Full text of Federal Reserve Bulletin : October 1945
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FEDERAL RESERVE
BULLETIN
OCTOBER 194!
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—Business Finance in the Transition .
Letter from Secretary Vinson
General Policy Statement of the Export-Import Bank of Washington .
Publication of Postwar Economic Studies No. z. .
New Currency in Ethiopia .
Law Department:
Consumer Credit:
Amendment to Regulation W
Classification of Jeeps. .
...
Foreign Funds Control—Treasury Department Releases .
987-998
999
1000-1005
1005
1006-1010
ion
ion
1011-1014
Current Events
....
1015
National Summary of Business Conditions
1016-1017
Financial, Industrial, Commercial Statistics, U.S. (See p. 1019 for list of tables) . 1019-1069
International Financial Statistics (See p. 1070 for list of tables)
1070-1087
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
1088
Senior Officers of Federal Reserve Banks; Managing Officers of Branches . .
1089
Map of Federal Reserve Districts
1090
Federal Reserve Publications QSee inside of back cover)
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FEDERAL RESERVE BULLETIN
VOLUME 31
October 194$
NUMBER IO
BUSINESS FINANCE IN THE TRANSITION
Following the cessation of hostilities
and the sharp reduction in munitions production, business concerns are faced with
complex physical and financial problems
in adapting their resources to the peacetime
pattern of civilian demand. For thousands
of war contractors the Government as a
major customer will be replaced by private
competitive markets; other concerns will be
able to expand operations following the
elimination of wartime restrictions on the
use of manpower and materials. Many
developments in the financial structure of
business which were peculiar to war conditions will be reversed, and the adjustments are likely, on balance, to absorb
considerable amounts of funds.
Some of the needed funds will accrue
from current operations, and some will be
drawn from the tremendous accumulation
of liquid assets—cash and Government
securities—built up by business during the
war. Owing to irregularity in the timing
of receipts and disbursements, temporary
drains of funds wrill in many cases be considerably larger than the total drain for
the transition period as a whole. As a
consequence there may be considerable
need for bank credit both by concerns which
will be expanding, as in the case of trade,
and by war producers whose assets may be
contracting. The postwar expansion programs of many businesses, which will be
begun during the transition, will be financed to some extent also by flotations of
OCTOBER
1945
new security issues, both stocks and bonds.
In fact the beginnings of such financing
have been in evidence for more than a year.
For the national economy in this period
the function of business finance should be
to facilitate and not hinder the large shifts
in resources that have to take place. That
the financing of the transition will, in the
main, proceed smoothly seems assured by
the substantial liquid balances now in the
hands of most business units and by the
emergency financing facilities that have
been provided through the banking system
and through Government agencies.
While the current financial position of
business will be helpful in facilitating reconversion, it also contains the seeds of
potential inflation. During the war the
civilian population, including businesses
as well as consumers, was unable to spend a
substantial portion of the great increase
in money income that accompanied high
level munitions output. This was due
to the scarcity of goods available, and
accordingly some of the accumulated
balances represent deferred demand which
the public will attempt to satisfy. But
in the course of producing new goods more
money income will be created, and the
over-all demand for goods by business and
consumer groups may continue for a long
time to be in excess of available supplies
in the market.
While this prospect is considerably qualified by the sharp reduction in government
987
REVIEW OF THE MONTH
war expenditures, there is a danger that in
limited areas buyers may attempt to obtain
goods by using their funds to bid up prices,
or by placing orders in duplicate and triplicate; sellers, too, may be tempted to charge
as much as the market will bear, and may
thus contribute to inflationary potentialities. If these developments should occur,
some of the disorderly price and inventory
conditions which followed the First World
War would be imminent. In view of these
possibilities, it may be essential to retain
some measures of control over prices and
over spending, such as price ceilings and
high level tax rates, until supplies are much
more plentiful.
WARTIME CHANGES IN FINANCIAL POSITION
From the standpoint of business finance
the transition to a peacetime economy will
involve the unwinding of an abnormal
E S T I M A T E D ASSETS A N D
LIABILITIES O?
NONFINANCIAL
CORPORATIONS
[In billions of dollars]
Decem- March
ber
1945
1941
Assets
Cash.
Government securities..
Receivables: private
Government....
Inventories
Other current assets
Total current assets
....
Increase,
December
1941 to
March 1945
13.9
3.9
27.4
0.6
25.6
1.4
24.8
19.8
23.2
4.3
25.9
1.4
10.9
15.9
-4.2
26.6
3.7
0.3
72.8
99.4
Postwar credit on excess profits tax. . .
0.0
Plant and equipment (net of depreciation)
100.3
Investments and other assets
52.5
2.3
2.3
96.7
52.0
-3.6
—0.5
Liabilities
Government advances
Notes and accounts payable 1 .
Accrued income taxes
Other current liabilities.
0.8
25.6
7.1
7.2
25.9
16.1
8.8
1.7
0.9
0.3
9.0
1.6
Total current liabilities..
40.7
52.5
11.8
50.6
85.9
48.4
47.8
86.4
63.6
-2.8
Long-term debt
Stock
Reserves and earned surplus...
0.5
15.2
1
Includes loans from banks.
NOTE.—Current assets and liabilities for 1941 and 1945 are estimates of Securities and Exchange Commission covering all corporations except banks and insurance companies. Other figures are estimates of the Board of Governors based partly on data from the Bureau
of Internal Revenue and the Department of Commerce. The estimates
for plant and equipment and for reserves and surplus exclude wartime
writedowns.
financial pattern of assets and liabilities,
one which developed during the war as
business reacted to the needs of war production and cooperated with the Government in bringing forth that production and
in its financing. For business corporations
in the aggregate, excluding banks and insurance companies, the wartime pattern is
illustrated by the shifts in distribution of
various assets and liabilities from December
1941 to March 1945, estimates of which are
shown in the table. Briefly, the outstanding developments were (1) a large increase
in short-term current assets, especially
liquid assets; (2.) little change in privatelyowned plant and equipment; and (3) the
financing of the asset expansion largely by
retained earnings and by increases in shortterm liabilities, especially those for Federal income taxes. The principal variation
among industries, concealed by the aggregates, was that privately-owned plant and
equipment and bank borrowing increased
considerably among war producers but
declined among concerns in nonwar industries.
The failure of private plant and equipment in the aggregate to expand during
the war was a reflection in part of Government financing of over two-thirds of the
new capacity required for war production—
thus obviating much private expansion—
and in part of the restrictions on purchase
of new equipment for civilian production.
The decline in net book value of plant and
equipment, as shown in the table, reflects
the fact that funds provided by depreciation charges were larger than expenditures
for plant replacements and additions, thus
increasing depreciation reserves and contributing to the growth in current assets.
In nearly all industries an important
source of funds was retained profits, that
is, earnings after deduction of charges for
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
current costs, taxes, and cash dividends;
this source was reflected in the increase in
reserves and earned surplus. The other
principal source of funds in nearly all
industries has been the increase in current
liabilities. Most of the wartime increase
represented funds that accrued temporarily
in the hands of business enterprises through
the periodic rather than daily meeting of
costs and taxes. This was reflected in the
rise of three items: notes and accounts payable to trade, income tax liability, and
"other" current liabilities. The expansion
of income tax liabilities was especially
large because of the rapid increase in wartime profits and the imposition of high
rates of excess profits taxes.
In summary, wartime business financing
has been unusual in the large extent to
which it has used short-term funds from
current liabilities in contrast to the small
amount of long-term funds that were raised
through sales of corporate securities; in the
aggregate, new issues have in fact been
exceeded by retirements. While the shortterm basis on which most wartime expansion has been financed will entail close
attention to the timing of receipts and
disbursements in the transition, it has
however provided a flexibility of capital
structure that will facilitate adaptation to
postwar needs.
SETTLEMENT OF WAR CONTRACTS
In August, following the end of hostilities with Japan, cancellations of munitions
contracts totaled about Z3 billion dollars.
These cancellations, together with smaller
amounts canceled after the end of war in
Europe, are expected to reduce the annual
rate of munitions output from 57 billion
dollars in the first quarter of 1945 to about
8 billion by the end of the year. The magnitude of the task of terminating and setOCTOBER 1945
ding this scale of war production may be
broadly indicated by comparing the 36
billion dollars of canceled contracts awaiting settlement at the end of August with the
previous rate of settlements, which averaged about 1.5 billion dollars a month.
PRIME CONTRACT TERMINATIONS AND SETTLEMENTS
[In billions of dollars]
Cumulative
May-July
through
1945
April 1945
August
1945
All contracts
Contracts terminated..
Terminations settled
Settlement pending (end of period) 1
Partial payments approved.
29.7
19.4
10.3
0.14
8.9
4.3
14.9
0.12
22.8
1.0
36.2
0.09
Fixed-price contracts
Contracts terminated. .
Terminations settled
With claim.
Without claim.
20.6
15.7
9.4
6.5
7.3
3.5
2.3
1.1
18.1
0.5
0.3
0.2
4.9
1.9
3.0
8.9
1.7
7.2
26.0
2.5
23.5
Settlement pending (end of period) 1
With claim
Without claim
1
Adjusted for corrections of data for prior periods
SOURCE.—-Office of Contract Settlement.
For thousands of contractors and subcontractors who have been engaged in war
work, an important phase of the transition
problem will be the work of inventorying
materials, parts, and industrial equipment
to be turned back to the Government or
other contractors, and of preparing claims
for the amounts due on terminated contracts. Promptness in performing this part
of the work will greatly facilitate the clearing of Government property from private
plants and the making of partial payments
on claims so that contractors can go ahead
with civilian production.
Contracts terminated since April present
more difficult problems for both contractors
and settlement agencies than did the earlier
terminations, mainly because they reflect
actual cutbacks in munitions output rather
than changes in specifications or projected
deliveries. The size of claims will be
larger in relation to the size of the contracts,
989
REVIEW OF THE MONTH
and more time may be required by contractors to prepare and file their claims.
Contract settlement experience prior to
May did, however, enable manufacturers
and settlement agencies to develop procedures for accelerating the process of settling the contracts terminated since then.
The basic organization and procedures were
established by the Contract Settlement Act
of 1944, approved July 1, 1944. To assist
war contractors in technical problems arising in connection with termination, the several procurement agencies together with the
War Production Board and the Smaller War
Plants Corporation have set up "termination-coordination committees" in about xi
cities containing nearly half of all war
production contractors. Numerous meetings have been held to instruct businessmen
in the termination procedure.
Preparation of claims has been expedited
by preliminary discussions between contractors and settling agencies concerning
the principles to be followed in itemizing
and moving Government-owned materials,
and by tentative agreements as to the basis
for allocating various direct and overhead
costs to the terminated portion of the
contracts. For manufacturers holding contracts with several procurement agencies,
methods have been devised for consolidating claims and negotiating through the
principal agency on an over-all company
basis. Settlement of many contracts will be
speeded as a result of a Bureau of Internal
Revenue ruling clarifying the treatment for
tax purposes of costs and expenses related
to termination; under this ruling contractors are in a position to take advantage
of "no cost" settlements, in which their
right to termination compensation is
waived and the preparation and filing of
detailed claims is avoided. Many costplus-fixed-fee contracts, which had proved
99°
exceptionally slow to settle because of the
detailed auditing procedures involved, have
been gradually shifted to a fixed-price
basis.
The Contract Settlement Act also provided special arrangements for financing
contractors while the settlement is in
process. The procurement services were
authorized to guarantee bank loans made
to contractors and subcontractors for termination purposes, and Regulation V of the
Board of Governors of the Federal Reserve
System was amended to broaden and simplify previous arrangements for guaranteed
loans on war contracts. The first specific
termination or " T " loan was approved in
September 1944* Provision was also made
for the procurement agencies to extend
partial payments to prime contractors
within 30 days of filing claims, the amounts
ranging from 75 to 90 per cent on different
items involved. It was contemplated that
subcontractors, except under unusual circumstances, would secure partial payments
indirectly through prime contractors,
owing to the fact that records on subcontracts are not generally maintained by
the procurement services.
The need for financing during the settlement period may be acute for individual
concerns, especially subcontractors, where
preparation and filing of claims may be
protracted by the necessity of proceeding
through several tiers of prior contractors
in order to reach the procurement agency.
Contractors generally are in a strong financial position, however, and procedures for
effecting settlements are well matured.
As a result the over-all amount of settlement financing is likely to be small in
comparison with the great volume of
terminations. A large proportion of terminated contracts, both number and
amount, may be settled without claims,
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
especially since the recent liberalization of
terms encouraging contractors to retain
inventories. Moreover, for settlements involving claims, the amount of the claim is
likely to be only a small percentage of the
contract value.
The amount of partial payments and of
applications for guaranteed T loans made
to date has been very small indeed. At the
end of August partial payments approved
had reached a total of 353 million dollars,
including 37 million for subcontractors.
Authorizations for guaranteed termination
loans amounted to 344 million dollars, and
outstanding loans were less than 4 million.
There has been some further increase in
September, but the aggregate amount of this
financing has so far continued small. One
factor in the small amount of T loans has
probably been the substantial amount of
financial protection already arranged for
the termination period through war prosduction loans under VT agreements.
INVENTORY NEEDS
With the rapid relaxation of production
and inventory controls since the end of
hostilities, there will be a general tendency
for manufacturers, wholesalers, and retailers to rebuild inventories and for producers
in all industries to make capital expenditures for replacing over-age equipment and
for taking advantage of new technological
developments. The considerable outlays
of business funds involved will support
the demand for goods during the transition and, in the event of strong consumer
demands also, will contribute to inflationary pressures.
From the standpoint of business management in many lines, an early task in the
transition will be to get rid of unneeded
or unwanted wartime stocks and to build
up other inventories to normal peacetime
OCTOBER 1945
relationships with sales. These adjustments will occur both among producers
with war contracts and among other manufacturers and trade concerns who may have
on hand inventories of finished goods that
are made of substitute materials or that
are otherwise of substandard quality.
Many manufacturers with war contracts
will doubtless find that considerable portions of their termination inventories are
adaptable to civilian markets, but the
aggregate amount of inventories to be
cleared from private plants and turned back
to Government agencies for disposal will
nevertheless amount to several billion
dollars. Some of these surplus goods will
gradually be moved back into private
hands. This redistribution process may
tend to leave manufacturers in the durable
goods industries with 2. to 3 billion dollars
less inventories than the 9 billion which
they held at the end of July 1945. While
the average level of productive activity
among these producers will be considerably
lower in coming months than it was in July,
the relaxation of Government inventory
controls will be an offsetting influence
which may lead them to rebuild their stocks
to near their recent wartime levels. Financing of these additions will, in the
aggregate, probably be more or less covered
by the proceeds from settlement of war
contracts.
In the nondurable goods manufacturing
industries and in trade the disposal of
unwanted inventories will be more a matter
of selling to the public at mark-down prices
and scrapping what remains unsold. During the war many of the larger department
stores and other sellers of semidurable and
durable goods appear to have stocked
whatever goods they could obtain, regardless of quality. Some of these were already
sold before the end of the war, and it is
991
REVIEW OF THE MONTH
questionable whether losses on the remainder will be substantial.
Judging from the dollar size of inventories
relative to sales, there appears to be room
for considerable inventory expansion during
the transition among retailers, wholesalers and producers of nondurable goods.
SALES AND INVENTORIES IN MANUFACTURING AND TRADE
BILLIONS
OF DOLLARS
RATIO SCALE
groups might involve a net inventory expansion of 15 to 30 per cent, aggregating
perhaps 4 billion dollars. It seems questionable, however, whether such an amount
will actually be added to inventories during
the transition period. Much will depend
on the volume of consumer purchases.
If such purchases are maintained this
winter it may be difficult for businesses
to supply goods needed to meet these
demands and still to increase inventories
of finished goods much above the minimum
levels now prevailing.
CAPITAL EXPENDITURES
MANUFACTURES - NONDURABLE
!
INVENTORIES
|
TRADE-RETAIL
1939
1940
1941
1942
1943
1944
1945
NOTE .—Department of Commerce estimates for manufacturers,
limited-function wholesalers, and all retail stores. Latest figures
shown are for second quarter of 1945.
By June of this year the dollar value of
inventories in these lines, as shown in the
chart, averaged only a little more than one
month's sales in comparison with i j ^ to
2. months' sales in 1940 and 1941. If sales
should continue near recent levels, restoration of the earlier inventory relationships
among nondurable manufacturing and trade
Expenditures for construction and equipment by producers in major industrial
groups have been increasing for more than
a year. As shown in the table, capital
expenditures in 1944 were about 2.5 per cent
above the low 1943 level, and were also
above the average for the late 1930's. The
recent lifting of production controls seems
likely to stimulate further rapid expansion
during the remainder of this year. Major
factors in the demand for construction and
equipment are the backlog of deferred replacement of over-age equipment, accelerated retirement of some equipment which
has been used with abnormal intensity during the war, and the initial stages of postwar expansion and modernization programs.
Deferred maintenance may be an appreciable
item in trade and service industries, but in
manufacturing and public utility groups
liberal allocations of materials by the War
Production Board for maintenance and
repair are generally believed to have sufficed for most operating purposes.
The intention of manufacturers and public utilities to make new capital expenditures is illustrated by a special survey
recently conducted by the Department of
Commerce. Reports from about 7,000 comFEDERAL RESERVE
BULLETIN
REVIEW OF THE MONTH
panics in the manufacturing, railroad,
electric power, and gas industries were
analyzed to secure estimates covering all
companies in these industries. These estimates indicated a- prospective level of
expenditures for the fiscal year July 1945 to
June 1946 that would be about 50 per cent
above the peak year 1941. On a national
scale such a percentage increase would
mean capital expenditures of more than 15
billion dollars in the period.
exceed 5 to 8 billion dollars in terms of
original cost, and after several years of
wartime use the resale value will be below
the original cost. Moreover, the fact that
some plants will be leased rather than sold
outright, and that others will be sold on
an instalment basis, will tend to reduce
the amount of new funds needed by private
business for this phase of their plant expansion.
ESTIMATED BUSINESS CAPITAL EXPENDITURES
In addition to meeting inventory outlays and capital expenditures, some business funds will be required to expand
customer credit and to retire short-term
liabilities, especially those for Federal
income and excess profits taxes. In the
aggregate, however, the net amount of
funds required during the transition for
these adjustments seems likely to be small
compared with outlays for inventories and
plant and equipment.
Customer credit.—During the war the
outstanding total of customer credit extended by trade and service concerns declined sharply, especially that part which
was consumer instalment credit, owing
largely to diminished sales of durable and
semidurable goods. The contraction of
consumer credit greatly increased the liquidity of retailers and led many of them to
reduce their accounts payable to wholesalers. Credit extended by durable goods
manufacturers, on the other hand, did not
decline greatly, owing to the substitution
of war products for civilian goods. The
outstanding volume of consumer instalment credit has increased only slightly
from its wartime low, reached early in 1944,
but there may be a substantial increase in
the demand for such credit during 1946 as
supplies of durable goods become more
plentiful.
Among manufacturers that have had
OTHER NEEDS FOR FUNDS
[In billions of dollsirs]
Industry
Manufacturing and mining
Public utilities
..
...
Railroads
Agriculture
Other*. ..
All industries.
Average 1941
1935-39
1942
1943
2.3
0.8
0.3
0.9
1.6
4.1
1.4
0.6
1.5
2.3
3.2
1.1
0.5
1.1
1.3
2.6
0.5
0.5
1.0
0.7
3.3
0.6
0.6
1.3
0.8
5.9
9.8
7.2
5.3
6.6
v
1
Preliminary.
Other transportation, trade, service, real estate, finance.
NOTE.—Estimates of Board of Governors of the Federal Reserve
System of expenditures for construction and equipment net of credits
for sale or salvage of retired equipment. For description of data, see
Federal Reserve BULLETIN for April 1942, pages 317-318.
As the Department of Commerce analysis
pointed out, however, it seems doubtful
whether such optimistic intentions will be
realized in so short a period. The mere
process of hiring and training employees
in the production of new equipment,
coupled with some difficulty in securing
materials and components, seems likely to
prevent business construction and output
of new capital equipment from much exceeding 5 billion dollars in the six months
July to December 1945; this would leave a
i2_-month total of 15 billion of construction
and new equipment well beyond reach.
Private companies may in the next
year make some expenditures also for used,
Government-owned, industrial plants and
equipment, but this part of the reconversion
of war facilities may in many cases involve
negotiations which will run beyond the
transition period. Properties likely to be
useful for private postwar purposes may not
OCTOBER
1945
993
REVIEW OF THE MONTH
war contracts, receivables due from prior
contractors and from Government procurement agencies will need to be liquidated
and at the same time new credit extended
in connection with re-establishing civilian
markets. Because of differences in timing
and in business units involved, these transactions may not offset each other for individual concerns, and some interim financing may be necessary.
Taxes.—In addition to funds for expanding various operating assets, concerns in
both war and nonwar industries may draw
down their liquid balances considerably
in retiring some of the large short-term
liabilities that were accumulated during
the war. Of these the most important
will be corporate income tax liabilities
owed to the Federal Government, which
increased from 7 billion dollars in 1941 to
about 16 billion in 1943 and 1944. Since,
under the revenue law, taxes are paid
roughly a year after the relevant taxable
income has accrued, the growth of outstanding tax liabilities has resulted in the
accrual of large amounts of funds in business hands for short periods. About twothirds of all corporate income tax liabilities
in 1944 were concentrated in manufacturing
industries.
The extent to which these short-term
funds have been utilized for business purposes appears to have varied partly in
accordance with the need for funds. Small
manufacturers with especially large wartime expansions of assets but tight cash
positions have generally covered about 70
per cent of their outstanding income tax
liabilities by purchasing Government securities, and have placed the rest of their
accrued tax funds in operating assets.
Larger manufacturers, on the other hand,
have had easier cash positions and have
more than covered their income tax lia-
994
bilities by holdings of Government securities, so that it may be said that accrued
tax funds have not been utilized to finance
the expansion of their operating assets.
With a probable decline in earnings of
manufacturers during the latter half of 1945
and early 1946, coupled possibly with
reductions in excess profits taxes effective
at the beginning of 1946, tax accruals on
current operations will be smaller than
current payments for previous tax liabilites;
consequently outstanding tax liabilities
may decline during 1946 as much as 5 to 10
billion dollars. Much of the decline will
be reflected in reduced holdings of Treasury
tax and savings notes, which comprised
about half of the zo billion dollars of
Government securities held by corporations
at the close of the war.
The actual drain on corporate resources
that will accompany the decline in tax
liabilities will be moderated, however, by
provisions of the Tax Adjustment Act of
1945. Under this Act corporations will be
permitted to reduce their current tax payments in cases where they anticipate that
tax credits will arise from applying the
carryback provisions of the revenue law.
In effect these provisions will permit the
averaging of transition year earnings against
the higher profits for the two prior years.
In addition to the credits against current
income taxes obtained in this way, owners
of war plant facilities may obtain further
credits by charging the final amortization
of these facilities against previous income.
About 45 per cent of the cost of plant facilities constructed under certificates of war
necessity had not been amortized at the
time hostilities ceased; final amortization
of these facilities during the transition may
involve tax credits of more than 2. billion
dollars.
Another factor that will contribute to the
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
financial relief of many companies during
the transition is the provision for redeeming in January 1946 the Government securities that were issued for the 10 per cent
postwar credit on 194.x and 1943 excess
profits taxes, and the 1944 and 1945 credit
for which securities have not yet been
issued. The total available from this
source was about 1..^ billion dollars at the
end of March 1945.
These provisions for adjusting income
tax liabilities and payments are expected
to benefit especially those small- and medium-size companies which grew very
rapidly during the war and which financed
their growth largely out of retained profits
and the temporary use of funds accrued
for excess profits taxes. For many such
companies and their creditors the current
nature of their large tax liabilities had
previously seemed a serious financial weakness.
OUTLOOK FOR RETAINED EARNINGS
During the war, as during periods of
high peacetime activity, retained earnings
provided a large part of the funds for
business expansion. In fact, over half of
the wartime expansion in privately-owned
business assets was financed in this manner.
While it seems likely that during the transition retained earnings in some industries
will be much reduced from their high wartime levels, in these and other industries
this source will continue to supply a substantial amount of funds. The over-all
trend will depend on a number of developments which are not clear at the present
time. The uncertainty in outlook will
vary for individual concerns and may increase somewhat the demand for supplemental financing from external sources.
For war producers whose facilities require considerable reconversion, there will
OCTOBER 1945
be actual interruptions of sales with accompanying interruptions in the flow of
funds from profits. For a time thereafter
the initial stages of civilian production
will not, at established price ceilings,
yield profits before taxes that are as high
as in the war period. However, in most
cases a considerable part of any reduction
in earnings will be automatically offset by
lower income tax liability, with some
companies also securing appreciable tax
credits from adjustment of prior year tax
returns.
Among nonwar manufacturers and among
concerns in other industries such as public
utilities, trade, service, construction, and
finance the favorable outlook for civilian
activity will provide one of the basic
factors essential to continued high level
profits and retained earnings. Aside from
the very important questions of volume
and price level, however, the trend of net
profits and retained earnings during coming
months will depend largely on possible
downward revisions in income and excess
profits taxes and on the course of labor
costs. Congressional committees are currently drafting legislation to reduce or
eliminate excess profits taxes, with some
reduction likely to become effective at the
beginning of 1946. At the same time
organized labor is pressing for higher wage
rates, and this pressure seems likely to
continue throughout the transition period.
Reduction or elimination of excess profits
taxes will tend to increase net profit and
retained earnings for many concerns, but
the effect of lower taxes would be more or
less offset if labor costs increased as a
result of higher wage rates.
FINANCING BY BANKS
Bank loans to business for nonwar purposes have increased slightly during the
995
REVIEW OF THE MONTH
past year, but they are still little above the
low levels reached in 1943. As shown on
the chart, estimated commercial and
industrial loans for nonwar purposes at all
insured commercial banks had declined
from about 8 billion dollars at the end of
1941 to 3.7 billion in June 1943; the subsequent increase to June 1945, which was
less than a billion dollars, was partly offset
by a contraction in loans outstanding for
war purposes. In recent weeks commercial
and industrial loans have risen somewhat
at large city banks, but the increase does
not appear to be much larger than that
which occurred in the summer and fall of
1944.
COMMERCIAL AND INDUSTRIAL LOANS OF BANKS
BILLIONS OF DOLL.
1939
1940
194!
1942
1943
1944
1945
All insured commercial banks in the United States. Outstandin
war loans are estimated on basis of war loans reported to the America11
Bankers Association by 400-450 of the large banks.
In addition to direct borrowing from
banks, individual business concerns may
affect bank credit indirectly in the coming
months through sale of Government securities. Their holdings of these securities,
other than tax notes, include substantial
amounts of Treasury certificates and notes,
and any large sales in the open market
would probably be reflected in some in-
996
crease in holdings by financial institutions,
including banks.
Several new developments over the past
year look toward increasing the availability
of bank credit to business concerns, especially to small-and medium-size concerns.
Some banks are establishing small-business
loan departments in order to handle more
systematically the special problems involved in small loans. In a number of
financial centers the larger banks have
formed voluntary bank credit groups or
pools for the purpose of participating in
higher risk loans that originate either in
small banks outside the group or in banks
within the group. About 40 such groups
have been formed throughout the country,
but up to the present only a few group
loans have been arranged.
Extension of loans involving more credit
risk than is usually assumed by banks is
being encouraged by additional provisions
for guarantee by Government agencies.
As indicated earlier the V-loan system,
through which bank loans for war production were guaranteed by the procurement authorities, was modified by the
Contract Settlement Act to provide guaranteed loans on terminated contracts. Such
guarantees, however, do not apply to bank
loans specifically for reconversion. To
aid in filling the gap, a proposal has been
introduced in Congress which would substitute for Section 13b of the Federal Reserve Act a new section authorizing Federal
Reserve Banks, under supervision of the
Board of Governors, to guarantee financial
institutions against loss up to 90 per cent
on loans to business enterprises and to make
commitments to purchase such loans.
The Reconstruction Finance Corporation announced in March a broad program
for cooperating with banks in loans against
canceled war contracts and in financing reFEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
CORPORATE SECURITY ISSUES FOR NEW MONEY
conversion expenses and purchases of plant
and equipment; the program includes an
automatic guarantee of bank loans to
industry up to 75 per cent with a ceiling
of $2.50,000 for each loan, and also participation with banks in individual business
loans of any amount. The Smaller War
j
Plants Corporation also has a program for
guaranteeing up to 100 per cent bank loans
of less than $2.5,000 to small manufacturers.
The Veterans' Administration, under the
Servicemen's Readjustment Act, is guaranID
teeing loans to veterans made by private
and Exchange Commission estimates of issues sold for
financing institutions for a number of cashSecurities
and intended for plant and equipnient or working capital. Industrial includes manufacturing, mining, construction, trade, and
purposes, including the establishment of a service; nonindustrial includes railroad, public utility, finance, and
other. Figures for third quarter of 1945 include rough estimates for
new business or the purchase of an existing September.
enterprise. Loans may be guaranteed up
Most of the recent new money issues
to 50 per cent, but the amount guaranteed
have
been offered by manufacturing commay not exceed $2,000.
panies, including a substantial amount in
INCREASE IN N E W SECURITY FINANCING the petroleum and tobacco industries, and
Perhaps partly in anticipation of larger nearly half of the amount issued has been
outlays for expanding assets, and partly in the form of stocks. There has also been
in anticipation of a lower level of retained some new financing of railroad equipment
earnings, corporate flotations of security accompanying the gradual resumption of
issues for new money have increased con- purchases of such equipment. Among elecsiderably during the past year and a half. tric utilities internal sources of funds
During the period of defense preparation, have sufficed for virtually all wartime
as shown in the chart, new money issues expansion, but a group of telephone comincreased with the volume of business panies has recently announced a substantial
activity and averaged about 2.00 million program of postwar expansion which is
dollars a quarter from the middle of 1940 likely to entail new security financing.
to the middle of 194Z. Wartime limitations
REFUNDING AND REDUCTION OF LONGon private capital expenditures and the
TERM DEBT
increasing provision by the Government of
A marked improvement in prices of
war production facilities subsequently reduced the need for private financing. In medium- and lower-grade corporate bonds
the last quarter of 1943, however, issues during the past three years has increased the
for new money again began to appear in opportunities for refunding outstanding
somewhat larger volume, and the amount issues at lower coupon rates. Sales of new
offered in the past two years has totaled issues to retire outstanding securities,
nearly 1.5 billion dollars, about the same as mainly bonds, totaled about 5.5 billion
in the two years 1940-41 but less than in dollars in 1944 and the first nine months of
1945; this was a somewhat larger amount
1936-37.
S OF bOLLARS
QUARTERLY
MILLIONS OF DOLLARS
j, .
it. I
I] NONINDUS1'RIAL
J[ INOUSTRIA L
,i
OCTOBF.R 1945
I!i
997
REVIEW OF THE MONTH
than in the two years 1935-36, which was a of debt. After 1941, as less cash was
period of extensive refunding activity. required for expanding business assets, the
About one-quarter of the refunding issues sustained level of corporate profits coupled
of the recent period was offered by rail- with conservative dividend policies proroads. The marked increase in their earn- vided substantial amounts of funds that
ings during the war and the consequent could be used to reduce long-term debt.
improvement in prices of outstanding bonds Retirements, both by call and by purchase
have given railroads the first important in the open market, have exceeded the
opportunity during the past ten years of amount of obligations sold to raise new
low interest rates to reduce interest costs money, with the result that the aggregate
on long-term debt by refunding. Public volume of corporate long-term debt has
utility companies, which originated more declined. According to estimates of the
than 60 per cent of the refunding issues in Department of Commerce, the decline from
1935 and later years, have also engaged in 1940 to 1944 was about ix per cent in the
substantial refunding operations during the case of railroads and 3 per cent for corporations in all other industries. A factor in
past two years.
the greater debt reduction among railroads
CORPORATE SECURITY ISSUES TO R E T I R E O U T S T A N D I N G
was
the reorganization of several roads
SECURITIES
with accompanying adjustments of debt
[In millions of dollars]
and losses to bondholders.
Public
All indusIndustrial Railroad
utility
tries
As a result of the large volume of refundYearlv average:
ing
during the war, together with sub306
1935-36
655
1,543
2,617
70
1937-38
299
1,153
777
stantial cash retirements of debt, railroads
130
1939-41
1,711
518
1,024
64
568
1942-43
144
358
and public utilities will enter the postwar
500
1944
2,310
475
1,297
period with a smaller volume of fixed
1,060
1945—Jan-SepO
3,230
740
1,370
interest charges. Available data indicate
Includes amounts, usually small, from issuers other than industrial, railroad, or public utility companies.
that, for electric utilities and for Class I
Includes approximate figures for September.
NOTE.—Estimates of Securities and Exchange Commission. Figrailroads which have not been in receiverures are proposed uses of net proceeds, which represent gross proceeds
less costs of flotation.
ship since 1940, aggregate fixed interest
Interest charges of many corporations charges during 1944 were about 12. per cent
have been reduced also by cash retirements less than in 1940.
1
1
2
998
FEDERAL RESERVE BULLETIN
LETTER FROM SECRETARY VINSON
On October 8, 1945, Secretary Vinson made
public the following letter, which he addressed
to banking institutions throughout the country:
The purpose of this letter is to ask for your
personal cooperation and that of your bank during the Victory Loan Drive, which opens on
October 2.9.
In this Drive, the Treasury must raise at least
11 billion dollars, of which 4 billion is to come
from the sale of securities to individuals and the
remainder from other nonbank investors. While
the Treasury balance is large at the present time,
enormous obligations incurred in the achievement of victory, including those for materials
and munitions already delivered and used, remain to be liquidated so that additional funds
will be needed early in December.
Government expenditures are being drastically
reduced and this will continue vigorously. The
results of war, however, carry grave responsibilities that must be met. The cost of contract
settlements, bringing our armed forces home,
their mustering-out pay, hospitalization, care,
and rehabilitation will be great and will require
billions of dollars.
The Victory Loan will be the last great public
drive and the major emphasis will again be on
sales to individuals. It is highly important
that every effort be made to sell at least 4 billion
dollars of bonds to this group of investors.
Until reconversion of industry from a war to a
peacetime basis is well advanced or completed,
and goods are coming into the market in sufficient volume reasonably to meet demands, it is
highly desirable to channel as much as possible
of the available nonbank funds into Government
securities. The banks can be of great help to
the Government in its effort to hold the line
against the pressure on prices if they will cooperate in carrying out the objectives of the
Treasury.
We have tried to design the securities to be
offered in the Victory Loan Drive so as to procure maximum investment of nonbank funds and
to hold indirect participation of commercial
bank funds to a very minimum. I respectfully
urge your cooperation in declining to make loans
for speculative purchases of Government securities and also in declining to accept subscriptions
from customers which may appear to be entered
OCTOBER
1945
for speculative purposes. I am sure that you as
a banker appreciate the importance of eliminating these undesirable purchases and will do all
you can to help stop such practices.
There is no objection, of course, to the making
of loans for the purpose of facilitating permanent
investments in Government securities provided
such loans conform to the provisions of the
joint statement issued by the National and
State Bank Supervisory Authorities on November X3, 1942-, which reads in part as follows:
" . . . subscribers relying upon anticipated income may wish to augment their subscriptions
by temporary borrowings from banks. Such
loans will not be subject to criticism but
should be on a short-term or amortization
basis fully repayable within periods not exceeding six months."
There are two additional matters in which I
would greatly appreciate your cooperation during the Victory Loan Drive: (1) to decline to
purchase any outstanding securities from nonbank investors on the understanding or condition that a subscription for a substantially like
amount of Treasury securities offered during the
Drive will be made through your bank with
payment to be made through the war loan account; and (2.) to hold to a minimum the transfer
of funds for the purchase of Government securities. For statistical purposes credits will be
given to localities desired by the purchaser
in the Victory Loan as in previous drives.
While it is not possible to set a precise formula
to take care of the many thousands of different
circumstances under which subscriptions will be
received, I would greatly appreciate it if your
bank would carefully examine every subscription with a view to making the program as
effective and equitable as possible and one
which will meet the Treasury's objectives.
I know that the banks have rendered a very
fine service in assisting the Treasury to float
the huge war loans that have preceded the
Victory Loan. With your continued help, I
am sure this last great public drive will be a
success, not only in raising the funds necessary
to take care of urgent needs, but in a manner
which will be least harmful to our economy.
Sincerely yours,
(Signed) FRED M. VINSON
Secretary of the Treasury.
999
GENERAL POLICY STATEMENT OF THE EXPORT-IMPORT BANK
OF WASHINGTON
On September 14, 1945, the following statement of
the general policy of the Export-Import Bank of
Washington, dated September 11, 194s, was made
public by Mr. Wayne C. Taylor, President. The
statement contains general information on the purposes and poivers of the Bank; its organization and
the basic principles on which it operates; what the
Bank finances and what the Bank does not do; who
may apply for credit and how; and various other
aspects of the Bank's activities. Copies of the statement and further information about the facilities of
the Export-Import Bank may be obtained from District and Regional Offices of the Department of Commerce or from Federal Reserve Banks.
FOREWORD
The recent expansion of the lending authority
of the Export-Import Bank under the terms of
the Export-Import Bank Act of 1945 has accentuated the need for a comprehensive statement of
its general policies. The following statement
was prepared in the light of both the established practices of the Bank and the new problems of foreign-trade financing growing out of
the transition from war to peace. The purpose
of the statement is to provide the public with
information on the facilities of the Bank and
on the policies which guide its operations.
1. AUTHORITY
The Export-Import Bank was established in
1934 as a banking corporation organized under
the laws of the District of Columbia. The
Bank was continued as an agency of the United
States by acts of Congress in 1935, 1937, 1939,
and 1940 and was made a permanent independent
agency of Government by the Export-Import
Bank Act of 1945, the text of which is appended to this statement.*
tories or insular possessions and any foreign
country or the agencies or nationals thereof".
All of the operations of the Bank are and must
be related to this fundamental purpose.
3. POWERS
The Export-Import Bank has been given
broad powers to do a general banking business
and to make practically any type of loan, without limitation as to the amount of loans to any
one borrower, in so far as the exercise of these
powers is necessary to carry out its fundamental
purpose of assisting in the financing of United
States foreign trade. (See Section 9 for a statement of transactions expressly forbidden to the
Bank or excluded by reason of its general
policies.)
4. SOURCES OF FUNDS
In addition to its capital stock of $1,000,000,000 subscribed by the United States, the Bank
is authorized to borrow from the Secretary of
the Treasury on the evidence of its own debentures or other acceptable obligations an amount
not in excess at any one time of two and one-half
times its authorized capital stock. The earnings of the Bank provide an additional source
of funds.
5. LIMITATION
ON
LOANS
AND
GUARANTEES
The Bank shall not have outstanding at any
one time loans and guaranties in an aggregate
amount in excess of three and one-half times its
authorized capital stock, or $3,500,000,000.
However, over a period of time the Bank can
obviously handle a total volume of business
larger than this amount because of participations by private banks with the Export-Import
Bank without its guaranty, because of sales by
the Bank to private persons of paper from its
portfolio without its endorsement or guaranty,
and because of the release of funds through
repayments.
2_. PURPOSE
The purpose of the Export-Import Bank of
Washington, as laid down by Congress, is to
aid in "the financing and facilitating of exports
and imports and the exchange of commodities
between the United States or any of its Terri* For the text of the Act, see the Federal Reserve BULLETIN, August
1945, pp. 767-69.
IOOO
6. ORGANIZATION
The Export-Import Bank Act of 1945 places
the management of the Bank in a Board of
Directors consisting of the Foreign Economic
Administrator as Chairman (so long as the
Foreign Economic Administration shall exist),
the Secretary of State, and three full-time direcFEDERAL RESERVE
BULLETIN
GENERAL POLICY STATEMENT OF EXPORT-IMPORT BANK OF WASHINGTON
tors appointed by the President of the United
States by and with the advice and consent of the
Senate. Not more than three of the five members of the Board shall be members of any one
political party. Participation by other Government agencies in shaping the policies of the
Bank is provided through an Advisory Board
consisting of the Chairman (at present the
Foreign Economic Administrator), the Secretaries of State, Treasury, and Commerce, and the
Chairman of the Board of Governors of the
Federal Reserve System.
The National Advisory Council created by
the Bretton Woods Agreements Act has the
same membership as the Advisory Board of the
Export-Import Bank, except that its Chairman
is the Secretary of the Treasury. It is responsible for coordinating the policies of the ExportImport Bank with those of the United States
representatives on the Bretton Woods organizations and with all other agencies of the Government to the extent that they make foreign
loans or engage in foreign financial transactions.
The close working relationships between the
Bank and the Departments of State, Treasury,
Commerce, Agriculture, and the Board of Governors of the Federal Reserve System, as the
permanent agencies of Government primarily
concerned with foreign economic operations,
serve to keep them fully informed regarding
individual loan projects under consideration by
the Bank and give them full opportunity to call
attention to any possible conflict between the
day-to-day activities of the Bank and their
activities in carrying out the international
economic program of the United States. They
have also facilitated access by the Bank to the
information and technical services of these
Departments and the Federal Reserve Board
and in this way enabled the Bank to limit the
size of its own technical staff.
The operations of the Bank are administered
by its officers and staff under the general supervision of the Board of Directors.
7. BASIC PRINCIPLES
Since its organization in 1934, the ExportImport Bank has been guided in its lending
operations by the following basic principles:
(a) In accordance with the statutes governing its activities, the Bank makes only loans and
guaranties which serve to-promotethe export and
import trade of the United States. The Bank
promotes foreign trade directly by financing
exports and imports as specific transactions
and by financing exports in connection with
OCTOBER
1945
development projects and programs in foreign
countries. Loans of the latter type have a
further indirect effect upon United States
foreign trade; for they assist in building up
the economies and raising the levels of income
of foreign countries, which thereby become
better markets for American products and
better suppliers of imports to this country.
Thus, the Export-Import Bank is guided in
its lending policies by the demonstrated fact
that the best trading partners of the United
States are countries which have reached the
highest state of economic development.
(b) In accordance with its established practice and as explicitly provided in the ExportImport Bank Act of 1945, the Bank makes loans
generally only for specific purposes. A corollary
of this principle is that disbursements under a
commitment by the Bank are made only upon
receipt of evidence satisfactory to the Bank
that the purposes of the loan have been carried
out by the borrower. Conversely, the Bank
does not make lump-sum advances for use as
the borrower sees fit.
(c) As a matter of prudent management and
as required by law, the Bank makes only loans
which offer reasonable assurance of repayment.
The restriction of loans to specific purposes is
an important means to this end, as is also the
spread of maturities over the productive life
of a project in order to facilitate repayment.
Furthermore, all loan applications are carefully analyzed by the Bank's staff from the
legal, engineering, and economic points of
view and must be approved by its Board of
Directors.
(d) As a general rule, the Bank extends credit
only to finance purchases of materials and equipment produced or manufactured in the United
States and the technical services of American firms
and individuals as distinguished from outlays for
materials and labor in the borrowing country or
purchases in third countries. The reasons for
doing so are principally two: (1) The limited
resources of the Bank should be used with rare
exceptions solely for the purpose of directly
financing and facilitating United States foreign
trade; (2.) foreign countries should not ordinarily assume external indebtedness to finance
expenditures in local currency.
(e) In accordance with its own rule and the
express instruction of Congress, the Bank does
not compete with private capital but rather supplements and encourages it. The activities of the
Bank are confined, therefore, to dealing with
certain types of risks which private banks are
IOOI
GENERAL POLICY STATEMENT OF EXPORT-IMPORT BANK OF WASHINGTON
not in a position to assume without government assistance and with other risks which
they are not prepared to assume at all.
The principle of noncompetition with
private lending institutions is further carried
out by the readiness of the Export-Import
Bank to sell paper which it has acquired and
by arrangements under which the ExportImport Bank undertakes in advance to purchase from commercial banks notes arising out
of specified transactions financed in the first
instance by the commercial banks.
8. WHAT THE BANK FINANCES
The Export-Import Bank is prepared to assist,
under proper conditions, in financing exports
from the United States and imports into the
United States of products of all kinds. It is also
prepared to aid in the purchase of engineering
and other technical services in the United States.
As a matter of practice, however, its assistance
is required primarily in facilitating exports of
tangible commodities the sale of which involves
extended terms of credit. Exports of commodities may be financed on the basis of values f .o.b.
the inland point of shipment, f.o.b. the landport
or seaport of exit from the United States, or
c.i.f. a foreign port.
The Bank's financing of exports is of two
general types. The first type consists of credits
for the benefit of individual United States exporters to facilitate the sale abroad of specific
materials or equipment. The second type consists of a line of credit in favor of a foreign government, a foreign bank, or a foreign firm, to be
available during a stipulated period of time, for
the purpose of facilitating the purchase in the
United States of specific materials, equipment,
and services. Although different in form, the
two types of credits obviously serve a single
purpose. It is often a matter of choice or convenience whether a given transaction or set of
transactions is financed by extending credit to
American exporters or by making a loan to a
foreign country or purchaser. Thus, it is clearly
preferable from the point of view of ease of administration to make an arrangement with a
foreign government or purchaser rather than
separate arrangements with each of several
hundred United States suppliers who may be
providing equipment for a given project. The
difference between the two types of operations
is made even smaller by the fact that the guaranty of a foreign bank or government is usually
required as a condition of credits extended on
the application of individual United States
IOOZ
exporters without recourse to them (i.e., credits
involving no liability on the part of the exporter
in the event of default by the foreign debtor).
9. WHAT THE BANK DOES NOT DO
There are a number of things which the
Export-Import Bank is expressly prohibited
from doing under existing law or which are
excluded by its general policies. Thus,
(a) The Bank does not compete with private banks and does not, therefore, extend
credits when private credit is available in
adequate amounts and on reasonable terms.
(b) The Bank is prohibited by its charter
from purchasing stock in any corporation.
In other words, the Bank is not permitted to
engage in equity financing.
(c) The Bank does not make lump-sum advances for use as the borrower sees fit.
(d) The Bank is not authorized by the
language of the Export-Import Bank Act of
1945 to finance trade between the United
States and its Territories or insular possessions. This means that the Bank may not
assist in financing trade between continental
United States and Puerto Rico, the Virgin
Islands, Alaska, Hawaii, the Philippines, or
other possessions in the Pacific or between
any two of these Territories or possessions.
However, the Bank may finance export or
import transactions between United States
Territories or possessions and foreign countries.
(e) The Bank does not ordinarily finance
local currency expenditures.
(f) The Bank does not assume any obligation or responsibility for the issuance by any
agency of the United States Government of any
priority, allocation, permit, or license which
may be required by law or regulation for the
procurement and export of any commodity
which it may finance. Nor does the Bank
attempt to give advice to borrowers on possible suppliers of exports which it finances.
(g) The Bank does not undertake to select
engineering or other technical firms or individuals whose services may be sought by
foreign borrowers in connection with projects
financed by the Bank, although it does require
competent engineering and other technical
direction of such projects and will finance
long-term contracts providing for payments
for engineering or other technical services.
10. WHO MAY APPLY FOR CREDIT
The facilities of the Export-Import Bank are
open to United States exporters either of goods
FEDERAL RESERVE BULLETIN
GENERAL POLICY STATEMENT OF EXPORT-IMPORT BANK OF WASHINGTON
or of engineering and other technical services,
to United States importers, and to foreign governments, the agencies of foreign governments,
and foreign firms and individuals. In brief,
the Bank's facilities are accessible to any one
requiring assistance and to whom the granting
of assistance will aid in the financing of United
States foreign trade.
The Export-Import Bank Act of 1945 released
the Export-Import Bank from the pre-existing
prohibition against loans by the Bank to foreign
governments in default on their obligations to
the United States Government. The Act also
permits any individual, partnership, corporation, or association to participate with the
Export-Import Bank in any of its authorized
transactions and thus sets aside, with respect
to participations with the Bank, the provisions
of the so-called Johnson Act prohibiting loans
by private persons to such governments.
11. How
TO APPLY
United States exporters, both of goods and
of engineering and other technical services, or
United States importers who wish to apply to
the Bank for credit may do so by writing directly
to the Export-Import Bank of Washington,
Washington Z5, D. C , or, preferably, by seeking
assistance from the Bank through their own
commercial banks. It is recommended that the
applicant consult his bank in any case, since in
most cases it will be familiar with the facilities
of the Export-Import Bank and will be able to
judge whether or not the assistance of the
Export-Import Bank is necessary and appropriate.
Banks may obtain further information with
respect to Export-Import Bank policies and
procedures from their local Federal Reserve
Banks.
The following information is essential for
the consideration by the Bank of applications
from domestic exporters (and, with appropriate
modifications, also for the consideration of applications from domestic importers):
(a) Description of commodity to be financed.
(b) Name of foreign country to which the
exports to be financed are destined and the
name of the foreign purchaser.
(c) Justification for seeking the assistance
of the Export-Import Bank, including a statement of the credit terms to be extended to the
purchaser and suitable evidence that neither
the seller nor his bank is in a position to
finance the transaction.
OCTOBER
1945
(d) Amount of credit desired and proposed
terms of repayment.
(e) Commercial bank and trade references.
(f) Comparative balance sheets and profitand-loss figures for the preceding three years.
(g) In certain cases, cost sheets or other
evidence of cost.
(h) Brief statement of history and experience.
(i) Credit information regarding the purchaser.
(j) Names of possible guarantors, together
with an indication as to whether the guaranty
of a foreign bank or government has been
promised.
(k) Any other information which would be
useful to the Bank in appraising the credit
risk involved.
Authorized representatives of foreign governments may apply directly to the Export-Import
Bank for credits or may initiate discussions
through United States embassies and legations
in their respective countries. In the consideration of applications from foreign governments or
their agencies, the following information is
necessary:
(a) Purposes for which the credit is to be
used, including lists of materials, equipment,
and services to be purchased in the United
States and their suppliers (if known) and,
when specific projects are involved, engineering and economic surveys.
(b) Justification for seeking the assistance
of the Export-Import Bank, including satisfactory evidence that private credit is not
available.
(c) Amount of credit desired and proposed
terms of repayment.
(d) Statement of external assets of the
country in the form of gold and foreign exchange, showing official holdings separately
from private holdings and holdings of dollars
separately from holdings of other currencies.
(e) Current and prospective rate of gold
production.
(f) Statement of the international investment position of the country at long-term
and short-term, including major commitments pending or contemplated, and an estimate of the amounts of interest and amortization due annually over the life of the loan
on external fixed-service obligations.
(g) Summary of the record of the country
as regards the payment of external debt and
statement of the default status of outstanding
external obligations.
1003
GENERAL POLICY STATEMENT OF EXPORT-IMPORT BANK OF WASHINGTON
(h) Analysis of the capacity of the country
to repay on the basis of its current and prospective balance-of-payments position.
(i) Satisfactory assurances that dollars will
be made available by the monetary authorities
of the country to meet payments of interest
and principal to the Export-Import Bank as
they fall due.
Foreign applicants other than governments
or their agencies may apply directly to the Bank,
but the support of their governments will ordinarily be required before a credit can be negotiated. The information required of such applicants consists of items (a), (b), and (c) in the
itemization applicable to foreign governments
and items (e), (f), (h), (j), and (k) in the
itemization applicable to domestic firms or
individuals.
ix. ADVANCE COMMITMENTS
United States exporters who desire to bid on
foreign business may apply to the Export-Import Bank for credit with a view to securing
commitments in principle in advance of the
submission of bids. When more than one
United States exporter is interested in obtaining
a given order, the Bank will indicate identical
or similar terms to all qualified bidders in order
that the successful bidder, if a United States
exporter, will be determined solely on the basis
of price, quality, and proposed delivery schedule,
rather than upon any advantage in credit terms
created by the Bank.
The Bank does not look with favor upon requests for assistance from exporters who have
not consulted it prior to making credit engagements to foreign buyers.
13. NONRECOURSE FINANCING
The percentage of the credit risk involved in
any export or import transaction which the
Export-Import Bank will assume without recourse on the exporter or importer depends upon
the circumstances in each case. Under present
conditions, nonrecourse financing of exports by
the Bank almost invariably requires the endorsement or unconditional guaranty of a foreign
bank or foreign government.
14. MATURITIES
The maturities of credits granted by the Export-Import Bank are arranged in accordance
with the circumstances in each case. Generally
speaking, the financing of trade in consumption
goods is limited to relatively short-term credits.
On the other hand, the financing of trade in
1004
durable productive equipment may be on terms
extending over a period of years. Where extended terms are involved, principal amounts
are ordinarily made payable in equal installments beginning with the first or some subsequent interest date.
15. INTEREST RATES
The rate of interest charged by the ExportImport Bank depends upon the type of credit
involved in each case, is computed on the outstanding balance, and is usually payable semiannually. The Bank is obliged to charge
interest sufficient to cover the cost of its own
funds, defray its administrative expenses, and
accumulate a reasonable reserve against losses
in order that the Bank may be self-sustaining.
The Bank is also bound to consider market rates
of interest in order to avoid what might be
construed as competition on a rate basis with
private sources of credit. Interest rates are
uniform to all borrowers for any given type of
credit.
16. SECURITY
Loans to domestic exporters, importers, and
manufacturers are usually made on the basis of
the credit standing of the borrower, supplemented by the guaranty of a foreign bank or
government in the case of loans made without
recourse to the applicant. Credits to foreign
governments and their agencies are made on the
basis of the general credit of the country or
agency, supplemented where desirable and appropriate by a pledge of specific revenues or
specific receipts of dollar exchange. The Export-Import Bank attempts to arrange the terms
and conditions of its loans in accordance with the
circumstances in each case and with a view to
creating the type of obligation which is most
suitable from the point of view of both the
borrower and the Bank.
17. AID TO SMALL BUSINESSES
As a special aid to small and medium-sized
firms engaged in exporting, the Export-Import
Bank extends credit lines to individual firms
which are experienced and of good repute, but
which are hampered by lack of capital in obtaining adequate accommodation from private
sources. These credits are revolving and are
available for limited periods, generally from
year to year, upon presentation for discount by
the Bank through its agent bank of drafts on
approved foreign purchasers. These credits are
designed especially to help small firms increase
FEDERAL RESERVE BULLETIN
GENERAL POLICY STATEMENT OF EXPORT-IMPORT BANK OF WASHINGTON
their export commitments without the necessity
of raising additional capital. Comparable facilities are available to small and medium-sized
firms engaged in importing.
19. RELATIONSHIP TO INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENT
The Export-Import Bank will not compete in
any sense with the proposed International Bank
for Reconstruction and Development. This will
18. RELATIONS WITH COMMERCIAL BANKS
obviously be true during the period before the
It is a cardinal principle of the Bank's opera- International Bank comes into being. It is also
tions that it does not compete with private true with respect to short-term and mediumbanks. This principle is carried into effect in a term credits to United States exporters and imnumber of ways. As indicated above, the Ex- porters, because this is a field in which the
port-Import Bank prefers to receive applications International Bank will not operate. With refor loans from private firms and individuals spect to long-term loans to foreign governments,
through commercial banks to insure that private the activities of the Export-Import Bank and
credit is not available. The Bank attempts to the policies of the United States representatives
secure the maximum participation by private on the International Bank will be coordinated
banks in credit arrangements to which it is a by the National Advisory Council on Internaparty. The Export-Import Bank commonly tional Monetary and Financial Problems, as
uses the facilities of commercial banks for mak- provided in the Bretton Woods Agreements Act.
ing funds available to borrowers under lines of The making of long-term loans to private
credit, receiving payments of interest and prin- foreign companies by the Export-Import Bank
cipal, and for handling other matters in connec- and the International Bank will be coordinated
tion with the extension and collection of credits. in the same way.
The Export-Import Bank enters into agreements
20. MARINE TRANSPORTATION
with commercial banks under which it undertakes in advance to purchase from them notes
Public Resolution No. 17, 73rd Congress, rearising out of specified transactions financed in quires that exports of agricultural or other
the first instance by the commercial banks. It products fostered by loans made by any instrustands ready in turn to sell to commerial banks mentality of the United States Government shall
or other private investors paper from its own be carried exclusively in vessels of United States
portfolio.
registry unless it is determined by proper auBy using the services of commercial banks and thority after investigation that such vessels are
other private organizations to the fullest extent not available in sufficient numbers, or in suffipossible, the Export-Import Bank is able to cient tonnage capacity, or on necessary sailing
keep its own operating personnel at a minimum. schedule, or at reasonable rates.
POSTWAR ECONOMIC STUDIES NO. 2,
The second of the series of postwar studies
authorized by the Board of Governors will be
ready for distribution early in November. Entitled Agricultural Adjustment and Income, the
pamphlet will contain the following papers:
"Our Agricultural Policies," by Arthur C.
Bunce; "Farm Land Values and Reconstruction," by William H. Fisher; and "Low Income
Groups in Southern Agriculture," by Earle L.
Rauber.
Jobs, Production, and Living Standards, the first
pamphlet in the series, was announced in the
August BULLETIN. Later pamphlets will be
announced in the BULLETIN as they become availOCTOBER
1945
able at irregular intervals during the next few
months.
Each pamphlet will contain essays on related
subjects by specialists on the staffs of the Board
and the Federal Reserve Banks. The views
expressed in the papers are entirely those of the
authors, and there is no official endorsement
of any of the proposals made.
Individual pamphlets may be purchased for
2.5 cents each, or for 15 cents each for group
purchases of ten or more in single shipment.
Orders should be sent to the Division of Administrative Services, Board of Governors of
the Federal Reserve System, Washington 2.5,
D. C.
1005
NEW CURRENCY IN ETHIOPIA
1. This Proclamation may be cited as the
Currency and Legal Tender Proclamation, 1945.
2.. The monetary unit in Ethiopia shall be the
Ethiopian dollar (Eth$) equal in value to 5.51
grains of fine gold, and divided into one hundred
cents.
3. The sole right of issuing currency (notes
and coin) in Ethiopia shall be vested in the
State Bank of Ethiopia, acting for and on behalf
of the Imperial Ethiopian Government and the
said Bank shall maintain an Issue Department
for this purpose.
4. (a) It shall be the duty of the State Bank
of Ethiopia to establish and maintain a currency
fund consisting of gold, silver and foreign currency bank balances or prime securities readily
Prior to this Proclamation the Maria Theresa convertible into foreign currencies or bank baldollar, originally minted during the Eighteenth Cen- ances to a minimum extent of 75% of the said
tury by the Austrian Imperial Mint, was the main fund and Imperial Treasury obligations to a
maximum extent of 2.5% of the said fund. This
circulating medium in Ethiopia, where its official value
fund shall constitute a reserve for the redempwas 10-*/$ pence sterling, or about 37.# United States tion at their full issue value of notes issued under
cents. The Proclamation provides that the Maria this Proclamation.
Theresa dollar shall be treated as silver bullion and
(b) The Currency Fund is to be segregated
shall be purchased by the State Bank as a commodity from all other assets of Our Imperial Governat rates to be fixed by the Bank. The East African ment and of the State Bank of Ethiopia and is
to be maintained solely and exclusively for the
shilling, which has been circulating in Ethiopia since purposes of the currency issue. The books and
the country's liberation from Italian rule, will be accounts of the Fund shall be open to inspection
withdrawn from circulation by the State Bank within and examination at all times by Our Minister of
a period of six months at the rate of one Ethiopian Finance or officers appointed by him.
(c) The Issue Department of the State Bank
dollar to two shillings.
of Ethiopia shall publish in the Negarit Ga%eta at
An English translation of the Proclamation of the least twice each year, in a form to be prescribed
Emperor is given below, together with a Proclamation by Our Minister of Finance, a statement of the
issued on the same date by the Vice-Minister of currency issued and the assets of the Currency
Fund.
Finance.
5. The State Bank of Ethiopia shall issue currency
at declared currency centres in Ethiopia
No. 76 OF 1945
against prepayment of foreign currencies as designated and at rates prescribed by the Minister
Currency and Legal Tender
of Finance and published in the Negarit Ga%eta.
Proclamation
It shall also on demand, receive such currency
tendered at its currency centres in Ethiopia and
CONQUERING LION OF THE TRIBE OF JUDAH
issue in exchange telegraphic or mail transfers
HAILE SELASSIE I
payable in currencies designated and at rates
prescribed by the Minister of Finance and
ELECT OF GOD, EMPEROR OF ETHIOPIA
published in the Negarit Ga%eta.
WHEREAS it is necessary to revise the monetary
6. (a) The currency notes issued by the State
arrangements of Our Empire and to provide a Bank shall be legal tender in Ethiopia for the
national currency system suitable for the needs payment of any amount, provided that each
of Our people and the commerce of Our Empire, note shall be legal tender only for the amount
W E PROCLAIM AS FOLLOWS:
of its denomination.
By Proclamation of the Emperor on May 29, 194s,
effective on July 23, 194s, the State Bank of Ethiopia
is vested with the sole right of issuing currency in that
country. The monetary unit established is the
Ethiopian dollar', divided into 100 cents and equal in
value to 5.52 grains of fine gold or 40.25 United
States cents. The State Bank is directed to establish
and maintain a redemption fund consisting of not less
than 7/ per cent in gold, silver, and foreign exchange,
and not more than 2/ per cent of Imperial Treasury
obligations. The Minister of Finance is directed to
take immediate steps to assure that the Ethiopian dollar is the only legal tender circulating in Ethiopia.
1006
FEDERAL RESERVE BULLETIN
NEW CURRENCY IN ETHIOPIA
(b) Coin issued under this Proclamation shall
be legal tender for any amount in the case of
silver coins and not exceeding ten dollars in the
case of base metal coins provided that each coin
shall be legal tender only for the amount of its
denomination.
(c) Our Minister of Finance may declare by
legal notice to be published in the Negarit Ga%eta
that any issue or denomination of currency notes
or coin shall cease to be legal tender; and the
State Bank of Ethiopia shall thereby be empowered to take and shall take all necessary steps to
call in and replace or redeem such notes and coin
until such time as, in accordance with the
provisions of Schedule C to the present Proclamation, the said currencies shall be held to be
irredeemable.
(d) Our Minister of Finance will declare by
legal notice to be published in the Negarit
Ga%eta that as from a date to be fixed the notes
and coin issued under this Proclamation shall be
the sole legal tender in Ethiopia.
7. Our Minister of Finance may advance to
the State Bank of Ethiopia on application for
such period of time as may be necessary such
funds as may be required to meet the initial cost
of issuing the currency.
8. Our Minister of Finance or the State Bank
with his concurrence may enter into agreements
including loan agreements with the monetary
authorities of other Governments or Administrations concerning exchange facilities, the
stabilization of the currency, and other international currency measures which have as their
object the improvement of the economy of Our
Empire.
9. Our Minister of Finance is charged with
the execution of this Proclamation and is hereby
empowered to issue regulations for the detailed
operation of the currency arrangements.
10. The Legal Tender Proclamation No. 31 of
i94i published ^n Negarit Ga%eta (1st Supplement) dated the 31st of October 1942. is hereby
repealed and replaced by the present proclamation.
11. This Proclamation shall come into force
as from the X3rd day of July, 1945.
SCHEDULE A.
(MINTING, PRINTING, ISSUE AND WITHDRAWAL OF ETHIOPIAN
CURRENCY)
1. (a) The currency notes to be printed and
issued by the State Bank of Ethiopia in accordance with Article 3 of this Proclamation
OCTOBER
1945
shall, unless and until otherwise declared by
Proclamation issued by Us, on the petition of
the Bank, be of the denomination of one Ethiopian dollar, five Ethiopian dollars, ten Ethiopian dollars, twenty Ethiopian dollars, fifty
Ethiopian dollars, one hundred Ethiopian dollars, and five hundred Ethiopian dollars.
(b) Currency notes shall be in such form, and
of such design and printed from such plates, and
shall be authenticated in such manner as shall
be determined by the Bank.
(c) The plates shall be prepared and kept and
the currency notes printed, stored, issued, withdrawn, cancelled and destroyed under such regulations as the Bank may make for the purpose of
preventing fraud and improper use.
2.. (a) The coin to be minted and issued by the
Bank in accordance with Article 3 of this Proclamation shall, unless and until otherwise
declared by Proclamation issued by Us on the
petition of the Bank, be copper coins of one,
five, ten and twenty-five cents and silver coins of
fifty cents and, at the discretion of Our Minister
of Finance, a silver dollar.
(b) The weight, composition, remedy, form
and design of such coins shall be determined by
the Bank with Our approval and published in
the Negarit Ga%eta.
(c) The dies shall be prepared and kept and
the coin minted, stored, issued, withdrawn,
melted down and disposed of under such regulations as the Bank may make for the purpose of
preventing fraud and improper use.
3. The Bank shall maintain such records of
currency notes and coin stored, issued and withdrawn as it may determine.
4. The issue and redemption of currency in
accordance with Article 5 of this Proclamation
shall be effected at the rate of one Ethiopian
dollar for 40.2.5 United States cents and of one
Ethiopian dollar for two shillings sterling (one
tenth pound sterling) and against such other
currencies and at such rates as shall be determined by the Bank, provided that the Bank may
charge a commission which it shall fix from time
to time and shall post on the bulletin boards in
its Head Office and various agencies. Provided
further that no person shall be entitled to claim
the issue or redemption of currency in accordance
with this Clause for any sum less than 50,000
Ethiopian dollars.
5. Coins issued by the Bank shall cease to be
legal tender under the provisions of Article 6 (c)
of this Proclamation if diminished in weight
below the limits determined by the Bank in
accordance with clause 2. (b) of this Schedule.
1007
NEW CURRENCY IN ETHIOPIA
SCHEDULE B.
(PENALTIES
FOR WRONGFUL
ISSUE, COUNTERFEITING
AND
ILLEGAL TREATMENT)
I . If any person issues or utters or is a party
to issuing or uttering any currency note or coin
otherwise than in accordance with this Proclamation he shall be liable on conviction to a fine
from 5,000 to 50,000 dollars or shall be imprisoned from ten years to life or shall be
punished by both such fine and imprisonment.
x. (a) If any person counterfeits or, with intent to defraud, alters any currency note or coin,
or knowing any currency note or coin to be
counterfeit or altered utters the same, he shall
be liable on conviction to pay a fine from 5,000
to 50,000 dollars or shall be imprisoned from two
years to life or shall be punished by both such
fine and imprisonment.
(b) If any person, without lawful authority
or excuse, the proof whereof shall lie on him,
receives from any other person or has in his
possession or custody any counterfeit or altered
currency note or coin knowing the same to be
counterfeit or altered or any unfinished or incomplete currency note or coin, he shall be liable on
conviction to a fine from 5,060 to 50,000 dollars
or shall be imprisoned from two years to life or
shall be punished by both such fine and imprisonment.
3. If any person makes, or causes to be made,
or uses for any purpose whatsoever, or utters any
object purporting to be, or in any way resembling, or so nearly resembling as to be calculated to deceive, any currency note or coin or
any part thereof, he shall be liable on conviction,
to a fine from 5,000 to 50,000 Ethiopian dollars
or to imprisonment for a term from two years to
life or to both such imprisonment and fine in
respect of each such object and it shall be lawful
for the Court to order the object in respect of
which the offence was committed and any copies
of that object, and any plates, blocks, dies,
moulds, or other instrument used for, or capable
of being used for, impressing or reproducing
any such object which are in possession of such
offender, to be destroyed.
4. If any person, without lawful authority or
excuse, the proof whereof shall lie upon him,
a. makes, or uses, or sells, or exposes for sale,
or knowingly has in his possession or custody, any instrument for the making of coin
or for the making of paper with any words,
device, or distinction peculiar to and appearing in the substance of the paper used
for currency notes; or
1008
b. by any art or contrivance causes any such
words, device, or distinction, or any words,
device, or distinction intended to resemble
and pass for the same to appear visible in
the substance of any paper; he shall be
liable on conviction to a fine from 5,000 to
50,000 dollars or to imprisonment for a
term from two years to life or to both such
fine and imprisonment.
5. If any person without lawful authority or
excuse, the proof whereof shall lie upon him,
a. in any wise makes upon any plate, die or
mould whatsoever, or upon any material,
any design purporting to be that of a currency note or coin, or a part of a currency
note or coin, or any name, word, number,
figure, device, character or ornament resembling or apparently intended to resemble that appearing on a currency note or
coin; or
b. uses any such plate, die, mould or material
or any other instrument or device for the
making or impressing of any currency note
or coin; or
c. knowingly has in his possession or custody
any such plate, die, mould, material, instrument or device; or
d. knowingly utters or knowingly has in his
possession or custody any paper or coin
upon which an impression of any such
matter as aforesaid is made;
he shall be liable on conviction to a fine from
5,000 to 50,000 dollars or to imprisonment from
two years to life or to both such fine and imprisonment.
6. Any person who in any commercial transaction offers to give in coins less than the value of
any currency note or to give less than one hundred cents for every dollar shall be liable to a
fine not exceeding two hundred dollars or to
imprisonment not exceeding six months, or to
both such fine and imprisonment.
7. Any person who without lawful authority
or excuse wilfully defaces, or tears, cuts, perforates or otherwise mutilates any currency note,
or affixes or attaches thereto anything in the
nature or form of an advertisement, or melts
down, sweats, cuts, files, defaces, mutilates, or
uses otherwise than as currency any coin, shall
be liable on conviction to imprisonment for a
period not exceeding three months or to a fine
not exceeding five hundred dollars or to both
such imprisonment and fine.
8. The State Bank of Ethiopia shall impound
and destroy or otherwise dispose of with or
without compensation to the holder thereof, as
FEDERAL RESERVE BULLETIN
NEW CURRENCY IN ETHIOPIA
it thinks fit, having regard to all the circumstances of the case, any currency note or coin
which has been damaged or which, in its opinion, is counterfeit or has been illegally dealt
with.
The decision of the Bank, the President of the
High Court and the Chief Treasurer of the Imperial Government that a currency note or coin
is counterfeit or has been illegally dealt with
and that compensation shall be granted or withheld shall be final, and no person shall be entitled to claim and no proceedings or action
shall be brought against the Bank or Our Government in respect of any loss or damage suffered
by reason of such impounding and destruction.
9. The expression "currency note or coin" in
this Schedule means a currency note or coin issued under this Proclamation and also, except in
Article 8 of this Schedule, any note or coin of a
similar character, by whatever name called, issued by or on behalf of or under the authority of
the Government of any foreign State.
10. A currency note or coin shall be deemed
to have been "illegally dealt with" if impaired
in any manner specified in Article 7 of this
Schedule.
11. Any penalty prescribed by Chapter 5 of
the Penal Code which is in contradiction to the
penalties prescribed in this Proclamation is
hereby repealed.
SCHEDULE C.
(TRANSITION PERIOD)
1. Our Minister of Finance shall take immediate steps to assure that the Ethiopian dollar
is circulated throughout Ethiopia and to make
it the only legal tender circulating within
Ethiopia. To this end, Our Minister of Finance
shall, at his discretion, issue legal notices to be
published in the Negarit Ga%eta.
2.. For a period of six months or until otherwise declared by legal notice of Our Minister
of Finance as provided in Article 1 of this
Schedule, the currency issued by the East African Currency Board shall remain legal tender;
a. in the case of notes and silver shilling coins
for the payment of any amount;
b. in the case of silver 50 cent coin for the
payment of an amount not exceeding 2.0
shillings;
c. in the case of coins of any denomination
lower than 50 cents, for the payment of an
amount not exceeding one shilling;
OCTOBER
1945
provided that each note or coin shall be legal
tender only for the amount of its denomination.
3. (a) Every contract, sale, payment, bill,
note, instrument and security for money and
every transaction dealing in any matter and
thing whatsoever relating to money or involving the payment of, or the liability to pay, any
money in Ethiopia in East African shillings,
shall, on and after the coming into force of this
Proclamation, be deemed to have been made,
executed, entered into, done and had in Ethiopia
in Ethiopian dollars and shall be converted into
Ethiopian dollars at the rate of one Ethiopian
dollar equals two East African shillings, and,
for a period of six months from the coming into
force of this Proclamation may be paid either
in Ethiopian dollars or East African shillings
at the rate of one Ethiopian dollar equals two
East African shillings.
(b) Amounts appearing in any law, decree,
public regulation or order in force in Ethiopia
at the date of the coming into force of this
Proclamation and expressed in East African
shillings shall be converted into Ethiopian
dollars at the rate of one Ethiopian dollar equals
two East African shillings.
4. From the date of the coming into force of
this Proclamation, the Maria Theresa dollar
shall no longer be legal tender within Ethiopia.
Henceforth, the Maria Theresa dollar shall be
treated as silver bullion and shall be purchased
by Our State Bank of Ethiopia as a commodity
at rates to be fixed by the Bank.
(a) Amounts appearing in any law, decree
public regulation or order observed in Ethiopia
at the date of the coming into force of this
Proclamation and expressed in Maria Theresa
dollars shall be converted into Ethiopian dollars
at the rate of one Ethiopian dollar equals one
Maria Theresa dollar.
(b) Every contract, sale, payment, bill, note,
instrument and security for money and every
transaction dealing in any matter and thing
whatsoever relating to money, entered into before the coming into force of this Proclamation
and involving the payment of, or representing
a liability to pay money in Ethiopia in Maria
Theresa dollars, on or after the coming into force
of this Proclamation (other than those provided
for in 4 (a) of this Schedule), shall be paid in
Ethiopian dollars at the rate to be fixed by the
Bank with regard to bullion, and from the date
of the coming into force of this Proclamation
the Maria Theresa dollar shall be neither tendered nor accepted in settlement of any contract,
1009
NEW CURRENCY I N ETHIOPIA
sale, payment, bill, note, instrument or security
for money or any transaction relating to money
or involving the payment of, or the liability to
pay, any money in Ethiopia.
(c) From the date of the coming into force of
this Proclamation, no contract, sale, payment,
bill, note, instrument or security for money or
any transaction dealing in any matter or thing
whatsoever relating to money, or involving
the payment of, or representing a liability to pay
money in Ethiopia shall be made; entered into,
done or had in Ethiopia in Maria Theresa dollars provided, however, that the provisions of
this paragraph shall not prevent holders from
selling Maria Theresa dollars to the State Bank
of Ethiopia as provided in Article 4 of this
Schedule.
(d) From the date of the coming into force of
this Proclamation, the State Bank of Ethiopia
shall accept no further deposits in Maria
Theresa dollars.
Done at Addis Ababa this X9th day of May,
45.
(Signed)
TSAHAFE TEZAZ WELDE GUIORGUIS
Minister of the Pen.
IOIO
LEGAL NOTICE N O . 75 o r
1945
Currency and Legal Tender
Proclamation of 1945
NOTICE
under Article 9
From the 2.3rd day of July, 1945 the State
Bank of Ethiopia will convert all deposit accounts, loan and advance accounts and all other
accounts which it previously carried on its
books in East African shillings into Ethiopian
dollars at the rate of one Ethiopian dollar equals
two East African shillings. From the 13rd
day of July 1945 the State Bank of Ethiopia may
receive for deposit or, at its discretion, pay out
to its depositors either East African shillings
or Ethiopian dollars as provided in paragraph
3 (a) Schedule C of the Currency and Legal
Tender Proclamation provided, all checks are
drawn in Ethiopian dollars, all deposit receipts
are expressed in Ethiopian dollars and the relative accounts are kept in Ethiopian dollars.
Done at Addis Ababa this i9th day of May,
1945.•
(Signed) YILMA DERESSA
Vice-Minister of Finance
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.
Consumer Credit
(a) Real Estate and Home Improvement
Loans.—Any extension of credit which is
for the purpose of financing or refinancing
(1) the construction or purchase of an entire
residential building or other entire structure
or (2.) repairs, alterations, or improvements
upon urban, suburban or rural real property
in connection with existing structures.
4. Section 12.(0) and i$(f) are deleted.
5. Section 13 (V) is amended by striking out
the description of the articles listed as Item 1 in
Group C and inserting after such number the following parenthesis: * '(Deleted—see section
Amendment to Regulation W
The Board of Governors of the Federal Reserve System, effective October 15, 1945,
amended Regulation W relating to consumer
credit by exempting credits for home repairs
and improvements and by lengthening from 12.
months to 18 the maturity limitation on loans
which are not for the purpose of purchasing consumers' durable goods.
Until consumers' goods come on the market
in sufficient supply to meet demands, the Board
believes that the use of consumer credit should 80))."
so far as possible be discouraged. Accordingly,
Classification of Jeeps
the Board, after reviewing Regulation W now
Neither
military
nor civilian jeeps are classithat the war is ended, concluded that the regulafied
as
automobiles
for purposes of Regulation should not be substantially amended at the
present time except in the two particulars tion W.
specified.
Foreign Funds Control
The text of the amendment is as follows:
Treasury Department Releases
The following releases relating to transactions
in foreign exchange, etc., in addition to those
Regulation W is hereby amended in the folheretofore published in the Federal Reserve
lowing respects, effective October 15, 1945:
BULLETIN, have been issued by the Office of the
1. Section 6(b) is amended by striking out ' 'ix
Secretary of the Treasury under authority of the
months" and inserting in lieu thereof "18
Executive Order of April 10, 1940, as amended,
months."
and the Regulations issued pursuant there to:
2.. Section j(c) is amended by inserting "6(a)
Treasury Department
or" before "6(£)" in clauses (1) and (2.) and by
Foreign Funds Control
striking out the text of footnote 5 and substituting in lieu thereof the following text:
August 9, 1945
5
The maximum maturity is 6, iz, 15, or
GENERAL RULING N O . 7, AS AMENDED
18 months from the date of the original
Under Executive Order No. 8389, as Amended, Executive Order
loan as determined by its purpose, except
No. 9193, as Amended, Sections $(a) and j(Jr) of the Trading
that 18m onths from the date of renewal or
with the Enemy Act, as Amended by the First War Powers Act,
extension is permissible with a Statement
1941, Relating to Foreign Funds Control*
of Necessity pursuant to section io(d).
* Sec. 3 (a), 40 Stat. 412; Sec. 5 (b), 40 Stat. 415 and 966; Sec. 2, 48
Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as
3. Section 8 entitled ''EXCEPTIONS" is amended
by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941;
amended so that subsection (a) will read as fol- 1941,
Ex. Order 9193, July 6, 1942, as amended by Ex. Order, 9567, June 8,
1945; Regulations, April 10, 1940, as amended June 14, 1941, and July
lows :
26, 1941.
AMENDMENT N O . 18 TO REGULATION W
OCTOBER
1945
IOII
LAW DEPARTMENT
General Ruling No. 7 is hereby amended to read as follows:
The provisions of General Ruling No. 5, as amended, are
extended to currency and securities or evidences thereof
coming from the Panama Canal Zone into any other part of
the United States.
FRED M. VINSON,
Secretary of the Treasury.
Treasury Department
Foreign Funds Control
August 9, 1945
GENERAL LICENSE N O . 84, AS AMENDED
Under Executive Order No. 8389, as Amended, Executive Order No.
9193, as Amended, Section $(F) of the Trading with the Enemy
Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control*
General License No. 84 is hereby amended to read as
follows:
Exemption of certain currency and securities from General Ruling
No. 5. A general license is hereby granted exempting from
the provisions of General Ruling No. 5 the following currency and securities:
(a) United States Defense and War Savings Stamps and
Bonds of all series and designations;
(b) Securities issued or authenticated in the United States
or Canada after December 7, 1941;
(c) Veterans Adjusted Service Certificates and Veterans
Adjusted Service Bonds;
(d) United States Treasury notes of Tax Series A and Tax
Series B; and
(e) United States currency in denominations of $2.0 or less
and all foreign currency.
FRED M. VINSON,
Secretary of the Treasury.
* Sec 5 (b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55
Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order
8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec.
9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942,
as amended by Ex. Order 9567, June 8, 1945; Regulations, April 10,
1940, as amended June 14, 1941, and July 26, 1941.
Treasury Department
Foreign Funds Control
October -L, 1945
AMENDMENT TO PUBLIC CIRCULAR NO. 2.5
Under Executive Order No. 8389, as Amended, Executive Order No.
9193, as Amended, Sections 3(0) and / ( £ ) of the Trading with
the Enemy Act, as Amended by the First War Powers Act, 1941,
Relating to Foreign Funds Control *
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48
Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, as
amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941;
Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8,
1945; Regulations, April 10, 1940, as amended June 14, 1941, and July
26, 1941.
IOI2.
Public Circular No. 2.5 is hereby amended to read as
follows:
( 1 ) Exemption from General Ruling No. 11 of certain communications and transactions with Italy, Bulgaria, Hungary and
Rumania. There are hereby exempted from the provisions
of General Ruling No. 11:
(a) Any communication of a financial, commercial, or
business character with any person within any part of
Italy, Bulgaria, Hungary, or Rumania;
(b) Any act or transaction involving any such communication;
(c) Any act or transaction for the benefit or on behalf of
any such person.
(2.) Certain general licenses not applicable to Italy,
Bulgaria,
Hungary and Rumania. The provisions of General Licenses
Nos. 32. and 33 shall not be deemed to authorize any remittances to any person within the territory of Italy, Bulgaria,
Hungary, or Rumania.
FRED M. VINSON,
Secretary of the Treasury.
Treasury Department
Foreign Funds Control
October 2., 1945
GENERAL LICENSE N O . 72.A, AS AMENDED
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, as Amended, Section f(Jf) of the Trading with the
Enemy Act, as Amended by the First War Powers Act, 1941,
Relating to Foreign Funds Control*
QL) Certain transactions with respect to any blocked foreign
patent, trademark, or copyright authorized. A general license is
hereby granted authorizing the following transactions by
any person who is not a national of any blocked country:
(a) The filing and prosecution of any application for a
blocked foreign patent, trademark, or copyright, or
for the renewal thereof;
(b) The receipt of any blocked foreign patent, trademark,
or copyright;
(c) The filing and prosecution of opposition or infringement proceedings with respect to any blocked foreign
patent, trademark, or copyright, and the prosecution
of a defense to any such proceedings;
(d) The payment of fees currently due to the government
of any foreign country, either directly or through an
attorney or representative, in connection with any of
the transactions authorized by subdivisions (a), (b),
or (c) of this paragraph or for the maintenance of any
blocked foreign patent, trademark, or copyright; and
(e) The payment of reasonable and customary fees currently due to attorneys or representatives in any
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179;
55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order
8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963,
Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July
6, 1942, as amended by Ex. Order 9567, June 8, 1945; Regulations, Apri
10, 1940, as amended June 14, 1941, and July 26, 1941.
FEDERAL RESERVE BULLETIN
LAW
DEPARTMENT
foreign country incurred in connection with any of
the transactions authorized by subdivisions (a), (b),
(c), or Cd) of this paragraph.
CO Terms and conditions to which payments are subject.
Pay-
ments effected pursuant to the terms of subdivisions Cd) and
CO °f paragraph CO hereof may not be made from any blocked
account. Such payments shall be subject to the following
terms and conditions:
Ca) Payments to the government of any country referred to
in Public Circular No. 15 or to any attorney or representative within any such country shall be made in the
manner specified in any general license, now outstanding or hereafter issued, which authorizes remittance
to such country;
Cb) Payments to any other government, attorney or representative shall be made in the manner and under the
conditions specified in paragraph CO °f General License No. 33.
C3) Reports by domestic banks effecting remittances.
W i t h re-
spect to payments authorized by subdivisions Cd) and CO o£
paragraph CO hereof, reports shall be executed and filed in
the manner and form and under the conditions prescribed in
General License No. 32., provided, however, that in cases
where Form TFR-132. is required to be executed item No. 6
thereof shall be left blank.
C4) Definition. As used herein the term "blocked foreign
patent, trademark, or copyright" shall mean any patent,
petty patent, design patent, trademark, or copyright issued
by any foreign country, in which a blocked country or national thereof has an interest, including any patent, petty
patent, design patent, trademark, or copyright issued by a
blocked country, provided that the term "blocked foreign
patent, trademark, or copyright" shall not be deemed to include any patent, petty patent, design patent, trademark, or
copyright in which an enemy national, other than the
Government of a country referred to in Public Circular No. Z5
or a person within such country, has an interest.
FRED M. VINSON,
Secretary of the Treasury.
Treasury Department
Foreign Funds Control
October 5, 1945
the Secretary of the Treasury expressly referring to this
general ruling, the presentation, endorsement, acceptance,
collection, payment, transfer, protest of, or any other
dealing in or with respect to, any check, draft, bill of exchange, promissory note, transfer order, or other payment
instruction is prohibited, if such instrument, prior to September z, 1945, has been within, or there is reasonable cause
to believe that it has been within, Germany, Japan, Italy,
Bulgaria, Rumania or Hungary, or any territory which at
any time was occupied or controlled by Germany or Japan,
z. Certain transactions with respect to checks, drafts, etc. authorised.
Ca) Notwithstanding the provisions of General Ruling
No. 11, as amended, the return to the sender, except to
any person who is within Germany or Japan or whose
name appears on The Proclaimed List of Certain Blocked
Nationals, of any check, draft, bill of exchange, promissory note, transfer order or other payment instruction,
to which paragraph 1 hereof applies, is hereby authorized,
provided such instrument is stamped or marked to indicate
clearly that payment thereof is prohibited by General
Ruling No. 5A.
Cb) The sending, mailing, exporting, or otherwise
taking of any check, draft, bill of exchange, promissory
note, foreign currency, or any security from the United
States to a blocked country may be effected pursuant to
the terms and conditions of General Licenses Nos. 49, 50,
51, 70 and 92. and any other general license hereafter
issued which expressly licenses any transaction referred
to in Section 1 of the Order with respect to a specified
blocked country or countries.
CO Persons departing from the United States for blocked
countries are hereby authorized to carry:
CO travelers checks and checks drawn on the Treasurer of the United States provided such checks are
issued in the name of the person carrying them;
Cii) United States currency in denominations of $2.0
or less and all foreign currencies.
FRED M. VINSON,
Secretary of the Treasury.
Treasury Department
Foreign Funds Control
October 5, 1945
GENERAL RULING N O . 5A, AS AMENDED
GENERAL LICENSE N O . 92.
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, as Amended, Sections 3(0) and j(b") of the Trading
with the Enemy Act, as Amended by the First War Powers Act,
1941, Relating to Foreign Funds Control*
1. Prohibition with respect to certain dealings in checks, drafts,
Under Executive Order No. 8389, as Amended, Executive Order No
9193, as Amended, Section j(li) of the Trading ivith the Enemy
Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control*
etc. Unless authorized by a license or other authorization of
Transactions on behalf of, or involving property of, France
and its nationals.
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2,
48 Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940,
as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941;
Ex. Order 9193, July 6, 1942, as amended by Ex. Order 9567, June 8,
1945; Regulations, April 10, 1940, as amended June 14, 1941, and July
26, 1941.
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179:
55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order
8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec.
9, 1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942,
as amended by Ex. Order 9567, June 8,1945; Regulations, April 10, 1940,
as amended June 14, 1941, and July 26, 1941.
OCTOBER
1945
1013
LAW DEPARTMENT
( i ) Certain transactions involving France or nationals thereof
or relating to French property authorized. A general license is
hereby granted licensing any transaction referred to in Section
i of the Order if (i) such transaction is by, on behalf of, or
pursuant to the direction of France or any national thereof,
or (ii) such transaction involves property in which France
or any national thereof has at any time on or since the effective date of the Order had any interest, provided that:
(a) Such transaction (i) is not by, on behalf of, or pursuant to the direction of any blocked country or any
national thereof, other than France or any national
of France, and (ii) does not involve property in which
any blocked country or any national thereof, other
than France or any national of France, has at any time
on or since the effective date of the Order had any
interest; and
(b) No payment, transfer, or withdrawal, or other dealing
with respect to
(i) any property in which on the date hereof any of
the following has an interest: (A) Any person
within France; or (B) any partnership, corporation, association, or other organization which
is a national of France by reason of the interest
therein of a person within France; or
(ii) any income from such property accruing on or
after the date hereof
shall be effected under, or be deemed to be authorized
by, this license unless a designated agent of the Government of France has certified in writing that the
Government of France has determined that no blocked
country or national thereof, other than France or any
national of France, has at any time between the effective date of the Order and the date of the certification, had any interest in such property.
IOI4
(2.) Certain other transactions authorized. This general license also authorizes any transaction which could be effected
under General License No. 53 if France were a member of the
generally licensed trade area, provided that this paragraph
shall not be deemed to authorize any payment, transfer, or
withdrawal, or other dealing, with respect to any property
which is subject to proviso (b) of paragraph (1) hereof,
unless certification has been made thereunder.
(3) Application of license to nationals of France who are also
nationals of other blocked countries. The provisions of paragraph
(1) hereof shall not apply with respect to any national of
France who is also a national of any other blocked country,
provided, however, that for the purpose only of this general
license the following shall be deemed not to be nationals
of any blocked country other than France:
(a) Any individual residing in France, except any citizen
or subject of Germany or Japan who at any time on or
since December 7, 1941 has been within the territory
of either such country or within any other territory
while it was designated as "enemy territory" under
General Ruling No. 11;
(b) Any partnership, association, corporation, or other
organization organized under the laws of France,
unless it is a national of Germany, Japan, Bulgaria,
Hungary or Rumania.
(4) Waiver of General Rulings Nos. 3 and iy and Public
Circular No. 14. The provisions of General Rulings Nos. 3
and 17 and Public Circular No. 14 are waived with respect
to any transaction effected under this license.
(5) Definition. As used in this general license, the term
"France" shall include France and any colony or other territory subject to the jurisdiction of France.
FRED M. VINSON,
Secretary of the Treasury.
FEDERAL RESERVE BULLETIN
CURRENT EVENTS
Meeting of Federal Advisory Council
The Federal Advisory Council met in Washington on September 16-17, 1945. The Council
met with the Board of Governors of the Federal
Reserve System on September 17, 1945.
Discontinuance of Reserve City
Under the provisions of Section 11 of the Federal Reserve Act, the Board of Governors has
terminated the designation of Savannah,
Georgia, as a Reserve city, effective October 1,
1945.
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 August 16, 1945 to September 15,
1945, inclusive:
Illinois
Libertyville—First State Bank of Libertyville
Indiana
Friendship—The Friendship State Bank
Kansas
Yates Center—The State Exchange Bank
Missouri
Lincoln—The Farmers Bank of Lincoln
Slater—State Bank of Slater
Montana
Billings—Billings State Bank
Ohio
Ashley—The Farmers Savings Bank Company
Wisconsin
California
Beaumont—Bank of Beaumont
OCTOBER
1945
Milwaukee—Wisconsin State Bank of Milwaukee, Wisconsin
IOI5
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled September zj, and released for publication September zg. Figures shown on
charts may differ from preliminary figures used in text.
Production and employment at factories dropped sharply after the middle of August when
most military contracts were canceled. Activity in most other lines was maintained and
the value of retail sales continued above last
year's high levels.
INDUSTRIAL PRODUCTION
Industrial production declined 11 per cent in
August, reflecting primarily the sharp curtailment of activity in aircraft, shipbuilding and
ordnance plants in the last half of the month,
and the Board's seasonally adjusted index was
188 per cent of the 1935-39 average as compared
with i n in July.
The largest part of the decline was in the machinery and transportation equipment industries, where activity during the month averaged
about zo per cent below July. Output of steel
and of nonferrous metal products likewise declined with the sudden elimination of almost all
military demands. In September steel output
increased with the receipt of orders in large
volume from the automobile and other steelconsuming industries now rapidly converting to
civilian production. Output of lumber and
stone, clay and glass products declined slightly
in August.
Production of nondurable goods in August
was also below the July level, reflecting primarily military contract cancellations affecting output in the chemicals and rubber products indus-
tries. Cattle slaughter at Federally inspected
plants rose sharply in August and the first two
weeks of September. Output of shoes and newspaper publishing activity also increased in August. Output of textiles, most manufactured
food products, and other nondurable goods
showed little change or declined slightly.
Immediately after Japan's capitulation, ration- .
ing was ended for gasoline, fuel oil, and canned
fruits and vegetables. Increased supplies of
dairy and meat products and tobacco products
were also made available for civilians.
Minerals production declined somewhat in
August reflecting chiefly a 4 per cent decrease in
coal production. In the first part of September
output of bituminous coal advanced. Crude
petroleum output was maintained in August at
the record July level, but due to the substantial
decline in military demand for petroleum products, the production rate in the first half of
September was about 8 per cent below August.
Awards for the construction of privatelyowned factories and commercial buildings continued to increase sharply in August. Contracts for private residential construction were
awarded at about the same rate as in June and
July, which was about twice the value of awards
in the summer of 1944.
DISTRIBUTION
Department store sales in August were smaller
DEPARTMENT STORE SALES AND STOCKS
DOLLAR VOLUME SEASC
INDUSTRIAL PRODUCTION
1938
*
1937
1938
1939
1940
1941
1942
1943
1944
1945
Federal Reserve index. Monthly figures, latest shown is for August.
1016
1939 1940
1942
1943
1944 1945
Federal Reserve indexes. Monthly figures, latest shown are for
August.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
than in July on a seasonally adjusted basis but
about 6 per cent larger than in August last year.
In the first half of August sales were about zo
per cent larger than a year ago. In the last half
of the month and the early part of September,
following Japan's surrender, sales slackened and
were little changed from last year's level. Sales
in the two weeks ending September 2.2., however,
rose sharply and were 11 per cent larger than in
the corresponding period a year ago.
Railroad shipments of revenue freight in the
last two weeks of August and the early part of
September were in almost as large a volume as
in the period prior to the week of Japanese surrender and only 7 per cent smaller than during
the same period last year. In the middle of
September shipments of most classes of freight
were as large or larger than a year ago; loadings,
however, of miscellaneous manufactured products which include munitions were at a reduced
level.
Adjusted demand and time deposits of weekly
reporting banks increased by 1.8 billion dollars
during the five weeks ended September 19, while
war loan balances at these same banks declined
by 3.4 billion. Thus, as in other periods between Treasury financing drives, Treasury expenditures tended to increase deposits of business
and individuals at small banks more than at
large ones.
The currency outflow continued and totaled
415 million dollars during the five-week period,
but it was somewhat below the outflow of last
year for the comparable period. Time deposit
expansion continued as rapidly as in recent
months.
Loans for purchasing and carrying Government securities at reporting banks were further
liquidated during the five weeks by 470 million
dollars and, in addition, reporting banks reduced
holdings of U. S. Government securities by 1.3
billion dollars to meet the increase in reserve
requirements and net deposit declines. Smaller
COMMODITY PRICES
banks appear to have been purchasing GovernPrices of agricultural commodities declined
ment securities during the period.
from the early part of August to the early part of
Reserve funds during the five-week period
September but since that time have increased
were supplied by an increase of 1.1 billion dolsomewhat.
lars in Reserve Bank holdings of Government
Maximum prices of petroleum products have
securities and by a small increase in member
been reduced somewhat since the early part of
banks borrowings from the Reserve Banks.
August, owing to lower transportation charges,
This increase met the currency outflow and inwhile maximum prices of cotton goods, building
creased average reserve balances by close to 550
materials, and various other industrial commodimillion dollars; this was about as much as the
ties have been increased.
increase in required reserves, and excess reserves
AGRICULTURE
remained near one billion dollars.
WHOLESALE PRICES
Crop prospects continued to improve during
August and total production is expected to equal
the record harvests of 1942. and 1944. Cotton
L
production, however, is forecast at only 10 mil20
1
lion bales, which is about 2. million smaller than
last year's crop and the average for the past 10
100
years. Total carry-over of raw cotton in this
country on August 1 was about 11 million bales,
slightly more than in the two previous seasons.
40
FARM PRODUCTS^
» /<
OCTOBER
1945
*******
J
BANK CREDIT
In the first month of peace, Federal Government expenditures though reduced were still
well in excess of receipts, and war loan balances
at commercial banks were accordingly reduced.
ALL C0MM0 5IT1ES
40
Bureau of Labor Statistics' indexes. Weekly figures, latest shown
are for week ending Sept. 22.
1017
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
Member bank reserves. Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans;
guarantee fees and rates under Regulation V; rates on time
deposits; reserve requirements; margin requirements
Federal Reserve Bank statistics . . .
....
Guaranteed war production loans
Deposits and reserves of member banks. .
Money in circulation
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions ...
All banks in the United States, by classes
All insured commercial banks in the United States, by classes
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances . . .
Money rates and bond yields
. .
Security prices a n d n e w issues . . . .
Corporate earnings and dividends. .
Treasury
finance
Government corporations and credit agencies. .
Business indexes
..
Department store statistics. .
Consumer credit statistics. .
Wholesale prices
September crop report, by Federal Reserve districts
Current statistics for Federal Reserve chart book
All member banks—Assets and liabilities on June 30, 1945, by
classes of banks
.
....
Assets and liabilities of insured commercial banks in United States
and possessions, June 30,1945, and Dec. 31,1944 and June 30,1944.
ion
102.2.-102.3
1013-1017
1017
1017-10x8
1019-1030
1030
1031
1031-1033
1034-1035
1036-1039
1040
1041
1041-1043
1044
1045-1047
1048
1049-1058
1059-1061
1061-1063
1064
1065
1066-1067
1068
1069
Tables OD 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 arc compiled by the Board on the basis of material collected by other
agencies;figuresfor gold stock, money in circulation, Treasuryfinance,and operations of Government
credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned;
data on money and security markets and commodity prices and other series on business activity arc obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive tcxty may be obtained from the Board's publication, Banking and Motutsry Statistics; back
figures for most other tables may be obtained from earlier BULLETINS.
OCTOBER 1945
1019
MEMBER
BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEONESOAY FIGURES
BILLIONS OF DOLLARS
30
30
25"
MONEY IN - #
CIRCULATION/
I
/
,^A/\\/v^^^
1938
1939
1940
1941
1942
1943
1944
1945
Wednesday figures, latest shown are for Sept. 26. See p. 1021.
IOXO
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[ In millions of dollars ]
Reserve Bank credit outstanding
U. S^jGovernment
securities
Discounts
and
advances
Date
Total
reasury
bills
and
ertificates
All
other
ury
All
other 1 Total
Gold
stock
currency
outstanding
Money
in circulation
TreasOther
deFedTreas- ury
Nonposits
eral
ury
memwith
Recash Federal ber de- serve
holdposits
Reacings
serve
counts
Banks
Member
bank reserve
balances
j
Total
Excess2
Monthly averages of
daily figures:
1944—June
July
Aug
1945—June
July
Aug
155
35
71
590
163
388
14,920 2,279
14,745 2,176
15,367 2,963
21,271 8,488
21,593 8,793
22,052 19,230
2,641
2,569
2,404
2,783
2,800
2,822
420
421
361
457
459
431
15,495
15,201
15,800
22,318
22,215
22,871
21,214
21,077
20,975
20,263
20,203
20,116
4,104
4,108
4,111
4,145
4,153
4,202
22,296
22,580
22,988
26,561
26,918
27,392
2,334
2,318
2,359
2,302
2,268
2,257
347
396
385
368
618
549
1,953
1,829
1,780
1,631
1,563
1,554
364
364
370
449
450
457
13,518
12,900
13,004
15,415
14,755
14,978
1,081
1,232
1,006
1,339
1,220
1,084
End of month figures:
1944—June 30
July 31
Aug. 31
1945—June 30
July 31
Aug. 31
13
37
95
46
302
362
14,901
14,915
15,806
21,792
21,717
22,530
12,254
12,447
13,456
18,994
18,906
19,653
2,647
2,468
2,350
2,798
2,811
2,877
358
374
299
466
340
315
15,272
15,325
16,201
22,304
22,359
23,207
21,173
20,996
20,926
20,213
20,152
20,088
4,104
4,109
4,114
4,145
4,199
4,217
22,504
22,699
23,292
26,746
27,108
27,685
2,296
2,346
2,374
2,279
2,258
2,230
650
388
381
599
586
552
1,870
1,779
1,753
1,668
1,516
1,577
364
363
369
450
449
457
12,866
12,855
13,072
14,920
14,794
15,011
1,380
975
801
1,585
1,037
920
Wednesday figures:
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29
359
401
357
473
593
17,605
17,957
17,941
18,411
18,553
15,259
15,605
15,586
16,054
16,196
2,346
2,352
2,355
2,357
2,357
301
296
509
457
374
18,265
18,655
18,807
19,341
19,520
20,727
20,726
20,694
20,693
20,688
4,115
4,115
4,114
4,117
4,120
24,409
24,674
24,717
24,881
24,997
2,372
2,313
2,338
2,339
2,334
216
314
119
251
292
1,633
1,640
1,488
1,567
1,549
393
395
395
395
395
14,083
14,159
14,557
14,719
14,761
894
869
1,055
998
1,151
Dec. 6
Dec. 13
Dec. 20
Dec. 27
383
176
218
153
18,311
18,577
19,009
19,064
15,522
15,783
16,208
16,253
2,789
2,794
2,801
2,812
435
558
886
604
19,130
19,311
20,113
19,821
20,668
20,667
20,646
20,639
4,122
4,123
4,127
4,131
25,107
25,163
25,280
25,335
2,337
2,348
2,369
2,377
258
503
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
30
130
129
141
176
18,734
18,907
18,651
18,620
19,006
15,927
16,120
15,880
15,880
16,272
2,808
2,787
2,771
2,739
2,734
706
449
529
459
370
19,470
19,486
19,310
19,220
19,552
20,619
20,593
20,572
20,571
20,550
4,130
4,130
4,129
4,129
4,127
25,326
25,257
25,209
25,175
25,290
2,368
2,372
2,370
2,380
2,371
592
528
334
479
648
1,609
1,590
1,538
1,397
1,634
402
405
404
404
402
13,921
14,057
14,156
14,085
13,884
1,158
1,197
1,161
1,049
869
Feb.
7....
Feb. 1 4 . . .
Feb. 2 1 . . .
Feb. 2 8 . . .
200
230
294
321
19,062
19,181
19,231
19,439
16,340
16,465
16,534
16,748
2,722
2,716
2,698
2,692
442
506
478
398
19,703
19,918
20,003
20,158
20,548
20,507
20,506
20,506
4,126
4,124
4,124
4,122
25,411
25,533
25,652
25,751
2,372
2,389
2,384
2,355
593
547
517
460
1,643
1,649
1,672
1,581
409
409
410
410
13,950
14,022
13,999
14,228
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. 18.. .
Apr. 25..
220
323
341
508
19,580
20,091
20,153
20,444
17,414
17,975
18,037
1.8,331
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
M a y 2 .. .
May
9....
May 16....
May 2 3 . . . .
May 3 0 . . . .
569
552
487
724
886
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
June 6 . . . .
June 1 3 . . .
J u n e 20
June 27..
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
2,314
2,292
2,297
2,314
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
July
July
July
July
3...
11...
18...
25....
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
Aug. 1 . . . .
Aug. 8. . .
Aug. 15. . . .
Aug. 22. . . .
Aug. 2 9 . . . .
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
20,088
4,198
4,197
4,198
4,201
4,215
27,130
27,269
27,351
27,506
27,600
2,260
2,269
2,257
2,248
2,262
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
2,269
2,267
2,268
2,263
304
598
428
961
1,529
1,538
1,525
1,506
463
465
475
475
15,180
15,329
15,552
15,274
1945—Jan. 3. .
Jan. 10... .
Jan. 17. .
Jan. 24..
Jan.
31
1,250
966
964
l,02Q
^860
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 publicati
2
OCTOBER 1945
IOXI
FEDERAL RESERVE BANK D I S C O U N T RATES
[In effect September 30. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations maturing or
callable in one year
or less (Sec. 13)
Federal Reserve Bank
Rate
Boston
New York
Philadelphia. ..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City ...
Dallas
.. ..
San Francisco.
Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
27,
30,
17,
27,
28,
15,
17,
27,
30,
27,
17,
28,
Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)
Advances secured by
Government obligations
maturing or callable
beyond one year and
Other secured advances
discounts of and
[Sec.10(b)]
advances secured by
eligible paper 1
(Sees. 13 and 13a)
Rate
Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Mar.
Feb.
Mar.
Mar.
Apr.
Mar.
Apr.
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
21, 1942
28, 1942
14, 1942
28, 1942
11, 1942
21, 1942
4, 1942
Rate
K
IK
IK
IK
To nonmember banks
Effective
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.
Rate
1
1
1
1
1
1
1
1
1
1
1
1
27, 1942
30, 1942
17, 1942
12, 1942
28, 1942
15, 1942
29, 1942
14, 1942
30, 1942
27, 1942
17, 1942
28, 1942
To others
Effective
Rate
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
2
2K
Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
2
2
2K
2
2
2
2K
2
2
2K
27, 1942
30, 1942
17, 1942
27, 1942
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners'Loan Corporation guaranteed as to principal and interest by the UnitedStates, or by obligations of Federal inter-
paragraph of Section 13 is 90 days.
rity for advances to individuals, pari
Rack figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
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
Sept. 30
In effect beginning—
58
Apr. 30, 1942
Previous
rate
1XA
l Established rate at which Federal Reserve Banks stand ready to buy
all Treasury bills offered. Effective Aug. 3, 1942, purchases of such bills,
if desired by the seller, were made on condition that the Reserve Bank,
upon request before maturity, would sell back bills of like amount and
maturity at the same rate of discount. Since May 15, 1943, all purchases
have
been made subject to repurchase option.
2
Minimum buying rates on prime bankers' acceptances.
Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445.
GUARANTEE FEES AND MAXIMUM INTEREST AND COMMITMENT RATES CHARGEABLE UNDER REGULATION
V ON LOANS GUARANTEED BY WAR DEPARTMENT,
NAVY DEPARTMENT, AND MARITIME COMMISSION UNDER EXECUTIVE ORDER NO. 9112
AND CONTRACT SETTLEMENT ACT
OF 1944
[Rates in effect September 30]
F E E S PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS
80 or less
85
90
95
Over 95
To industrial or
commercial
businesses
1
1
Oct. 20, 1933
Oct. 20, 1933
Oct. 20, 1933
Percentage of loan guaranteed
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION
13b
OF THE FEDERAL RESERVE ACT 1
Maturities not exceeding five years
[In effect September 30. Per cent per annum]
Guarantee fee
(In terms of percentage of amount
of interest payable
by borrower)1
10
15
20
30
50
Federal Reserve
Bank
On
loans"
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco...
2^-5
2^-5
On discounts or
purchases
On
On comPortion
commitmitments
Rements for which
institu- maining
tion is
portion
obligated
V~\Y
23^-5
&1X
2^-5
2^-5
YrV%
234-5
234-5
2Y2-5
214-5
YL,-\X
YrlxA
Yr-\\i
Y&~\-X
[Per cent per annum ]
Maximum rate of interest
Maximum commitment rate...
IO2.2.
4K
2%
32
84))
l
lils
23^-5
(3)
YrX
61
A-iX
l-UA
IT-^A
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 XA 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
2y2
2H
2Y2
2Y2
FEDERAL RESERVE BULLETIN
MEMBER B A N K RESERVE R E Q U I R E M E N T S
[Per cent of deposits]
Net demand deposits 1
Period in effect
Central
reserve
city
banks
June 21, 1917-Aug. 15, 1936
Aug. 16, 1936-Feb. 28, 1937
Mar. I, 1937-Apr. 30, 1937.
M a y 1, 1937-Apr. 15, 1938
Apr. 16, 1938-Oct. 31, 1941
Nov. 1, 1941-Aug. 19, 1942
Aug. 20, 1942-Sept.l3, 1942
Sept 14, 1942-Oct. 2, 1942
Oct. 3, 1942 and after
13
Reserve
Country
city
banks
banks
10
7
225/
26
22%
26
24
22
20
15
103^
l
20 2
173^
14
12
14
14
14
14
\2 /i
20
20
20
20
MARGIN REQUIREMENTS^
[ Per cent of market value ]
Time
deposits
(all
member
banks)
Nov. 1, Feb. 5, Effective
19371945Feb. 4, July 4, July 5,
1945
1945
1945
Prescribed in accordance with Securities
Exchange Act of 1934
5l4
6
Regulation T :
For extensions of credit by brokers and
dealers on listed securities
For short sales..
Regulation U:
For loans by banks on stocks
5
6
6
6
6
lcqunciiicuus
3
^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.
suunu in
40
50
50
50
40
50
u.iis iauie are UJC <
value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504.
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
___
fin thousands of dollars]
Wednesday figures
End of month
Item
1945
Sept. 26 Sept. 19 Sept. 12
Assets
Gold certificates
17,195,065
Redemption fund for F.R.notes
724,033
Total gold certificate
reserves
Sept. 5
Aug. 29 Aug. 22 Aug. 15 Aug
17,206,815 17,220,815 17,237,81; 17,239,315 17,245,315 17,292,315
714,617
700,617
681,978
676,601
687,097
17,919,098
Sept.
17,311,110
667,802
17,170,564
727,290
Aug.
8,810
Sept.
18,168,566
478,925
17,92,1,432 17,921,432 17,919,793 17,926,412 17,928,827 17,968,916 17,978,912 17,897,854 17,926,124 18,647,491
Other cash
235,608
221,599
213,412
208,800
220,293
210,377
215,219
212,503
252,8
221,255
267,054
Discounts and advances:
For member banks
For nonmember banks, etc
410,946
10,70C
290,397
10,700
446,524
10,700
365,799
10,720
431,519
10,720
388,634
10,700
311,534
700
352,464
700
323,996
10,400
351,574
10,720
49,260
95
301,09'
376,519
442,239
399,334
312,234
353,164
362,294
49,355
2,772
3,006
3,247
3,131
46
3,154
9,027
Total discounts and
advances
Industrial loans
Acceptances purchased
U. S. Government securities:
Direct:
Bills:
Under repurchase option
Other
Certificates:
Special
Other
Notes
Bonds
Guaranteed
,
Total U. S. Government
securities, including
guaranteed securities
Other Reserve Bank credit outstanding
Total Reserve Bank
credit outstanding.
Liabilities
Federal Reserve notes.
Deposits:
Member bank—reserve
account
U. S. Treasurer—general
account
Foreign
Other deposits
Total deposits...
Ratio of gold certificate reserve:
to deposit and F.R. note liabilities combined (per cent).
3,154
163
3,063
4,905,573
8,307,583
4,934,404 5,044,363 4,942,934 4,997,741
8,249,6
8,227,693 8,158,923 8,133,898
5,103,518 4,875,257
8,085,268 8,062,178
4,927,940 4,859,101 5,094,632 4,828,734
8,050,632 8,374,430 8,158,923 5,954,245
7,092,961
1,902,150
977,392
6,931,861 6,741,561 6,568,561 6,384,511
1,872,150 1,817,150 1,787.45C 1,726,950
977,392
977,392 1,114,442
977,392
6,277,511 6,120,511
1,714,950 1,697,950
1,114,442 1,112,642
6,120,511 7,184,161 6,399,511 3,559,490
1,697,950 1,933,150 1,762,450 1,064,871
977,392 1,114,442 1,243,426
1,112,642
2,500
23,185,659 22,965,490 22,808,159
2,435,260 22,357,542
22,295,i
,868,538
21,909,675 23,328,234 22,5:
529,958 16,653,266
259,761
443,534
23,892,240 23,707,150 23,677,008 23,191,58: 23,062,529
23,141,804
23,930,076 23,976,374 23,984,359 23,939,051 23,805,18;
23,694,181 23,555,115
23,473,107 24,003,078 23,864,496 20,215,364
15,273,574 15,552,213 15,328,740 15,180,326 15,070,361
14,991,665 15,003,783
14,832,650 15,520,405 15,010,534 13,548,132
281,954
437,791
408,772
376,800
598,128
398,195
1,170,239 1,091,531
551,645
387,213
17,741,180 17,505,018 17,464,318 17,013,509 17,045,310
17,220,374 17,045,154
43.0
43.2
597,681
1,114,520
423,377
43.2
416,611
311,541
401,469
22,782,077 22,605,624 24,082,304 23,206,947 17,113,117
304,350
397,477
1,135,118 1,167,951
393,715
409,521
961,21
427,524
1,050,710 1,084,49'
455,681
440,784
339,468
671,257
537,715
1,148,287
439,282
551,611
1,149,166
427,999
348,667
1,254,479
357,076
16,957,934 17,861,347 17,139,310 15,508,354
44.5
43.8
854,249
1,037,910
448,783
42.8
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
September 26, 1945
Discounts and advances.
Industrial loans
r . S. Government securities...
OCTOBER 1945
Total
421,646
2,981
23,185,659
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
29,679
7,900
14,025
370,042
258
191
32
2,302
4
4
3,744,045 2,097,285 4,282,816 4,382,960 2,576,171 4,573,590
1 year
to
2 years
92
273,800
2 years
to
5 years
507,652
Over
5 years
747,340
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Redemption fund for
F. R. notes:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Total gold certificate
reserves:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Other cash:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Discounts & advances:
Secured by U. S.
Govt. securities:
Aug. 29
Sept. 5
Sept. 1 2 . . . . . . .
Sept. 19
Sept. 26
Other:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Industrial loans:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
U. S. Govt. securities:
Bills:
Under repurchase
option:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Other bills:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Certificates:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Notes:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Bonds:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Total U . S . Govt.
securities:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
17,239,315
17,237,815
17,220,815
17,206,815
17,195,065
744,200
740,819
755,835
759,643
758,099
5,180,308
5,242,379
5,157,325
5,349,578
5,308,277
802,544
805,473
823,409
786,777
814,880
1,094,812
1,108,526
,117,047
1,132,910
1,137,218
796,049
824,635
818,594
793,3.53
791,719
687,097
681,978
700,617
714,617
724,033
45,474
45,324
50,321
50,321
60,207
94,083
93,594
98,497
98,497
98,056
55,746
55,570
55,567
55,567
55,367
72,744
72,596
72,594
72,594
72,418
58,616
59,988
59,972
61,972
61,139
40,818
40,623
40,504
42,504
42,360
17,926,412
17,919,793
17,921,432
17,921,432
17,919,098
789,674
786,143
806,156
809,964
818,306
5,274,391
5,335,973
5,255,822
5,448,075
5,406,333
858,290
861,043
878,976
842,344
870,247
1,167,556
1,181,122
1,189,641
1,205,504
1,209,636
854,665
884,623
878,566
855,325
852,858
991, 527
977, 663
976, 180
935, 719
938, 504
220,293
208,800
213,412
221,599
235,608
18,579
16,803
17,363
17,712
20,161
50,312
48,231
48,210
48,030
47,966
16,146
14,875
15,721
16,530
16,465
18,560
18,367
16,481
19,016
17,643
13,741
12,271
13,470
13,125
14,225
17,300
16,208
17,689
17,101
20,233
432,239
366,519
447,224
291,097
411,646
13,950
18,225
10,365
18,250
27,600
217,465
151,590
228,890
64,350
161,175
16,185
7,115
5,960
9,280
13,055
27,180
37,605
37,505
17,505
29,305
8,827
11,602
11,822
13,475
19,375
10,000
10,000
10,000
10,000
10,000
670
670
670
670
10,000
3,620
3,620
3,620
3,620
880
870
870
870
870
420
420
420
420
2,987
3,006
2,853
2,772
2,981
123
123
123
123
121
4,997,741
4,942,934
5,044,363
4,934,404
4,905,573
126,104
133,679
132,499
99,073
109,119
8,133,898
8,158,923
8,227,693
8,249,683
8,307,583
2,236
2,316
2,197
2,169
2,382
St.
Louis
Chicago
950, 709 3;, 370,665
937, 040 3;, 289,651
935, 676 3,
1,334,874
893, 2153;,234,092
896, 144 3!, 292,947
Minneapolis
Kansas
City
Dallas
San
Francisco
531,988
525,104
528,576
515,995
518,616
301,242
309,143
306,670
312,643
304,675
564,316
553,655
559,960
567,287
557,672
441,571
451, 699
443,971
445, 430
449,905
2,460,911
2,449,691
2,439,120
2;,415,892
2,364,913
108,837
108,743
115,657
115,657
115,491
43,459
43,391
43,390
43,390
43,340
18,060
18,028
18,027
18,027
19,762
33,672
33,609
33,608
33,608
33,568
24,607
24,571
26,542
26,542
26,502
90,981
85,941
85,938
95,938
95,823
3:, 479,502
3:, 398,394
3,
1,450,531
3,349,749
3!,408,438
575,447
568,495
571,966
559,385
561,956
319,302
327,171
324,455
330,670
324,437
597,988
587,264
593,568
600,895
591,240
23,664
22,525
22,746
23,108
27,417
10,704
9,909
10,350
11,538
12,034
5,389
5,117
5,473
5,608
6,641
11,533
11,565
12,073
12,294
13,084
9,954
9,769
9,349
8,977
8,943
24,411
23,160
24,487
28,560
30,796
7,600
4,100
8,700
10,100
10,000
96,350
88,250
97,750
97,200
82,079
13,570
20,220
24,400
30,250
25,150
5,080
7,580
1,000
7,200
15,400
20,300
14,400
12,100
17,975
21,525
200
200
200
200
200
5,532
5,632
8,432
5,312
6,782
350
350
350
350
1,300
1,300
1,300
1,300
300
300
300
300
230
230
230
230
300
300
300
300
300
300
300
300
760
760
760
760
75
75
75
74
72
238
227
193
141
141
466,178 2,551,892
476,""
270 2;,535,632
470,513 2,525,058
471, 972 2,511,830
476,407 2,460,736
1
15
15
15
1:
300
250
250
250
250
3,075,836
2,988,038
3,171,038
2,920,757
2,880,418
220,471
208,636
216,491
230,261
240,097
86,290
92,770
99,940
108,500
119,210
59,112
68,438
53,983
76,816
65,234
7,300
17,300
15,600
31,700
34,500
853,854
887,174
838,029
907,809
919,704
124,051
118,740
108,368
130,972
126,516
73,585
43,675
52,345
59,235
71,800
46,628
47,403
56,269
66,529
63,694
32,930
32,236
31,156
26,492
35,181
291,580
304,845
268,645
276,260
240,100
678,175
652,711
647,899
665,641
644,433
153,583
169,656
657,095
650,880
650,447
652,883
632,525
,211,169
,159,990
,171,426
,103,400
,136,685
835,464
837,545
843,263
835,066
841,351
629, 712
631,404
636,054
637,541
641,456
1,125,276
1,188,727
1,187,990
1,189,355
1,235,392
434,266
442,206
455,439
423,683
426,861
270,237
279,267
290,076
287,030
256,790
600,618
602,126
588,358
558,099
559,325
442,043
445,340
445,612
429,367
418,360
,249,843
,268,727
,311,129
,314,035
,344,749
6,384,511
6,568,561
6,741,561
6,931,861
7,092,961
449,152
462,265
474,753
488,525
500,162
,584,327
,629,499
,671,482
,717,553
,756,624
483,272
497,317
510,628
525,296
537,700
610,671
628,693
646,036
665,205
681,374
401,167
412,751
423,654
435,649
445,803
341,004
350,675
359,611
369,402
377,716
829,467
853,052
874,908
898,884
919,220
321,801
330,829
339,076
348,093
355,765
170,428
175,496
180,405
185,841
190,420
295,436
304,148
312,521
321,775
329,580
274,575
282,461
289,848
297,968
304,842
623,211
641,375
658,639
677,670
693,755
1,726,950
1,787,450
1,817,150
1,872,150
1,902,150
121,491
125,794
127,967
131,940
134,130
428,546
443,424
450,539
463,876
471,081
130,720
135,331
137,638
141,872
144,196
165,181
171,082
174,136
179,657
182,726
108,513
112,318
114,193
117,661
119,554
92,240
95,427
96,930
99,769
101,293
224,362
232,134
235,828
242,769
246,513
87,043
90,025
91,395
94,014
95,406
46,099
47,755
48,627
50,190
51,065
79,913
82,764
84,238
86,903
88,385
74,269
76,864
78,127
80,474
81,753
168,573
174,532
177,532
183,025
186,048
1,114,442
977,392
977,392
977,392
977,392
78,401
68,785
68,830
68,882
68,921
276,551
242,468
242,332
242,175
242,058
84,356
74,000
74,032
74,067
74,093
106,595
93,549
93,662
93,793
93,891
70,026
61,416
61,421
61,427
61,431
59,525
52,180
52,136
52,086
52,048
144,786
126,933
126,845
126,742
126,667
56,171
49,226
49,159
49,082
49,023
29,749
26,113
26,155
26,203
26,239
51,570
45,256
45,309
45,370
45,416
47,928
42,030
42,022
42,013
42,007
108.784
95,436
95,489
95,552
95,598
22,357,542
22,435,260
22,808,159
22,965,490
23,185,659
,453,323
,443,234
,451,948
,454,061
,456,765
5,365, 260
5,303,429
5,535,391
5,497,944
5,519,837
1,575,914 2,179,906
1,566,164 ",146,084
2
1,589,236 2,185,200
1,624,379 2,150,555
1,628,611 2,213,886
1,474,282
1,492,468
:
1,496,514
,526,619
1,533,373
1,129,781 3,177,745
1,146,986 ",288,020
1,160,331 3,263,600
1,190,498 3,365,559
1,207,013 3,447,496
1,023,332
1,031,026
,043,437
1,045,844
1,053,571
590,098
572, 306
597,608
608,499
596,314
1,074,165
1,081,697
1,086,695
1,078,676
1,086,400
871,745
878,931
886,765
876,314
882,143
,441,991
,484,915
,511,434
,546,542
,560,250
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total loa ns and s e c :
Aug. 29
Sept. 5.
Sept. 12
Sept. 19
Sept. 26
Due
from
foreign
banks:
Aug. 29
Sept. 5.
Sept. 12
Sept. 19
Sept. 26
Federal Reserve notes
of other banks:
Aug. 29
Sept 5
Sept. 12
Sept. 19
Sept. 26
Uncollected items:
Aug. 29
Sept. 5.
Sept 12
Sept. 19
Sept 26
JjcLIlK. p i c i n i o ^ o .
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
22,802,768
22,814,785
23,268,236
23,269,359
23,610,286
1,467,39
1,462,25
1,463,10
1,473,10
1,485,15
5,592,72
5,458,63
5,767,90
5,565,91
5,684,63
1 ,594,33
1,576,47
1,598,273
1,636,70
1,644,92
2 ,207,08
2 ,184,55
2 ,223,57
2 ,168,93
2 ,244,06
1,483,184
1,504,565
1,508,831
1,540,588
1,553,240
1,137,381
1,151,436
1,169,381
1,200,948
1,217,363
3,274 ,333
3,377 ,79
3,362 ,84
3,464 ,200
3,531 ,016
1
5
5
5
5
5
4
14
1
10
1
4
4
4
1^
14
14
H
110
110
110
110
110
14.
4
4
1
1
1
1
1
Atlanta Chicago
St.
Louis
1,036 ,90
1,051 ,546
1,068 ,13
1 ,076 ,394
1 ,079 ,02
Minneapolis
595,17
580,11
598,93
615,92
611,944
Kansas
City
Dallas
San
Francisco
1,094,480 871 .945 2,447 ,823
1 ,096,412 ' 879.43 2,491 ,557
1,099,110 887 ,265 2,520 ,876
1 ,096,966 876 ,814 2,552 ,864
1 ,108,240 882 ,643 2,568 ,042
3
:
8
0
88
8
98,574
95,883
101,709
105,513
99,309
5,50
6,32
6,39
6,81
3,95
18,81
16,30
18,72
19,88
15,23
6,66
6,87
6,993
4,62
4,750
4,57
4,493
4,159
5,074
5,32
5,259
5,956
6,720
7,522
7,019
7,658
8,298
9,416
9,183
8,504
9 ,222
9 ,22
10 ,560
11 ,31"
12 ,31
6 ,418
6 ,902
7,796
7,113
8 ,54
1,154
1,376
3,615
1,528
1,920
6,45
4,614
5,250
6,514
7,24^
4 ,250
3 ,763
3 ,847
3 ,347
3 ,376
19 ,595
18 ,745
18 ,242
19 ,592
18 ,122
1,658,419
1,686[588
2,000,602
2,274,473
1,799,525
110 62
115[46
140,47
149,87
152,19
356,06
35l[7O
403,15
431,23
345,94
102,849
97[388
120,73
118,38
102,16
166,59
143[279
178,77
235,00
165,689
122,831
151[682
164,445
175,408
149,922
96,854
100[890
127,758
150,674
105,627
262
261 [618
322 ,566
417 ,82
267 ,428
71 53
76 ',599
96 ,940
94 ,060
75 ,136
40 ?Q
4 3 [205
58,075
53,899
46,52
93,70
11O[57
114,38
122,963
93,669
7C 017
63 [629
72 ,102
85 ,653
74 ,422
164 ,609
165 ,557
201 ,203
239 ,501
220 ,801
Aug. 29
Sept 5
Sept 12
Sept 19
Sept. 26
Other assets:
Aug. 29
Sept 5
Sept. 12
Sept. 19
Sept. 26
33,908
33,877
33,876
33,880
33,837
1,57
1,57
1,57
1,57
1,57
8,76
8,74
8,74
8,74
8,74
3,36
3,36
3,36
3,36
3,349
4,02
4,02
4,02
4,02
4,01
2,798
2,798
2,798
2,798
2,790
1,582
1,583
1,582
1,583
1,579
3 ,128
3 ,129
3 ,129
3 ,129
3 ,124
2 ,078
2 ,07
2 ,076
2 ,07
2 ,078
1,23
1,23
1,235
1,23
1,23
2,620
2,614
2,614
2,614
2,614
853
846
846
846
846
1 ,888
1 ,887
1,888
1,888
1 ,882
66,734
62,239
63 [242
55,758
57,163
4,71
4,44
4[60
4,09
4,11
15,32
13,90
14 [26
12,'45
12,96
4,894
4,59
4,615
4 [045
4,066
6,53
6 10^
5,*94v
5,'314
5,505
4,047
3 717
3,10'
3[253
3,434
3,813
3,554
3 [696
3,'177
3,318
8 ,780
g 282
57.:
7 [664
7 ,643
3 ,836
67*
597
3 [097
3 ,130
1,778
679
75
L',552
1,623
3,079
2 88.
3[oi6
2[837
2,763
2 ,966
2 756
2 , 80(
2 [609
2 ,707
6 ,968
6 , 634
,677
5 ,655
5 ,890
?9."
5
12
19
26
42,807,218
42,822,075
43,602,619
43,882,124
43,754,936
2,398,07
2,393,019
2,439,669
2,463,15(
2,485,474
11,316,43
11,233,548
11,516,860
11,534,37
11,521,858
2 ,586,551
2 ,564,624
2 ,628,680
2 ,626,006
2 ,645,98
3 ,574,945
3 ,541,960
3 ,622,608
3 ,642,878
3 ,651,888
2,486,530
2,565,617
2,578,539
2,598,024
2,583,493
2,256,119
2,259,636
2,305,706
2,318,389
2,295,132
7,060 ,787
7,080 ,986
7,180 ,962
7,277 ,002
7,257 391
1,706 ,925 967,632 1,809,856
1,719 210 967,902 1,815,926
1,760 ,865 993,545 1,830,021
1,753 ,667 1,013,426 1 ,845,086
1,741 ,905 997,332 1,818,858
1,426 ,166
1,436 ,467
1,446 ,725
1,450 ,221
1,449 ,347
5,217
5,243
5,298
5,359
5,306
194
180
439
898
277
23,805,183
23,939,051
23,984,359
23,976,374
23,930,076
1,466,439
1,473,562
1,471,413
1,466,834
1,460,579
5,212,817
5,248,347
5,240,945
5,241,054
5,227,869
1 ,571,986
1 ,580,287
1,584,008
1,584,071
1 582,734
2 ,078,407
2 ,084,333
2 ,090,902
2 ,088,039
2 ,082,763
1,627,937
1,636,989
1,650,415
1,659,947
1,662,760
1,427,249 4,355 179
1,434,293 4,377 ,929
1,437,412 4,383 050
1,437,449 4,385 326
1,430,561 4,377 556
15,070,361
15,180,326
15,328,740
15,552,213
15,273,574
688,008
689,730
689,919
719,947
690,527
4,775,658
4,741,371
4,829,840
4,953,675
4,872,577
752,117
754,202
764,612
779,363
780,282
397,477
304,350
597,681
427,524
961,215
24,004
20,617
42,257
26,941
79,957
102,716
89,749
215,167
67,794
200,339
1,167,951
1,135,118
1,114,520
1,084,497
1,050,710
75,390
74,456
74,024
71,831
67,277
454,467
409,521
393,715
423,377
440,784
455,681
Aug.
Sept.
Sept.
Sept.
Sept.
Liabilities
Federal Reserve notes
Aug. 29.
Sept. 5 . . .
Sept. 12....
Sept. 1 9 . . .
Sept. 26
Deposits:
Membe r bank—reserve account:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
U. S. T r e a s u r e r general account
Aug. 29
Sept. 5 . . .
Sept. 12 . . .
Sept. 19
Sept. 26
Foreign
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Other:'
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept." 26
Total deposits:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Deferred availability
items:
Aug. 29
Sept. 5
Sept. 12
Sept. L9
Sept. 16
1
1
1
1
1
1,001
1,007
1,010
1,010
\ ,007
717
744
474
208
198
524L293
530,028
536,315
536,154
536,053
891,510
897,111
897,636
895,862
893,335
605 590
609 667
609 ,362
606.420
606 489
3,042
3,058
3,072
3,065
3,062
059
761
427
010
179
553
564
581
577
575
132
056
702
668
693
34C ,848
352 ,572
345 ,197
36C ,842
357 ,567
754,807
759,956
761,594
758,900
763,389
690
705
707
693
695
950
562
019
409
652
1,814
1,854
1,832
1,884
1,825
499
554
756
578
707
153,356
163,247
170,782
186,848
147,220
646,964
707,017
689,227
673,282
663,250
654,249
675,756
685,833
673,763
661,841
27,836
15,934
38,819
21,804
57,983
31,026
16,956
52,869
18,252
122,607
28,791
9,693
22,214
52,663
52,466
23,629
8,447
16,883
20,511
47,103
37 436
71 427
72, 970
63,681
219, 404
22 439
18 780
30, 153
25 696
32, 762
23 ,033
5 ,546
25 ,857
30 ,668
26,985
22,177
13,629
19,343
27,970
29,716
19
13
17
27
33
272
212
413
716
076
35 118
20 360
43, 736
43 828
58, 817
432,033
2
419,430
2
411,721
98,338
95,461
93,767
91,420
88,109
97,220
94,376
92,701
90[381
87,108
46,934
45,561
44,752
43,632
42,052
39,112
37,967
37,294
36,360
35,043
145, 272
141, 021
138, 519
135, 052
130, 161
33, 524
32, 543
31, 966
31, 166
30,H37
25 ,702
24 ,950
24 ,507
23 ,894
23 ,029
33,524
32,543
31,966
31,166
30,037
33 524
32, 543
31, 966
31, 166
30, 037
84, 944
82, 459
81 025
78,' 999
76, 099
4,561
3,772
3,740
3,506
3,394
314,891
298,931
326,720
342,037
355[882
3,990
2,741
5,523
2 645
3,' 788
9,489
10,121
11,785
11,539
11*277
6,949
8,230
8,583
8,652
9[879
4,445
3,631
3,596
2,293
2 [344
4, 112
5, 738
5, 179
292
4[ 253
11, 171
11, 114
9, 466
244
9[ 481
2 ,286
2 ,008
1 ,483
1 ,821
1 ,846
1,937
2,009
2,170
2,456
1,204
1, 585
1, 062
1, 186
1 194
2, 312
44, 105
44, 358
43, 946
51, 105
50[ 021
17,045,310
17,013,509
17,464,318
17,505,018
17,741,180
791,963
788,575
809,940
822,225
841,155
5,647,732
5,571,289
5,803,760
5,782,936
5,840,519
882,281
868,338
902,721
895,232
930,162
291,091
284,700
328,137
t 307,020
368,212
729,638
770,501
764,776
778,229
767,647
721,435
725,801
743,606
732,927
746,331
2,429, 593
2,430, 489
2,486, 927
2,492, 963
2,593, 687
620, 266
626,493
653, 287
643, 774
647, 973
394
385
397
417
409
869
076
044
225
427
812,445
808,137
815,073
820,492
824,346
745, 331
752, 379
757, 584
753, 485
761, 077
,978, 666
,001, 731
,001, 463
,058, 510.
,010, 644
1,398,768
1,309,898
1,591,940
1,836,792
1,517,681
103,027
93,995
121,416
137,035
146,454
274,423
232,066
289,642
327,312
270,044
85,661
69,235
95,035
99,705
85,884
153,486
120,834
151,243
195,317
148,206
102,547
131,694
136,738
133,128
126,222
85,396
77,473
102,506
125,733
95,818
201, 986
198, 335
236, 508
323, 927
211, 029
65, 437
65, 367
77, 393
79, 956
66, 879
33
37
44
44
36
640
859
962
715
744
86,670
91,383
97,880
109,303
81,622
56, 446
55, 693
60, 968
71, 406
62, 756
150, 049
135, 964
177, 649
189, 255
186, 023
2
2
441,238
2
2,242
2,212
2,270
2,289
2,239
773
303
259
938
869
1
2
After deducting $70,000 participations of other Federal Reserve Banks on Aug. 29; Sept. 5; Sept. 12; Sept. 19; and Sept. 26.
After deducting $712,948,000 participations of other Federal Reserve Banks on Aug. 29; $692,089,000 on Sept. 5; $679,807,000 on Sept. 12; $662,795,000
on Sept. 19; and $638,791,000 on Sept. 26.
OCTOBER 1945
1015
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Other liabilities including accrued d i v . :
Aug. 29
Sept. 5
Sept. 1 2 . . . .
Sept. 19
Sept. 26
Total liabilities:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26.
42
42
43
43
43
New
York
Boston
Philadelphia
9,793
9,839
10,393
10,763
10,816
817
884
786
845
939
2,188
2,217
2,469
2,641
2,580
259,054
272,297
051,010
328,947
199,753
2,362, 246
2,357, 016
2,403, 555
2,426, 939
2,449, 127
11 ,137,160
11 ,053,919
11 ,336,816
11 ,353,943
11 ,341,012
695
729
759
722
764
2,
2,
2\
2,
2,
Richmond
Cleveland
540,
518,
582,
579,
599,
623
589
523
730
544
12,
12,
12,
12,
12,
935
933
935
933
967
17,396
17,398
17,403
17,418
17,422
19,
19,
19,
19,
19,
872
872
872
872
872
4,
4,
4,
4,
4,
3
3
3
3
3
493
446
462
472
517
605
557
600
591
615
1,048
979
1,045
1,039
1,069
347
414
315
454
530
988,
008,
107,
203,
183,
105
167
800
670
802
372
434
663
732
454
687,
699,
741,
734,
722
795
985
558
319
446
95; 174
95. ,397
978,984
99* *,826
981 ,678
1
1
1
1
1
791
797,
811,
826,
799
971
1,040
1,039
1,047
1,059
415
401
470
420
421
467
357
381
419
472;
040 1 407,
032 1, 418,
05911, 428,
077 1, 431,
724 1, 430,
834:5
096:5
29515
7305
794 5
171,745
197,496
252,578
313,822
259,905
6,905
6,906
6,908
6,911
6,911
6
6
6
6
6
184
185
196
200
203
20,
20,
20,
20,
20,
505
507
518
522
533
5
5
5
5
5
514
514
517
516
516
3,723
3,723
3,731
3,733
3,734
5
5
5
5,
5
635
637
639
648
648
5,
5,
5,
5,
5
943
943!
944'
945 j
947|
15,852
15,855
15,857
15,854
15,975
19,071
19,071
19,071
19,071
19,071
7,813
7,813
7,813
7,813
7,813
7
7
7
7
7
936
936
936
936
936
33,
33,
33,
33,
33,
201
201
201
201
201
7
7
7
7
7
048
048
048
048
048
1,950
1,950
1,950
4,950
4,950
6
6
6
6
6
196
196
196
196
196
6
6
6
6
6
025]
025'
025
025
025;
15,899
15,899
15,899
15,899
15,899
468
468
468
468
468
1,007
1,007
1,007
1,007
1,007
3,290
3,290
3,290
3,290
3,290
762
762
762
762
762
1
1
1
1
1
429
429
429
429
429
527
527
527
527
527
L,O73
1,073
1,073
1,073
1,073
1
1
1
1
1
137
137
137
137
137
1
1
1
1
1
307 i
307!
307
307
307
2,142
2,142
2,142
2,142
2,142
8, 653
8, 762
8, 882
9, 003
9, 130
13,439
13,638
13,800
13,967
14,138
7,795
7,867
7,999
8,115
8,235
6
6
6
6
7
664
740
826
910
004
17
17
18
18
18
547
682
014
180
426
041
136
215
257
368
1,712
1,759
1,807
i,844
4,897
5
5
5
6
6
848
924
990
028
153
5 057
5 096
5 154;
2U|
5 274
11,556
11.788
11,963
12,181
12,356
256
259
305
318
295
119
636
706
389
132
7 060
7 ,080
7 180
7 277
7 ,257
787
986
962
002
391
460,727
539,741
552,529
571,895
557,244
1
1
1
1
1
375
381
404
381
396
San
Francisco
Dallas
573
013
986
581
227
2,
2,
2,
2,
2,
6
7
7
7
7
1,
1,
1,
1,
1,
Kansas
City
Minneapolis
234,
238
283,
296
273
524,032
490,846
571,327
591,415
600,250
2
2
2
2
2
St.
Louis
Chicago
Atlanta
Capital Accounts
Capital paid in:
Aug. 29
171,834
10, 367
60,875
171,844
10, 368
60,875
Sept. 5
60,879
171,896
10, 369
Sept. 12
171,912
10, 369
60,863
Sept. 19
10, 375
60,863
172,094
Sept. 26
Surplus (section 7):
Aug. 29
228,153
15, 239
84,903
84,903
228,153
15, 239
Sept. 5
228,153
15, 239
84,903
Sept. 12
84,903
228,153
15, 239
Sept. 19
228,153
15, 239
84,903
Sept. 26
Surplus (section 13b):
Aug. 29
27,165
7,143
2, 880
27,165
2, 880
7,143
Sept. 5
7,143
27,165
2, 880
Sept. 12
27,165
2,
880
7,143
Sept. 19
7,143
27,165
2, 880
Sept. 26
Other capital accounts:
Aug. 29
121,012
7, 344
26,356
122,616
26,708
7, 516
Sept. 5
124,395
7, 626
27,119
Sept. 12
27,525
125,947
7, 723
Sept. 19
127,771
27,937
7, 853
Sept. 26
Total liabilities and
capital accounts:
42 807,218 2,398, 076 11 ,316,437
Aug. 29
42 822,075 2,393, 019 11 ,233,548
Sept. 5
43 602,619 2,439, 669 11 ,516,860
Sept. 12
43 882,124 2,463, 150 11 ,534,377
Sept. 19
43 754,936 2,485, 474 11 ,521,858
Sept. 26
Commitments to make
industrial loans:
4,962
100
Aug. 29
4,844
100
Sept. 5
4,611
100
Sept. 12
4,625
100
Sept. 19
4,374
100
Sept. 26
2,
2,
2,
2,
2,
586,
564,
628,
626,
645,
551
624
680
006
981
3 574,945
3 ,541,960
3 ,622,608
3 ,642,878
3 ,651,888
3,
3,
3
3,
3
385
217
284
298
047
20
20
20
20
20
2,
2,
2,
2,
2,
486,530
565,617
578,539
598,024
583,493
2
2
2
2
2
6
6
6
6
6
1 ,706,925 967,632 1 809
967,902 1 ,815
1 ,719 210
1 ,760 865
993 S4S 1 8 SO
1 ,753 667 1,013,426 1 ,845
1 ,741 905
997,332 1 , 8 1 8
856 1 426
926 1 430
02111 446
086 1 450
858)1 449
193
193!
376
376
376
376
376
300
300
300
300
300
]
166i5 217,194
467 5 243,180
7255 298,439
221 5 ,359.898
347J5 ,306,277
19.31
193
193
i
5SS
638
338
358
338
FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve notes outstanding (issued to Bank):
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Collateral held against notes
outstanding:
Gold certificates:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Eligible paper:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
U. S. Govt. securities:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Total collateral:
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
IOl6
Boston
New
York
24,453,598
24,543,288
24,651,536
24,676,524
24,674,438
1,503,456 5 ,351,441
1,507,
,376,502
1,512,309 5,393,713
1,509,781 5',369,320
1,501,328 5,368,948
11,411,000
11,451,000
11,281,000
11,326,000
11,188,000
620,000 3,520,000
620,000 3 ,520,000
520,
,520,000
520,000 3 ,570,000
410,000 3 ;,570,000
300,909
236,364
303,069
166,092
290,062
13,950
18,225
10,365
18,250
27,600
217,465
151,590
228,890
64,350
161,175
Philadelphia
25,214,578
,533,
,538, 225
,530,365
,538,
,537, 600
Richmond
1,618, 139 2,125,617
1,625,541 2,127,906
1,634,335 2,135,221
1 ,638, 339 2 ,136,123
1,633,27 ,134,859
1,656, 848
1,667,037
1,681,407
1,695, 393
1,700,405
680,000
685,000
690,000
690,000
690,000
525,000
525,000
525,000
525,000
525,000
520,000
520,000
530,000
535,000
535,000
16,185
7,115
5,960
9,280
Atlanta
Chicago
1,473, 792
1,477, 759
1,486,
1,493,
1,499,
4,429,652
4;,446,977
,458,781
,470,031
,456,517
680,
680,
690,
660,
660,
000
000
000
000
000
2 ,295,000
2 ,325,000
2 ,225,000
2 ,245,000
2 ,245,000
St.
Louis
1,450,
1,450,000
1,450,000
1,450,
1,450,000
,150,000
1 ,175,000
1,175,000
,200,000
1,200,000
8001,000 2 ,150,000
800• ,000 2 ,150,000
800>,000 2 ,250,000
850
,250,000
850,000 2 ,250,000
,537,465 ,636, 185 2 ,130,000
5,471,590 ,627, 115 2 ,135,
5,548,890 ,635, 960 2 ,140,000
",434,350 ,644, 280 2 ,140,1,000
5 ,531,175 ,648, 055 2 ,140, 1,000
1 ,683,827
,711,602
1,711,
1',738,475
1 ,744,375
1,480,000 4, 445,000
1,480,000 4 475,000
1,490,000 4, 475, 000
1,510,000 4, 495,
1,510,000 4 495,000
San
Francisco
Minneapolis
1,049, 193 533,204 914,849
1,051,220 537, 912 916,522
1,055,354 546,951 922,498
1,058,120 545^750 925,651
1 , 0 5 6 , 449
- •- 547
• • i 228 929,604
300,000
300,000
300,000
300,000
300,000
631,60013,165,807
637,502)3,170,714
639,325 3,184,841
638,528 3,196,379
644,269 3,202,209
178,000 280, 000
183,000 280 ,000
188,000 280 ,000
188,000 280,000
160,000 280 ,000
164,000 1,649,000
164,000 1,649,000
164,00011,649,000
164,000j1,649,000
164,000 1,649,000
20,300
14,400i
12,100i
17,975:
21,5251
5,532
5,632
8,432
5,312
6,782
13,570 5,080
20,220 7,580
24,400
1,100
30,250 7,200
25,150 15,400
8,827
11,602
11,822
13,475
19,375
13,055
13,294,051 900,000 1,800,000 1,100,000
13,313,740 900,000 1,800,000 1 ,100,000
13,503,368 1,000,000 1,800,000 ,100,000
13,600,972 1,000,000 1,800,000 ,100,000
13,736,516 1,100,000 1,800,000 ,100,000
25,005,960
25,001,104
25,087,437
25,093,064
Cleveland
849,05 360,000
843,740 360,000
833,368 360,000
855,972 360,000
851,516 400 ,000
J
650,000(485, 000(1, 600,000
650
' ~ , 0001485, 000 1, 600,000
650,0001485, 000! 1,600,000
650,000] 485 000 1, 600.000
650,0001-485. 000 1, 600,000
162,621 543,
,300!649,000 3,254,532
1,163,960 550, 580 944,400i 649,000\ 3, 254,632
1 ,157,768 549 100 942,100 649,00013, 257,432
,186,222 555,200 947,975 649,000(3,254.312
1,176,666 575,400 951,525 649,00013,255,782
FEDERAL RESERVE BULLETIN
WAR P R O D U C T I O N LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION T H R O U G H FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Guaranteed loans
outstanding
Date
Total
amount
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Number
Amount
1942
June 30
Sept. 30
Dec. 31
565
1,658
2,665
310,680
944,204
2,688,397
1943
Mar. 31
June 30
Sept.30
Dec. 31
3,534
4,217
4,787
5,347
3.725,241
4,718,818
5,452,498
6,563,048
1944
Mar. 31
June 30
5,904
6,433
7,466.762 2.009,511 1,680,046 3,615,963
8,046,672 2,064,318 1,735,777 3,810,797
Sept.30
Oct. 31
Nov. 30
Dec. 30
6,882
7,051
7,237
7,434
8,685,753
8,985,617
9,133,750
9,310,582
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
1945
81,108
427,918
803,720
1,663,489
1,611,873
1,507,709
1,482,038
4,301,322
4,367,332
4,476,988
4,453,586
9,407,853 1,700,632 1,448,995
9,517,272 1,646,160 1,402,646
1,599,120 1,365,959
9,872,916 1,558,270 1,332,050
r
10,015,427
1,479,847 1,272,137
8,422 r10,149,315 1,386,851 1,190,944
%553 r10,241,600 1,274,238 1,091,654
8,651 10,292,225 1,242,552 1,061,478
3,911,058
3,964,830
3,963,961
4,002,772
3,994,726
3,694,618
3,627,297
3,460,272
7,581
7,720
r
7,886
r
8,048
r
8,218
r
Month.
or
week ending Friday
r
9,645,378
r
Date (last
Wednesday or
last day of
period)
1934
1935
1936
1937
1938
1939
1940
1941
ApCommit- Participroved
Loans
ments pations
but not
out- 2 outoutcom- 1 standing standing standing
pleted
(amount)
(amount)
(amount)
Amount (amount)
Applications
approved
to date
Number
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
13,044
10,532
12,132
9,270
19,070
17,930
1944
Mar. 31
June 30
Sept. 30..
Dec. 30
3,481
3,483
3,487
3,489
503,330
510,857
519,120
525,532
1,408
11,774
11,366
9,274
3,894
9,069
4,048
4,400
4,165
18,267
11,063
9,851
2,705
1945
31
28
31
30
31
30
31
31
3,491
3,492
3,493
3,500
3,502
3,502
3,503
3,504
526,659
527.700
528,936
533,037
535,117
537,331
538,624
539,765
560
585
85
4,066
3,921
4,214
4,553
4,339
3,252
3,199
3,259
3,461
3,547
3,321
3,285
4,392
5,224
5,165
4,708
2,405
2,374
2,365
2,361
2,697
2,501
2,4^5
2,358
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
926
45
645
1,295
1,370
220
70
130
130
I
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.
OCTOBER
1945
Central reserve
city banks
Reserve
city
Chicago banks
New
York
Country
banks 1
12,900
13,004
14,755
14,978
3,525
3,569
3,930
3,959
839
841
895
905
5,129
5,196
5,834
6,003
3,406
3,398
4,096
4,112
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
14,883
14,995
15,018
15,071
15,294
15,406
15,548
15,381
3,939
3,934
3,960
3,985
4,051
4,053
4,139
4,119
898
906
913
918
920
930
940
923
5,942
6,032
6.022
6,055
6,152
6,196
6.206
6.111
4,105
4,124
4,124
4,113
4,172
4,226
4,262
4,228
1,232
1,006
1,220
1,084
19
10
17
12
8
4
10
4
816
706
866
791
1,118
1,147
1,067
1,013
1,084
1,064
^1,071
P997
10
12
13
10
12
11
25
22
6
7
6
9
7
8
7
6
390
286
328
277
286
318
266
242
287
264
253
217
816
810
782
752
778
781
P
786
7>
752
34
70
164
383
6
24
76
149
10
24
54
167
18
22
33
67
385
358
390
423
396
453
363
397
153
137
133
161
120
170
66
91
165
162
177
172
66
59
80
90
92
97
96
101
10
17
24
31
7
14
21
28
Excess reserves:
1944—July
Aug
1945—July
Aug
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
10
17
24
31
7
14
21
28
Borrowings at Federal
Reserve Banks:
i 1944—July
|
Aug
1 1945-July
Aug
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
r
Revised.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and amounts available to borrowers under guarantee
agreements outstanding represents amounts repaid, guarantees available
but not completed, and authorizations expired or withdrawn.
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
All
member
banks 1
Total reserves held:
1944—July
Aug
1945—July
Aug
69,674
137,888
356,677
230,720
632,474 1,430,121
999,394 1,865,618
1,245,711
1,428,253 1,153,756 2,216,053
1,708,022 1,413,159 2,494,855
1,914,040 1,601,518 3,146,286
1,960,785
1,895,733
1,776,539
1,735,970
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
10
17
24
31
7
14
21
28
201
205
p
1
Preliminary.
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 IN LARGE AND
SMALL CENTERS1
[Averages of daily figures. In millions of dollars]
August 1944
July 1945
August 1945
Boston
New York
Philadelphia
Cleveland
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
inter-2
bank
Demand
deposits
except
interbank 2
Time
deposits
Time
deposits
13,581
16,035
15,538
2,114
3,137
1,119
1,407
5,309
6,746
6,861
754
1,746
608
773
8,333
10,324
10,537
341
1,051
864
976
3,684
4,659
4,793
196
959
709
659
Richmond
Atlanta
Chicago
St. Louis
1,067
1,377
1.904
573
325
387
1,098
270
766
586
1,403
875
365
161
740
214
Minneapolis
Kansas City
Dallas. ._
San Francisco
492
469
804
1,077
226
92
100
480
565
1,325
1,268
517
330
166
52
242
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.
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
deposits3 mand
deadjusted 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 August 1945
All member banks .
95 061
12,041
Central reserve city bank:
New York
Chicago
26 419
5,825
4,050
1,147
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.....
San Francisco
35 588
2, 550
590
2, 736
4, 332
2, 323
2, 162
4, 364
2, 0^6
1,112
2, 907
2 275
8,202
Country banks
Boston
New York
Philadelphia
Cleveland '.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
27, 228
2, 551
4, 296
1,995
2, 410
1,
984
2,199
3,375
1,596
1,129
1,871
2, 200
1,621
,
65,230
61,562
67,755
22 516
6,105
14,917
|l3,789
1,129
373
6, 064
1,182
16,305
3,495
15,272
3,286
19,313
4,265
1 203
670
46
174
3.949
899
3,935
893
14
6
150
1
5,692
282
28
339
556
361
561
489
580
282
1,016
566
634
6,389
785
101
634
838
523
292
782
333
247
340
338
1 176
23,507
1,483
462
1,763
2,938
1,439
1,309
3,094
1,123
583
1,550
1,371
6,392
21,687
1,401
437
1,664
2,749
1,332
1,192
2,910
1,014
522
1,379
1,273
5,814
25,625
1,640
446
1,933
3,133
1,587
1,613
3,118
1,493
741
2,104
1,611
6,206
9 062
155
251
183
1,072
391
345
1,639
269
140
293
264
4, 059
1,847
44
18
71
177
118
146
288
105
65
299
235
280
5,966
344
107
407
726
364
375
757
328
159
477
389
1 532
5,669
337
104
397
691
341
343
722
315
157
438
338
1,485
298
7
3
10
35
24
32
35
13
3
39
51
47
163
1,151
88
80
14
30
158
227
68
156
73
89
139
29
4,154
580
947
361
402
281
270
489
167
149
150
177
182
21,922
1,884
3,268
1,620
1,978
1,545
1,702
2,818
1,272
907
1,633
1,884
1,411
21,316
1,807
3,145
1,581
1,932
1,484
1,653
2,766
1,236
883
1,610
1,847
1,372
18,552 11, 582
1,712
944
2,919
2, 689
1,384
1,310
1,638
1,422
1,303
686
1,506
547
2,320
1,822
1,130
481
772
555
1,241
256
1,472
151
1,155
719
4,038
193
322
216
330
354
388
526
270
188
468
529
256
4 104
340
674
332
418
285
304
543
231
176
252
308
241
3,292
296
570
272
315
224
244
434
187
141
189
215
205
811
44
104
59
104
62
61
109
44
35
63
93
36
60
9
35
2
1
5
3
1
1
1
1
......
15,035
13,992
1,043
391
17,789
7
5
9
14
8
3
88
9
4
12
3
Second half of August 1945
94,628
12,256
16,277
66,095
62,471
68,780
22,829
6,203
4,120
1,171
5,519
1,071
19,417
4,338
1,246
674
47
175
3,969
910
3,958
908
11
2
148
5,823
281
28
346
566
378
573
494
586
293
1,041
587
650
5,880
739
92
582
768
479
267
720
302
226
311
308
1,087
16,274
3,541
24,013
1,512
468
1,795
3,031
1,468
1,340
3,132
1,148
581
1,608
1,416
6,516
15,307
3,337
Reserve city banks .
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis .t
Minneapolis
Kansas City
Dallas
San Francisco
25,913
5,783
35,716
2,532
587
2,723
4,365
2,324
2,180
4,346
2,036
1,099
2,960
2,311
8,253
22,151
1,420
445
1,684
2,820
1,359
1,228
2,958
1,037
519
1,434
1,302
5,947
26,137
1,656
454
1,960
3,197
1,629
1,653
3,168
1,518
748
2,161
1,645
6,348
9,188
157
253
185
1,084
396
351
1,660
273
142
297
267
4,122
1,930
47
19
71
194
119
156
292
110
64
321
251
287
6,037
348
108
413
733
373
374
763
329
160
492
390
1,555
5,779
341
106
403
704
350
352
733
320
158
450
345
1,517
258
8
2
10
28
23
23
30
9
2
42
45
38
170
6
8
9
15
6
1
86
14
5
11
Country banks . . .
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco ..
27,216
2,531
4,241
1,999
2,412
2,002
2,180
3,375
1,606
1,130
1,893
2,220
1,626
1,142
83
79
14
28
164
224
68
151
73
89
138
30
3,807
543
864
329
364
258
247
450
152
135
136
160
168
22,267
1,904
3,297
1,655
2,020
1,580
1,709
2,857
1,303
923
1,668
1,923
1,427
21,676
1,828
3,181
1,615
1,974
1,517
1,661
2,807
1,270
900
1,646
1,886
1,390
18,888
1,729
2,968
1,414
1,675
1,335
1,517
2,360
1,155
783
1,274
1,498
1,179
11,721
955
2,720
1,324
1,442
693
550
1,853
488
558
261
153
724
4,051
192
307
221
333
361
384
527
272
194
471
540
250
4,119
340
672
338
421
286
298
546
234
177
260
304
243
3,348
299
579
277
321
229
245
442
191
143
194
219
209
772
41
93
61
100
57
53
105
43
34
66
85
35
73
11
39
3
1
8
5
1
1
1
1
All member banks
Central reserve city banks:
New York
Chicago
9
""i"
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
loan and Series E bond accounts) on the latest available call report date.
4 Demand deposits subject to reserve requirements, i.e., demand deposits other than war loan deposits, minus cash items in process of collection and
demand balances due from domestic banks.
s Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
ioz8
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks.
Total
in circulation 1
Total
1933
1934.
1935
1936
1937
1938
1939............
1940
1941
1942
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
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—September
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....
18,844
19,250
19,918
20,449
20,529
20,824
21,115
21,552
22,160
22,504
22,699
23,292
23,794
24,425
25,019
25,307
25,290
25,751
25,899
26,189
26,528
26,746
27,108
27,685
13,891
14,135
14,598
14,871
14,817
15,004
15,100
15,342
15,731
15,925
16,034
16,410
16,715
17,089
17,461
17,580
17,456
17,778
18,000
18,353
18,715
19,183
19,599
20,141
970
987
1,006
1,019
1,013
1,018
1,029
1,039
1,055
1,065
1,077
1,092
1,105
1,125
1,144
1,156
1,150
1,158
1,170
1.180
1,196
1,205
1,223
1,236
End of year and
month
In millions of dollars]
Coin and small denomination currency 2
Coin
$1 3
$2
$5
$10
$20
Total
$50
$100
$500
$1,000
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
866
872
886
909
880
877
881
885
903
906
910
921
937
948
962
987
950
953
954
957
972
981
995
1,003
64
65
68
70
69
70
70
70
72
72
73
75
75
76
78
81
1,887
1,902
1,950
1,973
1,940
1,952
1,951
1,964
2,003
2,010
2,016
2,053
2,078
2,103
2,129
2,150
2,102
2,135
2,132
2,151
2,186
2,215
2,250
2,301
4,893
4,962
5,127
5,194
5,174
5,255
5,265
5,344
5,498
5,544
5,569
5,706
5,789
5,877
5,990
5,983
5,936
6,076
6,132
6,238
6,377
6,515
6,659
6,826
5,211
5,347
5,561
5,705
5,742
5,832
5,905
6,040
6,198
6,326
6,388
6,562
6,731
6,960
7,157
7,224
7,242
7,381
7,539
7,754
7,911
8,193
8,400
8,700
4,951
5,118
5,323
5,580
5,715
5,823
6,017
6,212
6,431
6,581
6,667
6,884
7,081
7,339
7,561
7,730
7,837
7,974
7,900
7,837
7,814
7,565
7,511
7,546
1,327
1,366
1,416
1,481
1,509
1,534
1,576
1,618
1,668
1,699
1,722
1,780
1,829
1,893
1,946
1,996
2,022
2,059
2,088
2,126
2,159
2,132
2,139
2,180
2,535
2,636
2,761
2,912
2,992
3,054
3,152
3,270
3,371
3,458
3,516
3,642
3,765
3,918
4,056
4,153
4,228
4,317
4,266
4,210
4,192
4,044
4,013
4.038
360
373
388
407
418
426
444
456
473
481
487
502
516
532
546
555
566
571
550
527
513
483
472
466
698
713
729
749
767
777
814
836
887
912
911
929
939
963
981
990
990
994
965
932
909
868
847
832
77
75
73
73
73
73
73
73
1
Large denomination currency 2
Unassorted
$5,000 $10,000
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
11
11
10
9
9
9
9
9
9
9
9
9
9
10
10
10
10
10
9
9
8
8
8
8
20
20
19
22
21
22
22
23
23
22
22
22
22
23
23
24
21
24
23
33
33
31
32
22
2
3
2
2
3
3
1
1
2
2
2
2
2
2
3
3
3
1
1
1
1
2
2
2
8
5
7
1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury 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.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation 1
Money held in the Treasury
Total outstanding,
August 31,
1945
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
Minor coin
...
United States notes
Federal Reserve Bank n o t e s . . . . . . . . . . . . .
National bank n o t e s . . . . . . . . . . . . . . . . . .
Total—August 31, 1945
July 31, 1945
August 31, 1944 .
20 088
17,978
24 462
4,217
.
494
1 588
H,927
838
309
347
522
120
4
4
A
As security
against
Treasury
gold and
cash
silver
certificates
17 978
2
For
Federal
Reserve
Banks
and
agents
340
1 588
19,905
19,945
20,618
Aug. 31,
1945
July 31,
1945
Aug. 3\
1944
52
23,685
3,948
52
23 139
3,917
53
19 527
3,712
2 110
15,111
""njzY"
Money
held by
Federal
Reserve
Banks and
agents
73
46
2,815
704
221
23
2
129
127
107
15
5
3
1
172
15
4
22
5
1
1,755
808
299
322
517
119
1,732
800
296
322
521
119
1,583
716
269
324
587
125
2.230
2,258
2,374
15,111
15,165
15,943
3,741
3,775
3, 715
27,685
27,108
:
23,292
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. 1021, and seasonally adjusted figures in table on p. 1030.
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.
6
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; (li)
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 p e - — ^ - ' - ~ 1 - - J : — ^ — - J
*-•-- *•—A - - i - ^
*• »-« ^«—-«—i ™ "
notes in actual circulati
Treasurer of the United States payable in gold
OCTOBER 1945
1019
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
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation
Date
End of year figures:
1939
1940
1941
1942
1943
1944
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
series 1
+742
+1,134
+2,428
+4,250
+5,039
+4,858
7,598
8,732
11,160
15,410
20,449
25,307
Monthly averages of daily
figures:
1944—January
February
March
April
May
June
July
August
September
October
November
December
20,428
20,635
20,964
21,312
21,822
22,296
22,580
22,988
23,525
24,112
24,738
25,207
20,367
20,635
21,027
21,484
21,976
22,408
22,625
23,104
23,572
24,112
24,664
24,957
+423
+268
+392
+457
+492
+432
+217
+479
+468
+540
+552
+293
1945—January
February
March
April
May
June
July
August
September
25,243
25,527
25,850
26,009
26,351
26,561
26,918
27,392
27,765
25,167
25,527
25,928
26,219
26,537
26,694
26,972
27,530
27,821
+210
+360
+401
+291
+318
+157
+278
+558
+291
1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around the
year end, adjustment factors have been revised somewhat for dates affected, beginning with December 1942; seasonally adjusted figures for
money in circulation, as shown in Banking and Monetary Statistics, Table
111, p. 414, and described on p. 405, are based on an older series of adjustment factors.
Period
19342
1935
1936...
1937
1938
1939 .
1940
1941
1942
1943
1944
Gold
stock
a t end
of period
8,238
10,125
3
11,258
3
12,760
14,512
17,644
21,995
22,737
22,726
21,938
20,619
1944—August
September...
October
November....
December
..
1945—January
February
March
April
May
June
July
August...
September
Jan.-Sept
20,926
20,825
20,727
20,688
20,619
20,550
20,506
20,419
20,374
20,270
20,213
20,152
20,088
^20,073
?)
2O,O73
Increase
stock
Earmarked
DomesNet gold gold: de- tic gold
import
crease
producor intion 1
crease (—)
4,202.5
1,887.2
1132.5
1)502.5
1,751.5
3,132.0
4,351.2
741.8
— 10.3
— 788.5
-1,319.0
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
315.7
68.9
-845'.4
—69.7
-101.2
-98.4
-38.3
-69.6
-69.0
-43.8
-87.3
-45.1
-103.3
-57.3
-60.6
-64.6
-109.1
-72.0
-63.4
-12.0
-17.0
.7
82.6
.2
—85.9
-200.4
—333.5
—534.4
—644.7
—407.7
—458.4
—803.6
-459*8
2.7
-27.4
-22.6
-34.7
-46.3
-58.2
1.9
-37.4
— 19.1
-46.9
2.4
-53.2
-18.3
-66.9
-83.8
96.0
-7.0
-100.3
- 1 24. 3
6
3.0
5
()
-19.0
5
(4)
-348.8
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35*8
2.8
3.1
2.9
3.0
2.8
2.5
2.3
2.4
2.3
2.6
2.5
2.1
3.2
P-14.4
'3.2
p
23.2
-545.5
Preliminary.
f Figure carried forward.
Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on p. 1072, 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
4,286.0 million dollars on Sept. 29, 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.
p
p
1
BANK DEBITS A N D DEPOSIT TURNOVER
[Debits in millions of dollars!
Debits to total deposit accounts except
interbank accounts
Year and month
Total, all
reporting
centers
1936
1937
1938
1939
1940
1941
1942—old series 3 ..
1942—new series 3 .
1943
1944
461,889
469,463
405,929
423,932
445,863
537,343
607,071
641,778
792,937
891,910
1944—August
September
October
November
December
1945—January
February
March
April
May
June
July
August
New
York1
City
208,936
197,836
168,778
171,382
171,582
197,724
210,961
226,865
296,368
345,585
Other
140 other1 reporting
centers centers2
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
City
16.1
16.5
17.1
Annual rate of
turnover of demand
deposits except
interbank and
Government
Debits to demand
deposit accounts
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
13.9
9.2
21,722
19.0
30,988
6,627
15.2
16.1
10.2
23,827
21.4
31,882
6,764
16.2
16.9
10.3
24,672
20.9
33,498
6,997
16.0
18.7
11.5
25,464
21.6
34,676
17.2
7,378
21.4
11.9
33,064
30.0
40,559
20.4
8,114
18.6
9.9
30,826
27.0
34,801
16.9
7,461
17.7
9.7
25,416
24.3
30,024
16.0
6,461
17.0
10.0
28,924
22.9
36,008
16.1
7,471
17.2
9.9
25,115
20.8
32,430
15.5
6,881
18.8
10.1
28,384
21.4
34,418
15.3
7,403
22.0
11.3
36,951
28.9
41,870
18.9
8,583
17.5
9.2
29,190
25.6
32,662
16.1
7,287
14.4
8.2
24,803
19.7
30,796
13.7
7,054
1
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 turnoverhave 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.
c r
-*
O r 4
J . . «
J-~
^'XX
69,124
70,389
73,891
77,775
91,281
82,756
70,249
81,077
74,139
81,724
98,024
79,163
73,229
*
IO3O
i.L
1
_ C
i_^*
26,165
26,860
28,558
30,016
37,678
34,990
29,065
31,884
29,413
33,678
41,725
33,590
29,388
36,332
36,765
38,336
40,381
45,490
40,305
34,724
41,722
37,846
40,643
47,716
38,286
36,788
'
*
•
*
-
'
FEDERAL RESERVE
*
BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
demand
deposits
adjusted
and
currency
outside
banks
Total
deposits
adjusted
Demand
deposits
adjusted 1
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
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
139,200
139,100
139,900
143,200
150,988
86,000
87,700
92,300
95,800
90,435
117,500
116,900
117,100
119,900
127,483
151,100
150,900
150,700
151,000
152,700
163,000
163,700
163,500
92,300
93,900
95,300
98,300
101,100
94,200
97,900
100,300
127,400
126,700
126,500
126,500
127,900
137,900
138,200
137,500
Total
deposits
adjusted
End of month
and
currency
outside
banks
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
...
...
...
1944—August
September
October
November
December
..
1945—January**
February**
March*5
April**
May p
June**
July**
August*'
United
States
Government
deposits 2
Time deposits
Currency
outside
banks
Total
Commercial
banks 3 4
Mutual
savings4
banks
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
9,488
10,125
10,170
10,209
10,278
10,433
10,523
10,631
10,658
10,648
10,532
10,395
10,664
11,141
11,738
12,471
,186
,208
,267
,269
,251
L.251
1,261
1,278
1,292
1,303
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
8,204
9,615
10,936
13,946
15,814
18,837
20,881
64,300
65,500
69,500
72,500
66,930
16,100
13,500
8,700
8,200
20,763
37,100
37,900
38,900
39,200
39,790
22,200
22,800
23,500
23,700
24,074
12,800
12,900
13,100
13,200
13,376
2,100
2,200
2,300
2,300
2,340
21,700
22,200
22,800
23,300
23,505
68,600
69,700
71,100
73,800
76,300
69,100
72,'400
74,300
18,300
15,600
13,400
9,800
8,200
24,600
20,'800
17,300
40,500
41,400
42,000
42,900
43,400
44,200
45,'000
45,900
24,600
25,200
25,700
26,300
26,700
27,100
13,500
13,700
13,800
14,000
14,100
14,400
14^600
14,700
2,400
2,500
2,500
2,600
2,600
2 700
2,'700
2,800
23,700
24,200
24,200
24,500
24,800
25,100
25^500
26,000
381
158
852
1,016
666
824
599
889
792
846
828
753
753
27]700
28,400
Postal
Savings5
System
149
159
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
U. S. Government
Cash
securitie
in depository
Di- Guaranbanks Total rect
teed
597
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
1944—Aug
Sept
Oct..
Nov..
Dec
2,140
2,198
2,257
2,305
2,342
2,202
2,262
2,323
2,374
2,411
8
8
8
8
8
2,050
2,110
2,165
2,214
2,252
1,046
1,078
1,128
1,220
1,716
2,050
2,110
2,165
2,214
2,252
1945—Jan
Feb..
Mar...
Apr
May
June
July
Aug..
2,404
2,458
2,513
2,563
2,609
2,659
p
2,713
2,477
2,536
2,590
2,646
2,696
2,751
8
8
8
8
8
8
2,308
2,363
2,426
2,463
2,518
2,574
2,308
2,363
2,426
2,463
2,518
2,574
1
p
1
2
467
706
892
931
965
853
i
130
147
167
167
166
146
146
146
126
Cash
reserve
funds,
etc.2
100
98
93
80
73
74
88
95
102
118
143
143
150
152
152
162
164
150
175
170
169
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.
OCTOBER
1945
Number of banks suspended:
1934-39
1940
..
1941
1942
1943....
1944
1945—Jan.-Sept
Member
banks
Nonmember
banks
National
State
291
15
6
22
1
Insured
Noninsured
189
81
18
3
8
9
4
3
6
4
1
0
2
2
1
Deposits of suspended banks
(in thousands of dollars) :2
125,991
1934-39
1940
5,943
1941
3,726
1942
1,702
1943
6,223
405
1944
0
1945—Jan.-Sept.
14,616
256
3,144
4,982
26,548
1
3
44,348
40,479
5,341
503
1,375
1,241
405
346
79
327
1
Represents banks which, during the periods shown, closed temporarily
or permanently on account of financial difficulties; does not include banks
whose deposit liabilities were assumed by other banks at the time of closing
(in some instances with the aid of Federal Deposit Insurance Corporation
loans).
2
Deposits of member banks and insured nonmember banks suspended are
as of dates of suspension, and deposits of noninsured nonmember banks
are based on the latest data available at the time the suspensions were
reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292; for
description, see pp. 281-282 in the same publication.
ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Class of bank
and
call date
All banks:
Other
Investments
Total
Loans
Total
U.S.
Government
obligations
Other
securities
Total*
Number
of banks
Interbank 1
Demand
Time
48,831
50,885
54,170
61,101
78,137
87,881
96,966
108,707
119,461
129,650
21,261
22,169
23,751
26,616
23,915
22,241
23,601
25,424
26,015
27,980
27,570
28,716
30,419
34,485
54,222
65,640
73,365
83,284
93,446
101,670
17,953
19,402
20,983
25,488
45,932
57,748
65,932
75,737
85,885
93,660
9,617
9,314
9,436
8,997
8,290
7,892
7,433
7,547
7,561
8,010
61,319
68,225
75,963
81,780
99,796
107,224
117,661
128,605
141,449
151,050
7,484
9,883
10,941
10,989
11,318
10,895
11,012
11,219
12,245
12,610
28,695
32,492
38,518
44,316
61,395
67,554
75,561
83,588
91,644
96,730
25,140
25,850
26,504
26,476
27,083
28,775
31,088
33,797
37,559
41,710
15,207
15,035
14,895
14,825
14,682
14,618
14,579
14,553
14,535
14,542
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 e
1945—June 30
38,669
40,667
43,922
50,722
67,391
76,633
85,095
95,731
105r 530
114,510
16,364
17,243
18,792
21,711
19,217
17,660
19,117
21,010
21,644
23,670
22,305
23,424
25,130
29,011
48,174
58,974
65,978
74,722
83,886
90,840
15,071
16,300
17,759
21,788
41,373
52,458
59,842
68,431
77,558
84,070
7,234
7,124
7,371
7,223
6,801
6,516
6,136
6,290
6,329
6,770
51,041
57,702
65,305
71,248
89,132
96,083
105,923
116,133
128,072
136,620
7,484
9,883
10,941
10,989
11,318
10,895
11,012
11,219
12,245
12,610
28,695
32,492
38,518
44,316
61,395
67,554
75,561
83,588
91,644
96,730
14,862
15,327
15,846
15,944
16,419
17,634
19,350
21,326
24,183
27,280
14,652
14,484
14,344
14,277
14,136
14,073
14,034
14,009
13,992
14,000
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
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
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
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
38,640
43,292
47,051
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
11,168
12,130
13,478
15,950
21,687
24,350
26,759
30,244
33,261
36,249
4,7384,940
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
4,532
5,271
6,088
7,500
13,802
16,878
18,883
21,699
24,393
26,188
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
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 e
1945—June 30
All m e m b e r ' b a n k s :
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..
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
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...
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the
Currency
and the Federal Deposit Insurance Corporation for national banks and insured banks respectively.
e
Partly estimated. Figures have been rounded to the nearest 10 million.
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 2at all insured commercial banks.
During 1941 three mutual savings banks, with total deposits of 8 million dollars, became members of the Federal Reserve System. These banks are
included
in both "member banks" and "insured mutual savings banks," are not included in "commercial banks," and are included only once in "all banks."
3
Decreases in "noninsured nonmember commercial banks" figures reflect principally the 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.
Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec, 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million.
Back figures—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
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
All 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 30e
Other
Investment
Number
of banks
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
3,080
3,442
3,445
3,325
3,515
5,003
6,647
8,014
9,226
11,002
12,010
1,848
1,971
1,936
2,251
3,829
5,482
6,899
8,099
9,880
10,840
1,594
1,474
1,389
1,264
1,174
1,165
1,115
1,128
1,122
1,170
7,678
8,362
8,875
9,539
10,864
12,076
13,671
14,869
17,168
18,260
331
473
518
464
318
343
457
315
362
380
3,853
4,260
4,689
5,470
6,872
7,884
9,123
10,100
11,870
12,330
3,493
3,629
3,668
3,605
3,674
3,849
4,091
4,453
4,936
5,550
8,314
8,122
7,858
7,661
7,460
7,373
7,299
7,239
7,181
7,163
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
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
1,199
1,378
1,367
1,434
1,151
1,363
1,588
1,795
2,148
2,160
343
380
397
452
314
270
276
281
292
290
856
998
969
982
837
1,094
1,312
1,514
1,856
1,860
565
733
696
742
667
925
1,160
1,347
1,682
1,670
291
265
273
239
170
169
153
168
174
190
1,269
1,633
1,843
1,837
1,329
1,519
1,829
1,989
2,358
2,380
230
360
402
335
173
214
307
181
171
210
846
1,008
1,185
1,255
891
1,045
1,253
1,527
1,883
1,820
193
264
257
247
265
260
269
281
304
350
997
953
906
851
793
775
764
745
729
723
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
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
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
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
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
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
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
Total
Loans
6,598
6,726
6,796
7,208
8,135
9,486
10,847
12,155
13,972
15,100
Total1
Inter-1
bank
Demand j Time
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. 313 4
...
1942—Dec. 31
,
1943—June 30
Dec. 31
1944—June 30
Dec. 30 e
1945—June 3()
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
949
689
631
629
633
For footnotes see page 1034.
OCTOBER
1945
1033
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
All insured commercial banks:
1938—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—June
31....
31...
3 1 . . ..
3 1 . . .
31...
30
30....
30...
Member banks,
total:
Total
loans
and
investments
37,470
42,556
49,288
66,240
83,507
93,936
103,382
112,353
Total
Commercial,
including
openmarket
paper
16,021
18,394
21,258
18,903
18,841
20,729
21,352
23,376
5,636
7,178
9,214
7,757
7,777
7,406
7,920
7,501
Loans for
purchasing
or carrying
securities
AgriculturTo
al
)rokers
and
dealers
1 ,060
1 ,281
1 ,450
1,642
1 ,505
1 ,474
1,723
1 , 632
To
U . S . Governmen t obligations
Real- C onler
esut
tate su
o a ns
loans lo ans
1938—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 1 . . .
1942—Dec,31.. ..
1943—Dec. 3 1 . . . .
1944—June 3 0 . . . .
Dec. 3 0 . . .
1945—Mar. 2 0 . . . .
J u n e 30
32,070
37,126
43,521
59,263
74,258
83,587
91,569
90,524
99,426
New York City:*
1938—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 3 0 . . . .
Dec. 3 0 . . . .
1945—Mar. 2 0 . . . .
June 3 0 . . .
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
31....
31....
31....
31....
31...
30... .
30....
20....
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. 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....
11,654
13,013
15,347
20,915
27,521
30,943
33,603
33,452
36,572
2,063
4,963
2,589
5,931
3,456
7,105
2,957
6,102
3,058
6,201
2,787
6,761
3,034
6,822
6,346
7,155 "2,883
207
263
300
290
279
277
348
Country banks:
1938—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 3 0 . . .
D e c . 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
1,162
'755
32 " 422 1 771
Chicago:*
1938—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
June
Insured nonmember commercial 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. 3 0 . . .
1945—June 30....
5,399
5,429
5,774
6,984
9,258
10,360
11,824
12,940
5,179
13,208
6,660
15,321
8,671
18,021
7,387
16,088
7,421
16,288
7,023
18,084
7,531
18,676
17,219
20,588 "7,095
Total
Total
others
1,002
885 3, 857
663
727 4, 468
662 4, 773
614
950
597 4, 646
922 4, 437
1,414
2,221 2,296 4, 364
2,269 2,265 4, 343
3,113 3,601 4, 413
712
973
775 2, 716
865
642
652 3, 228
972
598 3, 494
594
1,089
934
538 3, 423
1 ,023 1,398
839 3, 274
1 ,023 2,200 2,130 3, 207
1 ,198 2,249 2,108 3, 209
3,583
4,077
4,545
2 269 1, 042
1 ,868
918
1,862 1, 106
1,888
944
2 , 105 1, 008
21,449
24,161
28,030
47,336
64,666
73,207
82,030
88,978
14,506
17,063
21,046
40,705
58,683
67,085
75,875
82,401
290
662
988
4, 462
4, 636
4, 708
3, 971
2, 831
2,853
3,273
3,692
1,847!
1,484i
1 ,467 l t
1 ,505
18,863
21,805
25,500
43,175
57,970
65,503
72,893
73,305
78,838
13,222
15,823
19,539
37,546
52,948
60,339
67,685
67,915
73,239
286
652
971
4, 363
4, 360
4, 466
3, 748
5,072
7,527
8,823
13,841
15,566
17,190
18,243
17,681
18,687
1 142
3,857
158
6,044
1 245
207
7,265
311
1 623
12,547 1, 855 2,144 2 056
14,563 1, 328 3,409 1 829
16,157 1, 258 4,242 2 805
17,179
913 3,740 3, 745
16,568
17,492
424 3,538 3 607
9,920
2
59
297
256
397 "637
199
877
367 1,038
250 1,045
291
145
153
391
484
587
779
655
752
903
1,282
1,602
1,665
1,809
109
112
119
83
74
31
31
127 1,253
814
1,936
1 ,125 3,089 *3,' 407 3, 248 1 ,688
870
848
033
877
934
1,594
2,125
2,807
2,546
2,515
2,430
2,610
5
787
6
465
8
412
21
787
24 1,054
64 1,657
30 1,742
220
190
169
193
323
751
859
121
130
123
117
107
93
86
2,380
53 2,'528 1,'539
76
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
63
84
96
62
45
49
45
18
14
40
34
671
13 '''159
299
23
50
34
242
207
194
153
267
903
777
1 230
1 436
1, 527
1 486
1 420
1 385
1 379
1,101
1,322
1,512
8081
658
650
660
312
301
350
313
"371 1,147
1 378
757
315
1
1
1
1
1
1
1
1,154
1,400
1,530
674
528
536
547
5,669
5,517
6,628
393 11.380
381|17,534
392 20,071
351 23,610
24,319
362 26,253
304
119
115
114
97
217
409
311
243
201
183
161
197
345
310
353
644
823
797
725
708
719
Obligations
of
States Other
and
CerGuar- politi- secutifirities
ancal
cates
subBills of in- Notes Bonds teed
dividebtedsions
ness
535
468
554
3031
252
232
253
148
153
251
179
270
223
611
1,430
1,681
1,806
3,141
3,550
4,060
4.258
4,199
4,480
1,114
1,307
1,430
2,789
3,238
3,688
3,913
3,840
4,130
6,691
7,081
8,243
14,813
21,321
24,183
26,781
27,106
29,417
5,018
5,204
6,467
13,038
19,682
22,484
25,042
25,304
27,523
6,727
13,218
15,466
15,300
17,204
3
2
3
5
7
11
15
16
648
756
159
799
672
834
778
454
8,000
9,925
12,797
20,999
30,656
34,114
39,848
45,870
2,568 3 011 3 ,932
3,719 " 3 608 3 ,491
4,102 3 651 3 ,33??
2,718 3 533 3 '098
2,501 3 287 2 ,696
963 3 393 2 , 730
978 3 422 2 ,733
43 3 684 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
887
902
2, 633 15,584 14 723 40,266
33
57
103
295
1, 441
1, 802
1, 914
1, 704
2,253
4,691
5,586
5,730
1,663
894
2,977 1,615
3,652 1,679
5,420 1,071
7,014
984
7,650
201
8,592
189
1 224 2,997
740
771 3,281 1,049
751 4,248 1,173
1 723 6,810
811
2 497 9,943
749
3 893 10,689
402
5 181 11,987
440
1, 320 6,598 '5 689 13,906
10
3,233
732 1,893
11
3,269
433 2,081
45
4,377
110
481 2,926
9,172
671 1,251 1 240 5,436
15,465 1 032 3,094 2 096 8,705
18,009
926 3,362 3 355 10,114
21,552
882 3,466 4 422 12,540
22,204
24,094
762 4,194 4 ^613 14,504
597
710
861
574
538
252
241
457
348
730
28
1U 1 141
2,586
1,283
2,813
518
416
21
803
2,356
1,240
3,074
75 1 240
543
478
20
64 1 282
854
2,533
1,509
3,241
370
553
16
59 1 225
422,
174 4,166
3,162
2,818
356
482
16
82 1 ,165
385!
70 6,702
5,739
2,556
383
452
21
166 1 ,159
3951
73 7,712
6,752
2,648
389
525
21
156 1 ,136
383
671 9,146 8,197
2,678
406
506
24
193 1 ,167
420
74 1 10,15(
9,170
2,790
* 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.
1034
1
Di rec t
4
10
17
99
276
242
223
198
442
1,147
1,238
1,319
1,620
259
162
152
390
766
1 ,194
1,652
1 ,731
793
834
1,069
2,053
3,395
4,002
4,928
5,611
21
228
234
271
179
156
76
76
10
2
3
3
2
2
2
2
2
3
448
013
090
965
729
834
857
989
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
141
188
182
166
158
204
160
177
154
176
186
193
186
155
169
185
183
808
984
956
954
913
963
1 000
1 034
1 100
866
893
820
821
726
735
740
768
794
196
982 1 ,453
1 146 1 ,102
1 222 1 ,028
956
1 252
855
1 ,214
849
1 ,212
829
1 ,230
1 ,264
851
878
1 ,281
563
595
563
569
560
560
566
584
1
739
521
462
435
403
400
383
396
from those published by the Federal Deposit
the Federal Reserve System.
These banks are
FEDERAL RESERVE
BUILETIN
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
All insured 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....
Member banks,
total:
1938—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
June
31....
31
31i. .
31....
31....
30....
30....
20. . . .
30....
Interbank
deposits
Reserves
with
Federal
Reserve
Banks
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
1,762
8,167
9,950
18,757
19,754
23,478
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
1,709
7,923
9,444
17,634
18,509
12,409
21,967
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
1,688
1,941
2,215
2,557
3,050
3,070
3,041
3,289
3,152
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
1,940
2,741
2,590
2,202
1,758
1,922
2,005
1,874
2,029
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
204
243
271
287
313
322
352
324
Demand
deposits
mestic3 ad- 4
banks justed
Balances
with
DoFormestic 3 eign
Time deposits
U. S.
Certi- IndiGov- States
fied viduals,
U. S. States
ernand
and
and partner- Inter- ment
Gov- political
politoffiships,
ernbank
and
ical
subdi- cers' and corment visions
Postal subdichecks poraSavvisions
etc.
tions
ings
838
666
790
616
2,942
3,298
3,677
3,996
4,352
4,402
4,518
4,698
1,077
1,219
1,669
1,550
1,354
1,240
2,386
2,724
3,066
3,318
3,602
3,638
3,744
4,030
3,877
Individuals, Borpartner- row- acships, ings counts
and corporations
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
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
75
111
285
52
5,424
5,698
5,886
6,101
6,475
6,696
6,968
7,138
7,276
280
370
319
263
252
213
199
293
229
195
471
450
448
710
722
361
494
341
7,273
11,357
11,282
12,501
14,373
13,740
14,448
15,614
14,789
6
5
6
3
4
11
11
11
16
""5"
7
7
8
8
36
51
29
23
26
17
17
18
19
652
768
778
711
816
861
977
29
64
96
164
40
1,593
1,615
1,648
1,727
1,862
1,907
1,966
1,995
2,023
181
174
233
178
174
218
167
162
193
29
27
34
38
44
41
33
34
29
1,597
1,905
2,152
2,588
3,097
3,040
3,100
3,324
3,124
5
9
8
1,144
1,319
1,448
1,464
1,509
1,615
1,516
796
995
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
113
107
104
63
41
37
33
33
31
17
19
20
22
56
45
40
38
39
269
226
243
169
151
158
154
179
166
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
5,215
6,846
8,500
11,989
15,561
15,609
18,350
19,014
18,945
23
29
30
20
17
15
14
21
14
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
555
574
611
678
750
764
775
820
48
58
68
76
96
90
103
101
2,356
2,822
3,483
4,983
6,518
6,595
7,863
8,078
15
18
18
10
6
5
6
5
25
13
8
5
4
4
4
113
87
74
65
68
74
76
4
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
595
971
547
913
New York City: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....
2,687
4,032
3,595
3,209
2,867
3,105
3,179
2,996
3,271
437
641
607
733
810
852
851
914
989
658
. 174.
9
8
8
12
14
15
16
16
19
7,214
9,581
11,117
14,849
18,654
18,405
20,267
21,735
20,682
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
1,956
3,002
3,216
3,699
3,474
3,638
4,097
3,693
4,213
6,224
7,845
9,661
13,265
17,039
17,099
19,958
20,842
20,656
446
633
790
957
994
951
1,149
1,068
1,108
2
2
2
4
5
5
8
8
8
1,423
2,017
2,325
2,934
2,996
2 978
3^434
3,473
2,904
3,391
4,092
5,651
7,279
7 368
8^652
8,915
85
95
108
133
141
126
182
153
2
3
2
2
2
3
3
13
139
48
866
4,186
3,395
6,150
6,722
4,296
7,618
1,065
1,082
Chicago*
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
997
,027
,105
972
,090
,132
,092
83
90
127
665
713
1,105
1,400
900
1,499
2
2
1
1
1
1
1
452
496
476
453
505
543
619
631
663
257
270
288
304
326
343
354
353
362
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. . . .
424
327
491
1,982
3,373
6,453
6,157
4,260
7,655
4,233
4,506
4,542
4,805 ""2
5,902
6,567
7,561
8,028 " 7 0 '
3
8,529
1,777
1,904
1,967
2,028
2,135
2,207
2,327
2,395
2,450
Countrv banks:
1938—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945—Mar.
31....
31....
31....
31....
31
30. . . .
30....
20.
.
J u n e 30. ...
Insured nonmember commercial banks:
1938—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—June
Dec.
1945 J u n e
31....
31....
31....
31....
31....
30. . .
30....
30.
143
151
225
1,090
1,962
3,926
4, 230
2,952
5,195
48
50
53
243
506
1,124
1,245
1,511
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.
OCTOBER
1945
1035
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
Monthly data are averages of Wednesday figures. In millions of dollars]
Investments
Loans
Date or month
Total
loans
and
investments
Total
For purchasing
or carrying securities
Commercial, To brokers
indus- and dealers To others Real- Loans Other
to
estate
trial,
loans Total
loans banks
and
agri- U. S. Other U. S. Other
cul- Govt. se- Govt. seob- curi- ob- curitural
liga- ties liga- ties
tions
tions
1J. S. Government obligations
Total
Bills
CertifiOther
cates
Guar- secuof in- Notes Bonds an- rities
debtteed
edness
Total—101 Cities
56,286
1944—August
11,228
6,004
763
605
1,071
343
60
1,312
45,058 42,111 3,533 11,023 7,449
19,501
605
2,947
1945—Apr
May
June
July
August
57,271
57,285
60,923
64,094
63,014
11,039
11,415
12,848
13,673
13,021
5,989
5,818
5,876
5,925
5,944
881
1,281
1,652
1,618
1,400
755
821
882
890
863
651
593
1,481
2,234
1,797
350
365
388
397
403
1,041
1,046
1,047
1,051
1,056
76
102
95
75
84
1,296
1,389
1,427
1,483
1,474
46,232
45,870
48,075
50,421
49,993
43,152
42,837
44,962
47,258
46,674
1,706
1,336
1,655
1,967
1,551
11,143
10,776
9,956
10,640
10,380
7,412
7,358
9,316
9,614
9,502
22,564
23,035
24,013
25,027
25,230
327
332
22
10
11
3,080
3,033
3,113
3,163
3,319
64,291
64,235
63,994
63,853
14,043
13,772
13,535
13,340
5,941
5,928
5,928
5,903
1,821
1,667
1,518
1,465
879
877
899
905
2,401
2,304
2,184
2,050
398
396
395
397
1,048
1,051
1,052
1,051
68
64
78
90
1,487
1,485
1,481
1,479
50,248
50,463
50,459
50,513
47,116 1,932
47,338 2,090
47,267 1,935
47,312 1,913
10,664
10,647
10,646
10,603
9,607
9,626
9,591
9,632
24,899
24,967
25,087
25,156
14
8
8
8
3,132
3,125
3,192
3,201
63,696
Aug. 1
63,052
Aug. 8
Aug. 15 . . . . 63,094
62,680
Aug. 22
Aug. 2 9 . . .
62,546
13,393
12,975
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
394
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
49,792
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
10,277
10,196
9,565
9,511
9,505
9,478
9,448
25,190
25,204
25,234
25,268
25,253
8
9
13
15
11
3,303
3,306
3,318
3,334
3,334
62,382
61,842
61,584
61,251
12, 867
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
396
399
398
1,059
1,058
1,061
1,060
134
93
114
51
1,479
1,474
1,468
1,470
49,515
49,159
48,820
48,520
46,182
45,823
45,473
45,140
1,451 10,502 9,373 24,845
1,229 10,347 9,327 24,909
1,213 10,220 9,273 24,756
1,144 9,964 9,232 24,789
11
11
11
11
3,333
3,336
3,347
3,380
1944—August
20,363
4,526
2,274
574
466
601
137
79
49
346
15,837 14,834 1,151
1945—Apr
May
June
July
August
20,277
20,354
21,891
22,997
22,253
4,392
4,794
5,643
6,089
5,560
2,301
2,218
2,229
2,221
2,191
699
1,093
1,365
1,316
1,125
580
632
691
693
656
230
193
686
1,153
859
146
162
174
182
191
65
65
65
65
67
64
84
71
62
67
307
347
362
397
404
15,885
15,560
16,248
16,908
16,693
14,834
14,551
15,180
15,798
15,490
423
166
281
443
333
July 3
July 11
July 18
July 25
23,230
23,052
22,880
22,827
6,369
6,137
6,001
5,850
2,243
2,227
2,220
2,196
1,495
1,340
1,236
1,193
689
684
700
700
1,245
1,193
1,137
1,038
181
180
182
184
65
65
65
65
58
51
64
74
393
397
397
400
16,861
16,915
16,879
16,977
15,788
15,8*4
15,733
15,827
22,808
Aug. 1
Aug. 8 . . . . . 22,263
Aug. 15
22,237
Aug. 22
22,032
Aug. 29
21,927
5,875
5,513
5,520
5,447
5,444
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
66
66
68
68
68
79
48
84
66
58
400
404
405
407
403
16,933
16,750
16,717
16,585
16,483
Sept.
Sept.
Sept.
Sept.
5,501
5,337
5,389
5,361
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
67
67
67
67
117
78
100
37
409
410
407
410
16,423
16,153
16,127
16,073
July 3
July 11
July 18
July 25
Sept. 5
Sept. 12
Sept. 19
Sept. 26
1,070
New York City
5
12
19
26
21,924
21,490
21,516
21,434
3,917 2,700
6,885
181
1,003
3,710
3,456
2 988
3*, 019
2,858
2,612
2,594
3 233
3',233
3,146
8,032
8,284
8 677
9', 102
9,151
57
51
1
1
2
1,051
1,009
1 068
1,203
402
508
385
478
3,091
3,039
2,98,2
2,962
3,263
3,227
3,230
3,211
9,031
9,069
9,135
9,175
1
1
1
1
1,073
1,071
1,146
1,150
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
3,102
9,168
9,155
9,154
9,167
9,113
2
2
2
2
2
1,197
1,197
1,202
1,209
1,209
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
2
2
2
2
1,220
1,224
1,226
1,247
7,106 4,749
Outside
New York City
1944—August
35,923
6,702
3,730
189
139
470
206
991
11
966
12,616
424
1,944
1945—Apr
May
June
July
August
36,994
36,931
39,032
41,097
40,761
6,647
6,621
7,205
7,584
7,461
3,688
3,600
3,647
3,704
3,753
182
188
287
302
275
175
189
191
197
207
421
400
795
1,081
938
204
203
214
215
212
976
981
982
986
989
12
18
24
13
17
989
1,042
1,065
1,086
1,070
30,347
30,310
31,827
33,513
33,300
28,318
28,286
29,782
31,460
31,184
1,283
1,170
1,374
1,524
1,218
7,433
7,320
6,968
7,621
7,522
4,800 14,532
4,764 14,751
6,083 15,336
6,381 15,925
6,356 16,079
270
281
21
9
9
2,029
2,024
2,045
2,053
2,116
July 3 . . , . . 41,061
July 11
41,183
July 18
41,114
July 25
41,026
7,674
7,635
7,534
7,490
3,698
3,701
3,708
3,707
327
190
193
199
205
1,156
1,111
1,047
1,012
217
216
213
213
983
986
987
986
10
13
14
16
1,094
1,088
1,084
1,079
33,387
33,548
33,580
33,536
31,328
31,494
31,534
31,485
1,530
1,582
1,550
1,435
7,573
7,608
7,664
7,641
6,344 15,868
6,399 15,898
6,361 15,952
6,421 15,981
13
285
272
2,059
2,054
2,046
2,051
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
40,888
40,789
40,857
40,648
40,619
7,518
7,462
7,486
7,441
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
15
20
16
17
19
1,081
1,067
1,069
1,066
1,065
33,370
33,327
33,371
33,207
33,222
31,264
31,218
31,255
31,082
31,097
1,242
1,243
1,271
1,177
1,159
7,615
7,551
7,546
7,456
7,443
6,379 16,022
6,368 16,049
6,347 16,080
6,335 16,101
6,346 16,140
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
252
265
268
197
197
231
264
840
813
776
744
214
213
216
215
992
991
994
993
17
15
14
1,070
1,064
1,061
1,060
33,092
33,006
32,693
32,447
30,979 1,114
30,894 1,091
30,572
908
30,314
805
7,602
7,522
7,419
7,245
6,334 15,920
6,293 15 979
6,263 15,973
6,239 16,016
9
9
9
9
2,113
2^112
2121
2 f 133
326
14
29,221 27,277 2,382
7
7
7
7
Back figures.—See Banking and Monetary Statistics, pp. 127-227.
IO36
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Reserves
DeBalwith Cash ances mand
Fedwith
dein
eral vault
doposits
mestic
Read- 1
banks justed
serve
Banks
Date or month
Total 101 Cities
1944—August
1945—Apr
May
June
July
August
Individuals,
partnerships,
and
corporations
Interbank
deposits
Time deposits,
except interbank
IndiDomestic
vidU.S.
banks
Bor- CapBank
States Certiuals, States
Govrow- ital deb-2
fied U. S. partand
and
ernacFor- ings
polit- and
polit- ment
its
Govnercounts
eign
offiical
ical
ern- ships, suband
banks
cers' ment
suband
DePostal
divi- checks,
cor- diviSav- mand Time
sions
etc.
i
poraings
tions
8,849
542
2,166
34,111
34,193
1,749
9,806
10,192
10,239
9,709
9,900
578
585
580
564
553
2,130 38,231
2,157 39,886
2,348 38,854
2,358 36,619
2,243 37,553
38,202
39,660
38,951
36,847
37,651
2,096 853
2,296 899
2,068 1,112
1,826 1,065
1,874 876
660
4,444 52,710
12,434 6,882
120
46
8,645
876
56
7,690
5,804
9,884
15,142
12,818
8,109
8,265
8,380
8,506
8,751
104
109
109
108
109
44
44
43
44
44
9,035
9,216
9,898
9,803
9,632
955
1,007
1,044
1,048
1,072
327
573
519
131
343
4,718
4,748
4,761
4,800
4,834
57.545
62,802
78,821
61,852
55,599
July
July
July
July
3
11
18
25
9,732
9,599
9,710
9,796
542
582
567
567
2,424
2,415
2,338
2,254
35,875
36,308
36,852
37,440
36,019
36,683
37,178
37,506
1,831 1,243
1,765 1,051
1,807 1,003
1,902 961
16,135
15,488
14,769
14,176
8,434
8,487
8,529
8,574
108
109
108
107
44
47
43
43
10,013
9,965
9,780
9,453
1,033
1,040
1,053
1,069
64
78
149
234
4,795
4,802
4,799
4,802
14,643
14,360
15,482
13,956
Aug.
Aug.
Aug.
Aug.
Aug.
1 . . . . 9,833
8. ... 9,785
1 5 . . . . 9,934
22. ... 9,939
29.... 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
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
14,637
13,280
10,538
12,046
12,855
Sept.
Sept.
Sept.
Sept.
5...
12.. ..
19..
26....
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
1,080
1,087
1,094
1,085
362
399
272
360
4,858
4,854
4,866
4,871
11,101
12,623
15,455
14,999
10,061
10,117
10,265
10,072
New York City
1944—August
3,244
12,435
12,779
171
344
5,072
818
15
2,758
794
24
1945—Apr
May
June
July
August
3,619
3,835
3,775
3,528
3,590
14,121
14,952
14,460
13,381
13,676
14,485
15,266
14,799
13,741
14,046
233
288
221
184
169
471
532
733
3,163
966
2,257
994
3,895
996
6,200 1,001
5,180 1,076
18
19
20
19
20
8
9
10
2,869
2,927
3,177
3,102
2,939
857
904
937
938
958
131
332
370
72
160
1,816
1,826
1,830
1,847
1,863
25,115
28,384
36,951
29,190
24,803
1,744 21,722
July
July
July
July
3
11
18
25
3,578
3,433
3,510
3,589
13,107
13,214
13,445
13,757
13,449
13,625
13,819
14,068
168
147
206
215
810
682
610
606
6,658
991
6,354
995
6,022 1,002
5,764 1,015
20
20
19
19
8
10
10
10
3,246
3,142
3,067
2,954
921
930
943
959
46
23
84
137
1,845
1,847
1,846
1,848
6,496
6,720
7,457
6,696
Aug.
Aug.
Aug.
Aug.
Aug.
1....
8....
15. ...
22.. ..
29.. .
3,657
3,536
3,557
3,588
3,611
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
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
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. 5.... 3,601
Sept. 12.. .. 3,671
Sept. 19.... 3,727
Sept. 26.... 3,690
14,106
14,015
14,306
14,363
14,387
14,431
14,692
14,655
165
168
152
185
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
963
972
977
972
151
179
40
117
1,869
1,867
1,870
1,870
4,867
5,641
7,402
7,211
463
496
472
810
Outside
New York City
1944—August
5,605
455
2,142
21,676
21,414
1,578
316
7,362 6,064
1945—Apr
May....
June
July
August..
6,187
6,357
6,464
6,181
6,310
483
494
489
476
469
2,088
2,131
2,325
2,330
2,220
24,110
24,934
24,394
23,238
23,877
23,717
24,394
24,152
23,106
23,605
1,863
2,008
1,847
1,642
1,705
382
367
379
388
346
4,527
3,547
5,989
8,942
7,638
7,143
7,271
7,384
7,505
7,675
86
90
89
89
89
36
36
35
35
34
6,166
6,289
6,721
6,701
6,693
98
103
107
110
114
196
241
149
59
183
2,902
2,922
2,931
2,953
2,971
32,430
34,418
41,870
32,662
30,796
89
89
36
37
33
33
6,767
6,823
6,713
6,499
112
110
110
110
18
55
65
97
2,950
2,955
2,953
2,954
8,147
7,640
8,025
7,260
1
2
32
5,887
2,700 30,988
July
July
July
July
3
11
18
25
6,154
6,166
6,200
6,207
481
479
2,401
2,387
2,314
2,216
22,768
23,094
23,407
23,683
22,570
23,058
23,359
23,438
1,663
1,618
1,601
1,687
433
369
393
355
9,477
9,134
8,747
8,412
7,443
7,492
7,527
7,559
Aug.
Aug.
Aug.
Aug.
Aug.
1
8
15
22
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
7,584
7,643
7,678
7,720
7,749
90
90
91
32
34
34
34
34
6,474
6,646
6,826
6,830
6,690
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.
5
12
19
26
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
1,733
373
399
423
367
8,171
7,940
7,735
7,.
7,037
6,606
6,110
5,821
5,734
7,791
7,840
7,868
7,895
90
90
93
93
33
32
33
31
6,820
6,955
6,827
6,599
117
115
117
113
211
220
232
243
2,989
2,987
2,996
3,001
6,234
6,982
8,053
7,788
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.
OCTOBER
1945
1037
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Federal Reserve
district and date
Boston
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
New York*
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Philadelphia
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Cleveland
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Richmond
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Atlanta
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Chicago*
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
St. Louis
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Minneapolis
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Kansas
City
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Dallas
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
San Francisco
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
City of Chicago*
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Total
loans
and
investments
\>tal
For purchasing or carryComing securities
mercial,
To brokers T o others
inReal- Loans
and dealers
dusestate to Other
Total
trial,
loans banks loans
U.S.
and U. S.
agri- Govt. Other Govt. Other
culobli- secuoblitural
ga- rities
tions
U. S. Government obligations
Total
Certificates
of
Bills intfotes Bonds
debtteed
edness
Other
securities
3,427
3,399
3,348
3,331
3,291
699
691
689
692
691
409
414
416
415
415
41
30
30
33
32
20
21
20
22
22
32
29
28
27
26
16
16
16
16
16
64
64
64
64
65
5
5
3
3
4
112
112
112
112
111
2,728
2,708
2,659
2,639
2,600
2,6*2
2,622
2,576
2,553
2,511
142
129
104
101
79
684
686
659
639
624
24,069
24,064
23,645
23,640
23,554
5,799
5,860
5,695
5,749
5,720
2,345
2,416
2,432
2,443
2,437
1,179
1,162
1,079
1,123
1,187
629
626
610
654
647
772
713
669
603
585
205
207
207
207
206
148
148
148
149
149
58
117
78
100
37
463
471
472
470
472
18,270
18,204
17,950
17,891
17,834
16,985
16,907
16,649
16,589
16,510
322
351
164
317
351
3,075
3,262
3,190
3,159
3,072
2,665
2,641
2,625
2,612
2,592
478
473
473
479
473
215
213
218
219
218
4
4
4
6
5
39
40
39
42
39
54
51
48
47
45
10
10
9
9
9
33
33
32
32
32
1
1
1
1
1
122
121
122
123
124
2,187
2,168
2,152
2,133
2,119
2,005
1,991
1,974
1,952
1,937
121
127
114
102
93
293
301
296
294
294
410
410
406
401
392
1,181
1,153
1,158
1,155
1,158
182
177
178
181
182
5,060
5,041
5,000
4,949
4,907
947
940
929
922
923
387
388
382
382
384
70
69
69
65
66
28
26
25
34
41
160
156
155
146
139
15
15
15
15
15
152
152
152
151
150
135
134
131
129
128
4,113
4,101
4,071
4,027
3,984
3,859
3,849
3,818
3,776
3,733
78
66
56
50
29
909
910
899
876
826
765
764
759
752
753
2,107
2,109
2,104
2,098
2,125
254
252
253
251
251
2,077
2,060
2,068
2,050
2,044
322
319
31
319
318
133
133
133
137
137
6
6
6
5
6
7
6
6
6
51
49
47
46
45
9
9
9
9
9
49
50
50
50
50
61
61
62
63
64
1,755
1,741
1,751
1,731
1,726
1,69:
1,679
1,689
1,669
1,664
87
80
84
58
57
325
325
329
329
325
290
290
291
293
293
990
984
98^
98"
989
63
62
62
62
62
1,999
1,992
1,994
1,982
1,977
333
331
330
332
333
173
172
174
177
177
9
9
8
9
10
50
48
48
48
47
7
7
7
7
7
24
24
24
24
24
67
68
66
65
66
1,666
1,661
1,664
1,650
1,644
1,524
1,520
1,522
1,507
1,498
59
52
54
41
42
372
375
371
384
373
320
318
321
315
319
772
773
774
765
762
142
141
142
143
146
9,264
9,195
9,165
9,098
9,014
1,683
1,673
1,667
1,672
1,677
931
924
929
934
929
45
45
51
59
85
246
232
221
204
183
59
60
60
61
61
145
145
146
145
146
149
150
151
147
147
7,581
7,522
7,498
7,426
7,33
7,038
6,979
6,955
6,879
6,789
205
175
185
136
110
1,937
1,980
1,945
1,913
1,854
1,392
1,390
1,371
1,363
1,348
3,501
3,431
3,451
3,464
3,474
543
543
543
547
548
1,964
1,968
1,968
1,930
1,914
457
457
456
456
460
242
242
244
245
243
5
5
4
6
11
35
35
33
30
31
14
14
14
14
14
68
67
67
67
68
1,507
1,511
1,512
1,474
1,454
1,37
1,378
1,378
1,339
1,31'
55
59
58
33
26
251
253
253
247
237
332
331
331
328
324
735
73735
730
731
133
133
134
135
135
1,218
1,227
1,222
1,212
1,214
214
225
232
229
23C
112
119
127
126
124
2
3
2
4
6
21
21
21
20
20
4
4
4
4
4
23
24
24
24
24
50
52
52
49
50
1,004
1,002
990
983
984
955
95.
941
934
934
10
33
13
15
5
200
204
199
190
190
187
186
184
184
190
558
530
545
549
49
49
49
49
50
2,269
2,270
2,268
2,259
2,254
37:
372
368
36?
36=
228
229
226
227
223
5
4
5
5
6
29
28
26
25
25
38
38
38
38
38
61
62
62
62
62
1,
1,898
1,900
1,89
1,88(
1,76:
1,763
1,765
1,75
1,753
100
99
90
75
74
410
437
440
441
429
466
46:
464
463
465
785
765
771
771
785
136
135
135
134
136
1,888
1,889
1,892
1,896
1,873
44
44
44!
44.
44i
280
282
284
284
286
4
4
4
5
5
54
52
51
51
50
24
24
24
24
24
56
56
55
57
57
1,44
1,445
l,45i
1,45
1,42
1,39:
1,394
1,396
1,39'
1,37
80
74
74
79
64
415
414
413
410
406
278
281
283
283
278
618
624
625
624
622
55
54
54
54
56
6,646
6,636
6,647
6,625
6,617
1,096
1,"
1,
1,10
1,09.
527
523
530
535
540
95
93
90
88
87
290
290
289
293
290
104
104
101
103
101
5,55C
5,55'
5,56:
5,52<
5,52.
5,144
5,14"
5,16(
5,12
5,12
204
206
223
206
214
1,325
1,355
1,353
1,338
1,334
1,100
1,101
1,
1,091
1,092
2,512
2,483
2,500
2,484
2,47
406
404
402
403
401
5,513
5,477
5,449
5,427
5,369
1,172
l,16t
1,16C
1,162
1,16!
693
687
692
697
695
173
161
151
135
120
26
26
26
26
26
4,34
4,31
4,28
4,26i
4,20:
3,95
3,93?
3,91
3,84<:
151
127
143
105
94
1,147
1,178
1,151
1,143
1,107
813
812
793
788
778
1,87
1,84C
1,85
1,87
1,86'
353
354
351
355
356
108
117
109
122
126
104
114
106!
118
122
481
480
480
474
469
1,335
1,327
1,333
1,339
1,339
86
86
83
86
89
3,427 10,159
3,360 9,932
3,355 9,938
3,326 9,785
3,309 9,776
1,285
1,297
1,301
1,302
1,324
* 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.
1038
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[ In millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
Federal Reserve
district and date
Reserves
DeBalIndiwith Cash ances mand
vidFedwith
deuals,
in
eral vault
posits partdoRemestic ad- 1 nerserve
banks usted ships,
Banks
and
corporations
Boston (6 cities)
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
New York (8 cities)*
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Philadelphia (4 cities)
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Cleveland (10 cities)
Aug. 29
Sept. 5
Sept. 12.....
Sept. 19
Sept. 26
Richmond (12 cities)
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Atlanta (8 cities)
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Chicago (12 cities)*
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
St. Louis (5 cities)
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Minneapolis (8 cities
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Kansas City (12 cities
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Dallas (9 cities)
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
San Francisco (7 cities
Aug. 29
Sept. 5 . . . . . . .
Sept. 12
Sept. 19
Sept. 26.
City of Chicago*
Aug. 29
Sept. 5
Sept. 12
Sept. 19...
Sept. 26.
States Certiand
fied
polit- and U.S.
Govical
offi- ernsub- cers' ment
divi- checks,
sions etc.
Individuals,
partnerships,
and
corporations
Interbank
deposits
Domestic
banks
States U.S.
Bor- CapBank
Govand
row- ital
ernac- debpolit- ment
For- ings counts
its 2
ical
eign
and
sub- Postal
De- Time banks
divi- Sav- mand
sions ings
463
459
458
481
460
122
114
115
111
108
2,121
2,132
2,154
2,173
2,121
2,093
2,109
2,146
2,150
2,091
102
106
103
109
115
31
31
30
34
33
973
913
842
800
789
396
398
401
402
403
291
293
304
311
301
23
21
21
20
19
11
15
6
15
21
279
280
280
281
279
562
464
519
597
652
3,869
3,843
3,912
3,989
3,924
102
100
108
114
103
15,154
15,431
15,373
15,665
15,686
15,332
15,544
15,634
15,879
15,814
386
370
386
354
379
492
523
499
846
723
5,057
4,716
4,348
4,124
4,056
1,716
1,727
1,736
1,750
1,754
2,995
3,004
3,045
3,062
2,910
959
966
975
979
974
199
176
213
73
145
2,015
2,022
2,020
2,024
2,023
6,278
5,193
5,956
7,826
7,555
424
429
432
440
436
78
77
79
85
82
1,849
1,873
1,913
1,920
1,911
44
47
51
48
46
21
17
23
21
18
582
541
499
474
466
206
207
209
210
210
357
361
363
370
357
10
10
10
10
9
14
4
2
248
250
249
249
249
500
394
469
569
533
767
776
763
784
756
203
205
199
196
193
1,803
1,824
1,858
1,
1,857
3,116
3,118
3,113
3,12
3,063
3,120
3,118
3,149
3,134
3,058
147
152
147
151
158
44
41
40
44
40
797
748
692
663
652
1,160
1,166
1,172
1,176
1,180
27
27
27
27
27
543
558
559
555
537
4
3
3
3
3
469
469
469
469
470
796
674
778
833
837
322
366
346
333
329
151
149
151
139
137
1,26
1,28:
1.30C
1,27
1,26'
1,261
1,299
1,314
1,286
1,271
71
83
77
78
82
20
23
26
29
23
417
389
359
341
335
329
331
333
334
336
2
2
2
2
2
7
7
7
7
7
415
436
444
435
430
4
3
3
3
3
12'
12
126
12
127
343
325
366
441
390
360
367
367
364
358
148
146
152
140
124
1,284
1,281
1,29'
1,281
1,27.
1,200
1,215
1,246
1,211
1,196
170
161
161
165
171
10
9
10
12
9
24
225
211
20C
19'
391
393
396
399
399
4
4
4
4
4
3
2
2
3
3'
515
523
531
516
498
6
7
7
7
7
121
121
121
121
122
309
288
334
400
361
1,497
1,468
1,508
1,511
1,488
392
377
379
391
364
5,65'
5,63i
5,71
5,75
5,71
5,492
5,453
5,608
5,600
5,539
437
461
459
446
471
68
73
76
88
64
1,57*
1,47;
1,36=
1.30C
1,28C
1,725
1,735
1,745
1,751
1,757
5
5
5
5
5
4
4
4
4
4
1,612
1,629
1,652
1,607
1,535
24
23
24
25
24
571
573
573
574
576
1,707
1,581
1,756
1,998
2,078
325
336
347
347
341
127
120
117
112
106
l,10C
1,107
1,11
1,095
1,098
1,141
1,149
1,182
1,144
1,140
60
62
59
61
56
13
13
12
12
14
30C
28C
25?
24'
24.
322
324
326
327
328
1
1
1
1
1
583
593
608
584
567
2
2
2
2
2
129
129
129
130
130
318
285
317
392
349
193
199
188
202
194
92
96
109
99
93
67:
67<
67:
68
67
639
653
674
669
661
88
83
81
80
78
14
13
21
14
13
24*
23:
196
197
199
197
198
316
344
362
353
344
2
1
2
2
2
83
83
83
83
250
285
321
323
309
463
470
463
459
469
299
293
298
289
274
1,395
1,39/
1,41
1,41
1,41
1,382
1,399
1,447
1,426
1,409
142
147
135
136
143
19
21
20
20
20
28<
947
969
964
949
933
142
143
143
144
144
433
368
434
512
449
378
379
385
371
371
246
233
248
244
223
1,296
1,295
1,32(
1,32)
1,31
1,297
1,303
1,343
1,343
1,318
72
75
72
70
77
20
21
25
26
20
24'
238
234
270
272
274
275
277
248
249
251
253
254
584
586
597
590
565
130
130
130
131
131
305
277
314
367
357
949
969
948
984
946
269
275
271
284
279
3,27
3,31
3,32(
3,37
3,32<
3,309
3,350
3,444
3,447
3,390
145
147
143
145
142
97
84
89
87
85
974
936
86=
823
814
1,894
1,900
1,912
1,920
1,927
465
464
506
492
469
531 1,054
531
967
531 1,028
532 1,197
1,129
925
876
940
943
916
186
187
184
189
170
3,41
3,383
3,464
3,50
3,47.
3,403
3,366
3,492
3,503
3,462
184
202
202
201
213
35
37
35
44
29
1,03.
963
892
848
83=
697
702
705
707
710
1,143
1,149
1,168
1,143
1,081
363 1,058
365
988
365 1,075
214
204
20
24«
1,246
1,391
* See note on preceding page.
* Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except in interbank and U. S. Government accounts.
2
OCTOBER
1945
IO39
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Based on
Held by
Commercial
paper
out- 1 Total
outstanding standing
End of month
Accepting banks
rotal
Own
bills
Others 2
Bills
bought
1944—May
June
July
August
September
October
November
December
151
137
143
141
141
142
167
166
113
112
110
110
111
115
115
129
90
87
88
82
85
85
84
93
49
44
46
44
42
40
44
44
41
43
41
38
43
45
40
50
24
25
23
28
26
30
32
35
1945—January
February
March
April
May
June
July
August
162
157
147
119
103
101
107
110
130
126
128
117
104
107
117
128
98
48
52
54
52
51
44
45
50
50
46
42
38
32
36
45
50
32
29
32
26
22
27
227
28
97
96
90
82
80
90
101
Imports
into
united
States
Dollar
exchange
from
States
71
74
72
75
10
11
12
10
78
79
11
13
14
14
74
86
United
States
Foreign
countries
28
4
3
2
(3)
(3)
24
24
22
19
21
24
(3j
(3)
(3)
(3)
(3)
13
86
87
87
81
72
74
81
91
Goods stored in or
shipped between
points in
2
4
3
25
5
25
(3)
(3)
(3)
(3)
(3)
(3)
(|)
12
11
10
9
10
9
10
3
3
4
4
2
2
24
25
24
22
20
22
25
3
4
2
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]
Debit balances
Credit balances
1
End of month
Debit
Debit
Cus tomers' balances in balances in
partners'
firm
d ebit
investment investment
ba lances
1
let)
and
trading
and
trading
(i
accounts
accounts
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941— June
December
1942—June
December
1943—June
December
1944—June
616
600
496
543
761
788
887
86
103
92
85
89
60
70
69
62
54
24
30
25
26
22
22
21
23
22
22
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
420
430
430
472
96
640
670
640
726
c
730
e
73O
3722
3
701
3742
853
3824
3758
e
e
e
• • • • y
260
209
e
li
In partners' Infirm
investment investment
and trading and trading
accounts
accounts
276
342
266
278
258
247
230
266
267
281
e
•
Other
(net)
985
1,048
1,217
688
495
754
570
637
376
427
e
1,070
1,100
3 1,034
3- ,065
3 1,094
1,223
3 1,141
3 1,100
Free
219
249
214
232
215
190
178
207
223
204
940
*950
e
940
1,041
Money
borrowed 2
Other credit balances
164
164
161
108
88
106
73
78
58
99
e
U>44—September
October
November
December
1945— January
February
March
April
May
June
July
August.
67
64
55
34
27
32
25
16
12
12
11
8
9
7
9
11
5
1,267
1,395
1,489
985
774
991
834
906
653
677
Customers'
credit balances 1
Cash on
hand
and in
banks
333'
220
e
e
530
e
540
3
553
3575
3583
549
3580
3573
121
'"is
14
14
12
13
10
11
5
6
7
5
7
5
4
4
7
5
11
In capital
accounts
(net)
420
424
397
355
298
305
280
277
269
247
222
213
189
182
212
198
216
8
227
13
264
6
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
I 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.
f Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
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.
. 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.
'
IO4O
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN P R I N C I P A L C I T I E S
[Per cent per annum]
u.s
Year,
month, or
week
Prime
commercial
paper,
4- to 6monthsl
Stock
Prime
exbankchange
ers'
call
acceptloan
ances,
re90
newdaysl
a l
Government
security yields
9-to 12month
certifi- 3-to 53year
month
cates
3
bills
of in- taxable
notes
debtedness
1942 average
1943 average
1944 average
.66
.69
.73
.44
.44
.44
1.00
1.00
1.00
.326
.373
.375
1944—September....
October.
November
December..
.75
.75
.75
.75
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1945—January
February
March
April
May
.75
.75
.75
.75
.75
.75
.75
.75
.75
.44
.44
.44
.44
.44
.44
.44
.44
.44
%>
June
July
August
September
Week ending:
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
H
%
8
7
A
%
7
A
!75
.79
1.46
1.34
1.33
.375
.375
.375
.375
.79
.80
.81
.80
1.31
1.35
1.34
1.35
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.375
.375
.375
.375
.375
.78
.77
.78
.77
.80
.81
.80
.82
.84
1.31
1.22
1.18
1.14
1.16
1.16
1.16
1.17
1.19
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.375
.83
.84
.85
.85
.84
1.17
1.16
41.18
1.21
1.20
"
1 Monthly figures are averages of weekly prevailing rates.
z
T h e 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.
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
11 Southern and
Western
cities
1936 average 1
1937 average 1
1938 average 1
2.68
2.59
2.53
1.72
1.73
1.69
3.04
2.88
2.75
3.40
3.25
3.26
1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
2.78
2.63
2.54
2.61
2.72
2.59
2.07
2.04
1.97
2.07
2.30
2.11
2.87
2.56
2.55
2.58
2.80
2.68
3.51
3.38
3.19
3.26
3.13
3.02
1941—March
June
September..
December..
1942—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
2.53
2.58
2.62
2.45
2.48
2.56
2.66
2.63
3.25
3.23
3.29
2.99
3.20
3.34
3.25
3.26
1943—March
June
September..
December...
2.76
3.00
2.48
2.65
2.36
2.70
2.05
2.10
2.76
2.98
2.71
2.76
3.24
3.38
2.73
3.17
1944—March
June
September..
December...
2.63
2.63
2.69
2.39
2.10
2.23
2.18
1.93
2.75
2.55
2.82
2.61
3.12
3.18
3.14
2.65
1945—March
June
September.
2.53
2.50
1.99
2.20
2.05
2.73
2.55
2.91
2.80
i Prior to March 1939figureswere reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures—See Banking and Monetary Statistics, Tables 124-125, pp.
463-464; for description, see pp. 426-427.
BOND YIELDS^
[Per cent per annum)
U. S. Government
Year, month,
or week
Corporate (Moody's) 4
7 to 9
years
15 years and over
Taxable
Partially tax
exempt
Taxable
Municipal
(highgrade)^
Corporate
(highgrade) 3
By ra ting
By groups
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
Number of issues
1-5
1-5
1-8
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
1.86
2~75
2.64
2.60
3.34
3.16
3.05
2.83
2.73
2.72
2.98
2.86
2.81
3.28
3.13
3.06
4.28
3.91
3.61
2.96
2.85
2.80
3.96
3.64
3.39
3.11
2.99
2.96
1944—September
October
November
December
1.92
1.93
1.92
1.93
1.93
1.93
1.90
1.87
2.47
2.48
2.48
2.48
1.83
1.87
1.88
1.87
2.55
2.55
2.61
2.59
3.03
3.02
3.02
2.98
2.72
2.72
2.72
2.70
2.79
2.81
2.80
2.76
3.05
3.01
3.01
2.98
3.56
3.55
3.53
3.49
2.79
2.79
2.77
2.74
3.35
3.32
3.29
3.25
2.94
2.96
2.98
2.96
1945—January
February
March
April
May
June
July
August
September
1.89
1.77
1.70
1.62
1.57
1.56
1.58
1.59
1.56
1.81
1.75
1.70
1.68
1.68
1.63
1.63
1.68
1.68
2.44
2.38
2.40
2.39
2.39
2.35
2.34
2.36
2.37
1.81
1.71
1.61
1.57
1.58
1.58
1.57
1.70
1.79
2.58
2.56
2.51
2.49
2.53
2.54
2.53
2.56
2.56
2.97
2.93
2.91
2.90
2.89
2.87
2.85
2.86
2.85
2.69
2.65
2.62
2.61
2.62
2.61
2.60
2.61
2.62
2.76
2.73
2.72
2.73
2.72
2.69
2.68
2.70
2.70
2.98
2.94
2.92
2.90
2.88
2.86
2.85
2.85
2.85
3.46
3.41
3.38
3.36
3.32
3.29
3.26
3.26
3.24
2.73
2.69
2.68
2.69
2.68
2.68
2.68
2.68
2.67
3.23
3.16
3.11
3.07
3.05
3.03
3.00
3.02
3.05
2.97
2.95
2.94
2.94
2.93
2.89
2.87
2.86
2.85
Week ending:
Sept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
1.57
1.56
1.58
1.56
1.55
1.68
1.68
1.69
1.69
1.68
2.37
2.37
2.38
2.37
2.36
1.78
1.77
1.79
1.80
1.81
2.57
2.56
2.56
2.56
2.56
2.86
2.85
2.86
2.86
2.85
2.62
2.62
2.62
2.63
2.62
2.70
2.69
2.70
2.71
2.71
2.85
2.84
2.85
2.86
2.85
3.26
3.25
3.25
3.24
3.24
2.68
2.67
2.67
2.67
2.66
3.03
3.03
3.05
3.06
3.05
2.86
2.85
2.85
2.85
2.85
1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
2
Standard and Poor's Corporation.
3 U. S. Treasury Department.
* Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced
from 10 to 5 and 10 to 6 issues, respectively, and the railroad Aaa group from 10 to 5 issues.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, p p . 468-474, and the BULLETIN for May 1945, p p . 483-490.
OCTOBER 1945
1041
SECURITY MARKETS1
Stock prices5
Bond prices
Corporate4
Year, month, or week
U.S. Municipal
Govern-, (high Highmenr grade)3 grade
Number of issues
Medium- and lower-grade
Tl o t .a li
Industrial
Railroad
Public
utility
Delulted
Preferred6
20
50
1-8
Volume
of trading 7
[in thousands of
Public shares)
Common (index, 1935-39 = 100)
Total
Industrial
Railroad
utility
402
354
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—September.
October
November.
December.
100.40
100.29
100.26
100.34
136.2
135.5
135.2
135.5
121.2
121.1
120.9
121.4
114.5
115.5
115.9
116.9
120.1
119.9
119.9
120.7
107.0
109.6
110.9
113.2
116.5
116.9
116.7
116.8
55.5
59.1
61.2
65.8
177.4
177.4
178.5
180.9
101
104
103
105
103
106
105
106
99
103
105
114
91
93
92
92
738
776
850
1,421
1945—January
February..
March
April
May
June
July
August....
September.
100.97
101.81
101.56
101.68
101.74
102.38
102.46
102.22
102.02
136.6
138.7
140.7
141.6
141.3
141.5
141.6
138.8
137.0
121.6
121.9
122.7
122.9
122.3
122.1
122.3
121.7
121.6
117.3
117.6
118.1
118.2
117.9
118.1
117.9
117.2
117.1
121.2
121.9
122.9
123.1
122.1
122.2
122.2
121.7
121.4
113.7
114.3
114.8
115.0
115.0
115.5
115.2
114.4
114.4
117.0
116.5
116.5
116.5
116.5
116.7
116.4
115.5
115.6
68.6
68.1
68.9
71.9
77.5
81.4
80.4
75.6
74.5
183.3
185.5
187.7
190.9
191.2
190.9
189.6
188.1
186.7
108
113
112
114
118
121
118
118
126
110
115
114
117
120
122
119
119
128
121
125
124
129
135
144
140
131
138
94
97
96
98
101
106
108
107
111
1,652
1,664
1,195
1,273
1,357
1,828
951
1,034
1,220
Week ending:
Sept. 1...
Sept. 8...
Sept. 15...
Sept. 22...
Sept. 29...
102.06
102.02
101.92
102.02
102.13
137.2
137.4
137.0
136.8
136.6
121.4
121.7
121.6
121.5
121.7
116.9
116.9
117.0
117.2
117.4
121.3
121.0
121.0
121.6
121.7
114.2
114.2
114.3
114.5
114.7
115.5
115.5
115.5
115.7
115.7
73.9
73.1
73.3
74.6
76.7
187.2
187.7
187.2
186.2
185.7
122
124
127
127
127
124
126
129
129
129
132
133
137
139
142
108
109
111
111
111
1,153
1,168
1,190
1,308
1,204
28
*2 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.
3
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.
6
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.
Backfigures.—SeeBanking and Monetary Statistics, Tables 130,133,134, and 136, pp. 475,479,482, and 486, respectively, and the BULLETIN for May 1945,
pp. 483-490.
NEW SECURITY ISSUES
[In millions of dollars]
For refunding
For new capital
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
.
.
. . .
1944—August
September..
October
November...
December...
1945—January
February
March
April
May
June
July
August
Total
(new
and
refunding)
(domestic
and
foreign)
Domestic
Domestic
Total
Total
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
332
478
892
480
193
145
42
178
39
38
145
42
178
39
38
40
13
47
6
20
633
220
557
758
r
583
164
1,229
507
143
42
86
128
r
185
52
249
144
143
42
86
126
185
52
249
144
99
6
24
19
28
43
35
37
Corporate
Federal
agencies 1
855
150
735
22
157
712
481
971
924
931
461
751
518 1,272
108
342
176
90
235
45
10
2
9
6
'""8 "
2
Total
(domestic
and
foreign)
Total
Bonds
and Stocks
notes
Corporate
Total
State
and
municipal
Federal
agencies 1
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
5
50
25
32
Foreign 2
Bonds
Total and Stocks
notes
404
1,192
1,225
873
383
736
1,062
624
374
627
334
839
817
807
287
601
889
506
282
404
69
352
408
67
97
135
173
118
92
223
106
29
131
23
19
68
15
109
9
13
37
14
22
14
6
187
436
714
440
155
187
436
714
440
155
26
6
61
65
14
20
30
42
39
27
141
401
611
336
114
136
351
586
304
114
43
18
27
22
62
27
101
50
157
102
1
212 " " ' 3 4 '
64
107
25
5
35
51
55
1
178
43
490
178
471
630
397
112
981
363
490
163
471
630
395
112
981
363
23
8
150
30
9
8
31
7
195
18
25
46
19
30
200
20
272
136
296
554
367
74
750
335
240
33
136
"15"
265 " " 3 l "
25
529
95
272
""2 '
74
"l27 "
623
41
295
48
23
44
35
50
2
1
2
17
"2"
r
l
26
119
119
28
88
4
90
15
r
1
2
Revised.
Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to
revision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
IO42.
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
EstimatedI
gross
proceeds 2
Estimated
net
proceeds 3
Plant and
equipment
Total
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Retirement of securities
New money
Working
capital
Bonds and
notes
Total
Preferred
stock
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
2,956
57
208
858
991
681
325
569
868
474
308
575
32
111
380
574
504
170
424
661
287
141
224
26
96
478
417
177
155
145
207
187
167
351
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,310
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
1,972
June....
July
August....
September
October...
November
December.
97
203
155
148
163
192
229
438
735
347
154
95
199
150
146
160
188
226
429
722
340
152
49
48
53
23
23
60
57
27
123
24
54
18
32
24
17
8
36
24
17
9
11
4
31
16
28
6
15
24
33
10
114
13
50
33
147
93
120
117
122
166
395
590
316
96
32
129
55
115
103
109
147
357
566
207
96
1
18
38
5
13
13
19
38
24
109
1945—January...
February.
March....
April
May
June
July
August. ..
281
215
226
643
496
92
r
944
440
275
212
221
632
485
91
r
925
433
35
28
48
102
136
5
r
190
80
14
16
28
55
r
49
1
r
147
41
21
12
19
47
88
3
43
39
240
177
171
513
331
79
r
719
297
221
160
158
501
278
72
r
581
278
•19
17
13
12
53
7
138
19
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,014
1944—February.
March...
April
May
71 "'"
226
190
87
59
128
100
30
72
338
Repayment
of
other debt
Other
purposes
84
170
154
111
215
69
174
144
138
73
35
11
23
49
36
7
4
3
1
3
18
8
1
3
26
19
28
35
27
37
1
6
3
5
1
2
7
1
1
5
1
14
12
1
5
50
1
2
3
6
6
11
6
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Public utility
Railroad
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1944—February
March
April
May
June
July
August
September
October
November
December
1945—January
February
March
April
May
June
July
August
r
1
2
3
Total
net
proceeds
Retire-!
New ment of
money securities
172
120
774
338
54
182
319
361
47
160
606
21
57
139
228
24
85
115
253
32
46
106
9
29
9
29
2
45
21
134
189
36
52
82
2
4
21
19
10
2
4
119
108
12
360
75
14
18
105
84
12
10
120
54
558
110
30
97
186
108
15
114
500
41
"115
179
35
48
82
119
96
346
57
93
74
Other
Industrial
All
Retire- All
Total
Total
Retire- All
Total
Retire- All
other
net
New ment of "other
net
net
New ment of other
New ment of other
pur- 4 pro- money securi- purpro- money securi- purpro- money securipurposes* ceeds
poses ceeds
ties
ties poses* ceeds
ties
poses4
31
10
77
1
18
130
1,250
1,987
751
1,208
1,246
1,180
1 340
464
469
1,339
11
30
63
89
180
43
245
317
145
22
28
30
140
28
58
24
58
26
149
498
259
10
65
60
124
r
139
184
30
r
301
115
(,"
5
5"
8
4
2
12
1
r
4
1
77
42
30
27
50
86
47
13
30
27
25
14
62
774
1,280
1,079
831
584
961
828
527
497
918
25
74
439
616
469
188
167
244
293
228
389
34
550
761 •
373
226
353
738
463
89
199
475
30
134
28
58
23 ""["
52
24 ""2" 6
138
5
484
255
10
55
28
118
85
58
109
66
85
186
29
18
40
14
49
19
17
34
38
10
113
16
12
3
11
65
62
22
70
27
75
71
11
5
12
4
3
4
19
5
2
""2"
1
1
82
27
93
r
118
223
59
480
221
28
9
41
64
117
3
163
63
54
16
50
r
38
89
49
301
111
""i"'
1,190
1,897
611
943
1,157
922
993
292
423
1,297
65
60
122
r
127
183
30
r
297
110
r
l
.
.„.
2
150
80
90
136
43
56
121
146
71
54
2
r
15
17
7
16
47
20
122
390
71
16
102
155
94
4
21
92
46
218
57
8
9
42
55
4
13
51
2"
4
" " 3 "
1
1
2
33
2
2
1
42
10
18
4
15
2
2
40
13
"72
152
7
7
88
9
18
4'
38
19
4
20
7
1
5
104
21
""4
3
2
1
" • • 3 1 "
4
2
1
42 "
8
7
4
12
1
11
6
2
6
5
1
2
1
1
29
2
" 5
Revised.
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 notation, i.e., compensation to underwriters, agents, etc., and expenses.
4
Includes repayment of other debt and other purposes.
„ . . „ « , , < .
,,*«*
i_iSource—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.
OCTOBER
1945
1043
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
N e t profits, 1 by industrial groups
Year or quarter
Total
Iron
and
steel
Machinery
Automobiles
Other
transportation
equipment
Nonferrous
metals
and
products
Other
durable
goods
Oil
Foods,
produc- Indusbevering
trial
ages,
chemiand
and
cals
refintobacco
ing
Other
nondurable
goods
Dividends
Miscellaneous
services
Net,
profits 1
Preferred
Common
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2 163
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
88
86
86
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
28
33
44
47
285
295
282
275
22
23
23
24:
150
165
170
221
1942—1
2
3
4
413
358
445
554
52
52
51
72
38
35
36
49
46
25
46
92
646
643
644
6
51
36
32
34
36
19
18
22
30
32
32
42
44
35
27
42
49
39
35
41
48
39
27
35
35
31
32
52
46
206
174
213
296
21
23
20
23
134
135
125
158
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
41
41
40
47
36
36
39
38
39
38
50
44
209
221
226
247
21
22
21
22
127
132
127
170
1944—1
2
3
4
444
459
475
518
47
46
47
55
40
40
38
55
52
55
55
59
652
6
48
647
644
29
30
28
28
20
22
21
25
38
43
45
49
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
1945—1
2
480
501
49
55
38
44
54
65
647
6
43
31
28
21
21
45
48
62
64
48
45
39
37
45
50
241
258
20
22
142
144
Number of companies...
1939
1940
1941
1942
1943
1944
Quarterly
PUBLIC UTILITY CORPORATIONS
[ In millions of dollars]
Railroad2
Operating
revenue
Income
before
income
tax5
Net
income1
1939.
1940.
1941.
1942.
1943.
1944.
3,995
4,297
5,347
7,466
9,055
9,437
126
249
674
1,658
2,211
1,971
Quarterly
1941—1.
2...
3...
4...
1,152
1,272
1,468
1,454
1942—1...
2.. .
3...
Electric power3
Telephone4
Dividends
Operating
revenue
Income
before
income
**
Net
income1
Dividends
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
444
447
437
408
410
390
96
145
267
166
69
103
189
138
28
36
34
87
751
723
750
805
209
182
183
200
154
126
107
139
1,483
1,797
2,047
2,139
178
390
556
534
90
198
286
327
24
46
30
101
816
770
792
839
234
196
195
222
131
104
105
150
1943—1...
2...
3...
4...
2,091
2,255
2,368
2,340
515
608
653
435
214
244
250
166
29
52
36
100
864
835
859
906
254
221
210
228
1944—1...
2.. .
3-...
4...
2,273
2,363
2,445
2,356
458
511
550
452
148
174
180
165
31
55
30
130
925
886
878
929
262
241
207
205
Year or quarter
Income
before
income
tax*
income1
Net
Dividends
1,067
1,129
1,235
1,362
1,537
1,641
227
248
271
302
374
399
191
194
178
163
180
174
175
178
172
163
168
168
295
308
311
321
67
69
66
68
43
44
45
46
44
45
44
40
98
96
84
131
324
337
342
359
72
75
72
83
41
41
39
43
44
42
39
38
136
118
114
133
99
100
99
113
366
382
391
398
88
96
94
96
42
44
45
48
40
42
43
43
135
123
111
130
94
102
94
101
400
406
409
426
97
101
98
104
42
43
43
46
42
42
42
43
Operating
revenue
2,277
292
425
139
139
102
971
30
1945—1.
436
115
46
909
504
123
72
233
96
109
45
2,422
187
2.
444
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.
8
After all charges and taxes7 except Federal income and excess profits taxes.
6
Partly estimated.
Not available.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures
prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision, especially for war producers whose contracts are under
renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN.
1044
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND K I N D OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Marketable public issues 1
.Total
interestbearing
direct
debt
Total2
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
1944—Sept..
Oct...
Nov...
Dec...
1945—Jan...
Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept..
209,496
210,244
215,005
230,630
232,408
233,707
233,950
235,069
238,832
258,682
262,045
263,001
262,020
207,850
208,608
210,774
228,891
230,672
231,854
232,026
233,063
235,761
256,357
259,781
260,746
259,630
144,723
145,008
145,183
161,648
162,261
162,379
162,625
162,680
162,652
181,319
183,080
183,334
182,833
15,747
16,060
16,405
16,428
16,403
16,399
16,921
17,041
17,049
17,041
17,025
17,038
17,018
29,573
29,546
29,545
30,401
30,401
30,396
34,544
34,478
34,442
34,136
34,472
34,430
35,072
17,936
17,936
17,936
23,039
23,039
23,039
18,588
18,588
18,588
23,497
23,498
23,498
23,498
End of month
I
Nonmarketable public issues
Total
gross
direct
debt
NonSpecial interestbearing
debt
Total 2
U.S.
savings
bonds
Treasury
tax and
38,085
49,268
57,520
67,944
79,244
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
7,885
9,032
10,871
12,703
14,287
1,316
1,370
1,460
81,270
81,271
81,102
91,585
92,221
92,349
92,377
92,377
92,377
106,448
107,890
108,172
107,049
47,152
47,430
49,008
50,917
51,723
52,345
51,833
52,460
54,517
56,226
57,143
57,379
56,278
37,323
37,645
38,308
40,361
41,140
41,698
42,159
42,626
43,767
45,586
46,508
46,715
46,741
9,124
9,075
9,990
9,843
9,864
9,927
8,948
9,109
10,031
10,136
10,119
10,148
9,021
15,976
16,170
16,583
16,326
16,688
17,130
17,567
17,923
18,592
18,812
19,558
20,033
20,519
1,645
1,636
84,230
1,739
1,736
1,853
1,923
2,006
43,071
2,326
2,264
2,255
2,391
CertifiTreasury cates of Treasury Treasury
indebtedbonds
bills
notes
ness
Fully
guaranteed interestbearing
securities
4,548
4,283
4,092
4,225
1,516
454
862
,480
,480
1,470
,470
,496
,114
,119
,132
,151
409
484
515
527
1
Including amounts held by Government agencies and trust funds, which aggregated 6,077 million dollars on July 31, 1945, and 6,085 million on
Aug.2 31, 1945.
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.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, p p . 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES-OUTSTANDING, SEPTEMBER 30, 1945
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate
Amount
Treasury bills 1
Oct. 4, 1945....
Oct. 11, 1945
Oct. 18, 1945
Oct. 25, 1945
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
1,305
1,311
1,305
1,312
1,317
1,318
1,314
1,311
1,309
1,306
1,302
1,307
1,301
Cert, of indebtedness
Oct. 1, 1945
4
Dec. 1, 1945
Feb. 1, 1946
Mar. 1, 1946
Apr. 1, 1946
4
May 1, 1946
4
4
June 1, 1946
Aug. 1, 1946
4
Sept. 1,1946
4
3,492
4,395
5,043
4,147
4,811
1,579
4,799
2,470
4,336
Treasury notes
•M
Dec. 15, 1945
Jan. 1, 1946 .... .90
Mar. 15, 1946
.. 1
..90
1, 1946
Dec 15, 1946
Mar'. 15, 1947
• 1/4
\y>
Sept. 15, 1947
Sept. 15, 1947
Sept. 15, 1948
• 1 y&
3,416
1,291
4,910
3,261
1,948
2,707
1,687
3,748
•
•
•
i
/
•
"
Treasury bonds
2%
Dec. 15, 1945
Mar. 15, 1946-56.. .3%
June 15, 1946-48. . .. .3
15 1946-49
Oct. 15', 1947-52;;
2
Dec 15, 1947.
Mar. 15, 1948-50. . . . 2
Mar. 15, 1948-51. . .2%
June 15, 1948.
Sept. 15, 1948.... • V/2
1
531
541
489
1,036
819
759
701
1,115
1,223
3,062
Issue and coupon rate
Amount
Treasury bonds—Cont.
Dec. 15, 1948-50 . .. . . . . 2
571
June 15, 1949-51 ... . . . . 2
1,014
Sept. 15, 1949-51.... . . . . 2
1,292
2
Dec. 15, 1949-51
2,098
491
Dec. 15, 1949-52....
Dec. 15, 1949-53.... 23^
1,786
Mar. 15, 1950-52.... W..2
1,963
Sept. 15, 1950-52
1,186
Sept. 15, 1950-52. . '.'...2
4,939
Dec. 15, 1950
2,635
\y&
June 15, 1951-54. .. • 2%
1,627
Sept. 15, 1951-53... .... 2
7,986
755
Sept. 15, 1951-55.... ... 3
Dec. 15, 1951-53 ... ..2H
1,118
510
Dec. 15, 1951-55 .... . . . 2
Mar. 15, 1952-54 .... ..2Y2
1,024
June 15, 1952-54 ... . . . 2
5,825
June 15, 1952-55
..2H
1,501
Dec. 15, 1952-54
....2
8,662
725
June 15, 1953-55
....2
June 15, 1954-56 ... • -2yi
681
Mar. 15, 1955-60
.274
2,611
x
2 /i
Mar. 15, 1956-58
1,449
982
Sept. 15, 1956-59
•'•2H
•
•2%
Sept. 15, 1956-59
3,823
June 15, 1958-63
919
••2%
June 15,1959-62
• •VA
5,284
Dec. 15, 1960-65 . . . .
1,485
: : |
June 15, 1962-67
2,118
Dec. 15, 1963-68 . . .
2,831
June 15, 1964-69
'.'.iy2 3,761
Dec. 15, 1964-69 . . . . 2
3,838
Mar. 15, 1965-70 . .. '.' 2V2
5,197
Mar. 15, 1966-71....
3,481
June 15, 1967-72 . . . . 2}/i
7,967
Sept. 15, 1967-72. ... '.'.2Y2 2,716
117
Postal Savings bonds.2%
29
Conversion bonds. ... 3
50
Panama Canal loan ... 3
Total direct issues
182,833
G u a r a n t e e d securities
Federal Housing Admin.
Various
37
451
Sold on discount basis. See table on Open-Market Money Rates,
p. 1041.
OCTOBER
1945
UNITED STATES SAVINGS BONDS
[ In millions of dollars ]
Month
Amount
outstanding
at end of
month
1944—Feb
Mar
Apr.
May
June
July
Aug
Sept
Oct.
Nov
Dec
31,515
31,974
32,497
32,987
34,606
36,538
36,883
37,323
37,645
38,308
40,361
1945—Jan
Feb
Mar
Apr
May..
June.
July
Aug
Sept
41,140
41,698
42,159
42,626
43,767
45,586
46,508
46,715
46,741
Funds received from sales during Redemptions and
month
maturities
All
series
Series
E
2,782
2,102
709
739
751
576
606
624
1,842
2,125
1,350
1,687
1,023
2,386
1,855
602
692
695
499
591
599
807
1,074
848
889
838
804
653
712
684
1,540
2,178
1,294
1,195
1,468
1,032
700
514
571
420
Series
F
Series
G
All
series
157
23
19
15
115
101
18
16
14
43
125
522
110
114
lit
377
338
85
85
83
174
406
185
268
237
279
248
227
279
283
401
382
365
42
31
27
23
63,
178
47
22
18
228
164
151
130
282
532
215
107
76
341
323
464
404
426
403
428
531
528
Maturities and amounts outstanding, September 30, 1945
Year of maturity
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957...,
Unclassified
Total
All
series
Series
A-D
85
329
419
493
803
992
1,657
4,999
9,282
12,604
9,280
3,569
2,290
-61
85
329
419
493
803
992
444
46,741
3,565
Series
E
1,213
4,999
7,881
9,687
6,150
29,930
Series
F
215
594
675
752
438
2,674
Series
G
" M87"
2,323
2,454
2,817
1,852
10,633
1045
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT A N D FULLY GUARANTEED
[In millions of dollars]
. Total
interestbearing
securities
End of month
Held by U- S. Government agencies
and trust funds
Special
issues
Public
issues
Privately held1
Held
Federal
Reserve
Banks
Total
Commercial
banks
Mutual
savings
banks
Insurance
companies
Other investors
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
r,7oo
14,800
18,700
23,700
30,700
13,000
21,100
28,400
35,500
43,300
1944—October...
November..
December..
210,088
212,244
230,361
16,170
16,583
16,326
4,616
4,603
5,348
17.647
18,388
18,846
171,655
172,670
189,841
70,000
71,600
77,558
7,700
7,300
8,328
18,400
17,900
19,600
29,800
28,600
35,200
45,800
47,300
49,200
1945—January
February...
March
April
May
June
July...
232,168
232,968
233,145
234,194
236,912
256,766
260,265
16,688
17,130
17,567
17,923
18,592
18,812
19,558
5,270
5,267
5,303
5,262
5,217
6,128
6,105
19,006
19,439
19,669
20,455
20,954
21,792
21,717
191,204
191,132
190,606
190,554
192,149
210,034
212,885
78,500
78,100
77,400
77,300
77,400
r
84,100
85,200
8,600
8,700
8,700
8,700
8,700
9,600
9,800
19,900
20,100
20,400
20,500
20,100
21,700
21,900
34,200
33,600
34,000
33,400
33,200
r
40,400
41,000
50,000
50,600
50,100
50,700
52,700
54,200
55,001)
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—Feb
Mar
Apr
May
June
July
Treasury bills:
1944—June..
Dec
1945—Feb.
Mar
Apr
May
June
July
Certificates:
1944—June
Dec
1945—Feb
Mar
Apr
May
June
July
Treasury notes:
1944—June...
Dec
1945—Feb
Mar
Apr
May
U.S.
GovernTotal ment
out- agenstand- cies
ing
and
trust
funds
FedMuCom- tual
eral
Re- mercial1
serve banks ings
Banks
banks
4,604 14,901 63,523
Insurance Other
companies
7,158 16,471
8,183 18,761
8,476 19,289
8,482 19,554
8,502 19,640
8,497 19,325
9,382 20,930
9,621 21,146
5,338 18,846
5,251 19,439
5,267 19,669
5,246 20,455
5,202 20,954
6,112 21,792
6,083 21,717
72,045
72,543
71,872
71,799
71,896
77,484
78,609
14,734
16,428
16,399
16,921
17,041
17,049
17,041
17,025
1,872
11.148
11,830
12,079
13,010
12,954
12,962
12,810
4,894
4.113
3,387
2,720
2,565
2,242
2,798
2,737
2
1
7
12
11
17
1
2
21
25
86
4
1
960
1,159
1,164
2,066
1,397
1,706
1,273
1,466
67
62
80
110
129
103
47
45
3,382
4,887
4,917
5,411
5,333
5,870
6,032
6,096
15,037
15,032
15,259
17,830
17,550
17,202
16,789
16,812
126
136
203
269
345
394
92
96
339
310
429
698
830
884
420
454
9,871
9,974
9,509
10,225
10,290
9,989
10,756
10,968
58
60
62
54
52
53
52
52
1,180
1,566
1,560
1,051
988
1,017
1,685
1,698
11,718
15,411
15,560
12,657
12,611
12,588
16,076
16,211
286
336
330
318
324
327
242
244
337
568
662
651
693
692
601
598
3,826
5,098
4,866
3,858
3,919
3,912
4,841
4,695
949
960
6
6
4
4
26
22
16
17
17
16
13
1
1
1
6
6
6
6
6
586
581
560
575
10
10
Federal
Reserve
Banks
Commercial
banks
Mutual
savings
banks
Insurance Other
companies
Treasury bonds:
141,591
162,843
163,166
163,412
163,468
163,441
181,353
183,114
,. 28,822
30,401
30,396
34,544
34,478
34,442
34,136
34,472
17,405
23,039
23,039
18,588
18,588
18,588
23,497
June
J u l y . . . . . . . . . 23,498
Gviaranteed securities:
1944—June..
1,190
Dec
1,194
786
1945—Feb
787
Mar
78S
Apr..
May
785
June
34
34
July
E n d of m o n t h
U.S.
GovernTotal ment
out- agenstand- cies
ing
and
trust
funds
34,935
39,670
38,168
38,568
37,826
37,567
45,652
45,939
205
203
1
179
202|
187!
Total:
79,244 4,437 1,464 30,910
1944—June
91,585 5,173 1,243 36 ,508
Dec
92,349 5,056 1,132 37,737
1945—Feb
92,377 5,039 1,128 38 ,068
Mar
92,377 4,991 1,123 38!,499
Apr
92,377 4,961 1,113 39,,275
May
106,448 5,968 1,113 41 ,795
June
107,890 5,936 1,113 42 ,822
. July...
Maturing within 5 years
1944—June
7,824
536
4,697
7,824
Dec
518
4,834
7,824
518
4,770
1945—Feb..
8,939
564
5,554
Mar
8,939
564
5,488
Apr
8,939
564
5,548
May
8,939
547
5,770
June
8,939
530
5,814
July
Maturing in 5-10 years:
34,399
1,570
18,937
1944—June
44,087
1,504
24,445
Dec
44,645
,362
25,507
1945—Feb
43,564
,297
24,987
Mar
43,564
,280
25,350
Apr
43,564
,262
25,790
May
48,155
,333
29,147
June
48,423
,322
29,954
July
Maturing in 10-20 years:
15,48:
5,509
,097
1944—June
14,445
5,354
,028
Dec
14,445
5,466
,003
1945—Feb
14,445c
5,500
998
Mar
14,44.
5,590
963
Apr
14,445
5,745
960
May
16,727
4,562
1,054
June
17,307
4,667
1,058
July
Maturing after 20 years
21,539
1,766
2,696
1944—June
25,227
1,873
3,366
Dec
25,433
1,991
3,306
1945—Feb
25,42'
2,024
3,308
Mar
25,427
2,072
3,308
Apr
25,427
2,194
3,290
May
32,626
2,317
4,146
June
33,219
2,385
4,140
July..
6,736
768 19,929
7,704
859 23,098
7,931 18,182 22,311
7,879 18,167 22,097
7,817 18,073 21,873
7,753 17,646 21,628
9,045 19,892 28,636
9278
9,278 20,079 8661
8,661
189
137
172
268
267
258
172
175
663
556
510
535
543
520
375
350
1,740
1,777
1,856
2,015
2,076
2,050
2,074
2,069
2,712
3,556
3,743
3,588
3,503
3,427
3,400
3,228
3,673 7,505
4,230 10,357
4,467 9,569
4,385 9,307
4,335 9,099
4,196 8,891
4,267 10,009
4,194 9,725
1,857
1,887
1,829
1,812
1,830
1,828
2,458
2,673
2,792
2,612
2,607
2,569
2,530
2,319
2,471
2,476
4,228
3,563
3,538
3,561
3,531
3,591
6,179
6,433
1,981
2,125
2,187
2,209
2,218
2,240
3,010
3,200
8,640
10,462
10,600
10,675
10,666
10,609
12,779
13,061
6,456
7,401
7,349
7,214
7,168
7,095
10,375
10,435
* 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 July 31, 1945, commercial banks reporting to the Treasury held 28,551 million dollars of U. S. Government
securities
due or callable within one year out of a total of 65,875 million outstanding.
2
Including 196 million dollars of Postal Savings and prewar bonds not shown separately below.
1046
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
MisIncome taxes1 cellaneous Social
Other
inter- Securerity
nal
ceipts
taxes
With-2 Other reve-1
nue
held
Period
Fiscal year ending:
16,094
June 1943...
June 1944
8,393 26,262
June 1945
10,289 24,884
Change
in
general
fund
balance
Total
receipts
TransInter- War fers to Other Total
Net
trust
est
ex- budget Defireacexpendon activicit
ties counts, pendiceiptsd debt
tures itures
etc.
Trust
accounts,
etc. 4
—1,861 +6,515
- 4 , 0 5 1 +10,662
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
435
1,808 72,109
2,609 87,039
556
3,617 90,029 1,646
3,827 78,179 55 ,897
3,540 93,744 49 ,595
5,113 100,405 53 ,948
Increase
in
gross
debt
+ 798 +4,529
64,274
64,307
57,679
1944—September .. .
741
609
October
1,035
November
741
December
4,432
632
466
3,606
514
580
507
539
65
60
293
63
175
174
205
470
5,927
2,054
2,506
5,418
5,926
2,001
2,240
5,416
581
133
56
560
6,998
7,479
7,401
7,503
22
47
18
22
329
365
353
332
7,930
8,024
7,828
8,416
2 ,004
6 ,023
5 ,587
2 ,999
- 2 4 4 -2,555
+148 -5,127
+639
-188
- 1 9 3 +12,433
-307
748
4,761
15,626
619
1945—January
February
1,295
883
March
600
April
1 282
May
826
June
669
July
1,200
August
768
September...
1,803
1,627
4,935
1,567
745
3,930
1,073
466
3,440
573
552
520
534
557
561
718
877
573
48
341
96
46
337
69
66
306
69
545
172
473
221
477
529
228
432
342
3,587
3,987
6,908
2,967
3,398
5,916
2,754
3,281
5,192
3,556
3,767
6,892
2,929
3.085
5,914
2,695
2,997
5,189
191
91
628
139
66
1,009
156
99
647
7,551
6,948
8,246
7,139
8,156
7,837
7,324
6,398
5,365
69
48
45
236
296
335
530
162
34
390
373
513
455
757
460
547
695
564
8,202
7,460
9,433
7,968
9,275
9,641
8,557
7,354
6,611
4 ,645
3 ,693
2 ,540
5 ,040
6 ,190
3 ,727
5 ,862
4 ,357
1 ,422
+238
+101
+262
+9
+686
1,778
1,300
242
1,120
3,763
19,850
3,362
956
-980
nrrniinta
Period
Net
receipts
Fiscal year ending:
June 1943
June 1944
June 1945
1944—September....
October
November....
December....
ExInvest- pendiments tures
Net expenditures
in checking accounts of
GovernRement
ceipts
agencies
-95
-2,497
General fund of the Treasury (end of period)
Details of trust accounts, etc.
Social Security
-2,630
-2,292
-2,036
-3,911
-1,741
- 1 , 0 5 0 +15,073
- 1 1 6 -2,615
- 5 0 -3,451
Assets
Other
ExInvest- pendiments
tures
Deposits
in
Federal
Reserve
Banks
Total
Deposits
in
special
depositaries
Other
assets
Total
liabilities
Balance
in
general
fund
2,810
3,202
3,239
2,350
456
2,194
4,403
1,178
1,117
1,851
3,820
1,313
2,444
192
—571
133
10,149
20,775
25,119
1 ,038
] ,442
1,500
7,667
18,007
22,622
1,444
1,327
997
643
607
421
9,507
20,169
24,698
42
146
519
43
303
45
266
312
35
36
35
36
-35
95
-71
164
162
206
225
182
121
84
95
119
24
-55
-220
-213
15,753
10,609
10,223
22,717
1 ,314
998
1 ,122
,335
13,013
8,242
8,002
20,261
1,426
1,368
1,100
1,120
635
618
421
481
15,117
9,990
9,803
22,236
2,816
2,757
380
453
655
1,164
17,866
471
251
84
-21
19,606
1,048
20,077
39
117
169
-37
1945—January
420
1,085
L,384
250
122
208
313
432
37
-98
17,313
15,265
17,734
February
445
1,120
,547
270
128
227
43
-407
84
66
15,277
13,055
15,722
March
443
1,093
,224
412
48
40
71
228
122
137
11,366
9,492
11,809
April
430
974
1,140
530
271
42
— 154
592
296
-21
9,625
7,941
10,055
May
421
997
L,500
701
663
217
482
42
778
3
24,698
22,622
25,119
June
386
914
1,252
579
203
51
222
89
441
312
22,082
20,303
22,469
July
844
387
1,300
336
239
-26
172
56
543
487
18,631
16,874
19,018
August
447
839
,755
407
241
91
51
52
172
16,134
13,989
16,582
September. . .
1
Details on collection basis given in table below.
2
Withheld by employers (Current Tax Payment Act of 1943).
3
Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
4
Excess of receipts (+) or expenditures ( —).
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars]
Miscellaneous internal revenue
Income taxes
Period
Current With- VicTotal indiheldi tory
tax
vidual
Fiscal year ending:
June 1943
June 1944.
June 1945.
1944—August..
September
October
November
December.. ..
16,299 5,771
33,028 10,254 7.'038
35,062 8,567 10,263
1,712
4,490
1,810
1,633
3,670
73 1,258
1,330
18
82 1,233
37 1,203
294
18
686
785
1
CurBack
rent
corpo- taxes
ration
4,137
4,763
4,422
557
705
661
72
953
110
70
980
43
31
26
31
40
126
1945—January
43
3,024 1.889
690
759 1,892
143
3,158
57
February
956
59
4,996 1,737
61
March.
907
160 - 2 6
2,408
915
April
79
201 1,751
70
2,406
May.
June
4,025 1,127
46
858
79
2,242
318 1,249
161
July
75
i
81 1,461
74
62
1,916
August
—l
1
Withheld by employers (Current Tax Payment Act of 1943).
OCTOBER
1945
Excess
profits
taxes
Other
profits
taxes
Total
Manufacturers'
Capi- Estate AlcoMisholic To- Stamp
and beverand
tal
cellabacco taxes retailers'
gift
stock
neous
age
taxes
taxes taxes
excise
tax
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
260
6
25
9
7
27
111
529
544
520
559
194
29
19
63
35
39
32
50
202
183
196
204
201
86
78
78
81
6
4
5
5
5
88
85
95
95
120
139
115
113
103
112
547
510
560
517
571
572
791 " " 105
209
824
49
37
89
206
195
171
171
180
191
198
199
6
6
6
5
6
6
6
5
117
116
104
97
116
104
121
102 1
90
90
117
100
121
116
228
2,133
350
285
2,312
270
301
2,170
443
295
1,895
429
228
5
6
13
9
10
21
8
5
75
64
62
49
69
71
78
66
74
68
83
93
84
108
132
1047
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items1
InvestComments
modities,
Loans
supTotal Cash receivplies, U. S Other
able
and Govt. secumate- secu- rities
rials rities
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
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
853
756
768
700
238
345
1,294
121
1
26
279
386
135
295
1,062
1,623
472
3
35
354
2,987
2,942
2,960
2,507
1,604;
1,6321
1,7561
1,679|
437
424
388
375
43
37
161
64
15,755
16,237
16,734
20,164
l,42l|
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
Other
liabilities
6,398
4,196
4,962
4,162
272
840
20
2
56
)
00
26
290
1
10
58
504
451
459
6
224
519
468
2
3
89
(2)
16
97
21,771
23,857
23,510
27,266
125
100
1,005
50
160
155
15
132
952
654
4
1
213
48
1
1,333
(2)
Pri• U. S. vately
Governowned
ment
interest
231
72
186
121
14
25
263
386
22
7
23
260
377
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
(2)
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
—
Reconstruction Finance Corp. and
affiliates:
Reconstruction Finance Corp
Certain affiliates4
Office of Emergency Management:
Export-Import Bank
War Shipping Administration
Other 4 ..
Smaller War Plants Corp
Federal Deposit Insurance Corp
Federal Works A g e n c y . . . . .
Tennessee Valley Authority
U. S. Maritime Commission
All other
6,566
6,387
5,789
5,544
Bonds, notes,
and debenLand,
tures payable
struc- Undistrib- Other
tures,
uted assets Fully
and
equip- charges
guarOther
ment
anteed
by U. S.
118
536
68
10
66
219
67
certain
1,477
8,241
216
7,851
578
172
870
240
733
4,056
1,946
75
1,034
68
768
()
63
22
118
11
(2)
1
261
1
2
6,769
20
175
2
407
202
7,273
11
15
28
334
836
90
719
3,297
1,647
28'
1501
225
1,182
61
449
283
3
581
14|.
35!.
47
9
266
58
... . j
428.
1,253
7,060
137
7,243
295 j
1691
150
240
724
139
3,790
1,
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Jur le 30,
Purpose of loan
Fed.
land
banks
Fed.
Farm
Mort.
Corp.
1,134
327
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Other
Fed.
inter- Banks Com- Rural
medi- for co- modity Electrificaate
opera- Credit
tion
credit
tives Corp. Adm.
banks
295
135
39
377
Farm
Security
Adm.
1945
Fed.
Home
Own- Public
Housers'
ing
Loan
Corp. Auth.
ReconstrucFed.
RFC
tion
home
affiliFiloan
ates
banks nance
Corp.
(2)
498
965
132
290
Less: Reserve for losses..
72
66
Total loans receivable
(net)
1,062
260
(2)
295
1
5
135
35
(2)
377
143
13
354
952
290
132
ExportImport
Bank
All
other
All
agencies
Mar.
31, 1945,
all
agencies
11
50
166
1
2,971
1,027
3,037
1,149
222
33
64
21
104
243
201
281
226
16
31
32
705
1,034
22
1
135
214
112
149
46
163
1,343
451
49
93
1,409
454
214
269
5,544
5,789
00
1
3
4
2
Assets are shown on a net basis, i.e., after reserves for losses.
Less than $500,000.
Includes Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
Corporations previously classified "war corporations" are now shown under two headings: (1) "certain affiliates" under Reconstruction Finance Corp.
(including Defense Plant Corp., Defense Supplies Corp., Metals Reserve Co., and War Damage Corp.) and (2) "other" under Office of Emergency
Management (including Cargoes, Inc., Petroleum Reserves Corp., Rubber Development Corp., U. S. Commercial Co., and Coordinator of Inter-American
Affairs). The item "certain affiliates" also includes Disaster Loan Corp.
NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Figures on the
(quarterly basis are not comparable with monthly figures previously published, owing to changes in reporting', of which the most important are: assets
items are included in total assets on a net basis (after reserves for losses); each asset and liability item is segregated into Government agencies (interagency) and other, and segregation of interagency amounts is more complete than formerly; some asset items formerly shown are completely changed;
reporting of certain assets, especially cash and privately-owned interest, is more complete.
Monthly figures on the old reporting basis for the months prior to Sept. 30, 1944, may be found in earlier issues of the BULLETIN (see p. 1110 of the
November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p. 517.
1048
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation!
Year and
month
Income
payments
(value) 1
1935-39
= 100
Manufactures
Total
Durable
Adjusted
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1942
August
September.
October....
November..
December..
1943
January
February...
March
April:
May
June
July
August
September.
October....
November.
December..
1944
January
February...
March
April
May
June
July
August
September.
October....
November..
December..
1945
January
February...
March
April
May
June
,
July
August
Construction
contracts
awarded (value) 3
1923-25 = 100
Industrial production2
(physical volume) *
1935-39 = 100
Nondurable
Minerals
Total
Residential
All
other
Employment4
1939 = 100
Nonagricultural
Factory
Factory
pay.
rolls4
1939 =
100
AdAdAdAdAdAdAdUnad- UnadUnad- AdAdjusted justed justed justed justed justed justed justed justed justed justed justed
122.9
109.1
92.3
70.6
68.9
78.7
87.1
101.3
107.7
98.5
105.4
113.5
138.0
213!o
P233.4
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
109
125
162
199
I 239
P235
^353
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279
360
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158
176
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
132
mi
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
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
92
61
102.6
95.5
86.1
75.5
76.0
83.8
87.6
94.9
100.9
94.4
100.0
104.7
117.5
126.7
130.9
127.5
182
179
185
198
278
268
269
286
243
128.6
129.1
130.0
130.5
13.1.4
Adjusted
Ad- I Unad- Unadjusted , justed justed
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
152
151
157
158
159
99.2
99.6
100.0
100.3
101.0
117.5
117.8
119.0
119.8
120.4
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
•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
r
335.2
r
143
139
145
141
140
140
139
128
197
211
220
181
188
202
218
200
104.9
105.2
105.3
105.7
106.0
106.1
105.9
105.7
127.1
126.9
126.8
127.1
128.1
129.0
129.4
129.2
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
101.2
106.6
109.9
107.9
109.1
116.4
94.1
71.2
49.2
52.8
67.8
78.0
90.5
108.2
84.2
100.0
114.5
167.5
245.2
r
334.4
r
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
157.5
160.2
162.9
165.1
168.3
159.0
162.1
163.7
165.6
168.7
258.1
266.0
276.2
287.0
295.4
140
140
140
136
135
r
300.7
r
308.9
"318.0
r
324.9
"330.4
"336.1
"335.8
•343.1
"349.5
"354.9
"359.7
•350.7
79
90
65
88
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
Depart- Wholesale Cost of
Freight ment
4
carload- s t o , r e
comsales modity living
ings*
1935-39
1935-39 (val-5 prices 4 = 100
1926
= 100 ue)*
1935-39 = 100
= 100
86
179.5
182.5
187.2
192.8
196.1
204
208
215
220
223
207
213
218
220
221
290
299
311
319
328
158
161
165
168
169
130
131
129
130
127
175
65
70
83
90
91
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
r
175.8
P
178.3
180.2
181.4
r
180.8
r
181.4
r
181.9
180.3
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
241.9
245.2
244.1
242.3
241.9
244.6
243.4
2*237.3
234
236
235
230
225
220
211
*>188
230
232
-232
229
225
r
220
212
^190
345
346
345
336
323
308
293
175
176
176
174
173
173
165
48
59
72
70
58
50
54
14
13
15
18
20
22
23
^158
75
96
118
112
89
73
79
P89
126.6
126.7
126.7
125.1
124.4
123.5
122.4
'121.1
162.9
162.5
160.6
157.6
154.5
151.0
145.5
?'243
140
141
142
140
138
144
143
''141
162.4
162.0
160.2
156.9
153.6
150.5
145.6
PU2.2
r
333.7
'330.2
"321.5
'307.0
r
3O2.5
"286.5
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
* 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 pp. 1050-1054.
.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1057 of this BULLETIN.
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau
of Labor
Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
5
For indexes by Federal Reserve districts and other department store data, see pp. 1059-1061.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory
employment January and December 1943, pp. 14 and 1,187, respectively, and 1054-1055 of this BULLETIN; for department store sales, June 1944, pp. 549-561.
1
2
3
4
OCTOBER
1945
1049
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100J
1944
Industry
July
Aug. ! Sept. Oct. Nov Dec
Jan.
Feb. Mar. Apr. M a y June July Aug
Industrial Production—Total.
230
232
230
232
232
232
234
236
235
230
225
220
211
PI 88
Manufactures—Total.
246
248
246
248
248
249
251
252
252
247
240
233
222
PI 96
347
348
342
344
341
343
345
346
345
336
323
308
293
202
203
202
206
201
198
197
202
210
206
204
192
r
196
222
184
491
198
224
183
512
196
222
183
502
197
225
187
492
192
218
186
453
190
215
181
456
188
219
176
526
192
226
180
552
198
234
189
561
188
232
184
573
190
229
182
567
181
214
173
505
182
203
172
r
421
161
164
142
319
435
434
427
428
422
431
431
436
431
419
405
393
371
P310
572
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
187
r
r
Manufacturing Arsenals and Depots1
Transportation Equipment.
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government)1
Nonferrous Metals and Products.
704
707
695
704
699
709
706
695
676
651
610
r
223
229
226
229
230
235
235
242
236
231
218
r
244
245
238
233
234
229
253
257
267
263
226
205
200
191
186
187
193
194
252
252
252
247'
280
296
291
120
121
119
118
111
142
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
Aluminum; Magnesium; Tin)i
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products;
Magnesium products; Tin consumption) l
Lumber and Products
124
127
Lumber
Furniture.
Stone, Clay, and Glass Products
114
143
118
146
165
120
126
111
139
109
143
112
141
159
161
160
174
64
212
88
115
179
292
191
123
535
P411
2O7
188
2*151
248
219
210
noo
188
184
183
p\n
234'
221
116
110
104
98
r
p
107
118
142
112
146
110
144
109
140
108
138
163
162
163
166
167
162
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
175
61
216
86
124
183
306
183
62
225
85
122
r
180
300
179
61
221
85
115
r
168
295
173
173
175
176
176
174
173
173
165
2*158
152
150
155
153
149
150
150
132
P
142
150
215
137
143
218
138
142
221
138
144
220
121
123
220
142
36
233
147
153
139
161
146
42
243
151
161
137
165
144
40
234
152
162
137
161
118
34
185
124
129
117
129
2*124
r
m
169 P160
r
166
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products...
Other stone and clay products1 . . .
180
60
222
86
124
182
294
169
66
204
88
122
181
295
165
66
200
86
116
175
302
Nondurable Manufactures
165
168
168
Textiles and Products
139
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
129
139
193
132
140
189
137
148
196
"m
140'
47
193
154
163
141
153
41
185
144
148
138
144
Leather and Products...
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products.
Wheat flour
Cane sugar meltings1
Manufactured dairy products.
Butter
Cheese
Canned and dried milk....
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
r
Revised.
p
Preliminary.
IO5O
147
146
136
140
199
139
149
209
141
146
215
139
145
215
144
152
215
144
42
197
158
162
153
160
"m
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
44
238
160
170
146
169
149
43
249
156
166
142
166
112
121
115
116
114
113
121
122
113
126
78
81
144
100
108
118
82
77
144
114
120
132
92
80
157
122
111
119
88
80
149
117
112
122
84
81
144
119
115
127
86
72
154
113
113
125
85
68
154
114
119
137
89
63
148
123
117
132
88
69
144
126
118
134
95
61
146
125
115
132
91
62
132
126
153
147
146
154
155
158
160
160
153
r
176
43
223
95
r
121
r
172
298
r
121
r
193
62
239
93
117
179
287
2*213
97
2*162
134
123
213
127
110
P107
119
137
r97
r
56
137
132
110
128
r
87
50
133
2*109
113
68
47
130
150
146
2*114
P139
113
116
113
118
125
123
P151
88
152
185
2*152
83
145
180
2*147
85
146
184
2*165
82
156
181
^145
78
154
179
175
219
127
160
134
169
197
138
191
125
161
176
140
196
135
149
179
154 "l58
159
167
140
141
218
213
145
142
158'
164
149
175
149
.'135
130
131
125
138
140
138
83
163
172
2>132
81
162
175
*138
84
168
189
87
181
204
2*133
87
175
196
90
179
206
89
181
222
2*131
2*146
85
171
208
146
146
139
165
104
134
137
139
88
129
121
"132"
135
134
95
128
144
142
103
142
140'
146
136
116
133
133
126
144
151
110
146
149
147
123
143
169
101
129
r
* Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1945
1944
Industry
Mar.
Apr.
May
June
165
163
143
170
169
180
151
169
168
170
156
169
161
149
151
165
154
136
129
163
150
131
108
161 ' ^ 1 5 4 '
170
148
144
136
139
193
173
167
11
250
312
153
0
156
265
152
0
67
283
139
0
61
291
139
0
57
318
147
199
448
293
149
55
395
306
121
123
123
120
128
139
128
150
85
147
95
95
145
97
93
147
91
91
143
90
92
156
94
93
177
90
83
162
88
91
195
98
135
136
137
141
140
141
142
135
P
138
158
111
97
238
136
135
160
106
120
150
130
81
132
150
115
97
212
133
129
145
93
125
156
125
85
132
152
111
95
214
137
129
153
85
119
147
128
76
134
156
113
98
227
139
130
152
87
125
143
127
83
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
Pj29
149
120
93
227
122
128
149
73
122
146
133
80
126
141
74
126
142
135
72
103
103
104
102
105
105
105
105
106
105
nu
89
86
84
85
84
83
85
85
85
88
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
153
130
135
162
148
112
123
162
147
121
115
159
150
139
118
158
155
145
128
162
159
146
138
165
162
162
137
167
128
186
156
166
184
169
213
146
0
37
205
152
100
647
232
172
6
68
270
177
0
104
305
197
0
76
353
174
0
74
355
167
198
452
346
122
126
124
120
135
131
86
154
78
92
152
92
95
149
87
93
142
93
105
157
107
95
155
108
133
142
142
143
143
129
153
114
92
232
127
125
148
99
103
158
118
83
137
159
119
96
234
138
134
158
111
118
149
127
77
137
156
118
92
231
135
134
159
113
116
149
127
84
139
165
126
96
245
142
135
158
111
116
149
132
81
95
102
99
87
87
83
Feb.
July
Aug.
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
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 a n d Publishing....
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel o i l . . . . . . .
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
M i n e r a l s — T o t a l
. . . .
.
Fuels
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals...
Metals other than gold and silver
(Copper* Lead* Zinc) 1
Gold
Silver
.
247
251
255
266
268
268
273
276
272
268
273
r
259
137
164
125
128
264
138
159
125
126
272
141
162
132
126
281
140
167
135
124
283
144
165
136
124
283
141
165
133
119
289
143
171
133
123
292
150
174
126
126
287
145
289
149
174
138
121
r
166
134
131
284
145
167
136
120
172
164
442
171
164
419
168
162
389
170
164
384
170
164
367
167
163
296
167
162
334
168
163
367
171
164
387
161
157
284
314
314
307
307
307
312
317
318
319
142
134
237
408
143
132
240
408
139
131
237
400
139
129
239
395
141
133
242
394
141
137
242
396
142
136
244
396
140
136
241
400
139
135
244
402
227
231
230
231
231
239
247
247
142
143
141
236
142
132
96
269
*>267
285
148
177
136
132
156
175
136
133
Pi 53
168
161
406
163
155
421
165
158
400
153
148
335
318
318
319
308
P
135
134
241
405
131
134
240
407
135
132
243
412
139
130
242
409
P133
^122
P
222
P
368
233
224
140
138
222
218
265
p
m
P141
137
140
143
147
148
148
148
141
145
146
147
145
143
150
148
PMT
144
151
118
142
148
154
124
146
147
151
129
149
149
152
133
148
149
155
126
148
132
138
109
146
140
151
96
148
143
150
112
148
142
149
115
150
136
138
131
150
125
145
47
152
148
153
129
151
140
146
117
153
p
l35
2>i44
^102
2*153
117
114
113
111
112
HI
111
111
111
111
110
109
109
p
178
175
175
171
170
168
170
170
170
169
167
168
168
24
67
23
63
22
57
22
58
22
64
23
62
24
56
24
52
24
54
23
61
24
54
22
49
23
42
139
143
143
144
r
143
105
163
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
OCTOBER 1945
1051
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1945
1944
Industry
July
Aug. Sept.
Oct. Nov. Dec Jan.
Feb. Mar. Apr. May June
July Aug.
Industrial Production—Total.
Manufactures—Total ..
Durable Manufactures —
232
235
234
234
232
230
230
232
232
229
225
220
212
248
251
249
250
248
248
248
249
249
245
240
234
224 P198
348
349
343
346
341
342
343
345
344
335
323
308
293 P244
Iron and Steel
202
203
202
206
201
198
197
202
210
206
204
191
196
222
184
491
198
224
183
512
196
222
183
502
197
225
187
492
192
218
186
453
190
215
181
219
176
526
192
226
180
552
198
234
189
561
188
232
184
573
190
229
182
567
181
214
173
505
435
434
427
428
431
436
431
419
704
707
695
704
Pig iron
Steel
Open hearth
Electric
Machinery
Manufacturing
Arsenals and Depots1 ..
Transportation
Equipment
Automobiles
(Aircraft; Railroad cars; Locomotives;
building—Private and Government) 1
Ship-
Nonferrous Metals and Products ..
Smelting and refining
(Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin) 1
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium
products; Tin consumption)*
Lumber and Products .
Lumber . .
Furniture .
223
456
699
709
230
235
706
r
676
651
610
r
236
231
218
r
155
182
r
203
r
172
r
421
161
164
142
319
371
P310
572
535
P411
2O7
188
P151
243
245
238
233
234
229
253
257
267
219
P200
244
226
205
200
191
186
187
191
194
194
189
183
P172
280
284
296
291
272
234
221
121
116
i>l 13
113
r
138
107
134
P10S
P124
243
'252
252
'247
130
135
128
125
120
113
113
114
119
120
123
143
129
146
123
139
117
143
109
141
97
142
99
142
97
146
108
140
112
138
r
164
167
163
159
156
165
167
166
168
P165
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products. .
Abrasive and asbestos products1 .
Other stone and clay products .
174
60
213
94
124
182
294
175
66
213
100
125
182
295
169
66
204
100
120
179
302
178
64
218
102
122
182
292
170
56
210
95
121
177
295
163
51
202
82
120
175
307
161
60
196
71
116
176
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
r
230
102
115
179
287
180
61
222
110
Nondurable Manufactures ..
167
171
173
173
173
171
170
172
172
171
172
173
167
139
141
147
146
149
152
150 155
129
139
193
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
131
41
185
144
148
138
144
140
47
193
154
163
141
153
144
42
197
158
162
153
160
150
50
213
164
170
156
164
143
56
206
156
161
148
151
152
57
215
165
170
157
166
146
49
225
156
162
148
159
151
44
238
160
170
146
169
149
43
249
156
166
142
166
142
36
233
147
153
139
161
146
42
243
151
161
137
165
103
111
115
118
107
119
77
80
134
100
107
114
86
75
148
114
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
163
165
159
155
150
143
141
142
145
146
112
115
125
122
130
132
122
133
134
107
187
215
PI 78'
91
162
186
82
149
170
2*125
70
134
145
I 08
62
117
130
61
111
138
162
193
128
160
129
147
151
140
188
122
148
139
151
215
144
156'
150
153
248
151
175'
195
146
228
142
184
171 139
217 I 195 132
149 j 150 | 156
89
165 114
131
146 152
Stone, Clay, and Glass
Products.
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliv eries
Nylon and silk consumption 1 ..
Wool textiles
Carpet wool consumption ..
Apparel wool consumption ,
Woolen and worsted yarn ..
Woolen yarn
Worsted yarn
Woolen and worsted cloth .
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings 1
Manufactured dairy products .
Butter
Cheese
Canned and dried milk
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
r
165
69
120
140
132
P134
121
123
r
220
123
P213
144
40
234
152
162
137
161
117
34
185
124
129
117
129
126
71
133
157
r
r
122
^260
138
144
220
150
114
r
107
107
105
116
120
132
87
99
r
57 ! 49
123
135
109
132
96
110
71
46
134
114
157
P153
133
P130
P-185
93
192
214
119
97
146
148
108
150
77
151
186
89
189
231
112
234
272
124
254
284
^212
r
109
223
257
135'
129
150
98
126
125
125
131
86
118
132'
135
134
98
130
139
144
139
103
132
131
129
137
116
127
.Revised. P Preliminary. * 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
July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. M a y June July Aug.
Manufactured Food Products—Continued
Other manufactured foods
Processed fruits and vegetables ...
Confectionery
Other food products
145
97
117
162
146
105
96
165
147
158
0
36
291
115
91
133
90
141
137
158
121
101
227
139
134
157
84
127
148
133
82
148
104
130
162
159
169
111
165
170
213
132
165
174
236
148
162
167
180
154
166
161
133
151
171
155
114
139
169
148
105
141
160
149
103
144
161
151
198
159
168
159
146
191
158
139
183
0
22
205
173
100
609
232
174
6
94
270
164
0
270
305
151
0
159
353
140
0
81
355
137
198
414
346
150
11
228
312
142
0
136
265
160
0
44
283
127
129
131
125
137
117
86
162
78
92
160
89
95
160
93
93
148
99
105
160
110
95
142
95
85
147
93
95
136
94
93
137
91
Paper and Paper Products ...
132
141
141
143
143
134
136
138
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
128
151
101
137
157
105
96
234
138
134
158
111
118
149
127
77
137
154
105
92
231
135
134
159
113
116
149
127
84
139
164
117
96
245
142
135
158
111
116
151
132
81
138
159
117
97
238
136
135
160
106
120
150
130
82
132
150
117
97
212
133
129
145
93
125
151
125
84
132
152
115
95
214
137
129
153
85
119
145
128
76
134
157
118
98
227
139
131
152
87
125
148
127
83
100
105
107
106
104
107 108
83
90
Alcoholic Beverages ...
Malt liquor
Whiskey . . . . . . . . . . . . . .
Other distilled spirits .
Rectified liquors ..
148
99
140
162
p
157
170
88
165
^157
162
214
175
175
0
35
318
184
199
400
293
170
55
216
306
128
145
133
155
92
156
95
93
186
92
83
170
91
204
95
141
142
142
134 *>132
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
126
141
74
126
142
135
71
106
105
99
107
76
87
p
Industrial Alcohol from Beverage Plants1
Tobacco Products ...
Cigars
Cigarettes
Other tobacco products .
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 ....
Minerals—Total .
92
232
127
125
148
99
103
151
118
82
78
247
251
258
266
268
268
273
276
272
268
273
259
137
164
124
119
264
138
159
124
121
272
141
162
132
124
281
140
167
135
124
283
144
165
136
128
283
141
165
132
123
289
143
171
129
126
292
150
174
125
132
287
145
166
132
134
284
145
167
141
123
289
149
174
143
122
r
172
164
442
171
164
419
168
162
389
170
164
384
170
164
367
167
163
296
167
162
334
168
163
367
171
164
387
161
157
284
310
310
307
309
308
313
316
319
321
320
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)1
Gold .,
Silver
,
139
133
244
396
139
135
239
395
139
134
242
394
230
231
231
239
247
247
147
147
144
140
131
134
135
147
148
148
148
141
145
146
144
151
118
142
148
154
124
146
147
151
129
149
149
152
133
148
149
155
126
148
132
138
109
146
140
151
96
148
143
150
112
148
142
145
138
123
140
133
237
408
142
133
240
408
227
231
143
Metals .
93
84
r
Fuels
Coal
Bituminous coal .
Anthracite
Crude petroleum
121
222
323
227
336
138
136
237
400
215
311
188
259
"25
57
26
58
141
137
242
396
139
135
241
400
68
130
133
95
63
"23'
56
98
139
135
244
402
269
P267
285
148
177
136
124
175
134
124
168
161
406
163
155
421
165
158
400
318
315
304
P153
153
148
335
P
261
p
137
131
241
405
135
130
240
407
139
130
243
412
236
233
224
222
136
140
141
147
147
145
143
150
142
149
115
150
136
138
131
150
125
145
47
152
148
153
129
151
140 pl35
146
117 *102
153
72
109
r
129
125
p
166
216
"21'
61
r
196
289
22
42
p
104
207
304
204
301
"20
47
l32
P124
P
222
409
p
193
145
p
144
p
147
123
l93
289
r
1
Revised, P Preliminary.
Series included in total and group indexes but not available for publication separately.
NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp.
753-771 and 825-882.
OCTOBER
1945
1053
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
1944
Total
Durable goods
Nondurable goods
1945
Apr.
Aug.
July
r
r
167.7
r
229.3
r
119.3
167.9 156.9
r
228.1 r 210.2
J
120.5 r 114.9
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 qrnamental metal work
r
171.3
124
244
130
128
138
183
160
214
r
Electrical Machinery
Electrical equipment
Radios and phonographs...
r
Machinery, except Electrical
Machinery and machine shop products
Engines and turbines
Tractors
Agricultural, excluding tractors....
Machine tools
Machine-tool accessories
Pumps
Refrigerators
r
Transportation Equipment, except Autos
Aircraft, except aircraft engines ...
Aircraft engines
Shipbuilding and boatbuilding..
May
June
7
r
153.6
r
150.5
204.1 196.9
r
113.7 r 113.9
r
r
316.5
223
456
222
262
256
345
324
411
r
319.0
229
451
228
275
265
348
323
365
r
308.8
227
422
213
268
247
334
313
341
r
298.3
223
389
230
263
244
r
320
304
318
279.2
215
345
232
244
234
292
282
2 57.9
223
254
245.6
213
242
235.2
r
527.6
465
560
r
5l3.9
r
515.3
r
502.1
r
484.8
426
501
r
445.0
387
463
209.3
210
332
173
150
195
244
274
r
135
202.2
203
320
171
147
188
233
265
130
196.8
441.1
429
833
304
336
384
r
392.1
386
683
272
289
348
430
r
229.8
228
376
192
163
210
270
326
150
227 .9
228
r
r
377
2l7.3
218
349
r
207
264
318
151
153
201
254
284
142
1
r
r
r
Nonferrous Metals and Products
Primary smelting and refining
Alloying and rolling, except aluminum
Aluminum manufactures
184.4
175
176
309
179.1
142
185
300
r
177.7
140
183
296
r
Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills
r
118.0
83
98
r
108.8
r
Furniture and Lumber Products
r
Food and Kindred Products
Slaughtering and meat packing....
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
183.6
171
179
296
U8.8
83
98
r
114.7
131
r
107.7
r
74
94
106.0
99
r
114.1
129
r
101.0
109.7
125
68
109.1
124
69
71
r
96.5
110
74
98
66
90
r
96.0
109
r
92.7
105
72
95
61
86
r
91.8
104
110 1
96
78
r
91.1
85
80
132.5
132
117
112
109
148
132
r
137.7
130
114
112
114
148
163
68
118.8
107
119
114
r
115.6
105
117
110
111.0
127
71
73
117
r
92.2
105
72
94
61
86
114.5
103
116
110
109
139
576
250
73
73
113
90.4
103
71
91
60
84
r
187 0
178
r
90.2 r174.5
205
136
195
106
151
r
r
186.2
197
113
122
89.8
83
88.5
81
r
79
78
88.6 rl60.4
148
143
116.7
106
119
110
108
143
123.3
106
121
108
99
125.9 r199.8
218
188
167
186
210
157
r
73
79
r
r
147
124
243.7
349.2
269
362
336.5
262
341
524
r
327.0
262
328
302.7
268
294
r
203.1
142
164
r
187.7
r
r
r
190 9
161
128
140
129
r
1
116.0
105
115
111
113.7
103
111
109
114.1 rl94.5
180
194
179
r
196 2
167
129
144
126
r
189.6
168
201
170
192
207
150
r
r
l94.0
181
187
179
187.9
200
114
121
184
r
215.5
211
190
168
188
224
306
196
133
r
r
166.9
148
150
160.4
200*
131
r
l96.2
182
194
180
497
450
209.6
192.9
148
167
134
160
189 1
181.3
173
166
192.0
187.7
194
128
173
170.6
202
135
187
99
148
r
'157.0
197
132
l92.8
179
194
176
193.3
206
115
124
189
158.2
146
140
r
r
177
170.4
204
134
181
106
146
211.7
220
195
168
178
226
243
81 * r157.4
189
141
191.6
r
r
83 2
124
60
141
167
191.1
204
118
124
193
157.7
147
140
8i 9
124
65
202.7
181
r
283.2
554
194 7
178 8
155
133
126
103
r
r
272.6
342.9
r
r
1999.9
2307
3043
2193
r
r
r
2152.8
2543
3232
2328
r
227.1
165
165
170.7
207
131
184
102
147
r
r
r
187
585
243
308.0
174
108.7 r191.9
210
111
123
196
r
371.6
366
641
272
296
329
388
543
229
r
315
337
522
152
166
97.8 189 7
167
135
135
91
85 4
124
64
114.6
104
115
109
109.3
124
97 2 r190 9
213.2
393.9
386
680
278
306
353
422
r
551
r
96 4
86
68
65
67
r
r
567
r
415
486
279
319.0
r
342.1
325
320
102.2
90
69
72
66
78
r
98 0
90
314.0
r
r
88.6
82
86 7
125
65
127
r
r
r
88.2
r
103.1
90
68
74
69
76
r
88.6
128
68
r
78
115.4
107
115
110
113
138
100.2
93
94
61
86
89.0
82
r
r
71
r
91.0
85
80
r
119.3
106
122
115
10 >.4
91
69
76
81
74
79
108.0
170
115
i
107.9
75
71
r
108.9
354.3
334
340
93
116
r
157.2
75
124
97
66
89
162.0
138
163
260
93
125
74
172.7
141
176
284
330.8
15
100.2
93
r
144.6
93
r
94
154.3
222.8
159
73
76
76
72
r
r
160.2
73
76
r
Tobacco Manufactures.
Cigarettes
Cigars
Paper and Allied Products.
Paper and pulp
Paper goods, n.e.c
Paper boxes
176.2
105.4
98
r
449
593
260
277
474.0
r
732
278
313
371
r
166.5
r
Leather and Leather Products
Leather
Boots and shoes
475
712
270
413.7
410
r
r
r
108.1
95
76
293
334
371
458
676
251
r
r
r
r
424.5
415
786
291
319
369
450
669
r
174.7
Textile-Mill and Fiber Products
Cotton goods except small wares...
Silk and rayon goods.
Woolen and worsted manufactures.
Hosiery
.
Dyeing and finishing textiles...
Apparel and Other Finished Textiles.
Men's clothing, n.e.c
Shirts, cellars, and nightwear
Women's clothing, n.e.c
Millinery
r
784
441
521
134.1
r
r
421.8
409
456
534
900.1 r3079.3 r2979.8 r2982.1 r2538.3 r2322.6
3334
3071
3433
3338
2837
4761
4820
3957
4993
3703
3379
3498
3387
2711
2434
r
Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
r
451
542
1432.3 '1201.1 r1117.7 '1025.4 961.1
1733
1560
1450
1277
1186
2709
2289
1950
1870
2167
1577
1233
1132
1067
998
Automobiles
Furniture
286.5
372.7
202.2
314.1
225
434
212
258
252
338
320
418
r
178
302.5
413.3 r399.8
r
202.9 r207.3
r
r
188
160
July
r
318.6
225
453
207
263
259
346
323
421
r
213.1
214
339
174
149
198
250
279
139
321.5
465.4 r 437.2
r
207.5 r 208.3
June
f
307.0
r
r
267.6
232
263
179
r
146.3
287.3
249
286
263.0
228
260
r
335.0
r
May
Apr.
151.6
119
201
133
119
124
158
145
155
289.2
249
292
155
190
r
r
1945
Aug.
July
159.1
121
213
133
125
127
r
165
150
168
r
127
131
176
153
179
June
r
r
164.5
122
230
130
Aug.
142.2 339.5 331.7
180.6 r 476.6 '461.4
112.0 r 205.4 r 204.9
r
167.O
122
236
131
129
134
1944
July
145.6
187.8
112.3
171.7
124
244
132
130
139
183
161
210
1457.3
1745
2788
1613
Factory pay rolls
r
201
121
126
186
166.6
200
134
179
95
141
r
181 5
157
123
131
84
r
r
174.6
210
142
187
100
169.9
210
138
147
145
183 1
164
126
126
91
167 5
152
126
109
106
r
161.1
147
143
r
188.1
163
202
r
171
185
206
144
r
r
r
r
H6 4
192'
133
r
190.7
178
186
175
127
176
170.3
149
154
177
94
165.0
146
149
196.4
178
211
174
205.8
175
218
187
220
164
231
246
155
175
137
151.4
201*
115
197.7
184
193
183
193.5
181
182
181
164.1
204*
r
r
Revised.
NOTE.—Revised indexes shown here for major groups and totals were released by the Bureau of Labor Statistics in September 1945. These 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 August 1945 are preliminary.
1054
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Gw//««e</
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
1944
July
1944
1945
Aug.
r
Printing and Publishing
Newspaper periodicals
Book and job
Factory pay rolls
Apr.
r
99.6
93
107
May
r
98.9
93
106
June
June
July
Aug.
Apr.
May
June
96.8
91
104
97.1
r
r
r
r
r
r
139.6
122
156
137.8
120
155
203.7
183
111
162
1207
1346
77
104
191.0
r
355.5
267
174
297
1563
2359
149
228
r
355.6
267
174
298
1646
2271
144
225
356.6 r391.3 r388.9 r381.3
265
282
277
285
176
181
183
186
295
296
295
299
1725
'2076
1984
2096
2225
3037
3150
3185
164
154
203
184
259
227
351
293
363.0
274
184
292
1880
2636
151
247
126.8
127
100
127.4
128
101
128.1
r
215.8
208
188
r
223.2
216
192
r
220.9
214
187
r
229.5
227
179
r
226.9
223
186
r
229.5
224
190
233.4
229
191
155.2
167
131
151.1
162
128
149.2
r
284.5
279
251
r
282.7
281
245
r
291.0
294
247
r
299.6
306
256
r
283.6
289
244
r
287 .3
294
243
281.3
287
238
165.0
512
157
158.5
473
155
155.0
r
332.5
1097
273
r
323.2
1082
272
r
319.9
1032
271
T
334.2
1070
270
r
324.4
996
265
r
300.9
835
260
r
97.5
92
104
Chemical and Allied Products
Drugs, medicines, and insecticides.
Rayon and allied products
Chemicals, n.e.c
Explosives and safety fuses
Ammunition, small-arms
Cottonseed oil
Fertilizers
202.7 r204.3
184
182
109
110
171
170
1048
1119
1127
1110
75
81
99
102
r
219.8
183
110
165
1358
1581
95
145
216.3
183
110
164
1349
1549
88
126
212.5
184
111
165
1304
1508
80
112
Products of Petroleum and Coal
Petroleum refining...
Coke and by-products.
r
126.4
124
107
r
127.4
126
107
r
126.0
126
100
r
126.3
127
100
r
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
r
160.5
166
139
r
161.2
169
138
r
160.8
172
138
r
157.6
169
134
r
Miscellaneous
Industries...
Instruments, scientific....
Photographic apparatus.
r
171.6
562
172
r
170.0
557
167
r
167.8
540
159
r
l66.6
534
158
r
T
r
July
1945
97.5
92
104
r
97.3
92
104
r
Aug.
135.3
117
152
134.7
117
150
135.0
118
149
138.2
121
156
138.9
122
154
July
323.8
988
263
For footnotes see opposite page.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
Total..
. 1943.
1944..
1945
.1943
1944
1945
.1943
1944
1945
Durable..
Nondurable
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Annual
170.7
178.1
162.9
226.4
247.0
219.8
126.8
123.7
118.0
173.1
177.1
162.5
231.1
245.2
219.1
127.4
123.3
117.8
175.1
174.6
160.6
235.3
241.5
215.9
127.8
121.8
117.1
176.2
171.8
157.6
237.6
237.1
210.3
127.8
120.3
116.1
176.9
170.1
154.5
239.1
234.1
204.1
127.8
119.6
115.4
179.0
169.2
151.0
242.8
232.0
196.7
128.6
119.7
115.0
180.1
167.6
145.5
245.3
229.0
187.6
128.7
119.3
112.3
180.2
166.8
Ul.l
246.1
227.7
2*180.3
128.2
118.7
179.6
164.9
180.6
163.3
181.5
162.6
179.9
163.0
177.7
169.1
246.4
224.0
249.0
220.8
251.1
219.0
249^8
219.7
241.7
231.4
126^9
118.3
118.'0
118!l
124^9
118.3
127.4
119.9
p
p
Preliminary. NOTE.—Revised indexes based on new Bureau of Labor Statistics data released in September 1945. Back figures from January 1939
may be obtained from the Division of Research and Statistics.
HOURS A N D EARNINGS OF WAGE EARNERS I N MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)
Average hours worked per week
Industry
June
1945
1944
1944
July Mar. Apr.
May
June
July
June
July
Mar.
Apr.
104.4
104.4
May
June
July
103.8
103.3
7
All Manufacturing.
45.4
44.6
45.4
45.2
44.1
44.6
44.0
101.7 101.8
Durable Goods
46.8
45.7
46.7
46.5
r
45.5
45.8
44.9
111.3 111.6
113.9
113.8
113.4
46.8
46.6
49.1
47.3
45.9
47.1
44.5
44.6
43.8
46.0
45.7
47.5
46.8
43.7
46.0
42.4
43.6
42.4
47.1
46.6
48.6
47.1
46.1
47.3
43.1
44.6
44.2
46.9
46.4
48.1
46.8
45.5
47.1
43.6
44.3
44.5
46.0
45.6
46.6
45.9
43.9
46.0
42.9
r
43.6
43.6
r
46.0
r
45.8
47.7
r
43.8
r
44.3
46.1
44.0
r
44.1
r
43.8
45.2
45.4
46.6
45.8
42.4
45.4
41.5
43.3
43.3
108.1
102.6
112.2
126.2
127.5
104.9
79.9
81.3
89.4
108.6
103.2
112.3
126.7
129.1
105.1
79.6
81.2
89.9
110.7
107.0
115.3
129.9
128.0
108.1
79.8
85.0
92.3
110.9
106.8
115.2
129.5
128.0
108.2
80.7
85.5
92.9
111.2
r
106.8
115.2
129.7
r
126.9
107.7
81.4
85.9
r
92.8
43.3
43.0
43.5
43.2
42.3
43.0
42.8
86.1
86.2
89.6
89.9
r
r
73.5
86.2
85.2
86.9
74.0
87.4
112.9
98.0
120.2
113.6
99.3
r
75.9 76.3
84.0 82.8
85.7
85.0
r
87.7 87.4
75.7 75.1
87.9 88.1
112.7 112.4
99.7 99.9
120.7 121.9
114.0
113.9
r
99.2 98.2
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
41.7
37.3
41.2
45.6
42.4
45.7
41.2
45.5
46.9
45.0
45.2
42.4
39.0
42.5
45.1
42.9
46.3
41.6
45.9
47.4
45.3
46.1
41.9
37.9
42.0
45.0
42.3
46.5
41.2
45.7
48.3
45.7
45.8
r
40.7
36.4
40.4
44.5
41.6
45.4
41.2
45.7
47.5
44.2
44.8
41.8 41.3
37.2 36.6
42.1 41.7
45.5 45.5
41.1
42.
46.4 46.3
41.6 41.5
45.4 45.1
47.8 47.7
45.1 .45.5
r
45.2 44.0
71.2
78.4
80.2
85.1
70.6
84.5
107.5
95.8
118.1
109.2
95.8
71.0
78.5
80.1
84.5
70.9
84.7
107.2
96.6
119.9
109.4
95.5
73.3
87.4
84.8
86.4
74.1
87.1
112.1
97.5
119.5
111.7
99.1
90.3
74.5
84.7
85.9
r
S7A
74.7
87.6
113.3
r
99.0
120.4
113.2
99.2
113.1 112.7
111.2
106.1 105.7
114.9
130.3
126.8 125.2
107.4 107.0
82.2 81.0
r
85.3 85.2
r
92.9 93.1
r
115.0
r
130.2
r
90.4
90.2
NOTE.—Back figures are available from the Bureau of Labor Statistics.
Revised.
OCTOBER
42.0
38.2
41.6
45.9
42.3
46.3
41.3
45.8
46.8
45.2
46.1
104.2
1945
1055
ESTIMATED EMPLOYMENT IN NONAGRIGULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Federal,
State, and
local
government
Construction*
Transportation and
public
utilities
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
12,174
12,456
12,776
13,032
13,342
13,473
13,580
13,642
13,752
13,748
943
643
949
970
981
997
1,000
1,003
1,004
1,002
2,260
2,133
2,176
2,239
2,256
2,258
2,327
2,295
2,248
2,115
3,131
3,161
3,224
3,254
3,292
3,330
3,331
3,355
3,369
3,367
7,192
7,266
7,302
7,388
7,495
7,579
7,548
7,537
7,526
7,487
4,397
4,438
4,441
4,441
4,442
4,458
4,454
4,472
4,479
4,493
4,309
4,344
4,401
4,434
4,469
4,502
4,534
4,588
4,613
4,652
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
ay
Fbebruary..
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
L,476
L,358
L,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
3,720
3,780
3,780
3,763
3,768
3,765
3,753
3,762
3,735
3.748
3,771
3,789
7,096
7,043
7,046
6,982
6,997
7,012
7,084
7,059
7,065
7,077
7,052
7,015
4,170
4,173
4,165
4,257
4,363
4,475
4,505
4,514
4,488
4,384
.4,359
4,304
5,866
5,889
5,901
5,905
5,902
5,896
5,859
5,898
5,899
5,915
5,914
6,081
38,426
38,469
38,456
37,963
r
37,746
37,472
37,164
36,749
15,633
15,595
15,445
15,178
14,885
14,538
14,136
13,744
805
802
796
765
732
r
798
784
779
633
658
691
736
782 f
r
828
853
864
3,797
3,848
. ' 3,846
3,811
r
3,802
3,795
3,779
3,781
7,210
7,164
7,214
7,004
7,056
r
7,039
7,123
7,100
4,394
4,404
4,438
4,466
4,513
r
4,521
4,537
4,537
5,954
5,998
6,026
6,003
5,976
5,953
5,952
5,944
38,725
38,689
38,672
38,846
38,731
38,744
38,571
38,360
38,347
38,889
16,559
16,309
16,122
16,093
16,013
16,023
15,843
15,692
15,607
15,632
852
844
839
844
833
834
826
816
812
678
683
686
691
686
700
671
652
629
594
3,723
3,744
3,768
3,803
3,809
3,818
3,791
3,767
3,771
3,770
6,919
6,968
6,962
6,977
6,942
6,918
6,994
7,148
7,299
7,611
4,123
4,236
4,363
4,542
4,618
4,582
4,488
4,340
4,315
4,304
5,871
5.905
5,932
5,896
5,830
5,869
5,958
5,945
5,914
6,172
37,952
37,968
38,062
37,791
r
37,679
37,556
37,205
36,844
15,555
15,517
15,368
15,102
14,811
r
14,538
14,136
13,813
801
798
796
761
728
r
794
784
783
582
599
636
699
798
r
845
896
933
3,740
3,771
3,788
3,792
r
3,802
3,833
3,836
3,838
7,030
6,985
7,084
6,990
7,021
r
7,004
6,981
6,958
4,350
4,360
4,394
4,444
4,513
r
4,589
4,650
4,605
5,894
5,938
5,996
6,003
6,006
5,953
5,922
5,914
Total
Manufacturing
1939
1940
1941
1942
1943
1944
30,353
31,784
35,668
38,447
39,728
38,698
10,078
10,780
12,974
15,051
16,924
16,121
SEASONALLY ADJUSTED
1941—March
April
May
June
July
August
September
October.
November
December
34,406
34,441
35,269
35,758
36,277
36,597
36,774
36,892
36,991
36,864
1942—January
Febru ary.
Marchh
April
May......
June.............
July
August
September
October
November
December
Year and month
1945—January..
February
March
April....
May . . .
June
July
August..
.....
UNADJUSTED
1944—March.....
April
May
June
July.....
August
September
October
November
December
1945—January...
February..
March
April......
May
June
July
August..
Mining
611
619
,
* 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. August 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.
IO56
FEDERAL RESERVE
BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
J anuary.,
February
March
April.
May......
June.
July.........
August.
September
October
November
December. .
Factories
,
Year
1
Nonresidential building
Residential
building
Total
Commercial
j
Educational
1944
1945
1944
1945
1944
1945
1944
1945
1944
159.2
137.2
176.4
179.3
144.2
163.9
190.5
169.3
175.7
144.8
164.9
188.5
140.9
147.0
328.9
395.8
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
7.5
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
ll,994.0
348.4
?:I
9.5
80.8
472.7
Public works
and public
utilities
Other
j 1945
1944
1945
1944
1945
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
23.9
17.6
36.3
49.9
29.4
35.6
36.9
32.0
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
69.2
746.1
276.7
Negative because of revision of a prior month's entry.
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Public ownership
Total
Private ownership
Month
January . . .
February.
March
April.
May.
Tune...
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
1945
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
316
364
304
253
192
183
122
351
120
157
135
198
122
109
133
133
98
122
148
125
127
102
103
114
75
74
221
309
148
82
108
1943
35
30
36
50
42
46
61
62
56
56
50
54
579
2,695 1,435
3,274 1,994
1944
37
28
43
46
46
42
42
44
49
43
62
74
1945
66
73
107
87
95
146
149
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts) .
559
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollarsl
Aug.
July
18,841
36,445
16,162
25,423
29,395
24,293
51,704
I 28,703
7,621
6,131
18,890
10,891
27,012
23,976
26,722
46,621
21,689
35,273
19,819
5,700
12,784
27,204
6,392
14,915
7,621
16,650
26,951
21,906
27,088
13,120
5,196
13,046
16,456
263,608
257,691
169,341
Aug.
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of doll ars]
Mortgages on
Title I Loans
Year or month
Total
320 |
557
495
694 I
954
1,026
1,186
1,137
942
886
1935
1936.
1937.
1938.
1939.
1940.
1941
1942.
1943.
1944.
1944—Aug...
Sept..
Oct...
Nov. .
Dec.
81
83
84
82
1945—Jan..
Feb. .
Mar..
Apr.
May
June
July
A
67
68
60
S3
62
56
52
45
66
1- to 4-i R e n t , a l
War
family ' a n d
houses group housing
(Title
housing
(Title
VI)
(Title
II)
II)
Small
home
construction
Property
improvement
224 !
246 |
60 1
160
208
251
262
141
96
125
11
14
12
17
11
19
13 ;
io !
14
13
12
12
;
!
i
|
13
25
26
21
15
1
j
!•
I
i
!
!
i
94 |
309 I
424 i
473 !
669 I
736 |
877 |
691 ;
243 i
216 |
13
284
601
537
20
20
22
22
18
50
46
49
43
37
19
14
17
15
22
19
19
18
39
34
30
28
26
24
21
15
I
|
I
|
* 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.
OCTOBER
1945
Savings Insur- Federal
ance
and
2
savcom- agen- I Other
loan
ings associ- panies cies 1
banks ations
Mu-
Total
Commercial
banks
1936—Dec...
1937—Dec...
1938—Dec.
365
771
1,199
228
430
634
8
27
38
56
110
149
41
118
212
5
32
77
27
53
90
1939—June..
Dec.
1,478
1,793
759
902
50
71
167
192
271
342
137
153
94
133
1940—Mar...
June.
Sept..
Dec...
1,949
2,075
2,232
2,409
971
1,026
1,093
1,162
90
100
111
130
201
208
216
224
392
432
480
542
171
182
190
201
124
127
141
150
1941—Mar...
June..
Sept..
Dec.
2,598
2,755
2,942
3,107
1,246
1.318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
178
179
1942—Mar..,
June.
j
Dec.
i
1943—June.
Dec.
1944—June.
Dec.
3,307
3,491
I 3,620
1,549
1,623
1,669
201
219
236
264
272
276
856
940
1,032
237
243
245
200
195
163
3.700
3,626
1,700
1,705
252
256
284
292
1,071
1,134
235
79
158
159
3,554
3,399
1,669
1,590
258
260
284
269
1,119
1,072
73
68
150
140
End of month
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 mortsraees and cases in transit to or being audited at the Federal Housing Administration.
1057
MERCHANDISE EXPORTS AND I M P O R T S
[In millions of dollars]
Merchandise imports 2
Merchandise exports 1
Excess of exports
Month
1942
1941
1945
1943
January
February
March
325
303
357
482
483
637
749
728
1,124
1,107
1,197
April
May
June
July
August
September
387
385
330
717
542
650
989
1,092
1,003
1,231
1,454
1,297
365
460
425
659
705
732
1,265
1,280
1,269
1,196
PI,188
^1,192
October
November....
December
666
492
653
803
788
883
1,238
1,073
1,288
PI,142
p
l,185
p
937
January-July.
2,451
4,169
6,815
8,606
p
^884
l,022
1,133
^866
^882
^6,691
1942
1943
1944
229
234
268
254
254
272
229
234
249
300
313
359
287
297
280
235
191
215
258
281
295
360
386
331
278
282
262
213
186
196
302
316
286
294
P304
304
281
344
200
168
358
329
311
281
P
329
P323
P336
1,872
1,634
1,848
2,344
1942
1943
1944
96
69
89
228
230
365
520
494
739
824
794
838
P
366
^372
100
88
50
482
351
435
731
811
708
871
1,068
965
P345
87
178
162
446
518
536
963
964
983
902
P884
P911
362
211
309
603
620
525
909
762
1,006
580
2,535
1945
P325
P
365
P2.467
^558
P
657
P636
^537
P
814
862
601
p
p
4,967
6,262
P1 Preliminary.
Including both domestic and foreign merchandise.
2
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for April 1940, p. 347- February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers; 1935-39average* 100 ]
Total
ForLive- est
stock prod-
Coal Coke
Mis- Mercel- chanOre lanedise
1 .c.l.
Total
railway
operating
revenues
Total
railway
expenses
Net
railway
operating
income
Net
income
Annual
Annual
1939
1940
1941
1942
1943
1944
REVENUES, EXPENSES, A N D INCOME OF CLASS I
RAILROADS
[In millions of dollars]
98
111
123
135
138
144
101
109
130
138
137
140
102
137
168
181
186
186
107
101
112
120
146
139
96
96
91
104
117
124
100
114
139
155
141
144
110
147
183
206
192
181
101
110
136
146
145
147
97
96
100
69
63
67
1939
1940
1941
1942
1943
1944
3,995
4,297
5,347
7,466
9,055
9,437
3,406
3,614
4,348
5,982
7,693
8,343
589
682
998
1,485
1,362
1,093
93
189
500
902
874
668
SEASONALLY
ADJUSTED
SEASONALLY
ADJUSTED
143
150
150
146
143
149
151
1944—May
June
July
August
September
October
November
December
779
810
804
781
790
791
788
780
688
701
706
710
710
709
697
711
91
109
98
71
80
82
91
69
52
71
61
32
42
46
57
33
161
168
218
204
204
170
171
166
157
152
159
153
151
146
146
132
1945—January
February.
March
April
May
June
July
766
781
796
799
796
831
791
673
678
698
704
704
725
696
93
103
98
96
92
106
95
60
68
63
62
57
71
P61
154
157
162
148
140
135
120
291
302
281
276
237
138
41
147
151
151
158
156
155
142
1944—May
June
July
August
September
October
November
December
804
799
809
836
799
819
781
757
99
100
100
101
89
97
92
70
60
61
57
60
56
60
64
41
128
128
134
133
143
149
140
140
40
42
63
203
268
263
273
249
143
142
151
151
152
150
148
133
1945—January
February
March
April
May
June
July
751
713
813
779
823
820
796
73
73
100
92
100
96
97
39
37
63
56
65
66
147
142
145
147
143
143
127
194
194
185
182
182
181
166
135
144
131
126
147
150
134
124
124
121
114
120
135
128
148
156
155
137
133
138
135
187
189
188
184
153
153
133
143
139
145
141
140
140
139
128
141
139
137
126
126
143
136
128
176
178
190
180
193
181
193
167
128
119
134
160
167
155
157
163
120
121
129
124
120
121
121
115
142
133
134
133
137
144
140
133
1944—June
July
August
September.
October
November..
December..
144
147
146
150
148
144
128
147
142
r
145
147
143
143
127
190
188
178
181
178
181
175
137
172
141
142
147
147
126
100
102
115
151
184
170
124
1945—January
February...
March
April
May
June
July
August
132
130
136
139
142
145
143
132
141
139
137
126
126
143
136
128
185
188
192
176
191
178
187
160
128
117
124
141
147
158
188
176
115
97
102
111
108
99
97
109
1944—June
July-August
September .
October....
November..
December..
139
142
142
139
137
141
137
1945—January....
February...
March
April
May
June
July
August
r
r
UNADJUSTED
UNADJUSTED
705
700
709
735
710
721
689
687
r
678
640
713
687
723
724
699
r
P Preliminary. r Revised.
r
Revised.
NOTE.—Descriptive material and back figures may be obtained
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for from the Division of Research and Statistics. Basic data compiled
June 1941. Based on daily average loadings. Basic data compiled by Associa- by the Interstate Commerce Commission. Annual figures include retion of American Railroads. Total index compiled by combining indexes for classes visions not available monthly.
with weights derived from revenue data of the Interstate Commerce Commission.
1058
FEDERAL RESERVE
BULLETIN
DEPARTMENT STORE STATISTICS
[Based on value figures)
MONTHLY INDEXES OF SALES
[1935-39 average = 100]
Federal Reserve district
Year and month
United
States
Boston
NewYork
Pbila- ' Cleve- j R k
delphia ! land
mond I AtlantaChicago
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
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
1943—September
October
\ T ovember.
December
165
172
177
167
145
145
150
148
133
137
143
133
149
154
161
144
158
170
178
164
196
194
199
197
1944—January
February....
March
April
May...
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
r
l52
149
152
161
158
159
156
173
161
168
158
169
r
157
170
168
183
171
169
166
183
166
181
166
191
182
180
190
203
190
197
211
220
181
188
202
218
200
167
166
193
157
160
177
183
166
149
165
189
150
156
169
176
165
173
189
204
162
170
185
198
175
174
180
215
273
152
161
184
255
141
157
182
228
137
142
170
172
178
163
142
157
196
208
248
320
119
115
144
161
162
144
110
H8
170
184
207
300
112
114
139
137
142
133
100
156
171
212
174
183
186
163
168
132
130
187
156
158
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.
94
105
105
110
113
114
115
117
108
97
St.
Louis
Minne- Kansa
apolis
City
Dallas
San
Francisco
93
112
92
86
91
94
98
103
101
103
104
96
31
61
67
80
75
78
91
93
99
106
107
110
112
104
94
71
76
80
97
105
106
112
117
338
157
212
246
77
86
100
106
100
109
117
139
169
2(X
221
220
212
189
211
212
206
83
98
96 j
102 i
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
115
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
210 |
222
220
208
162
163
164
163
171
188
197
172
147 j
148
166 j
146 |
179 1
194 j
210
174
202
198
213
200
212
208
212
r
215
218
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
r
203
200
215
244
208
219
227
244
237
242
239
256
253
252
248
258
259
208
211
219
201
214
210
222
r
222
217
228
253
233
186
204
222
174
179
197
220
189
231
238
250
210
210
235
r
252
235
268
274
274
234
243
277
300
274
184
202
207
168
170
184
197 j
189 I
211
236
235
188
209
220
250
225
181
208
205
157
162
172
r
187
186
241
246
240
199
203
218
r
243
215
261
271
269
256
264
268
r
300
247
257
249
219
234
233
r
255
231
152
174
202
256
168
182
214
262
208
212
252
332
218
233
257
336
166
174
200
253
188
194
224
166
168
192
224
197
203
228
283
232
250
269
343
197
219
255
325
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
231
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 i
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
226
238
299
373
124
137
176
143
148
156
118
120
133
149
200
152
163
167
r
137
137
145
163
214
171
177
187
161
165
174
191
250
193
209
207
181
194
214
236
282
227
238
233
225
244
147
162
200
165
170
178
154
158
173
187
233
192
209
198
185
194
136
144
186
156
164
171
r
147
165
178
194
233
195
205
200
r
192
202
211
239
269
228
248
228
228
197
217
232
205
219
215
r
211
210
j
!
i
I
j
SEASONALLY
ADJUSTED
June
July
August
September.
October.
November
December
1945- -January
February ...
March
April
MayJune
July
Avigust. .
UNADJUSTED
1943—September..
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 .
r
H65"
127
r
125
J
111
|
I
j
|
!
I
Revised.
NOTE.—pr or description and monthly indexes for back yearSj see pp. 542-561 of BULLETIN for June 1944.
OCTOBER 1945
DEPARTMENT STORE STATISTICS—Continued
SALES, STOCKS, AND OUTSTANDING ORDERS
[As reported by 296 department stores in various Federal Reserve districts J
Amount
(In millions of dollars)
Index of stocks
(1935-39 average
= 100)
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
Without seasonal adjustment
1942
Jan. 2 4 . . . . ..122
Out-
Sales Stocks stand- Seasoning
(total (end
of orders
ally
for
month) month) (end of adjusted
Unadjusted
month)
1939 average.
1940 average.
1941 average.
1942 average.
1943 average.
1944 average.
128
136
156
179
204
227
344
353
419
599
508
r
533
1943—Nov.. .
Dec...
259
338
576
467
1944—Jan....
Feb....
Mar....
May!!!
June...
July...
Aug. ..
Sept...
Oct....
Nov. ..
Dec. ..
167
170
226
206
220
r
198
'162
r
198
234
257
299
385
1945—Jan....
Feb....
Mar....
Apr....
May...
June...
July...
Aug....
198
198
284
209
231
236
191
P213
479
514
531
r
526
525
r
523
r
511
r
572
583
600
r
580
444
r
r
r
463
494
524
r
565
591
601
590
r
99
101
120
172
146
153
108
194
263
530
r
560
143
143
165
134
530
527
484
r
476
r
534
r
592
r
631
r
579
r
560
r
577
r
610
154
154
149
145
147
157
165
r
171
161
154
144
136
137
147
152
151
151
150
148
r
164
167
172
166
127
r
148
149
147
156
165
181
188
P186
133
142
150
162
170
r
173
169
Pl79
r
562
492
r
r
r
768
819
772
r
725
r
671
697
721
P673
r
r
r
3 1 . . . . ..125
Feb. 7 . . . . ..119
1 4 . . . . ..122
21
115
2 8 . . . . ..127
Mar. 7 . . . . ..130
1 4 . . . ..137
2 1 . . . . ..148
2 8 . . . ..157
Apr. 4. . . . ..170
1 1 . . . ..129
1 8 . . . ..146
2 5 . . . ..140
May 2 . . . ..147
9 . . . . ..149
1 6 . . . . ..127
23 . . . . ..125
30 . . . . ..104
June 6 . . . ..147
13 . . . ..128
20 . . . ..129
27 . . . ..109
July 4 . . . . . . 95
11
112
1 8 . . . . ..105
2 5 . . . . ..103
Aug. 1 . . . ..105
8 . . . . ..122
1 5 . . . ..125
2 2 . . . . ..126
2 9 . . . . ..142
Sept. 5 . . . . . 165
12.... . 140
19.... .152
2 6 . . . . . 172
Oct. 3 . . . .183
1 0 . . . . ..171
1 7 . . . . ..166
2 4 . . . . ..172
3 1 . . . . ..168
1943
1944
1945
Jan. 23 ... ..125
Jan. 22 . . . . 144
Jan. 27 . . . . 161
Feb. 3 . . . . 163
30 . . . ..126
Feb.
6 . . . ..143
13
178
20 . ..155
27
162
Mar. 6 . . . . ..150
1 3 . . . . ..144
2 0 . . . . ..147
2 7 . . . . ..155
Apr. 3 . . . . ..161
10.... ..168
17.... ..170
2 4 . . . . ..182
May 1 . . . . ..142
8 . . . . ..169
1 5 . . . . ..149
22
153
2 9 . . . . ..151
..151
June 5
1 2 . . . . ..168
19
168
2 6 . . . . .. 132
July 3 . . . . . 1 3 4
10
113
1 7 . . . . .!l26
2 4 . . . . ..124
3 1 . . . . ..118
Aug. 7
..131
131
14
2 1 . . . . ..146
2 8 . . . . ..145
Sept. 4 . . . . 169
1 1 . . . . 156
1 8 . . . . 179
2 5 . . . . 176
Oct.
2 . . . . 175
9 . . . . ..188
1 6 . . . . ..189
2 3 . . . . ..194
3 0 . . . . ..187
Revised.
NOTE.—Revised series.
r
* Preliminary.
Revised.
Back figures.—Division of Research and Statistics.
29 ... ..137
Feb. 5 . . . . 146
12... ..142
19
142
146
26
Mar. 4 . . . ..153
1 1 . . . ..160
18... ..172
25... ..182
Apr. 1 . . . ..212
8 . . . ..208
1 5 . . . ..152
2 2 . . . ..163
2 9 . . . ..168
May 6 . . . ..184
1 3 . . . ..197
20..
177
2 7 . . . ..168
June 3 . . . . ..163
10
172
17
173
24!!!! .'.151
July 1 . . . ..149
8.
.116
is!!!! !!l45
2 2 . . . . ..138
2 9 . . . . ..132
137
Aug. 5
148
12
19.... ..149
2 6 . . . . ..171
Sept. 2 . . . ..194
9 . . . ..177
1 6 . . . ..196
2 3 . . . ..193
3 0 . . . ..196
Oct. 7 . . . . ..218
1 4 . . . . ..221
2 1 . . . . ..209
2 8 . . . . ..207
10
17
24
Mar. 3
10
.172
.176
.177
.182
204
214
17
226
24
31
230
.181
Apr. 7
.156
14
21
.192
28
.184
5
.193
May
.196
12
19
.178
182
26
.169
June 2
.196
9
.206
16
183
23
3o!!!!! !l73
.153
July 7
r
167
2 1 ! ! ! ! ! .157
.153
28
.167
Aug. 4
11
.176
18
.124
25
.182
r
194
Sept. 1
.177
8
1 5 . . . . .213
2 2 . . . . .220
2 9 . . . . .209
Oct. 6 . . . .242
13....
20
27....
Nov. 3
For description and back figures see pp. 874-875
of BULLETIN for September 1944.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Eight
Aug. July mos.
1945 1945 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
Springfield
Toledo
r
Revised.
+6 +14 +12
+6
+1
+12
+7
+3
+6
+5
+9
-4
+10
+29
+8
+4
+20
+7
+9
+15
+8
+7
+13
+U
+20
+10
+11
+2
+20
+7
+4
+5
+2
+6
-1
+9
+4
+13
1060
Chicago....
+10 Cleveland—Cont.
Youngstown
+5
Erie
+7
Pittsburgh
+21 +13
Wheeling
+7
+20
Richmond
+10
+13
Washington
Baltimore
+14
Raleigh, N. C...
+4
Winston-Salem..
+15
Charleston, S. C.
+33 +21
Greenville, S. C.
+22 +17
Lynchburg
+14 +8
+14 +10
Norfolk
Richmond
+8 +10
Charleston.W.Va
+19 + 14
Clarksburg
+24 +16
Huntington
+18 +13
+18 +12
+24 +16 Atlanta
Birmingham
+6 +5
Mobile
r
+18 +12
Montgomery
+23 +17
Jacksonville
r
+14 +9
Miami
+20 +10
Orlando
+9 +6
Tampa
"+18 +20
Atlanta
+13 +14
Augusta
Columbus
Macon
+15 +12
+13
Baton Rouge....
+13
New Orleans
+11 +8
Bristol, Tenn...
+19 +15
Jackson
+16 +10
Chattanooga.. .
+22 +16
Knoxville
+9 +8
Nashville
+11 + 11
Aug. July Eight
1945 1945 mos.
1945
Aug. July Eight
mos.
1945
l
+26 +18
Chicago
Peoria
Fort Wayne....
Indianapolis...
Terre Haute...
Des Moines....
Detroit
Flint
....
Grand Rapids..
Lansing
Milwaukee
Green Bay
Madison
+7
+11
+6 +18 +17
+9
+10 +16 + 12
+9
+10
+6
+11
+11
+9
+9
+12
+5 +8 +4
+17 +26 +17
+14 +19 +18 St. Louis
Fort Smith
-10
+4
Little Rock....
+12 +22 +14
Quincy
+16 +28 +21
Evansyille
+7 +17 +11
Louisville
+12 +23 +21
East St. Louis.
St. Louis
+9 +14 +14
St. Louis Area.
+7 +9
Springfield
-3
-12
Memphis
+11 +25 +23
+16
+12
+4
+11 +24 +15 Minneapolis
+10 +9 +10
+5 +14 +10 Kansas City
Denver
+12 +24 +21
Pueblo
+23 +23 +21
+12
+10
Hutchinson
...
+4
Topeka
- 1 +11 +6
+17 +20 + 16 Wichita
+5 +10 +9
Kansas City...
+ 18 +19 +17
St. Joseph
+13 +24 +16
+
15
Omaha
+ 16
+4
Oklahoma City
+3 +7 + 13
Tulsa....
+12 +18 +16
+5
+6
+6
+6
+8
+29
+ 13
-1
2
+10
-2
+8
+9
+ 10
+9
+15
+12
+5
+19
+32
+21
+5
+9
+25
+16
+15
r
+13
+11
+9 T+18
+ 8 +9
+11 +16
+10 rr +16
—3 +13
+7 r +19
+5 - 3
+ 9 +21
+ 9 +20
+17 '+24
+7 +17
+8 r+13
+5 +13
+ 14 +21
+8 +7
+6 +6
+ 15 +18
-8
+1
+7 +19
+2 '+18
+16 - 1
0 +9
+4 r +11
+ 1 +15
+11
+11
+13 Dallas
+16
Shreveport
+13
Dallas
+39
Fort Worth
+19
Houston
+5
San Antonio
+11
+23 San Francisco
+14
Phoenix
+15
Tucson
+18
Bakersfield
+12
Fresno
Long Beach
+14
Los Angeles
+9
Oakland and
+15
Berkeley
+13
Riverside and
+3
San Bernardino
+14
Sacramento
+6
San Diego
+14
San Francisco....
+14
San Jose
+21
Santa Rosa
+13
Stockton
Vallejo
and Napa
+12
Boise and
Nampa
+14
Portland
+16
Salt Lake City..
+11
Bellingham
+19
Everett
+18
Seattle
+5
Spokane
+14
Tacoma
+9
Yakima
+10
+11
+ 15
+19
Aug. July Eight
mos.
1945 1945 1945
+8 T+18 +13
+11 +6
+12 +23 +15
+9 +13 + 12
0 + 8 +6
+17 +35 +23
+4 +13 +12
+12 +10 +17
+11 r +12 +9
+10 r +12 + 14
+5 +15 +15
+ 5 r +19 +16
+ 6 +16 +14
+6
+8
+4
-3
+5
+1
+7
+11 +12
+15 +13
+11 +8
+5 +6
+15 +17
+15 +10
+14 +16
+26 +5 +15
+9 +16 +15
+11 +19 +15
-1
+8
+7
+ 8 +11 +9
+2 +10 +9
+ 9 +21 +11
+2 r+U + 13
-2
+8 +10
+ 5 +20 +19
+5 +2 +8
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Percent change from a year ago (value) Ratio of stocks to sales
Number
of stores
reporting
Department
July
1945
Seven mos.
1945
July
1945
+14
+14
+18
+21
+23
+26
+24
+15
+13
+20
+25
+11
+17
+15
-7
+8
+17
+10
+11
+13
+12
+20
+42
+36
+44
+58
+43
G R A N D TOTAL—entire store..
350
+18
MAIN STORE—total
350
Women's apparel a n d accessories.
Coats and suits
Dresses
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
Infants' wear
Aprons, housedresses, uniforms
Underwear, slips, negligees
Corsets, brassieres
Hosiery (women's and children's)...
Gloves (women's and children's)
Shoes (women's and children's).
Furs
Neckwear and scarfs
Handkerchiefs
Millinery
Handbags and small leather goods.
347
324
330
309
301
304
282
321
327
339
322
241
257
241
278
168
298
+19
+23
+23
+29
+32
+30
+16
+20
+ 15
+26
+9
+36
+ 17
+79
+9
+20
+12
+25
Men's and boys' wear
319
228
303
279
172
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings.
Men's and boys' shoes and slippers.
Home furnishings
311
228
236
288
165
288
218
217
220
Furniture, beds, mattresses, springs.
Domestic floor coverings
Draperies, curtains, upholstery..
Major household appliances. . .
Domestics, blankets, linens, etc. .
Lamps and shades
China and glassware
Housewares
Piece goods
Cotton wash goods
Small wares
Lace, trimmings, embroideries, ribbons
Notions
Toilet articles, drug sundries, and prescriptions .
Jewelry and silverware
Art needlework
Stationery, books, and magazines.
Stocks (end
of month)
Sales during period
-20
+21
-42
+9
+3
+30
+62
+36
+24
+13
+
+13
+12
+15
+12
+17
+17
+16
+17
+18
+17
+13
+23
-1
+8
+49
-17
+4
+35
— 11
+10
+17
-7
+9
+35
-1
+23
+13
+31
+22
+36
+4
+19
-12
+3
—21
+24
+12
+18
-17
-35
+18
+26
283
115
+8
+12
330
119
220
314
266
238
228
+24
+8
+27
+25
+28
+15
+18
+13
+5
+18
+6
+16
+17
+19
0
1
--17
--18
--18
--13
--13
+32
July
1945
1944
3.2
3.4
3.3
3.5
2.8
2.8
4.3
1.0
2.8
3.3
3.9
1.1
1.8
2.0
1.3
8.0
3.6
8.1
4.3
6.7
1.7
3.2
3.8
1.0
2.6
2.7
3.2
1.4
2.5
2.1
2.4
10.0
4.1
11.2
2.9
5.9
1.6
3.6
4.7
3.7
4.2
7.1
5.6
5.3
5.2
4.8
6.3
7.3
3.9
4.0
3.6
3.6
1.6
3.1
5.9
5.3
4.0
4.2
4.1
4.0
3.7
2.6
3.7
6.2
5.7
4.5
2.2
0.9
2.8
1.2
4.2
3.6
3.4
4.2
4.7
5.1
4.4
4.4
3.3
3.7
4.4
5.3
5.2
4.0
3.6
+13
+23
4.0
+12
292
-11
+17
2.7
2.1
Luggage
221
+8
2.8
212
+17
2.9
BASEMENT STORE—total
+12
+14
2.2
+27
200
+14
2.4
Women's apparel and accessories.
+16
4.6
+12
+11
4.4
164
Men's and boys' clothing and furnishings .
+
3.2
+8
+6
3.3
120
Home furnishings
2.3
-20
+15
1.7
51
Piece goods
3.9
+14
+10
3.7
132
+7
Shoes
+20
NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main
store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained
by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand a t the end of the month
in terms of sales for that month.
*
Miscellaneous
4
SALES, ACCOUNTS RECEIVABLE, A N D COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average = 100
Accounts receivable
at end of month
Sales during month
Year and month
Total
Cash
Instalment
1944—July
August
September
October
November
December
103
126
149
164
191
245
138
167
193
211
245
326
44
60
66
81
95
105
75
93
116
127
149
181
32
32
33
35
40
46
67
70
81
90
102
128
1945—January
February
March
April
May
June
July
August
126
126
178
133
147
149
121
135
164
163
230
171
190
194
r
163
181
57
57
73
52
55
52
48
58
96
98
141
107
117
117
88
99
43
40
39
37
35
34
32
31
97
84
96
88
8S
88
76
76
Charge
account
Instalment
Charge
account
Percentage of total sales
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
sales
103
92
96
115
130
135
65
64
63
63
62
64
4
4
4
4
4
4
31
32
33
33
34
32
168
128
120
128
122
121
117
104
63
63
63
62
63
63
66
65
4
4
3
3
3
3
3
4
33
33
34
35
34
34
31
31
Instalment
Charge
account
57
60
61
69
75
77
77
68
77
65
63
r
61
56
57
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.
OCTOBER 1945
1061
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
I
Instalment credit
Total
consumer
credit
End of month
or year
1929....
1930
1931...
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941....
1942
1943..
1944.
1945
p
1
2
Loans
Total
Automobile
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
940
1,289
1,384
970
1,267
1,729
1,942
482
175
200
5,148
5,192
5,272
5,412
5,596
5,791
1,889
1,896
1,912
1,937
1,974
2,084
706
709
720
743
773
836
5,488
5,332
5,582
5,449
r
5,496
5,642
P
5,594
y
'5,589
2,014
1,968
1,991
1,989
2,006
2,032
p
2,040
P
2,033
778
743
732
724
720
720
ni4
?)
706
1944
July.
Aug
Sept
Oct....
Nov.. . .
Dec...
Jan..
Feb...
Mar..
Apr...
May..
June.
July.
Aug.
Sale credit
Total
instalment
credit
1
Singlepayment
loans 2
Charge
accounts
Service credit
Other
652
1,197
1,104
958
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
641
636
619
516
459
532
802
1,065
1,195
1,271
1,671
2,057
2,237
1,505
1,186
1,248
2,125
1,949
1,402
962
776
875
1,048
1,331
1,504
1,442
1,468
1,488
1,601
1,369
1,192
1,220
1,749
1,611
1,381
1,114
1,081
1,203
1,292
1,419
1,459
1,487'
1,544
1,650
1,764
1,513
1,498
1,758
596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729
204
210
210
210
208
200
502
499
510
5SS
565
636
1,183
1,187
1,192
1,194
1,201
1,248
1,250
1,239
1,231
1,231
1,231
1,220
1,287
1,330
1,402
1,516
1,664
1,758
722
727
727
728
727
729
192
18o
184
184
184
188
P
192
*>1%
586
557
548
540
1,236
t, 225
t,259
1,265
,286
L, 312
/> ,326
p .327
1,206
1,188
1,181
1,212
r
1,258
1,320
v
1,346
v
1,363
1,534
1,438
1,669
1,506
1,488
1,544
''1,459
''1,441
734
738
741
742
744
746
P749
''752
637
322
677
663
459
576
674
536
532
''522
P
5i()
T
Preliminary.
Revised.
Includes repair and modernization loans insured by Federal Housing Administration.
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
CONSUMER INSTALMENT LOANS
[Estimated amounts outstanding. In millions of dollars]
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
{Estimated amounts outstanding. In millions of dollars]
Department
Total,
stores
End of month [excluding
and
or year
I automailmobile
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
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
502
499
510
533
565
636
132
132
138
148
162
184
234
233
236
244
253
269
14
13
13
13
13
13
43
42
43
44
48
70
79
79
80
84
89
100
586
557
548
540
536
532
"522
"510
172
163
163
159
155
151
'147
''142
249
240
1 238
j 237
i 238
!
237
p
235
''232
12
12
11
11
10
11
61
54
50
48
48
49
P47
"45
92
88
86
85
85
84
>'$2
"80
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
641
1944
Tuly
Aug.
Sept.
Oct..
Nov...
Dec.
All
other
retail
stores
1945
J an
Feb......
Mar
Apr...
May...
June. .
July. .
Aug..
** Preliminary.
I06l
•''11
pn
End of
month or
year
Commercial
banks 1
Total
Small
loan
companies
Industrial
banking
companies 2
219
218
184
143
121
125
156
191
221
230
257
288
298
202
165
175
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
312
358
263
287
289
257
232
246
267
301
350
346
435
505
535
424
372
388
1944
July.
Aug.
Sept..
Oct.
Nov.
Dec.
1,183
1,187
1,192
1,194
1,201
1,248
339
343
342
344
346
358
367
363
364
361
365
388
170
172
172
172
172
175
1945
Jan..
Feb..
Alar.
Apr..
May
June.
July.
Aug..
1,236
1,225
1,259
1,265
I 1,286
1 1,312
"1,326
"1,327
359
357
374
377
388
400
''406
378
372
381
381
384
389
172
168
171
172
177
181
''182
''181
43
45
39
31
29
44
88
161
258
312
523
692
784
426
i
!
:'
!
"391
''389
Credit
116
114
116
116
116
118
''119
''118
ct lo
t shown separately.
2
This
series
is
-3 m i s series is in
in process
process of
or revision.
revision.
3 Includes only loans insured by Fede
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]
Month or year
Outstanding at end of
period:
1939.....
1940..
1941
1942.
1943.....
1944 ..
Automobile I O t h ? , r I Repair)
retail !j and |
retail,
retail
pur- ' mod- \
chasedj erniza-|
Pur- j Direct and
tion
chased loans direct loans 1
Total
1,093
1,450
1,694
845
514
559
218 I
311
411
j
136 I
55 j
57 !
Personal
instalment
cash
loans
164
253
310
123
81
99
155
217
288
143
68
75
209
247
234
154
89
83
347
422
451
289
221
245
94
95
96
97
97
99
62
62
62
67
70
75
77
78
80
80
82
83
233
235
234
234
236
245
1944—July. .
August..
September
October.
November
December
527
532
534
538
544
559
1945—January.
February
March....
April...
May....
June
July*
August33. ..
562
556
573
579
592
609
619
622
56
55
56
100
101
107
109
112
116
118
119
80
76
76
77
78
79
79
79
82
83
84
86
89
93
96
100
244
241
250
252
258
265
270
268
Volume extended during
month:
1944—July
August..
September.
October.
November
December.
95
94
89
92
92
103
15
13
10
10
10
8
19
19
17
18
18
19
11
11
12
15
15
18
8
9
9
9
8
8
42
42
41
40
41
50
1945—January
February.
March..
April.
May
June .
July* .
August*
9
9
12
9
10
12
11
11
20
19
24
21
22
24
17
114
101
110
116
107
108
7
7
9
10
10
12
11
12
43
39
54
45
50
53
50
47
61 j
62 i
62 I
60 I
59
57 I
12
15
16
18
15
13
15
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING INSTITUTIONS
[Estimates of volume made in period. In millions of dollars!
I
Month or year
Commercial}
Small loan
banks 1
j companies
1929...
1930
1931 ..
1932.. ..
Industrial
banking
companies 2
Credit
unions
1934..
1935.
1936..
1937.
1938.
1939.
1940.
1941.
1942.
1943
1944.
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
January
February
March
April.
May
June
July
August
September
October
November
December. ...
53
60
94
61
72
75
73
70
67
68
77
106
27
29
38
30
35
38
33
35
33
34
34
37
15
18
26
16
20
22
19
20
19
18
18
23
1945
January
February... .
March
April.
May .
June
JulyP
August*'
58
56
94
70
78
82
76
71
33
30
42
34
39
40
37
36
16
16
23
18
20
21
19
18
1933..
v
1
Preliminary.
These figures for loans made include only personal instalment cash loans
and retail automobile direct loans, which are shown elsewhere on this page,
and a small amount of other retail direct loans (3 million dollars in August
p
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
Percentage
change from
corresponding
month of
preceding year
Percentage
change from
preceding
Aug.
1945
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account..
July
1945
+2
r
0
+4
+5
r
Collections during month:
Total
Instalment
Inventories, end of month, at
retail value
r
Revised.
OCTOBER
-8
-5
0
0
-8
+1
-ll
Accounts receivable, at end of
month:
Total
Instalment
2
-2
1
0
+1
+2
June Aug.
1945 1945
r
-2
-2
r
+1
+2
+3
0
Month
July I June
1945 1945
+ 13
+29
r+7
+8
+22
+4
+9
-1
+2
0
0
-1
0
'•+2
+1
+1
+4
+5
+6
+7
+4
+6
+1
-2
+7
+1
+7
Charge
accounts
Instalment accounts
0
+8
1944
July
August
September
October.
November
December
1945
January
February
March.
April
May
June
July
August
.. .
....
Department
stores
Furniture
stores
Household appliance
stores
Jewelry
stores
Department
stores
31
34
35
39
39
36
23
24
24
26
24
23
29
32
33
36
37
39
31
31
32
34
34
49
61
64
64
65
67
61
32
30
36
30
32
32
31
33
21
21
24
22
23
23
24
23
35
32
36
36
40
43
r
42
48
29
28
32
30
33
33
31
32
61
61
66
61
64
64
62
63
r
1
Revised.
Ratio of collections during month to accounts receivable at beginning
of month.
1063
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926 =100]
Other commodities
All
Year, month, or week
commodities
Farm
products
Foods
Total
ChemiHouseHides and Textile Fuel and Metals Building cals
and furnishleather products lightin
ighting and metal materials
allied
m aterials
ati
products
products
products ing goods
Miscellaneous
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.4
95.5
94.9
95.2
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
104.3
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
1944—August
.
September.
October
November..
December..
1945—January
February...
March
April
May
June
July
August
103.9
104.0
104.1
104.4
104.7
104.9
105.2
105.3
105.7
106.0
106.1
105.9
105.7
122.6
122.7
123.4
124.4
125.5
126.2
127.0
127.2
129.0
129.9
130.4
129.0
126.9
104.8
104.2
104.2
105.1
105.5
104.7
104.7
104.6
105.8
107.0
107.5
106.9
106.4
98.6
98.6
98.7
98.8
98.9
99.1
99.2
99,2
99.3
99.4
99.6
99.7
99.9
116.0
116.0
116.2
116.2
117.4
117.5
117.6
117.8
117.9
117.9
118.0
118.0
118.0
98.4
99.2
99.4
99.4
99.5
99.6
99.7
99.7
99.6
99.6
99.6
99.6
99.6
83.2
83.0
82.9
83.1
83.1
83.3
83.3
83.4
83.5
83.7
83.9
84.3
84.8
103.8
103.8
103.7
103.7
103.8
104.0
104.2
104.2
104.2
104.3
104.7
104.7
104.7
116.0
116.0
116.3
116.4
116.4
116.8
117.0
117.1
117.1
117.3
117.4
117.5
117.8
95.5
94.9
95.0
94.8
94.8
94.9
94.9
94.9
94.9
94.9
95.0
95.3
95.3
104.4
104.4
104.4
104.4
104.4
104.5
104.5
104.5
104.5
104.5
104.5
104.5
104.5
93.6
93.6
93.6
94.0
94.2
94.2
94.6
94.6
94.8
94.8
94.8
94.8
94.8
106.1
106.0
106.0
105.9
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
130.8
130.7
131.0
130.0
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
107.5
107.3
107.7
107.3
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
99.8
99.7
99.7
99.8
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
118.3
118.3
118.3
118.3
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
99.
99.
99.
99.
99.
99.
99.
99.
99.
99.
99.
99.
99.1
99.1
99.4
99.4
99.6
99.9
84.7
84.5
84.5
84.7
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
104. {
104. {
104.5
104.?
104.I
104.1
104.5
104. {
104 A
104.1
104.!
104.!
104.!
104.!
104.!
104.!
104.!
104.!
117.3
117.3
117.3
117.3
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
94.9
95.3
95.3
95.3
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
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.3
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
Week ending:
1945— une 2.
une 9. . .
une 16. . .
une 23. ..
une 30....
uly 7 . . . .
uly 14....
uly 2 1 . . . .
uly 28....
Aug. 4
Aug. 11...
Aug. 18....
Aug. 25....
Sept. 1...
Sept. 8...
Sept. 15...
Sept. 22...
Sept. 29...
1945
Subgroups
Aug.
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
May
June
1945
Subgroups
July
Aug.
122.5
125.4
120.0
129.1
135.5
125.9
130.2
134.4
127.2
128.6
133.3
125.5
126.4
130.7
123.7
110.5
94.3
122.8
105.9
94.1
110.6
95.4
131.4
108.6
94.7
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
126.3
105.7
101.3
115.2
126.3
117.0
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
107.0
115.9
70.6
107.4
119.7
71.5
107.4
119.7
71.5
107.4
119.7
71.5
107.4
119.7
71.5
30.3
112.9
100.5
30.2
112.7
100.9
30.2
112.7
100.9
30.2
112.7
100.9
30.2
112.7
100.9
95.4
120.5
130.7
59.0
76.0
63.9
95.6
123.2
130.7
58.5
76.4
64.2
97.5
123.8
131.0
59.6
78.0
64.2
101.6
123.9
131.0
101.8
124.7
134.0
77.8
64.2
64.2
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 h e a t i n g . . . .
Structural steel
Other building materials..
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
Housejurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Aug.
May
June
July
Apr.
97.5
98.6
97.1
112.8
85.8
92.4
97.5
98.7
98.4
112.8
85.9
92.4
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
100.7
96.4
154.9
105.5
92.4
107.3
103.2
110.7
99.4
154.9
106.4
92.4
107.3
104.1
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
96.2
112.0
81.2
86.6
102.0
95.8
106.8
81.9
86.6
102.0
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
107.4
101.4
107.5
101.5
107.5
101.5
107.5
101.5
107.5
101.5
73.0
159.6
107.2
46.2
96.9
73.0
159.6
109.0
46.2
98.9
73.0
159.6
109.0
46.2
98.9
73.0
159.6
109.0
46.2
98.9
73.0
159.6
109.3
46.2
98.9
1
Lumber series revised from September 1943.
Back figures—Bureau of Labor Statistics, Department of Labor.
IO64
FEDERAL RESERVE BULLETIN
SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of September 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
Sept. 1, 1945
Bales
Bales
Estimate
Sept. 1, 1945
Bushels
7,741
28 971'
53,210
224 212
143 155
178,161
1,189,562
356,142
372,738
423,695
83,833
7,635
3,069,055
526
3,360
449
373
2,663
506
12,230
10,026
3,228,361
1 152
2,158
1
2
3, 741
Total
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
3,174
Tame hay
Oats
Federal Reserve district
Production
1944
Winter wheat
Estimate
Sept. 1, 1945
Production
1944
Production
1944
Estimate
Sept. 1,1945
Production
1944
Estimate
Sept. 1, 1945
Bushels
Bushels
Bushels
40
Bushels
36
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
859"
16
265,502
4,640
133
43,146
796
19
267,008
5,901
89
41,215
764,073
836,969
314,574
315,301
Production
1944
58
57
146
34
146
34
White potatoes
Tobacco
Estimate
Sept. 1,1945
Spring wheat
Estimate
Sept. 1, 1945
Production
1944
Estimate
Sept. 1, 1945
Boston
New York
Philadelphia
Cleveland
Richmond .
Atlanta
Chicago
St Louis . . . .
Minneapolis
Kansas City
Dallas
San Francisco
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
4,849
22,352
16,085
63,607
31,004
31,176
608,912
61,584
521,589
134,993
48 837
30,368
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
3,471
6,266
2,505
5,544
5,064
4 435
19,235
8,984
10,530 '
8,738
2 129
13,738
Pounds
32,515
1,404
52,893
158,913
1,068,295
212 329
31,642
384,237
2,526
5,459
Pounds
31,857
1,270
52,091
146,271
1,132,556
228 543
37,010
361,538
2,964
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
71,131
37,275
21,072
13,939
24,440
18 779
36,074
10,183
48,932
36,782
5 822
108,466
Total
1,166,392
1,575,356
83,845
90,639
1,950,213
1,999,328
379,436
432,895
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 September 1.
OCTOBER
1945
1065
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
O n Bank Credit, Money Rates, and Business
Chart
book
page
Aug.
29
WEEKLY FIGURES^
Sept.
5
Sept. j Sept.
12
19
Sept.
26
In billions of dollars
MONTHLY
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' 5
Excess reserves (weekly average), total 6 . .
New York City
Chicago.
Reserve city banks
Country banks 6
23.06
22.36
13.13
6.38
1.73
1.11
.44
20.09
27.60
2.26
.40
15.07
14.08
.99
1.01
.01
.01
.24
.75
23.19
22.44
13.10
6.57
1.79
.98
.38
20.09
27.75
2.27
.30
15.18
14.21
.97
1.08
.01
.01
.29
.78
14
14
14
14
14
62.55
46.37
38.14
11.78
12.84
62.38
46.18
38.49
11.03
12.87
15
15
16
16
16
16
15
15
15
15
15
17
21.93
15.27
9.11
2.75
3.10
.30
13.82
4.71
3.89
1.12
5.44
2.21
21.92
15.20
8.93
2.90
3.04
.34
14.11
4.39
3.90
1.13
5.50
2.28
17
17
17
17
1.18
.62
.91
.53
1.16
.62
.85
.59
1 08
61
81
56
1.12
.65
.74
.57
1.18
.64
15
15
16
16
16
16
15
15
15
15
15
17
17
17
40.62
31.10
16.14
7.44
6.36
1.16
24.32
7.07
6.84
7.84
7.40
3.78
1.55
2.07
40.46
30.98
15.92
7.60
6.34
1.11
24.38
6.64
6.97
7.88
7.37
3.78
1.51
2.08
40 35
30 89
15 98
7 52
6.30
1.09
24 66
6 14
7 10
7 93
7 35
3.80
1 48
2 07
40.07
30.57
15.97
7.42
6.27
.91
24.71
5.85
6.98
7.96
7.38
3.82
1.49
2.07'
39.8:
30.31
16.02
7.25
6.2.
.81
24.4.
5.77
6.74
7.99
7.37
3.81
1.49
2.07
24
24
.375
1.17
.375
1.16
24, 26
24, 26
26
26
26
1.68
2.37
2.57
2.62
3.26
1.68
2.37
2.56
2.62
3.25
21
375
18
.51
1.69
2 38
2 56
2 62
3 25
375
1.20
l .69
2 .37
2 .56
2 .63
3 .24
1.68
2.36
2.56
MONEY RATES, ETC.
2.62 Corporate Aaa bonds
3.24 F. R. Bank discount rate (N. Y.). .
Treasury bills (new issues)
127
129
142
111
1.31
122
124
132
108
1.15
124
126
133
109
1.15
127
129
137
111
1.17
127
129
139
111
1.19
74.5
4,137
860
194
105.2
125.1
100.1
74.9
3,909
731
176
105.0
124.3
100.1
80.3
4,106
856
213
104.7
123.6
99.8
83.2 83.6
4,019 4,039
832
837
209
220
104.9 105.0
124.5 124.7
99.9 99.9
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.
Aug. 3
p
22.32
20.26
26.56
2.30
.37
15.42
5.15
6.07
4.19
14.08
5.11
5.70
3.26
1.34
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
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
1.92
4.03
26.75
7.57
14.71
4.47
1.94
4.14
27.11
7.51
15,06
4.54
1.94
4.04
27.69
7.55
15! 53
4.61
163.00 Pi63.70
p
69.10 ?72.40
^44.20 P45.00
P
25.10 "25.50
P24.60 -°20.80
PI 63.50
7'74.30
^45.90
"26.00
PI 7.30
5.64
1.32
1.54
.75
2.03
1.31
.72
.19
.53
^5.59
"1.35
p
1.46
p
. 75
p
2M
•°.7\
>'M9
p
.52
P5.59
PI. 36
PI .44
v 75
p
2i03
Pi. 33
P.71
P 20
P. 51
20
256.77
260.27
261.26
20
20
20
20
106.45
74.67
56.23
18.81
107.89
74.99
57.14
19.56
108.17
74.97
57.38
20.03
20
20
20
20
20
20
20
97.67
65.04
48.25
83.65
58.19
34.14
17.04
99.11
65. S9
48.58
83.97
63.42
34.47
17.02
99.3')
66.03
48.58
83.94
63. 39
3\. 45
17.04
21
21
21
21
21
21
21
84.00
24.94
21.79
9.60
21.70
94.70
40.50
85,3.0
25 66
21.72
9.80
21.90
96,10
41.10
n.33
TREASURY FINANCE
U. S. Govt. obligations outstanding
total interest-bearing.
By classes of securities:
Bonds (marketable issues)
Notes, cert., and bills
Savings bonds and tax note^
Special issues
By maturities:
5 years and over...
5-20 years
....
5-10 years.
Within 5 y e a r s . . .
Within 1 year.
Certificates..
Bills
Holdings of U. S. Govt. obligations
Commercial banks.
Fed. agencies and trust funds.
Federal Reserve Banks
Mutual savings banks
Insurance companies
Other investors, total
Marketable issues
i .21
In unit indicated
Stock prices (1935-39 = 100), total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
July
In billions of dollars
FIGURES
23 .68 23.71 23.89
6
22 .81 22.97| 23.19 Reserve Bank credit.
6
13 .27 13.18 13.21 Gold stock
6
6.93
7.09 Money in circulation. .
6 .74
6
Treasury
cash
1.9G
1.8'
1.82
6
.98 Treasury deposits
.9i
.98
Member
bank
reserves,
total
6,
7
.42
.30
.46
13
Central reserve city b a n k s . . . .
20 .10 20.10 20.09
13
Reserve
city
banks
27 .79 27.78 27.73
Country banks
13
2.26
2.27
2 .27
7
.96 Required reserves,total
.43
.60
Central reserve city b a n k s . . . .
13
15 .33 15.55 15.27
13
Reserve
city
banks
14 .37 P14.53 P14.41
13
Country banks
.96 "1.02 P. 86
7
1.06 n.07 ^1.00 Excess reserves, total
.02 Balances due from banks:
.01
.03
Reserve
city
banks
13
.01
.01
.01
13
Country banks
.22
.25
.26
8
P 75 Money in circulation, total
P.79
.78
8
Bills of $50 and over
$10 and $20 bills
8
8
Coins, $1, $2, and $5 bills
61.84 61.58 61.2
ALL BANKS IN U . S.
45 .82 45.47 45.14
9
38 67 39.02 38.82 Total deposits and currency
9
9.70 9.54 Demand deposits
10 19
9
Time
deposits
12 68 12.76 12.73
9
Currency outside banks
U
.
S
.
Govt.
deposits
9
21 49 21.52 21.43
14.93 14.90 14.8.
CONSUMER CREDIT
8.
8.7'
8 93
18
2.80
2.72 Consumer credit, total. .. .
•2.83
Single payment loans
18
3.01
3.00
3 04
Charge accounts
18
.31
.34
14
18
Service
credit
14 02 14.31 14.36
18, 19
Instalment credit, total
3.84
3.78
4 05
19
Instalment loans
3.98
3.82
3 95
Instalment sale credit, tota 1
19
1.15
1.1
1 13
19
Automobile.
5.39
5.36
5 34
Other.
19
2.31
2. 3C
2 29
Per cent per annum
MONEY RATES, ETC.
Treasury bills (new issues)
Treasury notes (taxable)
U. S. Govt. bonds:
Partially tax-exempt
Taxable
.
High-grade corporate bonds (5 issues)
Corporate Aaa bonds
Corporate Baa bonds. .
June
RESERVES AND CURRENCY
2
3
3
3
3
3
2
2
2
2
2
2, 4
4
4
5
5
5
5
5
MEMBER BANKS I N 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..
Toothers.
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
1945
Chart
book
page
26.15
Per f ent per annum
23
23
23
2.61
.50
.375
2.60
.50
.375
2.61
.50
.375
In unit indicated
Stock prices (1935-39 == 100):
Total
Industrial.
.
Railroad
Public u t i l i t y . . .
Volume of trading (mill, shares).
Brokers' balances (mill, dollars):
Credit extended customers
Money borrowed
Customers' free credit balances
27
27
27
27
27
29
29
29
121 i
122 |
144
106
1.83
1,223
853
549
118
319
140
108
.95
118
11')
131
107
1.03
1,141
824
1,100
758
573
For footnotes see following page.
IO66
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
1945
June
MONTHLY FIGURES—Cont.
In unit
BUSINESS CONDITIONS
Income payments (mill, dollars;: 1
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): 3
Total........
Male
Female
Unemployment
Employment
Nonagricultural.
Agricultural.
Industrial production: 4
Total (1935739 = 100). .
Groups (points in total index):
Durable manufactures.
Nondurable manufactures.
Minerals
. .
..
New orders, shipments, and inventories (1939 = 100):
New orders:
Total..
Durable
Shipments:
Total. .
Durable
Nondurable.
Inventories:
Total. .
Durable
Nondurable
Factory employment and pay rolls (1939 = 100):
Pay rolls
Employment
Hours and earnings at factories:
Weekly earnings (dollars)
Hourly earnings (cents)..
Hours worked (per week)
Nonagricultural employment (mill, persons): 4
Total.......
Manufacturing and mining.
Trade
Government
Transportation and utilities.
Construction,
. .
..
Construction contracts (3 mo. moving average, mill,
dollars) : 4
Total.
.
Residential.
O t h e r . . ..
Residential contracts (mill, dollars): 4
Total.
...
..
Public...... .
Private, total
1- and 2-family dwellings .
Other, ., . . .
Freight car loadings: 4
Total (1935-39 = 100).
Groups (points in total index):
Miscellaneous.
Coal.....
All other
Department stores (1935-39 = 100) :4
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 ......
30
30
30
July
Aug.
indicated
1945
Chart
book
page
June
1,551
974
555
22
12.3
1,905 "1.87S
"925
935
870
"903
100
"5C
12.3 12.2
32
33
33
32
32
33
33
53.1
34.4
18.8
1.1
52.1
43.0
9.1
55.2 54.4
3S 1 35.0
20.1 19.3
1.0
0.8
54.3 53.5
44.4 44.5
9.8
9.1
35
220
35
35
35
116.7
80.9
21.9
106 .1 105 .9 105.7
130 .4 129 .0 126.9
99 .6 99 .7 99.9
QUARTERLY FIGURES
MONEY RATES
211
"188
111.0 "92.2
77.6 "74.0
21.7 "21.5
36
36
36
36
36
Bank rates on customer loans.
Total, 19 cities.
New York City
Other Northern and Eastern cities.
Southern and Western cities
2 53
1 99
2 73
2.91
708 rl,208
r
400
201
435
227
r
248
354
111
78
12
2
1944
Dec.
30
r
302.5
150.5
286.5
145.6 "142.2
39
39
39
46.34
103.8
44.6
45.42
103.3
44.0
40
40
40
40
40
40
37.5
15.3
7.0
6.0
3.8
0.8
37.2
14.9
7.1
6.0
3.8
0.9
41
41
41
206
41
165
222
43
179
42
42
42
42
42
37
1
36
29
43
43
140
139
43
43
43
79.7
30.4
29.7
80.2
29.0
29.6
44
44
202
181
46
46
46
46
''866
"338
''360
"-22
"882
"354
"345
"10
47
47
47
47
129.0
141.1
145.4
108.3
129.4
141.7
145.7
38
29
9
r
218
188
2 .50
2 .20
2 .55
2 .80
In millions of dollars
SECURITY MARKETS
Corporate security issues:
Net proceeds:
All issues.
Industrial.
Railroad. ..
Public utility.
New money:
All issues..
Industrial.
Railroad...
Public utility
36
36
36
38
38
Aug.
In unit indicated
MONTHLY FIGURES—Cont.
BUSINESS CONDITIONS—Cont.
Wholesale prices (1926 = 100):
Total
13,694 13,624 "13,28.
Farm products
9,480 9,451 "9,14*
Other than farm and food
4,214 4,173 "4,13C
31
31
31
31
32
July
GALL DATE FIGURES
r
244
184
32
13
1945
Mar.
20
Jun
30
In billions of dollars
ALL MEMBER BANKS
Loans and investments, total
U. S. Govt. obligations, total
Bonds
Certificates.
Notes
"36.7
Bills
.
"14.5
Guaranteed obligations
"7.1
Other securities, total. . . .
"5.9
State and local government obligations
"3.8
Other securities.
^0.9
Loans, total
Commercial.
Real estate.
"244
Brokers'
H2
Agricultural
"201
Demand deposits adjusted. ..
42
3
CLASSES OF BANKS
39
30 Central reserve city banks:
9
Loans and investments, total
U. S. Govt. obligations
Other securities.
128
Loans
Demand deposits adjusted
72.2
Time deposits
27.2
29.0 Reserve city banks:
Loans and investments, total
U. S. Govt. obligations
200
Other securities.
"186
Loans
Demand deposits adjusted
Time deposits.
Country banks:
Loan* and investments, total
U. S. Govt. obligations.
129.2
Other securities
140.9
Loans
146.2
Demand deposits adjusted
Time deposits.
11
It
11
11
10
11
11
10
11
11
11
11
10 !
13
14
3
5
2
2
18
_q
1
57
90.52 99.43
67.92 73.24
40.27
15.58
14.72
2.63
.03
5.60
5.39
2.99 3.10
2.40 2.50
17.22 20.59
7.10
C6)
3.25
2.53
1.13
61.17 59.13
29.45 27.95
21.09 20.41 21.62
1.55
1.41
1.47
6.94 6.07 8.32
17.08 18.60 17.80
1.63
1.73
1.79
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
28.52
21.55
2.06
4.91
19.96
9.90
29.13
22.20
2.12
4.81
20.84
10.54
31.37
24.09
2.16
5.11
20.66
11.26
e
r
Estimated.
" Preliminary.
Revised.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
Beginning on Sept. 15, 1945, includes Treasury notes of Sept. 15, 1948, and Treasury bonds of Dec. 15, 1950.
3
For charts on pages 20, 23, and 27, figures for a more recent period are available in the regular BULLETIN tables that show those series.
4
Adjusted for seasonal variation.
5
Estimates beginning July incorporate the results of an improved interviewing procedure adopted by the Census Bureau and are not comparable with those for
June and earlier months. For detailed explanation see Monthly Report on The Labor Force, No. 39, Sept. 20, 1945.
6
Figures available for June and December dates only.
* Copies of the Chart Book may ho obtained at a price of 50 cents each.
1
2
OCTOBER 1945
1067
ALL MEMBERS BANKS—ASSETS AND LIABILITIES ON JUNE 30, 1945, BY CLASS OF BANK
[Amounts in thousands of dollars]
Central reserve city
member banks 1
10,128,317
5,881,965
395,729
9,539,220
4,116,709
632,468
25,766,309
14,806,900
1,150,110
17,544,045
9,609,383
800,785
8,222,264
5,197,517
349,325
60,232
3,600
13,760
715,842
178,412
1,525
1,184
194,078
2,013,129
16,019
7,303
1,814,172
4,196,432
16,763
1,823
575,025
6,448,205
37,907
24,070
3,299,117
4,906,578
28,490
14,896
2,183,913
1,541,627
9,417
9,174
1,115,204
270
175,923
5,353
16,419
273,069
10,577
335,178
11,748
270
800,589
27,678
501,722
12,946
270
298,867
14,732
4,347
24,257
71,954
11,935
210
1,470
16,994
2,301
47,580
13,200
93,491
41,538
13,388
2,037
41,006
29,176
65,525
40,964
223,445
84,950
45,937
27,167
134,849
47,409
19,588
13,797
88,596
37,541
— 30,812,535
7,103,679
47,180,057
41,339,469 126,435,740
81,491,008
44,944,732
1,125,415
Individuals, partnerships, and corporations:
Savings deposits
Certificates of deposit
Christmas savings and similar accounts
Open accounts
United States Government
Postal savings.
States and political subdivisions
Banks in United States
Banks in foreign countries
Total deposits
Due to own foreign branches
Bills payable, rediscounts, and other liabilities for borrowed
money
Acceptances outstanding
Dividends declared but not yet payable
Income collected but not yet earned
Expenses accrued and unpaid
Other liabilities
MEMORANDA
36,249,077
8,219,104
26,180,375
8,009
905,539
778,642
157,408
1,336,608
928,815
32,594
Time deposits
Demand deposits adjusted2
Number of banks
63,176,933
12,368,774
47,025,779
25,156
2,196,194
1,419,774
141,256
4,762,164
3,879,411
89,319
LIABILITIES
Total liabilities and capital accounts ..
99,426,010
20,587,878
73,206,154
33,165
3,101,733
2,198,416
298,664
'"154,153
181,674
14,089
27,238,082
Individuals, partnerships, and corporations
14,788,735
United States Government: War loan and Series E bond
7,581,951
accounts
36,494
# Other
228,955
States and political subdivisions
3,271,380
Banks in United States
Banks in foreign countries
989,157
Certified and officers' checks, cash letters of credit and
341,410
travelers' checks, etc
Total capital accounts
31,367,716
5,114,230
24,073,012
21,426
1,280,682
801,540
76,826
36,572,285
7,154,873
27,513,123
10,091
1,100,253
680,055
113,890
Due from own foreign branches
Bank premises owned and furniture and fixtures
Other real estate owned
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances
Income accrued but not yet collected
Other assets
Capital
Surplus
Undivided profits
Other capital accounts
All State
member
banks
5,729,677
1,249,609
4,130,152
Reserve with Federal Reserve Banks
Cash in vault
Demand balances with banks in United States (except
private banks and American branches of foreign banks)
Other balances with banks in United States
Balances with banks in foreign countries
Cash items in process of collection
CAPITAL ACCOUNTS
All
national
member
banks
25,756,332
7,069,166
17,489,867
1,648
566,645
535,147
93,859
Reserves, cash, and bank balances
Total liabilities
All member
banks
Chicago
Loans (including overdrafts)
United States Government direct obligations
Obligations guaranteed by United States Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks (including Federal Reserve Bank stock)
Demand deposits
Country
member
banks 1
New York
ASSETS
Loans and investments
Total assets
Reserve
city
member1
banks
793,089
7,208
9,783
272,076
8,384
6,038,454 35,751,126
3,123,646 20,558,944
7,563,359
1,493,689
91,442
4,946
1,515,615
193,411
1,174,382 5,510,415
89,799
18,964
27,541,577
18,945,262
5,074,594
120,814
1,939,414
1,107,529
29,416
421,552
346,033
663,355
8,763,851
8,338,239
58,329
36,373
95,568
37,948
791
165,580
29,523
1,500
11,256,216
10,431,536
385,517
111,145
52,744
51,557
2,842
206,989
13,886
44,514,977
38,797,793
627,474
31,863
1,350
2,018
19,004
1,021
14,850
650
28,363,497
6,701,809
188,958
7,931
7,275
40,000
28,715
20,960
6,269
109,818
31,513
1,529
1,234
1,819
28,436
6,424
3,000
16,483
15,008
18,950
124,583
29,554
28,789,730
6,741,251
44,729,830
588,140
1,017,825
323,057
93,783
131,500
146,350
39,500
45,078
859,581
1,062,650
335,773
192,223
8,897
2,106
8,559
12,102
55,892
13,757
96,569,239
57,416,587
21,713,593
253,696
3,877,395
11,063,706
1,105,851
1,138,411
21,808,837
20,190,338
482,917
158,651
422,406
97,889
3,633
392,223
44,430
16,350
118,378,076
196,233
51,897
48,833
45,761
39,140
318,729
81,248
38,899,106 119,159,917
956,594
932,638
408,181
142,950
2,535,815
3,159,463
1,106,511
474,034
2,440,363
61,910,798 34,658.441
37,031,288 20,385,299
12,848,024 8,865.569
42,158
211,538
1,032,725
2,844,670
7,668,009 3,395,697
544,899
560,952
762,370
376,041
14,623,029
7,185,808
13,631,451
360,701
100,174
116,444
78,379
3,115
294,841
33,874
6,558,887
122,216
58,477
305,962
19,510
518
97,382
10,556
12,300
41,844,249
4,050
76,533,827
28,330
167,903
5,209
31,752
29,852
26,476
194,518
40,270
77,029,807
46,688
17,081
15,909
12,664
124,211
40,978
42,130,110
1,619,684
1,871,908
691,557
278,052
916,131
1,287,555
414,954
195,982
2,022,805
362,428
2,450,227
7,275,823
4,461,201
2,814,622
30,812,535
7,103,679
47,180,057
41,339,469 126,435,740
81,491,008
44,944,732
14,643,258
37
3,152,395
12
20,681,939
360
20,655,684
6,431
38,454,415
5,015
20,678,861
1,825
59,133,276
6,840
1
Banks are classed according to the reserves which they are required to carry (see p. 1023). Some banks classed as "country banks'* are in outlying
sections of reserve cities or central reserve cities, and some banks classed as "reserve city banks" are in outlying sections of central reserve cities. Figures for each class of bank include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent
banks are located.
2 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection.
1068
FEDERAL RESERVE
BULLETIN
ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES AND
POSSESSIONS
JUNE 30, 1945, DECEMBER 31, 1944, AND JUNE 30, 1944
[Amounts in thousands of dollars]
June 30, 1945
December 30, 1944
June 30, 1944
All insured
commercial
banlr c l
Banks n o t
members
Federal R e serve System
All insured
commercial
banks 1
Banks n o t
members
Federal R e serve System
All insured
commercial
ban!
Banks n o t
members
Federal R e serve System
112,380 ,096
23,378 ,880
82,378 ,820
43 ,284
3,686 ,190
2,566 ,830
326 ,092
12,966 ,444
2,793 ,311
9,181 ,377
10 ,119
585 ,531
368 ,642
27 ,464
103,407 ,825
21,354 ,758
74,918 ,613
977 ,613
3,423 ,732
2,385 ,706
347 ,403
11,849 ,829
2,681 ,032
8,142 ,439
75 ,876
567 ,087
354 ,707
28 ,688
93,959.854
20,732 ,091
66,140 . 655
963.052
3,393 ,594
2,388 ,042
342 ,420
10,383,502
2 650 895
6,694,922
76*344
561'l43
368 453
31;745
29,659 ,257
14,805 926
1,477 ,475
3,894 ,840
29 746,309
14*259 ,603
1^625 ^675
OKn
27 190 581
12*811 799
M 6 7 [749
3,395,505
355 ,102
9,902 ,652
64 ,630
24 ,389
3,384 ,185
3,455 ,221
26 ,723
319
85 ,103
9,732 661
64 239
17 ,088
4,047 ,043
3,418 ,392
24 ,951
264
89 ,541
8,721 ,213
64 ,241
17 ,936
4,107 ,643
2,963,984
23,442
299
82,397
118 ,085
17 ,412
217
940 042
63 522
123 ^572"
22 ,483
176
971 ,648
91 ,671
i30,166
32,467
527
801
599
323
5 ,169
403
10 556
20 '401
80 ,211
51 660
205 919
95 714
6,021
412
10,154
17,892
ASSETS
Loans and investments
Loans (including overdrafts)
United States Government direct obligations
Obligations guaranteed by United States Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks (including Federal Reserve Bank s t o c k ) . .
Reserves, cash, and bank balances
Reserve with Federal Reserve Banks
.
Cash in vault
D e m a n d balances with banks in United States (except private banks a n d American branches of foreign banks)
Other balances with banks in United States.
Balances with banks in foreign countries
Cash items in process of collection
D u e from own foreign branches
....
Bank premises owned and furniture and fixtures
Other real estate owned
I n v e s t m e n t s a n d other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances
Income accrued b u t n o t v e t collected
Other assets
Total assets
918 , 6 0 6 "
45 ,082
327 ,'474"
3 888
325,383
70 ,386
41 ,376
234 ,874
107 ,074
4 ,862
412
11 ,429
21 ,854
143,456 ,751
17,035 ,338
134,613 ,165
15,920 ,663
122,647 ,434
13,976,119
107,266 ,301
65,507 969
10,697 ,071
8,091 382
101,793 ,313
64,148 968
10,193 ,605
7,878 709
93,051 ,940
57,364 373
8,723,807
6,608,316
18,431
331
4,404
10,029
939
1,087,369
41,963
766,022
126,369
3,156
75
62
216
100
LIABILITIES
Demand deposits
Individuals, partnerships, and corporations
United States Government: War loan and Series E bond
accounts
_ Other
States a n d political subdivisions
Banks in United States
Banks in foreign countries
Certified a n d officers' checks, cash letters of credit and
travelers' checks, etc
Time deposits
Individuals, partnerships, a n d corporations:
Savings deposits
.•
Certificates of deposit
Christmas savings and similar accounts
Open accounts
United S t a t e s Government
Postal savings
States and political subdivisions
Banks in United States
Banks in foreign c o u n t r i e s . . .
23,199
283
4,699
11,216
1,118
502
822
707
666
697
Due to own foreign branches
Bills payable, rediscounts, and other liabilities for borrowed
money
Acceptances outstanding
Dividends declared b u t not y e t payable
Income collected b u t not y e t earned.
Expenses accrued and unpaid.
Other liabilities
Total liabilities
19,455
303
4,520
11,063
947
586
205
308
174
651
1,213
36
776
182
2
881
017
736
386
699
347
631
201
890
819
1,239 938
101 527
1,354 421
103 177
1,550 679
90,612
27,016 ,085
5,220 ,345
23,958 482
4,653 741
21,127 657
4,191 366
24,803
898
199
461
99
5
482
49
16
4,626 039]
416 0591
40 705 f
39,083)
2 074
1 621
89 982
4 773
9
23,362 909
4,568 274
20,543 888
4,107,345
103
5
423
52
10
2
1
76
5
101
5
407
57
11
484
976
157
489
963
254
200
203
359
134,282 ,386
Total deposits
1,485,918
30 126
822 312
152 960
12 846
15,917 ,416
175
365
502
672
859
125,751 795
054
524
295
585
9
14,847 346
183 943
65
49
47
49
335
285
853
831
591
136
358
2,257
1,729
74,669
5,358
8
114,179 597
12,915,173
209 107
308
253
776
787
771
122
13 411
420
2 040
10 647
17 045
7, 647
121 549
72 693
48, 357
46, 728
278, 974
118, 859
10 294
404
2 778
10, 000
15, 630
10, 599
84 240
58, 232
44, 040
45, 499
245, 245
70, 887
9,455
430
1,697
9,949
13,616
9,743
135,115 403
15,968 626
126,622, 898
14,897 051
114,936, 847
12,960,063
2,977, 941
3,528, 861
1,293, 751
540, 795
442, 126
370, 461
187, 339
66, 786
2,912, 455
3,401, 995
1,169, 389
506, 428
443, 414
355, 406
160, 977
63, 815
2,894, 735
3,190, 416
1,129, 712
495, 724
453,092
335,028
162,946
64,990
CAPITAL ACCOUNTS
Capital
Surplus
•Undivided profits
Other capital accounts..
Total capital accounts
Total liabilities and capital accounts.
•
..
8,341, 348
1,066, 712
7,990, 267
1,023, 612
7,710, 587
1,016,056
143,456, 751
17,035, 338
134,613, 165
15,920, 663
122,647, 434
13,976,119
68,063, 429
13, 282
8,930, 118
6, 445
65,976, 654
13, 268
8,669, 081
6, 457
59,211, 610
13, 269
7,382,553
6,499
MEMORANDA
Demand deposits adjusted 2 .
Slumber of banks
1 Excludes three m u t u a l savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on opposite
page.2
Demand deposits other t h a n interbank a n d U . S. Government, less cash items reported as in process of collection.
OCTOBER 1945
1069
PAGE
Gold reserves of central banks and governments..
1071
Gold production...
1072.
Gold movements...
1072.
Net capital movements to United States since January 2, 1935..
Central b a n k s . . . .
. . 1073-1078
. 1079-1082.
Money rates in foreign countries..
1083
Commercial banks...
1084
Foreign exchange rates..
1085
Price movements:
Wholesale prices...
1086
Retail food prices and cost of living...
1087
Security prices...
1087
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, andfinancialdevelopments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial
bank statements and official statistical bulletins, some data are reported to the Board directly. Figures
on international capital transactions of the United States are collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance witn the Treasury Regulation of November 12., 1934. Backfiguresfor all except price tables, together with descriptive text,
may be obtained from the Board's publication, Banking and Monetary Statistics.
1070
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
J
658
1944—Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
June
July
Aug
20,825
20,727
20,688
20,619
20,550
20,506
20,419
20,374
20,270
20,213
20,152
20,088
409
409
409
il,111
409
409
409
409
409
409
409
Hungary
Iran
(Persia)
End of month
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
37
24
24
24
24 *
24
1944—Sept
Oct
Nov.
Dec
1945—Jan
Feb
Mar
Apr
May
June
July
Aug
24
24
24
End of month
Sweden
26
26
26
26
34
92
Belgium
581
609
734
734
735
734
"732"
732
715
715
714
713
712
712
Italy
193
144
120
Brazil
British
India
Turkey
Chile
Colombia
Cuba
Czechoslovakia
1
1
1
16
46
83
56
58
61
61
61
53
53
52
44
44
44
55
55
52
52
52
52
61
61
61
61
61
61
44
44
44
44
44
44
44
44
44
44
44
44
52
52
52
52
52
52
52
52
52
52
32
40
51
70
115
254
274
274
274
274
274
274
192
214
2
7
5
6
5
30
30
30
30
36
51
24
21
17
16
25
59
298
313
314
329
330
340
341
341
342
342
342
274
274
274
274
274
274
274
274
274
274
274
5
6
5
6
7
6
5
6
4
6
7
6
56
56
56
56
57
57
57
57
57
89
90
91
92
94
95
97
99
100
102
103
104
Japan
Java
80
90
140
235
4
216
164
164
164
5
164
^125
P127
^128
Switzerland
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
220
221
222
222
222
221
220
219
219
231
230
255
500
500
500
500
500
500
23
23
23
23
23
23
23
23
23
23
23
Venezuela
'500"
Yugoslavia
B.I.S.
101
101
101
111
121
126
131
141
151
166
" 61""
Norway
94
94
84
4
Peru
Poland
20
20
20
21
25
31
85
32
32
32
32
30
30
30
30
30
28
28
28
Other
countries 6
321
308
160
223
335
387
701
549
502
665
824
964
29
29
88
92
114
161
2,690
1944—Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May. .
June
July
Aug
454
456
462
463
477
475
474
472
470
478
478
479
1,033
1,029
1,040
1,052
1,058
1,061
1,072
1,103
1,105
1,069
1,073
H, 084
221
221
221
221
221
221
225
225
225
234
234
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
69
68
90
100
89
121
52
52
29
41
68
89
149
149
151
157
159
164
166
168
173
175
179
110
110
125
130
130
147
147
161
161
176
176
186
57
59
82
4
83
14
7
12
12
21
45
166
178
170
166
185
229
39
39
36
37
37
37
37
39
39
39
244
244
244
245
245
246
246
246
247
247
247
247
p
Preliminary.
1
Figures through March 1940 and for December 1942, December 1943, and December 1944 include,
in addition to gold of t h e 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 t h a t 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: J a v a Jan. 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, a n d Thailand fSiam). Figures for certain of these countries have been carried forward
from last previous official report.
7
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555,
and for a description of figures, including details regarding special internal gold transfers affecting
the reported data, see pp. 524-535 in the same publication.
OCTOBER 1945
many
2,430
2,709
2,000
2,000
2,000
2,000
29
29
29
29
29
29
1,777
1,777
1,777
1,777
1,777
1,777
Greece
27
28
28
28
28
28
28
28
28
28
28
28
28
28
"29""
1,777
Po
gT
Rumania
69
69
59
59
59
60
133
152
158
182
241
316
60
60
60
60
60
60
60
60
60
60
60
South
Africa
220
249
367
366
634
706
785
796
811
814
829
834
848
851
865
878
886
Spain
3
525
'"'42'
42
91
104
104
104
105
106
106
108
109
109
109
Government gold reserves1 not included
in previous figures
End of month
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
France
1938—Dec.
1939—Mar. .
May . . .
June...
Sept....
Dec
1940—June...
Dec. . .
1941—June .
Dec....
1942—June. . .
Dec
1943—June....
Dec
1944—Mar.. . .
June.
Sept.. .
Dec.
1945—Mar.. .
United |
States
United
Kingdom
80
154
85"
164
156
86
48
"
89
25
8
12
11
43
14
21
25
12
2
759
1,732
3
France
331
559
477
Belgium
44
17
876'
292'
17
17
17
17
17
17
17
17
17
17
l Reported a t infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Func1
(Special A / c N o . 1); U. K.—Exchange
Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
2 Figure for end of September.
3
Reported figure for total British gold reserves on
Aug. 31,1939, less reported holdings of Bank of England on t h a t date.
4
Figure for Sept. 1, 1941.
NOTE.—For available back figures and for details
regarding special internal gold transfers affecting
1071
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Estimated
world
Year or month production
outside 1
U.S.S.R.
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1,089,395
968,112
738,471
823,
882,
971,
1,041,
1,136,
1,208,
1,297,
1,288,
.
Total
reported
monthly
1944—Aug
Sept
Oct
Nov
Dec
1945—Jail
Feb
Mar
Apr
May....
June
July....
South
Africa
663,960
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
448,153
429,787
57,286
54,885
54,521
53,734
53,446
55,199
50,782
54,703
54,096
53,934
^53,167
P
53,329
37,022
35,810
35,821
35,270
34,836
36,216
33,698
36,458
35,937
36,073
35,800
36,311
Production reported monthly
North and South America
Africa
Rhodesia
$1 = 15&
24,264
25,477
28,053
28,296
28,532
28,009
29,155
27,765
26,641
23,009
20,746
1,732
1,724
1,714
1,680
1,733
1,674
1,610
1,686
1,718
1,673
1,645
A , 645
grains of gold T90
12,153
6,549
7,159
13,625
7,386
16,295
8,018
20,784
8,470
24,670
28,564
8,759
32,163 3 8,862
32,414
29,225
19,740
18,445
Other
I British
Nicara- Austra8
I India 9
lia
gua'
$35
fine; i.e.,an ounce of fine gold
108,191 104,023 23.135 12,045
8,350
126,325 114,971 23,858 11,515
9,251
152,509 131,181 26,465 13,632
9,018
168,159 143,367 29,591 15,478
9,544
178,143 165,379 32,306 18,225 10,290
196,391 178,303 29,426 19,951 11,376
210,109 185,890 30,878 22,117 11,999
209,175 187,081 6 27,969 22,961
9.259
130,963 169,446 30,000 20,882
6,409
19,789
48,808 127,796
6,081
19,374
35,778 101,980
7,131
1,470
1,540
1,575
1,575
1,610
1,610
1,575
1,610
1,610
1,575
1,575
1,610
2,838
3,087
2,922
3,033
2,828
2,463
2,342
2,446
2,328
2,563
2,516
2,078
2,044
1,421
1,370
1,380
1,162
1,882
1,379
1,382
1,836
1,736
1,460
1,518
8,290
8,274
8,051
7,809
8,012
8,166
7,432
8,004
7,831
7,614
7,426
7,357
1,557
3,506
5,429
7.525
8,623
7,715
7,865
30,559
31,240
40,118
46,982
54,264
56,182
55,878
51,039
42,525
28,560
16,310
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
8,820
6,545
625
615
653
613
765
672
590
615
560
631
574
393
2,100
1,365
1,295
1,260
1,470
1,470
1,260
1,365
1,225
1,190
1,295
1,400
560
525
560
560
525
560
525
595
525
350
350
490
1,166
868
807
848
604
523
560
555
506
486
372
542
526
528
{528
'528
1
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes,
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows:f 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
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.
56 Figures for Canada beginning 1944 are subject to official revision.
Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three
months
of year.
7
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they represent 9 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, p p . 233-235:
and Banking and Monetary Statistics, p . 524. For annual estimates compiled by the United States Mint for these and other countries in t h e period
1910-1941, see Banking and Monetary Statistics, p p . 542-543.
GOLD MOVEMENTS
U N I T E D STATES
[In thousands of dollars a t approximately $35 a fine ounce]
N e t imports from or net exports (—) t o :
Year or
month
19341
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
Jan
Feb. ..
Mar
Apr
May
June
July
Aug
Total
net
imports
United
Kingdom
France
Belgium
Netherlands
Sweden
1,131,994 499, 870 260,223
8 902 94, 348
3 227, 185
1,739,019 315, 727 934, 243
3 351 71, 006
1,116,584 174, 093 573, 671
2
531
710
90
859
6
6, 461
1,585,503 891,
-13,
1,973,569 1,208, 728 81 135 15 488 163, 049 60,146
3 798 165 122 341, 618 28,715
3,574,151 1,826, 403
977 63, 260 161,489
4,744,472 633, 083 241 778
779
1
1
3
982,378
1,747
1 955
315,678
88
68,938
-845,392 — 695, 483
710
1,912
-19,149
2,398
— 18,266
—83,758
—6,979
-12,339
29
27
Switzerland
Canada
Mexico
Other
Latin
American Republics
28,153
12 402
30, 270
86, 829
968
29,359
95, 171
13, 667
39, 966
7, 511
72, 648
30,790
482
54, 452
480
38,
111,
39,485
1, 363
76, 315
36, 472
65,231
86, 987
33, 610
612, 949
57,020
90, 320 2,622, 330
29, 880
128,259
899 412, 056
16, 791
61,862
5 208, 917
40, 016
39,680
66, 920
- 3 , 287
13,489
46, 210 — 109, 695 — 108,560
375
375
353
552
284
218
481
848
263
248
202
554
268
315
11, 524
517
-127
1,002
— 19,'829
1,052
— 13,700
1,815
1*583
1,192
Philippine
Islands
12, 038
15, 335
21, 513
25, 427
27, 880
35, 636
38, 627
42, 678
321
Australia
South
Africa
1, 029
12
65
3, 498
23, 280
8
34, 713
181
39, 162
401
74, 250 22,862
103, 777 184,756
67, 492 292,893
528
4,119
152
307
199
3,572
44
10
4
11
IOO'
2
102
74
5
71
20
22
16
Japan
British
India
4 76
75
77
246 "464 50
168 ,740 16
165 ,605 50
111 ,739 49
9 ,444 9
820
268
892
762
159
956
989
665
129
All
other
coun-
21
28
20
8
13
268
3284
463
20
-8
18
095
529
856
910
301
623
208
071
008
731
365
155
180
12
229
m
199
3
-86,'
6-20, 152
- 1 5 . 589
014
1
2
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20 67 a fine ounce
Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries
« Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong,
$20,583,000
from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries
4
Includes $44,920,000 from U.S.S.R. and $18,151,000 from other countries.
5
6
Includes
$84,270,000 to China and $1,883,000 to other countries.
Includes $20,664,000 to China and $75,000 from other countries.
7
Includes $15,695,000 to China and $681,000 from other countries.
N O T E . — F o r back figures see Banking and Monetary Statistics, Table 158, p p . 539-541, and for description of statistics, s e e p . 524 in the same
publication.
IO.72.
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT T O UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, (—). In millions of dollars]
TABLE 1 . - T O T A L CAPITAL MOVEMENT, BY TYPES
From Jan. 2, 1935, through-
Total
Increase in foreign banking
funds in U. S.
Total
259.5
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)
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
16.5
23.2
12.9
1937—Mar. 31
June 30
Sept. 29
Dec. 29
2,931.4
3,561.9
3,911.9
3,410.3
1,121.6
1,612.4
1,743.6
1,168.5
62.8
215.3
364.6
243.9
1,058.8
1,397.1
1,379.0
924.6
411.0
466.4
518.1
449.1
319.1
395.2
493.3
583.2
1,075.7
1,069.5
1,125.1
1,162.0
4.1
18.3
31.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)
3,207.2
3,045.8
3,472.0
3,844.5
949.8
149.9
125.9
187.0
238.5
799.9
1,180.2
1,425.4
660.4
993.2
1,186.9
434.4
403.3
477.2
510.1
618.5
643.1
625.0
641.8
1,150.4
1,155.3
1,125.4
1,219.7
54.2
57.8
64.1
47.6
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
4,197.6
4,659.2
5,035.3
5,021.2
1,747.6
2,111.8
2,479.5
2,430.8
311.4
425.3
552.1
542.5
1,436.2
1,686.5
1,927.3
1,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
1,188.9
1,201.4
1,177.3
1,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)
5,115.9
5,440.7
5,748.1
5,727.6
2,539.0
2,830.1
3,092.8
3,159.0
539.1
922.3
1,112.3
1,200.8
1,999.9
1,907.8
1,980.5
1,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2)
Sept.(Oct. 1)
Dec. 31
5,526.5
5,575.4
5,510.3
5,230.7
3,148.8
3,193.3
3,139.5
2,856.2
,307.7
,375.1
,321.7
,053.7
1,841.0
1,818.2
1,817.7
1,802.6
767 A
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
1942—Mar. (Apr. 1)
June 30§
Sept. 30
Dec. 31
5,082.4
5,495.3
5,654.9
5,835.0
2,684.0
3,075.9
3,212.6
3,320.3
932.0
,211.7
,339.1
,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
1943—Mar.
June
Sept.
Dec.
31
30
30
31
6,147.1
6,506.4
6,771.3
7,118.6
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
1944—Jan.
Feb.
Mar.
Apr.
May
June
31
29
31
30
31
30
7,272.9
7,418.6
7,462.9
7,464.3
7,458.9
7,459.6
4,658.2
4,833.2
4,885.4
4,881.0
4,882.7
4,851.7
2,649.3
2,815.7
2,856.0
2,780.5
2,726.8
2,661.4
2,009.0
2,017.5
2,029.4
2,100.6
2,155.9
2,190.3
870.8
843.5
868.0
873.4
872.9
856.6
931.7
924.2
904.1
905.4
903.2
929.8
695.1
698.8
685.8
686.2
680.1
702.4
117.0
118.9
119.6
118.3
119.9
119.1
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
7,423.4
7,440.9
7,430.9
7,460.2
7,530.5
7,475.7
4,740.8
4,732.3
4,661.2
4,680.3
4,775.1
4,612.5
2,622.9
2,589.5
2,498.8
2,489.8
2,541.0
2,372.2
2,117.9
2,142.8
2,162.3
2,190.4
2,234.1
2,240.3
850.6
869.7
883.5
891.3
872.7
805.8
1,005.8
1,009.7
1,026.2
1,025.8
,025.3
,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
7,633.1
7,755.4
7,739.1
7,797.3
7,857.7
4,723.9
4,887.3
4,909.9
4,958.2
3
5,004.5
2,468.7
2,587.3
2,555.6
2,588.9
32,634.0
2,255.2
2,300.0
2,354.3
2,369.2
32,370.5
848.2
859.8
848.5
844.7
3845.7
,025.9
,033.4
,029.6
,061.6
,088.9
909.0
845.0
820.6
802.5
785.0
126.1
129.9
130.5
130.4
3133.6
1945—Jan.
Feb.
Mar.
Apr.
May
31
28
31
30
31
616.0
786.2
i This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning
Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of
New York; beginning July 17, 1940, also funds in accountsat the Federal Reserve Bank of New York which had been transferred from central bank to
government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by
foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic
and consular establishments, etc.).
2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since
the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment,
however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are |?ased upon
new monthly series. For further explanation, see BULLETIN for January 1943, p. 98.
3 Amounts outstanding May 31, in millions of dollars: total foreign banking funds in United States, 5,670.4, including official funds, 3,271.6, and other
funds, 2,398.8; United States banking funds abroad, 289.8; and brokerage balances (net due "foreigners"), 56.7.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560;
for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for September
1945, pp. 960-974.
OCTOBER 1945
1073
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT T O UNITED STATES SINCE JANUARY 2, 193 5 — Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 2.-TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From J a n . 2, 1935, through—
Total
United
Kingdom
France
Nether- Switzerlands
land
Germany
Italy
Other
Europe
Total
Latin
Europe Canada America
Asia
All
others
1935
1936
1937
19381939
Dec.
Dec.
Dec.
Dec.
-Dec.
•Jan. 1, 1936)
30
29.
(Jan. 4, 1939)
(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
36.6
335.5
83.1
607.5 . 123.9
140.5
773.0
165.9
45.6
22.1
32.2
58.0
».o
130.(3
228.5
312.2
472.0
752.9
1,200.6
2,051.3
2,653.0
3,054.2
3,790.1
150.5
106.3
155.3
229.4
70.9
201.2
410.6
384.6
483.4
194019411942
1943-
Dec.
Dec.
Dec.
Dec.
'Jan. 1, 1941).
31
31
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
4,192.81
411.7
340.5
425.1
760.3
606.8
562
90.2
567.5
567 '.7 128.6
835.8
787 .7
178.3
951.0 1,013.1 201.4
7,459.6
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
1,320.6
1,261.5
1,226.3
1,127.0
1,053.6
1,078.8
1,090.0
1,008.6
1,053.6
1,048.9
1,026.0
1,029.3
631.5
633.3
633.3
633.5
635.4
635.2
585.7
566.6
558.3
506.5
477.6
453.0
496.3
497.1
494.6
498.5
504.0
502.7
506.2
503.3
506.3
505.7
506.3
506.8
646.8
649.8
651.7
653.2
652.8
654.4
664.3
659.6
666.4
673.0
670.7
677.1
178.5
178.6
178.6
178.6
178.9
179.0
179.1
179.0
179.0"
179.2
179.2
179.0
964.8
50.4
950.1
53.0
962.3
54.3
966.8
56 .'2
973.5
58.5
982.7
61.5
993.3
63.1
965.2
66.7
970.5
69.8
967.6
72.0
990.5
75.5
77.5 1,003.6
4,288.8|
4,223.3:
4,201.1
4,113.6
4,056.8
4,094.2
4,081.81
3,949.0
4,003.9
3,952.9
3,925.8
3,926.4
832.8
836.2
875.4
951.9
1,014.4
1,015.6
976.4
1,030.8
1,081.3
1,135.4
1,194.9
1,204.7
1944- June 30
July 31
Aug. 31.
Sept 30.
Oct. 31.
Nov 30.
Dec. 31..
1945- Jan. 31.
Feb. 28...
M a r . 31..
30
M a y 31
1.109.8
1,145.9
1,152.6
1,159.6
1,166.6
1,194.7
1,193.7
1,250.2
1,262.4
1,234.2
1,263.0
1,324.3
128.3
184 .0
224 .6
214 .2
431 !o
1,069 .9
1,060 .0
1,056 .9
1,049 .5
1,062 .9
1,062 .7
1,020 .9
1,199 2
1,200 A
1,205 .3
1,202 .9
1,193 .8
12.7
21.4
15.9
36.2
87.4
158.3
158.0
154.9
156.3
159.5
163.3
203.0
204.1
207.7
211.4
2W.7
208.5
TABLE 3.- INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
From J a n . 2, 1935, through—
Total
United
Kingdom
France
Nether- Switzer-;
lands I land
Europe
Total
Latin
Europe Canada America
Asia*
All
others
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
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
-11.1
-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
1944 -June 3 0 . . .
July 31
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 3 1 . . . .
Nov. 3 0 . . .
Dec. 3 1 . . .
1945-Jan. 31.. .
Feb. 2 8 . . . .
Mar. 31..
Apr. 30 . . .
May 31 . . .
4,851.7 1,023.6
4,740.8
967.9
4,732.3
937.6
4,661.2
834.2
4,680.3
760.8
4,775.1
789.7
4,612.5
804.4
4,723.9
726.4
4,887.3
777.0
4,909.9
772.9
4,958.2
758.5
5,004.5
770.7
402.1
403.6
405.4
415.6
414.1
413.8
356.6
338.9
329.6
286.4
258.3
235.0
183.5
184.1
182.5
186.0
191.3
190.1
193.1
190.0
192.6
192.2
192.2
192.7 !
206.6
209.1
210.3
212.6
212.1
214.4
221.4
219.8
227.1
234.5
234.1
240.1
-23.8
-23.8
-23.8
-23.7
-23.5
-23.6
-23.4
-23.4
-23.4
-23.3
-23.3
-23.5
-5.1
-2.6
-1.1
.8
3.0
5.7
7.0
10.7
13.5
15.7
19.1
22.5
595.1
581.0
570.2
574.8
581.9
591.0
634.7
570.5
576.7
582.8
606.8
619.7
2,382 .0
785.6
728.2
2,319 .3
759.8
2,281 .1
776.2
2,200 .3
839.8
2,139 .6
848.7
2,181 .2
818.6
2,193 , 7
868.1
2,032 C)
962.3
2,093 .2
2,061 3 1 (P1 2
2,045 .9 1 ,056.8
2,057 .3 1 ,053.4
724.2
742.8
745.7
743.0
746.9
784.8
794.7
848.7
855.4
842.5
872.0
913.5
834.3
824.2
822.3
818.1
827.0
828.9
635.9
804.5
803.8
809.3
808.3
807.7
125.7
126.3
123.4
123.5
126.9
131.5
169.7
169.7
172.5
175.7
175 .'2
172.7
TABLE 4.—DECREASE I N U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From J a n . 2, 1935, through—
Total
United
Kingdom
France
Nether- Switzerland
lands
Germany
Italy
Other
Total
Latin
Europe Europe Canada America
Asia 1
All
other 1
1935 -Dec. (Jan. 1, 1936)
1936- Dec. 30
1937- Dec. 29
1938 - D e c . (Jan. 4, 1939).
1939 Dec. (Jan. 3, 1940)
361.4
431.5
449.1
510.1
650.4
208.8
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
8.8
22.0
26.9
33.8
28.4
310.2
343.7
409.3
460.9
563.5
-4.6
36.9
-21.7
35.9
56.5
20.1
24.9
51.6
66.8
52.6
37.3
30.4
18.7
-46.5
-21.5
-1.6
-4.4
-8.7
-7.0
-.8
1940 - D e c . (Jan. 1, 1941).
1941—Dec. 3 1 . .
1942- Dec. 31.
1943—Dec. 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
1944—June 30..
July 31.
Aug. 31.
Sept. 30.
Oct. 31
Nov. 30.
Dec. 3 1 . .
1945—Jan. 31.
Feb. 28
M a r . 31.
Apr. 30..
May 31.
856.6
850.6
869.7
"883.5
891.3
872.7
805.8
848.2
859.8
848.5
844.7
845.7
265.7
262.5
262.4
267.6
268.6
267.4
266.1
266.2
264.6
268.8
266.6
261.5
77.8
77.8
77.8
77.8
77.8
77.7
77.7
77.6
77.6
77.6
77.6
77.8
18.3
18.2
18.0
18.3
18.3
18.3
18.3
18.3
18.3
18.3
18.1
18.2
6.7
6.3
6.8
6.8
6.6
4.8
6.8
6.2
7.3
7.2
7.2
7.3
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
51.9
26.2
26.2
51.6
26.2
70.6
26.2
70.4
70.3
26.2
26.2
70.9
34.6
26.2
26.2
70.7
26.2
70.3
26.2
70.4
26.2
70.6
26.2 | 70.1
643.5
639.6
658.8
664.0
664.6
662.2
626.6
662.0
661.2
665.3
663.3
658.0
58.9
51.0
52.5
62.3
64.4
64.9
64.8
61.8
68.1
69.0
69.9
67.3
55.0
62.6
63.1
64.3
64.9
51.2
37.0
36.1
40.7
23.9
23.0
40.1
99.3
98.3
96.7
93.2
98.2
96.0
77.7
87.6
88.2
88.1
86.4
77.9
-.1
-.9
-1.3
— .3
1
2
l
6.6
7.5
-1.6
— .3
.8
1.7
2.2
2.1
2.4
Prior to J a n . 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All o t h e r . "
Inflow less than $50,000.
1074
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935--Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 5.-FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935, through—
j
United I
Nether- SwitzerKing- j France lands
land
dom |
Total
Other
Total
Europe Europe
Latin
America
1935—Dec.
1936—Dec.
1937—Dec.
1938-Dec.
1939—Dec.
(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
(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
18.2
22.8
26.1
42.1
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
2.9
9.4
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
1.7
10.5
—9.7
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 1, 1941)
31
31
31
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
1944—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1945—Jan.
Feb.
Mar.
Apr.
May
30
31
31
30
31
30..
31
31.
28
31.
30.
31
929.8
,005.8
.009.7
026.2
,025.8
,025.3
,019.4
,025.9
.033.4
029.6
,061.6
088.9
126.2
127.1
126.8
126.6
127.2
127.0
126.5
124.8
125.2
124.0
121.6
120.8
33.6
33.6
33.6
33.6
33.6
33.6
33.6
33.6
33.6
33.6
33.6
33.5
44.9
44.8
44.7
44.7
44.5
44.4
44.5
44.5
44.7
44.7
44.7
44.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
27.8
27.8
27.7
27.7
27.7
27.7
27.6
27.6
27.6
27.6
27.6
27.6
209.6
209.7
210.3
210.4
210.4
210.4
210.4
210.4
210.3
210.3
210.1
210.0
Asia*
All
other1
— 7.6
12.7
15.7
175.0
167.4
184.0
7.9
17.0
24.5
33.8
42.8
6.8
9.7
11.3
510.0
521.3
526.3
530.3
25.0
35.4
— 3.0
41.2
202.3
221.1
245.4
272.3
53.0
61.2
61.5
62.2
13.5
16.6
18.0
19.9
529.5
530.2
530.2
530.2
530.7
530.4
530.1
528.4
529.1
528.0
525.4
524.1
35.0
106.0
105.8
119.1
116.9
113.5
104.9
111.5
118.1
113.9
147.1
171.4
282.7
287.0
291.1
294.8
296.1
299.0
302.0
303.5
303.7
305.1
306.1
310.4
62.0
62.0
61.9
61.5
61.1
61.4
61.3
61.3
61.5
61.5
61.9
61.7
20.7
20.7
20.7
20.7
21.0
21.1
21.0
21.1
21.0
21.1
21.2
21.2
Asia*
All
other 1
TABLE 6.-DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
From Jan. 2, 1935, through
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30.
1937—Dec. 29.
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
United
Kingdom
Tota
France
Nether- Switzer-1 Gerand
many
lands
Italy
Other
Total
Latin
Canada America
Europe Europe
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
— .1
-3.3
-4.9
—5.5
—4.9
12.9
38.5
55.7
56.6
60.4
64.9
67.3
75.3
86.3
851.3
615.0
644.7
645.7 |
99.0
98.2
101.1
100.9
100.5
100.5
103.2
103.0
102.4
93.7
92.5
93.5
644.0 j - 6 4 . 2
642.0 ' — 65.6
638.4 - 5 9 . 1
-21.7
625.2
626.0 - 2 4 . 9
626.3 - 2 8 . 2
-28.1
633.7
629.0 - 2 7 . 4
621.4 - 8 4 . 2
598.9 - 8 5 . 7
591.2 - 9 5 . 9
585.9 -106.7
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 1, 1941)
31
31
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
1944—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1945—Jan.
Feb.
Mar.
Apr.
May
30.
31
31
30
31.
30
31 .
31. ...
28....
31
30
3!
702.4
706.9
709.4
737.8
735.8
732.4
911.8
909.0
845.0
820.6
802.5
785.0
-113.3
-114.7
-118.9
-120.2
-122.0
-123.5
-125.4
-127.4
-131.7
-135.4
-139.2
— 142.8
78.7
79.0
77.1
66.9
70.1
70.0
77.3
77.2
76.9
68.0
67.1
66.4
240.2
240.0
239.7
239.7
239.7
239.4
239.0
239.0
239.1
239.1
239.4
239.3
369.2
369.2
369.1
367.6
367.2
369.2
368.5
366.1
363.3
362.2
360.1
359.4
-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
-30.7
1.1
1.2
1.2
1.2
1.3
1.5
1.9
1.8
2.1
2.1
2.2
.8
— .1
.6
286.2
818.0
1,041.6
1,094.1
1,004.4
2.8
32.6
37.6
25.7
-2.6
3.7
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
-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
42.6
48.9
48.1
)1.9
2.4
3.3
4.9
5.7
5.4
)5.2
55.1
52.8
68.9
70.7
71.2
71.7
71.6
70.4
240.5
241.1
241.9
241.7
241.9
242.7
11.0
10.8
10.7
10.7
10.6
10.6
10.7
10.7
10.6
10.5
10.3
10.3
Asia*
All
other 1
-.9
(3)
TABLE 7.—INFLOW I N 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—
1935—Dec.
1936— Dec.
1937—Dec.
1938—Dec.
1939—Dec.
(Jan. 1, 1936;..
30..
..
29 ..
(Jan. 4, 1939).
(Jan..3, 1940;.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 1, 1941;.
31.
31.
31.
1944—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1945—Jan.
Feb.
Mar.
Apr.
May
30...
31.
31 ...
30
31
30
31 ..
31...
28...
31..
30...
31.
Total
i United
Kingdom
France Nether- Switzerland
lands
Germany
Italy
Total Canada Latin
Other
America
Europe Europe
(2)
4.0
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)
-.2
— .1
.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
-4.2
-.5
o
l!6
2.9
2.1
.5
-1.5
-3.4
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
8.0
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
_7
'.8
.9
1.3
119.1
119.3
119.9
122.2
127.1
125.0
126.3
126.1
129.9
130.5
130.4
133.6
18.3
18.7
18.4
18.9
19.0
18.2
18.5
18.5
18.6
18.0
18.4
19.1
22.0
22.1
22.2
22.4
22.6
22.7
23.1
21.9
22.9
23.1
23.1
22.6
20.8
21.1
20.8
20.9
21.2
21.3
22.3
22.4
22.7
22.6
23.0
23.1
19.4
20.5
20.8
21.5
22.5
21.6
23.0
22.9
23.9
24.5
24.7
25.8
-.2
— .2
— .2
— .2
-.2
-.1
(3)
.3
.3
.3
.3
.3
.3
.3
.3
.3
.3
.3
.3
9.2
9.6
10.2
10.3
10.5
10.0
10.5
10.6
10.8
10.5
10.5
10.3
89.8
92.2
92.5
94.0
95.9
94.1
97.7
96.6
99.0
99.4
100.0
101.1
17.5
16.6
16.3
16.0
18.2
16.7
16.2
16.7
17.0
17.0
17.0
19.3
5.3
4.6
4.8
5.5
6.3
6.4
5.1
6.3
7.2
7.5
7.0
7.5
5.4
4.8
4.9
5.0
5.0
6.0
5.6
4.7
4.8
4.7
4.4
3.9
1.1
1.2
1.4
1.8
1.8
1.8
1.8
1.8
1.9
1.9
1.9
1.9
6.0
12.9
47.5
47.6
80.6
i
9
-.2
— .1
-!i
-.i
(Sj
,
2*1
1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other.'
3
Inflow less than $50,000.
Outflow less than $50,000.
2
OCTOBER
1945
IO75
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES
[In millions of dollars]
LIABILITIES
Total
Date
1934—Dec.
1935—Dec
1936—j) ec
1937—Dec
1938—-Dec
(Jan. 2, 1935)
(Jan 1, 1936)
30
29
( j a n 4 1939)
1939—Dec.
1940—Dec
1941—Dec.
1942—Dec
1943—j) ec
(Jan. 3, 1940)
(Jan 1 1941)
31
31
3i
1944—June
July
Aug
Sept
Oct
Nov
Dec.
Dec.
1945—Jan.
Jan
Feb
Mar
Apr
May
30
31
31
30
31
30
31
31 2
31
31 2
28
31
30
31
. . . .
.
. . .
. . . .
United
Switzer- GerKing- France Nethermany
land
lands
dom
Italy
Latin
Total
Other
Europe Europe Canada America
Asia1
All
other1
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
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
149.0
175.3
5,508.6
5,397.7
5,389.2
5,318.1
5,337.2
5,432.0
5,269.4
5,271.4
5,382.8
5,389.7
5,553.1
5,575.7
5,624.0
5,670.4
1,084,9
1,029.2
998.9
895.6
822.1
851.0
865.7
865.7
787.8
787.8
838.3
834.2
819.9
832.1
437.9
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
224.6
200.1
227.0
200.7
228.2
199.1
230.5
202.6
230.0
207.9
232.3
206.7
239.3
209.7
239.3
209.7
206.6 • 237.8
237.8
206.6
245.0
209.3
252.5
208.8
252.0
208.8
258.0
209.3
6.4
6.5
6.5
6.5
13.2
15.7
17.2
19.1
21.3
24.0
25.3
27.3
31.0
31.0
33.8
36.0
39.4
42.9
728.1
714.0
703.2
707.8
714.9
724.0
767.7
767.7
703.6
703.6
709.8
715.8
739.9
752.7
2,695.2
2,632.5
2,594.3
2,513.5
2,452.9
2,494.4
2,506.9
2,517.8
2,357.1
2,392.5
2,452.8
2,420.8
2,405.5
2,416.9
893.5 838.8
836.1 857.4
867.8 860.3
884.2 857.6
947.7 861.5
956.6 899.4
926.5 909.3
926.5 909.3
976.0 963.3
976.0 970 2
1,070.3 976.9
1,129.1 964.0
1,164.8 993.5
1,161.3 1,035.0
942.2
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
138.9
139.6
130.6
136.7
140.1
144.7
182.9
174.0
174.1
138 6
141.4
144.5
144.1
141.6
6.7
6.7
6.8
6.8
6.8
6.8
6.8
6.9
7.0
6.7
LIABILITIES-SUPPLEMENTARY DATA
Other Europe3
Other
Europe
Date
Belgium
Denmark
Finland
21.4
16.5
5.7
7.9
7.7
7.6
7.5
1939—Dec.
1940—Dec.
104I—j)ec
1942—Dec.
1943—Dec.
(Jan. 3, 1940)...
(Jan. 1, 1941)...
31
31
31
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
1944—June
July
Aug.
Sept
Oct.
Nov
Dec.
1945—jan
Feb.
Mar
Apr.
May
30
31
31
30
31
30
31
31
28
31
30
31...
728.1
714.0
703.2
707.8
714.9
724.0
767.7
703.6
709.8
715.8
739.9
752.7
122.2
121.9
123.0
124.7
124.1
124:3
124.3
121.8
123.5
133.7
139.7
147.3
13.5
13.2
13.5
14.0
13.6
13.4
14.8
14.4
14.2
14.4
13.7
13.4
. .
Portu- Ru- 4
Geeece4 Luxemmania
bourg4 Norway gal4
7.5
7.2
7.1
7.1
7.1
7.0
6.6
7.1
7.0
6.8
39.3
43.5
18.3
18.4
56.3
48.7
65.2
132.4
158.9
46.0
46.6
46.3
46.4
48.8
48.7
48.7
48.7
48.6
50.6
52.5
53.7
18.5
18.5
18.5
18.5
18.6
18.5
18.6
18.5
18.6
18.6
18.5
19.1
189.2
180.0
178.4
178.6
186.6
186.6
220.8
185.4
187.2
194.7
199.9
194.0
Yugo-4
Spain4 Sweden USSR 4 slavia
35.7
53.4
9.4
9.3
17.5
31.8
142.2
235.4
210.7
153.5
163.2
35.2
39.4
40.6
45.9
45.6
49.8
54.5
42.0
41.3
35.4
39.4
36.6
9.2
9.2
50.2
49.0
50.6
45.2
41.4
43.3
43.4
38.2
41.1
27.3
31.5
37.6
155.5
155.9
144.6
147.5
149.0
148.0
152.1
148.6
152.3
157.7
158.0
160.2
9.2
9.2
9.2
9.4
9.5
9.4
9.1
9.3
9.3
9.3
14.3
12.3
17.7
9.9
16.4
8.2
7.0
7.0
7.5
7.9
6.9
6.9
8.2
12.9
16.1
12.7
12.9
8.6
12.8
17.5
6.9
5.8
5.7
5.7
5.7
58
5.8
5.6
All
other
109.8
187.9
191.0
57.9
76.9
57.6
57.7
56.7
55.9
55.7
56.2
52.1
51.0
48.7
52.8
51.8
51.7
Latin America5
Date
Latin
BoAmer- Argentina livia6 Brazil Chile
ica
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
19*3—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
31....
31
31
336.0 57.7
447.3 115.4
417.7
597.7
693.7
75.7
67.6
69.8
1944—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1945—Jan.
Jan.
Feb.
Mar.
Apr.
May
30
31
31
30
31
30
31
31
312
28
31
30
31
838.8
857.4
860.3
857.6
861.5
899.
909.3
963.3
970.
976.9
964.0
993.5
,035.0
69.5
71.1
68.2
66.1
72.1
84.6
93.9
89.3
89.3
89.9
73.4
73.1
70.0
Colom-6
bia
10.8
12.6
36.4
36.2
50.5
67.7
98.7
26.8
28.5
27.3
34.5
54.0
43.4
67.1
13.2
13.6
17.5
17.1
17.4
18.7
17.7
19.9
19.9
18.9
17.1
18.5
17.7
131.2
140.1
142.2
144.3
134.8
142.7
140.8
160.2
160.2
156.9
128.2
133.3
138.8
64.1
62.6
63.1
45.3
46.3
57.4
55.0
54.4
54.4
53.2
52.1
51.3
54.9
79.9
83.1
82.5
85.5
86.9
85.2
83.6
85.0
85.0
82.8
81.5
77.2
76.6
Costa6
Rica
NetherFrench
lands
West
West PanaIndies Mex- Indies
6
Cuba
&
ico
ma7 Peru
and
Gui-6
Suriana
nam6
12.4
12.2
37.0
47.9
62.5
100.3
70.4
8.4
8.1
8.1
7.9
7.8
7.1
7.4
7.0
7.0
6.9
7.4
8.1
8.2
127.5
131.3
128.4
124.6
120.6
131.1
139.3
139.1
139.1
136.6
141.2
160.2
169.6
4.9
2.6
58.8
55.0
37.7
95.7
70.4
3.1
3.7
3.5
3.6
3.8
3.1
4.4
4.6
4.6
5.1
5.4
5.2
6.3
77.5
78.1
85.8
89.2
87.9
90.7
83.1
99.3
99.3
114.2
129.0
140.1
158.4
Other
Vene-6 Latin
zuela America
20.7
41.2
34.0
58.7
42.1
36.9
57.6
17.7
17.4
20.9
24.2
85.3
105.6
121.8
64.2
95.4
39.4
39.7
37.6
36.9
37.6
35.8
36.0
35.3
35.3
35.5
34.3
33.7
32.5
62.5
63.7
63.9
64.2
65.7
67.7
69.1
69.4
76.3
78.7
82.5
81.8
83.1
20.1
18.4
19.5
22.9
24.0
25.8
27.7
29.2
29.2
29.7
32.7
33.9
33.9
22.2
23.6
23.8
31.8
39.7
29.4
31.5
49.0
49.0
43.9
49.4
43.2
48.2
120.1
120.5
116.2
118.3
117.0
120.0
119.8
121.5
121.5
124.6
129.9
133.8
136.6
For footnotes see page 1077.
IO76
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-Co»//»»«/
[In millions of dollars]
LIABILITIES—SUPPLEMENTARY DATA—Continued
Asia and All Other1
India,
French
Burma, &
Asia China Indo- 2 Hong
Kong
CeyChina
lon2
Date
British
Ma-2
laya
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 3, 1940).
(Jan. 1, 1941).
31
31...
31...
491.4
616.9
583.9
712 1
887.6
167.0
207.5
156.8
360 9 27.4
574.2 27.4
71.4
91.1
61.6
41.6 13.1
23.9 18.2
1.0
.9
1944—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30....
31
31
30
31
30
31
942.2
932.1
930.2
926.0
934.9
936.8
743.8
641.4
624.0
619.5
615.6
617.6
607.2
427.3
23.4
23.6
23.7
23.7
23.0
22.9
22.9
16.9
25.6
27.2
26.7
22.6
39.3
22.1
Dec. 314
1945—Jan. 31
Jan.
Feb.
Mar.
Apr.
May
27.4
27.3
27.4
27.4
27.4
27.4
27.4
743.8 427 3 27.4
912.4 573.9 27.4
314
28
31
30
31
912.4
911.7
917.2
916.2
915.6
573.9
556 9
554.4
546.9
541.7
27.4
27.4
27.4
27.5
27.5
Japan
Egypt
(incl. Nether- Phil& French Union
New AngloKoAll
AusOther
Turof Othippine
lands
2
Zea- Egyp- Mo- South
rea)
others
key
tralia
East
Asia
land tian rocco Africa er
& Indies2 lands
ManSudan
churia
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
4.8
4.1
160.4
110.1
29.1
45.6
30.7
36.8
37.9
.9
1.0
1.2
1.2
1.1
1.2
1.3
4.1
4.2
4.1
4.1
4.1
4.0
4.0
106.2
109.7
109.5
109.2
111.8
113.6
110.5
38.0
38.9
38.8
39.1
44.4
39.2
40.4
30.8
21.0
21.8
21.2
20.9
20.3
23.7
53.0
56.9
57.1
57.9
62.0
61.7
64.2
22.9 22.1
22.6 20.8
1.3
1.3
4.0
4.0
110.5
111.1
40.4
40.2
20.8
21.1
21.3
23.5
26.6
1.3
.9
.9
.9
.8
4.0
3.9
4.0
4.0
4.0
111.1
113.5
116.5
115.4
117.6
40.2
42.8
40.4
43.8
45.2
22.6
22.8
21.9
21.6
21.9
165.4
110.3
69.9
4.8
5.1
6 8
12 1
10.3
11.0
6.1
4.5
91.8
124.1
25.0
28.8
30.7
33.8
35.1
40.0
52.9
4.3
3.5
3.5
6.4
4.0
3.6
3.5
6.2
6.0
6.2
6.6
6.6
7.2
7.3
5.1
4.8
4.8
5.0
4.7
4.4
4.3
6.9
4.9
6.8
4.3
7.3
5.2
8.3
91.4
91.6
84.6
80.7
82.4
84.2
106.5
23.7
37.1
64.2 174.0 52.9
74.0 174.1 34.2
3.5
5.6
7 3
4 3
8.4
4.2
8.3
8.9
97.6
112.8
37.1
74.0
76.4
80.1
80.9
79.4
34.2
34.9
34.6
34.5
32.0
8.4
4.2
8.9
4.1
3.6
3.5
8 8
4 1
46.0
50.4
51.6
50.7
138.9
139.6
136.6
136.7
140.1
144.7
182.9
138.6
141.4
144.5
144.1
141.6
5.6
4 8
9.0
9.8
9.5
77.4
8 0 80 8
7.4
85.5
7.1
85.0
6.0
86.2
3.9
4.1
4,3
footnotes to table on page 1076.
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 rseven 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,
and6seven additional countries since June 30,1942.
7
Prior to June 30,1942, included under "Other Latin America."
Included "Canal Zone" prior to June 30, 1942.
i 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
Switzer- GerKing- France Nethermany
land
lands
dom
Italy
Latin
Other Total
Europe Europe Canada America
Asia1
All
other*
1,139.9
778.6
672.6
655.0
594.0
296.9
88.1
114.1
84.8
86.0
80.5
32.5
16.8
13.5
10.3
18.6
19.0
21.9
23.0
24.2
8.2
6.6
5.4
5.5
5.5
231.7
202.0
165.1
126.1
89.4
27.2
13.5
10.9
20.8
13.5
80.0
71.2
57.8
52.9
45.9
743.2
433.0
392.1
326.5
274.9
96.3
100.9
59.4
118.0
60.4
174.6
154.5
141.1
114.4
99.1
117.4
80.1
67.2
78.9
144.1
8.5
10.1
12.9
17.2
15.5
1939—Dec. (Jan. 3, 1940)...
1940—Dec. (Jan. 1, 1941)
1941—]3ec 3i
1942—Dec. 31
1943—Dec. 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
5.7
.9
1.1
5.2
1.5
2.6
11.8
2.0
1.5
.5
1.5
1.1
.4
3.0
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
1.3
53.4
39.6
34.4
34.0
33.9
1944—June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov 30
Dec. 31
1945—Jan. 31
Feb 28
Mar. 31
Apr. 30
May 31 ..
278.9
284.9
265.8
252.0
244.2
262.8
329.7
287.3
275.6
286.9
290.8
289.8
26.3
29.5
29.6
24.4
23.4
24.6
25.9
25.8
27.4
23.2
25.4
30.5
1.3
1.3
1.3
1.3
1.3
1.4
1.4
1.5
.3
.4
.6
.3
.3
.3
.3
.3
1.4
1.8
1.3
1.3
1.5
3.3
1.3
1.9
.8
90.6
94.6
75.4
70.2
69.5
71.9
107.5
72.1
72.9
68.8
70.8
76.2
34.0
41.9
40.4
30.6
28.5
28.0
28.1
31.1
24.8
23.9
23.0
25.6
113.0
105.4
104.9
103.7
103.1
116.8
131.0
131.9
127.3
144.1
145.0
127.9
29.8
30.7
32.4
35.8
30.9
33.0
51.4
41.5
40.9
41.0
42.6
51.1
11.5
12.3
12.7
11.7
12.2
13 0
11.7
10.6
.3
.3
.3
.3
.3
.3
.3
.3
.4
.3
.3
.3
.3
27.1
27.4
8.4
8.6
8.8
8.2
44.4
8.4
1.5
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
1934—Dec. (Jan. 2, 1935)
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
...
1.5
1.4
1.3
.3
.5
.4
.9
.9
.8
.4
.4
8.7
8.7
8.4
8.9
4.8
3.9
9.7
9.2
9.3
9.0
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
Note.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942, reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974.
OCTOBER
1945
1077
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES-Continued
Date
Other
^'
Europe
Bel^ '
gium
[In millions of dollars]
ASSETS-SUPPLEMENTARY DATA
Other Europe1
Por2
NorRuDenFinGreece2 Luxem^'
bourg2 way
tugal2 mania2 Spain
mark
land
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 3, 1940).
(Jan. 1, 1941).
31
31
31
51.4
29.9
26.2
22.3
19.0
6.5
1.5
1.1
.8
.7
3.2
.3
(3)
(3)
(3)
1.4
1.8
1.9
5.6
7.6
1944—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1945—Jan.
Feb.
Mar.
Apr.
May
30
31
31
30
31
30
31
31
28
31
30
31
27.1
27.4
.6
.7
.7
.7
.7
.7
.7
.7
.8
.8
.8
.8
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
8.4
8.4
(3)
(3)
(3)
(3)
(3)
8.4
8.6
8.8
8.2
44.4
8.4
8.7
8.7
8.4
8.9
"
83
((33))
()
A
.6
.8
.6
.6
.6
.6
.6
.6
.6
.6
.6
.6
.1
.1
.1
I
,1
.1
.1
.1
.1
.1
.1
.1
Yugo-2
USSR* slavia
28.0
24.5
22.1
8.4
5.0
87
3.6
.9
.5
.2
.2
A
.6
Sweden
2^4
1.4
(3)
(3)
3.2
3.2
1.0
.6
A
.2
.5
.7
.6
.7
.6
.6
.8
.7
.6
.5
.6
.6
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
1.5
1.4
1.2
1.1
1.6
.8
1.8
.9
1.2
1.3
.9
1.5
.2
.2
.2
.2
.2
.3
.2
.2
.2
.2
.2
.3
10.2
10.2
.2
.1
.1
.1
35.1
.1
.1
.1
.1
.1
(33)
()
(3)
(3)
(33)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
()
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
5.0
4.9
4.9
5.0
4.8
5.0
5.1
5.0
5.1
5.0
5.1
4.9
8
Latin America4
Latin
BoAmer- Argentina livia5 Brazil
,ica
Date
1939—Dec.
1940—Dec
1941 Dec
1942—Dec.
1943—Dec
(Jan. 3, 1940)
(Jan. 1, 1941)
1944—June
July
Aug
Sept.
Oct
30
Nov
Dec
31
31
31
31
31
30
31
30
31
945—Jan
Feb.
Mar.
Apr.
May
31
28
31
30
31
113.3
122.7
148 3
99.7
112.2
15.3
113.0
105.4
104.9
103.7
103.1
116.8
131.0
131.9
127.3
144.1
145.0
127.9
9.9
5.5
6.3
5.8
3.9
3.9
3.1
2.8
2.9
5.5
8.7
7.7
16.8
11.9
16 8
6.9
Colom-5
bia
Chile
Costa5
Rica
NetherFrench
West
lands
Indies
West
PanaCuba
and Mexico Indies ma6
and
Guiana 5
Surinam5
10.5
11.7
11 3
3.0
1.8
32.2
33.1
38 0
16.7
18.9
13.4
14.9
15.3
16.6
20.7
12.2
.6
.7
20.1
1.9
2.0
2.0
1.9
1.6
1.4
1.8
1.7
1.2
1.3
1.4
1.3
24.4
23.6
25.5
25.8
23.5
24.4
25.3
24.8
23.8
22.7
24.1
25.5
9.3
8.4
8.0
7.8
8.7
8.7
9.0
8.5
8.5
7.8
8.7
8.4
12.4
12.7
13.2
12.6
12.2
14.8
15.5
15.5
13.5
16.0
14.7
15.1
.8
.9
1.0
1.2
1.2
1.3
1.2
1.1
1.0
.9
1.0
1.1
28.4
28.1
23.3
23.3
25.1
33.9
47.4
49.2
50.1
60.9
57.1
39.1
9.7
8.3
5.9
6.1
11.2
.3
.5
1.0
2.1
2.4
2.1
1.1
9.0
7.6
S.9
7.6
8.3
8.0
8.6
9.3
8.4
9.1
8.8
8.7
.9
.4
.5
.4
.4
.4
.3
.5
.3
.4
.4
.4
.8
.9
.8
.9
.8
.9
.8
.9
1.0
1.0
1.0
.9
76
.2
(3)
4.8
C)
(3)
<*s
(3)
(33)
((3))
.1
(3)
3
( )
(•)
Other
Peru5 Vene-5 Latin
zuela America
2.8
1.4
3.9
3.8
1.6
1.6
1.4
1-4
S
4.6
37 2
44 4
57 3
14.2
87
50
4.4
49
4.3
5.6
5.1
4.1
3.7
4.0
4.9
5.8
s
.2
7
.4
1.4
1.4
1.4
88
88
96
10 1
11 6
12.1
11 7
11.8
11.4
13.1
13.0
12.6
Asia and All Other7
Date
India,
BriFrench Hong Burma, tish
IndoChina
Asia
Kong
&
MaChinaS
Cey- laya 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
31
35.3 11.1
31
26.3 1.7
1944—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1945—Jan.
Feb.
Mar.
Apr.
May
30.
31
31
30
31
30
31
31
28....
31
30.
31
29.8
30.7
32.4
35.8
30.9
33.0
51.4
41.5
40.9
41.0
42.6
51.1
2.2
2.2
1.9
1.7
1.4
1.6
1.5
1.7
1.2
1.3
1.3
1.1
( 3 ) "
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
I 3)
()
1.9
1.7
3.1
.9
1.0
.9
.9
.9
.9
.9
.9
.9
.9
.9
.9
.9
.9
Japan
(incl. Nether- Philip- Tur- Other All
KoNew
9 Aus- Zearea) lands
East 8 pine
Is- keys Asia other tralia land
& Indies
lands
Manchuria
1.6
1.7
26.4
22 6
23.0
14.4
13.9
1.5
1.4
1.4
1.4
1.4
1.5
1.5
1.4
1.4
1.4
1.4
1.4
13.9
13.9
13.9
13.9
14.0
13.8
13.8
13.9
13.9
13.9
13.9
13.9
102.1
55 8
18.9
2.0
.5
.5
.5
1.9
1.6
3.1
6.3
1.9
4.2
.2
.2
.2
.2
.2
.1
.1
.1
.1
.1
.1
.1
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
" 2 . 2 ' '".7"
22.3
12.4
12.1
11.8
12.1
19.4
21.6
14 0
19.5
l.S
3.2
2.0
1.8
2.0
1.8
1.8
1.8
1.9
1.4
1.8
2.0
1.8
1.8
6.7
8.2
8.7
9.1
S.S
8.9
8.8
8.6
9.0
9.1
1 .9 10.5
2.0
11.8
Egypt
&
Union
Anglo- French
of Oth
Mo- South
Egyp- rocco
er
tian
Africa
Sudan
9.3
64
9.7
4.8
3.9
11.5
12.3
12.7
11.7
12.2
13.0
11.7
10.6
9.7
9.2
9.3
9.0
.......
1.0 '".7"
' " (3) " " 1.7
.5
.2
.1
(3)
.5
.6
.4
.5
.4
.7
.6
.8
.7
.8
.8
1.0
.3
.4
.3
.3
.2
.3
.2
.2
.2
.4
.4
.3
1.1
.5
.5
.2
.1
.1
.2
.2
.3
.3
.4
.4
.1
8.6
3
10.0
10.5
()
(3)
(3)
(3)
(3)
(3)
3
( )
(3)
(3)
(»)
2^4
9.9
10.4
11.0
9.7
3.3
7.2
f>.7
6.7
6.1
1.2
•7
.9
.8
1.1
.9
1.0
1.0
1.0
1.1
1.2
1.1
1.2
1.2
1
The figures in this table represent a breakdown of2 the column headed "Other Europe" in the main table and3 cover five countries from Jan. 3, 1940,
and 4seven additional countries since June 30, 1942.
Prior to June 30, 1942, included under "All other."
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
rica."
Included "Canal Zone" prior to June 30, 1942.
Prior to June 30),; 1942, included under "Other Latin America."
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 countriesavailableonlyfrom June30,1942.
8
9
Prior to June 30, 1942, included under "Other Asia."
Country breakdown not available until June 30, 1942.
1078
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Goldi
Cash reserves
Other
assets2
Discounts
and advances
Coin
Notes
.2
.6
.6
.8
1.0
.5
.6
.6
.8
.8
1.0
.9
.3
.9
.9
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3.
41.1
51.7
25.6
13.3
28.5
26.8
11.6
22.3
49.0
27.3
18,5
16.8
.2
.2
.2
.2
.2
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5
630.0
5780.0
5
950.0
6
1,100.0
1944—Sept. 27
Oct. 25
Nov. 29
Dec. 27
.2
.2
.2
.2
L.200.0
1,200.0
1,200.0
5
1,250.0
2.0
2.3
2.3
1.9
1945—Jan. 31
Feb. 28.
Mar. 28.
Apr. 25.
May 30.
June 27
July 25.
Aug. 29.
.2
.2
.2
.2
.2
.2
.2
.2
1,250.0
1,250.0
,250.0
1,250.0
6
1.300.0
1,300.0
H, 350.0
1 ,350.0
1.5
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
Liabilities of banking department
Assets of banking department
1.7
1.5
1.3
1.2
1.3
.9
.4
Securities
Note
circulations
Deposits
Bankers'
4.3
4.0
6.4
3.5
2.5
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
45.7
35.9
10.7
11.6
4.3
8.8
5.1
5.1
252.6
234.9
273.5
317.4
1,154.6
1,164.4
1,189.5
1,238.6
221.5
203.8
207.0
260.7
30.6
33.1
14.5
15.0
30.6
15.1
44.5 '
24.3
6.6
8.5
263.6
261.1
268.4
269.9
254.3
324.2
263.6
295.3
1,219.6
1,217.1
1,235.8
1,235.2
1,269.6
1,285.2
1,305.7
1,325.9
215.1
207.8
218.9
229.6
212.4
262.3
229.1
238.2
7.6
8.5
17.5
9.2
28.5
18.6
20.1
9.6
3.8
1.8
7,2
Bank of Canada
Gold
Sterling
and United
States
dollars
180.5
179.4
179.8
185.9
225.7
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
Other
8.8
6.6
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
55.3
54.1
55.3
52.3
18.1
17.7
17.8
17.8
57.8
60.5
57.0
50.5
50.7
51.6
53.6
55.0
17.9
18.0
18.1
17.7
17.8
17.9
17.9
18.0
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
9.8
6.2
11.6
5.2
11.6
18.1
8.9
8.5
14.8
12.7
10.3
16.0
Liabilities
Assets
(Figures in millions of
Canadian dollars)
Public
Other
liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Shortterm*
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
irculation7
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—Sept. 30
Oct. 31
Nov. 30
Dec. 30
45.9
62.8
172.3
172.3
833.1
875.7
868.6
906.9
625.5
622.9
618.9
573.9
22.1
58.6
29.3
34.3
982.8
1,012.5
1,007.8
1,036.0
454.8
454.3
437.2
401.7
21.9
76.9
10.8
12.9
33.3
32 A
20.4
27.7
33.8
43.8
212.9
209.1
1945—Tan. 31...
Feb. 28..
Mar. 31.
Apr. 30..
May 31.
June 30..
July 31. .
Aug. 31.
172.3
170.4
177.1
196.6
177.9
174.4
174.4
176.1
914.5
891.6
926.5
937.7
1.068.3
1,073.8
1,034.7
1,031.5
590.2
595.5
608.7
621.7
533.5
559.5
558.3
584.0
28.0
29.0
33.2
49.7
42.0
34.4
56.5
62.3
1,020.6
1,028.6
1,048.7
1,062.3
1,055.8
1,063.2
1,078.8
1,097.9
413.1
397.6
422.0
448.9
464.8
492.0
441.1
444.4
23.2
27.9
18.7
39.5
33.6
43.9
57.5
32.6
36.0
37.2
52.7
50.8
32.4
35.9
37.6
39.7
212.1
195.1
203.4
204.2
235.1
207.1
208.8
239.2
4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
I
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.
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 millionJpounds transferred from Exchange Account
to Bank;
on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942;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.
67 Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
8
Beginning November 1944, includes a certain amount of sterling and United States dollars.
9
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940,
pp. 677-678).
NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp.
644-645, respectively; for description of statistics see pp. 560-564 in same publication.
OCTOBER
1945
1079
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of France
Advances to
Government
Domestic bills
(Figures in millions
of francs)
Gold
1
Foreign
exchange
Open
market 2
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.
27
26
30
30
29
28
27
30
30
29
28
26
31
31
30
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
5
97,267
5
84,616
84,598
84,598
84,598
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
38
37
37
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
1944—Mar.
Apr.
May
June
July
Dec.
30
27
25
29
13
286
84,598
84,598
84,598
84,598
84,598
75,151
37
37
37
37
37
42
44,359
44,706
44,232
46,241
45,851
47,288
75,151
75,151
75,151
75,151
75,151
42
42
44
44
45
47,842
47,894
48,483
48,257
48,141
1945—Jan. 25
Feb. 22
Mar. 29
Apr. 26.
May 3 1 . .
Special 2
Other
1,379
652
1,797
2,345
661
12
169
29
19
12
i "
48"
16
9
2
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
3,646
4,517
5,368
7,543
For occupation
costs 3
Deposits
Other
assets
Other
2
Note
circulation
Government
68,571
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
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
8,349
7,718
6,611
6,045
4,856
18,592
351,000
367,300
383,600
409,200
409,200
426,000
69,800
66,800
67,600
71,500
70,850
15,850
21,570
21,437
21,143
21,160
23,799
735,221
530,174
539,058
551,969
576,909
584,820
572,510
786
793
795
750
729
748
26,360
23,473
16,601
14,967
10,162
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
562,416
568,900
580,123
580,944
548,945
3,196
778
775
756
774
7
C.A.R.
41,400
64,580
16,857
10,724
9,063
8,811
9,652
12,309
1,853
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Reserves of gold and
foreign exchange
259
445
349
221
106
557
804
32
107
87
1
92
102
161
398
322
319
315
303
286
298
393
357
283
210
65
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
2,311
1,664
2,337
33
31
23
27
21
20
25
24
21
45
(8)
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
46
62
112
1
1
1
1
1
1
67
70
69
1
64,625
70,699
199
307
81
112
77
77
77
77
77
77
77
77
77
77
1945—Jan. 3 1 ^ . .
Feb. 2 8 p . . .
Note
circulation
251
256
245
176
183
146
84
74
60
45
30
38
32
25
27
31
29
31
30
31
31
30
31
30
31
..
Other
Other
assets
Eligible
as note
cover
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
1944—Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
..
Security
loans
2,283
2,216
984
806
386
79
82
66
71
71
71
71
71
71
71
2,687
2,685
1,156
920
396
84
88
72
76
76
78
78
77
76
77
77
77
7l"
Other
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
35,100
38,017
37,876
43,343
46,899
37,855
4,608
5,928
7,528
5,472
4,890
7,078
50,382
43,697
39,951
42,302
57,231
4,852
4,797
5,075
4,950
7,701
Securities
Bills (and
checks),
including
Treasury
Gold
31
31
31
31
30
31
31
31
31
31
30
31
31
31
31
Other
liabilities
Liabilities
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.
4
bills
47
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
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
2,082
51,207
55,519
13,566
16,419
2,351
P Preliminary.
1
Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, p p . 406-407; Tanuarv 1939
p. 29; September 1937, p . 853; and November 1936, pp. 878-880.
2
For explanation ot
of this item, see BULLETIN
~
for July 1940, p. 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million
francs were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
5
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France;
in week ending Mar. 7, 1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
F i r s t 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.
N O T E . — F o r 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.
1080
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1944
1945
Aug.
June
July
Aug.
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
1,242
2 987
877
1,242
2 863
882
1,239
2 352
883
149
2,553
1,570
561
198
157
2,533
1,542
528
177
166
2,106
1,414
623
143
179
193
169
196
171
183
Commonwealth Bank of Australia
(thousands of pounds):
Issue department"
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts . ...
Securities
Deposits
Note circulation
National Bank of Belgium (millions
of belgas):
Gold1
Foreign exchange
Loans to Government
Other loans and discounts
Claim against Bank of Issue
Other assets
Note circulation
Demand deposits
Blocked Treasury account1 2
Notes and blocked accounts
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 Bulgaria4
Central Bank of Chile (millions
of pesos) •
Gold
Discounts for member banks
50 858 50 856 50,544
140 675 143 420 154 329
20 233
102 233
22 431
301 364
202 203
182,964
19 347
137 026
20 879
273 573
199 045
1851744
14,056
124 868
29,701
236 843
209,661
196,494
Central Bank
(Figures as of last report
date of month)
1944
1945
Aug.
National Bank of Denmark (millions
of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account6
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador (thousands
of sucres):
Gold.
Foreign exchange (net)
Loans and discounts
. .
Other assets
Note circulation
Demand deposits.. .
Other liabilities
7
July
97
36
2,962
30
72
65
5,018
868
3,003
3,915
493
June
Aug.
97
37
2,960
40
73
65
4.989
1.241
3,014
3,612
395
97
22
2, 536
29
71
85
3,728
1,600
1,887
2,661
419
(Apr.)*
288,655
137,097
93, 324
92,491
308,131
277,810
25,625
289,695
95,519
96,242
93,644
273,023
239,415
62,663
6,241
17,185
2,753
6,241
14,684
1,663
National Bank of Egypt (thousands of pounds):
Gold
Foreign exchange
British, Egyptian, and other Gov291,395
244,328
ernment securities
23,682
16,369
Other assets
123,887
100,706
Note circulation
77,559
62,246
Deposits—Government
126,351
106,894
Other
13,460
13,438
Other liabilities..
Central Reserve Bank of El Salvador (thousands of colones):
33,100
33,122
32,830
Gold
37,327
38,855
37,201
Foreign exchange
994
901
779
Loans and discounts
5,256
5,195
6,350
Government debt and securities...
(May) 3
1,723
1,729
1,125
Other assets
600
44,070
45,039
42,588
684
Note circulation
384
27,018
27,687
28,962
481
Deposits
288
7,312
7,076
6, 735
357
Other liabilities
637 Bank of Finland 4
631
41 Bank of Greece 4
41
77 National Bank of Hungary (millions
109
(Nov.
1944)3
1,186
of pengo):
1 320
100
733
100
882
Gold
7
3
107
101
Foreign exchange reserve
6,132
11,977
Discounts
536
511
Loans—To Treasury
941
1,074
To foreign countries
2
273
277
Other
287
1,439
1,082
140
Other assets
257
308
10,672
6,347
715
760
Note
circulation
736
973
1,294
2,713
950
1 052
Demand deposits
1,264
1,172
Consolidated foreign credits of
1,342
Other assets
2 624
2,626
2,348
1C
10
Note circulation
1931
1,502.
1,352
444
466
Other liabilities
514
Deposits—Bank
19:
17^
176 Reserve Bank of India (millions of
Other
344
282
317
Other liabilities
rupees):
Bank of the Republic of Colombia
Issue department:
444
444
444
(thousands of pesos):
Gold at home and abroad
10,343
10,293
8,283
180,191 177,72; 153,259
Gold
Sterling securities
97,896 114,959
578
578
578
106,990
Indian Govt. securities
Foreign exchange
13,286
18,636
5,808
164
152
150
Loans and discounts
Rupee coin
67,042
56,332
11,287
11,370
9,270
65,953
Government loans and securities..
Note circulation
32,122
30,619
29,573
Other assets
Banking department:
242
98
186
174,771 178,942 154,798
Notes of issue department
Note circulation
4,344
3,952
2,488"
169,905 158,148 133,662
Deposits
Balances abroad
54,825
71,472
37
1
53,866
Other liabilities
Treasury bills discounted
2
National Bank
of Czechoslovakia
Loans to Government
270
150
263
Other assets
i n Prague 5 (thousands of koruny):
3,997
2,665
4,717
Deposits
1,517
Gold
171
329
160
787
Other liabilities
Foreign exchange
Central Bank of Ireland (thousands
Loans and discounts
93,995
of
pounds):
Other assets
.• •
2,646
2,646
2,646
2,646
40,254
Gold
Note circulation
30,243
30,726
30,188
26,085
Sterling funds
36,479
Deposits
32,889
33,372
32,834
28,731
Note circulation
19,566
Other liabilities
Bank of Japan44
Bank of Java
1
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."
2 Includes current accounts transferred and to be transferred to blocked accounts and old notes not declared.
4
Fo/lasTavailable report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BULLETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java (January 1942), see
BULLETIN for March 1943, p. 278.
6 244
863
8 467
98
12 919
277
12 040
861
2,099
13,649
219
6 248
812
8 282
117
12 919
301
11 697
888
2,099
13,775
221
.
...
5
First statement available since liberation is that for July 31. Until May 1945, known as the National Bank of Bohemia and Moravia.
Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942.
7
Items for issue and banking departments consolidated.
6
OCTOBER 1945
1081
CENTRAL BANKS—Continued
1945
Central Bank
(Figures as of last report
date of month)
Aug.
Bank of Mexico (millions of pesos):
Metallic reserve1.
#..
"Authorized" holdings of securities, etc
Bills and discounts...
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin)..
Foreign bills
Discounts
Loans
Other assets
Note circulation
Deposits—Government.
Other
Other liabilities
:
Reserve Bank of New Zealand (thousands of pounds):
Gold
Sterling exchange reserve.
Advances to State or State undertakings
Investments
• •
Other assets
Note circulation
Demand deposits
Other liabilities .
Bank of Norway2
Bank of Paraguay—Monetary
Dept.
(thousands of guaranies):3
Gold
Foreign exchange —
Loans and discounts...
. .
Government loans and securities...
Other assets
Note circulation
Demand deposits.
Other liabilities
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange.
Discounts
Government loans..
Other assets
Note circulation
Deposits
Other liabilities
•.
Bank of Portugal (millions of escudos):5
Gold
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities.
Other liabilities
National Bank of Rumania 2
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets.
Deposits
Other liabilities
Bank of Spain (millions of pesetas):
Gold,
Silver
.;••••
Government loans and securities ..
Other loans and discounts
Other assets
July
1944
June
Aug.
701
696
543
1,835
358
78
1,463
1,341
167
1,802
378
71
1,434
1,350
163
1,366
347
83
1,227
945
168
931
932
4,488
326
153
117
4,998
232
515
272
3,921
133
96
4,474
105
310
193
2,802
66,556
2,802
62,417
2,802
32,658
17,466
14,345
1,709
40,544
58,741
3,592
18,084
14,346
1,541
40,560
54,513
4,116
39,953
11,736
2,630
37,961
48,347
3,471
3,328
22,606
8,125
10,587
323
28,309
14,746
1,914
(May)*
123,862
22,402
559,836
19,313
436,116
262^122
27,175
(Feb.)4
1 415
5J17
9,251
261
1,020
779
7,389
10,194
860
151,527
1,025
416,956
22,413
392,812
173,183
25,926
1,412
5,016
9,092
241
1,023
894
7,130
9,599
948
106,528 94,381
26,649 20,241
3,581
4,060
95,901 90,243
63,798 52,092
163,521 151,573
5,340
5,260
(May)*
1,189
1,135
609
616
16,058 16,352
3,199
2,874
1,808
2,091
1945
Central Bank
(Figures as of last report
date of month)
Aug.
Bank of Spain—Continued
Note circulation...
Deposits—Government.
Other
Other liabilities
Bank of Sweden (millions of kronor):
Gold
Foreign assets (net)
Swedish Govt. securities and ad-6
vances to National Debt Office .
Other domestic bills and advances.
Other assets
Note circulation
Demand deposits—Government —
Other
Other liabilities. . .
Swiss National Bank (millions of
francs):
Gold
Foreign exchange..
Loans and discounts.
Other assets
Note circulation
Other sight liabilities
Other liabilities
Central Bank of the Republic of
Turkey (thousands of pounds):
Gold.
•
Foreign exchange and foreign
clearings
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Gold
Other
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
Note circulation.
Banking department:
Gold and silver
Notes and coin
Advances to State and to government bodies
Other loans and discounts
Other assets
Deposits
Other liabilities
Central Bank of Venezuela (thousands of bolivares):
Gold*
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 2
Bank for International Settlements
^thousands of Swiss gold francs):9
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
m
Long-term deposits: Special accounts
•.
Other liabilities
July
1944
June
Aug.
(May)4
16,874
1,922
3,598
471
16,144
1,966
4,448
510
1,056
774
1,055
690
1,054
580
989
569
1,255
24
944
2,488
753
223
588
1,266
33
993
2,412
738
323
564
1,205
1,040
2,445
710
148
604
1,161
94
990
2,253
441
484
625
4 ,.690
141
73
4,642
136
59
84
3,522
1,105
294
4,626
112
95
82
3,522
1,102
292
4,453
105
64
140
3,082
1,402
277
292,107
275,911
68,172
839,648
171,111
23,401
971,608
85,586
156,258
180,985
67,657
805,546
180,055
24,40(1
952,284
85,116
145,822
170,347
122,751 122,751
156,574 157,207
119,342
134,292
162,680 156,647
25,780 24,906
114,149
43,657
9,782
9,916
91,172 91,074
320,939 312,512
283,482 278,917
326,871 316,137
13,03M
96,431
262,176
239,734
289,718
438,570 438,568
93,948 77,399
14,310 20,310
16,304 18,365
323,849 321,363
13,331
12,494
216,343 209,988
9,959
10,446
338,108
37,196
26,370
45,035
267,608
21,587
147,082
10,431
119,342 119,323
119,022
3,558
1,139
C7)
43,749
8,093
27
43,279
7,923
18,597
6,099
86,387 86,639
2,750
2,750
195,022 197,145
116
118
16,985 18,418
101,270
21,075
200,012
280
29,312
5,223
2,017
8,057
2,222
229,001 229,001
201,215 202,517
229,001
198,363
6,240
2,017
1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
2 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.
3 The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is divided iato
a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes central banking tw&ctions,
was issued for the end of December 1944.
4
Latest month available.
^ Valued at average cost beginning October 1940.
e7 Includes small amount of non-Government bonds.
Figure not available.
8
Beginning October 1944, a'certain amount of gold, formerly reported in the Bank's account, shown separately for account of the Government.
9
See BULLETIN for December 1936, p. 1025.
FEDERAL RESERVE BTJIXETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[ Per cent per annum ]
Central bank of—
Date effective
United
King- France Germany
dom
In effect Dec. 31,
1936
2
Jan. 28. 1937
June 15..
July
7..
Aug. 4 . .
Sept. 3 . .
Nov. 13
May 10, 1938
May 1 3 . .
May 3 0 . .
Sept. 2 8 . . .
Oct. 27.
Nov. 25
Jan.
4, 1939
Apr. 17
May 11
luly
6
Aug. 24
4
Aug. 29
..3.
Sept. 28
Oct. 26
2
P e c . 15
J a n . 25, 1940
Apr.
9.
May 17
Mar. 17, 1941
May 29.
fune 27. .. .
Jan.
16, 1945
.Ian. 20.
Feb.
9. .
!
1 n effect Sept. 30, !
j
1945.
2
4
6
5
4
Belgium
4
Netherlands
Sweden
Switzerland
2,4
13/2
2
Rate
Sept.
30
Central
bank of—
Date
effective
Mar 21,
334 Mar 1
Jan. 16,
Nov. 8,
6
Albania...
Argentina
Belgium.
Bolivia
Rate
Sept.
30
Central
bank of—
Date
effective
1940
1936
1945
1940
Italy
4
Japan
3.29
Java
3
Latvia
5
Lithuania. . . 6
Sept. 11, 1944
Apr. 7, 1936
Jan. 14, 1937
Feb. 17, 1940
July 15, 1939
1935
1940
1944
1936
1933
1940
Mexico
Netherlands.
New Zealand
Norway
Peru
Portugal...
434
234
134
3
5
234
June 4, 1942
June 27', 1941
26, 1941
May 13, 1940
Aug. 1, 1940
Jan. 12, 1944
Oct. 16, 1940
May 26, 1938
Mar. 30, 1939
Oct. 1, 1935
Dec. 3, 1934
Rumania....
South Africa
Spain
Sweden
Switzerland.
4
3
4
234
134
May S, 1944
June 2, 1941
Dec. 1, 1938
Feb.
9,1945
Nov. 26,1936
Jan. 20
Apr. 9
Dec.
1
Oct. 22,
N o v 23
Turkey
United Kingdom
U . S. S. R . . .
Yugoslavia. .
4
July
2
4
5
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
3
4
2X
3
5
134
3-434
4
334
British India..
Bulgaria
Canada.
Chile
Colombia.
Czechoslovakia
"3
4
3
234
Denmark
Ecuador..
El Salvador.
Estonia..
Finland.
•I
7
3
434
4
Nov.
Dec.
Feb.
Dec.
July
Oct.
28,
1,
8,
16,
18,
1,
2
' 334'
134
France.
Germany
Greece...
Hungary
Ireland
234
•
m
is,/
2V2
134
j 2y2
I 234 1 134
1%
334
11
3
234
1945
1940
1944
1940
1943
1, 1938
NOTE.—Changes since August 3 1 : none.
OPEN-MARKET RATES
[Per cent per annum ]
United Kingdom
Netherlands
Germany
Sweden
Switzerland
Month
Bankers'
acceptances
3 months
Treasury
bills '
3 months
1929- July.
1930- July
1«)31 July
1932 Julv
1933 July
1934 July
1935- Julv
1936 July
1937 -July
1938- Julv.
1939- July
1940-July.
1941—July
1942—July
1943—Julv
1944—July
5.38
2.37
2.58
.92
.48
.87
.65
.58
.56
.55
.79
.03
.03
.03
.03
.03
5.39
2.38
2.44
. 66
.40
.76
8
v>
>2
7
1.( )2
lit )0
1.00
1.00
1.00
4.54
1.78
2.05
.67
.62
.85
.75
.75
.79
.75
. 75
1.00
1.00
1.00
1.04
1.13
1944—Aug...
Sept....
Oct..
Nov
Dec
1945—Jan
Feb..
Mar..
Apr..
May..
June..
July
.03
.03
1.03
.03
L.03
.03
.03
.03
.03
.03
.03
1.03
1.00
1.01
1.00
1.00
1.00
1.01
1.00
1.00
1.01
1.00
1.00
1.00
1.13
1.13
1.10
1.00
1.02
1.00
1.00
1.00
1.00
1.03
1.13
1.13
•
•>9
Day> to-daymoney
Bankers'
allowance
on deposits
Private
discount
rate
334
I
\ 2V2
7.39
3.40
'7.00
4.58
3.88
3.75
3.00
2.88
2.88
2.93
2.75
2.38
2.13
2.13
2.13
2.13
8.21
4.30
18.89
5.49
5.19
4.67
3.10
2.96
2.64
2.96
2.65
.73
.63
.75
.86
.90
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
.89
.93
X
34
X
y2
X
X
Yi
X
34
34
P
X
X
X
X
34
34
34
X
X
Day-to-day
money
Private
discount
rate
Monejr
for
1 month
Loans
up to 3
months
Private
discount
rate
5.20
1.85
1.53
.49
3.54
.74
3.25
2.01
.13
.13
.51
(2)
1.88
4.90
1.85
1.40
1.00
2.64
1.00
2.77
1.73
.92
.50
.75
2.83
2.25
4^2-634
334-534
4-6
4-6
3-534
234-5
234-434
234-5
234-5
234-5
2^-5 /
3.19
1.92
1.55
1.50
1.50 *
1.50
2.79
2.25
1.00
1.00
1.00
1.50
1.25
1.25
1.25
1.25
3-534
3-534
3-534
3-sy2
3-534
3-534
3-534
3-534
2
f{A
234~5
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
2 34-5
234-5
234-5
1
Based on data for part of month only.
- Figure not available.
t
N O T E . — F o r monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary
pp. 656-661, a n d for description of statistics see pp. 571-572 in same publication.
OCTOBER
1945
,
Statistics,
Table 172,
1083
COMMERCIAL BANKS
Liabilities
Assets
United Kingdom 1
(11 London clearing banks.
Figures in millions of
pounds sterling)
Cash
reserves
Money at
Treasury
call and Bills dis- deposit Securities Loans to
customers
counted
short
receipts
notice
Deposits
Other
assets
Total
Demand
Time
Other
liabilities
1938—December
1939—December
1940—December
1941—December
1942—December
1943—December
243
274
324
366
390
422
160
174
159
141
142
151
250
334
265
171
198
133
314
758
896
1,307
635
609
771
999
1,120
1,154
971
1,015
924
823
794
761
263
290
293
324
325
349
2,254
2,441
2,800
3,329
3,629
4,032
1,256
1,398
1,770
2,168
2,429
2,712
997
1,043
1,030
1,161
1,200
1,319
269
256
250
253
236
245
1944—-August
September
October
November
December
439
443
453
460
500
205
191
191
205
199
211
209
170
198
147
1,337
1,444
1,567
1,548
1,667
1,180
1,183
1,172
1,192
1,165
750
744
744
748
772
283
282
291
292
347
4,161
4,251
4,342
4,398
4,545
2,775
2,827
2,876
2,922
3,045
1,386
1,424
1,467
1,475
1,500
243
244
245
245
250
460
455
464
472
482
494
500
198
188
180
180
196
195
198
159
140
149
109
120
135
181
1,663
1,639
1,681
1,821
1,882
1,939
1,994
1,165
1,160
1,153
1,140
1,126
1,128
1,123
765
769
780
749
757
774
767
301
305
299
300
297
331
300
4,462
4,405
4,459
4,525
4,617
4,752
4,819
2,968
2,904
2,944
2,994
3,064
3,147
3,205
1,495
1,501
1,516
1 530
1,553
1,605
1,613
248
250
246
245
243
243
244
...
iQ45—Tanuarv
February
March
April
May
June
July
Liabilities
Assets
Canada
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Entirely in Canada
Cash
reserves
Security
loans
Other
loans
and discounts
Security
loans
abroad
and net Securities
due from
foreign
banks
Other
assets
Deposits payable in Canada
excluding interbank deposits
Total
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—August
September
October...
November.
December.
569
575
597
586
550
61
56
56
81
92
1,002
976
992
,275
,211
215
224
236
236
214
3,368
3,450
3,622
3,577
3,611
755
761
757
774
782
1945—January
February..
March
April
May
June
July
567
539
544
598
622
622
591
95
80
78
82
125
123
135
,156
,125
,094
,047
,299
1,142
1,079
244
254
219
269
251
248
237
3,571
3,624
3,606
3,799
3,885
3,996
3,802
731
717
708
750
775
766
769
3
Demand
Other
liabilities
Time
85
80
71
60
42
2,500
2,774
2,805
3,105
3,657
4,395
840
1,033
1,163
1,436
1,984
2,447
1,660
1,741
1,641
1,669
1,673
1,948
35
35
35
34
34
4,667
4,726
4,957
5,221
5,137
2,297
2,262
2,468
2,877
2,714
2,370
2,464
2,489
2,343
2,423
32
31
31
30
29
29
28
5,049
5,021
4,938
5,210
5,616
5,540
5,269
2,525
2,390
2,214
2,475
3,053
2,894
2,528
2,524
2,631
2,725
2,735
2,563
2,646
2,741
843
963
846
962
1,049
1,172
3
1,268
1,282
1,269
1,273
1,289
1,283
1,287
1,280
1,306
1,312
1,326
1,316
Liabilities
Assets
France
(4 large banks. End of month
figures in millions
of francs)
Note
circulation
Other
assets
Deposits
Time
Own
acceptances
Other
liabilities
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
Cash
reserves
Due from
banks
Bills discounted
1938—December.
1939—December
1940—December.
1941—December.
1942—December.
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
7,592
7,546
8,346
8,280
10,625
1,940
2,440
2,229
2,033
2,622
33,578
42,443
62,032
76,675
91,549
1943—March
April
May
June
July
August
September
October...
November.
December.
6,813
6,720
7,132
6,632
6,770
6,486
6,935
7,133
7,203
8,548
3,803
3,665
3,750
3,851
3,795
3,786
3,832
3,877
3,960
4,095
74,664
77,922
81,620
80,276
83,362
82,685
85,079
88,289
86,754
90,897
15,245
15,043
14,980
15,518
14,696
14,644
14,084
14,215
14,561
14,191
1,536
1,650
1,750
1,869
2,024
2,206
2,228
2,448
2,653
2,935
1944—January...
7,510
4,125
90,024
13,737
1,676
Loans
Total
Demand
6,168
1
Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by
individual banks for days, varying from bank to bank, toward the end of the month.
2
3
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.
Due to changes in reporting procedure, the figure for "Note circulation" includes a small amount of interbank note holdings while these holdings are
now omitted from "Other liabilities."
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.
IO84
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certifiec I noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Australia
(pound)
Argentina
(peso)
Year or month
Official
Special
Export
Official
1937
1938
1939
1940
1941
1942
1943
1944
32.959
32.597
30 850
29.773
29.773
29.773
29.773
29.773
223'! 704'
23.704
24.732
25.125
322.80
322.80
322.80
322.80
322.80
1944—Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
June
July
Aug
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
322.80
322.80
322.80'
322.80
322.80
322.80
322.80
322.80
322.80
322.80
321.35
320.87
Year or month
1937
1938
1939
1940
1941
1942
1943
1944
Colom- Czecho- Denbia slovakia mark
(peso) (koruna) (krone)
56.726
55.953
57.061
57.085
57.004
57.052
57.265
57.272
57 277
57.277
57.272
57.220
57.180
57.140
57.036
56.980
56.980
56.980
56.980
56.980
1944—Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr.
May
June
July
Aug
Year or month
3.4930
3.4674
3.4252
2
22.069
21.825
20.346
2
19.308
393.94 16.876
389.55 16.894
353.38 16.852
305.16 216.880
321.27
321.50
2
321.50
Brazil
(cruzeiro1)
British
India
rupee)
Bulgaria
(lev)
1.2846
1.2424
21.2111
Official
Free
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
6.0586
6.0594
6.1983
5!l248
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
6.0602
5.1803
5.1803
5.1803
5.1803
5.1803
5.1803
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
2
1944—Sept.
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
June
July
Aug
Canada (dollar)
Official
Free
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
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
89.356
89.736
89.836
89.747
89.968
90.553
90.295
90.506
90.753
90.828
90.736
90.475
FinGerland France many Greece Hong
Kong
(mark- (franc) (reichs- (drach(dollar)
ma)
mark)
ka)
Hungary
(pengo)
Italy
(lira)
Japan
(yen)
40.204
40.164
40.061
40.021
2
39.968
19.779
19.727
19.238
18.475
2
19.770
5.2607
5.2605
5.1959
5.0407
2
5.0703
28.791
28.451
25.963
23.436
2
23.439
2.1811 4.0460
2.1567 2.8781
1.9948 2 2.5103
1.8710 2.0827
2
2.0101
.9055
.8958
.8153
2
.6715
30.694
30.457
27.454
22.958
2
24.592
2.0189
18.923
18.860
18.835
2
4.4792
4.4267
4.0375
3.7110
24 0023
2
.7294
.7325
.7111
.6896
489.62
484.16
440.17
397.99
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.30
400.50
Chile (peso)
Official
China
(yuan
ShangExport hai)
5.1697 24.OOOO
5.1716 4.0000
5.1727 4.0000
5.1668 4.0000
25.1664 24.OOOO
6.053
5.600
10.630
9.322
2
9.130
57.973
56.917
51.736
46.979
47.133
2
46.919
25.487
25.197
23.991
23.802
2
23.829
United Kingdom
(pound)
Official
22.938
22.871
22.525 2
22.676 ' 403!50'
2
23.210
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
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
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
324.42
322.69
322.16
Uruguay
(peso)
Free
402!95
402.69
29.606
21.360
11.879
6.000
25.313
Neth- New
Mexico erlands Zea(peso) (guild- land
(pound)
er)
20.581
20.582
20.582
20.582
20.582
20.582
20.582
20.582
20.582
20.582
20.582
20.581
Ruma- South Spain Straits
Norway Poland PortuSettle- Sweden Switznia
erland
Africa
gal
(krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc)
(dollar)
24.840
24.566
23.226
22.709
1937
1938
1939
1940
1941
1942
1943
1944
2
Free
Belgium
(belga)
Noncontrolled
2
36!789
37.601
43.380
52.723
52.855
53.506
Yugoslavia
(dinar)
r
2.3060
2.3115
2.2716
2.2463
2
2.2397
54.185
54.185
54.189
54.196
54.197
54.197
54.197
54.253
54.265
54.265
55.489
56.125
1
2
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
Average of daily rates for that part of the year during which quotations were certified.
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. D. 201 and
February 1944, p. 209.
OCTOBER
1945
1085
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES
[Index numbers]
Year or month
United
States
Germany
Japan
(October
(1926=100) (1926=100) (1930 = 100) (1913 = 100) (1913 = 100) (1928 = 100) (1900 = 100)
1926
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944..
United
Kingdom
Canada
100
100
i 124
695
134
65
66
67
67
72
72
75
86
86
88
89
94
109
101
103
137
153
159
163
166
427
97
93
98
102
104
106
106
107
110
112
114
116
75
. .
80
81
86
85
79
77
79
87
79
75
83
90
96
100
103
99
103
104
1944—August
September
October
November
December
1945—January
February
March
April
May
June
July
August
France
104
104
104
104
105
105
105
105
106
106
106
106
106
102
102
102
102
103
103
103
103
103
103
103
p
104
2
398
376
338
411
581
653
707
901
Italy
Netherlands
(1926-30
= 100)
237
106
i 126
144
70
161
63
62
68
180
178
186
198
238
251
65
63
63
62
64
i 92
i 90
i 96
96
91
90
90
96
76
89
95
99
278
311
329
116
132
100
102
114
76
72
3
111
115
146
172
189
196
196
74
88
118
118
118
118
168
167
Switzerland
(July 1914
= 100)
(1935 = 100)
Sweden
~* 223
167
168
168
168
170
197
196
195
195
195
195
195
195
196
196
197
171
197
"171
194
167
167
167
167
111
107
111
143
184
210
218
224
223
223
222
221
221
221
221
221
221
P
222
P
222
«
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
Canada
(1926=100)
Other
Farm
commod- products
ities
Farm
products
Foods
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
1944—August
September
October
November
December
1945—January
February
March
April
May...
June
July
August
123
123
123
124
126
126
127
127
129
130
130
129
127
105
104
104
105
106
105
105
105
106
107
108
107
106
99
99
99
99
99
99
99
1926
100
100
100
100
United Kingdom
(1930=100)
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Foods
Industrial
products
Germany
(1913 = 100)
IndusIndusAgricul- trial raw trial
fintural
and semi- ished
products finished products
products
100
100
100
129
130
48
51
59
64
69
87
74
64
67
71
83
96
103
55
57
64
66
71
84
73
67
75
82
90
99
104
70
70
73
73
74
81
78
75
82
89
92
93
94
88
83
85
87
92
102
97
97
133
146
158
160
158
85
87
90
90
96
112
104
106
138
156
160
164
170
91
87
96
102
105
105
106
108
111
112
115
119
91
92
94
96
94
95
99
100
102
102
118
113
116
119
121
125
126
126
129
133
134
135
101
101
103
103
103
104
105
105
105
105
106
I'108
104
103
103
103
104
104
105
105
105
105
106
''107
94
94
94
94
94
94
94
94
94
94
94
159
157
156
156
157
150
157
156
150
156
100
161
172
172
172
173
173
173
173
174
174
175
175
170
124
122
122
122
102
102
103
103
136
137
137
137
p
Preliminary.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
1086
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL
COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
United
States
(1935-39
= 100)
.. . . .
........... .
........:.....
..............
..........
1044—August.
September...
October....
November .
December .
1945—January.
FebruaryMarch .
i
April
!
May
...
June .
July
August
Can-
ada
(1935-39
= 100)
93
95
98
94
100
101
105
98
95
97
106
124
138
136
103
104
101
106
116
127
131
131
138
137
136
137
137
137
137
136
137
139
141
142
141
132
131
131
132
130
130
131
131
131
132
133
^136
United
Kingdom
(July
1914
= 100)
[Index numbers]
Germany
(1913-14
= 100)
122
125
130
139
141
141
164
168
161
166
168
118
120
122
122
122
123
128
129
132
134
170
169
168
168
168
168
168
168
168
168
170
176
172
143
137
136
136
Netherlands
(1911-13
= 100)
124
118
120
127
130
130
2140
Switzerland
(June
1914
= 100)
115
114
120
130
130
132
146
175
200
211
215
216
215
215
215
215
216
216
216
216
p
216
^217
P
217
United
Year or month
Can-
States
ada
(1935-39 (1935-39
= 100)
= 100)
96
98
99
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
103
101
99
100
105
117
124
126
1944—August . .
September.
October . . .
November .
December.
1945—January. .
February .
March.
April.
May.
June
July . . . .
August.
126
127
127
127
127
127
127
127
127
128
129
129
129
United
Kingdom
(July
1914
= 100)
Ger- Nether- Switzmany
lands erland
(1913-14 (1911-13 (June
1914
= 100)
= 100)
= 100)
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
119
119
119
119
119
119
119
119
119
119
120
"120
202
202
201
201
201
202
202
202
202
203
204
207
205
144
141
140
141
140
136
M32
137
139
140
3148
129
128
130
137
137
138
151
174
193
203
208
208
208
208
208
208
209
209
209
209
"210
^210
^211
P Preliminary.
i Revised index from March 1936 (see BULLETIN for April 1937, p . 373).
- Average based on figures for 3 months; no data available since March 1940, when figure was 141.
s
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
Slumber of i ssues.
United
States
(derived
price)x
15
United
Germany
Kingdom
(December (1938=100)2 (average
price) 3
1921 = 100)
87
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
1941—August
September
October
November
December
1945—January
February
March
April
MayJune,
July
August
121.2
121.2
121.1
120.9
121.4
121.6
121.9
122.7
122.9
122.3
122.1
122.,)
121.7
127.2
127.6
127.9
127.9
128.1
128.5
128.7
128.7
129.3
128.1
127.8
128.3
50
100.0
114.2
6114.2
143.4
146.4
146.6
150.5
9
155.6
150.9
154.3
151.9
152. ,S
153.8
154.2
154.4
153.1
153.8
Netherlands 4
3 139
8
99.9
99.0
100.7
103.0
H03.3
105.9
90.9
777.9
84.3
94.7
98.5
United
States
(1935-39
= 100)
(1926 = 100)
United
Kingdom
Germany
NetherFrance
lands
(1938=100)2
(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
6
140
9308
479
540
551
95.8
89.7
8
95.0
129.0
131.5
151.0
102.7
100.7
103.5
102.7
104.7
108.4
113.0
111.8
114.4
118.2
120.7
118.4
117.9
90.6
88.8
89.1
90.1
• 90.1
91.0
90.6
91.1
92.0
92.8
92.8
93.7
145.1
145.0
145.2
145.2
656
548
589
527
489
512
505
498
469
414
402
278
1
Figures represen
sent 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 am
and Poor's Corporation;
.i___ _._..,.._
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 Generale" December 1942, pp. 511-513, and July-August 1942, pp. 364-371, respectively. For
back3 figures for both indexes from 1938-1941 on a monthly basis see "Bulletin de la Statistique Generale" for October-December 1944, pp. 274-276.
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4 ^ 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.
5
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
Average
based on figures for 5 months; no data available June-Dec. 97 Average based on figures for 7 months; no data available May-Sept.
8
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.
OCTOBER 1945
1087
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 THOTSTON, 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
1088
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
Ralph E. Flanders
William Willett
E. G. Hult
J. C. Hunter1
Carl B. Pitman
O. A. Schlaikjer
New Y o r k . . . . . Bcardsley Ruml
William I. Myers
Allan Sproul
L. R. Rounds
J. W. Jones
L. W. Knokc
Walter S. Logan
A. Phelan
J. M. Rice
H. V. Roelsc
Robert G. Rouse
John H. Williams
V. Willis
R. B. Wiltsc
Philadelphia . . . Thomas B. McCabe
Warren F. Whitticr
Alfred H. Williams
Frank J. Drinneri
W. J. Davis
E. C. Hill
C. A. Mcllhcnny3
C. A. Sienkiewicz
Cleveland. .*.... George C. Brainard
Reynold E. Klages
Ray M. Gidncy
Reuben B. Hays
Wm. H. Fletcher
J. W. Kossin
A. H. Laning*
B. J. Lazar
W. F. Taylor
Boston
Albert M. Creighton
Henry S. Dennison
Richmond
Robert Lassiter
W. G. Wysor
Hugh Leach
J. S. Walden, Jr.
C. L. Guthrie
Geo. H. Keeseei
E. A. Kincaid
R. W. Mercer
C. B. Strathy
Edw. A. Wayne
Atlanta
Frank H. Necly
J. F. Porter
W. S. McLarin, Jr.
Malcolm H. Bryan
V. K. Bowman
L. M. Clark
H. F. Conniff
S. P. Schuessler
Chicago.
Simeon E. Leland
W. W. Waymack
C. S. Young
Allan M. Black'
Neil B. Dawcs
J. H. Dillard
Charles B. Dunn
E. C. Harris
John K. Langum
O. J. Netterstrom
A. L. Olson
Alfred T. Sihlcr
St. Louis.
Wm. T. Nardin
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
O. M. Attebcry
Henry H. Ed mis ton
Wm. E. Peterson
C. M. Stewart
Minneapolis
W. C. Coffey
Roger B. Shepard
J. N. Peyton
O. S. Powell
H. G. McConncll
A. W. Mills'
Otis R. Preston
E. W. Swanson
Sigurd Ueland
Harry I. Ziemcr
O. P. Cordill
L. H. Earhart
C. O. Hardy
John Phillips, Jr.
G. H. Pipkin
D. W. Woolley3
R. R. Gilbert
W. D. Gentry
E. B. Austin1
R. B. Coleman
W. J. Evans
W. O. Ford
W. H. Holloway
L. G. Pondrom
Wm. A. Day
Ira Clerk
C. E. Earhart
J. M. Leisncr1
H. N. Mangels
H. F. Slade
H. G. Lecdy
Kansas City.. .. Robert B. Caldwell
Henry O. Koppang
Robert L. Mchornay
Jay Taylor
J. R. Parten
Dallas.
San Francisco... Henry F. Grady
H arry R. Wcllman
OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chief Officer
Branch
New York
Buffalo
Cleveland.
Cincinnati
Pittsburgh
I. B. Smith*
B. J. Lazars
J. W. Kossin5
Richmond
Baltimore
Charlotte
W. R. Milford*
W. T. Clements*
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers*
Geo. S. Vardcman, Jr.4
Joel B. Fort, Jr.4
E. P. Paris4
Chicago
Detroit
E. C. Harris*
St. Louis
Little Rock
Louisville
Memphis
A. F. Bailey*
C. A. Schacht*
W. H. Glasgow 4
1
Also Federal Reserve Agent.
OCTOBER
1945
2
Cashier.
3
Also Cashier.
Federal Reserve
Bank of
Branch
Chief
Officer
Minneapolis
Helena
R. E. Towle 4
Kansas City
Denver
Oklahoma City
Omaha
G. H. Pipkin^
O. P. Cordill'
L. H. Earhart6
Dallas
El Paso
Houston
San Antonio
J. L. Hermann6
L. G. Pondrom5
W. H. Holloways
San Francisco...
Los Angeles
Portland
Salt Lake City
Seattle
W. N. Ambrose4
D. L. Davis4
W. L. Partner4
C. R. Shaw4
4
Managing Director.
5
Vice President.
6
Manager.
1089
r
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
======
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^
5
|
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
@FedFRASER