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FEDERAL RESERVE
BULLETINMARCH 1941
OF THE FEDERAL RESERVE SYSTEM
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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)
Subscription Price of Bulletin
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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
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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
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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
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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
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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
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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.
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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
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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.
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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
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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.
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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
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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.
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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
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RESERVE POSITION OF FEDERAL RESERVE BANKS
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
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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
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RESERVE POSITION OF FEDERAL RESERVE BANKS
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.
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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
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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-
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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
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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.
FEDERAL RESERVE BULLETIN
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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.
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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
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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
Foreign Funds Control
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
Foreign Funds Control
February 2., 1945
AMENDMENT TO GENERAL LICENSE NO. 32A
Under Executive Order No. 8389, as Amended, Executive Order
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
Foreign Funds Control
February 16, 1945
AMENDMENT TO GENERAL RULING NO. I I
Under Executive Order No. 8389, as Amended, Executive Order
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,
Acting Secretary of the Treasury.
Treasury Department
Foreign Funds Control
February 16, 1945
PUBLIC CIRCULAR NO. 2.6
Under Executive Order No. 8389, as Amended, Executive Order
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,
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. 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
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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
FEDERAL RESERVE BULLETIN
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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
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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.
FEDERAL RESERVE BULLETIN
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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
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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.
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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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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:
Jan. 24Jan. 31Feb. 7Feb.14Feb.21
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
FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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:
Jan. 24Jan. 31Feb. 7Feb.14Feb. 21
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.:
Jan. 24Jan. 31Feb. 7Feb.14Feb.21
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:
Jan. 24Jan. 31Feb. 7Feb.14Feb.21
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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:
Jan. 24Jan. 31Feb. 7Feb.14Feb.21
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:
Jan. 24Jan. 31Feb. 7Feb.14Feb. 21
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
[In millions of dollars]
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
1944—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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 . . . .
1938—JuneDecember . . . .
1939—JuneDecember
1940—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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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 311944—June 30
December 30e
All commercial b a n k s :1934—June 301937—June 301940—December 311941—December 311942—June 30
December 311943—June 30
December 311944—June 30
December 30e
All insured commercial banks :1934—Tune 301937—June 301940—December 311941—December 311942—June 303
December 311943—June 30
December 311944—June 30
All member b a n k s :1934—June 301937—June 301940—December 311941—December 312
• 1942—June 303
December 311943—June 30
December 311944—June 30
December 30
All na t iona l b a n k s :1934—June 30I937—June 301940—December 311941—December 311942—June 30
December 311943—June 30
December 311944—June 30
December 30
Sta te member banks :1934—June 301937—June 301940—December 311941—December 312
1942—June 303
December 311943—June 30
December 311944—June 30
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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 311943—June 30
December 311944—June 30
December 30e
Insured nonmember commercialbanks :
1934—June 301937—June 301940—December 311941—December 311942—June 30
December 311943—June 30
December 311944—June 30
Noninsured nonmember commercialbanks :
1934—June 301937—June 301940—December 311941—December 311942—June 304
December 311943—June 30
December 311944—June 30
All m u t u a l savings banks :1934—June 301937—June 301940—December 311941—December 312
1942—June 30December 31
1943—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
1942—June 30December 31
1943—June 30December 31
1944—June 30
NJoninsured mutua l savings banks :1934—June 301937—June 301940—December 311941—December 311942—June 30
December 311943—June 30
December 311944—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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*LOANS AND INVESTMENTS
[In millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—ContinuedRESERVES AND LIABILITIES
[In millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Indi-vid-uals,part-ner-
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
polit-icalsub-divi-sions
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Indi-vid-uals,part-ner-
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
polit-icalsub-divi-sions
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
polit-icalsub-divi-sions
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL PAPER AND BANKERS' ACCEFrANCES OUTSTANDING[In millions of dollars]
End of month
Commer-cial
paperout-
standing1
Dollar acceptances outstanding
Totalout-
standing
1943—OctoberNovemberDecember
1944—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
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.
FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1943—MarchJuneSeptemberDecember
1944—MarchJuneSeptemberDecember
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
1942 average1943 average1944 average
1944—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1942 average1943 average1944 average
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Retire-ment ofsecuri-
ties
Allotherpur-
Industrial
Totalnetpro-
ceeds
Newmoney
Retire-ment ofsecuri-
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONSINDUSTRIAL CORPORATIONS
[In millions of dollars]
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.
z56 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1944—JanFebMarAprMayJuneJulyAugSeptOctNovDec
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
z58 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Fiscal year ending:June 1942June 1943June 1944
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
Fiscal year ending:June 1942June 1943June 1944
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS INDEXES
Year andmonth
1919192019211922192319241925192619271928192919301931193219331934193519361937 .1938193919401941 \[/m.......19421 9 4 3 . . ' . ' . . . . ' . . . ' .1944. ''...'...'.
1941JuneJulyAugustSeptemberOctoberNovemberDecember
1942JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1943JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember . . . .OctoberNovember. . . .December
1944JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued(Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION, BY INDUSTRIES{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
z66 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1941—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1942—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1943—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1944—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
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.
2-68 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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]
Federal Reserve district
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.
1944—JanFebMarAprMayJuneJulyAugSeptOctNovDec
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
[In millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
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
[In millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPARTMENT STORE STATISTICS[Based on value figures]
MONTHLY INDEXES OF SALES[1935-39 average = 100]
Year and month
19191920192119221923192419251926192719281929193019311932193319341935193619371938....1939....19401941194219431944
SEASONALLYADJUSTED
1943—FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1944—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1945—January....
UNADJUSTED
1943—FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1944—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1945—January...
UnitedStates
83999294
1051051101131141151171089775738388
10010799
106114133150168186
192163159158167172165162174181165
175175185172181175192187183194210193
200
155144164155155127139174186215273
7'138142170172178163142157196209248320
Federal Reserve district
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
2-74 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1944—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
1945—January**
Volume extended duringiij.un.Lii •
1943—December..
1944—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
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
1944JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1944—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
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.
FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
In billions of dollars
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
In billions of dollars
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.
2-78 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Central Bank(Figures as of last report
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued
Central Bank(Figures as of last report
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
OtherOther liabilities
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
OtherOther liabilities
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
Central Bank(Figures as of last report
date of month)
1945
Jan.
Bank of Spain (millions of pesetas):Gold 'SilverGovernment loans and securities...Other loans and discountsOther assetsNote circulationDeposits—Government
OtherOther liabilities
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
OtherOther liabilities
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
OtherOther liabilities
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
z86 FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1944—JanFebMarAprMayJuneJulyAugSeptOctNovDec
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
FEDERAL RESERVE BULLETIN
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1944—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
FEDERAL RESERVE BULLETIN
ED. H. WINTON,
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Federal ReserveBank of
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
Federal ReserveBank of
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
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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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