Full text of Federal Reserve Bulletin : November 1945
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FEDERAL RESERVE
BULLETIN
NOVEMBER 194!
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
E. A. GOLDENWEISER
CARL E.
PARRY
The Federal Reserve BULLETIN is issued monthly under the direction of the staff
editorial committee. This committee is responsible for interpretations and opinions
expressed, except in official statements and signed articles.
CONTENTS
PAGE
Review of the Month—Wartime Monetary Expansion and Postwar Needs . .
Ownership of Demand Deposits
. .
Loans for War Purposes, by Gerald M. Conkling .
Member Bank Earnings, First Half of 1945
Publication of Postwar Economic Studies No. 3
Current Events
The Federal Register
National Summary of Business Conditions
Financial, Industrial, Commercial Statistics, U.S. (See p. m i for list of tables) . .
International Financial Statistics (See p. 1162. for list of tables)
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
Map of Federal Reserve Districts
Federal Reserve Publications (See inside of back cover)
1091-1099
IIOO-IIOI
1102.-1105
1106
1107
1108
1108
1109-1110
1111-1161
1162.-1179
Subscription Price of Bulletin
A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price
in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic,
Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua,
Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to
one address, 15 cents per copy per month, or $1.50 for 12 months.
1180
1181
1182.
FEDERAL RESERVE BULLETIN
VOLUME 3 1
November 1945
NUMBER I I
WARTIME MONETARY EXPANSION AND
POSTWAR NEEDS
Bank deposits and currency held by individuals and businesses expanded by almost
70 billion dollars as a result of financing the
war and are now more than double the 1941
level. In addition, holdings by these
groups of United States Government
securities, which *may readily be converted
into money, have increased an additional 70
billion dollars. There will be further increases as a result of the current Victory
Loan. The magnitude of the wartime
expansion in these holdings is indicated on
the chart, which shows amounts outstand6R0SS NATIONAL PRODUCT AND INDIVIDUAL AND CORPORATE
HOLDINGS OF CASH AND GOVERNMENT SECURITIES
IONS OF DOLLARS
Figures for gross national product are annual totals, 1916-1938;
semi-annual, 1939 through first half of 1945; and quarterly for last half
of 1945; all figures are expressed on an annual basis. Sources: 19161918, Department of Commerce estimates based on National Bureau
of Economic Research estimates of the production of finished goods;
1919-1929, Federal Reserve BULLETIN, September 1945, p. 873; 1930-1945
(first half), Department of Commerce estimates; last two quarters of
1945, preliminary estimates made by Federal Reserve.
Figures for individual and corporate holdings of cash and Government securities are for June 30, 1916-1938; June 30 and December 31,
1939—June 1945; latest figures are preliminary estimates for September
30, 1945. All figures are estimated by Federal Reserve on basis of
banking and corporation data from various sources; see June 1945
ing and compares them with the dollar
value of the country's annual gross product
during the past 30 years.
Expansion of money and Government
security holdings is an almost inevitable
result of war. Every country engaged in
the war experienced a similar rise. Individuals and corporations received large
incomes, a considerable part of which they
could not spend. They were free to decide
whether to hold their funds in the form of
currency or deposits, or to invest them in
Government securities or in other ways.
The role of commercial banks was to purchase such securities as were issued by the
Government and not acquired by other
investors; by doing this the banks added to
the money supply and enabled the public
to keep in cash or as deposits the part of
their excess earnings that they did not
choose to invest in Government securities.
The Federal Reserve Banks in turn purchased such amounts as were necessary to
maintain bank reserves at the required level.
In the aggregate, a little more than 40 per
cent of the Government's wartime expenditures were met out of tax revenues, 3Z per
cent by borrowing from nonbank investors,
and z8 per cent through securities purchased by the banks, including savings
institutions.
WARTIME NEEDS FOR MONEY
BULLETIN, pp. 532-535.
Wartime expansion in deposits and currency reflected in part the increased require-
NOVEMBER 1945
1091
REVIEW OF THE MONTH
ments and in part the preferences of individuals and businesses in an expanding
economy. With increased incomes and
business volumes there was need for larger
cash holdings. During the early years of
the defense preparation and war, the
growth in deposits and currency was not
as great as the increase in the total value
of the national product, but since 1941 cash
holdings have expanded more rapidly than
gross product. The relationship of the
volume of deposits and currency holdings to
production and incomes is shown on the
chart.
Average deposit and currency holdings of
individuals and businesses were about 60
per cent of the gross national product during
the period 1935-39, a higher figure than
prevailed in the 192.0's when business was
more active. By 1942. this ratio had declined to about 50 per cent, but by the third
quarter of 1945 it had increased to over 65
per cent. With the decrease in production
and income following termination of the
war, even though there should be little
further increase in the amount of deposits,
the ratio will be about 75 per cent by the
end of 1945.
In addition to growing cash needs commensurate with expanding business and income payments, there were other special
wartime factors operating to increase the
desire of the public for holding cash and
other liquid assets. The growth of tax
liabilities, especially those of corporations,
the inability to make capital expenditures
equivalent to current allowances for depreciation, and the absence of many consumer
goods from the market all tended to encourage businesses and individuals to accumulate liquid assets in order to have funds
readily available for use when the situation
changed. In addition, the uncertain prospects for income, employment, and sales
1092.
gave money holders an added reason for
maintaining a degree of liquidity not normally required.
While monetary expansion in the war
period has been at least equal to and
probably in excess of all of these needs, this
has been the inevitable result of providing
all the financing needed for effective prosecution of the war at a low and stable level
of interest rates. During this period excessive use of the available supply of money
and undue inflation of prices have been
avoided by the imposition of direct controls, such as price ceilings, priorities, allocations, and rationing, by inability to
secure many goods, and by voluntary restraints on spending.
Termination of the war has brought
changes in the financial needs both of the
Government and of the rest of the economy.
Government deficits and borrowings will
shrink sharply from war levels; businesses
and individuals will be less restricted in
ability to use funds available to them; the
volume of economic activity will be somewhat smaller; and needs for a high degree of
liquidity will be lessened. With the decreased need for liquidity there will be an
opportunity to channel savings more into
nonmonetary forms. This will help the
Government to meet the recurring problem
of refunding the public debt and to secure
the funds necessary to offset the redemption
of savings bonds and tax notes turned in to
discharge tax liabilities and for other purposes.
OWNERSHIP OF DEPOSITS AND CURRENCY
Increased holdings of deposits and currency during the war have been widely distributed among different groups of holders.
Almost all groups have had substantial increases in holdings of demand deposits, particularly those groups in which large
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
deferred capital and consumption expendi- rency in the early years of the war but have
tures are to be expected. The most recent increased more rapidly in the past two
Federal Reserve survey of demand deposit years. Since 1941 all time deposits, inownership, elsewhere reported in this BUL- cluding those of mutual savings banks and
LETIN and summarized in the following postal savings deposits as well as those at
table, shows that manufacturing and commercial banks, have expanded from x8
mining businesses have increased their hold- billion dollars to 47 billion. It is estimated
ings by 84 per cent since December 1941 and that total holdings of deposits and currency
trade concerns have increased theirs by 137 by individuals, excluding unincorporated
per cent. Personal holdings are up 140 per businesses, have grown from 46 billion dolcent. Although estimates of farmer owner- lars at the end of 1941 to about 95 billion at
ship over the whole period are not avail- the end of September 1945.
able, it appears that expansion of farmers'
BASIS OF MONETARY EXPANSION
deposits has been even more rapid. The
only important group not reporting deposit
Principal banking factors accounting for
gains are insurance companies, which have changes in the amount of bank deposits and
generally kept their funds fully invested.
currency during the war are shown in the
following table. While ultimate decisions
O W N E R S H I P OF D E M A N D DEPOSITS
[Estimates, in billions of dollars]
as to amounts of deposits and currency that
may
be held rest with businesses and inAmount outstanding
PerDollar centage
dividuals, the banking mechanism makes it
change change
Dec.
July,
possible
to effectuate these decisions and
1945^
1941
also
influences
them. In the absence of an
+17.6 +71
Total domestic business
42.4
24.8
increase
in
the
country's gold stock, or the
+16.7 +82
Nonfinancial business—total 37.1
20.4
Manufacturing and mining . . . 18.4
10.0
+8.4 +84
payment
of
Government
expenses through
Public utilities
4.0
3.1
+0.9 +29
Trade.. .
10.9
4.6
+6.3 +137
the direct issuance of currency, deposits and
3.8
Other nonfinancial
2.7
+1.1 +41
currency can increase only as the result of an
+0.9 +20
4.4
Financial business—total...
5.3
-0.1
Insurance companies
1.9
1.8
expansion in bank credit. The table shows
+1.0 +40
Other financial
2.5
3.5
+13.4 +140
Personal
23.0
the dominance of Treasury financing in the
9.6
Farmers
5.2
Others
17.8
growth of deposits and currency during the
Trust funds
1.5
war.
+1.0 +31
Nonprofit associations
2.0
Foreigners2
0.7
During the war bank credit extended to
+32.0 +85
Total
. .
69.6
37.6
individuals
or businesses increased very
p
Preliminary.
1
little. Although bank loans to business for
Figures not available.
2
Excludes foreign banks and governments.
war purposes increased, the major expendiIn addition to holdings of demand tures for plants, equipment, and inventories
deposits, shown in the table, there have were made directly by the Government and
been substantial increases in currency and in so were not reflected in private credit operatime deposits, which are largely held by tions. At the same time business borindividuals. The amount of currency in rowing at banks for nonwar purposes decirculation outside of banks has increased clined, and reduction in long-term indebtedfrom about 9 billion dollars in 1941 to x6 ness of business corporations also resulted in
billion at present. Time deposits expanded a decrease in bank holdings of corporate
more slowly than demand deposits and cur- securities. In addition, there was consid1
1
1
1
1
I-
NOVEMBER 1945
1093
REVIEW OF THE MONTH
erable contraction of consumer credit,
which directly or indirectly reduced bank
loans. Loans for purchasing and carrying
Government securities, though sizable,
were relatively less important than in the
last war.
system. Between drives some commercial
banks sold Government securities to the
Reserve Banks in order to obtain additional
reserves needed as deposits were reshifted
from war-loan accounts to private accounts
subject to reserve requirements. Through
these steps, as shown in the chart, bank
PRINCIPAL FACTORS AFFECTING THE VOLUME OF DEPOSITS
AND CURRENCY
WEEKLY REPORTING MEMBER BANKS
[In billions of dollars]
Outstanding
Sept.30, Dec. 31
1945
1941
Principal factors expanding deposits
a n d currency
Banking system1 holdings of:
U. S. Government securities
Loans and other investments
Monetary gold stock
Treasury currency outstanding
Change
177.7
90.5
*119.6
*33.7
20.1
4.3
29.0
35.6
22.7
3.2
+87.2
+90.6
-1.9
-2.6
+1.1
15.4
13.3
+2.1
3.1
3.1
1.5
1.4
+0.1
+2.0
+85.1
+84.6
+16.6
+36.4
+12.4
+13.2
+4.5
+1.5
Principal factors contracting deposits
a n d currency
Treasury cash and deposits at Federal
Reserve Banks
Nonmember deposits at Federal Reserve
Banks
Bank capital (including Federal Reserve)
*10.8
Net of principal 2expansive and contractive items
162.3
77.2
P162.8
Deposits a n d currency
Currency outside banks
*26.2
Demand deposits—adjusted..
2*75.4
U. S. Government deposits in commercial banks
Time deposits: Commercial banks
Mutual sayings banks...
Postal Savings System .
78.2
9.6
39.0
1.9
15.9
10.5
1.3
* —Estimated.
—Preliminary.
The Postal Savings System included.
The difference between these net figures and the totals shown below results from several small unenumerated items, mainly miscellaneous bank assets and liabilities and differences between deposits
due to and due from banks.
v
1
2
Since i94x additions to bank holdings of
Government securities generally have occurred during war loan drives. At such
times banks had excess reserves because nonbank purchases of Government securities
shifted deposits from accounts against
which reserves are required to the reserveexempt war-loan accounts of the Government. At the same time many individuals
and corporations sold some of their existing
holdings in order to subscribe for new issues
in the drive, and these Government securities were largely acquired by the banking
1094
'42
1943
1944
1945
Latest figures are for October 24.
credit was gradually expanded. Aggregate
bank holdings, however, showed little or
no decline in the interdrive periods because
of the increase in Reserve Bank holdings and
also because nonreporting banks, which are
not included in this chart, generally were
buying securities between war loan drives.
In accordance with its wartime policy of
supplying banks with reserves needed to
enable the war to be financed at a stable
level of interest rates, the Federal Reserve
System purchased securities sold by banks
and others in the market. In this way
banks obtained the reserve funds needed to
meet the currency and deposit demands of
the public. At the same time both Treasury
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
and Federal Reserve policies have been designed to discourage undue expansion of
bank credit by limiting the issues of securities available to banks and by supplying
only such additional reserves as were demanded by the banks. Nevertheless, banks
could by selling short-term low-rate
securities to the Reserve Banks and purchasing longer-term higher-rate issues in
the market, actively bid securities away
from other holders and bring about a further
expansion of bank reserves' and deposits.
This practice has been particularly in
evidence during the past year.
individuals and corporations seeking cash
during the reconversion and demobilization
period.
The Victory Loan now in progress is for
the purpose of raising funds to meet these
requirements of the Treasury. It is important that investors other than banks subscribe in full for the securities offered in this
drive and that the use of bank credit be kept
to a minimum; special efforts are being made
to bring about these results.
Following the Victory Loan the Treasury
will have a large cash balance, which will
probably be sufficient to meet its deficit and
a large part of the security redemptions
TREASURY REQUIREMENTS I N
during 1946. The need for additional openTRANSITION PERIOD
market financing will depend primarily
As the Federal Government deficit de- upon the amount of redemptions. In any
clines, this dominant wartime factor in the event there should be little or no further
growth of bank credit, of deposits and cur- increase in the total public debt during
rency, and of holdings of Government 1946, although there may be important
securities by individuals and businesses will shifts in its distribution among different
diminish and perhaps even disappear. groups of holders. These shifts will reflect
Federal Government expenditures, which the savings, the investment policies, and the
reached a wartime peak of over ioo billion cash needs of the various holders.
dollars a year, are being drastically reduced
BANK CREDIT IN TRANSITION PERIOD
and by the end of 1946 may be at a level of
little over 30 billion a year. Receipts of the
Further developments in bank credit will
Government, which in the last fiscal year reflect private credit needs and adjustments
amounted to 47 billion dollars, will decline in holdings of Government securities. Prisomewhat as a result of decreases in incomes vate demands for credit are not likely to
and tax revisions, and there will continue require much net expansion of bank loans.
to be a deficit throughout the next year. Some demands may emerge, both for busiFor the last six months of 1945, which ness credit and for credit to finance consumer
include expenditures for a part of the war purchases, but the credit extended for war
and for much of the reconversion and de- purposes will be in the process of liquidamobilization, the deficit will amount to tion.
about xo billion dollars, and in the first six
Large net redemptions or sales of Governmonths of 1946 it may amount to about 10 ment securities from the holdings of inbillion or less. During the next several dividuals and businesses might necessitate
months the Treasury may need additional further bank credit expansion. Under the
funds to meet substantial redemptions of established policy of maintaining stability
demand and maturing obligations held by in the Government security markets, the
NOVEMBER 1945
1095
REVIEW OF THE MONTH
Federal Reserve Banks would be called upon
to purchase a sufficient amount of Government securities to supply the additional
bank reserves needed. While the large
volume of Government securities held by
businesses and individuals provides the possibility of substantial bank credit expansion
from this source, such an expansion need
not occur. In the absence of a sharp rise in
prices there will be no occasion for the
public as a whole to add to its already large
holdings of cash and deposits by selling
Government securities to the banks. Sales
by some companies and individuals may be
offset in the aggregate by purchases of
others.
OWNERSHIP OF U N I T E D STATES GOVERNMENT DEBT
[Estimates, in billions of dollars]
Outstanding
In-
Sept. 30, Dec. 31, crease
1941
1945
Federal Reserve Banks
Commercial banks
Mutual savings banks
Postal Savings System
23.3
83.5
10.0
2.8
2.3
21.8
3.7
1.3
21.0
61.7
6.3
1.5
119.6
29.0
90.6
58 5
13 5
45 0
30.0
23.2
5.0
23.8
4.3
8.2
0.5
8.2
25.7
15.0
4.5
15.6
Total nonbank investors
140.5
34.7
105.8
Total interest-bearing direct and guaranteed debt
...
260.2
63.8
196.4
Total banking system
Individuals1
. .
Corporations and associations excluding
banks and insurance companies2
Insurance companies
State and local governments
U.S. Government agencies and trust funds.
1
2
Includes unincorporated business.
Includes brokers, dealers, and foreigners.
Corporations.—Holdings of Government
securities by business corporations other
than insurance companies and banks have
PROSPECTIVE SHIFTS IN OWNERSHIP OF
increased from about 4 billion dollars in
GOVERNMENT SECURITIES
Even though the public debt in the 1941 to about 30 billion at present. A
aggregate does not increase, there may be third of this growth has been in Treasurysubstantial shifts in the pattern of Govern- tax and savings notes, and most of the
ment security ownership. These will result remainder has been in short-term securities.
These securities are held in part against
only in part from the sale in the open
accrued tax liabilities and in part for
market of Government securities by present
prospective cash needs in the reconversion
nonbank holders. Holdings of nonmarketand postwar periods. Accrued tax liabiliable issues, largely savings bonds in the
ties will decline as higher taxes for 1945
hands of individuals and tax notes in the
are paid and the lower ones for 1946 accrue.
hands of corporations, will be offered to the
As this occurs, corporations may liquidate
Treasury for redemption in cash or, in
some of the securities held against their tax
the case of savings notes, in payment of
liabilities.
taxes. To the extent that cash from
Financing of reconversion may lead to
current sales of nonmarketable issues does other demands upon the liquid assets of
not cover these redemptions, the Treasury corporations. Corporate expenditures for
will need to sell additional marketable acquiring and improving plant and equipissues. Refunding of maturing issues will ment, for rebuilding inventories, and for
also result in redistribution of ownership to increasing credits advanced to customers
the extent that present owners take cash may again exceed internal sources of funds.
rather than new issues offered in exchange. In addition to their holdings of GovernThe table shows the estimated distri- ment securities, business corporations have
bution of ownership of Government se- approximately doubled their deposit balcurities as of September 30, 1945, and ances at banks during the war. It is probDecember 31, 1941.
ably not to be expected that these balances
1096
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
will be reduced to prewar levels. If they
should be maintained near current levels,
any drains on corporate liquid assets to
finance reconversion or other postwar
needs will be reflected in a decline in corporate holdings of Government securities or
an increase in borrowings and security
issues. Although some corporations may
find themselves in a position to maintain
their present liquidity, it appears likely
that on balance corporate holdings of
Government securities will decline next
year.
Individuals.—Some individual owners of
Government securities will also be disposing of their holdings. Expenses incidental
to shifts in the nature and perhaps location
of employment, increased purchases of durable goods as supplies become available,
and the buying of homes, farms, corporate
securities, and other forms of property
may occasion the redemption or sale of
Government securities. At the same time
many individuals will continue to receive
substantial incomes, and net savings by
individuals in the aggregate will continue.
Outlets for these savings will include substantial purchases of Government securities,
as long as the Treasury continues to offer
securities that are attractive to individuals
and especially if purchases are maintained
through pay roll savings plans and by
other means.
Redemptions of savings bonds have
gradually increased as the aggregate amount
outstanding expanded and prior to the end
of the war amounted to about 400 million
dollars a month. Subsequently they have
increased further and in August, September,
and October exceeded 500 million a month,
slightly above the reduced level of sales in
the last two of those months. Sales will
increase during the Victory Loan Drive and
NOVEMBER 1945
then no doubt decline to well below wartime levels. It is not certain, however,
that redemptions will continue for any
extended period substantially in excess of
sales.
Investment Institutions.—Insurance companies will probably continue to purchase
Government securities. With the revival
of business capital expenditures and of
home construction after the war, some
increases in outlets for private investment
by insurance companies will emerge. It
seems unlikely, however, that these outlets
will absorb all of the investment funds that
will accumulate in these institutions.
Though they will not continue to buy 3 to
4 billion dollars of Federal Government
securities a year, as they did during the
war years, the amount might nevertheless
be an important factor in the market,
especially in view of the small demand for
new money by the Treasury.
Private trust accounts, administered
largely by banking institutions, may also
furnish a market of importance. While
the total amount of new investment funds in
these accounts is not likely to continue at
the accelerated level of wartime, when
these accounts appear to have absorbed
about z billion dollars of Government
securities a year, they will nevertheless
continue to invest on balance.
The various trust accounts administered
by the Federal Government will also
probably continue to absorb United States
Government securities. Although large
unemployment compensation payments
would result in some drain on these funds,
receipts will probably continue in excess of
expenditures for the various funds as a
whole, leaving a balance available for
investment. The amounts invested will
for some time be below the wartime annual
1097
REVIEW OF THE MONTH
average of almost 4 billion dollars. These
accounts are likely to take larger amounts
of securities in times of large incomes and
activity, when absorption of debt by nonbank investors is most desirable.
N E E D FOR B A N K PURCHASES OF G O V E R N M E N T
SECURITIES
The banking system, including commercial banks, mutual savings banks, and
Federal Reserve Banks, has purchased more
than two-fifths of the total amount of
United States Government securities offered
during the war and now holds about the
same proportion of those outstanding. To
some extent an increase in bank holdings of
Government securities reflects the decision
of individuals and businesses to increase
their deposits in banks. Banks may, however, encourage or discourage these decisions by their willingness to expand
credit, and in purchasing securities banks
may bid them from other holders and thus
take the initiative in expanding credit.
Need for further expansion in bank
holdings of Government securities will
depend upon whether the various nonbank
investing groups absorb all of the securities
which become available, as offered either by
the Treasury or by other holders desiring
cash, and upon the public's desire for
additional cash holdings. It has been
pointed out that the public debt will show
little or no further increase in 1946. It
seems likely that various demands from
customary investment sources should be
sufficient to absorb Government securities
in amounts equal to redemptions and sales
by others. In view of the large volume of
cash already held by individuals and
businesses and the likelihood that production and income will be at a somewhat
lower level next year than they have been
during the war, there should be little need
for further additions to cash holdings.
1098
Consequently bank holdings of Government securities would not need to increase
during the next year.
Commercial banks are to some extent
savings institutions, and the securities
they purchase represent in part the reinvestment of savings, as do purchases of
savings banks. Savings held in banks,
however, are generally much more readily
available than those held otherwise and,
therefore, are considered highly liquid
assets. Time and savings deposits in commercial banks and deposits in mutual
savings banks and in the Postal Savings
System increased slowly in the early years
of the war while demand deposits were
increasing rapidly, but since the middle of
1943 time deposits have also grown considerably, as shown in the chart. The
aggregate increase in time deposits was 4
billion dollars in 1943, 7 billion in 1944,
and has been at a rate of 9 billion a year
in 1945. A continued growth, though at a
reduced rate, seems likely in 1946.
BANK DEPOSITS AND CURRENCY
NOTE.—Figures are partly estimated. Deposits are for all banks
in United States. Demand deposits-adjusted exclude U. S. Government and interbank deposits and items in process of collection. Time
deposits include deposits in the Postal Savings System and in mutual
savings banks. Figures for July 1945 and subsequently are preliminary; latest figures are for September.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
The public demand for currency was the
major factor in the wartime expansion of
Reserve Bank credit. When currency is
withdrawn from commercial banks, these
banks must obtain it from the Reserve
Banks, drawing on their reserve balances in
the process. These reserve balances must
then be- replenished, and this occasions
sales of Government securities to the Reserve Banks.
During 1945 the currency outflow, while
still substantial, has been slackening. In
the early spring the currency demand
slackened apparently in response to rumors
of special measures that might be adopted to
restrict currency holdings. Later the
Treasury took action to require reports of
unusual currency transactions. Since the
end of hostilities there has been some
further decrease in the outflow. In 1946
the outflow of currency probably will be at
a much reduced rate and might even cease.
To the extent that expansion continues,
the Reserve Banks will be called upon to
supply additional credit. Should a return
flow of currency develop, banks will have
additional reserves which they could use
as a basis for further credit expansion,
unless the Reserve Banks reduced their
holdings of Government securities.
away from other holders. Banks hold
substantial amounts of short-term low-rate
Government securities which they can
readily sell to Federal Reserve Banks.
Some banks may sell such securities to the
Reserve Banks and purchase higher-yield
issues in the market. This process makes
available additional reserves, which are
transferred to other banks, providing the
basis for a multiple credit expansion.
In the transition period, moreover, there
may be some shifting of deposits among
banks and areas. To meet drains of funds,
some banks may need to dispose of a part
of their holdings of short-term securities.
If these securities are purchased by the
banks gaining the funds, there will be no
material change in the investment capacity
of the banking system as a whole. If,
however, the process of transitional marketing should channel these securities to the
Reserve Banks, the reserves of the banking
community will be augmented, thereby
establishing the possibility of further multiple credit expansion. That would give
the commercial banking community the
funds to enter into competition with the
other potential buyers.
In view of the existing sources of demand
for Government securities and the reduced
supply of new securities, prospects are for a
POTENTIALITIES FOR CREDIT EXPANSION
continued strong market for these securities.
Although it appears likely that there Under the circumstances demands are particwill be little or no need for additional ularly strong for the intermediate and
bank purchases of Government securities or long-term issues bearing the higher yields.
for further expansion in bank deposits Such of these issues as can be held by banks
during 1946, potentialities for credit ex- will be in demand by banks, while nonpansion continue to exist. Under present bank investors may be expected to buy
conditions banks can increase their holdings principally the issues that are not eligible
of Government securities by bidding them for purchase by banks.
NOVEMBER 1945
1099
OWNERSHIP OF DEMAND DEPOSITS
Distribution of ownership of demand deposits
among different economic groups showed little
change in the six months prior to the end of
the war, a period of continued growth in the
total. This is brought out by an analysis of a
survey conducted by the Federal Reserve System
as of July 31, 1945. Deposits of individuals,
manufacturing and mining companies, public
utilities, trade establishments, and financial
businesses other than insurance companies all
increased at a rate of about 6 per cent, which is
close to the rate of growth for the total of all
deposits for the period. Farmers' balances, contrary to usual seasonal trends, increased somewhat more rapidly than other personal balances,
and noncorporate business deposits again
showed a greater rate of increase than corporate
deposits.1
Demand deposits of individuals, partnerships, and corporations increased by an estimated 3.7 billion dollars during the six-month
period ended July 31, 1945 and reached a total
of 69.6 billion, as is shown in the table. 2 The
largest part of the increase was accounted for by
a x.o billion dollar growth in business deposits.
Personal deposits, including those of farmers,
increased by 1.5 billion dollars over the period.
Deposits of trust funds and nonprofit organizations increased by comparatively small amounts, while those of foreigners declined
slightly.
The increase in demand deposits of individuals
was only half as much as in the preceding
six-month period, but about as much as the
average for other half-year periods during the
war. About one-third of the growth in personal deposits was added to the accounts of
farmers. This is in contrast to the development in the corresponding period last year when
1 Prior surveys of demand deposit ownership were discussed in the
Federal Reserve BULLETIN of August 1943, pp. 713-16; October 1943,
pp. 917-22; May 1944, pp. 432-35; November 1944, pp. 1069-76; and
April 1945, pp. 331-34.
2 The comparison between the two dates Jan. 31, 1945, and July 31,
1945 is believed to be relatively free of bias owing to war loan drives,
inasmuch as the two surveys followed war loan drives by roughly equal
time intervals.
IIOO
farmers' deposits declined slightly. It is noteworthy particularly because in many parts of
the country deposits of farmers are likely to be
seasonally smaller in the summer months than
at other times of the year.
OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNER
SHIPS, AND CORPORATIONS
[In billions of dollars]*
Amount outstanding
July 31,
1945p
January
31,1945 r
42.4
40.5
37.1
35.3
18.4
4.0
10.9
3.8
17.5
3.7
10.3
3.7
Financial business—total
5.3
5.2
Insurance companies
Other financial
1.9
3.3
Personal. .
1.8
3.5
23.0
21.5
Fanners
Others
5.2
17.8
4.7
16.7
1.5
2.0
0.7
1.4
1.9
0.7
69.6
65.9
Total domestic business
Nonfinancial business—total
Manufacturing and mining
Public utilities
Trade
Other nonfinancial
Trust funds... .
. .
Nonprofit associations
Foreigners—business and individuals
Total
.
Change
January
1945 to
July 1945
+2.0
+1.9
+0.9
+0.3
+0.6
+0.1
+0.1
**
+0.1
+1.5
+0.5
+1.1
+0.1
+0.1
+3.7
p
r
Preliminary.
Revised.
* The figures in this table have been rounded to tenths of billions
from estimates with one more decimal place; therefore, the parts of
totals may not add to total and changes may be different from those
that could be computed from the figures shown in the table.
** Less than 50 million dollars.
NOTE.—The figures on deposit ownership presented in this article
are estimates of the balances as recorded by the books of all banks, and
as a consequence are different from figures that appear on the books of
depositors. The former includes amounts represented by checks that
have been drawn by depositors and deducted from their books but not
yet charged off their balances on bank records. The latter includes
checks received by the payees which have been entered on their records
but not yet deposited with the banks.
The smaller additions to personal demand
deposits during the period covered by this
survey than in the preceding six months were
accompanied by a slackening in the outflow of
currency. On the other hand, individuals
added more to their holdings of time deposits
and War Savings bonds during this period than
in prior six-month periods. Personal demand
deposits at 2.3 billion dollars were two and a
half times larger than at the time of Pearl
Harbor, and total individual holdings of liquid
FEDERAL RESERVE BULLETIN
OWNERSHIP OF DEMAND DEPOSITS
assets, including currency, demand deposits,
time deposits, and United States Government
securities, showed about the same rate of
growth.
Demand deposits of businesses were about
4Z.4 billion dollars, compared with 15 billion
in December 1941. Manufacturing and mining
companies accounted for half of the increase in
deposits of domestic businesses. This increase
of almost a billion dollars for manufacturing
and mining during the six months ending last
July, though considerably greater than the 300
million dollar increase in the preceding six
months, is only slightly larger than the increase in the five-month period ended July 31
last year. Balances of wholesale and retail
trade establishments, which expanded more
rapidly than those of other businesses during
the war, rose by 6co millions, as compared with
1.5 billions in the previous period. Deposits of
public utility, transportation, and communications companies, which had not changed in
the year and a half ending last January, increased by 300 millions in the following six
months. Accounts of other nonfinancial busi-
nesses, including contractors, theaters, lawyers,
doctors, and other service industries, increased
slightly in the aggregate. Balances of insurance
companies showed little change throughout the
war period except for variations during and
between war loan drives. Deposits of financial
businesses other than insurance companies—
real estate agents, investment trusts, brokers,
loan companies, and similar enterprises— continued to increase somewhat.
Corporations owned over 75 per cent of business deposits on July 31, 1945, and the increase
in corporate deposits accounted for 1.3 billions
of the 2..0 billion dollar increase in business
accounts. The rate of growth in corporate
holdings, however, was smaller than that for
noncorporate business in both the manufacturing
and mining and the trade groups. For the last
three surveys business deposits have been classified by corporate status of the holders, and the
following table shows estimates of corporate
and noncorporate business deposits as of July
31, 1944, January 31, 1945, and July 31, 1945,
and the change over the one-year period ended
July 31, 1945.
D E M A N D DEPOSITS OF CORPORATIONS A N D UNINCORPORATED BUSINESS
[In billions of dollars]*
July 31, 1945P
Total domestic business
January 31, 1945r
July 31, 1944
Corporate
Noncorporate
Corporate
Noncorporate
Corporate
Noncorporate
31.9
10.6
30.6
9.9
29.2
8.5
Nonfinancial business—total
27.9
9.2
26.7
8.6
25.6
7.4
Manufacturing and mining
Public utilities
Trade
.
. .
Other nonfinancial
16.6
3.8
5.5
2.0
1.8
0.2
5.4
1.8
15.8
3.6
5.4
1.9
1.7
0.2
5.0
1.8
15.7
3.6
4.6
1.8
1.5
0.1
4.3
1.5
Financial business—total
4.0
1.4
3.9
1.3
3.6
1.1
Insurance companies
Other financial.
1.7
2.3
0.2
1.2
1.7
2.1
0.1
1.2
1.6
2.0
0.1
1.0
Percentage change July
31, 1944 to July 31, 1945
Corporate
Noncorporate
+9.2
+9.0
+5.9
+7.9
+20.4
+10.1
+11.2
+6.3
+15.2
+24.8
+24.8
+23.4
+35.7
+26.8
+19.6
+23.9
+66.7
+20.0
* Owing to rounding, details may not add to total.
Preliminary.
Revised.
p
r
NOVEMBER
1945
IIOI
LOANS FOR WAR PURPOSES
by
GERALD M. CONKLING
Division of Bank Operations
Loans for war purposes outstanding at all
commercial banks in the United States declined
to an estimated 3 billion dollars in June 1945
after reaching an estimated peak of 3.5 billion
at the end of 1943. As shown in Table 1, the
increase in these loans was very rapid during
1941 and at a much lower rate during 1943; the
ensuing decline has been gradual. The decline
during the first half of 1944 resulted from a
continued decline in loans not guaranteed under
Regulation V, which reached a low close to 1
billion dollars on June 30, 1944. Conversely, in
the latter half of the year, a decline of over 0.3
billion dollars in guaranteed war loans was
offset by an increase in other war loans. During
the first half of 1945 a further decline of over
0.3 million dollars in the guaranteed portion was
only partly offset by a further increase in other
war loans. The guaranteed portion of total
war loans, which had reached 66 per cent by
June 30, 1944, declined during the last two
semi-annual periods to 46 per cent in June 1945.
Until around mid-1944, the tendency was for
banks to shift their credits from an unguaranteed
to a guaranteed status. There are a number of
possible explanations of the subsequent reversal
of this tendency: (1) Businesses generally were
in a better financial condition than in the earlier
stages of the war, and their experience in war
production tended to reduce credit risk; banks
were more willing to extend credit on an unguaranteed basis. (2.) War contracts were in
financially stronger hands. (3) The "other
war loan" category undoubtedly includes some
loans only indirectly related to the war. For
example, some loans were being classified as
commercial loans for war purposes when in all
probability the main purposes were either to
broaden the borrowers' capital structure base for
computing excess profits taxes or to purchase
United States Government obligations, partiIIOX
cularly in loan drives that have occurred near
the reporting date.
TABLE 1
W A R LOANS OUTSTANDING AT A L L COMMERCIAL BANKS
[Dollar amounts in millions]
Call date
Total
loans for
war
purposes
(esti- 1
mated)
Regulation V
guaranteed loans
Amount
Other
war
Percent- loans (estimated)
age of
total war
loans
1941—December 31
$1,300
1942—June 30
December 31
2,250
2,950
81
804
4
27
2,150
2,150
1943—June 30
December 31
3,250
3,500
1,428
1,914
1,800
1,600
1944—June 30
December 30
3,150
3,200
2,064
1,736
1945—June 30
3,000
1,387
44
55
66
54
46
1
$1,300
$
1,100
1,450
1,600
For brief description of method, see p. 1103.
WAR LOAN SURVEYS OF THE
ABA
The estimate of total war loans for all commercial banks is based largely on statistics
collected and released by the American Bankers
Association. Beginning December 1940, the
Association has periodically sent questionnaires to about 500 of the largest banks in the
United States requesting data regarding war
loans outstanding and commitments to make
additional war loans. Banks were requested to
report the number of these loans and to classify
them as to purpose: For plant facilities and
construction (defined in the recent questionnaires
as "loans to finance the building of plants,
cantonments or other construction related to
the war program, including defense housing
financing"); and for all other purposes (defined
as "working capital loans to manufacturers for
production of supplies and equipment for war
purposes; loans to industries directly or indirectly contributing to the war effort"). Both
of these classifications have been subdivided to
FEDERAL RESERVE BULLETIN
LOANS FOR WAR PURPOSES
show Regulation V loans separately, and the
plant facilities and construction classification
has also been subdivided on most dates to show
emergency plant facility loans. The results of
these statistics, collected by the American
Bankers Association on a quarterly basis
through December 1942. and semi-annually
thereafter until the surveys were discontinued
following the reports of June 1945, are summarized in Table 1.
all dates reported. They continued to increase during 1944 after the volume of outstanding loans began to decline, and on the
two most recent dates they amounted to over
twice the volume of loans outstanding.
ESTIMATED WAR LOANS AT ALL COMMERCIAL
BANKS
By applying some of the results of the American Bankers Association survey of selected large
TABLE 2
SUMMARY OF ABA SURVEYS OP LOANS FOR DEFENSE A N D W A R PURPOSES, 1940-1945
[Dollar amounts in millions]
Number
of
cities represented
No such by banks
loans
reporting
such loans
Number of banks reporting
End of month
Total
Defense
or war
loans
Loans outstanding
Total
Number
Amount
Plant
facilities
and construction
Commitments outstanding
All
other
Total
Plant
facilities
and construction
All
other
1940—December
221
196
25
80
3,233
326
$ 62
1941—March
June
September
December
398
403
407
422
345
369
376
391
53
34
31
31
137
142
146
152
4,411
9,154
14,504
16,715
429
682
873
1,080
32
208
294
340
397
474
579
740
505
619
892
1,149
98
305
339
375
407
314
553
774
1942—March
June
September
December
424
433
431
423
406
423
421
414
18
10
10
9
159
162
167
165
24,908
33,845
36,590
35,787
1,559
2,057
2,400
2,527
407
527
554
512
1,152
1,530
1,846
2,015
1,561
2,122
2,635
3,395
488
496
499
402
1,073
1,626
2,136
2,993
1943—June
December
428
452
419
436
9
16
178
184
33,760
44,173
2,719
3,301
346
385
2,373
2,916
4,195
5,125
332
294
3,863
4,831
1944—June
December
448
450
430
429
18
21
186
186
31,297
31,433
2,746
2,811
116
173
2,630
2,638
5,421
5,817
176
148
5,245
5,669
1945—June
439
416
23
181
25,056
2,335
150
2,185
5,240
108
5,132
On most dates during 1941 and 1941, the
volume of loans for plant facilities and construction represented from one-fifth to onethird of total loans outstanding for defense
and war purposes; after 1942-, the relative
importance of this class of loans declined rapidly. The largest amount of these construction
loans was outstanding in September 19421;
thereafter they declined substantially. Other
working capital loans for war purposes continued to increase to December 1943, when total
war loans at the reporting banks were at their
peak. The average loan outstanding has ranged
between $60,000 in reports for September 1941
and June 1942., and $93,000 in reports for June
1945Commitments outstanding for future loans
were greater than loans outstanding on nearly
NOVEMBER 1945
$
248
$
8
$
240
$
$
264
banks to data for commercial loans at member
banks, rough estimates have been made of loans
for war purposes at all commercial banks since
December 1941. In general, the banks reporting to the Association correspond roughly
to the weekly reporting member banks and to
central reserve and reserve city banks. This
similarity and the survey of commercial loans
at member banks made by the Federal Reserve
System in 1942. are the basis of the estimates.1
The survey showed that the proportion of
commercial and industrial loans being made for
war purposes at country banks was between
two-thirds and three-quarters of the proportion
at central reserve and reserve city banks. In
estimating war loans at all commercial banks,
1
For description of the survey, see Federal Reserve BULLETIN for
August 1942, pp. 768-73.
1103
LOANS FOR WAR PURPOSES
the holdings of such loans at central reserve
and reserve city banks have been computed at
the same proportions as shown in the Association surveys, and the holdings at other
banks have been computed on the assumption
that the war loan portion of commercial and
industrial loans has been 70 per cent of the
corresponding ratio at central reserve and reserve city banks.
TABLE 3
COMPARISON OF ABA REPORTING BANKS AND CENTRAL RESERVE AND RESERVE CITY BANKS—NUMBER OP BANKS
AND TOTAL LOANS EXCEPT MORTGAGE LOANS1
[Dollar amounts in millions]
Number of
Banks
Total loans except mortgage
loans1
Central
Report- Central
Banks
reserve
ing war reserve
reporting and reand
loans to reserve war loans serve city
2
ABA2
to ABA
banks
city
Call date
Percentage ratio
of ABA
series to
Reserve
series
1942—June 30....
Dec. 3 1 . . . .
423
414
403
404
i$12,578
9,525
i$l1,536
9,424
109.03
101.07
1943—June 30....
Dec. 31....
419
436
404
407
8,575
f0,987
8,724
10,084
98.29
108.95
1944—June 30....
Dec. 3 1 . . . .
430
429
405
406
12,182
12,658
11,804
12,277
103.20
103.10
1945—June 30....
416
409
12,758
13,996
91.15
1
With the exception of June 30, 1942, when total loans were reported.
2
Excludes banks that reported no war loans.
Table 3 shows the fluctuations in the number
and the loan coverage of banks reporting war
loans in the American Bankers Association
series as compared with the more stable series
of member banks in central reserve and reserve
cities. For several dates it was necessary to
adjust the results for variations in bank coverage
in the Association statistics; and for the December 1941 estimate of loans for war purposes
shown in Table 1, it was assumed that the banks
reporting to the American Bankers Association
were identical with the weekly reporting member banks. It should be noted that the Association series shown in Table 3 includes only those
banks that reported some war loans, whereas
the reserve series includes all central reserve
and reserve city banks.
WAR LOANS AT INSURED COMMERCIAL BANKS
Table 4 shows a classification of war loans
and other loans held by insured commercial
banks during the war. From December 1941
to June 1943, when war loans were rapidly increasing, loans in several other principal categories were declining and there was a net
decline of nearly 4 billion dollars in total loans.
The low point for the non-war portion of commercial and industrial loans was also reached
in June 1943. Since that date total loans have
increased to a level higher than at the beginning
of the war.
TABLE 4
W A R L O A N S A N D O T H E R L O A N S O U T S T A N D I N G AT I N S U R E D COMMERCIAL B A N K S I N T H E U N I T E D STATES
SEMI-ANNUAL CALL DATES,
1941-1945
[In millions of dollars]
Commercial and industrial loans
Call date
Total
loans
Total
Wari
I Other
(Estimated)
Loans for
loans,
Agricultural purchasing Real estate Other
mainly
or carrying
loans
loans
consumer
securities
1941—Dec. 31..
21,258
9,214
1,300
7,900
1,450
1,276
4,773
4,545
1942—June 30..
Dec. 31..
19,920
18,903
8,867
7,757
2,250
2,950
6,600
4,800
1,164
1,642
1,189
1,547
4,770
4,646
3,928
3,311
1943—June 30...
Dec. 3 1 . . .
17,390
18,841
6,887
7,777
3,250
3,500
3,650
4,300
1,316
1,505
1,805
2,336
4,547
4,437
2,833
2,786
1944—June 30.
Dec. 30..
20,729
21,352
7,406
7,920
3,150
3,200
4,250
4,700
1,474
1,723
4,517
4,534
4,364
4,343
2,968
2,832
1945—June 30.
23,376
7,501
3,000
4,500
1,632
6,714
4,413
3,116
1
Estimate of]war loans at all commercial banks, the same as in Table 1. It is probable that war loans at noninsured commercial banks have
not exceeded from 10 to 20 million dollars at any date.
IIO4
FEDERAL RESERVE BULLETIN
LOANS FOR WAR PURPOSES
On June 30, 1945, all classes of loans shown in
the table, except loans for war production and
real estate loans, were at a higher level than
they had been two years earlier. The greater
part of the increase, however, was in the volume
of outstanding loans for purchasing and carrying
securities, especially United States Goverment
securities. These loans have increased cumulatively throughout the period. They have
fluctuated widely with war loan drives, usually
reaching their peak around the end of a drive
and declining gradually to a low point shortly
preceding the next drive. At the end of June
1945, close to the end of the Seventh War Loan,
these loans were near a new wartime peak of
6.7 billion dollars.
Changes in agricultural loans outstanding
(excluding farm mortgages) are usually largely
seasonal, but on successive June and December
dates throughout the war period they have
increased, slowly and almost steadily. Loans
NOVEMBER
1945
on real estate have declined steadily throughout nearly the entire period. They increased
slightly, for the first time, in the first half of
1945. ''Other" loans, a large part of which
are consumer loans, declined rapidly through
1941 and the first half of 1943; since the low
point at the end of 1943 there has been a moderate increase.
It appears likely that a substantial portion of
the increase in non-war commercial loans since
June 1943 has reflected loans for purchasing
Government securities. This was particularly
true in the last half of 1943, when non-war
commercial loans increased more than 0.6 billion
dollars. Although the commercial loan item
on the call report is intended to exclude loans
for purchasing or carrying securities, it seems
probable that a number of loans have been
classified as commercial which were for the
purpose of replenishing working balances used
in purchasing Government securities.
1105
MEMBER BANK EARNINGS, FIRST HALF OF 1945
Net profits of member banks after income
taxes in the first half of 1945 aggregated 391
million dollars, an increase of 77 million over
the first half of 1944. Net current earnings
increased 60 million dollars.1 Cash dividends
also increased, but not substantially. Nearlyall major items of income and profits were
higher, including increases of 94 million dollars
in earnings on securities and 74 million in
profits on securities sold. These were offset
in part by increases of 54 million dollars in
expenses and 48 million in taxes on net income.
As a result of the increased holdings of securities, interest and dividends on securities
continued to increase in amount, but the annual
rate of return remained unchanged at 1.5 per
cent. Earnings on loans showed little change
from recent comparable periods, notwithstanding a moderate increase in holdings since
the first half of 1944. The annual rate of
return on loans declined to 3.0 per cent, continuing the downward course that has been in
progress for several years. Other items of
earnings showed small increases.
>n net income. For composition of net current earnings and net
>rofits, see summary table on this page and detailed table on page 1161.
Salaries and wages continued to increase and
amounted to 2.72. million dollars in the first half
of 1945. Continued growth in time deposits
resulted in an increase in interest payments, but
the average rate paid on these deposits was
unchanged from the previous year. This item of
expense has been increasing since it reached its
low point in 1943.
Profits on securities sold were more than
double the amount in the corresponding period
of 1944 and were higher than in any year since
1940. Losses and charge-offs on loans declined
about 13 million dollars and other losses and
charge-offs declined slightly. The excess of all
recoveries and profits over losses and charge-offs
was 113 million dollars as compared with 49
million in the first half of 1944.
Net current earnings on an annual basis
amounted to 11.6 per cent of total capital
accounts as compared with 10.8 per cent in the
first half of 1944 and 11.1 per cent in the calendar
year. Net profits on total capital accounts
amounted to 11.0 per cent as compared with 9.5
per cent in the first half of 1944 and 9.7 per cent
for the year.
For details of earnings, expenses, etc., in
the first half of 1944 and 1945, see page 1161.
MEMBER BANK EARNINGS
[Amounts in millions of dollars]
Year
First half
Item
1940
1941
1942
1943 1944
1941
1942
1943
1,323
431
595
59
238
1,417
445
665
65
242
1,487
540
649
68
230
1,650
766
563
76
245
1,874
960
563
86
265
649
214
290
29
116
681
215
318
32
116
726
248
329
34
115
783
352
280
36
115
901
453
276
43
129
1,016
547
284
44
141
Expenses 1
Salaries and wages
Interest on time deposits
Taxes other than on net income 1
Other expenses 1
921
400
147
100
273
1,002
461
128
81
331
1,039
487
124
84
344
1,127
525
144
83
375
455
195
75
49
136
475
204
71
57
143
520
223
65
78
154
r
426
140
129
293
503
234
61
39
168
253
68
40
185
601
272
87
41
201
Net current earnings1
402
429
485
611
747
194
206
206
r
Recoveries, profits on securities, etc
Losses and charge-offs1
303
356
278
318
188
223
312
251
318
232
143
175
129
137
86
122
/451
673
833
115
184
557
649
208
6,738
226
6,814
Earnings
On securities
On loans 1
Service charges on deposit accounts.,
Other earnings 1
Net profits before income taxes . . .
Taxes on net income
N e t profits
Gash dividends declared 2 ..
Number of banks a t end of period.
349
390
383
210
211
203
6,486
6,619
6,679
1940
0)
162
0)
198
170
100
101
101
6,398
6,556
6,647
281
1944 1945
r
355
415
129
111
164
115
214
101
(299
403
529
\ 53
90
138
246
314
391
102
6,703
108
6,773
116
6,840
r
Revised to exclude taxes on net income from expenses; see following footnote.
The following changes in reporting are reflected in the annual figures beginning with 1942 and in the figures for the first half of the year beginning with 1943: (a) earnings on loans include ''service charges and fees on loans," an item previously included in other earnings; (b) taxes on
net income, previously included with other taxes in expenses, are a separate item; (c) recurring depreciation on real estate, previously included in
2
losses and charge-offs, is included in expenses.
Includes interest on capital notes and debentures.
1
no6
FEDERAL RESERVE BULLETIN
POSTWAR ECONOMIC STUDIES NO.
Public Finance and Full Employment, the third
of the postwar pamphlets prepared by staff members of the Board of Governors and the Federal
Reserve Banks, will be available in December.
The papers included in this pamphlet are the
following: "Fiscal Policy, Stability, and Full
Employment" and "Federal Tax Reform," by
Richard A. Musgrave; "Public Debt and National Income," by Evsey D. Domar; "Monetary
Aspects of National Debt Policy," by Roland I.
Robinson; "Public Debt and Income Flow," by
Henry C. Wallich; and "State and Local
Finance," by George W. Mitchell, Oscar F.
Litterer, and Evsey D. Domar. Critical comments on the papers, prepared by Alvin H.
Hansen, Charles O. Hardy, and Simeon E.
Lei and, are appended.
The Board of Governors has authorized publication of the series of eight pamphlets, of which
Public Finance and Full Employment is one, in the
belief that it may be of value in furthering the
discussion of the many difficult questions with
which the country is faced in the postwar
period. There is no official endorsement of any
of the opinions or proposals made by the
authors. A complete list of the pamphlets and
their authors follows:
No. i—Jobs, Production, and Living Standards.
Three papers by E. A. Goldenweiser,
Everett E. Hagen, and Frank R.
Garfield.
No. 2.—Agricultural Adjustment and Income.
Three papers by Arthur C. Bunce,
William H. Fisher, and Earle L.
Rauber.
No. 3—Public Finance and Full Employment.
Six papers and Critical Comments by
the authors listed in the text above.
NOVEMBER
1945
No. 4—Prices, Wages, and Employment.
Three papers by Charles O. Hardy,
Kenneth B. Williams, and Howard
S. Ellis.
No. 5—Private Capital Requirements.
Two papers, one by Frederick C. Dirks
and one by Susan S. Burr and Ernest
J. Hopkins.
No. 6—Housing, Social Security, and Public
Works.
Three papers by Ramsay Wood, Eliot
J. Swan, and Walter F. Stettner.
No. 7—The United States in World Trade and
Finance.
Three papers by Walter R. Gardner,
Lloyd A. Metzler, and Robert
Triffin.
No. 8—Federal Reserve Policy.
This pamphlet will contain papers in
which monetary and credit controls
are discussed in the light of changes
wrought by the war in monetary
and credit conditions. As background for the discussion of wartime developments, there will be a
review of Federal Reserve policy
since the establishment of the System and of the general and selective
instruments of credit control which
have been available to credit authorities.
Individual pamphlets may be purchased for
i5 cents each, or for 15 cents each for group purchases of ten or more in single shipment. The
price for the set of eight pamphlets is $1.2.5.
Orders should be sent to the Division of Administrative Services, Board of Governors of the
Federal Reserve System, Washington 2.5, D. C.
1107
CURRENT EVENTS
Federal Reserve Meetings
The Conference of Presidents of the Federal
Reserve Banks met in Washington, D. C , on
October 15 and 16, 1945. The Presidents met
with the Board of Governors of the Federal
Reserve System on October 18, 1945.
A meeting of the Federal Open Market
Committee was held in Washington, D. C , on
October 17, 1945.
The Conference of Chairmen of the Federal
Reserve Banks met in Washington, D. C , on
October 2.9 and 30, 1945.
Appointment of Mr. Dunn as First Vice President of
the Federal Reserve Bank of Chicago
Mr. Charles B. Dunn, Vice President and
General Counsel of the Federal Reserve Bank
of Chicago was appointed First Vice President
effective October 2.5, 1945, to succeed Mr. H. P.
Preston who resigned to accept the presidency
of the Hamilton National Bank of Knoxville,
Tennessee.
Mr. Dunn has served as General Counsel of
the Federal Reserve Bank of Chicago from
January 1, 1934 to October 2.5, 1945- On Febru-
ary 2.6, 1942., he was appointed Vice President
as well as General Counsel.
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 September 16, 1945 to October
15, 1945, inclusive:
Mississippi
Columbus—Merchants & Farmers Bank
Yazoo City—Bank of Yazoo City
Nebraska
Tecumseh—-Johnson County Bank
New Jersey
Paterson—Broadway Bank & Trust Company
New York
Holland—Bank of Holland
Ohio
Orwell—The Orwell Banking Company
THE FEDERAL REGISTER
Following is an announcement regarding the
Federal Register which is printed in the Bulletin
by request:
The Federal Register publishes daily the full
text of Presidential Proclamations and Executive Orders and any order, regulation, notice, or
similar document promulgated by Federal Administrative agencies which has general applicability and legal effect. A partial list of
subjects covered includes: Agriculture, Aviation,
Business Credit, Communications, Contracts,
Customs, Fair Trade Practice, Food and Drugs,
1.108
Foreign Relations, Housing, Labor Relations,
Mineral Resources, Price Control, Priorities,
Reconversion, Securities, Shipping, Surplus Property, Taxation, Transportation, Wages and
Hours. A sample copy of the Federal Register
and additional information may be secured on
request to the Federal Register, National
Archives, Washington 2.5, D. C. Orders for
copies at the rate of $1.50 a month and $15.00 a
year may be sent to the Superintendent of
Documents, U. S. Government Printing Office,
Washington 2.5, D. C.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled October 24^ and released for publication October 26. Figures shown on
charts may differ from preliminary figures used in text.
Output and employment at factories producing
war products declined further in September but
production and incomes in most other sectors
of the economy were maintained or increased
somewhat. Retail buying in September and
the first half of October continued above year
ago levels.
INDUSTRIAL PRODUCTION
Industrial production declined eight per cent
in September, reflecting mainly the continued
rapid liquidation of output for war purposes,
and the Board's seasonally adjusted index was
172. per cent of the 1935-39 average as compared with 187 in August and 2.10 in July.
Reduced activity in the machinery and
transportation equipment industries continued
to account for most of the decline in the total
index. Output in these industries during September was about one-fifth below the August
average and one-half of the rate at the beginning
of the year. Steel production, on the other
hand, was five per cent larger in September than
in August. In the first three weeks of October,
however, steel mill operations declined substantially owing largely to a temporary reduction in coal supplies. Output of nonINDUSTRIAL
ferrous metals, lumber, and stone, clay and
glass products decreased somewhat in September.
Production of nondurable goods, as a group,
showed little change in September, as further
reductions in output of war products in the
chemical, petroleum, and rubber products industries were offset by increases in output of
most civilian-type products. Output of textile
yarns and fabrics, shoes, meats, beverages,
cigarettes, and paper products increased.
Output of minerals declined in September
due mainly to an eight per cent decrease in
crude petroleum production. Coal production
increased in September but in the first three
weeks of October dropped sharply as a result
of work interruptions at bituminous coal mines.
Contracts awarded for private construction,
according to the F. W. Dodge Corporation,
increased further in September, reflecting the
largest volume of awards for nonresidential
building in many years. Private residential
awards showed little change and publiclyfinanced construction declined further.
EMPLOYMENT
Employment at factories showed a decline of
about 600,000 during the month of September,
COST OF LIVING
PRODUCTION
1935-3!
PHYSICAL VOLUME SEASONALLY ADJUSTED, 1935-39
160
150
150
^
/
140
140
/
130
CLOTHIN
^
-
130
fEMS
-'ALL H
120
^ y —
110
^£
>
120
no
RFNT
100
100
\
''
1940
1942
1944
1940
1942
1944
Federal Reserve indexes. Groups are expressed in terms of points
in the total index. Monthly figures, latest shown are for September.
NOVEMBER 1945
1937
1938
1939
1940
1941
1942
1943 J944
1945
Bureau of Labor Statistics' indexes. Last month in each calendar
quarter through September 1940, monthly thereafter. Midmonth
figures, latest shown are for August.
1109
NATIONAL SUMMARY OF BUSINESS CONDITIONS
as compared to a decrease of 1,600,000 workers
during August, reflecting a much smaller reduction of munitions employment in September
and some increases in other industries. Employment in most nonmanufacturing lines,
except Government service, was maintained or
increased slightly, after allowing for seasonal
changes.
BANK CREDIT
Rising reserve requirements, resulting from
expanded deposits of businesses and individuals,
and an increase in currency in circulation accounted for continuing needs for reserve funds
by banks between the middle of September and
the middle of October. These needs were
supplied through decreases in Treasury and
nonmember deposits at Federal Reserve Banks.
DISTRIBUTION
The amount of Reserve Bank credit outstanding
Department store sales in September showed
showed little change in the period. Money in
about the usual sharp seasonal increase and the
circulation increased by 175 million dollars durBoard's adjusted index was 199 per cent of the
ing the four weeks ended October 17; this was a
1935-39 average. This was at the same high
smaller growth than has been customary in
level as the average for the first half of 1945
recent years reflecting in part some currency
and was seven per cent above that for September
inflow following the mid-September tax date.
1944. In the first two weeks of October sales
Holdings of Government securities and member
were 11 per cent larger than in the corresponding
bank borrowing at the Reserve Banks increased
period last year.
fairly substantially in the latter part of SepThe total volume of railroad revenue freight
tember concurrent with a temporary rise in
was maintained in September at the August
Treasury deposits, but both were later reduced.
rate and was only eight per cent lower than
This reduction in security holdings was in
last year's high level. In the early part of
Treasury bills and accompanied an increase in
October shipments of coal and coke declined
member bank holdings of bills.
substantially as a result of the drop in coal
At reporting banks in 101 leading cities loans
production.
for purchasing and carrying Government seCOMMODITY PRICES
curities declined by 550 million dollars during
Prices of cotton, grains, and most other farm the four weeks ended October 17; commercial
products increased somewhat from the middle loans increased somewhat, and holdings of
of September to the middle of October, following securities showed little change in the aggregate.
decreases in the previous six weeks. Prices Loans on Government securities remained well
of most industrial products continued to be above amounts outstanding immediately prior
to the Seventh War Loan.
maintained at Federal maximum levels.
MEMBER BANKS IN LEADING CITIES
INCOME PAYMENTS TO INDIVIDUALS
ANNUAL RATES, SEASONALLY ADJUSTED
BILLIONS OF DOLL.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
I 140
180
1940
1942
1944
1940
1944
Based on Department of Commerce estimates. Wages and salaries
include military pay. Monthly figures raised to annual rates, latest
shown are for September.
IIIO
Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items. Government securities include
direct and guaranteed issues. Wednesday figures, latest shown are
Oct. 24.
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
1113
1114-1115
1115-1119
1119
1119-11x0
Money in circulation
IIXI-IIZZ
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
Gross National Product, National Income, and Income Payments.
October crop report, by Federal Reserve districts
Current statistics for Federal Reserve chart book
.
Member Bank Earnings. .
112.Z
1113
11x4-11x5
11x6-11x7
11x8-1131
113X
1133
1134-1135
113 6
1137-1139
1140
1141-1150
1151-1153
1154-1155
1156
1157
1158
1159-1160
1161
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the
Board; index numbers of production are compiled by the Board on the basis of material collected by other
agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government
credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned;
data on money and security markets and commodity prices and other scries on business activity arc 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 Monttary Statistics; back
figures for most other tables may be obtained from earlier BULLETINS.
NOVEMBER 1945
n i l
MEMBER
BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
30
30
15
10
1938
1939
1940
1941
1942
1943
1944
1945
Wednesday figures, latest shown are for Oct. 24. See p. 1113 .
III!
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[ In millions of dollars ]
Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
ad- ]
vances
Date
Total
All
other
Gold
stock
All
other*
Total
Treasury
currency
outstanding
Treasury deMoney Treasposits
ury
in cirwith
cash
culaFederal
holdtion ! ings
Reserve
| Banks
Nonmember deposits
Other
Federal
Reserve
accounts
Member
bank reserve
balances
Total
Excess 2
Monthly averages of
daily figures:
1944—July
Aug
Sept
1945—July
Aug
Sept . . . . . .
35
71
109
163
388
398
14,745 2,176
15,367 .2,963
16,383 4,054
21,593 18,793
22,052 19,230
22,877 20,051
2,569
2,404
2,330
2,800
2,822
2,827
421
361
453
459
431
434
15,201
15,800
16,945
22,215
22,871
23,709
21,077
20,975
20,872
20,203
20,116
20,090
4,108
4,111
4,114
4,153
4,202
4,221
22,580
22,988
23,525
26,918
27,392
27,765
2,318
2,359
2,383
2 268
2,257
2,261
396
385
495
618
549
609
1,829
1,780
1,674
1,563
1,554
1,499
364
370
379
450
457
470
12,900
13,004
13,476
14,755
14,978
15,414
1,232
1,006
983
1,220
1,084
1,063
End of month figures:
1944—July 31
Aug. 31
Sept. 30....
1945—July 31
Aug. 31
Sept. 2 9 . . . .
37
95
49
302
362
334
14,915
15,806
16,653
21,717
22,530
23,328
2,447
3,456
14,342
18,906
19,653
20,418
2,468
2,350
2,311
2,811
2,877
2,911
374
299
410
340
315
420
15,325
16,201
17,113
22,359
23,207
24.082
20,996
20,926
20,825
20,152
20,088
20,073
4,109
4,114
4,112
4,199
4,217
4,251
22,699
23,292
23,794
27,108
27,685
27,826
2 346
2,374
2,363
2 258
2,230
2,246
388
381
349
586
552
854
1,779
1,753
1,612
1,516
1,577
1,487
363
369
384
449
457
473
12,855
13,072
13,548
14,794
15,011
15,520
975
801
1,062
1,037
920
1,153
Wednesday figures:
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
19,130
19,311
20,113
19,821
20,668
20,667
20,646
20,639
4,122
4,123
4,127
4,131
25,107
25,163
25,280
25,335
2 337
2 348
2 369
2 377
258
503
1,250
901
1,636
1,597
1,621
1,601
397
397
408
409
14,184
14,092
13,958
13,969
1,260
1,184
1,155
1,260
1945—Jan.
Jan.
Jan.
Jan.
Jan.
3...,
10....
17....
24....
31....
30
130
129
141
176
18,734
18,907
18,651
18,620
19,006
15,927
16,120
15,880
15,880
16,272
2,808
2,787
2,771
2,739
2,734
706
449
529
459
370
19,470
19,486
19,310
19,220
19,552
20,619
20,593
20,572
20,571
20,550
4,130
4,130
4,129
4,129
4,127
25,326
25,257
25,209
25,175
25,290
2
2
2
2
2
368
372
370
380
371
592
528
334
479
648
1,609
1,590
1,538
1,397
1,634
402
405
404
404
402
13,921
14,057
14,156
14,085
13,884
1,158
1,197
1,161
1,049
869
Feb.
Feb.
Feb.
Feb.
1 ....
14....
21....
28....
200
230
294
321
19,062
19,181
19,231
19,439
16,340
16,465
16,534
16,748
2,722
2,716
2,698
2,692
442
506
478
398
19,703
19,918
20,003
20,158
20,548
20,507
20,506
20,506
4,126
4,124
4,124
4,122
25,411
25,533
25,652
25,751
2
2
2
2
372
389
384
355
593
547
517
460
1,643
1,649
1,672
1,581
409
409
410
410
13,950
14,022
13,999
14,228
922
975
851
965
Mar.
Mar.
Mar.
Mar.
7....
14....
21....
28....
304
255
192
218
19,350
19,576
19,493
19,516
17,152
17,378
17,294
17,326
2,198
2,198
2,198
2,190
495
465
488
341
20,150
20,296
20,173
20,074
20,454
20,453
20,451
20,419
4,121
4,120
4,120
4,118
25,864
25,881
25,836
25,834
2 365
2 364
2 360
2 356
288
263
96
310
1,586
1,485
1,447
1,377
415
417
427
429
14,208
14,459
14,579
14,305
899
1,013
1,067
852
Apr. 4 . . . .
Apr. 1 1 . . . .
Apr. 1 8 . . .
Apr. 2 5 . . . .
220
323
341
508
19,580 17,414
20,091 17,975
20,153 8,037
20,444 8,331
2,167
2,116
2,116
2,113
455
349
478
358
20,255
20,763
20,973
21,310
20,418
20,417
20,396
20,374
4,117
4,118
4,117
4,120
25,865
25,939
26,068
26,074
2 379
2 364
2 374
2 371
335
409
430
651
1,420
1,553
1,594
1,563
438
439
437
437
14,353
14,593
14,582
14,708
934
946
806
835
569
552
487
724
20,479
20,720
20,668
20,929
21,023
18,374
18,617
18,555
18,809
18,891
2,104
2,103
2,113
2,120
2,132
358
318
432
327
349
21,406
21,589
21,587
21,980
22,258
20,374
20,352
20,351
20,271
20,270
4,130
4,132
4,137
4,142
4,141
26,204
26,312
26,372
26,399
26,500
2 382
2 384
2 376
2 319
2 315
423
447
102
526
426
1,571
1,463
1,541
1,592
1,619
438
439
438
440
439
14,892
15,029
15,246
15,117
15,371
927
961
1,045
866
1,113
912
852
307
203
20,896
21,103
21,507
21,693
18,126
18,323
18,710
18,896
2,771
2,780
2,797
2,797
398
392
473
315
22,207
22,347
22,287
22,211
20,268
20,268
20,265
20,263
4,145
4,146
4,145
4,144
26,513
26,533
26,536
26,628
2
2
2
2
314
292
297
314
352
170
347
687
1,546
1,550
1,710
1,774
443
444
452
454
15,452
15,771
15,354
14,760
1,098
1,237
1,454
1,362
39
73
126
229
21,745
21,544
21,613
21,570
18,948
18,747
18,816
18,871
2,798
2,798
2,798
2,799
464
411
430
331
22,249
22,028
22,170
22,129
20,213
20,214
20,213
20,212
4,145
4,145
4,144
4,144
26,834
26,932
26,901
26,926
2 285
2 230
2 274
2 279
667
585
690
594
1,647
1,617
1,553
1,539
450
453
450
450
14,722
14,570
14, 660
14,699
1,408
1,136
1,048
994
399
353
312
400
442
21,877
21,910
21,869
22,296
22,358
19,066
19,099
19,058
19,466
19,516
2,811
2,811
2,811
2,829
2,841
288
342
601
447
263
22,564
22,606
22,782
23,142
23,063
20,152
20,151
20,130
20,088
20.Q88
4,198
4,197
4,198
4,201
4,215
27,130
27,269
27,351
27,506
27,600
2
2
2
2
2
260
269
257
248
262
678
538
398
671
397
1,532
1,588
1,643
1,557
1,577
454
457
458
458
458
14,861
14,833
15,004
14,992
15,070
1,063
1,066
1,132
1,018
986
Sept. 5..
Sept. 12..
Sept. 19..
Sept. 26..
377
457
301
422
22,435
22,808
22,965
23,186
19,670
20,014
20,116
20,306
2,765
2,795
2,850
2,880
380
412
441
285
23,192
23,677
23,707
23,892
20,088
20,096
20,095
20,093
4,216
4,216
4,222
4,222
27,750
27,793
27,777
27,729
2
2
2
2
269
267
268
263
304
598
428
961
1,529
1,538
1,525
1,506
463
465
475
475
15,180
15,329
15,552
15,274
966
964
1,039
893
Oct.
Oct.
Oct.
Oct.
314
313
316
389
23,212
23,272
22,901
23,089
20,297
20,357
19,985
20,192
2,916
2,916
2,916
2,898
294
338
482
312
23,821
23,923
23,699
23,790
20,072
20,040
20,039
20,038
4,248
4,257
4,262
4,270
27,853
27,962
27,952
27,974
2,268
2,282
2 249
2,248
648
535
293
295
1,469
1,419
1,324
1,349
484
485
482
482
15,420
15,537
15,700
15,751
1,001
1,027
l,038
PI,017
3..
10..
17..
24..
p
p
Preliminary.
1 Includes industrial loans and acceptances purchased shown separately in subsequent tables.
End of month and Wednesday figures are estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
2
NOVEMBER 1945
1113
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect October 31. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations maturing or
callable in one year
or less (Sec. 13)
Federal Reserve Bank
Effective
Rate
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
27,
30,
17,
27,
Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)
Advances secured by
Government obligations
maturing or callable
beyond one year and Other secured advances
[Sec. 10(b)]
discounts of and
advances secured by
eligible paper 1
(Sees. 13 and 13a)
Rate
Effective
Rate
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
Effective
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.
Sept. 1, 1939
Aug. 25, 1939
Mar. 21, 1942
Apr. 11, 1942
Mar. 14, 1942
Mar. 21, 1942
Feb. 28, 1942
Mar. 14, 1942
Mar. 28, 1942
Apr. 11, 1942
Mar. 21, 1942
Apr. 4, 1942
1942
1942
1942
1942
To others
To nonmember banks
Rate
Rate
Effective
Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Sept. 1, 1939
Aug. 25, 1939
Mar. 21, 1942
Apr. 11, 1942
Mar. 14, 1942
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Mar. 28, 1942
Sept. 16, 1939
Sept. 16, 1939
Apr. 4, 1942
27, 1942
30, 1942
17, 1942
12, 1942
28, 1942
15, 1942
29, 1942
14, 1942
30, 1942
27, 1942
17, 1942
28, 1942
27, 1942
30, 1942
17, 1942
27, 1942
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners'Loan Corporation guaranteed as to principal and interest by the 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. 439Ht43.
FEDERAL RESERVE BANK BUYING RATES O N BILLS
[Per cent per annum]
Maturity
(
Treasury bills1
Bankers' acceptances:2
1- 90 days
91-120 days
121-180 days
Rate on
Oct. 31
I n effect b e ginning—
Vs
Apr. 30, 1942
V2
%
Oct. 20, 1933
O c t . 20, 1933
O c t . 20, 1933
Previous
rate
1M
GUARANTEE FEES A N D MAXIMUM INTEREST AND COMMITMENT RATES CHARGEABLE UNDER REGULATION
V O N LOANS GUARANTEED BY WAR DEPARTMENT,
NAVY DEPARTMENT, AND MARITIME COMMISSION UNDER EXECUTIVE ORDER N O . 9112
AND CONTRACT SETTLEMENT ACT
OF 1944
[Rates in effect October 31]
FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS
80 or less ...
85
90.
95
Over 95
.
. .
....
...
To industrial or
commercial
businesses
1
1
1 Established rate at which Federal Reserve Banks stand ready to buy
all Treasury bills offered. Effective Aug. 3, 1942, purchases of such bills,
if desired by the seller, were made on condition that the Reserve Bank,
upon request before maturity, would sell back bills of like amount and
maturity at the same rate of discount. Since May 15, 1943, all purchases
have
been made subject to repurchase option.
2
Minimum buying rates on prime bankers' acceptances.
Back-figures.—SeeBanking and Monetary Statistics, Table 117, pp. 443-445.
Percentage of loan guaranteed
FEDERAL RESERVE BANK RATES O N INDUSTRIAL LOANS
A N D COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT*
Maturities not exceeding five years
r
[In effect October 31. Per cent per annum]
Guarantee fee
(In terms of percentage of amount
of interest payable
by borrower)310
15
20
30
50
On discounts <>r
purch ises
Federal Reserve
Bank
On,
loans2
On
On comcommit- Portion
mitments
Rements For which
institu- maining
portion
tion is
obligated
/4\
Boston
,
New York
Philadelphia
Cleveland
Richmond
Atlanta.:
Chicago
St. Louis
Minneapolis
Kansas City..
Dallas.....
San Francisco
(3)
n
t^\
/3\
/3\
2)4-5
1-13^
[Per cent per annum ]
Maximum rate of interest....2
Maximum commitment rate .
1
2
Guarantee fee is charged only on guaranteed portion of loan.
Based on average daily unused balance of the maximum principal
amount of the loan. The financing institution may, in the alternative,
charge a flat fee of not to exceed $50, without regard to the amount or
maturity of the commitment.
III4
(4)
(4
>4
>4
(4
234-5
(
(3)
(3j
4°
(44)
(;
v ;
1
See table on maximum interest and commitment rates chargeable
under
Regulation V for rates on guaranteed Section 13b loans.
2
Including
loans made in participation with financing institutions.
3
Rate charged borrower less commitment rate.
4
Rate
charged
borrower.
5
May charge rate charged borrower by financing institution, if lower.
6
Charge of }/i per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics,Table 118, pp. 446-447.
MAXIMUM RATES O N 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
To financing institutions
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
2H
2
1
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the rate
payable by a member bank may not in any event exceed the maximum
rate payable by State banks or trust companies on like deposits under
the laws of the State in which the member bank is located.
FEDERAL RESERVE BULLETIN
MARGIN REQUIREMENTS*
[ Per cent of market value ]
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Net demand de posits 1
Period in effect
June 21, 1917-Aug. 15, 1936
Aug. 16, 1936-Feb. 28, 1937
Mar. 1, 1937-Apr. 30, 1937
1937-Apr. 15, 1938
May
Apr. 16,' 1938-Oct. 31, 1941
1,
Nov.
1941-Aug. 19, 1942
Aug. 20, 1942-Sept.l3, 1942
Sept. 14, 1942-Oct. 2, 1942
Oct. 3, 1942 and after
Central
reserve
city
banks
Reserve Country
city
banks
banks
10
15
13
193^
22M
7
3
103^
1234
14
12
14
14
14
20
26
22%
26
24
22
20
20
20
20
20
Time
deposits
(all
member
banks)
" 14
53J
6
5
6
6
6
6
Nov. 1, Feb. 5, Effective
19371945Feb.4, July 4, July 5,
1945
1945
1945
Prescribed in accordance with Securities
Exchange Act of 1934
Regulation T :
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
,
40
50
50
50
75
75
40
50
75
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.
Back figures—See Banking and Monetary Statistics, Table 145, p . 504.
^Demand deposits subject to reserve requirements, i.e.,_ demand d e ;
posits other than war loan deposits, minus cash items in process of
collection and demand balances due from domestic banks.
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
Item
1945
Oct. 31
Oct. 24
Oct. 17
Oct. 10
Oct. 3
Sept. 26
Sept. 19
Sept. 12
1944
October September October
Assets
Gold certificates
7,118,565 17,128,565 17,129,065 17,116,565 17,163,565 17,195,065 17,206,815 17,220,815 7,118,565 17,170,564 18,009,067
Redemption fund for F.R. notes.
724,033
750,321
734,290
714,617
760,850
727,290
700,617
760,850
542,889
751,755
750,850
Total gold certificate
reserves
7,879,415 17,879,415 17,880,820 17,866,886 17,897,855 17,919,098 17,921,432 17,921,432 7,879,415 17,897,854 18,551,956
Other cash
243,574
243,942
232,493
226,669
241,483
235,608
221,599
213,412
243,574
252,808
250,299
Discounts and advances:
For member banks
For nonmember banks, etc
427,056
12,000
379,706
10,000
306,734
10,000
303,094
10,000
304,131
10,000
410,946
10,700
290,397
10,700
446,524
10,700
427,056
12,000
323,996
10,400
345,246
90
Total discounts and
advances
439,056
389,706
316,734
313,094
314,131
421,646
301,097
457,224
439,056
334,396
2,361
2,700
2,551
2,700
3,059
2,981
2,772
2,853
2,361
3,063
Industrial loans
U. S. Government securities:
" Direct:
Bills:
Under repurchase option
Other
Certificates:
Special
Other
Notes
Bonds
Guaranteed
4,844,316 4,670,973 4,395,812 4,772,985 4,668,086 4,905,573 4,934,404 5,044,363 4,844,316 4,859,101 5,012,439
8,328,149 8,349,489 8,349,990 8,329,550 8,374,430 8,307,583 8,249,683 8,227,693 8,328,149 8,374,430 6,538,787
7,206,161 7,171,161 7,239,161 7,254,161 7,254,161 7,092,961 6,931,861 6,741,561 7,206,161 7,184,161 3,749,490
1,920,150 1,920,150 1,938,150 1,938,150 1,938,150 1,902,150 1,872,150 1,817,150 1,920,150 1,933,150 1,100,371
977,392
977,392
977,392
977,392
977,392
977,392
977,392
977,392 977,392
977,392 1,243,426
2,500
Total U. S. Government
securities, including
guaranteed securities. 23,276,168 23, 089,165 22,900,505 23 272,238 23,212,219 23,185,659 22,965,490 22,808,159 23, 276,168 23,328,234
17,647,013
:
Other Reserve Bank credit outstanding
416,611
269,527
269,527
335,391
281,954 437,791
308,543
323,649
291,286
408,77:
479,454
Total Reserve Bank
credit outstanding
23,987,112 23,790,114 23,699,244 23,923,423 23,820,695 23,892,240 23,707,150 23,677,008 23,987,112 24,082,304 18,324,548
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve
account
U. S. Treasurer—general
account
Foreign
Other deposits
Total deposits
Ratio of gold certificate reserves
to deposit and F.R. note liabilities combined (per cent).
24,215,012 24,155,267 24,124,925 24,136,755 24,040,640 23,930,076 23,976,374 23,984,359 24,215,012 24,003,078 20,791,737
15,723,412 15,751,223 15,700,468 15,536,705 15,420,431 15,273,574 15,552,213 15,328,740 15,723,412 15,520,405 14,148,083
428,929
937,522
435,318
294,887
964,807
384,055
293,240
960,117
363,850
535,448
647,692
427,524
597,681
961,21
980,998 1,039,383 1,050,710 1,084,497 1,114,520
440,784
423,377
438,280 429,
455,681
854,249
428,929
255,017
937,522 1,037,910 1,227,737
435,318
448,783
386,144
17,525,181 17,394,972 17,317,675 17,491,431 17,537,391 17,741,180 17,505,018 17,464,318 17,525,181 17,861,347 16,016,981
42.8
43.0
43.1
42.9
43.0
43.0
43.2
43.2
42.8
42.:
50.4
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
October 31, 1945
Discounts and advances
[ndustrial loans
%
U. S. Government securities
NOVEMBER 1945
Total
439,056
2,361
23,276,168
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days
to 6
months
6 months
to
1 year
2,000
366,275
14,484
13,950
42,347
1,955
118
202
7
9
69
3,098,299 2,069,968 4,376,122 4,476,826 3,498,671 4,227,490
lyear
to
2 years
2 years
to
5 years
1
273,800 "507,652
Over
5 years
747^340
1115
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates:
Sept. 26
Oct. 3
Oct. 10
Oct 17
Oct. 24
Redemption fund for
F. R. notes:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Total gold certificates
reserves:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Other cash:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Discounts & advances:
Secured by U . S.
Govt. securities:
Sept. 26
Oct. 3
Oct. 10
Oct 17
Oct. 24
Other:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct 24
Industrial loans:
Sept. 26
Oct. 3
Oct. 10
Oct 17
Oct. 24
U . S. Govt. securities:
Bills:
Under repurchase
option:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Other bills:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Certificates:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Notes:
Sept. 26
Oct
3
Oct. 10
Oct. 17
Oct. 24
Bonds:
Sept. 26
Oct. 3
Oct 10
Oct. 17
Oct. 24
Total U . S. Govt.
securities:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Minneapolis
St.
Louis
518, 616
541,335
535, 122
528, 577
533,749
304, 675
313,491
315,022
306, 583
312,872
557, 672
575,486
571,964
559,322
568,996
115,491
120,408
120,408
120,219
120, 126
43,340
43, 314
43, 278
43, 248
43, 218
19, 762
19, 753
19, 742
20, 229
20, 218
33,568
33, 547
35, 517
35,469
35, 447
938, 504 3,408,438
906,920 3,422,954
948, 123 3,499,838
917, 656 3,370 146
936,490 3,334 221
561,956
584,649
578,400
571,825
576,967
324,437
333,244
334, 764
326,812
333,090
591, 240
609,033
607,481
594, 791
604,443
17,195,065
17,163,565
17,116,565
17,129,065
17,128,565
758,099
747,938
725,033
709,478
712,993
5,308,277
5,207,077
5,073,517
5,232, 155
5,186, 163
814,880
806,651
809,033
805,473
829,417
137,218
120, 196
114,670
107,694
110,351
791, 719
862, 117
895, 799
898,606
886,500
724,033
734, 290
750,321
751, 755
750,850
60,207
60, 143
60,062
59, 915
59,841
98,056
97,809
112,513
112,217
111,965
55,367
55,260
55,085
59,991
60,361
72,418
72,831
72,715
72,681
72,578
61, 139
62,695
62,695
63, 765
63,265
17,919,098
17,897, 855
17,866,886
17,880,820
17,879,415
818,306
808,081
785,095
769,393
772,834
5,406,333
5,304,886
5,186,030
5,344,372
5,298, 128
870, 247
861,911
864, 118
865,464
889, 778
209, 636
193,027
187, 385
180,375
182,929
852,858
924,812
958,494
962, 371
949, 765
235,608
241,483
226, 669
232,493
243,942
20, 161
20,765
20, 160
20,817
22,883
47,966
59, 148
50,408
48, 100
46, 068
16,465
17 289
16 363
16 519
17 824
17,643
19, 772
16 814
20 408
18 960
14
12
13
13
16
225
956
220
615
137
20, 233
15,927
16,640
17,463
21, 198
27 417
26 851
25 531
26 798
27 986
12
10
10
10
10
411, 646
304, 131
303,094
306, 734
379, 706
27,600
21,100
16,700
18,150
33,000
161 175
106 550
158 815
116 970
119, 255
13 055
2 050
3 650
5 220
8 232
29
26
20
19
18
19
19
19
13
14
375
225
600
400
550
10,000
2 200
1 700
25 900
22 590
82
68
43
56
25
11
3
15
10,000
10 000
10 000
10 000
10 000
670
670
670
670
670
620
620
620
620
620
880
880
880
880
880
420
420
420
420
420
350
350
350
350
350
2 981
3 059
2 700
2 551
2 700
121
121
121
121
118
4 905 573
4 668 086
4 772 985
4 395 812
4 670,973
109 119
96,372
103 032
87 321
99 021
,880
,838
,908
,608
,804
418
049
108
828
806
240
196
218
219
204
102 030
65 234
70 164
67 029
70 001
70,421
8 307
8 374
8 329
8 349
8 349
583
430
550
990
489
644
655
669
646
651
433
579
097
149
762
169
380
380
380
380
656
189
189
189
189
632 525 I 136 685
677 228 1 112 494
660,620 1 125 440
636 057 1 103 706
630 832 1 114 736
841,351
748 220
743 724
745,772
745,722
641 456 1,235 392
646 996 1,156 ,762
643 314 1,059 ,273
644,991 1,178 ,334
644 950 1,201 ,647
426
446
481
461
450
861
938
359
131
224
7 092 961
7 254 161
7 254 161
7 239 161
7,171 161
500
495
495
494
489
162
114
114
047
158
1,756
1,758
1,758
1,755
1,738
624
644
644
030
669
537 700
681 374
687 ,590
687,590
686,105
679,305
445 ,803
459,690
459 ,690
458,739
454,427
377 716
536,465
536,465
535,325
530,108
919 ,220
971 ,094
971,094
969 ,163
960,505
355 765
357 904
357 904
357,183
353,944
1,902 ,150
1,938 ,150
1,938 ,150
1,938 ,150
1,920 ,150
134 130
132 285
132 285
132,273
130,977
471,08
469,872
469,87
469,87
465,54
144,196
143,332
143,332
143,322
141,943
182,726
183,708
183,708
183,692
181,892
119,554
122,819
122,819
122,819
121,678
101,293
106 966
106,966
106,976
246,513
259,454
259,454
259,476
257,185
977,392
977,392
977,392
977,392
977,392
68,921
66,710
66,710
66,704
66,670
242,05
236,95
236,95
236[95
236,97
74,093
72,28
72,28
72,276
72,252
93,89
92,642
92,642
92,634
92,586
61,43
61,936
61,936
61,936
61,93
52,048
53,942
53 942
53',94
53,97
23,185 ,659
23,212,219
23,272 ,238
22,900 ,505
23,089 ,165
1,456 ,765
1,446 ,060
1,466 ,238
1,426 ,494
1,437 ,588
5,519 ,83
5,683,70
5,753,76
5,450,87
5,626 ,18
1,628 ,61
1,626 ,25
1,630 ,744
1,606 ,75
1,579 ,89
2,213 ,886 1,533 ,37
2,159 ,50 1,462 ,829
2,185 ,308 1,455 ,198
2,159 ,98 1,459 ,26
2,170 ,549 1,454 ,184
1,207 ,01
1,238 ,56
1,224 ,284
1,216 ,78
1,209 ,17
3
3
3
3
3
305
850
375
725
050
870
870
870
870
870
2 382
2
2
1
2
42,360
46, 284
46, 177
46,006
45,911
079
279
879
754
71 024
034
970
618
414
504
6,641
6 125
6,636
6 114
7 368
13
12
12
13
13
150
650
750
490
205
17
21
30
22
19
300
300
300
300
300
1 300
1 300
1 300
1 300
1 300
34 500
30 300
19 700
11 300
8 200
400
400
399
396
362
362
568
013
106,03
San
Francisco
Dallas
449,905 2 364,913
449, 162 2,376,930
455, 184 2 339,845
450,635 2 408,965
452, 236 2 430,614
95,823
95, 766
95,649
91, 615
91, 545
26, 502
26,480
26,480
26,400
26,375
476, 407 2,460, 736
475, 642 2!472, 696
481, 664 2]
435, 494
477, 035 2,500,580
478, 611 2,522, 159
084
871
964
113
639
8,943
8,010
7,995
8,627
9,438
30
30
29
30
31
796
799
320
505
937
15 400
11 000
5 000
9 000
18 500
525
125
625
225
27 400
200
200
200
200
200
6
4
6
6
29
782
902
800
700
700
230
230
230
230
230
300
300
300
300
300
300
300
300
300
300
141
141
141
141
141
65
65
097 119 210
951 83 073
046 95 928
771 93 845
760
896, 144 3,292,947
860, 636 3,302,546
901,946 3,379,430
871, 650 3,249,927
890, 579 3,214,095
72
72
72
460
126
984
161
Kansas
City
760
760
760
760
760
15
15
15
15
15
704 126 516
431 104 196
304 74 870
191 88 292
938 96 270
250
250
225
225
200
71 800
110
820
810
680
63 694
57 341
59 494
60 618
62 566
256
286
302
296
281
790
793
732
512
792
559 325
526 344
521 262
520,957
507 708
418
393
406
396
391
360 1 344 749
292 1,343 595
065 1,336 475
474 1,339 ,718
125 1,348,802
190
187
187
186
184
420
176
176
760
841
329 580
359 083
359 083
358 351
355 039
304
331
331
330
842
090
090
436
327 509
693,755
709,949
709,949
708,454
701,643
95 ,406
95 ,624
95 ',624
95 ,630
94,771
51 065
50,008
50[008
50,001
49,492
88,385
95,938
95[938
95,940
95,065
81,753
88,461
88[461
88,469
87,693
186,048
189,683
189[683
189,675
187,871
126,667
130,841
130 841
130[851
130,912
49,023
48,223
48 223
48[226
48,240
26,239
25,219
25,219
25[215
25,192
45,416
48,381
48,381
48[382
48,390
42,007
44,610
44,610
44',614
44,637
95,598
95,655
95 655
95[652
3,447 ,496
3,343 ,582
3,265 ,966
3,351 ,015
3,375 ,187
1,053 ,571
1,052 ,885
1,057 ,980
1,050 ,462
1,043 ,449
919
825
845
813
824
56
38
39
43
596,314 1,086 ,400
605,306 1,087 ,087
603 955 1,084 ,158
598,298 1,084 ,248
584,997 1,068 ,768
35 181
28 059
22 419
22 270
33 566
240 100
040
235
565
715
282
320
280
320
95,630
882,143 2,560 ,250
885,512 2,620 ,922
892,645 2,651 ,997
882,263 2,614,064
884,530 2,654,661
I
1116
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
I
Total
Total loans and s e c :
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Due
from
foreign
banks:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Federal Reserve notes
of other banks:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Uncollected items:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Bank premises*
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Other assets:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Total assets:
Sept. 26
Oct. 3
Oct. 10
Oct. 27
Oct. 24
Liabilities
Federal Reserve notes:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Deposits:
Member
bank-reserve account:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
•
U. S. Treasurergeneral account:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Foreign:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Other:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
T o t a l deposits:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Deferred availability
items:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
23,610,286
23,529,409
23,588,032
23,219,790
23,481,571
Boston
,485,156
,467,951
, 483* 7 29
,445,435
,471,376
New
York
Philadelphia
5,684, 632
5,793, 876
5,916,200
5,571,469
5,749,057
e
land
1 ,644,928 2,244,061
1,631,647 2,187,227
1,637,400 2,206,553
1,614,
",180,577
1,591,168 2,189,469
Richmond
I
1,553,240
1,482,546
1,475,290
1,473,152
1,469,"
219
St.
1,217,363 3,531,016 1,079,021
116 3,413,302 1,064,835
1,241,""
1,226,334 3,311,286 ,062,030
1,243,032 3,409,210 1 ,066,252
" " 3,447,652 1,060,954
1,232, 115
Minneapolis
Kansas
City
Dallas
San
Francisco
611,944
616,536
609,185
607,528
603,727
1,108,240
1,117,527
1,107,098
1,103,788
1,096,483
882,643
886,012
893,145
882,763
885,030
,568,042
,626,834
,659,782
,621,749
,685,321
HO
HO
HO
HO
140
110
110
110
110
110
99,309
101,329
95,650
111,671
118,632
3,958
3,844
3,577
4,313
4,519
15,230
13,831
12,119
18,612
16,796
4,750
4,716
3,799
4,469
4,745
5,327
5,876
6,371
7,104
7,701
7,019
7,656
7,713
7,517
10,745
8,504
8,888
7,636
9,310
9,781
12,311
12,251
10,175
13,217
13,466
8,547
7,395
7,181
8,284
10,074
4,920
5,162
4,617
5,597
5,544
7,245
6,785
6,481
7,696
7,328
3,376
4,480
3,893
4,748
5,390
18,122
20,445
22,088
20,804
22,543
1,799,525
1,788,682
1,756,092
2,385,309
1,820,216
152,195
128,139
119,369
184,061
124,409
345,943
414,631
357, ""'
538,631
372,052
102,166
112,918
96,980
137,419
100,114
165,689
163,260
161,199
214,686
167,965
149,922
135,770
140,059
174,233
143,470
105,627
108,755
117,271
145,544
116,848
267,428
213,595
289,642
387,621
296,051
75,136
78,201
73,659
104,363
77,782
46,527
48,268
48,926
64,704
50,565
93,669
109,249
95,406
119,502
110,316
74,422
68,258
64,705
84,521
70,510
220,801
207,638
191,288
230,024
190,134
33,837
33,806
33,805
33,805
33,787
1,573
1,568
1,568
1,568
1,568
8,748
8,729
8,729
8,729
8,729
3,349
3,349
3,349
3,349
3,349
4,017
4,017
4,017
4,017
4,007
2,790
2,790
2,790
2,790
2,783
1,579
1,579
1,579
1,579
1,578
3,124
3,123
3,123
3,123
3,123
2,078
2,075
2,074
2,073
2,073
,237
,245
,245
,246
,246
2,614
2,609
2,609
2,609
2,609
846
840
840
840
840
1,882
1,882
1,882
1,882
1,882
57,163
50,344
51,809
56,683
58,728
4,118
3,610
3,752
4,807
3,515
12,966
11,148
11,948
12,532
13,119
4,066
3,226
3,331
3,703
3,779
5,505
4,568
4,768
5,145
5,530
3,434
2,970
3,139
3,422
3,703
3,318
3,033
3,166
3,548
3,511
7,643
7,301
6,820
7,732
8,451
3,130
2,762
2,946
3,081
3,273
,623
,419
,480
1,587
1,686
2,763
2,
2,695
2,830
2,956
2,707
2,403
2,357
2,546
3,143
5,890
5,296
5,407
5,750
6,062
43,754,936
43,643,018
43,619,053
43,920,681
43,636,401
2,485,474
2,433,965
2,417,257
2,430,401
2,401,111
11,521,858 2,645,981 3,651,
2,583,493 2,295, 132 7,257,391
289 2,635 066 3
11,606,"""
' 577,757 2,569,505 2,286,222 7,099,391
11,543,062 2,625,350 3,587, 117 2,600, 710 2,320, 753 7,146,429
11,542,485 2,645,768 3,612,322 2,637,105 2,338, 136 7,217,861
11,503,989 2,610,767 3,576,571 2,595,827 2,321,525 7,130,964
1,741,905
1,750,"""
890
1,736,911
1,766,295
1,741,630
-"
997,332
1,012, "
1,006,856
1,013,591
1,003,229
1,818,858 1,449,347
,860,685 1,445,648
1,834,737 1,454,602
1,844,332 1 ,461,083
1,837,777 1,452,965
5,306,277
5,365,598
5,345,269
5,411,302
5,460,046
23,930,076
24,040,640
24,136,755
24,124,925
24,155,267
1,460,579
1,460,268
1,462,478
1,461,079
1,453,411
5,227,869
5,240,480
5,254,883
5,239,225
5,228,435
1,582,734
1,583,820
1,593,610
1,592,849
1,590,450
2,082,763
2,081,459
2,086,778
2,083, 798
2,078,
:,760 1,430,561 4,377,556 1 ,007,198
1,662,
" • ' 4,389,598 1,016,520
1,684,394 1, 4 5 1 , 946
,459,
,398,"" ',020,315
1,692,
,022,056
1,696,941 1,460,432 4,401,
i,890 1,460,874 4,401,514 1,024,582
,695,
536,053
538,458
541,781
543,606
545,040
893,335
902,606
903,612
902,163
900,970
606,489 3,062,179
616,579 3,074,512
617,725 2,105,503
615,396 3,105,410
614,425 3,161,304
15,273,574
15,420,431
15,536,705
15,700,468
15,751,223
690,527
712,102
704,095
700,361
713,423
4,872,577
4,884,861
4,906,474
4,999,485
5,062,341
780,282
786,934
781,354
796,723
786,608
1,147,220
1,156,915
1,171,604
1,191,230
1,188,624
663,250
678,805
699,233
696,167
689,292
575,693
580,116
575,199
587,112
577,940
357,567
359,099
366,744
373,514
371,480
763,389
785,141
783,088
781,188
778,023
695,652 1,825,707
707,077 1,876,059
716,774 1,855,520
1
719,263 1,903,988
716,539 1,938,867
961,215
647,692
535,448
293,240
294,887
79,957
35,621
35,961
14,560
16,203
200,339
248,183
197,240
81,893
64,148
57,983
32,345
38,557
14,935
16,103
122,607
58,276
40,487
22,085
32,972
52,466
11,658
19,651
14,650
13,113
47,103
9,055
14,835
7,011
13,196
219,404
72,860
74,954
60,001
62,186
32,762
30,999
17,836
13,746
11,643
26,985
35,773
20,241
8,182
8,434
29,716
31,765
13,500
10,840
15,961
33,076
17,717
16,479
9,310
12,507
58,817
63,440
45,707
36,027
28,421
1,050,710
1,039,383
980,998
960,117
964,807
67,277
67,301
62,313
61,85'
61,599
2411,721
2
409,210
2389,292
2
375,664
1382,444
88,109
86,746
81,582
80,534
80,252
87,108
85,761
80,655
79,619
79,339
42,052
41,402
38,937
38,437
38,302
35,043
34,501
32,447
32,030
31,918
130,161
128,148
120,518
118,971
118,554
30,037
29,573
27,812
27,455
27,359
23,029
22,672
21,322
21,049
20,975
30,037
29,573
27,812
27,455
27,359
30,037
29,573
27,812
27,455
27,359
76,099
74,923
70,496
69,591
69,347
455,681
429,885
438,280
363,850
384,055
3,394
4,13'
3,690
2,526
2,223
355,88:
329,773
332,060
267,908
288,959
3,788
4,682
2,634
2,861
2,653
11,277
10,752
14,229
7,014
5,784
9,879
9,258
8,047
8,308
7,988
2,344
2,501
2,927
2,805
2,775
4,253
3,861
4,777
4,557
4,237
9,481
9,636
9,814
9,787
9,952
1,846
1,835
1,853
1,543
1,521
1,204
3,100
3,038
3,113
2,002
2,31
1,141
2,049
1,633
1,401
50,021
49,207
53,162
51,795
54,560
17,741,180
17,537,391
17,491,431
17,317,675
17,394,972
841,155
819,163
806,059
779,304
793,448
5,840,519
5,872,02"
5,825,066
5,724,950
5,797,892
930, 162
910,707
904,127
895,053
885,616
1,368,212
1,311,704
1,306,975
1,299,948
1,306,719
767,647
741,123
765,868
757,562
748,695
746,331 2,593,687
718,461 2,425,787
743,004 ",484,074
2
730,746 2,446,066
730,577 2,430,375
647,973
650,324
630,661
638,100
626,894
409,42'
419,379
410,160
404,288
402,410
824,346
849,579
827,438
822,596
823,345
761,07'
755,501
763,114
757,661
757,806
2,010,644
",063,629
2,024,885
2,061,401
2,091,195
1,517,681
1,497,506
1,420,811
1,905,965
1,511,783
146,454
117,091
111,229
152,386
116,525
270,044
309,945
278,377
393,061
291,920
85,884
93,207
80,063
110,266
86,900
148,206
131,745
140,280
175,326
138,020
126,222
117,081
115,247
155,404
123,865
95,818
93,358
96,100
124,238
107,200
66,879
64,094
65,890
86,081
69,968
36,744
39,168
39,80J
50,454
40,370
81,62:
88,871
83,926
99,809
93,546
62,756
54,556
54,644
68,790
61,382
186,023
179,777
166,944
196,338
159,209
661,841 2,239,869
672,404 2,220,918
2,
692, 795 ",283,825
,262,537
688,900 2,
:, 245,398
682,688 2,
211,029
208,613
188,306
293,812
222,878
1
After deducting $70,000 participations of other Federal Reserve B
Banks on Sept. 26; Oct. 3; Oct. 10; Oct. 17; and Oct. 24.
After deducting $638,791,000 participations of other Federal Reser Banks on Sept. 26; $628,912,000 on Oct. 3; $591,466,000 on Oct. 10; $583,873,000 on
Oct. 17, and $581,826,000 on Oct. 24.
2
NOVEMBER 1945
III7
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-Continued
[In thousands of dollars]
Total
Other liabilities including accrued div.:
Sept 26
Oct. 3
Oct. 10
Oct
Capital Accounts
Capital paid in:
Sept 26
Oct. 3
Oct. 10
Oct
17
Oct. 24
Surplus (section 7):
Sept. 26
Oct. 3
Oct. 10 . . .
Oct. 17..
Oct. 24
Surplus (section 13b):
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct
74
Other capital accounts:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Total liabilities and
capital accounts:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Commitments to make
industr al loans:
Sept. 26
3
Oct
Oct. 10
Oct
17
Oct. 24
Philadelphia
10,816
10,216
10,720
10,914
11,338
939
913
850
887
872
2,580
2,501
2,801
2,870
2,931
764
771
855
759
817
199,753
085,753
059,717
359,479
073,360
2,449, 127
2,397, 435
2,380, 616
2,393, 656
2,364, 256
11 ,341,012
11 ,424,953
11 ,361,127
11 ,360,106
11 ,321,178
2 ,599,544
2 ,588,505
2 ,578,655
2 ,598,927
2 ,563,783
172,094
172,266
172,522
172,576
172,678
10, 375
10, 436
10, 438
10, 439
10, 440
60,863
60,944
61,104
61,113
61,120
12,967
12,967
12,972
12,982
12,992
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, 880
2, 880
2, 880
2, 880
2, 880
127,771
129,681
131,496
133,308
135,045
Cleveland
Richmond
Chicago
Atlanta
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
615
528
572
570
573
517
451
494
506
557
1,530
1,463
1,330
1,423
1,503
396
421
439
403
433
454
299
361
458
557
421
417
449
426
431
244
126
209
477
023
2 ,273,227
2 ,264,216
2 ,298,640
2 ,315,922
2 ,299,208
7,183,802
7,025,461
7,072,216
7,143,271
7,056,270
1,722,446
1,731,359
1,717,305
1,746,640
1,721,877
982,678
997,304
992,107
998,806
988,377
1,799,724
1,841,473
1,815,425
1,824,994
1,818,292
17,422
17,426
17,439
17,465
17,470
6, 911
6, 911
6, 911
6, 911
6, 957
6,203
6,203
6,212
6,215
6,215
20,533
20,542
20,545
20,548
20,555
5,516
5,523
5,523
5,525
5,525
3,734
3,734
3,735
3,737
3,740
5,648
5,652
5,660
5,656
5,675
5,947
5,947
5,967
5,969
5,965
15,975
15,981
16,016
16,016
16^024
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
290
290
290
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
7, 853
7, 975
8, 084
8, 187
8, 296
27,937
28,346
28,785
29,220
29,645
9,130
9,254
9,383
9,519
9,652
14,138
14,309
14,482
14,659
14,840
8, 235
8, 365
8, 487
8, 614
8, 744
7,004
7,105
7,203
7,301
7,404
18,426
18,758
19,038
19,412
19,509
6,368
6,433
6,508
6,555
6,653
4,897
4,941
4,991
5,025
5,089
6,153
6,227
6,319
6,349
6,477
5,274
5,393
5,469
5,548
5,642
12,356
12,575
12,747
12,919
13,094
43, 754,936 2,485, 474
43, 643,018 2,433, 965
43, 619.053 2,417, 257
43,920,681 2,430, 401
43, 636,401 2,401, 111
11 ,521,858
11 ,606,289
11 ,543,062
11 ,542,485
11 ,503,989
2 645,981
2 635,066
2 ,625,350
2 ,645,768
2 ,610,767
2 ,295,132
2 ,286,222
2 ,320,753
2 ,338,136
2 ,321,525
7,257,391
7,099,391
7,146,429
7,217,861
7,130,964
1,741,905
1,750,890
1,736,911
1,766,295
1,741,630
17
Oct.' 24
Total liabilities:
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
New
York
Boston
43,
43,
43,
43,
43,
4,374
4,183
4,521
3,719
3,551
100
100
100
164
164
1,069
1,036
1,085
1,048
1,072
3
3
3,
3,
3,
3,
3,
3,
3,
3,
600,250 2, 557,
525,944 2, 543,
535,118 2 574,
560,120 2, 610,
524,183 2, 569,
651,888
577,757
587,117
612,322
576,571
3,047
2,916
3,232
2,366
2,176
3,
3,
3,
3,
2 583,
2 569,
2 600
2, 637,
2, 595,
20
20
20
20
20
493
505
710
105
827
997,332 1,818,858
1,012,002 1,860,685
1,006,856 1,834,737
1,013,591 1,844,332
1,003,229 1,837,777
376
376
376
376
376
300
300
300
300
300
472
333
351
387
413
1,059
1,083
1,133
1,177
1479
1,430,794 5,259,905
1,426,976 5,319,001
1,435,834 5,298,465
1,442,234 5,364,326
1,434,026 5,412,887
1,449,347 5,306,277
1,445,648 5,365,598
1,454,602 5,345,269
1,461,083 5,411,302
1,452,965 5,460,046
193
193
193
193
193
338
278
300
300
322
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
fin thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas Dallas
apolis City
San
Francisco
Federal Reserve notes outstanding (issued to Bank):
Sept. 26
24,674,438 1,501, 328 5 ,368,948 1,633,275 2,,134,859 1,700,405 1,499. 347 4 456,517 1,056,449 547,228 929,604 644 ,269 3,202,209
,137,209 1,725,""
463,747 1,060,941
Oct. 3
24,725,879 1,497,075 5,368,876 1,632,
339 930,967 648,037 3,208,264
870 1,503,
Oct. 10
24,790,139 1,496,626 5,372,706 1,637, 713 2,137,^ 1,728,797 1,513, 078 4, 476,991 1,068,207
009 930,358 649,089 3,227,817
Oct. 17
24,814,543 1,492,243 5,378,746 ,643,318 2,139,339 1,734,963 1,513, 108 4, 483,216 1,068,365 554; 348 930^52 647 ,510 3,229,335
,136, 949
~ 1,739,022 1,522, 663 4,483,948 1,071,765 556,708 933,368 648,696 3,298,675
Oct. 24
24,910,999 1,496, 235 5",376,423 ,646,547 2,
Collateral held against notes
outstanding:
Gold certificates:
Sept. 26
11,188,000 410,000 3,,570,000 535,000 690,000 525,000 660, 000 2,245,000 300,000 160,000 280,1,000 164, 000 1,649,000
Oct. 3
10,998,000 410,1,000 3 ,570,000 535,000 690,000 525,000 620, 000 2 095,000 300,000 160,000 280,
1,000 164,000 1,649,000
Oct. 10
10,703,000 410,1,000 3 ,270,000 540,000 690,000 525,000 620, 000 2 095,000 300,000 160,000 280,000 164 ,000 1,649,000
695,000
1,000
3
,270,000
450,000
525,000
410,
200,000
300,000
160,000
280,
000 164,000 1,649,000
Oct. 17
10,738,000
635,
Oct. 24
10,763,000 410,>,000 3,270,000 450,000 695,000 550,000 635, 000 2 200,000 300,000 160,000 280,000 164,000 1,649,000
Eligible paper:
19,375
27,600 161,175
13,055
Sept. 26
290,062
25,150 15,400 21,525
6,782
19,225
21,100 106,550
2,050
Oct. 3
206,602
11,650 11,000 30,125
4,902
19,600
3,650
Oct. 10
236,940
16,700 158,815
3,750 5,000 22,625
6,800
5,220
13,400
15,490 9,000 19,225
6,700
18,150 116,970
Oct. 17
204,155
8,232
14,550
17,205 18,500 27,400
29,700
33,000 119,255
Oct. 24
267,842
U. S. Govt. securities:
Sept. 26
13,736,516 1,100,1,000 1 ,800,000 1,100,000 1 ,450,000 1,200,000 850, 000 2,250,000 851,516 400,000 650, 000 485, 000 1,600,000
,450,000 1 ,225,000 900, 000 2,400,000 829,196 400,000 650 000 500,000 1,600,000
Oct. 3
13,954,196 1,100,1,000 1 ,800,000 1,100,
,450,000 1,225,000 900, 000 2 ,400,000 849,870 400,000 650,000 500,,000 1,700,000
Oct. 10
14,374,870 1,100,000 2,100,000 , 100,
Oct. 17
14,388,292 ,100,000 2 ,100,000 1,200,000 1,450,""
1,000 1 ,225,000 900, 000 2,300,000 863,292 400,000 650),000 500,000 1,700,000
Oct. 24
14,396,270 1,100,000 2,,100,000 1,200,000 1,450,),000 1,225,000 900, 000 2 ,300,000 871,270 400,000 650,1,000 500, 0001 ,700,000
Total collateral:
Sept. 26
25,214,578 ,537, 600 5,,531, 175 1,648,055 2,140, 000 1,744,375 1,510, 000 4 495,000 1,176,666 575,400 951,525 649,000
>,000 33,255,782
:
Oct. 3
25,158,798 ,531,100 5,476,550 1,637,050 2,140, 000 1,769,225 1,520, 000 4,495,000 1,140,846 571,000 960,125 664,000 3,253,902
,520,
4,495,000
4 9 5 , — 1,153,620
• / " . - 565;OOO 952 625 664,000 3,355,800
\ 140, 000 1,769,600 1,520,000
Oct. 10
25,314,810 ,526,700 5,528,815 1,643,i,650 2,
500,000 1,178,782
'
^ 1,655, ,220 2,,145, 000 1,763,400 1,535,
569,000 949,225 664,000 3,355,700
Oct. 17
25,330,447 ,528,150 5,486,970
Oct. 24
25,427,112 ,543, 000 5,489,255 1,658,,232 2,145, 000 1,789,550 1,535, 000 4,500,000 1,188,475 578,500 957,400 664,000 3,378,700
FEDERAL RESERVE BULLETIN
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Guaranteed loans
outstanding
Date
Portion
guaranteed
Total
amount
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Number
Amount
1942
June 30
Sept. 30
Dec. 31
565
1,658
2,665
310,680
944,204
2,688,397
1943
Mar. 31
June 30
Sept.30
Dec. 31 . . .
3,534
4,217
4,787
5,347
3,725,241
4,718,818
5,452,498
6,563,048
1,245,711
999,394 1,865,618
1,428,253 1,153,756 2,216,053
1,708,022 1,413,159 2,494,855
1,914,040 1,601,518 3,146,286
1944
Mar. 31
June 30
Sept.30
Dec. 30
5,904
6,433
6,882
7,434
7,466,762
8,046,672
8,685,753
9,310,582
2,009,511
2,064,318
1,960,785
1,735,970
1,680,046
1,735,777
1,663,489
1,482,038
3,615,963
3,810,797
4,301,322
4,453,586
1945
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
7,581
9,407,853 1,700,632
7,720
9,517,272 1,646,160
7,886
9,645,378 1,599,120
8,048
9,872,916 1,558,270
8,218 10,015,427 1,479,847
8,422 10,149,315 1,386,851
8,553 r 10,241,600 r 1,274,238
8,651 10,292,225 l,242,688
8,695 10,313,868 1,073,919
1,448,995
1,402,646
1,365,959
1,332,050
1,272,137
1,190,944
1,091,654
r
l,061,601
916,875
3,911,058
3,964,830
3,963,961
4,002,772
3,994,726
3,694,618
3,627,297
3,460,272
3,043,647
81,108
427,918
803,720
69,674
137,888
356,677
230,720
632,474 1,430,121
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday or
last day of
period)
ApParticiproved Loans Commitpations
but not
out- 2 ments
outoutcom- standing
standing
pleted 1 (amount) standing (amount)
(amount)
Number Amount (amount)
Applications
approved
to date
1934
1935
1936
1937
1938
1939
1940
1941
984
1,993
2,280
2,406
2,653
2,781
2,908
3,202
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
1942
June 24
Dec. 31
3,352
3,423
338,822
408,737
26,346
4,248
11,265
14,126
16,832
10,661
26,430
17,305
1943
June 30
Dec. 31
3,452
3,471
475,468
491,342
3,203
926
13,044
10,532
12,132
9,270
19,070
17,930
1944
June 30
Dec. 30
3,483
3,489
510,857
525,532
45
1,295
11,366
3,894
4,048
4,165
11,063
2,705
1945
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
3,491
3,492
3,493
3,500
3,502
3,502
3,503
3,504
3,505
526,659
527,700
528,936
533,037
535,117
537,331
538,624
539,765
540,241
560
585
85
1,370
220
70
130
130
130
4,066
3,921
4,214
4,553
4,339
3,252
3,199
3,259
3,166
3,461
3,547
3,321
3,285
4,392
5,224
5,165
4,708
4,291
2,405
2,374
2,365
2,361
2,697
2,501
2,455
2,358
2,018
1
Includes applications approved conditionally by the Federal Reserve
Banks
and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of
Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and the
sum of the following four columns represents repayments of advances, and
applications for loans and commitments withdrawn or expired.
NOVEMBER 1945
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
Month,
or
week ending Friday
T o t a l reserves h e l d :
1944—Aug
Sept
1945—Aug
Sept
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Excess reserves:
1944—Aug
Sept
1945—Aug
Sept
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Borrowings at Federal
Reserve B a n k s :
1944—Aug
Sept
1945—Aug
Sept
Aug. 31....
Sept. 7....
Sept. 14....
Sept. 21....
Sept. 28....
Oct. 5....
Oct. 12....
Oct. 19....
All
member
banks1
Central reserve
city banks
Reserve
city
banks
banks1
Coun-
13,004
13,476
14,978
15,414
3,569
3,728
3,959
4,094
841
863
905
931
5,196
5,365
6,003
6,166
3,398
3,520
4,112
4,224
15,071
15,294
15,406
15,548
15,381
15,459
15,610
15,748
3,985
4,051
4,053
4,139
4,119
4,125
4,143
4,194
918
920
930
940
923
918
928
924
6,055
6,152
6,196
6,206
6,111
6,140
6,229
6,273
4,113
4,172
4,226
4,262
4,228
4,275
4,310
4,356
1,006
983
1,084
1,063
10
21
12
19
4
7
4
10
286
256
277
258
706
698
791
776
1,013
1,084
1,064
1,074
1,001
1,067
1,117
p
l,120
10
12
11
25
22
14
30
18
9
7
8
7
6
5
9
7
242
287
264
253
217
262
288
279
752
778
781
789
756
786
790
70
108
383
388
24
55
149
111
24
28
167
192
22
25
67
85
423
396
453
363
397
341
333
339
162
120
170
66
91
87
108
86
172
184
186
201
205
178
132
154
89
92
97
96
100
75
93
99
p
Preliminary.
-• 1
Weekly figures of excess reserves of all member banks and of country
banks are estimates. Weekly figures of borrowings of all member banks
and of country banks may include small amounts of Federal Reserve Bank
discounts and advances for nonmember banks, etc.
DEPOSITS OF COUNTRY MEMBER BANKS
I N LARGE AND
SMALL CENTERS 1
[Averages of daily figures. In millions of dollars]
September 1944
August 1945
September 1945
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
..
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
interbank 2
Time
deposits
Demand
deposits
except
interbank 2
Time
deposits
13,524
15,538
15,363
5,450
6,861
7,027
8,451
10,537
10,665
3,782
4,793
4,911
2,062
3,041
1,110
1,385
1,069
1,372
1,886
574
502
469
812
1,080
769
1,787
623
793
333
400
1,130
278
233
95
103
484
341
1,035
870
978
787
581
1,408
884
596
1,359
1,290
536
200
980
726
675
374
164
760
219
340
171
54
248
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.
1119
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Gross demand deposits
Class of bank
and
Federal Reserve district
Total
Interbank
U.S.
Government
war loan
deposits2
Other
deDemand Net
deposits mand
de
- 44
adjusted3 posits
Time
deposits5
Demand
balances
due
from
domestic
banks
Reserves with Federal
Reserve Banks
Total
Required
Excess
Borrowings at
Federal
Reserve
Banks
First half of September 1945
All member banks
Central reserve city banks
New York
Chicago
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.....
San Francisco
94,116
12,309
14,151
67,656
63,892
70,290
23, 111
6,166
15,377
14,284
1,093
415
25,621
5,719
4,106
1,167
4,760
931
16,754
3,620
15,737
3,393
19,834
4,388
1,260
680
47
176
4,063
929
4,042
918
21
11
144
35,507
2,454
582
2,679
4,268
2,344
2,162
4,319
2,035
1,126
2,944
2,282
8,313
5,881
281
28
347
561
401
565
496
597
331
1,036
580
658
5,145
654
80
499
667
414
231
630
261
197
270
266
977
24,480
1,519
475
1,832
3,039
1,530
1,366
3,194
1,177
598
1,637
1,436
6,677
22,594
1,439
450
1,731
2,852
1,410
1,247
3,007
1,060
519
1,460
1,333
6,086
26,715
1,678
459
2,009
3,248
1,708
1,671
3,231
1,554
783
2,200
1,681
6,492
9,296
158
256
188
1,096
400
356
1,679
276
144
302
271
4,170
1,853
45
19
70
170
113
148
279
107
68
304
239
290
6,180
350
109
420
747
403
376
780
337
169
497
394
1 599
5,901
345
107
413
715
366
356
747
327
165
458
354
1,549
279
5
2
7
32
37
20
33
9
3
39
41
50
187
6
7
4
27,270
2,508
4,187
1,999
2,395
2,026
2,187
3,380
1,613
1,169
1,918
2,240
1,647
1,154
87
78
14
28
169
224
68
152
75
90
140
29
3,315
484
750
284
316
226
213
393
130
116
117
138
147
22,801
1,936
3,360
1,701
2,051
1,631
1,749
2,918
1,331
979
1,711
1,961
1,471
22,167
1,860
3,234
1,656
2,004
1,562
1,699
2,864
1,296
952
1,687
1,921
1,430
19,354
1,759
3,020
1,450
1,717
1,376
1,561
2,417
1,177
816
1,313
1,531
1,216
11,875
965
2 752
1,341
1 459
703
561
1 879
494
570
264
158
729
4,090
197
308
226
322
370
377
528
277
215
474
545
252
4 204
347
680
346
430
296
304
555
238
184
265
309
251
,422
304
588
284
328
235
252
451
194
148
200
224
214
782
43
92
63
102
61
51
104
43
36
65
85
37
84
12
50
3
2
5
3
3
2
1
1
36
7
3
90
16
2
11
Second half of September 1945
All member banks
Central reserve city banks:
93,299
12,216
12,726
68,358
64,533
70,992
23,361
6,013
15,452
14,420
1,032
360
25,558
5,639
4,113
1,142
4,259
837
17,186
3,659
16,057
3,435
20,154
4,409
1,279
686
53
173
4,125
932
4,108
923
17
9
Reserve city banks
35,000
2,398
576
2,662
4,165
2,278
2,115
4,204
1,983
1,104
2,907
2,271
8,336
5,798
288
27
347
550
397
548
479
576
332
1,012
585
658
4,645
585
72
447
603
371
208
571
235
176
245
240
892
24,556
1,525
477
1,869
3,012
1,510
1,359
3,154
1,172
596
1,651
1,446
6,786
22,689
1,439
453
1,762
2,821
1,391
1,242
2,975
1,057
524
1,481
1,337
6,208
26,754
1,685
461
2,037
3,209
1,689
1,667
3,181
1,537
786
2,204
1,695
6,602
9,395
160
259
189
1,104
405
360
1,696
279
145
305
274
4,218
1,826
43
19
72
166
109
131
281
101
71
295
234
303
6,151
351
110
428
734
385
370
769
330
171
497
387
1,619
5,915
347
108
419
708
362
355
738
324
166
459
355
1,573
237
5
2
9
26
23
15
31
6
5
38
32
46
77
1
197
3
3
5
23
16
5
96
13
12
16
Country banks
27,102
2,479
4,124
1,991
2,386
2,027
2,163
3,344
1,600
1,178
1,923
2,245
1,642
1,162
93
80
15
28
171
221
67
146
76
96
140
29
2,984
437
672
256
287
204
193
356
117
103
105
123
132
22,956
1,949
3,371
1,720
2,071
1,652
1,749
2,921
1,337
999
1,722
1,983
1,482
22,351
1,874
3,257
1,677
2,026
1,584
1,699
2,870
1,304
973
1,699
1,944
1,444
19,674
1,784
3,053
1,473
1,741
1,408
1,576
2,450
1,194
843
1,347
1,570
1,235
12,001
972
2,782
1,356
1,475
710
568
1,901
501
576
268
157
735
3,961
192
300
225
319
362
358
500
262
210
458
529
246
4,244
351
688
356
434
293
299
563
238
191
267
309
255
3,474
308
594
288
332
240
255
457
197
153
205
229
217
769
43
94
68
102
53
44
106
41
39
62
79
38
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
86
18
43
3
4
3
3
3
2
2
1
1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based
on deposits
at opening of business.
2
Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member banks and,
therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3.
3 Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (other than war
loan4and Series E bond accounts) on the latest available call report date.
Demand deposits subject to reserve requirements, i.e., demand deposits other than war loan deposits, minus cash items in process of collection and
demand balances due from domestic banks.
6 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
II2O
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
Large denomination currency2
Coin and small denomination currency2
Total
in circulation1
Unassorted
Coin
$1 3
$2
$5
$10
$20
Total
$50
$100
$500
402
423
460
499
505
524
559
610
695
801
33
32
33
35
33
34
36
39
44
55
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
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
8
5
7
7
6
17
20
30
24
9
10
7
16
18
12
32
32
60
46
25
8
10
5
8
7
5
2
4
4
3
872
886
909
880
877
881
885
903
906
910
921
937
948
962
987
950
953
954
957
972
981
995
1,003
1,001
65
68
70
69
70
70
70
72
72
73
75
75
76
78
81
77
75
73
73
73
73
73
73
72
1,902
1,950
1,973
1,940
1,952
1,951
1,964
2,003
2,010
2,016
2,053
2,078
2,103
2,129
2,150
2,102
2,135
2,132
2,151
2,186
2,215
2,250
2,301
2,288
4,962
5,127
5,194
5,174
5,255
5,265
5,344
5,498
5,544
5,569
5,706
5,789
5,877
5,990
5,983
5,936
6,076
6,132
6,238
6,377
6,515
6,659
6,826
6,815
5,347
5,561
5,705
5,742
5,832
5,905
6,040
6,198
6,326
6,388
6,562
6,731
6,960
7,157
7,224
7,242
7,381
7,539
7,754
7,911
8,193
8,400
8,700
8,816
5,118
5,323
5,580
5,715
5,823
6,017
6,212
6,431
6,581
6,667
6,884
7,081
7,339
7,561
7,730
7,837
7,974
7,900
7,837
7,814
7,565
7,511
7,546
7,592
1,366
1,416
1,481
1,509
1,534
1,576
1,618
1,668
1,699
1,722
1,780
1,829
1,893
1,946
1,996
2,022
2,059
2,088
2,126
2,159
2,132
2,139
2,180
2,204
2,636
2,761
2,912
2,992
3,054
3,152
3,270
3,371
3,458
3,516
3,642
3,765
3,918
4,056
4,153
4,228
4,317
4,266
4,210
4,192
4,044
4,013
4,038
4,071
373
388
407
418
426
444
456
473
481
487
502
516
532
546
555
566
571
550
527
513
483
472
466
464
713
729
749
767
777
814
836
887
912
911
929
939
963
981
990
990
994
965
932
909
868
847
832
825
11
10
9
9
9
9
9
9
9
9
9
9
10
10
10
10
10
9
9
8
8
8
8
8
20
19
22
21
22
22
23
23
22
22
22
22
23
23
24
21
24
23
33
33
31
32
22
21
3
2
2
3
3
1
1
2
2
2
2
2
2
3
3
3
1
1
1
1
2
2
2
2
1933
1934.
1935.
1936.
1937.
1938
1939.
1940.'
1941
1942.
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
4,167
4,292
4,518
5,021
'5,015
5,147
5,553
6,247
8,120
11,576
442
452
478
517
537
550
590
648
751
880
1943—October
November....
December
1944—January
February
March
April
May
June
July
August
September....
October
November
December
1945—January
February
March
April
May
June
July
August
September
19,250
19,918
20,449
20.529
20,824
21,115
21,552
22,160
22,504
22,699
23,292
23,794
24,425
25,019
25,307
25,290
25,751
25,899
26,189
26,528
26,746
27,108
27,685
27,826
14,135
14,598
14,871
14,817
15,004
15,100
15,342
15,731
15,925
16,034
16,410
16,715
17,089
17,461
17,580
17,456
17,778
18,000
18,353
18,715
19,183
19,599
20,141
20,235
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
1,180
1,196
1,205
1,223
1,236
1,243
$1,000 $5,000 $10,000
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as
3
destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, p p . 415-416.
2
UNITED STATES MONEY, OUTSTANDING A N D 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,
Sept. 30,
1945
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National bank notes
Total—September 30, 1945
August 31, 1945
Septenber 30, 1944
As security
against
gold and
silver
certificates
Treasury
cash
20,073
17,949
24,694
4,251
17,949
22,123
494
1,620
*Z,960
843
310
347
518
119
340
1,620
For
Federal
Reserve
Banks
and
agents
15,082
19,910
19,905
20,508
Money
held by
Federal
Reserve
Banks and
agents
Sept. 30
1945
Aug. 31,
1945
Sept. 30
1944
2,815
796
253
52
23,818
3,956
52
23,685
3,948
53
20,017
3,724
197
17
5
26
5
1
,763
812
301
318
513
119
3,864
3,741
3,742
27,826
129
2,246
2,230
2,363
15,082
15,111
15,832
808
299
322
517
119
,588
725
272
323
582
125
27,685
23,794
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. 1113, and seasonally adjusted figures in table on p. 1122.
2
Includes $1,800,000,000 Exchange Stabilization Fund and $156,039,431 held as reserve against United States notes and Treasury notes of 1890; the
balance resulting from reduction in weight of the gold dollar, also included, is not shown in the circulation statement beginning July 31.
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 reserves against other types, a grand total of all types has no special significance
and is not shown. See note for explanation of these duplications.
s Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii)
as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as
security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal
Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured
by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible
under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve
notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the
Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement.
NOVEMBER 1945
IXZI
ANALYSIS OF CHANGES IN GOLD STOCK OF
U N I T E D STATES
[In millions of dollars ]
MONEY IN CIRCULATION W I T H ADJUSTMENT FOR
SEASONAL VARIATION
lOutside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation
Date
Amountadjusted for
seasonal
variation
Change in
seasonally
adjusted
series1
End of year figures:
+742
+1,134
+2,428
+4,250
+5,039
+4,858
7,598
8,732
11,160
15,410
20,449
25,307
1939
1940
1941
1942
1943
1944
Monthly averages of daily
figures:
1944—February
March
April
May
June
July
August
September
October
November
December
20,635
20,964
21,312
21,822
22,296
22,580
22,988
23,525
24,112
24,738
25,207
20,635
21,027
21,484
21,976
22,408
22,625
23,104
23,572
24,112
24,664
24,957
+268
+392
+457
+492
+432
+217
+479
+468
+540
+552
+293
1945—January
February
March
April
May
Tune
July
August
September
October
25,243
25,527
25,850
26,009
26,351
26,561
26,918
27,392
27,765
27,943
25,167
25,527
25,928
26,219
26,537
26,694
26,972
27,530
27,821
27,943
+210
+360
+401
+291
+318
+ 157
+278
+558
+291
+122
I
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.
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
33 n t 2 5 8
12,760
14,512
17,644
21,995
22,737
22,726
21,938
20^619
4,202.5
1,'887!2
1,132.5
l,5O2!5
1,751.5
3,132.0
4,351.2
741.8
— 10.3
— 788.5
—1,319.0
Earmarked
DomesNet gold gold: de- tic gold
crease
producimport
or intion 1
crease (—)
1,133.9
1,739.0
1,116.6
l,58s!5
1,973.6
3,574.2
4,744.5
982.4
315.7
68.9
—845.4
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
35.8
1944—September. .. 20,825
3.1
-101.2
-72.0
-27.4
2.9
October
20,727
-98.4
-63.4
-22.6
3.0
November
20,688
-38.3
— 12.0
-34.7
2.8
December. ... 20,619
-69.6
-17.0
-46.3
.7
2.5
1945—January
20,550
-69.0
-58.2
1.9
2.3
February
20,506
-43.8
-37.4
2.4
March
20,419
—87.3
-19.1
-46.9
April
2.4
2.3
20,374
-45.1
-53.2
May
2.6
20,270
—103.3
— 18.3
-66.9
June
2.5
20,213
-57.3
-83.8
96.0
July
2.1
20,152
-60.6
-7.0
-100.3
3.2
August
20,088
-64.6
-12.3
-63.0
2.7
September
20,073
-15.0
13.5
- 15 9 . 0
p
4
(
)
October
'
2
.7
2O,O37
P-36.3
34.6
p
4
Jan.-Oct. ..
*>25.4
2O,O37
P-582.3
()
5-314.2
p
Preliminary.
f Figure carried forward.
1
Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on p. 1164, adjusted to exclude Philippine
Islands
production received in United States.
2
Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a
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
Not
yet available.
5
Gold held under earmark at the Federal Reserve Banks amounted to
4,251.4 million dollars on Oct. 31,1945. 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.
BANK DEBITS AND- DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts except
interbank accounts
Year and month
1936
1937
1938
1939
1940
1941
1942—old seriesa.
1942—new series 3
1943
1944
Total, all
reporting
centers
York1
City
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
140 othe r
11
centers
Other
reporting
centers 2
219,670
235,206
204,745
218,298
236,952
293,925
342,430
347,837
419,413
462,354
33,283
36,421
32,406
34,252
37,329
45,694
53,679
67,074
77,155
83,970
Annual rate of
turnover of total
deposits except
interbank
New
York
16.1
16.5
17.1
Debits to demand
deposit accounts
except interbank
and Government
Annual rate of
turnover of demand
deposits except
interbank and
Government
333 other
reporting
centers
New
York
City
100 other
leading
cities
New
York
City
100 other
leading
cities
13.1
11.7
10.8
204,831
193,143
164,945
167,939
167,373
193,729
200,337
258,398
298,902
202,267
215,090
186,140
200,636
217,744
270,439
308,913
369,396
403,400
31.4
29.5
25.1
21.0
17.1
17.3
18.0
20.5
22.4
22.4
22.4
19.9
19.4
18.6
19.4
18.4
17.4
17.3
21.4
16.2
10.2
31,882
16.1
23,827
70,389
1944—September....
26,860
6,764
36,765
20.9
16.0
10.3
33,498
16.9
24,672
73,891
October
28,558
6,997
38,336
21.6
17.2
11.5
34,676
18.7
25,464
77,775
November
30,016
7,378
40,381
30.0
20.4
11.9
40,559
21.4
33,064
91,281
December —
37,678
8,114
45,490
27.0
16.9
9.9
34,801
18.6
30,826
82,756
1945—January
34,990
7,461
40,305
24.3
16.0
9.7
30,024
17.7
25,416
70,249
February
29,065
6,461
34,724
22.9
16.1
10.0
36,008
17.0
28,924
81,077
March
31,884
7,471
41,722
20.8
15.5
9.9
32,430
17.2
25,115
74,139
April
29,413
6,881
37,846
21.4
15.3
10.1
34,418
18.8
28,384
81,724
33,678
7,403
May
40,643'
28.9
18.9
11.3
41,870
22.0
36,951
98,024
41,725
8,583
June
47,716
25.6
16.1
9.2
32,662
17.5
29,190
79,163
33,590
7,287
38,286
July
r
r
19.7
13.7
8.2
30,796
14.4
24,803
73,208
29,388
7,054
36,767
August
22.9
14.9
9.1
30,631
16.5
26,534
71,172
28,545
6,906
35,721
September
T
J
Revised.
National
series
for
which
bank
debit
figures
are
available
beginning
with
1919.
2
Annual figures for 1936-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers.
3
See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of
1942 partly estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits from which
rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit
accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member
banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics,
Table 55, p. 254, due to differences in method of computation.
IIZ2.
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
1929—June
December
1933—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
December
1942—June
December
1943—June
December
1944—June
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
136,172
26,179
26,366
19,172
19,817
30,687
29,597
29,730
31,761
33,360
36,194
38,661
42,270
45,521
48,607
52,806
62,868
71,853
79,640
80,946
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
115,291
1944—September. . . .
October
November
December
139,100
139,900
143,200
150,988
87,700
92,300
95,800
90,435
1945—January
February
March
April
May
June
July** 27
August . . . .
September^.
151,200
150,800
150,600
150,900
152,600
162,785
163,500
163,400
162,800
92,300
93,800
95,100
98,100
100,800
94,150
97,600
100,000
101,600
End of month
United
States
Government
deposits2
22,540
22,809
14,411
15,035
25,198
23,959
24,313
25,986
27,355
29,793
31,962
34,945
37,317
38,992
41,870
48,922
56,039
60,803
60,065
116,900
117,100
119,900
127,483
127,500
126,700
126,400
126,400
127,800
137,688
138,000
137,400
136,600
Demand
deposits
adjusted1
Time deposits
Currency
outside
banks
Total
Commercial
banks 3 4
Mutual
savings4
banks
Postal
Savings5
System
381
158
852
1,016
666
824
599
889
792
846
828
753
753
1,895
1,837
8,402
8,048
10,424
19,506
28,611
28,189
21,656
21,715
25,905
26,218
26,236
26,305
26,791
27,059
27,463
27,738
27,879
27,729
27,320
28,431
30,260
32,748
35,720
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
21,217
8,905
8,838
9,621
9,483
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
12,471
149
159
1,186
1,208
1,303
1,313
1,315
1,415
1,576
1,786
2,032
3,639
3,557
4,761
4,782
5,489
5,638
5,417
5,775
6,005
6,401
6,699
7,325
8,201
9,615
10,936
13,946
15,814
18,837
20,881
65,500
69,500
72,500
66,930
13,500
8,700
8,200
20,763
37,900
38,900
39,200
39,790
22,800
23,500
23,700
24,074
12,900
13,100
13,200
13,376
2,200
2,300
2,300
2,340
22,200
22,800
23,300
23,505
68,600
69,700
70,900
73,600
76,000
69,053
72,100
74,000
75,400
18,300
15,600
13,400
9,800
8,200
24,381
20,800
17,300
14,300
40,600
41,400
42,100
43,000
43,600
44,254
45,100
46,100
46,900
24,600
25,200
25,700
26,300
26,700
27,171
27,800
28,500
29,100
13,600
13,700
13,900
14,100
14,300
14,426
14,600
14,800
15,000
2,400
2,500
2,500
2,600
2,600
2,657
2,700
2,800
2,800
23,700
24,100
24,200
24,500
24,800
25,097
25,500
26,000
26,200
1,267
1,269
1,251
1.251
1,261
1,278
1,292
1,303
1
P
Preliminary.
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
2
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
3
Excludes
interbank
time
deposits and postal savings redeposited in banks.
4
Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks.
5
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and
Table 9, pp. 34-35, for back figures.
POSTAL SAVINGS SYSTEM
[In millions of dollars]
BANK SUSPENSIONS*
Total,
all
banks
Assets
End of month
Depositors'
balances 1 Total
Cash
in depository
banks
U. S. Government
securities
Total
Direct
Guaranteed
Cash
reserve
funds,
etc.2
1934—Dec
1935—Dec
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940-Dec
1941— Dec
1942—Dec
1943—Dec
1,207
1,201
1,260
1,270
1,252
1,279
1,304
1,314
1,417
1,788
1,237
1,237
1,296
1,308
1,291
1,319
1,348
1,396
1,464
1,843
540
287
145
131
86
53
36
26
16
10
1,058
1,097
1,132
1,192
1,224
1,274
1,345
1,716
1,046
1,078
1,128
1,220
1,716
1944—Sept
Oct
Nov
Dec
2,198
2,257
2,305
2,342
2,262
2,323
2,374
2,411
8
8
8
8
2,110
2,165
2,214
2,252
2,110
2,165
2,214
2,252
143
150
152
152
2,404
2,458
2,513
2,563
2,609
2,659
2,720
p
2,779
P
2,833
2,477
2,536
2,590
2,646
2,696
2,751
2,809
8
8
8
8
8
8
7
2,308
2,363
2,426
2,463
2,518
2,574
2,625
2,308
2,363
2,426
2,463
2,518
2,574
2,625
162
164
156
175
170
169
176
1945—Jan
Feb
Mar
Apr...
May..
June
July
Aug
Sept
p
1
2
597
853
467
706
892
931
965
130
147
167
167
166
146
146
146
126
100
98
93
80
73
74
88
95
102
118
Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes working cash with postmasters, 5 per cent reserve fund and
miscellaneous working funds with Treasurer of United States, accrued
interest on bond investments, and accounts due from late postmasters. #
Back figures.—See Banking and Monetary Statistics, p . 519; for description, see p. 508 in the same publication.
NOVEMBER 1945
Number of banks suspended:
1934-39
1940
1941
1942 . .
1943
1944
1945—Jan.-Oct
Nonmember
banks
National
State
291
15
6
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.-Oct
Member
banks
5,943
3,726
1,702
6,223
405
0
2
14,616
256
3,144
4,982
26,548
Insured
Noninsurec
189
81
18
3
6
2
1
1
3
44,348
40,479
5,341
503
1,375
1,241
405
346
79
327
1
Represents banks which, during the periods shown, closed temporarily
or permanently on account of financial difficulties; does not include banks
whose deposit liabilities were assumed by other banks at the time of closing
(in some instances with the aid of Federal Deposit Insurance Corporation
loans).
2
Deposits of member banks and insured nonmember banks suspended are
as of dates of suspension, and deposits of noninsured nonmember banks
are based on the latest data available at the time the suspensions were
reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292; for
description, see pp. 281-282 m the same publication.
ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and
call date
Total
All b a n k s :
1938—Dec. 31.
1939—Dec. 30. ..
1940—Dec. 31 . .. .
1941—Dec. 31..
1942—Dec. 31..
1943—June 30....
Total
U. S.
Government
obligations
Loans
Other
Other
securitie
Total*
Interbank^
Number
of banks
Demand
Time
! 48,831
j 50,885
..I 54,170
..I 61,101
. .' 78,137
. 87,881
. 96.966
. 108,707
119,461
129,639
21,261
22,169
23,751
26,616
23,915
22,241
23,601
25,424
26,015
27,979
27,570
28,716
30,419
34,485
54,222
65,640
73,365
83,284
93,446
101,661
17,953
19,402
20,983
25,488
45,932
57,748
65,932
75,737
85,885
93,657
9,617
9,314
9,436
8,997
8,290
7,892
7,433
7,547
7,561
8,004
61,319
68,225
75,963
81,780
99,796
107,224
117,661
128,605
141,449
151,033
7,484
9,883
10,941
10,989
11,318
10,895
11,012
11,219
12,245
12,605
28,695
32,492
38,518
44,316
61,395
67,554
75,561
83,588
91,644
96,725
25,140
25,850
26,504
26,476
27,083
28,775
31,088
33, 797
37,559
41,702
15,207
15,035
14,895
14,825
14,682
14,618
14,579
14,553
14,535
14,542
38,669
40,667
43,922
50,722
67,391
76,633
85,095
95,731
105,530
114,505
16,364
17,243
18,792
21,711
19,217
17,660
19,117
21,010
21,644
23,672
22,305
23,424
25,130
29,011
48,174
58,974
65,978
74,722
83,886
90,833
15,071
16,300
17,759
21,788
41,373
52,458
59,842
68,431
77,558
84,069
7,234
7,124
7,371
7,223
6,801
6,516
6,136
6,290
6,329
6,764
51,041
57,702
65,305
71,248
89,132
96,083
105,923
116,133
128,072
136,607
7,484
9,883
10,941
10,989
11,318
10,895
11,012
11,219
12,245
12,605
28,695
32,492
38,518
44,316
61,395
67,554
75,561
83,588
91,644
96,725
14,862
15,327
15,846
15,944
16,419
17,634
19,350
21,326
24,183
27,276
14,652
14,484
14,344
14,277
14,136
14,073
14,034
14,009
13,992
14,000
37,470
39,289
42,556
49,288
66,240
75,270
83,507
93,936
103,382
112,353
16,021
16,863
18,394
21,258
18,903
17,390
18,841
20,729
21,352
23,376
21,449
22,426
24,161
28,030
47,336
57,880
64,666
73,207
82,030
88,978
14,506
15,566
17,063
21,046
40,705
51,534
58,683
67,085
75,875
82,401
6,943
6,859
7,098
6,984
6,631
6,347
5,983
6,122
6,155
6,577
49,772
56,069
63,461
69,411
87,803
94,563
104,094
114,145
125,714
134,245
7,254
9,523
10,539
10,654
11,144
10,681
10,705
11,038
12,074
12,401
27,849
31,483
37,333
43,061
60,504
66,509
74,309
82,061
89,761
94,910
14,669
15,063
15,589
15,697
16,154
17,374
19,081
21,045
23,879
26,934
13,655
13,531
13,438
13,426
13,343
13,298
13,270
13,264
13,263
13,277
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 312
1942—Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30
32,070
33,941
37,126
43,521
59,263
67,155
74,258
83,587
91,569
99,426
13,208
13,962
15,321
18,021
16,088
14,823
16,288
18,084
18,676
20,588
18,863
19,979
21,805
25,500
43,175
52,332
57,970
65,503
72,893
78,838
13,223
14,328
15,823
19,539
37,546
46,980
52,948
60,339
67,685
73,239
5,640
5,651
5,982
5,961
5,629
5,352
5,022
5,164
5,208
5,599
43,363
49,340
56,430
61,717
78,277
84,016
92,262
101,276
110,917
118,378
7,153
9,410
10,423
10,525
11,000
10,552
10,555
10,903
11,884
12,230
24,842
28,231
33,829
38,846
54,523
59,670
66,438
73,488
79,774
84,400
11,369
11,699
12,178
12,347
12,754
13,794
15,268
16,884
19,259
21,748
6,338
6,362
6,486
6,619
6,679
6,703
6,738
6,773
6,814
6,840
All national banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—June 30
Dec. 31
1944— June 30
Dec. 30
1945—June JO
20,903
21,810
23,648
27,571
37,576
42,805
47,499
53,343
58,308
63,177
8,469
9,022
10,004
11,725
10,183
9,173
10,116
11,213
11,480
12,369
12,434
12,789
13,644
15,845
27,393
33,632
37,382
42,129
46,828
50,808
8,691
9,058
9,735
12,039
23,744
30,102
34,065
3,743
3,731
3,908
3,806
3,648
3,529
3,318
3,490
3,536
3,757
27,996
31,559
35,787
39,458
50,468
54,589
59,961
65,585
71,858
76,533
4,499
5,898
6,574
6,786
7,400
7,155
7,159
7,402
8,056
8,251
15,587
17,579
20,885
24,350
34,499
38,205
42,605
46,879
50,900
53,698
7,910
8,081
8,329
8,322
8,570
9,229
10,196
11,304
12,901
14,585
5,224
5,187
5,144
5,117
5,081
5,060
5,040
5,036
5,025
5,015
State member banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 312
1942—Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30
11,168
12,130
13,478
15,950
21,687
24,350
26,759
30,244
33,261
36,249
4,738
4,940
5,316
6,295
5,905
5,649
6,171
6,870
7,196
8,219
6,429
7,190
8,162
9,654
15,783
18,701
20,588
23,373
26,065
28,030
1,897
1,920
2,074
2,155
1,980
1,823
1,705
1,674
1,672
1,842
15,367
17,781
20,642
22,259
27,808
29,427
32,302
35,690
39,059
41,844
2,653
3,512
3,849
3,739
3,600
3,396
3,397
3,501
3,827
3,980
9,255
10,652
12,944
14,495
20,024
21,465
23,833
26,609
28,874
30,702
3,459
3,617
3,849
4,025
4,184
4,566
5,072
5,580
6,357
7,163
1,114
1,175
1,342
1,502
1,598
1,643
1,698
1,737
1,789
1,825
Dec.
31,...
1944—June 30.
Dec. 30
1945—June 30
All commercial b a n k s :
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—June 30
Dec. 31
1944—June 30
,
Dec. 30
1945—June 30
All insured commercial b a n k s :
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—June 30
Dec. 31
:...
1944—June 30
Dec. 30
1945—June 30
All member b a n k s :
'
38,640
43,292
47,051
4,532
5,271
6,088
7,500
13,802
16,878
18,883
21,699
24,393
26,188
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the
Currency
and the Federal Deposit Insurance Corporation for national banks and insured banks respectively.
1
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million aat all insured commercial banks.
e members of the Federal Reserve System. These banks are
ommercial banks," and are included only once in "all banks."
ie admission to membership in the Federal Reserve System of
one 4large bank"with'total loans and investments aggregating 554 million dollars on Dec. 31,1942. . 1 J J . 1
. .
.
Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included m 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.
1124
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and
call date
Total
U. S.
Government
obligations
Other
securities
3,156
3,281
3,471
3,693
3,132
2,840
2,832
2,929
2,971
3,087
3,442
3,445
3,325
3,515
5,003
6,647
8,014
9,226
11,002
12,005
1,848
1,971
1,936
2,251
3,829
5,482
6,899
8,099
9,880
10,839
1,594
1,474
1,389
1,264
1,174
1,165
1,115
1,128
1,122
1,166
7,678
8,362
8,875
9,539
10,864
12,076
13,671
14,869
17,168
18,242
5,399
5,348
5,429
5,774
6,984
8,123
9,258
10,360
11,824
12,940
2,813
2,901
3,074
3,241
2,818
2,570
2,556
2,648
2,678
2,790
2,586
2,447
2,356
2,533
4,166
5,553
6,702
7,712
9,146
10,150
1,283
1,238
1,240
1,509
3,162
4,557
5,739
6,752
8,197
9,170
1,303
1,209
1,116
1,025
1,004
996
962
960
949
979
1,199
1,378
1,367
1,434
1,151
1,363
1,588
1,795
2,148
2,152
343
380
397
452
314
270
276
281
292
297
856
998
969
982
837
1,094
1,312
1,514
1,856
1,855
565
733
696
742
667
925
1,160
1,347
1,682
1,668
10,162
10,218
10,248
10,379
10,746
11,248
11,871
12,976
13,931
15,134
4,897
4,926
4,959
4,905
4,698
4,581
4,484
4,414
4,370
4,307
5,265
5,292
5,289
5,474
6,048
6,666
7,387
8,562
9,560
10,827
972
1,329
1,655
1,693
2,007
2,704
7,525
8,489
9,223
10,063
461
605
637
642
740
1,013
3,073
3,111
3,110
3,089
9,190
8,889
8,593
8,686
8,739
8,544
4,345
4,487
4,708
5,071
4,436
4,321
4,322
4,263
3,958
3,568
1,411
1,302
1,260
1,218
Total
Loans
6,598
6,726
6,796
7,208
8,135
9,486
10,847
12,155
13,972
15,091
All nonmember commercial b a n k s :
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30e
Insured nonmember commercial
banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30
Noninsured nonmember commercial
banks:
1938-Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31**
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30 e
All mutual savings banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 312
1942—Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30
Insured mutual savings banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 312
1942—Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30
Noninsured mutual savings banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30
For footnotes see page 1124.
NOVEMBER 1945
Other
Investments
Total 1
Inter-1
bank
Number
of banks
Demand
Time
331
473
518
464
318
343
457
315
362
375
3,853
4,260
4,689
5,470
6,872
7,884
9,123
10.100
11,870
12,326
3,493
3,629
3,668
3,605
3,674
3,849
4,091
4,453
4,936
5,541
8,314
8,122
7,858
7,661
7,460
7,373
7,299
7,239
7,181
7,163
6,409
6,729
7,032
7,702
9,535
10,557
11,842
12,880
14,809
15,880
101
113
116
129
145
129
149
135
190
171
3,007
3,252
3,504
4,215
5,981
6,839
7,870
8,573
9,987
10,510
3,300
3,365
3,411
3,358
3,409
3,589
3,823
4,172
4,632
5,199
7,317
7,169
6,952
6,810
6.667
6,598
6,535
6,494
6,452
6,440
291
265
273
239
170
169
153
168
174
187
1,269
1,633
1,843
1,837
1,329
1,519
1,829
1,989
2,358
2,362
230
360
402
335
173
214
307
181
171
204
846
1,008
1,185
1,255
891
1,045
1,253
1,527
1,883
1,815
193
264
257
247
265
260
269
281
304
343
997
953
906
851
793
775
764
745
729
723
2,883
3,102
3,224
3,700
4,559
5,290
6,090
7,306
8,328
9,588
2,382
2,190
2,065
1,774
1,489
1,376
1,297
1,257
1,232
1,240
10,278
10,523
10,658
10,532
10,664
11,141
11,738
12,471
13,376
14,426
10,278
10,523
10,658
10,532
10,664
11,141
11,738
12,471
13,376
14,426
555
551
551
548
546
545
545
544
543
542
511
724
1,018
1,050
1,267
1,691
4,452
5,378
6,113
6,974
280
422
548
629
861
1,264
3,844
4,752
5,509
6,368
232
303
470
421
405
427
608
626
604
607
1,012
1,409
1,818
1,789
2,048
2,739
7,534
8,235
8,910
9,671
1,012
1,409
1,818
1,789
2,048
2,739
7,534
8,235
8,910
9,671
48
51
53
52
56
61
184
192
192
192
4,754
4,568
4,271
4,424
4,781
4,975
2,935
3,185
3,448
3,853
2,603
2,680
2,676
3,071
3,698
4,026
2,246
2,554
2,819
3,219
2,150
1,887
1,595
1,353
1,084
949
689
9,266
9,114
8,840
8,743
8,616
8,402
4,204
4,236
4,466
4,755
9,266
9,114
8,840
8,743
8,616
8,402
4,204
4,236
4,466
4,755
507
500
498
496
490
484
361
352
351
350
631
629
633
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Class of bank
and
call date
Total
loans
and
invest- Total
ments
All insured commercial banks:
1938—Dec. 3 1 . . . . 37,470 16,021
1940—Dec. 3 1 . . . . 42,556 18,394
1941—Dec. 3 1 . . . . 49,288 21,258
1942—Dec. 3 1 . . . . 66,240 18,903
1943—Dec. 3 1 . . . . 83,507 18,841
1944—June 3 0 . . . . 93,936 20,729
Dec. 3 0 . . . . 103,382 21,352
1945—June 30.... 112,353 23,376
Member banks,
total:
Commercial,
including
openmarket
paper
5,636
7,178
9,214
7,757
7,777
7,406
7,920
7,501
Loans for
purchasing
or carrying
Agri- securities Real- ConOther Total
culesturtate sumer loans
To
al brok- To loans loans
ers
and others
dealers
1,060
1,281
1,450
1,642
1,505
1,474
1,723
1,632
1,002
885
727
662
597
922
3,857
4,468
4,773
4,646
1,414
4,437
2,221 2,296 4,364
2,269 2,265 4,343
3,113 3,601 4,413
3,583
4,077
4,545
2,269 1,042
918
1,868
1,862 1,106
944
1,888
2,105 1,008
14,506
17,063
21,046
40,705
58,683
67,085
75,875
82,401
2,853
18,863
3,273
21,805
3,692
25,500
l,847i 870 43,175
1,4841 848 57,970
l,467i 1.033 65,503
1,505! 877 72,893
73,305
934 78,838
7,095 1,125 3,089 3,407 3,248 1,688
13,222
15,823
19,539
37,546
52.948
60,339
67,685
67,915
73,239
13,208
15,321
18,021
16,088
16,288
18,084
18,676
17,219
20,588
5,179
6,660
8,671
7,387
7,421
7.023
7,531
31....
31....
31....
31....
31....
30....
30....
20... .
30....
8,335
10,910
12,896
17,957
19,994
22,669
24,003
22,734
25,756
3,262
3,384
4,072
4,116
4,428
5,479
5,760
5,054
7,069
1,594
2,125
2,807
2,546
2,515
2,430
2,610
Chicago:*
1938—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 30....
Dec. 3 0 . . . .
1945—Mar. 20....
June 30....
1,969
2,377
2,760
3,973
4,554
5,124
5,443
5,212
5,730
539
696
954
832
1,004
1,064
1,184
1,012
1,250
Reserve city banks:
1938—Dec. 3 1 . . . .
1940—Dec. 31
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 30....
Dec. 3 0 . . . .
1945—Mar. 20.. ..
June 30....
11,654
13,013
15,347
20,915
27,521
30,943
33,603
33,452
36,572
4,963
5,931
7,105
6,102
6,201
6,761
6,822
6,346
7,155
2,063
2,589
3,456
2,957
3,058
2,787
3,034
207
263
300
290
279
277
348
2,883
304
Country banks:
1938—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 30....
Dec. 30....
1945—Mar. 20....
June 30....
10,113
10,826
12,518
16,419
22,188
24,850
28,520
29,126
31,368
4,444
5,309
5,890
5,038
4,654
4,780
4,910
4,807
5,114
1,186
1,453
1,676
1,226
1,084
1,096
1,149
483
590
659
772
713
671
802
25
21
20
17
25
33
32
243
201
183
161
197
345
310
1,353
1,644
1,823
1,797
1,725
1,708
1,719
674
528
536
547
393
381
392
351
1,162 "'755
32
422 1,771
"611
362
31....
31....
311...
31....
31....
30... .
30....
20....
30....
Total
21,449
24,161
28,030
47,336
64,666
73,207
82,030
88,978
663
614
950
32,070
37,126
43,521
59,263
74,258
83,587
91,569
90,524
99,426
1938—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
June
I I". S. Government obligations
775 2,716
3,228
3,494
3,423
1,089
3,274
1,023 1,398
1,023 2,200 2,130 3,207
1,198 2,249 2,108 3,209
712
865
972
973
642
594
934
652
598
538
839
Obligations
of
Direct
States Other
and
CersecuGuar- politi- rities
tifiancal
cates
Bills of in- Notes Bonds teed subdividebtsions
edness
290
662
988
4,462
4,636
4,708
3,971
2,831
6,727
13,218
15,466
15,300
17,204
3,648
2,756
3,159
5,799
7,672
11,834
15,778
16,454
8,000
9,925
12,797
20,999
30,656
34,114
39,848
45,870
2,568
3,719
4,102
2,718
2,501
3,011
3,608
3,651
3,533
3,287
3,393
3,422
3,684
3,932
3,491
3,333
3,098
2,696
2,730
2,733
2,892
6^285
12,071
14,228
13,982
3,389
2,594
3,007
5,409
6,906
10,640
14,127
7,208
9,091
11,729
18,948
27,265
30,118
34,927
2,340
3,486
3,832
2,540
2,345
2,448
3,013
3,090
2,965
2,729
2,834
2,857
2,989
3,102
3,192
2,970
2,871
2,664
2,294
2,331
2,350
2,400
2,497
517
695
729
593
444
456
468
515
567
698
788
830
701
558
577
596
598
629
286
652
971
4,363
4,360
4,466
3,748
963
978
43
887
902
2,633 15,584 14,723 40,266 " " 3 3
New York City:*
1938—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
June
Insured nonmember commercial banks:
5
787
6
465
8
412
21
787
24 1,054
64 1,657
30 1,742
535
468
554
220
190
169
193
323
751
859
121
130
123
117
107
93
86
3031 148
2,380 " " 5 3 2,528 1,539
76
"270 "223
335
492
732
658
763
710
738
17
5
6
6
6
11
17
43
42
48
34
102
102
163
70
54
52
32
52
130
163
12
19
22
23
22
21
24
671
13 " l 5 9
299
"23
119
115
114
97
217
409
311
242
207
194
153
267
903
777
1,230
1,436
1,527
1,486
1,420
1,385
1,379
"371 1,147 1,378
252
232
253
63
84
96
62
45
49
45
153
251
179
18
14
40
34
so " " 3 4
5,072
7,527
8,823
13,841
15,566
17,190
18,243
17,681
18,687
1,430
1,681
1,806
3,141
3,550
4,060
4.258
4,199
4,480
1,101
6,691
1,322
7,081
1,512
8,243
808j 312 14,813
658 301 21,321
650
350 24,183
660
313 26,781
27,106
757 "315 29,417
1,154
1,400
1,530
5,669
5,517
6,628
11,380
17,534
20,071
23,610
24,319
26,253
3,857
6,044
7,265
12,547
14,563
16,157
17,179
16,568
17,492
158
207
311
1,855 2,144
1,328 3,409
1,258 4,242
913 3,740
' '424 3,538 3,607
59
1,114
297
1,307
256
1,430
397
2,789
199
3,238
367
3,688
250
3,913
3,840
4,130 "l27
5,018
5,204
6,467
13,038
19,682
22,484
25,042
25,304
27,523
"637
1,441
1,802
1,914
1,704
291
145
153
391
484
587
894
1,663
2,977 1,615
3,652 1,679
5,420 1,071
984
7,014
201
7,650
189
8,592
9,920
2
655
752
903
109
112
119
83
74
31
31
141
188
182
166
158
204
160
177
154
176
186
193
186
155
169
185
183
196
740
2,997
3,281 1,049
4,248 1,173
811
6,810
749
9,943
402
10,689
440
11,987
808
984
956
954
913
963
866
893
820
821
726
735
740
768
794
779
1,282
1,602
1,665
1,809
1,253 "814
1,936
877
1,038
1,045
57
103
295
1,224
771
751
2^253
4,691
5,586
5,730
1,723
2,497
3,893
5,181
1,320 6,598 5,689 13,906
10
11
3,233
732 1,893
597
45
433 2,081
710
3,269
110
481 2,926
4,377
861
671 1^251 1,240 5,436
574
9,172
538
15,465 1,032 3,094 2,096 8,705
926 3,362 3,355 10,114
252
18,009
882 3,466 4,422 12,540
241
21,552
22,204
24,094 "762 4,194 4,613 14,504 " " 2 1
28
110 1,141
348
730
457
1938—Dec. 3 1 . . . .
5,399 2,813
2,586
1,283
21
75 1,240
416
803
518
1940—Dec. 31
5,429 3,074
2,356
1,240
478
543
20
64 1,282
854
1941—Dec. 31
5,774 3,241
2,533
1,509
59 1,225
553
370
16
1942—Dec. 3 1 . . . .
6,984 2,818
422 174 4,166
3,162
16
82
482
385
70
356
1943—Dec. 3 1 . . . .
9,258 2,556
1,165
6,702
5,739
452
383
21
166 1,159
73 7,712
395
1944—June 30.... 10,360 2,648
6,752
21
525
389
156 1,136
383
67 9,146
Dec. 3 0 . . . . 11,824 2,678
8,197
24
193 1,167
506
420
74 10,150
406
1945—June 30.... 12,940 2,790
9,170
* These figures do not include data for banks in possessions of the United States and therefore differ
Insurance
Corporation.
1
During 1941 three mutual savings banks with total deposits of 8 million dollars became members of
included
in
"member banks" but are not included in "all insured commercial banks."
2
Central reserve city banks.
ux6
1,142
1,245
1,623
2,056
1,829
2,805
3,745
4
10
17
99
276
242
223
198
"*442
1,147
1,238
1,319
1,620
from those
259
162
152
390
766
793
834
228
234
1,000
1,034
1,100
982 1,453
1,146 1,102
1,222 1,028
956
1,252
855
1,214
849
1,212
829
1,230
851
1,264
878
1,281
563
595
739
521
462
1,069
271
563
435
179
569
2,053
403
560
156
3,395
560
400
1,194 4,002
76
383
76
566
1,652 4,928
10
584
396
1,731 5,611
published by the Federal Deposit
the Federal Reserve System. These banks are
FEDERAL RESERVE
BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date
Cash
in
vault
8,694
13,992
12,396
13,072
12,834
12,812
14,260
14,806
950
1, 234
1, 358
1, 305
1, 445
1, 464
1, 622
1, 474
5 663
8, 202
8, 570
9, 080
8, 445
8, 776
9, 787
9, 959
25, 198
33, 820
37, 845
48, 221
59, 921
59, 197
65, 960
68, 048
6,595 503
9,677 702
9,823 673
10,234 813
9,743 893
10,030 940
11,063 948
11,217 1,119
8,694
13,992
12,396
13,072
12,835
12,813
14,261
14,605
14,807
746
991
1, 087
1, 019
1, 132
1, 143
1, 271
1, 365
1, 150
4 240
6, 185
6, 246
6 147
5 450
5 799
6 354
5 772
6 486
22 293
30, 429
33, 754
42, 570
52 642
51 829
57 308
61 175
59 133
6,510 501
9,581 700
9,714 671
10,101 811
9,603 891
9,904 937
10,881 945
10,250 1,016
11,064 1,106
4,104
7,057
5,105
4,388
3,596
3,455
3,766
3,949
3,879
68
102
93
72
92
85
102
104
89
109
122
141
82
61
60
76
62
64
7 168
11, 062
10 761
11 899
13, 899
13 254
14 042
15 309
14 643
884
902
821
811
899
892
929
35
42
43
39
38
41
43
45
33
235
319
298
164
158
179
177
144
180
1
1
2
2
3
3
3
3
3
2,354
4,027
4,060
4,940
5,116*
5,109
5,687
5,836
5,882
321
396
425
365
391
399
441
470
396
1
2
2
2
1
1
2
I
2
940
741
590
202
758
922
005
874
029
9
11
14
18
18
20
21
20
1,353
1,857
2,210
2,842
3,303
3,438
3,909
3,927
4,117
322
452
526
542
611
618
684
745
632
1
3
3
3
3
3
4
3
4
956
002
216
699
474
638
097
693
213
9
13
17
17
19
20
20
204
243
271
287
313
322
352
324
1 ,423
2 ,017
2 ,325
2 ,934
2 ,996
2 ,978
3 ,434
3 ,473
All insured commercial banks:
1938—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943 - D e c .
1944—June
Dec.
1945—June
31....
31....
31....
31....
31....
30. . . .
30. . . .
30....
Member banks,
total:
1938—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
June
Interbank
deposits
Reserves
with
Federal
Reserve
Banks
31....
31....
311. ..
31....
31....
30... .
30....
20. . . .
30....
BalDeances mand
dewith
do-.
posits
admestic3
banks justed*
New York City:'1
1938—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 30. . . .
. Dec. 30....
1945—Mar. 20. . . .
June 30....
Time deposits
DoFormestic3 eign
2,687
4,032
3,595
3,209
2,867
3,105
3,179
2,996
3,271
U.S.
IndiCerti- IndiGov- States
Capified viduals,
U.S. States
ernand viduals, Bor- tal
and
and
partnerpartnerrow- acGov- political offiInterment
politships, bank
ships, ings counts
ern- subdi- cers' and
and
ical
corment visions
Postal subdi- and corchecks poraSav- visions porations
ings
etc.
tions
2,942
666 3,298
1,762 3,677
8,167 3,996
9,950 4,352
18,757 4,402
19,754 4,518
23,478 4,698
595
971
1,077
1,219
1,669
1,550
1,354
1,240
23,475
32,398
36,544
47,122
58,338
57,351
64,133
65,494
157
160
158
97
68
68
64
66
86
69
59
61
124
108
109
105
575
522
492
397
395
407
423
482
14,009
14,998
15,146
15,697
18,561
20,530
23,347
26,346
18
11
10
10
46
84
122
65
6,434
6,673
6,841
7,055
7,453
7,709
7,989
8,340
790
616
1,709
7,923
9,444
17,634|
18,5091
12,409
21,967
2,386
2,724
3,066
3,318
3,602
3,638
3,744
4,030
3,877
547
913
1,009
1,142
1,573
1,460
1,251
1,305
1,138
21,119
29,576
33,061
42,139
51,820
50,756
56,270
59,409
57,417
142
141
140
87
62
63
58
65
61
61
56
50
56
120
104
105
101
102
462
435
418
332
327
333
347
378
392
10,846
11,687
11,878
12,366
14,822
16,448
18,807
20,004
21,254
6
3
4
5
39
5,424
5,698
5,886
6,101
6,475
6,696
6,968
7,138
7,276
437
641
607
733
810
852
851
914
989
139
48
866
4,186
3,395
6,150
6,722
4,296
7,618
280
370
319
263
252
213
199
293
229
195
7,273
471 11,357
450 11,282
448 12,501
710 14,373
722 I 13,740
361 14,448
494 15,614
341 14,789
6
5
6
3
4
11
11
11
16
36
51
29
23
26
17
17
18
19
652
768
778
711
816
861
977
181
174
233
178
174
218
167
162
193
1,597
1,905
2,152
2,588
3,097
3,040
3,100
3,324
3,124
1,065
1,082
75
111
285
52
"29'
64
96
164
40
1,593
1,615
1,648
1,727
1,862
1,907
1,966
1,995
2,023
Chicago:2
1938—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
June
31....
31....
31....
31....
31....
30. . . .
30....
20. . . .
30
1,051
1,021
688
941
215
557
050
070
041
289
152
658
997
1,027
1,105
972
1,090
1,132
1,092
1,174
12
14
15
16
16
19
83
90
127
665
713
1,105
1,400
900
1,499
7 214
581
117
849
654
405
267
735
682
2,719
3,919
4,302
4,831
4,770
4,757
5,421
5,094
5,510
53
49
54
63
63
65
70
78
90
424
327
491
1,982
3,373
6,453
6,157
4,260
7,655
796
995
1,144
1,319
1,448
1,464
1,509
1,615
1,516
170
228
286
385
475
384
488
416
422
7,034
9,468
11,127
15,061
18,790
18,367
20,371
21,456
20,559
6 224
7 845
661
265
039
099
958
842
656
446
633
790
957
994
951
1,149
1,068
1,108
143
151
225
1,090
1,962
3,926
4,230
2,952
5,195
1,128
1,184
1,370
1,558
1,727
1,743
1,868
1,959
1,939
154
187
239
272
344
314
369
361
346
2 ,904
3 ,391
4 ,092
5 ,651
85
95
108
133
141
126
182
153
48
50
53
243
506
1,124
1,245
1,511
48
58
68
76
96
90
103
101
Reserve city banks:
1938—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
June
31....
31....
31....
31....
31....
30
30....
20. . . .
30. . . .
31....
31....
31....
31
31....
30. . . .
30....
20. . . .
30....
Insured nonmember commercial banks:
1938—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—June
31....
31....
31
31....
31....
30
30....
30
7,279
7,368
8 ,652
8 ,915
555
574
611
678
750
764
775
820
257
270
288
304
326
343
354
353
362
70
3
1,777
1,904
1,967
2,028
2,135
2,207
2,327
2,395
2,450
17
19
20
22
56
45
40
38
39
269
226
243
169
151
158
154
179
166
4,233
4,506
4,542
4,805
5,902
6,567
7,561
8,028
8,529
5,215
6,846
8,500
11,989
15,561
15,609
18,350
19,014
18,945
44
33
31
32
56
52
57
56
54
147
150
146
140
149
157
175
181
207
5,509
5,917
6,082
6,397
7,599
8,477
9,650
10,279
10,981
6
3
4
3
10
11
16
51
9
1,798
1,909
1,982
2,042
2,153
2,239
2,321
2,395
2,440
2,356
2,822
3,483
4,983
6,518
6,595
7,863
8,078
25
13
8
5
4
4
4
4
113
87
74
65
68
74
76
90
3,163
3,311
3,276
3,339
3,750
4,094
4,553
5,105
11
8
6
5
6
9
10
13
1,010
975
956
955
979
1,015
1,022
1,065
113
107
104
63
41
37
33
33
31
Country banks:
1938—Dec.
1940—Dec.
1941—Dec.
1942- Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
June
452
496
476
453
505
543
619
631
663
"2
3
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million 4at 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.
Back figures—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
NOVEMBER
1945
11.2.7
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
invest- Total
ments
For purchasing
or carrying securities
Commercial, To brokers
indus- and dealers T o others Real- Loans Other
estate to
Total
trial,
loans banks loans
and
agri- U.S. Other U.S. Other
cul- Govt. se- Govt. seobobtural
liga- curi- liga- curitions ties tions ties
U. S. Government obligations
Total Bills
CerOther
tificates
Guar- secuof in- Notes Bonds an- rities
debtteed
edness
Total—101 Cities
1944—September.. 54,993
10,995
6,033
813
47
1,316
43,998 41,036 2,630 10,884 7,377 19,551
1945—May
June
July
August
September.
57,285
60 923
64,094
63,014
61,765
11,415
12,848
13,673
13,021
12,761
5,818
5,876
5,925
5,944
6,096
1,281
1,652
1,618
1,400
1,396
821
882
890
863
850
593
1,481
2,234
1,797
1,390
365
388
397
403
398
1,046
1,047
1,051
1,056
1,060
102
95
75
84
98
1,389
1,427
1,483
1,474
1,473
45,870
48,075
50,421
49,993
49,004
42,837
44,962
47,258
46,674
45,655
1,336
1,655
1,967
1,551
1,259
10,776
9,956
10,640
10,380
10,258
7,358
9,316
9,614
9,502
9,301
23,035
24,013
25,027
25,230
24,826
Aug.
Aug.
Aug.
Aug.
Aug.
63,696
63,052
63,094
62,680
62,546
13,393
12,97.
13,006
12,888
12,841
5,926
5,914
5,949
5,948
5,982
1,457
1,350
1,364
1,385
1,443
964
863
841
827
820
1,995
1,858
1,828
1,706
1,599
421
398
395
408
1,055
1,053
1,055
1,058
1,058
94
68
100
83
77
1,481
1,471
1,474
1,473
1,468
50,303
50,077
50,088
49,79:
49,705
47,000
46,771
46,770
46,458
46,371
1,656
1,585
1,633
1,420
1,463
10,581
10,462
10,385
10,27'
10,196
9,565
9,511
9,505
9,478
9,448
25,190
25,204
25,234
25,268
25,253
3,303
3,306
3,318
3,334
3,334
Sept. 5.... 62,382
Sept. 12.... 61,842
Sept. 19.... 61,584
Sept. 26.... 61,251
12,
12, 683
12,764
12,731
6,055
6,095
6,124
6,113
1,418
1,328
1,386
1,451
818
802
877
905
1,507
1,437
1,335
1,283
397 1,059 134
396 1^058
93
399
114
398 l',060
51
1,479
1,474
1,468
1,470
49,515r
49,15
48,820
48,520
46,182
45,823
45,473
45,140
1,451
1,229
1,213
1,144
10,50:
10,347
10,220
9,964
9,373
9,327
9,273
9,232
24,845
24,909
24,756
24,789
3,333
3,336
3,347
3,380
Oct. 3
Oct. 10
Oct. 17....
Oct. 24
New York City
1944—September.
61,030
60,883
61,075
61,007
12,586
12,493
12,321
12,279
6,218
6,271
6,251
6,266
1,3661 828
1,269
872
1,190
852
1,203 848
1,155
1,067
985
922
395
396
405
399
76
65
76
72
1,485
1,488
1,499
1,507
48,444
48,390
48,754
48,728
45,143
45,108
45,471
45,458
1,310
1,284
1,553
1,303
9,803
9,830
9,864
9,904
9,180
9,137
9,139
9,164
24,840
24,847
24,906
25,078
3,301
3,282
3,283
3,270
19,706
4,366
2,281
649
477
365
133
34
351
15,340 14,301
682
3,874 2,680
6,900
1,039
1945—May
June
July
August
September.
20,354
21,891
22,997
22,253
21,591
4,794
5,643
6,089
5,560
5,39
2,218
2,229
2,221
2,191
2,295
1,093
1,365
1,316
1,125
1,135
632
691
693
656
628
193
686
1,153
859
597
162
174
182 j
191 !
183
84
71
62
67
83
347
362
397
404
409
15,560
16,248
16,908
16,693
16,194
14,551
15,180
15,798
15,490
14,965
166
281
443
333
280
3,456
2,988
3,019
2,858
2,811
2,594
3,233
3,233
3,146
3,019
8,284
8,677
9,102
9,151
8,853
1,009
1,068
1,110
1,203
1,229
Aug.
Aug.
Aug.
Aug.
Aug.
22,808
22,263
22,237
22,032
21,927
5,875
5,513
5,520
5,44"
5,44'
2,208
2,185
2,186
2,173
2,205
1,174
1,075
1,089
1,108
1,178
728
660
632
634
624
1,012
888
872
796
726
208
187
184
195
182
79
48
84
66
58
400
404
405
407
403
16,933
16,750
16,717
16,585
16,483
15,736
15,553
15,515
15,376
15,274
414
342
362
243
304
2,966
2,911
2,839
2,821
2,753
3,186
3,143
3,158
3,143
3,10:
9,168
9,155
9,154
9,167
9,113
1,197
1,197
1,202
1,209
1,209
21,924
21,490
21,516
21,434
5,50:
5,33'
5,389
5,36
2,276
2,294
2,306
2,301
1,161
1,076
1,121
1,183
621
605
646
641
667
624
559
539
183
183
183
183
117
78
100
37
409
410
407
410
16,423
16,153
16,127
16,073
15,203
14,929
14,901
14,826
337
138
305
339
2,900
2,825
2,801
2,719
3,039
3,034
3,010
2,993
8,925
8,930
8,783
8,773
1,220
1,224
1,226
1,247
3....
10....
17....
24....
21,382
21,261
21,331
21,216
5,322
5,248
5,054
5,01
2,372
2,420
2,411
2,419
1,134
1,043
946
939
615
649
607
611
474
422
356
324
182
181
186
182
63
52
63
56
414
413
417
420
16,06C 14,
16,013 14,856
16,277 15,144
16,197 15,083
384
378
606
414
2,750
2,761
2,770
2,816
2,995
2,954
2,96"
2,999
8,755
8,761
8,799
8,852
1,174
1,157
1,133
1,114
Outside
New York City
1944—September.
35,287
6,629
3,752
164
158
383
205
989
965
28,658 26,735 1,948
7,010 4,69
12,651
429
1,923
1945—May
June
July
August
September.
36,931
39,032
41,097
40,761
40,174
6,621
7,205
7,58<
7,461
7,364
3,600
3,647
3,704
3,753
3,801
188
275
261
189
191
197
207
222
400
795
1,081
938
793
203
214
215
212
981
982
986
989
993
1,042
1,065
1,086
1,070
1,064
30,310
31,827
33,513
33,300
32,810
28,286
29,782
31,460
31,184
30,690
1,170
1,374
1,524
1,218
979
7,320
6,968
7,621
7,522
7,447
4,764
6,083
6,381
6,356
6,282
14,751
1,5,336
15,925
16,079
15,973
281
21
9
9
9
2,024
2,045
2,053
2,116
2,120
Aug.
Aug.
Aug.
Aug.
Aug.
40,888
40,789
40,857
40,648
40,619
7,518
7,462
7,486
7,44
7,397
3,718
3,729
3,763
3,775
3,777
283
275
275
277
265
236
203
209
193
196
983
970
956
910
873
213
211
211
213
212
989
987
987
990
990
1,081
1,067
1,069
1,066
1,065
33,370
33,327
33,371
33,207
33,222
31,264 1,242
31,218 ,243
31,255 ,271
,177
31,
31,097 ,159
7,615
7,551
7,546
7,456
7,443
6,379
6,368
6,347
6,335
6,346
16,022
16,049
16,080
16,101
16,140
6
7
11
13
9
2,106
2,109
2,116
2,125
2,125
Sept. 5....
Sept. 12....
Sept. 19....
Sept. 26....
40,458
40,352
40,068
39,817
7,366
7,346
7,375
7,370
3,779
3,801
3,818
3,812
257
268
231
264
840
813
776
744
214
213
216
215
992
991
994
993
1,070
1,064
1,061
1,060
33,092
33,006
32,693
32,447
30,97'
30,894
30,572
30,314
,114
,091
908
805
7,602
7,522
7,419
7,245
6,334
6,293
6,263
6,239
15,920
15,979
15,973
16,016
9
9
9
9
2,113
2,112
2,121
2,133
Oct. 3....
Oct. 10....
Oct. 17....
Oct. 24....
39,648
39,622
39,744
39,791
7,264
7,245
7,267
7,260
3,846
3,851
3,840
3,847
232
226
244
264
213
223
237
681
645
629
598
213
215
219
217
995
997
995
994
1,071
1,075
1,082
1,087
32,384
32,377
32,477
32,53
30,257
30,252
30,327
30,375
926
906
947
7,053
7,069
7,094
7,088
6,185
6,183
6,172
6,165
16,085
16,086
16,107
16,226
1
8
15 . . . .
22
29...
1..
o....
15....
22....
29....
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
5....
12....
19....
26....
1
8....
15....
22....
29....
748
338 1,065
1,063
1,065
1,063
1,062
594
2,962
332
22
10
11
11
3,033
3,113
3,163
3,319
3,349
2,127
2,125
2,150
2,156
Back Jig^es—See Banking and Monetary Statistics, pp. 127-227.
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Reserves
with Cash
Fedin
eral
vault
Reserve
Banks
Date or month
Total 101 Cities
1944—-September...
DeBalances mand
dewith
posits
doadmestic
banks justed 1
Individuals,
partnerships,
and
corporations
Interbank
deposits
Time deposits,
except interbank
Demand deposits
except interbank
States Certiand
fied
U.S.
politand
Govical
offiernsubcers' ment
divi- checks,
sions
etc.
Individuals,
partnerships,
and
corporations
States U.S.
Govand
ernpolitment
ical
and
subdivi- Postal
Savsions
ings
Domestic
banks
Demand Time
Foreign
banks
Bor- CapBank
row- ital
ac- debings counts
its 2
9,143
561
2,122
35,580
35,804
1,745
122
46
8,726
34
868
108
4,469 55,709
1945—May
10,192
June
10,239
J u l y . . . . . . . . . 9,709
August.
9,900
September... 10,129
585
580
564
553
570
2,157
2,348
2,358
2,243
2,175
39,886
38,854
36,619
37,553
38,748
39,660
38,951
36,847
37,651
38,894
2,296 899
2,068 1,112
1,826 1,065
1,874 876
1,882 1,009
5,804
9,884
15,142
12,818
10,074
8,265
8,380
8,506
8,751
8,968
109
109
108
109
111
44
43
44
44
43
9,216
9,898
9,803
9,632
9,741
47
41
32
32
32
1,007
1,044
1,048
1,072
1,085
573
519
131
343
348
4,748
4,761
4,800
4,834
4,862
62,802
78,821
61,852
55,599
57,165
742
9,502 7,065
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
9,833
9,785
9,934
9,939
10,010
543
539
545
556
586
2,170
2,191
2,324
2,300
2,229
37,533
37,062
37,444
37,587
38,140
37,626
36,989
37,691
37,834
38,115
1,904 1,283
1,829
771
1,812
776
1,959
702
1,864 849
13,741
13,362
13,005
12,244
11,739
8,637
8,701
8,738
8,824
8,853
107
108
110
110
111
42
44
44
44
44
9,366
9,543
9,789
9,840
9,623
33
32
33
32
32
1,069
1,065
1,076
1,074
1,077
381
299
304
345
385
4,821
4,830
4,831
4,842
4,845
114,63
73,280
10,538
12,046
12,855
Sept.
Sept.
Sept.
Sept.
10,061
10,117
10,265
10,072
540
583
570
590
2,183
2,226
2,204
2,086
38,485
38,671
39,017
38,817
38,465
39,100
39,209
38,798
1,894
869
1,874 871
1,843 1,233
1,918 1,062
10,989
10,150
9,652
9,501
8,899
8,954
8,994
9,023
110
110
113
112
43
42
43
42
9,760
9,935
9,824
9,446
32
32
32
33
1,080
L,087
1,094
L,085
362
399
272
360
4,858
4,854
4,866
4,871
11,101
12,623
15,455
14,999
3
10
17
24......
10,191
10,250
10,345
10,413
539
588
572
576
2,172
2,187
2,288
2,193
38,690
39,082
39,362
39,929
38,577
39,229
39,896
39,862
1,975 1,018
1,928 1,230
1,886 980
1,991 1,158
9,406
8,793
8,520
8,036
9,008
9,052
9,099
9,128
110
111
108
105
42
42
43
44
9,729
9,860
10,186
9,882
33
32
32
32
1,082
1,099
1,104
1,111
289
262
266
339
4,894
4,901
4,900
4,911
14,854
13,202
13,241
14,262
New York City
1944—September...
3,349
92
23
13,035
13,402
171
390
3,839
845
17
7
2,743
1
785
66
1,750
23,827
August
September...
3,835
3,775
3,528
3,590
3,671
91
91
88
84
86
26
23
28
23
24
14,952
14,460
13,381
13,676
14,198
15,266
14,799
13,741
14,046
14,541
288
221
184
169
168
532
733
677
530
618
994
2,257
996
3,895
6,200 1,001
5,180 1,076
4,005 1,119
19
20
19
20
20
8
8
9
10
10
2,927
3,177
3,102
2,939
2,941
1
1
1
1
1
904
937
938
958
971
332
370
72
160
122
1,826
1,830
1,847
1,863
1,869
28,384
36,951
29,190
24,803
26,534
Aug. i
Aug. 8
Aug. 15
Aug. 22
Aug. 2 9 . . . . .
3,657
3,536
3,557
3,588
3,611
84
85
83
84
85
23
21
27
23
22
13,912
13,501
13,542
13,602
13,824
14,312
13,773
13,961
13,999
14,183
222
157
163
151
153
873
427
418
468
463
5,570
5,422
5,270
4,936
4,702
1,053
1,058
1,060
1,104
1,104
19
20
20
20
20
10
10
10
10
10
2,892
2,897
2,963
3,010
2,933
1
1
1
1
1
959
955
963
957
956
219
112
147
152
173
1,861
1,864
1,865
1,865
1,862
6,863
6,353
4,348
5,025
5,986
Sept.
Sept.
Sept.
Sept.
5
12
19
26
3,601
3,671
3,727
3,690
81
89
82
90
20
23
25
28
14,106
14,015
14,306
14,363
14,387
14,431
14,692
14,655
165
168
152
185
496
472
810
695
4,383
4,040
3,831
3,767
1,108
1,114
1,126
1,128
20
20
20
19
10
10
10
10
2,940
2,980
2,997
2,847
1
1
1
1
963
972
977
972
151
179
40
117
,869
,867
,870
,870
4,867
5,641
7,402
7,211
Oct.
Oct.
Oct.
Oct.
3.
10
17
24
3,679
3,730
3,783
3,853
79
98
85
87
22
21
25
26
14,284
14,497
14,584
14,810
14,541
14,962
15,046
15,094
220
203
174
206
616
853
576
739
3,715
3,458
3,353
3,159
1,073
1,074
1,084
1,097
19
19
18
18
10
10
10
10
3,000
2,983
3,123
3,011
1
1
1
1
968
980
986
989
89
96
76
83
,879
,882
,882
] ,883
6,720
6,526
5,971
6,801
Outside
New York City
1944—September..
5,794
469
2,099
22,545
22,402
1,574
352
5,663 6,220
105
39
5,983
33
83
42
2,719 31,882
1945—May
June
July
August
September...
6,357
6,464
6,181
6,310
6,458
494
489
476
469
484
2,131
2,325
2,330
2,220
2,151
24,934
24,394
23,238
23,877
24,550
24,394
24,152
23,106
23,605
24,353
2,008
1,847
1,642
1,705
1,714
367
379
388
346
391
3,547
5,989
8,942
7,638
6,069
7,271
7,384
7,505
7,675
7,849
90
89
89
89
91
36
35
35
34
33
6,289
6,721
6,701
6,693
6,800
46
40
31
31
31
103
107
110
114
114
241
149
59
183
226
2,922
2,931
2,953
2,971
2,993
34,418
41,870
32,662
30,796
30,631
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
6,176
6,249
6,377
6,351
6,399
459
454
462
472
501
2,147
2,170
2,297
2,277
2,207
23,621
23,561
23,902
23,985
24,316
23.314
23|216
23,730
23,835
23,932
1,682
1,672
1,649
1,808
1,711
410
344
358
234
386
8,171
7,940
7,735
7,308
7,037
7,584
7,643
7,678
7,720
7,749
88
88
90
90
91
31
34
34
34
34
6,474
6,646
6,826
6,830
6,690
32
31
32
31
31
110
110
113
117
121
162
187
157
193
212
2,960
2,966
2,966
2,977
2,983
7,774
6,927
6,190
7,021
6,869
Sept.
Sept.
Sept.
Sept.
6,460
6,446
6,538
6,382
459
494
488
500
2,163
2,203
2,179
2,058
24,379
24,656
24,711
24,454
24,078
24,669
24,517
24,143
1,729
1,706
1,691
,733
373
399
423
367
6,606
6,110
5,821
5,734
7,791
7,840
7,868
7,895
90
90
93
93
33
32
33
32
6,820
6,955
6,827
6,599
31
31
31
32
117
115
117
113
211
220
232
243
2,989
2,987
2,996
3,001
6,234
6,982
8,053
7,788
Oct. 3 . . . . . . 6,512
Oct. 10
6,520
Oct. 17
6,562
Oct. 24..
6,560
460
490
487
489
2,150
2,166
2,263
2,167
24,406
24,585
24,778
25,119
24,036
24,267
24,850
24,768
, 755
,725
,712
,785
402
377
404
419
5,691
5,335
5,167
4,877
7,935
7,978
8,015
8,031
91
92
90
87
32
32
33
34
6,729
6,877
7,063
6,871
32
31
31
31
114
119
118
122
200
166
190
256
3,015
3,019
3,018
3,028
8,134
6,676
7,270
7,461
Oct.
Oct.
Oct.
Oct.
5
12
19
26
1945—May.
.. .
June
July
1
2
5
12
19.....
26
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.
NOVEMBER
1945
11x9
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Federal Reserve
district and date
Total
loans
and
invest- Total
ments
Boston
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
New York*
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Philadelphia
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
For purchasing or carryComing securities
mercial,
To
brokers
inand dealers To others Real- Loans Other
dusestate to loans Total
trial,
loans anks
U.S. !
and u. s.
agri- Govt. Other Govt. Other
secuculsecu- oblitural obli- rities ga- rities
gations
tions
3,291
3,277
3,271
3,285
3,281
691
693
694
697
708
415
420
419
419
417
32
30
28
36
49
23,554
23,498
23,373
23,444
23,320
,720
5,681
5,608
5,418
5,373
2,437
2,511
2,561
2,552
2,558
1,187
1,136
1,045
952
2,592
2,592
2,587
2,583
2,592
473
47:
474
470
459
218
223
228
226
225
4,907
4,883
4,854
4,873
4,868
923
907
904
910
898
384
380
379
378
375
2,044
2,045
2,040
2,032
2,043
318
319
320
322
319
137
140
142
142
141
1,977
1,978
1,988
2,028
2,021
333
335
334
342
345
177
179
178
188
193
9,014
8,913
8,857
8,865
8,874
1,677
1,598
1,557
1,551
1,553
929
947
928
915
913
1,914
1,917
1,929
1,938
1,928
460
456
461
468
469
1,214
1,209
1,214
1,215
1,224
U. S. Government obligations
Total
16
16
15
16
16
65
66
66
66
66
111
112
113
113
113
2,600
2,584
2,577
2,588
2,573
2,511
2,498
2,491
2,502
2,488
206
472
476
474
480
481
17,834
17,817
17,765
18,026
17,94"
6,510
6,566
6,531
6,813
.6,753
624
596
594
588
577
469
470
470
469
470
1,339
1,341
1,348
1,347
1,359
89
86
86
86
85
351
409
396
621
426
3,072
3,085
3,099
3,106
3,159
3,309
3,310
3,266
3,277
3,300
9,776
9,760
9,768
9,807
9,866
1,324
1,251
1,234
1,213
1,194
392
392
395
389
390
1,158
1,159
1,157
1,158
1,157
182
182
183
186
189
2,125
2,123
2,123
2,121
728 2,135
251
247
245
248
250
647
621
657
618
619
519
465
394
361
209
205
149
150
150
150
150
39
37
40
45
41
45
38
33
26
23
9
9
9
9
9
32
32
32
32
32
124
126
125
125
125
2,119
2,120
2,113
2,113
2,133
1,937
1,938
1,930
1,927
1,944
93
102
100
102
119
294
285
278
278
278
139
137
132
131
121
15
14
14
14
14
150
149
150
150
150
128
132
131
130
133
3,984
3,976
3,950
3,963
3,970
3,733
3,729
3,705
3,715
3,720
29
49
37
40
43
826
810
803
805
814
45
43
43
43
40
9
9
9
9
9
50
50
50
50
50
64
64
64
65
66
1,726 1,664
1,726 1,664
1,720 1,658
1,710 1,645
1,724 1,659
57
54
52
47
42
325
309
307
311
315
293
989
29' 1,004
294 1,005
289
998
290 1,012
62
62
62
65
65
47
44
43
41
39
7
9
6
7
7
24
23
24
23
22
66
69
71
72
73
1,644 1,498
1,643 1,496
1,65. 1,508
1,686 1,538
1,676 1,528
42
44
52
54
50
373
369
369
379
368
319
305
305
305
308
762
776
780
799
801
146
147
146
148
148
183
146
136
134
126
61
61
61
62
62
146
147
147
147
147
147
146
146
147
146
6,789
6,764
6,748
6,757
6,764
110
183
163
174
172
1,854
1,788
1,804
1,817
1,807
1,348
1,319
1,310
1,308
1,308
3,474
3,471
3,468
3,455
3,474
548
551
552
557
557
243
245
247
253
258
31
30
30
30
29
14
13
13
14
13
68
68
68
68
68
89
91
88
90
1,454 1,319
1,461 1,326
1,468 1,334
l,47i 1,334
1,45( 1,324
26
41
48
39
34
237
233
229
228
224
324
319
320
321
312
731
733
737
746
754
135
135
134
136
135
230
223
220
22i
234
124
123
121
121
127
20
19
19
18
18
4
4
4
4
4
24
24
24
24
24
50
48
48
52
52
934
936
944
939
5
7
15
9
7
190
180
173
173
173
190
185
184
185
185
549
564
572
572
575
50
50
50
50
50
2,254
2,240
2,269
2,284
2,285
365
36:
36C
36C
36C
223
221
221
219
221
25
24
24
24
23
38
38
38
38
38
62
62
62
62
63
1,88' 1,753
1,87' 1,744
1,909 1,774
1,924 1,788
1,92. 1,788
74
66
86
90
85
429
424
432
429
434
465
463
464
46'
468
785
791
792
802
801
136
135
135
136
137
1,873
1,867
1,870
1,879
1,891
44^
443
441
44<
45:
286
287
290
290
291
50
46
46
45
47
24
26
26
26
26
57
57
59
58
60
1,42
1,424
l,42f
1,43(
1,43(
1,371
1,368
1,366
1,373
1,382
64
67
69
75
68
406
399
397
402
402
278
27'
279
279
293
622
622
620
616
618
56
56
56
57
57
6,617
6,611
6,631
6,649
6,680
1,09.
1,09!
1,11,
1,108
1,105
540
542
557
548
547
87
83
74
78
74
290
290
290
289
289
101
104
104
107
105
5,52:
5,51.
5,51,
5,54
5,57
5,121
5,114
5,119
5,140
5,168
214
197
187
204
175
1,334
1,325
1,345
1,348
1,353
1,092
1,094
1,108
1,11
1,112
2,479
2,496
2,477
2,475
2,526
401
399
399
401
403
5,369
5,330
5,281
5,287
5,293
1,16;
1,10:
1,071
1,06=
1,07 =
695
711
699
120
90
84
83
77
26
26
26
26
26
85
85
84
85
84
4,20:
4,22i
4,21
4,22:
4,21;
3,846
3,;
3,849
3,858
3,855
94 -1,107
145 1,106
123 1,123
135 1,135
128 1,128
77?
74<
74<
73£
7U
1,867
1,868
1,863
1,850
1,853
356
360
361
364
363
Cleveland
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Richmond
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Atlanta
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
CertifiOther
cates
of
juar- secuBills intfotes Bonds an- rities
debtteed
edness
69
1
1
1
1
747
742
Chicago*
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
St. Louis
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24.
Minneapolis
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Kansas City
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Dallas
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
San Francisco
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
City of Chicago*
Sept.
Oct.
Oct.
Oct.
Oct.
26
3
10
17
24
126
7,33'
7,315
7,300
7,31
7,321
984
98
994
98!
99C
* 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.
II3O
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[ In millions of dollars]
Demand deposits,
except interbank
Federal Reserve
district and date
Reserves
BalDeIndiwith Cash ances mand
vidwith
deFeduals,
in
eral vault
do- posits partmestic ad- 1 nerRebanks usted ships,
serve
Banks
and
corporations
Boston (6 Cities)
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
New York (8 Cities)
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Philadelphia (4 Cities)
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Cleveland (10 Cities)
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Richmond (12 Cities)
Sept. 26
Oh.
3
Oct. 10
Oct. 17
Oct. 24
Atlanta (8 Cities)
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Chicago (12 Cities)*
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
St. Louis (5 Cities)
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Minneapolis (8 cities)
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Kansas City (12 cities)
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Dallas (9 cities)
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
,.,..
San Francisco (7 cities)
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
City of Chicago*
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Time deposits,
except interbank
IndividStates Certiuals,
fied
and
partpolit- and U.S.
neroffi- ; Govical
ern- ships,
cers' ment
suband
divi- checks,
corsions etc.
porations
460
467
469
457
476
54
58
60
60
108
125
112
117
109
2,121
2,132
2,164
2,189
2,228
2,091
2,096
2,108
2,165
2,158
115
127
139
139
155
33
32
33
35
34
3,924
3,939
3,971
4,035
4,110
121
107
129
115
118
103
103
100
103
103
15,686
15,631
15,819
15,929
16,172
15,814
15,704
16,117
16,236
16,278
379
424
407
373
416
436
446
435
456
445
32
28
33
31
31
82
92
77
86
82
1,857
1,868
1,870
1,891
1,933
1,911
1,926
1,925
1,968
1,984
46
47
48
54
55
18
15
17
22
22
466
466
435
422
398
210
212
213
213
214
756
760
779
792
790
78
72
75
75
73
193
195
205
209
198
3,063
3,034
3,066
3,096
3,136
3,058
3,023
3,051
3,139
3,122
158
157
156
150
149
40
44
39
42
43
652
643
603
584
552
329
335
346
343
342
41
37
40
40
40
137
144
152
162
152
1,267
1,275
1,291
1,301
1,319
1,271
1,277
1,292
1,313
1,319
82
84
83
82
23
24
25
27
23
358
362
373
364
362
31
27
30
29
31
124
136
147
148
139
1,275
1,275
1,289
1,298
I,3i5
1,196
1,204
1,229
1,263
1,247
171
173
168
165
173
1,488
1,505
1,508
1,491
1,477
93
87
90
91
91
364
381
374
399
390
5,713
5,614
5,632
5,609
5,666
5,539
5,432
5,469
5,529
5,515
341
342
338
349
341
22
21
24
22
22
106
109
110
112
113
1,098
1,140
1,105
1,151
1,126
1,179
1,132
1,197
1,130 * 1,186
194
196
198
204
201
12
11
11
11
11
93
99
94
96
94
677
677
685
692
469
482
477
476
475
274
281
288
303
294
371
391
394
395
284
25
23
24
24
24
27
25
26
26
26
946
966
962
983
1,010
916
931
945
936
926
Interbank
deposits
Domestic
banks
.S.
BorStates U
Govrowand
ernpolit- ment
For- ings
ical
eign
and
subbanks
Dedivi- Postal
mand Time
sions Savings
Capital
Bank
deb-
789
778
725
705
665
403
408
410
411
412
301
311
318
319
312
19
18
19
19
20
21
14
12
14
28
279
286
286
286
287
652
752
560
584
645
723 4,056
658 4,000
881 3,725
609 3,613
767 3,404
1,754
1,701
1,705
1,717
1,731
2,910
3,068
3,051
3,195
3,079
974
970
982
988
992
145
116
140
109
111
2,023
2,033
2,036
2,035
2,037
7,555
7,096
6,840
6,307
7,135
6
6
5
357
370
371
388
360
9
10
9
9
9
10
1
3
3
5
249
250
251
250
251
533
658
487
522
550
1,180
1,185
1,190
1,195
1,200
27
26
27
26
24
537
549
557
576
545
3
3
3
4
3
28
26
21
22
20
470
471
472
472
473
837
879
685
767
787
335
331
311
302
285
336
338
340
341
342
2
2
2
2
2
430
432
452
452
449
3
2
3
3
3
15
16
18
12
12
127
127
128
129
130
390
416
362
378
366
9
10
10
12
11
197
196
184
176
168
399
401
404
406
407
4
4
4
3
3
498
516
544
558
532
7
7
9
9
9
122
122
122
123
123
361
388
338
352
374
471
462
439
438
455
64
74
70
68
68
1,280
1,270
1,195
1,151
1,082
1,757
1,767
1,775
1,787
1,790
5
5
6
6
6
1,535
1,571
1,593
1,653
1,625
24
24
23
23
25
576
579
579
579
580
2,078
2,194
1,633
1,868
1,802
56
56
54
55
56
14
15
13
14
14
243
242
227
220
208
328
330
332
334
334
567
578
589
598
592
2
2
2
2
2
130
130
131
130
131
349
333
324
361
376
661
660
675
691
689
78
79
76
75
79
13
13
12
15
14
200
197
185
179
169
198
199
201
202
202
344
352
363
366
364
2
2
2
2
2
83
83
83
83
84
309
274
268
272
313
1,417
1,407
1,442
1,457
1,477
1,409
1,412
1,442
1,486
1,479
143
139
134
134
140
20
21
20
20
23
235
233
220
213
202
277
278
280
281
282
933
938
954
978
951
144
144
144
145
145
449
430
378
442
440
223
237
245
254
245
1,314
1,334
1,347
1,366
1,377
1,318
1,326
1,346
1,389
1,376
77
79
77
73
82
20
21
21
22
22
234
231
215
209
198
254
255
258
260
261
565
572
588
591
584
3
4
4
4
4
131
131
131
131
131
357
329
301
324
363
49
47
48
48
49
279
270
283
299
274
3,329
3,338
3,351
3,402
3,478
3,390
3,366
3,396
3,520
3,509
142
148
147
148
147
85
91
89
94
117
814
819
768
746
705
1,927
1,934
1,944
1,952
1,953
469
472
480
512
489
39
40
43
41
42
537
538
538
537
539
1,129
1,105
1,026
1,064
1,111
35
35
36
36
36
170
178
179
190
183
3,475
3,438
3,436
3,416
3,475
3,462
3,410
3,411
3,452
3,469
213
215
207
208
217
29
32
34
29
29
835
821
767
742
696
710
715
718
726
726
1,081
1,108
1,131
,175
1,147
20
20
20
20
21
366
369
369
368
369
1,391
1,452
1,056
1,137
1,177
59
* See note on preceding page.
J2 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.
NOVEMBER
1945
1131
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
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
Others2
Bills
bought
Exports
from
United
States
1944—June
July
August
September
October
November
December
137
143
141
141
142
167
166
112
110
110
111
115
115
129
87
88
82
85
85
84
93
44
46
44
42
40
44
44
43
41
38
43
45
40
50
25
23
28
26
30
32
35
74
72
75
78
79
74
86
11
12
10
11
13
14
14
1945—January
February
March
April
May
June
July
August
September
162
157
147
119
103
101
107
110
111
130
126
128
117
104
107
117
128
135
98
97
96
90
82
80
90
101
104
48
52
54
52
51
44
45
50
52
50
46
42
38
32
36
45
50
52
32
29
32
26
22
27
227
28
31
86
87
87
81
72
74
81
91
98
13
12
11
10
9
10
9
10
11
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
24
24
22
19
21
24
25
8
I(3)
25
24
25
24
22
20
22
25
23
(3)
(3)
(3)
(3)
()
1
2
3
As reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks except on July 31, 1945, when their holdings were $486,000.
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars!
Credit balances
Debit'balances
Debit
Debit m
Customers' balances in balances in
debit
partners'
firm
balances
investment investment
(net) 1
and trading and trading
accounts
accounts
End of month
1936—June
December
1937_june
December
1938—June
December
1939—June
December
1940—June
December..
1941—June
December
1942—June
December
1943—June
December
1944—June
.
...
...
,. „.
. ..
1944—October
November
December
1945—January
February
March
April
May
June
July
August
September
Cash on
hand
and in
banks
Customers'
credit balances1
Money
borrowed2
Free
Other
(net)
Other credit balances
In partners' In firm
investment investment
and trading and trading
accounts
accounts
In capital
accounts
(net)
1,267
1,395
1,489
985
774
991
834
906
653
677
67
64
55
34
27
32
25
16
12
12
164
164
161
108
88
106
73
78
58
99
219
249
214
232
215
190
178
207
223
204
1,048
1,217
688
495
754
570
637
376
427
276
342
266
278
258
247
230
266
267
281
86
103
92
85
89
60
70
69
62
54
24
30
25
26
22
22
21
23
22
22
616
600
496
543
761
788
887
11
8
9
7
9
11
5
89
86
86
154
190
188
253
186
211
180
160
167
181
196
395
368
309
378
529
557
619
255
289
240
270
334
354
424
65
63
56
54
66
65
95
17
17
16
15
15
14
15
5
7
5
4
4
7
5
11
430
430
472
96
18
8
227
14
i3
264
e
950
e
940
1,041
7
260
209
e
l,070
e
l,100
31,034
31,065
31,094
1,223
31,141
31,100
31,084
11
333
220
985
c
e
e
e
e
e
67O
640
726
730
e
73O
3722
s
701
3742
853
3824
3758
S
762
530
e
540
3553
3575
3583
549
3580
3573
3594
"m"
14
12
13
10
11
5
6
7
420
424
397
355
298
305
280
277
269
247
222
213
189
182
212
198
216
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own^partners.
J3 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured
by U. S. Government securities was (in millions of dollars): March, 109; April, 106; May, 110; July, 145; August, 148; September, 153.
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.
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
U. S. Government
security yields
Stock
Prime
Prime bankexcomchange
ers'
9- to 12mercial acceptcall
month
paper, ances,
loan
53certifi- 3-to
re4- to 6year
90
month
cates taxable
newmonthsl daysl
3
bills
of inals2
debted- notes
ness
1942 average.. ..
1943 average
1944 average
1944—October...
November.
December.
1945—January...
February..
March
April
May
June
;
July
August....
September
October...
.44
.44
.44
.00
.00
.00
.44
.44
.44
.00
.00
.00
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.00
.00
.00
.00
.00
.00
.00
.00
.00
1.00
Week ending:
Sept. 29...
Oct. 6...
Oct. 13...
Oct. 20...
Oct. 27...
1.00
1.00
1.00
1.00
1.00
.326
.373
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
1.46
1.34
1.33
1.35
1.34
1.35
.375
.75
.79
.80
.81
.80
.78
.77
.78
.77
.80
.81
.80
.82
.84
.83
1.31
1.22
1.18
1.14
1.16
1.16
1.16
1.17
H.19
1.17
.375
.375
.375
.375
.375
.84
.84
.84
.82
.81
1.20
1.20
1.17
1.16
1.16
i Monthly figures are averages of weekly prevailing rates.
4
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
Beginning on Sept. 15, 1945, includes Treasury notes of Sept. 15, 1948
and Treasury bonds of Dec. 15, 1950.
Back figures—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and the BULLETIN for May 1945, pp. 483-490.
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
(Per cent per annum]
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
11 Southern and
Western
cities
1936 average 11 ...
1937 average 1 ...
1938 average ...
2.68
2.59
2.53
1.72
1.73
1.69
3.04
2.88
2.75
3.40
3.25
3.26
1939 average..
1940 average.
1941 average..
1942 average..
1943 average .
1944 average..
2.78
2.63
2.54
2.61
2.72
2.59
2.07
2.04
1.97
2.07
2.30
2.11
1941—March
June
September..
December..
1942—March
June
September.
December..
1943—March
June
September..
December...
2.58
2.55
2.60
2.41
2.48
2.62
2.70
2.63
2.06
1.95
1.98
1.88
1.85
2.07
2.28
2.09
2.87
2.56
2.55
2.58
2.80
2.68
2.53
2.58
2.62
2.45
2.48
2.56
2.66
2.63
3.51
3.38
3.19
3.26
3.13
3.02
3.25
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
2.75
3.12
-March
2.63
2.10
2.55
3.18
2.63
2.23
June
2.82
3.14
2.69
2.18
September.
2.61
2.65
2.39
1.93
December..
2.91
2.73
1.99
1945—March
2.53
2.80
2.55
June
2.50
2.20
2.81
September.
2.53
2.75
2.05
1 Prior to March 1939 figures were reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures—See Banking and Monetary Statistics, Tables 124-125,
pp. 463-464; for description, see pp. 426-427.
1944-
B O N D YIELDS*
[Per cent per annum]
U. S. Government
Year, month,
or week
7 to 9
years
Taxable
Corporate (Moody's) 4
Munic15 years and over
ipal
(high-2
grade)
PartiTaxally tax able
exempt
Corporate
(highgrade) 6
By groups
By rating
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
Number of issues
1-5
1-5
1-&
15
5
120
30
30
30
30
40
40
40
1942 average
1943 average
1944 average
1.93
1.96
1.94
2.09
1.98
1.92
2.46
2.47
2.48
2.36
2.06
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—October
November
December
1.93
1.92
1.93
1.93
1.90
1.87
2.48
2.48
2.48
]L.87
L.87
L.88
2.55
2.61
2.59
3.02
3.02
2.98
2.72
2.72
2.70
2.81
2.80
2.76
3.01
3.01
2.98
3.55
3.53
3.49
2.79
2.77
2.74
3.32
3.29
3.25
2.96
2.98
2.96
1945—January
February
March
April
May
June
July
August
September
October
1.89
1.77
1.70
1.62
1.57
1.56
1.58
1.59
1.56
1.50
1.81
1.75
1.70
1.68
1.68
1.63
1.63
1.68
1.68
1.62
2.44
2.38
2.40
2.39
2.39
2.35
2.34
2.36
2.37
2.35
L.81
L.71
L.61
L.57
1.58
L.58
1.57
L.70
L.79
L76
2.58
2.56
2.51
2.49
2.53
2.54
2.53
2.56
2.56
2.55
2.97
2.93
2.91
2.90
2.89
2.87
2.85
2.86
2.85
2.84
2.69
2.65
2.62
2.61
2.62
2.61
2.60
2.61
2.62
2.62
2.76
2.73
2.72
2.73
2.72
2.69
2.68
2.70
2.70
2.70
2.98
2.94
2.92
2.90
2.88
2.86
2.85
2.85
2.85
2.84
3.46
3.41
3.38
3.36
3.32
3.29
3.26
3.26
3.24
3.20
2.73
2.69
2.68
2.69
2.68
2.68
2.68
2.68
2.67
2.65
3.23
3.16
3.11
3.07
3.05
3.03
3.00
3.02
3.05
3.03
2.97
2.95
2.94
2.94
2.93
2.89
2.87
2.86
2.85
2.84
Week ending:
Sept. 29
Oct. 6
Oct. 13
Oct. 20
Oct. 27
1.55
1.53
1.51
1.49
1.48
1.68
1.65
1.62
1.61
1.60
2.36
2.36
2.35
2.34
2.34
L.81
L.80
1.78
L.75
L.73
2.56
2.55
2.54
2.54
2.55
2.85
2.85
2.84
2.83
2.84
2.62
2.61
2.61
2.62
2.62
2.71
2.71
2.70
2.69
2.69
2.85
2.85
2.84
2.83
2.84
3.24
3.23
3.21
3.20
3.20
2.66
2.66
2.65
2.65
2.66
3.05
3.05
3.04
3.03
3.02
2.85
2.85
2.84
2.83
2.83
•
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.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have been reduced
from 10 to 3, 6, and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 7, 6, and 9 issues, respectively.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and the BULLETIN for May 1945, pp. 483-490.
2
3
4
NOVEMBER 1945
1133
SECURITY MARKETS 1
Stock prices 6
Bond prices
Corporate 4
Year, month, or week
U. S.
Govment
2
Municipal
(high
grade) 3
Medium- and lower-grade
Highgrade
Total
Volume
of trading7
(in thousands of
Public
shares)
utility
Common (index, 1935-39 = 100)
Industrial
Railroad
DePublic faulted
utility
Preferred 6
Total
Railroad
trial
15
15
50
10
20
20
15
15
402
354
20
28
1942 average
1943 average
1944 average
100.72
100.50
100.25
126.2
131.8
135.7
118.3
120.3
120.9
100.1
109.5
114.7
109.1
117.0
120.5
86.6
97.6
107.3
104.8
114.0
116.3
27.2
44.0
59.2
162.4
172.7
175.7
69
92
100
71
94
102
66
89
101
61
82
90
466
1,032
971
1944—October....
November.
December.
100.29
100.26
100.34
135.5
135.2
135.5
121.1
120.9
121.4
115.5
115.9
116.9
119.9
119.9
120.7
109.6
110.9
113.2
116.9
116.7
116.8
59.1
61.2
65.8
177.4
178.5
180.9
104
103
105
106
105
106
103
105
114
93
92
92
776
850
1,421
1945—January....
February..
March
April
May
June
July
August
September.
October....
100.97
101.81
101.56
101.68
101.74
102.38
102.46
102.22
102.02
102.36
136.6
138.7
140.7
141.6
141.3
141.5
141.6
138.8
137.0
137.7
121.6
121.9
122.7
122.9
122.3
122.1
122.3
121.7
121.6
121.9
117.3
117.6
118.1
118.2
117.9
118.1
117.9
117.2
117.1
117.7
121.2 113.7
121.9 114.3
122.9 114.8
123.1 115.0
122.1 115.0
122.2 115.5
122.2 115.2
121.7 114.4
121.4 . 114.4
122.0 115.3
117.0
116.5
116.5
116.5
116.5
116.7
116.4
115.5
115.6
115.7
68.6
68.1
68.9
71.9
77.5
81.4
80.4
75.6
74.5
76.6
183.3
185.5
187.7
190.9
191.2
190.9
189.6
188.1
186.7
188.0
108
113
112
114
118
121
118
118
126
132
110
115
114
117
120
122
119
119
128
135
121
125
124
129
135
144
140
131
138
145
94
97
96
98
101
106
108
107
111
114
1,652
1,664
1,195
1,273
1,357
1,828
951
1,034
1,220
1,556
Week ending:
Sept. 29....
Oct.
6...
Oct. 1 3 . . .
Oct. 20....
Oct. 27...
102.13
102.23
102.35
102.52
102.45
136.6
136.8
137.2
137.8
138.3
121.7
121.8
121.9
121.9
121.9
121.7
121.6
122.1
122.1
122.0
115.7
115.7
115.7
115.7
115.8
76.7
76.4
76.6
76.8
76.6
185.7
186.2
187.7
187.2
189.2
127
130
133
133
131
129
132
135
136
134
142
143
146
147
144
111
113
114
115
114
1,204
1,619
1,668
1,698
1,281
1-8
Number of issues
117.4
117.4
117.6
117.8
117.7
114.7
114.9
115.0
115.5
115.4
1
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
4
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
5
Standard and Poor's Corporation.
6
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130,133, 134, and 136, pp. 475,479,482, and 486, respectively, and the BULLETIN for May 1945
pp. 483-490.
2
3
N E W SECURITY ISSUES
[In millions of dollars]
For refunding
For new capital
Year or month
1935
1936
1937 .
1938
1939
1940
1941
1942
1943
1944
Total
(new
and
refunding)
Domestic
Domestic
Total
(domestic
and
Total
foreign)
State
and
municipal
4,699
6,214
3,937
4,449
5,842
4,803
5,546
2,114
2,174
4,153
1,457
1,972
2,138
2,360
2,289
1,951
2,854
1,075
642
923
1,409
1,949
2,094
2,325
2,239
1,948
2,852
1,075
640
906
1944—September..
October
November...
December...
478
892
480
193
42
178
39
38
42
178
39
38
13
47
6
20
1945—January
February
March
April
May
June
July
August
September..
633
220
557
758
583
164
1,229
507
870
143
42
86
128
185
52
249
144
140
143
42
86
126
185
52
249
144
140
99
6
24
19
28
43
35
37
37
Corporate
Federal
agencies 1
Total
150
855
22
735
157
712
481
971
924
931
461
751
518 1,272
108
342
90
176
45
235
"io"
2
9
•
•
•
•
—
8
2
F or
- - 24
eign*
Bonds
Stocks
and
notes
404
1,192
1,225
873
383
736
1,062
624
374
627
334
839
817
807
287
601
889
506
282
404
69
352
408
67
97
135
173
118
92
223
29
131
23
19
15
109
9
13
14
22
14
6
43
27
62
101
157
1
212
107
103
18
22
27
50
102
25
5
35
51
55
1
178
43
68
34
64
35
48
23
44
35
50
2
1
""2"
17
""2"
1
Total
(domestic
and
foreign)
Total
Corporate
State
and
municipal
Federal
agencies 1
Total
Bonds
and Stocks
notes
Foreign*
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
436
714
440
155
436
714
440
155
6
61
65
14
30
42
39
27
401
611
336
114
351
586
304
114
50
25
32
490
178
471
630
397
112
981
363
730
490
163
471
630
395
112
981
363
725
23
8
150
30
9
8
31
7
9
195
18
25
46
19
30
200
20
17
272
136
296
554
367
74
750
335
698
240
136
265
529
272
74
623
295
638
33
26
119
119
28
88
4
90
15
15
31
25
95
127"
41
60
" 2 "
5
1
Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
Source.—For domestic issues, Commercial and Financial Chronicle', for foreign issues, U . S . Department of Commerce.
revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p . 487.
2
1134
Monthly figures subject to
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES*
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars!
Proposed uses of net proceeds
Year or month
Estimated
net
proceeds 3
Estimated
gross
proceeds2
New money
Plant and
equipment
Total
1934
1935
1936
1937
1938
1939
1940
1941
1942. .
1943
1944
Retirement of securities
Working
capital
Total
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,014
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
2,956
57
208
858
991
681
325
569
868
474
308
575
32
111
380
574
504
170
424
661
287
141
224
26
96
478
417
177
155
145
207
187
167
351
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,310
1944—March...
April
May
June
July
August
September
October
November
December
203
155
148
163
192
229
438
735
347
154
199
150
146
160
188
226
429
722
340
152
48
53
23
23
60
57
27
123
24
54
32
24
17
8
36
24
17
9
11
4
16
28
6
15
24
33
10
114
13
50
1945—January
February
March
April
May
June
July
August
September
281
215
226
643
496
92
944
440
795
275
212
221
632
485
91
925
433
780
35
28
48
102
136
5
190
80
99
14
16
28
55
49
1
147
41
50
21
12
19
47
88
3
43
39
49
Preferred
stock
Bonds and
notes
231
1,794
3,143
911
1,119
1,637
1,726
1,483 •
366
667
1,972
71
226
190
87
59
128
100
30
72
338
147
93
120
117
122
166
395
590
316
96
129
55
115
103
109
147
357
566
207
96
18
38
5
13
13
19
38
24
109
1
240
177
171
513
331
79
719
297
668
221
160
158
501
278
72
581
278
634
19
17
13
12
53
7
138
19
35
Repayment
of
other debt
Other
purposes
84
170
154
111
215
69
174
144
138
73
35
11
23
49
36
7
26
19
28
35
27
37
3
1
3
18
1
3
i
6
3
5
7
1
2
i"
1
2
3
6
6
11
6
12
5
1
14
12
1
5
50
1
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars)
Railroad
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1944—March
April
May
June
July
August
September
October
November
December
1945—January
February
March
April
M^ay
June
July
August
September
Total
net
proceeds
Public utility
Retire- All
New ment of other
money securi- purposes 4
ties
172
120
774
338
54
182
319
361
47
160
606
21
57
139
228
24
85
115
253
32
46
106
29
29
2
45
21
134
189
36
52
82
2
4
21
19
10
2
4
120
54
558
110
30
97
186
108
15
114
500
41
115
179
35
48
82
119
108
12
119
96
360
75
14
18
346
57
105
84
270
12
10
4
93
74
266
31
10
77
1
18
Industrial
Total
All
Total
RetireNew ment of other
net
net
pro- money securi- purproties
ceeds
poses* ceeds
130
L,250
,987
751
, 208
1,246
L,180
.340
464
469
1,339
11
30
63
89
180
43
245
317
145
22
28
77
1,190
1,897
611
943
1,157
922
993
292
423
1,297
140
28
58
24
58
26
149
498
259
10
6
134
28
58
23
52
24
138
484
255
10
• • 5 "
8
4
65
60
124 ""2"
12
139
1
184
30 . . . . . .
301
1
115
371
65
60
122
127
183
30
297
110
364
42
30
27
50
86
47
13
30
27
25
14
• • • • { " •
2
6
5
"i"
•
•
•
•
-
6
•
RetireNew ment of
money securities
Other
All
other
purposes 4
Total
RetireNew ment of
net
pro- money securiceeds
ties
62
774
1,280
1,079
831
584
961
828
527
497
918
25
74
439
616
469
188
167
244
293
228
389
34
550
761
373
226
353
738
463
89
199
475
2
150
80
90
136
43
56
121
146
71
54
20
122
390
71
16
102
155
94
4
21
92
28
118
85
58
109
66
85
186
29
18
14
49
19
17
34
38
10
113
16
12
11
65
62
22
70
27
75
71
11
5
4
3
4
19
5
2
2
4
1
33
82
27
93
118
223
59
480
221
130
28
9
41
64
117
3
163
63
87
54
16
50
38
89
49
301
111
38
2
1
1
6
2
1
42
1
2
15
17
7
16
47
6
10
18
4
15
2
2
40
13
10
46
218
57
8
9
42
55
4
13
51
72
152
7
7
88
9
18
19
4
20
7
1
5
104
21
4
38
4
3
2
" 3 '
1
2 ""31"
2
All
other
purposes 4
4"
i
2
1
42
8
7
4
12
2
6
5
i
1
2
1
11
6
8
1
29
2
5
1
1
Estimates of new issues sold for cash in the United States. Current figures subject to revision.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses.
4
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of
the Board of Governors.
2
3
NOVEMBER 1945
113 5
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 by industrial groups
Year or quarter
Total
Iron
and
steel
Machinery
Automobiles
Other
Nontrans- ferrous Other
porta- metals durable
tion
and
equip- prod- goods
ment
ucts
Oil
Foods, producIndusbevertrial
ing
ages,
chemiand
and
cals
refintobacco ing
Other
nondurable
goods
Miscellaneous
services
Dividends
Net,
profits1
Pre- Comferred m o n
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
I 1,465
I 1,818
2,163
1,770
1,802
1,897
146
278
325
226
204
194
115
158
193
159
165
174
223
242
274
209
201
222
102
173
227
183
182
191
119
133
153
138
128
115
70
88
113
90
83
88
151
148
159
151
162
175
98
112
174
152
186
220
186
194
207
164
170
187
134
160
187
136
149
147
122
132
152
161
171
184
847
1,028
1,137
888
902
970
90
90
92
564
669
705
552
556
611
1941—1
2
3
4
509
547
558
549
86
84
81
72
44
48
46
55
79
73
60
61
53
56
56
62
39
36
38
40
23
28
30
32
36
43
44
37
29
42
56
46
49
53
52
52
44
48
49
46
1942—1
2
3
4
413
358
445
554
52
52
51
72
38
35
36
49
46
25
46
92
646
6
43
644
6
51
36
32
34
36
19
18
22
30
32
32
42
44
35
27
42
49
39
35
41
1943—1
'2
3
4
431
433
461
477
52
47
51
53
39
41
41
45
47
49
52
53
648
646
646
641
34
32
31
31
19
22
20
23
39
37
43
43
36
42
49
58
1944—1
2
3...
4
444
459
475
518
47
46
47
55
40
40
38
55
52
55
55
59
6
44
29
30
28
28
20
22
21
25
38
43
45
49
1945—1
2
480
501
49
55
38
44
54
65
647
6
43
31
28
21
21
45
48
Number of companies...
1939
1940....
1941
1942
1943
1944
Quarterly
52
48
647
6
6
285
295
282
275
22
23
23
24
150
165
170
221
39
27
35
35
33
44
47
31
32
52
46
206
174
213
296
21
23
20
23
134
135
125
158
41
41
40
47
36
36
39
38
39
38
50
44
209
221
226
247
21
22
21
22
127
132
127
170
49
52
56
64
42
43
49
53
36
37
37
37
39
43
52
50
224
230
244
272
21
22
20
23
142
149
137
184
62
64
48
45
39
37
45
50
241
258
20
22
142
144
PUBLIC UTILITY CORPORATIONS
[ In millions of dollars]
Electric power3
Railroad 2
Income
before
income
tax*
. Net
income1
Dividends
Operating
revenue
Income
before
income
tax5
Net
income1
3,995
4,297
5,347
7,466
9,055
9,437
126
249
674
1,658
2,211
1,971
93
189
500
902
873
668
126
159
186
202
217
246
2,647
2,797
3,029
3,216
3,464
3,618
629
692
774
847
914
915
535
548
527
490
502
499
1941—1
2
3
4.
1,152
1,272
1,468
1,454
96
145
267
166
69
103
189
138
28
36
34
87
209
182
183
200
1942—1...
2...
3...
4...
1,483
1,797
2,047
2,139
178
390
556
534
90
198
286
327
24
46
30
101
751
723
750
805
816
770
792
839
1943—1...
2...
3...
4...
2,091
2,255
2,368
2,340
515
608
653
435
214
244
250
166
29
864
835
859
906
Year or quarter
1939....
1940....
1941
1942....
1943....
1944....
Operat-
Telephone 4
[ncome
before
income
tax5
Net
income1
Dividends
,067
,129
,235
,362
,537
,641
227
248
271
302
374
399
191
194
178
163
180
174
175
178
172
163
168
168
154
126
107
139
295
308
311
321
67
69
66
68
43
44
45
46
44
45
44
40
234
196
195
222
131
104
105
150
324
337
342
359
72
75
72
83
41
41
39
43
44
42
39
38
254
221
210
228
136
118
114
133
366
382
391
398
88
96
94
96
42
44
45
48
40
42
43
43
Dividends
Operating
revenue
Quarterly
i
100
262
135
925
400
97
42
42
31
241
123
406
101
43
42
886
55
207
111
409
98
43
42
30
205
130
426
104
46
43
130
425
139
2,277
292
971
30
1945—1
139
436
115
46
41
2,422
909
504
233
123
444
2
109
45
44
187
72
1
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
2
Class
I
line-haul
railroads,
covering
about
95
per
cent
of
all
railroad
operations.
3
Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
4
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,
the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
^6 After all charges and taxes except Federal income and excess profits taxes,
Paartly estimated.
* Not available.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures
prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision, especially for war producers whose contracts are under
renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN.
1944—1
2
3
4
2,273
2,363
2,445
2,356
458
511
550
452
148
174
180
165
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
End of month
Marketable public issues1
Total
Total
gross
direct
debt
interestbearing
direct
debt
Totals
CertifiTreasury cates of
indebtedbills
ness
Nonmarketable public issues
Fully
guaranteed interestbearing
securities
Treasury
notes
Treasury
bonds
Total2
U.S.
savings
bonds
Treasury
tax and
savings
notes
13,510
21,788
29,200
36,574
44,855
10,188
15,050
21,256
27,363
34,606
3,015
6,384
7,495
8,586
9,557
9,03*2
10,871
12,703
14,287
454
862
1,316
1,370
1,460
4,548
4,283
4,092
4,225
1,516
37,645
47,430
38,308
49,008
40,361
50,917
51,723 ' 41,140
41,698
52,345
42,159
51,833
42,626
52,460
43,767
54,517
45,586
56,226
46,508
57,143
46,715
57,379
46,741
56,278
46,786
56,072
9,075
9,990
9,843
9,864
9,927
8,948
9,109
10,031
10,136
10,119
10,148
9,021
8,776
16,170
16,583
16,326
16,688
17,130
17,567
17,923
18,592
18,812
19,558
20,033
20,519
20,577
1,636
»4,230
1,739
1,736
1,853
1,923
2,006
43,071
2,326
2,264
2,255
2,391
52,378
1,480
1,470
1,470
1,496
1,114
1,119
1,132
1,151
409
484
515
527
541
1942—June
Dec
1943—June
Dec
1944—June
72,422
108,170
136,696
165,877
201,003
71,968
107,308
135,380
164,508
199,543
50,573
76,488
95,310
115,230
140,401
2,508
6,627
11,864
13,072
14,734
3,096
10,534
16,561
22,843
28,822
6,689
9,863
9,168
11,175
17,405
38,085
49,268
57,520
67,944
79,244
1944—Oct.
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.
210,244
215,005
230,630
232,408
233,707
233,950
235,069
238,832
258,682
262,045
263,001
262,020
261,817
208,608
210,774
228,891
230,672
231,854
232,026
233,063
235,761
256,357
259,781
260,746
259,630
259,439
145,008
14"5,183
161,648
162,261
162,379
162,625
162,680
162,652
181,319
183,080
183,334
182,833
182,790
16,060
16,405
16,428
16,403
16,399
16,921
17,041
17,049
17,041
17,025
17,038
17,018
17,026
29,546
29,545
30,401
30,401
30,396
34,544
34,478
34,442
34,136
34,472
34,430
35,072
35,021
17,936
17,936
23,039
23,039
23,039
18,588
18,588
18,588
23,497
23,498
23,498
23,498
23,498
81,271
81,102
91,585
92,221
92,349
92,377
92,377
92,377
106,448
107,890
108,172
107,049
107,049
1
NonSpecial interestissues bearing
debt
7,885
Including amounts held by Government agencies and trust funds, which aggregated 6,085 million dollars on Aug. 31, 1945, and 6,087 million on
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 on Nov. 20, 1944.
4
Including
prepayments amounting to 947 million dollars on securities dated June 1,1945, sold in the Seventh War Loan, beginning on May 14, 1945.
5
Including prepayments amounting to 54 million dollars on securities dated Nov. 15,1945, sold in the Victory Loan, beginning on Oct. 29, 1945.
Backfigures.—SeeBanking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, OCTOBER 31, 1945
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue i•ind coupon rate
Amount
1
Treasury bills
Nov. 1, 1945
Nov. 8 1945
Nov. 15, 1945
Nov. 23, 1945. . . .
Nov. 29, 1945
Dec. 6, 1945
Dec. 13, 1945
Dec. 20, 1945
Dec. 27, 1945
Jan. 3, 1946
Jan. 10, 1946
Jan. 17, 1946
Jan. 24, 1946
y%
y&
Treasury notes
Dec. 15, 1945
Jan. 1, 1946
Mar.
July
Dec.
Mar.
Sept.
Sept.
Sept,
%
'^90
. . .1
15, 1946
..90
1, 1946
. 1V£
15, 1946
15, 1 9 4 7 . . . . . \VA.
\\}4
15, 1947
15, 1947
• VA
15, 1948
•1/^2
Treasury bonds
Dec. 15, 1945
.2^
Mar. 15, 1946-56.. • 3H
June 15, 1946-48. . .. 3
June 15 1946-49
Oct. 15, 1947-52.
Dec. 15 1947. . . . . . . 2
Mar. 15, 1948-50.. . . . 2
Mar. 15, 1948-51.. • 2%
June 15, 1948
Sept. 15, 1948
• 2M
J-*Jy
X J?^\J
JT-7
,
Amount
Month
.
4,395
5,043
4,147
4,811
1,579
4,799
2,470
4,336
3,440
531
3,416
1,291
4,910
3,261
1,948
2,707
1,687
3,748
541
489
1,036
819
759
701
1,115
1,223
3,062
451
Dec. 15 1948-50
2
. ..2
J u n e 15, 1949-51
Sept. 15, 1 9 4 9 - 5 1 . . . . . ...2
Dec. 15, 1949-51
...2
Dec. 15, 1949-52
' iy2
Dec. 15, 1949-53
.. .2
Mar. 15, 1950-52
Sept. 15, 1950-52
2y>,
'. .2
Sept. 15, 1950-52
Dec. 15, 1950
\y&
June 15, 1951-54
"•2%
Sept 15 1951-53
2
.. . 3
Sept. 15, 1951-55
Dec. 15, 1951-53
..2H
Dec. 15, 1951-55
. . . .2
Mar. 15, 1952-54
..2y
June 15, 1952-54 . . . . . . . . 2
June 15, 1952-55
Dec. 15, 1952-54
June 15, 1953-55
...2
June 15, 1954-56
Mar. 15, 1955-60
V.2%
'. .iy>
Mar. 15, 1956-58
Sept. 15, 1956-59
2M
Sept. 15, 1956-59... . '.'.VA
June 15, 1958-63
..2M
June 15,1959-62
• •VA
Dec. 15, 1960-65 . . . . • •2%
June 15, 1962-67
Dec. 15, 1963-68
• -2MJ
June 15, 1964-69
• -2y2
Dec. 15, 1964-69 . . . . • -2y2
Mar. 15, 1965-70 . . . . • . 23^2
2^
Mar. 15, 1966-71
June 15, 1967-72 . . . . • - 2 3 ^
Sept. 15, 1967-72
.2y>
571
1,014
1,292
2,098
491
1,786
1,963
1,186
4,939
2,635
1,627
7,986
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
919
5,284
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,967
2,716
117
Postal Savings bonds.2K
29
Conversion bonds. . . . 3
50
Panama Canal loan . . . 3
182T79(T
Total direct issue s..
G u a r a n t e e d securities
Federal Housing Admin.
Various
39
1
Sold on discount basis. See table on Open-Market Money Rates,
p. 1133.
NOVEMBER 1945
Amount
outstanding
a t end of
month
Treasury bonds—Cont.
1,317
1,319
1,314
1,311
1,309
1,306
1,302
1,307
1,301
1,310
1,311
1,310
1,310
Cert, of indebtedness
Dec. 1, 1945.
%
Feb. 1, 1946
Mar. 1, 1946
Apr. 1, 1946
y%
May 1, 1946
June 1, 1946
Aug. 1 1946
Sept. 1,1946
Oct. 1, 1946
Issue and coupon rate
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Funds received from sales during Redemptions and
month
maturities
All
series
709
739
Series
E
1944—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
31,974
32,497
32,987
34,606
36,538
36,883
37,323
37,645
38,308
40,361
1,842
2,125
602
692
695
1,023
2,386
576
606
624
1,350
1,687
499
591
599 *
807
1,855
1945—Jan
Feb
Mar,
Apr
May
41,140
41,698
42,159
42,626
43,767
45,586
46,508
46,715
46,741
46,786
1,074
848
889
838
1,540
2,178
1,295
700
514
625
804
653
712
684
1,195
1,468
1,032
571
420
510
June
July
Aug
Sept.
Oct
751
Series
F
Series
G
All
series
23
19
15
115
101
18
16
14
43
125
110
114
111
377
338
85
85
83
174
406
268
237
279
248
227
279
283
401
382
365
42
31
27
23
63
178
47
22
18
8
228
164
151
130
282
532
215
107
76
107
341
323
464
404
426
403
428
531
528
616
Maturities and amounts outstanding, October 31, 1945
All
series
Series
A-D
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
Unclassified
73
329
419
493
803
991
1,651
4,963
9,190
12,435
9,516
3,558
2,402
-37
73
329
419
493
803
991
443
Total..
46,786
3,551
Year of maturity
Series
E
" '1,208'
4,963
7,791
9,524
6,395
29,844
Series
F
214"
593
674
748
445
2,674
Series
G
1,185
2,318
2,447
2,810
1,956
10,717
1137
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Total
interestbearing
securities
End of month
Held by 1U. S. Goveminent 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
issues
1942—June
December..
1943-June
December..
1944—June
76,517
111,591
139,472
168,732
201,059
7,885
9,032
10,871
12,703
14,287
2,738
3,218
3,451
4,242
4,810
2,645
6,189
7,202
11,543
14,901
63,249
93,152
117,948
140,244
167,061
26,410
41,373
52,458
59,842
68,431
3,891
4,559
5,290
6,090
7,306
9,200
11,300
13,100
15,100
17,300
10,700
14,800
18,700
23,700
30,700
13,000
21,100
28,400
35,500
43,300'
1944—November..
December..
212,244
230,361
16,583
16,326
4,603
5,348
18,388
18,846
172,670
189,841
71,600
77,558
7,300
8,328
17,900
19,600
28,600
35,200
47,300
49,200
1945—January
February...
March
April
May
June
July
August
232,168
232,968
233,145
234,194
236,912
256,766
260,265
261,261
16,688
17,130
17,567
17,923
18,592
18,812
19,558
20,033
5,270
5,267
5,303
5,262
5,217
6,128
6,105
6,121
19,006
19,439
19,669
20,455
20,954
21,792
21,717
22,530
191,204
191,132
190,606
190,554
192,149
210,034
212,885
212,577
78,500
78,100
77,400
r
77,400
r
77,50O
r
84,069
r
85,300
84,500
8,600
8,700
8,700
8,700
8,700
9,588
9,800
10,000
19,900
20,100
20,400
20,500
20,100
r
22,7OO
r
22,900
23,100
34,200
33,600
34,000
r
33,300
r
33,100
r
39,500
r
39,900
39,700
50,000'
.50,600
50,100*
50,700
52,700
54,200
55,000
55,300
r
Revised.
1 Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks
and mutual savings banks have been rounded to nearest 100 million for all dates except June and December for which call report data are available.
Back figures.—See Banking and Monetary Statistics, Table 149, p . 512.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES'
[Public marketable securities. Par values in millions of dollars]
End of month
Total: 2
1944—June
Dec
1945—Mar
Apr
May
June
July
Aug
Treasury bills:
1944—June
1945—Mar'.".".'.'.'.'.'.'.'.
Apr
May
June
July
Aug
Certificates:
1944—June
Dec
1945—Mar
Apr
May
June
July
Aug
Treasury notes:
1944—June
1945—Mar..
Apr
May
June
July
Aug
Guaranteed securities:
1944—June
Dec.
1945—Mar
Apr
May
June .
July
Aug
U.S.
GovernTotal ment
out- agenstand- cies
ing
and
trust
funds
141,591
162,843
163,412
163,468
163,441
181,353
183,114
183,369
14,734
16,428
16,921
17,041
17,049
17,041
17,025
17,038
28,822
30,401
34,544
34,478
34,442
34,136
34,472
34,430
MuFedCom- tual
eral
Re- mercial1 savserve banks ings
banks
Banks
4,604 14,901 63,523
Insurance Other
companies
7,158 16,471
8,183 18,761
8,482 19,554
8,502 19,640
8,497 19,325
9,382 20,930
9,621 21,146
9,775 21,273
34,935
39,670
38,568
37,826
37,567
45,652
45,939
45,837
5,338 18,846
5,267 19,669
5,246 20,455
5,202 20,954
6,112 21,792
6,083 21,717
6,092 22,530
72,045
71,872
71,799
71,896
77,484
78,609
77,862
8.872
11,148
12,079
13,010
12,954
12,962
12,810
13,254
4,894
4,113
2,720
2,565
2,242
2,798
2,737
2,193
2
1
12
11
17
1
2
2
3,382 15,037
4,887 15,032
110 5,411 17,830
129 5.333 17,550
103 5,870 17,202
6,032 16,789
6,096 16,812
6,400 16,413
126
136
269
345
394
92
96
158
339
310
698
830
884
420
454
423
9,871
9,974
10,225
10,290
9,
10,756
10,968
10,991
3,826
5,098
960
1,159
2,066
1,397
1,706
1,273
1,466
1,574
17,405
23,039
18,588
18,588
18,588
23,497
23,498
23,498
1,180
1,566
1,051
988
1,017
1,685
1,698
1,762
11,718
15,411
12,657
12,611
12,588
16,076
16,211
16,058
286
336
318
324
327
242
244
247
337
568
651
693
692
601
598
587
3*919
3,912
4,841
4,695
4,793
1,190
1,194
3
3
949
960
581
560
575
10
10
11
6
6
4
4
4
2
2
2
26
22
17
17
16
13
13
13
205
203
179
202
187
3
3
2
787
788
789
34
34
35
End of month
Treasury bonds:
Total:
1944—June
Dec
1945—Mar
Apr
May
June
July
Aug..._
Maturing within 5 years:
1944—June
Dec
1945—Mar
Apr
May
June
July
Aug
Maturing in 5-10 years:
1944—June
Dec
1945—Mar
Apr
May
June
July
Aug
Maturing in 10-20 years:
1944—June
Dec
1945—Mar
Apr
May
June
July
Aug
Maturing after 20 years:
1944—June
Dec
1945—Mar
Apr
May
June
July
Aug
U.S.
GovernTotal ment
out- agenstand- cies
ing
and
trust
funds
79,244
91,585
92,377
92,377
92,377
106,448
107,890
108,172
Federal
Reserve
Banks
4,437
5,173
5,039
4,991
4,961
5,968
5,936
5,937
Com- MuInsurmer- tual ance Other
cial
combanks ings panies
banks
1,464 30,910
1,243 36,508
1,128 38,068
1,123 38,499
1,113 39,275
1,113 41,795
1.113 42,822
1.114 43,170
6,736 15,768 19,929
7,704 17,859 23,098
7,879 18,167 22,097
7,817 18 073 21,873
7,753 17 646 21,628
9,045 19,892 28,636
9,278 20
9,365 20,
28,334
7,824
7,824
8,939
8,939
8,939
8,939
8,939
8,939
536
518
564
564
564
547
530
532
4,697
4,834
5,554
5,488
5,548
5,770
5,814
5,803
189
137
268
267
258
172
175
183
663
556
535
543
520
375
350
352
1,740
1,777
2,015
2,076
2,050
2,074
2,069
2,068
34,399
44,087
43,564
43,564
43,564
48,155
48,423
48,425
1,570
1,504
1,297
1,280
1,262
1,333
1,322
1,319
18,937
24,445
24,987
25,350
25,790
29,147
29,954
30,209
2,712
3,556
3,588
3,503
3,427
3,400
3,228
3,101
3,673
4,230
4,385
4,335
4,196
4,267
4,194
4,163
7,505
10,357
9,307
9,099
8,891
10,009
9,725
9,631
15,482
14,445
14,445
14,445
14,445
16,727
17,307
17,446
1,097
1,028
998
963
960
1,054
1,058
1,057
5,509
5,354
5,500
5,590
5,745
4,562
4,667
4,687
1,857
1,887
1,812
1,830
1,828
2,458
2,673
2,814
2,792
2,612
2,569
2,530
2,319
2,471
2,476
2,534
4,228
3,563
3,561
3,531
3,591
6,179
6,433
6,352
21,539
25,227
25,427
25,427
25,427
32,626
33,219
33,360
2,696
3,366
3,308
3,308
3,290
4,146
4,140
4,141
1,766
1,873
2,024
2,072
2,194
2,317
2,385
2,470
1,981 8,640 6,456
,
2,125
7,401
2,209
7,214
2,218
7,168
2,240
3,010 12,:,779 7.095
3,200 13,1,061 10,375
10,435
3,266 13,199 10^84
< * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and the
residual "other" are not entirely comparable from month to month. Since June 1943 the coverage by the survey of commercial banks has been expanded.
Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total
holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table
above.
1
Including stock savings banks. On Aug. 31, 1945, commercial banks reporting to the Treasury held 27,443 million dollars of U. S. Government
securities
due or callable within one year out of a total of 65,847 million outstanding.
2
Including 196 million dollars of Postal Savings and prewar bonds not shown separately below.
113 8
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, A N D RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Income taxes 1
Period
Withheld2
Other
Fiscal year ending:
June 1943
16,094
June 1944
8,393 26 262
June 1945
10,289 24 ,884
Miscella- Social
neous Secuinterrity
nal
taxes
reve1
nue
Other
receipts
Total
receipts
ceipts 3
4, 553
5 291
6, 949
1,508
1,751
1,793
1,230
3,711
3,824
23,385
45 408
47,740
22,282
44 149
46,457
Net
Trust
accounts,
etc. 4
435
1,808 'f2,109
2 609 i57,039
556
3,617 <>0,029 1,646
- 1 , 8 6 1 +6,515
—4,051 +10,662
+798 +4,529
64,274
64 307
57,679
609
1,035
741
632
466
3 ,606
580
507
539
60
293
63
174
205
470
2,054
2,506
5,418
2,001
2,240
5,416
133
56
560
619
1945—January
1,295
February
March
883
April
600
1,282
Mav
826
j une
669
July
1,200
August
September.. .
768
572
October
1 ,803
1,627
4 ,935
1,567
745
3 ,930
1,073
466
3 ,440
1 ,021
573
552
520
534
557
561
718
877
573
689
48
341
96
46
337
69
66
306
69
58
545
172
473
221
477
529
228
432
342
241
3,587
3,987
6,908
2,967
3,398
5,916
2,754
3,281
5,192
2,581
3,556
3,767
6,892
2,929
3,085
5,914
2,695
2,997
5,189
2,530
191
91
628
139
66
1,009
156
99
647
172
1944—October
November....
December
7,479
7,401
7,503
7,551
6,948
8,246
7,139
8,156
7,837
7,324
6,398
5,365
5,124 !
Details of trust accounts, etc.
Social Security
Period
Net
receipts
Investments
Expenditures
Net expenditures
in checking accounts of
GovernRement
ceipts
agencies
Change
in
general
fund
balance
TransInter- War fers to Other Total
exest
budget Defiactivi- trust
acon
expendcit
ties counts, penditures
debt
itures
etc.
3,827 78,179 55, 897
3,540 93 744 49, 595
5,113 100,405 53, 948
Increase
in
gross
debt
47
18
22
365
353
332
8,024
7,828
8,416
6, 023
5, 587
2, 999
+148 - 5 , 1 2 7
-188
+639
- 1 9 3 +12,433
748
4,761
15,626
69
48
45
236
296
335
530
162
34
38
390
373
513
455
757
460
547
695
564
617
8 202
7,460
9,433
7,968
9,275
9,641
8,557
7,354
6,611
5,950
4, 645
3, 693
2, 540
5, 040
6, 190
3, 727
5, 862
4 ( 357
1, 422
3, 420
+238 —2,630
+101 - 2 , 2 9 2
+262 - 2 , 0 3 6
+9 - 3 , 9 1 1
+686 - 1 , 7 4 1
— 1,050 +15,073
- 1 1 6 —2,615
—50 —3,451
- 9 5 -2,497
+302 - 3 , 3 2 1
1,778
1,300
242
1,120
3,763
19,850
3,362
956
-980
-203
General fund of the Treasury (end of period)
Other
Assets
Investments
Ex-,
penditures
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
Other
assets
Total
liabilities
Balance
in
general
fund
Fiscal year ending:
June 1943
June 1944
June 1945
2,810
3,202
3,239
2,350
2,816
2,757
456
380
453
2,194
4,403
1,178
1,117
1,851
3,820
655
1,313
2,444
133
192
-571
10,149
20,775
25,119
1,038
1,442
1,500
7,667
18,007
22,622
1, 144
1, 327
?97
643
607
421
9,507
20,169
24,698
1944—October
November...
December...
146
519
43
45
266
312
36
35
36
95
-71
164
206
225
182
84
95
119
-55
-220
-213
10,609
10,223
22,717
998
1,122
1,335
8,242
8,002
20,261
1, 368
1, 100
1, 120
618
421
481
9,990
9,803
22,236
1945—January
February....
March
April
May
June
July
August
September.
October
169
432
66
122
592
217
312
543
52
132
84
208
227
48
271
482
203
239
241
-66
39
37
43
40
42
42
51
56
91
146
-21
313
-407
71
-154
778
222
-26
51
-274
251
250
270
412
530
701
579
336
407
284
117
122
128
228
296
663
441
172
163
308
-37
-98
84
137
-21
3
89
487
9
308
20,077
17,734
15,722
11,809
10,055
25,119
22,469
19,018
16,582
13,307
1,048
1,384
1,547
1,224
1,140
1,500
1,252
1,300
1,755
1,124
17,866
15,265
13,055
9,492
7,941
22,622
20,303
16,874
13,989
11,389
1, 164
1, 085
1, 120
1, 093
974
997
914
844
839
794
471
420
445
443
430
421
386
387
447
494
19,606
17,313
15,277
11,366
9,625
24,698
22,082
18,631
16,134
12,813
1
Details on collection basis given in table below.
Withheld by employers (Current Tax Payment Act of 1943).
Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
4
Excess of receipts ( + ) or expenditures (—).
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
2
3
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars]
Miscellaneous internal revenue
Income taxes
Period
Total
Fiscal year ending:
June 1943
June 1944
June 1945
Current With- Vicindi- held1 tory
tax
vidual
16,299 5,771
33,028 10,254 7^038
35,062 8,567 10,263
Current
corporation
686
785
1
Back
taxes
Excess
profits
taxes
Other
profits
taxes
ManufacAlcoturers'
Misholic
Toand
cellabever- bacco Stamp retailers'
taxes
neous
age
taxes
excise
taxes
taxes
taxes
5,064
9,345
11,004
84
137
144
4,571
5,353
6,960
329
381
372
447
511
643
1,423
1,618
2,310
924
988
932
45
51
66
670
729
1,207
732
1,075
1,430
529
544
520
559
29
19
35
39
32
50
183
196
204
201
78
78
81
71
4
5
5
5
85
95
95
120
115
113
103
112
49
37
89
75
64
62
49
69
34
206
195
171
171
180
191
198
199
198
78
66
74
68
83
93
84
108
101
6
6
6
5
6
6
6
117
116
104
97
116
104
121
102
93
90
90
117
100
121
116
228
132
93
1,330
18
82 1,233
37 1,203
294
18
953
110
70
980
31
26
31
40
2,133
350
285
2,312
25
9
7
27
1945—January
February
March
April
May
June
July
August
September
3,024
3,158
4,996
2,408
2,406
4,025
2,242
1,916
3,553
1,889
759
1,737
907
201
1,127
318
87
1,112
690
1,892
61
915
1,751
46
1,249
1,461
32
43
57
956
160
70
858
161
74
768
126
143
59
-26
79
79
75
62
46
270
301
2,170
443
295
1,895
429
228
1,584
6
13
9
10
21
8
1
Estate
and
gift
taxes
557
705
661
4,490
1,810
1,633
3,670
i
Capital
stock
tax
4,137
4,763
4,422
1944— September . ..
October
November
December
—l
Total
11
547
510
560
517
571
572
791
824
531
105
209
6
Withheld by employers (Current Tax Payment Act of 1943).
NOVEMBER
1945
1139
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
Assets, other than interagency items 1
interagency items
Commodities,
Loans supTotal Cash receiv- plies,
able
and
materials
Corporation or agency
All agencies:
Sept. 30, 1944.
Dec. 31, 1944..
Mar. 31, 1945..
June 30, 1945..
31,435
31,488
31,309
33,552
6,566
6,387
5,789
5,544
238
345
1,294
121
15
26
279
135
295
1,062
Classification by agency, June 30,1945
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Federal land banks
Production credit corporations
Regional Agricultural Credit Corp
Others
Federal Farm Mortgage Corp
Rural Electrification Administration
War Food Administration:
Commodity Credit Corp
Farm Security Administration
Federal Crop Insurance Corp
Federal Surplus Commodities Corp
Bonds, notes,
PriU.S.
and debenLand,
Govern- vately
tures
payable
struc- Undis
owned
Other
ment
tures, trib- Other
liabil- interest interU.S.
and
uted assets Fully
est
ities
Govt. Other
equip- charges
guarsecusecu- rities ment
Other
anteed
rities
by U. S.
1,604
437
1,632
424
1,756
1,679 * 375
43
37
161
64
1,623
472
3
3
35
National Housing Agency:
Federal Home Loan Bank Administration:
310
Federal home loan banks
160
Federal Savings and Loan Insurance Corp.
1,047
Home Owners' Loan Corp
United States Housing Corp
155
Federal Housing Administration
Federal Public Housing Authority and
affiliate:
545
Federal Public Housing Authority
69
Defense Homes Corp
10
Federal National Mortgage Association
69
R. F . C. Mortgage Company
15,755
16,237
16,734
20,164
1,421
1,692
1,001
772
1,813
1,419
1,913
1,811
1,565
1,537
1,124
502
1,204
1,395
1,263
1,163
6,398
4,196
4,962
4,162
272
840
56
7
23
260
377
386
Reconstruction Finance Corp. and certain
affiliates:
1,477
Reconstruction Finance
Corp
8,241
Certain affiliates4
Office of Emergency Management:
216
Export-Import Bank
7,851
War Shipping
Administration
578
Other 4
172
Smaller War Plants Corp
870
Federal Deposit Insurance Corp
240
Federal Works Agency.. .^
733
Tennessee Valley Authority
4,056
U. S. Maritime Commission
1,946
All other
2,987
2.942
2 i960
2,507
Investments
()
2
8
6
'(*)'
213
48
1
1,333
()
160
155
15
654
4
1
450
6
519
468
2
3
118
536
68
10
66
219
67
261
1
20
6,769
()
7,273
11
1
(2)
90
719
3,297
1,647
28
334
836
91
224
125
100
1,005
50
214
14
150
231
72
186
121
14
25
263
26
290
1
10
58
768
498
504
451
459
386
97
1,034
68
21,771
23,857
23,510
27,266
28
175
61
449
225
1,182
2
407
202
80
608
283
581
47
428
282
15
266
58
1,253
7,060
7,243
295
169
150
240
724
3,790
1,888
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
June 30, 1945
Purpose of loan
Fed.
Fed. inter- Banks Com- Rural
Farm
Fed.
Farm
medifor co- modity Elec- Seculand
ate opera- Credit trificarity
tion
banks Mort.
Corp. credit tives Corp. Adm. Adm.
banks
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Other
Less: Reserve for losses..
Total loans receivable
(net)
1,134
327
295
135
39
377
Home Fed.
Own- Public
Housers'
ing
Loan
Corp. Auth.
ReconFed. struc- RFC
tion affilihome
Filoan
banks nance ates
Corp.
(2)
498
965
72
66
1,062
260
(2)
295
1
5
135
35
(2)
377
143
13
354
952
""290
290
Mar.
31, 1945,
Exall
portAll agencies
All agenIrn- other
port
cies
Bank
11
"50
166
1
2,971
1,027
3,037
1,149
222
33
64
21
104
243
201
281
226
16
132
31
32
705
132
1,034 '
22
1
214
(2)
112
149
46
163
1,343
451
49
93
1,409
454
135
214
269
5,544
5,789
1
2
Assets are shown on a net basis, i.e., after reserves for losses.
Less than $500,000.
3
4 Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
Corporations previously classified "war corporations" are now shown under two headings: (1) "certain affiliates" under Reconstruction Finance Corp.
(including Defense Plant Corp., Defense Supplies Corp., Metals Reserve Co., and War Damage Corp.) and (2) *'other" under Office of Emergency
Management (including Cargoes, Inc., Petroleum Reserves Corp., Rubber Development Corp., U. S. Commercial Co., and Coordinator of Inter-American
Affairs). The item "certain affiliates" also includes Disaster Loan Corp.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Figures on the
reporting of certain assets, especially cash and privately-owned interest, is more complete.
Monthly figures on the old reporting basis for the months prior to Sept. 30, 1944, may be found in earlier issues of the BULLETIN (see p . 1110 of the
November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p . 517.
114°
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer t o adjustment of monthly figures for seasonal variation]
Year and
month
Income
payments
(value) 1
1935-39
= 100
Adjusted
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Construction
contracts
awarded (value) 3
1923-25 = 100
Industrial production
(physical volume) * 2
1935-39 = 100
Manufactures
Total
Adjusted
Minerals
Total
Residential
All
other
Employment 4
1939 = 100
Nonagricultural
Durable
Nondurable
UnadAdjusted justed
Adjusted
Adjusted
Adjusted
Adjusted
Adjusted
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
P140
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
68
41
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
40
16
79
90
65
88
86
94
120
I35
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
92
61
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
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
Factory
AdAdjusted justed
Depart WholeFac- Freight
ment
sale Cost of
tory carload
store
com- living 4
pay
sales
ings*
modity
4
rolls
(val- prices 4 1935-39
= 100
1939 = 1935-39
ue)* 5
= 100
1926
100
1935-39
= 100
= 100
Unad- Unadjusted justed
Unad- Unad-
Adjusted
Adjusted
justed
justed
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
177.7
169.1
103.2
123.5
79.7
85.5
108.4
10L2
106.6
109.9
107.9
109.1
116.4
94.1
71 2
49.2
52.8
67.8
78.0
90.5
108.2
84.2
100.0
114.5
167.5
245.2
334.4
339.1
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
137
140
83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
150
168
186
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.4
108! 7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4
100.2
105.2
116.5
123.6
125.5
*>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
^353
187.2
192.8
196.1
215
220
223
218
220
221
311
319
328
165
168
169
129
130
127
185
198
175
83
90
91
269
286
243
130.0
130.5
131.4
162.9
165.1
168.3
163.7
165.6
168.7
276.2
287.0
295.4
140
136
135
157
158
159
100.0
100.3
101.0
119.0
119.8
120.4
1943
January
February
March
April
May
June
July
August
September....
October
November. . ..
December
199.6
203.5
206.9
208.8
209 4
212.8
214.8
216.7
216.8
219.3
222.9
224.7
227
232
235
237
239
237
240
242
244
247
247
241
224
229
232
236
239
238
241
245
248
249
247
239
337
344
351
356
359
358
360
365
368
374
376
365
171
174
174
175
176
177
177
178
179
179
180
174
125
131
133
131
129
117
134
135
138
136
133
137
145
102
85
63
52
45
60
59
65
49
60
61
79
56
42
33
31
32
36
35
35
34
37
35
198
140
119
87
68
55
80
79
89
61
78
81
131.6
131.6
132.0
131.4
130.9
131.0
131.4
130.9
130.1
130.1
130.2
130.1
170.7
173.1
175.1
176.2
176.9
179.0
180.1
180.2
179.6
180.6
181.5
179.9
170.1
172.5
174.6
175.4
175.8
178.3
180.2
181.4
180.8
181.4
181.9
180.3
300.7
308.9
318.0
324.9
330.4
336.1
335.8
343.1
349.5
354.9
359.7
350.7
135
139
138
136
135
127
141
140
140
137
139
143
163
192
161
159
159
168
169
166
165
172
177
167
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
1944
Tanuary
February
March
April
May
Tune.
July
August
September . . . .
October
November
December
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
178.1
177.1
174.6
171.8
170.1
169.2
167.6
166.8
164.9
163.3
162.6
163.0
177.5
176.5
174.1
171.0
169.1
168.6
167.7
167.9
166.0
164.1
163.0
163.3
350.0
349.7
346.3
339.8
339.2
339.5
331.7
335.0
333.8
335.1
331.8
336.8
145
142
140
138
138
139
142
142
139
137
141
137
174
175
183
173
183
176
189
187
187
193
205
196
103.3
103.6
103.8
103.9
104.0
104.3
104.1
103.9
104.0
104.1
104.4
104.7
124.2
123.8
123.8
124.6
125.1
125.4
126.1
126.4
126.5
126.5
126.6
127.0
241.9
245.2
244.1
242.3
241.9
244.6
243.4
P237.3
234
236
235
230
225
220
r
210
^187
p
172
230
232
345
346
345
336
323
308
293
P243
^208
175
176
176
174
173
173
165
P157
^154
140
141
142
140
138
144
143
140
p
135
48
59
72
70
58
50
54
61
14
13
15
18
20
22
23
24
75
96
118
112
89
73
79
91
126.6 162.9 162.4
126.7 162.5 162.0
126.7 160.6 160.2
125.1 157.6 156.9
124.4 154.5 153.6
r
123.4 151.0 150.5
r
122.5 145.5 145.6
121.2 141.4 142.5
p
115.6 P122.5 ^123.5
335.2
333.7
330.2
321.5
307.0
302.5
286.5
257.5
143
139
145
141
140
140
139
128
128
197
211
220
181
188
202
218
200
199
104.9
105.2
105.3
105.7
106.0
106.1
105.9
105.7
105.2
127.1
126.9
126.8
127.1
128.1
129.0
129.4
r
129.3
128.9
1942
October
November
December
1945
January
February
March
April
Vlay
June
July
August
September
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
17416
213.0
P233.4
-232
229
225
220
212
P189
^175
102.6
95.5
* Average per working day. p Preliminary. r Revised.
Department of Commerce series on value of payments to individuals.
For indexes by groups or industries, see p p . 1142-1145.
s Based on F . W. Dodge Corporation data; for description, see p . 358 of BULLETIN for July 1931; by groups, see p . 1149 of this BULLETIN.
4
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau
of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in t h e armed forces.
5
For indexes by Federal Reserve districts and other department store data, see pp. 1151-1153.
Back figures in BULLETIN .—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, p p . 958-984; for factory
employment, January and December 1943, pp. 14 and 1187, respectively, and October 1945, p p . 1054-1055; for department store sales, June 1944, pp. 549-561.
1
2
NOVEMBER 1945
1141
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1945
1944
Industry
Aug.
Sept. Oct. N o v Dec.
Jan.
Feb. Mar. Apr. M a y June
July
Aug. Sept
r
P187
Industrial Production—Total.
232
230
232
232
232
234
236
235
230
225
220
Manufactures—Total
248
246
248
248
249
251
252
252
247
240
233
222
348
342
344
341
343
345
346
345
336
323
308
293
^243
203
202
206
201
198
197
202
210
206
204
192
187
155
164
198
224
183
512
196
222
183
502
197
225
187
492
192
218
186
453
190
215
181
456
188
219
176
526
192
226
180
552
198
234
189
561
188
232
184
573
190
229
182
567
181
214
173
505
182
203
172
421
161
164
142
319
166
172
155
299
434
427
428
422
431
431
436
431
419
405
393
371
P310
651
610
572
535
p
218
207
188
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth.,
Electric
Machinery
210
P178
Manufacturing Arsenals and Depots1.
Transportation Equipment
707
695
704
699
709
706
695
676
229
226
229
230
235
235
242
236
245
238
233
234
229
253
257
267
263
248
219
210
226
205
200
191
186
187
191
193
194
188
184
183
252
252
246
252
247
284
296
291
272
234
221
Lumber and Products...
127
120
120
122
122
126
123
121
119
118
116
110 P107
Lumber
Furniture.
Stone, Clay, and Glass Products.
118
146
111
139
109
143
112
141
111
142
118
142
112
146
110
144
109
140
108
138
104
138
134
•162
159
161
160
163
162
163
167
162
166
169
P160
Glass products
Plate glass
Glass containers
Cement
.'
Clay products
Gypsum and plaster products
Abrasive and asbestos products..
Other stone and clay products 1 ..
169
66
204
88
122
181
295
165
66
200
86
116
175
302
174
64
212
88
115
179
292
169
56
208
88
116
175
295
174
51
218
90
116
171
307
164
60
200
87
125
182
302
168
56
207
87
122
185
305
183
62
225
85
122
180
300
179
61
221
85
115
168
295
176
43
223
95
121
172
298
193
62
239
93
117
179
287
177
61
217
97
p
110
p
162
Nondurable Manufactures ..
168
168
169
173
173
175
176
176
174
173
173
165
141
147
146
149
152
150
155
153
149
150
150
132
134
P142
132
140
189
137
148
196
136
140
199
139
149
209
141
146
215
139
145
215
144
152
215
142
150
215
137
143
218
138
142
221
138
144
220
121
123
220
123
123
213
138
216
140
47
193
154
163
141
153
144
42
197
158
162
153
160
150
50
213
164
170
156
164
143
56
206
156
161
148
151
152
57
215
165
170
157
166
146
49
225
156
162
148
159
151
44
238
160
170
146
169
149
43
249
156
166
142
166
142
36
233
147
153
139
161
146
42
243
151
161
137
165
144
40
234
152
162
137
161
117
r
33
185
124
129
117
129
126
58
172
136
144
124
136
110
107
119
137
97
56
137
132
110
128
87
50
133
109
98
113
68
47
130
114
147
P138
Automobiles
.
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government)1
Nonferrous Metals and Products.
Smelting and refining
(Copper smelting; Lead refining;1Zinc smelting;
Aluminum; Magnesium; Tin)
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products;
Magnesium products; Tin consumption) l
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 1 ...
Wool textiles
Carpet wool consumption..
Apparel wool consumption.
Woolen and worsted yarn..
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products..
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers.
Shoes
Manufactured Food Products..
Wheat flour
Cane sugar meltings1
Manufactured dairy products..
Butter
Cheese
;
Canned and dried milk
Ice cream
M e a t packing
Pork and lard
Beef
Veal
L a m b and mutton
r
Revised.
p
Preliminary,
II4Z
1
175
61
216
86
124
183
306
121
115
116
114
113
121
122
122
108
118
82
77
144
114
120
132
92
80
157
122
111
119
88
80
149
117
112
122
84
81
144
119
115
127
86
72
154
113
113
125
85
68
154
114
119
137
89
63
148
123
117
132
88
69
144
126
118
134
95
61
146
125
115
132
91
62
132
126
147
146
149
154
155
155
158
160
153
116
113
118
H39
83
145
180
169
197
138
191
125
r
151
125
138
P132
81
162
175
84
168
189
>143
87
181
204
87
175
196
90
179
206
146
135
169
101
129
146
139
165
104
129
134
137
139
88
121
132
135
134
95
128
141
144
142
103
142
125
123
130
131
85
146
184
2152'
82
149
179
82
156
181
P145
78
154
179
P132
83
163
172
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
138
r
r
411
P308
171
PI 10
p
p
135
3
229
P113
130
P
89
181
222
146
85
171
208
76
162
201
140'
146
136
116
133
133
126
144
151
110
141
120
165
179
125
Series included in total and group indexes hut n.Qt 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
Nov. Dec.
Jan.
155
145
128
162
159
146
138
165
162
162
137
167
165
163
143
170
169
180
151
169
168
170
156
169
161
149
151
165
166
184
169
213
170
148
144
136
172
6
68
270
177
0
104
305
197
0
76
353
174
0
74
355
167
198
452
346
167
11
250
312
153
0
156
265
152
0
67
283
126
124
120
135
131
121
123
123
92
152
92
95
149
87
93
142
93
105
157
107
95
155
108
85
147
95
95
145
97
142
142
143
143
135
136
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
102
99
103
103
87
83
89
86
251
258
266
264
138
159
125
126
272
141
162
132
126
281
140
167
135
124
171
164
419
168
162
389
314
307
Sept.
Oct.
148
112
123
102
147
121
115
159
150
139
118
158
186
156
152
100
647
232
Aug
Feb.. Mar.
Apr. M a y
June
July
Aug. Sept.
Manufactured Food Products—Continued
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products.. .
Alcoholic
Beverages
Malt liquor
Whiskey....
Other distilled spirits
Rectified liquors
....
r
2>141
101
150
134
108
161
*139
P101
107
?154
139
193
173
139
0
61
291
139
0
57
318
147
199
448
293
149
55
399
306
120
128
139
128
150
160*
93
147
91
91
143
90
92
156
94
177
90
83
162
88
91
195
98
106
206
99
137
141
140
141
142
135
131
P143
132
152
111
95
214
137
129
153
85
119
147
128
76
134
156
113
98
227
139
130
152
87
125
143
127
83
137
157
113
101
227
139
134
157
84
127
148
133
82
136
160
114
103
234
141
132
158
79
126
144
129
80
136
160
108
103
236
140
133
161
78
125
141
132
80
137
160
116
103
236
138
134
160
75
126
139
139
79
131
149
120
93
227
122
128
149
73
122
146
133
80
129
146
118
92
219
120
126
141
74
126
142
135
72
H38
104
102
105
105
105
105
106
105
111
109
84
85
84
83
85
85
85
88
96
93
268
268
273
276
172
268
273
269
P267
P242
283
144
165
136
124
283
141
165
133
119
289
143
171
133
123
292
150
174
126
126
287
145
166
134
131
284
145
167
136
120
289
149
174
138
121
285
148
177
136
132
156
175
136
133
155
173
138
140
^136
170
164
384
170
164
367
167
163
296
167
162
334
168
163
367
171
164
387
161
157
284
168
161
406
163
155
421
165
158
400
153
148
332
152
150
226
307
307
312
317
318
319
318
r
155
139
129
163
r
p
^58
Industrial Alcohol from Beverage Plants1
Tobacco Products
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
....
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper..
Newsprint
Paperboard containers (same as Paperboard)..
Printing and Publishing
Newsprint consumption
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil.
Kerosene
Other petroleum products*
Coke . . .
By-product coke
Beehive coke
Chemical Products....-.-.-.-.
Paints
Soap
Rayon . .
Industrial chemicals
Explosives and ammunition*
Other chemical Droducts*
Rubber Products
.
Minerals—Total
Fuels
.
....
.
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper* Lead* Zinc)*
Gold
Silver
.
.
. ..
.
r
319
143
132
240
408
139
131
237
400
139
129
239
395
141
133
242
394
141
137
242
396
142
136
244
396
140
136
241
400
139
135
244
402
135
134
241
405
131
134
240
407
231
230
231
231
239
247
247
236
233
224
142
143
143
143
137
140
141
140
138
142
93*
77
125
142
141
81
318
r
P265
P227
134
132
243
412
139
130
r
243
409
p
l33
P
nn
mi
p
p
222
218
p
r
r
r
136
165
144
307
P
36S
l93
143
140
135
l30
235
p
358
P180
p
135
147
148
148
148
141
145
146
147
145
143
150
148
146
p
148
154
124
146
147
151
129
149
149
152
133
148
149
155
126
148
132
138
109
146
140
151
142
149
115
150
136
138
131
150
125
145
47
152
148
153
129
151
140
146
117
153
135
P
96
148
143
150
112
148
144
102
152
P
114
113
111
112
111
111
111
111
111
110
109
175
175
171
170
168
170
170
170
169
167
168
168
23
63
22
57
22
58
22
64
23
62
24
56
24
52
24
54
23
61
24
54
22
49
23
42
r
108
140
U2
148
114
p
l40
P
105
r
162
r
p
Revised.
Preliminary.
Series included in total and group indexes but not available for publication separately.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940,
pp. 753-771 and 825-882.
1
NOVEMBER 1945
1143
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1944
1945
Industry
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Industrial Production—Total
Manufactures—Total ..
235
234
234
232
230
230
232
232
229
225
220
212
ns9
P
P197
p
Durable Manufactures
249
250
248
248
248
249
249
349
343
346
341
342
343
345
203
202
206
201
198
197
202
198
224
183
512
196
222
183
502
197
225
187
492
192
218
186
453
190
215
181
456
188
219
176
526
434
427
428
422
431
707
695
704
699
229
226
229
245
238
Smelting and refining
226
205
(Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin) 1
Fabricating
" "252' "252'
(Copper products; Lead shipments; Zinc shipments; Aluminum products;1 Magnesium
products; Tin consumption)
251
Iron and Steel ...
Pig iron
Steel
:
Open hearth
Electric
Machinery .
Aug. ! Sept
175
181
245
240
234
224
344
335
323
308
293
210
206
204
192
187
155
164
192
226
180
552
198
234
189
561
188
232
184
573
190
229
182
567
181
214
173
505
182
203
172
421
161
164
142
319
166
172
155
299
431
436
431
419
405
393
371
P310
P250
709
706
695
676
651
610
572
535
p
p
230
235
235
242
236
231
218
207
188
233
234
229
253
257
267
263
248
219
210
P198
200
191
186
187
191
194
194
189
183
182
171
246" " 2 5 2 '
247
"280'
284'
296
291 " 2 7 2 ' " 2 3 4 ' " 2 2 1 '
^209
Manufacturing Arsenals and Depots1
Transportation Equipfnent .
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government)1
Nonferrous Metals and Products
411
308
nix
PI 55
135
128
125
120
113
113
114
115
119
120
121
116
p
129
146
123
139
117
143
109
141
97
142
99
142
97
146
101
144
108
140
112
138
113
138
107
134
108
P124
167
164
167
163
159
156
156
161
165
167
166
168
p
Glass products
Plate glass
Glass containers
Cement
Clay products . . .. .
Gypsum and plaster products
Abrasive and asbestos products1
Other stone and clay products
175
66
213
100
125
182
295
169
66
204
100
120
179
302
178
64
218
102
122
182
292
170
56
210
95
121
177
295
163
51
202
82
120
175
307
161
60
196
71
116
176
302
163
56
201
66
118
177
305
175
61
216
71
119
177
306
183
62
225
81
119
177
300
190
61
236
89
115
169
295
175
43
221
102
120
175
298
186
62
230
102
115
179
287
183
61
r
226
110
P113
P162
^260
Nondurable Manufactures .
171
173
173
173
171
170
172
172
171
172
173
167
^159
141
147
146
149
152
150
155
153
149
150
150
132
134
P142
132
140
189
137
148
196
136
140
199
139
149
209
141
146
215
139
145
215
144
152
215
142
150
215
137
143
218
138
142
221
138
144
220
121
123
220
123
123
213
138
216
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' "146
57
49
215
225
165
156
170
162
157
148
159
166
151
44
238
160
170
146
169
149
43
249
156
166
142
166
142
36
233
147
153
139
161
146
42
243
151
161
137
165
144
40
234
152
162
137
161
'117'
r
33
185
124
129
117
129
126
58
172
136
144
124
136
111
121
115
US
113
114
125
122
122
121
126
107
107
107
114
86
75
148
114
118
129
90
81
153
122
112
121
90
80
149
117
116
127
86
79
153
119
114
127
84
73
146
113
113
128
83
68
143
114
128
148
93
66
162
123
116
132
87
68
140
126
117
134
91
63
143
125
115
132
87
61
142
126
116
132
99
57
135
132
105
120
87
49
123
109
96
110
71
46
134
114
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 varn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products . . .
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
....
Manufactured
Food
Products
Wheat flour . . . . .#
Cane sugar meltings 1
Manufactured dairy products
Butter
Cheese
Canned a n d dried milk
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb a n d m u t t o n
r
Revised.
p
Preliminary.
1144
1
• ..
165
166
159
155
150
143
141
142
145
146
150
157
115
123
125
126
122
130
132
122
133
134
132
133
'P178' 'Pi55*
91
82
162
149
....
170
186
"148"
139
151
215
144
151
140
188
122
70
134
145
P108"
62
117
130
61
111
138
156
150
153
248
151
'175'
195
146
228
142
184
217
149
165
146
69
120
140
71
133
157
"in"
139'
132
156
89
131
195
150
114
152
P116
77
151
186
135
129
150
98
126
124
254
284
^212
109
223
257
125' " 1 3 2 ' " 1 3 9 '
125
135
144
131
134
139
86
98
103
118
130
132
131
129
137
116
127
89
189
231
P178
112
234
272
113
165
p
103
P99
mo
p
157
79
P\\\
P\5S
?>
229
P
112
P
123
p
151
128
p
137
p
185
93
'191
214
119'
97
146
148
108
73
165
185
134'
95
179
197
134
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]
1945
1944
Industry
Jan. Feb.
Mar.
Apr.
May
149
103
144
161
148
99
140
162
148
104
130
162
145
97
117
162
191
158
139
148
147
140
0
81
355
137
198
414
346
150
11
228
312
142
0
136
265
160
0
44
283
137
121
121
118
117
105
160
110
95^
142
95
85
147
93
95
136
94
93
137
91
143
143
134
136
138
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
100
105
107
106
99
84
93
93
88
79
251
258
266
268
268
264
138
159
124
121
272
141
162
132
124
281
140
167
135
124
283
144
165
136
128
283
141
165
132
123
171
164
419
168
162
389
170
164
384
170
164
367
310
307
309
Sept.
Oct.
Nlov.
Dec.
•170 |
213
132
165
174
236
148
162
167
180
154
166
161
133
151
171
155
114
139
169
148
105
141
160
198
159
168
159
146
173
100
609
232
174
6
94
270
164
0
270
305
151
0
159
353
129
131
125
92
160
89
95
160
93
93
148
99
141
141
137
157
105
96
234
138
134
158
111
118
149
127
77
137
154
105
92
231
135
134
159
113
116
149
127
84
98
78
Aug.
June
July Aug.
Sept.
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
146
107
96
165
P\65
^169
^223
115
^158
P161
157
174
88
165
P151
162
214
175
158
0
36
291
175
0
35
318
184
199
400
293
170
55
216
306
115
128
145
133
155
169
91
133
90
92
156
95
93
186
92
83
170
88
91
204
95
106
220
106
141
141
142
142
134
131
P143
137
158
121
101
227
139
134
157
84
127
148
133
82
136
162
125
103
234
141
132
158
79
126
145
129
82
137
161
117
103
236
140
133
161
78
125
141
132
81
137
160
117
103
236
138
134
160
75
126
142
139
80
130
147
107
93
227
122
128
149
73
122
140
133
78
104
107
108
106
105
83
87
90
88
84
27 3
276
272
268
273
269
289
143
171
129
126
292
150
174
125
132
287
145
166
132
134
284
145
167
141
123
289
149
174
143
122
285
148
177
136
124
156
175
134
124
167
163
296
167
162
334
168
163
367
171
164
387
161
157
284
168
161
406
163
155
421
165
158
400
313
316
319
321
320
318
r
r
Industrial Alcohol from Beverage Plants1 ...
Tobacco Products ...
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products ..
Paper and pulp
Pulp
Groundwood pulp . . .
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil .
Lubricating oil
Kerosene ..
. .
Other petroleum products 1
Coke
By-product coke
Beehive coke .
. .
Chemical Products
Paints
Soap
Rayon
Industrial chemicals
1
Explosives and ammunition
Other chemical products 1
Rubber Products .
. .
.
. . .
142
133
240
408
138
136
237
400
231
230
139
135
239
395
141
137
242
396
139
133
244
396
139
135
241
400
139
135
244
402
131
241
405
135
130
240
407
231
231
239
247
247
236
233
224
Minerals—Total
147
Fuels . . .
147
148
148
148
154
124
146
147
151
129
149
149
152
133
148
Coal
.
.
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)1
Gold
.
Silver
.
. .
147
137
139
134
242
394
144
131
134
148
141
145
146
149
155
126
148
132
138
109
146
140
151
96
148
140
r
107
110
76
87
94
P242
137
129
r
243
409
222
218
303
^136*
153
148
332
152
150
226
P261
P
227
p\u
P\2\
p
222
P\3S
P23S
P
358
P193
p
143
p
180
13S
141
147
147
145
143
150
148
146
p
143
150
112
148
142
149
115
150
136
138
131
150
125
145
47
152
148
153
129
151
140
146
117
153
135
144
102
152
PU2
P
148
68
68
131
129
124
123
196
289
192
289
136
138
123
89
72
215
311
188
259
130
133
94
61
95
63
98
68
104
80
166
216
207
304
204
301
"25
26
58
25
64
24
62
23
56
21
53
21
56
"21
61
"21
54
"20
47
145
r
155
173
137
135
140
135
227
57
99
138
130
243
412
145
!
136
165
77
125
142
141
81
r
109
25
62
P137
144
104
92
219
120
126
141
74
126
142
135
71
315
68
336
P\29
i
140
^140
"22
42
r
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.
1
NOVEMBER
1945
1145
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100)
Factory employment
1944
Aug.
Total
Durable goods
Nondurable goods
Factory pay rolls
Sept.
May
Junej
July
1945
1944
1945
Aug.
Sept.
July
167.9 166.0 153.6 150.5 145.6 142.5 123.5 331.7
228.1 224.3 204.1 196.9 187.8 181.1 141.6 461.4
120.5 120.1 113.7 113.9 112.3 112.0 109.3 204.9
Aug.
Sept. May
June
July
Aug.
335.0 333.8 307.0 302.5 286.5 257.5
465.4 460.6 413.3 399.8 372.7 325.5
207.5 209.8 202.9 207.3 202.2 191.0
Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
...
Tin cans and other tinware
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus.
Stamped and enameled ware
Structural and ornamental metal wor]
171.7
124
244
132
130
139
183
161
210
Electrical Machinery
Electrical equipment
Radios and phonographs
287.3 285.1 263.0 257.9 245.6 237.5 174.4 513.9 515.3 520.7 484.8 474.0 445.0 396.6
249
246
228
223
213
208
451
456
458
426
415
387
345
286
287
260
254
242
226
542
534
547
501
486
463
390
Machinery, except Electrical
Machinery and machine shop products
Engines and turbines
Tractors
Agricultural, excluding tractors
Machine tools
#
Machine-tool accessories
Pumps
Refrigerators
227.9
228
377
188
160
207
264
318
151
225.0
224
371
184
159
207
260
310
148
Transportation Equipment, except Autos..
Aircraft, except aircraft engines
Aircraft engines
Shipbuilding and boatbuilding
1432.3
1733
2709
1577
1396.1
1663
2626
1551
170.0
123
240
132
128
137
182
159
208
164.5
122
230
130
127
131
176
153
179
159.1
121
213
133
125
127
165
150
168
151.6
119
201
133
119
124
158
145
155
145.6 121.5 314.1
118
225
193
434
127
212
117
258
121
252
150
338
138
320
141
418
319.3
227
452
225
261
261
341
327
407
202.2
203
320
171
147
188
233
265
130
196.7 167.9 421.8
197
409
308
784
164
293
142
334
182
371
230
458
258
676
124
251
424.5
415
786
291
319
369
450
669
277
421.4
410
773
291
333
367
450
666
263
1117.7 r 1025.4 r 961.1
1450 1284 ll92
2167
1950
1870
1132
1067
998
906.6 506.6 2979.8
1121
3338
1686
4761
948
3387
2982.1
3334
4820
3379
2931.8
3175
4628
3399
213.1
214
339
174
149
198
250
279
139
209.3
210
332
173
150
195
244
274
135
Automobiles
176.2 174.7 160.2 154.3 144.6 135.4
Nonferrous Metals and Products
Primary smelting and refining..._
Alloying and rolling, except aluminum
Aluminum manufactures
183.6 179.5 177.7 172.7 162.0 160.1 145.3 342.1
171
160
140
137
141
138
325
179
162
178
183
176
163
320
251
296
260
551
282
296
284
Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills
118.8 115.8 108.8 108.9 107.9
83
81
15
75
15
98
93
96
93 , 93
Furniture and Lumber Products
106.0 103.4
99
96
Furniture
316.5
223
456
222
262
256
345
324
411
100.2 100.2
93
93
98.0
90
96.2 314.0 319.0
89.0
392.1
386
683
272
289
348
430
576
250
187.0 194.7
174
181
298.5
223
387
230
r
261
r
242
320
304
318
r
279.2
215
349
232
r
242
r
232
292
282
279
r
247.0
197
311
207
213
202
258
245
240
371.6
366
641
272
^298
329
388
543
229
327.7
324
532
250
259
304
336
512
169
2322.6 r2152.8 r 1999.9
2837 2546 2310
3703
3232 3043
2434 2328 2193
1713.8
1917
2360
1952
393.9
386
680
278
306
353
422
585
r
243
311.1 283.2 272.6 243.7
342.9 336.9 336.5
315
298
262
341
337
330
524
522
506
107.5 105.4 213.2 227.1
75
152
165
91
165
166
96.6
89
308.8
227
422
213
268
247
334
313
341
327.0
262
328
497
302.7
268
294
450
178.1
282.7
257
292
417
215.9 203.1 209.6 192.9 189.0
154
142
148
134
134
164
160
167
148
165
189.3 187.7 189.1 181.3
175
173
173
166
165.6
150
Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
114.1 112.1 109.1 111.0 109.3 109.3 105.7 186.2
129
127
124
125
127
124
197
73
73
69
77
71
73
113
76
74
71
73
73
73
122
124
122
115
114
117
113
187
Textile-Mill and Fiber Products
Cotton goods except small wares. ...
Silk and rayon goods
Woolen and worsted manufactures...
Hosiery
; .._
Dyeing and finishing textiles
96.0
109
74
97
66
89
92.2
105
72
94
61
86
90.4
103
71
91
60
84
90.2
103
71
90
60
84
Apparel and Other Finished Textiles
Men's clothing, n.e.c
Shirts, c liars, and nightwear
Women's clothing, n.e.c
Millinery
110.5 110.3 103.1 702.2
96
95
90
90
74
73
68
69
r
79
80
74
71
78
79
69
66
96.4
86
68
65
67
98.9
85
68
70
72
99.7
178.8
155
133
126
103
89.8
83
79
88.5
81
78
88.6
81
78
87.4
157.7 158.2 160.6 161.1 170.3 r 165.0 157.0
147
146
146
147
149
147
141
140
140
143
143
154
149
141
95.4
108
74
98
65
89
91.8
104
71
94
61
86
191.1 188.2 187.9 192.0
204
201
200
201
118
116
114
121
124
119
121
126
193
189
184
186
90.5 170.7 170.4 171.3
207
204
204
131
134
133
184
181
185
102
106
104
147
146
148
190.9
161
128
140
129
91.0
85
80
90.1
84
79
88.6
82
78
Food and Kindred Products
Slaughtering and meat packing
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
137.7
130
114
112
114
148
163
138.5
125
113
111
114
147
182
114.5
103
116
110
109
139
73
116.7 123.3 124.6 131.2 211.7 215.5
106
106
103
220
211
119
121
124
195
190
110
108
108
168
168
108
99
101
178
188
143
147
149
226
224
79
124
133
243
306
Tobacco Manufactures
Cigarettes
Cigars
88.2
127
68
88.0
126
68
85.4
124
64
85.9
124
65
Leather and Leather Products
Leather
Boots and shoes
83.2
124
60
84.2
124
62
90.0
187.7 181.7
194
192
128
128
127
118
176
173
166.6 174.6 169.9 159.4
200
210
210
194
134
142
138
134
179
187
177
167
95
100
94
89
141
147
145
140
199.1 181.5 183.1 167.5 157.3
166
157
164
152
135
128
123 r 126 r124
111
148
131
125
109
108
137
84
91
106
110
215.5 188.1
200
163
197
202
169
171
192
185
216
206
336
144
196.4
178
211
174
187
220
157
205.8 198.6
175
158
218
210
175
171
164
166
231
224
r
250
248
157.0 157.5 163.0 156.4 164.1 151.4 150.3
197
196
202
192
204
201
198
132
133
138
133
137
115
115
NOTE _xh'ese indexes have been adjusted to final 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. Figures for September 1945 are preliminary..
1146
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT A N D PAY ROLLS, BY
lNDUSTRlES-Continued
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory pay rolls
Factory employment
1944
Aug.
1944
1945
Sept.
June
May
July
Aug.
Paper and Allied Products.
Paper and pulp
Paper goods, n.e.c
Paper boxes
118.8
116.
114.6
116.0
113.7
114.2
107
119
114
106
113
112
104
115
109
105
115
111
103
111
109
104
112
110
Printing and Publishing
Newspaper periodicals
Book and job
93
106
92
103
92
104
204.3
205.7
216.3
182
110
170
179
109
168
183
110
164
183
111
165
1119
1110
1152
1169
1349
1549
1304
1508
98.9
Chemical and Allied Products.
Drugs, medicines, and insecticide:
Rayon and allied products
Chemicals, n.e.c
Explosives and safety fuses
Ammunition, small-arms
Cottonseed oil
Fertilizers
97.1
81
102
97.5
97.5
114,1
98.0
97.0
1945
Aug.
July
Sept.
r
192.8
194.0
193.1
190.7
197.7
193.5
184 J
181
187
179
180
182
180
178
186
175
184
193
183
181
182
181
172
180
171
135.3
135.0
136.0
138.9
139.6
137.8
140.0
117
152
118
149
120
152
122
154
122
156
120
155
128
153
93
105
212.5
203.7
190.0
355.6
356.6
361.0
388.9
183
111
162
181
110
161
267
174
298
265
176
295
265
176
293
282
183
295
1207
1346
r
1105
1646
2271
1725
2225
1782
2332
2096
3185
112
76
104
840
76
106
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
127.4
126.0
126.3
126.8
127.4
127.3
126
107
125
106
127
100
127
100
128
101
128
102
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
161.2
160.7
157.6
155.2
151.1
148.4
169
138
171
136
169
134
167
131
162
128
159
124
Miscellaneous Industries^
Instruments, scientific
Photographic apparatus
170.0
168.5
166.6
165.0
158.5
155.8
557
167
557
162
534
158
512
157
473
155
449
155
144
225
125.8
140.6
129.5
Aug.
July
179
194
176
91
104
151.9
June
May
92
104
r79
88
126
108
102
96.8
Sept.
221
232
154
227
223.2
220.9
216
192
214
187
282.7
281
245
184
293
1984
3037
229.5
223
186
224
190
291.0
294.5
283.6
294
247
301
248
289
244
268
184
292
271
182
288
1880
2636
1607
1345
151
247
164
259
226.9
271
r
186
299
213
190
325.7
363.0
273
381.3
284
220.7
323.2 319.9 324.0
1039
1032
1082
272
r
r
145
242
226.9
233.4
228
191
224
184
287.3
281.3
249.5
294
243
287
238
250
213
324.4
323.8
300.9
280.3
996
265
988
263
835
260
798
250
For footnotes see opposite page.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
* [Index numbers of the Board of Governors, 1939 = 100]
1944
1945
Group
Aug.
166.8
227.7
118.7
Total
Durable
Nondurable
p
Sept.
164.9
224.0
118.3
Oct.
Nov.
163.3
220.8
118.0
Jan.
Dec.
162.6
219.0
118.1
163.0
219.7
118.3
162.9
219.8
118.0
Feb.
162.5
219.1
117.8
Mar.
160.6
215.9
117.1
Apr.
June
May
157.6
210.3
116.1
154.5
204.1
115.4
151.0
196.7
115.0
July
145.5
187.6
112.3
Sept.
Aug.
141.4
180.8
110.3
P
122.5
^141.3
*>107.7
Preliminary. 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
1944
July
Aug.
Apr.
May
June
1945
1944
1945
July
Aug.
July
Aug.
All Manufacturing
44.6
45.2
45.1
44.1
44.6
44.0 40.8 101.8 101.6
Durable Goods
45.7
46.6
46.5
45.5
45.8
44.9
Iron and Steel and Products
Electrical Machinery
Machinery Except Electrical
Transportation Equipment Except Autos
Automobiles
Nonferrous Metals and Products
Lumber and Timber Basic Products
Furniture and Finished Lumber Products.
Stone, Clay, and Glass Products
Nondurable Goods
Textiles—Mill and Fiber Products
Apparel and other Finished Products . . .
Leather and Manufactures
Food and Kindred Products
Tobacco Manufactures
Paper and Allied Products
Printing, Publishing and Allied Industries
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
;
Miscellaneous Industries
r
46.7
46.3
48.3
47.4
45.1
46.5
44.7
44.8
44.0
46.9
46.4
48.1
46.8
45.5
47.1
43.6
44.3
44.5
46.0
45.6
46.6
45.9
43.9
46.0
42.9
43.6
43.6
46.0
r
45.7
47.7
46.2
43.8
r
46.2
44.0
44.1
43.8
43.0
43.0
43.2
42.3
r
43.1
41.7
37.3
41.2
45.6
42.4
45.7
41.2
45.5
46.9
45.0
45.2
41.8
37.7
41.2
45.0
42.3
46.2
41.1
45.6
46.9
45.6
45.1
41.9
37.9
42.0
45.0
42.3
46.5
41.2
45.7
48.3
45.7
45.8
40.7
36.4
40.4
44.5
41.6
45.4
41.2
45.7
47.5
44.2
44.8
41.8
37.2
42.1
r
45.6
42.8
46.4
41.6
45.4
47.8
r
45.2
45.2
111.6
111.2
104.4
113.8
i May
104.2
July
Aug.
r
103.8 103.2 202.5
113.4 r113.0
r
112.6
111.4
r
111.2 1 1 1 . 2 111.0
106.8 106.1 105.7
115.2 r 115.0 1 1 4 . 8
129.7 130.0 130.2
126.9 126.8 125.2
107.7 107.2 1 0 6 . 8
81.4 r 82.2
81.0
85.9
85.2
85.2
92.8
92.9
93.1
11*0.9
105.0
113.6
129.6
123.6
106.5
81.6
84.1
93.7
90.2
90.8
41.6
42.0
42.7
41.9
33.5
43.2
40.5
40.6
41.6
108.6
103.2
112.3
126.7
129.1
105.1
79.6
81.2
89.9
107.5
103.2
112.1
127.2
126.1
104.7
80.1
81.6
89.5
110.9
106.8
115.2
129.5
128.0
108.2
80.7
85.5
92.9
42.8
40.3
86.2
86.4
89.9
90.3
41.3
r
36.7
41.7
r
45.8
r
41.0
46.3
41.5
45.1
47.7
45.5
44.0
38.4
33.1
39.3
43.3
39.6
44.0
40.9
43.3
46.8
41.8
41.9
71.0
78.5
80.1
84.5
70.9
84.7
107.2
96.6
119.9
109.4
95.5
71.1
80.7
80.6
84.4
71.5
84.7
108.0
96.1
117.9
110.2
95.7
73.5
86.2
85.2
86.9
74.0
87.4
112.9
98.0
120.2
113.6
99.3
74.5
84.7
85.9
87.4
74.7
87.6
113.3
99.0
120.4
113.2
99.2
45.2
45.4
46.6
45.8
42.4
r
45.7
41.5
43.3
43.3
June
90.4
76.3 77.1
75.9
r
83.9 rr 82.9 84.4
85.7
85.1 85.7
87.7 r 87.4 88.2
75.7
74.9 76.1
87.9
88.1 87.9
112.8 112.4 114.2
99.7
99.9 100.3
120.7 121.7 121.6
114.0 1r1 3 . 8 111.9
99.2
98.3 97.7
NOTE.—Back figures are available from the Bureau of Labor Statistics.
Revised.
NOVEMBER
46.0
45.7
47.5
46.8
43.7
46.0
42.4
43.6
42.4
41.2
Apr.
1945
1147
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Total
Manufacturing
lining
Construction*
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
Federal,
State, and
local
government
30,353
31,784
35,668
38,447
39,728
38,698
10,078
10,780
12,974
15,051
16,924
16,121
845
916
947
970
891
835
1,753
1,722
2,236
2,078
1,259
679
2,912
3,013
3,248
3,433
3,619
3,761
6,618
6,906
7,378
7,263
7,030
7,044
4,160
4,310
4,438
4,447
4,115
4,348
3,988
4,136
4,446
5,203
5,890
5,911
1941—April
May
June
July
August
September
October
November
December
34,441
35,269
35,758
36,277
36,597
36,774
36,892
36,991
36,864
12,456
12,776
13,032
13,342
13,473
13,580
13,642
13,752
13,748
643
949
970
981
997
1,000
1,003
1,004
1,002
2,133
2,176
2,239
2,256
2,258
2,327
2,295
2,248
2,115
3,161
3,224
3,254
3,292
3,330
3,331
3,355
3,369
3,367
7,266
7,302
7,388
7,495
7,579
7,548
7,537
7,526
7,487
4,438
4,441
4,441
4,442
4,458
4,454
4,472
4,479
4,493
4,344
4,401
4,434
4,469
4,502
4,534
4,588
4,613
4,652
1942—January
February
March
April
May
June
July
August
September
October
November
December
37,057
37,195
37,391
37,724
37,981
38,204
38,581
39,042
39,171
39,452
39,597
39,898
13,879
14,041
14,255
14,463
14,649
14,865
15,143
15,442
15,644
15,798
16,048
16,333
996
981
976
982
982
981
982
973
962
954
944
933
2,102
2,090
2,055
2,054
2,048
2,057
2,077
2,101
2,077
2,136
2,095
2,041
3,372
3,357
3,382
3,402
3,419
3,419
3,433
3,448
3,448
3,484
3,503
3,525
7,481
7,414
7,331
7,319
7,280
7,206
7,210
7,222
7,227
7,224
7,132
7,136
4,520
4,491
4,523
4,541
4,521
4,532
4,520
4,518
4,382
4,330
4,255
4,229
4,707
4,821
4,869
4,963
5,082
5,144
5,216
5,338
5,431
5,526
5,620
5,701
1943—January
February
March
April
May
June
July
August
September
October
November
December
39,934
39,935
40,066
39,891
39,740
39,775
39,876
39,737
39,475
39,486
39,526
39,479
16,506
16,682
16,831
16,858
16,837
16,908
17,059
17,097
17,051
17,108
17,152
16,995
927
924
915
908
893
893
888
878
876
869
859
863
1,899
1,734
1,604
1,476
1,358
1,263
1,164
1,082
1,020
936
891
864
3,540
3,556
3,574
3,588
3,597
3,620
3,634
3,639
3,633
3,671
3,683
3,687
7,133
7,064
7,110
7,006
6,988
7,017
7,061
7,015
7,006
7,006
7,000
6,962
4,146
4,146
4,121
4,110
4,102
4,112
4,127
4,110
4,079
4,078
4,119
4,127
5,783
5,829
5,911
5,945
5,965
5,962
5,943
5,916
5,810
5,818
5,822
5,981
1944—January
February
March
April
May
June
July
August
September
October
November
December
39,454
39,352
39,123
38,865
38,749
38,766
38,700
38,654
38,400
38,159
38,044
38,164
16,910
16,819
16,642
16,391
16,203
16,093
16,013
15,943
15,764
15,614
15,529
15,554
862
862
852
848
843
848
833
830
822
812
808
802
830
786
737
719
673
677
653
648
627
609
611
619
3,720
3,780
3,780
3,763
3,768
3,765
3,753
3,762
3,735
3,748
3,771
3,789
7,096
7,043
7,046
6,982
6,997
7,012
7,084
7,059
7,065
7,077
7,052
7,015
4,170
4,173
4,165
4,257
4,363
4,475
4,505
4,514
4,488
4,384
4,359
4,304
5,866
5,889
5,901
5,905
5,902
5,896
5,859
5,898
5,899
5,915
5,914
6,081
1945—January
February
March
April
May
June
July
August,
September
38,426
38,469
38,456
37,963
37,746
r
37,465
r
37,187
36,798
35,098
15,633
15,595
15,445
15,178
14,885
r
14,534
r
14,130
13,768
12,089
805
802
796
765
732
798
784
780
781
633
658
691
736
782
828
r
868
881
884
3,797
3,848
3,846
3,811
3,802
r
3,792
3,779
3,781
3,783
7,210
7,164
7,214
7,004
7,056
7,039
r
7,117
7,105
7,210
4,394
4,404
4,438
4,466
4,513
4,521
r
4,558
4,537
4,500
5,954
5,998
6,026
6,003
5,976
5,953
r
5,951
5,946
5,851
1944—April
May
June
July
August
September
October
November
December
38,689
38,672
38,846
38,731
38,744
38,571
38,360
38,347
38,889
16,309
16,122
16,093
16,013
16,023
15,843
15,692
15,607
15,632
844
839
844
833
834
826
816
812
806
683
686
691
686
700
671
652
629
594
3,744
3,768
3,803
3,809
3,818
3,791
3,767
3,771
3,770
6,968
6,962
6,977
6,942
6,918
6,994
7,148
7,299
7,611
4,236
4,363
4,542
4,618
4,582
4,488
4,340
4,315
4,304
5.905
5,932
5,896
5,830
5,869
5,958
5,945
5,914
6,172
1945—January
February
March
April
May
June
July
August
September
37,952
37,968
38,062
37,791
37,679
r
37,549
r
37,229
36,894
35,268
15,555
15,517
15,368
15,102
14,811
r
14,534
r
14,130
13,837
12,149
801
798
796
761
728
794
784
784
785
582
599
636
699
798
845
r
911
951
946
3,740
3,771
3,788
3,792
3,802
r
3,830
3,836
3,838
3,840
7,030
6,985
7,084
6,990
7,021
7,004
r
6,975
6,963
7,138
4,350
4,360
4,394
4,444
4,513
4,589
r
4,672
4,605
4,500
5,894
5,938
5,996
6,003
6,006
5,953
r
5,921
5,916
5,910
Year and month
1939
1940
1941
1942
1943
1944
SEASONALLY ADJUSTED
UNADJUSTED
* Includes Contract Construction and Federal Force Account Construction. r Revised.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates include all full- and part-time wage and salary workers in nonagricultural
establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel
of the armed forces are excluded. September 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.
1148
FEDERAL RESERVE BULLETIN
C O N S T R U C T I O N CONTRACTS AWARDED, BY TYPE OF C O N S T R U C T I O N
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Factories
January
February
March
April
May
June
July
August
September
October
November
December
Year
1
Nonresidential building
Residential
building
Total
Month
Commercial
Educational
Public works
and public
utilities
Other
1944
1945
1944
1945
1944
1945
1944
1945
1944
1945
1944
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
328.9
395.8
242.5
227.3
257.7
263.6
41.0
24.9
35.2
37.8
34.5
30.6
25.8
23.3
24.5
23.8
23.3
23.9
19.5
19.3
26.9
42.7
47.2
41.8
46.3
42.7
34.0
29.9
48.7
33.0
27.1
24.4
38.3
40.0
49.0
37.7
52.9
57.6
45.2
66.6
160.4
174.5
43.4
25.5
51.5
75.5
4.1
4.5
7.4
6.1
5.8
8.7
5.6
7.9
6.4
7.7
7.1
9.5
7.5
8.5
10.0
12.3
9.5
18.8
19.8
25.5
8.7
—0.2
4.4
5.4
3.8
10.5
10.1
6.4
7.6
3.5
5.3
3.8
4.9
3.0
4.6
4.3
5.1
10.5
13.4
10.4
21.1
23.1
19.5
25.0
17.1
18.9
30.2
22.4
24.2
20.0
28.3
27.1
50.3
55.1
61.3
72.0
55.8
70.7
80.5
69.4
64.1
52.2
48.0
66.6
39.8
32.0
90.6
111.9
107.9
95.0
89.9
77.5
276.7
746.1
1,994.0
348.4
472.7
69.2
80.8
1945
Negative because of revision of a prior month's entry.
C O N S T R U C T I O N CONTRACTS AWARDED, BY O W N E R S H I P
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Public ownership
Total
Private ownership
Month
January . . . . .
February
March
April
May
June
July
August
September...
October
November...
December ...
Year
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
1945
1944
Federal Reserve district
1943
1944
1945
1943
1944
351
394
340
303
234
230
184
414
175
214
184
252
159
137
176
179
144
164
191
169
176
145
165
188
141
147
329
396
243
227
258
264
278
316
364
304
253
192
183
122
351
120
157
135
198
122
109
133
133
9B
122
148
125
127
102
103
114
3,274 1,994
1945
75
74
221
309
148
82
108
67
43
2,695 1,435
1943
1944
1945
35
30
36
50
42
46
61
62
56
56
50
54
37
28
43
46
46
42
42
44
49
43
62
74
66
73
107
87
95
146
149
196
235
579
559
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
•
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts) ..
Sept.
Aug.
18,369
43,531
20,725
32,936
26,870
21,652
57,870
16,122
11,632
11,439
17,116
18,841
36,445
16,162
25,423
29,395
24,293
51,704
28,703
7,621
6,131
18,890
8,786
12,959
7,568
16,227
29,441
15,770
33,833
13,004
5,556
15,348
17,247
278,262
263,608
175,739
Sept.
NOTE.—Data for most recent month preliminary.
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Mortgages on
Title I Loans
Year or month
Total
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Property
improvement
320
557
495
694
954
1,026
1,186
1,137
942
886
224
246
60
160
208
251
262
141
96
125
1944—Sept
Oct
Nov
Dec
83
84
82
66
14
12
17
11
1945—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
67
68
60
53
62
56
52
45
44
8
19
13
10
14
13
12
12
11
Small
home
construction
1- to 4- Rental
War
and
family
group housing
houses housing
(Title
(Title
VI)
(Title
ID
ID
94
309
424
473
669
736
877
691
243
216
2
2
11
48
51
13
13
6
*
7
*
*
20
22
22
18
3
1
*
*
*
19
14
17
15
22
19
19
18
16
13'
25
26
21
15
1
*
*
*
*
*
*
*
2
End of month
-•
284
601
537
46
49
43
37
39
34
30
28
26
24
21
15
14
SavCom- Muings Insur- Fedtual
ance
merand
eral Other2
savTotal cial
comloan
ings associ- panies agen-1
banks banks
cies
ations
5
32
1936—Dec
1937_D e c
1938—Dec
365
771
1,199
228
430
8
27
56
110
41
118
634
38
149
212
77
1939—June
1,478
1,793
759
50
167
271
137
902
71
192
342
153
1,949
2,075
2,232
2,409
971
,026
,093
,162
90
201
392
171
100
111
130
208
216
224
432
480
542
182
190
201
124
127
141
150
June
Sept.
Dec.
2,598
2,755
2,942
3,107
,246
,318
.400
1,465
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
178
179
1942—Mar
June
Dec
3,307
. . . . 3,491
3,620
1,549
1,623
1,669
201
219
236
264
272
276
856
940
1,032
237
243
245
200
195
163
1943—June
Dec
3,700
3,626
1,700
1,705
252
256
284
292
1,071
1,134
235
79
158
159
1944—June
3,554
3,399
1,669
t 590
258
260
284
269
1,119
1,072
73
68
150
140
Dec
* Less than $500,000.
NOTE.—Figures represent gross insurance written during the period and
do not take account of principal repayments on previously insured loans.
Figures include some reinsured mortgages, which are shown in the month
in which they were reported by FHA. Reinsured mortgages on rental and
group housing (Title II) are not necessarily shown in the month in which
reinsurance took place.
NOVEMBER 1945
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
1940—Mar
June
Sept
Dec
1941—Mar
Dec
27
53
90
94
133
134
43
264 1,047
265
3,324 1,570
1945—June
1
The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States
Housing
Corporation.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding
terminated mortgages and cases in transit to or being audited at the Federal Housing Administration.
1149
MERCHANDISE EXPORTS AND I M P O R T S
[In millions of dollars]
Merchandise exports
Merchandise imports 2
1
Excess of exports
Month
1941
January
February
March
325
1942
1943
1944
303
357
482
483
637
749
728
988
April
May
June
387
385
330
717
542
650
989
1,092
1,003
July
August
September
365
460
425
659
705
732
1,265
1,280
1,269
r
October
November
December
666
492
653
803
788
883
1,238
1,073
1,288
p
4,874
8,095
January-August...
p
1
2
2,912
1,124
1,107
1,197
r
1945
1941
1942
1943
1944
229
234
268
254
254
272
229
234
249
300
313
359
p
9Q3
^1,030
1,231
l,455
1,297
n,003
^1,133
287
297
280
235
191
215
258
281
295
360
386
331
l,197
1,191
*>883
278
282
262
213
186
196
302
316
286
294
304
304
281
344
200
168
358
329
311
281
2,154
1,820
2,164
l,144
^1,187
P939
9,799
*7,451
1945
1941
1942
1943
96
69
89
228
230
365
520
494
739
2*372
100
88
50
482
351
435
731
811
708
^358
87
178
162
446
518
536
963
964
983
362
211
309
603
620
525
909
762
1,006
757
3,054
P
325
^365
P
366
p
329
p
2,647
2,836
1944
1945
p
569
561
^665
824
794
838
r
p
871
l,069
965
"637
761
P
r
903
887
9U
I'2OO
p
^815
^864
p
603
5,931
7,151
*>4,615
r
Preliminary.
Revised.
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
REVENUES, EXPENSES, A N D INCOME OF CLASS I
RAILROADS
[In millions of dollars]
[Index numbers; 1935-39average=100]
ForTotal
est
Coal Coke Grain Livestock prod-
Ore
ucts
Mis- Mereel- chanlane- dise
ous l.c.1.
101
109
130
138
137
140
98
111
123
135
138
144
102
137
168
181
186
186
107
101
112
120
146
139
96
96
91
104
117
124
100
114
139
155
141
144
110
147
183
206
192
181
101
110
136
146
145
147
1939
1940
1941
1942
1943
1944
97
96
100
69
63
67
SEASONALLY
ADJUSTED
142
142
139
137
141
137
142
145
147
143
143
127
194
185
183
182
181
166
144
131
126
147
150
134
124
121
114
120
135
128
156
155
137
133
138
135
189
188
184
153
153
133
150
150
146
143
149
151
66 1944—June. .
68
July
67
August.
66
September
68
October
November
68
1945—January
February
March
April
May
June
July
August
143
139
145
141
140
140
139
128
128
141
139
137
126
126
143
136
128
143
176
178
190
180
193
181
193
167
155
128
119
134
160
167
155
157
163
146
120
121
129
124
120
121
121
115
114
142
133
134
133
137
144
140
133
125
161
168
218
204
204
170
171
166
203
157
152
159
153
151
146
146
132
126
66
66 1945—January
67
February
. .
.
December
March
April
May
June
July
August
71
69
68
67
64
66
. Net
income
3,995
4,297
5^347
7,'466
9,055
9,437
3,406
3,614
4^348
5,982
7,693
8^343
589
682
993
1,485
1,362
1*093
93
189
500
902
874
668
810
804
781
790
791
788
780
701
706
710
710
709
697
711
109
98
71
80
82
91
69
71
61
32
42
46
57
33
766
781
796
799
796
831
791
705
673
678
698
704
704
725
696
648
93
103
98
96
92
106
95
60
68
63
62
57
71
61
23
799
809
836
799
819
781
757
700
709
735
710
721
689
687
100
100
101
89
97
92
70
751
713
813
779
823
820
796
678
640
713
687
723
724
699
669
73
73
100
92
100
96
97
57
UNADJUSTED
UNADJUSTED
1944—June
July
August
September
October
November
December
1944—July
August
September . . . .
October
November
December
147
146
150
148
144
128
142
145
147
143
143
127
188
178
181
178
181
175
172
141
142
147
147
126
102
115
151
184
170
124
157
162
148
140
135
120
302
281
276
237
138
41
151
151
158
156
155
142
66
68
70
69
70
65
1945—January
February
March
April
May
132
130
136
139
142
145
143
132
137
141
139
137
126
126
143
136
128
143
185
188
192
176
191
178
187
160
154
128
117
124
141
147
158
188
176
163
115
97
102
111
108
99
97
109
150
128
128
134
133
143
149
140
140
135
40
42
63
203
268
263
273
249
261
143
142
151
151
152
150
148
133
136
63 1945—January
64
February
68
March
71
April
69
May
68
June
67
July
65
August
69
June
July
August
September....
Net
railway
operating
income
SEASONALLY
ADJUSTED
1944—July
August
September
October
November
December
September....
Total
railway
expenses
Annual
Annual
1939
1940
1941
1942
1943
1944
Total
railway
operating
revenues
p
755
87
r
61
58
60
56
60
64
41
39
37
63
56
65
66
63
P51
r
Preliminary.
Revised.
r
Revised.
NOTE.—Descriptive material and back figures may be obtainec
NOTE.—For description and back data, see pp. 529-533 of the B U L L E T I N for from the Division of Research and Statistics. Basic data romnilef
June 1941. Based on daily average loadings. Basic data compiled by Associa- by the Interstate Commerce Commission. Annual figures include retion of American Railroads. Total index compiled by combining indexes for classes visions not available monthly.
with weights derived from revenue data of the Interstate Commerce Commission.
1150
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on value figures]
MONTHLY I N D E X E S O F SALES
[1935-39 average = 100]
Federal Reserve district
Year and month
United
States
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minne- Kansas
apolis
City
Dallas
San
Francisco
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
83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
150
168
186
95
110
108
112
119
121
123
127
128
126
128
123
114
90
84
90
92
100
104
100
104
108
126
140
148
162
84
100
96
99
106
110
116
120
123
124
129
126
116
91
86
91
93
101
106
99
101
106
119
128
135
150
106
126
120
122
135
134
135
138
133
127
128
118
105
83
80
88
91
102
107
96
104
111
129
143
151
168
84
106
94
95
108
106
109
110
110
110
116
105
93
68
69
81
86
101
111
96
106
114
138
153
167
182
73
81
78
75
85
87
92
96
95
95
96
92
86
68
68
81
87
98
105
101
109
120
144
170
194
214
88
105
90
85
94
91
95
99
100
100
98
91
79
60
62
78
84
97
105
103
113
123
145
162
204
244
80
83
98
96
102
106
108
114
116
101
88
67
68.
79
86
100
109
98
107
116
135
149
161
176
105
103
115
114
120
121
119
120
122
110
97
76
72
83
85
97
106
102
111
119
143
158
179
200
113
126
117
112
120
119
124
119
117
110
110
105
98
79
76
85
90
99
104
101
106
109
122
133
149
165
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
172
177
167
145
150
148
137
143
133
154
161
144
170
178
164
194
199
197
222
220
208
163
164
163
188
197
172
148
166
146
194
210
174
225
220
212
211
212
206
1944—January
February
March
April
May
June
July
August
September
October
November
December
174
175
183
173
183
176
189
187
187
193
205
196
151
148
155
157
164
155
160
158
162
165
168
174
135
138
152
141
150
144
149
152
149
152
161
158
159
156
173
161
168
158
169
157
170
168
183
171
169
166
183
166
181
166
191
182
180
190
203
190
202
198
213
200
212
208
212
215
r
219
227
231
220
224
225
228
221
233
237
262
243
247
260
271
258
164
164
168
166
170
165
178
180
181
185
189
190
182
194
195
173
197
189
208
207
193
215
235
207
160
176
159
157
160
151
165
173
162
158
189
175
207
203
194
181
192
192
212
203
200
215
244
208
219
227
244
237
242
239
256
253
252
248
258
259
208
211
219
201
214
210
222
222
r
216
228
253
233
1945—January
February. . .
March
April
May
June
July
August
September
197
211
220
181
188
202
218
200
199
167
166
193
157
160
177
183
166
167
149
165
189
150
156
169
176
165
161
173
189
204
162
170
185
198
175
173
186
204
222
174
179
197
220
189
187
231
238
250
210
210
235
252
235
225
268
274
274
234
243
277
300
274
268
184
202
207
168
170
184
197
189
193
211
236
235
188
209
220
250
225
213
181
208
205
157
162
172
187
186
187
241
246
240
199
203
218
243
r
2l4
217
261
271
269
256
264
268
300
272
278
247
257
249
219
234
233
255
231
233
1943—October
November
December
186
215
273
161
184
255
157
182
228
174
202
256
182
214
262
212
252
332
233
257
336
174
200
253
194
224
277
168
192
224
203
228
283
250
269
343
219
255
325
1944—January
February
March
April
May
June
July
August
September
October
November
December
137
142
170
172
178
163
142
157
196
208
248
320
119
115
144
161
162
144
110
118
170
184
207
300
112
114
139
137
142
133
100
111
158
173
206
270
122
123
162
158
161
142
116
123
173
190
231
305
132
133
167
172
179
157
140
159
191
204
244
303
152
159
203
194
211
183
152
177
r
232
249
294
369
179
194
221
228
228
199
197
216
257
273
317
417
131
131
159
166
170
160
139
151
185
197
231
295
149
153
185
183
197
170
154
178
212
221
268
333
119
122
141
159
162
151
130
153
184
179
218
269
153
161
182
183
194
177
168
191
220
226
264
339
177
200
227
228
228
203
194
220
265
272
314
421
166
178
198
192
200
193
184
202
r
225
238
299
373
156
171
212
174
183
186
163
168
209
132
130
187
156
158
165
127
125
176
124
137
176
143
148
156
118
120
171
133
149
200
152
163
167
137
r
136
177
145
163
214
171
177
187
161
165
199
174
191
250
193
209
207
181
194
239
214
236
282
227
238
233
225
244
279
147
162
200
165
170
178
154
158
197
173
187
233
192
209
198
185
194
234
136
144
186
156
164
171
147
165
211
178
194
233
195
205
200
192
r
201
239
211
239
269
228
248
228
228
237
292
197
217
232
205
219
215
211
210
243
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
. . . .
. ..
SEASONALLY
ADJUSTED
1943—October
November
December
. ..
UNADJUSTED
1945—January
February
March
April
May
June
July
August
September
r
. .
Revised.
NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944.
NOVEMBER
1945
1151
DEPARTMENT STORE STATISTICS—Continued
SALES, STOCKS, AND OUTSTANDING ORDERS
[As reported by 296 department stores in various Federal Reserve districts ]
OutSales
Stocks standing
(total (end of
for
m o n t h ) orders
(end of
month)
month)
128
136
156
179
204
227
1939 ave: •age
1940 ave:
1941 ave
1942 ave
1943 ave:
1944 ave: age.
344
353
419
599
508
533
108
194
263
530
560
467
492
Seasonally
adjusted
99
101
120
172
146
153
143
134
167
170
226
206
220
198
162
198
234
257
299
385
479
514
531
526
525
523
517
r
573
583
600
580
444
530
527
' 484
476
534
592
631
579
r
561
577
610
622
154
154
149
145
147
157
165
171
161
154
144
136
137
147
152
151
151
150
148
r
165
167
172
166
127
1945—Jan
Feb....
Mar....
Apr... .
May...
June...
July...
Aug....
Sept...
198
198
284
209
231
236
191
213
p
243
463
494
524
565
591
601
590
624
p
623
768
819
772
725
671
697
r
722
672
148
149
147
156
165
181
188
187
^172
133
142
150
162
170
173
169
179
p
179
100]
1944
1945
1942
1943
Feb. 2 1 . . . . ..115 Feb. 2 0 . . . . .155 Feb. 19.. ...142
F e b . 2 4 . . . ...177
2 8 . . . . ..127
26.. ...146 M a r . 3 . . . ...182
2 7 . . . . .162
10... ...204
Mar. 7 . . . . ..130 Mar. 6
.150 Mar. 4 . . ...153
1 4 . . . . ..137
17... ...214
13
1 1 . . . ...160
.144
2 1 . . . . ..148
2 4 . . . ...226
20
18.. ...172
.147
3 1 . . . ...230
2 8 . . . . ..157
27
.155
25.. ...182
Apr. 4 . . . . ..170 Apr. 3
.161 Apr.
1 . . ...212 A p r . 7 . . . ...181
1 1 . . . . . 129
10
14
156
.168
8.
208
1 8 . . . . ..146
17
2 1 . . . . . . 192
.170
1 5 . . ...152
2 5 . . . . ..140
24
.182
22.. ...163
2 8 . . . ...184
.142
M a y 2 . . . . ..147 May 1
2 9 . . . .168 M a y 5
193
9 . . . . ..149
8
.169 May 6 . . . . . 1 8 4
12... ...196
1 6 . . . . ..127
15
.149
13.. ...197
19... ...178
23 . . . . ..125
22
.153
20.. ...177
2 6 . . . ...182
3 0 . . . . ..104
29
.151
27.. ...168
June 2 . . . . . . 1 6 9
.151 J u n e 3 . . . . . . 1 6 3
9 . . . ...196
June 6 . . . ..147 June 5
13 . . . ..128
12
.168
10... ...172
16... ...206
20 . . . ..129
19
.168
17... ...173
2 3 . . . ...183
27 . . . ..109
26
132
24
...151
30
173
134 July 1
149
July 4 . . . . . . 95 July 3
153
July 7
1 1 . . . . .112
10
.113
8 . . . ...116
1 4 . . . ...167
1 8 . . . . ..105
17
.126
15... ...145
2 1 . . . ...157
2 5 . . . . ..103
24
.124
22... ...138
2 8 . . . ...153
31
.118
29... ...132
Aug. 1 . . . . ..105
Aug. 4 . . . ...167
8
..122 Aug. 7
131 Aug. 5 . . . . . . 1 3 7
11
.176
15
125
14
.131
12... . . . 1 4 8
IS ... .124
22
..126
21
146
19
149
25 ..
182
..142
29
28
.145
26.!! ..171
Sept. i.V ...194
Sept. 5 . . . . . 165 Sept. 4 . . . . 169 Sept. 2 . . . . . 1 9 4
8 . . .. .177
1 2 . . . . .140
1 1 . . . . 156
9 . . ...177
15... ...213
1 9 . . . . .152
1 8 . . . . 179
16 . . . . . 1 9 6
2 2 . . . ...220
2 6 . . . . .172
2 5 . . . . 176
2 3 . . ...193
2 9 . . . . . . 209
.183 Oct. 2 . . . 175
3 0 . . . . . 1 9 6 Oct.
6 . . ...242
Oct. 3
1 0 . . . . ..171
9
.188 Oct. 7... ..218
13... ...245
1 7 . . . . ..166
16
.189
1 4 . . . ..221
20.. . . . 2 3 8
2 4 . . . . ..172
23
.194
2 1 . . . ..209
27.. . . . 2 3 2
3 1 . . . . ..168
30
.187
2 8 . . . ..207
Nov. 3 . .
10...
Nov. 7 . . . . ..182 Nov. 6 . . . . .202 N o v . 4 . . ..215
1 4 . . . . ..182
1 3 . . . . .211
1 1 . . ..231
17...
2 1 . . . . ..182
2 0 . . . . .223
18.. ...252
24
2 8 . . . . ..176
2 7 . . . . .201
2 5 . . . . . 2 3 6 Dec.
1..
N O T E . — R e v i s e d series. F o r descri p t i o n a n d back figures see p p . 874-875
of B U L L E T I N for September 1944.
Unadjusted
1944—Jan
Feb
Mar
Apr
May....
June
July....
Aug. . . .
Sept....
Oct
Nov. . . .
Dec. . . .
1943—Dec...
:
Without seasonal adjustment
Index of stocks
(1935-39 average
= 100)
Amount
(In millions of dollars)
W E E K L Y I N D E X O F SALES
[Weeks ending on dates shown. 1935-39 average
p
r
Preliminary.
Revised.
Back figures.—Division of Research and Statistics.
SALES BY FEDERAL RESERVE DISTRICTS A N D BY CITIES
[Percentage change from corresponding period of preceding year]
ine
Sept. A u g . N
os.
1945 1945 m
1945
United States..
Boston
New Haven
Portland
Boston
Springfield
Worcester
Providence
New York
Bridgeport
Newark
Albany
Binghamton
Buffalo
Elmira
Niagara Falls..
New York City
Poughkeepsie...
Rochester
Schenectady.. .
Syracuse
Utica
Philadelphia
Trenton
Lancaster
Philadelphia....
Reading
Wilkes-Barre..
York..
Cleveland
Akron
Canton
Cincinnati
Cleveland
Columbus
"Revised.
+6 +11
+6 +9
+1 +4
+12 +5
+2 +7 +11
—3 +3
+6
+3 +6 +15
—1 +5
+9
+4 +9 +12
Sept. Aug.
1945 1945
Nine
mos.
1945
+3
0
-5
—4
-6
-4
+3
+3 +10 +13
+24 +29 +21
+2 +8 +15
0
+4
+7
+5 +9
+4 +15
0 +8
-4
+7
- 2 +13
i
-2
-7
+20
-1
+7
+9
+8
+13
+14
+11
+10
Youngstown
Erie
Pittsburgh
Wheeling
,
Richmond
Washington
..
Baltimore
Raleigh, N. C . . .
Winston-Salem...
Charleston, S. C .
Greenville, S. C .
Lynchburg
Norfolk
Richmond
Charleston.W.Va.
Clarksburg
Huntington
+13. Atlanta
Birmingham
+3 Mobile
+11 +10
+20 +14
n5z
tt
+2
Chicago
Cleveland—Cont.
Montgomery
Jacksonville
r+9
+5 Miami
+11 +9 Orlando
+2 +4 Tampa
+9 r +19 +18 Atlanta
+7 +12 Augusta
Columbus
0 +4 +10
Macon
Baton Rouge
5 +5 +10
Orleans
-12
+2 +5 New
Bristol, Tenn...
+13
+4 +6
—3
-1
+8 Jackson
+6 +9 +15 Chattanooga.. ..
+6 Knoxville
—A
+9 Nashville
* Data not yet available.
-2
-4
-14
-1
-11
S e p t . Aug.
1945 1945
+1 +12
-4
+2
+2 +6
+5 +9
- ; +10
+i +9
-2
— 12
-2
-13
+6
+11
+16
+5
+10
+16
+10
+9
+9
+6
+9 +10
+5 +2
+13 +17 +16
+5 + 14 +16
-15 -10
+1
+7 +12 +13
+9 +16 +20
+5 +7 +10
0
+12 +18
+4 +9 +13
+4 - 1 +9
-10 -12
-3
+6 +11 +20
+11
+4 +4
+3
+10
+11 +11 +15 Minneapolis
- 1 +10 +9
0 +5 +9 Kansas City
Denver
+11 + 12 +19
Pueblo
+17 +23 +20
+4
+1
+4
3
-1
+5
-1
+9
+5
+7
+5
Chicago
+5 +6
Peoria
+6
Fort Wayne.... +7
+6
Indianapolis... +9
+6 +8
Terre Haute... +20
+29
Des Moines
+9 +13
Detroit
-7 - 1
Flint
0 -2
Grand Rapids.. +6 +10
Lansing
-2
-8
Milwaukee
+4 +8
Green Bay
+5 +9
Madison
+8 +10
St. Louis
+6 +9
Fort Smith
+14 + 8
Little Rock.... +6 +11
Quincy
+9 +10
Evansville
-12
Louisville
-1
+7
East St. Louis. +2 +5
St. Louis
+9
St. Louis Area. +8
+8 +9
Springfield
+4 +17
+14 +17 +16
+18 +14
+5 + 13 +14
+7 +4 +15
—2 +3 +11
+12 +12 +15
* Eight
+4
+7
+8
+5
Nine
mos.
1945
+9
+11
+12 Dallas
+15 Shreveport
+12 Dallas
+36 Fort Worth
+18 Houston
+4 San Antonio
+9
+20 San Francisco
+11 Phoenix
+14 Tucson
+16 Bakersfield
+11 Fresno
+13
+10
+14
+12
+1
+5
+12
+14
+13
+18
+11
+11
+12
+10 +14 +15
*
**+ll
+8
Hutchinson . . .
+5 +6 +17
Topeka
+4 +15 +16
Wichita
Joplin
Kansas C i t y . . .
St. Joseph
Omaha
+6
+9
+4
1
-8
+7
+2
+12 +16
0
+5
+1 +4
- 3 +1
Sept. Aug. N i n e
mos.
1945 1945 1945
+4
+9
+12
+10
+10
+13
+16
Long Beach
Los Angeles
Oakland and
Berkeley
Riverside and
San Bernardino
Sacramento
San Diego
San Francisco
San Jose
Santa Rosa
Stockton
Vallejoand Napa
Boise and
Nampa
Portland
Salt Lake C i t y . .
Bellingham
Everett
Seattle
Spokane
Tacoma
Yakima
+6 +8
+7 - 1
+9 +12
0 +9
-1
0
+15 +17
+4 +4
+8 +12
+3 +11
+4 r+9
+4 +5
-1
+5
+4 +6
+3 +6
+5 +8
+5 +4
—7
-1
+5
-1
+1
+4 r +7
+19 +27
+5 +9
•?
+14 +11
+7
+8
+9
+5
+7
+8
+7
+14
-1
+8
+2
+9
+2
-2
+5
+5
+12
+6
+14
+11
+5
+22
+11
+16
+8
+12
+13
+14
+12
+11
+12
+8
+5
+14
+8
+15
+15
+ 14
+15
+7
+9
+9
+11
+ 12
+9
+18
+8
months.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES A N D S T O C K S , B Y M A J O R
DEPARTMENTS
Percent change from a year ago (value)
Number
of stores
reporting
Department
Sales during period
Aug.
1945
Aug.
1945
G R A N D T O T AL—en tire store
353
MAIN S T O R E — t o t a l
353
Women's a p p a r e l a n d a c c e s s o r i e s . . .
Coats and suits
Dresses
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
Infants' wear
Aprons, housedresses, uniforms
Underw ear, 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.,.
350
329
334
313
305
306
284
325
330
342
325
242
261
240
280
168
301
Men's a n d boys' wear
Men's clothing
Men's furnishings, hats, caps.
Boys' clothing and furnishings
Men's and boys' shoes and slippers.
321
230
304
280
175
Home furnishings
313
231
236
289
173
289
219
219
220
Furniture, beds, mattresses, springs... .
Domestic floor coverings
Draperies, curtains, upholstery
Major household appliances'
Domestics, blankets, linens, etc
Lamps ana shades
China and glassware
Housewares
+17
+14
+17
+4
+5
+11
+4
+21
+31
+38
+1
+3
+12
+8
+6
+2
+2
+10
+33
—1
+3
Small wares
Lace, trimmings, embroideries, ribbons
Notions
^
Toilet articles, drug sundries, and prescriptions .
Jewelry and silverware
Art needlework
Stationery, books, and magazines
334
121
223
319
293
239
232
+8
Miscellaneous
Luggage
296
225
213
200
165
120
54
133
BASEMENT STORE—total. .
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
2.4
2.5
1.1
2.3
1.9
2.9
1.6
1.8
2.3
1.4
7.3
2.9
4.1
4.2
6.7
1.3
3.4
2.4
2.4
1.2
2.1
1.7
2.4
1.7
2.6
2.0
2.4
9.1
3.9
4.6
2.9
5.8
1.3
3.3
4.7
4.8
5.2
3.9
4.8
5.2
6.2
5.4
3.8
7.7
3.9
-13
-21
+22
+15
+16
3.6
3.6
4.0
1.1
2.9
5.9
5.2
4.3
3.7
3.1
3.5
3.5
2.2
3.2
5.6
4.8
4.2
-23
-30
2.0
1.3
2.4
1.3
+15
+11
+19
+14
+9
+U
+28
4.4
4.8
4.1
4.5
4.6
4.8
4.6
4.2
4.2
3.7
4.3
4.7
4.4
3.9
+22
4.4
2.4
3.6
2.4
2.9
2.4
4.2
3.6
2.0
4.2
2.8
2.2
4.5
3.0
2.4
5.0
-40
-3
-3
+23
+49
+20
+14
+10
-6
-22
-3
+13
-16
+4
+19
+8
+15
-12
-8
+3
+7
+41
+22
+12
+25
+76
-12
+16
+6
+16
-5
-26
3.1
3.2
-8
-27
+12
+11
+13
+12
+19
-14
-8
284
115
3.1
3.1
+26
+7
+15
+11
+10
-3
+7
+9
+11
+2
+9
+17
+6
+15
+15
+18
+12
+7
+2
0
+4
+4
+8
-3
+8
+13
+11
+13
+11
+4
+14
+12
-9
+1
+32
August
1945
+6
+6
+8
+13
+10
+25
+29
+28
+13
+14
+17
+19
+22
+24
+22
+13
+12
+18
+24
+10
+18
+7
+7
Piece g o o d s
Cotton wash goods
Ratio of stocks to sales
Stocks (end
of month)
0
+7
-15
+10
NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main
store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained
by dividing stocks at the end of the month by sales during the month and hence indicates the number of m o n t h s ' supply on hand a t the end of the month
in terms of sales for t h a t month.
SALES, A C C O U N T S RECEIVABLE, A N D COLLECTIONS
Percentage of total sales
Index numbers, without seasonal adjustment, 1941 average = 100
Total
1944—August
September
October
November
December
1945—January
February . . .
March
April
May
June
July
August..
September...
Accounts receivable
at end of month
ng month
Year and month
126
150
164
191
245
r
126
126
178
133
147
149
121
135
155
Cash
Instalment
167
194
211
245
326
60
66
81
95
105
164
163
230
171
190
194
163
181
203
57
57
73
52
55
52
48
58
63
r
Charge
account
r
93
117
127
149
181
96
98
141
107
117
117
88
99
118
Instalment
Charge
account
32
33
36
40
46
70
81
90
102
128
43
40
40
37
35
34
32
r
32
33
97
84
96
88
88
88
76
76
85
r
r
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
sales
Instalment
Charge
account
60
63
69
75
r
78
92
96
115
130
135
64
63
63
62
64
32
33
33
34
32
r
168
128
120
128
122
121
117
104
103
63
63
63
62
63
63
66
65
63
33
33
34
35
34
34
31
31
33
r
78
69
77
65
r
64
61
r
57
57
59
r
r Revised.
NOTE.—Data based on reports from a smaller group of stores than that included in the monthly index of sales shown on a preceding page.
NOVEMBER 1945
1153
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
Total
Loans1
Automobile
Singlepayment
loans2
Charge
accounts
Service credit
Other
7,637
6,839
5,528
4,082
3,905
4,378
5,419
6,771
7,467
7,036
8,008
9,205
9,959
6,529
5,379
5,791
3,167
2,706
2,214
1,515
1,581
1,849
2,607
3,501
3,947
3,584
4,463
5,507
5,984
2,999
2,002
2,084
2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,747
1,494
816
836
1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
175
200
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
641
636
652
674
619
516
459
532
802
1,065
1,195
1,271
1,671
2,057
2,237
1,505
1,186
1,248
2,125
1,949
1,402
962
776
875
1,048
1.331
L,504
L.442
L.468
L.488
1,601
L.369
1,192
1,220
1,749
1.611
,381
,114
,081
,203
1,292
[,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
5,192
5,272
5,412
5,596
5,791
1,896
1,912
1,937
1,974
2,084
709
720
743
773
836
210
210
210
208
200
499
510
533
565
636
1,187
1,192
1,194
1,201
1,248
1,239
1,231
1,231
1,231
1,220
1,330
L.402
1,516
1,664
L.758
727
727
728
727
729
5,488
5,332
5,582
5,449
5,496
5,642
5,592
p
5,586
2*5,631
2,014
1,968
1,991
1,989
2,006
2,032
2,036
p
2,030
*>2,049
778
743
732
724
720
720
713
P7O7
P719
192
186
184
184
184
188
192
p
196
*>202
586
557
548
540
536
532
521
P
511
P
517
1,236
1,225
1,259
1,265
1,286
1,312
1,323
p
l,323
p
l,330
1,206
1,188
1,181
1,212
1,258
1,320
1,346
p
l,359
*>1,354
1,534
1,438
1,669
1,506
1/488
1,544
1,459
^1,441
^1,470
734
738
741
742
744
746
751
P
756
2>758
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1944
Aug
Sept
Oct
Nov
Dec
1945
Jan
Feb
Mar
Apr
M<iy
June
July
Aug.
Sept
p
Preliminary.
I n c l u d e s repair a n d m o d e r n i z a t i o n loans insured b y F e d e r a l H o u s i n g A d m i n i s t r a t i o n .
N o n i n s t a l m e n t c o n s u m e r loans (single-payment loans of commercial b a n k s a n d p a w n b r o k e r s ) .
1
2
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
Department
Total,
End of month excluding stores
and
autoor year
mailmobile
order
houses
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Furniture
stores
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
641
636
160
155
138
103
119
146
186
256
314
302
377
439
469
254
174
184
583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
269
265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
13
56
47
45
30
29
35
40
56
68
70
93
110
120
77
66
70
133
141
136
110
97
115
132
174
210
220
246
271
284
160
101
100
499
510
533
565
636
132
138
148
162
184
233
236
244
253
269
13
13
13
13
13
42
43
44
48
70
79
80
84
89
100
1944
Aug
Sept
Oct
Nov
Dec
1945
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
p
586
557
548
540
536
532
521
172
163
163
159
155
151
146
2*517
2*143
2*145
Preliminary.
1154
249
240
238
237
238
237
235
2*232
2*235
12
12
11
11
10
11
11
2*12
61
54
50
48
48
49
47
92
88
86
85
85
84
82
2*80
CONSUMER INSTALMENT LOANS
[Estimated amounts outstanding. In millions of dollars]
End of
month or
year
Total
Commercial
banks 1
Insured
Small Indusrepair
trial
and
loan banking
Credit Miscellaneous moderncomunions
com- 2
lenders ization
panies panies
loans3
95
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
652
674
619
516
459
532
802
1,065
1,195
1,271
1,671
2,057
2,237
1,505
1,186
1,248
43
45
39
31
29
44
88
161
258
312
523
692
784
426
312
358
263
287
289
257
232
246
267
301
350
346
435
505
535
424
372
388
219
218
184
143
121
125
156
191
221
230
257
288
298
202
165
175
32
31
29
27
27
32
44
66
93
112
147
189
217
147
123
119
93
78
58
50
60
79
102
125
117
96
99
102
91
86
88
1944
Aug
Sept.
. .
Oct
Nov.
Dec
1,187
1,192
1,194
1,201
1,248
343
342
344
346
358
363
364
361
365
388
172
172
172
172
118
118
117
116
119
85
85
85
85
88
106
111
115
117
120
1,236
1,225
1,259
1,265
,286
317
1,?323
p
\,323
p
l,330
359
357
374
377
388
400
406
*>406
^413
378
372
381
381
384
389
391
*>389
?387
172
116
87
86
87
87
87
88
88
124
128
130
132
134
136
137
p
175
""25""
168
244
148
154
213
284
301
215
128
120
1945
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
168
171
172
177
181
182
*>182
p
182
114
116
116
116
118
119
?118
p
m
*>88
*>87
140
PI44
v
1
Preliminary.
These figures include only personal instalment cash loans and retail
automobile direct loans, shown on the following page, and a small amount
of other retail direct loans (20 million dollars at the end of September 1945),
not 2shown separately.
This series is in process of revision.
3
Includes only loans insured by Federal Housing Administration.
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Other Repair
Personal
and
retail,
mod- instalchased erniza- ment
cash
Pur- Direct
and
tion
chased loans direct loans1 loans
CONSUMER INSTALMENT LOANS MADE BY P R I N C I P A L
LENDING I N S T I T U T I O N S
[Estimates of volume made in period. In millions of dollars]
Automobile
retail
Month or year
Outstanding a t end of
period:
1939
1940
1941
1942
1943
1944
Total
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—August
.
September. . . .
October.. . . . .
November
December
532
534
538
544
559
62
62
60
59
57
95
96
97
97
99
62
62
67
70
75
78
80
80
82
83
235
234
234
236
245
1945—January
February
March
April
May
June
July
August23
September 23 ...
562
556
573
579
592
609
619
622
633
56
55
56
55
55
56
56
57
58
100
101
107
109
112
116
118
119
122
80
76
76
77
78
79
79
79
79
82
83
84
86
89
93
96
100
103
244
241
250
252
258
265
270
267
271
Volume extended during
month:
1944—August
September. . . .
October
November
December
94
89
92
92
103
13
10
10
10
8
19
17
18
18
19
11
12
15
15
18
9
9
9
8
8
42
41
40
41
50
1945—January
February
March
April
May
June
July....
August23
September 21 . ..
96
86
114
101
110
116
107
108
106
9
9
12
9
10
12
11
11
12
20
19
24
21
22
24
22
23
23
17
12
15
16
18
15
13
15
14
7
7
9
10
10
12
11
12
11
43
39
54
45
50
53
50
47
46
Month or year
Commercial
banks 1
1929
1930
1931
1932 . .
1933
1934
1935
1936
1937
1938 . .
1939
1940
1941
1942
1943
1944.
792
636
744
Small loan
companies
"
Industrial
banking
companies 2 .
Credit
unions
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
1944
February
March
April
May
June
July
August
September
October
November
December
51
73
56
65
69
63
64
60
61
61
72
60
94
61
72
75
73
70
67
68
77
106
29
38
30
35
38
33
35
33
34
34
37
18
26
16
20
22
19
20
19
18
18
23
1945
January
February
March
April
May
June
July 27
August
September 23
66
62
82
69
75
81
75
72
73
58
56
94
70
78
82
76
71
73
33
30
42
34
39
40
37
36
36
16
16
23
18
20
21
19
18
17
P Preliminary.
1
These figures for loans made include only personal instalment cash loans
and retail automobile direct loans, which are shown elsewhere on this page,
and a small amount of other retail direct loans (4 million dollars in Septemp
ber 1945) not shown separately.
Preliminary.
1
2 This series is in process of revision.
Includes not only loans insured by Federal Housing Administration
but also noninsured loans.
RATIO OF COLLECTIONS T O ACCOUNTS RECEIVABLE*
FURNITURE STORE STATISTICS
Item
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Percentage
change from
preceding
month
Sept.
1945
Aug.
1945
+5
+8
+2
+4
+2
Accounts receivable, at end of
month:
Total
Instalment
+1
Collections during month:
Total
Instalment
0
-1
Inventories, end of month, at
retail value
+1
0
July
1945
0
r
+4
+6
-1
-1
+2
Percentage
change from
corresponding
month of
preceding year
Aug.
1945
July
1945
+2 +2
+19 '+13
+13
+29
0
+3
+7
+9
-1
0
+1
+2
Sept.
1945
-3
+2
r
-2
-2
-2
-2
-2
+2
+1
+4
+5
+6
+7
+1
+8
+7
+7
i
Charge
accounts
Instalment accounts
Month
1944
August
September
October
November
December
1945
January
February
March
April
May
June
July
August
September
Department
stores
Furniture
stores
Household appliance
stores
Jewelry
stores
Department
stores
34
36
39
39
36
24
24
26
24
23
32
33
36
37
39
31
32
34
34
49
64
64
65
67
61
21
21
24
22
23
23
24
23
23
35
32
36
36
40
43
42
48
48
29
28
32
30
33
33
31
r
31
29
61
61
66
61
64
64
62
63
63
r
r
31
30
36
30
32
32
31
33
35
r
r
Revised.
Ratio of collections during month to accounts receivable at beginning
of month.
1
Revised.
NOVEMBER
1945
"55
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926 =100]
Other commodities
All
commodities
Farm
products
Foods
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
100.5
92.1
84.5
80.2
79.8
86.9
86.4 '
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3,
102.4
102.7
104.3
82.6
77.7
69.8
6«.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—September.
October...
November.
December.
1945—January...
February..
March
April
May
June
July
August....
September
104.0
104.1
104.4
104.7
104.9
105.2
105.3
105.7
106.0
106.1
105.9
105.7
105.2
122.7
123.4
124.4
125.5
126.2
127.0
127.2
129.0
129.9
130.4
129.0
126.9
124.3
104.2
104.2
105.1
105.5
104.7
104.7
104.6
105.8
107.0
107.5
106.9
106.4
104.9
98.6
98.7
98.8
98.9
99.1
99.2
99.2
99.3
99.4
99.6
99.7
99.9
99.8
116.0
116.2
116.2
117.4
117.5
117.6
117.8
117.9
117.9
118.0
118.0
118.0
118.7
99.2
99.4
99.4
99.5
99.6
99.7
99.799.6
99.6
99.6
99.6
99.6
100.1
83.0
82.9
83.1
83.1
83.3
83.3
83.4
83.5
83.7
83.9
84.3
84.8
84.1
103.8
103.7
103.7
103.8
104.0
104.2
104.2
104.2
104.3
104.7
104.7
104.7
104.9
116.0
116.3
116.4
116.4
116.8
117.0
117.1
117.1
117.3
117.4
117.5
117.8
118.0
94.9
95.0
94.8
94.8
94.9
94.9
94.9
94.9
94.9
95.0
95.3
95.3
95.3
104.4
104.4
104.4
104.4
104.5
104.5
104.5
104.5
104.5
104.5
104.5
104.5
104.6
93.6
93.6
94.0
94.2
94.2
94.6
94.6
94.8
94.8
94.8
94.8
94.8
94.8
Week ending:
1945—June 30....
July 7....
July 14....
July 2 1 . . . .
July 28....
Aug. 4 . . . .
Aug. 11....
Aug. 18....
Aug. 25....
Sept. 1 . . .
Sept. 8 . . .
Sept. 15...
Sept. 22...
Sept. 29...
Oct. 6. ..
Oct. 1 3 . . .
Oct. 20. ..
Oct. 2 7 . . .
105.9
105.8
105.6
105.6
105.8
105.7
105.7
105.5
105.5
105.2
105.0
104.7
104.9
105.0
105.2
105.3
105.5
105.7
130.1
129.4
128.2
128.5
129.7
129.1
128.3
127.0
126.7
125.1
124.3
123.6
124.5
124.7
125.7
126.3
126.9
127.7
107.3
107.2
106.2
106.5
107.4
107.0
106.9
106.3
106.6
105.5
105.1
104.6
105.1
104.7
105.3
105.2
105.8
106.0
99.8
99.8
99.8
99.8
99.8
99.9
99.9
100.1
100.1
100.1
100.1
99.8
99.9
99.9
100.0
100.0
100.1
100.1
118.5
118.5
118.5
118.5
118.5
118.5
118.5
118.5
118.5
118.6
118.6
118.6
118.6
118.6
118.4
118.4
119.1
119.1
99.1
99.1
84.8
84.8
84.8
84.8
84.8
84.8
85.2
85.3
85.3
85.5
85.3
84.4
84.5
84.4
84.5
84.5
84.5
84.7
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
105.1
105.2
117.4
117.3
117.3
117.3
117.3
117.3
117.3
118.2
118.2
117.6
117.6
117.7
117.7
117.8
117.9
118.0
118.1
118.1
95.4
95.4
95.2
95.2
95.2
95.2
95.2
95.3
95.3
95.3
95.3
95.3
95.3
95.3
95.3
95.3
95.5
95.5
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.3
106.3
106.3
106.3
106.3
106.3
106.3
106.3
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
Year, month, or week
Subgroups
1944
Sept.
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear
Silk
Rayon
Woolen and worsted goods
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke...
Electricity
Gas
Petroleum products
Total
ChemiHides and Textile Fuel and Metals Building cals
Houseand furnishleather products lighting and metal materials
allied
materials products
products
products ing goods
1945
June
July
Aug.
99.
99.
99.
99.
99.
99.
99.
99.
99.4
99.4
99.6
99.9
99.9
99.9
99.9
99.<
1944
Subgroups
Sept.
121.7
127.6
119.2
130.2
134.4
127.2
128.6
133.3
125.5
126.4
130.7
123.7
126.6
128.5
120.3
110.7
94.4
115.9
106.0
95.5
110.5
95.5
134.7
108.3
95.1
110.5
95.3
130.3
108.0
95.6
110.6
95.1
124.3
107.9
96.8
110.3
95.1
117.5
107.9
94.9
126.3
106.1
101.3
115.2
126.3
117.3
101.3
115.2
126.3
117.6
101.3
115.2
126.3
117.8
101.3
115.2
126.3
118.1
103.8
115.2
107.0
118.7
70.8
30.3'
112.9
100.9
107.4
119.7
71.5
107.4
119.7
71.5
107.4
119.7
71.5
30.2
112.7
100.9
30.2
112.7
100.9
30.2
112.7
100.9
107.4
121.3
71.5
'30.2'
112.7
101.3
95.4
120.6
130.7
60.3
76.8
63.8
97.5
123.8
131.0
59.6
78.0
64.2
101.6
123.9
131.0
60.3
77.8
64.2
101.8
124.7
134.0
102.2
124.7
134.9
78.0
64.2
62.6
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 1
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals. ..
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Miscellaneous
1945
Sept.
June
July
Aug.
Sept.
97.
98.
97.
112.
85.
92.
97.6
98.7
99.1
112.8
85.9
92.6
97.7
98.7
99.1
112.8
85.9
92.6.
97.8
98.8
99.1
112.8
85.8
93.4
97.9
98.9
99.6
112.8
85.7
95.0
101.
96.
154.
105.
92.
107.
103.
110.9
99.4
154.9
106.3
92.6
107.3
104.3
111.7
99.4
155.1
106.1
92.6
107.3
104.3
111.6
99.4
155.3
107.3
93.4
107.3
104.3
112.4
99.6
155.0
107.6
95.0
107.3
104.5
96.
106.
81.
86.
102.
107.'
101.-
95.9
109.5
80.4
86.6
102.0
96.1
110.2
81.1
86.6
102.0
96.1
110.2
81.1
86.6
102.0
96.1
110.2
81.1
86.6
102.0
107.5
101.5
107.5
101.5
107.5
101.5
107.7
101.5
73J
159.i
107.:
46.:
73.0
159.6
109.0
46.2
98.9
73.0
159.6
109.0
46.2
98.9
73.0
159.6
109.3
46.2
98.9
73.0
159.6
109.3
46.2
98.9
97 .<
1
Lumber series revised from September 1943.
Back figures.—Bureau of Labor Statistics, Department of Labor.
II56
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS
[Estimates of the Department of Commerce]
[In billions of dollars]
Half-year periods
Annual totals
Unadjusted
Seasonally adjusted annual rates
1944
1937
1940
1938 1939
1943
19451
1944
1941 1942 1943 1944
Gross national product or
expenditure and components
Gross national product or expenditure.
Government expenditures for
goods and services
Federal Government
War
Non-war
State and local governments..
Output available for private use
Private gross capital formation
Construction
Residential
Other
Producers' durable equipment
Net change in business inventories
Net exports of goods and
services
Net exports and monetary
use of gold and silver
Consumer goods and services..
Durable goods
Nondurable goods
Services
87.7
13.6
6.1
80.6
7^5
120.5 151.5 187.8 198.7
26.5 62.0 94.8 99.4
18.6 54.6 87.4 91.9
13.3 49.5 82.5 86.3
5.3
4.9
5.0
5.6
7.9
7.4
7.4
7.4
90.5
97.1
i.6
88.1
16.0
7.9
1.4
6.5
8.1
74.1
66.2
72.6
80.4
93.9
89.5
93.0
99.4
44.1
11.6
3.7
7.7
3.3
10.9
3.6
2.0
1.6
14.
4.3
2.4
2.0
19.4
5.2
2.8
2.5
7.7
2.8
1.3
1.5
2.1
1.5
0.6
0.9
1.
1.6
0.5
1.1
0.7
0.7
0.3
0.4
6.3
5.1
3.1
14.4
6.8
16.7
8.8
2.8
6.1
7.9
46.4
42.6
40.3
2.3
3.8
4.5
5.5
6.9
8.9
4.0
1.4
1.1 - 1 . 3
0.9
1.8
3.5 - 0 . 5 - 0 . 6 - 1 . 7
-0.6
0.1
1.1
0.8
1.5
1.5
0.2 - 1 .
0.4
0.1
58.5
6.0
52.5
0.2
61.7
32.6
22.7
0.3
65.7
7.4
34.4
23.9
0.2
74.6
9.1
40.1
25.4
0.1 - 0 . 1
81.9 90.9
6.6
6.3
47.9 55.1
27.6 29.3
88.6
97.1 120.5
10.4
6.2
0.8
12.4
6.4
0.7
18.5
7.0
0.8
23.1
7.6
0.7
27.4
8.2
0.7
0.7
0.9
1.3
1.1
0.8
62.5
7.6
54.9
6.4
97.3
48.5
44.8
42.3
2.6
3.6
48.8
1.3
0.8
0.3
0.4
97.8 100.9 183.2 192.3 197.4 200.1 206.0
50.5 48.9 92.4 97.3 100.6 98.1 100.7
46.7
45.3 85.0 89.9 93.2 90.7 93.3
80.5 84.5 87.4 85.2 87.0
43.7
42.6
5.5
5.8
3.0
4.4
5.4
6.3
2.7
7.4
7.4
3.8
7.4
7.4
7.4
3.6
47.4
0.9
0.8
0.3
0.5
1.9
52.0
90.9
95.1
0.9
0.8
0.2
0.6
1.6
1.5
2.6
1.5
2.1
2.8
3.4
-0.5
-1.3 -1.2
- 2 . 1 - 0 . 7 - 1 . 1 -1.3
-0.8 -1.4
()
96.8 101.9 105.3
1.2
1.6
2.3
1.6
3.8
4.2
4.4
-1.6
-2.3
-0.1
92.5
6.6
56.3
29.
-2.7
()
4.7
2.0
-0.8
- 1 . 5 -0.9
()
97.6
6.7
60.0
30.9
(
43.4
3.0
25.9
14.5
(
47.5
29.2
14.7
()
46.5
3.0
28.1
15.4
187.8 198.7
90.5
97.3
97.8 100.9
13.3
4.1
0.3
14.1
4.1
0.3
14.3
4.2
0.3
0.4
0.4
0.4
-0.4 -3.2 -2.1 -0.2 -0.1 - . 1
-0.4 - 0 .
- 1 . 1 +1.6 - 1 . 1 +1.0
77.6 96.9 122.2 149.4 160.7 71.5
+ .6
+ .1 - 1 . 2
-.1
0
78.5
82.1
96.9 122.2 149.4 160.7
82.1 145.1 153.6 159.5 161.7 166.5
3.6
51.1
3.7
31.9
15.6
89.3
6.5
53.9
28.9
95.7
6.5
58.6
30.6
99.6 100.7
6.9
6.9
61.4 62.0
31.3 31.7
Relation of gross national
product to national income
Gross national product or expenditure
87.7 80.6
Deductions:
Business tax and non-tax liabilities
9.0
8.3
Depreciation and depletion... .
6.2
6.1
0.5
Other business reserves
1.0
Capital outlay charged to current expense
0.5
0.8
Adjustments:
For inventory revaluation
- 0 . 7 +0.9
For discrepancies
0
0
National income
71.5 64.2
-0.4
0
70.8
29.3
8.4
0.7
-.1
77.9
Relation ofm national income to income payments to individuals
National income
Additions:
Transfer payments....
Deductions:
Corporate savings
Contributions to social insurance funds
Income payments to individuals...
15.0
4.2
0.3
71.5
64.2
70.8
77.6
71.5
77.9
78.5
1.7
2.4
2.4
2.6
2.5
2.7
3.2
5.3
1.5
1.7
2.5
2.8
0.4
1.8
4.0
4.4
5.5
5.4
2.9
2.6
3.0
2.4
2.0
2.6
3.2
92.7 117.3
3.8
3.9
156.8
1.8
68.2
2.0
74.9
2.0
76.3
2.0
80.5 138^9
-0.8 - 1 .
6.3
5.4
1.7
72.3
1.9
66.2
70.8
2.1
76.2
72.3
66.2
70.8
76.2
92.7 117.3 143.1 156.8
68.2
74.9
76.3
80.
3.1
1.4
1.7
69.2
62.5
6.7
3.3
1.6
1.
62.9
58.5
4.4
3.1
1.3
1.9
67.7
61.
6.0
3.3
1.4
1.9
72.9
65.
7.3
19.3
4.0
6.7 18.5 17.2
2.0
2.0
4.7 16.6
2.0 137.5
2.0
2.0
88.7 110.6 124.6
74.6 81.9 90.9 97.6
14.
28.8 33.7 39.9
7.8
6.7
1.1
60.4
43.4
17.0
10.7
9.8
.9
64.
47.5
16.
11.5
10.3
1.1
64.8
46.5
18.3
7.8
6.9
.9
72.7
51.1
21.6
National income
71.5
Total compensation of employees 48.3
Salaries and wages
45.0
Supplements
3.3
11.9
Net income of proprietors
Agricultural
5.
Nonagricultural
6.
Interest and net rents
7.
Net corporate profit
3.9
4
Dividends
-0.8
Savings
64.2
45.1
41.2
3.9
10.1
4.0
6.1
7.3
1.
3.2
-1.5
70.8
48.1
44.2
3.8
11.2
4.3
6.9
77.6
52.3
48.6
3.7
12.0
4.4
7.6
7.5
5.8
4.0
1.8
96.9 122.2 149.4 160.7
64.5 84.1 106.3 116.0
60.8 80.8 103.1 112.8
3.3
3.2
3.2
3.
15.8 20.6 23.5 24.1
6.3
9.7 11.9 11.8
9.6 10.9 11.6 12.3
8.0
8.8
9.7 10.6
9.9
8.5
8.7
9.8
4
4
4.3
4
4.4
5.5
5.4
4.0
71.5
51.2
49.6
1.6
10.7
5.0
5.7
4.8
4.8
1.9
2.9
77.9
55.2
53.5
1.6
12.8
6.9
5.9
4.9
5.0
2.4
2.6
78.5
57.1
55.5
1.6
11.1
5.1
6.1
5.3
5.0
2
3.0
82.1 145.1 153.6 159.5 161.
58.9 102.6 110.0 114.8 117.1
57.3 99.4 106.8 111.6 113.9
3.3
3.2
3.2
1.6
3.2
13.0 23.4 23.6 24.3 23.9
6.7 11.9 11.8 12.1 11.4
6.2 11.4 11.7 12.1 12.
10.0 10.5 10.8
5.3
9.
10.0 10.0
9.8
4.9
9.
2
2.4
Use of income payments
to individuals
Incomepayments to individuals
Deductions:
Personal taxes and non-tax
payments
Federal
State and local
Disposable income of individuals..
Consumer expenditures
Net savings of individuals
National income by distributive shares
!
.
•
4.2
3.8
0.
4.0
158^0 163.4
138.9 147.2 155.5 158.0 163.4
23.5
100.7
39.2
166.5
118.9
115.7
3.2
25.7
11.7
.10.0
4.6
5.4
1
2
Seasonally adjusted data only are available for 1945.
Less than 50 million dollars.
NOTE.—Detail will not necessarily add to totals because of rounding. For a general description of the series and methods of estimating, see Milton
Gilbert and R. B. Bangs, "Preliminary Estimates of Gross National Product, 1929-1941," Survey of Current Business,May 1942.
NOVEMBER 1945
1157
OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of October 1, 1945]
(In thousands of units)
Corn
Cotton
Federal Reserve district
Boston. .
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Production
1944
Estimate
Oct. 1, 1945
Bales
Bales
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
...
Total...
Estimate
Oct. 1, 1945
Production
1944
Estimate
Oct. 1, 1945
Bushels
7,899
28,978
53,210
220,648
145,020
180,831
1,202,484
362,631
383,213
403,707
81,835
7,670
Bushels
Bushels
Bushels
40
58
146
34
Bushels
36
57
146
34
859
16
265,502
4,640
133
43,146
798
19
262,748
5,830
93
43,095
3,078,126
314,574
312,856
12,230
9,779
3,228,361
Tame hay
Oats
Federal Reserve district
Production
1944
324
2,524
517
"23,167"
Total..
Estimate
Oct. 1, 1945
526
3,360
449
1,087
2,160
Production
1944
Estimate
Oct. 1, 1945
Spring; wheat
Production
1944
Bushels
7,694
29,302
47,208
181,230
136,802
166,230
1,220,245
367,312
453,060
529,603
82,016
7,659
1,603
2,551
Winter wheat
9,799
18,022
52,928
34,274
9,222
54,269
48,546
30,411
337,847
75,775
92,980
10,523
18,425
68,145
27,192
8,211
67,234
52,089
35,989
412,790
38,617
97,754
764,073
836,969
Tobacco
White potatoes
Production
1944
Estimate
Oct. 1,1945
Production
Estimate
Oct. 1,1945
Production
1944
1944
Estimate
Oct. 1, 1945
Bushels
5,461
26,116
15,062
47,135
29,201
28,256
399,906
53,674
377,205
106,365
44,159
33,852
Bushels
4,842
22,352
16,085
63,607
31,004
31,176
612,273
61,584
526,310
134,749
48,795
30,873
Tons
2,779
5,938
2,325
4,987
4,131
3,342
18,021
7,735
10,408
8,788
2,115
13,276
Tons
3,643
6,330
2,516
5,598
5,075
4,455
18,927
8,852
10,600
8,618
2,080
13,783
Pounds
32,515
1,404
52,893
158,913
1,068,295
212,329
31,642
384,237
2,526
5,459
Pounds
32,417
1,235
52,447
147,446
1,161,415
231,983
38,790
362,793
3,077
5,228
Bushels
63,703
31,143
19,765
11 813
18,070
14,342
31,558
8,945
45,816
33,122
6,010
95,149
Bushels
68,194
36 814
21,164
14 329
24,497
18,854
37,631
10,377
51,055
36,462
5,832
110,186
1,166,392
1,583,650
83,845
90,477
1,950,213
2,036,831
379,436
435,395
1
2
Includes 15,000 bales grown in miscellaneous territory.
Includes 12,000 bales grown in miscellaneous territory.
NOTE.—Figures for winter wheat from estimates for August 1; no estimate for October 1.
II58
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
On Bank Credit, Money Rates, and Business
Chart
book
page
1945
Sept.
26
Oct.
3
WEEKLY FIGURES 1
Oct.
17
2 23 .89
3 23.19
3 13 21
3
7.09
3
1.90
3
.98
2
.42
2 20.09
2 27.73
2
2 .26
2
.96
2, 4 15 .27
4 14.38
4
.89
5
1.00
5
.02
5
.01
5
.22
5
.76
14.42
1.00
1.07
.01
(2)
.26
.79
23 .92 23.70
23 .27 22.90 2 3 . OS
13.10 12.75 13.0
7.25 7.24 7.1
1.94 1.94 1.9:
.98
.98
.9!
.3
.31
.32
20.04 20.04 20.04
27.96 27.95 27.9
2.28
2.25 2.2 =
.54
.3C
.29
15 .54 15.70 15.7
14.51
.66 '14.7
1.03 vi.04 l.O:
1.12 P\ .12
.03
.02
.0.
.01
.01
.0:
.29
.28
.79 V .82
14
14
14
14
14
15
15
16
16
16
16
15
15
15
15
15
17
38.82
9 54
12.73
61
45
38
9
12
03
14
69
45
59
60
45
39
8
21
14
8
2
3
21
14
8
2
3
38
89
21
14
8
2
2
61 .25
45.14
43
83
77
72
00
34
14 36
3 78
3 82
1 15
5 36
2 30
17
17
17
17
1 18
64
15
15
16
16
16
16
15
15
15
15
15
17
17
17
39 82
30 31
16 02
7.25
6.25
81
24!45
5.77
6.74
7.99
7.37
3.81
1.49
2.07
24
24
.375
1.20
24, 26
24, 26
26
26
26
1.68
2.36
2.56
2.62
3.24
72
51
00
38
14 28
3 73
3 97
1 09
5 32
2 37
12.49
26
86
76
76
95
38
14 50
3 47
3.96
1 09
5.25
2 42
2.77
2 97
61
14 58
3.36
4
1
5
2
11
10
05
41
22 .87
20.12
27.39
2.26
.55
14.98
4 .86
6.00
4 .11
13.89
4 85
5.73
3.32
1 08
23.71
20.09
27.77
13
13
8
8
8
8
1.94
4.14
27.11
7.51
15.06
4.54
1 94
4 04
27 69
7 55
1.84
4.03
27.83
7.59
15.63
4.60
Total deposits and currency
9
Demand deposits
9
Time deposits
9
Currency outside banks
9
9
21.22 U. S. Govt. deposits
15.08
CONSUMER CREDIT
8.85
18
2.82 Consumer credit, total
Single payment loans
18
3.00
Charge accounts
18
.4
Service credit
18
14.8
Instalment credit, total
18, 19
3.1'
Instalment
loans
19
4.00
Instalment sale credit, total
19
1.12
Automobile
19
5.02
Other
19
2.42
'163.50
?72.10
^45.10
P25.50
27
27
27
27
27
127
129
142
111
;
1.20
1.17
.375
1.16
1.65
1.62
2.35
2.54
2 .61
3.21
1.61
2.34
2.54
2.62
3.20
1.60
2.34
2.55
2.62
3.20
39.65
39.62
30.25
16.09
39 74
30 33
16 10
7 09
6 18
95
30.26
16.09
7.05
6.19
93
24!41
5.72
6.88
8.03
7.26
3.85
1.34
2.08
7.07
6.19
.91
24.59
5.37
7.03
8.07
7.25
3.85
1.31
2.09
24! 78
5.20
7.21
8.11
7.27
3.84
1.34
2.09
2 36
2.55
2 61
3 23
37
37
45
45
49
49
49
83.6
4,039
832
209
105.0
124.7
99.9
130
132
143
113
1.62
79.7
4,028
768
242
105.2
125.7
100.0
P\
36
P 76
2 03
PI 32
p
p
p
p
162.80
p
75.40
p
46.90
p
26.20
PU.30
PS. 63
PI.35
1A7
P
P.76
P2.05
PI. 33
71
P.72
20
P 51
P.20
P.52
20
260.27
261. 26
260.16
20
20
20
20
107.89
74.99
57.14
19.56
108. 17
20.03
107.05
75.59
56.28
20.52
20
20
20
20
20
20
20
99.11
65.89
48.58
83.97
63.42
34.47
17.02
99.39
66.03
48.58
83.94
63.39
34.43
17.04
99.48
66.09
49.34
83.35
62.79
35.07
17.02
21
21
21
21
21
21
21
85.30
25.66
21.72
9.80
r
22.90
r
94.90
r
39.90
84.50
74.97
57.38
26. 15
22.53
10.00
23. 10
95.00
39.70
36.64
23.33
Per cent per annum
MONEY RATES, ETC.
Corporate Aaa bonds
F. R. Bank discount rate (N. Y . ) . .
Treasury bills (new issues)
131
134
144
114
1.70
1.28 Stock prices (1935-39 = 100):
1.67
Total
Industrial
66.3
65.1
Railroad
73.5
Public utility
3,934 3,915 3,93
755
773 855 Volume of trading (mill, shares)....
245
238
232 Brokers' balances (mill, dollars):
105.3
105.5 105.7
Credit extended customers....
126.9 127.7
Money borrowed
126.3
100.0
100.1 100.1
Customers' free credit balances
133
135
146
114
P163.40
P74.00
).10
^26.00
P17.3O
TREASURY FINANCE
.375
95
61
54
55
5.59
1.35
1.46
.75
2.04
1.32
.71
.19
.52
2.26
.61
15.41
5.03
6.17
4.22
14.35
5.00
5.91
3.45
1.06
15 53
4 61
ALL BANKS IN U. S.
375
1 20
1 04
65
60
53
BUSINESS CONDITIONS
Steel production (% of capacity)
Electric power prod. (mill. kw. hrs.)
Freight carloadings (thous. cars)
Department store sales (1935-39 = 100)...
Wholesale prices (1926 = 100), total
Farm products
Other than farm and food
45.41
Reserve Bank credit.
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Member bank reserves, total
Central reserve city banks
Reserve city banks
Country banks
Required reserves,total
Central reserve city banks
Reserve city banks
Country banks
Excess reserves, total
Balances due from banks:
Reserve city banks
Country banks
Money in circulation, total
Bills of $50 and over
$10 and $20 bills
Coins, $1, $2, and $5 bills
.94
.61 U. S. Govt. obligations outstanding,
total interest-bearing
.51
By classes of securities:
.54
Bonds (marketable issues).
Notes, cert., and bills
39.79
Savings bonds and tax notes
30.38
Special issues
16.23
By maturities:
7.09
5
years and over
6.1
5-20 years
.89
5-10
years
25.12
Within 5 years
4.91
Within
1 year
7.02
Certificates
8.12
Bills
7.26
3.85 Holdings of U. S. Govt. obligations:
Commercial banks
1.3:
Fed. agencies and trust funds..
2.10
Federal Reserve Banks
Mutual savings banks
Insurance companies
Other investors, total
.375
Marketable issues
1.16
1 13
62
66
55
In unit indicated
Stock prices (1935-39 = 100), total
Industrial
Railroad
Public utility
Volume of trading (mill, shares) 3
RESERVES AND CURRENCY
39 36 39.9.
8 56
12 32 12.2£
21 33
15 14
8 80
Sept.*
22.22
20.20
26.92
2.27
.62
14.75
4.82
5.83
4.10
13.54
4.80
5.51
3.23
1.22
61 .08 61.0
45.47
Per cent per annum
MONEY RATES, ETC.
Treasury bills (new issues)
Treasury notes (taxable)
U. S. Goyt. bonds:
Partially tax-exempt
Taxable
High-grade corporate bonds (5 issues)
Corporate Aaa bonds
Corporate Baa bonds
76
75
88
11
08
84
Aug.
6
6
6
6
6
6, 7
13
13
13
7
13
13
13
7
MEMBER BANKS IN LEADING CITIES
Total—101 cities:
Loans and investments
U. S. Govt. obligations
Demand deposits adjusted
U. S. Govt. deposits
Loans
New York City:
Loans and investments
U. S. Govt. obligations, total
Bonds
Certificates
Notes and guar. securities
Bills
.
Demand deposits adjusted
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities:
Brokers'—on U . S . Govts. . ...
Brokers'—on other securities..
To others
All other
100 cities outside New York:
Loans and investments
U. S. Govt. obligations, total
Bonds
Certificates
Notes and guar. securities
Bills
Demand deposits adjusted
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
For purchasing securities
All other
July
In billions of dollars
MONTHLY FIGURES
1
23 .82
23 .21
13.04
7.25
1.94
.98
.31
20.07
27.85
2 .27
.65
15.42
Chart
book
page
Oct.
24
In billions of dollars
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 6 ..
New York City
Chicago...
Reserve city banks
Country banks' 5
Oct.
10
23
23
23
133
136
147
115
2.60
2.61
.50
.50
.375
.375
2.62
.50
3.75
In unit indicated
27
27
27
27
27
118
119
140
108
.95
118
119
131
107
1.03
126
128
138
111
1.22
29
29
29
1,141
824
580
1,100
1,084
762
594
758
573
For footnotes see following page.
NOVEMBER
1945
1159
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
July
MONTHLY FIGURES—Gont.
Aug. Sept.
In unit indicated
BUSINESS CONDITIONS
1,870 1,985
917 2916
903 p 1,053
50
Pit
12.3 12.1
54.4
35.0
19.3
0.8
53.5
41.5
9.1
55.2
35.1
20.1
1.0
54.3
44.4
9.8
r
210
111.0
77.6
21.7
183
180
247
320
197
In unit indicated
CONDITIONS—Cont.
Wholesale prices (1926 = 100):
Total
Farm products
Other than farm and food
13,624 213,283
9,451 2*9,147
4,173 24,136
1,905
935
870
100
12.3
52.9
34.3
18.7
1.7
51.3
42.5
8.8
,
105.9 105 .7
129.0 126 .9
99.7 99 .9
49
49
49
QUARTERLY FIGURES
MONEY RATES
Per cent per annum
Bank rates on customer loans:
Total,
19 cities
\Tew York City
Other Northern and Eastern cities
Southern and Western cities
2.53
1.99
2.73
2.91
'n millions of dollars
SECURITY MARKETS
28
28
28
28
708 1,208 2,139
831
201 400
459
227 435
786
248 354
28
28
28
28
111
78
12
2
369
313
26
5
244
184
32
13
2274
2196
1944
1945
164
187
143
2164
P187
2145
Dec.
30
Mar. June
20
286.5
145.6
257.5
45.42
103.2
44.0
41.81
102.5
40.
r
CALL DATE FIGURES
P123.5
37.2
14.9
7.1
6.0
3.8
0.9
30. 235.1
14.5 p12.9
7.1 27.2
5.9 25.9
3.8 23.8
0.9 20.9
222
43
179
2276
246
2230
43
5
38
29
9
39
30
9
43
37
6
128
128
80.2
29.0
29.6
72.2
27.2
29.0
68.9
30.3
28.4
218
188
200
187
199
2172
"883
p
354
356
2746
2332
2358
2-26
P
129.4
141.7
r
145.9
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
99.43
73.24
40.27
15.58
14.72
10
10
11
11
11
11
11
10
11
11
10
11
11
11
11
10
91.57
67.69
34.93
13.98
14.13
3.75
.90
5.21
2.86
2.35
18.68
7.53
3.21
1.74
1.20
57.31
5.60
3.10
2.50
20.59
7
7.10
(7)
3.25
(7)
2.53
(7)
1.13
()
61.17 59.13
12
12
12
12
12
12
29.45
21.09
1.41
6 .94
17.08
1.63
27.95
20.41
1.47
6.07
18.60
1.73
12
12
12
12
12
12
33.60 33.45 36.57
25.04 25.30 27.52
1.74 1.80 1.89
6.82 6.35 7.15
20.27 21.74 20.68
7.79 8.28 8.76
13
13
13
13
13
13
28.52 29.13 31.37
21.55 22.20 24.09
2.06 2.12 2.16
4.91 4.81 5.11
19.96 20.84 20.66
90.52
67.92
(7)
(77)
(7)
(7)
()
2.63
.03
5.39
2.99
2.40
17.22
42
r
129.3 128.9
140.9 139.4
r
146.4 148.2
108
Figures available for June and December dates only.
* Copies of the Chart Book may be obtained at a price of 50 cents each.
2 50 2.45
2 20 2.05
2.55 2.53
2 80 2.81
2172
CLASSES OF BANKS
Central reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
Reserve city banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
Country banks:
Loans and investments, total
U. S. Govt. obligations
Other securities
Loans
Demand deposits adjusted
Time deposits
c
e
p
r
Corrected.
Estimated.
Preliminary.
Revised.
1
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
2
Less
than
$5,000,000.
3
Figures for earlier dates should be corrected as follows: Sept. 5, 1.17; Sept. 12, 1.19; and Sept. 19, 1.31.
4
For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series.
5
Adjusted for seasonal variation.
6
Revised series; for explanation and new data back to 1939 see Bureau of Foreign and Domestic Commerce report "Industry Survey," August
7
n6o
105.2
124.3
99.8
1945
Corporate security issues:
Net proceeds:
P
All issues
92A 278.8
Industrial
273.6 272.2
Railroad
221.3
Public utility
New money:
All issues
2144
Industrial
H7
Railroad
Public
utility.
2228
2187
July j Aug. j Sept.
MONTHLY FIGURES-Cont.
BUSINESS
Income payments (mill, dollars): 5
Total
Salaries and wages
Other
Cash farm income (mill, dollars):
Total
Livestock and products
Crops
Govt. payments
Armed forces (mill, persons)
Civilian labor force (mill, persons):
Total
Male
Female
Unemployment
Employment
Nonagricultural
Agricultural
Industrial production: 5
Total (1935-39 = 100)
Groups (points in total index):
Durable manufactures
" Nondurable manufactures
Minerals
New orders, shipments,
and inventories (1939 = 100):
New orders: 6
Total
Durable
Shipments:
Total
Durable
Nondurable
Inventories:
Total
Durable
Nondurable
Factory employment and pay rolls (1939 = 100):
Pay rolls
Employment
Hours and earnings at factories:
Weekly earnings (dollars)
Hourly earnings (cents)
Hours worked (per week)
Nonagricultural employment (mill, persons): 5
Total
Manufacturing and mining
Trade
Government
Transportation and utilities
Construction
Construction contracts (3 mo. moving average, mill,
dollars) :*
Total
Residential
Other
Residential contracts (mill, dollars): 5
Total
Public
Private, total
1- and 2-family dwellings
Other
Freight carloadings: 5
Total (1935739 = 100)
Groups (points in total index):
Miscellaneous
Coal
All other
Department stores (1935-39 = 100) :5
Sales
Stocks
.........
Exports and imports (mill, dollars):
Exports...;
Excluding Lend-Lease exports
Imports
^
Excess of exports excluding Lend-Lease exports...
Cost of living (1935-39 = 100):
All items
Food
Clothing
Rent
1945
Chart
book
page
31.49
21.62
1.55
8.32
17.80
1.79
9.90 10.54 11.26
1945.
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS
NATIONAL AND STATE MEMBER BANKS, FIRST HALF OF THE YEAR, 1944-1945
Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks.
[Amounts in thousands of dollars]
All member banks
Item
National member banks
First half
of 1944
Earnings
First half
of 1944
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
....
r
Net current earnings...
r
r
546,532
90,151
162,852
4,565
67,881
343
'"40,200
First half
of 1944
First half
of 1945
580,248
298,905
177,246
3,970
30,151
17,296
16,776
35,904
650,047
357,547
180,927
4,934
30,583
20,353
18,880
36,823
321,220
154,127
91,951
2,915
12,694
8,898
31,744
18,891
365,701
189,921
94,645
3,578
13,304
10,549
34,376
19,328
351,304
58,847
100,330
3,074
45,692
181
r
25,815
383,935
63,203
106,782
3,388
58,424
572
26,250
195,228
31,304
62,522
1,491
22,189
162
r
14,385
216,829
34,432
67,483
1,679
28,220
507
14,398
11,577
105,788
10,904
114,412
5,043
58,132
5,039
65,071
901,468
453,032
269,197
6,885
42,845
26,194
48,520
54,795
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
First half
of 1945
State member banks
16,620
163,920
r
354,936
414,984
228,944
266,112
125,992
148,872
163,647
44,729
59,866
40,304
18,748
214,414
32,801
134,272
26,721
20,620
106,324
31,373
34,480
29,320
11,151
122,078
14,730
76,492
18,807
12,049
57,323
13,356
25,386
10,984
7,597
92,336
18,071
57,780
7,914
8,571
115,350
55,010
29,136
31,204
100,852
55,157
16,550
29,145
69,229
36,368
18,171
14,690
54,105
34,524
8,257
11,324
46,121
18,642
10,965
16,514
46,747
20,633
8,293
17,821
403,233
89,621
81,838
7,783
528,546
138,002
128,278
9,724
266,039
58,783
53,943
4,840
334,085
85,277
79,949
5,328
137,194
30,838
27,895
2,943
194,461
52,725
48,329
4,396
Net profits
313,612
390,544
207,256
248,808
106,356
141,736
Cash dividends declared
On preferred stock1
On common stock
107,835
4,955
102,880
115,684
4,445
111,239
68,824
2,785
66,039
73,204
2,112
71,092
39,011
2,170
36,841
42,480
2,333
40,147
16,835,000
56,686,000
5,103,000
998,000
23,392,000
103,333,000
16,147,000
96,056,000
6,599,000
18,828,000
69,613,000
5,399,000
914,000
25,652,000
120,741,000
20,558,000
112,754,000
7,127,000
10,421,000
36,433,000
3,411,000
618,000
15,786,000
66,859,000
10,797,000
62,381,000
4,036,000
11,458,000
44,715,000
3,644,000
571,000
17,419,000
78,009,000
13,770,000
73,098,000
4,367,000
6,414,000
20,253,000
1,692,000
381,000
7,607,000
36,473,000
5,351,000
33,675,000
2,564,000
7,370,000
24,899,000
1,754,000
343,000
8,233,000
42,732,000
6,788,000
39,656,000
2,760,000
C
37,154
"193,512
38,513
199,823
C
26,317
123,776
26,941
126,581
10,837
69,736
6,773
6,840
5,036
5,015
1,737
11,572
73,242
1,825
Recoveries, profits on securities, etc.
Recoveries on securities
Profits on securities
Recoveries on loans
All other
,
Losses and charge-offs
On securities
On loans
Allother
Net profits before income taxes
Taxes on net income:
Federal.....
State
...
Assets and liability items -J
Loans
United States Government securities.
Other securities
Real-estate assets
Cash assets
Total assets
Time deposits
Total deposits
Total capital accounts
Number of officers at end of period
Number of employees at end of period
Number of banks at end of period...
Earnings ratios:
Percentage of total capital accounts:3
Net current earnings
Net profits
Cash dividends declared
Percentage of total assets:3
Total earnings
Net current earnings
Net profits
Percentage of total securities:3
Interest and dividends on securities.
Net recoveries and profits
Percentage of total loans:
Earnings on loans
Net recoveries
r
C
r
11.3
10.3
3.4
12.2
11.4
3.4
1.7
.l
.6
1.5
.3
3.0
.1
l0.8
9.5
3.3
11.6
11.0
3.2
1.7
r
.7
.6
1.7
.7
.6
1.5
.2
3.3
.1
r
9.8
8.3
3.0
10.8
10.3
3.1
1.7
.7
.6
1.8
r
.7
.6
1.7
.7
.7
1.5
.1
1.5
.2
1.4
.2
1.4
.4
3.5
.2
3.2
.2
3.0
2.7
r
3
Other ratios:
Total capital accounts to:
6.4
Total assets
5.9
6.0
6.5
5.6
7.0
28.4
Total assets less Government and cash assets.
28.0
27.6
27.5
28.8
29.8
6.9
Total deposits
6.5
6.3
6.0
7.0
7.6
16.8
Time deposits to total deposits
17.3
18.2
18.8
15.9
17.1
.8
Interest on time deposits to time deposits3
.8
r
c
Revised to exclude taxes on net income, which are reported separately and are shown just above net profits.
Corrected.
1
Includes interest on capital notes and debentures.
2
For the first half of 1944 these are averages of figures reported on Dec. 31,1943, Apr. 13, 1944, and June 30, 1944; for the first half of 1945 they are
averages
of figures reported on Dec. 30, 1944, Mar. 20, 1945, and June 30, 1945.
3
Annual basis.
NOVEMBER
1945
1161
PAGE
Gold reserves of central banks and governments...
1163
Gold production...
1164
Gold movements...
1164
Net capital movements to United States since January 2., 1935
Central banks
1165-1170
.. 1171-1174
Money rates in foreign countries.. .
1175
Commercial banks...
1176
Foreign exchange rates...
1177
Price movements:
Wholesale prices
1178
Retail food prices and cost of living..,
1179
Security prices...
11
73
ibles <
on the following pages include the principal available statistics of current significance relating
Tables
to ^cold, international capital transactions of the United States, and financial developments abroad.
1
* 1 1 /"
1
C
1 1
1 1 • 1
1
^__
• 1
The^ data
are compiled
for the
most part from
regularly
published
sources such1 as central 1andJ commercial
bank statements and official statistical bulletins, some data are reported to the Board directly. Figures
on international capital transactions of the United States are collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance witn the Treasury Regulation of November 12., 1934. Back figures for all except price tables, together with descriptive text,
may be obtained from the Board's publication, Banking and Monetary Statistics.
1162.
FEDERAL RESERVE BULLETIN
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
United
States
Argentina 1
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
1944—Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
20,727
20,688
20,619
20,550
20,506
20,419
20,374
20,270
20,213
20,152
20,088
20,073
409
409
11,111
409
409
409
409
409
409
409
409
Hungary
Iran
(Persia)
1938—Dec...
1939—Dec
1940—Dec
1941—Dec
1942—Dec.
1943—Dec
37
24
24
24
24
24
26
26
26
26
34
92
1944—Oct
Nov
Dec
1945—Jan
Feb.
Mar
Apr.
May
24
24
End of month
Belgium
581
609
734
734
735
734
'732 "
732
715
715
714
713
712
712
694
Brazil
British
India
192
214
27
5
6
5
30
30
30
30
36
51
24
21
17
16
25
59
313
314
329
330
340
341
341
342
342
342
274
274
274
274
274
274
274
274
274
274
6
5
6
7
6
5
6
4
6
7
6
7
56
56
56
57
57
57
57
57
90
91
92
94
95
97
99
100
102
103
104
106
Japan
193
144
120
164
164.
164
5164
Java
80
90
140
235
4216
125
P127
».
Aug
Sept
End of month
Sweden
Switzerland
Colombia
274
274
274
274
274
274
Italy
Turkey
Chile
32
40
51
70
115
254
p
June
July
Canada
United
Kingdom
Uruguay
Mexico
NetherNew
lands Zealand
29
32
47
47
39
203
998
692
617
575
506
500
23
23
23
23
23
23
221
222
222
222
221
220
219
219
231
230
255
500
500
500
500
500
500
500
500
500
270
270
270
23
23
23
23
23
23
23
23
23
23
23
Venezuela
Yugoslavia
B.I.S.
Cuba
T"
1
1
16
46
101
101
111
121
126
131
141
151
166
171
Norway
94
94
484
Czecho- Denslovakia mark
53
53
52
44
44
44
55
55
52
52
52
52
2,430
2,709
2,000
2,000
2,000
2,000
61
61
61
61
61
44
44
44
44
44
44
44
44
44
44
44
52
52
52
52
52
52
52
52
52
52
' 1,777"
1,777
1,777
1,777
1,777
1,777
"61"
61
Peru
Poland
20
20
20
21
25
31
85
484
321
308
160
223
335
387
701
549
502
665
824
964
29
29
88
92
114
161
2,690
1944—Oct.....
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.........
456
462
463
477
475
474
472
470
478
478
479
479
1,029
1,040
1,052
1,058
1,061
1,072
1,103
1,105
1,069
1,073
p
1.084
p
l,085
221
221
221
221
221
225
225
225
234
234
234
1
1
1
1
1
1
1
1
1
1
1
1
n
1
1
1
1
69
68
90
100
89
121
52
52
29
41
68
89
149
151
157
159
164
166
168
173
175
179
189
110
125
130
130
147
147
161
161
176
176
186
57
59
82
483
1:
:
14
7
12
12
21
45
166
178
170
166
185
229
39
36
37
37
37
37
39
39
39
244
244
245
245
246
246
246
247
247
247
247
248
Germany
Greece
29
29
29
29
29
29
27
28
28
28
28
28
"29
'
28
28
28
28
28
28
28
"l,'777'
Portu- Rumania
gal
69
69
59
59
59
60
133
152
158
182
241
316
60
60
60
60
60
60
60
60
60
60
South
Africa
220
249
367
366
634
706
796
811
814
829
834
848
851
865
878
886
909
Spain
3525
""42"
42
91
104
104
105
106
106
108
109
109
109
109
Government gold reserves* not included
in previous figures
End of m o n t h
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
France
83
56
58
61
61
61
32
32
32
30
30
30
30
30
28
28
28
28
Other
countries 6
Egypt
1938— Dec. . . .
1939— Mar. . . .
May....
June...
Sept....
Dec
1940— J u n e . . .
Dec. . . .
1941— J u n e . . .
Dec
1942— J u n e . . .
Dec
1943— June
Dec
1944— M a r . . . .
June. . .
Sept....
Dec... .
1945— M a r . . . .
United
States
80
154
85
164
156
86
48
89
25
8
12
11
43
14
21
25
12
32
United
Kingdom
2759
1,732
France
331
559
477
Belgium
44
3876'
292
17
17
17
17
17
17
17
17
17
17
p
Preliminary.
Figures through March 1940 and for December 1942, December 1943, and December 1944 include,
in addition t o gold of the Central Bank held a t home, gold of the Central Bank held abroad and gold
belonging to the Argentine Stabilization Fund.
2
On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance.
3
Figure for December 1938 is t h a t officially reported on Apr. 30, 1938.
4
Figures relate to last official report dates for the respective countries, as follows: Java—
J a n . 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941.
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
from last previous official report.
7
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
N O T E . — F o r back figures, see Banking and Monetary Statistics, Tables 156-160, p p . 536-555,
and for a description of figures, including details regarding special internal gold transfers affecting
the reported data, see pp. 524-535 in the same publication.
1
NOVEMBER
1945
1
Reported a t infrequent intervals or on d e layed basis: U. S.—Exchange Stabilization F u n d
(Special A / c N o . 1); U. K.—Exchange E q u a l i zation Account; France—Exchange Stabilization
Fund a n d R e n t e s F u n d ; Belgium—Treasury.
2
Figure for end of September.
3
Reported figure for total British gold reserves on
Aug. 31,1939, less reported holdings of B a n k of E n g land on t h a t d a t e .
4
Figure for Sept. 1, 1941.
N O T E . — F o r available back figures and for details
regarding special internal gold transfers affecting
the British and French institutions, see Banking
and Monetary Statistics, p . 526, and BULLETIN for
February 1945, p . 190.
1163
GOLD P R O D U C T I O N
OUTSIDE U. S. S. R.
[In thousands of dollars]
Estimated
Total
Year or month production
reported
outside
U.S.S.R.1 monthly
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—Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May.
June
July
Aug
South
Africa
708 ,453
752 ,847
833 ,895
893 ,384
958 ,770
1,020 297
1,094 264
1,089 395
968 112
738 471
663 960
366 ,795
377 ,090
396 ,768
410 710
425 649
448 753
491 628
504 268
494 439
448 153
429 787
54 885
54 521
53 734
53 446
55 199
50 782
54 703
54 096
53, 934
167
35 810
35 821
35 270
34 836
36 216
33, 698
36 458
35 937
36, 073
35, 800
36, 311
34, 199
p
53,'363
' 778
P52
Production reported monthly
Afric a
North and South America
6 Colom5
Rho- 1 West Belgian United
Chile
desia | Africa* Congos States* Canada Mexico
$1 = ISA
24,264
25,477
28,053
28,296
28,532
28,009
29,155
27,765
26,641
23,009
20,746
1,724
1,714
1,680
1,733
1,674
1,610
1,686
1,718
1,673
1,645
,1,679
'1,679
grains of gold £0
12,153
6, 549
13,625
7, 159
16,295
7, 386
8, 018
20,784
24,670
8, 470
8, 759
28,564
32,163 3 8,862
32,414
29,225
19,740
18.445
fine; i.e.,
108,191
126,325
152,509
168,159
178,143
196,391
210,109
209,175
130,963
48,808
35,778
1,540
1,575
1,575
1,610
1,610
,575
,610
,610
L.575
L,575
1,610
,610
an ounce of fine gold = $35
104,023 23 135 12,045
8,350
114,971 23,858 11,515
9,251
131,181 26 465 13,632
9,018
143,367 29 591 15,478
9,544
165,379 32 306 18,225 10,290
178,303 29 426 19,951 11,376
185,890 30 878 22,117 11,999
187,081 6 27, 969 22,961
9,259
169,446 30, 000 20,882
6,409
19,789
127,796
6,081
101,980
19,374
7,131
3,087
2,922
3,033
2,828
2,463
2,342
2,446
2,328
2,563
2,516
2,078
3,277
J .421
1,370
1,380
1,162
1,882
L,379
,382
1,836
1,736
1,460
1,518
•^1,518
8,274
8,051
7,809
8,012
8,166
7,432
8,004
7,831
7,614
7,426
7,357
7,411
523
560
555
506
486
372
542
526
528
'528
'528
'528
Other
1 British
NicaraAustralia8 1 India*
gua7
1 ,166
868
807
848
1,557
3 ,506
5 ,429
7.525
8 ,623
7,715
7,865
615
653
613
765
672
590
615
560
631
574
393
595
30,559 | 11,223
31,240 11,468
40,118 11,663
46,982 11,607
54,264 11,284
56,182 11,078
55,878 10,157
9,940
51,039
8,960
42,525
8,820
28,560
6,545
16,310
1,365
1,295
1,260
1,470
1,470
1,260
1,365
1,225
1,190
1,295
1,400
'1,400
525
560
560
525
560
525
595
525
350
350
490
560
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes,
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
p
Preliminary.
' Figure carried forward.
1
Annual
figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal Statistics.
2
Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944 they represent Gold Coast only.
3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year.
4 Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent
estimates of American Bureau of Metal Statistics, those for 1944 having been revised by adding to each monthly figure $59,421 so that aggregate for the
year is equal to annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines.
6 Figures for Canada beginning 1944 are subject to official revision.
6
Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three
months of year.
7 Gold exports, reported by the Banco Nacional de Nicaragua, which states 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 represent9 total Australia; beginning January 1944, Western Australia only.
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p . 151; July 1938, p. 621; June 1938, p . 540; April 1933, pp. 233-235;
and Banking and Monetary Statistics, p . 524. For annual estimates compiled by the United States Mint for these and other countries in the period
1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars a t approximately $35 a fine ounce)
Net imports from or net exports (—) to:
Year or
month
Total
net
imports
United
Kingdom
France
Belgium
Netherlands
Swe- Switz- Canada
den erland
Mexico
Other
Latin
American Republics
19341
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
8,902 94,348
1,131,994 499,870 260,223
30,270
86,829
12,402
28,153
3 227,185
1,739,019 315,727 934,243
13,667
95,171
968
29,359
3,351 71,006
1,116,584 174,093 573,671
39,966
72,648
30,790
2 7,511
1,585,503 891,531 -13,710 90,859
38,482
6,461
39,485
6 54,452 111,480
1,973,569 1,208.728 81,135 15,488 163,049 60,146 1,363
36,472
76,315
65,231
3,798 165,122 341,618 28,715 86,987 612,949
3,574,151 1,826,403
33,610
57,020
977 63,260 161,489 90,320 2,622,330
4,744,472 633,083 241,778
29,880 128,259
1
1
982,378
16,791
3,779
61,862
899 412,056
1,747
315,678
40,016
1,955
39,680
5 208,917
68,938
66,920 -3,287
88
13,489
-845,392 -695,483
46,210 -109,695 -108,560
1945
Feb
Mar
Apr
May
June
July
Aug
Sept
Jan.-Sept.
1,912
— 19,149
2,398
-18,266
-83,758
-6,979
-12,339
13,496
-121,974
29
27
41
96
375
353
552
284
218
481
848
11,796
15,282
Philip- Aus- South
Britpine
Japan ish
Islands tralia Africa
India
All
other
countries
12,038
4 76,820
12
1,029
75,268
15,335
65
3,498
21,513 23,280
77,892
8
25,427 34,713
181 246,464 50,762
27,880 39,162
401 168,740 16,159
35,636 74,250 22,862 165,605 50,956
38,627 103,777 184,756 111,739 49,989
42,678 67,492 292,893 9,444 9,665
321
528 4,119
129
307
152
199 3,572
21,095
28,529
20,856
8,910
13,301
2
68,623
3284,208
4
63,O71
20,008
-8,731
18,365
1,002
248
202 -19,829
1,052
554
268 -13,700
1,815
315
1,583
11,524
1,192 '"'loo'
517
951
272
14,162 -26,061
100
5
10
4
11
2
19
95
102
74
6
71
20
22
16
11
321
180
12
229
-5,199
-86,152
-20,589
-15,014
407
5
-125,970
1
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries.
s 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.
4 Includes $44,920,000 from U.S.S.R. and $18,151,000 from other countries.
5
Includes $127,629,000 to China and $1,659,000 from other countries.
NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, s e e p . 524 in the same
publication.
1164
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, (—). In millions of dollars]
TABLE 1.-TOTAL CAPITAL MOVEMENT, BY TYPES
From Jan. 2, 1935, through—
Total
Increase in foreign banking
funds in U. S.
Total
Official1
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936)
259.5
616.0
899.4
1,412.5
57.7
213.8
350.7
603.3
-2.0
6.1
-4.5
9.8
59.7
207.7
355.2
593.5
155.0
312.8
388.6
361.4
31.8
43.7
40.1
125.2
-6.2
15.8
90.3
316.7
21.1
29.8
29.8
6.0
1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30
1,511.1
1,949.2
2,283.3
2,608.4
578.4
779.0
898.5
930.5
44.4
35.9
37.4
81.1
534.0
743.1
861.1
849.4
390.3
449.0
456.2
431.5
114.4
180.5
272.2
316.2
427.6
524.1
633.3
917.4
.4
16.5
23.2
12.9
1937—Mar. 31
June 30
Sept. 29
Dec. 29
2,931.4
3,561.9
3,911.9
3,410.3
1,121.6
1,612.4
1,743.6
1,168.5
62.8
215.3
364.6
243.9
1,058.8
1,397.1
1,379.0
924.6
411.0
466.4
518.1
449.1
319.1
395.2
493.3
583.2
1,075.7
L,069.5
1,125.1
1,162.0
4.1
18.3
31.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939).
3,207.2
3,045.8
3,472.0
3,844.5
949.8
786.2
1,180.2
1,425.4
149.9
125.9
187.0
238.5
799.9
660.4
993.2
1,186.9
434.4
403.3
477.2
510.1
618.5
643.1
625.0
641.8
L,150.4
1,155.3
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
4,197.6
4,659.2
5,035.3
5,021.2
1,747.6
2,111.8
2,479.5
2,430.8
311.4
425.3
552.1
542.5
1,436.2
1,686.5
1,927.3
1,888.3
550.5
607.5
618.4
650.4
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)
5,115.9
5,440.7
5,748.1
5,727.6
2,539.0
2,830.1
3,092.8
3,159.0
539.1
922.3
1,112.3
1,200.8
1,999.9
1,907.8
1,980.5
1,958.3
1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31
5,526.5
5,575.4
5,510.3
5,230.7
3,148.8
3,193.3
3,139.5
2,856.2
1,307.7
1,375.1
1,321.7
1,053.7
1942—Mar. (Apr. 1)
June 302
Sept. 30
Dec. 31
5,082.4
5,495.3
5,654.9
5,835.0
2,684.0
3,075.9
3,212.6
3,320.3
1943—Mar.
June
Sept.
Dec.
31
30
30
31
6,147.1
6,506.4
6,771.3
7,118.6
1944—Jan.
Feb.
Mar.
Apr.
May
June
31
29
31
30
31
30
L, 219.7
54.2
57.8
64.1
47.6
646.7
664.5
676.9
725.7
1,188.9
1,201.4
1,177.3
L,133.7
63.9
74.0
83.1
80.6
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1,841.0
1,818.2
1,817.7
1,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
932.0
1,211.7
1,339.1
1,412.0
1,752.0
1,864.2
1,873.5
1,908.3
819.7
842.3
858.2
888.8
849.6
838.8
830.5
848.2
624.9
632.0
646.1
673.3
104.3
106.2
107.5
104.4
3,643.4
4,002.6
4,130.6
4,496.3
1,723.1
2,071.4
2,190.9
2,461.5
1,920.3
1,931.2
1,939.7
2,034.8
898.7
896.9
888.6
877.6
810.5
806.8
929.3
925.9
685.9
687.9
708.1
701.1
108.6
112.1
114.8
117.8
7,272.9
7,418.6
7,462.9
7,464.3
7,458.9
7,459.6
4,658.2
4,833.2
4,885.4
4,881.0
4,882.7
4,851.7
2,649.3
2,815.7
2,856.0
2,780.5
2,726.8
2,661.4
. 2,009.0
2,017.5
2,029.4
2,100.6
2,155.9
2,190.3
870.8
843.5
868.0
873.4
872.9
856.6
931.7
924.2
904.1
905.4
903.2
929.8
695.1
698.8
685.8
686.2
680.1
702.4
117.0
118.9
119.6
118.3
119.9
119.1
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
7,423.4
7,440.9
7,430.9
7,460.2
7,530.5
7,475.7
4,740.8
4,732.3
4,661.2
4,680.3
4,775.1
4,612.5
2,622.9
2,589.5
2,498.8
2,489.8
2,541.0
2,372.2
2,117.9
2,142.8
2,162.3
2,190.4
2,234.1
2,240.3
850.6
869.7
883.5
891.3
872.7
805.8
1,005.8
1,009.7
1,026.2
1,025.8
1,025.3
1,019.4
706.9
709.4
737.8
735.8
732.4
911.8
119.3
119.9
122.2
127.1
125.0
126.3
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
7,633.1
7,755.4
7,739.1
7,797.3
7,857.7
8,071.9
4,723.9
4,887.3
4,909.9
4,958.2
5,004.5
35,261.4
2,468.7
2,587.3
2,555.6
2,588.9
2,634.0
32.903.6
2,255.2
2,300.0
2,354.3
2,369.2
2,370.5
32,357.9
848.2
859.8
848.5
844.7
845.7
3760.4
1,025.9
1,033.4
1,029.6
1,061.6
1,088.9
1,069.9
909.0
845.0
820.6
802.5
785.0
848.4
126.1
129.9
130.5
130.4
133.6
3131.8
NOVEMBER
1945
,
:L,125.4
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935-Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.-TOTAL CAPITAL MOVEMENT, BY COUNTRIES
Total
United
Switzer- GerKing- France Netherland
many
lands
dom
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
1,412.5
2,608.4
3,410.3
3,844.5
5,021.2
554.9
829.3
993.7
1,183.8
1,101.3
210.2
299.5
281.7
339.6
468.7
114.5
229.7
311.9
328.6
470.3
130.4
335.5
607.5
557.5
773.0
36.6
83.1
123.9
140.5
165.9
24.0
45.6
22.1
32.2
58.0
130.0
228.5
312.2
472.0
752.9
1,200.6
2,051.3
2,653.0
3,054.2
3,790.1
(2)
150.5
106.3
155.3
229.4
70.9
201.2
410.6
384.6
483.4
128.3
184.0
224.6
214.2
431.0
12.7
21.4
15.9
36.2
87.4
1940—Dec. (Jan. 1, 1941)
1941—Dec 31
1942—Dec. 31
1943—Dec. 31
5,727.6
5,230.7
5,835.0
7,118.6
865.2
674.1
837.8
1,257.7
670.3
639.9
625.9
636.8
455.6
464.4
474.0
487.7
911.5
725.7
592.1
629.1
175.9
179.9
179.5
178.6
55.4
50.5
48.1
48.2
922.7
891.8
850.9
954.8
4,056.6
3,626.3
3,608.1
4,192.8
411.7
340.5
425.1
760.3
606.8
562.3
567.7
567.5
835.8
787.7
951.0 1,013.1
90.2
128.6
178.3
201.4
1944—July 31
Aug 31
Sept 30
Oct. 31
Nov 30
Dec 31
1945—Jan 31
Feb. 28
Mar 31
Apr 30
May 31
June 30
7,423.4
7,440.9
7,430.9
7,460.2
7,530.5
7,475.7
7,633.1
7,755.4
7,739.1
7,797.3
7,857.7
8,071.9
1,261.5 633.3
1,226.3 633.3
1,127.0 633.5
1,053.6 635.4
1,078.8 635.2
1,090.0 585.7
1,008.6 566.6
1,053.6 558.3
1,048.9 506.5
1,026.0 477.6
1,029.3 ' 453.0
1,066.2 521.7
497.1
494.6
498.5
504.0
502.7
506.2
503.3
506.3
505.7
506.3
506.8
513.0
649.8
651.7
653.2
652.8
654.4
664.3
659.6
666.4
673.0
670.7
178.6
178.6
178.6
178.9
179.0
179.1
179.0
179.0
179.2
179.2
179.0
179.0
950.1 4,223.3
53.0
962.3 4,201.1
54.3
56.2
966.8 4,113.6
58.5
973.5 4,056.8
61.5
982.7 4,094.2
63.1
993.3 4,081.8
965.2 3,949.0
66.7
970.5 4,003.9
69.8
967.6 3,952.9
72.0
75.5
990.5 3,925.8
77.5 1,003.6 3,926.4
80.0 1,017.9 4,057.5
836.2 ,145.9 1,060.0
875.4 ,152.6 1,056.9
951.9 ,159.6 1,049.5
1,014.4 ,166.6 1,062.9
1,015.6 ,194.7 1,062.7
976.4 ,193.7 1,020.9
1,030.8 ,250.2 1,199.2
1,081.3 ,262.4 1,200.1
1,135.4 ,234.2 1,205.3
1,194.9 .263.0 1,202.9
1,204.7 1,324.3 1,193.8
1,276.7 1,353.8 1,175.5
158.0
154 9
156.3
159.5
163.3
203.0
204.1
207.7
211.4
210.7
208 5
208.4
From Jan. 2, 1935, through—
677 A
679.7
Italy
Other
Total
Latin
Europe Europe Canada America
Asia1
All
otheri
TABLE 3.-INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From Jan. 2, 1935, through—
Total
United
Switzer- GerKing- France Netherland
many
lands
dom
Italy
Other
Total
Latin
Europe Europe Canada America
Asiai
All
otheri
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
603.3
930.5
1,168.5
1,425.4
2,430.8
128.6
163.5
189.3
364.0
376.1
129.6
144.2
111.8
155.3
256.1
55.7
65.9
76.3
87.9
190.9
72.4
109.8
288.4
205.1
362.7
-.8
2.7
9.6
-11.8
-20.1
7.3
23.0
6.9
1.7
19.7
60.7
79.7
109.4
208.6
470.0
453.5
588.9
791.7
1,010.7
1,655.4
46.0
86.8
76.3
101.6
174.5
33.5
149.3
166.3
127.6
215.1
58.8
90.4
126.2
163.3
325.4
11.5
15.2
8.0
22.2
60.5
1940—Dec. (Jan. 1, 1941)
1941—Dec 31
1942—Dec 31
1943—Dec 31
3,159.0
2,856.2
3,320.3
4,496.3
293.3
328.6
493.3
939.4
458.0
416.5
394.5
404.1
160.3
161.0
170.0
176.7
494.7
326.2
166.3
192.7
-22.9
-23.1
—22.7
-23.7
— .9
-3.4
—6.2
-6.9
603.7
561.1
502.5
589.0
1,986.3
1,766.9
1,697.5
2,271.2
334.1
273.1
399.5
704.7
326.4
296.7
482.8
578.7
450.9
418.0
598.7
779.7
61.3
101.6
141 9
162.0
4,740.8
4,732.3
4,661.2
4,680.3
4,775.1
4,612.5
4,723.9
4,887.3
4,909.9
4,958.2
5,004.5
5,261.4
967.9
937.6
834.2
760.8
789.7
804.4
726.4
777.0
772.9
758.5
770.7
800.5
403.6
405.4
415.6
414.1
413.8
356.6
338.9
329.6
286.4
258.3
235.0
292.2
184.1
182.5
186.0
191.3
190.1
193.1
190.0
192.6
192.2
192.2
192.7
196.7
209.1
210.3
212.6
212.1
214.4
221.4
219.8
227.1
234.5
234.1
240.1
243.2
-23.8
-23.8
-23.7
-23.5
-23.6
-23.4
-23.4
-23.4
-23.3
-23.3
-23.5
-23.5
-2.6
—1.1
.8
3.0
5.7
581.0
570.2
574.8
581.9
591.0
634.7
570.5
576.7
582.8
606.8
619.7
670.0
2,319.3
2,281.1
2,200.3
2,139.6
2,181.2
2,193.7
2,032.9
2,093.2
2,061.3
2,045.9
2,057.3
2,202.7
728.2
759.8
776.2
839.8
848.7
818.6
868 1
962.3
1,021.2
1,056.8
1,053.4
1,159.3
742.8
745.7
743.0
746.9
784 8
794.7
848 7
855.4
842.5
872.0
913.5
955.4
824.2
822 3
818.1
827.0
828 9
635 9
804 5
803.8
809.3
808.3
807.7
770.5
126 3
123 4
123.5
126.9
131 5
169 7
169 7
172.5
175.7
175.2
172.7
173.5
1944—July 3i
Aug 31
Sept 30
Oct. 31
Nov 30
Dec 31
1945—j an 3i
Feb 28
Mar 31
Apr. 30
May 31
June 30
....
7.0
10.7
13.5
15.7
19.1
22.5
23.6
TABLE 4.-DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, t h r o u g h -
Total
United
Switzer- GerKing- France Netherland
many
lands
dom
Italy
Other
Total
Latin
1
Europe Europe Canada America Asia
All
otheri
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
(Jan. 3, 1940)
361.4
431.5
449.1
510.1
650.4
178.0
207.4
206.2
252.2
48.1
62.0
65.3
68.4
73.8
— .4
-3.3
-4.4
-5.6
12.9
1.6
2.7
2.6
2.6
2.9
29.7
66.0
105.1
141.7
177.8
13.7
16.3
6.5
13.7
15.5
22.0
26.9
33.8
28.4
310.2 - 4 . 6
343.7
36.9
409.3 -21.7
460.9
35.9
563.5
56.5
20.1
24.9
51.6
66.8
52.6
-21.5
-46.5
-1.6
-4.4
-8.7
-7.0
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 1, 1941)
31
31
31
775.1
791.3
888.8
877.6
269.2
271.2
279.4
272.1
74.6
76.9
77.8
77.9
17.7
17.6
18.1
18.3
6.5
5.4
6.6
5.1
191.6
196.8
196.7
196.9
25.3
25.8
26.2
26.2
49.8
53.6
56.8
60.0
634.7
647.4
661.5
656.5
60.3
62.7
58.6
55.1
43.2
17.7
68.3
55.7
34.8
64.7
93.8
102.7
2.1
-1.2
6.6
7.5
850.6
869.7
883.5
891.3
872.7
805.8
848.2
859.8
848.5
844.7
845.7
760.4
262.5
262.4
267.6
268.6
267.4
266.1
266.2
264.6
268.8
266.6
261.5
264.1
77.8
77.8
77.8
77.8
77.7
77.7
77.6
77.6
77.6
77.6
77.8
77.8
18.2
18.0
18.3
18.3
18.3
18.3
18.3
18.3
18.3
18.1
18.2
18.0
6.3
6.8
6.8
6.6
4.8
6.8
6.2
7.3
7.2
7.2
7.3
2.7
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
51.6
70.6
70.4
70.3
70.9
34.6
70.7
70.3
70.4
70.6
70.1
30.9
639.6
658.8
664.0
664.6
662.2
626.6
662.0
661.2
665.3
663.3
658.0
616.5
51.0
52.5
62.3
64.4
64.9
64.8
61.8
68.1
69.0
69.9
67.3
39.1
62.6
63.1
64.3
64.9
51.2
37.0
36.1
40.7
23.9
23.0
40.1
23.5
98.3
96.7
93.2
98.2
96.0
77.7
87.6
88.2
88.1
86.4
77.9
79.9
-.9
-1.3
-.3
-.8
-1.6
-.3
.8
1.7
2.2
2.1
2.4
1.5
1944—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30...
1
2
37.3
30.4
18.7
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under ''All other.'
Inflow less than $50,000.
n66
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 19'35-Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935, through—
Total
United
Switzer- GerKing- France Netherlands
land
many
dom
Italy
Other Total
Latin
Europe Europe Canada America
Asia*
All
other*
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
125.2
316.2
583.2
641.8
725.7
67.8
116.1
136.8
127.7
125.5
6.8
7.4
10.4
21.2
27.3
29.4
— 1.2
13.7
30.4
36.1
45.0
13.3
22.5
26.6
33.5
36.6
13.5
22.0
27.6
46.1
87.9
115.2
167.8
189.0
143.1
278.3
366.4
440.6
495.2
-39.7
18.2
22.8
26.1
42.1
10.5
-9.7
-7.6
12.7
15.7
175.0
167.4
184.0
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
803.8
855.5
848.2
925.9
128.6
127.6
125.4
127.6
43.4
51.6
52.4
50.6
31.0
31.5
31.6
33.0
46.0
44.3
44.9
44.7
36.5
36.5
36.5
36.5
28.1
28.1
28.0
27.9
196.4
201.8
207.6
210.1
510.0
521.3
526.3
530.3
25.0
35.4
-3.0
41.2
202.3
221A
245 !4
272.3
53.0
61 2
62.2
13.5
16 6
18^0
19.9
1,005.8
1,009.7
1,026.2
1,025.8
1,025.3
1,019.4
1,025.9
1,033.4
1,029.6
1,061.6
1,088.9
1,069.9
127.1
126.8
126.6
127.2
127.0
126.5
124.8
125.2
124.0
121.6
120.8
118.9
50.8
50.7
50.7
50.8
50.9
51.0
51.0
51.2
51.4
51.3
51.2
51.3
33.6
33.6
33.6
33.6
33.6
33.6
33.6
33.6
33.6
33.6
33.5
33.5
44.8
44 7
44.7
44.5
44.4
44.5
44.5
44.7
44.7
44.7
44.5
44.7
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
27.8
27.7
27.7
27.7
27.7
27.6
27.6
27.6
27.6
27.6
27.6
27.6
209.7
210.3
210.4
210.4
210.4
210.4
210.4
210.3
210.3
210.1
210.0
210.1
530.2
530.2
530.2
530.7
530.4
530.1
528.4
529.1
528.0
525.4
524.1
522.5
106.0
105.8
119.1
116.9
113.5
104.9
111.5
118.1
113.9
147.1
171.4
152.0
287.0
291.1
294.8
296 1
62.0
61.9
61.5
61.1
61.4
61 3
6l!3
61.5
61.5
61.9
61.7
61.7
20.7
20.7
20.7
21.0
21.1
21 0
2l!l
21.0
21.1
21.2
21.2
21.3
Asia*
All
other 1
(Jan. 1, 1941)
31
31
31
1944—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
2.9
9.4
1.7
299 !o
302 0
303^5
303.7
305.1
306.1
310.4
312.4
7.9
17.0
24.5
33.8
42.8
6L5
1.1
3.5
6.8
9.7
11.3
TABLE 6. DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
From Jan. 2, 1935, through—
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
Total
United
Switzer- GerKing- France Netherland
many
lands
dom
Italy
Latin
Total
Other
Europe Europe Canada America
(Jan. 1, 1936)
30
29
(Jan. 4, 1939).
(Jan. 3, 1940).
316.7
917.4
1,162.0
1,219.7
1,133.7
149.8
367.7
448.7
472.6
328.1
23.4
64.7
70.3
76.9
76.6
50.5
157.6
213.8
212.1
227.7
55.1
200.2
275.3
304.1
344.7
-5.4
-7.5
-17.4
-22.8
-28.2
12.9
38.5
55.7
56.6
60.4
286.2
818.0
1,041.6
1,094.1
1,004.4
2.8
3.7
-3.3
-4.9
-5.5
-4.9
32.6
37.6
25.7
-2.6
15.5
18.2
23.7
30.1
21.4
44.1
54.7
65.2
87.6
2.6
7.1
9.8
11.1
14.3
1940—Dec. (Jan. 1, 1941).
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
888.7
626.7
673.3
701.1
157.1
-70.1
-77.6
-100.3
74.4
74.9
80.5
82.7
233.2
236.7
236.9
239.9
348.1
336.4
360.5
367.3
-29.1
-30.1
-30.9
-30.8
2.7
-.1
-.1
.6
64.9
67.3
75.3
86.3
851.3
615.0
644.7
645.7
-18.4
-44.7
-45.1
-58.2
25.6
28.1
35.2
40.5
17.6
17.5
27.7
62.5
12.6
10.9
10.9
10.6
1944—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
706.9
709.4
737.8
735.8
732.4
911.8
909.0
845.0
820.6
802.5
785.0
848.4
-114.7
-118.9
-120.2
-122.0
-123.5
-125.4
-127.4
-131.7
-135.4
-139.2
-142.8
-138.9
79.0
77.1
66.9
70.1
70.0
77.3
77.2
76.9
68.0
67.1
66.4
77.6
240.0
239.7
239.7
239.7
239.4
239.0
239.0
239.1
239.1
239.4
239.3
241.3
369.2
369.1
367.6
367.2
369.2
368.5
366.1
363.3
362.2
360.1
359.4
363.1
-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
-30.7
-30.7
1.2
1.2
1.2
1.3
1.5
1.9
1.8
2.1
2.1
2.2
.8
2.2
98.2
101.1
100.9
100.5
100.5
103.2
103.0
102.4
93.7
92.5
93.5
96.4
642.0 - 6 5 . 6
638.4 - 5 9 . 1
625.2 -21.7
626.0 - 2 4 . 9
626.3 -28.2
633.7 - 2 8 . 1
629.0 - 2 7 . 4
621.4 - 8 4 . 2
598.9 - 8 5 . 7
591.2 - 9 5 . 9
585.9 -106.7
611.0 - 9 1 . 7
48.9
48.1
51.9
52.4
53.3
54.9
55.7
55.4
55.2
55.1
52.8
58.5
70.7
71.2
71.7
71.6
70.4
240.5
241.1
241.9
241.7
241.9
242.7
260.4
10.8
10.7
10.7
10.6
10.6
10.7
10.7
10.6
10.5
10.3
10.3
10.3
Asiai
All
other*
-.1
TABLE 7.-INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S, with Brokers and Dealers Abroad)
From Jan. 2, 1935, through—
Total
United
Switzer- GerKing- France Netherland
lands
many
dom
Italy
Latin
Total
Other
Europe Europe Canada America
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
6.0
12.9
47.5
47.6
80.6
11.5
13.4
19.4
2.4
10.4
11.5
12.9
20.1
1.3
— .9
5.0
6.8
9.3
2.5
9.1
10.8
9.6
17.8
-.2
— .7
-.2
.1
.3
.1
.2
.1
1.4
.4
5.0
5.2
5.0
7.6
22.6
44.0
47.9
71.6
-4.5
-7.6
3.5
1.8
8.7
1.0
- 4 . 2c
— .9
1.6
2.9
2.1
.5
-1.5
-3.4
1940—Dec. (Jan. 1, 1941)
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
100.9
100.9
104.4
117.8
17.0
16 8
17.4
18.8
19.9
19 9
20.7
21.5
13.4
17 6
17.5
19.9
16.2
13 5
13.7
'19.3
-.2
— 2
-.1
-.2
.2
.2
.2
.3
7.9
80
8.7
9.4
74.3
75.7
78.1
89.1
10.7
14.1
15.2
17.6
9.2
3.9
4.2
3.8
6.0
6.3
6.0
6.0
1944—July 31
Aug 31
Sept 30
Oct. 31
Nov. 30
Dec 31
1945—Jan. 31
Feb. 28
Mar 31
Apr. 30
May 31
June 30
119.3
119.9
122.2
127.1
125.0
126.3
126.1
129.9
130.5
130.4
133.6
131.8
18.7
18.4
18.9
19.0
18.2
18.5
18.5
18.6
18.6
18.4
19.1
21.7
22.1
22.2
22.4
22.6
22.7
23.1
21.9
22.9
23.1
23.1
22.6
22.8
21.1
20.8
20.9
21.2
21.3
22.3
22.4
22.7
22.6
23.0
23.1
23.5
20.5
20.8
21.5
22.5
21.6
23.0
22.9
23.9
24.5
24.7
25.8
26.0
— .2
-.2
— .2
-.2
-.1
-.2
-.2
— .1
-.1
— .1
.3
.3
.3
.3
.3
.3
.3
.3
.3
.3
.3
16.6
16.3
16.0
18.2
16.7
16.2
16.7
17.0
17.0
17.0
19.3
17.9
4.8
4.9
5.0
5.0
6.0
5.6
4.7
4.8
4.7
4.4
3.9
.3
92.2
92.5
94.0
95.9
94.1
97.7
96.6
99.0
99.4
100.0
101.1
104.8
4.6
4.8
5.5
6.3
6.4
5.1
6.3
7.2
7.5
7.0
7.5
-.1
9.6
10.2
10.3
10.5
10.0
10.5
10.6
10.8
10.5
10.5
10.3
10.6
4.1
3.0
4.0
(3)
-.9
.3
2.1
.7
.8
.9
1.3
1.2
1.4
1.8
1.8
1.8
1.8
1.8
1.9
1.9
1.9
1.9
1.9
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
3
2 Inflow less than $50,000.
Outflow less than $50,000.
NOVEMBER
1945
1167
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES A N D ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]
LIABILITIES
Total
Date
United
SwitzerKing- France Netherlands
land
dom
Ger-
Italy
Other
Total
Latin
Europe Europe Canada America
Asia*
All
other1
1934- Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938--Dec.
(Jan. 2, 1935)
(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
597.0
1,200.2
1,491.6
1,729.6
1,996.6
76.9
205.5
235.7
261.5
436.1
33.9
163.5
176.3
143.9
187.4
12.9
68.6
78.8
89.1
101.8
13.7
86.1
123.5
302.1
218.8
29.9
29.0
32.0
39.0
17.8
18.8
26.1
41.7
25.7
20.4
46.8
107.5
126.3
156.0
255.5
232.9
686.3
814.3
1,017.1
1,237.8
99.3
145.3
186.1
175.6
201.8
122.8
156.3
263.9
280.9
248.5
130.1
188.9
200.2
236.0
274.3
12.0
23.4
27.1
20.0
34.1
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
3,057.0
3,785.2
3,482.4
3,987.5
5,153.7
448.2
365.5
400.8
554.6
1,000.8
288.2
490.1
448.6
432.3
439.9
204.9
174.3
174.9
186.6
193.3
376.3
508.4
339.9
184.2
210.6
9.5
6.7
6.6
7.5
6.5
38.5
17.9
15.4
12.1
11.3
516.9
650.6
608.0
643.4
722.1
1,882.6
2,213.5
1,994.0
2,020.7
2,584.5
274.6
434.3
373.2
507.4
812.6
336.0
447.3
417.7
597.7
693.7
491.4
616.9
583.9
712.1
887.6
72.5
73.3
113.6
149.6
175.3
5,397.7 1,029.2
5,389.2
998.9
5,318.1
895.6
5,337.2
822.1
5,432.0
851.0
5,269.4
865.7
5,271.4 1 865.7
5,382.8 | 787 .8
787 .8
5,389.7
838 .3
5,553.1
834 .2
5,575.7
819 .9
5,624.0
832 .1
5,670.4
861 .8
5,927.3
439.4
441.2
451.4
449.9
449.6
392.3
401.2
383.6
419.0
409.8
366.6
338.5
315.1
372.3
200.7
199.1
202.6
207.9
206.7
209.7
227.0
228.2
230.5
230.0
232.3
239.3
239.3
237.8
237.8
245.0
252.5
252.0
258.0
261.2
6.5
6.5
6.5
6.7
6.7
6.8
6.8
6.8
6.8
6.8
6.9
7.0
6.7
6.7
15.7
17.2
19.1
21.3
24.0
25.3
714.0
703.2
707.8
714.9
724.0
767.7
836.1
867.8
884.2
947.7
956.6
926.5
926.5
976.0
976.0
1,070.3
1,129.1
1,164.8
1,161.3
1,267.3
857.4
860.3
857.6
861.5
899.4
909.3
909.3
963.3
970.2
976.9
964.0
993.5
035.0
076.9
932.1
930.2
926.0
934.9
936.8
743.8
743.8
912.4
912.4
911.7
917.2
916.2
915.6
878.4
139.6
136.6
136.7
140.1
144.7
182.9
174.0
174.1
138.6
141.4
144.5
144.1
141.6
142.4
1944 -July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
Dec. 312
1945—Jan. 31 2
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
209 .7
206 .6
206 .6
209 .3
208 .8
208 .8
209 .3
213 .3
27.3
31.0
2,632.5
2,594.3
2,513.5
2,452.9
2,494.4
2,506.9
767.7 I 2,517.81
703.6 I 2,357.11
31.0
33.8
36.0
39.4
42.9
43.9
703 .6
709 .8
715 .8
739 .9
752 .7
803 .0
2, 392 .5
2, 452 .8
2, 420 .8
2,405 .5
2, 416 .9
2, 562 .3
LIABILITIES—SUPPLEMENTARY DATA
Other Europe3
Date
1939—Dec.
1940—Dec.
1941—Dec
1942—Dec.
1943—j)ec
(Jan. 3, 1940)...
(Jan. 1, 1941)...
31
31
3i
1944—July 31
Aug. 31
Sept. 30
Oct. 31
Nov 30
Dec. 31
1945—jan 3i
Feb. 28
Mar 31
Apr. 30
May 31
June 30
Other
Europe
Portu- Ru :
Geeece4 Luxembourg4 Norway gal4
mania4
Belgium
Denmark
Finland
516.9
650.6
608.0
643.4
722.1
159.2
144.8
117.3
121.8
122.9
28.1
17.3
18.1
17.7
13.9
21.4
16.5
5.7
7.9
7.7
"39.3"
43.5
714 0
703.2
707.8
714.9
724 0
767.7
703.6
709.8
715.8
739.9
752.7
803.0
121.9
123.0
124.7
124.1
124.3
124.3
121.8
123.5
133.7
139.7
147.3
142.1
13.2
13.5
14.0
13.6
13.4
14.8
14.4
14.2
14.4
13.7
13.4
13.7
7.5
7.5
7.2
7.1
7.1
7.1
7.0
6.6
7.1
7.0
6.8
6.7
46.6
46.3
46.4
48.8
48.7
48.7
48.7
48.6
50.6
52.5
53.7
56.6
18.3
18.4
56.3
48.7
65.2
132.4
158.9
35.7
53.4
9.4
9.3
18.5
18.5
18.5
18.6
18.5
18.6
18.5
18.6
18.6
18.5
19.1
19.3
180.0
178.4
178.6
186.6
186.6
220.8
185.4
187.2
194.7
199.9
194.0
240.6
39.4
40.6
45.9
45.6
49.8
54.5
42.0
41.3
35.4
39.4
36.6
40.6
9.2
9.2
9.2
9.2
9.4
9.5
9.4
9.1
9.3
9.3
9.3
9.3
Yugo-4
Spain4 Sweden USSR4 slavia
All
other
17.5
31.8
142.2
235.4
210.7
153.5
163.2
14.3
12.3
17.7
9.9
109.8
187.9
191.0
57.9
76.9
49.0
50.6
45.2
41.4
43.3
43.4
38.2
41.1
27.3
31.5
37.6
31.8
155.9
144.6
147.5
149.0
148.0
152.1
148.6
152.3
157.7
158.0
160.2
165.4
8.2
7.5
7.9
8.2
12.9
16.1
12.7
12.9
8.6
12.8
17.5
20.9
7.0
6.9
6.9
6.9
5.8
5.7
5.7
5.7
58
5.8
5.6
5.7
56.7
55.9
55.7
56.2
52.1
51.0
48.7
52.8
51.8
51.7
50.3
57 7
Latin America5
Date
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
1944—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1945—Jan. 31
Jan. 312
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
Latin
BoAmer- Argentina livia6 Brazil Chile
ica
10.8
12.6
36.4
36.2
50.5
67.7
98.7
26.8
28.5
27.3
34.5
54.0
13.6
17.5
17.1
17.4
18.7
17.7
19.9
19.9
18.9
17.1
18.5
17.7
19.2
140.1
142.2
144.3
134.8
142.7
140.8
160.2
160.2
156.9
128.2
133.3
138.8
146.2
45.3
46.3
57.4
55.0
54.4
54.4
53.2
52.1
51.3
54.9
66.8
336.0 57.7
447.3 115.4
417.
597.7
693.7
75.7
67.6
69.8
857.4
860.3
857.6
861.5
899.4
909.3
963.3
970.
976.9
964.0
993.5
1,035.0
1,076.9
71.1
68.2
66.1
72.1
84.6
93.9
89.3
89.3
89.9
73.4
73.1
70.0
73.2
62.6
63.1
Colombia6
Costa6
Rica
NetherFrench
lands
West
West PanaMex- Indies
6
Cuba Indies
ico
and
ma7 Peru
and
Gui-6
Suriana
nam6
43.4
67.1
12.4
12.2
37.0
47.9
62.5
100.3
70.4
83.1
82.5
85.5
86.9
85.2
83.6
85.0
85.0
82.8
81.5
77.2
76.6
76.2
8.1
8.1
7.9
7.8
7.1
7.4
7.0
7.0
6.9
7.4
8.1
8.2
7.5
131.3
128.4
124.6
120.6
131.1
139.3
139.1
139.1
136.6
141.2
160.2
169.6
190.4
4.9
2.6
58.8
55.0
37.7
95.7
70.4
20.7
41.2
34.0
58.7
42.1
36.9
57.6
3.7
3.5
3.6
3.8
3.1
4.4
4.6
4.6
5.1
5.4
5.2
6.3
6.3
78.1
85.8
89.2
87.9
90.7
83.1
99.3
99.3
114.2
129.0
140.1
158.4
163.8
39.7
37.6
36.9
37.6
35.8
36.0
35.3
35.3
35.5
34.3
33.7
32.5
29.2
63.7
63.9
64.2
65.7
67.7
69.1
69.4
76.3
78.7
82.5
81.8
83.1
86.2
17.7
17.4
18.4
19.5
22.9
24.0
25.8
27.7
29.2
29.2
29.7
32.7
33.9
33.9
35.5
Other
Vene- Latin
zuela6 Amer-
20.9
24.2
85.3
105.6
121.8
64.2
95.4
23.6
23.8
31.8
39.7
29.4
31.5
49.0
49.0
43.9
49.4
43.2
48.2
41.5
120.5
116.2
118.3
117.0
120.0
119.8
121.5
121.5
124.6
129.9
133.8
136.6
134.8
For footnotes see page 1169.
1168
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
LIABILITIES-SUPPLEMENTARY
DATA-Continued
Asia and All Other1
India,
French Hong Burma,
Asia China Indo- 2 Kong and
China
CeyIon2
Date
1939 Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 3, 1940). 491.4 167.0
(Jan. 1, 1941). 616.9 207.5
31
583.9 156.8
31
712.1 360 9
31
887.6 574.2
1944—July
Aug.
Sept.
Oct.
Nov.
Dec.
31
31
30
31
30
31
624.0
619.5
615.6
617.6
607.2
427.3
27.3
27.4
27.4
27.4
27.4
27.4
23.6
23.7
23.7
23.0
22.9
22.9
743.8 427.3
912.4 573.9
912.4
911.7
917.2
916.2
915.6
878.4
932.1
930.2
926.0
934.9
936.8
743.8
Dec. 314
1945—Jan. 31
Jan.
Feb.
Mar.
Apr.
May
June
27 4
27.4
71.4
91.1
61.6
41 6 13 i
23.9 18.2
314
28
31
30
31
30
573.9
556.9
554.4
546.9
541.7
519.6
Japan
Egypt
Bri- (incl.
and French Union
Nether- PhilNew Angloof
All
OthTurOther
Austish Kolands
ippine
Zea- Egyp- Mo- South
2
others
Ma-2 rea)
tralia
East
Iskey
Asia
and Indies2 lands
land tian rocco Africa er
laya ManSudan
churia
160 4
110.1
29.1
45.6
30.7
36 8
37.9
58.5 72.5
162.4 73.3
264.9 113.6
29 9 36 2 149 6 23 1
35.4 55.5 175.3 25.3
4.2
4.1
4.1
4.1
4.0
4.0
109.7
109.5
109.2
111.8
113.6
110.5
38.9
38.8
39.1
44.4
39.2
40.4
21.0
21.8
21.2
20.9
20.3
23.7
56.9
57.1
57.9
62.0
61.7
64.2
1.3
1.3
4.0
4.0
110.5
111.1
40.4
40.2
1.3
.9
.9
.9
.8
1.0
4.0
3.9
4.0
4.0
4.0
4.1
111.1
113.5
116.5
115.4
117.6
111.3
40.2
42.8
40.4
43.8
45.2
49.6
10
.9
165.4
110.3
69.9
48
4.1
25.6
27.2
26.7
22.6
39.3
22.1
1.0
1.2
1.2
1.1
1.2
1.3
27.4
27.4
22.9 22.1
22.6 20.8
27.4
27.4
27.4
27.5
27.5
27.5
22.6
22.8
21.9
21.6
21.9
22.0
20.8
21.1
21.3
23.5
26.6
23.2
n!o
4^8
5.1
6^8
6.1
12^1
10.3
28.8
30.7
33.8
35.1
40.0
52.9
3.5
3.5
6.4
4.0
3.6
3.5
6.0
6.2
6.6
6.6
7.2
7.3
4.8
4.8
5.0
4.7
4.4
4.3
4.5 124.1
4.9 91.6
6.8 84.6
4.3 80.7
7.3 82.4
5.2 84.2
8.3 106.5
23.7
37.1
64.2 174.0 52.9
74.0 174.1 34.2
3.5
5.6
7.3
8.4
4.3
4.2
8.3 97.6
8.9 112.8
37.1
46.0
50.4
51.6
50.7
51.5
74.0
76.4
80.1
80.9
79.4
68.6
5.6
4.8
4.1
3.6
3.5
3.3
8.4
8.8
9.0
9.8
9.5
11.0
4.2
4.1
3.9
4.1
4.3
3.6
8.9
8.0
7.4
7.1
6.0
6.4
139.6
136.6
136.7
140.1
144.7
182.9
138.6
141.4
144.5
144.1
141.6
142.4
34.2
34.9
34.6
34.5
32.0
30.7
018
77.4
80.8
85.5
85.0
86.2
87.4
1
The figures in this table represent a breakdown of the columns headed "Asia" and "All other" in the main t;.able. The figures for "Asia" cover
four countries from2 Jan. 3, 1940, and five additional countries since June 30, 1942, while those for "All other" coveer five countries available only from
June3 30, 1942.
p r j o r t o J u n e 30, 1942, included under "Other4 Asia."
Country breakdown not available until June 30, 1942.
See footnote 2 for main table.
Footnotes to table on page 1168.
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
2
Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various
banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to the United States" have been adjusted to exclude the unreal movements
introduced by these changes. Figures shown above are adjusted to compare with those of previous months.
3
The figures in this table represent a breakdown4 of the column headed "Other Europe" in the main table and cover five countries from Jan. 3, 1940,
and 5seven additional countries since June 30,1942.
Prior to June 30,1942, included under "All other."
The figures in this table represent a breakdown of the column headed "Latin America" in the main table and cover six countries from Jan. 3, 1940,
and fiseven additional countries since June 30,1942.
Prior to June 30,1942, included under "Other Latin America."
J Included "Canal Zone" prior to June 30, 1942.
NOTE.—For previous changes or corrections in the reporting practices of reporting banks (similar to those indicated in footnote 2 above), which occurred on Aug. 12, 1936, Jan. 5, 1938, Oct. 18, 1939, and May 7, 1941, see Banking and Monetary Statistics, pages 578-584. For changes subsequent
to 1941, which occurred on Apr. 1 and June 30,1942, Sept. 30 and Oct. 31, 1943, and Mar. 31, 1944, see BULLETIN for September 1945, pp. 967-970.
ASSETS
Date
Total
United
Kingdom
Fra
Netherlands
land
Germany
Italy
Other
Total
Europe Europe
Latin
Canada America
Asia*
All
otheri
117.4
80.1
67.2
78.9
144.1
8.5
10.1
12.9
17.2
15.5
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938-Dec.
(Jan. 2, 1935)
(Jan. 1, 1936)
30
29,.,
(Jan. 4, 1939)
1,139.9
778.6
672.6
655.0
594.0
296.9
88.1
114.1
84.8
86.0
80.5
32.5
16.8
13.5
10.3
18.6
19.0
21.9
23.0
24.2
8.2
6.6
5.4
5.5
5.5
231.7
202.0
165.1
126.1
89.4
27.2
13.5
10.9
20.8
13.5
80.0
71.2
57.8
52.9
45.9
743.2
433.0
392.1
326.5
274.9
96.3
100.9
59.4
118.0
60.4
174.6
154.5
141.1
114.4
99.1
1939—Dec.
1940- Dec.
1941 -Dec.
1942- -Dec.
1943—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31...
31
31 ..
508.7
384.0
367.8
246.7
257.9
39.9
23.0
20.9
12.6
19.9
4.9
4.2
1.8
1.3
1.1
5.7
.9
1.1
.5
.4
5.2
1.5
2.6
1.5
3.0
53.4
39.6
34.4
34.0
33.9
11.8
2.0
1.5
.4
.4
51.4
29.9
26.2
22.3
19.0
172.2
101.0
88.4
72.6
77.6
39.7
36.0
33.6
34.3
37.8
113.3
122.7
148.3
99.7
112.2
174.1
117.8
87.9
35.3
26.3
9.3
6.4
9.7
4.8
3.9
284,
265,
252,
244
262,
329,
287,
275
286
290
289
375
29.5
29.6
24.4
23.4
24.6
25.9
25.8
27.4
23.2
25.4
30.5
27.9
1.3
1.3
1.3
1.3
1.4
1.4
1.5
1.5
1.5
1.4
1.3
1.3
.4
.6
.3
.3
.3
.3
.3
.3
.3
.5
.4
.7
1.8
1.3
1.3
1.5
3.3
1,3
1.9
.8
.9
,9
.8
5.4
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
.3
.3
.3
.3
.3
.3
.4
.3
.3
.3
.3
.3
27.4
8.4
8.6
8.8
8.2
44.4
8.4
94.6
75.4
70.2
69.5
71.9
107.5
72.1
72.9
68.8
70.8
76.2
117.6
41.9
40.4
30.6
28.5
28.0
28.1
31.1
24.8
23.9
23.0
25.6
53.8
105.4
104.9
103.7
103.1
116.8
131.0
131.9
127.3
144.1
145.0
127.9
144.5
30.7
32.4
35.8
30.9
33.0
51.4
41.5
40.9
41.0
42.6
51.1
49.2
12.3
12.7
11.7
12.2
13.0
11.7
10.6
9.7
9.2
9.3
9.0
9.9
1944—July 31
Aug. 31.
Sept. 30
Oct. 31
Nov. 30
Dec. 31....
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
8.4
8.9
48.2
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
Note.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942, reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974.
NOVEMBER
1945
1169
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[In millions of dollars]
ASSETS-SUPPLEMENTARY DATA
Other Europe1
Por2
BelDenRuOther
Fin- Greece2 Luxem- NorSwe- USSR2 Yugo-2
Date
bourg2 way
mark
tugal* mania 2 Spain
slavia
den
Europe gium
land
All
other
(Jan. 3, 1940)
(Jan. 1, 1941).
31
31
31
(3)
28.0
24.5
22.1
8.4
5.0
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
4.9
4.9
5.0
4.8
5.0
5.1
5.0
5.1
5.0
5.1
4.9
4.8
1944—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1945—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30..
51.4
29.9
26.2
22.3
19.0
6.5
1.5
1.1
.8
27.4
.7
.7
.7
.7
.7
.7
.7
44.4
8.4
8.7
8.7
8.4
8.9
83
(33)
()
(((333)))
(((333)))
(((333)))
()
.7
8.4
8.6
8.8
8.2
•....
3.2
.3
(3)
.8
'
48.2
.8
.8
.8
.8
1.4
1.8
1.9
5.6
7.6
i.i.6
8.4
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
.8
.6
.6
.6
.6
.6
.6
.6
.6
.6
.6
.6
3.6
.9
.5
.2
.2
.........
.1
.1
.1
8.7
10
• • (3)- • •
"lA
1.4
10.2
.2
.1
.1
.1
35.1
.1
.1
.1
.1
.1
40.1
1.4
1.2
1.1
1.6
.8
1.8
.9
1.2
1.3
.9
1.5
.9
.2
.2
.2
.2
.3
.2
.2
.2
.2
.2
.3
.3
"3.2"
(3)
.7
.6
.7
.6
.6
.8
.7
.6
.5
.6
.6
.5
3.2
.6
.4
.2
3
( )
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
• ' ' (3)
' '
(3)
3
( )
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
Lat tn America 4
Neth-
Latin
BoAmer- Argentina livia5 Brazil
ica
Date
Colombia 5
Chile
Costa
Rica 5
French
erWest
lands
West
Cuba Indies
Mexico
and
Indies
Guiand
ana 5
Suri-5
Panama 6
Other
Vene-5 Latin
Peru 5 zuela
America
nam
1939—Dec
1940—j)ec
1941—Dec
1942—Dec.
1943—Dec
( j a n - 3 ? 1940)
( j a n 1 1941)
31
31
31
1944—July
Aug
Sept
Oct.
Nov
Dec
I945—j an
Feb
Mar
Apr
May
June
31
31
30
31
30
31
31
28
31
30
31
30
113.3
122.7
148.3
99.7
112.2
16.8
11.9
16.8
6.9
15.3
3.0
1.8
105.4
104.9
103.7
103.1
116.8
131.0
131.9
127.3
144.1
145.0
127.9
. . . 144.5
5.5
2.0
6.3
5.8
3.9
3.9
3.1
2.8
2.9
5.5
8.7
7.7
8.3
32.2
33 1
38.0
16.7
18.9
8.4
23.6
25.5
25.8
23.5
24.4
25.3
24.8
23.8
22.7
24.1
25.5
30.6
2.0
9
L.6
L.4
8
L.7
?
L.3
L.4
1.3
1.2
20.7
12.2
.6
.7
10.5
11 7
11.3
8.3
20.1
12.7
13.2
12.6
12.2
14.8
15.5
15.5
13.5
16.0
14.7
15.1
16.8
.9
L.O
?
L.2
L.3
L.2
L.I
.0
.9
1.0
1.1
1.1
28.1
23 3
23.3
25.1
33.9
47.4
49.2
50.1
60.9
57.1
39.1
49.7
9.7
13.4
14.9
15.3
16.6
8.0
7.8
8.7
8.7
9.0
8.5
8.5
7.8
8.7
8.4
7.0
5.9
.
21
7.6
2.4
4.8
11.2
.3
.5
2.1
1.1
2.8
1.4
(3)
7.6
.4
.9
(3)
(3)
8.9
7.6
.5
.4
.8
.9
1.6
14
3.9
3.8
5.0
44
1.4
.4
.4
.3
.5
.3
.4
.4
.4
.4
.8
.9
.8
.9
1.0
1.0
1.0
.9
1.0
4.9
.2
(3)
(3)
(3)
(3)
(3)
.1
(33)
(3)
()
.1
37.2
44.4
57.3
14.2
8.7
1.0
61
8.3
8.0
8.6
9.3
8.4
9.1
8.8
8.7
8.9
1.5
1.5
12
1.7
1.4
1.4
1.4
1.4
1.4
4.3
5.6
51
4.1
3.7
4.0
4.9
5.8
5.6
8.8
96
10.1
11.6
12.1
11 7
11.8
11 4
13.1
13.0
12.6
12.3
Asia and All Other 7
Date
Asia
India,
BriFrench Hong Burma, tish
'hina Indo-1 Kong and MaChina
Cey- laya 8
l s
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 3, 1940). 174.1 22.0
(Jan. 1, 1941). 117.8 23.7
87.9 23.5
31
3 1 . . . . . . . . . . . 35.3 11.1
31
26.3 1.7
1944—July
Aug.
Sept.
Oct.
Nov.
Dec.
1945—Jan.
Feb.
Mar.
Apr.
May
June
31
31
30
31
30
31
31
28
31
30
31...........
30............
30.7
32.4
35.8
30.9
33.0
51.4
41.5
40.9
41.0
42.6
51.1
49.2
2.2
1.9
1.7
1.4
1.6
1.5
1.7
1.2
1.3
1.3
1.1
1.2
1.9
1.7
3.1
.9
1.0
.9
.9
.9
.9
.9
.9
.9
.9
.9
.9
.9
.8
Japan
Egypt
(incl. Nether- Philand French Union
ip- Tur- Other All Aus- New AngloKolands
of
Othrea)
pine key' Asia other 9 tralia Zea- Egyp- Mo- South
East
and Indies'
Island
Africa
tian
Manlands
Sudan
churia
2.2
2.0
102.1
55.8
18.9
.5
.5
1.6
3.1
6.3
1.9
4.2
22.3
12.4
12.1
11.8
12.1
19.4
16.8
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
1.6
1.7
26.4
22.6
23.0
14.4
13.9
21.6
14.0
19.5
2.0
1.8
9.3
6.4
9.7
4.8
3.9
1.4
1.4
1.4
1.4
1.5
1.5
1.4
1.4
1.4
1.4
1.4
1.4
13.9
13.9
13.9
14.0
13.8
13.8
13.9
13.9
13.9
13.9
13.9
13.6
8.2
8.7
9.1
8.8
8.9
8.8
8.6
9.0
9.1
10.5
11.8
12.5
12.3
12.7
11.7
12.2
13.0
11.7
10.6
9.7
9.2
9.3
9.0
9.9
1.0
.5
.6
.4
.5
.4
.7
.6
1.0
.9
1.7
2.4
1.2
.7
10.0
10.5
.8
1.1
.9
1.0
1.0
1.0
1.1
1.2
1.1
1.2
1.2
2.4
9.9
10.4
11.0
9.7
8.3
7.2
6.7
6.7
6.1
6.0
1
The figures in this table represent a breakdown of the column headed "Other Europe" in the main table and cover five countries from Jan. 3, 1940,
and 4seven additional countries since June 30, 1942. 2 Prior to June 30, 1942, included under "All other."
3 Less than $50,000.
The figures in this table represent a breakdown of the column headed "Latin America" in the main table and cover six countries from Jan. 3, 1940,
and 5seven additional countries since June 30, 1942.
6
Prior to June 30, 1942, included under "Other Latin America."
Included "Canal Zone" prior to June 30, 1942.
7
The figures in this table represent a breakdown of the columns headed "Asia" and "All other" in the main table. The figures for "Asia" cover four
countries
from
Jan.
3,1940,
and
five
additional
countries
since
June
30,1942,
while
those for "All other" cover five countries available only from June 30,1942.
8
9
svn not available until June 30, 1942.
Prior to June 30,1942, included under "Other Asia."
Country breakdown
I I7O
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Assets of issue
department
Bank of England
(Figures in millions of
pounds sterling)
Other
assets2
Goldi
1929—Dec. 25
1930—Dec. 31
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Dec. 27
1940—Dec. 25
1941—Dec. 31
1942—Dec. 30
1943—Dec. 29
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4
.2
.2
.2
.2
.2
1944—Oct. 25
Nov. 29
Dec. 27
.2
.2
.2
1945—Jan. 31
Feb. 28
Mar. 28
Apr. 25
May 30
June 27
July 25
Aug. 29
Sept. 26
.2
.2
.2
.2
.2
.2
.2
.2
.2
I
Liabilities of banking department
Assets of banking department
Coin
Notes
Discounts
and advances
.2
.6
.6
.8
1.0
.5
.6
.6
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
Cash reserves
Securities
Note
circulation*
Bankers'
Public
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
8.8
6.6
7.7
8.9
22.2
9.9
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5630.0
5780.0
5
950.0
5
1,100.0
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
1,200.0
1,200.0
1,250.0
2.3
2.3
1.9
35.9
10.7
11.6
5.1
5.1
234.9
273.5
317.4
1,164.4
1,189.5
1,238.6
1,250.0
1,250.0
1,250.0
1,250.0
n, 300.0
1,300.0
'1,350.0
1,350.0
1,350.0
1.5
1.7
1.5
1.3
1.2
1.3
.9
.4
.2
30.6
33.1
14.5
15.0
30.6
15.1
44.5
24.3
20.3
6.6
8.5
18.6
20.1
9.6
3.8
1.8
7.2
3.6
263.6
261.1
268.4
269.9
254.3
324.2
263.6
295.3
331.7
1,219.6
1,217.1
1,235.8
1,235.2
1,269.6
1,285.2
1,305.7
1,325.9
1,329.9
5
Deposits
Bank of Canada
Gold
Sterling
ind United
States
dollars
Other
liabilities
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
* 35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
203.8
207.0
260.7
6.2
11.6
5.2
54.1
55.3
52.3
17.7
17.8
17.8
215.1
207.8
218.9
229.6
212.4
262.3
229.1
238.2
279.1
11.6
18.1
8.9
8.5
14.8
12.7
10.3
16.0
5.5
57.8
60.5
57.0
50.5
50.7
51.6
53.6
55.0
53.1
17.9
18.0
18.1
17.7
17.8
17.9
17.9
18.0
18.1
12.1
Liabilities
Assets
(Figures in millions of
Canadian dollars)
Other
Dominion and provincial government
securities
Deposits
Other
assets
Short-8
term
Other
83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
472.8
8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3
47.3
Note
circulation7
Other
liabilities'
Chartered
banks
Dominion
government
Other
99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
874.4
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
340.2
17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
20.5
.8
2.1
3.5
3.1
17.9
9.5
6.0
19.1
17.8
7.7
13.4
14.4
9.3
13.3
28.5
35.1
24.0
55.4
.6
30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
787.6
1944—Oct. 31..
Nov. 30..
Dec. 30..
62.8
172.3
172.3
875.7
868.6
906.9
622.9
618.9
573.9
58.6
29.3
34.3
,012.5
,007.8
,036.0
454.3
437.2
401.7
76.9
10.8
12.9
32.4
20.4
27.7
43.8
212.9
209.1
1945—Jan. 31..
Feb. 28..
Mar. 31..
Apr. 30..
May 31..
June 30..
July 31. .
Aug. 31..
Sept. 29..
172.3
170.4
177.1
196.6
177.9
174.4
174.4
176.1
176.1
914.5
891.6
926.5
937.7
1,068.3
1,073.8
1,034.7
1,031.5
1,028.9
590.2
595.5
608.7
621.7
533.5
559.5
558.3
584.0
591.4
28.0
29.0
33.2
49.7
42.0
34.4
56.5
62.3
34.9
,020.6
,028.6
413.1
397.6
422.0
448.9
464.8
492.0
441.1
444.4
442.9
23.2
27.9
18.7
39.5
33.6
43.9
57.5
32.6
39.6
36.0
37.2
52.7
50.8
32.4
35.9
37.6
39.7
22.4
212.1
195.1
203.4
204.2
235.1
207.1
208.8
239.2
213.9
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943-Dec.
31...
31...
31...
31...
30...
31...
31...
31...
31...
180.5
179.4
179.8
185.9
225.7
4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
,048.7
,062.3
,055.8
,063.2
,078.8
1,097.9
1,112.4
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when
it was
officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
4 On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about
5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million-'pounds transferred from Exchange Account
to Bank;
on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
&
Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942;1 by 70 million pounds
on Dec.
2,
1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, Mar. 7, Aug. 2, and Dec. 6,1944, and on May 8 and July 3, 1945.
6
Securities maturing in two years or less.
'Includes notes held by the chartered banks, which constitute an important part of their reserves.
s Beginning November 1944, includes a certain amount of sterling and United States dollars.
9
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940,
pp. 677-678).
NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and
pp. 644-645, respectively; for description of statistics see pp. 560-564 in same publication.
NOVEMBER 1945
1171
CENTRAL BANKS—Continued
Assets
Bank of France
(Figures in millions
of francs)
1929—Dec. 27..
1930—Dec. 26..
1931—Dec. 3 0 . .
1932—Dec. 3 0 . .
1933—Dec. 29..
1934—Dec. 2 8 . .
1935—Dec. 27..
1936—Dec. 30..
1937—Dec. 3 0 . .
1938—Dec. 2 9 . .
1939—Dec. 2 8 . .
1940—Dec. 26..
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 0 . .
Gold
Foreign
exchange
Open
market 2
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
B
97,267
5
84,616
84,598
84,598
84,598
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
38
37
37
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
42,115
43,661
44,699
27..
25...
29. .
13..
286.
84,598
84,598
84,598
84,598
75,151
37
37
37
37
42
44,706
44,232
46,241
45,851
47,288
1945—Jan. 2 5 . . .
Feb. 22 . .
Mar. 29..
Apr. 2 6 . .
May 3 1 . .
Aug. 30..
75,151
75,151
75,151
75,151
75,151
75,151
42
42
44
44
45
46
47,842
47,894
48,483
48,257
48,141
48,703
1944—Apr.
May
June
July
Dec.
Advances to
Government
Domestic bills
1
Special
1,379
652
1,797
2,345
661
12
169
29
12
i'
48
16
9
2
Liabilities
Other
For occupation
costss
Deposits
Other
assets
Other2
Note
circulation
Government
72,317
142,507
210,965
326,973
17,698
31,909
20,627
34,673
63,900
69,500
68,250
64,400
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179
22,121
21,749
21,420
68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
218,383
270,144
382,774
500,386
11,737
12,624
* 5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
984
1,517
770
578
7,718
6,611
6,045
4,856
18,592
367,300
383,600
409,200
409,200
426,000
66,800
67,600
71,500
70,850
15,850
21,437
21,143
21,160
23,799
735,221
539,058
551,969
576,909
584,820
572,510
793
795
750
729
748
26,360
23,473
16,601
14,967
10,162
12,936
426,000
426,000
426,000
426,000
426,000
426,000
7,700
17,550
20,900
19,750
745,435
7
37,903
42,093
7
43,634
7
35,403
7
41,666
562,416
568,900
580,123
580,944
548,945
469,652
I
3,196
778
775
756
774
80,246
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
3,646
4,517
5,368
7,543
7
C.A.R.4
41,400
64,580
16,857
10,724
8,811
9,652
12,309
1,853
Reserves of gold and
foreign exchange
Total
reserves
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.
31
31
31
31
30
31
31
31
31
31
30
31
31
31
31
2,687
2,685
1,156
920
396
72
76
76
78
78
77
76
77
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
27,202
25,272
29,935
33,137
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
3,586
3,894
4,461
4,872
38,017
37,876
43,343
46,899
37,855
5,928
7,528
5,472
4,890
7,078
50,382
43,697
39,951
42,302
57,231
50,005
4,852
4,797
5,075
4,950
7,701
4,600
Liabilities
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Other
Other
liabilities
Securities
Gold
Bills (and
checks),
including
Treasury
bills
Security
loans
2,283
2,216
984
806
386
79
82
66
71
71
71
71
71
71
71
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
29,283
41,342
251
256
245
176
183
146
84
74
60
45
30
38
32
25
27
Eligible
as note
cover
259
445
349
221
106
557
804
32
107
87
Other
Other
assets
Note
circulation
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
Deposits
Other
liabilities
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19,325
24,375
33,683
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
3,649
5,292
8,186
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
1,493
1,680
1,980
1944—Mar. 31
Apr. 29
May 31
June 30
July 31
Aug. 31
..
Sept. 30
Oct. 3 1 . . . .
N o v . 30
Dec. 30
77
77
77
77
77
77
77
77
77
77
40,379
40,909
42,159
42,150
43,222
45,829
50,821
53,954
56,939
63,497
46
38
28
26
38
42
47
46
62
112
1
1
1
1
1
1
67
70
69
1
33
31
23
27
21
20
25
24
21
45
2,281
2,525
2,096
2,397
2,396
2,275
2,510
2,351
2,795
2,351
33,792
34,569
35,229
35,920
36,888
38,579
42,301
44,704
46,870
50,102
7,237
7,179
7,240
6,754
6,813
7,480
9,088
9,603
10,829
13,535
1,788
1,833
1,915
2,004
2,054
2,185
2,160
2,216
2,264
2,445
1945—Jan. 31
Feb. 28
77
77
64,625
70,699
199
307
81
112
60
61
2,083
2,591
51,207
55,519
13,566
16,419
2,353
1,909
1
Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939,
p. 29;
September 1937, p. 853; and November 1936, pp. 878-880.
2
For explanation of this item, see BULLETIN for July 1940, p. 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25,1940, through July 20,1944, advances of 441,000 million
francs were authorized to meet the costs of the German army of occupation.
*5 Central Administration of the Reichskreditkassen.
In each of the weeks ending Apr. 20 and Aug. 3,1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France;
in week
ending Mar. 7, 1940, 30,000 million 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.
FEDERAL RESERVE BULLETIN
CENTRAL BARKS—Continued
Central Bank
(Figures as of last report
date of month)
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 1
(thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks. . .
Securities (incl. 1Government and
Treasury bills) .
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities
National Bank of Belgium (millions
of francs):
Gold2
Foreign exchange
Loans to Government
Other loans and discounts
Claim against Bank of Issue
Other assets
Note circulation
Demand deposits
Blocked Treasury account2
Notes and blocked accounts4
Other liabilities
Central Bank of Bolivia (millions
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria 6
Central Bank of Chile (millions
of pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities..
Other assets
Note circulation
Deposits
Other liabilities
National Bank
of Czechoslovakia
7
1944
1945
Sept.
Aug.
July
Sept.
Central Bank
(Figures as of last report
date of month)
1945
Sept.
Aug.
1944
July
Sept.
National Bank of Denmark (millions
of kroner):
Gold
97
97
97
22
Foreign exchange
36
33
2,596
Clearing accounts (net)
2,962
2,952
31
30
Loans and discounts
33
78
72
Securities
64
163
" ' 148
' " 149
85
65
65
Govt. compensation account8
2,163
2,581
2,553
3,931
Other assets
5,018
1,420
5,071
1,585
1,570
1,678
Note circulation
868
615
1,102
626
561
2,661
3,003
Deposits—Government
2,962
125
207
198
2,037
Other
3,770 3,915
464
481
Other liabilities
493
172
168
179
192 Central Bank of Ecuador (thousands
202
193
of sucres):
288,805 289,859
Gold
111,691 143,821
Foreign exchange (net)
161,507
114,653
83,507
1,705
Loans and discounts...
79,850
93,010
Other assets
324,207
291,068
Note circulation
406,588
240,686 263,755
Demand deposits
11,921
30,105
55,373
Other liabilities
185,464
National Bank of Egypt^ (thou222,738
sands of pounds):
6,241
6,241
6,241
24,762
Gold..
15,918
15,318
16,405
148,757
Foreign exchange
2,792
2,062
2,643
Loans and discounts
British, Egyptian, and other Gov293,268 292,829 245,927
31,218
31,219
ernment securities
18,198
21,856 22,419
3,768
4,315
Other assets
123,718 124,398 104,676
45,732
42,334
Note circulation
73,936
64,015
72,764
544
491
Deposits—Government
129,756 127,942 105,211
64,597
64,597
Other
13,844
14,175 13,922
1,283
1,385
Other liabilities
62,459
60,202
Central Reserve Bank of El Salva5,450
dor (thousands of colones):
4,306
33,046
33,083 33,100
Gold
10,493
10,493
36,883 37,327 35,503
67,636
68,244
Foreign exchange
898
994
2,025
1,105
1,097
Loans and discounts
6,347
5,256
5,855
Government debt and securities...
1,082
1,723
1,819
(June)'
Other assets
43,956 44,070 42,686
600
Note circulation
684
27,442
28,544 27,018
384
Deposits
588
6,748
7,312
7,164
279
Other liabilities.
342
641 Bank of Finland"
626
6
41 Bank of Greece
41
(Nov.B
99 National Bank of Hungary (millions
119
1944)
of pengo):
1,185
1,337
100
100
760
Gold.
954
3
3,
100
Foreign exchange reserve
110
7,458,
11,977
Discounts
529
511
Loans—To Treasury
1,005
1,074
To foreign countries
2:
369
28'
Other
28'
1,377
204
Other assets
218
1,
308
7,552
715
Note circulation
736
736
10,672
1,344
957
Demand deposits
924
973
2,713
1,029
Consolidated foreign credits of
1,371
1,342
10
10
2,408
2,589
1931
2,624
1,569
1,352
380
Other liabilities
496
514
179 Reserve Bank of India (millions of
134
191
307
rupees):
31
31
Issue department:
444
444
444
Gold at home and abroad
8,343
10,343 10,343
180,191 155,366
Sterling securities
578
578
578
106,990 119,033
Indian Govt. securities
164
142
17.
12,329
13,286
Rupee coin
11,287
9,413
11,394
56,884
65,953
Note circulation
30,277
32,122
Banking department:
24:
96
146
174,771 156,527
Notes of issue department
3,048
4,728 4,34^
169,905 136,972
Balances abroad
4
80,391
39
3
53,866
Treasury bills discounted
7
Loans to Government
154
263
""313
Other
assets
i n P r a g u e (thousands of koruny):
3,127
5,01
4,717
1,515
Deposits
1,51'
1,51
Gold
181
212
171
781
Other liabilities
78'
788
Foreign exchange
3,406 Central Bank of Ireland (thousands
Loans and discounts
49,145
of
pounds):
101,941
93,995
Other assets..
2,646
2,646
2,646
2,646
Gold
40,401
40,254 29,945
N o t e circulation
27,229
31.895 30,726 30,188
Sterling funds
43,081
36,479 13,136
Deposits
29,875
33,372
32,834
34,541
Note circulation
20,765
19,566 11,766
Other liabilities
Bank of Japan66
Bank of Java
1
Beginning Aug. 27, 1945, figures published in the balance sheet of the Commonwealth Bank cover central banking operations only, while previously
these statements included the operations of the General Banking Division.
2 Gold revalued 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 under "Blocked Treasury account."
3 In addition to the gold increment includes notes not presented for exchange and forfeited to the State.
4
Includes current accounts transferred and to be transferred to blocked accounts and old notes not declared.
6 Latest month available.
,
« 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
1,242
3,103
877
1,242
2,987
877
1,243
2,396
883
BULLETIN
for March 1943, p. 278.
7
First statement available since liberation is that for July 31. Until May 1945, known as the National Bank of Bohemia and Moravia.
s 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.
NOVEMBER 1945
1173
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Bank of Mexico (millions of pesos):
Metallic reserve1
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of
guilders):
Golds
.
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 Stateundertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway3
Bank of Paraguay—Monetary Dept.
(thousands of guaranies):4
Gold
Foreign exchange
Loans and discounts
..••••
Government loans and securities...
Other assets
Note circulation
Demand deposits
Other liabilities
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange
Discounts
Government loans..,
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of escudos):
Golds
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities,
National Bank of Rumania 3
South African Reserve Bank (thousands of pounds):
Gold
,
Foreign bills..
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities . .
Other loans and discounts
Other assets
1944
Sept.
Aug.
July
Sept.
727
709
701
556
1,930
361
64
1,549
1,359
174
1,1
349
84
1,494
1,342
174
1,835
358
78
1,463
1,341
167
1,347
368
128
1,236
989
174
713
713
713
931
4^491
'4,488
130
126
1,683
1,330
1,967
481
' " 133
110
2,573
475
1,915
481
318
130
116
3,448
230
1,607
481
2,802
67,871
2,802
66,556
2,802
34,105
19,539
14,346
1,245
41,118
61,062
3,623
17,466
14,345
1,709
40,544
58,741
3,592
37,605
11,736
3,256
37,736
48,206
3,562
3,323
23,983
7,434
10,551
360
27,626
15,992
2,033
"4,'233
'"l35
4,711
105
386
3,328
22,606
8,125
10,587
323
28,309
14,746
1,914
124,985
16,936
581,398
30,076
462,783
261,162
29,450
141,105
1,023
432,479
26,410
399,092
171,334
30,592
(Feb.)5
1,415
5,717
9,251
261
1,020
779
7,389
10,194
860
1,412
5,204
9,055
254
1,023
827
7,175
9,732
868
110,279 107,532 95,326
27,866 27,619 19,278
6,302
3,965
3,673
100,183 99,344 92,247
65,167 64,612 56,259
172,455 168,925 150,895
5,999
4,670
4,631
1,189
597
16,101
3,406
1,681
1,135
611
16,102
3,026
2,137
1945
Central Bank
(Figures as of last report
date of month)
Sept.
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 advances to National Debt Office7.
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 (thousands of bolivares):
God
Foreign exchange (net)
Credits to national banks
Other assets
Note circulation—Central Bank....
National banks..
Deposits
Other liabilities
National Bank of the Kingdom of
Yugoslavia 3
Bank for International Settlements
(thousands of Swiss gold francs): 10
Gold in bars
Cash on hand and on current account with banks
Sight funds at interest
Rediscountable bills and acceptances (at cost)
Time funds at interest
Sundry bills and investments
Other assets
Demand deposits (gold)
Short-term deposits (various currencies) :
Central banks for own account
Other
Long-term deposits: Special accounts
Other liabilities
Aug.
1944
July
Sept.
17,093
1,434
3,895
552
16,582
1,758
4,142
528
,057
814
1,056
774
1,055
690
1,000
563
,289
20
,024
:,576
801
233
595
1,255
' 24
944
2,488
753
223
588
1,266
33
993
2,412
738
323
564
1,171
87
1,034
2,337
434
433
651
4,690
141
73
84
3,558
1,139
292
4,642
136
59
84
3,522
1,105
294
4,468
95
99
136
3,194
1,325
280
292,107 292,107
56,276
795,229
170,562
19,293
923,808
85,586
147,935
176,137
63,499
807,399
170,787
23,053
948,008
85,586
146,288
176,963
122,751 122,751 120,614
155,176 156,574 135,251
177,802 162,680 115,518
26,695 25,780 C44,152
9,782 16,789
8,793
92,549 91,172 95,676
316,651 320,939 -272,064
292,364 283,482 243,204
330,126 326,871 300,994
468,863 438,570 338,108
69,490 93,948 55,512
14,310 14,310 26,370
14,055 16,304 36,844
328,393 323,849 267,363
11,776 12,494 20,889
217,457 216,343 161,838
6,744
9,092 10,446
119,342 119,342 119,024
42,786
8,215
43,749
8,093
48,872
12,817
86,589 86,387 72,633
2,750 14,968
2,750
196,153 195,022 197,568
217
116
114
16,978 16,985 29,031
6,240
2,018
6,240
2,017
7,348
2,095
229,001 229,001 229,001
201,712 201,215 198,624
c
Corrected.
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
Gold revalued in July 1945 from 2,098 to 2,970 guilders per fine kilogram.
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.
6
Latest month available.
6
Valued at average cost beginning October 1940.
7
Includes small amount of non-Government bonds.
8
Figure not available.
9
Beginning October 1944, a certain amount of gold, formerly reported in the Bank's account, shown separately for account of the Government.
1
2
3
10
See BULLETIN for December 1936, p. 1025.
1174
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[ Per cent per annum ]
Central bank of—
Date effective
United
King- France Gerdom
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
Belgium
Netherlands
Sweden
Switzerland
3
5
British India..
Bulgaria
Canada
Chile...
Colombia
Czechoslovakia
"m
3-4^
Denmark
Ecuador..
El Salvador...
Estonia
Finland
Dec. 15
Jan. 25, 1940....
Apr. 9
May 17
Mar. 17, 1941 . . .
May 29
June 27
Tan. 16, 1945 . . .
Tan. 20
Feb.
9
In effect Oct. 31,
1945
Date
effective
Mar. 21, 1940
Mar, 1, 1936
Jan. 16, 1945
Nov. 8, 1940
Albania
Argentina
Belgium
Bolivia
26
Oct.
Rate
Oct.
31
Central
bank of—
Rate
Oct.
31
Central
bank of—
4
3.29
3
5
Italy
Japan
Java
Latvia
Lithuania.
6
Sept. 11, 1944
Apr. 7, 1936
Jan. 14, 1937
Feb. 17, 1940
July 15, 1939
Nov.
Dec.
Feb.
Dec.
July
Oct.
28, 1935
1, 1940
8, 1944
16, 1936
18, 1933
1, 1940
Mexico
Netherlands
New Zealand
Norway
Peru
Portugal....
June 4, 1942
June 27, 1941
July 26, 1941
May 13, 1940
Aug. 1, 1940
Oct.
May
Mar.
Oct.
Dec.
1*6, 1940
26, 1938
30, 1939
1, 1935
3, 1934
Rumania...
South Africa
Spain
Sweden
Switzerland.
May
June
Dec.
Feb.
Nov.
8, 1944
2, 1941
1, 1938
9,1945
26,1936
July
1, 1938
Jan. \2X 1944
IK Jan. 20, 1945 Turkey
Apr. 9, 1940 United KingApr. 10, 1945
dom
10
Oct. 22, 1940 U. S. S. R...
3
Nov. 23, 1943 Yugoslavia..
France
Germany
Greece
Hungary
Ireland
Date
effective
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
NOTE.—Changes since Sept. 30: none.
IK
OPEN-MARKET RATES
[Per cent per annum ]
United Kingdom
Month
Bankers'
icceptances
3 months
Treasury
bills
3 months
1929—Aug...
1930—Aug...
1931—Aug...
1932—Aug...
1933—Aug...
1934—Aug...
1935—Aug...
1936—Aug...
1937—Aug...
1938—Aug...
1939—Aug...
1940—Aug...
1941—Aug...
1942—Aug...
1943—Aug...
1944—Aug...
5.47
2.21
4.28
.74
.41
.79
.60
.55
.55
.53
.58
.03
.03
.03
.03
.03
5.48
2.17
4.21
1944—Sept..
Oct...
Nov...
Dec...
1945—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug...
.03
.03
.03
.03
.03
.03
.03
.03
.03
1.03
1.03
1.03
1.01
1.00
1.00
1.00
1.01
1.00
1.00
1.01
1.00
1.00
1.00
1.00
.60
.30
.74
.58
.53
.52
.51
1.92
1.02
1.00
1.00
1.00
1.00
Bankers'
Day-to-day allowance
money
on deposits
4.35
1.85
3.59
.73
.62
.81
.75
.75
.75
.75
1.35
1.00
1.00'
1.00
1.11
1.13
1.13
1.10
1.00
1.02
1.00
1.00
1.00
1.00
1.03
1.13
1.13
1.13
Germany
Netherlands
Private
discount
rate
Day-to-day
money
Private
discount
rate
Money
for
1 month
7.18
3.24
18.92
4.50
3.88
3.75
3.00
2.88
2.88
2.88
2.75
2.31
2.13
2.13
2.13
2.13.
7.42
3.73
19.15
5.82
4.94
4.72
3.06
3.01
2.85
2.51
2.50
1.77
1.73
1.68
1.89
1.89
5.06
1.83
1.30
.37
1.11
.75
4.78
1.29
.13
.13
1.03
(2)
1.88
4.68
1.63
1.22
1.00
1.08
1.00
4.72
1.20
.53
.50
1.53
3.00
2.25
2.13
2.13
2.13
2.13
2.13
2.13
2.13
1.93
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
3.33
1.75
1.98
1.50
1.5Q
1.5ft
2.47
2.25
1.00
1.00
1.00
1.50'
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1
2
Based on data for part of month only.
Figure not available.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-66*1, and for description of statistics see pp. 571-572 in same publication.
NOVEMBER 1945
1175
COMMERCIAL BANKS
Liabilities
United Kingdom1
Assets
(11 London clearing banks.
Figures in millions of
pounds sterling)
Money at
call and Bills dis- Treasury
deposit Securities Loans to
short
counted receipts
2
notice
Cash
reserves
635
250
Deposits
Other
assets
Other
liabilities
Total
Demand
Time
263
290
293
324
325
349 j
2,254
2,441
2,800
3,329
3,629
4,032
1,256
1,398
1,770
2,168
2,429
2,712
997
1,043
1,030
1,161
1,200
1,319
269
256
250
253
236
245
1938—December.
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
243
274
324
366
390
422
160
174
159
141
142
151
334
265
171
198
133
314
758
896
1,307
999
1,120
1,154
971
1,015
924
823
794
761
1944—September
October...
November.
December.
443
453
460
500
191
191
205
199
209
170
198
147
1,444
1,567
1,548
1,667
1,183
1,172
1,192
1,165
744
744
748
772
282
291
292
347
4,251
4,342
4,398
4,545
2,827
2,876
2,922
3,045
1,424
1,467
1,475
1,500
244
245
245
250
1945—January...
February..
March
April
May
460
455
464
472
482
494
500
511
198
188
180
180
196
195
198
233
159
140
149
109
120
135
181
195
1,663
1,639
1,681
1,821
1,882
1,939
1,994
1,993
1,165
1,160
1,153
1,140
1,126
1,128
1,123
1,126
765
769
780
749
757
774
767
769
301
305
299
300
297
331
300
292
4,462
4,405
4,459
4,525
4,617
4,752
4,819
4,875
2,968
2,904
2,944
2,994
3,064
3,147
3,205
3,236
1,495
1,501
1,516
1,530
1,553
1,605
1,613
1,638
248
250
246
245
243
243
244
244
June
July
August....
609
771
Assets
Canada
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Security
loans
abroad
Entirely in Canada
Cash
reserves
Security
loans
Liabilities
Other
loans
and discounts
and net Securities
due from
foreign
banks
Other
assets
1938—December.
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.
263
292
323
356
387
471
65
53
40
32
31
48
940
1,088
1,108
1,169
1.168
1,156
166
132
159
168
231
250
1,463
1,646
1,531
1,759
2,293
2,940
535
612
570
653
657
744
1944—September
October...
November.
December.
575
597
586
550
56
56
81
92
976
992
1,275
1,211
224
236
236
214
3,450
3,622
3,577
3,611
761
757
774
782
1945—January...
February..
March
April
May
567
539
544
598
622
622
591
581
95
80
78
82
125
123
135
112
1,156
1,125
1,094
1,047
1,299
1,142
1,079
1,021
244
254
219
269
251
248
237
242
3,571
3,624
3,606
3,799
3,885
3,996
3,802
3,835
731
717
708
750
775
766
769
789
June
July
August....
Deposits payable ir Canada
excluding interbank deposits
Total
Demand
Time
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
35
35
34
34
4,726
4,957
5,221
5,137
2,262
2,468
2,877
2,714
2,464
2,489
2,343
2,423
32
31
31
30
29
29
28
28
5,049
5,021
4,938
5,210
5,616
5,540
5,269
5,229
2,525
2,390
2,214
2,475
3,053
2,894
2,528
2,396
2,524
2,631
2,725
2,735
2,563
2,646
2,741
2,833
85
80
71
60
42
3
Assets
France
(4 large banks. End of month
figures in millions
of francs)
Note
circulation
33,042
41,872
61,270
75,764
91,225
537
571
762
912
324
721
844
558
413
462
4,484
4,609
4,813
5,187
6,422
96,431
99,152
103,272
102,047
103,596
102,602
104,830
108,368
107,200
112,732
95,783
98,419
102,437
101,118
102,578
101,525
103,657
107,100
105,811
111,191
648
733
836
929
1,017
1,078
1,173
1,268
1,390
1,541
426
387
397
383
321
347
341
411
404
428
5,205
5,461
5,563
5,716
6,730
6,859
6,987
7,182
7,326
7,506
110,485
108,883
1,601
419
6,168
33,578
42,443
62,032
76,675
91,549
74,664
77,922
81,620
80,276
83,362
82,685
85,079
88,289
86,754
90,897
15,245
15,043
14,980
15,518
14,696
14,644
14,084
14,215
14,361
14,191
1,536
1,650
1,750
1,869
2,024
2,206
2,228
2,448
2,653
2,935
90,024
13,737
1,676
3,756
4,599
6,418
6,589
7,810
4,060
3,765
3,863
3,476
3,458
21,435
29,546
46,546
61,897
73,917
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
1944—January...
7,510
4,125
1,283
1,287
1,280
1,306
1,312
1,326
1,316
1,324
Other
liabilities
1,940
2,440
2,229
2,033
2,622
1938—December.
1939—December .
1940—December.
1941—December.
1942—December.
1,282
1,269
1,273
1,289
Own
acceptances
7,592
7,546
8,346
8,280
10,625
Bills discounted
3
Time
Total
Due from
banks
843
963
846
962
1,049
1,172
Liabilities
Deposits
Other
assets
Cash
reserves
Other
liabilities
Loans
Demand
i 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 \Y% per cent, callable by the banks in emergency at a discount equal to the Bank of England rate.
3 Due to changes in reporting procedure, the figure tor "Note circulation" includes a small amount of interbank
int
" ** these holdings are
note holdings while
now omitted from "Other liabilities."
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for description of
statistics see pp. 566-571 in same publication.
1176
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
(Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
Official
1937.
1938.....
1939
1940
1941.
1942
1943
1944
. . .
1944—Oct
Nov
Dec.
1945—Jan.
Feb
Mar
Apr
May
June
July
Aug
Sept
Year or month
223!704'
23.704
24.732
25.125
322.80
322.80
322.80
322.80
322.80
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
321.35
320.87
320.70
2
Colom- Czecho- D e n bia
slovakia mark
(peso) (koruna) (krone)
56.726
55.953
57.061
57.085
57.004
57.052
57.265
57.272
1944—Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
57.277
57.272
57.220
57.180
57.140
57.036
56.980
56.980
56.980
56.980
56.980
56.980
1937
1938
1939....
1940
1941
1942
1943
1944...
Official
32 959
32.597
30.850
29.773
29.773
29.773
29.773
29.773
1937
1938
1939
1940
1941
1942
1943
1944
Year or month
Special
Export
Australia
(pound)
2
3.4930
3.4674
3.4252
24.840
24.566
23.226
22.709
1944—Oct.
Nov
Dec
1945—Jan
Feb
Mar.
Apr.
May
June
July
Aug..
Sept.
22.069
21.825
20.346
19.308
Free
Brazil
(cruzeiro1)
British
India
(rupee)
Official
Free
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
6.0586
6.0594
6.1983
5^1248
5.0214
5.0705
5.1427
5.1280
5.1469
37.326
36.592
33.279
30.155
30.137
30.122
30.122
30.122
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
32'.2883' 6.0602
5.1803
5.1803
5.1803
5.1803
5.1803
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
5.1802
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
FinGerland France many G r e e c e
(mark- (franc) (reichs- (drachma)
ka)
mark)
Hong
Kong
(dollar)
30.694
30.457
27.454
22.958
2
24.592
393.94
389.55
353.38
305.16
321.27
321.50
2
321.50
2.1811
2.1567
1.9948
1.8710
2
2.0101
3.3752
3.3788
3.3704
2
3.3760
2
4.0460
2.8781
2.5103
2.0827
40.204
40.164
40.061
40.021
2
39.968
2
.9055
.8958
.8153
.6715
Bulgaria
(lev)
Canada (dollar)
18.923
18.860
18.835
2
Free
Official
Export
"290! 909'
90.909
90.909
90.909
90.909
100.004
99.419
96.018
85.141
87.345
88.379
89.978
89.853
5.1697
5.1716
5.1727
5.1668
25.1664
24.OOOO
4,0000
4.0000
4.0000
24.OOOO
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
89.736
89.836
89.747
89.968
90.553
90.295
90.506
90.753
90.828
90.736
90.475
89.908
Hungary
(pengo)
Italy
(lira)
Japan
(yen)
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
1.2846
1.2424
1.2111
.7294
.7325
.7111
.6896
2
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
398.30
400.50
400.50
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
Switzerland
(franc)
United Kingdom
(pound)
Official
22.938
22.871
22.525
22.676 ' 2 403!50'
2
23.210
403.50
403.50
403.50
403.50
27.750
22.122
19.303
18.546
20.538
20.569
20.577
20.581
55.045
55.009
53.335
2
53.128
Controlled
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
402.95
402.69
402.49
29.606
21.360
11.879
6.000
25.313
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
396.91
392.35
354.82
306.38
322.54
322.78
324.20
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
322.69
322.16
321.99
Uruguay
(peso)
Free
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
China
(yuan
Shanghai)
NethNew
Mexico erlands Zea(guildland
(peso)
er)
(pound)
20.582
20.582
20.582
20.582
20.582
20.582
20.582
20.582
20.582
20.582
20.581
20.578
Straits
Portu- Ruma- South Spain Settle- Sweden
nia
Africa
gal
ments
(escudo) (leu) (pound) (peseta) (dollar) (krona)
4.4792
4.4267
4.0375
3.7110
24.0023
Chile (peso)
Official
2.0189
2.0189
Norway Poland
(krone) (zloty)
2
2
Belgium
(franc*
In cents per unit of foreign currency]
Noncontrolled
2
36\789
37.601
43.380
52.723
52.855
53.506
Yugoslavia
(dinar)
2.3060
2.3115
2.2716
2.2463
2
2.2397
54.185
54.189
54.196
54.197
54.197
54.197
54.253
54.265
54.265
55.489
56.125
56.175
1
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis.'
2
Average
g of daily
y rates for that
a part of
o the
t year
y a r during
i g which q
quotations were certified.
3 Based on quotations beginning Sept. 24.
24.
NOTE.—For back figures, see Banking^ and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943, p. 201, and
February 1944, p. 209.
NOVEMBER 1945
"77
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
States
United
Kingdom
Germany
Japan
(October
(1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) (1900 = 100)
Canada
France
1926
100
100
» 124
695
134
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
65
66
75
80
81
86
79
77
79
87
99
103
104
67
67
72
72
75
85
79
75
83
90
96
100
103
86
86
88
89
94
109
101
103
137
153
159
163
166
427
398
376
338
411
581
653
707
2
901
97
93
98
102
104
106
106
107
110
112
114
116
104
104
104
105
105
105
105
106
106
106
106
106
105
102
102
102
103
103
103
103
103
103
103
104
103
*>103
167
167
167
167
167
167
168
168
168
170
171
171
p
170
..
1944—September
October
November
December
1945—January
February
March
April
May
June
July
August
September
Italy
70
63
62
68
76
89
95
99
116
132
Netherlands
(1926-30
= 100)
Switzerland
(July 1914
(1935 = 100)
=100)
Sweden
237
106
U26
144
161
180
178
186
198
238
251
278
311
329
65
63
63
62
64
76
72
74
3
88
l 92
i 90
i 96
100
102
114
111
115
146
172
189
196
196
96
91
90
90
96
111
107
111
143
184
210
218
223
223
223
222
221
221
221
221
221
221
p
222
^222
118
118
118
196
195
195
195
195
195
195
196
196
197
197
194
p
Preliminary.
1 Approximate figure, derived from old index (1913 = 100).
2 Average based on figures for 5 months; no data available since May 1940, when figure was 919.
3 Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources— See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926=100)
Year or month
Other
Farm
commod- products
ities
Germany
(1913=100)
United K i n g d o m
(1930=100)
Canada
(1926=100)
R a w and Fully and
chiefly
partly
Foods
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
8S
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
118113
116
119
121
125
126
126
129
133
134
135
123
123
124
126
126
127
127
129
130
130
129
127
124
104
104
105
106
105
105
105
106
107
108
107
106
105
99
99
99
99
99
99
99
99
99
100
100
100
100
101
103
103
103
104
105
105
105
105
106
108
106
p
104
103
103
103
104
104
105
105
105
105
106
107
106
P105
94
94
94
94
94
94
94
94
94
94
94
94
157
156
156
157
156
157
156
156
156
160
161
161
172
172
173
173
173
173
174
174
175
175
176
176
122
122
122
102
103
103
137
137
137
.
...
....
1944—September
October
November
December
1945—January
February
March
April
May
June
July
August
September
* Preliminary.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
1178
FEDERAL RESERVE
BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]
United
CanStates
ada
(1935-39 (1935-39
= 100)
= 100)
Year or month
COST OF LIVING
[Index numbers]
United
K i n g - Ger- Netherm a n y lands
dom
(July (1913-14 (1911-13
100)
100)
1914
= 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—September...
October
November...
December...
1945—January
February....
March
April
May
137
136
137
137
137
137
136
137
139
141
142
141
139
131
131
132
130
130
131
131
131
132
133
136
136
^134
169
168
168
168
168
168
168
168
168
170
176
172
169
137
136
136
June
July
August
September..
124
118
120
127
130
130
2140
Switzerland
(June
1914
= 100)
Year or month
United
CanStates
ada
(1935-39 (1935-39
= 100)
= 100)
United
KingGerdom
many
(July
(1913-14
1914
= 100)
= 100)
115
114
120
130
130
132
146
175
200
211
215
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
96
98
99
103
101
99
100
105
117
124
126
96
96
98
101
102
102
106
112
117
118
119
141
143
147
154
156
158
184
199
200
199
201
121
123
125
125
126
126
130
133
137
139
215
215
215
215
216
216
216
216
1944—September.
October
November .
December..
1945—January...
February ..
March
April
May
127
127
127
127
127
127
127
127
128
129
129
129
129
119
119
119
119
119
119
119
119
119
120
120
121
202
201
201
201
202
202
202
202
203
204
207
205
203
141
140
141
June
July
August
September .
^217
p
120
Netherlands
(1911-13
= 100)
140
136
1132
137
139
140
3148
Switzerland
(June
1914
= 100)
129
128
130
137
137
138
151
174
193
203
208
208
208
208
208
209
209
209
209
1'2\O
p
2!0
p
211
P2K)
p
Preliminary.
1 Revised index from March 1936 (see BULLETIN for April 1937, p . 373).
2
Average based on figures for 3 months; no data available since March 1940, when figure was 141.
3 Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p . 373.
SECURITY PRICES
[ Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
United
States
(derived
price)x
United
Germany
France
Kingdom
(December (1938=100)2 (average
price) 3
1921 = 100)
Netherlands 4
50
3 139
8
1938
1939
1940
1941
1942
1943
1944
111.1
113.8
115.9
117.8
118.3
120.3
120.9
121.3
112.3
118.3
123.8
127.3
127.8
127.5
100.0
114.2
6114.2
9143.4
146.4
146.6
150.5
99.9
99.0
100.7
103.0
6
103.3
105.9
90.9
777.9
84.3
94.7
98.5
1944—September.
October
November
December
1945—January
February
March
April
May
June
July
August
September
121.2
121.1
120.9
121.4
121.6
121.9
122.7
122.9
122.3
122.1
122.3
121.7
121.6
127.6
127.9
127.9
128.1
128.5
128.7
128.7
129.3
128.1
127.8
128.3
128.3
128.2
150.9
154.3
151.9
152.3
153.8
154.2
154.4
153.1
153.8
Number of issues
15
87
United
States
(1935-39
= 100)
(1926=100)
United
Kingdom
France
Germany
(1938 = 1OO)2
Netherlands
(1930=100)
(5)
300
100
88.2
94.2
88.1
80.0
69.4
91.9
99.8
80.8
75.9
70.8
72.5
75.3
84.5
88.6
100.1
94.1
114.6
136.8
142.1
145.0
100
112
6140
9308
479
540
551
95.8
89.7
8 95.0
129.0
131.5
151.0
100.7
103.5
102.7
104.7
108.4
113.0
111.8
114.4
118.2
120.7
118.4
117.9
126.1
88.8
89.1
90.1
90.1
91.0
90.6
91.1
92.0
92.8
92.8
93.7
91.4
92.0
145.0
145.2
145.2
548
589
527
489
512
505
498
469
414
402
278
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.
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 2Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
Published by the Ministry of National Economy with new base of 1938 = 100. Figures are for the last Friday of each month. The number of bonds
included in the new index was increased to 50 (formerly 36), while the number of stocks remained the same. For complete information on the composition
of the bond and stock indexes see "Bulletin de la Statistique Generate" December 1942, pp. 511-513, and July-August 1942, pp. 364-371, respectively. For
back figures for both indexes from 1938 through 1941 on a monthly basis see "Bulletin de la Statistique Generate" for October-December 1944, pp. 274-276.
3 Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4Ms per cent. The series prior to that
date4is 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.
6
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.
6
7
Average
based on figures for 5 months; no data available June-Dec.
Average based on figures for 7 months; no data available May-Sept.
8
9
Average based on figures for 9 months; no data available May-July.
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.
NOVEMBER
1945
1179
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
JOHN K. M C K E E
RONALD RANSOM,
Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
ELLIOTT THURSTON, Assistant to the Chairman
CHESTER MORRILL, Special Adviser to the Board of Governors
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
LEGAL DIVISION
WALTER WYATT, General Counsel
GEORGE B. VEST, General Attorney
DIVISION OF SECURITY LOANS
CARL E. PARRY, Director
BONNAR BROWN, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
ROBERT F. LEONARD, Director
J. LEONARD TOWNSEND, Assistant General Attorney
DIVISION OF RESEARCH AND STATISTICS
E. A. GOLDENWEISER, Economic Adviser
WOODLIEF THOMAS, Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
FRED A. NELSON, Assistant Director
HOWARD S. ELLIS, Assistant Director
DIVISION OF EXAMINATIONS
OFFICE OF ADMINISTRATOR FOR WAR LOANS
LEO H. PAULGER, Director
EDWARD L. SMEAD, Administrator
C. E. CAGLE, Assistant Director
GARDNER L. BOOTHE, II, Assistant Administrator
WILLIAM B. POLLARD, Assistant Director
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
RAY M. GIDNEY
R. R. GILBERT
H. G. LEEDY
JOHN K. M C K E E
RONALD RANSOM
M. S. SZYMCZAK
ALFRED H. WILLIAMS
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR., BOSTON DISTRICT
Vice President
JOHN C. TRAPHAGEN,
N E W YORK DISTRICT
WILLIAM F. KURTZ,
PHILADELPHIA DISTRICT
JOHN H. MCCOY,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
KEEHN W. BERRY,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
RALPH C. GIFFORD,
ST. LOUIS DISTRICT
JULIAN B. BAIRD,
MINNEAPOLIS DISTRICT
L. MERLE HOSTETLER, Associate Economist
A. E. BRADSHAW,
KANSAS CITY DISTRICT
W. H. IRONS, Associate Economist
C. A. SIENKIEWICZ, Associate Economist
ED. H. WINTON,
DALLAS DISTRICT
WOODLIEF THOMAS, Associate Economist
JOHN H. WILLIAMS, Associate Economist
GEORGE M. WALLACE, SAN FRANCISCO DISTRICT
WALTER WYATT, General Counsel
GEORGE B. VEST, Assistant General Counsel
E. A. GOLDENWEISER, Economist
C. O. HARDY, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
1180
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman1
Deputy Chairman
President
First Vice President
Vice Presidents
Boston
Albert M. Creighton
Henry S. Dennison
Ralph E. Flanders
William Willctt
E. G. Hult
J. C. Hunter"
Carl B. Pitman
O. A. Schlaikjer
New York
Bcardslcy Ruml
William I. Myers
Allan Sproul
L. R. Rounds
J. W. Jones
L. W. Knoke
Walter S. Logan
A. Phelan
J. M. Rice
H. V. Roelsc
Robert G. Rouse
John H. Williams
V. Willis
R. B. Wiltsc
Alfred H. Williams
Frank J. Drinnen
W. J. Davis
E. C. Hill
C. A. Mcllhcnny"
C. A. Sienkiewicz
Philadelphia . . . Thomas B. McCabc
Warren F. Whitticr
Cleveland
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Reuben B. Hays
Wm. H. Fletcher
J. W. Kossin
A. H. Laning*
B. J. Lazar
W. F. Taylor
Richmond
Robert Lassiter
W. G. Wysor
Hugh Leach
C. L. Guthric
Gco. H. Keescc*
E. A. Kincaid
R. W. Mercer
C. B. Strathy
Edw. A. Wayne
Atlanta
Frank H. Neely
J. F. Porter
W. S. McLarin, Jr.
Malcolm H. Bryan
V. K. Bowman
L. M. dark
H. F. Conniff
S. P. Schuessler
Chicago
Simeon E. Leland
W. W. Waymack
C. S. Young
Charles B. Dunn
Allan M. Black*
Neil B. Dawcs
J. H. Dillard
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. Attcbcry
Henry H. Ed mis ton
Wm. E. Peterson
C. M. Stewart
Minneapolis
W. C. Coffey
Roger B. Shcpard
J. N. Peyton
O. S. Powell
H. G. McConnell
A. W. Mills*
Otis R. Preston
E. W. Swanson
Sigurd Ueland
Harry I. Zicmcf
O. P. Cordill
L. H. Earhart
C. O. Hardy
John Phillips, Jr.
G. H. Pipkin
D. W. Woollcy8
R. R. Gilbert
W. D. Gentry
E. B. Austin"
R. B. Coleman
W. E. Eagle
W. J. Evans
W. O. Ford
W. H. Holloway
L. G. Pondrom
Wm. A. Day
ra Clerk
C. E. Earhart
J. M. Leisner1
H. N. Mangels
H. F. Sladc
J. S. Waldcn, Jr.
H. G. Lccdy
Kansas C i t y . . . . Robert B. Caldwcll
Henry O. Koppang
Robert L. Mchornay
Jay Taylor
J. R. Parten
Dallas
San Francisco... Henry F. Grady
Harry R. Wcllman
OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chief Officer
Branch
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Birmingham
Jacksonville
Nashville
New Orleans
I. B. Smith*
B. J. LazarB
J. W. Kossin*
W. R. Milford*
W. T. Clements*
P. L. T. Beavers*
Gco. S. Vardeman, Jr.*
Joel B. Fort, Jr.*
E. P. Paris4
Detroit
E. C. Harris*
Uttlc Rock
A. F. Bailey*
C. A. Schacht*
W. H. Glasgow*
Louisville
Memphis
1
Also Federal Reserve Agent.
NOVEMBER
1945
2
Cashier.
3
Federal Reserve
Bank of
Also Cashier.
Branch
Chief Officer
Minneapolis
Helena
R. E. Towle*
Kansas City
Denver
Oklahoma City
Omaha
G. H. Pipkin*
O. P. Cordill*
L. H. Earhart*
Dallas
El Paso
Houston
San Antonio
W. E. Eagle5
L. G. Pondrom5
W. H. Holloway*
San Francisco...
Los Angeles
Portland
Salt Lake City
Seattle
W. N. Ambrose*
D. L. Davis*
W. L. Partner*
C. R. Shaw*
* Managing Director.
* Vice President.
1181
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FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
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FEDERAL RESERVE BANK CITIES
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