Full text of Federal Reserve Bulletin : May 1945
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FEDERAL RESERVE
BULLETIN
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—Course of Consumer Credit
. 411-418
Supplying the Credit Needs of Business in the Transition and Early Postwar
Period, by Ernest G. Draper
4i9~4xx
Retail Credit Survey-1944
. 4x3-42.8
Member Bank Earnings in 1944. ..
. 419-431
Current Events
432.
Compilation of State Laws Relating to Bank Reserves. .
431
National Summary of Business Conditions
433-434
Financial, Industrial, Commercial Statistics, U. S. (See p. 435 for list of tables). . . . 435-501
International Financial Statistics (See p. 503 for list of tables)
5°3~5I5
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
516
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. ..
517
Map of Federal Reserve Districts
518
Federal Reserve Publications {See inside of back cover)
Subscription Price of Bulletin
FEDERAL RESERVE BULLETIN
May
VOLUME 31
NUMBER 5
COURSE OF CONSUMER CREDIT
Consumer credit increased slightly during
the past year, after an almost continuous
decline from the autumn of 1941 to the
spring of 1944. The reduction in the volume of consumer credit from more than
10 billion dollars in 1941 to about 5 billion
last year occurred during a period when
consumer expenditures were rising and was
due to a number of influences. For one
thing, there was a sharp reduction in the
available supply of consumers' durable
goods, which usually constitute a large
part of goods purchased on credit. Also,
the growth of incomes enabled people to
pay off debts and to make more purchases
on a cash basis. Finally, wartime regulation of consumer credit was a factor in
causing its contraction.
By the spring of 1944, most of the instalment debt contracted in connection with
the active sale of automobiles and other
consumers' durable goods in 1940 and 1941
had been liquidated. The volume of credit
had also become adjusted to the operation
of Regulation W, which prescribes stricter
credit terms for consumer purchases. As a
consequence the decline in the outstanding
volume of credit came to an end and was
followed by a slight increase, which reflected a growth in current transactions.
The recent relatively small upturn in
consumer credit has been largely concentrated in charge accounts, as shown in the
chart. Retail sales have been moving
MAY
1945
steadily to new high levels and along with
them charge-account sales have been rising,
though somewhat less rapidly than the
total. Total retail sales of 69 billion dollars in 1944 represented an increase of 9 per
cent over the volume of the preceding year
and so far in 1945 there have been further
gains. Aside from charge-account credit,
the increases in consumer credit over the
past year have been quite small.
CONSUMER CREDIT
BILL ONS OF DOLLARS
END OF MONTH FIGURES
0
10
\
J
J
/
\ T O T A L CONSUMER
I
CREDIT
V
V
/
A
6
4
2
A^ _
J
J
J
\
\
V, J
\
6
4
\lNSTALMENT
\ CREDIT
SINGLE PAYMENT LOANS
V
2
A/
N.—-%Jr
C
0
HARGE
1
0
Estimates of short-term consumer credit outstanding, by type of
credit. Latest figures shown are for March.
It may be said that the first phase of consumer credit regulation has been completed,
and its function is now mainly that of restraining a growth in the amount of credit
outstanding until supplies of goods for
411
REVIEW OF THE MONTH
consumers become adequate. It may be expected that a gradual rise in consumer credit
will accompany any increase in total consumer expenditures. Up to the present
time, however, the proportion of consumer
expenditures that is financed by credit has
continued to decline. Any substantial increase in consumer credit under existing
conditions would add to the large volume
of consumer purchasing power, measured
by current incomes and existing liquid
assets, and would contribute to inflationary
pressures which threaten the economy.
REGULATION OF CONSUMER CREDIT
Limitation on the use of credit by consumers was one of the earliest of the controls
adopted by the Government to prevent wartime inflation. Authority to impose restrictions on consumer credit was given by
Executive Order to the Board of Governors
of the Federal Reserve System in the summer of 1941, and the Board's Regulation W,
issued under that order, was put into effect
in September of that year.
In the beginning, regulation of consumer
credit was directed at restraining new credit
extension and at diverting some of the
expanded consumer income into the payment of debt. When Regulation W went
into effect the amount of consumer credit
outstanding was at an all-time peak. For
more than two years preceding the regulation, there had been a particularly rapid
growth in consumer credit based largely on
an active market for automobiles and other
consumers* durable goods.
The regulation was put into effect at a
time when the economy was being converted from peacetime production to defense and war production and when it was
anticipated that the supplies of goods for
civilians, particularly consumers' durable
goods, would have to be curtailed. After
412.
this country entered the war, a few months
later, production of many kinds of durable
goods for private use was completely suspended. It was clear that consumer incomes would be greatly in excess of the
civilian supplies of goods, that higher taxes
and increased savings would be necessary
to avoid inflation, and that further expansion of purchasing power through consumer
credit would aggravate the situation.
Measures for diverting part of the expanded
consumer income into the liquidation of
debt were in order.
DECLINE IN CREDIT OUTSTANDING
In the early days of Regulation W consumer credit declined rapidly. As durable
goods disappeared from the market, there
was a sharp drop in current credit business.
The liquidation of preregulation debts was
also very substantial in 1942. and early
1943. The large volume of automobile
sales and generally active business in the
two years preceding the regulation had been
reflected in an increase in credit extended,
and a progressive lengthening of the maturities granted. When the downturn set in,
there was a substantial volume of consumer
paper outstanding that still had considerable periods to run. This included automobile paper on which the initial maturities had been 18 and 24 months and in some
cases as long as 30 months, and credit for
major household appliances and residential
repair and modernization, a considerable
fraction of which was granted for periods
as long as three years. A large proportion
of this instalment credit held over from
previous periods had been liquidated by the
latter part of 1943 and was no longer an
important factor in the current volume of
credit outstanding.
The transitional effects of curbing the
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
amount of credit extended and hastening its
repayment were largely completed by the
spring of 1944. In the early phases of
regulation, as shown in the table, there
were successive changes in the requirements
prescribing shorter maturities and higher
down payments on instalment sale credit.
On September 1, 1941, when Regulation W
first went into effect, the general maturity
requirement was 18 months and, except on
automobiles, the down payment requirements were between 10 and 2.0 per cent.
By May 194X3 however, the maturity limit,
again except for automobiles, was at
twelve months, and down payments, except for instalment sales of furniture, were
generally at 3 3 ^ per cent. In the case of
instalment cash loans, maturities for the
most part were put on a ix-month basis on
May 6, 1942..
On charge-account credit the transitional
effects of regulation were completed even
more promptly. The amendment of May 6,
194.x imposed the first requirements that
applied to credit of this type, and their
general effect was to prohibit further
charge-account sales of listed articles to
customers whose previous obligations were
not paid off within a stipulated period.
The impact of this requirement was both
to produce a considerable liquidation of
longer charge accounts and initially to curb
new charge-account sales. Although there
was a subsequent revival of charge-account
sales, the importance of these sales as a
proportion of total retail trade never returned to preregulation levels. How much
this was due to the specific influence of
regulation and how much to generally
M I N I M U M D O W N PAYMENTS AND M A X I M U M MATURITIES O N CONSUMER C R E D I T SUBJECT TO REGULATION W
Prescribed by Board of Governors of the Federal Reserve System in accordance with Executive Order No. 8843 dated August 9, 1941
Sept. 1, 1941-Mar.
22, 1942
Mar. 23, 1942-May
5, 1942
Effective May 6,
1942
Type of credit
Instalment sales: 2
Automobiles
Mechanical refrigerators, washing machines,
radios, vacuum cleaners
Stoves, ranges
Furnaces, oil burners, plumbing and sanitary
fixtures
Furniture
Floor coverings
Watches, clocks
Jewelry
Clothing, furs
Materials (not elsewhere listed) for repair or improvement of residential structures
Instalment loans:
To purchase listed articles
To pay charge account arising from sale of listed
article, or to pay single-payment loan
Other
Consolidations of instalment sale or loan with previously outstanding instalment credit
Single-payment loans
Charge c ales of listed articles
Down
payment
(Per cent) i
Maximum
maturity
(months)
33%
20
20
15
10
18
18
Maximum
maturity
(months)
Maximum
maturity
(months)
Down
payment
(Per cent)*
18
15
33%
15
18
18
15
15
33%
33%
12
12
33%
20
12
12
12
12
12
12
Down
payment
(Per cent) i
20
20
10
20
20
3
18
15
15
15
33H
33%
33^
18
18
12
18
18
15
15
6
12
15
12
3
10th day of
2nd month
after sale
c
3
()
4
15
<•>
1
2
3
4
Down payments determined after deduction of any trade-in, except in case of automobiles.
Terms shown for selected articles. For terms on other listed articles, see regulation.
Where credit is to purchase listed articles, requirements same as on instalment sales of the respective articles.
Prior to Dec. 1, 1941, maximum maturity was 18 months.
NOTE.—The above limitations are subject to various exceptions; for exceptions in detail, and for additional provisions not reflected in this
table, the regulation should be consulted. Where no figure is shown, there was no limitation imposed by Regulation W.
MAY
1945
413
REVIEW OF THE MONTH
expanded incomes and changes in the composition of trade can not be determined.
With minor exceptions, the regulatory
standards of May 1 9 ^ have now been in
effect for three years and their influence in
curbing credit transactions has become
stabilized. Current transactions consist of
the replacement of matured and repaid obligations by others carrying about the same
conditions.
RECENT RISE IN CONSUMER CREDIT
Since the spring of 1944 the volume of
consumer credit outstanding has increased
by half a billion dollars to a total of 5.6
billions at the end of March. Charge-account credit increased the most, by xx per
cent over the year. Other types increased
moderately. Instalment sale credit, ordinarily the most important type of consumer
credit, increased 5 per cent. Instalment
cash loans at the end of March were 8 per
cent and single-payment loans 6 per cent
above their year-ago levels. Service credit
had also increased.
With the transitional changes largely
completed, the volume of consumer credit
outstanding has become much more a result
of the character of current consumer expenditures and payments. The increase
during the past year in charge accounts receivable, which explains the greater part
of the half billion dollar increase in consumer credit over the period, reflects largely
the expanding volume of charge-account
sales which has accompanied the increase
in total retail sales. The growth in chargeaccount sales has been much smaller than
that in cash sales, as shown in the chart on
page 4x3 of the Retail Credit Survey article
in this BULLETIN.
414
INSTALMENT SALE CREDIT I N PAST YEAR
Instalment sale credit, which ordinarily
accounts for the largest and most widely
fluctuating segment of total consumer
credit, has shown the least tendency to rise
during the past year. This is in marked
contrast to the rise in charge-account
credit, and particularly to the continued
substantial expansion in cash sales of consumer goods and services. Shortage of merchandise of the types ordinarily providing
the basis of instalment credit is the dominant limitation. Where goods are available, there is still an appreciable volume of
instalment selling, though in general it is
below 1941 levels and is a considerably reduced fraction of total retail sales.
In periods prior to 1942., automobiles and
household appliances accounted for the
largest part of total instalment sale credit.
In 1941, when there were 6.8 billion dollars
of instalment credit sales, those lines alone
represented about two-thirds of total instalment sales of all durable and nondurable
items. At present, trade in these commodities is limited virtually to the extremely
thin market in used automobiles and appliances, and the volume of transactions is
only about one-eighth of the 1941 peak
volume.
Other lines, notably furniture, now dominate the curtailed market of instalment
selling. Instalment sales in some lines have
indeed held up very well, as can be seen in
the chart appearing in the Retail Credit
Survey article on page 4x6. Instalment
sales of furniture stores in 1944, for example, were above both 1943 and 1939
levels, and only 16 per cent below the 1941
peak. Instalment sales at jewelry stores in
1944 were likewise only about 12. per cent
below the 1941 peak and 2.8 per cent above
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
the 1939 l e v e l- At women's apparel stores
instalment sales exceeded 1941 levels by 17
per cent.
On the other hand, there are several trade
outlets at which instalment sales have been
greatly reduced, though not so much as at
automobile dealers and household appliance stores. Hardware stores and men's
clothing stores now sell only about onehalf and automobile tire and accessory
stores a little more than one-third of the
volume of goods on instalment that they
sold in this way in 1941. Instalment sales
at department stores are now slightly
above the levels of early 1944 but substantially below those of 1941. But in each
of these lines and elsewhere generally the
proportion of instalment to total sales has
declined.
The amount of instalment credit outstanding has been considerably diminished
both as a result of larger down payments,
which decrease the amount of credit extended initially, and of more rapid repayment of the credits. The following table
shows the great contraction from the fall
of 1941 to the spring of 1944 and the small
increase over the past year. 'The period of
collection has been considerably shortened,
even in lines which were not affected by
the maturity limitations of Regulation W.
For example, at jewelry stores and at most
department stores the maturities of a large
proportion of instalment contracts prior to
Regulation W were 12. months or less.
Even so, the collection period has been
reduced in recent years; in the lines mentioned the current average maturity on instalment credit is now six and five months,
respectively. At furniture stores, where
somewhat longer terms were customary
prior to regulation, maturities have been
MAY
1945
cut in half and now average about eight
months.
I N S T A L M E N T SALE
CREDIT
Outstanding (in
millions of dollars)
Vendor
Automobile dealers
Household appliance
stores
Other—total 1
Department stores and
mail-order houses. .
Furniture stores
Jewelry stores
Total instalment
credit
Percentage change
Sept.
30,
1941
Mar.
31,
1944
Mar.
31,
1945
Sept. 30,
1941 to
Mar. 31,
1944
Mar.
31, 1944
to Mar.
31, 1945
2,216
167
184
-92
+10
342
1,451
19
510
11
537
-94
-65
-42
448
625
96
144
231
52
163
238
50
-68
-63
-46
+ 13
+3
4,009
696
732
-83
+5
sale
+5
-4
1
Includes miscellaneous vendors not shown separately.
NOTE.—All figures estimated; March 1945 figures preliminary.
It appears that in large war production
centers, particularly where population has
been greatly expanded, the retailers may
have imposed maturity restrictions on instalment sales considerably more stringent
than regulatory standards, solely as a
matter of assuring collections and to guard
against the disruption that would follow
cancellation of war contracts and dispersal
of the population.
CHARGE-ACCOUNT CREDIT
Charge-account sales, though a diminishing proportion of total retail sales, have
nevertheless mounted to peak levels. In
1944, it is estimated that there were I2..8
billion dollars of sales on this basis,
exceeding any previous year by almost
half a billion dollars. Increases in chargeaccount sales were reported for nearly all
kinds of trade outlets. The amount of
charge-account credit outstanding has for
over two years been larger than the amount
of instalment sale credit outstanding.
Charge accounts receivable were collected about as rapidly in 1944 as in the
preceding year. Before Regulation W
415
REVIEW OF THE MONTH
covered charge accounts, there were great
variations in the period of collection among
trade lines and among various parts of the
country; the average period of collection
was generally in excess of 60 days and in
some areas and in some trade lines was as
high as 75 to 90 days. Now, the collection
period on charge accounts has in general
been shortened to within the range of 45
to 60 days. Although this represents an
appreciable reduction from preregulation
standards, it can not be considered an infringement of the normal use of chargeaccount credit as an arrangement of convenience between stores and their customers.
An average of 45 days for charge accounts
to be outstanding means that on the average one-half of the customers pay for their
purchases the first time they are billed and
one-half pay after being billed the second
1
time.
A considerable proportion of this credit has
been exempt from Regulation W.
Revival of cash lending, while instalment
sale credit continues near its wartime low,
is probably due to the fact that cash lending depends much less on the availability
of consumers' durable goods. The proportion of these loans that was tied to transactions in durable goods prior to regulation is
thought to have been appreciable but it is
not known. Since the volume of loans currently being made by the principal lenders
is running about two-thirds of the peak
volume in 1941, it is possible that the reduction in loan volume was accounted for
mainly by the unavailability of the major
consumers' durable goods.
INSTALMENT CASH'LOANS
Outstanding (in
millions of dollars)
INSTALMENT CASH LOANS
Instalment cash loans, which are made
by commercial and industrial banks, small
loan companies, and credit unions, have
shown an increase of about 8 per cent in the
past year. Increases were particularly noticeable at commercial banks, which had
earlier sustained sharper decreases than
other cash lenders. Changes from the peak
levels of September 1941 to March 1944
and subsequent changes are shown in the
following table. The volume of new credit
among the cash lenders appears to have
been sustained by factors such as lending for
tax payments and, more recently, promotion of the idea of consumer borrowing in
lieu of cashing United States savings bonds.
Credit for residential repair and modernization, which is classed as a form of cash
lending, has shown an earlier and larger
rise this spring than in other recent years.
416
Commercial banks
Small loan companies...
Industrial banking companies
Credit unions
Insured repair and modernization loans
Total 1
.*.
Percentage change
Sept. 30,
1941 to
Mar. 31,
1944
Mar.
31, 1944
to Mar.
31, 1945
373
382
-62
-30
172
116
-46
-47
+18
+4
+5
-4
+14
+8
Sept.
30,
1941
Mar.
31,
1944
Mar.
31,
1945
827
530
316
369
305
227
164
121
303
112
128
-63
2,294
1,168
1,258
-49
1
Includes loans of miscellaneous lenders not shown separately.
NOTE.—All figures estimated; March 1945 figures preliminary.
The amount of instalment cash loans
outstanding has diminished considerably
and is only a little more than half the
amount at peak levels. This is due to a
shortening of maturities and to a decline
in volume of loans made. The smaller
loan volume is itself undoubtedly due to
shorter maturities to some extent since a
given monthly payment can not support as
great a credit extension if the loan is made
for a shorter period. In many borrowing
transactions the amount of monthly payment that the borrower can make is the
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH.
effective limit of credit extension. Although the volume of credit outstanding at
cash lenders has been reduced by the shorter
maturities as compared with those prevalent
before the war, there does not appear to
have been so great a volume of loans made
for terms below the regulatory maximum
of i i months as in the field of instalment
sales.
CONSUMER CREDIT AND CONSUMER
EXPENDITURES
The factors underlying the volume of
consumer credit of any one type or for a
particular line of retail sales include many
elements unique to the particular fields.
These are not readily resolved into a general
view of the over-all volume of such credit.
Relationship of consumer credit to aggregate consumer expenditures has some significance because it indicates the extent to
which transactions which give occasion
for the use of credit are financed by the
extension of credit. Such a comparison is
based on the assumption that consumer expenditures for goods or services are the
generating cause for the use of consumer
credit. As is shown in the following table,
the average volume of consumer credit
outstanding during the period 1935-1939
was equal to 1.3 months of consumer expenditures .
At the peak of consumer credit in 1941,
this ratio had risen to 1.6 months. In
other words consumers at that time were
assuming a load of debt nearly a fourth
larger, in relation to expenditures, than
in the prewar period. This ratio declined
steadily during the next three years, averaging only about 0.6 of a month in 1944.
Even though the amount of consumer credit
outstanding was increasing in dollar volume
during this year, it was still declining in
relation to total consumer expenditures.
Since the capacity of consumers to carry
a debt burden varies with current income,
the relative decrease in credit outstanding
can be viewed as the building up of unused
credit capacity, an increase in capacity for
spending. It represents a margin that can
be used, as savings can be used, when the
supply of consumer goods becomes more
plentiful and when there may be a need in
the postwar economy for a large volume of
consumer buying to sustain employment
and income. But it is a resource that
should not be depleted before the need for
it arises.
CONSUMER CREDIT REGULATION AND
CONTROL OF INFLATION
Reserve data.
From the beginning, the control of consumer credit has been geared to be part
of the general and many-sided program of
the Government to moderate inflationary
tendencies. The danger of inflation has
arisen primarily because the vast wartime
expenditures of the Government in excess
of tax receipts have left consumers with
more income than there are goods for purchase. While a more adequate program of
taxation and of bond sales to individuals
was being developed, the rapid contraction
of consumer credit outstanding was an
important means of absorbing surplus
1945
417
CONSUMER EXPENDITURES A N D CONSUMER CREDIT
OUTSTANDING
[Amounts in billions of dollars]
Period
Consumer
expenditures,
average per
month
Consumer
credit, average
of month-end
figures
4.9
5.5
6.2
6.8
7.6
8.1
6.4
8.3
9.7
7.9
5.5
5.2
1935-39
1940
1941
1942
1943
1944
Ratio of
consumer
credit to
expenditures
1.3
1.5
1.6
1.2
0.7
0.6
NOTE.—Consumer expenditures are average monthly expenditures
from annual data of Department of Commerce. Consumer credit is
average of amounts outstanding at end of months in period, Federal
MAY
REVIEW OF THE MONTH
consumer income. In addition, prior experience showed that a general advance of
consumer income was usually accompanied
by an even greater increase in consumer
debt. With this in mind, Regulation W
was initially intended both to limit new
credit extension and to induce contraction.
The function of regulation now is more
largely to restrain the volume of new
credit; to keep it from adding to purchasing
power available for consumer expenditures. The need for inflationary safeguards
remains undiminished. At first inventories of goods accumulated prior to our
entrance into the war were a buffer between
enlarged consumer demand and restricted
current production. Now most of that
supply has been exhausted. At the same
time, current incomes, even after paying increased taxes, are far in excess of consumer
goods being produced, and the volume of
money and other liquid assets in the hands
of consumers is much larger than ever before
and still growing. There is a strong
tendency for expenditures to rise in the
418
face of shrinking supplies of civilian goods.
Consumers are buying whatever goods come
to the market; they are accepting considerable upgrading with little protest or notice
and they are exercising little quality discrimination.
The next critical period in the course of
consumer credit will come when the first
trickle of consumers' durable goods appears
on the market. Restraint in spending that
has been due to unavailability of goods,
strengthened by appeals to patriotism, may
diminish, and there will be a strong demand by consumers for goods that have
been unobtainable for so long. If credit
were permitted to augment this demand
before goods were available in adequate
amount, pressure on the market would be
excessive. It will be far better to preserve
the unused credit capacity of consumers for
the later period after the first strong demands for consumers' durable goods will
have been satisfied, and when support for
a high level of production and employment
will be needed.
FEDERAL RESERVE BULLETIN
SUPPLYING THE CREDIT NEEDS OF BUSINESS IN THE TRANSITION
by
ERNEST G. DRAPER
FOREWORD
At the outset may I make a personal affirmation of faith. I believe in the private enterprise
system. My twenty-nine years in business and
my subsequent ten years' work in Washington
have confirmed me in the belief that for the
United States the system of private enterprise is
the one that best suits our national temperament
and our great abilities. This system has its
faults, but so has every other system with which
I am acquainted. For us now, and in the foreseeable future, therefore, I believe we should
judge the great problems of reconversion and
after, from the standpoint of how we can
strengthen the private enterprise system so that
it will contribute its full share toward vitalizing
the economic and social health of this country
and, in due course, that of other countries in the
world as well.
When we talk of private enterprise, many of
us think primarily of trade and industry. We
are apt to forget agriculture and banking and, in
particular, the small country bank which in its
individual sphere of activity can be a great force
for community good.
With this viewpoint in mind, I should like to
discuss the problem of providing medium- and
long-term credit by the banks as an aid in developing and sustaining healthy private enterprise,
particularly in the field of trade and industry.
INTRODUCTION
If we are to have full employment after the
war the transition from war to peacetime operations of business must be accomplished promptly
and smoothly. The problems of reconversion
may well be greater, particularly for small- and
medium-sized business, than were those of conversion to war production. One of the most
vital problems of the transition and early postwar period will be that of obtaining adequate
1
Summary of a statement presented to the Committee on PostWar Economic Planning and Policy of the House of Representatives.
It presents the personal views of Governor Draper.
MAY
1945
financing. In addition to short-term credit for
supplying working capital, medium- and longerterm credit will be needed (1) to convert machinery and other plant facilities from the production of military to civilian supplies, (2.)- to
rehabilitate run-down, and replace obsolete,
plant and equipment, and (3) to acquire unusual
amounts of inventory which would otherwise be
taken over by the Government and disposed of
as surplus war property.
The important question is not the amount of
postwar credit needed by business, but the assurance that what is needed will be made available.
It is essential to the program of full employment
that no business, large or small, with reasonable
prospects for success under peacetime conditions
will lack credit.
Many of us who have been close to the situation believe that the private enterprise system is
best served when credit is supplied by banks and
other financing institutions which are themselves part of that system of private enterprise.
The question then arises as to whether, in any
substantial number of cases, private financing
institutions will be unable to furnish adequate
credit to worthy enterprises because of the relatively high risk involved. We have every reason to believe that there will be many such cases.
There have been within the past twelve years,
during the depression period and during the war.
These situations have been met in two general
ways, first, by the provision of facilities for
direct lending to industry by Government, and
second, by utilization of the partial insurance
principle, under which Government aid extends
only to guaranteeing, in part, credit which is
extended in the first instance by private financing
institutions.
While direct Government lending or financing
of industry is doubtless justified in periods of
extreme economic emergency, when private
credit institutions become ultra conservative, or
under war conditions, when construction of
special war facilities is necessary, there is as yet
419
CREDIT NEEDS OF BUSINESS IN TRANSITION AND EARLY POSTWAR PERIOD
no evidence that such financing will be necessary
during the reconversion period. Instead of
setting up Government lending agencies, it
would be better, if we mean to preserve the free
enterprise system, to assist the existing private
financing institutions to function effectively in
meeting the various credit needs of business in
the communities they serve. Otherwise, we
undo with one hand what we are trying to do
with the other, since Government direct lending
agencies often tend to compete, to a greater or
lesser degree, with private business in the field of
banking.
EXTENT OF CREDIT NEEDED IN THE
RECONVERSION PERIOD
While the early postwar credit picture is far
from clear, it appears likely that the total need
for short- and medium-term borrowings will not
be great. We are confronted with a mixed
situation. There are certain factors tending to
lessen the need for credit. For example, business, including small business, has by and large
improved its financial position during the war.
Many business enterprises undoubtedly have
ample liquid resources to go through the reconversion period without borrowing. Other factors indicate an especially acute need for credit
in individual cases or special situations. Instances of this sort are provided by nonwar small
businesses, enterprises that have not done well
during the war, and new businesses or new ventures by established concerns. This mixed and
rather incalculable outlook calls for a flexible
credit policy, one capable of dealing with offstandard situations and borderline risks.
Where credit is needed by business, it will be
needed acutely. Not only the existence of particular enterprises, but the employment capacity
of the nation will depend upon the prompt and
adequate availability of funds for reconversion
purposes. The question, therefore, is the extent
to which credit, especially private bank credit,
will flow into the area of acute need and relatively high risk. The problem is not one of
relief, but of maintaining the present prosperity
and full employment under circumstances of
readjustment.
4x0
As far as resources are concerned, it can be
stated without hesitation that the credit resources of the banking system are sufficient to
meet any and all credit requirements of the
reconversion period. These resources are distributed throughout the nation in some 14,000
banking institutions, each in touch with the
business and industry of its own locality. Three
billion dollars in war production loans at present
outstanding will be retired in large part during
the process of contract settlement. A large part
of this will have to be replaced with bank credit
for civilian purposes. Whatever the credit
demands may be, however, our private banks
and the Federal Reserve System have ample
resources to meet them.
There is no question as to the willingness or
desire of the private banking system to provide
adequate financing for reconversion. But in
doing so it may need the protection of a partial
guarantee similar to that now provided in the
V- and T-loan programs, if it is to assume the
borderline risks. The V loan was established
by Executive Order, and the T loan by the
Contract Settlement Act of 1944, but these loans
are strictly limited to the financing of war production and contract termination. Provision
for this type of loan insurance or guarantee is
contained in the Wagner-Spence bill (S. 511 and
H.R. 591), which is now in the hands of the
Banking and Currency Committees of the Senate
and House.
THE MARGINAL AREA OF RISK
Banks, like other private business enterprises,
exist for purposes of profit, and they are also
custodians oft he funds of their depositors. Responsibilities to stockholders and depositors
place natural limits upon the degree of loan risk
that should be assumed. However, there is a
marginal area of risk between financing which is
fundamentally uneconomic and financing which
the banker can reasonably be expected to supply.
That is the area into which the partial guarantee
principle enables the banker to venture by reducing bis lending risk.
The changeover, which will be faced by many
businesses in the reconversion period, from a
FEDERAL RESERVE BULLETIN
CREDIT NEEDS OF BUSINESS IN TRANSITION AND EARLY POSTWAR PERIOD
one-customer market—the Government—to the
competitive markets of peace time will bring to
the banker many new and perplexing credit problems. There will be many businesses with
balance sheets that do not show credit positions
which would justify advancing to them any
substantial amount of credit out of the funds of
depositors. Small- and medium-size business,
which has difficulty in raising equity capital
and which often, moreover, resists the idea of
increasing its equity owners for fear of forfeiting
its independence, will want especially the medium- or long-term loan for purposes of buying
new equipment or surplus war inventory and
other property. As already indicated, it is in
the public interest that credit be made available
to many of these marginal risks.
under Section 13 b has shown that the best position for a central bank lending agency to take in
fostering business credit is, not the direct loan
to industry, but the partial guarantee behind a
bank loan. This is logical, inasmuch as the
small- and medium-sized business is essentially a
community enterprise and is best financed by the
local banker, who is in close touch with his
customers.
The V-loan program, one of the outstanding
credit achievements in the history of American
banking, is a guarantee or insurance plan. Executive Order No. 9112. issued by the President
under his wartime powers on March z6, 1942.,
gave the War Department, Navy Department,
and Maritime Commission power to guarantee
loans made by banks and other financing institutions for purposes of financing contractors, subDEVELOPMENT OF THE LOAN GUARANTEE
contractors, or others engaged in any business or
PRINCIPLE
operation deemed to be necessary, appropriate,
Fortunately an eleven-year period of actual or convenient for the prosecution of the war.
experience indicates how the reconversion credit The Federal Reserve Banks were authorized to
problem can be successfully met by the private act as agents in carrying out the provisions of the
banking system with a minimum of Government order, subject to the specific instructions of the
guaranteeing agencies and the general superviparticipation.
sion
of the Board of Governors of the Federal
Two acts were passed in 1934 which contributed to this experience—The National Housing Reserve System. On April 6, 1942., the Board of
Act and the Act of June 19, 1934. The former Governors issued its Regulation V, prescribing
provided for Government insurance of bank general rules and policies for the guidance of the
loans to revive the home construction industry. Reserve Banks and, incidentally, giving the VThe latter, by adding Section 3d to the Recon- loan program its popular name.
struction Finance Corporation Act and Section
The V-loan plan was devised to assure ade13b to the Federal Reserve Act, provided for quate credit for war production, which many of
both direct lending and the guarantee of bank the small subcontractors were finding it difficult
loans to business and industry. The previous or impossible to obtain. While businesses of
year Congress had also provided for the insurance every size were benefited, the V-loan program
of bank deposits.
became especially the mainstay of the small subThe result of these enactments was to revive contractors. Sixty-two per cent (in number) of
the flow of credit, which had been slowed up by all V loans have been made to enterprises with
the depression. Private enterprise, both in less than $500,000 total assets or with less than
industry and in finance, was assisted through approximately 150 employees. How readily the
governmental action. But, by putting the banks availed themselves of the opportunity to
Government into the direct lending field, Con- make these reasonably safe loans is evidenced
gress at the same time made possible Government by the fact that to date 9.5 billion dollars of
competition with private enterprise.
bank credit has been made available to war
Insured loans worked out successfully in Fed- contractors under authorized Regulation V
eral Housing Administration financing. Like- loans.
wise, experience of the Federal Reserve Banks
At midyear of 1942., when the plan was only a
MAY
1945
42.1
CREDIT NEEDS OF BUSINESS IN TRANSITION AND EARLY POSTWAR PERIOD
few weeks old, 2..3 billion dollars of bank loans
for war purposes were outstanding, of which
only 4 per cent were V loans. By the middle of
1943 total war loans of banks had increased to
3.3 billion dollars, of which amount 44 per cent
was guaranteed, in part, under Regulation V.
The end of 1943 saw bank war credits at their
peak, with 3.5 billion dollars outstanding. At
this date 55 per cent of all war loans were guaranteed under Regulation V. By June of 1944
bank loans for war purposes had dropped to 3.x
billion dollars, but V loans had continued to
increase, amounting to x.i billion, or 66 percent
of the total.
Business was now in a generally stronger
financial position, and the banks were beginning
to make more loans without the guarantee.
Thus, at the end of 1944 bank war loans of 3.1
billion dollars were outstanding, the same
amount as on June 30, but the V loans had declined to 1.7 billion, or 54 per cent of the total.
The guaranteed loan program will automatically disappear with the settlement of canceled
war contracts, just at the moment when reconversion is beginning, unless the plan is extended
through the passage of the Wagner-Spence bill
(S. 511, H.R. 591). This proposed legislation
provides in general for continuing the V-loan
method under Federal Reserve System supervision and applying it to the credit problems of
reconversion. The bill amends Section 13b of
the Federal Reserve Act. First, the restriction
on the making of loans to provide working
capital only is removed. This is because loans
for the acquisition of plant and equipment will
be in much demand. Second, the restriction of
loans to a maximum five-year maturity is removed. This is because in many cases mediumterm loans of longer than five years will be necessary. Third, the 80 per cent guaranteeing limit
is raised to 90 per cent. This change is based on
the V-loan experience, namely, that banks will
need that much protection in many of their
loans, particularly the smaller ones. Fourth,
the 139 million dollars that was appropriated in
1934 under Section 13b is mad^ available as a
guarantee fund. Finally, the direct lending
provision is eliminated. These new powers are
provided only for a period ending December 31,
42.x
1949 so as to make it clear that the program must
be re-examined at that time.
The total guaranteeing operation under this
bill can not be as large as the V-loan operation,
but can be about as large as the V-loan program
in the two bottom-size brackets, that is, to borrowers with assets under $500,000. On the fourto-one ratio provided in the bill, the total guarantee or commitment outstanding could be about
500 million dollars. Assuming an 85 per cent
average coverage of the total risk, which has
been the experience under the V-loan program,
this would provide over 600 million dollars of
bank credit outstanding at any given date.
It is believed that this legislation should be
adopted without further delay, for the reconversion period is imminent. The loans would be
made by private banks. To the extent that they
are made without reliance upon the guarantee,
so much the better. As with the V and T loans,
the fee which the lending banks would pay for
the guarantee would increase with the percentage of the loan guaranteed. Hence, an inducement would exist for the banks to assume as
much of the risk as they felt they safely could.
No appropriation would be required from Congress, since the fund originally provided under
Section 13b, which would be made available,
should constitute an adequate guarantee fund.
Of all the plans by which Government would
provide business and industrial credits in the
period of transition, the Wagner-Spence bill
most fully conforms to the policy of doing the
job and at the same time preserving private
enterprise. The relationship between the business enterprise and its local bank should not be
interrupted or disrupted. The success of the
V-loan program in liberating 9.5 billion dollars
in bank credit on the high risk margin of war
production is our best guide to the principle that
should be used in fortifying the bank credit situation of business and industry under the great
strains that will undoubtedly be encountered in
the transition from war to peace.
These thoughts must have been in the mind of
Mr. Justice Byrnes when, as Chairman of the
War Mobilization Board and on two separate
occasions, he strongly recommended the passage
of the Wagner-Spence proposals.
FEDERAL RESERVE BULLETIN
RETAIL CREDIT SURVEY—1944
Total retail sales increased again in 1944,
Although credit sales in 1944 were in about
reaching a new high level of 69 billion dollars the same volume as in the preceding year, their
or about 9 per cent above that of 1943. Credit composition shifted further toward the soft
sales continued in about the same volume as in goods lines. Credit sales of trade concerns spethe two prior war years but comprised less than cializing in consumers' durable goods, particuone-fourth of total retail transactions. This larly their sales on an instalment basis, receded
compares with slightly more than one-third in further from the already low levels of 1942. and
1943. A comparison of the position of trades
the years immediately preceding the war.
The declining importance of credit sales in the
RETAIL SALES
face of a growth in total sales is peculiar to wartime. Ordinarily an increase in sales volume is
accompanied by a more than proportionate rise
in credit sales. The explanation of the reverse
situation during the war is to be found in the
abrupt shift in the composition of sales away
from consumers' durable goods, which ordinarily
TABLE I . R E T A I L SALES BY T Y P E OF TRANSACTION
Annual estimates for total retail trade
Sales (In billions of dollars)
Percentage of total
sales
Year
1939
1940
1941
1942
1943
1944
Total
Cash
Charge
account
42.0
46.4
55.5
57.6
63.7
69.3
27.2
29.9
36.3
42.5
48.9
54.2
10.7
12.4
12.3
12.4
12.8
9.9
Instalment
Cash
Charge
account
Instalment
4.9
5.8
6.8
2.8
2.4
2.3
65
64
66
74
77
78
23
23
22
21
19
19
12
13
12
5
4
3
NOTE.—Estimates of total retail sales compiled by the Bureau of
Foreign and Domestic Commerce, United States Department of Commerce. Sales by type of transaction are based on data from the Census
of American Business for 1939, projected according to data from the
Retail Credit Survey for subsequent years with appropriate allowances
in cash sales to adjust for bias in the Survey sample.
are important in credit selling, and also in the
very greatly expanded current incomes in relation to the supply of goods available for purchase by consumers. As a result, individual
holdings of cash have increased and consumer
credit has declined. Estimates of cash and
credit sales for all retail stores in the country,
based on data obtained in the 1944 Retail Credit
Survey,1 and their relation to total retail sales
are shown in the accompanying table and chart.
1
The 1944 Retail Credit Survey conducted by the Federal Reserve
System covers nine retail trades and includes reports from 5,750 creditgranting stores, about 4,100 of which supplied data for selected balance
sheet items. Totals include a number of multi-unit firms which submitted consolidated reports, and, therefore, could not be classified by
size, or, in some cases, by geographical region. Since stores operating
wholly or mostly on a cash basis are not represented, the proportion of
cash sales for individual trades is undoubtedly understated. Estimates
of total sales, shown in Table 1, make allowances for divergence in the
reporting sample from actual conditions.
Coverage varies considerably among the several trades, ranging
from about 61 per cent of total 1944 sales for department stores to
around 5 and 6 per cent for household appliance and hardware stores,
respectively.
1940
as conventionally classified has much less meaning for the war period than for prewar periods,
however, since there has been a great shift in the
composition of sales in many trades. For example, the limited supplies of furniture and
other consumers' durable goods have made the
distinction between department stores and apparel stores much less clear-cut. At the same
time, stores concentrating on scarce or unavailable merchandise, such as household appliances,
have added supplementary lines, many of which
are quite unrelated to their customary stocks.
All of these changes make comparisons between
trades and between the current and preceding
years tenuous and difficult. These conditions
should be considered in interpreting the figures by trades shown in Table 2..
The year 1944 was the first of the war period
in which receivables arising from credit sales
NOTE.—Copies of the 1944 Retail Credit Survey, which contains separate data for nine trades, may be obtained on request from the
Division of Administrative Servicesy Board of Governors of the Federal Reserve System, Washington 25, D. C.
MAY
1945
RETAIL CREDIT SURVEY
TABLE 2..
1944
RETAIL SALES BY TYPE OF TRANSACTION AND BY KIND OF BUSINESS
Stores reporting in Retail Credit Survey
Percentage of total sales, 1944
Percentage change, 1943-1944
Kind of business
Number
of stores
reporting
1,446
436
319
Department stores
Men's clothing stores
Women's apparel stores
Furniture stores
Household appliance stores
Jewelry stores
976
466
314
Hardware stores
Automobile dealers
Automobile tire and accessory stores
481
632
680
1
Total
sales
Cash
sales
Chargeaccount
sales
+11
+9
+12
+5
-14
+2
+9
+1
+15
+13
+14
+16
+8
+2
+9
+3
+15
(x)
+6
+14
+4
+21
Instalment
sales
Cash
Charge
account
Instalment
-5
66
63
53
29
33
44
5
4
3
+1
-13
-1
-32
-3
+1
24
40
52
18
36
23
58
24
25
+3
+8
+17
+10
-17
-17
52
49
40
46
34
54
2
17
6
Less than half of one per cent.
failed to decline. In i94x and to a lesser extent
in 1943, instalment credits extended in the active
trading years of 1940 and 1941 were being repaid,
but by the beginning of 1944 their liquidation
was virtually completed. During 1944, by contrast, there was actually an increase in both
instalment and charge accounts receivable; the
increase was sizable in the case of charge accounts receivable and very slight in the case of
instalment receivables. Also during 1944, there
was no appreciable, further shortening of the
collection period for either charge or instalment
accounts receivable; but the average repayment
periods for both are generally well below the
regulatory maxima,2 as shown in the accompanying table. For several years there has been
a tendency toward greater uniformity in maturities among trade lines.
payable the 10th day of the 2nd month after sale.
TABLE 3.
With the wartime acceleration in collections,
the use of retail credit has become more a
matter of convenience and less a ' 'mortgaging' *
of future income. In some years prior to the
war, changes in consumer credit receivables were
equivalent to anywhere from one-third to onefourth of consumer savings and, as recently as
1942., they accounted for more than a tenth of
consumer savings. At present, they are no more
than a few percentage points of such savings.
During 1944 there was a further growth in the
liquidity of retailers, especially of small establishments. Since current liabilities as well as
current assets increased, there was no material
change in the current ratio; but net working
capital at the end of 1944 was substantially
larger than a year earlier. Although most of
the increase in current assets went into United
States Government securities, the increase in
cash balances was also substantial. Notwithstanding a reduction in inventories in almost all
R E T A I L ACCOUNTS RECEIVABLE
Stores reporting in Retail Credit Survey
Percentage change
in accounts receivable during 1944
Kind of business
Charge
account
(VWv
Ull I*
Department stores
Men's clothing stores
Women's apparel stores.
Furniture stores
Household appliance stores.
Jewelry stores
Hardware stores
Automobile dealers
Automobile tire and accessory stores.
1
2
Instalment
Average collection period for accounts
1944
1943
1944
1943
7
6
7
8
6
8
+17
+11
+16
+2
+6
-9
49
56
59
49
54
59
+1
—4
—48
-2
59
48
48
66
48
48
-4
50
43
40
54
41
43
—8
-2
+14
+8
C1)
Instalment
(In months)
Charge account
(In days)
2
7
9
26
8
9
13
12
15
7
7
8
14
2
Instalment paper
sold as percentage o\
instalment sales
1944
2
(i)
1
C)
1
2
1943
2
(1)
(*)
1
3
C1)
C1)
2
53
(1)
4
52
C1)
Less than half of one per cent.
Includes some longer term, preregulation credit, most of which was liquidated by early 1944.
FEDERAL RESERVE BULLETIN
RETAIL CREDIT SURVEY 1944
trades, retailers increased their indebtedness to
trade suppliers. Bank loans declined somewhat
further from the low level at the end of 1943.
in amounts outstanding. Charge accounts receivable at the end of 1944 were almost as large
as those at the peak of 1941 and were higher than
for any other year of record.
CHARGE-ACCOUNT SALES AND RECEIVABLES
Total charge-account sales during 1944 are
estimated at 3 per cent above the 1943 level and
were the highest on record. The increase was
general among the retail trades, as shown in the
accompanying chart. Even though at record
levels, charge-account sales were a smaller
proportion of total sales than in the preceding
year. Not only were charge-account sales a
diminishing proportion of total sales at creditgranting stores, but there was less expansion of
total sales at these stores than at establishments
that operate primarily on a cash basis, such as
eating and drinking places, grocery stores, and
variety stores. As in prewar years, the larger
stores in most trades continued to sell relatively
more on charge account than small stores, but
the differences between them have been somewhat narrowed.3 Regional differences in the
use of charge-account credit have been less
pronounced during the war period than in earlier
years.
The volume of charge accounts receivable
was 17 per cent larger at the end of 1944 than
at the end of 1943. The increase in receivables in 1944, however, did not result from a
lengthening of collection periods. During the
second half of the year there was a spurt in
charge-account business, particularly during the
extended period of holiday shopping, which
caused more than the usual seasonal expansion
3
Reporting firms are classified as small, medium, and large, on the
basis of 1944 annual sales volume. These classifications have different
meanings for the various kinds of business. The size range for each
is indicated below:
Kind of business
Small
I
Medium
I
Large
(1944 annual sales. In thousands of dollars)
Department stores... Under 1,000 1,000 to 10,000 10,000 and over
250 250 to 1,000 1,000 " "
Men's clothing stores,
Women's apparel
250
250 to 1,000 1,000
stores
Furniture stores
Household appliance
stores
Jewelry stores
Hardware stores
Automobile dealers..
Automobile tire and
accessory stores...
MAY
1945
"
200
200 to
500
500
100
100
100 to
100 to
250
500
250
500
100
250
100 to
250 to
500
500
500
500
50
50 to
100
100
CHARGE ACCOUNT SALES
PER CENT
OF
SELECTED RETAIL TRADES
ANNUAL DOLLAR VOLUME , 1 9 3 9 • 1 0 0
IPER CENT
JEWELRY STORES
FURNITURE STORES
WOMEN'S APPAREL
STORES
DEPARTMENT STORES -
HARDWARE STORES
]939
1940
)94!
1943
J944
The average collection period for charge accounts in the South, which before the war was
much longer than in other areas, has been shortened considerably but is still longer than in other
parts of the country.
INSTALMENT SALES AND RECEIVABLES
In contrast with the peak reached by chargeaccount sales, instalment sales declined slightly
during 1944 and were lower than for any other
year of record. Trades in which instalment
selling is important, such as automotive and
household appliance stores, took their big cut
in 1942., but in 1944 they reported further declines from already low levels. Instalment sales
were reasonably well maintained at furniture
stores and were generally above prewar levels
at jewelry and women's apparel stores, though
less than in 1943. The 10 per cent excise tax
which became effective April 1, 1944 apparently
curbed both jewelry and fur sales and accounted
for some decline in instalment business. Notwithstanding any deterring influence taxes may
have had, consumer expenditures for jewelry,
including taxes, were the highest on record and
42-5
RETAIL CREDIT SURVEY
1944
were more than double the 1940 level. A reduced volume in fur sales probably accounted for
most of the drop in instalment sales at women's
apparel stores. In addition to buyer resistance
to the excise tax, many of the quality furs were
difficult to obtain. Fur sales ordinarily account
for a considerable part of the instalment business
in women's apparel stores. The movement of
instalment sales by kind of business is shown in
the accompanying chart.
Aside from furniture, a major part of the instalment business is now in the soft goods lines.
The small remaining trade in consumers' durable
goods is largely in second-hand articles. Many
of these sales are between individuals and thus
outside the sphere of organized retail trade.
in the case of charge accounts, most of the gain
in instalment receivables accompanied the increased buying in the latter half of the year.
Department stores and men's clothing stores
accounted for most of the increase. In all other
retail groups except automobile dealers, instalment receivables declined.
At the beginning of 1944, more than two years
had elapsed since the initial regulation of consumer credit and by this time a large proportion
of the longer term, preregulation instalment
credits had been liquidated. Receivables have
been compressed also by a more than ordinary
volume of payment before maturity. Expanded
incomes and uncertainty as to postwar employment have both promoted this action.
The average maturity of instalment receivables
INSTALMENT SALES OF SELECTED RETAIL TRADES
has continued to be considerably below the regulatory standards. The average period instalment accounts were outstanding at apparel and
jewelry stores in 1944 was about six and seven
months, respectively, while at most department
stores the average collection period was even
shorter. Furniture accounts were outstanding,
on the average, around eight months.
It has been reported that retailers in some
greatly expanded war centers had become reluctant to grant maximum credit terms. They had
voluntarily imposed six-month and even shorter
maturities in expectation of an early close of the
European phase of the war followed by cancellation of contracts or severe cutbacks in war orders
with consequent unemployment. The city figAny financing in connection with these trans- ures collected in this Retail Credit Survey indiactions is probably reflected in the instalment cate, for example, that the average maturity of
accounts of small loan companies, banks, and furniture store contracts in San Diego, San
other cash lenders.
Francisco, and Milwaukee was between six and
Instalment sales in war production centers seven months, and in Detroit was less than eight
covered by the 1941 and 1943 Retail Credit Sur- months. On the other hand, these contracts
veys frequently showed considerable expansion, appear to have averaged between ten and twelve
even though instalment business generally was months in New York City, Boston, Syracuse,
declining. In 1944, however, these war produc- and Nashville.
tion areas seem to have had no relative growth
CASH SALES
in instalment sales, and often reported a decline,
even while cash business was still expanding.
In 1944, as in the two preceding years, expanAlthough instalment sales declined, there was sion in cash sales accounted for virtually all of the
a slight increase in instalment receivables be- growth in total retail transactions. Throughtween the end of 1943 and the end of 1944. As out this period, the proportion of cash sales
939
1940
1941
4x6
1942
1943
1944
FEDERAL RESERVE BULLETIN
RETAIL CREDIT SURVEY 1944
increased for nearly all trades. Growth in cash
sales can be largely explained by higher consumer incomes and by the wartime shift in composition of merchandise from consumers' durable
goods customarily sold on credit to items commonly purchased for cash.
The most conspicuous gains in total sales
during the war period have been in trades that
traditionally sell for cash; in the dominantly
credit fields, such as automobile dealers and
household appliance outlets, there has been a
shrinkage. Furthermore, areas showing the
greatest expansion in total sales have also had
the most striking increases in the proportion of
cash transactions. The following chart shows
changes in cash sales for the nine trades covered in
the Retail Credit Survey. The increase in cash
sales for these trades averaged substantially less
than the increase in cash sales for all retail
business.
CASH SALES OF SELECTED RETAIL TRADES
FURNITURE STORES
WOMEN'S APPAREL
STORES
HOUSEHOLD APPLIANCE
STORES
MEN'S CLOTHING STORES
HARDWARE STORES
DEPARTMENT STORES
The large increase in public holdings of deposits and currency is a more than adequate explanation of the continued growth in cash business. Even though cash sales in 1944 were
double the 1939 volume, cash holdings of individuals have more than trebled over the same
period.
THE CURRENT FINANCIAL POSITION OF RETAILERS
Almost all wartime factors have made for substantially greater liquidity of credit-granting
retailers. Sales have been increased, mark-ups
maintained, services curtailed, profits well sustained, and inventories reduced. The increase
MAY
1945
in accounts receivable has been small. Increased
holdings of United States Government securities
in 1944 account for most of the further substantial growth in liquidity for both incorporated and unincorporated businesses.
Security holdings of all retailers increased more
than 50 per cent during the year. Unlike the
preceding year, most of this rise represented a
net increase in liquidity. Tax liabilities of
corporate retailers had increased substantially
in 1943 and were frequently offset by the
purchase of tax savings notes. In 1944, the
accrual of tax liabilities was much less than in
the preceding year. As a result a much smaller
proportion of Government securities was earmarked for tax purposes and a larger part was
added to net working capital.
There was also a substantial increase in the
cash holdings of retailers, particularly of unincorporated firms. It is estimated that cash and
bank deposits of retailers at the end of 1944
totaled between 5 and 6 billion dollars. 4 This
amount is nearly equivalent to the total volume
of retail inventories normally carried prior to
the war.
That the substantial increase in corporate retailers' current assets during 1944 was accompanied by some increase in current liabilities is
shown by the data for nine trades summarized
in the accompanying table. Bank borrowings
of corporate retailers, which had declined during
the previous year, showed little change during
1944, but trade payables increased somewhat.
Other current liabilities, including tax accruals,
were also higher. In the case of unincorporated
businesses, current liabilities declined slightly
owing to a further substantial reduction in notes
payable to banks and some decrease in other current liabilities. Trade payables of these retailers were larger on December 30, 1944 than a
year earlier, but the increase was less than for
corporate retailers.
Bank indebtedness of all retailers at the end of
1944 was below prewar levels. As a group, they
now have not only larger holdings of cash but
also considerable unused borrowing capacity in
reserve for the time when inventories can be replenished and capital improvements made.
4
This estimate is based on the Federal Reserve System's survey of
the ownership of bank deposits, together with an allowance for currency
and time deposit holdings.
4x7
RETAIL CREDIT SURVEY 1944
TABLE 4.
SELECTED BALANCE SHEET ITEMS
Weighted total for stores reporting in Retail Credit Survey1
Percentage
change
during 1944
Corporations
Current assets:
Cash and bank deposits2.. +3
United States Government
securities
..
. .
+57
Accounts receivable
+9
Inventories .
-7
Other
+16
+56
+9 +11
Total
Current liabilities:
Notes payable to banks...
Trade payables. •... ; v
Other current liabilities...
Total
Net working capital
-2
-29
+8 +3
+13 - 4
+10 - 5
+8 +15
Current ratio*
Percentage of total
current assets at end of
year
Corporations
Other
1944
1943
1944
1943
25
27
33
31
22
20
33
15
20
38
15
16
36
11
18
40
100
100
100
100
2
9
19
2
10
18
2
8
7
3
9
8
30
70
30
70
17
83
20
80
3.3
3.4
5.9
5.1
1
Reported figures for individual retail trades were weighted in
accordance with the relative importance of the total business in each
year.
2
Changes in total cash and deposits differ somewhat from findings
of the Federal Reserve System's survey of the ownership of bank
deposits even after allowance for differences in dates of reporting and
constituency of items. Retail Credit Survey figures for unincorporated retailers agree reasonably well with those from the deposit
survey, but those for corporations show a much smaller increase.
3
Less than half of one per cent.
* Ratio of current assets to current liabilities.
as well maintained as those of apparel stores, and
better maintained than those of furniture stores.
The somewhat larger year-end inventories of
hardware and automobile tire and accessory
stores probably reflect further stocking of lines
that were added when items customarily sold
were no longer available.
Buying policies of retailers, particularly those
of large firms, have tended to become more conservative during the past year, primarily because
of a reluctance to overstock substandard merchandise. By the end of 1944, wartime substitutes commonly referred to as victory models
apparently comprised a much smaller proportion
of total inventories than a year earlier and only
limited orders for such merchandise were placed.
With the continued rise in retail sales, the rate
of inventory turnover increased in most stores,
but was relatively more rapid in the larger ones.
Comparisons of inventory turnover by size of
store and by kind of business are shown in the
following table.
TABLE 5.
INSTALMENT PAPER SOLD
Retailers in most of the trades covered in the
Survey sold approximately the same proportion
of their instalment paper in 1944 as they did in
1943. Automobile dealers sold somewhat more
than half in both years but other trades sold a
negligible part of their instalment paper. Hardware and household appliance stores disposed of
a slightly smaller proportion of their instalment
paper than in the preceding year, while department stores slightly increased the percentage
sold.
Stores reporting in Retail Credit Survey
Difficulties in securing merchandise, which
were confined to a few lines in the early part of
the war, became general during 1944. Almost
all goods were scarce, bookings hard to arrange,
and deliveries uncertain. The small rise in inventories reported at women's apparel stores
may be explained in part by the growing tendency to stock more expensive merchandise and
the building up of luxury departments such as
costume jewelry and novelties. Inventories of
hardware stores, notwithstanding their considerable dependence upon metallic goods, were
4x8
Inventory turnover in
1944
Perby size of store1
centage
change
during
1944 Total Small dfuS; i - *
Kind of business
Department stores
Men's clothing stores
Women's apparel stores
5.8
4.1
5.4
4.8
3.0
4.6
6.3
4.1
5.5
6.0
5.3
5.1
3.4
3.0
2.2
3.1
3.3
1.9
3.6
3.8
2.2
3.1
4.0
2.3
+5
3.6
5.6
2.9
5.0
3.5
5.8
4.2
6.1
+6
6.9
4.6
5.7
8.3
—4
-8
+3
Furniture stores
Household appliance stores.
Jewelry stores
Hardware stores
Automobile dealers
Automobile tire and accessory stores
1
INVENTORIES
INVENTORIES BY K I N D OF BUSINESS AND
SIZE OF STORE
2
-26
For basis of size classification, see footnote 3 on p. 425
Less than half of one per cent.
The physical volume of inventories has diminished even more than the dollar volume, reflecting the effect of increased prices and a general
trading up into higher priced lines. This shift
to more expensive goods was furthered by the
virtual exhaustion of irreplaceable stocks in
many lines of lower priced merchandise. According to prewar standards, the inventories of
nearly all retailers are currently out of balance.
Restocking of items and price lines now entirely
missing or in very short supply will be one of the
reconversion tasks confronting retailers.
FEDERAL RESERVE BULLETIN
Net profits of member banks increased substantially in 1944 to 649 million dollars. They
were substantially larger than in any previous
year and about two-thirds larger than in 1941
and 1942.. The increase was due primarily to
earnings on the banks* increased holdings of
United States Government securities. At the
beginning of the war, bank profits were moderate. During the 1930's they had dropped
sharply with the decline in earning assets and
in the level of interest rates, with the result
that special steps were taken to supplement
earnings and reduce expenses. On the earnings
side service charges were widely introduced and
increased, and on the expense side interest on
demand deposits ,^vas eliminated and lower rates
paid on time deposits. Dividends paid have
not increased substantially. A large portion of
the increased earnings in recent years has been
added to capital accounts, which had been somewhat depleted in the early 1930's and subsequently had not grown as rapidly as the volume
of bank liabilities. Despite the increase in capi-
tal accounts, however, the ratio of net profits
to capital accounts increased from 6.7 per cent
in 1941 to 9.7 per cent in 1944, when it was
nearly as high as in the previous peak years of
1919 and 19x0.
As shown in the table below, the increase in
net profits from 1943 to 1944 was greater at reserve city and country banks than at central
reserve city banks, where the increase in Chicago
was approximately offset by lower net profits in
New York. All classes of banks showed substantial increases in net current earnings.
Earnings on securities again increased substantially because of a further increase in holdings of United States Government securities, and
amounted to 960 million dollars in 1944 compared with 445 millions in 1941. Member
banks now hold about 70 billion dollars of
Government securities, nearly four times the
1941 average level of around 18 billion dollars;
such securities now comprise nearly threefourths of all earning assets, compared with less
than half the total in 1941. The average rate
MEMBER B A N K EARNINGS, BY CLASS OF B A N K ,
1943
AND
1944
[Amounts in millions of dollars]
Item
All member
banks
Central reserve city banks
New York
Reserve city
banks
Chicago
Country banks
1943
1944
1943
1944
1943
1943
1944
Earnings
On securities
On loans
Other earnings
1,650
766
563
321
1,874
960
563
351
343
185
91
67
392
221
99
72
90
52
23
15
102
60
26
17
618
283
216
119
692
347
216
129
598
246
233
120
688
332
223
133
Expenses
Salaries and wages
Interest on deposits
Taxes other than on net income
Other expenses
1,039
487
124
84
344
1,127
525
144
83
375
184
98
3
12
71
199
106
4
12
77
49
22
5
5
17
52
23
6
5
18
390
183
46
34
127
421
196
55
32
138
416
184
69
33
130
454
200
79
33
142
Net current earnings
611
747
159
193
50
228
270
183
234
Recoveries, profits on securities, etc
312
251
318
232
127
65
101
61
21
16
81
86
99
87
87
77
97
68
282
193
67
24
Losses and charge-offs
Net profits before income taxes
Taxes on net income
Net profits
Ratios:
To total capital accounts:
Net current earnings
Net profits
Total earnings to total assets.
Earnings on securities to securities
Earnings on loans to loans
MAY
1945
16
1944
1943
23
673
833
222
233
115
184
37
60
557
649
185
173
54
224
13
45
41
179
34
10
25
1944
216
169
263
44
219
9.7
11.1
9.7
8.9
10.3
10.1
9.1
13.1
7.8
14.5
12.0
10.9
8.6
12.2
9.7
8.7
8.0
10.5
9.8
1.7
1.4
3.5
1.7
1.5
3.2
1.4
1.2
2.0
1.4
1.3
1.9
1.6
1.5
2.5
1.6
1.5
2.4
1.8
1.5
3.5
1.7
1.4
3.3
2.1
1.6
4.9
2.0
1.6
4.7
MEMBER BANK EARNINGS IN 1944
earned on securities, which has been declining
for about 2.0 years, was about 1.5 per cent in
1943 and 1944.
In the earlier part of the war financing program the increase in bank holdings was largely
in low-rate short-term securities. In recent
months, however, there has been a tendency for
banks to purchase in the market the highest
coupon securities available to them, principally
the outstanding 2. per cent bonds. Additions
to holdings of Government securities maturing
within five years constituted 70 per cent of the
increase in total member bank holdings during
1941; during 1943 this percentage declined to
63 per cent and in 1944 to 54 per cent. At the
end of 1944, holdings of Government securities
maturing within five years constituted 56 per
cent of total member bank holdings of Government securities, compared with 40 per cent or
less during 1940, 1941, and the first half of 1942.
In the Seventh War Loan Drive the maximum
coupon rate of interest has been reduced on new
issues available for ownership by banks in the
near future. This will serve to hold down the
average rate of earnings on securities and to
diminish somewhat the growth in bank earnings resulting from the wartime expansion in
bank holdings of Government securities. It
will moderate the increase in the interest on the
public debt, but under existing circumstances
does not place any undue burden on the banks,
since bank earnings are increasing much more
rapidly than their expenses.
The average rate earned on loans has declined
almost without interruption since 1929 but the
volume of loans outstanding was somewhat
larger in 1944 than in other recent years. Total
earnings on loans were thus unchanged from
the previous year. They amounted to only 30
per cent of total earnings in 1944 compared with
40 to 50 per cent in the years i933~i94i; previously, the proportion had been even higher.
Service charges on deposit accounts increased
by over 9 million dollars to 86 millions in 1944;
this item has increased every year since it was
first reported separately in 1933. Other earnings, of which trust department earnings are the
430
largest item reported separately, also showed
some increases in 1944.
Nearly all items of expenses showed increases,
but to a lesser extent than earnings. Salaries
and wages increased by 38 million dollars to 5x5
millions. Interest payments on deposits were
larger for the first time in several years as a
result of the rapid growth in volume of time
deposits. The average rate of interest paid on
such deposits continued to decline and was only
0.8 per cent in 1944.
The excess of recoveries and profits over losses
and charge-offs was 86 million dollars in 1944,
compared with 61 millions in 1943 and with net
losses in most previous years. On securities,
such an excess has occurred in every year
since 1934. On loans it occurred in 1943 and
1944 following net losses in previous years.
Taxes on net income have increased substantially since this item was first reported separately in 1942.. They amounted to 184 million
dollars in 1944, compared with 115 millions the
previous year and 68 millions in 1942.
As previously mentioned, the reduction in the
maximum coupon rate of interest on new securities available for ownership by banks will be an
important factor tending to diminish the growth
in bank earnings. Other developments may
also curtail the further growth of net profits.
For instance, banks might decide to reduce
service charges or to raise rates on time deposits.
The large volume of currency in circulation is a
potential source of additional bank deposits that
might be attracted by such means. Also, bank
expenses, such as salaries and wages paid to
employees, may increase further when wartime
restrictions on use of manpower and on salary
changes are removed. Finally, it seems unlikely that recoveries and profits over the long
run will continue to exceed losses and chargeoffs by amounts as large as in 1943 and 1944.
As indicated in the footnotes to the accompanying table, there has been a change in reporting which has affected the comparability
of certain figures pertaining to bank earnings.
Beginning with 1942, taxes on net income are
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS IN 1 9 4 4
shown separately; for earlier years they are
included in expenses. Another change in 194/2.
was the transfer of recurring depreciation on
real estate from losses and charge-offs to expenses. If data were available by which to
apply these changes to earlier years, it seems
probable that the figures for net current earnings
would not be greatly affected. They would,
however, be reduced somewhat in most years
MEMBER
BANK
EARNINGS,
prior to 1941. The net profits figures are comparable except to the extent that they are
affected by accessions to and withdrawals from
membership and mergers of member and nonmember banks. In recent years the effect of
such changes on net profits has been negligible.
Detailed figures of earnings and related items
together with selected ratios appear on pages
491-501 of this BULLETIN.
SELECTED
YEARS,
192.9-10,44
[Amounts in millions of dollars]
Item
1929
Earnings
On securities
On loans 1
St rvice charges on deposit accounts
Other earnings
Expenses 2 3
Salaries and wages
Interest on time deposits 4
Interest on interbank deposits
Interest on demand deposits (excluding
interbank) .f
Taxes other than on net income 2
Other expenses 3
Net current earnings
1935
1936
1937
1,554
458
851
245
1,207
467
498
' 36
205
1,271
487
513
39
231
1,321
481
553
45
243
1,274
448
544
51
232
1,296
444
560
54
237
1,143
357
302
35
833
334
196
3
872
352
175
2
902
372
174
2
890
380
171
98
67
9
64
226
7
81
255
5
86
263
374
399
376
538
508
442
1932
285
23
410
Recoveries, profits on securities, etc
113
778
Losses and charge-offs3
1941
1942
1943
1944
1,323
431
595
59
238
1,417
445
665
65
242
1,487
540
r
649
68
r
230
1,650
766
r
563
76
r
245
1,874
960
563
86
265
895
388
159
921
400
147
988
426
140
l,039
487
124
1,127
525
144
82
257
85
262
100
273
129
293
r
84
344
83
375
419
384
401
402
429
256
338
279
398
327
380
303
356
278
318
1938
1939
1940
Net profits before income taxes
Taxes on net income
-255
Net profits
Cash dividends declared5
Number of banks a t end of year
8,522
212
465
337
265
347
349
390
r
l,002
461
128
r
r
81
331
r
r
611
747
188
223
312
251
318
232
451
673
833
68
115
184
383
557
649
485
245
187
199
201
198
207
210
211
.203
208
226
6,816
6,387
6,376
6,341
6,338
6,362
6,486
6,619
6,679
6,738
6,814
r
Revised; see footnotes 1 and 2.
Beginning with 1942, includes "service charges and fees on loans," an item previously included in "other earnings."
2
Beginning with 1942, taxes on net income are reported separately; previously they were included with other taxes in expenses.
3
Recurring depreciation on real estate is included in expenses beginning with 1942 and in losses and charge-offs in prior years.
4
Beginning with 1938, "interest on time deposits" includes interest on interbank time deposits; interest (if any) on demand deposits is included in "other expenses."
6
Includes interest on capital notes and debentures.
1
MAY
1945
431
CURRENT EVENTS
Death of Director
Mr. J. G. Gutting, President, The Second
National Bank of Cincinnati, Cincinnati, Ohio,
who had served as a director of the Cincinnati
Branch of the Federal Reserve Bank of Cleveland since January i, 1943, died on April 13,
1945Appointment of Branch Director
On April 19, 1945, the Federal Reserve Bank
of Cleveland appointed Mr. Waldo E. Pierson,
President, The First National Bank of Cincinnati, Cincinnati, Ohio, a director of the Cincinnati Branch for the unexpired portion of the
term ending December 31, 1946, to succeed
Mr. J. G. Gutting.
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during the period March 16, 1945, to April 15,
Illinois
Chestnut—Bank of Chestnut
Chicago—Devon-North Town State Bank
Indiana
Ligonier—American State Bank
Middletown—Farmer's State Bank
Missouri
Cole Camp—The Citizens-Farmers Bank of
Cole Camp
Montana
Chinook—First State Bank of Chinook
Poplar—Traders State Bank of Poplar, Montana
Pennsylvania
Philadelphia—The Real Estate Trust Company
of Philadelphia
Texas
Mansfield—State Bank of Mansfield
Uvalde—First State Bank of Uvalde, Texas
Wisconsin
Milwaukee—Lincoln State Bank
COMPILATION OF STATE LAWS RELATING TO BANK RESERVES
The Legal Division of the Board, with the
assistance of the counsel for the Federal Reserve Banks, has prepared a compilation of
provisions of State laws relating to reserves
required to be maintained by State banks
against deposits. Copies of the compilation
432-
are available for distribution upon request.
This compilation, prepared as of December 31,
1944, supersedes the similar compilation of
State laws relating to bank reserves which
was published in the Federal Reserve BULLETIN
for March 1937, pages i88-xi9.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled April 23, and released for publication April 25. Figures shown on
charts may differ from preliminary figures used in text.
Industrial activity was maintained at a high
level in March. Value of retail sales was at a
record for this season of the year.
INDUSTRIAL PRODUCTION
and was at about the same level as in March
1944. Owing to increased military purchases
in recent months, however, supplies available
for civilians of such goods as food, textile,
leather, and paper products were at the lowest
level for the war period. The shortage of carbon
black has continued to limit production of
essential military and civilian tires and rubber
products, but manufacturing facilities are being
expanded for output of this critical material.
In the chemical industry, production of explosives and small arms ammunition showed less
increase than in recent months and output at
other chemical plants was maintained at about
the February level.
Production of bituminous coal was at a
slightly lower rate in March and declined further
in the first week of April when wage contract
negotiations interrupted mine operations. Output of anthracite increased in March and the
early part of April and crude petroleum production was maintained in record volume.
Output at factories and mines was maintained
in March at the level of the preceding month,
which was Z36 per cent of the 1935-39 average,
according to the Board's seasonally adjusted
index.
At iron and steel mills production continued
to rise and was at about the same level as a year
ago. Production of most nonferrous metals
also continued to increase in March in response
to military needs; zinc shipments rose to a new
record level. Lumber production, however,
was ix per cent smaller in March than in the
same month last year. Output of stone, clay,
and glass products was maintained at the February level. In the machinery industries activity
showed little change in March. Output of
transportation equipment continued to decline
owing to further curtailment of operations at
DISTRIBUTION
shipyards. Aircraft production was maintained
at the February rate.
Department store sales in March showed a
In most nondurable goods industries output further sharp increase and the Board's seasonally
showed little change from February to March adjusted indexVose to Z2.4 per cent of the 193 5-39
INDUSTRIAL
PRODUCTION
DEPARTMENT STORE SALES AND STOCKS
DOLLAR VOLUME SEASONALLY ADJUSTED, 1935-39-100
240
I—
220
f\
SALES
200
•
180
.A rA
160
140
V .STO CKS
120 —rxr
120
j
100
80 Lv.
I
I
80
J
1939
Federal Reserve indexes. Groups are expressed in terms of points
in the total index. Monthly figures, latest shown are for March.
MAY
1945
1940
Federal Reserve indexes.
March.
194!
1942
1943
1944
1945
Monthly figures, latest shown are for
433
NATIONAL SUMMARY OF BUSINESS CONDITIONS
average as compared with ZIT. in February and
zoo in January. In the first half of April sales
continued large, after allowance for the usual
post-Easter decline.
Freight carloadings continued to rise in March
and the early part of April, reflecting increased
shipments of most groups of commodities except
coal. In recent weeks, as a result of special
efforts to move last year's record wheat crop to
market before the 1945 harvest, grain loadings
have been in much larger volume than in the
same period a year ago. Shipments of ore have
also been much greater due to an early opening
of the Lake shipping season.
COMMODITY PRICES
Prices of cotton, livestock, and some other
farm products were higher in the third week of
April than during March. Wholesale prices of
industrial commodities, as a group, have continued to show slight increases in recent weeks.
BANK CREDIT
Banking developments during the latter half
of March and early April, while following the
usual interdrive pattern, were considerably influenced by the large volume of Treasury receipts
associated with the March 15 tax date. Adjusted demand deposits at banks in leading cities
and currency in circulation both decreased in the
latter part of March but resumed their growth in
April. The slackened rate of expansion in both
deposits and currency was due primarily to tax
payments by businesses and individuals.
Required reserves of member banks increased
by around 300 million dollars during the fiveweek period ending April 18. Excess reserves,
which were at a temporarily high level in midMarch largely as a result of the reduction of
Treasury deposits at the Reserve Banks in anticipation of tax collections, subsequently declined
again to less than a billion dollars. An increase
in Treasury and other deposits at Federal Reserve
Banks in the latter part of March and early April
and resumption of the currency outflow caused a
drain on reserve funds which was offset by a
further increase of nearly 600 million dollars in
Reserve Bank holdings of Government securities.
At banks in 101 leading cities, Government
security holdings declined during the five weeks
ended April 18 by 660 million dollars. Bill
holdings were reduced sharply, reflecting to a
considerable extent declines in the holdings of
Chicago banks associated with the Illinois tax
date. Certificate holdings declined generally
while bond holdings continued to rise. Loans
to others than dealers for purchasing and carrying Government securities were reduced by 180
million dollars and commercial loans declined
by 2.30 million dollars.
MEMBER BANKS IN LEADING CITIES
WHOLESALE PRICES
Bureau of Labor Statistics' indexes. Weekly figures, latest shown
are for week ending Apr. 21.
434
BILLIONS OF OOI
BILLIONS
OF DOLLARS
Demand deposits (adjusted) exclude U. S. Government andjjnterbank deposits and collection items. Government securities include
direct and guaranteed issues. Wednesday figures, latest shown are
for Apr. 18.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGB
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans,
guarantee fees and rates under Regulation V; rates on time
deposits; reserve requirements; margin requirements .
Federal Reserve Bank statistics . .
Guaranteed war production loans . . . .
Deposits and reserves of member banks.
Money in circulation
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions .
All banks in the United States, by classes
All insured commercial banks in the United States, by classes. . .
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances .
Money rates and bond yields. .
Security prices and new issues . . . .
Corporate earnings and dividends.
Treasury finance
Government corporations and credit agencies. .
Business indexes
Department store statistics. .
Consumer credit statistics.
Wholesale prices
Current statistics for Federal Reserve chart book . ,
U. S. Government security yields and prices. . . .
Member bank earnings, 1944. .
..
437
438-433
. 439-443
443
443-444
445-446
446
447
448-449
. 450-451
451-455
456
457
. 458-459
460
. 461-463
464
. 465-474
. 475-477
. 478-479
480
. 481-482.
483-490
491-501
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 Boar \ 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.
MAY
1945
435
MEMBER
BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
ULLIONS OF DOLLARS
30
30
15
10
1938
1939
1940
1941
1942
1943
1944
1945
Wednesday figures, latest shown are for Apr. 25. See p. 437.
436
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Disounts
and
advances
Date
Total
>easury
bills
and
ertificates
All
other
Gold
stock
All
other 1
Total
Treasury
currency
outstanding
Vloney
in circulation
Treasury deTreas- posits
ury
with
cash
Federal
holdReings
serve
Banks
Member
bank reserve
balances
Nonmember deposits
Other
Federal
Reserve
accounts
Total
Excess 2
Monthly averages of
daily figures:
1944—Tan
Feb.
. ..
Mar
1945—Jan
Feb
Mar
32
35
63
118
233
245
11,832 9,517
11,479 8,880
12,099 9,512
18,726 5,956
19,152 6,440
19,509 17,313
2,315
2,599
2,587
2,770
2,712
2,196
506
441
449
543
494
500
12, 370
11, 954
12, 611
19, 387
19, 879
20, 253
21,933
21,803
21,641
20,582
20,519
20,448
4, 093
4, 092
4, 090
4, 129
4, 125
4, 120
20, 428
20, 635
20, 964
25, 243
25, 527
25, 850
2, 321
2, 332
2, 335
2, 371
2, 377
2, 357
484
335
393
532
536
269
1, 889
1, 858
1, 873
1, 501
1, 633
1, 495
339
340
346
403
410
423
12,935
12,349
12,431
14,048
14,040
14,429
1,114
1,160
988
1,114
r
952
1,010
End of month figures:
1944—Jan. 31
Feb. 29
Mar. 31
1945—Jan. 31
Feb. 28
Mar. 31
22
34
63
176
321
245
12,073 9,728
11,632 9,050
12,115 9,503
19,006 16,272
19,439 16,748
19,669 17,490
2,345
2,582
2,613
2,734
2,692
2,180
334
426
392
370
398
396
12, 428
12, 092
12, 571
19, 552
20, 158
20, 311
21,918
21,712
21,600
20,550
20,506
20,419
4, 091
4, 091
4, 091
4 127
4, 122
4 119
20, 529
20, 824
21, 115
25, 290
25, 751
25 899
2, 320
2, 356
2, 319
2, 371
2, 355
2, 346
375
194
603
648
460
647
1, 956
1 878
1, 985
1, 634
1 581
1 361
341
333
350
4C2
410
429
12,917
12,311
11,889
13,884
14,228
14,166
1,112
1,162
512
982
949
786
Wednesday figures:
1944—June 7
June 14
June 21
June 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
21J212
21,211
21,201
21,193
4
4
4
4
101
104
107
107
22 255
22, 333
22 293
22 421
2, 330
2, 332
2, 339
2 314
262
154
334
561
1
2
2
1
934
028
000
978
357
359
369
369
13,358
13,715
13,758
13,081
818
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
15
14
15
085
236
999
124
21,133
21,114
21,047
20,996
4
4
4
4
107
107
109
111
22
22
22
22
598
561
531
584
2
2
2
2
296
303
348
313
219
517
360
403
1
1
1
1
861
863
798
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
4
4
4
4
112
108
109
112
114
22
22
23
23
23
734
910
020
047
221
2
2
2
2
2
339
340
345
404
407
261
487
317
549
318
1
1
1
1
1
771
790
804
766
779
368
371
368
370
370
12,884
12,810
12,935
12,922
13,132
1,190
1,049
1,001
868
• 928
Sept.
Sept.
Sept.
Sept.
6
13....
20. . . .
27....
105
116
172
88
16,030
16,407
16,540
16,501
13,688
14,065
14,220
14,190
2,342
2,342
2,320
2,311
374
392
524
353
16,509
16,916
17,237
16,943
20,906
20,885
20,885
20,825
4
4
4
4
114
112
114
114
23
23
23
23
432
495
558
658
2
2
2
2
380
384
390
373
354
370
699
483
1
1
1
1
768
765
758
627
373
373
385
386
13,221
13,526
13,445
13,355
846
971
878
865
Oct.
Oct.
Oct.
Oct.
4....
11....
18....
25....
33
148
185
322
16,660
17,016
17,087
17,261
14,350
14,699
14,768
14,922
2,311
2,317
2,319
2,339
406
339
523
316
17
17
17
17
099
503
795
899
20,824
20,725
20,728
20,727
4
4
4
4
113
113
114
115
23
24
24
24
881
099
157
216
2
2
2
2
372
366
362
359
347
211
315
229
1
1
1
1
612
568
598
606
391
390
390
391
13,433
13,708
13,814
13,940
862
976
918
783
Nov.
Nov.
Nov.
Nov.
Nov.
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
18
18
19
19
265
655
807
341
520
20,727
20,726
20,694
20,693
20,688
4
4
4
4
4
115
115
114
117
120
24
24
24
24
24
409
674
717
881
997
2
2
2
2
2
372
313
338
339
334
216
314
119
251
292
1
1
1
1
1
633
640
488
567
549
393
395
395
395
395
14,083
14,159
14,557
14,719
14,761
921
883
1,087
1,062
1,205
Dec. 6 . . . .
Dec. 1 3 . . . .
Dec. 2 0 . . . .
Dec. 2 7 . . . .
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
19
20
19
130
311
113
821
20,668
20,667
20,646
20,639
4 122
4 123
4 127
4 ,131
25
25
25
25
107
163
280
335
2 337
2 348
2 369
2 ,377
258
503
1,250
901
1 636
1 597
1,621
1 ,601
397
397
408
409
14,184
14,092
13,958
13,969
1,364
1,286
1,277
1,406
1945—Jan. 3 . . .
Jan. 1 0 . . . .
Tan. 1 7 . . . .
Tan. 2 4 . . . .
Jan. 3 1 . . . .
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
982
Feb. 7 . . . .
Feb. 1 4 . . . .
Feb. 2 1 . . . .
Feb. 2 8 . . . .
200
230
294
321
19,062
19,181
19,231
19,439
16,340
16,465
16,534
16,748
2,722
2,716
2,698
2,692
442
506
478
398
19 ,703
19 ,918
20 ,003
20 ,158
20,548
20,507
20,506
20,506
4 ,126
4 ,124
4 ,124
4 ,122
25 ,411
25 ,533
25 ,652
25 ,751
2 ,372
2 ,389
2 ,384
2 ,355
593
547
517
460
1 ,643
1 ,649
1 ,672
1 ,581
409
409
410
410
13,950
14,022
13,999
14,228
947
996
854
949
Mar.
Mar.
Mar.
Mar.
7....
14....
21....
28....
304
255
192
218
19,350
19,576
19,493
19,516
17,152
17,378
17,294
17,326
2,198
2,193
2,198
2,190
495
465
488
341
20 ,150
20 ,296
20 ,173
20 ,074
20,454
20,453
20,451
20,419
4 ,121
4 ,120
4 ,120
4 ,118
25 ,864
25 ,881
25 ,836
25 ,834
2 ,365
2 ,364
2 ,360
2 ,356
288
263
96
310
1,586
1,485
1 ,447
1 ,377
415
417
427
429
14,208
14,459
14,579
14,305
865
991
1,073
859
Apr.
Apr.
Apr.
Apr.
4....
11....
18....
25....
220
323
341
508
19,580
20,091
20,153
20,444
17,414
17,975
18,037
18,331
2,167
2,116
2,116
2,113
455
349
478
358
20 ,255
20 ,763
20 ,973
21 ,310
20,418
20,417
20,396
20,374
4 ,117
4 ,118
4 ,117
4 ,120
25 ,865
25 ,939
26 ,068
26 ,074
2 ,379
2 ,364
2 ,374
2 ,371
335
409
430
651
1,420
1,553
1,594
1 ,563
438
439
437
437
14,353
14,593
14,582
14,708
932
937
792
822
r
Revised.
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.
1
2
MAY
1945
437
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect April 30. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations maturing or
callable in one year
or less (Sec. 13)
Federal Reserve Bank
Rate
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.. ..#
San Francisco
Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
27,
30,
17,
27,
28,
15,
17,
27,
30,
27,
17,
28,
Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)
Advances secured by
Government obligations
maturing or callable
beyond one year and Other secured advances
[Sec. 10(b)]
discounts of and
advances secured by
eligible paper 1
(Sees. 13 and 13a)
Effective
Rate
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Sept.
Aug.
Mar.
Apr.
Mar.
Mar.
Feb.
Mar.
Mar.
Apr.
Mar.
Apr.
1,
25,
21,
11,
14,
21,
28,
14,
28,
11,
21,
4,
Rate
Rate
Effective
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.
1939
1939
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
27,
30,
17,
12,
28,
15,
29,
14,
30,
27,
17,
28,
To others
To nonmember banks
Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Sept.
Sept.
Sept.
Mar.
Sept.
Sept.
Apr.
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Rate
Effective
2
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
16, 1939
1, 19^9
16, 1939
28, 1942
16, 1939
16, 1939
4, 1942
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
V/2
2
2 .
2V2
2
2
2
1XA
2
2
2V2
27, 1942
30, 1942
17, 1942
27, 1942
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the 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
Apr. 30
Maturity
Treasury bills 1
Bankers' acceptances: 2
1- 90 days
91-120 days
121-180 days
Previous
rate
In effect beginning—
FEDERAL RESERVE BANK RATES O N INDUSTRIAL LOANS
A N D COMMITMENTS UNDER SECTION
13b
OF THE FEDERAL RESERVE ACT 1
Maturities not exceeding five years
^
[In effect April 30. Per cent per annum]
To industrial or
commercial
businesses
Apr. 30, 1942
Oct. 20, 1933
Oct. 20,1933
Oct. 20, 1933
On discounts or
purchases
Federal Reserve
Bank
On
loans 2
* Minimum Duying rates on prime Dangers acceptances.
Back figures—See Banking and Monetary Statistics, Table 117, pp. 443-445
GUARANTEE FEES A N D MAXIMUM INTEREST A N D COMMITMENT RATES CHARGEABLE UNDER REGULATION
V O N LOANS GUARANTEED BY WAR DEPARTMENT,
N A V Y DEPARTMENT, A N D MARITIME COMMISSION UNDER EXECUTIVE ORDER N O . 9112
A N D CONTRACT SETTLEMENT ACT
OF 1944
[Rates in effect April 30]
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
To financing institutions
On
On comPortion
commitmitments
Rements for which
institu- maining
portion
tion is
obligated
4
(3)
3
M1M
V2-IH
23^-5
23^-5
2
(3)
(3)
234-5
)
4\
4\
4\
( )
4
)
H
2^5
(j)
( }
(3)
(44J
()
<)
4
FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS
Percentage of loan guaranteed
80 or less
85
90
95
Over 95
Guarantee fee
(In terms of percentage of amount
of interest payable
by borrower) 1
10
15
20
30
50
.
3
4
5
6
iuciuuiiig Ivans mauc m poautipaiiuu wiiu ixna
Rate charged borrower less commitment rate.
Rate charged borrower.
May charge
rate charged borrower by financing institution, if lower.
Charge of lA 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 RATES THAT MAY B E CHARGED BORROWERS BY
FINANCING' INSTITUTIONS
[Per cent per annum]
Maximum rate of interest
Maximum commitment rate.
1
2
21
A
Guarantee fee is charged only on guaranteed portion of loan.
Based on average daily unused balance of the maximum principal
amount of the loan. The financing institution may, in the alternative,
charge a flat fee of not to exceed $50, without regard to the amount or
maturity of the commitment.
438
Savings deposits
Postal savings deposits...
Other deposits payable:
In 6 months or more
In 90 days to 6 months.
In less than 90 days
Feb. 1,1935Dec. 31,1935
Effective
Jan.1,1936
2y2
23^
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the rate
payable by a member bank may not in any event exceed the maximum
rate payable by State banks or trust companies on like deposits under
the laws of the State in which the member bank is located.
FEDERAL RESERVE BULLETIN
MARGIN REQUIREMENTS >
[ Per cent of market value ]
MEMBER B A N K RESERVE R E Q U I R E M E N T S
[Per cent of deposits]
N e t demand deposits 1
Period in effect
Central
reserve
city
banks
June 21, 1917-Aug. 15, 1936
Aug. 16, 1936-Feb. 28, 1937
Mar. 1, 1937-Apr. 30, 1937
May 1, 1937-Apr. 15, 1938
Apr. 16, 1938-Oct. 31, 1941
Nov. 1, 1941-Aug. 19, 1942
Aug. 20, 1942-Sept. 13, 1942
Sept. 14, 1942-Oct. 2, 1942
Oct. 3, 1942 and after
Reserve Country
city
banks
banks
10
15
173^
20
17^
20
20
20
20
13
19K
22?4
26
•22H
26
24
22
20
ioy2
MM
14
12
14
14
14
14
Time
deposits
(all
member
banks)
3
4^
SK
6
5
6
6
6
6
^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.
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
For extensions of credit by brokers and dealers on
listed securities, under Regulation T . . .
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U
40
50
40
50
50
50
1
Regulations T and U limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value a t the time of the extension; t h e "margin
requirements" shown in this table are the difference between t h e market
value (100%) and the maximum loan value.
NOTE .—Regulations T and U also provide special margin requirements on
" o m n i b u s " accounts and loans to brokers and dealers.
Back figures.—See Banking and Monetary Statistics, Table 145, p . 504.
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1945
Apr. 25
Apr. 18
Apr. 11 I Apr. 4
1944
I Mar. 28'
Mar. 21
April
Mar. 14
March
February
April
Assets
17,545,360 17,582,265 17,607,265 17,616,265 17,618,265 17,640,765 17,650,365 17,533,364 17,616,264 17,724,865 18,950,925
Gold certificates
673,969
646,697
642,464
663,798
649,023
646,242
644,794
645,182
644,793
620,810
313,942
Redemption fund—F.R. notes.
249,214
250,080
256,108
259,730
258,241
250,970
253,743
255,282
256,047
264,374
280,743
Other cash
18,465,266 18,482,258 18,507,250 18,516,341 18,519,494 18,547,192 18,542,909 18,456,547 18,519,298 18,610,049 19,545,610
Total reserves..
Discounts and advances:
For member banks
For nonmember banks, etc
Total discounts and
advances
Industrial loans
U. S. Government securities:
Direct:
Bills:
Under repurchase option
Other
Certificates:
Special
Other
Notes
Bonds
Guaranteed
191,764
790
254,405
790
488,260
790
243,964
790
319,986
790
117,788
550
219,999
192,554
255,195
489,050
244,754
320,776
118,338
3,799
3,926
3,992
4,443
4,100
3,801
11,968
507,471
790
340,438
790
321,939
790
219,209
790
508,261
341,228
322,729
3,914
4,268
4,300
216,809
790
5,282,517 5,100,677 5,129,539 4,941,102 4,897,304 4,946,733 5,070,891 5,124,345 4,996,885 5,027,092 4,001,058
7,810,046 7,712,341 7,611,041 7,082,325 7,018,320 6,936,850 6,896,339 7,886,143 7,082,325 6,803,294 3,640,199
5,238,011 5,224,011 5,234,011 5,390,511 5,410,511 5,410,511 5,410,511 5,333,211 5,410,511 4,917,140 2,972,940
987,850 1,051,350 1,559,721 1,156,264
987,850
991,850 1,038,350 1,061,350 1,066,350 1,066,350
987,850
1,125,492 1,128,092 1,124,392 1,128,152 1,128,152 1,132,072 1,132,072 1,123,292 1,128,152 1,132,072 1,445,496
3,771
Total U. S. Government
securities, including
9,515,637 19,492,516 19,576, 163 20,454,841 19,669,223 19,439,319 13 ,219,728
guaranteed securities. 20,443,916 20,152,971 20,090,833 19,580,<
Other Reserve Bank credit out358,304
336,883
standing
474,408
345,084
394,157
451,198
484,415
353,747
392,497
450,244
460,842
Total Reserve Bank
credit outstanding
192 21,306,638 20,310,574 20,
13,800,278
22,505,374 22,504,029 22,368,052 22,320,759 22,262,607 22,255,549 22,289,360 22,597,582 22,319,353 22
17,969,274
. 21,309,838 20,972,875 20,762,946 20,255,436 20,074,069 20,173,411
Liabilities
Federal Reserve n o t e s . . .
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)
14,707,959 14,582,323 14,593,429 14,352,576 14,305,083 14,578,533 14,459,097 14,817,807 14,166,184 14,228,453 12,683,628
445,945
96,123
262,589
646,708
309,858
460,184
429,946
408,931
335,420
399,530
651,280
1,167,896 1,191,486 1,194,886 1,175,385 1,185,819 1,229,822 1,248,985 1,158,579 1,167,559 1,191,796 1,644,744
216,904
390,593
193,123
191,252
235,953
389,096
357,858
244,323
362,335
402,297
394,807
16,921,942 16,606,052 16,555,104 16,107,704 15,992,012 16,121,382 16,206,624 16,812,924 16,173,574 16,269,529 15,090,237
48.2
48.4
47.3
46.8
48.1
48.4
59.1
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
April 25, 1945
Discounts and advances
Industrial loans
U. S. Government securities
MAY
1945
Total
508,261
3,914
20,443,916
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days
to 6
months
6 months
to
lyear
24,140
23,969
40,515
419,637
7
7
8
25
3,254
587
3,283,364 2,060,402 4,577,375 4,159,922 1,967,140 2,718,821
1 year
to
2 years
23
273,800
2 years
to
5 years
3
642,902
Over
5 years
760,190
439
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars] ^
Total
Assets
Gold certificates:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 2 5 . . . . ,
Redemption fund—
F. R. notes:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Other cash:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Total reserves:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Discounts & advances:
Secured by U. S._
Govt. securities:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Other:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Total discounts and
advances:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Industrial loans:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
U.S. Govt. securities:
Bills:
Under repurchase
option:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Other bills: *
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Certificates:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Notes:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Bonds:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Total U. S. Govt.
securities:
M a r . 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
948, 722 31,280,813
933,630 2!, 937,096
921,889 31,329,278
923, 137 31,329,677
940, 169 3(,379,969
17,618,265
17,616,265
17,607,265
17,582,265
17,545,360
861,878
897,176
877,722
912,733
919,789
4,932,092
5,368,145
4,998,586
4,903,714
4,769,971
645,182
644,794
646,242
649,023
663,798
42,760
42,646
44,026
44,919
45,821
116,832
116,409
115,798
115,373
129,951
45,574
45,389
45,227
46,060
45,902
62,364
62,225
62,616
62,493
62,863
48,458
49,476
50,560
51,648
50,854
37,661
37,521
37,250
38,125
37,996
256,047
255,282
253,743
250,970
256,108
22,891
22,344
22,183
22,309
23,413
60,150
62,436
61,214
62,064
63,120
19,482
20,509
20,618
19,984
20,460
21,515
22,919
22,000
23,327
21,133
14,372
13,803
14,475
13,699
15,824
21,401
19,187
20,995
19,557
20,006
18,519,494
18,516,341
18,507,250
18,482,258
18,465,266
927,529
962,166
943,931
979,961
989,023
217,599
219,999
322,729
341,228
508,261
6,895
13,570
12,460
20,069
27,969
130,714
95,824
173,779
155,514
288,944
13,050
2,350
10,660
10,900
17,520
850
22,135
27,435
26,605
30,750
4,500
7,875
7,000
14,750
21,521
2,600
2,100
3,500
1,400
6,000
217,599
219,999
322,729
341,228
508,261
6,895
13,570
12,460
20,069
27,969
130,714
95,824
173,779
155,514
288,944
13,050
2,350
10,660
10,900
17,520
850
22,135
27,435
26,605
30,750
4,500
7,875
7,000
14,750
21,521
2,600
2,100
3,500
1,400
6,000
3,950
3,799
4,300
4,268
3,914
166
166
166
166
164
10
10
10
10
7
3,189
3,
3,591
3,559
3,201
4,897,304
4,941,102
5,129,539
5,100,677
5,282,517
104,388
95,509
133,829
98,109
111,860
2,612,219
2,412,244
2,944,442
3,041,668
3,218,956
205,916
209,312
214,510
233,240
218,114
7,018,320
7,082,325
7,611,041
7,712,341
7,810,046
611,580
621,958
613,581
629,630
633,840
613,157
388,736
517,116
541,713
565,437
5,410,511
5,390,511
5,234,011
5,224,011
5,238,011
371,950
369,520
358,141
357,425
358,418
1,061,350
1,038,350
991,850
987,850
987,850
930,796 1,303,118
963,783 1,294,850
934,045 1,285,453
945,755 1,293,985
952,526 1,313,824
963,096
869,238
882,274
879,184
875,862
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
487,813 2,353,774
2,.
503,3
i,370 22,246,273
513,3
1,380 22,254,339
507,101 2,316,526
:
488,009 2,292,186
604,974
637,983
630,787
617,605
631,853
340,536
344,994
348,125
334,593
349,394
610,653
619,727
631,387
618,255
631,.""
111,338
111,180
111,057
110,913
110,758
32,241
32,187
32,151
32,108
32,058
15,639
15,623
15,613
15,600
15,981
27,331
27,291
27,265
27,232
27,199
20,306
20,256
20,229
20,186
20,144
84,678
84,591
84,450
84,366
84,271
29,198
28,881
28,740
28,550
28,652
12,896
12,295
12,205
11,859
12,228
5,512
5,483
5,181
5,17.
4,915
12,844
12,190
12,217
12,175
12,890
9,803
9,555
9,620
8,531
8,859
25,983
25,680'
24,295
23,742
24,608
5,109,074 995,852 1,386,997 1,025,926 1,007, 784 3,,421,349
5,546,990 1,029,681 1,379,994 932,517 990,338 3,,077,157
, 134 ,469,075
3
5,175,598 999,890 ',370,069
1
947,309
5,081,151 1,011,799 1,379,805 944,531 980,819 3,469,140
4,963,042 1,018,888 1,397,820 942,540 998,171 3,519,379
650,111
682,465
675,143
661,572
676,139
361,687
366,100
368,919
355,366
370,290
650,828
659,208
670,869
657,662
671,897
517,922 2,464,435
533,181 2,356,544
543,
",363,084
535,818 2,424,634
517, 012 2,401,065
7,850
14,875
7,425
35,600
15,525
31,050
41,950
30,200
31,250
32,812
10,050
9,800
8,800
23,700
19,800
9,940
9,390
8,840
10,840
22,840
100
130
32,630
10,600
24,530
7,850
14,875
7,425
35,600
15,525
31,050
41,950
30,200
31,250
32,812
10,050
9,800
8,800
23,700
19,800
9,940
9,390
8,840
10,840
22,840
100
130
32,630
10,600
24,530
25
25
23
23
23
450
400
400
400
425
110
110
110
110
94
50
78,247
93,487
133,867
130,517
122,882
44,628
51,927
45,363
56,170
64,840
38,057 1,007,918
37,609 1,173,780
32,253 807,425
27,953 754,701
32,193 743,849
284,154
264,566
263,080
246,956
249,579
92,770
91,465
87,786
89,846
73,931
44,917
44,553
43,634
34,157
41,382
542,097 1,007,945
508,807 989,153
553,597 985,546
523,811 979,359
549,221 998,530
623,432
698,801
712,783
700,832
693,334
556,733 847,473
585,074 1,092,345
611,998 1,239,865
617,157 1,290,134
622,132 1,321,365
194,898
159,351
222,618
243,479
229,499
173,432
176,643
197,557
188,213
201,327
433,475
447,308
462,451
477,922
473,925
348,582 1,065,516
336,202 1,077,947
363,349 1,130,580
379,427 1,140,664
371,046 1,150,390
1,345,970
1,337,335
1,299,286
1,296,843
1,300,276
409,607
416,1
404,802
404,030
405,112
513,900
515,559
499,689
498,686
500,075
346,758
345,907
336,104
335,473
336,358
273,504
279,684
271,706
271,194
271,912
708,920
673,271
653,688
652,436
654,188
254,237
265,938
258,582
258,107
258,778
146,260
144,636
140,122
139,838
140,233
265,862
263,455
255,825
255,337
256,019
225,206
234,118
227,467
227,041
227,641
548,337
544,190
528,599
527,601
529,001
72,964
71,179
67,868
67,588
67,596
264,032
257,605
246,216
245,231
245,222
80,349
80,305
76,711
76,401
76,401
100,809
99,310
94,691
94,301
94,310
68,021
66,631
63,691
63,437
63,435
53,652
53,874
51,488
51,282
51,281
139,064
129,689
123,874
123,374
123,374
49,873
51,227
49,002
48,808
48,804
28,690
27,860
26,554
26,444
26,447
52,153
50,748
48,479
48,283
48,283
44,178
45,096
43,106
42,933
42,931
107,565
104,826
100,170
99,768
99,766
1,128,152
1,128,152
1,124,392
1,128,092
1,125,492
77,556
77,335
76,938
77,183
77,014
280,651
279,884
279,118
280,045
279,390
85,407
87,250
86,962
87,248
87,047
107,154
107,899
107,344
107,689
107,451
72,302
72,394
72,203
72,443
72,273
57,029
58,533
58,368
58,562
58,426
147,817
140,905
140,427
140,890
140,565
53,012
55,657
55,551
55,737
55,604
30,496
30,269
30,102
30,198
30,131
55,435
55,137
54,957
55,138
55,011
46,958
48,997
48,866
49,028
48,913
114,335
113,892
113,556
113,931
113,667
19,515,637
19,580,440
20,090,833
20,152,971
20,443,916
,238,438
,235,501
,250,357
,229,935
,248,728
5,116,029 1,323,376 1,808,055 1,155,141 978,975 2,851,192
4,675,1""" ,302,572 1,805,408 1,235,660 1,014,774 3,209,990
5,286,178 1,336,582 1,821,137 1,230,144 1,025,813 2,965,279
5,405,500 1,324,730 1,810,552 1,228,355 1,026,148 2,961,535
5,609,281 1,335,895 1,823,248 1,230,24011,035,94412,983,341
836,174
796,739
848,833
853,087
842,264
471,648
470,873
482,121
474,530
472,069
851,842
861,201
865,346
870,837
874,620
44°
31,985
35,600
24,730
13,860
23,271
352,105
431,050
398,620
373,500
381,660
696,909 2,187,858
700,013 2,271,905
707,518 2,271,525
712,289 2,255,464
713,802 2,274,484
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Total loans and sec:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Due from foreign banks:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Federal Reserve notes
of other banks:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Uncollected items:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Bank premises:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Other assets:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Total assets:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Liabilities
Federal Reserve notes:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Deposits:
Member b a n k reserve account:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
U. S. Treasurer—
general account:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Foreign:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Other:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Total deposits:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Deferred availability
items:.
Mar. 28.
Apr. 4
Apr 11
Apr. f 18
Apr. 25
New
York
Boston
Philadelphia
Cleveland
Richmond
Atlanta Chicago
19,737,186
19,804,238
20,417,862
20,498,467
20,956,091
245,499
,249,237
262,983
250,170
276,861
5,246,753
4,771, 638
5,459,967
5,561, 024
5,898,232
116
116
116
116
116
9
9
9
9
9
J29
J29
29
29
12
12
12
12
12
12
12
12
12
12
6
6
6
6
6
5
5
5
5
5
90,033
94,902
92,347
92,315
89,511
3,867
3,539
4,442
5,052
5,600
16,991
20,421
19,030
22,674
20,457
3,365
4,108
4,725
5,013
5,420
4,976
5,202
4fl31
3,441
4,332
7,916
7,383
6,618
6,619
6,731
9,622
10,425
10,002
7,943
8,158
1,883,782
1,932,032
1,771,499
2,124,974
1,859,370
130,401
131,731
128,810
147,530
136,357
395,766
406,579
373,359
518,231
388,504
104,380
119,084
106,335
121,289
119,325
198,490
199,232
170,351
215,745
212,663
135,485
148,161
131,498
143,395
131,119
34,351
34,306
34,306
34,306
34,265
1,601
1,596
1,596
1,596
1,596
8,858
8,839
8,839
8,839
8,839
3,421
3,420
3,421
3,421
3,409
4,073
4,073
4,073
4,073
4,064
55,241
47,193
48,787
52,140
54,612
3,991
3,136
3,389
3,392
3,557
12,327
10,326
10,904
10,914
11,753
3,692
3,285
3,403
3,769
3,881
5,441
4,682
4,851
5,307
5,559
40,320,203
40,429,128
40,872,167
41,284,576
41,459,231
337 35,408, 894
600 3!5,420,,738
5,402; 059
492 3,5,445; 540
551 35,478;,448
Minneapolis
Kansas
City
Dallas
San
Francisco
867,224
838,689
879,033
884,337
875,076
481,698
480,673
490,921
498,239
491,869
861,807
870,616
874,209
881,700
897,483
696, 909 2 ,188,408
700, 013 2 ,272,435
707,518 2,304,555
712, 289 2 ,266,464
713, 852 2,,299,439
4
4
4
4
4
3
3
3
3
3
4
4
4
4
4
10
10
10
10
10
11,049
11,200
10,377
9,333
9,142
6,360
6,389
5,206
4,847
6,273
2,004
2,426
1,832
2,:
1,103
5,273
4,814
4,458
4,518
4,134
3,042
2,910
2,609
2,686
2,879
15,568
16,085
18,917
17,901
15,282
115,409
113,253
111,542
133,128
109,729
313,074
336,724
275,770
326,100
283,010
75,857
77,401
79,165
93,281
77,316
37,243
38,465
37,807
41,912
36,026
95,276
99,058
97,380
112,407
86,326
75,038
67,415
68,357
78,183
83,887
207,363
194,929
191,125
193,773
195,108
2,832
2,832
2,832
2,832
2,825
1,600
1,600
1,600
1,600
1,598
3,160
3,156
3,156
3,156
3,151
2,104
2,101
2,100
2,100
2,100
,247
,247
,247
,247
,247
2,650
2,644
2,644
2,644
2,644
886
879
879
879
879
1,919
1,919
1,919
1,919
1,913
3,445
2,895
3,093
3,276
3,431
3,141
2,788
2,836
3,120
3,200
7,583
6,580
6,706
7,679
8,081
2,878
2,698
2,661
2,828
2,938
,487
,238
1,265
1,392
1,424
2,736
2,291
2,346
2,477
2,529
2,432
2,188
2,113
2,343
2,487
6,088
5,086
5,220
5,643
5,772
2,,335,361 2,119,',136 6,,615,275 1,604,538
2;,337,439 ,1351,283 6,,659,700 1,609,747
2:,328,610 2;,1351,432 6, ^ 806 1,643,312
, , 5 6 1 1,648,969
2;,343,874 2,,154,163 6,812;
1,639,846
2.,338,i,507 2,,162!,805 6.,821,647
:
885,369 1,618,574
890,'"
152 1,638,635
901,994 1,651,910
900,447 1,661,412
901,962 1,665,017
1,296,233
1,306,590
1,324,709
1,332,202
1,321,
1,500, 038
1,503,157
1,505,407
1,505,584
.1,502,754
1,306, 4714 ,077,146
1,315, 187 4 ,087,111
1,316, 534 4[, 096,596
1,321, 400 4[, 134,753
1,319, 481 4[, 140,042
945,745
949,229
951,938
953,520
951,611
487,752
488,801
491,365
493,110
493,072
817,337
824,459
827,088
827,885
828,170
550,991 2,777,120
558,620 2",783,420
558,i.405 2 ,790,642
557, ,794 2 ,826,435
555,i,829 2 ,821,011
635,123 2,1,043,842
!, 069,479
643,994 2;
L,018 2!, 169,512
654,
^,075 2!, 171,379
651,
656,.,797 21,199,232
513,169
513,289
545,139
530,284
540,453
315,342
316,169
320,099
314,693
315,817
642,508
665,248
668,074
669,561
680,424
603, 196
623,730
639,334
634,874
622,556
1,720,550
1,716,603
1,720,555
1,708,928
1',723,243
1,339,
',615 1,808,905 1,159,751 981,,575 2 ,859,042
1
1,010 1 ,827,543 1,243,645 1,016,874 3,224,865
',308,
,972,704
,848,572 1,237,254 1,029,
1,350,833
1,339, -" 1,837,157 1,243,215 1,027,548 2,997,135
1,041,
,998,866
1,251,855
1,853,998
[,944
2
,356,616
,312,897 10,789, 798 2,,450,
,351,414 10,764, 822 2,467,
,345,160 11,047, 726 2;,468,
,387,710 11 ,202, 862 2!,484,
,413,003 11,290, 856 2 ,507,
St.
Louis
41,883,791
4t, 847,008
4[, 884,830
4t, 910,344
t,918,589
22,262,607
22,320,759
22,368,052
22,504,029
22,505,374
1,397,837
1,404,181
1,408,630
1,428,356
1,428,450
14,305,083
14,352,576
14,593,429
14,582,323
14,707,959
657,085
672,222
665,043
684,975
681,148
4,740,649
4,662,960
4,740,717
4,754,191
4,821,700
721,722
723,981
735,881
723,018
734,259
,110,590
,130,830
,119,812
,133,681
,123,560
601,307
614,071
615,245
605,664
608,770
309,858
335,420
408,931
429,946
651,280
19,337
37,711
40,593
24,034
68,262
67,341
64,638
141,986
136,138
243,464
19,610
36,065
21,564
29,296
40,968
31,036
28,006
32,235
32,923
63,742
45,315
20,953
16,794
30,073
33,318
5,310
20,035
10,361
5,145
23,762
34,635
54,303
49,301
45,056
56,945
12,469
19,250
14,375
27,017
20,822
10,545
15,075
19,191
18,327
21,797
13,423
11,312
14,670
27,364
19,274
23,238
19,595
18,526
21,702
20,982
27,599
8,477
29,335
32,871
37,944
1,185,819
1,175,385
1,194,886
1,191,486
1,167,896
79,598
79,070
76,984
79,148
79,815
2
455,378
2
451,616
2
469,692
2
462,075
2
445,318
100,293
99,346
99,887
100,203
99,048
99,154
98,217
98,752
99,065
97,922
47,867
47,415
47,673
47,824
47,273
39,:
39,513
39,728
39,854
39,394
148,160
146,761
147,561
148,028
146,320
34,191
33,868
34,052
34,160
33,766
26,213
25,965
26,107
26,190
25,887
34,191
33,868
34,052
34,160
33,766
34,191
33,868
34,052
34,160
33,766
86,694
85,878
86,346
86,619
85,621
191,252
244,323
357,858
402,297
394,807
4,646
3,532
2,912
4,136
4,466
87,138
137,082
250,500
303,795
294,456
4,863
4,615
5,053
4,427
5,551
11,109
12,017
11,846
4,766
4,738
4,546
7,160
9,227
7,143
9,834
5,028
3,847
3,144
3,548
6,288
4,982
3,107
3,987
4,621
4,443
10,694
13,489
12,078
11,008
11,061
2,002
2,104
1,953
1,952
1,757
6,003
7,234
5,840
8,117
4,915
2,562
4,183
3,440
2,531
2,791
47,679
45,953
47,878
46,253
44,507
15,992,012
16,107,704
16,555,104
16,606,052
16,921,942
760,666
792,535
785,532
792,293
833,691
5,350,506
5,316,296
5,602,895
5,656,199
5,804,938
846, 488
864,007
862,385
856,944
879,826
1,251,889
1,269,070
1,262,645
1,270,435
1,289,962
699,035
689,599
688,939
690,704
699,195
685, 350 2 ,231,619
707, 389 2,273,650
707,251 2,370,361
699, 622 2 ,369,084
726,241 2,406,940
570,523
579,896
605,644
602,469
606,102
354,102
359,313
367,350
361,162
365,258
696,125
717,662
722,636
739,202
738,379
1,547,015
1,480,950
1,426,531
1,650,682
1,505,739
120,225
120,457
116,620
132,554
116,219
285,869
288,291
279,643
360,445
296,829
85,999
87,511
84,809
98,817
95,963
162,442
157,413
139,247
168,937
177,365
112,324
120,642
110,059
123,300
112,134
107,173
92,530
91,349
112,780
96,583
237,861
230,006
201,447
239,152
204,731
70,336
62,647
67,663
74,920
63,981
29,765
28,251
29,438
32,302
29,686
87,764
79,076
84,646
76,821
80,851
4,981,679 1,473,968 1,946,523
4,988,355 1,472,131 1,946, 108
4,992,353 1,477,272 1,951,822
5,013,019 1,484,507 1,957, 666
5,015,123 1,487,380 1,962,451
663,187 1,882,522
681,376 1,856,911
695,352 1,884,114
693,267 1,874,671
680,095 1,891,315
64,906
49,476
53,735
63,806
67,625
182,351
164,650
167,875
166,848
163,772
1
After deducting $87,000 participations of other Federal Reserve Banks.
After deducting $727,124,000 participations of other Federal Reserve Banks on Mar. 28, $720,256,000 on Apr.4; $724,182,000 on Apr. 11; $726,475,000
on Apr. 18; and $718,095,000 on Apr. 25.
2
MAY
1945
441
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-ContinuecZ
[In thousands of dollars]
Other liabilities including accrued div.:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Total liabilities:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
New
York
Boston
Total
Philadelphia
Cleveland
9,930
9,863
10,535
10,627
11,213
798
778
813
851
890
39,811,564
39,919,276
40,360,222
40,771,390
40,944,268
2,279,526
2,317,951
2,311,595
2,354,054
2,379,250
167,110
167,146
167,495
167,544
167,622
10,176
10,176
10,181
10,181
10,181
59,831
59,831
59,831
59,843
59,845
12,647
12,648
12,648
12,654
12,655
228,153
228,153
228,153
228,153
228,153
15,239
15,239
15,239
15,239
15,239
84,903
84,903
84,903
84,903
84,903
27,165
27,165
27,165
27,165
27,165
2,8
2,8
2,8
2,8
2,8
86,211
87,388
89,132
90,324
92,023
40,320,203
40,429,128
40,872,167
41,284,576
41,459,231
2,51.
2,350
2,84 f
2,769
3,128
718
675
745
701
751
Richmond
Atlanta
Chicago
St.
Louis
1,46:
1,669
1,540
1,552
1,592
Minneapolis
423
412
427
478
444
295
271
290
282
315
6,548,088 1,587,027
6,592,436 1,592,184
6,669,944 1,625,672
6,744,541 1,631,38'
6,753,305 1,622,138
871,914
876,636
888,443
886,856
888,331
Kansas
City
Dallas
San
Francisco
1,025
1,040
1,053
1,052
1,071
512
524
569
583
569
472
441
466
450
50-
10,620,569 2,,407,173 3,361,879
10,595,292 2,424,324 3,373,631
10,877,738 2,425,211 3,354,767
11,032,432 2",440,"969 3,398,090
11,120,018 2,463,920 3,430,849
2,311, 909
2,313,92:12
974
2,304,""
2,320,171
2,314, 652
2 ,099,466
2,115,547
2 ,115,600
2,134,252
",142,809
2
16,731
16,733
16,742
16,750
16,760
6,745
6,747
6,748
6,750
6,759
6,064
6,064
6,067
6,067
6,077
19,866
19,876
20,198
20,203
20,211
5,395
5,400
5,410
5,411
5,412
3,652
3,655
3,651
3,654
3,657
5,350
5,357
5,358
5,361
5,361
5,623
5,623
5,625
5,632
5,656
15,030
15,036
15,036
15,038
15,048
19,872
19,872
19,872
19,872
19,872
19,071
19,071
19,071
19,071
19,071
7,813
7,813
7,813
7,813
7,813
7,936
7,936
7,936
7,936
7,936
33,201
33,201
33,201
33,201
33,201
7,048
7,048
7,048
7,048
7,048
4,950
4,950
4,950
4,950
4,950
6,196
6,196
6,196
6,196
6,196
6,025
6,025
6,025
6,025
6,025
15,899
15,899
15,899
15,899
15,899
7,143
7,143
7,143
7,143
7,143
4,468
4,468
4,468
4,468
4,468
1,007
1,007
1,007
1,007
1,007
3,290
3,290
3,290
3,290
3,290
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
527
527
527
527
527
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,142
2,142
2,142
2,142
2,142
5,076
5,168
5,265
5,356
5,453
17,352
17,653
18,111
18,541
18,947
6,177
6,288
6,420
6,529
6,636
10,206
10,29o
10,472
10,622
10,761
5,604
5,667
5,785
5,850
5,993
4,908
4,974
5,067
5,146
5,221
12,691
12,758
13,034
13,187
13,501
4,541
4,588
4,655
4,596
4,721
3,780
3,838
3,877
3,914
3,951
4,311
4,352
4,435
4,399
4,504
3,809
3,859
3,928
3,986
4,040
7,756
7,947
8,083
8,198
8,295
,312,897
,351,414
,345,160
,387,710
,413,003
10,789,798
10,764,822
11,047,726
11,202,862
11,290,856
,450,337
467,600
,468,619
,484,492
,507,551
,408,894
,420,738
,402, 059
,445, 540
,478, 448
2,335,361
2,337,439
2:, 328,610
2:, 343,874
2,1,338,507
119,136
135,283
135,432
154,163
162,805
,615,275
,659,700
,737,806
,812,561
,821,647
,604,538
,609,747
,643,312
,648,969
,639,846
885,369
890,152
901,994
900,447
901,962
,618,574
,638,635
,651,910
,661,412
,665,017
,296,233
,306,590
,324,709
,332,202
,321,000
,883,791
,847,008
,884,830
,910,344
,918,589
354
396
414
411
419
385
304
332
385
423
971
1,003
1,039
1,113
1,107
1,601,580 1,279,469 4 ,842,964
1,621,593 1,289,776 4,805,984
1,634,"
824 4 ,843,670
784 1',307,""
1,644,31 1,315, 252 4 ,869,067
,647,819 1,303,972 4,877,205
Capital Accounts
Capital paid in:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 2 5 . . .
Surplus (section 7):
M a r . 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Surplus (section 13b):
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Other capital accounts:
M a r . 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
T o t a l liabilities a n d
capital accounts:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Commitments to make
industrial loans:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
3,475
3,622
3,139
3,153
3,581
100
631
681
681
678
653
400
400
400
400
400
2,374
2,471
1,988
2,005
2,358
FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve notes outstanding (issued to Bank):
Mar. 28
Apr. 4
Apr. 11
Apr. 18..
Apr. 25
^
Collateral held against notes
outstanding:
Gold certificates:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Eligible paper:
' Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
U. S. Govt. securities:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Total collateral:
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
442-
22,955,139
22,998,786
23,030,827
23,130,079
23,204,695
10,722,350
10,722,350
10,799,000
10,817,000
10,610,000
Boston
New
York
Philadelphia
Cleveland
1,432, 194 5,129,,192 1,509, 149 2 ,000,841
1,437, 759 5,,155,940 1,511,416 2 ,001,865
1,444,835 5,161,162 1,514,330 2,004,443
,161,512 1,522,899 2.,008,982
1,461,
1,469, 180 5 ,179,134 1,530, 691 2.,016,775
595,1,000 2 ,920,000
595,1,000 2 ,920,000
575,;,ooo2 ,945,000
575,000 2 ,915,000
575,000 2:, 690,000
611,000
611,000
616,000
614,000
622,000
760,000
760,000
760,000
760,000
770,000
Richmond
1,535,741
1,537,065
1,537,559
1,538,294
1,543,825
615,000
615,000
580,000
580,000
580,000
Atlanta
Chicago
1,363, 388 4:, 175,388
1,363, 4214 ,182,248
1,357, 910 4 ,192,480
1,367, 469 4,t, 207,963
1,375, 505 4:, 221,264
625,000
625, 000
625,000
625,000
635, 000
2,010,000
2,010,000
2,110,000
2,140,000
2 ,140,000
St.#
Louis
Minne- Kansas Dallas
apolis City
983,465 496,500 842,817 585,453
985,128 497^690 843,,631 585,423
983,236 500,i,383 8 4 6 , "729 586,363
993,084 500,507 848,244 584,642
989,853 503, 222 849,994 587,689
375,000
375,000
375,000
375,000
375,000
188,350
188,350
190,000
190,000
190,000
320,000
320,
320,000
000
320,000
229,000
229,000
229,000
249,000
239,000
San
Francisco
2,901,011
2,897,200
2,901,397
2,934,617
2,937,563
1,474,000
1,474,000
1 ,474,000
1,474,000
1 ,474,000
130,714
95,824
173,779
155,514
288,944
13,050
2,350
10,660
10,909
17,520
12,629,154
12,609,566
12,563,080
12,546,956
12,749,579
900,000 2,200,000
900,000 2,200,000
900,000 2,200,000
900,"""
000 2,200,000
900,000 2,400,000
900,000
900,000
900,000
900,000
900,000
750,000 ,200,000
750,000 ,200,000
750,000 ,100,000
750,000 ,100,000
750,000 2,100,000
759,154 310 ,000 25,000^385,000
,000
739,
i.OOO 525,000 385,1
,000
738,080 315,000 550,000 385,1
721,956 315,000 50|000 385,000
315,000
550,000
385,000
724,579
1,500,000
1,500,000
1,500,000
1,500,000
,500,000
23,557,703
23,512,675
23,613,819
23,641,579
23,815,515
,501,895 5,250,714 1,524, 050 2,010,000 1,569,500 1,375,1,000 4 ,210,000
,508,570 5,215,824 1,513,350 2,010,000 1,572,875 1,375,i,000 4,210,000
000 1 ,375, 1,000 4 ,210,000
"•" 2 ,010,000 1,562,"""
,487,460 5,318, 779 1, 5 2 6 , 660
,240,
,495,069 5 ,270,514 1,524,900 2,010,000 1 ,569, 750 1,375,
,502,969 5i, 378,9441,539, 520 2,,020, 1,000 1,576,521 ,385,000 4,,240,000
854,940 614,000
1,165,204 508,400
_..
1,156,516 508,150 854 3 9 Q 614,000
1 ,143,
, 800 878840 614,000
,128,206 528 ,700 880, 840 634,000
1,132,391 524^800 892,840 624,000
2,974,000
2,974,000
2,974,000
2,984,600
2,998,530
206,199
180,759
251,739
277,623
455,936
6,895
13,570
12,460
20,069
27,969
4,500
7,875
7,000
14,750
21,521
,250,000
,250,000
,250,000
,250,000
,250,000
950,000
950,000
975,000
975,000
975,000
31,050 10,050 9,940
41,950 9,800 9,390
30,200 8,800 8,840
31,250 23,700 10,840
32,812 19,800 22,840
10,600
24,530
FEDERAL RESERVE BULLETIN
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday or
last day of
period)
ApCommit- Participroved
Loans
ments
pations
but not
outoutout2
com- standing standing
standing
1
pleted (amount) (amount) (amount)
Amount (amount)
Applications
approved
to date
Number
1934
1935
1936
1937
1938
1939
1940
1941
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
Feb. 28
Mar. 31
WAR P R O D U C T I O N LOANS GUARANTEED BY W A R DEPARTMENT, NAVY DEPARTMENT, A N D MARITIME
COMMISSION T H R O U G H FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
984
1,993
2,280
2,406
2,653
2,781
2,908
3,202
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
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
926
13,182
13,044
12,227
10,532
13,143
12,132
11,474
9,270
20,316
19,070
18,928
17,930
Mar.
June
Sept
Dec.
3,481
3,483
3,487
3,489
503,330
510,857
519,120
525,532
1,408
45
645
1,295
11,774
11,366
9,274
3,894
9,069
4,048
4,400
4,165
18,267
11,063
9,851
2,705
3,491
3,492
3,493
526,659
527,700
528,936
560
585
85
4,066
3,921
4,214
3,461
3,547
3,321
2,405
2,374
2,365
1
Includes applications approved conditionally by t h e 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.
MEMBER BANK RESERVE BALANCES, BY CLASS OF BANK
[Averages of daily figures. In millions of dollars]
All
member
banks 1
Total reserves held:
1944—February
March
1945—February
March
Week ending (Friday):
1945—Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Excess r e s e r v e s :
1944—February
March
1945—February
March
Week ending (Friday):
1945—Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Amount
1942
June 30.
Sept. 30
Dec. 31.
565
1, 658
2, 665
310, 680
944, 204
2, 688 397
1943
31.
30
30
31.
3, 534
4, 217
4, 787
5, 347
725
4*, 718
452
5,
6, 563
1944
31
Feb. 29
Mar. 31
Apr. 30.
May 31
June 30
July 31
Aug. 31.
Sept 30
Oct. 31
Nov. 30
Dec. 30...
5 565
5 720
5 904
6 079
6 283
6 433
6 590
6 744
6 882
7 051
7 237
7 ,434
6
7
7
7
7
8
8
8
7,581
7 ,720
7 ,885
9 ,407 ,853 1 ,700 ,632 1,448 995 3,911 ,058
9 ,517 ,272 1 ,646 ,160 1,402 646 3,964 ,830
9 ,645 ,328 1,599 ,120 1,365 ,959 3,963 ,961
Jan.
4,899
4,921
5,590
5,739
3,254
3,226
3,774
3,892
14,128
14,283
14,514
14,635
14,401
14,373
14,576
14,668
3,862
3,870
3,910
3,939
3,932
3,963
3,987
4,035
895
903
909
901
877
799
885
905
5,617
5,667
5,786
5,83.0
5,715
5,709
5,779
5,818
3,755
3,842
3,910
3,965
3,876
3,902
3,925
3,910
l,150
r
978
r
952
1,010
21
16
17
18
3
-1
8
2
891
r
983
1,059
1,100
955
977
956
*>901
18
13
20
19
19
20
11
16
6
6
8
7
18
9
7
6
r
331
263
252
272
795
700
676
719
238
267
299
306
227
239
240
226
629
697
732
768
693
709
698
653
r
r
241
818
498
048
989 682
172 719
466 762
647 180
797 400
046 672
333 ,741
487 ,623
685 ,753
8 ,985 ,617
9 133 ,750
9 ,310 ,582
81, 108
427, 918
803, 720
1
1
1
1
69, 674
137, 888
356, 677
230, 720
632, 474 1,430, 121
245, 711
999, 394 1,865, 618
428, 253 1,153 756 2',216' 053
708, 022 1,413 159 2,494 855
914 040 1,601 518 3,146 286
2 020 294
2 030 547
2 009 511
1 990 996
2 033 579
2 064 318
2 083 435
2 010 958
1 960 785
1 ,895 ,733
1 ,776 ,539
1 ,735 ,970
1.691
,700
,680
L.666
1,706
,735
L,765
1,706
1,663
1,611
1,507
1,482
802
400
046
185
421
777
841
363
489
873
709
038
3,278 822
3,451 581
3,615 963
3,684 568
3,795 558
3,810 797
3,904 215
4,107 606
4,301 322
4,367 ,332
4,476 988
4,453 ,586
1945
31
Feb. 28
Mar 31
Jan.
DEPOSITS OF C O U N T R Y MEMBER BANKS I N LARGE A N D
SMALL CENTERS, 1 MARCH
1945
[Averages of daily figures. In millions of dollars]
Federal Reserve district
800
796
884
887
Portion
guaranteed
TV>tal
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Number
Coun-
3,395
3,488
3,793
3,911
r
Date
banks1
12,349
12,431
14,040
14,429
Guaranteed loans
outstanding
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
interbank2
Time
deposits
Total
14,678
6,207
9,381
4,288
Boston
New York
Philadelphia
Cleveland
1,982
2,880
1,028
1,300
686
1,578
550
675
761
877
182
860
641
579
Richmond
Atlanta
Chicago
St. Louis
1,159
1,297
1,904
530
310
342
1,019
241
685
545
1,287
775
326
142
659
191
441
422
753
981
202
82
89
433
507
1,154
1,130
475
295
149
46
219
Minneapolis
Kansas City
Dallas
San Francisco
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
Revised.
Preliminary.
Weekly figures of excess reserves of all member banks and of country
anks are estimates.
v
1
MAY
1945
443
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
deposits2
Other
deDemand Net
deposits mand
adjusted3 posits4
Demand
Time balances
due
defrom
posits6 domestic
banks
Reserves
Held
Required
Excess
First half of March 1945
All member banks
Central reserve city banks
88,214
11,343
12,978
63,894
60,245
66,029
20,355
5,670
14,350
13,344
1,006
24,709
5,657
3,911
1,071
4,580
960
16,217
3,627
15,119
3,399
19,003
4,300
1,066
635
48
170
3,881
903
3,865
898
17
4
Reserve city banks
32,631
2,194
547
2,465
4,092
1,964
2,020
4,109
1,954
1,028
2,579
2,048
7,631
5,196
290
26
321
527
322
541
444
594
245
835
485
567
4,445
459
60
387
552
354
201
594
229
207
251
207
946
22,990
1,445
460
1,757
3,014
1,288
1,279
3,071
1,131
576
1,494
1,356
6,119
21,227
1,357
435
1,650
2,814
1,201
1,160
2,878
1,014
519
1,331
1,248
5,620
24,677
1,601
440
1,905
3,169
1,421
1,551
3,035
1,509
711
1,891
1,515
5,927
8,215
139
225
161
1,024
337
308
1,424
246
127
263
229
3,732
1,782
47
23
66
175
105
152
291
100
54
277
220
274
5,706
334
105
398
732
329
352
728
328
152
423
369
1,458
5,428
329
101
391
695
304
329
693
317
150
394
317
1,409
278
6
3
7
36
25
23
35
11
2
29
52
48
Country banks
25,218
2,375
3,853
1,787
2,205
2,051
2,077
3,265
1,457
1,022
1,651
1,993
1,481
1,164
95
75
12
34
203
241
69
149
68
74
121
26
2,993
448
620
232
290
237
185
408
108
99
109
134
124
21,060
1,832
3,158
1,543
1,881
1,611
1,652
2,788
1,201
856
1,469
1,738
1,332
20,500
1,760
3,049
1,504
1,837
1,547
1,605
2,738
1,170
836
1,452
1,705
1,298
18,049
1,685
2,848
1,325
1,557
1,407
1,455
2,314
1,062
742
1,149
1,394
1,112
10,439
866
2,424
1,185
1,246
630
480
1,670
429
494
230
136
647
3,669
174
282
194
315
349
397
499
260
163
382
438
217
3,860
322
632
309
385
287
298
531
210
165
228
267
227
3,153
288
544
257
293
235
233
424
174
133
175
203
194
707
34
88
52
92
52
65
106
35
32
53
64
33
New York
Chicago
Boston'.
New York...
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Second half of March 1945
87,934
11,365
12,092
64,478
60,945
66,759
20,562
5,661
14,503
13,489
1,014
24,602
5,415
3,887
1,114
4,227
890
16,488
3,411
15,437
3,190
19,272
4,183
1,100
631
72
122
3,939
873
3,920
874
19
—1
Reserve city banks
32,698
2,189
539
2,493
4,077
1,929
2,011
4,128
1,922
1,009
2,578
2,043
7,779
5,208
304
26
332
534
318
534
445
578
241
838
488
570
4,154
426
56
360
514
327
188
558
213
191
236
194
890
23,336
1,460
456
1,801
3,029
1,283
1,289
3,125
1,131
577
1,503
1,360
6,320
21,609
1,373
432
1,691
2,828
1,195
1,175
2,926
1,017
521
1,344
1,262
5,843
25,035
1,629
440
1,953
3,191
1,417
1,568
3,073
1,488
710
1,901
1,524
6,142
8,284
140
227
163
1,031
337
312
1,443
249
128
266
236
3,754
1,816
49
19
71
172
100
143
302
109
53
284
229
285
5,770
341
104
411
736
326
348
735
322
152
422
355
1,519
5,504
334
102
400
700
304
332
701
312
150
396
319
1,454
266
6
2
10
36
22
15
34
9
2
26
36
65
Country banks
25,219
2,374
3,836
1,813
2,212
2,041
2,084
3,254
1,447
1,012
1,648
2,015
1,484
1,155
96
77
11
29
201
237
69
146
69
73
122
26
2,821
420
579
219
277
224
175
383
103
93
104
128
117
21,243
1,859
3,180
1,583
1,906
1,617
1,672
2,802
1,198
850
1,471
1,765
1,341
20,709
1,786
3,079
1,544
1,864
1,552
1,629
2,755
1,169
831
1,456
1,734
1,311
18,269
1,704
2,873
1,354
1,582
1,425
1,478
2,339
1,070
745
1,158
1,420
1,121
10,546
869
2,450
1,195
1,260
641
488
1,686
435
499
233
133
657
3,652
181
288
204
314
332
395
490
247
156
375
443
226
3,921
329
634
323
398
288
298
541
209
168
229
271
233
3,190
291
549
261
297
238
236
429
176
134
176
207
196
730
38
85
62
101
50
61
112
33
34
53
64
37
All member banks
Central reserve city banks:
New York
Chicago
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
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.
ng colu
and Series E bond 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.
444
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—April
May
June
July
August
September....
October
November....
December
[944—January
February
March
April
May.
June
July
August
September. ...
October
November
December
L945—January
February
March
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
16,660
17,114
17,421
17,955
18,529
18,844
19,250
19,918
20,449
20,529
20,824
21,115
21,552
22,160
22,504
22,699
23,292
23,794
24,425
25,019
25,307
25,290
25,751
25,899
12,428
12,789
12,960
13,334
13,715
13,891
14,135
14,598
14,871
14,817
15,004
15,100
15,342
15,731
15,925
16,034
16,410
16,715
17,089
17,461
17,580
17,456
17,778
18,000
.*-
Coin and small denomination currency 2
Coin
$1 3
$2
$5
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
904
914
929
943
960
970
987
1,006
1,019
1,013
1,018
1,029
1,039
1,055
1,065
1,077
1,092
1,105
1,125
1,144
1,156
1,150
1,158
1,170
804
824
834
843
858
866
872
886
909
880
877
881
885
903
906
910
921
937
948
962
987
950
953
954
58
59
61
62
64
64
65
68
70
69
70
70
70
72
72
73
75
75
76
78
81
77
75
73
Large denomination currency2
$10
$20
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 3d?
1,741
1,785
1,793
1,836
1,878
1,887
1,902
1,950
1,973
1,940
1,952
1,951
1,964
2,003
2,010
2,016
2,053
2,078
2,103
2,129
2,150
2,102
2,135
2,132
4,391
4,526
4,565
4,719
4,853
4,893
4,962
5,127
5,194
5,174
5,255
5,265
5,344
5,498
5,544
5,569
5,706
5,789
5,877
5,990
5,983
5,936
6,076
6,132
Total
$50
$100
$500
$1,000
L.326
1,359
1,501
,475
,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
364
337
358
399
387
409
460
538
724
1,019
618
577
627
707
710
770
919
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
4,531
4,681
4,778
4,931
5,102
5,211
5,347
5,561
5,705
5,742
5,832
5,905
6,040
6,198
6,326
6,388
6,562
6,731
6,960
7,157
7,224
7,242
7,381
7,539
4,232
4,326
4,462
4,622
4,816
4,951
5,118
5,323
5,580
5,715
5,823
6,017
6,212
6,431
6,581
6,667
6,884
7,081
7,339
7,561
7,730
7,837
7,974
7,900
1,131
1,159
1,195
1,237
1,293
1,327
1,366
1,416
1,481
1,509
1,534
1,576
1,618
1,668
1,699
1,722
1,780
1,829
1,893
1,946
1,996
2,022
2,059
2,088
2,128
2,186
2,259
2,347
2,453
2,535
2,636
2,761
2,912
2,992
3,054
3,152
3,270
3,371
3,458
3,516
3,642
3,765
3,918
4,056
4,153
4,228
4,317
4,266
312
319
329
341
353
360
373
388
407
418
426
444
456
473
481
487
502
516
532
546
555
566
571
550
621
630
648
667
687
698
713
729
749
767
$5,000 $10,000
g
5
7
7
777
814
836
887
912
911
929
939
963
981
990
990
994
965
Unassorted
g
10
5
g
17
20
30
24
9
10
7
16
18
12
32
32
60
46
25
15
10
10
10
9
11
11
10
9
9
9
9
9
9
9
9
9
9
10
10
10
10
10
9
26
22
21
20
22
20
20
19
22
21
22
22
23
23
22
22
22
22
23
23
24
21
24
23
1
1
2
2
2
2
3
2
2
3
3
1
1
2
2
2
2
2
2
3
3
3
1
1
7
5
2
4
4
3
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
3
destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—Set Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of 'circulation statement of United States money. In millions of dollars]
Money in circulation 1
Money held in the Treasury
Total outstanding,
Mar. 31,
1945
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
Minor coin...
United States notes
Federal Reserve Bank notes..
National bank notes .
...
Total—Mar. 31, 1945
Feb. 28, 1945
Mar. 31, 1944
As security
against
Treasury
gold and
cash
silver
certificates
20,419
18,314
22,956
4,119
18,314
494
1,520
1,797
790
295
347
551
123
277
1,520
(4)
(4)
(4)
20,110
20,194
21,275
H,797
2
'
For
Federal
Reserve
Banks
and
agents
Money
held by
Federal
Reserve
Banks and
agents
Mar. 31,
1945
Feb. 28,
1945
Mar. 31,
1944
53
22,100
3,746
53
21,964
r
3,735
55
17,429
3,632
2,105
127
115
" 15^446" " " 2 ^ 8 1 5 "
729
258
95
io
5
2
rt2
2,346
2,355
2,319
15,446
15,530
16,607
2
120
206
15
5
25
5
1
1^591
765
285
320
544
122
3,803
3,741
3,782
25,899
118
" 1,585 "
757
283
320
550
122
98
1,544
676
255
318
613
127
25^751
21,115
'Revised.
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. 437, and seasonally adjusted figures in table on p. 446.
2
Includes $1,800,000,000 Exchange Stabilization Fund, $143,964,788 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 or 5reserves against other types, a grand total of all types has no special significance
and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (n)
as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (in) 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
— -
MAY
-—
1945
.
...
<•
-i i
. • r _ _ i _ __ -c —u —±:.c__i.
1 _.,-«T, J:™««..^4.«^ QJ. purchased paper as is eligible
445
MONEY I N CIRCULATION W I T H ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation
Date
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
series1
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—August
September
October....
November
December
18,196
18,729
19,001
19,566
20,243
18,287
18,767
19,001
19,507
19,944
+571
+480
+234
+506
+437
20,428
20,635
20,964
21,312
21,822
22,296
22,580
22,988
23,525
24,112
24,738
25,207
20,367
20,635
21,027
21.484
21,976
22,408
22,625
23,104
23,572
24,112
24,664
24,957
+423
+268
+392
+457
+492
+432
+217
+479
+468
+540
+552
+293
25,243
25,527
25,850
26,009
25,167
25,527
25,928
26,219
+210
+360
+401
+291
1944—January
February
March
April
May
June......
July
August
September
October
November
December
1945—January
February
March
April
,
,
ANALYSIS OF CHANGES IN GOLD STOCK OF
U N I T E D STATES
[In millions of dollars 1
+742
+1,134
+2,428
+4,250
+5,039
+4,858
1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around the
year end, adjustment factors have been revised somewhat for dates affected, beginning with December 1942; seasonally adjusted figures for
money in circulation, as shown in Banking and Monetary Statistics, Table
111, p. 414, and described on p. 405, are based on an older series of adjustment factors.
1
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
4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
-10.3
-788.5
-1,319.0
3
11,258
3
12,760
14,512
17,644
21,995
22,737
22,726
21,938
20,619
Earmarked
DomesNet gold gold: de- tic gold
import
crease
producor intion1
crease (—)
133.9
739.0
116.6
585.5
973.6
574.2
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
-48.7
-111.7 4 -101.7
2.9
-170.7
-70.5
2.9
-165.5
—93.1
2.9
-90.7
-6.4
2.4
-177.1
-96.6
3.0
—69.7
2.7
2.8
-101.2
-27.4
3.0
-98.4
—22.6
2.9
-38.3
-34.7
3.0
-69.6
-46.3
2.8
-69.0
-58.2
2.5
-43.8
-37.4
2.3
5
-87.3
-46.9
.2.4f
6
P-45.1
2A
-53.2
P-245.3
-195.7
p
f1 Figure carried forward.
Preliminary.
Annual figures through 1943 are estimates of the United States Mint.
Annual figure for 1944 and monthly figures are estimates of American
Bureau
of Metal Statistics.
2
Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a
fine3 ounce thereafter.
Includes gold in the Inactive Account amounting to 27 million dollars
on Dec.
31, 1936, and 1,228 million on Dec. 31, 1937.
4
The net gold import figures for months subsequent to March 1944
have
not been released for publication.
5
Gold held under earmark at the Federal Reserve Banks amounted to
4,079.6 million dollars on Mar. 31, 1945, and 4,132.8 million dollars on Apr.
30, 1945. All of this was earmarked directly for foreign account except
102.8 million dollars which was earmarked in the name of a domestic bank
as security for a foreign loan.
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.
1944—March
April
May
June
July
August
September...
October
November
December....
1945—January
February
March
April
Jan.-Apr
21,600
21,429
21,264
21,173
20,996
20,926
20,825
20,727
20,688
20,619
20,550
20,506
20,419
p
20,374
p
20,374
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts except
interbank accounts
Year and month
Total, all
reporting
centers
New
York1
City
140 othe
Other
reporting
centers2
1942—old series3 3
1942—new series
1943
1944
461,889
469,463
405,929
423,932
445,863
537,343
607,071
641,'778
792,937
891,910
208,936
197,836
168,778
171,382
171,582
197,724
210,961
226,865
296,368
345,585
219,670
235,206
204,745
218,298
236,952
293,925
342,430
347,837
419,413
462,354
33,283
36,421
32,406
34,252
37,329
45,694
53,679
67,074
77,155
83,970
1944—March
April
May
June
July
August
September
October
November
December
1945—January
February
March
76,060
66,689
67,259
83,848
72,909
69,124
70,389
73,864
77,775
91,281
r
82,748
r
70,243
81,069
29,644
25,297
24,708
33,563
28,474
26,165
26,860
28,558
30,016
37,678
34,990
29,065
31,884
39,382
34,915
36,049
42,595
37,588
36,332
36,765
38,309
40,381
45,490
r
40,297
r
34,717
41,714
7,034
6,478
6,502
7,689
6,847
6,627
6,764
6,997
7,378
8,114
7,461
r
6,461
7,471
1936
1937
1938
1939
1940
1941
Annual rate of
turnover of total
deposits except
interbank
Debits to demand
deposit accounts
except interbank
and Government
Annual rate of
turnover of demand
deposits except
interbank and
Government
333 other
reporting
centers
New
York
City
100 other
leading
cities
New
York
City
100 other
leading
cities
16.1
16.5
17.1
13.1
11.7
10.8
204,831
193,143
164,945
167,939
167,373
193,729
200,337
258,398
298,902
202,267
215,090
186,140
200,636
217,744
270,439
308,913
369,396
403,400
31.4
29.5
25.1
21.0
17.1
17.3
18.0
20.5
22.4
22.4
22.4
19.9
19.4
18.6
19.4
18.4
17.4
17.3
16.5
16.0
15.5
19.7
16.2
13.9
16.1
16.9
18.7
21.4
18.6
17.7
17.0
10.8
10.5
10.4
11.8
10.3
9.2
10.2
10.2
11.5
11.9
9.9
9.7
10.0
25,650
21,284
20,927
28,988
25,423
21,722
23,827
24,672
25,464
33,064
30,826
25,416
28,924
33,937
30,482
31,105
38,024
32,934
30,988
31,882
33,498
34,676
40,559
34,801
30,024
36,008
22.8
19.7
17.9
24.3
24.8
19.0
21.4
20.9
21.6
30.0
27.0
24.3
22.9
17.4
16.4
15.5
18.7
18.0
15.2
16.2
16.0
17.2
20.4
16.9
16.0
16.1
New
York
City
r
2
3
Revised. 1 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
computed, have
and
have
for
others.
ebits
demand
OI turnover
turnover have
Iiavc been
UCCU cuuipuLCU,
n a v e likewise
likewise been
uccu reported
i c ^ i i c u by
uy most
musi banks
ua.ii.is.3
auu
u a v tbeen
uccuestimated
C3t.iiiia,i.v,\j.
IUI
VI-U^'-J- D*~r
\,UL\.^to*.*J
M>,IUUUU deposit
viv^v/on.
accou:nts, except interbank and United States Government, and the deposits from which rates of turnover have been computed have been reported by memb e r b aanks
n k s in 101 leading
„ cities
._..
..•••* turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table
since 1935; yearly
55, p. 254
254, due
differences iin method
d tto diff
t h doff computation.
tti
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY-ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
deposits
adjusted
and
currency
outside
banks
Total
demand
deposits
adjusted
and
currency
outside
banks
Total
deposits
adjusted
Demand
deposits
adjusted 1
United
States
Government
deposits
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.
Dec
December.
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
r
79,640
51, 532
51 156
36, 919
37, 766
51, 769
51 001
51 148
53 180
54 938
57 698
60 253
63 436
65 949
68 616
71 027
85 755
94 347
103 975
22,540
22,809
14,411
15,035
25,198
23,959
24,313
25,986
27,355
29,793
31,962
34,945
37,317
38,992
41,870
48,922
56,039
r
60,803
1944—March
April
May
June
July
August
September
October
November
December
127,900
127,500
128,000
r
136,172
139,300
139,200
139,100
139,900
143,200
150,988
79,100
82,000
85,600
80,946
82,700
86,000
87,700
92,300
95,800
90,435
108 400
107 600
107 500
r
115 291
118 100
117 500
116 900
117 100
119 ,900
127 483
1945—January*7 7
February*
March p
151,100
150,900
150,700
92,300
93,900
95,300
127 ,400
126 ,700
126 ,500
End of month
Time deposits
Currency
outside
banks
Total
Commercial
banks 3 4
Mutual
savings4
banks
381
158
852
1,016
666
824
599
889
792
846
828
753
753
1,895
1,837
8,402
8,048
10,424
28,611
28,189
21,656
21,715
25,905
26,218
26,236
26,305
26,791
27,059
27,463
27,738
27,879
27,729
27,320
28,431
30,260
r
32,748
19, 557
19, 192
10, 849
11, 019
14 513
14 779
14 776
14 776
15 097
15 258
15 540
15 777
15 928
15 884
15 610
16 352
17 543
'19 224
8,905
8,838
9,621
9,488
10,125
10,170
10,209
10,278
10,433
10,523
10,631
10,658
10,648
10,532
10,395
10,664
11,141
11,738
149
159
,186
,208
,267
,269
,251
,251
,261
,278
,292
,303
,303
,313
,315
,415
,576
,786
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
59,600
62,100
65,100
60,065
61,500
64,300
65,500
69,500
72,500
66,930
14,700
10,900
7,100
19,506
20,300
16,100
13,500
8,700
8,200
20,763
34,100
34,600
35,300
r
35,720
36,300
37,100
37,900
38,900
39,200
39,790
20 100
20 500
21 000
21 217
21 600
22 200
22 800
23 500
23 700
24 ,074
12,100
12,200
12,300
r
12,47l
12,600
12,800
12,900
13,100
13,200
13,376
1,900
1,900
2,000
2,032
2,100
2,100
2,200
2,300
2,300
2,340
19,500
19,900
20,500
20,881
21,200
21,700
22,200
22,800
23,300
23,505
68,600
69,700
71,100
18,300
15,600
13,400
40,500
41,400
42,000
24 ,600
25 ,200
25 ,700
13,500
13,700
13,800
2,400
2,500
2,500
23,700
24,200
24,200
Postal
Savings5
System
3,639
3,557
4,761
4,782
v
1
2
3
4
5
Preliminary. r Revised.
Includes demand deposits, other than interbank and U. S. Government, less cash item
ems in process of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, openI (account.
Excludes interbank time deposits and postal savings redeposited in banks.
Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks.
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, p p . 34-35, for back figures.
BANK SUSPENSIONS1
POSTAL SAVINGS SYSTEM
[In millions of dollars]
Total,
all
banks
Assets
End of month
Depositors'
balances 1 Total
Cash
in depository
banks
U. S. Government
securities
Total
Direct
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940-Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1,207
1,201
1,260
1,270
1,252
1,279
1,304
1,314
1,417
1,788
1,237
1,237
1,296
1,308
1,291
1,319
1,348
1,396
1,464
1,843
540
287
145
131
86
53
36
26
16
10
1,058
1,097
1,132
1,192
1,224
1,274
1,345
1,716
1,046
1,078
1,128
1,220
1,716
1944—Mar..
Apr..
May.
June.
July.
Aug..
•Sept.
Oct..
Nov..
Dec.
1,906
1,947
1,994
2,034
2,084
2,140
2,198
2,257
2,305
2,342
1,964
2,008
2,053
2,095
2,147
2,202
2,262
2,323
2,374
2,411
9
9
9
9
8
8
8
8
8
8
1,823
1,870
1,912
1,951
2,006
2,050
2,110
2,165
2,214
2,252
1,823
1,870
1,912
1,951
2,006
2,050
2,110
2,165
2,214
2,252
1945—Jan..
Feb..
Mar..
2,404
^2,457
p
2.513
2,477
8
2.308
2,308
p
1
2
597
853
467
706
892
931
965
Guaranteed
130
147
167
167
166
146
146
146
126
Cash
reserve
funds,
etc. 2
100
98
93
80
73
74
88
95
102
118
132
129
132
135
133
143
143
150
152
152
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.
MAY
1945
Number of banks suspended:
1934-39
1940
1941
1942
1943
1944
1945—Jan.-Apr
National
291
15
22
8
9
4
1
0
1
4
Deposits of suspended banks
(in thousands of dollars) : 2
125,991
1934-39
1940.
1941
1942
1943
1944
1945—Jan.-Apr
Member
banks
5,943
3,726
1,702
6,223
405
0
Nonmember
banks
State
6
2
14,616
256
3,144
4,982
26,548
Insured
Noninsured
189
81
18
3
6
2
1
3
l
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 a t 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 a t 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.
447
ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
lAmounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and
call date
All banks:
1934—June 30...,
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
All commercial banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
All insured commercial banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 303
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
All member banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 3132
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
All national banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
State member banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 3132
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
Investments
Total
Other
Total
U. S.
Government
obligations
Other
securities
Loans
Total*
Interbank*
Number
of banks
Demand
Time
42,552
49,565
54,170
61,101
64,009
78,137
87,881
96,966
108,707
119,461
21,306
22,410
23,751
26,616
25,081
23,915
22,241
23,601
25,424
26,015
21,246
27,155
30,419
34,485
38,928
54,222
65,640
73,365
83,284
93,446
11,278
16,954
20,983
25,488
30,301
45,932
57,748
65,932
75,737
85,885
9,968
10,201
9,436
8,997
8,627
8,290
7,892
7,433
7,547
7,561
46,435
59,222
75,963
81,780
82,706
99,796
107,224
117,661
128,605
141,449
4,560
6,332
10,941
10,989
10,287
11,318
10,895
11,012
11,219
12,245
19,527
28,118
38,518
44,316
46,357
61,395
67,554
75,561
83,588
91,644
22,348
24,773
26,504
26,476
26,062
27,083
28,775
31,088
33,797
37,559
15,929
15,539
14,895
14,825
14,775
14,682
14,618
14,579
14,553
14,535
32,742
39,472
43,922
50,722
53,649
67,391
76,633
85,095
95,731
105,530
15,700
17,432
18,792
21,711
20,259
19,217
17,660
19,117
21,010
21,644
17,042
22,040
25,130
29,011
33,390
48,174
58,974
65,978
74,722
83,886
10,307
14,563
17,759
21,788
26,410
41,373
52,458
59,842
68,431
77,558
6,735
7,477
7,371
7,223
6,980
6,801
6,516
6,136
6,290
6,329
36,744
49,097
65,305
71,248
72,311
89,132
96,083
105,923
116,133
128,072
4,560
6,332
10,941
10,989
10,287
11,318
10,895
11,012
11,219
12,245
19,527
28,118
38,518
44,316
46,357
61,395
67,554
75,561
83,588
91,644
12,657
14,648
15,846
15,944
15,667
16,419
17,634
19,350
21,326
24,183
15,353
14,976
14,344
14,277
14,228
14,136
14,073
14,034
14,009
13,992
31,688
38,218
42,556
49,288
52,642
66,240
75,270
83,507
93,936
103,382
15,190
17,041
18,394
21,258
19,920
18,903
17,390
18,841
20,729
21,352
16,498
21,177
24,161
28,030
32,722
47,336
57,880
64,666
73,207
82,030
10,005
13,964
17,063
21,046
25,934
40,705
51,534
58,683
67,085
75,875
6,493
7,213
7,098
6,984
6,789
6,631
6,347
5,983
6,122
6,155
35,833
47,824
63,461
69,411
71,150
87,803
94,563
104,094
114,145
125,714
4,435
6,146
10,539
10,654
10,076
11,144
10,681
10,705
11,038
12,074
19,013
27,240
37,333
43,061
45,664
60,504
66,509
74,309
82,061
89,761
12,385
14,438
15,589
15,697
15,410
16,154
17,374
19,081
21,045
23,879
13,939
13,883
13,438
13,426
13,399
13,343
13,298
13,270
13,264
13,263
27,175
32,739
37,126
43,521
46,800
59,263
67,155
74,258
83,587
91,569
12,523
14,285
15,321
18,021
16,928
16,088
14,823
16,288
18,084
18,676
14,652
18,454
21,805
25,500
29,872
43,175
52,332
57,970
65,503
72,893
9,413
12,689
15,823
19,539
24,098
37,546
46,980
52,948
60,339
67,685
5,239
5,765
5,982
5,961
5,774
5,629
5,352
5,022
5,164
5,208
31,012
41,490
56,430
61,717
63,404
78,277
84,016
92,262
101,276
110,917
4,355
6,051
10,423
10,525
9,971
11,000
10,552
10,555
10,903
11,884
16,976
24,230
33,829
38,846
41,311
54,523
59,670
66,438
73,488
79,774
9,681
11,210
12,178
12,347
12,122
12,754
13,794
15,268
16,884
19,259
6,375
6.357
6,486
6,619
6,647
6,679
6,703
6,738
6,773
6,814
17,011
20,893
23,648
27,571
29,464
37,576
42,805
47,499
53,343
58,308
7,681
8,796
10,004
11,725
10,880
10,183
9,173
10,116
11,213
11,480
9,331
12,097
13,644
15,845
18,584
27,393
33,632
37,382
42,129
46,828
5,847
8,206
9,735
12,039
14,878
23,744
30,102
34,065
38,640
43,292
3,484
3,891
3,908
3,806
3,706
3,648
3,529
3,318
3,490
3,536
19,896
26,716
35,787
39,458
40,534
50,468
54,589
59,961
65,585
71,858
2,767
3,790
6,574
6,786
6,497
7,400
7,155
7,159
7,402
8,056
10,356
15,162
20,885
24,350
25,861
34,499
38,205
42,605
46,879
50,900
6,772
7,764
8,329
8,322
8,176
8,570
9,229
10,196
11,304
12,901
5,417
5,293
5,144
5,117
5,101
5,081
5,060
5,040
5,036
5,025
10,163
11,845
13,478
15,950
17,336
21,687
24,350
26,759
30,244
33,261
4,842
5,488
5,316
6,295
6,048
5,905
5,649
6,171
6,870
7,196
5,321
6,357
8,162
9,654
11,288
15,783
18,701
20,588
23,373
26,065
3,566
4,483
6,088
7,500
9,220
13,802
16,878
18,883
21,699
24,393
1,755
1,874
2,074
2,155
2,068
1,980
1,823
1,705
1,674
1,672
11,116
14,774
20,642
22,259
22,871
27,808
29,427
32,302
35,690
39,059
1,588
2,261
3,849
3,739
3,474
3,600
3,396
3,397
3,501
3,827
6,620
9,068
12,944
14,495
15,451
20,024
21,465
23,833
26,609
28,874
2,908
3,446
3,849
4,025
3,946
4,184
4,566
5,072
5,580
6,357
958
1,064
1,342
1,502
1,546
1,598
1,643
1,698
1,737
1,789
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the
Currency
and the Federal Deposit Insurance Corporation for national banks and insured banks respectively.
1
Beginning June 30, 1942, excludes reciprocal bank balances, which on that date aggregated 600 million dollars at all member banks and 614 million
•dollars at all insured commercial banks.
_
_
*~
"
' e banks are
all banks."
ber bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with
total4 loans and investments aggregating 472 million dollars on June 30, 1942.
Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
448
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued
LOANS, INVESTMENTS, DEPOSITS, A N D NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and
call date
Investments
Other
Total
U. S.
Government
obligations
Othersecurities
8,135
9,486
10,847
12,155
13,972
3,177
3,147
3,471
3,693
3,334
3,132
2,840
2,832
2,929
2,971
2,390
3,586
3,325
3,515
3,522
5,003
6,647
8,014
9,226
11,002
895
1,874
1,936
2,251
2,314
3,829
5,482
6,899
8,099
9,880
1,495
1,712
1,389
1,264
1,208
1,174
1,165
1,115
1,128
1,122
5,732
7,607
8,875
9,539
8,915
10,864
12,076
13,671
14,869
17,168
205
281
518
464
316
318
343
457
315
362
4,513
5,479
5,429
5,774
5,849
6,984
8,123
9,258
10,360
11,824
2,667
2,756
3,074
3,241
2,995
2,818
2,570
2,556
2,648
2,678
1,846
2,723
2,356
2,533
2,854
4,166
5,553
6,702
7,712
9,146
592
1,275
1,240
1,509
1,837
3,162
4,557
5,739
6,752
8,197
1,254
1,448
1,116
1,025
1,017
1,004
996
962
960
949
4,821
6,334
7,032
7,702
7,754
9,535
10,557
11,842
12,880
14,809
1,054
1,254
1,367
1,434
1,007
1,151
1,363
1,588
1,795
2,148
510
391
397
452
339
314
270
276
281
292
544
863
969
982
668
837
1,094
1,312
1,514
1,856
303
599
696
742
477
667
925
1,160
1,347
1,682
241
264
273
239
191
170
169
153
168
174
911
1,273
Ii843
1,837
1,161
1,'329
1,519
1,829
1,989
2,358
9,810
10,093
10,248
10,379
10,360
10,746
11,248
11,871
12,976
13,931
5,606
4,978
4,959
4,905
4,822
4,698
4,581
4,484
4,414
4,370
4,204
5,115
5,289
5,474
5,538
6,048
6,666
7,387
8,562
9,560
971
2,391
3,224
3,700
3,891
4,559
5,290
6,090
7,306
8,328
3,233
2,724
2,065
1,774
1,647
1,489
1,376
1,297
1,257
1,232
Insured mutual savings banks:
1934—June 30
1937—June 30
1940—Dec. 31 2
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1,022
969
1,655
1,693
1,800
2,007
2,704
7,525
8,489
9,223
576
470
637
642
692
740
1,013
3,073
3,111
3,110
446
499
1,018
1,050
1,108
1,267
1,691
4,452
5,378
6,113
120
252
548
629
686
861
1,264
3,844
4,752
5,509
Noninsured mutual savings banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
8,788
9,124
8,593
8,686
8,560
8,739
8,544
4,345
4,487
4,708
5,030
4,508
4,322
4,263
4,130
3,958
3,568
1,411
1,302
1,260
3,758
4,616
4,271
4,424
4,430
4,781
4,975
2,935
3,185
3,448
851
2,139
2,676
3,071
3,205
3,698
4,026
2,246
2,554
2,819
All nonmember commercial banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31 4
1942—June 30*
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
Insured nonmember commercial
banks:
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 31
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30...
Noninsured nonmember commercial
banks:
1934—June 30
1937—June 30....:
1940—Dec. 31
1941—Dec. 31
1942—June 303 4
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
All mutual savings b a n k s :
1934—June 30
1937—June 30
1940—Dec. 31
1941—Dec. 312
1942—June 30
Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
Total
5,567
6,733
6,796
7,208
6,856
Loans
Total 1
Inter-1
bank
Number
of banks
Demand
Time
2,551
3,888
4,689
5,470
6,872
7,884
9,123
10,100
11,870
5,046
2,976
3,438
3,668
3,605
3,553
3,674
3,849
4,091
4,453
4,936
8,978
8,619
7,858
7,661
7,584
7,460
7,373
7,299
7,239
7,181
80
96
116
129
105
145
129
149
135
190
2,037
3,010
3,504
4,215
4,353
5,981
6,839
7,870
8,573
9,987
2,704
3,228
3,411
3,358
3,296
3,409
3,589
3,823
4,172
4,632
7,564
7,526
6,952
6,810
6,755
6,667
6,598
6,535
6,494
6,452
125
185
402
335
211
173
214
307
181
171
514
878
1,185
1,255
693
891
1,045
1,253
1,527
1,883
272
210
257
247
257
265
260
269
281
304
1,414
1,093
906
851
829
793
775
764
745
729
9,691
10,125
10,658
10,532
10,395
10,664
11,141
11,738
12,471
13,376
9,691
10,125
10,658
10,532
10,395
10,664
11,141
11,738
12,471
13,376
576
563
551
548
547
546
545
545
544
543
325
247
470
421
422
405
427
608
626
604
1,040
1,002
1,818
1,789
1,864
2,048
2,739
7,534
8,235
8,910
1,040
1,002
1,818
1,789
1,864
2,048
2,739
7,534
8,235
8,910
66
56
53
52
53
56
61
184
192
192
2,908
2,477
1,595
1,353
1,225
1,084
949
689
631
629
8,651
9,123
8,840
8,743
8,531
8,616
8,402
4,204
4,236
4,466
8,651
9,123
8,840
8,743
8,531
8,616
8,402
4,204
4,236
4,466
510
507
498
496
494»
490
484
361
352
351
For footnotes see opposite page.
M A Y 1945
449
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS A N D INVESTMENTS
[In millions of dollars]
Investments1
Loans 1
Class of bank
and
call date
All insured commercial banks:
Total
loans
and
investments 1
Total1
32,785
37,221
42,556
49,288
66,240
83,507
93,936
103,382
14,614
16,747
18,394
21,258
18,903
18,841
20,729
21,352
31....
31....
31....
312...
31....
31....
30....
30....
20^ . .
28,150
31,752
37,126
43,521
59,263
74,258
83,587
91,569
90,508
12,028
13,958
15,321
18,021
16,088
16,288
18,084
18,676
17,216
New York City*
1934—Dec. 3 1 . . . .
1937—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 3 0 . . . .
Dec. 3 0 . . .
1945—Mar. 20 p . .
7,761
8,313
10,910
12,896
17,957
19,994
22,669
24,003
22,734
3,159
3,673
3,384
4,072
4,116
4,428
5,479
5,760
5,054
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
31....
31....
31....
31....
31....
31....
30....
30....
Loans for
Compurchasing
meror carrying
• i
ciai,
securities
AgriinculcludTo
turing
al 1 brokopenTo
marers
oth1
ket
and
ers
paper1
dealers
Ur. S. Government obligations
Real- ConesOther Total
tate sumer loans 1
loans loans
Direct
Total
Certificates
Bills of indebtedness
Notes
Obligations
of
States Other
and
Guar- politi- securities
ancal
subBonds teed
divisions
7J178
9,214
7,757
7,777
7,406
7,920
1,068
971
1 ,281
663
1 ,450
614
1 ,642
950
1 ,505 1,414
1 ,474 2,221
1 ,723 2,269
3,336
3,640
4,468
4,773
4,646
4,437
4,364
4,343
6,718
9,072
4,077
4,545
2 ,269 1, 042
1 ,868
918
1 ,862 1, 106
1 ,888
944
18,172
20,475
24,161
28,030
47,336
64,666
73,207
82,030
11,713
13,669
17,063
21,046
40,705
58,683
67,085
75,875
1,032
669
662
988
4,462
4,636
4,708
3,971
4,402
4,568
2,756
3,159
6^ 727 5,799
13,218 7,672
15,466 11,834
15,300 15,778
5,069
6,336
9,925
12,797
20,999
30,656
34,114
39,848
1 ,210
2 ,097
3 ,719
4 ,102
2 ,718
2 ,501
963
978
2
2
3
3
3
3
3
3
411
587
608
651
533
287
393
422
4, 048
4, 220
3, 491
3, 333
3, 098
2, 696
2, 730
2, 733
6,660
8,671
7,387
7,421
7,023
7,531
1,030 3,110 2,273
950 2,752 2,547
865
642
652 3,228
972
594
598 3,494
1 ,089
934
538 3,423
1 ,023 1,398
839 3,274
1 ,023 2,200 2,130 3,207
1 ,198 2,249 2,108 3,209
5,615
7,708
3,273
3,692
870
1 ,847
1 ,484
848
1 ,467 1, 033
1 ,505
877
16,122
17,794
21,805
25,500
43,175
57,970
65,503
72,893
73,292
10,895
12,371
15,823
19,539
37,546
52,948
60,339
67,685
67,895
1,030
662
652
971
4,363
4,360
4,466
3,748
4,217
4,277
2,504
3,007
5,409
6,906
10,640
14,127
4,659
5,635
9,091
11,729
18,948
27,265
30,118
34,927
989
1 ,797
3 ,486
3 ,832
2 ,540
2 ,345
887
902
1
2
3
3
2
2
2
2
2
965
047
013
090
965
729
834
857
996
3, 262
3, 375
2, 970
2, 871
2, 664
2, 294
2, 331
2, 350
2, 401
4,602
4,640
7,527
8,823
13,841
15,566
17,190
18,243
17 681
3,524
758
1,664
3,594
495
1,536
6,044
207
1,245
7,265
311
1,623
12,547 1,855 2,144 2,056
14,563 1,328 3,409 1,829
16,157 1,258 4,242 2,805
17,179
913 3,740 3,745
16,568
824
278
1,175
388
2,977 1 ,615
3,652 1 ,679
5,420 1 ,071
7,014
984
7,650
201
8,592
189
446
342
695
729
593
444
456
468
515
632
703
788
830
701
558
577
596
598
279
518
752
903
1,282
1,602
1,665
1,809
78
94
112
119
83
74
31
31
129
135
188
182
166
158
204
160
177
100
121
186
193
186
155
169
185
183
1,692
2,022
279
1,589
2,267
637
771 3,281 1 ,049
751 4,248 1 ,173
1,723 6,810
811
749
2,497 9,943
3,893 10,689
402
5,181 11,987
440
649
691
984
956
954
913
963
1 ,000
1 ,034
979
922
893
820
821
726
735
740
768
355
678
710
861
574
538
252
241
741
879
1 ,146
1 ,222
1 ,252
1 ,214
1 ,212
1 ,230
1 ,270
1 552
1 630
1, 102
1 028
956
855
849
829
851
221
299
234
271
179
156
76
76
446
540
595
563
569
560
560
566
785
844
521
462
435
403
400
383
3,492
3,065
727
662
597
922
2,296
2,265
Member banks,
total:
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
Chicago.3
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
31....
31....
31....
31....
31....
31....
30....
30...
2(P . .
1,581
532
1,901
635
2,377
696
2,760
954
3,973
832
4,554 ,1,004
5,124
1,064
5,443 1,184
5,211
1,012
2^ 125
2,807
2,546
2,515
2,430
2,610
716
761
6
465
8
412
21
787
24 1,054
64 1,657
30 1,742
820
733
190
169
193
323
751
859
139
141
130
123
117
107
93
86
1,483
2,039
468
554
303
252
232
253
290
453
84
96
492
732
658
763
710
738
"5
6
6
6
11
17
55
41
42
48
34
102
102
163
170
129
54
52
32
52
130
163
18
12
19
22
23
22
21
24
195 1,124
123 1,066
115
207
114
194
97
153
217
267
409
903
311
777
1,090
1,176
1,436
1,527
1,486
1,420
1,385
1,379
1,904
2,838
1,322
1,512
808
658
650
660
62
45
49
45
Reserve city banks:
1934—Dec. 31
1937—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 3 0 . . . .
Dec. 3 0 . . . .
1945—Mar. 20^ . .
10,028
11,414
13,013
15,347
20,915
27,521
30,943
33,603
33,429
4,312
5,203
5,931
7,105
6,102
6,201
6,761
6,822
6,346
2,589
3^456
2,957
3,058
2,787
3,034
263
300
290
279
277
348
Country banks:
1934—Dec. 3 1 . . . .
1937—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
f944—June 3 0 . . . .
Dec. 3 0 . . .
1945—Mar. 20 p . .
8,780
10,124
10,826
12,518
16,419
22,188
24,850
28,520
29,133
4,025
4,446
5,309
5,890
5,038
4,654
4,780
4,910
4,805
1,453
1,676
1,226
1,084
1,096
1,149
590
659
772
713
671
802
64
25
21
20
17
25
33
32
996
824
201
183
161
197
345
310
1,026
1,219
1,644
1,823
1,797
1,725
1,708
1,719
1,938
2,377
1,400
1,530
674
528
536
547
4,635
5,470
5,429
5,774
6,984
9,258
10,360
11,824
2,586
2,789
3,074
3,241
2,818
2,556
2,648
2,678
518
543
370
356
383
389
*416
478
553
482
452
525
38
21
21
20
16
16
21
21
383
313
75
64
59
82
166
156
1,062
1,094
1,240
1,282
1,225
1,165
1,159
1,136
1,103
1,363
803
854
422
385
395
383
Insured nonmember commercial banks:
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
31....
31....
31....
31....
31....
31....
30....
30....
148
153
251
179
18
14
40
34
312
301
350
313
393
381
392
351
174
70
73
67
1,049
1,266
1,681
1,806
3,141
3,550
4,060
4,258
4,200
821
1,010
1,307
1,430
2,789
3,238
3,688
3,913
3,840
5,715
6,211
7,081
8,243
14,813
21,321
24,183
26,781
27,083
4,088
4,599
5,204
6,467
13,038
19,682
22,484
25,042
25,281
4,756
5,677
5,517
6,628
11,380
17,534
20,071
23,610
24,327
2,049
2,681
2,356
2,533
4,166
6,702
7,712
9,146
6,285
12,071
14,228
13,982
164
32
297
256
397
637
199
877
367 1,038
250 1,045
95
106
103
295
1,441
1,802
1,914
1,704
2^253
4,691
5,586
5,730
299
366
145
153
391
484
587
779
2,463
1,533
13
562
1,675
3,168
29
786
3,269
433 2,081
45
4,377
110
481 2,926
9,172
5,436
671 '1,251 1,240
15,465 1,032 3,094 2,096 8,705
18,009
926 3,362 3,355 10,114
21,552
882 3,466 4,422 12,540
22,206
818
1,297
1,240
1,509
3,162
5,739
6,752
8,197
2
7
10
17
99
442
276 1,147
242 1,238
223 1,319
185
291
162
152
390
766
1,194
1,652
411
700
834
1,069
2,053
3,395
4,002
4,928
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal Deposit
Insurance Corporation. p Preliminary.
1
Classifications of loans and investments were revised as of Dec. 31, 1938, and consequently figures for some items prior to December 1938 are not
comparable with subsequent figures. For explanation see Banking and Monetary Statistics, pp. 64 and 69.
2
During 1941 three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These banks are
included in "member banks" but are not included in "all insured commercial banks."
3
Central reserve city banks.
450
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—Continued
RESERVES AND LIABILITIES
[In millions of dollarsl
Time deposits
Demand deposits
Interbank
Class of bank
and
call date
All insured commercial banks:
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec,
1943—Dec.
1944—June
Dec.
31....
31....
31....
31....
31....
31....
30....
30
Reserves
with
Federal
Reserve
Banks
4,082
7,005
13,992
12,396
13,072
12,834
12,812
14,260
Cash
in
vault
793
789
1,234
1,358
1,305
1,445
1,464
1,622
DeBalances mand
dewitR
posits
doad- 5
mestic4
banks justed
deposits
ForDomestic4 eign
4,193
4,744
8,202
8,570
9,080
8,445
8,776
9,787
17,901
23,267
33,820
37,845
48,221
59,921
59,197
65,960
4,652
5,519
9,677
9,823
10,234
9,743
10,030
11,063
148
456
702
673
813
893
940
948
3,149
3,414
6,185
6,246
6,147
5,450
5,799
6,354
15,686
20,387
30,429
33,754
42,570
52,642
51,829
57,308
4,569
5,436
9,581
9,714
10,101
9,603
9,904
10,881
147
453
700
671
811
891
937
945
1,797
2,108
4,032
3,595
3,209
2,867
3,105
3,179
126
416
641
607
733
810
852
445
528
997
U.S.
Certi- IndiGov- States
fied viduals,
U. S. States
ernand
and
and partner- Inter- ment
Gov- political
politoffiships, bank
ern- subdi- cers'
and
ical
corment visions checks and
Postal subdiporaSavvisions
etc.
tions
ings
1,687
801
666
1,762
8,167
9,950
18,757
19,754
2,266
2,667
3,298
3,677
3,996
4,352
4,402
4,518
863
814
971
1,077
1,219
1,669
1,550
1,354
Individuals, Bor- Capipartner- row- tal
acships, ings counts
and corporations
16,717
22,105
32,398
36,544
47,122
58,338
57,351
64,133
151
153
160
158
97
68
68
64
524
126
69
59
61
124
108
109
335
588
522
492
397
395
407
423
11,674
13,988
14,998
15,146
15,697
18,561
20,530
23,347
49
30
11
10
10
46
84
122
6,152
6,403
6,673
6,841
7,055
7,453
7,709
7,989
14,951
19,747
29,576
33,061
42,139
51,820
50,756
56,270
59,356
141
140
141
140
87
62
63
58
452
95
56
50
56
120
104
105
294
482
435
418
332
327
333
347
9,020
10,806
11,687
11,878
12,366
14,822
16,448
18,807
19
15
3
4
5
39
75
111
5,054
5,371
5,698
5,886
6,101
6,475
6,696
6,968
8
7
5
56
4
49
51
29
23
26
17
17
591
696
768
778
711
816
861
977
1
1,565
1,606
1,615
1,648
1,727
1,862
1,907
1,966
Member banks,
total:
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
3 1 . . . . 4,082
3 1 . . . . 7,005
3 1 . . . . 13,992
3 1 2 . .. 12,396
3 1 . . . . 13,072
3 1 . . . . 12,835
30
12,813
3 0 . . . . 14,261
20p...
609
589
991
1,087
1,019
1,132
1,143
1,271
1,636
781
616
1,709
7,923
9,444
17,634
18,509
1,799
2,132
2,724
3,066
3,318
3,602
3,638
3,744
1,009
1,142
1,573
1,460
1,251
229
189
370
319
263
252
213
199
540
404
471
450
448
710
722
361
5,371
6,507
11,357
11,282
12,501
14,373
13,740
14,448
15,614
182
207
174
233
178
174
218
167
23
23
27
34
38
44
41
33
1,073
1,354
1,905
2,152
2,588
3,097
3,040
3,100
3,324
585
169
192
228
286
385
475
384
488
4,919
6,743
9,468
11,127
15,061
18,790
18,367
20,371
21,456
118
111
107
104
63
41
37
33
106
149
187
239
272
344
314
369
3,589
5,143
6,846
8,500
11,989
15,561
15,609
18,350
18,962
25
47
58
68
1,766
2,357
2,822
3,483
4,983
6,518
6,595
7,863
838
767
913
New York City:3
1934—Dec. 3 1 . . . .
1937—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 3 0 . . . .
Dec. 3 0 . . . .
1945—Mar. 20 p
1,576
2,738
7,057
5,105
4,388
3,596
3,455
3,766
86
56
102
93
72
92
85
102
103
120
122
141
82
61
60
76
5,069
6,111
11,062
10,761
11,899
13,899
13,254
14,042
415
596
40
27
42
43
39
38
41
43
207
179
319
298
164
158
179
177
1,189
1,438
1,941
2,215
2,557
3,050
3,070
3,041
1,027
1 105
1,268
2,310
4,027
4,060
4,940
5,116
5,109
5,687
207
1,543
1,470
2,741
2,590
2,202
1,758
1,922
2,005
5,136
6,870
9,581
11,117
14,849
18,654
18,405
20,267
1,984
2,389
3,919
4,302
4,831
4,770
4,757
5,421
822
' 275
307
452
526
542
611
618
684
1,296
1,645
3,002
3,216
3,699
3,474
3,638
4,097
4,292
5,968
7,845
9,661
13,265
17,039
17,099
19,958
342
412
633
790
957
994
951
1,149
1
2
2
4
5
5
8
184
199
243
271
287
313
322
352
1,044
1,329
2,017
2,325
2,934
2,996
2,978
3,434
2,216
2,879
3,391
4,092
5,651
7,279
7,368
8,652
83
83
95
108
13^
141
126
182
3
3
2
2
2
3
3
851
792
382
48
866
4,186
3,395
6,150
6,722
6
3
4
11
11
5
7
7
"29'
64
96
Chicago:3
1934—Dec. 3 1 . . . .
1937—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 31
1943—Dec. 3 1 . . . .
1944—June 30
Dec. 3 0 . . . .
1945—Mar. 2 0 p .
1,051
1,021
902
821
811
899
972
1,090
1,132
2
5
g
8
12
14
15
16
46
65
90
127
665
713
1,105
1,400
1
1
1
1
381
445
496
476
453
505
543
619
186
34
19
20
22
56
45
40
206
266
226
243
169
151
158
154
3,494
4,161
4,506
4,542
4,805
5,902
6,567
7,561
16
21
29
30
20
17
15
14
210
61
33
31
32
56
52
57
84
158
150
146
140
149
157
175
4,554
5,504
5,917
6,082
6,397
7,599
8,477
9,650
14
13
3
4
3
10
11
16
1,650
1,775
1,909
1,982
2,042
2,153
2,239
2,321
9
14
18
18
10
6
5
6
72
31
13
8
5
4
4
4
41
106
87
74
65
68
74
76
2,653
3,182
3,311
3,276
3,339
3,750
4,094
4,553
30
15
8
6
5
6
9
10
1,097
1,032
5
2
2
" 8
8
226
255
270
288
304
326
343
354
Reserve city banks:
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
31....
31....
31....
31....
31....
31....
30....
30....
20 p
200
396
425
365
391
399
441
17
30
49
54
63
63
65
70
620
256
327
491
1,982
3,373
6,453
6,157
777
995
1,144
1,319
1,448
1,464
1,509
4
1
"2
1,614
1,735
1,904
1,967
2,028
2,135
2,207
2,327
Country banks:
1934—Dec.
1937—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar
31....
31....
31....
31....
31....
31....
30....
30....
20 p
1,361
1,857
2,210
2,842
3,303
3,438
3,909
Insured nonmember commercial banks:
1934—Dec 31
1937—Dec 3i
1940—Dec. 31.
1941—j)ec 3i
1942—Dec. 31
1943—Dec. 3 1 . . .
1944—June 30...
Dec. 30 .
2
1
178
78
151
225
1,090
1,962
3,926
4,230
51
20
50
53
243
506
1,124
1,245
804
959
1,184
1,370
1,558
1,727
1,743
1,868
466
535
574
611
678
750
764
775
76
96
90
103
975
956
955
979
1,015
1,022
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31,1942, aggregated 513 million dollars at all member banks and 525 million 6at all insured commercial banks.
Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection.
For other footnotes, see opposite page.
Backfigures.—SeeBanking and Monetary Statistics, Tables 18-45, pp. 72-103, and 108-113.
M A Y 1945
451
WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Investments
Loans
Date or month
Total
loans
# and
investments
Total
For purchasing
or carrying securities
Commercial,
To brokers
leal- ,,oans Other
To others
indus- and dealers
estate
to
trial,
loans
loans
)anks
and
agri- U.S. Other U . S . Other
Govt. se- Govt. seculobobtural
curiliga- curi- liga- ties
tions ties tions
U. S. Government obligations
j
Total
Total
Bills
CerOther
tificates
Guar- secuof in- Notes Bonds an- rities
debtteed
edness
Total—101 Cities
52,698
1944—Mar
11,338
6,367 1,015
618
1,084
76
1,219
41,360 38,487 3,544
Nov
Dec
54,168
59,436
11,397
12,941
6,287 1,069
6,454 1,448
759
494
713 1,519
336 1,060
341 1,058
72
79
1,320
1,329
42,771 39,896 1,752
46,495 43,594 2,277
1945—Jan
Feb
Mar
59,590
58,796
58,112
12,356
11,768
11,350
6,405 1,196
991
6,320
900
6,157
726 1,236
763
929
751
800
357 1,053
354 1,047
346 1,042
77
76
68
1,306
1,288
1,286
47,234 44,345 2,813 10,008 9,238 21,673
47,028 44,074 2,389 10,072 9,149 22,104
46,762 43,779 2,233 11,449 7,448 22,306
1945—Jan. 3 1 . . . . 59,247
12,108
6,351 1,121
748
1,093
369
1,049
72
1,305
47,139 44,257 2,553
Feb. 7 . . . .
Feb. 14 . . . .
Feb. 21 . . . .
Feb. 28
59,007
58,923
58,753
58,501
11,852
11,894
11,693
11,634
995
6,346
6,369 1,037
967
6,313
964
6,251
774
775
730
773
961
943
912
899
353
348
368
346
1,049
1,050
1,047
1,044
79
84
71
71
1,295
1,288
1,285
1,286
47,155
47,029
47,060
46,867
44,219
44,061
44,105
43,912
Mar.
Mar.
Mar.
Mar.
58,424
58,155
58,071
57,797
11,517
11,419
11,284
11,180
6,198
6,186
6,155
6,088
951
924
889
838
745
736
748
776
864
824
770
741
347
346
347
343
1,044
1,042
1,041
1,040
82
70
57
63
1,286
1,291
1,277
1,291
46,907
46,736
46,787
46,617
43,977
43,799
43,773
43,565
57,349
57,387
57,291
57,058
10,992
10,977
11,056
11,131
6,044
6,017
5,958
5,938
749
812
918
1,044
759
737
776
747
684
656
640
623
345
348
353
353
1,041
1,043
1,041
1,040
79
66
72
87
1,291
1,298
1,298
1,299
46,357
46,410
46,235
45,927
43,286
43,327
43,143
42,854
1,846
1,770
1,709
1,497
7
14
21
28. . . .
Apr. 4
Apr. 11
Apr. 18
Apr. 25
656
303
8,956 6,639 18,242 1,106
10,236 7,316 19,996
10,272 9,164 21,267
2,873
596 2,875
614 -2,901
613
360
343
2,889
2,954
2,983
21,937
600
2,882
2,526 10,159 9,134 22,030
2,446 10,101 9,087 22,065
2,443 10,036 9,169 22,105
2,140 9,994 9,206 22,215
370
362
352
357
2,936
2,968
2,955
2,955
2,350 11,555 7,478 22,241
2,238 11,498 7,432 22,286
2,260 11,432 7,430 22,314
2,082 11,312 7,450 22,384
353
345
337
337
2,930
2,937
3,014
3,052
7,421
7,442
7,397
7,388
22,401
22,562
22,617
22,678
336
332
322
318
3,071
3,083
3,092
3,073
9,971 9,196
11,282
11,221
11,098
10,973
New York City
1944—Mar
19,352
4,655
2,478
779
484
376
115
87
58
278
14,697 13,744 1,118
3,285 2,484
6,352
505
953
Nov
Dec
19,288
21,601
4,637
5,454
2,366
885
2,430 1,145
572
537
200
736
139
138
74
72
53
53
348
343
14,651 13,695
16,147 15,174
310
439
3,356 2,696
3,481 3,310
7,185
7,780
148
164
956
973
1945—Jan
Feb
Mar
21,500
21,019
20,631
5,140
4,798
4,574
2,454
2,437
2,372
942
787
721
547
588
582
602
409
332
144
146
141
71
68
67
60
63
59
320
300
300
16,360 15,405
16,22 15,253
16,05 15,071
843
664
575
3,346 3,340
3,348 3,290
3,823 2,665
7,713
7,878
7,940
163
73
68
955
968
986
1945—Jan. 3 1 . .
21,286
5,016
2,437
885
569
524
156
69
54
322
16,270 15,325
743
3,301 3,335
7,779
167
945
Feb.
Feb.
Feb.
Feb.
7 . . . . 21,098
1 4 . . . . 21,058
2 1 . . . . 21,039
20,881
28
4,834
4,878
4,75
4,730
2,446
2,462
2,430
2,411
782
826
772
767
604
599
561
590
425
412
402
396
144
139
160
140
70
69
67
67
61
72
59
60
302
299
300
299
16,264
16,180
16,288
16,15
15,292
15,205
15,324
15,192
703
682
741
530
3,370
3,368
3,339
3,313
3,277
3,225
3,302
3,358
7,867
7,856
7,870
7,919
75
74
72
72
972
975
964
959
Mar.
Mar.
Mar.
Mar.
20,799
7
20,608
14
21...
20,594
2 8 . . . . 20,524
4,668
4,634
4,530
4,463
2,391
2,385
2,365
2,346
749
755
719
660
572
572
580
606
381
353
309
284
141
141
142
142
67
67
67
66
72
60
50
55
295
301
298
304
16,13 15,189
15,974 15,031
16,06 15,049
16,06 15,016
630
562
582
525
3,864
3,828
3,819
3,781
2,696
2,658
2,655
2,652
7,927
7,915
7,929
7,990
72
68
64
68
942
943
1,015
1,045
Apr.
Apr.
Apr.
Apr.
4....
11. . .
18. . .
25...
4,312
4,30
4,430
4,524
2,329
2,311
2,281
2,284
574
620
742
861
586
561
600
571
241
239
225
214
142
143
150
148
65
65
65
65
70
55
60
72
305
309
307
309
16,16
15,95
15,798
15,62
674
416
366
234
3,773
3,744
3,692
3,632
2,599
2,636
2,612
2,601
8,000
8,035
8,023
8,069
65
63
51
50
1,054
1,063
1,054
1,035
20,477
20,260
20,228
20,145
15,111
14,894
14,744
14,586
Outside
New York City
1944—Mar
33,346
6,683
3,889
236
134
280
188
997
18
941
26,663 24,743 2,426
5,671 4,155 11,890
601
1,920
Nov
Dec
34,880
37,835
6,760
7,48
3,921
4,024
184
303
187
176
294
783
197
203
986
986
19
26
972
986
28,120 26,201 1,442
30,348 28,420 1,838
6,880 4,620 12,811
6,791 5,854 13,487
448
450
1,919
1,928
1945—Jan
Feb..
Mar
38,090
37,777
37,481
7,21
6,970
6,77
3,951
3,883
3,785
254
204
179
179
175
169
634
520
468
213
208
205
982
979
975
17
13
9
986
988
986
30,874 28,940 1,970
30,807 28,821 1,725
30,705 28,708 1,658
6,662 5,898 13,960
6,724 5,859 14,226
7,626 4,783 14,366
450
287
275
1,934
1,986
1,997
1945—Jan. 3 1 . . .
37,961
7,09
3,914
236
179
569
213
980
18
983
30,869 28,932 1,810
6,670 5,861 14,158
433
1,937
Feb.
Feb.
Feb.
Feb.
7....
14. . . .
21....
28 . . . .
37,909
37,865
37,714
37,620
7,01
7,01
6,94
6,90
3,900
3,907
3,883
3,840
213
211
195
197
170
176
169
183
536
531
510
503
209
209
208
206
979
981
980
977
18
12
12
11
993
989
985
987
30,891
30,849
30,772
30,716
28,927
28,856
28,781
28,720
1,823
1,764
1,702
1,610
6,789
6,733
6,697
6,681
5,857
5,862
5,867
5,848
14,163
14,209
14,235
14,296
295
288
280
285
1,964
1,993
1,991
1,996
Mar.
Mar.
Mar.
Mar.
7....
14....
21....
28....
37,625
37,547
37,477
37,273
6,84
6,78
6,75
6,71
3,807
3,801
3,790
3,742
202
169
170
178
173
164
168
170
483
471
461
457
206
205
205
201
977
975
974
974
10
10
7
8
991
990
979
987
30,776
30,762
30,723
30,556
28,788
28,768
28,725
28,549
1,720
1,676
1,678
1,557
7,691
7,670
7,613
7,531
4,782
4,774
4,775
4,798
14,314
14,371
14,385
14,394
281
277
274
269
1,988
1,994
1,998
2,007
Apr. 4 . . .
Apr. 11. . .
Apr. 18. . .
Apr. 2 5 . . .
36,872
37,127
37,063
36,913
6,680
6,67
6,62
6,60
3,715
3,706
3,677
3,654
175
192
176
183
173
176
176
176
443
417
415
409
203
205
203
205
976
978
976
975
9
11
12
15
986
989
991
990
30,192
30,45.}
30,43
30,306
28,175
28,433
28,399
28,268
1,172
1,354
1,343
1,263
7,509
7,477
7,406
7,341
4,822
4,806
4,785
4,787
14,401
14,527
14,594
U.609
271
269
271
268
2,017
2,020
2,038
2,038
Backfigures.—Sea Banking and Monetary Statistics, pp. 127-227.
451.
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]
Time deposits,
except interbank
Demand deposits,
except interbank
Date or month
Reserves
Balwith Cash ances
Fedwith
in
eral vault
doRemestic
serve
banks
Banks
Demand
deposits
ad- 1
justed
IndividCertiuals, States
and
fied
U. S.
partpolit- and
Govnerical
offiernships,
subcers' ment
and
divi- checks
coretc.
pora- sions
tions
Interbank
deposits
IndiDomestic
U.S.
vidbanks
Bor- CapGovital Bank
uals, States
row- acand
deb-2
part- polit- ernFor- ings counts
its
ment
nereign
ical
and
ships, subbanks
Postal
Deand
divi- Sav- mand Time
corings
pora- sions
tions
Total 101 Cities
1944—Mar.
8,521
535
2,108
32,814
33,049
1,707
Nov.
Dec.
9,861
9,394
590
647
2,170
2,289
38,268
35,459
38,637
35,922
1,963
1,742
876
925
5,230 7,464
12,992 7,473
118
113
1945—Jan.
Feb.
Mar.
9,340
9,448
9,643
585
567
596
2,260
2,141
2,152
35,506
36,493
37,429
35,842
36,772
37,523
1,777
1,904
1,977
987
933
817
12,941 7,643
11,290 7,812
9,498 7,982
113
123
124
46
45
46
45
44
1945—Jan. 3 1 . . .. 9,302
8,365
10,829 6,266
847
9,409
9,550
883
9,419
8,917
9,061
904
939
937
69
4,327 59,587
398
242
141
247
234
4,524 60,140
4,532 73,623
4,617 65,627
4,662 55,440
4,683 64,932
563
2,110
36,076
36,251
1,859
8,823
925
169
4,636 14,424
Feb. 7
Feb. 14
Feb. 21
Feb. 28
9,358
9,432
9,440
9,560
547
589
565
565
2,085
2,179
2,136
2,164
36,034
36,282
36,637
37,018
35,935
36,977
36,830
37,347
1,892
1,896
1,
1,939
968
935
924
905
11,950
11,610
11,075
10,523
7,750
7,783
7,832
7,883
122
122
123
125
46
45
44
44
8,873
9,029
8,883
8,883
933
935
940
951
205
224
271
288
4,653
4,657
4,662
4,676
14,667
12,571
15,224
12,978
Mar.
Mar.
Mar.
Mar.
7
14
21
28
9,551
9,725
9,753
9,543
564
619
594
607
2,121
2,218
2,159
2,110
37,149
37,635
37,585
37,347
37,168
38,158
37,569
37,198
1,923
1,921
1,986
2,077
798
835
807
829
9,942
9,481
9,345
9,222
7,936
7,956
8,011
8,028
125
125
123
125
44
44
44
44
9,065
9,195
9,082
8,902
945
930
936
938
310
203
206
215
4,682
4,676
4,687
4,688
14,365
13,955
14,501
14,673
Apr.
Apr.
Apr.
Apr.
4 . . .. 9,611
9,823
11
9,857
18
9,933
25
564
572
581
594
2,119
2,131
2,150
2,121
37,184
38,037
38,603
39,099
37,091
38,077
38,739
38,902
2,065
2,057
2,080
2,183
945
807
840
820
8,794
7,976
7,305
6,686
8,042
8,098
8,133
8,163
99
105
107
106
44
44
44
44
9,045
9,119
9,102
8,875
938
953
957
972
237
283
335
452
4,704
4,720
4,721
4,725
14,877
12,991
13,665
13,331
12,314 7,697
New York City
19*4—Mar.
3,167
86
12,148
12,561
174 546
4,498
759
20
2,658
768
42
1,708 25,650
Nov.
Dec.
3,661
3,342
96
107
14,673
13,240
282
202
483
530
2,003
5,578
2,947
2,963
785
798
274
182
1,768 25,464
1,768 33,064
3,345
3,443
3,540
91
92
95
13,219
13,631
14,026
235
574
442
5,543
4,745
3,929
903
884
899
922
952
17
17
1945—Jan..
Feb.
Mar.
14,293
12,809
12,768
13,241
13,681
18
18
19
2,985
2,850
2,859
817
849
844
69
99
130
1,792 30,826
1,805 25,416
1,806 28,924
1945—Jan. 3 1 . . .. 3,415
13,053
13,462
186
513
5,221
2,866
837
1,800
6,486
Feb. 7
Feb. 14
Feb. 21
Feb. 28
3,401
3,410
3,450
3,509
13,053
13,126
13,351
13,434
13,314
13,649
13,700
13,862
236
250
235
617
569
5,047
4,896
4,645
4,390
912
917
930
928
18
18
18
18
2,831
2,835
2,847
2,888
844
842
847
861
56
99
113
128
1,803
1,805
1,803
1,811
7,122
5,732
7,088
5,474
Mar.
Mar.
Mar.
Mar.
3,497
3,523
3,530
3,610
13,521
13,679
13,691
13,831
13,873
14,142
13,968
14,122
209
271
246
455
399
456
4,131
3,930
3,856
3,799
933
939
968
967
19
19
18
18
2,911
2,891
2,844
2,791
855
837
841
842
172
95
119
134
1,809
1,806
1,807
1,803
6,638
6,368
6,116
6,593
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Outsi ie
New York City
1944—Mar.
3,541
3,618
3,629
3,689
13,910
13,983
14,183
14,411
14,262
14,338
14,630
14,710
446
256 446
3,639
3,289
3,003
2,721
958
963
968
973
18
18
18
18
2,823
2,908
2,921
2,822
841
858
857
871
96
92
113
223
1,815
1,817
1,818
1,816
6,419
5,827
5,848
5,781
20,488
1,533
6,331 5,507
106
5,707
40
79
27
2,619 33,937
Nov.
Dec.
6,200
6,052
494
540
2,140
2,261
23,975
22,650
23,964
22,682
1,681
1,540
393
3,227 6,561
7,414 6,589
101
96
37
34
83
85
124
60
2,756 34,676
2,764 40,559
1945—Jan.
Feb..
Mar.
5,995
6,005
6,103
494
475
501
2,234
2,115
2,120
22,738
23,252
23,748
22,623
23,141
23,497
1,605
1,664
1,742
397
359
375
7,398 6,744
6,545 6,890
5,569 7,030
95
105
105
39
38
39
38
37
6,462
6,587
6,434
6,067
6,202
32
33
39
87
90
93
72
148
104
2,825 34,801
2,857 30,024
2,877 36,008
2,086
23,023
22,789
1,673
377
7,093 6,791
2,836
7,938
5,957
6,022
5,990
6,051
456
492
471
477
2,057
2,156
2,109
2,140
22,981
23,156
23,286
23,584
22,621
23,328
23,130
23,485
1,656
1,646
1,653
1,700
351
356
355
376
6,903
6,714
6,430
6,133
6,838
6,866
6,902
6,955
104
104
105
107
39
38
37
37
6,042
6,194
6,036
5,995
89
93
93
90
149
125
158
160
2,850
2,852
2,859
2,865
7,545
6,839
8,136
7,504
6,054
Mar. 14."!.'! 6,202
6,223
Mar. 21
5,933
Mar. 28
472
521
502
509
2,100
2,193
2,131
2,059
23,628
23,956
23,894
23,516
23,295
24,016
23,601
23,076
1,710
1,712
1,715
1,831
342
380
408
373
5,811
5,551
5,489
5,423
7,003
7,017
7,043
7,061
106
106
105
107
37
37
36
36
6,154
6,304
6,238
6,111
90
93
95
96
138
108
87
81
2,873
2,870
2,880
2,885
7,727
7,587
8,385
8,080
97
95
100
101
141
191
222
229
2,889
2,903
2,903
2,909
8,458
7,164
7,817
7,550
7
14
21
28
2,073
5,354
1945—Jan. 3 1 . . .. 5,887
Feb. 7
Feb. 14
Feb. 21
Feb. 28
Mar
7
214
99
5,957
Apr. 4
2,039 23,274
6,070
472
22,829 1,851 401
5,155 7,084
6,222
81
36
2,096 24,054
6,205 474
23,739 1,843 358
4,687 7,135
6,211
87
36
Apr. 11
486
2,123 24,420
6,228
24,109 1,831 394
4,302 7,165
89
36
6,181
Apr. 18
501
2,094 24,688
6,244
24,192 1,927 374
3,965 7,190
36
6,053
Apr. 25
*2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
MAY
1945
453
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS A N D INVESTMENTS
[ In millions of dollars]
Investments
Loans
Federal Reserve
district and date
Boston
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
New York*
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Philadelphia
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Cleveland
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Richmond
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Atlanta
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Chicago*
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
St. Louis
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Minneapolis
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Kansas City
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Dallas
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
San Francisco
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
City of Chicago*
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Total
loans
and
investments
Total
Commercial,
industrial,
and
agricultural
For purchasing or carrying securities
To brokers
and dealers
To others
U.S.
U. S.
Govt. Other Govt. Other
obli- secusecuoblirities
rities
U. S. Government obligations
Real- Loans Other
estate
to loans
loans banks
Total
Total
CertifiOther
cates
of
Guar- secuinNotes Bonds an- rities
Bills
debtteed
edness
3,036
3,028
2,995
2,971
2,960
640
639
648
638
651
398
397
398
397
396
22
23
29
19
29
22
19
22
22
24
13
13
13
13
12
15
15
16
15
16
64
64
64
64
64
2
3
. 4
6
8
104
105
102
102
102
2,396
2,389
2,347
2,333
2,309
2,325
2,316
2,273
2,258
2,235
144
131
99
112
94
660
628
618
316
313
304
294
299
1,180
1,178
1,205
1,219
1,218
71
73
74
75
74
22,571
22,545
22,339
22,290
22,168
4,792
4,641
4,635
4,757
4,854
2,492
2,475
2,457
2,427
2,430
661
577
627
746
867
610
590
565
604
576
305
262
258
244
233
163
163
164
170
168
142
140
140
140
140
55
70
55
60
72
364
364
369
366
368
17,779
17,904
17,704
17,533
17,314
16,660
16,777
16,569
16,407
16,207
606
787
535
472
305
4,194
4,177
4,134
4,074
4,009
2,896
2,845!
2,882
2,859
2,844
8,890
8,897
8,949
8,942
1,119
1,127
1,135
1,126
1,107
2,430
2,424
2,412
2,381
2,380
407
408
413
412
411
214
212
212
210
206
1
3
7
7
6
34
34
33
34
36
5
5
5
5
5
9
9
10
10
10
33
33
33
33
34
111
112
113
113
114
2,023
2,016
1,999
1,969
1,969
1,848
1,841
1,822
1,791
1,791
120
119
110
88
91
345
335
318
305
305
262
262
263
262
260
1,067
1,070
1,077
1,081
1,081
175
175
177
178
178
4,682
4,702
4,659
4,655
4,651
857
847
841
843
838
392
389
386
384
380
55
49
50
53
51
18
19
19
20
21
95
91
89
89
15
16
15
16
16
154
154
154
153
154
125
125
125
127
126
3,825
3,855
3,818
3,812
3,813
3,582
3,614
3,577
3,571
3,572
157
144
99
96
97
907
922
917
912
909
559
599
596
590
591
1,948
1,938
1,954
1,962
1,965
243
241
241
241
241
1,909
1,890
1,894
1,885
1,872
297
291
288
284
281
139
135
135
132
128
4
4
3
3
5
5
5
5
5
5
33
31
30
30
29
9
9
9
9
9
47
47
47
46
46
59
59
58
58
58
1,612
1,599
1,606
1,601
1,591
,554
,540
,548
,542
,532
86
82
89
79
82
327
325
325
329
318
262
257
257
253
252
866
863
864
868
867
58
59
58
59
59
1,816
1,806
1,816
1,821
1,821
327
323
323
322
321
190
186
186
187
184
5
7
7
7
32
32
27
30
30
7
7
7
7
7
24
25
26
26
26
66
65
68
64
64
1,489
1,483
1,493
1,499
1,500
,359
,353
,364
1,369
1,369
48
42
48
49
48
364
363
365
366
359
304
305
302
295
296
637
637
643
653
660
130
130
129
130
131
8,661
8,276
8,554
8,573
8,570
488
479
469
458
456
932
923
918
912
914
140
139
127
124
121
57
57
58
58
58
134
135
136
136
136
116
116
116
117
118
7,173
6,797
7,"""
7,115
7,114
6,628
6,245
6,536
6,553
6,556
454
111
332
359
374
1,879
1,850
1,891
1,874
1,859
1,061
1,050
1,049
1,049
1,052
3,197
3,197
3,226
3,233
3,234
545
552
549
562
558
1,812
1,815
1,832
1,840
1,829
430
428
428
424
421
241
239
238
235
232
20
18
18
18
19
12
12
12
12
12
65
66
66
66
66
1
1
1
1
1
84
84
84
84
84
1,382
1,387
1,404
1,416
1,408
1,263
1,269
1,284
1,295
1,286
32
39
41
47
38
301
302
304
306
306
258
256
261
260
259
659
659
665
669
670
119
118
120
121
122
1,127
1,119
1,112
1,111
1,098
204
203
200
198
196
116
117
117
115
115
7
6
6
6
6
4
4
4
4
3
23
23
23
23
23
2
2
1
1
1
49
48
46
46
45
923
916
912
91.
902
879
873
868
868
857
11
12
218
212
212
212
199
167
166
166
166
163
479
479
480
481
485
44
43
44
45
45
1,986
1,984
1,985
1,991
1,978
340
338
337
335
333
217
215
215
212
211
16
16
16
16
15
7
7
7
7
7
37
37
37
37
37
1
1
1
1
1
58
58
57
58
57
1,646
1,646
1,648
1,656
1,645
1,516
1,516
1,518
1,52
1,515
86
388
382
383
383
387
312
312
312
318
318
704
708
711
713
713
130
130
130
129
130
1,664
1,666
1,676
1,680
1,666
407
40
406
401
399
270
270
269
265
263
30
29
28
28
28
22
22
23
22
22
22
22
22
22
22
59
59
59
60
60
•1,257
1,259
1,270
1,279
1,267
1,211
1,212
1,223
1,232
1,220
65
62
72
77
62
382
384
388
390
222
222
220
220
223
532
534
533
535
536
46
47
47
47
47
6,103
6,094
6,113
6,093
6,065
991
988
989
984
970
487
486
486
482
479
42
38
37
37
36
23
24
23
23
25
295
295
295
295
292
96
96
101
103
103
5,112
5,106
5,124
5,109
5,095
4,740
4,730
4,745
4,730
4,71
273
229
252
236
226
1,327
1,342
1,324
1,319
1,315
831
834
830
831
831
2,225
2,241
2,255
2,261
2,261
372
376
379
379
381
5,179
4,809
5,087
5,119
5,118
1,016
1,010
996
984
695
689
681
676
679
51
51
52
51
51
27
27
27
27
27
61
61
60
60
61
4,163
3,799
4,09
4,13.
4,133
3,800
3,430
3,725
3,758
3,760
376
46
275
301
314
1,028
996
1,061
1,059
1,046
600
590
587
590
593
1,792
1,794
1,798
1,803
1,803
363
369
366
377
373
i
I
I
I
I
I
I
l
i
I
2
1
2
7
6
7
* 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.
454
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[ In millions of dollars]
Federal Reserve
district and date
Boston (6 cities)
Mar. 28
Apr 4
Apr. 11
Apr 18
Apr. 25
New York (8 cities)*
Mar 28
Apr. 4
Apr 11
Apr. 18
Apr. 25
Philadelphia (4 cities)
Mar. 28
Apr. 4
Apr. 11
Apr 18
Apr. 25
Cleveland (10 cities)
M a r . 28
Apr
4
Apr 11
Apr. 18
Apr 25
Richmond (12 cities)
Mar 28
Apr. 4
Apr 11
Apr. 18
Apr 25
Atlanta (8 cities)
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Chicago (12 cities)*
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
St. Louis (5 cities)
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25._
Minneapolis (8 cities)
M a r . 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Kansas City (12 cities)
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
Dallas (9 cities)
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
San Francisco (7 cities)
Mar. 28
Apr. 4
Apr. 11
Apr 18
Apr. 25
City of Chicago*
Mar 28
Apr. 4
Apr. 11
Apr 18
Apr. 25
ReIndiDeBalserves
vidwith Cash ances mand
uals,
dewith
Fedin
do- posits parteral vault
mestic ad- 1 nerRejanks usted ships,
serve
and
Banks
corporations
444
455
450
472
460
67
64
54
62
66
113
113
116
113
109
2,107
2,125
2,144
2*172
2,190
3,852
3,800
3,868
3,891
3,943
133
124
132
128
127
137
169
114
112
108
420
418
422
421
431
33
30
31
30
31
83
87
76
77
75
1,800
1,813
1,828
1,831
1,852
755
775
764
111
771
81
77
73
75
76
198
195
188
195
189
306
309
323
306
308
40
36
38
37
38
333
338
344
347
347
States
and
political
subdivisions
In terbank
deposits
Time deposits,
except interbank
Demand deposits,
except interbank
Certified U . S .
and Govoffierncers' ment
hecks
etc.
Individuals,
partnerships,
and
corporations
States
and
political
subdivisions
Domestic
U.S.
banks
BorGovrowernForings
ment
eign
and
Postal De- Time banks
Sav- mand
ings
2,082
2,101
2,121
2,159
2,158
109
HI
118
118
119
30
34
30
28
31
641
609
548
505
463
358
360
362
363
365
15,211 15,282
15,323 15,426
15,387 15,514
15,609 15,829
15,817 15,903
504
491
483
488
501
483
576
477
503
475
4,063
3,889
3,516
3,211
2,911
1,519
1,513
1,522
1,528
1,535
1,850
1,840
1,841
1,849
1,853
61
71
83
85
100
18
16
19
19
23
391
370
335
306
280
195
196
197
196
197
8
8
3,081
3,121
3,089
3*140
3,182
3,141
3*. 119
3,139
3*190
3,211
122
140
135
137
139
39
54
39
40
42
570
542
494
454
413
1,064
1,069
1,075
1,078
1,080
56
30
31
31
30
144
142
155
139
145
1,214
1,200
1,226
1,223
1,246
1,193
1,189
1,221
1,218
1,229
88
87
86
84
90
22
21
18
20
19
338
320
290
266
242
296
298
301
302
303
2
2
2
2
2
32
28
29
28
29
138
144
154
148
144
1,196
1,193
1,214
1,230
1,257
1,077
1,117
1,151
1,166
1,172
213
177
176
173
179
10
10
9
11
11
182
173
160
147
136
347
349
352
354
355
1,347
1,392
1,480
1,490
1,512
88
82
82
100
101
318
314
379
398
392
5,336
5,009
5,666
5,785
5,940
5,219
4,944
5,548
5,663
5,761
424
431
431
452
486
73
86
74'
81
76
1,359
1,287
1,167
1,069
977
1,586
1,586
1,596
.1,608
1,614
310
308
330
323
329
22
20
22
20
21
136
132
113
114
109
1,057
1,052
1,086
1,112
1* 115
1,092
1,083
1,132
1 161
l! 156
67
65
66
62
65
14
14
12
12
11
215
204
185
168
162
290
292
294
296
297
173
175
179
175
177
12
10
11
10
11
72
77
77
75
73
655
661
672
671
677
620
616
639
635
646
86
90
87
85
84
10
17
9
10
9
212
201
182
166
151
176
177
179
179
180
390
406
409
409
425
25
23
23
23
24
276
262
268
284
276
1,306
1,291
1,299
1,331
1,339
1,266
1,273
1,299
1,322
1,325
142
139
134
135
145
23
21
20
20
20
232
223
202
189
173
241
242
245
246
247
1
1
1
1
1
3
3
3
3
3
765
788
807
807
798
324
345
356
349
338
27
25
24
23
25
229
216
225
236
233
1,231
1,241
1,253
1,271
1,263
1,214
1,224
1,259
1,282
1,275
82
85
78
72
72
23
19
20
21
24
204
196
178
163
154
221
222
224
225
226
11
11
11
12
12
3
3
3
3
3
472
477
510
514
502
889
890
898
902
892
47
45
43
45
45
266
268
266
259
268
3,162
3,153
3'. 159
3,155
3,173
3,213
3,22? ! 3 ( 265
3*, 221 3*213
179
178
180
189
203
84
80
75
79
815
780
719
66'
624
1,735
1,738
1,751
1,758
1,' 764
25
25
25
25
25
7
7
7
7
7
405
411
423
429
416
773
826
897
906
925
27
25
25
44
44
93
91
162
187
178
3,02()
)
3*31^\
3,45.
)
165
170
170
186
203
33
37
36
43
41
894
844
76:
69£
63!
650
646
650
657
659
3,047
2', 779
3,340
3,479
3,'532
77
3
3
3
3
3
289
289
295
293
288
21
21
21
21
21
10
10
10
10
10
2,853
2,890
2,975
2,988
2,888
2
2
1
1
1
1
1
343
356
345
338
344
7
13
14
14
18
18
7
Capital Bank
ac- deb-2
cunts i t s
19
19
20
20
20
4
10
9
17
22
272
273
273
275
276
672
631
609
714
628
844
843
860
859
873
155
125
143
156
253
1,951
1,965
1,966
1,967
1,965
6,950
6,992
6,151
6,309
6,135
9
9
8
9
8
13
2
10
10
16
241
242
242
242
243
580
559
549
525
584
31
38
39
45
460
459
460
460
461
866
907
794
888
835
123
123
124
124
124
378
371
336
364
361
358
369
338
352
340
516
527
526
525
503
7
7
8
8
3
3
3
3
4
7
7
7
7
7
382
381
397
386
374
5
5
5
5
5
2
2
2
2
2
3
3
3
3
3
2
2
2
2
2
486
494
507
505
482
"i"
"i"
1
5
5
6
5
6
3
118
118
118
118
119
4
4
4
4
4
4
4
4
4
4
1,569
1,611
1,491
1,494
1,465
5
5
5
5
5
20
20
19
20
20
2
9
3
33
8
544
545
556
556
556
2,402
2,671
1,893
2,031
1,955
4
4
4
4
4
568
566
582
570
562
1
2
1
2
2
30
41
29
30
31
126
127
127
127
127
379
364
335
375
372
254
255
261
253
253
2
2
2
3
3
126
127
127
127
20
81
81
81
82
82
205
205
222
226
211
1
1
137
137
137
137
137
433
430
436
450
465
3
3
3
3
3
122
122
123
121
122
347
322
305
353
366
30
30
29
31
31
513
512
513
512
513
1,103
l]056
1,023
1 078
1*079
5
5
5
5
5
7
7
6
6
6
1,132
l ' 171
1,068
1', 073
l,*O47
'"'8
8
15
21
"2
2
12
17
16
16
17
17
"32'
10
21
9
35 1 511
354 1*872
35, 1,085
35^ 1 16^
354 1*.165
* 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
MAY
1945
455
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES
[In millions of dollars]
OUTSTANDING
Dollar acceptances outstanding
Held by
Commercial
paper
Total
out- 1
outstanding standing
End of month
Based on
Accepting banks
Total
Own
bills
Imports
into
United
States
Others 2
Bills
bought
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
52
38
27
66
85
84
93
55
57
52
51
49
44
46
44
42
40
44
44
38
49
48
45
41
43
41
38
43
45
40
50
27
29
30
29
24
25
23
28
26
30
32
35
71
83
79
77
71
74
72
75
78
79
74
86
12
12
12
12
10
11
12
10
11
13
14
14
29
32
31
30
28
24
24
22
19
21
24
25
98
97
96
48
52
54
50
46
42
32
29
32
86
87
87
13
12
11
25
24
25
1943—December
202
117
1944—January
February
March
April
May
Tune
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
1945—January
February
March
162
157
147
130
126
128
Foreign
countries
30
1
2
3
As reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks.
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS1 DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
debit
firm
# partners'
balances
investment investment
(net) 1
and trading and trading
accounts
accounts
1936—June
December
1937—June
December
1938-June
December
1939—June
December
1940— June
December.
1941—June
December
1942—June
December
1943—June
December
1,267
1,395
1,489
985
1944—April
May
Tune
July
August
September
October
November
December
e
78O
e
1945—January
February
March
774
991
834
906
653
677
616
600
496
543
761
788
790
887
c
940
e
940
c
940
e
950
e
940
1,041
r
l,070
r
l,100
3
l,034
67
64
55
34
27
32
25
16
12
12
11
8
9
7
9
11
Credit balances
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed 2
164
164
161
108
88
106
73
78
58
99
219
249
214
232
215
190
178
207
223
204
985
1,048
1,217
688
495
754
570
637
376
427
276
342
266
278
258
247
230
266
267
281
89
86
86
154
190
188
186
211
180
160
167
181
395
368
309
378
529
557
255
289
240
270
334
354
600
550
619
e
660
e
630
e
640
c
670
e
640
726
390
400
424
e
420
e
410
c
420
e
430
e
430
472
e
e
Free
e
e
5
7
253
260 " "
196
209'"
730
e
73O
3
722
Other credit balances
In firm
In p a r t n e r s '
investment
and trading
accounts
investment
and trading
accounts
In capital
accounts
(net)
86
103
92
85
89
60
70
69
62
54
24
30
25
26
22
22
21
23
22
22
14
12
13
10
11
5
6
7
5
5
420
424
397
355
298
305
280
277
269
247
65
63
56
54
66
65
17
17
16
15
15
14
7
5
4
4
7
5
222
213
189
182
212
198
15
11
216
18
8
227
Other
(net)
c
e
95
96""
530
e
540
3
553
e
Estimated. Complete reports
now collected semiannually; monthly figures for three items estimated on basis of reports from a smal] number of
r
large
firms.
Revised.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances at the end of ^March represented by balances secured by U. S. Government securities was 109 million dollars.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail
at semiannual dates prior to 1942.
456
FEDERAL RESERVE BULLETIN
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
OPEN-MARKET MONEY RATES I N NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Stock
Prime
Prime
exbankcomchange
ers'
mercial acceptcall
paper,
loan
4- to 6- ances,
re90
monthsl daysi
newals2
Yields on U S.
Government securities
9- to 12month
certifi- 3- to 53year
cates
month
of in- taxable
bills'
debted- notes
ness
1942 average
1943 average
1944 average
.66
.69
.73
.44
.44
.44
1.00
1.00
1.00
.326
.373
.375
1944—April
May
.69
-.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
.375
.375
.375
.375
.375
.375
.375
.375
.375
.44
.44
.44
.44
1.00
1.00
1.00
1.00
.375
.375
.375
.375
/is
1.00
1.00
1.00
1.00
1.00
.376
.375
.375
.375
.375
June
July
August
September....
October
November
December
1945—January
February
March
April
Week ending:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
H
7
A
7
7
A>
Aa
VA
r
*' 175
r
1.46
l 34
.78
.77
.78
4
.77
\.33
1.36
1.35
1.34
1.31
1.30
1.31
1.35
1.34
1.35
1.31
1.22
1.18
1.14
.76
.75
.76
.78
.79
1.17
1.15
1.15
1.14
1.14
.79
.78
.77
.79
.77
.76
.79
.80
.81
.80
4
r
Revised.
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.
4
Number of issues increased from 2 to 3 on Apr. 1.
Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp.
448-459, and pp. 483-490 of this BULLETIN.
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
1940—September. . .
December
1941—March
2.68
2.59
2.58
2.55
2.60
2.41
2.48
2.62
2.70
2.63
2.14
2.00
2.06
1.95
1.98
1.88
1.85
2.07
2.28
2.09
2.87
2.56
2.55
2.58
2.80
2.68
2.56
2.53
2.53
2.58
2.62
2.45
2.48
2.56
2.66
2.63
3.51
3.38
3.19
3.26
3.13
3.02
3.43
3.36
3.25
3.23
3.29
2.99
3.20
3.34
3.25
3.26
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
1945—March...
2.53
1.99
2.73
2.91
June
September....
December
1942—March
June
September
December
1943—March
June
September
December
2
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 YIELDS1
[Per cent per annum]
U. S. Government
Year, month,
or week
Number of issues
Long-term
partially
taxexempt
Corporate (Moody's) 4
Taxable
7 to 9 15 years
and
years
over
Municipal
(high
grade) 2
Corporate
(high
grade)*
By groups
By rating
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
1-5
1-5
1-7
15
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
..36
>.O6
L.86
2.75
2.64
2.60
3.34
3.16
3.05
2.83
2.73
2.72
2.98
2.86
2.81
3.28
3.13
3.06
4.28
3.91
3.61
2.96
2.85
2.80
3.96
3.64
3.39
3.11
2.99
2.96
1944—April
May
June
July
1.94
1.94
1.91
1.89
1.90
1.93
1.93
1.90
1.87
1.95
1.95
1.95
1.95
1.93
1.92
1.93
1.92
1.93
2.48
2.49
2.49
2.49
2.48
2.47
2.48
2.48
2.48
L.85
L.86
L.87
L.84
L.82
L.83
1.87
L.88
L.87
2.61
2.58
2.58
2.59
2.57
2.55
2.55
2.61
2.59
3.08
3.06
3.05
3.04
3.02
3.03
3.02
3.02
2.98
2.74
2.73
2.73
2.72
2.71
2.72
2.72
2.72
2.70
2.82
2.81
2.81
2.80
2.79
2.79
2.81
2.80
2.76
3.09
3.07
3.07
3.05
3.04
3.05
3.01
3.01
2.98
3.68
3.63
3.59
3.57
3.55
3.56
3.55
3.53
3.49
2.83
2.81
2.79
2.79
2.79
2.79
2.79
2.77
2.74
3.45
3.41
3.40
3.37
3.34
3.35
3.32
3.29
3.25
2.97
2.97
2.96
2.95
2.94
2.94
2.96
2.98
2.96
1945—January
February
March
April
1.81
1.75
1.70
1.68
1.89
1.77
1.70
1.62
2.44
2.38
2.40
2.39
1.81
1.71
1.61
1.57
2.58
2.56
2.51
2.49
2.97
2.93
2.91
2.90
2.69
2.65
2.62
2.61
2.76
2.73
2.72
2.73
2.98
2.94
2.92
2.90
3.46
3.41
3.38
3.36
2.73
2.69
2.68
2.69
3.23
3.16
3.11
3.07
2.97
2.95
2.94
2.94
Week ending:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
1.71
1.70
1.68
1.67
1.68
1.69
1.65
1.62
1.61
1.60
2.39
2.39
2.38
2.40
2.39
1.60
1.58
1.58
1.58
L.54
2.50
2.49
2.49
2.49
2.49
2.91
2.91
2.90
2.90
2.90
2.60
2.61
2.61
2.61
2.61
2.73
2.73
2.73
2.72
2.73
2.91
2.91
2.90
2.90
2.90
3.38
3.38
3.36
3.36
3.35
2.68
2.69
2.69
2.69
2.69
3.10
3.10
3.08
3.07
3.06
2.94
2.94
2.93
2.94
2.94
August
September
October
November
December
5
120
1
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Standard and Poor's Corporation.
U. S. Treasury Department.
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 pp. 483-490 of this BULLETIN.
2
3
MAY
1945
457
SECURITY MARKETS 1
Stock prices5
Bond prices
Corporate4
Year, month, or week
U. S. Municipal
Gov(high
ernment^ grade) 3
Number of issues.
Medium- and lower-grade
Highgrade
Total
Volume
of trading?
(in thousands of
Public shares)
utility
Common (index, 1935-39 = 100)
Industrial
Railroad
DePublic faulted
utility
Preferred6
Total
Industrial
Railroad
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—April
May
June
July
August
September..
October
November..
December...
100.26
100.19
100.16
100.19
100.35
100.40
100.29
100.26
100.34
135.8
135.6
135.5
136.1
136.5
136.2
135.5
135.2
135.5
120.7
120.9
120.9
121.3
121.2
121.2
121.1
120.9
121.4
114.4
114.7
114.5
114.7
114.8
114.5
115.5
115.9
116.9
121.0
121.5
121.5
121.1
120.9
120.1
119.9
119.9
120.7
105.5
106.5
106.2
106.8
107.3
107.0
109.6
110.9
113.2
116.6
116.0
115.9
116.3
116.2
116.5
116.9
116.7
116.8
59.0
58.9
61.2
61.3
57.3
55.5
59.1
61.2
65.8
173.8
173.2
175.8
177.6
176.9
177.4
177.4
178.5
180.9
95
97
102
104
103
101
104
103
105
97
99
104
107
105
103
106
105
106
97
99
101
105
103
99
103
105
114
90
91
92
91
93
92
92
659
730
1,598
1,283
872
738
776
850
1,421
1945—January
February
March
April
100.97
101.81
101.56
101.68
136.6
138.7
140.7
141.6
121.6
121.9
122.7
122.9
117.3
117.6
118.1
118.2
121.2
121.9
122.9
123.1
113.7
114.3
114.8
115.0
117.0
116.5
116.5
116.5
68.6
68.1
68.9
71.9
183.3
185.5
187.7
190.9
108
113
112
114
110
115
114
117
121
125
124
129
94
97
96
98
1,652
1,664
1,195
1,273
Week ending:
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
101.62
101.65
101.79
101.61
101.67
140.9
141.4
141.4
141.4
142.2
122.8
122.8
122.9
123.0
122.9
118.1
118.2
118.2
118.2
118.2
123.3
123.3
123.3
123.1
122.9
114.7
115.0
114.9
115.1
115.2
116.5
116.4
116 3
116.6
116.6
68.3
69.3
70.0
72.2
74.9
189.2
189.7
190.2
190.8
192.9
109
111
113
117
117
111
113
115
119
119
120
123
126
133
136
95
96
97
100
100
954
659
1,048
1,793
1,533
1-7
402
50
1
2
3
4
5
6
7
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
Prices derived from average yields, as computed by Standard and'Poor's Corporation, on basis of a 4 per cent 20-year bond.
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures—See Banking and Monetary Statistics, Tables 130,133, 134, and 136, pp. 475,479,482, and 486, respectively, and pp 483-490 of this BULLETIN.
NEW SECURITY ISSUES
[In millions of dollarsl
For refunding
For new capital
Total
(new
and
refunding)
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Total
(domestic
and
for- Total
eign)
Domestic
State
and
municipal
150
855
22
735
157
712
481
971
924
931
751 461
518 1,272
108
342
90
176
45
235
404
1,192
1,225
873
383
736
1,062
624
374
627
334
839
817
807
287
601
889
506
282
404
69
352
408
67
97
135
173
118
92
223
45
73
33
15
52
106
29
131
23
19
28
21
14
11
43
68
15
109
9
13
17
52
19
5
10
37
14
22
14
6
43
27
62
18
22
27
25
5
35
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—March
April
May
June
July
August
September..
October. ...
November...
December...
178
235
418
213
274
332
478
892
480
193
58
80
53
42
70
145
42
178
39
38
58
80
53
42
64
145
42
178
39
38
13
7
21
23
12
40
13
47
6
20
1945—January
February....
March
625
220
557
136
42
86
136
42
86
92
6
24
.
For-2
eign
Total
4,699
6,214
3,937
4,449
5,842
4,803
5,546
2,114
2,174
4,153
..
Corporate
Federal
agen-1
cies
4
2
9
Bonds
and Stocks
notes
48
23
44
35
50
2
1
""2"
17
•y
Total
(domestic
and
foreign)
Domestic
Corporate
Total
State
and
municipal
Federal
agen-1
cies
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
120
155
365
170
204
187
436
714
440
155
120
149
356
170
204
187
436
714
440
155
12
10
139
8
22
26
6
61
65
14
30
31
33
83
27
20
30
42
39
27
78
108
184
79
154
141
401
611
336
114
59
53
169
76
133
136
351
586
304
114
19
55
15
3
21
5
50
25
32
490
178
471
490
163
471
22
8
150
195
18
25
272
136
296
240
136
265
Foreign2
Bonds
Total and Stocks
notes
33
"31"
26
119
119
28
88
4
90
15
6
9
15
1
2
Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to
revision.
Back figures.See Banking and Monetary Statistics, Table 137, p. 487.
458
FEDERAL RESERVE BULLETIN
N E W C O R P O R A T E SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS. ALL ISSUERS
[In millions of dollars!
Proposed uses of net proceeds
Year or month
Estimated
gross
proceeds^
Estimated
net
proceeds 3
New money
Plant and
equipment
Total
1934
1935
1936
1937
19S8
1939
1940
1941
1942
1943
1944
57
Retirement of securities
Working
capital
Preferred
stock
Bonds and
notes
Total
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
208
858
991
681
325
569
868
474
308
575
32
111
380
574
504
170
424
661
287
141
224
26
96
478
417
177
155
145
207
187
167
351
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,310
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
1,972
226
190
87
59
128
100
30
72
338
84
170
154
111
215
69
174
144
138
73
35
11
23
49
36
7
26
19
28
35
27
37
1943—August
September
October
November
December
110
70
142
199
116
108
69
139
197
113
16
12
10
119
20
13
6
4
64
8
3
6
5
55
12
83
51
105
71
81
81
41
101
66
77
2
10
4
6
4
9
5
22
6
5
2
' 1
7
1944—January
February
March
April
May
June
July
August
September
October
November
December
154
97
203
155
148
163
192
229
438
735
347
154
150
95
199
150
146
160
188
226
429
722
340
152
34
49
48
53
23
23
60
57
27
123
24
54
23
18
32
24
17
8
36
24
17
9
11
4
11
31
16
28
6
15
24
33
10
114
13
50
114
33
147
93
120
117
122
166
395
590
316
96
54
32
129
55
115
103
109
147
357
566
207
96
60
1
18
38
5
13
13
19
38
24
109
1
2
4
3
1
3
18
1945—January
February
March
281
215
226
275
212
221
35
28
48
14
16
28
21
12
19
240
177
171
221
160
158
19
17
13
.
. .
71
i"
1
8
1
3
i
6
3
5
7
i '
2
i"
5
1
1
2
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
Total
net
proceeds
Retire- All
New ment of other
money securi- purties
poses 4
172
120
774
338
54
182
319
361
47
160
606
21
57
139
228
24
85
115
253
32
46
106
1943—August
September.. .
October
November
December
6
4
28
26
3
6
4
1944—January
February
March
April
May
8
9
29
8
9
29
"l"
4
21
19
10
2
4
June
July
August
September
October
November
December
1945—Tanuarv
February
March
""l
45
21
134
189
36
52
82
119
108
3
3
12
120
54
558
110
30
97
186
108
15
114
500
28
23
41
115
179
35
48
82
119
96
31
10
77
1
18
Other
Industrial
All
RetireRetire- All
Total
Total
New ment of other
net
New ment of other
net
pro- money securi- pur- 4
pro- money securi- purposes
ties
poses* ceeds
ties
ceeds
130
1,250
1,987
751
1,208
1,246
1,180
1 340
464
469
1,339
11
30
63
89
180
43
245
317
145
22
28
60
49
53
38
78
1
4
2
l"
61
30
140
28
58
24
58
26
149
498
259
10
6 "
"s"
""s"
65
60
124 '
8
4
"2"
77
1,190
1,897
611
943
1,157
922
993
292
423
1,297
53
41
50
38
71
61
30
134
28
58
23
52
24
138
484
255
10
65
60
122
Total
RetireAll
New ment of other
net
pro- money securi- pur- 4
ceeds
ties
poses
20
122
390
71
16
102
155
94
4
21
92
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
6
4
•> 2
39
16
57
131
29
9
4
7
115
13
30
10
27
11
10
\
22
6
6
1
2
3
81
55
28
118
85
58
109
66
85
186
29
18
26
40
14
49
19
17
34
38
10
113
16
12
53
3
11
65
62
22
70
27
75
71
11
5
2
12
4
3
4
19
5
2
2
4
1
33
82
27
93
28
9
41
54
16
50
6
1
2
6
5
46
218
57
8
9
42
55
4
13
51
19
4
20
72
152
7
7
7
88
9
18
1
5
104
21
4
38
4
3
3
. . .
.„.
1
1
1
2
6
2
1
42
10
18
4
2
1
1
3
1
2
•
•
•
•
3
' 2"
•42"
8
7
4
......
"
1
2
"31'
4'
•
•
•
•
-
•
1
2
6
5
1
2
3
4
Estimates of new issues sold for cash in the United States. Current figures subject to revision.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses.
Includes repayment of other debt and other purposes.
.
, .
..
S(7Mrce.—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.
MAY
1945
459
QUARTERLY EARNINGS A N D DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits, 1 by industrial groups
Year or quarter
Total
Number of companies...
Iron
and
steel
Machinery
Other
Nontrans- ferrous
porta- metals
tion
and
equip- prodment
ucts
Automobiles
Other
durable
goods
Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
refincals
tobacco
ing
Other
nondurable
goods
Miscellaneous
services
Dividends
Net
profits 1
Preferred
Common
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,169
1,792
1,823
1,922
146
278
325
226
205
193
115
158
193
159
168
172
223
242
274
209
201
225
102
173
227
202
203
214
119
133
153
138
128
115
70
88
113
90
83
88
151
148
159
151
163
167
98
112
174
152
185
225
186
194
207
164
169
189
134
160
187
136
144
145
122
132
159
165
173
189
847
1,028
1,144
883
902
967
90
90
92
88
86
86
564
669
705
552
555
607
1941—1
2
3
4
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
51
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
6
52
651
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
1944—1
2
3
4
452
464
478
528
47
46
46
54
40
40
37
55
52
55
56
61
6
29
30
28
28
20
22
22
24
40
43
41
43
49
52
58
67
42
43
51
53
36
37
34
37
39
43
55
52
222
227
236
281
20
22
20
23
142
149
137
178
1939
1940
1941
1942
1943
1944
Quarterly
6
58
53
650
6
53
6
PUBLIC UTILITY CORPORATIONS
[ In millions of dollars]
Railroad2
Year or quarter
Operating
revenue
3,995
4,297
Income
before
income
tax*
Telephone4
Electric power 3
Net income1
All roads Insolvent
roads
Dividends
Operating
revenue
Income
before
income
tax5
# Net
income 1
Dividends
OperatNet 1
ing
revenue income
Dividends
126
249
674
1,658
2,209
1,971
93
189
500
902
874
668
-102
-73
126
159
5,347
7,466
9,054
9,437
23
147
187
82
186
202
216
246
2,647
2,797
3,029
3,216
3,464
3,618
629
692
774
847
914
915
535
548
527
490
502
499
444
447
437
408
410
390
1,067
1,129
1,235
1,362
1,537
1,641
191
194
178
163
180
174
175
178
172
163
166
168
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
28
36
34
87
751
723
750
805
209
182
183
200
154
126
107
139
(7)
(7)
(7)
(7)
295
308
311
321
43
44
45
46
44
45
44
40
1942—1
2
3 .
4
1,483
1,797
2,047
2,139
178
390
556
534
90
198
286
327
12
37
60
38
24
46
30
101
816
770
792
839
234
196
195
222
131
104
105
150
98
96
84
131
324
337
342
359
41
41
39
43
44
42
39
38
1943—1
3
4
2,091
2,255
2,368
2,340
513
605
653
438
209
239
249
177
52
56
55
25
28
49
39
100
864
835
859
906
254
221
210
228
136
118
114
133
99
100
99
113
366
383
389
400
42
44
45
48
40
42
43
41
1944—1
2
3
4
2,273
2,363
2,445
2,356
458
511
550
452
148
174
180
165
27
22
23
9
31
55
30
130
925
886
878
929
262
241
207
205
135
123
111
130
94
102
94
101
400
406
409
426
42
43
43
46
42
42
42
43
1939
1940
1941
1942
1943
1944
Quarterly
2
1
2
z
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.
pi
Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
T h i t llarge companies,
i
i about
b t 85 per cent off all
ll telephone
l h
Thirty
covering
operations. Series excludes American Telephone and Telegraph Company,
the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
» After all charges and taxes7 except Federal income and excess profits taxes.
6
Not available.
Partly estimated.
S I t t t
Sources.—Interstate
Commerce Commission ffor railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures
pprior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision, especially for war producers whose contracts are under
renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN.
46O
FEDERAL RESERVE BULLETIN
U N I T E D STATES G O V E R N M E N T D E B T - V O L U M E A N D K I N D OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars ]
Marketable public issues1
Nonmarketable public issues
Fully
guaranteed interestbearing
securities
Total
gross
direct
debt
Total
interestbearing
direct
debt
Totals
1942—June
Dec
1943—June
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
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
6,120
4,314
6,140 " 2,47i" 6,982
7,885
10,188
3,015
9,032
15,050
6,384
10,871
21,256
7,495
12,703
27,363
8,586
574
487
454
862
1,316
1,370
6,360
6,317
4,548
4,283
4,092
4,225
1944—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
184,967
186,366
201,003
208,574
209,802
209,496
210,244
215,005
230,630
232,408
233,707
233,950
235,069
183,413
184,874
199,543
207,117
208,289
207,850
208,608
210,774
228,891
230,672
231,854
232,026
233,063
127,440
128,029
140,401
144,919
145,213
144,723
145,008
145,183
161,648
162,261
162,379
162,625
162,680
13,150
13,766
14,734
15,524
15,715
15,747
16,060
16,405
16,428
16,403
16,399
16,921
17,041
25,306
25,266
28,822
30,035
30,001
29,573
29,546
29,545
30,401
30,401
30,396
34,544
34,478
16,263
16,265
17,405
18,067
18,067
17,936
17,936
17,936
23,039
23,039
23,039
18,588
18,588
72,526
72,537
79,244
81,097
81,235
81,270
81,271
81,102
91,585
92,221
92,349
92,377
92,377
42,275
42,724
44,855
47,237
47,614
47,152
47,430
49,008
50,917
51,723
52,345
51,833
52,460
32,497
32,987
34,606
36,538
36,883
37,323
37,645
38,308
40,361
41,140
41,698
42,159
42,626
9,092
9,050
9,557
10,000
10,030
9,124
9,075
9,990
9,843
9,864
9,927
8,948
9,109
1,554
1,492
1,460
1,456
1,514
1,645
1,636
3
4,230
1,739
1,736
1,853
1,923
2,006
2,258
1,529
1,516
1,468
1,475
1,480
1,480
1,470
1,470
1,496
1,114
1,119
1,132
End of month
1941—June
CertifiTreasury cates of Treasury Treasury
indebtedbills
notes
bonds
ness
Total 2
U.S.
savings
bonds
NonSpecial interestissues bearing
debt
Treasury
tax and
savings
notes
13,697
14,122
14,287
14,961
15,461
15,976
16,170
16,583
16,326
16,688
17,130
17,567
17,923
1 Including amounts held by Government agencies and trust funds, which aggregated 5,245 million dollars on Feb. 28, 1945, and 5,281 million on
Mar. 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 million dollars 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.
U N I T E D STATES G O V E R N M E N T MARKETABLE PUBLIC
SECURITIES O U T S T A N D I N G , MARCH 3 1 , 1945
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue m d coupon rate
Amount
Treasury bills 1
Apr.
Apr.
*
Apr.
Apr.
May
May
May
May
May
June
June
June
June
5,
12,
19,
26
3,
10,
17
24,
31,
7
14,
21,
28,
1945....
1945.
1945....
1945
1945
1945...
1945
1945....
1945....
1945
1945....
1945....
1945....
1, 205
1, 303
1, 303
1, 318
1, 316
1, 310
1 300
1, 309
1, 314
1, 310
1, 316
1, 303
1, 314
Cert, of indebtedness
Apr.
May
June
Aug.
Sept.
Oct
Dec.
Feb.
Mar.
1 1945
1, 1945
lf 1945
1, 1945
1,1945
1 1945
1, 1945
1, 1946
1 1946
Treasury notes
Dec. 15, 1945
Mar.
Dec.
Mar.
Sept.
Sept.
Sept.
1,
15,
15,
15,
15,
15,
15,
14
• -14
' Vs
...14
...%
1946 . . . . . .90
1946.... .. 1
1946....
1947....
1 9 4 7 . . . . iMs
1947 . . . . ..134
1 9 4 8 . . . . ..iy2
4 877
1, 615
4 770
2 511
3 694
3 492
4 395
5 043
4 147
3
1
3
1
2
1
3
531
416
291
261
948
707
687
748
Treasury bonds
Sept. 15,
15
M a r . 15'
June 15
June 15,
Oct. 15,
Dec. 15,
M a r . 15,
•I r*
Mar. 15,
June 15,
Sept 15,
1945-47. • •2%
1945
1946-56.
1946-48. . . . . 3
1946-49.
1947-52.
2
1947... .
1948-50. '.".'2
4 r\ 0
c1
•
-2%
1948-51.
1 9 4 8 . . . . .1%
1 9 4 8 . . . . ..VA
A
1 ,214
541
489
1 ,036
819
759
701
1 ,115
] ,223
3 ,062
451
\mount
Issue and coupon r a t e
Treasury
Dec. 15,
June 15,
Sept. 15,
Dec. 15,
Dec. 15,
1945
Month
bonds—Cont.
1948-50 . . . . . . . 2
1949-51 . . . . . . . . 2
1949-51.... . . . . 2
2
1949-51 . . . .
1949-52 ..
15,
1949-53....
Dec.
'..2y2
2
Mar. 15, 1950-52
Sept. 15, 1950-52.... ..2y2
Sept. 15, 1950-52.... .. ..2
..2%
June 15, 1951-54
Sept. 15, 1951-53.... . . . 2
Sept. 15, 1951-55.... . . . 3
Dec. 15, 1951-53 . . . . ..2H
.2
Dec. 15, 1951-55 •
Mar. 15, 1952-54 . . . . ...2M
2
June 15, 1952-54 . . .
June 15, 1952-55 . . . .
2
Dec. 15, 1952-54
June 15, 1953-55.... . . . . 2
June 15, 1954-56.... ..2X
Mar. 15, 1955-60
..2%
Mar. 15, 1956-58....
Sept. 15, 1956-59.... • 2%
2/4
Sept. 15. 1956-59
June 15, 1958-63.... '•'.2H
Dec. 15, 1960-65 . . .
June 15, 1962-67....
Dec. 15, 1963-68 . . . . • -2}/2
June 15, 1964-69.... •2y2
Dec. 15, 1964-69 . ..
M a r . 15, 1965-70 . . . • • - 2 / ^
2%
M a r . 15, 1966-71....
Sept 15, 1967-72.... '...2H
571
014
292
098
491
786
963
186
4, 939
1 627
7 986
755
1 118
510
1 024
5 825
1 501
8r662
725
681
2 611
1 449
982
3 823
919
1 485
2 118
2 831
3 761
3 838
5 ,197
3 ,481
2 ,716
117
29
50
Postal Savings bonds.2^
Conversion bonds. . . . . 3
Panama Canal loan . . . . 3
Total direct issues — 162 ,625
Guaranteed securities
Home Owners' Loan Corp
June 1, 1945^7 .
Federal Housing 1idmm.
Various
755
Total guaranteed issue
787
•,'
'
. ' *
32
1
Sold on discount basis. See table on Open-Market Money Rates,
p. 457.
MAY
U N I T E D STATES SAVINGS BONDS
[In millions of dollars]
Amount
outstanding
at end of
month
Funds received from sales during
month
All
series
1943—Aug
Sept
Oct
Nov
Dec
22,694
24,478
26,056
26,697
27,363
1944—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
28,901
31,515
31,974
32,497
32,987
34,606
36,538
36,883
37,323
37,645
38,308
40,361
1,698
2,782
1945—Jan
Feb
Mar
Apr
41,140
41,698
42,159
42,626
1,074
802
1,927
1,708
798
853
709
739
751
1,842
2,125
602
692
695
1,023
2,386
Redemptions
Series
E
Series
F
Series
G
All
series
661
1,400
1,340
665
728
28
139
93
23
24
112
387
275
109
101
152
155
144
170
207
1,085
2,102
576
606
624
1,350
1,687
499
591
599
807
1,855
127
157
23
19
15
115
101
18
16
14
43
125
487
522
110
114
111
377
338
85
85
83
174
406
188
185
268
237
279
248
227
279
283
401
382
365
804
653
712
684
42
31
26
23
228
164
150
130
341
323
464
404
848
889
838
Maturities and amounts outstanding, March 31, 1945
Year of m a t u r i t y
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
Unclassified
Total
All
series
Series
A-D
163
325
413
489
802
992
1,668
5,132
9,674
13,467
4,769
3,623
601
41
163
325
413
489
802
992
444
42,159
3,629
Series
E
1,224
5,132
8,259
10,512
1,592
26,719
Series
F
Series
G
216
601
687
764
1,199
2,353
2,490
2,859
512
2,357
9,413
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT A N D FULLY GUARANTEED
[In millions of dollars]
m Total
interestbearing
securities
End of month
Held by U. S. Government agencies
and trust funds
Special
issues
Public
issues
Privately held1
Held
by
Federal
Reserve
Banks
Total
Commercial
banks
Other investors
Insurance
companies
Mutual
savings
banks
Marketable
issues
Nonmarketable
1941—June
December
1942—June
December
1943-June
December
1944—June
76,517
111,591
139,472
168,732
201,059
6,120
6,982
7,885
9,032
10,871
12,703
14,287
2,374
2,557
2,738
3,218
3,451
4,242
4,810
2,184
2,254
2,645
6,189
7,202
11,543
14,901
44,069
51,975
63,249
93,152
117,948
140,244
167,061
20,095
21,788
26,410
41,373
52,458
59,842
68,431
3,426
3,700
3,891
4,559
5,290
6,090
7,306
7,100
8,200
9,200
11,300
13,100
15,100
17,300
9,200
9,800
10,700
14,800
18,700
23,700
30,700
4,200
8,500
13,000
21,100
28,400
35,500
43,300
1944—August
September
October
November
December
209,764
209,331
210,088
212,244
230,361
15,461
15,976
16,170
16,583
16,326
4,619
4,599
4,616
4,603
5,348
15,806
16,653
17.647
18,388
18,846
173,878
172,103
171,655
172,670
189,841
71,500
70,400
70,000
71,600
77,558
7,600
7,700
7,700
7,300
8,328
18,100
18,300
18,400
17,900
19,600
30,700
30,200
29,800
28,600
35,200
46,000
45,500
45,800
47,300
49,200
232,168
| 232,968
16,688
17,130
5,270
5,267
19,006
19,439
191,204
191,132
78,300
77,900
8,600
8,700
20,000
20,200
34,300
33,700
50,000
50,600
54,747
63,768
1945—January
February
l Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks
id 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
Nov
Dec
1945—Jan
Feb
Treasury bills:
1942—Dec
1943—June
U.S.
GovernTotal ment
out- agenstand- cies
ing
and
trust
funds
80.685
99,218
118,813
141,591
146,376
162,843
163,458
163,166
6,627
11,864
13,072
1944—June.'.'.".'.'.'.'.". 14,734
16,405
Nov
16,428
Dec
16,403
1945—Jan
16,399
Feb
Certificates:
10,534
1942—Dec
16,561
1943—June
22,843
Dec
28,822
1944—June
29,545
Nov
30,401
Dec
30,401
1945—Jan
30,396
Feb
Treasury notes:
9,863
1942—Dec
1943—June
9,168
Dec
11,175
17,405
1944—June
17,936
Nov
23,039
Dec
23,039
1945—Jan
23,039
Feb
Guaranteed securities:
4,196
1942—Dec
3,908
1943—June
3,583
Dec
1,190
1944—June
1,193
NOV..5S
1,194
Dec
1,197
1945—Jan
786
Feb
FedMuCom- tual
eral
Re- mercial1 savserve banks ings
Banks
banks
3,202 6,189 38,759
3,319 7,202 48,665
3.787 11,543 55,549
4,604 14,901 63,523
4,594 18,388 66,396
5.338 18,846 72,045
5,260 19,006 72,918
5,251 19,439 72,543
4,471
5,161
5,962
7,158
7,132
8,183
8,392
Insurance Other
companies
10,766 17,297
12,486 22,385
14,386 27,586
16,471
17,035
18,761
19,082
34,935
32,830
39,670
38,801
38,168
8,476 19,289
11 1,010
11 3,815
20 6,768
6 8,872
11,868
11.148
11,376
11,830
4,497
6,502
4,716
4,894
2,935
4.113
3,931
3,387
10
21
12
2
7
1
2
7
26
154
72
1,073
1,361
1,484
960
1,583
1,159
1,087
1,164
1,041
1,092
2,467
3,382
4,163
4,887
4,897
4,917
6,470
9,823
12,701
15,037
15,888
15,032
15,145
15,259
129
184
208
126
235
136
133
203
180
305
367
339
620
310
357
429
2,696
5,106
7,050
9,871
8,570
9,974
9,804
9,509
1,324
774
665
1,180
1,111
1,566
1,566
1,560
5,670
5,500
7,389
11,718
12,387
15,411
15,487
15,560
167
155
197
286
277
336
342
330
283
276
275
337
577
568
628
662
2,327
2,402
2,583
3,826
3,525
5,098
4,960
4,866
37 ' 2,665
54 2,602
83 2,466
3
949
3
945
3
960
3
921
586
108
76
38
6
5
6
6
4
333
309
283
743
751
709
205
213
203
245
175
61
66
58
58
60
56
62
311
116
4
1
1
26
25
22
19
16
End of month
Treasury bonds:
Total:
1942—Dec
1943—June
Dec
1944—June
Nov
Dec
1945—Jan
Feb....
Maturing within 5 years:
1942—Dec
1943—June
Dec
1944—June
Nov
Dec.
1945—Jan
Feb
Maturing in 5-10 years:
1942—Dec
1943—June
Dec
1944—June
Nov
Dec
1945—Jan
Feb
Maturing in 10-20 years:
1942—Dec
1943—June
Dec
1944—June
Nov
Dec
1945—Jan
Feb
Maturing after 20 years:
1942—Dec
1943—June
Dec
1944—June
Nov
Dec
1945—Jan
Feb
Federal
Reserve
Banks
Total
outstanding
49,268
57,520
67,944
79,244
81,102
91,585
92,221
92,349
2,739
3,045
3,614
4,437
4,418
5,173
5,091
5,056
Commercial
banks
2,777 19,445
1,468 24,226
1,559 28,264
1,464 30,910
1,243 34,225
1,243 36,508
1,166 37,418
1,132 37,737
Mutual
savings
banks
Insurance
com- Other
panies
4,055 9,944 10,308
4,725 11,442 12,615
5,506 13,389 15,613
6,736 15,768 19,929
6,609 15,811 18,795
7,704 17,859 23,098
7,909 18,077 22,561
7,931 18,182 22,311
5,830
9,474
8,524
7,824
8,692
7,824
7,824
7,824
754
867
665
536
591
518
518
518
2,565
5,122
5,044
4,697
5,382
4,834
4,799
4,770
253
298
211
189
161
137
144
172
726
991
828
663
588
556
525
510
1,531
2,195
1,775
1,740
1,968
1,777
1,836
1,856
17,080
17,921
28,360
34,399
36,017
44,087
44,531
44,645
1,574
776
1,495
1,570
1,338
1,504
1,421
1,362
9,353
10,107
15,642
18,937
21,774
24,445
25,194
25,507
1,129
1,308
2,030
2,712
2,549
3,556
•3,710
3,743
2,101
2,326
3,254
3,673
3,470
4,230
4,357
4,467
2,920
3,401
5,934
7,505
6,884
10,357
9,850
9,569
16,295
17,214
14,310
15,482
14,445
14,445
14,445
14,445
2,165
1,645
1,270
1,097
1,029
1,028
1,006
1,003
6,240 ,580
7,611 ,405
6,051 ,219
5,509 ,857
5,272 ,902
5,354 ,887
5,475 .880
5,466 1,829
2,778
2,896
2,571
2,792
2,609
2,612
2,603
2,607
3,531
3,657
3,203
4,228
3,635
3,563
3,480
3,538
10,065
12,912
16,751
21,539
21,946
25,227
25,420
25,433
1,021
1,221
1,745
2,696
2,705
3,366
3,312
3,306
1,286
1,385
1,526
1,766
1,793
1,873
1,946
1,991
1,095 4,339
1.713 5,229
2,046 6,737
1,981 8,640
1,998 9,144
2,125 10,462
2,176 10,591
2,187 10,600
2,323
3,366
4,699
6,456
6,306
7,401
7,396
7,349
• 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 h
holdings (including
above.
1 Including stock savings banks. On Feb. 28, 1945, commercial banks reporting to the Treasury held 25,702 million dollars of United States Government2 securities due or callable within one year out of a total of 57,836 million outstanding.
Including 196 million dollars of Postal Savings and prewar bonds not shown separately below.
4"2-
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Income taxes 1
Period
Withheld 2
Other
Fiscal year ending:
June 1942
7,960
June 1943
16,094
June 1944
'8,393" 26,262
1944—April
May
June
July
August
September . .
October
November
.December
1945—January
February
March
April
Miscellaneous
internal
revenue 1
Social
Security
taxes
Other
receipts
Total
receipts
ceipts 3
3,847
4,553
5,291
1,194
1,508
1,751
666
1,230
3,711
13,668
23,385
45,408
12,799
22,282
44,149
Net
TransInterTotal
War fers to Other
est
trust
exbudget
activion
acpendiexpendties counts,
debt
tures
itures
etc.
1,260 26,011
1,808 72,109
2,609 87,039
1945—January
February
March
April
+193 - 4 , 3 2 7
+185 - 3 , 7 5 7
252
1,399
14,637
7,570
1,229
-307
748
4,761
15,626
183
232
511
227
157
175
174
205
470
3,119
3,256
6,249
2,212
2,859
5,927
2,054
2,506
5,418
3,087
2,950
6,247
2,163
2,568
5,926
2,001
2,240
5,416
117
52
747
86
77
581
133
56
560
7,346
7,879
7,567
7,201
7,571
6,998
7,479
7,401
7,503
40
26
40
451
57
22
47
18
22
355
334
271
372
415
329
365
353
332
7,859
8,292
8,625
8,110
8,119
7,930
8,024
7,828
8,416
4,772
5,342
2,378
5,947
5,551
2,004
6,023
5,587
2,999
- 6 1 3 +11,646
+133 + 1 , 7 5 6
+70 - 4 , 2 5 2
-244 -2,555
+148 - 5 , 1 2 7
+639
-188
-193 +12,433
619
1,295
883
600
1,803
1,627
4,935
1,567
573
552
520
534
48
341
96
46
545
172
473
221
3,587
3,987
6,908
2,967
3,556
3,767
6,892
2,929
191
91
628
139
7,551
6,948
8,246
7,139
69
48
45
236
390
373
513
455
8,202
7,460
9,433
7,968
4,645
3,693
2,540
5,040
+238
+101
+262
+9
Investments
Expenditures
2,327
2,810
3,202
1,705
2,350
2,816
614
456
380
3,625
2,194
4,403
110
584
213
305
586
42
146
519
43
51
269
489
225
287
303
45
266
312
34
34
34
31
35
35
36
35
36
169
432
66
122
84
208
227
48
39
37
43
40
Net
receipts
August
September....
October
November....
December
23,461
64,274
64,307
39
337
75
56
319
65
60
293
63
Net expenditures
in checking accounts of
GovernRement
ceipts
agencies
Increase
in
gross
debt
-3,506
+358
-1,861- +6,515
- 4 , 0 5 1 +10,662
421
520
422
681
832
514
580
507
539
Period
June
July
32,397 19,598
78,179 55,897
93,744 49,595
1,915
1,063
4,495
654
487
4,432
632
466
3,606
Social Security
accounts
1944—April
May
4,745
3,827
3,540
560
1,104
746
594
1,065
741
609
1,035
741
Details of trust accounts, etc.
Fiscal year ending:
June 1942
June 1943
J u n e 1944
..
381
435
556
Deficit
Change
in
general
fund
balance
Trust
accounts,
etc. 4
-2,630
-2,292
-2,036
-3,911
1,778
1,300
242
1,120
General fund of the Treasury (end of period)
Other
Balance in
general fund
Assets
Total
liabilities
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
Other
assets
533
133
192
3,443
10,149
20,775
603
1,038
1,442
1,679
7,667
18,007
1,162
1,444
1,327
452
643
607
2,991
9,507
20,169
2,229
8,744
19,406
75
103
231
320
149
121
84
95
119
-127
24
215
-181
6
24
-55
-220
-213
12,896
9,144
20,775
22,513
18,277
15,753
10,609
10,223
22,717
954
942
1,442
1,269
1,215
1,314
998
1,122
1,335
10,546
6,766
18,007
19,850
15,693
13,013
8,242
8,002
20,261
1,396
1,436
1,327
1,394
1,369
1,426
1,368
1,100
1,120
617
622
607
588
605
635
618
421
481
12,279
8,522
20,169
21,924
17,672
15,117
9,990
9,803
22,236
11,517
7,759
19,406
21,162
16,909
14,355
9,227
9,040
21,473
117
122
128
-37
-98
84
20,077
17,734
15,722
11,809
1,048
1,384
1,547
1,224
17,866
15,265
13,055
9,492
1,164
1,085
1,120
1,093
471
420
445
443
19,606
17,313
15,277
11,366
18,843
16,551
14,514
10,603
Investments
Expenditures
863
1,117
1,851
221
655
1,313
87
148
88
193
254
-35
95
-71
164
202
179
231
415
216
162
206
225
182
-21
313
-407
71
251
250
270
412
366
Total
Working
balance
1
Details on collection basis given in table below.
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, p p . 513-516.
2
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—March
April
May.
June
July
August
September . . . .
October
November
December
1945—January
February
March
Current With- VicTotal
indi- held 1 tory
tax
vidual
3,024
3,158
4,996
Back
taxes
1945
Other
profits
taxes
Total
460
557
705
1,618
5,064
9,345
57
84
137
3,838
4,571
5,353
70
804
1,545
38
1,179
1,258
18
1,233
1,203
18
994
152
86
1,044
93
72
953
110
70
980
63
43
28
49
r
28
r
43
r
31
r
26
r
31
r
40
2,370
370
• 312
2,174
290
260
2,133
350
285
2,312
28
12
10
19
7
6
25
9
7
27
401
424
483
499
754
777
529
544
520
559
1,889
690
759 1,892
61
1,563
43
*57
956
126
143
233
270
301
2,170
5
6
13
547
510
560
1,833
1,427
309
1,245
r
133
r
73
r
l,330
r
82
r
37
r
294
686
785
r
Revised.
1 Withheld by employers (Current Tax Payment Act of 1943).
MAY
Excess
profits
taxes
2,764
4,137
4,763
8,007 3,108
16,299 5,771
33,028 10,254 ' ^ 0 3 8
5,358
2,809
2,289
4,568
1,729
1,712
4,490
1,810
1,633
3,670
Current
corporation
Estate
and
gift
taxes
Capital
stock
tax
282
329
381
i
128
194
29
19
Alcoholic
beverage
taxes
Tobacco
taxes
Stamp
taxes
Manufacturers'
and
retailers'
excise
taxes
Miscellaneous
taxes
433
447
511
1,048
1,423
1,618
781
924
988
42
45
51
852
670
729
401
732
1,075
60
56
42
50
48
63
35
39
32
50
124
169
182
195
210
202
183
196
204
201
77
72
81
81
77
86
78
78
81
71
5
5
4
4
5
6
4
5
5
5
59
51
77
64
72
88
85
95
95
120
76
70
97
103
214
139
115
113
103
112
49
37
89
206
195
171
78
66
74
6
6
6
117
116
104
90
90
116
463
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. I n millions of dollars!
P R I N C I P A L ASSETS A N D LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items 1
InvestComments
modities,
Loans
supTotal Cash receiv- plies, U.S.
jOther I
able
and Govt. secumate- secu- rities
rials rities
Corporation or agency
All agencies:
Sept. 30, 1944
Dec. 31, 1944
31,431
31,488 756
Classification by agency, Dec. 31, 1944
Department of Agriculture:
Farm Credit Administration:
Agricultural Marketing Act Revolving
Fund
4
Emergency Crop and Feed Loans
11
Banks for cooperatives
283
Federal intermediate credit banks
330
Federal land banks
1,435
Production credit corporations
125
Regional Agricultural Credit Corp
20
Federal F a r m Mortgage Corp
315
Rural Electrification Administration
369
War Food Administration:
Commodity Credit Corp
2,052
516
Farm Security Administration
Federal Crop Insurance Corp
3
6
Federal Surplus Commodities Corp
6,566
6,387
2,987
2,942
3
10
189
257
1,146
1,604
1,632
437
424
Bonds, notes,
and debenLand,
tures
payable
Undisstructrib- Other
tures,
uted
and
assets Fully
equip- charges
guarOther
ment
anteed
by U.S.
15,755
16,237
1,421
1,692
1
3
24
43
39
220
60
8
282
361
353
355
National Housing Agency:
Federal Home Loan Bank Administration:
303
Federal home loan banks
156
Federal Savings and Loan Insurance Corp.
1,210
Home Owners' Loan Corp
1
United States Housing Corp
143
Federal Housing Administration
Federal Public Housing Authority and
affiliate:
Federal Public Housing Authority
559
Defense Homes Corp
70
53
Federal National Mortgage Association
R. F . C. Mortgage Co
115
131
144
151
15
711
212
1,006
7
ft1
780
26
305
1
52
101
6,398
4,196
24
274
818
67
35
"87
Reconstruction Finance Corp. and certain
affiliates:
Reconstruction Finance Corp
1,679
Certain affiliates 3
8,304
Office of Emergency Management:
Export-Import Bank
228
Smaller War Plants Corp.
131
War Shipping Administration
6,296
545
Other 3
806
Federal Deposit Insurance Corp
221
Federal Works Agency
726
Tennessee Valley Authority
4,275
U. S. Maritime Commission
197
All other
1,204
1,395
29
56 I
29
12
288
1,053
225
35
1
6,517
()
13
5,427
""l
12
66
3
7
65
760
c)
43
710
3,113
64
21,771
23,857
504
4
10
249
54
355
125
19
288
369
217
123 |
509
2 I
6 i
125
100
401
1
47
58
549
70
52
113
200
68
1,237
PriU.S.
vately
Governowned
ment
interinterest
est
19
9
6
154
53
1,450
(2)
1,076
(2
1,813 1,565
1,419 1,537
Other
liabilities
56
539
2
401
46
"76
(2)
991
229
989
267
831 i
265
70
16
35
4
121
134
517
10
199
2
1,450
7,316
161
130
5,465
411
150
221
716
4,076
189
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Dec. 31, 1944
Purpose of loan
Fed.
land
banks
To aid agriculture
1,220
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
...
Other
Other
Less: Reserve for losses..
75
Total loans receivable
(net)
1,146
Fed.
Farm
Mort.
Corp.
351
Fed.
inter- Banks Com- Rural
medi- for co- modity Electrificaate
opera- Credit
tion
credit tives Corp.
Adm.
banks
257
189
353
361
Farm
Security
Adm.
Home
Fed.
Own- Public
ers'
HousLoan
ing
Corp. Auth.
ReconstrucFed.
tion
home
Filoan
banks nance
Corp.
492
1,091
"305"
1
69
282
257
189
RFC
affiliates
ExportImport
Bank
12
133
321
34
"84"
34
32
803
24
225
1,237
242
225
"137"
353
361
355
1,076
305
131
All
other
All
agencies
Sept.
30, 1944,
all
agencies
161
3,385
1,237
3,407
1,303
21
73
343
191
388
197
20
106
151
54
162
1,462
448
58
128
1,518
432
231
6,387
6,566
3
Assets are shown on a net basis, i.e., after reserves for losses.
* Less than $500,000.
Corporations
previously
corporations"
are now _.own
show] as (1) "certain affiliates" under Reconstruction Fmance Corp. (including Defense
_—r
,.
_, classified!"war
.
r
Plant Corp., Defense Supplies Corp., Metals Reserve Co., and War Damage Corp.) and (2) " o t h e r " under Office of Emergency Management (including
Cargoes, Inc., Petroleum Reserves Corp., Rubber Development Corp., U. S. Commercial Co., and Coordinator of Inter-American Affairs).
N O T E . — T h i s table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Figures on t h e
quarterly basis are not comparable with monthly figures previously published, owing to changes in reporting, of which the most important are: assets
items are included in total assets on a n e t basis (after reserves for losses); each asset and liability item is segregated into Government agencies (interagency) and other, and segregation of interagency amounts is more complete than formerly; some asset items formerly shown are completely changed;
reporting of certain assets, especially cash and privately-owned interest, is more complete.
Monthly figures on the old reporting basis for the months prior to Sept. 30, 1944, m a y be found in earlier issues of the BULLETIN (see p . 1,110 of the
November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p , 517.
464
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Year and
month
Income
payments
(value) i
1935-39
= 100
Manufactures
Total
Durable
Adjusted
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Nondurable
Minerals
Total
Residential
Employment 4
1939 = 100
Nonagricultural
All
other
Factory
Depart WholeFreight ment
sale
carload- store
com- Cost of4
sales modity living
pay-44
ings*
rolls 1935-39 (val-6 prices 4 1935-39
1939 = = 100 ue)*
1926 = 100
1935-39 = 100
100
100
Factory
Ad- Unad- UnadAdAd- Unad- AdAdAdAdAd*
Adjusted justed justed justed justed justed justed justed justed justed justed justed
Adjusted
Adjusted
Unadjusted
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
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
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
105.2
116.5
123.6
125.5
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
P233A
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
February...
March
Construction
contracts
awarded (value)3
1923-25 = 100
Industrial production2
(physical volume) *
1935-39 = 100
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
109
125
162
199
239
^235
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279
360
P
353
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
127.5
103.8
104.2
79.8
88.2
101.0
93.8
97.1
98.9
96.8
96.9
103.1
89.8
75.8
64.4
71.3
83.1
88.7
96.4
105.8
90.0
100.0
107.5
132.1
154.0
175.7
166.7
90.5
108.2
84.2
100.0
114.5
167.5
245.2
330.4
334.2
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
137
140
67.8
78.0
77.1
78.6
87.3
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
162.1
163.7
165.6
168.7
201.1
208.8
216.0
222.4
230.1
236.2
245.1
258.1
266.0
276.2
287.0
295.4
140
138
138
138
136
134
137
140
140
140
136
135
158
145
150
143
135
134
145
152
150
158
158
158
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
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
t34
135
138
136
133
137
145
102
85
63
52
45
60
59
65
49
60
61
79
56
42
33
31
32
36
35
35
34
37
35
198
140
119
87
68
55
80
79
89
61
78
81
131.6
131.6
132.0
131.4
130.9
131.0
131.4
130.9
130.1
130.1
130.2
130.1
170.5
172.3
174.0
174.8
174.9
176.4
177.2
177.1
177.0
178.0
178.9
177.4
169.6
171.7
173.5
174.0
173.9
175.8
177.3
178.7
178.2
178.8
179.3
177.7
300.0
307.4
315.7
321.8
326.5
331.3
330.4
338.0
344.2
349.6
354.4
345.6
135
139
138
136
135
127
141
140
140
137
139
143
164
192
162
159
158
167
1 71
165
162
174
180
166
101.9
102.5
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
102.9
103.2
120.7
121.0
122.8
124.1
125.1
124.8
123.9
123.4
123.9
124.4
124.2
124.4
227.2
232.4
231.9
231.1
232.1
233.9
233.2
234.0
232.5
235.5
237.5
239.0
243
244
241
239
236
235
230
232
230
232
232
232
240
240
238
237
236
236
232
235
234
234
232
230
369
367
364
361
356
354
347
348
342
344
341
343
176
177
175
172
169
169
165
168
168
169
173
173
139
142
139
140
143
142
139
142
143
143
143
137
55
45
40
36
33
34
38
41
39
42
46
51
29
21
17
17
16
15
14
13
13
13
13
14
76
64
59
52
46
50
57
63
61
65
73
81
130.0.
129.6
128.9
128.0
127.7
127.7
127.5
127.3
126.5
125.7
125.3
125.7
175.9
174.6
172.1
169.4
167.7
166.7
165.2
164.1
162.6
161.0
160.3
160.7
175.0
174.0
171.6
168.6
166.7
166.1
165.3
165.6
163.6
161.7
160.7
161.0
345.1
344.7
341.3
335.0
334.3
334.6
326.8
330.3
329.1
330.3
327.3
331.8
145
142
140
138
138
139
143
142
139
137
141
137
175
175
185
r
173
181
176
192
187
183
194
r
208
r
194
103.3 124.2
103.6 123.8
103.8 123.8
103.9 124.6
104.0 > 125.1
104.3 125.4
104.1 126.1
103.9 126.4
104.0 126.5
104.1 126.5
104.4 126.6
104.7 127.0
241.9
245.2
^244.8
234
236
230
232
2*232
345
347
P347
174
177
^176
140
141
48
59
14
13
P16
160.1 '330.4
159.7 329.1
143
139
145
1r 9 9
2U
223
104.9
105.2
105.3
^235
75
96
95
P
r
126.5 *161.0
126.6 160.3
126.5 ^158.6
127.1
"126.9
126.8
* Average per working day. p Preliminary. r Revised. x Department of Commerce series on value of payments to individuals.
For indexes by groups or industries, see p p . 466-469.
Based on F . W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 473 of this BULLETIN.
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau
of Labor
Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
5
For indexes by Federal Reserve districts and other department store data, see pp. 475-477.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory
employment, January and December 1943, pp. 13 and 1,187, respectively; for department store sales, June 1944, pp. 549-561.
2
3
4
MAY
1945
465
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average «s 100]
1945
1944
Industry
Industrial Production—Total
Manufactures—Total
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth
Electric..
Machinery
Feb.
Mar.
Apr.
May
,244
241
239
236
June July
235
230
Aug.
232
Sept. Oct.
230
Nov. Dec.
Jan.
Feb.
Mar.
232
232
232
234
236
248
249
251
253
*252
r
345
347
p
262
259
256
253
251
246
248
246
248
367
364
361
356
354
347
348
342
344
341
343
198
197
202
211
188
219
176
523
192
225
180
r
549
198
236
189
570
431
436
p
706
697
p
235
242
212
214
213
210
204
202
203
202
206
201
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
18?
512
196
222
183
502
197
225
187
492
192
218
186
453
190
215
181
456
458
452
445
437
442
435
434
427
428
422
431
r
r
r
347
434
Manufacturing Arsenals and Deifots^746
734
730
726
716
704
707
695
704
699
709
238
233
232
226
228
223
229
226
229
230
235
285
287
292 "' 279
263
244
245
238
233
234
229
253
257
299
297
289
273
253
246
226
205
200
191
186
187
191
280
283
293
282
268
243
252
252
246
252
247
'280
284
131
129
126
124
127
124
127
120
120
122
122
126
123
P119
122
150
119
149
118
142
115
142
118
144
114
143
118
146
111
139
109
143
112
141
111
142
118
142
112
146
P105
P145
168
167
165
161
168
165
162
159
161
160
163
r
162
164
P166
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
. ..
Abrasive and asbestos products
Other stone and clay products1
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
164
60
200
87
125
182
303
168
56
r
207
87
123
185
307
Nondurable Manufactures
177
175
172
169
169
165
168
168
169
173
173
174
177
nib
152
151
151
147
145
139
141
147
146
149
152
150
155
P153
142
151
187
141
151
191
141
151
196
137
142
195
135
141
196
129
139
193
132
140
189
137
148
196
136
140
199
139
149
209
141
146
215
139
145
215
144
152
215
150
212
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
57
215
165
170
157
166
146
49
225
156
162
148
159
151
44
238
160
170
146
168
HI
112
116
112
115
105
112
121
115
116
114
113
121
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
154
113
113
125
85
68
154
114
119
137
89
63
148
122
^123
147
146
r
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 consumDtion)1
Lumber and Products
Lumber
Furniture
Stone, Clay, and Glass Products
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption1
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products
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
p
Revised.
p
Preliminary.
466
l
r
r
684
175
61
216
P121
P121
158
159
158
154
153
153
149
154
155
155
158
P159
125
114
114
110
110
113
116
113
118
125
123
130
131
P128
P128
90
146
139
96
152
156
92
155
169
P139'
93
153
173
93
158
180
p'm
88
152
185
83
145
180
85
146
184
82
149
179
82
156
181
PUS
78
154
179
PU2
83
163
172
81
162
175
^138
84
168
189
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
158
164
149
175
149
146
149
147
123
143
146
135
169
101
129
146
139
165
104
129
Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1945
1944
Industry
Feb. Mar. Apr. May
June July Aug. Sept. Oct. Nov. Dec. Jan.
Feb. Mar.
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
157
140
138
165
160
155
147
164
158
152
154
161
157
145
152
161
154
136
147
160
153
130
135
162
148
112
123
162
147
121
115
159
150
139
118
158
155
145
128
162
159
146
138
165
126
137
123
116
119
128
186
156
166
184
169
r
r
169
151
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
198
r
452
346
167
11
r
232
312
153
0
57
265
163
163
137
167
213
165 *,«
163
143
170 ^167
Industrial Alcohol from Beverage Plants1...
119
123
126
124
121
122
126
124
120
135
131
121
123
123
Cigars
Cigarettes
Other tobacco products
92
145
79
92
154
73
89
161
73
89
154
80
89
151
79
86
154
78
92
152
92
95
149
87
93
142
93
105
157
107
95
155
108
85
147
95
95
145
97
93
147
91
Paper and Paper Products....
138
137
138
142
140
133
142
142
143
143
135
136
137
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
137
151
108
92
217
135
135
159
115
115
159
127
76
136
156
108
91
232
137
133
156
110
115
159
125
80
129
153
114
92
232
127
125
148
99
103
158
118
83
137
159
119
96
234
138
134
158
111
118
149
127
77
137
156
118
92
231
135
134
159
113
116
149
127
84
139
165
126
96
245
142
135
158
111
116
149
132
81
138
158
111
97
238
136
135
160
106
120
150
130
81
132
150
115
97
212
133
129
145
93
125
156
125
85
132
152
111
95
214
137
129
153
85
119
147
128
76
134
156
113
98
227
139
130
152
87
125
143
127
83
102
100
101
98
100
95
102
99
103
103
104
102
105 *>104
85
83
84
81
85
87
87
83
89
86
84
85
230
234
233
237
242
247
251
258
266
268
268
r
r
Tobacco 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.
273
157
82
84
83
r
276
289
143
171
133
123
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
283
144
165
136
124
283
141
165
133
119
176
166
503
174
165
487
176
167
463
175
166
470
172
164
463
172
164
442
171
164
419
168
162
389
170
164
384
170
164
367
167
163
296
359
341
323
324
319
314
314
307
307
307
312
316
319 P318
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
139
131
237
400
139
129
239
395
141
133
242
394
141
137
242
396
142
138
244
396
140
137 ^136
245
400 P399
Rubber Products
244
242
231
230
228
227
231
230
231
231
247
247 P246
Minerals—Total
142
139
140
143
142 139
142 143
143
Fuels
145
141
143
146
146
143
147
148
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
127
126
122
120
120
117
114
190
189
184
182
181
178
31
73
31
75
28
73
27
67
25
72
24
67
Petroleum refining
Gasoline
Fuel oil... .
Lubricating oil
Kerosene
Other Detroleum oroducts*
Coke
By-product coke
Beehive coke
Chemical Products
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition *
Other chemical products*
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
(CoDDer* Lead* Zinc)*
Gold
Silver
. . .
r
167
162
334
293
150 ^146
174
126
126
168
163
367
171
164
383
r
r
239
r
143
137
140
148
148
141
141 Pi 42
145 146 v147
149
152
133
148
149
155
126
148
132
138
109
146
140
151
96
148
143
150
112
148
113
111
112
111
111
112 P112
175
175
171
170
168
170
171
23
63
22
57
22
58
22
64
23
62
24
56
24
P
142
P
115
P
149
r
1
Revised.
P Preliminary.
Series Included in total and group indexes but not available for publication separately.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940,
pp. 753-771 and 825-882.
MAY
1945
467
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1945
Industry
Feb.
Industrial
Production—Total.
Manufactures—Total
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth
Electric
Machinery
240
Mar. Apr. May June
238
237
236
236
July Aug. Sept. Oct. Nov. Dec, Jan. Feb.
232
234
235
234
232
230
248
r
r
Mar
230
232 P232
248
250 P249
259
257
255
252
252
248
251
249
250
248
366
363
361
357
354
348
349
343
346
341
342
198
197
202
211
188
219
176
523
192
225
180
r
549
19S
236
189
570
343
212
214
213
210
204
202
203
202
206
201
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
190
215
181
456
458
452
437
442
435
434
427
422
431
r
746
734
730
726
716
704
707
695
704
699
709
r
238
233
232
226
228
223
229
226
229
230
235
285
287
292
279
263
243
245 238
233
234
229
299
297
289
273
252
205
200
191
186
280
283
282
268
243
246
252
247
122
124
125
127
133
130
128
125
120
107
150
110
149
116
142
119
142
127
144
123
143
123
139
109
141
345
r
436 P434
431
Manufacturing Arsenals and Depots* .
Transportation Equipment
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government)1
Nonferrous Metals and Products ...
Smelting and refining
(Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products;1 Magnesium
products; Tin consumption)
Lumber and Products .
Lumber . .
Furniture .
Stone, Clay, and Glass Products.
163
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
168
169
167
171
173
173
173
171
170
145
139
141
147
146
149
152
150
155 P153
135
141
196
129
139
193
132
140
189
137
148
196
136
140
199
139
149
209
141
146
215
139
145
215
144
152
215
148
49
196
163
166
159
163
iii
140
47
193
154
163
141
153
144
42
197
158
162
153
160
150
50
213
164
170
156
164
143
56
206
156
161
148
151
152'
57
215
165
170
157
166
44
238
160
170
146
168
121
115
118
113
146'
49
225
156
162
148
159
r114
118
129
90
81
153
122
112
121
90
80
149
117
116
127
86
79
153
119
114
127
84
73
146
113
113
128
83
68
143
114
128
148
93
65
162
122 P123
137
142
195
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
114
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
97
146
184
66
225
79
122
179
300
141
151
196
468
114
99
183
59
227
74
122
181
297
141
15I
191
1
113
97
142
159
175
59
216
68
126
188
308
151
Revised. * Preliminary.
113
164
169
r
284
167
171
Wheat flour
Cane sugar meltings1
Manufactured dairy products .
Butter
Cheese
Canned and dried milk ...
Ice cream
Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
280
f
P195
165
151
Manufactured Food Products .
191
169
152
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers .
Shoes
257 P266
187
165
173
Leather and Products ..
253
r
P239
163
Nondurable Manufactures ..
142
151
187
242
163
167
58
205
67
125
191
312
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 .
129
146
697 P684
235
117
143
167
Glass products
Plate glass
Glass con tainers
Cement
Clay products
Gypsum and plaster products. ..
Abrasive and asbestos products.
Other stone and clay products 1 .
Textiles and Products .
252
706
r
r
156 P161
r
156
163 175
61
56
201 216
66
118 PU7'
177 ^175
307
161
60
196
71
116
176
303
172
P171
150
212
114
41
18>
144
148
138
144
103
119
87
85
139
117
107
119
77
80
134
100
107
114
86
75
148
114
163
165
166
159
155
150
143
141 P141
112
115
123
125
126
122
130
132
H26
107
187
215
p'm
91
162
186
71
133
157
PU6
77
151
186
162*
193
128
160
129
151
140
188
122
139
132
156
89
131
135
129
150
98
126
143
147
153
127
P94
79
120
125
111
106
106
87
137
153
94
161
191
120
205
240
207
285
137
83
113
187
251
130
90
108
183'
242
128
105
105
ISO'
239
124
104
115
110
P145
142
nil
128
225
249
172
225
118
117
116
P
155
82
149
170
148'
139
151
215
144
r
70
134
145
62
117
130
61
111
138
69
120
140
156
150
153
248
151
175
195
146
228
142
'l84'
217
149
165
146
"in"
195
150
114
152
125 P121
r
Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average -
100]
1944
1945
Industry
Manufactured
Food
Alcoholic Beverages
Malt liquor
....
Whiskey
Other distilled spirits
Rectified liquors
Apr.
142
89
139
157
142
85
137
157
140
92
128
154
May
June July
Aug.
Sept.
170
213
132
165
174
236
148
162
Oct. N o v .
Dec.
Jan.
161
133
151
171
155
114
139
169
148
106
141
160
Feb.
Mar.
141
94
117
158
145
105
109
162
159
169
111
165
167
180
154
166
149
103
144
161
P
p
146
161
115
128
127
127
143
151
198
159
168
159
146
r
133
0
24
182
155
0
21
173
153
0
23
172
154
0
21
174
177
0
19
177
183
0
22
205
173
100
609
232
174
6
94
270
164
0
270
305
151
0
159
353
140
0
81
355
137
198
r
414
346
150
11
r
209
312
142
0
37
265
114
117
120
124
126
127
129
131
125
137
121
121
118
117
92
136
77
92
143
73
89
150
73
89
154
81
89
158
80
86
162
78
92
160
89
95
160
93
93
148
99
105
160
110
95
142
95
85
147
93
95
136
94
93
137
91
139
137
138
142
141
132
141
141
143
143
134
136
138
136
151
115
98
217
133
134
148
121
119
157
133
74
134
150
115
93
209
137
132
147
120
117
154
128
77
134
153
121
97
213
136
132
152
117
119
157
120
75
137
152
117
92
217
135
135
159
115
115
159
127
77
137
156
109
91
232
137
134
156
110
115
162
125
80
128
151
101
92
232
127
125
148
99
103
151
118
82
137
157
105
96
234
138
134
158
111
118
149
127
77
139
164
117
96
245
142
135
158
111
116
151
132
81
138
159
117
97
238
136
135
160
106
120
150
130
82
132
150
117
97
212
133
129
145
93
125
151
125
84
132
152
115
95
214
137
129
153
85
119
145
128
76
134
157
118
98
227
139
131
152
87
125
148
127
83
191
r
157
133
Alcohol from Beverage Plants1
Industrial
Tobacco Products
...
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
...
Paper and pulp
Pulp
..
.
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
...
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
...
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1
Coke
By-product coke
Beehive coke
Chemical Products
Paints
Soap
Rayon .
Industrial chemicals
1
Explosives and ammunition
Other chemical products1
Rubber Products
..
Minerals—Total ..
Fuels
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Mar.
Products—Continued
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
Printing
Feb.
..
Metals other than gold and silver
Iron ore
(Copper: Lead; Zinc) 1
Gold
Silver
...
137
154
105
92
231
135
134
159
113
116
149
127
84
101
101
104
100
100
89
98
100
105
107
106
99
104
83
86
89
84
84
75
78
84
93
93
88
79
83
230
234
233
237
242
247
251
258
266
268
268
r
272
141
162
132
124
281
140
167
135
124
283
144
165
136
128
283
141
165
132
123
r
" i68 ' 170
238
128
161
124
130
243
129
163
128
132
242
129
161
125
127
246
130
162
123
127
252
136
164
131
123
259
137
164
124
119
264
138
159
124
121
176
166
503
174
165
487
176
167
463
175
166
470
"l72' " 1 7 2 '
164
164
463
442
171
164
419
360
344
325
323
316
140
133
237
408
142
133
240
408
138
136
237
400
227
231
230
139
133
229
406
140
133
233
405
140
134
232
408
142
132
235
410
142
136
237
411
244
242
231
230
228
136
146
310
310
293
150
174
125
132
167
162
334
168
163
367
106
87
P146
164
384
170
164
367
167
163
296
307
309
308
313
315
320
p
139
135
239
395
139
134
242
394
141
137
242
396
139
135
244
396
139
136
245
400
^138
231
231
247
247
147
144
138
146
145
141
143
146
146
143
147
148
148
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
147
276
289
143
171
129
126
82
p
162
389
133
143
273
157
r
239
r
r
171
164
383
320
P399
p
246
p
131
134
148
141
145
146
p
149
155
126
148
132
138
109
146
140
151
96
148
143
150
112
148
p
140
135
85
86
112
144
148
142
145
138
123
89
68
67
69
119
72
120
76
168
188
226
313
231
330
222
323
227
336
215
311
188
259
130
133
94
61
95
63
99
68
27
74
27
77
25
73
24
66
24
69
23
66
25
62
25
57
26
58
25
64
24
62
23
56
21
136
147
U2
p
U9
P115
P149
p
72
'so
r
Revised, P Preliminary. 1 Series included in total and group indexes b u t not available for publication separately.
N O T E . — F o r description and back figures, see BULLETIN for October 1943, p p . 940-984, September 1941, p p . 878-881 and 933-937, and August 1940, p p .
753-771 and 825-882.
MAY
1945
469
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 1001
Factory payrolls
Factory employment
1945
1944
Nov.
Jan.
Jan.
Feb.
Mar.
Feb.
Mar.
Total
Durable goods
Nondurable goods
174.0
240.9
121.3
171.6 160.
237.3 215.
119.8 117.
161.0 160.1
216.1 215.9
117.6 116.1
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
Structuralandornamentalmetalworl
174.5
128
266
111
134
136
194
163
215
171.9
126
261
112
132
134
190
163
212
166.5
122
238
124
130
139
183
157
205
Electrical Machinery
Electrical equipment
Radios and phonographs
296.9
258
307
295.9 272.9 271.1 269.2 268.6 266.9 521.1 524.2 524.
466
240
239
466
257
238
237
465
570
279
304
274
270
570
576
271
Machinery, except Electrical
Machinery and machine shop products
Engines and turbines
Tractors
Agricultural, excluding tractors...
Machine tools
Machine-tool accessories
Pumps
Refrigerators
240.6
244
387
191
162
234
301
347
156
236.7
239
388
192
166
227
293
345
154
Transportation Equipment, except Autos..
Aircraft, except aircraft engines
Aircraft engines
Shipbuilding and boatbuilding
,596.1
,021
,939
,786
165.
122
238
122
129
136
181
155
204
217.5
220
362
181
158
202
256
304
147
Dec.
219.2
222
363
183
160
203
258
305
150
167.1
122
240
125
130
137
r
183
157
206
220.0
223
365
184
160
203
258
305
r
149
Feb.
Mar.
168.0 166.8 320.9
123
224
241
488
129
180
131
270
253
139
350
184
322
158
206
411
220.4 218.2 456.5
455
225
820
362
298
183
309
161
420
204
259
535
300
744
149
307
Automobiles
187.3
Nonferrous Metals and Products
Primary smelting and refining
Alloying and rolling, except aluminun
Aluminum manufactures
197.6
207
191
356
Lumber and Timber Basic Products.
Sawmills and logging camps....
Planing and plywood mills
115.2 114.7 109.2 107.6 107.1 107.0 106.3
82
81
79
77
76
76
105
97
105
96
97
97
Furniture and Lumber Products.
Furniture
109.3 107.9 103.1 103.6 r103.3 103.9 103.3
r97
104
103
96
96
97
Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
Textile-Mill and Fiber Products
Cotton goods except small wares...
Silk and rayon goods
Woolen and worsted manufactures.
Hosiery
Dyeing and finishing textiles
117.9
132
74
80
127
101.7
116
78
107
70
97
Apparel and Other Finished Textiles
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
193.5
196
188
349
172.1
146
178
273
173.1
144
179
274
173.6
143
182
284
169.1
Jan.
Feb.
321.2
225
487
186
266
253
366
329
419
449.2
447
824
300
321
405
520
742
283
316.5
222
478
186
271
254
357
326
424
358.0
347 A
316.
226
455
216
276
269
354
332
402
316.c
224
457
219
274
267
358
337
395
318.0
224
454
227
278
274
355
338
396
498.7 504., 504.8 505.0
454
452
452
444
540
537
535
542
443.4
441
825
301
331
401
503
732
276
342.1
308.8
222
449
205
266
261
351
313
397
409.0
408
766
290
311
363
441
627
266
422.9
419
808
294
322
381
452
650
287
421.9
421
790
295
322
379
458
649
271
424.6
424
791
291
328
382
466
646
277
2,905.9
3,136
4,278
3,498
2,893.7
3,198
4,295
3,446
',852.52,757.3
,252 3,229
,380 4,378
,313 3,108
307.6
312.6
319., 320.9
373.3 370.9 362.9 326.9 336.2 337.7
264
378
356
267
264
371
355
359
355
352
334
348
530
639
657
615
497
512
343.0
264
363
542
196.2 202.9 204.0 199.3 193.7 192.9 196.5
138
139
147
144
139
140
146
167
174
170
173
166
167
174
189.1 191.3 191.5 190.7 194.0 194.0 196.9
180
183
180
184
177
181
184
116.8 111.4 112.3 111.6 111.3 111.9
133
126
125
126
126
72
69
72
72
68
r
73
73
73
78
73
119
121
121
119
127
189.8
207
110
120
177
191.0
208
106
124
188
191.5
211
104
121
193
189.5
201
116
120
191
192.2
204
114
r
118
194
188.6
202
107
r
117
185
189.6
202
106
119
187
100.6 94.5
108
115
74
78
98
106
64
69
89
96
93.1
171.7
199
136
197
107
155
174.1
202
139
199
110
154
173.7
202
138
200
109
155
172.2
207
139
189
105
151
176.6
212
142
195
106
157
173.9
210
138
194
103
152
173.1
207
140
193
102
151
115.1 114.7 108.1 107.8 106.0 106.1 105.9
100
99
94
92
94
93
78
78
73
72
70
70
84
85
80
80
79
79
86
78
83
86
76
80
187.9
157
129
141
114
196.8
163
133
148
141
200.2
167
137
153
141
192.3
169
129
141
105
191A
165
128
144
113
195.2
165
126
149
131
202.6
171
132
154
155
95.5 94.7 94.0
109
108
110
74
74
75
98
98
99
63
63
64
90
90
91.7
87
81
89.4
83
79
84
80
89.5
84
79
Food and Kindred Products
Slaughtering and meat packing..
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
118.6
140
120
112
119
131
70
117.3
134
117
112
119
132
67
125.7
124
117
115
122
142
100
123.3
129
118
115
126
142
85
118.6
128
119
111
119
137
78
Tobacco Manufactures.,
Cigarettes
Cigars
93.5
129
75
89.5 90.1 90.7
131
118
133
68
68
75
88.1 88.1
128
128
65
65
Paper and
Paper
Paper
Paper
120.6
108
127
120
119.9
107
127
119
116.5
107
119
112
Allied Products..
and pulp
,
goods, n.e.c
boxes
166.6
176.0 178.
144
185
292
91.4
87
81
Leather and Leather Products
Leather
Boots and shoes
Dec.
159. 158.1 345.1 344. 341.3 327.3 331.8 330.4 329.1
215.2 212.5 489.4 487.3 481.6 450.3 455.9 454.3 451.4
209.5
116.0 115.3 204.0 205.3 204.1 207.0 210.5 209.
1,566.5 1,327.8,320.7
1 1,311. 7 1,286.6 1,247.2 3,221. 2 3,213.9 3',171.9
1,975
'" 1,595 1,604 1,609 1,625
3,893 3,827 3,728
5,240 5,194
2,916 2,466 2,422 2,415 2,429
,286
1,752 1,510 1,498 1,474 1,405
3,599 3,630 3,599
183.7 166.3 168.3 169.4
Nov.
116.0
106
119
114
117.4
107
121
114
89.2
84
79
89.0
116.7 114.5
120
119
112
118
139
75
87.6
116.7 115.9
107
119
113
149.9 154.2 155.1 157.' 160. i 162.5 164.3
145
147
149
146
140
145
143
148
139
150
138
146
134
142
191.5
243
200
161
188
178
132
227
191
161
187
182
133
185.7
212
184
163
191
186
127
203.8
211
195
175
205
204
205.0
228
199
177
211
205
163
189
158.1 154.7 146.5
177.8
172.7
180
160
223
190
142
143
138'
147
144
188.6 190.0 190.5 194.0 197.0
173
176
176
185
182
194
195
198
198
195
185
183
183
185
183
195.8
222
206
168
199
195
154
189.1
188
204
169
199
201
149
166.4 164.2
208
211
133
134
194.9
183
198
182
195.3
183
198
184
r
Revised.
NOTE.—Table revised to incorporate indexes for important war industries now being published by Bureau of Labor Statistics. Figures for March
1945 are preliminary. Indexes for major groups and totals have been adjusted to final 1942 and preliminary 1943 data made available by the Bureau of
Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only.
470
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Continued
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 — 100]
Factory employment
1944
Feb.
Printing and Publishing
Newspaper periodicals
Book and job
Mar.
Factory pay rolls
Jan.
Dec.
r
Feb.
Mar.
100.5
92
106
100.3
Chemical and Allied Products
227.4 216.6 210.6 215.4 217.8 221.3
Drugs, medicines, and insecticides...
187
190
181
180
180
182
Rayon and allied products
108
108
111
112
113
112
Chemicals, n.e.c
175
173
166
166
166
166
Explosives and safety fuses
1,027
997 1,244 1,289 1,311 1,349
Ammunition, small-arms
2,150 1,644 1,183 1,292 1,431 1,555
125
113
139
130
120
Cottonseed oil
134
141
148
107
123
134
Fertilizers
114
222.2
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
119.7
115
107
120.1
116
106
125.1
124
102
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
168 6
174
148
167 2
173
147
159 1
171
136
Miscellaneous Industries
Instruments, scientific
Photographic apparatus
172.9
592
172
171.3
584
170
162.4
535
162
103.0
93
108
102.4
93
107
101.4
93
106
102.3
94
107
r
Jan.
Feb.
134.6
112
148
134.6
113
147
Mar.
Nov.
135.1
114
147
Jan.
Dec.
142.2
121
157
Feb.
r
144.1
122
160
r
142.8
118
160
141.1
118
157
395.7 389.0 372.1 366.2 377.8 384.2 389.9
272
268
275
276
270
274
272
182
169
182
172
179
169
180
293
298
295
294
289
296
291
1,684 1,563 1,509 1,865 1,970 1,999 2,020
4,509 4,200 3,203 2,371 2,633 2,915 3,091
275
252
254
215
300
241
289
269
248
302
305
234
274
250
125.3
125
101
126.0
126
102
126.1
126
102
126.6
196.7
185
186
201.4
192
182
203.9
196
180
219.2
214
179
161 6
174
138
163 2
179
138
163 4
178
140
162 9
291 0
289
260
295 7
296
261
297 0
299
258
289 9 r305 2
r
298
319
r
251
256
162 2
534
162
161.8
532
162
164.0
539
162
164.7
r
r
100.8
92
106
1945
1944
1945
Nov.
220.1
213
189
221.5
216
186
319 8
U2
261
320 2
340
266
220.4
215
182
r
r
r
322.4
324.6
325.5 325.6 325.0 314.5 319.7
1,138 1,116 1,109 1,014 1,058 1,057 1,069
276
279
278
259
277
280
271
r
Revised.
For footnotes see opposite page.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1944
1945
Group and year
Feb
174 6
241 5
121 9
Total
Durable
Nondurable
Mar.
172.1
237.7
120.4
Apr.
169.4
233.4
118.9
May
June
167.7
230.3
118.3
July
165.2
225.3
117.9
166.7
228.2
118.3
Sept.
Aug.
162.6
220.4
117.0
164.1
224.1
116.8
Nov
Oct
160 3
215. 6
116 7
161 0
217. 3
116 6
Dec
Jan
r
160. 7
216. 1
117. 0
Mar.
Feb.
161. 0
216 3
117 3
r
P
160.3
215.7
116.6
158 6
*115!8
p
Preliminary. r Revised.
NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF WAGE EARNERS 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 and Steel and Products
Electrical Machinery
Machinery Except Electrical
Transportation Equipment Except Autos
Automobiles
Nonferrous Metals and Products
Lumber and Timber Basic Products
Furniture and Finished Lumber Products.
Stone, Clay, and Glass Products
Nondurable Goods
Textiles—Mill and Fiber Products
Apparel and other Finished Products . . .
Leather and Manufactures
Food and Kindred Products
Tobacco Manufactures
Paper and Allied Products
Printing, Publishing, and Allied Industries
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
Miscellaneous Industries
194-1
1945
1944
19
Jan.
Feb.
Oct.
Nov.
Dec.
Jan.
Feb.
45.2
45.3
45.5
45. 3
45.6
45.4
45.5
46.6
46.7
47. 1
46. 7
47.1
46.8
46.9
109.9
110.0
112.9 113.6 r114.0
r
114.5
113.8
46.9
46.9
49.4
46.7
46.9
47.0
41.2
43.4
42.6
47.1
46.8
49.1
46.9
46.3
47.0
42.9
44.2
43.3
47.
46.
48.
48.
45.
47.
44.
45.
44.
2
3
8
1
6
2
7
46 8
46.3
48 2
47 8
45 5
46 9
43.0
44 4
44 1
47.4
r
46.6
48.9
48.4
45.7
r
47.6
42.3
r
44.3
r
44.1
46.9
46.6
r
48.6
r
48.0
45.2
47.2
r
42.6
44.4
r
43.5
47.0
46.7
48.9
47.4
46.5
47.4
43.2
44.8
43.9
106.9
100.3
110.7
124.0
125.5
103.8
77.1
78.9
88.1
106.9
100.5
110.7
124.7
125.7
104.0
77.0
79.2
87.9
109.1
104.6
113.7
130.1
127.0
105.9
80.7
83.3
91.2
108.9
104.9
113.4
131.8
128.0
105.8
79.1
83.3
91.0
109.5
105.9
114.6
130.9
127.9
106.9
79.4
r
84.4
r
91.3
110.1
r
106.9
115.1
r
130.7
131.4
107.7
79.1
84.6
r
91.6
109.8
106.5
115.0
130.2
128.3
107.4
79.3
85.0
91.5
43.0
43.2
43. 3
43 2
43.5
43.4
43.4
83.8
84.2
87.8
87.7
88.3
41.5
38.2
40.5
45.8
42.1
45.2
40.7
45.7
45.6
45.2
46.0
41.8
38.7
41.2
45.5
41.3
45.6
40.7
45.7
46.5
45.7
46.2
2
2
6
8
3
7
9
9
9
9
0
42 3
38 0
41 2
45 .2
44 2
46 5
41 .3
45 7
46.9
45 7
45 5
42.8
37.7
41.6
46.0
45.0
46.6
41.4
45.7
r
47.1
46.6
45.7
42.3
38.2
41.9
45.6
43.4
46.3
r
41.5
45.6
r
46.6
47.3
r
45.9
42.3
38.9
42.2
44.9
43.1
46.3
41.0
45.6
47.3
47.3
45.8
68.2
75.9
77.4
83.9
67.5
82.4
104.4
93.9
116.2
106.6
92.9
68.6
77.8
77.8
83.8
67.8
82.9
104.4
93.5
115.9
107/2
93.8
72.3 72.2
83.2 82.4
81.9 81.9
85.7 85.9
72.8 73.5
86.2 86.3
110.2 110.4
95.7 95.6
119.0 118.6
110.8 110.7
96.8 97.5
72.5
83.1
82.4
r
86.5
73.8
r
86.4
110.8
96.4
r
120.0
r
113.0
r
98.5
42.
38
41
44
43
46
40
45
47
45
'46
7
0
Jan.
Feb.
100.2 100.3
Oct.
Nov.
103.1
103.5 104.0
Dec.
Jan.
Feb.
104.6 104.3
r
89.1
89.3
72.8 73.0
84.9 86.0
82.9 83.6
86.6 86.5
r
73.6 73.7
r
86.4
86.7
r
111.0 111.3
97.3
97.1
r
120.6 119.6
115.2 114.9
r
99.3 99.1
r
Revised.
NOTE.—Back figures are available from the Bureau of Labor Statistics.
MAY
1945
471
ESTIMATED EMPLOYMENT IN NONAGRIGULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
/
[Thousands of persons]
Total
Manufacturing
dining
Construction*
Transportation and
public
utilities
30,353
31,784
35,668
38,447
39,728
38,698
10,078
10,780
12,974
15,051
16,924
16,121
845
916
947
970
891
835
1,753
1,722
2,236
2,078
1,259
679
2,912
3,013
3,248
3,433
3,619
p
3,761
1940—October
November
December
32,485
32,993
33,397
11,181
11,409
11,589
920
925
926
1,825
1,971
2,135
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
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
1943—January
February
March
April
May
June
July
August
September
October
November
December
39,934
39,935
40,066
39,891
39,740
39,775
39,876
39,737
39,475
39,486
39,526
39,479
1944—January
February
March
April
May
June
July
August
September
October
November
December
1945—January
February
March
Finance,
service,
and miscellaneous
Federal,
State, and
local
government
6,618
6,906
7,378
7,263
7,030
7,044
4,160
4,310
4,438
4,447
4,115
4,348
3,988
4,136
4,446
5,203
5,890
5,911
3,041
3,054
3,076
7,005
7,043
7,076
4,357
4,395
4,393
4,156
4,196
4,202
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
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
16,506
16,682
16,831
16,858
16,837
16,908
17,059
17,097
17,051
17,108
17,152
16,995
927
924
915
908
893
893
888
878
876
869
859
863
1,899
1,734
1,604
1,476
1,358
1,263
1,164
1,082
1,020
936
891
864
3,540
3,556
3,574
3,588
3,597
3,620
3,634
3,639
3,633
3,671
3,683
3,687
7,133
7,064
7,110
7,006
6,988
7,017
7,061
7,015
7,006
7,006
7,000
6,962
4,146
4,146
4,121
4,110
4,102
4,112
4,127
4,110
4,079
4,078
4,119
4,127
5,783
5,829
5,911
5,945
5,965
5,962
5,943
5,916
5,810
5,818
5,822
5,981
39,454
39,352
39,123
38,865
38,749
38,766
38,700
38,654
38,400
38,159
38,044
r
38,164
16,910
16,819
16,642
16,391
16,203
16,093
16,013
15,943
15,764
15,614
15,529
r
15,554
862
862
852
848
843
848
833
830
822
812
808
802
830
786
737
719
673
677
653
648
627
609
611
619
3,720
3,780
3,780
3,763
3,768
3,765
3,753
3,762
3,735
3,748
3,771
r
3,789
7,096
7,043
7,046
6,982
6,997
7,012
7,084
7,059
7,065
7,077
7,052
7,015
4,170
4,173
4,165
4,257
4,363
4,475
4,505
4,514
4,488
4,384
4,359
4,304
5,866
5,889
5,901
5,905
5,902
5,896
5,859
5,898
5,899
5,915
5,914
6,081
r
r
613
620
650
r
4,394
4,404
4,421
5,954
5,998
6,023
Year and month
1939
1940
1941
1942
1943
1944
Trade
SEASONALLY ADJUSTED
38,406
38,434
38,388
15,633
15,603
15,478
r
805
804
796
r
3,797
3,846
3,843
r
7,21O
7,159
7,177
r
UNADJUSTED.
1943—October
November
December
39,718
39,847
40,197
17,194
17,238
17,080
873
863
867
1,002
918
829
3,689
3,683
3,669
7,076
7,245
7,554
4,037
4,078
4,127
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
38,360
38,347
r
38,889
16,825
16,735
16,559
16,309
16,122
16,093
16,013
16,023
15,843
15,692
15,607
r
15,632
858
858
852
844
839
844
833
834
826
816
812
806
764
715
678
683
686
691
686
700
671
652
629
594
3,664
3,704
3,723
3,744
3,768
3,803
3,809
3,818
3,791
3,767
3,771
r
3,77O
6,919
6,867
6,919
6,968
6,962
6,977
6,942
6,918
6,994
7,148
7,299
7,611
4,128
4,131
4,123
4,236
4,363
4,542
4,618
4,582
4,488
4,340
4,315
4,304
5,807
5,830
5,871
5.905
5,932
5,896
5,830
5,869
5,958
5,945
5,914
r
6,172
1945—January
February
M.arch
r
r
564
564
598
r
37,934
37,936
37,998
15,555
15,525
15,401
r
801
800
796
r
3,740
3,769
3,785
r
7,O3O
6,980
7,048
r
4,350
4,360
4,377
5,894
5,938
5,993
* Includes Contract Construction and Federal Force Account Construction. r Revised. p Preliminary.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates include all full- and part-time wage and salary workers in nonagricultural
establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel
of the armed forces are excluded. March 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.
472-
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
January
February
March
April
May
June
July
August
September
October
November
December
1
Public works
and public
utilities
Commercial
Educational
1944
1945
1944
1945
1944
1945
1944
1945
1944
1945
1944
1945
1944
1945
159.2
137.2
176.4
179.3
144.2
163.9
190.5
169.3
175.7
144.8
164.9
188.5
140.9
147.0
41.0
24.9
35.2
37.8
34.5
30.6
25.8
23.3
24.5
23.8
23.3
23.9
19.5
19.3
34.0
29.9
48.7
33.0
27.1
24.4
38.3
40.0
49.0
37.7
52.9
57.6
45.2
66.6
4.1
4.5
7.4
7.5
8.5
8.7
1-0.2
4.4
4.9
3.0
23.9
17.6
50.3
55.1
61.3
72 0
55.8
70.7
80 5
69 4
64 1
52.2
48.0
66.6
39.8
32.0
1.994.0
Year
Nonresidential building
Residential
building
Total
Factories
7.7
7.1
9.5
3.5
5.3
3.8
21.1
23.1
19.5
25.0
17.1
18.9
30.2
22 4
24 2
20.0
28.3
27 1
80.8
AO 9
276.7
6.1
5.4
5.8
8.7
5.6
79
3.8
10.5
10.1
6 4
6.4
472.7
348.4
Other
7.6
746.1
Negative because of revision of a prior month's entry.
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Public ownership
Total
Private ownership
Month
January
February....
March
April
May
June
July
August
September...
October
November.. .
December ...
1943
1944
1945
1943
1944
351
394
340
303
234
230
184
414
175
214
184
252
159
137
176
179
144
164
191
169
176
145
165
188
141
147
329
316
364
304
253
192
183
122
351
120
157
135
198
122
109
133
133
1945
1943 1944
75
74
221
35
30
36
50
42
46
61
62
56
56
50
54
• 98
122
148
125
127
102
103
114
2,695 1,435
37
28
43
46
46
42
42
44
49
43
62
74
579
1945
66
73
107
Year or month
Total
Small
home
construction
1944—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
62
68
69
6
9
9
81
83
84
82
66
11
14
12
17
11
*
*
*
1945—Jan
Feb
Mar
67
68
60
8
19
13
*
*
*
320
557
495
694
954
1,026
1,186
1,137
66
71
9
7
13
25
26
21
15
1
*
*
*
*
1- to 4- Rental
and
War
family
group
houses housing housing
(Title
(Title
(Title
VI)
ID
II)
94
309
424
473
669
736
877
691
243
216
13
13
18
OO OO
942
886
224
246
60
160
208
251
262
141
96
125
20
20
22
22
18
19
14
17
2
2
11
48
51
13
13
6
*
7
13
284
601
537
44
45
42
"l
2
36
45
50
3'
46
49
43
37
1
*
39
34
30
* 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.
MAY
1944
1945
Mar.
Feb.
Mar.
11,317
13,158
9,102
17,179
22,313
34,442
86,002
69,217
3,248
24,862
38,034
9,373
6,360
10,974
11,891
15,625
14,157
26,653
11,387
14,345
8,392
17,800
5,962
19,098
7,219
14,413
27,238
20,591
29,530
7,500
3,943
18,683
22,206
328,874
146,957
176,383
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of doll ars]
Mortgages on
Title I Loans
Property
improvement
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
559
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Federal Reserve district
3,274 1,994
Year
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
End of month
Total
SavMuComings Insur- Fedtual
and
2
merance
eral
savloan
cial
com- agen-1 Other
ings associ- panies
banks banks
cies
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
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
271
342
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
230
606
210
160
157
171
186
237
246
254
668
722
789
220
225
234
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
1943—June
Dec
3,700
3,626
1,700
1,705
252
256
284
292
1,071
1,134
235
79
158
159
1944—June
Dec
3,554
3,399
1,669
1,590
258
260
284
269
1,119
1,072
73
68
150
140
195
163
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 a t the Federal Housing Administration.
473
MERCHANDISE EXPORTS AND I M P O R T S
[In millions of dollars]
Merchandise imports2
Merchandise exports 1
Month
Exce'ss of exports
1945
1941
1942
1943
1944
1945
1941
1942
1943
PI,116
P900
Pi,107
P882
PI, 197 Pi,029
229
234
268
254
254
272
229
234
249
P300
p
313
p
359
P334
P324
^371
96
69
89
228
226
355
502
485
739
P816
P
794
P838
PI,226
PI,455
l,296
287
297
280
235
191
215
258
281
295
p
360
P386
P331
100
88
50
482
345
433
721
803
706
P866
Pi,069
P964
1,261
1,202
1,235
n,197
PI,188
PI,192
278
282
262
213
186
196
302
316
286
p
294
P302
P281
87
178
162
437
517
536
960
887
949
P903
P886
P911
801
787
873
1,195
1,072
1,244
^1,142
PI,184
P934
304
281
344
200
168
359
329
311
281
p
329
P
322
P336
362
211
309
602
619
514
866
761
963
P
1,589
2,438
p
730
779
712
p
254
810
1,726
1941
1942
January
February
March
325
303
357
481
480
628
1943
730
719
989
1944
April
May
June
387
385
330
717
536
648
979
1,085
1,002
July
August
September
365
460
425
650
703
732
October
November
December
666
492
653
January-March
985
p
3,420 P2.811
972
Pi,029
1944
1945
P566
P558
P658
814
863
P598
P
p
2,448 Pi,782
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 ]
Annual
1939
1940
1941
1942
1943
1944
Total
Coal
101
109
130
138
137
140
98
111
123
135
138
144
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
Total
railway
operating
revenues
ForMis- MerLive- est Ore eel- chan.
Coke Grain stock
lane- dise
prodl.c.1.
102
137
168
181
186
186
107
101
112
120
146
139
96
96
91
104
117
124
100
114
139
155
141
144
110
147
183
206
192
181
101
110
136
146
145
147
97
96
100
69
63
67
Annual
1939
1940
1941
1942
1943
1944
3,995
4,297
5,347
7,466
9,055
9,437
Total
railway
expenses
Net
railway
operating
income
589
Net
income
3,406
3,614
4,348
5,982
7,693
8,343
682
998
1,485
1,362
1,093
93
189
500
904
874
651
SEASONALLY
ADJUSTED1
SEASONALLY
ADJUSTED
150
148
139
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
202
193
174
195
195
187
189
188
184
153
153
133
150
147
149
146
144
143
150
149
146
143
149
151
143
139
145
141
139
137
176
178
190
128
119
134
120
121
129
142
133
134
161
168
218
157
152
159
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
148
H39
141
147
148
143
146
147
143
143
127
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
50
48
51
168
281
291
302
281
276
237
138
41
137
138
142
144
145
147
151
151
158
156
155
142
1945—January....
February...
March
132
130
136
141
139
137
185
188
192
128
117
124
115
97
102
128
128
134
40
42
63
143
142
151
1944—January....
February...
March
April
May
June
July
August
September .
October
November..
December..
145
142
140
138
138
139
143
142
139
137
141
137
1945—January
February...
March
r
UNADJUSTED
r
1943—December..
782
680
102
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
r
54
52
r
71
r
61
r
32
r
42
r
46
r
57
1945—January.
February...
766
781
673
678
93
103
60
P66
UNADJUSTED
1943—December ..
782
712
70
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
656
r
648
705
672
706
700
710
735
710
721
689
687
85
r
87
93
88
99
100
99
101
89
97
92
70
46
54
48
59
61
57
60
56
60
64
41
1945—January
February....
751
713
678
640
73
73
39
P37
Revised.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
P Preliminary. r Revised.
1
June 1941. Based on daily average loadings. Basic data compiled by AssociaIncludes redistribution of wage accruals in 1943.
tion of American Railroads. Total index compiled by combining indexes for classes NOTE.—Descriptive material and back figures may be obtained
with weights derived from revenue data of the Interstate Commerce Commission. from the Division of Research and Statistics. Basic data compiled
by the Interstate Commerce Commission.
474
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on value figures]
MONTHLY INDEXES OF SALES
[1935-39 average = 100]
Federal Reserve district
Year and month
United
States
Boston
New
York
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
150
168
186
95
110
108
112
119
121
123
127
128
126
128
123
114
90
84
90
92
100
104
100
104
108
126
140
148
162
84
100
96
99
106
110
116
120
123
124
129
126
116
91
86
91
93
101
106
99
101
106
119
128
135
149
106
126
120
122
135
134
135
138
133
127
128
118
105
83
91
102
107
96
104
111
129
143
151
168
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
159
158
167
r
171
165
162
174
r
180
r
166
146
146
145
147
143
139
145
158
148
r
129
130
133
137
135
133
137
r
143
133
148
148
151
154
144
149
154
161
144
152
157
164
171
164
158
170
178
164
1944—January
February
March
April
May
June
July
August
September
October
November
December
175
175
185
r
173
181
r
176
192
187
183
194
r
208
r
194
148
148
162
157
164
151
160
154
156
165
177
174
136
138
r
153
r
141
150
r
144
149
151
149
152
r
162
r
158
159
156
173
162
168
159
170
158
170
168
183
171
169
166
183
166
181
166
191
182
180
190
203
190
r
202
r
198
r
213
r
1945—January
February
March
r
199
r
211
223
162
r
166
202
150
166
189
173
r
189
204
186
204
222
1943—April
May
June
July
August
September
October
November
December
164
155
155
127
139
174
186
215
273
155
145
138
102
110
152
161
184
255
130
124
123
92
99
141
157
182
228
151
142
136
107
112
152
174
202
256
1944—January
February
March
April
May
June
July
August
September
October
November
December
138
142
170
172
178
163
142
157
196
209
248
320
119
115
144
161
162
144
110
118
170
184
207
300
112
115
139
137
142
132
100
110
158
173
207
270
1945—January
February
March
156
171
212
132
130
188
124
137
176
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
83
Phila- Clevedelphia land
RichSt. Minne- Kansas Dallas
mond Atlanta Chicago Louis apolis
City
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
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
147
138
144
148
149
147
148
166
146
173
163
187
184
174
179
194
210
174
195
191
220
220
208
211
231
227
215
190
192
200
199
198
189
211
212
206
182
194
195
173
197
189
208
207
193
215
235
207
160
176
159
157
158
151
165
173
162
158
189
175
207
203
193
181
192
192
212
204
200
215
244
208
206
241
247
232
228
245
277
250
241
252
264
263
193
200
213
211
236
235
181
208
205
241
246
239
261
284
283
196
192
175
166
179
218
233
257
336
160
149
154
124
136
166
174
200
253
172
164
166
137
152
188
194
224
277
151
139
144
117
132
166
168
192
224
177
165
172
145
163
197
203
228
283
193
191
183
160
183
232
250
269
343
179
194
221
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
141
159
160
151
130
154
184
179
218
269
153
161
182
183
194
177
168
191
220
226
r
264
339
177
200
227
228
228
203
202
220
265
272
314
421
215
235
281
147
162
200
173
187
233
136
144
186
r
211
239
269
105
90
85
94
91
95
99
100
100
98
91
79
60
r
62
78
84
97
105
103
113
123
145
162
204
244
80
83
98
96
102
106
108
114
116
101
88
67
68
79
86
100
109
98
107
116
135
149
161
176
105
103
115
114
120
121
119
120
122
110
97
76
72
83
85
97
106
102
111
119
143
158
179
200
113
126
117
112
120
119
124
119
117
110
110
105
98
79
76
85
90
99
104
101
106
109
122
133
149
165
181
196
209
221
201
210
222
220
208
155
146
157
168
161
151
169
174
154
157
164
184
185
177
171
188
197
172
224
225
228
222
233
237
263
245
247
260
269
258
172
162
173
165
167
163
187
180
168
192
201
180
r
231
r
238
249
268
274
273
163
156
155
126
143
168
182
214
262
190
181
177
141
155
208
212
252
332
122
123
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
r
151
r
177
231
r
249
294
369
133
149
200
145
163
214
174
191
251
SEASONALLY
ADJUSTED
1943—April
May
June
July
August
September
October
November
December
r
186
r
183
r
201
r
197
187
r
196
r
194
r
199
r
197
200
211
r
207
r
211
r
214
r
218
r
227
r
231
r
220
r
208
211
219
201
216
210
223
221
217
228
253
233
r
247
257
249
r
UNADJUSTED
r
r
r
178
194
232
188
181
184
165
180
197
219
255
325
166
178
198
192
203
193
185
202
226
238
299
373
r
r
197
217
232
r
Revised.
NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944.
MAY
1945
475
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 standing
(total (end
of orders
for
month) month) (end of
month)
Without seasonal adjustment
Index of stocks
(1935-39 average
= 100)
Seasonally
adjusted
Unadjusted
99
101
120
172
146
153
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
128
136
156
179
204
227
344
353
419
599
508
531
108
194
263
530
558
1943—June
July
Aug
Sept
Oct
Nov
Dec
188
151
168
205
230
259
338
480
507
564
586
593
576
467
671
692
618
564
550
562
491
144
162
169
162
153
143
143
138
146
162
168
170
165
134
1944—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
167
170
227
206
220
199
163
196
234
257
299
385
479
513
525
524
525
522
516
568
583
600
579
444
527
526
488
475
521
590
628
574
559
576
608
620
154
154
148
145
147
157
165
170
161
154
144
136
137
147
151
150
151
150
148
163
167
172
166
127
1945—Jan
Feb
Mar
198
199
462
492
765
814
148
148
133
141
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
1941
1942
Sept. 20.... ..142 Sept . 1 9 . . . .
27.... .161
26....
Oct. 4 . . . ..179 Oct. 3 . . . .
1 1 . . . . ..135
10....
1 8 . . . . ..141
17....
2 5 . . . . ..144
24....
Nov 1 . . . . ..145
31....
8 . . . . ..150 Nov 7
15.... ..159
14
22.... .139
21
29.... .176
28
225 Dec. 5
Dec. 6
1 3 . . . . . .250
12....
2 0 . . . : . .299
19....
29.... .191
26....
Jan.
Feb.
Mar.
Apr.
May
1942
3.... . Ill
10.... ..135
17.... . .136
24.... .122
3 1 . . . . .125
7 . . . . .119
14.... ..122
21.. .. .115
2 8 . . . . .127
7 . . . . ..130
14.... .137
2 1 . . . . ..148
28.... ..157
4 . . . . ..170
1 1 . . . .129
1 8 . . . . ..146
2 5 . . . . . .140
2 . . . . ..147
9 . . . . ..149
16.... ..127
23 .... ..125
3 0 . . . . ..104
Jan.
Feb.
Mar.
Apr.
May
1943
1944
.196
Sept. 18... .179 Sept 16
25... .176
23
.193
Oct. 2 . . . .175
.196
30
9.... .188 Oct. 7
.218
16.... .189
.221
14
23.... .194
21
.209
30.... .187
28
.207
Nov. 6 . . . . .202 Nov. 4: .... .215
1 3 . . . . .211
11 . . . . .231
2 0 . . . . .223
18
.252
2 7 . . . . .201
25
.236
250 Dec. 4
269 Dec. 2
304
.295
11'.'.'.'. '297
9 '. '.'..365
.333
18
.321
16 . . . . 377
.222
2 5 . . . . .274
23 . ....369
30
.123
1943
1944
1945
2 .... .117 Jan. 1 .... .110 Jan. 6 .... .145
9 .... .146
8 .... .143
13 .... .166
16 .... 139
15 .... .146
20 .... 160
23 .... .125
22 ... 144
27 .... .161
30 .... .126
29 ... .137 Feb. 3 .... .163
6
.143 Feb. 5 . . . . 146
10
.172
176
13
.178
12.... .142
17
20
.155
19.... .142
24.... .177
27
.162
26.... .146 Mar. 3
.182
6
.150 .Mar. 4 . . . . .153
.204
10
13
.144
1 1 . . . .160
17
.214
20
.147
18.... .172
24
.226
r
27
.155
25.... .182
31
230
3
.161 Apr. 1 . . . . .212 Apr. 7 . . . . .181
10
.168
8 . . . . .208
14
.156
17
.170
15 . . . . .152
21
.192
24
.182
22 . . . . .163
28. ... .184
1
.142
29 . . . . .168 M a y 5 . . . . .193
8
.169 May 6 . . . . .184
12
.195
15
.149
1 3 . . . . .197
19
22
.153
2 0 . . . . .177
26
29
.151
2 7 . . . . .168 June 2
.152
.172
.183
.171
.166
.172
.168
.182
.182
.182
.176
r
Revised.
NOTE.—Revised series. For description and back figures see pp. 874-875
of BULLETIN for September 1944.
p
Preliminary.
Back figures.—Division of Research and Statistics.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Mar. Feb. Three
1945 1945 mos.
1945
UnitedjStates..
+26 +16
+21
Boston
New Haven
Portland
Boston
Springfield
Providence
+32 r+8
+19 +9
+34 +11
+31 +10
+27 +9
+32 +6
New York
Bridgeport
Newark
Albany
Binghamton....
Buffalo
Elmira
Niagara Falls...
New York City.
Poughkeepsie...
Rochester
Schenectady.. .
Syracuse
Utica
+27
+26
+23
+38
+44
+22
+32
+32
+25
+47
+32
+30
+40
+40
+15
+5
+20
+4
+19
+8
Philadelphia...
Trenton
Lancaster....
Philadelphia.
Reading
Wilkes-Barre
York
+23
+39
+24
+16
+24
+35
+28
+16
+22
+10
+14
r
+4
+30
+22
Cleveland
Akron
Canton
Cincinnati...
Cleveland ..
Columbus ...
Springfield ..
Toledo
+28
+30
+34
+29
+24
+38
+28
+32
+18
+17
+11
+22
+15
+17
+9
+17
+20 Cleveland—Cont.
+16 Youngstown
+18 Erie
+21 Pittsburgh
+16 Wheeling
+20
Richmond
+20 Washington
+15 Baltimore
+20 Winston-Salem...
+20 Greenville, S. C
+28 Lynchburg
+12 Norfolk
+18 Richmond
+20 Charleston.W.Va.
+20 Clarksburg
+25 Huntington
+20
+17 Atlanta
+21 Birmingham
+17 Mobile
Montgomery
+18 Jacksonville
+23 Miami
+15 Tampa
+15 Atlanta
+13 Augusta
+31 Macon
+21 Baton Rouge
New Orleans
+21 Jackson
+21 Chattanooga.. .
+19 Knoxville
+24 Nashville
+19
+25 Chicago....
+16 Chicago.
+22 Peoria...
+6
+15
+16
+12
+10
+9
+16
+3
Mar, Feb. Three
1945 1945 mos.
1945
Mar. Feb. Three
1945 1945 mos.
1945
Chicago—Cont.
Fort Wayne....
Indianapolis...
Terre H a u t e . . .
DesMoines
Detroit
Flint
Grand Rapids..
Lansing
Milwaukee
Green Bay
Madison
+31
+26
+25
+38
+26
+10
+20
+25
+27
+14
+20
+28
+26
+23
+21
+28
+35
+42
+24
+25
+44
+39
+36
+16
+13
+13
+27
+21
+28
+18
+14
+30
+14
+31
+28
+17
+10
+38
+32
+11
+19
+33
+60
+62
+33
+23
+27
+31
+31
+28
+17
+19
+3
+28
+18
+21
+18
+16
+27
+28
+32
+21
+20 5/. Louis
+36 Fort Smith
+23 Little Rock....
+32 Quincy
Evansyille
+23 Louisville
+19 St. Louis
+11 Springfield
+36 Memphis
+27
+9 Minneapolis
+17
+30 Kansas City
+37 Denver
+29 Pueblo
+23 Hutchinson . . .
+19 Topeka
+24 Wichita
+28 Joplin
+28 Kansas City...
+2; St. Joseph
Omaha
+21 Oklahoma City
+21 Tulsa....
+27
+1
+12
+27
+19
+9
+19
+10
+17
+15
+25
+17
+27 +19
+24 +19
+36 +20
+24 +28 Dallas
Shreveport
+23 +22 Dallas
+44 +48 Fort Worth
+21 +27 Houston
+15 +15 San Antonio
+15 +33
+29 **+31 San Francisco
+24 +30 Phoenix
+23 +29 Tucson
+25 +36 Bakersfield
+12 **+14 Fresno
+26 +17 +22 Long Beach
Los Angeles
+27 '+16 +21 Oakland and
+30 +18 +25
Berkeley
+34 r +23 +23 Riverside and
+17 +13 +12
San Bernardino
+21 +20 +22 Sacramento
+25 +19 +21 San Diego
+38 +17 +28 San Francisco....
+22 +12 +19 San Jose
+32 r+13 +22 Santa Rosa
Stockton
+29 +16 +23 Vallejoand Napa
Boise and
+28 +17 +22
Nampa
+29 +17 +23 Portland
+41 +24 +34 Salt Lake City..
+31 + 13 +26 Bellingham
+24 +12 +15 Everett
+22 +5 +22 Seattle
+26 +19 +15 Spokane
+27 +12 +20 Tacoma
+29 +16 +20 Yakima
+33 +12 +25
+38 +23 +32
+34
+29
+58
+33
+19
+50
*
+40
+34
+44
*
Mar. Feb. Three
mos.
1945 1945 1945
+15
+8
+14
+19
+11
+22
+19
+18
+18
+21
+13
+28
+17
+25
+23
+18
+19
+26
+12
+20
+21
+25
+20
+22 +15
+20
+16
'+12
+14
+18
'+12
+26
+21
+20
+19
+15
+17
+23
+17
+28
+24
+22
+20 +22
+19 +15
+23
+16
+9
+ 13
+15
+19
+20
+27
*+25
+18
+15
+15
+24
+13
+26
+19
+27
+20
+23
+23
+24
+17
+24
+15
+14
+22
+22
+29
+26
+31
r
+9
r
+n
+15
r
+9 +S
+20
+12
+22
+19
+30
*
+7
'+16
'+14
+20
+27
+11
r
Revised.
• Data not vet available.
**Two months.
476
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE
STATISTICS—Continued
SALES A N D STOCKS, B Y MAJOR D E P A R T M E N T S
Percent change from a year ago (value) Ratio of stocks to sales
Number
of stores
reporting
Department
Two mos.
1945
Feb.
1945
+17
+18
+21
+23
+26
+25
+31
+18
+23
+26
+29
+14
+20
+32
-4
2.6
3.2
-5
-3
+3
+13
+5
+10
+19
2.7
3.2
2.2
1.6
1.8
2.6
2.4
2.7
1.8
1.8
1.7
1.1
3.0
3.3
3.0
2.2
3.4
1.8
3.1
2.7
2.0
2.0
3.1
3.0
2.7
2.7
2.6
2.4
2.0
3.3
5.4
2.4
2.4
3.8
1.7
3.2
-23
4.0
4.1
3.4
4.9
5.1
5.2
5.6
4.8
5.0
8.2
+21
+10
+26
-10
0
-19
-7
-43
-20
—4
—9
-9
3.3
3.4
3.3
2.9
1.7
2.6
4.2
3.9
4.1
4.1
4.0
3.8
3.7
3.6
3.3
5.1
4.6
5.6
+28
+17
-22
-20
1.5
1.2
2.3
1.6
+11
+12
+19
+10
+20
+23
+16
+5
+27
-8
+20
+2
3.4
4.2
3.4
4.0
3.8
2.5
2.5
3.4
3.5
4.2"
3.1
4.0;
3.1
3.0.
-4
-30
3.0
3.0
3.4
3.7
-3
2.7
2.3
4.4
2.8
1.4
4.0
3.3
2.7
5.2
3.4
2.4
6.3
G R A N D TOTAL—entire s t o r e . . .
355
+16
355
Women's apparel a n d accessories
.
Coats and suits
Dresses.
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
Infants' wear
Aprons, housedresses, uniforms
Underwear, slips, negligees
Corsets, brassieres
Hosiery (women's and children's)
Gloves (women's and children's)
Shoes (women's and children's)
Furs
Neckwear and scarfs
Handkerchiefs
Millinery
Handbags and small leather goods....
352
330
334
314
299
305
286
325
331
344
327
242
263
243
282
168
301
+16
+21
+25
+24
+27
+35
+18
+17
+25
+29
+12
+18
+35
-15
+10
+21
+16
Men's and boys* wear
322
231
306
281
175
+19
+15
+20
+24
+25
+21
+18
+21
+21
+37
315
232
239
293
176
291
217
217
221
+11
+18
-5
+19
+20
+3
+18
+9
+24
+19
+6
+6
+8
+14
+12
+21
+2
+21
+23
Home furnishings
Furniture, beds, mattresses, springs..
Domestic floor coverings
Draperies, curtains, upholstery
Major household appliances
Domestics, blankets, Enens, etc
Lamps ana shades
China and glassware
Housewares
+1
286
119
Piece goods
Cotton wash goods.
Small wares
336
118
221
320
267
252
231
Lace, trimmings, embroideries, ribbons..
Notions
Toilet articles, drug sundries, and prescriptions .
Jewelry and silverware
Art needlework
Stationery, books, and magazines..
Luggage
BASEMENT STORE-total
+9
+6
—1
+10
+18
-18
-8
-15
-14
+21
0
—6
-12
+18
+20
+19
+12
+29
+7
+19
+21
+17
+11
+28
+32
216
204
167
122
51
136
Women's apparel and accessories
Men's and boys' clothing and furnishings .
Home furnishings
Piece goods
Shoes
1945
-22
-14
-12
—41
xi
+4
+15
+20
+11
291
219
Miscellaneous
Feb.
Feb.
1945
MAIN S T O R E - t o t a l
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes and slippers..
Stocks (end
of month)
Sales during period
+4
— 11
-27
-15
1944
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 fox that month.
SALES, A C C O U N T S RECEIVABLE, A N D COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average = 100
1944—February
March
April
May
June
July
August
September
October
November
December
1945—January
February
March
Accounts receivable
at end of month
Sales during month
Year and month
Charge
account
Instalment
Total
Cash
Instalment!
108
143
132
141
127
103
126
149
164
191
245
139
182
171
180
165
138
167
193
211
245
326
56
73
59
58
50
44
60
66
81
95
105
84
114
104
112
99
76
93
116
127
149
181
41
40
38
36
34
32
32
33
35
40
46
71
79
79
82
78
67
70
81
90
102
128
126
126
178
164
163
230
57
57
73
96
98
141
43
40
39
r97
84
96
r
Charge
account
r
Percentage of total sales
Collections during
month
Instalment
r
73
r7g
67
67
61
56
58
61
69
75
77
Charge
account
Cash
sales
Instalment
sales
Chargeaccount
sales
r
108
100
107
109
111
r
103
92
96
115
130
135
63
62
62
62
63
65
64
63
63
62
64
33;
3*
34
34
34
31
32
33
33,
34
32
r
63
63
62
33
33
34
167
127
120
r
Revised.
NOTE.—Data based on reports from a smaller group of stores than that included in the monthly index of sales shown on a preceding page.
MAY
1945
477
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit
End of month
or year
Sale credit
Total
instalment
credit
Loans 1
Charge
accounts
Service credit
Other
Automobile
Total
Singlepayment
loans 2
7,637
6,839
5,528
4,082
3,905
4,378
5,419
6,771
7,467
7,036
8,008
9,205
9,959
6,529
5,379
5,790
3,167
2,706
2,214
1,515
1,581
1,849
2,607
3,501
3,947
3,584
4,463
5,507
5,984
2,999
2,002
2,083
2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,747
1,494
816
836
1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
175
200
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
641
636
652
674
619
516
459
532
802
1,065
1,195
1,271
1,671
2,057
2,237
1,505
1,186
1,247
2,125
1,949
1,402
962
776
875
1,048
1,331
1,504
1,442
1,468
1,488
1,601
1,369
1,192
1,220
1,749
1,611
1,381
1,114
1,081
1,203
1,292
1,419
1,459
1,487
1,544
1,650
1,764
1,513
1,498
1,758
596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729
5,057
5,037
5,148
5,209
5,148
5,192
5,272
5,412
5,595
5,790
1,864
1,847
1,859
1,882
1,889
1,896
1,912
1,937
1,973
2,083
696
690
700
707
706
709
720
743
773
836
167
171
181
192
204
210
210
210
208
200
529
519
519
515
502
499
510
533
565
636
1,168
1,157
1,159
1,175
1,183
1,187
1,192
1,194
1,200
1,247
1,115
1,139
1,189
1,241
1,250
1,239
1,231
1,231
1,231
1,220
1,376
1,346
1,390
1,370
1,287
1,330
1,402
1,516
1,664
1,758
702
705
710
716
722
727
727
728
727
729
5,481
*>5,322
5,588
2,013
p
l,963
Pi,990
778
P
742
P732
192
^186
^184
586
P556
P548
1,235
?1,221
Pi,258
1,206
PI,189
^1,180
1,528
PI,432
PI,676
734
P738
P742
1929
1930
1931
1932
1933
1934
1935
1936
1937..
1938
1939
1940
1941
1942
1943
1944
1944
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1945
Jan
Feb
Mar
p
1
2
P
Preliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment consumer loans(single-payment loans of commercial banks and pawnbrokers).
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
Department
Total,
End of month excluding stores
and
autoor year
mailmobile
order
houses
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Furniture
stores
Household
appliance
stores
Jewelry
stores
1,197
1,104
958
677
663
741
865
1,147
L,368
1,343
1,525
1,721
1,805
1.012
641
636
160
155
138
103
119
146
186
256
314
302
377
439
469
254
174
184
583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
269
265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
13
56
47
45
30
29
35
40
56
68
70
93
110
120
529
519
519
515
502
499
510
533
565
636
144
142
141
138
132
132
138
148
162
19
18
16
52
48
45
44
43
42
43
44
48
184
231
229
235
237
234
233
236
244
253
269
586
P556
P548
P163
P163
77
66
70
All
other
retail
stores
133
141
136
110
97
115
132
174
210
220
246
271
284
160
101
100
1944
Mar
May
June
July.....
Aug.
Sept
Oct
Nov
Dec
1945
Jan
Feb
Mar
....
172
P Preliminary.
47 8
249
P240
P238
15
14
13
13
13
13
13
12
Pll
Pll
70
83
82
82
81
79
79
80
84
89
100
61
P54
P50
92
^88
P86
CONSUMER INSTALMENT LOANS
[Estimated amounts outstanding. In millions of dollars]
End of
month or
year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Total
Insured
IndusCom- Small
Miscel- repair
trial
Credit
loan
mercial com- banking
laneous and
banks* panies com- 2 unions lenders modernization3
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
1,247
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
175
32
31
29
27
27
32
44
66
93
112
147
189
217
147
123
119
93
78
58
50
60
79
102
125
117
96
99
102
91
86
88
25
168
244
148
154
213
284
301
215
128
120
1,168
1,157
1,159
1,175
1,183
1,187
1,192
1,194
1,200
1,247
316
319
325
335
339
343
342
344
345
357
369
363
362
365
367
363
364
361
365
388
164
164
165
169
170
172
172
172
172
175
121
118
118
119
119
118
118
117
116
119
86
85
85
85
85
85
85
85
85
88
112
108
104
102
103
106
111
115
117
120
1,235
PI,221
PI,258
358
P356
P373
378
P372
P382
172
P168
P172
116
P114
PI 16
87
P86
P87
124
PI 25
P128
95
1944
Mar.
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1945
Jan
Feb.
Mar
P1 Preliminary.
These figures include only personal instalment cash loans and retail
automobile direct loans, shown on the following page, and a small amount
of other retail direct loans (16 million dollars at the end of March 1945), not
shown
separately.
2
This series is in process of revision.
3
Includes only loans insured by Federal Housing Administration.
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Other
retail,
purchased
Pur- Direct
and
chased loans direct
Automobile
retail
Month or year
Outstanding at end of
period:
1939
1940
1941
1942
1943
1944
Total
Repair
and
modernization
loans1
Personal
instalment
cash
loans
1,093
1,450
1,694
845
514
559
218
311
411
136
55
57
164
253
310
123
81
99
155
217
288
143
68
75
209
247
234
154
89
83
347
422
451
289
221
245
1944—February
March
April
May
June
July
August
September
October
November
December
491
497
496
505
518
527
532
534
538
544
559
52
52
52
53
56
61
62
62
60
59
57
80
82
85
89
93
94
95
96
97
97
99
65
61
61
62
62
62
62
62
67
70
75
81
78
76
76
76
77
78
80
80
83
83
213
224
222
225
231
233
235
234
234
235
245
1945—January 2
February *
March p
561
555
572
55
55
55
100
101
107
76
76
82
83
84
244
240
250
Volume extended during
month:
1944—February
March
April
May
June
July
August
September
October
November
December
70
95
82
97
100
95
94
89
92
91
102
9
11
12
12
14
13
10
10
10
15
19
18
21
20
20
19
17
18
18
18
10
11
15
13
11
11
12
15
14
18
35
52
36
42
47
42
42
41
40
41
50
1945—January
February**
March?
96
86
113
9
9
12
20
19
24
17
12
14
43
39
54
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING INSTITUTIONS
[Estimates of volume made in period. In millions of dollars]
Month or year
Small loan Industrial
Commercial
banking 2
companies companies
banks 1
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Credit
unions
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
403
42
41
38
34
33
42
67
105
148
179
257
320
372
247
228
234
1943
August
September
October
November.
December
54
57
51
50
58
64
70
67
70
95
29
32
28
29
32
17
21
19
18
23
1944
January
February
March
April
May
June
July
August
September
October
November
December
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
37
15
18
26
16
20
22
19
20
19
18
18
23
1945
January
February**.
March*
65
61
82
58
56
94
33
30
41
16
16
23
p
1
Preliminary.
These figures for loans made include only personal instalment cash loans
and retail automobile direct loans, which are shown elsewhere on this page,
Preliminary.
and
amount of other retail direct loans (4 million dollars in March
Includes not only loans insured by Federal Housing Administration 1945)a small
not shown separately.
but also noninsured loans.
2 This series is in process of revision.
p
1
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE*
FURNITURE STORE STATISTICS
Item
Mar.
1945
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, at end of
month:
Total
Instalment
Collections during month:
Total
Instalment
Inventories, end of month, at
retail value
Percentage
change from
corresponding
month of
preceding year
Percentage
change from
preceding
month
+26
+25
+30
+19
Feb. Jan. Mar.
1945 1945 1945
-41
—46
+17
+28
+7 - 4 5
+16
M-2
—2
r
r
r
-6
—28
+6
0
-1
-3
-8
-8
+2
+1
+9
+12
-10
-8
-6
+9
+9
+4
+5
+2
+3
7
r
Feb.
1945
r
Month
Jan.
+5
+1
r
Furniture
stores
Household appliance
stores
Jewelry
stores
Department
stores
31
36
31
33
31
30
34
35
39
39
36
20
23
23
25
24
23
24
24
26
24
23
22
26
26
26
28
29
32
33
36
37
39
31
34
28
30
30
31
31
32
34
34
49
61
65
63
64
63
61
64
64
65
67
61
32
30
36
21
21
24
34
31
36
r
31
r
61
61
66
Department
stores
1945
1944
+20 February
+22 March
April
r
r+7 r +14 May
+23 June
July
August
September
+1 r j October
+1 - 2 November
December
+12
+20
Charge
accounts
Instalment accounts
r
1945
+7
+3 January
February
March
-3
r
30
34
r
1
Revised.
Revised.
Ratio of collections during month to accounts receivable at beginning
of month.
M A Y 1945
479
r
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926 =100]
Other commodities
All
commodities
Farm
products
Foods
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
K)3.8
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
104.3
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
1944—March
April
May
Tune
J u l y . ....
August....
September
October...
November.
December.
1945—January...
February..
March
103.8
103.9
104.0
104.3
104.1
103.9
104.0
104.1
104.4
104.7
104.9
105.2
105.3
123.6
123.2
122.9
125.0
124.1
122.6
122.7
123.4
124.4
125.5
126.2
127.0
127.2
104.6
104.9
105.0
106.5
105.8
104.8
104.2
104.2
105.1
105.5
104.7
104.7
104.6
98.1
98.4
98.5
98.5
98.5
98.6
98.6
98.7
98.8
98.9
99.1
99.2
99.2
116.9
116.9
117.0
116.4
116.2
116.0
116.0
116.2
116.2
117.4
117.5
117.6
117.8
97.8
97.8
97.8
97.8
98.0
98.4
99.2
99.4
99.4
99.5
99.6
99.7
99.7
83.0
83.0
83.2
83.3
83.2
83.2
83.0
82.9
83.1
83.1
83.3
83.3
83.4
103.7
103.7
103.7
103.7
103.7
103.8
103.8
103.7
103.7
103.8
104.0
104.2
104.2
114.2
115.2
115.7
115.9
115.9
116.0
116.0
116.3
116.4
116.4
116.8
117.0
117.1
95.0
95.5
95.5
95.3
95.5
95.5
94.9
95.0
94.8
94.8
94.9
94.9
94.9
104.3
104.3
104.3
104.3
104.3
104.4
104.4
104.4
104.4
104.4
104.5
104.5
104.5
93.5
93.5
93.5
93.5
93.6
93.6
93.6
93.6
94.0
94.2
94.2
94.6
94.6
Week ending:
1945—Jan. 6 ..
Jan. 1 3 . . .
Jan. 2 0 . . .
Jan. 27
Feb. 3 . . .
Feb. 10....
Feb. 1 7 . . .
Feb.24...
Mar. 3 . . .
Mar. 10 ...
Mar. 17 ...
Mar. 24 ...
Mar. 3 1 . . .
Apr. 7...
Apr. 14... .
Apr. 21..
Apr. 28.
104.6
104.7
104.8
104.7
104.7
104.9
105.0
104.8
105.0
105.1
105.1
105.1
105.1
105.1
105.5
105.6
105.7
125.9
126.3
126.6
125.8
125.7
126.8
127.2
126.4
127.2
127.1
127.4
127.0
127.3
127.2
128.9
129.5
130.5
104.6
104.7
105.0
104.4
104.3
104.9
104.8
104.1
104.5
104.5
104.6
104.5
104.8
104.9
105.5
105.7
106.5
99.1
99.2
99.3
99.3
99.3
99.3
99.3
99.3
99.4
99.4
99.4
99.4
99.4
99.5
99.5
99.5
99.5
117.9
117.9
117.9
117.9
117.9
118.0
118.0
118.0
118.1
118.1
118.2
118.2
118.3
118.3
118.3
118.3
118.3
99.0
99.0
99.0
99.0
99.1
99.1
99.1
99.1
99.2
99.2
99.2
99.2
99.2
99.2
99.1
99.1
99.1
83.6
83.9
83.9
83.9
84.0
84.0
83.8
83.8
83.8
83.8
83.9
83.9
83.9
84.0
84.0
83.9
83.9
103.9
104.0
104.2
104.3
104.2
104.2
104.3
104.3
104.3
104.3
104.3
104.3
104.3
104.3
104.3
104.3
104.3
116.4
116.4
116.7
116.7
116.7
116.7
116.9
116.9
116.9
116.9
116.9
116.9
116.9
117.0
117.0
117.0
117.0
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
94.9
106.1
106.1
106.1
106.1
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
93.9
94.0
94.0
94.0
94.1
94.1
94.1
94.1
94.3
94.4
94.4
94.4
94.4
94.6
94.6
94.6
94.6
Year, month, or week
Total
1945
Subgroups
Mar.
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear
Silk
Rayon
Woolen and worsted goods..
Other textile products
Fuel and Lighting Materials:
Anthracite
r
Bituminous coal
Coke
Electricity
Gas
Petroleum products
1
ChemiHides and Textile Fuel and Metals Building cals
Houseand furnishleather
lighting and metal
allied 1 ing
goods
products products materials products materials products
Dec.
Jan.
Feb.
1945
Subgroups
Mar.
129.5
125.6
119.9
127.5
126.9
123.2
129.3
131.1
121.5
129.8
133.8
121.4
129.8
135.6
120.5
110.5
95.1
123.3
106.0
92.7
110.7
94.7
116.2
106.2
99.7
110.8
94.7
114.4
106.4
97.3
110.8
94.9
118.1
106.5
95.1
110.8
95.1
115.9
107.7
94.7
126.3
111.2
101.3
115.2
126.3
114.0
101.3
115.2
126.3
114.8
101.3
115.2
126.3
115.4
101.3
115.2
126.3
116.4
101.3
115.2
107.0
113.6
70.5
107.4
119.2
71.5
107.4
119.7
71.5
107.4
119.9
71.5
107.4
119.9
71.5
30.3
112.5
100.5
30.2
112.9
100.9
30^2
112.7
100.9
30^2
112.7
100.9
30^2
112.7
100.9
95.6
120.1
130.7
59.0
76.7
64.0
95.3
120.5
130.7
59.9
74.6
63.8
95.3
120.5
130.7
6'0.0
75.7
64.3
95.3
120.5
130.7
95.3
120.6
130.7
16.9
64.3
64.3
Metals and Metal Products:
Agricultural implements
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals 1 .
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Miscellaneous
Mar.
Dec.
Jan. I Feb.
Mar.
97.1
98.2
97.1
112.8
85.8
91.8
97.5
98.7
97.2
112.8
85.8
92.4
97.5
98.7
97.7
112.8
85.9
92.4
97.5
98.7
98.0
112.8
85.9
92.4
97.5
98.7
98.1
112.8
85.9
92.4
100.3
93.6
146.3
104.4
91.8
107.3
102.8
105.3
97.5
153.8
106.3
92.4
107.3
103.3
110.4
97.4
153.8
106.3
92.4
107.3
103.5
110.5
99.0
153.9
106.4
92.4
107.3
103.6
110.7
99.4
153.8
106.3
92.4
107.3
103.8
96.3
106.4
81.4
86.3
102.0
95.6
106.9
81.8
86.6
102.0
95.8
106.9
81.9
86.6
102.0
95.8
106.9
81.9
86.6
102.0
95.8
106.8
81.9
86.6
102.0
107.2
101.4
107.4
101.5
107.5
101.5
107.5
101.5
107.5
101.5
73.0
159.6
107.2
46.2
96.7
73.0
159.6
107.3
46.2
98.2
73.0
159.6
107.6
46.2
98.2
73.0
159.6
108.0
73.0
159.6
108.0
46.2
98.9
46.2.
98.9
Chemicals and allied products group and drugs and Pharmaceuticals revised from October 1941.
Back figures.—Bureau of Labor Statistics, Department of Labor.
480
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
On Bank Credit, Money Rates, and Business
Chart
book
page
Mar.
WEEKLY FIGURES1
Apr.
4
Apr.
11
Chart
book
page
Apr. Apr
18
25
In billions of dollars
Jan.
Feb.
Mar. 3
In billions of dollars
MONTHLY FIGURES
RESERVES AND CURRENCY
Reserve Bank credit, total
U. S. Govt. securities, total
Bills
Certificates
Notes
Bonds
Discounts and advances
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves
Required reserves
Excess reserves e
Excess reserves (weekly average), total e ..
New York City
Chicago
Reserve city banks
Country banks e
...
2
3
3
3
3
3
2
2
2
2
2
,4
4
4
5
5
5
5
5
20.07
19.52
11.92
5.41
1.06
1.13
.22
20.42
25.83
RESERVES AND CURRENCY
20.76
20.09
12.74
5.23
.99
1.12
.32
20.42
25.94
.31
14.31
13.45
.86
.96
.02
.02
.23
.69
20.26
19.58
12.02
5.39
1.04
1.13
.22
20.42
25.87
2.38
.34
14.35
13.42
.93
.98
.02
.01
.24
.71
14
14
14
14
14
57.80
43.57
37.35
9.27
11.18
57.35
43.29
37.18
8.84
10.99
57.39
43.33
38.04
8.02
10.98
57.29 57.06
ALL BANKS IN U . S.
43.14 42.85
38.60 39.10 Total deposits and currency
7.35 6.73 Demand deposits
11.06 11.13 Time deposits
15
15
16
16
16
16
15
15
15
15
15
17
20.52
15.02
7.99
3.78
2.72
.53
13.83
3.81
20.48
15.11
8.00
3.77
2.66
.67
13.91
3.65
3.67
.98
4.31
2.33
20.26
14.89
8.04
3.74
2.70
.42
13.
3.30
3.77
.98
4.30
2.31
20.23
14.74
8.02
3.69
2.66
.37
14.18
3.01
3.78
.99
4.43
2.28
17
17
17
17
.66
.61
.43
.43
15
15
16
16
16
16
15
15
15
15
15
17
17
17
37.27
28.55
14.39
7.53
5.07
1.56
23.52
5.46
24
24
.376
1.17
2.36
2.36
.41
14.59
13.66
.94
.96
.01
.01
.24
.70
20.15 20.44
12.81 13.09
5.22 5.24
.99 .99
1.13 1.13
.34 .51
20.40 20.37
26.07 26.07
2.37 2.37
.43 .65
14.58
13.79 13.89
P. 79
.90 .82
.02
.01 ()
.23 .21
P. 65
MEMBER BANKS IN LEADING CITIES
Total—101 cities:
Loans and investments
U. S. Govt. obligations
Demand deposits adjusted
U. S. Govt. deposits
Loans
New York City:
Loans and investments
U. S. Govt. obligations, total
Bonds
Certificates
Notes and guar. securities
Bills
. ...
Demand deposits adjusted
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities:
Brokers'—on U. S. Govts
Brokers'—on other securities..
To others
All other
100 cities outside New York:
Loans and investments
U. S. Govt. obligations, t o t a l . .
Bonds
Certificates
Notes and guar. securities
Bills. .
Demand deposits adjusted
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities
All other
3.63
.99
4.46
2.35
6.25
7.17
6.72
3.74
1.01
1.97
MONEY RATES, ETC.
Treasury bills (new issues)
Treasury notes (taxable)
U. S. Govt. bonds:
Partially tax-exempt
Taxable
_
High-grade corporate bonds (5 issues)
Corporate Aaa bonds
Corporate Baa bonds
24, 26
24, 26
26
26
26
1.71
2.39
2.50
2.60
3.38
Currency outside banks
1.70
2.39
2.49
2.61
3.38
.62
.56
.38
.43
1.68
2.38
2.49
2.61
3.36
109
111
120
95
.95
111
113
123
96
.66
113
115
126
97
1.05
.74
.60
.38
.43
1.67
2.40
2.49
2.61
3.36
1.68
2.39
2.49
MONEY RATES, ETC.
2.61 Corporate Aaa bonds
3.35 F.
R. Bank discount rate (N. Y.).
Treasury bills (new issues)
117
119
133
100
1.79
BUSINESS CONDITIONS
Steel production (% of capacity)
Electric power prod. (mill. kw. h r s . ) . . . .
Freight carloadings (thous. cars)
Department store sales (1935-39 = 100).
Wholesale prices (1926 = 100), total. . ..
Farm products
Other than farm and food
19.39
20.58
25.24
2.37
.53
14.05
4.57
5.63
3.85
12.93
4.56
5.33
3.04
1.11
19.88
20.52
25.53
2.38
.54
14.04
4.68
5.59
3.77
13.09
4.65
5.34
3.10
.95
20.25
20.45
25.85
2.36
.27
14.43
4.80
5.74
3.89
13.42
4.78
5.47
3.17
1.01
13
13
8
8
8
8
1.88
3.93
25.29
7.84
13.18
4.28
1.76
3.63
25.75
7.97
13.46
4.32
1.80
3.66
25.90
7.90
13.67
433
9
9
9
9
9
p
68.60
p
40.50
p
151.10
^150.90
^69.70
^41.40
^24.20
^15.60
23.70
^18.30
5.48
1.21
1.53
.73
2.01
1.23
.78
.19
.59
p
150.7O
m . io
p
42.0O
P?A.2O
p
13A0
P5.31
P\
19
p
l!43
P
1AS
p
1.68
p
vm 19
*.55
. 74
PI .99
1.26
P. 73
P. 18
*\55
232.17
232.97
233.15
92.22
69.84
51.72
16.69
92.35
69.83
52.34
17.13
92.38
70.05
51.83
17.57
84.56
59.14
44.62
77.70
55.76
30.40
16.40
84.68
59.25
44.74
77.69
55.75
30.40
16.40
83.60
58.17
43.65
79.03
57.26
34.54
16.92
78.30
21.96
19.01
8.60
20.00
84.30
34.30
77.90
22.40
19.44
8.70
20.20
84.30
33.70
P.74
p
p
ll22
P.74
TREASURY FINANCE
.86
.57 U. S. Govt. obligations outstanding,
total interest-bearing
.36
By classes of securities:
.45
Bonds (marketable issues).
Notes, cert., and bills
36.87 37.13 37.06 36.91
Savings bonds and tax notes
28.18 28.43 28.40 28.27
Special issues
14.40 14.53 14.59 14.61
By maturities:
7.41 7.34
7.51
7.
5
years and over
5.06 5.06
5.09
5.
5-20 years
1.34 1.26
1.35
1.17
5-10
years
23.27 24.05 24.42 24.69
Within 5 years
5.19
4.34 4.00
4.72
Within
1 year
6.33 6.20
6.36
6.35
Certificates
7.25 7.28
7.17
7.22
Bills
6.63 6.61
6.68
6.67
3.65 Holdings of U. S. Govt. obligations:
3.
3.72
3.71
Commercial banks
.99
.97 .97
.99
Fed. agencies and trust funds..
1.98
1.
1.97
1.
Federal Reserve Banks
Mutual savings banks
Per cent Per annum
Insurance companies
Other investors, total
.375 .375
.375
.375
Marketable issues
1.14 1.14
1.15
1.15
.57
.59
.38
.44
6
6
6
6
6
6, 7
13
13
13
7
13
13
13
7
20.15 U. S. Govt. deposits
4.59
CONSUMER CREDIT
8.07
18
3.63 Consumer credit, total
Single
payment
loans
18
2.65
Charge accounts
18
.23
Service credit
18
4.41
Instalment credit, total
18, 19
2.73
Instalment
loans
19
3.69
Instalment sale credit, total
19
.99
Automobile
19
4.52
Other
19
2.28
In unit indicated
Stock prices (1935-39 = 100), total
Industrial
Railroad
Public utility
Volume of trading (mill shares)
Reserve Bank credit.
Gold stock
Money in circulation
Treasury c a s h . . . .
Treasury deposits
Member bank reserves, total
Central reserve city banks. ...
Reserve city banks
Country banks
Required reserves, total
Central reserve city banks
Reserve city banks
Country banks
Excess reserves, total
Balances due from banks:
Reserve city banks
Country banks
Money in circulation, total
Bills of $50 and over
$10 and $20 bills
Coins, $1, $2, and $5 bills
96.9
94.3 91.9 93.2
96.6
4,329 4,322 4,332 44.11
835
765
846
864 '899
230
181
156
192 184
105.1 105.1 105.5 105.6 105.7
127.3 127.2 128.9 129.5 130.5
99.4
99.5
99.5 99.5 99.
22.83
19.67
Per cent per annum
2.65
.50
.375
2.69
.50
375
2.62
.50
.375
In unit indicated
Stock prices (1935-39 = 100):
Total
Industrial
Railroad
Public utility...
Volume of trading (mill, shares)....
Brokers' balances (mill, dollars):
Credit extended customers
Money borrowed
Customers' free credit balances
113
115
125
97
1.66
112
114
124
96
1.20
l,100
e
730
e
540
1,034
722
533
108
110
121
94
1.65
1,070
e
730
e
530
r
For footnotes see following page.
M A Y 1945
481
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
1945
Jan.
In unit
MONTHLY FIGURES-Cont.
BUSINESS CONDITIONS
Income payments (mill, dollars): 4
Total
Salaries and wages
Other..
m
Cash farm income (mill, dollars):
Total
Livestock and products
Crops
Govt. payments
Armed forces (mill, persons)
Civilian labor force (mill, persons):
Total
Male
Female
Unemployment
Employment
Nonagricultural
Feb.
30
30
30
Mar.
indicated
MONTHLY FIGURES-Cont.
BUSINESS CONDITIONS—Cont.
Wholesale prices (1926 = 100):
Total
13,540 13,727
Farm products
9,562 9,602 2*9,600
Other than farm and food.
p
3,978
4,125
106
51.4
33.7
17.8
.9
50.6
43.8
6.8
234
236
131.0
81.8
21.4
131.5
82.7
21.5
305
431
P479
264
355
201
^216
166
190
146
187
P144
r
r
49
49
49
51
33,
17
50',
43.
7,
P
23i
^82.
P21.
38.4
16.4
r
7.2
6.0
3.8
0.6
38.4
16.4
7.2
6.0
3.
0.6
195
25
170
241
25
216
25
4
21
1
8
24
7
17
12
143
139
145
85.9
29.9
27.7
83.1
29.5
26.9
86.9
29.1
29.3
r
r
127.1
137.3
143.0
p
6.0
*3 8
^245
2>29
p
216
223
145
P
371
r
126.9
136.5
143.3
23
25
25
25
2.39
1.93
2.61
2.65
2.53
1.99
2.73
2.91
In millions of dollars
SECURITY MARKETS
Corporate security issues:
Net proceeds:
All issues
Industrial
Railroad
Public utility
New money:
All issues
Industrial
Railroad
Public utility
2.69
2.18
2.82
3.14
28
28
28
28
843 1,214
260
233
344
170
232
766
708
201
227
248
28
28
28
28
144
82
49
10
111
78
12
2
201
142
5
12
Dec.
30
1945
Mar.
20
CALL DATE FIGURES
In billions of dollars
ALL MEMBER BANKS
Loans and investments, total
U. S. Govt. obligations, total
Bonds
Certificates
Notes
Bills
Guaranteed obligations
Other securities, total
State and local government obligations
Other securities
Loans, total
Commercial
Real estate
Brokers'
Agricultural
Demand deposits adjusted
91.57 p90.51
67.69^67.90
34.93
13.98
14.13
3.75
.90
5.21
2.
2.35
18.68
7.53
3.21
1.74
1.20
57.31
10
10
11
11
11
11
11
10
11
11
10
11
11
11
11
10
83.59
60.34
30.12
14.23
10.64
4.47
.89
5.17
2.83
2.33
18.08
7.02
3.21
1.66
1.02
51.83
12
12
12
12
12
12
27.79 29.45^27.95
p
19.85 21.09 20.41
1.41 2*1.47
1.41
6.54 6.94 2*6.07
16.32 17.08
1.63
1.44
12
12
12
12
12
12
30.94 33.60^33.43
22.48 25.04 2)25.28
1.70
1.74
8
6.76 6.82 P6.35
18.41 20.27
6.81 7.79
13
13
13
13
13
13
24.85 28.52 2*29.13
18.01 21.55 P22.21
2.06 2.06 P2A2
4.78 4.91
17.10 19.96 .
8.70 9.90 .
CLASSES OF BANKS
211
148
223
1945
Per cent per annum
Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities.
Southern and Western cities
30
47.43
104.3
45.5
r
104.9 105.2 105.3
126.2 127.0 127.2
99.1 99.2 99.2
June
47.52
104.6
45.4
199
148
r
900
252
r
334
r
—82
indicated
1944
329.1
159.7 ^158.1
r
Feb. Mar.
July- Oct.- Jan.Sept. Dec. Mar.
QUARTERLY FIGURES
330.4
160.1
r
Jan.
In unit
MONEY RATES
51.0
33.7
17.3
.8
50.1
43.4
6.7
32
33
33
32
32
33
1945
1944
1,658 ^1,399
903 P 79
668
48
87
12.0
11.9
31
31
31
31
32
Agricultural
33
Industrial production: 4
Total (1935-39 = 100)
35
Groups (points in total index):
Durable manufactures
35
Nondurable manufactures
35
Minerals
35
;
New orders, shipments, and inventories (1939 = 100):
New orders:
Total
36
Durable
36
Shipments:
Total
36
Durable
36
Nondurable
36
Inventories:
Total
36
Durable
36
Nondurable
36
Factory employment and pay rolls (1939 = 100):
Pay rolls
38
Employment
38
urs and earnings at factorie
Hours
factories:
Weekly
(dollars)
W
k l earnings
i
(
d
l
l
)
3
9
Hourly
earnings
oy
g (cents)
()
H
Hours
worked
k d ((per week)
39
Nonagricultural employment (mill, persons):4
Total
...
40
Manufacturing and mining
40
Trade
40
Government
40
Transportation and utilities
40
Construction
40
;
Construction
contracts
(3
mo.
moving
average,
mill,
dollars) :4
Total
41
Residential
41
Other
41
Residential contracts (mill, dollars) :4
Total
42
Public
42
Private, total
42
1- and 2-family dwellings
42
Other..
42
Freight car loadings:4
Total (1935-39 = 100)
43
Groups (points in total index):
Miscellaneous
43
Coal
43
All other
43
Department stores (1935-39 = 100) :4
Sales
44
Stocks
44
Exports and imports (mill, dollars):
Exports
46
Excluding Lend-Lease exports
46
Imports
46
Excess of exports excluding Lend-Lease exports.... 46
Cost of living (1935-39 = 100):
All items
47
Food
47
Clothing
47
Rent
47
Chart
book
page
126.8
135.9
143.7
108.3
Central reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
Reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
Country banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
e
p
r
Estimated.
Preliminary.
Revised.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
Less than 5 million dollars.
3
For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series.
4
Adjusted for seasonal variation.
5
Figures available for June and December dates only.
• Copies of the Chart Book may be obtained a t a price of 50 cents each.
1
2
FEDERAL RESERVE BULLETIN
U. S. GOVERNMENT SECURITY YIELDS AND PRICES
[Yields in per cent per annum]
Annual Figures
Yields
Bills 1
Year
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
New issues
offered
within
period2
Bonds
Notes
Dealers'
quotations
Certificates1
and notes
Certificates 1
3 to 6
months
9 to 12
months
3
months
3 to 5 years
7 to 9
Long-term 4
years
15
years
and
over
Taxexempt
Taxable
Taxable
Taxable 3
Partially
tax-exempt
.
.
. .
...
.
. .
....
. . .
1931
1932
1933
1934
1935
1.402
.879
.515
.256
.137
^28
.17
1936
1937
1938
1939
1940
.143
.447
.053
.023
.014
.17
.28
.07
.05
.04
1941
1942
1943
1944
.103
.326
.373
.375
.13
Price of
long-term
bonds&
5.42
4.73
5.32
91.9
85.9
4.83
3.47
3.93
2.77
3.03
5.09
4.30
4.36
4.06
3.86
88.2
96.6
95.9
99.3
101.7
3.23
3.10
3.97
4.42
2.23
3.68
3.34
103.8
108.1
108.3
104.8
108.8
1.15
.78
.26
(6)
5
2.66
2 12
1.29
3.34
3.68
3.31
3 12
2.79
1 11
1.40
.83
.59
.50
2.69
2.74
2.61
2.41
2.26
100.8
100.1
101.8
104.5
106.6
3.33
3.60
3.29
.46
.75
.79
.73
1.46
1.34
1.33
1.93'
1.96
1.94
92.8
88.9
93.1
95.4
99.5
2.05
2.09
1.98
1.92
2A6
2.47
2.48
109.5
100.72
100.50
100.25
5
Monthly Figures
[Averages of daily figures, except where otherwise indicated]
Yields
Yields
Month
Certificates1
and notes
3 to 6 months
1919—Jan...
Feb...
Mar...
Apr...
May..
Tune..
July..
Aug...
Sept..
Oct...
Nov..
Dec...
Bonds
Long-term
4
Price of
long-term
bonds5
Month
92.9
92.2
91.9
92.0
92.5
92.3
92.0
91.3
91.9
92.1
91.0
90.1
1920—Jan..
Feb...
Mar..
Apr..
May..
June.
July.
Aug..
Sept..
Oct..
Nov..
Dec...
4.50
4.50
4.75
5.25
5.50
5.75
5.81
5.83
5.81
5.75
5.75
5.88
4.93
5.05
5.09
5.28
5.58
5.54
5.57
5.67
5.43
5.08
5.21
5.40
89.8
88.6
88.2
86.3
83.4
83.8
83.5
82.6
84.8
88.3
87.0
85.1
1921—Jan...
Feb...
Mar..
Apr...
May..
June..
5.67
5.30
5.38
5.20
5.16
4.99
5.23
5.28
5.27
5.24
5.25
5.27
86.8
86.3
86.4
86.7
86.6
86.4
Bonds
Long-term4
Price of
long-term
bonds5
3 to 6 months
Partially
tax-exempt
1921—July.
Aug..
Sept.
Oct..
Nov..
Dec.
4.60
4.75
4.75
4.21
4.03
3.90
5.26
5.22
5.12
4.83
4.64
4.47
86.5
86.9
87.9
90.8
92.8
94.7
1922—Jan..
Feb..
Mar.
Apr..
May.
June
July.
Aug..
Sept.
Oct..
Nov.
Dec.
3.90
3.81
3.55
3.21
3.25
3.25
3.20
3.13
3.34
3.71
3.66
3.65
4.45
4.50
4.41
4.28
4.26
4.24
4.14
4.12
4.19
4.30
4.33
4.32
94.9
94.3
95.3
96.8
97.0
97.2
98.4
98.6
97.8
96.6
96.2
96.3
1923—Jan..
Feb..
Mar.
Apr..
May.
June
July.
Aug..
Sept.
Oct..
Nov.
Dec.
3.66
3.65
4.12
4.13
3.95
3.84
3.91
3.86
4.01
4.22
3.94
3.88
4.32
4.33
4.38
4.39
4.37
4.34
4.34
4.35
4.36
4.40
4.37
4.35
96.3
96.2
95.7
95.6
95.8
96.1
96.1
96.0
95.9
95.4
95.8
96.0
Partially
tax-exempt
4.63
4.70
4.73
4.72
4.67
4.69
4.72
4.78
4.73
4.71
4.81
4.90
Certificates1
and notes
For footnotes see end of table.
MAY
1945
483
U. S. GOVERNMENT SECURITY YIELDS AND PRICES—Contznued
Monthly Figures—Continued
Yields
Yields
Billsl
Certificates1
and notes
Month'
New issues
offered
within
period^
3 to 6
months
Bills
Bonds
Price of
longterm
Long-term* bonds 5
Month
Partially
tax-exempt
Certificates1
and notes
1
Dealers'
New issues quotations
offered
within
period2 3 months
3 to 6
months
1924—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
3.76
3.54
3.57
3.38
2.99
2.44
1.92
1.90
2.14
2.41
2.58
2.57
4.30
4.28
4.28
4.23
4.15
3.98
3.94
3.91
3.92
3.87
3.90
3.96
96.6
96.8
96.8
97.3
98.3
100.2
100.7
101.1
100.9
101.5
101.2
100.5
1930—Jan...
Feb..
Mar...
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec...
1925—Jan...
Feb...
Mar..
2.61
2.62
2.78
2.78
2.73
2.86
3.06
3.01
3.17
3.53
3.65
3.51
3.96
3.95
3.96
3.93
3.87
3.79
3.79
3.85
3.85
3.82
3.79
3.80
100.5
100.6
100.5
100.8
101.5
102.5
102.5
101.8
101.8
102.1
102.5
102.4
1931—Jan...
Feb...
Mar...
Apr...
May..
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec...
.949
1.207
1.465
1.313
1.014
.631
.485
.598
1.217
2.468
2.225
3.253
June....
July
Aug
Sept
Oct
Nov
Dec
3.49
3.18
3.14
3.08
3.17
2.93
3.11
3.27
3.42
3.58
3.35
3.07
3.77
3.71
3.71
3.70
3.67
3.67
3.68
3.70
3.70
3.68
3.62
3.56
102.7
103.5
103.5
103.6
104.0
104.0
103.8
103.6
103.6
103.8
104.6
105.3
1932—Jan...
Feb.. .
Mar...
Apr.. .
May..
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec...
2.681
2.655
2.079
.767
.428
.408
.417
.440
.233
.176
.181
.085
2.48
2.42
2.25
1.11
.31
.34
.22
.14
.03
.04
1927—•Jan...
Feb..
Mar
Apr
May. . ..
June . ..
July
Aug
Sept
Oct
Nov
Dec
3.23
3.29
3.20
3.39
3.33
3.07
2.96
2.70
2.68
3.08
3.04
3.17
3.51
3.48
3.37
3.35
3.31
3.34
3.36
3.32
3.30
3.29
3.23
3.17
106.0
106.3
107.7
108.0
108.5
108.1
107.9
108.4
108.7
108.8
109.6
110.4
1933—Jan...
Feb...
Mar.. .
Apr...
May..
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec...
.207
.485
2.289
.565
.418
.267
.367
.211
.102
.157
.419
.695
1928—Jan...
Feb.. .
Mar...
Apr.. .
May. .
June.
*July..
Aug.
Sept..
Oct...
Nov..
Dec..
3.31
3.33
3.27
3.90
3.92
4.12
4.36
4.57
4.70
4.26
4.26
3.18
3.19
3.17
3.20
3.24
3.29
3.42
3.48
3.46
3.47
3.38
3.45
110.2
110.1
110.4
110.0
109.4
108.8
107.1
106.3
106.6
106.5
107.6
106.7
1934—Jan...
Feb..
Mar..
Apr..
May..
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec...
.670
.628
.273
.179
.138
.070
.072
.198
.270
.208
.217
.143
.72
.62
.24
.15
.16
.15
.15
.19
.21
.27
.25
.23
4.66
4.39
4.60
4.80
5.09
4.80
4.55
4.70
4.58
4.37
3.47
3.03
3.52
3.62
3.74
3.64
3.64
3.69
3.64
3.71
3.70
3.61
3.35
3.36
105.8
104.6
103.1
104.3
104.3
103.7
104.3
103.5
103.6
104.7
108.0
107.9
1935—Jan...
Feb...
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
.136
.114
.154
.169
.145
.128
.065
.101
.214
.189
.135
.20
.19
.15
.15
.15
.15
.15
.16
.20
.20
.16
.15
May.;
June.
July..
Aug..
Sept..
Oct. .
Nov..
Dec.
1926—Jan...
Feb..
Mar..
1929—Jan
Feb
Mar
Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec
5.62
7
7
3.276
3.306
2.933
2.544
1.960
1.726
Notes
Bonds
3 to 5
years
Long-term 4
Taxexempt
Partially
tax-exempt
3.39
3.36
2.95
3.00
2.41
1.89
1.83
1.53
1.77
1.74
1.40
1.48
3.43
3.41
3.29
3.37
3.31
3.25
3.25
3.26
3.24
3.21
3.19
3.22
1.24
1.06
1.38
1.49
3.20
3.30
3.27
3.26
3.16
3.13
3.15
3.18
3.25
3.63
3.63
3.93
.55
.41
.42
.45
1.70
1.77
2.41
Price of
longterm
bonds5
107.0
107.2
108.8
107.7
108.5
109.3
109.3
109.2
109.4
109.8
110.1
109.7
5
94.4
93.2
93.6
93.7
94.9
95.2
95.0
94.6
93.8
89.4
89.4
86.1
2.77
2.77
2.56
4.26
4.11
3.92
3.68
3.76
3.76
3.58
3.45
3.42
3.43
3.45
3.35
82.6
84.2
86.2
88.8
87.9
87.9
90.0
91.5
91.8
91.7
91.5
92.6
.07
.01
1.34
.45
.29
.07
.19
.01
.04
.09
.22
.29
2.40
2.54
3.09
2.90
2.68
2.52
2.49
2.48
2.31
2.31
2.98
3.25
3.22
3.31
3.42
3.42
3.30
3.21
3.20
3.21
3.19
3.22
3.46
3.53
94.2
93.1
91.8
91.8
93.2
94.3
94.4
94.3
94.5
94.2
91.3
90.5
.25
.08
.01
3.11
2.80
2.44
2.07
1.92
.72
.57
.74
.99
.78
3.50
3.32
3.20
3.11
3.02
2.98
2.92
3.03
3.20
3.10
3.07
3.01
90.9
93.0
94.4
95.5
96.6
97.1
97.8
96.5
94.4
95.6
96.0
96.7
.60
.42 '
.21
.20
.12
.15
.15
.21
.46
.37
.29
1.25
2.88
2.79
2.77
2.74
2.72
2.72
2.69
2.76
2.85
2.85
2.83
2.84
98.3
99.5
99.7
100.1
100.4
100.4
100.8
99.9
98.7
98.7
99.0
(
?
6
3.00
2.95
.26
.00
For footnotes see end of table.
484
FEDERAL RESERVE BULLETIN
U. S. GOVERNMENT SECURITY YIELDS AND PRICES—Continued
Monthly Figures—Continued
Yields
Bills 1
Month
Newissues
offered
within
period 2
Dealers
quotations
.099
.081
.113
.099
.182
.226
.141
.182
.155
.132
.095
.209
.20
.20
.20
.20
.20
.20
.15
.20
.16
.13
.11
.12
1937—Jan
Feb
Mar
Apr
May
June....
July
Aug
Sept
.360
.384
.583
.696
.647
.561
.492
.519
.530
.343
.145
.104
.17
.15
.38
1938—Jan
Feb
Mar
Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec
.099
.084
.074
.083
.027
.023
.053
.047
.096
.023
.024
.007
1939—Jan
Feb
Mar
Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec
Nov
Dec
1940—Jan.
Feb
Mar
Apr
May....
June....
July
Aug
Sept
3 to 5
years
Bills 1
Bonds
15 years
and over
Price
of
long-
1.04
99.2
99.6
100.3
100.7
100.9
100.8
100.9
101.4
101.3
100.9
102.0
102.1
1.18
1.22
1.44
1.59
1.48
1.54
1.44
1.45
1.50
1.42
1.31
1.27
2.56
2.54
2.66
2.83
2.80
2.81
2.78
2.78
2.82
2.82
2.78
2.73
102.5
102.7
101.2
99.0
99.4
99.2
99.6
99.6
99.1
99.1
99.6
100.3
.10
.08
.08
.09
.05
.05
.07
.06
.08
.05
.04
.03
1.13
1.09
1.01
2.69
2.68
2.67
2.66
2.56
2.58
2.58
2.57
2.63
2.55
2.56
2.56
100.8
100.9
101.0
101.2
102.5
102.2
102.2
102.3
101.6
102.6
102.5
102.5
.002
.004
.005
.019
.006
.006
.017
.058
.101
.028
.018
.010
.03
.03
.03
.03
.03
.03
.04
.05
.14
.05
.05
.04
.65
.63
.51
.50
.42
.39
.45
.48
.77
.64
.51
2.54
2.51
2.43
2.38
2.27
2.22
2.23
2.27
2.67
2.60
2.46
2.35
102.7
103.1
104.2
104.9
106.4
107.1
107.0
106.4
101.0
102.0
103.8
105.3
(6)
.01
.02
.02
.02
.06
.10
.05
.04
.47
.46
.42
.45
.65
.76
.57
.58
.48
2.30
2.32
2.26
2.26
2.39
2.40
2.30
2.31
2.25
106.0
105.7
106.6
106.6
104.8
104.6
106.0
105.9
106.7
(6)
.003
.042
.071
.009
.019
.021
.56
.41
.36
.28
.29
.31
.20
.09
.11
r.os
1.21
1.15
1.10
1.10
1.09
1.13
1.17
1.12
1.09
1.12
.99
.94
.77
.67
.70
.71
.82
.68
.71
.67
1.07
New
issues
offered
within 2
period
bonds 5
2.81
2.78
2.73
2.70
2.68
2.69
2.68
2.64
2.65
2.68
2.60
2.59
.004
Month
Tax- Partially
3
taxmonths exempt exempt
1936—Jan
Feb
Mar
Apr
May....
June....
July ....
Aug
Sept
Oct
Nov
Dec... .
Oct
Yields
Notes
1940—Oct
Nov
Dec
(6)
.003
(6)
1941—Jan
Feb
Mar
Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec
.034
.089
.092
.082
.089
.097
.108
.055
.049
.242
.298
1942—Jan
Feb
Mar
Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec
.214
.250
.212
.299
.364
.363
.368
.370
.370
.372
.371
.363
1943—Jan
Feb
Mar
Apr
May....
June....
July
Aug
Sept
(6)
Bonds
Notes
CertifiDealers' cates 1
quota-
3 to 5
years
9 to 12 Tax3
exmonths months empt
.02
.02
.02
.43
.34
.35
.02
.04
.11
.10
.11
.12
.12
.13
.10
.09
.28
.33
.43
.55
.50
.52
.44
.38
.37
.33
.34
.41
.57
.64
7 to 9
years
Tax- Taxable
able3
.76
.81
.84
.81
.72
.68
.67
.62
.62
.72
3
.98
1.10
15 years
and over
Partially Taxtax- able
exempt
Price
of
longterm
bonds 5
2.21
2.09
2.01
107.2
108.9
110.1
2.12
2.22
2.12
2.07
2.04
2.01
1.98
2.01
2.02
1.98
1.95
2.06
2^34
2.47
108.5
107.1
108.5
109.2
109.7
110.1
110.5
110.1
109.9
110.5
5
103.15
100.52
.76
.75
.80
.80
1.05
1.02
1.02
1.06
1.11
3
1.41
1.45
1.47
1.47
1.48
1.49
1.48
1.86
1.89
1.85
1.83
1.93
1 90
l!96
1.98
1.97
1.98
1.98
1.98
2.10
2.17
2.10
2.07
2.06
2.04
2.04
2.06
2.08
2.09
2.10
2.13
2.48
2.48
2.46
2.44
2.45
2.43
2.46
2.47
2.46
2.45
2.47
2.49
100.35
100.44
100.80
101.09
100.90
101 22
KXL76
100.61
100.78
100.82
100.58
100.24
.367
.372
.373
.373
.373
.374
.374
.375
.375
.375
.375
.375
.76
.73
.75
.78
.78
.70
.68
.75
.77
78
.77
.77
1.43
1.41
1.40
3
1.39
1.36
1.32
1.30
1.29
1.31
1.31
1.29
1.30
1.93
1.93
1.98
1.99
1.95
1.93
1.92
1.95
1.97
1.98
2.00
2.00
2.11
2.11
2.12
2.05
1.96
1.91
1.91
1.92
1.90
1.90
1.94
1.95
2.46
2.46
2.48
2.48
2.46
2.45
2.45
2.46
2.48
2.48
2.48
2.49
100.67
100.60
100.41
100.36
100.68
100.79
100.75
100.53
100.35
100.39
100.24
100.19
Nov
Dec
.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
1.99
1.96
1.95
1.95
1.95
1.95
1.95
1.93
1.92
1.93
1.92
1.93
1.95
1.93
1.91
1.94
1.94
1.91
1.89
1.90
1.93
1.93
1.90
1.87
2.49
2.49
2.48
2.48
2.49
2.49
2.49
2.48
2.47
2.48
2.48
2.48
100.18
100.14
100.26
100.26
100.19
100.16
100.19
100.35
100.40
100.29
100.26
100.34
1945—Jan
Feb
Mar
Apr
.375
.375
.375
.375
.78
.77
.78
.77
1.31
1.22
1.18
1.14
1.89
1.77
1.70
1.62
1.81
1.75
1.70
1.68
2.44
2.38
2.40
2.39
100.97
101.81
101.56
101.68
Oct
Nov
Dec
1944—Jan
Feb
Mar
Apr
May....
June....
July
Aug
Sept.
Oct
.47
.44
.44
"'^80'
For footnotes see end of table.
MAY
1945
485
U. S. GOVERNMENT SECURITY YIELDS AND PRICES—Continued
Weekly Figures
[Averages of daily figures, except where otherwise indicated]
Yields
Bills
Week ending
1934
6
Jan.
13 . .
20 . . .
27
Feb.
3....
10
17
24....
1
Yields
Notes
Bonds
Bills
New issues offered
within week
Dealers'
quotations
3 to 5
years
Long-4
term
9
6
3
months months months
3
months
Taxexempt
Partially
taxexempt
.70
.80
.65
.74
3.14
3.25
3.06
3.07
3.48
3.56
3.49
3.48
91.1
90.2
91.0
91.1
.70
.70
.67
.54
2.88
2.78
2.83
2.81
3.39
3.34
3.31
3.29
92.1
92.7
93.1
93.3
May
2.77
2 58
2.38
2.34
2.27
3.31
3.25
3.18
3.15
3.15
93.1
93.8
94.6
95.0
95.0
June
.622
.670
.669
717
.656
.662
575
.942
.988
.617
Price of
long-term
Week ending
bonds5
1935
Apr. 6. . . .
13....
20....
27....
1
New
issue
offered
within
week
Dealers'
quotations
9
months
3
months
Notes
Bonds
3 to 5
years
15 years
and over
Taxexempt
Partially
taxexempt
Price of
long-term
bonds5
.176
.176
.169
.153
.15
.15
.15
.15
L.21
L.23
1.20
.17
2.74
2.74
2.75
2.73
100.1
100.1
100.0
100.3
4....
11....
18....
25....
.152
.143
.146
.137
.15
.15
.15
.15
L. 12
.13
.12
.13
2.71
2.72
2.73
2.72
100.5
100.4
100.3
100.4
1....
15....
22....
29....
.149
148
.134
.123
.107
.15
.15
.15
.15
.15
.14
.15
.12
.18
.17
2.75
2 74
2.72
2.72
2.70
100.0
100.1
100.4
100.4
100.7
10
17 . . .
24
31
.089
.080
.077
.190
.194
.42
.32
.23
.14
.15
Apr.
7
14
21
28
.073
.079
.078
.074
.182
.187
.185
.162
.15
.15
.15
.15
2.10
2.00
2.13
2.07
3.14
3.10
3.11
3.10
95.1
95.6
95.5
95.6
July
6....
13....
20....
27....
.080
.052
.057
.071
.15
.15
.15
.15
.16
.16
.15
.15
2.70
2.69
2.69
2.69
100.7
100.8
100.8
100.8
May
5
12
19
26
.068
.063
.058
.146
.140
.127
.15
.16
.16
.15
2.01
1.93
1.92
1.89
3.06
3.02
3.02
3.02
96.1
96.6
96.6
96.6
Aug.
3....
10....
17....
24....
31....
.13
.15
.16
.22
.37
1.82
1 74
1.71
1 72
1.68
96.8
96.8
97.2
97.1
97.2
.15
.15
.15
.15
.20
2.69
2.71
2.74
2.79
2.84
100.8
100.5
100.1
99.5
98.8
.15
.15
.15
.15
3.00
3.00
2.97
2.98
2.97
.070
.073
.082
.127
.151
Sept.
7
14....
21
28
.176
.198
.228
.253
.20
.20
.20
.20
.38
.40
.55
.49
2.82
2.83
2.89
2.87
99.1
99.0
98.2
98.5
Mar.
June
July
3
2. . . .
9 ...
16
23
30 ..
.074
.067
.070
7
14 ...
21
28
.068
.069
067
.085
.15
.15
.15
1.62
1 56
1.53
1.55
2.95
2.90
2.90
2.94
97.5
98.1
98.1
97.6
Oct.
.15
5
12. . . .
19
26
.233
.205
.177
.169
.20
.20
.20
.20
.48
.42
.33
.30
2.88
2 86
2.83
2.83
98.3
98.6
99.0
99.0
.115
.248
.227
.219
.15
.16
.24
.20
1 60
1.72
1 73
1.80
2.95
3.01
3.05
3.05
97.5
96.7
96.2
96.2
Nov.
.32
.27
.29
.28
.29
.20
.20
99.0
99.1
99.0
99.0
98.8
Dec.
.20
29
.20
.25
1.85
2 07
2 32
2.35
2.33
2.83
2.82
2.83
2.83
2.84
181
.226
.282
.286
.284
96.2
95.4
94.4
93.8
94.0
.161
.143
.142
.131
.124
.20
.20
.15
.15
.15
3.05
3.12
3.20
3.25
3.23
2
9
16. ..
23....
30....
7....
14
21....
28....
.108
087
.080
.080
.15
.15
.15
.15
.26
.24
1.27
1.24
2.84
2.84
2.84
2.83
98.8
98.8
98.8
99.0
6
13 ...
20
27
236
.209
.198
189
.30
.28
.25
.25
2.24
2 05
1.88
1.88
3.18
3.11
3.07
3.05
94.6
95.5
96.0
96.2
Jan.
.20
.20
.20
.20
1.99
2.03
1 97
1.96
3.08
3.09
3.07
3.05
1.23
1.21
1.18
1.22
2.82
2.81
2.79
2.81
99.1
99.2
99.5
99.2
.212
220
.208
.226
95.9
95.7
96.0
96.2
.107
.100
.093
.098
.25
.25
25
.25
11....
18....
25....
Feb.
.219
198
.155
.116
101
.25
.25
.25
.20
.20
1.97
1.84
1.78
1.74
1.73
3.05
3.03
3.02
2.99
2.99
96.2
96.5
96.6
97.0
97.0
1....
8
15....
22....
29....
.095
087
.078
.074
.084
.20
.20
.20
.20
.20
1.22
1.19
1.16
1.13
1.11
2.81
2.80
2.79
2.76
2.77
99.2
99.4
99.5
99.9
99.7
Mar.
7....
14 .
21....
28....
.104
.104
.118
.126
.20
.20
.20
.20
1.05
1.08
1.13
1.12
2.74
2.74
2.73
2.71
100.1
100.1
100.3
100.5
116
.145
145
.136
.20
.20
.20
.20
1.69
1.64
1.64
1.53
2.96
2.92
2.88
2.83
97.3
97.8
98.3
99.0
Apr.
4....
11....
18....
25....
.113
.100
.093
.089
.20
.20
.20
.20
1.12
1.11
1.09
1.09
2.71
2.70
2.69
2.70
100.5
100.7
100.8
100.7
120
.110
.117
.108
1.52
1.51
1.46
1.33
2.84
2.82
2.81
2.77
98.8
99.1
99.2
99.7
May
.166
.20
.20
.20
.20
2
9....
16....
23....
30....
.125
.188
.181
.200
.218
.20
.20
.20
.20
.20
1.10
1.11
1.09
1.07
1.09
.147
.141
.147
.180
.157
.15
.15
.15
.15
.15
1.24
1.20
1.19
1.25
1.22
2.74
2.75
2.78
2.79
2.77
100.1
100.0
99.6
99.5
99.7
2.70
2.70
2.69
2.67
2.68
100.7
100.7
100.8
101.0
100.9
June
6....
13....
20....
27....
.230
.242
.240
.191
.20
.20
.20
.20
1.07
1.09
1.16
1.18
2.69
2.69
2.69
2.70
100.8
100.8
100.8
100.7
Aug
4
11
18 ...
25
Sept
1
8
15 ...
22
Oct
Nov
3
10
17 . .
24
Dec
1
8
15
22 ...
29
Jan
.434
...
1935
5
12
..
19
26
Feb
2
9
16 ...
23
Mar. 2 ...
9
16
23
30
.100
.094
.094
.109
.15
1936
4...
-
For footnotes see end of table.
486
FEDERAL RESERVE BULLETIN
U. S. GOVERNMENT SECURITY YIELDS AND PRICES—Continued
Weekly Figures—Continued
Yields
Bills
Week ending
New issue
offered
within
week
1
Yields
Notes
Dealers'
quotations
9 months 3 months
Bills 1
Bonds
3 to 5
years
15 years
and over
Taxexempt
Partially
Price of
longterm
bonds 5
Week ending
exempt
.067
.071
.115
.224
.16
.15
.15
.15
1.17
1.14
1.18
1.19
2.69
2.67
2.68
2.68
100.8
101.0
100.9
100.9
1
8
15
22
29
.230
.213
.194
.170
.149
.15
.20
.20
.20
.20
1.16
1.14
1.13
1.12
1.09
2.67
2.67
2.65
2.63
2.62
101.0
101.0
101.3
101.6
101.7
Sept. 5
12
19
26
.130
.146
.156
.186
.16
.16
.16
.16
1.07
1.07
1.09
1.12
2.60
2.61
2.66
2.68
102.0
101.8
101.2
100.9
Oct.
3
10
17
24
31
.162
.141
.124
.120
.115
.18
.16
.12
.12
.10
1.12
1.11
1.12
1.12
1.13
2.68
2.68
2.68
2.68
2.69
100.9
100.9
100.9
100.9
100.8
7
14
21
28
.106
.101
.084
.088
.11
.11
.11
.11
1.07
1.01
.96
.95
2.65
2.61
2.58
2.58
101.3
101.8
102.2
102.2
5
12
19
26
.092
.117
.225
.294
.10
.10
.10
.15
.94
.94
1.07
1.15
2.59
2.58
2.60
2.61
102.1
102 2
102.0
101.8
1937
2
9
16
23
30
.316
.333
.345
.361
.401
.18
.18
.18
.15
.15
1.13
1.17
1.19
1.19
1.20
2.57
2.55
2.55
2.56
2.56
102.3
102.6
102.6
102.5
102.5
Apr.
Feb
6
13
20
27
.373
.373
.386
.402
.16
.15
.15
.15
1.19
1.20
1.24
1.26
2.55
2.55
2.55
2.53
102.6
102.6
102.6
102.9
Mar.
6.
13
20
27
.454
.525
.711
.643
.25
.25
.37
.55
1.30
1.40
1.50
1.50
2.54
2.59
2.68
2.77
Apr.
3
10
17
24
.661
.667
.701
.715
.58
.65
.60
.48
1.57
1.65
1.60
1.54
May
1
8
15
22
29
.738
.723
.685
.617
.562
.45
.47
.42
.38
.35
5
12
19
26
.545
.572
.578
.619
Aug.
Nov.
Dec.
Jan.
June
. .
Dealers'
quotations
3 months 9 months 3 months
1936
4
11
18
25
July
New issue offered
within week
Notes
1937
2
9
16
23
30
Bonds
3 to 5
years
15 years
and over
Taxexempt
Partially
taxexempt
Price of
longterm
bonds 5
.436
.429
362
8
.261
8
.226
.19
.20
.20
22
.17
1.45
1.41
1.42
1.46
1.41
2.82
2.82
2.82
2 82
2 81
99.1
99.1
99.1
99 1
99 2
6
13.
20
27
8
.201
.143
.117
8
.119
.11
.08
.08
.09
1.34
1.32
1.28
1.30
2 79
2 80
2.78
2.76
99 5
99 4
99.6
99.9
4
11.
18
25
8
.102
.101
.11
.12
.11
.09
1.31
1.27
1.28
1.26
2 75
2.74
2 73
2.71
100 0
100.1
100 3
100.5
1938
1
8
15
22
29. .
065
.097
.111
.103
.084
.11
.10
.11
.10
.10
1.22
1.18
1.12
1.08
1.14
2.71
2.70
2.69
2 67
2.70
100.5
100.7
100.8
101 0
100 7
Feb.
5...
12
19.
26
.080
.078
.092
.086
.07
.08
.08
.09
1.12
1.13
1.08
1.05
2 69
2.69
2 68
2.66
100 8
100.8
100 9
101.2
Mar
5
12
19. .
26
073
.070
.067
.087
07
.07
.07
.08
1.00
.98
1.03
1.01
2 65
2 66
2 69
2.68
101 3
101 2
100 8
100.9
2
9
16
23
30
.139
146
.061
.037
.033
.11
.14
.13
.05
.04
1.06
1.07
1.01
.82
.83
2.71
2.71
2.69
2 62
2.60
100.5
100.5
100.8
101 7
102.0
May
7
14
21
28
.029
.027
.025
.025
.06
.06
.05
.04
.82
.79
.75
.72
2.57
2.56
2.56
2.57
102.3
102.5
102.5
102.3
102.7
102.1
100.9
' 99.7
June
4
11. . . .
18
25
.040
.027
.016
.011
.05
.05
.05
.04
.67
.65
.66
.68
2 55
2.57
2.59
2.60
102 6
102.3
102.1
102.0
2.83
2.84
2.81
2.82
99.0
98.8
99.2
99.1
Tuly
2
9...'.'.'.
16
23
30
.023
.038
.054
.059
.062
.04
.06
.06
.07
.07
.68
.69
.69
.72
.70
2 60
2.58
2 58
2.58
2 58
.52
1.49
.48
L.47
L46
2.83
2.79
2.81
2.81
2.79
99.0
99.5
99.2
99.2
99.5
102 0
102.2
102 2
102.2
102 2
Aug.
6
13
20
27.
.044
.047
.048
.047
.07
.06
.06
.06
.70
.70
.71
.72
2.57
2.56
2.56
2.56
102.3
102.5
102.5
102.5
.35
.36
.39
.35
1.49
1.52
1.56
1.57
2.80
2.81
2.82
2.82
99.4
99.2
99.1
99.1
Sept. 3
17
24
.049
103
.106
.142
.06
.06
.09
.08
.74
.74
.87
.85
2.59
2.59
2.66
2.64
102 1
102.1
101.2
101.4
1
8
15
22
29
032
.022
.018
.026
.027
.10
.05
.05
.04
.04
.85
.67
.66
.67
.69
2.64
2.56
2.55
2.54
2.54
101.4
102 5
102.6
102.7
102.7
Nov. 5
12
19
26
.022
.027
.026
.021
.04
.04
.04
.04
.69
.71
.73
.72
2.55
2.55
2.57
2.57
102 6
102.6
102.3
102.3
Dec.
.017
.013
.006
.04
.03
.03
.02
.02
.68
.65
.69
.69
.66
2.58
2.56
2.56
2.55
2.55
102.2
102.5
102.5
102.6
102.6
July
3
10
17
24
31
.490
.514
.502
.485
.467
.34
.30
.30
.27
.24
1.55
t .50
L.45
1.41
L38
2.82
2.79
2.79
2.77
2.75
99.1
99.5
- 99.5
99.7
100.0
Aug.
7
14
21
28
.478
.459
.524
.615
.26
.25
.26
.34
1.38
L.39
1.44
1.53
2.75
2.76
2.79
2.83
100.0
99.9
99.5
99.0
Sept. 4
11
18
25
.711
.584
.441
.384
.45
.45
.29
.22
L.54
L.57
L47
L .46
2.84
2.84
2.81
2.81
98.8
98.8
99.2
99.2
Oct
Nov.
Dec.
Jan
Oct
3
10
17
24
31
8
8
8
.
129
.124
For footnotes see end of table.
MAY
1945
487
U. S. GOVERNMENT SECURITY YIELDS AND PRICES—Continued
Weekly Figures—Continued
Yields
Yields
Bills1
Week ending New issue Dealers'
offered
quotawithin
tions
week
3 months 3 months
Notes
Bonds
3 to 5
years
15 years
and over
Taxexempt
Partially
taxexempt
Price of
longterm
bonds5
Week ending
()
.001
.007
.002
.03
.03
.03
.03
.67
.63
.64
2.54
2.54
2.52
2.55
102.7
102.7
103.0
102.6
Feb.
4..
11. .
18..
25..
.004
.005
.004
.004
.03
.03
.03
.03
.63
.64
.63
.63
2.52
2.52
2.50
2.50
103.0
103.0
103.3
103.3
Mar.
4..
11..
18..
25..
.000
.002
.003
.003
.03
.03
.03
.03
.56
.49
.53
.52
2.48
2.44
2.43
2.43
103.5
104.1
104.2
104.2
Apr.
1..
8..
15..
22..
29..
.016
.025
.023
.016
.012
.03
.03
.03
.03
.03
.49
.49
.51
.50
.48
2.39
2.39
2.41
2.38
2.36
104.8
104.8
104.5
104.9
105.2
May
6..
13..
20..
27..
.009
.005
.005
.004
.03
.03
.03
.03
.47
.45
.40
.40
2.34
2.28
2.25
2.24
105.4
106.3
106.7
106.8
June
3..
10..
17..
24..
.004
.004
.003
.005
.03
.03
.03
.03
.37
.36
.39
.39
2.21
2.20
2.23
2.23
107.2
107.4
107.0
107.0
July
I:
.014
.012
.015
.019
.022
.03
.03
.04
.04
.04
.43
.47
.45
.44
.43
2.25
2.25
2.22
2.23
2.21
106.7
106.7
107.1
107.0
107.2
.032
.032
.042
.076
.04
.04
.04
.06
.42
.43
.43
.53
2.21
2.24
2.24
2.34
107.2
106.8
106.8
105.4
Oct.
Sept. 2 . .
9..
16..
23..
30. .
.108
.159
.125
.082
.036
.09
.20
.17
.13
1.18
1.12
1.09
.99
2.38
2.59
2.66
2.74
2.74
104.9
102.1
101.2
100.1
100.1
Oct.
.022
.033
.027
.028
.05
.05
.05
.05
.95
.86
.70
.65
2.72
2.66
2.54
2.51
100.4
101.2
102.7
103.1
Nov. 4 . .
11. .
18..
25..
.017
.020
.018
.015
.05
.05
.05
.05
.69
.68
.63
.60
2.52
2.51
2.47
2.40
103.0
103.1
103.7
104.6
Dec.
.016
.019
.018
.007
6
.05
.05
.04
.04
.04
.60
.56
.50
.49
.47
2.38
2.40
2.37
2.32
2.30
104.9
104.6
105.0
105.7
106.0
8
.00
.00
.02
.02
.44
.46
.49
.48
2.28
2.28
2.32
2.31
106.3
106.3
105.7
105.9
.02
.02
.02
.48
.47
.46
.46
2.33
2.32
2.31
2.32
105.6
105.7
105.9
105.7
15..
22..
29..
Aug
-,52::
19..
26..
7..
14..
21..
28..
2..
9..
16..
23..
30..
1940
6..
13..
20..
27..
Jan.
Feb.
3..
10..
17..
24..
.001
.004
.001
.005
.006
.005
.02-
Notes
Bonds
New issue Dealers'
offered
quotawithin
tions
week
3 to 5 years
15 years
and over
3 months 3 months
1939
7..
14..
21. .
28..
Jan.
Bills1
1940
2. .
9..
16..
23. .
30..
Apr. 6...
13...
20..
27. .,
Taxexempt
Taxable3
Price of
longterm
bonds5
Partially
taxexempt
.000
.02
.02
.02
.02
.02
.43
.42
.42
.43
.41
2.33
2.28
2.25
2.26
2.24
105.6
106.3
106.7
106.6
106.8
.000
.001
.004
.007
.02
.02
.02
.02
.39
.45
2.21
2.26
2.29
2.29
107.2
106.6
106.1
106.1
4..
11.
18..
25..
.008
.016
.032
.067
.02
.03
.06
.08
.45
.48
.70
.77
2.26
2.29
2.44
2.47
106.6
106.1
104.1
103.7
1.
8. .
15..
22. .
29. .
July 6.
13.
20.
27. .
.089
.118
.095
.046
.024
.10
.11
.12
.09
.83
.84
.80
.72
.67
2.49
2.49
2.43
2.35
2.33
103.4
103.4
104.2
105.3
105.6
.017
.008
.006
.004
.08
.05
.04
.04
.61
.56
.56
.57
2.31
2.31
2.30
2.31
105.9
105.9
106.0
105.9
Aug. 3 . .
10..
17..
24..
31..
.004
.007
.021
.028
.036
.04
.04
.04
.05
.05
.58
.59
.60
.58
.54
2.30
2.31
2.34
2.31
2.30
106.0
105.9
105.4
105.9
106.0
Sept. 7..
14..
21..
28..
.038
.032
.013
.000
.05
.05
.04
.04
.50
.50
.50
.45
2.27
2.27
2.24
2.22
106.4
106.4
106.8
107.1
0
0
.04
.02
.02
.02
.45
.45
.43
.41
2.21
2.22
2.22
2.21
107.2
107.1
107.1
107.2
Nov. 2..
9..
16..
23..
30..
.002
.003
.003
.004
.002
.02
.02
.02
.02
.02
.40
.35
.32
.32
.34
2.20
2.12
2.08
2.07
2.06
107.4
108.5
109.1
109.2
109.4
Dec.
.001
a6
()
.02
.02
.02
.02
.34
.33
.37
.37
.65
.65
2.05
1.99
2.02
2.01
109.5
110.4
109.9
110.1
0
0
.02
.02
.02
.02
.40
.43
.41
.43
.69
.75
.75
.76
2.04
2.09
2.11
2.15
109.7
108.9
108.7
108.1
Mar.
May
June
Jan.
5..
12..
19..
26..
7..
14..
21..
28..
1941
4..
11..
18..
25..
6
1..
8..
15..
22..
.000
.007
.043
.02
.02
.02
.03
.47
.54
.60
.58
.79
.80
.82
.81
2.17
2.21
2.23
2.24
107.8
107.2
107.0
106.8
Mar.
1..
8..
15..
22..
29..
.086
.120
.117
.065
.055
.09
.12
.14
.11
.08
.48
.52
.50
.49
.50
.81
.86
.84
.83
.84
2.18
2.17
2.11
2.08
2.10
107.7
107.8
108.7
109.1
108.8
Apr.
5..
12..
19..
26..
.079
.093
.097
.097
.10
.11
.12
.52
.54
.55
.51
.86
.86
.82
.77
2.12
2.13
2.08
2.02
108.5
108.4
109.1
109.9
Feb.
For footnotes see end of table.
488
FEDERAL RESERVE BULLETIN
U. S. GOVERNMENT SECURITY YIELDS AND PRICES—Continued
Weekly Figures—Continued
Yields
Yields
Bills
1
Notes
New
issue Dealers'
offered quotaWeek ending within
tions
week
3
3
months months
Bills
Bonds
3 to 5
years
7 to 9
years
TaxTaxex3
empt able
Taxable
15 years
and over
Partially
taxexempt
Price of
longterm
bonds 5
1
New
issue
offered
within
week
Bonds
Notes
Certificates 1
Price of
longterm
bonds 5
3 to 5
years
7 to 9
years
Taxable 3
Taxable
Partially
taxexempt
Taxable
.365
.365
.368
.370
1.42
1.44
1.46
1.46
1.91
1.95
1.97
1.97
2.04
2.04
2.04
2.04
2.44
2.46
2.46
2.46
101.06
100.70
100.76
100.75
1...
8...
15...
22...
29...
.372
.372
.372
.369
.367
"!83"
.78
1.47
1.49
1.48
1.47
1.46
1.98
1.98
1.98
1.98
1.97
2.04
2.06
2.06
2.06
2.06
2.46
2.48
2.48
2.47
2.46
100.66
100.46
100.48
100.68
100.79
Week
ending
9 to 12
3
months
months
Taxable
1942
July
4...
11 . .
18.. .
25...
15 years
and over
1941
3. .
10
17
24
31
.096
.069
.070
.069
.107
.12
.12
.10
.10
.10
.49
.47
.44
.41
.41
.74
.73
.73
.72
.71
2.02
2.04
2.04
2.06
2.02
109.9
109.7
109.7
109.4
109.9
7.
14
21
28
.100
.103
.066
.086
.13
.13
.12
.10
.38
.37
.40
.39
.70
.67
.68
.68
2.03
2.02
2.02
1.99
109.8
109.9
109.9
110.4
July
5
12
19
26
.097
.097
.098
.094
.10
.12
.12
.12
.38
.39
.37
.35
.67
.68
.68
.68
1.98
1.99
1.99
1.98
110.5
110.4
110.4
110.5
Sent.
5
12...
19...
26.. .
.368
.369
.370
.373
.76
.77
.76
.77
1.46
1.47
1.47
1.48
1.97
1.96
1.96
1.97
2.07
2.07
2.08
2.08
2.46
2.46
2.46
2.46
100.80
100.79
100.79
100.78
Aug.
2
9
16
23
30
.106
.114
.116
.114
.090
.12
.12
.13
.13
.13
.33
.33
.34
.33
.32
.63
.63
.64
.61
.60
1.97
2.01
2.04
2.02
2.00
110.7
110.1
109.7
109.9
110.2
Oct.
3...
10...
17. ..
24...
31...
.369
.373
.373
.373
.373
.78
.77
.76
.73
.72
1.47
1.47
1.49
1.49
1.49
1.98
1.98
1.98
1.99
1.99
2.10
2.10
2.09
2.09
2.09
2.46
2.46
2.45
2.44
2.46
100.73
100.77
100.87
100.95
100.74
Sept. 6
13
20
27
.071
.050
.037
.062
.11
.10
.10
.08
.31
.32
.36
.38
.58
.58
.63
.65
1.99
2.01
2.03
2.03
110.4
110.1
109.8
109.8
Nov.
7...
14...
21. . .
28...
.373
.371
.370
.368
.81
.80
.80
.79
1.49
1.49
1.49
1.49
1.99
1.99
1.98
1.98
2.09
2.09
2.09
2.12
2.46
2.46
2.47
2.48
100.72
100.70
100.63
100.33
Oct.
4
11
18
25
.002
.001
.024
.067
.11
.07
.06
.06
.38
.39
.41
.41
.66
.69
.72
.73
2.01
2.00
2.00
1.97
Dec.
2!35
110.1
110.2
110.2
5
102.99
5....
12....
19....
26....
.367
.364
.363
.365
.79
.79
.78
.82
1.49
1.48
1.48
1.49
1.98
1.98
1.98
1.98
2.13
2.13
2.13
2.13
2.49
2.49
2.49
2.49
100.26
100.21
100.20
100.21
Nov.
1
8
15
22 . . . .
29
.151
.200
.258
.267
.242
.15
.25
.28
.30
.30
.45
.48
.57
.63
.60
.78
3
.91
.98
1.02
1.02
1.93
1.94
1.95
1.96
1.96
2.34
2.33
2.33
2.35
2.35
103.17
103.36
103.27
103.02
102.92
1943
Jan. 2....
9....
16....
23....
30....
.357
.363
.366
.370
.369
.81
.80
.76
.75
.72
1.49
1.44
1.43
1.41
1.41
1.97
1.94
1.93
1.93
1.93
2.13
2.12
2.11
2.11
2.11
2.48
2.46
2.46
2.46
2.46
100.39
100.64
100.69
100.67
100.70
.293
.295
.30
.33
.35
.35
.61
.68
.64
.64
1.06
1.13
1.11
1.12
1.98
2.08
2.07
2.12
2.40
2.50
2.50
2.50
102.00
100.08
100.11
100.04
Feb.
6....
13....
20....
27....
.372
.373
.374
.369
.73
.75
.72
.73
1.39
1.40
1.42
1.42
1.93
1.93
1.94
1.94
2.11
2.11
2.11
2.10
2.46
2.46
2.47
2.47
100.72
100.67
100.50
100.50
2.10
2.07
2.09
2.11
2.13
2.50
2.49
2.49
2.47
2.47
100.04
100.17
100.24
100.51
100.58
Mar.
6....
13....
20....
27....
.371
.373
.373
.374
.75
.75
.75
.74
1.41
1.41
1.39
1.39
1.95
1.96
2.01
2.01
2.12
2.12
2.12
2.12
2.47
2.48
2.48
2.48
100.45
100.42
100.42
100.37
Apr.
3....
10....
17....
24...
.374
.373
.371
.372
.75
.79
.79
.77
1.39
1.40
1.39
1.38
2.01
2.00
2.00
1.98
2.10
2.08
2.05
2.03
2.48
2.48
2.48
2.48
100.34
100.33
100.33
100.39
May
1....
8....
15...
22...
29!!.
.373
.372
.373
.373
.374
.78
.81
.80
.77
.74
1.39
1.39
1.38
1.34
1.33
1.99
1.97
1.96
1.94
1.92
2.03
1.99
1.96
t.94
1.93
2.48
2.47
2.46
2.46
2.45
100.43
100.49
100.65
100.75
100.86
May
Aug.
June
Dec.
Jan.
6
13
20
27
1942
3
10
17
24
31
9
.295
9
.310
9
!!!!!!!!!
...
.304
.119
.196
.231
.220
.58
.48
.46
.46
.46
1.10
1.07
1.06
1.04
1.02
''i!88
1.86
1.84
Feb.
7
14
21
28!!!!.!
.250
.263
.266
.222
.45
.43
.43
.44
1.03
1.02
1.02
1.02
1.86
1.89
1.92
l!91
2.14
2.17
2.19
2!l8
2.47
2.48
2 48
2!48
100.54
100.41
100.37
100!45
Mar.
7
14
21
28.
.229
.195
.203
10 221
.43
.44
1.01
1.03
1.03
1.01
1.89
1.86*
1.84
l!82
2.14
2.11
2.09
2.06
2.48
2.47
2.46
2.43
100.49
100.54
100.80
101.25
.264
.281
.317
.335
1.03
1.05
1.04
1.07
1.82
1.81
1.80
1.84
2.06
2.06
2.06
2.07
2.43
2.43
2.44
2.46
101.26
101.32
101.23
100.89
June
5....
12....
19....
26....
.374
.374
.374
.374
.73
.71
.72
.67
1.32
1.33
1.33
1.32
1.92
1.94
1.94
1.93
1.91
L.90
.92
1.92
2.45
2.45
2.45
2.45
100.83
100.78
100.79
100.78
.358
.368
!365
.365
.365
1.09
1.11
1.11
1.11
1.11
1.90
1.95
1.94
1.93
1.90
2.08
2.07
2.08
2!06
2.04
2.47
2.47
2.46
2.44
2.44
100.67
100.63
100.78
10l!ll
101.21
July
3....
10...
17...
24!..!
31....
.375
.374
.374
.374
.374
.68
.68
.69
.69
.68
1.29
1.28
1.32
1.31
1.31
1.91
1.91
1.91
1.92
1.94
1.90
1.89
1.90
1.92
1.93
2.46
2.45
2.45
2.46
2.46
100.78
100.81
100.80
IOO!74
100.65
.366
.365
.362
.360
1.13
31.41
1.41
1.42
1.91
1.90
1.89
1.91
2.04
2.04
2.04
2.05
2.43
2.43
2.43
2.44
101.24
101.30
101.32
101.10
Aug.
7....
14....
21....
28....
.374
.375
.374
.375
.74
.73
.75
.79
1.30
1.28
1.29
1.31
1.95
1.95
1.95
1.95
1.93
1.92
1.93
1.92
2.46
2.46
2.47
2.47
100.60
100.59
100.51
100.47
10
!.
Apr.
4
11
18
25
May
2
9
16
23!!!!.!
30
June
6
13
20
27
10
u
'
3
For footnotes see end of table.
MAY
1945
489
U. S. GOVERNMENT SECURITY YIELDS AND PRICES—Continued
Weekly Figures—Continued
Yields
Yields
Bills
Week
ending
1
New
issue
offered
within
week
Certificates1
3
9 to 12
months months
1943
Sept. 4....
11....
18....
25....
Bills
Bonds
Notes
3 to 5
"years
7to9
years
Taxable
Taxable
Price
of
longterm 5
bonds
15 years and
over
2.48
2.48
2.48
2.48
100.40 July
100.37
100.33
100.34
Certificates 1
Bonds
3 to 5
years
7 to 9
years
15 years and
over
Taxable
Taxable
Partially
taxexempt
Taxable
Price
of
longterm 5
bonds
1944
.79
.78
.78
.77
.76
100.34
100.47 Aug. 5 ...
100.35
12 ...
100.38
19 ...
100.35
26 ...
.375
.374
.375
.375
.375
1.34
1.32
1.31
1.31
1.31
1.95
1.95
1.95
1.95
1.95
1.89
1.89
1.88
1.89
1.90
2.49
2.49
2.49
2.49
2.49
100.15
100.15
100.19
100.23
100.20
.375
.375
.375
.375
.77
.77
.75
.75
1.30
1.30
1.30
1.30
1.94
1.93
1.93
1.92
1.90
1.91
1.91
1.90
2.48
2.48
2.48
2.48
100.26
100.32
100.35
100.40
.375
.375
.375
.375
.375
.75
.79
.78
.78
.80
100.21
100.19
100.18
100.19
Sept. 2....
9....
16....
23....
30....
1.28
1.27
1.29
1.34
1.34
1.92
1.92
1.92
1.92
1.92
1.90
1.92
1.93
1.94
1.94
2.48
2.47
2.47
2.48
2.48
100.42
100.42
100.45
100.41
100.34
Oct.
7....
14....
21....
28....
.376
.375
.375
.375
.80
.80
.80
.79
1.35
1.35
1.34
1.34
1.93
1.93
1.93
1.94
1.93
1.92
1.92
1.94
2.48
2.48
2.48
2.48
100.33
100.31
100.29
100.26
2.49
2.49
2.49
2.49
2.49
100.19
100.20
100.20
100.16
100.14
Nov. 4....
11....
18....
25....
.375
.375
.375
.375
.81
.81
.81
.80
1.35
1.35
1.34
1.33
1.94
1.92
1.92
1.92
1.92
1.91
1.90
1.89
2.48
2.48
2.48
2.48
100.25
100.27
100.27
100.26
1.96
1.94
1.93
1.90
2.49
2.49
2.49
2.49
100.13
100.13
100.13
100.16
Dec.
2....
9....
16....
23....
30....
.375
.375
.375
.375
.373
.80
.80
.80
.81
.81
1.35
1.35
1.35
1.36
1.36
1.93
1.93
1.93
1.94
1.94
1.90
1.88
1.88
1.85
1.84
2.48
2.48
2.48
2.47
2.47
100.24
100.27
100.29
100.41
100.47
1.95
1.95
1.95
1.95
1.90
1.90
1.91
1.93
2.49
2.49
2.48
2.48
100.18
100.24
100.26
100.30
1.94
1.95
1.95
1.95
1.96
1.94
1.93
1.93
1.93
1.95
2.48
2.48
2.48
2.48
2.49
100.28
100.25
100.27
100.28
100.23
.375
.375
.375
.375
.80
.78
.79
1.39
1.37
1.36
1.35
1.35
1945
Jan. 6....
13....
20....
27....
1.34
1.33
1.32
1.29
1.93
1.91
1.89
1.86
1.83
1.80
1.80
1.81
2.45
2.45
2.44
2.43
100.66
100.84
100.96
101.15
3....
10....
17....
24....
.375
.375
.376
.375
.77
.77
.77
.76
1.25
1.24
1.23
1.20
1.81
1.78
1.78
1.75
1.80
1.76
1.74
1.73
101.48
101.63
101.73
102.08
.77
.75
.78
.79
1.35
1.34
1.35
1.35
1.95
1.95
1.95
1.95
1.95
1.95
1.95
1.94
2.49
2.49
2.49
2.49
100.20
100.20
100.18
100.17
1.34
1.33
1.34
1.35
1 95
1.95
1.95
1.95
1.92
1.92
1.92
1.90
2.49
2.49
2.49
2.49
100.17
100.17
100.16
100.16
.375
.375
.375
.375
.376
.77
.78
.78
.78
.76
.79
.79
.79
.79
Mar. 3....
10....
17....
24....
31....
1.20
1.18
1.19
1.18
1.17
1.74
1.71
1.71
1.68
1.69
1.72
1.69
1.70
1.70
1.71
2.41
2.40
2.39
2.37
2.38
2.40
2.41
2.40
2.39
Apr.
.375
.375
.375
.375
.75
.76
.78
.79
1.15
1.15
1.14
1.14
1.65
1.62
1.61
1.60
1.70
1.68
1.67
1.68
2.39
2.38
2.40
2.39
101.65
101.79
101.61
101.67
1.97
1.97
L.98
1.92
1.91
1.90
1.90
2....
9....
16....
23....
30....
.375
.375
.375
.375
.375
.77
.76
.81
.79
.79
1.32
1.31
1.32
1.31
1.30
.97
.97
.98
.98
.98
1.89
1.89
1.91
1.91
1.91
2.48
2.47
2.48
2.48
2.48
Nov. 6....
13....
20....
27....
.376
.375
.376
.375
.78
.77
.77
.75
1.30
1.30
1.29
1.29
1.99
1.99
2.00
2.00
1.93
1.93
1.95
1.95
2.48
2.48
2.49
2.48
100.26
100.25
100.23
100.24
Dec.
.375
.375
.375
.375
.78
.77
.77
.76
1.29
1.29
1.31
1.31
2.00
2.00
2.00
2.00
1.95
1.95
1.96
1.95
2.49
2.49
2.49
2.49
1944
1
8
15
22
29
.373
.374
.374
.374
.374
.77
.76
.77
.78
.79
1.31
1.29
1.29
1.31
1.32
2.00
1.99
1.99
1.99
1.99
1.96
1.95
1.95
1.95
1.95
5
12
19
26
.374
.375
.375
.375
.78
.77
.79
.79
1.32
1.32
1.32
1.32
1.98
1.95
1.96
1.96
Mar. 4
11
18
25
.374
.375
.375
.375
.80
.79
.81
.80
1.33
1.33
1.38
1.39
Apr.
1
8
15
22
29
.375
.375
.375
.375
.374
.80
.80
.78
.77
.77
May
6
13
20
27
.375
.375
.375
.375
June 3
10
17
24
.375
.375
.375
.375
Feb.
issue
offered
within
week
Notes
3
9 to 12
months months
1.31
1.32
1.32
1.31
Jan.
Week
ending
Taxable
.79
.77
.75
.77
4....
11....
18....
25....
New
Partially
taxexempt
.375
.374
.374
.375
Oct.
1
.98
i
Feb.
1...
8...
15...
22...
29...
7....
14....
21....
28....
.77
101.82
101.60
101.45
101.60
101.62
1
2
Tax-exempt prior to Mar. 1, 1941; taxable thereafter.
Including the following maturities: three months, to Feb. 16, 1934; six months, from Feb. 23, 1934, to Feb. 23, 1935; nine months, from Mar. 1, 1935,
to Oct.
15, 1937; bills maturing about Mar. 16, 1938, from Oct. 22 to Dec. 10, 1937; three months, from Dec. 17, 1937, to date.
3
A single selected issue substituted for periods when it was considered to be more representative. This substitution consisted of the 1 per cent Mar.
15| 1946,
notes for the period from Nov. 1, 1941, to June 4, 1942, and the V/2 per cent Dec. 15, 1946, notes for the period from June 6, 1942, to Mar. 13, 1943.
4
Average of yields on all outstanding partially tax-exempt Government bonds due or callable after eight years, from 1919 to 1925; after twelve years,
from5 1926 to 1934; and after fifteen years, from 1935 to date.
Price derived from average yield of partially tax-exempt bonds, on basis of 4 per cent 16-year bond through December 1930 and on basis of 2% per
cent 6 16-year bond through October 1941. Thereafter, average of prices of taxable bonds due or callable in 15 years or more.
Negative yield.
7
Based in part on certificates with maturities of six to nine months.
8
Bills maturing about Mar. 16, 1938.
9
Bills maturing about Mar. 16, 1942.
10
Bills maturing about June 16, 1942.
11
Bills maturing on Sept. 17, 1942.
49°
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1944
ALL MEMBER BANKS, BY CLASSES
[Amounts in thousands of dollars]
All
national
member
banks
All member banks 1
Item
1941
1942
1943
All
State
member
banks
Central reserve
city member banks
view York Chicago
Reserve
city
member
banks
Country
member
banks
Year 1944
1944
Earnings
1,416,866 1,486,734 1,650,170
Interest and dividends on securities
445,281
539,673
765,828
Interest and discount on loans
665,152
639,721
552,128
Service charges on deposit accounts....
64,869
68,177
76,407
Service charges and fees on loans
9,040
10,849
Other charges, commissions, fees, etc. \ 37,799
45,137
36,271
Trust department
93,116
96,333
91,925
Other current earnings
110,649
103,488
101,927
1,873,768 1,201,935
629,920
959,787
548,274 359,067
85,500
59,931
14,900
8,588
53,206
35,064
104,333
37,387
107,768
71,978
671,833
329,867
189,207
25,569
6,312
18,142
66,946
35,790
392,33:
221,258
93,579
7,343
5,262
6,539
37,316
21,035
101,664
59,52
24,044
961
1,531
620
9,660
5,321
691,654
346,704
210,029
30,801
5,791
20,195
37,214
40,920
688,118
332,298
220,622
46,395
2,316
25,852
20,143
40,492
Expenses 2 3
Salaries—officers
Salaries and wages—^others
Directors' and committee members' fees
Interest on time deposits
Interest on borrowed money
Taxes other than on net income2
Recurring depreciation on banking
house, furniture, and fixtures3
Other current expenses
987,917 rl,001,556 rl,038,787
163,264
169,912
174,877
262,639
312,125
290,625
8,169
8,706
8,539
139,930
128,289
123,707
124
110
353
r
r
128,967
81,260
84,282
1,126,733
187,503
337,440
9,514
144,103
967
82,844
722,285
121,873
207,821
6,377
96,807
452
53,800
404,448
65,630
129,619
3,137
47,296
515
29,04'
199,283
29,441
76,940
1,072
4,247
531
12,150
52,081
6,992
16,132
131
6,001
"5,072
421,190
58,787
136,945
1,909
54,821
206
32,260
454,179
92,283
107,423
6,402
79,034
230
33,362
33,472
301,265
34,939
329,423
24,404
210,751
10,535
118,672
4,915
69,987
734
17,019
12,631
123,631
16,659
118,786
Net current earnings
23
33 434
289,387
284,824
r
r
611,383
747,035
479,650
267,385
193,049
49,583
270,464
233,939
Recoveries, profits on securities, etc.
Recoveries on securities
Profits on securities
Recoveries on loans
All other
278,339
63,989
128,956
58,905
26,489
188,466
48,301
59,911
55,903
24,351
312,333
81,812
93,854
72,533
64,134
318,133
82,821
116,267
72,540
46,505
193,870
50,290
68,846
50,240
24,494
124,263
32,531
47,421
22,300
22,011
101,089
31,733
39,858
19,006
10,492
20,555
6,955
4,711
6,200
2,689
99,276
23,551
36,792
21,857
17,076
97,213
20,582
34,906
25,477
16,248
Losses and charge-offs 3
On securities
On loans 3
Allother
317,525
137,731
83,590
96,204
223,050
102,691
64,770
55,589
250,972
101,559
63,360
86,053
232,183
97,146
60,283
74,754
142,418
67,556
41,023
33,839
89,765
29,590
19,260
40,91
60,673
22,737
12,337
25,599
15,814
10,164
3,651
1,999
87,336
35,012
27,855
24,469
68,360
29,233
16,440
22,687
450,594
67,530
67,530
672,744
115,491
102,976
12,515
832,985
183,715
169,136
14,579
531,102
120,431
111,675
8,756
301,883
63,284
57,461
5,823
233,465
60,076
52,220
7,856
54,324
13,250
13,250
282,404
66,817
62,783
4,034
262,792
43,572
40,883
2,689
383,064
557,253
649,270
410,671
238,599
173,389
41,074
215,587
219,220
203,007
11,090
191,917
208,368
10,828
197,540
226,002
9,687
216,315
144,001
5,294
138,707
82,001
4,393
77,608
70,673
813
69,860
12,956
77,738
3,863
73,875
64,635
5,011
59,624
Net profits before income taxei
Taxes on net income
Federal
State
Net profits
Cash dividends declared
.
4
On preferred stock
On common s t o c k . . . .
428,949
0
8
389,763
210,618
12,745
197,873
485,178
12,956
Loans
U. S. Government securities
Other securities
Real-estate assets
Cash assets
16,699,000 17,218,000 16,229,000 17,682,000 .0,936,000 6,746,000 5,223,000 1,084,000 6,594,000 4,781,000
17,753,000 25,408,000 48",182,000 60,324,000 18,665,000 21,659,000 5,966,000 3,613,000 !2,403,000 18,342,000
5,994,000 5,842,000 5,286,000 5,131,000 3,448,000 1,684,000 1,033,000 343,000 1,692,000 2,063,000
393,000
974,000
603,000
371,000
201,000
1,229,000 1,167,000 1,071,000
363,000
17,000
23,062,000 22,705,000 23,243,000 24,482,000 6,528,000 7,954,000 5,049,000 1,308,000 9,603,000 8,522,000
Total assets
65,044,000 72,610,000 94,299,000 108,920,000 0,379,000 38,541,000 27,577,000 6,388,000 40,792,000 34,163,000
Time deposits
Total deposits
Total capital accounts
920,000
12,458,000 12,413,000 14,176,000 17,198,000 .1,507,000 5,691,000
557,000 6,915,000 8,806,000
' 31,844,000
18,717,000 66;,103,000 87 ,381,000 101,484,000 »5,801,000 35,684,000 :5,236,000 6,015,000 38 ,390, 000
5,798,000 5,977,000 6,304,000 6,712,000 4,105,000 2,608,000 1,912,000
341,000 2,223,000 2,238,000
Number of officers
Number of employees —
Number of banks
36,476
176,466
35,604
182,023
36,398
190,354
37,693
193,279
26,436
121,926
11.257
71,35.
2,574
36,234
589
7,837
8,913
74,841
25,617
74,367
6,619
6,679
6,738
6,814
5,025
1,789
37
13
356
6,408
r
Revised; see footnote 2.
1
Includes figures for all banks that were members of the Federal Reserve System at the end of the year (including those becoming membersdui ing the
year whose returns may cover operations for only part of the year); and in addition includes figures for the first half of the year for the national banks
in operation on June 30 but not at the year end.
2 Beginning with 1942, taxes on net income are reported separately and shown just above net profits; previously they were included with other taxes
in expenses.
3
Recurring depreciation on banking house, furniture, and fixtures is included in expenses beginning with 1942 and in losses and charge-offs in prior
years.
4
Includes interest on capital notes and debentures.
NOTE.—The figures of assets, deposits, and capital accounts in 1941-1943 are averages of the amounts reported for every call date in the current year
and the final call date in the preceding year; in 1944 the spring call date was omitted in averaging the amounts. The number of officers, employees, and
banks are as of the end of the year.
Real-estate assets are comprised of banking house and equipment, other real estate owned, and items indirectly representing bank premises or other
real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total
capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves.
MAY
1945
491
MEMBER BANK EARNINGS, 1944—Continued
ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston New York
Cleveland
F, £•
Richmond
Atlanta
Chicago
Kansas
City
St. Louis
-p, n
Dallas
San
Francisco
Earnings
Interest and dividends on
securities
Interest and discount on
loans
Service charges and fees on
loans
Service charges on deposit
accounts
Other charges, commissions, fees, etc
Trust department
Other current earnings
106,763
538,543
119,792
159,382
83,179
83,522
270,44'
66,528
49,602
74,913
72,343
248,752
51,421
296,52
64,150
84,422
40,403
40,172
151,520
31,739
24,231
33,899
29,516
111,787
30,946
137,340
31,993
45,000
26,459
23,782
69,374
22,410
14,171
25,695
28,017
93,087
649
5,92:
514
1,193
284
396
3,154
421
313
212
197
1,645
5,163
16,320
3,704
6,567
5,105
5,200
12,908
3,14:
2,950
5,421
4,827
14,193
2,407
8,087
8,090
9,725
42,483
30,226
1,900
11,092
6,439
3,283
8,239
10,678
3,195
3,689
4,044
5,572
2,41
5,983
7,10
13,066
13,320
3,304
2,00:"
3,510
4,001
1,354
2,582
2,657
1,
5,042
2,868
1,050
5,868
7,187
8,867
11,986
Expenses
Salaries—officers
Salaries and wages—others.
Directors' and committee
members' fees
Interest on time deposits..
Interest
on
borrowed
money
Taxes other than on net
income
Recurring depreciation on
banking house, furniture,
and fixtures
Other current expenses
66,573
11,603
18,882
298,534
46,389
102,365
72,172
12,029
20,169
100,841
14,926
26,020
53,337
9,67
14,437
52,086
8,491
13,992
162,255
25,495
46,901
42,122
8,031
10,998
31,35:
6,718
7,759
45,866
10,521
12,427
46,000
10,120
12,349
155,595
23,503
51,141
2,351
1,227
10,210
873
16,839
580
7,709
391
5,659
1,103
26,470
425
4,797
381
4,90:
431
3,289
429
2,305
569
29,733
2,135
19,862
Net current earnings
Recoveries, profits on securities, etc.
Recoveries on securities....
Profits on securities
Recoveries on loans
All other
754
8,716
23,474
28
23
16
33
45
86
22
10
1-
4
5,675
12,881
4,11;
4,615
11,470
4,219
1,592
3,108
4,964
7,328
8,496
96,515
2,831
20,003
3,543
25,736
1,911
14,894
1,982
16,923
3,918
46,853
1,164
12,40:
857
9,121
1,581
14,499
1,697
14,122
4,824
38,493
40,190
240,009
47,620
58,541
29,84;
31,436
108,194
24,406
18,250
29,047
26,343
93,157
20,375
3,500
6,651
7,030
3,194
129,482
37,487
52,596
26,268
13,131
26,677
8,838
9,401
4,484
3,954
23,049
6,605
7,438
4,946
4,060
11,923
2,603
4,688
2,275
2,357
9,240
769
4,981
1,628
1,
37,889
9,976
11,607
9,614
6,692
8,872
1,978
3,042
1,711
2,141
6,132
2,048
1,086
1,812
1,186
9,796
2,762
2,396
3,001
1,63'
7,734
836
2,227
2,573
2,098
26,964
5,419
10,154
7,198
4,193
Losses and charge-offs....
On securities
On loans
All other
15,316
4,811
5,864
4,641
78,682
29,174
17,683
31,825
29,083
9,846
5,978
13,259
18,935
9,741
2,887
6,307
5,367
2,340
1,470
1,557
6,614
3,028
1,614
1,972
28,060
16,588
5,35:
6,120
5,558
3,267
1,087
1,204
4,038
2,168
709
1,161
7,374
5,101
1,358
915
6,540
2,521
2,015
2,004
26,616
8,561
14,266
3,789
Net profits before income
taxes
Taxes on net income
Federal
State
45,249
13,114
11,019
2,095
290,809
67,936
59,271
8,665
45,214
8,841
8,841
62,655
11,237
11,237
36,398
8,917
8,866
51
34,062
7,686
7,374
312
118,023
24,205
24,175
30
27,720
4,731
4,721
10
20,344
4,079
3,391
31,469
6,838
6,260
578
27,53'
6,203
6,188
15
93,505
19,928
17,793
2,135
Net profits
32,135
222,873
36,373
51,418
27,481
26,376
93,818
22,989
16,265
24,631
21,334
73,577
16,399
766
15,633
16,114
1,008
15,106
9,087
282
8,805
7,721
431
7,290
25,788
1,009
24,779
7,490
251
7,239
4,858
96
4,762
7,951
115
7,836
8,298
188
8,110
25,798
1,850
23,948
832,000 1,334,000
730,000
719,000 2,250,000
671,000
375,000
631,000
Cash dividends declared .
On preferred stock4
On common stock
Loans
U. S. Government
ties
Other securities
Real-estate assets
Cash assets
54
632
4,567
18,312
13,644
462
13,182
82,854
3,229
79,625
966,000 6,251,000
741,000 2,183,000
securi3,410,000 20,041,000
20,
3,
,198,000 4,749,000 2,581,000 ,283,000 9,417,000 1,952,000 1,508,000 2,176,000 1,850,000 7,159,000
192,000 1,394,000 416,000 506,000 159,000 270,000
902,000 217,000 105,000 218,000 127,000
625,000
29,000
43,000
303,000
95,000
97,000
54,000
52,000
79,000
19,000
27,000
112,000
64,000
1,196,000 6,361,000 1,209,000 1,956,000 1,264,000 ,362,000 3,714,000 1,015,000 651,000 1,514,000 1,436,000 2,806,000
Total assets
5,850,000 34,476,000 5,774,000 8,661,000 4,802,000 4,700,000 16,403,000 ,892,000 2,664,000 4,574,000 4,202,000 12,922,000
Time deposits
Total deposits
Total capital accounts
875,000 3,173,000 1,181,000 1,940,000 829,000 646,000 3,098,000 567,000 519,000 415,000 302,000 3,654,000
,512,00 ,449,000 15,533 000 3,667,000 ,507,000 ,328,000 ,981,000 2,274,000
5,381,000 31,633,000 ",251,000 7,967,(
817,000 213,000 149,000 237,000 213,000
425,000 2,392,000 501,000 664,000 275,000 236,000
590,000
Number of officers
Number of employees
Number of banks.
2,174!
11,540
6,323
52,220
2,756
12,297
347
816
647
3,224
14,970
2,221
9,395
1,836
9,238
468
316
4,902
26,794
2,112
7,792
1,827
5,442
2,912
8,392
2,700
8,376
4,706
26,823
475
467
749
580
270
See footnotes on p. 491.
492.
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 19^—Continued
RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
Earnings
Interest and dividends on securities
Interest and discount on loans
Service charges and fees on
loans
Service charges on deposit accounts
Other charges, commissions,
fees, etc
Trust department
Other current earnings
Expenses
Salaries—officers
Salaries and wages—others. ..
Directors'
and
committee
members' fees
Interest on time deposits
Interest on borrowed money..
Taxes other than on net income
Recurring depreciation on
banking house, furniture,
and fixtures
Other current expenses
Net current earnings...
Recoveries, profits on securities, etc.
Recoveries on securities
Profits on securities. . . .
Recoveries on loans
All other
Losses and charge-offs..
On securities
On loans
All other
Net profits before income
taxes
Taxes on net income
Federal
State
Net profits ..
Cash dividends declared...
4
On preferred stock
On common stock
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago St. Louis
apolis
Kansas
City
Dallas
San
Francisco
41,170
15,320
52,456
91,433
35,235
39,846
79,746
33 519
18,484
40,126
34,958
209,361
18,149
13,041
7,251
4,393
29,532
11,061
49,974
18,968
8,771
18,810
11,445
46,456
19,586
15,959
11,340
10,055
4,876
20,521
11,874
15,903
12,105
95,126
77,960
533
142
364
819
864
1,002
335
4961
1,839
587
7,629
2,281
967
4,221
3,440
23,577
83
307
1,238
322
137
84
1,427
2,655
1,471
6,630
6,070
1,862
1,802
5,205
910
798
1,217
11,783
1,343
2,171
2,037
2,749
1,604
3,129
2,833
1,310
3,118
1,653
1,636
1,699
872
1,727
3,150
1,043
857
3,749
5,610
7,864
9,591
23,623
3,553
7,425
21,7?4
3,382
6,415
129,535
18,653
43,988
1,056
22,338
3,822
7,722
10,536
1,236
3,536
28,818
4,200
10,784
54,538
6,424
16,317
22,613
3,365
7,054
24,511
3,196
6,702
51,701
6,323
17,043
20,814
3,097
6,346
732
1,069
817
10,429
1,536
3,613
118
1,063
9
50
1,419
5
214
937
13
111
7,396
10
163
2,246
3
137
2,325
15
255
9,294
43
104
1,788
71
69
900
18
120
1,478
7
86
1,450
11
366
24,525
1
2,183
7,623
2,060
2,529
2,726
2,169
468
1,761
2,504
6,179
1,332
655
7,617
368
3,196
719
9,768
1,705
14,836
745
6,977
971
8,636
1,129
14,888
490
6,749
203
3,622
774
8,505
892
6,994
3,980
31,843
18,832
4,784
23,638
36,895
12,622
15,335
28,045
12,705
8,055
16,503
13,224
79,826
9,170
967
2,460
3,876
1,867
4,700
1,229
2,528
745
198
14,212
5,435
5,096
1,946
1,735
13,297
4,464
3,900
2,766
2,167
6,858
1,797
3,144
796
1,121
4,029
289
1,
870
890
7,077
696
3,330
1,277
1,774
5,008
858
1,906
815
1,429
2,013
494
386
627
506
6,226
2,168
1,770
1,386
902
3,900
540
1,518
872
970
22,786
4,614
8,774
5,881
3,517
8,018
1,915
4,069
2,034
3,186
1,222
784
1,180
16,060
5,802
3,162
7,096
12,881
6,847
1,969
4,065
2,451
1,054
662
735
3,546
1,529
835
1,182
5,264
2,186
846
2,232
2,629
1,477
495
657
1,252
739
221
292
4,935
3,823
558
554
3,17'
1,140
860
1,177
23,937
7,278
13,394
3,265
19,984
7,828
6,429
1,399
6,298
289
253
36
21,790
5,861
5,861
37,311
7,567
7,567
17,029
4,727
4,727
15,818
4,025
3,911
114
29,858
6,119
6,113
6
15,084
2,954
2,954
8,816
2,279
1,
17,794
4,304
3,987
317
13,94'
3,849
3,849
78,675
17,015
15,235
1,780
12,156
6,009
15,929
29,744
12,302
11,793
23,739
12,130
13,490
10,098
61,660
6,855
36
6,819
921
133
788
9,042
84
8,958
10,026
665
9,361
4,243
117
4,126
3,959
309
3,650
5,662
534
5,128
4,308
78
4,230
3,966
74
3,892
3,913
112
3,801
22,652
1,684
20,968
382
6,537
2,191
37
185,000
2,154 385,000 385,000 1,889,000
698,000 1,390, 000 1.,062,000 6,089,000
30,000 130,000
43,000
546,000
8,000
16,000
28,000
95,000
282,000 881,000 695,000 2,313,000
Loans. .
U. S. Government securities .
Other securities
Real-estate assets
Cash assets
541,000
1,402,000
38,000
21,000
506,000
133,000 394,000 896,000 323,000 413,000 624,000 426,000
432,000 1,557,'
000 3,009,000 1.,320,000 1,112,000 3,255,000 1,077,000
22,000 152,000 229,000
48,000 127,000 221,000 106,000
24,000
14,000
55,000
15,000
33,000
26,000
27,000
161,000 610,000 1,159,000 574,000 635,000 1,271,000 515,000
Total assets..
2,524,000
765,000 2,766,000 5,364,000 2,300,000 2,323,000 5,408,000 2,144,000 1,206,000 2,811,000 2,215,000 10,967,000
Time deposits
Total deposits
Total capital accounts
118,000
2,310,000
185,000
194,000 145,000 885,000 294,000 256,000 1.,173,000 213,000 106,000 219,000 188,000 3,123,000
717,000 !, 545,000 ,918,000 ,175,000 2,201,000 174,000 2,027.C" ,138, 000
" " 2,,671,000 2,101,000 10,415,000
48,000 205,000 422,000 117,000 112,000 220,000 110,000
62,000 134,000 108,000
499,000
Number of officers
Number of employees
466
4,268
194
2,055
Number of b a n k s . .
23
740
1,301
475
4,148
33
36
483
4,241
906
9,242
467
4,207
204
2,111
551
4,459
469
3,947
3,477
22,054
50
37
32
* Not including central reserve city banks.
See footnotes on p. 491.
MAY
1945
493
MEMBER BANK EARNINGS, 194A—Continued
COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
Earnings
Interest and dividends on
securities
Interest and discount on
loans
Service charges and fees on
loans
Service charges on deposit
accounts
Other charges, commissions,
fees, etc
Trust department
Other current earnings
New
York
Philadelphia
Cleveland
Atlanta
Chicago St. Louis Minneapolis
Kansas
City
65,593
130,891
67,336
67,949
43,676
89,039
33,009
31,118
33,272
68,018
34,618
34,448
21,362
45,537
15,780
14,176
13,378
17,905
39,368
20,932
21,423
12,337
25,744
11,070
9,295
13,821
Dallas
34,787
116
518
150
137
89
385
99
176
114
4,344
8,113
2,702
3,912
3,398
6,742
2,232
2,152
3,537
1,440
3,866
4,650
2,851
4,671
7,352
1,313
3,463
4,158
1,812
1,609
4,608
2,823
813
2,854
3,654
2,096
4,881
1,651
366
1,811
3,269
285
1,765
1,785
260
1,892
Expenses
Salaries—officers
Salaries and wages—others..
Directors' and committee
members' fees
Interest on time deposits . . . .
Interest on borrowed money .
Taxes other than on net income
.
Recurring depreciation on
banking house, furniture,
and fixtures
Other current expenses
44,235
7,781
11,160
88,715
15,712
21,889
43,354
7,829
9,385
46,303
8,502
9,703
27,575
5,295
7,290
58,473
12,180
13,726
21,308
4,934
4,652
20,923
5,182
4,146
22,243
6,968
5,002
636
7,653
45
1,229
17,808
96
1,013
9,273
15
646
9,443
13
254
3,334
18
717
11,175
2
321
3,009
15
312
4,002
4
311
1,811
3
3,235
5,436
3,492
5,258
2,053
3,672
2,050
1,124
1,347
2,460
1,149
1,480
12,245
3.213
23,332
2.112
10,235
1,838
10,900
1,166
7,917
1,011
8,287
2.055
14,946
674
5,653
654
5,499
807
5,994
805
7,128
844
6,650
Net current earnings
21,358
42,176
23,982
21,646
7,220
16,101
30,566
11,701
10.195
12,544
13,119
13,331
11,205!
2,533J
4,191!
3,154!
1,327
23,693
12,465
9.752
3,403
4,305
2,538
2,219
2,141
3,538!
2,180
1,893
5,065
806
1,544
1,479
1,236
5,211
480
3,001
758
972
10,257
4.525!
10,210
6.517
2,441
2,325
3,566
2,137
2,229
3,864
1,120
1.136
896
712
4,119
1,554
700
1,185
680
3,570
594
626
1,615
735
3,834
296
709
1,701
1,128
4,178
805
1,380
1,317
676
7,298
2,896
1,795
2,607
14,823
5,215
4,562
5,046
13.023
4,044
2,816
6,163
6,054
2,894
918
2,242
2,916
1,286
3,068
1,499
779
790
6,982
4,238
855
1,889
2,929
1,790
592
547
2,786
1,429
488
869
2,439
1,278
800
361
3,363
1,381
1,155
827
2,679
1,283
872
524
Net profits before income
taxes
Taxes on net income
Federal
State
25,265
5,286
4.590
696
51,046
7,571
6.798
773
23,424
2,980
2,980
25,344
3,670
3,670
19.369
4,190
4,139
51
18,244
3,661
3,463
198
33,841
4,836
4,812
24
12,636
1,777
1,767
10
11,528
1,800
1,494
306
13,675
2,534
2,273
261
13,590
2,354
2,339
15
14,830
2,913
2,558
355
Net profits...
19,979
43,475
20,444
21,674
15,179
14,583
29,005
10,859
9,728
11,141
11,236
11,917
7,357
682
6,675
6,088
343
5.745
4,844
165
4,679
3,762
122
3,640
7,170
475
6,695
3,182
173
3,009
2,667
59
2,608
3,985
41
3,944
4,385
76
4,309
3,146
166
2,980
407,000 306,000 542,000
1,262,000 1,171,000 2,549,000
111,000 143,000 337,000
27,000
26,000
37,000
689,000 726,000 1,136,000
245,000
875,000
111,000
15,000
500,000
190,000
810,000
75,000
11,000
369,000
245,000
786,000
88,000
11,000
632,000
357,000
294,000
Recoveries, profits on securities, etc
Recoveries on s e c u r i t i e s . . . . . .
Profits on securities
Recoveries on loans
All other
Losses and charge-offs
On securities
On loans
All other
Cash dividends declared..
On preferred stock4
On common stock
6,789
426!
6,363
11,260
2,283!
8,977
Loans
U. S. Government securities.
Other securities
Real-estate assets
Cash assets
425,000
896,000
438,000
438,000
2,009,000 3,643,000 1,641,000 1,740,000
154.000
265,000
277,000
339,000
43,000
62,000
42,000
87,000
689,000 1,151.000
598,000
797,000
Total assets..
3,326,000 6,134,000 3,008,000 3,298,000 2,502,000 2,377,000 4,607,000 1,747,000 1,459,000 1,763,000 1,988,000 1,955,000
Time deposits
Total deposits
Total capital accounts
757,000 2,059,000 1,036,000 1,055,000
3,071,000 5,680,"
",706,000 3,050,000
000 2
240,000
296,000 242,000
433,000
Number of officers
Number of employees
Number of banks..
1,708
7,272
788.000 1,069,000
84,000
79,000
16,000
17,000
741.0001 492,000
535,000 390, 000 1,368,000 354,000 412,000
196,000 114,000 531,000
,249, 000 41,344,
,337,C"
,641,000 1,368,000 1,658,000 1,881,000 1 ,859,000
157,000 124,000 256.000 103,000
87,000
103,000 104,000
91,000
3,555
13,931
2.275
6,489
2,484
6,669
1,746
5,247
1,353
4,997
768
624
677
432
293
3,407
9,715
1,645
3,585
1,623
3,331
2,361
3,933
2,231
4,429
1,229
4,769
458
699
543
238
See footnotes on p. 491.
494
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1944—Continued
ALL MEMBER BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Total1
Item
1,000 and
under
Earnings
Interest and dividends on securities
Interest and discount on loans
Service charges and fees on loans
Service charges on deposit accounts
Other charges, commissions, fees, etc
Trust department
Other current earnings
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees
Interest on time deposits
Interest on borrowed money
Taxes other than on net income
Recurring depreciation on banking house, furniture, and fixtures
Other current expenses
Net current earnings. .
Recoveries, profits on securities, etc
1,0002,000
2,0005,000
1,866,992
957,175
547,203
14,
85,296
53,026
101,836
107,567
15,495
5,807
7,004
53
1,012
1,027
16
576
52,681
21,788
21,700
182
3,840
3,037
122
2,012
135,263
61,567
49,977
487
10,138
1,122,049
186,551
336,071
9,472
143,825
956
82,540
10,740
3,887
1,230
231
1,623
5
737
34,913
327,721
5,00010,000
10,00025,000
25,00050,000
50,000100,000
Over
100,000
1,030
5,834
133,224
65,212
42,754
560
10,132
4,817
2,633
7,116
179,858
89,285
53,538
605
13,902
6,007
5,449
11,072
131,633
65,109
37,781
631
8,374
3,720
6,724
9,294
136,777
70,227
37,828
623
7,364
3,947
7,000
9,788
1,082,061
578,180
296,621
11,748
30,534
24,241
78,862
61,875
35,512
10,947
5,187
803
6,460
6
2,415
90,748
22,532
17,379
1,807
17,074
28
6,611
89,850
18,019
20,855
1,378
16,999
38
6,405
121,146
20,772
32,465
1,343
20,814
54
8,668
87,199
14,012
24,763
771
12,670
93
6,897
87,632
13,643
26,605
614
11,446
97
6,602
599,222
82,739
207,587
2,525
56,739
635
44,205
390
2,637
1,294
8,400
3,473
21,844
3,402
22,754
4,256
32,774
2,851
25,142
2,868
25,757
16,379
188,413
6,230
744,943
4,755
17,169
44,515
43,374
58,712
44,434
49,145
482,839
317,301
82,728
116,047
72,435
46,091
1,950
429
463
781
277
6,315
1,601
1,672
1,934
1,108
17,142
3,978
5,600
4,697
2,867
17,377
3,845
5,923
4,485
3,124
27,402
6,078
9,894
6,458
4,972
21,630
5,375
8,741
4,459
3,055
16,265
3,041
7,729
3,020
2,475
209,220
58,38176,025
46,601
28,213
232,011
97,110
60,252
74,649
1,064
322
453
289
4,080
1,716
1,282
1,082
12,394
5,355
3,334
3,705
13,173
6,377
3,068
3,728
20,374
9,671
4,115
6,588
15,285
6,806
3,252
5,227
12,320
5,803
2,247
4,270
153,321
61,060
42,501
49,760
Net profits before income taxes
Taxes on net income
Federal
State
830,233
183,013
168,492
14,521
5,641
696
648
48
19,404
2,449
2,274
175
49,263
6,181
5,779
402
47,578
6,978
6,571
407
65,740
11,546
10,930
616
50,779
10,222
9,720
502
53,090
12,421
11,730
691
538,738
132,520
120,840
11,680
Net profits
647,220
4,945
16,955
43,082
40,600
54,194
40,557
40,669
406,218
Cash dividends declared
4
224,996
9,677
215,319
1,611
77
1,534
5,279
194
5,085
13,037
690
12,347
12,075
934
11,141
16,182
1,390
14,792
11,308
808
10,500
11,683
1,287
10,396
153,821
4,297
149,524
Recoveries on securities
Profits on securities
Recoveries on loans
All other
.
Losses and charge-offs
On securities
On loans
All other
On preferred stock
On common stock
,
,. ...
.,..». . . .
18,630,248 121,116
67,453,837 325,876
5,199,964 36,377
5,799
924,938
25,751,294 236,950
395,984
982,224
893,527 1,265,133
982,207 1,139,991 12,850,066
1,304,134 3,762,689 4,059,350 5,764,379 4,452,817 5,046,389 42,738,203
143,472
446,690 445,304
586,949
343,902
335,001 2,862,269
20,271
61,678
66,596
106,879
79,456
80,349
503,910
782,444 1,908,819 1,768,498 2,433,933 1,894,815 2,114,443 14,611,392
Total assets
118,307,931 726,482
2,647,747 7,167,588 7,242,222 10,175,776 7,774,778 8,738,505 73,834,833
Time deposits
Total deposits
Total capital accounts
19,282,340 164,638
110,555,479 661,640
6,932,763 64,063
689,222 2,022,691 2,155,623 2,755,729 1,677,930 1,545,607 8,270,900
2,455,745 6,683,551 6,772,680 9,559,371 7,315,043 8,288,070 68,819,379
189,689
475,126 455,538
594,045
434,869
422, f
4,296,591
Loans
._
U. S. Government securities
Other securities
Real-estate assets -.
Cash assets.
Number of officers
Number of employees
Number of banks included
r
,
37,482
192,265
2,074
1,527
4,583
5,108
7,590
13,585
6,782
932
1,664
2,118
4,638
14,464
4,2371
21,052|
617|
2,295
15,335
2,100
16,248
9,965
104,946
1
Totals are for all banks that submitted reports covering the entire year, except 3 trust companies and 1 national bank having no deposits.
See footnotes on p. 491.
MAY
1945
495
MEMBER BANK EARNINGS, 1944—Continued
NATIONAL BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total 1
1,000 and
under
1,0002,000
i 2,0005,000
5,00010,000
10,00025,000
25,00050,000
50,000100,000
Over
100,000
1,198,659
628,023
358,248
8,579
59,754
34,890
37,294
71,871
11,236
4,256
5,055
44
721
729
14
417
38,908
16,475|
15,688
131
2,852
2,180
77
1,505
103,552
48,502
37,075
344
7,740
4,758
595
4,538
98,505
49,893
30,262
315
7,605
3,553
1,653
5,224
127,105
64,853
36,583
354
10,071
4,206
3,318
7,720
79,612
41,716
21,345
425
5,285
2,324
2,615
5,902
95,936
49,466
27,207
442
5,263
2,689
3,745
7,124
643,805
352,862
185,033
6,524
20,217
14,451
25,277
39,441
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees —
Interest on time deposits
Interest on borrowed money
Taxes other than on net income
Recurring depreciation on banking house, furniture, and fixtures
Other current expenses
720,062
121,517
207,253
6,353
96,538
449
' 53,602
7,777
2,801
904
170
1,167
5
523
26,185
7,982
3,902
595
4,733
4
1,794
69,126
17,055
13,320
1,412
12,827
25
5,138
66,090
13,353
15,351
1,035
12,209
23
4,792
84,795
14,739
22,687
969
13,891
32
6,167
51,947
8,198
14,642
433
6,990
25
4,354
60,423
9,536
18,156
442
7,450
85
4,422
353,719
47,853
118,291
1,297
37,271
250
26,412
^24, 38,
209,965
293
1,914
1,002
6,173
2,737
16,612
2,589
16,738
3,089
23,221
1,742
15,563
2,068
18,264
10,865
111,480
Net current earnings. .
478,597
3,459
12,723
34,426
32,415
42,310
27,665
35,513
290,086
Recoveries, profits on securities, etc
Recoveries on securities
Profits on securities
Recoveries on loans
All other
193,442
1,501
330
359
602
210
4,708
1,162
1,323
1,475
748
13,232
12,656
3,101
4,493
3,623
2,015
2,839
4,256
3,291
2,270
17,530
3,328
6,367
4,963
2,872
13,167
3,049
5,492
2,981
1,645
11,924
2,415
5,590
2,120
1,799
118,724
34,018
40,786
31,096
12,824
Losses and charge-offs.
On securities
On loans
All other
142,322
67,523
41,004
33,795
883
264
383
236
3,159
1,287
1,056
816
9,783
4,323
2,539
2,921
10,102
5,066
2,260
2,776
12.671
6,090
2,
3,973
9,244
4,993
1,546
2,705
8,517
4,525
1,513
2,479
87,963
40,975
29,099
17,889
Net profits before income taxe
Taxes on net income
Federal
State
529,717
120,194
111,442
8,752
4,077
517
478
39
14,272
1,
1,644
144
37,875
4,692
4,377
315
34,969
5,
4,751
331
47,169
8,296
7,821
475
31,588
6,597
6,353
244
38,920
9,217
8,763
454
320,847
84,005
77,255
6,750
Net profits
409,523
3,560
12,484
33,183
29,887
38,873
24,991
29,703
236,842
Cash dividends declared
On preferred stock4
On common stock
143,691
5,284
138,407
1,212
64
1,148
4,057
143
3,914
10,369
411
9,958
9,177
539
8,638
11,550
756
10,794
6,603
344
6,259
681
7,399
92,643
2,346
90,297
Earnings
Interest and dividends on securities
Interest and discount on loans
Service charges and fees on loans
Service charges on deposit accounts
Other charges, commissions, fees, etc
Trust department
Other current earnings
50,242
68,666
50,151
24,383
Loans
U. S. Government securities.,
Other securities
Real-estate assets
Cash assets
11,468,369 86,813
43,194,286 229,042
3,532,363 27,985
574,391
4,507
17,517,356 169,112
635,673
586,411
825,988 7,438,198
286,141
881,630
727,515
953,105 2,887,067 3,062,949 4,183,270 2,818,406 3,558,636 25,501,811
334,976
110,645
353,921
420,858
249,095
257,188 1,777,695
16,048
48,368
47,559
73,131
45,455
52,170
287,153
576,770 1,484,544 1,368,603 1,814,221 1,308,582 1,605,304 9,190,220
Total assets.
76,498,767 517,725
1,943,812 5,504,525 5,456,740 7,385,887 5,019,859 6,315,276 44,354,943
Time deposits
Total deposits
Total capital accounts.
12,910,313 114,224
71,700,449 468,229
4,253,508 48,826
496,109 1,508,161 1,538,268 1,873,326
987,447 1,013,154 5,379,624
1,797,067 5,126,190 5,109,181 6,947,803 4,747,549 5,998,308 41,506,122
338,820
422,642
296,638! 2,371,526
145,050 371,995
258,011
Number of officers
Number of employees..
Number of banks included.
26,36:
121,65;
5,oo;
1,470
1,110
3,348
5,821
10,325
1,212
1,624
3,503
10,674
3,056
14,774
1,335
9,177
1,443
11,041
6,391
60,716
See footnotes on pp. 491 and 495
496
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1944—Continued
STATE MEMBER BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total 1
1,000 and
under
1,0002,000
2,0005,000
5,00010,000
10,00025,000
25,00050,000
50,000100,000
Over
100,000
4,259
1,551
1,949
9
291
298
2
159
13,773
5,313
6,012
51
988
857
45
507
31,711
13,065
12,902
143
2,398
1,472
435
1,296
34,719
15,319
12,492
245
2,527
1,264
980
1,892
52,753
24,432
16,955
251
3,831
1,801
2,131
3,352
52,021
23,393
16,436
206
3,1
1,396
4,109
3,392
40,841
20,761
10,621
181
2,101
1,258
3,255
2,664
438,256
225,318
111,588
5,224
10,317
9,790
53,585
22,434
2,963
1,086
326
61
456
"'214
9,327
2,965
1,285
208
1,727
2
621
21,622
5.477
4,059
395
4,247
3
1,473
23,760
4,666
5,504
343
4,790
15
1,613
36,351
6,033
9,778
374
6,923
22
2,501
35,252
5,814
10,121
338
5,680
68
2,543
27,209
4,107
8,449
172
3,996
12
2,180
245,503
34,886
89,296
1,228
19,468
385
17,793
292
2,227
4,446
736
5,232
813
6,016
1,167
9,553
1,109
9,579
800
7,493
5,514
76,933
266,346
97
723
1,296
10,089
10,959
16,402
16,769
13,632
192,753
123,859
32,486
47,381
22,284
21,708
449
99
104
179
67
1,607
439
349
459
360
3,910
877
1,107
1,074
852
4,721
1,006
1,667
1,194
854
9,872
2,750
3,527
1,495
2,100
8,463
2,326
3,249
1,478
1,410
4,341
626
2,139
900
676
90,496
24,363
35,239
15,505
15,389
89,689
29,587
19,248
40,854
181
58
70
53
921
429
226
266
2,611
1,032
795
784
3,071
1,311
808
952
7,703
3,581
1,507
2,615
6,041
1,813
1,706
2,522
3,803
1,278
734
1,791
65,358
20,085
13,402
31,871
Net profits before income taxes.
Taxes on net income
Federal
State
300,516
62,819
57,050
5,769
1,564
179
170
9
5,132
661
630
31
11,388
1,489
1,402
87
12,609
1,896
1,820
76
18,571
3,250
3,109
141
19,191
3,625
3,367
258
14,170
3,204
2,967
237
217,891
48,515
43,585
4,930
Net profits
237,697
1,385
4,471
9,899
10,713
15,321
15,566
10,966
169,376
81,305
4,393
76,912
399
13
386
1,222
51
1,171
2,668
279
2,389
2,898
395
2,503
4,632
634
3,9981
4,705
464
4,241
3,603
606
2,997
61,178
1,951
59,227
Loans
U. S. Government securities..
Other Securities
Real-estate assets
Cash assets
7,161,879
24,259,551
1,667,601
350,547
8,233,938
34,303
96,834
8,392
1,292
67,838
109,843
351,029
32,827
4,223
205,674
254,709
875,622
92,769
14,119
424,275
314,003 5,411,868
395,796
257,854 383,503
996,401 1,581,109 1,634,411 1,487,753 17,236,392
77,813 1,084,574
166,091
110,328
94,807
216,757
28,179
18,228
33, 748
34,001
509,139 5,421,172
399,895
619,712
586,233
2,789,889 2,754,919 2,423,229 29,479,890
Earnings
Interest and dividends on securities
Interest and discount on loans
Service charges and fees on loans
Service charges on deposit accounts
Other charges, commissions, fees, etc
Trust department
Other current earnings
668,333
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees
Interest on time deposits
Interest on borrowed money
Taxes other than on net income
Recurring depreciation on banking house, furniture, and fixtures
Other current expenses
401,987
65,034
128,818
3,119
47,287
507
28,938
Net current earnings
Recoveries, profits on securities, etc
Recoveries on securities
Profits on securities
Recoveries on loans
All other
Losses and charge-offs
On securities
On loans
All other
Cash dividends declared.
On preferred stock4
On common stock
329,152
188,955
6,310
25,542
18,136
64,542
35,696
10,528
117,756
Total assets..
41,809,164
208,757
703,935 1,663,063
Time deposits
Total deposits
Total capital accounts.
6,372,027
38,855,030
2,679,255
50,414
193,411
15,237
532,453 2,891,276
882,403
514,530
690,483
193,113
617,355
658,678 1,557,361 1,663,499 2,611,568 2,567,494 2,289,762 27,313,257
126,204 1,925,065
44,639
116,718
171,403
176,858
103,131
Number of officers
Number of employees..
Number of banks..
11,115
70,610
604
417
263
1,779
1,235
1,270
1,769
3,260
1,135
3,790
1,1811
6,278
960
6,158
452
494
235
168
75
657
5,207
3,574
44,230
58
See footnotes on pp. 491 and 495.
MAY
1945
497
MEMBER BANK EARNINGS, 1944—Continued
RATIOS OF ALL MEMBER BANKS, B Y CLASSES
[Computed from aggregate dollar amounts; ratios expressed as percentages]
All
national
member
banks
All member banks
Item
1941
1942
All
State
member
banks
1943
Central reserve
city member
banks
NewYork
Chicago
Reserve
city
member
banks
Country
member
banks
Year 1944
Summary ratios:
Percentage of total capital
accounts:
Net current earnings 2 3
Profits before income taxes
Net profits after taxes
Cash dividends declared
Percentage of total assets;
Total earnings
Net current earnings 2 3
Net profits after taxes
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on securities..
Earrrngs on loans 5
Service charges on deposit accounts..
Other current earnings
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses 2 3
Total expenses 2
3
Net current earnings
2 3
....
Net charge-offs, etc. (or
recoveries + ) 3
Taxes on net income
Net profits after taxes
Rates of earnings o n securities a n d
and loans:
Percentage of total securities:
Interest and dividends on securities..
Net losses (or recoveries and
profits + )
r
6.7
3.6
8.1
7.5
6.4
3.4
r
9.7
10.7
8.8
3.3
11.1
12.4
9.7
3.4
11.7
12.9
10.0
3.5
10.3
11.6
9.1
3.1
10.1
12.2
9.1
3.7
14.5
15.9
12.0
3.8
12.2
12.7
9.7
3.5
10.5
11.7
9.8
2.9
2.2
.7
.6
2.0
r
.7
.5
1.7
r
.6
1.7
.7
.6
1.7
.7
.6
1.7
.7
.6
1.4
.7
.6
1.6
.8
1.7
.6
. .6
.7
.5
2.0
.7
.6
51.2
30.1
4.6
14.1
52.4
30.6
5.0
12.0
49.1
29.1
3.8
18.0
56.4
25.2
1.9
16.5
58.6
25.2
.9
15.3
50.1
31.2
4.5
14.2
48.3
32.4
7.4
31.4
47.0
4.6
17.0
36.3
43.6
15.5
46.4
34.1
4.6
14.9
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
30.0
9.9
29.8
31.0
29.5
7.5
28.0
27.4
22.7
5.9
28.3
7.9
r
25.9
24.4
29.0
11.5
25.5
69.7
27.8
24.6
27.1
1.1
r
29.1
7.0
24.1
24.7
r
63.0
60.1
60.2
22.6
67.4
60.1
22.6
r
50.8
51.2
60.9
32.6
37.0
39.9
49.2
48.8
39.1
2.3
4.5
25.8
+3.8
+4.6
9.8
34.7
+10.3
15.3
44.2
+4.6
+1.7
27.5
1.9
1.7
1.4
1.5
1.5
1.4
1.3
1.5
1.4
1.6
,2
.1
+.1
+ .2
+ .1
+.2
+.3
+.04
+.1
+.1
3.8
.05
+ .1
+.2
2.4
3.3
.1
+ .2
54.9
4.1
16.2
23.5
.9
30.3
2.8
4.6
8.6
7.0
33.8
7.7
Percentage of total loans:
Earnings on loans 5
Net losses (or recoveries + )
4.0
.1
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real-estate assets
27.3
9.2
25.7
35.5
1.9
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities
and cash assets
Total deposits
8.9
8.2
6.7
23.9
9.9
24.4
9.0
27.6
7.2
6.6
21.2
18.8
16.2
16.9
1.1
1.0
.9
.8
Time to total deposits
Interest on time deposits to time deposits
r
35.0
8.0
23.7
31.3
1.6
r
3.5
51.1
5.6
17.2
24.6
1.1
8.1
39.9
+4.3
10.0
34.2
39.8
+5.1
9.4
35.5
i3.0
40.4
6.7
12.6
34.0
9.6
31.2
+4.2
6.3
31.9
3.2
3.4
2.9
1.9
+ .1
+ .1
+ .05
+ .1
55.4
4.7
16.2
22.5
.9
54.9
4.9
15.5
23.5
.9
56.2
4.4
17.5
20.6
1.0
57.9
3.7
18.9
18.3
.7
56.6
5.4
17.0
20.5
.3
5.3
5.4
27.8
27.0
29.2
7.3
29.1
7.6
25.3
5.8
30.7
3.6
23.2
5.7
9.3
18.0
27.7
.5
1.1
5.8
6.2
4.7
53.7
6.0
14.0
24.9
1.2
6.6
7.0
.9
" Beginning with 1942, includes "Service charges and fees on loans", an item previously included in "other earnings."
For other footnotes, see p. 491.
NOTE.—The ratios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios
vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank's figures—regardless of
size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates, presented
here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 100 largest member banks have total earnings which, combined, are approximately equal to those of all the other member banks,
numbering about 6700.) Ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in
studying the financial results of operations of individual banks.
498
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 19'4A—Continued
RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Summary ratios:
Percentage of total capital accounts:
Net current earnings
Profits before income taxes. .
Net profits after taxes
Cash dividends declared
Boston
New
York
Philadelphia
Cleveland
Richmond
9.5
10.6
7.6
3.2
10.0
12.2
9.3
3.5
9.5
9.0
7.3
3.2
8.8
9.4
7.7
2.4
10.9
13.2
10.0
3.3
1.8
.7
.5
1.6
.7
.6
2.1
.8
.6
1.8
.7
.6
48.2
29.6
4.8
17.4
55.1
26.6
3.0
15.3
53.6
27.1
3.1
16.2
100.0
100.0
28.6
8.2
25.6
27.6
4.3
23.5
Percentage of total assets:
Total earnings
Net current earnings....
Net profits after taxes.
San
Francisco
Chicago
St..
Louis
13.3
14.4
11.2
3.3
13.2
14.4
11.5
3.2
11.5
13.0
10.8
3.5
12.2
13.7
10.9
3.3
12.3
13.3
10.4
3.4
12.4
12.9
10.0
3.9
15.8
15.8
12.5
4.4
1.7
.6
.6
1.8
1.6
1.7
.6
.6
1.9
.7
.6
1.6
.6
.5
1.7
.6
.5
1.9
.7
.6
53.0
29.0
4.1
13.9
48.6
32.2
6.1
13.1
48.1
29.0
6.2
16.7
56.0
26.8
4.8
12.4
47.7
34.3
4.7
13.3
48.9
29.2
5.9
16.0
45.3
34.6
7.2
12.9
40.8
39.0
6.7
13.5
44.9
38.1
5.7
11.3
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
26.9
8.5
24.8
25.7
10.6
27.0
29.0
9.2
25.9
26.9
6.8
28.7
26.8
9.8
23.4
28.6
7.2
27.5
29.2
9.9
24.1
30.6
4.4
26.2
31.1
3.2
29.3
30.0
11.9
20.6
Atlanta
Minne- Kansas Dallas
apolis
City
.7
.6
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on sees..
Earnings on loans
Service charges on deposit accts...
Other current earnings.
Total earnings..
Salaries and wages
Interest on time deposits .
Other current expenses.
Total expenses.
Net current earnings..
Net charge-offs, etc. (or recoveries + ) . . .
Taxes on net income
Net profits after taxes
62.4
55.4
60.2
63.3
64.1
62.4
60.0
63.3
63.2
61.2
63.6
62.5
37.6
44.6
39.8
36.7
35.9
37.6
40.0
36.7
36.8
38.8
36.4
37.5
+4.7
12.2
30.1
+9.4
2.0
7.4
30.4
+2.6
+7.8
+3.2
+3.6
+5.0
+4.2
+3.2
+1.7
#
12.6
41.4
7.0
32.3
10.7
33.0
9.2
31.6
8.9
34.7
34!6
8.2
32.8
9.1
32.9
8.6
29.5
+ .1
8.0
29.6
Rates of earnings on securities andloans:
Percentage of total securities:
Interest and dividends on sees
Net losses (or recoveries and profits + ) 1 . .
1.4
1.4
1.8
1.6
1.5
1.6
1.5
1.5
1.5
+ .1
+ .3
+ .2
+ .1
-S- ?
+ .1
+ .05
+.1
+ .1
Percentage of total loans:
Earnings on loans
Net losses (or recoveries + ) 1
+ .1
3.5
3.7
3.4
+ .1
+ .2
+ .1
+ .0
3.2
+ .2
3.4
+.1
+ .3
Distribution of assets:
Percentage of total assets:
U. S. Government securities...
Other securities
Loans
Cash assets
Real-estate assets
58.3
3.3
16.5
20.4
1.1
58.1
4.0
18.1
18.5
.9
5.8
~1i 54.8
15.4
53.7
3.3
15.2
26.3
1.1
48.6
5.7
15.3
29.0
1.1
57.4
5.5
13.7
22.6
.5
50.2
5.6
17.2
26.1
.7
56.6
3.9
14.1
24.4
.7
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities
and cash assets
Total deposits
7.3
6.9
8.7
7.7
5.7
5.0
5.0
5.5
5.2
5.1
4.6
34.2
7.9
36.6
9.5
33.9
8.3
28.7
6.1
22.4
5.3
25.0
5.3
23.0
5.8
29.5
5.9
26.8
5.5
23.3
5.4
20.0
4.8
Time to total deposits
Interest on time deposits to time deposits..
16.3
1.0
29.6
7.6
10.0
.7
22.5
.9
24.4
.9
18.4
.9
14.5
.9
19.9
.9
15.5
.8
20.7
.9
9.6
.8
7.6
.8
29.8
.8
1
3.3
2.3
14.4
20.9
1.6
22.6
1.1
3.9
5.6^
+ .0
1.5
1.4
+ .0
+ .1
+ .3
4.1
3.8
+ .1
4.3
.3
47.6
4.8
13.8
33.1
.6
44.0
3.0
17.6
34.2
1.0
55.4
4.8
16.9
21.7
.9
1.4
Ratios of less than .005 are shown as .0
MAY
1945
499
MEMBER BANK EARNINGS, 1944—Continued
R A T I O S O F RESERVE C I T Y M E M B E R B A N K S * B Y FEDERAL R E S E R V E D I S T R I C T S
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Boston
Summary ratios:
Percentage of total capital accounts:
N e t current earnings
Profits before income taxes
•Net profits after taxes
Cash dividends declared
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
City
apolis
Dallas
San
Francisco
11.5
10.6
7.8
4.4
8.7
8.8
7.0
2.4
10.8
14.6
10.5
3.6
13.7
14.1
10.5
3.5
12.7
13.6
10.8
2.6
11.6
13.7
11.0
3.9
13.0
14.2
10.5
3.5
12.3
13.3
10.1
3.0
12.2
12.9
9.4
3.6
16.0
1.6
.7
.5
2.0
.6
1.9
.9
.6
1.7
.7
.6
1.5
.5
.5
1.7
.7
.5
1.5
.5
.4
1.6
.6
.6
1.5
'.5
1.4
.6
.5
1.6
.6
.5
1.9
.7
.6
44.1
32.9
2.0
21.0
47.3
29.6
5.6
17.5
56.3
21.8
1.9
20.0
54.7
26.9
2.9
15.5
53.8
25.1
5.3
15.8
47.2
29.5
4.5
18.8
58.3
26.1
6.5
9.1
47.6
34.8
2.7
14.9
54.4
27.1
4.3
14.2
51.1
29.9
4.7
14.3
45.5
34.9
3.5
16.1
45.5
37.9
5.6
11.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
28.0
2.6
23.7
31.1
9.3
28.4
28.5
1.8
24.6
24.9
8.1
26.7
29.6
6.4
28.2
24.8
5.8
30.9
29.3
11.7
23.8
28.2
5.3
28.6
27.9
4.8
23.7
27.4
3.7
27.8
28.0
4.2
30.0
29.9
11.7
20.3
Salaries and wages
Interest on time deposits
Other current expenses
15. &
12.4
4.5
54.9
59.7
61.5
64.8
62.1
56.4
58.9
62.2
61.9
45.7
31.2
45.1
40.3
38.5
35*2
37.9
43.6
41.1
37.8
38.1
+2.8
+9.9
+ .5
+12.5
13.4
34.9
+2.3
+4.1
+2.1
10.1
29.6
+7.1
+3.2
1.9
39.2
8.3
32.5
+1.2
19.0
29.5
3.5
11.2
30.4
7.7
29.8
8.8
36.2
12.3
35.4
10.7
33.6
11.0
28.9
.5
8.1
29.5
1.7
.3
1.3
1.4
1.4
+ .05
1.4
.09
54.3
.:
N e t current earnings
Net charge-offs, etc. (or recoveries + ) . . .
Taxes on net income
Net profits after taxes
Cleveland
10.0
13.1
12.5
1.9
Sources a n d d i s p o s i t i o n of e a r n i n g s :
Percentage of total earnings:
Interest and dividends on sees
Earnings on loans
Service charges on deposit accts
Other current earnings
Total expenses
Philadelphia
10.2
10.8
6.6
3.7
Percentage of total assets:
Total earnings
Net current earnings
N e t profits after taxes
Total earnings
NewYork
R a t e s of e a r n i n g s o n s e c u r i t i e s a n d i o a n s :
Percentage of total securities:
Interest and dividends on sees
Net losses (or recoveries and profits + ) .
Percentage of total loans:
Earnings on loans
Net losses (or recoveries + ) 1
1.3
+ .1
1.6
+.6
1.5
2.7
1.4
+ .3
2.7
1.5
+ .06
1.3
+ .05
+ .1 + .02
2.5
.04
3.4
.03
2.9
.3
D i s t r i b u t i o n of a s s e t s :
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real-estate assets
55.5
1.5
21.4
20.0
.8
56.5
2.9
17.4
21.0
2.0
56.3
5.5
14.2
22.1
1.2
Other ratios:
Total capital accounts t o :
Total assets
Total assets less Government securities
and cash assets
Total deposits
6.3
7.4
7.9
5.1
4.8
4.1
5.1
30.0
8.0
27.9
6.7
34.2
8.1
35.3
8.6
28.8
5.4
19.4
5.1
24.9
4.3
19.9
5.4
Time to total deposits
Interest on time deposits to^time deposits...
5.1
.9
27.1
.7
5.7
.6
18.0
11.6
.9
22.7
10.5
1.4
+ .01
+ .08
+ .1
+ .04
+ .01
+ .1
+ .1
+ .2
3.2
+ .2
+ .0
4.2
.4
56.1
4.3
16.7
21.6
1.0
57.4
2.1
14.0
25.0
1.2
47.9
5.5
17.8
27.3
1.1
60.2
4.1
11.5
23.5
.4
50.2
4.9
19.9
24.0
.7
57.9
2.5
15.3
23.4
.7
49.4
4.6
13.7
31.3
.6
47.9
1.9
17.4
31.4
1.3
55.5
5.0
17.2
21.1
.9
4.8
4.9
27.4
5.4
24.8
5.0
23.6
5.1
19.5
4.8
8.2
.7
8.9
.8
30.0
2.8
3.3
2.7
2.7
3.1
* N o t including central reserve city banks.
Ratios of less than .005 are shown as .0.
1
5OO
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1944—Continued
RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Computed from aggregate dollar amounts; ratios expressed as percentages]
Federal Reserve district
Item
Boston
Summary ratios:
Percentage of total capital accounts:
Net current earnings
Profits before income taxes
Net profits after taxes
Cash dividends declared
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
apolis
City
Dallas
San
Francisco
8.9
10.5
8.3
2.8
9.7
11.8
10.0
2.6
8.1
7.9
6.9
2.5
8.9
10.5
9.0
2.5
11.0
12.3
9.7
3.1
13.0
14.7
11.8
3.0
11.9
13.2
11.3
2.8
11.4
12.3
10.5
3.1
11.7
13.3
11.2
3.1
12.2
13.3
10.8
3.9
12.6
13.1
10.8
4.2
14.6
16.3
13.1
3.5
2.0
.6
.6
2.1
.7
.7
2.2
.8
.7
2.1
.7
.7
1.9
.7
.6
1.8
.7
.6
1.9
1.9
2.1
2.0
1.9
.6
.6
.7
.6
.6
2.0
.7
.6
50.7
27.5
6.6
15.2
52.0
30.5
6.2
11.3
51.4
31.3
4.0
13.3
50.7
31.7
5.8
11.8
44.7
37.3
6.8
11.2
48.9
28.5
7.8
14.8
51.1
29.3
7.6
12.0
47.8
33.8
6.8
11.6
45.6
30.4
6.9
17.1
38.5
40.1
10.1
11.3
36.4
42.9
9.6
11.1
42.3
39.0
6.1
12.6
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
28.9
11.6
26.9
28.7
13.6
25.5
25.6
13.8
25.0
26.8
13.9
27.4
28.6
11.4
24.1
28.8
7.6
26.7
29.1
12.6
24.0
29.0
9.1
26.5
30.0
12.9
24.3
34.4
5.2
24.3
33.9
2.3
28.7
30.5
13.2
22.5
Total expenses
67.4
67.8
64.4
68.1
64.1
63.1
65.7
64.6
67.2
63.9
64.9
66.2
Net current earnings...
32.6
32.2
35.6
31.9
35.9
36.9
34.3
35.4
32.8
36.1
35.1
33.8
+6.0
+6.8
.8
4.4
30.4
+5.4
+4.5
+4.9
+3.7
+2.8
+4.3
5.8
31.3
+3.2
7.3
32.0
+1.3
+3.8
Percentage of total assets:
Total earnings
Net current earnings
Net profits after taxes
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on sees
Earnings on loans
Service charges on deposit accts
Other current earnings
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Net charge-offs, etc. (or recoveries + ) . . . .
Taxes on net income
Net profits after taxes
Rates of earnings on securities and loans:
Percentage of tota securities:
Interest and dividends on sees
Net losses (or recoveries and piofits+).
8.1
30.5
1.5
+ .2
5.8
33.2
5.4
31.9
8.7
31.7
8.4
33.4
5.4
32.6
5.3
32.9
6.3
30.1
+ .2
+ .1
+ .1
+ .2
+ .1
1.6
+ .2
+ .05
+ .1
1.5
.01
1.6
.04
1.7
1.8
1.7
1.6
1.6
1.6
1.6
7.3
30.31.5
+ .1
Percentage of total loans:
Earnings on loans
Net losses (or recoveries + )
+ .3
+ .2
4.5
4.8
.1
4.9
+ .3
+ .2
4.4
4.1
.01
+.2
4.8
4.6
+ .1
5.0
+.4
5.7
+ .3
+ .2
4.5
5.2
+ .2
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real-estate assets
60.4
4.6
12.8
20.7
1.3
59.4
5.5
14.6
18.8
1.4
54.6
8.8
14.6
19.9
2.1
52.8
8.4
13.3
24.2
1.3
50.4
4.4
16.3
27.5
1.1
49.3
6.0
12.9
30.5
1.1
55.3
7.3
11.8
24.7
.8
50.1
6.4
14.0
28.6
.9
55.5
5.1
13.0
25.3
.8
44.6
5.0
13.9
35.8
.6
39.6
4.2
18.0
37.3
.8
54.7
4.0
15.0
25.2
.9
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government securities
and cash assets
Total deposits
7.2
7.1
9.8
7.3
6.3
5.2
5.6
5.9
6.0
5.8
5.2
4.7
38.2
7.8
32.3
7.6
38.5
10.9
31.8
7.9
28.5
6.7
27.8
5.9
27.7
6.3
31.1
6.4
29.9
6.2
22.7
5.5
23.1
4.9
Time to total deposits
Interest on time deposits to time deposits...
24.6
1.0
36.3
.9
38.3
.9
34.6
.9
22.9
1.0
25.8
5.5
17.3
.9
31.5
.8
21.6
.9
30.1
1.0
11.8
.9
6.1
.8
28.6
1.0
MAY
1945
4.2
501
INTERNATIONAL FINANCIAL STATISTICS
PAGB
Gold reserves of central banks and governments. .
504
Gold production. .
505
Gold movements. .
505
Net capital movements to United States since January 2. 1935. .
506
Central banks
507-510
Money rates in foreign countries .
511
Commercial banks. .
511
Foreign exchange rates . .
513
Price movements:
Wholesale prices .
514
Retail food prices and cost of bvm^. .
515
Security prices .
515
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 arc compiled for the most part from regularly published sources such as central and commercial
bank statements and official statistical bulletins; some data arc reported to the Board directly. Figures
on international capital transactions of the United States are collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 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.
AY 1945
503
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
Argen- 1
tina
Belgium
1938—Dec.
1939—Dec.
1940—Dec...
1941—Dec...
1942—Dec.
1943—Dec...
14,512
17,644
21,995
22,737
22,726
21,938
431
466
353
354
581
609
734
734
735
1944—Apr...
May..
June.
July..
Aug...
Sept..
Oct...
Nov..
Dec...
1945—Jan...
Feb...
Mar..
21,429
21,264
21,173
20,996
20,926
20,825
20,727
20,688
20,619
20,550
20,506
20,419
381
386
391
397
408
409
409
409
409
409
409
End of month
734
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—Apr..
May.
June.
July.
Aug..
Sept.
Oct..
Nov.
Dec.
1945—Jan..
Feb..
Mar.
24
24
24
24
24
24
24
24
105
115
115
115
115
End of month
End of month
Sweden
Switzerland
734
734
734
734
734
732
732
715
Brazil
Chile
Colombia
Cuba
30
30
30
30
36
51
24
21
17
16
25
59
1
1
1
16
46
83
56
58
61
61
61
61
71
76
86
91
101
101
101
111
61
61
61
61
61
61
61
61
Norway
Peru
274
274
274
274
274
274
192
214
2
7
5
276
296
297
297
298
298
313
314
329
330
340
274
274
274
274
274
274
274
274
274
274
274
4
6
6
6
Japan
193
144
120
164
164
164
5
164
Java
80
90
140
235
3
216
United
Kingdom
Uruguay
6
5
5
5
6
5
6
7
6
5
56
56
56
56
56
56
56
56
56
57
57
82
84
86
88
89
90
91
92
94
95
97
New
Mexico Netherlands lealand
29
32
47
47
39
203
998
692
617
575
506
500
23
23
23
23
23
23
227
226
224
222
220
220
221
222
222
222
221
220
500
500
500
500
500
500
500
500
23
23
23
23
23
23
23
23
23
23
23
Venezuela
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
321
308
160
223
335
387
701
549
502
665
824
964
29
29
88
92
114
161
2,690
7
1
1
1
1
1
69
68
90
100
89
121
52
52
29
41
68
89
1944—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
426
430
432
435
449
454
456
462
463
477
475
1,004
1,010
1,023
1,030
1,029
1,033
1,029
1,040
1,052
p
l,O58
p
l,061
p
l,O72
191
191
210
221
221
221
221
221
221
221
1
1
1
1
1
1
1
1
1
1
1
1
131
136
139
142
148
149
149
151
157
159
100
110
110
110
110
110
110
125
130
130
147
147
p
r
1
Yugoslavia
57
59
82
3
83
B.I.S.
94
3
84
20
20
20
21
25
31
Egypt
France
Germany
53
53
52
44
44
44
55
55
52
52
52
52
2,430
2,709
2,000
2,000
2,000
2,000
29
29
29
29
29
29
44
44
44
44
44
44
44
44
44
52
52
52
52
52
52
52
52
52
2,000
2,000
2,000
Poland Portugal
3
84
34
34
34
36
34
32
32
32
32
30
30
30
Other
coun-6
tries
69
69
59
59
59
60
60
60
60
60
60
60
60
60
60
14
7
12
12
21
45
166
178
170
166
185
229
39
39
39
39
39
39
39
36
37
37
238
242
242
243
244
244
244
244
245
245
246
246
1,777
1,777
1,777
29
Ruma-
South
Africa
133
152
158
182
241
316
369
220
249
367
366
634
706
727
741
749
760
778
785
796
811
814
829
834
Greece
27
28
Spain
4
525
42
42
91
98
101
104
104
104
104
104
104
105
106
Government gold reserves 1 n o t included
i n previous figures
End of month United
States
Preliminary.
Revised to include Bulgaria, formerly shown separately.
Figures through March 1940 and figure for December 1942 and December 1943 include, in addition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold belonging to the Argentine Stabilization Fund.
2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control 3Board. Gold reported since that time is gold held by Minister of Finance.
Figures relate to last official report dates for the respective countries, as follows: Greece—
Mar. 31, 1941; Java—Jan. 31,1942; Norway—Mar. 30,1940; Poland—July 31, 1939; Yugoslavia
—Feb.
28, 1941.
4
Figure for December 1938 is that officially reported on Apr. 30, 1938.
5
Figure
for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately.
6
These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo,
Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939,Ecuador, El
Salvador,Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia, Lithuania,
Morocco, and Thailand (Siam). Figures for certain of these countries have been carried forward
from7 last previous official report.
Gold holdingsof 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.
504
Czecho- Denslovakia mark
Canada
32
40
51
70
115
254
Italy
Turkey
British
India
1938—Dec ...
1939—Mar. ...
May
June...
Sept....
Dec
1940—June...
Dec. ...
1941—June...
Dec
1942—June. ..
Dec
1943—June....
Dec
1944—Mar.. ..
June. . .
Sept....
80
154
85
164
156
86
48
89
25
8
12
11
43
14
21
25
United
King- France
dom
2
759
1,732
3
876
292
4
151
331
559
477
Belgium
44
17
17
17
17
17
17
17
17
17
17
17
1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
23 Figure for end of September.
Reported figure for total British gold reserves on
Aug. 31,1939, less reported holdings of Bank of England
on that date.
4
Figure for Sept. 1, 1941.
NOTE.—For available back figures and for details
regarding special internal gold transfers affecting
the British and French institutions, see Banking
and Monetary Statistics, p. 526, and BULLETIN for
February 1945, p. 190.
FEDERAL RESERVE BULLETIN
Estimated
world
Total
Year or month production
outside 1 reported
monthly
U.S.S.R.
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943........
1944
823,003
882,533
971,514
1,041,576
1,136,360
1,208,705
1,297,349
1,288,945
1944—Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
South
Africa
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
North and South America
Africa
RhoMe
C
Chi
desia
******l *H °biT I '°
$1 = 15&
24,264
25,477
28,053
28,296
28,532
28,009
29,155
708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1,089,395
968,112
738,471
662,992
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
448,153
429,787
26,641
23,009
^20,762
57,152
53,887
57,227
54,775
55,607
57,226
54,826
54,461
53,675
53,404
p
55,295
p
51,582
36,266
34,879
36,921
36,264
36,430
37,022
35,810
35,821
35,270
34,836
36,216
33,698
1,706
1,771
1,749
1,702
1,763
1,732
1,724
1,714
1,680
1,750
{1,750
f
\,750
27,765
grains of gold fine; i.e.,
12,153 6,549 108,191
7,159 126,325
13,625
7,386 152,509
16,295
20,784 8,018 168,159
8,470 178,143
24,670
8,759 196,391
28,564
32,163 3 8,862 210,109
209,175
32,414
130,963
29,225
48,808
19,740
35,065
18,445
1,575
1,610
1,575
1,435
1,400
1,470
1,540
1,575
1,575
1,610
1,610
1,575
an ounce of fine gold = $35
8,350
104,023 23,135 12,045
9,251
114,971 23,858 11,515
9,018
131,181 26,465 13,632
9,544
143,367 29,591 15,478
165,379 32,306 18,225 10,290
178,303 29,426 19,951 11,376
185,890 30,878 22,117 11,999
9,259
187,081 6 27,969 22,961
6,409
169,446 30,000 20,882
19,789 p 6,081
127,796
19,374 6,860
101,980
2,933
2,936
2,881
2,431
2,959
2,779
3,028
2,863
2,974
2,769
2,463
2,342
,333
,568
,989
,397
,247
,290
,274
,051
,809
,012
,166
,455
2,056
1,363
2,020
1,732
1,901
2,044
1,421
1,370
1,380
1,162
1,882
^1,882
577
486
473
644
639
604
523
560
555
506
{506
'506
Other
Austra-1
British
I Nicara8
7
Ha I India 9
I gua
1,166
868
807
848
1,557
3,506
5,429
7,525
8,623
7,715
7,865
677
665
693
560
590
625
615
653
613
765
672
590
30,559 |I 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
9,940
51,039
8,960
42,525
8,820
28,560
6,545
16,310
1,365
945
1,330
1,435
L,295
MOO
L.365
1,295
1,260
1,470
1,470
1,260
665
665
595
175
385
560
525
560
560
525
560
525
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes,
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows:f 1934, 135 million dollars;1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
P1 Preliminary.
Figure carried forward.
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics.
2
Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944 they represent Gold Coast only.
34 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated a t 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 represent 9total Australia; beginning January 1944, Western Australia only.
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p . 151; July 1938, p . 621; June 1938, p. 540; April 1933, pp. 233-235;
and Banking and Monetary Statistics, p . 524. For annual estimates compiled by the United States Mint for these and other countries in the period
1910-1941, see Banking and Monetary Statistics, p p . 542-543.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) t o : 1
Year or
month
19343
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Jan
Feb
Mar
Apr
May
Tune
July
Aug
Sept
Total
net
imports
United
Kingdom
France
Belgium
Netherlands
Swe- Switzden erland
Other
Latin Philip- AusCanada Mexico Ameri- pine
can Re-2 Islands tralia
publics
South
Africa
1,131,994 499,870 260,223
12
8,902 94,348
1,029
12,402
86,829 30,270 28,153 12,038
1,739,019 315,727 934,243
65
3 227,185
3,498
968
95,171 13,667 29,359 15,335
1,116,584 174,093 573,671
2 7,511
3,351 71,006
8
72,648 39,966 30,790 21,513 23,280
1,585,503 891,531 -13,710 90,859
181
6 54,452 111,480 38,482 39,485 25,427 34,713
6,461
1,973,569 1,208,728 81,135 15,488 163,049 60,146 1,363
401
76,315 36,472 65,231 27,880 39,162
3,574,151 1,826,403
3,798 165,122 341,618 28,715 86,987 612,949 33,610 57,020 35,636 74,250 22,862
4,744,472 633,083 241,778
977 63,260 161,489 90,320 2,622,330 29,880 128,259 38,627 103,777 184,756
982,378
3,779
1
1
1,747
899 412,056 16,791 61,862 42,678 67,492 292,893
315,678
208,917 40,016 39,680
68,938
66,920 - 3 , 2 8 7 13,489
-23,269
-125,093
-101,672
316
400
23,461 -67,200
5,328 -44,711
382
378
311
410
190
367
235
565
84
3,655
93
295
Japan
British
India
4 76,820
75,268
77,892
246,464 50,762
168,740 16,159
165,605 50,956
111,739 49,989
9,444 9,665
All
other
coun-2
tries
21,095
28,529
20,856
8,910
13,301
4
68,623
6
284,208
6
63,071
-4,974
-3,584
-5,938
-10,810
-14,803
-13,271
-14,179
-12,767
-5,299
1
Total net import or net export figures have been released for publication on a twelve months' delayed basis. Figures for Canada and Latin American 2Republics are available on a six months' delayed basis. Figures for other countries are not available for publication subsequent to December 1941.
Figures for Colombia, formerly reported separately, and for Latin American Republics, formerly included under "All other countries," are now shown
under
"Other Latin American Republics."
3
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
4
Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries.
5
Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong,
$20,583,000
from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries.
6
Includes $44,920,000 from U.S.S.R. and $18,151,000 from other countries.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same
publication.
MAY
1945
5°5
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
From Jan. 2, 1935, through-
Increase in foreign banking
funds in U. S.
Total
Total
259.5
1
Official
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936)
899.4
1,412.5
57.7
213.8
350.7
603.3
-2.0
6.1
-4.5
9.8
59.7
207.7
355.2
593.5
155.0
312.8
388.6
361.4
31.8
43.7
40.1
125.2
-6.2
15.8
90.3
316.7
21.1
29.8
29.8
6.0
1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30
1,511.1
1,949.2
2,283.3
2,608.4
578.4
779.0
898.5
930.5
44.4
35.9
37.4
81.1
534.0
743.1
861.1
849.4
390.3
449.0
456.2
431.5
114.4
180.5
272.2
316.2
427.6
524.1
633.3
917.4
.4
16.5
23.2
12.9
1937—Mar. 31
June 30
Sept. 29
Dec. 29
2,931.4
3,561.9
3,911.9
3,410.3
1,121.6
1,612.4
1,743.6
1,168.5
62.8
215.3
364.6
243.9
1,058.8
1,397.1
1,379.0
924.6
411.0
466.4
518.1
449.1
319.1
395.2
493.3
583.2
,075.7
,069.5
,125.1
,162.0
4.1
1«.3
31.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)
3,207.2
3,045.8
3,472.0
3,844.5
949.8
149.9
125.9
187.0
238.5
799.9
660.4
1,180.2
1,425.4
993.2
1,186.9
434.4
403.3
477.2
510.1
618.5
643.1
625.0
641.8
,150.4
,155.3
,125.4
,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
,436.2
,686.5
,927.3
,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
,188.9
,201.4
,177.3
,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)
5,115.9
5,440.7
5,748.1
5,727.6
2,539.0
2,830.1
3,092.8
3,159.0
539.1
922.3
,112.3
,200.8
,999.9
,907.8
,980.5
,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
,095.0
,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2)
Sept.(Oct. 1)
Dec. 31
5,526.5
5,575.4
5,510.3
5,230.7
3,148.8
3,193.3
3,139.5
2,856.2
,307.7
,375.1
,321.7
1,053.7
,841.0
,818.2
,817.7
,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
1942—Mar. (Apr. 1)
June 302
Sept. 30
Dec. 31
1943—Jan. 30
Feb. 27
Mar. 31
Apr. 30
May 29
June 30
5,082.4
5,495.3
5,654.9
5,835.0
2,684.0
3,075.9
3,212.6
3,320.3
932.0
1,211.7
,339.1
,412.0
,752.0
,864.2
,873.5
,908.3
819.7
842.3
858.2
888.8
849.6
838.8
830.5
848.2
624.9
632.0
646.1
673.3
104.3
106.2
107.5
104.4
5,907.7
6,014.9
6,147.1
6,212.3
6,282.6
6,506.4
3,471.1
3,590.1
3,643.4
3,690.5
3,769.6
4,002.6
,536.6
,671.8
,723.1
,801.8
,871.6
2,071.4
,934.5
,918.3
,920.3
,888.6
,898.0
,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
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
,953.0
,985.3
,939.7
,971.5
,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
7,272.9
7,418.6
7,462.9
7,464.3
7,458.9
7,459.6
4,658.2
4,833.2
4,885.4
4,881.0
4,882.7
4,851.7
2,649.3
2,815.7
2,856.0
2,780.5
2,726.8
2,661.4
2,009.0
2,017.5
2,029.4
2,100.6
2,155.9
2,190.3
870.8
843.5
868.0
873.4
872.9
856.6
931.7
924.2
904.1
905.4
903.2
929.8
695.1
698.8
685.8
686.2
680.1
702.4
117.0
118.9
119.6
118.3
119.9
119.1
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
7,423.4
7,440.9
7,430.9
7,460.2
7,530.5
7,475.7
4,740.8
4,732.3
4,661.2
4,680.3
4,775.1
4,612.5
2,622.9
2,589.5
2,498.8
2,489.8
2,541.0
2,372.2
2,117.9
2,142.8
2,162.3
2,190.4
2,234.1
2,240.3
850.6
869.7
883.5
891.3
872.7
805.8
1,005.8
1,009.7
1,026.2
1,025.8
1,025.3
1,019.4
706.9
709.4
737.8
735.8
732.4
911.8
119.3
119.9
122.2
127.1
125.0
126.3
1945—Jan. 31
7,633.1
1,025.9
909.0
July 31
Aug. 31..
Sept. 30
Oct. 30
Nov. 30
Dec. 31
1944—Jan.
Feb.
Mar.
Apr.
May
June
31
29
31
29..
31
30
616.0
786.2
3
4,723.9
3
2,468.7
3
2,255.2
3
848.2
3
126.1
1
This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning
Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of
New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to
government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by
foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic
and consular establishments, etc.).
2
Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BULLETIN for January 1943, p. 98.
3 Ami
'
.
.
.
.
The cumulative figures have been adjusted to exclude the unreal movements introduced into the data by this factor.
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.
506
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Assets of issue
department
Bank of England
(Figures in millions of
pounds sterling)
Gold1
Assets of banking department
Other
assets 2
Cash reserves
Discounts
and advances
Coin
Notes
.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
.2
.2
.2
.2
.2
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5
630.0
5
780.0
5
950.0
5
1,100.0
1944—Apr. 2 6 . . . .
May 3 1 . . .
June 28....
July 26...
Aug. 3 0 . . . .
Sept. 27 . . .
Oct. 25 . . .
Nov. 2 9 . . .
Dec. 2 7 . .
.2
.2
.2
.2
.2
.2
.2
.2
.2
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
.4
.9
1.0
1.5
2.0
2.3
2.3
1.9
1945—Jan. 3 1 . .
Feb. 28...
.2
.2
.2
1,250.0
1,250.0
1,250.0
1.5
1.7
1.5
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.
25. . .
31....
30....
28...
27...
26...
25..
30. . .
29...
28 . . .
27. . .
25. . . .
31
30
29
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4
M a r . 28.
j
I
.7
Liabilities of banking department
Securities
Note
circulation 3
Deposits
Banker s'
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.C
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.C
117.3
135.7
219.5
223.4
234.;
25.8
14.7
19.4
13.4
54.2
45.7
35.9
10.7
11.6
5.8
1.0
1.2
4.7
6.2
4.3
8.8
5.1
5.1
245.6
239.8
282.2
261.7
228.4
252.6
234.9
273.5
317.4
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"
198.5
165.1
217/
199.8
201.5
221.J
203. J
207. C
260.'
30.6
33.1
14.5
6.6
8.5
263.6
261.1
268.4
1,219.6
1,217.1
1,235.8
215.1
207. J5
218.5
7.6
8.5
17.5
9.2
28.5
18.6
Assets
Bank of Canada
(Figures in millions of
s~y
J •
J
11
\
Canadian dollars)
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 3 1 . . . .
1939—Dec. 3 0 . . . .
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
Gold
180.5
179.4
179.8
185.9
225.7
9
f)
!
Sterling
and United
States
dollars
4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
.6
ShorttermG
Other
30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
787.6
83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
472.8
25^9
48.7
45.9
62.8
172.3
172.3
777.1
879.0
803.5
801.6
849.4
833.1
875.7
868.6
906.9
1945—Jan. 31
Feb. 28....
Mar. 31...
172.3
170.4
177.1
914.5
891.6
926.5
.2
.3
2
Other
8.8
6.6
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
56.9
58.2
55.6
55.4
56.2
55.3
54.1
55.3
52.3
17.7
17.8
17.9
17.9
18.0
18.1
17.7
17.8
17.8
57.8
60.5
57.0
17.9
18.0
18.1
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
4.5
15.0
12.5
7.7
14.4
9.8
6.2
11.6
5.2
11.6
18.1
8.9
Liabilities
Dominion and provincial government
securities
1944—Apr. 29
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 30...
Public
Other
liabilities
Deposits
Other
assets
Note
circulation7
Chartered
banks
Dominion
government
181.6
17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
20.5
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
200.6
217.0
217.7
232.0
259.9
340.2
567.7
548.7
576.1
602.6
593.8
625.5
622.9
618.9
573.9
26.4
23.8
39.9
24.4
26.9
22.1
58.6
29.3
34.3
915.3
911.5
920.5
942.4
960.4
982.8
,012.5
,007.8
,036.0
385.2
377.7
414.7
414.9
432.5
454.8
454.3
437.2
401.7
24.6
101.8
8.2
43.0
53.9
21.9
76.9
590.2
595.5
608.7
28.0
29.0
33.2
,020.6
,028.6
,048.7
413.1
397.6
422.0
8.6
8.2
21.7
5.2
5.5
Other
liabilities 8
m
187.0
196.0
Other
.8
2.1
3.5
3.1
17.9
7.7
13.4
14.4
9.3
19.1
17.8
13.3
28.5
35.1
24.0
55.4
10.8
12.9
17.4
26.6
22.0
22.3
34.3
33.3
32 A
20.4
27.7
28.8
34.1
54.3
31.9
37.9
33.8
43.8
212.9
209.1
23.2
27.9
18.7
36.0
37.2
52.7
212.1
195.1
203.4
9.5
6.0
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when
it was officially set at 168 shillings per fine ounce.
4? Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
*4 Notes issu
issued less
es amounts held
e in
n banking department.
epatment.
O Jan.
Jan 66, 1939
leg parity) transferred from
om Bank to Exchange Equalization
Account; on Mar. 1, 1939, about
On
1939, 200 million pounds sterling of gold (at legal
J
from
Exchange
Account
5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12,
12 1939,
1939 20 million
i l l pounds
i d transferred
fd
f
Eh
At
t
on
Sept.
6,193,27
m
o
n
fom
to Bank;
6,1939,279
million
pounds
transferred
from
Bank
to
Exchange
Account.
6
12,1940, Apr.
30, Aug
Aug. 30
30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds
Fiduciary issue increased by 50 million pounds on June 121940
Apr 30
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.
78 Includes notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes an amount of sterling and United States dollars equal to that shown under assets.
9
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940,
pp. 677-678).
NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp.
644-645, respectively; for description of statistics see pp. 560-564 in same publication.
MAY
1945
5O7
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of France
Gold
Foreign
exchange
1
2
Open
market 2 Special
1929—Dec. 27
1930—Dec. 26
1931-Dec. 30
1932—Dec. 30
1933—Dec. 29
1934—Dec. 28.
1935—Dec. 27
1936—Dec. 30
1937—Dec. 30.
1938—Dec. 29
1939—Dec. 28
1940—Dec. 26
1941—Dec. 31
1942—Dec. 31
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
6
97,267
5
84,616
84,598
84,598
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
38
37
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
i,379
652
1,797
2,345
661
12
169
1943—Nov. 25
Dec. 30
84,598
84,598
44,860
44,699
35
29
1944—Jan. 27
Feb. 24
Mar. 30
Apr. 27
May 25
Tune 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
37
37
37
42
44,870
45,018
44,359
44,706
44,232
46,241
45,851
47,288
12
3
19
12
75,151
75,151
42
42
47,842
47,894
1945—Jan. 25
Feb. 22
Advances to
Government
Domestic bills
(Figures in millions
of francs)
;
Other
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
3,646
4,517
5,368
For occupation
costs 3
Deposits
Other
assets
Other
2
Note
circulation
Government
C.A.R.4
Other
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
142,507
210,965
17,698
31,909
20,627
34,673
63,900
69,500
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
984
1,517
770
41,400
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
320,843
326,973
55,950
64,400
21,457
21,420
484,060
500,386
755
578
14,083
10,724
31,133
33,137
4,220
4,872
48
6,472
7,543
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
16
9
26,360
23,473
426,000
426,000 " ' 7 , 7 0 0 '
7
45,435
7
562,416
568,900
3,196
778
50,382
43,697
4,852
4,797
1
*72,*3i7
37,903
Liabilities
Assets
Reichsbank
Reserves of gold and
foreign exchange
(Figures in millions of
reichsmarks)
Total
reserves
1929—Dec 31
1930—Dec. 31
1931—Dec. 3i
1932—Dec 31
1933—Dec. 30
1934—Dec 31
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Dec. 30
1940—Dec 31
1941—Dec. 31
1942—Dec 31
1943-Dec. 31
<
. .
2,687
2,685
1,156
920
396
84
88
72
76
76
78
78
77
76
77
1944—Feb. 29
,
Mar. 31
Apr. 29
May 31
June 30
July 3 1 . . ,
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
77
77
77
77
77
77
77
77
77
77
77
1945—Jan. 31P.
77
Gold
2,283
2,216
984
806
386 *
79
82
66
71
71
71
71
71
71
71
(8)
71
'
Other
liabilities
Securities
Bills (and
checks),
including
Treasury
bills
Security
loans
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
29,283
41,342
251
256
245
176
183
146
84
74
60
45
30
38
32
25
27
39,269
40,379
40,909
42,159
42,150
43,222
45,829
50,821
53,954
56,939
63,497
64,625
Other
assets
Note
circulation
Deposits
Other
liabilities
259
445
349
221
106
557
804
32
107
87
1
92
102
161
398
322
319
315
303
286
298
393
357
283
210
65
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
2,311
1,664
2,337
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19,325
24,375
33,683
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
3,649
5,292
8,186
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
1,493
1,680
1,980
26
46
38
28
26
38
42
47
46
62
112
1
1
1
1
1
1
1
67
70
69
1
66
33
31
23
27
21
20
25
24
21
45
2,360
2,281
2,525
2,096
2,397
2,396
2,275
2,510
2,351
2,795
2,351
33,508
33,792
34,569
35,229
35,920
36,888
38 579
42,301
44,704
46,870
50,102
6,636
7,237
7,179
7,240
6,754
6,813
7,480
9,088
9,603
10,829
13,535
1,654
1,788
1,833
1,915
2,004
2,054
2,185
2,160
2,216
2,264
2,445
199
(9)
(9)
(9)
51,207
13,566
(9)
Eligible
as note
cover
Other
v
1
Preliminary.
Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939,
p. 29;
September 1937, p. 853; and November 1936, pp. 878-880.
2
For explanation of this item, see BULLETIN for July 1940, p. 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million
francs
were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
5
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France;
in week
ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
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.
9
Figure not available.
NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. 641-643 and pp. 645-647,
respectively; for description of statistics see pp. 562-565 in same publication.
508
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1945
Mar.
Central Bank of the Argentine Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange...
Government securities
Rediscounted paper
Other assets
Note circulation
Deposits—Member bank
Government
Other
Certificates of participation in
Government securities
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
National Bank of Belgium (millions
of belgas)
:*
Gold2
6,265
Foreign exchange
567
Loans to Government
7,446
Other loans and discounts
134
Claim against Bank of Issue
12,918
Other assets
399
Note circulation
10,255
Demand deposits
827
Blocked Treasury account2 3
2,099
Notes and blocked accounts
14,347
Other liabilities
203
National Bank of Bohemia and
Moravia (millions of koruny):
Gold
Foreign exchange
Discounts
Loans
Other assets
Note circulation
Demand deposits
Other liabilities
Central Bank of Bolivia (millions
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria 5
Central Bank of Chile (millions
of pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities..
Other assets
N o t e circulation
Deposits
Other liabilities
Feb.
1944
Jan.
Mar.
1,242
2,528
872
1,242
2,483
873
1,128
2,270
882
' 150
2,354
1,477
578
54
150
2,317
1,410
525
191
161
1,986
1,367
515
125
126
203
126
179
C
288
c
160
50,856
150,857
50,856 45,543
150,856 139,643
19,596
133,538
25,362
265,644
205,697
193,244
17,501 9,341
130,954 85,588
24,684 24,082
256,429 251,599
204,130 189,455
193,244 176,762
6,419
209
6,738
344
12,918
419
9,589
689
2,099
14,468
202
27
341
710
973
1,206
2,580
44'
15'
324
167,090
109,079
27,818
65,981
29,493
167,208
141,90'
90,347
6,419
183
6,083
488
12,918
437
8,866
707
2,099
14,656
200
(Nov.4
1944)
1,517
800
3,793
1
55,027
32,705
13,942
14,491
1,515
775
1,945
1
36,568
24,523
7,899
8,381
600
414
289
626
41
78
1,256
701
91
557
424
260
633
41
100
1,112
808
95
277
321
710
979
1,205
2,516
456
208
313
273
179
720
952
995
2,311
393
141
274
164,928 138,457
114,965 87,427
26,348
2,082
66,202 56,992
28,235 30,144
166,737 120,628
145,440 130,519
88.501 63,954
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 account 6 ...
Other assets
Note circulation
Deposits—Government
Other.
Other liabilities
Central Bank of Ecuador (thousands
of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt 7 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securities...
Other assets
Note circulation
Deposits
Other liabilities
Bank of Finland55
Bank of Greece
National Bank of Hungary (millions
of pengo):
Gold
Foreign exchange reserve
Discounts
Loans—To Treasury
To foreign countries
Other
Other assets
Note circulation
Demand deposits
Consolidated foreign credits of
1931
..#
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Treasury bills discounted
Loans to Government
Other assets
Deposits
Other liabilities
Central Bank of Ireland (thousands
of pounds):
Gold
Sterling funds
Note circulation
Bank of Japan55
Bank of Java
Mar.
1945
1944
Feb. | Jan.
Mar.
(Dec. 4
1944)
97
22
2,762
55
95
85
4,389
1,658
2,327
3,009
512
(Nov.
1944)4
283,780
174,043
83,361
109,756
305,183
288,254
57,503
(Dec.
1944)4
6,241
16,147
6,754
260,533
20,329
116.708
67,790
97
22
2,200
27
71
85
2; 900
1,414
1,391
2,221
376
249,621
70,964
83,506
88,907
222,094
225,028
45,875
6,241
14,1482,647
113,
11,638
223,932'
12,881
97,346
58,061
91,755
12,687
33,322
31,306
1,086
6,007
1,327
46,737
19,556
6,654
32,590
35,077
371
6,384
869
43,543
25,762
5,986
(Nov.
1944)4
100
3
11,977
511
1,074
,646
,223
,869
1.082
10,672
2,713
100
6
4,070
550
1,036
6
1,647'
4,963
794
10
1,352
12
1,646
444
9,543
578
105
10,593
444
9,293
578
126
10,340
444
7,798
583
123
8,825
77
3,690
47
102
3,746
23
267
3,798
282
222
3,832
262
124
1,662
2
3,
138;
1,671
257
2,646
29,292
31,938
2,646
29,1471
31,793j
25,524
28,170,
2,646
c
1
2
Corrected.
First official statement published since liberation was that for Jan. 11, 1945.
Gold revalued provisionally at 49.318 francs per gram. The resulting increment is held for the account of the Treasury and is shown on the liabilities;
side 3under "Blocked Treasury account."
Includes current accounts transferred and to be transferred to blocked accounts and old notes not declared.
4
Latest month for which report is available for this institution.
5
For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BULLETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java (January 1942), see;
BULLETIN for March 1943, p. 278.
J Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942'..
Items for issue and banking departments consolidated.
7
MAY
1945
509
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Bank of Mexico (millions
of pesos):
Metallic reserve1
f
"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 Norway 3
Bank of Paraguay—Monetary
Dept.
(thousands of guaranies)4
Gold
Foreign exchange
Loans and discounts
Government loans and securities...
Other assets
Note circulation
Demand deposits
Other liabilities
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of escudos):
Gld
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of Rumania 3
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities..
Other loans and discounts
Other assets
1944
Mar.
Feb.
Jan.
Mar.
642
623
608
1,608
405
69
1,395
1,174
155
,573
388
62
,356
,137
154
1,549
403
47
1,334
1,096
177
(Oct.
1944)2
932
1,404
250
62
1,166
928
145
4,404
3
136
96
4,879
149
320
223
3,783
136
86
3,937
103
727
169
2,802
42,784
2,802
27,762
27,901
11,737
1,628
39,770
43,192
3,891
44,231
11,960
3,064
36,253
49,896
3,670
3,329
22,194
3,787
10,673
1,256
26,895
12,744
1,600
3,332
22,886
4,832
10,727
1,068
26,312
14,786
1,747
(Nov.
1944) 2
137,395
18,839
437,423
23,844
406,084
181,967
29,451
524
932
157,261
11,148
358,836
27,122
357,748
171,902
24,717
(June
1944)2
1,412
4,871
9,010
236
1,023
910
6,946
9,577
940
1944
1945
Central Bank
(Figures as of last report
date of month)
Mar.
Bank of Spain—Continued
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Sweden (millions of kronor):
Gold
Foreign assets (net)
Swedish Govt. securities and ad-6
vances to National Debt Office .
Other domestic bills and advances.
Other assets
Note circulation
Demand deposits—Government
Other
Other liabilities
Swiss National Bank (millions of
francs):
Gold.
Foreign exchange
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities
Central Bank of the Republic of
Turkey (thousands of pounds):
Gold
Foreign exchange and foreign
clearings
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Gold
Other
Other liabilities
,
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
Note circulation
Banking department:
Gold and silver
Notes and coin
Advances to State and to government bodies
Other loans and discounts
Other assets
Deposits
Other liabilities
Central Bank of Venezuela (thou-
4,639,
35l!
3,564
1,333
(7)
Feb.
Jan.
Mar.
17,265
2,033
3,164
494
16,122
1,833
4,107
481
1,047
585
1,314
34
1,051
2,345
608
344
734
1,052
553
929
566
1,339
42
1,153
2,377
534
492
737
1,044
68
948
2,163
608
152
631
4,591
108
286
81
3,478
1,301
288
4,577
95
183|
81
3,409
1,241
285
4,299
89
279
170
2,980
1,581
276
276,382 238,650
74,489
836,401
174,282
25,607
941,582
85,586
185,694
174,300
96,360
748,226
190,913
18,841
868,446
85,139
138,076
201,329
122,751 119,793
151,771 137,500
133,241
29,270
83,733
41,124
C
18,088 13,634
91,589 97,940
295,549 ;221,063
263,025 192,530
304,711 264,965
sands of bolivares):
Gold 8
1,405
4,546
8,519
234
1,023
928
6,748
8,979
928
101,228 100,649
28,558 24,356
2,881
8,594
91,973 98,238
56,520 56,474
162,581 169,641
5,539
5,72O|
88,349
22,531
1,840
85,919
51,169
142,316
5,154
1,166
609
15,959
3,506
1,717
1,056
625
15,952
2,848
2,062
349,741 380,249 328,751 307,208
94,573 77,155
— -" 04,751 45,347
Foreign exchange (net)
20,310 20,310 20,310 26,370
Credits to national banks
20,072
22,030 16,843
13,817
Other assets
304,741 298,328 253,552
Note circulation—Central Bank.... 309,522!
16,643 24,582
15,6191
16,079
National banks.. 136,603 160,945 150,578
89,215
Deposits
10,292 28,421
9,
768
22,952
Other liabilities
National Bank
of the Kingdom of
Yugoslavia3
Bank for International Settlements
(,thousands of Swiss gold francs):9
114,039 118,272
Gold in bars
Cash on hand and on current ac44,913 17,796
count with banks
6,938
12,818
Sight funds at interest
Rediscountable bills and accept77,361 105,340
ances (at cost)
8,856 21,067
Time funds at interest
199,331 197,511
Sundry bills and investments
332
98
Other assets
19,560 29,551
Demand deposits (gold)
Short-term deposits (various currencies) :
6,599
7,036
Central banks for own account
2,848
2,128
Other
Long-term deposits: Special ac229,001 228,909
counts
200,128 198,911
Other liabilities
c
1
2
3
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, p. 282; and
of Rumania
(June 1944), see BULLETIN for March 1945, p. 286.
4
The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is divided into
a Monetary, a Banking, and a Mortgage Department, The first official balance sheet of the Monetary Department, which assumes central banking functions,
was issued for the end of December 1944.
5
Valued at average cost beginning October 1940.
6
Includes
small amount of non-Government bonds.
7
Figure not available.
8
Beginning October 1944, gold in the amount of 70 million bolivares, formerly reported in the Bank's account, shown separately for account of the
Government.
9
See BULLETIN for December 1936, p. 1025.
510
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[ Per cent per annum]
Central bank of—
Date effective
In effect Dec. 31,
1936
Jan. 28, 1937
June 15
July 7
Aug. 4
Sept. 3
Nov. 13
May 10, 1938
May 13.
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4,1939
Apr 17
May 11.
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec 15
Jan 25, 1940
Apr. 9
May 17
Mar. 17, 1941
May 29
June 27
Jan 16 1945
Jan 20
Feb
9
In effect Apr. 30,
1945
United
GerKing- France many
dom
2
4
6
5
4
2
3
Belgium
2
4
Netherlands
Sweden
Switzerland
2
IK
Rate
Apr.
30
Central
bank of—
Albania
Argentina
Belgium
Bohemia and
Moravia
Date
effective
Central
bank of—
Rate
Apr.
30
Mar. 21, 1940
Mar. 1, 1936
Jan. 16, 1945
Italy
Japan
Java
Latvia
Lithuania. ..
4
3.29
3
5
6
Sept. 11, 1944
Apr. 7, 1936
Jan. 14, 1937
Feb. 17, 1940
July 15, 1939
y
June
June
July
May
Aug.
Jan.
4, 1942
27, 1941
26, 1941
13, 1940
1, 1940
12, 1944
May
June
Dec.
Feb.
Nov.
8, 1944
2, 1941
1, 1938
9,1945
26, 1936
July
1, 1938
Oct.
1, 1940
2
4
3
2
4
3
"i "'
6
3
5
Bolivia
British India..
Bulgaria
Canada
Chile...
Colombia
3
3
3
2
3
4
Denmark
Ecuador
El Salvador...
Estonia
Finland
4
7
3
France
Germany
Greece
Hungary
Ireland
4
Nov. 8, 1940
Nov. 28, 1935
Dec. 1, 1940
Feb. 8, 1944
Dec. 16, 1936
July 18, 1933
Mexico
Netherlands.
New Zealand
Norway
3
Peru
5
Portugal....
Oct.
May
Mar.
Oct.
Dec.
Rumania....
South Africa
Spain
Sweden
Switzerland.
16,
26,
30,
1,
3,
1940
1938
1939
1935
1934
2
4
3
4
2%
2
in
2
Date
effective
3
m
1%
2
Jan. 20, 1945 Turkey
4
Apr. 9, 1940 United KingDec. 1, 1944
2
dom
Oct. 22, 1940 U. S. S. R . . . 4
Nov. 23, 1943 Yugoslavia.. 5
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
NOTE.—Changes
3 since March 31: none.
2H
OPEN-MARKET RATES
[ Per cent per annum ]
Germany
United Kingdom
Month
Bankers'
Day-to-day allowance
money
on deposits
Bankers'
acceptances
3 months
Treasury
bills
3 months
1929—Feb
1930—Feb
1931—Feb
1932—Feb
1933—Feb
1934—Feb
1935—Feb
1936—Feb
1937—Feb
1938—Feb
1939—Feb
1940—Feb
1941—Feb
1942—Feb
1943—Feb
1944—Feb
5.05
3.82
.83
.95
.38
.55
.55
.53
.53
1.04
1.03
1.03
1.03
1.03
4.96
3.72
2.37
4.08
.78
.86
.28
.53
.53
.50
.51
1.02
1.02
1.00
1.00
1.00
4.33
3.76
2.29
3.84
.73
.88
.63
.75
.75
.75
.75
.00
.00
.04
.10
.13
1944—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.00
1.01
1.00
1.00
1.00
1.00
1.01
1.00
1.00
1.00
1.01
1.00
.13
.13
.13
.13
.13
.13
.13
.10
1.00
1.02
1.00
1.00
2.56
4.63
3 ~2
4 -3
Netherlands
Private
discount
rate
Day-to-day
money
Private
discount
rate
Money
for
1 month
5.80
5.53
4.88
6.67
3.88
3.88
3.41
3.00
3.00
2.88
2.88
2.50
2.25
2.13
2.13
2.13
6.33
6.01
5.49
7.81
4.86
4.78
3.83
2.77
2.47
2.73
2.53
2.08
1.68
1.75
.82
.89
4.39
2.80
1.12
1.87
.37
.78
.58
1.19
.28
.13
.13
1.58
2.25
4.78
2.94
1.05
1.69
1.00
1.00
1.00
1.63
1.00
.50
.50
2.50
2.75
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
.93
.91
.90
.92
.90
.89
.93
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
3.31
2.71
.00
.52
.50
.50
.50
.37
.18
.00'
.00.25
.25:
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
.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.
MAY
1945
5 11
COMMERCIAL BANKS
United Kingdom
Assets
1
(11 London clearing banks
Figures in millions of
pounds sterling)
Cash
reserves
Liabilities
Money at
call and Bills dis- Treasury
deposit 2 Securities Loans to
counted receipts
short
notice
Deposits
Other
assets
Total
I Demand3
Tima3
Other
liabilities
1938—December.
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
243
274
324
366
390
422
160
174
159
141
142
151
250
334
265
171
198
133
314
758
896
1,307
635
609
771
999
1,120
1,154
971
1,015
924
823
794
761
263
290
293
324
325
349
2,254
2,441
2,800
3,329
3,629
4,032
1,256
1,398
1,770
2,168
2,429
2,712
997
1,043
1,030
1,161
1,200
1,319
269
256
2.50
253
236
245
1944—March
April
May
June
July
August
September
October...
November.
December.
423
430
418
427
426
439
443
453
460
500
155
164
173
185
188
205"
191
191
205
199
113
149
174
202
213
211
209
170
198
147
1,331
1,314
1,310
1,246
1,310
1,337
1,444
1,567
1,548
1,667
1,136
1,152
1,161
1,169
1,175
1,180
1,183
1,172
1,192
1,165
781
762
765
784
765
750
744
744
748
772
290
285
292
327
289
283
282
291
292
347
3,988
4,017
4,051
4,100
4,121
4,161
4,251
4,342
4,398
4,545
2,652
2,672
2,704
2,730
2,744
2,775
2,827
2,876
2,922
3,045
1,336
1,345
1,347
1,370
1,377
1,386
1,424
1,467
1,475
1,500
242
240
242
240
244
243
244
245
245
250
1945—January...
February..
460
455
198
188
159
140
1,663
1,639
1,165
1,160
765
769
301
305
4,462
4,405
2,968
2,904
1,495
1,501
248
250
Assets
Canada
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Entirely in Canada
Cash
Security
loans
Other
loans
and discounts
Liabilities
Security
loans
abroad
and net Securities
due from
foreign
banks
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilities
1938—December.
1939—December.
1940—December.
1941—December.
J 942—December.
1943—December.
263
292
323
356
387
471
65
53
40
32
31
48
940
1,088
1,108
1,169
1,168
1,156
166
132
159
168
231
250
1,463
1,646
1,531
1,759
2,293
2,940
535
612
570
653
657
744
85
80
71
60
42
2,500
2,774
2,805
3,105
3,657
4,395
840
1,033
1,163
1,436
1,984
2,447
1,660
1,741
1,641
1,669
1,673
1,948
843
963
846
962
1,049
1,172
1944—March
April
May
June
July
August —
September
October...
November.
December.
468
510
525
526
545
569
575
597
586
550
41
42
81
71
63
61
56
56
81
92
982
920
1,175
1,104
1,063
1,002
976
992
1,275
1,211
210
212
275
294
218
215
224
236
236
214
3,156
3,390
3,374
3,358
3,388
3,368
3,450
3,622
3,577
3,611
732
669
712
856
755
755
761
757
774
782
39
38
37
36
35
35
4
35
35
34
34
4,368
4,506
4,850
4,836
4,716
4,667
4,726
4,957
5,221
5,137
2,143
2,253
2,756
2,641
2,451
2,297
2,262
2,468
2,877
2,714
2,225
2,254
2,094
2,195
2,265
2,370
2,464
2,489
2,343
2,423
1,182
1,198
1,256
1,339
1,282
1,268
4
1,282
1,269
1,273
1,289
1945—January...
February..
567
539
95
80
1,156
1,125
244
254
3,571
3,624
731
717
32
31
5,049
5,021
2,525
2,390
2,524
2,631
1,283
1,287
Liabilities
Assets
France
(4 large banks. End of month
figures in millions
of francs)
Other
assets
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
1943—March
April
May
June
July
August
September
October
November
December
6,813
6,720
7,132
6,632
6,770
6,486
6,935
7,133
7,203
8,548
3,803
3,665
3,750
3,851
3,795
3,786
3,832
3,877
3,960
4,095
74,664
77,922
81,620
80,276
83,362
82,685
85,079
88,289
86,754
90,897
1944—January...
7,510
4,125
90,024
Loans
Deposits
Total
Demand
Time
2,033
2,622
33,578
42,443
58,890
76,675
91,549
33,042
41,872
58,413
75,764
91,225
537
571
477
912
324
15,245
15,043
14,980
15,518
14,696
14,644
14,084
14,215
14,561
14,191
1,536
1,650
1,750
1,869
2,024
2,206
2,228
2,448
2,653
2,935
96,431
99,152
103,272
102,047
103,596
102,602
104,830
108,368
107,200
112,732
95,783
98,419
102,437
101,118
102,578
101,525
103,657
107,100
105,811
111,191
648
733
836
929
1,017
1,078
1,173
1,268
1,390
1,541
13,737
1,676
110,485
108,883
1,601
Own
acceptances
Other
liabilities
721
844
535
413
462
426
387
397
4,484
4,609
4,604
5,187
6,422
321
347
341
411
404
42S
5,205
5,461
5,563
5,716
6,730
6,859
6,987
7,182
7,326
7,506
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.
2
Represent
six-month loans to the Treasury at IH per cent, callable by the banks in emergency a t a discount equal to t h e Bank of England rate.
3
Through December 1937, excludes deposits in offices outside England and Wales, which are included in total.
4
Due to changes in reporting procedure, the figure for ''Note circulation" includes a small amount of interbank note holdings while these holdings are
now omitted from "Other liabilities."
5
Figures for three bariks 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. MS-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
Australia
(pound)
Argentina
(peso)
Official
Special
Export
Official
1937
1938
1939
1940
1941.
1942
1943
1944
32.959
32.597
30.850
29.773
29.773
29.773
29.773
29.773
223\704'
23.704
24.732
25.125
322.80
322.80
322.80
322.80
322.80
1944—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar..
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
Year or month
1937
1938
1939
1940
1941
1942
1943
1944
1944—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1945—Jan.
Feb
Mar
Year or month
1937
1938
1939
1940
1941
1942
1943
1944
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
57.272
57.220
57.180
57.140
57.036
3.4930
3.4674
3.4252
2
1944—Apr
May
June
July
Aug.
Sept
Oct
Nov
Dec
1945—Jan
Feb.
Mar
22.069
21.825
20.346
2
19.308
393.94
389.55
353.38
305.16
321.27
321.50
2
321.50
16.876
16.894
16.852
2
16.880
Brazil
(cruzeiro1)
Official
British
India
(rupee)
Free
8.6437 6.1983
5.8438
6.0027 *5!l248'
6.0562 5.0214
6.0575 5.0705
6.0584 5.1427
6.0586 5.1280
6.0594 5.1469
37.326
36.592
33.279
30.155
30.137
30.122
30.122
30.122
6.0586
6.0586
6.0587
6.0598
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
5.1275
5.1275
5.1275
5.1275
5.1529
5.1803
5.1803
5.1803
5.1803
5.1803
5.1803
5.1802
Canada (dollar)
Bui.
garia
(lev)
Official
1.2846
1.2424
1.2111
Free
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
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
89.969
90.507
90.403
90.178
90.003
89.356
89.736
89.836
89.747
89.968
90.553
90.295
2
2
FinGerl a n d France many Greece Hong
Kong
(mark- (franc) (reichs- (drach(dollar)
ma)
mark)
ka)
Hungary
(pengo)
Italy
(lira)
Japan
(yen)
30.694
30.457
27.454
22.958
2
24.592
19.779
19.727
19.238
18.475
2
19.770
5.2607
5.2605
5.1959
5.0407
2
5.0703
28.791
28.451
25.963
23.436
2
23.439
2.1811 4.0460
2.1567 2.8781
1.9948 2 2.5103
1.8710 2.0827
2
2.0101
40.204
40.164
40.061
40.021
2
39 968
.9055
.8958
.8153
2
.6715
|
18.923
18.860
18.835
2
P o r t u - R u m a - South Spain Straits
Settle- Sweden Switznia
Africa
gal
e n t s (krona) erland
(franc)
(escudo) (leu) (pound) (peseta) m
(dollar)
4.4792
4.4267
4.0375
3.7110
2
4.0023
.7294
.7325
.7111
2
.6896
489.62
484.16
440.17
397.99
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
6.053
5.600
10.630
9.322
29.130
57.973
56.917
51.736
46.979
47.133
2
46 919
*
25.487
25.197
23.991
23.802
2
23.829
22.938
22.871
22.525
22.676
2
23.210
Chile (peso)
Official
China
(yuan
ShangExport hai)
2
5.1697 4.0000
5.1716 < 4.0000
5.1727 4.0000
5.1668 2 4.0000
2
5.1664 4.0000
United Kingdom
(pound)
Official
2
403!50
403.50
403.50
403.50
403.50
403.50
403 50
403.50
403.50
403.50
403 50
403.50
403.50
403.50
403.50
403 50
403.50
29.606
21.360
11.879
6.000
2
5.313
•
Neth- New
Mexico erlands Zea(peso) (guild- land
er)
(pound)
27.750
22.122
19.303
18.546
20.538
20.569
20.577
20.581
55.045
55.009
53.335
2
53.128
396.91
392.35
354.82
306.38
322.54
322.78
324.20
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
20.582
20.582
20 582
20.576
20.580
20.581
20.582
20.582
20.582
20.582
20.582
20.582
j
Norway Poland
(krone) (zloty)
24.840
24.566
23.226
2
22.709
.
2
Free
Belgium
(belga)
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
36!789
37.601
43.380
52.723
52.855
53.506
2.3060
2.3115
2.2716
2.2463
2
2.2397
52.961
52.964
52.962
53.421
54.200
54.185
54.185
54.189
54.196
54.197
54.197
54.197
1
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
2
Average of daily rates for that part of the year during which quotations were certified.
NOTE.—For backfigures, see Banking^ and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publicatry 1943, p. 201, and
tion, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February
February 1944, p. 209.
MAY
1945
513
PRICE MOVEMENTS I N PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES
[Index numbers)
Year or month
United
States
Canada
United
Kingdom
100
100
65
66
75
80
81
86
79
77
79
87
99
103
104
104
104
104
104
104
104
104
104
104
105
105
105
105
67
67
72
72
75
85
79
75
83
90
96
100
103
103
103
103
103
103
102
102
102
102
103
103
103
*>103
Japan
(October
(1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) (1900=100)
1926
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
•
1944—March
April
May
June
July
August
September
October
November
December
1945—January . . .
February
March
France
Germany
U24
695
134
86
86
88
89
94
109
101
103
137
153
159
163
166
427
398
376
338
411
581
653
2
681
97
93
98
102
104
106
106
107
110
112
114
116
165
166
166
166
167
168
167
167
167
167
167
167
168
Italy
70
63
62
68
76
89
95
99
116
132
117
118
118
118
119
118
118
118
Netherlands
(1926-30
= 100)
Switzerland
(July 1914
(1935 = 100)
=100)
Sweden
237
106
M26
161
180
178
186
198
238
251
278
311
329
65
63
63
62
64
76
72
74
3
88
i 92
i 90
i 96
100
102
114
111
115
146
172
189
196
196
195
195
197
197
198
197
196
195
195
195
195
195
195
p
420
P412
144
96
91
90
90
96
HI
107
111
143
184
210
218
P
223
223
223
223
223
224
224
223
*>223
P
222
P
221
p
221
P Preliminary.
1 Approximate figure, derived from old index (1913 = 100).
2 Average based on figures for 8 months; no data available since August 1939, when figure was 674.
3 Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Year or month
Other
Farm
commod- products
ities
Germany
(1913 = 100)
United Kingdom
(1930-= 100)
Canada
(1926=100)
United States
(1926=100)
R a w and Fully and
chiefly
partly
manumanufactured factured
goods
goods
IndusIndusIndus- Agricul- trial raw trial
tural and semi- ishedfintrial
products products finished products
products
Farm
products
Foods
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—March
April
May
June
July
August
September
October
November
December
1945—January
February
March
124
123
123
125
124
123
123
123
124
126
126
127
127
105
105
105
107
106
105
104
104
105
106
105
105
105
98
98
99
99
99
99
99
99
99
99
99
99
99
105
104
102
102
102
101
101
103
103
1§3
104
105
*>105
105
105
104
104
104
104
103
103
103
104
104
105
94
94
94
94
93
94
94
94
94
94
94
94
p
94
158
158
158
158
161
159
157
156
156
157
156
157
156
168
169
170
170
170
172
172
172
173
173 173
173
174
121
122
122
122
125
124
122
122
103
103
103
102
102
102
102
103
136
136
136
136
136
136
137
137
no5
Foods
p
Preliminary.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
5*4
FEDERAL RESERVE
BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]
Year or month
United
United
CanKingStates
ada
dom
(1935-39 (1935-39 (July
= 100)
100)
1914
= 100)
COST OF LIVING
[Index numbers]
Ger- Nether- Switzm a n y lands erland
1913-14 (1911-13 (June
100) =1914
= 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—March
April
May
June
July
August
September.
October...
November.
December.
1945—January...
February..
March. ...
134
135
136
136
137
138
137
136
137
137
137
137
136
131
132
132
131
132
132
131
131
132
130
130
131
P131
168
168
168
168
169
170
169
168
168
168
168
168
168
136
138
138
139
146
143
137
124
118
120
127
130
130
2140
Year or month
115
114
120
130
130
132
146
175
200
211
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
214
215
215
216
217
216
215
1944—March
April
May
June
July
August . . . .
September.
October . ..
November .
December..
1945—January...
February ..
March
P215
United
CanStates
ada
(1935-39 (1935-39
= 100)
= 100)
....
United
Kingdom
(July
1914
= 100)
G e r - Nether- Switzm a n y lands erland
(1913-14 (1911-13 (June
= 100) = 100) =1914
100)
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
124
125
125
125
126
126
119
119
119
119
119
119
200
200
200
200
201
202
140
127
127
127
127
119
119
119
119
202
201
201
201
141
127
127
119
119
127
140
136
137
139
140
3148
140
141
142
146
144
129
128
130
137
137
138
151
174
193
203
^208
206
207
208
208
209
208
208
P208
p
208
p
208
202
202
P2O9
202
p
11
2
3
Preliminary.
Revised
1937, p . 373).
Revised index
index from
from March
March 1936
1936 (see
(see BULLETIN
BULLETIN for
for April
April 1937,
Average based on figures for 3 months; no data available since March 1940, when figure was 141.
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources— See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
United
States
(derived
price)1
United
Kingdom
(December
1921 = 100)
Number of issues
15
87
1926
90.1
110.0
57.4
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
98.2
105.5
109.5
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
P98.7
6
100.1
1944—March
April
May
June
July
August
September
October
November
December
1945—January
February
March
120.5
120.7
120.9
120.9
121.3
121.2
121.2
121.1
120.9
121.4
121.6
121.9
122.7
Year or month
111.1
113.8
115.9
117.8
118.3
120.3
120.9
....
127.3
127.1
127.0
127.2
127.3
127.2
127.6
127.9
127.9
128.1
128.5
128.7
France
(1913=100)
36
Germany
(average2
price)
2
139
90.7
695.1
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
NetherGermany
lands
(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
104.3
105.0
96.6
95.1
97.2
101.5
104.3
102.7
100.7
103.5
102.7
104.7
108.4
113.0
111.8
87.1
87.2
88.0
89.3
90.3
90.6
88.8
89.1
90.1
90.1
91.0
90.6
145.6
145.8
145.8
145.7
145.5
145.1
145.0
145.2
152.6
152.6
8
402
100 .
_
p
Preliminary.
1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds
for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for
both series. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States
see Banking
and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4J^ 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 per cent. For new index beginning
January
1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent.
4
This
number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was down to 287.
5
Average Apr.-Dec. only. Average Jan.-Mar. on old basis was 95.9.
J Average based on figures for 5 months; no data available June-pec.
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.
MAY
1945
5*5
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 THE SECRETARY
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
BRAY HAMMOND, Assistant Secretary
LEGAL DIVISION
WALTER WYATT, General Counsel
GEORGE B. VEST, General Attorney
J. LEONARD TOWNSEND, Assistant General Attorney
DIVISION OF RESEARCH AND STATISTICS
E. A. GOLDENWEISER, Economic Adviser
WOODLIEF THOMAS, Director
HOWARD S. ELLIS, Assistant Director
DIVISION OF EXAMINATIONS
LEO H. PAULGER, Director
C. E. CAGLE, Assistant Director
WILLIAM B. POLLARD, Assistant Director
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
RAY M. GIDNEY
R. R. GILBERT
H. G. LEEDY
JOHN K. M C K E E
RONALD RANSOM
M. S. SZYMCZAK
ALFRED H. WILLIAMS
DIVISION OF SECURITY LOANS
CARL E. PARRY, Director
BONNAR BROWN, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
ROBERT F. LEONARD, Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
FRED A. NELSON, Assistant Director
OFFICE OF ADMINISTRATOR FOR WAR LOANS
EDWARD L. SMEAD, Administrator
GARDNER L. BOOTHE, II, Assistant Administrator
FISCAL AGENT
0. 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
GEORGE B. VEST, Assistant General Counsel
E. A. GOLDE-NWEISER, Economist
C. 0 . HARDY, Associate Economist
C. A. SIENKIEWICZ, Associate Economist
WOODLIEF THOMAS, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
RALPH C. GIITORD,
ST. LOUIS DISTRICT
JULIAN B. BAIRD,
MINNEAPOLIS DISTRICT
A. E. BRADSHAW,
KANSAS CITY DISTRICT
ED. H. WINTON,
DALLAS DISTRICT
GEORGE M. WALLACE, SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, D E P U T Y CHAIRMEN, A N D SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman 1
Deputy Chairman
President
First Vice President
Vice Presidents
Boston
Albert M. Creighton
Henry S. Dennison
Ralph E. Flanders
William Willett
E. G. Hult
J. C. Hunter*
Carl B. Pitman
O. A. Schlaikjer
New York
Beardsley Ruml
William I. Myers
Allan Sproul
L. R. Rounds
J. W. Jones
L. W. Knoke
Walter S. Logan
A. Phelan
J. M. Rice
H. V. Roelse
Robert G. Rouse
John H. Williams
V. Willis
R. B. Wiltse
Alfred H. Williams
Frank J. Drinnen
W. J. Davis
E. C. Hill
C. A. Mcllhenny 3
C. A. Sienkiewicz
Philadelphia.. .. Thomas B. McCabe
Warren F. Whittier
Cleveland
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Reuben B. Hays
Wm. H. Fletcher
J. W. Kossin
A. H. Laning 3
B. J. Lazar
W. F. Taylor
Richmond
Robert Lassiter
W. G. Wysor
Hugh Leach
J. S. Walden, Jr.
J. G. Fry
Geo. H. Keesee2
R. W. Mercer
Edw. A. Wayne
Atlanta
Frank H. Neely
J. F. Porter
W. S. McLarin, Jr.
Malcolm H. Bryan
V. K. Bowman
L. M. Clark
H. F. ConnifF
Chicago
Simeon E. Leland
W. W. Waymack
C. S. Young
H. P. Preston
Allan M. Black*
Neil B. Dawes
J. H. Dillard
Charles B. Dunn
E. C. Harris
John K. Langum
O. J. Netterstrom
A. L. Olson
Alfred T. Sihler
St. Louis
Wm. T. Nardin
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
O. M. Attebery
Henry H. Edmiston
Wm. E. Peterson
C. M. Stewart
Minneapolis
W. C. Coffey
Roger B. Shepard
J. N. Peyton
O. S. Powell
H. G. McConnell
A. W. Mills2
Otis R. Preston
E. W. Swanson
Sigurd Ueland
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. Austin 3
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
Kansas City.. .. Robert B. Caldwell
H. G. Leedy
Robert L. Mehornay
Henry O. Koppang
Jay Taylor
J. R. Parten
Dallas
San Francisco... Henry F. Grady
Harry R. Wellman
OFFICERS I N CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York. .
Cleveland. .
Buffalo
Cincinnati
Pittsburgh
Richmond..
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Atlanta..
Chicago.
St. Louis.
1
I. B. Smith 4
B. J. Lazar*
J. W. Kossin*
W. R. Milford4
W. T. Clements4
P. L. T. Beavers4
Geo. S. Vardeman, Jr. 4
Joel B. Fort, Jr. 4
E. P. Paris 4
E. C. Harris^
Detroit
Little Rock
Louisville
Memphis
Also Federal Reserve Agent.
MAY
Chief Officer
Branch
1945
A. F. Bailey4
C. A. Schacht 4
W. H. Glasgow 4
2
Cashier.
3
Also Cashier.
Federal Reserve
Bank of
Branch
Chief
Officer
Minneapolis
Helena
R. E. Towle 4
Kansas City
Denver
Oklahoma City
Omaha
G. H. Pipkin*
O. P. Cordill5
L. H. Earhart 5
Dallas
El Paso
Houston
San Antonio
J. L. Hermann 6
L. G. Pondrom 5
W. H. Hollowa> 5
San Francisco. ..
Los Angeles
Portland
Salt Lake City
Seattle
W. N. Ambrose 4
D. L. Davis4
W. fe. Partner 4
C. R. Shaw 4
4
Managing Director.
5
Vice President.
6
Manager.
00
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
g
=
—
w
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^L
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
<§)
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
i
@FedFRASER