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Sept.
Sept.
Sept.
Mar.
Sept.
Sept.
Apr.

Oct. 27, 1942
Oct. 30, 1942
Oct. 17, 1942
Sept. 12, 1942
Oct. 28, 1942
Oct. 15, 1942
Aug. 29, 1942
Mar. 14, 1942
Oct. 30, 1942
Oct. 27, 1942
Oct. 17, 1942
Oct. 28, 1942

Effective

Rate

1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
16, 1939
1, 1939
16, 1939
28, 1942
16, 1939
16, 1939
4, 1942

f

I*
2
2

2y2
2
2

234

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

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 adyances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, 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]
Rate on
Feb.28

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

In effect beginning-

Previous
rate

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT*
Maturities not exceeding five years
[In effect February 28. Per cent per annum]
To industrial or
commercia 1
businesses

Apr. 30, 1942

1

1
1
IX

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

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. 443-44.

GUARANTEE FEES AND MAXIMUM INTEREST AND COMMITMENT RATES CHARGEABLE UNDER REGULATION
V ON LOANS GUARANTEED BY WAR DEPARTMENT,
NAVY DEPARTMENT, AND MARITIME COMMISSION UNDER EXECUTIVE ORDER NO. 9112
AND CONTRACT SETTLEMENT ACT
OF 1944
[Rates in effect February 28]

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

To financing institutions

On
Portion
commitments for which
institution is
obligated

On commitments

2H-5
2^-5
234-5
2^-5
234-5
234-5
234-5
234-5
234-5
2^-5
2^-5
2lA-5

FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS

Percentage of loan guaranteed

Guarantee fee
(In terms of percentage of amount
of interest payable
by borrower) 1
10
15
20
30
50

80 or less..
85
90
95
Over 9 5 . . .

4
5
6

Rate charged borrower.
May charge rate charged borrower by financing institution, if lower.
Charge of l/i per cent is made on undisbursed portion of loan.
Back figures—See Banking and Monetary Statistics,Table 118, pp. 446-447.

MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
( Per cent per annum]
Nov. 1,1933Jan. 31,1935

MAXIMUM R A T E S THAT MAY B E CHARGED BORROWERS BY
FINANCING INSTITUTIONS

Feb. 1,1935Dec. 31,1935

Effective
Jan. 1,1936

Maximum rate of interest
Maximum commitment r a t e . .

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

*2 Guarantee fee is charged only on guaranteed portion of loan.
Based on average daily unused balance of the maximum principal
amount of the loan. The financing institution may, in the alternative,
charge a flat fee of not to exceed $50, without regard to the amount or
maturity of the commitment.

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.

[Per cent per annum]




FEDERAL RESERVE

BULLETIN

MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand deposits 1
Central
reserve
city
banks

Period in effect

June 21, 1917-Aug. 15, 1936
Aug. 16, 1936-Feb. 28, 1937
Mar. 1, 1937-Apr. 30, 1937
May 1, 1937-Apr. 15, 1938
Apr. 16, 1938-Oct. 31, 1941
Nov. 1, 1941-Aug. 19, 1942
Aug. 20, 1942-Sept.l3, 1942
Sept. 14, 1942-Oct. 2, 1942
Oct. 3, 1942 and after

13
193^
22H

26
22%
26
24
22
20

Reserve Country
city
banks
banks
10
15
W2
20
17H
20
20
20
20

7
103^
12M
14
12
14
14
14
14

MARGIN REQUIREMENTS i
[ Per cent of market value ]
Nov. 1, Effective
19375,
Feb. 4, Feb.
1945
1945

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
6
5
6
6
6
6

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 a t the time of the extension; t h e "margin
requirements" shown in this table are the difference between the market
value (100%) and the maximum loan value.
NOTE.—Regulations T and U also provide special margin requirements on
"omnibus" accounts and loans to brokers and dealers.
Back figures.—See Banking and Monetary Statistics, Table 145, p . 504.

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.

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

End of month

1945
Feb. 14

Feb. 21

Feb. 7

Jan. 31

Jan. 24

Jan.17

Jan.10

Jan. 3

1945

1944

January

December January

Assets
7,693,865 17,694,865 17,747,865 17,768,865 17,789,365 17,786,365 17,806,365 17,837,365 17,768,865 7,850,365 19,481,578
Gold certificates
604,388
603,888
624,821
609,460
625,141
626,073
604,388
610,990
594,126
607,106
Redemption fund—F.R. notes264,112
291,192
292,544
284,130
283,214
266,659
292,544
272,013
242,189
267,364
245,352
Other cash
355,568
Total reserves

18,586,597 18,592,019 18,656,816 18,665,797 18,684,445 18,679,039 18,684,719 18,689,823 18,665,797 18,686,680 20,101,258

Discounts and advances:
For member banks
For nonmember banks, etc.

293,265
790

230,115
390

199,416
390

175,850

141,020

129,415

130,155

29,850

175,850

79,825

21,717

Total discounts and
advances

294,055

230,505

199,806

175,850

141,020

129,415

130,155

29,850

175,850

79,825

21,717

3,983

3,873

3,721

3,924

3,893

3,877

3,889

3,741

3,924

3,751

10,080

Industrial loans
U. S. Government securities:
Direct:
Bills:
Under repurchase option
Other
Certificates:
Special
Other
Notes
.
. .
Bonds
Guaranteed

4,834,220 4,763,072 4,657,615 4,628,675 4,248,322 4,186,821 4,305,400 3,876,019 4,628,675 3,983,771 3,617,147
6,782,184 6,773,079 6,755,789 6,747,130 6,735,527 6,801,437 6,928,127 7,164,147 6,747,130 7,164,147 3,323,741
4,917,140 4,929,140 4,926,140 "A, 896,' 640 4^896,640 4,891^640 '4; 886,'640 4,'886,'640 4,896,640 4,886,640 2,787,140
1,559,721 1,565,721 1,565,721 1,565,721 1,565,721 1,565,721 1,565,721 1,565,721 1,565,721 1,565,721
664,900
1,138,052 1,150,372 1,156,472 1,165,672 1,170,972 1,202,922 1,218,482 1,239,331 1,165,672 1,243,426 1,592,196
2,500
2,500
2,500
2,500
2,500
2,500
2,500

Total U. S. Government
securities, including
guaranteed securities. 19,231,317 19,181,384 19,061,737 19,006,338 18,619,682 18,651,041 18,906,870 18,734,358 19,006,338 18,846,205 12,072,959
Other Reserve Bank credit out455,256
437,969
525,407
701,915
standing
444,627
502,059
366,107
366,107
473,992
323,698
815,055
Total Reserve Bank
credit outstanding
Liabilities
Federal Reserve notes...
Deposits:
Member bank—reserve
account
U. S. Treasurer—general
account
Foreign
Other deposits
Total deposits
Ratio of total reserves to deposit and F.R. note liabilities
combined (per cent)

20,003,347 19,917,821 19,703,233 19,552,219 19,219,851 19,309,740 19,485,541 19,469,864 19,552,219 19,744,836 12,428,454
22,065,160 21,950,486 21,845,618 21,748,046 21,647,358 21,664,825 21,694,777 21,742,796 21,748,046 21,731,017 17,024,216
13,999,228 14,021,934 13,950,402 13,883,718 14,084,855 14,156,346 14,056,996 13,921,395 13,883,718 14,372,899 12,916,970
591,829
479,054
592,798
374,591
333,916
527,801
516,571
647,581
647,581
440,487
547,243
1,291,192 1,271,209 1,247,849 1,246,754 1,157,354 1,163,602 1,198,829 1,220,096 1,246,754 1,203,703 1,500,725
455,573
390,956
388,480
240,024
380,896
387,032
393,881
374,027
377,378
395,164
387,032
16,187,887 16,217,764 16,186,213 16,165,085 15,961,287 16,027,891 16,174,582 16,121,800 16,165,085 16,410,970 15,247,859

48.6

48.7

49.1

49.2

49.7

49.6

49.3

49.4

49.2

49.0

62.3

MATURITY DISTRIBUTION OF LOANS A N D U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
fin thousands of Hollars]
February 21, 1945

Discounts and advances
Industrial loans
U. S. Government securities

MARCH

1945




Total

Within
15 days

16 to 30
days

31 to 60
days

61 to 90
days

91 days
to 6
months

6 months
to
1 year

1 year
to
2 years

2 years
to
5 years

294,055
237,430
29,550
10,265
16,810
3,983
3,422
4
8
518
1
30
19,231,317 2,777,230 1,976,278 4,817,286 4,094,231 1,286,440 2,504,500 "343,200 "619,802

Over
5 years

'812,350'

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
fTn thousands of dollars]
Total
'sseta
Gold certificates:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb.21
Redemption fund—
F. R. notes:
Tan. 24
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Other cash:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
Total reserves:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb.21
Discounts & advances:
Secured by U. S.
Govt. securities:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
Other:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
Total discounts and
advances:
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Industrial loans:
Jan. 24
Tan. 31
Feb. 7
Feb. 14
Feb. 21
U. S. Govt. securities:
Bills:
iWler repurThase option:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb.21
Other bills:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb.21
Certificates:
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb.21
Notes:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb.21
Bonds:
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb.21
Total U.S. Govt. sec,
incl. guar. sec:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21

Boston

Philadelphia

New
York

Cleveland

Richmond

Atlanta

17,789,365
17,768,865
17,747.865
17,694,865
17,693,865

905,888
892,944
899,153
918,037
907,562

5,257,962
5,227,014
5,141,555
5,051,870
5,116,040

939,706
955,228
971,781
967,187
969,098

1,328.730
1,335,451
1,346,783
1,331,925
1,330,417

892,262
916,9581
904,477
939,097
929,108

603.888
604,388
624,821
625,141
626,073

40,611
40,611
40,601
40,352
41,351

95,637
95,637
95,375
104,464
104,460

42, 302
42. 802
42, 793
42, 906
42, 905

57,316
57,316
57, 310
57, 514
57, 514

48,681
48,681
48,642
48,795
48,793

38,142
38,142
37,929
37,595
37,593

291,192
292,544
284,130
272,013
266,659j|

22,424
24,337
23,608
22,849
22,822

70.919
70,227
68,413
65,560
63,976

21,032
21,055
21,213!
20,617
20,101

23,876
23,513
24,883
22,357
23,962

18,4o7
19,943
18,044
17,425
15,799

23,635
23,393
22,748
23,911
22,241

Chicago

Minneapolis

St.
Louis

Kansas
City

Dallas

San
Francisco

625,750
646,999
639,969
642,728
641,984

340,902
357,933
366,418
362,962
361,726

613,712
636,725
633,824
646,770
624,884

500,,152
517,,858
507,040
517,095
510,264

2 ,367,638
2 ,301,566
2 ,282.480
2 ,251,803
2 ,247,670

110,516
110.516
110,508
110,125
110,125

32,643
32,643
32,639
32,516
32,516

14,777
14,777
15,776
15,738
15,738

25,671
25,671
25,668
25,575
25,575

18,649
18,649
18,645
18,552
18,552

78,943
78,943
98,935
91,009
90,951

36,216
36,494
34,704
32,465
30,360

15,030
13,811
13,387
13,536
13,187

5,556
5,716
5,683
5,862
5,398

14,639
15,128
13,818
13,181
12,802

11,504
11,598
10,878
9,746
9,477

27,894
27.329
26,751
24,504
26,534

959,410
991.846 3,233,326
5,424,518'.!, 003,040|l, 409,922
985,582 1,026,028 3,162,706
5,392,878|1,019,085 1,416,280
971,163 1,026,16113,234,113
5,305,343|l,O35,787 1,428,976
5i221i89411^0301710 1,411,796 1,005,317J1,035,726 3,233,761
"•"
993,700 1,018,4513,236,980
5,284,476 1,032,104 1,411,893

673,423
693,453
685,995
688,780
687,687

361,235
378,426
387,877
384,562
382,862

654,022
677,524
673,310
685,526
663,261

530, 305
548, 105
536, 563
545, 393
538, 293

2',474,475
21.407,838
21,408.166
2>,367.316
2',365,155

18,684,445
18,665,797
18,656,816
18,592,019
18,586,597

%8,923
957,892
963.362
981,238
971,735

141,020
175.850
199,806
230,505
294,05.

4,570
3,425
8,500
14,650
11,075

56,860
68,285
92,775
128,640
153,500

420
6,175
2,325
6,100
11,750

6,650
13,850
10,025
12,275
19,650

141,020
175,850
199,806
230,505
294,055

4,570
3,425
8,500
14,650
11,075

56,860
68,285
92,775
128,640
153,500

420
6,175
2,325
6,100
11,750

3,893
3,924
3,721
3,873
3,983

197
19'
197
197
195

10
10
10
10
10

4,248,322
4,628,675
4,657,615
4,763,072
4,834,220

71,51
110,435
97,809
105,691
113,938

6,735,527
6,747,130
6,755,789
6,773,079
6,782,184

556,860
548,109
561,195
522,621
534,399

930,069 3,086,594
964,49313,015,696
965,48413,088,901
974,220 3,091,171
958,617 3,096,495

2,750
3,860
4,450
5,750
6,800

3,000
300
300
700

4,300
6,550
7,350
8,750
16,050

31,000
31,500
29,450
17,600
28,500

5,000
1,500
5,911
3,050
15,850

29,450
32,205
37,445
32,615
29,865

5,500
775
275
285

500
500
30

6,650
13,850
10,025
12,275
19,650

2.750
3,860
4,450
5,750
6,800

3,000
300
300
700

4,300
6,550
7,350
8,750
16,050

31,000
31,500
29,450
17,60.0
28,500

5,000
1,500
5,911
3,050
15,850

29,450
32,205
37,44:
32,615
29,865

5,500
775
275
285

500
500
30

2,759
2,793
2,590
2,742
2,818

308
308
308
308
308

124
121
121
121
120

20
20
20
20
19

2,082,093
2,289,703
2,305,556
2,368,094
2,392,671

187,459
216,669
192,729
233,825
243,740

96,589
88,463
96,533
105,049
100,799

51,750
61,616
64,800
48,260
50,143

617,250
633,278
718,868
671,060
670,045

471,864
457,044
463,700
459,906
439,946

870,472
898,249
896,924
896,911
907,327

605,910
606,629
607,165
608,236
608,800

4,896,640
4,896,640
4,926,140
4,929,140
4,917,140

336,730 1,218,034
336,717 1,218,049
338,798 1,225,335
338,994 1,226,090
338,078 1,223,193

370,748
370,740
372,994
373,219
372,273

465,266
465,240
468,129
468,397
467,109

1,568,221
1,568,221
,565,721
,565,721
,559,721

107,844
107,837
107,68:
107,679
107,239

390,093
390,098
389,461
389,464
387,998

118,736
118,735
118,553
118,551
118,085

,170,972
,165,672
,156,472
,150,372
,138,052

80,525
80,156
79,536
79,115
78,247

291,278
289,963
287,663
286,148
283,103

88,659
88,257
87,566
87,103
86,161

I

18,619,68211,153,476
19,006,338jl, 183,254
19,061,737 1,185,020
19,181,38411,154,100
19,231,317IJ1,171,901




4,598,748 1,237, 466
4,821,091 1,251, 445
4,926,883 1 ,235,
4,940,856 1,272, 604
4,957,010 1,260, 205

450
450
450
450
488

25
25
25
25
25

14,950 ,206,991
30,771 1,208,793
19,090 ',195,388
,191,808
23,
18, 100 1,233,985

92,235
123,056
106,451
95,286
92,925

55,280
48,915
116,065
115,015
116,100

48,804
63,731
62,524
51,199
43,474

34,903
36,043
39,180
42,190
28,720

305,751
350,480
361,490
383,555
399,625

515,523
516,110
521,590
537,438
544,786

853,275
842,396
843,469
845,611
855,242

336,846
316,251
321,691
352,775
363,321

204,432
208,247
138,871
142,489
134,248

358,359
358,554
342,301
365,420
376,337

312,854
306,437
310,690
320,656
318,326

1,031,882
1,055,826
1,029,325
1,049,956
1,029,407

313,774
313,781
315,647
315,843
315,117

247,528
247,528
249,021
249,173
248,564

641,424
641,447
645,232
645,640
644,;•"

230,087
230,088
231,472
231,613
231,053

132,416
132,410
133,233
133,309
132,944

240,599
240,600
242,043
242,192
241,614

203,834
203,832
205,068
205,192
204,676

496,200
496,208
499,168
499,478
498,311

149,008
149,000
148,789
148,786
148,169

100,490
100,493
100,325
100,327
99,955

79,275
79,275
79,149
79,149
78,845

205,426
205,434
205/
205,084
204,342

73,689
73,689
73,570
73,570
73,290

42,409
42,406
42,346
42,345
42,168

77,055
77,056
76,932
76,932
76,640

65,282
65,281
65,179
65,178
64,925

158,914
158,917
158.655
158,656
158,065

111,262
110,753
109,899
109,316
108,112

75,035
74,697
74,102
73,712
72,932

59,194
58,926
58,461
58,152
57,530

153,389
152,701
151,476
150,680
149,098

55,023
54,774
54,340
54,054
53,476

31,667
31,521
31,278
31,112
30,768

57,536
57,276
56,823
56,524
55,920

48,745
48,523
48,143
47,888
47,373

118,659
118,125
117,185
116,568
115,332

916, 470 3!, 060,505
932, 610 31,050,771
927, 3113i, 040,645
947, 012 3>,038,823
947, 825 31,086,875

787,:
797,858
787,524
807,298
814,065

466.204
463,499
461,793
464,270
456,228

782,353
797,217
780,623
792,267
793,985

665,618
660,116
668,260
681,104
664,020

2,111,406
2,179,556
2,165,823
2,208,213
2,200,740

1,692,597 1,146,9591
1.,711,705 1,157,216|
.,720,274 1,162,039
1.,728,459J1,146,378
1L, 731,516 1,146,947

FEDERAL RESERVE BULLETIN

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

Total loans and s e c :
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb.21
Due from foreign banks
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb.21
Federal Reserve notes
of other banks:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
Uncollected items:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
Bank premises:
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Other assets:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb.21
Total assets:
Jan. 24
Tan. 31
Feb. 7
Feb. 14
Feb.21
Liabilities
Federal Reserve notes:
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Deposits:
Member bank—
reserve acct.:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb.21
U. S. T r e a s u r e r general acct.:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb.21
Foreign:
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Other:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb.21
Total deposits:
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb. 2 1 . . . . . . . .
Deferred availability
items:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb.21

Philadelphia

New
York

Boston

Total

1,240,645
1,260,413
1,240,457
1,281, 446
1,274,773

Richmond

Cleveland

1,699,',555 1 ,149,833
1,725,863 ,161,197
1,730,607 1,166,610
1,741,042 1 ,152,249
1,751,,474 1,153,867

Atlanta

916,490 3,064,805
935,630^,057,321
927,631^3,047,995
947,332|3,047,573
948,544 3,102,925

665,618
665,616
669,035
681,379
664,305

,111.876
,180,006
,166,773
,209,163
2,201,258

4
4
4
4
4

3
3
3
3
3

4
4
4
4
4

4
4
4
4
4

10
10
10
13
13

12,600
12,224
10,403
8,954
9,088

7,490
5,331
5,556
4,546
5,403

3,372
4,085
2,559
2,086
1,829

5,706
5,140
5,459
3,785
4,167

4,120
4,021
2,653
2,673
3,400

24,589
19,393
13,950
10,293
12,122

174,051
113,626
125,656
115,121
118,071

340,741
304,381
289,815
406,384
305,625

97,843
80,629
78,600
91,892
81,756

47,926
38,415
41,217
45,959
39,492

116,156
91,170
91,280
96,931
108,107

93,547
74,641
68,886
91,613
77,193

218,526
211,548
198,117
229,172
223,548

2,845
2,845
2,845
2,845
2,838

1,608
1,607
1,607
1,607
1,606

3,173
3,167
3,167
3,167
3,167

2,114
2,110
2,110
2,110
2,110

1,252
1,249
1,249
1,249
1,249

2,661
2,661
2,655
2,655
2,655

901
894
894
894
894

1,938
1,931
1,931
1,931
1,931

4,419
4,342
4,032
4,155
4,157

3,310
3,463
3,276
3,362
3,483

8,438
8,928
8,405
8,650
8,847

3,266
3,480
3,221
3,233
3,275

1,763
1,839
1,591
1,629
1,720

3,213
3,444
3,227
3,303
3,348

2,718
2,
2,692
2,616
2,821

6,629
7,203
6,776
6,915
7,029

2,277,931 2,098,574
2,298,198
198 2 ,090,017
2,296, 236 2 ,092,423
2,305, 430 2,111,115
2,304,
,098,153

6,663,101
6,548, 745
6,593, 916
6,708,507
6,666,650

1,603,020
1,614,365
1,592,460
1,615,463
1,622,800

886,755
889,016
902,200
902,808
899,233

1,593,590
1,609,390
1,594,028
1,617,111
1,605,417

1,427,488 1 893, 889 1,472,667 1,265,950 3,984,844
1,430,914 1,896,643 1,480,299 1 ,282,557 3,990,453
1 ,438,928 1,904, 169 1,484,301 1,286,715 4,012,
1,447,399 1,917,112 1,487,346 ,290, 656 4,029,581
1,459,088 1,927,087 1,494,625 1,292,897 4,059,916

923,976
928,394
933,258
936,542
939,712

474,086
475,824
478,513
480,437
481,841

792,747
802,027
804,160
804,776
805,714

537, 162
546, 876
546, 757
547,071
545,501

2,151,390
2,041,896
",064,234
2,099,177
,099,014

520,845
513,452
516,108
524,919
529,973

315,838
305,817
304,843
314,29;
306,820

624,643
625,972
638,507
651,638
636,151

611,629 1 ,763,333
590,254 1,710,802
599,523 1,685,664
,674,004
614,
607,657 1,678,583

17,514
38,256
18,375
23,951
12,591

52,203
62,506
85,156
62,013
54,420

17,183
40,876
16,147
15,075
18,808

16,052
33,249
46,066
28,738
37,693

19,096
41,776
21,197
23,128
23,092

22,481
43,660
22,637
26,270
19,678

18,921
38,431
54,251
54,490
24,711

46,081
49,535
50,124
51,527
52,319

38,401
41,280
41,770
42,939
43,600

142,632
153,325
155,146
159,488
161,942

32,915
35,383
35,803
36,805
37,371

25,235
27,127
27,449
28,2V
28,651

32,915
35,383
35,803
36,805
37,371

32,915
35,383
35,803
36,805
37,371

83,540
89,791
90,866
93,404
94,768

2,870
2,816
3,145
2,858
3,074

51,021
48,085
42,239
40,775
43,306

116
116
116
116
116

9
9
9
9
9

107,505
97,399
80,798
67,852
72,916

3,619
2,250
3,062
2,985
3,201

11,715
14,023
11,304
10,481
12,617

2,580
2,708
1,975
1,786
2,232

4,466
3,552
3,930
3,701
3,374

15,984
15,014
11,860
8.600
7,490

11,264
9,658
8,087
7,962
7,993

2,119,357
1,878,
1,784,593
2,217,588
1,983,660

137,188
120,894
130,481
151,043
141,945

438,202
414,643
350.211
493,930
431,129

106,033
103,359
99,709
108,469
113,081

203,710
196,367
170,901
254,816
201,315

145,434
129,212
139,720
132,258
142,398

34,545
34,482
34,476
34,476
34,458

1,610
1,605
1,605
1,605
1,605

8,894
8,876
8,876
8,876
8,876

3,457
3,445
3,445
3,445
3,445

4,092
4,092
4,092
4,092
4,082

63,730
66,613
61,760
63,440
64,771

4,591
4,460
4,135
4,328
4,275

14,552
15,1481
13,876
14,575
14,976

4,538
4,754
4,289
4,420
4,538

6,293
6,664
6,240
6,254
6,302

39,774,293
39,929,404
39,883,823
40,391,253
40,271,873

,274,183
,273,986
,296,371
,310,155
,305,941

10,553,528 2,360,305
10 ,734,983 2 ,393,776
10,709,307 2,385,674
10,819,291 2,430, 288
10,862,623 2,430,185

3,328,050
3,352,830
3,344,758
3,421,713
3,378,452

21,647,358
21,748,046
21,845,618
21,950,486
22,065,160

1,353,280
1,357,913
1,365,024
1,373,238
1,383,233

4,824,745
4,850,568
4,872,210
4,894,387
4,928,939

14,084,855
13,883,718
13,950,402
14,021,934
13,999,228

653,202
633,869
652,428
639,434
641,658

4,457,602
4,498,193
4,486,395
4,493,150
4,509,977

692,840
693,928
687,976
686, 756
683,971

1,082,425
1,082,760
1,084,268
1,074,700
1,092,751

595,982
587,009
602,293
616,684
588,096

615,126
599,766
628,
632,940
624,

479, O S
647,581
592,798
547,243
516,571

26,956
48,802
51,799
49,422
35,829

224,227
141,069
155,830
126,285
162,086

13,010
41,325
29,646
41,238
42,111

40,057
72,810
68,454
71,602
50,383

11,354
44,821
23,240
25,031
35,169

455,027
491,637
484,110
2
487,080
2
493,829

96,551
103,789
105,022
107,961
109,622

95,454
102,610
103,828
106,734
108,377

12
12
12
12
12

2

2

240,024
387,032
395,164
377,378
380,896

6,417
5,158
4,777
4,981
4,105

134,537
289,490
301,483
290,478
289,286

5,686
4,159
4,204
4,821
4,848

10,574
8,250
8,219
7,718
8,635

3,917
2,990
4,935
2,587
3,190

3,066
3,228
5,871
2,856
3,662

4,322
4,729
3,634
4,021
4,077

11,749
12,110
11,041
10,39!
10,743

2,24'
2,800
2,106
2,08"
1,837

3,618
3,217
3,510
3,806
4,133

15,961,287
16,165,08:
16,186,213
16,217,764
16,187,8-87

762,263
769,340
791,129
777,281
767,563

5,271,393
5,420,389
5,427,818
5,396,993
5,455,178

808,087
843,201
826, 848
840, 776
840,552

1,228,510
1,266,430
1,264,769
1,260,754
,260,146

657,334
684,355
680,592
695,829
678,774

674,107
682,530
694,179
702,686
684,430

2,350,547
2,262,456
2,308,170
2,324,699
2,319,453

582,692
601,821
579,099
587,191
596,895

359,372
368,993
380,464
373,333
375,001

680,272
706,348
699,017
715,377
700,747

1,664,217
1,512,89'
1,346,74C
1,715,64
1,509,78.

125,584
113,385
106.915J
126,2301
121,547!

124,980
110,621
108,27'
99,023
107,740

138,70
105,394
91,885
98,269
101,185

261,638
229,189
206,150
287,214
220,149

79,249
66,913
62,828

39,931
30,798
29,734
35,512
28,832

103,987
84,307
74,065
80,090
82,044

289,987
296,255
240,859
358,82,
308,987

San
Francisco

811,828
829,447
818,093
824,907
823,875

4,655,618
4,889,386
5,019,
5,069, 506
5,110, 520

2

Dallas

471,204
464,999
467,704
467,320
472,078

1,158,243
1,186,876
1,193,717
1,168,947
1,183,171

75,688
81,511
82,125
83,444
85,971

Kansas
City

Minneapolis

St.
Louis

818,880
829,358
816,974
824,898
842,565

18,764,595
19,186,112
19,265,264
19,415,762
19,529,355

1,157,3S
1,246,754
1,247," '"
1,271,209
1,291,192

Chicago

82,253
77,045
77,168
99,117'
87,457

159,207
143,132
128,992
196,804!
144,057

74,354
68,802

1,297, 213 4 ,838,043
1,296, 169 4,827,929
"•
1,280,727
4,795,723
1,324,572 4,824,800
1,286,910 4,811,053

2,696,524
2,705,578
2,718,703
2,741,941
2,746,607

669,895 1,916,815
672,113 1,887,109
661,108 1,873,020
680,172 1 ,862,673
667,780 1,841,368

73,866
60,82:
56,323
80,703
56,839

184,828
195,030
163,544
179,506
182,145

1

After deducting $87,000 participations of other Federal Reserve Banks.
"After deducting $699,993,000 participations of other Federal Reserve Banks on Jan. 24; $752,471,000 on Jan. 31; $761,410,000 on Feb 7: $782 717 000
on Feb. 14; and $794,761,000 on Feb. 21.
'
'

MARCH

1945




z37

STATEMENT OF C O N D I T I O N OF T H E FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]

Other liabilities including accrued div.:
Jan.
Jan
Feb
Feb
Feb

24
31
7
14
21

Total liabilities:
Jan. 24
Jan 31
Feb. 7
Feb 14
Feb.21
Capital Accounts
Capital paid in:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb.21
Surplus (section 7):
Jan. 24
Jan. 31
Feb. 7...
Feb.14
Feb.21
Surplus (section 13b):
Jan 24
Jan. 31
Feb. 7
Feb.14
Feb.21
Other capital accounts:
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb.21
Total liabilities and
capital accounts:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
Commitments to make
industrial loans:
Jan 24
Jan 31
Feb 7
Feb 14
Feb. 21

570
699
601
625
706

8, 050
7, 515
8, 239
8, 584
8, 808

....

39,
39,
39,
39,
39,

39
39
39
40
40

Philadelphia

New
York

Boston

Total

Richmond

Cleveland

1,
1,
1,
2,
2

711
636
980
224
255

512
505
549
649
624

738
724
822
896
857

387
568
542
652
695

836
848
867
427
359

2,318, 340
2,351, 665
2,343, 493
2,387, 941
2,387, 721

3, 282, 344
306,929
3, 298, 752
3 375, 566
3, 332, 147

255,
275,
273
282,
281

6
6
6
6
6

280,
433,
386,
892,
771,

912
540
810
479
639

2,241, 697
2,241, 337
2,263, 669
2,277, 374
2,273, 049

165,
165,
165,
166,
166,

305
544
801
046
215

10
10,
10
10
10

140
140
148
153
153

59
59
59
59
59

613
628
666
735
751

12,
12,
12
12
12

302
341
343
422
440

16 658
16 669
16 673
16 683
16,692

228
228
228
228
228

153
153
153
153
153

15
15
15
15
15

239
239
239
239
239

84
84
84
84
84

903
903
903
903
903

19
19
19
19
19

872
872
872
872
872

19
19
19
19
19

27
27
27
27
27

165
165
165
165
165

2
2
2
2
2

880
880
880
880
880

7
7
7
7
7

143
143
143
143
143

4
4
4
4
4

468
468
468
468
468

1
1
1
I
1

72
75
75
77
78

758
002
894
410
701

4
4
4
4
4

227
390
435
509
620

14 ,033
14 ,461
14 ,728
15 ,083
15,467

5
5
5
5
5

323
430
498
585
684

2,274 183
2,273 986
2,296.371
2,310 ,155
2,305 ,941

10 ,553 ,528
10 ,734 ,983
10 ,709 ,307
10 ,819 ,291
10 ,862 ,623

774 293
929 404
883 823
391 ,253
271 873

10
10
10
10
10

345
324
1^ 368
304
lt 388

938
539
586
3f9
395

484
335
402
451
419

St.
Louis

Chicago

Atlanta

Minneapolis

Kansas
City

254
212
262
264
258

257
299
316
362
328

465 079, 702 598, 374
610 >071, 020 483, 422
572 073, 365 6 528, 568
649 091, 990 > 642, 798
558 » 078, 907 600,906

586,
597,
575,
598,
605,

174
427
501
449
737

873,
875,
888,
889,
885,

643
827
973
546
932

Dallas

San
Francisco

263
277
297
321
317

292
208
235
277
357

686
757
821
832
904

577, 269
959
577, 539
600 564
588 822

,281, 215
,280, 022
1,264, 423
,308, 223
1,270 477

798, 853
788, 474
756,088
784,952
771, 024

> 592,

593
603
609
612
622

5, 931
5, 942
5, 953
5, 955
6, 003

19,
19,
19,
19,
19

682
706
750
760
765

5
5
5
5
5

247
255
255
265
277

3
3
3
3
3

627
632
639
645
647

5
5
5
5
5

295
315
316
317
329

5
5
5
5
5

309
396
519
519
552

14
14
14
14
14

908
917
930
980
984

071
071
071
071
071

7 813
7
7
7
7

813
813
813
813

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

33
33
33
33
33

201
201
201
201
201

7 048
7 048
7 048
7 048
7 048

4
4
4
4
4

950
950
950
950
950

6
6
6
6
6

196
196
196
196
196

6 025
6 025
6 025
6 025
6,025

15
15
15
15
15

899
899
899
899
899

007
007
007
007
007

3
3
3
3
3

290
290
290
290
290

.762
762
762
762
762

1
1
1
1
1

429
429
429
429
429

527
527
527
527

307
307
307
307
307

2
2
2
2
2

142
142
142
142
142

8 970
9 154
9 ,255
9 ,386
9 ,535

4 770
4 ,882
4 ,952
5 ,066
5 ,173

4 243
4 357
4 407
4 472
4,545

10 415
10 987
10 968
11 319
11 ,349

2,360 ,305
2,393 ,776
2,385 ,674
2,430 ,288
2,430 ,185

3 ,328 ,050
3 ,352 ,830
3 ,344 ,758
3 ,421 ,713
3 ,378 ,452

2 ,277 ,931
2 ,298 ,198
2 ,296 ,236
2 ,305 ,430
2 ,304 ,456

2,098 574
2 ,090 017
2 ,092 ,423
2 ,111 ,115
2 ,098 ,153

6 ,663 ,101
6 ,548 ,745
6 ,593 ,916
6 ,708 ,507
6 ,666 ,650

2 ,389
2 ,355
2 ,555
2 402
2 ,314

20
20
20
20
20

400
400
400
400
400

3 ,495

3 ,461
3 ,661

3 508
3 ,382

527

1 073
I 073
l,-O73
1 073
1 073

1 137
1 137
1 137
1 ,137
1 137

1
1
1
1
1

4 ,024
4 ,108
4 ,129
4 ,174
4 ,211

3 462
3 534
3 565
3 594
3 ,631

3 ,693
3 ,783
3 ,840
3 ,897
3 ,933

3 357
3 ,419
3 ,453
3 ,498
3 ,549

6 241
6,497
6 664
6,827
7 004

1 ,603,020
1 ,614 ,365
1 ,592 ,460
1 ,615 ,463
1 ,622 ,800

886 755
889 ,016
902 ,200
902 ,808
899 ,233

1 ,593 ,590
1 ,609 ,390
1 ,594 ,028
1 ,617 ,111
1 ,605 ,417

1,297 ,213
1,296 ,169
1,280 ,727
1,324 ,572
1,286 ,910

4 ,838 ,043
4 ,827 ,929
4 ,795 ,723
4 ,824 ,800
4 ,811 ,053
631
631
631
631
593

55
55
55
55
55

FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve notes outstanding (issued to Bank):
Jan. 24
Jan. 31
Feb. 7...:
Feb. 14
Feb. 21
Collateral held against notes
outstanding:
Gold certificates:
Jan.24
Jan. 31
Feb. 7
Feb.14
Feb.21
Eligible paper:
Jan. 24..
Jan. 31
Feb. 7
Feb. 14
Feb. 21
U. S. Govt. securities:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb.21
Total collateral:
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21

z38



Boston

New
York

Philadelphia

Cleveland

Richmond

22,446,586
22,463,124
22,482,482
22,546,760
22,673,463

408, 889
406,
412,471
409,
422, 682

5 ,012,974
,017,107
5,027,409
,038,524
51,066,525

1,459,398
1,466,877
1,473, ~
1,479,710
1,482,809

1,949,862
1,949,672
,950,602
1 , 9 6 1 ,229
""
1,970, 628

1,517,584
1,520,580
1,519,701
1,517,967
1,522,541

11,043,000
11,093,000
11,001,350
10,781,350
10,836,350

610, 000 3 ,270,000
610, 000 3 ,270,000
610, 000 3 ,270,000
610, 000 3,,045,000
610, 0003 ,045,000

623,000
623,000
623,000
628,000
633,000

812,000
812,000
812,000
812,000
822,000

615,000
615,000
615,000
615,000
615,000

130,050
146,950
180,856
208,405
257,340
11,747,235
11,778,056
11,871,451
12,060,286
12,057,925

4,570
3,425
8,500
14,650
11,075

56,860
68,285
92,775
128,640
153,500

810,000 1,800,000
810,000 1,800,000
^,000
810, 000 1
810, 000 2,000,000
810, 000 2:000,000

420
6,175
2,325
6,100
11,750

Chicago

1,332, 556 4 ,076,713
,334, 369 4,072,358
1,331, 541 4 ,087,470
1,339, 435 4 ,103,960
1,343,391 4,138,914

605,000
605,000
605,000
605,000
605,000

900,000
900,000
920,000
920,000
960,000

2,750
3,860
4,450
5,750
6,800

850,),000 1,150,000
850,000 1,150,000
850,000 1,150,000
850,
,150,000
850,000 1,150,000

1,424, 570 5,126, 860 1 ,473,420
1,423,425 5,138,285 1,479,175
1,428,
,162,775 1,475,325
1,434 650 5 173,640 1,484,100
23,151,615 1,431,075 5,198,500 1,494,750

22,920,285
23,018,006
23,053,657
23,050,041

Atlanta

1,962,000
1,962,000
1,962, 000
1,962,000
1,972, 000

950,000
950,000
950,000
950,000
950,000
1,567, 750
1,568, 860
1,569, 450
1,570, 750
1 ,571, 800

St.
Louis

Minne- Kansas Dallas
apolis City

969,060 487,325 816,149
577,779 21,838,297
r
578,115 "2,838,786
968,922 488,094 «822,028
970,520 488,347 822,069 573, 920 2 ,825,053
969,238 488,999 824,699 575,396 2,838,246
971,436 489,057 826,530 579,116 2,859,834

375,000 195,000 320, 000 244,000 1,474,000
375,000 195,,000 320,000 244,000 1,524,000
375,000 183,350 320,000 244,000 1,424,000
375,000 183,350 320,000 244,000 1,424,000
375,000 183,350 320,000 244,000 1,424,000
31,000 5,000
31,500 1,500
29,450 5,911
17,600 3,050
28,500 15,850

750,000 2,200,000
750,000 2 ,200,000
750,
,200,000
750,000 2,200,000
750,000 2 ,200,000
1,355, 000
1,355, 000
1,355 000
1,355,
1,355,000

San
Francisco

29,450
32,205
37,445,
32,615
29,865

667,235 300,000 525,000 345, 000 1,400,000
698,056 300,000 525,000
" "IS, 345",000 1,400,000
681,451 310,000 525,000 345, 000 1 ,500,000
670,286 310,000 525,000 345,000 1 ,500,000
667,925 310,,000 525,000 345 000 1,500,000

4 ,100,000 1,073,235 500,000 874,450 589,000 2,874,000
4 ,100,000 1,104,556 496,,500 877,205 589,000 2 ,924,000
4 ,120,000 1,085,901 499,261 882,445 589,000 2,924,000
,120, 000 1,062,886 496 ,400 877,615 589,000 2,924,000
4,160,000 1,071,425 509,200 874,865 589,000 2,924,000

FEDERAL RESERVE BULLETIN

INDUSTRIAL LOANS BY^FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday or
last day of
period)
1934
1935
1936
1937
1938
1939
1940
1941

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

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

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

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

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

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

3,352
3,423

338,822
408,737

26,346
4,248

11,265
14,126

16,832
10,661

26,430
17,305

3,443
3,452
3,460
3,471

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

3,481
3,483
3,487
3,489

503,330
510,857
519,120
525,532

1,408
1,295

11,774
11,366
9,274
3,894

9,069
4,048
4,400
4,165

18,267
11,063
9,851
2,705

3,491

526,659

560

4,066

3,461

2,405

984

1942
June 24
Dec. 31
1943
Mar. 31
June 30
Sept 30
Dec. 31
1944
Mar. 31
June 30
Sept. 30
Dec. 30
1945
Jan. 31

ApParticiproved
Loans Commitpations
out- 2 ments
but not
outoutcom- 1 standing
standing
pleted (amount) standing
Amount (amount)
(amount) (amount)

Applications
approved

926

45
645

1

Includes applications approved conditionally by the Federal Reserve
Banks
and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of
Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and the
sum of the following four columns represents repayments of advances, and
applications for loans and commitments withdrawn or expired.

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

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

999,394 1,865,618
1,245,711
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
7,050
7,235
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
8,685,273
8,983,937
9,131,770
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
1,776,609
1,735,970

7,581

9,407,853 1,700,632 1,448,995 3,910,058

Jan. 31

1945

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

81,108
427,918
803,720

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
1,611,872
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
4,476,918
4,453,586

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.

MEMBER BANK RESERVE BALANCES, BY CLASS OF BANK
_
[Averages of daily figures. In millions of dollars]
All
member
banks 1

T o t a l reserves held:
1943—December
1944—January
December
1945—January
Week ending (Friday) z
1944—Dec. 29
1945—Jan. 5
Jan. 12
Jan. 19
Jan. 26
....
Feb 2
Feb. 9
Feb.16
Excess reserves:
1943—December
1944—January
December
1945—January
Week ending (Friday):
1944—Dec. 29
1945—Jan. 5
Jan 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16

Central reserve
city banks
New
York

Chicago

Reserve
city
banks

Counbanks1
Federal Reserve district

12,749
12,935
14,168
14,048

3,601
3,668
3,756
3,711

837
845
876
864

5,083
5,133
5,654
5,625

3,228
3,289
3,882
3,848

14,019
14,110
14,041
14,147
14,081
13 926
13,997
14,037

3,684
3,696
3,687
3,720
3 733
3 750
3,764
3,761

850
846
855
874
881

5,592
5,628
5,631
5,668
5,637
5 561
5,566
5,592

3,893
3,940
3,868
3,885
3 830
3 739
3,790
3 803

1,048
l,104
1,284
1,114

28
19
28
11

6
5
2
3

302
334
359
297

712
746
895
804

1,301
1,350
1,187
1,163
1,048
926
977

28
22
12
20
14
14
18

1
6
5
77
5
6

925
931
836
829
767
678
712

10

9

348
391
333
305
259
228
243
255

r

876

876
882

DEPOSITS OF COUNTRY MEMBER
BANKS I N LARGE A N D
SMALL CENTERS,1 JANUARY 1945
[Averages of daily figures. In millions of dollars]

r

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

In places of 15,000
and over population

In places of under
15,000 population

Demand
deposits
except
interbank 2

Time
deposits

Demand
deposits
except
interbank 2

14,961

5,926

9,485

4,110

'2,064
2,970
1,046
1,318

664
1,511
528
642

307
926
768
874

175
827
615
554

1,187
1,268
1,940
540

297
320
972
229

693
547
1,304
779

311
136
629
182

452
424
756
995

192
78
85
407

500
1,154
1,127
507

285
143
42
209

Time
deposits

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.

r
v
1

Revised.
Preliminary.
Weekly figures of excess reserves of all member banks and of country
banks are estimates.

MARCH

1945




2-39

DEPOSITS AND RESERVES OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Gross demand deposits
Class of bank and
Federal Reserve district

Total

Interbank

U.S.
Government
war loan
de
"o
posits"

Other

deDemand Net
deposits mand
de- 4
adjusted3 posits

Demand
Time balances
due
defrom
posits5 domestic
banks

Reserves

Held

Required

Excess

First half of January 1945
All member banks

90,962

12,146

17,429

61,387

57,534

63,564

19,471

6,245

14,055

12,841

1,213

Central reserve city banks:
New York
Chicago

25,648
5,813

4,027
1,163

6,386
1,339

15,234
3,311

14,100
3,077

18,082
4,063

1,024
620

63
178

3,688
.851

3,678
850

10
1

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

33,655
2,274
562
2,506
4,168
2,057
2,054
4,207
2,003
1,115
2,646
2,101
7,961

5,664
313
28
346
553
350
579
480
670
270
909
541
624

5,786
587
79
499
737
481
265
776
306
289
319
279
1,167

22,205
1,374
455
1,662
2,878
1,225
1,210
2,950
1,027
555
1,418
1,282
6,170

20,332
1,283
427
1,546
2,679
1,131
1,076
2,758
902
493
1,243
1,171
5,624

24,092
1,546
435
1,821
3,048
1,347
1,509
2,934
1,469
696
1,848
1,476
5,963

7,837
133
217
156
978
323
294
1,359
236
121
251
217
3,553

1,946
50
21
70
186
137
151
310
105
69
307
240
301

5,629
328
105
388
717
329
341
707
317
150
429
359
1,458

5,289
317
100
374
668
289
319
668
308
146
, 385
308
1,406

340
11
5
15
49
41
21
39
9
4
44
51
52

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

25,847
2,482
4,001
1,844
2,233
2,108
2,074
3,328
1,494
1,068
1,664
2,016
1,536

1,291
98
82
12
38
218
247
79
169
107
81
133
27

3,919
564
827
312
374
317
245
506
146
138
146
183
162

20,637
1,821
3,092
1,520
1,821
1,573
1,583
2,743
1,179
823
1,437
1,701
1,347

20,025
1,742
2,977
1,478
1,777
1,498
1,525
2.690
1,146
801
1,418
1,667
1,309

17,327
1,640
2,744
1,279
1,480
1,346
1,385
2,225
1,026
718
1,080
1,317
1,086

9,990
835
2,329
1,138
1,190
607
451
1,593
409
475
220
127
616

4,057
204
321
214
338
381
399
551
291
192
424
489
255

3,887
330
628
316
388
287
289
539
214
168
229
270
229

3,025
2,80
524
247
279
225
221
407
168
129
164
192
189

862
50
104
69
109
63
68
132
46
39
65
78
40

19,638

5,862

14,042

13,020

1,021

Second half of January 1945
All member banks

90,313

11,653

16,444

62,215

58,564

Central reserve city banks:
New York
Chicago

25,454
5,816

3.918
1,117

5,974
1,244

15,562
3,455

14,410
3,239

18,286
4,175

1,033
616

58
182

3,732
875

3,719 I
872

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

33,465

2,282
560
2,490
4,139
2.020
2,028
4.200
1,984
1,077
2.605
2,081
7,998

5,383
299
27
324
534
326
554
464
620
258
852
512
613

5,493
573
74
487
688
454
250
733
286
268
305
261
1,113

22,589
1,410
458
1,680
2,917
1,240
1,224
3,004
1,078
551
1,449
1,307
6,272

20,857
1,328
434
1,576
2,722
1,153
1,099
2,819
955
493
1,285
1,200
5,794

24,460
1,580
443
1,833
3,078
1,365
1,511
2,990
1,477
691
1,853
1,491
6,150

7,909
134
218
157
987
326
298
1,373
239
123
254
220
3,580

1,822
47
19
67
181
117
147
297
101
62
287
225
273

5,622
332
105
389
707
321
335
714
316
148
413
342
1,499

5,366
324
102
376
675
293
320
680
310
146
386
311
1,445

12
4
256
8
3
13
32
29
15
33
6
3
27
31
54

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

25,578
2.449
3,952
1.810
2,222
2.081
2,048
3,315
1,472
1,046
1,649
2,012
1,523

1,236
92
78
12
31
211
243
75
159
104
76
128
27

3,733
550
783
295
355
299
232
485
139
131
139
173
154

20,609
1,807
3,092
1,503
1,836
1,571
1,573
2,755
1,174
811
1,434
1,710
1,342

20,058
1,737
2,988
1,467
1,795
1,503
1,521
2,709
1,144
791
1,418
1,675
1,309

17,558
1,646
2,780
1,286
1,503
1.367
1,396
2,273
1,036
722
1,106
1,337
1,106

10,080
843
2,347
1,149
1,204
609
460
1,610
414
478
222
128
616

3,800
188
292
196
325
357
380
517
270
173
392
473
234

3,812
319
618
308
382
282
278
532
210
164
224
266
227

3,063
281
530
249
283
228
223
415
170
130
168
195
192

749
38
89
60
99
54
55
118
40
35
56
71
35

64,478

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 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
accounts.
4
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.

Z4-O




FEDERAL RESERVE BULLETIN

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of year and
month
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942

. ..

1943—January
February
March
April
May
June
July
August
September....
October
November....
December
1944—January
February
March
April
May
June
July
August
September. . . .
October
November
December
1945—January

Total
in circula-1
tion

Total

5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410

4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576

15,590
16,088
16,250
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

11,665
12,065
12,121
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

Coin and small denomination currency 2

Large denomination currency2

$1 3

$2

$5

$10

$20

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

869
877
890
904
914
929
943
960
970
987

773
786
791
804
824
834
843
858
866
872
886
909
880
877
881
885
903
906
910
921
937
948
962
987
950

54
56
56
58
59
61
62
64
64
65
68
70
69
70
70
70
72
72

1,678
1,718
L,713
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

4,107
4,279
4,280
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

4,183
4,349
4,391
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

3,928
4,026
4,129
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

Coin

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

73
75
75
76
78
81

77

Total

$50

$100

$500

618
577
627
707
710
770
919

1,019

1,112
1,433
1,910

125
112
122
135
139
160
191
227
261
287

237
216
239
265
288
327
425
523
556
586

1,047
1,079
1.104
,131
,159
,195
,237
,293
1,327
1,366
1,416
1,481
L.509
1,534
1,576
1,618
1,668
1,699
1,722
1,780
1,829
1,893
1,946
1,996
2,022

1,962
2,013
2,069
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

293
298
306
312
319
329
341
353
360
373
388
407
418
426
444
456
473
481
487
502
516
532
546
555
566

592
599
616
621
630
648
667
687
698
713
729
749
767

364
337
358
399
387
409
460
538
724

$1,000 $5,000 $10,000

8
10
5
8

20
30
24
9

10
7
16
18
12
32
32
60
46
25

10
11
11
15
10
10
10
9
11
11
10
9
9
9
9
9
9
9
9
9
9
10
10
10

25
25
23
26
22
21
20
22
20
20
19
22
21
22
22
23
23
22
22
22
22
23
23
24

10

21

3
3
1
1
1
2
2
2
2
3
2
2
3
3
1
1
2
2
2
2
2
2
3
3
3

8
5
7
7
6

17

777

814
836
887
912
911
929
939
963
981
990
990

Unassorted

7
5
2
4
4
3

1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, p p . 415-416.

UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation1

Money held in the Treasury
Total outstanding,
Jan.31,
1945

Gold
Gold certificates
Federal Reserve n o t e s . . . .
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—January 31, 1945
December 31, 1944
January 31, 1944

As security
against
gold and Treasury
cash
silver
certificates

20,550
18,426
22,463
4,127

18,426

494
1,520
1,790
787
294
347
562
123

270
1,520

* 1,790

2

For
Federal
Reserve
Banks
and
agents

Jan. 31, Dec. 31,
1945
1944

Jan. 31,
1944

2,124
117
130

15,558

15
7
3
1

20,216
20,300
21,610

Money
held by
Federal
Reserve
Banks and
agents

2,371
2,375
2,320

15,558
15,629
16,930

53
21,482
3,773

2,815
812
293

53
21,533
3,704
117

116

228
21
6
28

1,562
751
282
316
554
123

1,611
759
282
321
560
123

3,920
3,947
3,892

25,290

55
16,874
3,600
96
1^ 523"
665
252
315
621
128

25,307
20,529

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. 233, and seasonally adjusted figures in table on p. 242.
2
Includes $1,800,000,000 Exchange Stabilization Fund, $143,949,819 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 or5reserves 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 standardsilver 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
under the terms of the Federal Reserve Act, or, until June 30, 1945, of direct obligations of the United States if so authorized by a majority vote of the
Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of at least 40 per cent, including
the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates
pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in
gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement.

MARCH 1945




Z41

ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]

MONEY I N CIRCULATION W I T H ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]

Date

Amount—
unadjusted
for seasonal
variation

End of year figures:
1939
1940
1941
1942
1943
1944

7,598
8,732
11,160
15,410
20,449
25,307

Monthly averages of daily
figures.:
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

16,448
16,815
17,217
17,681
18,196
18,729
19,001
19,566
20,243
20,428
20,635*
20,964
21,312
21,822
22,296
22,580
22,988
23,525
24,112
24,738
25,207
25,243
25,527

Amount—
adjusted for
seasonal
variation

Change in
seasonally
adjusted
series1
+742
+1,134
+2,428
+4,250
+5,039
+4,858

+384
+353
+370
+412
+571
+480
+234
+506
+437
+423
+268
+392
+457
+492
+432
+217
+479
+468
+540
+552
+293
+210
+360

16,581
16,934
17,304
17,716
18,287
18,767
19,001
19,507
19,944
20,367
20,635
21,027
21.484
21,976
22,408
22,625
23,104
23,572
24,112
24,664
24,957
25,167
25,527

1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around the
'ear end, adjustment factors have been revised somewhat for dates afected, beginning with December 1942; seasonally adjusted figures for
money in circulation, as shown in Banking and Monetary Statistics, Table
111, p. 414, and described on p. 405, are based on an older series of adjustment factors.

?

Period

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

12,760
14,512
17,644
21,995
22,737
22,726
21,938
20,619

4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
-10.3
-788.5
-1,319.0

21,918
21,712
21,600
21,429
21,264
21,173
20,996
20,926
20,825
20,727
20,688
20,619
20,550

-19.6
-206.6
-111.7
-170.7
-165.5
-90.7
-177.1
—69.7
—101.2
-98.4
-38.3
-69.6
—69.0

3
11,258
3

. .

1944—January
February... .
March
April
May
June
July
August
September...
October
November
December....
1945—January

Earmarked
DomesNet gold gold: de- tic gold
crease
producimport
or intion 1
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
(4)

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

4

-27.6
11.5
-48.7
-70.5
-93.1
-6.4
-96.6
2.7
-27.4
-22.6
-34.7
-46.3
5
-58.2

3.1
3.4
2.9
2.9
2.9
2.4
3.0
2.8
3.0
2.9
3.0
2.8
'2.8

-23.3

f1 Figure carried forward.
Annual figures through 1943 are estimates of the United States Mint.
Annual figure for 1944 and monthly figures are those published in table on
p. 281, adjusted to exclude Philippine Islands production received in United
States.
2
Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a
fine
ounce thereafter.
3
Includes gold in the Inactive Account amounting to 27 million dollars
on4 Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
The net gold import figures for months subsequent to January 1944
have
not been released for publication.
5
Gold held under earmark at Federal Reserve Banks for foreign account
amounted to 3,995.3 million dollars on Jan. 31, 1945.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 156,
pp. 536-538, and for description of statistics see pp. 522-523 in the same
publication.

BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]

Debits to total deposit accounts except
interbank accounts
Year and month
Total, all
reporting
centers
1936
1937
1938
1939
1940
1941
1942—old series3
1942—new series3
1943
1944

1944—January
February
March
April
May
June
July
August
September
October
November
December
1945—January

New
York1
City

Other
140 other
reporting
centers
centers 2

Annual rate of
turnover of total
deposits except
interbank
New

York
City

461,889
469,463
405,929
423,932
445,863
537,343
607,071
641,778
792,937
r
891,910

208,936
197,836
168,778
171,382
171,582
197,724
210,961
226,865
296,368
345,585

219,670
235,206
204,745
218,298
236,952
293,925
342,430
347,837
419,413
r
462,354

33,283
36,421
32,406
34,252
37,329
45,694
53,679
67,074
77,155
r
83,970

16.5
17.1

71,874
70,688
76,060
66,689
67,259
83,848
72,909
69,124
70,389
73,864
77,775
91,281
82,743

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

37,930
36,469
39,382
34,915
36,049
42,595
37,588
36,332
36,765
38,309
40,381
45,490
40,292

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

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

i6!i

333 other
reporting
centers

'"l3.l"
11.7
10.8
11.5
11.3
10.8
10.5
10.4
11.8
10.3
9.2

10.2
10.2
11.5
11.9
9.9

Debits to demand
deposit accounts
except interbank
and Government

Annual rate of
turnover of demand
deposits except
interbank and
Government

York
City

100 other
leading
cities

York
City

100 other
leading
cities

204,831
193,143
164,945
167,939
167 373
193,729
200,337
258,398
29*8,902

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

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

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

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

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

New

New

r
1
2
3

Revised.
National series for which bank debit figures are available beginning with 1919.
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 United States Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table
55, p. 254, due to differences in method of computation.

Z42.




FEDERAL RESERVE BULLETIN

DEPOSITS AND CURRENCY-ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]

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
1944—January
February
March
April
May
June
July?
August2*
September?...
October*7
November233 3
December

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
79,652

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

125,300
128,600
127,900
127,500
128,000
136,169
139,200
139,000
138,900
139,300
142,600
150,700

81,400
77,300
79,100
82,000
85,600
80,946
82,600
85,900
87,600
92,000
95,300
90,400

106,400
109,400
108,400
107,600
107,500
115,288
118,100
117,300
116,700
116,600
119,300
127,200

Time deposits

United
States
Government
deposits 2

Total

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
60,815

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
32,736

62,500
58,100
59,600
62,100
65,100
60,065
61,500
64,200
65,400
69,300
72,000
66,900

10,700
17,600
14,700
10,900
7,100
19,506
20,300
16,100
13,500
8,600
8,200
20,600

33,200
33,700
34,100
34,600
35,300
35,717
36,300
37,000
37,800
38,700
39,100
39,700

Demand
deposits
adjusted 1

Commercial3 4
banks

Currency
outside
banks

Mutual
savings4
banks

Postal
Savings5
System

19,557
19,192
10,849
11,019
14,513
14,779
14,776
14,77615,097
15,258
15,540
15,777
15,928
15,884'
15,610
16,352
17,543
19,213

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
11,737

149
159
1,186
1,208
1,267
1,269
1,251
1.251
1,261
1,278
1,292
1,303
1,303
1,313
1,315
1,415
1,576
1,786

3,639
3,557
4,761
4,782
5,489
5,638
5,417
5,775
6,005
6,401
6,699
7,325
8,204
9,615
10,936
13,946
15,814
18,837

19,500
19,800
20,100
20,500
21,000
21,217
21,600
22,200
22,800
23,400
23,700
24,100

11,900
12,000
12,100
12,200
12,300
12,468
12,600
12,700
12,800
13,000
13,100
13,300

1,800
1,900
1,900
1,900
2,000
2,032
2,100
2,100
2,200
2,300
2,300
2,300

18,900
19,200
19,500
19,900
20,500
20,881
21,100
21,700
22,200
22,700
23,300
23,500

p
1
2
3

r
Preliminary.
Revised.
Includes demand deposits, other than interbank and United States Government, less cash items in process of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
Excludes interbank time deposits and postal savings redeposited in banks.
J Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks.
5
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and
Table 9, pp. 34-35, for back figures.

BANK SUSPENSIONS1

POSTAL SAVINGS SYSTEM
Iln millions of dollars]

Total,
all
banks

Assets
End of month

Depositors'
balances Total

U. S. Government
Cash
securities
in deposiGuartory
Dianbanks Total rect
teed

1934—Dec
1935—Dec
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940 - D e c
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

597
853
1,058
1,097
1,132
1,192
1,224
1,274
1,345
1,716

467
706
892
931
965
,046
1,078
1,128
1,220
L,716

1944—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

1,833
1,867
1,906
1,947
1,994
2,034
2,084
2,140
2,198
2,257
2,305
*2,337

1.891
1,926
1,964
2,008
2,053
2,095
2,147
2,202
2,262
2.323
2,374

9
9
9
9
9
9
8
8
8
8
8

1,719
1,783
1,823
1,870
1,912
1,951
2,006
2,050
2,110
2,165
2,214

1.719
1,783
,823
L,87O
1,912
1,951
2,006
2,050
2,110
2,165
2,214

1945—Jan

p

130
147
167
167
166
146
146
146
126

Cash
reserve
funds
etc. 2
100
98
93
80
73
74
88
95
102
118
162
135
132
129
132
135
133
143
143
150
152

2,401

p
1
2

Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes working cash with postmasters, 5 per cent reserve fund and
miscellaneous working funds with Treasurer of United States, accrued
interest on bond investments, and accounts due from late postmasters.
Back figures.—See Banking and Monetary Statistics, p . 519; for description, see p . 508 in the same publication.

MARCH 1945




Number of banks suspended:
1934-39
1940
1941
1942
1943
1944
1945—Jan.-Feb

Nonmember
banks

National

State

291

15

6

22
8
9
4
1
0

1
4

Deposits of suspended banksa
(in thousands of dollars) :
125,991
1934-39
1940.
1941
1942 ..
1943
1944
1945—Jan.-Feb

Member
banks

5,943
3,726
1,702
6,223
405
0

2

14,616
256
3,144
4^982

26,548

Insured

Noninsurec

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.

ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, A N D NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits

Loans and investments

Other

Investments
Class of banks, and call dates
Total

All b a n k s :
1934—June 30
1937—June 30
1940—December
1941—December
1942—June 30
December
1943—June 30
December
1944—June 30
December

Total

U.S.
Government
obligations

Other
securities

Loans

Total*

Interbank1

Number
of banks
Demand

Time

42,552
49,565
54,170
61,101
64,009
78,137
87,881
96,966
108,707
119,500

21,306
22,410
23,751
26,616
25,081
23,915
22,241
23,601
25,424
26,100

21,246
27,155
30,419
34,485
38,928
54,222
65,640
73,365
83,284
93,400

11,278
16,954
20,983
25,488
30,301
45,932
57,748
65,932
75,737
85,800

9,968
10,201
9,436
8,997
8,627
8,290
7,892
7,433
7,547
7,600

46,435
59,222
75,963
81,780
82,706
99,796
107,224
117,661
128,605
141,300

4,560
6,332
10,941
10,989
10,287
11,318
10,895
11,012
11,219
12,250

19,527
28,118
38,518
44,316
46,357
61,395
67,554
75,561
83,588
91,450

22,348
24 773
26^504
26,476
26,062
27,083
28,775
31,088
33,797
37,600

15,929
15,539
14,895
14,825
14,775
14,682
14,618
14,57<>
14,553
14,535

32,742
39,472
43,922
50,722
53,649
67,391
76,633
85,095
95,731
105,550

15,700
17,432
18,792
21,711
20,259
19,217
17,660
19,117
21,010
21,700

17,042
22,040
25,130
29,011
33,390
48,174
58,974
65,978
74,722
83,850

10,307
14,563
17,759
21,788
26,410
41,373
52,458
59,842
68,431
77,500

6,735
7,477
7,371
7,223
6,980
6,801
6,516
6,136
6,290
6,350

36,744
49,097
65,305
71,248
72,311
89,132
96,083
105,923
116,133
127,950

4,560
6,332
10,941
10,989
10,287
11,318
10,895
11,012
11,219
12,250

19,527
28,118
38,518
44,316
46,357
61,395
67,554
75,561
83,588
91,450

12,657
14,648
15,846
15,944
15,667
16,419
17,634
19,350
21,326
24,250

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 commercial b a n k s :
1934—Tune 30
1937—June 30
1940—December 31
1941—December
31
1942—June 303
December 31
1943—June 30
December 31
1944—June 30

31,688
38,218
42,556
49,288
52,642
66,240
75,270
83,507
93,936

15,190
17,041
18., 394
21,258
19,920
18,903
17,390
18,841
20,729

16,498
21,177
24,161
28,030
32,722
47,336
57,880
64,666
73,207

10,005
13,964
17,063
21,046
25,934
40,705
51,534
58,683
67,085

6,493
7,213
7,098
6,984
6,789
6,631
6,347 ,
5,983
6,122

35,833
47,824
63,461
69,411
71,150
87,803
94,563
104,094
114,145

4,435
6,146
10,539
10,654
10,076
11,144
10,681
10,705
11,038

19,013
27,240
37,333
43,061
45,664
60,504
66,509
74,309
82,061

12,385
14,438
15,589
15,697
15,410
16,154
17,374
19,081
21,045

13,939
13,883
13,438
13,426
13,399
13,343
13,298
13,270
13,264

All member b a n k s :
1934—June 30
1937—June 30
1940—December 31
1941—December 312
• 1942—June 303
December 31
1943—June 30
December 31
1944—June 30
December 30

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
6,358

958
1,064
1,342
1^502
1,546
1,598
1,643
1,698
1,737
1,789

31
31
31
31
30e

All commercial b a n k s :
1934—June 30
1937—June 30
1940—December 31
1941—December 31
1942—June 30
December 31
1943—June 30
December 31
1944—June 30
December 30e

All n a t i o n a l b a n k s :
1934—June 30
I937—June 30
1940—December 31
1941—December 31
1942—June 30
December 31
1943—June 30
December 31
1944—June 30
December 30
S t a t e member b a n k s :
1934—June 30
1937—June 30
1940—December 31
1941—December 31 2
1942—June 303
December 31
1943—June 30
December 31
1944—June 30
December 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.
e
Estimated. Figures have been rounded to the nearest 50 million.
1
Beginning June 30, 1942, excludes reciprocal bank balances, which on that date aggregated 600 million dollars at all member banks and 614 million
dollars at all insured commercial banks.
...
,
ispondmg 1
ber 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.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-155 iin the same publication.

244




FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits

Loans and investments

Other

] n vestments

Class of banks, and call dates
Total

Total

U. S.
Government
obligations

Loans

AH nonmember commercial b a n k s :
1934—June 30
1937—June 30
1940—December 31
1941—December 31 . .
1942—June 304
December 31
1943—June 30
December 31
1944—June 30
December 30e

5,567
6,733
6,796
7,208
6,856
8,135
9,486
10,847
12,155
13,950

3,177
3,147
3,471
3,693
3,334
3,132
2,840
2,832
2,929
3,000

2,390
3,586
3,325
3,515
3,522
5,003
6,647
8,014
9,226
10,950

1,874
1,936
2,251
2 314
3^829
5,482
6,899
8,099
9,800

Insured nonmember commercial
banks:
1934—June 30
1937—June 30
1940—December 31
1941—December 31
1942—June 30
December 31
1943—June 30
December 31
1944—June 30

4,513
5,479
5,429
5,774
5,849
6,984
8,123
9,258
10^360

2,667
2,756
3,074
3,241
2,995
2,818
2,570
2 556
2,648

1,846
2,723
2,356
2,533
2,854
4,166
5,553
6,702
7,712

1,275
1*240
1,509
1,837
3,162
4,557
5,739
6| 752

1,054
1,254
1,367
1,434
1,007
1,151
1,363
1,588
1,795

510
391
397
452
339
314
270
276
281

544
863
969
982
668
837

1,094
1,312
1,514

303
599
696
742
477
667
925

1,160
1,347

9,810
10,093
10,248
10,379
10,360
10,746
11,248
11,871
12,976
13,950

5,606
4,978
4,959
4,905
4,822
4,698
4,581
4,484
4,414
4,400

4,204
5,115
5,289
5,474
5,538
6,048
6,666
7,387
8,562
9,550

2,391
3,224
3,700
3,891
4,559
5,290
6,090
7,306
8,300

1,022

576
470
637
642
692
740

446
499

Noninsured nonmember commercial
banks:
1934—June 30
1937—June 30
1940—December 31
1941—December 31
1942—June 304
December 31
1943—June 30
December 31
1944—June 30
All m u t u a l savings b a n k s :
1934—June 30
1937—June 30
1940—December 31 2
1941—December 31
1942—June 30
December 31
1943—June 30
December 31
1944—June 30
December 30e

...

Insured m u t u a l savings b a n k s :
1934—June 30
1937—June 30
1940—December 31 2
1941—December 31
1942—June 30
December 31
1943—June 30
December 31
1944—June 30

1,655
1,693
1,800
2,007
2,704
7,525
8,489

NJoninsured m u t u a l savings b a n k s :
1934—June 30
1937—June 30
1940—December 31
1941—December 31
1942—June 30
December 31
1943—June 30
December 31
1944—June 30

8,788
9,124
8,593
8,686
8,560
8,739
8,544
4,345
4,487

969

895

592

971

120
252
548
629
686
861

1,013
3,073
3,111

1,018
1,050
1,108
1,267
1,691
4,452
5,378

1,264
3,844
4,752

5,030
4,508
4,322
4,263
4,130
3,958
3,568
1,411
1,302

3,758
4,616
4,271
4,424
4,430
4,781
4,975
2,935
3,185

2,139
2,676
3,071
3,205
3,698
4,026
2,246
2,554

851

Other
securities

Inter-1
bank

Total 1

Number
of banks
Demand

Time

1,495
1,712
1,389
1,264
1,208
1,174
1,165
1,115
1,128
1,150

5,732
7,607
8,875
9,539
8,915
10^864
12,076
13,671
14,869
17,000

205
281
518
464
316
318
343
457
315
350

2,551
3,888
4,689
5,470
5,046
6,872
7,884
9,123
10,100
11,650

2,976
3,438
3,668
3,605
3,553
3,674
3,849
4,091
4,453
5,000

8,978
8,619
7,858
7,661
7,584
7! 460
7,373
7,299
7,239
7,181

1,254
1,448
1,116
1,025
1,017
1,004
996
962
960

4,821
6,334
7,032
7,702
7,754
9,535
10,557
11,842
12,880

80
96
116
129
105
145
129
149
135

2,037
3,010
3,504
4,215
4,353
5,981
6,839
7,870
8,573

2,704
3,228
3,411
3,358
3,296
3,409
3,589
3,823
4,172

7,564
7,526
6*952
6,810'
6,755
6,667
6^598
6,535
6^494

241
264
273
239
191
170
169
153
168

911

1,273
1,843
1,837
1,161
L,329
1,519
,829
1,989

125
185
402
335
211
173
214
307
181

514
878

272
210
257
247
257
265
260
269
281

1,414
1.093

3,233
2,724
2,065
1,774
1,647
1,489
1,376
1,297
1,257
1,250

9,691
10,125
10,658
10,532
10,395
10,664
11,141
11,738
12,471
13,350

9,691
10,125
10,658
10,532
10,395
10,664
11,141
11,738
12,471
13,350

576
563
551
548
547
546
545
545
544
543

325
247
470
421
422
405
427
608
626

1 040
1^002
1,818
1,789
1,864
2,048
2,739
7,534
8,235

1 040
l[002
1,818
1,789
1,864
2,048
2,739
7,534
8,235

66
56
53
52
53
56
61
184
192

2,908
2,477
1,595
1,353
1,225
1,084

8,651
9,123
8,840
8,743
8,531
8,616
8,402
4,204
4,236

8,651
9,123
8,840
8,743
8,531
8,616
8,402
4,204
4,236

510
507
498
496
494
490
484
361
352

949
689
631

•

1,185
1,255
693
891

1,045
1,253
1,527

906
851
829
793

775

764
745

For footnotes see opposite page.

MARCH

1945




M5

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1

Class of banks,
and call dates

All insured commercial banks:

Total
loans
and
investments 1

Total 1

Loans for
Compurchasing
meror carrying
cial,
securities
inAgricludculing
turTo
openal 1 brokTo
ers
marothand
1
ket
deal- ers
paper 1
ers

31,688
38,218
39,830
46,186
52,642
75,270
83,507
93,936

15,190
17,041
17,011
19,909
19,920
17,390
18,841
20,729

1937—June 30....
1940—June 29....
1941— rune302...
1942— une 30....
1943—June 30....
Dec. 3 1 . . .
1944—June 30....
Dec. 3 0 . . . .

27,175
32,739
34,451
40,659
46,800
67,155
74,258
83,587
91,569

12,523
14,285
13,969 " 5 988'
16,729 7 807
16,928 8 383
14,823 6 554
16,288 7 421
18,084 7 023
18,670 7 531

New York City*
1934—June 30....
1937—June 30....
1940—June 29....
1941—June 30....
1942—June 30....
1943—June 30....
Dec. 3 1 . . . .
1944—June 30....
Dec. 30.. . .

7,666
9,006
9,829
12,493
14,019
18,982
19,994
22,669
24,003

3,401
4,276
3,014
3,778
4,066
4,009
4,428
5,479
5,760

Chicago:*
1934—June 30....
1937—June 30....
1940—June 29....
1941—June 30....
1942—June 30....
1943—June 30....
Dec. 3 1 . . . .
1944—June 30....
Dec. 30.. ..

1,445
1,969
2,205
2,707
3,116
4,332
4,554
5,124
5,443

Reserve city banks:
1934— une 30
1937— une 3 0 —
1940— une 29
1941— une 30
1942— une 30....
1943— une 30
Dec. 3 1 . . .
1944—June 3 0 . . . .
Dec. 3 0 . . . .

9,609
11,629
12,160
14,013
16,535
24,677
27,521
30,943
33,603

1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—June

30 . . .
30....
29....
30....
30....
30
31....
30....

Member banks,
total:
1934—June 30....

Country banks:
8,456
1934—June 3 0 . . . .
1937—June 3 0 . . . . 10,134
1940—June 2 9 . . . . 10,257
1941—June 3 0 . . . . 11,446
1942—June 3 0 . . . . 13,130
1943—June 3 0 . . . . 19,164
Dec. 3 1 . . . . 22,188
1944—June 3 0 . . . . 24,850
Dec. 30.. . . 28,520

Insured nonmember commercial banks:
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—June

30....
30....
29....
30....
30....
30....
31....
30...

4,513
5,479
5,379
5,534
5,849
8,123
9,258
10,360

Inv estments 1

6
8
8
6
7
7

502
342
867
887
777
406

1,329 3,714
1,566 3,150
,184
742
i1 ,167 464
592
703
1 ,164
569
620
1 ,316 1,134
671
1 ,505 1,414
922
1 ,474 2,221 2,296

V . S . Government obligations
Real- Cones- sumer Other Total
tate loans loans 1
loans

Total

6,684
3, 462
8,744
3, 583
3,840
4, 281
4,476
4, 629
3,928
4, 770
896
4, 547 1, 937
4, 437 1, 868
918
4, 364 1, 862 1, 106

16, 498
21, 177
22, 819
26, 276
32, 722
57, 880
64, 666
73, 207

10, 005
13, 964
15, 900
19, 370
25, 934
51, 534
58, 683
67, 085

1
1
6
4
4

14, 652
18, 454
20, 482
23, 930
29, 872
52, 332
57, 970
65,503
72, 893

9, 413
12, 689
14, 722
18, 078
24, 098
46, 980
52, 948
60, 339
67, 685

791
821
797
1, 127
1 509
6 278
4 360
4 466
3 748

4, 265
4, 730
6 815
8 715
9 953
14 974
15 566
17 190
18 243

607
347
3, 210
543
3, 630
486
421
5,
7, 268
577
8, 550
402
663
13, 887 1 985 2 818
14 563 1 328 3 409
16 157 1 258 4 242
17 179
913 3 740

1,290
1,536
447
575
554
1,120
1,398
2,200
2,249

3,309
2,829
668
635
562
603
839
2,130
2,108

2, 357
2, 505
3, 069
3, 365
3, 501
3, 351
3 274
3 207
3 209

905
503
841
274
515
430
610

938
1,295
6
320
3
422
9
430
24
955
24 1,054
64 1,657
30 1,742

882
824
188
186
167
240
323
751
859

156
149
137
129
121
113
107
93
86

1,425
2,008
458
536
499
264
252
232
253

556
675
603
846
906
784
1,004
1,064
1,184

432'
630
712
612
763
710
738

8
5
3
2
6
11
17

60
51
23
36
29
40
102
102
163

188
145
61
55
50
41
52
130
163

21
13
16
20
22
23
22
21
24

286
465
62
101
90

4 394
4,994
5,365
6,498
6,564
5,533
6,201
6,761
6,822

2 290
3 081
3 318
2 ,652
3 ,058
2 ,787
3 ,034

176
175
152
205
279
277
348

232 1 200 1 124
158 l]032 1 164
87
210 1 372
100
198 1 477
78
177 1 524
107
157 1 465
217
267 1 420
409
903 1 385
777 1 379
311

1,840
2^639
1,230
1,466
1,315
670
658
650
660

4,172
4,340
4,987 " l ,361'
5,607 1 ,593
5,393 1 ,512
4,497 1 ,017
4,654 1,084
4,780 1 ,096
4,910 1 ,149

546
555
562
623
713
671
802

59 1,039 1 056
828 1 179
33
208 1 544
17
17
195 1 739
16
169 1 834
164 1 750
17
25
197 1 725
345 1 ,708
33
32
310 1 ,719

2,018
2,301
1,311
1,507
1.299
555
528
536
547

2 667
2,756
3,042
3,183
2,995
2,570
2,556
2,648

'448
429
439
463
482
452

40
30
17
18
15
14
16
21

1
2
2
2
2
2
2

512'
534
485
333
356
383

736
738
726
854
1 ,023
1 ,023
1 ,198

405
321
74
68
57
68
82
166

Obligations
of
States Ot her
and
CercuGuar- politi- seties
tifiri
ancal
subBills of in- Notes Bonds teed
dividebtsions
edness
Direct

1 105
1 ]O78
1 ,212
1 ,267
1 ,273
1 ,199
1 ,165
1 ,159

5,568
7,414
3,062
3,609
3,203
1, 540
801
1, 484
848
1, 467 1, 033
877
1, 505

51
45
49
45

140
153
251
179

794
656 3, 047
4, 637
827
805
2, 699
135
2, 758
536 i, 978 3, 732
557 10, 315 5, 716
636 13, 218 7, 672
708 15, 466 11, 834

5, 210
6, 386
9, 026
11, 397
15,812
26, 286
30, 656
34, 114

298
2, 115
3, 370
4, 080
2*874
2, 661
2, 501
963

2
2
3
3
3
3
3
3

280
684
482
551
493
440
287
393

4 ,213
4 ,530
3 ,436
3 ,356
3 ,295
2 ,907
2 .696
2 ,730

637 2, 871
4, 361
2, 543
2, 631
872
546
3,
i,
9, 418 5, 251
12, 071 6, 906
14 228 10,640
13 982 14, 127

4, 838
5, 689
8 261
10 481
14 485
23 545
27 265
30 118
34 927

276
1, 819
3, 121
3, 839
2, 685
2, 487
2, 345
887
902

1
2
2
2
2
2
2
2
2

851
150
888
984
934
876
729
834
857

3 ,388
3 ,615
2 ,873
2 ,867
2 ,840
2 ,476
2 ,294
2 ,331
2 ,350

1
1
2
3
4
6
7
7
8

015
157
207
454
650 1, 324
415 1, 751
572 1, 166
454
974
014
984
650
201
592
189

425
344
634
651
623
484
444
456
468

630
755
695
796
781
602
558
577
596

1
1
1
1
1

268
511
710
803
068
424
602
665
809

114
173
177
190
164
209
158
204
160

115
121
167
188
188
172
155
169
185

178 1 148 *2 088
632
19
777 2 295
752
635
839 3 052
981
969
979
606 3 858 1 162
674
925
981 5 149
806
529 1 828 8 576
942
857
691 2 497 9 943
749
913
586 3 893 10 689
402
963
730 5 181 11 987
440 1 ,000

1 ,046
981
868
836
858
785
726
735
740

15
14
40
34

1
1
1
2
3
3
4
4

889
295
602
861
210
548
550
060
258

1
1
1
1
3
3
3
3

661
001
258
483
858
167
238
688
913

59
64
30
254
417
357
isi
473
795
199
877
1
038
367
250 1 045

276
301
350
313

5
6
6
7
9
19
21
24
26

214
635
795
515
971
144
321
183
781

3
4
4
5
8
17
19
22
25

535
902
947
700
188
417
682
484
042

103
195
87
73
579
626
802
914
704

371
381
392
351

4
5
5
5
7
14
17
20
23

283
794
270
839
737
667
534
071
610

2 007
16
53
3 155
52
3 030
36
3 627
60
5 502
'355
171
12 509 1 194 2 276
15,465 1 ,032 3 ,094
18 009
926 3 ,362
21 552
882 3 ,466

1 116
1^329
778
865
726
397
96
70
385
395
73

1 846
2J 2 3
2 ,337
2 ,350
2 ,854
5 ,553
6 ,702
7 ,712

592
1 ,275
1 ,178
1 ,293
1 ,837
4 ,557
5 ,739
6 ,752

2
1
1
1

L

3
4
5
5

1
1
1
1
1
1
1
2
3

084
426
092
526
746
656
829
805
745
194
366
161
125
162
399
484
587
779

446 1 467
1 676
792
451 1 849
374 2 404
657 3 696
1 368 7 091
2 096 8 705
3 ,355 10 ,114
4 ,422 12 ,540

20
175
6
276
8
156
8
127
106
185
27
278
896
465
766
276 1 ,147
242 1 ,238 1 ,194

372
697
765
918
1 ,329
2 ,744
3 ,395
4 ,002

76
94
134
138
90
75
74
31
31

25
635
695
788
624
581
538
252
241

681
880
1 ,097
1 ,165
1 ,222
1 ,241
1 ,214
1 ,212
1 ,230

1 ,595
1,759
1 ,144
1 ,047
1 ,013
917
855
849
829

21
296
249
241
189
174
156
76

429
534
595
568
561
565
559
560

824
914
563
489
456
431
403
400

* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit
Insurance Corporation.
1
Classifications of loans and investments were revised as of Dec. 31, 1938, and consequently figures for some items prior to December 1938 are not
comparable with subsequent figures. For explanation see Banking and Monetary Statistics, pp. 64 and 69.
2 Beginning June 30, 1941, member bank figures include three member mutual savings banks with total deposits of 8 million dollars in June 1941 which
became members of the Federal Reserve System during 1941. These banks are not included in "all insured commercial banks."
3 Central reserve city banks.

Z46




FEDERAL RESERVE BULLETIN

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits

Demand deposits

Class of b a n k s ,
and call dates

Reserves
with
Federal
Reserve
Banks

All i n s u r e d c o m mercial b a n k s :
1934—June 3 0 . . . .
1937—June 3 0 . . . .
1940—June 2 9 . . . .
1941—June 3 0 . . . .
1942—June 3 0 . . . .
1943—June 3 0 . . . .
Dec. 3 1 . . . .
1944—June 3 0 . . . .

3,819
6,897
13,751
12,959
12,295
12,092
12,834
12,812

Member b a n k s ,
total:
1934—June 3 0 . . . .
1937—June 3 0 . . . .
1940—June 2 9 . . . .
1941—June 3 0 . . . .
1942—June 3 0 . . . .
1943—June 3 0 . . . .
Dec. 3 1 . . . .
1944—June 3 0 . . . .
Dec. 3 0 . . . .

3,819
6,897
13,751
12,959
12,295
12,093
12,835
12,813
14,261

Cash
in
vault

623
844
984

1,242
1,290
1,448
1,445
1,464
473
629
789
999

1,022
1,142
1,132
1,143
1,271

BalDeances mand
with
dedoposits
mestic4
ad- 5
banks justed

Interbank
deposits

ForDomestic 4 eign

3,661
4,495
7,538
8,296
8,102
8,431
8,445
8,776

16,211 4,144
24,340 5,379
30,944 8,937
36,167 9,700
41,216 9,200
55,271 9,768
59,921 9,743
59,197 10,030

156
618
699
682
748
834
893
940

2,760
3,207
5,751
6,293
5,770
5,578
5,450
5,799
6,354

14,261 4,070
21,401 5,298
27,877 8,852
32,678 9,610
36,966 9,110
48,957 9,648
52,642 9,603
51,829 9,904
57,308 10,881

155
615
696
681
746
832
891
937
945

1,592
2,014
3,840
3,948
3,284
2,939
2,867
3,105
3,179

135
575
646
618
679
744
810
852
851

391
536
949

2
6

1,010
1,028
1,032

8
10
13
14
15
16

U.S.
Certi- IndiGov- States
fied viduals,
ernand
U. S. States
and
and partner- Inter- ment
politGov- political
ships,
offiand
bank
ical
ern- subdi- cers'
corPostal subdiment visions checks and
poraSav- visions
tions
etc.
ings

1,708
651
756
666

1,771
7,699
9,950
18,757
1,658
628
711
619

1,724
7,236
9,444
17,634
18,509

Individuals, Bor- Capipartner- row- tal
acships, ings counts
and corporations

2,024
3,165
3,098
3,534
3,865
4,261
4,352
4,402

1,132
1,669
1,550

14,881
22,623
28,897
34,328
39,262
53,416
58,338
57,351

134
149
159
163
128
78
68
68

661
132
74
65
56
74
124
108

384
346
502
475
471
412
395
407

11,340
13,929
14,775
15,203
14,883
16,887
18,561
20,530

79
35
14
11
12
24
46
84

6,244
6,395
6,606
6,772
6,943
7,228
7,453
7,709

1,598
2,577
2,529
2,940
3,230
3,522
3,602
3,638
3,744

13,349
20,272
26,397
31,429
35,646
1,050 47,863
1,573 51,820
1,460 50,756
1,251 56,270

130
137
142
145
114
71
62
63
58

585
100
59
55
49
71
120
104
105

333
292
410
397
400
341
327
333
347

8,763
10,818
11,459
11,898
11,673
13,382
14,822
16,448
18,807

40
17
3
3
6
18
39
75
111

5,105
5,339
5,608
5,800
5,991
6,252
6,475
6,696
6,968

69

12
17
29
27
17
21
26
17
17

649
767
732
778
717
755
816
861

400
802
521
792
766

372
752
475
738
711

New York City:5
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—June
Dec.

30
30
29....
30
30
30....
31....
30....
30....

64
60
88
136
88'
92
92
85
102

97
105
119
131
103
52
61
60

76

4,800
6 733
10^235
11,619
11,711
13,543
13,899
13,254
14,042

973
786
821
811
899

40
27
39
41
43
39
38
41
43

162
156
242
262
220
173
158
179
177

1,077
1,509
1,898
2,205
2,379
3,002
3,050
3,070
3,041

1,090
1,132

1,197
2,215
3,759
4,125
4,254
4,848
5,116
5,109
5,687

154
212
334
385
357
395
391
399
441

1,397
1,392
2,679
2,793
2,279
1,892
1,758
1,922
2,005

4,593
7,132
8,774
10,480
12,515
17,403
18,654
18,405
20,267

1,785
2,339
3,526
4,000
4,052
4,749
4,770
4,757
5,421

16
33
41
53
55
71
63
65

769

215
330
328
437
533
616
611
618
684

1,104
1,554
2,711
3,106
3,168
3,462
3,474
3,638
4,097

3,792
6,027
6,969
8,374
10,360
15,009
17,039
17,099
19,958

303
409
538
652
747
928
994
951

1
2

1,149

5
8

150
214
194
242
268
307
313
322

901

1,288
1,788
2,004
2,333
2,853
2,996
2,978

1,949
2,939
3,066
3,488
4,250
6,314
7,279
7,368

74
81
84
90
89
120
141
126

3
3
1
2
2
2
3

1,417
2 749
7] 072

5,857
4,762
3,473
3,596
3,455
3,766

802
306
67
32
863

2,820
3,395
6,150
6,722

167
368
258
319
271
249
252
213
199

154
427
147
306
273
404
710
722
361

4,894
6 934
10^283
11,895
12,014
14,001
14,373
13,740
14,448

8
12
5
6
4
4
4
11
11

174
208
199
213
226
202
174
218
167

15
22
17
33
24
36
44
41
33

944

1

1,409
1,782
2,109
2,292
2,981
3,097
3,040
3,100

526
934
956

117
163
147
209
218
333
475
384
488

4,361
6,840
8,372
10,142
12,199
17,276
18,790
18,367
20,371

106
110
109
109
84
49
41
37
33

731

1,067
1,115
1,269
1,429
1,619
1,727
1,743
1,868

85
139
164
190
196
277
344
314
369

3,150
5,089
5,960
7,282
9,141
13,604
15,561
15,609
18,350

426
586
570
594
635
740
750
764

29
51
46
54
55
83
96
90

1,532
2,350
2,500
2,900
3,616
5,554
6,518
6,595

5
7

7

977

3
3
11
29
64
96

1,632
1,598
1,599
1,625
1,698
1,774
1,862
1,907
1,966

Chicago:3
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—June
Dec.

30....
30
29....
30....
30....
30....
31....
30..
30....

436
596

1,187
1,062

972

7

47
41
79
95
201
506
713

1,105
1,400

1

228
245
260
279
293
312
326
343
354

1

361
452
489
480
460
477
505
543
619

259
35
18
19
18
31
56
45
40

234
190
219
211
239
172
151
158
154

3,366
4,140
4,422
4,590
4,454
5,265
5,902
6,567
7,561

3
2

1,633
1,723
1,873
1,940
1,985
2,071
2,135
2,207
2,327

15
15
29
30
27
17
17
15
14

256
64
37
31
31
37
56
52
57

87
85
147
143
143
148
149
157

36
13
3
3
3

175

4,388
5,459
5,816
6,049
6,042
6,886
7,599
8,477
9,650

1,612
1,774
1,876
1,956
2,014
2,094
2,153
2,239
2,321

4
11
17
18
14

76
32
15
10

51
54
92
77

7
6
5

7

4
4
4

71
71
68
74

2,576
3,112
3,316
3,312
3,218
3,514
3,750
4,094

39
18
10
8
6
6
6
9

5
5

15
17

2

"i"
1

Reserve city banks:
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—June
Dec.

30....
30....
29....
30....
30
30
31....
30....
30....

70

635
212
422
341
422

2,383
3,373
6,453
6,157

1,139
1,304
1,452
1,448
1,464
1,509

Country banks:
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—June
Dec.

30....
30....
29....
30
30....
30
31....
30....
30....

1,337
1,733
1,914
2,306
2,987
3,303
3,438
3,909

2
2
3
4
5

174
69
143
151
237

1,527
1,962
3,926
4,230

7

10
11
16

Ensured non-

member com-

mercial b a n k s :
1934—June 3 0 . . . .
1937—June 3 0 . . . .
1940—June 29
1941—June 3 0 . . . .
1942—June 3 0 . . . .
1943—June 30
Dec. 31
1944—June 3 0 . . . .

2

50
23
45
47
47
463
506

1,124

1,139
1,057
998
973
952
977
979

1,015

4

Beginning June 30, 1942, excludes reciprocal bank balances, which on that date aggregated 600 million dollars at all member banks and 614 million
at all5 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.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103, and 108-113.
MARCH

1945




247

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

Total
loans
and

Date or month

invest- Total
ments

Total—101 Cities
1944—Jan.

For purchasing
or carrying securities
Commercial, To brokers
indus- and dealers To others Real- Loans Other
estate to
trial,
Total
loans banks loans
and
U.S.
U.S.
agriOther
Other
cul- Govt. se- Govt. seobobtural
liga- curi- liga- curitions ties tions ties

49,812

10,771

6,353

846

570

301

54,993
54,172
54,168
59,436

10,99!
11,033
11,397
12,941

635
734
759
713

748
559
494

1945—Jan .

59,590

12,356

1944—Nov. 29

55,093

11,665

6
13
20
27

58,603
59,524
59,881
59,737

12,603
13,029
13,145
12,986

813
6,033
837
6,130
6,287 1,069
6,454
1,448
6,405
1,196
6,274
1,421
6,382 1,430
6,420 1,480
6,494 1,451
6,518 1,431

3
10
17
24
31. ...

59,887
59,560
59,635
59,620
59,247

12,630
12,504
12,351
12,187
12,108

6,425
6,436
6,425
6,387
6,351

Sept
Oct.
Nov

Dec.

Dec.
Dec.
Dec.
Dec.
1945—Jan.

Jan.
Jan.
Jan.
Jan.

Feb. 7
Feb. 14
Feb. 21

. . 59,007
58,923
. . 58,753

726
697

357 1,053

77

1,306

47,234 44,345 2,813 10,008 9,238 21,673

331 1,061

64

1,312

43,428 "40,544 1,768 r10,392 r 7,424 r20,366

1,059
1,058
1,055
1,058

76
99
82
59

1,320
1,319
1,341
1,335

46,000
46,495
46,736
46,751

2,787

594 2,962
597 2,908
596 "2,875
614 "2,901
613

2,889
'2,884

47,257 r44,354
47,056 r44,166
47,284 44,393
47,433 44,554
47,139 44,25'

11,852 6,346
995
11,894 6,369 1,037
11,693 6,313 967

774
775
730

961
943
912

1,049
348 1,050
368 1,047

79
84
71

1,295
1,288
1,285

47,155 44,219 2,526 10,159 9,134 22,030
47,029 44,061 2.446 10,101 9,087 22,065
47,060 44,105 2,443 10,036 9,169 22,105

370
362
352

6,364

929

895

365
233
200
736

133
132
139
138

6,900
6,906
7,185
7,780

165
151
148
164

1,039
998
956
973

602

144

196

698

434

649
678
885

477
547
572
537

1945—Jan.

21,500

5,140

2,454

1944—Nov. 29

19,694

4,863

2,357

Dec. 6. ...
Dec. 13 . . . .
Dec. 2 0 . . . .
Dec. 27. ...

21,194
21,665
21,821
21,724

5,223
5,541
5,530
5,521

2,406
2,413
2,437
2,464

1,186
1,120
1,172
1,132
1,154

541
546
532
530

3
10
17
24
3 1 . . ..

21,929
21,441
21,433
21,412
21,286

5,313
5,226
5,119
5,025
5,016

2,447
2,488
2,458
2,441
2,437

991
984
946
904
885

21,098
Feb. 7
Feb. 14. .. . 21,058
Feb. 21.. .. 21,039

4,834
4,878
4,751

2,446
2,462
2,430

31,598

6,547

3,938

Dec.

35,287
34,945
34,880
37,835

6,629
6,657
6,760
7,487

3,752
3,820
3,921
4,024

1945—Jan.

38,090

7,216

1944—Nov 29.. .. 35,399

6,802

37,409
37,859
38,060
38,013

7,380
7,488
7,615
7,465

37,958
38,119
38,202
38,208
37,961

7,317
7,278
7,232
7,162
7,092

332
336
344
353

"43,112
"43,598
43,826
"43,842

r

r
10,359
r
10,338
r
10,281
r

r
8,985
r
9,137
r
9,278
r

r
21,011
r
21,208
r
21,416
r

10,110 9,255 21,435

612 r
614 r 2,897
618 r2,910
614 2,909

r
2,864 r 10,099
9,305 r21,471
2,774 r 9,985 r9,253 r21,535
2,947 9,955 9,217 21,653
2,926 10,029 9,220 21,770
2,553 9,971 9,196 21,937

r
2,903
619 r2,89O
621 2,891
609 2,879
600 2,882

2,145
2,301
2,233
2,428

3,189 1,634
3.874 2,680
3,571 2,683
3,356 2,696
3,481 3,310

2,936
2,968
2,955

286

13,990 13,095

979

351
354
348
343

15.340
14,851
14,651
16,147

682
542
310
439

16,360 15,40^

3,346 3,340

7,713

133

345

14,831 13,865

3,398 2,734

7,432

148

966

554
796
812
783

135
134
137
146

346
341
350
335

15,971
16,124
16,291
16,203

15,004
15,153
15,314
15,22.

327
422
483
525

3,552
3,503
3,501
3,368

3,199
3,280
3,377
3,382

7,764
7,783
7,789
7,785

162
165
164
163

967
971
977
980

544
518
534
572
569

707
665
573
542
524

139
139
141
143
156

320
319
320
317
322

16,616
16,215
16,314
16,387
16,270

15,650
15,254
15,357
15,439
15,325

948
722
876
928
743

3,430
3,345
3,325
3,330
3,301

3,396
3,358
3,305
3,305
3,335

7,714
7,669
7,691
7,709
7,779

162
160
160
167
167

966
961
957
948
945

782
826
772

604
599
561

425
412
402

144
139
160

302
299
300

16,264 15,292
16,180 15,205
16,288 15,324

703
682
741

3,370 3,277
3,368 3,225
3,339 3,302

7,867
7,856
7,870

75
74
72

972
975
964

164
159
184
303

158
187
187
176

383
326
294
783

205
199
197
203

3,951

254

179

634

3,917

235

167

309

3,976
4,007
4,057
4,054

310
308
319
277

177
168
183
176

732
807
851
743

197
202
207
207

985
986
983
987

974
978
991
1,000

30,029
30,371
30,445
30,548

'28,108
"28,445
"28,512
"28,619

1,818
1,879
1,750
1,903

r
6,807
r
6,835
r
6,780
r

3,978
3,948
3,967
3,946
3,914

254
278
262
239
236

180
184
173
179
179

709
664
629
598
569

215
215
213
212
213

981
985
982
982
980

985
985
990
989
983

30,641
30,841
30,970
31,046
30,869

'28,704
"28,912
29,036
29,115
28,932

1,916
2,052
2,071
1,998
1,810

r
6,669
r

536
531
510

209
209
208

979
981
980

993
989
985

30,891 28,927 1,823
30,849 28,856 1,764
30,772 28,781 1,702

1,145
942

989
987
986
986

14,301
13,853
13,695
15,174

25,051 23,159 2,149

1,015

213
170
Feb. 7 . . .. 37,909
7,018 3,900
211
176
7,016 3,907
37,865
Feb. 14. .
169
Feb. 21.. .. 37,714 6,942 3,883 195
r
Revised.
Back figures.—See Banking and Monetary Statistics, pp.




19,551
19,572
r
19,996
r
21,267

1,305
1,304
1,310
1,306
1,305

2,281
2,310
2,366
2,430

Z48

8,825 4,688 17,847 1,766
10,884 7,37
10,495 r 7,325
r
7,316
10,236
r
10,272 r 9,164

107
61
92
54
72

2,415

1945—Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan. 31

2,630
2,242
1,752
2,277

1,054
354 1,056
354 1,053
355 1,051
1,049

4,366
4,376
4,637
5,454

Dec. 6. ...
Dec. 13. ...
Dec. 2 0 . . . .
Dec. 27. ...

41,036
40,231
r
39,896
r
43,594

,416
,329
,202
,140
,093

4,224

Nov

43,998
43,139
42,771
46,495

724
702
707
751
748

19,706
19,227
19,288
21,601

Sept
Oct.

39,041 36,254 3,128

1,316
1,324
1,320
1,329

1,245
1,262
1,208
1,143
1,121

18,214

Outside
New York City
1944—Jan.

1,234
47
56
72
79

505
,286
,603
,663
,526

Sept
Oct.
Nov.
Dec.

Jan.
Jan.
Jan.
Jan.

Bills

CerOther
tificates
Guar- secuofin- Notes Bonds an- rities
debtteed
edness

718
714
715
706

New York City
1944—Jan.

1945—Jan.

1,519
1,236

Total

1,065
1,062
1,060
1,058

1,106
338
331
336
341

U.S. Government obligations

1,948
1,700
1,442
1,838

965
970
972
986

28,658
28,288
28,120
30,348

213

986

30,874 28,940 1,970

198

967

28,597 "26,679 1,615

26,735
26,378
"26,201
"28,420

955

5,636 3,054 11,483

1,892

4,697 12,651
4,642 12,666
"4,620 r 12,811
"5,854 13,487

429 1,923
446 1,910
448 1,919
450 "1,928

7,010
6,924
r
6,880
r
6,791

6,662 5,898 13,960

450

1,934

6,994 "4,690 r12,934

446

"1,918

"5,786 r13,247
"5,857 "13,425
"5,901 r13,627
6,742 "5,873 r 13,650

450 1,921
449 r l,926
454 1,933
451 1,929

r

'13,757
13,866
13,962
14,061
14,158

453
459
461
442
433

1,937
1,929
1,934
1,931
1,937

6,789 5,857 14,163
6,733 5,862 14,209
<5,697 5,867i 14,235

295
288
280

1,964
1,993
1,991

6,640
6,630
6,699
6,670

"5,909
"5,895
5,912
5,915
5,861

127-227.
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]

Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault
doposits
Remestic
ad- 1
serve
banks justed
Banks

Date or month

Individuals,
partnerships,
and
corporations

States Certiand
fied U. S.
polit- and
Govical
offiernsubcers' ment
divi- checks
sions etc.

IndiDomestic
U.S.
vidbanks
Bor- C a p - Bank
Govuals, States
ital debrow- acand
part- polit- ernings counts
Forits 2
ment
nereign
ical
and
ships, subbanks
and
divi- >ostal Decor- sions Sav- mand Time
ings
porations

Total 101 Cities
1944—Jan

8,908

2,216

34,429

34,574

1,758

Sept
Oct
Nov
Dec

9,143
9,359
9,861
9,394

2,122
2,123
2,170
2,289

35,580
36,331
38,268
35,459

35,804
36,571
38,637
35,922

1,745
1,780
1,963
1,742

742
732
876
925

9,502
7,446
5,230
12,992

987

12,941 7,643
5,757 7,450

561
571
590
647

Interbank
deposits

Time deposits,
except interbank

Demand deposits,
except interbank

8,890

43

821

56

8.726
8,983
9,409
9,550

34
35
38
35

868
869
868
883

108
163
398
242

113

9,419

33

904

141

4,617 65,627

116

9,650

38

880

562

4,525

36
37
33
34

879
890
873
891

365
217
234
151

6,556 6,138
7,065
7,344
7,464
7,473

122
120
118
113

4,285

58,743

4,469 5,709
4,501 58,170
4,524 60,140
4,532 73,623

9,340

2,260

35,506

35,842

1,777

1944—Nov. 29

10,073

2,210

38,539

38,823

2,039

Dec. 6
Dec. 13
Dec. 20
Dec. 27

9,517
9,448
9,285
9,328

613
661
655
657

2,262
2,318
2,279
2,295

35,824
35,867
35,104
35,042

35,965
36,535
35,513
35,675

1,804 760
1,761 812
1,701 ,126
1,700 ,004

11,743
12,780
13,653
13,791

7,444
7,461
7,486
7,501

114
113
113
112

9,603
9,603
9,561
9,433

3
10
17
24
31

9,238
9,325
9,434
9,403
9,302

597
603
582
580
563

2,446
2,264
2,292
2,191
2,110

34,667
35,112
35,686
35,987
36,076

35,219
35,302
36,170
36,268
36,251

1,735 ,126
1,807 920
1,711 876
1,772 ,121
1,859 890

13,870
13,130
12,755
12,634
12,314

7,584
7,626
7,639
7,668
7,697

112
111
112
115
117

9,843
9,623
9,580
9,226
8,823

890
889
902
914
925

97
139
164
138
169

4,542 20,906
4,529 14,689
4,534 5,037
4,522 13,229
4,602 17,076
4,616 L4.373
4,611 5,303
4,622 14,697
4,636 14,424

Feb. 7.
Feb. 14
Feb. 21

. 9,358
9,432
9,440

547
589
565

2,085
2,179
2,136

36,034
36,282
36,637

35,935
36,977
36,832

1,892 968
1,896 935
924
1,

11,950 7,750
11,610 7,783
11,073 7,832

122
122
123

8,873
9,029
8,883

933
935
940

205
224
271

4,653 4,667
4,657 2,571
4,662 15,224

1945—Jan

1945—Jan.
Jan.
Jan.
Jan.
Jan.

New York City
1944—Jan

3,295

Sept
Oct
Nov
Dec

3,349
3,423
3,661
3,342

4,356

12,842

13,125

423

2,672

747

22

2,837

740

1,693 24,994

92
94
96
107

13,035
13,272
14,293
12,809

13,402
13,630
14,673
13,240

216
282
202

390
379
483
530

3,839
2,969
2,003
5,578

845
913
903
884

17
17
17
17

2,743
2,830
2,947
2,963

785
787
785
798

1,750
1,759
1,768
1,768

590

5,543

899

18

2,985

817

1,792 30,826

17

3,077

796

23.827
24,672
25,464
33,064

1945—Jan

3,345

91

12,768

13,219

172

1944—Nov. 2 9 . . .

3,753

107

14,475

14,832

286

2,065

1,764

5,996

Dec. 6 . . .
Dec. 1 3 . . . .
Dec. 2 0 . . .
Dec. 2 7 . . . .

3,382
3,352
3,300
3,335

102
110
108
108

12,983
12,932
12,658
12,663

13,294
13,443
13,050
13,174

215
216
195
181

4,935
5,575
5,""
5,919

884
887
889
876

17
17
18
17

2,961
2,953
3,000
2,937

798
799
789
804

287
154
166
122

1,773
1,768
1,770
1,762

9,814
6,436
7,961
5,802

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

3,256
3,328
3,360
3,363

95
97
87
90

3,415

12,488
12,589
12,765
12,945
13,053

13,001
13,014
13,203
13,417
13,462

178
168
160
165
186

651
555
507
725
513

5,994
5,637
5,479
5,385
5,221

890
896
900
902
906

17
17
17
18
18

3,180
2,999
2,977
2,904
2,866

803
806
813
826
837

70
77
93
48
54

1,788
1,790
1,791
1,793
1,800

7,812
6,842
7,359
7,014
6,486

Feb. 7 . . .
Feb. 1 4 . . .
Feb. 2 1 . . .

3,401
3,410
3,450

13,053
13,126
13,351

13,3113,649
13,700

579

5,04'
4,896
4,645

912
917
930

18
18
18

2,831
2,835
2,847

844
842
847

56
99
113

1,803
1,805
1,803

7,122
5,732
7,088

2,188

21,587

21,449

2,099
2,097
2,140
2,261

22,545
23,059
23,975
22,650

22,402
22,941
23,964
22,682

1,560
1,574
1,564
1,681
1,540

42
40
124
60

1945—Jan.
Jan.
Jan.
Jan.
Jan.

Outside
New York City
1944—Jan

5,613
5,794
5,936
6,200
6,052

469
477
494
540

5,663
4,477
3,227
7,414

98

49

6,053

6,220
6,431
6,561
6,589

105
103
101
96

39
39
39
38

5,983
6,153
6,462
6,587

83
82
83
85

2,592 33,749
2,719
2,742
2,756
2,764

31,882
33,498
34,676
40,559

5,995

2,234

22,738

22,623

1,605

397

7,398 6,744

95

39

6,434

87

72

6,320

2,183

24,064

23,991

1,753

396

3,692 6,561

99

38

6,573

84

154

6,135
6,096
5,985
5,993

511
551
547
549

2,239
2,288
2,252
2,265

22,841
22,935
22,446
22,379

22,67
23,092
22,46.
22,50:

1,589
1,545
1,506
1,519

360
398
424
399

6,808
7,205
7,769
7,872

6,560
6,574
6,597
6,625

97
96
95
95

38
38
38
38

6,642
6,650
6,561
6,496

81
91
84
87

78
63
68
29

2,769 11,092
2,761 8,253
2,764 10,076
2,760 7,427

5,982
5,997
6,074
6,040
5,887

502
506
495
490
475

2,410
2,240
2,269
2,167
2,086

22,179
22,523
22,921
23,042
23,023

22,21?
22,28?
22,96'
22,85:
22,78<

1,55
1,63?
1,55'
1,60'
1,672

475
365
369
396
377

7,87(
7,49;
7,27(
7,24<
7,09.

6,694
6,730
6,739
6,766
6,791

95
94
95
97
99

38
38
39
39
39

6,663
6,624
6,603
6,322
5,957

87
83
89

27
62
71
90
115

2,814
2,826
2,820
2,829
2,836

9,264
7,531
7,944
7,683
7,938

149
125
158

2,850
2,852
2,859

7,545
6,839
8,136

5,957
456 2,057 22,981
6,022 492 2,156 23,156
5,990 471 2,109 23,286
*2 Demand deposits other than interbank and U.
Monthly and weekly totals of debits to demand
MARCH

3,884 5,391

352
353
393
395

1945




22,62
39
6,042
1,65< 351
6,90. 6,838
104
23,32<
l,64i 356
38
6,194
6,71- 6,866
104
23,13: 1,65. 355
6,036
37
105
6,902
6,42,
S. Government, less cash items reported as in process of collection.
deposit accounts except interbank and U. S. Government accounts.

2,825 34,801
2,761

8,360

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[ In millions of dollars ]
Investments

Loans

Total
loans
Federal Reserve and
indistrict and date
vest- Total
ments

Boston
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb. 21
New York*
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb.21
Philadelphia
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb.21
Cleveland
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb 21
Richmond
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
Atlanta
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb.21
Chicago*
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
St. Louis
Jan. 24
Jan 31
Feb. 7
Feb 14
Feb.21
Minneapolis
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
Kansas City
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
Dallas
Jan. 24
Jan 31
Feb. 7
Feb.14
San Francisco
Jan. 24
Jan. 31
Feb. 7
Feb 14
Feb 21
City of Chicago*
Jan. 24
Jan.31
Feb. 7
Feb.14
Feb.21

For purchasing or carryComing securities
mercial, To brokers
inand dealers To others Real- Loans Other
dusTotal
estate
to
trial,
loans banks loans
U.S.
and U. S.
agri- Govt. Other Govt. Other
cul- obli- secu- obli- secugatural
rities ga- rities
tions
tions

3,209
3,162
3,159
3,166
3,120

682
671
652
668
654

411
411
405
409
408

40
30
23
34
25

18
19
19
25
21

15
15
15
15
13

23,470
23,317
23,149
23,100
23,087

5,379
5,368
5,186
5,231
5,103

2,595
2,591
2,600
2,617
2,586

907
888
786
829
775

579
575
611
607
569

574
555
454
441
429

2,479
2,469
2,485
2,470
2,452

424
423
422
424
417

229
228
228
223

3
2
3
2
2

33
38
31
32
32

4,714
4,721
4,728
4,726
4, 726

912
904
900
904
895

397
395
396
401
400

62
63
61
62
63

1,975
1,962
1,956
L,952
1,948

315
313
309
305
301

144
143
144
145
143

1,814
L,795
1,801
L,803
1,811

352
352
347
345
341

9,033
9,004
8,970
8,918
8,847

1,622
1,597
1,578
1,566
1,551

1,001

1,894
1 860
1^862
1,867
1,852

460
459
452
451
445

267
265
260
261
258

1,166
1,159
1,159
1,156
1,149

215
206
214
213
208

119
115
115
115
115

2,004
1,985
1,982
1,995
2,001

356
354
351
350
345

224
224
222
220
217

1,692
1,679
1,662
1,660
1,670

409
410
404
405
407

274
274
273
272

273

6,170
6,134
6,094
6,110
6,090

1,061
1,051
1,037
1,032
1,026

518
512
517
515
514

44
42
26
22

19

5,519
5,470
5,451
5,406
5,368

1,122
1,103
1,084
1,073
1,059

751
736
732
728

72
80
81
76
71

%

16
16
16
15

U. S. Government obligations

Total

Certificates
of
Bills in- Notes Bonds
debted-

an-

Other
securities

teed

ness

16

65
64
64
64
64

5
9
5
3
4

112
107
105
103
103

2,527
2,491
2,507
2,498
2,466

2,467
2,431
2,442
2,431
2,400

242
200
210
197
180

634
628
633
639
637

394
398
395
394
390

1,186
1,192
1,198
1,195
1,187

11
13
6
6
6

60
60
65
67
66

165
178
166
161
182

144
144
145
144
142

37
54
61
72
59

378
383
363
360
361

18,091
17,949
17,963
17,869
17,984

17,066
16,927
16,915
16,817
16,944

983
797
758
742
799

3,664
3,623
3,763
3,739
3,698

3,634
3,646
3,583
3,537
3,620

8,590
8,666
8,730
8,719
8,749

195
195
81
80

78

1,025
1,022
1,048
1,052
1,040

6
6
6
6
6

9
9
9
9
9

35
34
34
34
34

3

106
106
111
111
111

2,055
2,046
2,063
2,046
2,035

1,896
1,885
1,899
1,877
1,864

159
139
158
136
128

310
315
326
324
321

292
298
297
298
294

1,079
1,077
1,063
1,064
1,067

56
56
55
55
54

159
161
164
169
171

16
17
17
19
16

138
131
125
121

15
15
16
15
15

159
159
159
159
158

125
124
126
127
126

3,802
3,817
3,828
3,822
3,831

3,563
3,577
3,587
3,580
3,589

188
176
167
155
165

824
828
828
831
843

623
615
629
634
634

1,885
1,924
1,946
1,949
1,936

43
34
17
11

239
240
241
242
242

6
6
5
3
3

5
8
6
5

46
42
39
38

37

46
46
46
46
46

1
1
2
1
1

58
58
58
58
57

1,660
L,649
1,647
1,647
1,647

1,607
1,595
1,591
1,591
1,591

112
107
104
105
106

310
305
304
304
303

326
314
313
305
302

843
853
858
865
868

16
16
12
12

5

9
9
9
9
9

208
207
1
204
1
204
198 " ' l '

5

37
36
35
35
35

7
7
7
7
7

24
24
24
25
24

3
3
3
3
2

68
68
67
66
67

L,462
1,443
1,454
L.458
l',470

1,339
1,320
1,330
1,331
1,342

58
45
61
59
59

268
265
275
272
278

371
363
347
348
351

623
628
640
645
648

19
19
7

7
6

123
123
124
127
128

76
84
85
80

52
42
43
41

61
62
56
59

37

133
133
134
134
135

1
1
1

75

179
171
159
155
153

119
118
118
117
116

7,411
7,407
7,392
7,352
7,296

6,885
6,880
6,855
6,810
6,755

593
572
581
553
493

1,729
1,735
1,745
1,730
1,711

1,341
1,329
1,320
1,318
1,337

3,146
3,167
3,172
3,172
3,177

76
77
37
37
37

526
527
537
542
541

3
3
3
3

5
5
5
5

11
11
11
11

4

65
65
65
65
65

2
2
3
1
1

83
84
85
82
83

1,434
1,401
1,410
1,416
1,407

1,320
1,288
1,295
1,297
1,287

51
27
40
42

2

24
24
20
23
20

35

311
306
294
291
291

343
341
348
346
342

589
588
592
599
605

26
26
21
19
14

114
113
115
119
120

1
1
1
1
1

2
3
2
2
2

17
15
15
14
10

4
3
4
4

24
24
23
23
24

2
2
4
4
3

46
43
50
50
49

951
953
945
943
941

909
911
902
900
898

20
26
17
16
10

193
189
190
186
185

210
206
210
209
211

476
480
476
480
483

10
10
9
9
9

42
42
43
43
43

1
1
1
1

4
3
3
3

22
21
21
21

10
10
10
10

1

3

19

10

37
37

58
58
57
58

1,648
1,631
1,631
1,645
1,656

1,524
1,506
1,505
1,518
1,529

80
68
67
79
89

362
360
362
361
360

373
370
373
370
361

677
678
677
682
693

32
30
26
26
26

124
125
126
127
127

3
3
4
3

35
34
30
30

56

1.283
1,269
1,258
1,255
1,263

1,238
1,224
1,212
1,209
1,217

74

327
317
317
316
316

267
270
270
273
273

540
545
543
541
540

20
19
14
14

30

22
23
22
23
22

84
73
68
65

4

22
22
22
22
22

14

45
45
46
46
46

29
29
27
28

26
27
27
26

30

47
43
42
44
43

25

297
296
296
296
296

100
102
102
101
99

5,109
5,083
5,057
5,078
5,064

4,740
4,713
4,686
4,700
4,689

356
323
295
297
305

1,097
1,100
1,122
1,108
1,093

1,046
1,046
1,049
1,055
1,054

2,136
2,139
2,135
2,154

105
105
85
86
85

369
370
371
378
375

45
35
35
33
29

107
104
93
93
91

54
55
50
52
51

26
26
26
26
27

66
66
66
65
63

4,397
4,367
4,367
4,333
4,309

4,047
4,018
4,011
3,971
3,950

478
436
471
446
420

1,007
1,014
1,006

32
33

350
349
356
362
359

230

986
982
980
978

727

6
6
5

7

117

57

12

4

37
37
37

""i"

57
53
54
53
55

1
1
1

995

973

2,152

753 1,777
755 1,780
746 1,783
743 1,782
773 1,779

IX

12

5
5
5

53
54
56
56
56

* 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.

z5o




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

Boston (6 cities)
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
New York (8 cities)*
Jan. 24
J a n . 31
Feb. 7
Feb.14
Feb. 21
Philadelphia (4 cities)
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
Cleveland (10 cities)
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb.21
Richmond (12 cities)
Jan. 24
Jan. 31.Feb. 7
Feb.14
Feb. 21
Atlanta (8 cities)
J a n . 24
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Chicago (12 cities)*
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb.21
St. Louis (5 cities)
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Minneapolis (8 cities)
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb. 2 1 . . .
Kansas City (12 cities'
Jan. 24
'.
Jan. 31
Feb. 7
Feb. 14
Feb.21
Dallas (9 cities)
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb. 21
San Francisco (7 cities
J a n . 24
J a n . 31
Feb. 7
Feb. 14
Feb. 21
City of Chicago*
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21

ReBalserves
DeIndiwith Cash ances mand
vidwith
Feddeuals,
in
eral
posits
dopartvault
Remestic ad- t
nerserve
banks isted 1 ships,
Banks
and
corporations

IndividStates Certiuals,
fied
and
U. S. partand
politnerGovoffiical
ern- ships,
cers' ment
suband
divi- checks
coretc.
sions
porations

Interbank
deposits

.S.
States U
Govand
ernpolit- ment
ical
and
subdivi- Postal
Savsions
ings

Domestic
banks

Demand

Foreign
banks

CapBank
ital
debac2
counts i t s

Time

3
3
3
3
3

286
266
274
278
277

18
18
19
19
19

5
7
9
14
9

269
269
270
270
270

648
647
749
551
701

21
21
21
21
21

10
10
10
10
10

2,970
2,930
2,898
2,902
2,908

828
839
846
844
849

64
71
91
119
135

1,939
1,947
1,950
1,952
1,950

7,370
6,871
7,468
6,047
7,494

189
190
191
191
192

2
2
2
2
2

1
1
1
1
1

344
323
333
342
324

9
9
9

236
238
239
239
240

649
624
582
504
589

759
747
729
708
678

1,024
1,028
1,035
1,040
1,045

45
47
52
53
54

526
507
506
526
500

3
3
3
3
3

453
454
455
455
457

863
850
816
718
936

22
24
17
18
18

466
453
439
429
408

283
284
287
288
289

2
2
2
2
2

403
378
402
399
395

2
2
2
2
2

119
119
120
121
122

373
391
390
342
380

162
166
171
157
170

9
9
11

239
232
228
221
212

329.
331
334
336
338

3
3
3
3
3

512
479
499
506
498

5
5
5
5
5

115
115
116
116
117

335
365
360
336
395

5,393
5,408
5,388
5,536
5,483

399
414
408
400
405

75
69
63
71
61

1,86'
1,819
1,763
1,713
1,629

1,531
1,537
1,546
1,548
1,556

5
5
5
5
4

1,547
1,463
1,462
1,531
1,453

19
19
18
20
20

533
535
537
537

1,939
2,190
1,950
1,813
2,164

1,024
1,01'
1,020
1,042
1,044

1,073
1,059
1,052
1,104
1,090

65
67
66
67
66

14
12
13
11
15

283
280
271
263
254

278
279
281
282
284

610
577
590
603
592

1
1
1
1
1

122
122
123
124
124

377
359
347
32d
385;

89
87
80
77
74

630
626
620
624
629

607
604
602
620
612

70
72
64
64
62

9
10
10

297
288
279
270
25

169
169
171
172
173

268
261
264
267
252

2
2
2
2
2

80
80
80
80
80

221
241.
227
190*
231

23
23
22
24
22

273
261
262
271
280

1,217
1,237
1,223
1,275
1,270

1,247
1,229
1,220
1,289
1,282

127
127
128
127
132

19
18
17
18
19

298
296
28:
280
26:

229
230
232
233
235

1
1
1
1
1

784
741
757
754
769

134
134
134
134
135

428
421
406
488

334
322
329
337
331

23
23
23
25
24

231
204
205
216
227

1,176
1,162
1,159
1,163
1,200

1,190
1,161
1,158
1,190
1,208

65
71
73
73
73

33
34
18
19
20

276
269
263
255
243

203
204
205
207
208

11
11
11
10
11

518
479
-478
500
488

3
3
3
3
3

115
117
121
121
120

377
361
335
295
373

925
899
887
871
873

45
47
42
48
45

257
239
248
246
249

3,125
3,093
3,058
3,062
3,056

3,144
3,111
3,055
3,147
3,109

171
175
170
164
161

89
91
90
89
76

1,010
999
974
948
926

1,654
1,660
1,671
1,681
1,690

25
25
25
25
25

458
419
410
421
427

25
25
25
27
27

507
506
508
508
509

1,077
1,097
1,022
1,043

905
843
875
904
901

45
44
43
46
43

190
186
183
181
175

3,307
3,291
3,326
3,298
3,353

3,330
3,321
3,324
3,402
3,385

170
173
174
166
175

33
32
29
30
27

1,253
1,218
1,180
1,144
1,

635
637
640
638
640

1,099
1,033
1,040
1,089
1,037

16
16
16
17
17

347
349
350
350
351

1,151
1,303
1,209
1,062
1,233

434
428
439
434
431

59
56
55
56
55

118
131
108
112
116

2,054
2,053
2,044
2,058
2,053

2,041
2,032
2,033
2,057
2,045

104
111
104
105
103

30
27
28
24
34

866
841
822
803
768

344
345
348
349
350

3,616
3,666
3,655
3,675
3,691

124
119
122
130
125

104
110
109
114
109

14,285
14,375
14,376
14,485
14,696

14,560
14,594
14,423
14,803
14,827

383
422
481
506
480

763
543
644
608
604

5,738
5,566
5,384
5,224
4,959

1,435
1,440
1,449
1,456
1,472

404
403
408
405
406

30
28
28
30
28

83
74
79
76

1,710
1,727
1,741
1,73:
1,748

1,762
1,789
1,790
1,813
1,815

40
41
39
42
38

20
21
21
19
20

535
524
511
496
472

737
737
738
732
746

75
73
68
74
72

215
208
209
221
201

2,966
2,985
2,975
3,012

3,013
3,038
2,996
3,101
3,072

111
117
112
115
122

36
33
38
41
36

300
288
306
314
299

38
37
35
38
36

168
147
151
160
150

1,171
1,160
1,158
1,187
1,176

1,164
1,160
1,155
1,190
1,181

75
76
76
76
76

329
326
336
346
337

29
28
27
30
28

145
132
139
150
148

1,134
1,13
1,137
1,163
1,173

1,074
1,066
1,063
1,127
1,108

1,453
1,373
1,394
1,425
1,441

102
99
95
103
100

401
400
388
415
389

5,495
5,508
5,523
5,514
5,580

318
314
314
319
331

21
19
19
20
20

110
108
112
118
117

178
163
165
169
169

11
11
11
11
10

375
383
387
405
385

* See note on preceding page.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except in interbank and U. S. Government accounts.

1
2

MARCH

Borrowings

1945




COMMERCIAL PAPER AND BANKERS' ACCEFrANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Commercial
paper
outstanding 1

End of month

Based on

Held by
Accepting banks

Total
outstanding

Imports
into
United
States

2

Total

Own
bills

Others

Bills
bought

Exports
from
United
States

1943—October
November
December

188
203
202

115
111
117

90

48
53
52

39
35
38

27
23
27

67
59
66

9
11
11

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
87
88
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
S3
79
77
71
74
72
75
78
79
74
86

12
12
12
12
10
11
12
10
11
13
14
14

1945—January

162

130

98

48

50

Dollar
exchange

Goods stored in or
shipped between
points in
United

Foreign

States

countries

29
31
30

10
9
9

8

8
S
?

29
32
31
30
28
24
24
22
19
21
24
25

* As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
3
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p . 427.

*

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.

Ledger balances in millions of dollars]
Credit balances

Debit balances

End of month

Debit
Debit
Customers' balances in balances in
firm
debit
partners'
balances
investment investment
(net) 1
and trading and trading
accounts
accounts

1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December.
1941—June
December
1942—June
December
1943—June
December
1944—February
March
April
May
June
July
August
September
October
November
December
1945—January

1,267
1,395
1,489
985
774
991
834
906
653
677
616
600
496
543
761
788

67
64
55
34
27
32
25
16
12
12
11
8
9
7
9
11

164
164
161
108
88
106
73
78
58
99
89
86
86
154
190
188

crSXTances'
Cash on
hand
and in
banks

219
249
214
232
215
190
178
207
223
204
186
211
180
160
167
181

e

800
82O
78O
e
790
887
e
940
'940
*940
e
950
*940
1,041
e

g

"1,090

5

7

253

260 " "

196 "

209

Money
borrowed 2

Other credit balances
In firm
In partners'
investment investment
and trading and trading
accounts
accounts

In capital
accounts
(net)

Free

Other
(net)

985
1,048
1,217
688
495
754
570
637
376
427
395
368
309
378
529
557

276
342
266
278
258
247
230
266
267
281
255
289
240
270
334
354

86
103
92
85
89
60
70
69
62
54
65
63
56
54
66
65

24
30
25
26
22
22
21
23
22
22
17
17
16
15
15
14

14
12
13
10
11
5
6
7
5
5
7
5
4
7
5

420
424
397
355
298
305
280
277
269
247
222
213
189
182
212
198

*650
*630
«600
e
550
619
*660
e
630
*640
e
67O
e
640
726

"370
"380
e
390
e
400
424
e
420

95

15

11

216

96'"'

18

8

e

730

mo
e

420
430
430
472
*530

e
e

227"

e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.

which the figures are derived and report._,
o
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
a t semiannual dates prior to 1942.




FEDERAL RESERVE BULLETIN

COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum!

OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]

Year,
month, or
week

Stock
Prime
exPrime
bank- change
comers'
call
mercial acceptloan
paper,
re4- to 6- ances,
90
newmonthsl daysl
als2

Yields on U S.
Government securities
9- to,12month
3certifi- 3- to 5year
month
cates
bills 3
of in- taxable
debted- notes
ness

1942 average
1943 average
1944 average

.66
.69
.73

.44
.44
.44

1.00
1.00
1.00

.326
.373
.375

.75
.79

1.13
1 31
l'.33

1944—January
February
March
April
May
June
July
August
September....
October
November
December

.69
.69
.69
.69

.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

.374
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375

.78
.78
.80
.78
.77
.79
.77
.76
.79
.80
.81
.80

1.30
1.32
1.36
1.36
1.35
1.34
1.31
1.30
1.31
1.35
1.34
1.35

.44

1.00

.375

4

.78

1.31

%
%
%

1.00
1.00
1.00
1.00
1.00

.375
.375
.375
.376
.375

.77
6
.77
.77
.77
.76

1.29
1.25
1.24
1.23
1.20

1945—January
Week ending:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

.75
.75
.75
.75
.75
.75
.75
.75
.75
8^

%

%

1 Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.25 per
cent during the entire period.
3
Rate on new issues offered within period. Tax-exempt bills prior to
March 1941; taxable bills thereafter.
4
Number of issues decreased from 2 to 1 on Jan. 1.
6
Number of issues increased from 1 to 2 on Feb. 1.
Back figures.—See Banking and Monetary Statistics, Tables 120-123, pp.
448-462; for description, see pp. 424-426.
2

Total
19 cities

New
York
City

7 Other
Northern and
Eastern
cities

11 Southern and
Western
cities

1936 average 1
1937 average 1
1938 average 1

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

2.78
2.63
2.54
2.61
2.72
2.59

2.07
2.04
1.97
2.07
2.30
2.11

3.51

1940—June
September
December
1941—March

2.59
2.68
2.59
2.58
2.55
2.60
2.41
2.48
2.62
2.70
2.63

2.00
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
2.49
2.56
2.53
2.53
2.58
2.62
2.45
2.48
2.56
2.66
2.63

3.3H
3.19
3.26
3.13
3.02
3.3S
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

June
September
December
1942-March
June
September
December

*

l Prior to March 1939 figures were reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp.
463-464; for description, see pp. 426-427.

B O N D YIELDS 1
[Per cent per annum]
U. S. Government
Year, month,
or week

Long-term
partially
tax-

exempt

Corporate (Moody's) 4

Taxable
7 to 9 15 years
and
years
over

Municgrade) 2

Corporate
(high
grade) 3

By rating

]By

Total
Aaa

Aa

A

Baa

Industrial

groups

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

2T75
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

August
September
October
November
December

.95
.93
.91
.94
.94
.91
.89
.90
.93
.93
.90
.87

1.99
1.96
1.95
1.95
1.95
1.95
1.95
1.93
1.92
1.93
1.92
1.93

2.49
2.49
2.48
2.48
2.49
2.49
2.49
2.48
2.47
2.48
2.48
2.48

1.92
1.85
1.84
1.85
1.86
1.87
1.84
1.82
1.83
1.87
1.88
1.87

2.65
2.65
2.64
2.61
2.58
2.58
2.59
2.57
2.55
2.55
2.61
r
2.59

3.11
3.10
3.09
3.08
3.06
3.05
3.04
3.02
3.03
3.02
3.02
2.98

2.72
2.74
2.74
2.74
2.73
2.73
2.72
2.71
2.72
2.72
2.72
2.70

2.83
2.83
2.82
2.82
2.81
2.81
2.80
2.79
2.79
2.81
2.80
2.76

3.11
3.10
3.10
3.09
3.07
3.07
3.05
3.04
3.05
3.01
3.01
2.98

3.76
3.72
3.70
3.68
3.63
3.59
3.57
3.55
3.56
3.55
3.53
3;49

2.83
2.83
2.83
2.83
2.81
2.79
2.79
2.79
2.79
2.79
2.77
2.74

3.51
3.49
3.48
3.45
3.41
3.40
3.37
3.34
3.35
3.32
3.29
3.25

2.99
2.98
2.97
2.97
2.97
2.96
2.95
2.94
2.94
2.96
2.98
2.96

1945—January...

1.81

1.89

2.44

1.81

2.58

2.98

2.69

2.76

2.98

3.46

2.73

3.23

2.97

Week ending:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

1.81
1.80
1.76
1.74
1.73

1.86
1.81
1.78
1.78
1.75

2.43
2.41
2.40
2.39
2.37

1.79
1.77
1.76
1.75
1.67

2.58
2.58
2.57
2.56
2.55

2.97
2.96
2.95
2.94
2.93

2.69
2.68
2.66
2.65
2.65

2.76
2.75
2.74
2.73
2.72

2.98
2.97
2.96
2.94
2.93

3.45
3.44
3.42
3.41
3.40

2.72
2.72
2.70
2.69
2.68

3.22
3.20
3.18
3.16
3.15

2.97
2.96
2.95
2.95
2.95

1944—January
February
March
April
May

June
July

r

Revised.
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Standard and Poor's Corporation.
3
U. S. Treasury Department.
4
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa 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 1944 pp. 442-446.
1
2

MARCH

1945




2-53

SECURITY MARKETS 1
Stock prices5

Bond prices
Corporate4

I

Year, month, or week

U.S. Municipal
Gov(high
ern-,
ment* grade)3

Number of issues

Mediuni- and ]
Highgrade

of trading?
(in thousands
Public shares)of
utility

Common (index, 1935-39 = 100)

Total

Industrial

Railroad

DePublic faulted
utility

Preferred6

Total

Industrial

Railroad

20

20

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

466
1,032
971

1944—January...
February..
March
April
May
June
July
August....
September
October...
November.
December.

100.18
100.14
100.26
100.26
100.19
100.16
100.19
100.35
100.40
100.29
100.26
100.34

134.4
135.8
136.0
135.8
135.6
135.5
136.1
136.5
136.2
135.5
135.2
135.5

120.5
120.4
120.5
120.7
120.9
120.9
121.3
121.2
121.2
121.1
120.9
121.4

113.2
113.6
113.7
114.4
114.7
114.5
114.7
114.8
114.5
115.5
115.9
116.9

119.8
119.3
119.8
121.0
121.5
121.5
121.1
120.9
120.1
119.9
119.9
120.7

104.1
105.7
105.3
105.5
106.5
106.2
106.8
107.3
107.0
109.6
110.9
113.2

115.5
115.8
115.9
116.6
116.0
115.9
116.3
116.2
116.5
116.9
116.7
116.8

52.8
58.1
60.1
59.0
58.9
61.2
61.3
57.3
55.5
59.1
61.2
65.8

171.2
172.7
173.4
173.8
173.2
175.8
177.6
176.9
177.4
177.4
178.5
180.9

95
94
97
95
97
102
104
103
101
104
103
105

96
96
98
97
99
104
107
105
103
106
105
106

91
96
99
97
99
101
105
103
99
103
105
114

87
87
88
87
88
90
91
92
91
93
92
92

788
807
1,124
659
730
1,598
1,283
872
738
776
850
1,421

1945—January...

100.97

136.6

121.6

117.3

121.2

113.7

117.0

68.6

184.6

108

121

94

1,652

Week ending:
Jan. 27....
Feb. 3 . . . .
Feb. 1 0 . . .
Feb. 1 7 . . .
Feb. 24....

101.15
101.48
101.63
101.73
102.08

137.0
137.4
137.6
137.8
139.5

121.6
121.6
121.7
121.9
122.1

117.1
117.1
117.4
117.8
117.8

121.3
121.4
121.7
122.1
122.1

113.2
113.2
114.0
114.6
114.8

116.8
116.7
116.5
116.6
116.6

67.1
66.7
67.6
68.5
68.7

186.7
187.2
186.2
186.2
185.2

107
108
111
112
114

116
116
122
125
128

93
94
96
96
97

1,263
1,583
1,502
1,891
1,662

1-7

109
111
113
115
116

1
2
3
4
6
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-yeaf "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.
Backfigures.—SeeBanking and Monetary Statistics, Tables 130,133,134, and 136, pp. 475, 479, 482, and 486, respectively, and the BULLETIN for May 1944,
pp. 442-446.
NEW SECURITY ISSUES
[In millions of dollars]
For refunding

For new capital

Year or month

Total
(new
and
refunding)

State
and
municipal

Federal
agencies 1

4,699
6,214
3,937
4,449
5,842
4,803
5,546
2,114
2,174
4,153

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—January
February
March
April
May
June
July
August
September..
October
November...
December...

240
220
178
235
418
213
274
332
478
892
480
193

103
73
58
80
53
42
70
145
42
178
39
38

93
73
58
80
53
42
64
145
42
178
39
38

24
11
31
13
7
21
23 . . . . . .
12
40
13
47
6
20

1945—January

625

136

136

92

1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

Domestic

Domestic
Total
(domestic
and
Total
foreign)

150
855
22
735
157
712
481
971
924
931
461
751
518 1,272
108
342
90
176
45
235

"io"
2

Corporate
eign 2
Total

Bonds
and Stocks
notes

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

38
63
45
73
33
15
52
106
' 29
131
23
19

15
59
28
21
14
11
43
68
15
109
9
13

22
4
17
52
19
5
10
37
14
22
14
6

43

18

25

48
23
44
35
50
2
1
'""2 '
17

10

•y

Total
(domestic
and
foreign)

Total

Corporate

State
and
municipal

Federal
agencies 1

Total

Bonds
and Stocks
notes

Foreign2

3,242
4,242
1,799
2,089
3,553
2,852
2,693
1,039
1,532
3,230

3,216
4,123
1,680
2,061
3,465
2,852
2,689
1,039
1,442
3,215

365
382
191
129
195
482
435
181
259
404

987
353
281
665
1,537
344
698
440
497
388

1,864
3,387
1,209
1,267
1,733
2,026
1,557
418
685
2,423

1,782
3,187
856
1,236
1,596
1,834
1,430
407
603
2,135

81
200
352
31
137
193
126
11
82
288

137
146
120
155
365
170
204
187
436
714
440
155

137
146
120
149
356
170
204
187
436
714
440
155

14
26
12
10
139
8
22
26
6
61
65
14

'"'25'
30
31
33
83
27
20
30
42
39
27

123
96
78
108
184
79
154
141
401
611
336
114

62
93
59
53
169
76
133
136
351
586
304
114

61
3
19
55
15
3
21
5
50
25
32

490

490

22

195

272

240

33

26
119
119
28
88
4
90
15

6
9

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.
Backfigures,—'SeeBanking and Monetary Statistics, Table 137, p. 487,

2-54




FEDERAL RESERVE BULLETIN

NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
{In millions of dollars!
Proposed uses of net proceeds
Year or month

Estimated
groS
52
proceeds^

Estimated
net
proceeds 3

Retirement of securities

New money
Plant and
equipment

Total

Working
capital

Total

Bonds and
notes

Preferred
stock

Repayment
of
other debt

Other
purposes

397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,014

384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
2,956

57
208
858
991
681
325
569
868
474
308
575

32
111
380
574
504
170
424
661
287
141
224

26
96
478
417
177
155
145
207
187
167
351

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

H
23
49
36

1943—June
July
August
September.
October....
November.
December..

76
90
110
70
142
199
116

74
88
108
69
139
197
113

16
3
16
12
10
119
20

10

6
3
3
6
5
55
12

55
63
83
51
105
81

36
44
81
41
101
66
77

19
20
2
10
4
6
4

1
12
9
5
22
6
5

2
10

13
6
4
64
8

1944—January...
February .
March
April
May
June
July
August
September.
October....
November .
December..

154
97
203
155
148
163
192
229
438
735
347
154

150
95
199
150
146
160
188
226
429
722
340
152

34
49
48
53
23
23
60
57
27
123
24
54

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

1945—January....

281

275

35

14

21

240

221

19

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

71

71

7
26
19
28
35
27
37

i

2
1
7
1

8
1
3

i

6
3
5

1
2

7
1

PROPOSED USES OF^PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Public utility

Railroad
Year or month

1934....
1935....
1936....
1937....
1938....
1939....
1940....
1941....
1942....
1943...
1944....
1943—June
July
August
September..
October
November.
December..

Industrial

Total
Retire- All
Retire- All
Total
net
New ment of other
New ment of other
net
pro- money securi- pur- 4 pro- money securi- purposes ceeds
ties
ties
ceeds
172
120
774
338
54
182
319
361
47
160
606

21
57
139
228
24
85
115
253
32
46
106

29
7
6
4
28
26
3

1944—January....
February..
March
April
May
June
July
August
September.
October...
November.
December..

2
45
21
134
189
36
52
82

1945—January...

119

120
54
558
110
30
97
186
108
15
114
500

11
30
63
89
180
43
245
317
145
22
28

77
1,190
1,897
611
943
1,157
922
993
292
423
1,297

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

1
21
53
41
50
38
71

34
60
39
16
57
131
29

6
3
9
4
7
115
13

26
36
30
10
27
11
10

3
21
1
2
22
6
6

61
30
134
28
58
23
52
24
138
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
TO
27
75
71
11
5

2
12
4
3
4
19
5
2

2
4
1
33

115
179
35
48
82

61
30
140
28
58
24
58
26
149
498
259
10

""2
1
1

6
2
1
42

119

65

65

28

54

28
23

9
29

1
2
3
4

18

130
1,250
1,987
751
1,208
1,246
1,180
1,340
464
469
1,339

1

Other

Retire- All
Total
RetireAll
net
New ment of other
New ment of other
pro- money securi- pur- 4
money securi- purties
poses* ceeds
ties
poses

11
22
60
49
53
38
78

29
7

2
4
21
19
10
2
4

31
10
77
1

Total
net
proceeds

46
218
57
8
9
42
55
4
13
51

72
152
7
7
88
9
18

19
4
20
7
1
5
104
21

"'i'
38

42

10

Estimates of new issues sold for cash in the United States. Current figures subject to revision.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of
the Board of Governors.

MARCH 1945




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

Iron
and
steel

Machinery

Other
transportation
equipment

Automobiles

Nonferrous
metals
and
products

Other
durable
goods

Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
refincals
tobacco ing

Other
nondurable
goods

Miscellaneous
services

Dividends

Net,
profits1

Preferred

Common

629

47

69

15

68

77

75

49

45

30

80

74

152

152

152

1,465
1,818
2.169
1,792
1,823

146
278
325
226
205

115
158
193
159
168

223
242
274
209
201

102
173
227
202
203

119
133
153
138
128

70
88
113
90
83

151
148
159
151
163

98
112
174
152
185

186
194
207
164
169

134
160
187
136
144

122
132
159
165
173

847
1,028
1,144
883
902

90
90
92
88
86

564
669
705
552
555

422
412
396
588

47
51
79
101

33
39
34
52

69
53
17
10,3

41
36
33
63

33
29
30
40

14
21
25
28

34
38
S3
43

34
30
25
24

46
45
52
51

41
41
39
39

29
30
29
44

246
230
211
342

21
21
22
25

136
158
158
217

510
549
560
550

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

29
36
46
48

286
297
284
276

22
23
23
24

150
165
170
221

1942—1
2
3
4

419
364
451
557

52
52
51
72

38
35
36
49

46
25
46
92

651
6
48
6
49
654

36
32
34
36

19
18
22
30

32
32
42
44

35
27
42
49

39
35
41
48

39
27
35
35

32
34
52
47

204
174
211
294

21
23
20
23

134
135
125
158

1943—1
2
3
4

437
441
464
481

53
48
51
53

39
42
41
46

47
49
52
53

654
652
6
51
6
46

34
32
31
32

19
22
20
23

39
40
42
42

36
42
49
58

42
41
41
46

36
35
37
36

39
38
49
47

208
221
227
245

21
22
21
23

127
132
127
169

452
464
478

47
46
46

40
40
37

52
55
56

6

29
30
28

20
22
22

40
43
41

49
52
58

42
43
51

36
37
34

39
43
55

222
227
236

20
22
20

142
149
137

Number of companies...
1939
1940
1941
1942
1943

.

.

Quarterly
1940—1
2
3
4
1941—1
2
3
4

....

. . .

1944—1
2
3

58
53
50

6

6

PUBLIC UTILITY CORPORATIONS
[ In millions of dollars]
Electric power3

Railroad 2
1

Operating
revenue

Income

Net income

income
tax*

All roads Insolvent
roads

3,995
4,297
5,347
7,466
9,054

126
249
674
1,658
2,209

93
189
500
902
874

-102
-73
23
147
187

126
159
186
202
216

2,647
2,797

3,029
3,216
3,464

1940—1
2
3
4

986
1,010
1,130
1,171

-3
15
92
145

-12
3
71
127

-29
-33
—14
3

25
29
29
78

1941—1
2
3
4

1,152
1,272
1,468
1,454

96
145
267
166

69
103
189
138

-5
0
23
5

1942—1
2
3
4

1,483
1,797
2,047
2,139

178
390
556
534

90
198
286
327

1943—1
2
3
4

2,091
2,255
2,368
2,340

513
605
653
438

1944—1
2
3

2,273
2,363
2,445

458
'511
550

Year or quarter

1939
1940
1941
1942
1943

Operating
revenue

Income

Telephone^ 1
Operating
revenue

Net
income1

Dividends

191
194
178
163
180

175
178
172
163
166

274
* 281
281
294

49
50
45
50

44
44
44
46

(7)
(7)
(7)
(7)

295
308
311
321

43
44
45
46

44
45
44
40

131
104
105
150

98
96
84
131

324
337
342
359

41
41
39
43

44
42
39
38

254
221
210
228

136
118
114
133

96
98
96
120

366
383
389
400

42
44
45
48

40
42
43
41

263
242
207

135
123
111

94
102
94

400
406
409

42
43
43

42
42
42

Net
income1

Dividends

629
692
774
847
914

535
548
527
490
502

444
447
437
408
410

1,067
1,129
1,235
1,362
1,537

709
675
682
731

187
161
156
188

148
128
123
149

(7)
(7)
(7)
(7)

28
36
34
87

751
723
750
805

209
182
183
200

154
126
107
139

12
37
60
38

24
46
30
101

816
770
792
839

234
196
195
222

209
239
249
177

52
56
55
25

28
49
39
100

864
835
859
906

148
174
180

27

31
55
30

927
886
883

Dividends

income
tax*

Quarterly

22
23

1
2
3
4

"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
clude affiliated
Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include
affiliated nonelectric
nonelectricoperations.
operations.
i
T
l h
d Telegraph
T l h Company,
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes A
American
Telephone
and
the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
•6 After all charges and taxes7 except Federal income and excess profits taxes.
Partly estimated.
Not available.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures
prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision, especially for war producers whose contracts are under
renegotiation. For description of data and back figures, see pp. 214-17 of the March 1942 BULLETIN.

z56




FEDERAL RESERVE BULLETIN

UNITED STATES GOVERNMENT DEBT-VOLUME AND K I N D OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars ]
Total
interestbearing
direct
debt

Total2

48,961
57,938
72,422
108,170
136,696
165,877

48,387
57,451
71,968
107,308
135,380
164,508

37,713
41,562
50,573
76,488
95,310
115,230

1,603
2,002
2,508
6,627
11,864
13,072

3,096
10,534
16,561
22,843

183,107
184,715
184,967
186,366
201,003
. 208,574
209,802
209,496
210,244
215,005
230,630
232,408

181,709
183,348
183,413
184,874
199,543
207,117
2C8,289
207,850
208,608
210,774
228,891
230,672

126,171
128,080
127,440
128,029
140,401
144,919
145,213
144,723
145,008
145,183
161,648
162,261

13,112
13,147
13,150
13,766
14,734
15,524
15,715
15,747
16,060
16,405
16,428
16,403

25,680
25,680
25,306
25,266
28,822
30,035
30,001
29,573
29,546
29,545
30,401
30,401

End of month

1941—June
Dec
1942—June
Dec
1943—Tune
Dec
1944—Feb
Mar
Apr
May
June
July...
Aug
Sept
Oct
Nov
Dec
1945—Jan

Marketable public issues 1

Total
gross
direct
debt

Nonmarketable public issues

CertifiTreasury cates of Treasur}'
indebtedbills
notes
ness

U. S. Treasury
and
savings tax
savings
bonds
notes

Fully
NonguaranSpecial interest- teed interestissues bearing
bearing
debt
securities

1reasury
bonds

Total 2

5,698
5,997
6,689
9,863
9,168
11,175

30,215
33,367
38,085
49,268
57,520
67,944

4,555
8,907
13,510
21,788
29,200
36,574

4,314
6,140
10,188
15,050
21,256
27,363

2,471
3,015
6,384
7,495
8,586

6 ,120
6 .982
7 885
9 032
10 871
12 703

13,302
16,244
16,263
16,265
17,405
18,067
18,067
17,936
17,936
17,936
23,039
23,039

73,882
72,813
72,526
72,537
79,244
81,097
81,235
81,270
81,271
81,102
91,585
92,221

42,370
41,762
42,275
42,724
44,855
47,237
47,614
47,152
47,430
49,008
50,917
51,723

31,515
31,974
32,497
32,987
34,606
36,538
36,883
37,323
37,645
38,308
40,361
41,140

10,220
9,116
9,092
9,050
9,557
10,000
10,030
9,124
9,075
9,990
9,843
9,864

13 168
13 507
13 697
14 122
14 287
14 961
15 461
15, 976
16, 170
16 583
16, 326
16, 688

6,360
6,317
4,548
4,283
4,092
4,225

574
487
454
862
1 ,316
1 ,370

4,227
2,258
2,258
1,529
1,516
1,468
1,475
1,480
1,480
1,470
1,470
1,496

1 ,398
1 ,367
1 ,554
1 ,492
1 ,460
1 ,456
1 ,514
1 ,645
1 ,636

H1 ,230
,739

1 ,736

1 Including amounts held by Government agencies and trust funds, which aggregated $5,337,000,000 on Dec. 31, 1944, and $5,269,000,000 (preliminary)
on Jan. 31, 1945.
2
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary
bonds not shown separately.
3
Including prepayments amounting to $2,546,000,000 on securities dated Dec. 1,1944, sold in the Sixth War Loan, beginning Nov. 20, 1944.
Back figures—-See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, JANUARY 3 1 , 1945
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate

Amount

Treasury bills1
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.

1,
8',
15,
23,
1,
8,
15,
22,
29,
5,
12,
19,
26,

1945....
1945....
1945... .
1945...
1945. .
194.5....
1945. ..
1945....
1945....
1945....
1945....
1945....
1945....

Cert, of indebtedness
Feb. 1, 1945
Apr. 1 1945
1
June 1
Aug. 1
Sept. 1
Oct. 1
Dec. 1
May

1945
1945 .*....
1945
• V§
1945
.. • y%
10*5
y%
1945.'.'.'.'.' '.'.'.%

Treasury notes
Mar. 1, 1945. . . . . .91
%
Mar. 15, 1 9 4 5 . . .
Mar. 15, 1945. ... Y.iK
Dec. 15, 1945
1, 1946 . . . . ; .90
Tan.
Mar. 15, 1 9 4 6 . . . . . 1
15,
1 9 4 6 . . . . 1;H>
Dec.
Mar. 15, 1 9 4 7 . . . . IK
15,
1
947...
Sept.
Sept. 15, 1947 . . . . ..IK
15,
1
948....
Sept.
15,
15,
15.
15,
15,
15,
15.
15',
15,
15,
Sept. 15,

1945-47. ..2%
1 9 4 5 . . . . ..2H
1946-56. ..•3H
1946-48. . . . .3
1946-49. ..3-H
1947-52. • - 4 K
2
1947...
2
1948-50.
1948-51. • •2*4
1948. . • - 1 M
1 9 4 8 . . . . • .2H

Amount

5,048
4,877
1,615
4,770
2,511
3,694
3,492
4,395
2,127

718

1,606

531

3,416
1,291
3,2ol
1,948
2,707
1,687
3,748
1,214

541
489

1,036

819
759
701

1,115
1.223
3,062

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
8,514
1,501
725
681
2,611
1,449
982
3,823
919
1,485
2,118
2,831
3,761
3,838
5,197
3,474
2,716
117
Postal Savings bonds.2^
29
Conversion bonds
3
50
Panama Canal loan — 3
Total direct issues.. . . 162,261
Dec.
June
Sept.
Dec.
Dec.
Dec.
Mar.
Sept.
Sept.
June
Sept.
Sept.
Dec.
Dec.
Mar.
June
Dec.
June
June
June
Mar.
Mar.
Sept.
Sept.
June
Dec.
June
Dec.
June
Dec.
Mar.
Mar.
Sept.

15, 1948-50
15, 1949-51
15, 1949-51
15, 1949-51
15, 1949-52
15, 1949-53
15, 1950-52
15, 1950-52
15, 1950-52
15, 1951-54
15, 1951-53
15, 1951-55
15, 1951-53
15, 1951-55
15, 1952-54
15, 1952-54
15, 1952-54
15, 1952-55
15, 1953-55
15, 1954-56
15, 1955-60
15, 1956-58
15, 1956-59
15, 1956-59
15, 1958-63
15, 1960-65
15, 1962-67
15, 1963-68
15, 1964-69
15, 1964-69
15, 1965-70
15, 1966-71
15, 1967-72

2
2
2
2
3%
2H
2
2l/2
2
2%
2
3
2lA
2
2V2
2
2
2K
2
2%
2V%
2V2
2%
2K
2%
2%
2l/2
2V2
2V2
2}/2
2}/2
2^
2\<i

Guaranteed securities
Commodity Credit Corp.
Feb. 15, 1945
\%

Home Owners' Loan Corp.
June 1, 1945^7
\y2
Federal Housing Admin.
Various
Total guaranteed issues

412
755
30
1,197

451

1
Sold on discount basis. See table on Open-Market Money Rates,
p. 253.

MARCH 1945




Month

Treasury bonds—Cont.
1,311
1 314
1,301
1,314
1,204
1,205
1,207
1,217
1,202
1,205
1,303
1,303
1,318

Treasury bonds
Sept.
Dec.
Mar.
June
Tune
Oct.
Dec.
Mar.
Mar.
June

Issue and coupon rate

UNITED STATES SAVINGS BONDS
[ In millions of dollars ]
Amount Funds received from sales during
outmonth
standing
at end of
All
Series
Series Series
month
E
F
G
series

1943—Apr
Mav
June
July
Aug
Sept
Oct
Nov
Dec

19,267
20,507
21,256
22,030
22,694
24,478
26,056
26,697
27,363

1,470
1,335

1944—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1945—Jan...

1,007

353
254
144
169
112
387
275
109
101

103
104
141
138
152
155
144
170
207

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

804

42

228

341

995
696
683
661

1,927
1,708

1,400
1,340

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

1,085
2,102

1,842
2,125

1,350
1,687

1,023
2,386

41,140

1,074

709
739
751

602
692
695

All
series

110
86
35
38
28
139
93
23
24

876
890
802
798
853

Redemptions

665
728

576
606
624

499
591
599
807

Maturities and amounts outstanding, January 31, 1945
All
series

Series
A-D

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
Unclassified

181
324
412
489
802
992
1,674
5,180
9,806
13,861
3,495
3,684
185
54

181
324
412
489
802
992
444

Total..

41,140

3,645

Year of maturity

Series
E

" "l,'230"
5,180
8,386
10,891

Series
F

Series
G

217
606

300

692
775
26

1,203
2,364
2,503
2,910
159

25,987

2,315

9,139

x57

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY
[In millions of dollars]

Total
interestbearing
securities

End of month

Held by U. S. Government agencies
and trust funds
Special
issues

Public
issues
r

1941—June
December
1942—June
December
1943—June
December

54,747
63,768
76,517
111,591
139,472
168,732

6,120
6,982
7,885
9,032
10,871
12,703

1944—May
June
July
August
September
October
November
December

186,403
201,059
208,585
209,764
209,331
210,088
212,244
230,361

14,122
14,287
14,961
15,461
15,976
16,170
16,583
16,326

Privately held1
Held
Federal
Reserve
Banks

Total
r

2,374
2,557
2,738
3,218
3,451
r
4,242

2,184
2,254
2,645
6,189
7,202
11,543

44,069
51,975
63,249
93,152
117,948
r
140,244

4,253
4,810
4,626
4,619
4,599
4,616
4,603
5,348

14,251
14,901
14,915
15,806
16,653
17.647
18,388
18,846

153,777
167,061
174,083
173,878
172,103
171,655
172,670
189,841

r

GUARANTEED

r

Commercial
banks
20,095
21,788
26,410
41,373
52,458
r
59,842
r

63,200
68,43l
71,900
71,500
70,400
70,000
71,600
77,500

Other investors

Insurance
companies

Mutual
savings
banks

Marketable

Nonmarketable

3,426
3,700
3,891
4,559
5,290
r
6,090

7,100
8,200
9,200
11,300
13,100
15,100

9,200
9,800
10,700
14,800
18,700
23,700

4,200
8,500
13,000
21,100
28,400
35,500

6,700
7,306
7,500
7,600
7,700
7,700
7,300
8,300

16,500
17,300
17,900
18,100
18,300
18,400
17,900
19,600

26,200
30,700
31,100
30,700
30,200
29,800
28,600
35,200

41,200
43,300
45,700
46,000
45,500
45,800
47,300
49,200

r

r
Revised.
1 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]

End of month

Total: 2
1942—Dec
1943—June
Dec
1944—June
Sept
Oct
Nov
Dec
Treasury bills:
1942—Dec
1943—June
Dec
1944—June
Sept
Oct
Nov
Dec
Certificates:
1942—Dec
1943—June
Dec
1944—June
Sept
Oct
Nov
Dec
Treasury notes:
1942—Dec
1943—June
Dec
1944—June
Sept
Oct
Nov
Dec
Guaranteed securities:
.1942—Dec
1943—June
1944—June.'...'.'.'.'.;
Sept
Oct
Nov
Dec

U.S.
GovMuern- FedTotal ment
Com- tual
eral
outRe- mercial1 savstand- agencies serve banks ings
ing
bank:
and Banks
trust
funds

Insurance Other
companies

80,685
99,218
118,813
141,591
145,914
146,201
146,376
162,843

3,202
3,319
202
3,787 11,543
4,604 14,
4,592 16,
4,606 17,647
4,594 18,388
5,338 18,846

38,759
48,665
55,549
63,523
"65,337
64,911
66,396
72,045

6,627
11,864
13,072
14,734
15,747
16,060
16,405
16,428

1,010
3,815
6,768
8,872
18 10,783
17 11,551
12 11,868
6 11,148

4,497
6,502
4,716
4,894
3,614
3,092
2,935
4,113

10
21
12
2
14
16
7
1

26
154
72

10,534
16,561
22,843
28,822
29,573
29,546
29,545
30,401

1,041
1,092
2,467
3,382
3,559
3,749
4,163
4,887

6,470
9,823
12,701
15,037
15,708
15,472
15,888
15,032

129
184
208
126
180
221
235
136

180
305
367
339
544
686
620
310

9,863
9,168
11,175
17,405
17,936
17,936
17,936
23,039

1,324
774
665
1,180
1,065
1,100
58 1,111
60 1,566

5,670
5,500
7,389
11,718
"12,230
12,203
12,387
15,411

167
155
197
286
301
304
277
336

283 2,327
276 2,402
275 2,583
337 r 3,826
574 3,709
597 3,675
577 3,525
568 5,098

2,665
2,602
2,466
949
921
943
945
960

108
76
38
6
6
6
5
6

333
309
283
26
30
26!
25|
22

4,196
3,908
3,583
1,190
1,192
1,193
1,193
1,194

311
116
4
1
1
1
1
1

37
54
83
3
3
3
3
3

4,471 10,766 17,297
5,161 12,486 22,385
5,962 14,386 27,586
7,158 16,,471 34,935
7,583 17,425 r34,324
7,498 17,554 33,984
7,132 17,035 32,830
8,183 18,761 39,670

"A
5

1,073
1,361
1,484
960
1,315
1,379
1,583
1,159
2,696
5,106
7,050
9,871
9,519
9,342
8,570
9,974

743
751
709
205
230
213
213
203

End of month

Treasury bonds:
Total:
1942—Dec
1943—June
Dec
1944—June
Sept
Oct
Nov
Dec.
Maturing within 5 years:
1942—Dec
1943—June
Dec
1944—June
Sept
Oct
Nov
Dec.
Maturing in 5-10 years:
1942—Dec
1943—June
Dec
1944—June
Sept
Oct
Nov
Dec
Maturing in 10-20 years:
1942—Dec
1943—June

U.S.
Govern- Fed- Com- MuTotal ment
eral mer- tual
outRe- cial savstand- agenings
cies
serve
ing
and Banks banks Danks
trust
funds

49,268
57,520
67,944
79,244
81,270
81,271
81,102
91,585

Insurance
com- Other
panies

2,739 2,777 19,445 4,055 9,944 10,308
3,045 1,468 24,226 4,725 11 442 12,615
3,614 ',559 28,264 5,506 13 389 15,613
4,437 ,464 30,910 6,736 15,768 19,929
4,417 ,243 32,848 7,082 16,273 19,407
4,422 ,243 33,185 6,951 16,240 19,230
4,418 ,243 34,225 6,609 15,811 18,795
5,173 ,243 36,508 7,704 17,859 23,098

5,830
9,474
8,524
7,824
8,861
8,861
8,692
7,824

754
867
665
536
596
595
591
518

2,565
5,122
5,044
4,697
5,194
5,241
5,382
4,834

253
298
211
189
192
177
161
137

726
991
828
663
717
675
588
556

1,531
2,195
1,775
1,740
2,160
2,170
1,968
1,777

17,080
17,921
28,360
34,399
36,017
36,017
36,017
44,087

1,574
776
1,495
1,570
1,340
1,339
1,338
1,504

9,353
10,107
15,642
18,937
20, 702
20,955
21,774
24,445

1,129
1,308
2,030
2,712
2,947
2,841
2,549
3,556

2,101
2,326
3,254
3,673
3,727
3,725
3,470
4,230

2,920
3,401
5,934
7,505
7,303
7,158
6,884
10,357

16,295
17,214
14,310
1944—June.'.'.'.'.'.'.'.'.'".'.". 15,482
14,445
Sept
14,445
Oct
14,445
Nov
14,445
Dec
Maturing after 20 years:
1942—Dec
10,065
1943—June
12,912
Dec
16,751
1944—June
21,539
21,946
Sept
21,946
Oct
21,946
Nov
25,227
Dec

2,165
1,645
1,270
1,097
1,024
1,025
1,029

6,240
7,611
6,051
5,509
5,210
5,213
5,272
5,354

1,580
1,405
1,219
1,857
1,926
1,932
1,902
1,887

2,778
2,896
2,571
2,792
2,718
2,708
2,609
2,612

3,531
3,657
3,203
4,228
3,572
3,569
3,635
3,563

1,021
1,221
1,745
2,696
2,701
2,706
2,705
3,366

1,286
1,385
1,526
1,766
1,744
1,775
1,793
1,873

1,095
1.713
2,046
1,981
2,018
2,000
1,998
2,125

4,339
5,229
6,737
8,640
9,111
9,131
9,144
10,462

2,323
3,366
4,699
6,456
6,374
6,336
6,306
7,401

'Revised.
m * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and the
residual "other" are not entirely comparable from month to month. Since June 1943, the coverage by the survey of commercial banks has been expanded.
Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total
holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table
above.
1
Including stock savings# banks. On Dec. 31, 1944, commercial banks reporting to the Treasury held $24,126,000,000 of United States Government
securities
due or callable within one year out of a total of $54,850,000,000 outstanding.
2
Including $196,000,000 of Postal Savings and prewar bonds not shown separately below.

z58



FEDERAL RESERVE BULLETIN

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]

Period

MisIncome taxes 1 cellaneous Social
Other
inter- securerity ceipts
nal
taxes
With-2 Other reve-1
nue
held

Fiscal year ending:
June 1942
7,960
June 1943
16,094
June 1944
8,393' 26,262
1944—January
February
March
April
May
•t
June
July
August
September. .
October
November
December....
ajf

1945—January

1,230
3,711

13,668
23,385
45,408

12,799
22,282
44,149

49
373
69
39
337
75
56
319
65
60
293
63

590
290
220
183
232
511
227
157
175
174
205
470

2,779
2,754
6,576
3,119
3,256
6,249
2,212
2,859
5,927
2,054
2,506
5,418

2,747
2,503
6,573
3,087
2,950
6,247
2,163
2,568
5,926
2,001
2,240
5,416

87
56
449
117
52
747
86

48

545

3,587

3,556

741

3,606

412
344
375
421
520
422
681
832
514
580
507
539

619

1,803

573

5,161
1,915
1,063
4,495

1 104
746
594

654
487

1,065

741
609

4,432

632
466

1,035

1,260 26,011
1,808 72,109
2,609 37,039

1, L94
1, 508
1, 751

610

750
560

TransInter- War fers to Other Total
Net
ex
est
trust
". budget Defireon activiac- pendi- expend- cit
ceipts"5 debt
ties counts,
tures itures
etc.

3,847
4,553
5,291

1,153

574

1,137

666

Total
receipts

Period
Net
receipts

ExInvest- pendiments tures

Net expenditures
in checking accounts of
GovernReceipts
ment
agencies

2,327
2,810
3,202

1,705
2,350
2,816

614
456
380

1944—January
February
March
April
May
June
July
August
September...
October
November...
December...

102
514
46
110
584
213
305
586
42
146
519
43

83
350
172
51
269
489
225
287
303
45
266
312

32
33
35
34
34
34
31
35
35
36
35
36

3,625
2,194
4,403
165
331

2,002
87
148
88
193
254
-35
95
-71
164

863

1,117
1,851
164
121
94
202
179
231
415
216
162
206
225
182

37
5

7,570
7,862
8,525
7,859
8,292
8,625
8,110
8,119
7,930
8,024
7,828
8,416

4,823
5,359
1,952
4,772
5,342
2,378
5,947
5,551
2,004
6,023
5,587
2,999

8,202

4,645

32,397 19,598
78,179 55,897
93,744 49,595

581
133
56
560

40
26
40
451
57
22
47
18
22

308
283
343
355
334
271
372
415
329
365
353
332

191

7,551

69

390

77

7

Change
in
general
fund
balance

-3,506
+358
-1,861 +6,515
-4,051 + 10,662
-14

-55

-173
-2,205
+193
+185

+6,916
-2,549
-4,327
—3,757
+11,646
+1,756
-4,252
-2,555
-5,127
-188
+12,433

-613

+133
+70
-244

+148
+639
-193

+238 -2,630

Increase
in
gross
debt

23,461
64,274
64,307
4,781
12,448
1,608
252

1,399
14,637
7,570
1,229
-307
748

4,761
15,626
1,778

General fund of the Treasury (end of period)

Other

ExInvest- pendiments
tures

Total

221
655

533
133
192

3,443
10,149
20,775

81
59
102

-80
35
35
— 127
24
215
—181
6
24
-55
—220
-213

12,873
19,726
17,270
12,896
9,144
20,775
22,513
18,277
15,753
10,609
10,223
22,717

1,313

75

103
231
320
149
121
84
95
119

Balance in
general fund

Assets

N

Fiscal year ending:
June 1942
June 1943
June 1944

4,745
3,827
3,540

7,138
7,518
7,726
7,346
7,879
7,567
7,201
7,571
6,998
7,479
7,401
7,503

Details of trust accounts, etc.
Social Security
accounts

381
435
556

Trust
accounts,
etc. 4

Deposits
in
Federal
Reserve
Banks
603

1,038
1,442
1,098
1,172
1,540
942

1,442
1,269
1,215
1,314

998

1,122
1,335

Total
liabilities

Deposits
in
special
depositaries

Other
assets

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

10,314
17,095
14,306
10,546
6,766
18,007
19,850
15,693
13,013
8,242
8,002
20,261

1,461
1,460
1,424
1,396
1,436
1,327
1,394
1,369
1,426
1,368
1,100
1,120

634
571
664
617
622
607
588
605
635
618
421
481

12,239
19,155
16,606
12,279
8,522
20,169
21,924
17,672
•15,117
9,990
9,803
22,236

11,476
18,392
15,844
11,517
7,759
19,406
21,162
16,909
14,355
9,227
9,040
21,473

WorkTotal
ance

1,164
169
39
251
84
19,606
18,843
471
-21
17,866
20,077
1,048
-37
117
1945—January
1
Details on collection basis given in table below.
2
Withheld by employers (Current Tax Payment Act of 1943).
3
Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
4
Excess of receipts ( + ) or expenditures (—).
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
INTERNAL REVENUE COLLECTIONS
{On basis of reports of collections. In millions of dollars]
Miscellaneous internal revenue

Income taxes
Period

Fiscal year ending:
June 1942
June 1943
June 1944
1944—January
February
March
April
May..
June
July
August
September ...
October
November
December

Current With-1 VicTotal indiheld tory
tax
vidual

8,007 3,108
16,299 5,771
33,028 10,254 7^038
1,584
2,477
5,358
2,809
2,289
4,568
1,729
1,712
4,490
1,810
1,633
3,670

396
221
1,833
1,427
309
1,245
130
71
1,329
81
33
293

629
1,844
70
804
1,545
38
1,179
1,258
18
1,233
1,203
18

686
785
1
1

Current
corporation

Back
taxes

2,764
4,137
4,763

460
557
705

1,618
5,064
9,345

16
64
994
152
86
1,044
93
72
953
110
70
980

184
41
63
43
28
49
32
46
32
27
36
41

352
300
2,370
370
312
2,174
290
260
2,133
350
285
2,312

690
43
126
1945—January
3,024 1,889
1
Withheld by employers (Current Tax Payment Act of 1943).

MARCH 1945




Excess
profits
taxes

270

Other
profits
taxes

Total

57
84
137

3,838
4,571
5,353

6

382
339
401
424
483
499
754
777
529
544
520
559

28
12
10
19
6
25
9
27

547

Manufacturers'
MisCapi- Estate AlcoToholic
Stamp
and beverand
cellatal
bacco
stock
gift
taxes taxes retailers' neous
age
excise
taxes
tax
taxes taxes
taxes
282
329
381

i
128
194
29
19

433
447
511

1,048
1,423
1,618

781
924
988

42
45
51

852
670
729

401
732
1,075

52
38
60
56
42
50
48
63
35
39
32
50

108
108
124
169
182
195
210
202
183
196
204
201

77
67
77
72
81
81
77
86
78
78
81
71

4
4
5
5
4
4

68
63
59
51
77
64
72
88
85
95
95
120

72
58
76
70
97
103
214
139
115
113
103
112

49

206

78

6

117

90

c

6
4
5

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
(Based on compilation by United States Treasury Department.

In millions of dollars]

P R I N C I P A L ASSETS A N D L I A B I L I T I E S
j Liabilities, other than
interagency items

Assets, other than interagency items
Securities
End of month
Loans

Total

Preferred
stock,
etc.

U.S.
Govt. Other
direct Govt.
agenand
guaran- cies1
teed

Cash

1942—June
December.
1943—June

17,962
21,715
26,708

8,379
8,127
7,685

648
620
556

403
553
515

1,097
1,272
1,565

1943—September.
October . .
November..
December..
1944—January
February..
March
April
May
June
July
August

26,284 7,557
27,218 7,487
27,788 7,459
28,625 7,444
29,508 7,410
29,791 7,411
30,263 7,366
31,083 7,304
31,153 7,220
31,666 7,188
31,097 7,081
32,690 6,959

497
493
492
486
470
452
442
439
436
433
423
411

501
486
493
524
580
516
526
518
628
610
575
593

1,722
1,784
1,833
1,895
1,942
2,099
2,090
2,161
1,750
1,701
1,578
1,592

Accounts
and
other
receivables

Business
property

Property
held
for
sale

Bonds, notes,
and debentures
Other
assets

Fully
guaranteed
by

Other1

PriU.S.
Govern- vately
owned
ment
Other
liabili- interest interest
ties

U.S.

57
33
22

774
1,085
1,788

859
1,020
1,674

3,512
5,187
6,310

2,233
3,818
5,343

4,568
4,301
4,101

1,442
1,414
1,333

3,265
4,630
6,022

8,249
10,931
14,812

438
439
440

7

1,487
1,850
1,963
1,926
1,951
2,062
2,140
2,455
2,379
1,970
1,866
2,175

1,470
1,602
1,611
1,624
1,645
1,658
1,677
1,671
1,685
1,702
3,742
3,747

7,234
7,115
7,309
7,512
7,588
7,753
7,829
7,985
8,042
8,392
8,496
9,220

5,809
6,395
6,622
7,191
7,899
7,817
8,170
8,527
9,007
9,664
7,330
7,986

4,081
4,125
4,180
4,239
4,277
4,226
2,273
2,274
1,672
1,766
1,571
1,572

1,274
1,285
1,308
1,342
1,332
1,322
1,326
1,302
1,427
1,413
1,229
1,200

5,560
5,867
5,788
5,874
5,247
4,956
4,950
5,589
5,623
6,185
5,863
6,360

14,929
15,501
16,073
16,732
18,216
18,853
21,280
21,484
21,996
21,858
21,990
23,114

441
440
439
438
435
435
433
435
435
443

6
6
23
23
23
23
23
6
6

6
7

4-14
444

LOANS, OTHER T H A N INTERAGENCY LOANS
Home mortgage and housing
agencies 3

Reconstruction
Home Feder- RFC
Fial
nance Own- Home Morters'
gage
Corp.
Loan
Loan
ComCorp. banks pany

Farm mortgage loans

Other farm credit loans

Fed.
Fed.
Fed.
NaFederFarm
tional Public
al
MortHousMortland
gage
ing
gage
banks
Corp.
Assoc. Auth.

Rural
ElecFed.
trificainter- Banks Com- Farm Farm
tion
medi- for co- modity Credit SecuAdate
opera- Credit
Adrity
min.
credit
tives Corp. min. Admin.
banks

End of month

Total
loans 2

1942—June
December...
1943—June

8,379
8,127
7,685

1L,473
L,557
1,483

1,676
1,568
1,441

193
129
90

82
94
98

216
211
73

384
366
317

1,706
1,603
1,489

562
507
463

289
238
296

101
145
102

231
242
228

258
237
245

460
446
447

1943—September...
October
November...
December...
1944—January
February....
March
April
May
June
July
August

7,557
7,487
7,459
7,444
7,410
7,411
7,366
7,304
7,220
7,188
7,081
6,959

1,460
,432
L,427
1,413
L.393
,393
,379
,355
,348
,335
,331
: ,320

1,383
1,366
1,354
1,338
1,318
1,300
1,279
1,260
1,240
1,220
1,199
1,177

130
127
116
110
115
114
99
83
72
128
136
114

99
100
99
101
103
107
110
110
112
114
110
101

67
66
65
65
64
63
62
61
61
60
59
56

317
317
318
318
319
319
319
320
318
310
310
307

1,431
1,406
1,381
1,358
1,332
1,315
1,290
1,274
1,258
1,245
1,228
1,211

437
423
412
403
394
389
381
376
370
367
360
354

269
251
240
243
242
253
301
302
297
304
301
292

148
189
215
235
238
221
197
171
152
143
140
132

222
228
278
330
378
409
408
400
391
347
318
301

237
232
229
226
224
227
231
233
233
233
232
229

433
427
421
416
416
417
419
408
400
403
393
395

ExportImport
Bank

Other

342
346
344

113
122
129

293
316
440

345
345
345
347
347
348
349
350
350
348
349
352

136
140
136
136
141
142
142
217
220
223
223
223

443
438
423
405
386
394
400
384
398
408
392
395

SELECTED ASSET ITEMS, OTHER T H A N INTERAGENCY ITEMS
Loans by Reconstruction
Finance Corporation
End of month

Total

Loans
to fi- Loans
to
nancial
railinstiroads
tutions

Accounts and other
receivables

Preferred stock held

Recon- Home
struc- Owners'
Other
Loan
tion
Finance Corporation
Corp.

Other

Fed. land
3anks and
Fed. Farm
Mortgage
Corp.

ReconComstruction
modity Finance
Credit Corp.and
Corpo- war corration porations

Property held for sale

Other

War
corpo-

ComHome
modity Owners'
Credit
Loan
Corpo- Corporation
ration

Other

1942—June
December. .
1943—June

1,473
1,557
1,483

144
167
148

472
460
426

857
930
909

378
366
354

167
152
108

103
102
94

225
207
193

96
57
350

151
531
800

302
290
445

2,041
3,469
4,963

1,068
1,363
1,045

262
227
191

141
128
111

1943—September.
October. . .
November..
December .
1944—January
February. . .
March
April
May

1,460
1,432
1,427
1,413
1,393
1,393
1,379
1,355
1,348 •
1,335
1,331
1,320

138
136
134
131
129
127
113
104
99
87
84
83

423
406
405
398
396
395
392
384
381
381
381
363

899
890
888
884
868
871
874
867
868
867

345
343
341
338
334
329
325
322
319
316
312
305

64
63
63
63
54
47
47
47
47
47
41
35

87
88
85
82
76
70
70
70
70
70
71

187
186
174
168
161
160
153
153
148
145
143
143

196
489
533
488
575
553
607
615
587
550
448
788

832
778
734
728
702
665
656
652
622
574
559
544

272
397
522
542
513
6S4
724
1,035
1,022
701
716
700

5,784
6,016
6,231
6,423
6,582
6,789
6,915
7,094
7,184
7,395
7,530
7,599

1,196
865
873
897
827
795
757
741
720
861
839
1,502

152
136
111
96
85
76
66
57
47
36
30
24

102
98
94
96
94
93
91
93
91
100
97
95

June
July
August..

1

Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation.
Excluding investments in preferred stock, the amount of which is shown in the lower section of this table.
Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan
Bank Administration. Loans by these institutions are reported quarterly and amounted to 1,973 million dollars on June 30, 1944.
NOTE.—Comparable figures for months subsequent to August are not available; beginning with Sept. 30,1944, the Treasury figures are in completely
revised form and are published quarterly.
2
3

x6o




FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
[The terms "adjusted" and "uniadjusted " refer t o adjustment (if monthly Sgures for seasonal variation]

Year and
month

Construction
contracts
awarded (value) 3
1923-25 = 100

Industrial production
(physical volume) **
1935-39 = 100

Income
payments
(value) 1
1935-39
= 100

Manufactures
Total
Durable

Nondurable

Minerals

Total

Residential

Employment 4
1939 = 100

Nonagricultural

All
other

Factory

Depart- Wholement
sale
Freight
Cost of
com- living 4
carload- store
sales
modity 1935-39
ings*
4
rolls
4
(valprices
= 100
1939 = 1935-39
ue)* 5
1926
= 100
100
1935-39
= 100
« 100
Factory

AdUnad- UnadAdAdUnadAdAdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937 .
1938
1939
1940
1941
\[/m.......
1942
1943..'.'....'...'.
1944.
''...'...'.

June
July

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

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
23S

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

62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158
176

71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
132

63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
68
41

44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
40
16

79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
92
61

102^6
95.5
86.1
75.5
76 0
83.8
87.6
94.9
100.9
94.4
100.0
104.7
117.5
126.7
130.9
P
121.5

1941

August
September
October
November
December
1942
January
February
March
April
May

June
July

August
September
October
November
December
1943
January
February
March
April
May

June
July

August
September....
October
November. . ..
December
1944
January
February
March
April
May

June

July
August
September
October
November

December
1945
January

83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
150
168
186

138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98*8
103*1
104*0

124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.4
108.7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4
100.2
10512
116*5
123*6
125.'5

170.5
172.0
178.8
184.8
190.2
188.6
195.1

131
132
136
134
134
137
138

131
138
157
140
128
138
136

87.1
88.8
90.3
91.8
92.4
92.5
93.6

104.6
105.3
106.2
108.1
109.3
110.2
110.5

201.1
208.8

140
138
138
138
136
134
137
140
140
140
136
135

158
145
150
143
135
134
146
152
150
158
159
157

96.0
96.7
97.6
98.7
98.8
98.6
98.7
99.2
99.6
100.0
100.3
101.0

112.0
112.9
114.3
115.1
116.0
116.4
117.0
117.5
117.8
119.0
119.8
120.4

354.4
345.6

135
139
138
136
135
127
141
140
140
137
139
143

164
192
163
159
158
167
172
165
162
174
181
165

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

345.1
344.7
341.3
r
335.O
r
334.3
r
334.6
r
326.8
r
330.3
r
329.1
r
330.3
r
327.1
r
331.5

145
143
140
138
138
139
143
142
139
137
141
137

175
175
185
172
181
175
192
187
183
194
210
193

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

143

200

104.9

127.1

203
208
209
212
219
220
225

144
144
146
146
148
151
150

127
126
128
132
134
133
133

117
139
152
161
145
138
123

101
115
112
105
87
74
69

129
158
184
206
192
189
167

117.8 133.3
119.5 136.6
120.6 138.1
121.2 138.8
121.5 139.5
121.9 139.9
121.5 140.6

132.0
135.5
138.4
141.2
141.8
141.3
141.1

156.4
159.0
161.2
165.4
167.8
172.3
175.5
179.5
182.5
187.2
192.8
196.1

181
183
186
189
191
193
197
204
208
215
220
223

177
180
182
187
192
195
199
207
213
218
220
221

235
241
250
257
264
272
278
290
299
311
319
328

152
153
153
154
153
152
154
158
161
165
168
169

133
133
126
125
126
127
126
130
131
129
130
127

118
128
125
128
158
193
206
182
179
185
198
175

82
100
95
82
76
76
74
65
70
83
90
91

147
151
149
165
226
288
313
278
268
269
286
243

122.1
122.5
123.2
124.3
125.1
125.9
127.1
128.6
129.1
130.0
130.5
131.4

141.4
143.3
145.4
147.8
149.9
151.9
154.7
157.5
160.2
162.9
165.1
168.3

140.0
142.6
144.8
147.0
148.9
151.0
154.8
159.0
7
162.1
163.7
165.6
168.7

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

227.2
232.4
231.9
231.1
232.1
233.9
233.2
234.0
232.5
235.5
237.5
p
238.6

243
244
241
239
236
235
230
232
230
232
232
232

240
240
238
237
236
236
232
235
234
234
232
230

369
367
364
361
356
354
347
348
342
344
341
343

176
177
175
172
169
169
165
168
168
169
173
173

139
142
139
140
143
142
139
142
143
143
143
137

55
45
40
36
33
34
38
41
39
42
46
51

29
21
17
17
16
15
14
13
13
13
13
14

76
64
59
52
46
50

130.0
129.6
128.9
128.0
127.7
127.7
127.5
127.3
126.5
125.7
125.3
125.5

175.9
174.6
172.1
169.4
167.7
166.7
165.2
164^1
162.6
161.0
160.2

175.0
174.0
171.6
168.6
166.7
166.1
165.3
165^6
163.6
161.7
160.6
160.9

*234

^231

»46

P13

140

p

126.3

160.6

Unadjusted

120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
HI
89
101
109
130
138
137
140

165
165
170
174
176
175
173

116
i

Unadjusted

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
r
245.2
r
330.4

164
166
167
169
172
174
176

57

Adjusted

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

139.9
142.0
144.8
145.3
146.8
148.1
153.7

63
61
65
73
81

Adjusted

P160.7 ^159.9

r
r

r
216.0
r

222.4

r
230.1
r

236.2
'245.1
r
258.1
r
266.0
r
276.2
r
287.0
r
295.4
r
r

300.0
307.4

r
315.7
r
321.8
r

326.5

r
331.3
r
330.4
r

338.0

r
344.2
r
349.6
r
r

r

r
r

* Average per working day. p Preliminary. r Revised. l Department of Commerce series on value of payments to individuals.
For indexes by groups or industries, see pp. 262-265.
Based on F . W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 269 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. Revisions in the factory employment and pay rolls indexes beginning January 1942 reflect adjustments made by the Bureau of Labor Statistics to final 1942 and preliminary 1943
Federal Security Agency data.
5
For indexes by Federal Reserve districts and other department store data, see pp. 271-273.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory
employment and pay rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, June 1944, pp. 549-561.
2

3

M A R C H 1945




2.61

INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjusted jot Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1945

1943

Industry

Industrial Production—Total.
Manufactures—Total

Dec.

Jan.

Feb. M a r . Apr. M a y June

July

241

243

,244

236

235

230

253

251

260

Durable Manufactures
Iron and Steel.
Pig iron
Steel
Open hearth...
Electric
Machinery

262

262

241
259

239
256

246

D e c Jan.

Aug. Sept. Oct. N o v .
232
248

230
246

232

232

232

P234

248

248

249

V251

365

369

367

364

361

356

354

347

348

342

344

341

343

200

208

212

214

213

210

204

202

203

202

206

201

198

198
222
178
536

202
231
186
554

207
236
188
578

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

458

452

445

437

442

435

434

427

r

428

r

T

704

r

453

422

P196

190
215
181
456

r

216
176
501

r

r

431

P433

Manufacturing Arsenals and Depots1.
Transportation Equipment
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government)1
Nonferrous Metals and Products..
Smelting and refining
:
^
;....
(Copper smelting; Lead refining; 1Zinc smelting;
Aluminum; Magnesium; Tin)
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products;
Magnesium products; Tin consumption)1

763

754

746

734

730

726

716

704

707

695

240

244

238

233

232

226

228

223

229

226

277

285

285

257

292

279

263

244

245

238

233

307

297

299

297

289

273

253

246

226

205

200

266

280

280

283

293

282

268

243

252

Lumber and Products..

137

133

131

129

126

Lumber
Furniture..
Stone, Clay, and Glass Products..

131
150

125
148

122
150

119
149

118
142

246

708

P706

228

233

P234

234

229

698

r

^186
r

252

127

124

127

120

120

122

122

*>129

115
142

118
144

114
143

118
146

111
139

109
r
143

112
141

111
142

PUS
P139
P167

169

168

168

167

165

161

168

165

•162

159

161

160

163

Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products....
Abrasive and asbestos products.,
Other stone and clay products1 ..

169
55
209
101
122
192
319

171
54
213
86
129
203
319

172
58
212
88
131
198
312

175
59
216
83
131
194
308

183
59
227
78
125
183
297

173
66
210
76
122
176
300

187
65
230
84
127
180
297

180
60
222
86
124
182
294

169
66
204
88
122
181
295

165
66
200
86
116
175
302

174
64
212
88
115
179
292

169
56
208
88
116
175
295

174
51
218
90
116
171
307

Nondurable Manufactures ..

174

176

177

175

172

169

169

165

168

168

169

173

173 P176

143

149

152

151

151

147

145

139

141

147

146

149

133
142
189

140
150
186

142
151
187

141
150
191

141
151
196

137
142
195

135
140
196

129
139
193

132
140
189

137
148
196

136
140
199

139
149
209

141
146
215

142
36
186
159
161
156
160

154
42
210
173
176
168
170

159
42
219
177
181
171
178

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

50
213
164
170
156
164

'143
56
206
156
161
148
151

152
54
215
165
170
157
166

102

108

111

112

116

115

105

112

115

116

114

97
98
68
83
162
105

103
107
70
83
166
112

105
110
76
84
161
114

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
153
113

151

154

158

159

158

154

153

153

147

146

149

154

154

128

139

125

114

114

110

113

116

113

118

125

123

128
90
146
139

P135
96
152
156

P137
92
155
169

P151
93
153
173

93
158
180

152
185

P139
83
145
180

147
85
146
184

82
149
179

P165
82
156
181

2*145
78
154
179

215
291
149
94
112

202
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

Textiles and Products.
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 2 ...
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.

p

Preliminary.




P139
86
147
131
173
206
139
121
158
1

p

126
88
149
132
187
234
144
104
135

p

p

r

60
p

127
P181
P3O7

P152
145
217

P116

P156
9

125

^132
83
163
172

158 "146*
149
164
147
149
123
175
143
149

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

1943
Industry

Manufactured

Food

Aug. Sept. Oct.

Jan.

Nov. Dec.

Feb. Mar. Apr.

May

June

July

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

P 1S
146

126

137

123

116

119

128

186

156

166

184

169

o

148
0
40
182

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

197
0
76
353

174
0
74
355

167

46
162

125

119

123

126

124

121

122

126

124

120

135

131

126

89
154

89
151

86
154
78

92
152
92

95
149
87

93
142
93

105
157
107

95
155
108

101
147
95

133

142

142

143

143

135

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
31

132
150
115
97
212
133
129
145
93
125
156
125
85

Dec.

Jan.

153
142
134
159

156
140
134
163

157
140
138
165

143

131

172
0
42
189

160

143

Products—Continued

Other manufactured foods....
Processed fruits and vegetables
Confectionery
Other food products
Alcoholic Beverages
M a l t liquor
Whiskey
Other distilled spirits
Rectified liquors
Industrial A Icohol from Beverage Plants1

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 products1.
Coke
By-product coke
..
Beehive coke
Chemical Products
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition1
Other chemical products1
Rubber Products
.

Fuels
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver

l63
l6Q

p

no

....

Tobacco Products

Minerals—Total

165

p
p

....

90
181
99

86
155
87

92
145
79

92
154
73

89
161
73

132

136

138

137

138

131
142
107
103
196
127
129
135
116
122
163
127
83

134
147
106
96
213
130
132
144
119
119
156
129
79

135
151
110
98
217
133
133
148
121
119
151
133
74

134
150
108
93
209
137
132
147
120
117
154
128
77

134
151
110
97
213
136
131
152
117
119
156
120
73

80

79

142

140

137
1
51
108
92
217
135
135
159
115
115
159
127
76

156
136
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

137
156
118
92
231
135
134
159
113
116
149
127
84

105

104

102

100

101

98

100

95

102

99

103

103

104

89

89

85

83

84

81

85

87

87

83

89

86

84

219

226

230

234

233

237

242

247

251

258

266

r

226
123
159
120
120

234
125
159
128
132

238
128
161
126
124

243
129
163
130
130

242
129
161
120
125

246
130
162
118
126

252
136
164
131
130

259
137
164
125
128

264
138
159
125
126

272
141
162
132
126

281
140
167
135
124

r

172
161
519

174'
164
496

176
166
503

174
165
487

176
167
463

175'
166
470

m

172'
164
442

'in'
164
419

168'
162
389

170
164
384

164
463

365

364

359

341

323

324

319

314

314

307

137
131
226
394

140
133
226
405

140
134
229
406

140
133
233
405

138
137
232
408

137
137
235
410

138
138
237
411

142
134
237
408

143
132
240
408

240

242

244

242

231

230

228

227

231

137

139

142

139

140

143

142

139

142

r

268
283
144
165
136
124

307

r

139
131
237
400

139
129
239
395

r

230

231

r

143

143

76
p

105
85

267
282
141
165
133
119

^146'

no'

i<57

164
367

163
306

P

312

p

142
137
242
396

P

307

r

153

141
133
242
394

231

143

237
137

140

142

145

141

143

146

146

143

147

148

148

148

141

147
156
114
136

153
161
119
137

158
162
143
139

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

124

124

127

126

122

120

120

117

114

113

111

112

111

186
P223

185

190

189

184

182

181

178

175

175

171

170

168

28
76

31
73

31
73

31
75

28
73

27
67

25
72

24
67

23
63

"22'
57

"22'
58

22
64

r

321

318

U2

p

l39

2*241
p

397

p

237

p

140

p

145

P97

r
p
Revised.
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.

MARCH

1945




INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
Annual
Industry

1944

Industrial Production—Total

P235

Manufactures—Total ..

p

252

P

Durable Manufactures ...

353

Feb.

Mar.

Apr.

May

239

240

240

238

237

236

360

259
367

259

257

255

236
252

252

361

363

366

June July

354

357

232
248

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

235

234

234

232

230

*>231

251

249

250

248

248

p

349

343

346

341

342

p

206

201

198

P196

197
225
187
492

192
218
186
453

348

206

208

208

212

214

213

210

204

202

203

202

200
227
186
521

198
232
184
576

202
231
186
554

207
236
188
578

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

P439

443

461

458

452

445

437

442

435

434

427

P719

735

754

746

734

730

726

716

704

707

695

r

704

r

r

229

r

Iron and Steel . . .

Pig iron
Steel
Open hearth
Electric
Machinery

Jan.

258

1945

1944

1943

r

428

r

248
342

190
215

216
176
501

r
181
r

456
431

p

698

708

P706

228

233

nu

r

422

433

1

Manufacturing Arsenals and Depots ...
Transportation Equipment

p

231
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government)1

222

244

238

233

232

226

228

223

229

226

259

267

285

285

287

292

279

263

243

245

238

233

234

229

p
247
Smelting and refining
^
:
(Copper smelting, Lead refining, Zinc smelt1
ing; Aluminum; Magnesium; Tin)
p
265
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products;1Magnesium
products; Tin consumption)

277

297

299

297

289

273

252

244

226

205

200

191

186

263

"280

"280

"283

293

"282' "268

"243"

"252

252 " 2 4 6 ' " r 252

247

P125

129

121

122

124

125

127

133

130

135

128

125

120

113

P116

115

119
149

107
148

107
150

110
149

116
142

119
142

127
144

123
143

129
146

123
139

117
r
143

109
141

97
142

p

P

164

173

161

161

163

163

165

169

165

167

164

167

163

159

P160

174
61
214
85
p
123

158
44
199
125
134
198
318

168
54
208
70
121
196
319

167
58
205
67
125
191
312

175
59
216
68
126
188
308

183
59
227
74
122
181
297

184
66
225
79
122
179
300

186
65
228
90
125
183
297

174
60
213
94
124
182
294

175
66
213
100
125
182
295

169
66
204
100
120
179
302

178
64
218
102
122
182
292

170
56
210
95
121
177
295

163
51
202
82
120
175
307

171

176

172

173

171

169

168

169

167

171

173

173

173

171

P172

148

153

149

152

151

151

147

145

139

141

147

146

149

152

P152

137
145
196

144
159
183

140
150
186

142
151
187

141
150
191

141
151
196

137
142
195

135
140
196

129
139
193

132
140
189

137
148
196

136
140
199

139
149
209

141
146
215

145
217

149
48
205
163
168
157
163

154
34
215
173
178
167
173

154
42
210
173
176
168
170

159
42
219
177
181
171
178

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
54
215
165
170
157
166

113

114

108

114

112

116

112

114

103

111

121

115

118

113

P116

111
119
82
81
151
114

113
119
84
87
166
114

103
109
69
83
154
112

113
119
79
88
177
114

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
145
113

P\\f

143

147

153

163

165

166

159

155

149

P144

110

106

106

112

115

123

125

126

122

P\2S

225
128
225
249

P221
107
187
215

62
117
130

172
225
118
117
116

162
193
128
160
129

175
195
146
228
142

p

Nonferrous Metals and Products .

Lumber and Products ..
Lumber
Furniture
Stone, Clay, and Glass Products
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products1
Other stone and clay products .

Nondurable Manufactures
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 .

. .

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. P Preliminary.

164




1

302

p

Textiles and Products .

Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
. .

p

P152

145

145

143

142

118

115

139

127

111

144
88
152
171

139
100
148
149

p

83
73
110
107

79
120
125

113
87
137
153

177
216
137
150
128

165
207
123
97
138

225
307
147
97
143

207
285
137
83
113

187
251
130
90
108

p

p

143
94
161
191
183
242
128
105
105

p

185
120
205
240
180
239
124
104
115

p

p

p

178
91
162
186

82
149
170

125
70
134
145

147
151
140
188
122

148
139
151
215
144

156
150
153
248
151

r

p

186

p

103
139

60
P118
p

307

138

69
120
140

184
217
149
165
146

171
195
150
114
152

61

Series included in total and group indexes but not available for publication separately.

FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION, BY I1HT>VSTR1E$—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average =* 100]
Annual

| 1945

1944

!

Industry
1944

Nov. Dec. Jan.

May

June

July

140
92
128
154

141
94
117
158

145

159

170

174

167

105
109
162

169
111
165

213 I 236
148
132
165
162

180
154
166

161
133
151
171

128

127

127

143

151

198

159

168

159

146

133

155

177

0
21

153
0
23

154

0
24

0
21

0
19

183
0
22

182

173

172

174

177

114

117

120

124

126

1943

Jan.

Feb.

Mar.

Apr.

146
129
134
153

143
91
138
157

142
89
139
157

142
85
137
157

144

117

111

115

158
9
129
230

139
0
56

157

131
0
30
162

125

133

124

Aug.

Sept. Oct.

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

P

153
P134
PI 33
P162

P154
114
Pi 29
169

'149
P104
P164

173

174

205

6
94
270

164
0
270
305

151
0
159
353

140
0
81
355

137

100
609
232

127

129

131

125

137

121

125
101
147
93

Industrial Alcohol from Beverage Plants1 ...
Tobacco Products

92
152
86

99
164
89

86
155
85

92
136

139

139

136

135
154
112
95
224
135
132
153
111
117
154
127
79

137
149
107
93
204
139
135
147
127
124
168
127
89

134
148
111
96
213
130
131
144
119
119
154
129
79

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) . .

143

134

139
164
117

138
159

132
150

117

117

96
245
142
135
158
111
116
151
132
81

97
238
136
135
160
106
120
150
130
82

97
212
133
129
145
93
125
151
125
84

142

141

132

134

134

137

150
115

153

137
152
117
92
217
135
135
159
115
115
159
127
77

128
151
101
92
232
127
125
148
99
103
151
118
82

137

136
151
115
98
217
133
134
148
121
119
157
133
74

93
209
137
132
147
120
117
154
128
77

121
97
213
136
132
152
117
119
157
120
75

156
109
91
232
137
134
156
110
115
162
125
80

105
96
234
138
134
158
111
118
149
127
77

154
105
92
231
135
134
159
113
116
149
127
84

101

101

104

100

100

89

98

100

105

107

106

83

83

86

89

84

84

75

78

84

93

93

88

247

185

226

230

234

233

237

242

247

251

258

266

r

268

267

258
135
163
128
126

188
111
146
121
116

234
125
159
124
134

238
128
161
124
130

243
129
163
128
132

242
129
161
125
127

246
130
162
123
127

252

259
137
164
124
119

264
138
159
124
121

272

281

r

141
162
132
124

140
167
135
124

172
165
433

167
157
493

174

176
166
503

174
165
487

176
167
463

175

172

172

164
496

166

470

164
463

164
442

164
419

p

324

384

362

360

344

325

323

316

310

p

140
P
134
P236
p
404

134
124
215
367

137
131
226
405

139
133
229
406

140
133
233
405

140
134
232
408

142
132
235
410

142
136
237

p

228

242

244

242

231

230

234

p

133

140

132

145

132

142

149
156
126

143

140
147
118
128

153
161
119
137

113

126

Coal
Bituminous coal
Anthracite
Crude petroleum

Metals other than gold and silver
Iron ore
(Copper: Lead: Zinc)1
Gold
*
*
>
>
>
•
Silver

143

137

78

138

77
139

101

Fuels

Metals ..

141

137
157

73

92
160
89

99

Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene .
Other petroleum products1
Coke
By-product coke
Beehive coke .

Minerals—Total

141

86
162

111

Petroleum and Coal Products

Rubber Products

105
160
110

89
158
80

89
150

85

Newsprint consumption
Printing paper (same as shown under Paper)

Paints . :
Soap
Rayon
Industrial chemicals
Explosives and ammunition1
Other chemical products1

93
148
99

89
154
81

92
143
73

101

Printing and Publishing ..

Chemical Products ..

95
160
93

95
142
95

p

82

164

367

163
306

310

307

309

308

313

p

411

140
133
237
408

142
133
240
408

138
136
237
400

139
135
239
395

139
134
r
242
394

142
137
242
396

P140
P136
P
241
P397

228

227

231

230

231

r

237

70

119
72

120
76

188

P
25
p

35

29
74

27
74

27

25
73

77

168

p

147
151
129
149

149
152
133

142

148
154
124
146

149
155
126
148

132
138
109
146

P140
P151
P97
P147

142

145

138

123

r

68

215
311

188
259

130

94
61

25
57

26
58

25

154
159
134
142

152

144
151
118

144

148

226
313

112

24
66

237

141

147

158
128
143

p
p

148

143

150
155
129
139

316

148

146

148
155
123
138

P321

148

147

158
162
143
139

146

140

147

146

231

P

144

143

143

113

77

167

164
384

141

186
222

67

170

162
389

145

\72
P207

p

79

171 "168' "l70'

146 146

86

102

282
141
165
132
123

136
164
131
123

138

85

76
p

283
144
165
136
128

133

136

153

231

222

227

330

323

336

24
69

23

25

66

62

148

89

133

131

133
145

63

64

r
Revised. *> Preliminary. l 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. 753771 and 825-882.

MARCH 1945




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
Industry and group

Jan.

Sept.

175.0
242.7
121.7

r

Dec.

Total
Durable goods
Nondurable goods.

r

177.7
245.8
124.1

r

Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
Tin cans and other tinware
Hardware
Stoves and heating equipment
Steam, hot- water heating apparatus..
Stamped and enameled ware
Structural and ornamental metal work
Forgings
Screw machine products

176.4
130

1945

1944

1943

r

r

r

175.1
128
267
106
133
136
197
164
213
265
286

267

106
134
136
198
168
209
264
290

l63.6
220.7
118.7

r

161.7
217.5
117.8

r

r

r

r

r

167.3
123
240
132
128
137
182
159
208
231
257

Dec.

Jan.

160.6
r
215.5
117.3

r

159.9
215.5
116.1

r

r

r

160.9
216.0
117.6

r
r

r

314.3
227
452
225
261
261
341
327
407
465
504

r

313.2
225
453
217
267
262
347
327
401
473
497

r

308.8
222
449
205
266
261
351
313
397
459
489

316 7
226
455
216
276
269
354
332
401
467
499

276.3

271.1

268.9

r

5l7 5

r

5ll.2

r

521.1

r

512.1

r

503.7

r

498 7

504 3

218.9

r

r

r

r

r

''409.0
408
290
311
627
r
266

422 0
419
294
322
650
282

272.9

r

Machinery, except Electrical
Machinery and machine shop products
Tractors
Agricultural, excluding tractors
Pumps

243.1
246
189
159
345
168

221.2
224
184
159
310
r
148

r

2l7.5
220
181
158
304
r
147

r

219.2
222
182
158
309
r
149

1643.0 '1613.1 r1373.2 rl347.

r

r

305.9

r

r

304 4

308 4

173.1
146
128
130

171.7

370.6
385
244
223

373.3
378
250
226

r

331.7
298
269
223

r

332.2
281
269
r
237

r

326 9
267
273
229

336 2
267
281
239

107.6
77
97

106.7

r

r

210.3
151
179

r

l96.2
139
174

r

209.8
154
166

r

212.8
157
170

r

199 3
144
167

193 7
138
168

194 5 ''192.3 r189.1
185
183
181

r

189.6
175

r

193.1
179

r

r

188.4
201
116
119
189

r

r

171.7
199
136
197
107
175
155
135

r

169.0
204
133
185
104
163
148
135

r

187.9
157
129
141
114

r

''201.2
217
126
128

173.6
150
128
132

172.1
146
128
128

r

r

120.3
86
109

r

r

109.8
79
96

r

109.2
79
r
96

r

102.8
96

r

H09.9
105

r

r

Stone, Clay, and Glass Products
Glass
Cement
/ Brick, tile, and terra cotta
Pottery and related products

r

121.0
132
88
82
127

r

r

r

Textile-Mill and Fiber Products
Cotton goods except small wares..
Silk and rayon goods
Woolen and worsted manufactures
Hosiery
Knitted underwear
Dyeing and finishing textiles
Carpets and rugs, wool

r

103.8
120
79
108
71
102
97
82

r

ll5.8
100
79
85
75

118.6
132
79
81
124

123.4
142
120
114
133
122
125
130
81

r

114.8
99
78
84
80

r

121.9
109
126
124

103.1
96

110.9
125
72
73
120

r
94.1
108
74
98
65
89
89
79

''108.4
95
73
80
79

164.9

125
72
73
121

166.8

r

109.0
95
73
81
79

90.8
86

r

119.5
143
121
112
52
119
122
131
71

84
79
r

r
94.1
130
75

137.0
125
113
111
66
114
140
147
182

r

121.2
109
126
121

83
79
r

130.3
123
115
113
174
119
130
144
134

r

112.3
126
72
74
121

111.6

r

r
95.5
110
75
99
64
90
90
80

94.6

r

107.8
94
72
80
78

105.«

r

185 7
162
135
133
92

r

r

148 6
135
133

r

149.7
141
133

r

149.9
140
134

r

l58.5
146
143

r

l58.0
144
143

r

l57 4
143
142

160.8
146
146

r

194.8
239
196
163
175
190
156
179
149

r

191.5
243
200
161
76
188
152
178
132

r

212.8
200
197
169
87
192
188
216
336

r

207.4
200
192
171
229
200
171
210
262

r

203 8
211
197
175
299
206
166
204
189

205 0
228
200
177
189
211
163
205
163

r

r
88.0
126
68
r

114.7
106
113
112

83
79
r

125.7
124
117
115
209
122
125
142
100

r

115.1
105
118
113

84
80

r

116.0
106
119
114

197 4
207
134
127
195
l76 1
207
138
199
110
180
154
138

r

r

l98 0
232
197
164
283
189
159
182
164

123.3
129
118
115
150
126
123
142
85

r
90.1
131
68

129
68

r

r

79
108.1
94
73
80
76

220 1
160
181

307.8

101.7

108
74
98
64

r

380 0
391
248
233

341.0

103.6
96

r

93.7
107
74
98
64
89
88
79

358 2

r

r

r
96.3
130
78

Tobacco Manufactures
Cigarettes
Cigars

112.2
127
73
74
122

101.6
116
78
106
70
100
98
81

91.8
87
81

r

l03.4
96

r

r

Leather and Leather Products
Leather
Boots and shoes

Paper and Allied Products.
Paper and pulp
Paper goods, n.e.c
Paper boxes

358.0

r

r

110.8
105

Food and Kindred Products
Slaughtering and meat packing . .
Flour
Baking
Sugar, beet
Confectionery
Beverages, nonalcoholic
Malt liquors
Canning and preserving

r

r

r

r

4l7.4
416
292
316
659
r
277

r

r

r

81
96

414.3
410
291
333
666
r
263

r

r

r

ll5.8
82
107

456.5
455
298
309
744
307

r

r

l76.8
160
128
131

449.5
443
289
295
709
302

167.1

r

167.4

454 9
450
288
294
695
298

r
'1327. '1320.7 1319.9 3429 1 r3277.3 r3221.2 r2883.7 r2916.1 2905 9 2893 7

r

Furniture and Lumber Products
Furniture

Apparel and Other Finished
Textiles....
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery

2l9.2
222
183
160
305
150

r

199.6
213
126
128

331.5
455 2
210 5

320.9
224
488
180
270
253
350
322
411
532
564

r

Nonferrous Metals and Products
Primary smelting and refining
Clocks a n d watches
Lighting equipment.
Lumber and Timber Basic Products
Sawmills
Planing and plywood mills

327.1
449 9
207 0

r
r

r

T

171.8

r

r
r

319.1
223
483
175
266
246
369
332
397
523
562

r

190.4

330.3
455.6
207.8

r

r

r

280A

192.

329.1
453.3
207.5

r

r

322 5
227
486
169
269
239
365
340
397
533
570

r

Automobiles

r

r

r

r

r

Autos.

345.1
489.4
204.0

r

166.9

295.2

except

Dec

166.5
122
238
124
130
139
183
157
205
230
254

r

Equipment,

r

Nov

r

r

Refrigerators

354.4 r345.6
503 4 r489.0
208 8 r205.4

Oct.

Sept.

165.2
122
238
122
129
136
181
155
204
228
251

r

Transportation

1944
Jan.

Dec.

r

r

244.4
247
187
154
340
167

Nov

166.0
122
238
129
128
135
181
158
207
230
253

r

Electrical Machinery

296.3

1943

Nov.

Oct.

89.6

r

ll7.4
107
121
114

116.1

r

r

r
90.7
133
68

162 3
196
141
190.1
175
192
188

r

l94.3
207
127
126
185

r

l75.7
207
139
198
110
177
154
134
183.3
157
134
133
100

r

161.0
190
143

7

'188.8
175
190
186

r

189.8
207
110
120
177

r

r

195.6
166
128
148
137

158.1
190
138

r

188.6
173
194
185

r

r

163.0
202
138
189.8
180
182
180

192.1
205
120
123
192
170.4
204
139
188
104
164
150
136

r

196.9
170
131
147
127

r

165.7
209
137

r

192.9
183
192
180

190 7
177
189 5
201
116
120
191

r

l72 2
207
139
189
105
166
151
137

r

192 3
169
129
141
105

r

l72 7
216
144

r

194 .0
182
195
183

194.0
180
192.2
204
114
119
194
176 6
212
142
195
106
167
157
141
191 8
165
128
144
113

177 8
223
147
197.6
186
198
185

r
Revised,
NOTE.—Revised indexes shown here for major groups and totals were released by the Bureau of Labor Statistics in February 1945. These indexes 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 d a t a for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only. Figures for January 1945 are preliminary.

z66




FEDERAL RESERVE

BULLETIN

FACTORY EMPLOYMENT A N D PAY ROLLS, BY INDUSTRIES—Continued

{Without Seasonal

Adjustment)

[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory pay rolls

Factory employment
Industry and group

1944

1943
Dec.

Jan.

Printing and Publishing
Newspaper periodicals
Book and job

r

104.3
95
109

r

Chemical and Allied Products
Paints, varnishes, and colors
Drugs, medicines, and insecticides
Rayon and allied products
Chemicals, n.e.c
Cottonseed oil
...
Fertilizers

r

r

Products of Petroleum and Coal
Petroleum refininsr
Coke a n d by-products

r

Sept.

Jan.

1944

1943
Nov.

Jan.

Sept.

Oct.

Nov.
142.2
121
157

144.1
122
160

366.2
167
270
179
289
r
300

377.%
171
272
180
291
290

99.2
92
103

100.8
93
106

101.4
93
106

r

102.3
94
107

100.9

r

133.5
115
142

"'134.7
116
144

r

134.6
112
148

r

138.9
120
152

r

139.5
119
154

r

205 6
105
179
109
168
r
108

r

r

r

218 1

r

r

r

r

r

r

208 7
105
181
110
167
r
128

210 6
106
181
111
166
r
139

215 4
107
182
112
166
r
135

405.2
159
259
168
294
275

430.4
161
258
166
297
281

Dec.

Dec.

r

r

230 7
105
183
108
176
134

Dec.

r

r

103.2
93
108

239 8
106
178
110
177
143

1945
Nov.

Oct.

395 7
160
268
169
298
252

360.8
166
265
176
293
r
221

364.5
167
268
177
289
r
276

107

114

234

250

118.8
113
108

r

r

126.1
125
106

r

125.0
124
103

r

125.1
124
102

H25.3
125
101

125.3

r

196.1
186
176

r

197.1
186
181

r

196.7
185
186

r

220.8
213
190

r

224.4
220
183 •

r

219.2
214
179

220.4
215
182

Rubber Products
Rubber tires and inner tubes
Rubber boots and shoes
R u b b e r goods, other

r

167.9
173
146
147

r

"'159.0
171
125
136

r

r

r

160.3
172
124
138

160.3

r

r

r

r

r

290.2
298
226
251

r

303.6
316
229
257

Miscellaneous Industries
Photographic apparatus
Games toys and dolls

r

177.1
174
88

r

r

r

r

r

161.3

r

r

r

r

r

118

...

125

102

118.3
114
108
168.6
174
144
148
175.0
174
85

102

162.5
162
90

158.5
171
124
135
162.4
161
91

159.1
171
123
136
162.4
162
91

223

162.2
162
90

227

290.2
289
252
257

288.1
287
246
255

r

331.8
284
156

324.5
273
150

232

248

291.0
289
249
260

227

291.4
301
227
248

r

325.5
277
157

312.4
268
182

316.0
269
186

289.9
298
220
251

319.7
259
189

314.5
271
187

Revised.
FACTORY EMPLOYMENT

{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 =• 100]
Group and year
Total.

..1942
1943
1944
...1942
1943
1944
...1942
1943
1944

Durable..
Nondurable...

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

141.4
170.5
175.9
170.0
225.7
243.2
118.8
127.0
122.9

143.3
172.3
174.6
173.3
229.9
241.5
119.6
126.9
121.9

145.4
174.0
172.1
176.8
233.5
237.7
120.6
127.1
120.4

147.8
174.8
169.4
180.8
235.3
233.4
121.7
127.1
118.9

149.9
174.9
167.7
185.0
236.2
230.3
122.2
126.7
118.3

151.9
176.4
166.7
189.9
239.3
228.2
122.0
126.9
118.3

154.7
177.2
165.2
195.5
241.0
225.3
122.5
126.8
117.9

157.5
177.1
164.1
201.3
242.2
224.1
122.9
125.9
116.8

160.2
177.0
162.6
205.4
242.5
220.4
124.6
125.4
117.0

162.9
178.0
161.0
210.5
245.0
217.3
125.3
125.2
116.6

165.1
178.9
160.2
215.3
247.1
215.4
125.5
125.2
116.7

168.3
177.4
160.6
221.6
245.8
216.0
126.3
123.4
117.0

NOTE.—Revised indexes based on new Bureau of Labor Statistics data released in February 1945. Preliminary seasonally adjusted indexes for J a n u a r y
1945 are: Total, 160.7; durable, 215.9; nondurable, 117.2. Back figures from J a n u a r y 1939 m a y be obtained from the Division of Research and Statistics^
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)

Average hours worked per week
Industry and group

All

Manufacturing.

Durable Goods
Iron a n d Steel a n d Products
Electrical Machinery
Machinery Except Electrical
Transportation Equipment Except
Automobiles
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 P r o d u c t s . . :
Tobacco Manufactures
Paper and Allied Products
Printing, Publishing, and Allied Industries
Chemicals and Allied Products
Products of P e t roleum and Coal
Rubber Products
Miscellaneous Industries
,

1943
Nov.

Dec.

Aug.

Sept.

Oct.

Nov.

Dec.

N o v . I D e c . Aug.

Sept.

Oct.

Nov.

Dec.

45.5

44.8

45.2

44.8

45.5

45.3

45.6

99.6

99.5

101.6

103.2

103.1 r103.5

104.0

47.1

46.2

46.6

46.1

47.1

46.7

47.1

109.7

109.3

111.2

113.2

112.9 '113.7

114.0

47.1
47.1
49.6

46.5
46.2
48.9

46.7
46.3
48.3

46.6
46.2
47.9

47.2
r
46.3
48.8

46.8
46.3
48.2

47.3
46.7
48.9

105.7
98.8
109.2

106.1
99.5
110.1

107.5
103.2
112.1

110.1
105.1
113.6

109.1 108.8
r
104.6 p104.9
113.7 113.4

109.5
105.8
114.6

47.6
46.5
47.1
43.4
44.3
43.5

46.5
44.5
46.3
42.8
44.2
43.0

47.4
45.1
46.5
44.7
44.8
44.0

46.9
43.5
46.3
43.3
44.0
43.4

48.1
45.6
47.2
44.7
r
45.0
44.7

47.8
45.5
47.0
r
43.0
r
44.3
r
44.1

48.3
45.7
47.5
42.3
44.5
44.2

125.9
125.3
103.3
77.4
78.0
87.8

124.2
124.7
103.4
76.6
78.2
87.5

127.2
126.1
104.7
80.1
81.6
89.5

129.7
128.7
105.8
r
80.3
r
82.9
r
91.0

130.1 •132.1
127.0 128.0
105.9
105.8
r
80.7 79.1
r
83.3 r 83.3
91.2 91.0

131.1
127.9
106.8
79.4
84.2
91.4

43.1

42.8

43.0

43.0

43.3

r

43.5

82.9

83.2

86.4

87.6

41.8
38.1
39.8
45.5
42.5
45.8
40.5
45.6
46.0
45.7
46.5

41.7
37.7
40.2
45.5
42.1
45.3
40.4
45.1
46.0
44.8
45.6

41.8
37.7
41.2
45.0
42.3
46.2
41.1
45.6
46.9
45.6
45.1

41.8
38.1
41.5
44.5
43.4
46.2
41.4
45.6
46.4
45.7
45.2

r

42.2
38.2
41.6
44.8
43.3
46.7
40.9
r
45.9
47.9
r
45.9
46.0

r
Revised.
NOTE.—Data based on the classification of the 1939 Census of Manufactures.

MARCH 1945




1944

1944

43.2

42.3
38.0
41.2
45.3
44.1
46.5
r
4l.3
r
45.7
46.9
45.7
r
45.5

42.8
37.7
41.5
46.0
45.0
46.6
41.5
45.7
46.9
46.6
45.6

67.7
74.0
77.0
82.9
67.3
81.2
102.6
93.2
114.8
106.6
91.7

67.8

74.3
77.3
83.4
67.2
81.7
103.9
93.6
115.3
107.0
92.5

71.1
80.7
80.6
84.4
71.5
84.7
108.0
96.1
117.9
110.2
95.7

72.1
83.2
82.0
84.7
72.4
85.8
110.1
96.6

120.2
111.7
r
97.3

87.8

87.7

88.3

72.3 r 72.2
83.2 82.4
81.9 81.8
85.7 85.9
72.8 73.6
86.2 r 86.3
110.2
110.3
r
95.7 r 95.6
119.0 r 118.6
110.
110.7
96. r 97.5

72.5
83.1
82.4
86.6
73.8
86.7
110.8
96.5
119.4
112.9
98.5

r

Back figures are available from the Bureau of Labor Statistics.

ESTIMATED EMPLOYMENT IN NONAGRIGULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Total

Manufacturing

Mining

Construction3

Transportation and
public
utilities

Trade

Finance,
service,
and miscellaneous

Federal,
State, and
local
government

30,353
31,784
35,668
38,447
39,728
^38,690

10,078
10,780
12,974
15,051
16,924
^16,119

845
916
947
970
891
^835

1,753
1,722
2,236
2,078
1,259
*>7

2,912
3,013
3,248
3,433
3,619
p
3761

6,618
6,906
7,378
7,263
7,030
^7,044

4,160
4,310
4,438
4,447
4,115
^4,346

3,988
4,136
4,446
5,203
5,890
p
5,9Q6

1940—August
September
October
November
December

31,840
32,169
32,485
32,993
33,397

10,776
11,017
11,181
11,409
11,589

914
918
920
925
926

1,723
1,758
1,825
1,971
2,135

3,015
3,025
3,041
3,054
3,076

6,936
6,951
7,005
7,043
7,076

4,328
4,341
4,357
4,395
4,393

4,148
4,159
4,156
4,196
4,202

1941—January
February
March
April
May
June
July
August
September
October
November
December

33,638
33,973
34,406
34,441
35,269
35,758
36,277
36,597
36,774
36,892
36,991
36,864

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
r
38,159
r
38,037
38,086

16,910
16,819
16,642
16,391
16,203
16,093
16,013
15,943
15,764
r
15,614
r
15,522
15,538

862
862
852
848
843
848
833
830
822
812
808
802

830
786
737
719
673
677
653
648
627
609
r
611
615

3,720
3,780
3,780
3,763
3,768
3,765
3,753
3,762
3,735
3,748
r
3,771
3,789

7,096
7,043
7,046
6,982
6,997
7,012
7,084
7,059
7,065
r
7,O77
r
7,O52
7,020

4,170
4,173
4,165
4,257
4,363
4,475
4,505
4,514
4,488
4,384
r
4,359
4,292

5,866
5,889
5,901
5,905
5,902
5,896
5,859
5,898
5,899
5,915
r
5,914
6,030

38,325

15,622

807

635

3,796

7,192

4,317

5,956

1943—August
September
October
November
December

39,860
39,678
39,718
39,847
40,197

17,182
17,136
17,194
17,238
17,080

882
880
873
863
867

1,169
1,091
1,002
918
829

3,694
3,688
3,689
3,683
3,669

6,875
6,936
7,076
7,245
7,554

4,172
4,079
4,037
4,078
4,127

5,886
5,868
5,847
5,822
6,071

1944—January...
February
March
April
May
June
July
August
September
October
November
December

38,965
38,840
38,725
38,689
38,672
38,846
38,731
38,744
38,571
r
38,360
r
38,340
38,811

16,825
16,735
16,559
16,309
16,122
16,093
16,013
16,023
15,843
r
15,692
r
15,600
15,616

858
858
852
844
839
844
833
834
826
816
812
806

764
715
678
683
686
691
686
700
671
652
r
629
590

3,664
3,704
3,723
3,744
3,768
3,803
3,809
3,818
3,791
3,767
r
3,771
3,770

6,919
6,867
6,919
6,968
6,962
6,977
6,942
6,918
6,994
r
7,148
r
7,299
7,617

4,128
4,131
4,123
4,236
4,363
4,542
4,618
4,582
4,488
4,340
r
4,315
4,292

5,807
5,830
5,871
5.905
5,932
5,896
5,830
5,869
5,958
5,945
r
5,914
6,120

37,852

15,544

803

584

3,739

7,012

4,274

5,896

Year and month

1939
1940
1941
1942
1943
1944..
SEASONALLY ADJUSTED

1945—January
UNADJUSTED

1945—January

r

* Includes Contract Construction and Federal Force Account Construction.
Revised, P Preliminary.
NOTE.—Revised seasonally adjusted estimates of the Board of Governors based on revised Bureau of Labor Statistics data released in May 1944. Estimates include all full- and part-time wage and salary workers in nonagriculturai 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. January 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.

2-68




FEDERAL RESERVE BULLETIN

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF C O N S T R U C T I O N
[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
1944

January
February
March
April
May
June
July
August
September

1945

Year

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

October
November
December

1

Nonresidential building

Residential
building

Total

1944

41.0
24.9
35.2
37.8
34.5
30.6
25.8
23.3
24.5
23.8
23.3
23.9

34.0
29.9
48.7
33.0
27.1
24.4
38.3
40.0
49.0

Educational

1944

1944

1945

4.1
4 5
7.4
6.1
5.8
8.7
5.6
7.9
6.4

1945

8.7

52.9
57.6

7 1
9.5

4.4
5.4
3.8
10.5
10.1
6.4
7.6
3 5
5 3
3.8

472.7

80.8

69.2

37.7

348.4 J

1,994.0

1945

Commercial

7.7

Public works
and public

utilities

Other
1944

1945

1944

21.1
23.1
19.5
25.0
17.1
18.9
30.2
22.4
24.2
20 0
28 3
27.1

50.3
55.1
61.3
72.0
55.8
70.7
80.5
69.4
64.1
52 2
48 0
66.6

276.7

746.1

1945

Negative because of revision of a prior month's entry.

C O N S T R U C T I O N CONTRACTS AWARDED, BY O W N E R S H I P
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]

Total

Public ownership

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F . W. Dodge Corporation. Value of contracts in thousands of dollars]

Private ownership
Federal Reserve district

1943

January
February....
March
April
May
June
July
August
September...
October
November...
December ...
Year

351
394
340
303
234
230
184
414
175
214
184
252

1944

1945

1943

141

316
364
304
253
192
183
122
351
120
157
135
198

159
137
176
179
144
164
191
169
176
145
165
188

1944
122
109
133
133
98
122
148
125
127
102
103
114

1943

1945
75

2,695 1,435

3,274 1,994

1945

1944

35
30
36
50
42
46
61
62
56
56
50
54

37
28
43
46
46
42
42
44
49
43
62
74

579

559

66

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

Year or month

Property
improvement

Total

Small
home
construction

1- to 4- Rental
and
War
family
group housing
houses housing

(Title
II)

94
309
424
473
669
736
877
691
243
216

224
246
60
160
208
251
262
141
96
125

1944—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

75
79
62
68
69
66
71
81
83
84
82
66

6
16
6
9
9
9
11
14
12
17
11

19
14
13
13
18
18
18
20
20
22
22
18

1945—Jan

67

8

19

7

13
25
26
21
15
1

(Title
II)

2
2
11
48
51
13
13
6
*
7

1
2
3'
1




End of month

Total

(Title
VI)

13
284
601
537
50
50
44
45
42
36
45
50
46
49
43
37
39

* 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.

1945

Dec.

Jan.

5,821
10,425
6,731
9,623
22,316
28,550
19,149
8,792
2,698
11,628
15,216

8,355
15,091
7,310
15,812
22,487
29,941
26,900
16,100
2,029
14,562
29,894

7,537
16,091
9,869
14,798
32,500
16,220
20,000
9,021
1,564
14,816
16,822

140,949

188,481

159,238

Mortgages on

320
557
495
694
954
1,026
1,186
1,137
942
886

1935
1936
1937
1938
1939.. . .
1940
1941.. . .
1942
1943
1944.

Jan.

INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]

[In millions of dollars]

Title I Loans

.. .

Total (11 districts)

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION

MARCH

1944

1945

Month

SavMuComings Insur- Fedtual
eral Other 2
and
merance
savloan
cial
comings associ- panies
cies 1
banks banks
ations

1936—Dec
1937—Dec
1938—Dec

365
771
1,199

228
430
634

8
27
38

56
110
149

41
118
212

5
32
77

27
53
90

1939—June
Dec

1,478
1,793

759
902

50
71

167
192

271
342

137
153

94
133

1940—Mar

June
Sept
Dec

1,949
2,075
2,232
2,409

971
1,026
1,093
1,162

90
100
111
130

201
208
216
224

392
432
480
542

171
182
190
201

124
127
141
150

1941—Mar
June
Sept
Dec

2,598
2,755
2,942
3,107

1,246
1,318
1,400
1,465

146
157
171
186

230
237
246
254

606
668
722
789

210
220
225
234

160
154
178
179

1942—Mar
June
Dec

3,307
3,491
3,620

1,549
1,623
1,669

201
219
236

264
272
276

856
940
1,032

237
243
245

200
195
163

1943—June
Dec

3,700
3,626

1,700
1,705

252
256

284
292

1,071
1,134

235
79

158
159

1944—June

3,554

1,669

258

284

1,119

73

150

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.

169

MERCHANDISE EXPORTS AND I M P O R T S
[In millions of dollars]
Merchandise imports 2

-Merchandise exports 1

Excess of exports

Month
1940

1941

1942

1944

1940

1941

1942

1943

1940

1941

1942

1943

370
347
351

325
303
357

481
480
628

730
719
989

Pi,124
Pi,107
p
l 197

242
200
217

229
234
268

254
254
272

229
234
249

p

300
P313
P
358

128
147
134

96
69
89

228
226
355

502
485
739

April
May
June

323
324
350

387
385
330

717
536
648

979
1,085
1,002

PI,226
PI,455
PI,295

212
211
211

287
297
280

235
191
215

258
281
295

P360
P386
P331

111
112
138

100
88
50

482
345
433

721
803
706

July
August
September

317
351
295

365
460
425

650
703
732

1,261
1,202
1,235

PI,197
PI,188
PI,192

232
221
195

278
282
262

213
186
196

302
316
286

P294
P3C2
P280

84
130
101

87
178
162

437
517
536

960
887
949

P903
P886
p
912

October
November

344
328
322

666
492
653

801
787
873

1,195
1,072
1.244

p

l,140
PI,184
P934

207
224
253

304
281
344

200
168
359

329
311
281

P327
P322
P336

137
104
69

362
211
309

602
619
514

866
761
963

P813
P862
P598

4,021

5,147

8,035

12,714 P14.240

2,625

3,345

2,742

3,372

P3,911

1,396

1,802

5,293

9,342

P10.328

January
February
March

....

December
January-December

1943

1944

1944
P824
P794
P838
p

P866
l,069
P964

p
1
2

Preliminary.
Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.

FREIGHT CARLOADINGS, BY CLASSES
[Index numbers; 1935-39 average=100 ]
ForLive- est
stock products

Total Coal Coke
Annual
1939
1940
1941
1942
1943
1944

REVENUES, EXPENSES, A N D INCOME OF CLASS I
RAILROADS
[In millions of dollars]

Mis- Mereel- chanOre lanedise
l.c.1.

Total
railway
operating
revenues

Total
railway
expenses

Net
railway
operating
income

3,995
4,297
5,347
7,466
9,055
P9.437

3,406
3,614
4,348
5,982
7,693
^8,343

589
682
998
1,485
1,362
*>l,093

93
189
500
904
874
P666

1943—October
November...
December...

769
769
782

654
662
680

115
107
102

76
69
67

1944—January
February....
March
April
May
June
July
August
September..,
October
November...
December...

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
53
52
70
59
30
40
43
54
P33

683
668
712

113
94
r
70

658
651
705
672
706
700
710
735
710
721
689
687

83
84
93
88
99
100
99
101
89
97
92
70

m Net
income

Annual
101
109
130
138
137
140

98
111
123
135
138
144

102
137
168
181
186
186

107
101
112
120
146
139

96
96
91
104
117
124

110
147
183
206
192
181

100
114
139
155
141
144

101
110
136
146
145
147

97
96
100
69
63
67

1939...
1940...
1941...
1942...
1943...
1944...
SEASONALLY
ADJUSTED 1

SEASONALLY
ADJUSTED

1943—November..
December..

139
143

127
147

186
192

161
153

132
122

150
155

1944—January
February...
March
April
May
June
July
August
September..
October...
November..
December..

145
143
140
138
138
139
143
142
139
137
141
137

150
149
140
141
147
148
143
146
147
143
143
127

185
180
185
190
190
194
194
185
182
182
181
166

159
148
136
123
128
135
144
131
126
147
150
134

121
135
131
120
118
124
124
121
114
120
135
128

147
146
141
141
140
148
156
155
137
133
138
135

1945—January—

143

141

176

128

120

142

191
209
202
193
174
195
195
187
189
188
184
153
153
133

147
148
r
150
147
149
146
144
143
150
149
146
143
149
151

161

157

r

1943—November..
December..

142
133

127
147

1944—January
February ..
March
April
May
June
July
August . . . .
September.
October
November..
December..

133
133
132
135
141
144
147
146
150
148
144
128

150
149
140
141
147
148
143
146
147
143
143
127

186
202

157
144

166
117

147
138

195
191
187
186
188
191
188
178
181
178
181
175

159
145
125
108
113
137
172
141
142
147
147
126

116
108
103
107
106
100
102
115
151
184
170
124

133
140
141
141
146
154
157
162
148
140
135
120

r

153
139

796
762
782 •

137
138
142
144
145
147
151
151
158
156
155
142

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

r

48
51
168
281
291
302
281
276
237
138
41

UNADJUSTED

1943—October
November...
December ..

UNADJUSTED

r

76
61
35

r

45
46
54
48
59
61
57
60
56
60
64
P56

P Preliminary.
'Revised.
1
Includes redistribution of wage accruals in 1943.
NOTE.—Descriptive material and back figures may be obtained
Revised.
from the Division of Research and Statistics. Basic data compiled
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for by the Interstate Commerce Commission.
June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes
with weights derived from revenue data of the Interstate Commerce Commission.

1945—January...

132

141

185

115

143

r

VJO




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS
[Based on value figures]
MONTHLY INDEXES OF SALES
[1935-39 average = 100]
Federal Reserve district
Year and month

United
States

New
York

83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
150
168
186

95
110
108
112
119
121
123
127
128
126
128
123
114
90
84
90
92
100
104
100
104
108
126
140
148
162

84
100
96
99
106
110
116
120
123
124
129
126
116
91
86
91
93
101
106
99
101
106
119
128
135
150

106
126
120
122
135
134
135
138
133
127
128
118
105
83
80
88
91
102
107
96
104
111
129
143
151
168

84
106
94
95
108
106
109
110
110
110
116
105
93
68
69
81
86
101
111
96
106
114
138
153
167
182

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

105
90
85
94
91
95
99
100
100
98
91
79
60
65
78
84
97
105
103
113
123
145
162
204
244

1943—February
March
April
May
June
July
August
September
October
November
December

192
163
159
158
167
172
165
162
174
181
165

161
151
146
146
145
147
143
139
145
158
148

149
137
127
130
132
137
135
133
137
144
131

173
150
148
148
151
154
144
149
154
161
144

196
166
152
157
164
171
164
158
170
178
164

231
184
186
182
197
200
187
193
191
215
187

1944—January
February
March
April
May
June
July
August
September
October
November
December

175
175
185
172
181
175
192
187
183
194
210
193

148
148
162
157
164
151
160
154
156
165
177
r
174

135
138
158
140
150
142
149
151
149
152
164
155

159
157
173
162
168
159
170
158
170
168
183
171

169
166
183
166
181
166
191
182
180
190
203
190

208
209
212
199
211
203
213
213
214
224
251
208

1945—January....

200

163

174

186

155
144
164
155
155
127
139
174
186
215
273

125
130
155
145
138
102
110
152
161
184
255

123
115
130
124
123
92
99
141
157
182
228

137
135
151
142
136
107
112
152
174
202
256

157
146
163
156
155
126
143
168
182
214
262

176
166
190
181
177
141
155
208
212
252
332

188
171
196
192
175
166
179
218
233
257
336

155
140
160
149
154
124
136
166
174
200
253

172
153
172
164
166
137
152
188
194
224
277

127
124
151
139
144
117
132
166
168
192
224

'138
142
170
172
178
163
142
157
196
209
248
320

119
115
144
161
162
144
110
118
170
184
207
r
300

112
115
139
137
142
132
100
110
158
173
207
r
269

122
124
162
159
161
143
117
123
173
190
231
305

132
133
167
172
179
157
140
159
191
204
244
303

152
159
203
193
210
182
150
176
231
248
294
369

179
194
219
228
228
199
197
218
257
273
315
418

131
131
159
166
170
160
139
151
185
197
231
295

149
153
185
183
197
170
154
178
212
221
268
333

119
122
140
159
160
151
130
154
184
179
218
269

134

145

174

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

Phila- Clevedelphia land

Minne- Kansas Dallas
RichSt.
mond Atlanta Chicago Louis apolis
City

Boston

San
Francisco

119
124
123
125
119
117
111
96
74
73
85
89
99
107
100
105
110
127
149
184
205

93
112
92
86
91
94
98
103
101
103
104
96
81
61
62
76
80
97
105
106
112
117
138
157
212
246

67
80
75
78
91
93
99
106
107
110
112
104
94
71
68
77
86
100
106
100
109
117
139
169
200
221

182
142
147
138
144
148
149
147
148
166
146

214
168
173
163
187
184
174
179
194
210
174

246
185
195
191
220
220
208
211
231
227
215

217
197
190
192
200
199
198
189
211
212
206

160
176
159
157
158
151
165
173
162
158
189
175

207
203
193
181
192
192
212
204
200
215
244

206
241
247
232
228
245
277
250
241
252
264
263

208
209
218
201
216
210
223
221
217
228
253
233

261

247

169
156
177
165
172
145
163
197
203
228
283

204
168
193
191
183
160
183
232
250
269
343

184
171
188
181
184
165
180
197
219
255
325

153
160
182
183
194
177
168
191
220
226
263
339

177
200
227
228
228
203
202
220
265
272
314
421

166
178
197
192
203
193
185
202
226
238
299
373

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

218
185
181
196
209
221
201
210
222
220
208

192
157
155
146
157
168
161
151
169
174
154

218
168
157
164
184
185
177
171
188
197
172

224
225
225
222
233
237
263
245
247
260
269
258

172
162
173
165
167
163
187
180
168
192
201
180

182
194
195
173
197
189
208
207
193
215
235
207

SEASONALLY
ADJUSTED

r

UNADJUSTED
1943—February
March
April
May
June
July
August
September
October
November
December
1944—January
February
March
April
May
June
July
August
September
October
November
December
1945—January...
T

7

147

Revised.
NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944.

MARCH 1945




DEPARTMENT STORE STATISTICS—Continued
SALES, STOCKS, AND OUTSTANDING ORDERS
[As reported by 296 department stores in various Federal Reserve districts]
Amount
(In millions of dollars)
OutSales Stocks stand(total (end
ing
of orders
for
month) month) (end of
month)
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average

128
136
156
179
204
227

344
353
419
599
508
531

108
194
263
530
558

1943—Apr...
May..
June..
July..
Aug...
Sept..
Oct...
Nov..
Dec...

200
182
188
151
168
205
230
259
338

462
471
480
507
564
586
593
576
467

461
563
671
692
618
564
550
562
491

1944—Jan...
Feb...
Mar...
May/
June..
July..
Aug. .
Sept...
Oct...
Nov. .
Dec. .

167
170
227
206
220
199
163
196
234
257
299
r
385

1945—Jan...

P199

r

479
512
525
524
525
522
516
568
583
600
579
r
444

r

526
526
488
475
521
590
628
574
559
576
r
608
r
620

Without seasonal adjustment

Index of stocks
(1935-39 average
= 100)

Seasonally
adjusted

Unadjusted

99
101
120
172
146
153
128
132
144
162
169
162
153
143
143

133
135
138
146
162
168
170
165
134

154
154
148
145
147
157
165
170
161
154
144
r
136

137
147
151
150
151
150
148
163
167
172
166
127

WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]

1941
July 19....
26
Aug. 2 . . . .
9...
16....
23....
30....
Sept 6
13...
20....
27....
Oct. 4 . . . .
11...
18....
25....
Nov. 1 . . . .
8....
15....
22....
29....
Dec. 6 . . . .
13....
20....
29....

.. 99
97
..111
..127
.123
..128
..162
..129
..142
..142
.161
..179
..135
.141
..144
..145
..150
..159
.139
.176
..225
..250
..299
.191

.105
25
. 103
Aug. 1
.105
8
.122
15
.125
22
.126
29
142
Sept . 5
165
12
140
19 ..
152
26
.172
.183
Oct. 3
10
.171
.166
17
24
.172
31
.168
.182
Nov. 7
14
.182
21
.182
28
.176
Dec. 5. . . . .250
1 2 . . . . .295
1 9 . . . . .333
2 6 . . . . 222

1942
3....
10....
17....
24....
31....
Feb. 7 . . . .
14....
21....
28....
Mar. 7 . . . .
14...
21....
28....

..111
.135
.136
.122
..125
..119
..122
..115
..127
..130
..137
..148
..157

Jan.

Jan.

1942

1943

July 18

1943
2 . . . . .117
9 . . . . .146
16 . . . . .139
23 . . . . .125
30 . . . . .126
Feb. 6
.143
13
.178
20
.155
27
.162
Mar. 6 . . . . .150
13
.144
20
.147
2 7 . . . . .155

1944

July 17... .126
24
31...
7...
14...
21...
28...
Sept. 4 . . .
11...
18
25...
Oct. 2 . . .
9....
16....
23....
30....
Nov. 6 . . .
13...
20...
27...
Dec. 4 . ..
11. ..
18. ..
25. ..

Aug.

.124

.ns

.131
.131
.146
.145
.169
.156
179
.176
.175
.188
.189
.194
.187
.202
.211
.223
.201
.269
.297
.321
.274

1944
1 .. .110
8..." .143
15 . . . .146
22 . . . . r 144
29 . . . ..137
Feb. 5 . . . . . r 146
1 2 . . . . ..142
1 9 . . . . ..142
2 6 . . . . ..146
Mar. 4 . . . . ..153
1 1 . . . . ..160
1 8 . . . . .172
2 5 . . . . ..182

Jan.

July 1 5 . . . . .145

2 2 . . . . 138
29^!^ .132

Aug. 5 . . . . .1^7

U8
.149
.171
.194
.177
196
.193
..196
218
7
14.... ..221
..209
21....
207
28
4 . . . ..215
11 . . . ..231
1 8 . . . . ..252
236
25
2 . .. ..304
r
9 . .. . r 365
16 . .. . 377
23 . .. ..369
3 0 . . . . ..123
1945
6 . . . ..145
13 . . . . r1 6 6
20 . . . . 160
27 . . . ..161
3 . . . ..163
10... ..172
17... ..176
24... ..176
3...
10...
17...
24...
31...

12
19....
26
Sept. 2 . . . .
9....
16
23....
30....

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

r
Revised.
NOTE.—Revised series. For description and back figures see pp 874-875

p
r

Preliminary.
Revised.
Backfigures,—Divisionof Research and Statistics.

of BULLETIN for September 1944.

SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Jan. Dec. Year
1945 1944 1944

Jan. Dec. Year
1945 1944

United States.
Boston
New Haven....
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

+18
+15
+17
*
+19
+9
+17
+15
+12
+18
+10
+15

+1
+9

+10
+18
+10
+13

+9

r

1944

+15
+14
+10
+13
+17
+10
+16
+13

+10
+10

+7

-1

+12
+15
+20
+6
+22
r
+10
+15
+21
+8
+6
+16

-1
- 1 +7
+14 +15
+4 +15
+7 +12
+16 +14
+6 +10
+24 +21
+10 +14
+14 +11
+15 +13
+7 +13
+17 +12
+15 +12
+16 +15

+6

+9 Cleveland—Cont.
+6 Youngstown
+5 Erie
Pittsburgh

+11

+3

+6
+6

+12

+6

+12

+4

+12
+15

+9

0

+13

+5
+11
+8

+9
+8
+8

+21
+13

+9
+3
+6

+12

+5

+14




+21
+3
+14
Wheeling
+16
Richmond
+19
Washington
+15
+13
Baltimore
Winston-Salem... +22
Charleston, S. C. +3
Greenville, S. C. +27
+26
Lynchburg
+22
Norfolk
+21
Richmond
Charleston.W.Va +30
+7
Clarksburg
+26
Huntington
+22
Atlanta^
+22
Birmingham
+23
Mobile
+41
Montgomery
+28
Jacksonville
*
Miami
+19
Tampa
+29
Atlanta
+31
Augusta
Macon
+5
Baton Rouge
+24
New Orleans
+28
Jackson
Chattanooga.. . +40
+27
Knoxville
+24
Nashville

+4 Chicago

Chicago
Peoria
Corrected.

+15 +17 +13

Z7Z

1945 1944

Year
1944

1944

+11

+8

r
Revised.
* Data not yet available.

Jan. Dec. Year

c

+13
+8
+7
+18
'+14
+10
+10
+14
+12
+17
+26
+13
+16

+12
+5
+11
+17
+11

+6
+7

+10
+10
+19
+22
+15
+7 +15
+12 +6
+24 +13
+24
+19 +19
:
+19 +15
+12 +9
+26 +25
+26 +21
+23 +21
+23 +18
+21 +23
+23
+13
+17
+16
+20
+30
+15

+15
+14
+18
+19
+21
+40
+20

+17 +13 +9
+15 +14 +10
+20 +17 +16

Chicago—Cont.
Fort Wayne....
Indianapolis...
Terre Haute...
Des Moines
Sioux City
Detroit
Flint
Grand Rapids..
Lansing
Milwaukee
Green Bay
Madison
St. Louis
Fort Smith
Little Rock....
Quincy
Evansyille
Louisville
St. Louis
Springfield
Memphis
Minneapolis
Kansas City
Denver
Pueblo
Hutchinson ...
Topeka
Wichita
Joplin
Kansas City...
St. Joseph
Omaha
Oklahoma City
Tulsa....

r
+22 +19
+13 +16
+44 +25
25 +19
*
+9 +9
+15 +6
+24
+22 +20
+26 +17
+36 +16
+15 +13
+21 +17
+18 +27
+26 +19
+6 +21
+2 +13
+27 +20
+19 +15
+21 +29
+23 +18
+18 +15
+21 +17
+18 +13
+21 +11
+36 +29
+33 +21
+7 +17
+16 +8
+20 +16
+20 +27
+11 +17
+29 +17
+35 +26

~t

+12
+11
+11
+13

Dallas
Shreveport
Dallas
Fort Worth
Houston
San Antonio

+24
+32
+25
+18
+16
+37

+1S
+16
+17
+18
+18
+18

+17
+16
+19
+14
+14
+10

H-14
+18
+28 +22
+25 +16

+15
+25
+18
+13

+22 +15

+11

+12

+18 +7
+23 +17
+32 r +20
+15
+13
+9 +15
+14

+16
+8
+11
+15
+11
+14
+10
+12

+27 r +17
+9 +13
+12 +4
+3
+25 +6
+21 +11
+22 +8
+22 +15
+26

+13
+4
+2
+9
+6
+6
+4
+4
+20

+5
+22 +16 +11
Francisco
+3 'an
Phoenix
— +29 +16
+9
+4 +3
Tucson
+7

+20
+10
+13
+16
+6
+13
+18
+11
+21

+1

+17
+11
+28
+16
+11
+11

+7

+11
+21
+18
+17
+9
+11
+18
+12
+15
+11

Bakersfield
Fresno
Long Beach
Los Angeles
Oakland and
Berkeley
Riverside and
San Bernardino
Sacramento
San Diego
San Francisco....
San Jose
Santa Rosa
Stockton
Vallejo and Napa
Boise and
Nampa
Portland
Salt Lake City..
Bellingham
Everett
Seattle
Spokane
Tacoma
Yakima

FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Percentage change from a year ago
(value)
Number
of stores
reporting

Department

Stocks
(end of
month)

Sales during period
Dec.
1944

Ratio of stocks to sales

Dec.

Dec.
1944

Year
1944

1944

1943

GRAND TOTAL—entire store..

355

+14

+11

-6

1.2

1.4

MAIN STORE—total

355

+14

+12

-5

1.2

1.4

Women's apparel and accessories..
Coats and suits
Dresses
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
Infants' wear
Aprons, housedresses, uniforms
Underwear, slips, negligees
Corsets, brassieres
Hosiery (women's and children's)
Gloves (women's and children's)
Shoes (women's and children's)
Furs

352
330
334
314
297
305
286
325
331
345
326
241
263

+15
+11
+23
+17
+19
+18
+16
+12
+40
+11
+24
+33
-13

+13
+19
+18
+18
+24
+14
+23
+27
+11
+17

-5
-3
+14
-4
+10
+22

+23
-13
-3

1.0
1.9
1.1
1.1
1.1
1.2
1.2
0.4
1.7
0.6
0.7
2.1
1.9

1.3
2.2
1.1
1.4
1.2
1.2
1.6
0.6
2.7
1.1
0.7
3.2
1.7

Men's and boys* wear

323
231
307
281
176

+15
+15
+12
+20
+26

-9
-21
-12
+26
-17

1.1
2.1
0.7
1.4
1.9

1.4
3.0
0.9
1.3
2.8

Home furnishings

315
232
236
292
181
289
220
220

+12
+20

-9
—6
-14

+3

2.2
3.0
2.4
2.2
2.1
1.6
1.6
2.7

2.7
3.8
3.0
2.4
4.2
1.9
2.0
3.7

287
119

+24
+23

-4

2.3
2.0

2.9
2.5

336
222
320
275

+14
+15
+10
+12

-3

1.2
2.1
1.2
1.0

1.2
2.8
1.1
1.2

294

+13
+16

-11

0.7

0.9

Q

1.2
1.1
1.1
1.8
2.0
2.1

1.6

Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings.
Men's and boys' shoes and slippers..
Furniture, beds, mattresses, springs..
Domestic floor coverings
Draperies, curtains, upholstery
Major household appliances
Domestics, blankets, linens, etc
China and glassware
Housewares

Piece goods
Cotton wash goods

Small wares

Notions
Toilet articles, drug sundries, and prescriptions .
Jewelry and silverware

Miscellaneous
BASEMENT STORE-total

217
205
167
121
52
134

Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes

+6

—14
-18
-10
—44

+9

-24

+9
+1
+9
+21
+1
+5
+7

+4

+15
+19

-6
+16
-41

+12
+20

+14

-41
-14
-14
-12

+6

+4

+3
+23
+21
+15
+9
+11
+8
+17
+10

•«

+6
-12

+24

+13

+16
+14

-4
-11
-13
-8
-23

+6
+8
+21
+3

+8

+15
+26

1.3
1.4
2.2
2.4
3.5

NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main
store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained
by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month
in terms of sales for that month.
SALES, ACCOUNTS RECEIVABLE, A N D COLLECTIONS
Percentage of total sales

Index numbers, without seasonal adjustment, 1941 average = 100
Accounts receivable
at end of month

Sales during month

Year and month

Charge
account

Instalment

Charge
account

Total

Cash

Instalment

1943—December.

217

289

100

159

48

109

1944—January....
February...
March
April
May
June
July
August
September.
October. ...
November..
December..

106
109
144
132
141
127
103
126
149
164
191
245

140
140
182
171
180
165
138
167
193
211
245
325

57
73
59
58
50
44
60
66
81
95
106

79
84
114
104
112
99
76
93
116
127
149
182

44
41
40
38
36
34
32
32
33
35
40
46

82
72
79
79
82
78
67
70
81
90
102
128

1945—January....

125

163

56

95

43

96

r

Collections during
month
Instalment

Charge
account

83

Cash

Instalment

Chargeaccount
sales

121

65

79
72
78
67
67
61
56
58
61
69
75
77

143
107
100
107
109
HI
102
92
96
115
130
r
135

64
63
62
62
62
63
65
64
63
63
62
64

4
4
4
4
4
3
4
4
4
4
4
4

32
33
34
34
34
34
31
32
33
33
34
32

78

169

63

4

33

r

31

Revised.
NOTE.—These data are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on a
preceding page.

MARCH 1945




CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit

Total
consumer
credit 1

End of month
or year

7,637

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

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
P5,786

Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

1944

r

5,029
4,874
5,O57
r
5,037
5,148
5,209
r
5,148
r
5,192
r
5,272
r
5,412
5,595
P5,786
r

Sale credit

Total
instalment
credit

Loans 1

Automobile

Total

2

Singlepayment
loans3

Charge
accounts

Service credit

1,749
1,611
1,381
1,114
1,081
1,203
1,292
1,419
1,459
1,487
1,544
1,650
1,764
1,513
1,498
PI,758

596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
P728

Other

2,125

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
P2,080

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
P835

1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
175
P200

1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
641
P635

652
674
619
516
459
532
802
1,065
1,195
1,271
1,671
2,057
2,237
1,505
1,186

1,898
1,846
1,864
1,847
1,859
1,882
1,889
1,896
1,912
1,937
1,973

745
707
696
690
700
707
706
709
720
743
773
P835

169
167
167
171
181
192
204
210
210
210
208
P200

576
540
529
519
519
515
502
499
510
533
565
P635

1,153
1,139
1,168
1,157
1,159
1,175
1,183
1,187
1,192
1,194
1,200
PI,245

r

l,145
1,113
1,115
1,139
1,189
1,241
1,250
r
l,239
r
l,231
r
l,231
1,231
PI,220

1,294
1,218
1,376
1,346
1,390
1,370
1,287
1,330
1,402
1,516
1,664
PI,758

Pi,228

PI,210

PI,515

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
PI,220

692
697
702
r
705
710
716
r
722
r
727
r
727
r
728
727
P728

r

1945

Jan

P5.451

P192

P

732

p
1

Preliminary. r Revised.
•
Revised from February 1942 to date in order to exclude some nonconsumer automobile direct loans which had been incorrectly classified by commercial
banks.
2
Includes repair and modernization loans insured by Federal Housing Administration.
3
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]
DepartTotal,
End of month excluding
autoor year
mobile

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

ment
stores
and
mailorder
houses

Furniture
stores

1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
641
P635

160
155
138
103
119
146
186
256
314
302
377
439
469
254
174
P184

P269

576
540
529
519
519
515
502
499
510
533
565
P635

158
147
144
142
141
138
132
132
138
148
162
P184

248
236
231
229
235
237
234
233
236
244
253
P269

P574

P169

P247

1944

583
539
454
313
299
314
336
406
469
485
536
599
619
391

271

Household
appliance
stores

Jewelry
stores

All
other
retail
stores

P69

133
141
136
110
97
115
132
174
210
220
246
271
284
160
101
P100

14
13
13
13
13
P13

55
51
52
48
45
44
43
42
43
44
48
P69

91
85
83
82
82
81
79
79
80
84
89
PI 00

P12

P55

P91

265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
P13
24
21
19
18
16

15

56
47
45
30
29
35
40
56
68
70
93
110
120

77
66

1945

Jan
p

Preliminary.

2-74



CONSUMER INSTALMENT LOANS
[Estimated amounts outstanding. In millions o I dollars
End of
month or
year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

Insured
IndusCom- Small
trial Credit Miscel- repair
and
loan banking
laneous
Total 1 mercial
comunions lenders moderncombanks 1 ' 2 panies
ization3
panies
loans
652
674
619
516
459
532
802
1,065
1,195
1,271
1,671
2,057
2,237
1,505
1,186
PI,245

43
45
39
31
29
44
88
161
258
312
523
692
784
426
312
357

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
r
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
P88

Jan
Feb.
Mar
Apr.
May
June
July
Aug
Sept. .
Oct
Nov
Dec

1,153
1,139
1,168
1,157
1,159
1,175
1,183
1,187
1,192
1,194
1,200
PI,245

305
303
316
319
325
335
339
343
342
344
345

161
161
164
164
165
169
170
172
172

357

360
356
369
363
362
365
367
363
364
361
365
388

172
172
175

119
117
121
118
118
119
119
118
118
117
116
119

85
84
86
85
85
85
85
85
35
85
85
P88

P118

1945
Jan..

Pi,228

P357

378

174

115

P87

2*117

"'25
168
244
148
154
213
284
301
215
128
P118

1944

r

123
118
112
108
104
102
103
106
111
115
117

r
P Preliminary.
Revised.
1
Revised. See footnote 1 for table above.
2
These figures include only personal instalment cash loans a n d retail
automobile direct loans, shown on the following page, and a small a m o u n t
of other retail direct loans (14 million dollars a t t h e end of J a n u a r y 1945),
not shown separately.
3
Includes only loans insured by Federal H o u s i n g 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
and
retail,
modchased ernization
Pur- Direct1 and
chased loans direct loans 2
Automobile
retail

Month or year

Outstanding at end of
period:
1939

Total 1

1,093
1,450
1,694
845
514
r
559

218
311
411
136
55
r
57

164
253
310
123
81
99

155
217
288
143
68
r

1943—December

514

55

81

1944—January
February
March
April
May

503
491
r
497
r
496
505
r
518
527
532
r
534
r
538
r
544
r
559

53
52
52
52
53
56
61
62
r
62
r
60
r
59
r
57

79
80
82
85
89
93
94
95
96
97
97
99

561

56

100

82

8

15

73
70
95
82
97
100
95
r
94
r
89
92

15
15
19
18
21
20
20
19
17
18
18
18

13
11

8
8

11
12
15
14
18

r9

102

7
8
9
11
12
12
14
13
10
10
10
8

96

9

20

17

1940
1941
1942
1943 . .
1944

June
July
August
September
October
November
December

1945—January**

Personal
instal
ment
cash
loans

209
247
234
154
89
83

347
422
451
289
221
r
245

68

89

221

71
65
r
61
61
62
r
62
62
62

75

85
81
78
76
76
76
77
78
80
r
80
r
83
83

215
213
224
r
222
225
231
233
235
r
234
r
234
r
235
r
245

80

82

243

13

5

41

14
8
10
11
15

4
4
5
6

9
9
8
8

33
35
52
36
42
47
42
42
r
41
40
r
41
r
50

7

43

75

7<

r

r

62

67
70

Volume extended during
iij.un.Lii •

1943—December..
1944—January
February
March
April
May

June
July

August
September
October
November
December

r91
r

7

CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING INSTITUTIONS
[Estimates of volume made in period. In millions of dollars]
Month or year

Small loan
companies

Industrial
banking
companies

792
636
742

463
503
498
376
304
384
423
563
619
604
763
927
983
798
809
876

413
380
340
250
202
234
288
354
409
417
489
536
558
408
364
r
403

42
41
38
34
33
42
67
105
148
179
257
320
372
247
228
234

60
53
54
57
51
50
58

80
62
64
70
67
70
95

35
30
29
32
28
29
32

23
18
17
21
19
18
23

49
51
73
56
65
69
63
64
60
61
60
71

53
60
94
61
72
75
73
70
67
68
77
106

27
29
38
30
35
38
33
35
33
34
34
r
37

15
18
26
16
20
22
19
20
19
18
18
23

^65

58

35

16

Commercial
banks 1

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944.

Credit
unions

1943

June
July
August
September
October
November
December

1944

January
February
March
April
May
June
July
August
September
October
November
December
1945
January.

r
Revised.
P Preliminary.
1
These figures for loans made include only personal instalment cash loans
and retail automobile direct loans, which are shown elsewhere on this page,
and a small amount of other retail direct loans (2 million dollars in January
r
1945) not shown separately. Automobile direct loans have been revised
Revised.
P Preliminary.
1
Revised from February 1942 to date in order to exclude some noncon- from February 1942 to date in order to exclude some nonconsumer paper
which
had been incorrectly classified.
sumer automobile paper which had been incorrectly classified.

1945—January^

2
Includes not only loans insured by Federal Housing Administration
but also noninsured loans.

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE*

FURNITURE STORE STATISTICS

Item

Percentage
change from
corresponding
month of
preceding year

Percentage
change from
preceding
month
Jan. Dec. Nov.
1945 1944 1944

Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account

r

+18
r
+34
- 4 6 r +9
- 2 8 +29

-41
-46

Accounts receivable, at end of
month:
Total
Instalment

-8
-8

Collections during month:
Total
Instalment

0
-6

r

Inventories, end of month, at
retail value

+3

-11

r

+8
+7
-l

+3

1945

Dec.
1944

+4 +20 rr +16
+11 +21 +20
+3 +15 +16
-6

+25

+ 13

+4
+5

0

-1
-2

0

+7
+3

+6

-6

-10

+1
2

Month

Nov.
1944

+15
+20

1943
December
January

-1

March
April
May
June
July
August
September
October
November
December..

-6

January

+1

Department
stores

Furniture
stores

Household appliance
stores

Jewelry
stores

Department
stores

35

22

22

55

63

30
'30
36
31
33
31
30
34
35
39
39
36

20
20
23
23
25
24
23
24
24
26
24
23

22
22
26
26
26
28
29
32
33
36
37
r
39

31
31
34
28
30
30
31
31
32
r
34
34
r
49

61
61
65
63
64
63
61
64
64
65
67
r
61

32

21

36

30

61

1944

+18 February
i

-6
-8

accounts

1945
r
1

Revised.
Ratio of collections during month to accounts receivable at beginning
of month.

Revised.

MARCH

r

Jan.

Charge

Instalment accounts

1945




2-75

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Tndex numbers of the Bureau of Labor Statistics.

1926 =100]
Other commodities

All
commodities

Farm
products

Foods

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
LOO.O
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

July
August
September
October
November
December
1945—January

103.8
103.2
103.1
103.1
103.0
102.9
103.2
103.3
103.6
103.8
103.9
104.0
104.3
104.1
103.9
104.0
104.1
104.4
104.7
104.9

126.2
125.0
123.5
123.1
122.2
121.4
121.8
121.8
122.5
123.6
123.2
122.9
125.0
124.1
122.6
122.7
123.4
124.4
125.5
126.2

109.6
107.2
105.8
105.0
105.1
105.8
105.6
104.9
104.5
104.6
104.9
105.0
106.5
105.8
104.8
104.2
104.2
105.1
105.5
104.7

96.8
96.9
97.1
97.2
97.3
97.4
97.6
97.8
98.0
98.1
98.4
98.5
98.5
98.5
98.6
98.6
98.7
98.8
98.9
99.1

117.8
117.8
117.8
117.8
117.8
116.5
117.0
117.2
116.9
116.9
116.9
117.0
116.4
116.2
116.0
116.0
116.2
116.2
117.4
117.5

97.4
97.4
97.4
97.5
97.6
97.7
97.7
97.7
97.7
97.8
97.8
97.8
97.8
98.0
98.4
99.2
99.4
99.4
99.5
99.6

81.0
81.0
80.9
81.0
81.0
81.2
82.1
82.3
83.1
83.0
83.0
83.2
83.3
83.2
83.2
83.0
82.9
83.1
83.1
83.3

103.8
103.7
103.7
103.7
103.7
103.8
103.8
103.7
103.7
103.7
103.7
103.7
103.7
103.7
103.8
103.8
103.7
103.7
103.8
104.0

110.6
110.7
112.2
112.5
112.7
113.1
113.4
113.5
113.6
114.2
115.2
115.7
115.9
115.9
116.0
116.0
116.3
116.4
116.4
116.8

94.7
94.8
94.9
94.9
95.0
95.0
95.0
95.0
95.0
95.0
95.5
95.5
95.3
95.5
95.5
94.9
95.0
94.8
94.8
94.9

102.8
102.6
102.6
102.6
102.6
102.8
102.8
104.5
104.2
104.3
104.3
104.3
104.3
104.3
104.4
104.4
104.4
104.4
104.4
104.5

91.8
92.3
92.6
93.0
93.1
93.2
93.3
93.2
93.4
93.5
93.5
93.5
93.5
93.6
93.6
93.6
93.6
94.0
94.2
94.2

Week ending:
1944—Nov. 4 . . . .
Nov. 11
Nov. 18
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Dec. 2 3 . . .
Dec. 30
1945—Jan. 6
J a n . 13
Jan. 20
Jan. 2 7 . . . .
Feb. 3
Feb. 10
Feb. 1 7 . . . .
Feb. 24. . . .

104.0
104.1
104.1
104.1
104.2
104.2
104.4
104.6
104.7
104.6
104.7
104.8
104.7
104.7
104.9
105.0
104.8

124.0
124.4
124.5
124.1
124.6
124.4
125.6
126.2
126.7
125.9
126.3
126.6
125.8
125.7
126.8
127.2
126.4

104.4
104.9
104.9
105.0
105.1
105.4
105.7
105.7
105.5
104.6
104.7
105.0
104.4
104.3
104.9
104.8
104.1

98.8
98.8
98.9
98.9
99.0
99.0
99.0
99.0
99.1
99.1
99.2
99.3
99.3
99.3
99.3
99.3
99.3

L16.7
116.7
116.7
116.7
116.7
116.7
116.7
116.7
117.9
L17.9
117.9
117.9
117.9
117.9
118.0
118.0
118.0

98.9
98.9
98.9
98.9
98.9
98.9
98.9
99.0
99.0
99.0
99.0
99.0
99.0
99.1
99.1
99.1
99.1

83.5
83.5
83.6
83.6
83.7
83.7
83.7
83.7
83.6
83.6
83.9
83.9
83.9
84.0
84.0
83.8
83.8

103.8
103.8
103.8
103.9
103.9
103.9
103.9
103.9
103.9
103.9
104.0
104.2
104.3
104.2
104.2
104.3
104.3

116.4
116.4
116.4
116.4
116.4
116.4
116.4
116.4
116.4
116.4
116.4
116.7
116.7
116.7
116.7
116.9
116.9

94.7
94.7
94.8
94.8
94.8
94.8
94.8
94.8
94.8
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9

106.1
106.1
106.1
106.1
106.1
106.1
106.1
106.1
106.1
106.1
106.1
106.1
106.1
106.2
106.2
106.2
106.2

93.4
93.4
93.4
93.5
93.7
93.9
93.9
93.9
93.9
93.9
94.0
94.0
94.0
94.1
94.1
94.1
94.1

Year, month, or week

1929
1930.
1931
1932
1933
1934
1935
J936
1937
1938
1939
1940
1941
1942
1943
1944

. . . .

.

1943—June
July
August
September
October
November
December
1944—January
February
March
April
May

June

..

..

Total

Annual

Hi des and Textile
1eather
products
Pi oducts

1944

1945

Subgroups

Farm Products:
Grains
Livestock and p o u l t r y . . . .
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
1

ChemiHouseFuel and
Metals
Building cals and furnishlighting and metal materials
allied
materials products
products 1 ing goods

Annual

1944

Miscellaneous

1945

Subgroups
1943

1944

Jan.

De(

Jan.

116.3
128.7
119.8

126.9
124.6
120.7

129 .5
120 .8
119 .5

127 5
126 9
123 2

129.3
131.1
121.5

111.1
93.7
121.3
110.3
97.3

110.5
94.8
121.3
106.1
95.0

11C .6
95 .1
US .4
106 .0
96 .1

110 7
94.7
116 2
106.2
99 7

110.8
94.7
114.4
106.4
97.3

126.4
114 7
101 .'3
115.2

126.3
109 9
101.3
115.2

126 .4
112 Q
101.3
115 .2

126.3
114 0
lOl! 3
115. 2

126.3
114.8
10L3
115.2

107.0
112.7
70.8

107.1
115.7
70.9

107 .0
112 .9
71 .7

107. 4
119 2
71. 5

107.4
119!7
71.5

30.3
112.5
98.8

30.2
112.7
100.6

3C .3
112 .5
100 .5

30. 2
112. 9
100. 9

3o!2
112.7
100.9

90.4
116.1
122.7
59.5
76.5
62.5

95.6
120.3
130.3

95 .0
119 .8
126 .2
59 .4
76 .7
63 .5

95. 3
120 5
130. 7

95.3
120.5
130.7

"74! 6
63. 8

64.3

63!9

Metals and Metal Products:
Agricultural implements
Farm machinery
Iron and steel..
Motor vehicles..
Nonferrous meta^ c
Plumbing and he ating.
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials..
Plumbing and heating
Structural ste.pl
Other building materials...
Chemicals and Allied Products:
Drugs and p h a r m a c e u t i c a l !!!
Fertil zer materi ils
Mixpri •f*=»i-f i l l v&vc
Oils and fats. . .
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and t u b e s . . . .
Cattle feed
Paper nnri nnln
Rubber, crude..
Other miscellaneous

Jan.

1943

1944

Jan.

Dec

96.9
98.0
97.2
112.8
86.0
90.7

97.3
98.4
97.2
112.8
85.8
92.2

97.0
98.1
97.1
1L12.8
85 9
91! 8

97.5
97 5
98.7
98 7
97.7
97 2
112 8 112.8
85 g . 85.9
92.4
92. 4

99.1
93.8
141.3
102.3
90 7
107! 3
102.0

101.7
95.8
152.7
105.2
92 2
107! 3
103.1

100.2
93.6
147.6
103.5

105.3
97. 5
153. 8
106. 3
92. 4
107 3
103! 3

110.4
97.4
153.8
,106.3
92 4

96 5
106.2
80.0
86.1
101.9

96 1
108! 8
81.3
86 4
102 !o

95 8
106! 9
81.9
86 6
102.0

107.2
98.1

107.3
101.4

107.1
102.0

95 6
106! 9
81. 8
Of.
<
oD.u
102.0
107. 4
5

73.0
152.7
104 1
46.2
95.8

73.0
159.6
107.1
46.2
97.0

73.0
159.6
; 06.0
46.2
96.7

73. 0
159. 6
107. 3
46*. 2
98. 2

73.0
159.6
107.6

O1

Q

107.3
102.8
106!3
81.3

10T0

103! 5

107.5
10l!5

98.2

Chemicals and allied products group and drugs and Pharmaceuticals revised from October 1941.
Back figures.—Bureau of Labor Statistics, Department of Labor.




FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, A N D BUSINESS
1945

Chart
book
page

Jan. Jan.
24

WEEKLY FIGURES*

31

Feb.
7

Feb.
14

In billions of dollars

2, 4
4
A
4
4
4
2
2
2
2
2
3
3
3
3
3
3
3

Reserve Bank credit
...,,.,
18.62 19.01 19.06 19.18 19.2; Gold stock
... :
10.98 11.38 11.41 11.54 n.6: Money in circulation
.
4.90 4.90 4.93 4.93 4.9 Treasury cash
1.57 1.57 1.57 1.57 1.56 Treasury deposits,
1.17 1.17 1.16 1.15 1.1 Reserve' balances
Required reserves
.14 .18 .20 .23 .IS, Excess reserves, total
New York City
20.57 20.55 20.55 20.51 20.5
Chicago
25.18 25.29 25.41 25.53 25.6.
Reserve city banks
1.40 1.63 1.64 1.65 1.6'
Country banks
.48 .65 .59 .55 .5:
14.09 13.88 13.95 14.02 14.0C Money in circulation, total
Bills of $50 and over
1.20
.98 .95 1.00
$10 and $20 bills
1.05
.93 .98 P.98
Coins, $1, $2, and $5 bills
.01 .01 .02 .01
.01 .01 .01 .01
ALL BANKS IN U . S.
.26 .23 .24 .26
.77 .68 .71 p.71
Total deposits and currency.
Demand deposits adjusted...
Time deposits
Currency outside banks

5
5
5
5
5,8
8
8, 9
9
9
9
9
10
10
10
10

19.61
20.66
25.21
2.36
.67
14.17
12.88
1.28
.03
(4)
36
90
25 31
7 73
13 21
4.37
p

19.39
20.58
25.24
2.37
.53
14.05
12.93
1.11
(4)
.30
.80
25.29
7.84
13.18
4.28

150 70
J>66 90
P39 70
P2350

CONSUMER CREDIT

59.62
35.99
44.55
12.19
6.39
2.44
3.95
1.48

59.25
36.08
44.26
12.11
6.35
2.44
3.91
1.45

59.01
36.03
44.22
11.85
6.35
2.45
3.90
1.39

58.92
36.28
44.06
11.89
6.37
2.46
3.91
1.43

58.75 Consumer credit, total 5
18
36.64
Single-payment loans
18
44.11
Charge accounts
18
11.69
Service credit
18
5
6.31
Instalment credit, total
18,
19
2.43
Instalment loans5
19
3.\
Instalment sale credit, total
19
1.33
Automobile
19

15
17
17
17
17
15
17
17
17
n

15.44
7.71
3.47
3.33
.93
29.12
14.06
6.36
6.70
2.00

15.33
7.78
3.50
3.30
.74
28.93
14.16
6.29
6.67
1.81

15.29
7.87
3.35
3.37
.70
28.93
14.16
6.15
6.79
1.82

15.21
7.86
3.30
3.37
.68
28.86
14.21
6.15
6.73
1.76

15.3:
7.8:
TREASURY FINANCE
3.3',
3.34 U. S. Govt. obligations outstanding, total interest-bearing
.74
Bonds (marketable Treasury)..
28.78
Notes, cert., and bills, t o t a l . . .
14.24
Notes
6.15
Certificates
6.70
Bills
1.70

Other

Per cent per annum
25
25

.375
1.29

.375
1.25

.375
1.24

.376
1.23

1.20

25, 33
25, 33
33
33

1.81
2.43
2.69
3.45

1.80
2.41
2.68
3.44

1.76
2.40
2.66
3.42

1.74
2.39
2.65
3.41

1.73
2.37
2.65
3.40

19

5 60
1 23
1.66
73
\.91
1 20
77
21
57

p

PS 79
P\ 22
P\ 76
P.13
P2 08
P\ 25
p 84
p 20
p\ 64

5.45

.52
P.13
P\ .99
PI. 23
P.19
P.19
P.51

212 24 230.36 232.17
81 10 91. 58 92.22
63. 89 69. 87 69.84
17 94 23. 04 23.04
29 54 30.40 30.40
16.40 16.43 16.40
51.72
49 01 50.92
38 31 40. 36 41.14
9.86
9 99
9.84
16. 58 16. 33 16.69

Savings bonds, tax notes, etc..
Savings bonds
Tax notes
Special issues
Holdings of U. S. Govt. obligations:
Fed. agencies and trust funds
Federal Reserve Banks
Commercial banks
Private holders other than
commercial banks, total
Mutual savings banks
Insurance companies
Other investors, total
Marketable issues....

21. 19
18.39
71.60

21. 67
18.85
77.50

21.97
19.01

101 10 112.30
7.30
8.30
17.90 19.60
75.90 84.40
28.60 35.20

In unit indicated
Stock prices (1935-39 = 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)

Jan.

Dec,

19.01
20.71
24.74
2.34
.26
14.52
13.50
1 02
02
01
29
71
25 02
7 56
13 15
4 31
142 60
P1200
P39 10
P2330

14
14
14
14
15
15
15
15

MONEY RATES, ETC.

Treasury bills (new issues)
Treasury notes (taxable)
U. S. Govt. bonds:
Partially tax-exempt
Taxable
Corporate Aaa bonds
Corporate Baa bonds

Nov.

1945

RESERVES AND CURRENCY

MEMBER BANKS IN LEADING CITIES

Loans and investments
Demand deposits adjusted
U. S. Govt. obligations
Total loans
Commercial loans, total
New York City
100 cities outside New York
Brokers' loans—New York City
U. S. Govt. obligations:
New York City, total
Bonds
Notes and guar. securities
Certificates
Bills
100 cities outside New York, total..
Bonds
Notes and guar. securities
Certificates
Bills
;;;

1944

In billions of dollars

MONTHLY FIGURES

RESERVES AND CURRENCY

Reserve Bank credit:
U. S. Govt. securities, total
Bills
Certificates
Notes
'.'.'.'.'.'.'.'.'..'.'.'.
Bonds
,.
Special certificates
Discounts and advances
,
Gold stock
Money in circulation
Nonmember deposits
Treasury deposits
Member bank reserves
Excess reserves*
Excess reserves (weekly average), total'
New York City
Chicago
Reserve city banks
Country banks e ..-.«.

Chart
book
page

Feb
21

Per cent per annum
MONEY RATES, ETC.

35
35
35
35
35

'. R. Bank discount rate, N. Y....
106.7 108.3 110.7 112.4 114.1 Treasury bills (new issues)
108.6 110.6 112.7 114.6 116.3 Treasury notes (taxable)
116.1 116.3 121.9 124.6 127.8 Commercial paper
93.2 93.5 96.1 96.4 97.2 U. S. Govt. bonds:
1.58 1.50 1.89 1.66
1.26
Partially tax-exempt
Taxable ...
Corporate Aaa bonds
Corporate Baa bonds

29, 33
33

.50
.375
1.34
.75

.50
.375
1.35
.75

.50
3.75
1.31
.75

1.90
2.48
2.72
3.53

1.87
2.48
2.70
3.49

1.81
2.44
2.69
3.46

BUSINESS CONDITIONS

Steel production (per cent of capacity) 2 .
Electric power prod. (mill. kw. h r s . ) . . .
Freight carloadings (thous. cars):
Total
Miscellaneous
Department store sales (1935-39 = 100)..
F.H.A. home mortgages, new construction (thous.) 3
Wholesale prices (1926 = 100):
Total
Farm products
Other than farm and food

50
50
51
51
52

91.2 88.7 87.9 91.4 96.4
4,577 4,539 4,505 4,472 4,474
758.8 738.7 755.4 783.7 771.8
372.2 363.7 363.3 390.0 381.6
176
176
163
172
161

52
63
63
63

104.7 104.7 104.9 105.0 104.
125.8 125.7 126.8 127.2 126.4
99.3 99.3 99.3 99.3 99.3

In unit indicated
tock prices (1935-39 = 100):
Total...
...
Industrial
=,
Railroad
Public utility
/olume of trading (mill, s h a r e s ) . . .
rokers' balances (mill, dollars):
Credit extended customers
Money b o r r o w e d . . .
Customers' free credit balances.

35
35
35
35
35
37
37
37

102.7
104.6
104.9
92.1
.85

104.7
106.4
113.9
92.4
1.42

c
940
e
640
c

1,041
726
472

430

108.4
110.4
120.7
93.8
1.65
e

l,090
e
730
c
530

For footnotes see following page.

MARCH

1945




2-77

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page

Nov.

Jan.

Dec.

Income payments (mill, dollars), total:
38
Salaries and wages
38
Other
38
Cash farm income (mill, dollars), total.
39
Livestock and products
39
Crops
39
Govt. payments
39
Industrial production: 6
Total (1935-39 = 100)
41, 42
Groups (points in total index)
Durable manufactures
41
Machinery, etc
42
Iron and steel
42
Other durable
42
Nondurable manufactures
41
Textiles and leather
42
Paper and printing
42
Foods, liquor, and tobacco
42
Other nondurable
42
Minerals
41,42
Primary products (1935-39 = 100):
Steel
43
Cement
43
Lumber
43
Coal
43
Crude petroleum
43
Cotton consumption
43
Wool yarn
43
Paper
43
Leather
43
Meats and dairy products
43
Other manufactured foods
43
Labor force and employment (mill,
persons):
Labor force
44
t
Employment, total
44
Nonagricultural
44
Agricultural
44
Male
44
Female
44
Nonagricultural
employment (mill.
persons), total 8
..m
45
Manufacturing and mining
45
Trade
45
Government
45
Transportation and utilities
45
Construction
45
Factory employment and pay rolls
(1939 = 100) : r
Pay rolls
47
Employment
47
;
Hours and earnings a t factories:
Weekly earnings (dollars)
48
Hourly earnings (cents)
48
Hours worked (per week)
48
New orders,shipments, and inventories
(1939 = 100):
New orders, total
49
Durable
49
Nondurable
49
Shipments, total
49
Durable
49
Nondurable
49
Inventories, total
49
Durable
49
Nondurable
49
%.
Residential contracts (mill, dollars): 6
Total
53
Public
53
Private, total
53
1- and 2-family dwellings
53
Other
53
Construction c o n t a c t s (3-mo. moving
av , mill, dollars): 6
Total
55
Residential
55
Other
55
e
1
2
3
4
5

6
7

8

Nov.

Jan.

Dec.

BUSINESS CONDITIONS—Cont.

BUSINESS CONDITIONS
6

1945

In unit indicated

MONTHLY F I G U R E S - C o n t .

In unit indicated

MONTHLY FIGURES—Cont.

Chart
book
page

1945

1944

13,294 ^13,356
2*9,478
9,421
3,873 ^3,878
1,747
2,256
922
1,018
1,170
775

r

68

50

232

232

129.2
r
90.3
22.1
16.7
r
81.0
19.4
11.1
21.9
28.6
21.7

130.3 ^130.6
91.8
P92.0
21.7
16.7
P17.2
P82.3
81.2
19.7
10.9
P22.5
21.5
^29.0
29.1
20.9

218
88
112
149
148
149
156
135
112
161
155

215
90
111
132
146
146
165
129
115
152
157

52.2
51.5
43.4

51.3
50.6
43.5

8.1

7.1

33.7
17.8

33.3
17.3

38.0
16.3
r
7.1

38.1
16.3

7.0
6.0
3.8
0.6

5.9
3.8
0.6
r
r

327.1
160.6

r

46.86
r
103.5
45.3

278
372
209
274
376
203

r

141

137

143

57
57
57

81.6

82.7
27.0
27.2

85.9
29.9
27.7

59
59

210

193

200
147

61
61
61
61
63
63
63
65
65
65
65

1,183.7
^321.9
P861.8

27

1
1

20
12

209
26
183

r

144

P-39.0

104.4
124.4
98.8
126.6
136.5
142.1
108.2

145

P139

51.0
50.1
6.7
43.4
33.2
16.9
P3S3
P16A
P7.2
?6.0
P3.8
PQ.6

QUARTERLY FIGURES
Budget receipts and expenditures:
Expenditures, total
War activities
Net receipts
Internal revenue collections, total
Corporate income taxes
Individual income taxes
Misc. internal revenue
Corporate security issues:
Net proceeds
New money, total
Industrial
Railroad
Public utility

^933.8
p
335.9
p
597.8
P—86.0
104.7
125.5
98.9
127.0
137.4
142.8
108.3

104.9
126.2
99.1
127.1
137.3
143.0

JulySept.

Oct.Dec.

In millions of dollars
24
24
24
24
24
24
24

24,775

36
36
36
36
36

455
99
86
6

22,792
12,284

11,072
4 ,275

5,392
1,406

24,159
21,770
10,657
9,992
3,916
4,016
2,060

843
144
82
49
10

24,267
22,382
9,657
r
8,735
4,218
2,895
1,623
1,214
201
142
5
12

Per cent per annum

Bank rates on customers' loans:
Total, 19 cities
New York City
Other Northern and Eastern cities
Southern and Western cities

29
31
31
31

2.63
2.23
2.55
3.18

2.69
2.18
2.82
3.14

2.39
1.93
2.61
2.65

Apr. 13, J u n e 30, Dec. 30,
1944
1944
1944

CALL DATE FIGURES

In billions of dollars

MEMBER BANKS

P190
p
25

136

1944

Apr.June

47.45
104.0
45.6

2'

30.3
29.0

216

331.5
160.9 P159.9

195
150

19
2
16

57

r

P285
P378
^215
P279
P392
P201
P168
*>192
^147

171

I,641
?8
^668
P87

Freight carloadings:6
Total (1935-39 = 100)
Groups (points in total index)
Miscellaneous
Coal
Allother.,
Department stores (1935-39 = 100) :6
Sales
Stocks
Exports and imports (mill, dollars):
Exports
Imports
Excess of exports
Excluding Lend-Lease exports
Wholesale prices, total (1926 = 100)...
Farm products
,
Other than farm and food
Cost of living, all items (1935-39 = 100)
Food
Clothing
Rent

Loans and investments, total
U. S. Govt. obligations
Other securities
State and local obligations
Other domestic securities
Foreign securities
Loans, total
Commercial loans
Real-estate loans
Street loans (brokers' loans)
Holdings of U. S. Govt. securities:
By classes of banks:
New York City
Chicago
Reserve city banks
Country banks
By kinds of securities:
Bonds
Notes
Certificates.
Bills
Guaranteed

12
12
12
13
13
13
12
13
13
13

78.03
56.77
5.12

t. 82
2.30
16.13

(8)
(8)
(8)

16
16
16
16

15.18
3.42
21.01
17.17

16
16
16
16
16

(88)
(8)
(8
)
8
(

83.59
60 34
5 16
2 83

91.57
67.69
5.21
2.86

18
8
3
1

2 33
08
05
21
66

18.68
8.73
3.21
1.74

16 .16
18.01

17.18
3.91
25.04
21.55

30 .12
10 .64
14.23
4 .47
.89

34.93
14.13
13.98
3.75
.90

3.69

22.48

2.35

p
r
c
Estimated.
Preliminary.
Revised.
Corrected.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
New series based on increased capacity beginning Jan. 3,1945. Revised figures for earlier weeks are: Jan. 3,94.3; Jan. 10, 91.6; Jan. 17, 92.2.
Publication discontinued.
Less than 5 million dollars.

Revised. See pp. 274-275 of this BULLETIN.

Adjusted for seasonal variation.

Revised. See pp. 266-267 of this BULLETIN.

Figures available for June and December dates only.
* Copies of the March 1943 edition of the Chart Book may be obtained at a price of 50 cents each. A revised edition will not be available for several
months.

2-78




FEDERAL RESERVE

BULLETIN

INTERNATIONAL FINANCIAL STATISTICS

PAGE

Gold reserves of central banks and g o v e r n m e n t s . . . .

2.80

Gold production . .

z8i

Gold movements

z8i

Net capital movements to United States since January z, 1 9 3 5 . .

2.82.

Central banks

. . 2.83-Z86

Money rates in foreign countries . . .

187

Commercial b a n k s . . . . . . .

188

Foreign exchange rates . . .

Z89

Price movements:
Wholesale prices

Z90

Retail food prices and cost of l i v i n g . . .

Z91

Security prices . .

Z91

Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial
bank statements and official statistical bulletins; some data are reported to the Board directly. Figures
on international capital transactions of the United States arc collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November n , 1934. Back figures for all except price tables, together with descriptive text,
may be obtained from the Board's publication, Banking and Monetary Statistics.

MARCH 1945




2-79

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States

Argen- 1
tina

14,512
17,644
21,995
22,737
22,726
21,938

431
466
353
354

581
609
734
734
735
734

32
40
51
70
115
254

274
274
274
274
274
274

21,712
21,600
21,429
21,264
21,173
20,996
20,926
20,825
20,727
20,688
. . . . 20.619

368
371
381
386
391
397
408
409
409
409

734
734
734
734
734
734
734

255
255
276
296
297
297
298
298
313

274
274
274
274
274
274
274
274
274
274

End of m o n t h

1938—Dec..
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Feb
Mar
Apr
May

June
July
Aug
Sept
Oct

Nov
Dec.
1945—Jan

' 20,550

i

Hungary

Iran
(Persia)

1938—Dec
1939—Dec
1940—Dec
1941—Dec.
1942—Dec
1943—Dec

37
24
24
24
24
24

26
26
26
26
34
92

1944—Feb
Mar,
Apr
May..

24
24
24
24
24
24
24
24
24

104
104
105
115
115
115
115

E n d of m o n t h

June
July
Aug
Sept
Oct
Nov.
Dec
1945—Jan

End of month

1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec

:.

Sweden

321
308
160
223
335
387

Belgium

Switzerland

701
549
502
665
824
964

Brazil

British
India

Canada

Chile

Colombia

24
24
24
24
25
3
25

192
214
2
7
5
6
5

30
30
30
30
36
51

24
21
17
16
25
59

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

7
5
4
6
6
6
5
5
6
5
6
7

51
56
56
56
56
56
56
r
56
r
56
56
56

77
79
80
82
84
86
88
89
90
91
92
94

61
61
61
61
61
61
61
61
61
61

44
44
44
44
44
44
44
44
44
44

52
52
52
52
52
52
52
52
52
52

2,000
2,000
2,000
2,000
2,000

Norway

Peru

94
94
84

20
20
20
21
25
31

P

732

Italy

Japan

193
144
120

164
164
164
5
164

Turkey

29
29
88
92
114
161

United
Kingdom

2,69( )
7

Java
80
90
140
o 235
3
216

Uruguay

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

229
230
227
226
224
222
220
220
221
222
222
222

500
500
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.

3

Other
coun-6
tries

142
153
145
142
160
204

14
7
12
12
21
45

210
984
45
171
401
124
100
212
994
39
191
421
128
100
213
1,004
39
191
426
131
100
217
1,010
39
191
430
136
110
May
218
1,023
39
210
432
139
110
June
218
1,030
39
221
435
142
1
110
July
1,029
39
221
449
148
1
110
Aug
219
1,033
39
221
454
149
1
110
Sept
r
1,029
39
221
456
149
110
1
Oct...
219
r
1,040
36
462
151
125
1
Nov
219
r
463 PI,052
130
1
Dec
219
477
130
1
1945—Jan
219
p
r
Preliminary.
Revised.
1
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: Bulgaria—
Tan. 31, 1943; Greece—Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; PolandJuly4 31, 1939; Yugoslavia—Feb. 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, 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 from last
previous
official report.
7
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555,
and for a description of figures, including details regarding special internal gold transfers affecting
the reported data, see pp. 524-535 in the same publication.

I




Egypt

France

Germany
29
29
29
29
29
29

Greece
27
28
28
3
28

* 1,777
Poland
3

84

31
33
34
34
34
36
34
32
32
32
32
30

1944—Feb
Mar

z8o

Czecho- Denslomark
vakia

Bulgaria

Portugal

Rumania

South
Africa

69
69
59
59
59
60

133
152
158
182
241
316

220
249
367
366
634
706

323

740
728
727
741
749
760
778
785
796
811
814

60
60
60
60
60

p
p

353"
369"

Spain
4

525
42
42
91

96
98
101
104
104
104
104
104

Government gold reserves1 not included
in previous figures
End of month United
States
1938—JDec. . . .
1939—]Mar. . . .
]May..
lune...
Sept....
Dec
1940— Tune...
Dec. . . .
1941— Tune...
Dec
1942— Tune. . .
Dec
1943— Tune
Dec
1944— M a r . . . .
June. . .
Sept....

80
154
85
164
156
86
48
89
25
8
12
11
43
14
21
25

United
Kingdom
2
759
1,732

3

331
559
477

Belgium
44
17

876
292

4

France

151

17
17
17
17
17
17
17
17
17

1 Reported a t infrequent i n t e r v a l s or on d e layed basis: U. S.—Exchange Stabilization F u n d
(Special A / c N o . 1); U. K.—Exchange E q u a l i zation Account; France—Exchange Stabilization
Fund and R e n t e s F u n d ; Belgium—Treasury.
2 Figure for end of September.
3
Reported figure for total British gold reserves on
Aug. 31,1939, less reported holdings of Bank of England on t h a t d a t e .
4
Figure for Sept. 1, 1941.
N O T E . — F o r available back figures and for details
regarding special internal gold transfers affecting
the British and French institutions, see Banking
and Monetary Statistics, p. 526, and B U L L E T I N for
F e b r u a r y 1945, p . 190.

FEDERAL RESERVE BULLETIN

Estimated
world
Year or month production
outside 1
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—Jan
Feb
Mar
Apr
May
June
July
Aug..
Sept
Oct
Nov
Dec

Total
reported
monthly

South
Africa

GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
Africa
North and South America
Rho- 1 West 1 Belgian
Colom- Chile
desia I Africa2 | CongoS States 4 CanadasJMesico*

^662,678

366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
448,153
429,787

$1 = 15A grains of gold {Q
12,153
6,549
24,264
13,625
7,159
25,477
16,295
7,386
28,053
20,784
8,018
28,296
24,670
8,470
28,532
28,564
8,759
28,009
32,163 3 8,862
29,155
32,414
27,765
29,225
26,641
19,740
23,009
p
20,693 P18.410

56,589
54,163
57,152
53,887
57,227
C
54,775
55,607
57,226
54,826
P
54,425
P
53,644
P
53,156

36,169
34,100
36,266
34,879
36,921
C
36,264
36,430
37,022
35,810
35,821
35,270
34,836

1,763
1,709
1,706
1,771
1,749
1,702
1,763
1,732
1,724
1,714
p
l,680
^1,680

708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1,089,395
968,112
738,471

1,540
1,540
1,575
1,610
1,575
1,435
1,400
1,470
1,540
1,575
1,575
,575

fine; i.e., an ounce of fine gold = $35
108,191 104,023 23,135 12,045
126,325 114,971 23,858 11,515
152,509 131,181 26,465 13,632
168,159 143,367 29,591 15,478
178,143 165,379 32,306 18,225
196,391 178,303 29,426 19,951
210,109 185,890 30,878 22,117
209,175 187,081 6 27,969 22,961
130,963 169,446 30,000 20,882
48,808 127,796
19,789
35,065 3*101,777
^19,591
3,085
3,429
2,933
2,936
2,881
2,431
2,959
2,779
3,028
2,863
2,974
2,769

1,581
1,344
2,056
1,363
2,020
1,732
1,901
2,044
1,421
1,370
1,380
A , 380

9,023
8,988
9,333
8,568
8,989
8,397
8,247
8,290
8,274
8,051
7,809
^7,809

8,350
9,251
9,018
9,544
10,290
11,376
11,999
9,259
6,409
6,081
^6,810
676

617
577

486
473
644
639
604
523

{523
{523
'523

Other
British9
NicaraAustraIndia
gua 7
lia8
1,166

868
807
848

1,557
3,506
5,429
7.525
8,623
7,715
7,865
756
651
677
665
693
560
590
625
615
653
613

765

30,559 11,223
31,240 11,468
40,118 11,663
46,982 11,607
54,264 11,284
56,182 11,078
55,878 10,157
51,039
9,940
42,525
8,960
28,560
8,820
?16,100 ^6,580
1,295
1,155
1,365
945
1,330
1,435
1,295
2,100
1,365
1,295
1,260
A , 260

700
630
665
665
595
175
385
560
525
560
560
'560

Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes,
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars;1935,
158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
p
p
Preliminary.
* Figure carried forwardCorrected.
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.
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.
56 Figures for Canada beginning 1944 are subject to official revision.
Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three
months
of year.
7
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent9total Australia; beginning January 1944, Western Australia only.
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235;
and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period
1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
1
Net imports from or net exports (—) to:
Year or
month

19343
1935
1936
1937
1938
1939
1940
1941 .
194?
1943

Total
net
imports

1 131,
1 739,
1 116,
1,585,
1,973
3 ,574
4 ,744
982
315
68

United
Kingdom

France

Belgium

Netherlands

994 499,870 260,223
8 ,902 94, 348
019
315,727 934,243
227, 185
584
3 351
174,093 573,671
71, 006
503 891,531 - 1 3 , 7 1 0
90 ,859
6, 461
569 1,208,728 81,135
15 488 16S 04Q
151 1,826,403
3,798 165 ,177 341; 618
477 633,083 241,778
977 63 ?60
378
3,779
1
1
678

1944
Jan
— 23 769
Feb,.. .
Mar
Apr
May
June
July

Other
Latin Philip- AusSwe- Switz- Canada Mexico Ameri- pine
den erland
can Re-2 Islands tralia
publics
86,829 30,270
95,171 13,667
72,648 39,966
111,480 38,482
76,315 36,472
987 612,949 33,610
370 2,622,330 29,880
899 412,056 16,791
208 917 40,016
66'920 —3 287

12 402
968
511
457

2 7
6 54
60,146 1
28,715 86
161,489 90

1,747

28,153
29,359
30,790
39,485
65,231
57,020
128,259
61,862
39 680
13,489

12 ,038
15 ,335
21 ,513
25 ,427
27 ,880
35 ,636
38 ,627
42 ,678

South
Africa

Japan

4
12
65
8
181 246 464
401 168 740
22,862 165 605
103, 777 184,756 111 739
67, 492 292,893
9 444
1, 029
3> 498
23, 280
34, 713
39, 162
74, 250

British
India

All
other
coun-2
tries

76, 820
75, 268
77, 892
50, 762
16, 159
50, 956
49, 989
9, 665

21, 095
28, 529
20, 856
8, 910
13, 301
623
/68,
6
284, 208
6
63, 071

316 -4,974
400
23,461 -67,200 -3,584
5,328 -44,711 -5,938
382 -10,810
378
311 -14,803
410
190 -13,271
367
235 -14,179
565

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.
6
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.
. .
„ , . A,
NoTE.-For back-figures? sect Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, s e e p . 524 in the same
publication.

MARCH 1945




z8i

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
Increase in foreign banking
From Jan. 2, 1935, through—

fnnrlc in TT ^

Total
Total

Official 1

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

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

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
9.8

59.7
207.7
355.2
593.5

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

16.5
23.2
12.9

1937—Mar. 31
June 30
Sept. 29
Dec. 29

2,931.4
3,561.9
3,911.9
3,410.3

1,121.6
1,612.4
1,743.6
1,168.5

62.8
215.3
364.6
243.9

1,058.8
1,397.1
1,379.0
924.6

411.0
466.4
518.1
449.1

319.1
395.2
493.3
583.2

1,075.7
1,069.5
1,125.1
1,162.0

18.3
31.9
47.5

1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)

3,207.2
3,045.8
3,472.0
3,844.5

949.8
786.2
1,180.2
1,425.4

149.9
125.9
187.0
238.5

799.9
660.4
993.2
1,186.9

434.4
403.3
477.2
510.1

618.5
643.1
625.0
641.8

1,150.4
1,155.3
1,125.4
1,219.7

54.2
57.8
64.1
47.6

1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)

4,197.6
4,659.2
5,035.3
5,021.2

1,747.6
2,111.8
2,479.5
2,430.8

311.4
425.3
552.1
542.5

1,436.2
1,686.5
1,927.3
1,888.3

550.5
607.5
618.4
650.4

646.7
664.5
676.9
725.7

1,188.9
1,201.4
1,177.3
1,133.7

63.9
74.0
83.1
80.6

1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)....

5,115.9
5,440.7
5,748.1
5,727.6

2,539.0
2,830.1
3,092.8
3,159.0

539.1
922.3
1,112.3
1,200.8

1,999.9
1,907.8
1,980.5
1,958.3

631.6
684.1
773.6
775.1

761.6
785.6
793.1
803.8

1,095.0
1,042.1
987.0
888.7

88.7
98.9
101.6
100.9

1941—Mar. (Apr. 2)
June (July 2)
Sept.(Oct. 1)
Dec. 31

5,526.5
5,575.4
5,510.3
5,230.7

3,148.8
3,193.3
3,139.5
2,856.2

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—Jan. 28
Feb.25
Mar. (Apr. 1)
Apr. 29
May (June
3)
June 302

5,163.7
5,069.0
5,082.4
5,309.6
5,413.4
5,495.3

2,771.6
2,675.5
2,684.0
2,906.1
2,996.8
3,075.9

977.6
879.4
932.0
,106.7
,144.0
L, 211.7

1,793.9
1,796.0
1,752.0
1,799.4
1,852.8
1,864.2

801.6
809.2
819.7
829.8
839.8
842.3

857.5
856.2
849.6
843.2
843.2
838.8

631.0
626.2
624.9
626.6
629.0
632.0

102.0
102.0
104.3
103.9
104.6
106.2

July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

5,542.6
5,599.9
5,654.9
5,694.7
5,761.6
5,835.0

3,121.4
3,184.8
3,212.6
3,204.2
3,250.2
3,320.3

1,242.7
1,293.1
1,339.1
1,341.1
1,366.1
,412.0

1,878.7
1,891.7
1,873.5
1,863.2
1,884.1
1,908.3

854.9
839.9
858.2
890.0
901.6
888.8

829.3
828.6
830.5
842.1
844.8
848.2

633.3
642.7
646.1
654.3
661.0
673.3

103.7
103.9
107.5
104.1
104.1
104.4

1943—Jan. 30
Feb. 27
Mar. 31
Apr. 30
May 29
June 30

5,907.7
6,014.9
6,147.1
6,212.3
6,282.6
6,506.4

3,f471.1
3,590.1
3,643.4
3,690.5
3,769.6
4,002.6

1,536.6
1,671.8
1,723.1
,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

1944—Jan. 31
Feb. 29
Mar. 31
Apr. 29
May 31
June 30

7,272.9
7,418.6
7,462.9
7,464.3
7,458.9
7,459.6

4,658.2
4,833.2
4,885.4
4,881.0
4,882.7
4,851.7

2,649.3
2,815.7
2,856.0
2,780.5
2,726.8
2,661.4

2,009.0
2,017.5
2,029.4
2,100.6
2,155.9
2,190.3

870.8
843.5
868.0
873.4
872.9
856.6

931.7
924.2
904.1
905.4
903.2
929.8

695.1
698.8
685.8
686.2
680.1
702.4

117.0
118.9
119.6
118.3
119.9
119.1

July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30

7,423.4
7,440.9
7,430.9
7,460.2
7,530.5

4,740.8
4,732.3
4,661.2
4,680.3

2,622.9
2,589.5
2,498.8
2,489.8
3 2,541.0

2,117.9
2,142.8
2,162.3
2,190.4
3
2.234.1

850.6
869.7
883.5
891.3
3
872.7

1,005.8
1,009.7
1,026.2
1,025.8
1.025.3

706.9
709.4
737.8
735.8
732.4

119.3
119.9
122.2
127.1
3
125.0

H, 775.1

6.1

-4.5

6.0
.4

4.1

lr
1

Thi!
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
. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of

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.
'
Amounts outstanding on Nov. 30, in millions of dollars: total foreign banking funds in United States, 5,432.0, including official funds, 3,178.6, and
other funds, 2,253.4; United States banking funds abroad, 262.8; and brokerage balances (net due "foreigners"), 48.1
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.

z8z




FEDERAL RESERVE BULLETIN

CENTRAL BANKS
B a n k of E n g l a n d
(Figures in millions of
pounds sterling)

Assets of issue
department

Other
assets 2

Gold*

Assets of banking department

1929—Dec. 25
1930—Dec. 31
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Dec. 27
1940—Dec 25
1941—Dec. 31
1942—Dec. 30
1943—Dec 29

. .

145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4
.2
.2
.2
.2
.2

1944—Feb 23
Mar. 29
Apr 26
May 31
June 28
July 26
Aug 30
Sept. 27
Oct 25
Nov. 29
Dec 27

.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2

1945—Tan 31

.2

Notes

Discounts
and advances

Securities

Cash reserves
Coin

Liabilities of banking department

Note
circulation3

Deposits
Bankers'

.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

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

18.0>
18.0*
18.0)
18.0}
17.9
17.9*
17.9'
17.9*
17.9*

1,100.0
1,150.0
1,150.0
1,150.0
1,150.0
1,150.0
5
1,200.0
1,200.0
1,200.0
1,200.0
5
1,250.0

.9
.4
.4
.7
.9
1.0
1.5
2.0
2.3
2.3
1.9

22.8
45.6
25.8
14.7
19.4
13.4
54.2
45.7
35.9
10.7
11.6

2.1
15.4
5.8
1.0
1.2
4.7
6.2
4.3
8.8
5.1
5.1

255.2
212.7
245.6
239.8
282.2
261.7
228.4
252.6
234.9
273.5
317.4

1,077.5
1,104.6
1,124.5
1,135.5
1,130.9
1,136.8
1,146.0
1,154.6
1,164.4
1,189.5
1,238.6

200.3
188.8
198.5
165.1
217.7
199.8
201.9
221.5
203.8
207.0
260.7

8.9
7.1
4.5
15.0
12.5
7.7
14.4
9.8
6.2
11.6
5.2

53.7
60.2
56.9
58.2
55.6
55.4
56.2
55.3
54.1
55.3
52.3

18.0
18.1
17.7
17.8
17.9
17.9
18.0
18.1
17.7
17.8
17.8

1,250.0

1.5

30.6

6.6

263.6

1,219.6

215.1

11.6

57.8

17.9

5

Bank of Canada
Gold

Other

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
6
780.0
5
950.0
5
1,100.0

Sterling
and United
States
dollars

1:7.9
18.0
18.0
18.0

m.m

Liabilities

Assets

(Figures in millions of
Canadian dollars)

Public

Other
liabilities

Dominion and provincial government
securities

Deposits
Other
assets

Note
circulation 7

Other
liabilities

Chartered
banks

Dominion
government

Other

Shortterms

Other

4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
.6

30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
787.6

83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
472.8

8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3
47.3

99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
874.4

181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
340.2

17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
20.5

.8
2.1
3.5
3.1
17.9
9.5
6.0
19.1
17.8

28.5;
35.1
24.055.4

1944—Feb. 29
Mar .31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 30.

.2
.3
.2
.3
.2
25.9
48.7
45.9
62.8
172.3
172.3

789.2
788.9
777.1
879.0
803.5
801.6
849.4
833.1
875.7
868.6
906.9

508.9
557.0
567.7
548.7
576.1
602.6
593.8
625.5
622.9
618.9
573.9

31.3
44.0
26.4
23.8
39.9
24.4
26.9
22.1
58.6
29.3
34.3

875.4
897.9
915.3
911.5
920.5
942.4
960.4
982.8
1,012.5
1,007.8
1,036.0

362.7
359.2
385.2
377.7
414.7
414.9
432.5
454.8
454.3
437.2
401.7

40.1
65.8
24.6
101.8
8.2
43.0
53.9
21.9
76.9
10.8
12.9

31.5
22.8
17.4
26.6
22.0
22.3
34.3
33.3
32.4
20.4
27.7

19. &
44.S
28.&
34.1
54.3
31.9
37.9
33.8
43.8
9
212.9
9
209.1

1945—Jan. 31

172.3

914.5

590.2

28.0

1,020.6

413.1

23.2

36.0

9

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

1

180.5
179.4
179.8
185.9
225.7
(8)

7.7
13.4
14,4
9.3
13.3;

212.1

Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter a t market price, which fluctuated until Sept. 6, 1939, when
i t 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 J a n . 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.
8
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.
6 Securities maturing in two years or less.
7 Includes notes held by the chartered banks, which constitute an important part of their reserves.
8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940,
p p . 677-678).
9
Includes 172.3 million dollars to cover holdings of sterling and United States dollars.
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.

M A R C H 1945




CENTRAL BANKS—Continued
Assets
B a n k of F r a n c e
(Figures in millions
of francs)

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

Liabilities
Advances to
Government

Domestic bills
Gold 1

Foreign

Deposits

change

Open
market 2 Special

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

25,942
26,179
21,111
4,484
1,158

911
821
112
42
38
37

5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
42,115
43,661

1943—Sept. 3 0 . . .
Oct. 2 8 . . . .
Nov. 25
*7
Dec. 30 . .

84,598
84,598
84,598
84,598

37
37
37
37

43,412
44,591
44,860
44,699

1944—Jan. 27
Feb. 24
Mar. 30
Apr. 27
May 25
June 29
July 13
Dec. 286

84,598
84,598
84,598
84,598
84,598
84,598
84,598
75,151

37
37
37
37
37
37

44,870
45,018
44,359
44,706
44,232
46,241
45,851
47,288

963

1,328
1,460

37
42

2

Other

Other

Other
assets

Note
circulation

17,698
31,909
20,627
34,673
" "72,317" 63,900
142,507
69,500
210,965
68,250

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

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

11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
770

ex-

For occupation
costs 3

Other 2

Government

C.A.R.

Reichsbank

1929—Dec 31
1930—Dec. 31
1931—Dec. 31
1932—Dec. 31
1933—X)ec# 30
1934—£)ec 31
1935—Dec 31
1936—Dec. 31
1937—Dec. 31

Reserves of gold and
foreign c
Total
reserves

Gold

2,687
2,685
1,156

2,283
2,216

1939—Dec. 30
1940—Dec. 31
1941 r> ec 31
1942—Dec. 31
1943—Dec. 31

920
396
84
88
72
76
76
78
78
77
76
77

1944—Jan. 31
Feb 29
Mar 31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

77
77
77
77
77
77
77
77
77
77
77
77

.

.

984
806
386
79
82
66
71
71
71
71
71
71
71

(8)

Other

liabilities

661
12
169

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

35
29

4,968
4,799
6,472
7,543

295,807
306,689
320,843
326,973

69,500
65,500
55,950
64,400

23,519
21,000
21,457
21,420

468,015
475,868
484,060
500,386

821
627
755
578

15,450
12,191
14,083
10,724

33,199
34,111
31,133
33,137

4,355
4,417
4,220
4,872

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

12,365
13,905
9,063
8,811
9,652
12,309
1,853

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

1,379
652

1,797
2,345

12
3
19
12

.. .
48'

984

1,517

''41*466'
64,580
16,857

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

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

Liabilities

Assets
(Figures in millions of
reichsmarks)

4

Bills (and
checks),
Treasury
bills

Securities
Security
loans

2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
29,283
41,342

251
256
245
176
183
146
84
74
60
45
30
38
32
25
27

39,584
39,269
40,379
40,909
42,159
42,150
43,222
45,829
50,821
53,954
56,939
63,497

43
26
46
38
28
26
38
42
47
46
62
112

Eligible
as note
cover

259
445
349
221
106
557
804
32
107
87
1
1
1
1
1
1
1
1
1
67
70
69
1

Other

Other
assets
656
63$

92
102
161
398
322
319
315
303
286
298
393
357
283
210
65

1,621
2,498
2,066
2,311
1,664
2,337

42
66
33
31
23
27
21
20
25
24
21
45

2,296
2,360
2,281
2,525
2,096
2,397
2,396
2,275
2,510
2,351
2,795
2,351

1,065
1,114
735
827
853
765
861

Note
tion
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
33,012
33,508
33,792
34,569
35,229
35,920
36,888
38,579
42,301
44,704
46,870
50,102

Deposits

755
652
755
540
640
984

Other
liabilities
736
822

1,338
1,313
836

1,001

1,032
1,012
1,059
1,527
2,018
2,561
3,649
5,292
8,186

1,091
1,378
1,396
1,493
1,680
1,980

7,176
6,636
7,237
7,179
7,240
6,754
6,813
7,480
9,088
9,603
10,829
13,535

1,855
1,654
1,788
1,833
1,915
2,004
2,054
2,185
2,160
2,216
2,264
2,445

923
953
970

1

Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939.
p . 29;
September 1937, p. 853, and November 1936, pp. 878-880.
2
For explanation of this item, see BULLETIN for July 1940, p. 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through May 17, 1944, advances of 411,000 million
francs
were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
~ ..,. . T- J
-n , r T7
5
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France;
in week
ending
Mar.
7,1940,
30,000
million
francs
of
gold
transferred
from
Bank
of
France
to
Stabilization
Fund.
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.
8
Gold not shown separately in weekly Reichsbank statement after June 15,1939.
^
. «*,
,
NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167,, pp, 641-643 and pp. 64s-64.7»
respectively; for description of statistics see pp. 562-565 in same publication.




FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)

1944

1945
Jan.

Dec.

Central Bank of the Argentine Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange...
Government securities
Other assets
Note circulation
Deposits—Member bank
Other
. .
Certificates of participation in
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling..
Securities
Banking department:
Coin, bullion, and cash
London balances
. .
Loans and discounts
Securities
Deposits.
Note circulation
National Bank of Belgium (millions
of belgas)
:l
Gold2
6,419
183
Foreign exchange
Loans to Government
6,083
488
Other loans and discounts
Claim against Bank of Issue
12,918
437
Other assets
Note circulation
8,866
707
Demand deposits
Blocked Treasury account2 3
2,099
Notes and blocked accounts
14,656
200
Other liabilities
National Bank of Bohemia and
Moravia (millions of koruny):
Gold
Foreign exchange
Discounts
Loans
Other assets
Note circulation
Demand deposits
Other liabilities
Central Bank of Bolivia (millions
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria 6
Central Bank of Chile (millions
of pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities
Bank of t h e Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities..
Other assets
Note circulation
Deposits
Other liabilities

Nov.

Jan.

1,242
2,439

1 102
2,131

878

882

159

152

2,264
1,339

1,904
1,190

620
174

480
110

127
196

423
158

50,856 50,856 41,793
160,080 155,089 129,939
18,297
136,891
20,918
229,008
192,294
202,494
(Jan.
11, '45)
6,419

16,878
130,599
18,000
223 539
180,236
197,494

7,023
54 310
25,642
248 824
181,537
163,262

Central Bank
(Figures as of last report
date of month)
National Bank of Denmark (millions
of kroner):
Gold...
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account7
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...

1944

1945
Jan.

Dec.

Nov. I

Jan.

97
22

97
21

2,720

2,058

4,199
1,621
2,160
3,012

2,571
1,328
1,270
1,999

29
94
85

453

42
73
125

391

(Oct.) 4
289,959 249,505
167,736 53,226
84,602 77,349
106,782 72,017
300 290 222,735
282,644 189,365
55,627 39,997

Demand deposits
Other liabilities
N a t i o n a l Bank of Egypt 8 (thousands of pounds) :
6,241
6,241
Gold
14,684 14,148
Foreign exchansre
5,416
4,606
Loans and discounts
British, Egyptian, and other Government securities
256,940 213,369
138
Other assets
19,862
7,628
Note circulation
115,288 96,491
5,806
593
64,868 50,130
Deposits—Government
Other
109,355 86,458
12,918 . . . . . . . .
445
Other liabilities..
13,633 12,913
Central Reserve Bank of El Salva8,543
710
dor (thousands of colones):
Gold
33,167 27,289
2,099
Foreign exchange
28,614 31,908
14,768
306
200
Loans and discounts
1,075
Government debt and securities...
6,067
6,697
718
Other assets
1,360
Note circulation
44,49^ 42,003
1,515
1,517
775
800
19,001 19,016
Deposits
6,789
5,899
1,859
3,793
Other liabilities
Bank of Finland 6
55,027 32,513 Bank of Greece 6
32, 705 23,304 National Bank of Hungary (millions
(Oct.) 4
5,602
13,942
of pengo):
100
100
7,756
14,491
Gold
4
4
Foreign exchange reserve
4
Discounts
9,678
3,389
(Sept.)
520
556
561
600
Loans—To Treasury.
... .
406
384
To foreign countries
1,022
1,026
2
8
397
279
Other
530
641
Other assets
1,236
1,533
41
4:
Note circulation
9,378
4,376
729
74
1,742
Demand deposits
Consolidated foreign credits of
1,055
1,185
10
13
865
1931.
760
84
1,432
1,504
Other liabilities
Reserve B a n k of I n d i a (millions of
rupees):
Issue department:
(Oct.) 4
Gold at home and abroad
44^
250
444
273
27.
211
36
316
Sterling securities
8,563
7,448
578
716
583
715
Indian Govt. securities
715
136
916
153
93
92
Rupee coin
869
Note circulation
9,565
8,537
1,186
1,15
Banking department:
2,214
2,59
2,393
156
360
92
34
43
Notes of issue department
129
19
19
Balances abroad
3,129
1,330
259
34
34
36
Treasury bills discounted
1
2
Loans to Government
15^
116
Other assets
Deposits
3,25:
1,352
161.78 159,92 132,625
20
222
Other liabilities
77,019
115,12 118,02
1,781 Central Bank of Ireland (thousands
28,57
17,58
of pounds):
56,828
66,28
67,16
Gold
2,64
2,64
2,646
26,05
25.824 31,042
Sterling funds
29,16
30,44
24,794
179,28 159,46 117,439
Note circulation
31,81
33,09
27,440
134,59 146,26 131,584
50,273 Bank of Japan 6
83,93
82,77
Bank of Java 6
1
First
official
statement
published
since
liberation
was
that
for
Jan.
11,
1945.
2
Gold revalued provisionally at 49.318 francs per gram. The resulting increment is held for the account of the Treasury and is shown on the liabilities
side 3under "Blocked Treasury account."
Includes
current accounts transferred and to be transferred to blocked accounts and old notes not declared.
4
Latest month for which report is available for this institution.
5
Figure
not
available.
6
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.
7
Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942.
8
Items for issue and banking departments consolidated.

MARCH

1945




CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Bank of Mexico (millions
of pesos):
Metallic reserve1
"Authorized" holdings of securities, etc.
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of
guilders):
Gold...,
,...
Silver (including subsidiary coin)..
Foreign bills
Discounts
Loans
Other assets
Note circulation
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 the Republic of Paraguay
(millions of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities...
Other assets.
Note circulation
Demand deposits—Government
Other
Other liabilities
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange
Discounts
G o v e r n m e n t loans
Other assets
<.„

Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of escudos):4
Gold
Other reserves (net)
Nonreserve exchange
Loans and discounts
. Government debt
J
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of Rumania (millions
of lei):
Gold
Special exchange accounts
Loans and discounts
Special loans (in liquidation)
Government debt
Other assets
Note circulation
Demand deposits
Other liabilities
South African Reserve Bank (thou
sands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities

Central Bank

1944
Dec.

Nov.

Jan

(Figures as of last report
d a t e of month)

1944

1945

Jan.

Dec.

] Nov.

Jan.
2

580

495

1,428
421
74
1,298
1,023
182

1,379
204
58
1,145
835
155

(Oct.)2
932

2,802
39,655

932
1
3,405

3
136
96
4,879
149
320
223

80
3,620
112
668
152

2,802
36,701

2,802
35,830

28,126 26,072 41,318
11,737 11,737 10,324
2,875
2,729 2,195
41,385 38,212 36,576
53,025
39,860 37,554
3,547
3,804 3,741

333
1,861
219
2,425
1,769
2,837
548
2,277
946

173
2,321
120
1,930
1,337
2,461
c

864
l,687
c
87O

(Oct.)2
142,577
7,280
432,987
24,155
403,902
175,437
27,660

155,617
13,401
345,764
26,283
344,122
171,151
25,792

(June) 2
1,412
4,871
9,010

1,400
4,272
8,096

236
1,023
910
6,946
9,577
940

227
1,023
1,030
6,703
8,367
978

(June)2
69,567 59,651
70,223 32,813
70,986 54,953
117
139
44,948 20,470
62,750 70,106
211,848 162,283
62,252 47,336
44,490 28,512
98,832 98,447 86,908
25,518 20,033 14,254
12,922 5,637
1,510
94,964 94,758 94,500
59,920 54,294 49,012
166,666 159,263 142,885
5,649 5,319
5,275

(Oct.)
Bank of Spain (millions of pesetas):
1,135
Gold
'
612
Silver
16,288
Government loans and securities...
3,110
Other loans and discounts
1,882
Other assets
16,962
Note circulation
1,772
Deposits—Government
3,747
Other
545
Other liabilities
Bank of Sweden (millions of kronor):
879
1,017
1,019
1,052
Gold
620
563
567
553
Foreign assets (net)
Swedish Govt. securities and ad-5
1,202
1,263
1,278
vances to National Debt Office . 1,339
99
76
61
42
Other domestic bills and advances.
919
1,049
1,107
1,153
Other assets
2,147
2,286
2,377 2,492
Note circulation
531
772
564
534
Demand deposits—Government
393
244
228
492
Other
646
682
730
737
Other liabilities
Swiss National Bank (millions of
francs):
4,554 4,502 4,211
Gold
4,577
75
94
102
95
Foreign exchange
116
91
99
183
Loans and discounts
166
124
94
81
Other assets
2,914
3,548 3,337
3,409
Note circulation
1,368
1,186
1,015
Other sight liabilities
1,241
287
288
286
Other liabilities
285
Central Bank of the Republic of
Turkey (thousands of pounds):
(Oct.)2
Gold
276,372 214,166
Foreign exchange and foreign
clearings
58,613 85,379
Loans and discounts
841,239 736,023
Securities
178,344 192,209
Other assets
24,991 39,036
Note circulation
973,528 821,276
Deposits—Gold
85,576 79,358
Other
153,094 165,631
Other liabilities
167,360 200,548
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
122,674 120,143
Note circulation
143,908 126,592
Banking department:
Gold and silver
119,141 75,420
Notes and coin
32,001 34,520
Advances to State and to government bodies
18,239 16,331
Other loans and discounts....
93,792 93,511
Other assets
295,103 209,211
Deposits
248,933 188,254
309,342 240,738
Other liabilities
Central Bank of Venezuela (thousands of
bolivares):
Gold6
328,751 328,694 313,54' 273,314
104,751 65,600 45,202 51,533
Foreign exchange (net)
20,310 22,560 26,370 26,370
Credits to national banks
22,030 25,843 25,053 10,804
Other assets..
Note circulation—Central Bank.. 298,328 290,991 278,832 246,430
National banks.. 16,643 18,742 18,984 25,650
150,578 102,207 105,105 83,728
Deposits
10,292 30,758
7,250
6,213
Other liabilities
National Bank
of the Kingdom of
3
Yugoslavia
Bank for International Settlements
(thousands of Swiss gold francs):7
Gold in bars
111,25 137,876
Cash on hand and on current ac45,620 18,663
count with banks
13,184 6,622
Sight funds at interest
Rediscountable bills and accept72,293 105,864
ances (at cost)
14,968 21,075
Time funds at interest
Sundry bills and investments
200,571 195,450
Other assets
244
324
Demand deposits (gold)
20,121 50,544
Short-term deposits (various currencies):
Central banks for own account
6,633
6,101
Other
2,985
2,739
Long-term deposits: Special accounts
229,00 229,001
Other liabilities
199,39' 197,489

c
1
2
3
4
5
6

Corrected.
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 o 282
Valued at average cost beginning October 1940.
'
Includes small amount of non-Government bonds.
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.
/eminent.
7

See BULLETIN for December 1936, p. 1025

z86




FEDERAL RESERVE BULLETIN

M O N E Y RATES I N FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[ Per cent per annum ]
Central bank of—
Date effective

In effect Dec. 31,
1936
Jan. 28, 1937
June 15
July 7
Aug. 4
Sept. 3
Nov. 13
May 10, 1938
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4, 1939
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940
Apr. 9
May 17
Mar. 17, 1941
May 29
June 27
Jan. 20, 1945
Feb 9
In effect Feb. 28,
1945

United
GerKing- France many
dom
2
4
6
5

2

4

Belgium
2

h

Netherlands
2

Sweden

Switzerland

2H

2H

iH

4
3
2H

4

3

3
2

3

2

3y2

3H

jo/

3

IK
IK

IK

2K

Rate
Feb.
28

Central
bank of—

Mar. 21, 1940 Italy
Mar. 1, 1936 Japan
Not available Java
Latvia
Oct. 1, 1940 Lithuania. ..

Bolivia
British India..
Bulgaria
Canada
Chile
Colombia

3

3

Date
effective

Albania
Arsrentina
Belgium
Bohemia and
Moravia

4

2y2

2

Rate
Feb.
28

Central
bank of—

6
3
5
4

4
7
3

Denmark
Ecuador
El Salvador...
Estonia
Finland

4

4
3.29
3
5
6

Sept. 11, 1944
Apr. 7, 1936
Jan. 14, 1937
Feb. 17, 1940
July 15, 1939

Nov. 8, 1940
Nov. 28, 1935
Dec. 1, 1940
Feb. 8, 1944
Dec. 16, 1936
July 18, 1933

Mexico
Netherlands. 2y2
New Zealand
Norway
3 2
Peru
5
Portugal....

June 4,
June 27,
July 26,
May 13,
Aug. 1,
Jan. 12,

Oct.
May
Mar.
Oct.
Dec.

Rumania
4
South Africa 3
Spain
4
Sweden
Switzerland.

May
June
Dec.
Feb.
Nov.

8, 1944
2, 1941
1, 1938
9,1945
26,1936

July

1, 1938

16, 1940
26, 1938
30, 1939
1, 1935
3, 1934

IK Jan. 20, 1945 Turkey...... 4
Apr. 9, 1940 United KingDec. 1, 1944
2
dom
Oct. 22, 1940 U. S. S.R... 4
3
Nov. 23, 1943 Yugoslavia.. 5

France
Germany
Greece
Hungary
Ireland

Date
effective

n

1942
1941
1941
1940
1940
1944

Oct. 26, 1939
July 1, 1936
Feb. 1, 1935

NOTE.—Changes since January 31 : Sweden—February 9, down from 3
to 2H per cent.

OPEN-MARKET RATES
[ Per cent per annum ]
United Kingdom
Month

Bankers'
acceptances
3 months

Treasury
bills
3 months

1929—Dec
1930—Dec
1931—Dec
1932—Dec
1933—Dec
1934— Dec
1935—Dec
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec

4.76
2.30

4.75
2.34
5.60
1.04
1.15
.47

1944—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03

5.85
1.02
1.06
.57
.71
.83
.75
.96
1.23
1.03
1.03
1.03
1.03

Bankers'
Day-to-day allowance
money
on deposits

.68
.84

.75
.93
1.24
1.01
.01
.01
.01

4.23
1.60
4.27
.81
.77
.70
.75
.78
.75
.80
.03
.00
.03
.00
.00

.01
.00
.00
.01
.00
.00
.00
.00
.01
.00
.00
.00

.13
.13
.13
.13
.13
.13
.13
.13
.10
.00
.02

Germany

Netherlands

Private
discount
rate

Day-to-day
money

Private
discount
rate

Money
for
1 month

6.98
4.82
7.33
3.88
3.88
3.50
3.00
3.00
2.88
2.88
2.63
2.25
2.13
2.13
2.13

8.14
5.54
8.45
4.91
4.97
4.28
3.15
3.05
2.96
2.86
2.39
1.95
1.98
1.96
1.92

3.52
1.39
1.57
.37
.52
.60
3.20

3.87
1.86
1.59
1.00
1.00
1.00
3.08
1.48
.50
.50
2.75
2.75

2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13

1.89
1.89
1.93
1.91
1.90
1.92

.76

.13
.13
2.25
2.25

Sweden

Switzerland

Loans
up to 3
months

Private
discount
rate
3.15
1.18
1.75
1.50
1.50
1.50
2.50
1.25
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
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.

MARCH

1945




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
Loans to
deposit 2 Securities customers
short
counted receipts
notice

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

1,307

1944—January...
February..
March
April
May
June
July
August
September
October...
November.
December.

416
414
423
430
418
427
426
439
443
453
460
500

157
150
155
164
173
185
188
205
191
191
205
199

138
124
113
149
174
202
213
211
209
170
198
147

1,305
1,264
1,331
1,314
1,310
1,246
1,310
1,337
1,444
1,567
1,548
1,667

Other
assets

Deposits
Total

Demand 3

Time 3

1,120
1,154

971
1,015
924
823
794
761

263
290
293
324
325
349

2,254
2,441
2,800
3,329
3,629
4,032

1,256
1,398
1,770
2,168
2,429
2,712

997
1,043
1,030
1,161
1,200
1,319

269
256
250
253
236
245

1,149
1,141
1,136
1,152
1,161
1,169
1,175
1,180
1,183
1,172
1,192
1,165

754
761
781
762
765
784
765
750
744
744
748
772

288
287
290
285
292
327
289
283
282
291
292
347

3,962
3,897
3,988
4,017
4,051
4,100
4,121
4,161
4,251
4,342
4,398
4,545

2,650
2,583
2,652
2,672
2,704
2,730
2,744
2,775
2,827
2,876
2,922

1,312
1,314
1,336
1,345
1,347
1,370
1,377
1,386
1,424
1,467
1,475

245
243
242
240
242
240
244
243
244
245
245
250

635
609
771
999

758
896

Liabilities

Assets
Canada
(10 chartered banks. End of
month figures in millions
of Canadian dollars)

Entirely in Canada
Cash
reserves

Security
loans

1938—December.
1939—December.
1940—December.
1941—December.
J 942—December.
1943—December.

263
292
323
356
387
471

65
53
40
32
31
48

1944—January...
February..
March
April
May

491
486
468
510
525
526
545
569
575
597
586
550

53
52
41
42
81
71
63
61
56
56
81
92

June
July

August —
September
October...
November.
December.

Other
loans
and discounts

Security
loans
abroad
and net Securities
due from
foreign
banks

940

1,088
1,108
1,169
1,168
1,156
1,085
1,003
982
920

1,175
1,104
1,063
1,002
976
992

1,275
1,211

Other
assets

166
132
159
168
231
250

1,463
1,646
1,531
1,759
2,293
2,940

535
612
570
653
657
744

229
227
210
212
275
294
218
215
224
236
236
214

2,950
2,994
3,156
3,390
3,374
3,358
3,388
3,368
3,450
3,622
3,577
3,611

674
664
732
669
712
856
755
755
761
757
774
782

Note
circulation

85
80
71
60
42
41
40
39
38
37
36
35

4

35
34
34

Deposits payable in Canada
excluding interbank deposits

Other
liabilities

Total

Demand

2,500
2,774
2,805
3,105
3,657
4,395

1,033
1,163
1,436
1,984
2,447

1,660
1,741
1,641
1,669
1,673
1,948

962
1,049
1,172

4,273
4,216
4,368
4,506
4,850
4,836
4,716
4,667
4,726
4,957
5,221
5,137

2,247
2,093
2,143
2,253
2,756
2,641
2,451
2,297
2,262
2,468
2,877
2,714

2,026
2,124
2,225
2,254
2,094
2,195
2,265
2,370
2,464
2,489
2,343
2,423

1,167
1,170
1,182
1,198
1,256
1,339
1,282
1,268
4
1,282
1,269
1,273
1,289

840

Time
843
963
846

Liabilities

France
(4 large banks. End of month
figures in millions
of francs)

Other
liabilities

Other
assets

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

91,792
96,431
99,152
103,272
102,047
103,596
102,602
104,830
108,368
107,200
112,732

91,452
95,783
98,419
102,437
101,118
102,578
101,525
103,657
107,100
105,811
111,191

340
648
733
836
929
1,017
1,078
1,173
1,268
1,390
1,541

433
426
387
397
383
321
347
341
411
404
428

4,982
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

Cash
reserves

Due from
banks

Bills discounted

1938—December. .
1939—December 5.
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—February...
March
April
May
June
July
August
September.
October...
November..
December..

6,710
6,813
6,720
7,132
6,632
6,770
6,486
6,935
7,133
7,203
8,548

3,835
3,803
3,665
3,750
3,851
3,795
3,786
3,832
3,877
3,960
4,095

73,478
74,664
77,922
81,620
80,276
83,362
82,685
85,079
88,289
86,754
90,897

11,749
15,245
15,043
14,980
15,518
14,696
14,644
14,084
14,215
14,561
14,191

1,435
1,536
1,650
1,750
1,869
2,024
2,206
2,228
2,448
2,653
2,935

1944—January

7,510

4,125

90,024

13,737

1,676

Loans

Total

Demand

6,168

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.

•eportmgpn
now s 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. In cents per unit of foreign currency]

Year or month

gentina
1 A r(peso)
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—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1945—Jan

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

Year or month

Official

2
2

23.704
23.704
24.732
25.125

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- Czecho- Denbia slovakia mark
(peso) (koruna) (krone)
56.726
55.953
57.061
57.085
57.004
57.052
57.265
57.272
57.277
57.277
57.277
57.277
57.277
57.277
57.277
57.277
57.277
57.272
57.220
57.180

1944—Feb.......
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1945—Jan

Special
Export

Australia
(pound)

3.4930
3.4674
3.4252

2

22.069
21.825
20.346
19.308

2

Free
393.94
389.55
353.38
305.16
321.27
321.50
2
321.50

Belgium
(belga)
16.876
16.894
16.852
2
16.880

Brazil
(cruzeiro1)

British
India
(rupee)

Official

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

6.0586
6.0586
6.0586
6.0586
6.0587
6.0598
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602

5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1529
5.1803
5.1803
5.1803
5.1803
5.1803

30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122

Bulgaria
(lev)

1944—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1945—Jan

....

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

90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909

89.586
89.326
89.969
90.507
90.403
90.178
90.003
89.356
89.736
89.836
89.747
89.968

FinGerland France m a n y Greece Hong
Kong
(mark- (franc) (reichs- (drach(dollar)
ma)
ka)
mark)

(pengo)

Italy
(lira)

2.1811 4.0460
2.1567 2.8781
1.9948 2 2.5103
1.8710 2.0827
2
2.0101

19.779
19.727
19.238
18.475
2
19.770

5.2607
5.2605
5.1959
5.0407
2
5.0703

40.204
40.164
40.061
40.021
2
39.968

2

.9055
.8958
.8153
.6715

30.694
30.457
27.454
22.958
2
24.592

China
(yuan
ShangExport hai)

2

4.0000
4.0000
4.0000
4.0000
2
4.0000

28.791
28.451
25.963
23.436
2
23.439

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
398.0C
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00

6.053
5.600
10.630
9.322

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

403150

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

29.606
21.360
11.879
6.000
2
5.313

Neth- New
Japan Mexico erlands Zea(peso) (guild- land
(yen)
27.750
22.122
19.303
18.546
20.538
20.569
20.577
20.581

er)

(pound)

55.045
55.009
53.335
53.128

396.91
392.35
354.82
306.38
322.54
322.78
324.20
324.42

2

324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42

20.582
20 582
20.582
20.582
20.582
20 576
20.580
20 581
20.582
20.582
20.582
20.582

Ruma- South Spain Straits
Settle- Sweden SwitzNorway Poland Portunia
Africa
gal
erland
(krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc)

24.840
24.566
23.226
2
22.709

Official

2

Hungary

Chile (peso)

Free

Official

1.2846
1.2424

(dollar)

1937
1938
1939
1940
1941
1942
1943
1944

Canada (dollar)

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

Yugoslavia

Non- (dinar)
controlled

2

2.3060
2.3115
36\789' 2.2716
37.601 2.2463
43.380
52.723
52.855
53.506
52.945
52.954
52.961
52.964
52.962
53.421
54.200
54.185
54.185
54.189
54.196
54.197

1
2

Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "rriilreis."
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
__.jle 173, pp. 662-682. For description of statistics see pp. 572-573 in same publicao
tion, 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.

MARCH 1945




189

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL

COMMODITIES

[Index numbers]

Year or month

United
States

Canada

United
Kingdom

France

Germany

Italy

(1926=100)

(1926=100)

(1928=100)

Japan
(October
(1900=100)

(1930=100)

(1913=100)

(1913 = 100)

1926

100

100

U24

695

134

237

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
681

97
93
98
102
104
106
106
107
110
112
114
116

161
180
178
186
198
238
251
278
311
329

1944—January
February
March
April
May
June
July
August
September
October
November
December
1945—January

103
104
104
104
104
104
104
104
104
104
104
105
105

103
103
103
103
103
103
103
102
102
102
102
103

164
165
165
166
166
166
167
168
167
167
167
167
P167

2

70
63
62
68
76
89
95
99
116
132

117
117
117
118
118
118
119
118
118
118

Netherlands
(1926-30
= 100)

3

Sweden
(1935 = 100)

Switzerland
(July 1914
= 100)

106

1126

144

65
63
63
62
64
76
72
74
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

195
195
195
195
197
197
198
197
196
195
195
195

221
221
223
223
223
223
224
224
223

^396
H00
p
420
^412
HI 7

P222

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]
United S t a t e s
(1926=100)
Year or month
Farm
products

Foods

Other
Farm
commodproducts
ities

Germany
(1913=100)

United Kingdom
(1930=100)

Canada
(1926=100)
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods

Foods

Industrial
products

Agricultural
products

IndusIndustrial raw trial finand semiished
finished products
products

1926

100

100

100

100

100

100

129

130

150

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

88
83
85
87
92
102
97
97
133
146
158
160
158

85
87
90
90
96
112
104
106
138
156
160
164
170

91
87
96
102
105
105
106
108
111
112
115
119

89
88
91
92
94
96
94
95
99
100
102
102

118
113
116
119
121
125
126
126
129
133
134
135

1944—January
February
March
April
May
June
July
August
September
October
November
December
1945—January,

122
123
124
123
123
125
124
123
123
123
124
126
126

105
105
105
105
105
107
106
105
104
104
105
106
105

98
98
98
98
99
99
99
99
99
99
99
99
99

104
104
105
104
102
102
102
101
101
103
103
103
^104

104
105
105
105
104
104
104
104
103
103
103
104

94
9*
94
94
94
94
93
94
94
94
94
94
P94

159
159
158
158
158
158
161
159
157
156
156
157

166
167
168
169
170
170
170
172
172
172
r
173
173

119
119
121
122
122
122
125
124
122

103
103
103
103
103
102
102
102
102

136
136
136
136
136
136
136
136
137

v

*>104

r

Preliminary.
Revised.
Sources.—See BULLETIN for May 1942, p . 451; March 1935, p . 180; and March 1931, p . 159.

Z9O




FEDERAL RESERVE BULLETIN

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]

Year or month

CanUnited
ada
States
(1935-39 (1935-39
= 100)
100)

United
Kingdom
(July
1914
= 100)

COST OF LIVING
[Index numbers]

Ger- Nethermany lands
1913-14 (1911-13
= 100)
100)

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

94
100
101
105
98
95
97
106
124
138
136

93
95
98
103
104
101
106
116
127
131
131

122
125
130
139
141
141
164
168
161
166
168

118
120
122
122
122
123
128
129
132
134

1944—January...
February..
March
April
May
June
July
August
September.
October.. .
November.
December.
1945—January...

136
135
134
135
136
136
137
138
137
136
137
137
137

132
131
131
132
132
131
132
132
131
131
132
131
p
130

168
168
168
168
168
168
169
170
169
168
168
168
168

135
135
136
138
138
139
146
143
137

Switzerland
(June
1914
= 100)

124
118
120
127
130
130
2140

Year or month

United
CanStates
ada
(1935-39 (1935-39
= 100)
= 100)

United
Ger- Nether.
Kingmany lands
dom
(July (1913-14 (1911-13
= 100) = 100)
1914
= 100)

115
114
120
130
130
132
146
175
200
211

1934
1935.
1936
1937
1938
1939..
1940
1941..
1942
1943
1944

96
98
99
103
101
99
100
105
117
124
126

96
96
98
101
102
102
106
112
117
118
119

141
143
147
154
156
158
184
199
200
199
201

121
123
125
125
126
126
130
133
137
139

213
214
214
215
215
216
217
216
215

1944—January
February...
March
April
May
June
July
August
September.
October . . .
November..
December..
1945—January...

124
124
124
125
125
125
126
126
127
127
127
127

119
119
119
119
119
119
119
119
119
119
119
119

139
140
140
140
141
142
146
144
141

127

*>119

199
200
200
200
200
200
201
202
202
201
201
201
202

140
136
*132
137
139
140
3148

Switzerland
(June
1014.
= 100)
129
128
130
137
137
138
151
174
193
203
^208
206
206
206
207
208
208
209
208
208
*>208
^208
p
208

p

Preliminary.
R e v i s e d index from M a r c h 1936 (see B U L L E T I N for A p r i l 1937, p . 373).
Average based on figures for 3 m o n t h s ; n o d a t a a v a i l a b l e since M a r c h 1940, when figure was 141.
A v e r a g e based on figures for 5 m o n t h s ; n o d a t a a v a i l a b l e since M a y 1940, when figure w a s 149.
Sources.—See B U L L E T I N for M a y 1942, p . 451; O c t o b e r 1939, p . 943; a n d April 1937, p . 373.
1

2
3

SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks

Bonds
Year or month

United
States
(derived
price) l

United
Kingdom
(December
1921 = 100)

Germany
France
(average2
(1913 = 100)
price)

Number of issues

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

127.5
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

120.5
120.4
120.5
120.7
120.9
120.9
121.3
121.2
121.2
121.1
120.9
121.4
121.6

127.4
127.6
127.3
127.1
127.0
127.2
127.3
127.2
127.6
127.9
127.9
128.1

1934
1935
1936
1937
1938
1939
1940
1941.
1942
1943
1944
1944—January
February
March. ..
April
May
June
July
August
September.
October
November
December..
1945—January

87

36

2

139

90.7
^.l
95.8
98.7
99.9
99.0
100.7
103.0
6
103.3

Netherlands3

United
States
(1935-39
= 100)

(1926=100)
United
Kingdom

France

Netherlands
Germany (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

102.1
102.7

94.6
94.4
96.6
95.1
97.2
101.5
104.3
102.7
100.7
103.5
102.7
104.7
108.4

86.2
86.9
87.1
87.2
88.0
89.3
90.3
90.6
88.8
89.1
90.1
90.1

145.2
145.3
145.6
145.8
145.8
145.7
145.5
145.1
145.0
145.2

152.3
152.5

8

402

100

p

Preliminary.
1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds
for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for
both series. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States
see Banking
and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
Since Apr. I, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 43^ per cent. The series prior to that
date3is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 percent. For new index beginning
January
1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent.
4
This
number, originally 329, has declined as the number of securities eligible for
the index has diminished. In May 1941, it was down to 287.
5
6
Average
Apr .-Dec. only. Average Jan.-Mar. on old basis was 95.9.
Average based on figures for 5 months; no data available June-Dec.
7
8
Average based on figures for 7 months; no data available May-Sept.
Average based on figures for 9 months; no data available May-July.
9
Average based on figures for 10 months; no data available Jan.-Feb.
Sources.-- See BULLETIN for November 1937, p . 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.

MARCH 1945




z9i

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

DIVISION OF PERSONNEL ADMINISTRATION
ROBERT F . LEONARD, Director

J. P . DREIBELBIS, General Attorney
GEORGE B. VEST, Assistant General Attorney
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, I I , 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

OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
RAY M. GIDNEY
R. R. GILBERT
H. G. LEEDY
JOHN K. M C K E E
RONALD RANSOM
M. S. SZYMCZAK
ALFRED H. WILLIAMS

FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, 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
CHESTER MORRILL, Secretary

S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel

RALPH C. GIFFORD,

ST. LOUIS DISTRICT

JULIAN B. BAIRD,

MINNEAPOLIS DISTRICT

E. A. GOLDENWEISER, Economist
JAMES C. DOLLEY, Associate Economist

A. E. BRADSHAW,

KANSAS CITY DISTRICT

C. O. HARDY, Associate Economist
K. H . MACKENZIE, Associate Economist
C. A. SIENKIEWICZ, Associate Economist

ED. H. WINTON,

DALLAS DISTRICT

J. P . DREIBELBIS, Assistant General Counsel

JOHN H. WILLIAMS, Associate Economist

ROBERT G. ROUSE, Manager of System Open Market
A ccount




GEORGE M. WALLACE, SAN FRANCISCO DISTRICT

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

Albert M. Creighton
Henry S. Dennison
New York.. .. Beardsley Ruml
William I. Myers

Ralph E. Flanders
William Willett
Allan Sproul
L. R. Rounds

E. G. Hult
J. C. Hunter2

Carl B. Pitman
O. A. Schlaikjer

J. W. Jones
L. W. Knoke
Walter S, Logan
A. Phelan
J. M. Rice

H. V. Roelse
Robert G. Rouse
John H. Williams
V. Willis
R. B. Wiltse

Philadelphia.. . . Thomas B. McCabe
Warren F. Whittier

Alfred H. Williams
Frank J. Drinnen
Ray M. Gidney
Reuben B. Hays

W. J. Davis
E. C. Hill

C. A. Mcllhenny3
C. A. Sienkiewicz

Wm. H. Fletcher
J. W. Kossin 3
A. H. Laning

B. J. Lazar
K. H. MacKenzie
W. F. Taylor

Hugh Leach
J. S. Walden, Jr.

J. G. Fry
Geo. H. Keesee2

R. W. Mercer
Edw. A. Wayne

Boston

George C. Brainard
Reynold E. Klages

Cleveland. .

Richmond

Robert Lassiter
W. G. Wysor

Atlanta

Frank H. Neely
J. F. Porter

W. S. McLarin, Jr.
Malcolm H. Bryan

V. K. Bowman
L. M. Clark

H. F. Conniff

Chicago

Simeon E. Leland
W. W. Waymack

C. S. Young
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
J. N. Peyton
O. S. Powell

O. M. Attebery
Henry H. Edmiston

Wm. E. Peterson
C. M. Stewart

A. W. Mills2
Otis R. Preston
E. W. Swanson

Sigurd Ueland
A. R. Upgren
Harry I. Ziemer

O. P. Cordill
L. H. Earhart

C. O. Hardy
G. H. Pipkin
D. W. Woolley3

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

Minneapolis... . W. C. Coffey
Roger B. Shepard

H. G. Leedy
Kansas City.. . . Robert B. Caldwell
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
New York. .
Cleveland
Richmond
Atlanta.

Chicago
St. Louis.

1

Branch

Chief Officer

Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis

I. B. Smith4
B. J. Lazar5
J. W. Kossin5
W. R. Milford4 4
W. T. Clements
P. L. T. Beavers4
Geo. S. Vardeman,
Jr.4
4
Joel B. Fort,
Jr.
E. P. Paris4
E. C. Harris5
A. F. Bailey4 4
C. A. Schacht 4
W. H. Glasgow

Also Federal Reserve Agent.

MARCH

1945




2

Cashier.

3

Also Cashier.

Federal Reserve
Bank of

Branch

Chief Officer

Minneapolis

Helena

R. E. Towle4

Kansas City

Denver
Oklahoma City
Omaha

G. H. Pipkin5
O. P. Cordill5 5
L. H. Earhart

Dallas...

El Paso
Houston
San Antonio

J. L. Hermann6 5
L. G. Pondrom 5
W. H. Holloway

San Francisco. ..

Los Angeles
Portland
Salt Lake City
Seattle

W. N. Ambrose4
D. L. Davis4 4
W. L. Partner
C. R. Shaw4

4

Managing Director.

5

Vice President.

6

Manager

2

-93




FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES

=

s

—

BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

^

BOARD OF GOVERNORS OF THE FEDERAL RESERVE. SYSTEM

<§)

FEDERAL RESERVE BANK CITIES

•

FEDERAL RESERVE BRANCH CITIES

BOARD OF GOVERNORS OF THE. FEDERAL RESERVE

SrSTEM