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FEDERAL RESERVE

BULLETINMARCH 1941

OF THE FEDERAL RESERVE SYSTEM

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE

ELLIOTT THURSTON E. A. GOLDENWEISER CARL E. PARRY

The Federal Reserve„ BULLETIN is issued monthly under the direction of the staffeditorial committee. This committee is responsible for interpretations and opinionsexpressed, except in official statements and signed articles.

CONTENTSPAGE

Review of the Month—Civilian Supplies and Prices 2.05-2.14

The Reserve Position of the Federal Reserve Banks, by Roland I. Robinson. . . . 115-111

Statement by Marriner S. Eccles on a Capital Gains Tax to Curb Rising Prices of

Capital Values 1x1-2.14

Law Department:

Foreign Banking Corporations—Amendment to Regulation K.. . 115

Consumer Credit—Amendment to Regulation W 115

Margin Requirements for Purchasing Securities—Supplements to Regulations T

and U 115-116

Real Estate Loans—Farm and Business Loans to Veterans. . 116

Foreign Funds Control—Treasury Department Releases. . 116-117

Current Events 118

National Summary of Business Conditions 119-130

Financial, Industrial, Commercial Statistics, U. S. (See p. 131 for list of tables). 131-178

International Financial Statistics (See p. 179 for list of tables). . 179-191Board of Governors and Staff; Open Market Committee and Staff; Federal Ad-

visory Council . 191

Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 193

Map of Federal Reserve Districts. 194

Federal Reserve Publications (See inside of back cover)

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FEDERAL RESERVE BULLETINVOLUME 31 March 194J NUMBER 3

CIVILIAN SUPPLIES AND PRICESAs a result of intensified military activities

in Europe and in the Pacific, governmentalpolicies affecting the country's civilianactivities have been altered. During mostof 1944 total output of munitions and otherwar supplies was curtailed and in the sum-mer and early autumn some provision wasmade for gradual reconversion of industryto output of civilian goods. Since lastautumn, however, there has been a generalupward revision of war production sched-ules and provisions for increased civilianoutput have been canceled or suspended. Itseems probable that the enlarged war sched-ules will result in curtailment of civiliangoods supplies to the lowest level of the warperiod.

Severe weather conditions in northeasternindustrial areas have added to productionand supply problems. Heavy snowfallshave required two short embargoes on mostrailroad freight except war products. Openhearth steel production in January was atthe lowest level in x | years. Outputgenerally has been maintained, however,and employment at factories has shownlittle change since November, following alarge decline in the previous twelve months.

Federal controls over output and man-power have been broadened and revisedsince last autumn to achieve a fuller use ofnational resources for war purposes. Manyfoods have been returned to the ration listand special efforts are being made to assureoutput of low-priced clothing and to pro-

MARCH 1945

vide adequate supplies of other essentialgoods and services.

Volume of buying and the level of pricesin primary markets, both of which had de-clined somewhat during the summer, haveincreased since that time. Consumer buy-ing has also been active in recent months,and throughout the past year rural and ur-ban property values and prices of industrialand railroad shares have risen further.Incomes of individuals, including those ofpersons in the armed forces, have increasedfurther although at a slower rate than inprevious wartime years. The excess of in-comes over expenditures has continued to belarge and has been reflected in an additionalexpansion of individuals' holdings of cashand Government securities.

The maintenance of relatively stableprices under these conditions is due to ourlarge productive resources, which have per-mitted a substantial volume of civilianoutput to continue, and to rationing andprice controls, as well as to voluntary re-straint on the part of businessmen, workers,and consumers in general, who have shownawareness of the serious economic problemsinvolved, now and in the readjustment pe-riod ahead.

Military events and governmental deci-sions on foreign relief and reconstructionand on domestic matters will largely deter-mine the course of economic developmentsin 1945. Even when active hostilities inEurope are terminated, present plans seem


REVIEW OF THE MONTH

to call for maintenance of war productionschedules at close to present levels, and sup-plies of civilian goods will continue to belimited relative to demand. As the periodof warfare and unsettled economic condi-tions is prolonged, the areas of devastation,disrupted transportation facilities, and bro-ken trade relationships become more serious.This will mean that for some time to comesupplies of goods in this country and abroadwill continue to be restricted at a time whenmoney incomes and accumulated money sav-ings are exceptionally large in nearly allcountries. A large measure of governmentalcontrol and also' of individual restraint willcontinue to be necessary for some time if anequitable and economic distribution ofavailable supplies is to be assured and thebalance in the price structure is to be main-tained.

WAR PRODUCTION SCHEDULES RAISED

Following a period when reductionswere being planned, the munitions produc-tion program for 1945 has been revised up-ward during the past several months, andschedules now call for a total volume of out-put equal to that for 1944. During the firstthree quarters of 1944 the over-all muni-tions program was being gradually reduced,reflecting in part the accumulation of sub-stantial stocks of munitions and the expec-tation of early victory in Europe. Muni-tions production was 108 per cent of the1943 average in the autumn of 1944 as com-pared with 113 in the first quarter of theyear. The decline reflected substantial cut-backs in aircraft and shipbuilding, offset inpart by larger output in some other lines.

Manpower, materials, and facilities werereleased and an attempt was made to shiftthese resources where possible to output ofother critical munitions. Urgent demandsdeveloped for specific items which resulted

106

from combat experience in the Pacific andEurope. Landing craft had been of greatesturgency prior to the invasion of France.Large increases in requirements for tanks,heavy trucks, and artillery ammunitionresulted from combat experience. The B-2.9 bomber became a "critical" item as thePacific warfare advanced ahead of schedule.Because of differences in production prob-lems and in plant locations, it was not easyto transfer manpower and other resourcesto those parts of the munitions programwhich were still increasing.

Output of some of the basic materials usedin war production was also curtailed. Thesupply of aluminum was in excess of require-ments under the reduced aircraft schedule,and current output was curtailed sharply,reaching levels in the autumn of 1944 morethan 50 per cent below the wartime peak.A similar situation developed with respectto magnesium, largely reflecting the cut-backs in incendiary bomb output. Alloysteel production was reduced by one-third.

Under the munitions production programas it shaped up in the spring and summer of1944, productive resources were becomingavailable which could be used for the outputof civilian durable goods. In view of thisand of estimates that cuts of from 40 to 50per cent in munitions output might be pos-sible following the end of the war in Europe,the formulation of plans for industrial re-conversion was expedited. A Federal pro-gram was instituted in the summer of 1944authorizing the use of materials, facilities,and manpower not needed for the war effortin the production of civilian goods and inadvance preparation for future reconversion.

With the increase of the munitions pro-gram for 1945 by 15 per cent from the levelto which it had been reduced by October,these plans for reconversion have been sus-pended. Increases of 30 per cent have

FEDERAL RESERVE BULLETIN


REVIEW OF THE MONTH

been scheduled for the ammunition andcombat and motor vehicle programs, andthe aircraft program has been raised from76,000 planes for 1945 to more than 83,000planes; large increases in production ofheavy bombers and the new jet-propelledplanes are planned.

These expanded schedules will requireadditional workers to produce munitionsand materials. Although plant capacityfor production of important manufacturedmaterials, which was a limiting factor in1942., are now adequate, output of somematerials in 1945 may be limited by scarcityof manpower. In the aluminum, copperand brass, and steel mills the declining trendof employment will need to be reversed.

EMPLOYMENT CHANGES AND NEEDS

Employment declined during 1944 as in-creases in the armed forces continued todraw upon the labor supply and the hir-ing of persons not previously workingdiminished. This decline was possiblewithout curtailing munitions output belowschedules, and without further reducing theoutput of civilian goods and services, be-cause of the decrease in munitions schedulesand increased efficiency in production.

The number of employees in nonagricul-tural establishments declined by nearly 1.5million during 1944, reflecting chiefly de-creased employment at factories, as shownin the chart. There were also decreases inemployment in mining and construction,while the number of workers on the rail-roads and in most other nonagriculturallines showed little change or small increases.Employment on farms was at about thesame level in December 1944 as in De-cember 1943.

Employment at factories, which hadexpanded by 70 per cent from 1939 to theautumn of 1943, lost one-fifth of its war-

MARCH 1945

time rise in the following year. Most ofthis decline came in the early part of 1944,reflecting not only curtailment in munitionsschedules but also improvement in produc-tive processes, w^hich was stimulated by thediminishing labor supply. Employmentcontinued to decline somewhat further inthe summer and autumn, but it has beenmaintained since November.

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS

MILLIONS OF EMPLOYEES

Bureau of Labor Statistics estimates, adjusted for seasonal variationby Federal Reserve. Latest figures shown are for January 1945.

From the autumn of 1943 to the end of1944 employment in munitions industriesdeclined by ix per cent, while production ofmunitions declined by 8 per cent, accordingto data published by war agencies. Sincemunitions production throughout that pe-riod was close to schedule, it seems that theflow of war weapons was not to any impor-tant degree restricted by lack of manpower.In 1945, however, increased needs for bothwar weapons and supplies will requiredrains upon workers now employed in sup-plying civilian goods and services.

Most of the total decrease in factory


REVIEW OF THE MONTH

employment during 1944 was accounted forby reductions in the metal producing and fab-ricating industries. This is indicated in thetable, which shows employment by broadindustrial groups in December 1944 andchanges over the preceding year and alsosince the entry of this country into the war.Most of the munitions and the materialsentering into them are produced in the metalindustries and in plants making explosivesand small arms ammunition, classified inthe chemical industry. Also, a major partof the output of other chemical productsand the products of petroleum, rubber, andmiscellaneous industries is now used forwar purposes.

Employment in these three major divi-sions of industries had increased by Decem-ber 1943 to a total of 9.1 million workersas compared with 5.8 million in December1941, and subsequently it declined by 1.1million workers. Most of these workerswere laid off in the industries producingaircraft, ships, and combat vehicles. Pro-duction and employment in the small armsammunition branch of the chemical industrywere also sharply reduced early in 1944 asmilitary stockpiles appeared to be ample.During the past several months productionschedules for ammunition have again beenraised sharply. Employment in the petro-leum refining, synthetic rubber, and rubberproducts industries has been maintained atthe high level reached in the autumn of1943, reflecting completion of large plantexpansion programs chiefly to supply thearmed services with gasoline and tires.

In most other manufacturing industries,which produce mainly civilian-type goods,employment continued to decline during1944. Employment in these industriesreached a peak at the end of 1941 and hasdeclined steadily since this country enteredthe war. The only increase in employment

over 1941 is in the manufactured food group,which reflects chiefly larger supplies of rawmaterials, higher wages, and more activedemand than for most other civilian goods,including demands from the armed forces andfrom allied nations. An important part ofthe rise in the food group total was due tolarge increases in employment in plantsproducing flour, baking, and other cerealproducts which have been in relativelyample s.upply.

FACTORY EMPLOYMENT I N DECEMBER 1944

[Thousands of wage earners]

Major divisions

Total—all factories

Machinery and transportationequipment

Iron and steel and nonferrous metalproducts

Petroleum, chemical, rubber, andmiscellaneous products

Total.

Textile, leather, and apparelproducts

Lumber, furniture, stone, clay, andglass products

Manufactured food and tobaccoproducts

Paper products and printing andpublishing

Total

Totalnumber

13,184

4,628

2,048

1,345

8,021

2,255

1,122

1,139

647

5,163

Change from:

December December1943 1941

-1,375

-813

-162

-108

-1,083

-165

-103

-19

-292

+1,627

+1,760

+184

+233

+2,177

-347

-230

+73

-46

-550

Bureau of Labor Statistics data; Federal Reserve grouping.

During 1944 the drop in employment atplants producing civilian-type goods wasabout 300,000 as compared with a decline of1x5,000 per year in the previous two years.Average hours of work had already length-ened in 1942. and 1943 and showed littlechange in 1944. Since many of the plantsin these industries, such as those producingfood, textile, paper, and lumber products,are supplying new large contracts for warin addition to civilian needs, it has becomemore difficult to maintain output of essen-tial, low-priced products for civilian use.

Increases in employment in munitionsindustries, which have occurred during thepast two or three months, have not been



REVIEW OF THE MONTH

large enough to eliminate concern aboutfuture manpower needs. During the nextfew months it is anticipated that inductionsinto the armed forces will be accelerated atthe same time that employment require-ments for arms production will be expand-ing. Needs might be met by better utiliza-tion of labor at present jobs and by thediversion of workers from less essential linesof activity. The Congress is now consider-ing whether present Federal measures limit-ing job transfers need to be supplemented bynational service legislation which wouldprovide more direct, compulsory controlsover war workers and workers in civilianlines.

REDUCED CIVILIAN SUPPLIES

Upward revisions in war productionschedules during the past several monthshave changed the outlook for civilian sup-plies of goods and services. Instead of ex-panded civilian output, it is likely that bothoutput and stocks will be reduced to thelowest point of the war period.

Production for civilian use had been fairlywell maintained in 1943 and 1944 after de-clining considerably in 1942.. Productionin a few lines even showed important in-creases from their i94x lows. For example,output of woolen and worsted fabrics forcivilian apparel doubled from the latter partof 1942. to the early part of 1944. Totalproduction of foods increased further in theearly part of 1944 and, although purchasesfor the armed services and lend-lease weregreater than in 1943, supplies availablefor civilian consumption were generallymaintained. The same was true for tobaccoproducts, coal, and most other nondurablecommodities. Public transportation andutility services were expanded further. Inthe durable goods industries output of re-pair parts was increased and production of

MARCH 1945

agricultural machinery was resumed on alarge scale.

Since output in most industries and serv-ices was close to maximum levels in 1944,increased war schedules will in many casesbe met only by cutting directly into civilianoutput. Some examples of these changesare described in subsequent paragraphs. Inaddition to prospective declines in output ofcivilian goods, current supplies will also besmaller than in previous years because of thereduced volume of stocks on which to draw.During the past year there have been furtherdeclines in physical stocks of civilian goodswhich had been accumulated in 1941 and thefirst half of 1942.. The value of manufac-turers' and distributors' inventories of civil-ian goods is probably still moderately aboveprewar levels but, in view of the large ad-vance in prices which has occurred duringthe war, physical volume has evidently beensubstantially reduced.

The relative levels of inventories varygreatly from one line to another. At de-partment stores, where a large proportion ofthe trade is in apparel products, the currentvalue of stocks is about 40 per cent above theprewar level. On the other hand, the valueof dealers' inventories of new and used pas-senger automobiles has been considerablyreduced. In both cases, moreover, averageprices of the products stocked are probablyat least 50 per cent higher than in 1939.

In addition to the declines indicated inthe physical volume of business inventories,stocks of goods held by consumers haveapparently also been reduced. In the caseof durable products, use has continued inmany instances beyond the customary pe-riod of time but even so there has been areduction in the number of units in use.

Clothing.—Since last autumn large com-mitments have been made by the Govern-ment for textile products. Because of these

109


REVIEW OF THE MONTH

requirements the War Production Board hasrestricted the use of worsted textile plantsfor the first-five months of this year to theproduction of military and other prioritygoods and is taking steps to,assure the pro-duction of priority-rated blankets andfabrics which it has been estimated willrequire some 60 per cent of woolen textileoutput during this period. In recentmonths, however, output of finished apparel—especially women's wear—has been infairly large volume, and it is not expectedthat supplies of wool clothing in retailstores will be reduced as much in the monthsahead as these controls over the early stagesof manufacture might suggest.

Total output in the cotton industry hasbeen fairly stable during the past year, afterdeclining by approximately 15 per cent fromthe peak 1942. rate. It is estimated, how-ever, that direct military and export re-quirements accounted for 30 per cent ofcotton cloth production in 1944 and theserequirements will be larger during the firsthalf of 1945.

The rayon industry has produced an in-creased total output of yarn and fiber eachyear during the war period and in 1944 totalproduction was 7x4 million pounds as com-pared with 380 million in 1939. Outputgained 9 per cent in 1944 over 1943, and afterproviding for war orders and exports thesupply of rayon yarn available for civiliansw as still greater in 1944 than in 1943.During 1945, however, it is expected thatincreased rayon cord requirements, mostlyfor military tires and for other predomi-nantly war uses, will reduce civiliansupplies.

The Office of Price Administration pub-lished an estimate on January i.^ that theamount of textile materials available forprocessing into retail products will beabout one-fourth less than in 1939. It does

210

not seem likely that production of civilianclothing will be correspondingly reduced,however, because since 1939 the amount ofmaterials used per unit of product has beencurtailed and there has been some diversionof yarns and fabrics to clothing uses fromother civilian uses. During the past yearor more output of civilian clothing has beenaround the 1939 level. Clothing prices,however, continued to advance in 1944, re-flecting in part the difficulty of determiningand enforcing effective maximum price con-trols for these products.

In an effort to reduce current clothingprices by about 6 to 7 per cent and to restoreprice and production relationships whichprevailed during the first half of 1943, aspecial Federal program was announced onJanuary 2.1, to divert more of the civiliansupply of textiles to essential uses. Actionwas planned to increase the proportionatesupply of low and medium-priced garmentsand to improve the quality of the garments.Subsequent announcements indicate that thecontrols will not change current pricingand production practices for textile prod-ucts as much as first indicated.

Output of civilian shoes was at about thesame rate at the end of 1944 as at the end of1943 but the year's total output was 8 percent smaller. There was a decline of about2.0 per cent in output of leather shoes,while fabric shoes showed a large increase.According to Department of Commerceestimates, the volume of output of rationedshoes in 1944 was about 60 million pairsless than the volume of sales. This reduc-tion in inventories is equivalent to aboutthree months' production and in view of theprospect of reduced supplies the ration ratewas changed in November from a stampeach four months to a stamp each sixmonths.



REVIEW OF THE MONTH

Food.—Production of foods, which hadbeen increasing each year since 1939, hasleveled off since the early part of 1944. Animportant change in food supplies as com-pared with this same period last year is thereduced number of livestock slaughtered.Last season meat production was at an ex-ceptionally high level, reflecting in part areduction in the number of hogs on farms.Shortages of meat and butter relative todemand resulted in all meats being placedagain under rationing in December and asharp increase in ration point requirementsfor butter and those cuts of meats which hadcontinued to be rationed in 1944. Alsomost processed fruits and vegetables wereplaced again on the ration list.

Other goods.—In other fields the currentsupply situation for civilians has also re-cently become more restricted, but probablynot so greatly as in the case of clothing.Supplies of coal, electricity, and gas have beenfairly ample for all uses until this winter,while fuel oil had been rationed during thetwo previous seasons. Severe weather con-ditions during the current winter haveincreased heating needs and held up ship-ments of coal. These developments haveadded to the problem of providing adequatefuel supplies at the same time that coal pro-duction has been limited in part by declin-ing employment at mines. Broad controlshave been introduced to make supplies ofcoal available for essential uses and con-sumption of electricity and gas has also beenrestricted.

Civilian supplies of a number of othercommodities, including tobacco, paper,petroleum, and rubber products, have be-come more restricted in recent months,especially in certain areas, reflecting in partlocal changes in population and income aswell as temporary transportation diffi-culties .

MARCH 1945

INCREASED CONSUMER EXPENDITURES

In the face of recent and prospective reduc-tions in supplies of civilian goods, individ-ual incomes have continued to increase andthe dollar value of consumer expenditureshas also shown substantial increases sincethe first half of 1944. Expansion in con-sumer expenditures had previously slack-ened somewhat following the strengtheningof price controls in the early part of 1943.

The gross national product, which in-cludes total value of output for Governmentas well as that for business and for individ-ual consumption, increased from an annualseasonally adjusted rate of 113 billion dol-lars in the first half of 1941 to 197 billion inthe first half of 1944, according to Depart-ment of Commerce estimates. Federal warexpenditures accounted for 78 billion dollarsof the 84 billion increase in the total. Inthe same period consumer expenditures in-creased by i4 billion dollars, while privatebusiness expenditures, mainly for plant,equipment, and inventories, declined by 17billion dollars.

Since the second quarter of 1944 the rateof consumer outlays has increased further byapproximately 6 billion dollars, while totalGovernment and private capital expendi-tures have shown little change. Appar-ently most of this rise in consumer expendi-tures has reflected higher prices. Largeroutput and withdrawals from stocks ofsome items have probably permitted smallincreases, but not much, in units purchased.

After the early part of 1943 the rate ofincrease in retail sales leveled off as retailprice controls were broadened, increasedFederal income taxes became effective, andoutput and stocks of civilian goods appearedto be fairly well stabilized. Consumersbecame more selective in their buying ofsubstitute goods and showed more resistanceto higher prices. Since the second quarter


REVIEW OF THE MONTH

of 1944, however, consumer buying hasagain become more active. Purchases atfood and clothing stores, as shown in theaccompanying chart, had increased by thefourth quarter of 1944 to a rate which wasIT. per cent larger than in the same period of1943. Buying at department stores reacheda high rate during the Christmas season, andsales in January and the first half of Febru-ary, after allowing for the usual seasonaldecline, have also been at a high level.Food buying may now be lower than in thefourth quarter since some of the increase atthat time probably was stimulated by theannouncement of broadened rationing pro-grams. Consumer buying of certain cloth-ing items, especially shoes, appears also tohave been of an anticipatory nature.

INCOME PAYMENTS AND SALES OF FOOD AND APPAREL

PER GE

200

150

100

50

0

SEAS

IN

TOTAL

COME PAYME

/

PE

^ — *

/ / RETAIL SALES/ / AT FOOD AND

Department of Commerce data. Composite food and apparel seriescompiled for quarterly periods by Federal Reserve from data on salesof retail stores with food store sales index weighted 3 and apparel storesales index weighted 1. Seasonal adjustments modified by FederalReserve.

Freer consumer purchasing has beenencouraged by a continued rise in individualincomes. Incomes of individuals were atan annual, seasonally adjusted, rate of 160.3billion dollars in December as comparedwith 150.9 billions in December 1943. Thisrise of 6 per cent in incomes reflected mainly

increased Federal payments to the armedforces and their dependents—a large part ofwhich became available for expenditure indomestic markets.

RECENT RISE IN PRICES

Prices have shown a rising tendency sincelast spring, following nearly a year of sta-bility. The index of the cost of living ofmoderate-income families, as computed bythe Bureau of Labor Statistics and shown onthe accompanying chart, has advanced by 3per cent since last March, and, as the Bureaupoints out, the index does not show the fulleffects of such factors as lowered qualityand the disappearance of low-priced goods.Following the broadening of direct pricecontrols and the lowering of meat and butterprices through Federal subsidy payments,the cost of living index declined by 1 percent in the summer of 1943. From that timeuntil March 1944 living costs showed# littlechange. The subsequent rise in the indexreflects chiefly increases in prices of clothingand miscellaneous items. The miscella-neous series, which is not shown on thechart, includes both goods and services.Most of the increase for this group occurredlast April when higher excise taxes wereapplied to theatre admissions, railroadtransportation, and toilet articles, but sincethen prices of miscellaneous items have con-tinued to show slight increases. Prices ofhousefurnishings have advanced by ix percent in the period since the first quarter of1944. Most groups of food prices in retailmarkets were fairly stable during 1944 whenincreased Federal subsidy payments weremade to producers and processors of food-stuffs.

In wholesale markets, where prices aremore directly influenced by war productiontrends than in retail markets, buying hadfallen off last summer and early autumn.



REVIEW OF THE MONTH

Prices of some industrial materials declinedbelow Federal maximum levels. Prices ofsteel scrap dropped by 3 ^ dollars per ton or18 per cent and nonferrous metal scrap—espe-cially aluminum scrap—showed large pricedecreases. Since November prices of mostof these and other industrial materials haveadvanced to maximum levels, and maximumprice limits on cement, iron and steel, lum-ber, and paper products have been raised.

COST OF LIVING

_J L1937 1938 1939

I _ J 801943 1944

Bureau of Labor Statistics indexes. Last month in each calendarquarter through September 1940, monthly thereafter. Mid-monthfigures, latest shown are for January 1945. Groups not shown are fueland lighting, housefurnishings, and miscellaneous.

Prices of farm products have shown moreincrease since November than in any otherperiod during the past two years. AfterMarch 1943 prices received by farmers, as agroup, fluctuated within a narrow range,but in the past several months prices of mostgroups of agricultural commodities haveincreased and the current level is on theaverage 3 per cent above a year ago. Amaximum price schedule for livestock wasissued in January in order to prevent furtherprice increases for cattle and to avoid raisingmeat prices.

Prices received by farmers for raw cottonand wool average about 12.5 per cent higherthan in 1939 and prices received for rawfoodstuffs have increased about 100 per cent.These greatly increased raw material costs

to manufacturers as wrell as large changes inwage rates and other cost factors—some upand some down—have contributed to thedifficulty of determining fair and equitablemaximum prices for finished consumergoods. Business profits have generally in-creased considerably in lines supplying civil-ian goods as well as in those engaged in waractivities, but there are large variationsamong different lines and companies. Alarge part of the increase, particularly inwar industries, has been absorbed by highertaxes. At the same time consumer incomeshave more than doubled, and so long asincomes are maintained at present levelsand supplies of basic goods are restricted theproblem of price control will be acute.

CURRENT OUTLOOK

In view of current needs for increased out-put of munitions and war supplies and theprospective pressures on supplies of civiliangoods, maintenance of price stability duringcoming months will require fully effectiveprice control measures and inducements forsaving. Individual incomes and the excessof total income over available supplies ofgoods will continue large and may increasefurther. Shortages of durable and seir^-durable goods will become more acute asexisting supplies wear out or are consumed,and supplies of many nondurable goods maybe further reduced. Prospects for increasedsupplies depend more than ever on the ex-tent to which the needs for war purposes canbe reduced. No such reduction appears tobe contemplated until there is a clearer indi-cation of the consummation of ultimatemilitary objectives.

In the period immediately ahead, and moreparticularly in the period of readjustmentthat may follow termination of one phase ofthe war, controls at the consumer levelalone may be inadequate to prevent specula-

MARCH 1945


REVIEW OF THE MONTH

tive activity and rising prices of commodi-ties, securities, and real estate. Not onlyhave individuals accumulated large amountsof available spending power in the form ofcash and war bond holdings, but producersand distributors and prospective foreignbuyers have likewise increased their hold-ings of liquid assets. These business fundscould have a critical influence on commoditymarkets if large-scale attempts were made tobuild up inventories or to expand capitalequipment more rapidly than demands can

be met. It is necessary, therefore, in theperiods ahead for businessmen, as well asconsumers, to exercise restraint and supportmeasures designed to preserve price sta-bility.

For the longer term outlook the country'sabundant human and material resourcesprovide the basis for a high and expandinglevel of incomes and living standards, pro-vided the proper utilization and distributionof these resources can be achieved andmaintained.



THE RESERVE POSITION OF THE FEDERAL RESERVE BANKSby

ROLAND I. ROBINSON

Division of Research and Statistics

The reserves of the Federal Reserve System,under the impact of war finance, are approachingtheir legal minima. If the present trend con-tinues, they will reach these limits near theend of 1945. In the meantime, measures forrelieving the situation are under consideration.

The Federal Reserve reserve requirements nowin effect have stood, with only minor technicalchanges, since the establishment of the Systemmore than three decades ago. These require-ments are that each Federal Reserve Bank mustmaintain reserves in gold certificates or lawfulmoney of not less than 35 per cent against itsdeposits, and reserves in gold certificates of notless than 40 per cent against its Federal Reservenotes in actual circulation.

Only twice in Federal Reserve history havethe reserves of the System fallen close to thelegal minima. The first time was in 19x0 atthe peak of the inflationary boom that followedthe first World War. The second was for afew days at the time of the large currencyexpansion and gold outflow that precededthe banking holiday in March 1933. TheSystem is again approaching a tight reserveposition. The aggregate reserve ratio hasfallen steadily from 91 per cent at the end of1941, soon after Pearl Harbor, to less than 50

RESERVE POSITION OF THE FEDERAL RESERVE SYSTEM

THROUGH THE E N D OF 1945

Federal Reserve System

ReservesLiabilities against which reserves

are heldDepositsF. R. notes outstanding

Required reserves...

Reserve ratio

Dec. 31,1941

Dec. 30,1944

Projections

June 30, Dec. 31,1945 1945

(In billions of dollars)20.8 18.7 18.2 17.7

14.78.2

8.4

90.8

16.421.7

17.423.7

18.426.7

14.4 15.6(Per cent)

49.0 I 44.3 I 39.2

Assumptions:1. Loss of 1.0 billion dollars of gold reserves in 1945. The loss in 1943

was 0.8 billion; in 1944, 1.3 billion.2. Excess reserves of member banks unchanged with sufficient growth

in reserve balances to accommodate deposit expansion equal to thatwhich occurred in 1944 with allowance for only two war loan drivesin 1945. A small growth of foreign deposits is also assumed.

3. A 5 billion-dollar increase in currency in circulation; approximatelythe same as in 1943 and 1944.

MARCH 1945

per cent at present. If the present trend con-tinues, the ratio will be below 40 per cent bythe end of 1945. The general range of expecta-tions for reserve position, together with under-lying assumptions, are shown in the precedingtable.

WAR FINANCE AND THE RESERVE RATIO

The System reserve ratio has fallen primarilybecause of war finance. While taxes have beenconsiderably increased during the war, ex-penditures have grown at a far greater rate,so that the Federal Government has had toborrow large amounts. It has been the policyto raise as much of the debt as possible bydrawing on the savings of individuals andbusinesses, but substantial amounts have hadto be borrowed from the banks. Bank purchasesof Government securities have resulted in thecreation of new money in the hands of thepublic in the form of deposits and currency.It is this expansion, and particularly that ofcurrency, which is the principal cause of thedeclining System reserve ratio. The expansionof currency has been relatively more rapid thanthat of bank deposits, and currency expansionputs six or seven times as much strain on ReserveBank reserves as does an increase in depositsat member banks. A relatively more rapidexpansion of currency than of deposits duringthe war has occurred not only in this countrybut in almost all of the major countries in theworld having well developed commercial bank-ing systems.

Great wars have almost always been financedto some extent by monetary expansion. Theonly way to avoid this is by drastic taxationand absorption of private savings. The limitsof these policies are determined by legislationand by the fiscal authorities. Such additionalfunds as are necessary for the war effort mustbe raised through the banks, and the reserveposition of the central banking system must beadjusted to the resulting requirements.

" 5


RESERVE POSITION OF FEDERAL RESERVE BANKS

OUR GOLD RESERVE POSITION IS FUNDAMENTALLY

STRONG

The reserve position of our money and bankingsystem is strong notwithstanding the fact thatthe Federal Reserve ratio has declined rapidly.The potential demand on gold reserves hasdiminished since the Federal Reserve Systemwas established. At that time many forms ofmoney were legally convertible into gold coinfor domestic circulation and, by common custom,deposits and other money forms had the sameprivilege. At present, deposits and currencyare convertible into gold only for internationaltransactions and then only with a license fromthe Secretary of the Treasury.

In practice the domestic convertibility ofcurrency into gold was never an important partof our monetary system. Even prior to thecentralization of gold reserves at the time ofthe banking holiday, there was comparativelylittle circulation of gold coin. Paper andmetallic currency issued by the Treasury, theFederal Reserve Banks and the national bankssupplied most of the circulation needs. Therewas no perceptible loss of confidence in thecurrency system when the Gold Reserve Act of1934 eliminated the domestic convertibility ofcurrency. Thereafter the gold standard, legallyas well as practically, was in substance aninternational monetary standard.

Our gold reserves are adequate for any con-ceivable foreign demand on them. The UnitedStates holds about half of the world's goldstock, and there are no grounds for expectinga loss of gold reserves through an adversetrade balance in the postwar period. On thecontrary, it is probable that short-term fundsaccumulated in this country by foreigners duringthe war will not be withdrawn in gold, butwill be used in large volume to purchase goodsin the reconstruction period. This country'sloss of gold during the war was due to the factthat our exports were on Lend-Lease, while ourlarge imports were paid for in cash. When thewar is over and foreigners can buy increasedquantities of goods here, the gold drain islikely to stop or to be reversed. Furthermore,if our gold stock is related to the total money

2.16

supply, as shown in the accompanying chart,1

it is larger, notwithstanding the recent sharpdecline, than at any time during the past threedecades. This period comprehends the halcyondays of the international gold standard. TheFederal Reserve System's reserve ratio may fallbelow 40 per cent at the end of 1945, but theratio of our aggregate gold stock to total moneysupply will still be higher than for any yearprior to 1930. The reason why the gold-moneysupply ratio is higher than before 1930 whilethe Federal Reserve ratio is much lower is thatthe growth in the money supply has been inrelatively large proportion in the form of cur-rency rather than in the form of deposits.

RESERVE RATIOS

END OF JUNE A

-

-

-

y>1 i i i

—N,

M M

. ^ -

M M

V

M M

\ ir\V V

RAT 0 OF GOLD STOCK *""TO DEMAND DEPOSITS '

AND CUF

|

i M i M M

RENCY

1 1 I!

1

;

M M

r

/j

" M l

T

A\ \.Mil

1895 1900 1905 1910 1915 1920 1925 1930 1935 1940 1945

SOURCE.—Banking and Monetary Statistics and the Federal ReserveBULLETIN. The Federal Reserve ratio was adjusted to include goldheld abroad for account of the System. Demand deposits are adjustedto exclude items in process of collection. Currency excludes bankvault cash. The 287 millions which was deducted from monetary goldstock 1914 to the present was removed from the period 1892-1913 by astraight-line adjustment. Projections through the end of 1945 arebased on the table shown at the beginning of the article.

UNEQUAL DEMAND OF CURRENCY AND DEPOSITS

ON RESERVES

The immediate reason why currency requiresrelatively more gold-certificate reserves than do

1 Total money supply as used here consists of demand deposits andcurrency in circulation outside banks. Demand deposits-adjusted areused although technically net demand deposits and, to a lesser extent,time deposits at member banks of the Federal Reserve System measurethe amount of deposits subject to reserve requirements. Net demanddeposits is a legal concept, the scope of which has been changed fromtime to time. Demand deposits-adjusted are a nearer approximationto the total amounts shown in the checkbook stubs and other records ofdepositors. Similarly currency in circulation outside banks is a bettermeasure of money supply although legal requirements apply to totalcurrency in circulation.




deposits is to be found in the technical reservecharacteristics of our money and banking system.Our monetary system is governed by reserverequirements at two different levels; the ReserveBank level which is directly tied to the goldstock, and the commercial bank level which isone or more stages removed from gold reserves.Most of the currency in circulation is issued bythe Reserve Banks and results in a direct,though fractional, increase in reserve require-ments of these banks. Bank deposits, on theother hand, require only fractional amounts ofreserves in the form of reserve balances heldby member banks in Federal Reserve Banks,and these in" turn are subject to fractional re-quirements of reserves at the Federal ReserveBanks.

While commercial banks that are members ofthe Federal Reserve System are one step removedfrom demands upon ultimate gold reserves,nonmember commercial banks are at least twosteps removed. Nonmember commercial banksare subject to the reserve requirements of theStates in which they are chartered and thecommonest form of reserve required of them isa deposit at other commercial banks, which inturn hold reserves with other banks, generallymember banks. Thus deposits at nonmemberbanks are at least two levels removed from basicgold reserves and are divided three times byvarious requirements before they impinge uponthese reserves.

Currency and deposit claims on gold stockmay be compared by the use of illustrativefigures. Our currency system consists of twobroad parts, Treasury currency and FederalReserve notes.2 About 85 per cent of thecurrency now in circulation is Federal Reservenotes, on which there is a 40 per cent goldcertificate requirement. The ratio of requiredgold reserves to the total of all currency, there-fore, is at present about 35 per cent.

2 This neglects the trifling amount of gold certificates which is stillreported as in general circulation, a large portion of which has probablybeen lost or destroyed or for other reasons will never be returned to theTreasury.

Treasury currency consists of all monies for which the Treasury isliable: standard silver dollars, silver certificates and Treasury notes of1890, subsidiary silver and minor coin, United States notes, and, inaddition, national bank notes and Federal Reserve Bank notes forwhich the issuing banks have discharged their liability by a paymentto the Treasury. United States notes are backed by a fixed gold re-serve of 156 million dollars.

The reserves required to be held by memberbanks at the Federal Reserve Banks amount toabout 16 per cent of their total deposits.3

Against these member bank reserves, theReserve Banks must hold a reserve of 35 percent. The product of these two ratios measuresthe demand made by member bank depositson gold reserves. The ratio is less than 6 percent.4

When individuals or businesses get currencyfrom banks by cashing checks they create ineffect a 100 per cent drain on commercial bankreserves, because the commercial banks in orderto replenish their currency stock must pay theReserve Banks for such currency with a dollar-for-dollar draft on their reserve balances. Ifthe individuals or businesses had followed thealternative of retaining their funds as deposits,the commercial banks would have needed tomaintain a reserve balance of only a fraction ofthe deposits. In other words, $100 depositedin a member bank ties up about $6 of FederalReserve Bank reserves, while $100 withdrawnin currency ties up about $35 in reserves.

HISTORICAL REASONS FOR DIFFERENT RESERVES

ON CURRENCY AND DEPOSITS

The basic reason that there are larger reserverequirements for currency than for deposits isa matter of historical evolution. Deposits area relatively modern monetary development.A century ago hand-to-hand currency wasalmost the sole medium of exchange and depositswere only rarely used for this purpose. Bankinglegislation during the early and middle nine-teenth century focussed attention on the pro-tection of the holders of bank notes and littleattention was given to deposit protection. It

3 The basic statutory requirement for member banks on net de-mand deposits is 13 per cent for central reserve city banks, 10 per centfor reserve city banks, and 7 per cent for country banks, with 3 per centon time deposits at all classes of banks. U. S. Government war loanbalances are not subject to these requirements. The Board of Gover-nors has administrative authority to raise these requirements for anyclass of bank or either class of deposit to not more than twice thestatutory minima. The prevailing requirements are: for net demanddeposits at central reserve city banks, 20 per cent; reserve city banks,20 per cent; country banks, 14 per cent; for all time deposits, 6 per cent.Because of varying distribution of deposits among classes of banks andbetween types of deposit, the aggregate member bank ratio of require-ments varies from time to time but at the end of 1944 it averagedabout 16 per cent.

4 If the reserves of nonmember banks are kept at member banks, thecommand of nonmember bank demand deposits on ultimate gold re-serves averages less than one per cent (15 per cent x 18 per cent x 35per cent). If the reserve deposits of nonmember banks are kept atother nonmember banks, the command of these demand deposits ongold reserves is, of course, nothing.

MARCH 1945 2-17



was not until the latter part of the nineteenthcentury that bank checks drawn on depositsbecame the most important medium of exchange.It is also sometimes averred that a distinctionbetween currency and deposits arose becausecurrency was the money of the poor and de-posits the money of the rich, and that thehumanitarian public interest required greaterprotection of the poor. Perhaps the legaltender characteristics of currency also led topreferential treatment.

Probably the most important circumstancethat leads to such a distinction, however, isthe institutional difference between depositexpansion and currency issue. Currency isgenerally a liability of the Government anddeposits are the liabilities of private institutions.Lawmakers are more likely to erect more strin-gent requirements to guarantee public debtthan private liabilities. Moreover, banks asprivate institutions were frequently permittedto keep their reserves in any form of legaltender money, which frequently included thecurrency issued by Government. In otherwords, the currency of Government which wasprotected by varying kinds of fractional orpartial gold reserves was either circulateddirectly or held as bank reserves. Thus bankdeposits, as was explained above, were sep-arated from ultimate gold reserves by an inter-vening step.

Bank deposits became an important mediumof exchange before reserve requirements forthem were set by law or by tradition. Mostbanks, however, followed the prudent policyof maintaining the volume of reserves neededfor convertiblity. Originally, less prudent bankswhich did not keep large reserves were fre-quently wiped out in money-hoarding panics.In the course of time, however, as confidence inthe solvency of banks grew and practices forassuring liquidity developed, the practicalrequirements for convertibility diminished.Improved systems for clearing checks and thepooling of reserves among banks helped todiminish the need for reserves. Ultimately,when reserve requirements for deposits came

Zl8

to be crystallized by tradition or establishedby law they were, in general, lower proportionsthan the requirements established for currencyat earlier dates.

The pooling of reserves, which enabled banksto keep lower reserve ratios, explains why de-posits are now one or more steps removed fromultimate metallic reserves. Banks originallykept basic metallic reserves in their own vaults.In the course of time, however, it was recognizednot only that individual banks could not standby themselves in times of financial distress,but that pooling reserves reduced the aggregatereserves needed by the banking system. It wasalso recognized that deposits in the largemoney-market banks furnished a convenientform of reserves for banks operating in otherareas. This experience was drawn on in formu-lating the reserve requirements incorporated inthe National Banking Act, which were partlycarried over into the original Federal ReserveAct.

It has now come to be recognized that thebasic function of reserve requirements is notto guarantee convertibility, but rather to limitmonetary and credit expansion. Experiencehas shown that with a smoothly operatingbanking and currency system there is little needfor convertibility in normal times, but that intimes of stress large reserves are inadequate with-out other support. Then the central bank orsome other agency of Government must supportthe banking system. If reserve requirementscurb unwarranted credit expansion when timesare good, this action reduces the likelihood ofan excessive credit structure that would collapsein the absence of support when times turn bad.

It is also now recognized that differentialreserve requirements can not be used to enforceany given proportion between the outstandingamounts of currency and of deposits. De-posits and currency are interchangeable at thewill of the holder. Bank deposits, even thoughnot legal tender, are in practice as importanta form of money as currency. The velocityof circulation of demand deposits is probablygreater than that of currency. For most money




payments, checks are just as acceptable ascurrency and in many cases much more common.It is generally recognized that a change in thevolume of deposits is as inflationary or de-flationary as a similar change in the level ofcurrency. As a matter of fact, the two oftenmove in roughly parallel fashion except inperiods when people doubt the solvency ofbanks and try to convert their deposits intocurrency, or when banks make special effortsto attract deposits as they did in the ic^io's.

In the monetary expansion which has beencaused by war finance, currency in circulation

RESERVE POSITIONF. R. BANKS 1 9 3 9 - 1 9 4 5

MONTHLY AVERAGE OF DAILY FIGURES ?20T

SOURCE.—Condition statement of Federal Reserve Banks. Projec-tions for June and December 1945 taken from table shown at beginningof article.

has, however, increased relatively more rapidlythan deposits. In 192.9, currency was onlyabout 14 per cent of the total money stock.From 1935 through 1941, the increase in cur-rency outstanding represented about zz percent of the total increase in demand depositsand currency, and since 1941 the growth incurrency has represented about 35 per cent ofthat expansion. The factors involved in thiscurrency expansion have been discussed else-where.5 As a result of the more than pro-

5 G. L. Bach, "Currency in Circulation," Federal Reserve BULLE-TIN, April 1944, pp. 318-328.

MARCH 1945

portionate growth in currency, the effect ofmonetary expansion on the Federal Reserveratio has been substantially greater than wouldhave been true if currency and deposits hadexpanded in the same proportion. The veryrapid outflow of currency has been mainly inthe form of Federal Reserve notes, and, asshown in the accompanying chart, this has beenthe chief reason for the declining reserve ratio.The relatively greater outflow of currency isalso the explanation of the apparent paradoxthat the country's fundamental gold reserveposition is now stronger than it was in the 192.0'sand yet the reserve ratio, which was generallyfar above the legal requirements in the i9zo's, isnow approaching the legal minimum.

REMEDIAL MEASURES

If one views Reserve Bank reserve require-ments primarily as a broad legislative check onmonetary expansion, then the need for remedialaction resulting from a decline in the reserveratio should be reviewed with reference to thecauses of the expansion that has taken place andis expected to take place. Since this expansionwas caused by war expenditures in excess oftax receipts and investment of savings, andsince there is no immediate way to change thatsituation, there is no choice other than to finda way to ease reserve requirements. This isparticularly the case in view of the fact that thedecline in the reserve ratio, as explained above,was due more to the nature of monetary ex-pansion, i.e., currency versus deposits, than tothe aggregate amount of expansion.

Easing of reserves or of reserve requirementsmust cover not only the expected scale offurther monetary expansion but also allow somesafety margin for the credit authorities. Thereserve position of the Reserve System mustbe judged not only by the proximity to a legalminimum; the margin above the minimummust be sufficient to afford latitude for creditaction necessary to support war finance.

Since monetary expansion may continue into

2.19



the postwar period temporary measures willnot suffice. Steps should be taken to permitwhatever Federal Reserve credit action thepublic interest may require. Although somegold inflow and a return of currency from circula-tion may be anticipated, the amount of monetaryexpansion through the end of the war and earlypostwar period may be such that the System'sreserve ratio will not rise promptly.

Some remedies can be dismissed as inadequateor inappropriate. One would be a reductionof member bank reserve requirements; thereserves thus released would be available tem-porarily for meeting the currency drain withoutincreasing Reserve Bank liabilities. This in-strument of credit policy, however, accordingto the law, is to be used only to "prevent aninjurious credit expansion or contraction,"and not to improve the reserve ratio. More-over, in view of the large volume of depositsoutstanding and prospective uncertainties ofthe postwar period, it would not appear tobe desirable to reduce member bank reserverequirements from the present level.

Some relief in the reserve position wouldresult from the deposit by the Treasury in theFederal Reserve Banks of gold held by theStabilization Fund. But this would be only atemporary and not an adequate solution. Othermeasures, such as the issuance of currency bythe Treasury, are possible, but the effect onthe reserve ratio of any of the measures wouldnot be great. Withdrawing large denominationcurrency from circulation or ceasing to issue suchdenominations would help the reserve positionof the Reserve Banks only in case this actioncurbed the currency outflow. In Great Britain,the suspension of issue of new large denomina-tion currency had only a momentary and in-consequential effect on the currency outflow.If the decline of the reserve ratio should belarge and continue for some time, none of thesemeasures would be adequate, and in most casesthey would involve resort to measures originallyintended for other purposes. The relativelymoderate effect of these measures is shown inthe following table.

ZZO

ProjectedFederal

Reserve ratio(End of 1945)

Continuation of present trend 39If member bank reserve requirements were reduced to

statutory minima 45If $50 and larger denomination currency were recalled*.. 43If Stabilization Fund free gold of 1.8 billion were used as

reserves 43If 3 billion dollars of Thomas Amendment greenbacks were

(a) put in circulation 42(b) used as Federal Reserve Bank reserves 46

If free silver having a monetary value of 1.5 billion dollarswere monetized and(a) put in circulation 41(b) used as Federal Reserve Bank reserves 431 Assuming that half of the outstanding currency in such denomina-

tions would be converted to deposits and that the other half would beconverted into smaller denominations. This is probably an optimisticassumption.

It is apparent that none of these methodswould provide an adequate solution to theproblem of the declining reserve ratio. Thereare three ways, however, in which the problemcould be solved effectively. They are:

i. Suspension of Reserve Bank reserverequirements by the Board of Governorsunder Section n (c) of the Federal ReserveAct.

z. Issuance of Federal Reserve Bank notes,for which no reserve is required.

3. Reduction by statute of reserve require-ments of Federal Reserve Banks.The statutory authority of the Board of Gov-

ernors to suspend reserve requirements ofFederal Reserve Banks is a useful safeguard foremergency periods, but, if the war continuesfor some time, the System reserve ratiomay be below present statutory levels fora fairly long time. The issuance of FederalReserve Bank notes is also based on emergencyauthority and so is subject to the same objectionof impermanence. This objection could beremoved by legislation making permanent thepower to issue Federal Reserve Bank notes.But, if legislative action is taken, it would bebetter not to encourage the issuance of twokinds of Federal Reserve currency, but ratherto reduce the reserve requirements against bothnotes and deposits. The reduction of ReserveBank reserve requirements by statute would bethe most logical action, especially since thereis a possibility that the System reserve ratiomay be around or below the 40 per cent levelfor a considerable period.



RESERVE POSITION OP FEDERAL RESERVE BANKS

Ariiple precedent for changing reserve require-ments when conditions require may be found inthe history of foreign central banking. Reserverequirements for foreign central banks, whereexperience runs longer than ours, have beenchanged many times. One of the earliest ofthese requirements was the fixed fiduciary issueimposed on the Bank of England by the Peel Actof 1844. Subsequently, the amount of fiduciaryissue has been increased a great many times. TheBank of France was given an over-all limit onits note issue in 1848 and this limit was in-creased at least a dozen different times beforethe turn of the century. The Reichsbank waslimited by a ratio reserve in 1875 but again thislimit was modified subsequently a number oftimes. In general, the reserve requirementsof most foreign central banks are now in-operative.

Granting of the change would not mean thatcredit policy would differ from that which nowprevails. The Federal Reserve Banks, whethertheir reserves are high or low, expand or con-tract credit according to the broad financial andbusiness needs of the country. There havebeen many times when credit policy has beenrestrictive even though reserves were high.There have also been times, though less fre-quently, when expansion was needed though re-serves were low. The present expansion arosefrom the urgency and magnitude of the demandsmade on the banking system by the war effort.These demands have been and must continue tobe met. The reserve position of the ReserveBanks and the legal requirements prescribing thereserve ratio must be adjusted to this major re-quirement of the country.

MARCH 1945 XXI


STATEMENT BY MARRINER S. ECCLES ON A CAPITALGAINS TAX TO CURB RISING PRICES OF

CAPITAL VALUES1

When questioned by members of the SenateBanking and Currency Committee as to whatcould be done to prevent further inflation ofcapital values, I reiterated my opinion that themost effective single instrument would be a war-time penalty rate on capital gains. Since theproposal, which was only briefly discussed be-fore the Committee, has been widely misunder-stood and misrepresented in some quarters, Ifeel that I should outline what I advocated andwhy.

I did not propose any change in the presentcapital gains tax. My proposal would apply onlyto the sale of capital assets (as defined under thepresent law) acquired during a period to be fixed"by Congress. My suggestion was that thisperiod be from January i, 1945 until such timeas inflationary dangers have passed, which mightfae two, or possibly three years after the war.This special wartime capital gains tax wouldnot be superimposed upon the existing tax, butwould apply only to assets purchased during thisperiod. It would not apply to real estate, stocksor other assets acquired at any time prior to

January 1, 1945. These assets, if sold, wouldcontinue to be subject to the existing capitalgains tax. The special tax I have in mind wouldimpose a 90 per cent rate on capital gains de-rived from the sale, within two years, of capitalassets acquired during the specified period; there-after it would diminish by 10 per cent, or more,annually until equal to the existing rate. Capi-tal losses incurred on transactions subject to thespecial rate would be deductible against profits.

The special tax, like any other anti-inflationcontrol, should be discontinued when the needfor it no longer exists. Since the purpose of thespecial tax is anti-inflationary, revenue is notthe objective and the more effective the tax, theless it would yield. However, such yield as

1 Text of a statement issued by Chairman Eccles for release onMarch 3,1945.

TL2.

resulted would be based on rates in line withthose imposed under the wartime individualand corporate income tax structure.

The reasons for such a special capital gains taxmay be summarized as follows:

1. Capital values, as reflected in current pricesof homes, farms, business properties, and stocks,have increased sharply since this country enteredthe war, and are still increasing. If unchecked,this trend would undermine the entire price andwage stabilization program, with grave con-sequences to postwar reconversion. It wouldmake war-financing problems more difficult andincrease the cost of the war. It would make amirage of the hopes of millions of war veteranswho are counting on being able to obtain a home,or a farm, or to get started in business when theyreturn from the front. Congress has encouragedthis hope in the so-called G. I. Bill of Rights,and by providing dismissal pay and otherwise.Those on the home front have an inescapableobligation to take whatever steps may be nec-essary to protect the values of homes, farms andother necessities so that they will not be hope-lessly out of reach of the veteran's purse. Thereare no war profits in that purse.

2.. While other sectors on the home front havebeen protected by direct measures, such as ration-ing, allocations, price and wage controls, no ef-fective controls have been applied to. curb risingprices of homes, farms, stocks and other capitalassets. The wartime expansion of liquid assetspresents a vast and growing danger to theseunprotected sectors. Currency, demand de-posits and Government securities held princi-pally by individuals and corporations are rapidlyapproaching zoo billion dollars and have nearlytripled since we entered the war. This hugeinflation potential will continue to grow as longas deficit-financing continues. Unless effectiveaction is taken to prevent these liquid funds fromincreasingly inflating capital values, it will be-



CAPITAL GAINS TAX TO CURB RISING PRICES

come more and more difficult, if not impossible,to hold the line against inflationary price andwage increases. Veterans of the last war,especially farmers, have not forgotten the infla-tion and the consequent ruinous deflation re-sulting from failure to control a relatively smallvolume of liquid funds in the last war. Thepresent volume of such funds is already fourtimes as great as it was in 1910. The nationaldebt is nearly ten times larger today and is stillgrowing.

3. The most serious gap in the line of defenseagainst inflationary forces is the capital gainsloophole in the wartime tax structure. WhileCongress has provided sharply progressive surtaxrates, rising to a high of 91 per cent on individualincomes, and a maximum excess profits tax of95 per cent levied upon operating profits ofcorporations, no corresponding curb has beenput upon capital gains, which continue to besubject to prewar rates, with a X5 per cent maxi-mum. This huge differential in favor of thecapital gains tax benefits only the larger tax-payers. The bigger they are, the greater theinducement today to dispose of or refuse to putmoney into fixed interest-bearing obligationsthat return only a small yield and have, littlechance for a capital gain, and to put money in-stead into capital assets, which, when sold on arising market, yield profits subject only to acapital gains tax of 2.5 per cent, or less.

Yet these profits are just as much a result ofwar expenditures as are high individual andcorporate incomes which are subjected to highwartime tax rates. The inequity of this situa-tion is the more pronounced because the benefitof the tax differential accrues only to those inthe higher income brackets. The smaller in-come taxpayers can derive no tax benefits fromit. Large operators, however,—so-called smartmoney— are taking more and more advantage ofthe opening, and this is a principal factor atpresent in bidding up real estate, stocks andother capital values. It is not the bona fide in-vestor or the small taxpayer who is applying thisupward leverage to prices of capital assets. Thisis speculation—not investment. It is specula-

tion in basic essentials such as homes, or farms,or in stocks representing' business investments.It adds nothing to national wealth. Such formsof gambling as betting on horse races or playingslot machines do little economic damage. Butspeculating in the things that people need anduse, speculation that leads to disruption of pro-duction and employment, is the worst form ofgambling.

4. The proposal I have in mind would simul-taneously reach and discourage all such specula-tive transactions, whether in homes, farms,stocks or commodities, and whether based uponcredit or cash—and would do so without inter-ference with normal, nonspeculative transac-tions, whereas, if credit restrictions alone wereapplied, they would fail entirely to reach cashtransactions for speculative purposes and wouldinterfere with legitimate, nonspeculative credittransactions. The bona fide investor would notbe deterred either now or in the reconversionperiod by the proposed tax, for he puts hismoney into a farm, or into stocks of existing orof new enterprise for the purpose of obtainingcurrent income and for long-range appreciationof values. It is the speculator, not the investor,who puts money into capital assets in anticipa-tion of a quick rise in price from which a specu-lative profit can be realized through selling be-fore the price breaks. However, should theinvestor be obliged or desire to sell while thewartime rate is still in effect, he would not beinjured, since he had not purchased in anticipa-tion of selling in order to make a speculativeprofit. In any event, under the proposed tax,he would be permitted to retain a profit of 10per cent, or more, depending on how long heheld the asset.

5. To the extent that the proposed tax woulddiscourage surplus funds from going into specu-lative fields, to which they will be attracted solong as prices are rising, there will be that muchmore available to go into Government securitieswhere they should go to help finance this war.It would appear from criticisms expressed bysome of the financial press and market operatorsthat they fear the tax would be effective in

MARCH 1945


CAPITAL GAINS TAX TO CURB RISING PRICES

greatly reducing buying activity that mightotherwise develop. That is the purpose of thetax. According to these critics, the proposedtax would dry up the market because it woulddeter holders of capital assets from selling. Butit need not deter holders of assets acquired priorto the effective date of the tax from selling, be-cause it would not apply to them. It woulddeter the buying and hence the bidding up ofcapital assets while the tax is in effect, and thatis exactly the result desired. It is the only wayto keep the prices of these assets from being bidhigher and higher until the bubble bursts.Nothing would be a greater deterrent to postwarreconversion than such an inflationary rise inprices, which would inevitably be followed by adeflationary collapse. Hence nothing would domore to wreck postwar programs for full em-ployment and economic stability on which alasting peace depends.

6. The proposed tax is an essential wartimeexpedient, like price, wage and other directmeasures of control that deal with the effects,not with the causes, of inflationary forces re-sulting from huge deficit-financing of the war.Had the public and hence the Congres beenwilling to deal with inflationary causes, deficit-financing would have been held to a minimum

by far higher taxes and by far greater economyand efficiency in war expenditures. Some of usurged that course from the outset, but since ithas not been followed, the only alternative is todeal with inflationary effects by such expedientsas are necessary to hold the line so long as infla-tionary dangers exist. After reconversion, de-mand, which has so vastly exceeded supply inwartime, should be met by fully employing ourmanpower and material resources in peacetimeproduction, and creation of further inflationaryforces should be ended by greatly reducing publicexpenditures and by maintaining such taxes asare necessary to bring about a balanced budget.

I have received a few letters from civilianswho fail to see why we should have either suchdisagreeable things as taxes sufficient to dealwith inflationary causes or, alternatively, directcontrol measures necessary to deal with infla-tionary effects. On the other hand, I have alsoreceived a number of letters from men in thearmed forces who hope, if their lives are spared,to buy a home or a farm. They do see, with aclarity that should be a warning, why those onthe home front should do whatever is necessaryto make this country's economic future secure,with all that portends for the peace of the world.



LAW DEPARTMENT

Administrative interpretations of banking laws, new regulations issued bythe Board of Governors, and other similar material.

Foreign Banking CorporationsAmendment to Regulation K

The Board of Governors of the Federal Re-serve System, effective February z, 1945, amendedthe second paragraph of section XV of Reg-ulation K entitled "Banking CorporationsAuthorized to Do Foreign Banking Businessunder the Terms of Section 2.5(a) of the FederalReserve Act" commonly known as Edge ActCorporations, so as to provide that with thepermission of the Board the limitation placedon the aggregate liabilities of such a corporationmay be exceeded. The text of the secondparagraph of section XV as thus amended readsas follows:

Aggregate liabilities of the Corporation.—Excepjt with the permission of the Board ofGovernors of the Federal Reserve System, theaggregate of the Corporation's liabilities out-standing on account of acceptances, monthlyaverage domestic and foreign deposits, de-bentures, bonds, notes, guaranties, indorsements,and other such obligations shall not exceedten times the amount of the Corporation'ssubscribed capital and surplus. In determiningthe amount of the liabilities within the meaningof this paragraph, indorsements of bills ofexchange having not more than six months torun, drawn and accepted by others than theCorporation, shall not be included.

Consumer Credit

Amendment to Regulation W

The Board of Governors of the FederalReserve System, effective February 5, 1945,issued the following amendment to its Regula-tion W, entitled "Consumer Credit":

MARCH 1945

AMENDMENT NO. 15 TO REGULATION W

Regulation W • is hereby amended effectiveFebruary 5, 1945, by adding "or by any Stateagency pursuant to similar State legislation"at the end of subsection (#) of section 8 entitled"EXCEPTIONS" so that subsection (4) will readas follows:

(£) Servicemen's Guaranteed Loans.—Anyextension of credit guaranteed in whole or inpart by the Administrator of Veterans' Affairspursuant to the provisions of Title III of theServicemen's Readjustment Act of 1944, or byany State agency pursuant to similar Statelegislation.

Margin Requirements for PurchasingSecurities

Supplements to Regulations T and U

The Board of Governors of the FederalReserve System, effective February 5, 1945,amended the Supplement to Regulation Ten-titled "Extension and Maintenance of Creditby Brokers, Dealers, and Members of NationalSecurities Exchanges" and amended the Sup-plement to Regulation U entitled "Loans byBanks for the Purpose of Purchasing or CarryingStocks Registered on a National SecuritiesExchange" so as to increase the margin re-quirements for purchasing registered securities.The texts of the Supplements as thus amendedare as follows:

SUPPLEMENT TO REGULATION T

Effective February 5, 1945

Maximum loan value for general accounts.—The maximum loan value of a registered security(other than an exempted security) in a generalaccount, subject to section 3 of Regulation T,shall be 50 per cent of its current market value.


LAW DEPARTMENT

Maximum loan value for special omnibusaccounts.—The maximum loan value of aregistered security (other than an exemptedsecurity) in a special omnibus account, subjectto section 4 of Regulation T, shall be 65 per centof its current market value.

Margin required for short sales.—Theamount to be included in the adjusted debit bal-ance of a general account pursuant to section 3(d)(3) of Regulation T, as margin required for shortsales of securities (other than exempted securitiesshall be 50 per cent of the current market valueof each such security, and in the case of a specialomnibus account with another member, brokeror dealer, such amount shall be 35 per cent ofsuch current market value.

SUPPLEMENT TO REGULATION U

Effective February 5, 1945For the purpose of section 1 of Regulation U,

the maximum loan value of any stock, whetheror not registered on a national securities ex-change, shall be 50 per cent of its current marketvalue, as determined by any reasonable method.

Loans to brokers and dealers.—Notwith-standing the foregoing, a stock, if registered ona national securities exchange, shall have aspecial maximum loan value of 65 per cent ofits current market value, as determined by anyreasonable method, in the case of a loan to abroker or dealer from whom the bank (1)accepts in good faith a signed statement to theeffect that he is subject to the provisions ofRegulation T (or that he does not extend ormaintain credit to or for customers except inaccordance therewith as if he were subjectthereto), and (z) receives written notice, pur-suant to a rule of the Securities and ExchangeCommission concerning the hypothecation ofcustomers' securities by brokers or dealers(Rule X-8C-1 or Rule X-15GL-1), to the effectthat the stock is a security carried for the ac-count of a customer.

Real Estate LoansFarm and Business Loans to Veterans

The Comptroller of the Currency on January2.4, 1945, issued the following instructions to all

zz6

National Bank Examiners with respect to farmand business loans by national banks to veterans.

"In conformity with the policy expressedin instructions to you under dates of October2.5 and December ix, 1944 regarding homeloans made by national banks and whollyguaranteed under Section 505 or partiallyguaranteed under Section 501 of Title III ofthe Servicemen's Readjustment Act of 1944,this office has adopted the same position withrespect to farm loans made under Section 502.of the Act and business loans made underSection 503 of the Act.

"Loans wholly guaranteed by the Adminis-trator of Veterans' Affairs will not be con-sidered real estate loans subject to the limita-tions and restrictions of Section X4 of theFederal Reserve Act, for the reason that theloan guaranty certificates constitute the bank'sprimary security even though the regulationsof the Veterans Administration require thatsecond liens on farm or business propertymust be obtained.

"In the case of loans partially guaranteedand which are secured by first mortgages uponfarm or business real estate, the limitationsof Section 14 of the Federal Reserve Actwith respect to the amount of the loans com-pared to the appraised value of the real estatewill be applied only to the portions of theloans not covered by the guaranties. In allother respects the loans in their entirety mustconform with the limitations and restrictionsof Section 2.4 of the Federal Reserve Act."

The Comptroller's instructions of October 2.5,1944, were published at page 1187 of the De-cember 1944 Federal Reserve BULLETIN, and theinstructions of December 11, 1944, were pub-lished at page 2.9 of the January 1945 FederalReserve BULLETIN.

Foreign Funds Control

Treasury Department Releases

The following releases relating to transactionsin foreign exchangey etc., in addition to thoseheretofore published in the Federal Reserve



LAW DEPARTMENT

BULLETIN, have been issued by the Office ofthe Secretary of the Treasury under authorityof the Executive Order of April io, 1940, asamended, and the Regulations issued pursuantthereto:

Treasury Department


February 2., 1945

AMENDMENT TO GENERAL RULING NO. I I

Under Executive Order No. 8589, as Amended, Executive Order

No. 9193, Sections 3(0) and $Qf) of the Trading with the

Enemy Act, as Amended by the First War Powers Act, 1941,

Relating to Foreign Funds Control*

General Ruling No. 11 is hereby amended by deletingthe following from paragraph 4(b)(n) of such general ruling:

"that portion of Belgium within continental Europe;"HERBERT E. GASTON,

Acting Secretary of the Treasury.

Treasury Department


February 2., 1945

AMENDMENT TO GENERAL LICENSE NO. 32A


No. 9193, Section /(&) of the Trading with the Enemy Act,

as Amended by the First War Powers Act, 1941, Relating to

Foreign Funds Control.^

Paragraph 8(c) of General License No. 32.A is herebyamended to read as follows:

(c) The following provinces of Italy.: Viterbo, Terni,Teramo, Rieti, Pescara, Macerata, Grosseto, Chieti,Aquila, Ascoli-Piceno, Ancona, Arezzo, Livorno, Perugia,Siena, and those portions of the provinces of Florenceand Pisa south of the Arno River; and the followingcities of Italy: Florence and Pisa.

HERBERT E. GASTON,

Acting- Secretary of the Treasury.

* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, asamended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941;Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amendedJune 14, 1941, and July 26, 1941.

f Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; 55Stat. 838; Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785,June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, Dec. 9,1941, and Ex. Order 8998, Dec. 26, 1941; Ex. Order 9193, July 6, 1942;Regulations, April 10, 1940, as amended June 14, 1941, and July 26,1941.

MARCH 1945

Treasury Department


February 16, 1945

AMENDMENT TO GENERAL RULING NO. I I


No. 9193, Sections 5OO and j(J?) °f ^e Trading with the Enemy

Act, as Amended by the First War Powers Act, 1941, Relating

to Foreign Funds Control*

Paragraph (4)(b)(n) °f General Ruling No. 11 is herebyamended to read as follows:

(ii) The territory controlled or occupied by the mil-itary, naval, or police forces or other authority of Ger-many, Italy, or Japan.

The territory so controlled or occupied shall be deemedto be the territory of Albania; Austria; Bulgaria; thatportion of Burma occupied by Japan; that portion ofChina occupied by Japan; Czechoslovakia; Danzig;that portion of Denmark within continental Europe;French Indo-China; Greece; Hong Kong; Hungary;Luxembourg; British Malaya; that portion of the Nether-lands within continental Europe; that portion of theNetherlands East Indies occupied by Japan; Norway;that portion of the Philippine Islands occupied by Japan;Rumania; Thailand; Yugoslavia; and any other territorycontrolled or occupied by Germany, Italy or Japan.

HERBERT E. GASTON,


Treasury Department


February 16, 1945

PUBLIC CIRCULAR NO. 2.6


No. 9193, Sections 3(0) andjQt) of the Trading with the Enemy

Act, as Amended by the First War Powers Act, 1941, Relating

to Foreign Funds Control, f

Status of Northern Bukovina and Bessarabia under Executive

Order No. 8389, as amended, and General Ruling No. 11, as

amended. For the purposes of Executive Order N o 8389, as

amended, and General Ruling N o . 11, as amended, Nor thern

Bukovina and Bessarabia shall be deemed to be subject to

the jurisdiction of the Union of Socialist Soviet Republics,

in accordance w i th the terms of the Armistice of September

12., 1944, between Rumania and the United Nat ions.

HERBERT E. GASTON,


* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, asamended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941;Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amendedJune 14, 1941 and July 26, 1941.

f Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48Stat. 1; 54 Stat. 179; 55 Stat. 838; Ex. Order 8389, April 10, 1940, asamended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941;Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amendedJune 14, 1941, and July 26, 1941.

2.2.7


CURRENT EVENTS

Federal Reserve Meetings

The Federal Advisory Council met in Wash-ington on February 18-19. The annual organi-zation meeting of the Council was held on Feb-ruary 18, at which Edward E. Brown, Presidentof the First National Bank of Chicago, wasreelected President, C. E. Spencer, Jr., Presidentof the First National Bank of Boston, was re-elected Vice President, and Walter Lichtensteinwas reappointed Secretary. The Council metwith the Board of Governors of the FederalReserve System on February 19.

A meeting of the Presidents of the Federal Re-serve Banks 'was held February 2.6-17, a n d o n

February x8 and March 1 and 2. the Presidents metwith the Board of Governors.

On February 2.8 and March 1 meetings of theFederal Open Market Committee were held. Atthe meeting on March 1 Marriner S. Eccles wasreelected as Chairman of the Committee andAllan Sproul as Vice Chairman. The representa-tive members of the Committee elected by theFederal Reserve Banks for the period of one year,beginning March 1, 1945, are Allan Sproul,Alfred H. Williams, Ray M. Gidney, R. R. Gil-bert, and H. G. Leedy, Presidents of the FederalReserve Banks of New York, Philadelphia,Cleveland, Dallas, and Kansas City, respec-tively. The members of the executive committeeare Marriner S. Eccles, Chairman; Allan Sproul,Vice Chairman; M. S. Szymczak; R. M. Evans;and Alfred H. Williams.

Resignation of Class C Director

Mr. William H. Stead resigned as a Class Cdirector of the Federal Reserve Bank of St.Louis, effective February 1, 1945. Mr. Stead,who was formerly Dean of the School of Businessand Public Administration, Washington Uni-versity, St. Louis, and had served as a directorof the Federal Reserve Bank since January 1,1944, is now Director, Institute of Researchand Training in the Social Sciences, Vanderbilt

zz8

University, Nashville, Tennessee, which is inanother Federal Reserve district.

Election of Class A and Class B Directors

On February 6, 1945, Mr. Robert Strickland,President, Trust Company of Georgia, Atlanta,Georgia, was elected a Class A Director of theFederal Reserve Bank of Atlanta to fill theunexpired portion of the term ending December31, 1945. Mr. Strickland succeeds Mr. ThomasK. Glenn, who resigned.

The Federal Reserve Bank of Philadelphiaon February 8, 1945, announced the electionof Mr. Charles A. Higgins, Chairman andPresident, Hercules Powder Company, Wil-mington, Delaware, as a Class B director of theBank to fill the unexpired portion of the termending December 31, 1947. Mr. Higgins suc-ceeds Mr. Harry L. Cannon, deceased.

Appointment of Branch Director

On February 9, 1945, the Federal ReserveBank of Atlanta appointed Mr. J. S. Fairchild,Cashier of the First National Bank of WinterGarden, Winter Garden, Florida, a director ofthe Jacksonville Branch for the unexpired por-tion of the term ending December 31, 1945.Mr. Fairchild succeeds Mr. B. C. Teed, whoresigned.

Admission of State Banks to Membership in theFederal Reserve System

The following State banks were admittedto membership in the Federal Reserve Systemduring the period January 16, 1945, to February15, 1945:

California

Berkeley—Bank of Berkeley

Iowa

Webster City—First State Bank

New Jersey

Califon—Hunterdon County Trust Company



NATIONAL SUMMARY OF BUSINESS CONDITIONSCompiled February 23, and released for publication February 27. Figures shown on

charts may differ from preliminary figures used in text.

Factory output continued to increase inJanuary despite severe weather conditions.Department store sales during the first sevenweeks of this year have been 14 per cent abovethe high level maintained during the sameperiod last year.

INDUSTRIAL PRODUCTION

Total output at factories and mines roseslightly in January and the Board's seasonallyadjusted index was £34 per cent of the 1935-39average as compared with 13x in the precedingthree months.

Activity in munitions industries was main-tained in January at the December rate, althoughslight increases were scheduled. In Februaryit was announced that schedules for 1945 pro-duction of aircraft and Army ordnance itemshad been increased further. Output of openhearth and Bessemer steel in January was atthe lowest rate since July 194:1, largely due tosevere weather conditions in several importantsteelmaking areas. Output of electric steel,however, which had been declining since theend of 1943, rose 10 per cent in January, reflect-ing new military requirements for alloy steel.The War Production Board early in Februaryordered a 10 per cent increase in aluminum ingotproduction and announced that a large increasehad occurred in output of aluminum sheet sinceDecember 1.

INDUSTRIAL PRODUCTION

Output of nondurable goods rose 2. per centin January. Production of liquor and beveragespirits increased sharply as a result of the releaseof distilleries from industrial alcohol productionfor the month of January. Output of manu-factured food products also showed a gain forthe month, reflecting increases in the canningand baking industries, after allowing forseasonal changes. Activity at meatpackingestablishments declined 10 per cent in Januaryand was at a rate ±5 per cent below the samemonth a year ago. Production in the chemicalindustries continued to rise, largely reflectingfurther increases in output of small arms am-munition. Activity at textile and paper millscontinued to show little change.

Output of coal increased in January but thetonnage was 8 per cent less than the largevolume for January 1944. The production risewas limited by shortages of cars at mines dueto congestion in ice-clogged northern railroadyards. In the week ending February 10 outputof bituminous coal was the largest for any weeksince last November.

DISTRIBUTION

Department store sales continued in Januaryand the first half of February at about the samehigh level that prevailed in the last quarter of1944 after allowance is made for the usual sharpseasonal decline. Value of sales was 14 per

DEPARTMENT STORE SALES AND STOCKS

1937 1938 1939 1940 J94) J942 1943 1944

Federal Reserve indexes. Groups are expressed in terms of pointsin the total index. Monthly figures, latest shown are for January.

Federal Reserve indexes. Monthly figures, latest shown are forJanuary.

MARCH 1945


NATIONAL SUMMARY OF BUSINESS CONDITIONS

cent greater than in the corresponding period ayear ago, with a higher rate of gain shown inFebruary.

Freight carloadings increased in the early partof January due chiefly to larger shipments offuel and war materials. At the end of Januaryand in the early part of February, however,two short embargoes were placed on rail ship-ments of most non-war goods. These em-bargoes were limited to the northeastern stateswhere heavy snowfalls had resulted in traffictie-ups.

COMMODITY PRICES

Prices of commodities in wholesale and retailmarkets continued to increase slightly duringJanuary. In the first three weeks of Februaryprices of farm products averaged above theJanuary level and small increases were per-mitted in maximum wholesale prices of variousindustrial commodities.

BANK CREDIT

With a steady succession of Treasury calls onWar Loan balances, both demand deposits ad-justed and time deposits at member banks in-creased from mid-January to mid-February.Time deposits maintained the rather rapid rateof increase which has prevailed for the past•several months. During this period reportingmember banks in 101 cities reduced their total^holdings of Treasury bills in order to meet in-creases in required reserves and a currency drain.A t the same time, however, banks continued to

MEMBER BANKS IN LEADING CITIES

make sizable purchases of Treasury bonds,mostly in the eight- to ten-year maturity range.Loans for purchasing and carrying Governmentsecurities decreased, particularly loans madedirectly to customers. Commercial loans alsodeclined slightly.

During the five weeks ending February 2.1,Reserve Banks increased their holdings of Treas-ury bills by 630 million dollars and sold 65million of Treasury bonds. The bill purchases,together with advances of 165 million dollarsto member banks, enabled banks to meet a 450million currency drain and a 2.70 million dollargrowth in required reserves. Although cur-rency in circulation had declined through mostof January, the outflow was renewed in the lastdays of the month and continued at an accel-erated pace in February. Excess reserves de-clined to below 1 billion dollars late in January,about the average level at which they have beenbetween drives during the past year.

GOVERNMENT SECURITY YIELDS

Following the close of the Sixth War Loandrive in December, the Government securitymarket was strong during January and the firstpart of February. The average yield on me-dium-term, taxable Treasury bonds declinedfrom 1.94 per cent during the last week of De-cember to 1.78 per cent during the week endedFebruary 17. The average yield on long-term,taxable Treasury bonds declined from 2..47 percent to i-39 per cent in the same period, thelowest since early December 1941.

GOVERNMENT SECURITY HOLDINGS OF BANKS IN LEADING CITIES

I ' vi ' v ! __-—^_U\^

Demand deposits (adjusted) exclude U. S. Government and inter-bank deposits and collection items. Government securities includedirect and guaranteed issues. Wednesday figures, latest shown arefor Feb. 21.

1939 1940 194? 1942 1943 1944

Excludes guaranteed securities. Data not available prior to Feb.8,1939; certificates first reported on Apr. 15, 1942. Wednesday figures,latest shown are for Feb. 21.



FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICSUNITED STATES

PAGE

Member bank reserves, Reserve Bank credit , and related i tems 133Federal Reserve Bank discount ra tes ; rates on industr ia l loans ;

guarantee fees and rates under Regula t ion V ; rates on t imedeposi ts ; reserve requirements ; marg in requirements 134-135

Federal Reserve Bank stat is t ics 13 5—2.39Guaranteed w a r product ion loans 139Deposits and reserves of member banks . 2.3 9-2.40Money in circulat ion 141-141Gold s tock; bank debits and deposit turnover 2.42.Deposits and currency; Postal Savings System; bank suspensions 143All banks in the Uni ted States, by classes 144-2.45All insured commercial banks in t h e Uni ted States, by classes 146-147Weekly repor t ing member banks 148-151Commercial paper, bankers ' acceptances, and brokers ' balances 151Money rates and bond yields 153Security markets 2-54—2.5 5Corporate profits 156Treasury finance 157-159Government corporat ions and credit agencies 160Business indexes 161-170Department store statistics 171-173Consumer credit statistics 174-175Wholesale prices 176Current statistics for Federal Reserve chart book 177-178

Tables on the following pages include the principal available statistics of current significance relatingto financial and business developments in the United States. The data relating to the Federal ReserveBanks and the member banks of the Federal Reserve System arc derived from regular reports made to theBoard; index numbers of production are compiled by the Board on the basis of material collected by otheragencies; figures for gold stock, money in circulation, Treasury finance, and operations of Governmentcredit agencies are obtained principally from statements of the Treasury, or of the agencies concerned;data on money and security markets and commodity prices and other series on business activity are ob-tained largely from other sources. Back figures for banking and monetary tables, together with de-scriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; backfigures for most other tables may be obtained from earlier BULLETINS.

MARCH 1945 2.31


MEMBER BANK RESERVES AND RELATED ITEMS

WEDNESDAY FIGURES BILLIONS OF DOLLARS

1938 1939 1940 1941 1942 1943 1944 1945

Wednesday figures, latest shown are for Feb. 21. See p. 233.



MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS

Monthly averages ofdaily figures:

1943—NovDec

1944—JanNovDec

1945—Jan

End of month figures:1943—Nov. 30

Dec. 311944—Jan. 31

Nov. 30Dec. 30....Jan . 31. .

Wednesday figures:1944—Apr. 5

Apr. 12 . . . .Apr. 19. . .Apr. 26

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

June 7June 14 . . .June 21June 28

July 5July 12July 19July 26

Aug. 2Aug. 9Aug. 16Aug. 23Aug. 30

Sept. 6Sept. 13Sept. 2 0 . : . . .Sept. 27

Oct. 4Oct. 11Oct. 18.. ..Oct. 25

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

Dec. 6Dec. 13Dec. 20Dec. 27 . . . .

1945—Jan. 3.Jan. 10.Jan. 17... .Ian. 24.Jan. 31., ..

Feb. 7Feb. UFeb. 21..

Dis-counts

andad-

vances

359032

436265118

525

22473

80176

44558789

85136152227236

24017317252

22453937

366253

10785

10511617288

33148185322

359401357473593

383176218153

30130129141176

200230294

[In millions of dollars]

Reserve Bank credit outstanding

U. S. Governmentsecurities

Total

9,88611,16611,83218,12918,69318,726

10,34811,54312,07318,38818,84619,006

12,33212,64812,73412,998

13,29213,24913,80813,98914,251

14,60915,00115,18015,081

14,73814,81614,55614,802

14,89115,22215,23115,59215,852

16,03016,40716,54016,501

16,66017,01617,08717,261

17,60517,95717,94118,41118,553

18,31118,57719,00919,064

18,73418,90718,65118,62019,006

19,06219,18119,231

Treas-ury

billsand

certifi-cates

7,6308,8769,517

15,77515,89515,956

8,0719,2369,728

16,03116,03516,272

9,71910,04010,12810,392

10,67910,63611,19611,37611,613

11,97212,36212,53912,434

12,09112,17412,03712,309

12,42912,78112,82813,22613,502

13,68814,06514,22014,190

14,35014,69914,76814,922

15,25915,60515,58616,05416,196

15,52215,78316,20816,253

15,92716,12015,88015,88016,272

16,34016,46516,534

Allother

2,2562,2902,3152,3542,7982,770

2,2772,3072,3452,3572,8122,734

2,6132,6092,6062,606

2,6132,6132,6132,6132,638

2,6382,6392,6412,647

2,6472,6422,5192,493

2,4622,4412,4042,3662,350

2,3422,3422,3202,311

2,3112,3172.3192,339

2,3462,3522,3552,3572,357

2,7892,7942,8012,812

2,8082,7872,7712,7392,734

2,7222,7162,698

Allother1

418658506445654543

362691334496819370

389402508398

353328421309272

334431435291

325374403285

321319397300230

374392524353

406339523316

301296509457374

435558886604

706449529459370

442506'478

Total

10,33911,91412,37019,00919,61219,387

10,76312,23912,42819,35719,74519,552

12,76613,10613,33013,485

13,73013,71314,38214,52514,759

15,18315,60615,78615,423

15,08515,23614,99915,124

15,24915,60415,68215,99916,167

16,50916,91617,23716,943

17,09917,50317,79517,899

18,26518,65518,80719,34119,520

19,13019,31120,11319,821

19,47019,48619,31019,22019,552

19,70319,91820,003

Goldstock

22,09122,01821,93320,70820,65720,582

22,06521,93821,91820,68820,61920,550

21,54021,47921,46921,429

21,37521,37521,35421,32421,264

21,21221,21121,20121,193

21,13321,11421,04720,996

20,99620,99620,99820,94720,946

20,90620,88520,88520,825

20,82420,72520,72820,727

20,72720,72620,69420,69320,688

20,66820,66720,64620,639

20,61920,59320,57220,57120,550

20,54820,50720,506

Treas-urycur-

rencyout-

stand-ing

4,1024,0984,0934,1164,1254,129

4,0974,0944,0914,1224,1314,127

4,0934,0934,0934,094

4,0924,0974,0994,1004,101

4,1014,1044,1074,107

4,1074,1074,1094,111

4,1124,1084,1094,1124,114

4,1144,1124,1144,114

4,1134,1134,1144,115

4,1154,1154,1144,1174,120

4,1224,1234,1274,131

4,1304,1304,1294,1294,127

4,1264,1244,124

Moneyin cir-cula-tion

19,56620,24320,42824,73825,20725,243

19,91820,44920,52925,01925,30725,290

21,19121,29521,33421,396

21,61421,72521,84621,91122,160

22,25522,33322,29322,421

22,59822,56122,53122,584

22,73422,91023,02023,04723,221

23,43223,49523,55823,658

23,88124,09924,15724,216

24,40924,67424,71724,88124,997

25,10725,16325,28025,335

25,32625,25725,20925,17525,290

25,41125,53325,652

Treas-ury

cashhold-ings

2,2942,3072,3212,3402,3552,371

2,2892,3032,3202,3272,3752,371

2,3472,3272,3212,327

2,3342,3332,2982,3332,310

2,3302,3322,3392,314

2,2962,3032,3482,313

2,3392,3402,3452,4042,407

2,3802,3842,3902,373

2,3722,3662,3622,359

2,3722,3132,3382,3392,334

2,3372,3482,3692,377

2.3682,3722,3702,3802,371

2,3722,3892,384

Treas-ury de-positswith

FederalRe-

serveBanks

338669484262666532

394579375138440648

426274204373

229214397389307

262154334561

219517360403

261487317549318

354370699483

347211315229

216314119251292

258503

1,250901

592528334479648

593547517

Non-mem-

ber de-posits

1,6871,7231,8891,5791,5951,501

1,5921,7161,9561,5611,5981,634

1,8011,8231,9672,019

1,9731,8261,9531,9601,946

1,9342,0282,0001,978

1,8611,8631,7981,773

1,7711,7901,8041,7661,779

1,7681,7651,7581,627

1,6121,5681,5981,606

1,6331,6401,4881,5671,549

1,6361,5971,6211,601

1,6091,5901,5381.3971,634

1,6431,6491,672

OtherFed-eralRe-

serveac-

counts

334339339395403403

3323393413954024G2

356356362357

357356355355355

357359369369

364364364365

368371368370370

373373385386

391390390391

393395395395395

397397408409

402405404404402

409409410

Memberbank i*eserve

balances

Total

12,31312,74912,93514,52014,16814,048

12,40112,88612,91714,72814,37313,884

12,27712,60412,70412,537

12,69012,72912,98613,00013,046

13,35813,71513,75813,081

12,98712,84912,75412,793

12,88412,81012,93512,92213,132

13,22113,52613,44513,355

13,43313,70813,81413,940

14,08314,15914,55714,71914,761

14,18414,09213,95813,969

13,92114,05714,15614,08513,884

13,95014,02213,999

Excess2

1,0731,0481.1141,0231,2841,114

9851,2361,1121,1791,773

982

859986927640

794771936764711

8181,0591,2131,239

1,4701,5631,4621,280

1,1901,0491,001

868928

846971878865

862976918783

921883

1,0871,0621,205

1,3641,2861,2771,406

1,2741,2771,2801,195

982

947996854

1 Includes industrial loans shown separately in subsequent tables.2 End of month and Wednesday figures estimated.Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.

MARCPI 1945


FEDERAL RESERVE BANK DISCOUNT RATES[In effect February 28. Per cent per annum]

Federal Reserve Bank

BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis...Kansas Ci ty . .D a l l a s . . . . . . . .San Francisco.

Discounts for and advances to member banks

Advances secured byGovernment obliga-

tions rnaturing orcallable in one year

or less (Sec. 13)

Rate Effective

Oct. 27, 1942Oct. 30, 1942Oct. 17, 1942Oct. 27, 1942Oct. 28, 1942Oct. 15, 1942Oct. 17, 1942Oct. 27, 1942Oct. 30, 1942Oct. 27, 1942Oct. 17, 1942Oct. 28, 1942

Advances secured byGovernment obligations

maturing or callablebeyond one year and

discounts of andadvances secured by

(Sees. 13 and 13a)1

Rate Effective

Sept. 1,Aug. 25,Mar. 21,Apr. 11,Mar. 14,Mar. 21,Feb. 28,Mar. 14,Mar. 28,Apr. 11,Mar. 21,Apr. 4,

193919391942194219421942194219421942194219421942

Other secured advances[Sec. 10(b)]

Effective

Oct. 27, 1942Oct. 30, 1942Oct. 17, 1942Sept. 12, 1942Oct. 28, 1942Oct. 15, 1942Aug. 29, 1942Mar. 14, 1942Oct. 30, 1942

27, 194217, 194228, 1942

Oct.Oct.Oct.

Advances to individuals, partnerships,or corporations other than member bankssecured by direct obligations of the U. S.

(last par. Sec. 13)

To nonmember banks

Rate Effective

Sept. 1, 1939Aug. 25, 1939Mar. 21, 1942Apr. 11, 1942Mar. 14, 1942Sept. 16, 1939Sept. 1, 1939Sept. 16, 1939Mar. 28, 1942Sept. 16, 1939Sept. 16, 1939Apr. 4, 1942

To others

Rate

fI*222y2

22234

Effective

Oct. 27, 1942Oct. 30, 1942Oct. 17, 1942Oct. 27, 1942Oct. 28, 1942Oct. 15, 1942Oct. 17, 1942Oct. 27, 1942Oct. 30, 1942Oct. 27, 1942Oct. 17, 1942Oct. 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 adyances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mort-

gage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Inter-mediate 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 lastparagraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.

FEDERAL RESERVE BANK BUYING RATES ON BILLS[Per cent per annum]

Maturity

Treasury bills1

Bankers' acceptances :21- 90 days

91-120 days121-180 days

Rate onFeb.28

1

In effect be-g inn ing-

Apr. 30, 1942

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

Previousrate

11IX

1 Established rate at which Federal Reserve Banks stand ready to buyall 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 andmaturity at the same rate of discount. Since May 15, 1943, all purchaseshave been made subject to repurchase option.

2 Minimum buying rates on prime bankers' acceptances.Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-44.

GUARANTEE FEES AND MAXIMUM INTEREST AND COM-MITMENT RATES CHARGEABLE UNDER REGULATION

V ON LOANS GUARANTEED BY WAR DEPARTMENT,NAVY DEPARTMENT, AND MARITIME COMMIS-

SION UNDER EXECUTIVE ORDER NO. 9112AND CONTRACT SETTLEMENT ACT

OF 1944[Rates in effect February 28]

FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS

Percentage of loan guaranteed

80 or less..859095Over 95 . . .

Guarantee fee(In terms of per-

centage of amountof interest payable

by borrower)1

1015203050

MAXIMUM RATES THAT MAY B E CHARGED BORROWERS BYFINANCING INSTITUTIONS

[Per cent per annum]

Maximum rate of interestMaximum commitment ra te . .

* Guarantee fee is charged only on guaranteed portion of loan.2 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 ormaturity of the commitment.

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANSAND COMMITMENTS UNDER SECTION 13b

OF THE FEDERAL RESERVE ACT*Maturities not exceeding five years

[In effect February 28. Per cent per annum]

Federal ReserveBank

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

To industrial orcommercia 1businesses

Onloans2

2H-52^-5234-52^-5234-5234-5234-5234-5234-52^-52^-52lA-5

Oncommit-

mentsPortion

for whichinstitu-tion is

obligated

On com-mitments

To financing institutions

On discounts orpurchases

4 Rate charged borrower.5 May charge rate charged borrower by financing institution, if lower.6 Charge of l/i per cent is made on undisbursed portion of loan.Back figures—See Banking and Monetary Statistics,Table 118, pp. 446-447.

MAXIMUM RATES ON TIME DEPOSITSMaximum rates that may be paid by member banks as established by

the Board of Governors under provisions of Regulation Q( Per cent per annum]

Savings depositsPostal savings deposits...Other deposits payable:

In 6 months or moreIn 90 days to 6 months.In less than 90 days . . . .

Nov. 1,1933- Feb. 1,1935- EffectiveJan. 31,1935 Dec. 31,1935 Jan. 1,1936

NOTE.—Maximum rates that may be paid by insured nonmember banksas established by the F. D. I. C , effective Feb. 1, 1936, are thesame as those in effect for member banks. Under Regulation Q the ratepayable by a member bank may not in any event exceed the maximumrate payable by State^ banks or trust companies on like deposits underthe laws of the State in which the member bank is located.



MEMBER BANK RESERVE REQUIREMENTS[Per cent of deposits]

Period in effect

June 21, 1917-Aug. 15, 1936Aug. 16, 1936-Feb. 28, 1937Mar. 1, 1937-Apr. 30, 1937May 1, 1937-Apr. 15, 1938Apr. 16, 1938-Oct. 31, 1941Nov. 1, 1941-Aug. 19, 1942Aug. 20, 1942-Sept.l3, 1942Sept. 14, 1942-Oct. 2, 1942Oct. 3, 1942 and after

Net demand deposits1

Centralreserve

citybanks

13193^22H2622%26242220

Reservecity

banks

1015W22017H20202020

Countrybanks

7103^12M141214141414

Timedeposits

(allmemberbanks)

34H

656666

1Demand deposits subject to reserve requirements, i.e., demand de-posits other than war loan deposits, minus cash items in process ofcollection and demand balances due from domestic banks.

MARGIN REQUIREMENTS i[ Per cent of market value ]

Prescribed by Board of Governors of the FederalReserve System in accordance with Securities

Exchange Act of 1934

For extensions of credit by brokers and dealers onlisted securities, under Regulation T

For short sales, under Regulation TFor loans by banks on stocks, under Regulation U. . . .

Nov. 1,1937-

Feb. 4,1945

405040

EffectiveFeb. 5,

1945

505050

1 Regulations T and U limit the amount of credit that may be extended ona security by prescribing a maximum loan value, which is a specifiedpercentage of its market value a t the time of the extension; the "marginrequirements" shown in this table are the difference between the marketvalue (100%) and the maximum loan value.

NOTE.—Regulations T and U also provide special margin requirements on"omnibus" accounts and loans to brokers and dealers.

Back figures.—See Banking and Monetary Statistics, Table 145, p. 504.

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS[In thousands of dollars]

Item

AssetsGold certificatesRedemption fund—F.R. notes-Other cash

Total reserves

Discounts and advances:For member banksFor nonmember banks, etc.

Total discounts andadvances

Industrial loansU. S. Government securities:

Direct:Bills:

Under repurchase op-tion

OtherCertificates:

SpecialOther

Notes . . .Bonds

Guaranteed

Total U. S. Governmentsecurities, includingguaranteed securities.

Other Reserve Bank credit out-standing

Total Reserve Bankcredit outstanding

LiabilitiesFederal Reserve notes . . .Deposits:

Member bank—reserveaccount

U. S. Treasurer—generalaccount

ForeignOther deposits

Total deposits

Ratio of total reserves to de-posit and F.R. note liabilitiescombined (per cent)

Wednesday figures

1945

Feb. 21

7,693,865626,073266,659

18,586,597

293,265790

294,055

3,983

4,834,2206,782,184

4,917,1401,559,7211,138,052

19,231,317

473,992

20,003,347

22,065,160

13,999,228

516,5711,291,192

380,896

16,187,887

48.6

Feb. 14

17,694,865625,141272,013

18,592,019

230,115390

230,505

3,873

4,763,0726,773,079

4,929,1401,565,7211,150,372

19,181,384

502,059

19,917,821

21,950,486

14,021,934

547,2431,271,209

377,378

16,217,764

48.7

Feb. 7

17,747,865624,821284,130

18,656,816

199,416390

199,806

3,721

4,657,6156,755,789

4,926,1401,565,7211,156,472

19,061,737

437,969

19,703,233

21,845,618

13,950,402

592,7981,247,849

395,164

16,186,213

49.1

Jan. 31

17,768,865604,388292,544

18,665,797

175,850

175,850

3,924

4,628,6756,747,130

"A, 896,' 6401,565,7211,165,672

2,500

19,006,338

366,107

19,552,219

21,748,046

13,883,718

647,5811,246,754

387,032

16,165,085

49.2

Jan. 24

17,789,365603,888291,192

18,684,445

141,020

141,020

3,893

4,248,3226,735,527

4^896,6401,565,7211,170,972

2,500

18,619,682

455,256

19,219,851

21,647,358

14,084,855

479,0541,157,354

240,024

15,961,287

49.7

Jan.17

17,786,365609,460283,214

18,679,039

129,415

129,415

3,877

4,186,8216,801,437

4,891^6401,565,7211,202,922

2,500

18,651,041

525,407

19,309,740

21,664,825

14,156,346

333,9161,163,602

374,027

16,027,891

49.6

Jan.10

17,806,365610,990267,364

18,684,719

130,155

130,155

3,889

4,305,4006,928,127

'4; 886,'6401,565,7211,218,482

2,500

18,906,870

444,627

19,485,541

21,694,777

14,056,996

527,8011,198,829

390,956

16,174,582

49.3

Jan. 3

17,837,365607,106245,352

18,689,823

29,850

29,850

3,741

3,876,0197,164,147

4,'886,'6401,565,7211,239,331

2,500

18,734,358

701,915

19,469,864

21,742,796

13,921,395

591,8291,220,096

388,480

16,121,800

49.4

End of month

1945

January

17,768,865604,388292,544

18,665,797

175,850

175,850

3,924

4,628,6756,747,130

4,896,6401,565,7211,165,672

2,500

19,006,338

366,107

19,552,219

21,748,046

13,883,718

647,5811,246,754

387,032

16,165,085

49.2

1944

December

7,850,365594,126242,189

18,686,680

79,825

79,825

3,751

3,983,7717,164,147

4,886,6401,565,7211,243,426

2,500

18,846,205

815,055

19,744,836

21,731,017

14,372,899

440,4871,203,703

393,881

16,410,970

49.0

January

19,481,578264,112355,568

20,101,258

21,717

21,717

10,080

3,617,1473,323,741

2,787,140664,900

1,592,196

12,072,959

323,698

12,428,454

17,024,216

12,916,970

374,5911,500,725

455,573

15,247,859

62.3

MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKSfin thousands of Hollars]

February 21, 1945

Discounts and advancesIndustrial loansU. S. Government securities

Total

294,0553,983

19,231,317

Within15 days

237,4303,422

2,777,230

16 to 30days

10,2651

1,976,278

31 to 60days

16,81030

4,817,286

61 to 90days

29,5504

4,094,231

91 daysto 6

months

81,286,440

6 monthsto

1 year

5182,504,500

1 yearto

2 years

"343,200

2 yearsto

5 years

"619,802

Over5 years

'812,350'

MARCH 1945


STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKSfTn thousands of dollars]

'ssetaGold certificates:

Jan. 24Jan. 31Feb. 7Feb.14Feb.21

Redemption fund—F. R. notes:

Tan. 24Jan. 31Feb. 7Feb. 14Feb. 21

Other cash:Jan. 24Jan. 31Feb. 7Feb.14Feb. 21

Total reserves:Jan. 24Jan. 31Feb. 7Feb.14Feb.21

Discounts & advances:Secured by U. S.

Govt. securities:Jan. 24Jan. 31Feb. 7Feb.14Feb. 21

Other:Jan. 24Jan. 31Feb. 7Feb.14Feb. 21

Total discounts andadvances:

Jan. 24Jan. 31Feb. 7Feb. 14Feb. 21

Industrial loans:Jan. 24Tan. 31Feb. 7Feb. 14Feb. 21

U. S. Govt. securities:Bills:

iWler repur-Thase option:


Other bills:Jan. 24Jan. 31Feb. 7Feb.14Feb.21

Certificates:Jan. 24Jan. 31Feb. 7Feb. 14Feb.21

Notes:Jan. 24Jan. 31Feb. 7Feb.14Feb.21

Bonds:Jan. 24Jan. 31Feb. 7Feb. 14Feb.21

Total U.S. Govt. sec,incl. guar. sec:

Jan. 24Jan. 31Feb. 7Feb.14Feb. 21

Total Boston

17,789,36517,768,86517,747.86517,694,86517,693,865

603.888604,388624,821625,141626,073

291,192292,544284,130272,013266,659j|

18,684,44518,665,79718,656,81618,592,01918,586,597

141,020175.850199,806230,505294,05.

141,020175,850199,806230,505294,055

3,8933,9243,7213,8733,983

4,248,3224,628,6754,657,6154,763,0724,834,220

6,735,5276,747,1306,755,7896,773,0796,782,184

4,896,6404,896,6404,926,1404,929,1404,917,140

1,568,2211,568,221,565,721,565,721,559,721

,170,972,165,672,156,472,150,372,138,052

905,888892,944899,153918,037907,562

40,61140,61140,60140,35241,351

22,42424,33723,60822,84922,822

%8,923957,892963.362981,238971,735

4,5703,4258,50014,65011,075

4,5703,4258,50014,65011,075

19719'197197195

71,51110,43597,809105,691113,938

556,860548,109561,195522,621534,399

336,730336,717338,798338,994338,078

107,844107,837107,68:107,679107,239

80,52580,15679,53679,11578,247

18,619,68211,153,47619,006,338jl, 183,25419,061,737 1,185,02019,181,38411,154,10019,231,317IJ1,171,901

NewYork

5,257,9625,227,0145,141,5555,051,8705,116,040

95,63795,63795,375

104,464104,460

70.91970,22768,41365,56063,976

Phila-delphia

Cleve-land

939,706 1,328.730955,228 1,335,451971,781 1,346,783967,187 1,331,925969,098 1,330,417

21,03221,05521,213!20,61720,101

42,42.42,42,42,

302802793906905

57,57,57,57,57,

316316310514514

23,87623,51324,88322,35723,962

5,424,518'.!, 003,040|l, 409,9225,392,878|1,019,085 1,416,2805,305,343|l,O35,787 1,428,976

5,284,476 1,032,104

56,86068,28592,775128,640153,500

56,86068,28592,775128,640153,500

1010101010

2,082,0932,289,7032,305,5562,368,0942,392,671

617,250633,278718,868671,060670,045

1,218,0341,218,0491,225,3351,226,0901,223,193

390,093390,098389,461389,464387,998

291,278289,963287,663286,148283,103

4,598,748 1,237,1,251,,235,

4,940,856 1,272,4,957,010 1,260,

4,821,0914,926,883 1

4206,1752,3256,10011,750

4206,1752,3256,10011,750

2,7592,7932,5902,7422,818

187,459216,669192,729233,825243,740

471,864457,044463,700459,906439,946

370,748370,740372,994373,219372,273

118,736118,735118,553118,551118,085

88,65988,25787,56687,10386,161

1,411,893

6,65013,85010,02512,27519,650

466 1445 1

604 1205 1

Rich-mond Atlanta

892,262916,9581904,477939,097929,108

48,68148,68148,64248,79548,793

18,4o719,94318,04417,42515,799

Chicago

930,069 3,086,594964,49313,015,696965,48413,088,901974,220 3,091,171958,617 3,096,495

38,14238,14237,92937,59537,593

23,63523,39322,74823,91122,241

110,516110.516110,508110,125110,125

36,21636,49434,70432,46530,360

959,410 991.846 3,233,326985,582 1,026,028 3,162,706971,163 1,026,16113,234,113

5i221i89411^0301710 1,411,796 1,005,317J1,035,726 3,233,761"•" 993,700 1,018,4513,236,980

2,7503,8604,4505,7506,800

I6,65013,85010,02512,27519,650

308308308308308

96,58988,46396,533105,049100,799

870,472898,249896,924896,911907,327

465,266465,240468,129468,397467,109

149,008149,000148,789148,786148,169

111,262110,753109,899109,316108,112

2.7503,8604,4505,7506,800

124121121121120

51,75061,61664,80048,26050,143

605,910606,629607,165608,236608,800

313,774313,781315,647315,843315,117

100,490100,493100,325100,32799,955

75,03574,69774,10273,71272,932

3,000300300700

3,000300300700

2020202019

14,95030,77119,09023,18,100 1

515,523516,110521,590537,438544,786

247,528247,528249,021249,173248,564

79,27579,27579,14979,14978,845

59,19458,92658,46158,15257,530

,692,597 1,146,9591.,711,705 1,157,216|.,720,274 1,162,039.,728,459J1,146,378L, 731,516 1,146,947

916,932,927,947,947,

470 3610 33113012 3825 3

4,3006,5507,3508,750

16,050

4,3006,5507,3508,750

16,050

,206,9911,208,793',195,388,191,808,233,985

853,275842,396843,469845,611855,242

641,424641,447645,232645,640

6 4 4 , ; • "

205,426205,434205/205,084204,342

153,389152,701151,476150,680149,098

!, 060,5051,050,771i, 040,645>,038,8231,086,875

St.Louis

Minne-apolis

625,750646,999639,969642,728641,984

32,64332,64332,63932,51632,516

15,03013,81113,38713,53613,187

673,423693,453685,995688,780687,687

31,00031,50029,45017,60028,500

340,902357,933366,418362,962361,726

14,77714,77715,77615,73815,738

5,5565,7165,6835,8625,398

361,235378,426387,877384,562382,862

5,0001,5005,9113,05015,850

31,00031,50029,45017,60.028,500

92,235123,056106,45195,28692,925

336,846316,251321,691352,775363,321

230,087230,088231,472231,613231,053

73,68973,68973,57073,57073,290

55,02354,77454,34054,05453,476

787,:797,858787,524807,298814,065

5,0001,5005,9113,05015,850

55,28048,915116,065115,015116,100

204,432208,247138,871142,489134,248

132,416132,410133,233133,309132,944

42,40942,40642,34642,34542,168

31,66731,52131,27831,11230,768

466.204463,499461,793464,270456,228

KansasCity

613,712636,725633,824646,770624,884

25,67125,67125,66825,57525,575

14,63915,12813,81813,18112,802

654,022677,524673,310685,526663,261

29,45032,20537,44532,61529,865

29,45032,20537,44:32,61529,865

2525252525

48,80463,73162,52451,19943,474

358,359358,554342,301365,420376,337

240,599240,600242,043242,192241,614

77,05577,05676,93276,93276,640

57,53657,27656,82356,52455,920

782,353797,217780,623792,267793,985

Dallas

,152 2,858 2

500,517,507,040 2517,095 2510,264 2

18,64918,64918,64518,55218,552

11,50411,59810,8789,7469,477

530,548,536,545,538,

305 2105 2563 2393 2293 2

SanFran-cisco

,367,638,301,566,282.480,251,803,247,670

5,500775275285

5,500775275285

34,90336,04339,18042,19028,720

312,854306,437310,690320,656318,326

203,834203,832205,068205,192204,676

65,28265,28165,17965,17864,925

48,74548,52348,14347,88847,373

78,94378,94398,93591,00990,951

27,89427.32926,75124,50426,534

',474,4751.407,8381,408.166>,367.316',365,155

50050030

50050030

450450450450488

305,751350,480361,490383,555399,625

1,031,8821,055,8261,029,3251,049,9561,029,407

496,200496,208499,168499,478498,311

158,914158,917158.655158,656158,065

118,659118,125117,185116,568115,332

665,618 2,111,406660,116 2,179,556668,260 2,165,823681,104 2,208,213664,020 2,200,740



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

Total loans and sec :Jan. 24Jan. 31Feb. 7Feb.14Feb.21

Due from foreign banksJan. 24Jan. 31Feb. 7Feb.14Feb.21

Federal Reserve notesof other banks:


Uncollected items:Jan. 24Jan. 31Feb. 7Feb.14Feb. 21

Bank premises:Jan. 24Jan. 31Feb. 7Feb. 14Feb. 21

Other assets:Jan. 24Jan. 31Feb. 7Feb.14Feb.21

Total assets:Jan. 24Tan. 31Feb. 7Feb. 14Feb.21

LiabilitiesFederal Reserve notes:

Jan. 24Jan. 31Feb. 7Feb. 14Feb. 21

Deposits:Member bank—

reserve acct.:Jan. 24Jan. 31Feb. 7Feb.14Feb.21

U. S. Treasurer-general acct.:


Foreign:Jan. 24Jan. 31Feb. 7Feb. 14Feb. 21

Other:Jan. 24Jan. 31Feb. 7Feb.14Feb.21

Total deposits:Jan. 24Jan. 31Feb. 7Feb. 14Feb. 2 1 . . . . . . . .

Deferred availabilityitems:


Total

18,764,59519,186,11219,265,26419,415,76219,529,355

116116116116116

107,50597,39980,79867,85272,916

2,119,3571,878,1,784,5932,217,5881,983,660

34,54534,48234,47634,47634,458

63,73066,61361,76063,44064,771

39,774,29339,929,40439,883,82340,391,25340,271,873

21,647,35821,748,04621,845,61821,950,48622,065,160

14,084,85513,883,71813,950,40214,021,93413,999,228

479, OS647,581592,798547,243516,571

1,157,3S1,246,7541,247," '"1,271,2091,291,192

240,024387,032395,164377,378380,896

15,961,28716,165,08:16,186,21316,217,76416,187,8-87

1,664,2171,512,89'1,346,74C1,715,641,509,78.

Boston

1,158,2431,186,8761,193,7171,168,9471,183,171

99999

3,6192,2503,0622,9853,201

137,188120,894130,481151,043141,945

1,6101,6051,6051,6051,605

4,5914,4604,1354,3284,275

,274,183,273,986 10,296,371,310,155,305,941

1,353,2801,357,9131,365,0241,373,2381,383,233

653,202633,869652,428639,434641,658

26,95648,80251,79949,42235,829

75,68881,51182,12583,44485,971

6,4175,1584,7774,9814,105

762,263769,340791,129777,281767,563

125,584113,385106.915J126,2301121,547!

NewYork

4,655,6184,889,3865,019,5,069,5,110,

506 1520 1

11,71514,02311,30410,48112,617

438,202414,643350.211493,930431,129

8,8948,8768,8768,8768,876

14,55215,148113,87614,57514,976

10,553,528,734,

10,709,30710,819,29110,862,623

Phila-delphia

1,240,6451,260,4131,240,457

,281,,274,773

',555 1

446 1

1,699,1,725,8631,730,607

,741,042 11,751,

983 22,360,305

,393,7762,385,6742,430,2,430,185

4,824,7454,850,5684,872,210 14,894,3874,928,939

4,457,6024,498,1934,486,3954,493,1504,509,977

224,227141,069155,830126,285162,086

2455,0272491,6372484,1102487,0802493,829

134,537289,490301,483290,478289,286

5,271,3935,420,3895,427,8185,396,9935,455,178

289,987296,255240,859358,82,308,987

2,5802,7081,9751,7862,232

106,033103,35999,709108,469113,081

3,4573,4453,4453,4453,445

4,5384,7544,2894,4204,538

488 11,427,1,430,914,438,928

1,447,1,459,

399 1088 1

692,840693,928687,976686,683,971

756 1

13,01041,32529,64641,23842,111

96,551103,789105,022107,961109,622

5,6864,1594,2044,8214,848

808,087843,201826,840,840,552

848 1776 1

Cleve-land

,474 1

1212121212

4,4663,5523,9303,7013,374

203,710196,367170,901254,816201,315

4,0924,0924,0924,0924,082

6,2936,6646,2406,2546,302

Rich-mond

,149,833,161,197

1,166,610,152,249,153,867

15,98415,01411,8608.6007,490

145,434129,212139,720132,258142,398

2,8452,8452,8452,8452,838

4,4194,3424,0324,1554,157

3,328,050 2,277,9313,352,830 2,298,1983,344,758 2,296,

288 3,421,713 2,305,3,378,452 2,304,

889 1893,1,896,6431,904,,917,112,927,087

169 1

1,082,4251,082,7601,084,268,074,700

1,092,751

40,05772,81068,45471,60250,383

95,454102,610103,828106,734108,377

10,5748,2508,2197,7188,635

1,228,5101,266,430,264,769,260,754,260,146

82,25377,04577,16899,117'87,457

198 2236 2430 2

,472,6671,480,299 1,484,301

1,487,3461,494,625

159,207143,132128,992196,804!144,057

595,982587,009602,293616,684588,096

11,35444,82123,24025,03135,169

46,08149,53550,12451,52752,319

3,9172,9904,9352,5873,190

657,334684,355680,592695,829678,774

124,980110,621108,27'99,023107,740

Atlanta Chicago

916,490 3,064,805935,630^,057,321927,631^3,047,995947,332|3,047,573948,544 3,102,925

St.Louis

11,2649,6588,0877,9627,993

174,051113,626125,656115,121118,071

1,6081,6071,6071,6071,606

3,3103,4633,2763,3623,483

2,098,574,090,017,092,423,111,115,098,153

12,60012,22410,4038,9549,088

340,741304,381289,815406,384305,625

3,1733,1673,1673,1673,167

8,4388,9288,4058,6508,847

6,663,1016,548,6,593,6,708,5076,666,650

1,265,950,282,557

1,286,715,290,

1,292,897656 4

3,984,8443,990,4534,012,

,029,5814,059,916

615,126599,766628,632,940624,

17,51438,25618,37523,95112,591

38,40141,28041,77042,93943,600

3,0663,2285,8712,8563,662

674,107682,530694,179702,686684,430

138,70105,39491,88598,269101,185

818,880829,358816,974824,898842,565

44444

745 1916 1

2,151,3902,041,896",064,2342,099,177,099,014

52,20362,50685,15662,01354,420

142,632153,325155,146159,488161,942

4,3224,7293,6344,0214,077

2,350,5472,262,4562,308,1702,324,6992,319,453

261,638229,189206,150287,214220,149

7,4905,3315,5564,5465,403

97,84380,62978,60091,89281,756

2,1142,1102,1102,1102,110

3,2663,4803,2213,2333,275

1,603,020,614,365,592,460

1,615,4631,622,800

923,976928,394933,258936,542939,712

520,845513,452516,108524,919529,973

17,18340,87616,14715,07518,808

32,91535,38335,80336,80537,371

11,74912,11011,04110,39!10,743

582,692601,821579,099587,191596,895

79,24966,91362,82874,35468,802

Minne-apolis

471,204464,999467,704467,320472,078

33333

3,3724,0852,5592,0861,829

47,92638,41541,21745,95939,492

1,2521,2491,2491,2491,249

1,7631,8391,5911,6291,720

886,755889,016902,200902,808899,233

474,086475,824478,513480,437481,841

315,838305,817304,843314,29;306,820

16,05233,24946,06628,73837,693

25,23527,12727,44928,2V28,651

2,24'2,8002,1062,08"1,837

359,372368,993380,464373,333375,001

39,93130,79829,73435,51228,832

KansasCity

811,828829,447818,093824,907823,875

44444

5,7065,1405,4593,7854,167

116,15691,17091,28096,931108,107

2,6612,6612,6552,6552,655

3,2133,4443,2273,3033,348

Dallas

665,618665,616669,035681,379664,305

44444

4,1204,0212,6532,6733,400

93,54774,64168,88691,61377,193

901894894894894

2,7182,2,6922,6162,821

,111.876,180,006,166,773,209,163

2,201,258

1010101313

24,58919,39313,95010,29312,122

218,526211,548198,117229,172223,548

1,9381,9311,9311,9311,931

6,6297,2036,7766,9157,029

1,593,590 1,297,1,609,390 1,296,1,594,028 " •1,617,1111,605,417

213 4

792,747802,027804,160804,776805,714

624,643625,972638,507651,638636,151

19,09641,77621,19723,12823,092

32,91535,38335,80336,80537,371

3,6183,2173,5103,8064,133

680,272706,348699,017715,377700,747

103,98784,30774,06580,09082,044

169 4

162 2537,546,546,547,071545,501

876 2757 2

611,629 1590,254599,523614,607,657

22,48143,66022,63726,27019,678

32,91535,38335,80336,80537,371

2,8702,8163,1452,8583,074

669,895672,113661,108680,172 1667,780

73,86660,82:56,32380,70356,839

SanFran-cisco

,838,043,827,929

1,280,727 4,795,7231,324,572 4,824,8001,286,910 4,811,053

,696,524,705,578,718,703

2,741,9412,746,607

,763,3331,710,8021,685,664,674,004

1,678,583

18,92138,43154,25154,49024,711

83,54089,79190,86693,40494,768

51,02148,08542,23940,77543,306

1,916,8151,887,1091,873,020,862,673

1,841,368

184,828195,030163,544179,506182,145

1 After deducting $87,000 participations of other Federal Reserve Banks."After deducting $699,993,000 participations of other Federal Reserve Banks on Jan. 24; $752,471,000 on Jan. 31; $761,410,000 on Feb 7: $782 717 000

on Feb. 14; and $794,761,000 on Feb. 21. ' '

MARCH 1945 z 3 7


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

Other liabilities in-cluding accrued div.:

Jan . 24Jan 31 . . . .Feb 7Feb 14Feb 21

Total liabilities:Jan. 24Jan 31Feb. 7Feb 14Feb.21

Capital AccountsCapital paid in:


Surplus (section 7):Jan. 24Jan. 31Feb. 7...Feb.14Feb.21

Surplus (section 13b):Jan 24Jan. 31Feb. 7Feb.14Feb.21

Other capital accounts:Jan. 24Jan. 31Feb. 7Feb. 14Feb.21

Total liabilities andcapital accounts:


Commitments to makeindustrial loans:

Jan 24Jan 31Feb 7Feb 14Feb. 21

Total

39,39,39,39,39,

3939394040

8,7,8,8,8,

280,433,386,892,771,

165,165,165,166,166,

228228228228228

2727272727

7275757778

774929883391271

33333

050515239584808

912540810479639

305544801046215

153153153153153

165165165165165

758002894410701

293404823

,253873

,495,461,661508

,382

Boston

2,241,2,241,2,263,2,277,2,273,

1010,101010

1515151515

22222

44444

2,2742,273

570699601625706

697337669374049

140140148153153

239239239239239

880880880880880

227390435509620

183986

2,296.3712,3102,305

,155,941

1010101010

1010101010

NewYork

1,1,1,2,2

387568542652695

5959595959

8484848484

77777

14141415

711636980224255

836848867427359

613628666735751

903903903903903

143143143143143

,033,461,728,083

15,467

,553,734,709,819,862

,528,983,307,291,623

Phila-delphia

2,318,2,351,2,343,2,387,2,387,

12,12,121212

1919191919

44444

55555

2,3602,3932,3852,4302,430

22222

512505549649624

340665493941721

302341343422440

872872872872872

468468468468468

323430498585684

,305,776,674,288,185

,389,355,555402

,314

3,

3,33,

33333

Cleve-land

282,

738724822896857

344306,929298,375,332,

16161616

752566147

658669673683

16,692

1919191919

111I1

89999

,328,352,344,421,378

071071071071071

007007007007007

970154

,255,386,535

,050,830,758,713,452

2020202020

22222

Rich-mond

255,275,273282,281

66666

77777

33333

44455

,277,298,296,305,304

484335402451419

465610572649558

593603609612622

813813813813813

290290290290290

770,882,952,066,173

,931,198,236,430,456

400400400400400

Atlanta

>

»

22222

079,071,073,091,078,

5,5,5,5,6,

7,7777,

4444

9385395863f9395

702020365990907

931942953955003

936936936936936

.762762762762762

243357407472

4,545

,098,090,092,111,098

574017

,423,115,153

Chicago

6>

66666

1

lt

598,483,528,642,

345324368304388

374422568798

600,906

19,19,19,19,19

3333333333

11111

1010101111

,663,548,593,708,666

682706750760765

201201201201201

429429429429429

415987968319

,349

,101,745,916,507,650

11111

St.Louis

586,597,575,598,605,

55555

77777

44444

257299316362328

174427501449737

247255255265277

048048048048048

527527527527527

,024,108,129,174,211

,603,020,614,592,615,622

,365,460,463,800

5555555555

Minne-apolis

873,875,888,889,885,

33333

44444

1I

254212262264258

643827973546932

627632639645647

950950950950950

073073

l,-O7311

33333

886889902902899

073073

462534565594

,631

755,016,200,808,233

KansasCity

>

11111

577,592,577,600588

55555

66666

11111

33333

,593,609,594,617,605

263277297321317

269959539564822

295315316317329

196196196196196

137137137

,137137

,693,783,840,897,933

,590,390,028,111,417

Dallas

,281,,280,

1,264,,308,

1,270

55555

6666

292208235277357

215022423223477

309396519519552

025025025025

6,025

11111

33333

1,2971,2961,2801,3241,286

307307307307307

357,419,453,498,549

,213,169,727,572,910

44444

SanFran-cisco

798,788,

686757821832904

853474

756,088784,952771,

1414141414

1515151515

22222

6

024

908917930980984

899899899899899

142142142142142

2416,4976 6646,8277

,838,827,795,824,811

004

,043,929,723,800,053

631631631631593

FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS[In thousands of dollars]

Total Boston NewYork

Phila-delphia

Cleve-land

Rich-mond

At-lanta Chicago St.

LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

Federal Reserve notes outstand-ing (issued to Bank):

Jan. 24Jan. 31Feb. 7...:Feb. 14Feb. 21

Collateral held against notesoutstanding:

Gold certificates:Jan.24Jan. 31Feb. 7Feb.14Feb.21

Eligible paper:Jan. 24..Jan. 31Feb. 7Feb. 14Feb. 21

U. S. Govt. securities:Jan. 24Jan. 31Feb. 7Feb.14Feb.21

Total collateral:Jan. 24Jan. 31Feb. 7Feb.14Feb. 21

22,446,58622,463,12422,482,48222,546,76022,673,463

11,043,00011,093,00011,001,35010,781,35010,836,350

130,050146,950180,856208,405257,340

11,747,23511,778,05611,871,45112,060,28612,057,925

22,920,28523,018,00623,053,65723,050,041

889 5408,406,412,471409,422, 682 5

,012,974,017,107

5,027,409,038,5241,066,525

1,459,3981,466,8771,473, ~1,479,710 11,482,809

1,949,8621,949,672

,950,602, 9 6 1 , " "

1,970,229 1628 1

1,517,5841,520,5801,519,701

,517,967,522,541

556 41,332,,334,

1,331,1,339,1,343,391

369 4541 4435 4

000 3000 3000 3000 3,0003

610,610,610,610,610,

4,5703,4258,50014,65011,075

810,000810,000810,810,810,

000 1000 2000 2:

,270,000,270,000,270,000,045,000,045,000

56,86068,28592,775128,640153,500

1,800,0001,800,000

,000,000,000000,000

623,000623,000623,000628,000633,000

4206,1752,3256,10011,750

),000 1

812,000812,000812,000812,000822,000

850,850,000850,000 1850,850,000 1

,150,0001,150,000,150,000,150,000,150,000

615,000615,000615,000615,000615,000

2,7503,8604,4505,7506,800

950,000950,000950,000950,000950,000

605,000605,000605,000605,000605,000

,076,713,072,358,087,470,103,960

4,138,914

900,000900,000920,000920,000960,000

969,060 487,325 816,149 577,779 2968,922 488,094 «r "970,520 488,347969,238 488,999971,436 489,057

1,838,2972,838,786,825,053

824,699 575,396 2,838,246826,530 579,116 2,859,834

822,028822,069

578,115573,920 2

000 244,000,000 320,000 244,000

375,000 195,000 320,375,000 195,375,000 183,350 320,000 244,000 1375,000 183,350 320,000 244,000 1375,000 183,350 320,000 244,000 1

1,474,0001,524,000,424,000,424,000,424,000

31,00031,50029,45017,60028,500

5,0001,5005,9113,050

15,850

29,45032,20537,445,32,61529,865

750,000750,000 2750,750,000750,000 2

2,200,000,200,000,200,000

2,200,000,200,000

667,235698,056681,451670,286667,925 310,

300,000300,000 525,000 345310,000310,000

,000

000 1525,000" "IS,525,000525,000 345,000 1525,000 345

345,",000

345,

,400,0001,400,000,500,000,500,000

000 1,500,000

000 1

570 5

23,151,615

1,424,1,423,4251,428,1,434

860 1

650 51,431,075

,126,5,138,285,162,775173,640

420 1

5,198,500

,473,1,479,1751,475,3251,484,1001,494,750

,962,0001,962,0001,962,1,962,0001,972,

000 1

000 1

1,567,1,568,,569,

1,570,,571,

750 1860 1450 1750 1800 1

000 4,355,,355,,355,355,,355,000

000 4000 4

,100,000,100,000,120,000,120,

4,160,000 1000 1

1,073,2351,104,556 496,1,085,901,062,886 496,071,425

500,000,500

499,261,400

509,200

874,450 589,000877,205 589,000 2882,445877,615874,865

589,000589,000589,000

2,874,000,924,000

2,924,0002,924,0002,924,000

z38 FEDERAL RESERVE BULLETIN


INDUSTRIAL LOANS BY^FEDERAL RESERVE BANKS[Amounts in thousands of dollars]

Date (lastWednesday or

last day ofperiod)

19341935193619371938193919401941

1942June 24Dec. 31

1943Mar. 31June 30Sept 30Dec. 31

1944Mar. 31June 30Sept. 30Dec. 30

1945Jan. 31

Applicationsapproved

Number

9841,9932,2802,4062,6532,7812,9083,202

3,3523,423

3,4433,4523,4603,471

3,4813,4833,4873,489

3,491

Amount

49,634124,493139,829150,987175,013188,222212,510279,860

338,822408,737

459,296475,468483,608491,342

503,330510,857519,120525,532

526,659

Ap-provedbut not

com-pleted1

(amount)

20,96611,5488,2263,3691,9462,659

13,9548,294

26,3464,248

5.1643,2032,860

926

1,40845

6451,295

560

Loansout-

standing2

(amount)

13,58932,49325,52620,21617,34513,6839 152

10,337

11,26514,126

13,18213,04412,22710,532

11,77411,3669,2743,894

4,066

Commit-mentsout-

standing(amount)

8,22527,64920,95912,78014,1619,2205,226

14,597

16,83210,661

13,14312,13211,4749,270

9,0694,0484,4004,165

3,461

Partici-pations

out-standing(amount)

1,2968,7787,2087,238

12,72210,9816,386

19,600

26,43017,305

20,31619,07018,92817,930

18,26711,0639,8512,705

2,405

1 Includes applications approved conditionally by the Federal ReserveBanks and under consideration by applicant.

2 Includes industrial loans past due 3 months or more, which are not in-cluded in industrial loans outstanding in weekly statement of condition ofFederal Reserve Banks.

NOTE.—The difference between amount of applications approved and thesum of the following four columns represents repayments of advances, andapplications for loans and commitments withdrawn or expired.

WAR PRODUCTION LOANS GUARANTEED BY WAR DE-PARTMENT, NAVY DEPARTMENT, AND MARITIME

COMMISSION THROUGH FEDERAL RESERVEBANKS UNDER REGULATION V

[Amounts in thousands of dollars]

Date

1942June 30Sept. 30Dec. 31

1943Mar. 31June 30Sept.30Dec. 31

1944Jan. 31Feb. 29Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept.30Oct. 31Nov. 30Dec. 30

1945Jan. 31

Guaranteed loansauthorized

Number

5651,6582,665

3,5344,2174,7875,347

5,5655,7205,9046,0796,2836,4336,5906,7446,8827,0507,2357,434

7,581

Amount

310,680944,204

2,688,397

3,725,2414,718,8185,452,4986,563,048

6,989,6827,172,7197,466,7627,647,1807,797,4008,046,6728,333,7418,487,6238,685,2738,983,9379,131,7709,310,582

9,407,853

Guaranteed loansoutstanding

Totalamount

81,108427,918803,720

1,245,7111,428,2531,708,0221,914,040

2,020,2942,030,5472,009,5111,990,9962,033,5792,064,3182,083,4352,010,9581,960,7851,895,7331,776,6091,735,970

1,700,632

Portionguaran-

teed

69,674356,677632,474

999,3941,153,7561,413,1591,601,518

1,691,8021,700,4001,680,0461,666,1851,706,4211,735,7771,765,8411,706,3631,663,4891,611,8721,507,7091,482,038

1,448,995

Additionalamount

available toborrowersunder guar-antee agree-

mentsoutstanding

137,888230,720

1,430,121

1,865,6182,216,0532,494,8553,146,286

3,278,8223,451,5813,615,9633,684,5683,795,5583,810,7973,904,2154,107,6064,301,3224,367,3324,476,9184,453,586

3,910,058

NOTE.—The difference between guaranteed loans authorized and sumof loans outstanding and amounts available to borrowers under guaranteeagreements outstanding represents amounts repaid, guarantees availablebut not completed, and authorizations expired or withdrawn.

MEMBER BANK RESERVE BALANCES, BY CLASS OF BANK_ [Averages of daily figures. In millions of dollars]

Tota l reserves held:1943—December1944—January

December1945—January

Week ending (Friday) z1944—Dec. 291945—Jan. 5

Jan. 12Jan. 19Jan. 26 . . . .Feb 2Feb. 9Feb.16

Excess reserves:1943—December1944—January

December1945—January

Week ending (Friday):1944—Dec. 291945—Jan. 5

Jan 12Jan. 19Jan. 26Feb. 2Feb. 9Feb. 16

Allmem-

berbanks1

12,74912,93514,16814,048

14,01914,11014,04114,14714,08113 92613,99714,037

1,048rl,1041,2841,114

1,3011,3501,1871,1631,048

926977

Central reservecity banks

NewYork

3,6013,6683,7563,711

3,6843,6963,6873,7203 7333 7503,7643,761

28192811

2822122014141810

Chicago

837845876864

850846855874881876876882

6523

16577569

Re-servecity

banks

5,0835,1335,6545,625

5,5925,6285,6315,6685,6375 5615,5665,592

302r334359297

348391333305259228243255

Coun-

banks1

3,2283,2893,8823,848

3,8933,9403,8683,8853 8303 7393,7903 803

712746895804

925931836829767678712

r Revised.v Preliminary.1 Weekly figures of excess reserves of all member banks and of country

banks are estimates.

DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE ANDSMALL CENTERS,1 JANUARY 1945

[Averages of daily figures. In millions of dollars]

Federal Reserve district

Tota l . .

BostonNew YorkPhiladelphiaCleveland

RichmondAtlantaChicagoSt. Louis

MinneapolisKansas CityDallasSan Francisco

In places of 15,000and over population

Demanddepositsexceptinter-bank2

14,961

'2,0642,9701,0461,318

1,1871,2681,940

540

452424756995

Timedeposits

5,926

6641,511

528642

297320972229

1927885

407

In places of under15,000 population

Demanddepositsexceptinter-bank2

9,485

307926768874

693547

1,304779

5001,1541,127

507

Timedeposits

4,110

175827615554

311136629182

28514342

209

1 Includes any banks in outlying sections of reserve cities which havebeen given permission to carry the same reserves as country banks. Allreserve cities have a population of more than 15,000.

2 Includes war loan deposits, shown separately for all country banksin the table on the following page.

MARCH 1945 2-39


DEPOSITS AND RESERVES OF MEMBER BANKS[Averages of daily figures.1 In millions of dollars]

Class of bank andFederal Reserve district

All member banks

Central reserve city banks:New YorkChicago

Reserve city banksBostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Country banksBostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityD a l l a s . . .San Francisco

All member banks

Central reserve city banks:New YorkChicago

Reserve city banks ..BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt; LouisMinneapolisKansas CityDallasSan Francisco

Country banksBostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. Louis ..MinneapolisKansas CityDallas . . . ,San Francisco

Gross demand deposits

Total

90,962

25,6485,813

33,6552,274

5622,5064,1682,0572,0544,2072,0031,1152,6462,1017,961

25,8472,4824,0011,8442,2332,1082,0743,3281,4941,0681,6642,0161,536

90,313

25,4545,816

33,4652,282

5602,4904,1392.0202,0284.2001,9841,0772.6052,0817,998

25,5782.4493,9521.8102,2222.0812,0483,3151,4721,0461,6492,0121,523

Inter-bank

U.S.Govern-

mentwar loan

de"oposits"

Other

Demanddepositsadjusted3

Net de-mand

de-posits4

Timede-

posits5

Demandbalances

duefrom

domesticbanks

Reserves

Held Re-quired Excess

First half of January 1945

12,146

4,0271,163

5,66431328346553350579480670270909541624

1,29198821238218247791691078113327

17,429

6,3861,339

5,78658779499737481265776306289319279

1,167

3,919564827312374317245506146138146183162

61,387

15,2343,311

22,2051,374455

1,6622,8781,2251,2102,9501,027555

1,4181,2826,170

20,6371,8213,0921,5201,8211,5731,5832,7431,179823

1,4371,7011,347

57,534

14,1003,077

20,3321,283427

1,5462,6791,1311,0762,758902493

1,2431,1715,624

20,0251,7422,9771,4781,7771,4981,5252.6901,146801

1,4181,6671,309

63,564

18,0824,063

24,0921,546435

1,8213,0481,3471,5092,9341,469696

1,8481,4765,963

17,3271,6402,7441,2791,4801,3461,3852,2251,026718

1,0801,3171,086

19,471

1,024620

7,837133217156978323294

1,359236121251217

3,553

9,990835

2,3291,1381,190607451

1,593409475220127616

6,245

63178

1,94650217018613715131010569307240301

4,057204321214338381399551291192424489255

14,055

3,688.851

5,629328105388717329341707317150429359

1,458

3,887330628316388287289539214168229270229

12,841

3,678850

5,289317100374668289319668308146

, 385308

1,406

3,0252,80524247279225221407168129164192189

1,213

101

340115154941213994445152

862501046910963681324639657840

Second half of January 1945

11,653

3.9181,117

5,38329927324534326554464620258852512613

1,23692781231211243751591047612827

16,444

5,9741,244

5,49357374487688454250733286268305261

1,113

3,733550783295355299232485139131139173154

62,215

15,5623,455

22,5891,410458

1,6802,9171,2401,2243,0041,078551

1,4491,3076,272

20,6091,8073,0921,5031,8361,5711,5732,7551,174811

1,4341,7101,342

58,564

14,4103,239

20,8571,328434

1,5762,7221,1531,0992,819955493

1,2851,2005,794

20,0581,7372,9881,4671,7951,5031,5212,7091,144791

1,4181,6751,309

64,478

18,2864,175

24,4601,580443

1,8333,0781,3651,5112,9901,477691

1,8531,4916,150

17,5581,6462,7801,2861,5031.3671,3962,2731,036722

1,1061,3371,106

19,638

1,033616

7,909134218157987326298

1,373239123254220

3,580

10,080843

2,3471,1491,204609460

1,610414478222128616

5,862

58182

1,82247196718111714729710162287225273

3,800188292196325357380517270173392473234

14,042

3,732875

5,622332105389707321335714316148413342

1,499

3,812319618308382282278532210164224266227

13,020

3,719 I872

5,366324102376675293320680310146386311

1,445

3,063281530249283228223415170130168195192

1,021

124

25683133229153363273154

7493889609954551184035567135

1 Averages of daily closing figures for reserves and of daily opening figures for other columns, inasmuch as reserves required are based on deposits atopening of business.

2 Figures do not include certain other demand deposits of the U. S. Government with member banks and, therefore, differ from figures for U. S. Gov-ernment deposits shown in other published banking data. See also footnote 3.

3 Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loanaccounts.

4 Demand deposits subject to reserve requirements, i.e., demand deposits other than war loan deposits, minus cash items in process of collection anddemand balances due from domestic banks.

5 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.

Z4-O FEDERAL RESERVE BULLETIN


UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS[Outside Treasury and Federal Reserve Banks. In millions of dollars]

End of year andmonth

19331934193519361937 . . .19381939194019411942

1943—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. . . .OctoberNovember . . . .December

1944—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. . . .OctoberNovemberDecember

1945—January

Totalin cir-cula-tion1

5,5195,5365,8826,5436,5506,8567,5988,732

11,16015,410

15,59016,08816,25016,66017,11417,42117,95518,52918,84419,25019,91820,44920,52920,82421,11521,55222,16022,50422,69923,29223,79424,42525,01925,30725,290

Total

4,1674,2924,5185,0215,0155,1475,5536,2478,120

11,576

11,66512,06512,12112,42812,78912,96013,33413,71513,89114,13514,59814,87114,81715,00415,10015,34215,73115,92516,03416,41016,71517,08917,46117,58017,456

Coin and small

Coin

442452478517537550590648751880

869877890904914929943960970987

1,0061,0191,0131,0181,0291,0391,0551,0651,0771,0921,1051,1251,1441,1561,150

$1 3

402423460499505524559610695801

773786791804824834843858866872886909880877881885903906910921937948962987950

denomination currency2

$2

33323335333436394455

54565658596162646465687069707070727273757576788177

$5

719771815906905946

1,0191,1291,3551,693

1,6781,718L,7131,7411,7851,7931,8361,8781,8871,9021,9501,9731,9401,9521,9511,9642,0032,0102,0162,0532,0782,1032,1292,1502,102

$10

1,2291,2881,3731,5631,5601,6111,7722,0212,7314,051

4,1074,2794,2804,3914,5264,5654,7194,8534,8934,9625,1275,1945,1745,2555,2655,3445,4985,5445,5695,7065,7895,8775,9905,9835,936

$20

1,3421,3261,3591,5011,4751,4811,5761,8002 5454,096

4,1834,3494,3914,5314,6814,7784,9315,1025,2115,3475,5615,7055,7425,8325,9056,0406,1986,3266,3886,5626,7316,9607,1577,2247,242

Large denomination currency2

Total

1,3601,2541,3691,5301,5421,7142,0482,4893,0443,837

3,9284,0264,1294,2324,3264,4624,6224,8164,9515,1185,3235,5805,7155,8236,0176,2126,4316,5816,6676,8847,0817,3397,5617,7307,837

$50

364337358399387409460538724

1,019

1,0471,0791.104

,131,159,195,237,293

1,3271,3661,4161,481L.5091,5341,5761,6181,6681,6991,7221,7801,8291,8931,9461,9962,022

$100

618577627707710770919

1,1121,4331,910

1,9622,0132,0692,1282,1862,2592,3472,4532,5352,6362,7612,9122,9923,0543,1523,2703,3713,4583,5163,6423,7653,9184,0564,1534,228

$500

125112122135139160191227261287

293298306312319329341353360373388407418426444456473481487502516532546555566

$1,000

237216239265288327425523556586

592599616621630648667687698713729749767777814836887912911929939963981990990

$5,000

85776

17203024

9

101111151010109

1111109999999999

10101010

$10,000

107

1618123232604625

25252326222120222020192221222223232222222223232421

Unas-sorted

810

58752443

3311122223223311222222333

1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury

destroyed.3 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]

GoldGold certificatesFederal Reserve no tes . . . .Treasury currency—total.

Standard silver dollarsSilver bullionSilver certificates and Treasury notes of 1890Subsidiary silver coinMinor coinUnited States notesFederal Reserve Bank notesNational bank notes

Total—January 31, 1945December 31, 1944January 31, 1944

Total out-standing,Jan .31 ,

1945

20,55018,42622,4634,127

4941,5201,790787294347562123

Money held in the Treasury

As securityagainst

gold andsilver

certificates

18,426

* 1,790

2701,520

20,21620,30021,610

Treasurycash

22,124

117130

15731

2,3712,3752,320

ForFederalReserveBanks

andagents

15,558

15,55815,62916,930

Moneyheld byFederalReserve

Banks andagents

2,815812293

22821628

3,9203,9473,892

Money in circulation1

Jan. 31,1945

5321,5333,704

117

1,562751282316554123

25,290

Dec. 31,1944

5321,4823,773

116

1,611759282321560123

25,307

Jan. 31,1944

5516,8743,600

96

1 523"665252315621128

20,529

1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States: totals forother end-of-month dates shown in table above, totals by weeks in table on p. 233, and seasonally adjusted figures in table on p. 242.

2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,949,819 balance of increment resulting from reduction in weight of the gold dollar,and $156,039,431 held as reserve against United States notes and Treasury notes of 1890.

3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is notincluded in total Treasury currency outstanding.

4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significanceand is not shown. See note for explanation of these duplications. 5 Less than $500,000.

NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii)as security for Treasury notes of 1890—an equal dollar amount in standardsilver dollars (these notes are being canceled and retired on receipt); (iii) assecurity for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver cer-tificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. FederalReserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are securedby the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligibleunder the terms of the Federal Reserve Act, or, until June 30, 1945, of direct obligations of the United States if so authorized by a majority vote of theBoard of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of at least 40 per cent, includingthe redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificatespledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable ingold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement.

MARCH 1945 Z41


MONEY IN CIRCULATION WITH ADJUSTMENT FORSEASONAL VARIATION

[Outside Treasury and Federal Reserve Banks. In millions of dollars]

Date

End of year figures:193919401941194219431944

Monthly averages of dailyfigures.:

1943—AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1944—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1945—JanuaryFebruary

Amount—unadjustedfor seasonal

variation

7,5988,732

11,16015,41020,44925,307

16,44816,81517,21717,68118,19618,72919,00119,56620,24320,42820,635*20,96421,31221,82222,29622,58022,98823,52524,11224,73825,20725,24325,527

Amount—adjusted for

seasonalvariation

16,58116,93417,30417,71618,28718,76719,00119,50719,94420,36720,63521,02721.48421,97622,40822,62523,10423,57224,11224,66424,95725,16725,527

Change inseasonallyadjustedseries1

+742+1,134+2,428+4,250+5,039+4,858

+384+353+370+412+571+480+234+506+437+423+268+392+457+492+432+217+479+468+540+552+293+210+360

1 For end of year figures, represents change computed on absoluteamounts in first column.

NOTE.—For discussion of seasonal adjustment factors and for backfigures on comparable basis see September 1943 BULLETIN, pp. 822-826.Because of an apparent recent change in the seasonal pattern around the

?'ear end, adjustment factors have been revised somewhat for dates af-ected, beginning with December 1942; seasonally adjusted figures for

money in circulation, as shown in Banking and Monetary Statistics, Table111, p. 414, and described on p. 405, are based on an older series of adjust-ment factors.

ANALYSIS OF CHANGES IN GOLD STOCK OFUNITED STATES


Period

19342

193519361937193819391940 . . .1941194219431944

1944—JanuaryFebruary.. . .MarchAprilMayJuneJulyAugustSeptember.. .OctoberNovemberDecember.. . .

1945—January

Goldstockat end

of period

8,23810,125

311,258312,760

14,51217,64421,99522,73722,72621,93820,619

21,91821,71221,60021,42921,26421,17320,99620,92620,82520,72720,68820,61920,550

Increasein goldstock

4,202.51,887.21,132.51,502.51,751.53,132.04,351.2

741.8- 1 0 . 3

-788.5-1,319.0

- 1 9 . 6-206.6-111.7-170.7-165.5

-90 .7-177.1—69.7

—101.2-98 .4- 3 8 . 3-69 .6—69.0

Net goldimport

1,133.91,739.01,116.61,585.51,973.63,574.24,744.5

982.4315.7

68.9(4)

4 - 2 3 . 3

Ear-marked

gold: de-creaseor in-

crease (—)

82.6.2

- 8 5 . 9-200.4-333.5—534.4-644.7-407.7-458.4-803.6-459.8

- 2 7 . 611.5

- 4 8 . 7- 7 0 . 5- 9 3 . 1- 6 . 4

-96 .62.7

-27 .4- 2 2 . 6-34 .7- 4 6 . 3

5 -58 .2

Domes-tic goldproduc-

tion1

92.9110.7131.6143.9148.6161.7170.2169.1125.448.335.1

3.13.42.92.92.92.43.02.83.02.93.02.8

' 2 . 8

f Figure carried forward.1 Annual figures through 1943 are estimates of the United States Mint.

Annual figure for 1944 and monthly figures are those published in table onp. 281, adjusted to exclude Philippine Islands production received in UnitedStates.

2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 afine ounce thereafter.

3 Includes gold in the Inactive Account amounting to 27 million dollarson Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.

4 The net gold import figures for months subsequent to January 1944have not been released for publication.

5 Gold held under earmark at Federal Reserve Banks for foreign accountamounted to 3,995.3 million dollars on Jan. 31, 1945.

NOTE.—For back figures, see Banking and Monetary Statistics, Table 156,pp. 536-538, and for description of statistics see pp. 522-523 in the samepublication.

BANK DEBITS AND DEPOSIT TURNOVER[Debits in millions of dollars]

Year and month

Debits to total deposit accounts exceptinterbank accounts

Total, allreportingcenters

461,889469,463405,929423,932445,863537,343607,071641,778792,937

r891,910

71,87470,68876,06066,68967,25983,84872,90969,12470,38973,86477,77591,28182,743

NewYorkCity1

208,936197,836168,778171,382171,582197,724210,961226,865296,368345,585

27,03127,59229,64425,29724,70833,56328,47426,16526,86028,55830,01637,67834,990

140 other

centers

219,670235,206204,745218,298236,952293,925342,430347,837419,413

r462,354

37,93036,46939,38234,91536,04942,59537,58836,33236,76538,30940,38145,49040,292

Otherreportingcenters2

33,28336,42132,40634,25237,32945,69453,67967,07477,155

r83,970

6,9146,6277,0346,4786,5027,6896,8476,6276,7646,9977,3788,1147,461

Annual rate ofturnover of totaldeposits except

interbank

NewYorkCity

i6!i16.517.1

17.317.716.516.015.519.716.213.916.116.918.721.418.6

333 otherreporting

centers

'"l3.l"11.710.8

11.511.310.810.510.411.810.39.2

10.210.211.511.99.9

Debits to demanddeposit accountsexcept interbankand Government

NewYorkCity

204,831193,143164,945167,939167 373193,729200,337

258,39829*8,902

24,99422,88725,65021,28420,92728,98825,42321,72223,82724,67225,46433,06430,826

100 otherleadingcities

202,267215,090186,140200,636217,744270,439308,913

369,396403,400

33,74931,56633,93730,48231,10538,02432,93430,98831,88233,49834,67640,55934,801

Annual rate ofturnover of demand

deposits exceptinterbank andGovernment

NewYorkCity

31.429.525.121.017.117.318.0

20.522.4

22.924.022.819.717.924.324.819.021.420.921.630.027.0

100 otherleadingcities

22.422.419.919.418.619.418.4

17.417.3

17.918.517.416.415.518.718.015.216.216.017.220.416.9

1936193719381939194019411942—old series3

1942—new series3

19431944


1945—January

r Revised.1 National series for which bank debit figures are available beginning with 1919.2 Annual figures for 1936-1942 (old series) include 133 centers; annual figures for 1942 (new series) and subsequent figures include 193 centers.3 See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of

1942 partly estimated.NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits, from which

rates of turnover have been computed, have likewise been reported by most banks and have been estimated for others. Debits to demand depositaccounts, except interbank and United States Government, and the deposits from which rates of turnover have been computed have been reported by mem-ber banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table55, p. 254, due to differences in method of computation.

Z42. FEDERAL RESERVE BULLETIN


DEPOSITS AND CURRENCY-ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS[Figures partly estimated. In millions of dollars]

End of month

Totaldepositsadjusted

andcurrencyoutsidebanks

Totaldemanddepositsadjusted

andcurrencyoutsidebanks

Totaldepositsadjusted

51,53251,15636,91937,76651,76951,00151,14853,18054,93857,69860,25363,43665,94968,61671,02785,75594,347

103,975

106,400109,400108,400107,600107,500115,288118,100117,300116,700116,600119,300127,200

Demanddepositsadjusted1

22,54022,80914,41115,03525,19823,95924,31325,98627,35529,79331,96234,94537,31738,99241,87048,92256,03960,815

62,50058,10059,60062,10065,10060,06561,50064,20065,40069,30072,00066,900

UnitedStates

Govern-ment

deposits2

Time deposits

TotalCom-

mercialbanks 3 4

Mutualsavingsbanks4

PostalSavingsSystem5

Currencyoutsidebanks

1929—JuneDecember

1933—JuneDecember

1937—JuneDecember . . . .


1939—JuneDecember


1941—JuneD e c e m b e r . . . .

1942—JuneDecember

1943—JuneDecember

1944—JanuaryFebruaryMarchAprilMayJuneJuly?August2*September? . . .October*7

November33

December23

55,17154,71341,68042,54857,25856,63956,56558,95560,94364,09966,95270,76174,15378,23181,96399,701

110,161122,812

125,300128,600127,900127,500128,000136,169139,200139,000138,900139,300142,600150,700

26,17926,36619,17219,81730,68729,59729,73031,76133,36036,19438,66142,27045,52148,60752,80662,868

71,85379,652

81,40077,30079,10082,00085,60080,94682,60085,90087,60092,00095,30090,400

381158852

1,016666824599889792846828753753

1,8951,8378,402

8,04810,424

10,70017,60014,70010,9007,10019,50620,30016,10013,5008,6008,20020,600

28,61128,189

21,65621,71525,90526,21826,23626,30526,79127,05927,46327,738

27,87927,72927,32028,43130,26032,736

33,20033,70034,10034,60035,30035,71736,30037,00037,80038,70039,10039,700

19,55719,19210,84911,01914,51314,77914,77614,776-15,09715,25815,54015,77715,92815,884'15,61016,352

17,54319,213

19,50019,80020,10020,50021,00021,21721,60022,20022,80023,40023,70024,100

8,9058,8389,6219,488

10,12510,17010,20910,27810,43310,52310,63110,658

10,64810,53210,39510,66411,14111,737

11,90012,00012,10012,20012,30012,46812,60012,70012,80013,00013,10013,300

149159

1,1861,2081,2671,2691,2511.2511,2611,2781,2921,3031,3031,3131,3151,415

1,5761,786

1,8001,9001,9001,9002,0002,0322,1002,1002,2002,3002,3002,300

3,6393,5574,7614,7825,4895,6385,4175,7756,0056,4016,6997,3258,2049,615

10,93613,94615,81418,837

18,90019,20019,50019,90020,50020,88121,10021,70022,20022,70023,30023,500

p Preliminary. r Revised.1 Includes demand deposits, other than interbank and United States Government, less cash items in process of collection.2 Beginning with December 1938, includes United States Treasurer's time deposits, open account.3 Excludes interbank time deposits and postal savings redeposited in banks.J Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks.5 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and

Table 9, pp. 34-35, for back figures.

POSTAL SAVINGS SYSTEMIln millions of dollars]

End of month

1934—Dec1935—Dec1936—Dec1937—Dec1938—Dec1939—Dec1940 -Dec1941—Dec1942—Dec1943—Dec

1944—JanFebMarAprMayJuneJulyAugSeptOctNovDec

1945—Jan

Depos-itors'bal-

ances

1,2071,2011,2601,2701,2521,2791,3041,3141,4171,788

1,8331,8671,9061,9471,9942,0342,0842,1402,1982,2572,305

*2,337

p2,401

Assets

Total

1,2371,2371,2961,3081,2911,3191,3481,3961,4641,843

1.8911,9261,9642,0082,0532,0952,1472,2022,2622.3232,374

Cashin de-posi-tory

banks

540287145131865336261610

99999988888

U. S. Governmentsecurities

Total

597853

1,0581,0971,1321,1921,2241,2741,3451,716

1,7191,7831,8231,8701,9121,9512,0062,0502,1102,1652,214

Di-rect

467706892931965

,0461,0781,1281,220L,716

1.7191,783,823

L,87O1,9121,9512,0062,0502,1102,1652,214

Guar-an-teed

130147167167166146146146126

Cashre-

servefundsetc.2

10098938073748895

102118

162135132129132135133143143150152

p Preliminary.1 Outstanding principal, represented by certificates of deposit.2 Includes working cash with postmasters, 5 per cent reserve fund and

miscellaneous working funds with Treasurer of United States, accruedinterest on bond investments, and accounts due from late postmasters.

Back figures.—See Banking and Monetary Statistics, p . 519; for descrip-tion, see p. 508 in the same publication.

BANK SUSPENSIONS1

Number of banks suspended:1934-39

194019411942194319441945—Jan.-Feb

Deposits of suspended banks(in thousands of dollars) :a

1934-39

1940.19411942 ..194319441945—Jan.-Feb

Total ,all

banks

291

2289410

125,991

5,9433,7261,7026,223

4050

Memberbanks

Na-tional

15

14

2

14,616

2563,144

4^982

State

6

26,548

Nonmemberbanks

In-sured

189

183621

44,348

5,341503

1,3751,241

405

Non-insurec

81

313

40,479

34679

327

1 Represents banks which, during the periods shown, closed temporarilyor permanently on account of financial difficulties; does not include bankswhose deposit liabilities were assumed by other banks at the time of closing(in some instances with the aid of Federal Deposit Insurance Corporationloans).

2 Deposits of member banks and insured nonmember banks suspended areas of dates of suspension, and deposits of noninsured nonmember banksare based on the latest data available at the time the suspensions werereported.

Back figures.—See Banking and Monetary Statistics, pp. 283-292; fordescription, see pp. 281-282 in the same publication.

MARCH 1945


ALL BANKS IN THE UNITED STATES, BY CLASSES*LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS

[Amounts in millions of dollars]

Class of banks, and call dates

All banks :1934—June 301937—June 301940—December 311941—December 311942—June 30

December 311943—June 30


December 30e

All commercial b a n k s :1934—June 301937—June 301940—December 311941—December 311942—June 30



December 30e

All insured commercial banks :1934—Tune 301937—June 301940—December 311941—December 311942—June 303



All member b a n k s :1934—June 301937—June 301940—December 311941—December 312

• 1942—June 303



December 30

All na t iona l b a n k s :1934—June 30I937—June 301940—December 311941—December 311942—June 30



December 30

Sta te member banks :1934—June 301937—June 301940—December 311941—December 312

1942—June 303



December 30

Total

42,55249,56554,17061,10164,00978,13787,88196,966

108,707119,500

32,74239,47243,92250,72253,64967,39176,63385,09595,731

105,550

31,68838,21842,55649,28852,64266,24075,27083,50793,936

27,17532,73937,12643,52146,80059,26367,15574,25883,58791,569

17,01120,89323,64827,57129,46437,57642,80547,49953,343

| 58,308

10,16311,84513,47815^95017,33621,68724,35026,75930,24433,261

Loans

Loans

21,30622,41023,75126,61625,08123,91522,24123,60125,42426,100

15,70017,43218,79221,71120,25919,21717,66019,11721,01021,700

15,19017,04118., 39421,25819,92018,90317,39018,84120,729

12,52314,28515,32118,02116,92816,08814,82316,28818,08418,676

7,6818,796

10,00411,72510,88010,1839,173

10,11611,21311,480

4,8425,4885 3166^2956,0485,9055,6496,1716,8707,196

and investments

Investments

Total

21,24627,15530,41934,48538,92854,22265,64073,36583,28493,400

17,04222,04025,13029,01133,39048,17458,97465,97874,72283,850

16,49821,17724,16128,03032,72247,33657,88064,66673,207

14,65218,45421,80525,50029,87243,17552,33257,97065,50372,893

9,33112,09713,64415,84518,58427,39333,63237,38242,12946,828

5,3216,3578 1629', 654

11,28815,78318,70120,58823,37326,065

U . S .Govern-

mentobliga-tions

11,27816,95420,98325,48830,30145,93257,74865,93275,73785,800

10,30714,56317,75921,78826,41041,37352,45859,84268,43177,500

10,00513,96417,06321,04625,93440,70551,53458,68367,085

9,41312,68915,82319,53924,09837,54646,98052,94860,33967,685

5,8478,2069,735

12,03914,87823,74430,10234,06538,64043,292

3,5664,4836 0887^5009,220

13,80216,87818,88321,69924,393

Othersecurities

9,96810,2019,4368,9978,6278,2907,8927,4337,5477,600

6,7357,4777,3717,2236,9806,8016,5166,1366,2906,350

6,4937,2137,0986,9846,7896,6316,347 ,5,9836,122

5,2395,7655,9825,9615,7745,6295,3525,0225,1645,208

3,4843,8913,9083,8063,7063,6483,5293,3183,4903,536

1,7551,8742,0742,1552,0681,9801,8231,7051,6741,672

Total*

46,43559,22275,96381,78082,70699,796

107,224117,661128,605141,300

36,74449,09765,30571,24872,31189,13296,083

105,923116,133127,950

35,83347,82463,46169,41171,15087,80394,563

104,094114,145

31,01241,49056,43061,71763,40478,27784,01692,262

101,276110,917

19,89626,71635,78739,45840,53450,46854,58959,96165,58571,858

11,11614,77420 64222^25922,87127,80829,42732,30235,69039,059

Deposits

Inter-bank1

4,5606,332

10,94110,98910,28711,31810,89511,01211,21912,250

4,5606,332

10,94110,98910,28711,31810,89511,01211,21912,250

4,4356,146

10,53910,65410,07611,14410,68110,70511,038

4,3556,051

10 42310,5259,971

11,00010,55210,55510.90311,884

2,7673,7906,5746,7866,4977,4007,1557,1597,4028,056

1,5882,2613,8493,7393,4743,6003,3963,3973,5013,827

Other

Demand

19,52728,11838,51844,31646,35761,39567,55475,56183,58891,450

19,52728,11838,51844,31646,35761,39567,55475,56183,58891,450

19,01327,24037,33343,06145,66460,50466,50974,30982,061

16 97624^23033,82938,84641,31154,52359,67066,43873,48879,774

10,35615,16220,88524,35025,86134,49938,20542,60546,87950,900

6,6209,068

12,94414', 49515,45120,02421,46523,83326,60928,874

Time

22,34824 77326^50426,47626,06227,08328,77531,08833,79737,600

12,65714,64815,84615,94415,66716,41917,63419,35021,32624,250

12,38514,43815,58915,69715,41016,15417,37419,08121,045

9,68111,21012,17812,34712,12212,75413,79415,26816,88419,259

6,7727,7648,3298,3228,1768,5709,229

10,19611,30412,901

2,9083,4463,8494', 0253,9464,1844,5665,0725,5806,358

Numberof banks

15,92915,53914,89514,82514,77514,68214,61814,57<>14,55314,535

15,35314,97614,34414,27714,22814,13614,07314,03414,00913,992

13,93913,88313,43813,42613,39913,34313,29813,27013,264

6,3756,3576,4866,6196,6476,6796,7036,7386,7736,814

5,4175,2935,1445,1175,1015,0815,0605,0405,0365,025

9581,0641,3421^5021,5461,5981,6431,6981,7371,789

* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of theCurrency and the Federal Deposit Insurance Corporation for national banks and insured banks respectively.

e Estimated. Figures have been rounded to the nearest 50 million.1 Beginning June 30, 1942, excludes reciprocal bank balances, which on that date aggregated 600 million dollars at all member banks and 614 million

dollars at all insured commercial banks.

... , ispondmg 1ber bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank withtotal loans and investments aggregating 472 million dollars on June 30, 1942.

4 Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its de-posits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million.

Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 i5 in the same publication.

244 FEDERAL RESERVE BULLETIN


ALL BANKS IN THE UNITED STATES, BY CLASSES—ContinuedLOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS

[Amounts in millions of dollars]

Class of banks, and call dates

AH nonmember commercial banks :1934—June 301937—June 301940—December 311941—December 31 . .1942—June 304



December 30e

Insured nonmember commercialbanks :

1934—June 301937—June 301940—December 311941—December 311942—June 30



Noninsured nonmember commercialbanks :

1934—June 301937—June 301940—December 311941—December 311942—June 304



All m u t u a l savings banks :1934—June 301937—June 301940—December 311941—December 312

1942—June 30December 31


1944—June 30 ...December 30e

Insured m u t u a l savings banks :1934—June 301937—June 301940—December 311941—December 312



1944—June 30

NJoninsured mutua l savings banks :1934—June 301937—June 301940—December 311941—December 311942—June 30



Total

5,5676,7336,7967,2086,8568,1359,486

10,84712,15513,950

4,5135,4795,4295,7745,8496,9848,1239,258

10^360

1,0541,2541,3671,4341,0071,1511,3631,5881,795

9,81010,09310,24810,37910,36010,74611,24811,87112,97613,950

1,022969

1,6551,6931,8002,0072,7047,5258,489

8,7889,1248,5938,6868,5608,7398,5444,3454,487

Loans and investments

Loans

3,1773,1473,4713,6933,3343,1322,8402,8322,9293,000

2,6672,7563,0743,2412,9952,8182,5702 5562,648

510391397452339314270276281

5,6064,9784,9594,9054,8224,6984,5814,4844,4144,400

576470637642692740

1,0133,0733,111

5,0304,5084,3224,2634,1303,9583,5681,4111,302

]

Total

2,3903,5863,3253,5153,5225,0036,6478,0149,226

10,950

1,8462,7232,3562,5332,8544,1665,5536,7027,712

544863969982668837

1,0941,3121,514

4,2045,1155,2895,4745,5386,0486,6667,3878,5629,550

446499

1,0181,0501,1081,2671,6914,4525,378

3,7584,6164,2714,4244,4304,7814,9752,9353,185

n vestments

U. S.Govern-ment

obliga-tions

8951,8741,9362,2512 3143^8295,4826,8998,0999,800

5921,2751*2401,5091,8373,1624,5575,7396| 752

303599696742477667925

1,1601,347

9712,3913,2243,7003,8914,5595,2906,0907,3068,300

120252548629686861

1,2643,8444,752

8512,1392,6763,0713,2053,6984,0262,2462,554

Othersecurities

1,4951,7121,3891,2641,2081,1741,1651,1151,1281,150

1,2541,4481,1161,0251,0171,004

996962960

241264273239191170169153168

3,2332,7242,0651,7741,6471,4891,3761,2971,2571,250

325247470421422405427608626

2,9082,4771,5951,3531,2251,084

949689631

Total1

5,7327,6078,8759,5398,915

10^86412,07613,67114,86917,000

4,8216,3347,0327,7027,7549,535

10,55711,84212,880

9111,2731,8431,8371,161L,3291,519,829

1,989

9,69110,12510,65810,53210,39510,66411,14111,73812,47113,350

1 0401 0021,8181,7891,8642,0482,7397,5348,235

8,6519,1238,8408,7438,5318,6168,4024,2044,236

Deposits

Inter-bank1

205281518464316318343457315350

8096

116129105145129149135

125185402335211173214307181

•

Other

Demand

2,5513,8884,6895,4705,0466,8727,8849,123

10,10011,650

2,0373,0103,5044,2154,3535,9816,8397,8708,573

514878

1,1851,255

693891

1,0451,2531,527

Time

2,9763,4383,6683,6053,5533,6743,8494,0914,4535,000

2,7043,2283,4113,3583,2963,4093,5893,8234,172

272210257247257265260269281

9,69110,12510,65810,53210,39510,66411,14111,73812,47113,350

1 040l[0021,8181,7891,8642,0482,7397,5348,235

8,6519,1238,8408,7438,5318,6168,4024,2044,236

Numberof banks

8,9788,6197,8587,6617,5847! 4607,3737,2997,2397,181

7,5647,5266*9526,810'6,7556,6676^5986,5356^494

1,4141.093

906851829793775764745

576563551548547546545545544543

66565352535661

184192

510507498496494490484361352

For footnotes see opposite page.

MARCH 1945 M5


ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*LOANS AND INVESTMENTS


Class of banks,and call dates

All insured com-mercial banks:1934—June 30 . . .1937—June 30. . . .1940—June 29.. . .1941—June 30.. . .1942—June 30. . . .1943—June 30

Dec. 3 1 . . . .1944—June 30. . . .

Member banks,total:1934—June 30.. . .1937—June 30.. . .1940—June 29.. . .1941—1942—

rune302...une 30.. . .

1943—June 30.. . .Dec. 3 1 . . .

1944—June 30.. . .Dec. 30 . . . .

New York City*1934—June 30... .1937—June 30.. . .1940—June 29.. . .1941—June 30.. . .1942—June 30.. . .1943—June 30.. . .

Dec. 31 . . . .1944—June 30.. . .

Dec. 30.. . .

Chicago:*1934—June 30.. . .1937—June 30... .1940—June 29... .1941—June 30... .1942—June 30... .1943—June 30.. . .

Dec. 31 . . . .1944—June 30.. . .

Dec. 30.. . .

Reserve city banks:1934—1937—1940—1941—1942—1943—

une 30une 3 0 —une 29une 30une 30... .une 30

Dec. 3 1 . . .1944—June 3 0 . . . .

Dec. 3 0 . . . .

Country banks:1934—June 30 . . . .1937—June 3 0 . . . .1940—June 29 . . . .1941—June 3 0 . . . .1942—June 3 0 . . . .1943—June 30 . . . .

Dec. 3 1 . . . .1944—June 3 0 . . . .

Dec. 30.. . .

Insured non-member com-mercial banks:1934—June 30.. . .1937—June 30.. . .1940—June 29.. . .1941—June 30.. . .1942—June 30.. . .1943—June 30.. . .

Dec. 31 . . . .1944—June 3 0 . . .

Totalloansand

invest-ments1

31,68838,21839,83046,18652,64275,27083,50793,936

27,17532,73934,45140,65946,80067,15574,25883,58791,569

7,6669,0069,829

12,49314,01918,98219,99422,66924,003

1,4451,9692,2052,7073,1164,3324,5545,1245,443

9,60911,62912,16014,01316,53524,67727,52130,94333,603

8,45610,13410,25711,44613,13019,16422,18824,85028,520

4,5135,4795,3795,5345,8498,1239,258

10,360

Total1

15,19017,04117,01119,90919,92017,39018,84120,729

12,52314,28513,96916,72916,92814,82316,28818,08418,670

3,4014,2763,0143,7784,0664,0094,4285,4795,760

556675603846906784

1,0041,0641,184

4 3944,9945,3656,4986,5645,5336,2016,7616,822

4,1724,3404,9875,6075,3934,4974,6544,7804,910

2 6672,7563,0423,1832,9952,5702,5562,648

Com-mer-cial,in-

clud-ing

open-mar-ket

paper1

688677

" 5786777

1222222

2332323

" l111111

502342867887777406

988'807383554421023531

905503841274515430610

432'630712612763710738

290081318

,652,058,787,034

,361',593,512,017,084,096,149

512'534485333356383

Agri-cul-tur-

al1

i11111

111

,184,167,164,316,505,474

736738726854

,023,023,198

639

24246430

85326

1117

176175152205279277348

546555562623713671802

'448429439463482452

Loans1

Loans forpurchasingor carryingsecurities

Tobrok-

ersanddeal-ers

1,3291,566

464592569

1,1341,4142,221

1,2901,536

447575554

1,1201,3982,2002,249

9381,295

320422430955

1,0541,6571,742

605123362940

102102163

23215887

10078

107217409311

593317171617253332

4030171815141621

Tooth-ers1

3,7143,150

742703620671922

2,296

3,3092,829

668635562603839

2,1302,108

882824188186167240323751859

1881456155504152

130163

1 200l]032

210198177157267903777

1,039828208195169164197345310

405321

7468576882

166

Real-es-

tateloans

3,3,4,4,4,4,4,4,

2,2,3,3,3,3,333

111111111

111111111

11111111

462583281629770547437364

357505069365501351274207209

1561491371291211131079386

211316202223222124

124164372477524465420385379

056179544739834750725

,708,719

105]O78,212,267,273,199,165,159

Con-sumerloans

1,1,1,

1,1,1,1,

Otherloans1

6,6848,7443,8404,4763,928

937868862 1,

5,5687,4143,0623,6093,203

540484467505

1,

1,4252,008

458536499

264252232253

286465

6210190

51454945

1,8402^6391,2301,4661,315

670658650660

2,0182,3011,3111,5071.299

555528536547

1 1161 329

778865726

397385395

896918106

801848033877

140153251179

15144034

276301350313

371381392351

967073

Total

16,21,22,26,32,57,64,73,

14,18,20,23,29,52,57,

498177819276722880666207

652454482930872332970

65,50372,

4,4,689

14151718

11123344

56679

19212426

45557

14172023

12222567

893

265730815715953974566190243

889295602861210548550060258

214635795515971144321183781

283794270839737667534071610

846J 2 3,337,350,854,553,702,712

V

Total

10,13,15,19,25,51,58,67,

9,12,14,18,24,46,52,60,67,

3,3,5,7,8,

13,141617

11113333

34458

17192225

23335

12

005964900370934534683085

413689722078098980948339685

210630486268550887563157179

661001258483858167238688913

535902947700188417682484042

007155030627502509

15,4651821

1111456

009552

592,275,178,293,837,557,739,752

. S

Inv estments1

. Government

Bills

11644

1,16443

111

2111

11

794827805135536557636708

791821797127509278360466748

607543421577402985328258913

6430

254417357473199367250

1031958773

579626802914704

16523660

171194

,032926882

L

688

27278276242

obligations

Direct

Cer-tifi-

of in-debt-

ed-ness

i,10,13,15,

i,9,12,1413

2343

11

3455

2333

11

656

978315218466

637

872418071228982

347

663818409242740

59

isi795877038045

178

674529691586730

53

'355276

,094,362,466

20

106896

,147,238

Notes

3,4,2,2,3,5,7,

11,

2,4,2,2,3,5,6,

047637699758732716672834

871361543631546251906

10,64014,

111111123

1

1235

1234

1

127

084426092526746656829805745

194366161125162399484587779

148777839606981828497893181

446792451374657368096

,355,422

175276156127185465766

,194

Bonds

5,6,9,

11,

210386026397

15,81226,30,34,

4,5,8

101423273034

112346778

11111

*2233589

1011

1112378

1012

1234

286656114

838689261481485545265118927

015207650415572454014650592

268511710803068424602665809

088295052858149576943689987

467676849404696091705

,114,540

372697765918

,329,744,395,002

Guar-an-teed

2,3,4,

298115370080

2*8742,2,

1,3,3,2,2,2,

1,1,1,

1

661501963

276819121839685487345887902

157454324751166974984201189

7694

1341389075743131

19635969162806857749402440

25635695788624581538252241

21296249241189174156

76

Obli-gations

ofStates

andpoliti-

calsub-divi-sions

22333333

122222222

1

1111111

280684482551493440287393

851150888984934876729834857

425344634651623484444456468

114173177190164209158204160

632752981979925942913963

,000

681880

,097,165,222,241,214,212,230

429534595568561565559560

Otseri

44333222

332222222

1

11111

hercu-ties

,213,530,436,356,295,907.696,730

,388,615,873,867,840,476,294,331,350

630755695796781602558577596

115121167188188172155169185

,046981868836858785726735740

,595,759,144,047,013917855849829

824914563489456431403400

* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Federal DepositInsurance Corporation.

1 Classifications of loans and investments were revised as of Dec. 31, 1938, and consequently figures for some items prior to December 1938 are notcomparable with subsequent figures. For explanation see Banking and Monetary Statistics, pp. 64 and 69.

2 Beginning June 30, 1941, member bank figures include three member mutual savings banks with total deposits of 8 million dollars in June 1941 whichbecame members of the Federal Reserve System during 1941. These banks are not included in "all insured commercial banks."

3 Central reserve city banks.

Z46 FEDERAL RESERVE BULLETIN


ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—ContinuedRESERVES AND LIABILITIES


Class of banks ,and call dates

Al l i n s u r e d c o m -m e r c i a l b a n k s :1934—June 3 0 . . . .1937—June 3 0 . . . .1940—June 2 9 . . . .1941—June 3 0 . . . .1942—June 3 0 . . . .1943—June 3 0 . . . .

Dec. 3 1 . . . .1944—June 3 0 . . . .

M e m b e r b a n k s ,t o t a l :1934—June 3 0 . . . .1937—June 3 0 . . . .1940—June 2 9 . . . .1941—June 3 0 . . . .1942—June 3 0 . . . .1943—June 3 0 . . . .

Dec. 3 1 . . . .1944—June 3 0 . . . .

Dec. 3 0 . . . .

New York City:5

1934—June 301937—June 301940—June 2 9 . . . .1941—June 301942—June 301943—June 3 0 . . . .

Dec. 3 1 . . . .1944—June 3 0 . . . .

Dec . 3 0 . . . .

Chicago:3

1934—June 3 0 . . . .1937—June 301940—June 2 9 . . . .1941—June 3 0 . . . .1942—June 3 0 . . . .1943—June 3 0 . . . .

Dec. 3 1 . . . .1944—June 30. .

Dec. 3 0 . . . .

Reserve city banks:1934—June 3 0 . . . .1937—June 3 0 . . . .1940—June 2 9 . . . .1941—June 3 0 . . . .1942—June 301943—June 30

Dec. 3 1 . . . .1944—June 3 0 . . . .

Dec. 3 0 . . . .

Country banks:1934—June 3 0 . . . .1937—June 3 0 . . . .1940—June 2 9 . . . .1941—June 301942—June 3 0 . . . .1943—June 30

Dec. 3 1 . . . .1944—June 3 0 . . . .

Dec. 3 0 . . . .

Ensured non-member com-mercial b a n k s :1934—June 30 . . . .1937—June 30 . . . .1940—June 291941—June 30 . . . .1942—June 30 . . . .1943—June 30

Dec. 311944—June 30 . . . .

Re-serveswith

FederalRe-

serveBanks

3,8196,897

13,75112,95912,29512,09212,83412,812

3,8196,897

13,75112,95912,29512,09312,83512,81314,261

1,4172 7497] 0725,8574,7623,4733,5963,4553,766

436596

1,1871,062

973786821811899

1,1972,2153,7594,1254,2544,8485,1165,1095,687

7691,3371,7331,9142,3062,9873,3033,4383,909

Cashin

vault

623844984

1,2421,2901,4481,4451,464

473629789999

1,0221,1421,1321,1431,271

646088

13688'929285

102

402739414339384143

154212334385357395391399441

215330328437533616611618684

150214194242268307313322

Bal-anceswithdo-

mesticbanks4

3,6614,4957,5388,2968,1028,4318,4458,776

2,7603,2075,7516,2935,7705,5785,4505,7996,354

9710511913110352616076

162156242262220173158179177

1,3971,3922,6792,7932,2791,8921,7581,9222,005

1,1041,5542,7113,1063,1683,4623,4743,6384,097

9011,2881,7882,0042,3332,8532,9962,978

De-mand

de-positsad-

justed5

16,21124,34030,94436,16741,21655,27159,92159,197

14,26121,40127,87732,67836,96648,95752,64251,82957,308

4,8006 733

10^23511,61911,71113,54313,89913,25414,042

1,0771,5091,8982,2052,3793,0023,0503,0703,041

4,5937,1328,774

10,48012,51517,40318,65418,40520,267

3,7926,0276,9698,374

10,36015,00917,03917,09919,958

1,9492,9393,0663,4884,2506,3147,2797,368

Demand deposits

Interbankdeposits

Do-mestic4

4,1445,3798,9379,7009,2009,7689,743

10,030

4,0705,2988,8529,6109,1109,6489,6039,904

10,881

1,5922,0143,8403,9483,2842,9392,8673,1053,179

391536949

1,0101,0281,032

9721,0901,132

1,7852,3393,5264,0004,0524,7494,7704,7575,421

303409538652747928994951

1,149

7481849089

120141126

For-eign

156618699682748834893940

155615696681746832891937945

135575646618679744810852851

2678

1013141516

163341535571636570

122234558

23312223

U. S.Gov-ern-

ment

1,708651756666

1,7717,6999,950

18,757

1,658628711619

1,7247,2369,444

17,63418,509

802306

6732

8632,8203,3956,1506,722

47417995

201506713

1,1051,400

635212422341422

2,3833,3736,4536,157

17469

143151237

1,5271,9623,9264,230

5023454747

463506

1,124

Statesand

politicalsubdi-visions

2,0243,1653,0983,5343,8654,2614,3524,402

1,5982,5772,5292,9403,2303,5223,6023,6383,744

167368258319271249252213199

174208199213226202174218167

526934956

1,1391,3041,4521,4481,4641,509

7311,0671,1151,2691,4291,6191,7271,7431,868

426586570594635740750764

Certi-fiedandoffi-

cers'checks

etc.

400802521792766

1,1321,6691,550

372752475738711

1,0501,5731,4601,251

154427147306273404710722361

152217332436444133

117163147209218333475384488

85139164190196277344314369

2951465455839690

Indi-viduals,partner-

ships,and cor-

pora-tions

14,88122,62328,89734,32839,26253,41658,33857,351

13,34920,27226,39731,42935,64647,86351,82050,75656,270

4,8946 934

10^28311,89512,01414,00114,37313,74014,448

9441,4091,7822,1092,2922,9813,0973,0403,100

4,3616,8408,372

10,14212,19917,27618,79018,36720,371

3,1505,0895,9607,2829,141

13,60415,56115,60918,350

1,5322,3502,5002,9003,6165,5546,5186,595

Time deposits

Inter-bank

134149159163128786868

13013714214511471626358

81256444

1111

1

1061101091098449413733

151529302717171514

411171814765

U.S.Gov-ern-mentand

PostalSav-ings

66113274655674

124108

58510059554971

120104105

69

577

1

55

2

2593518191831564540

2566437313137565257

763215107444

Statesand

polit-ical

subdi-visions

384346502475471412395407

333292410397400341327333347

121729271721261717

1517

"i"11

234190219211239172151158154

8785

147143143148149157175

5154927771716874

Indi-viduals,partner-ships,

and cor-pora-tions

11,34013,92914,77515,20314,88316,88718,56120,530

8,76310,81811,45911,89811,67313,38214,82216,44818,807

649767732778717755816861977

361452489480460477505543619

3,3664,1404,4224,5904,4545,2655,9026,5677,561

4,3885,4595,8166,0496,0426,8867,5998,4779,650

2,5763,1123,3163,3123,2183,5143,7504,094

Bor-row-ings

7935141112244684

4017336

183975

111

3

311296496

32

36133337

101116

39181086669

Capi-talac-

counts

6,2446,3956,6066,7726,9437,2287,4537,709

5,1055,3395,6085,8005,9916,2526,4756,6966,968

1,6321,5981,5991,6251,6981,7741,8621,9071,966

228245260279293312326343354

1,6331,7231,8731,9401,9852,0712,1352,2072,327

1,6121,7741,8761,9562,0142,0942,1532,2392,321

1,1391,057

998973952977979

1,015

4 Beginning June 30, 1942, excludes reciprocal bank balances, which on that date aggregated 600 million dollars at all member banks and 614 millionat all insured commercial banks.

5 Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection.For other footnotes, see opposite page.Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103, and 108-113.

MARCH 1945 247


WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDELOANS AND INVESTMENTS

[Monthly data are averages of Wednesday figures. In millions of dollars]

Date or month

Total—1011944—Jan.

SeptOct.NovDec.

1945—Jan .

1944—Nov.

Dec.Dec.Dec.Dec.

1945—Jan.Jan.Jan.Jan.Jan.Feb.Feb.Feb.

Cities

29

6132027

310172431. . . .

7 . .1421 . .

New York City1944—Jan.

SeptOct.Nov.Dec.

1945—Jan.

1944—Nov.

Dec.Dec.Dec.Dec.

1945—Jan.Jan.Jan.Jan.Jan.

Feb.Feb.Feb.

29

6. . . .13 . . . .2 0 . . . .27. . . .

31017243 1 . . ..

714. .. .21 . . ..

OutsideNew York City

1944—Jan.

SeptOct.NovDec.

1945—Jan.

1944—Nov

Dec.Dec.Dec.Dec.

1945—Jan.Jan.Jan.Jan.Jan.Feb.Feb.Feb.

29.. ..

6. . . .13. . . .2 0 . . . .27. . . .

310172431

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

Totalloansand

invest-ments

49,812

54,99354,17254,16859,436

59,590

55,093

58,60359,52459,88159,737

59,88759,56059,63559,62059,247

59,00758,92358,753

18,214

19,70619,22719,28821,601

21,500

19,694

21,19421,66521,82121,724

21,92921,44121,43321,41221,286

21,09821,05821,039

31,598

35,28734,94534,88037,835

38,090

35,399

37,40937,85938,06038,013

37,95838,11938,20238,20837,961

37,90937,86537,714

Loans

Total

10,771

10,99!11,03311,39712,941

12,356

11,665

12,60313,02913,14512,986

12,63012,50412,35112,18712,108

11,85211,89411,693

4,224

4,3664,3764,6375,454

5,140

4,863

5,2235,5415,5305,521

5,3135,2265,1195,0255,016

4,8344,8784,751

6,547

6,6296,6576,7607,487

7,216

6,802

7,3807,4887,6157,465

7,3177,2787,2327,1627,092

7,0187,0166,942

Com-mer-cial,

indus-trial,andagri-cul-

tural

6,353

6,0336,1306,2876,454

6,405

6,274

6,3826,4206,4946,518

6,4256,4366,4256,3876,351

6,3466,3696,313

2,415

2,2812,3102,3662,430

2,454

2,357

2,4062,4132,4372,464

2,4472,4882,4582,4412,437

2,4462,4622,430

3,938

3,7523,8203,9214,024

3,951

3,917

3,9764,0074,0574,054

3,9783,9483,9673,9463,914

3,9003,9073,883

For purchasingor carrying securities

To brokersand dealers

U.S.Govt.

ob-liga-tions

Otherse-

curi-ties

846

813837

1,069

1,448

1,196

1,4211,4301,4801,4511,431

1,2451,2621,2081,1431,121

9951,037967

698

649678885

1,145

942

1,1861,1201,1721,1321,154

991984946904885

782826772

164159184303

254

235

310308319277

254278262239236

213211195

U.S.Govt.

ob-liga-tions

570

635734759713

726

697

718714715706

724702707751748

774775730

434

477547572537

541546532530

544518534572569

604599561

158187187176

179

167

177168183176

180184173179179

170176169

To others

Otherse-

curi-ties

301

748559494

1,519

1,236

505,286,603,663,526

,416,329,202,140,093

961943912

365233200736

602

196

554796812783

707665573542524

425412402

383326294783

634

309

732807851743

709664629598569

536531510

Real-estateloans

338331336341

357

331

332336344353

354354355

348368

133132139138

144

133

135134137146

139139141143156

144139160

205199197203

213

198

197202207207

215215213212213

209209208

Loansto

banks

1,106

1,0651,0621,0601,058

1,053

1,061

1,0591,0581,0551,058

1,0541,0561,0531,0511,049

1,0491,0501,047

1,015

989987986986

985986983987

981985982982980

979981980

47567279

77

64

76998259

10761925472

798471

Otherloans

1,234

1,3161,3241,3201,329

1,306

1,312

1,3201,3191,3411,335

1,3051,3041,3101,3061,305

1,2951,2881,285

286

351354348343

345

346341350335

320319320317322

302299300

965970972986

986

967

974978991

1,000

985985990989983

993989985

Investments

Total

39,041

43,99843,13942,77146,495

47,234

43,428

46,00046,49546,73646,751

47,25747,05647,28447,43347,139

47,15547,02947,060

13,990

15.34014,85114,65116,147

16,360

14,831

15,97116,12416,29116,203

16,61616,21516,31416,38716,270

16,26416,18016,288

25,051

28,65828,28828,12030,348

30,874

28,597

30,02930,37130,44530,548

30,64130,84130,97031,04630,869

30,89130,84930,772

U.S. Government obligations

Total

36,254

41,03640,231

r39,896r43,594

44,345

"40,544

"43,112"43,598r43,826"43,842r44,354r44,16644,39344,55444,25'

44,21944,06144,105

13,095

14,30113,85313,69515,174

15,40^

13,865

15,00415,15315,31415,22.

15,65015,25415,35715,43915,325

15,29215,20515,324

23,159

26,73526,378"26,201"28,420

28,940

"26,679

'28,108"28,445"28,512"28,619

'28,704"28,91229,03629,11528,932

28,92728,85628,781

Bills

3,128

2,6302,2421,7522,277

2,813

1,768

2,1452,3012,2332,428

2,8642,7742,9472,9262,553

2,5262.4462,443

979

682542310439

327422483525

948722876928743

703682741

2,149

1,9481,7001,4421,838

1,970

1,615

1,8181,8791,7501,903

1,9162,0522,0711,9981,810

1,8231,7641,702

Cer-tifi-

catesofin-debt-

ed-ness

Notes

8,825

10,88410,495

r10,236r10,272

10,008r10,392r10,359r10,338r10,281r10,110r10,099

r9,9859,955

10,0299,971

10,15910,10110,036

3,189

3.8743,5713,3563,481

3,346

3,398

3,5523,5033,5013,368

3,4303,3453,3253,3303,301

3,3703,3683,339

5,636

7,0106,924

r6,880r6,791

6,662r6,994r6,807r6,835r6,780r6,742r6,669r6,6406,6306,6996,670

6,7896,733<5,697

4,688

7,377,325

r7,316r9,164

9,238r7,424r8,985r9,137r9,278r9,255r9,305r9,2539,2179,2209,196

9,1349,0879,169

1,634

2,6802,6832,6963,310

3,340

2,734

3,1993,2803,3773,382

3,3963,3583,3053,3053,335

3,2773,2253,302

3,054

4,6974,642"4,620"5,854

5,898

"4,690

"5,786"5,857"5,901"5,873

"5,909"5,8955,9125,9155,861

Bonds

17,847

19,55119,572

r19,996r21,267

21,673r20,366r21,011r21,208r21,416r21,435r21,471r21,53521,65321,77021,937

22,03022,06522,105

6,364

6,9006,9067,1857,780

7,713

7,432

7,7647,7837,7897,785

7,7147,6697,6917,7097,779

7,8677,8567,870

11,483

12,65112,66612,811

r13,487

13,960r12,934r13,247"13,425r13,627r13,650

'13,75713,86613,96214,06114,158

5,857 14,1635,862 14,2095,867i 14,235

Guar-an-teed

1,766

594597596614

613

612614618614

619621609600

370362352

929

165151148164

148

162165164163

162160160167167

757472

429446448450

450

446

450449454451

453459461442433

295288280

Othersecu-rities

2,787

2,9622,908"2,875"2,901

2,889

'2,884

r2,897r2,910r2,909r2,903r2,89O2,8912,8792,882

2,9362,9682,955

895

1,039998956973

955

966

967971977980

966961957948945

972975964

1,892

1,9231,9101,919"1,928

1,934

"1,918

1,921rl ,9261,9331,929

1,9371,9291,9341,9311,937

1,9641,9931,991

r Revised.Back figures.—See Banking and Monetary Statistics, pp. 127-227.

Z48 FEDERAL RESERVE BULLETIN


WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—ContinuedRESERVES AND LIABILITIES

[Monthly data are averages of Wednesday figures. In millions of dollars]

Date or month

Total 101 Cities1944—Jan

SeptOctNovDec

1945—Jan

1944—Nov. 29

Dec. 6Dec. 13Dec. 20Dec. 27

1945—Jan. 3Jan. 10Jan. 17Jan. 24Jan. 31

Feb. 7. .Feb. 14Feb. 21

New York City1944—Jan

SeptOctNovDec

1945—Jan

1944—Nov. 2 9 . . .

Dec. 6 . . .Dec. 1 3 . . . .Dec. 20 . . .Dec. 2 7 . . . .

1945—Jan. 3 . . . .Jan. 10 .. . .Jan. 17 ...Jan. 24 ....Jan. 3 1 . .

Feb. 7 . . .Feb. 1 4 . . .Feb. 2 1 . . .

OutsideNew York City

1944—Jan

Re-serveswithFed-eralRe-

serveBanks

8,908

9,1439,3599,8619,394

9,340

10,073

9,5179,4489,2859,328

9,2389,3259,4349,4039,302

9,3589,4329,440

3,295

3,3493,4233,6613,342

3,345

3,753

3,3823,3523,3003,335

3,2563,3283,3603,3633,415

3,4013,4103,450

5,613

5,7945,9366,2006,052

5,995

6,320

Cashin

vault

561571590647

613661655657

597603582580563

547589565

929496107

91

107

102110108108

95978790

469477494540

6,1356,0965,9855,993

5,9825,9976,0746,0405,887

5,9576,0225,990

511551547549

502506495490475

456492471

Bal-anceswithdo-

mesticbanks

2,216

2,1222,1232,1702,289

2,260

2,210

2,2622,3182,2792,295

2,4462,2642,2922,1912,110

2,0852,1792,136

2,188

2,0992,0972,1402,261

2,234

2,183

2,2392,2882,2522,265

2,4102,2402,2692,1672,086

2,0572,1562,109

De-mand

de-posits

ad-justed1

34,429

35,58036,33138,26835,459

35,506

38,539

35,82435,86735,10435,042

34,66735,11235,68635,98736,076

36,03436,28236,637

12,842

13,03513,27214,29312,809

12,768

14,475

12,98312,93212,65812,663

12,48812,58912,76512,94513,053

13,05313,12613,351

21,587

22,54523,05923,97522,650

22,738

24,064

22,84122,93522,44622,379

22,17922,52322,92123,04223,023

22,98123,15623,286

Demand deposits,except interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

34,574

35,80436,57138,63735,922

35,842

38,823

35,96536,53535,51335,675

35,21935,30236,17036,26836,251

35,93536,97736,832

13,125

13,40213,63014,67313,240

13,219

14,832

13,29413,44313,05013,174

13,00113,01413,20313,41713,462

13,31-13,64913,700

21,449

22,40222,94123,96422,682

22,623

23,991

22,6723,09222,46.22,50:

22,21?22,28?22,96'22,85:22,78<

22,6223,32<23,13:

Statesand

polit-icalsub-divi-sions

1,758

1,7451,7801,9631,742

1,777

2,039

1,8041,7611,7011,700

1,7351,8071,7111,7721,859

1,8921,8961,

216282202

172

286

215216195181

178168160165186

1,560

1,5741,5641,6811,540

1,605

1,753

1,5891,5451,5061,519

1,551,63?1,55'1,60'1,672

1,65<l,64i1,65.

Certi-fiedandoffi-cers'

checksetc.

742732876925

987

760812

,126,004

,126920876

,121890

968935924

423

390379483530

590

651555507725513

579

352353393395

397

396

360398424399

475365369396377

351356355

U. S.Gov-ern-

ment

6,556

9,5027,4465,230

12,992

12,941

5,757

11,74312,78013,65313,791

13,87013,13012,75512,63412,314

11,95011,61011,073

2,672

3,8392,9692,0035,578

5,543

2,065

4,9355,5755 , " "5,919

5,9945,6375,4795,3855,221

5,04'4,8964,645

3,884

5,6634,4773,2277,414

7,398

3,692

6,8087,2057,7697,872

7,87(7,49;7,27(7,24<7,09.

6,90.6,71-6,42,

Time deposits,except interbank


ships,andcor-

pora-tions

6,138

7,0657,3447,4647,473

7,643

7,450

7,4447,4617,4867,501

7,5847,6267,6397,6687,697

7,7507,7837,832

747

845913903884

899

884887889876

890896900902906

912917930

5,391

6,2206,4316,5616,589

6,744

6,561

6,5606,5746,5976,625

6,6946,7306,7396,7666,791

6,8386,8666,902

Statesand


122120118113

113

116

114113113112

112111112115117

122122123

22

17171717

18

17

17171817

1717171818

181818

98

10510310196

95

99

97969595

9594959799

104104105

U.S.Gov-ern-

mentand

>ostalSav-ings

49

39393938

39

38

38383838

3838393939

393837

Interbankdeposits

Domesticbanks

De-mand

8,890

8.7268,9839,4099,550

9,419

9,650

9,603 369,603 379,561 339,433 34

Time

9,8439,6239,5809,2268,823

8,8739,0298,883

2,837

2,7432,8302,9472,963

2,985

3,077

2,9612,9533,0002,937

3,1802,9992,9772,9042,866

2,8312,8352,847

6,053

5,9836,1536,4626,587

6,434

6,573

6,6426,6506,5616,496

6,6636,6246,6036,3225,957

6,0426,1946,036

43

34353835

33

38

For-eign

banks

821

868869868883

904

880

879890873891

890889902914925

933935940

740

785787785798

817

796

798799789804

803806813826837

844842847

83828385

87

84

81918487

878389

Bor-row-ings

56

108163398242

141

562

365217234151

97139164138169

205224271

287154166122

7077934854

5699

113

4240

12460

72

154

78636829

27627190

115

149125158

C a p -italac-

counts

Bankdeb-i ts2

4,285

4,4694,5014,5244,532

4,617

4,525

4,5424,5294,5344,522

4,6024,6164,6114,6224,636

4,6534,6574,662

1,693

1,7501,7591,7681,768

1,792

1,764

1,7731,7681,7701,762

1,7881,7901,7911,7931,800

1,8031,8051,803

2,592

2,7192,7422,7562,764

2,825

2,761

2,7692,7612,7642,760

2,8142,8262,8202,8292,836

2,8502,8522,859

58,743

5,70958,17060,14073,623

65,627

4,356

20,90614,689

5,03713,229

17,076L4.3735,30314,69714,424

4,6672,57115,224

24,994

23.82724,67225,46433,064

30,826

5,996

9,8146,4367,9615,802

7,8126,8427,3597,0146,486

7,1225,7327,088

33,749

31,88233,49834,67640,559

34,801

8,360

11,0928,25310,0767,427

9,2647,5317,9447,6837,938

7,5456,8398,136

* Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.2 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.

MARCH 1945


WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTSLOANS AND INVESTMENTS

[ In millions of dollars ]

Federal Reservedistrict and date

BostonJan. 24Jan. 31Feb. 7Feb. 14Feb. 21

New York*Jan. 24Jan. 31Feb. 7Feb. 14Feb.21

PhiladelphiaJan. 24Jan. 31Feb. 7Feb. 14Feb.21

ClevelandJan. 24Jan. 31Feb. 7Feb. 14Feb 21

RichmondJan. 24Jan. 31Feb. 7Feb.14Feb. 21

AtlantaJan. 24Jan. 31Feb. 7Feb. 14Feb.21

Chicago*Jan. 24Jan. 31Feb. 7Feb.14Feb. 21

St. LouisJan. 24Jan 31Feb. 7Feb 14Feb.21

MinneapolisJan. 24Jan. 31Feb. 7Feb.14Feb. 21

Kansas CityJan. 24Jan. 31Feb. 7Feb.14Feb. 21

DallasJan. 24Jan 31Feb. 7Feb.14

San FranciscoJan. 24Jan. 31Feb. 7Feb 14Feb 21

City of Chicago*Jan. 24Jan.31Feb. 7Feb.14Feb.21

Totalloansandin-

vest-ments

3,2093,1623,1593,1663,120

23,47023,31723,14923,10023,087

2,4792,4692,4852,4702,452

4,7144,7214,7284,7264, 726

1,9751,9621,956L,9521,948

1,814L,7951,801L,8031,811

9,0339,0048,9708,9188,847

1,8941 8601^8621,8671,852

1,1661,1591,1591,1561,149

2,0041,9851,9821,9952,001

1,6921,6791,6621,6601,670

6,1706,1346,0946,1106,090

5,5195,4705,4515,4065,368

Loans

Total

682671652668654

5,3795,3685,1865,2315,103

424423422424417

912904900904895

315313309305301

352352347345341

1,6221,5971,5781,5661,551

460459452451445

215206214213208

356354351350345

409410404405407

1,0611,0511,0371,0321,026

1,1221,1031,0841,0731,059

Com-mer-cial,in-

dus-trial,andagri-cul-

tural

411411405409408

2,5952,5912,6002,6172,586

229228228

% 230223

397395396401400

144143144145143

208207204204198

1,001986982980978

267265260261258

119115115115115

224224222220217

274274273272273

518512517515514

751736732728727

For purchasing or carry-ing securities

To brokersand dealers

U. S.Govt.obli-ga-tions

4030233425

907888786829775

32322

6263616263

66533

11

" ' l '

7684858075

33332

11111

11111

4442262219

7280817671

Othersecu-rities

1819192521

579575611607569

3338313232

1617171916

58655

56657

5242434137

55554

23222

43333

33434

2929272830

4535353329

To others

U.S.Govt.obli-ga-

tions

1515151513

574555454441429

66666

138131125121117

4642393837

3736353535

179171159155153

2424202320

1715151410

2221212119

3534303030

4743424443

107104939391

Othersecu-rities

1616161516

165178166161182

99999

1515161515

99999

77777

6162565957

1111111112

43444

1010101010

2222222222

2627272625

5455505251

Real-estateloans

6564646464

144144145144142

3534343434

159159159159158

4646464646

2424242524

133133134134135

6565656565

2424232324

3737373737

2223222322

297296296296296

2626262627

Loansto

banks

59534

3754617259

3

11211

33332

111

22311

22443

""i"

111

Otherloans

112107105103103

378383363360361

106106111111111

125124126127126

5858585857

6868676667

119118118117116

8384858283

4643505049

5858575857

5354535556

10010210210199

6666666563

Total

2,5272,4912,5072,4982,466

18,09117,94917,96317,86917,984

2,0552,0462,0632,0462,035

3,8023,8173,8283,8223,831

1,660L,6491,6471,6471,647

L,4621,4431,454L.458l',470

7,4117,4077,3927,3527,296

1,4341,4011,4101,4161,407

951953945943941

1,6481,6311,6311,6451,656

1.2831,2691,2581,2551,263

5,1095,0835,0575,0785,064

4,3974,3674,3674,3334,309

Investments

U. S. Government obligations

Total

2,4672,4312,4422,4312,400

17,06616,92716,91516,81716,944

1,8961,8851,8991,8771,864

3,5633,5773,5873,5803,589

1,6071,5951,5911,5911,591

1,3391,3201,3301,3311,342

6,8856,8806,8556,8106,755

1,3201,2881,2951,2971,287

909911902900898

1,5241,5061,5051,5181,529

1,2381,2241,2121,2091,217

4,7404,7134,6864,7004,689

4,0474,0184,0113,9713,950

Bills

242200210197180

983797758742799

159139158136128

188176167155165

112107104105106

5845615959

593572581553493

5127404235

2026171610

8068677989

8473686574

356323295297305

478436471446420

Certifi-cates

ofin-

debt-ed-

ness

634628633639637

3,6643,6233,7633,7393,698

310315326324321

824828828831843

310305304304303

268265275272278

1,7291,7351,7451,7301,711

311306294291291

193189190186185

362360362361360

327317317316316

1,0971,1001,1221,1081,093

1,0071,0141,006

995973

Notes

394398395394390

3,6343,6463,5833,5373,620

292298297298294

623615629634634

326314313305302

371363347348351

1,3411,3291,3201,3181,337

343341348346342

210206210209211

373370373370361

267270270273273

1,0461,0461,0491,0551,054

753755746743773

Bonds

1,1861,1921,1981,1951,187

8,5908,6668,7308,7198,749

1,0791,0771,0631,0641,067

1,8851,9241,9461,9491,936

843853858865868

623628640645648

3,1463,1673,1723,1723,177

589588592599605

476480476480483

677678677682693

540545543541540

2,1362,1392,1352,1542,152

1,7771,7801,7831,7821,779

an-teed

1113666

195195818078

5656555554

43341711IX

1616121212

1919776

7677373737

2626211914

1010999

3230262626

2019141414

105105858685

3233555

Othersecu-rities

6060656766

1,0251,0221,0481,0521,040

159161164169171

239240241242242

5354565656

123123124127128

526527537542541

114113115119120

4242434343

124125126127127

4545464646

369370371378375

350349356362359

* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for theNew York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.

z5o FEDERAL RESERVE BULLETIN


WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—ContinuedRESERVES AND LIABILITIES

[ In millions of dollars]

Federal Reservedistrict and date

Re-serveswithFed-eralRe-

serveBanks

Boston (6 cities)Jan. 24Jan. 31Feb. 7Feb.14Feb. 21

New York (8 cities)*Jan. 24Jan. 31Feb. 7Feb.14Feb. 21

Philadelphia (4 cities)Jan. 24Jan. 31Feb. 7Feb.14Feb. 21

Cleveland (10 cities)Jan. 24Jan. 31Feb. 7Feb. 14Feb.21

Richmond (12 cities)Jan. 24Jan. 31.-Feb. 7Feb.14Feb. 21

Atlanta (8 cities)Jan. 24Jan. 31Feb. 7Feb. 14Feb. 21

Chicago (12 cities)*Jan. 24Jan. 31Feb. 7Feb. 14Feb.21

St. Louis (5 cities)Jan. 24Jan. 31Feb. 7Feb. 14Feb. 21

Minneapolis (8 cities)Jan. 24Jan. 31Feb. 7Feb. 14Feb. 21 . . .

Kansas City (12 cities'Jan. 24 '.Jan. 31Feb. 7Feb. 14Feb.21

Dallas (9 cities)Jan. 24Jan. 31Feb. 7Feb. 14Feb. 21

San Francisco (7 citiesJan. 24Jan. 31Feb. 7Feb. 14Feb. 21

City of Chicago*Jan. 24Jan. 31Feb. 7Feb.14Feb. 21

434428439434431

3,6163,6663,6553,6753,691

404403408405406

737737738732746

300288306314299

329326336346337

1,4531,3731,3941,4251,441

318314314319331

178163165169169

375383387405385

334322329337331

925899887871873

905843875904901

Cashin

vault

5956555655

124119122130125

3028283028

7573687472

3837353836

2928273028

1029995103100

2119192020

1111111110

2323222422

2323232524

4547424845

4544434643

Bal-anceswithdo-

mesticbanks

118131108112116

104110109114109

83747976

215208209221201

168147151160150

145132139150148

401400388415389

110108112118117

8987807774

273261262271280

231204205216227

257239248246249

190186183181175

De-mand

de-posits

ad- tisted1

2,0542,0532,0442,0582,053

14,28514,37514,37614,48514,696

1,7101,7271,7411,73:1,748

2,9662,9852,975

3,012

1,1711,1601,1581,1871,176

1,1341,131,1371,1631,173

5,4955,5085,5235,5145,580

1,0241,01'1,0201,0421,044

630626620624629

1,2171,2371,2231,2751,270

1,1761,1621,1591,1631,200

3,1253,0933,0583,0623,056

3,3073,2913,3263,2983,353

Demand deposits,except interbank


ships,andcor-pora-tions

2,0412,0322,0332,0572,045

14,56014,59414,42314,80314,827

1,7621,7891,7901,8131,815

3,0133,0382,9963,1013,072

1,1641,1601,1551,1901,181

1,0741,0661,0631,1271,108

5,3935,4085,3885,5365,483

1,0731,0591,0521,1041,090

607604602620612

1,2471,2291,2201,2891,282

1,1901,1611,1581,1901,208

3,1443,1113,0553,1473,109

3,3303,3213,3243,4023,385

Statesand


Certi-fiedandoffi-cers'

checksetc.

104111104105103

383422481506480

4041394238

111117112115122

7576767676

162166171157170

399414408400405

6567666766

7072646462

127127128127132

6571737373

171175170164161

170173174166175

3027282434

763543644608604

2021211920

3633384136

2224171818

9911

7569637161

1412131115

91010

1918171819

3334181920

8991908976

3332293027

U. S.Gov-ern-ment

866841822803768

5,7385,5665,3845,2244,959

535524511496472

759747729708678

466453439429408

239232228221212

1,86'1,8191,7631,7131,629

283280271263254

29728827927025

29829628:28026:

276269263255243

1,010999974948926

1,2531,2181,1801,1441,

Time deposits,except interbank

Indi-vid-

uals,part-ner-

ships,andcor-pora-tions

344345348349350

1,4351,4401,4491,4561,472

189190191191192

1,0241,0281,0351,0401,045

283284287288289

329.331334336338

1,5311,5371,5461,5481,556

278279281282284

169169171172173

229230232233235

203204205207208

1,6541,6601,6711,6811,690

635637640638640

Statesand


2121212121

22222

4547525354

22222

33333

55554

11111

1111111011

2525252525

U.S .Gov-ern-

mentand

PostalSav-ings

33333

1010101010

11111

Interbankdeposits

Domesticbanks

De-mand

286266274278277

2,9702,9302,8982,9022,908

344323333342324

526507506526500

403378402399395

512479499506498

1,5471,4631,4621,5311,453

610577590603592

268261264267252

784741757754769

518479

-478500488

458419410421427

1,0991,0331,0401,0891,037

Time

For-eign

banks

1818191919

828839846844849

999

33333

22222

55555

1919182020

11111

22222

33333

2525252727

1616161717

Bor-row-ings

579

149

647191

119135

Cap-italac-

counts

269269270270270

1,9391,9471,9501,9521,950

236238239239240

453454455455457

119119120121122

115115116116117

533535537537

122122123124124

8080808080

134134134134135

115117121121120

507506508508509

347349350350351

Bankdeb-i ts 2

648647749551701

7,3706,8717,4686,0477,494

649624582504589

863850816718936

373391390342380

335365360336395

1,9392,1901,9501,8132,164

37735934732d385;

221241.227190*231

428421406488

377361335295373

1,0771,0971,0221,043

1,1511,3031,2091,0621,233

* See note on preceding page.1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.2 Debits to demand deposit accounts except in interbank and U. S. Government accounts.

MARCH 1945


COMMERCIAL PAPER AND BANKERS' ACCEFrANCES OUTSTANDING[In millions of dollars]

End of month

Commer-cial

paperout-

standing1

Dollar acceptances outstanding

Totalout-

standing

1943—OctoberNovemberDecember


1945—January

188203202

209214195172151137143141141142167166

162

115111117

120135129126113112110110111115115129

130

Held by

Accepting banks

Total

90

94106100969087888285858493

98

Ownbills

485352

555752514944464442404444

48

Billsbought

393538

384948454143413843454050

50

Others2

272327

272930292425232826303235

Based on

Importsinto

UnitedStates

675966

71S379777174727578797486

Exportsfrom

UnitedStates

91111

121212121011121011131414

Dollarexchange

88S?

Goods stored in orshipped between

points in

UnitedStates

293130

293231302824242219212425

Foreigncountries

1099

* As reported by dealers; includes some finance company paper sold in open market.2 None held by Federal Reserve Banks.3 Less than $500,000.Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.

* CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGEFIRMS CARRYING MARGIN ACCOUNTS

[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]

End of month

1936—JuneDecember

1937—JuneDecember

1938—JuneDecember

1939—JuneDecember

1940—JuneDecember.

1941—JuneDecember

1942—JuneDecember

1943—JuneDecember

1944—FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1945—January

Debit balances

Customers'debit

balances(net)1

1,2671,3951,489

985774991834906653677616600496543761788

e800e82Og78Oe790887

e940'940*940e950*940

1,041

"1,090

Debitbalances inpartners'

investmentand trading

accounts

67645534273225161212118979

11

5

7

Debitbalances in

firminvestmentand trading

accounts

16416416110888

10673785899898686

154190188

253

260 " "

Cash onhand

and inbanks

219249214232215190178207223204186211180160167181

196 "

209

Credit balances

Moneyborrowed2

9851,0481,217

688495754570637376427395368309378529557

*650*630«600e550619

*660e630*640e67Oe640726

e730

crSXTances' Other credit balances

Free

276342266278258247230266267281255289240270334354

"370"380e390e400424

e420

moe420e430e430472

*530

Other(net)

861039285896070696254656356546665

95

96'" '

In partners'investmentand trading

accounts

24302526222221232222171716151514

15

18

In firminvestmentand trading

accounts

141213101156755754

75

11

8

In capitalaccounts

(net)

420424397355298305280277269247222213189182212198

216

227"

e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number oflarge firms.

1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'own partners.

which the figures are derived and report._, o

to be taken as representing the actual net capital of the reporting firms.Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail

a t semiannual dates prior to 1942.



OPEN-MARKET MONEY RATES IN NEW YORK CITY[Per cent per annum]

Year,month, or

week

1942 average1943 average1944 average

1944—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember . . . .OctoberNovemberDecember

1945—January

Week ending:Jan. 27Feb. 3Feb. 10Feb. 17Feb. 24

Primecom-

mercialpaper,4- to 6-monthsl

.66

.69

.73

.69

.69

.69

.69

.75

.75

.75

.75

.75

.75

.75

.75

.75

8^

%

Primebank-

ers'accept-ances,

90daysl

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

.44

%%%

%

Stockex-

changecallloanre-

new-als2

1.001.001.00

1.001.001.001.001.001.001.001.001.001.001.001.00

1.00

1.001.001.001.001.00

Yields on U S.Government securities

3-monthbills3

.326

.373

.375

.374

.375

.375

.375

.375

.375

.375

.375

.375

.375

.375

.375

.375

.375

.375

.375

.376

.375

9- to,12-monthcertifi-catesof in-

debted-ness

.75

.79

.78.78.80.78.77.79.77.76.79.80.81.80

4.78

.776.77

.77

.77

.76

3- to 5-year

taxablenotes

1.131 31l'.33

1.301.321.361.361.351.341.311.301.311.351.341.35

1.31

1.291.251.241.231.20

1 Monthly figures are averages of weekly prevailing rates.2 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. Tax-exempt bills prior to

March 1941; taxable bills thereafter.4 Number of issues decreased from 2 to 1 on Jan. 1.6 Number of issues increased from 1 to 2 on Feb. 1.Back figures.—See Banking and Monetary Statistics, Tables 120-123, pp.

448-462; for description, see pp. 424-426.

COMMERCIAL LOAN RATESAVERAGES OF RATES CHARGED CUSTOMERS BY BANKS

IN PRINCIPAL CITIES[Per cent per annum!

1936 average1

1937 average1

1938 average1

1939 average1940 average1941 average1942 average1943 average1944 average

1940—JuneSeptemberDecember

1941—MarchJuneSeptemberDecember

1942-MarchJuneSeptember *December



Total19 cities

2.682.592.53

2.782.632.542.612.722.59

2.592.682.592.582.552.602.412.482.622.702.63

2.763.002.482.65

2.632.632.692.39

NewYorkCity

1.721.731.69

2.072.041.972.072.302.11

2.002.142.002.061.951.981.881.852.072.282.09

2.362.702.052.10

2.102.232.181.93

7 OtherNorth-ern andEasterncities

3.042.882.75

2.872.562.552.582.802.68

2.492.562.532.532.582.622.452.482.562.662.63

2.762.982.712.76

2.752.552.822.61

11 South-ern andWestern

cities

3.403.253.26

3.513.3H3.193.263.133.023.3S3.433.363.253.233.292.993.203.343.253.26

3.243.382.733.17

3.123.183.142.65

l Prior to March 1939 figures were reported monthly on a basis not strictlycomparable with the current quarterly series.

Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp.463-464; for description, see pp. 426-427.

BOND YIELDS1

[Per cent per annum]

Year, month,or week

Number of issues



1945—January...

Week ending:Jan. 27Feb. 3Feb. 10Feb. 17Feb. 24

U. S. Government

Long-termpartially

tax-exempt

1-5

2.091.981.92

.95

.93

.91

.94

.94

.91

.89

.90

.93

.93

.90

.87

1.81

1.811.801.761.741.73

Taxable

7 to 9years

1-5

1.931.961.94

1.991.961.951.951.951.951.951.931.921.931.921.93

1.89

1.861.811.781.781.75

15 yearsand

over

1-7

2.462.472.48

2.492.492.482.482.492.492.492.482.472.482.482.48

2.44

2.432.412.402.392.37

Munic-

grade)2

15

2.362.061.86

1.921.851.841.851.861.871.841.821.831.871.881.87

1.81

1.791.771.761.751.67

Corpo-rate

(highgrade)3

5

2T752.642.60

2.652.652.642.612.582.582.592.572.552.552.61

r2.59

2.58

2.582.582.572.562.55

Total

120

3.343.163.05

3.113.103.093.083.063.053.043.023.033.023.022.98

2.98

2.972.962.952.942.93

Corporate (Moody's)4

By rating

Aaa

30

2.832.732.72

2.722.742.742.742.732.732.722.712.722.722.722.70

2.69

2.692.682.662.652.65

Aa

30

2.982.862.81

2.832.832.822.822.812.812.802.792.792.812.802.76

2.76

2.762.752.742.732.72

A

30

3.283.133.06

3.113.103.103.093.073.073.053.043.053.013.012.98

2.98

2.982.972.962.942.93

Baa

30

'4.28• 3.91

3.61

3.763.723.703.683.633.593.573.553.563.553.533;49

3.46

3.453.443.423.413.40

]

Indus-trial

40

2.962.852.80

2.832.832.832.832.812.792.792.792.792.792.772.74

2.73

2.722.722.702.692.68

By groups

Rail-road

40

3.963.643.39

3.513.493.483.453.413.403.373.343.353.323.293.25

3.23

3.223.203.183.163.15

Publicutility

40

3.112.992.96

2.992.982.972.972.972.962.952.942.942.962.982.96

2.97

2.972.962.952.952.95

r Revised.1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.2 Standard and Poor's Corporation.3 U. S. Treasury Department.4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced

from 10 to 5 and 10 to 6 issues, respectively, and the railroad Aaa group from 10 to 5 issues.Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474 and the BULLETIN for May 1944 pp. 442-446.

MARCH 1945 2-53


SECURITY MARKETS1

Year, month, or week

Bond prices

I

U.S.Gov-ern-,

ment*

Munic-ipal

(highgrade)3

Corporate4

High-grade

Mediuni- and ]

Total Indus-trial

Rail-road

Publicutility

De-faulted

Stock prices5

Pre-ferred6

Common (index, 1935-39 = 100)

Total Indus-trial

Rail-road

Publicutility

of trad-ing?

(in thou-sands ofshares)

Number of issues


1944—January...February..MarchAprilMayJuneJulyAugust....SeptemberOctober...November.December.

1945—January...

Week ending:Jan. 27....Feb. 3 . . . .Feb. 10 . . .Feb. 17 . . .Feb. 24....

1-7

100.72100.50100.25

100.18100.14100.26100.26100.19100.16100.19100.35100.40100.29100.26100.34

100.97

101.15101.48101.63101.73102.08

126.2131.8135.7

134.4135.8136.0135.8135.6135.5136.1136.5136.2135.5135.2135.5

136.6

137.0137.4137.6137.8139.5

118.3120.3120.9

120.5120.4120.5120.7120.9120.9121.3121.2121.2121.1120.9121.4

121.6

121.6121.6121.7121.9122.1

100.1109.5114.7

113.2113.6113.7114.4114.7114.5114.7114.8114.5115.5115.9116.9

117.3

117.1117.1117.4117.8117.8

109.1117.0120.5

119.8119.3119.8121.0121.5121.5121.1120.9120.1119.9119.9120.7

121.2

121.3121.4121.7122.1122.1

20

86.697.6

107.3

104.1105.7105.3105.5106.5106.2106.8107.3107.0109.6110.9113.2

113.7

113.2113.2114.0114.6114.8

20

104.8114.0116.3

115.5115.8115.9116.6116.0115.9116.3116.2116.5116.9116.7116.8

117.0

116.8116.7116.5116.6116.6

15

27.244.059.2

52.858.160.159.058.961.261.357.355.559.161.265.8

68.6

67.166.767.668.568.7

162.4172.7175.7

171.2172.7173.4173.8173.2175.8177.6176.9177.4177.4178.5180.9

184.6

186.7187.2186.2186.2185.2

402

6992100

9594979597102104103101104103105

108

107108111112114

354

7194102

9696989799104107105103106105106

109111113115116

20

6689101

919699979910110510399103105114

121

116116122125128

28

618290

878788878890919291939292

94

9394969697

4661,032971

788807

1,124659730

1,5981,283872738776850

1,421

1,652

1,2631,5831,5021,8911,662

1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.2 Average of taxable bonds due or callable in 15 years and over.3 Prices derived from average yields, as computed by Standard and'Poor's Corporation, on basis of a 4 per cent 20-yeaf "bond.4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.6 Standard and Poor's Corporation.6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.7 Average daily volume of trading in stocks on the New York Stock Exchange.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 1944,

pp. 442-446.

NEW SECURITY ISSUES[In millions of dollars]

Year or month

1935193619371938193919401941194219431944

1944—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. .OctoberNovember.. .December.. .

1945—January

Total(newandre-

fund-ing)

4,6996,2143,9374,4495,8424,8035,5462,1142,1744,153

240220178235418213274332478892480193

625

For new capital

Total(do-

mesticandfor-eign)

1,4571,9722,1382,3602,2891,9512,8541,075

642923

103735880534270

14542

1783938

136

Domestic

Total

1,4091,9492,0942,3252,2391,9482,8521,075

640906

93735880534264

14542

1783938

136

Stateandmu-nici-pal

855735712971931751518342176235

241113

7212312401347

620

92

Fed-eral

agen-cies1

15022

157481924461

1,2721089045

31

. . . . . .

"io"

2

Corporate

Total

4041,1921,225

873383736

1,062624374627

38634573331552

106' 291312319

43

Bondsand

notes

334839817807287601889506282404

155928211411436815

1099

13

18

Stocks

693524086797

13517311892

223

224

1752195

10371422146

25

eign2

482344355021

'""2 '17

10

•y

For refunding

Total(do-

mesticandfor-

eign)

3,2424,2421,7992,0893,5532,8522,6931,0391,5323,230

137146120155365170204187436714440155

490

Domestic

Total

3,2164,1231,6802,0613,4652,8522,6891,0391,4423,215

137146120149356170204187436714440155

490

Stateandmu-nici-pal

365382191129195482435181259404

14261210

1398

22266

616514

22

Fed-eral

agen-cies1

987353281665

1,537344698440497388

' " ' 2 5 '30313383272030423927

195

Corporate

Total

1,8643,3871,2091,2671,7332,0261,557

418685

2,423

1239678

10818479

154141401611336114

272

Bondsand

notes

1,7823,187

8561,2361,5961,8341,430

407603

2,135

62935953

16976

133136351586304114

240

Stocks

8120035231

1371931261182

288

613

1955153

215

502532

33

For-eign2

261191192888

4

9015

69

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.Back figures,—'See Banking and Monetary Statistics, Table 137, p. 487,

2-54 FEDERAL RESERVE BULLETIN


NEW CORPORATE SECURITY ISSUES1

PROPOSED USES OF PROCEEDS, ALL ISSUERS{In millions of dollars!

Year or month

19341935193619371938193919401941194219431944

1943—JuneJulyAugustSeptember.October... .November.December..

1944—January...February .MarchAprilMayJuneJulyAugustSeptember.October... .November .December..

1945—January....

Estimatedg r o S5 2proceeds^

3972,3324,5722,3102,1552,1642,6772,6671,0621,1703,014

7690

11070

142199116

15497

203155148163192229438735347154

281

Estimatednet

proceeds3

3842,2664,4312,2392,1102,1152,6152,6231,0431,1472,956

7488

10869

139197113

15095

199150146160188226429722340152

275

Proposed uses of net proceeds

New money

Total

57208858991681325569868474308575

163

161210

11920

344948532323605727

1232454

35

Plant andequipment

32111380574504170424661287141224

10

1364

648

23183224178

3624179

114

14

Workingcapital

2696

478417177155145207187167351

63365

5512

11311628

615243310

1141350

21

Retirement of securities

Total

2311,8653,3681,1001,2061,6951,8541,583

396739

2,310

55638351

1057181

11433

14793

120117122166395590316

96

240

Bonds andnotes

2311,7943,143

9111,1191,6371,7261,483

366667

1,972

36448141

1016677

5432

12955

11510310914735756620796

221

Preferredstock

712261908759

1281003072

338

1920

210464

601

18385

1313193824

1091

19

Repaymentof

other debt

84170154111215

691741441387335

11295

2265

24313

18

12

Otherpurposes

H234936

7261928352737

210

i217

1

813

i6357

1

PROPOSED USES OF^PROCEEDS, BY MAJOR GROUPS OF ISSUERS[In millions of dollars]

Year or month

Railroad

Totalnetpro-

ceeds

Newmoney

Retire-ment ofsecuri-

ties

Allotherpur-

poses4

Public utility

Totalnet

pro-ceeds

Newmoney


ties

Allotherpur-

Industrial

Totalnetpro-

ceeds

Newmoney


ties

Allotherpur-

poses*

Other

Totalnetpro-ceeds

Newmoney

Retire-ment ofsecuri-ties

1

Allotherpur-

poses4

1934....1935....1936....1937....1938....1939....1940....1941....1942....1943...1944....

1943—JuneJulyAugustSeptember..OctoberNovember.December..

1944—January....February..MarchAprilMayJuneJulyAugustSeptember.October...November.December..

1945—January...

1721207743385418231936147160606

2976428263

215713922824851152533246106

929

12054558110309718610815114500

297

3110771

18

2823

24521134189365282

119

2421191024

115179354882

119

1301,2501,987751

1,2081,2461,1801,340464469

1,339

11226049533878

6130140285824582614949825910

65

11306389180432453171452228

771,1901,897611943

1,157922993292423

1,297

1215341503871

6130134285823522413848425510

65

4230275086471330272514

62774

1,2801,079831584961828527497918

346039165713129

815528118855810966851862918

2574439616469188167244293228389

63947

11513

2640144919173438101131612

28

3455076137322635373846389

199475

26363010271110

533

11656222TO27757111

5

54

21508090

1364356

1211467154

32112

2266

212434

1952

""211

20122390

7116

102155944

2192

462185789

42554

1351

241

33

621

42

10

42

72152

77

889

18

"'i'38

194

20715

10421

1 Estimates of new issues sold for cash in the United States. Current figures subject to revision.2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price.3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses.4 Includes repayment of other debt and other purposes.Source.—Securities and Exchange Commission; for compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of

the Board of Governors.

MARCH 1945


QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONSINDUSTRIAL CORPORATIONS


Year or quarter

Number of companies...

193919401941 . .19421943

Quarterly1940—1

234

1941—12 . . . .34

1942—1234

1943—1234 . . .

1944—123

Total

629

1,4651,8182.1691,7921,823

422412396588

510549560550

419364451557

437441464481

452464478

Ironandsteel

47

146278325226205

475179

101

86848172

52525172

53485153

474646

Ma-chin-ery

69

115158193159168

33393452

44484655

38353649

39424146

404037

Au-tomo-biles

15

223242274209201

695317

10,3

79736061

46254692

47495253

525556

Net profits,1 by industrial groups

Othertrans-porta-

tionequip-ment

68

102173227202203

41363363

53565662

651648649654

654652651646

658653650

Non-ferrousmetals

andprod-ucts

77

119133153138128

33293040

39363840

36323436

34323132

293028

Otherdura-ble

goods

75

7088

1139083

14212528

23283032

19182230

19222023

202222

Foods,bever-ages,and

tobacco

49

151148159151163

3438S343

36434437

32324244

39404242

404341

Oilproduc-

ingand

refin-ing

45

98112174152185

34302524

29425646

35274249

36424958

495258

Indus-trial

chemi-cals

30

186194207164169

46455251

49535252

39354148

42414146

424351

Othernon-dura-

blegoods

80

134160187136144

41413939

44484946

39273535

36353736

363734

Mis-cella-neousserv-

ices

74

122132159165173

29302944

29364648

32345247

39384947

394355

Profits anddividends

N e t ,profits1

152

8471,0281,144

883902

246230211342

286297284276

204174211294

208221227245

222227236

Dividends

Pre-ferred

152

9090928886

21212225

22232324

21232023

21222123

202220

Com-mon

152

564669705552555

136158158217

150165170221

134135125158

127132127169

142149137

PUBLIC UTILITY CORPORATIONS[ In millions of dollars]

Year or quarter

19391940194119421943

Quarterly1940—1

234

1941—1234

1942—1234

1943—1234

1944—123

Railroad2

Operat-ing

revenue

3,9954,2975,3477,4669,054

9861,0101,1301,171

1,1521,2721,4681,454

1,4831,7972,0472,139

2,0912,2552,3682,340

2,2732,3632,445

Income

incometax*

126249674

1,6582,209

- 31592

145

96145267166

178390556534

513605653438

458'511550

Net income1

All roads

93189500902874

- 1 23

71127

69103189138

90198286327

209239249177

148174180

Insolventroads

-102- 7 3

23147187

- 2 9- 3 3—14

3

- 50

235

12376038

52565525

272223

Divi-dends

126159186202216

25292978

28363487

244630

101

284939

100

315530

Electric power3

Operat-ing

revenue

2,6472,7973,0293,2163,464

709675682731

751723750805

816770792839

864835859906

927886883

Income

incometax*

629692774847914

187161156188

209182183200

234196195222

254221210228

263242207

Netincome1

535548527490502

148128123149

154126107139

131104105150

136118114133

135123111

Divi-dends

444447437408410

(7)(7)(7)(7)

(7)(7)(7)(7)

989684

131

969896

120

9410294

Telephone^

Operat-ing

revenue

1,0671,1291,2351,3621,537

274* 281

281294

295308311321

324337342359

366383389400

400406409

Netincome1

191194178163180

49504550

43444546

41413943

42444548

424343

1

Divi-dends

175178172163166

44444446

44454440

44423938

40424341

424242

clude affiliated nonelectric operations.A i T l h d T l h

1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends.2 Class I line-haul railroads, covering about 95 per cent of all railroad operations.3 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.4 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,

the greater part of whose income consists of dividends received on stock holdings in the 30 companies.• After all charges and taxes except Federal income and excess profits taxes.6 Partly estimated. 7 Not available.Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures

prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial com-panies and for telephone dividends. Figures for the current and preceding year subject to revision, especially for war producers whose contracts are underrenegotiation. For description of data and back figures, see pp. 214-17 of the March 1942 BULLETIN.



UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES[On basis of daily statements of United States Treasury. In millions of dollars ]

End of month

1941—JuneDec

1942—JuneDec

1943—TuneDec

1944—FebMarAprMayJuneJuly... .AugSeptOctNovDec

1945—Jan

Totalgrossdirectdebt

48,96157,93872,422

108,170136,696165,877

183,107184,715184,967186,366201,003208,574209,802209,496210,244215,005230,630232,408

Totalinterest-bearingdirectdebt

48,38757,45171,968107,308135,380164,508

181,709183,348183,413184,874199,543207,1172C8,289207,850208,608210,774228,891230,672

Total2

37,71341,56250,57376,48895,310

115,230

126,171128,080127,440128,029140,401144,919145,213144,723145,008145,183161,648162,261

Marketable public issues1

Treasurybills

1,6032,0022,5086,627

11,86413,072

13,11213,14713,15013,76614,73415,52415,71515,74716,06016,40516,42816,403

Certifi-cates of

indebted-ness

3,09610,53416,56122,843

25,68025,68025,30625,26628,82230,03530,00129,57329,54629,54530,40130,401

Treasur}'notes

5,6985,9976,6899,8639,168

11,175

13,30216,24416,26316,26517,40518,06718,06717,93617,93617,93623,03923,039

1reasurybonds

30,21533,36738,08549,26857,52067,944

73,88272,81372,52672,53779,24481,09781,23581,27081,27181,10291,58592,221

Nonmarketable public issues

Total2

4,5558,90713,51021,78829,20036,574

42,37041,76242,27542,72444,85547,23747,61447,15247,43049,00850,91751,723

U. S.savingsbonds

4,3146,140

10,18815,05021,25627,363

31,51531,97432,49732,98734,60636,53836,88337,32337,64538,30840,36141,140

Treasurytax andsavingsnotes

2,4713,0156,3847,4958,586

10,2209,1169,0929,0509,557

10,00010,0309,1249,0759,9909,8439,864

Specialissues

6679

1012

1313131414141515,16,1616,16,

,120.982885032871703

168507697122287961461976170583326688

Non-interest-bearing

debt

11

111111111

H11

574487454862

,316,370

,398,367,554,492,460,456,514,645,636,230,739,736

Fullyguaran-teed in-terest-bearing

securities

6,3606,3174,5484,2834,0924,225

4,2272,2582,2581,5291,5161,4681,4751,4801,4801,4701,4701,496

1 Including amounts held by Government agencies and trust funds, which aggregated $5,337,000,000 on Dec. 31, 1944, and $5,269,000,000 (preliminary)on Jan. 31, 1945.

2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service anddepositary bonds not shown separately.

3 Including prepayments amounting to $2,546,000,000 on securities dated Dec. 1,1944, sold in the Sixth War Loan, beginning Nov. 20, 1944.Back figures—-See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.

UNITED STATES GOVERNMENT MARKETABLE PUBLICSECURITIES OUTSTANDING, JANUARY 31, 1945

[On basis of daily statements of United States Treasury. In millionsof dollars]

Issue and coupon rate

Treasury bills1

Feb.Feb.Feb.Feb.Mar.Mar.Mar.Mar.Mar.Apr.Apr.Apr.Apr.

1, 1 9 4 5 . . . .8', 1 9 4 5 . . . .

15, 1945 . . . .23, 1945 . . .

1, 1945. .8, 194.5.. . .

15, 1945. . .22, 1 9 4 5 . . . .29, 1 9 4 5 . . . .

5, 1 9 4 5 . . . .12, 1 9 4 5 . . . .19, 1 9 4 5 . . . .26, 1 9 4 5 . . . .

Cert, of indebtednessFeb.Apr.MayJuneAug.Sept.Oct.Dec.

1, 19451111111

194519451945 .*....1945194510*51945.'.'.'.'.'

Treasury notesMar.Mar.Mar.Dec.Tan.Mar.Dec.Mar.Sept.Sept.Sept.

1, 1945. . . .15, 1945 . . .15, 1945. . . .15, 1945

1, 1946 . . . .15, 1946 . . . .15, 1 9 4 6 . . . .15, 1 9 4 7 . . . .15, 1947 . . .15, 1947 . . . .15, 1 9 4 8 . . . .

Treasury bondsSept.Dec.Mar.JuneTuneOct.Dec.Mar.Mar.JuneSept .

15, 1945-47.15, 1 9 4 5 . . . .15. 1946-56.15, 1946-48.15, 1946-49.15, 1947-52.15. 1947 . . .15', 1948-50.15, 1948-51.15, 1948. .15, 1 9 4 8 . . . .

• V§.. • y%

y%'.'.'.%

. .91%

Y.iK; .90. 1

1;H>IK

..IK

..2%

..2H..•3H. . . .3..3-H• - 4 K

22

• •2*4• - 1 M• .2H

1,3111 3141,3011,3141,2041,2051,2071,2171,2021,2051,3031,3031,318

5,0484,8771,6154,7702,5113,6943,4924,395

2,127718

1,606531

3,4161,2913,2ol1,9482,7071,6873,748

1,214541489

1,036819759701

1,1151.2233,062

451

Amount Issue and coupon rate

Treasury bonds—Cont.Dec. 15, 1948-50 2June 15, 1949-51 2Sept. 15, 1949-51 2Dec. 15, 1949-51 2Dec. 15, 1949-52 3%Dec. 15, 1949-53 2HMar. 15, 1950-52 2Sept. 15, 1950-52 2l/2Sept. 15, 1950-52 2June 15, 1951-54 2%Sept. 15, 1951-53 2Sept. 15, 1951-55 3Dec. 15, 1951-53 2lADec. 15, 1951-55 2Mar. 15, 1952-54 2V2June 15, 1952-54 2Dec. 15, 1952-54 2June 15, 1952-55 2KJune 15, 1953-55 2June 15, 1954-56 2%Mar. 15, 1955-60 2V%Mar. 15, 1956-58 2V2Sept. 15, 1956-59 2%Sept. 15, 1956-59 2KJune 15, 1958-63 2%Dec. 15, 1960-65 2%June 15, 1962-67 2l/2Dec. 15, 1963-68 2V2June 15, 1964-69 2V2Dec. 15, 1964-69 2}/2Mar. 15, 1965-70 2}/2Mar. 15, 1966-71 2 ^Sept. 15, 1967-72 2\<i

Postal Savings bonds.2^Conversion bonds 3Panama Canal loan — 3

Total direct issues.. . .

Guaranteed securitiesCommodity Credit Corp.

Feb. 15, 1945 \%Home Owners' Loan Corp.

June 1, 1945^7 \y2Federal Housing Admin.

Various

Total guaranteed issues

Amount

5711,0141,2922,098491

1,7861,9631,1864,9391,6277,986755

1,118510

1,0245,8258,5141,501725681

2,6111,449982

3,823919

1,4852,1182,8313,7613,8385,1973,4742,716

1172950

162,261

412

755

30

1,197

1 Sold on discount basis. See table on Open-Market Money Rates,p. 253.

UNITED STATES SAVINGS BONDS[ In millions of dollars ]

Month

1943—AprMavJuneJulyAugSeptOctNovDec


1945—Jan...

Amountout-

standingat end of

month

19,26720,50721,25622,03022,69424,47826,05626,69727,363

28,90131,51531,97432,49732,98734,60636,53836,88337.32337,64538,30840,361

41,140

Funds received from sales during

Allseries

1,4701,335

876890802

1,9271,708

798853

1,6982,782

709739751

1,8422,125

602692695

1,0232,386

1,074

month

SeriesE

1,007995696683661

1,4001,340

665728

1,0852,102

576606624

1,3501,687

499591599807

1,855

804

SeriesF

11086353828

139932324

127157231915

115101

18161443

125

42

SeriesG

353254144169112387275109101

487522110114111377338858583

174406

228

Redemp-tions

Allseries

103104141138152155144170207

188185268237279248227279283401382365

341

Maturities and amounts outstanding, January 31, 1945

Year of maturity

1945194619471948194919501951195219531954195519561957Unclassified

Total . .

Allseries

181324412489802992

1,6745,1809,806

13,8613,4953,684

18554

41,140

SeriesA-D

181324412489802992444

3,645

SeriesE

" "l,'230"5,1808,386

10,891300

25,987

SeriesF

21760669277526

2,315

SeriesG

1,2032,3642,5032,910

159

9,139

MARCH 1945 x5 7


OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED[In millions of dollars]

End of month

1941—JuneDecember

1942—JuneDecember

1943—JuneDecember

1944—MayJuneJulyAugustSeptemberOctoberNovemberDecember

Totalinterest-bearing

securities

54,74763,76876,517111,591139,472168,732

186,403201,059208,585209,764209,331210,088212,244230,361

Held by U. S. Gov-ernment agenciesand trust funds

Specialissues

6,1206,9827,8859,032

10,87112,703

14,12214,28714,96115,46115,97616,17016,58316,326

Publicissues

r2,3742,557

r2,7383,2183,451

r4,242

4,2534,8104,6264,6194,5994,6164,6035,348

Held

FederalReserveBanks

2,1842,2542,6456,1897,202

11,543

14,25114,90114,91515,80616,65317.64718,38818,846

Privately held1

Total

r44,06951,975

r63,24993,152

117,948r140,244

153,777167,061174,083173,878172,103171,655172,670189,841

Com-mercialbanks

20,09521,78826,41041,37352,458

r59,842

63,200r68,43l71,90071,50070,40070,00071,60077,500

Mutualsavingsbanks

3,4263,7003,8914,5595,290

r6,090

6,700r7,3067,5007,6007,7007,7007,3008,300

Insur-ancecom-

panies

7,1008,2009,200

11,30013,10015,100

16,50017,30017,90018,10018,30018,40017,90019,600

Other investors

Market-able

9,2009,800

10,70014,80018,70023,700

26,20030,70031,10030,70030,20029,80028,60035,200

Non-market-

able

4,2008,500

13,00021,10028,40035,500

41,20043,30045,70046,00045,50045,80047,30049,200

r Revised.1 Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks

and mutual savings banks have been rounded to nearest 100 million for all dates except June and December for which call report data are available.Back figures.—See Banking and Monetary Statistics, Table 149, p. 512.

SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEEDBY THE UNITED STATES*

[Public marketable securities. Par values in millions of dollars]

End of monthTotalout-

stand-ing

U.S.Gov-ern-

mentagen-ciesandtrust

funds

Fed-eralRe-

serveBanks

Com-mercialbanks1

Mu-tualsav-ings

bank:

Insur-ancecom-

paniesOther End of month

Totalout-

stand-ing

U.S.Gov-ern-mentagen-ciesandtrustfunds

Fed-eralRe-

serveBanks

Com-mer-cial

banks

Mu-tualsav-ings

Danks

Insur-ancecom-

paniesOther

10,30812,61515,61319,92919,407

Total:2

1942—Dec1943—June

Dec1944—June

SeptOctNovDec

Treasury bills:1942—Dec1943—June

Dec1944—June

SeptOctNovDec

Certificates:1942—Dec1943—June

Dec1944—June

SeptOctNovDec

Treasury notes:1942—Dec1943—June

Dec1944—June

SeptOctNovDec

Guaranteed securities:.1942—Dec1943—June

1944—June.'...'.'.'.'.;SeptOctNovDec

80,68599,218118,813141,591145,914146,201146,376162,843

6,62711,86413,07214,73415,74716,06016,40516,428

10,53416,56122,84328,82229,57329,54629,54530,401

9,8639,16811,17517,40517,93617,93617,93623,039

4,1963,9083,5831,1901,1921,1931,1931,194

3,2023,3193,787

202

4,604 14,4,592 16,

11,543

4,6064,5945,338

17,64718,38818,846

1,0103,8156,7688,872,783

17 11,55112 11,8686 11,148

18 10

5860

311116411111

1,0411,0922,4673,3823,5593,7494,1634,887

1,324774665

1,1801,0651,1001,1111,566

37548333333

38,75948,66555,54963,523"65,33764,91166,39672,045

4,4976,5024,7164,8943,6143,0922,9354,113

6,4709,82312,70115,03715,70815,47215,88815,032

5,6705,5007,38911,718"12,23012,20312,38715,411

2,6652,6022,466949921943945960

4,4715,1615,9627,158 16,7,583 177,4987,1328,183

1021122141671

129184208126180221235136

167155197286301304277336

108763866656

10,76612,48614,386,471,425

17,55417,03518,761

2615472

"A5

180305367339544686620310

283276275337574597577568

333309283263026!25|22

17,29722,38527,58634,935

r34,32433,98432,83039,670

1,0731,3611,484

9601,3151,3791,5831,159

2,6965,1067,0509,8719,5199,3428,5709,974

2,3272,4022,5833,826

r3,7093,6753,5255,098

743751709205230213213203

Treasury bonds:Total:

1942—Dec1943—June

Dec1944—June

SeptOctNovDec.

Maturing within 5 years:1942—Dec1943—June

Dec1944—June

SeptOctNovDec.

Maturing in 5-10 years:1942—Dec1943—June

Dec1944—June

SeptOctNovDec

Maturing in 10-20 years:1942—Dec1943—June

1944—June.'.'.'.'.'.'.'.'.'".'.".SeptOctNovDec

Maturing after 20 years:1942—Dec1943— June

Dec1944—June

SeptOctNovDec

49,26857,52067,94479,24481,27081,27181,10291,585

5,8309,4748,5247,8248,8618,8618,6927,824

17,08017,92128,36034,39936,01736,01736,01744,087

16,29517,21414,31015,48214,44514,44514,44514,445

10,06512,91216,75121,53921,94621,94621,94625,227

2,7393,0453,6144,4374,4174,4224,4185,173

2,777 19,4451,468 24,226',559 28,264,464 30,910,243 32,848,243 33,185

4,0554,725 115,506 136,736

9,944442389

15,7687,082 16,273

,243 34,2256,951 16,240 19,230

,243 36,5086,609 15,811

754867665536596595591518

1,574776

1,4951,5701,3401,3391,3381,504

2,1651,6451,2701,0971,0241,0251,029

1,0211,2211,7452,6962,7012,7062,7053,366

2,5655,1225,0444,6975,1945,2415,3824,834

9,35310,10715,64218,93720, 70220,95521,77424,445

6,2407,6116,0515,5095,2105,2135,2725,354

1,2861,3851,5261,7661,7441,7751,7931,873

7,704

253298211189192177161137

1,1291,3082,0302,7122,9472,8412,5493,556

1,5801,4051,2191,8571,9261,9321,9021,887

1,0951.7132,0461,9812,0182,0001,998

18,79517,859 23,098

726991828663717675588556

2,1012,3263,2543,6733,7273,7253,4704,230

2,7782,8962,5712,7922,7182,7082,6092,612

4,3395,2296,7378,6409,1119,1319,144

2,125 10,462

1,5312,1951,7751,7402,1602,1701,9681,777

2,9203,4015,9347,5057,3037,1586,884

10,357

3,5313,6573,2034,2283,5723,5693,6353,563

2,3233,3664,6996,4566,3746,3366,3067,401

'Revised.m * 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 totalholdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the tableabove.

1 Including stock savings# banks. On Dec. 31, 1944, commercial banks reporting to the Treasury held $24,126,000,000 of United States Governmentsecurities due or callable within one year out of a total of $54,850,000,000 outstanding.

2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below.



SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS[On basis of daily statements of United States Treasury. In millions of dollars]

Period

Fiscal year ending:June 1942June 1943June 1944

1944—JanuaryFebruaryMarchAprilMay•t ajf

JuneJulyAugustSeptember. .OctoberNovemberDecember....

1945—January

Period


1944—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember...OctoberNovember.. .December. . .

1945—January

Income taxes1

With-held2

8,393'

5741,137

750560

1 104746594

1,065741609

1,035741

619

Other

7,96016,09426,262

1,153610

5,1611,9151,0634,495

654487

4,432632466

3,606

1,803

Mis-cella-neousinter-nal

reve-nue1

3,8474,5535,291

412344375421520422681832514580507539

573

Socialsecu-rity

taxes

1,1,1,

L94508751

493736939

3377556

3196560

29363

48

Otherre-

ceipts

6661,2303,711

590290220183232511227157175174205470

545

Totalre-

ceipts

13,66823,38545,408

2,7792,7546,5763,1193,2566,2492,2122,8595,9272,0542,5065,418

3,587

Netre-

ceipts"5

12,79922,28244,149

2,7472,5036,5733,0872,9506,2472,1632,5685,9262,0012,2405,416

3,556

Inter-eston

debt

1,2601,8082,609

8756

44911752

7478677

581133

56560

191

Details of trust accounts, etc.

Social Securityaccounts

Netre-

ceipts

2,3272,8103,202

10251446

11058421330558642

14651943

169

Invest-ments

1,7052,3502,816

8335017251

26948922528730345

266312

84

Ex-pendi-tures

614456380

323335343434313535363536

39

Net ex-pendituresin check-ing ac-counts ofGovern-

mentagenciesN

3,6252,1944,403

165331

2,00287

14888

193254

- 3 595

- 7 1164

- 2 1

Other

Re-ceipts

8631,1171,851

16412194

202179231415216162206225182

251

Invest-ments

221655

1,313

8159

10275

1032313201491218495

119

117

Ex-pendi-tures

533133192

- 8 03535

— 12724

215—181

624

- 5 5—220- 2 1 3

- 3 7

Waractivi-

ties

26,01172,10937,039

7,1387,5187,7267,3467,8797,5677,2017,5716,9987,4797,4017,503

7,551

Trans-fers totrustac-

counts,etc.

381435556

3757

402640

4515722471822

69

Otherex".

pendi-tures

4,7453,8273,540

308283343355334271372415329365353332

390

Totalbudgetexpend-

itures

32,39778,17993,744

7,5707,8628,5257,8598,2928,6258,1108,1197,9308,0247,8288,416

8,202

Defi-cit

19,59855,89749,595

4,8235,3591,9524,7725,3422,3785,9475,5512,0046,0235,5872,999

4,645

Trustac-

counts,etc.4

-3,506-1,861-4,051

- 1 4-173

-2,205+193+185- 6 1 3+133+70

- 2 4 4+148+639- 1 9 3

+238

General fund of the Treasury (end of

Assets

Total

3,44310,14920,775

12,87319,72617,27012,8969,144

20,77522,51318,27715,75310,60910,22322,717

20,077

De-posits

inFederalReserveBanks

6031,0381,442

1,0981,1721,540

9421,4421,2691,2151,314

9981,1221,335

1,048

De-posits

inspecialdeposi-taries

1,6797,667

18,007

10,31417,09514,30610,5466,766

18,00719,85015,69313,0138,2428,002

20,261

17,866

Otherassets

1,1621,4441,327

1,4611,4601,4241,3961,4361,3271,3941,3691,4261,3681,1001,120

1,164

Totalliabili-

ties

452643607

634571664617622607588605635618421481

471

Changein

gen-eralfundbal-ance

+358+6,515

+ 10,662

- 5 5+6,916-2,549-4,327—3,757

+11,646+1,756-4,252-2,555-5,127

-188+12,433

-2,630

period)

In-crease

ingrossdebt

23,46164,27464,307

4,78112,4481,608

2521,399

14,6377,5701,229-307

7484,761

15,626

1,778

Balance ingeneral fund

Total

2,9919,507

20,169

12,23919,15516,60612,2798,522

20,16921,92417,672

•15,1179,9909,803

22,236

19,606

Work-

ance

2,2298,744

19,406

11,47618,39215,84411,5177,759

19,40621,16216,90914,3559,2279,040

21,473

18,8431 Details on collection basis given in table below.2 Withheld by employers (Current Tax Payment Act of 1943).3 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.4 Excess of receipts (+ ) or expenditures (—).Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.

INTERNAL REVENUE COLLECTIONS{On basis of reports of collections. In millions of dollars]

Period


1944—JanuaryFebruaryMarchAprilMay. .JuneJulyAugustSeptember . . .OctoberNovemberDecember

1945—January

Income taxes

Total

8,00716,29933,028

1,5842,4775,3582,8092,2894,5681,7291,7124,4901,8101,6333,670

3,024

Cur-rentindi-

vidual

3,1085,771

10,254

396221

1,8331,427

3091,245

13071

1,3298133

293

1,889

With-held1

7^038

6291,844

70804

1,54538

1,1791,258

181,2331,203

18

690

Vic-torytax

686785

11

Cur-rent

corpo-ration

2,7644,1374,763

1664

99415286

1,0449372

95311070

980

43

Backtaxes

460557705

1844163432849324632273641

126

Excessprofitstaxes

1,6185,0649,345

352300

2,370370312

2,174290260

2,133350285

2,312

270

Otherprofitstaxes

5784

137

6

28121019

6259

27

Miscellaneous internal revenue

Total

3,8384,5715,353

382339401424483499754777529544520559

547

Capi-tal

stocktax

282329381

i1281942919

Estateandgift

taxes

433447511

523860564250486335393250

49

Alco-holic

bever-age

taxes

1,0481,4231,618

108108124169182195210202183196204201

206

To-baccotaxes

781924988

776777728181778678788171

78

Stamptaxes

424551

445544c645

6

Manufac-turers'

andretailers'

excisetaxes

852670729

6863595177647288859595

120

117

Mis-cella-neoustaxes

401732

1,075

7258767097

103214139115113103112

901 Withheld by employers (Current Tax Payment Act of 1943).

MARCH 1945


GOVERNMENT CORPORATIONS AND CREDIT AGENCIES(Based on compilation by United States Treasury Department. In millions of dollars]

P R I N C I P A L ASSETS A N D LIABILITIES

End of month

1942—JuneDecember.

1943—June

1943—September.October . .November..December..

1944—JanuaryFebruary..MarchAprilMayJuneJulyAugust

Assets, other than interagency items j Liabilities, other thaninteragency items

Total

17,96221,71526,708

26,28427,21827,78828,62529,50829,79130,26331,08331,15331,66631,09732,690

Loans

8,3798,1277,685

7,5577,4877,4597,4447,4107,4117,3667,3047,2207,1887,0816,959

Pre-ferredstock,

etc.

648620556

497493492486470452442439436433423411

Cash

403553515

501486493524580516526518628610575593

Securities

U.S.Govt.directand

guaran-teed

1,0971,2721,565

1,7221,7841,8331,8951,9422,0992,0902,1611,7501,7011,5781,592

OtherGovt.agen-cies1

573322

766

2323232323

6667

Ac-counts

andother

receiv-ables

7741,0851,788

1,4871,8501,9631,9261,9512,0622,1402,4552,3791,9701,8662,175

Busi-ness

prop-erty

8591,0201,674

1,4701,6021,6111,6241,6451,6581,6771,6711,6851,7023,7423,747

Prop-ertyheldforsale

3,5125,1876,310

7,2347,1157,3097,5127,5887,7537,8297,9858,0428,3928,4969,220

Otherassets

2,2333,8185,343

5,8096,3956,6227,1917,8997,8178,1708,5279,0079,6647,3307,986

Bonds, notes,and debentures

Fullyguar-

anteedby

U.S.

4,5684,3014,101

4,0814,1254,1804,2394,2774,2262,2732,2741,6721,7661,5711,572

Other1

1,4421,4141,333

1,2741,2851,3081,3421,3321,3221,3261,3021,4271,4131,2291,200

Otherliabili-

ties

U.S.Govern-

mentinterest

3,2654,6306,022

5,5605,8675,7885,8745,2474,9564,9505,5895,6236,1855,8636,360

8,24910,93114,812

14,92915,50116,07316,73218,21618,85321,28021,48421,99621,85821,99023,114

P r i -vatelyownedinterest

438439440

4414404394384354354334354354434-14444

LOANS, OTHER THAN INTERAGENCY LOANS

End of month

1942—JuneDecember.. .

1943—June

1943—September...OctoberNovember...December...

1944—JanuaryFebruary. . . .MarchAprilMayJuneJulyAugust

Totalloans2

8,3798,1277,685

7,5577,4877,4597,4447,4107,4117,3667,3047,2207,1887,0816,959

Recon-struc-tionFi-

nanceCorp.

1

:

L,473L,5571,483

1,460,432

L,4271,413L.393,393,379,355,348,335,331,320

Home mortgage and housingagencies3

HomeOwn-ers'

LoanCorp.

1,6761,5681,441

1,3831,3661,3541,3381,3181,3001,2791,2601,2401,2201,1991,177

Feder-al

HomeLoanbanks

19312990

130127116110115114998372

128136114

RFCMort-gageCom-pany

829498

9910099

101103107110110112114110101

Fed.Na-

tionalMort-gage

Assoc.

21621173

676665656463626161605956

Fed.PublicHous-

ingAuth.

384366317

317317318318319319319320318310310307

Farm mort-gage loans

Feder-al

landbanks

1,7061,6031,489

1,4311,4061,3811,3581,3321,3151,2901,2741,2581,2451,2281,211

Fed.FarmMort-gageCorp.

562507463

437423412403394389381376370367360354

Other farm credit loans

Fed.inter-medi-

atecreditbanks

289238296

269251240243242253301302297304301292

Banksfor co-opera-tives

101145102

148189215235238221197171152143140132

Com-modityCreditCorp.

231242228

222228278330378409408400391347318301

FarmCredit

Ad-min.

258237245

237232229226224227231233233233232229

FarmSecu-rity

Admin.

460446447

433427421416416417419408400403393395

RuralElec-

trifica-tionAd-min.

342346344

345345345347347348349350350348349352

Ex-port-Im-portBank

113122129

136140136136141142142217220223223223

Other

293316440

443438423405386394400384398408392395

SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS

End of month

1942—JuneDecember. .

1943—June

1943—September.October. . .November..December .

1944—JanuaryFebruary. . .MarchAprilMayJuneJulyAugust..

Loans by ReconstructionFinance Corporation

Total

1,4731,5571,483

1,4601,4321,4271,4131,3931,3931,3791,3551,348 •1,3351,3311,320

13813613413112912711310499878483

Loansto fi-

nancialinsti-

tutions

144167148

Loansto

rail-roads

472460426

423406405398396395392384381381381363

Other

Recon-struc-tion

FinanceCorp.

857930909

899890888884868871874867868867

Preferred stock held

HomeOwners'

LoanCorpo-ration

378366354

345343341338334329325322319316312305

167152108

646363635447474747474135

Other

10310294

8788858276707070707071

Accounts and otherreceivables

Fed. land3anks andFed. FarmMortgage

Corp.

225207193

187186174168161160153153148145143143

Com-modityCreditCorpo-ration

9657

350

196489533488575553607615587550448788

Recon-structionFinance

Corp.andwar cor-

porations

151531800

832778734728702665656652622574559544

Other

302290445

2723975225425136S4724

1,0351,022701716700

Property held for sale

Warcorpo-

2,0413,4694,963

5,7846,0166,2316,4236,5826,7896,9157,0947,1847,3957,5307,599

Com-modityCreditCorpo-ration

1,0681,3631,045

1,196865873897827795757741720861839

1,502

HomeOwners'

LoanCorpo-ration

262227191

152136111968576665747363024

Other

141128111

1029894969493919391

1009795

1 Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation.2 Excluding investments in preferred stock, the amount of which is shown in the lower section of this table.3 Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan

Bank Administration. Loans by these institutions are reported quarterly and amounted to 1,973 million dollars on June 30, 1944.NOTE.—Comparable figures for months subsequent to August are not available; beginning with Sept. 30,1944, the Treasury figures are in completely

revised form and are published quarterly.

x6o FEDERAL RESERVE BULLETIN


BUSINESS INDEXES

Year andmonth

1919192019211922192319241925192619271928192919301931193219331934193519361937 .1938193919401941 \[/m.......19421 9 4 3 . . ' . ' . . . . ' . . . ' .1944. ''...'...'.

1941JuneJulyAugustSeptemberOctoberNovemberDecember

1942JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1943JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember . . . .OctoberNovember. . . .December


1945January

[The terms "adjusted" and "uni

Incomepay-

ments(value)1

1935-39= 100

Ad-justed

122.9109 192.370.668 978.787 1

101.3107 798.5

105*4113.5138 0174.6213 0

139.9142.0144.8145.3146.8148.1153.7

156.4159.0161.2165.4167.8172.3175.5179.5182.5187.2192.8196.1

199.6203.5206.9208.8209.4212.8214.8216.7216.8219.3222.9224.7

227.2232.4231.9231.1232.1233.9233.2234.0232.5235.5237.5

p238.6

adjusted

Industrial production(physical volume) **

1935-39 = 100

Total

Ad-justed

164166167169172174176

181183186189191193197204208215220223

227232235237239237240242244247247241

243244241239236235230232230232232232

*234

Unad-justed

72755873888290969599

110917558697587

10311389

109125162199239

p23S

165165170174176175173

177180182187192195199207213218220221

224229232236239238241245248249247239

240240238237236236232235234234232230

^231

Manu-factures

Dur-able

Ad-justed

84935381

10395

107114107117132986741546583

108122

78109139201279360

203208209212219220225

235241250257264272278290299311319328

337344351356359358360365368374376365

369367364361356354347348342344341343

i

Non-dur-able

Ad-justed

6260576772697679838593847970798190

10010695

109115142158176

144144146146148151150

152153153154153152154158161165168169

171174174175176177177178179179180174

176177175172169169165168168169173173

116

Min-erals

Ad-justed

71836671988992

10010099

10793806776808699

11297

106117125129132

127126128132134133133

133133126125126127126130131129130127

125131133131129117134135138136133137

139142139140143142139142143143143137

1 4 0

" refer to adjustment (

Constructioncontracts

awarded (value)3

1923-25 = 100

Total

Ad-justed

636356798494

1221291291351179263282532375559647281

1221666841

117139152161145138123

118128125128158193206182179185198175

14510285635245605965496061

554540363334384139424651

»46

Resi-den-tial

Ad-justed

443044688195

12412111712687503713111221374145607289824016

101115112105877469

8210095827676746570839091

795642333132363535343735

292117171615141313131314

P13

Allother

Ad-justed

799065888694

120135139142142125

84403748507074808189

149235

9261

129158184206192189167

147151149165226288313278268269286243

198140119

876855807989617881

766459524650576361657381

if monthly Sgures for seasonal variation]

Employment4

1939 = 100

Non-agri-cul-

tural

Ad-justed

102^695.586.175.576 083.887.694.9

100.994.4

100.0104.7117.5126.7130.9

P121.5

117.8119.5120.6121.2121.5121.9121.5

122.1122.5123.2124.3125.1125.9127.1128.6129.1130.0130.5131.4

131.6131.6132.0131.4130.9131.0131.4130.9130.1130.1130.2130.1

130.0129.6128.9128.0127.7127.7127.5127.3126.5125.7

125.3125.5

p126.3

Factory

Ad-justed

133.3136.6

138.1138.8139.5139.9140.6

141.4143.3145.4147.8149.9151.9154.7157.5160.2162.9165.1168.3

170.5172.3174.0174.8174.9176.4177.2177.1177.0178.0178.9177.4

175.9174.6172.1169.4167.7166.7165.2164^1162.6161.0160.2160.6

P160.7

Unad-justed

103.8104.279.888.2

101.093.897.198.996.896.9

103.189.875.864.471.383.188.796.4

105.890.0

100.0107.5132.1

154.0175.7

132.0135.5138.4141.2141.8141.3141.1

140.0142.6144.8147.0148.9151.0154.8159.07162.1163.7165.6168.7

169.6171.7173.5174.0173.9175.8177.3178.7178.2178.8179.3177.7

175.0174.0171.6168.6166.7166.1165.3165^6163.6161.7160.6160.9

^159.9

Fac-tory

rolls4

1939 =100

Unad-justed

103.2123.579.785.5

108.4101.2106.6109.9107.9109.1116.494.171.249.252.867.878.090.5

108.284.2

100.0114.5167.5

r245.2r330.4

170.5172.0178.8184.8190.2188.6195.1

r201.1r208.8r216.0r222.4r230.1r236.2'245.1r258.1r266.0r276.2r287.0r295.4

r300.0r307.4r315.7r321.8r326.5r331.3r330.4r338.0r344.2r349.6r354.4r345.6

r345.1r344.7r341.3r335.Or334.3r334.6r326.8r330.3r329.1r330.3r327.1r331.5

Freightcarload-

ings*1935-39= 100

Ad-justed

120129110121142139146152147148152131105

78828992

107H I

89101109130138137140

131132136134134137138

140138138138136134137140140140136135

135139138136135127141140140137139

1 4 3

145143140138138139143142139137141137

143

Depart-mentstoresales(val-ue)*5

1935-39« 100

Ad-justed

83999294

1051051101131141151171089775738388

100107

99106114133150168186

131138157140128138136

158145150143135134146152150158159157

164192163159158167172165162174181165

175175185172181175192187183194210193

200

Whole-sale

com-modity

prices4

1926= 100

Unad-justed

138.6154.497.696.7

100.698.1

103.5100.095.496.795.386.473.064.865.974.980.080.886.378.677.178.687.398*8

103*1104*0

87.188.890.391.892.492.593.6

96.096.797.698.798.898.698.799.299.6

100.0100.3101.0

101.9102.5103.4103.7104.1103.8103.2103.1103.1103.0102.9103.2

103.3103.6103.8103.9104.0104.3104.1103.9104.0104.1104.4104.7

104.9

Cost ofliving4

1935-39= 100

Unad-justed

124.5143.2127.7119.7121.9122.2125.4126.4124.0122.6122.5119.4108.797.692.495.798.199.1

102.7100.899.4

100.210512116*5123*6125.'5

104.6105.3106.2108.1109.3110.2110.5

112.0112.9114.3115.1116.0116.4117.0117.5117.8119.0119.8120.4

120.7121.0122.8124.1125.1124.8123.9123.4123.9124.4124.2124.4

124.2123.8123.8124.6125.1125.4126.1126.4126.5126.5126.6127.0

127.1

* Average per working day. p Preliminary. r Revised. l Department of Commerce series on value of payments to individuals.2 For indexes by groups or industries, see pp. 262-265.3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 269 of this BULLETIN.4 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau

of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. Revisions in the factory employ-ment and pay rolls indexes beginning January 1942 reflect adjustments made by the Bureau of Labor Statistics to final 1942 and preliminary 1943Federal Security Agency data.

5 For indexes by Federal Reserve districts and other department store data, see pp. 271-273.Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory

employment and pay rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, June 1944, pp. 549-561.

MARCH 1945 2.61


INDUSTRIAL PRODUCTION, BY INDUSTRIES{Adjusted jot Seasonal Variation)

[Index numbers of the Board of Governors. 1935-39 average = 100]

Industry

Industrial Production—Total.

Manufactures—Total

Durable Manufactures

Iron and Steel.

Pig ironSteel

Open hearth...Electric

Machinery

Manufacturing Arsenals and Depots1.

Transportation Equipment

Automobiles(Aircraft; Railroad cars; Locomotives; Shipbuild-

ing—Private and Government)1

Nonferrous Metals and Products..

Smelting and refining : ^ ; . . . .(Copper smelting; Lead refining; Zinc smelting;

Aluminum; Magnesium; Tin)1

Fabricating(Copper products; Lead shipments; Zinc ship-

ments; Aluminum products; Magnesium prod-ucts; Tin consumption)1

Lumber and Products..

LumberFurniture..

Stone, Clay, and Glass Products..

Glass productsPlate glassGlass containers

CementClay productsGypsum and plaster products....Abrasive and asbestos products.,Other stone and clay products1 ..

Nondurable Manufactures ..

Textiles and Products.

Textile fabricsCotton consumptionRayon deliveriesNylon and silk consumption2...Wool textiles

Carpet wool consumption...Apparel wool consumption.Woolen and worsted yarn..

Woolen yarnWorsted yarn

Woolen and worsted cloth..

Leather and Products...

Leather tanningCattle hide leathersCalf and kip leathersGoat and kid leathersSheep and lamb leathers..

Shoes

Manufactured Food Products

Wheat flourCane sugar meltings1

Manufactured dairy products..ButterCheese .-•••••.Canned and dried milkIce cream

Meat packingPork and lardBeefVealLamb and mutton

1943

Dec.

241

260

365

200

198222178536

453

763

240

277

307

266

137

131150

169

16955209101122192319

174

143

133142189

14236186159161156160

102

97986883162105

151

128

P13986147131

173206139121158

Jan. Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec

243

262

369

208

202231186554

754

244

285

297

280

133

125148

168

1715421386129203319

176

149

140150186

15442210173176168170

108

1031077083166112

154

139

p12688149132

187234144104135

,244

262

367

212

207236188578

458

746

238

285

299

280

131

122150

168

1725821288131198312

177

152

142151187

15942219177181171178

111

1051107684161114

158

125

p12890146139

21529114994112

241

259

364

214

206238191570

452

734

233

257

297

283

129

119149

167

1755921683131194308

175

151

141150191

15546216171174167172

112

1071137986155116

159

114

P13596152156

20227014396110

239

256

361

213

206236192549

445

730

232

292

289

293

126

118142

165

1835922778125183297

172

151

141151196

15351213167171163168

116

1171258879168116

158

114

P13792155169

198266136107109

236

253

356

210

203234188559

437

726

226

279

273

282

115142

161

1736621076122176300

169

147

137142195

15253213167169163165

1101188686136114

154

93153173

180239124100113

235

251

354

204

198225183526

442

716

228

263

253

268

127

118144

168

1876523084127180297

169

145

135140196

14849196163166159163

115

1131248584141117

153

110

93158180

173225121117125

230

246

347

202

196222184491

435

704

223

244

246

243

124

114143

165

1806022286124182294

165

139

129139193

13141185144148138144

105

1131267881144100

153

113

P151

152185

175219127160134

232

248

348

203

198224183512

434

707

229

245

226

252

127

118146

•162

1696620488122181295

168

141

132140189

14047193154163141153

112

1081188277144114

147

116

P13983145180

169197138191125

230

246

342

202

196222183502

427

695

226

238

205

120

111139

159

16566

20086116175302

168

147

137148196

14442197158162153160

1201329280157122

146

113

p14785146184

161176140196135

232

248

344

206

197225187492

r428

T704

233

200

246

120

109r143

161

1746421288115179292

169

146

136140199

50213164170156164

115

1111198880149117

r149

118

82149179

154159140218145

232

248

341

201

192218186453

r422

r698

r228

234

r252

122

112141

160

1695620888116175295

173

149

139149209

'14356206156161148151

116

1121228481144119

154

125

P16582156181

158167141213142

232

249

343

198

190r215r181r456

431

708

233

229

122

111142

163

1745121890116171307

173

141146215

15254215165170157166

114

1151278672153113

154

123

2*14578154179

158164149175149

1945

Jan.

P234

V251

P196

216176501

P433

P706

P234

^186

*>129

PUSP139

P167

60

p127P181P3O7

P176

P152

145217

P116

P156

9 125

^13283163172

"146*149147123143

r Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separately.



INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued(Adjustedfor Seasonal Variation)


Industry

Manufactured Food Products—Continued

Other manufactured foods....Processed fruits and vegetablesConfectioneryOther food products

Alcoholic Beverages

Malt liquorWhiskeyOther distilled spiritsRectified liquors

Industrial A Icohol from Beverage Plants1 ....

Tobacco Products

CigarsCigarettesOther tobacco products

Paper and Paper Products

Paper and pulpPulp

Groundwood pulpSoda pulpSulphate pulpSulphite pulp

PaperPaperboardFine paperPrinting paperTissue and absorbent paperWrapping paperNewsprint

Paperboard containers (same as Paperboard)..

Printing and Publishing

Newsprint consumptionPrinting paper (same as shown under Paper)

Petroleum and Coal Products.

Petroleum refiningGasolineFuel oil.Lubricating oilKeroseneOther petroleum products1.

CokeBy-product coke ..Beehive coke

Chemical Products

PaintsSoapRayonIndustrial chemicalsExplosives and ammunition1

Other chemical products1

Rubber Products

Minerals—Total . ....

Fuels

CoalBituminous coalAnthracite

Crude petroleum

Metals

Metals other than gold and silverIron ore(Copper; Lead; Zinc)1

GoldSilver

1943

Dec.

153142134159

143

172042189

143

9018199

132

13114210710319612712913511612216312783

105

89

219

226123159120120

172161519

365

137131226394

240

137

140

147156114136

124

186P223

2876

1944

Jan.

156140134163

131

160

o46162

125

8615587

136

1341471069621313013214411911915612979

104

89

226

234125159128132

174'164496

364

140133226405

242

139

142

153161119137

124

185

3173

Feb.

157140138165

126

148040182

119

9214579

138

1351511109821713313314812111915113374

102

85

230

238128161126124

176166503

359

140134229406

244

142

145

158162143139

127

190

3173

Mar.

160155147164

137

167033173

123

9215473

137

1341501089320913713214712011715412877

100

83

234

243129163130130

174165487

341

140133233405

242

139

141

148155123138

126

189

3175

Apr.

158152154161

123

146039172

126

8916173

138

1341511109721313613115211711915612073

101

84

233

242129161120125

176167463

323

138137232408

231

140

143

150155129139

122

184

2873

May

157145152161

116

135034174

124

89154

80

142

1371511089221713513515911511515912776

98

81

237

246130162118126

175'166470

324

137137235410

230

143

146

154159134142

120

182

2767

June

154136147160

119

140031177

121

89151

79

140

1361561089123213713315611011515912580

100

85

242

252136164131130

m164463

319

138138237411

228

142

146

152158128143

120

181

2572

July

153130135162

128

146037205

122

8615478

133

129153114922321271251489910315811883

95

87

247

259137164125128

172'164442

314

142134237408

227

139

143

144151118142

117

178

2467

Aug.

"148112123162

186

152100647232

126

9215292

142

1371591199623413813415811111814912777

102

87

251

264138159125126

'in'164419

314

143132240408

231

142

147

148154124146

114

175

2363

Sept.

147121115159

156

172668270

124

9514987

142

1371561189223113513415911311614912784

99

83

258

272141162132126

168'162389

307

139131237400

230

143

148

147151129149

113

175

"22'57

Oct.

150139118158

166

1770

104305

120

9314293

143

1391651269624514213515811111614913281

103

89

266

281140167135124

170164384

r307

139129239395

231

143

148

149152133148

111

171

"22'58

Nov.

155145128162

184

197076353

135

105157107

143

1381581119723813613516010612015013031

103

86

r268

r283144165136124

no'164367

r307

r141133

r242394

r231

143

148

149155126148

r112

170

2264

Dec.

P1S

146

165

169

174074

355

131

95155108

135

132150115972121331291459312515612585

104

84

267

282141165133119

i<57163306

312

142137242396

237

137

141

132138109146

111

168

1945

Jan.

pl63pl6Q

pno

167

126

10114795

153

76

p105

85

^146'

P321

p318

PU2pl392*241p397

p237

p140

p145

P97

r Revised. p Preliminary. * Series Included in total and group indexes but not available for publication separately.NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940,

pp. 753-771 and 825-882.

MARCH 1945


INDUSTRIAL PRODUCTION, BY INDUSTRIES{Without Seasonal Adjustment)


Industry

Industrial Production—Total

Manufactures—Total ..

D u r a b l e M a n u f a c t u r e s . . .

Iron and Steel . . .

Pig ironSteel

Open hearthElectric

Machinery

Manufacturing Arsenals and Depots1 ...

Transportation Equipment

Automobiles(Aircraft; Railroad cars; Locomotives; Ship-

building—Private and Government)1

Nonferrous Metals and Products .

Smelting and refining : ^(Copper smelting, Lead refining, Zinc smelt-

ing; Aluminum; Magnesium; Tin)1

Fabricating(Copper products; Lead shipments; Zinc ship-

ments; Aluminum products; Magnesiumproducts; Tin consumption)1

Lumber and Products ..

LumberFurniture

Stone, Clay, and Glass Products

Glass productsPlate glassGlass containers

CementClay productsGypsum and plaster productsAbrasive and asbestos productsOther stone and clay products1 .

Nondurable Manufactures

Textiles and Products .

Textile fabricsCotton consumptionRayon deliveriesNylon and silk consumption1

Wool textilesCarpet wool consumptionApparel wool consumptionWoolen and worsted yarn

Woolen yarn .Worsted yarn

Woolen and worsted cloth

Leather and Products .

Leather tanningCattle hide leathersCalf and kip leathersGoat and kid leathersSheep and lamb leathers

Shoes . . . .

Manufactured Food Products

Wheat flourCane sugar meltings1

Manufactured dairy productsButterCheese . . .Canned and dried milkIce cream

Meat packingPork and lardBeefVealLamb and mutton

Annual

1944

P235

p252

P353

206

200227186521

P439

P719

p231

p259

p247

p265

P125

115

P164

17461

21485

p123

p302

p171

148

137145196

14948

205163168157163

113

1111198281

151114

P152

118

14488

152171

177216137150128

1943

239

258

360

208

198232184576

443

735

222

267

277

263

129

119149

173

15844

199125134198318

176

153

144159183

15434

215173178167173

114

1131198487

166114

145

115

139100148149

16520712397

138

1944

Jan.

240

259

367

208

202231186554

461

754

244

285

297

"280

121

107148

161

16854

20870

121196319

172

149

140150186

15442

210173176168170

108

1031096983

154112

145

139

p8373

110107

22530714797

143

Feb .

240

259

366

212

207236188578

458

746

238

285

299

"280

122

107150

161

16758

20567

125191312

173

152

142151187

15942

219177181171178

114

1131197988

177114

143

127

79120125

20728513783

113

Mar .

238

257

363

214

206238191570

452

734

233

287

297

"283

124

110149

163

17559

21668

126188308

171

151

141150191

15546

216171174167172

112

1061137786

150116

142

111

p11387

137153

18725113090

108

Apr.

237

255

361

213

206236192549

445

730

232

292

289

293

125

116142

163

18359

22774

122181297

169

151

141151196

15351

213167171163168

116

1161258581

165116

143

110

p14394

161191

183242128105105

May

236

252

357

210

203234188559

437

726

226

279

273

" 2 8 2 '

127

119142

165

18466

22579

122179300

168

147

137142195

15253

213167169163165

112

1101188384

147114

147

106

p185120205240

180239124104115

June

236

252

354

204

198225183526

442

716

228

263

252

"268

133

127144

169

18665

22890

125183297

169

145

135140196

14849

196163166159163

114

1111198785

139117

153

106

p225128225249

172225118117116

July

232

248

348

202

196222184491

435

704

223

243

244

"243"

130

123143

165

17460

21394

124182294

167

139

129139193

13141

185144148138144

103

1071197780

134100

163

112

P221107187215

162193128160129

Aug.

235

251

349

203

198224183512

434

707

229

245

226

"252

135

129146

167

17566

213100125182295

171

141

132140189

14047

193154163141153

111

1071148675

148114

165

115

p17891

162186

147151140188122

Sept.

234

249

343

202

196222183502

427

695

226

238

205

252

128

123139

164

16966

204100120179302

173

147

137148196

14442

197158162153160

121

1181299081

153122

166

123

82149170

148139151215144

Oct.

234

250

346

206

197225187492

r428

r704

r229

233

200

" 2 4 6 '

125

117r143

167

17864

218102122182292

173

146

136140199

15050

213164170156164

115

1121219080

149117

159

125

p12570

134145

156150153248151

Nov.

232

248

341

201

192218186453

r422

r698

r228

234

191

"r252

120

109141

163

17056

21095

121177295

173

149

139149209

14356

206156161148151

118

1161278679

153119

155

126

62117130

175195146228142

Dec.

230

248

342

198

190r215r181r456

431

708

233

229

186

247

113

97142

159

16351

20282

120175307

171

152

141146215

15254

215165170157166

113

1141278473

145113

149

122

r 6 1

138

184217149165146

1945

Jan.

*>231

p248

p342

P196

216176501

p433

P706

nu

p186

P116

p103p139

P160

60

P118

p307

P172

P152

145217

P116

P\\f

P144

P\2S

69120140

171195150114152

r Revised. P Preliminary. 1 Series included in total and group indexes but not available for publication separately.

164 FEDERAL RESERVE BULLETIN


INDUSTRIAL PRODUCTION, BY I1HT>VSTR1E$—Continued{Without Seasonal Adjustment)

[Index numbers of the Board of Governors.

Industry

Manufactured Food Products—Continued

Other manufactured foodsProcessed fruits and vegetablesConfectioneryOther food products

Alcoholic Beverages ..

Malt liquorWhiskeyOther distilled spiritsRectified liquors

Industrial Alcohol from Beverage Plants1 ...

Tobacco Products

CigarsCigarettesOther tobacco products

Paper and Paper Products ..

Paper and pulpPulp

Groundwood pulpSoda pulpSulphate pulpSulphite pulp

PaperPaperboardFine paperPrinting paperTissue and absorbent paperWrapping paperNewsprint

Paperboard containers (same as Paperboard) . .

Printing and Publishing ..

Newsprint consumptionPrinting paper (same as shown under Paper)

Petroleum and Coal Products

Petroleum refiningGasolineFuel oilLubricating oilKerosene .Other petroleum products1

CokeBy-product cokeBeehive coke .

Chemical Products ..

Paints . :SoapRayonIndustrial chemicalsExplosives and ammunition1

Other chemical products1

Rubber Products

Minerals—Total

Fuels

CoalBituminous coalAnthracite

Crude petroleum

Metals ..

Metals other than gold and silverIron ore(Copper: Lead: Zinc)1

G o l d * * > > > •Silver

Annual !

1944

P153P134PI 33P162

144

1589

129230

125

9215286

139

1351541129522413513215311111715412779

101

85

247

258135163128126

172165433

p324

p140P134P236p404

p234

p140

145

149156126143

p113

p\72P207

P25p67

1943

146129134153

117

139056157

133

9916489

139

1371491079320413913514712712416812789

111

99

185

188111146121116

167157493

384

134124215367

228

132

132

140147118128

126

186222

3577

1935-39 average =* 100]

1944 |

Jan.

14391138157

111

131030162

124

8615585

136

1341481119621313013114411911915412979

101

83

226

234125159124134

174164496

362

137131226405

242

133

142

153161119137

82

11370

2974

Feb.

14289139157

115

133024182

114

9213677

139

1361511159821713313414812111915713374

101

83

230

238128161124130

176166503

360

139133229406

244

136

145

158162143139

85

11972

2774

Mar.

14285137157

128

155021173

117

9214373

137

1341501159320913713214712011715412877

101

86

234

243129163128132

174165487

344

140133233405

242

133

141

148155123138

86

12076

2777

Apr.

14092128154

127

153023172

120

8915073

138

1341531219721313613215211711915712075

104

89

233

242129161125127

176167463

325

140134232408

231

138

143

150155129139

112

168188

2573

May

14194117158

127

154021174

124

8915481

142

1371521179221713513515911511515912777

100

84

237

246130162123127

175166470

323

142132235410

230

146

146

154159134142

144

226313

2466

June

145105109162

143

177019177

126

8915880

141

1371561099123213713415611011516212580

100

84

242

252136164131123

172164463

316

142136237411

228

146

146

152158128143

148

231330

2469

July

159169111165

151

183022205

127

8616278

132

128151101922321271251489910315111882

89

75

247

259137164124119

172164442

310

140133237408

227

143

143

144151118142

142

222323

2366

Aug.

170213 I132165

198

173100609232

129

9216089

141

1371571059623413813415811111814912777

98

78

251

264138159124121

171164419

310

142133240408

231

147

147

148154124146

145

227336

2562

Sept.

174236148162

159

174694270

131

9516093

141

1371541059223113513415911311614912784

100

84

258

272141162132124

"168'162389

307

138136237400

230

147

148

147151129149

138

215311

2557

Oct.

167180154166

168

1640

270305

125

9314899

143

1391641179624514213515811111615113281

105

93

266

281140167135124

"l70'164384

309

139135239395

231

144

148

149152133148

123

188259

2658

Nov.

161133151171

159

1510

159353

137

105160110

143

1381591179723813613516010612015013082

107

93

r268

r283144165136128

170164367

308

139134

r242394

r231

140

148

149155126148

r89

130133

2564

Dec.

P154114

Pi 29169

146

140081355

121

9514295

134

132150117972121331291459312515112584

106

88

267

282141165132123

167163306

313

142137242396

237

131

141

132138109146

68

9461

1945

Jan.

'149P104

P164

137

125

10114793

153

76

p102

79

P146

P321

p316

P140P136P241P397

p237

p133

p145

P140P151P97P147

63

r Revised. *> Preliminary. l 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

771 and 825-882.August 1940, pp. 753-

MARCH 1945


FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES{Without Seasonal Adjustment)

[Index numbers of the Bureau of Labor Statistics, 1939 = 100]

Industry and group

TotalDurable goodsNondurable goods.

Iron and Steel and ProductsBlast furnaces, steel works, etcSteel castingsTin cans and other tinwareHardwareStoves and heating equipmentSteam, hot- water heating apparatus..Stamped and enameled wareStructural and ornamental metal workForgingsScrew machine products

Electrical Machinery

Machinery, except ElectricalMachinery and machine shop productsTractorsAgricultural, excluding tractorsPumps

Refrigerators

Transportation Equipment, except Autos.

Automobiles

Nonferrous Metals and ProductsPrimary smelting and refiningClocks and watchesLighting equipment.

Lumber and Timber Basic ProductsSawmillsPlaning and plywood mills

Furniture and Lumber ProductsFurniture

Stone, Clay, and Glass ProductsGlassCement

/ Brick, tile, and terra cottaPottery and related products

Textile-Mill and Fiber ProductsCotton goods except small wares..Silk and rayon goodsWoolen and worsted manufacturesHosieryKnitted underwearDyeing and finishing textilesCarpets and rugs, wool

Apparel and Other Finished Textiles....Men's clothing, n.e.cShirts, collars, and nightwearWomen's clothing, n.e.cMillinery

Leather and Leather ProductsLeatherBoots and shoes

Food and Kindred ProductsSlaughtering and meat packing . .FlourBakingSugar, beetConfectioneryBeverages, nonalcoholicMalt liquorsCanning and preserving

Tobacco ManufacturesCigarettesCigars

Factory employment

1943 1944

Dec.

Paper and Allied Products.Paper and pulpPaper goods, n.e.cPaper boxes

r177.7r245.8124.1

176.4130267106134136198168209264290

r296.3

r244.4247187154340167

r1643.0

r192.

''201.2217126128

r120.386109

r110.8105

r121.01328882127

r103.812079108711029782

rll5.8100798575

r91.88781

r123.414212011413312212513081

r96.313078

r121.9109126124

Jan. Sept. Oct. Nov. Dec.

r175.0r242.7121.7

r175.1128267106133136197164213265286

r295.2

r243.1246189159345168

'1613.1

r190.4

r199.6213126128

rll5.882

107

H09.9105

r118.61327981

124

r101.611678

10670

1009881

r114.899788480

r90.886

r119.514312111252

11912213171

r94.113075

r121.2109126121

rl63.6r220.7r118.7

r167.3123240132128137182159208231257

r280A

r221.2224184159310

r148

r1373.2

r171.8

rl76.8160128131

8196

rl03.496

r112.21277374

122

r94.1108749865898979

''108.495738079

8479

r 137.012511311166114140147182

r88.012668

r114.7106113112

r161.7r217.5r117.8

r 166.0122238129128135181158207230253

r276.3

T219.2222182158309

r149

rl347.

r167.4

r173.6150128132

r109.87996

r102.896

r110.91257273

120

r93.7107749864898879

r 109.095738179

8379

r130.3123115113174119130144134

129

68r 115.1105118113

r160.6r215.5r117.3

r165.2122238122129136181155204228251

r272.9

r2l7.5220181158304

r147

'1327.

r164.9

r172.1146128128

r109.279

r96

r103.196

1257273

121

108749864

79

r108.194738076

8379

r125.7124117115209122125142100

r90.113168

r116.0106119114

r160.9r216.0r117.6

r166.5122238124130139183157205230254

r271.1

r2l9.2222183160305150

'1320.7

r166.8

r 173.1146128130

r107.67797

r103.696

r112.31267274

121

r95.5110759964909080

r107.894728078

8480

r123.312911811515012612314285

r90.713368

rll7.4107121114

1945

Jan.

159.9215.5116.1

166.9

268.9

218.9

1319.9

167.1

171.7

106.7

101.7

111.6

94.6

105.«

89.6

116.1

Factory pay rolls

Nov

1943

r354.4r503r208

r322227486169269239365340397533570

r5l7

r454450288294695298

3429

r358

r380391248233

r220160181

r194185

r197207134127195

rl76207138199110180154138

r18516213513392

r148135133

rl98232197164283189159182164

r162196141

48

5

5

9

1

2

0

1

5

4

1

7

6

0

3

r190.1175192188

Dec.

r345.6r489.0r205.4

r319.1223483175266246369332397523562

r5ll.2

r449.5443289295709302

r3277.3

r341.0

r370.6385244223

r210.3151179

' '192.3183

rl94.3207127126185

rl75.7207139198110177154134

r183.3157134133100

r149.7141133

r194.8239196163175190156179149

r161.0190143

7'188.8175190186

Jan.

r345.1r489.4r204.0

r320.9224488180270253350322411532564

r521.1

r456.5455298309744307

r3221.2

r358.0

r373.3378250226

rl96.2139174

r189.1181

r189.8207110120177

r 171.7199136197107175155135

r187.9157129141114

r149.9140134

r191.524320016176188152178132

r158.1190138

188.6173194185

Sept.

r329.1r453.3r207.5

r314.3227452225261261341327407465504

r512.1

r414.3410291333666

r263

r2883.7

r305.9

r331.7298269223

r209.8154166

r189.6175

r188.4201116119189

r169.0204133185104163148135

r195.6166128148137

rl58.5146143

r212.820019716987192188216336

r163.0202138

r189.8180182180

1944

Oct.

r330.3r455.6r207.8

r313.2225453217267262347327401473497

r503.7

r4l7.4416292316659

r277

r 2916.1

r307.8

r332.2281269

r237

r212.8157170

r193.1179

r192.1205120123192

r170.4204139188104164150136

r196.9170131147127

rl58.0144143

r207.4200192171229200171210262

r165.7209137

r192.9183192180

Nov

r327.1r449r207

90

r308.8222449205266261351313397459489

r498 7

''409.0408290311627

r266

r2905

r304

r326267273229

r199144

r167

r190177

r189201116120191

rl72207139189105166151137

r192169129141105

rl57143142

r203211197175299206166204189

rl72216144

r194182195183

9

4

9

3

7

5

2

3

4

8

7

.0

Dec

331.5455210

316226455216276269354332401467499

504

422419294322650282

2893

308

336267281239

193138168

194.180

192.204114119194

176212142195106167157141

191165128144113

25

7

3

0

7

4

2

7

0

2

6

8

160.8146146

205228200177189211163205163

177223147

197186198185

0

8

.6

r Revised,NOTE.—Revised indexes shown here for major groups and totals were released by the Bureau of Labor Statistics in February 1945. These indexes have

been adjusted to final 1942 and preliminary 1943 data made available by the Bureau of Employment Security of the Federal Security Agency. Back dataand data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest mid-dle of month and cover wage earners only. Figures for January 1945 are preliminary.



FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued{Without Seasonal Adjustment)

[Index numbers of the Bureau of Labor Statistics, 1939 = 100]

Industry and group

Printing and PublishingNewspaper periodicalsBook and job

Chemical and Allied ProductsPaints , varnishes, and colorsDrugs, medicines, and insecticidesRayon and allied productsChemicals, n.e.cCottonseed oil . . .Fertilizers

Products of Petroleum and CoalPetro leum refininsrCoke and by-products . . .

Rubber ProductsRubber tires and inner tubesRubber boots and shoesRubber goods, other

Miscellaneous IndustriesPhotographic apparatusGames toys and dolls

Factory employment

1943

Dec.

r104.395

109r239 8

106178110177143118

r118.8113108

r167.9173146147

r 177.117488

1944

Jan.

r103.293

108r230 7

105183108176134125

r118.3114108

r168.6174144148

r 175.017485

Sept.

r99.292

103r205 6

105179109168

r108102

r 126.1125106

"'159.0171125136

r162.516290

Oct.

r100.893

106r208 7

105181110167

r128102

r125.0124103

r158.5171124135

r162.416191

Nov.

r101.493

106r210 6

106181111166

r139107

r125.1124102

r159.1171123136

r162.416291

Dec .

r102.394

107r215 4

107182112166

r135114

H25.3125101

r160.3172124138

r162.216290

1945

Jan.

100.9

218 1

125.3

160.3

161.3

1943

Nov.

r133.5115142

r430.4161258166297281223

r196.1186176

r290.2289252257

r331.8284156

Dec.

"'134.7116144

r405.2159259168294275227

r197.1186181

r288.1287246255

r324.5273150

Factory pay rolls

1944

Jan.

r134.6112148

r395 7160268169298252248

r196.7185186

r291.0289249260

r325.5277157

Sept.

r138.9120152

r360.8166265176293

r221232

r220.8213190

r291.4301227248

r312.4268182

Oct.

r139.5119154

r364.5167268177289

r276227

r224.4220183 •

r290.2298226251

r316.0269186

Nov.

r142.2121157

r366.2167270179289

r300234

r219.2214179

r289.9298220251

r314.5271187

Dec.

144.1122160

377.%171272180291290250

220.4215182

303.6316229257

319.7259189

r Revised.

FACTORY EMPLOYMENT{Adjusted for Seasonal Variation)

[Index numbers of the Board of Governors, 1939 =• 100]

Group and year

Tota l . ..194219431944

Durable . . ...194219431944

N o n d u r a b l e . . . ...194219431944

Jan.

141.4170.5175.9170.0225.7243.2118.8127.0122.9

Feb.

143.3172.3174.6173.3229.9241.5119.6126.9121.9

Mar.

145.4174.0172.1176.8233.5237.7120.6127.1120.4

Apr.

147.8174.8169.4180.8235.3233.4121.7127.1118.9

May

149.9174.9167.7185.0236.2230.3122.2126.7118.3

June

151.9176.4166.7189.9239.3228.2122.0126.9118.3

July

154.7177.2165.2195.5241.0225.3122.5126.8117.9

Aug.

157.5177.1164.1201.3242.2224.1122.9125.9116.8

Sept.

160.2177.0162.6205.4242.5220.4124.6125.4117.0

Oct.

162.9178.0161.0210.5245.0217.3125.3125.2116.6

Nov.

165.1178.9160.2215.3247.1215.4125.5125.2116.7

Dec.

168.3177.4160.6221.6245.8216.0126.3123.4117.0

NOTE.—Revised indexes based on new Bureau of Labor Statistics data released in February 1945. Preliminary seasonally adjusted indexes for J anua ry1945 are: Total , 160.7; durable, 215.9; nondurable, 117.2. Back figures from January 1939 may be obtained from the Division of Research and Statistics^

HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES[Compiled by the Bureau of Labor Statistics]

Industry and group

All Manufacturing.Durable Goods

Iron and Steel and ProductsElectr ical MachineryMachinery Except ElectricalTransportat ion Equipment Except

AutomobilesAutomobilesNonferrous Metals and ProductsLumber and Timber Basic ProductsFurniture and Finished Lumber Products.Stone, Clay, and Glass Products

Nondurable Goods

Textiles—Mill and Fiber ProductsApparel and other Finished Products ..Leather and ManufacturesFood and Kindred Produc t s . . :Tobacco ManufacturesPaper and Allied ProductsPrint ing, Publishing, and Allied IndustriesChemicals and Allied ProductsProducts of Pet roleum and CoalRubber ProductsMiscellaneous Indus t r ies ,

Average hours worked per week

1943

Nov.

45.5

47.1

47.147.149.6

47.646.547.143.444.343.5

43.1

41.838.139.845.542.545.840.545.646.045.746.5

Dec.

44.8

46.2

46.546.248.9

46.544.546.342.844.243.0

42.8

41.737.740.245.542.145.340.445.146.044.845.6

1944

Aug. Sept.

45.2

46.6

46.746.348.3

47.445.146.544.744.844.0

43.0

41.837.741.245.042.346.241.145.646.945.645.1

44.8

46.1

46.646.247.9

46.943.546.343.344.043.4

43.0

41.838.141.544.543.446.241.445.646.445.745.2

Oct.

45.5

47.1

47.2r46.348.8

48.145.6

r47.244.7

r45.044.7

43.3

42.238.241.644.843.346.740.9

r45.947.9

r45.946.0

Nov .

45.3

46.7

46.846.348.2

47.845.547.0

r43.0r44.3r44.1

r43.2

42.338.041.245.344.146.5

r4l.3r45.746.945.7

r45.5

Dec.

45.6

47.1

47.346.748.9

48.345.747.542.344.544.2

43.5

42.837.741.546.045.046.641.545.746.946.645.6

Average hourly earnings (cents per hour)

N o v . I Dec.

99.6

109.7

105.798.8

109.2

125.9125.3103.377.478.087.8

82.9

67.774.077.082.967.381.2

102.693.2

114.8106.691.7

99.5

109.3

106.199.5

110.1

124.2124.7103.4

76.678.287.5

83.2

67.874.377.383.467.281.7

103.993.6

115.3107.092.5

1944

Aug.

101.6

111.2

107.5103.2112.1

127.2126.1104.780.181.689.5

86.4

71.180.780.684.471.584.7

108.096.1

117.9110.295.7

Sept.

103.2

113.2

110.1105.1113.6

129.7128.7105.8r80.3r82.9r91.0

87.6

72.183.282.084.772.485.8

110.196.6

120.2111.7r97.3

Oct.

103.1

112.9

109.1r104.6113.7

130.1127.0105.9r80.7r83.391.2

87.8

r72.383.281.985.772.886.2

110.2r95.7119.0110.96.

Nov.

r103.5

'113.7

108.8p104.9113.4

•132.1128.0

105.879.1

r83.391.0

87.7

72.2r82.481.885.973.686.3

r110.3r95.6

r118.6110.7r97.5

Dec.

104.0

114.0

109.5105.8114.6

131.1127.9106.8

79.484.291.4

88.3

72.583.182.486.673.886.7

110.896.5

119.4112.998.5

r Revised.NOTE.—Data based on the classification of the 1939 Census of Manufactures. Back figures are available from the Bureau of Labor Statistics.

MARCH 1945


ESTIMATED EMPLOYMENT IN NONAGRIGULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION[Thousands of persons]

Year and month Total Manufac-turing Mining Construction3

Transporta-tion andpublic

utilitiesTrade

Finance,service,

and miscel-laneous

Federal,State, and

localgovernment

193919401941194219431944..

SEASONALLY ADJUSTED

1940—AugustSeptemberOctoberNovemberDecember





1945—January

UNADJUSTED1943—August

SeptemberOctoberNovemberDecember

1944—January...FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1945—January

30,35331,78435,66838,44739,728

^38,690

31,84032,16932,48532,99333,397

33,63833,97334,40634,44135,26935,75836,27736,59736,77436,89236,99136,864

37,05737,19537,39137,72437,98138,20438,58139,04239,17139,45239,59739,898

39,93439,93540,06639,89139,74039,77539,87639,73739,47539,48639,52639,479

39,45439,35239,12338,86538,74938,76638,70038,65438,400

r38,159r38,03738,086

38,325

39,86039,67839,71839,84740,197

38,96538,84038,72538,68938,67238,84638,73138,74438,571

r38,360r38,34038,811

37,852

10,07810,78012,97415,05116,924

^16,119

10,77611,01711,18111,40911,589

11.72011,93412,17412,45612,77613,03213,34213,47313,58013,64213,75213,748

13,87914,04114,25514,46314,64914,86515,14315,44215,64415,79816,04816,333

16,50616,68216,83116,85816,83716,90817,05917,09717,05117,10817,15216,995

16,91016,81916,64216,39116,20316,09316,01315,94315,764

r15,614r15,52215,538

15,622

17,18217,13617,19417,23817,080

16,82516,73516,55916,30916,12216,09316,01316,02315,843

r15,692r15,60015,616

15,544

845916947970891

^835

914918920925926

938935943643949970981997

1,0001,0031,0041,002

996981976982982981982973962954944933

927924915908893893888878876869859863

862862852848843848833830822812808802

807

882880873863867

858858852844839844833834826816812806

803

1,7531,7222,2362,0781,259*>7

1,7231,7581,8251,9712,135

2,2432,2562,2602,1332,1762,2392,2562,2582,3272,2952,2482,115

2,1022,0902,0552,0542,0482,0572,0772,1012,0772,1362,0952,041

1,8991,7341,6041,4761,3581,2631,1641,0821,020936891864

830786737719673677653648627609

r611615

635

1,1691,0911,002918829

764715678683686691686700671652

r629590

584

2,9123,0133,2483,4333,619

p3761

3,0153,0253,0413,0543,076

3,0723,0823,1313,1613,2243,2543,2923,3303,3313,3553,3693,367

3,3723,3573,3823,4023,4193,4193,4333,4483,4483,4843,5033,525

3,5403,5563,5743,5883,5973,6203,6343,6393,6333,6713,6833,687

3,7203,7803,7803,7633,7683,7653,7533,7623,7353,748

r3,7713,789

3,796

3,6943,6883,6893,6833,669

3,6643,7043,7233,7443,7683,8033,8093,8183,7913,767

r3,7713,770

3,739

6,6186,9067,3787,2637,030

^7,044

6,9366,9517,0057,0437,076

7,0657,1237,1927,2667,3027,3887,4957,5797,5487,5377,5267,487

7,4817,4147,3317,3197,2807,2067,2107,2227,2277,2247,1327,136

7,1337,0647,1107,0066,9887,0177,0617,0157,0067,0067,0006,962

7,0967,0437,0466,9826,9977,0127,0847,0597,065

r7,O77r7,O527,020

7,192

6,8756,9367,0767,2457,554

6,9196,8676,9196,9686,9626,9776,9426,9186,994

r7,148r7,2997,617

7,012

4,1604,3104,4384,4474,115

^4,346

4,3284,3414,3574,3954,393

4,3664,3744,3974,4384,4414,4414,4424,4584,4544,4724,4794,493

4,5204,4914,5234,5414,5214,5324,5204,5184,3824,3304,2554,229

4,1464,1464,1214,1104,1024,1124,1274,1104,0794,0784,1194,127

4,1704,1734,1654,2574,3634,4754,5054,5144,4884,384

r4,3594,292

4,317

4,1724,0794,0374,0784,127

4,1284,1314,1234,2364,3634,5424,6184,5824,4884,340

r4,3154,292

4,274

3,9884,1364,4465,2035,890

p5,9Q6

4,1484,1594,1564,1964,202

4,2344,2694,3094,3444,4014,4344,4694,5024,5344,5884,6134,652

4,7074,8214,8694,9635,0825,1445,2165,3385,4315,5265,6205,701

5,7835,8295,9115,9455,9655,9625,9435,9165,8105,8185,8225,981

5,8665,8895,9015,9055,9025,8965,8595,8985,8995,915

r5,9146,030

5,956

5,8865,8685,8475,8226,071

5,8075,8305,8715.9055,9325,8965,8305,8695,9585,945

r5,9146,120

5,896

* Includes Contract Construction and Federal Force Account Construction. r Revised, P Preliminary.NOTE.—Revised seasonally adjusted estimates of the Board of Governors based on revised Bureau of Labor Statistics data released in May 1944. Es-

timates include all full- and part-time wage and salary workers in nonagriculturai establishments employed during the pay period ending nearest the 15thof the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. January 1945 figures are prelimi-nary. For back seasonally adjusted estimates see BULLETIN for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics.



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

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Year

Total

1944

159.2137.2176.4179.3144.2163.9190.5169.3175.7144.8164.9188.5

1,994.0

1945

Residentialbuilding

1944

41.024.935.237.834.530.625.823.324.523.823.323.9

1945

348.4 J

Nonresidential building

Factories

1944

34.029.948.733.027.124.438.340.049.037.752.957.6

472.7

1945

Commercial

1944

4.14 57.46.15.88.75.67.96.47.77 19.5

80.8

1945

Educational

1944

8.7

4.45.43.8

10.510.16.47.63 55 33.8

69.2

1945

Other

1944

21.123.119.525.017.118.930.222.424.220 028 327.1

276.7

1945

Public worksand publicutilities

1944

50.355.161.372.055.870.780.569.464.152 248 066.6

746.1

1945

1 Negative because of revision of a prior month's entry.

CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP[Figures for 37 States east of the Rocky Mountains, as reported by the

F. W. Dodge Corporation. Value of contracts in millions of dollars]

Month

JanuaryFebruary....MarchAprilMayJuneJulyAugustSeptember...OctoberNovember...December .. .

Year

1943

351394340303234230184414175214184252

3,274

Total

1944

159137176179144164191169176145165188

1,994

1945

141

Public ownership

1943

316364304253192183122351120157135198

2,695

1944

12210913313398

122148125127102103114

1,435

1945

75

Private ownership

1943

353036504246616256565054

579

1944

372843464642424449436274

559

1945

66

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT[Figures for 37 States east of the Rocky Mountains, as reported by the

F . W. Dodge Corporation. Value of contracts in thousands of dollars]


BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt Louis . . .MinneapolisKansas CityDallas

Total (11 districts)

1945

Jan.

5,82110,4256,7319,623

22,31628,55019,1498,7922,698

11,62815,216

140,949

1944

Dec.

8,35515,0917,310

15,81222,48729,94126,90016,1002,029

14,56229,894

188,481

Jan.

7,53716,0919,869

14,79832,50016,22020,0009,0211,564

14,81616,822

159,238

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION[In millions of dollars]

Year or month

19351936193719381939.. . .19401941.. . .194219431944.


1945—Jan

Total

320557495694954

1,0261,1861,137

942886

757962686966718183848266

67

Title I Loans

Prop-ertyim-

prove-ment

224246

6016020825126214196

125

61669997

1114121711

8

Smallhomecon-struc-tion

13252621151

Mortgages on

1- to 4-familyhouses(Title

II)

94309424473669736877691243216

191413131818182020222218

19

Rentaland

grouphousing

(TitleII)

22

11485113136*

7

1

2

3'1

Warhousing(Title

VI)

13284601537

505044454236455046494337

39

* Less than $500,000.NOTE.—Figures represent gross insurance written during the period and

do not take account of principal repayments on previously insured loans.Figures include some reinsured mortgages, which are shown in the monthin which they were reported by FHA. Reinsured mortgages on rental andgroup housing (Title II) are not necessarily shown in the month in whichreinsurance took place.

MARCH 1945

INSURED FHA HOME MORTGAGES (TITLE II) HELD INPORTFOLIO, BY CLASS OF INSTITUTION


End of month

1936—Dec1937—Dec1938—Dec

1939—JuneDec

1940—MarJuneSeptDec

1941—MarJuneSeptDec

1942—MarJuneDec

1943—JuneDec

1944—June

Total

365771

1,199

1,4781,793

1,9492,0752,2322,409

2,5982,7552,9423,107

3,3073,4913,620

3,7003,626

3,554

Com-mer-cial

banks

228430634

759902

9711,0261,0931,162

1,2461,3181,4001,465

1,5491,6231,669

1,7001,705

1,669

Mu-tualsav-ings

banks

82738

5071

90100111130

146157171186

201219236

252256

258

Sav-ingsandloan

associ-ations

56110149

167192

201208216224

230237246254

264272276

284292

284

Insur-ancecom-

panies

41118212

271342

392432480542

606668722789

856940

1,032

1,0711,134

1,119

Fed-eral

cies1

53277

137153

171182190201

210220225234

237243245

23579

73

Other2

275390

94133

124127141150

160154178179

200195163

158159

150

1 The RFC Mortgage Company, the Federal National Mortgage Associa-tion, the Federal Deposit Insurance Corporation, and the United StatesHousing Corporation.

2 Including mortgage companies, finance companies, industrial banks,endowed institutions, private and State benefit funds, etc.

NOTE.—Figures represent gross amount of mortgages held, excludingterminated mortgages and cases in transit to or being audited at the Fed-eral Housing Administration.

169


MERCHANDISE EXPORTS AND IMPORTS


Month

JanuaryFebruary . . . .March

AprilMayJune

JulyAugustSeptember

OctoberNovemberDecember

January-December

-Merchandise exports1

1940

370347351

323324350

317351295

344328322

4,021

1941

325303357

387385330

365460425

666492653

5,147

1942

481480628

717536648

650703732

801787873

8,035

1943

730719989

9791,0851,002

1,2611,2021,235

1,1951,0721.244

12,714

1944

Pi,124Pi,107p l 197

PI,226PI,455PI,295

PI,197PI,188PI,192

p l ,140PI,184

P934

P14.240

1940

242200217

212211211

232221195

207224253

2,625

Merchandise imports2

1941

229234268

287297280

278282262

304281344

3,345

1942

254254272

235191215

213186196

200168359

2,742

1943

229234249

258281295

302316286

329311281

3,372

1944

p300P313P358

P360P386P331

P294P3C2P280

P327P322P336

P3,911

Excess of exports

1940

128147134

111112138

84130101

137104

69

1,396

1941

966989

1008850

87178162

362211309

1,802

1942

228226355

482345433

437517536

602619514

5,293

1943

502485739

721803706

960887949

866761963

9,342

1944

P824P794P838

P866p l ,069

P964

P903P886p912

P813P862P598

P10.328

p Preliminary.1 Including both domestic and foreign merchandise.2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.Source.—Department of Commerce.Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.

FREIGHT CARLOADINGS, BY CLASSES[Index numbers; 1935-39 average=100 ]

REVENUES, EXPENSES, AND INCOME OF CLASS IRAILROADS


Total

Annual193919401941194219431944

SEASONALLYADJUSTED

1943—November..December..

1944—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..October. . .November..December..

1945—January—

UNADJUSTED

1943—November..December..

1944—JanuaryFebruary ..MarchAprilMayJuneJulyAugust . . . .September.OctoberNovember..December..

1945—January...

101109130138137140

139143

145143140138138139143142139137141137

143

142133

133133132135141144147146150148144128

132

Coal

98111123135138144

127147

150149140141147148143146147143143127

141

127147

150149140141147148143146147143143127

141

Coke

102137168181186186

186192

185180185190190194194185182182181166

176

186202

r195191187186188191188178181178181175

185

107101112120146139

161153

159148136123128135144131126147150134

128

157144

159145125108113137172141142147147126

Live-stock

969691104117124

132122

121135131120118124124121114120135128

120

166117

116108103107106100102115151184170124

115

For-est

prod-ucts

100114139155141144

150155

147146141141140148156155137133138135

142

147138

133140141141146154157162148140135120

Ore

110147183206192181

191209

r202193174195195187189188184153153133

161

485116828129130228127623713841

Mis-eel-lane-

101110136146145147

147148

r150147149146144143150149146143149151

157

153139

r137138142144145147151151158156155142

143

Mer-chan-disel.c.1.

9796

100696367

Annual1939...1940...1941.. .1942...1943...1944...

SEASONALLYADJUSTED1

1943—OctoberNovember...December...

1944—JanuaryFebruary....MarchAprilMayJuneJulyAugustSeptember..,OctoberNovember...December...

UNADJUSTED1943—October

November...December ..

1944—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December...

Totalrailway

operatingrevenues

3,9954,2975,3477,4669,055

P9.437

769769782

778775782780779810804781790791788780

796762782 •

741735797760804799809836799819781757

Totalrailwayexpenses

3,4063,6144,3485,9827,693

^8,343

654662680

662671690689688701706710710709697711

683668

r712

658651705672706700710735710721689687

Netrailwayoperatingincome

589682998

1,4851,362

*>l,093

115107102

116103929191109987180829169

11394

r70

83849388991009910189979270

m Netincome

93189500904874P666

766967

7865535352705930404354P33

76r6135

4546544859615760566064P56

r Revised.NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for

June 1941. Based on daily average loadings. Basic data compiled by Associa-tion of American Railroads. Total index compiled by combining indexes for classeswith weights derived from revenue data of the Interstate Commerce Commission.

P Preliminary. 'Revised.1 Includes redistribution of wage accruals in 1943.

NOTE.—Descriptive material and back figures may be obtainedfrom the Division of Research and Statistics. Basic data compiledby the Interstate Commerce Commission.

VJO FEDERAL RESERVE BULLETIN


DEPARTMENT STORE STATISTICS[Based on value figures]

MONTHLY INDEXES OF SALES[1935-39 average = 100]

Year and month

19191920192119221923192419251926192719281929193019311932193319341935193619371938....1939....19401941194219431944

SEASONALLYADJUSTED



1945—January....

UNADJUSTED



1945—January...

UnitedStates

83999294

1051051101131141151171089775738388

10010799

106114133150168186

192163159158167172165162174181165

175175185172181175192187183194210193

200

155144164155155127139174186215273

7'138142170172178163142157196209248320


Boston

9511010811211912112312712812612812311490849092100104100104108126140148162

161151146146145147143139145158148

148148162157164151160154156165177

r174

163

125130155145138102110152161184255

119115144161162144110118170184207

r300

NewYork

8410096991061101161201231241291261169186919310110699101106119128135150

149137127130132137135133137144131

135138158140150142149151149152164155

1231151301241239299141157182228

112115139137142132100110158173207

r269

Phila-delphia

1061261201221351341351381331271281181058380889110210796104111129143151168

173150148148151154144149154161144

r159157173162168159170158170168183171

174

137135151142136107112152174202256

122124162159161143117123173190231305

134

Cleve-land

841069495108106109110110110116105936869818610111196106114138153167182

196166152157164171164158170178164

169166183166181166191182180190203190

186

157146163156155126143168182214262

132133167172179157140159191204244303

145

Rich-mond

738178758587929695959692866868818798105101109120144170194214

231184186182197200187193191215187

208209212199211203213213214224251208

176166190181177141155208212252332

152159203193210182150176231248294369

174

Atlanta Chicago

1059085949195991001009891796065788497105103113123145162204244

218185181196209221201210222220208

224225225222233237263245247260269258

188171196192175166179218233257336

179194219228228199197218257273315418

839896102106108114116101886768798610010998107116135149161176

192157155146157168161151169174154

172162173165167163187180168192201180

155140160149154124136166174200253

131131159166170160139151185197231295

147

St.Louis

105103115114120121119120122110977672838597106102111119143158179200

218168157164184185177171188197172

182194195173197189208207193215235207

172153172164166137152188194224277

149153185183197170154178212221268333

Minne-apolis

113126117112120119124119117110110105987976859099104101106109122133149165

182142147138144148149147148166146

160176159157158151165173162158189175

127124151139144117132166168192224

119122140159160151130154184179218269

KansasCity

119124123125119117111967473858999107100105110127149184205

214168173163187184174179194210174

207203193181192192212204200215244

169156177165172145163197203228283

153160182183194177168191220226263339

Dallas

93112928691949810310110310496816162768097105106112117138157212246

246185195191220220208211231227215

206241247232228245277250241252264263

261

204168193191183160183232250269343

177200227228228203202220265272314421

SanFran-cisco

678075789193991061071101121049471687786100106100109117139169200221

217197190192200199198189211212206

208209218201216210223221217228253233

247

184171188181184165180197219255325

166178197192203193185202226238299373

T Revised.NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944.

MARCH 1945


DEPARTMENT STORE STATISTICS—ContinuedSALES, STOCKS, AND OUTSTANDING ORDERS

[As reported by 296 department stores in various Federal Reserve districts]

1939 average1940 average1941 average1942 average1943 average1944 average

1943—Apr...May..June..July..Aug...Sept..Oct...Nov..Dec...

1944—Jan...Feb...Mar...

May/June..July..Aug. .Sept...Oct...Nov. .Dec. .

1945—Jan...

Amount(In millions of dollars)

Sales(total

formonth)

128136156179204227

200182188151168205230259338

167170227206220199163196234257299

r385

P199

Stocks(end ofmonth)

344353419599508531

462471480507564586593576467

r479512525524525522516568583600579

r444

Out-stand-

ingorders(end ofmonth)

108194263530558

461563671692618564550562491

r526526488475521590628574559576

r608r620

Index of stocks(1935-39 average

= 100)

Season-ally

adjusted

128132144162169162153143143

154154148145147157165170161154144

r136

Unad-justed

99101120172146153

133135138146162168170165134

137147151150151150148163167172166127

p Preliminary.r Revised.Back figures,—Division of Research and Statistics.

WEEKLY INDEX OF SALES[Weeks ending on dates shown. 1935-39 average = 100]

Without seasonal adjustment

July

Aug.

Sept

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

1941

19. . . .26

2 . . . .9 . . .

16 . . . .2 3 . . . .30 . . . .

61 3 . . .20 . . . .27 . . . .

4 . . . .1 1 . . .1 8 . . . .2 5 . . . .

1 . . . .8 . . . .

1 5 . . . .22 . . . .29 . . . .6 . . . .

1 3 . . . .2 0 . . . .2 9 . . . .

19423 . . . .

10 . . . .17 . . . .24 . . . .3 1 . . . .

7 . . . .14 . . . .2 1 . . . .2 8 . . . .7 . . . .

1 4 . . .2 1 . . . .2 8 . . . .

.. 9997

..111

..127

.123

..128

..162

..129

..142

..142.161

..179

..135.141

..144

..145

..150

..159

.139

.176

..225

..250

..299.191

..111

. 135.136

.122

..125

..119

..122

..115

..127

..130

..137

..148

..157

July

Aug.

Sept

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

1942

1825

18

152229. 51219 ..26

310172431

71421285. . . .

1 2 . . . .1 9 . . . .2 6 . . . .

19432 . . . .9 . . . .

16 . . . .23 . . . .30 . . . .6

132027

6 . . . .132027. . . .

.105

. 103

.105

.122

.125

.126142165140152

.172

.183.171.166.172.168.182.182.182.176.250.295.333222

.117

.146

.139

.125

.126

.143

.178

.155

.162

.150

.144

.147

.155

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar .

1943

17. . .243 1 . . .

7 . . .14. . .2 1 . . .28 . . .

4 . . .1 1 . . .1825 . . .

2 . . .9 . . . .

16 . . . .2 3 . . . .30 . . . .6 . . .

1 3 . . .2 0 . . .2 7 . . .4 . . .

11. . .18. . .25. . .

19441 ..8..."

15 . . .22 . . .29 . . .5 . . . .

12 . . . .19 . . . .26 . . . .

4 . . . .1 1 . . . .18 . . . .25 . . . .

.126

.124

.ns

.131

.131

.146

.145

.169

.156179

.176

.175

.188

.189

.194

.187

.202

.211

.223

.201

.269

.297

.321

.274

.110.143.146

. r144

..137

. r146

..142

..142

..146

..153

..160

.172

..182

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

1944

15 . . . .22 . . . .29^!^

5 . . . .1219 . . . .26

2 . . . .9 . . . .

162 3 . . . .30 . . . .

714. . . .2 1 . . . .284 . . .

11 . . .18 . . . .252 . ..9 . . .

16 . . .23 . ..3 0 . . . .19456 . . .

13 . . .20 . . .27 . . .

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

3 . . .10.. .17...24.. .3 1 . . .

.145138

.132

.1^7U8

.149

.171

.194

.177196

.193..196

218..221..209

207..215..231..252

236..304.r365.r377..369..123

..145

. 1 6 6

. r160

..161

..163..172..176..176

r Revised.NOTE.—Revised series. For description and back figures see pp 874-875

of BULLETIN for September 1944.

SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES[Percentage change from corresponding period of preceding year]

United States.Boston

New Haven....PortlandBostonSpringfieldProvidence

New YorkBridgeportNewarkAlbanyBinghamtonBuffaloElmira ,Niagara Falls..New York CityPoughkeepsie...RochesterSchenectady..SyracuseUtica

PhiladelphiaTrentonLancasterPhiladelphia...ReadingWilkes-Barre..York

ClevelandAkronCantonCincinnatiClevelandColumbusSpringfieldToledo

Jan.1945

+18

+15+17*

+19+9

+17+15+12+18+10+15+1+9

+10+18+10+13+9- 1- 1

+14+4+7

+16+6

+24+10+14+15+7

+17+15+16+6

+15

Dec.1944

r+15

+14+10+13+17+10+16+13+7

+12+15+20+6

+22r+10+15+21+8+6

+16+7

+15+15+12+14+10+21+14+11+13+13+12+12+15+8

+17

Year1944

+11+9+6+5

+11+3

+10+10

- 1+6+6

+12+6

+12+4

+12+15+9

0+13+5

+11+8+9+8+8

+21+13+9+3+6

+12+5

+14+4

+13

Cleveland—Cont.YoungstownEriePittsburghWheeling

RichmondWashingtonBaltimoreWinston-Salem...Charleston, S. C.Greenville, S. C.LynchburgNorfolkRichmondCharleston.W.VaClarksburgHuntington

Atlanta^BirminghamMobileMontgomeryJacksonvilleMiamiTampaAtlantaAugustaMaconBaton RougeNew OrleansJacksonChattanooga.. .KnoxvilleNashville

ChicagoChicagoPeoria

Jan.1945

+21+3

+14+16

+19+15+13+22+3

+27+26+22+21+30+7

+26+22+22+23+41+28*

+19+29+31+5

+24+28+40+27+24

+17+15+20

Dec.1944

+13+8+7

+18

'+14+10+10+14+12+17+26+13+16+7

+12+24

+19:+19+12+26+26+23+23+21

+23+13+17+16+20+30+15

+13+14+17

Year1944

+12+5

+11+17+11+6+7

+10+10+19+22+15+15+6

+13+24+19+15+9

+25+21+21+18+23

+15+14+18+19+21+40+20

+9+10+16

Chicago—Cont.Fort Wayne....Indianapolis...Terre Haute...Des MoinesSioux CityDetroitFlintGrand Rapids..LansingMilwaukeeGreen BayMadison

St. LouisFort SmithLittle Rock....QuincyEvansyilleLouisvilleSt. LouisSpringfieldMemphis

Minneapolis

Kansas CityDenverPuebloHutchinson .. .TopekaWichitaJoplinKansas City...St. JosephOmahaOklahoma CityTulsa....

Jan.1945

+22+13+44

~t2 5+9

+15

+22+26+36+15+21+18+26+6+2

+27+19+21+23+18

+21+18+21+36+33+7

+16+20+20+11+29+35

Dec.1944

r+19+16+25+19*+9+6

+24+20+17+16+13+17+27+19+21+13+20+15+29+18+15

+17+13+11+29+21+17+8

+16+27+17+17+26

Year1944

+12+11+11+13

+5+3

+20+10+13+16+6

+13+18+11+21+1

+17+11+28+16+11

+11+7

+11+21+18+17+9

+11+18+12+15+11

DallasShreveportDallasFort WorthHoustonSan Antonio

'an FranciscoPhoenix —TucsonBakersfieldFresnoLong BeachLos AngelesOakland and

BerkeleyRiverside and

San BernardinoSacramentoSan DiegoSan Francisco....San JoseSanta RosaStocktonVallejo and NapaBoise and

NampaPortlandSalt Lake City..BellinghamEverettSeattleSpokaneTacomaYakima

+24+32+25+18+16+37

+22+29+4

+28+25

+22

+18+23+32

+9

+27+9

+12

+25+21+22+22

+1S+16+17+18+18+18

+16+16+3

H-14+18+22+16

+15

+12+7

+17+20

r+15+13+15+14

+17r+13

+4+3+6

+11+8

+15+26

Year1944

+17+16+19+14+14+10

+11+9+7

+15+25+18+13

+11

+16+8

+11+15+11+14+10+12

+13+4+2+9+6+6+4+4

+20

r Revised.* Data not yet available.

c Corrected.

Z7Z FEDERAL RESERVE BULLETIN


DEPARTMENT STORE STATISTICS—ContinuedSALES AND STOCKS, BY MAJOR DEPARTMENTS

Department

GRAND TOTAL—entire store..

MAIN STORE—total

Women's apparel and accessories..Coats and suitsDressesBlouses, skirts, sportswear, etcJuniors' and girls' wearInfants' wearAprons, housedresses, uniformsUnderwear, slips, negligeesCorsets, brassieresHosiery (women's and children's)Gloves (women's and children's)Shoes (women's and children's)Furs

Men's and boys* wearMen's clothingMen's furnishings, hats, capsBoys' clothing and furnishings.Men's and boys' shoes and slippers..

Home furnishingsFurniture, beds, mattresses, springs..Domestic floor coveringsDraperies, curtains, upholsteryMajor household appliancesDomestics, blankets, linens, etcChina and glasswareHousewares

Piece goodsCotton wash goods

Small waresNotionsToilet articles, drug sundries, and prescriptions .Jewelry and silverware

MiscellaneousBASEMENT STORE-total

Women's apparel and accessoriesMen's and boys' clothing and furnishingsHome furnishingsPiece goodsShoes

Numberof storesreporting

355

355

352330334314297305286325331345326241263

323231307281176

315232236292181289220220

287119

336222320275

294

21720516712152

134

Percentage change from a year ago(value)

Sales during period

Dec.1944

+14

+14

+15+11+23+17+19+18+16+12+40+11+24+33-13

+15+15+12+20+26

+12+20+4

+15+19+4

+12+20

+24+23

+14+15+10+12

+13

+16+16+14+8

+15+26

Year1944

+11

+12

+13+6

+19+18+18+24+14+23+27+11+17+9

-24

+9+1+9

+21+1+5+7- 6

+16-41+6

+14+3

+23+21+15+9

+11+8

+17

+10+13+6+8

+21+3

Stocks(end ofmonth)

Dec.1944

- 6

- 5

- 5- 3

+14- 4

+10+22—14- 1 8- 1 0—44+23-13- 3

- 9-21-12+26-17

- 9—6

-14+3

-41-14-14-12

- 4•«

+6-12+24- 3

-11

Q

- 4-11-13- 8

-23

Ratio of stocks to sales

Dec.

1944

1.2

1.2

1.01.91.11.11.11.21.20.41.70.60.72.11.9

1.12.10.71.41.9

2.23.02.42.22.11.61.62.7

2.32.0

1.22.11.21.0

0.7

1.21.11.11.82.02.1

1943

1.4

1.4

1.32.21.11.41.21.21.60.62.71.10.73.21.7

1.43.00.91.32.8

2.73.83.02.44.21.92.03.7

2.92.5

1.22.81.11.2

0.9

1.61.31.42.22.43.5

NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for mainstore owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtainedby 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 monthin terms of sales for that month.

SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS

Year and month

Index numbers, without seasonal adjustment, 1941 average = 100

Sales during month

Total Cash Instal-ment

Chargeaccount

Accounts receivableat end of month

Instal-ment

Chargeaccount

Collections duringmonth

Instal-ment

Chargeaccount

Percentage of total sales

Cash Instal-ment

Charge-account

sales

1943—December.

1944—January....February...MarchAprilMayJuneJulyAugustSeptember.October. . . .November..December..

1945—January....

217

106109144132141127103126149164191245

125

289

140140182171180165138167193211245325

163

100

57735958504460668195106

56

159

7984114104112997693116127149182

95

48

444140383634323233354046

43

109

82727979827867708190102128

96

83

r797278676761565861697577

78

121

143107100107109HI1029296115130

r135

169

65

646362626263656463636264

63

444443444444

4

31

323334343434313233333432

33

r Revised.NOTE.—These data are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on a

preceding page.

MARCH 1945


CONSUMER CREDIT STATISTICSTOTAL CONSUMER CREDIT, BY MAJOR PARTS

[Estimated amounts outstanding. In millions of dollars]

End of monthor year

1929193019311932193319341935193619371938193919401941194219431944

1944JanFebMarAprMayJuneJulyAugSeptOctNovDec

1945Jan

Totalconsumer

credit1

7,6376,8395,5284,0823,9054,3785,4196,7717,4677,0368,0089,2059,9596,5295,379

P5,786

r5,0294,874

r5,O57r5,0375,1485,209

r5,148r5,192r5,272r5,4125,595

P5,786

P5.451

Totalinstalment

credit

3,1672,7062,2141,5151,5811,8492,6073,5013,9473,5844,4635,5075,9842,9992,002

P2,080

1,8981,8461,8641,8471,8591,8821,8891,8961,9121,9371,973

Instalment credit

Sale credit

Total

2,5152,0321,595

9991,1221,3171,8052,4362,7522,3132,7923,4503,7471,494

816P835

745707696690700707706709720743773

P835

Automobile

1,318928637322459576940

1,2891,384

9701,2671,7291,942

482175

P200

169167167171181192204210210210208

P200

P192

Other

1,1971,104

958677663741865

1,1471,3681,3431,5251,7211,8051,012

641P635

576540529519519515502499510533565

P635

Loans1 2

652674619516459532802

1,0651,1951,2711,6712,0572,2371,5051,186

1,1531,1391,1681,1571,1591,1751,1831,1871,1921,1941,200

PI,245

Pi,228

Single-payment

loans3

2,1251,9491,402

962776875

1,0481,3311,5041,4421,4681,4881,6011,3691,192

PI,220

r l ,1451,1131,1151,1391,1891,2411,250

r l ,239r l ,231r l ,2311,231

PI,220

PI,210

Chargeaccounts

1,7491,6111,3811,1141,0811,2031,2921,4191,4591,4871,5441,6501,7641,5131,498

PI,758

1,2941,2181,3761,3461,3901,3701,2871,3301,4021,5161,664

PI,758

PI,515

Service credit

596573531491467451472520557523533560610648687

P728

692697

r702r705710716

r722r727r727r728727

P728

P732

p Preliminary. r Revised. •1 Revised from February 1942 to date in order to exclude some nonconsumer automobile direct loans which had been incorrectly classified by commercial

banks.2 Includes repair and modernization loans insured by Federal Housing Administration.3 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).

CONSUMER INSTALMENT SALE CREDIT, EXCLUDINGAUTOMOBILE CREDIT

[Estimated amounts outstanding. In millions of dollars]

End of monthor year

1929193019311932193319341935193619371938193919401941194219431944

1944JanFebMarAprMayJuneJulyAugSeptOctNovDec

1945Jan

Total,excluding

auto-mobile

1,1971,104

958677663741865

1,1471,3681,3431,5251,7211,8051,012

641P635

576540529519519515502499510533565

P635

P574

Depart-mentstoresand

mail-order

houses

160155138103119146186256314302377439469254174

P184

158147144142141138132132138148162

P184

P169

Furni-ture

stores

583539454313299314336406469485536599619391271

P269

248236231229235237234233236244253

P269

P247

House-hold

appli-ance

stores

26522218512111913117125530726627330231313029

P13

2421191816151413131313

P13

P12

Jewelrystores

5647453029354056687093

1101207766

P69

5551524845444342434448

P69

P55

Allotherretailstores

13314113611097115132174210220246271284160101

P100

9185838282817979808489

PI 00

P91

p Preliminary.

CONSUMER INSTALMENT LOANS[Estimated amounts outstanding. In millions o

End ofmonth or

year

1929193019311932193319341935193619371938193919401941194219431944

1944JanFeb.MarApr.MayJuneJulyAugSept. .OctNovDec

1945Jan..

Total1

652674619516459532802

1,0651,1951,2711,6712,0572,2371,5051,186

PI,245

1,1531,1391,1681,1571,1591,1751,1831,1871,1921,1941,200

PI,245

Pi,228

Com-mercialbanks1'2

43453931294488

161258312523692784426312357

305303316319325335339343342344345357

P357

Smallloancom-

panies

263287289257232246267301350346435505535424372388

360356369363362365367363364361365388

378

Indus-trial

bankingcom-

panies

219218184143121125156191221230257288298202165

r175

161161164164165169170172172172172r175

174

Creditunions

323129272732446693

112147189217147123119

119117121118118119119118118117116119

115

I dollars

Miscel-laneouslenders

95937858506079

1021251179699

1029186

P88

8584868585858585358585

P88

P87

Insuredrepair

andmodern-izationloans3

" ' 2 5168244148154213284301215128

P118

123118112108104102103106111115117

P118

2*117

P Preliminary. r Revised.1 Revised. See footnote 1 for table above.2 These figures include only personal instalment cash loans and retai l

automobile direct loans, shown on the following page, and a small amountof other retail direct loans (14 million dollars a t the end of J a n u a r y 1945),not shown separately.

3 Includes only loans insured by Federal Housing Adminis t ra t ion.



CONSUMER CREDIT STATISTICS—ContinuedCONSUMER INSTALMENT CREDITS OF COMMERCIAL

BANKS, BY TYPE OF CREDIT[Estimates. In millions of dollars]

Month or year

Outstanding at end ofperiod:

19391940194119421943 . .1944

1943—December


1945—January**

Volume extended duringiij.un.Lii •

1943—December..


1945—January^

Total1

1,0931,4501,694

845514

r559

514

503491

r497r496505

r518527532

r534r538r544r559

561

82

7370958297

10095

r94r8992

r 9 1r102

96

Automobileretail

Pur-chased

21831141113655

r57

55

5352525253566162

r62r60r59r57

56

8

789

1112121413

1 010108

9

Directloans1

1642533101238199

81

798082858993949596979799

100

15

1515191821202019171818

1 8

20

Otherretail,

chasedand

direct

15521728814368

r75

68

7165

r616162

r626262

7<6267

r70r75

80

13

148

1011151311111215

1 41 8

17

Repairand

mod-erniza-

tionloans2

2092472341548983

89

858178767676777880

r80r8383

82

5

4456788

r 9

9988

7

Per-sonalinstalmentcashloans

347422451289221

r245

221

215213224

r222225231233235

r234r234r235r245

243

41

3335523642474242

r4140

r41r50

43

r Revised. P Preliminary.1 Revised from February 1942 to date in order to exclude some noncon-

sumer automobile paper which had been incorrectly classified.2 Includes not only loans insured by Federal Housing Administration

but also noninsured loans.

CONSUMER INSTALMENT LOANS MADE BY PRINCIPALLENDING INSTITUTIONS

[Estimates of volume made in period. In millions of dollars]

Month or year

1929193019311932193319341935193619371938193919401941194219431944.

1943JuneJulyAugustSeptemberOctoberNovemberDecember


1945January.

Commercialbanks1

792636742

60535457515058

495173566569636460616071

^65

Small loancompanies

463503498376304384423563619604763927983798809876

80626470677095

5360946172757370676877

106

58

Industrialbanking

companies

413380340250202234288354409417489536558408364

r403

35302932282932

2729383035383335333434

r37

35

Creditunions

42413834334267

105148179257320372247228234

23181721191823

151826162022192019181823

16

r Revised. P Preliminary.1 These figures for loans made include only personal instalment cash loans

and retail automobile direct loans, which are shown elsewhere on this page,and a small amount of other retail direct loans (2 million dollars in January1945) not shown separately. Automobile direct loans have been revisedfrom February 1942 to date in order to exclude some nonconsumer paperwhich had been incorrectly classified.

FURNITURE STORE STATISTICS

Item

Net sales:TotalCash salesCredit sales:

InstalmentCharge account

Accounts receivable, at end ofmonth:

TotalInstalment

Collections during month:TotalInstalment

Inventories, end of month, atretail value

Percentagechange from

precedingmonth

Jan.1945

- 4 1- 4 6

- 4 6- 2 8

- 8- 8

0- 6

+3

Dec.1944

r+18r+34

+9r+29

+8r +7

r - l

+3

- 1 1

Nov.1944

+4+11

+3- 6

+4+5

0+1

2

Percentagechange from

correspondingmonth of

preceding year

Jan.1945

+20+21

+15+25

0

+7+3

- 6

Dec.1944

r+16r+20

+16+ 13

- 1- 2

+6

-10

Nov.1944

+15+20

+18i

- 6- 8

+1- 1

- 6

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE*

Month

1943December

1944JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember..

1945January

Instalment accounts

Depart-mentstores

35

30'3036313331303435393936

32

Furni-ture

stores

22

202023232524232424262423

21

House-hold ap-pliancestores

22

2222262626282932333637

r39

36

Jewelrystores

55

313134283030313132

r3434

r49

30

Chargeaccounts

Depart-mentstores

63

6161656364636164646567

r61

61

r Revised. r Revised.1 Ratio of collections during month to accounts receivable at beginning

of month.

MARCH 1945 2-75


WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Tndex numbers of the Bureau of Labor Statistics. 1926 =100]

Year, month, or week

19291930.1931 . . . .19321933 . . . . .19341935J93619371938193919401941194219431944

1943—JuneJulyAugustSeptemberOctoberNovemberDecember


1945—January

Week ending:1944—Nov. 4 . . . .

Nov. 11Nov. 18Nov. 25Dec. 2Dec. 9Dec. 16Dec. 2 3 . . . .. . .Dec. 30

1945—Jan. 6Jan. 13Jan. 20Jan. 2 7 . . . .Feb. 3Feb. 10Feb. 17 . . . .Feb. 24. . . .

Subgroups

Farm Products:GrainsLivestock and poultry. . . .Other farm products

Foods:Dairy productsCereal productsFruits and vegetablesMeatsOther foods

Hides and Leather Products:ShoesHides and skinsLeatherOther leather products. .

Textile Products:Clothing . . .Cotton goodsHosiery and underwear..SilkRayon

Allcom-modi-

ties

95.386.473.064.865.974.980.080.886.378.677.178.687.398.8

103.1104.0

103.8103.2103.1103.1103.0102.9103.2103.3103.6103.8103.9104.0104.3104.1103.9104.0104.1104.4104.7104.9

104.0104.1104.1104.1104.2104.2104.4104.6104.7104.6104.7104.8104.7104.7104.9105.0104.8

Woolen and worsted goodsOther textile products.. .

Fuel and Lighting Materials:AnthraciteBituminous coalCokeElectricityGasPetroleum products

Farmprod-ucts

104.988.364.848.251.465.378.880.986.468.565.367.782.4

105.9122.6123.3

126.2125.0123.5123.1122.2121.4121.8121.8122.5123.6123.2122.9125.0124.1122.6122.7123.4124.4125.5126.2

124.0124.4124.5124.1124.6124.4125.6126.2126.7125.9126.3126.6125.8125.7126.8127.2126.4

Foods

99.990.574.661.060.570.583.782.185.573.670.471.382.799.6

106.6104.9

109.6107.2105.8105.0105.1105.8105.6104.9104.5104.6104.9105.0106.5105.8104.8104.2104.2105.1105.5104.7

104.4104.9104.9105.0105.1105.4105.7105.7105.5104.6104.7105.0104.4104.3104.9104.8104.1

Annual

1943

116.3128.7119.8

111.193.7

121.3110.397.3

126.4114 7101 .'3115.2

107.0112.770.8

30.3112.598.8

90.4116.1122.759.576.562.5

1944

126.9124.6120.7

110.594.8

121.3106.195.0

126.3109 9101.3115.2

107.1115.770.9

30.2112.7100.6

95.6120.3130.3

63!9

Total

91.685.275.070.271.278.477.979.685.381.781.383.089.095.596.998.5

96.896.997.197.297.397.497.697.898.098.198.498.598.598.598.698.698.798.898.999.1

98.898.898.998.999.099.099.099.099.199.199.299.399.399.399.399.399.3

1944

Jan.

129120119

11C95

US106

96

126112

.5

.8

.5

.6

.1

.4

.0

.1

.4Q

101.3115

107112

71

3C112100

95119126597663

.2

.0

.9.7

.3

.5

.5

.0

.8

.2.4.7.5

De(

127126123

110

Hi1

Pi

592

794.7

116 2106.299 7

126.3114lOl!115.

107.119

71.

30.112.100.

95.120130.

"74!63.

032

425

299

357

68

des andeatheroducts

109.1LOO.O86.172.980.986.689.695.4

104.692.895.6

100.8108.3117.7117.5116.7

117.8117.8117.8117.8117.8116.5117.0117.2116.9116.9116.9117.0116.4116.2116.0116.0116.2116.2117.4117.5

L16.7116.7116.7116.7116.7116.7116.7116.7117.9L17.9117.9117.9117.9117.9118.0118.0118.0

1945

Jan.

129.3131.1121.5

110.894.7

114.4106.497.3

126.3114.810L3115.2

107.4119!771.5

3o!2112.7100.9

95.3120.5130.7

64.3

Textileproducts

90.480.366.354.964.872.970.971.576.366.769.773.884.896.997.498.4

97.497.497.497.597.697.797.797.797.797.897.897.897.898.098.499.299.499.499.599.6

98.998.998.998.998.998.998.999.099.099.099.099.099.099.199.199.199.1

Other commodities

Fuel andlighting

materials

83.078.567.570.366.373.373.576.277.676.573.171.776.278.580.883.0

81.081.080.981.081.081.282.182.383.183.083.083.283.383.283.283.082.983.183.183.3

83.583.583.683.683.783.783.783.783.683.683.983.983.984.084.083.883.8

Metalsand metalproducts

100.592.184.580.279.886.986.487.095.795.794.495.899.4

103.8103.8103.8

103.8103.7103.7103.7103.7103.8103.8103.7103.7103.7103.7103.7103.7103.7103.8103.8103.7103.7103.8104.0

103.8103.8103.8103.9103.9103.9103.9103.9103.9103.9104.0104.2104.3104.2104.2104.3104.3

Subgroups

Metals and Metal Products:Agricultural implementsFarm machineryIron and steel. .Motor vehicles..Nonferrous meta^c

Plumbing and heBuilding Materials:

Brick and tileCementLumber

ating.

Paint and paint materials..Plumbing and heatingStructural ste.plOther

Chemicalsbuilding materials. . .and Allied Products:

Drugs and pharmaceuticalFertilMixpri

zer materi•f*=»i-f i l l v&vc

Oils and fats. . .

ils

Housefurnishing Goods:FurnishingsFurniture

Miscellaneous:AutoCattlePaper

tires and tubes. . . .feednnri nnln

Rubber, crude..Other miscellaneous

Buildingmaterials

95.489.979.271.477.086.285.386.795.290.390.594.8

103.2110.2111.4115.5

110.6110.7112.2112.5112.7113.1113.4113.5113.6114.2115.2115.7115.9115.9116.0116.0116.3116.4116.4116.8

116.4116.4116.4116.4116.4116.4116.4116.4116.4116.4116.4116.7116.7116.7116.7116.9116.9

!!!

Chemi-cals and

alliedproducts1

94.088.779.373.972.175.379.078.782.677.076.077.084.495.594.995.2

94.794.894.994.995.095.095.095.095.095.095.595.595.395.595.594.995.094.894.894.9

94.794.794.894.894.894.894.894.894.894.994.994.994.994.994.994.994.9

Annual

1943

96.998.097.2

112.886.090.7

99.193.8

141.3102.390 7

107! 3102.0

96 5106.280.086.1

101.9

107.298.1

73.0152.7104 146.295.8

1944

97.398.497.2

112.885.892.2

101.795.8

152.7105.292 2

107! 3103.1

96 1108! 881.386 4

102 !o

107.3101.4

73.0159.6107.146.297.0

1

1

House-furnish-ing goods

94.392.784.975.175.881.580.681.789.786.886.388.594.3

102.4102.7104.3

102.8102.6102.6102.6102.6102.8102.8104.5104.2104.3104.3104.3104.3104.3104.4104.4104.4104.4104.4104.5

106.1106.1106.1106.1106.1106.1106.1106.1106.1106.1106.1106.1106.1106.2106.2106.2106.2

1944

Jan.

97.098.197.1L12.885 991! 8

00.293.6

147.6103.5

O1 Q

107.3102.8

106!381.3

10T0

107.1102.0

73.0159.6; 06.046.296.7

Dec

979897

1128592.

Misce l -laneous

82.677.769.864.462.569.768.370.577.873.374.877.382.089.792.293.6

91.892.392.693.093.193.293.393.293.493.593.593.593.593.693.693.693.694.094.294.2

93.493.493.493.593.793.993.993.993.993.994.094.094.094.194.194.194.1

5728g .4

105.397.

153.106.

92.107103!

95106!81.Of.

583433

698<

oD.u102.0107.

73.159.107.

46*.98.

45

06322

1945

Jan.

97.598.797.7

112.885.992.4

110.497.4

153.8,106.3

92 4

103! 5

95 8106! 981.986 6

102.0

107.510l!5

73.0159.6107.6

98.2

1 Chemicals and allied products group and drugs and Pharmaceuticals revised from October 1941.Back figures.—Bureau of Labor Statistics, Department of Labor.



CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*ON BANK CREDIT, MONEY RATES, AND BUSINESS

Chartbookpage

1945

Jan. Jan.24 31

Feb.7

Feb.14

Feb21

Chartbookpage

1944

Nov. Dec,

1945

Jan.

WEEKLY FIGURES*

RESERVES AND CURRENCY

Reserve Bank credit:U. S. Govt. securities, total 2, 4

Bills 4Certificates ANotes '.'.'.'.'.'.'.'.'..'.'.'. 4Bonds ,. 4Special certificates 4

Discounts and advances , 2Gold stock 2Money in circulation 2Nonmember deposits 2Treasury deposits 2Member bank reserves 3Excess reserves* 3Excess reserves (weekly average), total ' 3

New York City 3Chicago 3Reserve city banks 3Country bankse..-.«. 3

MEMBER BANKS IN LEADING CITIES

Loans and investments 14Demand deposits adjusted 14U. S. Govt. obligations 14Total loans 14Commercial loans, total 15

New York City 15100 cities outside New York 15

Brokers' loans—New York City 15U. S. Govt. obligations:

New York City, total 15Bonds 17Notes and guar. securities 17Certificates 17Bills 17

100 cities outside New York, total.. 15Bonds 17Notes and guar. securities 17Certificates 17Bills ;;; n

MONEY RATES, ETC.

Treasury bills (new issues) 25Treasury notes (taxable) 25U. S. Govt. bonds:

Partially tax-exempt 25, 33Taxable 25, 33

Corporate Aaa bonds 33Corporate Baa bonds 33

Stock prices (1935-39 = 100):Total 35Industrial 35Railroad 35Public utility 35

Volume of trading (mill, shares) 35

BUSINESS CONDITIONS

Steel production (per cent of capacity)2. 50Electric power prod. (mill. kw. h r s . ) . . . 50Freight carloadings (thous. cars):

Total 51Miscellaneous 51

Department store sales (1935-39 = 100).. 52F.H.A. home mortgages, new construc-

tion (thous.)3 52Wholesale prices (1926 = 100):

Total 63Farm products 63Other than farm and food 63

In billions of dollars

18.6210.984.901.571.17

.1420.5725.181.40.48

14.091.201.05.01.01.26.77

59.6235.9944.5512.196.392.443.951.48

15.447.713.473.33.93

29.1214.066.366.702.00

19.0111.384.901.571.17

.1820.5525.291.63.65

13.88.98.93.01.01.23.68

59.2536.0844.2612.116.352.443.911.45

15.337.783.503.30.74

28.9314.166.296.671.81

19.0611.414.931.571.16

.2020.5525.411.64.59

13.95.95.98.02.01.24.71

59.0136.0344.2211.856.352.453.901.39

15.297.873.353.37.70

28.9314.166.156.791.82

19.1811.544.931.571.15

.2320.5125.531.65.55

14.021.00P.98.01.01.26

p.71

58.9236.2844.0611.896.372.463.911.43

15.217.863.303.37.68

28.8614.216.156.731.76

19.2;n.6:4.91.561.1

.IS,20.525.6.

1.6'.5:

14.0C

58.7536.6444.1111.696.312.433.\1.33

15.3:7.8:3.3',3.34

.7428.7814.246.156.701.70

Per cent per annum

.3751.29

1.812.432.693.45

.3751.25

1.802.412.683.44

.3751.24

1.762.402.663.42

.3761.23

1.742.392.653.41

1.20

1.732.372.653.40

In unit indicated

MONTHLY FIGURESRESERVES AND CURRENCY

Reserve Bank credit ,.,Gold stockMoney in circulationTreasury cashTreasury deposits,

..., 5

... : 55

. 5

Reserve' balances 5,8Required reserves 8Excess reserves, total 8, 9

New York City 9Chicago 9Reserve city banks 9Country banks 9

Money in circulation, total 10Bills of $50 and over 10$10 and $20 bills 10Coins, $1, $2, and $5 bills 10

ALL BANKS IN U. S.

Total deposits and currency.Demand deposits adjusted...Time depositsCurrency outside banks

106.7108.6116.193.21.26

91.24,577

758.8372.2

161

104.7125.899.3

108.3110.6116.393.51.58

88.74,539

738.7363.7

163

104.7125.799.3

110.7112.7121.996.11.50

87.94,505

755.4363.3

172

104.9126.899.3

112.4114.6124.696.41.89

91.44,472

783.7390.0

176

105.0127.299.3

114.1116.3127.897.21.66

96.44,474

771.8381.6

176

104.126.499.3

CONSUMER CREDIT

Consumer credit, total5

Single-payment loansCharge accountsService creditInstalment credit, total5

Instalment loans5

Instalment sale credit, totalAutomobileOther

TREASURY FINANCE

U. S. Govt. obligations outstand-ing, total interest-bearing

Bonds (marketable Treasury)..Notes, cert., and bills, to ta l . . .

NotesCertificatesBills

Savings bonds, tax notes, etc..Savings bondsTax notes

Special issuesHoldings of U. S. Govt. obligations:

Fed. agencies and trust fundsFederal Reserve BanksCommercial banksPrivate holders other than

commercial banks, totalMutual savings banksInsurance companiesOther investors, total

Marketable issues....

MONEY RATES, ETC.

'. R. Bank discount rate, N. Y....Treasury bills (new issues)Treasury notes (taxable)Commercial paperU. S. Govt. bonds:

Partially tax-exemptTaxable ...

18181818

18, 1919191919

Corporate Aaa bonds 29, 33Corporate Baa bonds 33

tock prices (1935-39 = 100):Tota l . . . . . . 35Industrial =, 35Railroad 35Public utility 35

/olume of trading (mill, shares) . . . 35rokers' balances (mill, dollars):

Credit extended customers 37Money borrowed. . . 37Customers' free credit balances. 37


1920242

14131

257134

142P12P39P23

51

.01

.71

.74

.34

.26

.52

.50020201297102561531

60001030

6023

1.6673

\.911

2128163.172916.4938916.

21.

20772157

24108994544001319958

1918.3971.

1017.17.

60

103090

75.9028.60

1920252

14121

(4

25713

.61

.66

.21

.36

.67

.17

.88

.28

.03)3690317321

4.37

p150J>66P39P23

PSP\P\

70907050

792276

P.13P2P\ppp\

230.91.69.23.30.16.

0825842064

365887044043

50.9240.9.16.

21.18.77.

112.8.19.

368433

678550

303060

84.4035.20

19.3920.5825.242.37

.5314.0512.931.11

(4).30.80

25.297.84

13.184.28

p5.45

.52P.13

P\ .99PI. 23P.19P.19P.51

232.1792.2269.8423.0430.4016.4051.7241.149.86

16.69

21.9719.01

Per cent per annum

.50.3751.34.75

1.902.482.723.53

.50.3751.35.75

1.872.482.703.49

.503.751.31

.75

1.812.442.693.46

In unit indicated

102.7104.6104.992.1.85

c940e640c430

104.7106.4113.992.41.42

1,041726472

108.4110.4120.793.81.65

el,090e730c530

For footnotes see following page.

MARCH 1945 2-77


CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued

Chartbookpage

MONTHLY FIGURES—Cont.

BUSINESS CONDITIONS

Income payments (mill, dollars), total:6 38Salaries and wages 38Other 38

Cash farm income (mill, dollars), total. 39Livestock and products 39Crops 39Govt. payments 39

Industrial production:6

Total (1935-39 = 100) 41, 42Groups (points in total index)

Durable manufactures 41Machinery, etc 42Iron and steel 42Other durable 42

Nondurable manufactures 41Textiles and leather 42Paper and printing 42Foods, liquor, and tobacco 42Other nondurable 42

Minerals 41,42Primary products (1935-39 = 100):

Steel 43Cement 43Lumber 43Coal 43Crude petroleum 43Cotton consumption 43Wool yarn 43Paper 43Leather 43Meats and dairy products 43Other manufactured foods 43

Labor force and employment (mill,persons):

Labor force t 44Employment, total 44

Nonagricultural 44Agricultural 44Male 44Female 44

Nonagricultural employment (mill.persons), total8 ..m 45

Manufacturing and mining 45Trade 45Government 45Transportation and utilities 45Construction 45

Factory employment and pay rolls(1939 = 100) : r

Pay rolls 47Employment ; 47

Hours and earnings a t factories:Weekly earnings (dollars) 48Hourly earnings (cents) 48Hours worked (per week) 48

New orders,shipments, and inventories(1939 = 100):

New orders, total 49Durable 49Nondurable 49

Shipments, total 49Durable 49Nondurable 49

Inventories, total 49Durable 49Nondurable %. 49

Residential contracts (mill, dollars):6

Total 53Public 53Private, total 53

1- and 2-family dwellings 53Other 53

Construction c o n t a c t s (3-mo. movingav , mill, dollars):6

Total 55Residential 55Other 55

1944

Nov. Dec.

1945

Jan.

In unit indicated

13,2949,4213,8732,2561,0181,170

68

232

r129.2r90.322.116.7

r81.019.411.121.928.621.7

21888112149148149156135112161155

52.251.543.48.1

33.717.8

38.016.3r7.15.93.80.6

r327.1r160.6

r46.86r103.545.3

278372209274376203171195150

2'

11

19216

^13,3562*9,478^3,8781,74792277550

232

130.391.821.716.781.219.710.921.529.120.9

21590111132146146165129115152157

51.350.643.5

7.133.317.3

38.116.37.06.03.80.6

r331.5r160.9

47.45104.045.6

P285P378^215P279P392P201P168*>192^147

27

2012

20926183

I,641?8^668

P87

^130.6P92.0

P17.2P82.3

P22.5^29.0

216

145

P139

51.050.1

6.743.433.216.9

P3S3P16A

P7.2?6.0P3.8PQ.6

P159.9

P190p25

Chartbookpage

MONTHLY FIGURES-Cont .BUSINESS CONDITIONS—Cont.

Freight carloadings:6

Total (1935-39 = 100) 57Groups (points in total index)

Miscellaneous 57Coal 57Allother., 57

Department stores (1935-39 = 100) :6

Sales 59Stocks 59

Exports and imports (mill, dollars):Exports 61Imports 61Excess of exports 61

Excluding Lend-Lease exports 61Wholesale prices, total (1926 = 100)... 63

Farm products , 63Other than farm and food 63

Cost of living, all items (1935-39 = 100) 65Food 65Clothing 65Rent 65

QUARTERLY FIGURESBudget receipts and expenditures:

Expenditures, total 24War activities 24

Net receipts 24Internal revenue collections, total 24

Corporate income taxes 24Individual income taxes 24Misc. internal revenue 24

Corporate security issues:Net proceeds 36New money, total 36

Industrial 36Railroad 36Public utility 36

Bank rates on customers' loans:Total, 19 cities 29New York City 31Other Northern and Eastern cities 31Southern and Western cities 31

CALL DATE FIGURESMEMBER BANKS

Loans and investments, total 12U. S. Govt. obligations 12Other securities 12

State and local obligations 13Other domestic securities 13Foreign securities 13

Loans, total 12Commercial loans 13Real-estate loans 13Street loans (brokers' loans) 13

Holdings of U. S. Govt. securities:By classes of banks:

New York City 16Chicago 16Reserve city banks 16Country banks 16

By kinds of securities:Bonds 16Notes 16Certificates. 16Bills 16Guaranteed 16

Nov. Dec.

1945

Jan.

In unit indicated

141

81.630.329.0

210144

1,183.7^321.9P861.8P-39.0104.4124.498.8126.6136.5142.1108.2

137

82.727.027.2

193r136

^933.8p335.9p597.8

P—86.0104.7125.598.9127.0137.4142.8108.3

143

85.929.927.7

200147

104.9126.299.1

127.1137.3143.0

1944

Apr.-June

July-Sept.

Oct.-Dec.

In millions of dollars

24221211451

,775,792,284,072,275,392,406

45599866

24,15921,77010,6579,9923,9164,0162,060

843144824910

24,26722,3829,657

r8,7354,2182,8951,623

1,214201142

512

Per cent per annum

2.632.232.553.18

2.692.182.823.14

Apr. 13, June 30, Dec. 30,1944 1944 1944

2.391.932.612.65


78.0356.775.12

t. 822.30

16.13

(8)(8)(8)

15.183.4221.0117.17

(8)(8)(88)(8

83.6052

2

18831

16

59341683

33

08052166

.163.6922.4818.01

3010144

.12

.64

.23

.47

.89

91.5767.69

5.212.86

2.35

18.688.733.211.74

17.183.91

25.0421.55

34.9314.1313.983.75

.90

e Estimated. p Preliminary. r Revised. c Corrected.1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.2 New series based on increased capacity beginning Jan. 3,1945. Revised figures for earlier weeks are: Jan. 3,94.3; Jan. 10, 91.6; Jan. 17, 92.2.3 Publication discontinued.4 Less than 5 million dollars.5 Revised. See pp. 274-275 of this BULLETIN.6 Adjusted for seasonal variation.7 Revised. See pp. 266-267 of this BULLETIN.8 Figures available for June and December dates only.* Copies of the March 1943 edition of the Chart Book may be obtained at a price of 50 cents each. A revised edition will not be available for several

months.



INTERNATIONAL FINANCIAL STATISTICS

PAGE

Gold reserves of central banks and governments . . . . 2.80

Gold production . . z8i

Gold movements z8i

Net capital movements to United States since January z, 1935. . 2.82.

Central banks . . 2.83-Z86

Money rates in foreign countries . . . 187

Commercial b a n k s . . . . . . . 188

Foreign exchange rates . . . Z89

Price movements:

Wholesale prices Z90

Retail food prices and cost of l i v i n g . . . Z91

Security prices . . Z91

Tables on the following pages include the principal available statistics of current significance relatingto gold, international capital transactions of the United States, and financial developments abroad.The data are compiled for the most part from regularly published sources such as central and commercialbank statements and official statistical bulletins; some data are reported to the Board directly. Figureson international capital transactions of the United States arc collected by the Federal Reserve Banksfrom banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regula-tion of November n , 1934. Back figures for all except price tables, together with descriptive text,may be obtained from the Board's publication, Banking and Monetary Statistics.

MARCH 1945 2-79


GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS[In millions of dollars]

End of month

1938—Dec..1939—Dec1940—Dec1941—Dec1942—Dec1943—Dec

1944—FebMarAprMayJuneJulyAugSeptOctNovDec. . . . .

UnitedStates

14,51217,64421,99522,73722,72621,938

21,71221,60021,42921,26421,17320,99620,92620,82520,72720,68820.619

1945—Jan ' 20,550

End of month

1938—Dec1939—Dec1940—Dec1941—Dec.1942—Dec1943—Dec

1944—FebMar,AprM a y . .JuneJuly : .AugSeptOctNov.Dec

1945—Jan

End of month

1938—Dec1939—Dec1940—Dec1941—Dec1942—Dec1943—Dec

1944—FebMar

MayJuneJulyAugSeptOct...NovDec

1945—Jan

Hun-gary

372424242424

242424242424242424

Swe-den

321308160223335387

401421426430432435449454456462463477

Ar-gen-tina1

431466353354

368371381386391397408409409409

Bel-gium

581609734734735734

734734734734734734734

i P732

Iran(Persia)

262626263492

104104105115115115115

Switzer-land

701549502665824964

984994

1,0041,0101,0231,0301,0291,0331,0291,040

PI,052

Italy

193144120

Tur-key

29298892

114161

171191191191210221221221221

Brazil

32405170

115254

255255276296297297298298313

Japan

164164164

5164

UnitedKing-dom

2,69(7

)

1111111

Brit ishIndia

274274274274274274

274274274274274274274274274274

Java

8090

140o2353216

Uru-guay

696890

10089

121

124128131136139142148149149151

Bul-garia

2424242425

325

Mexico

2932474739

203

229230227226224222220220221222222222

Vene-zuela

525229416889

100100100110110110110110110125130130

Canada

192214

2 7565

754666556567

Nether-lands

998692617575506500

500500500500500500500500500

Yugo-slavia

575982

383

Chile

303030303651

51565656565656

r56r565656

NewZealand

232323232323

2323232323232323232323

B.I.S.

147

12122145

45393939393939393936

Co-lombia

242117162559

777980828486888990919294

Nor-way

9494

3 84

Othercoun-tries6

142153145142160204

210212213217218218

I219r219r219r219

219p Preliminary. rRevised.1 Figures through March 1940 and figure for December 1942 and December 1943 include, in ad-

dition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold be-longing to the Argentine Stabilization Fund.

2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con-trol Board. Gold reported since that time is gold held by Minister of Finance.

3 Figures relate to last official report dates for the respective countries, as follows: Bulgaria—Tan. 31, 1943; Greece—Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland-July 31, 1939; Yugoslavia—Feb. 28, 1941.

4 Figure for December 1938 is that officially reported on Apr. 30, 1938.5 Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately.6 These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo,

Bolivia, 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 lastprevious official report.

7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to BritishExchange 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 affectingthe reported data, see pp. 524-535 in the same publication.

Czecho-slo-

vakia

835658616161

61616161616161616161

Peru

202020212531

313334343436343232323230

Den-mark

535352444444

44444444444444444444

Poland

3 84

Egypt

555552525252

52525252525252525252

Portu-gal

696959595960

6060606060

France

2,4302,7092,0002,0002,0002,000

2,0002,0002,0002,0002,000

* 1,777

Ruma-nia

133152158182241316

p323

p353"

3 6 9 "

Ger-m a n y

292929292929

SouthAfrica

220249367366634706

740728727741749760778785796811814

Greece

272828

328

Spain

4525

424291

9698

101104104104104104

Government gold reserves1 not includedin previous figures

End of month

1938—J1939—]

]

1940—

1941—

1942—

1943—

1944—

Dec. . . .Mar. . . .May..l u n e . . .Sept . . . .DecTune. . .Dec. . . .Tune.. .DecTune. . .DecTuneDecM a r . . . .June . . .S e p t . . . .

UnitedStates

80154

8516415686488925

8121143142125

UnitedKing-dom

27591,732

3876

292

4151

France

331559477

Bel-gium

44

17

171717171717171717

1 Reported a t infrequent intervals or on de -layed basis: U. S.—Exchange Stabilization F u n d(Special A/c N o . 1); U. K.—Exchange Equal i -zation Account; France—Exchange StabilizationFund and Rentes Fund ; Belgium—Treasury.

2 Figure for end of September.3 Reported figure for total British gold reserves on

Aug. 31,1939, less reported holdings of Bank of Eng-land on tha t da te .

4 Figure for Sept. 1, 1941.

N O T E . — F o r available back figures and for detailsregarding special internal gold transfers affectingthe British and French inst i tut ions, see Bankingand Monetary Statistics, p . 526, and B U L L E T I N forFebruary 1945, p . 190.

z8o FEDERAL RESERVE BULLETIN


GOLD PRODUCTIONOUTSIDE U. S. S. R.[In thousands of dollars]

Year or month

1934.. ..1935193619371938193919401941194219431944...

1944—JanFebMarAprMayJuneJulyAug..SeptOctNovDec

Estimatedworld

productionoutside

U.S.S.R.1

Production reported monthly

Totalreportedmonthly

AfricaSouthAfrica

Rho- 1 West 1 Belgiandesia I Africa2 | CongoS

North and South America

States4 CanadasJMesico* Colom- Chile Nicara-gua7

OtherAustra-

lia8BritishIndia9

823,003882,533971,514

1,041,5761,136.3601,208,7051,297,3491,288,945

708,453752,847833,895893,384958,770

1,020,2971,094,2641,089,395

968,112738,471

^662,678

56,58954,16357,15253,88757,227

C54,77555,60757,22654,826

P54,425P53,644P53,156

366,795377,090396,768410,710425,649448,753491,628504,268494,439448,153429,787

36,16934,10036,26634,87936,921

C36,26436,43037,02235,81035,82135,27034,836

$1 = 15A grains of gold {Q fine; i.e.,108,191126,325152,509168,159178,143196,391210,109209,175130,96348,80835,065

24,26425,47728,05328,29628,53228,00929,15527,76526,64123,009

p20,693

1,7631,7091,7061,7711,7491,7021,7631,7321,7241,714

pl,680^1,680

12,15313,62516,29520,78424,67028,56432,16332,41429,22519,740

P18.410

1,5401,5401,5751,6101,5751,4351,4001,4701,5401,5751,575,575

6,5497,1597,3868,0188,4708,7593 8,862

3,0853,4292,9332,9362,8812,4312,9592,7793,0282,8632,9742,769

an ounce104,023114,971131,181143,367165,379178,303185,890187,081169,446127,796

3*101,777

9,0238,9889,3338,5688,9898,3978,2478,2908,2748,0517,809

^7,809

of fine gold = $35

23,13523,85826,46529,59132,30629,42630,87827,969

630,000

12,04511,51513,63215,47818,22519,95122,11722,96120,88219,789

^19,591

1,5811,3442,0561,3632,0201,7321,9012,0441,4211,3701,380

A , 380

8,3509,2519,0189,544

10,29011,37611,9999,2596,4096,081

^6,810

676617577486473644639604523

{523{523'523

1,166868807848

1,5573,5065,4297.5258,6237,7157,865

756651677665693560590625615653613765

30,55931,24040,11846,98254,26456,18255,87851,03942,52528,560

?16,100

1,2951,1551,365945

1,3301,4351,2952,1001,3651,2951,260

A , 260

11,22311,46811,66311,60711,28411,07810,1579,9408,9608,820

^6,580

700630665665595175385560525560560

'560

Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes,irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annualproduction as follows: 1934, 135 million dollars;1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.

p Preliminary. * Figure carried forward- p Corrected.1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics.2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics.3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year.4 Includes Philippine Islands production received in United States. Annual figures through 1943 are estimates of the United States Mint. Annual

figure for 1944 and monthly figures represent estimates of American Bureau of Metal Statistics.5 Figures for Canada beginning 1944 are subject to official revision.6 Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three

months of year.7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 1943 they repre-

sent total Australia; beginning January 1944, Western Australia only.9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p . 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235;

and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period1910-1941, see Banking and Monetary Statistics, pp. 542-543.

GOLD MOVEMENTSUNITED STATES

[In thousands of dollars at approximately $35 a fine ounce]

Year ormonth

19343

1935193619371938193919401941 .194?1943

1944JanFeb,.. .MarAprMayJuneJuly

Totalnet

imports

1111134

131,739,116,

,585,,973,574,744982315

68

— 23

994019584503569151477378678

769

UnitedKing-dom

499,870315,727174,093891,531

1,208,7281,826,403

633,0833,779

France

260,223934,243573,671

-13,71081,1353,798

241,7781

Bel-gium

8

39015

165

,902

351,859488

,177977

1

Nether-lands

94,227,

71,6,

16S341;

63

34818500646104Q618?60

Swe-den

26

60,14628,715

161,4891,747

Net imports from or net exports (—)

Switz-erland

12

754

18690

402968511457

987370899

Canada

86,82995,17172,648

111,48076,315

612,9492,622,330

412,056208 91766'920

40023,4615,328

378410367565

Mexico

30,27013,66739,96638,48236,47233,61029,88016,79140,016

—3 287

316-67,200-44,711

382311190235

OtherLatin

Ameri-can Re-publics2

28,15329,35930,79039,48565,23157,020

128,25961,86239 68013,489

-4,974-3,584-5,938

-10,810-14,803-13,271-14,179

to:1

Philip-pine

Islands

1215212527353842

,038,335,513,427,880,636,627,678

Aus-tralia

1,3>

23,34,39,74,

103,67,

029498280713162250777492

SouthAfrica

1265

8181401

22,862184,756292,893

Japan

246168165111

9

4

464740605739444

BritishIndia

76,75,77,50,16,50,49,

9,

820268892762159956989665

Allothercoun-tries2

21,28,20,8,

13,/68,6284,

663,

095529856910301623208071

under "Other Latin American Republics."3 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.4 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $13,854,000 from other countries.6 Includes $75,087,000 from Portugal, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26 178,000 from Hong Kong,

$20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,416,000 from Spain, and $15,570,000 from other countries.6 Includes $44 920 000 from U.S.S.R. and $18,151,000 from other countries. . . „ , . A,NoTE.-For back-figures? sect Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, seep . 524 in the same

publication.

MARCH 1945 z8i


NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935[In millions of dollars]

From Jan. 2, 1935, through— Total

259.5616.0899.4

1,412.5

1,511.11,949.22,283.32,608.4

2,931.43,561.93,911.93,410.3

3,207.23,045.83,472.03,844.5

4,197.64,659.25,035.35,021.2

5,115.95,440.75,748.15,727.6

5,526.55,575.45,510.35,230.7

5,163.75,069.05,082.45,309.65,413.45,495.3

5,542.65,599.95,654.95,694.75,761.65,835.0

5,907.76,014.96,147.16,212.36,282.66,506.4

6,556.06,726.36,771.36,904.67,073.67,118.6

7,272.97,418.67,462.97,464.37,458.97,459.6

7,423.47,440.97,430.97,460.27,530.5

Increase in foreign bankingfnnrlc in TT ^

Total

57.7213.8350.7603.3

578.4779.0898.5930.5

1,121.61,612.41,743.61,168.5

949.8786.2

1,180.21,425.4

1,747.62,111.82,479.52,430.8

2,539.02,830.13,092.83,159.0

3,148.83,193.33,139.52,856.2

2,771.62,675.52,684.02,906.12,996.83,075.9

3,121.43,184.83,212.63,204.23,250.23,320.3

3,f471.13,590.13,643.43,690.53,769.64,002.6

4,056.44,107.94,130.64,284.44,435.74,496.3

4,658.24,833.24,885.44,881.04,882.74,851.7

4,740.84,732.34,661.24,680.3

H, 775.1

Official1

- 2 . 06.1

- 4 . 59.8

44.435.937.481.1

62.8215.3364.6243.9

149.9125.9187.0238.5

311.4425.3552.1542.5

539.1922.3

1,112.31,200.8

1,307.71,375.11,321.71,053.7

977.6879.4932.0

,106.7,144.0

L, 211.7

1,242.71,293.11,339.11,341.11,366.1,412.0

1,536.61,671.81,723.1,801.8

1,871.62,071.4

2,103.42,122.62,190.92,312.92,450.02,461.5

2,649.32,815.72,856.02,780.52,726.82,661.4

2,622.92,589.52,498.82,489.8

32,541.0

Other

59.7207.7355.2593.5

534.0743.1861.1849.4

1,058.81,397.11,379.0

924.6

799.9660.4993.2

1,186.9

1,436.21,686.51,927.31,888.3

1,999.91,907.81,980.51,958.3

1,841.01,818.21,817.71,802.6

1,793.91,796.01,752.01,799.41,852.81,864.2

1,878.71,891.71,873.51,863.21,884.11,908.3

1,934.51,918.31,920.31,888.61,898.01,931.2

1,953.01,985.31,939.71,971.51,985.72,034.8

2,009.02,017.52,029.42,100.62,155.92,190.3

2,117.92,142.82,162.32,190.4

32.234.1

Decreasein U. S.banking

fundsabroad

155.0312.8388.6361.4

390.3449.0456.2431.5

411.0466.4518.1449.1

434.4403.3477.2510.1

550.5607.5618.4650.4

631.6684.1773.6775.1

767.4818.6805.3791.3

801.6809.2819.7829.8839.8842.3

854.9839.9858.2890.0901.6888.8

889.8890.5898.7909.9905.1896.9

901.9909.4888.6870.5882.6877.6

870.8843.5868.0873.4872.9856.6

850.6869.7883.5891.3

3872.7

Foreignsecurities:

Returnof U. S.

funds

31.843.740.1

125.2

114.4180.5272.2316.2

319.1395.2493.3583.2

618.5643.1625.0641.8

646.7664.5676.9725.7

761.6785.6793.1803.8

812.7834.1841.1855.5

857.5856.2849.6843.2843.2838.8

829.3828.6830.5842.1844.8848.2

761.3751.9810.5809.5807.0806.8

792.9907.8929.3928.3929.8925.9

931.7924.2904.1905.4903.2929.8

1,005.81,009.71,026.21,025.81.025.3

Domesticsecurities:Inflow offoreignfunds

- 6 . 215.890.3

316.7

427.6524.1633.3917.4

1,075.71,069.51,125.11,162.0

1,150.41,155.31,125.41,219.7

1,188.91,201.41,177.31,133.7

1,095.01,042.1

987.0888.7

701.8631.2623.5626.7

631.0626.2624.9626.6629.0632.0

633.3642.7646.1654.3661.0673.3

678.5676.0685.9692.9692.5687.9

692.3687.0708.1707.4710.1701.1

695.1698.8685.8686.2680.1702.4

706.9709.4737.8735.8732.4

Inflow inbrokeragebalances

21.129.829.86.0

.416.523.212.9

4.118.331.947.5

54.257.864.147.6

63.974.083.180.6

88.798.9

101.6100.9

95.998.2

100.9100.9

102.0102.0104.3103.9104.6106.2

103.7103.9107.5104.1104.1104.4

107.0106.4108.6109.5108.5112.1

112.6114.3114.8114.1115.4117.8

117.0118.9119.6118.3119.9119.1

119.3119.9122.2127.1

3125.0

1935—Mar. (Apr. 3)June (July 3)Sept. (Oct. 2)Dec. (Jan. 1, 1936)....

1936—Mar. (Apr. 1)June (July 1)Sept. 30Dec. 30

1937—Mar. 31June 30Sept. 29Dec. 29

1938—Mar. 30June 29Sept. 28Dec. (Jan. 4, 1939)

1939—Mar. 29June 28Sept. 27Dec. (Jan. 3, 1940)

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

1942—Jan. 28Feb.25Mar. (Apr. 1)Apr. 29May (June 3)June 302

July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31

1943—Jan. 30Feb. 27Mar. 31Apr. 30May 29June 30

July 31Aug. 31Sept. 30Oct. 30Nov. 30Dec. 31

1944—Jan. 31Feb. 29Mar. 31Apr. 29May 31June 30

July 31Aug. 31Sept. 30Oct. 31Nov. 30

lrThi!1 This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of

and consular establishments, etc.).2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain signifi-

cant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation see BUL-LETIN for January 1943, p. 98. '

Amounts outstanding on Nov. 30, in millions of dollars: total foreign banking funds in United States, 5,432.0, including official funds, 3,178.6, andother funds, 2,253.4; United States banking funds abroad, 262.8; and brokerage balances (net due "foreigners"), 48.1

NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941 have been pub-lished in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities toand claims on 'foreigners' as reported by banks and brokers. For back figures, see Banking and Monetary Statistics, Tables 161-163 pp 574-637 andfor full description of statistics see pp. 558-560 in the same publication.

z8z FEDERAL RESERVE BULLETIN


CENTRAL BANKS

B a n k of Eng land

(Figures in millions ofpounds sterling)

1929—Dec. 251930—Dec. 311931—Dec. 301932—Dec. 28 . .1933—Dec. 271934—Dec. 261935—Dec. 251936—Dec. 301937—Dec. 291938—Dec. 281939—Dec. 271940—Dec 251941—Dec. 311942—Dec. 301943—Dec 29

1944—Feb 23Mar. 29Apr 26May 31June 28July 26Aug 30Sept. 27Oct 25Nov. 29Dec 27

1945—Tan 31

Assets of issuedepartment

Gold*

145.8147.6120.7119.8190.7192.3200.1313.7326.4326.4

4 .2.2.2.2.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

Otherassets2

260.0260.0275.0275.0260.0260.0260.0200.0220.0230.0580.0

5630.06780.05950.0

51,100.0

1,100.051,150.01,150.01,150.01,150.01,150.0

51,200.01,200.01,200.01,200.0

51,250.0

1,250.0

Assets of banking department

Cash reserves

Coin

.2

.6

.6

.81.0

.5

.6

.6

.8

.81.0

.9

.3

.9

.9

.9

.4

.4

.7

.91.01.52.02.32.31.9

1.5

Notes

26.338.831.623.658.747.135.546.341.151.725.613.328.526.811.6

22.845.625.814.719.413.454.245.735.910.711.6

30.6

Dis-countsand ad-vances

22.349.027.318.516.87.68.5

17.59.2

28.54.34.06.43.52.5

2.115.45.81.01.24.76.24.38.85.15.1

6.6

Securi-ties

84.9104.7133.0120.1101.498.294.7

155.6135.590.7

176.1199.1267.8267.9307.9

255.2212.7245.6239.8282.2261.7228.4252.6234.9273.5317.4

263.6

Notecircula-

tion3

379.6368.8364.2371.2392.0405.2424.5467.4505.3504.7554.6616.9751.7923.4

1,088.7

1,077.51,104.61,124.51,135.51,130.91,136.81,146.01,154.61,164.41,189.51,238.6

1,219.6

Liabilities of banking department

Deposits

Bankers'

71.0132.4126.4102.4101.289.172.1

150.6120.6101.0117.3135.7219.9223.4234.3

200.3188.8198.5165.1217.7199.8201.9221.5203.8207.0260.7

215.1

Public

8.86.67.78.9

22.29.9

12.112.111.415.929.712.511.29.0

10.3

8.97.14.5

15.012.57.7

14.49.86.2

11.65.2

11.6

Other

35.836.240.333.836.536.437.139.236.636.842.051.254.148.860.4

53.760.256.958.255.655.456.255.354.155.352.3

57.8

Otherliabili-

ties

1:7.918.018.018.0

m.m18.0>18.0*18.0)18.0}17.917.9*17.9'17.9*17.9*

18.018.117.717.817.917.918.018.117.717.817.8

17.9

Bank of Canada

(Figures in millions ofCanadian dollars)

1935—Dec. 311936—Dec. 311937—Dec. 311938—Dec. 311939—Dec. 301940—Dec. 311941—Dec. 311942—Dec. 311943—Dec 31

1944—Feb. 29Mar .31Apr. 29May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 30.

1945—Jan. 31

Assets

Gold

180.5179.4179.8185.9225.7

(8)

Sterlingand United

Statesdollars

4.29.1

14.928.464.338.4

200.9.5.6

.2

.3

.2

.3

.225.948.745.962.8

172.3172.3

172.3

Dominion and provin-cial government

securities

Short-terms

30.961.382.3

144.6181.9448.4391.8807.2787.6

789.2788.9777.1879.0803.5801.6849.4833.1875.7868.6906.9

914.5

Other

83.499.091.640.949.9

127.3216.7209.2472.8

508.9557.0567.7548.7576.1602.6593.8625.5622.9618.9573.9

590.2

Otherassets

8.68.2

21.75.25.5

12.433.531.347.3

31.344.026.423.839.924.426.922.158.629.334.3

28.0

Liabilities

Notecirculation7

99.7135.7165.3175.3232.8359.9496.0693.6874.4

875.4897.9915.3911.5920.5942.4960.4982.8

1,012.51,007.81,036.0

1,020.6

Deposits

Charteredbanks

181.6187.0196.0200.6217.0217.7232.0259.9340.2

362.7359.2385.2377.7414.7414.9432.5454.8454.3437.2401.7

413.1

Dominiongovern-ment

17.918.811.116.746.310.973.851.620.5

40.165.824.6

101.88.2

43.053.921.976.910.812.9

23.2

Other

.82.13.53.1

17.99.56.0

19.117.8

31.522.817.426.622.022.334.333.332.420.427.7

36.0

Otherliabilities

7.713.414,49.3

13.3;28.5;35.124.0-55.4

19. &44.S28.&34.154.331.937.933.843.8

9212.99209.1

9212.1

1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, whenit was officially set at 168 shillings per fine ounce.

2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.3 Notes issued less amounts held in banking department.4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about

5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 millionJpounds. transferred from Exchange Accountto Bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account.

8 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 poundson Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, and on Mar. 7, Aug. 2, and Dec. 6, 1944.

6 Securities maturing in two years or less.7 Includes notes held by the chartered banks, which constitute an important part of their reserves.8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940,

pp. 677-678).9 Includes 172.3 million dollars to cover holdings of sterling and United States dollars.NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp .

644-645, respectively; for description of statistics see pp. 560-564 in same publication.

MARCH 1945


Bank of France

(Figures in millionsof francs)

1929—Dec. 271930—Dec. 261931—Dec. 301932—Dec. 301933—Dec. 291934—Dec. 281935—Dec. 271936—Dec. 301937—Dec. 301938—Dec. 291939—Dec. 281940—Dec. 261941—Dec. 311942—Dec. 31

1943—Sept. 3 0 . . .Oct. 2 8 . . . .Nov. 25

*7 Dec. 30 . .

1944—Jan. 27Feb. 24Mar. 30Apr. 27May 25June 29July 13Dec. 286

Gold1

41,66853,57868,86383,01777,09882,12466,29660,35958,93387,265597,267

584,61684,59884,598

84,59884,59884,59884,598

84,59884,59884,59884,59884,59884,59884,59875,151

Foreignex-

change

25,94226,17921,1114,4841,158

9631,3281,460

911821112423837

37373737

3737373737373742

CENTRAL

Assets

Domestic bills

Openmarket2

5,6125,3047,1576,8026,1225,8375,8005,6405,5807,422

11,27343,19442,11543,661

43,41244,59144,86044,699

44,87045,01844,35944,70644,23246,24145,85147,288

Special2

1,379652

1,7972,345

66112

169

3529

123

1912.. .

48'

Other

8,6248,4297,3893,4384,7393,9719,7128,465

10,0667,8805,1493,6464,5175,368

4,9684,7996,4727,543

8,1968,4698,3497,7186,6116.0454,856

18,592

BANKS—Continued

Advances toGovernment

For oc-cupation

costs3

" "72,317"142,507210,965

295,807306,689320,843326,973

343,300351,000351,000367,300383,600409,200409,200426,000

Other2

17,69831,90920,62734,67363,90069,50068,250

69,50065,50055,95064,400

56,05060,50069,80066,80067,60071,50070,85015,850

Otherassets

8,1249,510

11,27511,71211,17311,50011,70512,64211,73318,49820,09423,17922,12121,749

23,51921,00021,45721,420

21,61420,59821,57021,43721,14321,16023,799

735,221

Notecircula-

tion

68,57176,43685,72585,02882,61383,41281,15089,34293,837

110,935151,322218,383270,144382,774

468,015475,868484,060500,386

506,035514,323530,174539,058551,969576,909584,820572,510

Liabilities

Deposits

Govern-ment

11,73712,6245,8982,3112,3223,7182,8622,0893,4615,0611,914

9841,517

770

821627755578

825749786793795750729748

C.A.R.4

''41*466'64,58016,857

15,45012,19114,08310,724

12,36513,9059,0638,8119,652

12,3091,853

Other

7,85011,69822,18320,07213,41415,3598,716

13,65519,32625,59514,75127,20225,27229,935

33,19934,11131,13333,137

34,33935,35935,10038,01737,87643,34346,89937,855

Otherliabili-

ties

1,8122,2411,9892,0411,9401,9072,1132,5573,1602,7182,9253,5863,8944,461

4,3554,4174,2204,872

5,1125,8874,6085,9287,5285,4724,8907,078

Reichsbank(Figures in millions of

reichsmarks)

1929—Dec 311930—Dec. 311931—Dec. 311932—Dec. 311933—X)ec# 30 .1934—£)ec 31 .1935—Dec 311936—Dec. 311937—Dec. 31

1939—Dec. 301940—Dec. 311941 r>ec 311942—Dec. 311943—Dec. 31

1944—Jan. 31Feb 29Mar 31Apr. 29May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31

Reserves of gold andforeign c

Totalreserves

2,6872,6851,156

920396

84887276767878777677

777777777777777777777777

Gold

2,2832,216

984806386

79826671717171717171

(8)

Bills (andchecks),

Treasurybills

2,8482,5724,2422,8063,2264,0664,5525,5106,1318,244

11,39215,41921,65629,28341,342

39,58439,26940,37940,90942,15942,15043,22245,82950,82153,95456,93963,497

Assets

Securityloans

251256245176183146847460453038322527

4326463828263842474662

112

Securities

Eligibleas notecover

259445349221106557804

3210787

1

11111111

677069

1

Other

92102161398322319315303286298393357283210

65

426633312327212025242145

Otherassets

65663$

1,0651,114

735827853765861

1,6212,4982,0662,3111,6642,337

2,2962,3602,2812,5252,0962,3972,3962,2752,5102,3512,7952,351

Note

tion

5,0444,7784,7763,5603,6453,9014,2854,9805,4938,223

11,79814,03319,32524,37533,683

33,01233,50833,79234,56935,22935,92036,88838,57942,30144,70446,87050,102

Liabilities

Deposits

755652755540640984

1,0321,0121,0591,5272,0182,5613,6495,2928,186

7,1766,6367,2377,1797,2406,7546,8137,4809,0889,603

10,82913,535

Otherliabili-

ties

736822

1,3381,313

8361,001

923953970

1,0911,3781,3961,4931,6801,980

1,8551,6541,7881,8331,9152,0042,0542,1852,1602,2162,2642,445

1 Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939.p . 29; September 1937, p. 853, and November 1936, pp. 878-880.

2 For explanation of this item, see BULLETIN for July 1940, p. 732.3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through May 17, 1944, advances of 411,000 million

francs were authorized to meet the costs of the German army of occupation.4 Central Administration of the Reichskreditkassen. ~ .. , . . T- J -n , r T75 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France;

in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund.6 First official statement published since liberation. . .7 Includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22.8 Gold not shown separately in weekly Reichsbank statement after June 15,1939. ^ . « * , ,NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167,, pp, 641-643 and pp. 64s-64.7»

respectively; for description of statistics see pp. 562-565 in same publication.



CENTRAL BANKS—Continued

Central Bank(Figures as of last report

date of month)

Central Bank of the Argentine Re-public (millions of pesos):

Gold reported separatelyOther gold and foreign exchange...Government securities

Other assetsNote circulationDeposits—Member bank

Other . .Certificates of participation in

Other liabilitiesCommonwealth Bank of Australia

(thousands of pounds):Issue department:

Gold and English sterling..Securities

Banking department:Coin, bullion, and cashLondon balances . .Loans and discountsSecuritiesDeposits.

Note circulationNational Bank of Belgium (millions

of belgas) : l

Gold2

Foreign exchangeLoans to GovernmentOther loans and discountsClaim against Bank of IssueOther assetsNote circulationDemand depositsBlocked Treasury account2

Notes and blocked accounts3

Other liabilitiesNational Bank of Bohemia and

Moravia (millions of koruny):GoldForeign exchangeDiscountsLoansOther assetsNote circulationDemand depositsOther liabilities

Central Bank of Bolivia (millionsof bolivianos):

Gold at home and abroadForeign exchangeLoans and discountsSecurities—Government

OtherOther assetsNote circulationDepositsOther liabilities

National Bank of Bulgaria6

Central Bank of Chile (millionsof pesos):

GoldDiscounts for member banksLoans to GovernmentOther loans and discountsOther assetsNote circulationDeposits—Bank

OtherOther liabilities

Bank of the Republic of Colombia(thousands of pesos):

GoldForeign exchangeLoans and discountsGovernment loans and securities..Other assetsNote circulationDepositsOther liabilities

1945

Jan.

6,419183

6,083488

12,918437

8,866707

2,09914,656

200

Dec.

50,856160,080

18,297136,89120,918

229,008192,294202,494

(Jan.11, '45)

6,419138

5,806593

12,918445

8,543710

2,09914,768

200

2733671593

1,1862,59

341934

161.78115,1228,5766,2826,05

179,28134,5983,93

1944

Nov.

1,2422,439

878

1592,2641,339

620174

127196

50,856155,089

16,878130,59918,000

223 539180,236197,494

. . . . . . . .

1,517800

3,793

55,02732, 70513,94214,491

(Sept.)4

600384279641

4:

1,185760

27.31671592

1,152,393

431936

159,92118,0217,5867,1625.824

159,46146,2682,77

Jan.

1 1022,131

882

1521,9041,190

480110

423158

41,793129,939

7,02354 31025,642

248 824181,537163,262

1,515775

1,859

32,51323,3045,6027,756

556406397530

4174

1,055865

84

250211716916869

2,214360129259

132,62577,0191,781

56,82831,042

117,439131,58450,273


date of month)

National Bank of Denmark (millionsof kroner):

Gold...Foreign exchangeClearing accounts (net)Loans and discountsSecuritiesGovt. compensation account7

Other assetsNote circulationDeposits—Government

OtherOther liabilities . . .

Central Bank of Ecuador (thousandsof sucres):

GoldForeign exchange (net)Loans and discountsOther assets...

Demand depositsOther liabilities

Nat iona l Bank of Egypt8 (thou-sands of pounds) :

GoldForeign exchansreLoans and discountsBritish, Egyptian, and other Gov-

ernment securitiesOther assetsNote circulationDeposits—Government

OtherOther liabilities..

Central Reserve Bank of El Salva-dor (thousands of colones):

GoldForeign exchangeLoans and discountsGovernment debt and securities...Other assetsNote circulationDepositsOther liabilities

Bank of Finland6

Bank of Greece6

National Bank of Hungary (millionsof pengo):

GoldForeign exchange reserveDiscountsLoans—To Treasury. . . . .

To foreign countriesOther

Other assetsNote circulationDemand depositsConsolidated foreign credits of

1931.Other liabilities

Reserve Bank of Ind ia (millions ofrupees):

Issue department:Gold at home and abroadSterling securitiesIndian Govt. securitiesRupee coinNote circulation

Banking department:Notes of issue departmentBalances abroadTreasury bills discountedLoans to GovernmentOther assetsDepositsOther liabilities

Central Bank of Ireland (thousandsof pounds):

GoldSterling fundsNote circulation

Bank of Japan 6

1945

Jan.

Bank of Java6

1944

Dec.

2,6430,4433,09

Nov. I

9722

2,720299485

4,1991,6212,1603,012

453

(Oct.)4

289,959167,73684,602

106,782300 290282,64455,627

6,24114,6845,416

256,94019,862

115,28864,868

109,35513,633

33,16728,6141,0756,0671,360

44,49^19,0016,789

(Oct.)4

1004

9,678520

1,0222

1,2369,3781,742

101,432

(Oct.)4

44^8,563

578136

9,565

1563,129

115

3,25:20

2,6429,1631,81

Jan.

9721

2,0584273

1252,5711,3281,2701,999

391

249,50553,22677,34972,017

222,735189,36539,997

6,24114,1484,606

213,3697,628

96,49150,13086,45812,913

27,28931,908

3066,697

71842,00319,0165,899

1004

3,389561

1,0268

1,5334,376

729

131,504

4447,448

583153

8,537

921,330

342

1161,352

222

2,64624,79427,440

1 First official statement published since liberation was that for Jan. 11, 1945.2 Gold revalued provisionally at 49.318 francs per gram. The resulting increment is held for the account of the Treasury and is shown on the liabilities

side under "Blocked Treasury account."3 Includes current accounts transferred and to be transferred to blocked accounts and old notes not declared.4 Latest month for which report is available for this institution.5 Figure not available.6 For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BUL-

LETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java (January 1942), seeBULLETIN for March 1943, p. 278.

7 Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942.8 Items for issue and banking departments consolidated.

MARCH 1945


CENTRAL BANKS—Continued


date of month)

Bank of Mexico (millions of pesos):Metallic reserve1

"Authorized" holdings of securi-ties, etc.

Bills and discountsOther assetsNote circulationDemand liabilitiesOther liabilities

Netherlands Bank (millions ofguilders):

Gold..., ,...Silver (including subsidiary coin)..Foreign billsDiscountsLoansOther assetsNote circulationDeposits—Government


Reserve Bank of New Zealand (thou-sands of pounds):

GoldSterling exchange reserveAdvances to State or State under-

takingsInvestmentsOther assets.Note circulationDemand depositsOther liabilities

Bank of Norway3

Bank of the Republic of Paraguay(millions of pesos):

GoldForeign exchangeLoans and discountsGovernment loans and securities...Other assets.Note circulationDemand deposits—Government


Central Reserve Bank of Peru (thou-sands of soles):

Gold and foreign exchangeDiscountsGovernment loansOther assets <.„Note circulationDepositsOther liabilities

Bank of Portugal (millions of es-cudos):

Gold4

Other reserves (net)Nonreserve exchangeLoans and discounts

. Government debtJ Other assets

Note circulationOther sight liabilitiesOther liabilities

National Bank of Rumania (millionsof lei):

GoldSpecial exchange accountsLoans and discountsSpecial loans (in liquidation)Government debtOther assetsNote circulationDemand depositsOther liabilities

South African Reserve Bank (thousands of pounds):

GoldForeign billsOther bills and loansOther assetsNote circulationDepositsOther liabilities

1944

Dec. Nov. Jan

2,80239,655

28,12611,7372,72941,38539,8603,804

98,83225,51812,92294,96459,920166,6665,649

580

1,42842174

1,2981,023182

(Oct.)2932

313696

4,879149320223

2,80236,701

26,07211,7372,19538,21237,5543,741

3331,861219

2,4251,7692,837548

2,277946

(Oct.)2142,5777,280

432,98724,155403,902175,43727,660

(June) 21,4124,8719,010236

1,023910

6,9469,577940

(June)269,56770,22370,986

11744,94862,750211,84862,25244,490

98,44720,0335,637

94,75854,294159,2635,319

495

1,37920458

1,145835155

9321

3,405

803,620

112668152

2,80235,830

41,31810,3242,87536,57653,0253,547

1732,321120

1,9301,3372,461

864c l ,687

c87O

155,61713,401

345,76426,283344,122171,15125,792

1,4004,2728,096227

1,0231,0306,7038,367978

59,65132,81354,953

13920,47070,106162,28347,33628,512

86,90814,2541,510

94,50049,012142,885

5,275


date of month)

1945

Jan.

Bank of Spain (millions of pesetas):Gold 'SilverGovernment loans and securities...Other loans and discountsOther assetsNote circulationDeposits—Government


Bank of Sweden (millions of kronor):GoldForeign assets (net)Swedish Govt. securities and ad-

vances to National Debt Office5.Other domestic bills and advances.Other assetsNote circulationDemand deposits—Government


Swiss National Bank (millions offrancs):

GoldForeign exchangeLoans and discountsOther assetsNote circulationOther sight liabilitiesOther liabilities

Central Bank of the Republic ofTurkey (thousands of pounds):

GoldForeign exchange and foreign

clearingsLoans and discountsSecuritiesOther assetsNote circulationDeposits—Gold


Bank of the Republic of Uruguay(thousands of pesos):

Issue department:Gold and silverNote circulation

Banking department:Gold and silverNotes and coinAdvances to State and to gov-

ernment bodiesOther loans and discounts....Other assetsDepositsOther liabilities

Central Bank of Venezuela (thou-sands of bolivares):

Gold6

Foreign exchange (net)Credits to national banksOther assets..Note circulation—Central Bank..

National banks..DepositsOther liabilities

National Bank of the Kingdom ofYugoslavia3

Bank for Internat ional Settlements(thousands of Swiss gold francs):7

Gold in barsCash on hand and on current ac-

count with banksSight funds at interestRediscountable bills and accept-

ances (at cost)Time funds at interestSundry bills and investmentsOther assetsDemand deposits (gold)Short-term deposits (various cur-

rencies):Central banks for own accountOther

Long-term deposits: Special ac-counts

Other liabilities

1,052553

1,33942

1,1532,377534492737

4,5779518381

3,4091,241285

328,751104,75120,31022,030298,32816,643150,57810,292

1944

Dec. ] Nov. Jan.

1,019567

1,27861

1,1072,492564244730

4,5541029994

3,5481,015286

328,69465,60022,56025,843290,99118,742102,20730,758

(Oct.)21,135612

16,2883,1101,882

16,9621,7723,747545

1,017563

1,26376

1,0492,286772228682

4,5029491124

3,3371,186288

(Oct.)2276,372

58,613841,239178,34424,991973,52885,576153,094167,360

122,674143,908

119,14132,001

18,23993,792295,103248,933309,342

313,54'45,20226,37025,053278,83218,984105,1057,250

111,25

45,62013,184

72,29314,968

200,571244

20,121

6,6332,985

229,00199,39'

879620

1,20299919

2,147531393646

4,21175116166

2,9141,368287

214,166

85,379736,023192,20939,036821,27679,358165,631200,548

120,143126,592

75,42034,520

16,33193,511209,211188,254240,738

273,31451,53326,37010,804

246,43025,65083,7286,213

137,876

18,6636,622

105,86421,075195,450

32450,544

6,1012,739

229,001197,489

c Corrected.1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.2 Latest month for which report is available for this institution.3 For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942 o 2824 Valued at average cost beginning October 1940. '5 Includes small amount of non-Government bonds.6 Beginning October 1944, gold in the amount of 70 million bolivares, formerly reported in the Bank's account, shown separately for account of the/eminent.Government.7 See BULLETIN for December 1936, p. 1025



MONEY RATES IN FOREIGN COUNTRIESDISCOUNT RATES OF CENTRAL BANKS

[ Per cent per annum ]

Date effective

In effect Dec. 31,1936

Jan. 28, 1937June 15July 7Aug. 4Sept. 3Nov. 13May 10, 1938May 13May 30Sept. 28Oct. 27Nov. 25Jan. 4, 1939Apr. 17May 11July 6Aug. 24Aug. 29Sept. 28Oct. 26Dec. 15Jan. 25, 1940Apr. 9May 17Mar. 17, 1941May 29June 27Jan. 20, 1945Feb 9In effect Feb. 28,

1945

Central bank of—

UnitedKing-dom

2

4

32

2

France

2465

h2y2

3

i H

j o /

IK

IK

Ger-many

4

3y2

Bel-gium

2

4

3

2H

432H

2

IK

Neth-er-

lands

2

3

2K

Swe-den

2H

3

3H

3

Switz-er-

land

Centralbank of—

AlbaniaArsrentinaBelgiumBohemia and

Moravia

BoliviaBritish India..BulgariaCanadaChileColombia

DenmarkEcuadorEl Salvador...EstoniaFinland

FranceGermanyGreeceHungaryIreland

RateFeb.

28

635

4

473

4

IK

n3

Dateeffective

Mar. 21, 1940Mar. 1, 1936Not available

Oct. 1, 1940

Nov. 8, 1940Nov. 28, 1935Dec. 1, 1940Feb. 8, 1944Dec. 16, 1936July 18, 1933

Oct. 16, 1940May 26, 1938Mar. 30, 1939Oct. 1, 1935Dec. 3, 1934

Jan. 20, 1945Apr. 9, 1940Dec. 1, 1944Oct. 22, 1940Nov. 23, 1943

NOTE.—Changes since January 31to 2H per cent.

Centralbank of—

ItalyJapanJavaLatviaLithuania. . .

MexicoNetherlands.New ZealandNorwayPeruPortugal . . . .

RumaniaSouth AfricaSpainSwedenSwitzerland.

Turkey. . . . . .United King-

domU. S. S.R.. .Yugoslavia..

RateFeb.

28

43.29356

2y2

3 2

5

434

4

245

: Sweden—February 9

Dateeffective

Sept. 11, 1944Apr. 7, 1936Jan. 14, 1937Feb. 17, 1940July 15, 1939

June 4, 1942June 27, 1941July 26, 1941May 13, 1940Aug. 1, 1940Jan. 12, 1944

May 8, 1944June 2, 1941Dec. 1, 1938Feb. 9,1945Nov. 26,1936

July 1, 1938

Oct. 26, 1939July 1, 1936Feb. 1, 1935

, down from 3

OPEN-MARKET RATES[ Per cent per annum ]

MonthBankers'

acceptances3 months

United Kingdom

Treasurybills

3 monthsDay-to-day

moneyBankers'

allowanceon deposits

Germany

Privatediscount

rateDay-to-day

money

Netherlands

Privatediscount

rate

Moneyfor

1 month

Sweden

Loansup to 3months

Switzer-land

Privatediscount

rate

1929—Dec1930—Dec1931—Dec1932—Dec1933—Dec1934— Dec1935—Dec1936—Dec1937—Dec1938—Dec1939—Dec1940—Dec1941—Dec1942—Dec1943—Dec


4.762.305.851.021.06

.57

.71

.83

.75

.961.231.031.031.031.03

1.031.031.031.031.031.031.031.031.031.031.031.03

4.752.345.601.041.15

.47

.68

.84

.75

.931.241.01

.01

.01

.01

.01

.00

.00

.01

.00

.00

.00

.00

.01

.00

.00

.00

4.231.604.27

.81

.77

.70

.75

.78

.75

.80

.03

.00

.03

.00

.00

.13

.13

.13

.13

.13

.13

.13

.13

.10

.00

.02

6.984.827.333.883.883.503.003.002.882.882.632.252.132.132.13

2.132.132.132.132.132.132.132.132.132.13

8.145.548.454.914.974.283.153.052.962.862.391.951.981.961.92

1.891.891.931.911.901.92

3.521.391.57

.37

.52

.603.20

.76

.13

.132.252.25

3.871.861.591.001.001.003.081.48

.50

.502.752.75

3.151.181.751.501.501.502.501.251.001.001.251.251.251.251.25

1.251.251.251.251.251.251.251.251.251.251.25

NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics% Table 172,pp. 656-661, and for description of statistics see pp. 571-572 in same publication.

MARCH 1945


COMMERCIAL BANKS

United Kingdom 1

(11 London clearing banks.Figures in millions of

pounds sterling)

1938—December.1939—December.1940—December.1941—December.1942—December.1943—December.

1944—January...February..MarchAprilMayJuneJulyAugustSeptemberOctober...November.December.

Assets

Cashreserves

243274324366390422

416414423430418427426439443453460500

Money atcall and

shortnotice

160174159141142151

157150155164173185188205191191205199

Bills dis-counted

250334265171198133

138124113149174202213211209170198147

Treasurydepositreceipts2

" "314758896

1,307

1,3051,2641,3311,3141,3101,2461,3101,3371,4441,5671,5481,667

Securities

635609771999

1,1201,154

1,1491,1411,1361,1521,1611,1691,1751,1801,1831,1721,1921,165

Loans tocustomers

9711,015924823794761

754761781762765784765750744744748772

Otherassets

263290293324325349

288287290285292327289283282291292347

Liabilities

Deposits

Total

2,2542,4412,8003,3293,6294,032

3,9623,8973,9884,0174,0514,1004,1214,1614,2514,3424,3984,545

Demand3

1,2561,3981,7702,1682,4292,712

2,6502,5832,6522,6722,7042,7302,7442,7752,8272,8762,922

Time3

9971,0431,0301,1611,2001,319

1,3121,3141,3361,3451,3471,3701,3771,3861,4241,4671,475

Otherliabilities

269256250253236245

245243242240242240244243244245245250

Assets Liabilities

Canada

(10 chartered banks. End ofmonth figures in millions

of Canadian dollars)

1938—December.1939—December.1940—December.1941—December.J 942—December.1943—December.

1944—January...February..MarchAprilMayJuneJulyAugust —SeptemberOctober...November.December.

Entirely in Canada

Cashreserves

263292323356387471

491486468510525526545569575597586550

Securityloans

655340323148

535241428171636156568192

Otherloans

and dis-counts

9401,0881,1081,1691,1681,156

1,0851,003

982920

1,1751,1041,0631,002

976992

1,2751,211

Securityloans

abroadand net

due fromforeignbanks

166132159168231250

229227210212275294218215224236236214

Securities

1,4631,6461,5311,7592,2932,940

2,9502,9943,1563,3903,3743,3583,3883,3683,4503,6223,5773,611

Otherassets

Notecircula-

tion

535612570653657744

674664732669712856755755761757774782

8580716042

41403938373635

4353434

Deposits payable in Canadaexcluding interbank deposits

Total

2,5002,7742,8053,1053,6574,395

4,2734,2164,3684,5064,8504,8364,7164,6674,7264,9575,2215,137

Demand

8401,0331,1631,4361,9842,447

2,2472,0932,1432,2532,7562,6412,4512,2972,2622,4682,8772,714

Time

1,6601,7411,6411,6691,6731,948

2,0262,1242,2252,2542,0942,1952,2652,3702,4642,4892,3432,423

Otherliabilities

843963846962

1,0491,172

1,1671,1701,1821,1981,2561,3391,2821,268

41,2821,2691,2731,289

France

(4 large banks. End of monthfigures in millions

of francs)

1938—December. .1939—December .1940—December5.1941—December..1942—December..

1943—February...MarchAprilMayJuneJulyAugustSeptember.October . . .November..December..

1944—January

Cashreserves

3,7564,5996,2586,5897,810

6,7106,8136,7207,1326,6326,7706,4866,9357,1337,2038,548

7,510

Due frombanks

4,0603,7653,5463,4763,458

3,8353,8033,6653,7503,8513,7953,7863,8323,8773,9604,095

4,125

Bills dis-counted

21,43529,54644,24361,89773,917

73,47874,66477,92281,62080,27683,36282,68585,07988,28986,75490,897

90,024

Loans

7,5927,5467,9848,28010,625

11,74915,24515,04314,98015,51814,69614,64414,08414,21514,56114,191

13,737

Otherassets

1,9402,4401,9992,0332,622

1,4351,5361,6501,7501,8692,0242,2062,2282,4482,6532,935

1,676

Liabilities

Deposits

Total

33,57842,44358,89076,67591,549

91,79296,43199,152103,272102,047103,596102,602104,830108,368107,200112,732

110,485

Demand

33,04241,87258,41375,76491,225

91,45295,78398,419102,437101,118102,578101,525103,657107,100105,811111,191

108,883

Time

537571477912324

340648733836929

1,0171,0781,1731,2681,3901,541

1,601

Ownaccept-ances

721844535413462

433426387397383321347341411404428

Otherliabilities

4,4844,6094,6045,1876,422

4,9825,2055,4615,5635,7166,7306,8596,9877,1827,3267,506

6,168

1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported byindividual banks for days, varying from bank to bank, toward the end of the month.

•eportmgpnnow omitted from "Other liabilities."

s Figures for three banks only. Data for Credit Industriel et Commercial not available September 1940-March 1941.NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for description of

statistics see pp. 566-571 in same publication.



FOREIGN EXCHANGE RATES[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]

1Year or month

19371938193919401941.194219431944

1944—FebMarAprMayJuneJulyAugSeptOctNovDec

1945—Jan

Year or month

19371938193919401941194219431944

1944—Feb.......MarAprMayJuneJulyAugSeptOctNovDec

1945—Jan

Year or month

19371938193919401941194219431944

1944—FebMarAprMayJune . . . .JulyAugSeptOctNovDec

1945—Jan

Argent ina(peso)

Official

32.95932.59730.85029.77329.77329.77329.77329.773

29.77329.77329.77329.77329.77329.77329.77329.77329.77329.77329.77329.773

Colom-bia

(peso)

56.72655.95357.06157.08557.00457.05257.26557.272

57.27757.27757.27757.27757.27757.27757.27757.27757.27757.27257.22057.180

Norway(krone)

24.84024.56623.226

222.709

SpecialExport

223.70423.70424.73225.125

25.12525.12525.12525.12525.12525.12525.12525.12525.12525.12525.12525.125

Czecho-slovakia(koruna)

3.49303.4674

23.4252

Poland(zloty)

18.92318.860

218.835

Austral ia(pound)

Official

2322.80322.80322.80322.80322.80

322.80322.80322.80322.80322.80322.80322.80322.80322.80322.80322.80322.80

Den-mark(krone)

22.06921.82520.346

219.308

Portu-gal

(escudo)

4.47924.42674.03753.7110

24.0023

Free

393.94389.55353.38305.16321.27321.50

2321.50

Fin-land

(mark-ka)

2.18112.15671.99481.8710

22.0101

Ruma-nia(leu)

.7294

.73257111

2.6896

Bel-gium

(belga)

16.87616.89416.852

216.880

France(franc)

4.04602.87812.5103

22.0827

SouthAfrica(pound)

489.62484.16440.17397.99398.00398.00398.00398.00

398.00398.00398.00398.0C398.00398.00398.00398.00398.00398.00398.00398.00

Brazil(cruzeiro1)

Official

8.64375.84386.00276.05626.05756.05846.05866.0594

6.05866.05866.05866.05866.05876.05986.06026.06026.06026.06026.06026.0602

Ger-many(reichs-mark)

40.20440.16440.06140.021

239.968

Spain(peseta)

6.0535.600

10.6309.322

Free

6.1983

5^02145.07055.14275.12805.1469

5.12755.12755.12755.12755.12755.12755.15295.18035.18035.18035.18035.1803

Greece(drach-

ma)

.9055

.8958

.81532.6715

StraitsSettle-ments(dollar)

57.97356.91751.73646.97947.133

246.919

BritishIndia

(rupee)

37.32636.59233.27930.15530.13730.12230.12230.122

30.12230.12230.12230.12230.12230.12230.12230.12230.12230.12230.12230.122

HongKong

(dollar)

30.69430.45727.45422.958

224.592

Sweden(krona)

25.48725.19723.99123.802

223.829

Bul-garia(lev)

1.28461.2424

Hun-gary

(pengo)

19.77919.72719.23818.475

219.770

Switz-erland(franc)

22.93822.87122.52522.676

223.210

Canada (dollar)

Official

290.90990.90990.90990.90990.909

90.90990.90990.90990.90990.90990.90990.90990.90990.90990.90990.90990.909

Italy(lira)

5.26075.26055.19595.0407

25.0703

Free

100.00499.41996.01885.14187.34588.37989.97889.853

89.58689.32689.96990.50790.40390.17890.00389.35689.73689.83689.74789.968

Japan(yen)

28.79128.45125.96323.436

223.439

United Kingdom(pound)

Official

403150403.50403.50403.50

403.50403.50403 50403.50403.50403 50403.50403.50403.50403.50403.50403.50

Free

494.40488.94443.54383.00403.18403.50

2403.50

Chile (peso)

Official

5.16975.17165.17275.1668

25.1664

Mexico(peso)

27.75022.12219.30318.54620.53820.56920.57720.581

20.58220 58220.58220.58220.58220 57620.58020 58120.58220.58220.58220.582

Export

24.00004.00004.00004.0000

24.0000

Neth-erlands(guild-

er)

55.04555.00953.335

253.128

Uruguay(peso)

Con-trolled

79.07264.37062.01165.83065.83065.83065.83065.830

65.83065.83065.83065.83065.83065.83065.83065.83065.83065.83065.83065.830

Non-con-

trolled

236\789'37.60143.38052.72352.85553.506

52.94552.95452.96152.96452.96253.42154.20054.18554.18554.18954.19654.197

China(yuan

Shang-hai)

29.60621.36011.8796.000

25.313

NewZea-land

(pound)

396.91392.35354.82306.38322.54322.78324.20324.42

324.42324.42324.42324.42324.42324.42324.42324.42324.42324.42324.42324.42

Yugo-slavia(dinar)

2.30602.31152.27162.2463

1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "rriilreis."2 Average of daily rates for that part of the year during which quotations were certified.NOTE.—For back figures, see Banking and Monetary Statistics, Tableo ,_ . . „ „ , __.jle 173, pp. 662-682. For description of statistics see pp. 572-573 in same publica-

tion, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943, p. 201, andFebruary 1944, p. 209.

MARCH 1945 189


PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES—ALL COMMODITIES

[Index numbers]

Year or month

1926

1932 .19331934193519361937..1938193919401941194219431944

1944—JanuaryFebruaryMarchAprilM a yJuneJulyAugustSeptemberOctoberNovemberDecember

1945—January

Uni tedStates

(1926=100)

100

6566758081867977798799

103104

103104104104104104104104104104104105105

Canada

(1926=100)

100

6767727275857975839096

100103

103103103103103103103102102102102103

Uni tedKingdom

(1930=100)

U24

8686888994

109101103137153159163166

164165165166166166167168167167167167

P167

France

(1913=100)

695

427398376338411581653

2 681

Germany

(1913 = 100)

134

979398

102104106106107110112114116

117117117118118118119118118118

Italy

(1928=100)

7063626876899599

116132

Japan(October

(1900=100)

237

161180178186198238251278311329

^396

H00p420^412HI 7

Nether-lands

(1926-30= 100)

106

6563636264767274

3 88

Sweden

(1935 = 100)

1126

i 92i 90i 96

100102114111115146172189196196

195195195195197197198197196195195195

Switzer-land

(July 1914= 100)

144

9691909096

111107111143184210218

221221223223223223224224223

P222

p Preliminary.1 Approximate figure, derived from old index (1913=100).2 Average based on figures for 8 months; no data available since August 1939, when figure was 674.3 Average based on figures for 5 months; no data available since May 1940, when figure was 89.Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.

WHOLESALE PRICES—GROUPS OF COMMODITIES

[Indexes for groups included in total index above]

Year or month

1926

1932193319341935193619371938193919401941..194219431944


1945—January,

United Sta tes(1926=100)

Farmproducts

100

48516579818669656882

106123123

122123124123123125124123123123124126126

Foods

100

61617184828674707183

100107105

105105105105105107106105104104105106105

Othercommod-

ities

100

70717878808582818389969799

98989898999999999999999999

Canada(1926=100)

Farmproducts

100

485159646987746467718396

103

104104105104102102102101101103103103

^104

Raw andpartlymanu-

facturedgoods

100

555764667184736775829099

104

104105105105104104104104103103103104

*>104

Fully andchieflymanu-

facturedgoods

100

70707373748178758289929394

949*94949494939494949494

P94

Uni ted Kingdom(1930=100)

Foods

8883858792

1029797

133146158160158

159159158158158158161159157156156157

Indus-trial

products

8587909096

112104106138156160164170

166167168169170170170172172172

r173173

Agricul-tural

products

129

918796

102105105106108111112115119

119119121122122122125124122

Germany(1913=100)

Indus-trial rawand semi-finishedproducts

130

898891929496949599

100102102

103103103103103102102102102

Indus-trial fin-

ishedproducts

150

118113116119121125126126129133134135

136136136136136136136136137

v Preliminary. r Revised.Sources.—See BULLETIN for May 1942, p . 451; March 1935, p . 180; and March 1931, p . 159.

Z9O FEDERAL RESERVE BULLETIN


PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—ContinuedRETAIL FOOD PRICES COST OF LIVING

[Index numbers]

Year or month

19341935193619371938193919401941194219431944

1944—January...February..MarchAprilMayJuneJulyAugustSeptember.October.. .November.December.

1945—January...

UnitedStates(1935-39

= 100)

94100101105989597

106124138136

136135134135136136137138137136137137137

Can-ada

(1935-39100)

939598103104101106116127131131

132131131132132131132132131131132131

p130

UnitedKing-dom(July1914

= 100)

122125130139141141164168161166168

168168168168168168169170169168168168168

Ger-many1913-14= 100)

Nether-lands

(1911-13100)

118120122122122123128129132134

135135136138138139146143137

Switz-erland

(June1914

= 100)

1241181201271301302140

115114120130130132146175200211

213214214215215216217216215

[Index numbers]

Year or month

19341935.1936193719381939..19401941..194219431944

1944—JanuaryFebruary...MarchAprilMayJuneJulyAugustSeptember.October . . .November..December..

1945—January...

UnitedStates(1935-39= 100)

969899

10310199

100105117124126

124124124125125125126126127127127127127

Can-ada

(1935-39= 100)

969698

101102102106112117118119

119119119119119119119119119119119119

*>119

UnitedKing-dom(July1914

= 100)

141143147154156158184199200199201

199200200200200200201202202201201201202

Ger-many

(1913-14= 100)

121123125125126126130133137139

139140140140141142146144141

Nether.lands

(1911-13= 100)

140136

*132137139140

3148

Switz-erland(June1014.

= 100)

129128130137137138151174193203

^208

206206206207208208209208208

*>208^208p208

p P r e l imina ry .1 Revised index from March 1936 (see B U L L E T I N for Apri l 1937, p . 373).2 Average based on figures for 3 m o n t h s ; no d a t a avai lable since March 1940, when figure was 141.3 Average based on figures for 5 m o n t h s ; no d a t a avai lable since M a y 1940, when figure was 149.Sources.—See B U L L E T I N for M a y 1942, p . 451; October 1939, p . 943; and Apri l 1937, p . 373.

SECURITY PRICES[Index numbers except as otherwise specified]

Year or month

Number of issues

1926....

19341935193619371938193919401941.194219431944

1944—JanuaryFebruaryMarch. ..AprilMayJuneJulyAugustSeptember.OctoberNovemberDecember..

1945—January

Bonds

UnitedStates(derivedprice)l

15

90.1

98.2105.5109.5

hlO.2111.1113.8115.9117.8118.3120.3120.9

120.5120.4120.5120.7120.9120.9121.3121.2121.2121.1120.9121.4121.6

UnitedKingdom(December1921 = 100)

87

110.0

127.5129.9131.2124.6121.3112.3118.3123.8127.3127.8127-5

127.4127.6127.3127.1127.0127.2127.3127.2127.6127.9127.9128.1

France(1913 = 100)

36

57.4

82*183.576.375.177.383.9

684.7*>98.7

6100.1

Germany(averageprice)2

2 139

90.7^ . l95.898.799.999.0

100.7103.0

6103.3

Nether-lands 3

8

113.4107.8109.1

3101.8105.990.9

777.984.394.798.5

102.1102.7

Common stocks

UnitedStates(1935-39

= 100)

402

105.6

76.682.9

117.5117.588.294.288.180.069.491.999.8

94.694.496.695.197.2

101.5104.3102.7100.7103.5102.7104.7108.4

(1926=100)

UnitedKingdom

278

100.0

85.786.397.096.380.875.970.872.575.384.588.6

86.286.987.187.288.089.390.390.688.889.190.190.1

France

300

100.0

83.379.777.297.489.798.3

6120.69289.7P476

Germany

( 4 )

100.0

71.182.991.6

102.6100.194.1

114.6136.8142.1145.0

145.2145.3145.6145.8145.8145.7145.5145.1145.0145.2

Nether-lands

(1930=100)

100

555566

104.295.889.7

8 95.0129.0131.5151.0

152.3152.5

p Preliminary.1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds

for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same forboth series. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United Statessee Banking and Monetary Statistics, Table 130, p . 475, and Table 133, p. 479.

2 Since Apr. I, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 43^ per cent. The series prior to thatdate is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.

3 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 percent. For new index beginningJanuary 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent.

4 This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was down to 287.5 Average Apr .-Dec. only. Average Jan.-Mar. on old basis was 95.9. 6 Average based on figures for 5 months; no data available June-Dec.7 Average based on figures for 7 months; no data available May-Sept. 8 Average based on figures for 9 months; no data available May-July.9 Average based on figures for 10 months; no data available Jan.-Feb.Sources.-- See BULLETIN for November 1937, p . 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.

MARCH 1945 z 9 i


OF THE FEDERAL RESERVE SYSTEM

MARRINER S. ECCLES, Chairman

M. S. SZYMCZAKJOHN K. MCKEE

RONALD RANSOM, Vice Chairman

ERNEST G. DRAPERR. M. EVANS

ELLIOTT THURSTON, Assistant to the Chairman

OFFICE OF THE SECRETARYCHESTER MORRILL, SecretaryS. R. CARPENTER, Assistant SecretaryBRAY HAMMOND, Assistant Secretary

LEGAL DIVISIONWALTER WYATT, General CounselJ. P. DREIBELBIS, General AttorneyGEORGE B. VEST, Assistant General AttorneyJ. LEONARD TOWNSEND, Assistant General Attorney

DIVISION OF RESEARCH AND STATISTICSE. A. GOLDENWEISER, Economic AdviserWOODLIEF THOMAS, DirectorHOWARD S. ELLIS, Assistant Director

DIVISION OF EXAMINATIONSLEO H. PAULGER, DirectorC. E. CAGLE, Assistant DirectorWILLIAM B. POLLARD, Assistant Director

DIVISION OF BANK OPERATIONSEDWARD L. SMEAD, DirectorJ. R. VAN FOSSEN, Assistant DirectorJ. E. HORBETT, Assistant Director

DIVISION OF SECURITY LOANSCARL E. PARRY, DirectorBONNAR BROWN, Assistant Director

DIVISION OF PERSONNEL ADMINISTRATIONROBERT F. LEONARD, Director

DIVISION OF ADMINISTRATIVE SERVICESLISTON P. BETHEA, DirectorFRED A. NELSON, Assistant Director

OFFICE OF ADMINISTRATOR FOR WAR LOANSEDWARD L. SMEAD, AdministratorGARDNER L. BOOTHE, II , Assistant Administrator

FISCAL AGENTO. E. FOULK, Fiscal AgentJOSEPHINE E. LALLY, Deputy Fiscal Agent

OPEN MARKET COMMITTEEMARRINER S. ECCLES, ChairmanALLAN SPROUL, Vice ChairmanERNEST G. DRAPERR. M. EVANSRAY M. GIDNEYR. R. GILBERTH. G. LEEDYJOHN K. MCKEERONALD RANSOMM. S. SZYMCZAKALFRED H. WILLIAMS

CHESTER MORRILL, SecretaryS. R. CARPENTER, Assistant SecretaryWALTER WYATT, General CounselJ. P. DREIBELBIS, Assistant General CounselE. A. GOLDENWEISER, EconomistJAMES C. DOLLEY, Associate EconomistC. O. HARDY, Associate EconomistK. H. MACKENZIE, Associate EconomistC. A. SIENKIEWICZ, Associate EconomistJOHN H. WILLIAMS, Associate EconomistROBERT G. ROUSE, Manager of System Open Market

A ccount

FEDERALADVISORY COUNCIL

CHAS. E. SPENCER, JR., BOSTON DISTRICT

Vice President

JOHN C. TRAPHAGEN, NEW 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,

President

RALPH C. GIFFORD,

JULIAN B. BAIRD,

A. E. BRADSHAW,

CHICAGO DISTRICT

ST. LOUIS DISTRICT

MINNEAPOLIS DISTRICT

KANSAS CITY DISTRICT

DALLAS DISTRICT

GEORGE M. WALLACE, SAN FRANCISCO DISTRICT

WALTER LICHTENSTEIN, Secretary


ED. H. WINTON,


CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS

Federal ReserveBank of

Chairman1

Deputy ChairmanPresident

First Vice PresidentVice Presidents

Boston

New York.. ..

Philadelphia.. . .

Cleveland. .

Richmond

Atlanta

Chicago

St. Louis

Minneapolis... .

Kansas City.. . .

Dallas

San Francisco...

Albert M. CreightonHenry S. Dennison

Beardsley RumlWilliam I. Myers

Thomas B. McCabeWarren F. Whittier

George C. BrainardReynold E. Klages

Robert LassiterW. G. Wysor

Frank H. NeelyJ. F. Porter

Simeon E. LelandW. W. Waymack

Wm. T. NardinDouglas W. Brooks

W. C. CoffeyRoger B. Shepard

Robert B. CaldwellRobert L. Mehornay

Jay TaylorJ. R. Parten

Henry F. GradyHarry R. Wellman

Ralph E. FlandersWilliam Willett

Allan SproulL. R. Rounds

Alfred H. WilliamsFrank J. Drinnen

Ray M. GidneyReuben B. Hays

Hugh LeachJ. S. Walden, Jr.

W. S. McLarin, Jr.Malcolm H. Bryan

C. S. YoungH. P. Preston

Chester C. DavisF. Guy Hitt

J. N. PeytonO. S. Powell

H. G. LeedyHenry O. Koppang

R. R. GilbertW. D. Gentry

Wm. A. DayIra Clerk

E. G. HultJ. C. Hunter2

J. W. JonesL. W. KnokeWalter S, LoganA. PhelanJ. M. Rice

W. J. DavisE. C. Hill

Wm. H. FletcherJ. W. KossinA. H. Laning3

J. G. FryGeo. H. Keesee2

V. K. BowmanL. M. Clark

Allan M. Black2

Neil B. DawesJ. H. DillardCharles B. Dunn

O. M. AtteberyHenry H. Edmiston

A. W. Mills2

Otis R. PrestonE. W. Swanson

O. P. CordillL. H. Earhart

E. B. Austin3

R. B. ColemanW. J. Evans

C. E. EarhartJ. M. Leisner2

Carl B. PitmanO. A. Schlaikjer

H. V. RoelseRobert G. RouseJohn H. WilliamsV. WillisR. B. Wiltse

C. A. Mcllhenny3

C. A. Sienkiewicz

B. J. LazarK. H. MacKenzieW. F. Taylor

R. W. MercerEdw. A. Wayne

H. F. Conniff

E. C. HarrisJohn K. LangumO. J. NetterstromA. L. OlsonAlfred T. Sihler

Wm. E. PetersonC. M. Stewart

Sigurd UelandA. R. UpgrenHarry I. Ziemer

C. O. HardyG. H. PipkinD. W. Woolley3

W. O. FordW. H. HollowayL. G. Pondrom

H. N. MangelsH. F. Slade

OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS


New York. .Cleveland

Richmond

Atlanta.

ChicagoSt. Louis.

Branch

BuffaloCincinnatiPittsburghBaltimoreCharlotteBirminghamJacksonvilleNashvilleNew OrleansDetroitLittle RockLouisvilleMemphis

Chief Officer

I. B. Smith4

B. J. Lazar5

J. W. Kossin5

W. R. Milford4

W. T. Clements4

P. L. T. Beavers4

Geo. S. Vardeman, Jr.4Joel B. Fort, Jr.4E. P. Paris4

E. C. Harris5

A. F. Bailey4

C. A. Schacht4

W. H. Glasgow4


Minneapolis

Kansas City

Dallas...

San Francisco. ..

Branch

Helena

DenverOklahoma CityOmaha

El PasoHoustonSan Antonio

Los AngelesPortlandSalt Lake CitySeattle

Chief Officer

R. E. Towle4

G. H. Pipkin5

O. P. Cordill5L. H. Earhart5

J. L. Hermann6

L. G. Pondrom5

W. H. Holloway5

W. N. Ambrose4

D. L. Davis4

W. L. Partner4

C. R. Shaw4

1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Managing Director. 5 Vice President. 6 Manager

MARCH 1945 2-93


FEDERAL RESERVE SYSTEMBOUNDARIES OF FEDERAL RESERVE DISTRICTS

AND THEIR BRANCH TERRITORIES

= s BOUNDARIES OF FEDERAL RESERVE DISTRICTS

— BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE. SYSTEM

<§) FEDERAL RESERVE BANK CITIES

• FEDERAL RESERVE BRANCH CITIES

BOARD OF GOVERNORS OF THE. FEDERAL RESERVE SrSTEM


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