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FEDERAL RESERVE




BULLETIN
SEPTEMBER 194!

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM

EDITORIAL COMMITTEE
ELLIOTT THURSTON

E.

A.

GOLDENWEISER

CARL E.

PARRY

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

CONTENTS
PAGE

Review of the Month—Transition to Peacetime Economy.
Surveys of Liquid Asset Holdings
,......'.
Estimates of Gross National Product, 1919-19x8, by Mary S. Painter
Annual Report of the Bank for International Settlements
Law Department:
Executive Order to Stabilize National Economy During Transition from War
to Peace
Current Events
National Summary of Business Conditions
.
Financial, Industrial, Commercial Statistics, U.S. (See p. 907 for list of tables)
International Financial Statistics (See p. 957 for list of tables)
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory
Council
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
Map of Federal Reserve Districts
Federal Reserve Publications {See inside of back cover)

849-864
865-871
87X-873
874-901

902.-904
904
905-906
907-956
957~9^3

Subscription Price of Bulletin
A copy of tic Federal Reserve BULLETIN is tent to each member bank without charge.

The subscription price

where, $2.60 per annum or 25 cent* per copy. Group subscriptions in the United States for 10 or more copies to
re.
one address, 15 cents per copy per month, or $1,50 for 12 months.




984
985
986

FEDERAL RESERVE BULLETIN
VOLUME 31

September 194s

NUMBER 9

TRANSITION TO PEACETIME ECONOMY
Immediately after announcement of the
acceptance of surrender terms by Japan on
August 14, the transition to a peacetime
economy, already under way for several
months, was sharply accelerated. Contracts for munitions were cut drastically
and those for war supplies were considerably
reduced. War demands have not been altogether eliminated, however, primarily because there are still i i million men in the
armed forces, stationed throughout the
world. Provision of supplies for occupation forces and for troops awaiting
demobilifcation will require continued purchases of food, clothing and the like, except
as existing stocks can be drawn upon to meet
requirements. Federal expenditures, while
declining sharply, are estimated at 66 billion dollars for this fiscal year as a whole,
about 30 billion dollars above Federal
revenues under existing provisions of tax
legislation. Lend-lease operations were
curtailed but demands for goods to be used
abroad for relief, reconstruction, and other
purposes may be expected to be substantial,
Many wartime controls have been removed
but, in view of the continued excess of the
demand for some goods over available supplies, other controls are being maintained
to assure equitable and economic distribution and to prevent price rises.

employment at aircraft factories, ordnance
plants, and shipyards, and in reductions in
war demands for a wide variety of intermediate products and raw materials, particularly metals. In some instances the
reductions in war demands were immediately offset by substitution of civilian
orders already on the books, and in industries where production had been mainly
for civilian markets, or where transition
could be made easily, production was
maintained around earlier levels. In some
other industries, however, technical problems in the transfer to civilian work delayed
the change-over, and it was evident that
some plants would discontinue operations
indefinitely because they could not be
readily adapted to output of the type of
products required in peacetime, even under
favorable demand conditions,
Data are not yet available to indicate the
extent of the immediate net reduction in
output and employment in the economy as a
whole or in manufacturing, where a large
share of the war program was concentrated,
but it is evident that the reduction was
considerable. At steel mills, production
declined from about 90 per cent of
capacity in the early part of August to about
75 per cent in the latter part of the month,
Industrial consumption of electric power
declined sharply.

IMMEDIATE EJECTS OF PEACE

Cancellation of war orders was quickly
reflected in sharp reductions in output and
SEPTEMBER 1945




^

p r o d u c i n g

Employment in indus-

metals

a n d m

^

{

productSj

chemicals, and rubber products declined
by 1.4 million or nearly lo per cent from
849

REVIEW OF THE MONTH

the end of July to the end of August, according to a special survey by the Bureau of
Labor Statistics. Factory employment as
a whole by July had already declined 7 per
cent»since the end of the war in Europe in
May and was 18 per cent below the peak
reached in the latter part of 1943. Employment in other lines had not declined
this year, however, and the most recent
reductions in employment, primarily at
yvar factories, were being partially offset
by increases in employment in other parts
of the economy.
In markets for basic commodities prices
of grains and cotton declined somewhat in
the early part of August but later advanced.
In security markets prices of industrial
shares changed little until late August, and
then rose to new high levels for the year.
Railroad shares first continued their decline
from the advanced level reached in June
but later rose moderately.
After the surrender by Japan many of the
control measures previously in effect were
abolished, including all manpower controls,
rationing controls over gasoline, fuel oil
and some food products, and most of the
production controls relating to the output
of particular products and to the use of
particular materials. Temporarily,, inventory controls and production controls were
retained where shortages of materials were
considered sufficiently important. Controls over prices of some of the more plentiful materials, such as aluminum and magnesium, and over some luxury items were
removed, but most price controls remained
in effect. Standards were being announced
for the pricing of various products, chiefly
automobiles and other durable consumer
goods, which had been out of production
during the war. Wage controls were relaxed to permit increases, provided such
increases were not to be used as a basis for
850




obtaining higher price ceilings or to resist
price reductions which otherwise would be
justifiable.
PROBLEMS OF TRANSITION

Sudden transition from war to peace
presents a complex array of conflicting
economic problems. After nearly four
years of active participation in the war and
over a year of preparation for war, the basic
elements in the economic situation are
diverse to an exceptional degree. The
problems of transition will require wise
handling on a selective basis in order to
assure equitable treatment and opportunity
for as many people as possible and to avoid
future difficulties. of great proportions.
During the war period the main objectives
were to obtain the necessary war production and, at the same time, to maintain
output of goods for civilians as much as
possible and to prevent inflationary price
increases. Part of the great excess of current incomes of individuals and businesses
over the supply of goods available for
civilian purposes was absorbed by increased
taxes and part was invested in war bonds or
accumulated in the form of currency or
deposits. Pressure for price increases, however, was great and direct price and wage
control measures were relied upon in considerable part to prevent inflationary price
advances. With respect to manpower, the
chief problems were to recruit large armed
forces, to draw additional workers into the
labor market, to see that those employed
were working on essential jobs and to
increase output per man by lengthening of
hours and other means.
With the end of the war a new set of
forces has been set in motion. On the one
hand millions of people will be let out of
war jobs or released from military service.
The future will be uncertain for these people
FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

and their demands for goods may be restricted; unemployment insurance benefits
are only temporary and are limited in
amount and coverage. On the other hand,
output of goods for civilians has been restricted and in many lines will need to be
increased as rapidly as possible. This will
provide jobs and incomes for an undetermined number of those released from war
activities. Expenditures will be encouraged by the fact that individuals and businesses have large amounts of accumulated
buying power held in the form of liquid
assets; they have reduced their debts and the
potential supply of available credit is plentiful. Demands from foreign countries for
American goods will be very large; these
comprise basic needs for maintaining lives
and restoring devastated economies to a
functioning basis, as well as desires to raise
the economic productivity and standards of
living of those countries to previously
unattained levels. Many of these countries
have dollars or gold with which to finance
their purchases; for others, increased facilities for providing credits are being established.
The fundamental dilemma of the period
immediately ahead is one of inadequate
resources in some parts of the economy and
of excessive resources in other parts of the
economy, which can not be transferred
except over a period of time. Shortages
of many durable consumer goods, such as
automobiles, of some nondurable consumer
goods, such as fats and oils, and of some
types of producers' equipment will continue
for many months even though at the same
time the volume of unemployment may
increase considerably. Altogether, the
problems of this period will require careful
organization and management, more difficult in a sense than in wartime because the
objectives are more complex. It is hecesSEPTEMBER

1945




sary, on the one hand, to provide aid for the
unemployed, as much as possible by turning
them to productive work because the great
need of the time is more production of
civilian goods. It is essential, on the other
hand, to prevent price advances arising
from competitive bidding for limited supplies of many goods by businesses or by
consumers.
As increased supplies of goods become
available, the necessity for measures to
prevent price advances will disappear.
Meanwhile, however, it is essential that
action taken with respect to taxes, public
works, extension of credit in this country
and abroad, and inventory and price controls, should be so directed as to avoid the
sort of price spiral which developed after
the first World War. Price controls will
need to be continued on scarce goods. The
forces of supply and demand at this time are
out of balance for reasons that can not be
adjusted promptly by the customary operation of the price structure. For many
goods and services demands are so great and
supplies so limited, that without controls
prices might rise sharply. Such a price
rise could not bring forth adequate supplies
and would not curtail demand but would
instead stimulate speculative buying. Situations of this sort are the essence of
inflation. They should be prevented from
developing. Price rises should be permitted only to the extent necessary to bring
forth increased production.
All credit needed to expand production of
essential goods can and should be provided,
but use of credit which would further
speculative purchases of goods, securities,
or property or which would aid in expanding business or consumer demand for goods
in short supply should be discouraged.
In summary, public and private policies
851

REVIEW OF THE MONTH

during the transition from war to peace
should be directed toward facilitating
readjustment and reducing personal hardships involved in the readjustment process;
At the same time measures should be taken
to stimulate production of needed goods and
to discourage excessive purchases by
businesses or consumers of goods which are
still scarce.
DECLINE IN INDUSTRIAL PRODUCTION
By Tuly 194s a Start h a d been m a d e on t h e
JO

J

7^J

they overemphasize it, chiefly because the
gross product, including the services of the
armed forces, has been greater than it
needs to be now. Also, considerable production for war purposes has consisted of
food,' clothing and other civilian type
goods; the transition there will relate to
markets and finance but not in any great
degree to technical changes in plant or
migration of workers.
INDUSTRIAL PRODUCTION FOR WAR AND CIVILIAN PURPOSES
Points in total index, 1935-39 = 100

#

t r a n s i t i o n Ot t h e i n d u s t r i a l p o r t i o n OI Our

economy to a peacetime basis, as output for
war purposes was being reduced to meet the
lowered demands of a one-front war. In
that month, which was the last full month
of high level production for war, total
output at the nation's factories and mines
was z n per cent of the 1935-39 average,
according to the Board's seasonally adjusted index. The July level represented a
decline of Z4 points or about 10 per cent
from March, a month of very high production which reflected expansion of the war
program last winter; and of 36 points or
about 15 per cent from the wartime peak in
November 1943.
Production of manufactures and minerals
for war purposes, including munitions and
supplies for the armed forces and for lendlease, decreased about zo per cent between
March and July, while production for
civilians probably rose about 8 per cent
during that period, as indicated in the table,
Thus, production for war declined from
about 65 per cent of total industrial output
in March to about 60 per cent in July. In
the economy as a whole, provision of goods
and services for war, including the services
of the armed forces, represented something
over 40 per cent of the total. These
figures suggest the great size of the transition problem. To some extent, however,

85z




[Monthlyfiguresseasonally adjusted]
. Tota!
industrial
production

For war
purposes

For civilians

1939
1940
1941
1942
1943
1944

109
125
162
199
239
235

1
6
32
107
159
155

108
119
130
92

1945—March
July

235
211

155
125

80
86

so
80

Between March and July there were important reductions in war demands for
metals and other materials used to make
munitions as well as for munitions themselves. Reductions in the demands of the
armed services for supplies such as clothing
were less marked. Requirements for materials and equipment for war plant construction, which in 1941 and I94X constituted
an important part of war demand, were no
longer large.
In July production of finished munitions,
including planes, ships, combat vehicles
and ordnance, represented about half of
industrial production tot war purposes
while output of materials and supplies
represented the other half. Soon after the
return to peace demands for munitions were
drastically curtailed. As a result, munitions production is expected to be below
the July rate by 60 per cent in September
and 80 per cent in December,
With these cutbacks a large number of
FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

Government-owned war plants were no
longer required and about z^o such plants
were turned over to the Reconstruction
Finance Corporation for sale as surplus
property. It was apparent that use of
many types of munitions plants for civilian
purposes would require extensive conversion of facilities and that the extent of
such conversion undertaken would depend
on the extent and nature of civilian demands for goods and the relative cost of
adapting these plants and of building
others.
Industrial production for
civilian
purposes in July accounted* for about 86
points in the Board's index, following a
moderate increase from the level prevailing
earlier in the year. For many supplies,
including numerous manufactured foods,
textiles, leather products, and building
materials, the prospect is that civilian
orders, in many cases already on the books,
will be substituted promptly for military
orders, which have been sharply curtailed.
Similarly, total demand for tin and lead,
will continue large relative to supply. It
appears, on the other hand, that only part
of the war demand for metals such as aluminum, magnesium, copper, and steel will
be quickly replaced by civilian demand.
Production of machinery and equipment
for civilian use, which was already increasing before the end of the war, may now be
expanded. The facilities previously used
for production of consumer durable goods
but converted in large measure to munitions
production are now being reconverted to
produce consumer goods again in increasing
volume.

accelerated is to see how production stood
in broad groups of industries, classified
as they were before the war. The table
below shows this in terms of points in the
total index. This information gives some
indication as to relative amounts of readjustment that may be needed in various
industries as war production ceases; it is
not intended to suggest how large the total
volume of industrial production should be
or will be.
INDUSTRIAL P R O D U C T I O N BY G R O U P S

Points in total index. 1935-39 » 100
[Monthly figures seasonally adjusted!
19 15
1939

1941

.

109

162

235

211

Durable manufactures,
..
...
Machinery and transportation equipment ..
.... . . . .
...
...
Iron and steel and nonferrous metals...

41

76

131

111

17
16
8

40
26
11

90
31
10

74
27
10

51
15
15
9
12

66
20
18
14
15
20

83
20
22
26
15

78
17
21
25
14

22

22

March July
Total industrial production

Textiles and leather
Chemicals and petroleum refining
Other nondurable manufactures

.

16

Increases in production as a result of the
war were very general throughout industry
but were much more pronounced in the
machinery and transportation equipment
industries than in most other lines. This is
where the direct effects of the great demand
for ships, planes, and ordnance were largely
concentrated. Indirectly the effects of
these and other demands for military equipment were reflected in sharply increased
output in the iron and steel and other metal
producing industries. Output of other
durable manufactures such as lumber, stone,
clay, and glass products increased to exceptional levels early in the war period when
PRODUCTION BY INDUSTRIES
construction of camps and industrial plant
Another way to view the situation in was in large volume. By the end of the
industrial production as the war ended and war demand for some of these products,
the transition to peacetime activities was such as cement, had been greatly reduced.

SEPTEMBER

1945




853

REVIEW OF THE MONTH

Demand for other products, such as lumber,
continued large, with output limited by
shortages of labor and some types of equipment. Altogether production of durable
goods in July was two and two-thirds times
that in 1939 and half again as large as in
1941.
The increase in durable goods manufactures accounted for 70 points of the
iox points by which total production in
July exceeded production in 1939.
Looking ahead, production of "other
durable manufactures" seems likely to be
limited for a time more by shortages of
labor and by other factors on the supply
side than by demand factors, while output
in the machinery and transportation equipment industries will depend on the extent
to which sharp cutbacks in military demands are offset by increases in civilian
demands, and on the time required for conversion. In the metal-producing industries
a primary question will be the volume of
orders received from consumers of their
products, not only consumers in the machinery and transportation equipment
groups but also those in nonmanufacturing
lines such as the railroad and construction
industries.
The rise in production of nondurable
manufactures during the war was generally,
except for such items as aviation gasoline,
synthetic rubber, and explosives, much less
marked than the rise in output of durable
manufactures. Over half of the rise of
z 7 points in nondurable goods output from
the i 9 3 9 level reflected a great increase in
chemicals and petroleum refining and, as a
result of curtailment of the war program,
output in this broad group may be expected
to show a marked decline. Output of
textiles and leather products, on the other
hand, increased only about a third from
the 1939 level and at the end of the war
was not as great as in 1941. Civilian de854




mands for these products, "which are really
semidurable and which consumers and
distributors have been unable to obtain in
desired volume, may be sufficient to maintain output at recent levels or even to expand it as additional labor becomes
available.
In July, output of food, liquor, and tobacco products, as a group, was about 40 per
cent above the 1939 level. Meat production reached a peak which was about 100
per cent above the 1939 level early in 1944,
but has since declined considerably. Butter
production declined during the war under
the influence primarily of price differentials
favoring fluid milk and cheese production.
Output of canned fruits and vegetables and
of most cereal products increased substantially during the war. Production of alcoholic beverages increased, although facilities
for output of whiskey and other distilled
spirits were diverted to the production of
industrial alcohol during most of the war.
Output of cigarettes increased by about 60
per cent.
Mineral production rose considerably less
han output of manufactures during the war
t
a n d -m j u i y w a s on\y about one-third above
Output of nonferrous
the
level
m e t a l s i n c r e a s e d m u c h i ess t h a n activity
in ^
d u c t i o n o f m e t a l p r o d u C t s , chiefly
b e c a u s e Q£ s u b s t a n t i a l i m p o r t s o f copper,
l ea d, zinc, and bauxite and increased

f
f1On ^ umt °of, T'Tf war
«an«&cmc
finished

the

O u t u t of o l d and sllver waS s h a r l y
P
S
? °
tailed d u r i n t h e war Iroa o r e n n g W S
S
T . *f
j
U

P substantially, reflecting a doubling 01
production during the war. Crude
petroleum production rose continuously
throughout the war period as growing war
demands for petroleum products more than
offset reductions enforced on civilian consteel

FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

sumption of products such as gasoline and
fuel oil.
EMPLOYMENT SITUATION AT END OF WAR

Salient facts concerning employment in
July, just before the end of hostilities, were
these: The labor force was about 66 million,
roughly 6 million larger than would
normally have been the case, because of
wartime recruits, an undetermined number
of whom were ready to stop working when
opportunity offered. Over iz million were
in the armed forces, as contrasted with
one-half million before the war. The total
number at work in agriculture and elsewhere was 53 million, as compared with
about 46 million in July 1939 and 51 million in July 1941. Hours of work were
longer than before the war, 18 per cent
longer in manufacturing and probably
about 10 per cent in nonagricultural activities as a whole. The number reported as
unemployed was 1.1 million, somewhat
above the wartime minimum, but considerably smaller than before the war.
The proportion of workers, other than
those in the armed forces, employed in
production and other activities for war
purposes, including lend-lease, was still
very important, perhaps 30 per cent of the
total. Employment on production for civilian purposes was at a level lower than
before the war and also lower, by an undetermined amount, than it would have
been if materials and equipment had been
available freely for such production and if
workers had not been otherwise engaged.
Cancellation of a large volume of war
contracts after the end of the war has resulted in an immediate sharp decline in
employment for war purposes. At the
same time demobilization has begun and
the rate of induction has been reduced.
SEPTEMBER

1945




This will add to the number of workers
available at a rapidly increasing rate. It
is expected that by the end of this year the
rate of demobilization will rise to a million
a month and that the total number demobilized by the end of June next year will
be nearly 9 million. Some workers will be
withdrawing from the labor force, and
hours of work will be reduced. The important question concerning the volume of
employment and unemployment will be
how fast and how far the number of jobs on
civilian work will expand with the removal
of wartime restrictions on production and
employment. Immediately that will depend in some degree on technical conversion
problems but before many months it will be
primarily contingent on more basic considerations relating to the efficiency of production and to the size of markets for goods and
services—the demands of consumers, business and Government for products to meet
both current and deferred requirements.
The War Manpower Commission has estimated that in December of this year about 6
million workers will be unemployed, allowing for a withdrawal meanwhile of nearly
2. million wartimejrecruits to the labor force.
Another broad feature of the new employment situation is the great amount of
migration and shifting of jobs which will
be necessary in the transition from wartime
activity to peacetime activity. The adjustments involved in transfer of jobs relate to
matters of pay and working conditions, as
well as to locality and occupation. The
incentives attracting workers to war jobs
were substantial in terms of rates of pay
and premiums for overtime; in reverse the
incentives are quite different and the problems of adjustment will be considerable.

855

REVIEW" OP THE MONTH

Employment at factories reached a peak
toward the end of 1943, and thereafter
The course of employment since 1939 in
various nonagricultural lines, adjusted for declined almost continuously. By July
seasonal influences, is shown in the chart. 1945, it was 18 per cent below the wartime
peak. Declines in employment at shipEMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
yards and in plants producing aircraft and
ordnance accounted for most of the decrease
zo
in total factory employment. These declines in employment in munitions industries were due to reductions in the war
production program, particularly for ship
construction, and to improvement in efficiency. The number of workers in nonmunitions industries also decreased during
1944 and the early part of 1945, owing
largely to continued reduction in the
number of workers available for such
activity, as the size of the armed forces
was being increased from 10.3 million in
December 1943, to 12..0 million in March
1945. After March, with a leveling off in
the size of the armed forces and a decline
in munitions employment, some nonmuniBureau of Labor Statistics estimates, adjusted for seasonal variations industries were able to expand their
tion by Federal Reserve. Latest figures shown are for July 1945.
working forces.
The adjusted July level for the total, not
Employment in mining industries in
shown on the chart, was something over 37 July was about zo per cent below the high
million, approximately 3 million below the level reached at the end of 1941, and 6 per
peak reached early in 1943, 1.3 million cent below the 1939 level, having declined
below the level of March this year, and . throughout 194X5 1943, and 1944, and havmore than 7 million above the 1939 level. ing shown little net change since the beThe self-employed and domestic workers ginning of this year. The bulk of the
are not included in these figures.
decline was at coal mines, where required
Construction employment was the first increased production was achieved by a
to decline as a result of changes in the war smaller labor force working longer hours
program. It dropped sharply in 1943, after with more machinery.
completion of the greater part of the cantonEmployment in retail and wholesale
ment construction program and the indus- trade and in service activities in July was
trial facilities program.' In 1944 and early at a level not very different from that m
1945 employment in this industry was at a 1941 and nearly 10 per cent above 1939^
level considerably below that of 1939. During the period from March to July of
Subsequently construction activity has in- this year some easing of the tight wartime
creased but expansion has been limited by labor market conditions resulted in invarious shortages, particularly of lumber. creased placements in these industries, but
EMPLOYMENT CHANGES SINCE

1939

MILLIONS OF EMPLOYEES
20

MILLIONS OF EMPLOYEES

GOVERNMENT
EXCLUDING ARMED FORCES

FINANCE, SERVICES
AND MISC.

856




FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

when the war ended there were many
unsatisfied demands for additional workers
in the trade and service industries.
The number of workers in transportation
and public utility industries expanded
throughout the war to meet extraordinary
demands. In July employment in these
lines was 16 per cent above 1941 and 30 per
cent above the 1939 level. Meanwhile,
output per worker had increased greatly and
thus the rise in employment was by no
means as large as the increase in activity in
these lines.
Government employment, not including
the armed forces, increased steadily from
1939 to t ^ le middle of 1943, and subsequently
showed little change. In July the number
of employees in Government activity was
50 per cent above 1939. The increase during the war was due to the great expansion
of Federal employment, both at arsenals,
Navy yards and other military establishments, and in administrative war agencies.
Considerable declines may be expected in
the number of Federal Government civilian
employees, while the number working for
State and local governments, which declined slightly during the war, will probably increase.
In agriculture the number of workers
declined during the war and at the same
time production was greatly increased. To
some extent this was the result of exceptionally good weather but it was due in
considerable part to improved farming
practices, increased mechanization, and
longer hours of work. The fact that the
technical gains will be retained and increased and that there is relatively little
flexibility in the amount of many agricultural products used will tend to limit employment opportunities in that sector of the
economy.
SEPTEMBER 1945




TRANSITION ADJUSTMENTS I N INCOMES

When the war ended, total individual
income was at an annual rate of 163 billion
dollars, which is close to the peak rate
reached at the beginning of the year, as
shown in the chart. Wages and salaries,
other than those paid by Government,
declined 4 per cent from January to July,
on a seasonally adjusted basis, while
INCOME PAYMENTS TO INDIVIDUALS

1939

1941

1943

1945

1939

Based on Department of Commerce estimates. Goverment salaries
and wages include military pay. Monthly figures raised to annual
rates, latest shown are for July.

Government payments for services, chiefly
to the armed forces, increased somewhat.
Other income payments showed little
change except for some increase in interest
payments and social security payments.
The 4 per cent decline in non-Government
wages and salaries reflected a somewhat
more marked decline at factories and
mines, as pay rolls in distribution and
service industries increased slightly.
The immediate prospect is for considerable curtailment in the incomes of industrial
workers. Contract cancellations on war
work will not be wholly offset by increased
civilian orders. Consequently, the number

857

REVIEW OF THE MONTH

employed and working hours will decline.
Average hourly earnings will be reduced by
elimination of premium payments for overtime and the shift of workers from higher
paid war industries to lower paid civilian
industries. Meanwhile there will be opportunity for expansion of employment and
income in other parts of the economy. In
particular, employment and pay rolls in
construction were at low levels when the
war ended and are likely to increase considerably as materials and manpower Secome available. Expansion in employment
and pay rolls is also in prospect in the trade
and service industries.
Payments by Government to the armed
forces may be expected to decline at an
increasing rate, although discharge payments, ranging from ioo to 300 dollars per
man, will tend to moderate the decline.
Government wage and salary payments
to civilian employees will decline, as
activity at arsenals and Navy yards is
curtailed and as administrative activities
of Federal war agencies are terminated.
State and local governments will be expanding their activities. Increases in basic
pay scales of the Federal Government,
which had not risen with industrial pay
scales during the war, went into effect in
July. In August and September overtime
work for Federal employees was largely
discontinued, with a consequent reduction
in pay received.
Altogether it appears that, aside from
any effects of possible future .changes in
basic wage rates, wage and salary payments will be considerably lower this
autumn than in July. The decline will be
offset only in small part by increased unemployment insurance payments. Entrepreneurial incomes and interest payments
will continue at high levels.

858




LARGE ACCUMULATIONS OF LIQUID ASSETS

Declines in current incomes are not
likely to result in corresponding declines
in current demand for goods and services.
Shortages of goods have prevented individuals, as well as businesses, from spending
and investing all the funds they have had
available or spending to the full extent that
goods were needed. Individual savings
have been at an annual rate of around 35
billion dollars during the active war years
and most of these savings have been accumulated in the form of liquid assets. Business
savings, reflecting largely retained profits
and amounts allocated for depreciation
allowances in excess of actual capital
expenditures, have also been large, and the
available working capital of businesses has
increased considerably. Much of it is
held in liquid form. There are thus large
deferred demands and, at the same time,
large accumulations of liquid assets which
can be drawn upon to increase or maintain
expenditures above levels which might
otherwise be expected.
During the three and one-half years of
war, the total amount of liquid assets—currency, bank deposits, and United States
Government securities—held by individuals
and businesses increased by about 130 billion dollars. By the end of this year a
further increase of about 15 billions may be
expected chiefly as a result of Federal Government expenditures in excess of receipts.
Business holdings of liquid assets have increased greatly and by the end of 1945 may
be in the neighborhood of 75 billion dollars,
as compared with %$ billion at the end of
1941. Personal holdings may reach a
total of about 150 billion dollars, as compared with 58 billion at the end of I941In addition, individuals and businesses
have substantially reduced their indebtedFEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

ness during the war and have built up other
reserves such as insurance and pensions.
The holding of these liquid assets by
business and individuals in such large
volume constitutes a new factor, one not
present in the prewar period. The manner
and extent to which their existence will
significantly affect the functioning of the
postwar economy is difficult to determine
in advance. They could lead to inflationary developments if there is a rush to purchase scarce goods before production increases or if there is a wave of speculation
in capital assets. They can also have a
stabilizing influence on the economy—
through providing funds for individuals
and business to use during recession
periods.
RESTRICTED WARTIME VOLUME OF TRADE

During the war a considerable part of the
nation's output was taken directly by the
Government and did not flow through the
customary channels of trade. Output of
goods for sale to wholesalers and retailers,
moreover, was curtailed in many lines by
lack of supplies resulting from diversion of
the resources of the country to production
for war purposes or from limitations on imports as a consequence of shipping or other
problems. New passenger automobile production was stopped for three and a half
years and only those on hand at the beginning of 1942- were available for sale.
Civilian supplies of other metal products
were small and reductions in supply extended to many nondurable as well as durable lines. Gasoline consumption and tire
consumption were reduced sharply.
Notwithstanding all these developments,
the dollar volume of retail sales increased by
large amounts throughout the war period.
Sales in restaurants rose sharply, and in
numerous other lines increases were larger
SEPTEMBER 1945




than could be readily accounted for in terms
of price increases. In many cases the measurement of price changes was exceedingly
difficult, owing to changes in quality and to
substitutions of one item for another.
Consequently the extent to which the trade
figures indicate changes in physical quantities is obscure. Changes in income distribution, moreover, and the setting up of a
rationing system for many foods and other
items may have resulted for the higher income groups in shortages of some items of
which other income groups were obtaining
more than usual. But whatever the answers may be on these points, it appears
that the aggregate volume of goods flowing
through trade channels was little if any
greater than before the war.
It is also evident that cutbacks in the
war program will be important for trade
as they make available increased supplies
of manpower and materials and thereby
of civilian goods and, on the other hand,
as they reduce the incomes of many consumers. For durable consumer goods the
net result will probably be increased sales.
In the case of nondurable goods, gasoline
consumption will be up sharply and, when
supplies become available, so also will
consumption of some foods, such as meats,
butter, and sugar. Sales of men's clothing
will rise considerably as men return from
the armed forces. Reductions in incomes,
however, will tend to limit consumer purchases and this may result in reduced
sales for some items. The net result for
total sales of nondurable goods to consumers is not to be determined readily in
advance. The extent and timing of deferred demand for semidurable goods is
one of many elements of uncertainty in the
situation. One factor to be considered in
estimating aggregate consumer purchases
is that by next summer the civilian

859

REVIEW OF THE MONTH

population will be about 9 million larger
than at the end of the war and 5 million
larger than in 1939.
In June and July, the last months for
which data are available, total sales of
goods and services to consumers were at an
annual rate of about 102. billion dollars,
which was close to the wartime peak
reached in the first quarter of this year.
At that time sales at retail stores were 80
per cent larger, in dollar terms, than in 1939
and 35 per cent larger than in 1941. Sales
at stores selling chiefly nondurable goods
were double those of 1939 while sales at
durable goods outlets were in about the
same dollar volume as in 1939. A decline
of one-half in sales by distributors of automobiles and parts had been offset by increases in the dollar value of sales by stores
selling other durable goods such as jewelry.
DEPARTMENT STORE SALES, STOCKS,
AND ORDERS

Department store sales in July were near
record levels, after allowance for usual seasonal changes but not for changes in prices.
The July index was zi8 per cent of the 193539 average, as compared with 186 in 1944
and i n in the first quarter of 1945. Sales
during the early part of August were also
at a high level, about 2.0 per cent above
a year ago; in the latter part of the month
they were at about the same level as in the
corresponding weeks of 1944.
Increases in sales were general throughout the country during the war period, but
the most striking advances occurred in the
South and West. In July the seasonally
adjusted indexes for the Federal Reserve
Districts of Atlanta, Dallas, and San Francisco were 300, Z99, and 2.55, while the
indexes for the New York and Boston
Districts were 176 and 183 per cent of the
1935-39 average.
Value of stocks of merchandise at depart860




ment stores, which increased sharply in 1941
and 194Z and then declined, has again
increased this year. At the end of 1944
stocks were smaller in value than at any
time since January 1942., and in physical
volume were probably smaller than at
any time since the depression low. In
each of the first seven months of 1945,
however, merchandise receipts exceeded
sales and by the end of July stocks had
increased considerably. They were then
about 10 per cent smaller in dollar terms
than at the peak of heavy inventory accumulation in the middle of 1942. and relatively lower in physical terms, because
meanwhile prices had risen. Stocks at department stores were not well balanced;
there were shortages in many items such as
household appliances, floor coverings, men's
clothing, hosiery, and cotton wash goods,
while stocks of notions, toilet articles, some
types of boys' clothing and of women's apparel were relatively large.
Because of the difficulty of obtaining merchandise, stores since the middle of 1943
have maintained outstanding orders for
goods considerably larger in relation to sales
than in prewar years. Outstanding orders
increased sharply in the latter part of 1944
and early in 1945. Although they subsequently declined, at the end of June they
amounted to about three months' supply
at the current high rate of sales as compared with one month's supply in June
1940.
STABILITY IN PRICES

Since the announcement of Japan's surrender offer in the early part of August, there
has been no marked change in the level of
prices. Prices of cotton, grains, and nonferrous metal scrap' declined somewhat,
while prices of most other basic commodities showed little change. In the latter
FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

part of August prices of cotton and grains
increased slightly and prices in other markets were generally maintained close to
ceiling levels. A reduction was ordered in
Federal ceiling prices for gasoline, fuel oil,
and kerosene in the Eastern Seaboard States,
to be effective during September. These
changes will eliminate the increases made
during the war to offset part of the additional cost of transporting these products by
railroad. At about the same time the airlines announced a reduction in passenger
rates and the railroads announced that
they would not petition this autumn for
a restoration of the 1942. freight rate increase, which had been suspended since
May 1943.
In retail markets prices of most groups of
goods and services continued to advance in
June and July and the cost of living index
was 2. per cent higher in July than in March
of this year. Food prices increased 4 per
cent in that period and retail prices of most
other items continued to show a gradual
rise. There appears to have been no pronounced change in these prices since the
Japanese surrender.
Since the end of the war the Office of Price
Administration has reaffirmed its policy of
preventing the general level of prices of new
automobiles and other durable consumer
goods produced at reconverted war plants
from being higher than the level prevailing
in the early part of 1942. when production of
these goods was discontinued. At that
time prices of many products had already
risen considerably. The announced policy
is in recognition of the strong demand in
prospect for these products while production is still limited. Other parts of the
Federal reconversion pricing program which
have been announced include a modification
of the stricter phases of the wartime controls, and various special price adjustment
SEPTEMBER

1945




orders to provide relief in cases where
industry-wide price ceilings prove insufficient to achieve full production.
The Secretary of Agriculture has announced that plans arc being formulated
and necessary Federal appropriations will be
sought to carry into effect the existing legislation with respect to minimum price
guarantees for agricultural products. By
legislative enactment prices of 90 per cent
or more of parity are guaranteed for most
agricultural products, at least through
1947, providing funds are made available.
In addition there are various specific subsidy and other programs adopted to stimulate production, which involve support
of prices for varying periods near current
levels.
PRICE LEVELS AT THE END OF THE WAR

The general level of wholesale commodity
prices at the end of the war was about 40 per
cent above the prewar level, according to
the index of the Bureau of Labor Statistics.
PRICES

Bureau of Labor Statistics indexes. Index of wholesale prices
converted to 1935-39 base by Federal Reserve. Latest figures shown
are for July 1945.

Prices of cotton, grains, and most other
farm products advanced earlier this year
and in June and July wholesale prices of
farm products were n o per cent above the
861

REVIEW OF THE MONTH

prewar level. Prices received by farmers
were at a new wartime peak, 7 per cent
higher than a year ago and IZJ per cent
higher than in the summer of 1939. Wholesale prices of industrial commodities have
also shown increases this year somewhat
larger than in any other period since the
early part of 1943 when Federal price stabilization measures were extended and made
more effective. Maximum prices for coal,
coke, steel, cotton goods, building materials, and prices of various finished manufactured products, especially goods for sale to
civilian consumers, like clothing and housefurnishings, have also shown some further
increases.
During the war wholesale prices of food,
textile, paper, and most other products
which ultimately are important items in
consumer expenditures increased more than
the general index of wholesale prices and
the rise in lumber prices was also great; on
the other hand, metal prices, which were
first brought under control, showed only a
moderate advance. Many of the products
which advanced the most were produced in
highly competitive, low-wage industries,
and were not brought under control for
some time. With the large rise in consumer
demand, as well as heavy Government
demand, during the war and with marked
increases in wage rates and profits in these
industries, the level of wholesale prices of
these products at the end of the war was
generally more than 50 per cent above the
prewar level.
Retail prices of food, clothing, and housefurnishings were also about 50 per cent
higher than before the war while prices of
fuel and various miscellaneous products
showed less marked increases.
Prices of services at the end of the war
were much higher than before the war, with
two important exceptions—rental rates in
862.




many areas and public transportation and
utility services. Regulated prices of public
services, including passenger fares on the
railroads, bus fares, and electric power,
telephone and telegraph rates, generally
showed little change during the war except
for increases due to Federal excise taxes.
Increased costs in the operation of the public
carriers and utilities were generally much
more than offset by extraordinary increases
in revenues as the volume of operations expanded. Rates in the period ahead will
no doubt depend in part on how far the
great economies of operating at high levels
can be retained, as well as on various other
factors affecting costs and regulatory policies.
With reference to the cost of housing;
rent controls have been in effect over wide
areas but meanwhile prices of existing
properties have advanced sharply, around
40 or 50 per cent in many localities. It
will take considerable time to increase the
supply of houses appreciably and additions
to supply will be made at advanced costs
of construction. Prices of building labor
and building materials are both about
one-third higher than before the war.
Lumber prices have advanced 70 per cent,
which is about what they rose during the
first World War. Prices of brick, cement,
paint, heating equipment, and other building supplies have shown less marked advances. Considering prospective strength
in the housing market, existing rents will
appear low and pressure for advances will
be great. Rent advances under free market conditions might be substantial, although limited somewhat by current reductions in total income; by population
shifts and the uncertainties accompanying
them; and, eventually, but not soon, by an
increased supply of houses. The Officer ot
Price Administration has announced that
FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

in a few localities rent controls will be
removed this autumn, but that in most
areas they will continue in effect for a
longer period.
The course of wholesale prices of commodities and of the cost of living during
the second World War and also during
the first World War and the succeeding
five years is shown in the chart. In
general, price advances have been considerably less marked this time, although the
share of economic resources devoted to
war purposes has been much greater. The
fact that prices have not advanced as much
as they did before has been due partly to
the existence of more idle resources at the
beginning of this war, but in considerable
degree the difference may be attributed to
more effective control measures for commodities and services this time. For farm
real estate values, however, increases have
been greater than before and there have been
sharp increases in urban values. The chart
is presented not to suggest that a rise similar
to that after the last war is inevitable—
circumstances are in many respects quite
different—but rather to indicate one possible type of development against which
precautions should continue to be taken.
PROSPECTIVE PRICE DEVELOPMENTS

In general, price developments in the
period ahead, in contrast to the wartime
period when huge Federal expenditures
assured demands for almost any product or
service available, will again be largely governed by private expenditure decisions.
Public expenditures will for some time,
however, continue large by any prewar
standards. Federal payments in connection
with the liquidation of the war effort, the
maintenance of foreign occupation forces
and the development of postwar military
establishments for security reasons will be
SEPTEMBER

1945




substantial. Federal expenditures for nonwar purposes, including social security
benefits, and expenditures by State and local
governments are likely to increase considerably from recent levels.
Inventories of most goods in commercial
channels have been considerably curtailed
since 1941 both in this country and abroad.
The total volume of surplus equipment and
goods in Government stocks is apparently
quite large but it is still uncertain what
volume of these goods will be considered
useful to buyers in this country.
After industrial reconversion is well under
way it seems likely that consumer incomes,
although reduced from recent levels, will
still be relatively high in comparison with
previous peacetime levels. Also private
business expenditures for plant, equipment,
and materials will be at a greatly increased
rate for a time. Until consumer and producer demands for goods to replenish stocks
are satisfied and foreign needs are filled to
the extent that they can be financed from
substantial dollar balances, relief funds or
loans, the possibility of a rise in prices will
exist.
Allowing for an almost complete elimination of military requirements, supplies arc
likely for some time to continue short of
demand for such various products as lumber,
brick, fats and oils, sugar, cotton textiles,
worsted fabrics, tin, lead, crude rubber,
pulp and paper, and coal. Domestic output of some of these products has been
curtailed to prewar levels by shortages
of equipment and manpower. In order to
achieve 1941 levels of output in the lumber,
newsprint, brick, and cotton textile industries, it will be necessary to expand wtorking
forces considerably, and this will be complicated by lower wage scales in some of these
industries than in munitions industries or in
most peacetime industries. In certain other

863

REVIEW OF THE MONTH

cases, like tin, crude rubber, and sugar,
increased domestic supplies will depend
wholly or in large part on foreign sources
and the re-establishment of adequate production and shipping facilities.
Current large yields of most crops will
help to prevent further price advances for
agricultural products, but supplies of fats
and oils and certain other products will
continue short for some time. Potential
Government influence over prices of agricultural products, in either direction, is
great, considering price ceilings, crop loan
arrangements, guarantees as to minimum
prices, subsidy arrangements, and possible
control over exports through loans or
otherwise.
Reflecting advanced prices for agricultural products and other influences, farm
real estate values continued to advance
early this year; in July they were reported
57 per cent above the 1935^39 average for
the country as a whole, with increases varying from 2-0 per cent in Massachusetts and
2.2. per cent in North and South Dakota to
103 per cent in South Carolina and 104 per
cent in Kentucky.
Basic forces generated by war conditions
but held in check during the period of hostilities may result in speculative developments and further large increases in prices

864




unless necessary precautions are taken until
such time as the transition of the economy
to a peacetime basis has been completed.
Only a greatly increased volume of output
for use by producers and consumers in this
country, as well as in foreign countries, will
remove the danger of further price advances
arising from the large volume of liquid
assets on hand and the shortages of many
types of goods. Federal action designed to
encourage private business activity and
employment opportunities, to greatly raise
living standards, and to care for reconstruction needs abroad can be successful only if
prices are reasonably stable, a goal which
can be achieved only with the cooperation
of business, labor, agriculture, and consumers. Until adequate supplies of goods and
services are again freely available, it will be
necessary for buyers to exercise restraint in
order that Government price controls may
be relaxed as rapidly as possible with'reasonable assurance that disastrous price
advances such as those which occurred after
the first World War may be avoided. The
important task in the immediate period
ahead is to increase production for civilians
but to discourage buying of goods in short
supply until output corresponds more closely
to current demands.

FEDERAL RESERVE BULLETIN

SURVEYS OF LIQUID ASSET HOLDINGS *
During the war, personal holdings of liquid
assets, *'.*., currency, bank deposits, and United
States Government securities, have shown a tremendous expansion. Estimates of these holdings published in the June BULLETIN indicate an
increase from a total of 48 billion dollars at the
end of 1939 to 12.8 billion at the end of 1944.
Little, however, has been known about the holders of these liquid assets or about the attitudes
taken by the holders toward their liquid assets.
Information of" this nature is needed for an appraisal of the probable effect of these unprecedented changes in the liquidity of individuals on
the postwar economy.
Because of the importance of this information
and because of the difficulty of obtaining it by
statistical inquiries of conventional types, the
Board of Governors of the Federal Reserve System requested the Division of Program Surveys of
the Bureau of Agricultural Economics (Department of Agriculture) to conduct two experimental
surveys, one in a rural area and one in an urban
area, to determine the feasibility of obtaining
the necessary information from interviews with
a random sample of individuals. In January
and February of 1945, about 800 interviews were
made in Birmingham, Alabama, and Douglas
County, Illinois, the two areas chosen for test
purposes.
The interviews were conducted by a staff of
trained interviewers,* who followed a carefully
prepared inquiry form. Respondent participation was voluntary. The questionnaire employed in this survey was designed to arouse the
respondent's interest in the general subject of
the effect of wartime changes on people's savings
practices. The opening questions dealt with the
respondent's evaluation of his present financial
status and with the economic prospects after the
1 This article was prepared by Emanuel T. Weiler of the Board's
Division of Research and Statistics. It is a brief summary of the results of two surveys undertaken by the Bureau of Agricultural Economics of the U. S. Department of Agriculture at the request of the
Board of Governors. Mr. Dorvrin Cartwright and Mr. George Katona
of the Bureau of Agricultural Economics were primarily responsible
for the conduct of the studies and Mr. Weiler was closely associated
with them throughout the planning and execution of the investigation.

SEPTEMBER 1945




war of people in general and of himself in particular. Then followed questions regarding
people's reasons for saving, including his own,
and these led naturally to a specific discussion of
the respondent's liquid assets -time deposits,
demand deposits, war bonds, and currency.
Here the questions dealt with the amounts held
in each form, how these compared with the
amounts a year before, why one type of holding
had been chosen rather than another, what uses
the respondent had in mind for each type of holding, and what uses of each type he considered to
be appropriate. A summary of the findings is
given below.
It should be recognized that the inquiries were
made to test certain methods of obtaining information, not to provide information which could
be considered adequate for the formulation of
broad conclusions. The findings are valid only
with respect to the areas studied, which were
chosen primarily because they were areas in
which there had been large withdrawals of
currency during the war period. They are published because of the wide interest in the subject
and to indicate what information may be obtained by the methods employed.
HOLDINGS OF LIQUID ASSETS BY TYPES

On the basis of the survey findings, it is estimated that the people of Birmingham and its
suburbs held liquid assets (excluding currency)
totaling about 147 million dollars and that the
people of Douglas County, Illinois, held a total
of about 8 million dollars. These amounts include personal (nonbusiness) holdings of war
bonds (at purchase price), demand and time
deposits, postal savings, and other time deposits. They do not include currency holdings.
The amounts of currency holdings reported
were so small, especially with relation to available knowledge about currency withdrawals
from banks in those communities, as to indicate
that not all such holdings were reported.
The distribution of these totals among liquid

865

SURVEYS OF LIQUID ASSET HOLDINGS

asset types is given in the following table. In
Birmingham, as well as among nonfarm families
in Douglas County, the amount of war bond
holdings exceeded those of either time or demand deposits. Among the farmers in Douglas
County, demand deposit holdings exceeded other
holdings, presumably because of the quasibusiness nature of these deposits. The difference
between the survey distribution and national
distribution serves to emphasize the limitations
of these experimental surveys as representative of
national trends.
PERCENTAGE DISTRIBUTION OF LIQUID
ASSET HOLDINGS, BY TYPE

[Excluding currency]
Survey areas (as of
Jan.-Feb. f 1945)
Type of asset

War bonds 3
Time deposits
Demand deposits
Total. .

Birmingham

Douglas County

United
States (as
of Dec.
31, 1944)1

Nonfarm

Farm

45
25
30

55
7
38

40
3
57

336.1
40.5
23.4

100

100

100

100.0

1 Estimated total personal (nonbusiness) holdings in the United
States, excluding trust accounts; Federal Reserve BULLETIN June 1945,
p. 533.
2
Includes all U. S. Government securities.
* Includes savings deposits and postal savings.

AGGREGATE HOLDINGS OF LIQUID ASSETS BY
INCOME CLASSES

The percentage distribution of aggregate holdings of liquid assets reported by respondents,
by income class, is given in the following table.
Each respondent represents a spending unit,
that is, one or more persons (usually a family)
who pool their incomes. In general, the survey
results indicate that while relatively small
amounts of liquid assets were held by the
lowest income groups, the bulk, or between twothirds and three-fourths of all liquid assets, was
held by urban spending units receiving less than
$6,500 per year (/.*., $115 a week) and by rural
spending units receiving less than $6,000 per
year. The number of respondents in these income groups made up around 90 per cent of all
respondents.

866




DISTRIBUTION OF L I Q U I D ASSET HOLDINGS, BY INCOME CLASS
OP RESPONDENT A N D TYPE OP HOLDING

Percentage of aggregate
Perholdings
centage of
reDespond- War Time mand Total
deliquid
ents bonds posits de- assets1
posits

Income class

Birmingham (weekly):
Under $25
Under $35
Under $55
Under $87
Under $125
All incomes (including those
over $125)2
Not ascertained
Douglas County nonfarm
(weekly):
Under $25
Under $35
Under $55
Under $87
All incomes (including those
over $87)3
Not ascertained
Douglas County farm (annual):
Under $1,000
Under $1,500
Under $2,500
Under $4,000
Under $6,000
All incomes (including those
over $6,000)*
Not ascertained
!

1
2
7
20
78

17
34
59
84
92

1
4
15
41
72

100
(*)
36
50
73
91

10
16
37

91
3

95
5

75

18
31
49
73
85

4
12
23
51
66

96
4

5
12
23
53
68

95
5

» I n c l u d i n g currency reported a s savings b u t n o t pocket currency.
T i m e deposits in D o u g l a s C o u n t y a r e also included, although they are
too small to be shown separately.
.
* Cases in which income was n o t ascertained are omitted from tne
cumulations. P e r c e n t a g e s a r e b a s e d on t h e total sampjes—-423 cases
in B i r m i n g h a m , 231 in D o u g l a s C o u n t y nonfarm, 160 in Douglas
C o u n t y farm.
* Less t h a n one per c e n t .

Differences in the distribution of the various
kinds of liquid assets were quite marked.
Among the Birmingham respondents, the holding of demand deposits was largely limited to
those in the three highest income brackets.
Among the Douglas County respondents demand
deposit holdings were somewhat more evenly
distributed. Time deposit holdings in Birmingham were less concentrated than were demand
deposits, with spending units having annual
incomes of less than about $4,500 ($87 weekly)
holding slightly more than half of the time
deposits. As noted in the table, time deposit
holdings in Douglas County were too small,
and reported currency holdings in both Douglas
County and Birmingham too inaccurate, to
warrant showing their distributions by income
size. Except among the farmers in Douglas
County, war bonds were held to a larger extent
by persons in the lower income groups than
were demand deposits.
FEDERAL RESERVE BULLETIN

SURVEYS OF LIQUID ASSET HOLDINGS
DISTRIBUTION OF LIQUID ASSETS WITHIN
INCOME CLASSES

Distribution of liquid assets among the individual spending units within income classes is
quite as important for economic analysis as the
distribution of the total among income classes.
As a means of indicating the dispersion in liquid
asset holdings within income classes, the spending units in the successive income classes were
divided into non -holders and holders of liquid
assets; further analysis was then made of
amounts held by the liquid asset holders. The
ratio of holders of liquid assets to all respondents
within the successive income classes is given in
the following table.
PROPORTION OF RESPONDENTS HOLDING LIQUID ASSETS,
BY INCOME CLASS A N D TYPE OF ASSET

Percentage of all respondents in income class
Income class

Birmingham (weekly):
Under $25
25-34
35-54
55-86

87-124
125 and over

DeWar Time mand Some
deliquid1
bonds posits deposits assets
23
57
84
96
96
100

All classes
Douglas County nonfarm
(weekly):
Under $25
25-34
35-54
55-86
87 and over

Number
of respondents

61
69
103
108
42
32

40
76
86
99
100
100
41

'423

31

42
69
79
96
100

28
35
67
75
100

61
83
92
97
100

69

52

81

Douglas County farm (annual):
69
Under $1,000
86
1,000-1,499
94
1,500-2,499
86
2,500-3,999
95
4,000-5,999
100
6,000 and over

91
91
97
100
100
100

94
95
97
100
100
100

96

98

ported war bonds as the dominant liquid asset
form with demand deposits the next most frequent. Time deposits were reported almost as
infrequently as among farmers. In Birmingham, war bonds were the most frequent liquid
asset, though in the lowest income level time
deposits were as frequent and accounted for a
larger dollar volume of liquid asset holdings.
In Birmingham demand deposits were relatively
infrequent in lower income levels and by no
means universal among higher income groups,
as was true in Douglas County.
In the three lowest income levels some holdings of liquid assets were most frequently reported among Douglas County farmers, next
most frequently reported in Douglas County
villages, and least frequently in Birmingham. It
should be noted, of course, that a given income
level might have different standard of living
implications in these various areas.
The distribution of liquid assets among holders within each income class (hereafter termed
' 'holders' f ) is also important as an indication of
concentration of ownership. Liquid assets arc
not equally distributed among the holders in the
various income classes. In each class there tend
to be a few cases of large holdings. The variation in the size of liquid holdings within each
level of income is reflected in the following chart

AH classes

All classes..

87

88
37
49
36
11

•tt.IT

DISPERSION OF LIQUID ASSETS AMONG HOLDERS WITHIN
DIFFERENT INCOME GROUPS IN BIRMINGHAM

30
23
29
36
19
17
s

160

1
2

Including currency reported as savings, but not pocket currency.
Including cases where income was not ascertained. For Douglas
County nonfarm, the sixth income class is not shown separately because the sample contained only one person in that bracket.

All or nearly all of the respondents in the
three highest income classes held some liquid
assets. Nearly all of the Douglas County
farmers, even those in lower income brackets,
had demand deposit accounts, and holdings of
war bonds were also very general. Time deposits, however, were infrequently reported.
The village population of Douglas County re, SEPTEMBER 1945




Points marked in dispersion of liquid asset holdings by size in
each income group are:
Ql—holdings of case which separates the fourth with smallest holdings
from the upper three-fourths.
Q3—holdings of case which separates the fourth with largest holdings
from the lower three-fourths.
Md—holdings of case which is the mid-point of the distribution;
half of the individuals are below and half above this case.

867

SURVEYS OF LIQUID ASSET HOLDINGS

showing liquid asset holdings in Birmingham.
In each income bracket the holders of liquid
assets are arranged in order of the size of their
holdings and then divided into quartiles.
Among those whose income is between $35 and
$55 weekly, the 15 per cent of the holders reporting the smallest amounts held less than
$150 of liquid assets each while the 15 per cent
holding the largest amounts of liquid assets
held $I,2JOO or more. In each of the income
classes, the highest. 15 per cent of the holders
(ranked according to size of holdings) held
more than the median holder in the next higher
income class.
As a means of analyzing further the dispersion
in liquid asset holdings within income classes,
the holders were ranked according to size of
holdings and then divided within each income
class into thirds, the upper third, or the third
having the largest amounts of liquid assets; the
middle third; and the lower third, or the third
having the smallest amounts of liquid assets.
The upper third of the holders in all income
classes held jy per cent of the total; the middle
third accounted for 17 per cent, and the lower
third for 6 per cent (see the following table).
Those in the upper third of each of the three
highest income classes (with weekly incomes of
$55 and over) held 59 per cent of the liquid
assets. Thus, the bulk of the liquid assets
tended not only to be held by the middle and
upper income classes but also by the upper third
of holders within these income classes.2
It may also be noted that if liquid asset holders
in Birmingham are ranked according to the size
of holdings, ignoring income class and other
attributes, the 10 per cent who individually
have the largest amounts of liquid assets own as
much as 60 per cent of all liquid assets in the city.
Among the nonfarm respondents in Douglas
County, the comparable group owns 52. per cent
of all the liquid assets held by that group and
among the farmers in Douglas County, 41 per
cent.
2 Because of the technical difficulties m measuring income and sorting respondents by income size, it is possible that a part of the dispersion in liquid asset holdings may have been due to the fact that the
upper third of the holders have incomes somewhat larger than is typical
of those income classes.

868




DISTRIBUTION OF L I Q U I D ASSETS AMONG HOLDERS I N THE
T H R E E L O W E S T AND T H R E E H I G H E S T INCOME CLASSES,
B I R M I N G H A M A N D DOUGLAS COUNTY COMBINED

[As percentage of total liquid assets reported]
Liquid asset class of
holder
Income class of holder
Upper
third

Middle Lower
third
third

Total
for all
classes
of
liquid
asset
holders

One of the three lowest income
classes (including weekly incomes under $55)
One of three highest income
classes (including weekly incomes of $55 or more)

18

4

1

59

13

5

77

Total for all income classes ..

77

17

6

100

23

OTHER CHARACTERISTICS OF THE "UPPER THIRD"
OF THE HOLDERS

In view of the dispersion in liquid asset holdings ivithin income classes, a classification of
holders by size of income explains only a part of
the variation in liquid asset holdings. Are
there any characteristics other than income
which account for the concentration of liquid
asset holdings? To answer this question, comparisons were made to determine whether the
upper third of the holders within each income
class tended to show, on the average, any unique
characteristics. It was found that in general
this group differed from the middle and lower
third of each income class in five respects:
i. It contained a larger proportion of older
people.
2.. It was composed of smaller families.
3. It tended to have more education.
4. It contained relatively more professional,
managerial, and clerical workers and relatively fewer semi-skilled and unskilled
workers.
5. It included relatively more persons who
had a tendency to save regularly and for a
specific purpose.
Caution should, however, be exercised in
interpreting these findings. Many of these
attributes tend to go together. Respondents
over 45 years of age might be expected, for example, to have fewer dependent children than
have younger respondents. Nevertheless, even
if it can not be said how much of the variation of
liquid asset holdings is due to the presence or
FEDERAL RESERVE BULLETIN

SURVEYS OF LIQUID ASSET HOLDINGS

absence of any of these attributes, it is significant
that the bulk of the liquid assets in these areas
tends to be held by persons who not only have
higher incomes but also who are ( i ) older, (z)
have smaller families, (3) have more education,
and (4) have regular methods and specific purposes for saving.

"rainy day," somewhat more likely to name as
their purpose the building up of reserves for old
age or for the children's future. Also, they
seldom give the reasons grouped in the following
table under the heading "for consumption or
indefinite purposes/'
DISTRIBUTION OF LIQUID ASSET HOLDERS ACCORDING TO
PRINCIPAL PURPOSE OF SAVING

ATTITUDES OF LIQUID ASSET HOLDERS

In view of the concentration of liquid asset
holdings within as well as between income
classes, it is particularly important to know
something about the attitudes taken by liquid
asset holders toward their liquid assets. Do
respondents consider their liquid assets as funds
held primarily against the postwar purchase of
consumption goods or as funds held primarily for
purposes of assuring economic security? The
results of that portion of the survey dealing with
attitudes suggests the latter, i.e., that the desire
for economic security and advancement has been
the most important incentive leading to the
accumulation of liquid assets.
Three types of questions were used to investigate the motivational factors involved in the
accumulation of liquid assets. The first involved the reasons for savings; the second*
involved the means that the respondents would
use to pay for (a) luxuries, such as a trip, (b)
consumer durable goods, such as furniture or
automobiles, and (c) real estate, such as a home
or a farm; and the third involved the extent to
which the respondents would be willing, if necessary, to use specific liquid assets for specific
kinds of expenditures. The answers to these
three kinds of inquiry are summarized below.
In answer to the questions regarding the reasons for saving, the bulk of the holders said that
they were saving to buy permanent assets, or for
purposes related to security and economic advancement. In this respect, the upper third of
the holders—those whose holdings are largest
in relation to their income and who together
account for 77 per cent of the aggregate liquid
assets—differ little from the lower third, except
that they tend to be more specific. That is,
they are somewhat less likely to speak of a
SEPTEMBER 1945




Percentage «f respondents
Purpose

I Uirming- Douglas
County
i ham
non farm

Tor specific permanent assets:
To buy or remodel home
To buy farm or farm equipment,
To start business
,...,,
To pay debts (mortgage)7
For security purposes:
For hard times, "rainy d a y " . . . . . .
For emergencies (sickness, accident)
For old age
For children's education and uses.

22
10
4

6
12

12
22
a
9

3
14

3
14
2

For consumption or indefinite purposes:
To buy consumer goods
Because goods not available now..
To pay taxes
For patriotic reasons
Miscellaneous reasons
Xo definite reasons

5
3
3
2
2
2

Not ascertained
100

All purposes
Number of cases

Douglas
County
farm

357

100

184

156

1
2

Less than one per cent.
Some of the answers grouped here may apply to debts incurred for
something other than permanent assets.

In answer to questions regarding the means of
financing purchases of consumer durable goods,
about half the respondents in Birmingham who
held war bonds and time deposits failed to mention the use of these liquid assets but rather indicated that they would use consumer credit.
These questions were directed only to holders of
$2-oo or more of liquid assets, and were phrased
with particular reference to automobiles, furniture, and other consumer durables. The answers of the holders in the upper third of each
income bracket did not differ significantly from
those in the middle and lower thirds. It is noteworthy, however, that in Douglas County,
where the use of consumer credit was not so
common before the war, there appeared to be less
inclination to borrow than there was in Birmingham. The percentage of the holders of war

869

SURVEYS OF LIQUID ASSET HOLDINGS

bonds or time deposits who said they would
borrow to finance the purchase of consumer
durables was as follows:
Douglas
County
24
17
30

Birmingham
46
42
48

All holders of war bonds or time deposits
Upper third of the holders
Lower and middle thirds of the holders

Finally, when asked how they would feel
about the use of specific types of liquid assets,
most of the respondents indicated that they
would hesitate to use war bonds or time deposits for the purchase of consumption goods.
They indicated, however, as shown in the following table, that they were much less hesitant
to use these forms of liquid assets for the purchase of permanent assets than for the purchase
of luxury items or consumer durable goods.
The percentage of respondents who indicated a
willingness to use demand deposits for consumption purposes was higher, but k is not clear that
they were referring to savings held in demand
deposits. Because of the way the answers were
phrased, there is some reason to think that many
respondents viewed demand deposit withdrawals
as equivalent to the expenditure of current
income.
DISTRIBUTION OF HOLDERS OF L I Q U I D ASSETS ACCORDING TO
T H E I R W I L L I N G N E S S TO U S E THEIR ASSETS FOR
D I F F E R E N T PURPOSES 1

(As percentage of holders of respective types of liquid assets in area]
Would use asset
for:*

Type of liquid asset

Would not 2
use
asset for:

Number
of reDur- Per- Lux- Dur- Per- spondLux- able maable mauries goods nent uries goods nent ents
assets
assets

Birmingham:
Demand deposits...
Time deposits
War bonds
Douglas County:
Demand deposits...
Time deposits
War bonds

57
32
11

58
40
19

55
68
56

36
63
87

28
58
76

20
110
24
164
36 * 254

62
26
15

63
22
21

65
66
72

33
60
84

30
68
72

24
20
22

229
*30
229

* Excludes holders of liquid assets aggregating less than $200.
3
Because in some interviews complete answers to the questions
were not obtained, the percentage of owners of a particular asset who
would use it for a given purpose and the percentage who would not use
it for that purpose add to less than 100.
»Although the number of holders of time deposits in the Douglas
County sample is small, the percentages are here included for the sake
of completeness.

This tendency on the part of liquid asset
holders to think of their liquid assets, particularly war bonds and time deposits, as a source of
870




economic security or as a means offinancinginvestment-type purchases rather than as a means
offinancingpurchases of consumer goods, should
not be interpreted as afirmindication of the way
holders would act when actually confronted
with a choice. It does indicate, however, that
at the present time the holders of liquid assets in
these two areas are not inclined to spend them
recklessly. This is particularly significant in
view of the concentration of liquid asset holdings and of the characteristics of the holders who
control the bulk of the assets.
DEPENDABILITY OF FINDINGS

With regard to the dependability of the financial data obtained by the survey, the only checks
available are the extent to which area totals
derived from the survey data are consistent with
area totals obtained from bank and Treasury
records.
To facilitate such a checking procedure, an
effort was made to have the banks in these two
areas classify their demand and time deposits (a)
by whether or not the account was a personal
account (including those of farmers and professional people), and (b) by whether the account
was owned by a resident of the sampling area.
About 98 per cent of the deposits in Birmingham
were so classified. The deposits in Douglas
County were not classified by place of residence
of owner and only 44 per cent of the deposits
were classified by type of holder. The distribution of the other 56 per cent was estimated by
the Federal Reserve Bank of Chicago.
The outcome of this checking procedure gave
the following results: (1) There was a close
correspondence between demand deposit totals
shown by bank records in Birmingham and those
estimated on the basis of data derived from the
survey expanded to represent all families in the
area, (z) Time deposit totals in Birmingham,
although not so close, appear to be within the
range of sampling error. (3) War bond holdings
as estimated from survey reports approximate the
aggregate of war bond sales both in Birmingham
and in Douglas County less redemptions computed at the national rate. (Data on war bond
FEDERAL RESERVE BULLETIN

SURVEYS OF LIQUID ASSET HOLDINGS

redemptions for the sample areas were not available). (4) Comparison of demand and time
deposits for Douglas County derived from the
two sources reveals wide discrepancies between
the survey data and the estimates derived from
the available bank data. It has not been possible to identify precisely the reasons for this
discrepancy, but there appears to be some evidence that the failure to obtain information as
to bank deposits classified by residence of owner
may account for a large part of the discrepancy.
It is extremely difficult to verify the accuracy
of currency holdings revealed by the survey, but
it seems evident that the survey failed to account
for the total amount of currency which is presumably located in the areas covered. The
returns show an average of only about $64 of
currency held per family; only 10 per cent of the
respondents reported currency holdings in excess
of current needs and the amounts so reported
were relatively small. The failure to account
for all currency holdings may be due in part to
under-reporting by respondents and in part to the
possibility that the sample failed to include large
holders of currency.
SAMPLING PROCEDURE

The data summarized above were obtained by
personal interviews with representative samples
of individuals. In Birmingham, 413 spending
units (i.e., one or more individuals who pool
their incomes) and in Douglas County 131 nonfarm and 160 farm spending units were interviewed.
The first step in drawing the sample was to
obtain large detailed maps of Birmingham and
Douglas County. For Birmingham, fire insurance maps were used. They contained diagrams
of each block in the city showing the location,
number, and type of construction of each house
on the block. For Douglas County, enlarged
aerial photographs were used.
The next step was to divide the maps into
small areas, each of which contained only a few
dwellings. In Douglas County this was a
relatively simple problem. On the aerial photographic maps the open-country part of the entire
SEPTEMBER

1945




county was marked off into sub-areas which
were numbered consecutively in geographic order. Every eighth sub-area was then selected
to form the rural sample, and each dwelling
within it was visited. Each town in the county
was treated as a separate sub-area and subsampled. The interviewers started at one end
of the town and proceeded systematically,
counting houses and interviewing at every
seventeenth. These interviews were combined
to form the urban sample. The sampling rates
in Douglas County were one in seventeen in the
towns and two in seventeen in the open country.
In Birmingham, the sampling problem was
more complicated because the population was
much greater and a distinction had to be made
between the upper and the lower income
groups. The overall sampling rate was one in
Z30. In dividing the city into sub-areas a
representative sample of city blocks was first
selected; then final division was made into
small areas within the sample of blocks. In
parts of the city where upper income people
were more likely to live, the sampling was at
twice the rate of the rest of the city. This was
done in order to obtain a more detailed and
accurate picture of this relatively small but,
for the purpose of this study, extremely important part of the population.
The sampling areas were carefully outlined on
duplicate maps. These were sent to the interviewers with instructions as to the dwellings to
be visited within the boundaries of each area
marked, i.e., every dwelling in the rural samples
in Douglas County and in the Birmingham
samples and every seventeenth house in the
urban samples in Douglas County. By making
inquiries at each dwelling, the interviewers first
classified the residents into spending units and
then interviewed the head of each such unit.
In making generalizations for each survey
area the samples were weighted. For Douglas
County, weights were selected to give proper
representation to the farm and nonfarm spending
units of the population. For Birmingham, the
purpose of the weights was to avoid over-representation of the upper income spending units.
871

ESTIMATES OF GROSS NATIONAL PRODUCT, 1919=1928
(On the basis of the Department of Commerce concept)
by
MARY S. PAINTER

Division of Research and Statistics
The concept of gross national product has components, net exports of goods, services, and
recently become of increasing importance as a gold, and net change in monetary stocks, repremeasure of total economic activity. Together sent potential claims on goods and services in
with its component series—consumer expend- foreign countries and thus add to our stocks.
itures, government expenditures, and private
Since May 1942. the Department of Commerce
gross capital formation—it has been used in a has published figures of gross national product
number of postwar studies to measure the in the Survey of Current Business. However, the
volume of total production necessary for full Commerce series covers only the period beginemployment, and to estimate potential markets, ning with 1919, which includes largely either
tax yields, volume of imports, etc.
depression or war. Simon Kuznets of the NaGross national product can be defined as the tional Bureau of Economic Research has
value of currently produced goods and services ac- estimated gross national product as far back as
quired by consumers, by government, and by 1919,2 but his series, which is available only
business for gross capital formation.x Materials until 1938, is not directly comparable with the
consumed in the manufacture of a final product Commerce series because of differences in
are excluded so that the total will not contain definition.
duplications. In general, second-hand assets
Since a number of economic problems require
and land are also excluded because they do not the use of a continuous series which extends back
represent new production and their purchase is to 1919 and is kept up-to-date, estimates have
merely a transfer of ownership of existing assets. been prepared of gross national product and its
Similarly, payments to individuals which do not components during the period 1919-1918 which
represent compensation for current services, such can be directly used with the Commerce esas social security benefits, government pensions, timates for later years. The figures are given in
and the like, are excluded.
the tables, together with their sources and the
Consumer expenditures, by far the largest methods used in deriving the estimates for the
component of gross national product, is the sum years 1919-19x8. These estimates are based
of all currently produced goods and services pur- largely on series developed by Simon Kuznets
chased by consumers for nonbusiness use. An and Harold Barger.
exception is made of consumer purchases of
The estimates, like the Commerce series, are in
houses, which are placed in capital formation. current prices and consequently are affected by
Similarly, government expenditures are the value price changes as well as changes in physical
of currently produced goods and services flowing volume. Thus they exaggerate the actual deto government.
cline in physical production during depressions
Private gross capital formation is the value of and overstate its rise during the defense and war
capital goods bought or retained by business, period. The adjustment of gross national
including replacement of existing equipment and product figures for price changes is a difficult task
construction as well as net additions to the stock since there is no single price index which covers
of capital goods. It consists of residential and all the goods and services which go into total
nonresidential construction, producers' expend- production; neither is there an index of physical
itures on durable equipment, the net change in production which covers all output. A series
inventories, net exports of goods and services, such as the Federal Reserve Board's index of
net exports of gold, and the net change in mone- industrial production covers only manufactures
tary stocks of gold and silver. The last few and minerals and must be supplemented by
physical measures of other components of total
1
Adapted from jMilton Gilbert and George Jaszi, "National Income
economic output.
and National Product in 1943," Survey of Current Business, April 1944.

For a good explanation of gross national product and the uses which
can be made of the figures, see Milton Gilbert and George Jaszi, "National Product and Income Statistics as an Aid in Economic Problems,"
Dun's Review, February and March 1Q44.

871



a Simon Kuznets, Uses of National Income in f * J " * ^ J r "
(National Bureau of Economic Research, Occasional raper
.
1942),p. 37.

FEDERAL RESERVE BULLETIN

ESTIMATES OF GROSS NATIONAL PRODUCT, 1 9 1 9 - 1 9 x 8
GROSS N A T I O N A L PRODUCT AND ITS COMPONENTS

[In billions of current dollars]

Year

Total gross
national
product
(1)

Private
gross
capital
formation
(2)

Government
expenditures on
goods and
services
(3)

Consumer
expenditures on
goods and
services
(4)

ment of Agriculture, Set Farm Income and Parity Report, 194U
p. 11; auto taxes, noncommercial remittances from abroad,
Bargcr, op. cit., pp. 2.16, 117 and 6L, 63 respectively; consumers' outlay and imputed rent, Simon Kuznets, Satioual
Income and Its Composition, pp. 137, 735 respectively.
PRIVATE

GROSS CAPITAL

FORMATION

A N D ITS

COMPONENTS

{In billions of current dollars)
1919
1920

77,5
86.6

17.2
18.5

8.6
8.0

51.6
oo.l

1921
1922
1923
1924
1925

70.7
72.7
84.5
83.7
90.4

9.2
10.3
15.6
13.3
15.3

8.4
8.5
8.7
9.1
9.6

53.1
53.9
00.2
61.2
65.5

1926
1927
1928
1929
1930

95.G
94.2
95.9
99.4
S8.2

16.8
15.2
14.9
17.6
12.1

9.8
10.3
10.6
11.0
11.2

69.0
68.7
70.5
70.8
64.9

1931
1932
1933
1934
1935

72.1
55.4
54.8
63.8
70.8

11.5
10.2
9.1
10.8
11.9

54.2
43.0
42.4
47.7
52.2

1936
1937
1938
1939
1940

81.7
87.7
80.6
88.6
97.1

10.0
11.6
7.7
10.9
14.8

12.6
13.6
14.4
16.0
16.7

59.1
62.5
58.5
61.7
65.7

1941
1942
1943
1944

120.5
151.5 »
187.8
198.7

19.4
7.7
2.1
1.8

26.5
62.0
94.8
99.4

74.6
81.9
90.0
97.6

Year

Total

(1)

Net
ProXonexports
ResiNet
ducers*
residen- durable dential
inven- and monetary
tial conconstrue*
tory
u«eof
change
tion
struction equipgold and
ment
silver
(2) '
(3)
(6)
(4)
(5)

17.2
18.5

1.6
2.5

6.7
6.7

2.3
2.2

3.6
4.9

31
l'.2

1921
1922
1923
1924
192$

9.2
10.3
15.6
13.3
15.3

1.9
2.1
2.7
2.8
3.2

3.7
3.6
5.7
5.2
5.7

2.2
3.2
4.2
4.8
5.1

.1
.S
2.8
— .2
1.0

1.4
.5
.3
,7
.3

1926
1927
1928
1929...
1930

16.8
15.2
14.9
17.6
12.1

3.7
3.8
3.8
4.2
3.5

6.3
5.9
6.3
7.3
6.0

5.1
4.8
4.4
3.7
1.9

1.6
,2
-.4
1.6
-.3

.1
5
.7

1931
1932
1933
1934
1935

6.4
2.2
3.3
5.3
6.7

2.1
1.0
.7
.8
.9

4.2
2.4
2.1
3.1
4.0

1.6
.7
.5
.7
1.0

-2.0
-2.3
— .7
!2

.4
.3
.6
.7
.4

1936
1937
J938
1939
1940

6.4
2.2
3.3 •
5.3
6.7

1919 . .
1920

10.0
11.6
7.7
10.9
14.8

1.3
1.6
1.3
1.6
2.0

5.2
6.3
4.5
5.5
6.9

1.5
1.9
1.9
2.0
2.4

2.2
1.1
-1.3
.9
1.8

-.3
.5
1.2
1.0
1.8

.8

Components may not add to totals because of rounding.
Figures beginning with 1919 are Commerce estimates as published in the Survey of Current Business for May 1941, April
1941
2.8
2.5
8.9
19.4
1.7
3.5
1944, and February 1945.
1.3
1.5
5.1
1942
7.7
.3
— .5
For 1919-192.8, estimates were derived as follows:
1943
.9
-1.9
.6
3.1
2.1
-.6
1.1
1944
1.8
.5
-2.1
4.0
-1.7
Columns (1) and (1): The sum of their components as
shown in this table and the next table respectively.
Column (3): A regression was made between government
Components may not add to totals because of rounding.
expenditures for goods and services and income originating in
Figures beginning with 1919 are Commerce estimates as
government (wages, salaries, interest) plus public construction for the period 192.9-1938. Government expenditures • published in the Survey of Current Business for May 1941,
April 1944, and February 1945. The breakdown of construcfor 1919-192.8 were then extrapolated from this line. This
tion into nonresidential and residential for the period 192.9method was used as there .are no direct estimates of govern1938 was first published in the Survey of Current Business for
ment expenditures. Before the period of large expenditures
June 1943. Total private capital formation for these years,
on defense and war the most important government expendihowever, is as published and docs not include small revisions
ture, in addition to payments to individuals, was construcin total construction (0.1 or o.z billion dollars in most years
tion! Consequently, income originating in government plus
and 0.4 in 1919).
public construction should move in approximately the same
For 1919-192.8 the estimates were derived as follows:
way as government expenditures on goods and services. It
Column ( 0 : The sum of its components.
was assumed that the relation between these two series
Columns (1) and (4): Lowell Chawner, Construction Acduring 1919-1938 held for the preceding period. The figures
tivity in the United States, 19^-19)7.
for income originating in government, 1919-1918, are from
Column (3): The figures were extrapolated on Barker
the Department of Commerce, unpublished. Public con(1911-1938) and Kuznets (1919-1910) data from a regression
struction figures for 1919-1918 are from Lowell Chawncr,
line between the Barger and the Commerce series for 1919Construction Activity in the United States, ipif-igiJ1938. (Harold Barger, Outlay and Income in the United States
Column (4): For the years 1911-1918 Barger's series on
1921-19)8, pp. 50, 51; Simon Kuznets, Commodity Flow and
consumer purchases was adjusted to the Commerce concept.
Capital Formation, p. 309.)
This adjustment was the subtraction from Barger's series of
Column (5): The estimates were extrapolated on the basis
imputed rent, auto taxes, and noncommercial remittances
from abroad. For 1919 and 1910 the Kuznets figures on con- of the 1919-1938 relationship between the Kuznets and Commerce series. (Simon Kuznets, National Income and Its Comsumers' outlay, minus imputed rent, were spliced on to the
position, pp. 901-910.) This was done in two parts: the
adjusted Barger figures.
inventory change and the revaluation factor were estimated
The sources of the series used are: Consumer purchases,
Harold Barger, Outlay and Income in the United States, 1921- separately and then added.
Column (6): Thefiguresarc from Kuznets, Commodity Flow
i9$8> pp. 50, 51; nonfarm imputed rent, unpublished material
and Capital Formation, p. 484.
from Marvin Hoffenberg; farm imputed rent, U. S. DepartSEPTEMBER

1945




873

ANNUAL REPORT OF THE
BANK FOR INTERNATIONAL SETTLEMENTS

The Fourteenth Annual Report of the Bank for
International Settlements covering the year ending
March 31, 1944, was announced by Mr, Thomas H,
McKittrick, President of the Bank, at the annual
general meeting at Basle on May 22, 1944. Advance
copies of the Report were received in New York in June
and July 194;. Selections from the Report•, with a
minimum of textual changes, are given herewith.
SIDELIGHTS ON WAR ECONOMY

With the fourth and fifth years of the war,
it has become possible to speak of a normal form
of war economy in the sense that expedient—but
certainly not ideal—methods have been worked
out for the direction of production, the handling
of domestic and foreign trade, and the supervision of exchange, money and capital markets
with a view to financing the military effort
at low interest rates. The same degree of
success has not, of course, been achieved in all
countries—violent inflation, with rapidly
mounting commodity prices, bears witness
that in some areas, as in the Balkans and the
Far East, a fundamental balance has not yet been
reached and may, indeed, never be reached so
long as the war lasts. An outward sign of
finality attained in the sphere of war economy
may be found in the budget speech on April 2.5,
1944, by the British Chancellor of the Exchequer,
announcing hardly any changes in taxation or
in the types of borrowing; likewise in Germany
no tax increases were introduced either in 1^43
or in 1944. In fact, almost the only consolation
which could be offered to taxpayers in a number
of countries has been that the rates of war taxation have reached their peak. As a result, the
yield of individual taxes has tended to remain
almost constant since 1943, a typical instance
being the yield of turnover taxes in those
countries where it has been possible to arrest
the rise in commodity prices. Years of practice
have, as a rule, perfected the methods evolved
for controlling prices and especially for holding
down the cost of living; the degree of stability
attained may be seen from the table opposite
in which a price rise of less than ten per cent is
NOTE.—The selected passages republished herewith are taken from
the first five chapters of the Report and represent about one-eighth of
the text. The remaining three chapters are entitled respectively
Central banking and currency developments, Current activities of the
Bank, and Conclusion.
Selections from the Bank's first Annual Report were published in
the Federal Reserve Bulletin for July 1931 and the series was continued
the

874




shown by the majority of countries after the
end of 1942..
In the first phase of the war a certain rise in
the price level, representing the response of
prices to the new conditions of supply and
demand, may be said to have facilitated the
change-over to war production as well as
bringing a,larger yield from taxation; but, in
order to avoid inflation, definite limits had to be
set to the price increase. In most countries a
close connection was gradually established
between movements of wage rates and of living
costs, and it then became most important to
secure a high degree of stability in the cost-ofliving index even if this meant heavy subsidies
to producers and consumers, it being felt that
an increase in wage rates would have a more
inflationary effect than subsidy payments. Accordingly, once the index of living costs approached the "danger zone", the watchword
became "hold the line" (as the United States
put it).
Such a policy no doubt entails many difficult
problems for the future, on account of the
artificialities which it introduces; but in their
decisions the authorities have been primarily
concerned with the immediate dangers of the
day. The reaction of the public has always
been a factor of importance; and in that connection mindfulness of past experience seems to
have played a greater role than is generally
, realised. When, in the 'twenties, monetary
order was restored after the derangements of
the last war, the countries with their currencies at the 1914 gold value were the following: the United States, the United Kingdom,
Canada, Australia, New Zealand and South
Africa; Norway, Denmark, Sweden, Switzerland, Holland and the Dutch Indies; the Argentine, Colombia, Uruguay, Venezuela, Japan and
Thailand. For thirteen out of this list of
eighteen countries cost-of-living index numbers
have been available; and it is interesting to note
that every one of these countries has been in a
position to avoid extreme price rises in the
present war: the increase in the cost of living
up to the middle of 1944 varied from 10 per
cent for the Argentine to 57 per cent for Denmark. This group of thirteen countries included six non-European countries belligerent
in the last war: the United States, Japan,
Canada, Australia, South Africa and Uruguay;
six which were neutral: Norway, Denmark,
Sweden, Switzerland, the Argentine and Colombia; and only one European belligerent:
FEDERAL RESERVE BULLETIN

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

Great Britain. That these countries were
able, after the war, to sustain their currency
values was partly due to good fortune, in that
neutrality or distance had kept them aloof
from the battlefields; but they can mostly claim
to have had a tradition of orderly financing.
Effective stabilisation of prices and earnings,
restrictions on dividends, prohibitions against
strikes and lock-outs, compulsory use of official
employment agencies—these and other measures
have all involved some encroachment on economic freedom, including the right of labour
to press for better conditions, especially through
its trade unions. Naturally, restrictions of
this kind are apt to produce a certain psychologic strain, and dissatisfaction might become
serious if certain groups were able to reap large
profits while the broad strata of the population
suffered a reduction in their standard of living.
To avoid glaring inequalities, the schemes
which have been introduced in various countries
for a stabilisation of costs and prices have
usually included a whole series of provisions
concerning excess profit taxes, limitations on
wage and salary increases, etc. In so far as
such measures have been successful, however,
a brake has been put on the natural drive of
individuals and groups for an improvement in
their standard. Only in cases where it was

felt that pre-war earnings were unduly low or
that domestic production needed a special
stimulus—both these conditions being fulfilled
as regards agriculture—has there been a general
willingness to allow higher prices to the producers; but even here a point may soon be
reached beyond which further increases will be
regarded as unjustifiable.
Any attempt to present a general picture
would, however, be misleading, since conditions have varied considerably from country
to country, especially as regards the rate at
which civilian goods have been supplied.
The best course is, therefore, to give some typical examples of production and consumption
as far as available data permit, it being understood that, as a result of military events, economic conditions in most countries deteriorated
in 1944 as compared with the previous year:
1. Where warfare has long been in progress,
as in large areas of the U.S.S.R., several Balkan
countries and certain parts of Italy, material
destruction, accompanied by an interruption in
civilian production, has lea to acute scarcities,
so that the barest necessities of life have been
procurable only with the greatest difficulty.
But the resilience of human nature has again
been demonstrated by the low level of consumption at which life could be maintained,
often for protracted periods. It is not possible

PERCENTAGE C H A N G E I N WHOLESALE PRICES A N D COST OP L I V I N G

Wholesale prices
Countries

Argentina
Australia
Canada
Chile
China (Shanghai)
Denmark
Finland
France
Germany
Great Britain
India (Calcutta)
Japan
Manchukuo
Mexico
New Zealand
Norway
Peru
Portugal
Spain
Sweden
Switzerland
Turkey
Union of South Africa.
United States..

Percentage change
from the end from Januaryof 1942 to June 1939 to
June 1944
June 1944

+10
+1
+6

J

+17

+3

+26
+16
+26

+

3

+1

3
3
+3

1 Up to April 1944.
* Compared with August 1939.
• March 1944 compared with the average of 1939.
SEPTEMBER

1945




Cost of living

+106
+39
+40
+102
+10,295(1)
+98
+168
+153
+10
+70
+203
+57
+112
+93
+49
+82
+106
+153
+91
+80
+111

+(

+36

Countries

Percentage change
from the end from Januaryof 1942 to June 1939 to
June 1944
June 1944

Argentina
Australia
Canada
Colombia
Denmark
Eire
Finland
France
Germany
Great Britain
Hungary
Japan
Manchukuo
Norway
Peru
Portugal
Roumania
Spain
Sweden
Switzerland
Turkey
Union of South Africa..
Uruguay
UnitediStates

* Up to April 1944.

* Up to January 1944.

+10
+22
+18
+44
+57
. +69
+101

-2
0
0

+36
+1
+7
+11
+44
+5

+

+1i
1c

+30(*)
+15
+29

+31
+98(*)
+46
+156

+19
+60

+67
+73
+465
+73
+42
+53
+23O(>)
+29
+17
+27

+53

+4

i,
+4

» Up to March 19U.

875

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

to give any statistical measure of the dearth of
commodities in the areas concerned, especially
since it can never be known what relief may
have been obtained from stocks hidden in
advance.
i . In a few countries which, as far as their
main productive areas are concerned, have
escapee! actual warfare, the mobilisation of
manpower has been pushed so far that domestic
production has been very greatly reduced. In
Finland, for instance, mobilisation was at the
rate of 16 per cent of the total population, and
the situation was moreover aggravated by a
very considerable decline in foreign trade.
What is shown in the graph below as the
index of production* refers only to export industries, which experienced a fall to barely
45 per cent of the pre-war level (part of the
Indexes of Industrial Production
on base 1 9 3 6 - 100.

1936 1937 I938 J939 1940 19*1 19*Z 19*3 1944 19*5

. 1936 1937 1938 1939 1940 19*1 19*2 19*3 19** 19*5

876




output of these industries being required, of
course, for domestic consumption). For 1943,
the total volume of output of all industries has
been estimated at approximately 70 per cent
of the level attained in 1335, or about 65 per
cent of the level in 1938-39. Since the harvest
in Finaland was exceptionally poor in the
years 1940 to 1941 (mainly on account of very
cold winters), consumers have, for a number
of years, had to be satisfied with very scanty
supplies.
3. France furnishes an example of an occupied
country which suffered from a lack of labour
(about two and a half million of its able-bodied
men being either in Germany—as prisoners of
war, civilian prisoners i.e. those deported for
political reasons, or specially recruited workers
—or else serving in the "maquis") and from
the purchases and requisitions of the occupying
power, which in 1943 had at its disposal a total
of 2.85 milliard French francs (made up of
63 milliard on the clearing account and 196
milliard derived from the payment of "occupation costs" at 500 million per day, the remainder
being charges for billeting, requisitions, railway transport etc.). With the progressive
depletion of raw-material and other stocks,
with machinery worn out and the population
affected by dwindling food supplies, current
production during the war fell from year to
year. It has been estimated that in 1943 the
total current output, of which over one-third
went to the occupying power, amounted to
barely 70 per cent of the pre-war volume. Less
than 50 per cent of this volume remained for the
French population itself.
4. For Germany no production figures are
available but it is known that, as part of total
warfare", all men and women who could possibly be spared from other tasks were finally
mobilised for service in the armed forces or in
production. As a result, there was virtually
no manufacture of articles which, for the time
being, the population could possibly do without, the suppression extending far beyond the
amenities of life. Consumers received only
absolute necessities, but they were able to count
on the availability of supplies in the quantities
announced and at fixed prices, distribution
generally working satisfactorily even under
difficult conditions caused by bombing, etc- m
March 1943 the total working population
outside agriculture amounted to 30 million,
of which Z5 per cent were women. It is proo-ablc that the increased employment of wom ™>
together with the prisoners of war and otner
FEDERAL RESERVE BULLETIN

ANNUAL REPORT OF THE DANK FOR INTERNATIONAL SETTLEMENTS

foreigners at work in Germany, provided full During the war years to the end of 1943 "total
replacement for the German men serving in overseas disinvestments" came to 3,000 million
the forces. In addition, the imposition of pounds sterling; this figure docs not include
occupation costs, together with the clearing amounts received under lend-lcasc but comsystem, enabled Germany, during 1943, to prises, for instance, the repayment of Indian
obtain supplies to an estimated value of 37 indebtedness in London and liabilities inmilliard Reichsmark from occupied countries. curred to the Government of India (in all some
By these various measures the necessary min- 1,zoo million pounds sterling by the autumn
imum of civilian supplies was procured in of 1944), the funds thus obtained being used,
addition to the output of armaments.
however, for very much the same purpose as
5. Sweden and Switzerland are two neutral lend-lease aid.
countries which have experienced a consideraAs regards the cut in private consumption,
ble decline in their foreign trade and have had to it should be noted that, within the limits set by
pay roughly double the pre-war prices for rationing, basic needs can usually be satisfied
articles and materials still received from abroad. at relatively low prices, thanks partly to the
In both countries the most active part of the provision of utility goods (often exempt even
manpower has to a great extent been withdrawn from the purchase tax, for which the standard
from its ordinary occupations for military rate is 14 per cent); other goods are also availaservice or emergency production. Notwith- ble but, if luxuries, arc subject to purchase tax
standing these difficulties, the supply of com- at the rate of 100 per cent.
modities has been less reduced than might
7. The volume of armaments in the United
have been expected—evidence, on the one States having risen at an almost unbelievable
hand, of the advantages of not being at war and, rate once a state of war had been declared,
on the other, of the goods available in a country government expenditure in 1943 was already
where prosperity has been widespread for years absorbing one-half of the gross national income;
past, there being all kinds of articles and ma- from under 9 milliard dollars in 1938-39, total
terials which, in a period of difficulty, can be Federal expenditure increased to nearly 100
put to direct use or turned into scrap.
milliard in 1943-44. Provisional estimates place
6. The great changes which have occurred in the gross national income in 1944 at 159 milthe United Kingdom through the concentration liard dollars, as compared with 89 milliard
of all efforts on the war are illustrated by the in 1939. Allowance being made for the rise in
fact that, while government expenditure in commodity prices, the gross national income
1938 took roughly one-sixth of the net national in 1944 seems to correspond to iz6 milliard in
income, such expenditure absorbed over one- "dollars of 1939 purchasing power"; the inhalf in 1943. A comparison between the crease in real income in the five years from 1939
figures for 1938 and those for 1943, the latter to 1944 would thus be about 50 per cent-—a rate
reduced to pounds of 1938 purchasing power, of improvement which, though very high,
shows that the increase in expenditure has finds confirmation in the even more spectacular
rise shown for the same period by the index of
been covered by
(a) an expansion of zz per cent in the national industrial production.
This increase in real income has made it
income as a result of longer hours of work,
disappearance of unemployment, more em- possible to meet all war requirements, including
ployment of women and also more thorough the whole of the lend-lease shipments, without
rationalisation of the production and distri- any diminution in the aggregate supply of
goods and services available for civilian conbution of goods and services;
(b) a cut in consumption by about 2.0 per cent; sumption. The Federal Reserve Bank of New
(c) reduced outlay for maintenance and re- York says in its annual report for 1943 that
placement (since in 1943 such outlay did not "despite the fact that there has been much
reach the sum allowed for "depreciation, etc.*', diversion of manpower and resources from
there was in that year a draft on domestic civilian to military use, and a virtual elimicapital which has been estimated at 12.6 million nation of consumers' durable goods, the fact
seems to be that American consumption in 1943
pounds sterling);
(d) drafts on foreign investments. In order was in the aggregate about as high as in any
to carry on the war, the United Kingdom has previous war year and substantially above
unstintingly utilised its resources from past 1939". But the average citizen had a much
investments and has also entered into debt. higher income even in real terms and, without
SEPTEMBER

1945




377

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

any cut in his consumption, was able to increase
his savings both absolutely and relatively. It
has been calculated that, for every dollar of
income received by the average citizen in 1939,
87 cents were spent on goods and services, 4}^
cents went in taxes and 8}^ cents to savings,
while by the middle of 1943 each dollar of income had increased to $1.99, of which $i.i6was
spent on goods and services and 2.1 cents went in
taxes, 5Z cents being left for various forms of
saving.r cThe rate of saving rose, indeed, from
8/4 P c c n t °f individual income in 1939 to
about 2.6 per cent in 1943, a rate of 2.7 per cent
being given for the first quarter of 1944. This
is one of the highest rates of voluntary saving
ever known in history; it helps to explain how
it has been possible to avoid a steep rise in
prices, although the total of all incomes received by individuals was, even allowing for
increased tax payments, substantially in excess
of the supply of goods and services on sale to
consumers. As a rule the surplus spending
power has not been used in an active bia for the
available supply of goods but has, in a large
measure, been added to the public's holdings of
liquid assets, which by the end of 1943 amounted
to 80 milliard dollars in the form of notes and
demand deposits, with an additional 30 milliard
in time deposits, and many milliards in government securities.
8. Latin American countries show some
common features resulting from the fact that
the commodities which they export have
generally been in good demand, while their
imports have been less than they would have
liked, their main suppliers of finished articles,
the United States and the United Kingdom,
concentrating on the war. In the situation
thus arising, almost every Latin American
country sought to set up new domestic industries for the manufacture of goods previously
imported; but difficulties in obtaining the necessary machinery have often proved insurmountable and industrialisation has thus been
delayed. Lucrative exports, together with contraction of imports, tantamount to a kind of
"forced saving," have brought additions to the
monetary reserves of the Latin American
countries: their combined holdings of gold
and foreign exchange, which were about 900
million dollars in 1938, were expected to reach
4,000 million by the end of 1944.
9. In the Far East, Chungking China has
been practically cut off from the outside world
except for lend-lease and similar deliveries
878




obtained from Allied countries. Exports have
been almost nil.
10. Japan, on the other hand, sought to
strengthen commercial relations between the
different territories in the area it dominated,
but results have to some extent been prejudiced
by the long journeys which must be made by sea.
In the spring of 1944 measures were adopted
within Japan proper to attain a higher degree
of *'total warfare'*, compulsory service for
women being introduced while the government
at the same time obtained authority for a more
definite direction of the nation's manpower. As
regards price policy, the.aim has not been to
enforce an inflexible "price stop" but rather to
allow a certain response to market conditions,
higher prices thus aiding in the unavoidable
process of cutting down consumption.
POST-WAR PROBLEMS

Great differences in certain basic conditions
must be taken as a starting-point in dealing
with post-war problems. There are, however,
some common features also: one is that everywhere the volume of money is larger than the
supply of commodities (not for every individual
or group of individuals but for the market as a
whole); another is the high proportion of the
national product taken by governments for the
conduct of the war or to protect a state of
neutrality. When it is possible to reduce
expenditure under these headings, the task of
balancing the national accounts can be undertaken. For quite a number of countries this
should not prove too difficult, especially m
view of the prevailing high rates of taxation
which, if care is taken, should make it possible
to discontinue most of the present voluminous
borrowing. Other favourable features of the
present situation, such as the large stocks of
wheat, cotton and wool available in the main
producing areas, must be taken into account.
There will also be surplus stocks of other
commodities in existence when hostilities cease,
and much attention is already being given to the
question of the best form of marketing such
stocks. Whatever problems have to be faced
in that connection, it is an important fact that,
as regards the basic needs of food and clothing,
the requisite raw materials are available with,
so far as one can see, sufficient shipping to deliver them, once it is possible to cut down war
transport. To ensure that the existing stocKs
are put to a satisfactory use will then be primarily a question of organisation and credit.
In other fields also the question of post-war
FEDERAL RESERVE BULLETIN

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

arrangements often hinges on suitable or- suspension of restrictive practices agreed to for
ganisation rather than on a lack of productive the duration of the war were to be prolonged
resources. As the war economy reached its into the transition period, when men demobifinal form in many countries, members of the lised from the forces and workers liberated
government and officials were able to give from armament factories will have to find
more specific consideration to the numerous normal employment. Even beyond that period
problems which will have to be faced when the a suspension would have its uses, for it is certain
war is over.
that the efficiency in production which modern
The war has revealed great capacities of technique makes possible cannot be fully atproduction and has, in particular, shown how tained without a greater freedom from hamperreadily the productive powers of a nation can be ing rules than in the years before 1939; and
diverted from one kind of activity to another. this applies to regulations imposed by inTo what extent will mankind succeed in turning dustrial and commercial associations as well as
these activities to the satisfaction of peacetime those imposed by labour unions.
needs, once hostilities have ceased? During
In the nineteenth century, when, thanks to
the war many areas have been seriously affected the expansion of trade and industry, work was
by material destruction and in private industry as a rule to be found in most countries, labour
much capital equipment has worn out or other- did not feel so great a need to seek protection
wise become unserviceable; but, notwithstanding through restrictive practices; but its attitude
the physical deterioration varying in degree will necessarily be different when, for instance,
from country to country, it will probably be workers set free by the introduction of new
found that, if other conditions essential to machines are threatened with unemployment.
reconstruction were fulfilled, technical equip* In the general interest, however, and not least
ment could be installed fairly quickly for a re- in the interest of labour itself, there would be a
sumption of peacetime output. But these strong case for removing restrictions if such
"other conditions" are of importance: how action were accompanied by social measures
soon will it be possible to establish the general guaranteeing a certain minimum to those who,
framework of political stability, balance and through no fault of their own, become unconfidence required to ensure development of employed and if appropriate steps were also
peacetime activities? In a great number of taken to combat cyclical and other unemploycountries, the volume of pre-war production ment and to retrain such workers as had to
could comparatively soon be attained, or even seek transfer into new trades.
far surpassed; but such a result presupposes the
In the present war, care of soldiers* families
restoration of a settled order as regards budgets, and of other persons in need has in several
monetary systems, commercial exchange and countries been better arranged than was the
general economic policy. War experience can case in the last war. A series of measures
be of some guidance, but it should be realised including the general control of prices, governthat for a variety of reasons a war economy, ment subsidies to bring down prices of necessiwith its multiplicity of restrictions, is in several ties, and compensation in the form of an inrespects less difficult to handle, at least for a crease in pay for higher living costs, has given
limited number of years, than a more flexible people the impression that they are not left to
and fluid peacetime order capable of producing cope single-handed with the results of mighty
real prosperity. Thus in wartime (i) accumulated forces over which they can have little or no
wealth is drawn upon; (ii) huge amounts are influence. These measures have without doubt
borrowed; (iii) full cost-plus prices are paid; contributed to the maintenance of social peace
(iv) people submit more readily to sacrifices; even under difficult conditions and they may
(v) one particular set of products is mainly have had other important consequences. It is
required; and (vi) governments are granted indeed possible that the fairly widespread inexceptional powers.
crease in the birth rate between 1938 and 1943,
There is no question but that much of the in sharp contrast to the trend in most countries
experience gained in the direction of war econ- during the last war, is connected with the more
omy can be usefully applied also to peacetime effective social care now provided, (See page 880).
conditions. A high degree of flexibility will,
If this explanation is at least partly correct,
for instance, be required in the reconversion of it would seem to follow that social welfare
industry to civilian lines of production; it measures contribute a certain survival value as
would, in particular, be most useful if the between different nations. Although it is
SEPTEMBER

1945




879

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

admittedly difficult to express an opinion on to disperse productive power among a great
such elusive matters as the reasons underlying variety of peacetime channels, success being
an increase in birth rates, that phenomenon determined by the extent to which private
has in recent years been sufficiently international persons feel confident to start new businesses
in character to warrant the conclusion that it and expand old ones. Whether the economy
depends on forces operating in a number of be framed for peace or for war, its proper workcountries. It can hardly be wrong to say that ing presupposes a balance in the cost and price
this rise is a sign of some deep-seated optimism, structure, but the manner of attaining such a
akin perhaps to recklessness, which is not balance will not be the same in peace as in war.
necessarily the same as irresponsibility.
It is not to be expected that in peace—beyond
perhaps the first stages of the transition period—
B I R T H R A T E S I N A N U M B E R OF COUNTRIES
workers will agree to a hard and fast "wage
IN 1913-18 AND I938-43
stop." A more or less permanent holding
[Rates per 1,000 inhabitants]
down of wages would not of course help to
sustain business, for, once the output of civilian
First World
Second World
War
.
War
goods is clearly expanding, real wages must
Countries
increase in order to provide an outlet for the
1913
1918
1938
1943
growing supplies. (Whether, at the same
United Kingdom
.
24.3
18.1
15.5
16.9
time, nominal wages should rise or not must be
22.6
Eire
19.9
22.3
19.4
dependent upon the trend of the general price
Australia
. . . . . . . . . . 28.2
25.0
20.7
17.5
level.)
18.8
France
12.1
14.6
16.0
28.3
Holland
25.3
20.5
23 0
Still less is the balance in the cost and price
Denmark
25.6
24.1
18.1
21 4
structure to be maintained by a continuous
Czecho-Slovakia*.
28.9
12.9
16.8
20^8
heavy increase in public indebtedness which,
Sweden
. .
23.2
20.3
14.9
19.3
as experience shows, must sooner or later (and,
Switzerland
23.2
18.7
15.2
19.2
considering the huge indebtedness already
United States
25.5
24.6
17.6
22.0
accumulated, probably sooner than later) lead
* The figures for Bohemia and Moravia have been taken.
to financial chaos, with social and other conN. B. There are certain countries in which the birth rate has fallen
sequences so disastrous that it would be difficult
in the second world war as well as in the first. In Germany, for instance, the rate was 19.6 per mille in 1938 but 16.0 per mille in 1943.
to exaggerate all the harm which would result
In Belgium, likewise, there has been a decline and also in Portugal,
immediately and in years to come. In some
where the birth rate in 1943 was still as high as 24.8 per mille. The
general trend is, however, indicated by the figures in the table.
respects the boundless inflation which occurred
Social measures, however, constitute a charge in certain European countries after the last war
on the production of wealth, and care must be caused more profound disturbances than those
taken to ensure that they do not weaken the which the war itself had produced. Other
forces of material progress. In most countries methods than continuous additions to the public
about four-fifths of all business is in private debt must, as in the past, be found to provide the
hands, and material progress, as well as the increase in monetary purchasing power reattainment of maximum employment, will quired by an economy expanding both in popprimarily depend upon the results achieved by ulation and in production, and these methods
private initiative and enterprise. Without eco- must be such as not to upset the balance between
nomic expansion there can be no real social costs and prices.
As governments are once more able to cover
security, tor there could then be no absorption
of young people into remunerative employment current expenditure by current revenue and
and no promotion of the able and active to peacetime goods are supplied more abundantly,
responsible positions with satisfying work. a new situation will arise; and is there not reason
Another lesson of the war has been that to fear that a business decline will then set in,
speedy transformation in wartime may be similar to the sharp post-war depression whicn
>
obtained with the aid of government inter- began in the late autumn of 19x0? It may £ e
vention, and this may be applied also to the taken for granted that with the return of peace,
reconversion of industry during the transition prices of some commodities will be reduced as,
period. As pointed out above, the main task for instance, the prices of expensive substitutes
at the beginning of the war was to concentrate as soon as the natural product is once more
activity on those instruments and services obtainable. It must, however, be empnasisea
specially required for the conduct of thq war, that, in all countries where government control
while the task in the transition period will be has been successful in preventing shortages
880




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from raising the price level, the price situation "backlog" of unbuilt houses at a time when
as it is now differs greatly from what it was in large numbers of new families, formed during
the corresponding period of the last war; and the war years, are anxiously waiting for homes
this would seem to warrant the inverse ex- of their own. But not only governments will
pectation that increases in supplies of ordinary build houses; private trade—at least in some
necessities when the war is over will not result countries—will be responsible for much of the
in a pronounced fall in prices. Conditions new construction and will thus make its devary, of course, from country to country—price mands upon the capital market.
control has not been equally effective everyOne complication in connection with post-war
where and expensive production of substitutes reconstruction is that imported materials and
has in some fields been on a greater scale than in articles, including machinery, will be badly
others (according to the extent to which sup- needed in a certain number of countries which
plies have been cut off); but the price table on will not have a sufficiency of foreign means of
page 875 above shows how wide-spread price payment. In such cases foreign credits and
loans will prove useful, and such credits may be
stability now is, or recently was.
As is shown in the fuller discussion on pages forthcoming, since those countries which pro891 ff., it appears improbable that any marked duce and normally export the materials and
decline will occur in the price level as measured articles in question will themselves require an
by the cost-of-living indexes in the Anglo- outlet for their products in order to provide a
Saxon countries. In general, price movements natural form of employment for their own men
will presumably vary from country to country set free by the cessation of hostilities. But
according to the speed with which supplies can the provision of such credits will obviously
be brought in from abroad, budgets balanced constitute an additional charge on the money
and costs and exchange rates brought into and capital markets.
Without plunging into speculation as to
equilibrium. A downward adjustment of
prices is usually accompanied by a certain re- what is likely to happen in an uncertain future,
luctance of the business world to enter into new it does not seem rash to count upon the existence
commitments, and is therefore apt to reduce the of many opportunities for capital investment
demand for credit. But it seems unlikely that even after the first phase of the transition
any country could allow a steep fall in its period. If political security and certain other
general price level, considering the heavy public conditions of a general character are fulfilled,
indebtedness everywhere incurred and the op- there will presumably be no dearth of openings
position which a substantial reduction in for the employment of capital for several years
money wages would provoke.- On the other after the war; and, so far as this particular
hand, as far as credit conditions are concerned, difficulty is concerned, there would therefore be
the depressive influence of a price fall might no reason to expect anything but fairly good
not be too difficult to overcome in view of the business. Experience shows that, whenever
fact that hardly any country will possess the credit is actively in demand by some important
up-to-date capital equipment needed for its sectors of an economy, it becomes a relatively
peacetime production. In order to rearrange easy matter to sustain the working of the credit
their pattern of production and, in particular, to system as a whole.
Whatever line is taken with regard to the
obtain new machinery, individual firms will
either turn to the banks for credit accommoda- volume of purchasing power, it seems certain
tion or, more often, use means already in their that, after such an upheaval as this second
possession; in either case the result will be an world war, there will be a large number of
active employment of liquid funds. It may, maladjustments requiring correction before balindeed, be found that the volume of current ance can be restored in the various national
savings barely suffices to enable all firms to economies and in their relation to each other.
invest as much as they would like. Account Some of the corrective measures will be conhas to be taken of public needs, for governments fined to the national sphere, while others will
are likely to be in the market for the funds have an international significance as well.
required to reconstruct devastated areas, build
There is one general aspect of the post-war
houses and execute other projects forming part situation which must not be lost sight of in
of the post-war development programmes. the mass of detailed measures: there will have
Apart from actual destruction of official and to be mental reorientation, in that governments,
other buildings, the war has left in its wake a individual firms and the great body of consumSEPTEMBER

1945




881

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

ers will once more have to think in terms of a
peacetime order. Governments will be forced
to accustom themselves to the fact that they are
no longer in possession of exceptional powers,
and this change will also come home to the
many official agencies which handle wartime
affairs and, in practice, take decisions in the
name of the government. Governments and
the public will have to remember that the
methods of peacetimefinancemust forego further
encroachment upon the substance of the national wealth. The business world, in its
turn, will be forced to realise that the growth of
monetary purchasing power in the hands of the
government and the public must have a definite
limit; more attention must necessarily be devoted to the export trade and there will be a
call for efficient sales managers and for representatives capable of competing with the
sales organisations of other countries, whilst
credits of a commercial character must be
available for foreign as for domestic trade.
Released from the regimentation imposed on
them during the war, consumers in general will
be able to choose more freely among individual
shops and commodities; and differences in
price and in quality will then regain their full
significance. For many people the return to a
more humdrum life of peacetime duties will
involve a certain mental strain, and this may
also entail economic difficulties; as regards
retraining, etc., organised aid by the government and by private bodies may then prove
useful, and measures to that end are, indeed,
being planned in many countries as part of the
demobilisation schemes.
The economic and financial adjustments necessary after the war must, as always, be related to the social and political evolution going
on at the time. From a purely business point
of view, changes of a social and political character may involve additional difficulties.
When the general policy is being framed, it
must be the task of the governments to ensure
that no essential economic interest suffers.
Economic progress, which expands the volume
of production and creates more wealth, is also
important from a social point of view; for
besides bringing a natural solution to the
problem of employment it provides that increase in national resources by which a substantial social improvement can alone be
realised.
It is now recognised that no country can permit a state of widespread and prolonged unemployment. The worst result would not be




the loss of production and income but the
pernicious effect, moral and otherwise, to which
the working population would be exposed,
including the worry of ever-present uncertainty
for those actually in work. In a number of
countries official investigations have been made
into the problems of economicfluctuationswith
a view to discovering the means of overcoming
depressions and it has been found that unemployment may be the result of any one of a
number of different causes. It may, for instance,
be due to a structural change in demand or to
the overvaluation of the currency; it may be a recurrent phenomenon representing the downward
swing of the business cycle; it is sometimes
most pronounced in the export industries—and
in certain countries this is the rule; when it
primarily affects the domestic situation, it is
often most conspicuous in the building trade.
The remedies applied must naturally be adapted
to the particular maladjustments of each separate
case, the principal aim being to eliminate the
root causes. For merely to deal with the symptoms of the disorder affecting a particular
economy will not be sufficient, and it may in
the end prove futile to concentrate on direct
provision of work instead of on the underlying
causes of the depression; a satisfactory state of
employment should rightly be regarded as a
sign of a healthy economy, being the by-product
of appropriate policy in different fields or human
activity; it may, indeed—like happiness or
reputation—be missed if it is too deliberately
sought. EXCHANGE RATES

Owing to the official policy of stability, there
were, up to the summer of 1944, relatively few
developments to report in the field of foreign
exchanges. The technique of exchange control
had assumed its final form in most markets as
early as 1942., only minor amendments being
introduced later in order to stop leakages, or to
provide the authorities with more comprehensive information on the amounts held as
foreign balances, or to subject an influx ol
funds from abroad to detailed supervision (this
being the aim of the reinforcements of the
Swedish exchange control in October i944>
The main monetary groups remained very mucn
the same until affected by the military developments in 1944.
, r
A. According to the definition current before
September 1939, the sterling area comprised
the countries which maintained a stable rate
in relation to sterling and whose currencies
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ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

thus followed the variations in the exchange
value of sterling. Finland, Sweden, Norway,
Denmark, Portugal, Greece, Japan and Bolivia,
although outside the British Empire, were all
members of the sterling area, but Canada, for
instance, was not, the exchange value of its
currency being related to the movements both
of sterling and of the U.S. dollar. After exchange control had been imposed in London in
the autumn of 1939, however, the definition of
the sterling area became strictly legal in character; from that moment the area comprised
those countries to which a transfer of funds
could, at least for certain purposes, be made
freely or with less difficulty than under the
ordinary rules of the exchange control. The
difference between the two conceptions came to
the fore in connection with the monetary
relations between the British and the Free
French authorities. In the territories of "Free
France" (French East Africa, Syria, Lebanon,
Madagascar, the French Cameroons, New Caledonia and other South Sea possessions, as well
as French India) the rate of 176.62.5 French
francs — 1 pound sterling (and a dollar rate of
43.80 French francs = $1) was maintained even
after February 1943, when the rates of 100
French francs = 1 pound sterling and 50 French
francs = 1 dollar had been fixed in French North
Africa. These territories of "Free France"
were members of the sterling area but French
North Africa was not. As a result of negotiations at the beginning of 1944 between the
British and French the rate of zoo French francs
— 1 pound sterling was made applicable to the
whole area in which the authority of the French
Committee of National Liberation was exercised
(with the exception of Syria and Lebanon, for
which a special arrangement was made locally),
but at the same time "Free France" ceased (as
from February 8, 1944) to be a member of
the sterling area in the legal sense of that term.
Whether or not, after the war, the sterling
area will be reconstituted with the same significance as it had before September 1939 will
depend, at least in part, upon the extent to
which the pound is utilisable for international
settlements. For the time being the tendency
has been to stregthen the effectiveness of the
exchange control: new provisions were issued
in September 1943 restricting the number of
institutions entitled to cash dividends and.
interest or repayments in respect of assets*
blocked as enemy property.
The basis of stability in the Anglo-Saxon
exchange markets has been the continued
SEPTEMBER

1945




application of $4.01"^ - 4.03}^ — 1 pound
sterling as the rate between the dollar and the
pound. For British currency supplied to the
American armed forces stationed in the United
Kingdom the uniform rate $4.03^ = 1 pound
sterling has been fixed.
B. The dollar area is a vaguer conception than
the sterling area but it may be said to comprise
most countries in the western hemisphere, which
hold large balances in New York and settle
their foreign payments mainly by transfers of
U.S. dollars. The Swiss National Bank mentions in its report for 1943 that other countries
than the United States "sought to pay in dollars
for the products which they bought in Switzerland. The dollar area was thus extended to
numerous countries in Central America, South
America and Asia".
The "freezing" of foreign-owned balances
held in the United States does not apply to
assets owned by countries in the western
hemisphere, an exception being the freezing
of the Argentine gold holdings in August 1944
and also the gold and dollar holdings of Bolivia.
As a result of negotiations with other countries,
U.S. delegates have reinforced the measures
designed to prevent enemy subjects from obtaining income directly or indirectly from the
United States. The American market, it should
be observed, is not subject to exchange control
as such, the foreign funds control having been
imposed to afford protection in cases of aggression and, once the United States had itself
become a belligerent, retained as an instrument
of the country's financial warfare.
C. The Reichsmark area comprised the countries in Europe which were occupied by Germany
or were allies of Germany, stable exchange
rates being maintained in relation to their
currencies and some sort of arrangement—however limited in scope—being made for settlements via Berlin in the so-called multilateral
clearing. A successful multilateral system presupposes that debit and credit balances could
be offset against each other; but this condition
was not fulfilled, for Germany became unilaterally indebted to practically all the countries
with which trade was possible.
In relation to the countries in which commodity prices had risen considerably, the
maintenance of stable exchange rates produced
grave inconveniences, exerting, inter alia, an
upward pressure on prices within Germany.
One of the devices employed to offset the
existing inequalities was for Germany to quote
"elastic" export prices, adapted in each case

883

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

to the conditions on the particular market to
which the German goods were to be sent.
But, since such a practice would easily run
counter to the maintenance of stable prices in
Reichsmarks, it was used only when no other
solution could be found.
As from November i6, 1943, the clearing rate
between Germany and Neo-Fascist Italy was
changed from 7.60 Italian lire to 10 for 1 Reichsmark. In this way the exchange value of the
lira was reduced by 2.4 per cent. Under an
agreement of October 1943 the German military
forces in Italy were paid in lire, while the
"Reichskreditkassenscheine"., which from September 2-5, 1943, had been legal tender at the
rate of 1 Reichsmark — 10 lire, might not be
used for payment from November 1943.
D. The yen area. The unequal increases
found in the commodity prices of the different
countries within this area did not cause the
same practical difficulties once trade had been
put on a barter basis. Between Nanking China
and Japan, as mentioned in the thirteenth Annual Report, the policy of applying different
rates to different categories of transactions
was discontinued in the spring of 1943 as being
too complicated. Instead, a uniform rate of
18 yen = 100 yuan was fixed and the trade
became a monopoly in the hands of the Barter
Trading Corporation. This system seems to
have been extended to trade with other areas
under Japanese domination.
Moreover, steps were taken to give greater
recognition to the Nanking yuan as an "international currency" and at the same time to
increase the control exerted by the Central
Reserve Bank at Nanking. Under a convention
concluded between this institution, on the one
hand, and the Yokohama Specie Bank, the Bank
of Taiwan and the Teikoko Ginko, on the other
hand, all foreign exchange funds were to be
transferred to the Central Reserve Bank. The
three other banks would continue to carry out
foreign exchange transactions (at the basic rate
of 18 yen = 100 yuan) but they would do so
for the account of the central bank, which would
receive one-half of the commission of 5 per cent
charged by them. A similar agreement was
afterwards concluded between the Federal Reserve Bank of North China (in Peiping) and
the Yokohama Specie Bank. The rate of 1 yen
= 1 Peiping yuan was maintained but it was
decreed that all bills presented by commercial
firms or individuals at the Federal Reserve
Bank in Peiping should be expressed in yen.
884




The yuan of Nanking became legal tender
from April 30,1944, in the province orHuai-hai,
replacing the yuan of Peiping. It should
further be mentioned that the use of the military
yen has been suppressed in the area of the Nanking yuan.
Through the establishment of a central bank
in Burma and through various other measures
in the different parts of the area dominated by
Japan, a basis would seem to have been purposely
provided, in monetary matters, for increased
local action, which would, in particular, be
required if circumstances made it less easy to
maintain connections with Japan.
These are the main currency groups; but
there are countries which cannot be said to
belong to any one of them, for instance, the
U.S.S.R. and the neutral countries in Europe.
Through their geographical situation, Sweden
and Switzerland have been bound to trade
more exclusively with countries on the continent of Europe than they did before 1940, payments being made via clearing accounts except
in the dealings of the neutral countries with
each other.
Some reference has been made above to the
monetary agreements and other monetary
changes following in the train of military
events after the landing in North Africa in
the autumn of 1942., and those ensuing after
the landings in Italy in July 1943 and in France
in June 1944. For southern Italy rates of 400
lire = £1 and 100 lire = $1 werefixedin July 1943
and these rates have continued to be applied
in the parts of the country held by the Allied
forces. But the volume of Banca dltalia notes
has also been augmented by issues made by the
Neo-Fascist authorities in the north, who, in
addition to their own requirements, supplied
the German command with monthly amounts,
increased in the spring of 1944 from 6 to 10 milliard lire. In the summer of 1944 the rate for
lira notes on the Swiss market fell as low as
0.50 Swiss francs for 100 lire (equivalent to a
dollar rate of 600 lire = $1); it improved later
on to about 1.30 Swiss francs = 100 lire but
again fell back in the latter half of 1944 t 0 °'5°
Swiss francs =100 lire.
,
Corsica was the first part of "La France metropolitaine" to come under the authority of the
French Committee of National Liberation,
which introduced some interesting measures ror
the purpose not so much of controlling me
amount of monetary purchasing power in me
hands of the public as of being able to decide
whether or not individual firms and persons
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ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

should be entitled to retain the notes in their
possession. All notes were to be deposited
with the banks; after the notes had been duly
delivered, certain limited amounts could be
withdrawn at once in new notes; as regards the
remainder, when no decision to the contrary
was taken, the owner would have the right of
gradual disposal of the amounts to his credit
(subject to certain upper limits).
In Corsica, an island, it was relatively easy
to institute such a control. For the whole of
France an agreement was concluded in June 1944
between French and British delegates regarding
the' adoption of 200 French francs — 1 pound
sterling as the rate of conversion between the
two currencies. Later on an understanding on
corresponding lines was reached with American
delegates, the rate of 50 French francs — $1
being maintained. It has, however, been intimated that these rates must be regarded as
provisional, being subject to possible revision
at a later date, when the situation can be
considered in all its aspects.
For the invasion of France in June 1944 the
Allied military forces were provided by their
governments with specially printed notes—
"francs tricolores"—so called because the
French flag was reproduced on them. By a
subsequent agreement the francs required by
the British and American forces were placed
at their disposal by the Provisional French
Government at the rate of zoo French francs =
1 pound sterling and, in relation to the dollar,
at a rate of 49.57 French francs = $1, calculated
as a cross rate on the basis of $4.03^ = £ 1
applied to military payments in the United
Kingdom (see page 883). In the autumn of 1944
rates applicable to the purchase and sale of
different currencies were fixed, the pound being
equal to 199^-2.00}^ French francs and the
dollar to 49.53-49.71. Instead of the clearing
rate of 1 Swiss franc = 10 French francs (applied
since October 1940), a new rate of 1 Swiss franc
= 11.48-11.56 French francs was adopted as
from December 1, 1944.
In the spring of 1944 the Refugee Government
of Czechoslovakia concluded an agreement
with the U.S.S.R. regarding issues of "invasion
notes'*. The Refugee Belgian and Dutch
Governments, on the other hand, provided the
Supreme Command of the Allied Expeditionary
Forces with their own notes and coins, these
being of the same denominations as, and in
appearance only slightly different from, those
already circulating in Belgium and Holland.
~~J U « I I — J
SEPTEMBER

1945




The Refugee Governments of Holland and
Belgium have collaborated with a view not
only to coordinating the measures to be taken
in connection with the invasion but also to
establishing a closer economic and financial
relationship between the two countries after
the war. As a first step towards implementing
this policy, a monetary agreement was signed
in London on October 2.1, 1943, between the
Belgian and Luxemburg Governments, on the
one hand, and the Dutch Government, on the
other, in order to stabilise the monetary relations and to facilitate the mechanism of payments between Holland and the Bcleo-Luxemburg Economic Union. The rate of exchange
was fixed at 16.52. Belgian francs (or 3.304
belgas) = 1 florin, which is equivalent to
6.053 florins — 100 Belgian francs (or 10
belgas). No change can be made in this
official rate without previous agreement between
the two governments. Buying and selling rates
will be fixed by agreement between the respective monetary authorities within a maximum margin of XA per cent in either direction.
It was also decided that the Belgian and Dutch
currencies should be kept stable in relation to
other currencies, no change in the official rates
to be made without previous agreement between
the two monetary authorities. These authorities will consult each other from time to time
with a view to maintaining flexibility in the
balance of payments and to preventing operations incompatible with the monetary and
economic policy of Holland and Belgium.
Each of the two monetary authorities will
provide the other with its own currency, but
provision is made for consultation between
them, should the debit balances so constituted
reach a certain level, the debtor always having
the right to make repayments in gold. Third
parties may adhere to the agreement. In several
respects the new arrangement goes further than
the Tripartite Agreement of 1936; thus, the
Tripartite Agreement did not fix the exchange
rates which were to serve as a starting-point;
nor did it make a change in the rates conditional
upon agreement, but merely upon consultation.
It did not provide for any credit accommodation
between the central banks, or for periodic
consultations on questions of economic policy.
In September 1944, when the Allied troops
were on the point of entering Belgium and
Holland, the rates of 1 pound sterling = 10.691
florins and 1 pound sterling = 176.50 Belgian
francs were provisionally fixed. Between the

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

Belgian and the Dutch currencies the pre-war
rate of i florin — 16.5Z Belgian francs remained
in force (as laid down in the agreement of
October zi, 1943). Corresponding rates were
fixed in relation to the French franc; and these
rates applied provisionally to the French,
Belgian and Dutch notes supplied to the troops.
On October 5, 1944, a monetary agreement
was, however, signed between the Belgian and
British Governments, reaffirming the rate of 1
pound sterling — 176.6x5 Belgian francs, which
was to remain in force until changed after
mutual consultation. The agreement covers,
on the one hand, the territories of the sterling
area and, on the other, the territories of Belgium, Luxemburg and the Belgian Congo (the
colony thus ceasing to be a member of the sterling area and resuming its monetary attachment
to the Belgian franc). Sterling held by residents
in the Belgian monetary area would be available
for expenditure in the sterling area, and as
opportunity offers it would be sought, with the
consent of other interested parties, to make
sterling available outside the sterling area.
The two central banks may acquire balances
of each other's currency up to a limit of 5
* million pounds sterling and its franc equivalent
(with the possibility of an increase in the
National Bank of Belgium's holdings of sterling
by an agreed amount equivalent to the sterling
balances owned by residents of the Belgian
monetary area). The agreement has been
concluded for a period of three years but can
be rescinded at any time after a month's notice.
It may be subject to revision if the governments
adhere to a general international monetary
agreement.
Monetary and political events in 1944 led
to thefixingof some new exchange rates. Thus,
in Roumania a rate of 1 rouble = 100 lei was
introduced instead of the pre-war rate of 1
rouble = 2.6.6 lei (as calculated via the London
quotations); while in Bulgaria the rouble was
fixed at 15 leva, approximately corresponding
to the pre-war rate (in this case also as calculated
via London). In September 1944 a military
mark having a rate of $1 — 10 Reichsmark
(instead of the previous rate of $1 = 2.. 50
Reichsmark) was introduced by the "Allied
Military Government" with regard to the
occupied parts of Germany. In December 1944
the French authorities fixed a rate of 15 French
francs = 1 Reichsmark for the liberated part of
Alsace: amounts which could be shown to have
been held before 1940, however, would be

886




exchanged at the more favourable rate of 10
French francs = 1 Reichsmark.
Finally it should be mentioned that in Greece,
on the proposal of a British financial mission,
a new currency—retaining the name of drachma
—was put into circulation on November 11,
1944. Old bank-notes were exchanged for the
new notes at the rate of 50 milliard — 1 new
drachma. The rate in relation to the pound
was fixed at 600 drachmas = •1 pound sterling,
as compared with 550 drachmas = 1 pound
sterling before the war.
While most of the monetary arrangements of
1944 remain subject to revision, they indicate
a wish to deviate as little as possible from the
exchange rates maintained in 1939. In these
matters considerations of prestige tie up with
earnest endeavours to preserve the confidence of
the public in the monetary unit. It is, however,
necessary to face the problem whether or not
the exchange rates thus adopted can become
true equilibrium rates consistent with the
purchasing power of the different currencies.
A$ regards the determination of exchange
rates and similar matters, an individual country
may be disinclined to grant an international
organisation the power to take decisions which
might lead to interference with its internal
policies of a fiscal or social character. It is,
on the other hand, unrealistic to declare such
policies taboo in the consideration of monetary
problems. It may or may not be advisable to
give an international organisation only consultative powers; if such powers alone were
given, the various countries may be less unwilling to allow full and free consideration of all
those factors which, according to past experience, influence the value of money as refl_ectfd
in the fluctuations of exchange rates and the
movements of commodity prices.
It is the aim of the monetary arrangements
under discussion to restore freedom of exchange
for commercial dealings; to what extent some
control over capital movements will be considered necessary cannot yet be foreseen, nor
is it possible to say whether such a control can
be applied without continued discrimination
between different kinds of money balances.
It is well to remember, however, that in tne
past exchange restrictions have invariably gone
together with a decline in international trade.
The immediate monetary problem of the * transition period" after this war will be to find trie
means of establishing such freedom m foreign
exchanges that commercial relations will no
longer be stultified by uncertainty as to tne
FEDERAL RESERVE BULLETIN

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

uses of the various currencies, but, on the contrary, a basis will be provided for an expansion
in the interchange of goods and services between
the different nations.

estimate how far additional adverse factors
such as submarine warfare have caused a setback
in trade between partners of a particular area
and, on the other hand, what amounts may
have been made good by deflecting pre-war
FOREIGN TRADE
trade into new channels or by intensifying the
In the accompanying table an attempt has deliveries of goods between countries still in
been made to calculate the extent to which contact with each other, for instance, through
foreign trade was disrupted by the war situation lend-lease shipments and mutual aid. But such
calculations are impossible for the time being.
as it was in 1943.
Such trade returns as are published show as a
rule an increase from 1941 to 1943 in the value
W O R L D T R A D E INTERRUPTED BY THE W A R
of both imports and exports, with a further
Total
increase in the first half of 1944. To some
turnover
Trade
extent these increases reflect a continued rise
(exports interrupted
plus
by the
Percentage
in the price level; so many countries, however,
imports)
war(*)
Groups of countries
of trade
in 1938
had succeeded in imposing a stricter control of
cutoff
both export and import prices that the increases
in millions of U. S.
do not seem to have been entirely nominal but
dollars
in part accompanied by an expansion in the
46
Continental Europe
17,400
8,000
actual physical volume of trade—this was most
35
Rest of Europe
6,800
2,400
42
United States
decidedly the case, for instance, between Latin
5,000
2,100
13
Res t of North America
1,600
200
America and the United States. On the con33
Latin America
3,900
1,300
80
U.S.S.R.
500
400
tinent of Europe military developments in the
63
Japan and South-East Asia(»).
3,500
2,200
summer of 1944 led to a sudden reduction in
44
3,200
1,400
54
Africa
.•
2,600
1,400
foreign trade, entailing for some countries the
25
Oceania
. ..
1,600
400
disappearance of practically all international
43
Total for the world
46,100
19,800
interchange of goods and services.
1 In order to simplify the calculations included in the table (the
In a large measure official agencies have taken
results of which should, in any case, be considered as no more than
the place of private firms, and it is hardly
approximate) some general assumptions and omissions had to be made;
they can be summarised as follows:
surprising that customary methods of financing,
1. Continental Europe has been considered as entirely cut off from
the rest of the world; no allowance has, therefore, been made
presupposing the continuance of a relationship
either for overseas trade of the neutral countries or for trade
in which commodities are exchanged for comwith North Africa;
2. Trade with Africa has, in fact, been included in that of all counmodities and money merely facilitates the
tries or groups of countries except Continental Europe, Japan,
South-East Asia and the U.S.S.R.;
movements, have been relegated to the back3. Burma is included in "Rest of Asia", whose trade—with the
ground. In actual fact, there has usually been
exception of China, which has been considered as entirely cut
off from any commercial relations with the outside world—is
a widening gap between deliveries and countersupposed to have been interrupted only in relation to Continental Europe, Japan and South-East Asia.
deliveries, goods then finding their counterpart
Since such assumptions and omissions involve, in all, no more than a
in money claims (e.g. clearing liabilities) or in
few hundred million dollars, the results appearing in the table should
not be greatly affected by them.
more or less vaguely defined forms of assistance
The table has been prepared with the help of data given in "The Net(e.g. lend-lease}. To what extent the various
work of World Trade", published by the League of Nations, Geneva,
1942.
2 i.e. trade carried on in relation to countries with which commerce government agencies should be maintained for
was subsequently interrupted as a result of the war.
the purpose of fostering trade under peacetime
• Japan, Korea, Formosa, British territories, French Indo-China,
conditions, is a question which has been raised
Dutch Indies, Philippine Islands, Thailand, Portuguese Timor.
but to which no general answer is likely to be
For each separate area the total turnover of forthcoming, since circumstances may vary
exports and imports in 1938 has been compared from case to case. It can hardly be doubted,
with the part interrupted by the war, i.e. trade however, that an expansion of trade must be
in relation to countries cut off. For the world largely the result of private initiative and
as a whole it appears that, out of a total turnover enterprise; past experience has shown that
of about 46,000 million dollars, some zo,ooo all-round state control of foreign trade is liable
million has been suppressed, i.e. about four- to be followed by a decline in the volume of
ninths of world trade. This gives, of course, goods exchanged. But, whatever system is
only a very rough and ready indication, since adopted, the state will remain responsible for
in order to judge the loss actually sustained the broad lines of commercial policy, having to
it would, on the one hand, be necessary to decide such questions as the level of tariffs, the
1

SEPTEMBER 1945




887

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

maintenance or abolition of commercial restrictions, and the form of monetary control,
which may indeed have important repercussions
on the trade of the countries concerned. It
is often—and rightly—stressed that the
establishment of stable monetary conditions
presupposes a return to "freer trade", it being
asked, however, what chance there is that
governments will propose, and parliaments
approve, measures for even a gradual dismantling of trade barriers. There was a time when
it seemed as if any fall in the value of currencies
and any rise in the level of tariffs must needs
bring embarrassment to traders and disruption
to the world economy. But those who take a
pessimistic view of these matters may have
underrated the influence which changes in the
purchasing power of money may have in bringing about a certain quasi-automatic reduction in
tariff barriers. Tariffs are mostly made up of
so-called "specific duties'*, certain amounts in
pounds, shillings and pence, dollars and cents,
Reichsmarks and pfennigs being fixed for
certain quantities of the dutiable goods. When
commodity prices rise, the specific duties, if
left unchanged, will constitute a smaller percentage of the market value of the commodities
on which they are levied, i.e. the effective
weight of the tariff will have been reduced.
Such a reduction occurred, in some countries,
as a result of the higher prices which prevailed
for a number of years after the first world war.
During this Second World War commodity
prices have again risen, but in a more orderly
and restrained fashion, thanks to more effective
forms of taxation, price control and a series of
other measures. It seems on the whole unlikely
that, when the war is over, prices on world
markets will return to the 1939 level; they may
settle down at perhaps 40 or 50 per cent above
that level. If the specific »duties were then
left unchanged, the result would be a reduction
by some 30 per cent in the real potency of the
tariffs. Considering how difficult it is to get
tariff reductions adopted by the ordinary parliamentary methods, this opportunity of a quasiautomatic alleviation should not be missed.
In the case of ad valorem duties, it might even
be considered whether some way could not be
found of bringing them into line with this
general reduction.
Enough has been said to show the close connection between the general trend of the price
level and tariff policy as well as other forms of
trade restriction. Monetary and other action
designed to prevent a drastic deflation, once the

888




price level has settled down, is evidently most
desirable from a world trade point of view.
Fortunately, these matters are now more fully
understood, and there is in particular, a widespread opposition to deflationary developments.
It may thus be hoped that any recurrence of
such a price fall as set in during 1930-31 would
be most strongly resisted. If success is secured
in this field, the question of the world's trade
barriers may not prove so intractable as it often
appears.
PRICE MOVEMENTS

After the disturbances due to the first world
war and, again, after the currency depreciations
in the years 1931-36, prices gradually settled
down to follow a world trend, with a marked
tendency to return to levels corresponding to
the *'purchasing-power parities" of the various
currencies (compare the graphs on pages 891893). Even in wartime international influences
may make themselves felt, as was the case in
1939, when the higher price level in Germany
pulled up prices in other countries on the European continent. But a modern war leads to such
a severance of relations that price movements
are largely determined by domestic factors,
especially the magnitude of supplies, the
methods of financing, the efficiency of controls
and the granting of subsidies. Governments
apply, however, very much the same methods
of intervention in handling price problems—a
similarity which is to be found on both sides
in the war; the result is that, notwithstanding
the influence of domestic factors, actual price
movements reveal many common features, the
divergences being smaller than might be
expected.
The slackening in the upward movement of
prices, which had become noticeable during the
second half of 1942., continued both in 1943
and in 1944, and may be said to have been,
throughout those two years, the outstanding
characteristic of the price trend. There are exceptions, but these have been sporadic and due
to special circumstances; some countries in the
Far East have been caught by inflation, and so
has Greece and, in a measure, Italy—to mention
only the most important.
The figures commonly used to measure the
price changes are, with few exceptions, official
indexes. But do these indexes give a sufficiently accurate picture of price developments
to be regarded as reliable for national or international comparisons? The wholesale price
FEDERAL RESERVE BULLETIN

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

indexes probably reflect the actual price movements more truly than the cost-of-living indexes
can claim to do; more than the latter, they are
based upon quotations in fairly wide markets
and are concerned with standard qualities of
commodities, being also freer from political
and social implications. The rise in the cost
of living has in a number of countries been
limited to about one-half of the increase in
wholesale prices, this result having been
obtained partly through the freezing of rents
at their pre-war level and partly through the
granting of subsidies to cheapen the retail
price of a number of essential commodities
important in the calculation of the index numbers for the cost of living. A part of the burden
of rising prices has thus been shifted from the
individual consumer to the community as a
whole, the pressure on the lower income groups
being thereby relieved. In doing this the
authorities have not been prompted solely by
considerations of social justice but also by the
hope of avoiding the vicious spiral of price and
wage increases.
The purpose of the cost-of-living index is to
measure the change in the money cost of maintaining a defined standard, and the bundle of
commodities used for its construction reflects,
as a rule, the consumption of a typical working-

class family, the weight attached to each commodity being that which it possesses in the
budget of such a family. Since, however,
tastes and needs change faster than is generally
admitted, a cost-of-living index may easily
become obsolete. The index published by the
Ministry of Labour in Great Britain was, for
instance, "designed to measure the average
increase in the cost of maintaining unchanged
the standard of living prevailing in workingclass families prior to August 1914, no allowance having been made for any changes in the
standard of living since that date". But,
before the last war, food accounted for threefifths of all working-class expenditure, while an
enquiry initiated in 1936 (with results published
in a summary form in December 1940) showed
that much less than before was spent on food
(not quite two-fifths), a little less on rent,
about the same proportion on clothing and
fuel but much more on household goods and
different services. Indeed, 30 per cent of the
expenditure of industrial workers' families
came under the heading "other items", as
compared with only 4 per cent in the budget
assumed to be typical in 1914. In wartime,
shortcomings of this kind are further increased
by other factors, e.g. the frequent failure to
take into account deteriorations in the quality

PRICE MOVEMENTS: UNITED KINGDOM, EIRE, BRITISH INDIA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, CANADA AND
THE UNITED STATES
June 1939 to
1939
2nd half

1940

United Kingdom:
Wholesale prices
Cost of living

+25
+12

+22
+13

+2

Eire:
Cost of living

+12

+11

British India:
Wholesale prices (Calcutta)
Cost of living

+36
+9

-12

Percentage price increase (or decrease) during:

Australia:
Wholesale prices
Cost of living
New Zealand:
Wholesale prices
Cost of living
Union of South Africa:
Wholesale prices
Cost of living
Canada:
Wholesale prices
Cost of living
United States:
Wholesale prices
Cost of living

SEPTEMBER

1945




1943

1944
1st half

+3

+1
0

+11

+15

+2

+28
+12

+5
+1

+12
+6

tl
+8

0

+11
+3
+5
+1

1941

1942

Dec.
1943

June
1944

+2
+1

+67
+28

+69
+29

+8

-1

+71

+70

+55
+46

+26
+31

- 1
-4

+198
+138

+196
+127

+5
+4

+12
+9

+1

+41
+22

+42
+22

+H
+3

+9
+4

+7
+2

+6

+48

+48

+9
+4

+12
+6

+13
+9

+5
+5

+56
+26

+56
+29

+11
+7

+4
+3

+6

+40
+ 19

+40
+18

+17
+10

+8
+9

+2
+3

+37
+26

+38
+27

+1
+1

0

+1
0

0

+2

0

+1
+1

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

of the products on the market or to make
sufficient allowance for forced changes in consumption. These factors may actually be of
greater importance than the shifting appropriations in the family budgets. A rough
calculation made in 1944 suggests that, on the
basis of new family budgets, the increase in
the British cost of living since August 1939
would amount to approximately 3Z or 34 per
cent, as compared with the 19 per cent shown
by the official index. But, as was pointed out,
*'though the difference between the two is not
very great, neither the official index nor an
index based on the new family budgets can take
account of the fact that in wartime many commodities are rationed and others are not available at all, so that the maintenance of a given
'standard of living' has only a restricted meaning, and the proportions of expenditure on
various items are different from the proportions
of peacetime spending".
For those groups of the population whose
money income during the war lagged considerably behind the increase in the cost of living,
the consequent lowering of the standard is
naturally reflected in the expenditure of a higher
proportion of income on the necessities of life
(food, heating, etc.). Since bread is of great
importance especially for households with
small incomes, nearly all governments have
felt themselves particularly called upon to
keep the rise in the price of bread within bearable limits. The bread ration vhas, however,
often been fixed at a quantity considerably
below the normal consumption, and still further
below the amount the public would have bought
if purchases had been free. Consumers have
accordingly been compelled to have recourse
to other, usually more expensive, foodstuffs.
The way in which the cost of living is influenced by changes in the rations was well illustrated by an enquiry in Hungary during the
summer of 1943, when the bread ration was
increased simultaneously with a general raising
of the wage and price level, including the price
of bread. If no allowance were made for the
improvement in the bread and flour ration, the
result would be a rise in the cost of food by 35
to 40 per cent. If, however, account be taken
of the fact that the same number of calories
could be consumed by eating more bread and
less of other foodstuffs, the additional cost
would work out at only 13 per cent. But it
becomes even more difficult to find an adequate
measure of the real changes in living costs when
the rations officially announced are unavailable
890




for consumers through a failure in the official
supply system. Purchases in markets halfgrey, grey or black then become unavoidable,
and for these purchases it is not easy to obtain
reliable quotations, even if the prices charged
in such markets also tend to present a curiously
high degree of uniformity. Here we meet one
of the main problems for the post-war period:
the task of restoring a natural cost-and-price
structure, in which the index numbers will
truly measure the purchasing power of the various currencies.
Prices can be said to have a twofold significance: to each particular producer they represent "income** and to the rest of the community
' 'costs'\ The cost and price structure, therefore, holds a key position in economic life, its
balance, or lack of balance, exerting a decisive
influence on the general trend of business, the
national income and the standard of living, as
well as on the burden of debts and the intrinsic
value of the different currencies. Every effort
should consequently be made to bring about a
state of affairs conducive to a proper balance
within the various national economies and in
their relations with each other. The startingpoint must naturally be the conditions prevailing in each separate country; but one of
the difficulties is that, by reason of the war,
these conditions are affected by a number of
artificial elements which, if they do not wholly
disappear, will at least take on a very different
aspect when hostilities cease. The most important of these elements in the actual situation
is the large amount of government spending,
covered as it is in the "soundest** countries by
resort to borrowed money at the rate of roughly
one-half of the total expenditure. In such
circumstances, business activity no longer depends on the volume of private investment or on
the amount spent by the public; moreover, all
kinds of maladjustments are, so to say, made
innocuous in the great drive for maximum war
production. Spending at such a rate must,
however, cease with the war, since its continuance would in the end destroy not only public
confidence in currency and credit but the social
and economic structure as we know it. Witn
a return to more normal levels of government
expenditure, economic life must once more
become, in all essentials, self-sustaining; any
future spending of borrowed funds by public
authorities, apart from normal investments on
a remunerative basis, will presumably be or a
subsidiary and intermittent character, designed
to smooth out cyclical fluctuations. But a
FEDERAL RESERVE BULLETIN

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

sustained advance in business activity presupposes a fundamental balance in the cost and
price structure and it is not easy to see how soon
such a balance can be attained, in view of all
the controls and rigidities imposed during the
war. Much will naturally depend upon the
levels at which commodity prices and the cost
of living are likely to settle down when the
war is over.
Obviously, the future trend of prices cannot be
expected to be the same in all sectors of a country* s price structure or in the different countries. In the United Kingdom a return to peace
will most probably bring down the prices of
many imported commodities which have been
burdened by the high cost of transport and insurance. But, apart from such decreases, affecting primarily the wholesale trade, the probability is that the cost of living, as measured by
the index, will show but little reduction and
may even, on balance, register an increase.
In this connection it should be remembered
that the Chancellor of the Exchequer in his
budget speech predicted a rise in the cost of
living from the range of 2.5 to 30 per cent above
pre-war to between 30 and 35 per cent. The
aim was to make the index reflect the real cost
situation, so that the stabilisation policy should
not "become an altogether artificial affair."
Indeed, the Chancellor estimated that without
the subsidies granted to keep down the cost of
living the index would have stood at 45 on an
average in 1943 instead of at x8.
Other influences, e.g. the large volume of
potential purchasing power in the hands of the
public and the necessity of allowing certain
increases in rents (to correspond more closely
to high building costs), make it seem probable
that in the United Kingdom, and, indeed, in
the United States also, the cost of living after
the war, as expressed in the official indexes,
will show hardly any fall. This refers to the
general index figure, i.e., to the average; for
individual commodities there may well be a
decline from the high prices reached during the
war. Prices of articles falling outside the range
of commodities on which the cost-of-living
index is based have generally risen more than
the index itself, one reason being that these
"outside** commodities are as a rule not so
strictly rationed and do not benefit from government subsidies. But that should be another
reason for expecting that the process of post-war
alignment, with the disappearance of rationing
and of many subsidies, is likely to entail no
substantial decrease in the official cost-of-living
SEPTEMBER

1945




indexes in the two Anglo-Saxon countries.
There is a further line of reasoning pointing
in the same direction, namely, that in this war
the countries which could effectively apply
systems of price control have in a large measure
prevented abnormal shortages and redundant
purchasing power from pushing up prices above
the so-called "cost price." But the consequence may well be that, wherever the cost of
production remains more or less unchanged,
the greater supplies will not depress prices,
but a larger volume of goods will find its
counterpart in the purchasing power already in
the hands of the public. It may even be the
primary task of the authorities to prevent the
great potential demand (based on large holdings
of notes, bank deposits and short-term government securities) from having too strong an
effect in the immediate post-war period, i.e.
at a time when each particular firm will be
anxious to carry out as quickly as possible its
readaptation to peacetime modes of production.
It is naturally impossible to be dogmatic
about price developments in years to come; indeed, the last thirty years have brought so
many surprises that price forecasts should be
regarded with the greatest circumspection.
But, besides being in line with the statement
of the British Chancellor of the Exchequer, the
supposition that in the leading Anglo-Saxon
countries, i.e. the United Kingdom and the
United States, the present cost-of-living index
figure is unlikely to fall, would seem to find
support in the consideration that these two
countries could hardly regard with equanimity
a decline in prices which would materially
increase the burden of their public debts inherited from two world wars.
After the last war, prices and exchange rates
settled down pretty accurately at the "purchasing-power parities," the correspondence
being rather greater than one had reason to
expect on the basis of "pure theory." Thus,
in 192.9 and again in 1939, as the graphs on
pages 891-893 show, "gold prices" (i.e. the
prices calculated on a comparable gold basis via
the exchange rates) gravitated around the same
level for the different countries, the few exceptions being as a rule easily explained by unusual
—often artificial—influences, as in the case of
Germany in the years 1933 to 1939.
Suppose, for the sake of argument, that, in an
attempt to restore badly shaken monetary
confidence and perhaps also to spare those
who hold money savings too great a sacrifice,
a country chooses to maintain, or to adopt a

ANNUAL REPORT OV THE BANK FOR INTERNATIONAL SETTLEMENTS

19H

1915

1916 1917

1919

1920 1921

192k

1923 1924

1925

1926

1927

1928 1929

iHNHiiiiiminminminiHminiiiminhnniMinr
lnliilnliilt.hihiliiln!iiliilnliilMlnliil>tlulnliiliili|||f»»t»»i«»i»mhHi|limnilMimi
""•""
1914
1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929

892.




FEDERAL RESERVE BULLETIN

ANNUAL REPORT OF THE DANK FOR INTERNATIONAL SETTLEMENTS

rate of exchange at which its own cost and price perative that the road chosen should be follevels will be clearly somewhat too high and lowed with consistency and determination, for
will thus have to be reduced in order to fit in otherwise the goal will not be reached.
with conditions in the outside world. Such
Since the domestic price policy is tied up with
a country would be obliged to contract its foreign exchange policy, it is impossible to lay
volume of monetary purchasing power and it is down definite criteria, applicable to pall
obvious that during the process of contraction countries, for the fixing of exchange rates. In
it would be absolutely contradictory to pursue a some countries a decline from high wartime
policy of extensive public works designed to costs and prices may prove very desirable, in
create employment. In such circumstances, a others such a reduction might dangerously indiffusion of fresh purchasing power would crease the burden of already heavy public debts.
delay real recovery instead of stimulating it. It is clearly in the general interest that, in as
Many examples illustrating this could be quoted many countries as possible, exchange rates,
from past experience: in France, for instance, costs and prices should be speedily brought
the government only made matters worse by into a balanced position and that the relation of
the internal expansion in 1936 so long as the the currency units to gold should be of a lasting
French franc remained overvalued, i.e. until nature. During the prosperity period in the
the devaluation of the gold bloc in September latter half of the 1920's, wholesale prices stood,
1936.
on a gold basis, at 40 to 50 per cent above the
It is not to be denied that ultimate prosperity pre-war level, while the cost of living had in
can be attained by different courses (compare most countries risen 60 to 80 per cent. These
Sweden and Finland in 1911-2.3), but a self- levels were not maintained, however; prices fell
contradictory policy must in all circumstances precipitously in the early i ^ o ' s ; as a result
be avoided. When there is more than one road the burden of public, and still more often of
to the goal of prosperity it is certainly im- private, debts (e.g. in agriculture) threatened

1930
SEPTEMBER

1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 194? 1943
1945




1945

893

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

to become intolerably heavy; the consequence
was a wave of currency depreciation, which
helped to raise prices in terms of national currencies while they remained low—or even
fell—in terms of gold. In the ninth Annual
Report of this Bank, dated May 8, 1939, it was.
pointed out that "with the exception of Germany, where price movements {calculated in
gold at the official rate of the Reichsmark) have
been dissociated from the external trend since
1933, and of France, where, owing to recent depreciations, prices in terms of gold
are still lower than elsewhere, a certain convergence of gold prices is noticeable at between
65 and 75 per cent of pre-war (1913-14) prices".
Since then a new price rise has occurred, but it
may be seen from the graphs that in 1944 wholesale prices in the United Kingdom and the
United States still stood, on a gold basis, some
to
the pre-war
{;evel 15 per cent below true as regards(1913-14)
(and the same was
the cost
of living). In the meantime the technique of
gold production has been greatly improved,
gold being extracted at less real cost than in
the i9zo's, which may well influence the natural
relationship between gold and prices.
It is dangerous to be positive in these matters
since new factors may arise; but, even with a
great expansion in the volume of production,
there seems no compelling reason why the
price level at present obtaining in the AngloSaxon countries, or likely to be established
there during the next few years, should be out of
keeping with the current value or supply of
gold, provided, of course, that no very serious
mistakes are made in the fixing of relative
exchange values or in the credit policies, especially of the larger countries. The chances that
the present price levels will not be affected by a
scarcity of gold are, it would seem, better than
they were at the time of the stabilisations in the
i92.ofs. It may certainly be wise to provide for
the possibility of changing the gold content of
different currency units, in case of need, but it is
just as well to remember that on a gold basis
the price levels in the United Kingdom and the
United States are still somewhat lower than in
1913-14.
THE APPROACH TO THE GOLD PROBLEM

In the discussions on monetary plans for the
post-war period much attention has been given
to the part which should be played by gold.
There is, no doubt, on this subject a variety of
opinions within each individual country and

894




not only among the experts but also among
the public, which has taken an active interest
in these matters. A high degree of homogeneity in the approach to the problem may,
however, be discerned in many countries, and
on analysis the reason for this attitude is usually
found in the experiences of the country in
question during the inter-war period. Memories are long in monetary matters and that
applies especially when social relations have
been fundamentally affected. To quote a particular example: all through the nineteenth
century the French nation remained painfully
aware of the two outstanding monetary experiments of the previous hundred years—the
note-issuing bank founded by John Law in 1716
and the "assignat" of the Revolution. Both
ended in inflationary disasters and, as a result,
the French public became distrustful of paper
issues without a strong metallic cover.
In the period of fluctuating exchange rates
after 1931 gold continued to be used as the
main component of monetary reserves, since
there was no substitute for gold which ensured
an equally satisfactory degree of international
liquidity. It has, of course, been one of the
principal features of the recently discussed
monetary plans that they seek to establish a
level of international liquidity which would
enable different countries to make their foreign
trade arrangements without being unduly hampered by a deficiency of external means of payment. For the building-up of monetary reserves some internationally acceptable asset is
obviously needed. If it were decided to utilise
one or other of the existing currencies, the
countries accumulating the currency in question
would be largely dependent upon financial
and other conditions in the country whose
currency was adopted. But even that country
might at times find in such an accumulation, and
the consequent employment of the accumulated
reserves, a factor of disturbance, as the not:too
happy experience of the gold exchange standard
bore witness.
If it were proposed to introduce a new unit
"as good as gold'*, this unit would have to be
accepted by the monetary authorities in the
various countries, i.e. the central banks would
have to give their own currencies in exchange
for the new unit and, presumably, do this without limit and at the behest of others, since this
would be the only way of ensuring the international acceptability of such a unit; but such a
measure would very likely go further than
FEDERAL RESERVE BULLETIN

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

most countries would be willing to follow.
This shows some of the difficulties which would
be encountered in trying to build up a satisfactory basis, other than gold, for international
liquidity. The gold standard countries in the
past did not assume any international obligation
binding them to acquire gold in exchange for
their own currencies (although obligations to
buy gold might—or might not—have been
established by their national legislation, which
the respective countries were, of course, free to
alter). But the various countries have, as a
matter of fact, been almost always eager to
acquire gold, regarding it as an asset ever
available to them, in case of need, for their
own foreign payments; they retained their
legal freedom of action, however, being able to
refuse to purchase or decide on a different price
if, perchance, too much gold were offered from
abroad (though the taking of such steps might
be impeded by consideration of the consequences
for exchange rates, trading conditions etc.,
and this has constituted a safeguard against
arbitrary action). Already during the last
world war, but still more during the present,
different countries attached conditions, in some
cases, to their acceptance of gold; but, even so,
it has proved capable of serving as a means for
international settlements, and in wartime,
when the volume of paper money has everywhere been increasing rapidly, gold has again
and again been preferred to any other means
of international payment.
Gold has thus retained its de facto position,
which meets certain important needs of an
international monetary system without impairing the sovereignty of the different states.
This is an advantage which would seem to be
generally recognised, and in the different monetary plans gold has consequently been allotted
an important function. Still, the use of gold
must be justified by results. Up to 1914 the
gold standard without any doubt contributed
to an expansion of production and trade and
thus to the employment of increasing numbers
of workers at rising rates of pay; but in those
days it was understood that these advantages
would not be retained without there being
from time to time some adjustment of costs in
order to maintain a sufficient degree of cohesion
in the system and to establish the basis for a
further advance in prosperity. The danger
now seems to be that public opinion in more
than one country expects a monetary system to
work well without there ever being any need
SEPTEMBER 1945




for an adjustment in costs or prices. There
must, no doubt, be a period after this war when
exchange rates arc allowed to find their proper
level, in order to reestablish a true balance between the various national economies; but for a
monetary system—whether based on gold or
not—to work in a satisfactory manner, some
cohesion is needed, as indeed would seem to be
more and more emphasised in the present international discussions.
The diversity in the experience, and therefore
in the outlook, of different countries in their
relation to gold tends to make it difficult to
reach a practical solution of the international
monetary problem. Such a solution can certainly not be found in any simple formula,
claiming to govern currency and credit policy
in all circumstances, but must be sought along
the lines of continuous consultation on monetary matters, with a view to individual or concerted action, as the case may be. It should be
remembered that the gold standard, as successfully operated up to 1914, did not become a
system of well-understood rules by some kind
of unconscious evolution. There was, indeed,
in England from about 1800 to i860, and especially during the two decades after 1840, a
series of parliamentary and other enquiries into
the working of the monetary system; and their
findings were applied to the practical management of monetary affairs, with results which
must be regarded as highly satisfactory. In
his "Lombard Street" (published in 1873)
Walter Bagehot explained to the world, in a
comparatively popular, highly readable form,
the working of the system as it had gradually
been developed. Economic and other conditions have changed since the last century and
new solutions will have to be found. Thus it is
hardly to be expected that, under new circumstances, a fully satisfactory arrangement,
capable of standing the test or good and evil
days, can be produced all at once. But, with
much perseverance and careful attention to the
experience gained during all these years of
difficulty, it should prove possible to lay the
foundations for a system answering the needs of"
our times.
INTERNATIONAL WAR FINANCE

While countries with more than ninety-five
per cent of the world's population have become
belligerents, the actual land battle areas have
been localised, with the result that arms and
other supplies must often be utilised far from

s95

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

the centre of manufacture and by armed forces
other than those of the producing nation. In
these circumstances, it came to be an accepted
principle that the war effort of countries close to
the fronts should be applied directly, while
other countries, further off or with greater
resources, best served the general cause by
allocating part of their production to the
common pool; and that, consequently, considerations of finance should not be allowed to
limit the aid of one allied country to another.
The cost of such deliveries in the course of the
war naturally falls on the country making the
contribution, and is accounted as part of its
general war expenditure; but the benefits received often cannot be defined in money terms.
Published information, however, allows a
broad picture to be drawn of the aid thus
granted, in particular of the assistance given
by the United Nations to one another.
For many reasons the principle of mutual aid
only gradually gained full recognition; thus
the United Kingdom has had to sustain its war
effort by charges on its own foreign resources
and by pledging its credit. Up to the middle of
1943, payments made by the United Kingdom
to other members of the United Nations in
excess of sums received from them amounted to
over 2.,x5o million pounds sterling (apart from
the lend-lease and mutual aid arrangements):
this sum measured the extent to which the
United Kingdom had utilised its gold and other
capital assets and had incurred liabilities to
other members of the United Nations; 1,500
million pounds sterling had been spent in
dollars and gold in the United States on supplies
of all kinds, part of this amount being paia out
of reserves and part from resources acquired by
utilising sterling, e.g. gold from South Africa
against the cancellation of South African debts
in London, and dollars from the Malay States
against the accumulation by Malaya of sterling
assets in London. The net amount of "overseas disinvestment11 attained 3,365 million
pounds sterling by the end of June 1944.
The unstinting use of the nation's strength
for the prosecution of the war led to the rapid
exhaustion of British resources in gold and
dollars; as mentioned in the thirteenth Annual
Report of this Bank (page 138), a most difficult
period as regards foreign payments was experienced by the United Kingdom early in 1941,
several emergency steps being necessary, including temporary borrowing from the Belgian
Government and the U. S. Reconstruction
Finance Corporation in order to procure liquid
funds for current cash requirements.

896




The total wartime "overseas disinvestment"
of the United Kingdom probably exceeded 3,700
million pounds sterling in round figures by the
end of 1944. Allowing for the utilisation of
1,100 million pounds sterling in original gold
and dollar reserves and for somewhat over
700 million sterling securities repatriated, the
accumulation of new sterling balances by overseas countries (including the Empire) would
approach 2.,ooo million. The addition of prewar balances (of, say, 300 million) and of
liabilities already discharged through the repatriation of sterling securities would raise the
total to around 3,000 million pounds sterling,
of which around ninety per cent would be directly connected with the war.
On December 15, 1944, the Chancellor of the
Exchequer stated in Parliament that the sterling
resources of overseas countries fell under three
main headings: (i) the accumulation of normal
reserves and working balances which overseas
governments, banks and enterprises were always
accustomed to carry in London; (ii) a further
accumulation on commercial account due to
large purchases of a commercial nature, by the
government or by private importers, in the
Empire or elsewhere (while British commercial
exports had shrunk owing to war conditions);
and (iii) the sterling counterpart of direct war
expenditure incurred in local currencies in many
areas abroad. The total sterling balances so
accumulated have been drawn upon, in the
usual way, to meet the sterling requirements of
the countries concerned.
Thus part of the present total of overseas
sterling balances corresponds to the normal
pre-war requirements for reserves and commercial working funds; "normal" requirements naturally vary according to circumstances
and it may be that with higher prices and note
circulations in the world, larger holdings of
sterling under this heading will be considered
necessary by overseas countries after the war.
A further part of the present holdings is due to
the wartime method of prepayment ' en bloc
"en^bloc
for imports of raw materials and foodstuffs;
r imports
this class of balances thus represents advance
payments for British imports and is in the
nature of a temporary accumulation by the
overseas exporter which would be absorbed
when conditions warrant a reversion to the
pre-war method of cash payment. But the
great bulk of the present overseas sterling
balances represents new indebtedness. wnicn
will remain after the war is over; of this third
category, a certain amount has arisen from the
net purchases of dollars and gold by the British
FEDERAL RESERVE BULLETIN

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

Exchange Control, to cover current requirements
outside the sterling area.

15001

Sterling Resources of the British Empire. #
Monthly figures, In millions of £sterllno.
1
1
1
1
1
|
1
j
1
1
, 11500

1400

1400

1300

1300

1200

1200

1100

1100

tooo

1000

900

900
800

800
India

700

700

i

600
SOO

500

fJ-:

400

400

300

300

~T
200

200
Icounlri s

100

100
rflJ

1935 1936 1937 1938 1939 I9W 1941 I 9 « 19*3 I9tt 19*5 1946

The "five other countries" are Australia, Egypt, Eire, New Zealand
and South Africa.

Not all the receipts obtained by Germany
from Continental Europe for the prosecution
of the war are susceptible of statistical measurement: material acquired in the field of battle
and by direct levies in occupied territories has
largely escaped record. Moreover, data made
available in the various countries by which the
payments were effected must be pieced together,
to obtain a comprehensive picture of developments. There have been, in particular, two
broad categories of net receipts represented by—
(i) indebtedness in the clearings in respect of
surplus imports, transport and transit
costs, the execution of German orders
placed abroad, transfers of savings made
by foreign workers in Germany etc.,
the balance in the clearing being met by
advances from the countries concerned;
and
(ii) contributions levied to meet the costs of
SEPTEMBER 1945




occupation, including the erection of
fortifications and similar expenses.
As will be seen below, it is not possible in
every case to distinguish sharply between these
two categories. Indeed, another distinction,
not completely coincident with the first, is
also of importance: that between levies imposed
**a fonds perdu", e.g. occupation costs paid by
France, Belgium, Holland, etc.; and such contributions as have given rise to a German liability, e.g. advances made in the clearings by
France, Belgium, Holland, etc., plus occupation
costs advanced, e.g. in Denmark, against a credit
in Berlin.
Claims on Germany in the clearings have
found their counterpart in the liabilities of the
Deutsche Verrechnungskasse and, to some extent,
of the Reichskreditkassen. The net liabilities
on these two accounts may be considered
as Germany's wartime foreign indebtedness,
amounting, at the end of 1943, to a total of
j5 milliard Reichsmark. It then included 3 milliard of Reichskreditkassenscheine in circulation
but would otherwise correspond to what arc
usually called Germany's "clearing debts".
The table on page 898 sets out the clearing
claims of eleven countries for which adequate
data are available and, although the figures
generally apply to all the clearings of each
country in question, the predominance of
Germany is such that no great error is committed if the figures are taken as applying to German
clearing debts only.
The figures for the German debt on clearing
account to France are those of the French
Treasury's advances to the French Exchange
Office to cover the deficit of the Franco-German
Clearing. The deficit in the clearing with Germany up to November 1943 exceeded the net
deficit of all the clearings, since those with
other countries taken together showed a slight
net surplus in favour of France; it should be
noted, however, that the payments exchange
with Holland, Belgium and Poland also passed
through the Franco-German clearing. Up to
the end of the occupation in August 1944, the
total German deficit on the clearing with
France amounted to 8,000 million Reichsmark.
To give an indication of the amounts paid on
account of occupation costs (including similar
charges such as billeting of troops and requisitions) the table on page 898 has been prepared for five countries for which sufficiently
comprehensive
information
has become
available.

897

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
G E R M A N Y ' S C L E A R I N G DEBTS A N D ASSIMILATED ACCOUNTS
AMOUNTS OUTSTANDING (AND ANNUAL INCREASES)*

Creditor
countries

France

Holland

Belgium

Denmark Hungary Roumania Bulgaria Slovakia

Sweden

Switzer- Bohemia
and
land
Moravia

Totals

In millions of Reichsmarks 2
1940—Dec
1941—Dec
1942—Dec
1943-Dec

200
800
2,450
5,400

160
1,410
2,490
4,270

250
930
2,420
4,280

390
820
1,240
2,250

1944—March..
June....
Sept....

6,350
7,500
8,000(»)

5f030
5,590
5,750

4,670
5,130
5,370(»)

2,610
2,990
3,360

1940
1941
1942
1943

+200
+600
+1,650
+2,950

+160
+1,250
+1,080
+1,780

+250
+680
+1,490
+1,860

+390
+430
+420
+1,010

180
540
980

Amounts out standing
(-20)
100
280
440
500
700
500
1,100
900

+1S0
+360
+440

1,200

mnual incr eases
+100
+340
+300
+260
+220
+400

90
170
330
450

70
50

500

+90
+80
+160
+120

1,800
6,500
12,800
23,100

50
250
500
600

600
1,100
1,600
3,200

40
10

600
600
600

3,400 (26.000)
3,700 (29,200)
4,600 (31,500)

+140
(-10)
(-20)

+200
+250
+100

+50

+350
+500
+500
+1,600

1,600
4,700
6,400
10,300

1 This table was compiled in a similar way to the table given in the thirteenth Annual Report (page 153), some of the figures in which have
been modified in the light of more recent information. The statistics were obtained from official sources, generally central-bank returns (for
France, the Treasury statement). The figures generally represent accumulated Reichsmark claims on clearing account, but, in some cases, include
other items (e.g. Belgium, on account of Reichskreditkassenscheine withdrawn, and Denmark, an exceptional case, on account of payments made
to the occupation authorities). For Holland and for Bohemia and Moravia, the Reichsmarks are held directly by the central bank; in other cases,
generally through the local clearing office. For further details see text.
2 Figures for individual countries have been rounded to RM 10 million and the total to RM 100 million. The totals for 1944, including estimates of the missing figures, are provisional.
* Up to August 1944, when the occupation ceased.

It is now possible to bring together the
amounts obtained by Germany from various
foreign sources and thus to obtain an approximate estimate of Germany's utilisation of
European resources, as recorded under payment
of occupation costs and financing of the
clearings.
In a little over four years, from June 1940 to
September 1944, it appears that, at the official
exchange rates, Germany has obtained from
other European countries over 120 milliard
Reichsmark in all, of which about two-thirds
have been exacted as a contribution a fonds
perdu (mainly to meet occupation costs) while
the remaining third has left behind a German
OCCUPATION COSTS PAID TO GERMANY BY F I V E

COUNTRIES

1

debt, generally in the form of liabilities on
clearing account.
GERMANY'S UI-ILLSATION OF EUROPEAN RESOURCES

In milliards of Reichmarks l

Total amounts accumulated as at
1940 December
1941 December
1942 December
1943 December
1944 September
.

Country

Calendar years
1941

1942

1943

Total
19401943

1944
first
nine
months
<>
*

in millions of Reichsmarks
France (*)
Holland
Belgium
Denmark
Italy (*)

1,750
800
350
200

5,550
1,900
1,300
200

8,550
2.200
1,500
250

11,100
2,200
1,600
550
2,000

26,950
7,100
4,750
1,200
2.000

8,300
1,650
950
800
8,000

Totals

3,100

8,950

12,500

17,450

42,000

19,700

* Rounded to nearest RM 50 million.
* Payments by France and Belgium ceased in August 1944.
* For France, the occupation costs proper have been distributed
according to the time of the actual utilisation (see page 215)
while billeting costs and requisitions have been added.
* Italy from September 1943 only.




Total
Clearing foreign
debts
contribu<•)
tions

3
10
19
31
40

7
24
50
87
124

+17
+25
+28

~+9

+17
+26
+37
+37

+84

Amounts paid out in each particular
period of
1940 (6 months)
1941 (12 months)
1942 (12 months)
1943 (12 months)
1944 (9 months)
1940-44 (4M years)

1940
second
halfyear

Occupation
costs
paid

+39

+123

4
14
31
56
84

+6

i In round milliards of RM.
_ . Lnt,ve
±
* Including the debts of the Reichskreditkassen to central oaims
but not the issue of Reichskreditkassenscheine and excluding
occupation costs paid by Denmark.

Three great international streams of capital,
of a special wartime nature, had, by the end or
1944, attained vast proportions: American lendlease deliveries of 35
35,000 million dollars, Brmsn
dii
f
70° ^i[[\on
overseas disinvestment of over 3,70° ^ \
pounds sterling (representing the utilisation
of reserves and the accumulation of new uat>uities) and Germany's absorption of continental
European resources to the extent ot about
130,000 million Reichsmark (of which over
FEDERAL RESERVE BULLETIN

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

40,000 million remains as a German debt on practicable limit of taxation would seem to
clearing and assimilated accounts).
nave been reached.
In Japan, and even
It has become fashionable in recent years to more in the United States, nations involved in
minimise the role of finance and to insist that the general world war only since the end of
what can be achieved physically should nec- I^^JI, the yield from taxation has continued to
essarily be possible financially. In time of rise with increasing rapidity. Current revwar this creed finds ready acceptance and finance enue from other sources than taxation has
is forced to follow as best it can the intense been of importance only in Germany, where
physical achievements of the belligerents. But it was swollen by contributions from the
certain methods of financing produce lasting occupied countries.
effects, some of which could hardly be foreseen
These four belligerents have all maintained
when the wartime decisions were taken: thus low rates of interest and tapped the great
the capital movements which have occurred, "money reservoirs": savings banks, insurance
involving important shifts in the ownership of companies and social funds. But, whereas the
assets and the responsibility for debts, have governments in the United States and the
created a host of thorny problems to be dealt United Kingdom have undertaken energetic
with when the war is over. It will then be evi- "savings campaigns" with the object of selling
dent that burdens which' it was possible to a large variety of securities to the individual
assume financially in wartime may be difficult to investor—thus tying up funds for as long a
carry physically in times of peace.
period as possible—the authorities in Germany
and Japan have not made similar efforts to
GOVERNMENT FINANCE
secure a direct participation of the public,
government borrowing being effected almost
Government expenditure in wartime has exclusively through institutions (including the
become the dominating factor in the whole banking system) by means of a very few types of
field of public finances and in the monetary security. Japan is the only country to finance
sphere; and this applies not only to the bellig- the war exclusively at long term, there being
erents but to the occupied and neutral countries no issue of Treasury bills, but a monotonous
also. The financial problems to be solved series of securities all with exactly the same
have been largely the same everywhere and it is, conditions: 3J4 per cent, bonds for 11-17 years,
therefore, not surprising that many similari- issued at 98. In Germany, on the other hand,
ties should be found in budgetary and monetary the so-called "noiseless financing", characterdevelopments; but there are also some striking rised by an increasingly rapid expansion of
differences due to diversity in the economic, deposits, especially at the savings banks, has
monetary and political backgrounds of the brought with it a striving for liquidity and,
various nations, each displaying its peculiar in conformity with this tendency, four-fifths of
characteristics.
recent government borrowing has been at short
The rather scanty information obtainable term. Germany, however, is the only country
from the U.S.S.R. seems to show that, alone in the world to have dispensed with physical
among the five principal belligerents, thiis "securities" in its government borrowing,
country has experienced only a moderate in- practically all issues, transfers and interest
crease in its total budgetary expenditure: in
ayments taking place through centralised
a collective economy, the budget, even in
ook-entries, a technique already adopted some
peacetime, reflects the circumstance that a years ago, but which has been stimulated by the
major portion of the national resources comes war and air bombardment.
under state direction; so in wartime the change
In the occupied countries on the continent of
chiefly takes the form of a shift inside the Europe official expenditure was largely deterbudget (from outlay for "national economy" mined by the amounts paid as costs of occupation
to increased expenditure on "defence and war'*). and to finance the clearings. In four countries
With regard to the other four principal bellig- for which adequate statistical material has
erents, it may be noted that the United King- been continuously available, France, Belgium,
dom and Germany, which have been at war Holland and Denmark, the outlay on German
since 1939, have recently introduced no new account came to about one-half of all official
forms of taxation and the rate of increase of tax expenditure during the four years 1940-43.
yields has consequently fallen off; here the
Certain key pieces in the financial picture of

E

SEPTEMBER 1945




899

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

Germany have continued to be published without interruption, the most important being the
weekly returns of the German Reichsbank and
the statements of the Reich debt (monthly
until June 1944 and then quarterly). On the
other hand, the former monthly return of
taxation receipts, which from the beginning of
the war had been given onljr quarterly in a
summarised form, was discontinued altogether
after March 1942.; the monthly combined balance sheets of the commercial banks and the
returns of the savings banks have not been
published since July 1939 but it is still possible
to gather the most important items from the
yearly balance sheets of the big banks. And
some light is at times thrown on financial
developments by official or semi-official statements, in the form of speeches and in the press.
In the financial year 1943-44 the total cash
borrowing of the Reich amounted to 76 milliard
Reichsmark, 13 milliard more than in the previous financial year (when, however, the need
for borrowing had been temporarily diminished
by the non-recurrent rent-tax composition,
which produced 8 milliard Reichsmark). The
average monthly borrowing has gradually risen
from 1.1 milliard Reichsmark in the first four
months of the war (1939) to 8.3 milliard in the
second half of 1944. Particularly striking has

been the shift in the proportion of borrowing at
short term from about one-half of the total
amount borrowed in 1940-41 to four-fifths in
the second half of 1944. With the continued
decline in the volume of tax certificates outstanding, the expansion of short-term borrowing
was wholly in the form of Treasury
bills ("Reichswechsel" and "unvemnsliche
Schatzanweisungen'f). Long-term borrowing
was made, as before, through issues of Treasury
certificates to banks and the open market,
and through liquidity loans, mainly to savings
banks, insurance companies and social funds.
Included under total borrowing are the foreign
clearing balances, invested by the Verrechnungskasse in Reich securities, which increased
by 7.8 milliard Reichsmark in 1941 and 11.6
milliard in 1943; all foreign sources, including
the external current revenue, thus provided
about one-quarter of the total revenue of the
Reich budget in the two years.
Whereas the government expenditure of the
main belligerent countries has been for their
own account (except for aid, such as lend-lease,
voluntarily given to allies), the occupied countries of western Europe have had to cover the
expenses of the German troops in occupation
and tofinancethe surplus of exports to Germany

FOUR WESTERN EUROPEAN COUNTRIES: TOTAL OFFICIAL OUTLAY1

Total official outlay in
financial vcaxs'

1940

1941

1942

1943

Totals
1940-43

1940

1941

Totals
Belgium
Domestic ..
On German account
Totals
Holland
Domestic
On German account
Totals
Denmark
Domestic
On German account
Totals
Totals for four countries
Domestic
On German account
Totals
1
2

12,400
2,150

6,850
5,850

7,450
10,100

1943

7,150
14,250

33,850
32,350

15

54
46

42
58

14,550

12,700

17,550

21,400

66,200

100

100

100

1,540
620

1,550
1,990

1,550
2,970

1,740
3,440

6,380
9,020

71
29

44
56

34
66

2,160

3,540

4,520

5,180

15,400

100

100

100

1 900
960

1,740
3,160

2,130
3,260

2 350
3,950

8,120
11,330

66
34

36
64

39
61

2,860

4,900

5,390

6,300

19,450

100

100

100

400
490

470
460

570
490

640
1,210

2 080
2,650

45
55

50
50

54
46

890

930

1,060

1,850

4t73O

100

100

16,240
4,220

10,610
11,460

11,700
16,820

11,880
22,850

50,390
55,350

79
21

20,460

22,070

28,520

34,730

105,740

100

33
67
100
34
66
100
37
63
100




51
Aft

100
41
100
42
CO

100
44

100

35
65
100

100

48
52

41
59

34
66

48
52

100

100

100

100

Budget expenditure on domestic account, plus the payment of occupation costs and the financing of the clearin^
For France, Belgium and Holland the financial year ends on 31st December and thus corresponds to the calendar year; ic
financial-year ends on 31st March and the figures cover the twelve months up to the end of March of the years following those given
of the table.

9OO

Totals
1940-43

percentages»

in millions of RM
France
• Domestic
On German account

1942

the

FEDERAL RESERVE BULLETIN

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS

through the clearings. In France, this extraordinary outlay was specified in the Treasury's
statements as "expenditure in connection with
the armistice"; but in other countries the position has been less clearly presented. A
measure of the amounts involved, however,
has been obtainable largely through the central
bank returns, which have been regularly
published.
The payment of occupation costs and the
advances for the financing of the clearing with
Germany must obviously be added to domestic
budget expenditure in order to give a comprehensive picture of the total outlay on official
account (which is important inter alia from a
monetary point of view). Thus some rearrangement of the published material has been
undertaken in the interests of uniformity and in
order to give as clear an insight as possible into
the situation. For four countries, France,
Belgium, Holland and Denmark, adequate data
have been available and are set out in the

following table (all figures being converted
into Reichsmarks at the official rates, for convenience of presentation).
Whatever differences in fiscal and financial
techniques may be found in individual countries,
unmistakable similarity prevails in one important aspect: internal government debts have
everywhere grown far beyond standards known
in the past, creating difficult problems of debt
management for the years to come, in addition
to monetary repercussions of a more urgent
character at the present time and in the immediate future. The following table gives some
figures indicating the growth of internal government debts during the five years from March
1939 to March 1944 converted, for convenience,
into U. S. dollars at conventional rates (£1 —
$4 = R M i o = Fries 200 = B.fcs 175 « Fl.io).
These rates may be taken to give a fairly realistic
picture on the basis of conditions existing during
this period but a final comparison of absolute
amounts will, of course, be possible only when
exchanges have settled down after the war.

G O V E R N M E N T INTERNAL DEBTS 1939-44: I N MILLIONS OF U. S. DOLLARS

Increase March 1939
to March 1944

Totals outstanding
Internal government debts

End March 1939

End March 1944

Absolute
amount

Percentage
of increase
at long and
short term

Debt in
1944 as a
multiple
of 1939

$ millions

%

% millions

%

$ millions

%

short term

43,540
1,310

97
3

137,660
47,940

74
26

94,120
46,630

67
33

3.2
36.6

Total

44,850

100

185,600

100

140,750

100

4.1

short term

24,840
3,680

87
13

51,240
21,980

70
30

26,400
18,300

59
41

2.1
6.0

Total

28,520

100

73,220

100

44,700

100

2.6

4,590
1,330

78
22

23,540
31,270

43

short term

57

18,950
29,940

39
61

5.1
23.5

Total

5,920

100

54,810

100

48,890

100

9.3

3,210

97
3

14,850
380

98
2

11,640

100

280

98
2

4.6
3.8

3,310

100

15,230

100

11,920

100

5,870
2,700

68
32

8,310
19,720

30

2,440
17,020

13
87

1.4

70

8,570

100

28,030

100

19,460

100

3.3

short term

840
10

99
1

1,600
2,450

40
60

24
76

1.9
245.0

Total

850

100

4,050

100

760
2,420
3,180

100

short term

1,280
290

82
18

2,410
3,350

42
58

1,130
3,060

27
73

1.9
11.6

Total

1,570

100

5,760

100

4,190

100

3.7

United States

United Kingdom

Germany

Japan
short term
Total
France
short (and middle) term
Total
Belgium

Holland

SEPTEMBEK 1945




4.6'

7.3

4,8

901

LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.
Executive Order to Stabilize National Economy During Transition from War
1. The guiding policies of all departments and
to Peace
agencies of the Government concerned with the
There is set forth below the text of an Execu- problems arising out of the transition from war
tive Order of the President, No. 9599, dated to peace shall be:
August 18, 1945, prescribing guiding policies for
A. To assist in the maximum production of
all Government departments and agencies con- goods and services required to meet domestic
cerned with problems arising out of the transi- and foreign needs, (1) by assuring assistance in
tion from war to peace, so as to promote a swift making available materials and supplies required
and orderly transfer to a peacetime economy of for the production of such goods and services;
free, independent private enterprise with full (1) by providing assistance to the conversion and
employment and maximum production in indus- utilization of war plants and facilities, both
try and agriculture and to assure the general privately and publicly owned; and (3) by prostability of prices and costs and the maintenance viding effective job placement assistance to war
of purchasing power.
workers and returning service men and women.
EXECUTIVE ORDER

9599

Providing for assistance to expanded production and
continued stabilization of the national economy
during the transition from war to peace and for the
orderly modification of wartime controls over prices,
wages 1 materials and facilities

STABILIZATION STEPS

B. To continue the stabilization of the economy as authorized and directed by the Emergency Price Control Act of 1942., as amended, and
the Stabilization Act of 1942., as amended, (1)
by using all powers conferred therein and all
other lawful means to prevent either inflation or
deflation; and (2.) while so doing, by making
whatever modifications in controls over prices,
wages, materials and facilities as are necessary
for an orderly transition from war to peace; and
C. To move as rapidly as possible without
endangering the stability of the economy toward
the removal of price, wage, production and other
controls and toward the restoration of collective
bargaining and the free market.
2.. The departments and agencies of the Government shall take vigorous, concerted and uniform action toward these ends and pursuant to
this order, under the guidance -and direction of
the Director of War Mobilization and Reconversion.

By virtue of the authority vested in me by the
Constitution and the statutes of the United
States, and particularly the War Mobilization
and Reconversion Act of 1944, the First War
Powers Act of 1941, the Second War Powers Act
of 194Z, as amended, and the Stabilization Act of
1941, as amended, and for the purpose of fully
mobilizing the resources of the Government in
this final stage of the war emergency, in order to
promote a swift and orderly transition to a peacetime economy of free, independent private enterprise with full employment and maximum
production in industry and agriculture and to
assure the general stability of prices and costs
and the maintenance of purchasing power which
are indispensable to the shift of business enterII
prises from wartime to peacetime production
and of individuals from wartime to peacetime
During the transition to a free economy, the
employment, it is hereby ordered as follows:
Secretary of Agriculture, the Federal Loan
901




FEDERAL RESERVE BULLETIN

LAW DEPARTMENT

Administrator and the Director of Economic
Stabilization shall not only take all measures
required by law to support prices but shall take
such further measures authorized by law as may
be necessary to prevent any collapse of values or
discouragement of the full and effective use of
productive resources.
Ill
The Price Administrator and, in the exercise
of his price responsibilities under the law, the
Secretary of Agriculture, shall, subject to such
directives provided for by law as may be issued
by the Economic Stabilization Director, take
all necessary steps to assure that the cost of
living and the general level of prices shall not
rise. Subject to such authority, the Price Administrator and, in the exercise of his price
responsibilities under the law, the Secretary of
Agriculture, are authorized to make such adjustments in existing price controls as are necessary
to remove gross inequities or to correct maladjustments or inequities which would interfere
with the effective transition to a peacetime
economy. In order that any price increases
found necessary for these purposes will not result
in an increase in the cost of living or in the
general level of prices, the Price Administrator
and the Secretary of Agriculture respectively
shall ( i ) so far as is reasonable, practicable and
necessary for this purpose, see that such price
increases do not cause price increases at later
levels of production or distribution, and (2.) improve and tighten price controls in those fields
which are important in relation to production
costs or the cost of living in which in their
judgment the controls have heretofore been
insufficiently effective.
IV
1. The National War Labor Board, and such
other agencies as may be designated by the Director of Economic Stabilization with the approval of the Director of War Mobilization and
Reconversion, are authorized to provide that
employers may, through collective bargaining
with duly certified or recognized representatives
SEPTEMBER 1945




of the employes involved or, if there is no such
representative, by voluntary action, make wage
or salary increases without the necessity of obtaining approval therefor, upon the condition
that such increases will not be used in whole or
in part as the basis for seeking an increase in
price ceilings, or for resisting otherwise justifiable reductions in price ceilings, or, in the case
of products or services being furnished under
contract with a Federal procurement agency,
will not increase the costs to the United States.
7.. In addition to the authority to approve
increases to correct gross inequities and for other
specified purposes, conferred by Section 1 of Title
II of Executive Order 9150, the National War
Labor Board or other designated agency is
hereby authorized to approve, without regard to
the limitations contained in any other orders or
directives, such increases as may be necessary to
correct maladjustments or inequities which
would interfere with the effective transition to a
peacetime economy; provided, however, that in
dispute cases this additional authority shall not
be used to direct increases to be effective as of a
date prior to the date of this order.
Where the National War Labor Board or other
designated agency, or the Price Administrator,
shall have reason to believe that a proposed
wage or salary increase will require a change in
the price ceiling of the commodity or services
involved, such proposed increase, if approved
by the National War Labor Board or such other
designated agency under the authority of this
section, shall become effective only if also approved by the Director of Economic Stabilization.
3. Officials charged with the settlement of
labor disputes in accordance with the terms of
Executive Order 9017 and Section 7 of the War
Labor Disputes Act shall consider that labor
disputes which would interrupt work contributing to the production of military supplies or
interfere with effective transition to a peacetime
economy are disputes which interrupt work
contributing to the effective prosecution of the
war.
903

LAW DEPARTMENT

V
The War Production Board shall move as
rapidly as feasible without endangering orderly
reconversion and the stabilization of the economy to free business from its controls. During
the transition it shall use all of its authorized
powers to expand the production of materials
which are in short supply; limit the manufacture
of products for which materials or facilities are
insufficient* control the accumulation of inventories so as to avoid speculative hoarding and

unbalanced distribution which would curtail
total production; grant priority assistance to
break bottlenecks which would impede the
reconversion process; facilitate the fulfillment of
relief and other essential export programs, and
allocate scarce materials or facilities necessary
for the production of low-priced items essential
to the continued success of the stabilization

program.
HARRY S. TRUMAN
T H E WHITE HOUSE

August i

CURRENT EVENTS
Resignation of Mr. Preston as First Vice President of
the Federal Reserve Bank of Chicago.

Mr. H. P. Preston who had served as an officer
of the Federal Reserve Bank of Chicago since
March 2.1, 1933, and as the First Vice President
since March 1, 1936, resigned effective August
31, 1945, in order to accept the presidency of the
Hamilton National Bank of Knoxville, Tennessee.
Flection of Class A Director

On September 5, 1945, Mr. Clarence E. Hill,
Chairman of the Board, Northwestern National
Bank of Minneapolis, Minneapolis, Minnesota,
was elected a Class A Director of the Federal
Reserve Bank of Minneapolis to fill the unexpired portion of the term, ending December 31,
1946. Mr. Hill succeeds Mr. Shirley S. Ford,
deceased.
The Federal Reserve in World War II
In recent issues of the Burroughs Clearing House

there appeared two articles, entitled "The Federal Reserve in World War I I , " by Mr. M. S.
Szymczak, a Member of the Board of Governors
of the Federal Reserve System. Reprints of the
articles in limited number are available for distribution upon receipt of requests addressed to
the Board of Governors of the Federal Reserve
System, Washington Z5, D. C.
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System

904




during the period July 16, 1945, to August 15,
1945, inclusive:
Arkansas

Lewisville—Peoples Bank & Loan Company
Illinois
Mafcon—Mazon State Bank
Indiana
Cynthiana—The Cynthiana State Bank
Oklahoma

Claremore—Rogers County Bank
Oregon

Freewater—Bank of Commerce
Pennsylvania

Indiana—Farmers Bank & Trust Company of
Indiana, Pa.
.
The Savings & Trust Company ot
Indiana
Midland—Midland Bank
Tennessee

Ripley—Bank of Ripley
Sharon—The Bank of Sharon
West Virginia
Princeton—Princeton Bank & Trust Company
FEDERAL RESERVE BULLETIN

NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled August 2), and released for publication August 25. Figures shown on
charts may differ from preliminary figures used in text.
Industrial activity declined further in July and
the early part of August and was sharply curtailed in the latter part of the month as
munitions cutbacks were greatly accelerated.
Retail trade was maintained in July and early
August at a high level for this season of the year.

Cotton consumption was 14 percent below the
preceding month and was 11 per cent below last
July. Activity in the meatpacking, canning,
and baking industries, after allowance for seasonal changes, was down somewhat from June.
Production of alcoholic beverages rose sharply
as distilleries were released from industrial alcoINDUSTRIAL PRODUCTION
hol production. Activity in chemical, rubber,
Industrial production in July, the last full
month of high level production for war, was 2.12. and other nondurable goods industries declined
per cent of the 1935-39 average, according to the slightly.
Coal production declined about 5 per cent in
Board's seasonally adjusted index, as compared
July and the first part of August from the June
with n o in June. Following the surrender of
Japan most munitions contracts were cancelled, rate, while output of crude petroleum continued
and as a result it is expected that munitions out- to increase and was in record volume.
Contracts awarded for private construction
put and industrial production will show much
continued to rise sharply in July and were more
larger declines in August.
than three times the low level prevailing last
Production of aircraft declined about 20 per
summer, according to F. W. Dodge Corporation
cent in July and operations at shipyards and in
data. Contracts for privately-owned nonrcsiother munitions industries were reduced condential building showed the largest increase.
siderably from the June rate. Steel production
On August 2.1, all restrictions over the construcin July and the early part of August was about tion of industrial plants were removed.
5 per cent below the June level. In the week
DISTRIBUTION
following Japan's surrender activity at steel
mills decreased sharply to a rate of 70 per cent of
Department store sales declined much less than
capacity. Production of nonferrous metals con- is usual from June to July, and the Board's seatinued to decline in July, while output of lumber sonally adjusted index rose from zoi to 2.18 per
and stone, clay, and glass products was main- cent of the 1935-39 average. Sales in July were
tained.
15 per cent larger than in the corresponding
Production of most nondurable goods declined period last year. During the first two weeks of
somewhat in July, but as a group, output of August sales were about 20 per cent larger than a
these products was slightly above a year ago. year ago.
INDUSTRIAL PRODUCTION
Carloadings of most classes of railroad freight
260
declined somewhat in July and the early part of
£60
August and were below the volume shipped
240
240
during the same period last year. Shipments of
/
220
£20
l.c.l. merchandise, however, were at about the
/
£00
£00
same rate as prevailed during the same period
/
last year.
/
PHYSICAL VOLUME SEASONALLY ADJUSTED, l » l $ - 3 9 « 100 _

-

-

Y

r

-

-

-

-

-

-

Iy

COMMODITY PRICES

/I

r

v

100

•v—
•

\

1937

1938

1939

1940

1941

I94Z

1943

1944

eo
1945 •"

Federal Reserve index. Monthly figures, latest shown is for July.

SEPTEMBER 1945




Wholesale commodity prices generally showed
little change from the early part of July to the
early part of August. Following the announcement of peace negotiations prices of cotton and
grains declined somewhat—especially contracts

905

NATIONAL SUMMARY OF BUSINESS CONDITIONS

for delivery next year—while prices of most
other basic commodities continued unchanged.
Retail prices advanced somewhat further in
June. Food prices rose 2. per cent and retail
prices of clothing, housefurnishings, and miscellaneous items continued to show slight advances.
AGRICULTURE

Crop prospects improved during July and,
according to indications on August i, total output this year will be only slightly smaller than
the record volumes of 1 9 ^ and 1944. Of the
major crops only production of cotton, corn,
and apples is expected to be less than a year ago.
Marketings this summer of most livestock products except hogs have been about as large as, or
larger than, the high levels of recent summers.
BANK CREDIT

Loans and investments at reporting banks in
101 leading cities declined by i.z billion dollars
between the close of the Seventh War Loan and
mid-August. Reflecting repayments on advances made during the drive, loans for purchasing or carrying Government securities declined
by a billion dollars. Loans both to brokers and
dealers and to other bank customers decreased by
approximately 500 million dollars each, compared to drive and immediate pre-drive increases
of 1.1 billion and 1.8 billion dollars respectively.
While bank holdings of Treasury bonds continued their steady week-to-week increase,
holdings of bills and certificates, which had increased during the drive, began to decline again
WHOLESALE PRICES
1926-100

in late July and August. On balance, the total
portfolio of Government securities declined by
350 million dollars. Holdings of other securities showed a small increase over the six-week
period.
Following the close of the Seventh Drive,
deposits of businesses and individuals began to
increase again as Treasury expenditures transferred funds from war loan to private accounts.
The average level of required* reserves accordingly rose by about 500 million dollars between the drive-end low point and mid-August.
Reserve balances increased by about 300 million
dollars and excess reserves dropped by about 100
million to around 1.2. billion outstanding; this
was still somewhat above the generally prevailing in terdrive level of slightly less than a billion
dollars.
Member bank borrowing from the Federal
Reserve Banks, which had declined to a
minimum by the close of the Seventh Drive, increased by ^75 million dollars in the subsequent
six-week period ended August 15. Reserve
funds were also supplied to member banks
through an increase of 12.5 million dollars in
Government security holdings at the Reserve
Banks, as well as by temporary fluctuations in
other Federal Reserve Bank credit and in Treasury deposits at the Reserve Banks. Only partially offsetting increases in such funds were a
currency outflow of 520 million dollars and a
small decline in gold stock. The currency outflow during July, 360 million dollars, was the
largest in the past few months; early August
increases were also substantial.
MEMBER BANK RESERVES AND RELATED ITEMS
ILLIONS OF DOLLARS

—" 32.

V
1939
Bureau of Labor Statistics' indexes. Weekly figures. latest shown are
for week ending Aug. 25.

906




<""
1939

1940

1941

1942

I TREASURY DEPOSITS J
1943

1944

Z
i945

Wednesday figures, latest shown are for Aug. 22.
FEDERAL RESERVE BULLETIN

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES

PAOI

Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans;
guarantee fees and rates under Regulation V; rates on time
deposits; reserve requirements; margin requirements
Federal Reserve Bank statistics
Guaranteed war production loans
Deposits and reserves of member banks
Money in circulation
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions
All banks in the United States, by classes
All insured commercial banks in the United States, by classes
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances
Money rates and bond yields
Security prices and new issues
Corporate earnings and dividends
Treasury
finance
Government corporations and credit agencies
Business indexes
Department store statistics
Consumer credit statistics
Wholesale prices
August crop report, by Federal Reserve districts
Current statistics for Federal Reserve chart book
Changes in number of banking offices in the United States

909

910-911
911-915
915
915-916
917-918
918
919
910-911
911-913
914-917
918
919
93°~93I
932.
933~935
936
937~94^
947-949
95 O- 95 I
951
953
954-955
956

Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the
Board; index numbers of production are compiled bv the Board on the basis of material collected by other
agencies;figuresfor gold stock, money in circulation, Treasury finance, and operations of Government
credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned;
data on money and security markets and commodity oriccs and other scries on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Mtmtarj Statistic*; back
figures for most other tables may be obtained from earlier Bums-run.

SEPTEMBER 1945




9°7

MEMBER

BANK RESERVES AND RELATED ITEMS
WEDNESDAY FIGURES

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

30

30

•*"V.

JvjAv

TREASURY CASH AND DEPOSITS

1933

1939

1940

1941

1942

1943

1944

1933

1939

1940

1941

1942

1943

1944

1945

Wednesday figures, latest shown are for Aug. 25. See p. 909.

908




FEDERAL RESERVE BULLETIN

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[ In millions of dollars ]
Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
advances

Date

Total

and
:ertificates

All
other

Gold
stock
All
Total
other*

TreasOther
Treasury deFedury
Money Treas- posits
Noneral
curury
in cir- cash
memwith
Rerency culaFederal ber de- serve
outholdposits
tion
Reacstandings
serve
counts
ing
Banks

Member
bank reserve
balances

Total Excess 3

Monthly averages of
daily figures:
1944—May
June
July
1945—May
une
uly

160
155
35
633
590
163

13,716
14,920
14,745
20,754
21,271
21,593

1,102
2,279
.2,176
18,640
.8,488
.8,793

2,614
2,641
2,569
2,114
2,783
2,800

387
420
421
412
457
459

14,264
15,495
15,201
21,799
22,318
22,215

21,343
21,214
21,077
20,325
20,263
20,203

4,097
4,104
4,108
4,136
4,145
4,153

21,822
22,296
22,580
26,351
26,561
26,918

2,325
2,334
2,318
2,361
2,302
2,268

318
347
396
405
368
618

1,922
1,953
1,829
1,549
1,631
1,563

364
364
439
449
450

12,962
13,518
12,900
15,156
15,415
14,755

868
1,081
1,232
1,005
1,339
1,220

End of month figures:
1944—May 31
June 30
July 31
1945—May 31
June 30
July 31

236
13
37
875
46
302

14,251
14,901
14,915
20,954
21,792
21,717

.1,613
.2,254
12,447
8,824
18,994
18,906

2,638
2,647
2,468
2,130
2,798
2,811

272
358
374
303
466
340

14,759
15,272
15,325
22,131
22,304
22,359

21,264
21,173
20,996
20,270
20,213
20,152

4,101
4,104
4,109
4,144
4,145
4,199

22,160
22,504
22,699
26,528
26,746
27,108

2,310
2,296
2,346
2,331
2,279
2,258

307
650
3SB
362
599
586

1,946
1,870
1,779
1,589
1,668
1,516

355
364
363
440
450
449

13,046
12,866
12,855
15,296
14,920
14,794

836
1,380
975
1,038
1,585
J.O37

Wednesday figures'.
Oct. 4 . . . .
Oct. 1 1 . . . .
Oct. 1 8 . . . .
Oct. 2 5 . . . .

33
148
185
322

16,660
17,016
17,087
17,261

14,350
[4,699
14,768
14,922

2,3U
2,317
2,319
2,339

406
339
523
316

17,099
17,503
17,795
17,899

20,824
20,725
20,728
20,727

4,113
4,113
4,114
4,115

23,881
24,099
24,157
24,216

2,372
2,366
2,362
2,359

347
211
315
229

1,612
1,568
1,598
1,606

391
390
390
391

13,433
13,708
13,814
13,940

888
989
895
861

1....
8....
15....
22....
29....

359
401
357
473
S93

17,605
17,957
17,941
18,411
18,553

15,259
15,605
15,586
16,054
16,196

2,346
2,352
2,355
2,357
2,357

301
296
509
457
374

18,265
18,655
18,807
19,341
19,520

20,727
20,726
20,694
20,693
20,688

4,115
4,115
4,114
4,117
4,120

24,409
24,674
24,717
24,881
24,997

2,372
2,313
2,338
2,339
2,334

216
314
119
251
292

1,633
1,640
1,488
1,567
1,549

393
395
395
395
395

14,083
14,159
14,557
14,719
14,761

894
869
1,055
998
1,151

Dec. 6 . . . .
Dec. 1 3 . . . .
Dec. 2 0 . . . .
Dec. 2 7 . . . .

383
176
218
153

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

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

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

435
558
886
604

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

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

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

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

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

258
503
1,250
901

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

397
397
408
409

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

J

Nov.
Nov.
Nov.
Nov.
Nov.

355

1945—Jan.
Jan.
Jan.
Jan.
Jan.

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

30
130
129
141
176

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

15,927
;6,12O
;5,880
[5,880
.6,272

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

706
449
529
459
370

19,470 20,619
19,486 20,593
19,310 20,572
19,220 20,571
19,552 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

1,260
1.164
1,155
1,260
1,158
1,197
1,161
1,049 ,
869

Feb.
Feb.
Feb.
Feb.

7....
14....
21....
28....

200
230
294
321

19,062 6,340
19,181 ;6,465
19,231 •6,534
19,439 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. 7 . . . .
Mar. 14....
Mar. 2 1 . . . .
Mar. 28....

304
255
192
218

19,350
19,576
19,493
19,516

17,152
17,378
17,294
,7,326

2,198
2,19S
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.S36
25,834

2,365
2,364
2,360
2,356

28S
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. 2 5 . . . .

220
323
341
508

19,580
20,091
20,153
20,444

17,414
17,975
18,037
18,331

2,167
2,116
2,116
2,113

455
349
478
358

20,255
20,763
20,973
21,310

20,418
20,417
20,396
20,374

4,117
4,118
4,117
4,120

25,865
25,939
26,068
26,074

2,379
2,364
2,374
2,371

335
409
430
651

1,420
1,553
1,594
1,563

438
439
437
437

14,353
14,593
14,582
14,708

934
946
806
835

May 2 . . . .
May 9 . . . .
May 1 6 . . . .
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
2f103
2,113
2,120
2,132

358
318
432
327
349

21,406 20,374
21,589 20,352
21,587 20,351
21,980 20,271
22,258 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
June
June
June

6
13
20
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 3 . . . .
July 1 1 . . . .
July 18....
July 2 5 . . . .

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.
Aug.
Aug.
Aug.

399
353
312
400

21,877
21,910
21,869
22,296

19,066
19,099
19,058
19,466

2,811
2,811
2,811
2,829

342
601
447

22,564
22,606
22,782
23,142

20,152
20,151
20,130
20,088

27,130
27,269
27,351
27,506

2,260
2,269
2,257
2,248

678
538
398
671

1,532
1,588
1,643
1,557

14,861
14,833
15,004
14,992

1,063
1,066
1,132
*l047

1....
8....
15....
22....

4,198
4,197
4,198
4,201

454
457
458
458

** Preliminary.
* Includes industrial loans and acceptances purchased shown separately in subsequent tables.
* End of month and Wednesday figures are estimates.
. .
....
Back figures.-Stt Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.

SEPTEMBER

1945




9°9

FEDERAL RESERVE BANK D I S C O U N T RATES
[ID effect August 31. Per cent per annum]
Discounts for and advances to member banks

Advances secured by
Government obligations maturing or
callable in one year
or less (Sec, 13)

Federal Reserve Bank

Rate
Boston
New York....
Philadelphia..
Cleveland
Richmond;...,
Atlanta...
Cnicagq.......
St. L o u i s . . . . .
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 secured by
Government obligations
maturing or callable
beyond one year and Other secured advances
[Sec. 10(b)]
discounts of and
advances secured by
eligible paper 1
(Sees. 13 and 13a)
Rate

1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942

Rate

Effective
Sept. 1, 1939
Aug. 25, 1939
Mar. -21, 1942
Apr. 11, 1942
Mar. 14, 1942
Mar.- 21, 1942
Feb. 28, 1942
Mar. 14, 1942
Mar. 28, 1942
Apr. 11, 1942
Mar. 21, 1942
Apr. 4, 1942

Effective
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.

Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)

To nonmember banks
Rate

27, 1942
30, 1942
17, 1942
12, 1942
28, 1942
15, 1942
29, 1942
14, 1942
30, 1942
27, 1942
17, 1942
28, 1942

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

To others
Rate

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

2

f

V
2

Effective
Oct. 27, 1942
Oct. 30, 1942
Oct. 17, 1942
Oct. 27, 1942
Oct. 28, 1942
Oct. 15, 1942
Oct. 17, 1942
Oct. 27, 1942
Oct. 30, 1942
Oct. 27, 1942
Oct. 17, 1942
Oct. 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: IS days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners'Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act
(except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively);
and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last
paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439^43.

FEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum ]
Rate on
Aug. 31

Apr. 30, 1942

1

Treasury bills1
Bankers' acceptances:2
1- 90 days
91-120 days
121-180 days

In effect beginning—

H

Maturity

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

Previous
rate

IK

GUARANTEE FEES AND MAXIMUM INTEREST AND COMMITMENT RATES CHARGEABLE UNDER REGULATION
V O N LOANS GUARANTEED BY WAR DEPARTMENT,
NAVY DEPARTMENT, AND MARITIME COMMISSION UNDER EXECUTIVE ORDER N O . 9112
AND CONTRACT SETTLEMENT ACT
OF 1944
[Rates in effect August 31]
FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS

Percentage of loan guaranteed

80 or less
85
90
95
,
Over 95

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

MAXXUUU RATES THAT MAY B E CHARGED BOMOWERS BY
FINANCING INSTITUTIONS

[Per cent per annum }
Maximum rate of interest....
Maximum commitment rate.
J Guarantee fee is charged only on guaranteed portion of loan.
Based on average daily unused balance of the maximum principal
amount of the loan. The financing institution may, in the alternative,
charge a flat fee of not to exceed $50, without regard to the amount or
maturity of the commitment.




To industrial or
commercial
businesses

1
1

1 Established rate at which Federal Reserve Banks stand ready to buy
all Treasury bills offered. Effective Aug. 3, 1942, purchases of such bills,
if desired by the seller, were made on condition that the Reserve Bank,
upon request before maturity, would sell back bills of like amount and
maturity at the same rate of discount. Since May IS, 1943, all purchases
have been made subject to repurchase option.
2
Minimum buying rates on prime bankers' acceptances.
Backfigures.—SteBanking and Monetary Statistics, Table 117, pp. 443-445

2

FEDERAL RESERVE BANK RATES O N INDUSTRIAL LOANS
A N D C O M M I T M E N T S UNDER SECTION 13b
OF T H E FEDERAL RESERVE ACT*
Maturities not exceeding five years
fin effect August 31. Per cent per annum)!
To financing institutions
On discounts 01
purchases

Federal Reserve
Bank
On
loans^

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

On
On comcommit- Portion
Re- mitments
ments for which maining
instituportion
tion is
obligated

4
E

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.

2 S & S S ^ T d S i r f borrower byfinancinginstitution if lower.
8
Charge of K per cent is made on ^ d t t b u r ^ p o r U w i of toan.
Back figures-See Banking and Monetary Statistics,Table 118, pp. wrm.
MAXIMUM RATES O N TIME DEPOSITS
Maximum rates that may be paid by member banks; as. estabhshed by
the Board of Governors under provisions of Regulation y
[ Per cent per annum ]
Effective
Nov. 1,1933- Feb. 1,1935Jan. 1,1936
Dec.31,1935
Jan.31,1935
Savings deposits
Postal savings deposits...
Other deposits payable:
In 6 months or more....
In 90 days to 6 months.
In less than 90 days

38
2H
1

NOTE.-Maximum rates that may be paid by insured f
^
the
as established by the F. D. I. C., effective Feb. 1. "
same as those in effect for member banks. Under , Reflation marim"*
effect for member banks. W ^ « » S S n S e in
same as those in
bl by
b bank
y not in any event exceed tn m
eed tne
payable b a member b k may not in a
rate payable by State banks or trust companies on to deposits
the laws of the State in which the member bank is located.
FEDERAL RESERVE BULLETIN

MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]

MARGIN REQUIREMENTS*
[ Per cent of market value ]

Net demand deposits1

Time
deposits
Central Reserve
(all
Country member
reserve
city
city
banks)
banks
banks
banks

Period in effect

June 21,
Aug. 16,
Mar. 1,
May 1,
Apr. 16,
Nov. 1,
Aug. 20,
Sept. 14,
Oct. 3,

1917-Aug. 15, 1936
1936-Feb. 28, 1937
1937-Apr. 30. 1937
1937-Apr. 15, 1938
1938-Oct. 31. 1941
1941-Aug. 19, 1942
1942-Sept. 13, 1942
1942-Oct. 2,1942
1942 and after

13
19J4
22H
26

10
15

&
20
20
20

S*
24
22
20

10H
12
14
14
14
14

N o v . 1, Feb. 5,
19371945Fcb. 4, July 4,
1945
1945

Prescribed in accordance with Securities
Exchange Act of 1934
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks

k

6
5
6
6
6
6

Effective
July 5,
1945

40
50

50
50

75
75

40

50

75

1

Regulations T and U limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of the extension; tho ''marfiln
requirements" shown in this table are the difference between tho market
value (100%) and the maximum loan value.
Back fauns.—Sec Banking and Monetary Statistics, Table 145, p. 504.

^Demand deposits subject to reserve requirements, i.e., demand de*
posits other than war loan deposits, minus cash items in process of
collection and demand balances due from domestic banks.

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

' End of month

1945

Aug. 29

Aug. 22

Aug. 15

Aug. 8

1945

Aug. I

July 25

July 18

July 11

August

1944

July

August

Assets
.7,239,315 7,245,315 7,292,315 7,311,110 7,320,610 7,366,615 7,366,610 7,363,915 7,237,314 7,320,615 18,304,367
Gold certificates
Redemption fundforF.R.notes.
687,097
667,802
676,601
673,954
659,955
688,810
689,213
684,758
659,954
454.551
683,512
Total gold certificate
17,926,412 17,928,827 7,968,916 ,7,978,912 7,980,565 18,040,569 18,051,368 18,053,128 7,926,124 7,980,569 8,758,918
reserves
Other cash

220,293

210,377

215,219

212,503

229,587

208,099

206,216

202,184

221,255

229,792

209,408

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

431,519
10,720

388,634
10,700

311,534
700

352,464
700

398,470
730

228,693
730

125,320
730

72,149
730

351,574
10,720

301,328
730

94,374
975

442,239

399,334

312,234

353,164

399,200

229,423

126,050

72,879

362,294

302,C58

95,349

3,131
46

3,154
163

3,089
475

2,948
500

3,325

3,254

3,094
486

10,205

Total discounts and
advances
Industrial loans
Acceptances purchased. . . . . . . .
U. S. Government securities:
Direct:
Bills:
Under repurchase option
Other
Certificates:
Special
Other
Notes
Bonds
Guaranteed

2,98!

3,24

" 3,154

4,997,741 5,103,518 4,875,257 4,927,940 4,938,989 4,734,232 4,823,752 4,716,434 5,094,632 4,803,559 4,582,622
8,133,898 8,085,268 8,062,178 8,050,632 8,006,702 7,962,744 7,951,049 7,978,409 8,158,923 8,006,702 5,491,460
6,384,511 6,277,511 6,120,511 6,120,511 6,120,511 6,074,011 6,041,011 6,052,011 6,399,511 6,096,011 3,381,990
1,726,950 1,714,950 1,697,950 1,697,950 1,697,950 1,685,950 1,684,950 1,684,950 1,762,450 1,697,950 1,077,871
1,114,442 1,114,442 1,112,642 1,112,642 1,112,642 1,112,642 1,112,642 1,112,642 1,114,442 1,112,642 1,269,426
2,500

Total U. S. Government
securities, including
1,909,675 21,876,794 21,569,579 21 ,613,404 21,544,446 22,529,958 21,716,864 5,805,889
guaranteed securities. 22,357,542 22,295,659 21 ,868. 538 21
Other Reserve Bank credit out336,699
311,541
427,071
407,664
326,502
284,113
339,468
289,402
598,128
259,761
443,534
standing
Total Reserve Bank
credit outstanding

22,028,24, 23,206,947 22,359,20: 16,200,845

529 23:

Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve
account
U. S. Treasurer—general
account
Foreign
Other deposits

15,070,36: 14,991,665 15,003,783 14,832,650 14,860,576 14,698,795 14,659,998 14,570,406 15,010,534 14,793,630 13,071,563

Total deposits.,

17,045,310 17,220,374 17,045,154 16,957,934 17,070,712 16,831,739 16,902,22, 16,772,52' 17,139,31< 16,895,54; 15,206,020

Ratio of gold certificate reserve!
to deposit and F.R. note liabilities combined (per cent).

671,25'
398,19.
397,47!
1,167,951 1,170,239 1,091,53
551,64.
387,213
409,52:

43.8

43.'

23,151,38: 23,864,496 23,313,87 19,735,001

1,107 23:

183 23,

44.,

593,568
585,12!
689,720
677,724
537,715
1,148,28" 1,103,996 1,128,569 1,194,048 1,243,35:
358,45'
373,60.
410,80r
439,28:
428,41

44.

44.

45.

45.1

45.

551,61
1,149.16€
427,99?

43.

585,S3t
1,1O2,72<
413,65:

44.

381,464
1,401,168
351,825

53.7

MATURITY DISTRIBUTION OF LOANS AND U- S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
August 29,1945

U. S. Government securities
SEPTEMBER

1945




Total

442,239
2,987
22,357,542

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

20,525
12,800
19,100
389,814
55
686
27
4
8
2,005
4,956,010 4,099,965 1,791,150 3,876,011
3,934,987 2,170,627

lyear
to
2 years

104
273,800

2 years
to
5 years

98
507,652

Over
5 years

747,340

911

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

St.
Louis

Minneapolis

Kansas
City

Balks

San
Francisco

905, 2923 ,443,993
i,
924, 4503! 358,999
935, 56431,382,539
965,775 '3,324,888
943, 2 9 1 3., 393,830

522,310
516,249
529,813
535,836
523,726

291,760
292,229
299,781
294,885
294,034

9t0$$
534,782
546,428
577,948
549,684

424,906
429,404
437,178
451,965
434,804

495,633
,430,026
434,963
,487,853
,476,866

96,129
96,129
101,007
104,007
109,007

38,551
38,551
38,512
43,511
43,511

17,295
17,795
17,778
18,078
18,078

31,744
31,744
33,714
33,713
33,713

24,675
24,675
24,646
24,646
24,645

86,248
86,248
86,166
86,166
86,111

:
829,334
945,
1,545 3, , 540,122 560,861
810,352
964,,703 3,,455,128 554,800
822,898 975,
1,706 3,,483,546 568,325
851,515 1,005,91713,,428,895 579,347
839,599
983,431 3,502,837 567,237

309,055
310,024
317,559
312,963
312,112

570,779
566,526
580,142
611,661
583,397

9,681
9,553
8,838
8,916
8,922

4,539
4,408
4,221
4,395
4,908

11,712
12,434
11,171
11,734
11,270

9,737
8,821
8,862
8,961
9,088

25,423
24,066
22,720
24,117
25,277

7,930
11,530
9,650
8,650
10,400

650
1,300
4,700
950
8,100

8,500
13,150
11,650
10,650

875
875
75

8,500
8,000
4,962
8,682
18,932

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

Total
Assets
Gold certificates:
July 25
Aug. 1
Aug. 8
.'....
Aug. 15
Aug. 22
Redemption fund for
F. R. Notes:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Total gold certificate
reserves:
July 2 5 . . . .
Aug. 1
Aug. 8
Aug. 1 5 . .
Aug. 22
Other cash:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Discounts & advances:
Secured by U. S.
Govt. securities:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Other:
July 25
Aug. 1
;
Aug. 8
Aug. 15
Aug. 22
Industrial loans:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug.22
A
Acceptances purchased:
July 25
Aug. 1
Aug. 8 . .
Aug. 15
Aug. 22
U. S. Govt. securities:
Bills:
Under repurchase
option:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug.22
Other bills:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug.22
Certificates:
July 25
Aug. 1
Aug. 8
Aug. 15
I
Aug.22
'
Notes:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 2 2 . . . . .
Bonds:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug.22
Total U. S. Govt.
securities:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22..^

Boston

17,366,615
17,320,610
17,311,110
17,292,315
17,245,315

738,560
749,074
753,099
728,390
766,382

5,350,353
5,408,325
5,329,021
5,284,47'
5,168,275

782,295
819,555
786,168
781,629
804,714

,098,985
,103,026
,110,957
,064,450
,109,400

773,473
754,491
765,600
794,217
780,309

673,954
659,955
667,802
676,601
683,512

45,657
45,657
45,573
45,574
45,571

109,984
94,985
94,656
94,656
94,638

55,045
55t5i5
55,413
55,913
55,912

72,512
72,512
72,897
72,897
72,896

55,861
55,861
57,298
57,298
59,290

18,040,569
17,980,565
17,978,912
17,968,916
17,928,827

784,217
794,731
798,672
773,964
811,953

5,460,337!
5,503,310
5,423,676
5,379,135
5,262,913

837,340
875,100
841,581
837,542
860,626

1,171,497
1,175,538
1,183,854
1,137,347
1,182,296

208,099
229,587
212,503
215,219
210,377

18,048
17,197
16,017
15,333
15,725

34,826
62,160
57,480
54,445
50,930

17,257
16,714
15,130
14,893
15,463

21,888
20,978
19,583
18,288)
19,116

11,636
11,894
10,008
12,914
10,871

18,046
16,851
15,057
17,484
16,080

25,306
24,511
23,416
23,739
22,727

229,423
399,200
353,164
312,234
389,334

11,600
12,765
15,775
6,725
15,700

151,57<
242,114
174,625
157,075

3,380
14,150
10,620
3,195
10,835

335
330
9,080
28,330
3,675

7,586
11,936
9,777
16,527
20,277

1,900
8,900
5,850
6,150
6,100

26,593
74,150
96,400
65,300
92,400

10,000
2,948
3,089
3,154
3,131
3,247

195,265

7,650

2,047
2,215
2,230
2,221
2,413

375
350
350
350
300

300
300
300
300
300

500
475
163
46!

4,734,232
4,938,989
4,927,940
4,875,257
5,103,518

91,451
129,038
121,403
125,138
139,233

7,962,744
8,006,702
8,050,632
8,062,178
8,085,268

750,855
709,651
716,732
717,837
679,844

6,074,011
6,120,511
6,120,511
6,120,511
6,277,511

426,775
430,134
430,134
430,134
441,443

1,685,950
1,697,950
1,697,950
1,697,950
1,714,950

2,944,304,
2,968,578
2,989,113f
2,992,378
3,162,168

29,185
44,409
49,491!
38,0571
35,090

30,570
37,493
38,840
30,767
27,847

277,953
285,513
268,553
246,610
222,920

825,325
877,815
867,860
870,654
906,844

107,620
114,645
118,117
107,631
128.993

44,370
46,670
55,205
54,205
73,955

821,233
824,888
828,541
829,501
831,421

618,140 1,024,159
621,112 1,022,568
624,082 1,044,475
624,863' 1,046,387
,062,427
626,424 1

471,478
468,164
452,972
453,689
449,781

295,688
296,047
287,487
287,924
265,062

.,079,850
595,494 428,516 1, 161,597
594,437 447,312 1 178,963
584,459 448,555i 1
585,203 449,2041.,180,489
1,5641.
604,811 4 5 1 , - " ,243,416

579,636
584,304
584,304
584,304
599,981

381,602
384,535
384,535
384,535
394,425

324,936
327,334
327,334
327,334
335,466

790,166
796,038
796,038
796,038
815,917

306,943
309,154
309,154
309,154
316,676

161,649
162,971
162,971
162,971
167,407

280,44s|
282,702
282,702
282,702
290,276

261,310
263,294
263,294
263,294
270,004

592,269
596,912
596,912
596,912
612,552

127,515
128,440
128,440
128,440
129,779

160,887
162,096
162,096
162,096
163,910

105,922
106,677!
106,677
106,677
107,754

90,192
90,810
90,810
90,810
91,645

219,325
220,835
220,835
220,835
222,901

85,198
85,767
85,767
85,767
86,512

44,868
45,211
45,211
45,211
45,732

77,844
78,427
78,427
78,427
79,299

72,531
73,044
73,044
73,044
73,762

164,395
165,596
165,596
165,596
167,343

84,153
84,165
84,165
84,165
84,335

106,177
106,219
106,219
106,219
106,515

69,903
69,904
69,904
69,904
70,023

59,522
59,506
59,506
59,506
59,555

144,744
144,710
144,710
144,710
144,849

56,226
56,202
56,202
56,202
56,219

29,611
29,626
29,626
29,626
29,719

51,373
51,392
51,392
51,392
51,532

47,867
47 865,
' 47,865
47,865
47 9331

108,493
108,513
108,513
108,513
108,746

1,415, 208 1 ,113,
S.003, 719
1.590 3,
1,762 3,
1,061, 966
1,442, 902 1,128,
1,8323,
1,073, 918
1,444, 1 8 5 1 ,120,
1,078, 624
1,446, 4 0 4 1 ,119,013 3;
[,152, 938
1»467, 150 1 ,126,790 3,

1,027,465
1
1 ,033,932
1 ,022,212
1 ,012,443
1 ,038,181

209,741
237,155
215,905
209,420
232,731

116,365
110,775
129,825
128,110
96,510

36,548
56,898
54,528
55,787
63,527

677,590]
645,206
691,999
693,174
662,488

,199,741
,215,720
,192,367
,193,907
,208,030

1,508,874
1,520,150
1,520,150
1,520,150
1,558,317

459,403
462,983
462,983
462,983
475,047

118,458
119,327
119,327
119,327]
120,597

418,815
421,720
421,720
421,720
425,716

1,112,642
1,112,642
1,112,642
1,112,642
1,114,442

78,176
78,193
78,193
78,193
78,369

276,397
276,347
276,347
276,347
276,647

21,569,579
21,876,794
21,909,675
21,868,538
22,295,689

,465,715
,466,343
,465,789
,470,6291
,459,486

5,148,390
5,186,795
5,207,330
5,210,595
5,422,848




449,581 ,581,901
454,079 ,516,274
461,824 ,521,129
476,611 ,574,019
459,449 ,562,977

10,000
126
126
126]
126
123

500
475
163
46

912.

40,253
40,253
40,142
40,142,
40,140

,558,402 ,162,806
,557,949 ,179,114
,583,492 ,174,811
,578,182 ,174,636
,584,380!2,174,946

20,800
30,000
19,100
16,500
13,700

576, 186 1 ,034,344
580, 525 1 ,051,367

580,500| 1,046,471
579,937 1,035,781
8751
5 8 1 ~ " ,061,008

1,222,960
840,794 2,
',318,131
>,008 2,
869/
[,598 J,318,537
2;
871,
2,298,120
864,17' !, 354,977
,110 2,
871/'

FEDBSAL RESERVE

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
"* [In thousands of dollars I
Total
Total loans and sec:
July 25
Aug. 1
Aug. 8
Aug. IS
Aug. 22
Due from foreign
banks:
July 25
Aug. 1. „
Aug. 8
Aug. 15
Aug. 22
Federal Reserve notes
of other banks:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Uncollected items:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Dank premises:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22. . . . . . . .
Other assets:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22.
Total assets:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22.
Liabilities
Federal Reserve notes
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Deposits:
Member bank—reserve account:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
U.S. Treasurer—
eral account:
25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Foreign:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Other:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Total deposits:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Deferred availability
items:
July 25
...
Aug. 1
Aug. 8
Aug. 15
Aug. 22

r

21,802,450
22,279,558
22,266,156
22,183,949
22,698,270

Boston

,477,441
,479,234
,481,690
,477,480
,475,309

110
110
110
110
110

New
York

Philadelphia

Cleveland

5,300,464 1,563, 829 2 ,163,141
5,429,384 1,574, 314 2,179,444
5,382, 118 1,596, 342 2,183,941
"
5,367, 716 1,583, 598 2 ,203,004
5,628,113 1,597, 628 2,178,636

Rich*
mond

Minneapolis

Kansas
City

Dallas

San
Francisco

1,035,395
1,045,462
1,031,862
1,021,093
1,048,581

576,836
581,825
585,200
580,887
589,975

,042,859
,064,532
,058,136
,046,446
,068,673

841,669
809,883
871,673
864,174
871,110

,231,835
,326,481
,323,849
,307,152
,374,209

St.,
Louis

Atlanta Chicago

,422, 879 1,115,490 3,030,612
,454,921 1,137,662 3,136,416
,454,045 1,126.682 3,170,618
,463,012 1,125,163 3,144,224
508
,487,"" 1,132,890 3,245,638

HO
»40

97,488
91,446
91,299
91,473
90,712

4,002
4,487
4,385
4,746
5,662

17,442
15,923
17,741
16,115
16,405

5,736
5,943
5,910
6,334
6,896

4,680
3,542
4,338
3,983
4,248

7,690
9,373
7,750
6,277
5,588

8,582
8,091
6,704
7,528
7,579

9,139
9(994
8,978
9,533
8,808

6,641
4,348
6,089
4,907
5,674

3,350
3,075
2,550
3,025
3,280

4,895
4,030
4,655
3,511
4,973

3,264
3,421
2,706
2,825
3,136

22,067
19,219
19,493
22,689
18,463

1,746,655
1,769,210
1,682,707
2,093,564
2,013,169

126,060
128,234
123,495
142,063
154,714

397,877
370,685
323,804
406,551
401,838

101,724
102,276
100,037
105,053
114,439

170,759
178,386
1S2,139
181,263
197,930

120,558
129,473
131,087
144,106
151,650

97,864
107,543
110,745
141,085
114,848

281,822
286,425
287,626
449,660
332,511

73,173
74,029
129,173
85,071

72,694

41,185
40,088
41,543
55,910
51,511

92,252
101,844
92,458
105,943
113,292

64,610
62,651
60,830
72,790
70,719

179,250
188,432
184,914
159,967
224,646

34,015
33,965
33,965
33,965
33,955

1,582
1,577
1,577
1,577
1,577

8,784
8,766
8,766
8,766
8,766

3,373
3,373
3,373
3,373
3,373

4,036
4,036
4,036
4,036
4,026

,
2,1
2,!
2,1

1,587
1,586
1,586
1,586
1,585

3,141
3,134
3,134
3,134
3,134

2,086
2,081
2,081
2,081
2,082

1,239
1,237
1,237
1,237
1,237

2,626
2,620
2,620
2,620
2,620

859
853
853
853
853

1,894
1,894
1,894
1,894
1,894

63,914
61,381
60,604
62,359
64,707

4,532
4,142
4,239
4,392
4,588

14,416
12,880
13,479
14,042
14,513

4,723
4,403
4,548
4,682
4,854

6,024
5,675
5,853
6,025
6,279

4,101
4,302
3,894
4,093
3,884

3,539
3,754
3,449
3,509
3,679

9,133
9,161
8,442
8,386
8,682

3,454
3,348
3,366
3,455
3,757

1,653
1,540
1,590
1,642
1,738

2,959
3,101
2,751
2,848
3,015

2,742
2,840
2,581
2,752
2,884

6,638
6,235
6,412
6,533
6,834

41,993,300
42,445,822
42,326,256
42,649,555
43,040,127

2,415,889
2,429,609
2,430,082
2,419,562
2,469,535

11,234,
,186 2 ,533,992 3, !,O35 21,399, 0112, ,190,657 6,,899,289
,542,
11,403,148 2,582, 133 3, ,609 2!,423, 128 2,,240, 194 6,924,783
,567,
11,227,104 "!,566,931 3,553, 754 2,432,495 2,,239,933 6,985, 774
1,432,
. .
11,246,810 2,
1,276
485 3,
,553,956 2,484,730 2,,302,^ 7,067,585
,124,351
11,383,
289 ,592,541
1,518 2\ss$,— 3;
1,603,

1,690,815
1,692,768
1,694,593
,748,975
1,721,327

937,860
942,200
953,903
960,062
964,764

,728,085
,755,"""
090
,751, 936
,784,766
,787,243

,371,112 4,254,527
554,559 I,
170 ,269,206
566, 696 1,395,"" 4,
582,654 1,403,650 4 ,296,424
5 9 6 525 1,406,246 4,313,83'
," 1
612,746 1,411,650 4,342,661

976,358
984,755
990,650
994,653
998,993

509,487
512,168
516,321
518,547
521,870

860,761
872,902
878,656
881,484
884,229

582,152 2,940,305
593,435 2,957,945
593,982 2,970,63^
982 2,971
595,515 2,985,040'
596,634 3
1,003,245-

652,685 2,140,962
662,757 2,182,191
675,887 2,193,719
703,837 2,211,010
667,821 2,237,901

548,257
546,874
-358,225
564,850
557,857

325,790
m, 6 1
0
333,972
343,918
329,4V

711,063
723,898
725,220
749,437
738,400

663, 086 1 ,746,415
690,522 1,753,590
692,115 1,750,285
705, 049 l,760,E061
684,691 1,795,767

23,193,972 1,456,876 5,116, 820 1,535, 109 2,035,908
23,340,654 1,462,130 5,144, 985 1,541,364 2,039,898
23,473,107 ",468,704 5,167,019 1,552,395 2,052,022
23,555,115 ,463,041 5,182,506 1,556,523 ^,061,198
523 2
506 1
23,694,181 ,471,131 5,207,337 1,566,893 2,076,792

1,372,465 5,049,016
1,402,551 5,082,609
1 ,409,332 5,080,419
1,428,969 ",096,379
1,417,242 5,214,308

14,698,795
14,860,576
14,832,650
15,003,783
14,991,665

684,353
662,604
675,331
685,347
684,964

4,738,901
4,799,321
4,701,747
4,715,623
4,747,354

593,568
677,724
537,715
39S,195
671,257

47,579
71,966
61,200
39,689
68,554

139,864
230,548
132,561
126,429
208,345

50,707
44,141
60,367
25,073
49,391

63,879
93,50$
69,020
42,159
56,476

44,271
37,177
17,097
25,734
29,556

17,884
24,911
16,540
17,452
23,318

77,026
42,349
70,638
22,322
88,530

36,566
32,281
20,200
6,858
27,556

29,842
24,399
30,342
20,756
30,580

24,706
19,871
16,118
8,433
19,203

22,341
19,271
19,249
14,100
22,776

38,903
37,302
24,383
49,190
46,972

1,128,569
1,103,996
1,148,287
1,091,531
1,170,239

72,839
72,479
73,060
71,569
77,125

=450,330
*441,058
*456,595
1419,912
456,530

93,288
90,993
95,334
92,475
98,105

92,228
89,959
94,251
91,424
96,990

44,524
43,429
45,500
44,136
46,823

37,103
36,191
37,917
36,780
39,019

137,812
134,422
140,834
136,610
144,928

31,803
31,020
32,500
31,525
33,445

24,382
23,782
24,9V
24,170
25,641

31,803
31,020
32,500
31,525
33,445

31,803
31,020
32,500
31,525
33,445

80,654
78,623
82,379
79,880
84,743

410,807
428,416
439,282
551,645
387,213

6,337
4,467
4,942
4,582
2,921

318,674
326,910
347,281
345,255
297,321

3,269
4,274
2,935
2,791
3,475

9,536

8,678
9,617
8,404
9,011

4,896
5,785
4,978
4,538
6,240

4,563
5,743
3,572
17,686
2,842

5,239
6,513
5,699
62,855
5,289

12,175
13,533
13,043
40,202
11,731

2,343
2,664
2,519
12,11
1,887

1,092
3,569
2,124
7,199
1,473

1,464
1,97
862

1,025
989

41,219
44,309
41,710
44,994
44,034

16,831,739
17,070,712
16,957,934
17,045,154
17,220,374

811,108
811,516
814,533
801,187
833,564

5,647,769
5,797,837
5,638,184
5,607,219
5,709,550

874,697 1,309,792
872,388 1,336,126
891,754 1,316,689
872,858 1,289,503
898,157 1,305,713

709,392
714,648
716,805
738,279
739,695

628,801
623,708
623,968
643,435
630,589

382,357
384,446
391,750
400,958
387,520

768,664
778,358
775,962
796,594
792,521

718,694
742,784
744,726
751,699
741,90:

,907,191
,913,824
,898,757
,934.870
,971,516

1,420,263
1,485,207
1,343,349
1,495,546
1,569,745

111,922
119,816
110,305
118,862
128,283

290,885
281,227
241,889
276,524
285,584

145,480
140,559
133,751
151,746
158,322

109,313
115,996
107,073
123,798
123,253

66,615
65,125
60,713
91,602
72,366

31,524
30,908
31,052
25,786
40,262

79,845
84,886
78,305
87,588
91,367

53,385
48,109
52,316
63,345
60,180

156,125
165,256
165,262
130,509
193,350

727,433 1,144,149
_
732,980 1,143,981
1
733,118 1,143,801
"
!,519 1 ,147,516
752,
747,
,186 1 ,143,236

78,367
122,384
76,589
79,736
91,762

615,701
628,257
649,230
663,871
657,076

712,235 2,361,039
729,602 2,365,475
916 ,410,890
733," 2;
:
,
775, 755 2, 432,797
733,000 2 ,476,648
85,799
93,845
80,680
98,487
93,550

211,003
217,096
205,414
247,563
231,466

i After deducting $70,000 participations of other Federal Reserve Banks on July 25; Aug. 1; Aug. 8; Aug. 15; and Aug. 22.
» After deducting $676,337,000 participations of other Federal Reserve Banks on July 25; $659,702,000 on Aug. 1; $691,170,000 on Aug. 8; $670,442,000 on
Aug. 15; and $711,264,000 on Aug. 22.
SEPTEMBER

1945




STATEMENT OB CONDITION OF T H E FEDERAL RESERVE BANKS, BY
[In thousands of dollars]
Total

Other liabilities including accrued div.: •
July 25
Aug. 1
Aug. 8
,
Aug. 15
Aug. 22
Total liabilities:
July 25
Aug. 1
Aug. 8.
Aug. IS
Aug. 22

New
York

Boston

8,054
8,301
9,112
9,337
9,772

Philadelphia

1,629
1,696
1,936
2,149
2,178

716
724
1,015
822
822

Richmond

Cleveland

576
611
654
713
673

St.
Louis

Minneapolis

City

Dallas

San
Francisco

1,207
1,214
1,197
1,236
1,319

347
368
365
376
367

279
415
466
416
704

390
447
430
444
420

365
303
318
33S
412

745
805
849
849
915

1,793 2,
1,169,532 6,,827, 776
2,373,
2,397,800 2:, 218,993 6,,852,991
2,407,044 2,,218,645 6,,913,925
2,459,131 2,280,923 6,,995,433
2,476,228 2,,238,639 7 ,052,094

1,672,121
1,673,956
1,675,696
1,730,066
1,702,315

923,647
927,937
939, 589
"
945,707
950,""
356

1,709,660
1,736,593
".,733,333
1
1,766,110
',768,537
1

,354,596
,384,631
,391,342
,410,897
,399,127

,004,364
,037,830
,035,498
,051,268
,169,026

529
460
512
529
534

885
882
971
1,030
989

,
2,380,622 11,057, 103 2!,488, 749 3,,492,065
186
,745 2,536,747 3,517,465
2,394,*"" 11,225,
392
2,394,557 11,049,028 2,521,""" 3,,503,433
2,383,912 11,068,398 " ',830 3i,503,477
!509
2,433,800 11,204,649 2,557,485 3,541,816

41,454,028
41,904,874
41,783,502
42,105,152
42,494,072

Atlanta Chicago

WBEKS-Continued

386
376
399
435
439

Capital Accounts

Capital paid in:
July 25
Aug. 1
Aug. 8
Aug. I S . . . . . . . . . .
Aug. 22
Surplus (section 7):
July 25
Aug. 1
Aug. 8.
Aug. 15
Aug. 22
Surplus (section 13b):
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Other capital accounts:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
To taxabilities and
capital accounts:
July 25
Aug. 1.
Aug. 8
Aug. 15
Aug. 22
Commitments to make
industrial loans:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22

171,032
171,092
171,452
171,509
171,631

10,368
10,368
10,373
10,374
10,367

60,578
60,590
60,856
60,857
60,870

12,859
12,877
12,912
12,925
12,934

17,269
17,272
17,290
17,310
17,369

6,883
6,884
6,897
6,900
6,900

6,178
6,180
6,180
6,180
6,183

20,454
20,455
20,458
20,466
20,499

5,501
5,506
5,510
5,510
5,510

3,711
3,711
3,717
3,721
3,721

5,627
5,631
5,634
5,635
5,636

5,777
5,786
5,788
5,789
5,790

15,827
15,832
15,837
15,842
15,852

228,153
228,153
228,153
228,153
228,153

15,239
15,239
15,239
15,239
15,239

84,903
84,903
84,903
84,903
84,903

19,872
19,872
19,872
19,872
19,872

19,071
19,071
19,071
19,071
19,071

7,813
7,813
7,813
7,813
7,813

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

33,201
33,201
33,201
33,201
33,201

7,048
7,048
7,048
7,048
7,048

4,950
4,950
4,950
4,950
4,950

6,196
6,196
6,196
6,196
6,196

6,025
6,025
6,025
6,025
6,025

15,899
15,899
15,899
15,899
15,899

27,165
27,165
27,165
27,165
27,165

2,880
2,880
2,880
2,880
2

7,143
•7,143
7,143
7,143
7,143

4,468
4,468
4,468
4,468
4,468

1,007
1,007
1,007
1,007
1,007

3,290
3,290
3,290
3,290
3,290

762
762
762
762
762

1,429
1,429
1,429
1,429
1,429

527
527
527
527
527

1,073
1,073
1,073
1,073
1,073

1,137
1,137
1,137
1,137
1,137

1,307
1,307
1,307
1,307
1,307

2,142
2,142
2,142
2,142
2,142

112,922
114,538
115,984
117,576
119,106

6,780
6,936
7,033
7,157
7,249

24,459
24,767
25,174
25,509
25,953

8,044
8,169
8,287
8,390
8,530

12,623
12,794
12,953
13,091
13,278

7,232
7,341
7,451
7,596
7,682

6,249
6,323
6,410
6,475
6,576

16,429
16,707
16,761
17,056
17,128

5,618
5,731
5,812
5,824
5,927

4,479
4,529
4,574
4,611
4,664

5,465
5,533
5,616
5,688
5,737

4,760
4,802
4,870
4,951
4,993

10,784
10,906
11,043
11,228
11,389

2,415;889 11,234,,186 2
1,657 6, 899, 289
:,542, 035 2,399,011 2,190,.
992 3,
2,429,609 11
,403,,148 2,
1,582,133 3,567, 609 2., 4 2 3. ,128 2, i, 194 6, 924,783
— 2,240,
2,430,082 11,227,,104 2 ,566,931 3,553, 754 2,432,495 2,239,933 6, 985,774
,432,
2,419,562 11,246,
>,810 2 ,555, 485 3,553, 956 2,484,730 2,302,
"
!,276 7 067,585
,484,
2,469,535 ",383,518 2;
11
1,603,
1,096
,592, 541 2,
,913 2,260,1 7, 124,351

1,690,815
1,692,768
1,694,593
1,748,975
1,721,327

41,993,300
42,445,822
42,326,256
42,649,555
43,040,127
5,428
5,169
5,152
5,159
4,856

3,615
3,447
3,430
3,438
3,219

225
225
225
225
100

376
376
376
376
376

300
300
300
300
300

5,
937, 860 1,728,085 1,372,465 J,O49tO16
."
942, 200 1 ,755,090 1,402,551 5,082,609
936
953,903 1,751,— 1,,409,332 5,080,419
1
960,062 1,784, 766 .,428,969 5,096,379
964,764 1,787,243 1,417,242 5,214,308
200
19;
.193
193
193

50

642
60S
60S
607
648

FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS* BY WEEKS
(In thousands of dollars]
Total
Federal Reserve notes outstanding (issued to Bank):
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Collateral held against notes
outstanding:
Gold certificates:
July 25
Aug. 1
Aug. 8
Aug. 1 5 . . . . . . . . . . . . . . .
Aug. 22
Eligible paper:
July 25
Aug. 1
•Aug. 8
Aug. 15
Aug. 22
U. S. Govt. securities:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Total collateral:
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22

914



868,609
954,411
073,111
157,442
317,827

,159,000
,379,000
,304,000
,336,000
,316,000
199,720
314,945
241,759
212,454
287,159

Boston

New
York

Philadelphia

Cleveland

1,498, 461 5,,259,054 1,583, 293 2,078,185
1,500, 180 5 ,261,422 1,588,961 2,079,417
1,496, 505 5,303,379 1,592,035 2,088,554
035
1,494,447 5,316,779 1,602,457 2,102,514
7
1,508, 4815
'" 1,345," " 1,616, 7912 ,120, 872
446
^

620,
620,
620,
620,
620,

000 3i, 320,000
000 3: 520,000
,
000 3,
!,52O,OOO
000 3!
1,520,000
000 3 , 520,000
!

11,600
12,765
15,775
6,725
15,700

151,574
242,114
174,625
157,075
195,265

493,000
493,000
493,000
500,000
520,000
3,380
14,150
10,620
3,195
10,835

635,000
635,000
640,000
655,000
675,000

Richmond

1,588, 776
1,596,479
1,614,111
1,620,842
",639,269
1

525,000
525,000
525,000
525,000
525,000

Atlanta

Chicago

«.„„„,
1,427,',457 4 ,319, 589 1,011,614
,327,
1,438, 807 4,327,898 1,029,387
•-""-•
1,447,
,754 4 ,363,781 1,027,211
204
1,452,839 4 ,375,821 1,039,204
1,462,131 4,402,""" 1 ,041,621
403

630,000 2 ,445,000
650,000 2 ,445,000
650,000 2 ,365,000
660,000 2 ,365,000
670,000 2,,295,000

7,586
11,936
9,777
16,527
20,277

142,620
974,645
088,117
127,631
273,993

900,000 2,000,000 1 ,100, 0001 ,450,000 ,100,000
900,000 ,800,000 1 100,000 1,450,000 .100,000
900,000 1,800,000 1 ,100, 000 1,450,000 1 ,100,000
1
900,000 ,800,000 ,100,000 1,450,000 1 ,100,000
9 0 0 ,0001 ,800,000 100,000 1,450,000 1 ,125,000
""

501,340
668,590
633,876
676,085
877,152

,531,600 5,471,574
,532,765 5,562,114
,535,775 5,494,625
1,725 5,477,075
. 5 2 6.~ " 5
,535,700 5,515,265 1

St.
Louis

800,000 1, 900,000
800,000 1, 900,000
800,000 2, 000,000
800,000 2,,050,000
800,000 2, 150,000

Minne- Kansas Dallas
apolis City

San
Francisco

614,907 3,087,080
666
518,__. 881,527 6201617 3,090,559
;524 < .
520,160 O897,959 625, 930 3,092,579
900,
rt
" " 313 "
~"
,479
525;787 900,479 625, 395 3 ,100,878
907 906,134 624, 986 3 ,119,786

,574,000
300,000 173 .000 280,000 164 ,000 1,574,000
300,000 173 m 2s6;6oo i64,oooi ,574,000
300 000 173,000 280,000 164,
280,000 164,000 1
,574,000
300,000 173,000 280,000 164,
280,000 164,000 1,574,000
300,000 173,000 280,000 164,
',000 1
8,500
650 8,500
7,930
8,000
11,530 1,300 13,150
4,962
11,650
9,650 4,700
8,682
950 10,650
8,650
18,932
10,400 8,100 7,650
000 460,000 1 ,600,000
1,000 650,
832,620 350,
000 485,0001 600,000
839,645 350,000 650, 000 485,000 1 600,000
645 350,
843,117 360,000 650,
000 485,000 1 600,000
832,631 360,000 650,i000 485,000 1 ,600,000
853,993 360,000 650,
,182,500

500 624,000 3
596, 380 21,085,000 1 ,632,586 430,000 4,,345,000 1 ,140, 550 523,650 938, 150 649,000 3 182,000
607, 150 2,085,000 1 ,636,936 450,000 4,,345,000 1 ,151, 175 524,300 943, 650 649,000 3, 178,962
603, 620 2 ,090,000 1 ,634,777 ,450,000 4,,365,000 1 ,152, 767 537,700 941, 650 649,000 3, 182,682
281533,950 940,
603, 195 2, 105,000 1,641,527 1 ,460,000 4 ,415,000 1 ,141,281
650 649,000 3, 192,932
"
630,835 2,125,000 1 ,670,277 1 ,470,000 4 ,445,000 1 ,164, 393 541,100 937,

FEDERAL RESERVE

WAR PRODUCTION LOANS GUARANTEED BY WAR DBPARTMENT. 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
Number

Total
amount

Amount

Portion
guaranteed

Additional
amount
available to
borrowers
under guarantee agreements
outstanding

1942
Tune 30
Sept. 3 0 . . . .
Dec. 3 1 . . . .

565
1,658
2,665

310,680
944,204
2,688,397

1943
Mar. 3 1 . . . .
Tune 30
Sept.30
Dec. 31 . . . .

3,534
4,217
4,787
5,347

3,725,241
4,718,818
5,452,498
6,563,048

999,394 1,865,618
1,245,711
1,428,253 1,153,756 2,216,053
1,708,022 1,413,159 2,494,855
1,914,040 1,601,518 3,146,286

1944
Mar. 31
June 30

5,904
6,433

7,466,762
8,046,672

2,009,511
2,064,318

680,046 3,615,963
735,777 3,810,797

Sept.30
Oct. 31
Nov. 30
Dec. 3 0 . . . . .

6,882
7,051
7,237
7,434

8,685,753
8,985,617
9,133,750
9,310,582

1,960,785
1,895,733
1,776,539
1,735,970

,663,459
,611,873
,507,709
,482,038

4,301,322
4,367,332
4,476,988
4,453,586

1945
Jan. 31
Feb. 23
Mar. 31
Apr. JO
May 3 1 . . . . .
June 30
July 3 1 . . . . .

7,581
7,720
7,885
8,047
8,217
8,421
8,552

9,407,853
9,517,272
9,645,323
9,872,866
10,015,377
10,149,265
10,241,550

1,700,632
1,646,160
1,599,120
1,558,270
1,479,847
1,386,851
1,274,238

,448,995
,402,646
,365,959
,332,050
,272,137
,190,944
,091,654

3,911,058
3,964,830
3,963,961
4,002,772
3,994,726
3,694,618
3,627,297

81,108
427,918
803,720

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

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]
Applications
approved
to date

Ap
Commit- ParticiDate Oast
proved Loans
out- 2 ments pations
Wednesday or
but not
outoutcom- standing
last day of
standing
pleted^ (amount) standing (amount)
period)
(amount)
Number Amount (amount)
1934..
1935..
1936..
1937..
1938..
1939..
1940..
1941..

984
1,993
2,280
2,406
2,653
2,781
2,908
3,202

49,634 20,966
124,493 11,548
139,829 8,226
150,987 3,369
175,013
1,946
188,222 2,659
212,510 13,954
279,860 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
Tune 2 4 . . .
Dec. 3 1 . . .

3,352
3,423

338,822
408,737

26,346
4,248

11,265
14,126

16,832
10,661

3,452
3,471

475,468
491,342

3,203
926

13,044
10,532

12,132
9,270

19,070
17,930

1944
Mar. 3 1 . . .
June 30...
Sept.30...
Dec. 30...

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

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

1,408
45
645
1,295

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

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

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

1945
Jan. 31...
Feb. 28...
Mar. 3 1 . . .
Apr. 30...
May 3 1 . . .
Tune 30....
July 3 1 . . .

3,491
3,492
3,493
3,500
3,502
3,502
3,503 ,

526,659
527,700
528,936
533,037
535,117
537,331
538,624

560
585
85
1,370
220
70
130

4,066
3,921
4,214
4,553
4,339
3,252
3,199

3,461
3,547
3,321
3,285
4,392
5,224
5,165

2,405
2,371
2,365
2,361
2,697
2,501
2,455

Month,
or
week ending Friday

Total reserves held;
1944—June
July
1945—June
July
une 29
uly 6
uly 13
uly 20
uly 27
Aug. 3
Aug. 10
Aug. 17
Excess reserves:
1944—June
July
1945—June
July
June 29
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Borrowings a t Federal
Reserve B a n k s :
1944—June.
July
1945—Tune
July
June 29.
July 6.
July 13..
July 20.,
July 27.,
Aug. 3.
Aug. 10.
Aug. 17.

All
rncrabcr
banks*

Central reserve
city banks

Reserve
city
v S Chicago banks
York

Coun-

13,518
12,900
15,415
14,755

3,857
3,525
4,211
3,930

876
839
937
895

5,339
5,129
6,072
5,834

4,195
4,096

14,808
14,707
14,737
14,788
14,791
14,817
14,883
14,995

3,924
3, RKO
3,887
3,931
3,978
3,998
3,W9
3,934

894
883
892
899
896
898
hOS
906

5,864
5,824
5,829
5,846
5,847
5,873
5,942
6,032

4,126
4,121
4,129
4,112
4,071
4,047
4,105
4,124

1,081
1,232
1,339
1,220

20
19
30
17

3
8
8
10

312
390
370
328

746
816
932
£66

1,395

l,327
1,206
1,099
1,054
1,118
p
l,145

30
20
16
17
19
15
10
12

8
8
10
8
8
6
6
7

398
416
365
311
276
264
286
318

959
954
936
870
796
769
816

154
34
590
164

59
6
399
76

53
10
132
54

42
18
58
S3

207
41
97
170
235
347
385
358

131
21
43
99
104
149
153
137

48
15
2S
45
80
139
165
162

27

c
l,398
e

3,444
3,406

28
26
51
59
66
59

c
P Preliminary.
Corrected.
* 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 MENfBER BANKS IN LARGE A N D
SMALL CENTERS 1
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population

July 1944.
June 1945 .
July 1945.
Boston
New York. ..,
Philadelphia.
Cleveland....

In places of under
15,000 population

Demand
deposits
except
interbank 2

26,430
17,305

1943
June 30...
Dec. 3 1 . . .

MEMBER BANK RESERVES AND BORROWINGS
(Averages of daily figures. In millions of dollars)

Demand
deposits
except
interbank 2

13,674
15,243
16,035
2,164
3,258
1,138
1,421

Richmond.
Atlanta....
Chicago....
St. Louis...

1,270
1,381
2,031
567

Minneapolis...
Kansas City...
Dallas....,
San Francisco..

490
459
787
1,068

Time
deposits

5,182
6,600
6,746
738
1,703

597
741
376

1,116
263
220
69
98

469

Time
deposits

8,154
9.823
10,324
325
1,039
854
960

3,592
4,551
4,659
191
933
690
637

747
586
1,379
857

354
156
719
208

556
1,273
1,244
504

322
163
51
235

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.
. . . .
,
. 4.
NOTE —The difference between amount of applications approved ana the
sum of the following four columns represents repayments of advances, and
applications for loans and commitments withdrawn or expired.

SEPTEMBER 1945




* Includes any banks in outlying sections of reserve cities which have
been given permission to carry the same reserves as country banks. AH
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.

915

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
posits

Other

Demand Net dedeposits mand
deadjusted3 posits4

Time
deposits6

Demand
balances
due
from
domestic
banks

Reserves with Federal
Reserve Banks

Total

Required

Borrowings at
Federal
Reserve
Excess Banks

2

First half of July 1945
All member b a n k s

97,032

12,554

20,991

63,487

59,394

65,711

21,927

6,498

14,738

13,384

1,354

87

C e n t r a l reserve city b a n k s
New York
Chicago

27,548
6,033

4,295
1,208

7,289
1,427

15,964
3,399

14,727
3,173

19,010
4,205

1,136
660

59
183

3,888
894

3,870
881

18
13

42
1

Reserve city b a n k s
Boston
New York
Philadelphia
Cleveland...
Richmond
Atlanta
Chicago
St. Louis..
Minneapolis
Kansas City.....
Dallas
San Francisco

35,818
2,607
603
2,827
4,436
2,159
2,195
4,371
2,061
1,157
2,889
2,324
8,191

5,825
320
. 29
382
573
334
588
492
595
292
988
578
654

7,355
873
120
720
969
568
347
881
393
294
404
402
1,383

22,639
1,414
454
1,725
2,894
1,257
1,260
2,998
1,073
571
1,497
1,344
6,154

20,678
1,323

8,796
246
181
1,051
357
338
1,550
266
136
285
258
3,977

1,998
53
24
72
187
130
155
303
113
72
322
275
292

5,830
339
107
407
731
342
371
733
317
157
461
384
1,481

5,447
327
101
394
677
295
336
692
304
153
416
322
1,429

383
11
6
13
53
47
36
41
13
4
45
62
52

23

5,559

24,594
1,591
432
1,916
3,072
1,367
1,576
2,994
1,439
723
1,997
1,535
5,952

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

27,633

1,226
99
S9
13
28
198
241
70
157
73
85
144
30

4,921
657
1,119
423
469
375
311
612
193
170
174
206
212

21,486
1,836
3,217
1,582
1,911
1,650
1,671
2,808
1,229
877
1,548
#1.799
1,358

20,817
1,751
3,084
1,539
1,862
1,568
1,615
2,752
1,192
851
1,525
1,760
1,318

17,902
1,648
2,826
1,323
1,553
1,378
1,461
2,271
1,075
729
1,166
1,374
1,097

11,334
923
2,614
1,279
1,376
687
530
1,822
467
539
251
147
699

4,259
210
359
234
341
406
412
561
280
200
454
543
258

4,126
348
694
339
418
306
300
554
226
175
246
286
233

3,186
286
553
262
300
234
236
427
179
134
178
201
196

940
62
141
77
118
72
64
127
48
41
67
85
38

22
3
12
1

2,592
4,424
2,018
2,408
2,223
2,223
3,490
1,579
1,120
1,807
2,149
1,600

426

1,606
2,682

1,154
1,136
2,793
953
502
1,320
1,226

151

Second half of July 1945
All member b a n k s

96,005

12,128

19,121

64,756

61,044

67,273

22,172

6,159

14,771

13,678

1,093

236

Central reserve city b a n k s :
New York
Chicago

27,065
5,921

4,132
1,153

6,556
1,275

16,378
3,492

15,296
3,275

19,421
4,251

1,154
662

54
184

3,968
897

35,509
2,626
592
2,771
4,409
2,104
2,146
4,303
2,048
1,132
2,895
2,291
8,191

5,647
309
27
349
550
319
552
480
582
285
992
561
641

6,760
843
109
681
885
519
314
798
354
268
367
366
1,257

23,103
1,475
456
1,741
2,975
1,266
1,281
3,025
1,112
\ 578
1,537
1,364
6,294

21,295
1,391
431
1,638
2,773
1,176
1,170
2,837
998
518
1,365
1,264
5,735

25,148
1,654
439
1,916
3,141
1,396
1,584
3,039
1,479
737
2,059
1,583
6,119

8,884
153
248
182
1,061
361
339
1,567
266
138
289
260
4,018

1,882
47
20
71
186
108
145
289
105
68
308
248
288

5,838
348
106
403
734
323
359
731
322
159
463
371
1,519

15
7
276
8
3
9
42
22
22
29
11
3
34
39

108

Reserve city b a n k s
Boston
New York
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

3,953
890
5,563
340
103
394
692
301
337
702
312
156
429
332
1,465

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

27,510

1,196
90
82
17
28
195
232
69
152
72
86
142
29

4,038
198
311
217
330
370
391
528
269
193
451
523
257

4,068
338
669
331
414
305
293
546
227
173
246
294
232

3,272
293
565
268
309
243
238
439
183
137
184
214
199

796
45
104
63
105
62

44
4
27
1

,

2,575
4,343
1,998
2,410
2,205
2,186
3,468
1,579
1,117
1,828
2,199
1,602

4,531
612
1,025
390
427
344
287
558
180
159
160
191
197

21,783
1,873
3,235
1,591
1,955
1,665
1,666
2,841
1,247
885
1,582
1,866
1,376

21,178
1,795
3,114
1,552
1,909
1,593
1,616
2,791
1,213
862
1,561
1,831
1,340

18,453
1,695
2,898
1,358
1,613
1,434
1,474
2,342
1,102
746
1,207
1,464
1,120

11,472
934
2,655
1,295
1,381
697
534
1,848
473
544
254
150
708

84
7
4
6
2
2
46
6
1
7

H

•54

107
44
36
62
80
33

1
Averages of daily closingfiguresfor reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are base
on deposits at opening of business.
, n( j
2
Figures include Series E bond deposit accounts, but do not include certain other demand deposits of the U. S. Government with member bants a »
therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote 3.
, fh n w a r
* Preceding column minus (a) so-called "float" (total cash items in process of collection) and (b) U. S. Government demand deposits (ptner iu
loan4and Series E bond accounts) on the latest available call report date.
.
, iwtimi and
Demand deposits subject to reserve requirements, i.e., demand deposits other than war loan deposits, minus cash items in process ol conecuuu ^
demand balances due from domestic banks.
..
B Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Keport.




FEDERAL RESERVE BULLETIN

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

Total
in cir~
culation*
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410

Cob and small denomination currency2
Total

Coin

$13

442
452
478
517
537
550
590
648
751
880

402
423
460
499
505
524
559
610
695
801

Large denomination currency1

$10
33
32
33
35
33
34
36
39
44
55

719
771
815
906
905
946
,019
,129
,355
,693

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

$20

Total

$50

$100

$500

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

1,360
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

usi

1,576
1,800
2,545
4,096
4,531
4,681
4,778
4,931
5,102
5,211
5,347
5,561
5,705
5,742
5,832
5,905
6,040
6,198
6,326
6,388
6,562
6,731
6,960
7,157
7,224
7,242
7,381
7,539
7,754
7,911
8,193
8,400

$1,000 $5,000 $10,000
237
216
239
265
288
327
425
523
556
586

5
7
7
6
17
20
30
24
9

Unassorted
8
10
5
8

10
7
16
18
12
32
32
60
46
25

5
2
4
4
3

4,391
16,660 12,428
58
804
,741
904
4,232 1,131 2,128 312
621
26
15
1
17,114 12,789
59
824
914
,785 4,526
4,326 1,159 2,186 319
630
22
10
1
4,565
17,421 12,960
61
834
,793
929
4,462 1,195 2,259 329
648
21
10
2
17,955 13,334
62
843
,836 4,719
943
4,622 1,237 2,347 341
667
20
10
18,529 13,715
64
858
,878 4,853
4,816 1,293 2,453 353
960
687
22
9
2
18,844 13,891
64
4,951 1,327 2,535 360
,887 4,893
970 866
698
20
11
2
19,250 14,135
65
872
5,118 1,366 2,636 373
,902 4,962
987
713
20
11
3
19,918 14,598 1,006 886
68
5,323 1,416 2,761
,950 5,127
729
19
10
2
20,449 14,871 1,019 909
70
5,580 1,481 2,912
,973 5,194
749
407
22
9
2
20,529 14,817 1,013 880
69
5,715 1,509 2,992 418
,940 5,174
767
21
9
3
20,824 15,004 1,018
70
877
5,823 1,534 3,054 426
,952 5,255
777
22
9
3
5,265
21,115 15,100 1,029
70
881
6,017 1,576 3,152 444
,951
814
22
9
1
21,552 15,342 1,039 885
70
6,212 1,618 3,270 456
,964 5,344
836
23
9
22,160 15,731 1,055
72 2,003 5,498
903
6,431 1,668 3,371 473
887
23
9
2
5,544
22,504 15,925 1,065
72 2,010
906
6,581 1,699 3,458 481
912
22
9
2
22,699 16,034 1,077 910
73
6,667 1,722 3,516 487
911
2,016 5,569
22
9
2
My
23,292 16,410 1,092 921
75
6,884 1,780 3,642 502
929
2,053 5,706
22
9
2
August
23,794 16,715 1,105 937
75 2,078 5,789
7,081 1,829 3,765 516
939
22
9
2
September
24,425 17,089 1,125 948
76 2,103 5,877
7,339 1,893 3,918
963
532
23
10
2
October
25,019 17,461 1,144 962
78 2,129 5,990
7,561 1,946 4,056 546
981
23
10
3
November..... 25,307 17,580 1,156 987
81
7,730 1,996 4,153
990
555
24
10
2,150 5,983
3
December
25,290 17,456 1,150 950
77 2,102 5,936
7,837 2,022 4,228 566
990
21
10
3
1945—January.
25,751 17,778 1,158 953
75 2,135 6,076
7,974 2.059 4,317 571
994
24
10
1
February
6,132
25,899 18,000 1,170 954
73
7,900 2,088 4,266 550
965
23
9
1
2,132
March
26,189 18,353 1,180 957
73
7,837 2,126 4,210
932
527
33
9
1
2,151 6,238
April
26,528 18,715
73
972
7,814 2f159 4,192
909
513
33
1
2,186 6,377
May
6,515
26,746 19,183 1,196 981
73 2,215
7,565 2,132 4,044 483
868
31
2
1,205
June
27,108 19,599 1,223 995
73
7,511 2,139 4,013
847
472
32
2
2,250 6,659
July
* 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
destroyed.
* Paper currency ,only; $1 silver coins reported under coin.
Back figures*—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars!
Money in circulation1

Money held in the Treasury
Total outstanding, As security
July 31,
against
1945
gold and ' Treasury
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total.
Standard silver dollars
Silver bullion
•
Silver certificates and Treasury notes of 1890..
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National bank notes
Total-July 31, 1945.
June 30, 1945.
July 31,1944.

20,152
18,032
23,955
4,199

18,032

494
1,575
•7,013
830

338
1,575

For
Federal
Reserve
Banks
and
agents

*2,12O

July 31,
1945

June 30,
1945

July 31,
1944

52
22,867
3,827

54
18,951
3,694

52
23,139
3,917
127

15,165

2,815
729
230

125

105

181
15
4
22
5
1

86
52

1,732
800
296
322
521
119

1,652
788
292
323
527
120

1,579
707
266
322
590
125

3,775
3,746
3,798

27,108

27

306
347
527

121
19,945
19,924
20,684

Money
held by
Federal
Reserve
Banks and
agents

2,258
2,279
2,346

15,165
15,239
16,008

26,746

22,699

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. 909, and seasonally adjusted figures in table on p. 918.
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. L . ,
„
.
.
,
. . ..
.
••..*.
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.
NOTE —There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii)

bv the deoosit with Federal Reserve agents of a like amount of gold certificates or of gold certificates ana such discounted or purchased paper as is eligible
under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, t against Federal Reserve
notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the
Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of.retirement.

SEPTEMBER 1945




917

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

MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—
unadjusted
for seasonal
variation

Bate
End of year figures:

Amount—
adjusted for
seasonal
variation

1943

1944
Monthly averages of daily
figures:
1943—December
1944—January....
February...
March
April
May
June
July
August
September.
October....
November.,
December..

19,944
20,367
20,635
21,027
21.484
21,976
22,408
22,625
23,104
23,572
24,112
24,664
24,957

+423
+268
+392
+457
+492
+432
+217
+479
+468
+540
+552
+293

25,167
25,527
25,928
26,219
26,537
26,694
26,972
27,530

+210
--360
--401
--291
-318

+157
+278
+558

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.

Increase
in gold
stock

8,238
10,125
* 11,258
12,760
14,512
17,644
21,995
22,737
22,726
21,938
20,619

1934=.
1935..
1936..
1937..
1938..
1939..
1940..
1941..
1942..
1943..
1944 .

+437

20,428
20,635
20,964
21,312
21,822
22,296
22,580
22,988
23,525
24,112
24,738
25,207
25,243
25,527
25,850
26,009
26,351
26,561
26,918
27,392

1945—January...
February.
March....
April
May
June
July
August...

20,243

Gold
stock
at end
of period

Period

+742
+1,134
+2,428
+4,250
+5,039
+4,858

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

1939
1940
1941
1942

Change in
seasonally
adjusted
series1

4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3,132.0

4,351.2
741.8
-10.3
-788.5
-1,319.0

Earmarked DomesNet gold gold; de- tic gold
crease producimport
or intion^
crease (-)
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
315.7
68.9
-845.4

82.6
.2

-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
-803.6
-459.8

92,9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8

-96.6
3.0
1944—July.......
20,996
-60.9
-177.1
2.7
2.8
August
20,926
—69.7
-109,1
-27.4
3.1
September.
20,825
-101.2
-72.0
-22.6
2.9
-98.4
October . . .
20,727
-63.4
3.0
-34.7
-38.3
November.
20,688
-12.0
2.8
-46.3
—69.6
December.
20,619
-17.0
2.5
-58.2
-69.0
1945—January...
20,550
J
2.3
-37.4
-43.8
February..
20,506
1.9
2.4
-87.3
-46.9
20,419
-19.1
March....
2.3
-45.1
-53.2
20,374
2.4
April
2.6
-66.9
-103.3
20,270
-18.3
Itfay
2.5
96.0
-57.3
20,213
-83.8
June
-100.3
-60.6
20,152
-7.0
July.
e-63.0
^20,088
<*)
*-64.6
Aug
p
5-329.8 p18.8
20,0S8
P-531.1
(4)
Jan.-Aug.
v Preliminary.
f Figure carried forward.
1 Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on p . 000, 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 $3o a
fine ounce thereafter.
, „ .
lt .
s
Includes gold in the Inactive Account amounting to.27 million dollars
on Dec. 31, 1936, and 1,228 million on Dec. 31,1937.
6
GoidyhefdVundereearmark at the Federal Reserve Banks amounted to
4,267.0million dollars on Aug. 31, 1945. All of this was earmarked direct y
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 Stattfcs, Tabl: 156,
pp. 536-538, and for description of statistics see pp. 522-523 in the same
publication.

BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollarsl
Debits to total deposit accounts except
interbank accounts

Year and month
Total, all

reporting
centers

New
York1
City

Other
140 other reporting
centers1 centers^

Annual rate of
turnover of total
deposits except
interbank

Debits to demand
deposit accounts
except interbank
and Government

Annual rate of
turnover of demand
deposits except
interbank and
Government

333 other
reporting
centers

1936
1937
1938
1939
1940
1941
1942—old series 3 ..
1942—new series3.,
1943
1944

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

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

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

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

16.1
16.5
17.1

13.1
11.7
10.8

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

72.909
69,124
70,389
73,891
77,775
91,281
82,756
70,249
81,077
74,139
81,724
r
98,024

28,474
26,165
26,860
28,558
30,016
37,678
34,990
29,065
31,884
29,413
33,678
41,725

37,588
36,332
36,765
38,336
40,381
45,490
40,305
34,724
41,722
37,846
40,643
r
47,716

6,847
6,627
6,764
6,997
7,378
8,114
7,461
6,461
7,471
6,881
7,403
8,583

16.2
13.9
16.1
16.9
18.7
21.4
18.6
17.7
17.0
17.2
18.8
22.0

10.3
9.2
10.2
10.3
11.5
11.9
9.9
9.7
10.0
9.9
10.1
11.3

New
York
City

100 other
leading
cities

New
York
City

100 other
leading
cities

204,831
193,143
164,945
167,939
167,373
193,729

New
York
City

200,337

202,267
215,090
186,140
200,636
217,744
270,439
308,913

258,398
298,902

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

25,423
21,722
23,827
24,672
25,464
33,064
30,826
25,416
28,924
25,115
28,384
36,951
29,190

32,934
30,988
31,882
33,498
34,676
40,559
34,801
30,024
36,008
32,430
34,418
41,870
32,662

24.8
19.0
21.4
20.9
21.6
30.0
27.0
24.3
22.9
20.8
21.4
28.9
25.6

18.0
15.2
16.2
16.0
17.2
20.4
16.9
16.0
16.1
15.5
15.3
18.9
16.1

'Revised. » National series for which bank debit figures are available beginning with 1919.
„
. i ,*„ iot centers.
* Annual figures for 1936-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include w era m o n t h s o {
* See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series tor nrsi *u
1942 partly estimated.
*
^ ^ i t s from which

'

918

"

"

L*2te?^:#^^

>f turnover.have been computed have likewise been reported by most banks and have been estimated for others. Debits to ae
em ber
its, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed haye been
reporieuy
le
in 101 leading cities since 1935; yearlv turnover rates b this series differ slightly from those shown in Banking and Monetary Statistics,
54t due to differences in method of computation.
FEDERAL RESERVE BULLETIN




DEPOSITS A N D C U R R E N C Y - A D J U S T E D DEPOSITS OF ALL BANKS A N D CURRENCY OUTSIDE
[Figures partly estimated, In millions of dollars)
Total
deposits
adjusted
and
currency
outside
banks

Total
demand
deposits
adjusted
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

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
36,172

26,179
26,366
19,172
19,817
30,687
':9,597
29,730
31,761
33,360
36,194
38,661
42,270

1944—July
August
September.
October
November.,
December..
1945—January17...
• February*"..
March*3
April"
May"
June p
July p

Demand
deposits
adjusted 1

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
51,938
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

139,300
139,200
139,100
139,900
143,200
150,988

82,700
86,000
87,700
92,300
95,800
90,435

118,100
117,500
116,900
117,100
119,900
127,483

151,100
150,900
150,700
151,000
152,700
163,000
163,700

End of month

Total
deposits
adjusted

92,300
93,900
95,300
98,300
101,100
94,200
97,900

127,400
126,700
126,500
126,500
127,900
137,900
138,200

United
States
Government
deposits*

BANKS

Time deposits
Currency
outside
banks

Tout

Commercial
banks 1 *

Mutual
savins*
banks 4

Postal
Savings
System*

28,611
28,189
21,656
21,715
25.905
26,218
26,236
26,305
26,791
27,059
27,463
27,738

19,557
19,192
10,819
11,019
14,513
14,779
14,776
14,776
15,097
15,258
15,540
15,777

8,905
8,838
9,621
9,4S8
10,125
10,170
10.209
10,278
10,433
10,523
10,631
10,658

1,895
1,837
8,402
8,048
10,424
19,506

27,879
27,729
27,320
28,431
30,260
32,748
35,720

15,928
15,884
15,010
16,352
17,543
19,224
21,217

10,648
10,532
to,395
10,064
11,141
11,738
12,471

149
159
1,186
1,208
1,267
1,269
1,251
1.251
1,261
1,278
1,292
1,303
1,303
1,313
1,315
1,415
1,576
1.786
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
18.8.17
20,831

61,500
64,300
65,500
69,500
72,500
66,930

20,300
16,100
13,500
8,700
8,200
20,763

36,300
37,100
37,900
38,900
39,200
39,790

21,600
22,200
22,800
23,500
23,700
24,074

12,600
12,800
12/XX)
U.UX)
13,200
13,376

2,100
2,100
2,200
2,300
2,300
2,340

21,200
2I,7(JO
22,200
22,800
23,300
23,505

68,600
69,700
71,100
73,800
76,300
69,100
72,400

18,300
15,600
13,400
9,800
8,200
24,600
20,800

40,500
41,400
42,000
42,900
43,400
44,200
45,000

24,600
25,200
25,700
26,300
26,700
27,100
27,700

13,500
13,700
13,800
14,000
14,100
14,400
14,600

2,400
2,500
2,500
2,000
2,600
2,700
2,700

23,700
24.200
24,200
24,500
24,800
25.100
25,500

381
158
852
1,016

666
S24
599
889
792
846
828
753
753

p
1
2
3
4
5

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

POSTAL SAVINGS SYSTEM
[In millions of dollars]

Total,
all
banks

Assets
End of month

Depositors'
ances 1 Total

Cash
indeposi-

U. S. Government
securities
Direct

banks Total
1934—Dec
1935-Dec
1936—Dec
1937—Dec
1938—Dec
1939-Dec
1940-Dec
1941-Dec
1942—Dec
1943—Dec

1,207

1,237

1,201
1,260
1,270
1,252
1,279
1,304
1,314
1,417
1,788

1,237
1,296
1,308
1,291
1,319
1,348
1,396
1,464
1,843

540
287
145
131
86
S3
36
26
16
10

597
BS3
1,058
1,097
1,132
1,192
1,224
1,274
1,345
1,716

467
706
892
931
965
1,046
1,078
1,128
1.220
1,716

Guaranteed
130
147
167
167
166
146
146
146
126

Cash
reserve
funds.
etc. 3
100
98
93
80
73
74
88
95
102
118

1944—July
Aug
Sept
Oct
Nov
Dec

2,084
2,140
2,198
2,257
2,305
2,342

2,147
2,202
2,262
2,323
2,374
2,411

8
8
8
8
8
8

2,006
2,050
2,110
2,165
2,214
2,252

2,006
2,050
2,110
2,165
2,214
2,252

133
143
143
150
152
152

1945—Jan
Feb
Mar
Apr
May
June
July

2,404
2,458
2,513
2.563
2,609
2,659
*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

162
164
156
175
170
169

Number of banks suspended:

....

1945—Jan.-Aug

15

22
8
9
4
1
0

1

» .

Nonm ember
banks

State

1
4

Deposits of suspended banks
(in thousands of dollar*) : 2
125,991
1934-39
1940
1941
1942
1943
1944
1945—Jan.-Aug

National

291

1934-39
1940
1941
1942
1943
1944

Member
banks

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

256
3,144
4,932

Noninsured

26,548

189

81

IS
3
6
2
1

6

2

14,616

Insured

3
1
3

44,348

40,479

5,341
503
1,375
1,241
405

346
79
327

Represents banks which, during the periods shown, closed temporarily

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

Back jigures.Sez
Banking and Monetary Statistics, pp. 283-292; for
description, see pp. 281-282 in the same publication.

* Preliminary.
1
Outstanding principal, represented by certificates of deposit.
2
Includes working cash with postmasters, 5 per cent reserve fund and
miscellaneous working funds with Treasurer of United States, accrued
interest on bond investments, and accounts due from late postmasters.
Back figures.—Set Banking and Monetary Statistics,

p. 519; for descrip-

tion, see p. 508 in the same publication.

SEPTEMBER 1945




919

ALL B A N K S I N THE U N I T E D STATES, B Y CLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments

Deposits
Other

Investments

Class of bank
and
call date

Total

Loans
Total

U.S.
GovernOther
ment
obliga- securities
tions

Total*

Interbank^

Number
of banks
Demand

Time

AU 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*

48,831
50,885
54,170
61,101
78,137
87,881
96,966
108,707
119,461
129,600

21,261
22,169
23,751
26,616
23,915
22,241
23,601
25,424
26,015
28,000

27,570
28,716
30,419
34,485
54,222
65,640
73,365
83,284
93,446
101,600

17,953
19,402
20,983
25,488
45,932
57,748
65,932
75,737
85,885
93,600

9,617
9,314
9,436
8,997
8,290
7,892
7,433
7,547
7,561
8,000

61,319
68,225
75,963
81,780
99,796
107,224
117,661
128,605
141,449
151,400

7,484
9,883
10,941
10,989
11,318
10,895
11,012
11,219
12,245
12,600

28,695
32,492
38,518
44,316
61,395
67,554
75,561
83,588
91,644
97,150

25,140
25,850
26,504
26,476
27,083
28,775
31,088
33,797
37,559
41,650

15,207
15,035
14,895
14,825
14,682
14,618
14,579
14,553
14,535
14,543

All commercial b a n k s :
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 3 1 . . . . . . . . .
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
105,530
114,450

16,364
17,243
18,792
21,711
19,217
17,660
19,117
21,010
21,644
23,650

22,305
23,424
25,130
29,011
48,174
58,974
65,978
74,722
83,886
90,800

15,071
16,300
17,759
21,788
41,373
52,458
59,842
68,431
77,558
84,000

7,234
7,124
7,371
7,223
6,801
6,516
6,136
6,290
6,329
6,800

51,041
57,702
65,305
71,248
89,132
96,083
105,923
116,133
128,072
137,000

7,484
9,883
10,941
10,989
11,318
10,895
11,012
11,219
12,245
12,600

28,695
32,492
38,518
44,316
61,395
67,554
75,561
83,588
91,644
97,150

14,862
15,327
15,846
15,944
16,419
17,634
19,350
21,326
24,183
27,250

14,652
14,484
14,344
14,277
14,136
14,073
14,034
14,009
13,992
14,001

All Insured commercial b a n k s :
1938—Dec. 31
1939—Dec. 30.
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . . . . . .
1942—Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30

37,470
39,289
42,556
49,288
66,240
75,270
83,507
93,936
103,382

16,021
16,863
18,394
21,258
18,903
17,390
18,841
20,729
21,352

21,449
22,426
24,161
28,030
47,336
57,880
64,666
73,207
82,030

14,506
15,566
17,063
21,046
40,705
51,534
58,683
67,085
75,875

6,943
6,859
7,098
6,984
6,631
6,347
5,983
6,122
6,155

49,772
56,069
63,461
69,411
87,803
94,563
104,094
114,145
125,714

7,254
9,523
10,539
10,654
11,144
10,681
10,705
11,038
12,074

27,849
31,483
37,333
43,061
60,504
66,509
74,309
82,061
89,761

14,669
15,063
15,589
15,697
16,154
17,374
19,081
21,045
23,879

13,655
13,531
13,438
13,426
13,343
13,298
13,270
13,264
13,263

All member b a n k s :
1938—Dec. 3 1 . . . . .
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

32,070
33,941
37,126
43,521
59,263
67,155
74,258
83,587
91,569
99,426

13,208
13,962
15,321
18,021
16,088
14,823
16,288
18,084
18,676
20,588

18,863
19,979
21,805
25,500
43,175
52,332
57,970
65,503
72,893
78,838

13,223
14,328
15,823
19,539
37,546
46,980
52,948
60,339
67,685
73,239

5,640
5,651
5,982
5,961
5,629
5,352
5,022
5,164
5,208
5,599

43,363
49,340
56,430
61,717
78,277
84,016
92,262
101,276
110,917
118,378

7,153
9,410
10,423
10,525
11,000
10,552
10,555
10,903
11,884
12,230

24,842
28,231
33,829
38,846
54,523
59,670
66,438
73,488
79,774
84,400

11,369
11,699
12,178
12,347
12,754
13,794
15,268
16,884
19,259
21,748

6,338
6,362
6,486
6,619
6,679
6,703
6,738
6,773
6,814
6,840

All national banks:
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—June 30
Dec. 31
1944—June 30
Dec. 30
1945—June 30

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
46,823
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
S3,69&

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

S t a t e member 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

11,168
12,130
13,478
15,950
21,687
24,350
26,759
30,244
33,261
36,249

4,738
4,940
5,316
6,295
5,905
5,649
6,171
6,870
7,196
8,219

6,429
7,190
8,162
9,654
15,783
18,701
20,588
23,373
26,065
28,030

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

* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller o
Currency and the Federal Deposit Insurance Corporation for national banks and insured banks respectively.
* Estimated. Figures have been rounded to the nearest 50 million.
„
. . n V a _nf? s2 5 mil. 1 Beginning June 30,1942, excludes reciprocal bank balances, which on Dec. 31,1942 aggregated 513 million dollars at all member bants anu
exclu
lion at all insured commercial banks
bank
n
_. h a n k s a r e
l
- ^ ^ l l banks.''
Vi t h r e u m ^ t u , a l ,*"*£» b a n k s > w i t h t o t a l deposits of 8 million dollars, became
th '/member banks" and "insured mutual savings banks," are not included in "co
es in

noninsured nonmemhw cnmmwrial hanlm" fimif« w>fia,*+ n^n^motUr tU*

its, I

_r

,

Back Mures".—See Banking andfiomtarySUUiVt^

91O




.„..„». i « .wuuu uuu m . w u n i u w w u

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)
Loans and investments
Class of bank
and
call date

Total

Loans
Total

All nonmomber 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*

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

;

Noninsured nonmember commercial
banks:
193S—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31* *
1943—June 30
Dec. 31
1944—June 30
Dec. 30

All m u t u a l 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 e
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

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.

DepotiU

Investments

Other

U.S.
GovernOther
ment
obliga- securities
tions

Total*

Inter-1
bank

Number
of banks
Demand

Time

6,598
6,726
6,796
7,208
8,135
9,486
10,847
12,155
13,972
15,050

3,156
3,281
3,471
3,693
3,132
2,840
2,832
2,929
2,971
3,050

3,442
3,445
3,325
3,515
5,003
6,647
8,014
9,226
11,002
12,000

1,848
1,971
1,936
2,251
3,829
5,482
6,899
8,099
9,880
10,800

1,594
1,474
1,389
1,264
1,174
1,165
1,115
1,128
1,122
1,200

7,678
8,362
8,875
9,539
10,864
12,076
13,671
14,869
17,168
18,600

331
473
518
464
318
343
457
315
362
350

3,853
4,260
4,689
5,470
6,872
7,884
9,123
10,100
11,870
12,750

3,493
3,629
3,668
3,605
3,674
3,849
4,091
4,453
4,936
5,500

8,314
8,122
7,858
7,661
7,460
7,373
7,299
7,23V
7,181
7,164

5,399
5,348
5,429
5,774
6,984
8,123
9,258
10,360
11,824

2,813
2,901
3,074
3,241
2,818
2,570
2,556
2,648
2,678

2,586
2,447
2,356
2,533
4,166
5,553
6,702
7,712
9,146

1,283
1,238
1.240
1,509
3,162
4,557
5,739
6,752
8,197

1,303
1,209
1,116
1,025
1,004
996
962
960
949

6,409
6,729
7,032
7,702
9,535
10,557
11.842
12,880
14,809

101
113
116
129
145
129
149
135
190

3,007
3,252
3,504
4,215
5,981
6,839
7,870
8,573
9,987

3,300
3,365
3,411
3,358
3,409
3,589
3,823
4,172
4,632

7,317
7,169
6,952
6,810
6,667
6,598
6,535
6,494
6,452

1,199
1,378
1,367
1,434
1,151
1,363
1,588
1,795
2,148

343
380
397
452
314
270
276
281
292

856
998
969
982
837
1,094
1,312
1,514
1,856

565
733
696
742
667
925
1,160
1,347
1,682

291
265
273
239
170
169
153
168
174

1,269
1,633
1,843
1,837
1,329
1,519
1,829
1,989
2,358

230
360
402
335
173
214
307
181
171

846
1,008
1,185
1,255
891
1,045
1,253
1,527
1,883

193
264
257
247
265
260
269
281
304

997
953
906
851
793
775
764
745
729

10,162
10,218
10,248
10,379
10,746
11,248
11,871
12,976
13,931
15,150

4,897
4,926
4,959
4,905
4,698
4,581
4,484
4,414
4,370
4,350

5,265
5,292
5,289
5,474
6,048
6,666
7,387
8,562
9,560
10,800

2,883
3,102
3,224
3,700
4,559
5,290
6,090
7,306
8,328
9,600

2,382
2,190
2,065
1,774
1,489
1,376
1,297
1,257
1,232
1,200

10,278
10,523
10,658
10,532
10,664
11,141
11,738
12,471
13,376
14,400

10,278
10,523
10,658
10,532
10,664
11,141
11,738
12,471
13,376
14,400

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

461
605
637
642
740
1,013
3,073
3,111
3,110

511
724
1,018
1,050
1,267
1,691
4,452
5,378
6,113

280
422
548
629
861
1,264
3,844
4,752
5,509

232
303
470
421
405
427
608
626
604

1,012
1,409
1,818
1,789
2,048
2,739
7,534
8,235
8,910

1,012
1,409
1,818
1,789
2,048
2,739
7,534
8,235
8,910

48
51
53
52
56
61
184
192
192

9,190
8,889
8,593
8,686
8,739
8,544
4,345
4,487
4,708

4,436
4,321
4,322
4,263
3,958
3,568
1,411
1,302
1,260

4,754
4,568
4,271
4,424
4,781
4,975
2,935
3,185
3,448

2,603
2,680
2,676
3,071
3,698
4,026
2,246
2,554
2,819

2,150
1,857
1,595
1,353
1,084
949
689
631
629

9,266
9,114
8,840
8,743
8,616
8,402
4,204
4,236
4,466

9,266
9,114
8,840
8,743
8,616
8,402
4,204
4,236
4,466

507
500
498
496
490
484
361
352
351

For footnotes see opposite page.

SEPTEMBER 1945




92-1

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

CommerTotal
cial,
loans
inand
dudinvest- Total
:: ing
ments
openmarket
paper

. S. Government obligations

Loans for
purchasing
or carrying
securities

Real- ConAgriOther
es-culTo
tate sumer loans Total
tural brok- To loans loans
ers
and othdealers

Obliations
of
tates ther
and secuCerGuar- olititifities
Total
ancal
cates
Bills of in- Notes Bonds teed subdividebtsions
edness
Direct

All insured comm e r c i a i DanRS:
1938—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 30....

37,470
42,556
49,288
66,240
83,507
93,936
Dec. 30.... 103,382

21,449
24,161
28,030
47,336
64,666
73,207
82,030

14,506
17,063
21,046
40,705
58,683
67,085
75,875

18,863
21,805
25,500
43,175
57,970
65,503
72,893
73,305
'7,095 1,125 "3*089 '3*467 "3*248 "i,"688 ' ' *934 78,'838

13,222
15,823
19,539
37,546
52,948
60,339
67,685
67,915
73,239

1,594
2,125
2,807
2,546
2,515
2,430
2,610

16,021
18,394
21,258
18,903
18,841
20,729
21,352

3,857
1,142
158
6,044
1,245
207
1,623
7,265
311
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

5,636
7,178
9,214
7,757
7,777
7,406
7,920

885 • 3,857
1,060 1,002
663
727 4,468
1,281
614
662 4,773
1,450
950
597 4,646
1,642
922 4,437
1,505 1,414
1,474 2,221 2,296 4,364
1,723 2,269 2,265 4,343

3,583
4,077
4,545
2,269 1,042
918
1,868
1,862 1,106
944
1,888

6*727
3,218
5,466
5,300

3,648
2,756
3,159
5,799
7,672
1,834
15,778

8,000
9,925
12,797
20,999
30,656
34,114
39,848

2,568
3,719
4,102
2,718
2,501

6\ 285
2,071
4,228
3,982

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 2,448
3,486 3,013
3,832 3,090
2,540 2,965
2,345 2,729

290
662
988

4,462
4,636
4,708
3,971

963
978

3,011
3,608
3,651
3,533
3,287
3,393
3,422

,932
,491
,333
,098
,696
,730
,733

Member banks,
total:
1938—Dec. 3 1 . . . .
1940—Dec. 31
1941—Dec. 311...
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 30.:..
Dec. 30....
1945—Mar. 2 0 . . . .

32,070
37,126
43,521
59,263
74,258
83,587
91,569
90,524
99,426

13,208
15,321
18,021
16,088
16,288
18,084
18,676
17,219
20,588

1938—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 31
1943—Dec. 3 1 . . . .
1944—June 30....
Dec. 30....
1945—Mar. 20....
J u n e 30

8,335
10,910
12,896
17,957
19,994
22,669
24,003
22,734
25,756

3,262
3,384
4,072
4,116
4,428
5,479
5,760
5,054
7,069

Chicago**
1938—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 30....
Dec. 30
1945—Mar. 20
J u n e 30....

1,969
2,377
2,760
3,973
4,554
5,124
5,443
5,212
5,730

539
696
954
832

Reserve city banks:
1938—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—June 30
Dec. 30
1945—Mar. 20....
J u n e 30

11,654
13,013
15,347
20,915
27,521
30,943
33,603
33,452
36,572

4,963
5,931
7,105
6,102
6,201
6,761
6,822
6,346
7,155 '

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

5,399
5,429
5,774
6,984
9,258
10,360
11,824

2,813
3,074
3,241
2,818
2,556
2,648
2,678

June 30
New York City:*

5,179
6,660
8,671
7,387
7,421
7,023
7,531

"*:U86

1,004
1,064
1,184
1,012
1,250

775 2,716
3,228
3,494
1,089
3,423
1,023 1,398
3,274
1,023 2,200 2,130 3,207
1,198 2,249 2,108 3,209
712
865
972

5

787

6
465
8
412
21
787
24 1,054
64 1,657
30 1,742
""53

738

17
5
6
6
6
11
17

671
2,063
2,589
3,456
2,957
3,058
2,787
3,034

335
492
732
658
763
710

973
642
594
934

652
598
538
839

220
190
169
193
323
751

859

121
130
123
117
107
93
86

2,853
3,273
3,692
870
1,847
848
1,484
1,467 1,033
877
1,505

535
468
554
303
252
232
253

148
153
251
179

2,"528 1,539 "**76 '"276 " ' 2 2 3
63
84
96

5,072
7,527
8,823
13,841
15,566
17,190
18,243
17,681
18*687

12
19
22
23
22
21
24

13

159

299

23

207
263
300
290
279
277
348

119
115
114
97
217
409
311

242
207
194
153
267
903

"2*883 "'304

371

42
48

1,230
1,436
1,527
1,486
1,420
1,385
777 1,379

62
45
49

45

18
14
40
34

50

34

1,101
1,322
1,512
80S
658
650
660

312
301
350

313

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

5,018
5,204
6,467
13,038
19,682
22 484
25,042

57 MVi

34
102
102
163

70
54
52
32
52
130
163

43

286
652
971

4,363
4,360
4,466
3,748

2,834
2,857
2,989
3,102

3,192
2,970
2,871
2,664
2,294
2,331
2,350
2,400
2,497

894
1,663
2,977 1,615
3,652 1,679
5t420 1,071
7,014
984
7,650
201
8,592
189

517
695
729
593
444
456

788
830
701
558
577

468
515

596
598

9,920

2

567

629

655
752

109
112
119
83
74
31
31

141
188
182
166
158
204

176
186
193
186
155
169

160

185
183

2,633 5,584 14,723 40,266

291
145
153

ZJ,OU4

i'l47 '1*378 "'757 " 3 1 5 41,1UO
29,417

it

lfii

59
297
256
397 **637
199
877
367 1,038

391
484

903
1,282

250 1,045

587
779

1,602
1,665
1,809

127 1,253

814

887
902

33

1,936

57
103
295
1,441
1,802
1,914
1,704

2^253
4,691
5,586
5,730

740
1,224 2,997
771 3,281 1,049
751 4,248 1,173
811
1,723 6,810
749
2,497 9,943
10,689 402
3,893
440
5,181 11,987

177
154
80S
984
956
954
913
963
1,000
1,034
1,100

27,523 1,320 6,598 5,689 13,906

10

11
732 1,893
3 233
3,269
433 2,081
45
481 2,926
110
4,377
5,436
671 1 251 1,240
9,172
15,465 1,032 3,'094 2,096 8,705
10,114
18,009
926 3,362 3,355
21,552
S82 3,466 4,422 12,540
99 ins
24,094
762 4,194 4,613 14,504

597

98

710

1,14
L,22
1,25
1,21
1,21
1,23
1,264
1,28

698'

196
866
893
820
821
726
• ir
735
Ml ft
74U
768

794

Country banks:

1938—Dec. 31....
1940—Dec. 31...
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—June 30....
Dec. 30....
1945—Mar. 20....
June 30....
Insured n o n *
member c o m mercial b a n k s :
1938—Dec. 31....
1940—Dec. 31...
1941—Dec. 31...
1942—Dec. 31 ,
1943—Dec. 31 ..
1944—June 30....
Dec. 30

483

25

243 1,353

1,154

201 1,644
183 1,823

1,400
1,530

713
671
802

21
20
17
25
33
32

197 1,725
345 1,708
310 1,719

1,162

755

32

457
518
543
370
356
383
389

348
416
478
553
482
452
525

28
21
20
16
16
21
21

590
659
772

536
547

5,669
5,517
6,628
393 11,380
381 17,534
392 20,071
351 23,610

422 1,771

611

362 26,253

110
75
64
59
82
166
156

7 30
2,586
803
2,356
854
2,533
422
174 4,166
385
70 6,702
395
73 7,712
383
67 9,146

161 1,797

674

528

91

1,141
1,240
1,282
1,225
1,165
1,159
1,136

•at Q

1,283
1,240
1,509
3,162
5,739
6,752
8,197

10
17
99
276
242
223

"*442
1,147
1,238
1,319

259
162
152
390
766
1,194
1,65

79
83
1,06
2,05
3,39
4,00
4,92

86
57
53
25
24

2

22
23
27
17
15
1

563
59
563
56
56C
56C
5

1,453
1,102
1028
'956
855
849
829
851
era
878

739
521
462
435
403
400
383

•These fierurp* A
ral Deposit
t .
Insurance Corporation
p
u d ^ d ^ n 1 - ^ i l w i f T ^ l 1 J V a v b g s ^ n k , s ^ h t o t a l deposits of 8 million dollars became members of the Federal Reserve System. These banks are
uded in member banks" but are not included in "all insured commercial banks "
* Central reserve city banks.

92.1




FEDERAL RESERVE

ALL INSURED COMMERCIAL BANKS I N THE UNITED STATES, BY CLASSES-Gw//W«*
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Reserves
with
Federal
Reserve
Banks

Class of bank
and
call date

Cash
in
vault

8,694
13,992
12,396
13,072
12,834
12,812
14,260

1,234
1,358
1,305
1,445
1,464
1,622

Demand
dedo
posits
mcstJc adbanks' justed*
Balances
with

All Insured commercial banks:
1938—Dec. 31....
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 31....
1943—Dec. 3 1 . . . .
1944—Tune 30....
Dec. 30....
Member banks,
total:
1938—Dec. 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 311...
1942—Dec. 3 1 . . . .
1943—Dec. 3 1 . . . .
1944—June 30....
Dec. 30....
1945—Mar. 20....
June 30....

8,694
13,992
12,396
13,072
12,835
12,813
14,261
14,605
14,807

1,150

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 30

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

35
42
43
39
38
41
43
45

235
319
298
164
158
179

Chicago;1
1938—Dec. 3i
1940—Dec. 3 1 . . . .
1941—Dec! 3 1 ! . . .
1942—Dec. 31
1943 Dec. 31.'...
1944—June 30
Dec. 30
194S—Mar* 20
June 30

1,051
1,021
902
821
811
899
892
929

950

746
991

1,087
1,019
1,132
1,143
,271
1,365

5,663
8,202
8,570
9,080
8,445
8,776
9,787

25,198
33,820
37,845
48,221
59,921
59,197
65,960

4,240 •22,293
6,185 30,429
6,246 33,754
6,147 42,570
5,450 52,642
5,799 51,829
6,354 57,308
5,772 61,175
6,486 59,133

33

177
144
180

1,688
1,941
2,215
2,557
3,050
3,070
3,041
3,289
3,152

Interbank
deposits

DoFormestic* eign

6,595
9,677
9,823
10,234
9,743
10,030
11,063

1,762
8,167
9,950
18,757
19,754

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

* 616
1,709
7,923
9,444
17,634
18,509
12,409
21,967

437
641
607
733
810
852
851
914
989

658

997

1,027
L(105
972

1,090
1,132
1,092
L174

Reserve city banks:
1938—Dec, 3 1 . . . .
1940—Dec. 3 1 . . . .
1941—Dec. 3 1 . . . .
1942—Dec. 3 1 . . . .
1943—Dec. 31
1944—June 3 0 . . . .
Dec. 3 0 . . . .
1945—Mar. 2 0 . . . .
June 3 0 . . . .

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

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

Country banks:
1938—Dec. 31
1940—£>ec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Tune 30 .
Dec. 30
1945 Mar* 20
June 3 0 . . . .

1,353
1,857
2,210
2,842
3,303
3,438
3,909
3 927
4,117

322
452
526
542
611
618
684
745
632

1,956
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

204
243
271
287
313
322
352

1,423
2,017
2,325
2,934
2,996
2,978
3,434

2,904
3,391
4,092
5,651
7,279
7,368
8,652

Insured nonmember commercial banks:
1918 Dec 31
104Q—Dec 31 ...
1941 Dec 31 •.
1942 Dec 31 ..
1943—Dec 31
1944—-June 3 0 . . . .
Dec. 3 0 . . . .

U.S.
Certi- IndiGov- States
viduals,
U. S. States fied partnerernand •
and
and
Gov- politics offiships, Inter- ment politern- subdi- cers* and cor- bank
and
ical,
ment visions checks poraPostal subdiSav- visions
etc.
tions
ings

503
702
673
813
893
940
948

2,687
4,032
3,595
3,209
2,867
3,105
3,179
2,996
3,271

1,149
1,068
1,108

85
95
108
133
141

126
182

Time deposits

838
666

790

139
48
866

2,942
3,293
3,677
3,996
4,352
4,402
4,518

1,077
1,219
,669
1,550
1,354

2,386
2,724
3,066
3,318
3,602
3,638
3,744
4,030
3,877

1,009
[,142
,573
1,460
,251
L.305
,138

595
971

547
913

195
471
450
448
710

23,475
32,398
36,544
47,122
58,338
57,351
64,133

157
160
158
97
63
68
64

86
69
59
61
124
108
109

14,009
575
522 , 14,998
492
15,146
397
15,697
395
18,561
407
20,530
423
23,347

18
II
10
10
46
84
122

6,434
6,673
6,841
7,055
7,453
7,709
7,969

21,119
29,576
33,061
42,139
51,820
50,756
56,270
59,409
57,417

142
141
140
87
62
63
SS
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
5,098
5,886
6,101
6,475
6,696
6,968
7,138
7,276

6

36
51
29
23
26
17
17
18
19

652
768
778
711
816
861
977

"29"

1,593
1,615
1,648
1,727
1,862
1,907
1,966
1,995
2,023

4,186
3,395
6,150
6,722
4,296
7,618

280
370
319
263
252
213
199
293
229

361
494
341

7,273
11,357
11,282
12,501
14,373
13,740
14,448
15,614
14,789

9
8
8
12
14

83
90
127
665
713
1,105
1,400
900
1,499

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

53

796
995

90

424
327
491
1,982
3,373
6,453
6,157
4,260
7,655

1,144
1,319
1,448
1,464
1,509
1,615
1,516

170
228
286
385
475
384
488
416
422

7,034
9,468
11,127
15,061
18,790
18,367
20,371
21,456
20,559

113
107
104
63
41
37
33
33
31

17
19
20
22
56
45
40
38
39

2
2
2
4
5
5
8
8
8

143
151
225
1,090
1,962
3,926
4,230
2,952
5,195

1,128
1,184
1,370
1,558
1,727
1,743
1,868
1,959
1,939

154'
187
239
272
344
314
369
361
346

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

2
3
2
2
2
3
3

48
50
53
243
506
1,124
1,245

555
574
611
678
750
764
775

2,356
2,822
3,483
4,983
6,518
6,595
7,863

15
18
IS
10
6
S
6

15
16
16
19

49
54
63
63
65
70

78

722

48

58
68
76
96

90
103

Indi.
viduals, Bor- Capipartner- row- tal
acships, ings counts
and cor*
porations

5
6
3
4
11
11
11
16

5
7
7
8

9

1,065
1,082

64
96
164
40

452
496
476
453
505
543
619
631
663

257
270
288
304
326
343
354
353
362

269
226
243
169
151
158
154
179
166

4,233
4,506
4,542
4,805
5,902
6,567
7,561
8,028
8,529

"io
3

1,904
1,967
2,028
2,135
2,207
2,327
2,395
2,450

44
33
31
32
56
52
57
56
54

147
150
146
140
149
157
175
181
207

5,509
5,917
6,0S2
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

25
13
8
5
4
4
4

113
87
74
65
68

3,163
3,311
3,276
3,339
3,750
4,094
4,553

5

8

2
2

74
76

1,777
• • ' 2

11 1,010
975
8
956
6
955
5
979
6
9 1,015
10 1,022

'd d ^ S ^ t t ^ t K t e r b a n k and U. S. Government less cash items reported as in process of collection.
^t2^TO^S^

SEPTEMBER

1945




Tables 18-45, P P . 72-103, and 108-113.

913

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
' Monthly data are averages of Wednesday figures. In millions of dollars]
Loans

Date or month

Total
loans
and
investments

Total—M Cities
1944—July

56,960

1945—Mar
Apr
May
une
uly

58,112
57,271
57,285
60.923
64,094

May 30....
June
June
June
June

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

My
July
"uly
uly

3....
11....
18....
25....

Aug.
Aug.
Aug.
Aug.

1....
8....
15 ...
22....

Total

J

Investments

For purchasing
or carrying securities
Commercial, To brokers
indus- and dealers To others Real- Loan Other
| estate to
trial,
Total
loans banks loans
and
agri- U.S. 'Othei U . S . Othe
cul- Govt. se- Govt, seobobtural
liga- curi- liga- curitions ties tions ties
6,058

1,07.

641

11,03!^
11.4U
12,84!
13,67,

6,157
5,989
5,818
5,876
5,925

901
88
1,28:
1,65:
16U

80C
751
755
65
821 r 593
882 r l,48
890 2,234j

57,541

llt63t

5,768

1,505

840

58,254
58,896
63,005
63,537

11,88
12,12^
13,541
13,83J

5,822
5,860
5,900
5,923

1,43S
1,595
1,730
1,841

64,291
64,235
63,994
63,853

14,04;
13,77!
13,53;
13,340

5,941
5,928
5,928
5,903

1,821
1,667
1,518
1,465

879 rr 2,401
877 r2,304
899 2,184
905 r 2,050

63,696
63,052
63,094
62,680

13,393| 5,926
12,975 5,914
13,006 5,949
12,888 5,948

1,457
1,350
1,364,
1,385

964
863
841
827

830

498

11,35c

i,46;

Bills

44,87. 41,96: 3,725 11,020 7,433 19,161

94

1,343

,042
,041
,046
,047
,051

68
76
102
95

1,286
1,296
1,389
r
l,427
r
l,483

60C

364

,049

117

1,393

r
869
814|
870 r r850
902 r 2,046
886 2,212

390
381
388
395

,044
,045
,047
,052

102 r l,406
108 rr l,415
91 r l,442
78 l,448

46,368
46,772
49,459
49,702

43,29i
43,67i
46,3346,543

1,368 9,397 9,038
1,418 9,417 9,143
1,946 10,470 9,545
1,889 10,539 9,538

23,470
23,678
24,349
24,557

3,072
3,096
3,125
3,159

r
396
r
395
r

398

397

,048
,051
,052
,051

68
64
78
90

r
l,487
r
l,485
r
l,481
r

l,479

50,248
50,463
50,45'"
50,513;

47,116
47,338
47,267
47,312

1,932
2,090
1,935
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

3,132
3,125
3,192
3,201

1,995
1,858,
1,828
1,706

421
398
395
408

,055
,053
,055
,058

94
68
100

1,481
1,471
1,474
1,473

50,303[ 47,000 1,656 10,581
50,077 46,771 1,585 10,462
50,088 46,770 1,633 10,385
49,792 46,458 1,420 10,277

9,565
9,511
9,505
9,478

25,190
25,204
25,234
25,268

3,303
3,306
3,318
3,334

777

137

3,999 2,741

6,795

949
936
,051
,009
,068
,110

20,956

5,06!

20,631
20,277
20,354
21,891
22,997

4,574
4,392
4,794
5,643
6,089

2,372
2,301
2,218
2,229
2,221

699
1,093
1,365
1,316

721

582
580
632
691
693

20,564

5,002

2,198

1,284

653

349

46,76:
46,23:
45,87(
48,07.
50,42

43,775
43,15:"
42,83
44,96:
47,258!

2,233
1,706
1,336
1,655
1,96"

11,44'
11,143
10,776
9,956
10,640

15,895 14,94d 1,216
16,0571
15,885
15,560
16,248
16,908

15,071
14,834
14,551
15,180k
15,798

575
423
166|
281
443

3,823
3,710
3,456
2,988
3,019

2,665
2,612
2,594
3,233
3,233

164

353

15,5621 14,528

121

3,334 2,601

8,425

,034

2,851
2,856
3,205
3,042

3,143
3,200
3,345
3,241

8,480
8,603
8,766
8,859

15,788
15,844
15,733
15,827

250
154
382:
339
402
508
385
478

,037
,057
,034
,095

3,091
3,039
2,9"
2,9

3,263
3,227
3,230
3,211

9,031
9,069
9,135
9,175

,073
,071
,146
,150

15,7361
15,553
15,515
15,376

414
342
362
243

2,966
2,911
2,839
2,821

3,186
3,143
3,158
3,143

9,168
9,155
9,154
9,167

,197
,197
,202
,209

7,021 4,692 12,366

1,964

14,366
14,532
14,751
13,336
15,925

1,997
2,029
2,024
2,045
2,053

7,329 4,765j 14,851

2,029

5,895
5,943
6,200
6,297

14,990;
15,075
15,583
15,698

2,035
2,039
2,041
2,064

7,573
7,608:
7,664
7,641

6,344
6,399
6,361
6,421

15,868
15,898
15,952
15,981

2,059
2,054
2,046
2,051

7,615
7,551
7,546
7,456

6,379
6,368
6,347|
6,3351

16,022
16,049
16,080
16,101

2,106
2,109
2,116
2,125

677
681
710
696

287
29!
,038|
,123

172
173
171
181

357
360
364
366

15,762
15,871
16,783
16,577

14,725
14,814
15,699
15,482

July 3 . . . .
July 1 1 . . .
July 1 8 . . . .
July 2 5 . . . .

23,230
23,052
22,880
22,827

6,369
6,137
6,001
5,850

2,243
2,227
2,220
2,196

,495
,340
,236
,193

689
684
700
700

,245
,193
,137
,038

181
180
182
184

393
397
397
400

16,861
16*915
16,879
16,977

Aug.
Aug.
Aug.
Aug.

22,808
22,263
22,237
22,032

5,875
5,513
5,520
5,447

2,208
2,185
2,186
2,173

,174
,075
1,089
1,108

728
660
632
634

1,01
888,
87:
796

208
187
184
195

400
404
405
407

16,933
16,750
16,717
16,585

Outside
New York City
1944—July

36,004

7,024

3,749

245

143

690

200

989

994

28,980 27,016 2,509

1945—Mar
Apr
May
June
July

37,481
36,994
36,931
39,032
41,097

6,77d
6,64'
6,621
7,205
7,584

3,785
3,688
3,600
3,647
3,704

179
182
188
287
302

169
468
175
421
189
400
r
191
795
197 "1,081

205
204
203
214
215

975
976
981
982
986

986
989
1,042
r
l,065
'1,086

30,705
30,347
30,310
31,827
33,513

36,977

6,634

3,570

221

187

200

984

1,040

30,343 28,314 1,074

6
13
20....
27

37,442
37,789
40,184
40,713

6,836
6,888
7,508
7,588

3,614
3,625
3,668
3,682

236|
257,

r
192
527
r
189
553|
192 "i,008y
190 'l,089|

218
208
217
214

979
980
982
987

"1,049 30,606 28,571
"1,055 30,901 28,862
"1,078 32,676 30,635
'1,082 33,125 31,061

1,118
1,264
1,564
1,550

6,546
6,561
7,265
7,497

July
July
July
July

3
11
18
25

41,061
41,183
41,114
41,026

7,674
7,635
7,534
7,490

3,698
3,701
3,708
3,707

217

272

190 1,156
193 1,111
199 1,047
205 '1,012

r
216
r
213
r

213

983
986
987
986

1,094
1,088
1,084
1,079

33,387
33t548
33,580
33,536

31,328
31,494
31,534
31,485

1,530
1,582
1,550
1,435

Aug.
Aug.
Aug.
Aug.

1....
8
15
22

40,888
40,789
40,857
40,648

7,518
7,462
7,486
7,441

3,718
3,729
3,763
3,775

283
275
275
277

236
203
209
193

213
211
211
213

989
987
987
990

1,081
1,067
1,069
1,066

33,370
33,327
33,371
33,207

31,264
31,218
31,255
31,082

1,242
1,243
l,27ll
1,177

326!

3,063

300
307
347
362
397

,203
,338
,394
,524

336
317

2,983
3,080
3,033
3,113
3,163

141
146
162
174
182

332
230
193
686
1,153

2,208
2,235
2,232
2,241

[une
iune
une
une

22,306
22,564
23,035
24,013
25,027

7,940
8,032
8,284
8,677
9,102

5,050
5,236
6,038
6,247

May 30....

7,448
7,412
7,358
9,316
9,614

45,905 42,842| 1,195 10,663, 7,366 23,276|

20,812
21,107
22,821
22,824

1....
8....
15....
22....

2,913

337 1,070

1945—Mar
Apr
May
June....
May 30....

Total

CerOther
tificates
Guar- secuof in- Notes Bonds an- rities
debtteed
edness

346
350
365
388
397

New York City
1944—July

2,309

U. S. Government obligations

409

983
970
956
910

28,708
28,318
28,286
29,782
31,460

1,658
1,283
1,170
1,374
1,524

7,626|
7,433[
7,320
6,968
7,621

4,783
4,800
4,764
6,083
6,381

r
Revised.
Back figures.—See Banking and Monetary Statistics, pp. 127-227.

9M



FEDERAL RESERVE BULLETD*

WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSlOE-Con/inunf
RESERVES AND LIABILITIES
[Monthly data arc averages of Wednesday figure*. In milliont of dollari]
Demand depot!u,
except interbank

Time deposits,
except interbank

Interbank
drpotiU

ReDate or month

servea
with
Cash
Fed
in
eral vaul
Reserve
Bank

Balances
with
do-,
meslic
banks

Demand
deposits
adjusted 1

Individuals,
partnerships,
and
corporations

States Certi
and
Tied
politand
ical
oJii*
sub'
cer»*
divi- checks
sions
etc.

U.S.
Government

Individuals,
partnerships,
and
corporations

States U . S .
and
ernpolitmem
ical
and
subdivi- Postal
Savsions
ings

Dome* tic
banks

Demand

Time

Foreign
banks

Itorrowfngs

Cap. Dank
iul del).
acfu'
counts

Total 101 Cities
1944—July

8,748

563

2,341

32,873

33,183

1,669

9,643
9,806
10,192
10,239
9,709

596
578
585
580
564

2,152
2,130
2,157
2,348
2,358

37,429
38,231
39,886
38,854
36,619

37,523
38,202
39,660
38,951
36 847

817
853
899
2! 06* 1,112
1 826 1,005

M a y 30. . . .

10,418

600

2,179

40,378

40,190

2,374

Tune
June
June
June

6
13
20
27

10,400
10,660
10,142
9,755

580
582
574
585

2,172
2,345
2,463
2,412

40,683
41,189
37,176
36,367

40,323
41,404
37,554
36,525

2,268 975
2,232 989
1,861 1,391
1,909 1,092

5,428
5,499
13.633
14,978

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
1,765
1,807
1,902

,243
,051
,003
961

Aug. 1
Aug. 8
Aug. 15
Aug. 22

9,833
9,785
9,934
9,939

543
539
545
556

2,170
2,191
2,324
2,300

37,533
37,062
37,444
37,587

37,626
36,989
37,691
37,834

1,904
1,829
1,812
1,959

1944—July.

3,175

92

26

11,944

12,345

1945—Mar

95
95

Tune
July..

3,540
3,619
3,835
3,775
3,528

91
91
88

32
42
26
23
28

13,681
14,121
14,952
14,460
13,381

14,026
14,485
15,266
14,799
13,741

M a y 30

3,912

93

31

15,260

15,650

1945—Mar
Apr.
May
June...
July

118

45

8,931

.16

XK5

92

4,421

58, M*

9,498
7,690
5,801
9,884
15 142

7,982
8,109
8,265
8,380
8 506

124
104
109
lew
108

44
44
44
43
44

9,061
9,035
9,216
9.8V8
9 803

40
46
47
41
32

937
955
1.007
1,044
1 048

2.14
327
573
519
111

4,68.1
4,718
4,748
4,701

61,932
57,545
02,802
78.821
01,852

5,501 8,314

109

44

9,256

47

1,0.12

797

4,751

11,700

8,.145
8, .171
8,388
8.415

109
108
109
109

43
41
45
43

9,629
0,160
0,040
9,763

47
47
33
36

,043
,050
,050
,034

824
721
328
202

4.7OH 0,166
4,755
4,274
4,761
4,762 16/V1.1

16,135
15,488
14,769
14,176

8.434
8,487
8,529
8,574

10S
109
108
107

44
47
43
43

o,on
9,90S
9,780
9,453

34
31
32
.12

,03.1
,040
!fKi9

04
78
149
2.14

4.795
4,802
4,799
4,802

,283
771
776
702

13,741
13,362
13,005
12,244

8,6.17
8,701
8,738
8,824

107
108
110
110

42
44
44
44

9, .166
9,54.1
9,789
9,840

3.1
32
32

,009
,005
,076
,074

.181
299
304
345

4,821 14,617
4,8.VI
4,8.11 10,' 5,18
4,842 12,016

145

475

5,864

790

15

7

2 965

1

801

68

235
233
288
221
184

442
471
532
733
677

3,929
952
3,163
966
2,257
994
3,895
996
6,200 1,001

19
18
19
20
19

8
8
9

7
8

2,859
2,869
2,927
3,177
3,102

844
857

MO
131
312
370
72

287

475

2,025

999

19

8

2,909

927

542

1,82.1

4,810

243
244
193
206

623
610
966
731

1,908
2,066
5,558
6,049

998
999
992
996

19
19
21
20

8
8
8
8

3,018
3,297
3,259
3,136

9.16
945
941
925

579
526
215
140

1,815
1,811
1,8 V)
1,825

7,407
6,64.1

8

921
930
941
959

46
23
84
137

1,845
1,847
1,846
1,848

6,496
6.720
7,457
0,096

959
955
96,1
957

219
112
147
152

1,801
1,801
1,805
1,865

6, 801
6. $$?>
4,.148
5,025

2,GS7

850

14,64.1
14, .100
15,4*2
1.1,956

1

New York City

May

14.2H3 0, 70S

840

1,977
2,096

904
937
938

1 714
1,806 28 924
1,816 25,115
1,826 2* 184
1,810 ' .10,951
1,847 29 1911

6
13
20
27

3,889
3,990
3,663
3,557

93
92
87
93

20
23
27
24

15,448
15,451
13,657
13,284

15,680
15,853
14,048
13,614

July 3 .
July 11
July 18
July 25

3,578
3 433
3,510
3,589

84
94
86
88

23
28
24
38

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

10
10
10

3,246
3,142
3,067
2,954

Aug. 1
Aug. 8
Aug. 15
Aug. 22

3,657
3,536
3,557
3,588

84
85
83
84

23
21
27
23

13,912
13,501
13,542
13,602

14,312
13,773
13,961
13,999

222
157
163
151

873
427
418
468

5,570
5,422
5,270
4,936

19
20
20
20

10
10
10
10

2,892
2,897
2,963
3,010

5,573

471

2,315

20,929

20,838

1,524

365

8,419 5,915

103

38

5,966

35

84

24

6,103
6,187
6,357
. . . . . . 6,464
6,181

501
483
494
489
476

2,120
2,088
2,131
2,325
2,330

23,748
24,110
24,934
24,394
23,238

23,497
23,717
24,394
24,152
23,106

1,742
1,863
2,008
1,847
1,642

375
382
367
379
383

5,569
4,527
3,547
5,989
8,942

7,030
7,143
7,271
7,384
7,505

105
86
90
89
S9

37
36

39
45
46
40
31

93
98
101
107
110

104
196
241
149
59

2,877 16,008
2,902 12.4.10
2.922 14.41H
2.9.11 41.870
2,953 12,002

6,506

507

2,148

25,118

24,540

2.OS7

375

3,4*6

7,315

90

35
35
36

6,202
6,166
6, 289
6,721
6,701
6,.14 7

46

105

255

2,«»

25,235
25,738
23,519
23,083

24,643
25,551
23,506
22,911

2,025
1,988
1,668
1,703

352
379
425
361

3,520
3,4.1.1
8,075
8,929

7,347
7,372
7,396
7,419

90
89
88
89

35
35
37
35

6,611
6,8f>3
6,781
6,627

46
46
32
35

107
105
109
109 i

245
195
93
f,2

8,699
2,' 924 7,6.11
2,911 1.1,015
2,9.17

6,767
6,823
6,713
6,499

3.1
.10
31
31

112

6,474
6,646
6.826
6,830

32
.11
.12
31

June
June
June
June

Outside
New York City
1944—July
1945—Mar.
Apr

May

June.
July
M a y 30

1,05.1
1,058
1,060
1,104

.16

June
June
June
June

6
13
20
27

6,511
6,670
6,479
6,198

487
490
487
492

2,152
2,322
2,436
2,388

July
July
July
July

3
11
18
25

6,154'
6,166
6,200
6,207

458
488
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

1,063
1,618
1,601
1,687

4.1.1
309
393
355

9,477
9,134
8,747
8,412

7,443
7,492
7,527
7,559

88
89
89
88

36
37

6,176
6,249
6,377
6,351

459
454
462
472

2,147
2,170
2,297
2,277

23,621
23,561
2.1,902
23,985

23,314
23,216
23,7.10
23,835

1,682
1,672
1,649
1,808

410
344
.158
234

8,171
7,940
7.735
7,308

7,584
7,64.1
7.678
7,720

88
SS
90
90

.12
34

Aug. 1
Aug. 8
Aug. 15
Aug. 22

34

no
110
110
110
110
113
117

18
55
65
97

5! 955
2,95.1
2,954

162
1S7
157
193

2,900
2,900*
2,966
2,977

7,'856

12,9,14

6,920

S.147
7.04<>
8,025
7,260
7,774
6JQ0

7,021

Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
1 Monthlv and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
Monthly and weekly totals of dt

SEPTEMBER

1945




915

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans

Federal Reserve
district and date

Boston
July 25
Aug. 1
Aug. 8
A u g . IS
A u g . 22
New York*
J u l y 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Philadelphia
J u l y 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Cleveland
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Richmond
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Atlanta,
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Chicago*
J u l y 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
St. Louis
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Minneapolis
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Kansas City
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Dallas
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
San Francisco
J u l y 25
Aug. 1
Aug. 8
Aug. 15
_ Aug.. 22.
City of Chicago*
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22

Total
loans
and
invest- Tota
ments

Investments

For purchasing or carryComing securities
mercial,
To brokers T o others
inReal- Loans
and dealers
dusestate to Other Total
trial,
loans banks loans
and U. S.
U.S.
agri- Govt. Other Govt Other
culobii- secu- obli- secutural
rities ga- rities
tions
tions

U. S. Government obligations

Total

Certifi
cates
of
Guar
Bills inNotes Bonds andebtteed
edness

Other
securities

3,569
3,538
3,513
3,490
3,461

70i
71J
702
70/
70?

417
416
409
414
415

33
39
38
38
39

21
22
20
21
21

36
36
35
35
32

17
17
17
17
19

64
64
64
64
64

116
115
115
115
115

2,863
2,827
2,811
2,783
2,752

2,787
2,747
2,728
2,700
2,665

226
197
192
177
163

715
714
705
701
684

509
496
487
483
481

1,337
1,340
1,344
1,339
1,337

25,022
24,980
24,425
24,409
24,185

6,205
6,230
5,86S
5,877

2,333
2,347
2,324
2,327
2,314

1,195
1,174
1,076
1,090
1,108

706
734
666
638
640

1,088
1,060
935
919
842

207
231
210
207
217

144
146
145
148
148

458
459
464
464
466

18,817
18,750
18,557
18,532
18,384

17,593
17,476
17,284
17,253
17,098

513
439
371
392
258

3,307
3,303
3,246
3,173
3,151

3,573
3,539
3,483
3,490
3,473

10,199
10,193
10,182
10,196
10,214

1,224
1,274
1,273
1,279
1,286.

2,722
2,700
2,709
2,697
2,669

46S
471
47
47
47,

204
204
209
211
214

37
39
38
36
36

r

123
123
123
123
122

2,254
2,229
2,232
2,220
2,191

2,076
2,047
2,049
2,036
2,007

128
106
127
136
112

340
335
320
308
306

443
438
431
422
411

1,165
1,168
1,171
1,170
1,178

178
182
183
184
184

5,059
5,070
5,040
5,042
5,036

97
98
96C
961
94

369
372
376
383
385

27
39
29
27
28

2,105
2,091
2,096
2,095
2,070

31
31
3I€
32
319

118
119
125
128
132

1,986
1,977
1,985
1,983
1,992

355
354
34S
34
336

178
179
174
174
174

9,416
9,385
9,336
9,365
9,271

1,722
1,733
1,710
1,726
1,710

1,969
1,971
1,972
1,981
1,967

5/

52
52
55
55
54

r

r

83
83
87

10
10
10
10
10

33
33
33
33
33

194
186
179
174
165

16
16
15
15
15

153
153
153
153
153

135
135
130
132
132

4,087
4,089
4,080
4,081
4,089

3,842
3,834
3,827
3,829
3,838

84
68
65
77

907
903
903
907
900

752
754
754
754
763

2,095
2,093
2,102
2,103
2,098

245
255
253
252
251

6
7
6
6
5

59
58
59
5'
52

10
9
9
9
9

46
47
47
48
48

62
62
61
62
61

,794
,780
,778
,774
,751

1,734
1,715
1,712
1,708
1,685

103
85
86
81
77

362
355
335
337
327

294
293
309
299
293

975
982
982
991
988

60
65
66
66
66

2
2
1
1

11
11
10
10
9

57
56
56
54
52

7
7
7
7
7

24
25
24
24
24

73
71
71
69
67

,631
,623
,637
,642
,656

1,495
1,483
1,496
1,501
1,514

51
39
49
55
62

359
359
359
358
363

321
318
319
319
320

763
766
768
765
765

136
140
141
141
142

911
916
917
924
926

113
116
114
115
124

48
62
48
58
45

299
286
279
276
262

59
59
59
59
59

145
145
145
145
145

147
149
148
149
149

7,694
7,652
7,626
7,639
7,561

7,161
7,106
7,084
7,095
7,015

246
195
201
216
175

2,020
2,020
1,993
1,997
1,950

,394
391
389
,388
391

3,499
3,498
3,498
3,491
3,496

533
546
542
544
546

464
461
461
462
459

242
239
239
242
241

3
3
3
3
3

6
6
6
6
5

41
40
40
39
36

14
14
14
14
14

67
67
67
67
68

89
89
89
90

1,505
1,510
,511
,519
,508

1,379
1,382
1,380
1,387
1,375

63
62
58
59
46

267
264
264
263
264

326
326
325
333
331

722
729
732
731
733

126
128
131
132
133

1,246
1,244
1,234
1,233
1,220

219
220
216
215
215

113
115
113
113
111

2
2
1
1
1

3
3
3
2
2

23
22
22
21
22

4
4
4
4
4

23
23
23
23
23

50
50
49
50
51

,027
,024
,018
,018
,005

981
976
970
969
956

33
31
23
25
12

202
202
202
200
200

188
187
188
187
187

558
556
557
557
557

46
48
48
49
49

2,248
2,243
2,258
2,272
2,278

36!
372
37
380
37'

222
226
232
233
232

2
2
2
3
2

4
6
5
5
5

32
31
31
31
30

7
8

37
37
37
37

62
62
62
63
62

,881
,871
,88!
,892
,901

1,751
1,738
1,746
1,757
1,765

113
99
100
108
110

401
400
400
407
412

459
461
464
464
464

778
778
782
778
779

130
133
135
135
136

1,898
1,889
1,884
1,892
1,898

465
459
451
449
446

290
286
281
281
280

7
5
5
4
4

64
63
62
61
59

24
24
24
24
24

56
56
56
56
56

,433
,430
,433
,443
,452

1,383
1,377
1,379
1,389
1,397

78
71
69
78
82

415
412
412
411
412

272
272
277
277
278

618
622
621
622
624

50
53
54
54
55

6,613
6,605
6,600
6,635
6,633

,086

5,653
5,610
5,572
5,598
5,514

,197
,211
,189
204

,090
,08

,090
,091

506
507
515
519
524

25
25
24
24
25

29
30
27
28
27

105
105
105
106
100

291
291
291
289
290

108
110
103
102
102

5,527
5,518
5,513
5,545
5,542

5,130
5,119
5,116
5,146
5,143

271
248
241
241
246

,314
,323
,323
,308

1,101
1,090
1,085
1,089
1,086

2,447
2,465
2,465
2,491
2,499

397
399
397
399
399 '

677
682
682
687
689

110
112
110
112
121

38
51
38
48
35

209
201
194
192
183

25
26
26
26
25

87
88
88
88
88

4,456
4,399
4,383
4,394
4,321

4,106
4,044
4,033
4,042
3,967

182
132
145
157
122

,216
,222
,200
,204
,160

814
811
809
809
810

1,894
1,879
1,879
1,872
1,875

350
355
350
352
354

r

Revised.
f
Tk C ty a r
of Chicago in this table. The figures for the
l
*h£*n 'llP*. immedia cl preceding
and for
New York and pi?"* °n^V- y° as shown? in this table, include T t * York City table,Chicago, the city of
Chicago Districts,
New
and
respectively.




FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[ * n millions of dollars)
Demand deposits,
except interbank

Federal Reserve
district and date

Boston (6 cities)
July 25
Aug. 1
Aug. 8
Aug. IS
Aug. 22
New York (8 cities)*
July 25
Aug. 1
Aug. S
Aug. 15
Aug. 22
Philadelphia (4 cities)
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Cleveland (10 cities)
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Richmond (12 cities)
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Atlanta (8 cities)
July 25
Aug. 1
Aug. 8
Aug. 1 5 . . ,
Aug. 22
Chicago (12 cities)*
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
St. Louis (5 cities)
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22..
Minneapolis (8 cities)
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Kansas City (12 cities)
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Dallas (0 cities)
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
San Francisco (7 cities)
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
City of Chicago*
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22

Reserves
BalDeIndiwith Cash ances mand vidFedwith
deuals,
in
eral vault doposits partRemestic ad- 1 net*
serve
banks usted ship3,
Banks
and
corporations

States Certi
and
fied
polit- and
ical
oftisubcers*
divU checks,
etc.

Time deposits,
except interbank
Individuals,
U.S. partGov- nerern- ships,
ment and
corporalions

457
436
444
462
461

120
121
114
119
117

2,120
2,101
2,103
2,116
2,119

2,104
2,090
2,093
2,103
2,108

91
98
95
100
114

32
38
30
32
30

1,121
1,085
1,056
1,034
993

120
109
109
120
100

15,063
15,20~
14,806
14,861
14,917

15,202
15,453
14,900
15,107
15,146

472
418
369
373
494

634
906
454
445
359

6,197
5,988
5,828
5,666
5,307

,614
,653
,662
,667
,714

415
411
412
423
425

83
80
85
83

77

1,738
1,73'
1,75'
1,778
1,78

1,784
1,791
1,792
1,827
1,839

42
43
47
50
46

20
25
17
26
18

707
679
667
652
610

763
760
749
767
762

207
204
201
227
233

3,040
3,02^
2.981
3,01i
3,09

3,063
3,044
2,982
3,071
3,116

148
151
146
142
143

41
44
39
41
43

304
300
318
332
327

167
153
152
163
160

1,22
1,21<
1,22.
1,23!
1,23!

1,211
1,211
1,215
1,237
lf245

80
80
78
77
75

351
353
362
' 381
362

143
142
151
171
166

1.23C
1,23,
1,23!
1,266
1,264

1,159
lt154
1,164
1,198
1,197

1,445
1,459
1,463
1,473
1,492

404
378
384
397

5,54;
5,524
5,47"
5,565
5,552

329
322
331
339
335

115
119
119
121
122

182
186
185
185
182

Domestic
banks
States U.S.
Bor- Cap- Bank
Govand
row- ital debernacpolit- ment
For- ings count* i ^
ical
eign
and
sub- Postal Debanks
divi- Sav- mand Time
sions ings

386
389
391
393
395

3,838
3,892
3,786
3,801
3,842

Interbank
deposits

290
291
288
301
300

20
20
20
21
22

11
13
14
4
13

277
277
278
278
279

587
620
597
458
644

23
24
24
24
24

3,017
2,954
2,964
3,030
3,073

961
961
957
966
960

168
241
135
171
181

1,999
2,013
2,017
2,017
2,018

7,035
7,317
6,688
4.C3R
5,353

202
202
204
204
205

8
8

357
353
356
362
36S

9
9
9
8
10

3
14
9
1
6

247
248
248
248
249

566
533
531
412
459

941
935
908
885
836

134
138
146
151
155

24
24
24
25
26

535
551
553
569
562

4
3
3
3

465
466
467
467
468

829
896
79J
671
810

21
25
22
23
22

505
48'
475
462
437

319
321
324
326
328

2
2
2
2
2

386
373
399
416
410

2
2
3
3
4

126
126
126
126
127

377
370
347
312
360

161
171
168
167
168

9
11
8
8
10

294
285
277
268
254

379
380
384
386
388

4
4
4
4
4

497
491
517
527
534

7
7
7
7
6

120
120
121
121
121

340
335
326
301
337

5,432
5,378
5,333
5,432
5,423

410
423
415
404
421

64
79
64
61
79

1,916
1,85"
1,799
1,746
1,643

690
,692
708
,713
,722

5
5
5
6
5

1,592
1,584
1,610
1,661
1,651

23
23
23
23
24

564
567
568
568
568

1,791
2,089
1,681
1,594
1,629

1,054
1,054
1,065
1, """
1,084

1,097
1,093
1,100
1,133
1,132

56
60
60
62
58

13
14
11
10
11

362
356
345
334
314

313
314
317
318
321

1
1
1
1
1

577
574
584
590
595

2
2
2
2
2

128
12S
128
128
128

351
372
324
299
329

93
92
90
91
92

664
67
668
669
659

626
637
628
641
633

87
91
90
86
84

13
14
12
12
14

301
28!
280
272
257

191
192
193
194
195

299
296
297
306
310

2
2
2
2
1

82
82
82
83
83

217
247
238
192
232

437
439
446
481
448

294
285
295
306
318

1,336
1,321
1,327
,376
,381

,331
,311
,327
,373
,388

138
137
135
135
141

18
20
17
18
18

346
337
325
317
299

262
263
266
268
269

914
919
956
973
975

142
142
142
142
142

468
455
451
395
459

354
359
375
384
373

242
222
238
252
252

,258
,253
,256
,275
,288

,257
,251
,260
,295
,305

68
74
71
67
63

22
21
19
21
20

350
337
328
319
299

241
242
244
245
247

13
12
13
13
13

549
539
572
593
588

3
4
3
3
3

124
124
124
124
129

344
322
298
270
364

921
916
914
906
930

272
262
258
272
269

3,168
3,183
3,158
3,196
3,2ir

3,240
3,213
3,195
3,274
3,302

149
158
155
149
147

74
86
78
79
73

,136
,106
,074
,050
995

,843
,851
,862
,873
,885

26
26
26
26
26

440
441
447
458
474

36
36
36
38
39

528
528
529
529
530

1,051
1,081
1,006
996
1,070

905
917
914
917
935

197
178
185
186
186

3,331
3t335
3,313
3,349
3,347

3,339
3,321
3,293
3,354
3,360

187
195
194
175
178

28
35
28
23
34

,262
,223
,182
,143
1,07-

685
685
694
694
697

1,129
1,118
1,138
1,171
1,172

20
19
19
19
20

358 1,071
360 1,270
361 1,052
963
361
973
361

V

* D ^ n ^ d f p S S o S S r ' t S E i interbank and U. S. Government less cash items reported as in process of collection.
Debits to demand deposit accounts except in interbankjind U. S. Government accounts.

2

SEPTEMBER 1945




927

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by

Commercial
paper
Total
outoutstanding standing

End of month

Accepting banks
Total
96
90
87
88
82
85
85
84
93

51
'49
44
46
44
42
40
44
44

45
41
43
41
38
43
45
40
50

29
24
25

77
71
74

.....

23
28
26
30
32
35

72
75
78
79
74
86

130
126
128
117
104
107
117

98
97
96
90
82
80
90

48
52
54
52
51
44
45

50
46
42
38
32
36
45

32
29
32
26
22
27
227

86
87
87
81
72
74
81

.....

Dollar
exchange

Goods sto red in or
shipped
pom sin
United
States

13
12
11
10
9
10
9

Foreign
countries

30
28
24
24
22
19
21
24
25

(')
(3\

8
?!
*
»

7
4
3

25
24
25
24
22
20
22

3
(3 \)
/

12
10
11
12
10
11
13
14
14

162
157
147
119
103
101
107

July

1
2
8

Others

Bills
bought

126
113
112
110
110
111
115
115
129

172

1945^—Tanuarv
February
March
April
May
June
July

Own
bills

Exports
from
United
States

Imports
into
United
States

2

151
137
143
141
141
142
167
166

1944—April
May
September
October
November
December

Based on

5
4
4
2
2
3
4

2
3
3
2

4
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. 465^67; for description, see p. 427.

CUSTOMERS 1 DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Credit balances

Debit^balances

End of month

1936—June
December
1937-June
December
1938-June
December
1939-June
December
1940- June
December
1941-June
December
1942-Tune
December
1943—June
December
1944—June

Debit
Debit #
Customers1 balances in balances in
debit
partners'
firm
balances investment investment
(net) 1
and trading and trading
accounts
accounts

;

1,267
1,395
1,489
985
774
991
834
906
653
677

616
600

496
543
761
788
887

1944—August
September.
October....
November.
December..

0
*940
*950
*940
1,041

1945—January...
February.
March....
April
May
June
July

•1,070
•1,100
•1,034
•1,065
»l,094
1,223
31,141

67
64
55
34
27
32
25
16
12
12
11
8
9
7
9
11
5

164
164
161
108
88
106
73
78
58
99
89
86
86
154
190
188
253

260

333

Customers'
credit balances1
Cash on
hand
and in
banks

219
249
214
232
215
190
178
207
223
204
186
211
180
160
167
181
196

209

220

Money
borrowed-*

Other credit balances
In partners' In firm
In capital
investment investment accounts
and trading and trading
(net)
accounts
accounts

Free

Other
(net)

985
1,048
1,217
688
495
754
570
637
376
427

276
342
266
278
258
247
230
266
267
281

24
30
25
26
22
22
21
23
22
22

14
12
13
10
11
5
6
7
5
5

420
424
397
355
298
305
280
277
269
247

395
368
309
378
529
557
619

255
289
240
270
334
354
424

86
103
92
85
89
60
70
69
62
54
65
63
56
54
66
65
95

17
17
16
15
15
14
15

7
5
4
4
7
5
11

222
213
189
182
212
198
216

*41O
42O
*430
"430
472

96

18

121

14

*630
e
640
*670
*640
726

*73O
e
73O
»722
3701
3742
853
*824

e

227

e

53O
*540
3553
3575
3583
549
3580

13

264

* Estimated. Complete reports now collected semiannually: monthly figures for three items estimated on basis of reports from a small number of
large
firms.
f
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms
own partners.
2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
,
* As reported to the New York^StockExchange. i According to these reports, the part of total customers' debit balances represented by balances securea
,*»« ^ S e p t e m b e r 1936. The article describes the method by
,
. .
. - -,
o~ o ««-.«w« t «i 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.—Set 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.

918




FEDERAL RESERVE BULLETIN

OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]

Year,
month, or
week

Prime
commercial
paper,
4- to 6monthsi

U. S. Government
security yields
Prime Stock
exbank- change
ers'
9-to 12call
accept- loan
month
ances.
3certifi- 3-to 5reyear
90
cates
new- month of in- taxable
3
daysl
bills
notes
debtedness

1942 average.'...
1943 average
1944 average
1944—August....
September
October...
November.
December.

.44
.44
.44

.00
.00
.00

.326
.373
.375

.44
.44
.44
.44
.44

.00
.00
.00
.00
.00

1945—January...
February..
March
April
May
June
July
August

.44
.44
.44
.44
.44
.44
.44
.44

.00
.00
.00
.00
.00
1.00
1.00
1.00

.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375
.375

1.00
1.00
1.00
1.00
1.00

.375
.375
.375
.375
.375

Week ending:
July 2 8 . . .
Aug. 4 . . .
Aug. 1 1 . . .
Aug. 1 8 . . .
Aug. 2 5 . . .

.46
.34
.33

.75
.79
.76
.79
.80
.81
.80
.78
.77
.78
.77
.80
.81
.80

.30
.31
.35
.34
,35
.31
.22
.18
.14
.16
.16
.16
.17

.82
.82
.81
.82
.83

.19
.18
.17
.17
.19

J Monthly figures are averages of weekly prevailing rates.
*The average rate on 90-day stock exchange time loans-was 1.25 per
cent during the entire period.
3
Rate on new issues offered within period.
Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp.
448-159. and the BULLETIN for May 1945, pp. 483-490.

COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
Total
19 cities

New
York
City

7 Other
Northern and
Eastern
cities

11 Southern and
Western
cities

2.6S
2.59
2.53

1.72
1.73
1.69

3.04
2.88
2.75

3.40
3.25
3.26

1939 average
1940 average
1941 average
1942 average
1943 average
1944 average
1940—December..
1941—March
June
September.,
December..
1942—March
June
September..
December..
1943—March
June
September.,
December..

*2.78
2.63
2.54
2.61
2.72
2.59
2.59
2.53
2.55
2.60
2.41
2.48
2.62
2.70
2.63

2.07
2.04
1.97
2.07
2.30
2.00
2.06
1.95
1.98
1.88
1.85
2.07
2.28
2.09

2.87
2.56
2.55
2.58
2.80
2.68
2.53
2.53
2.58
2.62
2.45
2.48
2.56
2.66
2.63

3.51
3.33
3.19
3.26
3.13
3.02
3.36
3.25
3.23
3.29
2.99
3.20
3.34
3.25
3.26

2.76
3.00
2.48
2.65

2.36
2.70
2.05
2.10

2.76
2.98
2.71
2.76

3.24
3.38
2.73
3.17

1944-March
Tune
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

1936 average 1
1937 average 1
1938 average 1

2.U

2.91
2.73
1.99
1945—March
2.53
2.80
2.55
2.20
June
2.50
l Prior to^March 1939 figures were reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp.
463-464; for description, see pp. 426-427.

B O N D YIELDS*
[Per cent per annum]
U. S. Government
7 to 9
years

Partially tax
exempt

Corporate

15 years and over

Taxable

Year, month,
or week

Corporate (Moody's)4
By groups

By rating

SSfo

Taxable

Total

30

30

30

30

40

40

40

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

2.57
2.55
2.55
2.61
2.59

3.02
3.03
3.02
3.02
2.98

2.71
2.72
2.72
2.72
2.70

2.79
2.79
2.81
2.80
2.76

3.04
3.05
3.01
3.01
2.98

3.55
3.56
3.55
3.53
3.49

2.79
2.79
2.79
2.77
2.74

3.34
3.35
3.32
3.29
3.25

2.94
2.94
2.96
2.98
2.96

2.69

Aaa
120

15

Aa

Baa

Industrial

Railroad

Public
utility

1-5

1-5

1942 average.,
1943 average.,
1944 average .

1.93
1.96
1.94

2.09
.98
.92

2.46
2.47
2.48

1944—August
September
October
November
December

1.93
1.92
1.93
1.92
1.93

.90
.93
.93
.90
.87

2.48
2.47
2.48
2.48
2.48

2.36
2.06
1.86
1.82
1.83
1.87
1.88
1.87

1945—January
February
March
April
May
June
July
August

1.89
1.77
1.70
1.62
1.57
1.56
1.58
1.59

.81
.75
.70
.68
.68
.63
.63
1.68

2.44
2.38
2.40
2.39
2.39
2.35
2.34
2.36

1.81
1.71
1.61
1.57
1.58
1.58
1.57
1.70

2.58
2.56
2.51
2.49
2.53
2.54
2.53
2.56

2,97
2.93
2.91
2.90
2.89
2.87
2.85
2.86

2.65
2.62
2.61
2.62
2.61
2.60
2.61

2.76
2.73
2.72
2.73
2.72
2.69
2.68
2.70

2.98
2.94
2.92
2.90
2.88
2.86
2.85
2.85

3.46
3.41
3.38
3.36
3.32
3.29
3.26
3.26

2.73
2.69
2.68
2.69
2.68
2.68
2.68
2.68

3.23
3.16
3.11
3.07
3.05
3.03
3.00
3.02

2.97
2.95
2.94
2.94
2.93
2.89
2.87
2.86

1.61
1.59
1.59
1.61
1.60

1.65
1.67
1.67
1.69
1.70

2.36
2.35
2.34
2.36
2.38

1.58
1.60
1.64
1.71
1.78

2.54
2.54
2.56
2.56
2.57

2.85
2.86
2.85
2.86
2.86

2.60
2.61
2.60
2.61
2.62

2.69
2.68
"2.69
2.70
2.70

2.85
2.86
2.85
2.84
2.85

3.27
3.27
3.26
3.27
3.28

2.69
2.69
2.69
2.68
2.69

3.01
3.01
3.01
3.02
3.03

2.86
2.86
2.86
2.86
2.87

Number of issues

••

• Week ending:
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
1

Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Standard and Poor's Corporation.
' i J S ^ T ^
ding Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have bceifreduced
2

SEPTEMBER 1945




919

SECURITY MARKETS 1
Stock prices^

Bond prices
Corporate
Year, month, or week

U.S.
Governmenr

100.72
100.50
100.25

1944—August
SeDtember
October
November
December

Highgrade

15

15

50

10

20

20

15

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

120.9
120.1
119.9
119.9
120.7

107.3
107.0
109.6
110.9
113.2

116.2
116.5
116.9
116.7
116.8

57.3
55.5
59.1
61.2
65.8

176.9
177.4
177.4
178.5
180.9

103

105

101
104
103
105

103
106
105
106

99
103

121.2
121.9
122.9
123.1
122.1
122.2
122.2
121.7

113.7
114.3
114.8
115.0
115.0
115.5
115.2
114.4

117.0
116.5
116.5
116.5
116.5
116.7
116.4
115.5

68.6
68.1
68.9
71.9
77.5
81.4
80.4
75.6

183.3
185.5
187.7
190.9
191.2
190.9
189.6
188.1

108
113
112
114
118
121
118

110
115
114
117
120
122
119

121
125
124
129
135
144
140

94
97
96
98
101
106
108

1,652
1,664
1,195
1,273
1,357
1,828

118

119

131

107

1,034

116.0
115.6
115.4
115.5
115.5

78.7
79.2
78.1
75.1
72.8

188.7
188.2
188.7
188.7
187.7

117
117
116

118
117

136
136

108
108

875
708
1,067
1,032
1,151

126.2
131.8
135.7

Medium- and lower-grade
Industrial

Total

100.35
100 40
100.29
100.26
. . . 100.34

136.5
136.2
135.5
135.2
135.5

121.2
121.2
121.1
120.9
121.4

114.8
114.5
115.5
115.9
116.9

100 97
101.81
101.56
101.68
101.74
102.38
102.46
102.22

136.6
138.7
140 7
141.6
141.3
141.5
141.6
138.8

121.6
121.9
122.7
122.9
122.3
122.1
122.3
121.7

117.3
117.6
118.1
118.2
117.9
118.1
117.9
117.2

102.25
102.42
102.44
102.27
101.95

141.4
140.9
140.1
138.7
137.2

122.0
121.9
121.9
121.8
121.5

1945— Tanuarv
February
March
. .
May

Tune.

jAugust.. . . . . . . : : ; : . .
SSr...
Week ending:
Tulv 28
Aug. 4
Aug. 11
Aug IS
Aug 25

of trading*
(in thousands of
Public shares)
utility

Common (index , 1935-39 = 10C)

Municipal
(high
grade} 3

1-8
1942 average
1943 average

4

117.7
117.6
117.5
117.3
116.9

122.0
122.1
122 A
122.1
121.5

Railroad

DePublic faulted
utility

115.0
115.1
115.0
114.2
113.8

Preferred 6

Total

Industrial

15

402

354

20

28

162.4
172.7
175.7

69

71

66

61

466

1,032

Railroad

92

94

89

82

100

102

101

90

103

92

118
117

91
93
92
92

105 .
114

117

133

776
850

1,421

951

107

129
125

119
118

971
872
738

107
106

1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
» Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133,134, and 136, pp. 475,479,482, and 486, respectively, and the BULLETIN for May 1945,
pp. 483-490.
2
3
4
6
6

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..

Total
(new Total
and
(dore- mestic
fund- and
ing)
for- Total
eign)

Domestic
Federal
agencies*

Total

855
735
712
971
931
751
518
342
176
235

150
22
157
481
924
461
1,272
108
90
45

404
1,192
1,225
873
383
736
1,062
624
374
627

4,699
6,214
3,937
4,449
5,842
4,803
5,546
2,114
2,174
4,153

1,457
1,972
2,138
2,360
2,289
1,951
2,854
1,075
642
923

1,409
1,949
2,094
2,325
2,239
1,948
2,852
1,075
640
906

1944—July
August
September.
October....
November..
December..

274
332
478
892
480
193

70
145
42
178
39
38

64
145
42
178
39
38

12
40
13
47
6
20

1945—January
February...
March
April
May
June
July

633
220
557
758
584
164
1,229

143
42
86
128
186
52
249

86
126
185
52
249

99
6
24
19
28
43
35

ft

Corporate

State
and
municipal

10

Bonds
and Stocks
notes
334
839
817
807
287
601
889
506
282
404

69
352
408
67
97
135
173
118
92
223

Total
(doFor-2 mestic
and
eign
Total
foreign)
48
23
44
35
50
2
1

Domestic
State
and
municipal

Federal
agencies 1
987
353
281
665
1,537
344
69S
440
497
388

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

Corporate

Foreign*

Bonds
Total and Stocks
notes
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
283

52
106
29
131
23
19

" 43
68
15
109
9
13

10
37
14
22
14
6

204
187
436
714
440
155

204
187
436
714
440
155

22
26
6
61
65
14

27
20
30
42
39
27

154
141
401
611
336
114

133
136
351
586
304
114

18
22
27
50
102

25
5
35
51
55
1
178

-490
178
471
630
397
112
981

490
163
471
630
395
112
981

23
8
150
30
9
8
31

195
18
25
46
19
30
200

272
136
296
554
367
74
750

240
136
265
529
272
74
623

31
25
95

90
15

21
5
50
25
32

43
27
62
101
157
1
212

26
119
119
28
88

15
"2

127

1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
2
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.
ision.
Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.

930




FEDERAL RESERVE BULLETIN

NEW CORPORATE SECURITY ISSUES*
PROPOSED USES OF PROCEEDS, ALL ISSUERS
fin millions of dollars]
Proposed uses of net proceeds
Estimated
gross
proceeds2

Year or month

Estimated
net
proceeds8

New money
Plant and
equipment

Total
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

57

397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,014

384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
2,956

208
858
991
681
325
569
868
474
308
575

1943—December

116

113

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

154
97
203
155
148
163
192
229
438
735
347
154

150
95
199
150
146
160
188
226
429
722
340
152

281
215
226
643
496
92
974

275
212
221
632
485
91
955

December
1945—January
February
March
April
May
June
July

Retirement of securities
Working
capital

32
111
380
574
504
170
424
661
287
141
224

26
96
478
417
• 177
155
145
207
187
167
351

20

8

34
49
48
53
23
23
60
57
27
123
24
54

23
18
32
24
17
8
36
24
17
9
11
4

35
28
48
102
136
5
205

14
16
28
55
48
1
162

Bonds and
notes

Total

Repayment
of
other debt

Other
purposes

226
190
87
59
128
100
30
72
338

84
170
154
111
215
69
174
144
138
73
35

11
23
49
36
7
26
19
28
35
27
37

Preferred
stock

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

12

81

77

4

5

7

11
31
16
28
6
15
24
33
10
114
13
50

114
33
147
93
120
117
122
166
395
590
316
96

54
32
129
55
115
103
109
147
357
566
207
96

60
1
18
38
5
13
13
19
38
24
109
1

2
4
3
1

1
8
1
3

240
177
171
513
331 79
734

221
160
158
501
278
72
596

19
17
13
12
53
7
138

21
12
19
47
88
3 '
43

71

18
6
3
5
7

1
2

1
5

1
2

14
12
1
5

3
6
6
11

PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Public utility

Railroad

Other

Retire- All
Retire- All
Total
Total
RetireAll
Total
Retire- All
Total
New ment of other
New ment of other
New ment of 'other
net
net
net
New- ment of other
. net
pro- money securi- purpur- 4 pro- money securi* pur- 4 pro- money securi- purpro- money securi
ties poses* ceeds
ties
poses ceeds
ties
poses*
ties
poses ceeds
ceeds

Year or month

172

1934
1935
1936
1937
1938 . . . .
1939
1940
1941
1942
1943 .
1944

Industrial

120

774

21
57

120
54
558
110
30

31
10

77
1

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

1

319
361
47
160
606
3

3

78

8
9
29

8
9
29

2
45
21
134
189
36
52
82

*....

139
228
24
85
115
253
32
46
106

2
4
21
19
10
2
4

61
30
140
28
58
24
58
26
149
498
259
10

338
54

182

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

November
1945—January
February
March

119
108

12

97
186
108
15
114
500

41
115
179
35
48
82

65
60
124
137
184
30
331

119
96

360
75

14
18

346
57

105

May
June
July

18

12

93

6

5

""s"
8
4

2
12
1

*'i9"

77
1,190
1,897
611
943
1,157
922
993
292
423
1,297
71
61
30
134
28
58
23
52
24
138
484
255
10
65
60
122
125
183
30
312

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

2

34
550
761
373
226
353
738
463
89
199
475

150
80
90
136
43
56
121
146
71
54

6

29

13

10

6

1

81
55
28
118
85
58
109
66
85
186
29
18

26
40
14
49
19
17
34
38
10
113
16
12

53
3
11
65
62
22
70
27
75
71
11
5

2
12
4
3
4
19
5

82
27
93
120
223
59
480

28
9
41
64
117
3
163

54
16
50
55
89
49
301

6

5

20
122
390
71
16
102
155
94
4

46
218
57

8

92

9
42
55
4
13
51

3

7
7

19
4

20
7
1
5

3

2
4
1
33

72
152

3

21

2
1
1

6
2
1
42

1
2
1
17
7
16

10
18
4
15
2
2
40

88
9
18

104
21

4
38

4
3

2
1

2

31

2

4
""2"
1

"*42"
8
7
4
12
1
11

2
6

5

1
2

1
1

29

» Estimates of new issues sold for cash in the United States. Current figures subject to revision. .
2 S n r n V « d s are derived by multiplying principal amounts or number of units by offering price.

J K

S

S d L S equS tc^limited gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses.
b

^

^

, see Banking and Monetary Statistics (Table 138, p. 491), a publication of

the Board of Governors.

SEPTEMBER

1945




93 *

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends

Net profits,1 by industrial groups
Year or quarter
Total

Iron
and
steel

Machinery

NonOther
trans- ferrous
porta- metals
and
tion
equip- products
ment

Automobiles

Oil

Other
durable
goods

Foods, produc- Indusbevering
trial
ages,
and
chemiand
refincals
tobacco ing

Miscellaneous
services

Other
nondurable
goods

Dividends
Net
profits

1

Preferred

Common

629

47

69

15

68

77

75

49

45

30

80

74

152

152

152

1,465
1,818
2,163
1,770
1,802
r
l,897

146
278
325
226
204
194

115
158
193
159
165
174

223
242
274
209
201
222

102
173
227
183
182
r
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
r
184

847
1,028
1,137
888
902
r
97O

90
90
92
88
86
86

564.
669
705
552
556
611

509
547
558
549

86
84
81

44
48
46
55

79
73
60
61

53
56

23
28
30
32

36
43
44
37

29
42
56
46

49
53
52
52

44
48
49
46

28
33
44

62

39
36
38
40

47

285
295
282
275

22

2
3
4

150
165
170
221

1942—1
2
3
4

413
358
445
554

52

46
25
46
92

•46
*43
«44
•51

36
32
34
36

19
18

27
42
49

39
35
41
48

39

30

32
32
42
44

35

52
51
72

38
35
36
49

35
35

31
32
52
46

206
174
213
296

1943_1
2
3
4

431
433
461
477

52
47
51
53

39
41
41
45

47
49
52
53

•48
«46
•46
•41

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

22
21
22

127
132
127
170

444
459
475
r
518

47
46
47
55

40
40
38
55

52
55
55
59

29
30
28
28

20
22
21
25

38
43
45
49

49
52
56
64

42
43
49
53

36
37
37

224
230
244
r
272

21
22
20
23

142
149
137
184

38
44

54
65

3l

21
21

45
48

62
64

48
45

39
37

r

20
22

142
144

Income
before
income
tax*

•Net
income1

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
63

43
44
45
46

44
45
44
40

Number of companies...
1939
1940
1941
1942
1943
1944

1941—i

Quarterly

i
2
3
4

f

1945—1
2

r

1944

r
r

480
501

72

r49

r

55

56

re

52
«48
47
"44
r

re

r

•47
«43

22

28

r

27

37

r

21
23
20
23

21

r

39
43
52
50

r

23
23
24

r
r

45
50

241
258

134
135
125
15S

PUBLIC UTILITY CORPORATIONS
[ In millions of dollars]
Railroad2
Year or quarter

Operating
revenue

1939.
1940.
1941.
1942.
1943..
1944.,

Income
before
income
tax*

Telephone4

Electric power3

Net
income1

Dividends

Operating
revenue

Income
before
income
tax6

Net
income1

Dividends
444
447
437
408
410
390

Operating
revenue

3,995
4,297
5,347
7,466
9,055
9,437

126
249
674
1,658
2,211
1,971

93
189
500
902
873
668

126
159
186
202
217
246

2,647
2,797
3,029
3,216
3,464
3,618

629
692
774
847
914
915

535
543
527
490
502
499

1941—1
2.
3.
4.

1,152
1,272
1,468
1,454

96
145
267
166

69
103
189
138

28
36
34
87

751
723
750
805

209
182
183
200

154
126
107
139

1942-1.
2.
3.
4.

1,483
1,797
2,047
2,139

178
390
556
534

90
198
286
327

24
46
30
101

816
770
792
839

234
196
195
222

131
104
105
150

98
96
84
131

324
337
342
359

72
75
72
83

41
41
39
43

44
42
39

1943—1.
2

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

136
113
114
133

99
100
99
113

366
382
391
398

88
96
94
96

42
44
45

40
42
43
43

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

135
123
111
130

94
102
94
101

400
406
409
426

97
101
98
104

42
43
43
46

42
42
42
43

1945—1
2

2,277
2,422

425
504

139
187

30
72

971
909

292
233

139
123

102
96

436
444

115
109

46
45

41
44

Quarterly

r

r

Revised.

1
pro
rofits'*
income" refer to income
taxes and before
1 Net profits and "net ,?.. covering about 95 perafter all charges and operations. dividends.
?S V l
cent of all railroad
ai

ra lroad

a £ i A J TJ—ieecc**".**w**":*p.W¥t**"o auuut ?j per tcui 01 aii rauroaa operauons.
—:— A
c
ri
c ll ttn c c utlI *ttes coveri
b u t 95
t f ll l i
ti
4 Tniiw i
. utilities, covering about 95 per cent of all electric power operations. Fi
Figures include affiliated nonelectric operations.
Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Companyr
greater part of whose income consists of dividends received on stock holdings in the 30 companies.
• pJ5i , charges and taxes except Federal income and excess profits taxes.
_rartly estimated.
' Not available.

ption of data and back figures, see pp. 214-217 of the March 1942 BULLETIN.




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

Nonmarketable public issues

. Total
interestbearing
direct
debt

Total*

1942—June
72,422
D e c . . . . . . 108,170
1943—June
136,696
Dec
165,877
1944—June
201,003

71,968
107,308
135,380
164,508
199,543

50f573
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—Aug.,
Sept
Oct..
Nov.
Dec
1945—Jan
Feb
Mar.
Apr
May
June
July
Aug

208,289
207,850
208,608
210,774
228,891
230,672
231,854
232,026
233,063
235,761
256,357
259,781
260,746

145,213
144,723
145,008
145,183
161,648
162,261
162,379
162,625
162,680
162,652
181,319
183,080
183,334

15,715
15,747
16,060
16,405
16,428
16,403
16,399
16,921
17,041
17,049
17,041
17,025
17,038

30,001
29,573
29,546
29,545
30,401
30,401
30,396
34,544
34,478
34,442
34,136
34,472
34,430

18,067
17,936
17,936
17,936
23,039
23,039
23,039
18,588
18,588
18,588
23,497
23,498
23,498

End of month

Total
gross
direct
debt

, .. 209,802
209,496
210,244
215,005
230,630
232,408
233,707
233,950
235,069
238,832
258,682
262,045
263,001

CertifiTreasury cates of Treasury Treasury
bills
indebtedbonds
notes
ness

NonSpecial interestissues bearing
debt

Fully
guaranteed in>
terestbearing
securities

Total 2

U.S.
savings
bonds

Treasury
tax and
savings
notes

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

454
862
,316
,370
,460

4,543
4,283
4,092
4,225
1,516

81,235
81,270
81,271
• 81,102
91,585
92,221
92,349
92,377
92,377
92,377
106,448
107,890
108,172

47,614
47,152
47,430
49,008
50,917
51,723
52,345
5l,S33
52,460
54,517
56,226
57,143
57,379

36,883
37,323
37,645
38,308
40,361
41,140
41,698
42,159
42,626
43,767
45,586
46,508
46,715

10,030
9,124
9,075
9,990
9,843
9,864
9,927
8,948
9,109
10,031
10,136
10,119
10,148

15,461
15,976
16,170
16,583
16,326
16,688
17,130
17,567
17,923
18,592.
18,812
19,558
20,033

,514
,645
,636
1,230
,739
1,736
,853
1,923
i,006
5,071
1,326
!,264
2,255

1,475
1,480
1,480
1,470
1,470
1,496
1,114
1,119
1,132
1,151
409
484
515

1 Including amounts held by Government agencies and trust funds, which aggregated 6,105 million dollars on June 30, 1945, and 6,077 million on
Tuly31,1945.
2
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary bonds not shown separately.
3
Including prepayments amounting to 2,546 million dollars on securities dated Dec. l f 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 Statisttcst Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, AUGUST 3 1 , 1945
[On basis of daily statements of United States Treasury. In millions
. of dollars]
Issue and coupon rate

Amount

Treasury bills1
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov
Nov,
Nov
Nov,
Nov,

1,302
1,310
1,305
1,318
1,305
1,311
1,305
1,312
1,317
1,318
1,314
1,311
1,309

6, 1945..
13, 1945.
20, 1945.
27, 1945.
4, 1945..
11, 1945..
18,1945.
25, 1945.
1, 1945.
8, 1945.
15, 1945.
23, 1945.
29, 1945.

Cert, of indebtedness
Sept. , 1945.
Oct. , 1945
Dec. ,1945
Feb. ,1946
Mar. , 1946
Apr. , 1946
May ., 1946
June 1, 1946.
Aug. 1, 1946.,

Vs
H
%
Vi
%
%

3,694
3,492
4,395
5,043
4,147
4,811
1,579
4,799
2,470

Treasury notes
Dec. 15, 1945
Jan. 1, 1946
Mar. 15, 1946
July 1,1946
Dec. 15, 1946
Mar. 15, 1947
Sept. 15, 1947
Sept. 15, 1947
Sept. 15, 1948

H
90
1
90
lH
1%
IV2
\H
1}4

531
3,416
1,291
4,910
3,261
1,948
2,707
1,687
3,748

Issue and coupon rate

Amount

Treasury bonds—Coat.
571
Dec. 15, 1948-50
2
1,014
June 15, 1949-51
2
1,292
Sept. 15, 1949-51
2
2,098
Dec. 15, 1949-51
2
491
Dec. 15, 1949-52
M
1,786
Dec. 15, 1949-53
2lA
1,963
Mar. 15, 1950-52
2
1,186
Sept. 15, 1950-52
lYi
Sept. 15, 1950-52
2 4,939
Dec. 15, 1950
l H 2,635
1,627
June 15, 1951-54
2%
7,986
Sept. 15, 1951-53
2
755
Sept. 15, 1951-55
3
1,118
Dec. 15,1951-53
2%
510
Dec. 15, 1951-55
2
1,024
Mar. 15, 1952-54
2XA
5,825
June 15, 1952-54
2
1,501
June 15,1952-55
2K
8,662
Dec. 15, 1952-54
2
725
June 15, 1953-55
2
681
June 15, 1954-56
l\i
2,611
Mar. 15, 1955-60
2%
1,449
Mar. 15,1956*58
2\i
982
Sept. 15, 1956-59
2%
3,823
Sept. 15, 1956-59
2\i
919
June 15, 1958-63
2H
June 15,1959-62
V/A. 5,227
1,485
Dec. 15, 1960-65
2%
2,118
June 15, 1962-67
2)4
2,831
Dec. 15, 1963-68
2H
3,761
June 15, 1964-69
2%
Dec. IS, 1964-69
2lA 3,838
5,197
Mar. 15, 1965-70
2\i
Mar. 15, 1966-71
2\i 3,481
7,933
June 15, 1967-72
2H
2,716
Sept. 15, 1967-72
2H
117
Postal Savings bonds.2K
29
Conversion bonds
3
50
Panama Canal l o a n — 3
Total direct issues— 183,334

Treasury bonds
Sept. 15, 1945-17... 2U 21,214
541
Dec- 15, 1945
2H
489
Mar. 15, 1946-56... 3%
1,036
June 15, 1946-48
3
819
June 15, 1946-49... 3}/$
759 Guaranteed securities
Oct. 15, 194 7-52...4K
Federal Housing Admin.
701
Dec. 15, 1947
2
Various
35
1,115
Mar. 15, 1948-50
2
Mar. 15, 1948-51... 2*A 1,223
3,062
June 15,1948
\%
451
Sept. 15, 1948.
l¥i
1
Sold on discount basis. See table on Open-Market Money Rates,
2 Called for redemption on Sept. 15,1945.

SEPTEMBER 1945




UNITED STATES SAVINGS BONDS
[ In millions of dollars)
RedempAmount Funds received from sales during tions and
month
outmaturities
standing
at end of
All
Series Series Series
All
month
G
series
series
F
E

Month

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

28,901
31,515
31,974
32,497
32,987
34,606
36,538
36,883
37,323
37,645
38,308
40,361

1,698
2,782
709
739
751
1,842
2,125
602
692
695
1,023
2,386

1,085
2,102
576
606
624
1,350
1,687
499
591
599
807
1,855

127
157
23
19
15
115
101
18
16
14
43
125

487
522
110
114
111
377
338
85
85
83
174
406

188
185
268
237
279
248
227
279
283
401
382
365

1945—Jan
Feb
Mar
Apr
May
June
July
Aug

41,140
41,698
42,159
42,626
43,767
45,586
46,508
46,715

1,074
848
889
838
1,540
2,178
1,294
700

804
653
712
684
1,195
1,468
1,032
571

42
31
27
23
63
178
47
22

228
164
151
130
282
532
215
107

341
323
464
404
426
403
428
531

Maturities and amounts outstanding, August 31, 1945

1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
Unclassified
Total

. ..

All
series

Series
A-D

93
32S
418
492
803
992

Year of maturity

93
328
418
492
803
992
444

1,660
5,025
9,351
12,748
9,065
3 578
2 198

Series
£

1,216
5,025
7,947
9,825
5,929

Series
F

Series
G

215
595
676
754
421

1,188
2,328
2,460
2,824
1,777

2,662

10,577

-38

46,715

3,572

29,943

933

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT A N D FULLY GUARANTEED
[In millions of dollars]

m Total
interestbearing
securities

End of month

Held by U. S. Government agencies
and trust funds
Special
issues

Public
issues

Privately held1
Held
by
Federal
Reserve
Banks

Total

Commercial
banks

Mutual
savings
banks

Other investors

Insurance
companies

Marketable
issues

Nonmarketabte
issues

1942—June
December.
1943—June
December.
1944—June

76,517
111,591
139,472
168,732
201,059

7,885
9,032
10,871
12,703
14,287

2,738
3,218
3,451
4,242
4,810

2,645
6,189
7,202
11,543
14,901

63,249
93,152
117,948
140,244
167,061

26,410
41,373
52,458
59.842
68,431

3,891
4,559
5,290
6,090
7,306

9,200
11,300
13,100
15,100
17,300

10,700
14,800
18,700
23,700
30,700

13,000
21,100
28,400
35,500
43,300

1944—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
J8,846

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
23,600
35,200

45,800
47,300
49,200

1945—January. „.
February.
March
April
May
June

232,168
232,968
233,145
234,194
236,912
256,766

16,688
17,130
17,567
17,923
18,592
18,812

5,270
5,267
5,303
5,262
5,217
6,128

19,006
19,439
19,669
20,455
20,954
21,792

191,204
191,132
190,606
190,554
192,149
210,034

78,500
78,100
77,400
77,300
77,400
84,000

8,600
8,700
8,700
8,700
8,700
9,600

19,900
20,100
20,400
20,500
r
20,100
21,700

34,200
33,600
34,000
33,400
r
33,200
40,500

50,000
50,600
50,100
50,700
52,700
54,200

I 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.
r
Back figures—See Banking and Monetary Statistics, Table 149, p. 512.
Revised.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY T H E UNITED STATES*
[Public marketable securities. Par values in millions of dollarsl

End of month

Total: 2
1944—June
Dec
1945—Jan
Feb
Mar
Apr
May
June
Treasury bills:
1944—June
Dec
1945—Jan
Feb
Mar
Apr
May
June
Certificates:
1944—June
Dec
1945—Jan
Feb
Mar
Apr
May
June
Treasury notes:
1944—June
Dec
1945—Jan
Feb
Mar
Apr
May
June
Guaranteed securities:
1944—June
Dec
1945—Jan
Feb
Mar
Apr
May
June

U.S.
GovernTotal ment Fed- Com- Mu- Insurout- agen- eral mercial tual ance
Restand- cies serve banks 1 sav- com- Other
ings
ing
and Banks
banks panies
trust
funds
141,591
162,843
163,458
163,166
163,412
163,468
163,441
181,353
14,734
16.428
16,403
16,399
16,921
17,041
17,049
17,041
28,822
30,401
30,401
30,396
34,544
34,478
34,442
34,136

4,604 14,901 63,523

5,338 18,846
5,260 19,006
5,251 19,439
5,267 19,669
5,246 20,455
5,202 20,954
6,112 21,792

72,045
72,918
72,543
71,872
71,799
71,896
77,484

8,872 4,894
6 11.148 4.113
7 11,376 3,931
11,830 3,387
12,079 2,720
13,010 2,565
12,954 2,242
12,962 2,798

7,158 16,471
8,183 18,761
8,392 19,082
8,476 19,289
8,482 19,554
8,502 19,640
8,497 19,325
9,382 20,930
2
1
3
7
12
11
17
1

21
25
86
4

34,935
39,670
38,801
38,168
38,568
37,826
37,567
45,652
960
1,159
1,087
1,164
2,066
1,397
1,706
1,273

3,382
4,887
4,897
4,917
5,411
5,333
5,870
6,032

15,037
15,032
15,145
15,259
17,830
17,550
17,202
16,789

126
136
133
203
269
345
394
92

339 9,871
310 9,974
357 9,804
429 9,509
698 10,225
830 10,290
884 9,989
420 10,756

17,405
23,039
23,039
23,039
18,588
18,588
18,588
23,497

58 ,180
60 ,566
56 ,566
62 ,560
54 ,051
52
988
53 1,017
1,685

11,718
15,411
15,487
15,560
12,657
12,611
12,588
16,076

286
336
342
330
318
324
327
242

337
568
628
662
651
693
692
601

3,826
5,098
4,960
4,866
3,858
3,919
3,912
4,841

1,190
1,194
1,197

3
3
3

949
960
921
586
581
560
575
10

6
6
6
4
4
4
4
2

26
22
19
16
17
17
16
13

205
203
245
175
179
202
187

786

787
788
789
34

67
62
66
80
110
129
103
47

End of month

U.S.
GovernTotal ment Fed- Com- Mu- Insurtual
out- agen- eral mer- sav- ance Other
Restand- cies serve cial ings companies
ing
and Banks banks banks
trust
funds

Treasury bonds:
Total:
79,244
1944—June
91,585
Dec
92,221
1945—Jan
92,349
Feb
92,377
Mar
92,377
Apr
92,377
May
106,448
June
Maturing within 5 years
1944—June
7,824
Dec
7,824
1945—Jan
7,824
Feb
7,824
Mar
8,939
Apr
8,939
May
8,939
June
8,939
Maturing in 5-10 years:
34,39Q
1944—June
Dec
44,087
1945—Jan
44.531
Feb
44,645
Mar
43,564
Apr
43,564
May
43,564
June
48,155
Maturing in 10-20 years:
15,482
1944—June
Dec
14,445
1945—Jan
14,445
Feb
14,445
Mar
14,445
Apr
14,445
May
14,445
June
16,727
Maturing after 20 years;
21,539
1944—June
Dec
25,227
1945—Jan
25,420
Feb
25,433
Mar
25,427
Apr
25,427
May
25,427
June
32,626

4,437 ,464 30*910
243 36,508
5,173
166 37,418
5,091
37,737
5,056
128 38,068
5,039
123 38,499
4,991
4,961 1,113 39,275
5,968 1,113 41,795

6, 736 15,768 19,929
7,704 17,859 23,098
7,909 18,077 22,561
7,931 18,182 22,311
7,879 18,167 22,097
879
7,817 18,073 21,873
.
21,628
7,753 17,646 21
9,045 19,892 28,636
663
556
525
510
535
543
520
375

1,740
1,777
1.836
1,856
2,015
2,076
2,050
2,074

536
518
518
518
564
564
564
547

4,697
4,834
4,799
4,770
5,554
5,488
5,548
5,770

189
137
144
172
268
267
258
172

1,570
1,504
1,421
1,362
1,297
1,280
1,262
1,333

18,937
24,445
25,194
25,507
24.987
25,350
25,790
29,147

2,712
3,556
3,710
3,743
3,588
3,503
3,427
3,400

4,357
4,467
4,385
4,335
4,196
4,267

9,850
9,569
9,307
9,099
8,891
10,009

1,097
1,028
1,006
1,003

1,054

5,509
5,354
5,475
5,466
5,500
5,590
5,745
4,562

1,857
1,887
1,880
1,829
1,812
1,830
1,828
2,'"

2,792
2,612
2,603
2,607
2,569
2,530
2,319
2,471

4,228
3,563
3,480
3,538
3,561
3,531
3,591
6,179

2,696
3,366
3,312
3,306
3,308
3,308
3,290
4,146

1,766
1,873
1,946
1,991
2,024
2,072
2,194
2,317

1,981
2,125 10,
2,176 10
2,187
2,209
2,218 10,
2,240 10
3,010 12,

998
963
960

3,673 7,505
4,230 10,357

6,456
7,401
7,396
7,349
7,214
7,168
7,095
10,375

• 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 June 30,1945, commercial banks reporting to the Treasury held 25,328 million dollars of U. S. Government
securities due or callable within one year out of a total of 60,646 million outstanding.
2
Including 196 million dollars of Postal Savings and prewar bonds not shown separately below.

934




FEDERAL RESERVE BULLETIN

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars)
Mis-

Period

Income taxes1 cellaneous Social Other
inter- Securerity
nal
taxes ceipts
reveOther nue 1

Fiscal year ending:
June 1943
June 1944
8,393
June 1945
10,289

Total
re*
ceipts

ceipts 3

Net

TransInter- War fers to Other Total
est activi- trust
budget Defiex*
on
acties counts, pendi- expend- cit
debt
tures itures
etc.

16,094 4,553
26,262 5,291
24,884 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

1,808
2,609
3,617

2,109 435
87,039 556
90,029 1,646

Trust
accounts,
etc.4

Change
Inin
gen- crease
eral
in
fund
gross
baldebt
ance

78,179 55,897
93,744 49,595
100,405 53,948

3,827
3,540
5,113

- 1 , 8 6 1 +6,515
- 4 , 0 5 1 +10,662
+798 +4,529

64,274
(>i,3O7
57,079

1944—August
September..
October
November....
December

1,065
741
609
1,035
741

487
4,432
632
466
3,606

S32
514
580
507
539

319
65
60
293
63

157
175
174
205
470

2,859
5,927
2,054
2,506
5,418

2,568
5,926
2,001
2,240
5,416

77
581
133
56
560

7,571
6,998
7,479
7,401
7,503

57
22
47
18
22

415
329
365
353
332

8,119
7,930
8,024
7,828
8,416

5,551
2,004
6,023
5,587
2,999

+70 - 4 , 2 5 2
-244 -2,555
+148 - 5 , 1 2 7
+639
-188
- 1 9 3 +12,433

1,229
-307
748
4,761
15,626

1945—January
February
March
April
May
Tune
July
August

619
1,295
883
600
1,282
826
669
1,200

1,803
1,627
4,935
1,567
745
3,930
1,073
466.

573
552
520
534
557
561
718
877

48
341
96
46
337
69
66
306

545
172
473
221
477
529
228
432

3,587
3,987
6,908
2,967
3,398
5,916
2,754
3,281

3,556
3,767
6,892
2,929
3,085
5,914
2,695
2,997

191
91
628
139
66
1,009
156
99

7,551
6,948
8,246
7,139
8,156
7,837
7,324
6,398

69

48
45
236
296
335
530
162

390
373
513
455
757
460
547
695

8,202
7,460
9,433
7,968
9,275
9,641
8,557
7,354

4,645
3,693
2,540
5,040
6,190
3,727
5,862
4,357

+238 - 2 , 6 3 0
+101 - 2 , 2 9 2
+262 - 2 , 0 3 6
+9 - 3 , 9 1 1
+686 - 1 , 7 4 1
-1,050+15 ,073
-116 - 2 , 6 1 5
-50 - 3 , 4 5 1

1,778
1,300
242
1,120
3,763
19,850
3,362
956

Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
Fiscal year ending:
June 1943
June 1944
June 1945

ExInvest- pendiments

Net expenditures
in checking accounts of
ReGovernceipts
ment
agencies

General fund of the Treasury (end of period)

Other

Balance in
general fund

Assets

Invest- pendiments tures

Total

DeDeposits
posits
in
in
Federal special
Reserve deposiBanks
taries

Total
liabilities

Other
assets

Working
balance

Total

2,810
3,202
3,239

2,350
2,816
2,757

456
380
453

2,194
4,403
1,178

1,117
1,851
3,820

655
1,313
2,444

133
192
-571

10,149
20,775
25,119

1,038
1,442
1,500

7,667
18,007
22,622

1,444
1,327
997

643
607
421

9,507
20,169
24,698

8,744
19,406
23,935

586
42
146
519
43

287
303
45
266
312

35
35
36
3S
36

254
-35
95
-71'
164

216
162
206
225
182

149
121
84
95
119

6
24
-55
-220
-213

18,277
15,753
10,609
10,223
22,717

1,215
1,314
998
1,122
1,335

15,693
13,013
8,242
8,002
20,261

1,369
1,426
1,368
1,100
1,120

605
635
618
421
481

17,672
15,117
9,990
9,803
22,236

16t909
14,355
9,227
9,040
21,473

1544-August
September....
October
November
December....

1,164
17,866
19,606 18,843
1,048
471
20,077
117
-37
251
-21
39
84
169
1945—January
1,085
1,3S4
15,265
420
17,313
17,734
16,551
250
122
-98
313
37
208
432
February
1,547
1,120
445
15,722
13,055
15,277
14,514
270
128
84
-407
43
227
66
March
1,224
443
11,809
1,093
9,492
11,366
412
10,603
228
137
71
40
48
122
April
1,140
430
10,055
974
530
7,941
9,625
8,862
296
-21
-154
42
271
592
May
1,500
421
25,119
701
997
22,622
24,698
23,935
778
663
3
42
482
217
June
1,252
386
22,469
579
914
20,303
22,082
222
441
89
51
203
312
July
1,300
387
19,018
336
844
16,874
18,631
-26
659
56
239
543
August
1
Details on collection basis given in table below.
2
Withheld by employers (Current Tax Payment Act of 1943).
. . ,.
,
U T - J I I J
•
•
* J
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 ( - ) . m t
Back figures.—See Banking

and Monetary

Statistics,

Tables 150-151, p p . 513-516.

INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars!
Miscellaneous internal revenue

Income taxes
Period

Fiscal year ending:
June 1943
June 1944
June 1945

CurCurVicBack
rent
rent WithTotal indi- held1 tory corpo- taxes
tax ration
vidual

16,299 5,771
33,028 10,254 7.038
35,062 % 5 6 7 10,263

686
785
1

r

4,137
4,763
4,422

r

557
705
661

Excess
profits
taxes

r

5,064
9,345
11.004

Other
profits
taxes

r

Total

84
13
144

4,571
5.353
6,960

329
381
37!
128
194
29
19

1944-July
August
September . . .
October
November....
December—

1,729
1,712
4,490
1,810
1,633
3,670

133
73
1,330
82
37
294

1,179
1,258
18
1,233
1,203
18

93
72
953
110
70
980

28
43
31
26
31
40

290
260
2,133
350
285
2,312

754
777
529
544
520
559

1945—January
February
March
April
May
June
July
'Revised.

3,
3,158
4,996
2,408
2,406
4,025
2,242

690
1,889
759 1,892
61
1,737
915
907
201 1,751
46
1,127
318 1,249

43
57
956
160
70
r
858
161

126
143
59
-26
79
79
75

270
301
2,170
44f
295
r
l,895
429

547
51C
560
51'
57
57
79

1

Manufacturers'
MisCapi- Estate Alco- Toholic
and bever- bacco Stamp
and
cellatal
gift
stock
taxes retailers' neous
age
taxes
tax
taxes taxes taxes
excise
taxes

105

r

447
511
643

1,423
1,618
2,310

924
988
932

45
51
66

670
729
1,207

48
63
35
39
32
50

210
202
183
196
204
201

77
86
78
78
81
71

5
6
4

72
88
85
95
95
120

214
139
115
113
103
112

49
37
89
75
64
r
62
4«

206
195
171
171
180
19
198

78
66
74
68
83
93
84

6
6

117
116
104
97
116
104
121

90
90
117
100
121
r
116
228

5
5
5

6
5
6
6
6

r

732
1,075
l,430

Withheld by employers (Current Tax Payment Act of 1943).

SEPTEMBER 1945




935

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items

Assets, other than interagency items 1
Commodities,
Loans supTotal Cash receiv- plies,
able
and
materials

Corporation or agency

All agencies:
Sept 30 1944
Dec. 31. 1944
Mar. 31, 1945
June 30, 1945

.

.

31,435
31,488
31,309
33,552

Classification by agency, June 30,1945
Department of Agriculture:
Farm Credit Administration:
238
Banks for cooperatives
.. . . . . . ..
345
Federal intermediate credit banks........
1,294
Federal land banks
. .
121
Production credit corporations
15
Regional Agricultural Credit Corp
Others
26
279
Federal Farm Mortgage Corp
Rural Electrification Administration ..
386
War Food Administration:
1,623
Commodity Credit Corp
472
Farm Security Administration
3
Federal Crop Insurance Corp
3
Federal Surplus Commodities Corp
National Housing Agency:
Federal Home Loan Bank Administration:
310
Federal home loan banks
160
Federal Savings and Loan Insurance Corp.
Home Owners' Loan Corp
1,047
United States Housing Corp
155
Federal Housing Administration
Federal Public Housing Authority and
affiliate:
Federal Public Housing Authority
545
Defense Homes Corp
69
Federal National Mortgage Association
10
R. F . C. Mortgage Company
69
Reconstruction Finance Corp. and certain
affiliates: #
Reconstruction Finance Corp.
1,477
Certain affiliates4
8,241
Office of Emergency Management:
Export-Import Bank
216
War Shipping Administration
7,851
Other4
578
Smaller War Plants Corp
172
870
240
733

Tennessee Valley Authority
U S Maritime Commission
All other

.

4 056
1,9461

853
756
768
700

6,566
6,387
5 789
5,544

36
11

135
295
1 062

45
1

8
1

2,987
2,942
2 960
2,507

35
354

17

437
424
388
375

15,755
16,237
16 734
20,164

22

1,421
1,692
1 001
772

1,813
1,419
1,913
1,811

20

161
64

132
952

20

21

97

21
1

290
1

26

3

261

75
•

39

10
68
3
7
91

1
14
150

(2j

1

3

224

1
1

263
386

654

450

519
468
2
3

•

4

1

50

7

16

46

125

89

28

()

60
26

100
1,005

9

2

3
3

498

504
451
459

14
25

8

8

16

118
536
68

(2)

4

3

66

225
1,182

1~253
7,060
7,243

2
6 769

20
175

61
449

7 273

79

2
407
202

80
608
283

47

3 297
1,'647

428
1

14
35
3
282
15

581

90
719

11
15

836

7
25
12 " " 2 8

6

186
121

9
1

214
28
334

231
72

7

7

/2\

2
43

219
67 '"(')"

8
• • • ( • ) " •

58

63
22
118
11

213
48
1

(*)

1

(2)

10

768

21,771
23,857
23,510
27,266

1
3

160
155
15

1,034
68

7
7

4
33

1 333

6,398
4,196
4,962
4,162

(2)
(3)

56

2
g
6

2
44

25
11

502

1,204
1,395
1,263
1,163

272
840

1,565
1,537
1,124

1
2

(*)

260
377

32
28
2
3

1,604
1,632
1 756
1,619

43
37

7
23

10
3

Bonds, notes,
PriU.S.
and debenLand,
Govern- vately
tures payable
struc- UndisOther ment owned
tures, trib- Other
liabil- interest interU.S.
uted assets Fully
and
est
ities
Govt. Other equip- charges
guar- Other
secusecument
anteed
rities rities
by U.S.
Investments

(2)

9
266
58

10

137
295
169
15C
240
724

139

3,79(
1,888

CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
June 30, 1945
Purpose of loan

.Fed.
ReconRural Farm Home Fed.
Fed. interFed. struc- RFC
Fed. Farm medi- Banks ComElecfor co- modity trifica- Secu- Own- Public home
tion affililand
ers'
Hous- loan
ate_
Firity
banks Mort. credit opera- Credit
ates
tion
Corp.
tives Corp. Adm. Adm. Loan
banks nance
Corp. Auth.
banks
Corp.

To aid agriculture
To aid home owners
To aid industry:
Railroads
.Other
To aid financial institutions:
Banks
Other
Dther
Less: Reserve for losses..
Total loans receivable
(net)
are

sn
A

?wn

ExAll
portAll
Im- other agencies
port
Bank

Mar.
31, 1945,
all.
agencies

327

295

135

39

377

11

498

1 V)

66

1,062

260

o n a n e t bas s

(2)
295

1

5

135

35

l » *•?•' a f t e r reserves for losses.

(2)
377

166
1

2,971
1,027

3,037
1,149

64

21
104

243
201

281
226

16

49
93
1,409

5,789

(2)

965

72

50

222
33

1,134

143

13

354

952

290

290

132

31
32
705

1,034

22
1

214
(2)

112
149

46
163
1,343
451

135

214

269

5,544

454

2 Less than $500,000.

Affairs). The hem "certain affiliates" also includes Disaster Loan Corp.
NOTE.—This table is based on the revised form of the Treas
"
quarterly basis are not comparable with monthly figures previou
items are included in total assets on a pet basis (after reserves for losses); each asset and liability item is segregated into Government a
agency) and other, and segregation of interagency amounts is more complete than formerly; some asset items formerly shown are comple
reporting of certain assets, especially cash and privately-owned interest, is more complete.
t
i1innf itMonthly 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. I U U 01
November 1944 BULLETIN) and in Banking and Monetary Statistics, Table 152, p . 517.




FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
[The terms "adjusted*' and "unadjusted" refer to adjustment of monthly figures for seasonal variation]

Year and
month

Income
payments
(value)
1935-39
- 100

Manufactures
Total
Durable

Adjusted

Construction
contracts
awarded (value) 3
1923-25 * 100

Industrial production
(physical volume)**
1935-39 - 100

Nondurable

Minerals

Total

Residential

All
other

Employment*
1939 = 100

Nonagricultural

Factory

Fac- Freight
tory carloadings*
1935-39
1939
= 100
100

Ad- Unad- AdAd- Unad- Unad- . A d AdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed

Depart- Wholement
sale
store
com- Cost of
sales modity living*
(val- 8 prices* 1935-39
ue)*
1926 - 100
1935-39 = 100
= 100

Adjusted

Unad- Unadjusted justed

1919
103.8 103.2
84
72
79
63
138.6 124.5
120
44
71
62
S3
1920
104.2 123.5
63
154.4 143.2
75
93
90
30
83
60
129
99
1921./
79.8
79.7
56
97.6 127.7
44
66
58
53
57
65
92
no
1922
88.2
85.5
79
96.7 119.7
68
71
67
88
73
SI
94
121
101.0 108.4
1923....;...
84
100.6 121.9
81
72
105
86
88
103
142
93.8 101.2
1924
94
98.1 122.2
95
69
105
94
82
95
139
97.1 106.6
1925
122
103.5 125.4
124
76
HO
120
92
90
107
146
98.9 109.9
1926
129
100.0 126.4
121
79
113
135
100
96
114
152
96.8 107.9
129
95.4 124.0
117
1927
83
114
139
100
95
107
147
96.9 109.1
135
96.7 122.6
126
85
1928
115
142
99
99
117
I4S
10?. 1 116.4
117
95.3 122.5
87
93
117
142
1929
107
102.6
110
132
122.9
152
89.8
94.1
92
86.4 119.4
50
84
108
125
1930
93
95.5
91
98
109.1
131
75.8
71.2
63
73.0 108.7
37
79
97
80
86.1
1931
84
75
67
92.3
105
64.4
49.2
28
64.8
13
70
75
67
97.6
75.5
1932
40
58
41
70.6
78
71.3
52.8
25
65.9
11
79
73
76
92.4
76.0
1933
37
69
54
68.9
82
83.1
67.8
32
74.9
12
81
83
80
95.7
83.8
1934
43
75
65
78.7
89
88.7'
78.0
37
80.0
21
90
88
86
98.1
87.6
1935
50
87
83
87,1
92
96.4
90.5
55
80.8
37
100
100
99
99.1
91.9
1936
70
103
108
101.3
107
105.8 108.2
59
S6.3 102.7
41
106
107
112
100.9
1937
74
122
113
107.7
111
90.0
84.2
61
78.6 100.8
45
95
99
97
94.4
1938
80
78
89
98.5
89
100.0 100.0
72
77.1
60
109
106
106
99.4
100.0
1939
8t
109
109
105.4
101
107.5 114.5
81
78.6 100.2
72
115
114
117
104.7
1940
89
139
125
113.5
109
132.1 167.5
122
87.3 105.2
89
142
133
125
117.5
149
1941
201
162
138.0
130
154.0 245.2
166
98.8 116.5
82
158
150
129
126.7
235
1942
279
199
174.6
138
175.7 330.4
68
103.1 123.6
40
176 p 132
168
130.9
92
1943
360
239
137
213.0
166.7 334.2
41
104.0 125.5
16
186
140
127.5
61
1944
140
"235 PS53 mi
"233.4
1942
151.0 236.2
125.9 151.9
76
288
134
193
127
98.6 116.4
134
272
une
193
152
195
172.3
127.1 154.7 154.8 245.1
313
74
206
126
98.7 117.0
145
137
278
uly
197
154
199
175.5
128.6 157.5 159.0 258.1
278
65
182
130
99.2 117.5
152
140
290
August
158
204
207
179.5
r
129.1 160.2 162.1 266.0
268
70
179
131
99.6 117.8
151
140
September.
161
208 . 213 299
182.5
r
130.0 162.9 163.7 276.2
269
83
185
129
100.0 119.0
157
140
311
October....
165
215
218
187.2
130.5 165.1 165.6 287.0
286
90
198
130
100.3 119.8
158
136
319
November..
168
220
220
192.8
r
131.4 168.3 168.7 295.4
243
91
175
127
101.0 120.4
159
135
328
December..
169
223
221
196.1
1943
r
131.6 170.5 169.6 300.0
145
135
198
125
163
79
101.9 120.7
171
337
January
224
227
199.6
131.6 172.3 171.7 307.4
102
139
140
131
192
56
102.5 121.0
174
344
229
February
232
203.5
r
132.0 174.0 173.5 315.7
85
138
119
133
161
42
103.4 122.8
174
351
232
March
235
206.9
131.4 174.8 174.0 321.8
63
136
87
131
159
33
103.7 124.1
175
356
236
April
237
208.8
r
130.9 174.9 173.9 326.5
52
135
68
129
159
31
104.1 125.1
176
359
239
239
May
209.4
r
131.0 176.4 175.8 331.3
45
127
55
117
168
32
103.8 124.8
177
358
238
237
Tune
212.8
r
131.4 177.2 177.3 330.4
60
141
80
134
169
36
103.2 123.9
177
360
241
240
214.8
July
r
130.9 177.1 178.7 338.0
59
140
79
135
166
35
103.1 123.4
178
365
245
242
216.7
August...
r
150.1 177.0 178.2 344.2
65
140
89
138
165
35
103.1 123.9
179
368
248
244
216.8
September. -.
r
130.1 178.0 178.8 349.6
49
137
61
136
172
34
103.0 124.4
179
374
249
247
219.3
October
r
130.2 178.9 179.3 354.4
60
139
78
133
177
37
102.9 124.2
180
376
247
247
222.9
November
r
130.1 177.4 177.7 345.6
61
143
SI
137
167
35
103.2 124.4
174
365
239
241
224.7
December
1944
130.0 175.9 175.0 345.1
145
29
76
139
176
103.3 124.2
369
55
240
243
January....
227,2
129.6 174.6 174.0 344.7
142
21
64
142
177
103.6 123.8
367
45
175
240
244
232.4
February
r
128.9 172.1 171.6 341.3
140
17
59
139
175
103.8 123.8
364
40
238
183
241
231.9
March
128.0 169.4 16S.6 335.0
138
17
52
140
172
103.9 124.6
361
36
237
173
239
231.1
April
r
127.7 167.7 166.7 334.3
138
16
46
143
169
104.0 125.1
356
33
236
183
236
232.1
May
127.7 166.7 166.1 334.6
139
15
50
142
169
104.3 125.4
354
34
236
176
235
233.9
June
r
127.5 165.2 165.3 326.8
'142
14
57
139
165
104.1 126.1
347
38
232
189
230
233.2
July
127.3 164.1 165.6 330.3
142
13
63
142
168
103.9 126.4
348
41
235
187
232
August
. 234.0
r
126.5 162.6 163.6 329.1
139
13
61
143
168
104.0 126.5
342
39
234
187
230
232.5
September
r
125.7 161.0 161.7 330.3
137
13
65
143
169
104.1 126.5
344
42
234
193
232
235.5
October
r
125.3 160.3 160.7 327.3
141
13
73
143
173
104.4 126.6
341
46
232
205
232
237.5
November
r
125.7 160.7 161.0 331.8
137
14
81
137
173
104.7 127.0
343
51
230
196
232
239.0
December
1945
r
143
75
126.6 161.0 160.1 330.5
14
48
140
197
104.9 127.1
175
345
230
234
241.9
January
139
96
59
141
211
126.7 160.2 159.7 329.0
13
105.2 126.9
176
346
232
236
245.2
February
r
145
118
72
142
220
105.3 126.8
126.7 15S.4 158.0 r 325.5
15
176
345
235 -232
244.1
March
141
112 r 125.1 155.5 154.8 317.O
70
140
181
105.7 127.1
174
18
336
229
242.3 r 230
April
r
r
I. 140
89 124.4 152.4 151.4 '302.7
58
138
106.0 128.1
173
188
20
323
225
225
241.9
M
r
140
73
50
144
106.1 129.0
173
202
22
123.5 149.0 p 148.4 298.3
308
221
220
P244.6
June
139
P83 ^122.3 PH3.4
"56
105.9 129.4
218
P213
P242.3
July
p
r
* Average per working day. Preliminary.
Revised.
1
2 Department of Commerce series on value of payments to individuals.
t
3 For indexes by eroups or industries, see p p . 938-942.
B a s e d o n F W Dodge Corporation data; for description, see p.358of BULLETIN for July 1931; by groups, see p . 945 of this BULLETIN.
4
The unadjusted indexes o f 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.
6
For indexes by Federal Reserve districts and other department store data, see pp. 947-949.
Back fisures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, P D . 933-437, and October 1943, pp. 958-984; for factory
employment, January and December 1943, pp. 14 and 1,187, respectively, and March 1945, p . 267; for department store sales, June 1944, pp. 549-561.

J

SEPTEMBER

1945




937

INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjusted jor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average « 100]
1945

1944
Industry

Jan.
June | July | Aug. | Sept.| Oct, | Nov. | Dec. | Feb. | Mar. | Apr. I May I June I July

Industrial Production—Total.

235

230

232

230

232

232

232

234

236

235

230

r

Manufactures—Total

251

246

248

246

248

248

249

251

252

252

247

T

r

225
240
323

354

344

341

343

345

346

345

336

202

203

202

206

201

198

197

202

210

206

204

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
T
567

435

434

427

428

422

431

431

436

431

419

r

716

704

707

695

704

699

709

706

695

676

651

228

229

226

.229

230

235

235

242

236

231

r

244

245

238

233

234

229

253

257

263

191

193

P

223

308 P292

r

187

233

H10

223

263

Machinery

342

442

Pig iron
Steel
Open hearth.,
Electric

348

198
225
183
526

Iron and Steel

347

204

Durable Manufactures

220 mi

r

405

T

192

188

181
214
r
173
r
505

182
204
173
422

393 P374

1

Manufacturing Arsenals and Depots .,
Transportation Equipment
Automobiles
.
(Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government) 1
Noriferrous Metals and Products.

Lumber and Products.

253

246

226

205

200

191

186

268

243

252

252

246

252

247

280

284

296

124

127

120

120

122

122

126

123

121

* Preliminary.

938




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

183 179
61
62
225 221
85 r 85
122 r115
179 r166
300 295

173

173

175

176

176

174

149

152

150

155

153

149

136
140
199

139
149
209

141
146
215

139
145
215

144
152
215

142
150
215

137
143
218

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

115

116

114

113

121

122

165
66
200
86
116
175
302

174
64
212
88
115
179
292

165

168

168

169

139

141

147

146

135
141
196

129
139
193

132
140
189

137
148
196

148
49
196
163
166
159
163

131
41
185
144
148
138
144

140
47
193
154
163
141
153

105

112

121

113
126
78
81
144
100

108
118
82
77
144
114

120
132
92
• 80
157
122

149
117

153

147

146

110

113

116

113

173
225
121
117
125
1

175
219
127
160
134

111
119

161
176
140
196
135

112
141
160
169
56
208
88
116
175
295

112
122

192
62

173 "168
150 P141

138
142
221

138
144
220

146
42
243
151
161
137

144
40
233
152
162
137
161

122

121

127 P112

115
r
132
91
62
r
132

117
132

81
144
119

119
137
89
63
148
123

144
126

118
134
95
61
146
125

149

154

155

155

158

160

160

118

125

123

130

131

125

138

82
156
181

P145
78
154
179

"132
83
163
172

81
162
175

S4
168
189

158
167
141
213
142

158
164
149
175
149

146
149
147
123
143

146
135
169
101
129

146
139
165
104
129

154
159
140
218
145

176
43
223
95
120
171
298

173

113
125
85
68
154
114

•84

162

150

115
127
86
72
154
113

"147 P152
85
82
146
149
184
179
169
197
138
191
125

165 P169

r

169
66
204
88
122
181
295

152
185

104
137 H36

167

180
60
222
86
124
182
294

P153
93
158
180

115 PUS

166

153

Wheat
flour
•.
Cane sugar meltings*
Manufactured dairy products..
Butter
Cheese
Canned and dried milk
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton

118

163

115

Manufactured Food Products.

T

162

161

113
124
85
84
141
117

Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers....
Sheep and Iamb leathers..
Shoes

234

163

159

145

Leather and Products.,

119

272

109
140

169

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..

r

110
144

165

Nondurable Manufactures ..
Textiles and Products.,

291

112
146

109
143

Glass products
Plate glass
Glass containers,
Cement
Clay products
Gypsum and plaster products....
Abrasive and asbestos products..
Other stone and clay products*..

Stone, Clayt and Glass Products.,

r

2183

188

194

118
142

111
139

114
143

248

111
142

118
146
•162

118
144
168

r

108
'138

187
65
230
84
127
180
297

Lumber...,
Furniture.,

Revised.

267

127

eltg
Smelting and refining
Copper
Lea
(Copper smelting; Lead refining; Zinc smelting;
(C
lti
Aluminum; M i
Magnesium; Tin)*
Alumi
Ti)*
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)'

r

r

218

r

r

r

r

123
219

119
137
97
58
137
132

126
150

P146

138

P134

87
181
204

140
P133
87
175
196

P143
90
r
179
206

1
90
181
222

134
137
139
88
121

132
135
134
95
128

141
144
142
103
142

140
146
136
116
133

153

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)
1944

1945

Industry
June
Manufactured Food

July Aug. Sept. Oct. Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

Malt liquor
Whiskey
Other distilled spirits
Rectified liquors

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..
Wrapping paper.
........
Newsprint
PaDerboard containers (same as PaDerboard)
Printing and Publishing
Newsprint consumption

153
130
135
162

148
112
123
162

147
11
2
15
1
159

150
139
118
158

155
145
128
162

159
146
138
165

162
162
137
167

165
163
143
170

169
180
11
5
169

168
170
156
169

161
149
11
5
165

154 P 149
136
129
1 3 ^160
6

128

186

156

166

184

169

213

170

148

144

136

139

193

140
0
31
177

146
0
37
205

152
100
647
232

172
6
68
270

177

197

174

167

153

o
104
305

o
76
353

o
74
355

167
198
452
346

250
312

o
156
265

152
0
67
283

139
Q
61
291

139
0
57
318

147
199
448
293

121

Alcoholic Beverages

154
136
147
160
119

Other manufactured foods .
.
Processed fruits and vegetables
Confectionery
Other food products

122

126

124

120

135

131

121

123

123

120

128

139

128

89
151
79

86
154
78

92
152
92

95
149
87

93
142
93

105
157
107

95
155
108

85
147
95

95
145
97

93
147
91

91
143
90

92
156
94

93
177
90

83
162
88

140

133

142

142

143

143

135

136

137

141

140

141

142

P136

136
156
108
91
232
137
133
156
110
115
159
125
80

129
153
114
92
232
127
125
148
99
103
158
118
83

137
159
119
96
234
138
134
158
11
1
118
149
127
77

137
156
118
92
231
135
134
159
113
116
149
127
84

139
165
126
96
245
142
135
158
111
116
149
132
81

138
158
111
97
238
136
135
160
106
120
150
130
81

132
150
115
97
212
133
129
145
93
125
156
125
85

132
152
111
95
214
137
129
153
85
119
147
128
76

134
156
113
98
227
139
130
152
87
125
143
127
83

137
157
113
11
0
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
r
l34
r
160
75
126
139
139
79

128
149
73
122
146
133
80

100

95

102

99

103

103

104

102

105

105

105

105

106

P10S

SB

87

87

83

89

86

84

85

84

83

85

85

85

88

273

273

289
149
174
138
121

289
148 *>152
177
136
132

168
161
406

163 165
155 158
'421 "401

242
252
136
164
11
3
130

247 251 258 266 268 268 273 276 272
7
259 264 2 2 281 283 283 289 292 287

268
284
145
167
136
120

r

..*

172
164
463

Coke

Industrial chemicals.

138
138
237
411

137
164
125
128

138
159
125
126

11
4
162
132
126

140
167
135
124

144
165
136
124

141
165
133
119

143
171
133
123

150
174
126
126

145
166
134

172
164
442

171
164
419

168
162
389

170
164
384

170
164
367

167
163
296

167
162
334

168
163
367

164
387

314

Fuel oil
Kerosene

July

Products—Continued

314 307 307 307 312 317 318 319 318 318 319

142
134
237
408

143
132
240
408

139
11
3
237
400

139
129
239
395

11
4
133
242
394

141
137
242
396

142
136
244
396

140
136
241
400

11
3
11
7

139
135
244
402

161

17
5

284

135
134
241
405

131
134
240
r
407

135 "139
132 "128
243 ^243
412 p 412

247 236 233 r224 222 P217
142 139 142 143 143 143 137 140 141 142 140 138 144 V144
146 143 147 148 148 148 141 145 146 147 145 143 150 P149

228

Coal

231

230

231

231

239

247

158
128
143

Fuels

227

m

Rubber Products

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 P140
153 ^146
129 **117
151

no

114

113

111

112

111

111

111

111

111

110

110

178

15
7

175

11
7

170

168

170

170

170

169

167

168

25
72

Silver

117

181

24
67

23
63

22
57

58

2
2

22
64

23
62

24
56

24

24
54

23
61

24
54

49

52

i <Wip<* inVhided in total and croup indexes but not available for publication separately.
NOTE-FordeYcrfption and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 194Of
pp. 753-771 and 825-882.

SEPTEMBER

1945




939

INDUSTRIAL PRODUCTION, BY INDUSTRIES
Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average *- 100l
1945

1944

June July Aug. Sept. Oct. Nov. Dec.
236

232

235

Jan. Feb.

Mar.

Apr.

May J u n e July

234

234

232

230

230

232

232

229

r

248

248

-248

249

249

245

r

342

343

345

344

225

221

p

240

234

V

335

323

308

J>292

213

252

248

251

249

250

354

MS

349

343

346

341

204

202

203

202

206

201

198

197

202

210

206

204

192

188

196

190
215
181
456

188
219
176
526

192
226
180
552

198
234
189
561

188
232
184

190

573

229
182
r
567

181
214
r
173
r
505

182
204
173
422

431

431

436

431

4l9

H05

393

p

P523

r

198
225
183
526

198
224
183
512

222
183
502

197
225
187
492

435

434

427

428

422

716

704

707

695

704

699

709

706

695

676

651

H10

573

228

223

229

226

229

230

235

235

242

236

231

r

218

210

263

243

245

238

233

234

229

253

257

263

r

248

219

252

244

226

205

200

191

186

187

191

194

189

183

268

243

252

252

246

252

247

280

284

296

272

234

133

130

135

128

125

120

113

113

114

127

(Aircraft; Railroad

196
222
184
491

442

steel

192
218
186
453

123

129

117

109

97

99

97

cars; Locomotives; Ship-

Nnnferrous Metals and Products
(Copper smelting, Lead refining, Zinc smeltFabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium

T

261

r

r

194
r

115

119

r

120

121

P120

101

112
r
138

112
r
137

^136

T

143

146

123
139

143

141

142

142

146

144

108
140

169

165

167

164

167

163

159

156

156

161

165

186
65
228
90
125
183

Cement

174
60
213
94
124

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

161
60
196

17S
216
71
119

183
62
225
81
119

307

71
116
176
302

163
56
201
66
118
177
305

177

177

306

300

171

173

173

173

171

170

172

172

171

Abrasive and asbestos products

297

182
294

Nondurable Manufactures

169

167

61

Textiles and Products

145

139

141

147

146

149

152

150

155

153

149

Textile fabrics

129
139
193

132
140
189

137
148
196

136
140
199

139
149
209

141
146
215

139

....

135
141
196

145
215

144
152
215

142
150
215

131
41
185
144
148
138
144

140
47
193
154
163
141
153

144
42

143
56
206
156
161
148

146

197
158
162
153
160

150
50
213
164
170
156
164

152

Woolen and worsted yarn
Woolen yarn . . . . . . . . . . . .
Worsted yarn
Woolen and worsted cloth

148
49
196
163
166
159
163

151

57
215
165
170
157
166

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

114

103

111

121

115

118

113

114

125

122

107
119
"77
80
134

107
114
9,6
75
148
114

118

112
121
90
80
149
117

116

114
127
84

113
128
83
68
143
114

128
148
93
66
162
123

116

117
134

190
61
236
89
169
295

.....

Wool textiles
Carpet wool consumption

Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers ....
Sheep and lamb leathers
Shoes

..

...

.....

Manufactured Food Products

153

Wheat flour

106

Manufactured dairy products
Butter ... ,
Cheese
Canned and dried milk

P

100

163
112

165
115

129
90
81
153
122

166
123

159
125

2*221
107
187
215

P178

91
162
186

P155
82
149
170

^125
70
134
145

172
225
118

Beef
Veal

225
128
225
249

162
193
128
160
129

147
151
140
188
122

148
139
151
215
144

156
150
153
248
151

117
116

127
86
79
153
119
155
126
PI 08
62

117
130
175
195
146
228
142

73
146
113
150

143

141

132
87
68
140
126
142

91
63
143
125
145

169

175
43
221
102
r
120
298

r
f

p

166

185
62
228
P119
174
P289

175

172

173

mo

150

150

*141

138
142
221

138
144
220

123
219

146
42
243
151
161
137
r
165

144
40
233
152
162
137
161

121

125

115
132
87
r 61
142
r
126

116
99
59
135
132

P107

146

150

P155
P133

r

122

111
119
87
85
139
117

167

137
143
218

Rayon deliveries

374

291

r

144
Stone Clay, and Glass Products

224

r

r

*109

r

122

130

132

122

133

134

132

P94

vkh

pgs *>ii6
77
71

P149
89
189
231

^178

P209
124
r
254
284

P212
110
223
257

i25

132
135
134
98

139
144
139
103
132

131
129
137
116
127

61
111
138
184
217
149
165
146

69
120
140

171
195
150
114
152

133
157

151
186

139
132
156
89
131

135
129
150
98

126

125
131
86
118

112

234
272

130

—

r

Revised. * Preliminary.

940




1

• —

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
June July

Mar. Apr.

May

148
99
140
162

148
104
130
162

145
97
117
162

146
105
96
165

7
'154
''153

158

139

148

147

162

214

150
11
228
312

142
o

160

o
81
355

137
198
414
346

136
265

o
44
283

158
0
36
291

175
0
35
318

184
199
400
293

137

121

121

118

117

115

128

145

133

105
160

95

95
136
94

93

137

156

91

91
133
90

92

9S

85
147
93

95

93
186
92

83
170
88

143

134

136

138

141

141

142

142

138
159
117
97
238
136
135
160
106
120
150
130
82

132
97
212
133
129
145
93
125
151
125
84

132
152
115
95
214
137
129
153
85
119
145
128
76

134
157
118
98
227
139
131
152
87
125
148
127
83

137
158
121
101
227
139
134
157
84
127
148
133
82

136
162
125
103
234
141
132
158
79
126
145
129
82

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

161
117
103
236
140
133
161
78
125
141
132
81

137
160
117
103
236
138
r
134
r
160
75
126
142
139
80

98

100

105

107

106

99

104

107

108

106

105

99

78

84

93

93

88

79

83

87

90

88

84

76

247

251

258

266

268

268

273

276

272

268

273

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

289
149

289
148
177
136
124

172
164

171
164

168
162

170
164

170
164

167
163

161
157

168
161

419

389

384

367

296

168
163
367

171
164

442

167
162
334

387

284

406

316

310

310

307

309

308

313

316

319

321

320

142
136
237
411

140

142

138

139

141

136
237
400

135
239
395

137
242
396

139
135
241
400

137

133
240
408

139
133
244
396

139

133
237
408

139
134
242
394

135
244
402

131
241
405

228

227

231

230

231

231

239

247

247

236

233

140

131

134

136

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

145
105
109
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

143

151

198

159

168

159

146

191

177
0
19
177

183
0

174

164

94

270

270
305

151
0
159
353

140

22
205

173
100
609
232

126

127

129

131

125

89
158
80

86

92

162

160

95

160

93

78

89

148

93

99

no

141

132

141

141

143

137
156
109
91
232
137
134
156
110
115
162
125
80

128
151
101
92
232
127
125
148
99
103
151
118
82

137

157
105
96
234
138
134
158
111
118
149
127
77

137

100

89

84

75

242
252
136
164
131
123
172
164
463

Feb.

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

Q

p

163

Industrial Alcohol from Beverage Plants*
Tobacco Products
Cigars
Other tobacco products
Paper and Paper Products
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Fine paper
Printing paper
.
Tissue and absorbent paper
Wrapping paper .. . . . .
Newsprint
PaDerboard containers (same as Paoerboard)
Printing and Publishing
Newsprint consumption
. ......
Printing paper (same as shown under Paper)
Petroleum refining
Gasoline
Fuel oil

... .

Kerosene

. . ......

. .

Coke
By-product coke . . . . . ,

Paints
Soao

.

.

142

150
117

r

174
143
122

123

r

r

P

132

128
149
73
122
140
133
78

P

152

163
155
421

165
158
401
p

318

315

135
407

139
130
243
412

224

222

p

140

141

147

P

130
240

r

r

307

7*127
P243
^412

217

146

Metals

Gold
Silver

*

*
•

..

••••

*...,.*•*•-.*,,

144

143

147

148

148

148

141

145

146

147

145

143

150

p

152
158
128

144
151
118

148
154
124

147
151
129

149
152
133

132
138
109

125
145
47

148
153
129

p
146
p

149

148

143
150
112
148

136
138
131

146

140
151
96
148

142
149
115

142

149
155
126
148

150

150

152

151

148

142

145

138

123

89

68

68

68

72

109

131

130

231
330

..

147

143

Coal

147

146

Fuels

143

222
323

227
336

215
311

188
259

130
133

94
61

95
63

98
68

104
80

166
216

207
304

24
69

23
66

25
62

25
57

26
53

25
64

24
62

23
56

21
53

21
56

21
61

21
54

146

135

r

147
149

ll7

205
301

47

T

Revised. * Preliminary.
,
.
i 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,

SEPTEMBER 1945




941

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 » 100]
Factory pay rolls

Factory employment
1944
June

1944

1945

July

Mar.

Apr.

May

June

July

May

1945

June

July

Mar.

Apr.

May

T
317.0
r

June

r

Total
Durable goods
Nondurable goods

166.

165.
225.
117.

158.0
212.2
115.2

154.8
206.9
113.7

151.4
200.'
112.4

148.4 143.5
193.8 184.4
112.6 111.2

334.3 334.6

228.
117.

470.9
200.7

469.0
203.2

453.8
202.6

325.5
444.0
209.7

Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
Tin cans and other tinware
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus.
Stamped and enameled ware
Structural and ornamental metal work

168.
124
248
125
128
137
186
160
214

168..
124
244
130
128
138
183
160
214

167.3 164.5
123
122
239
236
132
131
131
- 129
138
134
179
182
155
156
190
197

162.0
122
230
f
130
127
131
176
153
179

156. 148.6
121
213
133
125
127
169
150
168

310.9
221
461
196
260
253
354
313
435

313.3
225
453
207

308.5
225
434
212
258
252
338
320
418

319.1
229
458
231
281
270
350
331
369

348
323
365

Electrical Machinery
Electrical equipment
Radios and phonographs

287.
252
296

284.0 267.5
249
236
292
268

263.2
232
263

258.7
228
260

253.6 242.5
223
254

512.2 518.9
456
465
552
560

505.2
451
542

504.7
453
529

493.8
441
521

476.8 466.2
415
426
486
501

Machinery, except Electrical
Machinery and machine shop products
Engines and turbines
Tractors
Agricultural, excluding tractors
Machine tools
Machine-tool accessories
Pumps
Refrigerators

229.0
231
382
192
165
214
273
334
151

225.9
228
376
192
163
210
270
326
150

213.8
218
349
178
153
201
254
284
142

209.6
214
339
174
149
198
250
279
139

205.9 198.9
210
332
173
150
195
244
274
136

428.8
426
814
298
333
381
471
699
259

414.7
409
784
294
334
371
458
676
251

419.2
420
769
288
325
382
457
630
266

407.0
410
732
278

385.8
386
683
272
289
348
430

Transportation Equipment, except Autos..
Aircraft, except aircraft engines
Aircraft engines
Shipbuilding and boatbuilding

218.0
222
358
183
158
204
256
295
145

,470.7 ,433.4 ,240.9 '1,181.3 '1.099.4 1,008.6 933.2
,745
1,789
,607
1,560
1,450
,277
,788
2,822
,369
2,289 r 2,167
,950
1,664
,325
f613
l,132
1,233
,067

326.8

263

259
346
323
421

434.1
429
833
304
336
384

475
712
270

127.33,028.8
'557 3,433
,946 4,993
,645 3,498

1,930.9
3,338
4,761
3,387

302.7 298.3
r
406.9 393.6
200.8 205.1

430.4
206.1
314.2
229
451
228
275
265

304.1 293.9
223
227
389
422
r
230
2l3
263
268
244
247
326
334
r
304
313
313
341

250

387.5
386
680
275
304
353
422
585
250

2,284J
2,837
r
3,703
r
2,434

1,117.5
2,543
3,232
2,328

313

371
449
593

576

260

,645.4 '2,496.6
,190
3,071
,280
3 957
,907 "2,711

r

Automobiles

174.6

171.8 166.1

163.7

157.5

151.8 140.0

324.4 325.3

308.8

310.9

302.9

278.5

268.0

Non.ferrous Metals and Products..
Primary smelting and refining.. v
Alloying and rolling, except a.luminum
Aluminum manufactures.

184.5
178
181
317

181.4
175
176
309

176.3
142
185
300

174.9
140
183
r
296

170.0 162.5
141
176
284

347.9
342
340
570

336.6
325
320
551

348.1
265
367
556

343.9
269
362
554

331.3
262
341
r
524

311.0
262
328
497

Lumber and Timber Basic Products.
Sawmills and logging camps....
Planing and plywood mills

113.3 114.2 106.5
83
82
76
98
98
96

104 J
74
94

105.3 105.4 105.4
75
75
93
93

208.4 215.8 206.4
152
152
159
166
170
170

195.9
140
168

196.3
141
167

H96.7
142
164

203.9
14S
167

Furniture^ and Lumber Products
Furniture

105.3 105.3 '103.0
98
99
96

101.0
94..

100.2 100.2 99.1
93
93

187.7 190.8 187.1
176
174
178

195.1
182

191.6
177

r

187.7
r

189.1
173

Stone, Clay and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products..

109.7
125
68
71
116

189.8
208
109
119
193

191.9
210
111
123
196

186.2
197
113
122
187

193.2
207
108
121
191

115
124
189

187.9
200
114
121
184

191.4
201
121
126
186,

91.4
105
72
95
61
86

109.1
124
69
71
115
90.5
104
71
94
61
86

111.0 109.5
127
71
73
117

Textile-Mill and Fiber Products
Cotton goods except small wares
Silk and rayon goods
Woolen and worsted manufactures...
Hosiery
Dyeing and finishing textiles

115.0 114.7 111.4
133
131
127
73
72
68
76
75
72
125
126
118
96.6 95.1 93.2
110
107
74
75
74
101
98
97
67
66
62
91
90
88

90.9 88.9
105
72
94
61
86

171.0
202
136
193
106
152

172.3
205
136
195
106
151

168.3
207
131
184
102
147

173.0
207
139
193
101
151

168.3
202
135
187
99
148

164.3
200
134
179
95
141

172.2
210
142
187
100
147

Apparel and Other Finished Textiles
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery

109.8 106.1 105.9
98
95
92
76
76
70
80
76
78
70
72
85

103.7
91
69
76
81

101.4 100.7 96.8
90
90
68
69
74
72
69
66

182.8 186.4 175.6
166
167
155
135
134
133
135
126
123
91
103
102

206.2
174
133
157
160

193.0
167
129
144
126

178.5
157
123
131
84

180.1
164
127
126
91

156.1 158.6 155.8
147
147
148
140
143
140

167.7
151
154

164.7
148
150

158.9 168.1
149
147
154
143

187.4
168
201
170
192
207
150

Leather and Leather Products.,
Leather
Boots and shoes

177.6
143
187
299

no

349.0
334
340
567

90.3
85

90.0
85
80

88.9
83
79

87.9
82
78

87.4
82
78

88.6 88.0
83
79

Food and Kindred Products
Slaughtering and meat packing
Flour
Baking
,
Confectionery.;
Malt liquors
Canning and preserving

121.5
131
113
112
114
141
82

131,1
132
117
112
109
148
132

114.6
113
117
111
117
138
71

114.1
107
115
110
113
138
76

113.2
103
116
110
109
139
73

115.4 120.0
106
119
110
108
143
79

191.6
217
179
164
183
202
143

209.2
220
195
168
178
226
243

187.3
178
201
170
199
201
143

Tobacco Manufactures.,
Cigarettes
Cigars

89.4 88.6
125
128
71
63

87.6
127
65

86.7
125
65

85.4
124
64

85.9 84.1
124
65

152.8 157.4 157.0
189
182
197
141
138
132

165.2
207
135

Paper and
Paper
Paper
Papei

117.0
106
123
114

115.7
106
119
112

113.6
105
117
110

112.6
104
115
109

114.0 112.6
105
115
111

188.8 191.2 189.4
180
177
179
194
194
195
176
179
177

195.2
183
193
182

193.3
206

Allied Products.,
and pulp
goods, n.e.c
boxes

117.2
106
122
115

197.6
218
183
167
186
210
157

r

160.4
200
131
192.8
182
194
180

r

m

186.0
163
'202
172
185
206
144

194.2
178
211
174
187
220
155

r

156.8 164.1
204
192
137
'133
187.4 194.3
184
178
193
186
183
175

NOTE.—Figures for July 1945 are preliminary. Indexes for major groups and totals have been adjusted to final 1942 and preliminary 1943 data
unary.
rnaae available o y t n e imreau ot employment Security of the Federal Security Agency. Back data and data for industries not here shown are ot
int
obtainable from the Bureau of Labor^StaUsUcs. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only.

942


FEDERAL RESERVE BUIXETIN

FACTORY EMPLOYMENT AND PAY ROLLS, BY
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 - 100]
Factory employment
1944
June
Printing and Publishing
Newspaper periodicals
Book and job

1945
July

100.7
93
105

Factory pay rolls

Mar.

101.5
93
107

100.2
92
105

Apr.

1944

May

99.4
92
104

Chemical and Allied Products
202.7 202.5 221.6 219.
Drugs, medicines, and insecticides. 185
184
182
183
Rayon and allied products
109
108
113
110
Chemicals, n.e.c
171
172
166
165
Explosives and safety fuses
1,048 1,361 1,358
1,004
Ammunition, small-arms
1,168 1,127 1,576 1,581
Cottonseed oil
78
75
107
95
99
104
Fertilizers
143
145

June

July

99.5
92
104
r

99.6
92
104
212.5
184
111
165
1,304
1,508
80
112

204.0

126.3
127
l00

126.8
127
100

127.0

164

1,349
1,549
88
126

Products of Petroleum and Coal
Petroleum refining
Coke and by-products

124.2
122
106

126.6
124
107

126.2
126
102

126.0
126
100

Rubber Products
Rubber tires and inner tubes
Rubber goods, other

159.2
165
140

158.8

159.1
172
138

155.9
169
134

153.6
167
131

Miscellaneous Industries^
Instruments, scientific
Photographic apparatus

167.0
566
169

165.5
562
172

163.4
541
162

161.8
540
159

160.7
534
158

159.1

153.5

512

166

July

137.3
117
150

Mar.

137.9
117
152

Apr.

142.4
120
157

May

June

141.1

141.8

142.5

121

122
154

122

156

156

358.7 355.1 355 .'2 394.1 301.3 388.9
381.3
280
271
267
285
277
267
282
174
174
182
174
186
181
183
298
297
297
296
297
299
295
1,499 1,563 1,646 2,092 2,076 2,096
1,984
2,558 2,359 2,271 3,167 3,150 3,185
3,037
144
170
225
149
203
184
164
225
341
267
351
228
293
259

150.5

139

162.9
177
140

r

1945

June

134.9
116
145

99.1

216.3
183
110

May

157

212.4
205
183

215.5
208
188

222.
216
192

283.3
283
248

281.4
279
251

279.7
281
245

r

223.9
221
182
296.7
302

229.5
227
179

229.5
224
284.2
294
243

312.8
996
265

r

226.9
223
186
280.6
289
244

r

312.3
988

296.4
306
256

265

319.1 320.7 311.6 376.3 322.2
1,092 1,097 1,082 1,068 1,070
272
275
273
270
274

190

263

For footnotes see opposite page.
FACTORY EMPLOYMENT

{Adjusted for Seasonal Variation)
flndex numbers of the Board of Governors, 1939 « 100]
1945

1944
Group
June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

166.7
228.2
118.3

Total
Durable.
Nondurable

165.2
225.3
117.9

164.1
224.1
116.8

162.6
220.4
117.0

161.0
217.3
116.6

160.3
215.6
116.7

160.7
216.1
117.0

161.0
216.3
117.3

160.2
215.6
116.5

158.4
212.5
115.8

Apr.

May

June

July

155.5
r
2O7.1
114.8

152.4
200.9
114.1

149.0
193.6
113.8

P143.4
*184.2

mi.2

p

Preliminary.
~
.
. ..
,
. „ . .
NOTE.—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

1944
May

Alt

Manufacturing.

Durable Goods
Iron and Steel and Products
Electrical Machinery
Machinery Except Electrical
Transportation Equipment Except Autos
Automobiles
Nonferrous Metals and Products
Lumber and Timber Basic Products
Furniture and Finished Lumber Products.
Stone, Clay, and Glass Products
Nondurable Goods
Textiles—Mill and Fiber Products
Apparel and other Finished Products .
Leather and Manufactures
Food and Kindred Products
Tobacco Manufactures
Paper and Allied Products. . . . . . . . . . .
Printing, Publishing and Allied Industries
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
;
Miscellaneous Industries
r

1945

June

Feb.

Mar.

Apr.

45.3

4SA

45 A

45.4 r45.1

46.6

46.8

46.8

46.7 46.5

46.8
46.3
48.7
47.4
45.5
46.6
43.3
44.4
43.7

46.8
46.6
49.1
47.3
45.9
47.1
44.5
44.6
43.8

46.9
46.7
48.8
47.2
46.5
47.1
43.3
44.8
43.8

47.1

43.2

43.3

43.4

41.6
38.1
41.3
45.8
42.0
46.0
40.9
46.0
47.0
45.1
46.1

42.0
38.2
41.6
45.9
42.3
46.3
41.3
45.8
46.8
45.2
46.1

42.3
38.8
42.2
44.9
43.0
46.3
41.0
45.5
47.3
47.3
46.0

46.6
48.6
47.1
46.1
47.3
43.1
44.6
44.2

42.4
39.0
42.5
45.1
42.9
46.3
41.6

45.
47.4
45.3
46.1

May

Feb.

Mar.

Apr.

May

101.7 104.3

104.4

104.4

104.3 103.9

111.2

111.3 113.9

113.9

113.8

45.9
45.7
47.7
46.3
44.0
46.1
44.0
44.0
43.7

107.7
102.1
111.6
126.4
126.6
104.7
79.8
81.2
89.3

108.1
102.6
112.2
126.2
127.5
104.9
79.9
81.3
S9.4

109.8
106.7
115.1
130.4
127.9
107.8
79.4
84.7
91.6

110.7
107.0
115.3
129.9
128.0
108.1
79.8
85.0
92.3

43.0

85.8

86.1

89.2

89.6

89.9

71.2 73.1
78.4 86.2
80.2 83.5
85.1 86.1
70.6 73.7
84.5 86.5
107.5 111.5
95.8 97.2
118.1 119.6
109.2 114.9
95.8 98.8

73.3
87.4
84.8
86.4
74.1
87.1
112.1
97.5
119.5
111.7
99.1

73.5
86.2
r
85.2
86.9
r
74.0
87.4
112.9
98.0
r
120.2
113.6
99.3

June

May

44.1

44.6

101.7

r

45.4

45.8

46.9 46.0
r
46.4 "45.6
48.1 46.6
46.8 45.9
45.5 43.9
47.1 46.0
43.6 '42.9
44.3 r43.7
44.5 43.6

43.5 43.2
41.9
37.9
42.0
45.0
42.3
46.5
41.2
45.7
r
48.3
45.7
45.8

1945

1944

42.3
40.8
36.4
40.4
44.5
r
41.6
45.4
41.2
45.7
47.5
44.2
44.8

41.8
37.2
42.1
45.5
42.8
46.4
41.6
45.4
47.8
45.1
45.1

71.0
77.2
80.0
85.4
69.8
84.2
107.2
95.4
117.4
108.7
95.2

June

June

r

113.4 113.1

110.9
106.8 M06.7
MIS.2 '115.2
r
r
129.5 129.7
f
128.0 126.6
r
108.2 107.7
81.4
80.7
r
r
85.9
85.5
92.9
92.9
r

90.4

111.4
106.1
115.1
130.1
126.6
107.4
82.2
85.6
92.7
90.5

74.6 75.9
84.7 84.0
85.9 85.7
87.7 87.8
r
74.7 75.7
87.6 87.9
113.3 112.7
99.1 99.7
120.4 120.7
113.2 114.0
99.2 99.4

r

Revised.
^Back figures arc available from the Bureau of Labor Statistics,

SEPTEMBER 1945




943

ESTIMATED EMPLOYMENT IN NONAGRIGULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]

Total

Year and month

Manufacturing

Mining

Construction*

Transportation and
public

Trade

Finance,
service,
and miscellaneous

Federal,
State, and
local
government

utilities
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

935
943
643
949
970
981
997
1,000
1,003
1,004
1,002

2,256
2,260
2,133
2,176
2,239
2,256
2,258
2,327
2,295
2,248
2,115

3,082
3,131
3,161
3,224
3,254
3,292
3,330
3,331
3,355
3,369
3,367

7,123
7,192
7,266
7,302
7,388
7,495
7,579
7,548
7,537
7,526
7,487

4,374
4,397
4,438
4,441
4,441
4,442
4,458
4,454
4,472
4,479
4,493

4,269
4,309
4,344
4,401
4,434
4,469
4,502
4,534
4,588
4,613
4,652

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
4,321
4,869
4,963
5,082
5,144
5,216
5,338
5,431
5,526
5,620
5,701

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
838
878
876
869
859
863

1,899
1,734
1,604
1,476
1,358
1,263
1,164
1,082
1,020
936
891
364

3,540
3,556
3,574
3,588
3,597
3,620
3,634
3,639
3,633
3,671
3,683
3,687

7,133
7,064
7,110
7,006
6,988
7,017
7,061
7,015
7,006
7,006
7,000
6,962

4,146
4,146
4,121
4,110
4,102
4,112
4,127
4,110
4,079
4,078
4,119
4,127

5,783
5,829
5,911
5,945
5,965
5,962
5,943
5,916
5,810
5,818
5,822
5,981

39,454
39,352
39,123
38,865
38,749
38,766
38,700
38,654
38,400
38,159
38,044
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
843
843
848
833
830
822
812
803
802

830
786
737
719
673
677
653
643
627
609
611
619

3,720
3,780
3,780
3,763
3,768
3,765
3,753
3,762
3,735
3,748
3,771
3,789

7,096
7,043
7,046
6,982
6,997
7,012
7,084
7,059
7,065
7,077
7,052
7,015

4,170
4,173
4,165
4,257
4,363
4,475
4,505
4,514
4,488
4,384
4,359
4,304

38,426
38,469
38,456
r
37,963
r
37,745
37,472
37,136

15,633
15,595
15,445
15,178
r
14,885
14,523
14,100

805
802
796
765
732
807
795

633
658
691
736
r
782
831
853

3,797
3,848
3,846
3,811
r
3,801
3,795
3,777

7,210
7,164
7,214
r
7,004
r
7,056
7,036
7,122

4,394
4,404
4,438
4,466
r
4,513
4,527
4,537

5,866
5,889
5,901
5,905
5,902
5,896
5,859
5,898
5,899
5,915
5,914
6,081
5,954
5,998
6,026
6,003
5,976
5,953
5,947

38,965
38,840
38,725
38,689
38,672
38,846
38,731
38,744
38,571
38,360
38,347
38,889

16,825
16,735
16,559
16,309
16,122
16,093
16,013
16,023
15,843
15,692
15,607
15,632

858
858
852
844
839
844
833
834
826
816
812
806

764
715
678
683
686
691
636
700
671
652
629
594

3,664
3,704
3,723
3,744
3,768
3,803
3,809
3,818
3,791
3,767
3,771
3,770

6,919
6,867
6,919
6,968
6,962
6,977
6,942
6,918
6,994
7,148
7,299
7,611

4,128
4,131
4,123
4,236
4,363
4,542
4,618
4,582
4,488
4,340
4,315
4,304

37,952
37,968
38,062
r
37,791
r
37,678
37,556
37,177

15,555
15,517
15,368
15,102
r
14,811
14,523
14,100

801
798
796
761
728
803
795

582
599
636
699
r
798
848
901

3 740
3,771
3,788
3,792
r
3,80l
3,833
3.834

7,030
6,985
7,084
r
6,990

4,350
4,360
4,394
4,444
r
4,5l3
4,595
4,650

1939
1940
1941....
1942
1944

30t353
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—February
March
April
May
June
July
August
September
October
November
December

33,973
34,406
34,441
35,269
35,758
36,277
36,597
36,774
36,892
36,991
36,864

11,934
12,174
12,456
12,776
13,032
13,342
13,473
13,580
13,642
13,752
13,748

1942—January
February
March
April
May
June
July
August
September
October
November
December

37,057
37,195
37,391
37,724
37,981
38,204
38,581
39,042
39,171
39,452
39,597
39,898

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

1943

'....

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

T

845
* 916
947
970
891
835

r

7',001

6,980

5,807
5,830
5,871
5.905
5,932
5,896
5,830
5,869
5,958
5,945
5,914
6,172
5,894
5,938
5,996
6,003
6,006
5,953
5,917

T

* Includes Contract Construction and Federal Force Account Construction.
Revised.
ntil
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates include all full- and part-time wage and salary workers in n o n aaF l ' ' u l r t t " i " i
Unadjusted
Ai
:
s
the pay period ending nearest the 15th of L
establishments employed during the payperiod ending nearest the 15th c f i the month. "
- Proprietors, self-employed persons,Jdomestic s e r v a n t s , ^ personnel
'
*
**
"
*
1945 figures
of the armed forces are excluded. July 1945 figures are preliminary. For back seasonally adjusted estimates see BULLETIN for June 1944, p . ow.
preliminar
ted data are available from the Bureau of Lahnr StAtUHra
Back unadjusted data are available from the Bureau of Labor Statistics,

944




FEDERAL RESERVE BUIXETIN

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

Nonresidential building

Residential

Total

Factories

Commercial
1945

1944

34.0
29.9
48.7
33.0
27.1
24.4
38.3
40.0
49.0
37.7
52.9
57.6

4.1
4.5
7.4
6.1
5.8
8.7
5.6
7.9
6.4
7.7
7.1
9.5

7.5
8.5
10.0
12.3
9.5
18.8

Year
1

472.7

80.8

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

February
' March
April
May
June
July
August
September
October
November
December

140.9
147.0
328.9
395.8
242.5
227.3

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

1,994.0

348.4

Other

Educational

1944

1944

January

Public works
and public
utilities

building
1945

1944

1945

1944

1945

4.4
5.4
3.8
10.5
10.1
6.4
7.6
3.5
5.3
3.8

21.1
23.1
19.5
25.0
17.1
18.9
30.2
22.4
24.2
20.0
28.3
27.1

23.9
17.6
36.3
49.9
29.4
35.6

50.3
55.1
61.3
72.0
55.8
70.7
80.5
69.4
64.1
52.2
48.0
66.6

39.8
32.0
90.6
111.9
107.9
95.0

69.2

276.7

8

1945
7

i
*-0.2
'

746.1

Negative because of revision of a prior month's entry.

CONSTRUCTION CONTRACTS AWARDED, BY O W N E R S H I P
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Private ownership

Public ownership

Total
Month

Year

1945

1944

Federal Reserve district
1943

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

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. \V. Dodge Corporation. Value of contracts in thousands of dollars]

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

1944

1945

35
30
36

37
28
43
46
46
42
42
44
49
43
62
74

66
73
107
87
95
146
149

so
42
46
61
62
56
56
50
54
579

2,695 1,435

3,274 1,994

Year or month

Total

1935
1936
1937
1938
1939 .
1940
1941
1942
1943
1944

1944—July
Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
June
July

Property
improvement

Small
home
construction

320
557
495
694
954
1,026
1,186
1,137
942
886

224
246
60
160
208
251
262
141
96
125

71
81
83
84
82
66

7
11
14
12
17
11

*
•
•
*

8
19
13
10
14
13
12

•

67
68
60
53
62
56
52

13
25
26
21
15
1

*
•
*

Dallas.....




July

10,891
27,012
23,976
26,722
46,621
21,689
35,273
19 819
5,700
12,784
27,204

12,260
31,135
14,936
22,965
29,798
30,126
45,431
12,269
-6,249
9,253
25,374

8,639
26,853
17,834
19,034
26,451
17,737
42,704
9,457
2,924
9,455
9,451

257,691

...

....

.....

.
...

....

Total (11 districts)]

227,298

190,539

INSURED FHA HOME MORTGAGES (TITLE II) HELD INf
P O R T F O L I O , BY CLASS OF I N S T I T U T I O N
[In millions of dollars]

Mortgages on
1- to 4family
houses
(Title

ID

94
309
424
473
669
736
877
691
243
216
18
20
20
22
22
18
19
14
17
15
22
19
19

Rental
War
and
group housing
(Title
housing
VI)
(Title

ID

2
2
11
48
51
13
13
6
7

3
1

•

•

End of month

Savings Insur- FedCom- Mutual
eral
and
ance
Total mer- sav- loan com- agen- Other*
cial
ings associ- panies cies 1
banks banks
ations

1936—Dec.
1937—Dec.
1938—Dec.

13
284
601
537
45
50
46
49
43
37
39
34
30
28
26
24

21

365
771
1,199

228
430
634

27
38

56
110
149

41
118
212

5
32
77

27
53
90

1939—June.
Dec.

* Less than $500,000.
.
.
.
•
t
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.

SEPTEMBER 1945

...

New York
Philadelphia..
Cleveland
Richmond .. . . .
Atlanta
Chicago

St Louis

LOANS INSURED BY FEDERAL HOUSING A D M I N I S T R A T I O N
[In millions of dollars]

Title I Loans

Boston

Minneapolis ..
Kansas City .

559

June

July

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

127
141.
150

1941—Mar..
June.
Sept.
Dec.

2,598
2,755
2,942
3,107

1,246
1,318
1,400
1*465

146
157
171
186

230
237
246
254

606
668
722
789

210
220
225
234

160
154
178
179

1942—Mar..
June.
Dec.

3,307
3,491
3,620

1,549
1,623
1,669

201
219
236

264
272
276

856
940
1,032

237
243
245

200
195
163

1943—June.
Dec.

3,700
3,626

1,700
1.705

252
256

284
292

1,071
1,134

235
79

155
159

1944—June.
Dec.

3,554
3,399

1,669
1,590

258
260

284
269

1,119
1,072

73
68

150
140

1
The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States
Housing Corporation.
4
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding
terminated mortgages and cases in transit to or being audited at the Federal Housing Administration.

945

MERCHANDISE EXPORTS A N D I M P O R T S
[In millions of dollars]
Merchandise imports 2

Merchandise exports1

Excess of exports

Month
1941

1942

1944

July

August
September

.

October
November
December
January-June

.

1941

1942

1943

1944

1945

1941

1942

1943

1944

^902

229
234
268

254
254

229
234
249

300
313

^334

359

P

365

96
69
89

228
230
365

520
494
739

824
794
838

287
297
280

235

258
281
295

360
386
331

P

366
372

100
88
50

482
351
435

731
811
708

r
871
1,068
965

278
282
262

213

l,192

196

302
316
286

P302
P
281

87
178
162

446
518
536

963
964
983

l f 142
PI,185
^937

304
281
344

200
168
358

329
311
281

P329
323
P336

362
211
309

603
620
525

1,006

1,594

1,420

1,546

492

2,089

749
728
988

717
542
650

9R9
1,092
1,003

365
460
425

659
705
732

L.265
L,28O
L,269

666
492
653

April
May

482
483
637

387
385
.330

March

1945

1,124
1,107
1,197

1943

325
303
357

803
788
883

1,238
1,073
1 2RR

2,086

3,510

5,550

r

p

l 231
1,454
1,297

p

l,O22

p
l,002
p

l,137

l,196

p
l,l88
p
p

7,410

"S.B2S

272
191
215

186

P

P

2,050

P

2,118

p

1945 .?
p

568
557
657

P
P

P

765
524

P

902

-911

909

P

762

p

4,004

862
601

5,360

p

3,707

T
P Preliminary.
Revised. . m
1
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; 1935-39 average=100]
Forest
Total Coal Coke Grain Live- prodstock
ucts
Annual
1939
1940
1941
1942
1943
1944

101
109
130
138
137
140

98
111
123
135
138
144

102
137
168
181
186
186

107
101
112
120
146
139

138
139

146
147
r
142
146
147
143
143
127

190
194
194
185
182
182
181
166

128
135
144
131
126
147
150
134

141
139
137
126
126
143
136

176
178
190
180
193
181
193

128
119
134
160
167
155
157

REVENUES, EXPENSES, A N D INCOME OF CLASS I
RAILROADS
[In millions of dollars]

MiseelOre laneous

1945—January
February
March
April
May
June
July

Total
railway
operating
revenues
Annual

100
114
139
155
141
144

110
147
183
206
192
181

101
110
136
146
145
147

118
124
124
121
114
120
135
128

140
148
156
155
137
133
138
135

195
187
189
188
184
153
153
133

144
143
150
149
146
143
149
151

1944-April
May
June
July
August
September.
October...,
November.,
December..

120
121
129
124
120
r
121
121

142
133
134
133
137
144
140

161
168
218
204
204
170
171

157
152
159
153
151
146
146

1945—January....
February..
March
April
May
June

96
96
91
104
117
124

SEASONALLY
ADJUSTED

1944—May
June
July
August
September
October
November
December

Mercian,
dise
l.c.1.
97
96
100
69
63
67

1939
1940
1941
1942
1943
1944

3,995
4,297
5,347
7,466
9,055
9,437

689
688

589
682
998
1,485
1,362
1,093

93
189
500
902
874
668

91

3,406
3,614
4,343
5,982
7,693
8,343

780
779

Net
income

income

54
52
71
61
32
42
46
57
33

SEASONALLY
ADJUSTED

r

m

142
139
137
141
137
143
139
145
141
140
140
139

810
804
781
790
791
788

780

701
706
710

710

709
697
711

.

91
109

98
71
80
82
91
69

93
103

766
781
796
799
796

673

704

98
96
92

831

725

106

760

670
705
700
710

90
99
100
99
101
89

678
698

704

UNADJUSTED

UNADJUSTED
1944—May
June
July
August
September
October
November
December

140
144
147
146
150
148
144
128

146
147
r
142
146
147
143
143
127

188
190
188
178
181
178
181
175

113
137
172
141
142
147
147
126

106
100
102
115
151
184
170
124

146
154
157
162
148
140
135
120

281
291
302
281
276
237
138
41

145
147
151
151
158
156
155
142

1944—April
May
,
June
July
August....
September.
October....
November.
December.,

1945—January
February
March
April
May
une
uly

132
130
136
139
142
145
143

141
139
137
126
126
143
136

185
188
192
176
191
178
187

128
117
124
141
147
158
188

115
97
102
111
108
99
97

128
128
134
133
143
149
140

40
42
63
203
268
263
273

143
142
151
151
152
150
148

1945—January...
February..
March
April
May
June

J

Net
railway
operating

Total
railway
expenses

804
799
809
836
799
819

781
757

735
710

721
689

687
678

751
713

640

813
779
823

687
723

'820

724

713

97
92
70
73
73

100
92
100
96

60
63
63
62
57
P72
50
'60
61
57
60
56
60
64
41
39
37
63
56
65

r
Revised.
N ^ ^ £ a ^ £ S & and backfigure,may be ob^ined
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for from the Division of Research and Statistics. Basic data compi«a
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.

946




FEDERAL RESERVB

BvtLBXDt

DEPARTMENT STORE STATISTICS
[Based on value figures)
MONTHLY I N D E X E S O F SALES
[1935-39 average = 100]
Federal Reserve district
United
States

Year and m o n t h

Boston

1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930.
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

83
99
92
94
15
0
105
110 >
113
114
115
117
108
97
75
73
83
88
100
107
99
106
14
1
13
3
10
5
18
6
186

New
York

95
110
18
0
12
1
19
1
121
123
127
12S
126
128
123
114
90
84
90
92
100
104
100
104
18
0
16
2
10
4
18
4
162

84
10
0
96
99
16
0
110
116
120
123
124
129
126
116
91
86
91
93
101
106
99
101
16
0
19
1
128
15
3
r
150

16
0
16
2
10
2
12
2
15
3
134
135
138
133
127
123
118
105
83
80
83
91
102
107
96
104
11
1
19
2
13
4
11
5
168

84
16
0
94
95
18
0
106
109
110
110
110
116
105
93
68
69
81
86
101
111
96
106
114
138
13
5
17
6
182

73
8
1
78
7
5
85
87
92
96
95
95
96
92
86
63
63
81
87
98
105
101
109
120
14
4
170
14
9
214

83
15
0
90
85
94
91
95
99
100
100
98
91
79
60
62
78
84
97
105
103,
113
13
2
15
4
12
6
204
244

80
S3
93
96
102
106
108
114
116
101
83
67
63
79
86
100
109
98
107
16
1
15
3
19
4
11
6
176

Philadelphia

Cleveland

Richmond

Atlanta Chicago

St.
Louis

Minneapolis

Kansas
City

15
0
13
0
15
1
114
120
121
119
120
122
110
97
76
72
33
85
97
106
102
111
19
1
13
4
18
5
19
7
200

H3
16
2
17
1
12
1
10
2
119
124
119
117
110
110
105
98
79
76
85
90
99
104
101
106
19
0
12
2
13
3
19
4
165

119
124
123
125
119
117
111
96
74
73
85
39
99
107
100
105
10
1
17
2
19
4
14
8
205

Dallas

San
Francisco

93
12
1
92
86
9
1
94
98
103
101
103
104
96
81
61
62
76
80
97
105
106
112
17
1
18
3
17
5
212
246

M
80
51
1st.
91
93
99
106
107
110
112
104
94
71
63
77
86
100
106
100
109
17
1
19
3
19
6
200
221

SEASONALLY
ADJUSTED
1943—August . ...
September,..
... ...
October
November
... . ...

166
r
165
r
172
r
177
167

147
145
15
4
r
150
18
4

135
13
3
17
3
13
4
13
3

144
19
4
154
11
6
144

164
18
5
10
7
178
164

189
16
9
194
199
17
9

201
210
222
220
203

161
162
163
164
163

177
11
7
13
8
17
9
172

149
17
4
148
166
16
4

174
19
7
14
9
20
1
14
7

r

193
19
8
211
212
206

1944—"January
February
March

r

r

r

219
227
244
237
r
242
r
239
r
256
r
253
'252
• r 248
r
258
r
259

208
21
1
219
21
0
214
210
••222
221
217
228
253
233

21
6
271
269
r
256
r
264
r
268
299

247
257
249
219
234
233
256

174
15
7
183
13
7
r
183
16
7
r
189
17
8
r
187
r
193
r
2O5
196

151
18
4
155
17
5
14
6
155
10
6
158
162
15
6
r
168
174

135
138
152
141
150
144
149
11
5
149
152
11
6
153

159
16
5
13
7
11
6
168
158
169
153
170
163
13
8
11
7

19
6
16
6
13
3
16
6
11
8
16
6
11
9
182
180
190
203
190

202
18
9
23
1
200
212
203
r
2l2
214
r
218
227
21
3
220

224
225
223
21
2
233
237
262
243
247
260
271
258

164
164
168
166
170
165
178
10
8
181
185
189
190

12
8
194
15
9
13
7
197
19
8
208
207
13
9
25
1
235
27
0

10
6
16
7
19
5
157
160
11
5
15
6
13
7
12
6
158
189
15
7

207
23
0
14
9
11
3
192
192
212
204
200
25
1
244
208

r

197
21
1
220
11
8
r
188
r
2O2
218

167
16
6
193
17
5
10
6
r
177
13
8

19
4
165
19
8
10
5
16
5
19
6
176

13
7
189
204
162
10
7
15
8
198

136
204
222
14
7
19
7
197
220

231
238
250
210
210
235
253

268
274
274
234
243
277
300

184
'202
r
207
168
170
184
197

21
1
236
235
18
8
209
220
250

11
8
208
205
17
5
12
6
12
7
188

21
4
246
240
19
9
23
0
r
218
244

19
3
174
16
8
25
1
23
7

10
1
152
11
6
14
8
25
5

99
11
4
17
5
182
228

112
152
174
202
256

13
4
168
182
214
262

15
5
208
212
252
332

19
7
218
233
257
336

16
3
16
6
174
200
253

12
5
183
14
9
224
27
7

12
3
16
6
18
6
12
9
224

13
6
17
9
203
228
233

13
8
232
250
269
343

180
17
9
219
255
325

137
12
4
170
172
178
13
6
12
4
17
5
16
9
208
248
320

19
1
15
1
144
11
6
162
14
4
10
1
18
1
10
7
184
207
300

112
114
139
137
142
133
100
110
158
173
r
206
270

122
13
2
162
18
5
11
6
142
116
13
2
13
7
190
21
3
305

132
13
3
167
12
7
19
7
157
140
159
11
9
204
244
303

152
19
5
203
194
21
1
13
8
152
17
7
231
249
294
369

19
7
14
9
21
2
228
228
19
9
17
9
216
27
5
273
317
417

11
3
11
3
159
166
170
160
19
3
11
5
15
8
17
9
21
3
295

19
4
13
5
15
3
183
17
9
170
14
5
178
212
21
2
268
333

19
1
122
11
4
19
5
162
11
5
130
14
5
184
19
7
213
269

13
5
11
6
182
13
8
14
9
177
18
6
11
9
220
26
2
264
339

177
200
227
228
228
203
194
220
265
272
314
421

16
6
178
198
12
9
200
193
184
202
226
233
299
373

16
5
171
212
14
7
13
8
16
8
13
6

. .....

12
3
10
3
17
8
16
5
18
5
14
6
126

124
17
3
16
7
13
4
148
156
18
1

133
19
4
200
152
13
6
17
6
16
3

145
13
6
214
11
7
17
7
17
8
161

174
11
9
250
13
9
209
207
11
8

214
26
3
282
27
2
238
233
225

17
4
12
6
200
15
6
170
18
7
154

173
17
8
233
12
9
209
18
9
15
8

136
144
16
8
16
5
14
6
11
7
148

18
7
14
9
233
15
9
205
r
200
13
9

21
1
239
269
228
248
228
228

17
9
217
232
205
219
215
212

r

May

July
August
September
October
November
December

2I0
r
217
•"225
r
220
r
212

.

.... ....

.

... ....

1945—January

r

March
April
May
June
July

.

. ...

r

r

r

r

r

UNADJUSTED
1943

August
October
December

.

..........

1944—•Tanuary
April
July
SeotpiTiber

.

March
April
May
Tulv

NOTE!— For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944.

SEPTEMBER

1945




947

DEPARTMENT STOKE STATISTICS—Ow//*w/tf</
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]

SALES, STOCKS, A N D OUTSTANDING ORDERS
[A3 reported by 296 department stores in various Federal Reserve districts]
Amount
(In millions of dollars)

Index of stocks
(1935-39 average
= 100)

OutSales Stocks stand- Seasoning
(total (end of
ally
orders
for
month) month) (end of adjusted
month)

Unadjusted

1939 average
1940 average
1941 average
1942 average
1943 average
1944 average

128
136
156
179
204
227

344
353
419
599
508
531

108
194
263
530
558

1943—Oct
Nov.
Dec

230
259
338

593
576
467

550
562
491

153
143
143

170
165
134

1944—T an .

167
170
225
206
220
199
163
196
234
257
299
385

479
513
531
525
525
522
516
568
S&3
600
579
444

527
526
483
475
531
591
r
629
574
559
576
60S
620

154
154
149
145
147
157
165
170
161
154
144
136

137
147

198
198
284
209
r
231
236
P192

462
494
523
564
r
591
601

765
817
770
724
670
697

148
148
147
156
165
181

133
142
150
162
•r170
* 172

Feb
Mar
May
July
Sept
Oct
Nov
Dec

1945—Jan
Feb
Mar
Apr.
Mav
July

99
101
120
172
146
153

152
151
151

150
148
163
167
172
166
127

Without seasonal adjustment
1942
Jan. 3
Ill
10
.135
17
.136
24
122
125
31
119
Feb. 7

122
115
127
130
137
148
157
170
Apr. 4
129
11
1 8 . . . . . 146
140
25
147
May 2
149
9
127
16
.125
23
104
30
.147
June 6
.128
13....
20 . . . . .129
27 . . . ..109
. 95
.112
.105
18
.103
25
.105
Aug. 1
.122
8
.125
15
.126
22
.142
29
165
Sept. 5
140
12
152
19
172
26
183
Oct. 3

14
21
28
Mar. 7
14
21
28

July

„*:::::

1943

1944

2 .....117
9 . . ...146
16 .....139
23 .....125
30 .. ...126
Feb. 6... ...143
13... ...178
20... ...155
27... ...162
Mar. 6... ...150
13... ...144
20... ...147
27... ...155
Apr. 3 . . . ...161
10... . . . 168
17... ...170
24... ...182
May 1... ...142
8... ..169
15... ..149
22... ..153
29... ..151
June 5 . . . ...151
12... ...168
19... ...168
26... ...132
July 3 . . . ..134
10... ..113
17... ...126
24... ..124
3 1 . . . ...118
Aug. 7 . . . ...131
14... ..131
2 1 . . . ..146
28... ..145
Sept. 4 . . . .. 169
11... .. 156
18... .. 179
25... .. 176
Oct. 2 . . . . . 175
Jan.

1945

Jan. 1 . . . ..110 Jan.
..145
8 . . . ..143
..166
20
. 160
15 .....146
27
22 .... 144
..161
29 .....137 Feb. 3 ..163
10. ...172
Feb. 5... . 146

1 2 . . . . ..142
1 9 . . . . ..142
2 6 . . . ..146
Mar. 4 . . . . ..153
1 1 . . . ..160
1 8 . . . . ..172'
25... ..182
Apr. 1 . . . ..212
8 . . . ..208
1 5 . . . ..152
2 2 . . . ..163
2 9 . . . ..168
May 6 . . . ..184
1 3 . . . ..197
2 0 . . . ..177
27... .. 168
June 3 . . . . ..163
10.... ..172
17.... ..173
24.... ..151
July 1 . . . . ..149
8 . . . . ..116
1 5 . . . . ..145
2 2 . . . . ..138
2 9 . . . . ..132
Aug. 5 . . . . ..137
1 2 . . . . ..148
19.... ..149
26. .. ..171
Sept. 2 . . . ..194
9 . . . ..177
1 6 . . . ..196
2 3 . . . ..193
3 0 . . . ..196

17.
24.
Mar. 3.
10.
17.
24.
31.

...176
....177
....182
....204
....214
....226
....230
A P , r ....181
....156
21. ....192
28. ....184
May* 5. ....193
12. ....196
19. ....178
26. ....182
June 2. ....169
9. ....196
16. ....206
23. ....183
30. ....173
, ....153
July
... r 16S
r
21. ... 157
28. ....153
....167
Aug
. . . .176
. . . . 124
18.
25. ....182
Sept. 1.. ..193
8...
15...
22...
29...
Oct. 6 . . .

-it:

r

Revised.
NOTE.—Revised series. For description and back figures see pp. 874-875
of BULLETIN for September 1944.

p

Preliminary.
/ Revised.
Back figures.—Division of Research and Statistics.

SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
June Seven
mos.
1945 1945

July June Seven
1945 1945 mos.
1945

Jum Seven
1945 mos.
1945

Seven

July June mos.
1945 1945 1945

United S t a t e s . . . +14 +15 +13
Boston
New Haven
Portland...
Boston
Springfield
Worcester
Providence

+13 +16
+10
Vi +10
+19
+21
+7 +17
+26
+16

+10 Cleveland—Cont.
Youngstown
Erie.....
Pittsburgh
+13
+8
Wheeling
+1S
+11 Richmond
Washington...,.,
New York
Baltimore
+17 +14
Bridgeport
Raleigh, N. C . . . .
+12 +5
+23 +21 +16
Newark
Winston-Salem...
+33 +31 +19
Charleston, S. C
Albany
+22 +24 +18
Greenville, S. C .
BLnghamton
+14 +13 +9
Lynchburg
BuSalo
+14 +12 +9
Elmira
Norfolk
+17 +10
Niagara Falls..
Richmond
+8
New York City
Cbarleston.W.Va.
+19 +16 +15
+20 +16
Poughkeepsie..
+24
Clarksburg
Rochester
+18 +23 +14
Hun ting ton
Schenectady..
+18 +11 +12
+24 +24 +16 Atlanta^
Syracuse
Utica
Birmingham ..
+ 6 +15 +5
Mobile
.'!
Philadelphia....
+17 +17 +12 Montgomery
Trenton......
+23 +28 +17
Jacksonville
Lancaster
+13 +12 + 8
Miami
Philadelphia..
+20 +14 +10
Orlando
Reading.
+9 +15 +6
Tampa
+19 +24 +20
Wilkes-Barre.
Atlanta
+13 +22 +15
York
Augusta
Columbus
Cleveland
+15 +19 +13 Macon
+13 +20 +14
Akron
Baton Rouge....
Canton
+11 +13 +9
New Orleans
+19 +25 +16
Cincinnati
Bristol, Tenn...
Cleveland
+16 +16 +11
Jackson
+22 +24 +18
Columbus ....
Chattanooga.. .
Springfield . . .
+14 +8
Knoxville
Toledo
+16 +12
Nashville
'Revised. • Data not yet available. "Six months.

S

94 8




ti

+26
+1
+16
+18
+16
+16
+17
+8
+9
+8
+26
+19
-4
+22
+28
+17
+23

Chicago

+25
+12
+19
+25
+16
+11
+16
+10
+15
0
+14
+27
+4
+25
+28
+25
+27

+14 +17
+ 7 +19
+25
+16
+24
+9
+14
+24
+23
+12
+11
+20
+10
+19
+24

+23
+11
+25
+7
+13
+27
+31
+13
+14
+20

+17
+22
+20
+18 +26

+12
+11
+11
+9
+13

Chicago
Peoria
Fort Wayne....
Indianapolis...
Terre Haute...
DesMoines
Detroit
Flint
Grand Rapids..
Lansing
Milwaukee
Green Bay
Madison

+19
+6
+15 St. Louis
+22
Fort Smith
+13
Little Rock....
+22
Quincy
Evansville
Louisville
+1S
St. Louis
+11
Springfield
-1
+25
+13
+16 Minneapolis
+10
+10 Kansas City
Denver
..
+22
Pueblo
+20
+11
Hutchinson . . .
+7
Topeka....
+16
Wichita
+10
Joplin
+17
Kansas City...
+16
St. Joseph
+19
Omaha
+15
Oklahoma City
+16
Tulsa

+5
+19
+32
+21
+5
+9
+25
+16
+15
+15
+11
+19
+9
+16
+25
+11
+22
+21
+23
+17

+15
+21
+18
+36
+23

Vr

+31
+14
+18
+15
+19
-+18
+9
+19
'+22
r
+8
+20
+20
"+23
+13

+15 +13

+n
+21
+6

+
+19

£

+19
+9
+11
+16

•+14
+19
+12
+19
+26
+8
+1
+14
+10
+21
+12

+

+11 Dallas
+12 Shreveport
+14 Dallas
+18 Fort Worth
+14
+40 Houston
+20 San Antonio
San Francisco
Phoenix
Tucson
Bakersfield
Fresno
Long Beach
Los Angeles
Oakland and
Berkeley
Riverside and
San Bernardino
Sacramento......
H San Diego
San Francisco....
San Jose
+15 Santa R o s a . . . . . .
+21 Stockton
+14 Vallejoand Napa
"+13 Boise and
Nampa
"+15
+16 Portland
*+13 Salt Lake City..
Bellingham
+21 Everett
+19 Seattle
+8 Spokane
+9 Tacoma
Yakima
+12
+

+25
+15
+16
+19
+12
+15
+10
+16
+17

+8

+17 +12
+11 +1
+16
+23
+13
+8
+24
+35
+13 +13
+10 '+18
+12 +6
+13 +16
+16 '+15
+19 +16
+17
+13
+11 +12
+15 +19
+10
"$
+15
+15 +12
+21
+13
+16 +16

iS

+13
+18
+8
+15
+16
+18
+15
+13
+14
+9
+8
+19
+11
+18
+13
+16

+19 +18 +16
+8
+8 r +24
+11 +14
+9
--10 +20 +10
--21 +15 +12
--15 r'+17 +15
+8 + l l +12
+20 +27 +22
+2 +9 +9

VFEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Percent change from a year ago (value) Ratio of stocks to sales
Number
of stores
reporting

Department

Stocks (end
of month)

Sales during period
June
1945

Six mos.
1945

June

June

1944

1945

1945

GRAND TOTAL—en tire store.

350

+18

+13

+13

2.6

2.7

MAIN STORE-total

350

+18

+14

2.7

2.9

Women's apparel and accessories

347
325
330
309
277
304
283
321
328
340
321
241
255
239
280
166
299

+25

2.3

+ 16
+19
+33
+11
+44
+14
+174
+12
+23
+14
+28

+17
+21
+22
+25
+24
+15
+12
+21
+25
+11
+ 16
+14

+13
+24
r82
-47
r48
-68
-42
-8
-19

3.8
1.1
24
2,5
3.6
0.9
1.6
1.7
1.1
5.0
2.8
19.8
3.4
5.1
1.0
2.4

2.3
3.4
0.9
2.2
2.0
3.0
1.2
2.3
1.9
2.2
6.2
3.2
36.3
2.7
4.6
1.0
2.9

319
230
303
277
172

+16
+18
+15
+17
+22

+13
+11
+14
+12
+17

312
228
236
288
163
290
219
219
218

+9
+15
-7
+3
+36

+9
+17
-8
+9
+32
—1
+22
+11
+24
+13
+2
+12
+5
+17
+3
+14
+17
+19
+13
+6
+12
+14
+11
+6
+ 17
+8

Coats and suits
Dresses
Blouses, skirts, sportswear, etc
Juniors' and girls' wear
Infants* wear
Aprons, housedresses, uniforms
Underwear, slips, negligees
Corsets, brassieres,
m
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

Men's and boys* wear
Men's
Men's
Boys'
Men's

clothing.. /
furnishings* hats, caps
clothing and furnishings
and boys' shoes and slippers..

Home furnishings
Furniture, beds, mattresses, springs..
Domestic floor coverings
Draperies, curtains, upholstery
Major household appliances
Domestics, blankets, linens, etc
Lamps and shades
China and glassware
Housewares

h63
-27
-32
-33
-17

-3

+3

Small wares
.••••.-;
Lace, trimmings, embroideries, ribbons
Notions
.- • -.
Toilet articles} drug sundries, and prescriptions .
Jewelry and silverware
Art needlework
Stationery, books, and magazines

331
118
222
316
291
240
230

+21
+24
+30
+15
+17

Miscellaneous

292
221

Luggage

+22
+1

+17
+27
+14
+17
+11

212

BASEMENT STORE-total

199
165
122
51

Women's apparel and accessories..... —
Men's and boys' clothing and furnishings .
Home furnishings
Piece goods
Shoes

0

+3
+8

•

+49
+42
+38
+14
+10

+8
+17
+10
+9

—12

Cotton wash goods

-43

+15

-14

+26
+16
+30

283
115

Piece goods

+21

+4

2.8
2.4
2.4
4.8
4.1

3.2
3.3
2.7
4.1
5.6

+20
+9
+16

3.4
3.7
2.9
2.9
1.7
2.8
4.9
4.4
3.6

3.7
3.6
3.2
2.8
2.8
3.6
5.2
4.7
4.0

-18
-36

1.9
0.8

2.4
1.0

-15

+4

+36
-It

+2
+19
-15
+6
-19
-25

+18
+19
+15
+17
+15
+9

3.7

5.0
3.7

3.8
2.5
3.0
4.1
4.3
5.3
3.3

+24

3.2
1.7

3.0
2.4

2.4

2.3

3.0
2.9
3.9
3.8

+29
-8

+16
+28
+13

2.0

1.8
3.0
2.9
2.1

3.1

+3

2.9
1.4
3.4

-26

3.7
131
+9
+17
NOTE —Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main
store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained
by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month
in terms of sales for that month.
SAtES, ACCOUNTS RECEIVABLE, A N D COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average = 100
Sales during month

Year and month
Total
1944—June
Tniv
October

•• •

December

March

*..

Accounts receivable
at end of month

*...*.,«.

May
July...:

Cash

Instalment

127
103
126
149
164
191
245

165
138
167
193
211
245
326

50
44
60
66
81
95
105

126
126
178
133
147
149
121

164
163
230
171
190
194
162

57
57

73
52
r
55
52
48

Charge
account

Instalment

account

99
93
116
127
149
181

35
32
32
33
35
40
46

78
67
70
81
90
102
128

96
98
141
107
r
117
117
88

43
40
39
37
3S
34
32

r

r

75

Charge

97
84
96
8S
r
88
88
76

Percentage of total sales

Collections during
month

Cash
sales

Instalment
sales

Chargeaccount
sales

111
103
92
96
115
130
135

63

3
4
4
4

34
31
32
33
33
34
32

168
128
120
128
122
121
117

63
63
63
62
63
63
66

Instalment

Charge
account

62
57
58
61
69
75

r

77
77

68

77

65
63
60
56

r

65

64
63
63
62
64

4
4
4
4

4
3
3
3
3
3

33
33
34
35
34
34
31

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.

SEPTEMBER 1945




949

CONSUMER CREDIT STATISTICS

TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit

End of month
or year

Sale credit

Total
instalment
credit

Total

Automobile

Singlepayment
loans2

Loans1

Charge
accounts

Service credit

Other

7,637
6,839
5,528
4,082
3,905
4,378
5,419
6,771
7,467
7,036
8,008
9,205
9,959
6,529
5,379
5,791

3,167
2,706
2,214
1,515
1,581
1,849
2,607
3,501
3,947
3,584
4,463
5,507
5,984
2,999
2,002
2,084

2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,747
1,494
816
836

1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
175
200

1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
641
636

652
674
619
516
459
532
802
1,065
1,195
1,271
1,671
2,057
2,237
1,505
1,186
1,248

2,125
1,949
1,402
962
776
875
1,048
1,331
,504
,442
,468
,488
,601
,369
,192
,220

1,749
1,611
',381
,114
,081
,203
,292
,419
,459
,487
,544
,650
,764
,513
,498
,758

596
573
531
491
467
451
472
520
557
523
533
560
610
648
687
729

5,209
5.H8
5,192
5,272
5,412
5,596
5,791

1,882
1,889
1,896
1,912
1,937
1,974
2,034

707
706
709
720
743
773
836

192
204
210
210
210
208
200

515
502
499
510
533
565
636

1,175
1,183
1,187
1,192
1,1941,201
1,248

,241
,250
,239
,231
,231
,231
,220

,370
,287
,330
,402
,516
,664
,758

716
722
727
727
728
727
729

5,488
5,332
5,582
r
5,449
5,498
p
St6i9
^5,588

2,014
1,968
1,991
1,989
2,006
p
2,036
p
2,044

778
743
732
724
720
^720

192
186
184
184
184
*188
P192

586
557
548
540
536
p
532
P
522

l,534
l,438
l,669
r
l,5C6
1,488
Pi,544
p
l,453

734
738
741
742
744
P745

1929..
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1944

June. .'
July
Aug
Sept
Oct
Nov
Dec

1945

Jan
Feb
Mar
Apr
May
June
July

r

r

r

1,236
1,225
1,259
1,265
1,286
Pi,316

r

1,206
1,183
1,181
1,212
1,260
Pi,324

"i,130

r

r

r
P Preliminary.
Revised.
* Includes repair and modernization loans insured by Federal Housing Administration.
a
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).

CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
Department
Total,
excluding stores
End of month
and
autoor year
mailmobile
order
bouses
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
• 641
636

160
155
138
103

Furniture
stores

Household
appliance
stores

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

515
502
499
510
533
565
636

1929.
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

133
132
132
138
148
162
184

237
234
233
236
244
253
269

15
14

586
557
548
540
536

172
163
163
159
155

249
240
238
237

12
12
11
11

119

146
186
256
314
302

377

13

Jewelry
stores

56
47
45
30
29
35
40
56
68
70
93
110
120

All
other
retail
stores

133
141
136
110
97
115
132

174
210
220
246

271

66
70

284
160
101
100

44
43
42
43
44
48
70

81
79
79
80
84
89
100

61
54
50
48
48
P49
P47

92
88
86
85

77

1944
Tune
T u ly
Aug
Sept.

•*

Oct
Dec

Jan
Feb
Mar

1945
....

..

Apr

May
June
July .

P522

P Preliminary.

950



238
P235

13
13
13
13
13

10

85

CONSUMER INSTALMENT LOANS
[Estimated amounts outstanding. In millions of dollars]
End of
month or
year
1929
1930
1931
1932
1933
1934.
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

Total

Insured
Indusrepair
Misceltrial
Com- Small
and
Credit
loan
mercial com- lanking unions laneous modern1
lenders ization
aanks panies com- 2
panies
loans3

652
674
619
516
459
532
802
1,065
1,195
1,271
1,671
2,057
2,237
1,505
1,186
1,248

43
45
39
31
29
44
88
161
258
312
523
692
784
426
312
358

263
287
289
257
232
246
267
301
350
346
435
505
535
424
372
388

219
218
184
143
121
125
156
191
221
230
257
288
298
202
165
175

32
31
29
27
27
32
44
66
93
112
147
189
217
147
123
119

95
93
78
58
50
60
79
102
125
117
96
99
102
91
86
88

25
168
244
148
154
213
284
301
215
128
120

1,175
1,183
1,187
1,192
1,194
1,201
1,248

335
339
343
342
344
346
358

365
367
363
364
361
365
388

169
170
172
172
172
172
175

119
119
118
118
117
116
119

85
85
85
85
85
85
88

102
103
106
111
115
117
120

1,236
1,225
1,259
1,265
1,286
Pl.316
p
l,330

359
357
374
377
388
P400
P406

378
372
381
381
384
P389
P391

172
168
171
172
177
P181
p
182

116
114
116
116
116
P118
P118

87
86
87
87
87
P88
*88

124
128
130
132
134
P140
P145

1944

June
July...
Aug
Sept
Oct.
Nov.
. .
Dec
1945
Jan
Feb
Mar
\pr
May
June
fuly

P84

Preliminary.
1
These figures include only personal instalment cash loans and retail
automobile direct loans, shown on the following page, and a small amount
of other retail direct loans (18 million dollars at the end of July 1945), not
shown separately.
* This series is in process of revision.
8
Includes only loans insured by Federal Housing Administration.

FEDERAL RESERVE BULLETIN

CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL

CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT l i J > 1 B ^
^
lEstimates. In millions of dollars]

Month or year

Other
retail,
purchased
Pur- Direct and
chased loans direct
Automobile
retail

Total

Repair
and
modernization
loans1

LENDING INSTITUTIONS
lEstimates of volume made in period. In millions of dollars]

Personal
instalment
cash
loans

1929
1930
1931
1932....
1933
1934
1935
1936
1937
1938
1939 .
1940
1941
1942
1943
1944

Outstanding at end of
period:
1939
1940
1941
1942
1943
1944

1,093
1,450
1,694
845
514
559

21S
311
411
136
55
57

164
253
310
123
SI
99

155
217
288
143
68
75

209
247
234
154
89
83

347
422
451
289
221
245

1944—June
July
August........
September.. ..
October
November
December

518
527
532
534
538
544
559

56
61
62
62
60
59
57

93
94
95
96
97
97
99

62
62
62
62
67
70
75

76
77
78
80
80
82
S3

231
233
235
234
234
236
245

1945—January
February
March
April
May3
June *
July*
;...

562
556
573
579
592
609
619

56
55
56
55
55
56
56

100
101
107
109
112
116
118

80
76
76
77
78
79
79

82
83
84
86
89
93
96

244
241
250
252
258
265
270

Volume extended during
month:
1944—June
July
August
September
October.......
November
December

100
95
94
89
92
92
103

12
15
13
10
10
10
8

20
19
19
17
13
13
19

13
11
11
12
15
15
18

1945—January
February
March
April
May
June*
July".........

96
86
114
101
110
116
107

9
9
12
9
10
12
11

20
19
24
21
22
24
22

17
12
15
16
18
15
13

Item

Collections during month:
Total
Inventories, end of month, at
r

Revised.

SEPTEMBER

1945




1945

o

-f8

+13
+29

+22

+8

+8

0
0

-2

0

-2

0

+1

+1
+3

+1

+1

+3

+1 +3

+6
+7

+4
+6

-2

+2

+7

+8

-1

4-1

r

-2

+8

0

+8
+8

-I

23

53
60
94
61
72
75
73
70
67
68
77
106

27
29
38
30
35
38
33
35
33
34
34
37

IS
18
26
16
20

58
56
94
70
78
82
76

33
30
42
34
39
40
37

65
69
63
64
60
61
61
72

1945

April

66
62
82
69

July?

81
75

Tanti&rv

•*..*.

75

22
19
20
19
18
18
23

16
16
23
13
20
21
19

1
These 6gures for loansmade 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 July
1945) not shown separately.
2 This series is in process of revision.

+9

Charge
accounts

Instalment accounts
Month

Department
stores

Furniture
stores

Household appliance
stores

Jewelry
stores

Department
stores

31
31
34
35
39
39
36

24
23
24
24
26
24
23

28
29
32
33
36
37
39

30
31
31
32
34
34
49

63
61
64
64
65
67
61

32
30
36
30
32
32
31

21
21
24

35
32
36
36
40
r
43
40

29
23
32
30
33
r
33
31

61
61
66
r
61
64
64
62

1945

-4
-10

+10

0

32

56

May
June
... .
July
August
.
....
September............
October . . . . . *

43
39
54
45
50
53
50

r
+4
r

+l

r

-8
-12

Accounts receivable, at end of
month:
Total

1945

0

95

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE!

1945

—9
-5

42
41
38
54
33
42
67
10S
143
179
257
320
372
247
228
234

49
51
73

February
March . . . . . . . . .

Percentage
change from
corresponding
month of
preceding year

1945

.

413
380
340
250
202
234
288
354
409
417
489
536
558
408
364
403

58

1944
January.....

June May July June May
Net sales:
Total
Cash sales
Credit sales:

463
503
498
376
304
384
423
563
619
604
763
927
983
798
809
876

1943

FURNITURE STORE STATISTICS
Percentage
change from
preceding
month

Credit
unions

792
636
744

,.

December

47
42
42
41
40
41
50
7
7
9
10
10
12
11

Commercial Small loan Industrial
banking
banks1
companies companies*

Month or year

0
-1

+9

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

r

22

23
23
24

r
1

Revised.
Ratio of collections during month to accounts receivable at beginning
of month.

951

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.

1926 -=100]'
Other commodities

All
com*
modities

Farm
products

Foods

1929.
1930.
1931..
1932.
1933.
1934.
1935.
1936.,
1937.1938.,
1939.,
1940..
1941.
1942..
1943..
1944..

95,3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0

104.9
SS.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
6S.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
S6.6
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—July
August
September..
October....
November..
December..
1945—January....
February...
March
April
May
June
July

104.1
103.9
104.0
104.1
104.4
104.7
104.9
105.2
105.3
105.7
106.0
106.1
105.9

124.1
122.6
122.7
123.4
124.4
125.5
126.2
127.0
127.2
129.0
129.9
130.4
129.0

105.8
104.8
104.2
104.2
105.1
105.5
104.7
104.7
104.6
105.8
107.0
107.5
106.9

98.5
98.6
98.6
98.7
98.8
98.9
99.1
99.2
99.2
99.3
99.4
99.6
99.7

116.2
116.0
116.0
116.2
116.2
117.4
117.5
117.6
117.8
117.9
117.9
118.0
118.0

98.0
98.4
99.2
99.4
99.4
99.5
99.6
99.7
99.7
99.6
99.6
99.6
99.6

83.2
83.2
83.0
82.9
83.1
83.1
83.3
83.3
83.4
83.5
83.7
83.9
84.3

103.7
103.8
103.8
103.7
103.7
103.8
104.0
104.2
104.2
104.2
104.3
104.7
104.7

115.9
116.0
116.0
116.3
116.4
116.4
116.8
117.0
117.1
117.1
117.3
117.4
117.5

95.5
95.5
94.9
95.0
94.8
94.8
94.9
94.9
94.9
94.9
94.9
95.0
95.3

104.3
104.4
104.4
104.4
104.4
104.4
104.5
104.5
104.5
104.5
104.5
104.5
104.5

93.6
93.6
93.6
93.6
94.0
94.2
94.2
94.6
94.6
94.8
94.8
94.8
94.8

Week ending:
1945—May 5..
May 12..
May 19..
May 26..
June 2.
June 9.
. une 16.
,'une 23.
June 30.,
July 7..
July 14..
July 21..
July 28..
Aug. 4..
Aug. 11..
Aug. 18..
Aug. 25..

105.7
105.7
105.8
105.9
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

129.8
129.5
129.5
130.5
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

106.5
106.6
106.8
107.4
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

99.5
99.6
99.7
99.7
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

118.3
118.3
118.3
118.3
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

99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1
99.1

84.0
84.3
84.6
84.6
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

104.3
104.4
104.3
104.4
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8
104.8

117.0
117.2
117.2
117.2
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

94.9
94.9
94.9
94.9
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

106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2
106.2

94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6
94.6

Year, month, or week

Total

ChemiHides and Textile Fuel and Metals Building cals and Housefurnishleathei products lighting and meta materials
allied
materials products
products
products ing goods

1944

1945

1944

1945

Subgroups

Subgroups
July
?am Products:
Grains
Livestock and poultry
Other farm products
?oods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
"
Udes and Leather Products:
Shoes
Hides and skins
Leather
Other leather products
extile Products:
Clothing
Cotton goods
Hosiery and underwear
Silk
Rayon
Woolen and worsted goods
Other textile products
uel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products

Miscellaneous

Apr.

May

June

125.2
123.4
123.2

130.5
136.4
123.2

129.1
135.5
125.9

130.2
134.4
127.2

128.6
133.3
125.5

110.3
94.3
129.9
105.9
94.7

110.7
95.4
123.4
108.2
94.7

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

126.3
106.8
101.3
115.2

126.3
117.0
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

107.0
114.0
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
59.5
78.9
64.0

95.3
120.6
130.7
58.7
77.0
64.2

95.6
123.2
130.7
58.5
76.4
64.2

97.5
123.8
131.0

101.6
123.9
131.0

64.2

64.2

July

July
Metals and Metal Products:
Agricultural implements
Farm machinery
Iron and steel
,
Motor vehicles
,
Nonferrous metals
,
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber1
Paint and paint materials..
Plumbing and beating
Structural steel
Other building materials...
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers.
Oils and fats
,
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous

Apr.

May

June

July

97.3
98.4
97.1
112.8
85.7
92.4

97.5
98.7
98.1
112.8
85.9
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.

100.7
96.4
154.8
105.5
92.4
107.3
103.1

110.6
99.4
154.4
106.3
92.4
107.3
103.8

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

96.2
112.0
81.1
86.3
102.0

95.8
106.8
81.9
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

107.2
101.4

107.5
101.5

107.5
101.5

107.5
101.5

107.5
101.5

73.0
159.6
107.2
46.2
96.9

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
109.0
46.2
98.9

c
1

Corrected.
Lumber series revised from September 1943.
Back figures,—Bureau of Labor Statistics, Department of Labor.

952-




FEDERAL RESERVE BULLETIN

AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of August 1, 1945J
(In thousands of units)
Cotton

Corn

Winter wheat

Spring wheat

Federal Reserve district
Production
1944

Production
1944

Estimate
Aug. 1, 1945

Production
1944

Bales
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta

Estimate
Aug. 1, 1945
Bales

Bushels

Bushels

Bushels

1,603
2,551

1,233
2,269

13,741

*3,096

Kansas City
Dallas
San Francisco

526
3,360
449

315
2,715
506

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

Total

12,230

10,134

3,228,361

St Louis

7 888
28,971
50,001
220,337
135 747
161 897
1,122,551
332,473
336,928
357,796
82,393
7,496

764,073

Federal Reserve district
Production
1944

Estimate
Aug. 1, 1945

Production
1944

Estimate
Aug. 1, 1945

Production
1944

Bushels

Bushels

Tons

Tons

Pounds

Production
1944
Bushels

Estimate
Aug. 1, 1945
Bushels

10,523
18,425
68,145
27 192
8 211
67,234
52,089
35,989
412,790
38,617
97,754

40
58
146
34

36
54
I2S
30

859
16
265,502
4,640
133
43,146

738
IS
262,,779
5,409
79
40,043

836,969

314,574

309,314

Tobacco

Tame hay

Oats

Bushels

9,799
18,022
52,928
34 274
9 222
54,269
48,546
30,411
337,847
75,775
92,980

2,844,478

Estimate
Aug. l, 1945

White potatoes

Estimate
Aug. 1, 1945
Pounds

Production
1944
Bushels

Estimate
Aug. 1, 1945
Bushels

.

Chicago
St Louis

..

Kansas City
Dallas
Total

4,862
21,780
16,364
63,766
30,893
31,176
592,205
63,518
507,734
134,975
48,820
29 939

2,779
5,938
2,325
4,987
4,131
3,342
18,021
7,735
10,408
8,788
2,115
13,276

3,443
6,266
2,430
5,475
5,035
4,441
18,929
9,058
10,519
8,713
2,115
13,804

32,515
1,404
52,893
158,913
1,068,295
212,329
31,642
384,237
2,526
5,459

31,313
1,307
43,903
142,700
1,102,358
214,857
36,914
352,079
2,978
5,660

63,703
31,143
19,765
11,813
18,070
14,342
31,558
8,945
45,816
33,122
6,010
95,149

69,313
37,778
20,813
13,205
24,293
18,779
32,633
9,804
46,001
34,045
5,810
107,732

1,166,392

Philadelphia
Cleveland
Richmond

5,461
26,116
15,062
47,135
29,201
28,256
399,906
53,674
377,205
106,365
44,159
33 852

1,546,032

83,845

90,228

1,950,213

1,934,069

379,436

420,206

1 I n c l u d e s 15,000 bales gTown in miscellaneous territory.
Includes 11,000 bales grown in miscellaneous territory.
NOTE.—1944 figures for Cotton are as revised in August 1945.

2

953
SEPTEMBER

1945




CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
On Bank Credit, Money Rates, and Business
Chart
book
page

1945
July
25

Aug.
1

Chart
book
page

Aug. Aug.
15

In billions of dollars

WEEKLY FIGURES*
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*
Excess reserves (weekly average), total*..
New York City
Chicago
Reserve city banks
Country banks*

22.13 22.56 22.61
21.57 21.88 21.91
12.70 12.95 12.98
6.07
6.12 6.12
1.69
1.70 1.70
1.11
1.11 1.11
.23
.40
.35
20.21 20.15 20.15
26.93 27.13 27.27
2.28
2.26 2.27
.59
.68
.54
14.70 14.86 14.83
13.71 13.80 13.77
.99 1.06 1.07
1.10
1.05 1.12
.02
.02
.01
.01
.01
.01
.28
.26
.29
.80
.77
.82

22.78
21.87
12.94
6.12
1.70
1.11
.31
20.13
27.35
2.26
.40
15.00
13.87
PI.13
.15
.01
.01
.32
P .81

14
14
14
14
14

63.85
47.31
37.44
14.22
13.34

63 70
47.00
37.53
13.78
13.39

63 09
46.77
37 44
13 05
13 01

15
15
16
16
16
16
15
15
15
15
15
17

22.83
15.83
9.18
2.96
3.21
.48
13.76
5.77
3.91
1.03
5.85
2.20

22 81 22 26 22 24
15 74 15.55 15 52
9 17 9 16 9 15
2 97 2 91 2 84
3 19 3 15 3 16
41
34
36
13 91 13 50 13 54
5 58 5 43 5 28
3 85 3 85 3 93
1 07 1 08 1 08
5 88 5.51
5 52
2 21 2 19 2 19

17
17
17
17

1.19
.70
1.22
.54

1 17
73
1 22
55

15
15
16
16
16
16
15
15
15
15
15
17
17
17

41.03
31.49
15.98
7.64
6.43
1.44
23.68
8.45
6.64
7.65
7.49
3.71
1.70
2.08

40.89
31 26
16 02
7 62
6 39
1.24
23. 62
8.20
6 62
67
7.
52
7.
3.72
1.72
2 10

24
24

.JV6
1.19

.375
1.18

.375
1.17

.375
1.17

24, 26 1.65
24, 26 2.36
26
2.54
26
2.60
26
3.27

1.67
2.35
2.54
2.61
3.27

1.67
2.34
2.56
2.60
3.26

1.69
2.36
2.56
2.61
3.27

2
3
3
3
3
3
2
2
2
2
2
2,4
4
4
5
5
5
5
5

23.14
22.30
13.19
6.28
1.7
1.1
.41
20.09
27.51
2.25
.67

14.99
13.95
PI. 05
PI. 07
.01
.01
.27
*\ 79

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
Allother
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
Ioans, total
Commercial
For purchasing securities
Allother

1 08
66
1.
08
52
•

1 09
63
1.06
56

40. 79 40. 86
31. 22 31 26
16.05 16 08
7.55 7.
55
6.38 6.36
1.24 1.27
23. 56 23.90
97 7.77
7.
6.79 6.97
73 7.
77
7.
46 7.
49
7.
3.73 3.76
65
1,66 1.
2.07 2.07

Per cent per annum

MONEY RATES, ETC.

T reasury bills (new issues)
Treasury notes (taxable)
tJ. S. Govt. bonds:
Partially tax-exempt
Taxable
High-grade corporate bonds (5 issues)
Corporate Aaa bonds
Corporate Baa bonds

63 05
46 77
37 06
13 41
12 98

In unit indicated
Stock prices (1935-39 « 100), total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)

117
118
136
108
.88

117
117
136
108
.71

116
117
133
107
1.07

118
119
129
107
1.03

37
37
45
45
49
49
49

90.7
4,435
886
153

90.8
4,432
864
167
105.7
129.1
99.9

87.9
4,395
870
176
105.7
128.3
99.9

82.5 69.9
3,939 4,116
653 853
124 182
105.5 105.5
127.0 126.7
100.1 100.1

117
118
125
106
1.15

105.8

July 3

RESERVES AND CURRENCY

,

6
6
6
6
6
6, 7
13
13
13
7
13
13
13
7

21.80
20.32
26.35
2.36
.40
15.16
5.15
5.97
4.03
14.15
5.13
5.72
3.30
i.01

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

13
13
8
8
8
8

Reserve Bank credit
Gold stock
Money in circulation.
Treasury cash. ;
Treasury deposits
Member bank reserves, total
Central reserve city banks
Reserve city banks
Country banks
Required reserves,total
Central reserve city banks
Reserve city banks
Country banks
Excess reserves, total
Balances due from banks:
Reserve city banks
Country banks
Money in circulation, total
Bills of $50 and over
$10 and $20 bills
Coins, $1, $2, and $5 bills

1.79
3.70
26.53
7.81
14.29
4.43

1.92
4.03
26.75
7.57
14.71
4.47

1.71
2.38
2.57
MONEY RATES, ETC.
2.62
3.28 Corporate Aaa bonds
F. R. Bank discount rate (N. Y.j]
Treasury bills (new issues)

27
27
27
27
27

129.7
99.8

June 3

62.68
ALL BANKS IN U . S.
46.46
9 P152 .70 P163.00
37.59 Total deposits and currency
P76.30 P69.10
9
12.29 Demand deposits
,
9 *43 .40 P44.20
12.89 Time deposits.
P24.'80 ^25.10
Currency outside banks
9
P8.20 P24.60
9
22.03 U. S. Govt. deposits
15.38
CONSUMES CREDIT
9.17
5.50
P5.65
credit, total
18
2.8: Consumer payment loans
Single
18
1 26 n.32
3.15
Charge accounts
18
1 49 PI.54
.24
Service credit
18
74
P.75
13.60
Instalment credit, total
18, 19
2 01 P2.04
4.95
1 29 Pl.32
Instalment loans
19
3.9!
Instalment sale credit, total
19
72
P. 72
l.i;
Automobile
19
18
P.19
5.45
Other
19
54
P. 53
2.17
TREASURY FINANCE
1.11
.63 TJ. S. Govt. obligations outstanding,
total interest-bearing
20
236 91 256.77
.99
By classes of securities:
.54
Bonds (marketable issues).
20
92 38 106.45
Notes, cert., and bills
20
70 08
74.67
40.65
Savings bonds and tax notes
20
31.08
54 52 56.23
Special issues
20
16.10
18 59
18.81
By maturities:
7.46
5 years and over. .t
20
S3.
60 97.67
6.35
5-20 years
20
1.18
58 17 65.04
5-10 years
20
23.99
43. 65 48.25
Within 5 years
20
7.34
79.05 83.6S
Within 1 year
20
6.98
58 50 58.19
Certificates
20
7.81
34.44 34.14
Bills
20
7.44
17.04
17.05
3.78 Holdings of U. S. Govt. obligations:
Commercial banks
21
1.59
<77.40 84.00
Fed. agencies and trust funds..
21
2.07
23. 81 24.94
Federal Reserve Banks
21
20. 95
21.79
Mutual savings banks
21
8.70
9.60
r
Insurance companies
21
20. 10 21.70
r
Other investors, total
21
94.70
85.90
.375
r
Marketable issues
21
33. 20 40.50
1.19

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

May

In billions of dollars

MONTHLY FIGURES

PESERVES AND CURRENCY

1945

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
1.94
4.14
27.11
7.51
15.06
4.54

^163.70
^72.40
H5.00
P25.50
P20.80
P5.59
*1.35
PI .45
P. 75
P2.04
PI. 33
P.71

P.19
P.52

260.27

107.89
74.99
57.14
19.56
99.11
65.89
48.58
83.97
63.42
34.47
17.02
25.66
21.72

Per cent per annum
2.62
.50
.375

2.61
.50
.375

2 60
50
375

In unit indicated
Stock prices (1935-39 *» 100):
Total
Industrial
Railroad
Public utility
I""
Volume of trading (mill, shares)' V.".
Brokers' balances (mill, dollars):
Credit extended customers .
Money borrowed
"
Customers' free credit balances

27
•>•?
ii
27
27

118
120
135
101
1.36

121
122
144
106
1.83

29
99
29

1,094
742
583

1,223
853
549

118
119
140
108
.95
1.141
824
580

ng page

954




FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART
Chart
book
page

1945

May

MONTHLY FIGURES—Cont.

June

In unit indicated

MONTHLY FIGURES—Cont.

13,543 13,694*13,,566
9,460 9,480 P 9,377
4,083 4,214 "4,189
1,532
986
468
78
12.2

1,551 "1,965
974 P933
5S5 P932
22 "100
12.3
12.3

In unit indicated

r

53.1
34.4
r
18.8
1.1
r
52.1
r
43.0
9.1
220

122.5
r
81.0
21.0

116.7
81.0
21.9

258
351

P258

269
361
205

P268
"355
"208

163
189
140

r

225

53.8
34.9
18.8
1.1
52.7
43.5
9.1

23'
25
25
25
f

n millions of dollars

SECURITY MARKETS

46.01
104.3
44.1

46.35
103.9
44.6

37.7
15.6
7.1
6.0
3.8
0.8

37.5
15.3
7.0
6.0
3.8
0.8

"37.1
"14.9
"7.1
PS.9
"3.8
"0.9

238
37
201

206
41
165

"231
"44
"187

42
14
28
22
6

37
1
36
29
7

140

140

82.6
26.9
31.0

79.7
30.4
29.7
r

PI,137
*>35O
*>372
P-23

P353
P357

128.1
138.8
144.6

129.0
141.1
145.4
108.3

mi

P-4

28
28
28
28

201

CALL DATE FIGURES

43

Exports and imports (mill, dollars):
Exports.
J°
Excluding Lend-Lease exports
J°
Excess of exports excluding Lend-Lease exports.... 46
Cost of living (1935-39 = 100):
All items
}i
A
Food
X

1,214
233
170
766

142
5

12

708 1,207
401
201
435
227
351
248
243
184
32
13

111
78
12
2
1945

Dec. Mar. June
20
30
30

298.3
148.4 "143.5

202
181

28
28
28
28

1944

302.7
151.4
r

Bank rates on customer loans:
Total, 19 cities
New York City
Other Northern and Eastern cities
Southern and Western cities

P163

188
165

• ' ' Vj
4
'

49
49
49

QUARTERLY FIGURES

"211 Corporate security issues:
Net proceeds:
All issues
"110.6
Industrial
"78.8
"21.8
Railroad
Public utility
New money:
All issues.
Industrial
Railroad
Public utility

r

g
«

Wholesale prices (1926 *» 100):
Total
Farm products
Other than farm and food

MONEY RATES

52.0
33.8
18.2
..7
51.3
43.4
8.0

*}
u

•

May j June | July

BUSINESS CONDITIONS—Cont.

Income payments (mill, dollars):3
Total
30
Salaries and wages
.
30
Other. .t
30
Cash farm income (mill, dollars):
Total
31
Livestock and products
'
31
Crops
31
Govt, payments
31
Armed forces (mill, persons)
'.[[.'. 32
Civilian labor force (mill, persons):
Total
32
Male
33
Female
33
Unemployment
32
Employment
32
Nonagricultural
33
Agricultural
33
Industrial production:3
Total (1935-39 = 100)
35
Groups (points in total index):
Durame manufactures
35
Nondurable manufactures
35
Minerals
35
New orders, shipments, and inventories (1939 » 100):
New orders:
Total
36
36
t Durable
Shipments:
Total
36
Durable
36
Nondurable
,
36
Inventories:
Total
36
Durable
36
Nondurable
36
Factory employment and pay rolls (1939 = 100):
Pay rolls
38
Employment
38
Hours and earnings at factories:
Weekly earnings (dollars)
39
Hourly earnings (cents)
39
Hours worked (per week)
39
Nonagricultural employment (mill, persons):1
Total
40
Manufacturing and mining
40
Trade
40
Government
40
Transportation and utilities
40
Construction
• • — 40
;
Construction contracts (3 mo, moving average, mill.
dollars) :*
Total
41
Residential
41
Other
41
Residential contracts (mill, dollars):'
Total
42
Public
42
Private, total
42
1- and 2-family dwellings
42
Other
42
Freight carloadings:*
•,
Total (1935-39 = 100)
43
Groups (points in total index):
Miscellaneous
f,

Clothing
Rent

1945

Chart
book

July

BUSINESS CONDITIONS

Coal
Allother
Department stores (1935-39 = 100):«
Sales
Stocks

BOOK-Cotithwcd

In billions oj dollars

ALL MEMBER BANES

Loans and investments, total
U. S. Govt. obligations, total
Bonds
Certificates
Notes
Bills
Guaranteed obligations
Other securities, total
State and local government obligations
Other securities
Loans, total
Commercial
Real estate
Brokers'
Agricultural
Demand deposits adjusted

CLASSES OF BAKES
38
29 Central reserve city banks:
Loans and investments, total
9
U. S. Govt. obligations
Other securities
139
Loans
Demand deposits adjusted
80.2
Time deposits
29.0
29.6 Reserve city banks:
Loans and investments, total
U. S. Govt. obligations
218
Other securities
190
Loans
Demand deposits adjusted
Time deposits
Country banks:
Loans and investments, total
;
U. S. Govt. obligations
Other securities
129.4
Loans
141.7
Demand deposits adjusted
145.7
Time deposits

10 91 57 90.52
10 67 69 67.92
11 34 93 < )
•
11 13.98 (
0
11 14 13 <)
«
II
3 75 < )
*
11
90 (•)
10 5 21
39
11 2 86 2 99
11 2.35 2.40
10 IS 63 17.22
11
7 53 < )
*
11 3 21 <>
*
II
1 74 ()
*
11 1 20 ( )
*
10 57 31
Cl 17

99.43
73.24
40.27

15.58
14.72
2.63
.03
5.60

3.10
2.50
20.59
7.10

3.25
2.53
1.13
59.13

12
12
12
12
12
12

29.45
21.09
1A\
6.94
17.03
1.63

27 95
20 41
1 47
6.07
18 60
1 73

31.49
21.62
1.55
8.32
17 80
1.79

12
12
12
12
12
12

33.60
25.04
1.74
6.82
20.27
7.79

33 45
25 30
1 80
6 35
21.74
8 28

36.57
27.52
1.89
7.15

13
13
13
13
13
13

2S.52
21.55
2.06
4. 1
9
19.96
9.90

1
29. 3
22.20
2.12
4. 1
8
20. 4
5
10.54

31.37
24.09
2.16

20.6S

8.76

5.11
20.66

11.26

* Adjusted for seasona

SEPTEMBER 1945




955

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES
[Figures for last date shown are preliminary]
Commercial banks
All
banks

Total
Total

Banks (Head Offices)
December 31 1933
December 31, 1934.
. .
..
December 31, 1941
December 31 1942
December 31, 1943
December 31, 1944
June 30 1945. .

National

State
member

Total

Insured2

'857
980
'1,502
31,598
31,698
31,789
'1,825

8,439
9,042
7,661
7,458
7,299
7,181
7,164

14,450
15,484
.14,277
14,134
14,034
13,992
14,001

6,679
'6,738
86,814
36,840

5,154
5,462
5,117
S,081
5,040
5,025
5,015

2,911
3,133
3,699
3 739
3,933
4 064
4,122

2 786
3,007
3,564
3,602
3,797
3 924
3,979

2,081
2,224
2,580
2,615
2,793
2,892
2,940

1.121
1,243
1,565
1,592
1,741
1,813
1.851

960
981
1,015
1,023
1,052
1,079
1,089

987
1,004
1,032
1,039

Increases in number of banks:
Primary organizations (new banks)6

+51

+51

+8

+4

+4

Decreases in number of banks:
Consolidations and absorptions
Voluntary liquidations7

-35
-8

-34
—8

-18
-2

-14
-2

-4

+6

—2

.

Branches and Additional Offices1
December 31 1933
December 31, 1934
December 31, 1941
December 31, 1942
December 31, 1943
December 31 1944
June 30, 1945

.

.

....

....

6,011
6,442

3
6,619
3

Noninsured2

7,699
6,810
6,667
6,535
6,452
6,440

15,029
16,063
14,825
14 680
14,579
14,535
14,543

. ..

Mutual savings
• banks

Nonmember banks1

Member banks

Insured

m Noninsured

5 79

439

1,343

851
791
764
729

68
*52

511
496
490
361
351
350

356

724

•184
3192
»192

984

52
52
52
54
55

32
35
95
99
101

+43

+38

+5

-16
-6

-14
-3

-2
-3

+4

+4

705
5783

705
783
984

932
935
952
978

r15
8126
103
102
41
41
42

Bank Changes
Jan. 1-June 30,1945

Inter-class bank changes:
ConversionsNational into State
State into national
Federal Reserve membership8
Admissions of State banks
Withdrawals of State banks
Federal deposit insurance9
Admission of State banks
Withdrawals of State banks
Net increase or decrease in number of
banks

—4

+4
+40
-2

+40
—2

-4

-40

+2

-1

—4
-39

+2
+5

-1
—5

+1

+8

+9

+26

-10

+36*

-17

-12

-5

Increases in number of branches:
De novo branches
Banks converted into branches

+30
+16

+28
+15

+17
+13

+13
+10

ft

+11
+2

+9
+2

+2

Decrease in number of branches:
Branches discontinued

-8

-8

-3

-1

Branch Changes
Jan. 1-June 30,1945*

Inter-class branch changes:
From national to State member
From nonmember to State member

-3

i\

Banking offices at military reservations:
Established
Discontinued

+33

+3$

+30

-13

-13

Net increase or decrease in number of
branches and additional offices

+58

+55

+48

1
8

+23

+3

+3

+7

+6 .

-3

+38

+1

—i

+10

-10

—1

+7

-1

+1

-5

+2

-1

-3

+1

+2

+i

Includes unincorporated (private) banks.
Federal deposit insurance did not become operative until /an. 1, 1934.
mber mutual savings banks which became members

6
8
7

Separate figures not available for branches of insured and noninsured banks,
Exclusive of newbanks organized to succeed operating banks.
Exclusive of liquidations incident to the succession, conversion, and absorption of banks

are i w f f i ^ ^

^ ^ ^

S t a t C b a n k m e m b e r s o r v i c e versa

'

«

Such

« W « do not affect Federal Reserve membership; they

» Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa Such changes
do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "inter-class bank changes.''
Back figures-See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text pp 13-14
enanges,.




FEDERAL RESERVE BULLETIN

INTERNATIONAL FINANCIAL STATISTICS

PAGE

Gold reserves of central banks and governments.

958

Gold production

959

Gold movements

959

Net capital movements to United States since January z, 1935
Central banks

....-•

960-974
• 975"978

Money rates in foreign countries

919

Commercial banks

9^o

Foreign exchange rates

9Sl

Price movements:
Wholesale prices

•

983

Retail food prices and cost of living
Security prices

98i

* • • •:

9 3

Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for t i e 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 Uni ted States in accordance witn the Treasury Regulation of November iz, 1934. Back figures for all ex cept price tables, together with descriptive text,
may be obtained from the Board's publication, Ban king and Monetary Statistics.




957

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
14,512
17,644
21,995
22,737
22,726
21,938

End of month
1933—Dec
1939—Dec. .
1940—Dec
1941—Dec
1942—Dec
1943—Dec

431
466
353
354
J
658
*939

Belgium

End of month

....

1944—Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar

Hungary

Iran
(Persia)

37
24
24
24
24
24

26
26
26
26
34
92

24
24
24
24

Brazil British Canada Chile
India

Switzerland

94
94
84

20
20
20
21
25
31

Italy

Japan

Java

193
144
120

164
164
164
6
164

Turkey

United
Kingdom

Uruguay

23
23
23
23
23
23
23
23
23
23
23

Venezuela

Yugoslavia

B.I.S.

29

28
28
28
28
28
28
28
28
28

Peru

88
89
90
91
92
94
95
97
99
100
102
103

July

27
28
28
28
28
28

Norway

56
56
56
56
56
57
57
57
57
57

500
500
500
500
500
500
500

29
29
29
29
29
29

52
52
52
52
52
52
52
52
52
52
52

5
5
6
5
6
7
6
5
6
4
6
7

220
220
221
222
222
222
221
220
219
219
231
230

2,430
2,709
2,000
2,000
2,000
2,000

44
44
44
44
44
44

274
274
274
274
274
274
274
274
274
274

23
23
23
23
23
23

Greece

61
61
61
61
61
61
61

298
298
313
314
329
330
340
341
341
342

998
692
617
575
506
500

Germany

91
101
101
101
111
121
126
131
141
151
166

1
1
1
16
46

29
32
47
47
39
203

France

55
55
52
52
52
52

24
21
17
16
25
59

80
90
140
235
4216

Egypt

53
53
52
44
44
44

30
30
30
30
36
51

New
Mexico Nether- Zealand
lands

Czecho- Denslovakia mark
83
56
58
61
61
61

192
214
27
5
6
5

115 •
*>115
P125
^127
PI 28
P128
P128

Sweden

Cuba

274
274
274
274
274
274

May

End of month

Colombia

32
40
51
70
115
254

581
609
734
734
735
734

734
20,926
408
20,825
409
20,727 • 409
:.
20,688
409
20,619 11,111
20.550
409 ' " 7 3 2 " *
20,506
409
732
20,419
409
715
20,374
409
715
20,270
409
714
20,213
409
713
20,152
409
712

1944—Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar
Apr
May
June
July

1938—Dec
1939—-Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec.

Argen- 1
tina

4

South
Poland Portu- Ruma- Africa
nia
gal
85
*84

34
32
32
32
32
30
30
30
30
30
28
28
Other
countries6

69
69
59
59
59
60

321
308
160
223
335
387

701
549
502
665
824
964

29
29
88
92
114
161

2.690

1944—Aug
Sept
Oct
Nov
Dec.
1945—Jan
Feb
Mar

449
454
456
462
463
477
475
474
472
470
478
478

1,029
1,033
1,029
1,040
1,052
PI, 058
PI,061
Pi,072
PI, 103
^1,105
PI, 069
PI,073

221
221
221
221
221
221
221
225
225
225

1
1

Anr

1
1
1
1

69
68
90
100
89
121

52
52
29
41
68
89

148
149
149
151
157
159
164
166
168
173
175

110
110
110
125
130
130
147
147
161
161
176
176

57
59
82
*83

14
7
12
12
21
45

166
178
170
166
185
229

39
39
39
36
37
37
37
37
39
39
39

244
244
244
244
245
245
246
246
246
247
247
247

1
May
1
June
1
July
P Preliminary.
1
Figures through March 1940 and for December 1942, December 1943, and December 1944 include,
in addition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold
belonging to the Argentine Stabilization Fund.
2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control 3
Board. Gold reported since that time is gold held by Minister of Finance.
Figure for December 1938 is that 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. 531,1942; Norway-Mar. 30,1940; Poland-July 31,1939; Yugoslavia-Feb. 28,1941.
Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately.
6
These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo,
Bolivia, Bulgaria, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939,Ecuador, El
Salvador,Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943,Latvia, Lithuania,
Morocco, and Thailand (Siam). Figures for certain of these countries have been carried forward
from last previous official report.
» 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.

958




133
152
158
182
241
316

Spain

220
249
367
366
634
706

»525

778
785
796
811
814
829
834
848
851
865
878

60
60
60
60
60
60
60
60
60
60
60

104
104
104
104
105
106
106
108
109

42
42
91

Government gold reserves1 not Included
In previous figures
United
End of month United King- France
States

1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942-Dec
1943—Dec

1,777
1,777
1,777
1,777
1,777
1,777

1938— D e c . . .
1939— M a r . . . .

. 80
154

Dec...
1945- -Mar....

85
164
156
86
48
89
25
8
12
11
43
14
21
25
12
32

May
June...
Sept....
Dec
1940— J u n e . . .
Dec. . . .
1941- June...
Dec
1942- June...
Dec
1 9 4 3 - June....
Dec
1944- Mar....
June.. .
Sept....

dom

2
759
1,732
3

876
292

4

151

331
559
477

Belgium
44

17
17
17
17
17
17
17
17
17
17
17

1 Reported a t infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
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 that date.
* Figure for Sept. 1,1941.
NOTE.—For available back figures and for details
regarding special internal gold transfers affecting
the British and French institutions, see Banking
and Monetary Statistics, p . 526, and BULLETIN foi
February 1945, p. 190:

FEDERAL RESERVE BULLETINS

GOLD P R O D U C T I O N
OUTSIDE U. S. S. R.
[In thousands of dollars]
Estimated
Year or month

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

Production reported monthly
Total

production
outside
U.S.S.R.1
823,003
882,533
971,514
1,041,576
1,136,360
1,208,705
1,297.349
1,288,945

1South

monthly

366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
448 153
429,787

55,938
57,286
54,885
54 521
53,734
53,446
55,199
50,782
54,703
54,096
^53 976
^53,238

36,430
37,022
35,810
35,821
35,270
34,836
36 216
33,698
36,458
35,937
36 073
35,800

y...,.

Rhodesia

I Africa

708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1.089,395
968,112
738 471
663,960

1944—July
Aug.,.....
Sept. . . .
Oct
Nov.
Dec
1945—Tan
Feb
Mar
Apr

Africa

North and South America

West
Africa*

*/ = ; 5 a\
24,264
25,477
28,053
28,296
28,532
28,009
29,155
27.765
26,641
23 009
20 746

Belgian
Congo3

United
States*

Canada* Mexico 6 Colombia

grains of sold ft fine; i.e., an ounce tj fine go
12,153
108,191 104,023 23,135
0,549
13,625
126,325 114,971 23,858
7,159
152,509 131,181 26,465
16,295
7,386
168,159
20,784
143,367 29,591
8,018
24,670
8,470 178,143 165,379 32,306
196,391
178,303 29,426
28,564
8,759
185,890 30,878
32,163 * 8,862 210,109
209,175
187,081 27,969
32.414
130,963 169,446 fi30,000
29,225
48 808 127 796
19 740
35,778 101,980
18 445

1.763
1,732
1,724
L,714
1,680
1,733
1,674
1.610
1,686
1,718
•^1,718
'1,718

1,400
1,470
1,540
1,575
1,575
1,610
1,610
1,575
1,610
1,610
1 575
1,575

3,018
2,838
3,087
2,922
3,033
2,828
2,463
2,342
2,446
2,328
2,563
2,516

Other

Chile

d - $35
12,045
8.350
11,515
9,251
13,632
9,018
15,478 ' 9,544
18,225 10,290
19,951 11,376
22,117
11,999
22,961
9,259
20,882
6,409
1 > 789 6 081
<
7 131
19,374
1,901
2,044
1,421
1,370
1,380
1,162
1,882
1,379
1,382
1,836
1,736
1,460

8,247
8,290
8,274
8,051
7,809
8,012
8,166
7,432
8,004
7,831
7,614
7,426

911
604
523
560
555
506
486
372
542
526
'526
'526

Nicara- Austra- British
gua 7
lia 8 I India*
1.166
K68
807
818
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

590
625
615
653
613
765
672
590
615
560
631
574

1,295
2.100
,365
,295
,260
,470
,470
L,260
,365
,??•»
1,190
,795

385
560
525
560
560
S25
560
525
595
525
350
350

Gold production in U. S. S. R.: N o regular Government statistics on gold production in U . S. S. R. a r e available, b u t d a t a of percentage changes,
irregularly given o u t b y officials of t h e gold mining industry, together with certain direct figures for past years, afford a basis for e s t i m a t i n g a n n u a l
p r o d u c t i o n I s follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
p
Preliminary.
' Figure carried forward.
j A n n •""

estimates of American Bureau of Metal Statistics, those for 1944 having been revised by adding to each monthly figure $59 421 so that aggregate tor the
year is equal to annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines.
J Figures for Canada beginning 1944 are subject to official revision.
6
Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three
months of year.
7
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production
of total production
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-Decembcr 1943 they '
g g
p
y
For the period December 1941Decembcr 1943 they 'repret total Australia; beginning , g
January 1944, Western Australia only.
9 total Australia; beginning January 1944, Western Australia only.
sent B i i
M
1940
fi
th
td b A r i
B
f M t l Sttiti
9
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235*
and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these ana other countries in the period
1910-1941, see Banking and Monetary Statistics, pp. 542-543.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) to:
Year or
month

Total
net
imports

19341....
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

1,131,994
1,739,019
1,116,584
1,585,503
1,973,569
3,574,151
4,744,472
982,378
315,678
68,938
-845,392

1945
Jan
Feb
Mar
Apr......
May
June
July.....

710
1,912
-19,149
2,398
-18,266
-83,758
-6,979

United
Kingdom

France

499,870
315,727
174,093
891,531
,203,728
,826,403
633,083
3,779
1,955
88
695,483

Belgium

Netherlands

Sweden

8,902 94,348
260,223
3 227,185
934,243
3,351 71,006
2
573,671
6,461
6
90,859
-13,710
81,135 15,488 163,049 60,146
3,798 165,122 341,618 28,715
977 63,260 161,489
241,778
1,747
1
1

Switzerland

Canada

Other
Latin
American Republics

30.270
86,829
12,402
28,153
13,667
95,171
968
29,359
39,966
72,648
30,790
7,511
38,482
111,480
39,485
54,452
36,472
76,315
65,231
1,363
33,610
57,020
86,987 612,949
29.880 128,259
9 0 ,320 2i.622,330
"16,791
61,862
412,056
899
40,016
39,680
5
208,917
13,489
66,920 - 3 , 2 8 7
46,210 -109,695 -108,560
375
375
353
552
284
218
481

29

Mexico

263
248
202
554
268
315
11,524

-127
1,002
-19,829
1,052
-13,700
1,815
1,583

rhilippine
Islands

Australia

South
Africa

12,038
1,029
15,33S
3,498
21,513 23,280
25,427 34,713
181
27,880 39,162
401
35,636 74,250 22, 862
38,627 103,777 184.756
42,678 67,492 292,893
321
528
4,119
152
307
199
3,572

102
74
6
71
20
22

Japan

246, 464
168,740
165,605
111, 739
9,444

British
India

76,820
75,268
77,892
50,762
16,159
50,956
49,989
9,665
129

155
ISO
12
229
-5,199
5
—86,152
B
»20,589

1 Differs from official customhouse figures in which imports and exports for J a n u a r y 1934 are valued a t approximately $20.67 a fine ounce.
2 Tnrlude<? $28 097 000 from China a n d H o n g Kong, $15,719,000 from Italy, $10,953,000 from Norway, a n d $13,854,000 from other countries.
s Includes $75 087 000 from Portugal, $43,935,000 from I t a l y , $33,405,000 from Norway, $30,851,000 from U. S. S. R . , $26,178,000 from Hong Kong,
S20 581000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from H u n g a r y , $10,416,000 from Spain, a n d $15,570,000 from other countries.
* Includes $44,920,000 from U.S.S.R. a n d $18,151,000 from o t h e r countries,
s Includes 584,270,000 to China and $1,883,000 to other countries.
^

^

^

^

^

^

Z

S

^

^

US. PP. 539-541, and fo, description of statistic,, seep. 524 in the same

publication.

SEPTEMBER 1945




959

INTERNATIONAL CAPITAL TRANSACTIONS OF THE U N I T E D STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
TABLE 1.-TOTAL CAPITAL MOVEMENT, BY TYPES
[Net movement from United States, (—). In millions of dollars]

From Jan. 2, 1935, through—

Total

Increase in foreign banking
funds in U. S.
Total

Official1

Other

Decrease
in U. S.
banking
funds
abroad

Foreign
securities:
Return
of U. S.
funds

Domestic
securities:
Inflow of
foreign
funds

Inflow in
brokerage
balances

S93.5

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

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

A
16.5
23.2
12.9

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

799.9
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

3U.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

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

88.7
98.9
101.6
100.9

5,526.5
5,575.4
5,510.3
5,230.7

3,148.8
3,193.3
3,139.5
2,856.2

1,307.7
1,375.1
1,321.7
1,053.7

1,841.0
1,818.2
1,817.7
1,802.6

767.4
818.6
805.3
791.3

812.7
834.1
841.1
855.5

1,095.0
1,042.1
987.0 .
888.7
701.8
631.2
623.5
626.7

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
1.211.7
1,339.1
1,412.0

1,752.0
1,864.2
1,873.5
1,908.3

819.7
842.3
858.2
888.8

849.6
838.8
830.5
848.2

624.9
632.0
646.1
673.3

104.3
106.2
107.5
104.4

1943—Jan.
Feb.
Mar.
Apr.
May
June

31
28
31
30
31
30

5,907.7
6,014.9
6,147.1
6,212.3
6,282.6
6,506.4

3,471.1
3,590.1
3,643.4
3,690.5
3,769.6
4,002.6

1,536.6
1,671.8
1,723.1
1,801.8
1,871.6
2,071.4

1,934.5
1,918.3
1,920.3
1,888.6
1,898.0
1,931.2

889.8
890.5
898.7
909.9
905.1
896.9

761.3
751.9
810.5
809.5
807.0
806.8

678.5
676.0
685.9
692.9
692.5
687.9

107.0
106.4
108.6
109.5
108.5
112.1

July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

6,556.0
6,726.3
6,771.3
6,904.6
7,073.6
7,118.6

4,056.4
4,107.9
4,130.6
4,284.4
4,435.7
4,496.3

2,103.4
2,122.6
2,190.9
2,312,9
2,450.0
2,461.5

1,953.0
1,985.3
1,939.7
1,971.5
1,985.7
2,034.8

901.9
909.4
888.6
870.5
882.6
877.6

792.9
907.8
929.3
928.3
929.8
925.9

692.3
687.0
708.1
707.4
710.1
701.1

112.6
114.3
114.8
114.1
115.4
117.8

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

7,423.4
7,440.9
7,430.9
7,460.2
7,530.5
7,475.7

4,740.8
4,732.3
4,661.2
4,680.3
4,775.1
4,612.5

2,622.9
2,589.5
2,498.8
2,489.8
2,541.0
2,372.2

2,117.9
2,142.8
2,162.3
2,190.4
2,234.1
2,240.3

850.6
869.7
883.5
891.3
872.7
805.8

1,005.8
1,009.7
1,026.2
1,025.8
1,025.3
1,019.4

706.9
709.4
737.8
735.8
732.4
911.8

119.3
119.9
122.2
127.1
125.0
126.3

7,633.1
7,755.4
7,739.1
7,797.3

4,723.9
4,887.3
4,909.9
'4,958.2

2,468.7
2,587.3
.2,555.6
*2,588.9

2,255.2
2,300.0
2,354.3
32,369.2

848.2
859.8
848.5
"844.7

1,025.9
1,033.4
1,029.6
1,061.6

909.0
845.0
820.6
802.5

126.1
129.9
130.5
3130.4

1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936).

259.5
616.0
899.4
1,412.5

57.7
213.8
350.7
603.3

-2.0
6.1
-4.5
9.8

59.7
207.7
355.2

1936-Mar. (Apr. 1).
June ( J u l y l ) .
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

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

1938—Mar. 30
Tune 29
Sept. 28
Dec. (Jan. 4, 1939).

3,207.2
3,045.8
3,472.0
3,844.5

949.8
1,180.2
1,425.4

149.9
125.9
187.0
238.5

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

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

1941—Mar. (Apr. 2).
June (July 2).
Sept. (Oct. 1)..
Dec. 31

1944—Jan.
Feb.
Mar.
Apr.
May
June

31
29
31
30
31
30

July 31
Aug. 31
Sept. 30
Oct. 31,
Nov. 30
Dec. 31
1945—Jan.
Feb.
Mar.
Apr.

31
28
31
36

786.2

660.4

95.9
98.2
100.9
100.9

eminent names; b e rinnin ? with the new series commencing with themonth of July 1942, all tods held with b t i k s and banke in thTunUed S?ate S by
foreig: "u"ar a lsUblhhmenU, e t c . f
governments and their agenc.es (.ncluding official purchasing missions, trade and shipping misstons, d ^ o m a t i c
andI'« n
coi
iiuwcvci , s un-uin^icic aun-c it la^cs mioattouni omy certain signmcani movements known to have occurred on July 1.'
,
,
3, footnote 3; and Table 5, footnote 2.) Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943,
•. 30, in millions of dollars: total foreign banking funds in United States, 5,624.0, including official funds, 3,226.5, and other
inking funds abroad 290.8; and brokerage balances (net due "foreigners"), 53.5.
reported by banks, bankers, brokers, and dealers. For back figures through December 1941, i
i. 574-637, and for full description of statistics see pp. 558-560 in the same publication.

96O




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES-Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, l935-Gw*//«*f</
TABLE 2,-TOTAL CAPITAL MOVEMENT, BY COUNTRIES
[Net movement from United States* (—). In millions of dollars]
From Jan. 2, 1935, through—

Total

United
Kingdom

France Kethei Switzei
lands
land

Germany

Italy

Other
Europ

Latin
Total
Europe Canada Amcri-

Asia1

All
other 1

1935-Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936).

899.
1,412.

140,
307.
379,
554.

25.1
114.0
100.4
210.2

9.0
48.3
82.7
114.5

7.7
27.4
69.8
130.4

3.3
15.0
33.3
36.6

-1.
2.6
7.3
24.0

35.2
49.1
84.5
130.0

219.2
563.9|
757.8
1,200.6

-10.4
-20.4
-21.5
<)

27.3
38.4
65.3
70.9

18.9
29.4
90.01
128.3

4.4
4.7
7.8
12.7

1936—Mar. (Apr. 1).
June (July 1).
Sept. 30..'
Dec. 30,.

1,511.
1,949.
2,283J
2,608.4

560.
682.
780.
829.

221.7
240.0
201.9
299.5

125.0
198.2
195.0
229.7

173.0
247.5
297.6
335.5

36.4
47.2
73.9
83.1

20.5
22.3
28.7,
45.6;

139.2
159.5
197.2
228.5

1,276.3
1.596.9J
1,774.6
2,051.3

-1.5
26.0
138.5
150.5

103.5
143.7
161.
201.2]

126.01
168.8
195.4
184.0!

6.8
13.9
13.7
21.4

1937—Mar. 31
June 30
Sept. 29
Dec. 29

308.9
343.5
338.1
281.7

267.1
356.7
390.8
311.9

363.5
619.9
737.7
607.5

103.5
107.6
127.3
123.9

37.0
21.7
24.4
22.1

258.1
303.5
358.9
312.2

2,265.2
2,831.5
3,OS3.
2,653.0

142.01
131.1
175.9]
106.3

336.6
381.5,
407.9
41O.6J

170.4
194.4
221.4;
224.6|

17.2
23.1
23.7
15.9

1938-Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)

2,931.4
927.
3,561. 1,078.
3,911. 1,105.
3,410.
993.
938.
3,207.2
889.
3,045.8
3,472.0
983.
3,844.5 1,183.

266.4
237.4
308.7
339.6

260.2
266.0
298.2
328.6

544.1
484.1
504.3
557.5

125.8
137.7
131.5
140.5

15.
21.4
20.6
32.

315.3
313.4
434.5
472.0

2,465.8
2,349.7
2,681.1
3,054.2

134.7|
124.1
124.8
155.3

400.3;
412.0
442.9
384.6

187.7
140.5
186.
214.2!

18.8
19.5
37.1
36.2

1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)

4,197.6
4,659.2
5,035.3
5,021.2

366.8
439.7
459.6
468.7

383.6
401.0
448.4
470.3

587.6
599.2
671.1
773.0

150.2
149.5
151.1
165.9

24.7|
29.5,
32.9|
58.0

536.8
604.2
686.0
752.9

3,252.9
3,583.3
3,817.2
3,790.1

185.1
230.5
260.9
229.4

443.5
500.2
528.0
483.4

269.4
289.4
356.3
431.0

46.8
55.8
72.9
87.4

1940—Mar. (Apr. 3).
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941).

5,115.9
5,440.7
5,748.1
5,727.6

964.8
963.6
946.7
865.2

468.3
681.4
683.0
670.3

469.5
459.6
457.9
455.6

857.8
876.8
884.4
911.5

167.5
171.4
176.3
175.9

83.6
66.3
84.6
55.4

865.7
885.3
934.0
922.7

3,877.21
4,104.5
4,167.0
4,056.6

213.3|
230.1
387.3
411.7

520.7
579.2
603.8
606.8

434.7
451.3
506.5
562.3

70.1
75.7
83.6
90.2

1941—Mar. (Apr. 2).
June (July 2).
Sept. (Oct. 1).
Dec. 31

5,526.51
5,575.4'
5,510.3
5,230.7

716. ?|
696.1
694.0
674.1

665.4
670.5
654.7
639.9

471.0
456.7
451.0
464.4

883.6
886.6
836.3
725.7

177.1
177.6
178.8
179.9

47.4
47.0
50.1
50.5|

898.1
883.6
935.1
891.8

3,859.3
3,818.2
3,799.8
3,626.3

394.9
400.4
407.6
340.5

623.7
659.5i
606.0
567.5

547.0
579.7
580.1
567.7

101.7
117.6
116.7
128.6

1942—Jan. 28
Feb. 25
Mar. (Apr. 1).
Apr. 29
May (June 3).
June 30.
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
,
Dec. 31

5,163.7
5,069.0
5,082.4
5,309.6
5,413.4
'5,495.3
5,542.6
5,599.9
5,654.9
5,694.7
5,761.6
5,835.0

645.5
614.7
652.3
628.1
689.2
'713.5i
737.9
764.9*
791.5
809.8
806.0
837.8

638.4
634.3
631.6
631.3
629.6
631.2
633.1
628.1
627.5
626.3
622.7
625.9

460.7
461.1
457.4
467.2
476.7
477.8
476.0
472.1
472.9
471.9
471.9
474.0

690.5
650.0
596.5
597.6
598.8
598.7
591.6
595.0
602.0
596.1
592.9
592.1

180.2
179.0
179.0
179.0
179.0
178.8
178.7
178.4
179.0
178.9
179.0
179.5

51.1
51.2
46.8
46.8
47.4
47.5
48.0
48.6
48.8
48.9
48.0
48.1

901.4
863.4
843.8
838.4
821.2
825.4
829.6
835.3
845.0
848.7
863.2
850.9

3,567.8
3,453.7
3,407.5
3,388.3
3,441.8
'3,472.9
3,494.9
3,522.6
3,566.7
3,580.6
3,583.8
3,608.1

336.9
329.7
379.0
379.3
347.8
362.3
361.8
369.3
384.5
401.2
423.8
425.1

565.
587.1
605.0

557.5
565.3
561.4
774.3
780.3
784.7
780.2
783.5
786.5
797.6
788.9
787.7

1943—Jan. 31..
Feb. 28..
Mar. 31..
Apr. 30..
May 31..
June 30..
July 31.
Aug. 31..
Sept.30 .
Oct 31..
Nov. 30..
Dec. 3 1 . .

5,907.7
6,014.91
6,147.l'
6,212.3
6,282.61
6,506.4
.6,556.0
6,726.3
6,771.3
6,904.6
7,073.6
7,118.6

740.3
762.4

791.8
845.9
847.8;
941.4
1,012.9
1,090.1
1,128.0
1,207.2
1,218.2
1,257.7

627.6
628.4
625.4
627.7
632.0
636.9
641.4
642.6
639.7
634.1
635.3
636.8

473.1
474.1
479.9
480.6
481.6
481.3
483.5
481.5
485.9
489.0
486.6
487.7

591.4
585.8
596.5
596.4
597.4
605.4
608.2
617.4
620.2
617.7
628.8
629.1

179.7
179.6
179.7
179.5
179.6
179.6
179.5
178.9
179.0
178.8
178.6
178.6

48.6
48.4
47.7
46.9
46.3
46.3
46.4
47.1
47.5
48.2
48.4
48.2

860.5
877.6
887.9
890.2
901.6
908.1
907.1
919.0
912.0
931.8
944.9
954.8

3,521.1
3,556.4
3,608.9
3,667.2
3,686.4
3,799.01
3,879.0
3,976.6
4,012.3
4,106.7
4,140.8
4,192.8

590.0
635.2
651.8
656.0
640.3
683.1
621.6
698.3
715.1
752.0|
843.4
760.3

829.1
786.2
848.2) 793.3
871.3
813.9!
873.6
813.4
934.9
815.4
961.8
830.5
985.0
833.5
948.0
858.7
929.8
873.2
925.5
896.8
927.6
937.7
951.0 1,013.1

1944—Jan. 3 1 . . .
Feb. 29..
Mar. 31..
Apr. 30..
May 3 1 . .
June 30..
July 31. .
Aug. 31..
Sept.30..
Oct. 3 1 . .
Nov. 30..
Dec. 3 1 . .

7,272.9
7,418.6
7,462.9
7,464.3
7,458.9
7,459.6
7,423.4
7,440.9
7,430.9
7,460.2
7,530.5
7,475.7

1,330.5
1,327.7
1,290.1
1,292.0
1,325.5
1,320.6
1,261.5'
1,226.3
1,127.0
1,053.6
1,078.8
1,090.0

635.6
629.9
632.6
632.4
633.1
631.5
633.3
633.3
633.5
635.4
635.2
585.7

489.1
489.0
494.7
495.2
496.4
496.3
497.1
494.6
498.5
504.0
502.7
506.2

625.1
629.0
634.4
634.6
645.1
646.8
649.8
651.7
653.2
652.8
654.4
664.3

178.6
178.6
178.6
178.7
178.6
178.5
178.6
178.6
178.6
178.9
179.0
179.1

47.9
47.5
48.0
48.9
49.7
50.4
53.0
54.3
56.2
58.5
61.5
63.1

974.1
,000.5
976.4
980.7
991.2
964.8
950.1
962.3
966.8
973.5
982.7
993.3

792.0
4,280.9
878.9
4,302.4
936.3
4,254.8
873.
4,262.5
828.8
4,319.6
832.8
4,288.8
836.2
4,223.3
875.4
4,201.1
951.9
4,113.6
4,056.8 1,014.4
4,094.2 1,015.6
976.4
4,081.8

1945—Jan. 3 1 . . .
Feb. 2 8 . .
Mar. 31..
Apr. 30..

7,633.1
7,755.4
7,739.1
7,797.3

1,008.6
1,053.6
1,048.9
1,026.0

566.6
558.3
506.5
477.6

503.3
506.3
505.7
506.3

659.6
666.4
673.0
670.7

179.0
179.0
179.2
179.2

66.7
69.8
72.0
75.5

965.2
970.5
967.6
990.5

3,949.0
4,003.9
3,952.9
3,925.8

259.
616.

1,203.
1,360.
1,368.
1,101.

627.3

696.5
729.0

761.8
775.8
772.0

761.0

809.7
835.8

966.0
965.4
998.1
,037.31
,052.1
,109.8
,145.9
,152.6
,159.6
,166.6
,194.7
,193.7

1,030.8 ,250.2!
1,081.3 ,262.4
1,135.4 ,234.21
1,194.9 1,263.0

024.4
,069.2!
,080.6|
,092.3
,071.0
,069.9
,060.0
,056.9
,049.5
,062.9|
,062.7
,O2O.9|

136.4
133.2

129.5
140.4
147.0 •

146.3
143.9
148.6
145.2
154.4
155.4
178.3

181.4
181.9
201.2
202.2
205.7
232.1
237.0
244.8
241.1
223.6
224.2
201.4
209.7
202.7
193.1
198.5
187.3
158.3
158.0
154.9
156.3
159.5
163.3
203.0

199.2 204.1
200.1 207.7
205.3 211.4
202.9 210.7

i Prior to Jan 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
^

^

M

SEPTEMBER

f

i

^

1945




*

of 3.5 million dollars on July 1.

See Table 1, footnote 2.

961

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1955-Contfnued
TABLE 3.-INCREASE IN FOREIGN BANKING FUNDS IN U. S.t BY COUNTRIES
[Net movement from United States, (—). In millions of dollars]
From Jan. 2, 1935, through—

Total

United
GerKing- France Nether- Switzer- many
lands
land
dom

-3.4
24.3
26.4
46.0

69.2
74.7
82.3
79.7

411.0
576.1
632.9
588.9

49.1
33.7
71.4
86.8

64.3
48.6
82.4 * 76.3
86.0
100.4
149.3
90.4

94.2
131.3
176.9
109.4

579.2
1,071.5
1,250.5
791.7

110.7
90.8
120.0
76.3

'326.4
94.7
334.2 . 100.6
239.2
120.0
166.3
126.2

-1.5
1.7

88.8
75.0
185.9
208.6

608.6
482.2
787.8
1,010.7

86.3
73.4
90.7
101.6

137.0
140.8
164.1
127.6

108.5
83.4
115.9
163.3

21.7
22.2

-10.9
-14.5
—21.9
-20.1

-3.9
-6.6
-1.6
19.7

267.8
320.0
399.5
470.0

1,205.5
1,445.5
1,682.5
1,655.4

136.5
191.5
225.2
174.5

179.8
242.0
262.0
215.1

194.5
195*0
255.6
325.4

31.3
37.8
54.3
60.5

50.5
11.0

571.8
578.8
620.6
603.7

1,753.1
1,966.6
2,007.8
1,986.3

150.0
159.0
310.6
334.1

244.5
300.5
317.5
326.4

349.3
355.7
401*8
450.9

42.2
48.3
55.1
61.3

-3.5

576.9
559.6
608.5
561.1

1,957.1
1,974.4
1,952.7
1,766.9

321.4
317.8
338.3
273.1

349.3
371.9
318.2
296.7

446.9
433*7
437 9
418^0

74.1
95.5
92.4
101.6

1,697.8
1,579.6
1,529.8
1,513.7
1,556.7
3
1,585.3
1,607.2
1,632.8
1,670.7
1,679.2
1,676.9
1,697.5

266.3
266.5
324.3
327.5
310.6
'336.6
353.3
373.1
379.2
381.4
401.7
399.5

289.6
305.4
316 8
337.6
394.8
3420.0
439.8
450.5
437.6
419.9
460.8
482.8

408.8
419.2
413.2
617.7
618.5
619.7
611^4
613!8
614.5
604.9
591.0
598.7

109.0
104.8
99.9
109.6
116.2
114.4
'109.8
114.6
110.6
118.9
119.7
141.9

2.6
5.6

47.6
132.2
154.8
76.3

99.4
317.7
411.8
288.4

24.5
10.9
19.4

17.9

175.9 94.1
145.2 70.1
236.3 133.5
364.0 155.3

34.6
34.7
68.3
87.9

223.0
160.1
177.3
205.1

-3.9
-2.3
-12.0
-11.8

-3.9

187.4
252.3
263.8
256.1

129.9
132.0
172.0
190.9

233.4
227.1
286.2
362.7

578.4
779.0
898.5
930.5

102.4 117.8
178.3 119.0
221.6 131-1
163.5 144.2

44.7
92.4
63.9
65.9

1937—Mar. 31
June 30.
Sept. 29
Dec. 29

1,121.6
1,612.4
1,743.6
1,168.5

154.7 140.9
300.9 174.1
313.7 165.2
189.3 111.8

1938—Mar. 30
June 29
Sep*t. 28
Dec. (Jan. 4, 1939)

949.8
786.2
1,180.2
1,425.4

1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)

1,747.6
2,111.8
2,479.5
2,430.8
2,539.0
2,830.1
3,092.8
3,159.0

.'

180.0
264.6
453.5

-8.3
-9.8
-10.1

8.6

22.2
48.1
72.4

1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30

47.1

8.8

82.6
115.9
133.6
109.8

5.2

28.7
43.5
55.7

All
Other*

22.1
60.7

-3.8

19.2 13.2
67.8 58.2
94.5 58.1
128.6 129.6

Latin
1
Other
Total
Europe Europe Canada Ameri- ' Asia
ca

' 8.7

-4.1
-5.3

57.7
213.8
350.7
603.3

1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936)

Italy

-1.7
-.8

2.7

9.6

-.3
(2)
7.3

10.5
23.0
4.3
8.8
6.9
-.5

16.2
22.5
33.2
33.5

-7.9
—17.7
19.8
58.8

5.7
4.7
6.7

11.5
5.3

10.4
7.9

15.2
10.5
15.4
13.9
8.0
9.3
6.5

258.6
472.7
471.4
458.0

185.7
170.8
166.3
160.3

418.5
427.4
445.9
494.7

-21.2
-19.9
-16.5
-22.9

452.8
451.0
432.0
416.5
414.7
410.3
407.7
407.1
404.6
405.5
407.0
401.1
359.6
399.1
395.1
394.5

173.4
157.3
150.0
161.0

484.2
500.5
443.9
326.2

-24.0
—24.0
-23.1
-23.1

1942—Jan. 28
Feb. 25
Mar. (Apr. I)
Apr. 29
May (June 3)
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

3,148.8
3,193.3
3,139.5
2,856.2
2,771.6
2,675.5
2,684.0
2,906.1
2,996.8
*3,075.9
3,121.4
3,184.8
3,212.6
3,204.2
3,250.2
3,320.3

401.8
535.2
584.5
376.1
289.1
325.8
314.3
293.3
297.3
334.4
345.0
328.6
296.1
263.1
301.2
283.4
338.2
3363.8
389.9
418.4
445.8
464.3
460.3
493.3

156.7
157.0
153.1
162.8
172.0
172.8
173.8
169.8
170.2
169.2
169.1
170.0

287.8
246.4
191.6
190.0
189.5
187.6 .
177.1
178.3
183.3
174.4
168.5
166.3

-22.8
-23.1
-23.3
-23.3
-23.3
-23.5
-23.5
-23.4
-23.2
-23.1
-23.0
-22.7

-6.8
-6.3
-5.7
-5.4
-5.3
-6.2
-6.2

568.5
529.0
507.1
501.3
482.6
485.8
489.2
494.3
500.4
500.6
513.1
502.5

1943—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

31
28
31
30
31
30
31
31
30
31
30
31

3,471.1
3.590.1
3,643.4
3,690.5
3,769.6
4,002.6
4,056.4
4,107.9
4,130.6
4,284.4
4,435.7
4,496.3

397.4
420.3
451.5
504.4
510.1
609.4
683.4
758.0
799.9
882.3
896.9
939.4

397.4
398.4
395.0
396.1
396.8
400.9
411.8
414.7
403.6
401.9
402.6
404.1

168.0
169.3
174.1
173.6
173.7
172.9
174.6
172.5
177.0
179.2
176.8
176.7

165.2
160.5
167.2
164.7
165.9
171.6
173.0
183.9
183.6
181.4
189.6
192.7

-22.6
-22.6
-22.6
-22.8
-22.7
-22.7
-22.8
-23.4
-23.3
-23.7
-23.7
-23.7

-5.7
-5.9
-6.7
-7.4
-8.1
-8.5
-8.5
-7.9
-7.6
-6.9
-6.7
-6.9

512.7
529.3
537.0
535.5
547.6
552.6
548.6
558.5
560.7
572.4
579.1
589.0

1,612.3
1,649.4
1,695.5
1,744.2
1,763.3
1,876.2
1,960.2
2,056.4
2,098.9
2,186.6
2,214.7
2,271.2

640.3
477.0
700.4
492.5
658.8
510.9
671.7
503.9
666.2
567.1
707.5
602.9
665.3
622.6
635.3
576.9
637.4
551.1
684.2
560.4
774.5 • 554.9
704.7
578.7

597.0
603.3
614.9
606.9
605.0
622.3
610.3
633.4
641.2
668.7
706.8
779.7

144.5
144.5
163.4
163.8
168.0
193.8
198.1
205.8
202.0
184.5
184.8
162.0

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

31
29
31
30
31
30
31
31
30
31
30
31

4,658.2
4,833.2
4,8S5.4
4,881.0
4,882.7
4,851.7
4,740.3
4,732.3
4,661.2
4,680.3
4,775.1
4,612.5

1,018.0
1,016.3
980.8
986.4
1,024.0
1,023.6
967.9
937.6
834.2
760,8
789.7
804.4

403.3
395.2
411.1
410.4
412.5
402.1
403.6
405.4
415.6
414.1
413.8
356.6

177.7
177.1
183.0
1S3.4
184.5
183.5
184.1
182.5
1E6.0
191.3
150.1
193.1

188.1
191.0
195.7
195.1
205.4
206.6
209.1
210.3
212.6
212.1
214.4
221.4

-23.7
-23.7
-23.7
-23.6
-23.7
-23.8
-23.8
-23.8
-23.7
-23.5
-23.6
-23.4

-7.4
-7.8
-7.3
-6.4
-5.7
-5.1
-2.6
-1.1
.8
3.0
5.7
7.0

608.7
644.9
609.9
609.2
621.6
595.1
581.0
570.2
574.8
581.9
591.0
634.7

2,364.8
2.393.0
2,349.4
2,354.3
2.418.6
2,382.0
2,319.3
2,281.1
2,200.3
2,139.6
2,181.2
2,193.7

735.0
834.2
909.9
848.7
805.4
785.6
728.2
759.8
776.2
839.8
848.7
818.6

1945—Jan.
Feb.
Mar.
Apr.

31
28
31
30

595.7
600.5
624.2
661.6
671.1
724.2
742.8
745.7
743.0
746.9
784.8
794.7

792.9
841.6
847.2
857.0
836.4
834.3
824.2
822.3
818.1
827.0
828.9
635.9

169.9
163.9
154.7
159.4
151.2
125.7
126.3
123.4
123.5
126.9
131.5
169.7

4,723.9
4.887.31
4,909.91
4,958.2

726 A
777.0
772.9
758.5

338.9
329.6
2£6.4
258.3

190.0
192.6
192.2
192.2

219.8
227.1
234.5
234.1

-23 A
-23.4
-23.3
-23.3

10.7
13.5
15.7
19.1

570.5
576.7
582.8
606.8

2,032.9
868.1
2,093.2
962.3
2,061.3 1,021.2
2,045.9 1,056.8

848.7
855.4
842.5
872.0

804.5
803.8
809.3
808.3

169.7
172.5
175.7
175.2

Mow' lis "ban

"*'"

1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)
1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31

repreSent F

+2.6 million, represents payments made for'redemption




"

East

5.8
-.9

-4.4
-3.6
-3.4
-3.2
-3.1

-7.4
-7.6
-7.0

" » ™ » U " l Asiatic countries being included under "All other "
££?i

Ju

f c ' ' ^ributed.as folbws: United Kingdom, +3.5 mil-

FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT T O UNITED STATES SINCE JANUARY 2, 1955-Corttinued
TABLE 4.-DECREASE I N U. S. BANKING FUNDS ABROAD, BY COUNTRIES
[Net movement from United States, (—). In millions of dollars!
United
King- France Nether- Switzer- Gerlands
land
many
dom

From Jan. 2, 1935, through—

Total

1935—Mar. (Apr. 3)
June (July 3)
Sept.'(Oct. 2)"".'.'.'.'.'.'.'....
Dec. (Jan. 1, 1936)

1S5.0
312.8
388.6
361.4

10S.0
212.1

1936—Mar. (Apr. 1)..
June (July 1)..
Sept. 30
Dec. 30

390.3
449.0
456.2
431.5

1937—Mar.
June
Sept.
Dec.

Latin

OtheL
Total
Italy Europe Europe Canada America

208.8

9.4
49.1
31.7
48.1

-2.8
5.3
6.1
—.4

2.7
.3
,2
1.6

6.3
18.0
31.0
29.7

2.9
3.2
6.5
13.7

3.9
2.7
15.8
8.8

130.5
290.7
300.1
310.2

-4.7
-16.7
18.2

203.3
215.0
216.3
178.0

51.7
57.1
-2.7
62.0

-4.4
-2.8
-2.9
-3.3

2.7

3.9
2.8
2.7

34.8
45.5
70.6
66.0

14.1
14.5
16.2
16.3

15.8
22.4
27.8
22.0

318.0
355.6
328.1
343.7

411.0
466.4
518.1
449.1

192.4
216.5
216.8
207.4

63.0
65.6
67.7
65.3

1.5
4.9
-4.4

3.2
4.6
3.9
2.6

69.0
87.3
99.1
105.1

14.2
12.4
10.4
6.5

21.7
24.6
27.0
26.9

365.1
415.9
424.5
409.3

1938—Mar. 30
June 29
Sept. 28
Bee. (Jan. 4, 1939).

434.4
403.3
477.2
510.1

171.5
150.7
170.3
206.2

67.4
62.6
67.4
68.4

-4.9
-6.6
-4.0
-5.6

3.3
2.2
3.7
2.6

119.2
128.6
132.1
141.7

9.1
11.1
10.2
13.7

28.7
30.8
33.4
33.8

394.4
379.3
413.1
460.9

1939-Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)

550.5
607.5
618.4
650.4

209.2
236.7
226.1
252.2

64.9
68.1
70.0
73.8

-1.5
-1.0
9.1
12.9

4.5
3.6
5.2
2.9

149.8
153.8
164.1
177.8

10.8
17.7
15.1
15.5

30.9
39.9
38.2
28.4

468.6
518.8
527.7
563.5

1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1,1941)..

631.6
684.1
773.6
775.1

252.4
260.1
271.9
269.2

73.8
72.6
75.3
74.6

11.9
16.0
17.6
17.7

1.9
4.3
6.5
6.5

181.1
183,9
185.6
191.6

10.3
13.0
24.5
25.3

31.2
38.8
45.0
49.8

1941—Mar. (Apr. 2)
June (July 2)
~ept. (Oct. 1)..
'*
Dec. 31 ,

767.4
818.6
805.3
791.3

268.2
268.6
269.8
271.2

76.0
76.6
76.9
76.9

17.8
17.8
17.9
17.6

5.0
5.2
5.4
5.4

195.0
195.7
195.9
196.8

25.6
25.6
25.7
25.8

1942—Jan. 28
Feb. 25
Mar. (Apr. 1).
Apr. 29
May (June 3).
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

801.6
809.2
819.7
829.8
839.8
842.3
854.9
839.9
858.2
890.0
901.6
888.8

275.8
278.0
279.5
274.5
281.5
282.0
280.5
279.6
279.1
279.4
280.1
279.4

77.1
77.2
77.1
77.2
77.2
77.3
77.6
77.7
77.8
77.8
77.8
77.8

17.8
17.9
17.9
17.9
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.1

5.8
5.9
6.2
6.3
6.1
6.2
6.3
6.6
6.7
6.8
6.7
6.6

196.8
196.0
196.2
196.2
196.2
196.2
196.3
196.1
196.5
196.5
196.5
196.7

1943—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

31.
28.
31.
30.
31.
30.
31.
31.
30.
31.
30.
31.

890.5
898.7
909.9
905.1
896.9
901.9
909.4
888.6
870.5
882.6
877.6

277.7
277.9
278.4
279.5
276.9
275.7
276.2
277.9
276.7
275.2
273.4
272.1

77.6
77.6
77.6
77.6
77.5
77.5
77.8
77.8
77.9
77.9
78.0
77.9

18.1
17.8
18.2
18.1
18.1
18.1
18.
18.
18.
18.
18.
18.3

5.0
4.9
5.4
6.2
5.1
5.7
6.1
5.8
6.0
5.5
6.6
5.1

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

31..
29. ,
31. .
3U. .
31. .
30..
31..
31..
30. .
31. .
30..
31. .

870.8
843.5
868.0
873.4
872.9
856.6
850.6
869.7
883.5
891.3
872.7
805.8

269.2
269.9
271.3
269.3
267.2
265.7
262.5
262.4
267.6
268.6
267.4
266.1

77.9
78.0
77.8
77.9
77.7
77.8
77.8
77.8
77.8
77.8
77.7
77.7

18.3
18.3
18.3
18.3
18.3
18.3
18,2
18.0
18.3
18.3
18.3
18.3

1945—Jan.
Feb.
Mar.
Apr.

31..
28. .
31. .
30. .

848.2
859.8
848.5
844.7

266.2
264.6
268.8
266.6

77.6
77.6
77.6
77.6

18.3
18.3
18.3
18.1

31.
30.
29.
29.

Asia*

All
other 1

-4.6

8.4
20.1
20.1

25.4
31.4
50.7
37.3

-1.0
-.4
-1.6

18.1
18.5
47.2
36.9

17.4
32.5
39.4
24.9

39.4
45.3
43.2
30.4

-2.6
-2.9
-1.7
-4.4

24.6
8.4
13.8
-21.7

30.7
34.0
59.0
51.0

-2.4
14.0
25.9
18.7

-7.0
-6.0
-5.0
-8.7

2.9
8.7
35.9

52.5
49.4
71.8
66.8

-6.5
-28.8
-16.0
-46.5

-8.9
-5.3
-3.9
-7.0

49.9
42.2
46.6
56.5

66.5
55.7
57.4
52.6

-28.1
-2.9
-6.4
-21.5

-6.4
-6.3

562.6
588.6
626.4
634.7

54.1
61.0
65.4
60.3

55.3
49.0
52.9
43.2

-40.0
-15.3
26.9
34.8

-.4
.8
2.1
2.1

49.7
51.2
51.4
53.6

637.2
640.8
612.9
647.4

65.3
68.5
64.6
62.7

44.4
52.1
43.0
17.7

19.2
57.7
56.9
64.7

1.3
-.4
-2.0
-1.2

26.1
26.1
26.1
26.1
26.1
26.1
26.2
26.1
26.1
26.1
26.1
26.2

55.5
56.8
58.1
58.0
59.0
59.7
59.9
60.3
59.8
61.3
60.8
56.8

655.0
657.8
661.1
656.2
663.9
665.6
664.7
664.6
664.1
665.9
666.1
661.5

64.1
64.3
69.7
61.7
55.5
55.5
39.4
47.7
53.3
58.3
58.6

64.4

19.7
26.7
30.6
30.7
36.5
40.4
48.4
50.2
57.9
62.5
68.1
68.3

63.4

60.7
62.6
71.3
75.8
78.0
81.3
81.1
83.2
102.4
103.3
93.8

— .1
1.1
2.0
1.8
2.8
5.0
4.7
5.3
5.8
5.9
6.6

196.8
196.8
196.8
196.8
196.8
196.9
196.8
196.9
196.8
197.0
196.9
196.9

26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2

56.1
56.1
57.3
57.5
57.5
58.9
58.5
60.1
50.5
55.8
60.0
60.0

657.4
657.1
659.8
661.9
658.1
658.9
659.7
662.7
652.1
655.7
659.2
656.5

68.4
68.0
68.6
65.5
65.0
67.2
65.8
64.8
55.5
52.4
56.6
55.1

65.0
65.1
69.1
76.2
72.8
63.4
68.0
72.9
73.6
57.8
60.2
55.7

92.6
93.4
93.8
99.2
103.1
100.8
101.5
101.7
100.0
97.2
99.1
102.7

6.4
6.9
7.4
7.1
6.1
6.6
6.9
7.3
7.4
7.4
7.5
7.5

5.7
5.9
5.5
6.1
6.2
6.7
6.3
6.8
6.8
6.6
4.8
6.8

196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9
196.9

26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2
26.2

60.1
51.2
61.4
61.5
61.3
51.9
51.6
70.6
70.4
70.3
70.9
34.6

654.3
646.4
657.2
656.2
653.9
643.5
639.6
658.8
664.0
664.6
662.2
626.6

57.3
51.9
54.9
57.5
63.1
58.9
51.0
52.5
62.3
64.4
64.9
64.8

50.8
41.8
51.9
52.6
53.1
55.0
62.6
63.1
64.3
64.9
51.2
37.0

100.6
96.8
97.8
100.7
99.3
99.3
98.3
96.7
93.2
98.2
96.0
77.7

7.8
6.6
6.1
6.5
3.5
-.1
-.9
-1.3
-.3
-.8
-1.6
-.3

6.2
7.3
7.2
7.2

196.9
196.9
196.9
196.9

26.2
26.2
26.2
26.2

70.7
70.3
70.4
70.6

662.0
661.2
665.3
663.3

61.8
68.1
69.0
69.9

36.1
40.7
23.9
23.0

87.6
88.2
88.1
86.4

.8
1.7
2.2
2.1

12.3

-1.4

-6.9
-.8

F a r E a s t on y>

'

963
SEPTEMBER

1945




INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, \W>-Omtinufid
TABLE 5.-FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
[Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
[Net movement from United States, (—). In millions of dollars!
From Jan. 2, 1935, through-

Total

United
King- France Nether- Switzerlands
land
.dom

Ger-

Italy

Latin
Total
Other
Europe Europe Canada America

Asia*

All
other *

32.0
67.8

.4
3.3
4.3
6.8

1.3
2.2
4.8
7.4

-2.6
-3.0
-3.2
-1.2

2.8
6.3
9.5
13.3

-.3
.3
1.2
2.9

19.9
31.7
38.2
46.1

27.7
56.3
86.8
143.1

-2.7
-24.5
- 64.6
-39.7

4.6
5.6
9.2
12.7

2.0
6.1
7.8
7.9

.2
.3
.9
1.1

114.4
180.5
272.2
316.2

80.3
96.4
106.2
116.1

8.8
12.8
15.2
18.2

9.1
11.6
11.0
10.4

3.3
7.1
13.7

16.1
18.2
20.1
22.5

4.1
3.3
3.7
9.4

35.2
39.9
58.6
87.9

152.7
185.6
222.1
278.3

-67.4
-40.8
7.7
1.7

17.7
21.3
25.7
15.7

10.2
12.6
14.0
17.0

1.2
1.8
2.6
3.5

319.1
395.2
493.3
583.2

140.5
143.0
135.1
136.8

22.7
23.1
23.7
22.8

17.8
22.4
23.5
21.2

27.8
36.2
37.5
30.4

23.6
24.3
25.0
26.6

9.3
9.8
10.0
13.5

98.9
101.4
103.6
115.2

340.6
360.2
358.3
366.4

-13.4
7.0
11.1
10.5

-32.1
1.9
95.3
175,0

19.8
21.2
22.4
24.5

4.2
4.9
6.2
6.8

1938—Mar. 30
June 29
Sept- 28
Dec. (Jan. 4, 1939)

613.5
643.1
625.0
641.8

135.9
137.9
129.3
127.7

23.7
23.7
24.2
26.1

21.5
22.5
23.8
27.3

29.5
30.3
30.5
36.1

28.6
30.5
31.9
33.5

15.1
15.6
17.0
22.0

134.6
147.3
155.2
167.8

388.9
407.8
411.9
440.6

3.1
-2.1
-11.2
-9.7

191.3
200.8
184.7
167.4

27.5
28.6
30.9
33.8

8.0
8.7
9.7

1939—Mar. 29
June 28

646.7
664.5
676.9
725.7

127.6
128.2
124.9
125.5

26.3

28.2
33.8
42.1

28.7
29.4
29.7
29.4

38.4
41.7
43.4
45.0

34.9
35.8
36.4
36.6

23.1
23.8
24.8
27.6

174.9
180.4
183.1
189.0

453.8
467.4
476.0
495.2

-25.8
-26.5
-29.5
-7.6

172.6
176.0
180.4
184.0

36.2
37.1
39.3
42.8

9.9
10.4
10.7
11.3

761.6

31.8
43.7
40.1
125.2

1936—Mar. (Apr. 1)
June (July 1J
Sept. 30
Dec. 30
1937-Mar.
June
Sept.
Dec.

1935—Mar.
June
Sept.
Dec.

(Apr. 3)
(July 3)
(Oct. 2)
(Jan. 1, 1936)

31
30
29
29

Sept. 27

Dec. (Jan. 3, 1940)

6.1
15.6

7.7

1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)

785.6
793.1
803.8

130.9
131.7
130.4
128.6

42.6
42.9
43.0
43.4

31.3
31.0
31.0
31.0

49.0
48.8
47.4
46.0

36.3
36.2
36.1
36.5

27.6
28.0
28.1
28.1

192.9
194.8
195.9
196.4

510.8
513.4
511.8
510.0

6.4
17.5
20.7
25.0

187.5
194.3
197.6
202.3

45.3
47.7
50.1
53.0

11.8
12.6
12.9
13.5

1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31

812.7
834 1
841.1
855.5

128.3
127.2
127.3
127.6

43.7
49.1
51.2
51.6

31.0
31.0
31.2
31.5

45.2
44.7
44.4
44.3

36.5
36.5
36.5
36.5

28.1
28.1
28.1
28.1

198.9
199.6
200.3
201.8

511.8
516.2
519.0
521.3

26.5
37.0
32.8
35.4

203.0
210.5
214.6
221.1

57.6
60.1
60.7
61.2

13.9
10.4
14.1
16.6

1942—Jan. 28
Feb. 25
Mar. (Apr. 1)
Apr. 29
May (June 3)
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

857.5
856.2
849.6
843.2
843.2
*838.s
829.3
828.6
830.5
842.1
844.8
848.2

127.7
127.5
127.0
126.3
125.9
125.6
125.5
125.4
125.7
125.7
125.3
125.4

51.6
51.7
51.7
51.8
52.0
52.2
52.2
52.2
52.2
52.2
52.2
52.4

31.5
31.5
31.5
31.5
31.5
31.4
31.4
31.5
31.5
31.5
31.5
31.6

44.2
44.1
44.0
43.9
44.1
44.2
44.3
44.4
44.5
44.7
45.0
44.9

36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5

28.1
28.1
28.1
28.1
28.1
28.1
28.1
28.1
28.1
28.1
28.1
28.0

202.2
203.2
203.7
203.8
204.4
204.5
204.8
205.5
206.8
207.0
207.3
207.6

521.8
522.6
522.4
521.9
522.4
522.5
522.8
523.5
525.4
525.7
525.9
526.3

34.7
31.1
22.9
15.6
9.4
=4.2
-10.7
-13.7
-14.4
-4.2
-3.1
-3.0

223.2
224.3
225.9
227.1
232.7
2
233.4
238.2
239.6
240.4
241.3
242.7
245.4

61.2
61.4
61.4
61.4
61.4
61.5
61.6
61.5
61.4
61.5
61.4
61.5

16.6
16.8
16.9
17.2
17.3
17.3
17.4
17.6
17.6
17.9
17.9
18.0

1943—Jan.
Feb.
Mar.
Apr.
May
Tune
July
Aug.
Sept.
Oct.
Nov.
Dec.

31
28
31
30
31
30
31
31
30
31
30
31

761.3
751.9
810.5
809.5
807.0
806.8
792.9
907.8
929.3
928.3
929.8
925.9

125.6
125.4
125.3
125.7
125.8
125.7
125.8
128.0
127.5
127.8
127.8
127.6

52.4
52.4
52.4
52.4
52.4
52.3
50.9
50.6
50.6
50.6
50.6
50.6

31.6
31.6
31.6
32.3
32.3
32.3
32.3
32.3
32.3
32.9
32.9
33.0

44.9
44.9
44.9
44.9
44.8
44.7
44.7
44.6
44.8
44.9
44.8
44.7

36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5

28.0
28.0
27.9
27.9
27.9
27.9
27.9
27.9
27.9
27.9
27.9
27.9

208.1
209.0
209.3
209.4
209.4
209.4
209.6
209.8
210.1
210.3
210.0
210.1

527.0
527.7
527.9
529.1
529.1
529.0
527.7
529.8
529.7
530.9
530.4
530.3

-91.5
-103.4
-47.8
-51.6
-59.7
-74.2
33.9
52.3
48.7
48.4
41.2

246.0
247.9
250.7
251.8
255.0
257.1
258.9
262.5
265.5
266.9
268.8
272.3

61.5
61.3
61.3
61.5
61.3
61.4
61.4
62.3
62.2
62.1
62.3
62.2

18.2
18.3
18.4
18.8.
19.0
19.0
19.1
19.4
19.5
19.7
19.9
19.9

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

31
29
31
30
31
30
31
31
30
31
30
31

931.7
924.2
904.1
905.4
903.2
929.8
,005.8
,009.7
.026.2
,025.8
,025.3
,019.4

127.5
127.5
127.0
126.9
127.1
126.2
127.1
126.8
126.6
127.2
127.0
126.5

50.7
51.2
51.1
51.1
50.9
50.9
50.8
50.7
50.7
50.8
50.9
51.0

33.5
33.5
33.5
33.5
33.6
33.6
33.6
33.6
33.6
33.6
33.6
33,6

44.7
44.9
45.1
45.0
44.9
44.9
44.8
44.7
44.7
44.5
44.4
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

27.9
27.9
27.9
27.9
27.8
27.8
27.8
27.7
27.7
27.7
27.7
27.6

210.0
209.1
209.3
209.5
209.5
209.6
209.7
210.3
210.4
210.4
210.4
210.4

530.9
530.4
530.3
530.4
530.3
529.5
530.2
530.2
530.2
530.7
530.4
530.1

43.6
35.7
14.5
14.0
9.5
35.0
106.0
105.8
119.1
116.9
113.5
104.9

275.0
275.7
276.8
278.3
280.8
282.7
287.0
291.1
294.8
296.1
299.0
302.0

62.2
62.2
62.2
62.1
62.0
62.0
62.0
61.9
61.5
61.1
61.4
61.3

20.0
20.3
20.3
20.6
20.7
20.7
20.7
20.7
20.7
21.0
21.1
21.0

1945—Jan.
Feb.
Mar.
Apr.

31
28
31
30

528.4
529.1
528.0
525.4

111.5
118.1
113.9
147.1

303.5
303.7
305.1
306.1

61.3
61.5
61.5
61.9

21.1
21.0
21.1
21.2

964




-57.6

FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED S T A T E S - C W , W
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2. 1 9 3 5 - C b » « W
TABLE 6.-DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS. BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
/ement from United States, ( - ) . In millions of do larsl
From Jan. 2, 1935, through—

Total

Unite
King
dom

Franc

Nethe Switze
lands
land

Germany

1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936).

-6.
15.
90.
316.

5
38
149.

-3.6
-3.6
.3
23.4

2.7
8.6
24.6
50.5

-1.3
5.6
21.4
55.1

-1.8
-3.8
-5.4
-5.4

1936—Mar. (Apr. 1)
June (July ]
Tulyl)
Sept. 30.
Dec. 30.

427.
524.
633.3
917.4

175
190.
235.
367.

36.6
42.2
44.0
64.7

75.9
96.1
119.9
157.6

85.9
120.3
146.6
200.2

-6.1
-6.7
-6.8
-7.5

1,075.7
1,069.5
1,125.1
1,162.0
1,150.4
1,155.3
1,125.4
1,219.7
1,188.9
1,201.4
1,177.3
1,133.7
1,095.0
1,042.1
987.0
888.7

438.
412.
432.
448.

197.5
193.1
208.6
213.8

222.7
249.7
272.2
275.3

202.4
208.6
203.3
212.1

273.
229.
213.
157.

1941—Mar. (Apr. 2).
June (July 2).
Sept. (Oct. 1).
Dec. 31. .

701.8
631.2
623.5
626.7

6.
-50.
-64.
-70.

72.9
69.0
70.0
70.3
67.7
67.1
67.8
76.9
72.3
74.4
73.7
76.6
75.9
74.7
74.5
74.4
74.2
74.6
75.3
74.9

1942—Jan. 28
Feb. 25
Mar. (Apr. 1).
Apr. 29
May (June 3).
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

631.0
626.2
624.9
626.6
629.0
632.0
633.3
642.7
646.1
654.3
661.0
673.3

-70.
-70.
-72.
-73.
-73.
-75.
-75.
-75.
-76.5
-76.8
-76.9
-77.6

1943—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

678.5
676.0
685.9
692.9
692.5
687.9
692.3
687.0
708 ] 1
707.4
710.1
701 !l

1944—Jan. 31.
Feb. 29.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.

1937—Mar.
June
Sept.
Dec.

Other
Europ

Total
Europe Canad

1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940).
1940—Mar. (Apr. 3)
June (July 3).
Sept. (Oct. 2)
Dec. (Jan. 1, 1941).

-.1

1.4
4.2
6.8
12.9

-2.2
16.0
85.6
286.2

-1.8
-6.8
—4.7

-i!i
-1.9
-3.3

17.8
20.6
26.3
38.5

384.7
461.9
563.6
818.0

-13.6
-14.9
-16.1
-17.4

-4.6
-5.0
-4.9
-4.9

42.4
44.2
47.9
55.7

279.7
283.1
282.2
304.1

-18.2
-19.0
-20.4
-22.8

-4.9
-5.0
-5.3
-5.5

217.7
231.0
228.2
227.7

301.7
315.0
320.9
344.7

-23.4
-25.2
-27.4
-28.2

231.5
230.4
230.7
233.2

368.1
378.3
365.4
348.1

234.9
236.1
236.5
236.7

75.1
75.4
74.8
75.0
75.6
75.7
76.0
76.9
77.2
76.8
77.2
80.5

—78.0
-78.5
-79.7
-81.7
-83.3
-88.6
-91.4
—92.5
—94.8
-96.3
—98.2
-100.3

—103.1
—104.8
—107.4
—108.9
—111.0
•jryj »
— 113.3
/Ui .4
„ H4*7
1(\f\ Q
/uo.y
118-9
7flQ d - 1 2 0 . 2
737.8
— 122 0
71% a
IJJ.O
-123."5
732 A - 1 2 5 . 4

31.
30.
29.
29.

1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939).

1945—Jan.
Feb.
Mar.
Apr.

Italy

441.
440.
430.
472.
448.
442.
408.
328.

695.1
698^8
685^8
686 2
680.1

911.8
909.0 -127.4
845.0 -131.7
820.6 -135.4
802.5 -139.2

31.
28.
31.
30.

Latin
Ameri
ca

Asia*

All
other

2.8

1.0
.6
18
3.7

-3.2
5.2
C.7
21.4

.1
.8
2.6

4.9
18.5
18.5
32.6

7.3
8.9
12.5
15.5

26.6
30.5
33.9
44.1

4.1
4.4
4.7
7.1

956.0
948.2
1,009.8
1,041.6

30.2
36.4
39.7
37.6

16.9
16.8
17.6
18.2

63.6
59.2
49 2
54.7

9,0
9.0

9.&

58.1
54.2
53.0
56.6

1,026.7
1,029.2
1,011.2
1,094.1

36.8
40.1
27.7
25.7

20.7
21.1
21.9
23.7

55.6
54.7
54.5
65.2

10.5
10.2
10.1
11.1

-5.5
-5.5
-5.5

56.5
56.9
58.3
60.4

1,067.6
1,088.4
1,056.7
1,004.4

18.8
13.9
-2.6

24.6
25.7
26.1
30.1

66.2
59.7
71.4
87.6

11.7
13.7
14.1
14.3

-28.7
-28.7
-28.8
-29.1

-4.9
14.3
26.2

64.5
64.8
64.5
64.9

980.0
963.3
946.2
851.3

-8.3
-19.4
-20.7
-18.4

32.1
27.9
26.6
25.6

76.8
57.2
22.0
17.6

14.4
13.2
12.8
12.6

334.7
321.7
328.9
336.4

-30.3
-30.4
-30.4
-30.1

-3.0
-2.5
— %

64.8
64.8
66.6
67.3

681.5
613.8
611.9
615.0

-28.9
-34.4
-41.8
-44.7

20.9
19.3
23.9
28.1

16.9
21.1
18.0
17.5

11.3
11.4
11.5
10.9

236.7
236.7
236.7
236.7
236.6
236.6
236.7
236.7
236.6
236.6
236.5
236.9

339.5
340.5
340.5
343.4
344.9
346.7
349.2
351.1
352.8
356.0
359.1
360.5

-30.2
-30.2
-30.2
-30.2
-30.2
-30.3
-30.4
-30.6
-30.7
-30.9
-30.9
-30.9

-.1
-.1
-.2
-.1
-.1
-.1
-.1
-.2
-.3
-.2
-!i

67.6
66.7
67.1
67.1
67.0
67.1
67.5
66.9
69.3
71.4
73.4
75.3

617.7
618.4
616.2
618.6
620.2
620.2
623.6
625.1
628.4
632.9
638.2
644.7

-42.8
-46.6
-47.0
-48.0
-48.3
-48.6
-50.7
-44.0
-43.2
-44.1
-47.9
-45,1

27.5
25.9
26.8
27.2
27.7
30.0
29.9
29.9
29.3
32.0
32.8
35.2

17.7
17.7
18.0
17.9
18.4
19.5
19.6
20.9
20.8
22.7
27.1
27.7

10.9
10.9
10.9
10.8
10.9
10.8
10.8
10.8
10.8
10.8
10.8
10.9

79.6
79.7
79.4
80.6
84.6
84.8
79.8
78.1
81.3
82.4
82.7
82.7

237.8
238.2
238.2
238.6
239.7
239.9
240.1
239.9
240.1
240.1
240.1
239.9

362.8
364.7
364.6
366.8
367.0
367.3
366.9
364.8
366.9
366.9
368.7
367.3

-30.8
-30.9
-30.9
-30.9
-30.9
-30.9
-30.9
-30.9
-30.9
-30.9
-30.9
-30.8

-.i
-.i
(*)
-.i
(•)
.4
.5
.6
.6
.6
.6
.6

74.8
74.7
75.5
78.6
78.3
78.2
81.4
81.4
81.4
84.2
86.1
86.3

646.0
647.8
647.2
652.0
655.5
651.1
646.3
641.5
644.8
647.1
649.1
645.7

-43.1
-46.4
-44.5
-46.0
-49.7
-48.9
-51.7
-52.3
-46.8
-50.6
-53.2
-58.2

35.9
34.7
34.2
35.2
34.8
34.0
31.5
31.3
35.3
37.0
39.7
40.5

28.8
29.1
38.1
40.2
40.5
40.3
54.8
55.9
64.1
63.3
63.7
62.5

10.9
10.9
11.0
11.4
11.4
11.5
11.4
10.6
10.7
10.6
10.7
10.6

82.2
84.1
70.9
71.6
70.2
78.7
79.0
77.1
66.9
70.1
70.0
77.3

239.9
240.0
239.7
239.5
239.5
240.2
240.0
239.7
239.7
239.7
239.4
239.0

366.4
368.4
368.3
369.2
368.7
369.2
369.2
369.1
367.6
367.2
369.2
368.5

-30.9
-30.9
-30.9
-30.9
-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
-30.8
—30.8

.9
1.0
1.0
1.0

86.0
86.1
86.3
90.7
89,2
99.0
98.2
101.1
100.9
100.5
100.5
103,2

641.5 -61.0
643.9 -60.3
627.9 -60.7
632.3 -64.6
626.8 -66.4
644.0 -64.2
642.0 -65.6
638.4 -59.1
625.2 -21.7
626.0 -24.9
626.3 -28.2
633.7 -28.1

41.2
41.9
40.4
40.5
41.5
42.6
48.9
48.1
51.9
52.4
53.3
54.9

62.6
62.7
67.6
67.5
67.6
68.9
70.7
71.2
71.7
71.6
70.4
240.5

10.7
10.7
10.6
10.6
10.6
11.0
10.8
10.7
10.7
10.6
10.6
10.7

77.2
76.9
68.0
67.1

239.0
239.1
239.1
239.4

366.1
363.3
362.2
360.1

-30.8
-30.8
—30.8
-30.8

1 .8

103.0
102.4
93.7
92.5

629.0
621.4
598.9
591.2

55.7
55.4
55.2
55.1

41.1
241.9
241.7
241.9

10.7
10.6
10.5
10.3

_

c

-4.9

2.7

-A

•*

t.o
1.1
1.2
t.2
.2
.3
.5
.9
M
.1
2 .2

8.9

-27.4
-84.2
-85.7
-95,9

89

i Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under
' Outflow less than $50,000.

965
SEPTEMBER

1945




INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES-Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935-Continued
- TABLE 7.-INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
m Balances Held by Brokers and Dealers in U.S. with Brokers and Dealers Abroad)
[Net movement from United States, (—). In millions of dollars]
From Jan. 2,1935, through-

Total

United
GerKing- France Nether- Switzer- many
land
lands
dom

1935-Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936),

21.1
29.8
29.8
6.0

6.5
6.8
6.2
()

5.6
7.0
6.1
2.4

2.6
3.6
3.7
1.3

.3
2.2
3.3
2.5

1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30

.4
16.5
23.2
12.9

-.5
2.1
.6
4.0

6.7
8.8
14.4
10.4

-.2
.8
3.0
-.9

2.6
4.1
7.4
9.1

1937—Mar.
June
Sept.
Dec.

4.1
18.3
31.9
47.5

6.1
8.2
11.5

9.4
11.7
11.5
11.5

2.7
4.2
4.4
5.0

1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4,1939)

54.2
57.8
64.1
47.6

13.0
15.7
16.8
13.4

13.4
13.9
15.9
12.9

1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)

63.9

16.3
18.1
24.2
19.4

31
30
29
29

74.0
83.1
SO.6

Italy

-!i

J 2)
.'l

-.2

.1

Latin
Other
Total
Europe Europe Canada America

7.6

.3
1.3
1.0
1.0

2.5
4.4
5.1
2.9

9.9
17.8
27.8
22.6

-6.2
-4.0
-6.4
»7.6

-3.3
-1.5
-2.4
-4.2

1.2
4.1
3.9
2.1

-10.0
3.5

-5.4
-5.5
-3.2
-.5

-5.4
-.5
3.9
.5

5.5
4.0
5.3
1.8

-1.2
-.1
.4
-.9

2.6
2.6

5.6
9.3
9.7
8.7

.1
.8
2.1
1.6

70.8
72.7
74.7
74.3

11.1
12.0
11.2
10.7

1.2
7.6
9.1
9.2

3.3
6.0
5.8
6.0

2.2
.7
.7
.7

7.9
8.4
8.3
8.0

71.7
73.1
73.4
75.7

10.6
11.6
13.7
14.1

6.1
5.7
6.3
3.9

6.4
7.1
6.7

1.1
.7

.2
.2
.2
.2
.2
.2
.3
.2
.2
.3
.2

7.6
7.6
7.9
8.1
8.3
8.3
8.3
8.4
8.6
8.5
8.6
8.7

75.5
75.4
78.0
77.9
78.6
79.3
76.6
76.7
78.1
76.9
76.7
78.1

14.3
14.6
14.5
14.5
14.3
14.6
14.4
14.5
15.2
14.8
14.9
15.2

5.1
4.8
4.9
4.6
4.7
5.2
5.5
5.5
6.7
5.2
5.4
4.2

6.4
6.4
6.1
6.1
6.1
6.1
6.1
6.2
6.4
6.2
6.1
6.0

.7
.8
.8
.8
.8
.9
.0
.0
.0
.0
.1
.9

.3
.3
.3
.3
.3
.3
.3
.3
.3
.3
.4
.3

8.8
8.5
8.8
9.1
8.8
9.0
9.0
9.1
9.4
9.2
9.6
9.4

78.4
74.3
78.4
80.1
80.4
83.9
85.1
86.2
86.8
86.5
87.3
89.1

15.9
16.6
16.9
16.3
16.4
17.0
16.4
16.6
16.7
17.2
17.0
17.6

5.1
8.0
6.5
6.5
5.0
4.4
4.0
4.4
4.2
3.3
4.0
3.8

6.3
6.2
5.9
5.6
5.6
5.6
5.6
5.5
5.6
5.6
5.8
6.0

.4
.3
.0
.0
.1
.2
.5
.6
.5
.5
.3
.3

89.4
88.7
89.9
89.3
90.0
89.8
92.2
92.5
94.0
95.9
94.1
97.7

17.1
17.4
17.8
18.1
17.1
17.5
16.6
16.3
16.0
18.2
16.7
16.2

3.2
5.5
4.7
4.3
5.6
5.3
4.6
4.8
5.5
6.3
6.4
5.1

6.0
6.0
5.7
5.1
5.6
5.4
4.8
4.9
5.0
5.0
6.0
5.6

.3
.3
.4
4
4
1
,2
4
.8
8

96.6
99.0
99.4
100.0

16.7
17.0
17.0
17.0

6.3
7.2
7.5
7.0

4.7
4.8
4.7
4.4

16.1
20.8
20.8

'.3

1.3
2.0
2.2
.4

10.3
11.8
12.3
10.8

.2
.2
.2
.1

.9
2.0
3,5
5.0

24.3
35.8
40.0
44.0

6.6
6.8
6.8
6.8

8.7
8.4
10.7
9.6

-.2

.2
.2
.2
.2

5.2
6.2
6.9
5.2

47.2
51.2
57.2
47.9

16.0
16.8
18.4
20.1

8.8
9.6
9.4
9.3

9.6
11.9
15.3
17.8

-.2
-.3
-.1
-.1

.2
.1
.2
.1

6.6
7.0
7.0
5.0

57.4
63.2
74.3
71.6

9.0
11.4
12.3
13.4

20.2
18.0
19.2
16.2

—

.1
.1
.1
.2

5.4
8.1
8.1
7.9

.2
•2
.2
.2

-.1

00

1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)

88.7
98.9
101.6
100.9

18.7
16.6
16.3
17.0

17.4
18.5
18.8
19.9

1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31

95.9
98.2
100.9
100.9

16.7
16.4
16.6
16.8

18.7
19.2
19.3
19.9

13.9
14.5
15.5
17.6

14.5
14.5
13.8
13.5

-.2
-.2
-.2
-.2

1942—Jan.
Feb.
Mar.
Apr.
May
Tune
July

102.0
102.0
104.3
103.9
104.6
106.2
103.7
103.9
107.5,
104.1
104.1
104.4

16.9
16.8
17.0
17.2
17.2
17.5
17.3
17.2
17.4
17.3
17.3
17.4

19.8
19.8
20.3
20.2
20.2
20.5
'20.3
20.3
20.7
20.4
20.4
20.7

18.0
18.1
18.3
18.4
18.7
19.0
16.1
16.1
16.5
16.5
16.7
17.5

13.2
13.2
14.3
14.0
14.1
14.0
14.6
14.6
14.7
14.1
13.6
13.7

-.2
-.2
-.2
-.2
-.2
-.2
-.2

1943—Jan. 31
Feb. 28
Mar. 31
Apr. 30....
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
. Nov. 30
Dec. 31

107.0
106.4
108.6
109.5
108.5
112.1
112.6
114.3
114.8
114.1
115.4
117.8

17.6
17.4
16.3
18.0
18.2
19.3
18.9
18.6
18.6
18.2
18.3
18.8

20.6
20.3
21.0
21.0
20.7
21.3
21.1
21.4
21.2
21.3
21.4
21.5

17.7
17.2
17.8
17.9
17.8
18.0
18.4
18.6
18.6
18.8
18.8
19.9

13.5
10.9
14.3
13.9
14.7
16.1
17.4
18.3
18.9
18.9
19.0
19.3

1944—Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

117.0
118.9
119.6
118.3
119.9
119.1
119.3
119.9
122.2
127.1
125.0
126.3

18.8
18.9
18.5
18.4
18.2
18.3
18.7
18.4
18.9
19.0
18.2
18.5

21.4
21.4
21.7
21.4
21.7
22.0
22.1
22.2
22.4
22.6
22.7
23.1

19.7
20.2
20.3
20.6
20.6
20.8
21.1
20.8
20.9
21.2
21.3
22.3

20.0
18.8
19.7
19.2
19.9
19.4
20.5
20.8
21.5
22.5
21.6
23.0

-.2
-.2
-.2
-.2
-.2
-.2
-.2
-.2
-.2
-.2

.3
.3
.3
.3
.3
.3
.3
.3
.3
.3
.3
.3

9.3
9.3
9.6
9.7
9.6
9.2
9.6
10.2
10.3
10.5
10.0
10.5

1945—Jan.
Feb.
Mar.
Apr.

126.1
129.9
130.5
130.4

18.5
18.6
18.6
18.4

21.9
22.9
23.1
23.1

22.4
22.7
22.6
23.0

22.9
23.9
24.5
24.7

-.2
-.2
-.1

.3
.3
.3
.3

10.6

8
25
(Apr. 1)
29
(June 3)
30
31
AUK. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

,

31.
28
31
30

I Onflow ^ U tha y n 3 i5o!SSo. thC

966




T)
-.*2
-.1

-.2
-.1
-.1

-.1
-.2
-.2
-.2
-.2

the

™

All
other1

2.2
3.3
3.2
-4.5

1.2
1.6
1.6
1.4

2

Asia*

10.8
10.5
10.5

i n g Asktic

-8^6

™»«™ bein*

.8
-1.5
.6
.4
-3.6
-3.4

— 9

-1.2
(3)
( 2 )'
.5

.1
.1
.5
.3
.3
.3
.7
2.1

6.3

" A » other."

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
LIABILITIES
[In millions of dollars)

Date

Total

United
King- France Netherlands
dom

land

Germany

Italy

Other Total
Europe] Europe

Latin

ma da Amcrka

1934—Dec. (Jan. 2, 1935)..

597.0

76.9]

33.9

12.9

13.7

29.9

18.8

46.8

232.9

99.3

1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Bee. (Jan. 1,1936)..

654.7

810.8
947.6
1,200.2

96.1
144.7
171.4
205.5

47.1
92.1
92.0
163.5

18.1
41.5
56.3
68.6

22.4
36.0
61.9
86.1

25.8
24.6
28.2
29.0

14.9
18.5
18.8
26.1

55.5
55.6
68.9
107.5

280.0
412.9
497.5
686.3

95.9
123.6
125.ft
145.3

145.3
155.9
156.3

1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30

1,175.4
1,376.0
1,459.6
1,491.6

179.3
255.2
293.7
235.7

151.7
152.9
163.2
176.3

57.6
105.3
76.8
78.8

96.4
129.6
147.3
123.5

21.6
20.1
19.2
32.0

21.4
24.4
29.2
41.7

116.0
121.5
128.8
126.3

643.9
858.3
814.3

14ft.4
133.0
170.7
186.1

1937—Mar. 31
June 30
Sept. 29
Dec. 29

1,682.7
2,173.6
2,304.8
1,729.6

226.9
373.1
385.8
261.5

173.0
206.2
197.3
143.9

60.4
145.0
167.6
89.1

113.1
331.4
425.5
302.1

53.9
40.3
48.7
39.0

36.6
23.0
27.5
25.7

140.8
177.9
223.4
156.0

SO*. 7
1,296.9
1,475.9
1,017.1

1938—Mar. 30
June 29
Sept. 28.
Dec. (Jan. 4, 1939)..

1,521.0
1,357.4
1,751.4
1,996.6

248.1
217.4
308.5
436.1

126.3
102.2
165.6
187.4

48.5
48.6
82.2
101.8

236.7
173.8
191.0
218.8

25.7
27.3
17.6
17.8

14.9
18.2
17.2
20.4

135.7
121.9
232.8
255.5

1939—Mar. 29
June 28
Sept.27
Dec. (Jan. 3,1940)..

2,318.8
2,683.0
3,050.7
3,057.0

473.9]
607.4f
656.7
448.2

219.5
284.4
295.9
288.2

143.9
146.0
186.0
204.9

247.1
240.8
299.9
376.3

18.7
15.1
7.8
9.5

14.8
12.2
17.1
38.5

.1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1,1941)..

3,165.2
3,456.3
3,719.0
3,785.2

361.3
397.9
386.4
365.5

290.7
504.8
503.5
490.1

199.7
184.7
180.3
174.3

432.2
441.0
459.6
508.4

8.4
9.8
13.2
6.7

1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31..

3,775.0
3,819.5
3,765.7
3,482,4

369.4
406.6]
417.1
400.8|

484.9
483.1
464.1
448.6

187.3
171.2
164.0
174.9

497.8
514.2
.457.5
339.9

1942—Jan. 28
Feb. 25
Mar. (Apr. 1)
Mar. (Apr. 1)*
Apr.29
May (June 3)
June 30»

3,397.8
3,301.7
3,310.2
3,324.1
3,546.2
3,637.0
3,716.0

368.3
335.2
373.3
373.3
355.5
410.4
436.0

446.8
442.4
439.8
439.8
439.2
436.7
437.6

170.6
170.9
167.1
167.1
176.7
185.9
186.8

30*
31
31
30
31
30
31

3,743.1
3,788.6
3,852.0
3,879.8
3,871.4
3,917.4
3,987.5

425.2
451.3
479.8
507.1
525.6
521.6
554.6

443.3
444.8
438.9
437.4
436.9
432.9
432.3

1943—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
Tune 30
July 31
Aug. 31
Sept. 30
Sept.30*
Oct. 31
Oct. 31*
Nov. 30
Dec. 31

4,138.3
4,257.3
4,310.6
4,357.7
4,436.8
4,669.8
4,723.6
4,775.1
4,797.8
4,788.0
4,941.8
4,941.8
5,093.1
5,153.7

458.7
481.6
512.8
565.7
571.5
670.7
744.8
819.4
861.3
861.3
943.6
943.6
958.3
1,000.8

435.2
436.2
432.8
433.9
434.6
438.7
449.6
452.5
446.4

1944—Jan. 31
Feb. 29
__•_ Mar. 31
Mar. 31*
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
_ Dec. 31
Dec. 31 s

5,315.7
5,490.6
5,542.8
5,542.3
5,537.9
5,539.6
5,508.6
5,397.7
5,389.2
5,318.1
5,337.2
5,432.0
5,269.4
5,271.4

079.4
077.6
042.1
,042.1
,047.7
,085.4
,084.9
,029.2
998.9
895.6
822.1
851.0
865.7
865.7

June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1945—Tan.
Jan.
Feb.
Mar.
Apr.

,

5,382.8
5,389.7
5,553.1
5,575.7
5,624.0

31
31*
28
31
30

For footnotes see following page.

SEPTEMBER

1945




787.8
787.8
838.3
834.2
819.9

Asia*

All
other*

130.1

12.0

122.2
112.4

149.8
188.9

17.7
lo. 0
18.6
23.4

1R7.1
205.2
200.5
203.9

178.7
200.4
210.2
2<X).2

17.3
22.4
19.K
27.1

210.0
190.I'
219.3
175.0

441.0
448.8
3S.1.R
280.9

204.6
210.4
229.9
230.0

22.5
27.4
25. H
20.0

835.8
709.4
1,015.0
1,237.8

186.4
173.5
190.8|
201.8

257.9
261.7
285.0
248.5

219.5
194.4
220.9
274.3

21.3
18.4
33.7
34.1

314.7
366.9
446.4
516.9

1,432.7
1,672.7
1,909.7
1,882.6

236.6:
291.7
325.3
274.6

300.7
363.0
383.0
336.0

305.5
306.0
366.5
491.4

43.3
49,7
60.2
72.5

69.3
29.8
24.6
17.9

618.7

1.9S0.3
2,193.8
2,235.0
2,213.5

250.1
259.2
410.7,
434.3

3r>5.5

625.7
667.5
650.6

421.4
438.4
447.3

515.2
521.7
567.7
616.9

54.1
60.3
07.1
73.3

5.6
5.7
6.6
6.6

15.3
14.4
15.1
15.4

623.8
606.5
655.4
608.0

,184.3
,201.6
,179.9
,994.0

421.5
417.9
438.4
373.2|

470.2
492.8
439.2
417.7

612.9
599.7
603.8
583.9

86.1
107.5
104.4
113.6

301.4
260.0
205.2
205.2
203.7
203.2
201.2

6.8
6.6
6.4

615.4
575.9
554.0
554.0
548.2
529.5
532.7

,925.0
,806.8
,757.0
,759.0
,740.9
,783.9
,812.5

366.4
366.6
424.4

6.4
6.3
6.3
6.2

15.6
15.6
11.3
11.3
11.2
11.8
12.0

410.5
426.3
437.7
437.7
458.5
515.8
540.9

574.8
585.2
579.2
593.1
797.5
798.4
799.5

121.0
116.8
111.9
111.9
121.6
128.1
126.3

189.4
190.4
186.5
186.9
185.9
185.8
186.6

205.5
195.0
196.2
201.3
192.3
186.5
184.2

6.8
6.7
6.9
7.0
7.2
7.3
7.5

11.5
12.0
12.6
12.8
13.0
12.1
12.1

626.7
630.0
635.1
641.3
641.5
653.9
643.4

,908.4

444.6

,930.3
,955.9
,993.9
2,002.3
2,000.0
2,020.7

461.

535.0
554.7
565.5
552.5
534.8
575.8
597.7

733.1
724.9
727.2
727.9
718.3
704.5
712.1

122.1
117.5
122.4
118.3
126.7
127.5
149.6

183.1
178.5
185.1
182.6
183.8
189.6
191.0
201.8
201.5
201.5
199.4
199.4

7.6
7.6
7.6
7.4
7.5
7.5
7.4
6.9
6.9

12.6
12.4
11.6
10.9
10.2
9.8
9.8
10.4
10.7
10.7
11.4
11.4
11.6
11.3

653.6
670.2
677.9
676.4
688.5
693.5
689.5
699.4
701.6
693.8
705.4
705.4
712.2
722.1

1,935.4
,972.5
2,018.6
2,067.3
2,086.5
2,199.3
2,283.3
2,379.5
2,422.0
2,412.2
2,499.9
2,499.9
2,528.0
2,584.5

748.3 591.9
808.31 607.5
625.8
766.
779.7 618.9
774.1 682.1
815.4 717.8
773.2 737.5
743.3 691.9
745.3 666.1
745.3 666.1
792.2 675.4
792.2 675.4
669.9
882.
812.6 693.7

710.4
716.7
728.3
720.3
718.4
735.7
723.7
746.8
754.6

437.7
438.4
439.9

184.6
186.0
190.7
190.3
190.4
189.5
191.2
189.1
193.6
193.6
195.8
195.8
193.4
193.3

782.1
776.6
814.7
887.6

152.3
152.3
171.2
171.5
175.8
201.5
205.9
213.6
209.8
209.8
192.3
197.8
198.1
175.3

439.1
431.0
446.9
446.8
446.1
448.3
437.9
439.4
441.2
451.4
449.9
449.6
392.3
401.2

194.3
193.7
199.6
199.6
200.0
201.1
200.1
200.7
199.1
202.6
207.9
206.7
209.7
209.7

206.1
209.0
213.7

10.9
10.4
10.9
10.9
11.9
12.6
13.2
15.7
17.2
19.1
21.3
24.0
25.3

741.7
777.9
743.0
742.9
742.2
754.6
728.1
714.0
703.2
707.8
714.9
724.0
767.7

842.9
942.1
1,017.8
1,017.8
956.6
913.4
893.5
836

27.3

767.7

2,678.1
2,706.3
2,662.7
2,662.6
2,667.6
2,731.8
2,695.2
2,632.5
2,594.3
2,513.5
2,452.9
2,494.4
2,506.9
2,517.8

926.

710.6
715.4
739.2
738.8
776.2
785.7
838.8
857.4
860.3
857.6
861.5
899.4
909.3
909.3

900.8
949.6
955.2
955.2
964.9
944.3
942.2
932.1
930.2
926.0
934.9
936.8
743.8
743.8

183.1
177.2
167.9
167.9
172.6
164.4
138.9
139.6
136.6
136.7
140.1
144.7
182.9
174.0

206.6
206.6
209.3
208.8
208.8

237.8
237.8
245.0
252.5
252.0

31.0

703.6

31.0
33.8
36.0
39.4

703.6
709.8
715.8
739.9

2,357.1
2,392.5
2,452.8
2,420.8
2,405.5

976.
976.
1,070.
1,129.
1,164,

963.3
970.2
976.9
964.0
993.5

912.4
912.
911.7
917.2
916.2

174.1
138.6
141.4
144.5
144.1

444.4
437.7

383.6
419.0
409.8
366.6
338.5

207.6
210.6

213.7
213.1
223.3
224.6
227.0
228.2
230.5
230.0
232.3
239.3
239.3

6.9
6.6
6.6
6.6
6.5

6.5
6.5
6.5
6.5
6.6
6.5
6.4
6.5
6.5
6.5
6.7

6.7
6.8
6.8
6.8
6.8
6.8
6.9
7.0

424.
427.
410.8
436.7

481.0
487.1
489.4

509.6
507.4

867.8

884.2
947.
956.6
926.

122.8

754.6

967

INTERNATIONAL CAPITAL TRANSACTIONS OF THE U N I T E D STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES.
BY COUNTRIxia—Continued
LIABILITIES-SUPPLEMENTARY DATA*
[In millions of dollars]
Other
Europe

Date
1939—Dec. (Jan. 3, 1940). ...

516.9

Belgium
159.2

All
YugoPortu- R u :
Greece' Luxem- Norway gal3 mania 2 Spain* Sweden U S S R ' lavia* other*
bourg2

Denmark

Finland

28.1

21.4

56.3

142.2

109.8

68.4
59.0
51.2
48.7
45.0
43.7
66.1
65.2

168.6
187.6
225.3

143.6
168.7
197.2
187.9

222.2
235.2
210.7

194.2
180.8
191.0

64.5
63.4
62.2
62.0
61.6
61.7

209.6
189.7
170.7
167.9
144.0
146.5

201.0
182.7
180.6
179.3
186.0
186.9

1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941). ...

618.7
625.7
667.5
650.6

184.3
161.3
147.9
144.8

28.7
19.5
16.8
17.3

25.0
29.6
29.1
16.5

1941—Mar. (Apr. 2). .:
June (July 2)
Sept. (Oct. 1)
Dec. 31

623.8
606.5
655.4
608.0

135.4
125.5
120.9
117.3

16.4
15.9
18.8
18.1

10.6
5.4
5.9
5.7
5.7
5.2
5.4
5.3
5.3
S.3

615.4
575.9
554.0
548.2
529.5
532.7

117.0
117.6
117.9
117.6
117.0
116.6

17.7
17.4
17.2
16.1
15.7
15.6

626.7
630.0
635.1
641.3
641.5
653.9
643.4

118.3
117.2
118.9
118.3
117.9
122.8
121.8

16.2
16.6
16.2
16.6
16.3
17.8
17.7

1941 Tin 31
p e b 28
Mar 31
Apr 30
May 31
June 30
July 31
Aug 31
Sept. 30
Sept 30*
Oct 31

653.6
670.2
677.9
676.4
688.5
693.5
689.5
699.4
701.6
693.8
705.4
712.2
722.1

124.1
124.5
124.8
125.9
127.2
124.8
120.1
120.7
121.8
121.8
122.2
123.4
122.9

17.3
19.5
18.4
15.8
14.8
15.2
14.5
14.3
14.2
14.2
13.8
13.6
13.9

7.9
7.6
7.8
7.7
8.0
7.7
7.7

1944—Tan 31
p e b 29
Mar. 31
Mar 31s
Apr 30
Wfay 31
Tune 30
July 31
Aug 31
Sept 30
Oct 31
Nov -30

741.7
777.9
743.0
742.9
742.2
754.6
728.1
714.0
703.2
707.8
714.9
724.0
767.7

125.0
121.5
123.6
123.6
123.6
127.2
122.2
121.9
123.0
124.7
124.1
124.3
124.3

13.7
13.3
13.8
13.8
13.6
14.1
13.5
13.2
13.5
14.0
13.6
13.4
14.8

703.6
709.8
715.8
739.9

121.8
123.5
133.7
139.7

14.4
14.2
14.4
13.7

1942—Jan.
Feb.
Mar.
Apr.
May
June

28
25
(Apr. 1)
29
(June 3)
30^

June 30*
July 31
Oct 31
j ) e c 31

Tan

1Q45

.....

31

peb 28
Apr 30

34.0
36.0
35.5
39.7
39.4
39.5
39.3

18.5
18.5
18.4.
18.4
18.4
18.3
18.3

129.1
126.5
132.0
133.4
135.5
131.4
132.4

32.4
35.3
37.6
39.2
39.3
42.1
35.7

9.3
9.4
9.4
9.7
9.3
9.4
9.4

18.4
18.3
18.3
18.4
18.4
18.4
18.4
18.4
18.4
18.4
18.4
18.4
18.4

140.5
139.8
145.4
145.7
147.9
147.7
149.2
151.5
163.6
163.6
157.9
156.1
158.9

35.0
36.5
37.2
29.1
30.3
31.2
33.7
35.7
36.9
36.9
47.9
49.6
53.4

9.4
9.4
9.4
9.4
9.4
9.4
9.4
9.4
9.4
9.4
9.5
9.3

7.7

39.4
39.6
39.9
39.7
39.6
39.6
39.6
39.6
39.4
39.4
39.5
42.643.5

7.5
7.7
7.5
7.5
7.4
7.5
7.6
7.5
7.5
7.2
7.1
7.1
7.1

43.3
43.2
45.7
45.7
45.7
45.9
46.0
46.6
46.3
46.4
48.8
48.7
48.7

166.5
191.5
182.8
182.8
191.1
193.9
189.2
180.0
178.4
178.6
186.6
186.6
220.8

60.0
70.3
55.8
55.8
47.6
37.7
35.2
39.4
40.6
45.9
45.6
49.8
54.5

7.0
6.6
7.1
7.0

48.7
48.6
50.6
52.5

18.5
18.4
18.4
18.4
18.4
18.5
18.5
18.5
18.5
18.5
18.6
18.5
18.6
18.5
18.6
18.6
18.5

185.4
187.2
194.7
199.9

42.0
41.3
35.4
39.4

5.8
5.8
5.4

5.8
5.8
5.8
7.9

7.6
8.0
8.0
8.0
7.9

22.9
24.4
21.3
21.1
20.9
20.9
17.7

48.6
49.9
55.4
57.1
55.9
57.6
57.9

152.9
155.6
157.0
160.8
164.7
165.3
161.0
164.6
162.2
154.4
155.1
156.5
163.2

33.5
29.4
22.1
20.5
16.7
15.8
14.3
16.2
20.8
20.7
20.5
23.3
21.2
19.1
20.9
16.4
16.4
16.6
17.7
12.3

17.8
17.8
17.8
17.7
14.7
15.1
15.0
10.1
9.9
9.9
10.0
10.0
9.9

57.9
61.3
64.6
71.0
75.1
80.4
81.0
81.5
80.1
80.1
80.1
80.0
76.9

32.5
35.6
35.8
35.8
39.1
50.5
50.2
49.0
50.6
45.2
41.4
43.3
43.4

164.4
164.4
150.9
150.9
151.2
154.2
155.5
155 9
144 6
147.5
149 0
148.0
152.1

15.6
17,3
16.8
16.8
13.3
14.5
16.4
82
75
7.9
82
12.9
16.1

7.4
7.5
7.1
7.1
7.1
7 1
7.0
70
69
6.9
69
5.8
5.7

78.1
77.8
75.6
75.6
74.6
74 4
57.6
57.7
56.7
55.9
55 7
56.2
52.1

38.2
41.1
27.3
31.5

148.6
152.3
157.7
158.0

12.7
12.9
8.6
12.8

5.7
5.7
5.8
5.8

51.0
48.7
52.8
51.8

10.0
10.6
11.3
14.4
20.5
17.5

150.7
150.9
152.3
150.3
151.7
152.1
153.5

9.3

16.7
19.6
16.5
14.7
15.1
17.6
20.7
25.1
21.3
21.3
26.5
27.4
31.8

9.3
9.2
9.3
9.3
9.5
9.2
9.2
9.2
9.2
9.2
92
9.4
9.5
9.4
9.1
9.3
9.3

7.4

i The figures in this table represent a breakdown of the column headed "Other Europe" in the main table and cover five countries from Jan. 3,1940,
and seven additional countries since June 30, 1942.
* Prior to June 30, 1942, included under "All other."
* Data reported on a weekly basis.^
* Data reported on a monthly basis.
* See footnote 2 for main table (below).
Footnotes to main table on preceding page:

movements introduced by these changes. Figures shown above are adjusted to compare with those of previous months.

968




: practice of
; the unreal

FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Coutitwed
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
LIABILITIES-SUPPLEMENTARY
DATA^-Con/inued
[In millions of dollars]

Date

Latin
Amer- Argen- Bo- Brazil
tina livia*
ica

Chile

Colombia*

NetherFrench
lands
West
Other
West
Costa Cuba Indies Mex- Indies PanaVene- Latin
&
Rica*
ico
ma* Peru* zuela* Amerand
Guiica1
Suriana*
nam2

1939—Dec. (Jan. 3, 1940)

336.0

57.7

36.4

26.8

37.0

58.8

34.0

S5.3

1940-Mar. (Apr. 3)
June (Juiy 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)

365.5
421.4
438.4
447.3

63.5
88.7
110.1
115.4

35.3
39.0
33.4
36.2

24.7
30.2
26.1
28.5

43.2
49.7
48.7
47.9

68.4
65.3
63.2
55.0

40.2
53.5
57.3
58.7

90.1
94.9
99.6
105.6

1941—Mar. (Apr. 2)...,
June (July 2)
Sept. (Oct. 1)
Dec. 31

470.2
492.8
439.2
417.7

104.5
119.4
98.8
75.7

44.0
53.4
37.5
50.5"

30.5
29.4
26.0
27.3

51.5
60.1
74.0
62.5

53.5
42.6
41.4
37.7

64.5
59.4
49.1
42.1

121.7
128 7
112.4
121.6

1942—Jan.
Feb.
Mar.
Apr.

410.5
426.3
437.7
458.5
515.8
540.9

77.9
75.3
64.9
64 0
61.4
66.3

53.1
53.8
56.7
54.4
58.0
62.7

27.3
24.8
28.3
31 5
29.8
28.9

54.6
53.1
52.5
58.5
99.8
121.1

36.8
43.4
50.8
52.4
51.9
52.0

42.2
41.5
42.8
48 3
55.1
51.2

118.5
134.4
141.6
149 3
159.8
158.8

31
30.
31
30
31

535.0
554.7
565.5
552.5
534.8
575.8
597.7

66.4
63.8
70.3
65.5
54.4
61.1
67.6

72.0
70.7
68.8
64.7
56.1
62.6
67.7

28.9
30.8
32.0
32.2
30.0
28.3
34.5

30.6
36.8
36.2
37.1
39.5
40.7
43.4

1943—Jan.
Feb
Mar
Apr.
May
June
July
Aug.
Sept.
Oct
Nov
Dec.

3i
28
31
30
31
30
31
31
30
31
30
31

591.9
607.5
625 .<8
618.9
682 1
717.8
737.5
691.9
666.1
675.4
669.9
693.7

65.6
62.9
65.1
64.6
68.1
66.5
66.6
69.5
67.6
78.5
66.1
69.8

10.4
12.6

68.5
78.3
85.8
75.3
92.2
101.8
112.1
108.5
105.2
93.5
91.8
98.7

41.9
37.1
35.9
38.6
40.2
48.6
48.4
54.6
54.3
55.1
58.2
54.0

1044 Tan
Feb
Mar.
Mar

31
29
31
316

Apr.

30.

710.6
715.4
739.2
738.8
776.2

785.7
838.8
857.4
860.3
857.6
861.5
• • • 899.4
909.3

73.8
68.0
67.2
67.2
68.1
65.1
69.5
71.1
68.2
66.1
72.1
84.6
93.9

12.3
13.2
14.4
14.4
13.1
13.0
13.2
13.6
17.5
17.1
17.4
18.7
17.7

111.1
130.3
143.9
143.8
140.2
135.8
131.2
140.1
142.2
144.3
134.8
142.7
140.8

963.3
970.2
976.9
964.0
993.5

89.3
89.3
89.9
73.4
73.1

19.9
19.9
18.9
17.1
18.-5

160.2
160.2
156.9
128.2
133.3

28
25
(Apr. 1)
29

May (June 3)
June 30*
June 30s
July 31
Aug.
Sept.
Oct.
Nov
Dec

May 31

. .•

July 31
Sept. 30
Oct 31
Nov

30

Dec 31
1945—Jan.
Jan
Feb
Mar
Apr.

31
316
28
31
30

...

1

8.4
8.1

8.3
8.8
9.8

12.1
10.8
14.3
14.8
13.4
12.6
13.0
13.2
12.6
12.0
11.7

1945




21.1
21.9
23.0
20.7
20.4
21.3
20.7

27.4
29.3
30.8
31.3
32.4
34.4
36.9

14.4
16.5
15.5
13.5
14.8
16.0
17.7

25 4
25.9
28.4
25.0
20.4
22.3
20.9

58 4
60 9
61.3
62.9
63.3
70.5
64.2

96.7
95.0
87.2
85.3
89.4
80.2
90.7
85.1
80.9
76.2
73.3
70.4

5.2
5.2
4.6
4.5
4.6
4.5
4.5
2.4
2.4
2.4
2.4
2.6

74.3
70.7
70.1
78.0
96.1
106.9
114.9
72.5
56.9
59.2
64.6
70.4

22.1
21.5
20.4
20.9
33.9
35.0
34.4
35.1
35.3
36.0
40.9
41.2

38.7
42.3
46.6
45.4
47.2
50.2
49.5
53.3
52.8
57.5
55.6
57.6

16.3
16.8
15.9
15.1
15.4
18.0
18.0
19.3
18.7
20.6
16.0
17.4

21.4
20.8
23.8
23.3
20.5
21.6
24.1
20.3
20.7
20.8
24.1
24.2

70.4
81.0
89.8
93.9
95.8
99.0
93.2
93.3
91.5
92.1
93.8
95.4

74.4
79.7
74.1
74.1
81.7
86.4
127.5
131.3
128.4
124.6
120.6
131.1
139.3

2.2
2.1
2.5
2.5
2.6
2.8
3.1
3.7

139.1
139.1
136.6
141.2
160.2

4.6
4.6
5.1
5.4
5.2

71.8
58.0
64.6
64.6
77.4
82.9
77.5
78.1
85.8
89.2
87.9
90.7
83.1
99.3
99.3
114.2
129.0
140.1

40.3
39.9
38.4
38.4
40.7
41.5
39.4
39.7
37.6
36.9
37.6
35.8
36.0
35.3
35.3
35.5
34.3
33.7

54.9
54.9
57.4
57.4
59.5
63.2
62.5
63.7
63.9
64.2
65.7
67.7
69.1
69.4
76.3
78.7
82.5
81.8

18.9
19.5
17.5
17.5
17.4
19.4
20.1
18.4
19.5
22.9
24.0
25.8
27.7
29.2
29.2
29.7
32.7
33.9

25.3
22.7
26.7
26.7
31.5
23.4
22.2
23.6
23.8
31.8
39.7
29.4
31.5
49.0
49.0
43.9
49.4
43.2

105.9
103.1
104.0
104.0
112.1
112.6
120.1
120.5
116.2
118.3
117.0
120.0
119.8
121.5
121.5
124.6
129.9
133.8

4.1
4.3

11.5
12.4

45.7
47.8
51.1
44.8
48.8
53.6
54.4
51.8
54.8
59.0
60.0
67.1

13.4
13.9
14.9
15.8
17.1
18.8
13.5
13.5
12.9
12.7
12.6
12.2

50.6
51.4
52.3
52.3
52.1
54.7
64.1
62.6
63.1
45.3
46.3
57.4
55.0

57.0
59.8
62.8
62.8
66.6
76.1
79.9
83.1
82.5
85.5
86.9
85.2
83.6

12.2
12.9
13.2
13.2
13.2

54.4
54.4
53.2
52.1
51.3

85.0
85.0
82.8
81.5
77.2

7.0
7.0
6.9
7.4

ine ngures in mis laoie represent a uicanuunuui iU», W.UIH« *.™—
and seven additional countries since June 30, 1942. t
.
* Prior to June 30, 1942, included under "Other Latin America,
a Included "Canal Zone" prior to June 30, 1942.
* Data reported on a weekly basis.
* Data reported on a monthly basis.
« See footnote 2 for main table.

SEPTEMBER

4.4
4.3
4.9

52.3
56.5
59.8
68.0
79.5
89.2
95.7

121.5
124.6
121.1
109.6
100.5
101.4
100.3

4.1
4.6

5.3
8.7

9.3

8.9
8.4
8.1
8.1

7.9
7.8
7.1
7.4

8.1

4.5
4.4

3.5
3.6
3.8
3.1
4.4

• --

J

• i

t

969

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS I N THE UNITED STATES,
BY COUNTRIES—Continued
LIABILITIES—SUPPLEMENTARY X>KXhy-Omtmued
[In millions of dollars]

Date

Asia

india,
"rench Hong Bur- British
China Indo- Kong ma. & MaCey- laya'
China*
lon2

Japan
Egypt
(incl. Nether- PhilNew Anglo- French Union OthKoof
line
lands ippii Tur- Other All 3 AusMoZearea)
Is- key3 Asia* other tralia land Egyp- rocco South
East
& Indies4 lands
tian
Africa
ManSudan
churia

1939—Dec. (Jan. 3, 1940)

491.4

167.0

71.4

165.4

29.1

58.5

72.5

1940—Mar. (Apr. 3)
June J u l y 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)

515.2
521.7
567.7
616.9

178.5
181.8
192.7
207.5

75.2
78.4
87.0
91.1

169.4
152.6
106.8
110.3

32.0
35.6
45.2
45.6

60.1
73.3
136.1
162.4

54.1
60.3
67.1
73.3

1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31

612.9
599.7
603.8
583.9

216.7
164.4
151.6
156.8

94.5
101.3
90.0
61.6

90.8
79.2
75.4
69.9

45.9
48.5
38.1
30.7

165.0 86.1
206.3 107.5
248.8 104.4
264.9 113.6

1942—Jan.
Feb.
Mar.
Mar.
Apr.
May
June

574.8
585.2
579.2
593.1
797.5
798.4
799.5

156.3
153.3
145.1
145.1
346.0
346.5
351.2

57.5
56.2
55.7
55.7
55.4
55.3
51.8

69.
70.9
69.5
69.5
69.4
69.4
69.4

34.0
32.9
33.0
33.0
34.6
35.0
35.1

257.2
271.9
275.9
289.8
292.2
292.2
292.1

June 30s
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

733.1
724.9
727.2
727.9
718.3
704.5
712.1

350.6
352.1
352.6
356.1
352.4
352.0
360.9

27.6
27.6
27.1
27.4
27.2
27.4
27.4

46.3 14.6
46.3 14.2

45.5
42.
40.2
40.2
41.6

17.6
15.8
16.1
15.9
13.1

1.3
1.2
1.3
1.2
1.3
1.3
1.0

4.8
5.1
5.0
4.9
4.9
5.1
4.8

195.2
191.2
188.8
189,9
184.3
170.8
160.4

35.7
34.9
35.7
35.9
38.2
37.5
36.8

20.8
20.5
21.2
21.3
19.6
19.2
29.9

36.1
31.7
32.4
32.9
34.1
35.

1943—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Oct. 31*
Nov. 30
Dec. 31

710.4
716.7
728.3
720.3
718.4
735.7
723.7
746.8
754.6
782.1
776.6
814.7
887.6

362.5
356.1
384.2
385.8
391.4
413.6
426.9
448.6
466.0
481.8
481.8
505.3
574.2

27.4
27.1
27.0
27.0
27.1
27.1
27.4
27.5
27.4
27.4

16.1
19.2
16.5
13.2
17.6
22.0
15.2
14.8
13.3
16.4
16.4
15.9
18.2

.9
.9
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
.9
.9

4.8
4.8
4.2
4.
4.
4.
4.
4.
4.
4.

27.4
27.4
27.4

41.3
40.5
41.5
34.0
34.1
23.5
24.1
24.2
24.
23.9
23.9
24.1
23.9

157.2
152.3
146.2
150.3
134,5
136.0
115.8
116.5
103.9
104.6
104.6
111.7
110.1

36.4
36.3
37.0
36.8
36.8
37.6
37.3
36.9
37.1
38.3
38.3
38.4
37.9

24.1
33.6
18.7
16.6
20.9
20.2
21.6
22.2
25.3
25.7
25.7
30.9
35.4

39.7
46.0
51.9
51.3
50.7
50.6
50.3
51.0
52.0
58.8
53.3
56.0
55.5

1944—Jan. 31
Feb. 29
Mar. 31
• Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
Dec. 31*

900.8
949.6
955.2
964.9
944.3
942.2
932.1
930.2
926.0
934.9
936.8
743.8
743.8

585.3
616.5
641.4
641.0
640.5
641.4
624.0
619.5
615.6
617.6
607.2
427.3
427.3

27.4
27.4
27.4
27.4
27.4
27.4
27.3
27.4
27.4
27.4
27.4
27.4
27.4

23.3
23.4
24.4
24.6
24.6
23.4
23.6
23.7
23.
23.0
22.9
22.9
22.9

20.3
20.1
13.4
19.8
19.6
16.9
25.6
27.2
26.7
22.6
39.3
22.1
22.1

.9
.9
1.0
1.0
.9
.9
1.0
1.2
1.2
1.1
1.2
1.3
1.3

3.
4.
4.
4.
4.
4.
4.
4.1
4.1
4.1
4.0
4.0

38.7
38.6
39.3
38.8
38.4
38.0
38.9
38.8
39.1
44.4
39.2
40.4

37.7
56.6
43.2
47.4
29.7
30.8
21.0
21.8
21.2
20.9
20.3
23.7
23.7

54.3
52.0
52.9
53.3
52.8
53.0
56.9
57.1
57.9
62.0
61.7
64.2

4.0

109.2
110.0
107.9
107.4
106.3
106.2
109.7
109.5
109.2
111.8
113.6
110.5
110.5

1945—Jan.
Jan.
Feb.
Mar.
Apr.

912.4
912.4
911.7
917.2
916.2

573.9
573.9
556.9
554.4
546.9

27.4

22.6
22.6
22.8
21.9
21.6

20.8
20.8
21.1
21.3
23.5

1.3
1.3
.9
.9
.9

40.2

4.0
3.9
4.0
4.0

111.1
111.1
113.5
116.5
115.4

37.1
37.1
46.0
50.4
51.6

28
25
(Apr. 1)
(Apr. 1)*....
29
(June 3)
30s

31
31*
28
31
30

.-.

27.4
27.4
27.4
27.5

4.
4.
4.

40.4

40.2
42.8
40.4
43.8

121.0
116.8
111.9
111.9
121.6
128.1
126.3

122.1
117.5
122.4
118.3
126.7
127.5
36.2 149.6

25.3
26.4
27.7
27.3
26.2
23.8
23.1

3.2
3.3
3.8
3.8
4.8
5.4
4.8

9.8
8.5
7.2
7.6
7.5
7.1
6.8

12.6
12.3
12.0
11.9
12.0
12.1
12.1

12.2
10.0
12.1
10.5
11.2
12.5
11.0

59.1
57.0
59.5
57.1
65.0
66.6
91.8

152.3
152.3
171.2.
171.5
175.8
201.5
205.9
213.6
209.8
192.3
197.8
198.1
175.3

25.0
26.1
26.9
30.4
25.5
32.2
35.0
39.4
44.1
28.6
28.6
38.3
25.3

4.4
5.0
4.9
7.2
5.9
6.5
5.5
4.7
7.4
6.5
6.5
6.5
5.1

7.0
7.1
7.1
7.1
6.4
6.8
6.8
6.5
6.0
6.3
6.3
6.1
6.1

14.8
14.9
16.1
25.5
28.5
22.9
18.7
21.6
18.1
16.7
10.7
13.7
10.3

8.6
8.0
6.9
9.4
6.8
7.5
5.6
6.4
5.5
7.6
7.6
7.8
4.5

92.5
91.2
109.3
92.0
102.6
125.5
134.2
134.9
128.6
126.6
138.1
125.8
124.1

183.1
177.2
167.9
172.6
164.4
138.9
139.6
136.6
136.7
140.1
144.7
182.9
64.2 174.0

33.0
28.5
31.2
40.3
36.3
25.0
28.8
30.7
33.8
35.1
40.0
52.9
52.9

6.7
6.6
5.8
5.7
5.1
4.3
3.5
3.5
6.4
4.0
3.6
3.5
3.5

6.0
6.0
5.9
6.0
6.4
6.2
6.0
6.2
6.6
6.6
7.2
7.3
7.3

11.1
11.3
8.7
7.8
4.8
5.1
4.8
4.8
5.0
4.7
4.4
4.3
4.3

6.3
8.4
5.9
4.1
5.3
6.9
4.9
6.8
4.3
7.3
5.2
8.3
8*3

120.6
116.4
110.4
108.6
106.4
91.4
91.6
84.6
80.7
82.4
84.2
106.5
97.6

74.0 174.1

34.2
34.2
34.9
34.6
34.5

5.6
5.6
4.8
4.1
3.6

8.4
8.4
8.8
9.0
9.8

4.2
4.2
4.1
3.9
4.1

74.0
76.4
80.1
80.9

138.6
141.4
144.5
144.1

8.9 112.8
8.9 77.4'
8.0 80.8
7.4 85.5
7.1 85.0

iThe figures in this table represent a breakdown of the columns headed "Asia" and "All other" in thi main table The figures for "Asia" cov
>ver
four countries from Jan. 3,1940, and five additional countries since June 30,1942, while those for "All other" cover five countries available only from Ju:
,ne
30, 1942.
a
Prior to June 30,1942, included under "Other Asia."
3
Country breakdown not available until June 30, 1942.
* See footnote 2 for main table.
5
Data reported on a weekly basis.
• Data reported on a monthly basis.

970



FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES-Co«//«//^
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES-CO»//VM/«/

ASSETS
[In millions of dollars]
Date

\>tal

United
Ger-'
King- France Nether- Switzer- many
lands land
dom

Italy

Latin
Other
Total
Europe Europe Canada America

Asia1

All
other1

1934—Dec. (Jan. 2, 1935).

139.9

296.9

80.5

18.6

8.2

231.7

27.2

80.0

743.2

96.3

174.6

117.4

8.5

1935—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1936).

984.9
827.1
751.3
778.6

188.9
84.8
88.1
88.1

71.1
31.5
48.9
32.5

21.4
13.3
12.5
19.0

5.4
7.8
7.9
6.6

225.4
213.7
200.8
202.0

24.3
24.1
20.7
13.5

76.1
77.3
64.3
71.2

612.7
452.5
443.1
433.0

101.0
113.0
78.1
100.9

169.3
166.1
154.4
154.5

92.0
86.0
66.7
. 80.1

9.9
9.5
8.9

10.1

1936—Mar. (Apr. 1).
June (July 3
Sept. 30.,
Dec. 30..

749.7
690.9
647.9
672.6

93.6
81.9
75.8
114.1

28.8
23.5
81.5
16.8

23.0
21.4
21.5
21.9

5.5
4.2
5.2
5.4

196.9
186.2
160.6
165.1

13.1
12.8
11.0
10.9

64.3
57.6
52.0
57.8

425.3
387.6
407.6
392.1

78.2
77.8
49.1
59.4

157.1

142.1
126.6
141.1

78.0
72.1
54.4
67.2

11.1
11.4
10.2
12.9

1937—Mar. 31.
June 30..
Sept. 29..
Dec. 29..

693.1
637.7
586.0
655.0

99.7
75.6
75.3
84.8

15.8
13.2
11.1
13.5

17.1
13.7
19.1
23.0

4.9
3.5
4.2

162.2
143.9
132.0
126.1

13.0
14.8
16.8
20.8

58.1
55.2
52.8
•52.9

370.7
319.9
3U.3
326.5

71.7
87.8
82.5
118.0

135.3
132.0
107.0
114.4

100.0
83.6
71.7
78.9

15.5
14.5
13.5
17.2

1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939).

669.7
700.8
626.9
594.0

120.6
141.4
121.9
86.0

11.4
16.2
11.4
10.3

23.5
25.2
22.6
24.2

4.8
5.9
4.4

5.5

112.0
102.6
99.1
89.4

18.1
16.1
17.0
13.5

51.0
49.0
46.3
45.9

341.4
356.4
322.7
274.9

93.3
87.6
84.0
60.4

113.5
116.6
94.2
99.1

104.1
126.4
113.6
144.1

17.4
13.8
12.4
15.5

1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940).

553.6
496.6
485.7
508.7

83.0
55.4
66.0
39.9

13.8
10.7

20.1
19.7

3.6
4.5
2.9
5.2

81.4
77.4
67.1
53.4

16.4

48.8
39.9
41.6
51.4

267.1
217.0
208.1
172.2

46.3
54.0
49.7
39.7

99.5
110.3
108.5
113.3

125.7
100.5
104.0
174.1

14.9
14.8
15.4

1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)

527.5
475.0
385.5
384.0

39.7
32.0
20.2
23.0

4.9
6.2
3.5
4.2

6.7

50.1
47.3
45.6
39.6

16.9
14.2
2.8
2.0

48.6
41.0
34.8
29.9

173.2
147.2
109.4
101.0

42.2
35.3
30.8
36.0

110.7
117.0
113.1
122.7

192.6
167.9
125.7
117.8

8.9

.9

6.2
3.S
1.5
1.5

1941—Mar. (Apr, 2).
June (July 2).
Sept. (Oct. 1).
Dec. 31

391.7
340.5
353.8
367.8

24.0
23.5
22.4
20.9

2.8
2.1
1.9
1.8

.8
.8

3.1
2.9

.7
1.1

2.7

2.6

36.1
35.5
35.3
34.4

1.7
1.6
1.5
1.5

30.1
28.6
28.4
26.2

98.6
95.0
92.9
88.4

30.9
27.8
31.7
33.6

121.6
113.9
123.0
148.3

133.4
94.9
95.7
87.9

1942—Jan.
Feb.
Mar.
Apr.
May
June

357.4
349.9
339.4
329.3
319.3
316.8

16.4
14.2
12.7
17.6
10.7
10.1

1.6

2.3
2.2
1.9
1.8
2.0
1.9

34.3
35.2
35.0
35.0
35.0
35.0

1.1

1.4

.8
.8
.8
.8
.8
.6

24.2
23.0
21.7
21.8
20,8
20.1

80.8
78.0
74.7
79.6
71.9
70.1

31.9
32.1
32.0
26.6
34.6
40.7

146.3
139.3
135.4
135.3
129.4
125.6

89.2
91.9
90.0
81.3
76.8
74.6

9.3
8.6
7.4
6.5
6.6
5.7

293.2
2S0.6
295.5
277.3
245.5
233.9
246.7

10.0
11.5
12.4
12.9
12.6
11.9
12.6

1.7

.6

1.5
1.4
1.3

.6

1.9
1.8
1.5
1.4
1.3
1.4

34.5
34.5
34.6
34.3
34.3
34.2
34.0

A

19.3
19.1
18.7
19.2
17.7
18.2
22.3

68.5
69.5
69.6
70.1
68.2
68.1
72.6

37.4
37.4
53.5
45.2
39.6
34.6
34.3

127.6
119.6
117.8
110.1
105.5
99.9
99.7

51.1
47.7
47.9
45.8
26.7
25.$
35.3

8.6
6.4
6.7
6.1
5.6
5.5
4.8

1943—Jan. 31
Feb. 28
Mar. 31. . . .
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

245.7
245.0
236.8
225.6
230.4
238.6
233.6
226.1
246.9
265.0
252.9
257.9

' 3.0

34.0
34.0
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.7
33.9
33.9

A
A
A
A
A
A
.3
A
A
A
A

22.9
22.9
21.8
21.5
21.5
20.2
20.6
18.9
28.6
23.3
19.0
19.0

76.7
77.0
74.3
72.3
76.1
75.2
74.4
71.4
82.0
78.5
74.9
77.6

24.5
24.9
24.3
27.3
27.9
25.7
27.1
28.1
37.4
40.5
36.2
37.8

103.0
102.9
98.9
91.8
95.2
104.6
100.0
95.1
94.4
110.2
"107.8
112.2

36.4
' 35.7
35.3
29.8
26.0
28.2
27.6
27.4
29.0
31.9
30.0
26.3

5.0
4.5
4.0
4.3
5.3
4.8
4.5
4.1
4.0
4.0
3.9
3.9

33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9
33.9

A
.3
.3
.3
.3
.3
.3
.3
.3
.3
.3
.3

18.9
27.8
17.7
17.5
17.7
27.1
27.4

79.8
87.7
76.9
77.9
80.2
90.6
94.6
75.4
70.2
69.5
71.9
107.5

35.6
41.0
38.0
35.4
29.8
34.0
41.9
40.4
30.6
28.5
28.0
28.1

117.2
126.2
116.1
115.4
114.9
113.0
105.4
104.9
103.7
103.1
116.8
131.0

28.4
32.3
31.2
28.4
29.7
29.8
30.7
32.4
35.8
30.9
33.0
51.4

3.6
4.8
5.3
4.9
7.9

.3
.3

2.4
2.2
2.6
2.0
1.9
1.4
1.8
1.3
1.3
1.5
3.3
1.3

1.5
1.5

.3

1.9

.3

.3
.5

.8
.9
.9

.4
.3
.3
.3

8.4
8.7

1.5
1
L.4

33.9
33.9
33.9
33.9

72.1
72.9
68.8
70.8

31.1
24.8
23.9
23.0

131.9
127.3
144.1
145.0

41.5
40.9
41.0
42.6

28
25
(Apr. 1).
29
(June 3).
302

June 303..
July 31...
. Aug. 31..
Sept. 30...
Oct. 31...
Nov. 30...
Dec. 31..

8.7
4.9

1.6
1.6
1.6
1.6

1.3

9.6
5.7

2.6

1.1

.7

.6

1.3
1.3

.6
.6
.5

14.3
14.1
13.6
12.5
15.1
16.3
15.8
14.1
15.3
16.8
18.6
19.9

1.5
1.5

.5

1944—Jan. 31..
Feb. 29..
Mar. 31..
Apr. 30..
May 31..
June 30..
July 31..
Aug. 31..
Sept. 30..
Oct. 31..
Nov. 30..
Dec. 31..

264.7
292.0
267.5
262.1
262.6
278.9
284.9
265.8
252.0
244.2
262.8
329.7

22.8
22.1
20.7
22.7
24.8
26.3
29.5
29.6
24.4 '
23.4
24.6
25.9

L.I

1945—Jan. 31..
Feb. 28..
Mar. 31. .
Apr. 30...

287.3
275.6
286.9
290.8

25.8
27.4
23.2
25.4

1.5
1.4
1.6

L.5
L.3
L.3
L.I
L.I
LI
L.I
L.I
L.3
L.I
L.3
.3
.3
.3
L.3

1.3
1.4
1.4

.8
.4

.5

.5
.5
.5
.5
.6
.6
.5
A

A
A
.3
.3
.3
.3
A
.6
.3
.3

5.5

1.5
3.1
3.3

2.7

1.9
3.0
2.4
2.0
2.3
2.1
2.6
1.5

9.5

12.2
11.8

1.1
1.1
1.1
1.1

1.1
A
A
A

A

A
A

A

8.4
8.6
8.8
8.2

44.4

8.7
8.4

9.3

7.7
6.4
6.4

7.2
8.9

10.5
9.7

11.5
12.3
12.7
11.7
12.2
13.0
11.7
10.6
9.7
9.2
9.3

1
Prior to Jan. 3,1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
2 Data reported on a weekly basis.
•,
. . . .
,
3 Data reported on a monthly basis. The principal difference between the two sets of figures for June 30 is the omission from the monthly series
of claims on, "foreigners" by Japanese and Italian banks and agencies in New York City. (See footnote 2 on page 960.) t
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, pages 589 and 591,)

SEPTEMBER 1945




971

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY
COVNTRIKS-Continued
ASSETS-SUPPLEMENTARY DATA*
[In millions of dollars]
Date

Other
Europe

Belgium

Denmark

Finland

Greece3 Luxembourg'

Norway

!
PorRutugais mania' Spain

Sweden

U.S.S.R.*

YugosAll
lavia2 other2

193*—Dec. (Jan. 3, 1940).

51.4

6.5

3.2

3.6

8.7

28.0

1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941).

48.6
41.0
34.8
29.9

7.9
3.4
1.7
1.5

2.2
.7
.3
.3

4.0
1

4.5
3.4
2.7
1.0

29.2
30.5
27.3
24.5

1941—Mar.
-Mar.
Tune
Sept.
Dec.

(Apr. 2).
(July 2 ) .
(Oct. 1).
31

30.1
28.6
28.4
26.2

1.3
1.1
1.1
1.1

25.3
24.2
24.2
22.1

!
1942- -Jan. 28
Feb. 25
Mar. (Apr. 1).
Apr. 29
May (June 3 ) .
June 30*

24.2
23.0
21.7
21.8
20.8
20.1

.9
.9
1.0
.9
.9
.7

20.4
19.2
18.0
18.2
17.3
16.8

19.3
19.1
18.7
19.2
17.7
18.2
22.3

.9
.8
.8
.8
.7

June 30 s .
July 31..
Aug. 31..
Sept. 30..
Oct. 31...
Nov. 30..
Dec. 31...
1943—Jan. 31..
Feb. 28..
Mar. 31..
Apr. 30..
May 31..
June 30..
July 31..
Aug. 31..
Sept. 30..
Oct. 31..
Nov. 30..
Dec. 31..

22.9
22.9
21.8
21.5
21.5
20.2
20.6
18.9
28.6
23.3
19.0
19.0

1944—Jan. 31..
Feb. 29..
Mar. 31...
Apr. 30..
May 31...
June 30.,.
July 31...
Aug. 31...
Sept. 30...
Oct. 31...
Nov. 30...
Dec. 3 1 . . .

18.9
27.8
17.7
17.5
17.7
27.1
27.4
8.4
8.6
8.8
8.2
44.4

1945—Jan.
Feb.
Mar.
Apr.

31...
28...
31...
30...

8.4
8.7
8.7
8.4

££n^to£wZ*i£^j££fiiSZFoi

1.2
1.2
1.1
1.2
1.1
1.1
1.1

.8
.8
.7
.7
.7

.1
.1
.1
.1
.1
.1
.1

.3
.3
.2
.2
.2
.2
.2

2.4
2.4
2.3
2.9
1.7
1.8
2.4

3.8
3.7
3.5
3.2
3.3
3.2
3.2

8.4
8.3
8.3
8.5
8.3
8.7
8.4

1.
1.
1.
1.
1.
1.
1.
1.

.1
.1

.2
.2
.1
.2
.2
.2
.2

3.7
4.0
2.9
2.9
2.7
2.8
3.5
2.7
2.2
1.8
1.6
1.4

3.2
3.3
3.3
3.3
3.2
3.3
3.3
3.3
3.3
3.4
3.3
3.2

7.7
7.5
7.4
7.2
7.2
5.2
5.2
4.2
4.1
4.7
5.0
5.0

1.
.6
.6
.6

.7
.8
.8
.8

.2
10.2
.2
.2
.2
10.2
10.2
.2
.1
.1
.1
35.1

1.4
.7
.7
.9
.7
.5
.7
.6
.7
.6
.6

3.1
2.8
2.5
2.4
2.2
1.5
1.4
1.2
1.1
1.6
.8
1.8

5.0
4.9
5.0
5.0
4.9
5.0
4.9
4.9
5.0
4.8
5.0
5.1

.6
.6
.6
.6

.'7
.7

KK2

.6
.6
.6
.6
.6
.6
.8
.6
.6
.6
.6
.6

.7
.7
.7
.7
.7
.6
.7
.7

.1
.1
.1
.1

.7
.6
.5
.6

.9
1.2
1.3
.9

5.0
5.1
5.0
5.1'

5.2
.2
.2

the column beaded other Europe in the maintabkand coverfivecountries from

s Prior to June 30, 1942, included under "All other."
* Less than $50,000*.
4
Data reported on a weekly basis.
6
Data reported on a monthly basis.




1.2
.9

"

"

3™- 3>1940'

FEDERAL RESERVE

BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITEDJSTATES.

BY COUNTRIES-Continued
ASSETS-SUPPLEMENTARY BATA^-Omtmued
[In million of dollars]

Date

Latin
BoAmer- Argen- livia* Brazil Chile
tina
ica

Colombia*

NethFrench
erWest
lands
Costa Cuba Indies Mexico West Panaand
Indies ma*
Rica*
and
Guiana*
Surinam*

1939— Dec. (Jan. 3, 1940)

113.3

16.8

32.2

9.7

10.5

5.9

1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)

110.7
117.0
113.1
122.7

12.5
16.7
14.8
11.9

33.0
33.7
30.8
33.1

9.4
9.7
10.0
13.4

10.7
11.4
10.6
11.7

4.7
4.8
4.5
6.1

1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31

121.6
113.9
123.0
148.3

1O."4

12.2
13.2
13.5
14.9

10.7

12.6
15.6
16.8

30.0
25.4
24.4
38.0

9.8
9.1

5.4
5.9
6.5

1942—Jan.
Feb.
Mar.
Apr.
May
June

28
25.
(Apr. 1)
29
(June 3)
30*

146.3
139.3
135.4
135.3
129.4
125.6

16.3
15.8
17.2
16.8
14.5
11.6

37.8
29 9
30.1
26.7
27.2
28.3

14.8
15.5
15.5
15.6
15.1
15.1

12.6
15.1
14.3
14.7
13.4
10.7

7.6
7 3
6.5
5.3
4.9
5.6

305
31
31
30
31
30
31

127.6
119.6
117.8
110.1
105.5
99.9
99.7

2.6
3.4
3.5
2.6
2.6
2.3
3.0

27.5
25.3
21.9
17.4
18.7
19.5
16.7

17.1
17.2
17.4
16.9
16.4
16.3
15.3

24.1
25.6
24.6
24.2
23.7
22.1
20.7

.8
.8
.6
.5
.5
.4
.6

10.8

1943—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

31
28
31
30
31
30
31
31
30
31
30
31

103.0
102.9
98.9
91.8
95.2
104.6
100.0
95.1
94.4
110.2
107.8
112.2

3.0
2.8
3.0
2.7
2.5
2.4
2.4

14.4
14.6
15.9
15.4
15.1
14.9
14.5
14.7
16.1
15.7
15.9
16.6

19.5
19.8
16.9
16.8
18.1
17.4
18.1
15.7
14.1
15.2
12.4
12.2

.6
.5
.7
.7
.9
.8
.9
.8
.9
.7
.6
.7

10.6
13.9

2.1
1.9
1.9
2.0
1.8

18.2
17.2
18.1
15.5
16.1
18.1
19.6
17.8
18.5
19.0
16.7
18.9

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

31
29
31
30
31
30
31
31
30
31
30
31..

117.2
126.2
116.1
115.4
114.9
113.0
105.4
104.9
103.7
103.1
116.8
131.0

13.5
19.5
19.7
17.4
13.8

2.1
2.7
2.0
1.9
2.0
1.9
2.0
2.0
.9
1.6
1.4
L.8

22.5
20.3
21.4
24.5
22.8
24.4
23.6
25.5
25.8
23.5
24.4
25.3

15.4
15.9
14.9
15.0
14.7
9.3
8.4
8.0
7.8
8.7
8.7
9.0

12.2
11.4
12.8
12.8
12.1
12.4
12.7
13.2
12.6
12.2
14.8
15.5

.5
.7

1945—Jan.
Feb.
Mar.
Apr.

31
28
31
30

131.9
127.3
144.1
145.0

2.8
2.9
5.5

.7
.2
L.3
L.4

24.8
23.8
22.7
24.1

8.5
8.5
7.8
8.7

15.5
13.5

June
July
Aug.
Sept.
Oct.
Nov.
Dec.

11.8
9.7

10.9
9.2

10.9
7.0
6.9

7.9
5.8
6.1
7.1
8.7
8.0
6.8
7.5
8.1

14.3
12.8
15.3

9.9

5.5
6.3
5.8
3.9
3.9
3.1

8.7

11.3

ie.o

8.1

11.6
10.2
4.9
5.5
8.3

11.7

7.0
7.2
18.3
14.1
12.8
12.6
20.6
21.2
20.1

1.0
1.2
1.2
1.3
1.2

24.7
28.6
19.7
19.5
26.4
28.4
28.1
23.3
23.3
25.1
33.9
47.4

1.1
1.0
.9
1.0

49.2
50.1
60.9
57.1

.8
.8
.8
.8
.9

1.0
11
1.3
1.9
21

(')
.1
.2
(6)
(')
(*)
(8)
(*)
.3
(*)
(*)
(e)
<•)
(6)
(6)
(6)
(6)

.1
(6)
(/
(*)
(*)
(*)

(')

9.3
8.4

(*)
(*)

9.1
8.8

52*4
51.7

2.8
2.4
2.4
2.1
2.1
1.6
2.1

2.9
3.7
3.6
3.2
2.5
2.3
2.8

4.4
5.0
4.3
4.7
3.9
3.4
3.9

17.1
13.1
11.8
13.6
14.1
14.6
14.2

.4
.5
.4
.4
.5
.4
.6
.7
.7

1.9
1.8
1.8
2.0
1.6
1.4
1.4
1.3
1.0
.9
1.0
1.1

2.5
2.2
1.3 .
1.4
1.1
1.3
1.2
.4
L.4
L.5
L.3
L.4

4.3
4.0
4.3
5.3
4.2
3.8
3.6
4.0
3.8
3.6
3.5
3.8

15.4
14.6
13.2

A
A
A
.5
.4
.9
.4

.9
1.9
.9
1.0
.9

L.2
L.2
L.2
L.4
L.4
.6
1.6
1.4
L.4
1.5

3.8
3.8
4.0
3.8
4.3
4.6
5.0
4.4
4.9
4.3

8.4
8.5
9.4

4.3
5.2
5.6
8.4
8.8
9.5
8.1
7.7
6.9
8.4
11.3
11.2

(B)

(6)

54.6
52.9

37.2
39.3
39*5

2.4
3.8
2 7
2.8
.5
.4
.4
.6
.6

7.6
9.0
7.6
8.9
7.6
8.3
8.0
8.6

50.4
44.3
51 [9
57.3

2.6
2 7

5.3
5.2
4.8
5.0
4.5
4.4
4.8

11.5
11.1
8.8
8.6

44*4

2.5
2 7
1.9
2 4

7.6

(*)
(*)

Other
Peru* Vene- Latin
zuela* America*

.5
.3

.9
.6
.5

.4
.3

.8
.9
.8
.9
.8
.9
.8

.5
.3
.4
.4

.9
1.0
1.0
1.0

.5
.4
.4

[.5

1.2
1.7
L.4
1.4
1.4

5.6
5.1
4.1
3.7
4.0
4.9

9.0

10.3
8.1
8.6
8.7
8.5
7.4
8.7
8.7

8.2
7.8
8.8
8.8
9.6
10.1
11.6
12.1
11.7
11.8
11.4
13.1
13.0

1 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 seven additional countries since June 30, 1942.
* Prior to June 30, 1942, included under "Other Latin America."
* Included "Canal Zone" prior to June 30, 1942.
* Data reported on a weekly basis.
5
Data reported on a monthly basis,
e Less than $50,000.

SEPTEMBER

1945




973

INTERNATIONAL CAPITAL TRANSACTIONS OF THE'UNITED STATES—Continued
SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES-Contmued
ASSETS-SUPPLEMENTARY DATAy-Continued
[In millions of dollars]
Japan
E
[ndia,
(incl. Nether- PhilFrench Union Othip- Tur- Other All Aus- New
KoFrench Hong Bur- Briof
lands pine
ma, tish
Zea- Anglo- Mo3
China Indo-2 Kong
East
& Ma- rea)
key^ Asia2 other tralia land Egyp- rocco South
Is&
China
Africa
Ceytian
Man- Indies* lands
lon*
Sudan
churia

T*

Date

Asia

22.0

1.9

102.1

26.4

21.6

9.3

192.6
167.9
125.7
117.8

26.1
30.2
24.2
23.7

1.7
1.6
4.3
1.7

125.9
90.6
53.2
55.8

28.9
32.7
28.2
22.6

9.9
12.8
15.9
14.0

8.9
7.7
6.4
6.4

133.4
94.9
95.7
87.9

26.5
31.1
29.4
23.5

.9
2.7
3.1
3.1

67.3
17.3
21.5
18.9

20.4
27.1
27.3
23.0

18.3
16.7
14.5
19.5

7.2
8.9
10.5
9.7

89.2
91.9
90.0
81.3
76.8
74.6

23.2
23.5
23.5
23.4
23.9
23.2

3.1
3.0
3.0
2.9
2.3
2.2

18.5
18.5
18.5
18.4
18.4
18.4

19.3
18.7
17.6
17.1
16.4
16.2

25.1
28.1
27.4
19.5
15.8
14.6

9.3
8.6
7.4
6.5
6.6
5.7

June 305.
July 31...
Aug. 31..
Sept. 30..
Oct. 31..
Nov. 30..
Dec. 31..

51.1
47.7
47.9
45.8
26.7
25.8
35.3

20.4
20.5
20.9
20.5
2.3
1.3
11.1

2.0
2.0
2.0
2.0
1.0
.9
.9

2.5
1.5
1.4
1.5
1.3
1.8
2.2

1.4
.8
.7

1943—Jan. 31..
Feb. 28..
Mar. 3 1 . .
Apr. 30..
May 31..
June 30..
July 31..
Aug. 31..
Sept. 30..
Oct. 3 1 . .
Nov. 30..
Dec. 31..

36.4
35.7
35.3
29.8
26.0
28.2
27.6
27.4
29.0
31.9
30.0
26.3

11.1
11.1
11.1
4.3
1.8
1.9
1.7
1.7
3.9
3.2
2.8
1.7

.9
.9
1.2
1.3
1.4
1.4
1.6
1.5
1.0
.9
1.2
1.0

2.1
2.4
2.5
2.6
2.3
2.5
2.8
2.4
1.6
6.6
4.5
2.0

.7
.7
.7
.7

1944—Jan. 31...
Feb. 29...
Mar. 31..
Apr. 30...
May 3 1 . . .
June 30...
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30...
Oct. 3 1 . . .
Nov. 30...
Dec. 3 1 . . .

28.4
32.3
31.2
28.4
29.7
29.8
30.7
32.4
35.8
30.9
33.0
51.4

1.8
2.9
2.6
2.2
2.2
2.2
2.2
1.9
1.7
1.4
1.6
1.5

1.1
.9
.9
.9
.9
.9
.9
.9
.9
.9
.9

3.1
6.2
6.2
3.2
3.6
1.9
1.6
3.1
6.3
1.9
4.2
22.3

.5
A
.1
.4
.3
.2
.2
.2
.2
.2

1945-Jan. 3 1 . . .
Feb. 28...
Mar. 3 1 . . .
Apr. 30...

41.5
40.9
41.0
42.6

1.7
1.2
1.3
1.3

1939—Dec. (Jan. 3, 1940). 174.1
1940—Mar.
June
Sept
Dec.

(Apr. 3)
(July 3)
(Oct. 2)
(Jan. 1, 1941)

1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31
!
1942-—Jan.
Feb.
Mar.
Apr.
May
June

28
25
(Apr. 1)..
29
(June 3)..
30*

12.4
12.1
11.8
12.1

\i
.7
.7

'.5
.5
.5
.5
.5
.5
.5

.5
.5
.5
.5
.5
.5
.5

5.3
3.8
3.7
2.2
2.1
1.6
1.6

15.1
15.4
15.2
15.3
15.1
15.1
14.4

1.8
1.8
1.9
1.9
1.9
1.8
1.8

2.0
1.4
1.6
1.3
1.7
2.0
2.0

8.6
6.4
6.7
6.1
5.6
5.5
4.8

1.7
1.6
1.5
1.4
1.2
1.1
1.0

.2
.2
.1
.2
.2
.2
.1

5.1
3.2
4.0
2.9
2.8
2.9
1.7

.4
.1
.8
.3
.1
.1
.2

.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5

1.6
1.7
1.6
1.6
1.6
1.6
1.6
.7
.7
.7

14.3
14.0
14.1
14.2
14.2
14.1
14.2
14.1
14.0
13.9
14.2
13.9

3.2
2.4
2.0
3.1
2.2
4.2
3.1
2.9
4.0
2.7
3.3
3.2

2.0
2.1
1.6
1.5
1.4
1.5
1.7
2.0
1.8
1.8
1.4
1.8

5.0
4.5
4.0
4.3
5.3
4.8
4.5
4.1
4.0
4.0
3.9
3.9

.9
.8
.6
.6
.6
.6
.6
.7
.7
.7
.6
.5

.2
.1
.1
.2
.2
.1
.2
.2
.2
.2
.2
.1

1.6
1.9
1.6
1.8
2.7
2.6
2.3
1.9
2.1
2.1
1.9
2.4

.6
.3
.3
.2
.1
1.1
.9
.9
.7
.7
.7
.7

.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5
.5

.5
.5
.5
.5
.5
.5
A
A
A
A
.5
.5

14.1
14.0
14.0
14.0
14.0
13.9
13.9
13.9
13.9
14.0
13.8
13.S

3.4
4.2
2.6
2.7
2.5
2.0
1.8
1.8
1.8
1.9
1.4
1.8

2.5
1.6
2.9
3.1
4.4
6.7
8.2
8.7
9.1
8.8
8.9
8.8

3.6
4.8
5.3
4.9
7.9
11.5
12.3
12.7
11.7
12.2
13.0
11.7

.3
.4
.5
.5
.4
.5
.6
A
.5
.4
.7
.6

.2
1.1
.7
.2
.3
1.1
.5
.5
.2
.1
.1
.2

2.2
2.3
3.3
3.2
6.3
8.6
10.0
10.5
9.9
10.4
11.0
9.7

.7
.7
.7
.7
.7
.9
.8
1.1
.9
1.0
1.0
1.0

.5
..5
.5
.5

A
A
A
A

13.9
13.9
13.9
13.9

2.0
1.8
1.8
1.9

8.6
9.0
9.1
10.5

10.6
9.7
9.2
9.3

.8
.7
.8
.8

.2
.3
.3
.4

8.3
7.2
6.7
6.7

1.1
1.2
1.1
1.2

.6

i The figures in this table represent a breakdown of. the columns headed "Asia" and "All other" in the main table. T h e figures for"Asia" cover four
countries from Jan. 3,1940, a n d five additional countries since June 30,1942, while those for "All other" cover five countries available only from June
' 2 Prior to June 30, 1942, included under "Other Asia."
» Country breakdown not available until June 30, 1942.
4
Data reported on a weekly basis.
* Data reported on a monthly basis.
« Less than $50,000.

974




FEDERAL RESERVE BULLETIN

CENTRAL BANKS
Assets of issue
department

Bank of England
(Figures in millions of
pounds sterling)

Assets of banking department

Liabilities of banking department

Coin

Notes

• Discounts
and advances

.2
.6
.6
.8
1.0

326.4
+.2
.2
.2
.2
.2

'.6
.6
.8
.8
1.0
.9
.3
.9
.9

26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6

22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5 ,

84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9

1944—Aug. 30.
Sept. 27
Oct. 25
Nov. 29,
Dec. 27

.2
.2
.2
.2
.2

1.5
2.0
2.3
2.3
1.9

54.2
45.7
35.9
10.7
11.6

6.2
4.3
8.8
5.1
5.1

1945—Jan. 31
Feb. 28.
Mar. 28,
Apr. 25.
M*ay30.
Tune 27,
July 25.

.2
.2
.2
.2
.2
.2
.2

1.5
1.7
1.5
1.3
1.2
1.3
.9

30.6
33.1
14.5
15.0
30.6
15.1
44.5

6.6
8.5
18.6
20.1
9.6
3.8
1.8

Goldi

1929—Dec. 25.
1930—Dec. 31.
1931—Dec. 30.
1932—Dec. 28,
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25.
1936—Dec. 30.
1937—Dec. 29.
1938—Dec. 28
1939—Dec. 27.
1940—Dec. 25.
1941—Dec. 31.
1942—Dec. 30.
1943—Dec. 29.

Other
assets 3

145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4

1,250.0
1,250.0
1,250.0
1,250.0
61,300.0
1,300.0
n , 350.0

Cash reserves

Note
circulation*

Deposits
Bankers*

Public

Other

Other
liabilities

379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7

71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3

8.8
6.6

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
48.3
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

228.4
252.6
234.9
273.5
317.4

1,146,0
1,154.6
1,164.4
1,189.5
1,238.6

201.9
221.5
203.8
207.0
260.7

14.4

56.2
55.3
54.1
55.3
52.3

18.0
18.1
17.7
17.8
17.8

263.6
261.1
268.4
269.9
254.3
324,2
263.6

1,219.6
1,217.1
1,235.8
1,235.2
1,269.6
1,285.2
1,305.7

215.1
207.8
218.9
229.6
212.4
262.3
229.1

11.6
18.1

57.8
60.5
57.0
50.5
50.7
51.6
53.6

17.9
18.0
18.1
17.7
17.8
17.9
17.9

Securities

Assets
B a n k of C a n a d a
(Figures in millions of
Canadian dollars)

Gold'

180.5
179.4
179.8
185.9
225.7

1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec
1942—Dec
1943-Dec.
1944

31
30
3L
31
31
31

(•)
.

Aue U
Sept 30

. . . .

Oct 31
Nov 30
D e c 30
Feb
^Iar
Ap r
May

28
31
30
31

...

:...
......

July 31

..

Sterling
and United
States
dollars

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

8.9
8.5

14.8
12.7
10.3
Liabilities

Dominion and provincial government
securities

Deposits
Other
assets

. Note
circulation 7

Other
liabilities'

Chartered
banks

Dominion
government

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

19.1
17.8

26.9
22.1
58.6
29.3
34.3

960.4
982.8
1,012.5
1,007.8
1,036.0

432 5
454 8
454.3
437.2
401.7

S3 9
21.9
76.9
10.8
12.9

34 3
33.3
32 A
20.4
27.7

37 9
33.&
43.8
212 9
209.1

28.0
29.033.2
49.7
42.0
34.4
56.5 ,

1,020.6
1,028.6
1,048.7
1,062.3
1,055.8
1,063.2
1,078.8

413 1
397.6
422.0
448.9
464.8
492.0
441.1

23.2
27.9
18.7
39.5
33.6
43.9
57.5

36.0
37.2
52.7
50,8
32.4
35.9
37.6

212 1
195 1
203.4
204.2
235.1
207.1
208.8

Shortterm*

Other

14.9
28.4
64.3
38.4
200.9
.5
.6

30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
787.6

83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
472.8

21.7
5.2
5.5
12.4
33.5
31.3
47.3

48.7
45.9
62.8
172.3
172.3

849.4
833.1
875.7
868.6
906.9

593.8
625.5
622.9
618.9
573.9

172.3
170.4
177.1
196.6
177.9
174.4
174.4

914.5
891.6
926.5
937.7
1,068.3
1,073.8
1,034.7

590.2
595.5
608.7
621.7
533.5
559.5
558.3

4.2
9.1

7.7

8.6
8.2

Other
.8
2.1
3.5
3.1

17.9
9.5
6.0

7.7
13.4
14.4
9.3

13.3
28.5
35.1
24 »0
55.4 •

1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter a t market price, which fluctuated until Sept. 6, 1939, when
i t was officially set a t 163 shillings per fine ounce. t
, #
2
Securities and silver com 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.
* On Jan. 6,1939,200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account: on Mar. 1, 1939f about
5 5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12,1939, 20 million "pounds transferred from Exchange Account
to Bank- on Sept 6,1939,279 million pounds transferred from Bank to Exchange Account.
6
Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942;' by 70 million pounds
on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8,1943, Mar. 7, Aug. 2, and Dec. 6,1944, and on May 8 and July 3,1945.
6 Securities maturing in two years or less.
t
7 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.
r
9
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government s e c u r i t y (see BULLETIN for July 1940,
PP#
NOTE 7 —For back figures oh Bank of England and Bank of Canada, see Banking and Monetary StatistUs,Tab\es
644-645, respectively; for description of statistics see pp. 560-564 in same publication.

SEPTEMBER 1945




164 t / d 166, p p . 538-640 and p p .

975

CENTRAL BANKS—Continued
Liabilities

Assets
Bank of France
(Figures in millions
of francs)

Advances to
Government

Domestic bills
Gold1

Foreign
exchange

Open
Special3
market 3

1929—Dec. 27..
1930—Dec. 26. 1931—Dec. 30..
1932—Dec. 30..
1933—Dec. 29.,
1934—Dec. 28..
1935—Dec. 27..
1936—Dec. 30..
1937—Dec. 30..
1938—Dec. 29..
1939—Dec. 28..
1940—Dec. 26..
1941—Dec. 31..
1942-Dec.31..
1943— Dec. 30..

41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
6
97,267
6
84,616
84,593
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. 30..
Apr. 27..
May 25..
June 29.
July 13
Dec. 28*.

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

1945—Jan. 25..
Feb.22 .
Mar. 29..
Apr. 26..
May 31..

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

For occupation
costs 3

Other

Deposits
Other
assets

Note
circulation

Other*

Government

72,317
142,507
210,965
326,973

17,698
31,909
20,627
34,673
63,900
69,500
68,250
64,400

8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179
22,121
21,749
21,420

68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
218,383
270,144
382,774
500,386

11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
984
1,517
770
578

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
742,093
743,634
'35,403

562,416
568,900
580,123
580,944
548,945

3,196
778
775
756
774

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

1,379
652
1,797
2,345
661
12
169
29
19
12
1
*48*
16
9
2

C.A.R.

Reserves of gold and
foreign exchange
Total
reserves

Gold

1929—Dec 31..
1930—Dec. 31..
1931— Dec. 31..
1932—Dec. 31..
1933—Dec. 30..
1934—Dec. 31..
1935-Dec. 31..
1936—Dec. 31..
1937—Dec. 31..
1938-Dec.31..
1939—Dec. 30..
1940—Dec. 31..
1941—Dec. 31..
1942-Dec. 31..
1943-Dec. 31 . .

2,687
2,685
1,156
920
396
84
88
72
76
76
78
78
77
76
77

2,283
2,216
984
806
386
79
82
66
71
71
71
71
71
71
71

2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
29,283
41,342

251
256
245
176
183
146
84
74
60
45
30
38
32
25
27

1944—Mar. 31..
Apr. 29..
May 3 1 .
June 30..
July 31..
Aug. 31 .
Sept. 30..
Oct. 31.
Nov. 30..
Dec. 31 .

77
77
77
77
77
77
77
77
77
77

<•>

40,379
40,909
42,159
42,150
43,222
45,829
50,821
53,954
56,939
63,497

46
38
28
26
38
42
47*
46
62
112

1945—Jan. 31?..
Feb. 28*.,

77
77

64,625
70,699

199
307

9,063
8,811
9,652
12,309
1,853

i&»

nd

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
4,852
4,797
5,075
4,950
7,701

Liabilities

O c t o b e r

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

Other

Other
assets

Note
circulation

259
445
349
221
106
557
804
32
107
87
1

92
102
161
398
322
319
315
303
286
298
393
357
283
210
65

656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
2,311
1,664
2,337

67
70
69
1

33
31
23
27
21
20
25
24
21
45

81
112

Security
loans

* Preliminary.

^SXBgg.

Other

Security

Bills (and
checks),
including
Treasury
bills

P. vf&S o
For explanation

Other
liabilities

50,382
43,697
39,951
42,302
57,231

41,400
64,580
16,857
10,724

Assets
Relchsbank
(Figures in millions of
reichsmarks)

4

60
<)

Eligible
as note
cover

For further deuils

-

BTO

*»'

is item, see BULLETIN for July 1940, p^ 732
^

e
^
^
f r o m A u g . 2 5 . m o , through July 20, ^ . a d v a n c e , of 441.000 million
* Central Administration of the Reichskreditkassen.
_
* In each of the weeks ending Apr. 20 and Aug. 3,1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France;
in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
'
6
First official statement published since liberation.

^dtotsh^

« 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, p p 641-643 aand pp
pp
respectively; for description of statistics see pp. 562-565 in same publication.
'
°*1^*<> n a PP*

976




FEDERAL RESBRVB BULLETIN

CENTRAL BANKS—Continued
Central Bank

(Figures as of last report
date of month)
Central Bank of the Argentine Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange...
Government securities
Rediscounted paper
Other assets
Note circulation
Deposits—Member bank
Government
Other
Certificates of participation in
Government securities
Other liabilities
Commonwealth Bank of Australia
(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

1945

July

June

1944
Way

July

1,242
2,987
877

1,242
2,863
882

1,242
2,807
882

1,206
2,296
883

149
2,553
1,570
561
198

157
2,533
1,542
528
177

142
2,495
1,657
471
112

170
2,089
1,268
694
159

179
193

169
196

153
186

167
178

50,856 50,856 50,544
143,420 143,418 152,833
19,347
137,026
20,879
273,573
199,045
185,744

19,561
132,504
21,870
271,214
194,187
185,744

6,257
6,244 6,248
Foreign exchange
81f
863
813
Loans to Government
8,282
8,46'
7,93'
Other loans and discounts
ir
98
103
Claim against Bank of Issue
12,919 12,919 12,918
Other assets
301
277
430
Note circulation
11,190
12,040 11,69:
888
868
Demand deposits
861
2,099
Blocked Treasury account* 3
2,099 2,099
Notes and blocked accounts
13,649 13,775 14,089
221
211
Other liabilities
219
National Bank of Bohemia and
(Nov.
Moravia (millions of koruny):
1944)*
1,517
Gold
800
Foreign exchange
>...
3,793
Discounts
Loans
55,027
Other assets.
32,705
Note circulation
13,942
Demand deposits
14,49
Other liabilities
Central Bank of Bolivia (millions
of bolivianos):
(Apr.)*
Gold at home and abroad
525
Foreign exchange
35'
Loans and discounts
63
Securities—Government
4
Other
92
Other assets
1,289
Note circulation
875
Deposits
123
Other liabilities
National Bank of Bulgaria 5
Central Bank of Chile (millions
of pesos):
277
277
Gold
257
213
Discounts for member banks
760
760
Loans to Government
1,052
1,049
Other loans and discounts
1,264
1,294
Other assets
2,626
2,658
Note circulation
466
45:
Deposits—Bank
174
151
Other
344
335
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
180,19! 177,723 175,351
Gold
106,990 97,896 96,042
Foreign exchange
Loans and discounts.
.-;•--- 13,286 18,636 19,903
Government loans and securities... 65,953 67,042 70,544
32,122 30,619 30,776
Other assets..
174,771 178,942 172,136
Note circulation
169,905 158,148 155,399
53,866 54,825 65,089

Central Bank
(Figures as of last report
date of month)

13,125
123,180
30,371
237,417
207,328
194,994

1,515
775
3,385
40,726
27,356
9,444
9,602
599
406
287
634
41
72
[,175
771
93

273
82
715
938
1,148
2,302
419
159
275
V 0,038
114,328
7,506
56,525
29,913
154,551
133,920
69,839

National Bank of Denmark (millions
of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account 8 ...
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador (thousands
of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt 7 (thou
sands of pounds):
Gold..
Foreign exchange
Loans and discounts
British, Egyptian, and other Government securities
Other assets.
Note circulation
Deposits—Government
Other.
Other liabilities
>iliti<
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securities..
Other assets
Note circulation
Deposits
Other liabilities
Bank of Finland55
Bank of Greece
National Bank of Hungary (million;
o£

1945

July

June

May

July

(Dec.
1944)<
97
22
2,762
55
95
85

4,389
1,658
2,327
3,009
512

6,241
17,185
2,753

97
22
2,496
27
62
85*
3,581!
1,581
1,781
2,578:
429-

(Apr.)'
288,655
137,097
93,324
92,491
308,131
277,810
25,625

270,489'
72,226101,834
95,8(5
255,365
218,040
67,010-

6,241
18,355
3,283

6,241'
14,684
1,828.

291,395 C287,494 239,934'
26,264 18,164
23,682
I23 f 8Sr 122,07" 101,899
76,31' 62,886
77,559
126,351 129,90 102,502
13,334 13,563
13,460
33,122
38,855
901
5,195
1,729
45,03?
27,68'

77

33,142
38,970
805
5,168
1,681
45,694
26,98
7,09

32,856
38,018
763
6,351
1,108
43,576
29,473
6,046

(Nov.
1944)*
10C

<? o e . n d g B ) :

t Foreign exchange reserve
Discounts
Loans—To Treasury
To foreign countries
Other
Other assets.
Note circulation
Demand deposits
Consolidated foreign credits of
1931
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad.
Sterling securities
Indian Govt. securities
Rupee coin...
Note circulation
Banking department:
Notes of issue department
Balances abroad
Treasury bills discounted.
Loans to Government
Other assets
Deposits
Other liabilities
Central Bank of Ireland (thousands
of pounds):
Gold
Sterling funds...
Note circulation
Bank of Japan 6
Bank of Java 5

1944

10
1,352

100
$
5,315
54a
902
2
1,396
5,598
1,220
10
1,432

10,29.
578
152
11,371

444
10,193
578
158
11,210

444
8,283
578
144
9,220

98
3,952

164
3,924

230
2,055
12

271
32«

267
4,098
31!

157
2,259
195

2,64« 2,64
30,188 30,243
32,834 32,889

2,646
29,991
32,637

2T646
25,665
28,311

11,97!
51
1,074
1,08
10,67
2,713

3,99'

•"Ke&ta E S S t E S S K S e a r e d and to be transferred to blocked accounts and old notes not declared.
\ M T a v a i U b k r e S r X m \hl i^lb^iB^Ta^u^ty
1943), see BULLETIN for Tuly 1943, p. 697; of Finland (August 1943), w t o
for ^prH 19*4. P 405; of Greece (lUrch 1941) and Japan (September 1941), see BULLETIN for March 1942. p. 281; and of Java (January 1942). see
(
h ?
R™SenuBank? sckhnon the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23.1942.
" P 2
' Items for issue and banking departments consolidated.

SEPTEMBER

1945




977

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
B a n k of Mexico (millions of pesos):
Metallic reserve1
"Authorized" holdings of securities, etc..
.....
Bills and discounts.
Other assets
Note circulation
Demand liabilities
Other liabilities
N e t h e r l a n d s Dank {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>ndertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
B a n k of Norway*
B a n k of Paraguay—Nf o n e t a r y D e p t .
(thousands of guaranies):*
Gold.
Foreign exchange
Loans and discounts
Government loans and securities..
Other assets
Note circulation.
Demand deposits
Other liabilities
C e n t r a l Reserve B a n k of Peru (thou
' sands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets.
Note circulation
,
Deposits
Other liabilities
B a n k of Portugal (millions of escudos):
Gold*
Other reserves (net)
Nonreserve exchange
Loans,and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
N a t i o n a l B a n k of R u m a n i a 3
S o u t h African Reserve Bank (thousands of pounds):
Gold..
Foreign bills
Other bills and loans
Other assets
Note circulation
,
Deposits
Other liabilities
Bank of Spain (millions of pesetas):
Gold
Silver
Government loansand securities.
Other loans and discounts
Other assets

1945
July

June

1944

May
671
1,707
404
64
1,408
1,274
163
(Oct.
1944)*
931

July

535
1,368
322
.
77
1,212
930
161

932

4,404
136
96
4,879
149
320
223
2,802
62,417

8,125
10,587
323
28,309
14,746
•1,91'

2,802
54,893

2,802
30,848

18,084
14,346
1,541
40,560
54,513
4,116

3,328
22,606

131
94
4,415
104
294
183

28,069
14,341
1,713
40,716
57,098
4,004

41,381
11,736
2,591
37,688
48,272
3,398

3,324
22,319
8,638
10,634
312
28,607
14,865
1,755
(Apr.)
123,039
24,290
513,822
22,518
428,244
225,912
29,513
(Feb.)1
1,415

5,7r

9,25:
26:
1.02C
779
7,389
10,194
860

170,821
1,072
414,907
20,461
392,235
191,513
23,514

1,412
4,922
9,072
237
1,023
937
6,920
9,736
947

106,528 105,00' 92,184
26,64! 28,352 21,114
3,880
3,58!
4,436
93,50: 89,874
95,90
63,798 58,88? 53,613
163,52: 165,990 148,791
586
5,34C
5,204
1,189
609
16,058
3,199
1,

1,135
616
15,918
2,926
2,154

Central Bank
(Figures as of last report
date of month)

1944

1945
July

Bank of Spain—Continued
• Note circulation
Deposits—Government
Other
Other liabilities
Bank of Sweden (millions of kronor):
1,055
Gold
690
Foreign assets (net)
Swedish Govt. securities and ad8
vances to National Debt Office . 1,266
33
Other domestic bills and advances.
993
Other assets
2,412
Note circulation
738
Demand deposits—Government...
323
Other
564
Other liabilities
Swiss National Bank (millions of
francs):
4,642
Gold
136
Foreign exchange
59
Loans and discounts
84
Other assets
3,522
Note circulation
1,105
Other sight liabilities
294
Other liabilities
Central B a n k of t h e 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 t h e 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*
438,570
Foreign exchange (net)
93,948
Credits to national banks
14,310
Other assets
, 16,304
Note circulation—Central Bank... 323,849
National banks. 12,494
Deposits
216,343
Other liabilities
, 10,446
National Bank of t h e Kingdom of
Yugoslavia 3 ,
Bank for I n t e r n a t i o n a l Settlements
(thousands of Swiss gold francs);»
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)
Sfcort-term deposits (various currencies):
Central banks for own accoum
Other
Long-term deposits: Special accounts
Other liabilities

June

May

July

16,874
1,922
3,598
471

16,069
1,972
4,199

1,054
580

1,035
601

960
600

1,205
27
1,040
2,445
710
148
604

1,133
35
1,031
2,368
761
77
629

1,229
89
974
2,187
582
452
631

4,626
112
95
82
3,522
1,102
292

4,783
103
348
83
3,532
1,494
292

4,455
87
62
144
3,028
1,441
279

292,107 281,200

275,911

68,172 90,983
839,648 821,454
171,111 171,362
23,401 25,106
971,608 976,408
85,586 85,586
156,258 151,679
180,985 176,434

65,462
772,144
179,216
25,664
906,635
85,116
160,577
166,069

122,751 122,751
157,207 158,280

119,342
134,411

156,64' 153,657
24,906 23,914

105,818
43,471

9,916 10,982
91,074 90,500
312,512 301,832
278,917 274,602
316,137 306,282

13,255
97,520
262,888
235,541
287,410

438,568 392,758
77,399 99,264
20,310 20,310
18,365 21,160
321,363 320,577
13,331 14,970
209,988 189,281
9,959 8,665

338,108
32,209
26,370
33,241
266,989
22,273
133,810
6,856

119,323 119,323

118,495

43,279 46,446
7,923 8,166

21,513
6,701

86,639 83,882
2,750 2,749
197,145 197,056
11
118
18,418

101,741
21,075
198,607
282
29,076

6,233
2,01C

9,473
3,106

229,00: 229,001
202,517 202,07C

229,001
197,757

5,223

i Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities
Latest month for which report is available for this institution.

508

;

3

RumrJrKthe Republic of P a a u a y
f

id i S t b
1944 d th
fB k f
« The Bank of the Republic of Paraguay was reorganized in September 1944 under the name of Bank of Paraguay. The new institution is divided into
a Monetary, a Banking, and a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes central banking functions, was issued for the end of December 1944.
e Valued at average cost beginning October 1940.
« Includes small amount of non-Government bonds.
» Beginning October 1944, a certain amount of gold, formerly reported in the Bank's account, shown separately for account of the Government.
8

See BULLETIN for December 1936, p. 1025.

978




FEDERAL RESERVE

BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[ Per cent per annum J
Central bank of—
Date effective

United
King- France Germany
dom

In effect Dec. 31,
1936
Jan. 28,1937
Tune 15
July 7
Aug. 4
Sept. 3
Nov. 13
May 10,1938
May 13
May 30.
Sept. 28
Oct. 27
Nov. 25
Jan. 4,1939
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15.
J a n . 25, 1940
Apr. 9 . . . .
May 17
Mar. 17, 1941 . . . .
May 29
June 27
Jan. 16, 1945
Jan. 20
Feb. 9
In effect Aug. 31,
1945

Belgium

Netherlands

Swe- Switzerden
land

2
4
6
5

Rate
Aug.
. 31

Central
bank of—

Date
effective

1H
IX

Nov.
Nov.
Dec.
Feb.
Dec.
July

France
Germany
Greece
Hungary......
Ireland

2H

Mar. 21, 1940
Mar. 1, 1936
Jan. 16, 1945

Denmark...'.
Ecuador
El Salvador..
Estonia
Finland

2H

Albania...
Argentina
Belgium
Bohemia and
Moravia

Bolivia
British India.
Bulgaria
Canada
Chile
Colombia

IX

Rate

Central
bank of—

A

Date
effective

Italy
4
3.29
Java
3
Latvia
5
Lithuania. .. 6

Sept. 11, 1944
Apr. 7, 1936
Jan, 14, 1937
Feb. 17, 1940
July 15, 1939

Mexico
Netherlands.
New Zealand
Norway
3
Peru
5
Portugal.... 2H

June
June
July
May
Aug.
Jan.

4, 1942
27, 1941
26, 1941
13, 1940
1, 1940
12, 1944

Oct. 16, 1940
M a y 26, 1938
Mar. 30, 1939
Oct. 1, 1935
Dec. 3, 1934

Rumania
South Africa
Spain
Sweden
Switzerland.

May
Tune
Dec.
Feb.
Nov.

8, 1944
2, 1941
1, 1938
9,1945
26,1936

Jan. 20, 1945
Apr. 9,1940
Dec. 1, 1944
Oct. 22, 1940
Nov. 23,1943

Turkey
United Kingdom
U . S . S. R...
Yugoslavia..

July

1, 1938

Oct.

1, 1940

8,
28,
1,
8,
16,
18,

1940
1935
1940
1944
1936
1933

4
3

M
1H

Oct. 26, 1939
July 1, 1936
' ' ' 1936
Feb. 1, 193S
1

2H

IX

IX

2%

NOTE.—Changes since July 31: none.

OPEN-MARKET RATES
[ Per cent per annum J
Germany

United Kingdom
Month

1929—June
1930—June
1931—June
1932—June
1933—June
1934—June
1935—1Fune
1936—1fune.
1937—1fune.
1938—1 une
1939—j n n p

Bankers*
acceptances
3 months

Treasury
bills
3 months

5.32
2.31
2.09
1.05

5.35
2.30
2.10
.85

.50
.91

.. . . . . .

1940—June
1941—June

1942 Tun**
1943 j u n e

.71
.78
.68

.59
.75

1.03
1.03
I 03
I 03

....

iQld•

tnnr

03

\QAA

Tu1v

03

L 03
L 03
I 03
.03
.03
.03
.03
.03
.03
.03
1.03

Cant

Nov
Dec
1945—Jan
Feb
Mar
Apr
May
June

.40

.85
.64
.78
.68
.59
.76

Bankers'
Day-to-day allowance
money
on deposits
4.23
L93

1.64

3H
I

.99
.62
.92

IS

.75
.75
.79
.75
.77

i2

1.02
1.00
1.00
1.00
1*00

LOO
LOO
LOO
L06

1 00
1.00
1 01
1 00
1.00
1.00
1.01
1.00
1.00
1.01
1.00
1.00

L13

iz
\£

i£
\6
1Z
1Z
XL
!•

L.13
L.13
.13
.10

.00
L.02
L.00
.00
L.00
.00
.03
l.u

X
\y
\A
1/

Netherlands

Private
discount
rate

Day-to-day
money

Private
discount
rate

Money
for
1 month

7.50
3.58
6.05
4.75
3.88
3.76
3.00
2.88
2.88
2.88
2.79
2.38
2.13
2.13
2.13
2.13

7.90
3.74
6.74
5.70
4.93
4.57
3,16
2.67
2.78
3.06
2.71

5.30
1.89
1.05

5.30
1.93
1.07
1.00
2.06
1.00
3.83
3.95
1.00

2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13

.90
,89
L93

L98

1.93
1.90
1.90
L.92

.39

2.18
.78

4.42
3.92
.15
.13
.49

C1)

1.88

.50
.75

&

Sweden

Switzerland

Loans
up to 3
months

Private
discount
rate

4J4-6H
3>£-5H
3-5
4-6

3-5J^
2M-5
2J4-5
2^-5
2)3-5
3M-sy2
3-5M
3-5 M
3-53^

3 26
2.0fi
L 12
L.50
L50

1.50
2.60
2.25
LOO
LOO
LOO

1.50
L25
L25
L25

[ 25
L 25
25

[ 25
25
*'£$
L.2.S

L.25
1.25
1.25

H

r

i l!Fo^monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.

SEPTEMBER

1945




979

COMMERCIAL BANKS

(11 London clearing banks.
Figures in millions of
pounds sterling)

Liabilities

Assets

United Kingdom 1
Cash
reserves

Money at
call and Bills dis- Treasury Securities Loans to Other
deposit
customers! assets
short counted receipts
notice

Deposits
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—July
August—
September
October...
November.
December.

426
439
443
453
400
500

1S8
205
191
191
205
199

213
211
209
170
198
147

1,310
1,337
1,444
1,567
1,548
1,667

,175
,180
,183
472
,192
,165

765
750
744
744
748
772

289
283
282
291
292
347

4,121
4,161
4,251
4,342
4,398
4,545

2,744
2.775
2,827
2,876
2,922
3,045

1,377
1,386
1,424
1,467
1,475
1,500

244
243
244
245
245
250

1945—January...
February..
March
April
May
June

460
455
464
472
482
494

198
188
180
180
196
195

159
140
149
109
120
135

1,663
1,639
1,681
1,821
1,882
1,939

,165
,160
1,153
1,140
lf126
1,128

765
769
780
749
757
774

301
305
299
300
297
331

4,462
4,405
4,459
4,525
4,617
4,752

2,968
2,904
2,944
2,994
3,064
3,147

1,495
1,501
1,516
1,530
1,553
1,605

248
250
246
245
243
243

Liabilities

Assets
Canada
(10 chartered banks. End of
month figures in millions
of Canadian dollars)

Security
loans
aoroaa
Other
and net Securities
due from
loans
and dis- foreign
banks
counts

Entirely in Canada
Cash
reserves

Security
loans

1938—December.
1939—December.
1940—December.
1941—December.
1942—December.
1943—December.

263
292
323
356
387
471
545
569
575
597
586
550

63
61
56
56
81
92

1945—January...
February..
March
April
May
June

567
539
544
598
622
622

95
80
78
82
125
123

166
132
159
168
231
250

1,463
1,646
1,531
1,759
2,293
2,940

535
612
570
653
657
744

,063
1
1,002
976
992
,275
1,211

218
215
224
236
236
214

3,388
3,368
3,450
3,622
3,577
3,611

755
755
761
757
774
782

1,156
,125
L.094
i;047
1,299
1,142

244
254
219
269
251
248

3,571
3,624
3,606
3,799
3,885
3,996

731
717
708
750
775
766

]

Deposits payable in Canada
excluding interbank deposits

41
35
34
34
32
31
31
30
29
29

840
1,033
1,163
1,436
1,984
2,447

4,716
4,667
4,726
4,957
5,221
5,137

2,451
2,297
2,262
2,468
2,877
2,714

2,265
2,370
2,464
2,489
2,343
2,423

2,525
2,390
2,214
2,475
3,053
2,894

2,524
2,631
2,725
2,735
2,563
2,646

843
963
846
962
,049
,172

1,660
1,741
1,641
1,669
1,673
1,948

5,049
5,021
4,938
5,210
5,616
5,540

35

Other
liabilities

I Demand I Time
I

2,500
2,774
2,805
3,105
3,657
4,395

85
80
71
60
42

Assets

France
(4 large banks. End of month
figures in millions
of francs)

Note
circulation

Total

940
,088
,108
,169
,168
,156

65
53
40
32
31
48

1944—July
August....
September
October...
November.
December.

Other
assets

,282

3

.,268

1,282
,269
,273
,289
,283
,287
,280
,306
,312
,326

Liabilities
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

419

6,168

Cash
reserves

Due from
banks

Bills discounted

1938—December.
1939—December .
1940—December.
1941—December.
1942—December.

3,756
4,599
6,418
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
14,361
14,191

1,536
1,650
1,750
1,869
2,024
2,206
2,228
2,448
2,653
2,935

1944—January...

7,510

4,125

90,024

13,737

1,676

Loans

Other
assets

Total

Demand

1

Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by
individual banks for days, varying from bank to bank, toward the end of the month.
2
Represent six-month loans to the Treasury at \%, 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.

980




FEDERAL RESERVE BULLETIN

FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Argentina
(peso)

Year or month

Officia!

|P^>

Australia
(pound)
Official

Free

B
Belgi
ium
(belga)

Brazil
(cruzeiro1)
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

23.704
24.732
25.125

322.80
322.80
322.80
322.80
322.80

393.94 16.876 8.6437
389.55 16.894 5.8438
353.38 16.852 6.0027
305.16 216.880 6.0562
321.27
6.0575
321.50
6.0584
2321.50
6.0586
6.0594

1944—Aug
Sept
Oct
Nov
Dec
1945—Jan
Feb
Mar.
Apr
May
June
July

29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773

25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125

322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
321.35

6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602
6.0602

2

Colom- Czecho- Denbia slovakia mark
(peso) (koruna) (krone)

Year or month
1937
1938
1939
1940
1941
1942
1943
1944

56.726
55.953
57.061
57.085
57.004
57.052
57.265
57.272

1944—Aug..
Sept.,
Oct...
Nov..
Dec...
1945—Jan...
Feb...
Mar..
Apr..,
May.
June.
July..

Free
6.1983

British
India
(rupee)

Bulgaria
(lev)

Official

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

5.1529
5.1803
5.1803
5.1803
5.1803
5.1803
5.1803
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

's.nis

Canada (dollar)
Free

90.909
90.909
90.909
90.909
90.909

100.004
99.419
96.018
85.141
87.345
88.379
89,978
89.853

90.909
90.909
90.909
90,909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909

1.2846
1.2424
'1.2111

FinGerland France many Greece Hong
Kong
(mark- (franc) (reichs- (drach- (dollar)
ma)
ka)
mark)

Hun.
gary
(pengd)

Italy
(lira)

Japan
(yen)

2.1811 4.0460 40.204
2.1567 2.8781 40.164
1.9948 2 2.5103 40.061
1.8710 2.0827 2 40.021
39.968
'2.0101

19.779
19.727
19.238
18.475
2
19.770

5.2607
5.2605
5.1959
5.0407
l
5.O7O3

28.791
28.451
25.963
23.436
2
23.439

24.840
24.566
23.226
2
22.7O9

1937
1938.
1939
1940
1941
1942
1943
1944

1
8

.9055
.8958
.8153
2.6715

30.694
30.457
27.454
22.958
2
24.592

5.1697 *4.0000
5.1716 4.0000
5.1727 4.0000
5.1668 4.0000
J
5.1664 *4.0000

18.923
18.860
218.835

4.4792
4.4267
4.0375
3.7110
24.0023

.7294
.7325
7111
2
.6896

6.053
5.600
10.630
9.322
29.130

57.973
56.917
51.736
46.979
47.133
2
46.919

25.487
25.197
23.991
23.802
2
23.829

ation of the B

Official

2

403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50

398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.30

..:

Prior to Nov. 1,1942, the official desi
Average of da"

489.62
484.16
440.17
397.99
398.00
398.00
398.00
398.00

United Kingdom
(pound)

27.750
22.122
19.303
18.546
20.538
20.569
20.577
20.581

55.045
55.009
53.335
53.128

2

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
324.42
322.69

Uruguay
(peso)

Free

462.95

29.606
21.360
11.879
6.000
*5.313

Neth- New
Mexico erlands Zealand
(peso) (guild
er)
(pound)

20.580
20.581
20.582
20.582
20.582
20.582
20.582
20.582
20.582
20.582
20.582
20.582

Straits
Portu- Ruma- South Spain Settle- Sweden SwitzNorway Poland
erland
Africa
nia
gal
ments
(krone) (zloty) (escudo) (leu) (pound) (peseta) (dollar) (krona) (franc)

Year or month

1944—Aug
Sept
Oct
Nov
Dec...
1945—Jan
Feb
Mar.....
Apr
May

22.069
21.825
20.346
2
19.308

Official

Chtna
(yuan
ShangExport hai)

90.003
89.356
89.736
89.836
89.747
89.968
90.553
90.295
90.506
90.753
90.828
90.736

s

57.277
57.277
57.277
57.272
57.220
'57.180
57.140
57.036
56.980
56.980
56.980
56.980

3.4930
3.4674
*3.4252

Chile (peso)

Noncontrolled

S

36.789
37.601
43.380
52.723
52.855
53.506

Yugoslavia
(dinar)

2.3060
2.3115
2.2716
2.2463
2
2.2397

54.200
54.185
54.185
54.189
54.196
54.197
54.197
54.197
54.253
54.265
54.265
55.489

milreis."
. For description of statistics see pp. 572-573 in same publica-

February 1944, p. 209.

SEPTEMBER 1945




981

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES
[Index numbers]

Year or month

United
States

United
Kingdom

Japan
(October
(1900 = 100)
(1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100)
Canada

France

Germany

1926

100

100

* 124

095

65
66
75
80
81
86
79
77
79
87

67
67
72
72
75
85
79
75

86
86
88
89
94
109
101
103
137
153
159
163
166

427
398
376
338
411

97
93
98
102
104
106
106
107
110
112
114
116

83
90
96
100
103

99
103
104

19-14 >Tulv
l y H
"
A ' i

SeDtcmber
Ortober
November
1045

Tanuirv

March
April
I^lay
June
Tulv

167
168
167
167
167
167
167
167
168
168
168
170
171

103
102
102
102
102
103
103
103
103
103
103
103

104
lOi
104
104
104
105
105
105
105
106
106
106
106

581
653
707
2
901

Netherlands
(1926-30
= 100)

Switzerland
(July 1914
= 100)
(1935^100)
Sweden

237

106

U26

144

161
180
178
186
193
238
251

65
63
63
62
64

i 92
i 90
i 96
100
102
114
111
115
146
172
189
196
196

96
91
90
90

134

1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

Italy

70
63
62
68
76
89

95
99
116
132

278
311
329

3

76
72
74
88

96
111
107
111
143
184
210
218
223
224
224
223
223
222
221
221
221
221
221
221
^222

198
197
196
195
195
195
195
195
195
196
196
197
197

119
118
118
118
118

P Preliminary.
I Approximate figure, derived from old Index (1913=100).
* Average based on figures for 5 months; no data available since May 1940, when figure was 919.
5 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 P R I C E S - G R O U P S OF COMMODITIES
Ilndexs for groups included in total index above]
United States
Year or month
Farm
products

Foods

United Kingdom
(1930=100)

Canada

(1926=100)

1926=100)

Other
Farm
commod- products
ities

Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods

1926

100

100

100

100

100

48
51
65
79
81
86
69
65
6S
82
106
123
123

61
61
71
84
82
86
74
70
71
83
100
107
105

70
71
78
78

48
51
59
64
69

55
57
64
66
71

70
70
73
73
74
81
78
75

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

124
123
123
123
124
126
126
127
127
129
130
130
129

106
105
104
104
105
106
105
105
105
106
107
108

99
99
99
99
99
99
99
99
99
99
99

Industrial
products

100

1932
1933
1934
1935
1936
1937
1938....,
1939
1940
1941
1942
1943
1944

Foods

107

80
85
82
81
83
89
96
97
99

100
100

96
103

73
67
75
82
90
99
104

82
89
92
93
94

102
101
101
103
103
103
104
105
105
105
105
106
p
108

104
104
103
103
103
104
104
105
105
105
105
106
*107

93
94
94
94
94
94
94
94
94
94
94
94
P94

161
159
157
156
156
157
156
157
156
156
156
160
161

84

IndusIndusAgricul- trial raw trial fintural
and semi- ished
products finished products
products
129

SS
83
85
87
92
102
97
97
133
146
158
160
158

87
74
64
67
71
83

Germany
(1913=100)

130

150

85
87
90
90
96
112
104
106
138
156
160
164
170

91
87 '
96
102
105
105
106
108
111
112
115
119

89
88
91
92
94
96
94
95
99
100
102
102

118
113
'116
119
121
125
126
126
129
133
134

170
172
172
172
173
173
173
173
174
174
175
175
176

125
124
122
122
122

102
102
102
103
103

136
136
137
137
137

135

v

Preliminary.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.

98Z




FEDERAL RESERVE

BULLETIN

PRICE MOVEMENTS I N PRINCIPAL COUNTRIES—Continued
RETAIL EOOD PRICES
,
COST OF LIVINC
[Index numbers]

Year or month

United
United
Can- K i n g States
ada
dom
(1935-39 (1935-39 (July
= 100)
=100)
1914
= 100)

1934 .
1935 .
1936 .
1937.
1938.
1939.
1940.
1941 .
1942.
1943..
1944.,

100
101
105
98
95
97
106
124
138
136

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

137
138
137
136
137
137
137
137
136
137
139
141
142

94

[Index numbers]
Ger- Nethermany lands
1913-14 (1911-13
= 100)
100)

Switzerland
(June
1914
«100)

Year or month

United
United Can*
KingGer- NetherStates
ad a
many lands
dom
(1935-39 (1935-39 (July (1913-14 (1911-13
= 100) «100)
1914
«100) -100)
t-100)

93
95
98
103
104
101
106
116
127
131
131

122
125
130
139
141
141
164
168
161
166
168

118
120
122
122
122
123
128
129
132
134

132
132
131
131
132
130
130
131
131
131
132
133

169
170
169
168
168
168
168
168
168
168
168
170
176

146
143
137
136
136

124
US
120
127
130
130
2140

115
114
120
130
130
132
146
175
200
211
215

1934.
1935.
1936.
1937..
1938..
1939..
1940.,
1941.
1942..
1943..
1944.,

96
98
99
103
101
99
100
105
117
124
126

96
96
98
101
102
102
106
112
117
118
119

141
143
147
154
156
158
184
199
200
199
201

121
123
125
125
126
126
130
133
137
139

217
216
215
215
215
215
216
216
216
216

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

126
126
127
127
127
127
127
127
127
127
128
129
129

119
119
119
119
119
119
119
119
119
119
119
120
*120

201 '
202"
202
201
201
. 201
202
202
202
202
203
204
207

146
144
11
4
140
141

nn

140
136
*132
137
139
140
3148

Switzerland
(June
1914
-100)
129
128
130
137
137
138
151
174
193
203
208
209
208
203
208
208
208
209
209
209
209
*210
P2!0

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.
3
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks

Bonds
United
States
(derived
price)1

Year or month

Number of issues

United
Germany
Franco
Kingdom
(December (1938-100)' (average
price)*
1921«100)
87

15

50

1938.
1939.
1940.
1941.
1942.
1943..
1944.

111.1
113.3
115.9
117.8
118.3
120.3
120.9

121.3
112.3
118.3
123.8
127.3
127.8
127.5

100.0
114.2
•114.2
»143.4
146.4
146.6
150.5

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

121.3
121.2
121.2
121.1
120.9
121.4
121.6
121.9
122.7
122.9
122.3
122.1
122.3

127.3
127.2
127.6
127.9
127.9
128.1
128.5
128.7
128.7
129.3
128.1
127.8
128.3

151.9
155.6
150.9
154.3
151.9
152.3
153.8
154.2
154.4
153.1
153.8

i

*

fa

Netherlands*

(1926=100)

NetherFrance
lands
(1938=100)5 (1930«100)

United
Kingdom

300

100

88.2
94.2
88.1
80.0
69.4
91.9
99.8

80.8
75.9
70.S
72.5
75.3
84.5
88.6

100.1
94.1
114.6
136.8
142.1
145.0

100
112
•140
•308
479
540
551

95.8
89.7
«95.0
129.0
131.5
151.0

104.3
102.7
100.7
103.5
102.7
104.7
108.4
113.0
111.8
114.4
118.2
120.7
118.4

90.3
90.6
88.8
89.1
90.1
90.1
91.0
90.6
91.1
92.0
92.8
92.8
93.7

145.5
145.1
145.0
145.2
145.2

627
656
548
539
527
489
512
505
498
469
414

402

• 139
99.9
99.0
100.7
103.0
•103.3

United
States*
(1935-39
= 100)

105.9
90.9

m.9
84.3
94.7
98.5

278

i r , f r*nt 20 vear bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds.

ra a a roJ^^^W^^^^&^
n

°U^ °f bOth ^

*** ^^^ *

"

**

ilislics, Table 130, p . 475, and Table1133,, p. 479
j
. ^ of e a c h m o n t h < T ^ b e r o f b d s
- , uu*ttu«t u* ne Ministry of National Economy with ^ basei ot 1W» f 0 c k s remained the same. For complete information on the composition
included in the newLindex was increased to 5C' (formerly36) ,whri^the ^ e r o o s tstocks r a
^
^
^
^
pp ^
tive^_
For
of the bond and stock indexes see "Bulletin de la S ^ S ^ t i ^ ^ ^ S to Statistfque Generale" for October-December 1944 pp. 274-276.,
back figures for both indexes from 1938-1941 on a ^ f f i d J S a t S i c^ the average price have all borne interest at 4 ^ per cent. Tne series prior to that
• Since Apr. 1, 1935, the 139 bonds included mithe ^ » a t i e « o^i n e ^ g ^ / ^ c j ^ e d b t h e calculation bore interest at 6 per cent.
. . . . .
date is not comparable to the present series, P r m « P a V j . ^ U S i 9 2 ^ 1 9 3 6 1929 =* 100; average yield in base year was 4.S7 percent. For new index beginning
'Indesesojrecipro^^
^ ^
^ ,
^ te w .
* i; no data available May-Sept.
jascu UJJ ijyuica lyi XM IIJWUmaj no data available Jan.-Feb.
3; June 1935, p. 394; and February 1932, p. 121.

SEPTEMBER. 1945




983

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman

M. S. SZYMCZAK
JOHN K. M C K E E

RONALD RANSOM,
t

Vice Chairman

ERNEST G. DRAPER
R. M. EVANS

ELLIOTT THUISTON, Assistant to the Chairman

CHESTER MORWIX, 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
WOODLIEP 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

FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR., BOSTON DISTRICT

Vice President

CHESTER MORRILL, Secretary

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,
S. R. CARPENTER, Assistant Secretary

JOHN C. TRAPHAGEN,

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. StENKiEWicz, Associate Economist

E D . 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. GOLDENWXISER, Economist

C. 0 . HARDY, Associate Economist

ROBERT G. ROUSI, Manager of System Open Market
Account

984




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 Viet President

Vice Presidents

Boston

Albert M. Creighton
Henry S. Dcnnison

Ralph E. Flanders
William Willctt

E. G. Holt
J. C. Hunter*

Carl B. Pitman
O. A. Schlaikjer

New York.

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. Roclsc
Robert G. Rouse
J ohn H. Williami
Willis
R. B. Wiltse -

Alfred H. Williams
Frank J. Drinncn

W. J. Davis
E. C. Hill

C. A. Mcllhennyi
C. A. Sicnkiewica

Philadelphia . . . Thomas B. McCabe
Warren F. Whitticr

v°

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

Richmond

Robert Lassitcr
W. G. Wysor

Hugh Leach
J. S. Waldcn,Jr.

Geo. H. Keescd
E. A. Kincaid

R. W. Mercer
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. Schucsslcr

Chicago

Simeon E. Leland
W. W. Waymack

C. S. Young

Allan M. Blacki
Neil B. Dawcs
J. H. Dillard
Charles B. Dunn

E. C. Harris
John K. Langum
O. J. Nctterstron
A. L. Olson
Alfred T. Sihler

St. Louis

Wm. T. Nardin
Douglas W. Brooks

Chester C. Davis
F. Guy Hitt

O. M. Attcbcry
Henry H. Ed mis ton

Wm. E. Peterson
C. M. Stewart

Minneapolis....

W. C. Coffcy
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. Ziemer

O. P. Cordill
L. H. Earhart
C O. Hardy

John Phillips, Jr*
G. H. Pipkin
D. W. Wooltey*

R. R. Gilbert
W. D. Gentry

E. B. Austin1
R. B. Colcman
W. J. Evans

W. O. Ford
W. H. Holloway
L. G. Pondrom

Wm. A. Day
Ira Clerk

C E. Earhart
J. M. Lcisner1

H. N. Mangels
H. F. Sladc

Kansas

H. G. Lccdy
City.... Robert B. Caldwell
Henry O. Koppang
Robert L. Mchornay
Jay Taylor
J. R. Partcn

Dallas.

San Francisco... Henry F. Grady
Harry R. Wcllman

OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of

Chief Officer

Branch

New York
Cleveland

I. B. Smith*
B. J. Lazar*
J. W. K6ssin«

Buffalo
Cincinnati
Pittsburgh

Atlanta

P. L. T. Beavers*
Geo. S. Vardeman, Jr.*
Joel B. Fort, Jr.*
E. P. Paris*

Chicago

Detroit

E. C Harris*

St. Louis.

Little Rock
Louisville
Memphis

A. F. Bailey*
C. A. Schacht*
W. H. Glasgow*

1

Also Federal Reserve Agent.

SEPTEMBER

1945




2

Cashier.

8

Also Cashier.

Branch

Chief Officer

Minneapolis..,

Helena

R. E. Towlc*

Kansas City...

Denver
Oklahoma City
Omaha

G. H. Pipkin'
O. P. Cordill*
L. H. Earhart1

Dallas.

El Paso
Houston
San Antonio

J. L. Hermann1
L. G. Pondrom1
W. H. Holloway*

San Francisco.

Los Angjelet
Portland
Salt Lake City
Seattle

W. N. Ambrose*
D. L. Davis*
W. L. Partner*
C. R. Shaw*

W. R. Milford*
W. T. Clements*

Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans

Richmond

Federal Reserve
Bank of

* Managing Director.

B

Vice President.

6

Manager.

985

CO

FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES

BOUNDARIES OF fEDCRAL RESERVE OtSTTOCTS

s




BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF T H E FEDERAL RESERVE. SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES

BOARD OF GOVERNORS OF TML FEDERAL RESERVE SYSTEM