Full text of Federal Reserve Bulletin : September 1945
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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, re. $2.60 per annum or 25 cent* per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1,50 for 12 months. 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 f1On«an«&cmc ^ umt °off, T'Tf finished war 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 declined almost continuously. By July various nonagricultural lines, adjusted for 1945, it was 18 per cent below the wartime seasonal influences, is shown in the chart. 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 reDe- Total spond- War Time de- mand liquid1 deents bonds posits posits assets 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 95 5 5 12 23 53 68 » 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 De- Some War Time de- mand liquid1 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 41 '423 31 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 All classes.. 87 61 69 103 108 42 32 40 76 86 99 100 100 42 69 79 96 100 AH classes Number of respondents 88 37 49 36 11 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 •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. 6 12 22 10 4 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 All purposes Number of cases Douglas County farm 357 100 100 184 156 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 2use asset for: Number of rePerPer- spondDurDurLux- able ma- Lux- able manent uries uries goods nent ents goods 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 6.4 2.2 3.3 • 5.3 6.7 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) 1919 . . 1920 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 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 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.c r cThe rate of saving rose, indeed, from 8/4 P 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 FEDERAL RESERVE BULLETIN ANNUAL REPORT OF THE DANK FOR INTERNATIONAL SETTLEMENTS 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 FEDERAL RESERVE BULLETIN 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 FEDERAL RESERVE BULLETIN 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 ~~J Holland. U«II—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 15 per cent below the pre-war (1913-14) {;evel (and the same was true as regards 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 forr imports imports of raw materials and foodstuffs; 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 . 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) Country 1940 second halfyear 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. Occupation costs paid 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 +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 and other nondurable goods industries declined month of high level production for war, was 2.12. slightly. per cent of the 1935-39 average, according to the 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 rate, while output of crude petroleum continued Japan most munitions contracts were cancelled, to increase and was in record volume. and as a result it is expected that munitions outContracts 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 TreasdeFedury Treas- ury Money posits Noneral curury in cirmemwith Rerency culacash Federal ber deserve 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 ] Maturity Treasury bills1 Bankers' acceptances:2 1- 90 days 91-120 days 121-180 days Rate on Aug. 31 In effect beginning— H Apr. 30, 1942 1 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 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. 2 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 Percentage of loan guaranteed 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 E4 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. " in same as those in effect for member banks. Under Reflation same as those in effect for member banks. W ^ « , » S S n S e marim"* bl b b b k may y not eed tn payable by a member bank not in in aany event exceed tne m 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 S* 24 22 20 10 15 10H & 20 20 20 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 guaranteed securities. 22,357,542 22,295,659 21 ,868. 538 211,909,675 21,876,794 21,569,579 21 ,613,404 21,544,446 22,529,958 21,716,864 5,805,889 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 1,791,150 3,876,011 4,099,965 4,956,010 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] 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..^ New York St. Louis Minneapolis Kansas City Balks San Francisco 905, 2923 ,443,993 924, 4503!i, 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 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' 1,046,387 626,424 1,062,427 471,478 468,164 452,972 453,689 449,781 295,688 296,047 287,487 287,924 265,062 595,494 428,516 1,.,079,850 161,597 594,437 447,312 11 178,963 584,459 448,555i .,180,489 449,2041 585,203 ,243,416 604,811 4 5 11,5641. ,-" 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 ,113,1.590 3,S.003, 719 1,442, 902 1,128,1,762 3,1,061, 966 1,444, 1 8 5 1 ,120,1,8323,1,073, 918 1,446, 4 0 4 1 ,119,013 3;1,078, 624 1»467, 150 1 ,126,790 3,[,152, 938 11,027,465 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 5 8 1 ~8751 " ,061,008 840,794 2,1,222,960 869/>,008 2,',318,131 J,318,537 2; 871,[,598 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 1,132,890 3,245,638 ,487,"" 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,,542,!,O35 21,399, 0112, ,190,657 6,,899,289 11,403,148 2,582, 133 3,,567,,609 2!,423, 128 2,,240, 194 6,924,783 11,227,104 "!,566,931 3,553, 754 2,432,495 1,432, . . 2,,239,933 6,985, 774 11,246,810 2,\ss$,— 1,276 7,067,585 485 3,,553,956 2,484,730 2,,302,^ ,124,351 11,383,1,518 2 289 3;,592,541 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 ,787,243 554,559 I,,371,112 4,254,527 170 4,,269,206 566, 696 1,395,"" 582,654 1,403,650 4 ,296,424 246 4,313,83' 5 9 6 525 , " 1,406, 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 2,957,945 593,982 982 2,970,63^ 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, 601 333,972 343,918 329,4V 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 5,182,506 523 ^,061,198 2 506 1,556,523 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 2,365,475 733,"916 2;,410,890 :, 432,797 775, 755 2, 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 2,373,1,793 2,1,169,532 6,,827, 776 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 1".,733,333 1,766,110 1',768,537 ,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 11,225,,745 2,536,747 3,517,465 2,394,*"" 392 3,,503,433 2,394,557 11,049,028 2,521,""" 2,383,912 11,068,398 "!509',830 3i,503,477 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, 289 992 3,:,542, 035 2,399,011 2,190,. 2,429,609 11,403,,148 2,1,582,133 3,567, 609 2., 4 2 3. ,128 — 2, 2,240,i, 194 6, 924,783 2,430,082 11,227,,104 2 ,566,931 3,553, 754 2,432,495 ,432, 2,239,933 6, 985,774 2,419,562 11,246,>,810 2 ,555, 485" 3,553, 956 2,484,730 ,484, 2,302,!,276 7 067,585 2,469,535 ",383,518 11 2;1,603, 1,096 7, 124,351 ,592, 541 2, ,913 2,260,1 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, tO16 937, 860 1,728,085 1,372,465 J,O49 ." 942, 200 1 ,755,090 1,402,551 5,082,609 936 1,,409,332 5,080,419 953,903 1,751,— 5,096,379 1 960,062 1,784, 766 .,428,969 964,764 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 1,592,035 035 2,088,554 1,494,447 5,316,779 1,602,4577 2,102,514 1,508, 4815 '" 1,345,"446" 1,616, 7912 ,120, 872 ^ 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 «.„„„, 4 ,319, 589 1,011,614 1,427,',457 1,029,387 ,327, 1,438, 807 4,327,898 •-""-• 1,027,211 1,447,,754 4 ,363,781 204 1,452,839 4 ,375,821 1,039,204 1,462,131 4,402,""" 403 1 ,041,621 630,000 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 1 ,100,000 900,000 ,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 . 5 2 61,725 .~ " 55,477,075 ,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 666 881,527 614,907 3,087,080 518,__. 3,090,559 ;524 6201617 <- . 520,160 900, rt 625, 930 3,092,579 " " 313 ~" O897,959 " ,479 625, 395 3 ,100,878 525;787 900,479 907 906,134 624, 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 ,574,000 300 000 173,000 280,000 280,000 164, 164,000 1 ,574,000 300,000 173,000 280,000 280,000 164, 164,000 1 300,000 173,000 280,000 164,',000 1,574,000 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 ,600,000 000 460,000 1 832,620 350,1,000 650, 000 485,0001 600,000 839,645 350, 645 350,000 650, 600,000 843,117 360,000 650, 000 485,000 1 600,000 000 485,000 1 832,631 360,000 650,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 pations out- 2 ments Wednesday or but not outoutcom- standing standing last day of standing pleted^ (amount) (amount) (amount) period) 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 26,430 17,305 1943 June 30... Dec. 3 1 . . . 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 MEMBER BANK RESERVES AND BORROWINGS (Averages of daily figures. In millions of dollars) 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] July 1944. June 1945 . July 1945. Boston New York. .., Philadelphia. Cleveland.... In places of 15,000 and over population In places of under 15,000 population Demand deposits except interbank 2 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 deDemand Net deposits3 mand deadjusted 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 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 Large denomination currency1 $10 $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 5,706 23,292 16,410 1,092 921 75 6,884 1,780 3,642 502 929 2,053 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 5,983 81 987 7,730 1,996 4,153 990 555 24 10 2,150 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 4,266 2,088 965 550 23 9 1 2,132 March 6,238 26,189 18,353 1,180 957 73 7,837 2,126 4,210 932 527 33 9 1 2,151 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 73 2,215 981 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 *2 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury 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 86 52 15,165 121 2,258 2,279 2,346 15,165 15,239 16,008 July 31, 1945 June 30, 1945 July 31, 1944 52 22,867 3,827 54 18,951 3,694 2,815 729 230 52 23,139 3,917 127 125 105 181 15 4 22 5 1 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 19,945 19,924 20,684 Money held by Federal Reserve Banks and agents 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 other2 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. 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.. 1945—January... February. March.... April May June July August... 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 20,243 19,944 +437 20,428 20,635 20,964 21,312 21,822 22,296 22,580 22,988 23,525 24,112 24,738 25,207 20,367 20,635 21,027 21.484 21,976 22,408 22,625 23,104 23,572 24,112 24,664 24,957 +423 +268 +392 +457 +492 +432 +217 +479 +468 +540 +552 +293 25,243 25,527 25,850 26,009 26,351 26,561 26,918 27,392 25,167 25,527 25,928 26,219 26,537 26,694 26,972 27,530 +210 1934=. 1935.. 1936.. 1937.. 1938.. 1939.. 1940.. 1941.. 1942.. 1943.. 1944 . --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. Gold stock at end of period 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 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 p ^20,088 <*) *-64.6 Aug p 4 18.8 5-329.8 20,0S8 P-531.1 ( ) 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 other1 reporting centers centers^ Annual rate of turnover of total deposits except interbank New York City 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 Debits to demand deposit accounts except interbank and Government Annual rate of turnover of demand deposits except interbank and Government New York City 100 other leading cities New York City 100 other leading cities 204,831 193,143 164,945 167,939 167,373 193,729 200,337 202,267 215,090 186,140 200,636 217,744 270,439 308,913 258,398 298,902 369,396 403,400 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 End of month Total deposits adjusted 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 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: 1934-39 1940 1941 1942 1943 1944 .... 1945—Jan.-Aug 1 » . National 291 15 22 8 9 4 1 0 1 4 Deposits of suspended banks (in thousands of dollar*) : 2 125,991 1934-39 1940 1941 1942 1943 1944 1945—Jan.-Aug Member banks 5,943 3,726 1 702 6,223 405 0 Nonm ember banks State 6 2 14,616 256 3,144 4,932 26,548 Insured Noninsured 189 81 IS 3 6 2 1 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. *1 Preliminary. 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 exclu reciprocal bank balances, which on Dec. 31,1942 aggregated 513 million dollars at all member bants anu lionn at all insured commercial banks bank _. 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. 312 1941—Dec. 31 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 16,021 18,394 21,258 18,903 18,841 20,729 21,352 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 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 34 102 102 163 70 54 52 32 52 130 163 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 43 42 48 1,230 1,436 1,527 1,486 1,420 1,385 777 1,379 63 84 96 62 45 49 45 18 14 40 34 50 34 1,101 1,322 1,512 80S 658 650 660 312 301 350 313 5,072 7,527 8,823 13,841 15,566 17,190 18,243 17,681 18*687 1,430 1,681 1,806 3,141 3,550 4,060 4,258 4,199 4*480 1,114 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 ZJ,OU4 i'l47 '1*378 "'757 " 3 1 5 41,1UO 29,417 it lfii 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 59 297 256 397 **637 199 877 367 1,038 291 145 153 391 484 903 1,282 250 1,045 587 779 1,602 1,665 1,809 127 1,253 814 1,936 57 103 295 1,441 1,802 1,914 1,704 2^253 4,691 5,586 5,730 887 902 33 740 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 •735 ir 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 Class of bank and call date Reserves with Federal Reserve Banks 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 fied viduals, U. S. States ernand • and partner- Inter- ment and Gov- politics politoffiships, ern- subdi- cers* and cor- bank and ical, ment visions checks poraPostal subdiSavvisions 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 "io3 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.... J Total 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 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 1,284 653 332 230 193 686 1,153 349 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 1,177 336 317 326! 983 970 956 910 3,063 300 307 347 362 397 ,203 ,338 ,394 ,524 [une iune une une 2,983 3,080 3,033 3,113 3,163 141 146 162 174 182 2,208 2,235 2,232 2,241 409 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.... 2,309 i,46; Total CerOther tificates Guar- secuof in- Notes Bonds an- rities debtteed edness 346 350 365 388 397 New York City 1944—July May 30.... Investments U. S. Government obligations 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 °n^V- y°Tk Clty a r ? *h£*n 'llP*. immedia t cl * preceding table, and for the city ofof Chicago in this table. The figures for the New York and pi?"* Chicago Districts, as shown in this table, include TNew York City and Chicago, 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 1,034 993 386 389 391 393 395 3,838 3,892 3,786 3,801 3,842 120 109 109 120 100 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 Interbank deposits Domestic banks States U.S. Bor- CapBank Govand row- ital ernac- debpolit- ment For- ings count* i^ ical eign and sub- Postal banks De- Time divi- Sav- mand sions ings 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 July September October November December ..... 1945^—Tanuarv February March April May June July 1 2 8 ..... Own bills Bills bought Others Exports from United States Imports into United States 2 126 113 112 110 110 111 115 115 129 96 151 137 143 141 141 142 167 166 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 12 10 11 12 10 11 13 14 14 162 157 147 119 103 101 107 130 126 128 117 104 107 117 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 13 12 11 10 9 10 9 172 1944—April May Based on Dollar exchange Goods sto red in or shipped pom sin United States (/ 33\) (') (3\ 8 ?! * » Foreign countries 30 28 24 24 22 19 21 24 25 7 4 3 25 24 25 24 22 20 22 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 5ances. 3certifi- 3-to reyear 90 month3 cates taxable newdaysl bills of indebted- notes ness 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 11 1937 average 1 1938 average 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 Year, month, or week 7 to 9 years 15 years and over Taxable Partially tax exempt Corporate (Moody's)4 Corporate Taxable By groups By rating SSfo 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 100.35 100 40 100.29 100.26 . . . 100.34 136.5 136.2 135.5 135.2 135.5 121.2 121.2 121.1 120.9 121.4 100 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 May Tune. jAugust. SSr..........::;:.. Week ending: Tulv 28 Aug. 4 Aug. 11 Aug IS Aug 25 Industrial Total 114.8 114.5 115.5 115.9 116.9 1945— Tanuarv February March . . 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 agen-1 cies 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 21 5 50 25 32 43 27 62 101 157 1 212 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 26 119 119 28 88 90 15 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 *.... 1944—January February March April May June July August September October November 1945—January February March 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 3 3 78 8 9 29 8 9 29 2 45 21 134 189 36 52 82 2 4 21 19 10 2 4 61 30 140 28 58 24 58 26 149 498 259 10 119 108 May June July 120 54 558 110 30 319 361 47 160 606 338 54 182 1943—December 21 57 139 228 24 85 115 253 32 46 106 12 97 186 108 15 114 500 18 41 115 179 35 48 82 65 60 124 137 184 30 331 119 96 360 75 14 18 346 57 105 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 3 2 4 1 33 3 21 2 1 1 6 2 1 42 1 2 1 17 7 16 10 18 4 15 2 2 40 72 152 7 7 19 4 20 7 1 5 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. pro rofits'* and "net income" refer to income after all charges and taxes and before dividends. 11 Net profits ?S V l ,?.. covering about 95 per cent of all railroad operations. ai ra lroad a £—:— i AA J TJ—i **".**w**":*p.W¥t**"o auuut ?j per tcui 01 aii rauroaa operauons. cc lleeccttnr ci c utlI *ttes coveri b u t 95 ll electric l i power operations. ti Fi 4 Tniiw i . utilities, covering about 95 per centt off all 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 Year of maturity 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 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. Govern- FedMuTotal ment Com- tual Insurout- agen- eral ance Remercial stand- 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. Govern- Fed- Com- Mu- InsurTotal ment tual out- agen- eral Re- mer- sav- ance Other stand- 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 7,879 879 18,167 22,097 21,873 7,817 18,073 . 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 pendi- expend- cit acties counts, 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 3,827 3,540 5,113 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 - 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 ManufacMisCapi- Estate Alcoholic To- Stamp turers' and beverand cellatal bacco taxes retailers' gift neous stock age taxes taxes tax 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 2,507 260 377 32 28 2 3 35 354 17 132 1,604 1,632 1 756 1,619 437 424 388 375 43 37 22 15,755 16,237 16 734 20,164 952 21 97 21 1 290 1 26 8 58 3 261 75 • 768 10 68 3 7 91 (2j 1 3 213 48 1 231 72 43 186 121 224 1 1 8 450 3 3 263 386 654 519 468 2 3 4 1 50 7 16 28 2 () 46 125 89 60 26 100 1,005 9 118 9 1 536 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 (2) 9 266 58 498 504 451 459 14 25 8 • 16 (*) 836 7 25 12 " " 2 8 2 6 272 840 7 214 28 334 21,771 23,857 23,510 27,266 219 67 '"(')" 7 /2\ 7 7 1 (2) • • • ( • ) " • 1,034 68 6,398 4,196 4,962 4,162 1 3 10 1 14 150 502 1,204 1,395 1,263 1,163 (2) (3) 4 33 20 39 1,565 1,537 1,124 1 2 (*) 56 1 333 160 155 15 63 22 118 11 1,813 1,419 1,913 1,811 2 g 6 2 44 25 11 1,421 1,692 1 001 772 20 161 64 7 23 10 3 Bonds, notes, PriU.S. and debenLand, Govern- vately tures payable struc- Undisowned Other ment 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 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. ReconFed. inter- Banks Com- Rural Farm Home Fed. Fed. struc- RFC Fed. Farm Elec- Secu- Own- Public home medifor cotion affilimodity land ers' Hous- loan ate_ opera- Credit trifica- rity Fibanks Mort. ates tion Adm. Loan Corp. credit tives Corp. nance banks Adm. 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 1,134 327 295 135 39 377 498 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 11 50 166 1 2,971 1,027 3,037 1,149 222 33 64 21 104 243 201 281 226 16 49 93 1,409 5,789 (2) 965 72 ExAll portAll agenIm- other cies port Bank 143 13 354 952 290 290 132 Mar. 31, 1945, all. agencies 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 1923....;... 108.4 84 100.6 81 72 105 86 88 103 121.9 142 93.8 101.2 1924 94 98.1 95 69 105 94 82 95 122.2 139 97.1 106.6 1925 122 103.5 125.4 124 76 HO 120 92 90 107 146 98.9 109.9 1926 129 100.0 121 79 113 135 100 126.4 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 89 142 133 125 105.2 117.5 149 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 16 186 140 125.5 127.5 61 1944 140 "235 PS53 mi "233.4 1942 125.9 151.9 151.0 236.2 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 300.0 169.6 170.5 131.6 145 135 198 125 163 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 32 103.8 177 358 238 237 124.8 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 35 103.1 178 365 245 242 123.4 216.7 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 34 103.0 179 374 249 247 124.4 219.3 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 166.7 166.1 334.6 127.7 139 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 164.1 165.6 330.3 127.3 142 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 161.0 161.7 330.3 125.7 137 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 160.7 161.0 331.8 125.7 137 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 15S.4 118 325.5 158.0 72 142 220 105.3 126.8 126.7 15 176 345 235 -232 244.1 March 141 112 r 125.1 155.5 154.8 r317.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 PH3.4 P83 "56 105.9 129.4 218 P213 P242.3 July ^122.3 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. | Feb. | Mar. | Apr. I May I June I July June | July | Aug. | Sept.| Oct, | Nov. | Dec. 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 Durable Manufactures Iron and Steel Pig iron Steel Open hearth., Electric Machinery 225 240 323 354 347 348 342 344 341 343 345 346 345 336 204 202 203 202 206 201 198 197 202 210 206 204 198 225 183 526 196 222 184 491 198 224 183 512 196 222 183 502 197 225 187 492 192 218 186 453 190 215 181 456 188 219 176 526 192 226 180 552 198 234 189 561 188 232 184 573 190 229 182 T 567 442 435 434 427 428 422 431 431 436 431 419 r 716 704 707 695 704 699 709 706 695 676 651 H10 228 223 229 226 .229 230 235 235 242 236 231 r 263 244 245 238 233 234 229 253 257 263 r 187 191 193 r 405 220 mi 233 P 223 308 P292 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. e l t g and refining Smelting Copper smelting; Lea refining; Zinc smelting; (C (Copper lti Lead Aluminum; Magnesium; Tin)* Alumi M i Ti)* Fabricating (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)' Lumber and Products. Lumber..., Furniture., 253 246 226 205 200 191 268 243 252 252 246 252 247 280 284 296 127 124 127 120 120 122 122 126 123 121 Textile fabrics Cotton consumption Rayon deliveries Nylon and silk consumption 1 ... Wool textiles Carpet wool consumption... Apparel wool consumption., Woolen and worsted yarn.., Woolen yarn Worsted yarn Woolen and worsted cloth.. Leather and Products., Leather tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers.... Sheep and Iamb leathers.. Shoes Manufactured Food Products. 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 r Revised. * Preliminary. 938 1 T 118 115 PUS 104 137 H36 165 P169 162 163 166 167 r 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 36 233 147 153 139 161 115 116 114 113 121 122 180 60 222 86 124 182 294 169 66 204 88 122 181 295 165 66 200 86 116 175 302 174 64 212 88 115 179 292 169 165 168 168 169 145 139 141 147 146 135 141 196 129 139 193 132 140 189 137 148 196 148 49 196 163 166 159 163 131 41 185 144 148 138 144 140 47 193 154 163 141 153 115 105 112 121 113 124 85 84 141 117 113 126 78 81 144 100 108 118 82 77 144 114 120 132 92 • 80 157 122 149 117 153 153 147 146 110 113 116 113 111 119 161 176 140 196 135 112 141 160 169 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 1r 1 5 132 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 82 146 149 184 179 169 197 138 191 125 234 163 187 65 230 84 127 180 297 175 219 127 160 134 119 272 109 140 161 173 225 121 117 125 r 110 144 159 152 185 291 112 146 165 P153 93 158 180 r 2183 188 194 118 142 109 143 Nondurable Manufactures .. 248 111 142 111 139 114 143 r 108 '138 118 146 •162 Glass products Plate glass Glass containers, Cement Clay products Gypsum and plaster products.... Abrasive and asbestos products.. Other stone and clay products*.. Textiles and Products., 267 186 118 144 168 Stone, Clayt and Glass Products., 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 Other manufactured foods .. Processed fruits and vegetables Confectionery Other food products Alcoholic Beverages 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 Dec. Jan. Feb. Mar. Apr. May June July 154 136 147 160 153 130 135 162 148 112 123 162 147 121 115 159 150 139 118 158 155 145 128 162 159 146 138 165 162 162 137 167 165 163 143 170 169 180 151 169 168 170 156 169 161 149 151 165 154 P 149 136 129 163 ^160 119 128 186 156 166 184 169 213 170 148 144 136 139 193 140 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 57 318 147 199 448 293 121 122 126 124 120 135 131 121 123 123 120 128 139 128 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 96 234 138 134 158 111 118 149 127 77 137 156 118 92 231 135 134 159 113 116 149 127 84 139 165 126 96 245 142 135 158 111 116 149 132 81 138 158 111 97 238 136 135 160 106 120 150 130 81 132 150 115 97 212 133 129 145 93 125 156 125 85 132 152 111 95 214 137 129 153 85 119 147 128 76 134 156 113 98 227 139 130 152 87 125 143 127 83 137 157 113 101 227 139 134 157 84 127 148 133 82 136 160 114 103 234 141 132 158 79 126 144 129 80 136 160 108 103 236 140 133 161 78 125 141 132 80 137 160 116 103 236 138 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 Fuel oil Kerosene July Aug. Sept. Oct. Nov. Products—Continued ..* 252 136 164 131 130 172 164 463 Coke Industrial chemicals. 138 138 237 411 247 251 258 266 268 268 273 276 272 259 264 272 281 283 283 289 292 287 268 284 145 167 136 120 r 137 164 125 128 138 159 125 126 141 162 132 126 140 167 135 124 144 165 136 124 141 165 133 119 143 171 133 123 150 174 126 126 145 166 134 172 164 442 171 164 419 168 162 389 170 164 384 170 164 367 167 163 296 167 162 334 168 163 367 164 387 314 314 307 307 307 312 317 318 319 318 318 319 142 134 237 408 143 132 240 408 139 131 237 400 139 129 239 395 141 133 242 394 141 137 242 396 142 136 244 396 140 136 241 400 131 171 139 135 244 402 161 157 284 135 134 241 405 131 134 240 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 Rubber Products Fuels Coal Silver 228 227 231 230 231 231 239 247 m 158 128 143 144 151 118 142 148 154 124 146 147 151 129 149 149 152 133 148 149 155 126 148 132 138 109 146 140 151 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 117 114 113 111 112 111 111 111 111 111 110 110 181 178 175 175 171 170 168 170 170 170 169 167 168 25 72 24 67 23 63 22 57 58 22 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. 236 235 Mar. Apr. 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>292 248 251 249 354 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 Nnnferrous Metals and Products (Copper smelting, Lead refining, Zinc smeltFabricating (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium Stone Clay, and Glass Products Cement r 198 225 183 526 196 222 184 491 198 224 183 512 222 183 502 197 225 187 492 192 218 186 453 442 435 434 427 428 422 716 704 707 695 704 699 709 706 695 676 651 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 248 219 252 244 226 205 200 191 186 187 191 194 189 183 268 243 252 252 246 252 247 280 284 296 272 234 133 130 135 128 125 120 113 113 114 127 123 129 117 109 97 99 97 T 261 r r 194 115 119 r 120 121 P120 101 112 r 138 112 r 137 ^136 T 144 143 146 143 141 142 142 146 144 169 165 167 164 167 163 159 156 156 161 165 186 65 228 90 125 183 174 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 66 118 177 305 177 177 306 300 171 173 173 173 171 170 172 172 171 297 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 .... 135 141 196 145 215 144 152 215 142 150 215 137 143 218 131 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 36 233 147 153 139 161 114 103 111 121 115 118 113 114 125 122 122 111 119 87 85 139 117 107 119 "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 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 Beef Veal P 100 163 112 165 115 129 90 81 153 122 166 123 159 125 225 128 225 249 2*221 107 187 215 P178 91 162 186 P155 82 149 170 ^125 70 134 145 172 225 118 162 193 128 160 129 147 151 140 188 122 148 139 151 215 144 156 150 153 248 151 117 116 127 86 79 153 119 155 126 PI 08 62 117 130 175 195 146 228 142 73 146 113 150 143 141 374 r 108 140 Abrasive and asbestos products 224 291 r 123 139 182 294 ..... 213 252 cars; Locomotives; Ship- Rayon deliveries May J u n e July 250 steel (Aircraft; Railroad 232 Jan. Feb. 132 87 68 140 126 142 91 63 143 125 145 167 166 190 61 236 89 175 43 221 102 r 120 169 295 298 r f p 169 185 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 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 81o 355 137 198 414 346 136 265 44o 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 . . Fuels Coal .. Metals Gold Silver * * • .. •••• *...,.*•*•-.*,, 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 ^412 217 146 143 147 147 144 146 143 147 148 148 148 141 145 146 147 145 143 150 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 146 149 148 143 150 112 148 136 138 131 142 140 151 96 148 142 149 115 143 149 155 126 148 150 150 152 151 148 142 145 138 123 89 68 68 68 72 109 131 130 231 330 222 323 227 336 215 311 188 259 130 133 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 3,387 298.3 302.7 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 Allied Products., and pulp goods, n.e.c boxes 117.2 106 122 115 197.6 218 183 167 186 210 157 193.3 206 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. unary. Indexes for major groups and totals have been adjusted to final 1942 and preliminary 1943 data rnaae available o y t n e imreau ot employment int Security of the Federal Security Agency. Back data and data for industries not here shown are ot 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 r June July 99.5 92 104 99.6 92 104 99.1 216.3 183 110 212.5 184 111 165 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 159.2 165 140 158.8 159.1 172 138 155.9 169 134 153.6 167 131 150.5 139 162.9 177 140 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 r May 1945 June 134.9 116 145 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 3,037 144 170 225 149 203 184 164 225 341 267 351 228 293 259 157 212.4 205 183 215.5 208 188 222. 216 192 223.9 221 182 283.3 283 248 281.4 279 251 279.7 281 245 296.7 302 r 229.5 227 179 r r 226.9 223 186 229.5 224 280.6 289 244 284.2 294 243 312.8 996 265 312.3 988 296.4 306 256 265 319.1 320.7 311.6 376.3 322.2 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 Total Durable. Nondurable June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 166.7 228.2 118.3 165.2 225.3 117.9 164.1 224.1 116.8 162.6 220.4 117.0 161.0 217.3 116.6 160.3 215.6 116.7 160.7 216.1 117.0 161.0 216.3 117.3 160.2 215.6 116.5 158.4 212.5 115.8 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 '115.2 MIS.2 r r 129.5 129.7 f 126.6 128.0 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 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 L Ai : the payperiod pay period ending ending nearest nearest the the 15th 15th coff i the month. self-employed establishmentss employed during the - "Proprietors, ' * persons,Jdomestic *"* s e r v a*n t s , ^ personnel 1945 figures figures are preliminary. For back seasonally adjusted estimates see BULLETIN for June 1944, p . ow. of the armed forces are excluded. July 1945 preliminar ted data Bureau of of Labor Lahnr Statistics, StAtUHra Back unadjusted data are are available available from from the the Bureau 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 February ' March April May June July August September October November December Year Public works and public utilities building Factories January 1 Nonresidential building Residential Total Commercial Educational 1944 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 18.8 472.7 80.8 1944 1945 1944 1945 1944 159.2 137.2 176.4 179.3 144.2 163.9 190.5 169.3 175.7 144.8 164.9 188.5 140.9 147.0 328.9 395.8 242.5 227.3 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 1945 Other 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 January February March April May June. July August September... October November... December ... Year CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the F. \V. Dodge Corporation. Value of contracts in thousands of dollars] 1945 1944 Federal Reserve district 1943 1944 1945 1943 1944 1945 351 394 340 303 234 230 184 414 175 214 184 252 159 137 176 179 144 164 191 169 176 145 165 188 141 147 329 396 243 227 258 316 364 304 253 192 183 122 351 120 157 135 198 122 109 133 133 98 122 148 125 127 102 103 114 75 74 221 309 148 82 108 1943 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..... ... .... ..... . ... .... Total (11 districts)] 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 9,451 257,691 227,298 190,539 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 • • 13 284 601 537 45 50 46 49 43 37 39 34 30 28 26 24 21 * 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 End of month Savings Insur- FedCom- Mutual eral and ance savTotal merloan cial com- agen-1 Other* ings cies associbanks banks panies ations 1936—Dec. 1937—Dec. 1938—Dec. 365 771 1,199 228 430 634 27 38 56 110 149 41 118 212 5 32 77 27 53 90 1939—June. Dec. 1,478 1,793 759 902 50 71 167 192 271 342 137 153 94 133 1940—Mar.. June. Sept. Dec. 1,949 2,075 2,232 2,409 971 1,026 1,093 1,162 90 100 111 130 201 208 216 224 392 432 480 542 171 182 190 201 127 141. 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 March April May July August September . October November December January-June . 1942 482 483 637 749 728 988 387 385 .330 717 542 650 9R9 1,092 1,003 365 460 425 659 705 732 L.265 L,28O L,269 666 492 653 803 788 883 1,238 1,073 1 2RR 2,086 3,510 1944 1945 1941 1942 1943 1944 1945 1941 1942 1943 1944 1,124 1,107 1,197 ^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 1943 325 303 357 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 P1 Preliminary. Revised. . m 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 Livestock products 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 3,406 3,614 4,343 5,982 7,693 8,343 780 779 689 688 Net income income 589 682 998 1,485 1,362 1,093 93 189 500 902 874 668 91 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 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 94 105 105 110 > 113 114 115 117 108 97 75 73 83 88 100 107 99 106 114 133 150 168 186 Boston New York 95 110 108 112 119 121 123 127 12S 126 128 123 114 90 84 90 92 100 104 100 104 108 126 140 148 162 84 100 96 99 106 110 116 120 123 124 129 126 116 91 86 91 93 101 106 99 101 106 119 128 135 r 150 106 126 120 122 135 134 135 138 133 127 123 118 105 83 80 83 91 102 107 96 104 111 129 143 151 168 84 106 94 95 108 106 109 110 110 110 116 105 93 68 69 81 86 101 111 96 106 114 138 153 167 182 73 81 78 75 85 87 92 96 95 95 96 92 86 63 63 81 87 98 105 101 109 120 144 170 194 214 83 105 90 85 94 91 95 99 100 100 98 91 79 60 62 78 84 97 105 103, 113 123 145 162 204 244 80 S3 93 96 102 106 108 114 116 101 83 67 63 79 86 100 109 98 107 116 135 149 161 176 Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City 105 103 115 114 120 121 119 120 122 110 97 76 72 33 85 97 106 102 111 119 143 158 179 200 H3 126 117 112 120 119 124 119 117 110 110 105 98 79 76 85 90 99 104 101 106 109 122 133 149 165 119 124 123 125 119 117 111 96 74 73 85 39 99 107 100 105 110 127 149 184 205 Dallas San Francisco 93 112 92 86 91 94 98 103 101 103 104 96 81 61 62 76 80 97 105 106 112 117 138 157 212 246 M 80 51 1st. 91 93 99 106 107 110 112 104 94 71 63 77 86 100 106 100 109 117 139 169 200 221 SEASONALLY ADJUSTED 1943—August . ... September,.. ... ... October November ... . ... 166 r 165 r 172 r 177 167 147 145 145 r 150 148 135 133 137 143 133 144 149 154 161 144 164 158 170 178 164 189 196 194 199 197 201 210 222 220 203 161 162 163 164 163 177 171 183 197 172 149 147 148 166 146 174 179 194 210 174 r 193 189 211 212 206 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 259 208 211 219 201 214 210 ••222 221 217 228 253 233 261 271 269 r 256 r 264 r 268 299 247 257 249 219 234 233 256 . ..... July August September October November December 174 175 183 173 r 183 176 r 189 187 r 187 r 193 r 2O5 196 151 148 155 157 164 155 160 158 162 165 r 168 174 135 138 152 141 150 144 149 151 149 152 161 153 159 156 173 161 168 158 169 153 170 163 183 171 169 166 133 166 181 166 191 182 180 190 203 190 202 198 213 200 212 203 r 2l2 214 r 218 227 231 220 224 225 223 221 233 237 262 243 247 260 271 258 164 164 168 166 170 165 178 180 181 185 189 190 182 194 195 173 197 189 208 207 193 215 235 207 160 176 159 157 160 151 165 173 162 158 189 175 207 203 194 131 192 192 212 204 200 215 244 208 r 197 211 220 181 r 188 r 2O2 218 167 166 193 157 160 r 177 183 149 165 189 150 156 169 176 173 189 204 162 170 185 198 136 204 222 174 179 197 220 231 238 250 210 210 235 253 268 274 274 234 243 277 300 184 '202 r 207 168 170 184 197 211 236 235 188 209 220 250 181 208 205 157 162 172 188 241 246 240 199 203 r 218 244 139 174 186 215 273 110 152 161 184 255 99 141 157 182 228 112 152 174 202 256 143 168 182 214 262 155 208 212 252 332 179 218 233 257 336 136 166 174 200 253 152 183 194 224 277 132 166 168 192 224 163 197 203 228 233 183 232 250 269 343 180 197 219 255 325 137 142 170 172 178 163 142 157 196 208 248 320 119 115 144 161 162 144 110 118 170 184 207 300 112 114 139 137 142 133 100 110 158 173 r 206 270 122 123 162 158 161 142 116 123 173 190 231 305 132 133 167 172 179 157 140 159 191 204 244 303 152 159 203 194 211 183 152 177 231 249 294 369 179 194 221 228 228 199 197 216 257 273 317 417 131 131 159 166 170 160 139 151 185 197 231 295 149 153 135 183 197 170 154 178 212 221 268 333 119 122 141 159 162 151 130 154 184 179 213 269 153 161 182 183 194 177 168 191 220 226 264 339 177 200 227 228 228 203 194 220 265 272 314 421 166 178 198 192 200 193 184 202 226 233 299 373 156 171 212 174 183 186 163 132 130 187 156 158 164 126 124 137 176 143 148 156 118 133 149 200 152 163 167 136 145 163 214 171 177 187 161 174 191 250 193 209 207 181 214 236 282 227 238 233 225 147 162 200 165 170 178 154 173 187 233 192 209 198 185 136 144 186 156 164 171 148 178 194 233 195 205 r 200 193 211 239 269 228 248 228 228 197 217 232 205 219 215 212 r May . .... .... . ... .... 1945—January r March April May June July . . ... 2I0 r 217 •"225 r 220 r 212 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 ally of 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 . 18. . . . 124 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 +10 +17 Niagara Falls.. Richmond +8 New York City Cbarleston.W.Va. +19 +16 +15 +16 +20 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 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 -3 —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 1944—June Tniv October •• • December March *.. Accounts receivable at end of month *...*.,«. May July...: Total 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 Loans1 Singlepayment loans2 Charge accounts Service credit Other 7,637 6,839 5,528 4,082 3,905 4,378 5,419 6,771 7,467 7,036 8,008 9,205 9,959 6,529 5,379 5,791 3,167 2,706 2,214 1,515 1,581 1,849 2,607 3,501 3,947 3,584 4,463 5,507 5,984 2,999 2,002 2,084 2,515 2,032 1,595 999 1,122 1,317 1,805 2,436 2,752 2,313 2,792 3,450 3,747 1,494 816 836 1,318 928 637 322 459 576 940 1,289 1,384 970 1,267 1,729 1,942 482 175 200 1,197 1,104 958 677 663 741 865 1,147 1,368 1,343 1,525 1,721 1,805 1,012 641 636 652 674 619 516 459 532 802 1,065 1,195 1,271 1,671 2,057 2,237 1,505 1,186 1,248 2,125 1,949 1,402 962 776 875 1,048 1,331 ,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, stores excluding End of month and autoor year mailmobile order bouses 1929. 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 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 29 515 502 499 510 533 565 636 133 132 132 138 148 162 184 237 234 233 236 244 253 269 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 loan lanking Credit laneous and mercial1 commodernunions 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 Personal instalment cash loans LENDING INSTITUTIONS lEstimates of volume made in period. In millions of dollars] 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 1944 January..... February March . . . . . . . . . . Collections during month: Total Inventories, end of month, at r Revised. SEPTEMBER 1945 1945 o -f8 +13 +29 +22 +8 43 39 54 45 50 53 50 0 0 0 +8 +8 -2 0 -2 0 +1 +1 +3 +1 +1 +3 +1 +3 +6 +7 +4 +6 -2 +2 +7 +8 -1 -I 4-1 r -2 +8 -4 -10 +10 0 58 95 32 23 49 51 73 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 April 66 62 82 69 July? 81 75 •*..*. 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 r +4 r +l r -8 -12 Accounts receivable, at end of month: Total 1945 +8 42 41 38 54 33 42 67 10S 143 179 257 320 372 247 228 234 RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE! 1945 0 413 380 340 250 202 234 288 354 409 417 489 536 558 408 364 403 1945 Tanti&rv Percentage change from corresponding month of preceding year 1945 —9 -5 792 636 744 463 503 498 376 304 384 423 563 619 604 763 927 983 798 809 876 56 May June ... . July August . .... September............ October . . . . . * June May July June May Net sales: Total Cash sales Credit sales: Credit unions 1943 FURNITURE STORE STATISTICS Percentage change from preceding month ,. December 47 42 42 41 40 41 50 7 7 9 10 10 12 11 Small loan Industrial Commercial 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 ChemiHouseHides and Textile Fuel and Metals Building cals and furnishleathei products lighting and meta materials allied materials products ing goods products products 1944 1945 1944 1945 Subgroups Subgroups ?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 July Apr. May June July 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 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 July 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 Boston New York Philadelphia Cleveland Richmond Atlanta Production 1944 Estimate Aug. 1, 1945 Production 1944 Estimate Aug. 1, 1945 Production 1944 Bales 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 9,799 18,022 52,928 34 274 9 222 54,269 48,546 30,411 337,847 75,775 92,980 2,844,478 764,073 Federal Reserve district Philadelphia Cleveland Richmond . Chicago St Louis .. Kansas City Dallas Total Bushels 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 Estimate Aug. l, 1945 White potatoes Estimate Aug. 1, 1945 Pounds Production 1944 Bushels Estimate Aug. 1, 1945 Bushels 5,461 26,116 15,062 47,135 29,201 28,256 399,906 53,674 377,205 106,365 44,159 33 852 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 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 7.67 7.52 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 7.97 7.77 6.79 6.97 7.73 7.77 7.46 7.49 3.73 3.76 1,66 1.65 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 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 , 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 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 Single payment loans 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 29 Pl.32 1 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. g « 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 r r 53.1 34.4 r 18.8 1.1 r 52.1 r 43.0 9.1 225 220 122.5 r 81.0 21.0 116.7 81.0 21.9 258 351 P258 269 361 205 P268 "355 "208 163 189 140 P163 53.8 34.9 18.8 1.1 52.7 43.5 9.1 49 49 49 QUARTERLY FIGURES 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 43 140 140 82.6 26.9 31.0 79.7 30.4 29.7 r 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 f n millions of dollars SECURITY MARKETS 28 28 28 28 1,214 233 170 766 28 28 28 28 201 142 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 46.01 104.3 44.1 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 23' 25 25 25 1944 298.3 148.4 "143.5 202 181 Bank rates on customer loans: Total, 19 cities New York City Other Northern and Eastern cities Southern and Western cities "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 302.7 151.4 188 165 • ' ' Vj 4 ' 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 CALL DATE FIGURES 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 4.91 19.96 9.90 29.13 22.20 2.12 4.81 20.54 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 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 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 Mutual savings • banks Nonmember banks1 Member banks Noninsured2 Insured 5 79 439 1,343 851 791 764 729 68 *52 •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 705 932 935 952 978 511 496 490 361 351 350 356 724 783 984 m Noninsured 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 -1 +1 Banking offices at military reservations: Established Discontinued +33 +3$ +30 -13 -13 -10 Net increase or decrease in number of branches and additional offices +58 +55 +48 1 8 +23 -3 -5 i\ —1 —i +7 +3 +3 +10 +7 +6 . -3 +38 +2 +1 -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] End of month 1933—Dec 1939—Dec. . 1940—Dec 1941—Dec 1942—Dec 1943—Dec 14,512 17,644 21,995 22,737 22,726 21,938 431 466 353 354 J 658 *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 24 115 • *>115 P125 ^127 PI 28 P128 P128 Brazil British India Canada Chile 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 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 23 23 23 23 23 23 23 23 23 23 23 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 Netherlands Zealand Czecho- Denslovakia mark 83 56 58 61 61 61 192 214 27 5 6 5 July 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. United States Argen- 1 tina 4 Ruma- South Poland PortuAfrica nia gal 85 *84 34 32 32 32 32 30 30 30 30 30 28 28 Other coun-6 tries 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 3Board. 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 60 60 60 60 60 60 60 60 60 60 60 Spain 220 249 367 366 634 706 »525 778 785 796 811 814 829 834 848 851 865 878 104 104 104 104 105 106 106 108 109 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. 23 Figure for end of September. Reported figure for total British gold reserves on Aug. 31,1939, less reported holdings of Bank of England on that date. * 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 of total total production production 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-Decembcr 1943 they ' g Australia; g g p Australia y For the period December 1941Decembcr 1943 they 'repret total beginning ,January 1944, Western only. 9 sent total Australia; January 1944, Western M beginning 1940 fi th t d Australia b A r i only.B f M t l Sttiti 9 B i i 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 a foreig: governments and their agenc.es (.ncluding official purchasing missions, trade and shipping misstons, d ^ o m a t i c andI'« coin "u"ar lsUblhhmenU, e t c . f 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 Switzei France Kethei 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 Switzer- GerKing- France Nethermany 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 Other Total ' Asia 1 Europe Europe Canada America ' 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 SwitzerKing- France Netherlands 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. 31. 30. 29. 29. 1938—Mar. 30 June 29 Sept. 28 Dec. (Jan. 4, 1939). 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). 1945—Jan. Feb. Mar. Apr. Other Europ Total Europe Canad -.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% IJJ.O a 732 A --123."5 125.4 441. 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. Italy 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 Switzer- GerKing- France Nethermany 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]f 607.4 656.7 448.2 219.5 284.4 295.9 288.2 143.9 146.0 186.0 204.9 247.1 240.8 299.9 376.3 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 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 All R u : 2 Spain* Sweden U S S R ' YugoPortu3 Greece' Luxemlavia* other* bourg2 Norway gal mania Denmark 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 PanaCosta Cuba Indies Mex- Indies Vene- Latin Peru* zuela* & Rica* ico ma* 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. & MaCeyChina* lon2 laya' Japan Egypt (incl. Nether- PhilNew Anglo- French Union Koof AusOthAll Other ippii line Turlands MoZea3 3 rea) East 4 Is- key Asia* other tralia land Egyp- rocco South & Indies tian Africa lands 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. *5 See footnote 2 for main table. 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 Switzer- Ger-' King- France Nethermany 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 1L.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 .8 .8 .7 .7 .7 .7 .7 .7 .7 .7 .6 .7 .7 .'7 .7 .7 .8 .8 .8 1.2 1.2 1.1 1.2 1.1 1.1 1.1 .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 KK2 .6 .6 .6 .6 .6 .6 .8 .6 .6 .6 .6 .6 .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 .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- Argentina livia* Brazil Chile 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 7.6 (*) (*) (') .1 .2 (6) (') (*) (8) (*) .3 (*) (*) (e) <•) (6) (6) (6) (6) .1 (6) (/ (*) (*) (*) (') 9.3 8.4 (*) (*) 9.1 8.8 50.4 44.3 51 [9 57.3 2.6 2 7 54.6 52.9 52*4 51.7 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) 44*4 2.5 2 7 1.9 2 4 37.2 39.3 39*5 2.8 2.4 2.4 2.1 2.1 1.6 2.1 .5 .4 .4 .6 .6 7.6 9.0 7.6 8.9 7.6 8.3 8.0 8.6 1.0 11 1.3 1.9 21 2.4 3.8 2 7 2.8 5.3 5.2 4.8 5.0 4.5 4.4 4.8 11.5 11.1 8.8 8.6 Other Latin Peru* Venezuela* 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. *5 Data reported on a weekly basis. 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, Nether- PhilBri- (incl. French Union New ipKoFrench Hong Burof OthAuslands pine Tur- Other2 All 3 ma, tish Anglo- Mo- South China Indo-2 Kong tralia Zeaother East Asia & Ma- rea) key^ land Egyp- rocco Africa Is& China 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 Bankon 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 78 Includes notes held by the chartered banks, which constitute an important part of their reserves. 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 1,379 652 1,797 2,345 661 12 169 29 19 12 1 *48* 16 9 2 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 C.A.R. 41,400 64,580 16,857 10,724 9,063 8,811 9,652 12,309 1,853 Assets Relchsbank (Figures in millions of reichsmarks) 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 i&» nd Other 7,850 11,698 22,183 20,072 13,414 15,359 8,716 13,655 19,326 25,595 14,751 27,202 25,272 29,935 33,137 1,812 2,241 1,989 2,041 1,940 1,907 2,113 2,557 3,160 2,718 2,925 3,586 3,894 4,461 4,872 35,100 38,017 37,876 43,343 46,899 37,855 4,608 5,928 7,528 5,472 4,890 7,078 50,382 43,697 39,951 42,302 57,231 4,852 4,797 5,075 4,950 7,701 Liabilities Security loans * Preliminary. ^SXBgg. Other liabilities Security Bills (and checks), including Treasury bills P. vf&S For explanation o 4 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 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, ppp 641-643 and pp respectively; for description of statistics see pp. 562-565 in same publication. ' p °*1^*<> a 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 6,241 17,185 2,753 4,389 1,658 2,327 3,009 512 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 Japan5 6 Bank of Java 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 ??sckhnon R™SenuBank 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 3,328 22,606 8,125 10,587 323 28,309 14,746 •1,91' 136 96 4,879 149 320 223 131 94 4,415 104 294 183 2,802 62,417 2,802 54,893 2,802 30,848 18,084 14,346 1,541 40,560 54,513 4,116 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 ad-8 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 RumrJrKf the Republic of P a a u a y i d in i September S t b 1944 under d the th name off Bank B k off Paraguay. The new institution is divided into « The Bank of the Republic of Paraguay was reorganized 1944 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 IX 2H 2H 1H IX Rate Aug. . 31 Central bank of— Date effective Albania... Argentina Belgium Bohemia and Moravia Mar. 21, 1940 Mar. 1, 1936 Jan. 16, 1945 Bolivia British India. Bulgaria Canada Chile Colombia Nov. Nov. Dec. Feb. Dec. July Denmark...'. Ecuador El Salvador.. Estonia Finland France Germany Greece Hungary...... Ireland 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 Other Loans to call and Bills dis- Treasury deposit Securities 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 65 53 40 32 31 48 1944—July August.... September October... November. December. 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 Deposits payable in Canada excluding interbank deposits Total 940 ,088 ,108 ,169 ,168 ,156 166 132 159 168 231 250 1,463 1,646 1,531 1,759 2,293 2,940 535 612 570 653 657 744 ,063 11,002 976 992 ,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 ] Note circulation 85 80 71 60 42 35 41 35 34 34 32 31 31 30 29 29 Other liabilities II Demand I Time 2,500 2,774 2,805 3,105 3,657 4,395 840 1,033 1,163 1,436 1,984 2,447 1,660 1,741 1,641 1,669 1,673 1,948 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 5,049 5,021 4,938 5,210 5,616 5,540 2,525 2,390 2,214 2,475 3,053 2,894 2,524 2,631 2,725 2,735 2,563 2,646 Assets France (4 large banks. End of month figures in millions of francs) Other assets 843 963 846 962 ,049 ,172 ,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 BelB giium (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 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.. 57.277 57.277 57.277 57.272 57.220 '57.180 57.140 57.036 56.980 56.980 56.980 56.980 24.840 24.566 23.226 2 22.7O9 1937 1938. 1939 1940 1941 1942 1943 1944 1 8 3.4930 3.4674 *3.4252 22.069 21.825 20.346 2 19.308 6.1983 Canada (dollar) 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 Bulgaria (lev) 1.2846 1.2424 '1.2111 Free 90.909 90.909 90.909 90.909 90.909 100.004 99.419 96.018 85.141 87.345 88.379 89,978 89.853 90.909 90.909 90.909 90,909 90.909 90.909 90.909 90.909 90.909 90.909 90.909 90.909 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 FinGerland France many Greece Hong Kong (mark- (franc) (reichs- (drachma) (dollar) 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 .9055 .8958 .8153 2.6715 30.694 30.457 27.454 22.958 2 24.592 Chile (peso) Official Chtna (yuan ShangExport hai) 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 2 Free British India (rupee) 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 * 124 095 134 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 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 Italy 70 63 62 68 76 89 95 99 116 132 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 90 278 311 329 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 100 100 100 100 100 100 1932 1933 1934 1935 1936 1937 1938...., 1939 1940 1941 1942 1943 1944 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 99 107 80 85 82 81 83 89 96 97 99 100 100 Foods 96 103 73 67 75 82 90 99 104 82 89 92 93 94 SS 83 85 87 92 102 97 97 133 146 158 160 158 102 101 101 103 103 103 104 105 105 105 105 106 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 87 74 64 67 71 83 84 Industrial products Germany (1913=100) IndusIndusAgricul- trial raw trial fintural and semi- ished products finished products products 129 130 150 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 . 201 202 202 202 202 203 204 207 146 144 141 140 141 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). *3 Average based on figures for 3 months; no data available since March 1940, when figure was 141. Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Common stocks Bonds United States (derived price)1 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* 105.9 90.9 m.9 84.3 94.7 98.5 (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) 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 ana roJ^^^W^^^^&^ °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 a ^ ^ ^ r 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 CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary FISCAL AGENT O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL ADVISORY COUNCIL CHAS. E. SPENCER, JR., BOSTON DISTRICT Vice President JOHN C. TRAPHAGEN, N E W YORK DISTRICT WILLIAM F. KURTZ, PHILADELPHIA DISTRICT JOHN H. MCCOY, CLEVELAND DISTRICT ROBERT V. FLEMING, RICHMOND DISTRICT KEEHN W. BERRY, ATLANTA DISTRICT EDWARD E. BROWN, CHICAGO DISTRICT President RALPH C. GIFFORD, ST. LOUIS DISTRICT JULIAN B. BAIRD, MINNEAPOLIS DISTRICT L. MERLE HOSTETLER, Associate Economist A. E. BRADSHAW, KANSAS CITY DISTRICT W. H. IRONS, Associate Economist C. A. 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 Buffalo Cleveland Cincinnati Pittsburgh I. B. Smith* B. J. Lazar* J. W. K6ssin« 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