BULLETIN FEDERAL RESERVE NOVEMBER 194! BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Transcription

1 FEDERAL RESERVE BULLETIN NOVEMBER! BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

2 EDITORIAL COMMITTEE ELLIOTT THURSTON E. A. GOLDENWEISER CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations opinions expressed, except in official statements signed articles. CONTENTS Review of the Month Wartime Monetary Expansion Postwar Needs Ownership of Dem Deposits.. IIOO-IIOI Loans for War Purposes, by Gerald M. Conkling Member Bank Earnings, First Half of 0 Publication of Postwar Economic Studies No. 07 Current Events 08 The Federal Register 08 National Summary of Business Conditions 0-0 Financial, Industrial, Commercial Statistics, U.S. (See p. mi for list of tables).. - International Financial Statistics (See p.. for list of tables).-7 Board of Governors Staff; Open Market Committee Staff; Federal Advisory Council 80 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 8 Map of Federal Reserve Districts 8. Federal Reserve Publications (See inside of back cover) PAGE Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundl (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, Venezuela, is $.00 per annum, or cents per copy; elsewhere, $.0 per annum or cents per copy. Group subscriptions in the United States for 0 or more copies to one address, cents per copy per month, or $. for months.

3 FEDERAL RESERVE BULLETIN VOLUME November NUMBER II WARTIME MONETARY EXPANSION AND POSTWAR NEEDS Bank deposits currency held by individuals businesses exped by almost 70 billion dollars as a result of financing the war are now more than double the level. In addition, holdings by these groups of United States Government securities, which *may readily be converted into money, have increased an additional 70 billion dollars. There will be further increases as a result of the current Victory Loan. The magnitude of the wartime expansion in these holdings is indicated on the chart, which shows amounts outst- R0SS NATIONAL PRODUCT AND INDIVIDUAL AND CORPORATE HOLDINGS OF CASH AND GOVERNMENT SECURITIES IONS OF DOLLARS Figures for gross national product are annual totals, -8; semi-annual, through first half of ; quarterly for last half of ; all figures are expressed on an annual basis. Sources: - 8, Department of Commerce estimates based on National Bureau of Economic Research estimates of the production of finished goods; -, Federal Reserve BULLETIN, September, p. ; - (first half), Department of Commerce estimates; last two quarters of, preliminary estimates made by Federal Reserve. Figures for individual corporate holdings of cash Government securities are for, -8;, ; latest figures are preliminary estimates for September,. All figures are estimated by Federal Reserve on basis of banking corporation data from various sources; see BULLETIN, pp. -. ing compares them with the dollar value of the country's annual gross product during the past years. Expansion of money Government security holdings is an almost inevitable result of war. Every country engaged in the war experienced a similar rise. Individuals corporations received large incomes, a considerable part of which they could not spend. They were free to decide whether to hold their funds in the form of currency or deposits, or to invest them in Government securities or in other ways. The role of commercial banks was to purchase such securities as were issued by the Government not acquired by other investors; by doing this the banks added to the money supply enabled the public to keep in cash or as deposits the part of their excess earnings that they did not choose to invest in Government securities. The Federal Reserve Banks in turn purchased such amounts as were necessary to maintain bank reserves at the required level. In the aggregate, a little more than 0 per cent of the Government's wartime expenditures were met out of tax revenues, Z per cent by borrowing from nonbank investors, z8 per cent through securities purchased by the banks, including savings institutions. WARTIME NEEDS FOR MONEY Wartime expansion in deposits currency reflected in part the increased require- NOVEMBER 0

4 REVIEW OF THE MONTH ments in part the preferences of individuals businesses in an exping economy. With increased incomes business volumes there was need for larger cash holdings. During the early years of the defense preparation war, the growth in deposits currency was not as great as the increase in the total value of the national product, but since cash holdings have exped more rapidly than gross product. The relationship of the volume of deposits currency holdings to production incomes is shown on the chart. Average deposit currency holdings of individuals businesses were about 0 per cent of the gross national product during the period -, a higher figure than prevailed in the.0's when business was more active. By. this ratio had declined to about per cent, but by the third quarter of it had increased to over per cent. With the decrease in production income following termination of the war, even though there should be little further increase in the amount of deposits, the ratio will be about per cent by the end of. In addition to growing cash needs commensurate with exping business income payments, there were other special wartime factors operating to increase the desire of the public for holding cash other liquid assets. The growth of tax liabilities, especially those of corporations, the inability to make capital expenditures equivalent to current allowances for depreciation, the absence of many consumer goods from the market all tended to encourage businesses individuals to accumulate liquid assets in order to have funds readily available for use when the situation changed. In addition, the uncertain prospects for income, employment, sales 0. gave money holders an added reason for maintaining a degree of liquidity not normally required. While monetary expansion in the war period has been at least equal to probably in excess of all of these needs, this has been the inevitable result of providing all the financing needed for effective prosecution of the war at a low stable level of interest rates. During this period excessive use of the available supply of money undue inflation of prices have been avoided by the imposition of direct controls, such as price ceilings, priorities, allocations, rationing, by inability to secure many goods, by voluntary restraints on spending. Termination of the war has brought changes in the financial needs both of the Government of the rest of the economy. Government deficits borrowings will shrink sharply from war levels; businesses individuals will be less restricted in ability to use funds available to them; the volume of economic activity will be somewhat smaller; needs for a high degree of liquidity will be lessened. With the decreased need for liquidity there will be an opportunity to channel savings more into nonmonetary forms. This will help the Government to meet the recurring problem of refunding the public debt to secure the funds necessary to offset the redemption of savings bonds tax notes turned in to discharge tax liabilities for other purposes. OWNERSHIP OF DEPOSITS AND CURRENCY Increased holdings of deposits currency during the war have been widely distributed among different groups of holders. Almost all groups have had substantial increases in holdings of dem deposits, particularly those groups in which large FEDERAL RESERVE BULLETIN

5 REVIEW OF THE MONTH deferred capital consumption expenditures are to be expected. The most recent Federal Reserve survey of dem deposit ownership, elsewhere reported in this BUL- LETIN summarized in the following table, shows that manufacturing mining businesses have increased their holdings by 8 per cent since trade concerns have increased theirs by 7 per cent. Personal holdings are up 0 per cent. Although estimates of farmer ownership over the whole period are not available, it appears that expansion of farmers' deposits has been even more rapid. The only important group not reporting deposit gains are insurance companies, which have generally kept their funds fully invested. domestic business OWNERSHIP OF DEMAND DEPOSITS [Estimates, in billions of dollars] Nonfinancial business total Manufacturing mining... Public utilities Trade... nonfinancial Financial business total... Insurance companies financial Personal Farmers s Trust funds Nonprofit associations Foreigners.., ^ p Preliminary. Figures not available. Excludes foreign banks governments. Dec I - 7. Dollar change Amount outsting Percentage change In addition to holdings of dem deposits, shown in the table, there have been substantial increases in currency in time deposits, which are largely held by individuals. The amount of currency in circulation outside of banks has increased from about billion dollars in to x billion at present. Time deposits exped more slowly than dem deposits currency in the early years of the war but have increased more rapidly in the past two years. Since all time deposits, including those of mutual savings banks postal savings deposits as well as those at commercial banks, have exped from x8 billion dollars to 7 billion. It is estimated that total holdings of deposits currency by individuals, excluding unincorporated businesses, have grown from billion dollars at the end of to about billion at the end of September. BASIS OF MONETARY EXPANSION Principal banking factors accounting for changes in the amount of bank deposits currency during the war are shown in the following table. While ultimate decisions as to amounts of deposits currency that may be held rest with businesses individuals, the banking mechanism makes it possible to effectuate these decisions also influences them. In the absence of an increase in the country's gold stock, or the payment of Government expenses through the direct issuance of currency, deposits currency can increase only as the result of an expansion in bank credit. The table shows the dominance of Treasury financing in the growth of deposits currency during the war. During the war bank credit extended to individuals or businesses increased very little. Although bank loans to business for war purposes increased, the major expenditures for plants, equipment, inventories were made directly by the Government so were not reflected in private credit operations. At the same time business borrowing at banks for nonwar purposes declined, reduction in long-term indebtedness of business corporations also resulted in a decrease in bank holdings of corporate securities. In addition, there was consid- NOVEMBER 0

6 REVIEW OF THE MONTH erable contraction of consumer credit, which directly or indirectly reduced bank loans. Loans for purchasing carrying Government securities, though sizable, were relatively less important than in the last war. PRINCIPAL FACTORS AFFECTING THE VOLUME OF DEPOSITS AND CURRENCY [In billions of dollars] system. Between drives some commercial banks sold Government securities to the Reserve Banks in order to obtain additional reserves needed as deposits were reshifted from war-loan accounts to private accounts subject to reserve requirements. Through these steps, as shown in the chart, bank WEEKLY REPORTING MEMBER BANKS Outsting Sept., Dec. Change Principal factors exping deposits currency Banking system holdings of: U. S. Government securities Loans other investments Monetary gold stock Treasury currency outsting Principal factors contracting deposits currency Treasury cash deposits at Federal Reserve Banks Nonmember deposits at Federal Reserve Banks Bank capital (including Federal Reserve) Net of principal expansive contractive items Deposits currency Currency outside banks Dem deposits adjusted.. U. S. Government deposits in commercial banks Time deposits: Commercial banks Mutual sayings banks... Postal Savings System *. * *0.8. P.8 *. * * Estimated. v Preliminary. The Postal Savings System included. The difference between these net figures the totals shown below results from several small unenumerated items, mainly miscellaneous bank assets liabilities differences between deposits due to due from banks. Since ix additions to bank holdings of Government securities generally have occurred during war loan drives. At such times banks had excess reserves because nonbank purchases of Government securities shifted deposits from accounts against which reserves are required to the reserveexempt war-loan accounts of the Government. At the same time many individuals corporations sold some of their existing holdings in order to subscribe for new issues in the drive, these Government securities were largely acquired by the banking ' Latest figures are for October. credit was gradually exped. Aggregate bank holdings, however, showed little or no decline in the interdrive periods because of the increase in Reserve Bank holdings also because nonreporting banks, which are not included in this chart, generally were buying securities between war loan drives. In accordance with its wartime policy of supplying banks with reserves needed to enable the war to be financed at a stable level of interest rates, the Federal Reserve System purchased securities sold by banks others in the market. In this way banks obtained the reserve funds needed to meet the currency deposit dems of the public. At the same time both Treasury 0 FEDERAL RESERVE BULLETIN

7 REVIEW OF THE MONTH Federal Reserve policies have been designed to discourage undue expansion of bank credit by limiting the issues of securities available to banks by supplying only such additional reserves as were demed by the banks. Nevertheless, banks could by selling short-term low-rate securities to the Reserve Banks purchasing longer-term higher-rate issues in the market, actively bid securities away from other holders bring about a further expansion of bank reserves' deposits. This practice has been particularly in evidence during the past year. TREASURY REQUIREMENTS IN TRANSITION PERIOD As the Federal Government deficit declines, this dominant wartime factor in the growth of bank credit, of deposits currency, of holdings of Government securities by individuals businesses will diminish perhaps even disappear. Federal Government expenditures, which reached a wartime peak of over ioo billion dollars a year, are being drastically reduced by the end of may be at a level of little over billion a year. Receipts of the Government, which in the last fiscal year amounted to 7 billion dollars, will decline somewhat as a result of decreases in incomes tax revisions, there will continue to be a deficit throughout the next year. For the last six months of, which include expenditures for a part of the war for much of the reconversion demobilization, the deficit will amount to about xo billion dollars, in the first six months of it may amount to about 0 billion or less. During the next several months the Treasury may need additional funds to meet substantial redemptions of dem maturing obligations held by NOVEMBER individuals corporations seeking cash during the reconversion demobilization period. The Victory Loan now in progress is for the purpose of raising funds to meet these requirements of the Treasury. It is important that investors other than banks subscribe in full for the securities offered in this drive that the use of bank credit be kept to a minimum; special efforts are being made to bring about these results. Following the Victory Loan the Treasury will have a large cash balance, which will probably be sufficient to meet its deficit a large part of the security redemptions during. The need for additional openmarket financing will depend primarily upon the amount of redemptions. In any event there should be little or no further increase in the total public debt during, although there may be important shifts in its distribution among different groups of holders. These shifts will reflect the savings, the investment policies, the cash needs of the various holders. BANK CREDIT IN TRANSITION PERIOD Further developments in bank credit will reflect private credit needs adjustments in holdings of Government securities. Private dems for credit are not likely to require much net expansion of bank loans. Some dems may emerge, both for business credit for credit to finance consumer purchases, but the credit extended for war purposes will be in the process of liquidation. Large net redemptions or sales of Government securities from the holdings of individuals businesses might necessitate further bank credit expansion. Under the established policy of maintaining stability in the Government security markets, the 0

8 REVIEW OF THE MONTH Federal Reserve Banks would be called upon to purchase a sufficient amount of Government securities to supply the additional bank reserves needed. While the large volume of Government securities held by businesses individuals provides the possibility of substantial bank credit expansion from this source, such an expansion need not occur. In the absence of a sharp rise in prices there will be no occasion for the public as a whole to add to its already large holdings of cash deposits by selling Government securities to the banks. Sales by some companies individuals may be offset in the aggregate by purchases of others. PROSPECTIVE SHIFTS IN OWNERSHIP OF GOVERNMENT SECURITIES Even though the public debt in the aggregate does not increase, there may be substantial shifts in the pattern of Government security ownership. These will result only in part from the sale in the open market of Government securities by present nonbank holders. Holdings of nonmarketable issues, largely savings bonds in the hs of individuals tax notes in the hs of corporations, will be offered to the Treasury for redemption in cash or, in the case of savings notes, in payment of taxes. To the extent that cash from current sales of nonmarketable issues does not cover these redemptions, the Treasury will need to sell additional marketable issues. Refunding of maturing issues will also result in redistribution of ownership to the extent that present owners take cash rather than new issues offered in exchange. The table shows the estimated distribution of ownership of Government securities as of September,,,. 0 OWNERSHIP OF UNITED STATES GOVERNMENT DEBT [Estimates, in billions of dollars] Federal Reserve Banks Commercial banks Mutual savings banks Postal Savings System banking system Individuals.. Corporations associations excluding banks insurance companies Insurance companies State local governments U.S. Government agencies trust funds. nonbank investors interest-bearing direct guaranteed debt... Outsting Sept., Dec., Increase Includes unincorporated business. Includes brokers, dealers, foreigners. Corporations. Holdings of Government securities by business corporations other than insurance companies banks have increased from about billion dollars in to about billion at present. A third of this growth has been in Treasurytax savings notes, most of the remainder has been in short-term securities. These securities are held in part against accrued tax liabilities in part for prospective cash needs in the reconversion postwar periods. Accrued tax liabilities will decline as higher taxes for are paid the lower ones for accrue. As this occurs, corporations may liquidate some of the securities held against their tax liabilities. Financing of reconversion may lead to other dems upon the liquid assets of corporations. Corporate expenditures for acquiring improving plant equipment, for rebuilding inventories, for increasing credits advanced to customers may again exceed internal sources of funds. In addition to their holdings of Government securities, business corporations have approximately doubled their deposit balances at banks during the war. It is probably not to be expected that these balances FEDERAL RESERVE BULLETIN

9 REVIEW OF THE MONTH will be reduced to prewar levels. If they should be maintained near current levels, any drains on corporate liquid assets to finance reconversion or other postwar needs will be reflected in a decline in corporate holdings of Government securities or an increase in borrowings security issues. Although some corporations may find themselves in a position to maintain their present liquidity, it appears likely that on balance corporate holdings of Government securities will decline next year. Individuals. Some individual owners of Government securities will also be disposing of their holdings. Expenses incidental to shifts in the nature perhaps location of employment, increased purchases of durable goods as supplies become available, the buying of homes, farms, corporate securities, other forms of property may occasion the redemption or sale of Government securities. At the same time many individuals will continue to receive substantial incomes, net savings by individuals in the aggregate will continue. Outlets for these savings will include substantial purchases of Government securities, as long as the Treasury continues to offer securities that are attractive to individuals especially if purchases are maintained through pay roll savings plans by other means. Redemptions of savings bonds have gradually increased as the aggregate amount outsting exped prior to the end of the war amounted to about 00 million dollars a month. Subsequently they have increased further in, September, October exceeded 0 million a month, slightly above the reduced level of sales in the last two of those months. Sales will increase during the Victory Loan Drive NOVEMBER then no doubt decline to well below wartime levels. It is not certain, however, that redemptions will continue for any extended period substantially in excess of sales. Investment Institutions. Insurance companies will probably continue to purchase Government securities. With the revival of business capital expenditures of home construction after the war, some increases in outlets for private investment by insurance companies will emerge. It seems unlikely, however, that these outlets will absorb all of the investment funds that will accumulate in these institutions. Though they will not continue to buy to billion dollars of Federal Government securities a year, as they did during the war years, the amount might nevertheless be an important factor in the market, especially in view of the small dem for new money by the Treasury. Private trust accounts, administered largely by banking institutions, may also furnish a market of importance. While the total amount of new investment funds in these accounts is not likely to continue at the accelerated level of wartime, when these accounts appear to have absorbed about z billion dollars of Government securities a year, they will nevertheless continue to invest on balance. The various trust accounts administered by the Federal Government will also probably continue to absorb United States Government securities. Although large unemployment compensation payments would result in some drain on these funds, receipts will probably continue in excess of expenditures for the various funds as a whole, leaving a balance available for investment. The amounts invested will for some time be below the wartime annual 07

10 REVIEW OF THE MONTH average of almost billion dollars. These accounts are likely to take larger amounts of securities in times of large incomes activity, when absorption of debt by nonbank investors is most desirable. NEED FOR BANK PURCHASES OF GOVERNMENT SECURITIES The banking system, including commercial banks, mutual savings banks, Federal Reserve Banks, has purchased more than two-fifths of the total amount of United States Government securities offered during the war now holds about the same proportion of those outsting. To some extent an increase in bank holdings of Government securities reflects the decision of individuals businesses to increase their deposits in banks. Banks may, however, encourage or discourage these decisions by their willingness to exp credit, in purchasing securities banks may bid them from other holders thus take the initiative in exping credit. Need for further expansion in bank holdings of Government securities will depend upon whether the various nonbank investing groups absorb all of the securities which become available, as offered either by the Treasury or by other holders desiring cash, upon the public's desire for additional cash holdings. It has been pointed out that the public debt will show little or no further increase in. It seems likely that various dems from customary investment sources should be sufficient to absorb Government securities in amounts equal to redemptions sales by others. In view of the large volume of cash already held by individuals businesses the likelihood that production income will be at a somewhat lower level next year than they have been during the war, there should be little need for further additions to cash holdings. 08 Consequently bank holdings of Government securities would not need to increase during the next year. Commercial banks are to some extent savings institutions, the securities they purchase represent in part the reinvestment of savings, as do purchases of savings banks. Savings held in banks, however, are generally much more readily available than those held otherwise, therefore, are considered highly liquid assets. Time savings deposits in commercial banks deposits in mutual savings banks in the Postal Savings System increased slowly in the early years of the war while dem deposits were increasing rapidly, but since the middle of time deposits have also grown considerably, as shown in the chart. The aggregate increase in time deposits was billion dollars in, 7 billion in, has been at a rate of billion a year in. A continued growth, though at a reduced rate, seems likely in. BANK DEPOSITS AND CURRENCY NOTE. Figures are partly estimated. Deposits are for all banks in United States. Dem deposits-adjusted exclude U. S. Government interbank deposits items in process of collection. Time deposits include deposits in the Postal Savings System in mutual savings banks. Figures for subsequently are preliminary; latest figures are for September. FEDERAL RESERVE BULLETIN

11 REVIEW OF THE MONTH The public dem for currency was the major factor in the wartime expansion of Reserve Bank credit. When currency is withdrawn from commercial banks, these banks must obtain it from the Reserve Banks, drawing on their reserve balances in the process. These reserve balances must then be- replenished, this occasions sales of Government securities to the Reserve Banks. During the currency outflow, while still substantial, has been slackening. In the early spring the currency dem slackened apparently in response to rumors of special measures that might be adopted to restrict currency holdings. Later the Treasury took action to require reports of unusual currency transactions. Since the end of hostilities there has been some further decrease in the outflow. In the outflow of currency probably will be at a much reduced rate might even cease. To the extent that expansion continues, the Reserve Banks will be called upon to supply additional credit. Should a return flow of currency develop, banks will have additional reserves which they could use as a basis for further credit expansion, unless the Reserve Banks reduced their holdings of Government securities. POTENTIALITIES FOR CREDIT EXPANSION Although it appears likely that there will be little or no need for additional bank purchases of Government securities or for further expansion in bank deposits during, potentialities for credit expansion continue to exist. Under present conditions banks can increase their holdings of Government securities by bidding them away from other holders. Banks hold substantial amounts of short-term low-rate Government securities which they can readily sell to Federal Reserve Banks. Some banks may sell such securities to the Reserve Banks purchase higher-yield issues in the market. This process makes available additional reserves, which are transferred to other banks, providing the basis for a multiple credit expansion. In the transition period, moreover, there may be some shifting of deposits among banks areas. To meet drains of funds, some banks may need to dispose of a part of their holdings of short-term securities. If these securities are purchased by the banks gaining the funds, there will be no material change in the investment capacity of the banking system as a whole. If, however, the process of transitional marketing should channel these securities to the Reserve Banks, the reserves of the banking community will be augmented, thereby establishing the possibility of further multiple credit expansion. That would give the commercial banking community the funds to enter into competition with the other potential buyers. In view of the existing sources of dem for Government securities the reduced supply of new securities, prospects are for a continued strong market for these securities. Under the circumstances dems are particularly strong for the intermediate long-term issues bearing the higher yields. Such of these issues as can be held by banks will be in dem by banks, while nonbank investors may be expected to buy principally the issues that are not eligible for purchase by banks. NOVEMBER 0

12 OWNERSHIP OF DEMAND DEPOSITS Distribution of ownership of dem deposits among different economic groups showed little change in the six months prior to the end of the war, a period of continued growth in the total. This is brought out by an analysis of a survey conducted by the Federal Reserve System as of,. Deposits of individuals, manufacturing mining companies, public utilities, trade establishments, financial businesses other than insurance companies all increased at a rate of about per cent, which is close to the rate of growth for the total of all deposits for the period. Farmers' balances, contrary to usual seasonal trends, increased somewhat more rapidly than other personal balances, noncorporate business deposits again showed a greater rate of increase than corporate deposits. Dem deposits of individuals, partnerships, corporations increased by an estimated.7 billion dollars during the six-month period ended, reached a total of. billion, as is shown in the table. The largest part of the increase was accounted for by a x.o billion dollar growth in business deposits. Personal deposits, including those of farmers, increased by. billion dollars over the period. Deposits of trust funds nonprofit organizations increased by comparatively small a- mounts, while those of foreigners declined slightly. The increase in dem deposits of individuals was only half as much as in the preceding six-month period, but about as much as the average for other half-year periods during the war. About one-third of the growth in personal deposits was added to the accounts of farmers. This is in contrast to the development in the corresponding period last year when Prior surveys of dem deposit ownership were discussed in the Federal Reserve BULLETIN of, pp. -; October, pp. 7-;, pp. -; November, pp. 0-7;, pp. -. The comparison between the two dates Jan.,,, is believed to be relatively free of bias owing to war loan drives, inasmuch as the two surveys followed war loan drives by roughly equal time intervals. IIOO farmers' deposits declined slightly. It is noteworthy particularly because in many parts of the country deposits of farmers are likely to be seasonally smaller in the summer months than at other times of the year. OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNER SHIPS, AND CORPORATIONS [In billions of dollars]* domestic business Nonfinancial business total Manufacturing mining Public utilities Trade nonfinancial Financial business total Insurance companies financial Personal.. Fanners s Trust funds Nonprofit associations Foreigners business individuals p r. Amount outsting, p January, r Change January to ** Preliminary. Revised. * The figures in this table have been rounded to tenths of billions from estimates with one more decimal place; therefore, the parts of totals may not add to total changes may be different from those that could be computed from the figures shown in the table. ** Less than million dollars. NOTE. The figures on deposit ownership presented in this article are estimates of the balances as recorded by the books of all banks, as a consequence are different from figures that appear on the books of depositors. The former includes amounts represented by checks that have been drawn by depositors deducted from their books but not yet charged off their balances on bank records. The latter includes checks received by the payees which have been entered on their records but not yet deposited with the banks. The smaller additions to personal dem deposits during the period covered by this survey than in the preceding six months were accompanied by a slackening in the outflow of currency. On the other h, individuals added more to their holdings of time deposits War Savings bonds during this period than in prior six-month periods. Personal dem deposits at. billion dollars were two a half times larger than at the time of Pearl Harbor, total individual holdings of liquid FEDERAL RESERVE BULLETIN

13 OWNERSHIP OF DEMAND DEPOSITS assets, including currency, dem deposits, time deposits, United States Government securities, showed about the same rate of growth. Dem deposits of businesses were about Z. billion dollars, compared with billion in. Manufacturing mining companies accounted for half of the increase in deposits of domestic businesses. This increase of almost a billion dollars for manufacturing mining during the six months ending last, though considerably greater than the 0 million dollar increase in the preceding six months, is only slightly larger than the increase in the five-month period ended last year. Balances of wholesale retail trade establishments, which exped more rapidly than those of other businesses during the war, rose by co millions, as compared with. billions in the previous period. Deposits of public utility, transportation, communications companies, which had not changed in the year a half ending last January, increased by 0 millions in the following six months. Accounts of other nonfinancial businesses, including contractors, theaters, lawyers, doctors, other service industries, increased slightly in the aggregate. Balances of insurance companies showed little change throughout the war period except for variations during between war loan drives. Deposits of financial businesses other than insurance companies real estate agents, investment trusts, brokers, loan companies, similar enterprises continued to increase somewhat. Corporations owned over per cent of business deposits on,, the increase in corporate deposits accounted for. billions of the..0 billion dollar increase in business accounts. The rate of growth in corporate holdings, however, was smaller than that for noncorporate business in both the manufacturing mining the trade groups. For the last three surveys business deposits have been classified by corporate status of the holders, the following table shows estimates of corporate noncorporate business deposits as of,, January,,,, the change over the one-year period ended,. DEMAND DEPOSITS OF CORPORATIONS AND UNINCORPORATED BUSINESS [In billions of dollars]*, P January, r, Percentage change, to, Corporate Corporate Corporate Corporate Noncorporate Noncorporate Noncorporate Noncorporate domestic business Nonfinancial business total Manufacturing mining Public utilities Trade... nonfinancial Financial business total Insurance companies financial * Owing to rounding, details may not add to total. p Preliminary. r Revised. NOVEMBER IIOI

14 LOANS FOR WAR PURPOSES by GERALD M. CONKLING Division of Bank Operations Loans for war purposes outsting at all commercial banks in the United States declined to an estimated billion dollars in after reaching an estimated peak of. billion at the end of. As shown in Table, the increase in these loans was very rapid during at a much lower rate during ; the ensuing decline has been gradual. The decline during the first half of resulted from a continued decline in loans not guaranteed under Regulation V, which reached a low close to billion dollars on,. Conversely, in the latter half of the year, a decline of over 0. billion dollars in guaranteed war loans was offset by an increase in other war loans. During the first half of a further decline of over 0. million dollars in the guaranteed portion was only partly offset by a further increase in other war loans. The guaranteed portion of total war loans, which had reached per cent by,, declined during the last two semi-annual periods to per cent in. Until around mid-, the tendency was for banks to shift their credits from an unguaranteed to a guaranteed status. There are a number of possible explanations of the subsequent reversal of this tendency: () Businesses generally were in a better financial condition than in the earlier stages of the war, their experience in war production tended to reduce credit risk; banks were more willing to extend credit on an un- IIOX guaranteed basis. (.) War contracts were in financially stronger hs. () The "other war loan" category undoubtedly includes some loans only indirectly related to the war. For example, some loans were being classified as commercial loans for war purposes when in all probability the main purposes were either to broaden the borrowers' capital structure base for computing excess profits taxes or to purchase United States Government obligations, particularly in loan drives that have occurred near the reporting date. TABLE WAR LOANS OUTSTANDING AT ALL COMMERCIAL BANKS [Dollar amounts in millions] Call date loans for war purposes (estimated) $,0,0,,0,0,,0,000 $ Regulation V guaranteed loans Amount 8 80,8,,0,, For brief description of method, see p. 0. WAR LOAN SURVEYS OF THE Percentage of total war loans 7 ABA war loans (estimated) $,0,,,800,00,00,,00 The estimate of total war loans for all commercial banks is based largely on statistics collected released by the American Bankers Association. Beginning 0, the Association has periodically sent questionnaires to about 0 of the largest banks in the United States requesting data regarding war loans outsting commitments to make additional war loans. Banks were requested to report the number of these loans to classify them as to purpose: For plant facilities construction (defined in the recent questionnaires as "loans to finance the building of plants, cantonments or other construction related to the war program, including defense housing financing"); for all other purposes (defined as "working capital loans to manufacturers for production of supplies equipment for war purposes; loans to industries directly or indirectly contributing to the war effort"). Both of these classifications have been subdivided to FEDERAL RESERVE BULLETIN

15 LOANS FOR WAR PURPOSES show Regulation V loans separately, the plant facilities construction classification has also been subdivided on most dates to show emergency plant facility loans. The results of these statistics, collected by the American Bankers Association on a quarterly basis through. semi-annually thereafter until the surveys were discontinued following the reports of, are summarized in Table. all dates reported. They continued to increase during after the volume of outsting loans began to decline, on the two most recent dates they amounted to over twice the volume of loans outsting. ESTIMATED WAR LOANS AT ALL COMMERCIAL BANKS By applying some of the results of the American Bankers Association survey of selected large TABLE SUMMARY OF ABA SURVEYS OP LOANS FOR DEFENSE AND WAR PURPOSES, 0- [Dollar amounts in millions] End of month Number of banks reporting Defense or war loans No such loans Number of cities represented by banks reporting such loans Number Loans outsting Amount Plant facilities construction All other Commitments outsting Plant facilities construction All other 0 80, $ 8 $ 8 $ $ $ $ September ,,,,, , September ,08,,,7,,07,00,7 07 7,,,,0,,,, 0,0,,, ,70,,7,,,,,,, 8 8,7,,7,8,,8,, 7 8,, 8,0,,, 08, On most dates during, the volume of loans for plant facilities construction represented from one-fifth to onethird of total loans outsting for defense war purposes; after -, the relative importance of this class of loans declined rapidly. The largest amount of these construction loans was outsting in September ; thereafter they declined substantially. working capital loans for war purposes continued to increase to, when total war loans at the reporting banks were at their peak. The average loan outsting has ranged between $0,000 in reports for September., $,000 in reports for - Commitments outsting for future loans were greater than loans outsting on nearly banks to data for commercial loans at member banks, rough estimates have been made of loans for war purposes at all commercial banks since. In general, the banks reporting to the Association correspond roughly to the weekly reporting member banks to central reserve reserve city banks. This similarity the survey of commercial loans at member banks made by the Federal Reserve System in. are the basis of the estimates. The survey showed that the proportion of commercial industrial loans being made for war purposes at country banks was between two-thirds three-quarters of the proportion at central reserve reserve city banks. In estimating war loans at all commercial banks, For description of the survey, see Federal Reserve BULLETIN for, pp. 7-. NOVEMBER 0

16 LOANS FOR WAR PURPOSES the holdings of such loans at central reserve reserve city banks have been computed at the same proportions as shown in the Association surveys, the holdings at other banks have been computed on the assumption that the war loan portion of commercial industrial loans has been 70 per cent of the corresponding ratio at central reserve reserve city banks. TABLE Call date... Dec Dec Dec Number of Banks COMPARISON OF ABA REPORTING BANKS AND CENTRAL RE- SERVE AND RESERVE CITY BANKS NUMBER OP BANKS AND TOTAL LOANS EXCEPT MORTGAGE LOANS [Dollar amounts in millions] Reporting war loans to ABA Central reserve reserve city loans except mortgage loans Banks reporting war loans to ABA i$,78, 8, f0,,8,8,8 Central reserve reserve city banks i$l,, 8,7 0,08,80,77, Percentage ratio of ABA series to Reserve series With the exception of,, when total loans were reported. Excludes banks that reported no war loans. Table shows the fluctuations in the number the loan coverage of banks reporting war loans in the American Bankers Association series as compared with the more stable series of member banks in central reserve reserve cities. For several dates it was necessary to adjust the results for variations in bank coverage in the Association statistics; for the estimate of loans for war purposes shown in Table, it was assumed that the banks reporting to the American Bankers Association were identical with the weekly reporting member banks. It should be noted that the Association series shown in Table includes only those banks that reported some war loans, whereas the reserve series includes all central reserve reserve city banks. WAR LOANS AT INSURED COMMERCIAL BANKS Table shows a classification of war loans other loans held by insured commercial banks during the war. From to, when war loans were rapidly increasing, loans in several other principal categories were declining there was a net decline of nearly billion dollars in total loans. The low point for the non-war portion of commercial industrial loans was also reached in. Since that date total loans have increased to a level higher than at the beginning of the war. TABLE WAR LOANS AND OTHER LOANS OUTSTANDING AT INSURED COMMERCIAL BANKS IN THE UNITED STATES SEMI-ANNUAL CALL DATES, - [In millions of dollars] Call date loans Commercial industrial loans Wari I (Estimated) Agricultural loans Loans for purchasing or carrying securities Real estate loans loans, mainly consumer Dec...,8,,0 7,00,,7,7,.. Dec..., 8,0 8,7 7,7,0,,00,800,,,8,7,770,,8,... Dec.... 7, 8,8,8 7,777,0,0,0,0,,,80,,7,7,,7. Dec...,7, 7,0 7,,,0,0,700,7,7,7,,,,,8.,7 7,,000,0,,7,, Estimate of]war loans at all commercial banks, the same as in Table. It is probable that war loans at noninsured commercial banks have not exceeded from 0 to million dollars at any date. IIO FEDERAL RESERVE BULLETIN

17 LOANS FOR WAR PURPOSES On,, all classes of loans shown in the table, except loans for war production real estate loans, were at a higher level than they had been two years earlier. The greater part of the increase, however, was in the volume of outsting loans for purchasing carrying securities, especially United States Goverment securities. These loans have increased cumulatively throughout the period. They have fluctuated widely with war loan drives, usually reaching their peak around the end of a drive declining gradually to a low point shortly preceding the next drive. At the end of, close to the end of the Seventh War Loan, these loans were near a new wartime peak of.7 billion dollars. Changes in agricultural loans outsting (excluding farm mortgages) are usually largely seasonal, but on successive dates throughout the war period they have increased, slowly almost steadily. Loans on real estate have declined steadily throughout nearly the entire period. They increased slightly, for the first time, in the first half of. ''" loans, a large part of which are consumer loans, declined rapidly through the first half of ; since the low point at the end of there has been a moderate increase. It appears likely that a substantial portion of the increase in non-war commercial loans since has reflected loans for purchasing Government securities. This was particularly true in the last half of, when non-war commercial loans increased more than 0. billion dollars. Although the commercial loan item on the call report is intended to exclude loans for purchasing or carrying securities, it seems probable that a number of loans have been classified as commercial which were for the purpose of replenishing working balances used in purchasing Government securities. NOVEMBER 0

18 MEMBER BANK EARNINGS, FIRST HALF OF Net profits of member banks after income taxes in the first half of aggregated million dollars, an increase of 77 million over the first half of. Net current earnings increased 0 million dollars. Cash dividends also increased, but not substantially. Nearlyall major items of income profits were higher, including increases of million dollars in earnings on securities 7 million in profits on securities sold. These were offset in part by increases of million dollars in expenses 8 million in taxes on net income. As a result of the increased holdings of securities, interest dividends on securities continued to increase in amount, but the annual rate of return remained unchanged at. per cent. Earnings on loans showed little change from recent comparable periods, notwithsting a moderate increase in holdings since the first half of. The annual rate of return on loans declined to.0 per cent, continuing the downward course that has been in progress for several years. items of earnings showed small increases. >n net income. For composition of net current earnings net >rofits, see summary table on this page detailed table on page. MEMBER BANK EARNINGS [Amounts in millions of dollars] Salaries wages continued to increase amounted to.7. million dollars in the first half of. Continued growth in time deposits resulted in an increase in interest payments, but the average rate paid on these deposits was unchanged from the previous year. This item of expense has been increasing since it reached its low point in. Profits on securities sold were more than double the amount in the corresponding period of were higher than in any year since 0. Losses charge-offs on loans declined about million dollars other losses charge-offs declined slightly. The excess of all recoveries profits over losses charge-offs was million dollars as compared with million in the first half of. Net current earnings on an annual basis amounted to. per cent of total capital accounts as compared with 0.8 per cent in the first half of. per cent in the calendar year. Net profits on total capital accounts amounted to.0 per cent as compared with. per cent in the first half of.7 per cent for the year. For details of earnings, expenses, etc., in the first half of, see page. Item Year 0 First half 0 Earnings On securities On loans Service charges on deposit accounts., earnings Expenses Salaries wages Interest on time deposits Taxes other than on net income expenses Net current earnings Recoveries, profits on securities, etc Losses charge-offs Net profits before income taxes... Taxes on net income Net profits Gash dividends declared.., , Number of banks at end of period.,,, 0, /,7,0 7 7,0 8, 0, ) 00 0) ( \ ,8,8,8,,7,70,7, r r r, r Revised to exclude taxes on net income from expenses; see following footnote. The following changes in reporting are reflected in the annual figures beginning with in the figures for the first half of the year beginning with : (a) earnings on loans include ''service charges fees on loans," an item previously included in other earnings; (b) taxes on net income, previously included with other taxes in expenses, are a separate item; (c) recurring depreciation on real estate, previously included in losses charge-offs, is included in expenses. Includes interest on capital notes debentures. no FEDERAL RESERVE BULLETIN

19 POSTWAR ECONOMIC STUDIES NO. Public Finance Full Employment, the third of the postwar pamphlets prepared by staff members of the Board of Governors the Federal Reserve Banks, will be available in. The papers included in this pamphlet are the following: "Fiscal Policy, Stability, Full Employment" "Federal Tax Reform," by Richard A. Musgrave; "Public Debt National Income," by Evsey D. Domar; "Monetary Aspects of National Debt Policy," by Rol I. Robinson; "Public Debt Income Flow," by Henry C. Wallich; "State Local Finance," by George W. Mitchell, Oscar F. Litterer, Evsey D. Domar. Critical comments on the papers, prepared by Alvin H. Hansen, Charles O. Hardy, Simeon E. Lei, are appended. The Board of Governors has authorized publication of the series of eight pamphlets, of which Public Finance Full Employment is one, in the belief that it may be of value in furthering the discussion of the many difficult questions with which the country is faced in the postwar period. There is no official endorsement of any of the opinions or proposals made by the authors. A complete list of the pamphlets their authors follows: No. i Jobs, Production, Living Stards. Three papers by E. A. Goldenweiser, Everett E. Hagen, Frank R. Garfield. No.. Agricultural Adjustment Income. Three papers by Arthur C. Bunce, William H. Fisher, Earle L. Rauber. No. Public Finance Full Employment. Six papers Critical Comments by the authors listed in the text above. No. Prices, Wages, Employment. Three papers by Charles O. Hardy, Kenneth B. Williams, Howard S. Ellis. No. Private Capital Requirements. Two papers, one by Frederick C. Dirks one by Susan S. Burr Ernest J. Hopkins. No. Housing, Social Security, Public Works. Three papers by Ramsay Wood, Eliot J. Swan, Walter F. Stettner. No. 7 The United States in World Trade Finance. Three papers by Walter R. Gardner, Lloyd A. Metzler, Robert Triffin. No. 8 Federal Reserve Policy. This pamphlet will contain papers in which monetary credit controls are discussed in the light of changes wrought by the war in monetary credit conditions. As background for the discussion of wartime developments, there will be a review of Federal Reserve policy since the establishment of the System of the general selective instruments of credit control which have been available to credit authorities. Individual pamphlets may be purchased for i cents each, or for cents each for group purchases of ten or more in single shipment. The price for the set of eight pamphlets is $... Orders should be sent to the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington., D. C. NOVEMBER 07

20 CURRENT EVENTS Federal Reserve Meetings The Conference of Presidents of the Federal Reserve Banks met in Washington, D. C, on October,. The Presidents met with the Board of Governors of the Federal Reserve System on October 8,. A meeting of the Federal Open Market Committee was held in Washington, D. C, on October 7,. The Conference of Chairmen of the Federal Reserve Banks met in Washington, D. C, on October.,. Appointment of Mr. Dunn as First Vice President of the Federal Reserve Bank of Chicago Mr. Charles B. Dunn, Vice President General Counsel of the Federal Reserve Bank of Chicago was appointed First Vice President effective October.,, to succeed Mr. H. P. Preston who resigned to accept the presidency of the Hamilton National Bank of Knoxville, Tennessee. Mr. Dunn has served as General Counsel of the Federal Reserve Bank of Chicago from January, to October., - On February.,., he was appointed Vice President as well as General Counsel. Admissions of State Banks to Membership in the Federal Reserve System The following State banks were admitted to membership in the Federal Reserve System during the period September, to October,, inclusive: Mississippi Columbus Merchants & Farmers Bank Yazoo City Bank of Yazoo City Nebraska Tecumseh -Johnson County Bank New Jersey Paterson Broadway Bank & Trust Company New York Holl Bank of Holl Ohio Orwell The Orwell Banking Company THE FEDERAL REGISTER Following is an announcement regarding the Federal Register which is printed in the Bulletin by request: The Federal Register publishes daily the full text of Presidential Proclamations Executive Orders any order, regulation, notice, or similar document promulgated by Federal Administrative agencies which has general applicability legal effect. A partial list of subjects covered includes: Agriculture, Aviation, Business Credit, Communications, Contracts, Customs, Fair Trade Practice, Food Drugs, Foreign Relations, Housing, Labor Relations, Mineral Resources, Price Control, Priorities, Reconversion, Securities, Shipping, Surplus Property, Taxation, Transportation, Wages Hours. A sample copy of the Federal Register additional information may be secured on request to the Federal Register, National Archives, Washington., D. C. Orders for copies at the rate of $. a month $.00 a year may be sent to the Superintendent of Documents, U. S. Government Printing Office, Washington., D. C..08 FEDERAL RESERVE BULLETIN

21 NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled October ^ released for publication October. Figures shown on charts may differ from preliminary figures used in text. Output employment at factories producing war products declined further in September but production incomes in most other sectors of the economy were maintained or increased somewhat. Retail buying in September the first half of October continued above year ago levels. INDUSTRIAL PRODUCTION Industrial production declined eight per cent in September, reflecting mainly the continued rapid liquidation of output for war purposes, the Board's seasonally adjusted index was 7. per cent of the - average as compared with in.0 in. Reduced activity in the machinery transportation equipment industries continued to account for most of the decline in the total index. Output in these industries during September was about one-fifth below the average one-half of the rate at the beginning of the year. Steel production, on the other h, was five per cent larger in September than in. In the first three weeks of October, however, steel mill operations declined substantially owing largely to a temporary reduction in coal supplies. Output of non- ferrous metals, lumber, stone, clay glass products decreased somewhat in September. Production of nondurable goods, as a group, showed little change in September, as further reductions in output of war products in the chemical, petroleum, rubber products industries were offset by increases in output of most civilian-type products. Output of textile yarns fabrics, shoes, meats, beverages, cigarettes, paper products increased. Output of minerals declined in September due mainly to an eight per cent decrease in crude petroleum production. Coal production increased in September but in the first three weeks of October dropped sharply as a result of work interruptions at bituminous coal mines. Contracts awarded for private construction, according to the F. W. Dodge Corporation, increased further in September, reflecting the largest volume of awards for nonresidential building in many years. Private residential awards showed little change publiclyfinanced construction declined further. EMPLOYMENT Employment at factories showed a decline of about 00,000 during the month of September, INDUSTRIAL PRODUCTION PHYSICAL VOLUME SEASONALLY ADJUSTED, - 0 COST OF LIVING -! 0 CLOTHIN ^ > ^ - / fems -'ALL H ^ / 0 0 ^y RFNT no 00 \ '' Federal Reserve indexes. Groups are expressed in terms of points in the total index. Monthly figures, latest shown are for September J Bureau of Labor Statistics' indexes. Last month in each calendar quarter through September 0, monthly thereafter. Midmonth figures, latest shown are for. NOVEMBER 0

22 NATIONAL SUMMARY OF BUSINESS CONDITIONS as compared to a decrease of,00,000 workers during, reflecting a much smaller reduction of munitions employment in September some increases in other industries. Employment in most nonmanufacturing lines, except Government service, was maintained or increased slightly, after allowing for seasonal changes. DISTRIBUTION Department store sales in September showed about the usual sharp seasonal increase the Board's adjusted index was per cent of the - average. This was at the same high level as the average for the first half of was seven per cent above that for September. In the first two weeks of October sales were per cent larger than in the corresponding period last year. The total volume of railroad revenue freight was maintained in September at the rate was only eight per cent lower than last year's high level. In the early part of October shipments of coal coke declined substantially as a result of the drop in coal production. COMMODITY PRICES Prices of cotton, grains, most other farm products increased somewhat from the middle of September to the middle of October, following decreases in the previous six weeks. Prices of most industrial products continued to be maintained at Federal maximum levels. BILLIONS OF DOLL. 80 INCOME PAYMENTS TO INDIVIDUALS ANNUAL RATES, SEASONALLY ADJUSTED BILLIONS OF DOLLARS I 0 BANK CREDIT Rising reserve requirements, resulting from exped deposits of businesses individuals, an increase in currency in circulation accounted for continuing needs for reserve funds by banks between the middle of September the middle of October. These needs were supplied through decreases in Treasury nonmember deposits at Federal Reserve Banks. The amount of Reserve Bank credit outsting showed little change in the period. Money in circulation increased by million dollars during the four weeks ended October 7; this was a smaller growth than has been customary in recent years reflecting in part some currency inflow following the mid-september tax date. Holdings of Government securities member bank borrowing at the Reserve Banks increased fairly substantially in the latter part of September concurrent with a temporary rise in Treasury deposits, but both were later reduced. This reduction in security holdings was in Treasury bills accompanied an increase in member bank holdings of bills. At reporting banks in 0 leading cities loans for purchasing carrying Government securities declined by million dollars during the four weeks ended October 7; commercial loans increased somewhat, holdings of securities showed little change in the aggregate. Loans on Government securities remained well above amounts outsting immediately prior to the Seventh War Loan. BILLIONS OF DOLLARS MEMBER BANKS IN LEADING CITIES 0 0 Based on Department of Commerce estimates. Wages salaries include military pay. Monthly figures raised to annual rates, latest shown are for September. IIIO Dem deposits (adjusted) exclude U. S. Government interbank deposits collection items. Government securities include direct guaranteed issues. Wednesday figures, latest shown are Oct.. FEDERAL RESERVE BULLETIN

23 FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, related items Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees rates under Regulation V; rates on time deposits; reserve requirements; margin requirements - Federal Reserve Bank statistics - Guaranteed war production loans Deposits reserves of member banks -x0 Money in circulation IIXI-IIZZ Gold stock; bank debits deposit turnover.z Deposits currency; Postal Savings System; bank suspensions All banks in the United States, by classes x-x All insured commercial banks in the United States, by classes x-x7 Weekly reporting member banks x8- Commercial paper, bankers' acceptances, brokers' balances X Money rates bond yields Security prices new issues - Corporate earnings dividends Treasury finance 7- Government corporations credit agencies. 0 Business indexes. - Department store statistics. - Consumer credit statistics - Wholesale prices Gross National Product, National Income, Income Payments. 7 October crop report, by Federal Reserve districts 8 Current statistics for Federal Reserve chart book. -0 Member Bank Earnings.. PAGB Tables on the following pages include the principal available statistics of current significance relating to financial business developments in the United States. The data relating to the Federal Reserve Banks the member banks of the Federal Reserve System arc derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money security markets commodity prices other scries on business activity arc obtained largely from other sources. Back figures for banking monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking Monttary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. NOVEMBER n i l

24 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS III! Wednesday figures, latest shown are for Oct.. See p.. FEDERAL RESERVE BULLETIN

25 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [ In millions of dollars ] Date Reserve Bank credit outsting U. S. Government securities All other All other* Gold stock Discounts ] advances Treasury currency outsting Money in circulation Treasury cash hold-! ings Treasury deposits with Federal Reserve Banks Nonmember deposits Federal Reserve accounts Member bank reserve balances Excess Monthly averages of daily figures: Aug Sept Aug Sept ,,7,,,0,7,7.,,0 8,,0,0,,0,,800,8,87,,800,,,,70,077,,,,,00,08,,,,,,80,,,8 7, 7,7, 8,,, 7, 0,8,780,7,,, ,00,00,7,,78,,,00,,08,0 End of month figures: Aug. Sept.... Aug. Sept.... 7,,80,,77,,8,7,, 8,0,,8,,,,8,7, 7 0,, 7,,,7.08,,,8,,0,0,0,,,,7,,,,7 7,08 7, 7,8, 7, 8, 0, 8,77,,,,77, 8 7,,07,8,7,0, 80,0,07, Wednesday figures: Dec.... Dec.... Dec.... Dec Jan...., Jan Jan Jan.... Jan.... Feb.... Feb.... Feb.... Feb , 8,77,00,0 8, 8,07 8, 8,,00,0,8,,,,7,8,,7,,0,0,7,,,,78,78,7,80,8,808,7,77,,,7,7,, ,,,,8,70,,,,,70,8,00,8,8,7,,,,,7,7,,8,7,,,,,7,,,,,,7,,,,,07,,80,,,7,,,,,,, , ,,7,,0,0,,8,7,,,,7, ,8,0,8,,,07,,0,,,0,,8,0,8,,0,8,7,,0 Mar Mar.... Mar.... Mar ,,7,, 7, 7,78 7, 7,,8,8,8,0,,,,07,,,,,,,,8,,,, 0,,,7,77 7 7,8,,7, 8,0,07 Apr.... Apr.... Apr Apr.... 8,80,0,, 7, 7, 8,07 8,,7,,, 78 8,,7,,,8,7,,7,7,8,7,,8,,0, ,,,, 8 7 7,,,8, ,7,7,8,,0 8,7 8,7 8, 8,80 8,8,0,0,,, 8 8 7,0,8,,80,8,7,,,7,70,,,7,,,,,7,, ,7,,,, 8 8 0,8,0,,7,7 7,0 8, 7,,0,7, 8, 8, 8,70 8,,77,780,77,77 8,7,7,,,,,,,,,,,,,, ,,,70,77,,77,,70,08,7,,,,,,70 8,8 8,77 8, 8,,78,78,78,7,,08,70,,,,,,,,,,,,0, ,7,7,,,7,70, 0,,08,,08 00,7,0,,,8,0,0,08,,,8,8,8,8,8 0 7,,0,78,,0,,,,0.Q,8,7,8,, 7, 7, 7, 7, 7, ,,,,7, ,,,00,,070,0,0,,08 Sept... Sept... Sept... Sept ,,808,,,70,0,,,7,,0,0 80,,77,707,8,0,0,0,0,,,, 7,0 7, 7,777 7, ,,8,,,80,,,7,0 Oct... Oct. 0.. Oct. 7.. Oct... 8,,7,0,08,7,7,,,,,, 8 8,8,,,70,07,00,0,08,8,7,,70 7, 7, 7, 7,7,,8,8,,,, 8 8 8,,7,700,,00,07 p l,08 PI,07 p Preliminary. Includes industrial loans acceptances purchased shown separately in subsequent tables. End of month Wednesday figures are estimates. Back figures. See Banking Monetary Statistics, Tables 0-0, pp. -; for description, see pp. 0- in the same publication. NOVEMBER

26 FEDERAL RESERVE BANK DISCOUNT RATES [In effect October. Per cent per annum] Federal Reserve Bank Boston New York Philadelphia Clevel Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Advances secured by Government obligations maturing or callable in one year or less (Sec. ) Rate Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Discounts for advances to member banks Effective 7,, 7, 7, 8,, 7, 7,, 7, 7, 8, Advances secured by Government obligations maturing or callable beyond one year discounts of advances secured by eligible paper (Sees. a) Rate Effective Sept., Aug., Mar., Apr., Mar., Mar., Feb. 8, Mar., Mar. 8, Apr., Mar., Apr., secured advances [Sec. 0(b)] Rate Effective Oct. 7, Oct., Oct. 7, Sept., Oct. 8, Oct., Aug., Mar., Oct., Oct. 7, Oct. 7, Oct. 8, Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (last par. Sec. ) To nonmember banks Rate Sept. Aug. Mar. Apr. Mar. Sept. Effective,,,,,,, Sept. Sept., Mar. 8, Sept., Sept., Apr., Rate To others Effective Oct. 7, Oct., Oct. 7, Oct. 7, Oct. 8, Oct., Oct. 7, Oct. 7, Oct., Oct. 7, Oct. 7, Oct. 8, Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within months. NOTE. Maximum maturities for discounts advances to member banks are: days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners'Loan Corporation guaranteed as to principal interest by the United States, or by obligations of Federal intermediate credit banks maturing within months; 0 days for other advances discounts made under Sections a of the Federal Reserve Act (except that discounts of certain bankers' acceptances of agricultural paper may have maturities not exceeding months months, respectively); months for advances under Section 0(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section is 0 days. Back figures. See Banking Monetary Statistics, Tables -, pp. Ht. FEDERAL RESERVE BANK BUYING RATES ON BILLS [Per cent per annum] Maturity ( Treasury bills Bankers' acceptances: - 0 days - days -80 days Rate on Oct. Vs V % In effect beginning Apr., Oct., Oct., Oct., Previous rate M Established rate at which Federal Reserve Banks st ready to buy all Treasury bills offered. Effective Aug.,, 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 maturity at the same rate of discount. Since,, all purchases have been made subject to repurchase option. Minimum buying rates on prime bankers' acceptances. Back-figures. SeeBanking Monetary Statistics, Table 7, pp. -. 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. AND CONTRACT SETTLEMENT ACT OF [Rates in effect October ] FEES PAYABLE TO GUARANTOR BY FINANCING INSTITUTIONS Percentage of loan guaranteed 80 or less Over..... Guarantee fee (In terms of percentage of amount of interest payable by borrower) - 0 MAXIMUM RATES THAT MAY BE CHARGED BORROWERS BY FINANCING INSTITUTIONS [Per cent per annum ] Maximum rate of interest... Maximum commitment rate. Guarantee fee is charged only on guaranteed portion of loan. Based on average daily unused balance of the maximum principal amount of the loan. The financing institution may, in the alternative, charge a flat fee of not to exceed $, without regard to the amount or maturity of the commitment. III FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION b OF THE FEDERAL RESERVE ACT* Maturities not exceeding five years r [In effect October. Per cent per annum] Federal Reserve Bank Boston, New York Philadelphia Clevel Richmond Atlanta.: Chicago St. Louis Minneapolis Kansas City.. Dallas... San Francisco To industrial or commercial businesses On, loans On commitments To financing institutions On discounts < >r purch ises Portion For which institution is obligated nt^\ /\ /\ )- -^ ( j Remaining portion /\ ( ) ( > > ( - ( ( ) ( ; v ; On commitments See table on maximum interest commitment rates chargeable under Regulation V for rates on guaranteed Section b loans. Including loans made in participation with financing institutions. Rate charged borrower less commitment rate. Rate charged borrower. charge rate charged borrower by financing institution, if lower. Charge of }/i per cent is made on undisbursed portion of loan. Back figures. See Banking Monetary Statistics,Table 8, pp. -7. MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q [ Per cent per annum ] Savings deposits # Postal savings deposits... deposits payable: In months or more In 0 days to months. In less than 0 days... Nov.,- Feb.,- Jan., Dec., Effective Jan., NOTE. Maximum rates that may be paid by insured nonmember banks as established by the F. D. I. C, effective Feb.,, are the same as those in effect for member banks. Under Regulation Q the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. H FEDERAL RESERVE BULLETIN

27 Aug. Mar. Apr. Nov. Aug. Sept. Oct.,,,,',,,, MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] Period in effect 7-Aug., -Feb. 8, 7 7-Apr., 7 7-Apr., 8 8-Oct., -Aug., -Sept.l, -Oct., after Net dem deposits Central reserve city banks ^ M % Reserve city banks 0 Country banks 7 0^ " Time deposits (all member banks) J ^Dem deposits subject to reserve requirements, i.e.,_ dem de; posits other than war loan deposits, minus cash items in process of collection dem balances due from domestic banks. MARGIN REQUIREMENTS* [ Per cent of market value ] Prescribed in accordance with Securities Exchange Act of Regulation T: For extensions of credit by brokers dealers on listed securities For short sales Regulation U: For loans by banks on stocks, Nov., 7- Feb., 0 0 Feb., -, Effective, Regulations T U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of the extension; the "margin requirements" shown in this table are the difference between the market value (00%) the maximum loan value. Back figures See Banking Monetary Statistics, Table, p.. PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thouss of dollars] Wednesday figures End of month Item Oct. Oct. Oct. 7 Oct. 0 Oct. Sept. Sept. Sept. October September October Assets Gold certificates Redemption fund for F.R. notes. cash gold certificate reserves Discounts advances: For member banks For nonmember banks, etc discounts advances Industrial loans U. S. Government securities: " Direct: Bills: Under repurchase option Certificates: Special Notes Bonds Guaranteed U. S. Government securities, including guaranteed securities. Reserve Bank credit outsting Reserve Bank credit outsting Liabilities Federal Reserve notes Deposits: Member bank reserve account U. S. Treasurer general account Foreign deposits deposits Ratio of gold certificate reserves to deposit F.R. note liabilities combined (per cent). 7,8, 7,8, 7,,0 70,0 0,0, 7,, 7,, 7,,0 0,, 7,0,7 7,0,000,0,,8, 8,8, 7,,,, 77,,7,, 08,,00, 7,8,,,,,,0,808,, 7,,8, : 7,7,0,7,,,70,,,,,,8,,8,,707,,77,008,,,08, 8,,8,,0,,7,,,,,00,0,,07,7,7,8,,,0,00,078,7,7 8, 7,,8 7,,8 7,,7 7,7, 7,, 7,7, 7,7,80 7,,08 7,,8 7,,8 7,,7,0,8.8, 7,70 0,000 8,70,700,70, 8,,8 7,7,,, 77, 8,,7,,,,700,,,70,,,,7,,,8,70,7,,,0,8,0,8,807 8,0.0,, 0,000,,,,8 8,,0 7,,,8, 77, 7,, 0,7,0.,,0 0,000,0,700,77, 8,, 7,,,8, 77,,,8 80,8 8,80.,, 0,000,,0,8,0 8,7, 7,,,8, 77,, 7,,0,,.0,08 0, 0,700,,8,0, 8,7, 7,0,,0, 77, 8,,,0,70,.0 7,, 7,7 7,, 700,7,,7 0,700,07,77,,0 8,,,,,, 77, 7,7 7,,08,7 0,78.,, 0,700 7,,,0, 8,7,,7,,, 77, 08,77: 7,,,,77. 7,8, 70,0 7,70, 77, 7,, 7,, 7,0,8 7,8,8 7,, 7,,08 7,, 7,, 7,, 7,, 8,,,7 7,0,000,0,,8, 8,8, 7,,,, 77,,7 8, 7,,8.8,808, 0,00,,0,,0 8,7, 7,8,,, 77,,,,07,0 8,7 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thouss of dollars] October, Within days to days to 0 days to 0 days days to months months to year lyear to years years to years.: 8,00,07, 0,, 0,0,,8,7,7,0,00,7,,,0,,07,7,7,. Over years Discounts advances [ndustrial loans % U. S. Government securities,0,,7,,,,08,,7,0,,8 8,7,,,7,8,000 7,8,7,7,0,800 "7, 77^ NOVEMBER

28 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thouss of dollars] Assets Gold certificates: Sept. Oct. Oct. 0 Oct 7 Oct. Redemption fund for F. R. notes: Sept. Oct. Oct. 0 Oct. 7 Oct. gold certificates reserves: Sept. Oct. Oct. 0 Oct. 7 Oct. cash: Sept. Oct. Oct. 0 Oct. 7 Oct. Discounts & advances: Secured by U. S. Govt. securities: Sept. Oct. Oct. 0 Oct 7 Oct. : Sept. Oct. Oct. 0 Oct. 7 Oct Industrial loans: Sept. Oct. Oct. 0 Oct 7 Oct. U. S. Govt. securities: Bills: Under repurchase option: Sept. Oct. Oct. 0 Oct. 7 Oct. bills: Sept. Oct. Oct. 0 Oct. 7 Oct. Certificates: Sept. Oct. Oct. 0 Oct. 7 Oct. Notes: Sept. Oct Oct. 0 Oct. 7 Oct. Bonds: Sept. Oct. Oct 0 Oct. 7 Oct. U. S. Govt. securities: Sept. Oct. Oct. 0 Oct. 7 Oct. 7, 7, 7, 7, 7, 7, 7, 7, 7, 7, ,,,, 8, 7,, ,, 0,,, 8, 0,,,,,, ,,,,, 7, 0, , 7 7 0,7,0,8,8,8, ,,,7,00,08 0 8,,,,,,,,,,,,,8,, Boston 8, 77, 7, 70, 7, 0, 0, 0,,,, 808, 7, 7, 77,,,,,, 7,,, 8,, 0, ,,77,,70,70,70,70,,,,,7,7,00,8,, New York,8,,7,,0,,,,, 8, 7,,,,,0,,,,,,,,8, 7,,, 8,, 0 8,,0,8,08,08, ,,8,8,,8 7,,,,, ,08,,,,,0,, [,7,,70,7,,8 Philadelphia 8, 80, 80, 80, 8,,,,, 0, 0,,, 8,,, , , ,8,,,0,7,,,08,,,,,,0,8,8,7,,,,7,,8 Clevel I 7,,, 07, 0, 7, 7, 7, 7, 7,,,, 80, 8, 7,, ,,,,, ,,,0,,7,708,708,,8,8,,,,,8,,8,8, Richmond 7,,,, 8,, ,,,,,, 8,,, , ,,,,,, 7,77,7,80,0,0,,7,,8,8,8,78,,,,,,7,8,8,,8 Atlanta, 0, 0,, 80,,,,, , 8, 0, 8, 7,,,,, 7,, 0, , , ,7,8,,,,,7,0,08, ',,7,0,,8,78,7 Chicago,,,,,7,,,,,,,,,,,08,,,,,,70, ,,,0,78, ,7,,,, ,7,,,7,,0,0,,,,,,7,,7,8 8 [,,,8,,0, St. Louis 8,,, 8,,,,,,,, 8, 78, 7, , ,0,0,07,0, ,,,0, ',,,77,0, [,,7,8,80,, Minneapolis,,,,,,,,,,,,,,,,, ,008 [008,00,,,, [,,,,8,7 Kansas City 7,, 7,,,,,,,,, ,0 07,, 0, , ,0,0,08,08, ,,8 [8,0,0,,8,8 [8,,00,0,8,8,7 Dallas,,,,,,,,,, 7,, 8, 77, 78, 8, 8, 7, 8,, ,, [,,,007,0,0 ',,7,,,,,,! ],,, I San Francisco, 7,, 08,,,,,,, 0, 7,, 0,, ,,,, ,0,,,, ,78,80,,,,,,08, [,,,8, [,,0,,7,0, FEDERAL RESERVE BULLETIN

29 loans sec: Sept. Oct. Oct. 0 Oct. 7 Oct. Due from foreign banks: Sept. Oct. Oct. 0 Oct. 7 Oct. Federal Reserve notes of other banks: Sept. Oct. Oct. 0 Oct. 7 Oct. Uncollected items: Sept. Oct. Oct. 0 Oct. 7 Oct. Bank premises* Sept. Oct. Oct. 0 Oct. 7 Oct. assets: Sept. Oct. Oct. 0 Oct. 7 Oct. assets: Sept. Oct. Oct. 0 Oct. 7 Oct. STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS Continued [In thouss of dollars] Liabilities Federal Reserve notes: Sept. Oct. Oct. 0 Oct. 7 Oct. Deposits: San Francisco Member bank-reserve account: Sept. Oct. Oct. 0 Oct. 7 Oct. U. S. Treasurergeneral account: Sept. Oct. Oct. 0 Oct. 7 Oct. Foreign: Sept. Oct. Oct. 0 Oct. 7 Oct. : Sept. Oct. Oct. 0 Oct. 7 Oct. deposits: Sept. Oct. Oct. 0 Oct. 7 Oct. Deferred items: Sept. Oct. Oct. 0 Oct. 7 Oct. availability,0,,,0,,0,,70,8, , 0,,0,7 8,,7,,7,,,0,,,8,,7,80,80,80,7 7,,,80, 8,78,,,,08,,0,,,,0,,07,00,0,,,,,,7,,7,,,,70,700,,,, 7,,8,,8,0,70,0, 80,8 0,7,807,,8 8,80,0 8,0 7,7,80 7,7, 7,, 7,7, 7,,7,7,,7,,,8,0,,,7 Boston,8,8,77,,, 8,, 8,0,0,,,,,,8,0,,807,,,7,,,7,7,,0,0,,0,7,0,,,78,,07,, 0,7 7,0 70,0 700,, 7,7,,,0, 7,77 7,,,',,,',0,, 8, 8, 80,0 77,,8, 7,0,,, New York e l I,,,7,,,,,8,,0,,,7,,,0,07,0,,,,7,,7,8,,,"",,,0,, * 7,,0,7,00,,,,,,,,,0,0,,,7,,, ",80,77,,,,0,0,,0,,7,7,7,07,,,8,,,",, "",7,,00, HO HO HO HO 0,0,, 8,,7,, 7, ""' 8, 7,0 8,78 8,7 8,7 8,7 8,7,,8,8,,,0,7,7,, 0,,8,80 7, 00,,,,,,,0,,,70,77,7,,7 7,0 7,70,,0,, 7,,07,07,07,07,007,,,7,, I 7,0 7, 7, 7,7 0,,,770 0,0 7,,70,70,70,70,70,7,,70,,,70 8, 8,8 7,,,78 0,7 08, 7,7,,,7,7,7,7,78,8,0,,8,,, 0,,7, 7,8, 8,,,0,,,,, 7, 7,,8 7,7 8, St. 8,7 7, 7,8 8,8 0,07, 78,, 0, 77,78,078,0,07,0,0,,7,,08, Philadelphia Richmond Minneapolis Kansas City,,08,,,7,7 0,,07,08 07,8,0,7 0,77,0,,,,7,7,,7 8, 8,,70, Dallas,,8,,8,,,,,, 7,7,,7,0 7,,,8,,7,,77,0,""" 8, 0 ' 77,7,,,, 7,0,,0,""" 80,0, ",0,,,,,8,,0,,,,7,00,70,0, 7,,,,,00,,,7,,0,,,,,, 7,,,7,0,8, 7,7,,7,,0,,8,,,0,,,, 8,0,77,7,7,,87,, 7,,,7, -",00,,7,777,,,0,0,7,,8,,08, 7,, :,70,,,77,,007,8,,80,, 8,08,,,,," ',8,8,0,,,8,, 0,0, 778,,,,,8,"" ',0,,,,, 8,0, 78,,,0,,0,,0,0,8,,,,078,,,i,80,0,,0,,0,8,,77,,,0,7,,,0, 0, 8, 7, 8,,8,7 0, 8,, 8,,:,7,00 7,08,,80,,,0",8,0,7,,77,8 70,0, 78,77,0, 780,8,7, 7,,, 78,,7,0 7,7,,0 7,08,, 7,, 8,7,,0,0,7 8,8 80, 80,,7,,,,,07 8,7 0,,0,7,08,7 80, 7, 7,,77 0,, 7,0,78,,, 0,707,,70 0,7,,,0,,8 8,,,7,,7 80,0 0,,00 8,, 0,80, 8,0,0 78,80,,7,,,8,,0,,0,0 8,7 8,7 8,,,8 8,07 8,8 7, 77,7 7, 7,8 7, 78,, 7,08,7,0,8,8,,, 7,0,,8 80,, ",,8,, 8, 00,,,7,, 8, :,,8 77,0 7,0,0, 7,0,,0,,7,0,8,,,7,80,7,0 7,0 7, 0,00,, 8,8,8 8,7 8,,,,777,7,7 7,,,7 78,,,7, 00 ",8,07 7,7,,0 7,77,,,,8,00,8 07,0,0 8,,,8,8,7, 7,,7,,07, 7,8 7, 7,,8,,8,7, 7, 0,, 8,00,8,,0,80,08,,7,,,,,,,80,,,0 8,8,78,0,00 7,7,0,7, 7,80,,7, 8,8 8,,0,7,,0,,,,,, 0,',7 0,0 0, 0,0,7,,80J, 0,70 7,,7,8 7, 7,8, 0,,0, 0,,,0,0,0,0,7,,,0,, 0,0 0, 0, 00,70 7,8 7, 7,0 78, 778,0,7,7,0 0,80,,07, 7,8 7, 7,,,00,08,,00 8, 8,7 87,8 8, 8, 8,:,,,80,, 8,0,,7 8,0,7,80,,78, 7,,8,70 8, 70, ,707,0,7,,,,0,,,,78,,7,, 8,,,0,80,,80 7,8, 0,0 0,,,,,,,80,,07,0,0 0, 8,0,7, 7,07, 7,7,0,,,0,0,,,,,8, ,077,,0 7,77,, 7,,0, 7,,8,7,07 7,77,7,,7,07, 7,8 7, 7,,,,0,,0,,,,70,8 8,,0,707,07 8, 7,0 7, 70,,,7,0,7,,,0 7,07',00,, ",0, 7,,0,8 7,,0,0 7,80,0,,0 7,777,,8, After deducting $70,000 participations of other Federal Reserve Banks on Sept. ; Oct. ; Oct. 0; Oct. 7; Oct.. After deducting $8,7,000 participations of other Federal Reser Banks on Sept. ; $8,,000 on Oct. ; $,,000 on Oct. 0; $,,000 on Oct. 7, $8,8,000 on Oct.. NOVEMBER III7

30 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS-Continued [In thouss of dollars] Boston New York Atlanta Chicago St. Louis Philadelphia Clevel Richmond Minneapolis Kansas City Dallas San Francisco liabilities including accrued div.: Sept Oct. Oct. 0 Oct 7 Oct.' liabilities: Sept. Oct. Oct. 0 Oct. 7 Oct. Capital Accounts Capital paid in: Sept Oct. Oct. 0 Oct 7 Oct. Surplus (section 7): Sept. Oct. Oct Oct. 7.. Oct. Surplus (section b): Sept. Oct. Oct. 0 Oct. 7 Oct 7 capital accounts: Sept. Oct. Oct. 0 Oct. 7 Oct. liabilities capital accounts: Sept. Oct. Oct. 0 Oct. 7 Oct. Commitments to make industr al loans: Sept. Oct Oct. 0 Oct 7 Oct.,,, 0,, 0,77,,7, 0,0,,, 0, 0, 0,7 0,,8 7,0 7, 7, 7,7 7,78 8, 8, 8, 8, 8, 7, 7, 7, 7, 7, 7,77,,,8,0,,08.0,,,,0,7,,,7, 0 8,, 7,,0,, 00,0, 7,,,7 7,,80,7,,,,,,,,,, 7,0,,80,,,7,78,,,8 7,,8,0 7,07,,,,0,0,8,7, 0,, 0, 77,, 7,,7,,,,78,,7,,,, 0,,8 7,0,70 0, 0, 0, 8 0, 0, 0,,,,,, 0, 0, 0, 0, 0 7, 7, 8, 08 8, 8,,, 7,,8,8,,8,,, 7,7,,7,0 7,,,8,,7,,77,,,0,8,0, 77,7,,, 7,0,,0,80,0,00,0,,,,,8,7, 7,,0,,,, ,0, 7,,,,,00,,,7,,0,,,, 0,,,,7,,, 7, 0,8, 7,7,,7,,0,,8,,,0,,,0,,,8,0,77, 7,7,, 87,, 7,,,7,,00,,7,777,,,0, ,80,,80,0, 0, 0,,0,, 8,0 8,0 8,0 8,0 8,0 7, 7, 7, 7, 7, 7,7 8, 8,7,, 7 77,7,7,7,8,,,,,,,,,,,,,,,,,07,,,,7,0,0,0,08,07 7, 7, 7, 7, 7,70,07,07,07,07,07,007,007,007,007,007,8,,8,,80,,,,, 7 7, 7, 7, 7, 7,,,,,, , 8, 8, 8, 8, ,,,,, 7, 7, 7, 7, 7, ,00 7,0 7, 7, 7,0,,,,,,,,,8,,,,,,,,,,, 8, 8,8,08,, ,7,,,,77,,7,0,7,7,,,,, 7,08 7,08 7,08 7,08 7, ,,,8,, 8 7 8,78,7,7 7,,8,,07,, 8,80,8,,77,,,,,,7,70,,,,,,0,0,0,0,0,,,,0,08 7,,,0,,,,,,,,7,7,7,7,7,,7,,,77 7,,7,,0,,7,,00,,,8,,,,,,,0,,8,7,7,7,,,0,0,0,0,0,7,7,7,7,7,7,,,8,,0,0,,77 7,,8,0,0 ^0,8,8,8,8,8,,,,,,,,77,, FEDERAL RESERVE NOTES FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS fin thouss of dollars] Boston New York Chicago St. Louis Philadelphia Clevel Richmond Atlanta Minneapolis Kansas City Dallas San Francisco Federal Reserve notes outsting (issued to Bank): Sept.,7,8 Oct.,7, Oct. 0,70, Oct. 7,8, Oct.,0, Collateral held against notes outsting: Gold certificates: Sept.,,000 Oct. 0,8,000 Oct. 0 0,70,000 Oct. 7 0,8,000 Oct. 0,7,000 Eligible paper: Sept.,0 Oct.,0 Oct. 0,0 Oct. 7, Oct. 7,8 U. S. Govt. securities:,, 8,,8,,,,,,700,0,. 7,7,0, 7,8,0,,,,7,0,,,,,7,,7,"" 0,,,77,00,,7,07,8,,,,7,70,7,,7,^,78,77,, 078, 7,,0,7 00,8,08,7,,,,78,7,,8,,,,,, 08,,,0, ; 8 ^ 7,,,,, ",7,,, 7,,, ~,,0,,,,8,07,7,708,,,8, 0,000,,70,000 0,,000,70,000 0,,000,70,000 0,,000,70,000 0, >,000,70,000 7,00,00,700 8,,000, 0, 8,,70,,000,000,000,000,000,0,0,0, 8, 0,000 0,000 0,000,000,000,000,000,000,000,000,,,00,00, Sept.,,,00,,000,800,000,00,000,,000,0,000 Oct.,,,00,,000,800,000,00,,,000,,000 Oct. 0,7,0,00,000,00,000, 00,,,000 Oct. 7,,,00,000,00,000,0,000,,"" Oct.,,70,00,000,,00,000,0,000,,,000,,000,,000 ),000,,000 collateral: Sept.,,78,7, 00,,,,,0,0, 000,7, Oct.,8,78,,00,7,,7,0,0, 000,7, Oct. 0,,80,,700,8,,, i,0, \ 0, 000 Oct. 7,,7,8,,, 70 ^,,,,,, 000 Oct.,7,,, 000,8,,8,,,, 000,78, 0,,,,, 0, 00, 00, 00, 00, 000,, , ,000 0, , ,0, ,00, ,00, ,0, ,0,000 0,000 0,000 80,,000, 000,,000 0,000 0,000 80,,000,000,,000 0,000 0,000 80,000,000,,000 0,000 0,000 80, 000,000,,000 0,000 0,000 80,000,000,,000,,0,0,0 7,,00,000,000,000 8,0,,,, 7,00,78,0,800,700,700, 00,000 0, 000, 000,00,000 8, 00, ,000,00,000 8,0 00,000 0,000 0,,000,700,000, 00,000 0),000 0,000,700,000,70 00,000 0,,000 0, 000,700,000,, 000,000,7,,00,,000 >,000,,78 :,, 000,,000,0, 7,000 0,,000,,0,7,00,,000,,000,,, / ". - ;OOO,000,,800,7,00,, 0,000,78,78 ',000,,000,,700,, 000,0,000,, 78,0 7,00,000,78,700 FEDERAL RESERVE BULLETIN

31 WAR PRODUCTION LOANS GUARANTEED BY WAR DE- PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V [Amounts in thouss of dollars] Date Sept. Dec. Mar. Sept. Dec.... Mar. Sept. Dec. Jan. Feb. 8 Mar. Apr. Aug. Sept. Guaranteed loans authorized to date Number,8,,,7,7,7,0,, 7, 7,8 7,7 7,8 8,08 8,8 8, 8, 8, 8, Amount,0,,8,7,7,,78,,,8,,08 7,,7 8,0,7 8,,,,8,07,,7,7,,78,, 0,0,7 0,, 0,,00 r 0,, 0,,8 Guaranteed loans outsting amount 8,08 7,8 80,7,,7,8,,708,0,,00,00,,0,8,0,7,,70,700,,,0,,,8,70,7,,,,7,8 r l,,8,0, Portion guaranteed,7,77,7,,,,,,0,8,0,0,,777,,8,8,08,8,,0,,,,,0,7,7,0,,0, r l,0,0,8 Additional amount available to borrowers under guarantee agreements outsting 7,8 0,7,,,8,,,0,,,,,,,80,77,,,,,,08,,0,,,00,77,,7,,,7,7,0,7,0,7 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS [Amounts in thouss of dollars] Date (last Wednesday or last day of period) Dec. Dec. Dec. Jan. Feb. 8 Mar. Apr. Aug. Sept. Applications approved to date Number 8,,80,0,,78,08,,,,,7,,8,,,,0,,,,, Amount,,,8,,0,, 7,0 8,8 08,7,,,7,, 7,700 8,,07,7 7, 8,,7, Approved but not completed (amount),,8 8,,,,, 8,,,8,, 0,70 70 Loans outsting (amount),8,,, 7,,, 0,7,,,0 0,,,8,0,,,,,,,, Commitments outsting (amount) 8, 7,,,780,,,,7,8 0,,,70,08,,,7,,,,,,708, Participations outsting (amount), 8,778 7,8 7,8,7 0,8,,00, 7,,070 7,,0,70,0,7,,,7,,,8,08 Includes applications approved conditionally by the Federal Reserve Banks under consideration by applicant. Includes industrial loans past due months or more, which are not included in industrial loans outsting in weekly statement of condition of Federal Reserve Banks. NOTE. The difference between amount of applications approved the sum of the following four columns represents repayments of advances, applications for loans commitments withdrawn or expired. MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Month, or week ending Friday reserves held: Aug Sept Aug Sept Aug. Sept. 7 Sept. Sept. Sept. 8 Oct. Oct. Oct. Excess reserves: Aug Sept Aug Sept Aug. Sept. 7 Sept. Sept. Sept. 8 Oct. Oct. Oct. Borrowings at Federal Reserve Banks: Aug Sept Aug Sept Aug.... Sept Sept.... Sept.... Sept Oct.... Oct.... Oct.... All member banks,00,7,78,,07,,0,8,8,,0,78,00,08,0,0,08,0,07,00,07,7 p l, Central reserve city banks,,78,,0,,0,0,,,,, Reserve city banks,,,00,,0,,,,,0,, Counbanks,8,,,,,7,,,8,,, p Preliminary. - - Weekly figures of excess reserves of all member banks of country banks are estimates. Weekly figures of borrowings of all member banks of country banks may include small amounts of Federal Reserve Bank discounts advances for nonmember banks, etc. DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND SMALL CENTERS [Averages of daily figures. In millions of dollars] September September Boston New York Philadelphia Clevel Richmond Atlanta Chicago.. St. Louis Minneapolis Kansas City Dallas San Francisco In places of,000 over population Dem deposits except interbank,,8,,0,0,0,,0,7,8 7 8,080 Time deposits,, 7,07 7,7 00, In places of under,000 population Dem deposits except interbank 8, 0,7 0,, ,08,, Time deposits,78,, Includes any banks in outlying sections of reserve cities which have been given permission to carry the same reserves as country banks. All reserve cities have a population of more than,000. Includes war loan deposits, shown separately for all country banks in the table on the following page. NOVEMBER

32 DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures. In millions of dollars] Class of bank Federal Reserve district Gross dem deposits Interbank U.S. Government war loan deposits Dem deposits adjusted Net dem de - posits Time deposits Dem balances due from domestic banks Reserves with Federal Reserve Banks Excess Required Borrowings at Federal Reserve Banks First half of September All member banks Central reserve city banks New York Chicago Reserve city banks Boston New York Philadelphia Clevel Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Country banks Boston New York Philadelphia Clevel Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas... San Francisco,,,7,7, 8,7,,,,,0,,,8 8, 7,70,8,,,,0,,80,,,8,,7,,0,7, ,0 80 8, ,,70, , ,,,,80,,8,0,,,,77 8,7,,77,80,,0,70,0,,7,8, 7,7,,7,8,7,,,,,,0,7,007,00,0,,0,7,0,,,00,,,,,7,, 70,,,,,78,00,8,708,7,, 7,0,,,,,0,,77,7,,7,77,,,,, 0 0, 8, 0 00, 7 7 7, 70, 8, , 7 7, , , 77, 0, ,8,0 8, ,, , Second half of September All member banks Central reserve city banks: New York Chicago Reserve city banks Boston New York Philadelphia Clevel Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Country banks Boston New York Philadelphia Clevel Richmond Atlanta Chicago St. Louis. ; Minneapolis Kansas City Dallas San Francisco,,8,,000,8 7,,,78,,,,0,07,7 8, 7,0,7,,,,07,,,00,78,,,,,,, ,0 8, ,7, 7, , ,8 7,,,, 77,,0,,,,7,,,7,,,7,7,07,,7,,7,7,,8,,07,,,,7,8,,,,07,8,7,8,,,7,77,0,8,,0,,,, 70,,,0,,,07,,,7,8,7 7,,,0,7,78,0,,7,08,7,,,7,70,,,7, 0 8,0 0 0, 7 7,8,00 7,78,, 70,0 7 7,0, , ,,, ,, 8 8 7,,08, ,, , Averages of daily closing figures for reserves borrowings of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. Figures include Series E bond deposit accounts, but do not include certain other dem deposits of the U. S. Government with member banks, therefore, differ from figures for U. S. Government deposits shown in other published banking data. See also footnote. Preceding column minus (a) so-called "float" (total cash items in process of collection) (b) U. S. Government dem deposits (other than war loan Series E bond accounts) on the latest available call report date. Dem deposits subject to reserve requirements, i.e., dem deposits other than war loan deposits, minus cash items in process of collection dem balances due from domestic banks. Includes some interbank U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. IIO FEDERAL RESERVE BULLETIN

33 UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury Federal Reserve Banks. In millions of dollars] End of year month in circulation Coin small denomination currency Coin $ $ $ $0 $ Large denomination currency $ $00 $0 $,000 $,000 $0,000 Unassorted '.,,,,,, 7,8 8,7,0,0,7,,8,0 ',0,7,,7 8,, ,0,,,,,,,,0,,77,0,,0,,,,,,8,7,800,,0,0,,,,,7,08,8,0, , ,,, October November... January February September... October November January February September,0,8,.,8,,,0,,,,7,,0,7,,,8,8,8,7 7,08 7, 7,8,,8,,,00,00,,,,0,0, 7,08 7, 7,80 7, 7,778 8,000 8, 8,,,,,,00,0,0,08.0,0,0,0,077,0,0,,,,,8,70,80,,,,, ,00, ,0,,,0,,,,00,00,0,0,078,0,,,0,,,,,,0,,,,7,,7,,,,8,,,70,78,7,0,,,07,,8,77,,,8,,7,,70,7,8,0,00,8,,,,,0 7,7 7, 7, 7,8 7, 7, 7, 8, 8,00 8,700 8,,8,,80,,8,07,,,8,7, 7,08 7, 7, 7,7 7,7 7,7 7,00 7,7 7,8 7, 7, 7, 7,,,,8,,,7,,8,,7,780,8,,,,0,0,0,,,,,80,,,7,,,0,,70,7,8,,,7,8,0,,8,7,,,,0,0,08, of amounts of coin paper currency shown by denominations less unassorted currency in Treasury Federal Reserve Banks. Includes unassorted currency held in Treasury Federal Reserve Banks currency of unknown denominations reported by the Treasury as destroyed. Paper currency only; $ silver coins reported under coin. Back figures. See Banking Monetary Statistics, Table, pp. -. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] outsting, Sept., Money held in the Treasury As security against gold silver certificates Treasury cash For Federal Reserve Banks agents Money held by Federal Reserve Banks agents Money in circulation Sept. Aug., Sept. Gold Gold certificates Federal Reserve notes Treasury currency total,0 7,,, 7,,,08, 7,,,,8,07,7 Stard silver dollars Silver bullion Silver certificates Treasury notes of 80 Subsidiary silver coin Minor coin United States notes Federal Reserve Bank notes National bank notes, *Z,0 7 8, 7 7, , September,, Septenber,,0,0,8,,0,,08,,8,,7,7 7,8 7,,7 Outside Treasury Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals for other end-of-month dates shown in table above, totals by weeks in table on p., seasonally adjusted figures in table on p.. Includes $,800,000,000 Exchange Stabilization Fund $,0, held as reserve against United States notes Treasury notes of 80; the balance resulting from reduction in weight of the gold dollar, also included, is not shown in the circulation statement beginning. To avoid duplication, amount of silver dollars bullion held as security against silver certificates Treasury notes of 80 outsting is not included in total Treasury currency outsting. Because some of the types of money shown are held as collateral or reserves against other types, a gr total of all types has no special significance is not shown. See note for explanation of these duplications. s Less than $0,000. NOTE. There are maintained in the Treasury (i) as a reserve for United States notes Treasury notes of 80 $,0, in gold bullion; (ii) as security for Treasury notes of 80 an equal dollar amount in stard silver dollars (these notes are being canceled retired on receipt); (iii) as security for outsting silver certificates silver in bullion stard silver dollars of a monetary value equal to the face amount of such silver certificates; (iv) as security for gold certificates gold bullion of a value at the legal stard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes national bank notes are in process of retirement. NOVEMBER IXZI

34 MONEY IN CIRCULATION WITH ADJUSTMENT FOR SEASONAL VARIATION loutside Treasury Federal Reserve Banks. In millions of dollars] Date End of year figures: 0 Monthly averages of daily figures: February September October November January February Tune September October Amount unadjusted for seasonal variation 7,8 8,7,0,0,,7,,,,8,,80,,,,8,7,,7,0,00,,,8 7, 7,7 7, Amountadjusted for seasonal variation,,07,8,7,08,,0,7,,,7,7,7,8,,7,,7 7, 7,8 7, Change in seasonally adjusted series +7 +, +,8 +,0 +,0 +, I For end of year figures, represents change computed on absolute amounts in first column. NOTE. For discussion of seasonal adjustment factors for back figures on comparable basis see September BULLETIN, pp ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars ] Period Gold stock at end of period 8,8 0, n t8,70, 7,,,7,7,8 ^ Increase in gold stock,.,'8!,. l,o!,.,.0, ,.0 September... October November.... January,8,77,8,, February, -.8,.,7 -.,70 0., -7., -0.,0 -. September,0 -.0 October O,O7 P-. Jan.-Oct... O,O7 P-8. p Preliminary. f Figure carried forward. Net gold import,.,.0,. l,8s!,.,7., ( ) ( ) Earmarked gold: decrease or increase ( ) ' Domestic gold production '.7 *>. Annual figures are estimates of the United States Mint. Monthly figures are those published in table on p., adjusted to exclude Philippine Isls production received in United States. Figures based on rate of $.7 a fine ounce in January $ a fine ounce thereafter. Includes gold in the Inactive Account amounting to 7 million dollars on Dec.,,,8 million on Dec., 7. Not yet available. Gold held under earmark at the Federal Reserve Banks amounted to,. million dollars on Oct.,. All of this was earmarked directly for foreign account except 0.8 million dollars which was earmarked in the name of a domestic bank as security for a foreign loan. NOTE. For back figures, see Banking Monetary Statistics, Table, pp. -8, for description of statistics see pp. - in the same publication old seriesa. new series September... October November January February September Year month, all reporting centers BANK DEBITS AND- DEPOSIT TURNOVER [Debits in millions of dollars] Debits to total deposit accounts except interbank accounts,, 0,,, 7, 07,07,778 7,7 8,0 70,8,8 77,7,8 8, 70, 8,077 7, 8,7 8,0 7, r,8 7,7 0 othe r York City centers 8, 7,,778 7,8 7,8 7,7,,8,,,0 8,8,0 7,78,0,0,,,78,7,, 8,,70,, 8,8,,, 7,7,,,7 8, 0,8,0 0,,7,7 7, 0,' 7,7 8, r,77,7 reporting centers,,,0, 7,,,7 7,07 77,,70,7,7 7,78 8, 7,, 7,7, 7,0 8, 7, 7,0,0 Annual rate of turnover of total deposits except interbank New York other reporting centers Debits to dem deposit accounts except interbank Government New York City,,, 7, 7,,7 0,7 8,8 8,0,87,7,,0,8, 8,, 8,8,,0,80, 00 other leading cities,7,00,0 0, 7,7 70, 8,, 0,00,,8,7 0,,80,0,008,,8,0,,7, Annual rate of turnover of dem deposits except interbank Government New York City other leading cities T Revised. J National series for which bank debit figures are available beginning with. Annual figures for - (old series) include centers; annual figures for (new series) subsequent figures include centers. See p. 77 of BULLETIN for description of revision beginning with ; deposits debits of new series for first four months of partly estimated. NOTE. Debits to total deposit accounts, except interbank accounts, have been reported since for reporting centers; the deposits from which rates of turnover have been computed have likewise been reported by most banks have been estimated for others. Debits to dem deposit accounts, except interbank U. S. Government, the deposits from which rates of turnover have been computed have been reported by member banks in 0 leading cities since ; yearly turnover rates in this series differ slightly from those shown in Banking Monetary Statistics, Table, p., due to differences in method of computation. IIZ FEDERAL RESERVE BULLETIN

35 7 8 0 DEPOSITS AND CURRENCY-ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] End of month September.... October November January February ** 7... September^. deposits adjusted currency outside banks,7,,0,8 7,8,, 8, 0,,0, 70,7 7, 78, 8,,70 0,,8,7,00,00,0,,0,800,00,00,00,7,0,00,800 dem deposits adjusted currency outside banks,7,,7,,7,7,7,7,0, 8,,70, 8,07,80,8 7, 7,0 80,,700,0,800 0,,0,800,00 8,00 00,800, 7,00 00,000 0,00 deposits adjusted,,, 7,7,7,00,8,80,8 7, 0,,,, 7,07,,7 0,,,00 7,00,00 7, 7,0,700,00,00 7,800 7,8 8,000 7,00,00 Dem deposits adjusted,,80,,0,8,,, 7,,,, 7,7 8,,0 8,,0 0,80 0,0,0,0 7,0,,00,700 70,00,00 7,000,0 7,00 7,000,00 United States Government deposits 8 8,0 8 7,,7 8,0 8,08 0,,,0 8,700 8,0,7 8,0,00,00,800 8,0,8,800 7,0,0 8, 8,8,,,0,8,,,7 7,0 7, 7,8 7, 7,7 7,0 8,,0,78,7 7,00 8,00,0,70 0,00,00,00,000,00,,00,00,00 Time deposits Commercial banks,7, 0,8,0,,77,77,77,07,8,,777,8,,0, 7,,,7,800,0,700,07,00,0,700,0,700 7,7 7,800 8,0,00 Mutual savings banks 8,0 8,8,, 0, 0,70 0, 0,78 0, 0, 0, 0,8 0, 0, 0, 0,,,8,7,00,00,0,7,00,700,00,00,0,,00,800,000 Postal Savings System,,8,7,,.,,78,,,,,,,7,7,0,0,0,0,,00,0,0,00,00,7,700,800,800 Currency outside banks,,7,7,78,8,8,7,7,00,0, 7, 8,, 0,,,8 8,7,,0,800,0,,700,00,0,0,800,07,0,000,0 P Preliminary. Includes dem deposits, other than interbank U. S. Government, less cash items in process of collection. Beginning with 8, includes United States Treasurer's time deposits, open account. Excludes interbank time deposits postal savings redeposited in banks. Beginning with, the commercial bank figures exclude the mutual savings bank figures include three member mutual savings banks. Includes both amounts redeposited in banks amounts not so redeposited; excludes amounts at banks in possessions. NOTE. Except on call dates, figures are rounded to nearest 00 million dollars. See Banking Monetary Statistics, p., for description Table, pp. -, for back figures. End of month Dec Dec Dec 7 Dec 8 Dec Dec 0-Dec Dec Dec Dec Sept Oct Nov Dec Jan Feb Mar Apr..... Aug Sept POSTAL SAVINGS SYSTEM [In millions of dollars] Depositors' balances,7,,0,70,,7,,,7,7,8,7,,,0,8,,,0,,7 p,77 P,,7,7,,8,,,8,,,,,,7,,77,,,,,,80 Cash in depository banks Assets U. S. Government securities 7,08,07,,,,7,,7,0,,,,8,,,,8,7, ,0,078,8,,7,0,,,,8,,,,8,7, Direct Guaranteed Cash reserve funds, etc p Preliminary. Outsting principal, represented by certificates of deposit. Includes working cash with postmasters, per cent reserve fund miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, accounts due from late postmasters. # Back figures. See Banking Monetary Statistics, p. ; for description, see p. 8 in the same publication. NOVEMBER Number of banks suspended: Jan.-Oct Deposits of suspended banks (in thouss of dollars) : - 0 Jan.-Oct BANK SUSPENSIONS*, all banks 8 0,,,7,70, 0 0 Member banks,,,8 State,8 Nonmember banks 8 8,8,,, 0 National Insured Noninsurec 8 0,7 7 7 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). Deposits of member banks insured nonmember banks suspended are as of dates of suspension, deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. Back figures. See Banking Monetary Statistics, pp. -; for description, see pp. 8-8 m the same publication.

36 ALL BANKS IN THE UNITED STATES, BY CLASSES* LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans investments Deposits Class of bank call date Loans Investments securitie * U. S. Government obligations Interbank^ Dem Time Number of banks All banks: 8 Dec.. Dec Dec..... Dec... Dec Dec.,.... All commercial banks: 8 Dec. Dec. 0 Dec. Dec. Dec. Dec., Dec.! 8, j,8..i,70..i,0..' 78,7.,... 08,707 Dec.,, 8, 0,7,,7 7, 7,,0, 0,,,,,,,,,0,,0 7,7, 7, 8,7,7,7 7,0,7,00,,7 7,70 8,7,,,,0,,8, 0,,,,,0 8,7 8,7,78 7,7,8 0, 7,,0,,, 7,78,,7,8,7,07,0 7,,7,,8,8, 77,8 8,0,7,, 8,7 8, 7,8 7, 7,7 7, 8,00 7, 7, 7,7 7,,80,,,,,7,,, 8,780,7 07, 7, 8,0,,0,0 7,70, 7,8 8,,0 0,, 8,07,07 7,8,8 0, 0,8,8 0,,0,,,0 7,8,8 0, 0,8,8 0,,0,,,0 8,, 8,8,, 7,,,,,7 8,, 8,8,, 7,,,,,7,0,0,,7 7,0 8,7,0, 77 7,,70,,7,,, 7,,,, 7,7,7,0,,8,,,7,,,,,8,,77,,0,0,00,,000 All insured commercial banks: 8 Dec. Dec. 0 Dec. Dec. Dec. Dec. :... Dec. 7,70,8,,,,70,7, 0,8,,0, 8,,8 8,0 7, 8,8,7,,7,,, 8,0 7, 7,0,,7 8,0,78,, 7,0,0 0,70, 8, 7,0,8 8,0,, 7,08,8,,7,,,,77,77,0,,,80, 0,0,,7, 7,, 0, 0,, 0, 0,70,08,07,0 7,8, 7,,0 0,, 7, 8,0 8,7,0,,0,8,7, 7,7,08,0,,,,,8,,,8,70,,,77 All member banks: 8 Dec. Dec. 0 Dec. Dec. Dec. Dec. Dec.,070, 7,,, 7, 7,8,,,,8,, 8,0,0,8, 8,08 8,7, 8,,7,80,0,, 7,70, 7, 78,8,,8,8, 7,,80,8 0, 7,,,0,,8,,,,0,,8,,,,,77 78,77 8,0, 0,7 0,7 8,78 7,,0 0, 0,,000 0, 0, 0,0,,0,8 8,,8 8,,,70,8, 7,77 8,00,,,78,7,,7,,,,78,8,,,,7,70,8,7,8,80 All national banks: 8 Dec. Dec. 0 Dec. Dec. Dec. Dec. Dec. JO State member banks: 8 Dec. Dec. 0 Dec. Dec. Dec. Dec. Dec. ',0,80, 7,7 7,7,80 7,, 8,8,77,,,78,,7,,,,, 8,,0 0,00,7 0,, 0,,,80,,8,0,,,0,,7,0 7, 8,,,78,, 7,, 7,8,,,808, 7,0 8,,,7 8,70,,,0 8,0 8,,08,,0,7,0,0 8,0, 7,0,,7,0 7,0,80,8 8,8,,,,,,08,80,,,8,0,,7,,,07,,80,8,70,7,7,8 7,,,7,8,,8,, 7,8 7,,7 7,78,, 7,808,7,,0,0,8,,,7,7 7,00 7, 7, 7,0 8,0 8,,,,8,,00,,7,,87,80, 7,7,8,, 8,,0,,00,, 0,,,,0,,,0 8,,70 7,0 8,08 8, 8, 8,70, 0,,,0,,,7,8,0,8,,07,80,7 7,,,,,7,08,00,00,0,0,0,,,,,8,,,7,78,8 * These figures do not include data for banks in possessions of the United States therefore differ from those published by the Comptroller of the Currency the Federal Deposit Insurance Corporation for national banks insured banks respectively. Beginning,, excludes reciprocal bank balances, which on Dec.,, aggregated million dollars at all member banks million aat all insured commercial banks. e members of the Federal Reserve System. These banks are ommercial banks," are included only once in "all banks." ie admission to membership in the Federal Reserve System of one large bank"with'total loans investments aggregating million dollars on Dec.,.. J J.... Beginning,, includes Bank of North Dakota, a nonmember bank not previously included m these statistics; on Dec.,, its deposits, excluding interbank deposits, were million dollars its loans investments million. Back figures. See Banking Monetary Statistics, Tables -7, pp. -; for description, see pp. - in the same publication. FEDERAL RESERVE BULLETIN

37 ALL BANKS IN THE UNITED STATES, BY CLASSES Continued LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans investments Deposits Class of bank call date Loans Investments securities U. S. Government obligations Interbank Dem Time Number of banks All nonmember commercial banks: 8 Dec. Dec. 0 Dec. Dec. Dec. Dec. Dec. e Insured nonmember commercial banks: 8 Dec. Dec. 0 Dec. Dec. Dec. Dec. Dec. Noninsured nonmember commercial banks: 8-Dec. Dec. 0 Dec. Dec. Dec. ** Dec. Dec. e All mutual savings banks: 8 Dec. Dec. 0 Dec. Dec. Dec. Dec. Dec. Insured mutual savings banks: 8 Dec. Dec. 0 Dec. Dec. Dec. Dec. Dec. Noninsured mutual savings banks: 8 Dec. Dec. 0 Dec. Dec. Dec. Dec. Dec.,8,7,7 7,8 8,, 0,,,7,0,,8,,77,8 8,,8 0,0,8,0,,78,7,,,,,,8, 0, 0,8 0,8 0,7 0,7,8,,7,, 7,,,,007,70 7, 8,8, 0,0,0 8, 8, 8, 8, 8,,,,708,07,,8,7,,,80,8,,7,0,,0,07,,,70,,,78, ,,,,0,,8,8,,70, ,0,0,,0,08,,,,,8,,,,0,8,,,,,00,7 8,0,,00,00,,7,,,,,70 7,7, 0, 8 8 7,0,,,,,,,8,7,08, 7, 8,,0 0,87 7,08,0,7,,,78,,7,,,7,,78,,,,8,,,7,,,8,8,8 8,0,0 0,,,8,,,,7,, 8,7,70 7 7,0,7,,8,8,0,,700,,,00 7, 8,8, 80 8,,8,,,,0,0,7,07,,0,,,8,,,7,8,,7,,,8,,,,,,0, ,8,0,0,77,8,7,7,7,, ,,8,,,08 7,78 8, 8,8, 0,,07,7, 7, 8,,0,7 7,0 7,70, 0,7,8,0,80,0,,,,7,,,8,8,8, 0,78 0, 0,8 0, 0,,,8,7,7,,0,0,,78,08, 7, 8, 8,0,7,, 8,80 8, 8, 8,0,,,, ,,0,,70, 7,, 0.00,0,,007,,,,8, 7,0 8,, 0,,008,, 8,0,,7,8,,,,8,0,7,8,0,,,,0,,,8,0,8,8,7,, ,78 0, 0,8 0, 0,,,8,7,7,,0,0,,78,08, 7, 8, 8,0,7,, 8,80 8, 8, 8,0,,,, 8, 8, 7,8 7, 7,0 7, 7, 7, 7,8 7, 7,7 7,,,80.7,8,,,, For footnotes see page. NOVEMBER

38 Class of bank call date All insured commercial banks: 8 Dec Dec.... Dec.... Dec.... Dec Dec Member banks, total: 8 Dec Dec.... Dec.... Dec.... Dec Dec.... Mar New York City:* 8 Dec Dec.... Dec.... Dec.... Dec Dec.... Mar Chicago:* 8 Dec Dec.... Dec.... Dec.... Dec Dec.... Mar Reserve city banks: 8 Dec Dec. Dec.... Dec.... Dec Dec.... Mar Country banks: 8 Dec Dec.... Dec.... Dec.... Dec Dec.... Mar Insured nonmember commercial banks: 8 Dec Dec. Dec. Dec.... Dec Dec ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] 7,70,,,,7, 0,8,,070 7,,, 7,8,, 0,, 8, 0,0, 7,7,,,00,,,,77,70,,,,,,7,,0,7, 7,,,0,,7 0, 0,8,8,,,0 8,,,,,,77,8,8 0,0,8,0,0 8,,8 8,0 8,8,7,,7,8, 8,0,0, 8,08 8,7 7,,,,8,07,,8,7,70,0 7,0 8,00,0,8,0,0,, 7,0,0,,7,8, 7,,,,80,08,,780,0,807,,,07,,,,,78,70 loans investments Commercial, including openmarket paper, 7,78, 7,7 7,777 7,0 7, 7,,7,0 8,7 7, 7, 7.0 7, 7,0,,,807,,,, ,0,8,,7,08,7,0,8,,,7,,08,0,, "' Agricultural,00,8,,,,7,7, 7 8 7,08,0,0,8, Loans "l Loans for purchasing or carrying securities To brokers dealers,00,,,,,8,0,,08 7 7,0,7, " ,,, ,,08,07 0,80 "",8, , To others Realestate loans,7,,7,,7,,,,7,8,,,7,7,, ",0,,7,,,,7,78,,,8,77,7,708,7,77,,,8,,,,,7 Consumer loans loans,,077,,,8,,8,0,008,,, l,i 0,0,,8 7,70 l,7i.0,,! 7,8 8 " " 8 0 so "",,00, " ,, 8,0,0 7, 8,,0,7 8,0,78 8,,80 7,, 78,8,07 7,7 8,8,8, 7,0 8, 7, 8,7,,,80,,,00.8,,80,0,, 7,08, 8, 808j, 8, 0, 0,78 7,0 7 ",7,,7,8,80 7,,07,0,,,,,,,70 7,7, 0,, 7,0,0 0,70 8, 7,0,8 8,0,,8, 7,.8 0, 7, 7,,,7,0 7,,7,,7 7,7, 7,,,7,,78,8,8,,80,,08,,7,08,,8,0, 7,,,,77,7, 8,00,,,0,,,,,, 8,7,70 Investments I I". S. Government obligations Bills,,,708,7, 7,,0,,78 8 7,,8,8 ' ' "l7 7 0,,80,,70,0 0 7,0 " ,77,8,,0 7, ^,07,8,8,,0,,70,8 "7 7,08,0, ^,,,7,8 ^,0,,, Direct "*,7,8,, Notes Bonds,,,,7 7,7,,778,,8,,007,0,0 0,0,7,,,,0,8,80,, "8, 77,7,7,,8, 7 8,,0,,, 7,,, 8,000,,77,,,,,0 7,8,0,7 8,8 7,,8,7,,8,7 0, "",,77,, 7,0 7,0 8,, 0,8,0,,80,,7,8,8,80, 0,,,0,,08,, 8,70 0,,, "",0,0,,00,8,,,7,0,78, 78,,,8,, 8 0 8,,7, ,0, Certificates of indebtedness Guaranteed Obligations of States political subdivisions * These figures do not include data for banks in possessions of the United States therefore differ from those published by the Federal Deposit Insurance Corporation. During three mutual savings banks with total deposits of 8 million dollars became members of the Federal Reserve System. These banks are included in "member banks" but are not included in "all insured commercial banks." Central reserve city banks.,0,08,,,,,,,8,0,00,,7,,7,8, ,000,0,00 8,,,,,,0,, securities,,,,08,,7,,8,,70,,,,,,00, ,,0, ux FEDERAL RESERVE BULLETIN

39 ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES Continued RESERVES AND LIABILITIES [In millions of dollars] Class of bank call date Reserves with Federal Reserve Banks Cash in vault Balances with do-. mestic banks Interbank deposits Dem deposits adjusted* Domestic Foreign Dem deposits States political U.S. Government subdivisions Certified officers' checks etc. Individuals, partnerships, corporations Interbank Time deposits U.S. Government Postal Savings States political subdivisions Individuals, partnerships, corporations Borrowings Capital accounts All insured commercial banks: 8 Dec Dec.... Dec.... Dec.... -Dec Dec Member banks, total: 8 Dec Dec.... Dec.... Dec.... Dec Dec.... Mar New York City:' 8 Dec Dec.... Dec.... Dec.... Dec Dec.... Mar Chicago: 8 Dec Dec.... Dec.... Dec.... Dec Dec.... Mar..... Reserve city banks: 8 Dec Dec.... Dec.... Dec.... Dec.... Dec.... Mar Country banks: 8 Dec Dec.... Dec Dec. Dec Dec.... Mar Insured nonmember commercial banks: 8 Dec Dec.... Dec. Dec.... Dec.... Dec.... 8,,,,07,,8,0,80 8,,,,07,,,,0,807,0 7,07,0,,,,7,,,0, ,,07,00,0,*,0,7,,,,7,,8,,8,0,7,7,, 8,,,,, 7 7, 0, 0,,, 7,, , 8, 70, 080 8, 8, 77, 7,,, I ,,07,,,,78,,, 8, 8 7, 8,,, 7, 0, 08,,, , 0, ,0,,0, 77,7, 8, 8,,,77 70,8 0,, 0,0 0,0 8,7,,,8 700,7 7 0,0 8,0 8,0 7 0, 0,0,0,0,0,7,0,,,7,0,7,,7 8 7,07,0 7,00,,0,7,7,,,,770,7,,0, 70 7,,0, ,7 8,7, 8,7,,78 70,70 7,, 7, 8,,0,7 8 8,,,,7, 7, 0 7,0,00 00, 7,8,,,7,0 7,,00,,,0,, 8,,,,,8,77,,,0,8,,,7,0,8,0,8,7,0, ,,,8,,,,,8,8,70,8,77,,8,, ,077,,,,, 7,00,,,0,,, ,,8, 7, 8,8 7,,,,,7,0,,8,,70,0 7,7 7,,7,8,, 7 I, ,8,,78,7,0,,,07,00,00,, 7,0,,7,0 8,70 8,7,7,,,, 8,0,8,,0 8,,0 8,,,8,,,8, 7, 8, ,00,8,,7 8,,,7, 0,,7,8,,8,8 8,807,00, ,0,08 7,,,,80,0,7 7, 8,08 8,,,7,08,7 7, 8,77,0 0,7 0,8,,,7,,0,0,, "' 0 " ,,,8 7,0 7, 7,70 7,8 8,,,,8,0,,, 7,8 7,7,,,,77,,07,,,0 7 70,777,0,7,08,,7,7,,,78,0,8,0,,,,,0,00 7,0,0,0 Beginning,, excludes reciprocal bank balances, which on Dec.,, aggregated million dollars at all member banks million at all insured commercial banks. Dem deposits other than interbank U. S. Government less cash items reported as in process of collection. For other footnotes, see opposite page. Back figures See Banking Monetary Statistics, Tables 8-, pp NOVEMBER..7

40 WEEKLY REPORTING MEMBER BANKS NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Date or month 0 Cities September.. September. Aug. Aug. 8 Aug.... Aug. Aug.... Sept.... Sept.... Sept.... Sept.... Oct. Oct. 0 Oct Oct. New York City September. September... Aug. Aug. o... Aug.... Aug.... Aug.... Sept.... Sept.... Sept.... Sept.... Oct.... Oct Oct Oct.... Outside New York City September. September. Aug. Aug Aug.... Aug.... Aug.... Sept.... Sept.... Sept.... Sept.... Oct.... Oct Oct Oct.... loans investments, 7, 0,0,0,7,,0,0,0,,8,8,8,,0 0,8,0,007,70,,8,7,,,808,,7,0,7,,0,,,8,,,,,,0,07 0,7 0,7 0,8 0,78 0,7 0, 0, 0,8 0, 0,0,,,,7,7 Loans 0,,,,,0,7,,7.,00,8,8,,,7,,,,,7,,7,,08,0,,8,,,",',:,',8,,,8,0,0,, 7, 7,8< 7, 7, 7,8 7, 7, 7, 7,7 7, 7, 7, 7,70 7, 7, 7,7 7,0 Commercial, industrial, agricultural U.S. Govt. obligations,0,,,,,0,,,,8,8,0,0,,,8,7,,,8,8,,,,,8,,,,,7,,,,7,,,,,00,7,70,,80,78,7,7,7,777,77,80,,8,,,80, For purchasing or carrying securities To brokers dealers securities,8,,,00,,7,,,,,8,8,,,,,0,,0,,,,,7,0,08,08,78,,07,,,, To others U.S. Govt. obligations securities Realestate loans 78,8,,77,,,8,,70,,7,7,,,,07, 7, , Loans to banks,0,0,07,0,0,00,0,0,0,08,08 7,0 8 0 ^08 l',00,0,0,0,0 7 8 j! loans,,8,7,,7,,8,7,7,,,7,7,,70,,,, ,0,0,0,070,0,08,07,0,0,0,070,0,0,00,07,0,08,0 Investments,8,0 8,0,,,00,,077,0,7:,70,, r 8,8 8, 8, 8, 8, 8,78,,0,8,08,,,,0,77,,,,,7,0,0C,0,77,7 8,8,,87,,0,80,70,7,7,7,,0,00,,7,8,77,77, U. S. Government obligations,0,7, 7,8,7, 7,000,77,770,8,7,8,8,,0,,08,7,8,,,80,78,0,,,,,7,7,,,0,8,,,,0, 8,,78,0,8,0,,8,,,07,7',8,7,,7,,7, Bills,,,,7,,,,,,,,,,,,,8,, ,8,70,7,,8 7,,,7,77,,, Certificates of indebtedness Notes 0, 0,77, 0,0 0,80 0,8 0,8 0, 0, 0,7' 0, 0,: 0,7 0,,,80,0,,0,,,,0,8,8,,,,8,,00,8,80,7,0,7,770, 7,00 7,0, 7, 7, 7,7 7, 7, 7, 7, 7, 7,0 7, 7, 7, 7,0 7,0 7,0 7,0 7,77 7,8,,,,,,,,78,8,,7,,,80,7,,,0,,,,,0,,,8,,0:,0,0,00,,,,",,,7,0,8,,8,7,,7,,,,,,,,,7, Bonds,,0,0,07,0,8,0,,,,,,0,,78,80,,0,078,00 8,8 8,77,0, 8,,,,,7, 8, 8, 8,7 8,7 8, 8,7 8,7 8,,,,,,,07,,0,0,080,0,0,,7,,0,0,0,07, Guaranteed securities,,0,,,,,,,8,,,,,7,80,,8,,70,0,00,0,0,,,7,7,,,,,,,7,7,7,,,,0,0,0,,,0,0,,,,,,,,7,,, Back Jig^es See Banking Monetary Statistics, pp FEDERAL RESERVE BULLETIN

41 WEEKLY REPORTING MEMBER BANKS NEW YORK CITY AND OUTSIDE Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Date or month Reserves with Federal Reserve Banks Cash in vault Balances with domestic banks Dem deposits adjusted Individuals, partnerships, corporations Dem deposits except interbank States political subdivisions Certified officers' checks, etc. Time deposits, except interbank U.S. Government Individuals, partnerships, corporations States political subdivisions Interbank deposits Domestic banks Time U.S. Government Postal Savings Dem Foreign banks Borrowings Capital accounts Bank debits 0 Cities -September...,,,80,80, 7, 7,0 8,7 8 08,,70 0, 0,...,70.,00 September... 0, 80 70,7,8,8,,,8 8,, 7, 8,78,0 8,, 7, 8,8, 8,0,,8,0,,,00,80,,, 0,07 8, 8,80 8, 8, 8, ,,,80,,7 7,007,0,08,07,0 8,78,7,800,,,80 78,8,, 7, Aug. Aug. 8 Aug. Aug. Aug.,,7,, 0,00,70,,,0, 7, 7,0 7, 7, 8,0 7,,8 7, 7, 8,,0,8,8,,, ,7,,00,, 8,7 8,70 8,8 8,8 8, ,,,78,80,,0,0,07,07,077 8,8,0,,8,,,80 0,8,0, Sept. Sept. Sept. Sept. 0,0 0,7 0, 0,07 70,,,,0 8, 8,7,07 8, 8,,00, 8,78,8,,,,8,0 0,8 0,,, 8,8 8, 8,,0 0 0,70,,8,,080 L,0,0 L,0 7 0,8,,8,,0,,, Oct. 0, Oct. 0 0,0 Oct. 7 0, Oct.... 0, 7 7,7,,, 8,0,08,, 8,77,,,,,08,8,0,8 80,,8,0 8, 8, 8,0,008,0,0, ,7,0 0,,,08,0,0, 8,8,0,00,,,,, New York City September...,,0,0 7, 7 7, 7,0, September...,,7,8,,7 8 8,,0,8,7,8,,7,7,0, 8 77,7,,0,80,00,00,07, ,7,77,0,, ,8,0,,, 8,8,,0,80, Aug. i Aug. 8 Aug. Aug. Aug....,7,,7,, 8 8 7,,,,0,8,,7,,, 7 7 8,70,,70,,70,0,08,00,0, ,8,,,00, 7 7,,,8,8,,,,8,0, Sept. Sept. Sept. Sept.,0,7,77, ,0,0,,,,,, 7 80,,00,,77,08,,, ,0,80,7, ,,7,0,0,7, 7,0 7, Oct.. Oct. 0 Oct. 7 Oct.,7,7,7, 7 8,8,7,8,80,,,0,0 7 7,,8,,,0,07,08, ,000,,, ,,, ],8,7,,7,80 Outside New York City September..,7,0,,0,7,, 0,,7, September...,7,,8,, ,,,,,,,,8,7,,,,0,0,,008,,,70,7 7 7,7,8 8, 7,8,0 7,7 7,8 7, 7, 7, ,8,7,70,, ,,,,7,,8,0,,7, Aug. Aug. 8 Aug. Aug. Aug.,7,,77,, 7,7,70,7,77,7,,,0,,.,7,,,,7,,808, ,7 7,0 7, 7,8 7,07 7,8 7, 7,78 7,7 7,7 0 0,7,,8,0, ,0,,,77, 7,77,7,0 7,0, Sept. Sept. Sept.... Sept.,0,,8,8 0,,,7,08,7,,7,,078,,7,,7,70,, 7,0,0,8, 7,7 7,80 7,8 7, 0 0,8,,87, 7 7,8,,,00,,8 8,0 7,7 Oct.... Oct. 0 Oct. 7 Oct...,,,, ,,,,7,0,,778,,0,7,0,7,,7,7, ,,,7,7 7, 7,78 8,0 8,0 0,7,7 7,0, 8 0 0,0,0,08,08 8,,7 7,70 7, Dem deposits other than interbank U. S. Government, less cash items reported as in process of collection. Monthly weekly totals of debits to dem deposit accounts except interbank U. S. Government accounts. NOVEMBER x

42 WEEKLY REPORTING MEMBER BANKS BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Federal Reserve district date loans investments Commercial, industrial, agricultural For purchasing or carrying securities To brokers dealers u. s. Govt. obligations securities To others U.S.! Govt. obligations securities Realestate loans Loans to anks loans U. S. Government obligations Bills tfotes Bonds Certificates of indebtedness juaranteed securities Boston Sept. Oct. Oct. 0 Oct. 7 Oct. New York* Sept. Oct. Oct. 0 Oct. 7 Oct. Philadelphia Sept. Oct. Oct. 0 Oct. 7 Oct. Clevel Sept. Oct. Oct. 0 Oct. 7 Oct. Richmond Sept. Oct. Oct. 0 Oct. 7 Oct. Atlanta Sept. Oct. Oct. 0 Oct. 7 Oct. Chicago* Sept. Oct. Oct. 0 Oct. 7 Oct. St. Louis Sept. Oct. Oct. 0 Oct. 7 Oct.. Minneapolis Sept. Oct. Oct. 0 Oct. 7 Oct. Kansas City Sept. Oct. Oct. 0 Oct. 7 Oct. Dallas Sept. Oct. Oct. 0 Oct. 7 Oct. San Francisco Sept. Oct. Oct. 0 Oct. 7 Oct. City of Chicago* Sept. Oct. Oct. 0 Oct. 7 Oct.,,77,7,,8,,8,,,0,,,,,,07,8,,,8,0,0,00,0,0,77,78,,08,0,0 8, 8,7 8,8 8,,,7,,8,8,,,,,,,,,8,,,7,0,,8,7,,,,0,,,8,, 7 708,7,,08,8, 7: ,77,8,7,, 0 0 i : C C C ^ < :,0.,0!,,,08,0,;,0:,07,0=,07 = 7,7,,,, ,,, ,00,8,77,, 7,, 7,, 7,7, 8,0, 7,".,,,,,,,8,7,,,70,7,7,7,70,7,,,.,,7 7,' 7, 7,0 7, 7,,,, l,7i, ( 8 8 8! C,',',0,,.,, l,f,(, (,:,.,,,,7,:,i,,:,;,,8,,,,7,8,,7,,,7,70,,7,,,8,,,8,,8,8,8,78,7,78,7,7,,,,,,,7,77,7,7,7,,,,8,,,,0,,,;,8,8, ,07,0,0,0, ,,7,80,, ,,,,8, -,07,0,,, ,,,,77, ' 8 8,8,,,8, ' 78 7' 7 7,0,0,08,, 77? 7< 7< 7U,,,8,7,,77,70,7,807,8,8,,7,8,7,,,,, 8,00,00 8, ,7,7,,, ,7,,77,,,7,8,,0, 8,,,,, * Separate figures for New York City are shown in the immediately preceding table, for the city of Chicago in this table. The figures for the New York Chicago Districts, as shown in this table, include New York City Chicago, respectively. IIO FEDERAL RESERVE BULLETIN

43 WEEKLY REPORTING MEMBER BANKS BY FEDERAL RESERVE DISTRICTS Continued RESERVES AND LIABILITIES [ In millions of dollars] Dem deposits, except interbank Time deposits, except interbank Interbank deposits Federal Reserve district date Reserves with Federal Reserve Banks Cash in vault Balances with domestic banks Dem deposits adusted Individuals, partnerships, corporations States political subdivisions Certified offi- ; cers' checks, etc. U.S. Government Individuals, partnerships, corporations States political subdivisions Domestic banks Time U.S. Government Postal Savings Dem Foreign banks Borrowings Capital Bank deb- Boston ( Cities) Sept. Oct. Oct. 0 Oct. 7 Oct. New York (8 Cities) Sept. Oct. Oct. 0 Oct. 7 Oct. Philadelphia ( Cities) Sept. Oct. Oct. 0 Oct. 7 Oct. Clevel (0 Cities) Sept. Oct. Oct. 0 Oct. 7 Oct. Richmond ( Cities) Sept. Oh. Oct. 0 Oct. 7 Oct. Atlanta (8 Cities) Sept. Oct. Oct. 0 Oct. 7 Oct. Chicago ( Cities)* Sept. Oct. Oct. 0 Oct. 7 Oct. St. Louis ( Cities) Sept. Oct. Oct. 0 Oct. 7 Oct. Minneapolis (8 cities) Sept. Oct. Oct. 0 Oct. 7 Oct. Kansas City ( cities) Sept. Oct. Oct. 0 Oct. 7 Oct. Dallas ( cities) Sept. Oct. Oct. 0 Oct. 7 Oct.,.,.. San Francisco (7 cities) Sept. Oct. Oct. 0 Oct. 7 Oct. City of Chicago* Sept. Oct. Oct. 0 Oct. 7 Oct ,,,7,0, ,,,8,, , ,,,,8,8,,,8,,7,7,8,0,8,,0,0,0,0,,7,,,,,,,8,8 I,i,,,,0,,08,0,,, 77 77,7,07,,7,77,,,7,,77,,8,,0,78,,8,,,,0,0,08,,8,8,70,7,,78,,,,,8,08,0,0,,,7,77,,,,,,,,7,,,,,,0,,7,7 *, 0,0,,,,7,8,,,8,7,,,,,,,0,,, ,0,000,7,, ,80,70,,, ,,70,70,77,,80,,0,, ,7,77,7,7, ,7,,,, ,0,0,0,, ,,7,,, ,08,08,,, ,0,0,0,0, , 7,0,80,7 7, ,078,,,8, ,,0,0,0,,,,0,7,77 * See note on preceding page. J Dem deposits other than interbank U. S. Government, less cash items reported as in process of collection. Debits to dem deposit accounts except in interbank U. S. Government accounts. NOVEMBER

44 COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outsting End of month September October November January February September Commercial paper outsting outsting Held by Accepting banks Own bills 0 8 Bills bought s Imports into United States Exports from United States Based on, Dollar exchange 8 I () () () () () Goods stored in or shipped between points in United States Foreign countries As reported by dealers; includes some finance company paper sold in open market. None held by Federal Reserve Banks except on,, when their holdings were $,000. Less than $0,000. Back figures. See Banking Monetary Statistics, Table 7, pp. -7; for description, see p. 7. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars! Debit'balances Credit balances End of month Customers' debit balances (net) Debit balances in partners' investment trading accounts Debit m balances in firm investment trading accounts Cash on h in banks Money borrowed Customers' credit balances Free (net) In partners' investment trading accounts credit balances In firm investment trading accounts In capital accounts (net).... 7_j une 8 J un e ,..... October November January February September,7,, e e 0,0 e l,070 e l,00,0,0,0,,,00, e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of large firms. Excluding balances with reporting firms () of member firms of New York Stock Exchange other national securities exchanges () of firms' own^partners. J Includes money borrowed from banks also from other lenders (not including member firms of national securities exchanges). As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars):, 0;, 0;, 0;, ;, 8; September,. % NOTE. For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September. The article describes the method by which the figures are derived reported, distinguishes the table from a "statement of financial condition," explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures See Banking Monetary Statistics, Table, pp. -, for monthly figures prior to, Table, p., for data in detail at semiannual dates prior to.,08, c 7O e 0 7 e 7 e O 7 s S e e 7 e e "m" i FEDERAL RESERVE BULLETIN

45 OPEN-MARKET MONEY RATES IN NEW YORK CITY [Per cent per annum] Year, month, or week average.... average average October... November.. January... February.. ;... September October... Week ending: Sept.... Oct.... Oct.... Oct.... Oct Prime commercial paper, - to - monthsl Prime bankers' acceptances, 0 daysl Stock exchange call loan renewals U. S. Government security yields - month bills to - month certificates of indebtedness to - year taxable notes H i Monthly figures are averages of weekly prevailing rates. The average rate on 0-day stock exchange time loans was. per cent during the entire period. Rate on new issues offered within period. Beginning on Sept.,, includes Treasury notes of Sept., 8 Treasury bonds of Dec.,. Back figures See Banking Monetary Statistics, Tables -, pp. 8-, the BULLETIN for, pp. -0. COMMERCIAL LOAN RATES AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES (Per cent per annum] average... 7 average... 8 average... average.. 0 average. average.. average.. average. average.. September.... September... September September... September. cities New York City Northern Eastern cities Southern Western cities Prior to figures were reported monthly on a basis not strictly comparable with the current quarterly series. Back figures See Banking Monetary Statistics, Tables -, pp. -; for description, see pp. -7. BOND YIELDS* [Per cent per annum] Year, month, or week U. S. Government 7 to years years over Taxable Partially tax exempt Taxable Municipal (highgrade) Corporate (highgrade) Aaa Corporate (Moody's) By rating Aa A Baa By groups Industrial Railroad Public utility Number of issues average average average October November January February September October & L. L. L. ] L. L.8 L.7 L. L.7.8 L.8.7 L.70 L.7 L Week ending: Sept. Oct. Oct. Oct. Oct L.8 L L. L Monthly weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. Stard Poor's Corporation. U. S. Treasury Department. Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, A groups have been reduced from 0 to,, issues, respectively, the railroad Aaa, Aa, A groups from 0 to 7,, issues, respectively. Back figures. See Banking Monetary Statistics, Tables 8-, pp. -7, the BULLETIN for, pp. -0. NOVEMBER

46 SECURITY MARKETS Year, month, or week U. S. Govment Municipal (high grade) Bond prices Corporate Medium- lower-grade Public utility Highgrade Industrial Railroad Defaulted Preferred Stock prices Common (index, - = 00) trial Railroad Public utility Volume of trading7 (in thouss of shares) Number of issues average average average ,0 7 October... November , January... February.. September. October ,,,,,7,,0,, Week ending: Sept.... Oct.... Oct.... Oct.... Oct ,,,8,,8 Monthly weekly data are averages of daily figures, except for municipal bonds for stocks, which are based on Wednesday figures. Average of taxable bonds due or callable in years over. Prices derived from average yields, as computed by Stard Poor's Corporation, on basis of a per cent -year bond. Prices derived from averages of median yields, as computed by Stard Poor's Corporation. Stard Poor's Corporation. 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 Monetary Statistics, Tables,,,, pp.,7,8,, respectively, the BULLETIN for pp. -0. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Year or month (new refunding) (domestic foreign) Domestic State municipal Federal agencies Corporate Bonds notes Stocks F - or - eign* (domestic foreign) Domestic State municipal Federal agencies Corporate Bonds notes Stocks Foreign* ,,,7,,8,80,,,7,,7,7,8,0,8,,,0,0,,0,,,8,, , ,,, """ 7,,,7,08,,,,0,.,0,,,0,0,,,,0,, ,7 0 7,,,,7,,0,7 8,,78,,,,, 07 0, September.. October November "io" January February September.. 7 8, """ " 0 " " Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. Includes issues of noncontiguous U. S. Territories Possessions. Source. For domestic issues, Commercial Financial Chronicle', for foreign issues, U.S. Department of Commerce. revision. Back figures. See Banking Monetary Statistics, Table 7, p.. Monthly figures subject to FEDERAL RESERVE BULLETIN

47 NEW CORPORATE SECURITY ISSUES* PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars! Proposed uses of net proceeds Year or month Estimated gross proceeds Estimated net proceeds New money Plant equipment Working capital Retirement of securities Bonds notes Preferred stock Repayment of other debt purposes September October November 7,,7,,,,77,7,0,70, ,,,,0,,,,0,7, ,8,,00,,,,, 7 7,7,,,7,7, 7, i 7 i" January February September PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars) Railroad Public utility Industrial Year or month New money net proceeds Retirement of securities All other purposes New money net proceeds Retirement of securities All other purposes* New money net proceeds Retirement of securities All other purposes New money net proceeds Retirement of securities All other purposes L,0,, 8, L,80., ,0,,7, ,80, September October November " { " " ' """ " i January February M^ay September """ "i" i Estimates of new issues sold for cash in the United States. Current figures subject to revision. Gross proceeds are derived by multiplying principal amounts or number of units by offering price. Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., expenses. Includes repayment of other debt other purposes. Source. Securities Exchange Commission; for compilations of back figures, see Banking Monetary Statistics (Table 8, p. ), a publication of the Board of Governors. NOVEMBER

48 QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Net profits, by industrial groups Profits dividends Year or quarter Iron steel Machinery Automobiles transportation equipment Nonferrous metals products durable goods Foods, beverages, tobacco Oil producing refining Industrial chemicals nondurable goods Miscellaneous services Net, profits Dividends Pre- Comferred mon Number of companies... I, 0... I,,,770,80, ,08, Quarterly ' Railroad PUBLIC UTILITY CORPORATIONS [ In millions of dollars] Electric power Telephone Year or quarter Quarterly ,,7,7 7,,0,7,,7,,,,77,07,,0,,,,,,, Income before income tax* 7,8,, Net income i 00 7 Operat- Dividends Operating revenue,7,77,0,,, Income before income tax Net income Dividends Operating revenue,07,,,,7, [ncome before income tax Net income,77 7, 0 0 "Net profits" "net income" refer to income after all charges taxes before dividends. Class I line-haul railroads, covering about per cent of all railroad operations. Class A B electric utilities, covering about per cent of all electric power operations. Figures include affiliated nonelectric operations. Thirty large companies, covering about per cent of all telephone operations. Series excludes American Telephone Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the companies. ^ After all charges taxes except Federal income excess profits taxes, Partly estimated. * Not available. Sources. Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations quarterly figures prior to are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies for telephone dividends. Figures for the current preceding year subject to revision, especially for war producers whose contracts are under renegotiation. For description of data back figures, see pp. -7 of the BULLETIN Dividends FEDERAL RESERVE BULLETIN

49 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 gross direct debt interestbearing direct debt s Marketable public issues Treasury bills Treasury notes Treasury bonds Nonmarketable public issues U.S. savings bonds Treasury tax savings notes Special issues Certificates of indebtedness Noninterestbearing debt Fully guaranteed interestbearing securities Dec Dec Oct. Nov Dec Jan Feb Mar Apr Aug Sept Oct. 7, 08,70,,7,00,,00 0,,08,707,,0 8,8 8,,0,00,0, 7, 07,8,80,8, 8,08,77 8,8 0,7,,0,0,7,7,78 0,7,,, 7,,,0 0,0,008 ",,,,7,,0, 8,,080, 8, 8,70,8,7,,07,,00,0,8,0,, 7,0 7,0 7,0 7,0 7,08 7,08 7,0,0 0,,, 8,8,,,0,0,,,78,,,7,,07,0,,,, 7,0 7, 7,,0,0,0 8, 8, 8,,7,8,8,8,8 8,0, 7, 7, 7, 8,7 8,0,,,,77,77,77 0,8 07,80 08,7 07,0 07,0,,7,0,7, 7,,008,7,7,,,0,7, 7, 7,7,78,07 0,,0, 7,,0 7, 8,8 0, ',0,,,,77,,8,,7,7,0,8 7, 8,,7,0,0,,,7 8,8,0 0,0 0, 0, 0,8,0 8,77 7,8,0* 0,,70,,70,,,8 7, 7,7 7, 8, 8,8,8,0,,77,,70,0,»,0,,,,,00,07,,,,,78,8,,0,,,80,70,70,,,,, Including amounts held by Government agencies trust funds, which aggregated,0 million dollars on Aug.,,,0 million on marketable public issues includes Postal Savings prewar bonds, total nonmarketable public issues includes adjusted service depositary bonds not shown separately. Including prepayments amounting to, million dollars on securities dated Dec.,, sold in the Sixth War Loan, beginning on Nov.,. Including prepayments amounting to 7 million dollars on securities dated,, sold in the Seventh War Loan, beginning on,. Including prepayments amounting to million dollars on securities dated Nov.,, sold in the Victory Loan, beginning on Oct.,. Backfigures. SeeBanking Monetary Statistics, Tables -8, pp. -. UNITED STATES GOVERNMENT MARKETABLE PUBLIC SECURITIES OUTSTANDING, OCTOBER, [On basis of daily statements of United States Treasury. In millions of dollars] Issue i ind coupon rate Treasury bills Nov. Nov. Nov. Nov. Nov. Dec. Dec. Dec. Dec. Jan. Jan. Jan. Jan. Aug. Sept., 8,,....,,,, 7,, 0, 7,, Cert, of indebtedness Dec.,. % Feb., Mar., Apr., y%, y%,, Oct., Treasury notes Dec., Jan., Mar.,, Dec., Mar. Sept. Sept. Sept,, 7..., 7, 7, 8 y& % '^ V \VA. \\} VA /^ Treasury bonds Dec.,.^ Mar., -.. H, J-*Jy X J?^\J JT-7,. Oct., 7-. Dec Mar., Mar., 8-.. %, 8 Sept., 8 M Amount,7,,,,,,,7,,,,,,,0,7,8,7,7,70,,0,,,0,,8,707,7,78 8,0 8 70,,,0 Issue coupon rate Treasury bonds Cont. Dec. 8-, - Sept., -... Dec., - Dec., - Dec., - Mar., - Sept., - Sept., - Dec.,, - Sept - Sept., - Dec., - Dec., - Mar., -, -..., - Dec., -, -, - Mar., -0 Mar., -8 Sept., - Sept., -...., 8-,- Dec., 0-..., -7 Dec., -, - Dec., -... Mar., Mar., -7, ' iy... y>, '.. \y& " %.....H......y V.% '..iy> M '.'.VA..M VA % -MJ -y -y. ^ ^ -^ Sept., 7-7.y> Postal Savings bonds.k Conversion bonds. Panama Canal loan direct issue s.. Guaranteed securities Federal Housing Admin. Various Amount 7,0,,08,7,,,,,7 7,,8,0,8, 8, 7,, 8,8,8,,8,,7,8,7,8 7,7,7 7 8T7(T Sold on discount basis. See table on Open-Market Money Rates, p.. Month Mar Apr Aug Sept Oct Nov Dec Jan Feb Mar, Apr Aug Sept. Oct UNITED STATES SAVINGS BONDS [In millions of dollars] Amount outsting at end of month,7,7,,0,8,8 7, 7, 8,8 0,,0,,,,77,,8,,7,7 Funds received from sales during month All series 70,8, 0,0,,07 8,,78, 700 Series E 7 0,,7 * 807, 80 7,,,0 7 Series F Series G Maturities amounts outsting, October, Year of maturity Unclassified.. All series 80,,,0,,,8,0-7,7 Series A-D 80, Series E " ',8', 7,7,,,8 Series F " 7 78,7 Redemptions maturities All series Series G,,8,7,80, 0,77 NOVEMBER 7

50 OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] End of month November.... January February... interestbearing securities 7,7,,7,7,0, 0,,,,,,,7 0,, Held by U. S. Goveminent agencies trust funds Special issues 7,8,0 0,,70,,,,8 7, 7,7 7, 8, 8,8,8,0 Public issues,8,8,,,80,0,8,70,7,,,7,8,0, Held by Federal Reserve Banks,,8 7,,,0 8, 8,,00,,,,,7,77,,, 7,8 0, 7,0 7,70 8,8,, 0,0 0,,,0,8,77 Commercial banks,0,,8,8, 7,00 77,8 78,0 78,00 77,00 r 77,00 r 77,O r 8,0 r,0 8,0 Mutual savings banks Privately held,8,,,00 7, 7,0 8,8 8,00 8,700 8,700 8,700 8,700,,800 0,000,0,0,00,00 7,0 7,00,00,00,00,00,0,00 r,7oo r,00,00 investors Insurance companies Marketable issues 0,700,800 8,700,700,700 8,00,0,0,00,000 r,0 r,00 r,0 r,00,700 Nonmarketable issues,000,00 8,00,0,0' 7,0,0,000'.,00,00*,700,700,0,000,0 r Revised. Figures for insurance companies other investors have been rounded to nearest 00 million dollars for all dates, figures for commercial banks mutual savings banks have been rounded to nearest 00 million for all dates except for which call report data are available. Back figures. See Banking Monetary Statistics, Table, p.. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES' [Public marketable securities. Par values in millions of dollars] End of month : Dec Mar Apr Aug Treasury bills: Mar'.".".'.'.'.'.'.'.'. Apr Aug Certificates: Dec Mar Apr Aug Treasury notes: Mar.. Apr Aug Guaranteed securities: Dec. Mar Apr. Aug outsting,,,,, 8,,,,,8, 7,0 7,0 7,0 7,0 7,08 8,8,0,,78,,,7, 7,0,0 8, 8, 8,,7,8,8,0, U.S. Government agencies trust funds 0 0 Federal Reserve Banks,0,0,8 8,,7,,,,,,,7,0,77,0, 8.,8,07,00,,,80,,8,8,.,0,0,0,00,80,,0,07,,,7 Commercial banks, 7,0 7, 7,7 7, 77,8 78,0 77,,8,,7,,,78,7,,07,0 7,0 7, 7,,78,8,,78,,7,,,07,, Mutual savings banks Insurance companies 7,8,7 8, 8,7 8,8, 8,,0 8,7,,8,,,,7, ,,70 8, 7,8 7,7,,,7 0,,0,7,70,,,7,,7 0, 0,, 0, 0, 0,,8,08 *,,8,, 7 End of month Treasury bonds: : Dec Mar Apr Aug..._ Maturing within years: Dec Mar Apr Aug Maturing in -0 years: Dec Mar Apr Aug Maturing in 0- years: Dec Mar Apr Aug Maturing after years: Dec Mar Apr Aug outsting 7,,,77,77,77 0,8 07,80 08,7 7,8 7,8 8, 8, 8, 8, 8, 8,,,0,,, 8, 8, 8,,8,,,,,77 7,7 7,,,7,7,7,7,,,0 U.S. Government agencies trust funds,7,,0,,,,,7,,0,,8,8 8,0, 8,,,,,.,8.,70 8 7,70,,7,80,,,,,07,08 8 0,0,08,07,,,8,8,,,0,,7,,,,8,770,8,80 8,7,,,,70,7,,,,,0,,,,7,7 ings banks,,7, 7,70 7,,08 7, 8,7,07 7, 8 0, 7, 7,8,0,8 8,,78,, ,7,,,,7,00,8,0,7,8,8,0,,8,,8 Federal Reserve Banks Commercial banks Mutual Insurance companies,,0,,,,7,,,7,,,,,7,7, 8,,70,777,0,07,0,07,0,0 7, 0,7,7,0 8,8 0,00,7,,8,,,,,7,,,7,8 8,0,,,,,0, 7,0,07,8 7,,, 7,,7,00, :,77 7.0,,0,,0 0,,70,, 0^8 0, < * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, the residual "other" are not entirely comparable from month to month. Since the coverage by the survey of commercial banks has been exped. Figures in column headed "other" include holdings by nonreporting banks insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks all insurance companies for certain dates are shown in the table above. Including stock savings banks. On Aug.,, commercial banks reporting to the Treasury held 7, million dollars of U. S. Government securities due or callable within one year out of a total of, million outsting. Including million dollars of Postal Savings prewar bonds not shown separately below. 8 FEDERAL RESERVE BULLETIN

51 SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period Income taxes Withheld Miscellaneous internal revenue Social Security taxes receipts Net ceipts receipts Interest on debt War activities Transfers to trust accounts, etc. expenditures budget expenditures Deficit Trust accounts, etc. Change in general fund balance Increase in gross debt Fiscal year ending: October November... January February Mav j une September... October 8, 0,8 0,0 7, 8 00,8 8,0 7 7,0,,0,80,7,,7,,0,0,0,, ,8,, ,0,7, , 08 7,70,0,,8,,,08,7,8,,,8,,8 Details of trust accounts, etc.,8,7,00,,,,77,8,,0,,,7,8,,808 ' f,0 0 i7,0,7 < >0,0 0 8, ,7 7,0 7,, 7 8 7,,8 8 8, 7, 8, 7,7 7,,8,,! 8,87,, ,7 7 00,0 8,0 7, 8, 8 7,0, 7,,, 8,7 7,,,,,, 8, 0,,,,,, 00, 0, 77, ( 7,, -, +,,0 +0, +78 +, +8 -, , , , -, -,0 -, -,7 +,0,, -,7 -, General fund of the Treasury (end of period),7 7 7,7 78,7,,778,0,,7,0, Period Social Security Net receipts Investments Expenditures Net expenditures in checking accounts of Government agencies Receipts Investments Ex-, penditures Deposits in Federal Reserve Banks Assets Deposits in special depositaries assets liabilities Balance in general fund Fiscal year ending: October November January February... September. October,80,, 7,,, ,,0, ,7,, ,, ,,7, 0,0 0,,77,077 7,,7,80 0,0,,,08,8,7,08,,0 8,,,08,8,7,,0,0,,0,, 7,7 8,007, 8, 8,00, 7,8,,0, 7,,,,,8,8,, 7?7,, 00,,, 0,, Details on collection basis given in table below. Withheld by employers (Current Tax Payment Act of ). receipts less social security employment taxes, which are appropriated directly to the Federal old-age survivors insurance trust fund. Excess of receipts (+) or expenditures ( ). Back figures. See Banking Monetary Statistics, Tables -, pp. -. INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars],7,,,0,80,,0 7,,77,,,,08 8,,, Income taxes Miscellaneous internal revenue Period Current individual Withheld Victory tax Back taxes Excess profits taxes profits taxes Current corporation Capital stock tax Estate gift taxes Alcoholic beverage taxes Tobacco taxes Stamp taxes Manufacturers' retailers' excise taxes Miscellaneous taxes Fiscal year ending:,,08,0,77 0, 8,7 7^08 0, 7,7,7, 7 70,0,,00 8 7,7,, ,,, 70 7,7 7,0, September... October November,0,80,,70, 8 7 8,, ,, January February September,0,8,,08,0,0,,,,,7 07,7 8, 0,8,,, i l ,70, 8, Withheld by employers (Current Tax Payment Act of ). NOVEMBER

52 All agencies: Sept.,. Dec.,.. Mar.,..,.. Corporation or agency Classification by agency,, Department of Agriculture: Farm Credit Administration: Banks for cooperatives Federal intermediate credit banks Federal l banks Production credit corporations Regional Agricultural Credit Corp s Federal Farm Mortgage Corp Rural Electrification Administration War Food Administration: Commodity Credit Corp Farm Security Administration Federal Crop Insurance Corp Federal Surplus Commodities Corp National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks Federal Savings Loan Insurance Corp. Home Owners' Loan Corp United States Housing Corp Federal Housing Administration Federal Public Housing Authority affiliate: Federal Public Housing Authority Defense Homes Corp Federal National Mortgage Association R. F. C. Mortgage Company Reconstruction Finance Corp. certain affiliates: Reconstruction Finance Corp Certain affiliates Office of Emergency Management: Export-Import Bank War Shipping Administration Smaller War Plants Corp Federal Deposit Insurance Corp Federal Works Agency...^ Tennessee Valley Authority U. S. Maritime Commission All other GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES,,,, 8, 7, 7 0,07 0,77 8, 7, ,0, Cash Assets, other than interagency items,,,78,, ,0,. i0,7, () 7 8 Loans receivable Commodities, supplies, materials Investments U.S. Govt. securities,0,,, securities 7 * L, structures, equipment,,7,, '(*)' 7,7 () 7, ( ) 0 7,7,7 Undis tributed charges,,, assets,,,,8 () CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY 8 Liabilities, other than interagency items Bonds, notes, debentures payable Fully guaranteed by U. S.,,7,,,,, 7 80 liabilities,8,,,, U.S. Government interest,77,7, 7, 7 00,00 8 0, 7,00 7, 7,70,8 Privately owned interest 8 Purpose of loan Fed. l banks Fed. Farm Mort. Corp. Fed. intermediate credit banks Banks for cooperatives Commodity Credit Corp. Rural Electrification Adm. Farm Security Adm., Home Owners' Loan Corp. Fed. Public Housing Auth. Fed. home loan banks Reconstruction Finance Corp. RFC affiliates Ex- port- Irnport Bank All other All agencies Mar.,, all agencies To aid agriculture To aid home owners To aid industry: Railroads To aid financial institutions: Banks Less: Reserve for losses.. loans receivable (net), 7,0 7 0 ( ) ( ) "" ( ) 70 ",0 ' Assets are shown on a net basis, i.e., after reserves for losses. Less than $0,000. Includes Agricultural Marketing Act Revolving Fund Emergency Crop Feed Loans. Corporations previously classified "war corporations" are now shown under two headings: () "certain affiliates" under Reconstruction Finance Corp. (including Defense Plant Corp., Defense Supplies Corp., Metals Reserve Co., War Damage Corp.) () *'other" under Office of Emergency Management (including Cargoes, Inc., Petroleum Reserves Corp., Rubber Development Corp., U. S. Commercial Co., Coordinator of Inter-American Affairs). The item "certain affiliates" also includes Disaster Loan Corp. NOTE. This table is based on the revised form of the Treasury Statement beginning Sept.,, which is on a quarterly basis. Figures on the ( ) 0,7,07,,,07, 8,0,78 reporting of certain assets, especially cash privately-owned interest, is more complete. Monthly figures on the old reporting basis for the months prior to Sept.,, may be found in earlier issues of the BULLETIN (see p. 0 of the November BULLETIN) in Banking Monetary Statistics, Table, p. 7. FEDERAL RESERVE BULLETIN

53 BUSINESS INDEXES [The terms "adjusted" "unadjusted" refer to adjustment of monthly figures for seasonal variation] Year month Income payments (value) - = 00 Industrial production (physical volume) * - = 00 Manufactures Durable Nondurable Minerals Construction contracts awarded (value) - = 00 Residential All other Nonagricultural Employment = 00 Factory Factory pay rolls = 00 Freight carload ings* - = 00 Depart ment store sales (value)* - = 00 Wholesale commodity prices = 00 Cost of living - = October November January February September... October November.... Tanuary February Tune. September... October November January February Vlay September ^ P P r ^ p 7 Adjusted Adjusted Unadjusted *> P8 ^ Adjusted ^ P ^8 Adjusted P7 ^ P p Adjusted Adjusted Adjusted Adjusted 7 0 I ^ r. r.. p P. Adjusted Adjusted Unadjusted ^ L Unadjusted Adjusted Adjusted Unadjusted Unadjusted ! r. 8. * Average per working day. p r Preliminary. Revised. Department of Commerce series on value of payments to individuals. For indexes by groups or industries, see pp. -. s Based on F. W. Dodge Corporation data; for description, see p. 8 of BULLETIN for ; by groups, see p. of this BULLETIN. The unadjusted indexes of employment pay rolls, wholesale commodity prices, cost of living are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only excludes personnel in the armed forces. For indexes by Federal Reserve districts other department store data, see pp. -. Back figures in BULLETIN. For industrial production, 0, pp. 8-, September, pp. -7, October, pp. 8-8; for factory employment, January, pp., respectively, October, pp. 0-0; for department store sales,, pp. -. NOVEMBER

54 INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. - average = 00] Industry Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar. Apr. Aug. Sept Industrial Production. Manufactures Durable Manufactures Iron Steel Pig iron Steel Open hearth., Electric Machinery Manufacturing Arsenals Depots r P ^ P P78 7 Transportation Equipment Automobiles. (Aircraft; Railroad cars; Locomotives; Shipbuilding Private Government) p P8 Nonferrous Metals Products. Smelting refining (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) Fabricating (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) l Lumber Products... Lumber Furniture. Stone, Clay, Glass Products P07 P0 PI 0 Glass products Plate glass Glass containers Cement.' Clay products Gypsum plaster products Abrasive asbestos products.. stone clay products.. Nondurable Manufactures p 0 p p Textiles Products 7 p P Textile fabrics Cotton consumption Rayon deliveries Nylon silk consumption... Wool textiles Carpet wool consumption.. Apparel wool consumption. Woolen worsted yarn.. Woolen yarn Worsted yarn Woolen worsted cloth r 7 r Leather Products P Leather tanning Cattle hide leathers Calf kip leathers Goat kid leathers Sheep lamb leathers. Shoes Manufactured Food Products r r 7 P8 Wheat flour Cane sugar meltings Manufactured dairy products.. Butter Cheese ; Canned dried milk Ice cream Meat packing Pork lard Beef Veal Lamb mutton H ' P P 7 7 P > ' P r Revised. p Preliminary, Series included in total group indexes hut n.qt available for publication separately. IIZ FEDERAL RESERVE BULLETIN

55 INDUSTRIAL PRODUCTION, BY INDUSTRIES Continued {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. - average = = 00] Industry Aug Sept. Oct. Nov. Dec. Jan. Feb.. Mar. Apr. Aug. Sept. Manufactured Food Products Continued manufactured foods Processed fruits vegetables Confectionery food products r r r 08 * P0 07? > p 0 ^8 Alcoholic Beverages Malt liquor Whiskey... distilled spirits Rectified liquors Industrial Alcohol from Beverage Plants Tobacco Products 8 8 0* Cigars Cigarettes tobacco products * Paper Paper Products P Paper pulp Pulp Groundwood pulp Soda pulp Sulphate pulp Sulphite pulp Paper Paperboard Fine paper Printing paper Tissue absorbent paper Wrapping paper.. Newsprint Paperboard containers (same as Paperboard) H Printing Publishing Newsprint consumption Petroleum Coal Products P7 P Petroleum refining Gasoline Fuel oil Lubricating oil. Kerosene petroleum products* Coke... By-product coke Beehive coke r ^ Chemical Products r r 8 r 7 P P7 Paints Soap Rayon.. Industrial chemicals Explosives ammunition* chemical Droducts* r r 0 p l nn mi P S P p l p p 8 Rubber Products. Minerals Fuels..... Coal Bituminous coal Anthracite Crude petroleum Metals... Metals other than gold silver Iron ore. (Copper* Lead* Zinc)* Gold Silver r 08 p l r P80 p p 0 P U P 8 P p l0 r Revised. p Preliminary. Series included in total group indexes but not available for publication separately. NOTE. For description back figures see BULLETIN for October, pp. 0-8, September, pp , 0, pp NOVEMBER

56 INDUSTRIAL PRODUCTION, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Board of Governors. - average = 00] Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Aug.! Sept Industrial Production Manufactures.. Durable Manufactures Iron Steel... Pig iron Steel : Open hearth Electric Machinery. Manufacturing Arsenals Depots Transportation Equipfnent. Automobiles (Aircraft; Railroad cars; Locomotives; Shipbuilding Private Government) ns P7 P p P p 8 7 P0 p 8 nix Nonferrous Metals Products Smelting refining (Copper smelting, Lead refining, Zinc smelting; Aluminum; Magnesium; Tin) Fabricating " (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) "' 8 "' 0 " "' 7 "80' 7 8' "7' "' 8 "' P8 7 ^ PI Lumber Products Lumber Furniture Stone, Clay, Glass Products p 08 P p p 0 P mo p 7 Glass products Plate glass Glass containers Cement Clay products..... Gypsum plaster products Abrasive asbestos products stone clay products r 0 P P ^0 7 P\\\ P\S?> Nondurable Manufactures ^ Textiles Products. 7 P Textile fabrics Cotton consumption Rayon deliveries Nylon silk consumption Wool textiles Carpet wool consumption Apparel wool consumption Woolen worsted varn Woolen yarn Worsted yarn Woolen worsted cloth "' ' 8 ' " '7' r Leather Products... US P Leather tanning Cattle hide leathers Calf kip leathers Goat kid leathers Sheep lamb leathers Shoes P Manufactured Food Products 7 p Wheat flour....#.. Cane sugar meltings Manufactured dairy products Butter Cheese... Canned dried milk Ice cream Meat packing Pork lard Beef Veal Lamb mutton 'P78' 0 'Pi* 8 70 "8" 70 8 P08" 7 '' "in" 7 7 ' 8 P ' 8 P78 7 "' 8 8 "' 0 ^ p ' ' p 7 ' 7 7 r Revised. p Preliminary. Series included in total group indexes but not available for publication separately. FEDERAL RESERVE BULLETIN

57 INDUSTRIAL PRODUCTION, BY INDUSTRIES Continued {Without Seasonal Adjustment) [Index numbers of the Board of Governors. - average = 00] Industry Aug. Sept. Oct. Nlov. Dec. Jan. Feb. Mar. Apr. Aug. Sept. Manufactured Food Products Continued manufactured foods Processed fruits vegetables Confectionery food products.. Alcoholic Beverages.. Malt liquor Whiskey distilled spirits Rectified liquors Industrial Alcohol from Beverage Plants... Tobacco Products... Cigars Cigarettes tobacco products Paper Paper Products.. Paper pulp Pulp Groundwood pulp... Soda pulp Sulphate pulp Sulphite pulp Paper Paperboard Fine paper Printing paper Tissue absorbent paper Wrapping paper Newsprint Paperboard containers (same as Paperboard) Printing Publishing Newsprint consumption Printing paper (same as shown under Paper) Petroleum Coal Products Petroleum refining Gasoline Fuel oil. Lubricating oil Kerosene.... petroleum products Coke By-product coke Beehive coke... Chemical Products Paints Soap Rayon Industrial chemicals Explosives ammunition chemical products R u b b e r P r o d u c t s Minerals Fuels... Metals Coal.. Bituminous coal... Anthracite Crude petroleum Metals other than gold silver Iron ore (Copper; Lead; Zinc) Gold. Silver " ! i r Revised. p Preliminary. Series included in total group indexes but not available for publication separately. NOTE. For description back figures, see BULLETIN for October, pp. 0-8, September, pp , 0, pp ^ " " r r " 7 7 r r 7 r " P P\ ^8 70 P\ P 7 8 r P P\\ p P 0 8 ^ ^ P 0 0 P P ^* P 7 p\u P\S PS P 8 p 80 p S p 0 PU P 8 ^0 NOVEMBER

58 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, = 00) Factory employment Factory pay rolls Durable goods Nondurable goods Iron Steel Products Blast furnaces, steel works, etc Steel castings... Tin cans other tinware Hardware Stoves heating equipment Steam, hot-water heating apparatus. Stamped enameled ware Structural ornamental metal wor] Electrical Machinery Electrical equipment Radios phonographs Machinery, except Electrical Machinery machine shop products Engines turbines Tractors Agricultural, excluding tractors Machine tools # Machine-tool accessories Pumps Refrigerators Transportation Equipment, except Autos.. Aircraft, except aircraft engines Aircraft engines Shipbuilding boatbuilding Automobiles Nonferrous Metals Products Primary smelting refining..._ Alloying rolling, except aluminum Aluminum manufactures Lumber Timber Basic Products Sawmills logging camps Planing plywood mills Furniture Lumber Products Furniture Stone, Clay Glass Products Glass glassware Cement Brick, tile, terra cotta Pottery related products Textile-Mill Fiber Products Cotton goods except small wares.... Silk rayon goods Woolen worsted manufactures... Hosiery ;.._ Dyeing finishing textiles Apparel Finished Textiles Men's clothing, n.e.c Shirts, c liars, nightwear Women's clothing, n.e.c Millinery Leather Leather Products Leather Boots shoes Food Kindred Products Slaughtering meat packing Flour Baking Confectionery Malt liquors Canning preserving Tobacco Manufactures Cigarettes Cigars Aug Sept j r , r r ll Aug Sept Aug Sept r 0 r r r.8. r r r r r r ^ r r r 0. Aug NOTE _xh'ese indexes have been adjusted to final data made available by the Bureau of Employment Security of the Federal Security Agency. Back data data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month cover wage earners only. Figures for September are preliminary.. FEDERAL RESERVE BULLETIN

59 FACTORY EMPLOYMENT AND PAY ROLLS, BY lndustrles-continued (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, = 00] Paper Allied Products. Paper pulp Paper goods, n.e.c Paper boxes Printing Publishing Newspaper periodicals Book job Chemical Allied Products. Drugs, medicines, insecticide: Rayon allied products Chemicals, n.e.c Explosives safety fuses Ammunition, small-arms Cottonseed oil Fertilizers Products of Petroleum Coal Petroleum refining Coke by-products Rubber Products Rubber tires inner tubes Rubber goods, other Miscellaneous Industries^ Instruments, scientific Photographic apparatus Aug Sept Factory employment r r Aug Sept., Aug Factory pay rolls Sept r r r r Aug. 8 J For footnotes see opposite page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) * [Index numbers of the Board of Governors, = 00] Group Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Aug. Sept. Durable Nondurable P. ^. *>07.7 p Preliminary. NOTE. Back figures from January may be obtained from the Division of Research Statistics. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Industry All Manufacturing Durable Goods Iron Steel Products Electrical Machinery Machinery Except Electrical Transportation Equipment Except Autos Automobiles Nonferrous Metals Products Lumber Timber Basic Products Furniture Finished Lumber Products. Stone, Clay, Glass Products Nondurable Goods Textiles Mill Fiber Products Apparel other Finished Products... Leather Manufactures Food Kindred Products Tobacco Manufactures Paper Allied Products Printing, Publishing Allied Industries Chemicals Allied Products Products of Petroleum Coal Rubber Products ; Miscellaneous Industries Average hours worked per week Aug Apr r r r r r r r.7.7 r.8 r Aug Average hourly earnings (cents per hour) Aug Apr i r 0.. r r r r r. r r 8. r.. r r 8. Aug.. * r Revised. NOTE. Back figures are available from the Bureau of Labor Statistics. NOVEMBER 7

60 ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Thouss of persons] Year month lining Construction* Manufacturing Transportation public utilities Trade Finance, service, miscellaneous Federal, State, local government 0,,78,8 8,7,78 8, 0,078 0,780,7,0,, ,,7,,078, 7,,0,8,,,7,,0 7,78 7, 7,0 7,0,0,,8,7,,8,,,,,80, SEASONALLY ADJUSTED September October November January February September October November January February September October November January February September October November January February, September UNADJUSTED September October November January February September,,,8,77,7,77,8,, 7,07 7, 7, 7,7 7,8 8, 8,8,0,7,,7,,, 0,0,8,70,7,,7,,,,7,,, 8,8 8,7 8,7 8,700 8, 8,00 8, 8,0 8, 8, 8, 8, 7, 7,7 r 7, r 7,,78,08 8, 8,7 8, 8, 8,7 8,7 8,0 8,7 8, 7, 7, 8,0 7,7 7,7 r 7, r 7,,8,,,77,0,,,80,,,78,,0,,,,8,,,,78,08,,,,,8,7,08 7,0 7,07 7,0 7,08 7,,,0,8,,,,0,0,,7,,,,,,,78,8 r, r,,7,08,,,0,0,0,,,07,,,7,,0,8 r, r,,7, ,000,00,00, ,,7,,,8,7,,8,,0,00,0,0,08,07,077,0,077,,0,0,8,,0,7,8,,,08, r r,,,,,,,,,7,7,7,8,0,,,,8,8,8,,,,,7,,7,,,,,7,,7,7,780,780,7,7,7,,7,,78,77,78,77,,,8,80 r,7,77,78,7,7,7,80,80,,7,77,77,770,70,77,7,7,80 r,0,,8,80 7, 7, 7, 7, 7,7 7,8 7,7 7, 7, 7,8 7, 7, 7, 7,80 7, 7, 7, 7,7 7, 7, 7, 7, 7,0 7,0 7,00, 7,07 7,0 7,0 7,00 7,00 7,000, 7,0 7,0 7,0,8,7 7,0 7,08 7,0 7,0 7,077 7,0 7,0 7, 7, 7, 7,00 7,0 7,0 r 7,7 7,0 7,,,,77,,8, 7,8 7, 7, 7,0, 7,08,0 7,0 7,00 r,, 7,8,8,,,,8,,7,7,,,,,,,,,8,8,,,,,,,0,0,,7,0,07,078,,7,70,,,7,,,,,,8,,,,0,8,,, r,8,7,0,,,,,8,,,,,,0,,,,8 r,7,0,0,,0,,,,,,,,707,8,,,08,,,8,,,,70,7,8,,,,,,,80,,8,8,8,,0,0,0,,,,8,,,08,,8,0,00,7, r,,,.0,,,0,,8,,,7,8,8,,00,00, r,,,0 * Includes Contract Construction Federal Force Account Construction. Revised. NOTE. Unadjusted data compiled by Bureau of Labor Statistics. Estimates include all full- part-time wage salary workers in nonagricultural establishments employed during the pay period ending nearest the th of the month. Proprietors, self-employed persons, domestic servants, personnel of the armed forces are excluded. September figures are preliminary. For back seasonally adjusted estimates see BULLETIN for, p. 00. Back unadjusted data are available from the Bureau of Labor Statistics. r 8 FEDERAL RESERVE BULLETIN

61 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 7 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Month Residential building Factories Nonresidential building Commercial Educational Public works public utilities January February September October November Year, Negative because of revision of a prior month's entry CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP [Figures for 7 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 7 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thouss of dollars] Month Public ownership Private ownership Federal Reserve district Sept. Aug. Sept. January... February September... October November Year ,7, B ,, Boston New York Philadelphia Clevel Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas ( districts).. 8,,,7,,0, 7,0,,, 7, 78, NOTE. Data for most recent month preliminary. 8,8,,,,,,70 8,70 7,, 8,80,08 8,7, 7,,7,,770,,00,,8 7,7, LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Year or month Sept Oct Nov Dec Jan Feb Mar Apr Aug Sept 0 7,0,, Title I Loans Property improvement ' * * * * * * * * * - to - family houses (Title ID 7 Mortgages on Rental group housing (Title ID 8 * 7 * * * War housing (Title VI) * Less than $0,000. NOTE. Figures represent gross insurance written during the period do not take account of principal repayments on previously insured loans. Figures include some reinsured mortgages, which are shown in the month in which they were reported by FHA. Reinsured mortgages on rental group housing (Title II) are not necessarily shown in the month in which reinsurance took place. NOVEMBER 7 8 INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION [In millions of dollars] End of month Dec 7_D ec 8 Dec Dec 0 Mar Sept Dec Mar Sept. Dec. Mar... Dec Dec Dec 77,,78,,,0,,0,8,,,07,7,,,700,,, Small home construction Commercial banks 8 0 7,0,0,,,8.00,,,,,700,70, t Mutual savings banks,,70,07 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, the United States Housing Corporation. Including mortgage companies, finance companies, industrial banks, endowed institutions, private State benefit funds, etc. NOTE. Figures represent gross amount of mortgages held, excluding terminated mortgages cases in transit to or being audited at the Federal Housing Administration ,0,07,,,07 Savings loan associations Insurance companies Federal agencies

62 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Month Merchise exports Merchise imports Excess of exports January February ,,07,7 p Q ^,0 7 0 P ^ p p ^ ,0,00, r l,,7 n,00 ^, P * r l,0 "7 P 7 September ,,80, r l,7, *> ^ r 0 8 p U I'OO October November ,8,0, p l, ^, P p 0 0 7,00 ^ ^ p 0 January-...,, 8,0,7 *7,,,8,,7 p, 7,0, 7, *>, p Preliminary. r Revised. Including both domestic foreign merchise. General imports, including merchise entered for immediate consumption that entered for storage in bonded warehouses. Source. Department of Commerce. Back figures. See BULLETIN for 0, p. 7; February 7, p. ;, p. ; January, p. 8. FREIGHT CARLOADINGS, BY CLASSES [Index numbers; -average=00] Coal Coke Grain Ore Livestock Forest products Miseellaneous Merchise l.c.. REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS [In millions of dollars] railway operating revenues railway expenses Net railway operating income. Net income Annual 0 SEASONALLY ADJUSTED September October November January February September... UNADJUSTED September... October November January February September p r r Preliminary. Revised. Revised. NOTE. Descriptive material back figures may be obtainec NOTE. For description back data, see pp. - of the BULLETIN for from the Division of Research Statistics. Basic data romnilef. Based on daily average loadings. Basic data compiled by Association of American Railroads. index compiled by combining indexes for classes visions not available monthly. by the Interstate Commerce Commission. Annual figures include rewith weights derived from revenue data of the Interstate Commerce Commission Annual 0... SEASONALLY ADJUSTED... September October November January February UNADJUSTED September October November January February,,7 ^7 7,',0, ,0, ^8,8 7, 8^ ,, * r P FEDERAL RESERVE BULLETIN

63 DEPARTMENT STORE STATISTICS [Based on value figures] MONTHLY INDEXES OF SALES [- average = 00] Year month SEASONALLY ADJUSTED October... November January February September October November January February... September UNADJUSTED October November January February September October November January February.. September United States Boston New York Philadelphia r 77 Clevel Federal Reserve district Richmond r r Atlanta Chicago St. Louis Minneapolis Kansas City * * r l r Dallas San Francisco r r r Revised. NOTE. For description monthly indexes for back years, see pp. - of BULLETIN for. NOVEMBER

64 SALES, STOCKS, AND OUTSTANDING ORDERS [As reported by department stores in various Federal Reserve districts ] DEPARTMENT STORE STATISTICS Continued WEEKLY INDEX OF SALES [Weeks ending on dates shown. - average : 00] ave: age 0 ave: ave ave ave: ave: age. Dec... Jan Feb Mar Apr Aug.... Sept... Oct Nov.... Dec.... Jan Feb... Mar... Apr Aug... Sept... Amount (In millions of dollars) Sales (total for month) p Stocks (end of month) r p Outsting orders (end of month) ' r r 7 7 p r Preliminary. Revised. Back figures. Division of Research Statistics. Index of stocks (- average = 00) Seasonally adjusted ^7 Unadjusted r p 7 Feb. Mar. Apr. Aug Without seasonal adjustment Feb Mar. 7 Apr Aug. 7 8 Sept Oct Feb..... Mar Apr Feb. Mar. Apr. Aug Aug IS !!..7 Sept. i.v... Sept.... Sept Oct Oct Oct Nov... Nov Nov..... Nov Dec... NOTE. Revised series. For description back figures see pp. -8 of BULLETIN for September. United States.. Boston New Haven Portl Boston Springfield Worcester Providence New York Bridgeport Newark Albany Binghamton Buffalo Elmira Niagara Falls.. New York City Poughkeepsie... Rochester Schenectady... Syracuse Utica Philadelphia Trenton Lancaster Philadelphia... Reading Wilkes-Barre.. York.. Clevel Akron Canton Cincinnati Clevel Columbus n z Sept i A Aug r+ + + r tt Nine mos SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Clevel Cont. Youngstown Erie Pittsburgh, Wheeling Richmond Washington.. Baltimore Raleigh, N. C... Winston-Salem... Charleston, S. C. Greenville, S. C. Lynchburg Norfolk Richmond Charleston.W.Va. Clarksburg Huntington Atlanta Birmingham Mobile Montgomery Jacksonville Miami Orlo Tampa Atlanta a Columbus Macon Baton Rouge New Orleans Bristol, Tenn... Jackson Chattanooga.... Knoxville Nashville Sept ; +i Aug Nine mos Chicago Chicago Peoria Fort Wayne... Indianapolis... Terre Haute... Des Moines Detroit Flint Gr Rapids.. Lansing Milwaukee Green Bay Madison St. Louis Fort Smith Little Rock... Quincy Evansville Louisville East St. Louis. St. Louis St. Louis Area. Springfield Minneapolis Kansas City Denver Pueblo Hutchinson... Topeka Wichita Joplin Kansas City... St. Joseph Omaha "Revised. * Data not yet available. * Eight months. Sept * Aug Nine mos **+ll Dallas Shreveport Dallas Fort Worth Houston San Antonio San Francisco Phoenix Tucson Bakersfield Fresno Long Beach Los Angeles Oakl Berkeley Riverside San Bernardino Sacramento San Diego San Francisco San Jose Santa Rosa Stockton Vallejo Napa Boise Nampa Portl Salt Lake City.. Bellingham Everett Seattle Spokane Tacoma Yakima Sept Aug r ? r Nine mos FEDERAL RESERVE BULLETIN

65 DEPARTMENT STORE STATISTICS Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Percent change from a year ago (value) Ratio of stocks to sales Department Number of stores reporting Sales during period Aug. Stocks (end of month) Aug. GRAND TOT AL en tire store MAIN STORE total Women's apparel accessories... Coats suits Dresses Blouses, skirts, sportswear, etc Juniors' girls' wear Infants' wear Aprons, housedresses, uniforms Underw ear, slips, negligees Corsets, brassieres Hosiery (women's children's)... Gloves (women's children's) Shoes (women's children's) Furs Neckwear scarfs Hkerchiefs Millinery Hbags small leather goods.,. Men's boys' wear Men's clothing Men's furnishings, hats, caps. Boys' clothing furnishings Men's boys' shoes slippers. Home furnishings Furniture, beds, mattresses, springs.... Domestic floor coverings Draperies, curtains, upholstery Major household appliances' Domestics, blankets, linens, etc Lamps ana shades China glassware Housewares Piece goods Cotton wash goods Small wares Lace, trimmings, embroideries, ribbons Notions ^ Toilet articles, drug sundries, prescriptions. Jewelry silverware Art needlework Stationery, books, magazines Miscellaneous Luggage BASEMENT STORE total.. Women's apparel accessories Men's boys' clothing furnishings Home furnishings Piece goods Shoes NOTE. Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments somewhat different types of merchise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month hence indicates the number of months' supply on h at the end of the month in terms of sales for that month SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS U Index numbers, without seasonal adjustment, average = 00 Percentage of total sales Year month Cash ng month Charge account Accounts receivable at end of month Charge account Collections during month Charge account Cash sales Instalment Instalment Instalment Instalment sales Chargeaccount sales September October November January February..... September... r r r r Revised. NOTE. Data based on reports from a smaller group of stores than that included in the monthly index of sales shown on a preceding page. NOVEMBER r 0 0 r 0 7 r r r 78 r 78 r 77 r r

66 CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outsting. In millions of dollars! End of month or year consumer credit ' instalment credit Instalment credit Sale credit Automobile Loans Singlepayment loans Charge accounts Service credit ,7,,8,08,0,78,,77 7,7 7,0 8,008,,,,7,7,7,70,,,8,8,07,,7,8,,7,8,,00,08,,0,,,7,80,,,,7,,77,, ,8,8 70,7,7, 8 0,7, ,7,,,,7,80,0 7 80,0,,7,7,07,7,,,8,,,0 77 8,08. L, L. L. L.,0 L.,,,7.,8,,08,, [,,,,,0,7,,8, Aug Sept Oct Nov Dec,,7,,,7,,,7,7, ,,,,,8,,,,,, L.0,, L Jan Feb Mar Apr M<iy Aug. Sept,,,8,,,, p, *,,0,,,8,00,0,0 p,0 *>, P7O7 P p *> 7 8 P P 7,,,,,,, p l, p l,,,,8,,8,0, p l, *>,,,8,, /,, ^, ^, P >8 p Preliminary. Includes repair modernization loans insured by Federal Housing Administration. Noninstalment consumer loans (single-payment loans of commercial banks pawnbrokers). CONSUMER INSTALMENT SALE CREDIT, EXCLUDING AUTOMOBILE CREDIT [Estimated amounts outsting. In millions of dollars] End of month or year Aug Sept Oct Nov Dec Jan Feb Mar Apr Aug Sept p Preliminary.,7, ,7,,,,7,80,0 7 8 *7, excluding automobile Department stores mailorder houses * * Furniture stores * * Household appliance stores * Jewelry stores All other retail stores *80 End of month or year Aug Sept... Oct Nov. Dec Jan Feb Mar Apr Aug Sept v CONSUMER INSTALMENT LOANS [Estimated amounts outsting. In millions of dollars] 7 80,0,,7,7,07,7,,,8,,,,,8,,,,, 7,? p \, p l, Commercial banks *>0 ^ *>8? Small loan companies Industrial banking companies *>8 p 8 Credit unions ?8 p m Miscellaneous lenders *> *> Insured repair modernization loans """" p 0 PI Preliminary. These figures include only personal instalment cash loans retail automobile direct loans, shown on the following page, a small amount of other retail direct loans ( million dollars at the end of September ), not shown separately. This series is in process of revision. Includes only loans insured by Federal Housing Administration. FEDERAL RESERVE BULLETIN

67 CONSUMER CREDIT STATISTICS Continued CONSUMER INSTALMENT CREDITS OF COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL LENDING INSTITUTIONS [Estimates of volume made in period. In millions of dollars] Month or year Outsting at end of period: 0. September.... October..... November January February September... Volume extended during month: September.... October November January February... September...,0,, Automobile retail Purchased Direct loans retail, chased direct Repair modernization loans Personal instalment cash loans p Preliminary. Includes not only loans insured by Federal Housing Administration but also noninsured loans. 0 7 Month or year February September October November January February 7 September Commercial banks 7 " Small loan companies Industrial banking companies Credit. unions P Preliminary. These figures for loans made include only personal instalment cash loans retail automobile direct loans, which are shown elsewhere on this page, a small amount of other retail direct loans ( million dollars in September ) not shown separately. This series is in process of revision FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE* Item Sept. Percentage change from preceding month Aug. Percentage change from corresponding month of preceding year Sept. Aug. Month Department stores Instalment accounts Furniture stores Household appliance stores Jewelry stores Charge accounts Department stores Net sales: Cash sales Credit sales: Instalment Charge account Accounts receivable, at end of month: Instalment Collections during month: Instalment Inventories, end of month, at retail value r Revised r i '+ 0 r September October November January February September r r r r Revised. Ratio of collections during month to accounts receivable at beginning of month. 7 NOVEMBER "

68 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. =00] Year, month, or week All commodities Farm products Foods Hides leather products Textile products Fuel lighting materials commodities Metals metal products Building materials Chemicals allied products Housefurnishing goods Miscellaneous September. October... November.. January... February..... September Week ending: Aug.... Aug.... Aug Aug.... Sept.... Sept Sept.... Sept.... Sept.... Oct.... Oct.... Oct.... Oct < ' , « Subgroups Sept. Aug. Sept. Subgroups Sept. Aug. Sept. Farm Products: Grains Livestock poultry farm products Foods: Dairy products Cereal products Fruits vegetables Meats foods Hides Leather Products: Shoes Hides skins Leather leather products Textile Products: Clothing Cotton goods Hosiery underwear Silk Rayon Woolen worsted goods textile products Fuel Lighting Materials: Anthracite Bituminous coal Coke... Electricity Gas Petroleum products ' '.' Metals Metal Products: Agricultural implements Farm machinery Iron steel Motor vehicles Nonferrous metals Plumbing heating Building Materials: Brick tile Cement Lumber Paint paint materials Plumbing heating Structural steel building materials Chemicals Allied Products: Chemicals Drugs Pharmaceuticals... Fertilizer materials Mixed fertilizers Oils fats Housefurnishing Goods: Furnishings Furniture Miscellaneous: Auto tires tubes Cattle feed Paper pulp Rubber, crude miscellaneous ' 0.- J.i 07.:.: 7.< Lumber series revised from September. Back figures. Bureau of Labor Statistics, Department of Labor. II FEDERAL RESERVE BULLETIN

69 GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND INCOME PAYMENTS [Estimates of the Department of Commerce] [In billions of dollars] 7 8 Annual totals 0 Half-year periods Unadjusted Seasonally adjusted annual rates Gross national product or expenditure components Gross national product or expenditure. Government expenditures for goods services Federal Government War Non-war State local governments.. Output available for private use Private gross capital formation Construction Residential Producers' durable equipment Net change in business inventories Net exports of goods services Net exports monetary use of gold silver Consumer goods services.. Durable goods Nondurable goods Services Relation of gross national product to national income Gross national product or expenditure Deductions: Business tax non-tax liabilities Depreciation depletion.... business reserves Capital outlay charged to current expense Adjustments: For inventory revaluation For discrepancies National income Relation of m national income to income payments to individuals National income Additions: Transfer payments... Deductions: Corporate savings Contributions to social insurance funds Income payments to individuals... Use of income payments to individuals Incomepayments to individuals Deductions: Personal taxes non-tax payments Federal State local Disposable income of individuals.. Consumer expenditures Net savings of individuals National income by distributive shares National income compensation of employees Salaries wages Supplements Net income of proprietors Agricultural Nonagricultural Interest net rents Net corporate profit Dividends Savings.7.. 7^ i ! Seasonally adjusted data only are available for. Less than million dollars. NOTE. Detail will not necessarily add to totals because of rounding. For a general description of the series methods of estimating, see Milton Gilbert R. B. Bangs, "Preliminary Estimates of Gross National Product, -," Survey of Current Business,. NOVEMBER () ( ( () ^ () () ^

70 OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of October, ] (In thouss of units) Federal Reserve district Production Cotton Estimate Oct., Production Corn Estimate Oct., Production Winter wheat Estimate Oct., Production Spring; wheat Estimate Oct., Boston.. New York Philadelphia Clevel Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Bales,0,,0 Bales,0,0 ",7", 7 Bushels 7,, 7,8 8,0,80,0,, 7,,00,0 8,0 7, Bushels 7,8 8,78,,,0 80,,,8,, 0,707 8, 7,70 Bushels,7 8,0,8,7,, 8,, 7,,7,80 Bushels 0, 8,, 7, 8, 7,,08,8,70 8,7 7, Bushels 0 8,,0, Bushels 7 78,78,0,0..,0,77,8,,078, 7,0,,7, Federal Reserve district Production Oats Estimate Oct., Production Tame hay Estimate Oct., Production Tobacco Estimate Oct., Production White potatoes Estimate Oct., Boston New York... Philadelphia Clevel Richmond Atlanta Chicago St Louis Minneapolis Kansas City Dallas San Francisco Bushels,,,0 7,, 8,,0,7 77, 0,,, Bushels,8,,0,07,00,7,,8,,7 8,, Tons,77,8,,,, 8,0 7, 0,08 8,7,,7 Tons,,,,8,0, 8,7 8, 0,00 8,,080,7 Pounds,,0, 8,,0,,, 8,7,, Pounds,7,,7 7,,,, 8,70,,077,8 Bushels,70,,7 8,070,,8 8,,,,00, Bushels, 8,,7 8, 7, 0,77,0,,8 0,...,,,,0, 0,77,,,0, 7,, Includes,000 bales grown in miscellaneous territory. Includes,000 bales grown in miscellaneous territory. NOTE. Figures for winter wheat from estimates for ; no estimate for October. II8 FEDERAL RESERVE BULLETIN

71 WEEKLY FIGURES CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK* On Bank Credit, Money Rates, Business Chart book page RESERVES AND CURRENCY Reserve Bank credit, total U. S. Govt. securities, total. Bills Certificates Notes Bonds Discounts advances Gold stock Money in circulation Treasury cash Treasury deposits Member bank reserves, Required reserves Excess reserves e Excess reserves (weekly average), total.. New York City Chicago... Reserve city banks Country banks' MEMBER BANKS IN LEADING CITIES 0 cities: Loans investments U. S. Govt. obligations Dem deposits adjusted U. S. Govt. deposits Loans New York City: Loans investments U. S. Govt. obligations, total Bonds Certificates Notes guar. securities Bills. Dem deposits adjusted U. S. Govt. deposits Interbank deposits Time deposits Loans, total Commercial 7 For purchasing securities: Brokers' on U.S. Govts Brokers' on other securities.. 7 To others 7 All other 7 00 cities outside New York: Loans investments U. S. Govt. obligations, total Bonds Certificates Notes guar. securities Bills Dem deposits adjusted U. S. Govt. deposits Interbank deposits Time deposits Loans, total Commercial 7 For purchasing securities 7 All other 7 MONEY RATES, ETC. Treasury bills (new issues) Treasury notes (taxable) U. S. Goyt. bonds: Partially tax-exempt, Taxable, High-grade corporate bonds ( issues) Corporate Aaa bonds Corporate Baa bonds Stock prices (- = 00), total 7 Industrial 7 Railroad 7 Public utility 7 Volume of trading (mill, shares) 7 BUSINESS CONDITIONS Steel production (% of capacity) 7 Electric power prod. (mill. kw. hrs.) 7 Freight carloadings (thous. cars) Department store sales (- = 00)... Wholesale prices ( = 00), total Farm products than farm food For footnotes see following page. Sept ! Oct Oct. 0 Oct. 7 In billions of dollars vi P\ () V ! Oct ;.., ! Per cent per annum In unit indicated. 7.7, , , OS.0 7..:.! =.C.7 '.7 l.o:.0..0: ' : , MONTHLY FIGURES Chart book page RESERVES AND CURRENCY Reserve Bank credit. Gold stock Money in circulation Treasury cash Treasury deposits Member bank reserves, total, 7 Central reserve city banks Reserve city banks Country banks Required reserves,total 7 Central reserve city banks Reserve city banks Country banks Excess reserves, total 7 Balances due from banks: Reserve city banks Country banks Money in circulation, total 8 Bills of $ over 8 $0 $ bills 8 Coins, $, $, $ bills 8 ALL BANKS IN U. S. deposits currency Dem deposits Time deposits Currency outside banks U. S. Govt. deposits CONSUMER CREDIT Consumer credit, total 8 Single payment loans 8 Charge accounts 8 Service credit 8 Instalment credit, total 8, Instalment loans Instalment sale credit, total Automobile TREASURY FINANCE U. S. Govt. obligations outsting, total interest-bearing By classes of securities: Bonds (marketable issues). Notes, cert., bills Savings bonds tax notes Special issues By maturities: years over - years -0 years Within years Within year Certificates Bills Holdings of U. S. Govt. obligations: Commercial banks Fed. agencies trust funds.. Federal Reserve Banks Mutual savings banks Insurance companies investors, total Marketable issues MONEY RATES, ETC. Corporate Aaa bonds F. R. Bank discount rate (N. Y.).. Treasury bills (new issues) Stock prices (- = 00): 7 Industrial 7 Railroad 7 Public utility 7 Volume of trading (mill, shares)... 7 Brokers' balances (mill, dollars): Credit extended customers... Money borrowed Customers' free credit balances Aug. Sept.* In billions of dollars '.?7.0 ^.0 P r.0 r.0 r P.0 P7.00 ).0 ^.00 P7.O P\ P p PI p p P p.80 p.0 p.0 p. PU. Per cent per annum In unit indicated NOVEMBER , ,00 8 PS. PI. P A7 P.7 P.0 PI. P.7 P. P ,08 7

72 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK Continued Chart book page Aug. Sept. Chart book page j Aug. j Sept. MONTHLY FIGURES Gont. BUSINESS CONDITIONS Income payments (mill, dollars): Salaries wages Cash farm income (mill, dollars): Livestock products Crops Govt. payments Armed forces (mill, persons) Civilian labor force (mill, persons): Male Female Unemployment Employment Nonagricultural Agricultural Industrial production: (- = 00) Groups (points in total index): Durable manufactures " Nondurable manufactures Minerals New orders, shipments, inventories ( = 00): New orders: Durable Shipments: Durable Nondurable Inventories: Durable Nondurable Factory employment pay rolls ( = 00): Pay rolls Employment Hours earnings at factories: Weekly earnings (dollars) Hourly earnings (cents) Hours worked (per week) Nonagricultural employment (mill, persons): Manufacturing mining Trade Government Transportation utilities Construction Construction contracts ( mo. moving average, mill, dollars) :* Residential Residential contracts (mill, dollars): Public Private, total - -family dwellings Freight carloadings: ( 7 = 00) Groups (points in total index): Miscellaneous Coal All other Department stores (- = 00) : Sales Stocks... Exports imports (mill, dollars): Exports... ; Excluding Lend-Lease exports Imports ^ Excess of exports excluding Lend-Lease exports... Cost of living (- = 00): All items Food Clothing Rent In unit indicated,,,, r r "8 p P..7 r., *,7,,0, 7 0 p,0 Pit P A.. H7 8 7 P 7. P r. 0. r p MONTHLY FIGURES-Cont. BUSINESS CONDITIONS Cont. Wholesale prices ( = 00): Farm products than farm food, QUARTERLY FIGURES MONEY RATES Bank rates on customer loans:, cities \ T ew York City Northern Eastern cities Southern Western cities SECURITY MARKETS Corporate security issues: Net proceeds: All issues 8 Industrial 8 Railroad 8 Public utility 8 New money: All issues 8 Industrial 8 Railroad 8 Public utility. 8 CALL DATE FIGURES ALL MEMBER BANKS Loans investments, total 0 U. S. Govt. obligations, total 0 Bonds Certificates Notes Bills Guaranteed obligations securities, total State local government obligations securities Loans, total. Commercial 0 0 Real estate Brokers' Agricultural '. Dem deposits adjusted 0 CLASSES OF BANKS Central reserve city banks: Loans investments, total U. S. Govt. obligations securities Loans Dem deposits adjusted Time deposits Reserve city banks: Loans investments, total U. S. Govt. obligations securities Loans Dem deposits adjusted Time deposits Country banks: Loans investments, total U. S. Govt. obligations securities Loans Dem deposits adjusted Time deposits In unit indicated Per cent per annum 'n millions of dollars Dec., Mar., 7 In billions of dollars ( 7 ) ( 7 ) ( 7 ) ( 7 ) ( 7 ) ( 7 ) ( 7 ) ( 7 ) ( 7 ) c Corrected. e Estimated. p r Preliminary. Revised. Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. Less than $,000,000. Figures for earlier dates should be corrected as follows: Sept.,.7; Sept.,.; Sept.,.. For charts on pages,, 7, figures for a more recent period are available in the regular BULLETIN tables that show those series. Adjusted for seasonal variation. Revised series; for explanation new data back to see Bureau of Foreign Domestic Commerce report "Industry Survey,". 7 Figures available for dates only. * Copies of the Chart Book may be obtained at a price of cents each. no FEDERAL RESERVE BULLETIN

73 MEMBER BANK EARNINGS NATIONAL AND STATE MEMBER BANKS, FIRST HALF OF THE YEAR, - Figures for national banks were compiled by the Comptroller of the Currency from reports submitted by national banks. [Amounts in thouss of dollars] Item Earnings Interest dividends on securities Interest discount on loans Service charges fees on loans Service charges on deposit accounts charges, commissions, fees, etc.... Trust department current earnings Expenses. Salaries officers Salaries wages others Directors' committee members' fees Interest on time deposits Interest on borrowed money Taxes other than on net income Recurring depreciation on banking house, furniture, fixtures current expenses... Net current earnings... Recoveries, profits on securities, etc. Recoveries on securities Profits on securities Recoveries on loans, All other Losses charge-offs On securities On loans Allother Net profits before income taxes Taxes on net income: Federal State Net profits Cash dividends declared On preferred stock On common stock Assets liability items -J Loans United States Government securities. securities Real-estate assets Cash assets assets Time deposits deposits capital accounts Number of officers at end of period Number of employees at end of period Number of banks at end of period... Earnings ratios: Percentage of total capital accounts: Net current earnings Net profits Cash dividends declared Percentage of total assets: earnings Net current earnings Net profits Percentage of total securities: Interest dividends on securities. Net recoveries profits Percentage of total loans: Earnings on loans Net recoveries ratios: capital accounts to: assets assets less Government cash assets. deposits Time deposits to total deposits Interest on time deposits to time deposits All member banks First half of 0,,0,7,8,, 8,, r, 0,,, 7, '"0,0,, r,,7,7,8 0, 8,78,,00,, 0, 8, 8,8 7,7, 07,, 0,0,,000,,000,0,000 8,000,,000 0,,000,7,000,0,000,,000 C 7, ",,7 r l r ,8,,80,7,7, 00,,7,, 8, 8,00 8,78,7,,,, 8,,000,,000,,000,000,,000,7,000,8,000,,000 7,7,000 8,,8, National member banks First half of 80,8 8,0 77,,70, 7,,77,0 r, 8, 00,,07, 8 r,,77 0,7 r 8, 0,,,80,0,,, 8,7,0,0 8,7,,80 7,,8,7,0 0,,000,,000,,000,000,7,000,,000 0,77,000,8,000,0,000 C,7 C,77,0 r r.ḷ First half of 0,07 7,7 80,7,,, 8,0,8,, 0,78, 8, 7,0 0,0,,,078,7 7, 8,807,0,0, 8,7,,0,77 7,,8 8,808,, 7,0,8,000,,000,,000 7,000 7,,000 78,00,000,770,000,08,000,7,000,,8, State member banks First half of,,7,,, 8,,7 8,8,8,,,,8 r,,0 8,, 7,,, 0,8 7,7, 8, 0,, 7,,8 7,, 0,,0,70,8,,000,,000,,000 8,000 7,07,000,,000,,000,,000,,000 0,7,,7 r r First half of,70 8,,,78, 0,,7,8,8, 7,,7 8, 7,8,0,07 8,, 8,07 7,780 7, 8,7,77, 8, 7,8,,7 8,,,,80, 0,7 7,70,000,8,000,,000,000 8,,000,7,000,7,000,,000,70,000 r Revised to exclude taxes on net income, which are reported separately are shown just above net profits. c Corrected. Includes interest on capital notes debentures. For the first half of these are averages of figures reported on Dec.,, Apr.,,, ; for the first half of they are averages of figures reported on Dec.,, Mar.,,,. Annual basis. NOVEMBER,7,,

74 PAGE Gold reserves of central banks governments... Gold production... Gold movements... Net capital movements to United States since January., -70 Central banks Money rates in foreign countries... Commercial banks... 7 Foreign exchange rates Price movements: Wholesale prices 78 Retail food prices cost of living.., 7 Security prices... Tables ibles < on the following pages include the principal available statistics of current significance relating to ^cold, international capital transactions of the United States, financial developments abroad. ^ * /" C J ^ The data are compiled for the most part from regularly published sources such as central commercial bank statements official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, dealers in the United States in accordance witn the Treasury Regulation of November.,. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking Monetary Statistics.. FEDERAL RESERVE BULLETIN

75 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month United States Argentina Belgium Brazil British India Canada Chile Colombia Cuba Czechoslovakia Denmark Egypt France Germany Greece 8 Dec Dec 0 Dec Dec Dec Dec Oct Nov Dec Jan Feb Mar Apr Aug Sept End of month, 7,,,7,7,8,77,8,,,,,7,70,,,0,0 Hungary 0 0, Iran (Persia) 8 0 '7 " Italy 0 70 Japan Java Mexico Netherls New Zeal T" Norway 8 "" Peru Pol,,70,000,000,000,000 ',777",777,777,777,777,777 "l,'777' Portugal Rumania " ' South Africa Spain 8 Dec... Dec 0 Dec Dec Dec. Dec """ Oct Nov Dec Jan Feb. Mar Apr. Aug Sept p P7» End of month Sweden Switzerl Turkey United Kingdom Uruguay Venezuela Yugoslavia B.I.S. countries Government gold reserves* not included in previous figures End of month United States France United Kingdom Belgium 8 Dec Dec 0 Dec Dec Dec Dec Oct... Nov Dec Jan Feb Mar Apr Aug Sept ,0,00,0,08,0,07,0,0,0,0 p.08 p l,0,0 n : : p Preliminary. Figures through 0 for,, include, in addition to gold of the Central Bank held at home, gold of the Central Bank held abroad gold belonging to the Argentine Stabilization Fund. On, 0, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance. Figure for 8 is that officially reported on Apr., 8. Figures relate to last official report dates for the respective countries, as follows: Java Jan., ; Norway Mar., 0; Pol, ; Yugoslavia Feb. 8,. Figure for February ; beginning Mar.,, gold reserves no longer reported separately. These countries are: Albania, Algeria, Australia, Austria through Mar. 7,8, Belgian Congo, Bolivia, Bulgaria, China, Costa Rica beginning, Danzig through Aug.,,Ecuador, El Salvador,Estonia, Finl, Guatemala, Icel, Irel beginning February, Latvia, Lithuania, Morocco, Thail (Siam). Figures for certain of these countries have been carried forward from last previous official report. 7 Gold holdings of Bank of Engl reduced to nominal amount by gold transfers to British Exchange Equalization Account during. NOTE. For back figures, see Banking Monetary Statistics, Tables -0, pp. -, for a description of figures, including details regarding special internal gold transfers affecting the reported data, see pp. - in the same publication Dec.... Mar Sept... Dec 0... Dec Dec... Dec Dec Mar Sept... Dec.... Mar ,7 ' Reported at infrequent intervals or on delayed basis: U. S. Exchange Stabilization Fund (Special A/c No. ); U. K. Exchange Equalization Account; France Exchange Stabilization Fund Rentes Fund; Belgium Treasury. Figure for end of September. Reported figure for total British gold reserves on Aug.,, less reported holdings of Bank of Engl on that date. Figure for Sept.,. NOTE. For available back figures for details regarding special internal gold transfers affecting the British French institutions, see Banking Monetary Statistics, p., BULLETIN for February, p NOVEMBER

76 GOLD PRODUCTION OUTSIDE U. S. S. R. [In thouss of dollars] Year or month Sept Oct Nov Dec Jan Feb Mar Apr. Aug Estimated production outside U.S.S.R. 8,00, 7,,0,7,.0,8,70,7,,, reported monthly 708,,,,8 8,770,0 7,0, , 7 p,' P 778 ' South Africa, 77,00, , 8 7, 0, 800,, Afric a Rho- West desia Africa* $ = ISA,,77 8,0 8, 8, 8,00, 7,7,,00,7,7,7,0,,7,0,,78,,,,7 ',7 Production reported monthly North South America Belgian United Congos States* Canada Mexico Colom- Chile grains of gold 0,,, 7,, 7,,78 8, 08,70 8, 70 8, 8,, 8,,,,70 8.,,,,0,0,,0,0 L. L,,0,0 fine; i.e., 08,,,, 78,,,0,, 8,808,778,0,,0,,,,,8,,,078,77 an ounce of fine gold = $ 0,0,0,7,8,,8,,7,78,7 8, 78,,,80 8,7,08 7,,,, 000, 7,7,78 0,80,7 8,7 8,0 7,80 8,0 8, 7, 8,00 7, 7, 7, 7,7 7, J.,70,80,, L,7,8,,,0,8 ^,8 8,,,08, 0,,7,,,0,08 7, '8 '8 '8 Nicaragua 7, 8 807,7,, 7. 8, 77,, Australia 8 British India*,, 0,8,8,,8,8,0, 8,0,,,,0,70,70,0,,,0,,00 ',00,,,,07,8,078 0,7,0 8,0 8,8, Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes, irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows:, million dollars;, 8 million;, million; 7, million; 8, 80 million. p Preliminary. ' Figure carried forward. Annual figures through 0 are estimates of U. S. Mint; annual figure for based on monthly estimates of American Bureau of Metal Statistics. Beginning, figures are those reported by American Bureau of Metal Statistics. Beginning January they represent Gold Coast only. Beginning 0, monthly figures no longer reported. Annual figure for 0 estimated at three times production for first four months of the year. Includes Philippine Isls production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent estimates of American Bureau of Metal Statistics, those for having been revised by adding to each monthly figure $, so that aggregate for the year is equal to annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. Figures for Canada beginning are subject to official revision. Beginning, figures no longer reported. Annual figure for is rough estimate based on reported production of $7,80,000 in first three months of year. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 0 per cent of total production. 8 Beginning, figures are those reported by American Bureau of Metal Statistics. For the period - they represent total Australia; beginning January, Western Australia only. Beginning 0, figures are those reported by American Bureau of Metal Statistics. NOTE. For explanation of table sources, see BULLETIN for February, p. ; 8, p. ; 8, p. ;, pp. -; Banking Monetary Statistics, p.. For annual estimates compiled by the United States Mint for these other countries in the period 0-, see Banking Monetary Statistics, pp. -. Year or month net imports,,,,0,,8,,,,,7,,7,7 8,78,78,8 -, Feb, Mar, Apr,8-8, -,8 -,7 Aug -, Sept, Jan.-Sept. -,7,0,77 7,0 8,,8.78,8,0,0,77, -, 7 France 0,,,7 -,70 8,,78,778 GOLD MOVEMENTS UNITED STATES [In thouss of dollars at approximately $ a fine ounce) Net imports from or net exports ( ) to: 8,0, 0,,, 77,8 7, 7,00,,0,,0 0, 8,,8,77 United Kingdom Belgium Netherls Sweden Switzerl,0 7,,,, 0,0 8 Canada,8,7 7,,80 7,,,,,0 8,7,, 8 8 8,7,8 Mexico,70,7, 8,8,7,0,0,7 0,0 -, -0, 8, 7 7, 8,,,70,, 7,0 8,,,0,8-08,0,00 -,8,0 -,700,,, -,0 Latin American Republics Philippine Isls,08,,,7 7,0, 8,7,78 '"'loo' 00,0,8,80,, 7,0 0,777 7, 8 0 South Africa 8 8 0, 8,,, 7, Japan Australia British India 7,8, 77,8,,7,70,,0,,,,8, All other countries,0 8,, 8,0,, 8,8,O7,008-8, 8, 80 -, -, -,8 -,0 07 -,70 Differs from official customhouse figures in which imports exports for January are valued at approximately $.7 a fine ounce. Includes $8,07,000 from China Hong Kong, $,7,000 from Italy, $0,,000 from Norway, $,,000 from other countries. s Includes $,0,000 from Portugal, $,,000 from Italy, $,0,000 from Norway, $,,000 from U. S. S. R., $,78,000 from Hong Kong, $,,000 from Netherls Indies, $,,000 from Yugoslavia, $,,000 from Hungary, $0,,000 from Spain, $,70,000 from other countries. Includes $,,000 from U.S.S.R. $8,,000 from other countries. Includes $7,,000 to China $,,000 from other countries. NOTE. For back figures see Banking Monetary Statistics, Table 8, pp. -, for description of statistics, seep. in the same publication. FEDERAL RESERVE BULLETIN

77 From Jan.,, through Mar. (Apr. ) ( ) Sept. (Oct. ) Dec. (Jan., ) Mar. (Apr. ) ( ) Sept. Dec. 7 Mar. Sept. Dec. 8 Mar. Sept. 8 Dec. (Jan., ). Mar. 8 Sept. 7 Dec. (Jan., 0) 0 Mar. (Apr. ) ( ) Sept. (Oct. ) Dec. (Jan., ) Mar. (Apr. ) ( ) Sept. (Oct. ) Dec. Mar. (Apr. ) Sept. Dec. Mar. Sept. Dec. Jan. Feb. Mar. Apr. Aug. Sept. Oct. Nov. Dec. Jan. Feb. 8 Mar. Apr. INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY, [Net movement from United States, ( ). In millions of dollars] TABLE.-TOTAL CAPITAL MOVEMENT, BY TYPES..0 8.,.,.,.,.,08.,.,.,.,0.,7.,0.8,7.0,8.,7.,.,0.,0.,.,0.7,78.,77.,.,.,.,0.7,08.,.,.,.0,7.,.,77. 7,8. 7,7. 7,8. 7,. 7,. 7,8. 7,. 7,. 7,0. 7,. 7,0. 7,. 7,.7 7,. 7,. 7,. 7,77. 7,7.7 8,07. Increase in foreign banking funds in U. S ,.,.,.,..8 7.,80.,.,77.,.8,7.,.8,.0,0.,0.8,.0,8.8,.,.,.,.0,0.,.,0.,.,00.,.,.,8.,.,8.,.0,.7,.7,70.8,7.,.,0.,7.,.,7.,8.,0.,8.,00.,. Official ,.,0.8,7.7,.,.7,0.7.0,.7,.,.0,7.,07.,0.,.,.,.7,.0,780.,7.8,.,.,8.,8.8,8.8,.0,7.,.7,.,.,., ,08.8,7., ,.,.,.,7.,8.,.,07.8,80.,8.,8.0,.,.7,80.,.0,.,.,08.,.,.,.7,0.8.,00.0,07.,0.,00.,.,0.,7.,.8,.,0.,.,.,.,0.0,.,.,70.,7. Decrease in U. S. banking funds abroad , Foreign securities: Return of U. S. funds ,00.8,00.7,0.,0.8,0.,0.,0.,0.,0.,0.,0.,0. Domestic securities: Inflow of foreign funds ,0.7 L,0.,.,.0 L,.,. : L,. L,.7,.,.,77. L,.7,0.0, Inflow in brokerage balances NOVEMBER

78 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY, -Continued [Net movement from United States, ( ). In millions of dollars] TABLE.-TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan.,, through France United Kingdom Netherls Switzerl Germany Italy Europe Europe Canada Latin America Asia All otheri Dec. (Jan., ) Dec. 7 Dec. 8 Dec. (Jan., ) Dec. (Jan., 0) 0 Dec. (Jan., ) Dec Dec. Dec. Aug Sept Oct. Nov Dec Jan Feb. 8 Mar Apr,.,08.,0.,8.,0.,77.,0.7,.0 7,8. 7,. 7,0. 7,. 7,0. 7,. 7,.7 7,. 7,. 7,. 7,77. 7,7.7 8, ,.8, , ,..,..,7.0.,0..,078.8.,00.0.7,008..,0. 8.,08.., ,0. '.0, A ,00.,07.,0.,0.,.0,0.,70.,0.,.,08.,.8,.,.,.,0.8,0.,08.8,.0,00.,.,.8,.,07. ( ) ,0.,0. 7.,0.8,08.,.,.,.7, ,.,.,.,.,.7,.7,0.,.,...0,., ,0.,00.0,0.,0.,0.,0.7,0.,.,0.,.,.,.8, From Jan.,, through TABLE.-INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES France United Kingdom Netherls Switzerl Germany Italy Europe Europe Canada Latin America Asiai All otheri Dec. (Jan., ) Dec. 7 Dec. 8 Dec. (Jan., ) Dec. (Jan., 0) 0 Dec. (Jan., ) Dec Dec Dec i Aug... Sept Oct. Nov Dec j an i Feb 8 Mar Apr. 0..,.,.,.8,.0,.,0.,.,70.8,7.,.,0.,7.,.,7.,8.,0.,8.,00., ,00.7,.,.,7.,7.,7.,.,8.,0.,.,8.,.7,0.,0.,0.,0.,07., ,0.,0.8,0., From Jan.,, through- TABLE.-DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES United Kingdom France Netherls Switzerl Germany Italy Europe Europe Canada Latin America Asia All otheri Dec. (Jan., ) Dec. 7 Dec. 8 Dec. (Jan., ) Dec. (Jan., 0) 0 Dec. (Jan., ) Dec. Dec. Dec. Aug. Sept. Oct. Nov. Dec. Jan. Feb. 8 Mar. Apr Prior to Jan., 0, the figures under Asia represent Far East only, the remaining Asiatic countries being included under ''All other.' Inflow less than $,000. n FEDERAL RESERVE BULLETIN

79 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY, '-Continued [Net movement from United States, ( ). In millions of dollars] TABLE. FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan.,, through France United Kingdom Netherls Switzerl Germany Italy Europe Europe Canada Latin America Asia* All other* Dec. (Jan., ) Dec. 7 Dec. 8 Dec. (Jan., ) Dec. (Jan., 0) 0 Dec. (Jan., ) Dec. Dec. Dec. Aug. Sept. Oct. Nov. Dec. Jan. Feb. 8 Mar. Apr ,00.8,00.7,0.,0.8,0.,0.,0.,0.,0.,0.,0., A! !o 0 ^ L l! ^ l!l From Jan.,, through TABLE. DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) France United Kingdom Netherls Switzerl Germany Italy Europe Europe Canada Latin America Asia* All other Dec. (Jan., ) Dec. 7 Dec. 8 Dec. (Jan., ). Dec. (Jan., 0). 0 Dec. (Jan., ). Dec. Dec. Dec. Aug. Sept. Oct. Nov. Dec. Jan. Feb. 8 Mar. Apr..7 7.,.0,.7, ,0.,0., From Jan.,, through TABLE 7.-INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. of Decreases in Balances Held by Brokers Dealers in U. S, with Brokers Dealers Abroad) France United Kingdom Netherls Switzerl Germany Italy Europe Europe Canada Latin America Asiai All other* Dec. (Jan., ) Dec. 7 Dec. 8 Dec. (Jan., ) Dec. (Jan., 0) 0 Dec. (Jan., ) Dec. Dec. Dec. Aug Sept Oct. Nov. Dec Jan. Feb. 8 Mar Apr ' () c Prior to Jan., 0, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." Inflow less than $,000. Outflow less than $,000. NOVEMBER 7

80 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES Date - Dec. (Jan., ) Dec. (Jan., ) Dec. 7 Dec. 8--Dec. (Jan., ) Dec. (Jan., 0) 0 Dec. (Jan., ) Dec. Dec. Dec. - Aug. Sept. Oct. Nov. Dec. Dec. Jan. Jan. Feb. 8 Mar. Apr. 7.0,0.,.,7.,.,07.0,7.,8.,.,.7,7.7,8.,8.,7.,.0,.,7.,8.8,8.7,.,.7,.0,70., ,000.8, France United Kingdom Netherls Switzerl Ger Italy LIABILITIES SUPPLEMENTARY DATA Europe Europe I 70. I Europe.. 8.,07.,7.8,.,.,.0,0.7,8.,.,.,.,.,.,.,7.8,7.,.,.8,.8,0.,,.. Canada ,070.,.,.8,.,7. Latin America Asia* All other Date Europe Geeece Belgium Denmark Finl Luxembourg Norway Portugal Ru : mania Spain Sweden USSR Yugoslavia All other Dec. (Jan., 0)... 0 Dec. (Jan., )... Dec Dec. j) ec i Aug. Sept. Oct. Nov Dec. j an i Feb. 8 Mar Apr "." Latin America Date Latin America Argentina Bolivia Brazil Chile Colombia Costa Rica Cuba French West Indies Guiana Mexico Netherls West Indies Surinam Panama 7 Peru Venezuela Latin Amer- Dec. (Jan., 0) 0 Dec. (Jan., ) Dec. Dec. Dec. Aug. Sept. Oct. Nov. Dec. Jan. Jan. Feb. 8 Mar. Apr ,0.0, For footnotes see page. FEDERAL RESERVE BULLETIN

81 Date INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES Continued [In millions of dollars] LIABILITIES-SUPPLEMENTARY DATA-Continued Asia All Asia China French Indo- China Hong Kong India, Burma, Cey- Ion British Malaya Japan (incl. Korea) Manchuria Netherls East Indies Philippine Isls Turkey Asia All others Australia New Zeal Egypt Anglo- Egyptian Sudan Union of South Africa French Morocco Dec. (Jan., 0). 0 Dec. (Jan., ). Dec. Dec. Dec. Aug. Sept. Oct. Nov. Dec. Dec. Jan. Jan. Feb. 8 Mar. Apr i ^ ^ ^ n!o The figures in this table represent a breakdown of the columns headed "Asia" "All other" in the main t;.able. The figures for "Asia" cover four countries from Jan., 0, five additional countries since,, while those for "All other" coveer five countries available only from,. p rj or to J une,, included under " Asia." Country breakdown not available until,. See footnote for main table. Footnotes to table on page. Prior to Jan., 0, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables,, of "Net Capital Movement to the United States" have been adjusted to exclude the unreal movements introduced by these changes. Figures shown above are adjusted to compare with those of previous months. The figures in this table represent a breakdown of the column headed " Europe" in the main table cover five countries from Jan., 0, seven additional countries since,. Prior to,, included under "All other." The figures in this table represent a breakdown of the column headed "Latin America" in the main table cover six countries from Jan., 0, seven additional countries since,. fi Prior to,, included under " Latin America." J Included "Canal Zone" prior to,. NOTE. For previous changes or corrections in the reporting practices of reporting banks (similar to those indicated in footnote above), which occurred on Aug.,, Jan., 8, Oct. 8,, 7,, see Banking Monetary Statistics, pages For changes subsequent to, which occurred on Apr.,, Sept. Oct.,, Mar.,, see BULLETIN for September, pp ASSETS Date l United Kingdom Fra Netherls Germany Italy Europe Europe Canada Latin America Asia* All otheri Dec. (Jan., ) Dec. (Jan., ) Dec. 7 Dec.,., 8-Dec. (Jan., ), Dec. (Jan., 0) 0- Dec. (Jan., ) -Dec Dec. Dec... Aug.. Sept. Oct. Nov. Dec.... Jan. Feb. 8 Mar. Apr ,,,,,, ,..8., Prior to Jan., 0, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." Note. The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice of reporting banks on Aug.,, Oct. 8,. (See Banking Monetary Statistics, Table, pp. 8.) On,, reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September, pp NOVEMBER

82 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES Continued [In millions of dollars] ASSETS-SUPPLEMENTARY DATA Europe Date Europe Greece Belgium Denmark Finl Luxembourg Norway Portugal* Rumania Spain USSR Sweden Yugoslavia All other Dec. (Jan., 0) 0 Dec. (Jan., ). Dec. Dec. Dec. Aug. Sept. Oct. Nov. Dec. Jan. Feb. 8 Mar. Apr ' i.i Lat tn America "la ()- "." ' ' () ' ' Date Latin America Argentina Bolivia Brazil Chile Colombia Costa Rica Cuba French West Indies Guiana Mexico Netherls West Indies Surinam Panama Peru Venezuela Latin America Dec (j an-? 0) 0 j) ec (j an ) Dec Dec. Dec Aug Sept Oct. Nov Dec I j an Feb 8 Mar Apr L. L. 8 L.7? L. L L.O? L. L. L. L.I () (). () Asia All 7 Date Asia 'hina French Indo- Hong China Kong India, Burma, Ceyl s British Malaya 8 Japan (incl. Korea) Manchuria Netherls East Indies' Asia All other Philippine Isls Turkey' Australia New Zeal Egypt Anglo- French Union Egyptian Africa Moof South Sudan Oth- Dec. (Jan., 0). 0 Dec. (Jan., ). Dec. Dec.... Dec. Aug. Sept. Oct. Nov. Dec. Jan. Feb. 8 Mar. Apr The figures in this table represent a breakdown of the column headed " Europe" in the main table cover five countries from Jan., 0, seven additional countries since,. Prior to,, included under "All other." Less than $,000. The figures in this table represent a breakdown of the column headed "Latin America" in the main table cover six countries from Jan., 0, seven additional countries since,. Prior to,, included under " Latin America." Included "Canal Zone" prior to,. 7 The figures in this table represent a breakdown of the columns headed "Asia" "All other" in the main table. The figures for "Asia" cover four countries from Jan.,0, five additional countries since,, while those for "All other" cover five countries available only from,. 8 Prior to,, included under " Asia." Country breakdown svn not available until,. I I7O FEDERAL RESERVE BULLETIN

83 CENTRAL BANKS Bank of Engl (Figures in millions of pounds sterling) Assets of issue department Goldi assets Assets of banking department Cash reserves Coin Notes Discounts advances Securities Note circulation* Liabilities of banking department Bankers' Deposits Public liabilities Dec. Dec. Dec. Dec. 8 Dec. 7 Dec. Dec. Dec. 7 Dec. 8 Dec. 8 Dec. 7 0 Dec. Dec. Dec. Dec. Oct. Nov. Dec. 7 Jan. Feb. 8 Mar. 8 Apr. 7 Aug. Sept. I ,00.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0 n, 0.0,0.0 ',.0,.0, ,0.7,.,8.,8.,.,7.,.8,.,.,.,.7,., * Assets Liabilities Bank of Canada (Figures in millions of Canadian dollars) Gold Sterling ind United States dollars Dominion provincial government securities Shortterm 8 assets Note circulation 7 Chartered banks Deposits Dominion government liabilities' Dec.... Dec Dec Dec.... Dec Dec.... Dec.... Dec.... -Dec Oct... Nov... Dec... Jan... Feb. 8.. Mar... Apr Aug... Sept ,0.,0.8,0.7,0., ,0.,007.8,0.0,0.,08.,08.7,0.,0.8,0.,078.8,07., Through February, valued at legal parity of shillings a fine ounce; thereafter at market price, which fluctuated until Sept.,, when it was officially set at shillings per fine ounce; the latter rate remained in effect until,, when it was raised to 7 shillings three pence. Securities silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. Notes issued less amounts held in banking department. On Jan.,, 0 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar.,, about. million pounds (at current price) transferred from Exchange Account to Bank; on,, million-'pounds transferred from Exchange Account to Bank; on Sept.,, 7 million pounds transferred from Bank to Exchange Account. & Fiduciary issue increased by million pounds on,0, Apr., Aug., Dec.,, Apr. 8, ; by 70 million pounds on Dec., ; by million pounds on Apr., Oct., Dec. 8,, Mar. 7, Aug., Dec.,, on 8,. Securities maturing in two years or less. 'Includes notes held by the chartered banks, which constitute an important part of their reserves. s Beginning November, includes a certain amount of sterling United States dollars. On, 0, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for 0, pp ). NOTE. For back figures on Bank of Engl Bank of Canada, see Banking Monetary Statistics, Tables, pp. 8-0 pp. -, respectively; for description of statistics see pp. 0- in same publication. NOVEMBER 7

84 CENTRAL BANKS Continued Assets Liabilities Bank of France (Figures in millions of francs) Gold Foreign exchange Open market Domestic bills Special Advances to Government For occupation costss assets Note circulation Government Deposits C.A.R. liabilities Dec. 7.. Dec... Dec... Dec... Dec... Dec. 8.. Dec. 7.. Dec... 7 Dec... 8 Dec... Dec Dec... Dec... Dec... Dec...,8,78,,07 77,08 8,, 0, 8,, B 7,7 8, 8,8 8,8 8,8,,7,,8,8,8, ,, 7,7,80,,7,800,0,80 7,,,,,,,7,77, 8, 8, 7,8,8,,7,7 8, 0,0 7,0,,,7, 7, 7,7,7,, 7,,0,7,,00,0,0,00 8,,,,7,,0,70,, 8,8,0,7,,7,,7 7,,7,08 8,, 8, 8,,7 0,, 8, 70, 8,77 0,,7, *,,,,78,,08,,0, 8, ,00,80,7 0,7 7,0,,,07,, 8,7,,,, 7,,7,,7,8,,8,0,0,07,,7,0,78,,,8,, Apr Dec.. Jan.... Feb... Mar... Apr..... Aug... 8,8 8,8 8,8 8,8,,,,,,, ,70,,, 7, 7,8 7,8 8, 8,7 8, 8,70 i' 8 7,78,,0, 8,,0,,0,7 0,, 7,0,00 0,0 0,0,000,000,000,000,000,000,000,800 7,00 7,0 70,0,0 7,700 7,,00,0,7,,0,7,, 7 7,0 7,0 7, 7,0 7,,08, 7,0 8,8 7,,,00 80, 80, 8,, I , , 8,8,,, 8,07 7,,,8 7,,8,7,, 7,,00,8 7,8,7,80 7,078,,77,0, 7,70,00 Assets Liabilities Reichsbank (Figures in millions of reichsmarks) Reserves of gold foreign exchange reserves Gold Bills ( checks), including Treasury bills Security loans Eligible as note cover Securities assets Note circulation Deposits liabilities Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. 7 Dec. 8 Dec. Dec. 0 Dec. Dec. Dec. -Dec. Mar. Apr. Aug... Sept. Oct.... Nov. Dec.,7,, ,, ,,7,,80,,0,,, 8,,,,,, 0,7 0,0,,,,8,8,,, ,0, 87 7,,8,0,,,7,8,,0,7,,,,,,,0,778,77,0,,0,,80, 8,,78,0,,,,7,,,,8 8,7,,70,0,0 0 8,0,0,0,7,08,,, 8, 7,7 7,7 7,,, 7,80,0,0 0,8, 8,8,,00 70,0,78,,,0,80,7,,,00,0,,0,,, Jan. Feb , 70, 7 8 0,0,,7,,,,,0 Gold revalued 0, November 8, 7, October. For further details see BULLETIN for 0, pp. 0-07; January, p. ; September 7, p. ; November, pp For explanation of this item, see BULLETIN for 0, p. 7. By a series of Conventions between the Bank of France the Treasury, dated from Aug.,0, through,, advances of,000 million francs were authorized to meet the costs of the German army of occupation. * Central Administration of the Reichskreditkassen. In each of the weeks ending Apr. Aug.,,,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 0,,000 million francs of gold transferred from Bank of France to Stabilization Fund. First official statement published since liberation. 7 Includes,7 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.. 8 Gold not shown separately in weekly Reichsbank statement after,. Figure not available. NOTE. For back figures on Bank of France Reichsbank, see Banking Monetary Statistics, Tables 7, pp. - pp. -7, respectively; for description of statistics see pp. - in same publication. FEDERAL RESERVE BULLETIN

85 CENTRAL BARKS Continued Central Bank (Figures as of last report date of month) Sept. Aug. Sept. Central Bank (Figures as of last report date of month) Sept. Aug. Sept. Central Bank of the Argentine Republic (millions of pesos): Gold reported separately gold foreign exchange... Government securities Rediscounted paper assets Note circulation Deposits Member bank Government Certificates of participation in Government securities liabilities Commonwealth Bank of Australia (thouss of pounds): Gold foreign exchange Checks bills of other banks... Securities (incl. Government Treasury bills). assets Note circulation Deposits of Trading Banks: Special liabilities National Bank of Belgium (millions of francs): Gold Foreign exchange Loans to Government loans discounts Claim against Bank of Issue assets Note circulation Dem deposits Blocked Treasury account Notes blocked accounts liabilities Central Bank of Bolivia (millions of bolivianos): Gold at home abroad Foreign exchange Loans discounts Securities Government assets Note circulation Deposits liabilities National Bank of Bulgaria Central Bank of Chile (millions of pesos): Gold Discounts for member banks Loans to Government loans discounts assets Note circulation Deposits Bank liabilities Bank of the Republic of Colombia (thouss of pesos): Gold Foreign exchange Loans discounts Government loans securities.. assets Note circulation Deposits liabilities National Bank of Czechoslovakia in Prague 7 (thouss of koruny): Gold Foreign exchange Loans discounts assets.. Note circulation Deposits liabilities,,0 7 " ' 8,8, 7,7,70 0,,,,8,7 8,7,8,7,7,7,,, 0, 7,,0 8' 8,7,8, 7 0, 0,0,08,7,, 7 ' ",,70 8 7,,,,7, 0,, 0,,,07 ()',7 0 8' 8,, 80, 0,0,,, 7,77,0,8,' 78', 0,,7,,, 8,, , ,0, ,,0,,,77,7,7 80,, 78,0,,,,7 National Bank of Denmark (millions of kroner): Gold Foreign exchange Clearing accounts (net) Loans discounts Securities Govt. compensation account 8 assets Note circulation Deposits Government liabilities Central Bank of Ecuador (thouss of sucres): Gold Foreign exchange (net) Loans discounts... assets Note circulation Dem deposits liabilities National Bank of Egypt^ (thouss of pounds): Gold.. Foreign exchange Loans discounts British, Egyptian, other Government securities assets Note circulation Deposits Government liabilities Central Reserve Bank of El Salvador (thouss of colones): Gold Foreign exchange Loans discounts Government debt securities... assets Note circulation Deposits liabilities. Bank of Finl" Bank of Greece National Bank of Hungary (millions of pengo): Gold. Foreign exchange reserve Discounts Loans To Treasury To foreign countries assets Note circulation Dem deposits Consolidated foreign credits of liabilities Reserve Bank of India (millions of rupees): Issue department: Gold at home abroad Sterling securities Indian Govt. securities Rupee coin Note circulation Banking department: Notes of issue department Balances abroad Treasury bills discounted Loans to Government assets Deposits liabilities Central Bank of Irel (thouss of pounds): Gold Sterling funds Note circulation Bank of Japan Bank of Java,., 7,,07,0,,770 8,,0,,,,78 7,7,,,0,8,0,,8, 8, 7, 0, 78 7.,,78 "",0,,7,7 7, 7,08 8,00,,80,, 7,0,7,,0,,8,7,8,,8, 7,,,00 7,7,,7,070 7,08 7, (Nov. ) B 00,77,07, 0,7, 0, 0, 78, :,^,77 7,,, 7, 78,,78,,07 8,,8,7,00,0,,,,8,0,7 8,8 0,7,0 0,,8,0,,7,08, 7,,78 Beginning Aug. 7,, figures published in the balance sheet of the Commonwealth Bank cover central banking operations only, while previously these statements included the operations of the General Banking Division. Gold revalued provisionally at.8 francs per gram. The resulting increment is held for the account of the Treasury is shown on the liabilities side under "Blocked Treasury account." In addition to the gold increment includes notes not presented for exchange forfeited to the State. Includes current accounts transferred to be transferred to blocked accounts old notes not declared. Latest month available., «For last available report from the central bank of Bulgaria (January ), see BULLETIN for, p. 7; of Finl ( ), see BUL- LETIN for, p. 0; of Greece ( ) Japan (September ), see BULLETIN for, p. 8; of Java (January ), see BULLETIN for, p First statement available since liberation is that for. Until, known as the National Bank of Bohemia Moravia. s Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan.,. «Items for issue banking departments consolidated. NOVEMBER 00, 7,8,,00 :,77 7,, 0, 8, 78,,08 7,7 8, 7,,8

86 CENTRAL BANKS Continued Central Bank (Figures as of last report date of month) Sept. Aug. Sept. Central Bank (Figures as of last report date of month) Sept. Aug. Sept. Bank of Mexico (millions of pesos): Metallic reserve "Authorized" holdings of securities, etc Bills discounts assets Note circulation Dem liabilities liabilities Netherls Bank (millions of guilders): Golds. Silver (including subsidiary coin).. Foreign bills. Discounts Loans assets Note circulation Deposits Government liabilities... Reserve Bank of New Zeal (thouss of pounds): Gold Sterling exchange reserve Advances to State or Stateundertakings Investments assets Note circulation Dem deposits liabilities Bank of Norway Bank of Paraguay Monetary Dept. (thouss of guaranies): Gold Foreign exchange Loans discounts.. Government loans securities... assets Note circulation Dem deposits liabilities Central Reserve Bank of Peru (thouss of soles): Gold foreign exchange Discounts Government loans.., assets Note circulation Deposits liabilities Bank of Portugal (millions of escudos): Golds reserves (net) Nonreserve exchange Loans discounts Government debt assets Note circulation sight liabilities liabilities, National Bank of Rumania South African Reserve Bank (thouss of pounds): Gold, Foreign bills.. bills loans assets Note circulation Deposits liabilities Bank of Spain (millions of pesetas): Gold Silver Government loans securities.. loans discounts assets 77,,, 7 ^,,,7 8,, 7, 0, 0 7,,,0 70, 8,, 7 ', ' " 0,, 8,80 7,,,,,8,0, 0,7 7,8, 00,,7 7,,70 70, 8 78,, 7 8,8 0,07 8,80, 7,,,70 0, 8,7,,8,0 8, 0, 8,,7,,, 8,8,07,7,, (Feb.),,77,,0 77 7,8 0, 0 07, 7,,,,,,,8 7,0,0,,7 8, 8 7 ",' '"l,7 0,80,0 7,0,, 7, 8,,,0,0,7,0,0 7,,,,,0,0 87 7,,7 8,,78,,7,,,,,0,0,7 Bank of Spain Continued Note circulation Deposits Government liabilities Bank of Sweden (millions of kronor): Gold Foreign assets (net) Swedish Govt. securities advances to National Debt Office 7. domestic bills advances. assets Note circulation Dem deposits Government liabilities Swiss National Bank (millions of francs): Gold; Foreign exchange Loans discounts assets Note circulation sight liabilities liabilities Central Bank of the Republic of Turkey (thouss of pounds): Gold Foreign exchange foreign clearings Loans discounts Securities assets Note circulation Deposits Gold liabilities Bank of the Republic of Uruguay (thouss of pesos): Issue department: Gold silver Note circulation Banking department: Gold silver Notes coin Advances to State to government bodies loans discounts assets Deposits liabilities Central Bank of Venezuela (thouss of bolivares): God Foreign exchange (net) Credits to national banks assets Note circulation Central Bank... National banks.. Deposits liabilities National Bank of the Kingdom of Yugoslavia Bank for International Settlements (thouss of Swiss gold francs): 0 Gold in bars Cash on h on current account with banks Sight funds at interest Rediscountable bills acceptances (at cost) Time funds at interest Sundry bills investments assets Dem deposits (gold) Short-term deposits (various currencies) : Central banks for own account Long-term deposits: Special accounts liabilities,07 8,8,0 :,7 80,0 77, ',,0 8,8,,07,7, 70,,,808, 7, 7,7,,7 77,80, 8,,,,,,,0,,0 8,,77 7,7,0,,7 8,,8,0,,78,,08,00,7 7,0,,,0 0,, 8, 8,,0,07, 807, 70,7,0 8,008,, 7,,,7,0,780,78,7 0,,8, 8,70,8,,,8,, 0,,,7 8,0,,0,0,,,07,00,,8,8, 8,000,7,0,7,,, 80,,,8 C,,78,7-7,0, 0, 8,08,,70,8 7,,,8,7,0 8,, 7,, 7, 7,0 7,8,0,00 8, c Corrected. Includes gold, silver, foreign exchange forming required reserve ( per cent) against notes other dem liabilities. Gold revalued in from,08 to,70 guilders per fine kilogram. For last available reports from the central banks of Norway ( 0) Yugoslavia (February ), see BULLETIN for, p. 8; of Rumania ( ), see BULLETIN for, p.. The Bank of the Republic of Paraguay was reorganized in September under the name of Bank of Paraguay. The new institution is divided into a Monetary, a Banking, a Mortgage Department. The first official balance sheet of the Monetary Department, which assumes central banking functions, was issued for the end of. Latest month available. Valued at average cost beginning October 0. 7 Includes small amount of non-government bonds. 8 Figure not available. Beginning October, a certain amount of gold, formerly reported in the Bank's account, shown separately for account of the Government. 0 See BULLETIN for, p FEDERAL RESERVE BULLETIN

87 MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [ Per cent per annum ] Date effective France Central bank of Ger- United Kingdom Belgium Netherls Sweden Switzerl Central bank of Rate Oct. Date effective Central bank of Rate Oct. Date effective In effect Dec., Jan. 8, Aug. Sept. Nov. 0, 8... Sept. 8 Oct. 7 Nov. Jan.,... Apr. 7 Aug. Aug. Sept. 8 Oct. Dec. Jan., 0... Apr. 7 Mar. 7,... 7 Tan.,... Tan. Feb. In effect Oct., "m IK Albania Argentina Belgium Bolivia British India.. Bulgaria Canada Chile... Colombia Czechoslovakia Denmark Ecuador.. El Salvador... Estonia Finl France Germany Greece Hungary Irel -^ IK 0 Mar., 0 Mar,, Jan., Nov. 8, 0 Nov. 8, Dec., 0 Feb. 8, Dec., 8, Oct., 0 Oct. *, 0, 8 Mar., Oct., Dec., Jan., Apr., 0 Apr. 0, Oct., 0 Nov., NOTE. Changes since Sept. : none. Italy Japan Java Latvia Lithuania. Mexico Netherls New Zeal Norway Peru Portugal... Rumania... South Africa Spain Sweden Switzerl. Turkey United Kingdom U. S. S. R... Yugoslavia... Sept., Apr. 7, Jan., 7 Feb. 7, 0,, 7,,, 0 Aug., 0 Jan. \X 8,, Dec., 8 Feb., Nov.,, 8 Oct.,, Feb., Month Aug... Aug... Aug... Aug... Aug... Aug... Aug... Aug... 7 Aug... 8 Aug... Aug... 0 Aug... Aug... Aug... Aug... Aug... Sept.. Oct... Nov... Dec... Jan... Feb... Mar.. Apr Aug... Bankers' icceptances months United Kingdom Treasury bills months Day-to-day money ' OPEN-MARKET RATES [Per cent per annum ] Bankers' allowance on deposits Private discount rate Germany Day-to-day money Netherls Private discount rate ( ). Money for month Sweden Loans up to months Switzerl Private discount rate Based on data for part of month only. Figure not available. NOTE. For monthly figures on money rates in these other foreign countries through, see Banking Monetary Statistics, Table 7, pp. -*, for description of statistics see pp. 7-7 in same publication q.ft ' NOVEMBER

88 COMMERCIAL BANKS United Kingdom Assets Liabilities ( London clearing banks. Figures in millions of pounds sterling) Cash reserves Money at call short notice Bills discounted Treasury deposit receipts Securities Loans to assets Deposits Dem Time liabilities ,7 0 77,, 7, j,,,800,,,0,,8,770,,,7 7,0,0,,0, 0 September October... November ,,7,8,7,,7,, ,,,8,,87,,,0,,7,,0 0 January... February ,,,,8,,,,,,0,,0,,8,, ,,0,,,7,,8,8,,0,,,0,7,,,,,,,,0,,8 8 0 Assets Liabilities Canada (0 chartered banks. End of month figures in millions of Canadian dollars) Cash reserves Entirely in Canada Security loans loans discounts Security loans abroad net due from foreign banks Securities assets Note circulation Deposits payable ir Canada excluding interbank deposits Dem Time liabilities ,0,08,., 0,,,,,, ,0,77,80,0,7, 80,0,,,8,7,0,7,,,,8,0,7 September October... November ,,,,,77, ,7,7,,7,,,7,7,,8,,,8,,,8 January... February ,,,0,07,,,07,0 8 7,7,,0,7,8,,80, ,0,0,8,,,,,,,,,,0,8,8,,,,7,,,,7,,,,80,,,,, France Assets Liabilities ( large banks. End of month figures in millions of francs) Cash reserves Due from banks Bills discounted Loans assets Deposits Dem Time Own acceptances liabilities ,,,8,8 7,80,00,7,,7,8,,,,,7 7, 7, 8, 8,80 0,,0,0,,0,,78,,0 7,,,0,,70,7, ,8,0,,, September October... November..,,7 7,,,770,, 7, 7, 8,8,80,,0,,,7,8,7,0,0 7, 77, 8, 80,7, 8,,07,8, 0,,,0,80,8,,,08,,,,,0,0,,0,,8,8,,,, 0,7 0,07 0, 0,0 0,0 08, 07,0,7,7 8, 0,7 0,8 0,78 0, 0,7 07,00 0,8,,07,078,,,, ,,,,7,7,, 7,8 7, 7, January... 7,, 0,0,7,7 0, 08,8,0, i Through, averages of weekly figures; beginning September, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. Represent six-month loans to the Treasury at \Y% per cent, callable by the banks in emergency at a discount equal to the Bank of Engl rate. Due to changes in reporting procedure, the figure tor "Note circulation" includes a small amount of interbank note holdings while " ** these holdings are now omitted from " liabilities." NOTE. For back figures figures on German commercial banks, see Banking Monetary Statistics, Table, pp. -, for description of statistics see pp. -7 in same publication. 7 FEDERAL RESERVE BULLETIN

89 FOREIGN EXCHANGE RATES (Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month Argentina (peso) Official Special Export Australia (pound) Official Free Belgium (franc* Brazil (cruzeiro ) Official Free British India (rupee) Bulgaria (lev) Canada (dollar) Official Free Chile (peso) Official Export China (yuan Shanghai) !70' ^ "! 0' OOOO, OOOO Oct Nov Dec. Jan. Feb Mar Apr Aug Sept '.8' Year or month Colombia (peso) Czechoslovakia (koruna) Denmark (krone) Finl (markka) France (franc) Germany (reichsmark) Greece (drachma) Hong Kong (dollar) Hungary (pengo) Italy (lira) Japan (yen) Mexico (peso) Netherls (guilder) New Zeal (pound) Oct Nov Dec Jan Feb Mar Apr Aug Sept Year or month Norway (krone) Pol (zloty) Portugal (escudo) Rumania (leu) South Africa (pound) Spain (peseta) Straits Settlements (dollar) Sweden (krona) Switzerl (franc) United Kingdom (pound) Official Free Uruguay (peso) Controlled Noncontrolled Yugoslavia (dinar) ' 0!' \ Oct. Nov Dec Jan Feb Mar. Apr. Aug.. Sept Prior to Nov.,, the official designation of the Brazilian currency unit was the "milreis.' Average g of daily y rates for that a part of the t year yar during ig which quotations were certified. Based on quotations beginning Sept.. NOTE. For back figures, see Banking^ Monetary Statistics, Table, pp. -. For description of statistics see pp. 7- in same publication, for further information concerning developments affecting the averages during see BULLETIN for February, p., February, p.. NOVEMBER "77

90 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES [Index numbers] Year or month United States (=00) Canada (=00) United Kingdom (=00) France (=00) Germany (=00) Italy (8=00) Japan (October (00 = 00) Netherls (- = 00) Sweden ( = 00) Switzerl ( =00) September October November January February September *>0» p U l i 0 i p ^ p Preliminary. Approximate figure, derived from old index ( = 00). Average based on figures for months; no data available since 0, when figure was. Average based on figures for months; no data available since 0, when figure was 8. Sources See BULLETIN for January, p. 8; 7, p. 7; 7, p. 7; October, p. 78. WHOLESALE PRICES GROUPS OF COMMODITIES [Indexes for groups included in total index above] Year or month September October November January February September Farm products United States (=00) Foods commodities Farm products p 0 Canada (=00) Raw partly manufactured goods P0 Fully chiefly manufactured goods United Kingdom (=00) Foods 8S * Industrial products Agricultural products Germany (=00) Industrial raw semifinished products Industrial finished products * Preliminary. Sources. See BULLETIN for, p. ;, p. 80;, p.. 78 FEDERAL RESERVE BULLETIN

91 Year or month September... October November January February... September.. PRICE MOVEMENTS IN PRINCIPAL COUNTRIES Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] United States (- = 00) Canada (- = 00) ^ United Kingdom ( = 00) Germany (- 00) Netherls (- 00) 8 7 Switzerl ( = 00) 0 ^7 Year or month September. October November... January... February.. September. p Preliminary. Revised index from (see BULLETIN for 7, p. ). Average based on figures for months; no data available since 0, when figure was. Average based on figures for months; no data available since 0, when figure was. Sources. See BULLETIN for, p. ; October, p. ; 7, p.. United States (- = 00) [Index numbers] Canada (- = 00) p United Kingdom ( = 00) Germany (- = 00) 7 0 Netherls (- = 00) Switzerl ( = 00) '\O p!0 p PK) SECURITY PRICES [ Index numbers except as otherwise specified] Bonds Common stocks Year or month United States (derived price) x United Kingdom ( = 00) France (8=00) Germany (average price) Netherls United States (- = 00) United Kingdom (=00) Germany France Netherls (8 = OO) (=00) Number of issues 8 0 September. October November January February September () Figures represent calculated prices of a per cent -year bond offering a yield equal to the monthly average yield for high-grade corporate bonds. Source. Stard Poor's Corporation; for compilations of back figures on prices of both bonds common stocks in the United States see Banking Monetary Statistics, Table, p., Table, p. 7. Published by the Ministry of National Economy with new base of 8 = 00. Figures are for the last Friday of each month. The number of bonds included in the new index was increased to (formerly ), while the number of stocks remained the same. For complete information on the composition of the bond stock indexes see "Bulletin de la Statistique Generate", pp. -, -, pp. -7, respectively. For back figures for both indexes from 8 through on a monthly basis see "Bulletin de la Statistique Generate" for October-, pp Since Apr.,, the bonds included in the calculation of the average price have all borne interest at Ms per cent. The series prior to that date is not comparable to the present series, principally because the bonds then included in the calculation bore interest at per cent. Indexes of reciprocals of average yields. For old index, -, = 00; average yield in base year was.7 per cent. For new index beginning January 7, Jan.-Mar. 7 = 00; average yield in base period was. per cent. This number, originally, has declined as the number of securities eligible for the index has diminished. In it was down to. Average based on figures for months; no data available -Dec. 7 Average based on figures for 7 months; no data available -Sept. 8 Average based on figures for months; no data available -. Average based on figures for 0 months; no data available Jan.-Feb. Sources. See BULLETIN for November 7, p. 7; 7, p. ; 7, p. ;, p. ; February, p.. NOVEMBER 7