Federal Reserve Bulletin, 1943-02

FEDERAL RESERVE BULLETIN FEBRUARY 1943 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

-CONTENTS^ PAGE Review of the Month—Treasury Finance and the New Budget . 111-115 Law Department: Consumer Credit 116 General Ration Order No. 3 . 116-119 Foreign Funds Control . 119-110 Ration Banking Plan . . 111 Central Bank of Ireland 12.2.-117 Current Events. 118 Directors of Federal Reserve Banks and Branches . 119-139 National Summary of Business Conditions 140-141 Financial, Industrial, Commercial Statistics, U. S. (See p. 143 for list of tables) .. 143-190 International Financial Statistics (See p. 191 for list of tables) 191-103 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 104 Senior Officers of Federal Reserve Banks; Managing Directors of Branches . 105 Map of Federal Reserve Districts 106 Federal Reserve Publications (see inside of back cover) Subscription Price of Bulletin The Federal Reserve BULLETIN is issued Monthly by the# Board of Governors of the Federal Reserve System. It is sent to member banks without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME February NUMBER 2. TREASURY FINANCE AND THE NEW BUDGET The President's Budget Message, pre- eludes the offering of a wide variety of sented to Congress on January 11, estimated securities designed to meet the needs of that the expanding war effort would in- every group of investors, the maintenance crease budget expenditures to 80 billion of stability in the Government security dollars in the current fiscal year and to market, and the extension of the selling more than 100 billiop in the fiscal year organization for Government securities. ending on June 30, 1944. It is expected In view of the greatly expanded need for that the public debt will increase by 62. Treasury financing, much more intensive billion dollars during the present fiscal efforts will be required to finance the war year and by 76 billion in the next fiscal year. without reliance on large-scale creation of In June 1944 the debt is expected to reach deposits by the banking system. XII billion, about three times the level of To the extent, however, that banks are June 30, 1942.. The President recommended relied upon to purchase additional Governthat in the fiscal year 1944 not less than 16 ment securities, the Federal Reserve System billion dollars of additional funds be col- has assumed responsibility for providing lected out of taxes and savings. the banks with sufficient reserves for the The huge expenditures that are necessary necessary expansion of credit. In the past for the successful prosecution of the war year banks have greatly increased their will give rise to inflationary pressures even holdings of Government securities with the if the goal of 16 billion in additional taxes result that bank deposits have expanded and savings is achieved. Adequate control by an unprecedented amount. Required of the situation will require concerted ac- reserves have thus increased and at the same tion by many agencies of the Government time banks have drawn upon existing reand full cooperation of the public. Many serves to meet a growing demand for cur- Government agencies are working on differ- rency. Additional reserves were made ent phases of this problem. One important available to banks by Federal Reserve Bank phase that concerns the Federal Reserve purchases of Government securities and by System directly is the need for raising as a reduction in the reserve-requirement permuch of the funds as possible from current centages for member banks in New York income and for holding to a minimum the and Chicago. At the end of 1942. member creation of new money by borrowing from banks as a whole held 2. billion dollars of banks. reserves in excess of requirements, com- The financing program developed by the pared with 3 billion a year earlier. The Treasury in cooperation with the Federal changes in excess reserves during recent Reserve System in 1941 was formulated years and the principal factors causing them with this object in view. The program in- are shown in the chart on page 144. FEBRUARY 1943 in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Needs for additional reserves in 1943 will for the fiscal year 1943 and at 33 billion for depend upon the currency demand, upon 1944. In the first half of the current fiscal the extent to which nonbank investors year receipts were 8 billion dollars and in purchase Government securities, and upon the second half they are expected to total the distribution of available reserves among 15 billion. The increase will result from member banks. Distribution of reserves is the fact that collections on the new and important because, to the extent that some increased taxes levied under the Revenue banks hold larger excess reserves than they Act of 194Z will first begin to be received require, the total amount of needed reserves in large amount in March 1943. The inand the additional amount that must be crease in receipts will result largely from provided is correspondingly increased. larger incomes as well as higher tax rates on individuals and corporations. In the THE DEFICIT AND THE DEBT next 18 months budget receipts, on the basis of existing revenue legislation, will The extent of recent expansion of war finance slightly less than a third of total activities is indicated by the fact that the expenditures, the same proportion as in the amount spent each month now equals the preceding 18 months. amount spent in the entire first year of the national defense program. In the fiscal GENERAL BUDGET SUMMARY year 1942. war expenditures, including those [In billions of dollars] made by Government corporations and January July agencies, averaged z.4 billion dollars a Classification F y 1 i 9 s e 4 c a a 4 r l th J r u o n u e gh t D h e r b o c e e u r m gh - F y 1 is 9 e c 4 a a 2 r l month. In the first six months of the cur- 1943 1942 rent fiscal year they averaged 5.5 billion Receipts: Direct taxes on individuals... 13.8 6.7 1.6 3.7 dollars a month, and in the fiscal year be- Direct taxes on corporations.. 14.9 6.2 3.9 5.0 Other 4.4 2.2 2.4 4.1 ginning next July they are expected to rise Net receipts 33.1 15.2 7.8 12.8 Expenditures: to an average of more than 8 billion a War activities* 97.0 41.9 32.1 26.0 Interest on the public debt... 3.0 1.1 .7 1.3 month. Interest on the public debt will Other activities 4.1 2.3 2.3 5.1 Total expenditures 104.1 45.3 35.1 32.4 also increase as a result of the rapid growth Excess of expenditures 71.0 30.2 27.3 19.6 Expenditures by Government corof the debt. Despite a reduction in other porations and agencies* 4.8 4.0 1.0 3.6 Change in Treasury balance -.1 -7.7 +7.6 + .4 disbursements, total expenditures, includ- Increase in debt 75.7 26.7 35.7 23.5 ing those of Government corporations and Public debt at end of period 210.5 134.8 108.2 72.4 agencies, are estimated at 49 billion dollars * In addition to war expenditures under Budget accounts the figures for Government corporations and agencies include 2.3 billion dollars in fiscal year 1942, 3.3 billion in 1943, and 2.7 billion in 1944. for the latter half of the current fiscal year and at 109 billion for the year beginning These results indicate a deficit of 34 bil- July 1, 1943. This level of expenditures lion dollars for the latter half of this fiscal will be three times that of the fiscal year year and of 76 billion for next year—a total 1942.. These figuresa re shown in the table. of no billion, including expenditures by While budget receipts are expected to Government corporations and agencies of increase sharply, the increase will fall far 9 billion dollars. short of meeting the growth in expendi- As war expenditures have increased, the tures, as shown in the chart. Receipts, public debt has expanded by increasing which totaled 13 billion dollars in the fiscalamounts. The increase in the total direct year 1942., are estimated at 2.3 billion dollars and guaranteed debt rose from 9 billion FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH dollars in the first half of the fiscal year has been the most striking recent develop- 194Z to 13 billion dollars in the next six ment in Government financing. In the months and to 35 billion in the first six calendar year 1942., as shown in the table, months of the current fiscal year. The it is estimated that investors other than recent increase includes large sales of securi- commercial banks, Federal Reserve Banks, ties during the Victory Fund Drive in and Government agencies and trust funds December, which resulted in an expansion added about 2.2. billion dollars to their in the Treasury balance. Should that holdings of Government securities, combalance decline to the level of last June, pared with 7 billion in 1941. the increase in the public debt in the next This development has resulted from a few months will not be as large as the combination of factors. The increasing national income together with the declining BUDGET EXPENDITURES AND RECEIPTS supply of civilian goods has resulted in a FISCAL YEAR TOTALS OWNERSHIP OF U. S. GOVERNMENT SECURITIES [Amounts in billions of dollars] Change Estimated holdings June 30, Dec. 31, June 30, Dec. 31, 1942 to 1941 to 1941 to 1942 I Dec. 31, June 30, Dec. 31, 1942 1942 1941 Commercial banks 41.3 +14.9 +4.6 +1.7 Federal Reserve Banks.... 6.2 +3.5 + .4 +.1 Mutual savings banks 4.6 +.7 +.2 + .3 Insurance companies 11.0 +2.1 + .9 +1.0 Other investor group: Marketable issues 15.1 +4.1 +1.1 + .6 Nonmarketable issues. 21.2 +8.1 +4.5 +4.3 Federal agencies and trust funds: Special issues 9.0 +1.1 + .9 + .9 Public issues 3.2 + .4 + .2 + .2 Total interest-bearing direct and guaranteed securities outstanding. 111.6 +35.1 +12.7 +9.0 1 Estimates for commercial banks, mutual sayings banks, insurance Estimated figures for fiscal years 1942-43 and 1943-44 are on basis companies, and other investor group are preliminary. of the President's Budget Message for 1944. Figures of receipts exclude social security employment taxes which are appropriated directly to large increase in the amount of funds availthe Federal old-age and survivors insurance trust fund. able for investment by individuals and indicated deficit. For the next year and a corporations. Since the financial needs of half the average increase in each six-month industry not supplied by the Federal Govperiod will be 33 billion dollars. It would ernment were relatively small and the appear, therefore, that new financing by amount of new corporate and State and the Treasury will continue at close to the local Government securities was negligible, high level of the past six months and that the additional funds were largely available there will be no further expansion in the for investment in United States Governrate of borrowing during this period. ment securities. Some of the available funds were used to reduce private indebted- WIDE DISTRIBUTION OF THE DEBT ness, especially consumer debt. Rapid growth in the absorption of Gov- In an effort to reach the largest possible ernment securities by nonbanking investors amount of these funds, the Treasury in FEBRUARY 1943 "3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH cooperation with the Federal Reserve System point of development for 1942. in the Vichas sought to develop a war financing pro- tory Fund Drive in December, in which 13 gram that would offer a wide variety of billion dollars of Government securities securities designed to meet the needs of were sold, substantially exceeding the preevery group of investors from the smallest viously announced quota of 9 billion. wage-earner to the largest institution. The results of these financing policies are Nonmarketable savings bonds and tax notes reflected in the increased holdings of Govare continually on offer, subscriptions by ernment securities by nonbanking investors. nonbanking investors to periodic offerings Nonbanking investors, other than Governof marketable securities are allotted in ment agencies and trust funds, increased full, and there have been issues of long- their holdings of Government securities by term bonds not available for purchase by 6 billion dollars in the last half of the commercial banks. calendar year 1941 and by 7 billion in the In order to protect the investor against first half of 1942.. In the second half of the possibility of loss of principal, non- i94x they absorbed 15 billion dollars of marketable securities have been offered Government securities. Federal Governwhich will be redeemed by the Treasury ment agencies and trust accounts absorbed at fixed prices. In addition, the policy of over a billion dollars in each half year, the Treasury and of the Federal Reserve while increases in holdings of commercial System has been directed towards the banks and Federal Reserve Banks together stabilization of prices and yields of market- rose from z billion in the latter half of able securities. Investors in nonmarket- 1941, to 5 billion in the next half year, and able securities know in advance the prices to 18 billion in the latest period. These at which they will be able to redeem their changes are shown in the table on the securities on any future date that they may preceding page. find it necessary to do so. Investors in marketable securities know that prices and EFFECT ON BANKING SITUATION yields are stabilized and that they will As a result of the large purchases of Govobtain no higher yields by deferring pur- ernment securities by commercial banks and chases to a future date. Federal Reserve Banks, bank deposits have The third line along which financing expanded rapidly in recent months. It is policy has been developed has been the ex- estimated that commercial bank deposits, tension of the selling organization for other than those of the United States Government securities. The efforts of the Government and of other banks, increased War Savings Staff have been increased. In by 8 billion dollars in the latter half of order to reach investors with larger 194X5 compared with 2. billion in the first amounts of funds than can be placed in half and a similar amount in the preceding savings bonds, Victory Fund Committees six months. In addition, the amount of were organized in May 1942. under the currency in circulation has increased by auspices of the Treasury and the Federal over 4 billion dollars in the past year. At Reserve Banks and late in the year they the end of 1941 United States Government were greatly expanded. The selling efforts deposits exceeded 9 billion dollars, an unof the Government reached their highest usually large amount. As these amounts 114 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH are being rapidly paid out in 1943, they supplies of reserve funds for banks in the add further to individual and business coming year. To the extent, however, that deposits. depositors use their increased balances to The total amount of bank deposits and purchase more Government securities than currency in circulation has increased since they have in the past, the necessity for the end of 1939 by 36 billion dollars, or Federal Reserve operations will be reduced. more than 50 per cent, and this growth has Nonbanking investors will be in a posibeen entirely in demand deposits and cur- tion to make large purchases of United rency. Should banks be called upon in States Government obligations in the next 1943 to purchase half of the increase in the 18 months. Government agencies and trust public debt as they did in 1942., the growth funds will increase their holdings by 5 bilin bank deposits and currency in this year lion dollars. Business concerns and inalone will again approach the 36 billion dividuals, as a whole, will have greatly dollar figure. increased incomes during the period and the During i94x the Federal Reserve Banks supply of goods available for purchase will added 3.9 billion dollars to their holdings be reduced and opportunities for other inof Government securities. This figure ap- vestment of funds limited. As pointed proximately equals the increase in circula- out, they already hold exceptionally large tion of 4.3 billion dollars, less 400 million cash balances, which are likely to expand dollars supplied by an increase in Treasury further. currency. Reserves were also made avail- So long as most of the additional bank able by reducing reserve requirements of deposits remain idle, the immediate incentral reserve city banks. Notwithstand- flationary consequences of their expansion ing this reduction of 1.2. billion dollars, the would be negligible. If, however, degrowth in bank deposits resulted in an positors should endeavor to spend their increase of about 1.8 billion dollars in re- funds even as actively as they did in 194X5 quired reserves for all member banks. which was not a year of exceptionally Temporary changes in Reserve Bank float, rapid turnover of deposits, the pressure on in nonmember deposits at Reserve Banks, prices would be serious. and in other items supplied additional re- It is for this reason that every effort serves to member banks at the end of 194Z should be made to keep the increase in compared with the end of 1941, with the commercial bank holdings of Government net result that excess reserves showed a securities at the smallest possible amount. decline of 1.1 billion dollars for the year. The collection of at least an additional 16 billion dollars annually from taxation, sav- FUTURE NEEDS ings, or both, as recommended by the Presi- Continuation of bank purchases of Gov- dent, would be an important step in this ernment securities in 1943 at the same rate direction. In addition, it is of great imas in the latter half of i94i and continuation portance that as much as possible of the also of the recent trend in the demand for remaining increase in the debt be sold outcurrency would necessitate large additional side of the commercial banking system. FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Consumer Credit GENERAL RATION ORDER NO. 3—RATION BANKING—BANKS Statement of Necessity— Pursuant to the authority invested in the Administrator Increased Income Tax Burden by Public Laws 42.1, 507, and 72.9, 77th Cong., by Executive An inquiry was recently received as to whether Order No. 9115, issued by the President on April 7, 1942., it a Statement of Necessity under section io(d) of is hereby ordered, that: Regulation W may properly be accepted if the SCOPE OF GENERAL RATION ORDER NO. 3 only contingency mentioned in it is the increased Sec. 1305.401 Territorial limitation tax burden resulting from the most recent 1305.402. Effect of this order on other orders Federal income tax law. DEFINITIONS Section io(d) of the Regulation is intended to 1305.405 Definitions take care of extraordinary cases involving undue ADMINISTRATION AND PERSONNEL hardship. Since the income tax law will affect 1305.406 Administration and Personnel a large proportion of the population of the United States, the resulting burden can not GENERAL PROVISIONS properly be called an undue hardship of the type 1305.411 Nature and effect of participation by banks covered by that section. 1305.412. Operation of Ration Bank Accounts 1305.413 Bank endorsements Of course there may be exceptional cases where 1305.414 Bank records and accounts confidential the increased tax burden, although not unfore- 1305.415 Prohibition seen by the obligor at the time of obtaining the EFFECTIVE DATE extension of credit and although not in itself 1305.419 Effective date of General Ration Order No. 3 creating undue hardship, may nevertheless be a AUTHORITY: Sections 1305.401 to 1305.419, inclusive, issued pursuant to Public Laws 421, 507, and 729, 77th Cong.; Executive Order factor which, in combination with other causes, No. 9125. 7 F. R. 2719, issued by the President on April 7,1942; W. P. B. Dir. No. 1, 7 F. R. 562. will produce a situation justifying the accept- SCOPE OF GENERAL RATION ORDER NO. 3 ance of a Statement of Necessity. However, SECTION 1305.401. Territorial limitations.—Except as as previously indicated, the increased tax otherwise expressly provided, all of the provisions of this burden, by itself, is not a proper basis for the General Ration Order No. 3 shall apply to the entire area acceptance of a Statement of Necessity. included within the continental limits of the United States. SECTION 1305.402.. Effect of this order on other orders.— Ration Banking This order shall not be construed to permit any act or omission which would be in violation of any order of the Office of Price Administration. General Ration Order DEFINITIONS Pursuant to the authority contained in Execu- SECTION 1305.405. Definitions.—When used in this tive Order No. 912.5, issued by the President on order, unless the context otherwise requires: April 7, 1942., the Office of Price Administra- (V) "Account" means a ration bank account maintion on January 4, 1943, issued General Ration tained by a Participating Bank in which the bank keeps a record of deposits of ration evi- Order No. 3 entitled "Ration Banking—Banks" dences and transfers of ration credits. effective January 2.7, 1943. The text of Order (F) "Bank" means any bank or trust company organ- No. 3 is as follows: ized under any State or Federal Law, which is FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT authorized to and does, on the effective date of (£) Effect of Becoming a Participating Bank.—Participating this order, maintain dollar accounts (not includ- Banks shall act as agencies of and under the ing savings accounts), subject to withdrawal by direction and supervision of the Office of Price check or other order payable on demand. Administration and shall be responsible only (V) "Check" means a nontransferable ration check to the Office of Price Administration. Each drawn against a ration bank account and payable Participating Bank shall have all the rights and to the account of a named person. powers and assume all the duties provided in this 00 "Depositor" means a person who maintains a Order and any amendments thereto. ration bank account. A person shall be deemed (0 Reimbursement of Participating Banks.—Each Para depositor with respect to each of his accounts. ticipating Bank shall be reimbursed by the Office (0 "District Office" means the District Office of the of Price Administration in accordance with the Office of Price Administration having jurisdic- following schedule, which schedule is based tion over the area in which the bank is located, upon the cost of operating ration bank accounts or, if there is no District Office having jurisdic- and the expenses incidental thereto: tion over that area, the State Office of the Office (1) Each Participating Bank shall receive thirty of Price Administration having jurisdiction over (30) cents for the first account opened for that area. any depositor at any one office of the bank, (/) "Evidence" means a ration evidence authorizing plus five (5) cents for each additional account the transfer, delivery, or acquisition of rationed opened for that same depositor at the same commodities issued or authorized by the Office bank office. of Price Administration, including stamps, cou- (2.) Each Participating Bank shall receive a mainpons, certificates, and other similar instruments tenance charge of ten (10) cents for each which from time to time may be issued or author- account carried on its books on the 15 th ized by the Office of Price Administration, and day of each month. ration checks. (3) Each Participating Bank shall receive five (g) "Manual of Operating Procedure" means the gen- (5) cents for each deposit made, plus one-half eral instructions issued by the Office of Price Q/2) cent for each item included in the deposit. Administration to the Participating Banks gov- (4) Each Participating Bank shall receive four erning the procedure to be followed in main- (4) cents for each ration check properly taining and operating ration bank accounts in debited to an account. accordance with this order. (5) As used in this paragraph (c), the following (/>) "Office of Price Administration" means the Office terms have the following meanings: of Price Administration, Washington, D. C, and (i) Any opening of an account, even though any Regional, State, or District Office thereof. an old account is supplanted, shall be (f) "Participating Bank" means a bank which has deemed the opening of a new account. opened a ration bank account, in accordance The moving of an account from one with the provisions of this order. branch of a bank to another branch (J) "Person" means an individual, corporation, part- thereof shall not be deemed the opennership, joint-stock company, trust, trustee, un- ing of a new account. incorporated association, government or govern- (ii) Where several accounts are opened at the mental agency, and any other organized group same bank office, each of which serves or enterprise. a separate establishment of one person, that person shall be deemed the de- ADMINISTRATION AND PERSONNEL positor as to all such accounts. SECTION 1305.406. Administration and Personnel.—This (iii) A credit to an account made on the order order shall be administered by the Office of Price Administraof the Office of Price Administration shall tion through Participating Banks and such other agencies and be deemed to be a deposit. personnel as the Office of Price Administration may designate. (iv) Each separate evidence shall be deemed GENERAL PROVISIONS to be a separate item, except that, in SECTION 1305.411. Nature and effect of participation by the case of coupons or stamps required banks. by order of the Office of Price Adminis- (a) Becoming a Participating Bank. Upon opening tration to be affixed to a card or sheet, any account in accordance with Section 1305.411 each card or sheet bearing stamps or (a) (1), a bank shall become a Participating coupons shall be deemed one item. A Bank, and shall thereupon notify the District deposit slip shall not be deemed an item, Office in writing of the date of the opening of such (v) A debit to an account made on the order of the Office of Price Administration FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT shall be deemed the debit of a ration authorized by the Office of Price Administration to maintain check to the account. an account, upon receipt of a proper application. Investigate Such reimbursement shall be made promptly after re- the identity of each depositor and report to the District Office ceipt and approval by the Office of Price Administration upon any depositor whose identity has not been verified. of quarterly reports of ration banking transactions by the (2.) Acceptance of Deposits.—Accept deposits of all evidences Participating Bank. Reimbursement at such rate shall presented in proper form for deposit. Count, verify, and be made to the date upon which the bank voluntarily with- maintain proper control over all evidences deposited. Credit draws or is required to withdraw from participation in the proper accounts with the amounts of all apparently valid ration banking, as provided in paragraph 00 of this section. evidences deposited. No Participating Bank shall receive any further payment (3) Disposal of ration evidences other than ration checks.— from the Office of Price Administration, or from any other Retain all stamps and coupons for at least fifteen days and person, for any service rendered pursuant to the provisions then destroy them. Certify to such destruction periodically of this Order, amendments thereto, or instructions issued from to the District Office, which certification in the absence of time to time by the Office of Price Administration. fraud, collusion, or wilful misconduct shall be conclusive (jf) Withdrawal of Participating Banks. evidence of destruction as between the Participating Bank (i) Voluntary withdrawal.—Any bank may at any time and the Office of Price Administration only. Endorse and withdraw from participation in ration banking by sending, forward all evidences received, other than stamps, coupons, registered mail, return receipt requested, to the District or checks, to the District Office. Office, written notice of intention to withdraw. The (4) Acceptance of checks constituting overdrafts.—Accept withdrawal shall become effective thirty (30) days after for credit to the account of a depositor any check presented the receipt of the notice by the District Office and the bank, in proper form, whether or not such check constitutes an unless specifically authorized by the Office of Price Admin- overdraft on the drawer's account. istration, shall not refuse to open any new accounts until (5) Clearance.—Clear all checks back to the drawee bank the expiration of the thirty (30) day period: Provided, however, and debit to the proper account all checks received which That a bank may, upon written notice forwarded by regis- are drawn on accounts maintained by the bank. tered mail to the District office, withdraw immediately after (6) Certification.—Certify only checks payable to the the publication in the FEDERAL REGISTER of any amend- Office of Price Administration and immediately charge ment to this Order or any other order of the Office of Price the account of the drawer. Administration, which is effective at a date sooner than (7) Reversal of credits.—Reverse or cancel a credit resulting thirty (30) days after such publication, and which in any from the deposit of evidences only upon order of the Office of way alters the provisions contained in Sections 1305.411 (c), Price Administration. 1305.411 00 (1), 1305.411 00(O, 1305.412.OzX1), 1305.412. (8) Report and disposal of invalid ration evidences and over- 00 CO, 1305.412. 00 (3), 1305-412- GO (4), I3°5-412- GO (6), drafts.—Report to the District Office all items lost in transit 1305.412. 00 (7), 1305.411 00 (10), 1305.412. 00 (n), or misplaced, and all overdrafts on accounts, and at the time 1305.412. 00 CI4) afld 1305.413 of this Order, and is not the next statement is due to the depositor, forward to the acceptable to the Participating Bank. District Office the statement and all cancelled checks for the (2.) Involuntary Withdrawal.—The Deputy Administrator period in which any overdraft occurs, unless otherwise in Charge of Rationing of the Office of Price Administration instructed by the Office of Price Administration. Forward may, upon written notice sent by registered mail, require to the District Office all items received for deposit in a transany bank to withdraw from participation in ration banking action that appears to the bank to constitute fraud. within thirty (30) days after receipt of such notice. Upon (9) Statements and return of checks.—Issue a statement of receipt of such notice such bank shall refuse to open any new each account to each depositor at least quarterly and return accounts. to the depositor all checks drawn by him and debited to his (3) Closing Out Accounts.—Any bank withdrawing from account during the period covered by the statement, except ration banking shall close out all its accounts in the manner as provided in paragraph 00 00 of this Section. prescribed in the Manual of Operating Procedure issued by (10) Disputes over balances.—Refer all disputes over the the Office of Price Administration. The bank shall also balance in any account to the District Office. dispose of all its ration banking records and take all other (11) Stop Orders.—Refuse to honor stop orders, except steps necessary to conclude its participation in ration banking those received from the Office of Price Administration. in accordance with written instructions from the Office of (12.) Adjustment of accounts.—Debit, credit, close-out, Price Administration. The Office of Price Administration or otherwise deal with any account maintained by it upon shall issue to the bank a receipt for all documents delivered specific written instructions of the Office of Price Adminisunder its instructions. Such receipt shall be conclusive tration. Refuse to close out or transfer any accounts, except evidence of the delivery of the documents described therein. upon order of the Office of Price Administration. SECTION 1305.412.. Operation of Ration Bank Accounts. (13) Forms.—Furnish signature cards, deposit slips, ration 00 Participating Banks shall: checks, and forms used by Participating Banks in their (1) Opening of Accounts.—Open an account for any person internal operations in connection with ration banking, 118 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT printed according to specifications prescribed by the Office of actions in foreign exchange, etc., in addition Price Administration. Issue ration checks only to depositors. to those heretofore published in the BULLETIN, (14) Records and reports.—Preserve, maintain, and keep have been issued by the Office of the Secretary available for inspection by the Office of Price Administration of the Treasury under authority of the Execuand its authorized agents such records, and make such reports to the District Office, as the Office of Price Administration tive Order of April 10, 1940, as amended, and may from time to time prescribe. In the absence of fraud, the Regulations issued pursuant thereto: collusion, or wilful misconduct, a report shall be final and Treasury Department, Office of the Secretary conclusive evidence, as between the Participating Bank and November 2.5, 1941 the Office of Price Administration only, of the correctness of the matters contained therein after six (6) months from its GENERAL LICENSE NO. 37, AS AMENDED receipt by the District Office. Under Executive Order No. 8389, as Amended, Executive Order Qf) All of the foregoing shall be done in accordance No. 9193, Sections $(a) and j(b") of the Trading with the Enemy with the provisions of the Manual of Operating Procedure Act, as Amended by the First War Powers Act, 1941, Relating and such other written instructions as may from time to to Foreign Funds Control* time be issued by the Office of Price Administration. General License No. 37 is hereby amended by deleting the SECTION 1305.413. Bank endorsements.—In making any final paragraph of such general license. endorsement, a Participating Bank shall not be responsible RANDOLPH PAUL, for prior endorsements, notwithstanding the wording of Acting Secretary of the Treasury. the endorsement stamp used by the bank, but such endorse- Treasury Department, Office of the Secretary ment shall constitute a certification that the item has been deposited in an account standing in the same name as appears November 2.5, 1941 in the endorsement next preceding the bank's endorsement. GENERAL LICENSE NO. 84 SECTION 1305.414. Bank records and accounts confidential.— Under Executive Order No. 8389, as Amended, Executive Order No. All ration banking records kept by any bank and the contents 9193, Sections 3(0) and $Q)) of the Trading with the Enemy Act, thereof shall be confidential. However, they shall be subject as Amended by the First War Powers Act, 1941, Relating to to inspection by State and National Bank Examiners author- Foreign Funds Control.^ ized by the Office of Price Administration to examine ration A general license is hereby granted authorizing the sendbanking operations and to inspection, removal, or other ing, mailing, importing or otherwise bringing into the disposition by the Department of Justice, the Office of Price United States, of United States Defense and War Savings Administration, and such other persons as the Office of Stamps and Bonds of all series and designations, and United Price Administration may from time to time direct. The States Treasury Notes, Tax Series A-1943, B-1943, A-1944, records of an account shall also be subject to inspection and B-1944, and the receiving or holding in the United by the depositor. States of the aforesaid securities so brought into the United SECTION 1305.415. Prohibition.—No individual shall, in States, without regard to the provisions of General Ruling any record, report, or other statement made or kept pursuant No. 5, as amended. to, or required by the provisions of this order, make or cause RANDOLPH PAUL, to be made any untrue statement of any fact, or omit, or cause Acting Secretary of the Treasury. to be omitted any statement of any fact required to be stated Treasury Department, Office of the Secretary therein or necessary to make the statements therein not mis- January 15, 1943 leading. REVOCATION OF GENERAL LICENSE NO. 9 EFFECTIVE DATE Under Executive Order No. 8389, April 10, 1940, as Amended, SECTION 1305.419. Effective date of General Ration Order and Regulations Issued Pursuant Thereto, Relating to Trans- No. 3.—General Ration Order No. 3 (§§ 1305.401 to 1305.419, actions in Foreign Exchange, Etc\ inclusive) shall become effective 12.101 a.m., January 2.7, 1943. General license No. 9 is hereby revoked. Issued this 4th day of January, 1943. RANDOLPH PAUL, LEON HENDERSON. Acting Secretary of the Treasury. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Foreign Funds Control Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941; Ex. Order 8832, July 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. Treasury Department Releases t Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, The following General Licenses, Public Circu- 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, lar, and Public Interpretation relating to trans- December 26, 1941, Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14,1941, and July 26,1941. FEBRUARY 1942. 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LAW DEPARTMENT Treasury Department, Office of the Secretary designation of the specific blocked account or sub- January 15, 1943 account in which such securities were held. (3) Certain Transactions Not Authorised by Specific Licenses. PUBLIC CIRCULAR NO. 2.1 On and after January 16, 1943, no specific license shall be Under Executive Order No. 8389, as Amended, Executive Order deemed to authorize (a) the crediting of the proceeds of the No. 9193) Sections $(a) and jQ>) of the Trading with the sale of securities held in a blocked account or sub-account Enemy Act, as Amended by the First War Powers Act, 1941, thereof, (b) the crediting of the income derived from such Relating to Foreign Funds Control.^ securities or (c) the transfer of such securities, to a blocked (1) Status of Sub-accounts. Each sub-account of a blocked account or sub-account under any name or designation which account is deemed to be a separate blocked account. differs from the name or designation of the specific blocked (2.) Certain Transactions Not Authorized by General Licensaecscount or sub-account in which such securities were held, No. 1, No. IA, No. 4 and No. 27. unless such specific license by its terms expressly authorizes (a) On and after January 16, 1943, General Licenses such crediting or transfer. No. 1, No. 4 and No. 2.7 shall not be deemed to authorize RANDOLPH PAUL, the crediting of the proceeds of the sale of securities held Acting Secretary of the Treasury. in a blocked account or a sub-account thereof, or the income derived from such securities, to a blocked account Treasury Department, Office of the Secretary or sub-account under any name or designation which Foreign Funds Control differs from the name or designation of the specific November 2.7, 1942. blocked account or sub-account in which such securities were held,* PUBLIC INTERPRETATION NO. 9 (b) On and after January 16, 1943, General License Under Executive Order No. 8389, April 10, 1940, as Amended, and No. 1A shall not be deemed to authorize the transfer Regulations Issued Pursuant Thereto, Relating to Foreign Funds of securities held in a blocked account or sub-account Control. thereof to a blocked account or sub-account under any Inquiry has been made as to whether Monaco is "enemy name or designation which differs from the name or territory" within the meaning of General Ruling No. 11, f Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; as amended. Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, The Treasury Department has replied in the affirmative. 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, J. W. PEHLE, December 26, 1941, Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. Assistant to the Secretary. no FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE RATION BANKING PLAN On January 10 the Office of Price Administra- Dealers not opening ration accounts will turn tion announced that the commercial banks of over their ration stamps, coupons, and certhe country would shortly be invited to partici- tificates to their regular suppliers, who will pate in the ration banking program, to begin deposit them in their ration accounts. It was upon a nationwide basis January 2.7. The estimated that about 2.5 million sheets of sugar announcement was in the form of a pamphlet stamps and over 12.5 million sheets of gasoline mailed to the 15,000 banks of the country coupons which would ordinarily pass through and containing, among other things, a copy of trade channels in a year will now be handled and "General Ration Order No. 3 " *and a ' 'Manual of subsequently cancelled by banks. In addition, Operating Procedure." The Ration Banking ration banking will completely eliminate the Plan was developed by the Office of Price Ad- issuance of purchase certificates and gasoline ministration with the cooperation of Federal exchange certificates by local rationing boards in exchange for stamps and coupons. and State bank supervisory authorities, the American Bankers Association, and representa- Ration bank accounts will be opened for each tive bankers. It was tested under normal commodity rationed; that is, sugar accounts will operating conditions in 33 banking offices in the be separate from coffee accounts or gasoline Albany-Troy-Schenectady area of New York. accounts. In these accounts dealers will de- Under ration banking, ration stamps and posit ration stamps and coupons received in the coupons taken in by storekeepers, wholesalers, course of business from their customers. Ration and other sellers of rationed commodities will bank accounts will be handled in much the same not be forwarded to primary suppliers as here- manner as regular bank accounts except that they will be kept in units of measure instead of tofore, but will be used only once by the trade, units of value and that ration checks are nonnamely, for deposit in "ration bank accounts." negotiable. The ration depositor will draw Thereafter "ration checks" drawn on these ration checks on his ration account in favor of accounts will be used by each supplier in obhis supplier, delivering such checks to the latter taining his stocks of rationed goods. either before or at the time of delivery of the The general public will not participate in goods ordered. The supplier, in turn, will deration banking. Consumers will continue to posit the checks in his own ration account. get their ration stamps, coupons, and certificates from the local War Price and Rationing Boards Ration checks will be cleared by banks, both and will continue to use these purchase author- locally and nationally, through facilities used izations at stores and gasoline stations. Nor for clearing ordinary checks and other cash will all retail dealers be required to open ration items. Local items will in most instances be bank accounts. About three-fourths of the handled in the daily clearing of the local clearing house association. Out-of-town items will nation's food stores are of such small size that generally be sent to the Federal Reserve Bank they will not be required to do so under the or branch of the district in which the sending present regulation, although they may if they bank is located. However, if the sending bank desire. Gasoline retailers will not be permitted desires, it may send ration checks drawn on its to open such accounts for the present, although correspondent bank direct to the correspondent. ration accounts may be maintained by licensed The Office of Price Administration has made distributors to accommodate their retail dealers arrangements to reimburse banks participating in local areas, providing such retail outlets are in the Ration Banking Plan for handling ration entirely owned and operated by the distributor. accounts in accordance with a schedule of com- 1 The text of General Ration Order No. 3 is published on pages 116- pensation established and set forth in the 119 of this issue of the BULLETIN. pamphlet. FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CENTRAL BANK OF IRELAND Legislation establishing the Central Bank of provided these issues have been offered for pub- Ireland (Bane Ceannais na hEireann) was signed lic subscription and are quoted on the Dublin on November 4, 1942., supplementing the Cur- and Cork stock exchanges. Securities issued or rency Acts of 192.7 and 1930 which remain in guaranteed by any other Government may also force except as modified by the new law. On be bought and sold. The Banking Commission the "appointed day" (February 1, 1943, as later in its report did not view open-market operaannounced) the new Bank superseded the Cur- tions in long-term securities as an effective inrency Commission which had functioned since strument of Irish central bank policy. 1918. It immediately assumed responsibility for The Government has a majority representathe legal tender notes issued by the Currency tion in the management of the Bank, as the Commission, while the consolidated bank notes Governor of the Bank is appointed by the issued by the Commission in the past to its President of the Free State and the Minister for eight shareholding banks will be gradually Finance may appoint as many as five directors withdrawn. Legal tender notes, which will to represent the Government. Two of the five now be issued by the Bank and will eventually may be in the permanent service of the State. become the exclusive paper currency of the Three additional directors represent the Assocountry, are convertible on demand into an ciated Banks, which are authorized to elect a panel from which three persons will be equal amount of pounds sterling. They are selected by the Minister for Finance. The secured 100 per cent by the assets in the legal Board of Directors may not exceed eight, but tender note fund, formerly administered by the apparently may fall below that number. The Currency Commission, consisting predominantly Bank's capital is supplied entirely by the of British Government securities. Other assets Government, and shares in the Currency Comeligible for inclusion in the legal tender note mission held by the shareholding banks were to fund are sterling deposits and currency, and gold be redeemed by the Bank before the "appointed coin and bullion; however, there is no minimum day." These eight shareholding banks will in gold reserve requirement and, in fact, very little future be known as Associated Banks; other gold is held. The Irish pound (Saorstat pound) banks may also be admitted to this status. will thus continue to be held rigidly at par with Provisions governing the conduct of all comthe pound sterling, as has been the case both mercial banks, which are required to be licensed before and after the Bank of England's departure by the Revenue Commissioners of the Free State, from the gold standard. form a section of the Act. The Central Bank In accordance with the recommendations made of Ireland may in certain circumstances, with by the Banking and Currency Commission in the approval of the Minister for Finance, require 1938, the new institution is designed to be a the licensed banks to make non-interest-bearing full-fledged central bank, charged with the duty deposits with the Bank. The requirement may of safeguarding the value of the currency and be enforced whenever the licensed bank has directing credit policy in accordance with failed to maintain within the State a specified national interests. The Bank is granted broad reserve against its domestic liabilities. Regupowers of lending and rediscounting. Deposits lations may prescribe different requirements in will be accepted only from credit institutions respect of different banks. The Bank may also, and public authorities. The Bank is specifically with the consent of the Minister, require the authorized to buy, hold, and sell securities of licensed banks to settle all or part of their check the Free State, including guaranteed securities, clearances, domestic or foreign, through the and certain securities of public authorities, Bank. 1 ix FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CENTRAL BANK OF IRELAND Miscellaneous provisions in the law include The Act contains 68 sections and three apmeasures to suppress counterfeiting and the use pended schedules. The greater part of the text of unauthorized currency, amendments to the of Parts I to IV and a portion of Part VI are Coinage Act of 192.8, the Bills of Exchange Act included in the excerpts given in the following and other legislation, repeal of legislation in pages. Parts V, VII, VIII, and IX are entitled" conflict with the new law, and authorization to as follows: Deposits by bankers (with the High the Bank to require from dealers information Court); Counterfeit and unauthorized currency; regarding hire-purchase (instalment) business. Coinage; and Miscellaneous. EIRE CENTRAL BANK ACT, 1942 An Act to establish a Bank to be the -principal cur- (3) The Bank shall be conducted and managed rency authority in the State, to dissolve the Currency in accordance with this Act by a Board of Commission and transfer its powers and duties Directors consisting of— (with certain modifications) to the said Bank, (a) a Governor, and to confer on the said Bank divers other powers and (b) three Directors to be known and in this duties, and to provide for other matters connected Act referred to as banking Directors, with banking, currency, coinage, and the matters and aforesaid and in particular for the gradual extinc- (c) such number of other Directors (not extion of consolidated bank notes. ceeding five and not including at any one time more than two service Di- Be it enacted by the Oireachtas as follows: rectors) as the Minister shall from time to time determine. PART I. PRELIMINARY AND GENERAL (4) The functions, powers, and duties of the 1. (1) This Act may be cited as the Central Bank shall be exercised and performed by the Bank Act, 1942.. Board of Directors for and in the name of the QL) The Currency Acts, 192.7 and 1930, and Bank. this Act may be cited together as the Currency (5) (Provisions for delegation of authority and Central Bank Acts, 19x7 to 1942.. to the Governor, a Director, or committees of (3) This Act shall be construed as one with the Board.) the Currency Acts, 192.7 and 1930. (6) Section 9 of the Ministers and Secretaries (4) The expression "this Act" wherever it Act, 19x4 (No. 16 of 1914), shall not apply to occurs in the Currency Act shall be construed the Bank. and have effect as including the Currency 6. (1) In addition and without prejudice to (Amendment) Act, 1930 (No. 30 of 1930), and the functions, powers, and duties vested by law this present Act. in the Commission immediately before the apx. (Definitions.) pointed day and to such functions, powers, and 3. (The appointed day.) duties as are specifically conferred or imposed by 4. (Repeals.) this Act on the Bank, the Bank shall have the PART II. ESTABLISHMENT OF THE CENTRAL BANK general function and duty of taking (within the OF IRELAND AND DISSOLUTION OF THE limit of the powers for the time being vested in CURRENCY COMMISSION it by law) such steps as the Board may from time to time deem appropriate and advisable 5. (1) On the appointed day there shall be towards safeguarding the integrity of the curand is hereby established in accordance with rency and ensuring that, in what pertains to the this Act a body to be called and known as Bane control of credit, the constant and predominant Ceannais na hEireann or, in the English lanaim shall be the welfare of the people as a guage, the Central Bank of Ireland, to fulfil the whole. functions assigned to it by this Act. (2.) The Minister may, on such occasions as (2.) The Bank shall be a body corporate with he shall think proper, request the Governor on perpetual succession and an official seal (which shall be judicially noticed) and power to sue and behalf of the Board or the Board to consult and be sued in its corporate name and to hold and advise with him in regard to the execution and dispose of land. performance by the Bank of the general function 1x3 FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CENTRAL BANK OF IRELAND and duty imposed on the Bank by the foregoing before being bought by the Bank and sub-section of this section, and the Board shall are officially quoted on the Dublin comply with every such request. Stock Exchange and the Cork Stock 7. (1) It shall be lawful for the Bank to do, Exchange or securities of or guaranteed for the purposes of or through the general fund, by the Government of any other all or any of the following things on such oc- country; casions and to such extent as the Board shall (i) buy, hold, or sell securities of any public think proper, that is to say:— authority which are authorised by law (a) buy or sell coin or gold or silver bullion for the investment of trust funds and or any foreign currency; have been offered for public subscrip- (b) receive deposits (not bearing interest) tion or tender before being bought by from a Minister of State or any public the Bank and are officially quoted on authority or any Associated Bank, or the Dublin Stock Exchange and on the any other bank or credit institution Cork Stock Exchange; carrying on business wholly or partly (j) make loans or advances to banks and within the State; other credit institutions (carrying on (c) open accounts in other countries or act business wholly or partly within the as agent, depository, or correspondent State) on the security of such bills of of any bank carrying on business in or exchange as the Bank is hereinbefore outside the State; empowered to re-discount or of such (d) with the consent of the Minister, acquire, securities as the Bank is hereinbefore hold, or dispose of shares in any inter- empowered to buy, or of gold coin or national bank formed wholly or mainly bullion or of documents relating to the by banks which are the principal cur- shipment or storage of gold coin or rency authority in their respective bullion; countries; (k) keep registers of securities of the State; (e) re-discount exchequer bills and bills of (1) keep, for or on behalf of any public local authorities which have previ- authority, registers of any stock issued ously been accepted, discounted, or by such authority; endorsed by an Associated Bank or any (m) keep the accounts of any bankers' other bank or credit institution carry- clearing. ing on business wholly or partly within (i) (Definitions of "public authority" for the the State and which mature in not purposes of the foregoing sub-section of this more than twelve months from their section.) date; 8. It shall be lawful for the Bank to do all (f) re-discount bills of exchange which are, or any of the following things on such occasions in the opinion of the Board, first class and to such extent as the Board shall think commercial bills and mature, in the proper, that is to say:— case of bills drawn for agricultural (a) make provision for the collection and purposes or based on live stock, in not study of data relating to monetary and more than twelve months (excluding credit problems and publish informadays of grace) from their date or, in tive material in regard thereto; any other case, in not more than six (b) establish and maintain, either directly months (excluding days of grace) from or indirectly, contact with the monetheir date; tary authorities established in other (g) fix and publish from time to time the countries; minimum rate or rates at which the (c) do all such things as may be ancillary or Bank will re-discount such exchequer incidental to or consequential on the bills, bills of local authorities, or bills exercise of any of the powers or the of exchange as are mentioned in either performance of any of the duties conof the two next preceding paragraphs ferred or imposed on the Bank by this of this sub-section; or any other section of this Act or (h) buy, hold, or sell securities of or guar- from time to time conferred or imposed anteed by the State which have been on the Bank by law. offered for public subscription or tender 9. (1) The capital of the Bank shall be the FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CENTRAL BANK OF IRELAND sum of forty thousand pounds whereof the sum to be an Associated Bank, such bank shall, as of twenty-four thousand pounds shall be paid on and from the date on which such application to the Bank by the Minister on the appointed is granted, become and be an Associated Bank day or as soon thereafter as may be and whereof for the purposes of this Act and of the Currency the residue shall be paid to the Bank by the Act as applied, modified, or amended by this Act. Minister at such time or times as may be agreed (3) The Minister may require a bank applying upon by the Board and the Minister. under this section to be admitted to be an Asso- (2.) All moneys payable to the Bank by the ciated Bank to furnish to him such information Minister under the foregoing sub-section of this in relation to its business and to permit the section shall be charged on and paid out of the Governor or a permanent officer of the Bank Central Fund or the growing produce thereof. specially authorised in that behalf in writing (3) When the Minister has paid to the Bank by the Minister to make such inspection of its the sum of twenty-four thousand pounds in books as appears to the Minister to be necessary pursuance of the foregoing provisions of this for the due consideration by him of such section, the Bank shall forthwith repay to every application. bank which is a Shareholding Bank immediately 14. (Removal of a bank from being an Assobefore the appointed day all sums paid by such ciated Bank.) bank to the Commission in pursuance of section 15. (Dissolution of the Commission.) 64 of the Currency Act together with the ap- 16. (Appointments to the staff of the Bank.) propriate dividend on every such sum for the 17. (Copyright in notes issued by the Bank.) period from the last date up to which dividend 18. (General adaptation of references to the had been paid thereon to the date of such Commission.) repayment. (4) Sub-section (4) of section 63 of the Cur- PART III. THE BOARD OF DIRECTORS OF THE BANK rency Act is hereby amended by the deletion of 19. (1) The Governor shall be appointed by the words ' 'for the time being paid up by Sharethe President on the advice of the Government holding Banks on account of their capital and shall receive such remuneration and allowliability," and the insertion in the said subsection of the words "of the capital of the ances and be subject to such conditions of service Bank for the time being paid up" in lieu of the as the Board shall from time to time determine. words so deleted. (x) The term of office of every Governor shall (unless he sooner dies, resigns, is removed, or 10. (The seal of the Bank.) becomes disqualified) be seven years from, in 11. (Interpretation of references to the Commission in the Currency Act, 19x7.) the case of the first Governor, the appointed day or, in the case of every subsequent Governor, i2_. (1) There shall be associated with the the expiration by effluxion of time or the earlier Bank such other banks as are specified or processer from any cause (as the case may be) of vided for in this section and those banks shall the tenure of office of his predecessor. be known and are in this Act referred to as Associated Banks. (3) A Governor retiring on the expiration by QL) The eight banks named in the second effluxion of time of his term of office shall be column of the Third Schedule to this Act shall, eligible for re-appointment. on the appointed day, become and be Asso- (4) The following provisions shall apply and ciated Banks. have effect in relation to every Governor, that (3) (4) (Application of the Currency Act to is to say:— the Associated Banks and amendments to con- (a) he shall, during his term of office, be form to the present Act.) disqualified from being nominated or (5) (Amendment of the Currency Amend- elected and for sitting or receiving ment Act (1930) to conform to the present Act.) payment as a member of Dail Eireann 13. (1) Any bank may, at any time, on or or of Seanad Eireann or as Uachtaran; after the appointed day, apply to the Minister (b) he shall, during his term of office, be to be admitted to be an Associated Bank, and ineligible for election as a director of the Minister, after consultation with the Board, any bank whatsoever; may in his absolute discretion grant or refuse (c) if, at the time of his appointment, he is a such application. director of any bank whatsoever, he (2.) Whenever the Minister grants under this shall divest himself of such directorship section an application by a bank to be admitted within ten days after his appointment FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CENTRAL BANK OF IRELAND and, if he fails so to do, he shall at the (7) A Director (other than a banking Diexpiration of such ten days be disquali- rector) shall, while he holds that office, be fied from holding the office of Governor; ineligible for election as a director of any bank (d) if and whenever he is adjudged bankrupt whatsoever and shall, if at the time of his (whether in the State or in any other appointment he is a director of any bank whatcountry) or makes a composition or soever, divest himself of such directorship arrangement with his creditors or is within ten days after his appointment and, if sentenced by a court of competent he fails so to do, he shall at the expiration of jurisdiction to suffer imprisonment or such ten days be disqualified from holding the penal servitude, he shall forthwith be- office of Director. come and be disqualified from holding 2.4. (Tenure of office of the Directors.) the office of Governor. 2.5. (Disqualification of Directors.) (5) In the next preceding sub-section of this 2.6. (Panel for appointment of the first banksection the expression "any bank whatsoever" ing Directors.) does not include an international bank formed 2.7. (Panel for the appointment of banking wholly or mainly by banks which are the prin- Directors other than the first such Directors.) cipal currency authority in their respective x8. (Notices of vacancies and appointments of countries. certain Directors.) 2.0. (Prohibition of the Governor holding 19. (Prohibition of certain Directors holding shares in a bank.) shares in a bank.) xi. (1) If the Governor becomes by ill-health 30. (Operation of disqualification of the permanently incapacitated for performing his Governor or a Director.) duties as Governor he may be removed from 31. (Oath of secrecy to be taken by the office by the President on the advice of the Governor, Directors, and officers.) Government. 32. (1) The Board may, by rules or otherwise (x) If the Board, by unanimous vote of all as it thinks fit, regulate its own procedure. the Directors, requests the President to remove (2.) Four members of the Board personally the Governor from office for cause stated, it shall present shall form a quorum at a meeting of the be lawful for the President on the advice of the Board. Government to remove the Governor from office. (3) The Board may act notwithstanding one UL. (Appointment of a Deputy Governor if or more vacancies in its membership. the office of Governor becomes vacant or if the (4) At any meeting of the Board the Governor Governor is temporarily incapacitated.) may, in the event of an equality of votes, exercise 13. (1) The Directors shall be appointed by a second or casting vote. the Minister. 33. (Compensation and superannuation of (Y) The banking Directors shall be appointed Chairman, Commissioners, Governor, and Difrom a panel prepared for the purpose by repre- rectors.) sentatives of the Associated Banks in accordance with this Act. PART IV. EXTINCTION OF CONSOLIDATED (3) The Civil Service Regulation Acts, 1914 BANK NOTES and 1916, shall not apply to a Director. 34. (Definitions in respect of this Part of (4) Every Director shall receive such re- this Act.) muneration and allowances and be subject to 35. (Restrictions on amount of consolidated such conditions of service as the Minister shall bank notes outstanding.) from time to time determine having regard to 36. (1) Every Associated Bank shall, after the prevailing standards of the Associated Banks the 31st day of December, 1953, and before the in fixing the remuneration, allowances, and con- 1st day of January, 1957, pay to the Bank such ditions of service of their directors. sum as shall be equal to the amount (if any) of (5) Every Director shall be ordinarily resident consolidated bank notes outstanding with such within the State, and a person who is not so Associated Bank on the date of such payment. resident shall not be eligible for appointment as (V) Every sum paid by an Associated Bank a Director. to the Bank in accordance with sub-section (1) (6) A Director shall, while he holds that of this section shall be placed by the Bank to office, be disqualified from being nominated or the credit of the currency reserve. elected and from sitting or receiving payment as (3) Upon payment by an Associated Bank to a member of Dail Eiteann or of Seanad Eireann the Bank in accordance with sub-section (1) of or as Uachtaran. this section of the sum required by that sub- 1x6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CENTRAL BANK OF IRELAND section to be so paid by such Associated Bank, to maintain such deposit as long as such assets the following provisions shall have effect in are below the said specified proportion. respect of such Associated Bank, that is to (1) Regulations made under this section may say:— prescribe different requirements in respect of (a) such Associated Bank shall cease to be different licensed bankers. liable to pay the amount of any con- (3) If and whenever regulations made by the solidated bank note outstanding with Board under this section are in force, it shall such Associated Bank on the date of be the duty of every licensed banker to comply such payment or to pay any payment with such of those regulations as are applicable on consolidated bank notes in respect to him, and, if any licensed banker fails (whether of any period subsequent to the date of by act or omission) so to do, he shall be guilty such payment to the Bank; of an offence under this section and shall be (b) the Bank shall surrender to such Asso- liable on summary conviction thereof to a fine ciated Bank all securities which, on the not exceeding one hundred pounds for every day date of such payment to the Bank, are during which such failure is continued. held by the Bank from such Associated 51. (1) If at any time it should appear to the Bank in respect of consolidated bank Board, with the concurrence of the Minister, notes; that it is expedient so to do, it shall be lawful (c) all consolidated bank notes outstanding for the Board to make, with the consent of the with such Associated Bank on the said Minister, regulations requiring every licensed date shall be payable by the Bank on banker to settle all or a particular class or particpresentation at its principal office in ular classes (defined in the regulations) of his Dublin and shall be so payable out of clearances by cheques drawn either (as shall be the currency reserve. specified in the regulations) on the Bank or on 37. (Payments by Associated Banks on conan agent appointed for the purpose by the Bank solidated bank notes.) and requiring every licensed banker, for the 38. (Stamp duty in respect of consolidated purposes of so settling such clearances, to make bank notes.) and maintain with the Bank such balances as 39. (Notes of former banks of issue.) may be necessary for the purpose. 40. (Power of banks of issue to write off (2.) If at any time it should appear to the certain notes.) Board, with the concurrence of the Minister, * * * * that it is expedient so to do, it shall be lawful for the Board to make, with the consent of the PART VI. BANKERS' LICENCES AND THE DUTIES Minister, regulations requiring every licensed OF LICENSED BANKERS banker to lodge with the Bank for clearance all 46. (Application of this Part of this Act.) such cheques, bills, notes, or other negotiable 47. (Bankers' licences.) instruments (payable outside the State and 48. (Publication of financial statements by lodged for clearance at an office in the State of licensed bankers.) such banker) as shall be prescribed in that 49. (Publication of balance sheets by licensed behalf by the Board by or under the regulations. bankers.) (3) If and whenever regulations made by the 50. (1) If at any time it should appear to the Board under either of the foregoing sub-sections Board, with the concurrence of the Minister, of this section are in force, it shall be the duty that it is expedient so to do, it shall be lawful of every licensed banker to comply with those for the Board to make, with the consent of the regulations and, if any licensed banker fails Minister, regulations requiring every licensed (whether by act or omission) so to do, he banker to make with the Bank a deposit (not shall be guilty of an offence under this section bearing interest) of a specified amount or calcuand shall be liable on summary conviction lated in a specified manner whenever after a thereof to a fine not exceeding one hundred specified date the assets held by him within pounds for every day during which such failure the State fall below a specified proportion in is continued. relation to his liabilities within the State, and 12.7 FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Federal Reserve Meetings Chalfont who has been Managing Director will The Presidents' Conference met on January continue as the chief operating officer of the bank zx-x4, the Federal Open Market Committee with the title of Manager. met on January i5~x6, and the Presidents met This change is in conformity with the policy with the Board on January 2.6. of increasing the powers and functions of the more important branches, and the recent revision Resignation and Appointment of the Board's regulations to facilitate such The Federal Reserve Bank of St. Louis on developments. January 2.8, 1943 accepted the resignation of Admissions of State Banks to Membership Ralph C. Gifford, President of the First Na- in the Federal Reserve System tional Bank, Louisville, Kentucky, as a director The following State banks were admitted to of the Louisville Branch. Mr. Gifford had membership in the Federal Reserve System served as a director of the Branch since his during the period December 16, 1942., to January appointment on January 1, 1939. The resigna- 15, 1943, inclusive: tion was submitted as Mr. Gifford had been appointed a member of the Federal Advisory Alabama Council to represent the Eighth Federal Reserve Auburn—Bank of Auburn District during the year 1943. On the same day the Federal Reserve Bank of Illinois St. Louis appointed Wallace M. Davis, Vice Kankakee—First Trust & Savings Bank of President of The Citizens Union National Bank Kankakee of Louisville, Louisville, Kentucky, a director Latham—State Bank of Latham of the Louisville Branch for the unexpired por- Winnetka—Winnetka Trust and Savings Bank tion of the term ending December 31, 1944. Iowa Announcement of Change at Detroit Branch Waterloo—The Waterloo Savings Bank The Federal Reserve Bank of Chicago has Kansas announced that in view of the increased activities at the Detroit Branch and responsibilities of its Ellsworth—Citizens State Bank officers and directors, a Vice President of the Montana Reserve Bank will devote his full time to the Detroit area and will be in charge of the Detroit Havre—Citizens Bank of Montana Branch. Mr. E. C. Harris of Detroit has been Ohio elected to that position. At the same time the by-laws of the branch have been revised to elimi- Mogadore—The Mogadore Savings Bank nate the position of Managing Director, thereby Perrysburg—The Citizens Banking Company providing the same arrangement as at the head Pennsylvania office where the chief executive officer is not a member of the board of directors. Mr. H. J. Curwensville—Curwensville State Bank FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES I .FOLLOWING is a list of the directorates of the Federal Reserve Banks and branches as at present JL constituted. The list shows, in addition to the name of each director, his business connection, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors: three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as chairman of the board of directors and Federal Reserve Agent and another as deputy chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority, including the managing director, are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. District No. 1—Boston Term Expires Dec. $i Class A: Allen W. Holmes President, Middletown National Bank, Middletown, Conn.. 1943 Allan Forbes President, State Street Trust Company, Boston, Mass 1944 Leon A. Dodge President, First National Bank, Damariscotta, Me 1945 Class B: Ralph E. Flanders President, Jones & Lamson Machine Co., Springfield, Vt.. . 1943 Philip R. Allen Director, Bird & Son, inc., East Walpole, Mass 1944 Edward J. Frost President and Director, Wm. Filene's Sons Company, Boston, Mass 1945 Class C: Henry I. Harriman Director and Vice Chairman, New England Power Association, Boston, Mass 1943 Albert M. Creighton1... .Director, Boston Woven Hose and Rubber Co., Boston, Mass. 1944 Henry S. Dennison2 President, Dennison Manufacturing Co., Framingham, Mass. 1945 District No. 2—New York Class A: Leon Fraser President, First National Bank, New York, N. Y 1943 William J. Field President, Commercial Trust Company of New Jersey, Jersey City, N. J 1944 Warren W. Clute, jr President, Glen National Bank, Watkins Glen, N. Y 1945 1 Chairman. 2 Deputy Chairman. FEBRUARY 1943 12.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Class B: Donaldson Brown Vice Chairman and Vice President, General Motors Corporation, New York, N. Y 1943 Frederick E. Williamson. President, New York Central Railroad, New York, N. Y 1944 Carle C. Conway Chairman, Continental Can Company, Inc., New York, N. Y. 1945 Class C: Vacancy 1943 Beardsley Ruml1 Treasurer, R. H. Macy & Co., Inc., New York, N. Y 1944 William I. Myers Head of Department of Agricultural Economics and Farm Management, Cornell University, Ithaca, N. Y 1945 Buffalo Branch Appointed by Federal Reserve Bank: R. B. Wiltse Managing Director, Buffalo, N. Y 1943 Raymond N. Ball President, Lincoln-Alliance Bank & Trust Company, Rochester, N. Y 1943 Robert R. Dew President, Dunkirk Trust Company, Dunkirk, N. Y 1944 Lewis G. Harriman President, Manufacturers and Traders Trust Company, Buffalo, N. Y 1945 Appointed by Board of Governors: Howard Kellogg President, Spencer Kellogg & Sons, Inc., Buffalo, N. Y.. 1943 M. B. Folsom Treasurer, Eastman Kodak Company, Rochester, N. Y.. . . 1944 Gilbert A. Prole Genesee Farm Supply Company, Batavia, N. Y 1945 District No. 3—Philadelphia Class A: John B. Henning President, Wyoming National Bank, Tunkhannock Pa 1943 Howard A. Loeb Chairman, Tradesmens National Bank and Trust Co., Philadelphia, Pa 1944 George W. Reily President, Harrisburg National Bank, Harrisburg, Pa.. 1945 Class B: C. Frederick C. Stout ... President, John R. Evans & Company, Camden, N. J 1943 Harry L. Cannon President, H. P. Cannon & Son, Inc., Bridgeville, Del 1944 Ward D. Kerlin Secretary & Treasurer, Camden Forge Co., Camden, N. J.. 1945 Class C: Warren F. Whittier2 Farmer, dairyman and cattle breeder, Douglassville, Pa.. 1943 Vacancy 1944 Thomas B. McCabe1. . . .President, Scott Paper Company, Chester, Pa.. 1945 District No. 4—Cleveland Class A: H. B. McDowell President, McDowell National Bank, Sharon, Pa.. 1943 F. F. Brooks President, First National Bank, Pittsburgh, Pa.. . 1944 Ben R. Conner President, First National Bank, Ada, Ohio 1945 Class B: R. P. Wright Secretary-Treasurer, Reed Manufacturing Co., Erie, Pa 1943 G. D. Crabbs Chairman, Philip Carey Manufacturing Co., Lockland, Ohio. 1944 T. E. Millsop President, Weirton Steel Co., Weirton, W. Va 1945 1 Chairman. 2 Deputy Chairman. 130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Class C: Geo. C. Brainard1.. .President, General Fireproofing Co., Youngstown, Ohio 1943 A. Z. Baker President, Cleveland Union Stock Yards Co., Cleveland, Ohio 1944 R. E. Klages2 President, Columbus Auto Parts Co., Columbus, Ohio 1945 Cincinnati Branch Appointed by Federal Reserve Bank: B. J. Lazar Managing Director, Cincinnati, Ohio 1943 Buckner Woo<Jford Vice President and Cashier, Bourbon-Agricultural Bank and Trust Co., Paris, Ky 1943 J. G. Gutting. . . .President, Second National Bank, Cincinnati, Ohio . . - 1944 Appointed by Board of Governors: Francis H. Bird Professor of Commerce, College of Engineering and Commerce, University of Cincinnati, Cincinnati, Ohio 1943 Frank A. Brown Farmer, Chillicothe, Ohio 1944 Pittsburgh Branch Appointed by Federal Reserve Bank: J. W. Kossin Managing Director, Pittsburgh, Pa... 1943 Clarance Stanley President, Union Trust Company, Pittsburgh, Pa 1943 E. B. Harshaw Vice President and Cashier, Grove City National Bank, Grove City, Pa 1944 Appointed by Board of Governors: Robert E. Doherty President, Carnegie Institute of Technology, Pittsburgh, Pa.. 1943 Vacancy X944 District No. 5—Richmond Class A: J. C. Braswell. . . .President, Planters National Bank & Trust Co., Rocky Mount, N. C 1943 J. A. Sydenstricker Cashier, First National Bank, Marlinton, W. Va 1944 Charles E. Rieman President, Western National Bank, Baltimore, Md 1945 Class B: John H. Hanna Chairman, Capital Transit Company, Washington, D. C 1943 Edwin Malloy President & Treasurer, Cheraw Cotton Mills, Inc., Cheraw, S. C I944 Charles C. Reed. .Vice President & General Manager, Williams & Reed, Inc., Richmond, Va.. . 1945 Class C: Robt. Lassiter1 Chairman, Mooresville Cotton Mills, Mooresville, N. C.. .. 1943 Charles P. McCormick. .President, McCormick & Co., Inc., Baltimore, Md I944 W. G. Wysor2 General Manager, Southern States Cooperative, Inc., Richmond, Va 1945 Baltimore Branch Appointed by Federal Reserve Bank: W. R. Milford Managing Director, Baltimore, Md 1943 James Dixon President, Easton National Bank of Maryland, Easton, Md.. 1943 George W. Reed President, National Marine Bank, Baltimore, Md 1944 James C. Fenhagen Vice Chairman, Baltimore National Bank, Baltimore, Md.. . 1945 1 Chairman. 2 Deputy Chairman. FEBRUARY 1943 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Appointed by Board of Governors: W. Frank Roberts President, Standard Gas Equipment Corp., Baltimore, Md 1943 W. Frank Thomas Construction Engineer and Real Estate Management, Westminster, Md 1944 Jos. D. Baker, Jr Secretary and Treasurer, Standard Lime and Stone Co., Baltimore, Md 1945 Charlotte Branch Appointed by Federal Reserve Bank: W. T. Clements Managing Director, Charlotte, N. C 1943 T. E. Hemby President, American Trust Co., Charlotte, N. C 1943 J. Gerald Cowan Vice President, Wachovia Bk. & Tr. Co., Asheville, N. C 1944 Angus E. Bird President, Citizens and Southern National Bank of South Carolina, Charleston, S. C 1945 Appointed by Board of Governors: Geo. M. Wright President, Republic Cotton Mills, Great Falls, S. C 1943 Chas. L. Creech, Sr Chairman, B. F. Huntley Furniture Co., Winston-Salem, N. C. 1944 D. W. Watkins Director of Extension, Clemson College, Clemson, S. C 1945 District No. 6—Atlanta Class A: W. D. Cook.., ..Executive Vice President, First National Bank, Meridian, Miss 1943 Geo. J. White President, First National Bank, Mount Dora, Fla J944 Thos. K. Glenn Chairman, Trust Company of Georgia, Atlanta, Ga 1945 Class B: Fitzgerald Hall President, Nashville, Chattanooga & St. Louis Railway, Nashville, Tenn 1943 Ernest T. George. ..President and Chairman, Seaboard Refining Company, Ltd., New Orleans, La I944 J. A. McCrary.. .Vice President and Treasurer, J. B. McCrary Company, Inc., Atlanta, Ga 1945 Class C: Rufus C. Harris President, Tulane University, New Orleans, La 1943 Frank H. Neely1 Executive Vice President and Secretary, Rich's, Inc., Atlanta, Ga 1944 J. F. Porter2... . .President and General Manager, Tennessee Farm Bureau Federation, Columbia, Tenn 1945 Birmingham Branch Appointed by Federal Reserve Bank: P. L. T. Beavers Managing Director, Birmingham, Ala 1943 John S. Coleman President, Birmingham Trust & Savings Company, Birmingham, Ala 1943 Gordon D. Palmer President, First National Bank, Tuscaloosa, Ala X944 M. B. Spragins President, First National Bank, Huntsville, Ala 1945 1 Chairman. 2 Deputy Chairman. 132. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Ex-pins Dec. 31 Appointed by Board of Governors: Ed. L. Norton.. .Executive Vice President, Munger Realty Company, Birmingham, Ala 1943 Donald Comer Chairman, Avondale Mills, Birmingham, Ala 1944 Howard Gray Farmer, New Market, Ala 1945 Jacksonville Branch Appointed by Federal Reserve Bank: Geo. S. Vardeman, Jr Managing Director, Jacksonville, Fla 1943 J. C. McCrocklin Executive Vice President, First National Bank, Tarpon Springs, Fla 1943 J. L. Dart.. .Vice President and Cashier, Florida National Bank, Jacksonville, Fla 1944 B. C. Teed. ..Executive First Vice President, First National Bank, Palm Beach, Fla 1945 Appointed by Board of Governors: F. D. Jackson President and General Manager, Jackson Grain Company, Tampa, Fla 1943 Walter J. Matherly Dean, College of Business Administration, University of Florida, Gainesville, Fla 1944 Vacancy 1945 Nashville Branch Appointed by Federal Reserve Bank: Joel B. Fort, Jr Managing Director, Nashville, Tenn 1943 Geo. Neal Bass Cashier, First National Bank of Franklin County, Decherd, Tenn 1943 B. L. Sadler President, First National Bank, Harriman, Tenn I944 Edward Potter, Jr President, Commerce Union Bank, Nashville, Tenn 1945 Appointed by Board of Governors: E. W. Palmer President, Kingsport Press, Inc., Kingsport, Tenn. 1943 Clyde B. Austin President, The Austin Company, Inc., Greeneville, Tenn 1944 W. E. McEwen Director, County Farm Bureau, Williamsport, Tenn 1945 New Orleans Branch Appointed by Federal Reserve Bank: E. P. Paris Managing Director, New Orleans, La 1943, O. G. Lucas President, National Bank of Commerce, New Orleans, La 1943, J. F. McRae President, Merchants National Bank, Mobile, Ala 1944 T. G. Nicholson President, First National Bank of Jefferson Parish, Gretna, La 194S Appointed by Board of Governors: E. F. Billington Vice President, Soule Steam Feed Works, Meridian, Miss 1943, Alexander Fitz-Hugh President, P. P. Williams Company, Vicksburg, Miss 1944 Vacancy 1945 FEBRUARY 1943 133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS- AND BRANCHES Term Expires Dec. 31 District No. 7—Chicago Class A: Edward R. Estberg Chairman, Waukesha National Bank, Waukesha, Wis 1943 Frank D. Williams President, First Capital National Bank, Iowa City, Iowa I944 Walter J. Cummings. ... Chairman, Continental Illinois National Bank and Trust Company, Chicago, 111 1945 Class B: Clarence W. Avery.. ..President and Chairman, Murray Corporation, Detroit, Mich 1943 Nicholas H. Noyes Yice President & Treasurer, Eli Lilly and Company, Indianapolis, Ind !944 Max W. Babb. . . .Chairman, Allis-Chalmers Manufacturing Co., Milwaukee, Wis. 1945 Class C: Paul G. Hoffman President, Studebaker Corporation, South Bend, Ind 1943 Simeon E. Leland1 Chairman, Department of Economics, and Professor of Government Finance, University of Chicago, Chicago, 111. 1944 W. W. Waymack2 Vice President and Editor, Editorial Pages, Des Moines Register & Tribune, Des Moines, Iowa 1945 Detroit Branch Appointed by Federal Reserve Bank: Walter S. McLucas Chairman, The National Bank of Detroit, Detroit, Mich.. . 1943 Joseph M. Dodge President, The Detroit Bank, Detroit, Mich I944 Rudolph E. Reichert.... President, Ann Arbor Bank, Ann Arbor, Mich 1944 Appointed by Board of Governors: L. Whitney Watkins.... Farmer, Manchester, Mich J944 H. L. Pierson President, Detroit Harvester Co., Detroit, Mich.. . 1945 District No. 8—St. Louis Class A: G. R. Corlis Cashier, Anna National Bank, Anna, 111 1943 Sidney Maestre President, Mississippi Valley Trust Co., St. Louis, Mo I944 Max B. Nahm Vice President, Citizens National Bank, Bowling Green, Ky.. . 1945 Class B: H. H. Tucker President, Fones Bros. Hardware Co., Little Rock, Ark.. . . 1943 John R. Stanley Secretary-Treasurer, Stanley Clothing Co., Evansville, Ind.. . 1944 r A. Wessel Shapleigh President, Shapleigh Hardware Co., St. Louis, Mo 1945 Class C: Oscar G. Johnston2 President, Delta and Pine Land Co., Scott, Miss 1943 Douglas W. Brooks President, The Newburger Co., Memphis, Tenn 1944 Wm. T. Nardin1 Vice President and General Manager, Pet Milk Company, St. Louis, Mo 1945 Little Rock Branch Appointed by Federal Reserve Bank: A. F. Bailey Managing Director, Little Rock, Ark 1943 Arthur E. McLean President, Commercial National Bank, Little Rock, Ark.. . . .- 1943 Paul R. McCoy Chairman, Peoples National Bank, Stuttgart, Ark 1944 Chas. A. Gordon Vice President, Simmons National Bank, Pine Bluff, Ark.. . 1945 1 Chairman. 2 Deputy Chairman. 134 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 51 Appointed by Board of Governors: I. N. Barnett, Jr Manager, Barnett Bros. Mercantile Co., Batesville, Ark 1943 S. M. Brooks President, Brooks Advertising Agency, Little Rock, Ark 1944 R. E. Short Farmer, Brinkley, Ark 1945 Louisville Branch Appointed by Federal Reserve Bank: C. A. Schacht Managing Director, Louisville, Ky 1943 Phil E. Chappell President, Planters Bank & Trust Co., Hopkinsville, Ky 1943 Wallace M. Davis Vice President, The Citizens Union National Bank or Louisville, Louisville, Ky I944 Lee L. Persise President, The State Bank of Salem, Salem, Ind 1945 Appointed by Board of Governors: Perry B. Gaines Farmer, Carrollton, Ky 1943 E. J. O'Brien, Jr President, E. J. O'Brien & Co., Louisville, Ky 1944 G. O. Boomer Vice President, The Girdler Corporation, Louisville, Ky.. . 1945 Memphis Branch Appointed by Federal Reserve Bank: W. H. Glasgow Managing Director, Memphis, Tenn 1943 B. A. Lynch President, Farmers Bank & Trust Co., Blytheville, Ark 1943 Oliver Benton President, National Bank of Commerce, Jackson, Tenn I944 V. J. Alexander President, Union Planters National Bank & Trust Co., Memphis, Tenn 1945 Appointed by the Board of Governors: R. C. Branch Cotton planter and ginner, Pecan Point, Ark 1943 J. Holmes Sherard President, Jno. H. Sherard and Son, Sherard, Miss 1944 J. P. Norfleet President, Sledge and Norfleet, Memphis, Tenn 1945 District No. 9—Minneapolis Class A: S. S. Ford.. , .President, Northwestern National Bank & Trust Co., Minneapolis, Minn 1943 J. R. McKnight President, Pierre National Bank, Pierre, S. D 1944 F. D. McCartney Vice President, First National Bank, Oakes, N. D 1945 Class B: Homer P. Clark Chairman, West Publishing Co., St. Paul, Minn 1943 J. E. O'Connell President, Eddy's Bakeries, Inc., Helena, Mont 1944 Ray C. Lange President, Chippewa Canning Co., Chippewa Falls, Wis.. .. 1945 Class C: W. D. Cochran W. D. Cochran Freight Lines, Iron Mountain, Mich 1943 Roger B. Shepard2 President, Finch, Van Slyck & McConville, St. Paul, Minn 1944 W. C. Coffey1.. . .President, University of Minnesota, Minneapolis, Minn.. .. 1945 Helena Branch Appointed by Federal Reserve Bank: R. E. Towle Mariaging Director, Helena, Mont 1943 Peter Pauly President, Deer Lodge Bank & Trust Co., Deer Lodge, Mont.. . 1943 P. B. McClintock Cashier, Farmers National Bank, Chinook, Mont I944 1 Chairman. 2 Deputy Chairman. FEBRUARY 1943 13 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Appointed by Board of Governors: H. D. Myrick Farmer, Square Butte, Mont 1943 R. B. Richardson President, Western Life Insurance Co., Helena, Mont.. . 1944 District No. 10—Kansas City Class A: M. A. Limbocker.. ..President and Chairman, Citizens National Bank, Emporia, Kan 1943 William L. Bunton.. .Vice President and Cashier, Goodland State Bank, Goodland, Kan 1944 Thomas A. Dines President, United States National Bank, Denver, Colo 1945 Class B: J. M. Bernardin Vice President, Burk Lumber Company, Dawson, N. M 1943 L. E. Phillips Phillips Petroleum Company, Bartlesville, Okla I944 Willard D. Hosford. . . .Vice President and General Manager, John Deere Plow Co., Omaha, Neb 1945 Class C: R. B. Caldwell1 McCune, Caldwell, Downing & Noble, Kansas City, Mo 1943 Robert L. Mehornay2. .President, North-Mehornay Furniture Co., Kansas City, Mo I944 Vacancy 1945 Denver Branch Appointed by Federal Reserve Bank: Jos. E. Olson Managing Director, Denver, Colo 1943 W. C. Kurtz President and General Manager, Independent Lumber Co., Grand Junction, Colo 1943 Harold Kountze President, Colorado National Bank, Denver, Colo 1944 Clarence H. Adams President, International Trust Company, Denver, Colo.. . 1945 Appointed by Board of Governors: M. E Noonen Sheep rancher, Kremmling, Colo.. .. 1943 J. B. Grant Lewis and Grant, Denver, Colo I944 Vacancy 1945 Oklahoma City Branch Appointed by Federal Reserve Bank: G. H. Pipkin Managing Director, Oklahoma City, Okla 1943 D. M. Tyler First Vice President, Dewey Portland Cement Co., Dewey, Okla 1943 Hugh L. Harrell.. . .Vice President, First National Bank & Trust Co., Oklahoma City, Okla 1944 A. E. Stephenson. . . .President, Central National Bank, Enid, Okla 1945 Appointed by Board of Governors: Phil C. Ferguson Stockman, Woodward, Okla 1943 Neil R. Johnson Rancher and farmer, Norman, Okla 1944 Lloyd Noble President, Noble Drilling Corporation, Tulsa, Okla.. . 1945 1 Chairman. 2 Deputy Chairman* 13 6 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Omaha Branch Appointed by Federal Reserve Bank: L. H. Earhart Managing Director, Omaha, Neb 1943 Geo. A. Bible President, First National Bank, Rawlins, Wyo 1943 Geo. W. Holmes President, First National Bank, Lincoln, Neb 1944 Thomas L. Davis President, First National Bank, Omaha, Neb 1945 Appointed by Board of Governors: W. H. Schellberg Stockman, Omaha, Neb 1943 Leonard E. Hurtz President, Fairmont Creamery Company, Omaha, Neb.. .. 1944 Vacancy 1945 District No. 11—Dallas Class A: Frank Turner President, First National Bank, Decatur, Texas 1943 J. E. Woods Chairman of Board, Temple National Bank, Temple, Texas... 1944 Walter P. Napier President, Alamo National Bank, San Antonio, Texas 1945 Class B: Geo. A. Hill, Jr President, Houston Oil Company of Texas, Houston, Texas. . . . 1943 E. L. Kurth Vice President and General Manager, Angelina County Lumber Co., Keltys, Texas 1944 J. R. Milam.. .President, Cooper Company, Inc., Waco, Texas 1945 Class C: J. B. Cozzo2 Builder and manufacturer, Dallas, Texas 1943 Dolph Briscoe Stock raiser, Uvalde, Texas 1944 Jay Taylor1 Ranching and stockyards, Amarillo, Texas 1945 El Paso Branch Appointed by Federal Reserve Bank: J. L. Herman Managing Director, El Paso, Texas , 1943 R. W. McAfee Vice President, State National Bank, El Paso, Texas 1943 J. E. Moore Vice President, First National Bank, Roswell, N. M 1944 H. A. Jacobs Vice President, El Paso National Bank, El Paso, Texas.... 1945 Appointed by Board of Governors: Jack B. Martin President, Arizona Ice and Cold Storage Co., Tucson, Ariz.. . 1943 F. M. Hayner President, Las Cruces Lumber Co., Las Cruces, N. M 1944 R. E. Sherman President, Leavell and Sherman, Inc., El Paso, Texas 1945 Houston Branch Appointed by Federal Reserve Bank: W. D. Gentry. . .Managing Director, Houston, Texas 1943 W. N. Greer President, Citizens State Bank, Houston, Texas 1943 J. W. McCullough President, Hutchings-Sealy National Bank, Galveston, Texas 1944 B. C. Roberts President, Wharton Bank & Trust Co., Wharton, Texas 1945 Appointed by Board of Governors: George G. Chance Farmer, Bryan, Texas 1943 H. Renfert Renfert-Helmbrecht Co., Galveston, Texas 1944 J. S. Abercrombie President, J. S. Abercrombie Company, Houston, Texas.... 1945 1 Chairman. 2 Deputy Chairman. FEBRUARY 1943 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 San Antonio Branch Appointed by Federal Reserve Bank: E. B. Austin Managing Director, San Antonio, Texas 1943 J. A. Walker Vice President, Del Rio National Bank, Del Rio, Texas 1943 T. C. Frost, Jr Vice President, Frost National Bank, San Antonio, Texas. .. 1944 E. J. Miller President, South Texas National Bank, San Antonio, Texas.. 1945 Appointed by Board of Governors: H. M. Cartwright Live stock and farming, Twin Oaks Ranch, Dinero, Texas.. 1943 J. M. Odom General Contractor, Austin, Texas I944 Vacancy 1945 District No. 12—San Francisco Class A: C. K. Mclntosh Chairman, Bank of California, N. A., San Francisco, Calif 1943 Reno Odlin President, Puget Sound National Bank, Tacoma, Wash 1944 Carroll F. Byrd Chairman & Executive Vice President, First National Bank, Willows, Calif 1945 Class B: Elmer H. Cox President, Madera Sugar Pine Company, San Francisco, Calif 1943 Wm. G. Volkmann Partner, A. Schilling and Company, San Francisco, Calif 1944 Reese H. Taylor President, Union Oil Company, Los Angeles, Calif 1945 Class C: St. George Holden2 St. George Holden Realty Company, San Francisco, Calif 1943 Henry F. Grady1 President, American President Lines, Ltd., San Francisco, Calif 1944 Harry R. Wellman Director, Giannini Foundation of Agricultural Economics, University of California, Berkeley, Calif 1945 Los Angeles Branch Appointed by Federal Reserve Bank: W. N. Ambrose Managing Director, Los Angeles, Calif 1943 F. E. Snedecor President, First National Bank, Corona, Calif 1943 H. D. Ivey President, Citizens National Trust & Savings Bank, Los Angeles, Calif 1944 Appointed by Board of Governors: Y. Frank Freeman Vice President, Paramount Pictures, Inc., Hollywood, Calif.. . 1943 C. E. Myers Agriculturalist, Covina, Calif..: 1944 Portland Branch Appointed by Federal Reserve Bank: D. L. Davis Managing Director, Portland, Ore 1943 Paul S. Dick President, United States National Bank, Portland, Ore.. .. 1943 William C. Christensen. .President, Commercial National Bank, Hillsboro, Ore.. .. 1944 Appointed by Board of Governors: George T. Gerlinger. . . .President, Willamette Valley Lumber Co., Portland, Ore.. . 1943 William H. Steen Live stock and farming, Milton, Ore. X944 1 Chairman. 2 Deputy Chairman. 138 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Salt Lake City Branch Appointed by Federal Reserve Bank: W. L. Partner Managing Director, Salt Lake City, Utah 1943 Frederick P. Champ President, Cache Valley Banking Company, Logan, Utah 1943 Orval W. Adams Executive Vice President, Utah State National Bank, Salt Lake City, Utah 1944 Appointed by Board of Governors: Herbert S. Auerbach. .. .President and General Manager, Auerbach Co., Salt Lake City, Utah 1943 R. C. Rich. . , .Live stock and farming, Burley,Idaho 1944 Seattle Branch Appointed by Federal Reserve Bank: C. R. Shaw Managing Director, Seattle, Wash 1943 Andrew Price President, National Bank of Commerce, Seattle, Wash.. .. 1943 Fred L. Stanton President, Washington Trust Company, Spokane, Wash.. .. 1944 Appointed by Board of Governors: Charles F. Larrabee Vice President, Pacific American Fisheries, Inc., Bellingham, Wash 1943 Fred Nelsen.. .. Farmer and dairyman, Seattle, Wash 1944 FEBRUARY 1943 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Compiled January 21 and released for -publication January 23. Figures shown on charts may differ from preliminary figures used in text. Industrial activity continued at a high level in and glass production in December showed larger December and the first half of January and declines than are usual at this time of year. distribution of commodities to consumers was Output of nondurable goods showed little sustained. Prices of farm products and retail change from November to December. Textile foods advanced further, while prices of most production continued at the high level which has prevailed for the past year and a half. other commodities showed little change. Meat packing increased sharply, reflecting ex- PRODUCTION ceptionally large hog slaughter and output of most other manufactured foods was maintained Industrial production in December showed less at a high level. than the usual decline from November and the Mineral production was lower in December, Board's seasonally adjusted index rose two reflecting a decline in coal output from the peak points further to 196 per cent of the 1935-39 reached in November. Bituminous coal proaverage. Munitions output continued to induction in 1942. was the second largest in the crease, raising total durable goods production history of the industry, averaging 13 per cent to a level 33 per cent higher than in December a greater than 1941. Crude petroleum production year ago, while for the same period production in December continued at the level of earlier of nondurable goods was only 4 per cent larger months and for the entire year was slightly and mineral output was somewhat lower. lower than 1941, reflecting transportation short- Steel production in December and the first ages. In the first half of January production of half of January averaged 97 per cent of capacity, bituminous coal and petroleum was maintained, down slightly from the October and November but a number of anthracite mines were closed by levels. Total steel production for the year an industrial dispute. showed a 4 per cent increase over 1941 while the Value of construction contracts awarded in output of steel plate, important in shipbuilding December, according to the F. W. Dodge Corand tank production, rose 90 per cent over the poration, was somewhat higher than in Noprevious year. This increase over a year ago vember. Contracts for apartment-type buildwas largely obtained by conversion of existing ings for housing war workers continued to rise and public works increased sharply, while facilities. Output of lumber, and stone, clay awards for manufacturing buildings declined further. INDUSTRIAL PRODUCTION The value of construction was 3.2. billion dol- V- lars in the fourth quarter of 1942., according to 80 preliminary estimates of the Department of Com- ( merce. This was about Z5 per cent lower than 60 the peak of 4.3 billion reached in the previous J* quarter, but slightly higher than that of the 40 -A fourth quarter of 1941. Installations for direct —fi 20 military use and industrial facilities accounted r for almost three-quarters of the total, and resi- 00 J dential building contributed somewhat less than -\ half of the remainder. For the year as a whole, 00 construction is valued at 13.6 billion dollars— 1936 1937 1938 1939 1940 1941 1942 of which almost four-fifths was publicly financed Federal Reserve monthly index of physical volume of production, adjusted for seasonal variation, 1935-39 average = 100. Latest figures —an increase of one-fifth over 1941. The shown are for December 1942. 140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS increase took place entirely in military and in- From mid-November to mid-December retail dustrial projects; which rose 4.4 billion dollars. food prices advanced 1.6 points to about 133 All other types of construction declined. per cent of the 1935-39 average. Further increases in these prices are indicated in January DISTRIBUTION as a result of advances permitted recently in Distribution of commodities to consumers was maximum levels for such items as flour, milk, maintained at a high level in December and the and poultry. first half of January, after allowance for the BANK CREDIT sharp fluctuations that are customary at this Excess reserves of member banks declined time of year. The 1941 Christmas buying sharply in the last week of December, and during season exceeded that of any previous year, value the first half of January they averaged about of sales at department stores, for example, 2..X billion dollars, as compared with 2.. 5 billion being about 15 per cent larger in November and for most of December. Large payments to the December than in the corresponding period of Treasury for new securities, some increase in 1941. The increase over the year period currency, and other end-of-year requirements reflected in part price advances but there was were responsible for drains on reserves during also an increase in the volume of goods sold. the last week of December. There were, Freight-car loadings declined about the usual however, substantial sales of Treasury bills to seasonal amount in December, and the Board's Federal Reserve Banks under options to readjusted index remained at 134 per cent of the purchase. In the early part of January, reduc- 1935-39 average. Grain, livestock, and misceltion in Treasury balances at the Reserve Banks laneous loadings rose somewhat on a seasonally and a return flow of currency supplied banks adjusted basis, while coal and other products with additional reserves, and some of the bills declined slightly. sold to the Reserve Banks were repurchased. During this period Reserve Bank holdings of COMMODITY PRICES Government securities, which had increased to Prices of agricultural commodities advanced 6.1 billion dollars by December 31, declined to sharply from the early part of December to the below 6 billion. middle of January. Maximum prices designed Reflecting largely purchases of the J-g per cent to restrict further increases were issued for some certificates of indebtedness delivered in the week of these commodities, including corn and mixed of December 30, holdings of direct and guaranfeeds. For certain other products, however, teed Government obligations at reporting memlike potatoes and truck crops, Federal price ber banks in 101 cities increased by 1.8 billion supports were increased. Wholesale prices of dollars to 2.8 billion over the four weeks ending most other commodities continued to show little January 13. New York City banks took 640 change. million of the 1.5 billion dollars of certificates WHOLESALE PRICES sold to reporting banks. Commercial loans in 20 ; New York City declined by 90 million dollars; i outside New York there was little change. 110 Loans to brokers and dealers rose sharply in 00 . December during the Victory Fund campaign, J but declined correspondingly in the following A. 90 weeks. Other loans continued to decline. OTHER* "" 1 y \ J\ 80 UNITED STATES GOVERNMENT SECURITY PRICES \l ALL COMMODITIES 70 Subsequent to the close of the Victory Fund i drive in December prices of United States ^y\J FARM PRODUCTS 60 Government securities increased. Long-term so I '"" ""•-"-"oos. 50 taxable bonds are yielding 1.31 per cent on the average, and long-term partially tax-exempt Bureau of Labor Statistics' weekly indexes, 1926 average 100. bonds 2..06 per cent. Latest figures shown are for week ending January 23, 1943. FEBRUARY 1943 141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items 145 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements. . 146 Federal Reserve Bank statistics . . 147-151 Guaranteed war production loans 151 Reserve position of member banks; deposits in larger and smaller centers 152. Money in circulation. 153 Gold stock and gold movements; bank suspensions; bank debits 154 All banks in the United States, number, deposits, loans and investments . . 155 Condition of all member banks . 156-157 Weekly reporting member banks ... 15 8-161 Commercial paper, bankers' acceptances, and brokers' balances. 162. Money rates and bond yields. 163 Security markets 164 Corporate profits . 165-166 Treasury finance .... 167-169 Government corporations and credit agencies. 170 Business indexes 171-179 Department store statistics . 180-181 Consumer credit statistics. 182.-183 Wholesale prices 184 Current statistics for Federal Reserve chart book 185-187 Earnings and expenses of Federal Reserve Banks during 1942.. . 188-189 Changes in number of banks and branches in the United States. 190 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are 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, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. JANUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 22 20 18 MEMBER BANK RESERVE BALANCES ^~~" MONEY IN CIRCULATION TREASURY CASH AND DEPOSITS RESERVE BANK CREDIT NON MEMBER DEPOSITS REQUIRED RESERVES EXCESS RESERVES 1936 1937 1938 1939 1940 1941 1942 Latest figures for January 20. See page 145 I44 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank, reserve c B o d e u i i l d s n l - s t- T U o . t a S l s . e T G cu r o a b u e r n v i r i a l d t y e l s i r s e - n s m o e A n th t l e l r ot A h l e l r* Total s G to o c ld k T s r t i r c u o e a n e u n r u n g a y c r t d s - - y - - M i c n t u i o o l c n a n i e - r y - T i c h n u r a o e g r s l y a s h d s - - F u T B p r e s w y o r d a R e e s i n r e e t d a i v r h k - t e s a e s s - - l b p N m e o r o e s m n d it - e s - - c O s F o e e a R t e r u r h c v e a d n - e - e l - t r s To b ta a l lanc E e x s cess2 certificates Monthly averages of daily figures: 1941—Oct 8 2,184 2,184 130 2,322 22,779 3,208 10,270 2,220 525 1,905 292 13,097 5,001 Nov 6 2,184 2,184 121 2,311 22,786 3,225 10,496 2,194 669 1,774 290 12,900 3,611 Dec 5 2,219 'io' 2,209 180 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 3,390 1942—Oct 9 4,013 1,130 2,883 268 4,290 22,752 3,361 13,951 2,233 350 1,345 290 12,234 2,328 Nov 9 4,746 1,151 3,595 286 5,041 22,741 3,374 14,473 2,247 219 1,323 276 12,618 2,362 Dec 9 5,549 1,485 4,064 478 6,035 22,740 3,472 15,119 2,199 307 1,210 261 13,152 2,376 End of month figures: 1941—Oct. 31 6 2,184 2,184 119 2,309 22,800 3,219 10,364 2,207 987 1,899 290 12,580 4,557 Nov. 29 6 2,184 2,184 122 2,312 22,785 3,231 10,640 2,188 429 1,644 288 13,140 3,828 Dec. 31 3 2,254 '""io" 2,244 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 3,085 1942—Oct. 31 11 4,667 1,207 3,459 282 4,959 22,740 3,368 14,210 2,261 252 1,326 283 12,735 2,644 Nov. 30 7 5,399 1,570 3,829 308 5,714 22,743 3,381 14,805 2,236 6 1,320 263 13,208 2,909 Dec. 31 6 6,189 2,051 4,138 484 6,679 22,726 3,648 15,410 2,191 799 1,278 256 13,117 1,988 Wednesday figures: 1942—Mar. 4 6 2,262 2,262 134 2,402 22,705 3,269 11,518 2,180 287 1,270 286 12,835 3,208 Mar. 11 6 2,253 2,253 88 2,347 22,709 3,271 11,520 2,176 60 1 317 286 12,968 3,266 Mar. 18 6 2,249 2,249 96 2,351 22,686 3,273 11,474 2,168 59 1,373 297 12,939 3,161 Mar. 25 6 2,244 2,244 76 2,326 22,684 3,274 11,462 2,175 472 1,352 296 12,527 2,847 Apr. 1 9 2,244 2,244 86 2,339 22,672 3,277 11,593 2,187 362 1,354 295 12,496 2,999 Apr. 8 7 2,243 2,243 134 2,384 22,675 3,279 11,610 2,177 190 1,350 295 12,715 3,169 Apr. 15 9 2,254 '"'io' 2,244 152 2,415 22,678 3,280 11,624 2,166 301 1,485 295 12,502 2,886 Apr. 22 4 2,296 48 2,247 100 2,400 22,686 3,284 11,642 2,189 243 1,531 296 12,470 2,752 Apr. 29 7 2,350 89 2,261 86 2,443 22,689 3,286 11,723 2,186 128 1,421 297 12,662 2,815 May 6 8 2,436 137 2,299 128 2,572 22,703 3,291 11,845 2,193 376 1,413 295 12,444 2,691 May 13 8 2,484 185 2,299 119 2,612 22,706 3,294 11,861 2,191 158 1,440 295 12,667 2,925 May 20 5 2,445 145 2,299 128 2,578 22,709 3,299 11,888 2,188 304 1,427 293 12,486 2,565 May 27 6 2,489 183 2,306 89 2,584 22,712 3,302 11,971 2,197 239 1,430 293 12,467 2,535 6 2,532 226 2,306 185 2,723 22,715 3,306 12,141 2,188 110 1,358 293 12,653 2,783 6 2,568 252 2,316 135 2,708 22,717 3,310 12,176 2,213 92 1,333 293 12,629 2,782 5 2,579 257 2,322 220 2,803 22,729 3,311 12,208 2,189 160 1,277 304 12,706 2,791 5 2,583 254 2,329 110 2,698 22,735 3,313 12,231 2,191 139 1,358 303 12,523 2,648 July 1.... 3 2,728 391 2,337 142 2,873 22,739 3,314 12,416 2,195 485 1,341 297 12,192 2,259 July 8.... 3 2,909 553 2,356 157 3,069 22,740 3,315 12,489 2,190 548 1,353 297 12,246 2,322 July 15... 4 3,038 673 2,365 185 3,227 22,742 3,319 12,502 2,201 946 1,302 295 12,042 2,065 July 22... 5 3,047 679 2,367 144 3,196 22,745 3,321 12,546 2,223 298 1,347 295 12,551 2,296 July 29... 5 3,110 743 2,367 122 3,237 22,746 3,322 12,647 2,224 183 1,411 296 12,545 2,196 Aug. 5.... 5 3,303 928 2,374 137 3,446 22,739 3,328 12,794 2,204 285 1,333 295 12,602 2,246 Aug. 12.. 5 3,387 1,012 2,375 120 3,512 22,742 3,332 12,870 2,206 174 1,331 296 12,709 2,381 Aug. 19.. 4 3,448 1,073 2,375 163 3,615 22,744 3,333 12,956 2,206 240 1,344 294 12,653 2,103 Aug. 26.. 5 3,389 1,011 2,378 131 3,525 22,747 3,337 13,057 2,219 176 1,338 293 12,526 2,342 Sept. 2... 9 3,388 996 2,392 144 3,542 22,756 3,341 13,250 2,216 146 1,318 291 12,418 2,262 Sept. 9... 13 3,502 1,100 2,403 188 3,703 22,745 3,343 13,389 2,205 214 1,290 290 12,402 2,348 Sept. 16. 10 3,573 1,212 2,361 274 3,857 22,747 3,346 13,440 2,206 6 1,239 299 12,760 3,039 Sept. 23. 9 3,395 1,025 2,370 178 3,581 22,750 3,349 13,519 2,200 485 1,292 298 11,886 2,034 Sept. 30. 8 3,567 1,161 2,407 199 3,774 22,754 3,353 13,703 2,222 661 1,407 296 11,592 1,690 Oct. 7.... 8 3,592 1,104 2,488 184 3,784 22,756 3,356 13,830 2,235 393 1,342 295 11,801 2,291 Oct. 14... 11 3,809 1,101 2,708 222 4,042 22,758 3,359 13,932 2,228 123 1,283 291 12,303 2,713 Oct. 21... 7 4,225 1,111 3,114 261 4,494 22,745 3,363 13,995 2,238 521 1,254 290 12,304 2,352 Oct. 28... 9 4,441 1,137 3,304 127 4,578 22,739 3,366 14,082 2,249 372 1,448 286 12,246 2,158 Nov. 4... 11 4,551 1,064 3,486 119 4,680 22,739 3,369 14,312 2,260 361 1,363 283 12,211 2,118 Nov. 11.. 10 4,658 1,113 3,545 256 4,925 22,741 3,373 14,408 2,234 234 1,391 278 12,493 2,402 Nov. 18.. 8 4,695 1,091 3,603 343 5,045 22,741 3,375 14,465 2,249 300 1,252 274 12,622 2,489 Nov. 25.. 10 4,843 1,117 3,725 229 5,083 22,742 3,377 14,648 2,239 68 1,233 267 12,746 2,518 Dec. 2... 9 5,140 1,217 3,923 311 5,460 22,743 3,381 14,848 2,243 94 1,300 259 12,840 2,504 Dec. 9... 9 5,546 1,495 4,051 258 5,813 22,743 3,383 14,986 2,192 60 1,183 252 13,267 2,804 Dec. 16.. 9 5,537 1,460 4,077 508 6,055 22,744 3,440 15,092 2,184 13 1,163 269 13,517 2,637 Dec. 23.. 10 5,627 1,515 4,112 655 6,292 22,735 3,569 15,329 2,182 497 1,191 268 13,129 2,192 Dec. 30.. 5 5,989 1,856 4,133 435 6,428 22,726 3,628 15,407 2,194 811 1,315 266 12,788 1,656 1943—Jan. 6.... 4 6,032 1,895 4,138 341 6,378 22,712 3,660 15,393 2,192 273 1,172 256 13,464 2,326 Jan. 13.. 7 5,975 1,841 4,134 292 6,274 22,712 3,697 15,322 2,190 329 1,308 255 13,279 2,149 Jan. 20.. 10 5,818 1,701 4,117 367 6,195 22,703 3,747 15,354 2,196 374 1,311 255 13,156 1,998 1 Includes industrial advances shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect January 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member banks secured G A o d v v e a rn nc m e e s n s t e s c e u c re u d ri t b ie y s o r t i h A ti e d e r s v , G a a n o n c v d e e s r d n s i e m s c c e u o n r u e t n d t s s e b c y o u f - Other secured advances by n d o i t r e e c x t c o ee b d li i g n a g t i 9 o 0 n d s a o y f s — the la U st . p S a . r . ( m Se a c t . u 1 ri 3 t ) ies Federal Reserve Bank maturing or callable and advances secured by [maturities not exceedwithin one year (ma- eligible paper (maturi- ing 4 mos.—Sec. 10(b)] tu 9 ri 0 t i d es a y n s o — t S ex ec c . e e 1 d 3 i ) ng da t y ie s s — n S o e t c e . x 1 c 3 e e a d n in d g 1 9 3 0 a)1 To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective N P B h o e i w s l t a o d Y n e o l r p k hia O O O c c c t t t . . . 2 3 1 7 7 0 , , , 1 1 1 9 9 9 4 4 4 2 2 2 1 1 1 M A Se u a p r g t . 2 2 5 1 1 , , , 1 1 1 9 9 9 3 4 3 9 2 9 O O O c c c t t t . . . 3 2 1 0 7 7 , , , 1 1 1 9 9 9 4 4 4 2 2 2 M A Se a u p g r t . . . 2 2 1 5 1 , , , 1 1 1 9 9 9 4 3 2 3 9 9 O O O c c c t t t . . . 2 3 1 7 0 7 , , , 1 1 1 9 9 9 4 4 4 2 2 2 Cleveland Oct. 27, 1942 1 Apr. 11, 1942 Sept. 12, 1942 Apr. 11, 1942 Oct. 27,1942 Richmond Oct. 28, 1942 1 Mar 14, 1942 Oct. 28, 1942 Mar. 14, 1942 Oct. 28,1942 Atlanta Oct. 15, 1942 1 Mar 21, 1942 Oct. 15, 1942 Sept. 16, 1939 Oct. 15,1942 Chicago Oct. 17, 1942 1 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 Oct. 17,1942 M K S D Sa t a a i . n n n l l L n s a F a o e s r s a u a p i n C s o c i l i t i s y s co O O O O O c c c c c t t t t t . . . . . 2 2 3 1 2 8 7 0 7 7 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 2 2 2 2 1 1 1 1 1 M M M A A p p a a a r r r r r . . . . 2 1 2 1 8 4 1 4 1 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 2 2 2 2 O M O O O c c c c a t t t t r . . . . . 2 3 2 1 1 8 0 7 4 7 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 2 2 2 2 M A S S S e p e e a p p p r r t t t . . . . . 2 1 1 1 8 4 6 6 6 , , , , , 1 1 1 1 1 9 9 9 4 9 4 9 2 3 3 2 3 9 9 9 O O O O O c c c c c t t t t t . . . . . 2 2 3 2 1 8 7 0 7 7 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 2 2 2 2 1 Discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding six months and nine months, respectively, Rates shown also apply ttoo aadd1vances with maturities not exceeding 15 days secured by obligations of Federal Intermediate Credit Banks maturing within six months. FEDERAL RESERVE BANK BUYING RATES ON BILLS FEDERAL RESERVE BANK RATES ON INDUSTRIAL AD. VANCES AND COMMITMENTS UNDER SECTION 13b [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Maturity J R a a n t . e 3 o 1 n In g i e n f n fe in c g t — be- Pre r v at i e ous [In effect January 31. Per cent per annum] Treasury billsl Vs Apr. 30, 1942 To c o in m d m us e t r r c i i a a l l or To financing institutions Ba 1 n - ke 9 r 0 s ' d a a c y c s eptances :2 Oct. 20, 1933 1 businesses 91-120 days do 1 121-180 days do Discounts or Federal Reserve purchases l Established rate at which Federal Reserve Banks stand ready to buy Bank all 2 T M r i e n a i s m u u ry m b b il u l y s in o g ff e r r a e t d e . s on prime bankers' acceptances. idva O n n ces co m m O e m n n ts it- fo p r o O w rt n i h o ic n h m O a n i n r i e n - g m O it n m c e o n m ts institu- portion tion is MEMBER BANK RESERVE REQUIREMENTS obligated [Per cent of deposits] N Bo ew st o Y n ork.... 2^-5 ( (3 3) ) m Net demand deposits^ Time Philadelphia. 2^5 deposits Cleveland.... C r b e e c s a n i e n t t r y k r v a s e l R b e c a s i n t e y k rv s e Co b u a n n t k ry s m ba e n 1( m a k l b 1 s l1 e ) r R A C St i h t . c l i a h c L n a m o g ta u o o i n s d . . .. V H K z 2 - - - 1 l 1 X K K 8 8" VrX Vz-iX x-m June 21, 1917-Aug. 15,1936 13 10 7 3 Minneapolis 2H-5 © Aug. 16, 1936-Feb. 28,1937 19^6 15 10^<2 Kansas City 2M5 H-1K (!) M Ma a y r. 1 1 , , 1 1 9 9 3 3 7 7 - - A A p p r r . . 3 1 0 5 , , 1 1 9 9 3 3 7 8 2 26 2M 2 1 0 7/^ 1 1 4 234 6 4 D Sa a n ll a F s rancisco lArlX 8 Apr. 16, 1938-Oct. 31,1941 22% 17V£ 12 5 N A S E e f u o f p g v e t . c . . t 2 i 1 v 0 4 1 e , , , 1 1 1 O 9 9 9 c 4 4 4 t 2 1 2 . - - - A S 3 O , e u c p g 1 t. t 9 . . 4 1 1 2 9 2 3 . , , ,1 1 1 9 9 9 4 4 4 2 2 2 2 2 2 2 4 2 0 6 2 2 2 2 0 0 0 0 1 1 1 1 4 4 4 4 6 6 6 6 1 2 3 4 M R I R n a a a c t t y l e e u d c c c h h i h n a a a g r r r g g g l e e e o d d a s n a b b s m o o m r r e r r o a o r w d w a e t e e e r i r n . a l e s p s a c s r h c t a i o c r m g ip e m a d t i i t b o m o n r e r w n o t w i t r h e a r t f e i b n . y a nc fi i n n a g n c in in s g ti t i u n t s io ti n tu s. tion, if 1 See footnote to table on p. 152 for explanation of method of computing low 5 e F r i . nancing institution is charged \i per cent on undisbursed portion of net demand deposits. loan under commitment. MARGIN REQUIREMENTS^ MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q P R re e s s c e r r i v b e e d S y b s y E t e x B m c o h a a i r n n d g a e o c c f o A G r c d o t a v n e o c r f e n o 1 r w 9 s 3 it 4 o h f t S he e cu F r e i d ti e e r s al O A 1 c p 1 9 t 9 r . 3 . 3 6 3 7 1 - 1 , , E N ff o 1 e 9 v c 3 . t 7 i 1 v , e [P N er o v c . e n 1 t , 1 p 9 e 3 r 3 - a nnu F m e b ] . 1,1935- Effective Jan.31,1935 Dec. 31, 1935 Jan. 1,1936 For extensions of credit by brokers and dealers on listed securities, under Regulation T 55 40 Savings deposits 91/ For short sales, under Regulation T 50 Postal savings deposits... For loans by banks on stocks, under Regulation U..., 40 Other deposits payable: In 6 months or more V/2 In 90 days to 6 months. In less than 90 days requirements" shown in this table are the difference between the market NOTE.—Maximum rates that may be paid by insured nonmember banks value (100%) and the maximum loan value. as established by the F. D. I. C, effective February 1, 1936, are the 2 Requirement under Reg. T was the margin "customarily required" same as those in effect for member banks. Under Regulation Q the rate by the broker. 3 Reg. U became effective May 1, 1936. payable by a member bank may not in any event exceed the maximum NOTE.—Regulations T and U also provide special margin requirements on rate payable by State banks or trust companies on like deposits under "omnibus" accounts and loans to brokers and dealers. the laws of the State in which the member bank is located. I46 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1942 1942 1941 Jan.20 Jan.13 Jan. 6 Dec. 30 Dec. 23 Dec. 16 Dec. 9 Dec. 2 Dec. Nov. Dec. Assets Gold certificates on hand and due from U. S. Treasury 20,498,281 20,510,282 20,511,27820,523,281 20,539,652 20,561,280 20,554,614 20,554,613 20,523,28120,556,110 20,490,015 Redemption fund—F. R. notes.. 32,2051 31,6451 32.248 31,561) 31,722 21,321 17,164 18*090l 30,449 16,590 13,668 Other cash 428,6081 404.205J 360,151 333,771! 324,388 295,563 239,540 231,166 354,084 226,392 260,678 Total reserves 20,959,094;20,946,132 20,903,67720,888,613 20,895, 762'20,878,164 20,811,318 20,803,86920,907,81420,799,092 20,764,361 Bills discounted: For member banks 7,237| 2,987! 1,985 2,2581 5,494 4,478 3,753 4,005; 3,071 3,855 2,955 For nonmember banks, etc. 3,000l 4,000 2,500 2,5001 5,000 5,000 5,000 5,000 2,500 3,500 Total bills discounted.... 1O,237| 6,987| 4,485 4,758 10,494 9,428J 8,753 9,005 5,571 2,955 Industrial advances 12,473 13,030 12,311 13,999 14,093 14,513 15,227 14,977 13,649 9,504 U.S. Government securities: Direct Bonds 2,748,633 2,770,209 2,777,059 2,774,809 2,762,789 2,729,722 2,677,508 2,553,756 2,777,059 2,463,644 1,462,205 Notes 1,323,799 1,323,799 1,323,799 1,322,799 1,315,952 1,315,952 1,346,752 1,346,752 1,323,799 1,342,997 777,300 Certificates 1,048,000 1,041,000 1,041,000 1,033,000 955,982 949,041 918,521 781,724 1,041,000 1,187,214 Bills 652,818 799,951 853,530 822,517 558,990 511,014 576,038 435,367 1,009,995 382,869 "10^370 Guaranteed '. 44,682 40,182 36,782 35,782 33,184 31,414 26,978 22,266 36,782 22,126 4,600 Total U.S. Government securities, direct and guaranteed 5,817,932 5,975,141 6,032,170 5,988,907 5,626,897 5,537,143 5,545,797 5,139,865 6,188,635 5,398,850 2,254,475 Other Reserve Bank credit outstanding 354,845 278,640 329,095 420,647 640,853 493,394 242,723 296,010 470,794 293,062 93,842 Total Reserve Bank credit outstanding... 6,195,487 6,273,798 6,378,061 6,428,311 6,292,337 6,054,528 5,812,500 5,459,857 6,678,649 5,714,167 2,360,776 Liabilities F.R. notes in actual circulation. 12,118,294,12,109,279 12,177,45712,188,22212,154,906 12,019,103j 11,902,213! 11f 807,878 12,192,986 11,756,4638,192,169 Deposits: Member bank —reserve account 13,156,28313,279,089 13,463,73312,788,01313,128,94513,517,08713,266,84212,839,660 13,116,809 13,208,17612,450,333 U. S. Treasurer—general account 373,741 328,736 273,057 811,335 497,054 13,117 60,054 94,281 799,449 5,854 867,493 Foreign 836,040 829,435 802,606 806,242 795,042 801,819 796,846 916,586 792,790 916,279 774,062 Other deposits 474,516 478,376 369,828 509,247 396,427 361,070 385,785 383,272 485,147 403,870 586,170 Total deposits 14,840,580 14,915,63614,909,22414,914,83714,817,468 14,693,09314,509,52714,233,79915,194,19514,534,17914,678,058 Ratio of total reserves to deposit and F.R. note liabilities combined (per cent) 77.7 77.5 77.2 77.1 77.5 78.2 79.9 79.1 90.8 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 1 d 6 a t y o s 30 31 d a to y s 60 61 d t a o y s 90 9 m 1 o t o d n a t 6 y h s s 6 l m y t o e o n ar ths 2 1 y y t e o e a a r r s 5 2 y y to e e a a r r s s 5 O y v e e a r rs Bills discounted: Dec. 23 10,494 7,503 1,100 274 1,570 47 Dec. 30 4,758 2,975 25 31 1,694 31 "2 Jan. 6 4,485 2,710 53 1,506 196 18 2 Jan. 13 6,987 3,669 30 1,549 1,719 18 2 Jan. 20 10,237 6,450 5 2,245 1,517 18 2 Industrial advances: Dec. 23 14,093 9,897 454 328 313 398 1,281 1,009 413 Dec. 30 13,999 8,564 515 253 1,621 388 1,303 994 361 Tan. 6 12,311 8,671 443 156 339 370 1,318 865 149 Jan. 13 13,030 8,401 558 83 966 594 1,389 933 106 Jan. 20 ' 12,473 7,248 476 242 1,478 599 1,398 927 105 U. S. Government securities, direct and guaranteed: Dec. 23 5,626,897 79,326 135,956 558,569 163,565 255,495 550,938 241,575 1,392,807 2,248,666 Dec. 30 5,988,907 94,623 184,595 640,131 279,778 271,565 614,700 241,575 1,407,674 2,254,266 Jan. 6 6,032,170 114,752 518,182 330,794 245,102 300,875 614,700 241,575 1,405,424 2,260,766 Jan. 13 5,975,141 155,249 532,793 262,877 254,332 250,875 614,700 241,575 1,404,774 2,257,966 Tan. 20 5,817,932 546,412 81,714 292,280 127,712 269,875 612,700 241,575 1,406,374 2,239,290 FEBRUARY 1943 147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston N Y e o w rk d P e h lp il h a i - a C l l a e n v d e- R m i o c n h- d Atlanta Chicigo L S o t u . is V a J p in o n li e s - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Assets Gold certificates on hand and due from U. S. Treasury: Dec. 23 20539,6521,129,6817,180,9941,128,8481,652,163 929,348 720,317 ,604,533 682,671428,975 658,060484,3401,939,722 Dec. 30... 20523,2811,166,4126,837,9871,144,4861,714,287 940,184 766,8293,617,866 722,229470,583 669,954505,2581,967,206 Jan. 6 20511,2781,134,1696,912,6861,138,6541,702,065 972,418 795,9273,390,628 711,318446,629 687,540546,0152,073,229 Jan. 13 20510,2821,109,8786,851,0521,138,1191,703,018 973,525 793,6673,517,473 693,610439,349 656,045540,2662,094,280 Jan. 20 20498,2811,134,8726,758,4471,153,2151,740,984 967,690 794,6923,536,634 694,847445,521 644,661533,2952,093,423 Redemption Fund— Federal Reserve notes: Dec. 23 31,722 1,253 1,771 5,874 1,264 6,704 1,930 1,535 3,220 218 377 381 7,195 Dec. 30... 31,561 1,206 1,569 5,771 1,204 6,123 1,888 1,475 4,210 210 364 371 7,170 Jan. 6 32,248 1,150 1,262 5,665 1,140 7,555 1,842 1,409 4,192 202 352 358 7,121 Jan. 13. 31,645 •1 079 1,927 5,527 1,062 6,818 1,776 1,335 4,170 194 336 344 7,077 Jan. 20 32,205 l\016 1,675 5,406 986 8,106 1,722 1,264 4,144 187 319 331 7,049 Other cash: Dec. 23 324,388 35,711 65,137 20,654 39,240 18,029 25,415 33,140 17,828 7,752 7,718 16,490 37,274 Dec. 30 333,771 32,87Q 68,043 21,165 43,356 17,440 21,751 38,117 19,398 8 113 12,017 17,238 34,254 Jan. 6 360,151 39,302 70,876 24,340 42,044 22,677 27,682 38,270 20,834 8 325 12,968 15,989 36,844 Jan. 13 404,205 40,415 79,748 25,208 56,236 22,945 29,100 45,506 21,559 8 971 14,447 17,021 43,049 Jan. 20 428,608 39,828 100,816 26,686 53,186 24,836 28,106 45,968 21,851 9,078 14,105 16,754 47,394 Total reserves: Dec. 23...... 20895,7621,166,6457,247,9021,155,3761,692,667 954,081 747,6623,639,208 703,719436,945 666,155501,2111,984,191 Dec. 30 20888,6131,200 4976,907,5991,171,4221,758,847 963,747 790,4683,657,458 745,837478,906 682,335522,8672,008,630 Jan. 6 20903,6771,174,6216,984,8241,168,6591,745,2491,002,650 825,4513,430,307 736,344455,156 700,860562,3622,117,194 Jan. 13 20946 1321,151 3726,932,7271,168,8541 7603161,003,288 824,5433,564,314 719,339448,514 670,828557,6312,144,406 Jan. 20 20959,'094 7166,860,938 3071,795,1561,000,632 824,5203,583,866 720,842454,786 659,085550,3802,147,866 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Dec. 23 5428 120 4,360 490 250 15 45 148 Dec. 30 2,210 320 1,315 140 190 125 45 65 10 Jan. 6 1,945 200 1,430 25 190 25 65 10 Jan. 13 2950 140 2,605 70 40 35 50 10 jan. 20 ;;;;;;;;; 1,200 540 5,745 130 690 35 50 10 Other bills discounted: Dec. 23 5,066 2,125 480 494 220 175 610 150 110 177 145 380 Dec. 30 2,548 1,062 240 278 110 88 305 75 55 72 73 190 Jan. 6 2,540 1,062 240 271 110 87 305 75 55 72 73 190 Jan. 13 4,037 1,708 380 405 172 140 488 120 88 112 120 304 Jan. 20 3037 1,281 285 313 129 105 366 90 66 84 90 228 Total bills discounted: Dec. 23 10494 120 6,485 970 744 235 175 610 195 110 325 145 380 Dec. 30.... 4 758 320 2,377 380 468 235 88 305 120 55 137 73 200 Jan. 6 ;;;;;; 4,485 200 2,492 265 461 135 87 305 75 55 137 73 200 Jan. 13... 6987 140 4,313 450 445 207 140 488 120 88 162 120 314 Jan. 20 10237 540 7,026 415 1,003 164 105 366 90 66 134 90 238 Industrial advances: Dec. 23 14093 447 621 5027 819 694 504 112 61 363 1380 31 4,034 Dec. 30 13999 450 611 5002 820 677 504 110 61 359 1340 31 4 034 Jan. 6 12311 472 611 4606 815 677 491 110 61 347 60 30 4 031 Jan. 13 13030 472 611 4 530 811 676 473 263 7 377 750 29 4 031 Jan. 20 12473 457 611 4 277 850 676 457 282 7 371 1385 29 3071 U. S. Government securities, direct and guaran- Bonds: Dec. 23... 2,775 711 211332 707,667 211409 246339 181795 131 117 341074 132487 75 138 136404112,972 287977 Dec. 30 2,789 331 212268 712,209 212636 247891 182313 131601 342463 133082 75616 137028113,453 288 771 Jan. 6 2 792,581 205998 748,121 220475 264 787 168859 124892 343309 133507 81 831 132 771109,447 258584 Jan. 13... 2 789 131 205 741 747,294 220 216 264482 168620 124727 342840 133331 81 733 132609109,309 258 229 Jan. 20 2 772055 204503 742,029 218 762 262 713 167809 124044 341057 132582 81,199 131783108,662 256912 Notes: Dec. 23 ,336 214 101733 340,668 101770 118585 87 518 63 116 164 192 63 780 36,174 65 664 54,383 138631 Dec. 30 1,344 059 102282 343,180 102463 119446 87 851 63 412 165,018 64 127 36,436 66,032 54,668 139144 Jan. 6 1,345 059 99,220 360,334 106,191 127536 81 334 60 156 165,355 64 303 39,414 63,950 52,715 124551 Jan. 13. 1,345 059 99 218 360,382 106,199 127546 81,316 60,150 165,333 64 301 39,420 63,951 52,712 124531 Jan. 20 1,345 059 99,228 360,048 106,146 127,475 81,427 60,188 165,489 64 330 39,401 63,945 52,724 124658 Certificates: Dec. 23 955982 72,785 243,728 72,811 84,842 62,612 45,158 117469 45630 25,878 46,979 38,908 99 182 Dec. 30 1,033 000 78,611 263,759 78,748 91,804 67,518 48,737 126,828 49 285 28,004 50,747 42,016 106,943 Jan. 6 1,041 000 76,790 278,880 82,187 98,706 62,946 46,557 127,976 49 768 30,504 49,493 40,799 96 394 Jan. 13 1,041 000 76,789 278,916 82,192 98,714 62,935 46,553 127,960 49 764 30,505 49,494 40,798 96 380 Jan. 20 1,048 000 77,314 280,531 82,705 99,321 63,442 46,896 128,940 50,124 30,698 49,822 41,080 97 127 Bills: Dec. 23 558,990 34,422 173,173 34,727 41,901 31,381 23. 558 89.R23 26,779 12,125 24,151 18 230 48 720 Dec. 30 822,517 44,396 304,459 37,668 41,527 32,044 22,638 182,275 40,135 13,669 29,433 16^930 57343 Jan. 6 853,530 44,863 199,403 39,569 47641 26,450 22,245 343,062 32 11954 31,39 15,988 38,025 Jan. 13 799,951 46,613 194,112 43,798 46,894 30,911 22,223 284,869 36',742 12^874 23,021 16^549 41 Jan. 20 652,818 39,740 127,666 34,554 34,773 28;086 20,286 204,444 37,744 10,438 27,746 14,064 73[277 148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- R m i o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C s a i a t n s y - Dallas F c S i r s a a c n n o - U. S. Government securities, direct and guaranteed: Total Dec. 23 5,626, 420,2721,465,236 420,717 491,667 363,306 262,949 712,558 268,676149,315 273,198224,493 574,510 Dec. 30 5,988,907 437,5571,623,607 431,515 500,668 369,726 266,388 816,584 286,629153,725 283,240227,067 592,201 Jan. 6 6,032,170 426,8711,586,738 448,422 538,670 339,589 253,850 979,702 280,517163,703 277,605218,949 517,554 Jan. 13 5,975,141 428,3611,580,704 452,405 537,636 343,782 253,653 921,002 284,138164,532 269,075219,368 520,485 Jan. 20 5,817,93" 420,7851,510,274 442,167 524,282 340,764 251,414 839,930 284,780161,736 273,296216,530 551,974 Total bills and securities: Dec. 23 5,651,484 420,839 1,472,342 426,714 493,230 364,235 263,628 713,280 268,932149,788 274,903224,669 578,924 Dec. 30 6,007,664 438,3271,626,595 436,897 501,956 370,638 266,980 816,999 286,810154,139 284,717227,171 596,435 Jan. 6 6,048,966 427,5431,589,841 453,293 539,946 340,401 254,428 980,117 280,653164,105 277,80: 219,052 521,785 Jan. 13 5,995,158 428,9731,585,628 457,385 538,892 344,665 254,266 921,753 284,265164,997 269,987219,517 524,830 Jan. 20 5,840,642 421,7821,517,911 446,859 526,135 341,604 251,976 840,578 284,877162,173 274,815216,649 555,283 Due from foreign banks: Dec. 23 Dec. 30 Jan. 6 Jan. 13 Jan. 20 Federal Reserve notes of other banks: Dec. 23 51,54. 1,228 4,375 1,142 3,194 10,679 4,663 6,454 4,147 1,511 5,275 1,494 7,383 Dec. 30 52,058 946 4,804 2,519 2,629 10,294 5,053 6,241 3,325 1,941 5,323 2,286 6,697 Jan. 6 60,529 1,252 5,589 2,037 3,680 12,720 5,520 5,878 4,520 2,248 5,768 2,772 8,545 Jan. 13 60,667 1,488 4,595 1,602 2,546 15,271 5,659 5,891 3,329 1,910 6,444 2,496 9,436 Jan. 20 59,417 1,278 5,896 2,116 1,672 15,876 3,993 4,397 4,264 2,335 6,198 2,155 9,237 Uncollected items: Dec. 23 1,744,147 164,264 374,547 100,353 210,501 123,238 85,744 241,201 89,026 38,467 81,465 63,812 171,529 Dec. 30 1,692,705 163,243 385,466 104,956 225,152 131,509 70,903 208,626 78,558 33,666 57,747 51,191 181,688 Jan. 6 1,466,371 141,647 310,540 86,140 145,462 114,102 66,031 214,370 67,965 32,607 72,768 60,662 154,077 Jan. 13 1,407,492 131,381 308,212 81,320 142,574 102,603 63,641 220,791 65,116 31,109 70,973 50,516 139,256 Jan. 20 1,457,769 140,120 327,299 83,092 170,085 102,384 46,643 227,214 80,451 31,822 64,948 55,130 128,581 Bank premises: Dec. 23 40,023 2,726 10,305 4,766 4,325 3,053 1,939 2,925 2,113 1,312 2,808 1,060 2,691 Dec. 30 39,985 2,722 10,305 4,755 4,326 3,046 1,936 2,917 2,110 1,309 2,808 1,060 2,691 Jan. 6 39,279 2,722 9,823 4,755 4,326 3,046 1,726 2,917 2,110 1,309 2,802 1,052 2,691 Jan. 13 39,279 2,722 9,823 4,755 4,326 3,046 1,726 2,917 2,110 1,309 2,802 1,052 2,691 Jan. 20 39,270 2,722 9,823 4,755 4,317 3,046 1,726 2,917 2,110 1,309 2,802 1,052 2,691 Other assets: Dec. 23 84,911 5,883 21,188 6,269 8,098 5,572 3,868 10,576 3,933 2,500 4,150 3,552 9,322 Dec. 30 88,364 6,125 21,923 7,225 8,362 5,802 4,002 10,887 4,043 2,478 4,340 3,545 9,632 Jan. 6 90,01 6,094 23,315 6,967 9,156 5,540 3,900 11,129 4,237 2,721 4,392 3,562 9,006 Tan. 13 91,810 6,242 23,979 7,159 9,409 5,593 3,932 11,218 4,373 2,768 4,470 3,568 9,099 Jan. 20 93,144 6,327 24,252 7,267 9,541 5,654 4,018 11,443 4,378 2,814 4,524 3,721 9,205 Total assets: Dec. 23 28,467,919 761,588 9130,6771,694,6252,412,019 1,460),,860 1,107,506 4,613,6501,071,871 630i,5231,034,757 '95,799 ,754,044 Dec. 30 28,769,436 811,863 S]956,7101,727, ",501,2761,485,038 1,139,344 4,703,1341,120,684 672!,,4391,037,271808,121 ,805,777 Jan. 6 28,608,888 753,882 8,923,9501,721,8562,447,8231,478,4611,157,058 4,644, ,095,830 658,,1461,064,393 849,463 ,813,302 Jan. 13 28,540,585 722, 864,9821,721,080 2",458,0671,474, •" ,153, ,726,890 1,078, 1,6071,025,505834,781 ,829,722 Jan. 20 28,449,383 747,948 8,746,1371,729,4012,506,910 1,469,1981,132,878 4,670,4211,096,923 655,239 1,012,373829,088 ,852,867 Liabilities Federal Reserve notes in actual circulation: Dec! 23 12,154,906 885, ,802,311 852,3681,138,611 785,038 541,964 2,409,707 510,254 300, 426,601244,5171,258,084 Dec. 30 12,188,222 883, ,794,144 850,1681,135,447 789,520 546,636 2,417,529 514,032 302, 427,410249,9941,278,047 Jan. 6 12,177,457 878,5822,778,122 848,2781,135,407 783,163 548,182 2,421,940 512,584 304, 429,116251,2541,286,123 Jan. 13 12,109,279 870,9142,750,832 845,8291,134,858 779,309 541,598 2.,414,637 510,835 304, 425,663246,4461,283,625 Jan. 20 12,118,294 872, ",745,443 849,1521,135,900 776,127 538,619 2,424,249 511,190 305, 425,""" 246,4251,287,229 Deposits: Member bank—reserve account: Dec. 23 13,128,945 716, ,902,811 652,870 968,334 528,129 475,309 1,888,719 453,902 267,347 516,969 472,039 ,285,970 Dec. 30 12,788,013 668,9754,898,711 651,901 907,029 497,561 464,649 1,838,462 442,491270,441 489,636 451,563 ,206,594 Jan. 6 13,463,733 !,558 5,187,643 680,208 992,881 532,418 507, .,872,028 463,784277,461 503,770 499,165 ,257,921 Jan. 13 13,279,089 673,7 ,975,792 672,0671,011,855 527,368 504, ,928,245 451,416 272,,568 489,028500,334 ,272,349 Jan. 20 13,156,283 681,6 ,855,779 672,895 1',047,971 526,050 502,209 1,872,450 456,745 271,210 487,787 47• 1,572 ,309,961 U. S. Treasurer—general account: Dec. 23 497,054 535 488,817 871 533 523 1,385 600 511 783 1,175 278 1,043 Dec. 30 811,335 83,532 141,084 24,899 119,490 38,981 28,399 113,336 55,565 38,153 37,764 33,288 96,844 Jan. 6 273,057 16,602 54,627 9,519 29,392 13,643! 9,104 34,141 12,296 13,025 29,342 13,210 38,156 Jan. 13 328,736 16,352 79,616 22,892 27,269 18,2151 12,173 68,467 11,690 12,289 14,007 10,362 35,404 Jan. 20. 373,741 25,986 80,405 22,968 27,377 28,400 17,861 59,280 23,909 21,313 12,078 20,240 33,924 * Less than $500 1 After deducting $29,000 participations of other Federal Reserve Banks. FEBRUARY 1943 149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M a i p n o n l e is - K C sa i a t s n y - Dallas F c S i r s a a c n n o - Foreign Dec. 23 795,042 24,509 J355,939 69,189 66,306 31,711 25,225 87,927 21,621 15,856 20,901 20,901 54,957 Dec. 30 806,242 24,117 ^76,083 67,757 64,934 31,055 24,703 86,107 21,174 15,528 20,468 20,468 53,848 Jan 6 802,606 24,088 X372 721 67 716 64 894 31,036 24,688 86,056 21,161 15,518 20,456 20,456 53,816 Jan. 13 829,435 24,936 1385,852 69,375 67,184 31,401 25,559 89,092 21,908 16,066 20,447 21,908 55,707 Jan. 20 836,040 25,453 ^85,680 70,413 68,189 31,871 25,942 90,425 22,236 16,306 20,753 22,236 56,536 Other deposits: Dec. 23 396,427 7,256 207,268 13,336 73,590 11,417 3,505 7,921 14,207 12,051 2,248 2,885 40,743 Dec. 30 509,247 7,209 308,302 15,763 81,532 9,389 6,601 4,082 15,334 12,154 3,900 3,149 41,832 Jan. 6 369,828 7,162 169,929 9,667 75,902 9,870 4,993 2,605 14,940 12,181 10,016 5,097 47,466 Jan. 13 478,376 6,246 295,618 7,020 64,200 10,715 3,446 2,739 14,526 11,463 8,251 4,250 49,902 Jan. 20 474,516 5,281 301,048 7,473 63,347 7,709 4,269 2,946 12,621 11,464 6,234 3,459 48,665 Total deposits: Dec. 23 14,817,468 748,8465,954,835 736,2661,108,763 571,780 505,4241,985,167 490,241296,037 541,293496,1031,382,713 Dec. 30 14,914,837 783,8335,724,180 760,3201,172,985 576,986 524,3522,041,987 534,564336,276 551,768508,4681,399,118 Jan 6 14,909,224 736,4105,784,920 767 1101,163,069 586,967 546,6811,994,830 512,181318,185 563,584537,9281,397,359 Jan. 13 14,915,636 721,2415,736,878 771,3541,170,508 587,699 545,5382,088,543 499,540312,386 531,733536,854 1,413,362 Jan. 20 14,840,580 738,3745,622,912 773,7491,206,884 594,030 550,2812,025,101 515,511320,293 526,852517,5071,449,086 Deferred availability items: Dec. 23 1,103,341 100,566 238,682 70,380 128,427 86,838 45,525 168,104 58,900 24,076 54,640 43,017 84,186 Dec. 30 1,272,105 117,694 303,123 80,848 156,553 101,234 53,725 192,885 59,517 23,930 45,732 37,437 99,427 Jan. 6 1,137,323 112,301 228,726 71,368 113,626 91,478 48,166 178,061 58,869 25,174 59,636 48,463 101,455 Jan. 13 1,128,899 103,268 244,614 68,658 116,771 90,522 52,528 173,588 55,871 23,315 55,964 39,597 104,203 Jan. 20 1,102,971 109,811 244,691 71,212 128,134 81,988 29,821 170,946 57,965 19,647 47,566 53,208 87,982 Other liabilities, including accrued dividends: Dec. 23 6,595 688 1,788 429 634 442 328 779 169 176 448 296 418 Dec. 30 8,069 789 1,991 1,212 660 511 350 822 204 170 581 333 446 Jan. 6 . . .. 3,201 483 398 251 249 351 117 469 65 242 451 58 67 Jan. 13 4,008 550 571 318 334 380 152 558 111 301 494 86 153 Jan. 20 3,645 611 688 282 278 416 151 416 79 143 345 115 121 Total liabilities: Dec. 23 28,082,310 1,735,2978,997,6161,659,4432,376,435 1,444,0981,093,2414,563,757 1,059,564620,5431,022,982783,9332,725,401 Dec. 30 . . 28,383,2331,785,5088,823,4381,692,5482,465,645 1,468,2511,125,0634,653,223 1,108,317662,4791,025,491796,2322,777,038 Jan. 6 28,227,2051,727,7768,792,1661,687,0072,412,351 1,461,9591,143,1464,595,300 1,083,699648,3071,052,787837,7032,785,004 Jan. 13 28,157,8221,695,9738,732,8951,686,1592,422,4711,457,9101,139,8164,677,326 1,066,357640,7351,013,854822,9832,801,343 Jan. 20 28,065,4901,721,6698,613,7341,694,3952,471,196 1,452,5611,118,8724,620,712 1,084,745645,2721,000,661817,2552,824,418 ^ Capital accounts Capital paid in: Dec. 23 145,999 9,486 53,650 11,747 14,878 5,882 5,187 16,306 4,533 3,075 4,722 4,452 12,081 Dec. 30. . .. 146,031 9,489 53,653 11,747 14,878 5,885 5,190 16,306 4,549 3,077 4,726 4,450 12,081 Jan 6 146,329 9,493 53,658 11,747 15,100 5 890 5 200 16,341 4,551 3,083 4,731 4,457 12,078 Jan. 13 146,471 9,518 53,667 11,743 15,144 5,899 5,207 16,358 4,559 3,088 4,733 4,460 12,095 Jan. 20 146,678 9,520 53,672 11,743 15,171 5,914 5 222 16,381 4,576 3,150 4,774 4,460 12,095 Surplus (section 7): Dec. 23 157,502 10,949 56,651 15,171 14,346 5,236 5,725 22,925 4,966 3,152 3,613 3,976 10,792 Dec. 30 157,502 10,949 56,651 15,171 14,346 5 236 5 725 22,925 4,966 3,152 3,613 3,976 10,792 Jan. 6 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Jan. 13 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Jan. 20 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Surplus (section 13b): Dec. 23 26,781 2,874 7,070 4,393 1,007 3,244 713 1,429 530 1,000 1,137 1,263 2,121 Dec 30 26,781 2,874 7 070 4 393 1 007 3 244 713 1,429 530 1,000 1,137 1,263 2,121 Jan. 6 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Jan. 13 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Jan. 20 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 1,121 Other capital accounts: Dec. 23 55,327 2 982 15 690 3 871 5 353 2 400 2 640 9 233 2,278 2,753 2,303 2,175 3,649 Dec. 30 55,889 3,043 15,898 3,920 5,400 2,422 2,653 9,251 2,322 2,731 2,304 2,200 3,745 Jan. 6 48,114 2,579 13,055 3,039 4,598 2 132 2,270 8 729 2,084 2,535 2,125 1,913 3,055 Jan. 13 49,052 2,656 13,349 3,115 4,678 2,179 2,304 8,852 2,121 2,563 2,168 1,948 3,119 Jan. 20 49,975 2,725 13,660 3,200 4,769 2 243 2 342 8 974 2,106 2,596 2,188 1,983 3,189 Total liabilities and capital accounts: Dec. 23 28,467,9191,761,5889,130,6771,694,6252,412,019 1,460,8601,107,5064,613,650 1,071,871630,5231,034,757795,7992,754,044 Dec. 30 28,769,4361,811,8638,956,7101,727,7792,501,2761,485,0381,139,3444,703,134 1,120,684672,4391,037,271808,1212,805,777 Jan. 6 28,608,8881,753,8828,923,9501,721,8562,447,8231,478,4611,157,0584,644,724 1,095,830658,1461,064,393849,4632,813,302 Jan. 13 28,540,5851,722,1818,864,9821,721 0802,458,0671 474 4681 153 7694 726 8901 078,533650 6071 025,505834 7812,829,722 Jan. 20 28,449,3831,747,9488,746,1371,729,4012,506,9101,469,1981,132,8784,670,421 1,096,923655,2391,012,373829,0882/852,867 Commitments to make industrial advances: Dec. 23 10,850 153 284 1 497 391 1 108 135 1 687 1 696 3 899 Dec. 30 10,746 142 261 1,398 387 1,108 135 1,687 1 736 3 892 Jan. 6 11,893 119 261 1,421 357 1,007 135 1,633 3,016 3,944 Jan. 13 11,198 119 261 1,491 357 1,007 118 1 633 2 326 3,886 Jan. 20 11,674 119 211 1,724 332 1,006 118 1 633 1 691 4,840 1 After deducting $437,736,000 participations of other Federal Reserve Banks on Dec. 23; $429,034,000 on Dec. 30; $428,381,000 on Jan. 6, $442,037,000 on Jan. 13; $449,390,000 on Jan. 20. 150 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS. BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- R m i o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Federal Reserve Notes' Issued to F. R. Banks by F, R Agent: Dec. 23 12,607,792 905,488 2,.903,491 871,138 171,422 816,375 577,,539 2,457,397 537,180 306,047 441,509 273,6311,346,575 Dec. 30 12,659,321 904, ,903,017 873, 4"20" 1173,319 824,993 580,784 2,470,616 541,668 308,172 441,945 277,2161,359,947 Jan. 6 12,677,368 908,6442,903,330 874,518 1175,258 828,128 582,3432,470,167 541,284 310,549 440,217 277,0611,365,869 Jan. 13 12,687,652 909, ",895,717 874,832 1176,178 831,183 580, ,471,066 541,444 312,130 438,728 277,7491,378,693 Jan. 20 12,683,171 907,,732 2,893,143 874,924 1,174,767 323,273 584,6712,470,070 542,854 312,449 438,600 276,9461,383,742 Held by Federal Reserve Bank: Dec. 23 452,886 20,291 101,180 18,770 32,811 31,337 35,575 47,690 26,926 5,793 14,908 29,114 88,491 Dec. 30 471,099 21,032 108,873 23,252 37,872 35,473 34,148 53,087 27,636 6,069 14,535 27,222 81,900 Jan. 6 499,911 30,062 125,208 26,240 39,851 44,965 34,161 48,227 28,700 5,843 11,101 25,80" 79,746 Jan. 13 578,373 38,656 144,885 29,003 41,320 51,874 38,764 56,429 30,609 7,397 13,065 31,303 95,068 Jan. 20 564,877 34,859 147,700 25,772 38,867 47,146 46,052 45,821 31,664 7,260 12,702 30,521 96,513 In actual circulation:1 Dec. 23 12,154,906 885,1972,802,311 852,3681,138,611 785,038 541,964 2,409,707 510,254 300,254 426,601 244,5171,258,084 Dec. 30 12,188,222 883,1922,794,144 850,1681,135,447 789,520 546,6362,417,529 514,032 302,103 427,410 249,9941,278,047 Jan. 6 12,177,45" 878,5822,778,122 848,2781,135,407 783,163 548,1822,421,940 512,584 304,706 429,116 251,2541,286,123 Jan. 13 12,109,279 870,914 2,;750,832 845,8291,134,858 779,309 541,598 2,,414,637 510,835 304,733 425,663 246,4461,283,625 Jan. 20 12,118,294 872,8732,745,443 849, 1•5"2 1,135,900 776,127 538,6192,424,249 511,190 305,189 425,898 246,4251,287,229 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Dec. 23 12,398,000 888,0002,915,000 795,0001,180,000 727,000 550,0002,470,000 480,000 310,000 440,000 279,0001,364,000 Dec. 30 12,457,000 888,0002,915,000 795,0001,180,000 727,000 555,0002,500,000 480,000 310,000 440,000 283,0001,384,000 Jan. 6 12,472,000 898,0002,915,000 795,0001,180,000 727,000 555,0002,500,000 480,000 315,000 440,000 283,0001,384,000 Jan. 13 12,463,000 868,0002,915,000 795,0001,180,000 727,000 555,0002,500,000 480,000 315,000 440,000 284,0001,404,000 Jan. 20 12,473,000 868,0002,915,000 795,0001,180,000 727,000 565,0002,500,000 480,000 315,000 440,000 284,0001,404,000 Eligible paper: Dec. 23 5,210 120 4,360 490 11 41 180 Dec. 30 , 1,690 1,315 140 125 4: 6. Jan. 6 1,745 200 1,430 25 25 65 Jan. 13 2,900 140 2,605 70 35 50 Jan. 20 6,500 540 5,745 130 35 50 U. S. Gov't. securities: Dec. 23 355,000 20,000 100,000 125,000 30,000 75,000 5,000 Dec. 30 355,000 20,000 100,000 125,000 30,000 75,000 5,000 Jan. 6 , 355,000 20,000 100,000 125,000 30,000 75,000 5,000 Jan. 13 385,000 50,000 100,000 125,000 30,000 75,000 5,000 Jan. 20 385,000 50,000 100,000 125,000 30,000 75,000 5,000 Total collateral Dec. 23....... ,.. 12,758,210 908,1202,919,360 895,4901,180,000 852,015 580,0002,470,000 555,045 310,000 445,180 279,0001,364,000 Dec. 30... 12,813,690 908,0002,916,315 895,140 1,180,000 852,125 585,0002,500,000 555,045 310,000 445,065 283,0001,384,000 Jan. 6 , 12,828,745 918,2002,916,430 895,0251,180,000 852,025 585,0002,500,000 555,000 315,000 445,065 283,0001,384,000 Jan. 13 12,850,900 918,1402,917,605 895,0701,180,000 852,035 585,0002,500,000 555,000 315,000 445,050 284,0001,404,000 Jan. 20 12,864,500 918,5402,920,745 895,1301,180,000 852,035 595,0002,500,000 555,000 315,000 445,050 284,0001,404,000 1 Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing Bank. INDUSTRIAL ADVANCES BY FEDERAL RESERVE! IBANKS WAR PRODUCTION LOANS GUARANTEED BY WAR DE- [Amounts in thousands of dollars] PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE Ap- BANKS UNDER REGULATION V W l D e a d a s p n t t e e e d r s i a o d ( y l d a a y ) o s t f or Nu A m p a b p p e l r p i r c o a A v ti e o m d n o s unt ( b a p p m u c r l o o e t o m v t n u e e o - d n d t 1 t) s ( t a v a m a o A n n u o d d c t u i - - e n n s g t) 2 C ( s a t m o a m o m n e u o d n m t u i - t n n s it g t - ) ( P s a p t a m a a o r t n u o t i d i o t u c - i n n n i s - t g ) [A G m u o a u a r n u a t t n s h t o e in r e i d z t e h l d o o u an sa s nds G o u f a o r u d a t o n s l t t l a e a n e rs d d ] in lo g ans a A v a a d m i d la i o t b i u o le n n t a t l o borrowers 1934 984 49,634 20,966 13,589 8,225 1,296 under guar- 1935 1,993 124,493 11,548 32,493 27,649 8,778 Portion antee agree- 1 1 9 93 3 7 6 2 2 , , 2 4 8 0 0 6 1 1 3 5 9 0 , , 8 9 2 8 9 7 8 3 , , 2 3 2 6 6 9 2 2 5 0 , , 5 2 2 1 6 6 2 1 0 2 , , 9 7 5 8 9 0 7 7 , , 2 2 0 3 8 8 Number Amount am To o t u a n l t gu te a e r d an- out m st e a n n t d s ing 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 May 31.. 282 100,290 (X) C1) C1) 1941 June 30... 565 310,680 81,108 69,674 137,888 June 25 3,067 238,505 8,090 10,549 13,072 14,011 Dec. 31 3,202 279,860 8,294 10,337 14,597 19,600 July 31 932 509,012 151,154 131,097 158,340 1942 August 31 1,329 705,842 294,720 244,532 206,609 Jan. 28 3,224 281,617 7,612 9,752 14,272 19,388 Feb. 25 3,241 292,905 15,751 9,227 14,921 19,924 September 30 1,658 944,204 427,918 356,677 230,720 Mar. 25 3,261 297,945 17,698 9,312 14,364 19,086 Apr. 29 3,300 313,660 18,473 10,699 11,673 22,710 October 31 2,023 2,227,704 r527,186 r439,989 rl,308,168 M Ju a n y e 2 2 7 4 3 3 , , 3 3 3 5 7 2 3 3 2 3 5 8 , , 5 8 0 2 7 2 2 2 2 6 , , 4 3 8 4 0 6 1 1 1 1 , , 4 2 6 6 4 5 1 1 4 6 , ,8 3 3 7 2 8 2 2 3 6 , , 3 4 8 3 4 0 November 30 2,327 2,367,297 r644,479 r520,806 rl,383,394 July 29 3,376 344,770 22,323 12,619 15,989 25,284 Aug. 26 3,388 352,675 12,024 14,833 16,720 25,295 December 31 2,665 2,688,397 802,705 631,691 1,428,921 Sept. 30 3,394 364,916 8,199 15,882 12,187 23,180 Oct. 28 3,399 377,306 7,536 14,934 11,572 20,983 r Revised. Nov. 30 3,415 393,679 5,430 15,465 10,876 18,880 1 Not available. Dec. 31 3,423 408,737 4,248 14,126 10,661 17,305 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and amounts available to borrowers under guarantee 1 Includes applications approved conditionally by the Federal Reserve agreements outstanding represents amounts repaid, guarantees available Banks and under consideration by applicant. but not completed, and authorizations expired or withdrawn. 2 Includes industrial advances past due 3 months or more, which are not included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of adyances, and applications for advances and commitments withdrawn or expired. FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, DECEMBER, 1942 MEMBER BANK RESERVE BALANCES BY CLASSES OF BANK [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Gross Net Federal Reserve All city banks Re- Coun- Cl a a n ss d e s d i o s f t r b ic a t n s ks m d d a e e n - - d m d d a e e n - - d T p d o im e s - i e ts Banks b m a b e n e m k r s - 11 New Chi- b s c a e i r n t v y k e s ba t n ry ks1 posits posits1 qu R ir e e - d Held E ce x s - s York cago Total reserves held: All member banks 62,392 53,403 12,695 10,777 13,152 2,376 1941—December 12,812 5,142 1,143 4,317 2,210 Central reserve city banks: 1942—January 12,936 5,248 1,085 4,365 2,238 New York 20,104 19,216 729 3,887 4,303 416 February 12,908 5,266 1,086 4,356 2,199 Chicago 4,437 4,075 453 842 877 35 March 12,827 5,188 1,157 4,279 2,204 April 12,649 5,028 1,140 4,293 2,188 Reserve city banks: May 12,510 4,870 1,049 4,325 2,265 Boston district 1,759 1,620 86 329 420 91 June 12,624 4,859 979 4,448 2,338 New York district ,. ... 367 322 142 73 84 11 July 12,409 4,609 1,000 4,447 2,353 Philadelphia district 1,904 1,708 121 349 417 68 August 12,623 4,616 1,009 4,574 2,423 September 12,299 4,150 944 4,676 2,529 Cleveland district 2,921 2,508 694 543 718 175 October 12,234 4,093 834 4,711 2,597 Richmond district ,..-. 1,389 1,166 241 248 328 80 November 12,618 4,086 859 4,990 2,684 Atlanta district ,.... 1,401 1,118 177 234 278 44 December 13,152 4,303 877 5,122 2,850 Week ending (Friday): Chicago district 2,809 2,261 774 499 629 131 1942—Dec. 4 12,980 4,198 854 5,127 2,802 St. Louis district 1,518 1,280 172 266 302 35 Dec. 11 13,073 4,204 864 5,131 2,873 Minneapolis district 759 630 S3 131 148 18 Dec. 18 13,370 4,452 896 5,183 2,839 Dec. 25 13,334 4,407 887 5,170 2,870 Kansas City district 1,861 1,397 158 289 362 73 1943—Jan. 1 12,998 4,293 884 4,988 2,832 Dallas district 1,409 1,031 128 214 294 80 Jan. 8 13,389 4,504 5,048 2,953 San Francisco district ... 4,639 3,975 2,204 927 1,144 217 Jan. 15 13,327 4,368 5,192 2,875 Excess reserves: Total 22,736 19,014 4,981 4,102 5,122 1,020 1941—December 3,390 989 295 1,303 804 1942—January 3,446 1,083 225 1,330 809 February 3,309 1,071 204 1,279 755 Country banks: March 3,147 962 255 1,190 740 Boston district...,,...,, 1,595 1,298 584 217 301 84 April 2,951 795 262 1,175 718 2,421 2,014 1,545 375 526 151 May 2,667 546 178 1,171 772 Philadelphia district 1,143 904 845 177 244 67 June 2,704 556 89 ,232 827 July 2,237 269 64 ,105 799 Cleveland district 1,279 952 762 179 282 103 August 2,248 286 60 ,091 812 Richmond district 1,277 884 415 149 206 57 September 2,300 302 73 ,069 857 Atlanta district 1,179 812 276 130 193 63 October 2,328 557 27 921 823 November 2,362 455 45 ,035 827 Chicago district 1,863 1,339 925 243 379 136 December 2,376 416 35 ,020 904 M St. i n L n o e u a i p s o d li i s s t d ri i c s t t . r m ict 8 6 3 4 6 8 4 5 5 7 4 1 2 2 6 9 3 9 9 8 6 1 1 1 4 1 2 9 4 3 6 8 W 19 e 4 e 2 k — e D n e d c i . n g 4 (Friday): 2,562 496 39 ,115 912 Dec. 11 2,567 450 45 ,106 965 Kansas City district 929 591 163 93 138 46 Dec. 18 2,515 536 45 ,034 900 Dallas district 1,124 727 100 108 175 68 Dec. 25 2,377 432 32 1,022 890 San Francisco district... 821 550 357 98 144 45 1943—Jan. 1 pl,941 274 22 793 ?852 Jan. 8 ^2,235 443 15 805 P973 Total 15,115 11,097 6,533 1,946 2,850 904 Jan. 15 338 16 911 1 Gross demand deposits minus demand balances with domestic banks p Preliminary. (except private banks and American branches of foreign banks) and cash 1 Weekly figures of excess~reserves of all member banks and of country items in process of collection. banks are estimates. NOTE.—See tables on p. 146 for percentages of deposits required to be held as reserves. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] All member banks Memb ( e p r l b ac a e n s k s o v in e r l a 1 r 5 g , e 0 r 0 0 c ) enters Membt ( ia - c a e n s k s u n in d e s r m 1 a 5 ll , e 0 r 0 0 c ) enters Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Boston 3,354 r3,233 670 671 3,147 3,029 548 547 207 r204 123 124 New York 22,891 21,422 2,416 2,440 ^,289 !2,194 il,151 11,152 498 484 536 538 Philadelphia 3,047 2,935 967 979 2,605 2,507 518 526 442 428 449 453 Cleveland 4,200 4,144 1,456 1,446 3,716 3,684 1,094 1,083 483 460 362 363 Richmond 2,666 2,590 656 666 2,268 2,206 440 448 398 385 216 217 Atlanta 2,580 2,426 453 452 2,291 2,165 363 363 289 262 89 89 Chicago 9,109 8,780 2,151 2,150 !3,967 !3,811 U,324 11,312 705 675 374 372 St. Louis.. 2,354 2,277 435 436 1,855 1,801 311 312 499 476 124 125 Minneapolis 1,407 1,337 382 379 1,090 1,039 201 201 317 298 180 178 Kansas City 2,790 2,664 321 321 2,158 2,067 210 210 632 596 111 110 Dallas 2,533 2,420 228 228 1,919 1,834 185 184 614 586 43 44 San Francisco 5,461 5,182 2,561 2,549 5,194 4,930 2,435 2,427 266 252 126 122 Total.. 62,392 r59,410 12,695 12,716 132,500 !31,266 18,780 !8,766 5,351 r5,106 2,734 ,736 r Revised. 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. 152. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total c c e G r a o t t i e l f d s i- d S o i l l l v a e r r s c S c e a i r l t t v i e f e s i r - o T n f r u o e 1 r t a y 8 e 9 s s - 0 S s u i a b lv r s y e id r i- M c i o n i o n r U S n n t o i a t t t e e e s d s R F n e e o s d e t e e r r v s a e l F R n B e e d o a s e t n e e r r k s a v l e n ti N o o t a n e - a s l 1941—November 10,640 61 59 1,737 474 208 321 7,615 20 145 December. 11,160 61 60 1,733 481 209 313 8,138 19 144 1942—January... 11,175 61 61 1,657 471 206 302 8,253 19 143 February.. 11,485 61 61 1,695 475 206 309 8,514 19 143 March 11,566 60 62 1,697 482 208 307 8,587 19 142 April 11,767 60 64 1,707 488 209 309 8,76^ 19 141 May 12,074 60 65 1,745 496 211 316 9,022 19 140 June 12,383 59 66 1,754 504 213 317 9,310 19 139 July 12,739 59 67 1,764 510 215 315 9,650 19 138 August 13,200 59 69 1,786 521 218 321 10,068 18 138 September 13,703 59 71 1,754 537 222 324 10,580 18 137 October.. . 14,210 59 73 1,704 551 225 326 11,118 18 136 November. 14,805 58 74 1,731 565 227 327 11,667 18 136 December. 15,410 58 76 1,751 575 228 317 12,082 209 114 Back figures—See Annual Report tor 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of month in c u c la i - r- so U r n te as d - 2 tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1941—November 10,640 7,769 738 675 43 1,318 2,610 2,383 2,874 674 1,343 248 538 24 47 4 December 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942—January 11,175 8,053 738 656 42 J. 309 2,713 2,595 3,126 745 1,481 265 566 24 46 4 February 11,485 8,326 743 668 42 1,344 2,825 2,704 3,163 767 1,511 266 565 21 33 4 March 11,566 8,396 752 673 42 1,351 2,834 2,744 3,174 779 1,528 268 561 9 29 5 April 11,767 8,560 757 680 43 L,362 2,898 2,820 3,204 792 1,549 268 558 9 29 1 May 12,074 8,841 771 696 44 L 402 3,004 2,924 3,235 801 1,566 260 570 9 28 1 June 12,383 9,083 783 704 45 1,427 3,099 3,024 3,301 824 1,602 262 576 8 29 2 July 12,739 9,398 793 712 45 1,464 3,234 3,149 3,343 840 1,628 263 574 8 30 2 August 13,200 9,795 809 731 48 ,517 3,379 3,310 3,409 868 1,663 266 575 8 29 4 September.... 13,703 10,207 830 754 50 ,555 3,532 3,487 3,500 904 1,715 268 576 9 29 4 October 14,210 10,629 848 764 51 ,597 3,684 3,686 3,584 940 1,762 274 570 9 30 3 November 14,805 11,122 867 782 53 ,647 3,887 3,885 3,686 972 1,824 278 575 9 28 3 December 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [Held by Treasury and Federal Reserve Banks and in circulation. In millions of dollars] [By selected banks and financial institutions in New York City. In millions of dollars ] Silver Fed- End of month Total d s o b i a l u l n v l l - a d e r r s s S s i a u i l b r d v - y i e - r M co in in or U S n n t o a i t t t e e e s s d s B e R e a r e r - a n v l k e t n b i N o o a t a n n e - k a s l Year or month m E e S u n h r t o i s p p - e to R E e f u c ro r e o m ip pe ts m s N h e i e n p t t - s rec N e e i t pts lionl coin notes 1937 .. . 21.5 47.6 26.1 1938 33.1 34.4 1.3 1941—November 3,231 2,017 489 212 347 20 146 1939 110.2 9.8 100.3 December .. 3,247 2,023 497 215 347 20 146 1940 . 17.7 .7 17.0 1941 .3 .5 .2 1942—January 3,259 2,029 501 218 347 20 144 1942 .2 .2 February... 3,268 2,033 505 220 347 20 144 March :,277 2,038 509 221 347 19 143 1942—January .2 .1 April 3,289 2,044 514 222 347 19 142 February (*> May 3,305 2,050 524 224 347 19 141 March June 3,313 2,053 530 225 347 19 140 April .1 .1 July 3,326 2,057 539 225 347 19 139 May August 3,340 2,059 551 226 347 19 139 June September.. 3,353 2,061 562 226 347 19 138 July 8 C1) October .... 3,368 2,062 575 228 347 18 137 August November.. 3,381 2,063 586 229 347 18 137 September .1 December .. 3,648 2,063 596 232 347 274 136 October. .1 November December C1) (x) 1 Includes silver held against silver certificates amounting to $1,973- 000,000 on Dec. 31,1942 and $1,943,000,000 on Dec. 31, 1941. i Less than $50,000. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN GOLD STOCK OF MOVEMENT OF GOLD TO AND FROM UNITED STATES1 UNITED STATES [In thousands of dollars} [In millions of dollars) I 1941 Ear- Period a s G t t o o e c l n k d d I i n n c r g e o a l s d e N im et p g o o r l t d g m o c l r a d e r : a k s e d e d e- p D ti r c o o m d g u o e c s ld - - From or to— Dec. Nov Jan-Dec. of period stock cre o a r s e in ( - —) tion :i i p Im or - ts p E or x t - s p I o m rt - s p E o x r - ts p I o m r - ts p E o x r - ts France 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 3 3 3 4 3 4 3 3 4 4 7 6 2 9 1 5 8 0 2 .. . . . ... 3 3 2 1 2 2 1 1 1 1 8 2 0 2 1 4 7 2 1 , , , , , , , , , 2 7 1 5 9 7 6 2 7 3 3 1 2 9 2 4 5 6 8 7 2 5 5 6 4 8 0 4 4 3 1 1 1 1 , , - , , , , , 2 3 1 8 1 5 7 7 1 0 5 3 8 3 0 5 4 0 2 1 2 7 2 2 1 1 . . . . . . . . . 3 5 2 0 5 2 5 5 8 1 3 4 1 1 1 1 , , , , , , , 5 7 1 1 7 5 9 9 ( 7 3 3 1 4 8 4 7 8 ) 4 9 3 6 4 5 3 2 . . . . . . . . 2 9 0 5 6 5 6 4 5 - - - - - - 2 - 3 5 4 6 4 8 0 3 3 0 4 5 8 5 0 3 4 7 4 8 2 . . . . . . . . . 9 4 5 4 7 7 4 6 2 1 1 1 1 1 1 1 9 1 3 4 4 6 7 6 2 0 1 8 3 1 0 9 . . . . . . . . 9 7 6 9 6 7 2 1 P S S U U M W C C w o w a n e . e e r n n e i i x S s t t t d a t u i t e z . r c e d g d e a o S n a I r a l n . l K l a A d R n i i n m d e g s e d r o i a c m n a d Ber- 2 1 0 1 3 , , 3 4 9 1 2 7 6 2 7 6 7 9 0 4 6 3 3 2 2 5 6 4 , , , 6 3 9 9 1 1 2 3 2 3 2 5 1 4 9 6 1 4 4 4 1 1 1 3 1 4 2 0 6 , , , , , , 7 7 9 0 8 9 4 8 4 2 9 7 0 6 9 0 7 0 3 0 9 9 3 2 3 8 7 muda 53 77 1 867 1941—November.... 22,785 -14.4 50.4 -60.9 18.2 Argentina 6 18 184 December 22,737 —48.8 452.9 -99.7 11.5 Bolivia ... 1 8 95 Brazil 2 5 i 25 10 1942—January 22,747 10.6 -38.5 14.7 Chile . ... 883 441 8,510 February 22,705 -42.4 -109.3 10.0 Colombia 2,238 2,110 24,448 March 22,687 -17.3 -65.5 11.0 Ecuador 234 218 3,057 April 22,691 3.3 — 20.1 11.1 Peru 678 436 9,119 May 22,714 23.6 -38.2 10.8 Venezuela 369 227 4,581 June 22,737 22.3 -14.8 10.1 British Guiana 53 91 1,039 July 22,744 7.6 -24.4 12.3 Australia 3,713 5,980 67,492 August 22,756 11.4 -21.8 9.8 New Zealand 293 156 2,658 September... 22,754 -1.3 -27.8 11.5 British Oceania 311 314 3,894 October 22,740 -14.3 -56.4 11.7 British India 711 9,665 November... 22,743 3.3 —10.8 7.5 Netherlands Indies 855 December.... 22,726 -17.2 5-31.0 China and Hong Kong.. 665 4,362 f p i i g n 1 u e A r e I n s s l n a a u n r a e d l s t h f p i o g r s o u e d r e u p s c u t b i a l o r i n s e h r e e e d s c t e i i n i m v e t a a d t b e s i l n e o U o n f n i p t t e h a d g e e S U 1 ta 9 n t 3 i e t , e s d a . d ju S s t t a e t d e s to M e i x n c t l . u de M P on h t i h li l p y - A J P S a h o l p l u i l a t o i n h p t h p A e in r f e ri c c o I a s u l n a t n r d ie s s 5,5 7 1 0 1 9 6 6 0 1,8 4 3 7 4 2 3 0 1 2 4 9 9 4 2 2 , , , , 6 4 9 8 8 9 4 7 4 3 4 2 6 fin 2 e F o i u g n u c re e s t b h a e s r e e d a ft o e n r . rate of $20.67 a fine ounce in January 1934 "and $35 a Total 52,897 2 50,382 8 982,442 64 3 Includes gold in the Inactive Account amounting to 27 million dollars on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. i Figures represent customs valuations which, with some exceptions, 4 The net gold import figures for months subsequent to December 1941 are at rate of $35 a fine ounce. have not been released for publication. NOTE.—Figures for months subsequent to December 1941 have not been 6 Gold held under earmark at Federal Reserve Banks for foreign account released for publication. For back figures for selected countries beginning amounted to 2,673.8 million dollars on December 31,1942. in 1934, see table on page 193. NOTE—For back figures through 1937, see Annual Report for 1937 (table 29). BANK SUSPENSIONS1 Member Nonmember Total, banks banks BANK DEBITS all Debits to deposit accounts except interbank accounts banks Na- State In- Not tional sured2 insured [In millions of dollars] Num 1 1 1 1 b 9 9 9 9 e 3 3 3 3 r 7 4 5 6 of banks suspended: 5 3 4 5 7 4 4 9 4 4 1 1 2 4 4 2 8 0 7 2 48 g 3 6 Year and month r c T e e o i p a n n t o l t g a l e r l t r , - s N Y C e o it w r y k ce o n 1 t 4 h te 0 e r r s1 r c e e o p n 1 t o h 3 t r e e 3 t r r i s n 2 g 1938 55 1 1 47 6 1939 42 4 3 25 10 1929 982,531 603,089 331,938 47,504 1940 22 1 18 3 1936 461,889 208,936 219,670 33,283 1941 8 4 3 1 1937 469,463 197,836 235,206 36,421 1942 9 6 3 1938 405,929 168,778 204,745 32,406 1939 423,932 171,382 218 298 34,252 Deposits of suspended banks 194U 445,863 171,582 236,952 37,329 (in thousands of dollars):3 1941 537,343 197,724 293 925 45,694 1934 36,937 40 1,912 34,985 1935 10,015 5,313 3,763 939 1941—December.. 56,582 20,598 31 133 4,850 1936 11,306 507 10,207 592 1942—January... 48,605 17,247 27 028 4,330 1937 19,723 7,379 1,708 10,156 480 February.. 41,545 14,242 23 543 3,760 1938 13,012 36 211 11,721 1,044 March 49,161 17,056 27764 4,341 1939 34,998 1,341 24,629 6,589 2,439 April 46,613 16,023 26451 4,138 1940 5,943 256 5,341 346 May 48,342 16,985 27 241 4,116 1941 3,726 3,144 503 79 June 50,107 17,394 28 292 4,421 1942 1,702 1,375 327 July 50,087 17,110 28 505 4,472 August.... r49,179 17,051 r27 847 4,282 o w (i r n h 1 o p s s R e o e r e m m d p e e a r e p n i s o n e e s n s n i t t t a t l s y n l i c b a o e a b n s n i l k w a it s c i i e c t w h s o u h w t n i h c e t e h r e o , a f d a i d s u f s i r n u o in a m f n g e F c d i e t a h d l b e e y d r p a i o f e l f t r i h D i c o e u e d r l p s t b i o e s a s s h n i ; t o k w d s I o n n a e s , t s u c t r n h l a o o e n s t c e t e i d i m n c C t e e l o u m o r d f p p e o c o l r b r o a a a s t r n i i i n o k ly g n s N O D Se o c e p t c v o t e e e b m m m e b r b b . e e e r r r . . . . . 5 5 5 6 2 5 0 4 , , , , 7 0 6 9 1 5 7 9 2 6 3 0 2 1 1 1 3 8 7 8 , , , , 3 0 9 5 2 1 2 9 3 6 1 3 2 3 2 3 9 1 9 5 5 0 5 6 3 4 2 6 0 0 7 1 4 5 4 5 , , , , 1 5 6 5 0 1 8 0 5 6 9 8 loans). 2 Federal deposit insurance became operative January 1, 1934. r Revised. Deposits of member banks and insured nonmember banks suspended are 1 National series, for which bank debit figures are available beginning as of dates of suspension, and deposits of noninsured nonmember banks with 1919. are based on the latest data available at the time the suspensions were 2 Except that 1929 figure is for 128 centers only. reported. Back figures.—Annual Report for 1937, page 157. Annual totals, begin- Back figures— See Annual Report for 1937 (table 76). ning with 1919, by Federal Reserve districts and for individual centers, are available for distribution and will be furnished upon request. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 [In millions of dollars I Member bankS2 Non b m an e k m s ber Member banks2 Non b m an e k m s ber Call date Total Total ti N on a a - l State M s b a a v u n i t n u k g a s s l O m n b o t e h e n m r e - r - Call date b A an ll ks Total ti N on a- al State M s b a a u v n t in u k g a s l s m O n b e t o h e m n r e - - r banks banks 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29 53,852 32,284 19,411 12,873 8,983 12,584 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 Dec. 31 55,289 33,865 20,290 13,575 8,916 12,508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30 38,505 23,771 15,386 8,385 9,708 5,026 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 1938—June 30 52,195 34,745 22,553 12,193 10,296 7,153 Dec. 31 15,206 6,338 5,224 1,114 556 8,312 Dec. 31 54,054 36,211 23,497 12,714 10,365 7,478 1939—June 30 15,082 6,330 5,203 1,127 553 8,199 1939—June 30 55,992 38,027 24,534 13,493 10,521 7,444 Dec. 30 15,037 6,362 5,187 1,175 552 8,123 Dec. 30 58,344 39,930 25,661 14,269 10,613 7,801 1940—June 29 14,953 6,398 5,164 1,234 551 8,004 1940—June 29 60,582 42,039 26,931 15,108 310,631 37,912 Dec. 31 14,895 6,486 5,144 1,342 551 7,858 Dec. 31 65,021 46,007 29,214 16,793 10,658 8,356 1941—Apr. 4 14,871 6,528 5,138 1,390 550 7,793 1941—Apr. 4 65,211 46,179 29,467 16,712 10,684 8,347 June 30 14,855 6,556 5,130 1,426 547 7,752 June 30 67,172 48,076 30,684 17,392 10,641 8,456 Sept. 24 14,852 6,596 5,125 1,471 546 7,710 Sept. 24 68,449 49,160 31,500 17,660 10,643 8,646 Dec. 31 14,825 6,619 5.117 1,502 545 7,661 Dec. 31 70,792 51,192 32,672 18,520 10,525 9,075 1942—June 30 14,773 6,647 5,101 1,546 544 7,582 1942—June 30 5 72,382 53,434 34,036 19,397 10,387 8,562 For footnotes seetable below. For footnotes see table below. LOANS AND INVESTMENTS [ In millions of dollars] All banks Member banks2 Nonmember banks Call date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- 1929—June 29 58,474 41,531 16,943 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 Dec. 31 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 40,319 21,977 18,342 25,220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1938—June 30 47,381 21,130 26,252 30,721 12,938 17,783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 314 48,929 21,354 27,575 32,070 13,208 18,863 10,255 4,930 5,325 6,604 3,217 3,387 1939—June 30 49,616 21,318 28,299 32,603 13,141 19,462 10,342 4,931 5,411 6,671 3,245 3,425 Dec. 30 50,885 22,169 28,716 33,941 13,962 19,979 10,314 4,961 5,353 6,630 3,246 3,384 1940-June 29 51,335 22,341 28,995 34,451 13,969 20,482 310,188 4,926 5,262 36,696 3,445 3,251 Dec. 31 54,188 23,741 30,448 37,126 15,321 21,805 10,248 4,959 5,289 6,815 3,461 3,353 1941—Apr. 4 56,147 24,322 31,825 38,983 15,878 23,104 10,276 4,954 5,322 6,889 3,490 3,399 June 30 57,945 25,312 32,633 40,659 16,729 23,930 10,314 4,955 5,360 6,972 3,628 3,344 Sept. 24 59,296 26,187 33,109 41,943 17,546 24,397 10,348 4,949 5,399 7,005 3,692 3,313 Dec. 31 61,098 26,616 34,483 43,521 18,021 25,500 10,372 4.903 5,470 7,205 3,692 3,513 1942—June 30 5 63,976 25,078 38,897 46,800 16,928 29,872 10,353 4,819 5,534 6,822 3,331 3,492 1 Prior to December 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank abstracts. 2 Includes, subsequent to April 4, 1941, two mutual savings banks in Wisconsin and one in Indiana. 3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, prior to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column. 4 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 1938, were approximately $50,000,000 and $100,000,000, respectively. 5 Decreases in "Other nonmember banks" figures (and corresponding increases in member bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942. NOTE.—Beginning with the April 4, 1942 call, spring and fall figures are not being compiled for "All banks." Back figures.—See Annual Report for 1937 (tables 48-49). FEBRUARY 1943 [55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments1 Loans for U. S. Government obligations purchasing Obli- Total or carrying gations loans Com- SCCUT' ti*»c Direct of Call date and mer- Agri- Open States i m nv e e n s t t s - Total1 a c n ia d l c tu u r l- - m k a e r t - To e R st e a a te l l O o t a h n e s r 4 Total f C ic e a r t t e i s - Guar- p a o n li d ti- O se t c h u e - r i t n r d ia u l s 2 - al2 paper b e ro rs k- o T t o h- loans Total Bills i o n f - Notes Bonds t a e n e - d su c b a - l rities and ers^ debt- divideal- ed- sions ers ness Total—All Member Banks 1929—Dec. 31 35,934 26,150 583 2,463 7,685 3,191 12,229 9,784 3,863 97 152 520 3,094 1,393 4,528 1933—June 30 24,786 12,858 595 953 3,752 2,372 5,187 11,928 6,887 554 559 2,049 3,725 1,744 3,297 1939—Dec. 30 33,941 13,962 5^386 "730" 455 790 700 2,957 2,944 19,979 4,328 563 2,223 8,398 3,144' 2,692 2,959 1940—June 29 34,451 13,969 5,538 736 450 447 668 3,069 3,062 20,482 4,722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31 37,126 15,321 6,204 865 456 642 652 3,228 3,273 21,805 5,823 652 2,594 9,091 3,486 3,013 2,970 1941—Tune 30 40,659 16,729 7,270 738 537 575 635 3,365 3,609 23,930 8,078 ,127 2,631 10,481 3,839 2,984 2,867 Dec. 31 43,521 18,021 8,064 972 607 594 598 3,494 3,692 25,500 9,539 971 3,007 11,729 3,832 3,090 2,871 1942—Apr. 4 ... 44,287 17,834 26,453 20,449 3,471 3,173 2,831 June 30 .... 46,800 16,928 7,888 726 495 554 562 3,501 3,203 29,872 -4,098 ,509 1,872 3,546 14,485 2,685 2,934 2,840 Dec. 3lp.... 59,234 16,062 43,173 37,544 2,963 2,666 New York City* 1929—Dec. 31 8,774 6,683 195 1,257 2,145 169 2,917 2,091 1,112 34 23 166 889 222 758 1933—June 30 7,133 3,424 364 759 1,044 157 1,099 3,709 2,551 330 309 987 926 478 680 1939—Dec. 30 9,339 3,296 '1,168' •••y 120 611 188 133 469 6,043 4,772 315 797 2,385 1,275' 579 693 1940—June 29 9,829 3,014 1,801 6 103 320 188 137 458 6,815 5,486 421 1,092 2,650 1,324 634 695 Dec. 31 10,910 3,384 2,025 6 100 465 190 130 468 7,527 6,044 207 1,245 2,977 1,615 695 788 1941—June 30 12,493 3,778 2,405 3 97 422 186 129 536 8,715 7,268 577 1,526 3,415 1,751 651 796 Dec. 31 12,896 4,072 2,716 8 91 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1942—Apr. 4 13,123 4,173 ....... 8,950 7,381 1,515 773 796 June 30 14,019 4,066 i] 775 "'66' ' 430' " 167' 121 499 9,953 8,550 402 663 1,746 4,572 1,166 623 781 Dec. 31p.... 17,957 4,116 13,841 12,547 593 701 City of Chicago^ 1929—Dec. 31 1,757 1,448 19 251 533 21 623 309 116 1 2 19 94 96 96 1933—June 30 1,287 677 69 61 251 30 267 610 384 149 57 82 97 87 138 1939—Dec. 30 2,105 569 365 6 17 41 66 13 60 1,536 1,203 153 176 701 172 162 170 1940—June 29 2,205 603 417 8 16 23 61 16 62 1,602 1,258 254 161 710 134 177 167 Dec. 31 2,377 696 476 5 17 42 54 19 84 1.681 1,307 297 145 752 112 188 186 1941—Tune 30 2,707 846 609 5 21 36 55 20 101 1,861 1,483 417 125 803 138 190 188 Dec. 31 2,760 954 711 6 21 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1942—Apr. 4 2,806 923 1,883 1,490 108 207 187 June 30 3,116 906 697 3 15 29 50 22 90 2,210 1,858 357 181 162 1,068 90 164 188 Dec. 31P.... 3,973 832 3,141 2,789 166 186 Reserve City Banks 1929—Dec. 31.... 12,029 9,084 168 664 2,775 1,538 3,937 2,944 1,368 25 66 165 1,112 448 1,128 1933—June 30.... 8,492 4,482 126 108 1,340 1,131 1,777 4,011 2,483 73 131 681 1,597 598 930 1939—Dec. 30 12,272 5,329 2,100 221 155 119 222 1,335 1,177 6,943 5,194 63 819 3,339 972 890 860 1940—June 29.... 12,160 5,365 2,134 176 156 87 210 1,372 1,230 6,795 4,947 87 839 3,052 969 981 868 Dec. 31 13,013 5,931 2,436 263 153 115 207 1,436 1,322 7,081 5,204 103 771 3,281 1,049 984 893 1941—Tune 30 14,013 6,498 2,879 175 202 100 198 1,477 1,466 7,515 5,700 73 606 3,858 1,162 979 836 Dec. 31 15,347 7,105 3,206 300 250 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1942—Apr. 4 15,605 6,989 8,616 6,832 1,051 941 844 June 30 16,535 6,564 3,103 152 215 78 177 1,524 1,315 9,971 8,188 579' 674 981 5,149 806 925 858 Dec. 31*\ 20,901 6,089 14,811 13,037 952 823 Country Banks 1929-Dec. 31 13,375 8,936 201 291 2,231 1,462 4,750 4,439 1,267 37 59 171 999 627 2,546 1933—June 30 7,873 4,275 35 25 1,117 1.055 2,043 3,598 1,469 2 63 299 1,106 581 1,549 1939—Dec. 30 10,224 4,768 1,151 "495' 163 20 224 1,477 1,238 5,456 3,159 31 431 1,972 "725' 1,061 1,236 1940—June 29 10,257 4,987 I1,187 546 174 17 208 1,544 1,311 5,270 3,030 36 451 1,849 695 1,097 1,144 Dec. 31 10,826 5,309 1,267 590 187 21 201 1,644 1,400 5,517 3,269 45 433 2,081 710 1,146 1,102 1941—Tune 30 11,446 5,607 1,377 555 216 17 195 1,739 1,507 5,839 3,627 60 374 2,404 788 1,165 1,047 Dec. 31 12,518 5,890 1,431 659 245 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1942-Apr. 4 12,753 5,749 7,004 4,746 797 1,253 1,005 June 30 13,130 5,393 1,314 562 198 16 169 1,834 1,299 7,737 5,502 171 355 657 3,696 624 1,222 1,013 Dec. 31p.... 16,404 5,024 11,379 9,171 1,252 956 p Preliminary. 1 Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April, 1939, pp. 259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only. 2 Not shown in call reports prior to December 1938. 3 Figures in this column prior to Dec. 31, 1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. 4 This is a residual item and includes loans to banks. Because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable with earlier figures. 6 Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 52-58). 156 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank (deposits Reserves Bal- De- Call date F w e R d i e t e h - ral v C a i a u n s l h t a w n d i c o t e - h s m po d a s e n i - d ts vi I d n u d a i l - s, States C f e ie r d ti- u s vi I d n u d a i l - s, States U Go .S v . - D b om an e k s s tic B r i o n o w g r s - - C c a o a p u c i n - ta ts l B s a er n v k e s banks1 ju a s d te - d p an a s p t d h r i o o t i r n p c n a e o s s - , r r - - p v s o i u a l s i b i n t o d i d c n i- a s l c c h a o e e f n e t f r c c d i s . - k ' s m G er e o n n v - t - p an a s p t d h r i o o t i r n c p n a e o s s - , r r - - v s p i u i s o c i b l o a d i l n t i - s - p m o e a s r s a n e n t v d n a - - t l m D an e- d3 Time b F e a i o n g r k n - s ings Total—All Member Banks 1929—Dec. 31 2,374 558 2,168 16,647 17,526 1,335 1,681 143 12,267 595 122 3,517 95 698 879 6,709 1933—June 30 2,235 405 2,008 12,089 11,830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1939—Dec. 30 11,604 841 5,506 25,681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 1940—June 29 13,751 789 5,751 27,877 26,397 2,529 475 711 11,459 410 59 8,852 134 703 3 5,608 Dec. 31 13,992 991 6,185 30,429 29,576 2,724 913 616 11,687 435 56 9,581 135 706 3 5,698 1941—June 30 12.959 999 6,293 32,678 31,429 2,940 738 619 11,898 397 55 9,610 138 688 3 5,800 Dec. 31 12,396 1,087 6,246 33,754 33,061 3,066 1,009 1,709 11,878 418 50 9,714 133 678 4 5,886 1942—Apr. 4 12,725 884 e6,276 34,670 32,602 3,285 589 2,164 11,520 395 49 e9,650 e118 e641 14 5,930 June 30 12,295 1,022 5,770 36,966 35,646 3,230 711 1,724 11,673 400 49 9,110 109 752 6 5,991 Dec. 31p 42,124 New York City* 1929—Dec. 31 827 68 179 4,750 5,847 128 1,180 20 1,112 33 18 1,198 40 597 179 2,105 1933—June 30 846 46 101 4,358 4,676 96 461 332 671 4 110 1,255 22 128 8 1,582 1939—Dec. 30 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 1 695 1,592 1940—June 29 7,072 88 119 10,235 10,283 258 147 67 732 29 3,840 650 1,599 Dec. 31 7,057 102 122 11,062 11,357 370 471 48 768 51 4,032 646 1,615 1941—June 30 5,857 136 131 11,619 11,895 319 306 32 778 27 3,948 623 1,625 Dec. 31 5,105 93 141 10,761 11,282 319 450 866 778 29 3,595 612 1,648 1942—Apr. 4 5,236 81 11,335 11,235 296 154 967 751 25 e3,383 e576 4 1,655 June 30 4,762 88 103 11,711 12,014 271 273 863 717 17 3,284 683 3 1,698 Dec. 31? 12,501 City of Chicago 1929—Dec. 31 169 13 133 957 1,041 42 32 8 332 58 2 310 19 33 41 316 1933—June 30 232 34 203 912 870 87 16 46 358 1 6 259 2 204 1939—Dec. 30 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 1940—June 29 1,187 39 242 1,898 1,782 199 17 79 489 15 5 949 7 260 Dec. 31 1,051 42 319 1,941 1,905 174 27 90 496 8 5 997 8 270 1941—June 30 1,062 41 262 2,205 2,109 213 33 95 480 17 5 1,010 8 279 Dec. 31 1,021 43 298 2,215 2,152 233 34 127 476 1,027 8 288 1942—Apr. 4 1,088 27 e285 1,919 1,886 203 31 296 455 el,253 e9 289 June 30 973 43 220 2,379 2,292 226 24 201 460 1,028 10 293 Dec. 31p ..2,588 Reserve City Banks 1929—Dec. 31 751 156 947 5,229 5,547 423 300 76 4,433 371 41 1,604 30 64 292 2.029 1933—June 30 705 122 1,002 3,764 3,708 349 108 312 2,941 208 388 1,315 59 15 16 1,533 1939—Dec. 30 3,118 348 2,485 8,176 8,002 813 190 435 4,362 240 14 3,516 117 53 1,828 1940—June 29 3,759 334 2,679 8,774 8,372 956 147 422 4,422 219 18 3,526 105 44 1,873 Dec. 31 4,027 396 2,741 9,581 9,468 995 228 327 4,506 226 19 3,919 106 51 ,904 1941—June 30 4,125 385 2,793 10,480 10,142 1,139 209 341 4,590 211 19 4,000 108 55 1,940 Dec. 31 4,060 425 2,590 11,117 11,127 1,144 286 491 4,542 243 20 4,302 103 55 ...... 1,967 1942—Apr. 4 4,221 348 e2,705 11,689 11,105 1,313 202 633 4,366 224 18 e4,235 e90 e54 1,981 June 30 4,254 357 2,279 12,515 12,199 1,304 218 422 4,454 239 18 4,052 82 57 1,985 Dec. 3P 15 058 Country Banks 1929—Dec. 31 627 321 908 5,711 5,091 742 169 39 6,390 133 61 405 6 3 367 2,258 1933—June 30 452 203 702 3,054 2,576 555 72 116 3,833 86 285 228 7 1 167 L,517 1939—Dec. 30 1,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 1,851 1940—June 29 1,733 328 2,711 6,969 5,960 1,115 164 143 5,816 147 37 538 29 2 3 L,876 Dec. 31 1,857 452 3,002 7,845 6,846 1,184 187 151 5,917 150 33 633 29 2 3 1,909 1941—June 30 1,914 437 3,106 8,374 7,282 1,269 190 151 6,049 143 31 652 30 2 3 L,956 Dec. 31 2,210 526 3,216 9,661 8,500 1,370 239 225 6,082 146 31 790 30 2 4 L.982 1942—Apr. 4 2,180 429 e3,093 9,726 8,376 1,473 202 269 5,948 145 30 e779 e28 e2 4 2,005 June 30 2,306 533 3,168 10,360 9,141 1,429 196 237 6,042 143 31 747 27 3 3 2,014 Dec.31p 11,977 P Preliminary. 1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated $629,000,000. Prior to Dec. 31, 1935, excludes balance with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, f933, includes^time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 3 Beginning June 30, 1942, excludes reciprocal bank balances. 4 Central reserve city banks. e Partly estimated. Back figures—See Annual Report for 1937 (tables 52-58), FEBRUARY 1943 157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Investments Loans for U. S. Government obligations Com- purchasing Total mer- or carrying loans cial, securities Date or month i m n a v e n e n d s t t s - Total i t n t a c a r u d g u i n r u a r l a d - i l s l - , - p O m k a p e a p e t r e n - r b d a r T e e n o r a o d s k l- - ot T h o ers e l R o st a e a n a t l s e L ba o t n a o k n s s O lo t a h n e s r Total Total Bills C f o d n i f e e e c e a r d b s i t t - n t s e i - - - Notes Bonds G t a e u n e a - d r- O r s t i e t h c i e e u r s ers Total—101 Cities 1941—December... 30,053 11,371 6,709 429 542 425 1,259 41 1,966 18,682 15,021 956 2,540 8,575 2,950 3,661 1942—August 34,033 10,600 6,391 324 546 394 1,231 36 1,678 23,433 19,985 2,103 1,832 2,808 11,189 2,053 3,448 September... 34,888 10,342 6,280 299 489 377 1,225 36 1,636 24,546 21,048 2,323 2,567 2,824 11,234 2,100 3,498 October 36,787 10,300 6,337 269 484 370 1,217 29 1,594 26,487 23,011 2,674 2,984 3,878 11,470 2,005 3,476 November... 37,865 10,254 6,301 257 533 364 1,211 30 1,558 27,611 24,288 3,083 3,368 4,263 11,662 1,912 3,323 December... 39,717 10,366 6,138 245 828 395 1,203 34 1,523 29,351 26,063 3,760 3,729 4,202 12,440 1,932 3,288 1942—Oct 28 37,549 10,320 6,316 265 529 369 1,217 46 1,578 27,229 23,786 2,811 2,945 4,398 11,725 1,907 3,443 Nov 4 37,924 10,445 6,314 260 664 370 1,213 44 1,580 27,479 24,120 2,911 3,358 4,272 11,668 1,911 3,359 Nov. 11 37,691 10,341 6,359 259 544 367 1,212 34 1,566 27,350 24,027 2,832 3,363 4,274 11,651 1,907 3,323 Nov. 18 37,905 10,172 6,289 258 479 364 1,209 25 1,548 27,733 24,423 3,218 3,367 4,262 11,664 1,912 3,310 Nov. 25 37,939 10,058 6,241 253 444 356 1,209 19 1,536 27,881 24,581 3,369 3,383 4,246 11,664 1,919 3,300 Dec. 2 38,387 10,295 6,192 248 700 389 1,207 22 1,537 28,092 24,808 3,570 3,429 4,241 11,634 1,934 3,284 Dec. 9 38,444 10,304 6,157 247 751 383 1,204 22 1,540 28,140 24,843 3,617 3,388 4,228 11,683 1,927 3,297 Dec. 16 39,829 10,229 6,105 245 743 394 1,204 26 1,512 29,600 26,317 3,851 3,418 r4,194 r12,921 1,933 3,283 Dec. 23..... 40,457 10,683 6,165 244 1,099 409 1,200 47 1,519 29,774 26,510 3,974 3,452 4,178 12,975 1,931 3,264 Dec. 30 41,469 10,321 6,074 239 850 399 1,199 53 1,507 31,148 27,835 3,786 4,958 4,169 12,985 1,937 3,313 1943—Jan. 6 41,344 10,035 6,030 230 718 398 1,195 20 1,444 31,309 28,025 4,019 4,977 4,127 12,979 1,923 3,284 Jan. 13 41,239 9,811 5,975 228 578 386 1,192 31 1,421 31,428 28,142 4,136 4,996 4,118 12,969 1,923 3,286 Jan. 20 41,361 9,722 5,956 226 552 367 1,188 25 1,408 31,639 28,347 4,309 5,016 4,101 13,002 1,919 3,292 New York City 1041—December 12 220 3 796 2 577 87 379 151 104 36 462 8,424 6,976 365 1,564 3,425 1,622 1,448 1942—August 13,438 3,770 2,589 56 427 150 104 33 411 9,668 8,390 723 671 1,563 4,344 1,089 1,278 September... 13,588 3,649 2,551 51 373 140 104 32 398 9,939 8,616 735 962 1,518 4,282 1,119 1,323 October 14,353 3,677 2,611 42 369 138 102 27 388 10,676, 9,376 929 1,124 1,911 4,351 1,061 1,300 November... 14,851 3,696 2,592 38 421 137 102 28 378 11,155 9,979 1,278 1,289 1,997 4,419 996 1.176 December... 15,888 3,893 2,490 37 699 171 101 27 368 11,995 10,842 1,737 1,478 1,965 4,657 1,005 1,153 1942—Oct. 28 14,716 3,732 2,612 41 413 137 102 43 384 10,984 9,711 1,051 1,101 2,101 4,462 996 1,273 Nov. 4 14,990 3,862 2,606 40 548 140 102 41 385 11,128 9,936 1,187 1,294 2,018 4,440 997 1,192 Nov. 11 14,790 3,746 2,623 38 433 140 102 31 379 11,044 9,868 1,139 1,295 2,014 4,423 997 1,176 Nov. 18 14,780 3,625 2,580 38 370 138 102 22 375 11,155 9,986 1,320 1,281 1,984 4,408 993 1,169 Nov. 25 14,844 3,550 2,560 37 333 130 101 17 372 11,294 10,129 1,467 1,287 1,973 4,404 998 1,165 Dec. 2 15,253 3,815 2,538 35 584 166 101 18 373 11,438 10,286 1,589 1,329 1,974 4,387 1,007 1,152 Dec. 9 15,316 3,840 2,529 34 631 160 101 17 368 11,476 10,321 1,632 1,322 1,971 4,390 1,006 1,155 Dec. 16 15,858 3,781 2,467 37 621 171 101 17 367 12,077 10,933 1,766 1,351 1,976 4,834 1,006 1,144 Dec. 23 16,372 4,171 2,493 37 952 179 100 39 371 12,201 11,060 1,880 1,376 1,959 4,842 1,003 1,141 Dec. 30 16,642 3,859 2,422 41 709 178 101 44 364 12,783 11,611 1,818 2,012 1,948 4,831 1,002 1,172 1943—Jan. 6 16,500 3,669 2,392 41 591 178 100 19 348 12,831 11,666 1,900 2,035 1,911 4,815 1,005 1,165 Jan. 13 16,353 3,518 2,375 42 461 171 99 30 340 12,835 11,673 1,947 2,053 1,894 4,778 1,001 1,162 Jan. 20 16,303 3,470 2,384 42 434 152 - 99 24 335 12,833 11,669 1,977 2,074 1,885 4,742 991 1,164 Outside New York City 1941—December... 17,833 7,575 4,132 342 163 274 1,155 5 1,504 10,258 8,045 591 976 5,150 1,328 2,213 1942—August 20,595 6,830 3,802 268 119 244 1,127 3 1,267 13,765 11,595 1,380 1,161 1,245 6,845 964 2,170 September,,. 21,300 6,693 3,729 248 116 237 1,121 4 1,238 14,607 12,432 1,588 1,605 1,306 6,952 981 2,175 October 22,434 6,623 3,726 227 115 232 1,115 2 1,206 15,811 13,635 1,745 1,860 1,967 7,119 944 2,176 November... 23,014 6,558 3,709 219 112 227 1,109 2 1,180 16,456 14,309 1,805 2,079 2,266 7,243 916 2,147 December... 23,829 6,473 3,648 208 129 224 1,102 7 1,155 17,356 15,221 2,023 2,251 2,237 7,783 927 2,135 1942—Oct. 28 22,833 6,588 3,704 224 116 232 1,115 3 1,194 16,245 14,075 1,760 1,844 2,297 7,263 911 2,170 Nov. 4 22,934 6,583 3,708 220 116 230 1,111 3 1,195 16,351 14,184 1,724 2,064 2,254 7,228 914 2,167 Nov. 11 22,901 6,595 3,736 221 111 227 1,110 3 1,187 16,306 14,159 1,693 2,068 2,260 7,228 910 2,147 Nov. 18 23,125 6,547 3,709 220 109 226 1,107 3 1,173 16,578 14,437 1,898 2,086 2,278 7,256 919 2,141 Nov. 25 23,095 6,508 3,681 216 111 226 1,108 2 1,164 16,587 14,452 1,902 2,096 2,273 7,260 921 2,135 Dec. 2 23,134 6,480 3,654 213 116 223 1,106 4 1,164 16,654 14,522 1,981 2,100 2,267 7,247 927 2,132 Dec. 9 23,128 6,464 3,628 213 120 223 1,103 5 1,172 16,664 14,522 1,985 2,066 2,257 7,293 921 2,142 Dec. 16 23,971 6,448 3,638 208 122 223 1,103 9 1,145 17,523 15,384 2,085 2,067 r2,218 r8,087 927 2,139 Dec. 23 24,085 6,512 3,672 207 147 230 1,100 8 L,148 17,573 15,450 2,094 2,076 2,219 8,133 928 2,123 Dec. 30 24,827 6,462 3,652 198 141 221 1,098 9 L,143 18,365 16,224 1,968 2,946 2,221 8,154 935 2,141 1943—Jan. 6 24,844 6,366 3,638 189 127 220 1,095 1 1,096 18,478 16,359 2,119 2,942 2,216 8,164 918 2,119 Jan. 13 24,886 6,293 3,600 186 117 215 1,093 1 1,081 18,593 16,469 2,189 2,943 2,224 8,191 922 2,124 Jan. 20 . . 25,058 6,252 3,572 184 118 215 1,089 1 1,073 18,806 16,678 2,332 2,942 2,216 8,260 928 2,128 r Revised. NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp 530-531). For back figures aee BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and conesponding tables in previous Annual Reports. 158 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic Date or month B s w F e e R a e r i r n e a t d v h k - l - e s v C a i a n u sh lt m b a w a d n e n i o c s t k - e t h i s s c j p m u o a d s a d s t e n e i - - d t d s 1 s u p p v n h c a a o a i e o n i d l r r p r r d s a - t - - s , - - , S p s d s a t i o i u a c i n o l v a t b d i n e i l t - s - - s c C c h o a f e e e e i f n t e f r r c c d i d t s - . k i ' - s m U G e e r . o S n n v . - t - s p u p v n c h a o a a i o e i n d l r r p r r s d a t - - - s , - - , S p s d s a t i i o u i c a o n v l a b t d n i i e l - t - s s - p U m G a s o e in a . o n r e s S g n v d v t n . a s - - - t l m D a e n b - d ank T s ime b F e a i o n g r k n - s B r in o o w g r s - - co C i a u t a c a n p - l - ts B d i a e t n b s k * tions tions Total 101 Cities 1941—December.... 10,171 574 3,313 24,142 23,997 1,715 599 1,165 5,188 182 23 9,090 109 660 2 3,921 10,820 1942—August 9,614 485 2,702 26,638 26,323 1,769 468 2,154 5,000 115 21 8,450 78 684 12 3,963 9,459 September.... 9,155 493 2,668 27,637 27,429 1,824 496 1,180 5,031 116 26 8,732 76 679 16 3,971 10,007 October 9,031 517 2,614 28,268 28,154 1,874 517 2,084 5,074 109 26 8,878 72 683 8 3,983 10,032 November.... 9,296 518 2,711 29,361 29,236 1,912 553 2,031 5,117 103 25 9,200 68 697 6 4,004 10,192 December.... 9,704 548 2,741 28,749 28,840 1,782 586 4,746 5,109 100 26 9,315 65 727 4 4,014 11,773 1942—Oct. 28 9,155 524 2,635 28,639 28,345 1,947 547 2,696 5,087 102 26 8,825 73 685 14 3,987 10,077 Nov. 4 9,053 523 2,639 28,593 28,555 1,969 608 2,821 5,100 103 26 8,944 70 699 17 3,999 10,538 Nov. 11 9,278 515 2,665 28,927 28,683 L,911 492 2,292 5,117 99 26 9,152 68 690 " 6 4,004 8,340 Nov. 18 9,376 516 2,800 29,698 29,615 1,866 544 1,700 5,128 105 26 9,394 68 692 1 4,007 11,817 Nov. 25 9,478 517 2,741 30,224 30,089 ,901 567 1,310 5,121 106 26 9,310 66 707 1 4,006 10,072 Dec. 2 9,483 516 2,768 28,852 28,733 1,867 581 3,092 5,102 100 26 9,389 65 709 1 4,018 12,794 Dec. 9 9,845 556 2,733 29,011 28,765 L,793 513 3,388 5,098 100 26 9,334 66 712 11 4,014 10,107 Dec. 16 .10,106 551 2,834 29,120 29,350 1,766 535 4,857 5,107 100 26 9,420 65 733 1 4,014 11,760 Dec. 23 9,660 556 2,771 28,504 28,644 71% 562 5,636 5,108 100 26 9,354 65 743 6 4,011 r12,835 Dec. 30 9,428 559 2,598 28,257 28,709 1,759 742 6,757 5,130 100 26 9,077 64 735 1 4,012 11,371 1943—Jan. 6.. 9,933 537 2,697 28,367 28,357 1,722 661 6,742 5,188 100 26 9,425 63 732 1 4,027 12,172 Jan. 13 9,778 544 2,690 28,964 29,001 1,751 562 5,944 5,204 99 28 9,347 61 737 1 4,027 10,158 Jan. 20..".... 9,675 498 2,658 29,472 29,393 1,784 530 5,360 5,232 103 28 9,330 60 725 16 4,025 10,778 New York City 1941—December 4,890 88 91 10,245 10,458 288 316 626 713 23 3,587 597 1,534 4,466 1942—August 4,221 73 29 10,583 10,780 206 244 1,290 647 14 3,049 614 11 1,547 3,717 September.... 3,763 75 31 10,935 11,159 239 251 . 595 639 16 3,109 608 14 1,551 3,893 October 3,627 80 30 11,095 11,279 306 270 1,051 642 15 3,127 611 4 1,555 3,784 November.... 3,698 82 27 11,526 11,733 309 301 1,080 652 18 3,191 622 4 1,567 3,865 December. 3,934 86 29 10,949 11,283 229 290 2,915 637 15 3,174 650 3 1,568 4,794 1942—Oct. 28 3,720 81 30 11,190 11,*325 336 294 1,432 642 16 3,126 612 10 1,555 3,659 Nov. 4 3,599 84 28 11,202 11,416 357 348 1,512 646 18 3,121 625 10 1,566 4,216 Nov. 11 3,624 81 25 11,275 11,427 305 248 1,229 655 18 3,164 616 5 1,568 3,170 Nov. 18 3,765 78 26 11,640 11,860 288 295 902 657 18 3,250 615 1,568 4,305 Nov. 25 3,803 84 29 11,985 12,229 286 315 676 650 18 3,227 631 1,567 3,769 Dec. 2 3,743 79 28 11,016 11,269 245 288 2,030 647 14 3,187 635 1,573 5,586 Dec. 9 3,936 87 26 11,073 11,283 228 251 2,230 638 14 3,185 639 io 1,569 3,881 Dec. 16 4,156 87 28 11,036 11,374 218 227 2,914 641 15 3,264 656 1,569 4,647 Dec. 23 3,940 90 30 10,863 11,204 207 267 3,474 634 16 3,165 664 "5" 1,566 r5,144 Dec. 30 3,894 86 31 10,757 11,285 245 417 3,927 628 16 3,068 657 1,561 4,713 1943—Jan. 6 4,196 80 28 10,803 11,080 227 381 3,897 650 17 3,191 659 1,565 5,031 Jan. 13 3,979 80 27 10,970 11,254 217 307 3,420 649 17 3,142 663 1,566 4,150 Jan. 20 3,884 74 30 11,161 11,443 213 270 3,070 659 20 3,147 644 io 1,567 4,364 Outside New York City 1941—December.... 5,281 486 3,222 13,897 13,539 1,427 283 539 4,475 159 23 5,503 109 63 2 2,387 6,354 1942—August 5,393 412 2,673 16,055 15,543 1,563 224 864 4,353 101 21 5,401 78 70 1 2,416 5,742 September ... 5,392 418 2,637 16,702 16,270 1,585 245 585 4,392 100 26 5,623 76 71 2 2,420 6,114 October 5,404 437 2,584 17,173 16,875 1,568 247 1,033 4,432 94 26 5,751 72 72 4 2,428 6,248 November.... 5,598 436 2,684 17,835 17,503 1,603 252 951 4,465 85 25 6,009 68 75 2 2,437 6,327 December.... 5,770 462 2,712 17,800 17,557 1,553 296 1,831 4,472 85 26 6,141 65 77 1 2,446 6,979 1942—Oct. 28 5,435 443 2,605 17,449 17,020 1,611 253 1,264 4,445 86 26 5,699 73 73 4 2,432 6,418 Nov. 4 5,454 439 2,611 17,391 17,139 1,612 260 1,309 4,454 85 26 5,823 70 74 7 2,433 6,322 Nov. 11.... 5,654 434 2,640 17,652 17,256 1,606 244 1,063 4,462 81 26 5,988 68 74 1 2,436 5,170 Nov. 18 5,611 438 2,774 18,058 17,755 1,578 249 798 4,471 87 26 6,144 68 77 1 2,439 7,512 Nov. 25 5,675 433 2,712 18,239 17,860 1,615 252 634 4,471 88 26 6,083 66 76 1 2,439 6,303 Dec. 2 5,740 437 2,740 17,836 17,464 1,622 293 1,062 4,455 86 26 6,202 65 74 1 2,445 7,208 Dec. 9 5,909 469 2,707 17,938 17,482 1,565 262 1,158 4,460 86 26 6,149 66 73 1 2,445 6,226 Dec. 16 5,950 464 2,806 18,084 17,976 1,548 308 1,943 4,466 85 26 6,156 65 77 1 2,445 7,113 Dec. 23 5,720 466 2,741 17,641 17,440 1,516 295 2,162 4,474 84 26 6,189 65 79 1 2,445 7,691 Dec. 30 5,534 473 2,567 17,500 17,424 1,514 325 2,830 4,502 84 26 6,009 64 78 1 2,451 6,658 1943—Jan. 6 5,737 457 2,669 17,564 17,277 1,495 280 2,845 4,538 83 26 6,234 63 73 1 2,462 7,141 Jan. 13 5,799 464 2,663 17,994 17,747 1,534 255 2,524 4,555 82 28 6,205 61 74 1 2,461 6,008 Jan. 20 5,791 424 2,628 18,311 17,950 1,571 260 2,290 4,573 83 28 6,183 60 81 6 2,458 6.414 r Revised. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except interbank and U. S. Government accounts. FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments : Loans for U. S. Government obligations Total Com- purchasing loans mer- or carrying d F i e s d tr e ( i r 1 c a 9 t l 4 a 2 R n - e 4 d s 3 e d ) r a v t e e m v a e i e n n n s d - t t - s Total t a t d c a u c r i g i u n u i n r a r a s d a l - i l - - l l - , , p O m k a p p a e e t r e n - r b d a T r e e s n o r o a e d s k l c - - uri o ti t T e h s o ers e l R o st e a a a n t l s e L ba o t n o a k n s s O lo t a h n e s r Total Total Bills f C d i n c i e e e o e n a d b r s f t - t - t s e i - - s Notes Bonds G t a e u e n a d - r- O r s i e t t c h ie u e s - r ers Boston (6 cities) Dec 23 2,089 679 379 70 17 13 73 1 126 1,410 1,303 219 190 182 650 62 107 Dec. 30 2,165 672 375 69 16 13 73 1 125 1,493 1,383 209 277 184 650 63 110 Tan 6 2,147 656 363 67 15 13 73 1 124 1,491 1,381 200 282 185 652 62 110 , Tan. 13 2,143 651 362 66 13 13 73 1 123 1,492 1,383 196 285 184 656 62 109 Jan 20 2,150 647 356 66 16 13 73 1 122 1,503 1,393 195 285 184 667 62 110 New York (8 cities)* Dec. 23 17,672 4,525 2,636 39 955 214 187 39 455 13,147 11,882 1,961 1,440 2,092 5,334 1,055 1,265 Dec 30 17,993 4,211 2,563 42 715 211 188 44 448 13,782 12,486 1,886 2,141 2,075 5,330 1,054 1,296 Jan. 6 17,867 4,014 2,530 42 596 211 186 19 430 13,853 12,564 1,990 2,165 2,038 5,315 1,056 1,289 Tan 13 17,722 3,861 2,515 43 464 203 185 30 421 13,861 12,576 2,043 2,188 2,023 5,273 1,049 1,285 Jan. 20 17,694 3,813 2,524 43 438 183 185 24 416 13,881 12,594 2,089 2,213 2,019 5,236 1,037 1,287 Philadelphia (4 cities) Dec 23 1 737 455 245 22 29 30 47 82 1,282 1,040 154 96 102 623 65 242 Dec 30 1 784 454 247 19 30 29 47 82 1,330 1,088 158 139 104* 622 65 242 Jan 6 1 769 454 250 19 29 29 47 80 1,315 1,075 146 138 106 620 65 240 Jan 13 1 773 448 246 19 30 28 46 79 1,325 1,086 153 141 109 615 68 239 Jan 20 1,771 444 244 18 27 29 46 80 1,327 1,091 156 138 109 619 69 236 Cleveland (10 cities) Dec 23 2 944 783 397 19 21 14 178 154 2,161 1,891 116 213 285 1,142 135 270 Dec. 30 3,048 768 391 1-7 17 14 178 151 2,280 2,004 115 322 289 1,143 135 276 Jan. 6 3,016 757 386 15 15 14 177 150 2,259 1,988 108 315 287 1,143 135 271 Jan. 13 3,025 754 385 14 15 14 177 149 2,271 1,998 118 314 293 1,136 137 273 Jan. 20 3,047 748 382 14 15 14 176 147 2,299 2,025 135 314 276 1,162 138 274 Richmond (12 cities) Dec 23 1,223 283 140 7 4 12 51 69 940 871 91 90 121 517 52 69 Dec. 30 1,264 280 138 6 5 11 51 1 68 984 915 94 130 122 513 56 69 1 258 273 136 6 5 11 51 64 985 916 98 130 121 515 52 69 Jan 13 1,262 269 133 6 4 11 51 64 993 924 97 129 119 527 52 69 Jan 20 1 277 268 133 6 3 11 51 64 1,009 940 108 129 119 531 53 69 Atlanta (8 cities) Dec 23 1,138 355 215 7 4 8 27 3 91 783 673 80 111 136 299 47 110 Dec 30 1,187 354 216 7 4 7 26 3 91 833 720 78 158 136 301 47 113 Jan 6 1 188 346 212 7 4 7 26 90 842 731 89 164 135 296 47 111 Jan 13 1 184 339 208 7 3 7 26 88 845 734 86 163 137 301 47 111 Jan 20 1,181 334 204 7 3 7 26 87 847 735 85 164 137 302 47 112 Chicago (12 cities)* Dec 23 6,079 1,270 854 35 44 50 143 144 4,809 4,254 676 735 580 2,025 238 555 Dec 30 6 216 1,262 851 36 40 48 143 144 4,954 4,397 604 951 579 2,025 238 557 Jan 6 6,306 1,247 858 33 33 47 142 134 5,059 4,508 732 945 571 2,023 237 551 Jan 13 6 255 1,231 849 33 29 46 142 132 5,024 4,463 710 923 571 2,021 238 561 Jan 20 6,305 1,225 848 32 32 46 141 126 5,080 4,519 787 910 571 2,013 238 561 St. Louis (5 cities) Dec. 23 1,267 409 249 11 4 11 65 1 68 858 737 98 138 108 357 36 121 Dec. 30 . . .. 1,300 401 245 10 4 10 64 1 67 899 778 89 187 108 358 36 121 Jan 6 1 308 396 241 10 4 9 64 68 912 790 103 179 105 367 36 122 Jan 13 1,328 394 240 10 3 9 65 67 934 812 117 184 105 372 34 122 Jan. 20 1,336 391 238 10 3 9 65 66 945 822 120 187 107 373 35 123 Minneapolis (8 cities) Dec. 23 730 216 115 2 2 5 15 3 74 514 475 104 64 57 231 19 39 Dec. 30 759 211 111 2 1 5 15 3 74 548 509 101 100 58 231 19 39 Jan 6 759 204 122 1 1 5 15 60 555 516 101 103 58 235 19 39 Jan 13 767 204 125 1 2 4 15 57 563 524 108 104 58 235 19 39 Jan. 20 781 203 121 1 1 5 15 60 578 539 LH2 105 59 243 20 . 39 Kansas City (12 cities) Dec 23 1 244 380 242 19 3 9 33 74 864 737 151 101 144 282 59 127 Dec 30 1 261 380 242 19 3 8 34 74 881 753 126 140 143 284 60 128 Jan 6 1 250 375 244 18 3 8 34 68 875 749 117 146 143 284 59 126 Jan. 13 1,289 370 241 17 3 8 33 68 919 794 147 150 144 294 59 125 Jan 20 1 295 369 240 17 3 8 34 67 926 800 151 150 145 295 59 126 Dallas {9 cities) Dec 23 943 313 227 5 13 20 48 630 572 62 83 106 281 40 58 Dec. 30 987 312 228 3 13 20 48 675 618 61 127 106 284 40 57 Jan 6 983 307 225 2 14 20 46 676 618 62 126 114 284 32 58 Jan 13 990 300 217 1 2 14 20 46 690 631 73 126 110 287 35 59 Jan 20 994 294 215 1 1 13 19 45 700 641 81 127 108 288 37 59 San Francisco (7 cities) Dec 23 3 391 1 015 466 13 11 30 361 134 2,376 2,075 262 191 265 1,234 123 301 Dec 30 3 505 1,016 467 12 12 30 360 135 2,489 2,184 265 286 265 1,244 124 305 Jan 6 3,493 1,006 463 12 11 30 360 130 2,487 2,189 273 284 264 1,245 123 298 Jan 13 3 501 990 454 11 10 29 359 127 2,511 2,217 288 289 265 1,252 123 294 Jan 20 3,530 986 451 11 10 29 357 128 2,544 2,248 290 294 267 1,273 124 296 City of Chicago* Dec 23 3 976 835 634 18 38 45 24 76 3,141 2,786 496 510 399 1,296 85 355 Dec 30 4,043 828 634 19 35 42 24 74 3,215 2,860 441 642 398 1,294 85 355 Jar 6 4 125 819 640 18 28 41 24 68 3,306 2,956 557 634 392 1,289 84 350 Jan 13 4 074 805 633 17 25 40 24 66 3,269 2,908 526 613 392 1,292 85 361 Jan 20 4,127 807 634 17 28 40 24 64 3,320 2,957 593 602 392 1,286 84 363 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. 160 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic d F i e s d tr e ( i r 1 c a 9 t l 4 a 2 R n -4 d e 3 s ) e d r a v t e e B w s F e R a e e r i n r e a t d v h k - l - e s C va i a n u sh lt m b a w n a d e i c n o s t e h t - k , i s s c j p m u o a d s a s d e t n i e - - t d d s 1 s u p p v h n c a o a a i i e o n d l p r r r r d s a - t - s - , - - , S p d s s a t o i i i a u c n o v l t a b i d n i e l t - - s - s c C h c o a e f e e e i f n t e c f r r c d i d t s k . - i ' s - , U m G er . e o n S n v - . t - s p u p v n h c a a a o i e i o n r l d p r r r s d t a - - - s - , - , S p d s s a t i o i i a u c n o v l t a b d n i i e l - t - s s - p m U G i a e s o n a o n r e . s g n S v n v d t s a - . - t - l m D a e n b - d ank T s ime b e F a i o n g r n k - s B r in o o g w r s - - c C o i a t u a c a n p - l - ts B d a e n b k tions tions Boston (6 cities) Dec. 23 536 68 150 1,739 1,716 103 28 302 230 1 1 329 25 1 255 718 Dec 30 486 69 133 1,699 1,698 101 37 345 231 1 1 334 25 1 255 616 Jan. 6 499 69 141 1,689 1,686 95 26 346 232 1 1 349 24 1 255 655 Jan. 13 498 67 138 1,725 1,723 96 24 305 233 2 345 24 1 255 553 Jan. 20 502 61 136 1,761 1,750 98 34 275 234 1 2 338 26 1 255 616 New York (8 cities)* Dec. 23 4,164 124 156 11,894 12,063 419 296 3,586 1,002 27 7 3,234 5 666 5 1,694 r5,573 Dec. 30 4,118 119 153 11,783 12,156 448 444 4,088 998 27 7 3,139 5 658 1,689 5,026 Jan. 6 4,422 112 149 11,837 11,930 438 406 4,060 1,022 28 7 3,266 5 660 1,693 5,376 Jan. 13 4,215 113 144 12,031 12,134 437 331 3,565 1,022 28 7 3,217 4 665 1,694 4,439 Jan. 20 4,119 103 146 12,247 12,330 444 293 3,202 1,033 31 7 3,221 4 646 1,695 4,693 Philadelphia (4 cities) Dec. 23 427 30 107 1,441 1,441 95 16 165 154 2 361 1 6 219 571 Dec 30 419 29 102 1 441 1,462 92 19 209 154 2 350 1 7 220 499 Jan. 6 442 30 115 1,444 1,445 89 13 210 156 2 368 1 6 221 509 Jan 13 436 29 118 1 474 1,472 95 13 183 156 2 365 1 6 221 457 Jan. 20 444 26 108 1,479 1,467 101 13 163 166 2 364 7 220 450 Cleveland (10 cities) Dec. 23.. 699 67 304 2,247 2,268 120 53 152 712 17 517 17 2 406 1,026 Dec. 30 660 66 291 2,225 2,287 119 41 230 718 17 501 17 3 410 789 Jan. 6 737 66 284 2,250 2,262 106 36 231 725 16 509 16 2 412 808 Jan. 13 753 68 291 2,309 2,336 114 33 204 726 16 512 16 2 413 675 Jan 20 791 64 291 2,374 2,395 116 30 186 726 16 522 16 2 412 736 Richmond (12 cities) Dec 23 313 34 192 917 907 85 18 98 202 2 5 414 6 1 106 390 Dec. 30 291 36 173 898 894 86 19 126 202 2 5 407 6 2 106 308 Jan 6 313 34 180 901 883 87 16 128 203 2 6 424 6 106 361 Jan. 13 312 35 188 926 905 88 15 115 204 2 6 422 6 106 300 Jan. 20 316 31 182 950 918 95 16 105 205 2 6 418 6 106 318 Atlanta (8 cities) Dec. 23 277 23 197 773 771 99 7 100 197 2 2 484 1 3 102 385 Dec 30 291 26 182 771 774 100 9 154 199 2 2 479 1 3 101 301 Jan. 6 309 20 201 777 757 104 10 158 200 2 1 503 1 3 102 342 Jan. 13 303 24 205 786 770 105 9 142 200 2 2 505 1 3 102 320 Jan. 20 299 22 208 792 789 102 8 129 201 3 2 504 1 3 1 102 297 Chicago (12 cities)* Dec 23 1 398 107 480 4 319 4,246 353 56 711 978 3 7 1,611 7 14 453 1,942 Dec. 30 1,385 105 469 4,310 4,253 357 62 894 986 3 7 1,541 6 13 455 1,758 Jan. 6 1,371 103 467 4,312 4,226 339 52 902 997 3 7 1,593 6 15 456 1,939 Jan. 13 1,432 101 461 4,414 4,333 361 51 799 1,001 3 7 1,596 6 14 453 1,579 Jan. 20 1,398 92 449 4,488 4,361 365 50 722 1,004 3 7 1,587 6 15 453 1,692 St. Louis (5 cities) Dec. 23 303 18 151 814 854 60 9 90 188 2 1 556 103 367 Dec 30 298 19 139 828 865 61 12 112 189 2 1 536 103 372 Jan. 6 313 18 141 829 853 61 11 114 191 2 1 555 103 316 Jan 13 303 19 140 849 881 61 9 101 191 2 1 559 103 287 Jan. 20 304 17 136 848 875 62 9 92 191 2 1 570 1 103 325 Minneapolis (8 cities) Dec. 23 171 9 112 530 496 82 7 56 110 1 261 3 2 67 212 Dec 30 175 10 96 528 493 83 8 86 111 1 251 3 1 67 188 Jan 6 178 10 101 521 485 81 7 88 111 1 262 3 1 68 202 Jan. 13 178 11 97 543 505 79 7 79 112 1 254 3 1 68 191 Jan. 20 170 9 87 549 509 79 6 71 112 1 249 3 1 68 171 Kansas City (12 cities) Dec 23 362 19 334 919 938 103 15 95 142 1 1 696 5 116 447 Dec 30 347 19 314 891 893 102 18 126 142 1 1 675 5 116 397 Jan 6 351 19 345 886 890 101 17 126 142 1 1 702 6 116 415 Jan 13 336 19 339 922 920 101 15 113 143 1 1 697 5 116 369 Jan 20 335 18 340 935 926 103 14 103 144 1 1 698 5 116 375 Dallas (7 cities) Dec 23 299 19 316 831 835 63 16 107 124 6 1 437 2 95 337 Dec. 30 283 20 297 821 811 69 20 142 125 6 1 421 2 95 306 320 18 302 834 817 73 18 143 126 6 1 443 2 94 32? Jan 13 315 18 306 865 852 74 12 123 127 6 1 437 2 94 247 Jan. 20.. 293 18 314 875 877 74 16 113 127 5 1 428 2 94 260 San Francisco (7 cities) Dec 23 711 38 272 2 080 2,109 141 41 174 1,069 37 454 20 22 395 867 Dec. 30 675 41 249 2,06? 2,123 141 53 245 1,075 37 443 20 21 395 811 Jan 6 678 38 271 2,087 2,123 148 49 236 1,083 37 451 19 19 401 922 Jan 13 697 40 263 2 120 2,170 140 43 215 1,089 37 438 19 20 402 750 Jan 20 704 37 261 2,174 2,196 145 41 199 1,089 37 431 19 22 401 845 City of Chicago* Dec 23 886 45 179 2,629 2,619 183 30 545 453 2 1,163 12 297 1,180 Dec 30 866 43 180 2,618 2,627 178 36 660 456 2 1,102 12 298 1,031 Jan. 6 829 44 176 2,609 2,598 161 28 666 459 2 1,145 13 299 1,155 Jan. 13 890 43 167 2,684 2,679 172 27 588 459 2 1,152 12 296 931 Jan. 20 865 40 159 2,767 2,747 171 24 529 460 2 1,140 13 296 996 * See note on preceding page. 3Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except interbank and U. S. Government accounts. 161 FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commer- Held by Based on cial End of month paper Total Accepting banks out- out- Imports Exports standing standing Others2 into from Dollar Total O bi w lls n b B ou il g ls ht U S n ta it t e e d s U S n ta i t t e e s d exchange 1941—September 371 177 131 85 46 46 105 13 4 October 378 185 138 90 47 47 109 12 4 November 387 194 144 93 51 50 116 14 5 December 375 194 146 92 54 49 116 15 4 1942—Tanuarv 381 197 154 103 52 43 116 17 3 February 388 190 144 92 53 46 112 18 March 384 183 146 89 57 37 103 17 April 373 177 139 86 53 38 97 17 May 354 174 133 82 51 41 101 16 June 315 163 122 78 44 41 94 13 July 305 156 119 77 42 38 92 8 August 297 139 108 71 37 31 78 8 September 282 123 97 64 33 26 66 6 October 271 119 94 63 31 25 60 6 November 261 116 90 61 29 26 57 6 December.. 230 118 93 60 34 25 57 9 otot Goods st(:>red in or shipped pointsin United Foreign States countries 45 9 48 11 48 12 48 11 51 11 44 13 45 16 1 48 14 1 43 13 (3) 52 4 (3) 45 11 ? 41 11 41 10 40 12 f ( 3 ) t 3 38 9 1 1 4 2 1 As reported by dealers; includes some finance company paper sold in open market. 2 None held by Federal Reserve Banks. 3 Less than $500,000. Back figures—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger bahinces in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba (n la e n t) c 1 es a in n a v d c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t u a m n d e t i s n n g t a b n a d n k i s n borrowed2 Free O (n th et e ) r a I i n n n a d v c p c e a t o s r r t u a m t n d n e t i e s n n r g t s' i a n a n v c d I e n c s t o t r f u m i a r n d m e t i s n n t g I a n c ( c c n o a e u p t) n it t a s l 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 . 7 277 1940—June 653 12 58 223 376 267 62 22 5 269 December 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December 600 8 86 211 368 289 63 17 5 213 1942—January.. 547 8 74 219 308 274 72 18 6 209 February 534 8 74 203 307 262 66 18 5 206 March 531 8 70 195 306 249 67 16 4 201 April 515 8 68 195 300 247 61 16 5 196 May 502 8 79 177 300 238 59 16 3 194 June 496 9 86 180 309 240 56 16 4 189 July 491 7 95 172 307 238 57 16 4 185 August e490 e300 c240 September e500 e310 e240 October e510 e310 e260 November «520 6320 e27O December 543 7 154 160 " 377 270 54 15 4 182 e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number ci large firms. 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. % 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.— See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). i6x FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Yields on U. S. mo Y w n e e th e a , k r , or m m 4 p P c - o a e r o n t i p r o m m c t e h i 6 - r e a s , - l l a a b P d c n a e r a c 9 c i n r y e m 0 e s k p s ' s e - l t , - c S l h n c a o e t r a e l o a e x a n w l c - n - l g k - e m b G o i 3 l o n - ls v t 3 h ern d m 9 c m e o - c e e f b t o r a o n t t t n i t i e e n f 1 t d s i h - s 2 - - e - cu 3 t r a - n y i x o t t e o i a t a e e b r 5 s s l - e [Per c 1 e T 9 n t o c t p i a t e l ie r s annu Y N m C o e i ] t w r y k E e 7 N r c a n o i O s t r t i a t e t e n h h s r e n - d r 1 W e 1 r c e n S i s t o i t a e e u n s r t d n hness 1934 average1 3.45 2.45 3.71 4.32 1935 average} 2.93 1.76 3.39 3.76 1 1 1 9 9 9 4 4 4 0 1 2 a a a v v v e e e r r r a a a g g g e e e . . . 5 5 6 6 4 6 . . . 4 4 4 4 4 4 1 1 1 . . . 0 0 0 0 0 0 . . . 0 1 3 1 0 2 4 3 6 . . 7 1 6 3 1 1 1 1 9 9 9 9 3 3 3 3 7 8 6 9 a a a a v v v v e e e e r r r r a a a a g g g g e e e e 1 1 1 2 2 2 2 . . . . 5 6 5 7 3 8 9 8 2 1 1 1 . . . . 0 7 6 7 7 2 9 3 3 2 2 2 . . . . 0 8 8 7 4 8 7 5 3 3 3 3 . . . . 4 2 2 5 0 5 6 1 1941—December .56 .44 1.00 .298 L.02 1940 average 2.63 2.04 2.56 3.38 1941 average 2.54 1.97 2.55 3.19 1942—January .56 .44 1.00 .214 .96 1942 average 2.61 2.07 2.58 3.26 M Fe a b r r c u h ary . . 6 6 3 3 . . 4 4 4 4 1 1 . . 0 0 0 0 . .2 2 1 5 2 0 . .9 9 3 3 Monthly figures1 April .63 .44 1.00 .299 .98 1939—January 2.64 1.73 2.97 3.32 May .63 .44 1.00 .364 L.03 February 2.52 1.70 2.69 3.26 June .69 .44 1.00 .363 L.15 Quarterly figures N O D J A S u e c e o u l t c p y g v o e t u e b m e s m e m t b r b e b r e e r r . . . . . . . . . . . . . . 6 6 6 6 6 6 9 9 9 9 9 9 . . . . . . 4 4 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 1 . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . 3 3 3 3 3 3 7 7 7 6 7 6 0 0 2 8 1 3 "4.8 . . . . 0 7 8 7 8 6 0 5 0 1 L L L L L . . . . 2 2 2 3 . 2 2 7 4 8 5 0 8 1 1 9 9 3 4 9 0 — — J J D S M M u u e e n n a a p c r e e r t e c c e m h h m b b e e r r 2 2 2 2 2 2 . . . . . . 9 6 9 6 5 5 5 8 1 5 9 9 2 2 2 2 1 2 . . . . . . 1 1 0 0 0 9 5 3 4 0 3 6 3 3 2 2 2 2 . . . . . . 0 0 7 5 4 6 5 5 8 9 9 7 3 3 3 3 3 3 . . . . . . 6 3 3 7 3 3 2 2 1 7 8 5 Week ending: September 2.68 2.14 2.56 3.43 Dec. 26 5A-*A %, 1.00 .365 6.82 L.39 December 2.59 2.00 2.53 3.36 Jan. 2 5A-H I 1.00 .357 .81 [.39 1941—March 2.58 2.06 2.53 3.25 J J J a a a n n n . . . 9 1 2 6 3 % b * A A - - - % H K I 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 6 6 0 6 3 . . . 7 7 8 6 5 0 [ L . . 2 3 3 7 3 0 J S D u e e n p c e t e e m m b b e e r r 2 2 2 . . . 4 6 5 1 0 5 1 1 1 . . . 9 8 9 8 8 5 2 2 2 . . . 4 6 5 5 2 8 3 3 2 . . . 2 2 9 9 3 9 1942—March 2.48 1.85 2.48 3.20 1 Monthly figures are averages of weekly prevailing rates. June 2.62 2.07 2.56 3.34 2 The average rate on 90-day stock exchange time loans was 1.25 per September 2.70 2.28 2.66 3.25 cent during the entire period. December 2.63 2.09 2.63 3.26 3 Rate on new issues offered within period. Tax-exempt bills prior to March 1941; taxable bills thereafter. 4 Average for Aug. 15 to 31. l Prior to March 1939 figures were reported monthly on a basis not strictly 5 Number of issues included reduced from 3 to 2 on Dec. 15. comparable with the current quarterly series. 6Number of issues included increased from 1 to 2 on Dec. 21. Back figures.—See November 1939 BULLETIN, pp. 963-969 for description Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures and for back figures. on Treasury bills and Treasury notes available on request. BOND YIELDS 1 [Per cent per annum] Corporate (Moody's)6 U. S. Government2 High- Year, month, or week M i u p n al i 3 c- c g o r r a p d o e - By ratings By groups Partially rate4 Total ex t e a m x- pt Taxable Aaa Aa A Baa In tr d i u a s l - R ro a a il d - P ut u i b li l t i y c Number of issues 2-6 2 15 5 120 30 30 30 30 40 40 40 1940 average 2.21 2.50 2.77 3.55 2.84 3.02 3.57 4.75 3.10 4.30 3.25 1941 average 1.95 2.10 2.67 3.34 2.77 2.94 3.30 4.33 2.95 3.95 3.11 1942 average 2.02 2.35 2.36 2.75 3.34 2.83 2.98 3.28 4.28 2.96 3.96 3.11 1941—December 1.96 2.37 2.25 2.68 3.35 2.80 2.95 3.27 4.38 2.94 3.99 3.12 1942—January 2.01 2.37 2.33 2.76 3.35 2.83 2.96 3.30 4.29 2.97 3.93 3.13 February 2.09 2.39 2.55 2.80 3.35 2.85 2.98 3.29 4.29 2.98 3.94 3.15 March 2.00 2.35 2.58 2.80 3.37 2.86 3.00 3.32 4.30 3.00 3.94 3.IT April 1.98 2.34 2.44 2.77 3.34 2.83 2.98 3.30 4.26 2.96 3.95 3.13 May 1.97 2.35 2.45 2.76 3.36 2.85 3.00 3.31 4.27 2.97 3.97 3.13 June 1.97 2.33 2.38 2.75 3.37 2.85 3.01 3.31 4.33 2.97 4.03 3.12 July 2.00 2.34 2.32 2.74 3.35 2.83 2.99 3.28 4.30 2.94 4.02 3.09 August 2.02 2.34 2.28 2.73 3.34 2.81 2.99 3.27 4.28 2.94 3.98 3.09 September 2.03 2.34 2.25 2.73 3.33 2.80 2.98 3.26 4.26 2.95 3.95 3.08, October 2.05 2.33 2.22 2.72 3.31 2.80 2.95 3.24 4.24 2.94 3.92 3.07 November 2.06 2.34 2.20 2.71 3.31 2.79 2.94 3.24 4.25 2.93 3.93 3.06. December 2.09 2.36 2.26 2.72 3.32 2.81 2.96 3.23 4.28 2.94 3.96 3.07 Week ending: Dec. 26 2.08 2.36 2.28 2.72 3.32 2.81 2.96 3.23 4.26 2.94 3.95 3.07 Jan. 2 2.08 2.35 2.28 2.72 3.32 2.81 2.96 3.23 4.26 2.93 3.94 3.07 Jan. 9 2.07 2.32 2.28 2.72 3.31 2.81 2.95 3.22 4.23 2.92 3.92 3.07 Jan.16 . ... 2.06 2.32 2.28 2.70 3.28 2.80 2.93 3.21 4.17 2.91 3.88 3.06 Jan. ?3 2.06 2.32 2.26 2.70 3.27 2.79 2.92 3.20 4.14 2.90 3.85 3.05 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields on all outstanding issues due or callable in more than 12 years. 3 Standard and Poor's Corporation. 4 U. S. Treasury Department. _ .. _ .. „ 163 FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSi Bond prices Stock price,6 \7nliim t* Corporate4 Common (index 1935-39 = 100) o V f U t l r U a I d Il - c Year, month, or week u. s. Munic- Medium and lower-grade Pre- (in i t n h g o 7 u- Geronv-- ipal3 High- De- ferred** Total Indus- Rail- Public s s a h n a d r s e s o ) f ment^ grade Indus- Rail- Public faulted trial road utility Total trial road utility Number of issues 2-6 15 15 50 10 20 20 15 15 402 354 20 28 1940 average 107.2 121.2 115.9 94.8 97.3 83.8 103.5 14.0 169.2 88 88 71 96 767 1941 average 111.0 129.0 117.8 98.9 103.9 86.9 106.1 21.9 171.9 80 80 71 81 629 1942 average 109.9 123.9 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1941—December.. 110.7 125.9 117.5 97.4 105.0 82.4 104.7 21.9 168.7 72 74 61 66 1,542 1942—January 110.1 124.4 117.5 99.2 106.7 86.9 104.1 24.1 166.3 73 74 69 66 565 February... 108.9 120.1 117.1 99.6 106.9 87.7 104.4 25.6 165.1 70 71 68 65 404 March 110.2 119.7 116.7 98.8 106.1 88.6 101.8 27.6 159.8 66 67 65 61 363 April 110.5 122.1 117.8 99.3 107.1 88.4 102.3 26.7 154.8 63 65 61 57 336 May 110.7 122.1 117.7 98.9 107.4 87.1 102.2 26.4 156.3 63 65 60 57 323 Tune 110.7 123.3 118.0 98.1 107.7 83.0 103.5 24.0 159.2 66 68 59 59 316 July 110.2 124.4 118.9 98.9 108.4 83.9 104.5 25.5 162.0 68 71 63 58 346 August 109.9 125.4 118.7 99.3 108.7 85.2 104.1 27.1 164.0 68 71 65 59 321 September. 109.8 125.9 119.0 100.7 109.8 86.4 105.8 29.4 164.0 69 72 67 60 418 October... 109.5 126.5 119.3 102.1 111.2 88.0 107.1 30.3 165.5 74 77 73 64 693 November. 109.4 126.9 119.5 103.2 113.8 87.6 108.3 29.6 165.4 75 77 73 66 686 December.. 108.9 125.7 118.9 103.6 115.3 86.5 109.1 29.9 166.9 76 79 69 65 818 Week ending: Dec. 26 109.1 125.3 118.8 104.0 115.8 86.7 109.6 29.9 166.7 77 80 70 65 830 Jan. 2 109.1 125.3 118.9 104.3 115.9 87.3 109.7 29.7 166.7 77 80 71 66 1,153 Jan. 9 109.2 125.3 119.1 104.6 115.7 87.9 110.3 30.7 167.1 79 81 73 68 703 Jan. 16 109.4 125.3 119.4 105.2 115.5 89.7 110.5 31.8 167.5 79 81 73 70 789 Jan.23... 109.4 125.7 119.7 106.6 115.6 90.7 110.5 32.3 168.3 80 82 75 69 743 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Prices derived from average of yields on all outstanding partially^ tax-exempt U. S. Government bonds due or callable in more than 12 years on basis >ressed in decimals. 5 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6 Standard and Poor's Corporation. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—For United States Government bonds, see November 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79). NEW SECURITY ISSUES [In millions of dollars] "or newcapita] For refunding Total Domestic Domestic (new Total Total Year or month f a i u r n n n e g d - d ) - m e ( f a e d i o n g s o r d n t - - i ) c Total S n m a p t i n a c a u d t l i - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o p o n n o t d e d r s a s te Stocks * ei > g r n - ^2 m e ( a f e i o d g n s r o d n t - i : ) c Total S n a m p t i n a c a u d l i t - - e a F c e g i e r e e a d n s l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks F ei o g r n - 2 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 774 765 136 317 312 312 9 1935 .. 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4 242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 5,842 2,289 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2.026 1,834 193 1941 5,539 2,848 2,847 516 1,272 1,059 889 170 1 2,691 2,687 433 698 1,557 1,430 126 4 1942 2,102 1,066 1,066 339 108 618 500 118 1,036 1,036 178 440 418 410 8 1941—December... 241 138 138 42 20 77 62 15 102 102 18 25 59 57 2 1942—January 333 182 182 83 11 87 32 55 151 151 35 34 83 82 1 February.... 180 123 123 30 37 56 37 19 57 57 11 27 19 19 March 197 109 109 22 9 79 61 18 88 88 27 21 39 39 April 262 158 158 51 10 97 91 6 104 104 5 81 19 19 May 180 128 128 22 3 103 94 9 52 52 8 39 6 6 •••y June 201 96 96 18 2 77 69 8 105 105 15 28 62 55 July 142 41 41 11 3 28 27 101 101 36 32 33 33 August 162 103 103 44 59 57 2 59 59 3 50 6 6 September .. 100 45 45 17 28 18 10 55 55 7 18 30 30 October 115 28 28 26 2 2 87 87 12 31 44 44 November... 98 29 29 7 17 5 5 69 69 10 46 14 13 December... 145 37 37 9 17 11 9 2 108 108 9 34 65 65 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures— See Annual Report for 1937 (table 78). 164 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES^ PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month E p s ro t g i c m r e o a e ss d te s d 2 E p s r t o i n c m e e a t e t d e s d 3 New money Retirement of securities Repa o y f ment Other Total e P q l u a i n p t m a e n n d t W c o a rk p i i n ta g l Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934 530 515 57 32 26 362 362 84 11 1935 2,698 2,629 243 111 131 2,193 2,121 71 170 23 1936 4,781 4,637 858 380 478 3,575 3,349 226 154 49 1937 2,374 2,303 1,046 574 472 1,106 916 190 111 39 1938 2,324 2,279 779 504 275 1,254 1,167 87 239 7 1939 2,177 2,128 325 • 170 155 1,708 1,650 59 69 26 1940 2,786 2,723 604 424 180 1,927 1,798 128 174 19 1941 2,705 2,661 868 661 207 1,620 1,520 100 144 28 1942 1,008 988 441 268 173 376 352 24 137 35 1941—February 211 208 53 25 28 137 134 2 17 1 March 262 258 68 56 12 172 163 9 14 3 April 184 182 42 26 17 132 111 21 2 5 May 269 262 67 54 13 189 188 1 6 June 250 246 87 75 12 142 131 10 16 1 July 122 119 51 35 16 56 54 2 12 August 417 413 185 167 17 210 194 15 14 5 September 182 180 27 17 10 150 148 2 3 October 239 236 91 64 27 126 125 1 14 5 November 155 152 92 61 31 37 37 1 22 December 144 142 57 36 21 62 52 10 17 6 1942—January 164 161 71 38 33 80 80 9 February 78 76 40 34 5 23 12 11 2 11 March 102 100 39 35 4 46 41 5 15 M Ap a r y il 1 1 2 2 6 1 1 1 2 1 4 8 5 7 9 0 1 2 5 7 5 3 5 3 1 1 2 1 1 1 2 1 3 5 6 3 i ' June 142 139 72 57 15 60 55 5'"" 5 2 July 53 52 14 11 3 29 29 8 August 89 88 39 33 6 34 34 3 "12" September 62 60 23 8 15 28 26 2 " 1 8 October 18 17 2 2 1 15 15 November 27 27 2 2 24 24 December 26 26 8 7 ' 1 13 13 4 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions cf dollars]. Railroad Public utility Industrial Other Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses* ceeds ties poses4 ceeds ties poses4 ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 151 131 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 485 '"si" 399 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 597 218 359 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 135 112 13 10 1938 54 24 30 1,208 180 943 86 831 469 226 136 185 106 56 24 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 115 9 101 5 1940 319 115 186 18 " 1,180 245 922 13 961 167 738 56 263 78 81 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 132 55 56 21 1942 47 32 15 441 135 279 27 497 272 85 140 2 2 1941—February 71 21 50 58 2 55 1 43 7 27 10 35 23 4 7 March 8 3 5 177 47 129 1 72 17 39 17 1 1 April 2 2 82 18 64 1 88 16 66 7 9 8 1 " May 45 45 141 6 134 1 76 16 54 6 June 58 51 7 113 12 97 4 75 24 38 13 July 23 23 39 13 26 48 9 29 10 10 6 •1 N D O S A e e o c u p c t v g o t e e u e b m m m s e t b r b b e e e r r r 2 4 2 2 8 2 4 5 1 2 2 2 1 8 7 1 4 ""35 4 ". 3 1 0 1 7 5 6 7 4 9 9 2 1 4 3 1 6 6 3 8 1 1 1 6 4 0 6 1 3 6 6 9 1 ""2" 1 5 1 2 8 4 7 2 7 5 6 6 3 5 4 2 4 1 2 9 2 1 3 5 4 2 1 1 9 0 4 3 5 2 1 1 6 1 1 4 4 5 6 6 7 6 1 1 4 1 0 1 47 2 5 "••"5" 942—January 10 10 107 18 80 9 43 43 1 1 February 4 4 34 25 10 38 11 13 March 6 6 48 8 40 46 25 6 15 April 11 11 107 59 12 36 May 21 10 5 6 102 49 6 48 June 9 3 6 69 17 49 3 61 51 0 4 1 1 July 2 2 3 2 1 46 9 29 8 August 2 2 68 34 34 18 4 15 September 1 1 44 7 28 9 15 14 1 October 9 9 3 2 5 2 3 November IS ....... 14 12 2 10 December 4 4 19 17 3 2 1 1 Estimates of new issues sold for cash in the United States. Current figures subject to revision. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission. For description of data and back figures, see pp. 217-19 of the March 1942 BULLETIN. FEBRUARY 165 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars] Profits and Net profits,1 by industrial groups dividends Year or quarter Total s I a t r e n o e d n l c M e h r i a y n - - t b o A i m l u e - o s - p e O t m r q t o i t a u e r o h n t n i n e a p s t r - - - f m p N e u a r r e o c n r o t o t d n a d s u - l - s s O g d o b u t l o h r e a d e - r s t F b o a a e o b g n v o a d e e d c s r c s , - , o p r a e i O r n f n o i g i d n d l - , c I h n c tr e a d i m l u a s l s i- - O g d n o u b t o o h r l n e a d e - - r s c n s M e i e e c l o r i e l v s u a s - - s - pr N of e i t ts1 fe P D r r r e e iv - d iden C m d o o s m n - Number of companies.... 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 1939 1,465 146 115 223 102 119 70 151. 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941. 2,169 325 193 274 227 153 113 159 174 207 187 159 1,144 92 705 Quarterly 1939—1 284 13 20 64 23 25 8 31 14 36 28 24 173 21 114 2 311 14 25 61 21 22 16 36 21 40 29 27 185 22 119 3 320 35 26 12 20 30 23 44 26 45 32 29 167 21 125 4 550 85 44 86 39 42 23 41 37 66 45 42 321 26 207 1940—1 . . . 422 47 33 69 41 33 14 34 34 46 41 29 246 21 136 2 412 51 39 53 36 29 21 38 30 45 41 30 230 21 158 3 396 79 34 17 33 30 25 33 25 52 39 29 211 22 158 4 588 101 52 103 63 40 28 43 24 51 39 44 342 25 217 1941—1 510 86 44 79 53 39 23 36 29 49 44 29 286 22 150 2 549 84 48 73 56 36 28 43 42 53 48 36 297 23 165 3 560 81 46 60 56 38 30 44 56 52 49 46 284 23 170 4 550 72 55 61 62 40 32 37 46 52 46 48 276 24 221 1942— 2 1 4 3 2 6 3 9 5 5 2 2 3 3 8 5 4 2 6 5 8 I 5535 3 36 2 1 1 9 8 3 3 2 2 3 2 5 7 3 39 5 3 2 9 7 3 3 2 4 2 1 0 7 4 4 2 2 1 3 1 1 3 3 4 6 3 460 50 38 46 861 34 21 41 41 43 32 52 215 21 127 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad2 Electric power Telephone3 Year or quarter O re p v i e n e r g n a u t- e i I b n n e t c c a f o o o x m r m 4 e e e All r N o e a t d s inc I o n m r s o o e a l 1 d v s e 6 nt d D e i n v d i- s O re p v i e e n r n g a u t e - I i b n n t e c c a f o o x o m m 4 re e e inc N o e m t e1 d D en iv d i s - 5 r O e p v i e e n r n g a u t e - i . n N co et me1 d D e i n v d i- s Number of companies 28 28 28 28 32 32 32 1939 3,995 126 93 -102 126 692 159 137 116 1,067 191 175 1940 4,297 249 189 -73 159 735 177 142 118 1,129 194 178 1941 5,347 672 502 24 186 799 202 133 115 1,235 178 172 Quarterly 1939—1 898 -38 -43 (7) 21 175 46 39 19 259 44 42 2 906 -43 -47 (7) 23 166 37 32 19 267 49 42 3 1,058 68 58 (?) 21 167 34 30 19 266 47 43 4 1,133 139 126 -4 61 184 43 36 22 274 51 48 1940—1 986 —3 -12 -29 25 187 48 41 19 274 49 44 2 1,010 15 3 -33 29 176 42 34 19 281 50 44 3 1,130 92 71 -14 29 177 41 31 19 281 45 44 4 1,171 145 127 3 78 194 47 37 20 294 50 46 1941—1 1,152 94 69 —4 22 201 59 43 18 295 43 44 2 1,272 144 101 2 36 191 48 33 24 308 44 45 3 1,468 267 190 25 31 196 46 25 18 311 45 44 4 1,454 167 142 1 97 211 50 34 19 321 46 40 1942—1 1,483 179 90 12 29 216 63 33 19 324 47 44 2 1,797 389 199 37 35 202 53 25 19 336 •8 42 3 2,047 556 283 60 34 208 54 28 19 344 39 1 "Net profits" and "net income" refer to income after all charges and taxes, and before dividends. 2 Class I line-haul railroads. 3 Series revised to reflect operations more accurately. The group now excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock-holdings in the 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public. 4 After all charges and taxes except Federal income and excess profits taxes. 5 Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown. 6 Includes roads in receivership or trusteeship at beginning of the year. 7 Not available. 8 Partly estimated. 9 Unlike other industrial groups in this table, net income of telephone companies in the first three quarters of 1942 included provision for Federal income and excess profits taxes at rates specified in the Revenue Act of 1941. Sources.—Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision. For description of data and back figures, see pages 214 to 217 of the March 1942 BULLETIN. 166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES (On basis of daily statements of United States Treasury. In millions of dollars] End of month T d g d i o r e r o t e b s a c t s l t i b n T d e d t i a o e r e r t r e b i a e c n t l s t g t- Total2 Tre b M a il s l a u s r r k y eta in b c C d l a e e n e t r e e b p t s s i t u s f e o i b d - f l - ic T is r s n e u o a e t s s e u 1 s ry T b re o a n s d u s ry N T o o n t m al a 2 rke s ta b a U b v o . l i n S e n d . g s p s ub T l t i a c r x e i a n s s s o u u t r e e y s s S i p ss e u c e ia s l i . b n N e d t a e e o r r b i n e n t - s g t- s g e t b t e u c e e F e u a r a d u r e r r i l a s i i t l n n n t y i - g e - - s 1939—June 40,440 39,886 33,965 1,308 7,243 25,218 2,151 1,868 3,770 554 5,450 Dec 41,942 41,445 34,735 1,455 6,203 26,881 2,480 2,'209 4,231 497 5,621 1940—June 42,968 42,376 34,436 1,302 6,383 26,555 3,166 2,905 4,775 591 5,498 Dec 45,025 44,458 35,645 1,310 6,178 27,960 3,444 3! 195 5,370 566 5,901 1941—June 48,961 48,387 37.713 1,603 5,698 30,215 4,555 4,314 6,120 574 6,360 Dec 57,938 57,451 41,562 2,002 5,997 33,367 8,907 6,140 "'2,'47l" 6,982 487 6,317 1942—Jan 60,012 59,531 42.271 2,101 5,591 34,383 10,196 7,198 2,697 7,063 481 5,673 Feb 62,381 61,895 43,700 2,002 5,591 35,912 11,004 7,893 2,807 7,190 486 5,673 Mar 62,419 61,940 43,329 1,652 5,571 35,910 11,278 8,436 2,536 7,333 480 5,666 Apr 64,961 64,496 -45,137 1,953 ' * i,507 5,571 35,910 12,002 8,951 2,744 7,358 465 5,666 May 68,571 68,108 47,615 2,257 1,507 5,571 38,085 12,976 9,569 3,100 7,518 462 5,667 June 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,548 July,.. 77,136 76,694 53,826 3,663 3,096 6,689 40,182 14,743 11,078 3,357 8,125 442 4,551 Aug 81,685 81,244 57,176 4,168 4,705 6,689 41,418 15,805 11,751 3,739 8,262 441 4,567 Sept 86,483 85,847 60,402 4,619 6,211 7,958 41,418 16,936 12,479 4,137 8,509 637 4,552 Oct 92,904 92,265 65,008 5,126 6,211 10,095 43,381 18,672 13,381 4,964 8,585 639 4,243 Nov 396,116 395,458 66,132 5,721 6,739 10,095 43,381 20,117 14,079 5,703 8,787 657 4,244 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1 Including amounts held by Government agencies and trust funds, which aggregated $2,608,000,000 on Nov. 30, and $2,850,000,000 (preliminary) on Dec. 31, 1942. 2 Total marketable public issues includes Postal Savings and pre-war bonds, and total nonmarketable public issues includes adjusted service and depositary bonds not shown separately. 3 Including $422,000,000 of special one-day certificates of indebtedness not shown separately. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING, DECEMBER 31, 1942 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Amount Funds received from sales during Redemp- Issue Issue out- month tions Month standing Tr J e u a n s e u r 1 y 5 , b 1 o 94 n 3 d -4 s 7 454 Tr S e e a p s t u . r 1 y 5 n , o 19 te 4 s 4 —Continued 283 a m t e o n n d t h o 1 f se A ri l e l s Se E ries Se F ries Se G ries se A r l i l es Oct. 15, 1943-45 1,401 Sept. 15, 1944 635 Apr. 15, 1944-46 1,519 Mar. 15, 1945 718 Dec. 15, 1944-54 1,037 Mar. 15, 1945 1,606 1941—May 4,008 237O 101 38 211 14 Sept. 15, 1945-47 1,214 Dec. 15, 1945 531 June 4,314 315 103 29 183 15 Dec. 15, 1945 541 Mar. 15, 1946 503 July 4,649 342 145 27 170 18 Mar. 15, 1946-56 489 Dec. 15, 1946 3,261 Aug 4,908 266 118 20 128 13 J J O D u u e c n n c t e e . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 7 7 6 6 - - - 5 4 4 2 9 8 1,0 8 7 7 3 1 0 5 6 9 1 9 Ce M F A r e u t a b , g y . . o f 1 1 1 , , , i n 1 1 1 9 9 d 9 4 4 4 e 3 3 3 btedness. 1 1 1, , , 6 5 5 0 8 0 9 8 6 O N S D e c o e p t c v t. 5 5 5 6 , , , , 1 3 1 6 3 9 4 2 2 0 4 0 2 5 2 2 3 2 3 7 2 9 4 1 3 1 1 1 0 4 2 1 5 1 3 0 2 3 1 1 3 3 8 9 1 1 1 1 0 2 0 5 9 5 5 4 1 1 1 1 4 3 6 4 M M Ju a a n r r e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 4 8 8 8 - - 5 5 0 1 3 1 1 , , , 1 2 0 1 2 6 5 3 1 N De o c v . . 1 1 , , 1 1 9 9 4 4 3 3 3 2 , ,0 7 3 9 5 5 1942— F Ja e n b 7 7 , , 1 8 9 9 8 3 1,0 7 6 0 1 3 6 3 6 9 7 8 7 5 8 2 3 2 1 5 6 3 1 1 5 6 D J D D M M D S J D D S S S u u e e e e e e e e e e a a n n p p p p c c c c c c r r e e . . . . . . t t t t . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 4 4 4 4 5 4 5 5 5 5 4 4 5 5 8 9 9 9 1 9 1 1 0 2 0 9 1 8 - - - - - - - - - - - - 5 - 5 5 5 5 5 5 5 5 5 5 5 5 0 2 1 3 5 1 3 4 2 4 2 1 5 -... 2 1 1 1 1 1 1 1 1 , , , , , , , , , 0 2 1 6 7 9 0 1 0 4 5 4 7 5 1 9 2 8 8 6 1 9 2 5 7 9 5 1 4 2 7 6 6 3 8 4 8 1 1 1 5 0 Tr J J F M J J F F M F M M M e a a a a e e e e a a a a n n n a a n b b b b s r r . r . . r r . . . . . u . . . . . 2 6 2 1 3 2 3 r 1 1 3 2 1 1 y 7 0 3 , , , 4 0 7 1 0 4 7 , , , , , , , , , , 1 1 1 b 1 1 1 9 9 9 1 1 1 1 1 1 1 9 9 i 9 4 4 4 9 9 9 9 9 9 9 l 4 4 4 3 4 3 4 4 4 3 4 4 4 l 3 3 3 s 3 3 3 3 3 3 3 4 4 5 5 5 5 5 5 5 5 6 6 6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5 5 1 0 2 1 3 5 1 1 3 Di 1 f f A er t e M A M O J J N A D S n c u u e c p u e o c a a u n l p t c e g v r y r y r e t . r . e b n e t t w re e d en e m 1 1 1 1 1 1 1 " p 8 8 9 1 2 5 4 0 1 3 F t , , , , , , , , . , i 9 4 5 u 7 4 0 0 1 0 3 o 5 3 6 5 7 5 7 8 7 8 n n 1 6 1 9 9 0 9 8 8 1 d v s al r u e 1 e c ,0 s e 5 6 9 5 6 6 9 7 7 1 i 9 3 5 5 3 3 3 3 0 e 4 v 7 5 8 5 5 4 4 1 1 x e c d e " p t a n S 4 3 3 4 4 6 5 5 5 7 5 2 d 2 6 3 1 3 4 e 0 2 4 7 2 5 8 0 3 2 r 8 6 i m es o n G t , h 4 4 4 4 6 5 4 6 6 7 1 0 3 1 6 2 5 1 1 4 w to h ic m h o n is 1 1 3 2 2 1 1 1 1 1 t h 7 6 1 2 8 7 1 6 9 4 s 9 4 0 2 4 0 9 0 1 8 ta c t h ed a n a g t e 2 3 3 2 2 2 4 4 2 5 s 1 2 4 2 2 3 0 3 5 5 p a i r n . June 15, 1952-55 1,501 Total direct issues.... 76,488 "Amounts outstanding" represents the difference between accrued increases P C P o a o J M M J D J S J D S s n u u u u n e e e e t a a n n a n n p v p c c a r r e e e e m . . t t e . . l . . r a 1 1 1 1 1 1 1 1 S 1 s 1 5 5 5 5 5 5 5 5 a i 5 5 C , , , , , , o , , v , , 1 1 n 1 1 a 1 1 1 1 i 1 1 9 9 9 9 9 9 9 n 9 n 9 9 5 5 6 6 5 5 5 6 b a g 5 6 3 4 0 3 8 5 6 2 6 l s o 7 - - - - - - - - - 5 5 6 - 6 6 6 6 5 n l 5 7 b 6 5 5 o 3 8 7 0 8 9 d 2 o a s n n d — . s . . . . 2 1 1 2 2 2 , , , , , , 4 6 4 1 7 8 6 9 7 9 1 4 8 1 1 1 8 1 2 2 8 1 2 5 9 5 1 8 6 1 9 5 7 2 7 9 0 Gu F C F H a e e o o M M F M r M A d F d m m a e . . e a a u a a n b m b e F y y r y t . t . . h a o e O 1 1 P o r 1 1 1 1 d e m 5 , r w 5 u d , 5 , i , i t , b 1 , t y 1 n 1 y 1 M 9 l 1 1 s 9 9 e i 9 4 9 9 e C 4 c 4 r o 4 4 3 4 c s 4 4 r r 5 ' 4 4 u - e t 5 - - g L d r 6 4 2 i a i 4 9 o t t g H i a e e C n o s u o C C s rp i o o n . r r g p p . . 4 2 8 1 7 8 1 9 3 1 7 9 2 5 5 4 9 i s n i n 2 r c e I e n d c e A l m p u p r d i t e l i s o 1 n 9 s e 4 v r 1 i a . e l s u e D s a n n o d t s r h e o d w em n p s t e io p n a s r a o te f l b y o ; n t d h s is du se r r in ie g s t h h a e s m n o o n t t b h. een sold Treasury notes June 1, 1945-47 755 M Ju a n r e . 1 15 5 , , 1 1 9 9 4 4 3 3 t2 6 9 6 Re J c u o ly n st 1 r 5 u , c 1 ti 9 o 4 n 3 Fin. Corp. 324 Sept. 15, 1943 279 Apr. 15, 1944 571 D M e a c r . . 1 1 5 5 , , 1 1 9 9 4 4 3 4 4 5 2 1 1 5 Fe V d a e r r i a o l u H s ousing Admin. 22 June 15, 1944 416 Total guaranteed issues 4,196 167 FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [In millions of dollars] Held by Federal Privately held1 agencies and Held Total trust funds by Other investors End of month s i e b n c e t u e a r r r i e i t s n i t e g - s ^ S is p s e u c e i s al P is u s b u l e i s c F R B e e a d s n e e k r r s v al e Total M b e a m nk b s er m b O c e a o t r n h c m k e ia - s r l M s b a u v a i t n n u k g a s l s I p c n a a o n s n m u c i e e r - - s M i a a ss b r u k le e e s t- m i N s a a s r b o u k l n e e e - s t- 1939—June 45,336 3,770 2,116 2,551 36,899 777 1,920 3,040 5,900 10,400 1,900 December 47,067 4,231 2,300 2,484 38,052 328 1,970 3,100 6,300 10,200 2,200 1940—June 47,874 4,775 2,295 2,466 38,338 722 1,830 3,110 6,500 9,300 2,900 December 50,360 5,370 2,250 2,184 40,556 823 1,940 3,220 6,900 9,500 3,200 1941—June 54,747 6,120 2.362 2,184 44,081 078 2,020 3,430 7,000 9,300 4,300 December 63,768 6,982 2,547 2,254 51,985 539 2,250 3,700 8,000 9,900 8,600 1942-June 76,517 7,885 2,726 2,645 63,261 098 2,290 3,890 8,900 11,000 13,100 JulyP 81,245 8,125 2,741 3,153 67,226 28,400 4,010 9,000 11,500 14,300 August7' 85,811 8,262 2,884 3,426 71,239 30,200 4,130 9,600 12,000 15,300 September*3 90,399 8,509 2,900 3,567 75,423 32,500 %, 200 9,700 12,600 16,400 October*3 96,509 8,585 2,922 4,667 80,335 35,100 4,280 9,800 13,000 18,200 November*3 299,702 8,787 2,922 25,399 82,594 36,500 4,180 9,600 12,700 19,600 December? 111,591 9,032 3,165 6,189 93,205 37544 3,750 4,560 11,000 15,100 21,200 p Preliminary estimates. 1 Estimated figures for other commercial banks and mutual savings banks have been rounded to nearest 10 million dollars and for insurance companies and other investors to nearest 100 million. 2 Including $422,000,000 of special one-day certificates of indebtedness. Back figures.—See July 1941 BULLETIN, p. 664. 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] U.S. U.S. Gov- Govs T t o i a o n u n t g t a d - l - m a e a c g r i n e e e n d n n s - t - B s F e R a e r e r n e a d v - k l - e s m b C a e o r n c m k i s a - 1 l b M i t s a n u a n g u v a k s l - - s I a c n o n s m c u e r - - Othei s T t o o i a n u n t g t a d - l - a m c e a g i r n e e e n d n s n - t - B s F e R e a e r r n e a v d - k l e - s b C m a c o n i e a m k r l - s - b M i s a t n u a n g v u a k s l - - s p I a c n a n o n s m c u i e e r - s - Other trust trust funds funds Total 2 Treasury bonds: 1941—June 44,072 2,360 2,184 19,014 3,342 6,84110,332 Total: Dec 47,878 2,547 2,254 20,589 3,641 7,85810,990 1941—June 30,215 2,015 1,359 10,851 2,895 5,983 7,112 1942—June 55,122 2,723 2,645 24,939 3,830 8,74812,237 Dec 33,367 2,182 1,462 12,174 3,197 6,836 7,517 July 58,340 2,737 3,153 26,848 3,933 8,80712,861 1942—June 38,085 2,321 1,617 14,828 3,442 7,766 8,110 Aug 61,691 2,881 3,426 28,548 4,057 9,419 13,360 July 40,182 2,331 1,643 16,135 3,569 7,862 8,642 Sept 64,916 2,877 3,567 30,707 4,114 9,51314,138 Aug 41,418 2,456 1,660 16,376 3,682 8,520 8,725 Oct 69,204 2,993 4,667 33,084 4,199 9,626 14,634 Sept 41,418 2,456 1,71316,433 3,693 8,474 8,649 Nov 70,750 2,918 5,399 34,480 4,091 9,35114,510 Oct 43,381 2,554 2,14517,357 3,765 8,591 8,969 Treasury bills: Nov 43,381 2,468 2,46417,377 3,666 8,51 8,891 1941—June 1,603 1,112 23 10 459 Maturing within 5 years: Dec 2,002 10 1,037 34 210 710 1941—June 3,508 291 1,370 197 526 1,124 1942—June 2,508 243 1,557 28 91 590 Dec 3,461 289 1,398 191 531 1,053 July 3,663 566 2,263 28 88 718 1942—June 3,9i: 336 1,599 224 581 1,173 Aug 4,168 696 2,648 25 78 721 July 3,915 336 1,617 220 570 1,173 Sept 4,619 657 2,884 17 123 937 Aug 3,915 330 1,627 217 566 1,174 Oct 5,126 481 3,468 18 126 1,031 Sept 5,129 472 2,137 274 781 1,464 Nov 5,721 383 4,216 14 93 1,010 Oct 5,129 528 2,100 264 771 1,465 Certificates: Nov 5,129 610 2,071 254 748 1,445 1942—June 3,096 66 1,971 74 191 782 Maturing in 5-10 years: July 3,096 218 1,921 57 171 718 1941—June 7,585 776 3,367 718 1,236 1,489 Aug 4,705 341 3,008 78 184 1,074 Dec 7,584 757 3,452 685 1,257 1,432 Sept 6,211 504 3,978 92 271 1,346 1942—June 9,436 846 4,959 750 1,347 1,536 Oct 6,211 726 3,782 90 265 1,326 July 11,534 873 6,214 887 1,477 2,084 Nov 7,161 1,187 4,389 99 1,356 Aug 11,534 883 6,344 886 1,468 1,954 Treasury notes: Sept 11,506 916 6,446 932 1,458 1,756 1941—June 5,699 45 820 2,931 191 259 1,452 Oct 14,229 1,284 7,717 1,110 1,710 2,409 Dec 5,997 53 777 3,246 166 265 1,490 Nov 14,229 1,439 7,676 1,084 1,736 2,293 1942—June 6,689 76 714 3,725 138 266 1,770 Maturing in 10-20 years: July 6,689 76 722 3,682 139 266 1,803 1941—June 16,719 2,091 5,549 1,856 3,191 4,036 Aug 6,689 79 725 3,602 139 265 1,880 Dec 17,253 2,116 6,044 1,856 3,309 3,924 Sept 7,958 75 678 4,507 181 276 2,241 1942—June 18,731 2,168 7,009 1,957 3,510 4,086 Oct 10,095 79 1,297 5,830 204 295 2,391 July 18,731 2,180 7,043 1,949 3,488 4,069 Nov 10,095 85 1,343 5,828 196 290 2,354 Aug 18,731 2,182 7,146 1,948 3,427 4,025 Guaranteed securities: Sept 17,545 2,061 6,596 1,854 3,163 3,871 1941—June 6,360 268 5 4,107 233 589 1,158 Oct 16,786 2,124 6,310 1,756 3,037 3,558 Dec 6,317 280 5 4,119 243 547 1,123 Nov 16,786 2,133 6,377 1,712 2,990 3,581 1942—June 4,549 281 5 2,847 148 433 835 Maturing after 20 years: July 4,514 284 5 2.837 140 419 829 1941—June 2,404 219 566 126 1,029 465 Aug 4, SI' 292 5 2,902 134 371 810 Dec 5,070 482 1,282 462 1,737 1,107 Sept 4,515 293 15 2,893 132 369 814 1942—June 6,002 593 1,258 512 2,326 1,315 Oct 4,195 304 17 2,637 122 349 766 July 6,002 587 1,259 513 2,328 1,315 Nov 4,195 310 22 2,660 116 338 750 Aug 7,238 721 1,260 630 3,058 1,570 Sept 7,238 721 1,253 631 3,073 1,560 Oct 7,238 764 1,231 634 3,072 1,539 Nov 7,238 750 1,255 618 3,042 1,574 * Figures include only holdings by institutions or Figures in column headed "other" include holdings holdings (including relatively small amor ' f in the table above. 1 On Nov. 30,1942, commercial banks reporting to the Treasury held $10,175,000,000 of United States Government securityties due or callable within one year out of a total of $16,675,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and pre-war bonds not shown separately below. 168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period t c a I o x n m e - s e 1 i c n r n M n e e n e t l u v o i e a l s e e a u l r - 1 - - - s S s t e a i o c t x c y u e ia r s - l Other c T e r o e ip t - a ts l ce N r i e e p - t ts2 I d n e o e t s n e b t r t - a W c t t i i e a v s r i- T c f t o e e r r a r a t u u c c s n n - . s s t t t o - s Other g p T t e b e u o t u n r t d e a d e s - l i x - - Deficits c T o e r a u t u c c n - s . t 3 t s, F G b e u a r e n C l a n - d h l - ange G d i r e n o b s t s ance Fiscal year ending: June 1941 3,470 2,967 932 900 8,269 7,607 1,111 6,301 331 4,968 12,711 -5,103 -148 +742 +5,994 June 1942 7,960 3,847 1,194 666 13,668 12,799 1,260 26,011 381 4,745 32,397 -19,598 -3,506 +358 +23,461 1941—December 767 353 41 53 1,214 1,212 232 1,850 9 450 2,542 -1,329 -328 +1,241 +2,898 1942—January 133 369 53 59 614 578 32 2,104 42 451 2,628 -1,050 -633 -610 +2,073 February 283 340 257 58 937 758 12 2,208 9 400 2,629 -1,871 +612 +2,369 March 3,083 364 49 52 3,548 3,547 205 2,809 22 385 3,421 +126 -234 -69 +39 April 335 305 43 49 732 695 77 3,238 48 390 3,753 -3,058 -126 -642 +2,542 May 216 270 222 56 764 563 19 3,560 375 3,953 -3,391 -257 -39 +3,609 June 2,086 298 42 67 2,494 2,492 390 3,829 ' "l 310 4,530 -2,037 -1,635 +179 +3,852 July 273 416 53 52 794 747 35 4,498 249 378 5,160 -4,413 -4 +296 +4,714 August 155 362 232 48 797 587 7 4,884 19 305 5,215 -4,628 -54 -134 +4,549 September 2,126 309 43 49 2,528 2,527 224 5,384 5 317 5,931 -3,404 -245 +1,148 +4,798 October 206 350 48 45 648 607 70 5,481 56 330 5,937 -5,331 -496 +594 +6,420 November 199 337 248 45 830 601 28 6,042 3 291 6,363 -5,761 +736 -1,814 +3,212 December 1,972 630 50 50 2,702 2,701 353 5,825 25 297 6,500 -3,799 -794 +7,461+12,054 Details of trust accounts, etc. General Fund of the Treasury (end of period) Social Security Balance in accounts Net ex- Other Assets General Fund penditures Period c N e r i e e p - t ts I m nv e e n s ts t- p t e u E n r x e d - s i- c i a G n o i g n m o u e g c v n n e h e t a n c e s r c i t c n e - o k s - f - ce R i e p - ts I m nv e e n s ts t- p t E e u n x r d - e i s - Total R F p e e D o s d i s e n e e i r - t r v s a e l d s p p e D o p e i s n c e o i - i s t a s i l - O as t s h e e t r s l T i t a o i b e t i s a l l i- Total W b i o n a r g l k - - Banks taries Fiscal year ending June 1941 1,958 1,200 741 218 680 138 490 2,812 1,024 661 1,127 179 2,633 1,885 June 1942 2,327 1,705 614 3,625 863 221 533 3,443 603 1,679 1,162 452 2,991 2,229 1941—December... 63 215 49 140 54 -5 47 3,816 966 1,756 1,094 256 3,560 2,802 1942—January 144 50 64 681 57 9 30 3,232 391 1,750 1,090 282 2,950 2,191 February 383 177 59 35 50 5 44 3,867 748 2,054 1,064 305 3,562 2,802 March 31 139 67 75 84 9 59 3,857 525 2,231 1,101 365 3,493 2,732 April 112 15 59 189 73 9 39 3,216 522 1,579 1,115 365 2,851 2,089 May 422 196 54 430 53 13 40 3,198 382 1,666 1,150 386 2,812 2,050 June 136 297 51 1,417 110 69 48 3,443 603 1,679 1,162 452 2,991 2,229 July 212 117 53 78 192 124 36 3,782 553 2,014 1,215 494 3,288 2,525 August , 433 184 52 262 62 24 28 3,695 569 1,880 1,246 541 3,154 2,392 September... 30 214 45 25 83 37 37 4,688 1,021 2,411 1,256 386 4,302 3,540 October 126 49 38 583 96 26 21 5,313 619 3,373 1,321 416 4,896 4,134 November... 471 170 34 -449 65 32 13 3,557 512 1,695 1,350 475 3,082 2,320 December.. . ' 75 350 33 548 99 37 11,032 1,516 8,166 1,350 489 10,543 9,780 1 Details on collection basis given in table below. 2 Total receipts less social security employment taxes which are appropriated directly to the Federal old-age and survivors insurance trust fund. 3 Excess of receipts (+) or expenditures (—). INTERNAL REVENUE COLLECTIONS [On basis of reports of collections. In millions of dollars] Income taxes Miscellaneous internal revenue Manufac- Period Total C in u d d r u r i a v e l i n - t C c r u o a r t r r i p e o o n n - t B ta a x c e k s E p t r x a o c x f e i e s t s s s p O t r a o t x h f e i e t s r s Total C s a t t o p ax c it k al E ta s g a x t i n a f e d t t s e b A e l t v c a o e x h r e a o s g li e c b t a T a c x o c e - o s S t t a a x m es p re t e t u a a x r n i c e l d i r e s s e r ' s' M la t n a is x e c o e e s u l- s taxes Fiscal year ending: June 1941 3,471 1,314 1,649 306 164 37 2,955 167 407 820 698 39 617 207 June 1942 8,007 3,108 2,764 460 1,618 57 3,838 282 433 1,048 781 42 852 401 1941—December.. 769 241 426 26 69 6 352 50 24 93 58 4 93 30 1942—January.... 143 38 23 61 18 3 370 3 37 101 70 5 103 52 February... 337 210 48 51 25 2 324 1 36 78 60 3 81 66 March 3,073 1,457 832 56 717 11 355 105 85 62 3 64 36 April 295 132 44 73 44 3 294 43 81 63 3 70 33 May 205 12 84 33 68 7 277 25 84 66 3 63 35 June 2,131 715 766 55 584 11 284 25 86 71 3 56 42 July 222 53 83 29 53 2 459 46 114 74 3 62 160 August 164 32 53 26 49 3 340 30 123 74 3 60 51 September.. 2,123 662 781 23 641 17 315 1 28 111 77 3 56 39 October 220 19 109 27 58 7 348 35 119 83 3 66 42 November.. 185 19 67 24 73 2 478 185 27 104 79 3 47 32 December.. 2,000 556 753 36 644 11 496 143 30 129 81 3 64 46 169 FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In million of dollars] PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES Liabilities, other than Assets, other than interagency items interagency items Securities Bonds, notes, U. S. Pri- End of month a T s o se ta ts l , Pre- U.S. co A u c n - ts Busi- P e r r o ty p- and debentures Other G m ov e e n r t n- o v w at n e e ly d o th th a e n r Loans f s e t r o r c e k d , Cash G di o re v c t t . O G t o h v e t r . o a t n h d er p n r e o s p s - h f e o l r d O as t s h e e t r s F gu u a ll r y - lia ti b e i s li- interest interest inter- etc. and agen- receiv- erty sale anteed Other1 agency guaran- cies1 ables by teed U.S. 1941—June 13,277 8,106 698 376 925 18 598 636 1,497 423 6,370 1,443 1,604 3,436 424 1941—November... 14,580 8,337 664 502 1,021 26 751 698 1,879 702 6,324 1,393 1,974 4,459 430 December 14,660 8,487 680 496 999 46 574 714 1,891 773 6,324 1,392 2,049 4,464 431 1942—January 14,908 8,388 675 560 1,027 52 604 751 1,964 887 5,705 1,402 2,111 5,256 432 February.... 15,224 8,396 663 582 1,058 53 600 782 2,017 1,073 5,697 1,396 2,325 5,372 434 March 15,750 8,407 658 621 ,060 54 632 792 2,262 1,264 5,690 1,433 2,497 5,694 435 April 16,656 8,567 650 645 ,076 54 621 815 2,717 1,511 5,688 1,431 2,656 6,444 436 May 17,343 8,356 649 732 ,088 55 733 833 3,067 1,830 " 5,687 1,440 2,950 6,828 437 June 17,962 8,379 648 403 ,097 57 774 859 3,512 2,233 4,568 1,442 3,265 8,249 438 July 18,482 8,307 642 407 ,113 58 773 879 3,808 2,495 4,581 1,443 3,457 8,562 438 August 19,401 8,233 626 609 ,144 57 853 924 4,177 2,778 4,592 1,445 3,691 9,234 439 September... 19,974 8,190 623 625 ,197 56 1,065 952 4,287 2,979 4,574 1,434 4,154 9,373 439 October 20,534 8,159 622 581 ,219 60 1,088 976 4,710 3,119 4,265 1,413 4,185 10,230 442 November.. . 20,992 8,158 621 563 1,222 52 1,069 1,001 4,701 3,605 4,264 1,404 4,601 10,281 443 LOANS BY GOVERNMENT CORPORATIONS AND CREDIT AGENCIES, OTHER THAN INTERAGENCY LOANS Home mor a t g g e a n g c e ie a s n 3 d housing F g a a r g m e m o o an rt s - Other farm credit loans Recon- Rural Ex- End of month T lo o a t n a s l 2 n s C t t a F r i o n o u i r - n c c p e - . H L O e o o w r m a s n ' n e - F H L e o o d a m a l e n r e - M C R ga o o F g m r C e t- - M t F i N o e o a n d r - a t . - l P H F u o e b u d l s i . c - M F F g a a e o r g d r m e t . - F l e a a d n l e d r- m i F n a e e t t e d e d r i . - - B f o o p a r e n c r k a o s - - m C C o r o e d m d it i - y t C F A r a e d r d m - it i S t F y e a c A r u m d r- - tEr m t A i i lf o i ei d n cc n - a . -- B p p I o a o m r n r t - t k - Other Corp. banks pany A g s a s g o e c. Auth. Corp. banks c b r a e n d k i s t tives Corp. min. min. 1941—June. 8,106 1,082 1,870 170 65 194 316 630 1,818 255 74 244 263 461 289 114 261 1941—November. .. 8,337 1,368 1,794 187 72 205 329 604 1,776 230 109 198 252 464 319 138 292 December 8,487 1,433 1,777 219 72 207 367 597 ,764 235 113 233 250 467 323 139 291 1942—January 8,388 1,417 ,758 206 74 210 388 590 ,753 238 111 240 249 398 327 140 289 February.... 8,396 1,464 ,742 197 75 211 352 586 ,746 251 110 230 253 420 330 141 288 March 8,407 1,470 ,724 192 75 213 379 580 ,731 267 106 218 258 436 334 137 287 April 8,567 1,469 ,709 185 77 215 371 575 ,721 280 102 393 260 450 336 137 287 May 8,356 1,468 ,692 181 79 216 365 567 ,715 282 99 230 258 456 340 112 296 June 8,379 1,473 ,676 193 82 216 384 562 L,706 289 101 231 258 460 342 113 293 July 8,307 1,479 ,657 174 83 215 388 554 1,692 291 104 201 256 458 343 115 297 August 8,233 1,496 ,640 160 85 215 357 547 1,679 287 104 181 254 457 344 117 310 September... 8,190 1,527 ,622 145 88 215 360 539 1,663 270 112 173 250 456 344 117 309 October 8,159 1,533 ,603 131 91 214 377 528 1,645 248 130 188 244 453 344 119 311 November... 8,158 1,566 1,587 122 93 213 372 518 1,625 238 140 214 241 448 345 119 317 SELECTED ASSET ITEMS OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES, OTHER THAN INTERAGENCY ITEMS Lo F an in s a b n y c e R C ec o o rp n o st r r a u ti c o t n ion Preferred stock held Acco r u e n c t e s i v a a n b d le o s ther Property held for sale End of month Total n t L u t i a o o n t n i a s c f o t n i i i n - s a - s l L r r o o a t a a o il n d - s s Other F R s C i e t t n i o r c a o u o r n n p c n c - . - e O C H r L w a o o o t n r i m a p e o n o e r n s - ' Other F M F > e a e d o C n d . r k o . t s F r g l p a a a a . n r g n m d e d m C r C C a o o r t o r d e i m p o d i o t n - i y - t C p s w F o t R o r i r a r e u n a r p c c a t . o c t i n a i o o n c o n n r - e n - d s Other r c a W o ti r o a p r n o s - m C r C C a o o r t o r d e i m p o d i o n t - i y - t O C H L r w a o o o t n r m i a p e o n e o r n s - ' Other 1941—June 1,082 193 480 409 429 183 86 219 79 68 232 257 753 319 168 1941—November... 1,368 172 458 738 404 175 85 220 150 144 237 622 812 292 153 December. .. 1,433 165 473 795 401 175 104 219 34 80 241 703 749 288 151 1942—January 1,417 150 472 795 398 173 104 216 65 76 247 789 740 286 149 February.... 1,464 151 473 840 393 167 103 220 55 74 251 934 654 284 145 March 1,470 149 475 846 388 167 103 216 80 82 254 1,224 612 280 146 April 1,469 149 477 843 381 167 102 221 40 90 270 1,460 843 276 138 May 1,468 146 473 849 379 167 103 222 83 121 307 1,690 972 270 135 June 1,473 144 472 857 378 167 103 225 96 151 302 2,041 1,068 262 141 July 1,479 143 472 864 377 162 103 226 107 144 296 2,285 1,126 258 139 August 1,496 144 472 880 372 153 101 231 35 238 349 2,561 1,226 252 138 September.. 1,527 153 473 901 369 152 102 226 61 484 294 2,619 1,286 244 138 October 1,533 153 472 908 368 152 102 225 80 490 293 2,921 1,415 238 136 November.. 1,566 169 471 926 367 152 102 213 65 497 294 3,221 1,109 231 140 1 Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation. 2 Excluding investments in preferred stock, the amount of which is shown in the lower section of this table. 3 Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan Bank Administration. Loans by these institutions amounted to $1,863,000,000 on Nov. 30, 1942. 170 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Industrial production Construction Income (phy 19 si 3 c 5 a - l 3 9 v o = l u 1 m 00 e)2* aw 1 a 9 c r 2 d 3 o e - n 2 d t 5 r a ( = v c t a s 1 lu 0 e 0 )3 E 1 m 93 p 9 l o = y m 1 e 0 n 0 t Fac- Freight- D m ep e a n r t t- W s h a o le le- Cost of pay- tory car store com- living Y m ea o r n a th nd ( 1 m v = 9 a e 3 l 5 1 n u - 0 t e 3 s 0 ) 9 1 Total Du f M a r- c a tu n r u N e d - s u o r n - - M era in ls - Total R d ti e e a n s l i - - o A th l e l r N t a c u g o u r r n a l i - - l - Factory 19 r p 1 o 3 a 0 9 l y l 0 s - = 19 l i 3 o n 1 9 a 0 g d 0 s = * - 19 u = s ( 2 v a e 3 l a 1 ) e - l * 0 2 - s 5 0 5 m p = r 1 o i 9 c d 1 2 e i 0 6 t s y 0 4 3 1 9 9 1 3 4 0 5 0 - = able able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.8 106.2 120 78 138.6 124.5 1920 75 93 60 83 63 30 90 107.2 127.1 129 94 154.4 143.2 1921 58 53 57 66 56 44 65 82.1 82.0 110 87 97.6 127.7 1922 73 81 67 71 79 68 88 90.8 88.0 121 88 96.7 119.7 1923 88 103 72 98 84 81 86 103.9 111.6 142 98 100.6 121.9 1924 82 95 69 89 94 95 94 96.5 104.1 139 99 98.1 122.2 1925 90 107 76 92 122 124 120 99.9 109.7 146 103 103.5 125.4 1926 96 114 79 100 129 121 135 101.8 113.1 152 106 100.0 126.4 1927 95 107 83 100 129 117 139 99.6 111.0 147 107 95.4 124.0 1928. 99 117 85 99 135 126 142 99.7 112.3 148 108 96.7 122.6 1929 122^9 110 132 93 107 117 87 142 106 0 106.1 119.8 152 111 95.3 122.5 1930 109.1 91 98 84 93 92 50 125 98.1 92.5 96.9 131 102 119.4 1931 92.3 75 67 79 80 63 37 84 88.3 78.2 73.5 105 92 63.0 108.7 1932 70.6 58 41 70 67 28 13 40 77.6 66.4 50.7 78 69 74^8 97.6 1933 68.9 69 54 79 76 25 11 37 78.6 73.5 54.4 82 67 65.9 92.4 1934 78.7 75 65 81 80 32 12 48 86.3 85.8 70.0 89 75 74.9 95.7 1935 87.1 37 83 90 86 37 21 50 90.1 91.4 80.4 92 79 80.0 98.1 1936 101.3 103 108 100 99 55 37 70 96.8 99.1 93.0 107 88 80.8 99.1 1937 107.7 113 122 106 112 59 41 74 102.7 108.7 111.2 111 92 86.3 102.7 1938 98.5 89 78 95 97 64 45 80 95.1 91.0 85.1 89 85 78.6 100.8 1939 105.5 108 109 108 106 72 60 81 100.0 100.0 100.0 101 90 77.1 99.4 1940 113.8 123 138 113 117 81 72 89 104.2 107.5 114.5 109 94 78.6 100.2 1941 137.3 156 193 135 125 122 89 149 115.6 130.3 165.3 130 110 87.3 105.2 1942 P250 PS1 P236 p124.3 P147.8 P234.5 138 124 98.8 116.5 1939 September 107.3 114 119 118 111 114 73 68 16 101.2 101.4 104.8 104.2 111 90 79.1 100.6 October 109.3 121 126 r129 115 119 76 68 82 102.7 104.9 108.1 112.7 114 92 79.4 November 109.9 124 126 134 117 120 83 61 101 103.3 106.6 107.7 112.0 114 93 79.2 December.. .. 111.3 125 122 138 117 114 86 60 107 103.5 107.0 107.0 113.4 110 95 79.2 99^6' 1940 January 110.7 122 117 r135 113 r120 75 53 93 102.5 105.9 104.0 107.4 111 92 79.4 February 110.7 116 114 123 110 115 63 56 68 102.0 104.8 104.2 107.2 105 90 78.7 March 110.3 113 112 118 107 118 62 57 66 102.0 103.6 103.8 107.9 100 89 78.4 99^8 April 110 6 113 112 116 107 r120 64 62 66 101 1 102.4 102.6 105.8 103 89 78.6 May 112*.O r117 117 124 110 118 64 64 65 10l!8 102.1 106 89 June 112.1 122 122 133 114 119 74 69 77 102.4 103! 7 102.5 107!6 111 91 n'.s 100^' July 112.8 122 120 136 113 r118 85 77 91 103.2 105.2 103.1 106.6 110 92 17.7 August 113.9 124 124 143 112 r113 90 82 98 104.5 108.1 107.8 115.1 112 98 11A September ... 115.5 127 132 151 112 117 93 82 101 105.3 109.7 112.2 122.1 112 97 78.0 100^4 October 117.2 131 136 155 "116 114 95 85 103 106.6 112.0 114.8 126.9 110 94 78.7 100.2 November 117.7 134 136 157 120 PI 19 111 87 130 108.3 114.6 116.0 127.5 116 100 79.6 100.1 December 121.3 r138 136 164 124 119 115 90 136 110.0 116.8 117.4 134.1 119 101 80.0 100.7 1941 January r122.6 r140 136 r170 123 r120 103 84 117 110.5 118.5 116.5 132.1 122 101 80.8 100.8 February r124.9 r143 140 r175 126 119 99 76 118 111.4 120.5 119.3 139.5 124 103 80.6 100.8 March r126.7 147 145 r179 128 126 94 74 109 111.4 122.2 121.6 144.7 126 103 81.5 101.2 April r129 1 144 144 r180 131 96 103 80 121 111.5 125.1 124.6 148.8 112 104 83.2 102.2 May r134i2 r154 155 r191 135 r121 101 88 111 113.4 127.9 127.1 159.4 135 105 84.9 102.9 June r139.0 r159 160 r196 139 r127 117 101 129 115.2 131.1 130.2 168.2 139 104 87.1 104.6 July r140.4 160 159 r200 138 r126 139 115 158 117.9 133.9 133.3 169.4 138 115 88.8 105.3 August r142.9 r160 163 200 139 r128 152 112 184 118.6 135.6 136.2 176.1 139 134 90.3 106.2 September r143.7 161 167 202 r138 r132 161 105 206 118.8 136.4 138.9 182.0 130 116 91.8 109.1 October r145.7 164 168 208 139 r134 145 87 192 119.1 136.9 139.0 186.8 127 105 92.4 109.3 November r146.3 167 167 209 r143 r133 138 74 189 119.8 137.0 138.4 185.0 135 116 92.5 110.2 December.... r151.9 r167 164 213 141 r134 123 69 167 120.3 138.1 138.3 191.0 137 111 93.6 110.5 1942 January r153.8 r171 166 r221 143 r134 118 82 147 120.4 138.8 136.6 195.9 140 138 96.0 112.0 February r155.6 172 167 r225 142 r133 128 100 151 120.8 140.2 138.7 202.9 139 126 96.7 112.9 March 157.4 172 168 r230 139 r126 125 95 149 121.0 141.6 140.6 209.2 136 124 97.6 114.3 April r173 172 234 139 r125 128 82 165 121.5 143.0 142.2 214.8 143 117 98.7 115.1 May r163il r174 175 239 138 r126 158 76 226 121.9 144.5 143.5 221.2 143 108 98.8 116.0 June r167.9 176 177 244 136 r127 193 76 288 122.5 146.1 145.1 226.5 141 104 98.6 116.4 July r171.0 r178 180 249 138 r125 206 74 313 124.5 148.5 148.5 234.3 142 121 98.7 117.0 August r174.3 183 187 r258 140 r130 182 65 278 125.8 150.1 152.1 245.8 143 130 99.2 117.5 September r176.0 186 192 r264 r142 r131 179 70 268 126.5 151.8 154.6 252.6 136 123 99.6 117.8 October r180.5 194 r273 143 r129 185 83 269 127.6 153.7 155.5 261.3 133 128 100.0 119.0 November p186.0 194 194 279 146 131 198 90 286 128.8 155.5 156.6 270.6 134 138 p100.3 119.8 December ^192 ^283 PI 77 p82 P254 P130.2 P158.9p159.0 P278.9 134 125 PlOi'° 120.4 1943 January e198 e193 e289 e148 e127 e134 "102.0 p Preliminary. * Average per working day. r Revised. e Estimated. * Department of Commerce series on value of payments to individuals. 2 FFoorr iinnddeexxeess bbyy ggrroouuppss oorr iinndduussttrriieess,, sseeee pppp.. 1722--117755;; ffoorr ddeessccrriippttiioonn,, sseeee BBUULLLLEETTIINN ffoorr SSeepptteemmbbeerr 11994411,, pppp.. 887788-888811,, aannd for August 1940, pp. 753-771. 3 Based on F. W. Dodge Corporation data; for dessccription, see p. 358 of BULLETIN for July 1931; by groups, see p. 178. 4 The unadjusted indexes of employment and pavrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau " t , i n i • i J . l i___ J_ 1 • A 11 1 I OI l Factory employment and payrolls cover wage earners only. Nonagricultural employn 5 For sales comparisons by cities and by departments see pp. 180-181 of this BULLETIN. Back figures in BuLLETiN.-For industrial production, August 1940, pp. 825-882 and Sept. 1941, pp. 933-937; for factory employment and payrolls October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13, for department store sales, October 1938, p. 918, and January 1941, p. 65, for freight-car loadings, June 1941, pp. 529-533. FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES {Adjustedfor Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1941 1942 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Industrial Production—Total1... 167 r167 r171 172 172 '173 r174 176 r178 183 186 190 194 ' P196 Manufactures—Total1.. 173 r173 r178 r179 180 r182 183 184 188 r193 196 201 206 P208 Durable1 209 213 r221 r225 r230 234 239 244 249 r258 r264 273 279 ^283 Nondurable1'3 143 141 143 142 139 139 138 136 138 140 142 143 146 Iron and Steel . 192 191 192 194 200 199 200 r198 196 197 199 207 203 mt Pig iron . . 184 190 189 189 192 192 192 194 192 190 194 199 199 p197 Steel 207 205 209 211 218 219 219 216 216 218 219 229 224 221 Open hearth and Bessemer 177 176 176 178 182 181 182 178 175 177 179 186 182 179 Electric 420 411 449 448 477 487 488 489 506 507 503 536 527 523 Machinery 230 243 250 259 268 273 279 287 289 299 306 r316 327 p336 Government Arsenals and Quartermaster Depots Transportation Equipment... 276 278 305 314 330 350 372 396 425 458 r478 507 526 * Aircraft 1,340 Automobile bodies, parts, and assembly 142 120 118 105 105 104 107 112 116 124 129 135 140 P145 Railroad cars 264 338 Shipbuilding Private yards 645 Government yards * Nonferrous Metals and Products.. 190 193 191 187 180 177 182 188 188 189 189 190 197 P202 Nonferrous metal smelting 150 151 153 157 157 161 163 Copper smelting 139 141 140 141 147 155 161 Zinc smelting 179 182 184 189 184 185 184 Lead production 127 122 131 140 134 132 Copper deliveries 226 230 235 224 208 195 205 Zinc shipments 147 145 152 151 148 145 146 Tin consumption 171 Lumber and Products1. 135 138 143 144 134 r132 r130 r131 133 r129 r125 T129 128 P125 Lumber 128 132 138 143 128 127 124 127 130 125 119 123 122 P\19 Furniture2 148 149 153 147 147 142 143 139 137 136 136 141 140 P\37 Stone, Clay, and Glass Products1.. 162 r157 r165 r158 r158 r154 T155 147 140 r145 T152 r152 153 Cement1 165 162 167 162 161 167 172 171 169 177 182 184 180 Unglazed brick 153 152 160 152 133 119 104 92 90 87 Glass containers 169 165 184 178 187 176 178 163 145 153 163 162 169 Polished plate glass2 .. 105 r80 r68 r47 r43 43 35 37 r32 r30 38 r37 r39 39 Textiles and Products 156 154 158 156 153 157 156 152 154 154 156 156 158 p154 Textile fabrics 148 146 148 147 143 148 146 143 145 144 146 147 148 Cotton consumption 167 155 169 174 169 177 175 169 166 169 172 172 171 163 Rayon deliveries 179 179 180 174 175 170 169 169 168 169 170 174 177 178 Silk deliveries 15 Wool textiles 166 178 161 153 148 153 150 151 160 154 155 156 161 Carpet wool consumption 133 164 78 79 70 34 5 46 43 27 34 43 43 Apparel wool consumption 200 209 202 191 196 203 201 194 208 206 198 205 212 Woolen yarn 156 159 163 165 161 173 172 165 175 173 175 173 182 Worsted yarn 184 195 173 148 143 164 168 166 176 173 168 171 176 Woolen and worsted cloth 170 182 183 172 167 177 179 172 184 177 179 175 179 Leather and Products1 r127 r124 r128 r124 r123 r130 r125 r120 r116 r112 rll7 116 V115 Leather tanning 132 123 130 127 127 130 128 122 118 115 114 120 117 Cattle hide leathers 145 135 148 139 139 147 147 142 143 139 135 143 138 Calf and kip leathers1 . r99 r93 86 93 r92 r93 r94 88 r89 95 96 rQ4 94 Goat and kid leathers 123 117 119 120 120 115 104 94 79 70 76 81 81 Shoes1 123 124 126 123 121 129 124 120 114 110 108 114 115 P114 Manufactured Food Products1 141 137 r139 r139 136 136 134 138 143 143 P149 p146 P151 Wheat flour 103 109 108 110 101 98 105 102 106 105 101 108 115 126 Cane sugar meltings2 139 Manufactured dairy products 144 147 148 146 145 150 142 138 143 143 ^140 p139 136 Ice cream 146 154 155 150 147 160 145 145 154 153 Butter. .. .. 103 103 106 107 108 110 111 105 108 108 102 100 98 103 Cheese1 175 181 172 177 177 180 178 168 169 165 156 145 141 138 Canned and dried milk1 199 r200 199 198 198 187 178 168 164 172 167 168 156 r Revised. v Preliminary. * Included in total and group indexes but not available for publication separately. 1 See footnote 1 on following page. See footnote 2 on following page. 3 Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately I72- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries {Adjustedfor Seasonal Variation)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1941 1942 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued Meat packing 135 142 148 141 144 142 140 153 146 153 159 145 147 158 Pork and lard 148 161 165 151 161 156 163 177 168 174 187 157 167 193 Beef 124 127 138 139 132 134 121 137 130 136 129 133 122 119 Veal 114 98 96 96 98 96 94 103 103 113 127 129 128 107 Lamb and mutton 111 117 113 113 128 119 105 104 116 127 137 141 156 156 Other manufactured foods .... 144 137 140 142 138 137 136 140 147 146 155 152 159 ^162 Alcoholic Beverages1 r115 r114 r137 r130 r119 rlll 111 104 r122 r136 r140 r126 Malt liquor1 119 120 117 124 120 117 116 104 118 133 147 134 146 Whiskey 81 91 77 74 62 63 55 63 96 82 49 14 Other distilled spirits 139 121 250 75 44 53 80 61 83 99 45 67 Rectified spirits2^ 120 102 243 242 201 153 158 163 183 r223 r238 r226 159 Tobacco Products1 r129 129 r134 130 125 127 r120 122 r126 130 133 r141 r136 160 Cigars 115 139 129 126 121 120 108 112 109 112 107 116 98 200 Cigarettes1 143 136 149 144 137 140 137 136 146 152 159 166 167 166 Manufactured tobacco and snuff 106 95 99 93 94 97 89 94 89 88 91 102 98 94 Paper and Paper Products1 3... r152 r150 r153 r151 r152 148 r143 134 r125 131 r132 r135 135 Paper and pulp1 159 156 159 157 158 154 147f 135 125 132 133 137 137 Pulp... . 185 179 181 180 189 183 184 177 164 169 162 162 159 Groundwood pulp 141 129 135 131 138 129 120 116 113 117 112 115 111 Soda pulp 167 153 153 154 155 148 147 129 •127 125 126 137 141 Sulphate pulp 225 225 221 224 239 236 245 228 211 221 211 208 203 Sulohite DUID 178 171 177 173 181 174 173 173 157 161 154 153 149 Paper1 155 152 165 154 154 149 142 129 119 126 128 134 134 Paperboard2. 167 166 168 167 168 157 141 120 109 123 131 136 137 134 Fine paper 160 157 151 144 150 146 147 138 132 125 125 130 132 110 106 107 110 106 109 104 103 103 108 106 107 100 Printing paper 157 145 151 146 140 135 124 110 109 113 117 130 126 Tissue and absorbent paper 153 152 166 168 164 169 175 178 148 161 166 163 176 Wrapping paDer2 140 143 147 147 151 152 150 139 127 132 125 128 123 Printing and Publishing* r134 130 128 125 121 117 112 104 106 HI 109 116 118 ni6 Newsprint consumption 111 115 104 103 103 98 100 97 103 108 101 102 110 106 Petroleum and Coal Products1.... 135 r137 H33 r129 r122 r118 117 r115 r118 r121 r122 r123 123 Petroleum refining1 133 133 129 124 116 111 109 108 111 114 116 117 117 Gasoline2... 134 136 129 121 112 104 103 101 105 109 109 111 110 P106 Fuel oil2 129 130 127 129 122 123 122 123 127 130 137 137 138 Lubricating oil 137 132 133 131 131 126 122 123 117 117 112 113 114 Kerosene1 123 123 124 123 112 106 100 103 105 106 107 112 110 Coke.. . 153 161 161 161 160 162 164 164 163 165 166 166 166 ^166' Byproduct coke 145 151 152 152 151 152 154 154 153 155 155 155 156 ^157 Beehive coke 433 r501 472 493 476 494 511 509 502 505 523 524 501 *>470 Chemicals 149 152 156 161 161 165 167 172 174 173 r174 r182 192 *>193 Rubber consumption 103 67 33 28 26 25 Pneumatic tires 104 67 32 28 26 25 Inner tubes 102 64 33 27 27 27 Min erals—Total1 r133 T134 r134 r133 r126 r125 r126 r127 r125 r130 r131 r129 131 P128 Fuels1 r131 r131 r131 r130 122 r121 r121 r121 r121 r126 r129 r127 130 P126 Bituminous coal2 145 144 144 141 140 150 147 144 141 140 150 145 154 ?143 Anthracite2 103 r98 104 121 116 122 115 117 122 118 129 117 124 P105 Crude petroleum2 128 129 129 127 115 109 111 113 112 121 120 121 121 P122 Metals 147 152 150 153 152 151 156 158 r154 151 r144 r138 137 P140 Metals other than gold and silver 171 174 179 181 184 184 193 199 197 196 189 183 181 P1S6 Iron ore shipments 202 205 r210 r214 r219 r217 232 236 r241 r239 r227 r2l8 r2U 223 L C e o a p d per 1 1 5 2 2 7 1 1 5 2 7 2 1 1 6 3 1 1 1 1 5 4 8 0 1 1 6 3 2 4 1 13 6 2 4 17 aft 4 • * * * * * * Gold Zinc 1 1 3 1 1 6 1 1 2 3 5 8 1 13 1 8 3 1 14 1 6 8 * * * * * * * * Silver 106 105 105 101 106 109 106 104 98 99 88 82 r Revised. v Preliminary. * Included in total and group indexes but not available for publication separately. 1 Revisions have been made in seasonal adjustment allowances for recent periods. Resulting changes in the seasonally adjusted indexes of total industrial production, durable manufactures and nondurable manufactures do not exceed 1 point in any month before November 1941. New seasonal adjustment factors and revised seasonally adjusted indexes for back months may be obtained from the Division of Research and Statistics. 2 Seasonal adjustment factors have been revised to 100 beginning with these months: furniture, February 1942; polished plate glass, December 1941" cane sugar meltings, September 1942; rectified spirits, July 1942; paperboard, December 1941; wrapping paper, December 1941; gasoline, December 1941 fueljoil, January 1942; bituminous coal, May 1941; anthracite, January 1940; crude petroleum, October 1941. FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1941 1942 Industry Nov. Dec Jan. Feb. Mar,Apr. May June July Aug. Sept. Oct. Nov. Dec. Industrial Production—Total. 167 164 166 167 168 172 175 177 180 187 192 194 194 P192 Manufactures—Total 173 171 173 175 177 181 183 185 189 196 202 204 206 P205 Durable 209 211 216 221 228 234 240 246 251 260 266 275 279 P280 Nondurablel. 143 138 137 138 137 138 137 136 139 144 150 147 146 ^143 Iron and Steel 192 191 192 194 200 " 199 200 r198 196 197 199 207 203 P200 Pig iron 184 190 189 189 192 192 r192 r194 192 190 194 199 199 P197 Steel 207 205 209 211 218 219 219 216 216 218 219 229 224 221 Open hearth and Bessemer . 177 176 176 178 182 181 182 178 175 177 179 186 182 179 Electric 420 411 449 448 477 487 488 489 506 507 503 536 527 523 Machinery 230 243 250 259 268 273 279 287 289 299 306 r316 327 P336 Government Arsenals and Quartermaster Depots Transportation Equipment 276 278 305 314 330 350 372 396 425 458 r478 r507 526 P542 Aircraft 1,340 Automobile bodies, parts, and assembly 142 120 118 105 104 107 112 116 124 rl29 r135 140 P145 Railroad cars 264 Locomotives * 338 Shipbuilding Private yards 645 Government yards Nonferrous Metals and Products 190 192 191 187 180 177 182 187 188 189 189 190 197 P202 Nonferrous metal smelting.. 151 152 153 157 156 162 164 Copper smelting 139 141 140 141 147 155 161 Zinc smelting. 179 182 184 189 184 185 184 Lead production 128 124 131 140 131 135 Copper deliveries 226 230 235 224 208 195 205 Lead shipments Zinc shipments 147 145 152 151 148 145 146 Tin consumption ,.. 155 165 Lumber and Products. 134 128 122 128 129 132 135 138 140 138 135 135 125 P113 Lumber 124 113 112 118 120 127 131 138 141 139 134 131 118 P101 Furniture.. 154 155 142 147 147 142 143 139 137 136 r136 r141 140 P137 Stone, Clay, and Glass Products. 169 147 138 132 140 151 163 158 151 163 163 157 Cement 171 153 137 132 141 161 ..178 183 186 195 200 202 186 Unglazed brick 166 137 97 83 90 116 118 115 111 104 Glass containers 170 153 165 164 176 176 ..190 171 151 167 166 167 171 Polished plate glass. 120 68 47 43 43 35 37 32 30 38 37 39 39 Textiles and Products. 154 157 156 152 154 154 158 P154 Textile fabrics 148 146 148 147 143 148 146 143 145 144 146 147 148 Cotton consumption 167 155 169 174 169 177 175 169 166 169 172 172 171 163 Rayon deliveries 179 179 180 174 175 170 169 169 168 169 170 174 177 178 Silk deliveries 15 Wool textiles 166 178 161 153 148 153 150 151 160 154 155 r156 161 Carpet wool consumption... 133 164 78 79 70 34 5 46 43 27 34 43 43 Apparel wool consumption.. 200 209 202 191 196 203 201 194 208 206 198 205 212 Woolen yarn 156 159 163 165 161 173 172 165 175 173 175 178 182 Worsted yarn 184 195 173 148 143 164 168 166 176 173 168 171 176 Woolen and worsted cloth.. 170 182 183 172 167 177 179 172 184 177 179 175 179 Leather and Products 123 116 124 128 124 115 114 115 117 115 Pi 13 Leather tanning 135 125 131 138 127 130 125 118 112 112 113 121 120 Cattle hide leathers... 151 137 149 155 140 147 144 135 133 132 133 144 143 Calf and kip leathers.. 102 91 84 91 90 90 90 88 100 94 96 97 Goat and kid leathers. 119 119 119 125 119 119 102 94 78 68 77 81 79 Shoes 116 110 120 126 129 131 122 114 114 117 111 114 111 Manufactured Food Products. 139 130 124 121 121 123 130 139 156 165 P182 P157 P150 P149 Wheat flour 107 104 109 109 98 92 95 105 106 116 118 119 121 Cane sugar meltings 114 Manufactured dairy products .. 100 99 109 124 152 193 210 207 192 *>143 P109 Ice cream 88 80 78 88 113 154 197 232 259 248 Butter 81 82 85 92 96 109 143 147 132 119 ioi 78 82 Cheese 131 r132 124 142 157 189 242 241 205 185 158 134 106 101 Canned and dried milk 156 166 178 187 194 211 257 249 200 177 154 134 109 r Revised. p Preliminary. * Included in total andgroup indexes but not available for publication separately. 1 Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries {Without Seasonal Adjustment)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1941 1942 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued Meat packing 152 165 173 135 131 134 140 149 138 132 147 146 r166 186 Pork and lard 178 208 214 151 145 148 163 172 151 131 150 147 r200 249 Beef 130 127 138 125 120 125 121 134 131 137 144 144 128 119 Veal 116 93 93 84 93 95 98 104 102 114 140 142 101 Lamb and mutton 108 111 118 113 124 115 108 99 110 125 153 150 r152 148 Other manufactured foods 146 131 123 124 121 121 123 133 157 173 r200 r171 160 ^156 Alcoholic Beverages 118 106 112 117 113 113 120 116 133 140 141 124 Malt liquor. . 90 96 96 109 112 124 136 134 148 152 149 121 111 Whiskey 101 104 102 96 77 69 54 50 53 45 39 13 Other distilled spirits 292 150 163 45 29 32 48 36 39 47 62 177 Rectified spirits 190 135 177 208 191 136 139 130 183 223 238 226 "159' Tobacco Products 134 110 126 121 117 119 123 132 131 135 144 149 141 137 Cigars 137 107 104 109 111 114 107 120 113 115 123 140 117 154 Cigarettes 143 121 146 136 127 130 142 150 153 160 170 169 167 147 Manufactured tobacco and snuff 105 83 96 92 96 96 89 96 91 89 98 104 97 83 Paper and Paper Products1.. 152 146 151 153 155 151 144 133 122 130 134 r138 134 Paper and pulp r158 154 159 160 161 157 149 134 121 130 132 r138 136 Pulp ... . 186 174 183 186 194 187 186 174 156 166 159 r164 159 Groundwood pulp 144 134 140 137 148 144 133 118 100 100 98 107 114 Soda pulp 167 148 153 158 160 152 147 127 119 125 127 137 141 Sulphate pulp 225 214 223 230 243 236 245 226 207 221 211 212 203 Sulphite pulp 179 166 177 179 185 178 173 169 150 161 154 156 150 Paper r154 151 155 156 156 152 143 128 125 128 r134 133 Paperboard 167 166 168 167 168 157 141 120 109 123 131 136 137 "134 Fine paper 155 154 152 155 160 159 151 135 120 118 118 130 128 Newsprint production 113 107 107 108 106 109 105 104 101 105 106 107 103 Printing paper r155 144 151 151 145 140 127 108 102 110 116 131 125 Tissue and absorbent paper 151 146 161 175 166 172 173 177 140 161 172 169 174 Wrapping paper 140 143 147 147 151 152 150 139 r127 rl32 r125 r128 123 Printing and Publishing2 r137 131 125 126 126 123 115 103 96 r103 109 120 120 P117 Newsprint consumption. 117 117 99 102 107 105 104 98 90 95 102 109 115 108 Petroleum and Coal Products.. 136 138 132 129 122 118 117 115 117 121 122 123 123 Petroleum refining. 134 134 128 124 116 111 110 108 110 114 116 117 117 Gasoline 135 136 129 121 112 104 103 101 105 109 109 111 110 ^106 Fuel oil 130 132 127 . 129 122 123 122 123 127 130 137 137 138 Lubricating oil 137 131 129 129 130 131 127 123 115 116 112 113 114 Kerosene 126 127 126 129 115 108 101 97 97 101 106 112 113 Coke 153 r161 161 161 160 162 164 164 163 165 166 166 166 Byproduct coke 145 151 152 152 151 152 154 154 153 155 155 155 156 P157 Beehive coke 433 r501 472 493 476 494 511 509 502 505 523 524 501 Chemicals 151 153 155 161 166 168 166 166 167 170 r176 r186 194 p194 Rubber Products.. Rubber consumption Tires and tubes 103 67 33 28 26 25 P In n n e e u r m a t t u i b c e s tires 1 1 0 04 2 6 6 7 4 3 3 2 3 2 2 8 7 2 2 6 7 2 2 5 7 * Minerals—Total . 135 126 125 125 118 125 r131 132 131 136 137 r134 132 P121 Fuels 131 131 131 130 122 121 121 121 121 126 129 127 130 p126 Bituminous coal 145 144 144 141 140 150 147 144 141 140 150 145 154 pU3 Anthracite 103 98 104 121 116 122 115 117 122 118 129 117 124 Crude petroleum 128 129 129 127 115 109 111 113 112 121 120 121 121 Metals.... 161 98 91 92 96 r154 189 194 r191 193 r183 r175 147 »86 Metals other than gold and silver 186 80 80 82 94 195 259 266 264 264 249 239 192 92 Iron ore shipments 231 23 r237 r372 r382 r393 r388 r358 r335 229 19 Copper 157 i59 158 ;160 165 169 174 Lead 128 124 131 140 131 135 Zinc 131 138 138 146 G Si o l l v d er 1 10 3 6 2 1 10 3 5 0 1 1 0 0 7 6 1 10 0 3 6 110 110 105 100 97 97 89 82 r Revised. p Preliminary. ; * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last reported. 2 Includes also printing paper production shown under "Paper." NOTE.—For description and back figures, see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882. FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES {Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory payrolls Industry and group 1941 1942 1941 1942 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Nov. Dec. Aug. Sept. Oct. Nov. Dec. Total. 138 4 138.3 152.1 154.6 155.5 156.6 159.0 185.0 191.0 245.8 252.6 261.3 270.6 278.9 Durable goods 164 2 164 5 191.1 194.2 198.2 201.6 206.5 228.0 236.0 327.3 337.2 350.6 366.6 377.6 Nondurable goods 118 1 117 6 121.3 123.3 121.8 121.1 121.5 143.0 147.1 166.1 169.8 174.0 176.6 182.4 Iron and Steel and Products 151.5 151.9 163.7 163.8 165.1 165.8 169.4 200.4 206.1 251.9 255.8 264.5 270.2 279.1 Blast furnaces steel works etc 139 140 139 137 135 133 134 182 183 197 200 201 204 203 Steel castings 212 216 257 261 265 268 272 293 311 409 420 435 443 453 Tin cans and other tin-ware 140 140 113 111 99 91 89 164 172 152 149 139 128 134 Hardware 139 140 121 119 119 117 117 195 201 198 195 210 211 214 Stoves and heating equipment 127 120 98 99 107 110 114 150 146 141 144 167 170 182 Steam, hot-water heating apparatus 165 164 164 171 179 183 187 226 243 280 298 308 319 326 Stamped and enameled ware 149 146 135 135 135 136 140 188 194 213 209 227 231 250 Structural and ornamental metal work. 155 153 181 183 190 190 192 193 202 290 297 318 314 319 Forgings 197 202 233 236 244 247 251 284 309 391 390 431 442 473 Screw machine products 209 213 274 277 283 286 286 295 318 461 462 490 507 517 Electrical Machinery.. 186.2 187.3 212.0 220.3 229.0 236.4 243.6 250.5 264.1 334.8 358.9 372.4 392.5 408.7 Machinery, except Electrical 174.2 177.3 205.2 207.4 211.6 215.1 219.3 241.7 259.3 343.2 343.0 361.7 371.5 384.3 Machinery and machine shop products. 179 181 215 218 222 226 231 247 263 352 355 372 382 397 Tractors 141 139 148 145 149 151 156 165 161 202 198 213 212 224 Agricultural excluding tractors 134 135 120 114 115 106 109 170 166 183 164 187 172 180 Pumps 208 215 281 280 281 285 285 321 354 541 511 531 556 583 Refrigerators 106 108 100 107 115 123 128 116 131 150 157 176 191 199 Transportation Equipment, except Autos... 495.5 532.6 1,015.0 1,062.9 1,113.7 1,158.3 12UA 735.9 846.9 1,849.2 1,976.8 2,037.5 2,207.9 2.273.3 Automobiles 142.5 128.5 110.1 114.8 118.8 122.2 127.1 194.1 164.3 176.5 183.3 192.4 212.2 219.8] Nonferrous Metals and Products 155.6 155.6 161.1 161.5 162.0 163.8 165.8 203.8 213.9 256.1 259.2 267.4 275.8 285.2 Primary smelting and refininor 126 127 132 131 132 134 134 160 164 190 190 197 219 218 Clocks and watches 136 133 128 128 127 128 127 196 190 221 223 228 231 231 Lighting equipment 145 134 107 103 104 104 107 189 174 171 159 165 181 182 Lumber and Timber Basic Products 122 3 121 0 120.8 117.5 115.1 113.2 111.1 147.2 145.1 180.1 173.9 179.4 170.6 165.5 Sawmills 110 108 109 105 103 101 99 132 128 164 158 163 153 146 Planing and plywood mills 128 126 124 123 121 120 119 152 154 174 168 175 173 177 Furniture and Lumber Products 123 4 122 4 108.4 108.0 108.3 106.6 107.0 156.4 160.4 154.1 152.4 162.1 159.1 163.9 Furniture 125 124 107 107 108 106 106 162 164 154 154 165 158 163 Stone, Clay, and Glass Products 132.4 130.2 121.5 121.2 120.7 120.7 120.4 159.9 161.5 163.4 162.3 172.3 172.7 174.2 Glass. 133 132 118 119 117 117 117 162 165 152 147 164 161 165 Cement 123 121 128 127 124 123 121 145 143 168 169 167 169 156 Brick, tile, and terra cotta 128 125 115 111 109 106 104 155 154 154 152 155 152 149 Pottery and related products 142 140 132 134 137 138 137 166 169 173 173 184 188 188 Textiles and Finished Products.. 112.9 112.6 109.5 108.5 108.4 107.8 108.3 139.2 143.8 154.2 153.0 160.2 160.0 163.6 Textile-Mill and Fiber Products 113.3 113.6 110.5 109.5 109.7 109.9 110.8 146.3 152.0 163.7 164.2 170.3 172.7 178.0 Cotton goods except small wares 126 126 128 128 128 128 129 173 179 202 208 211 213 218 Silk and rayon goods 85 85 86 82 83 83 83 110 112 127 127 131 131 134 Woolen and worsted manufactures.... 127 129 121 120 119 118 119 174 186 198 196 198 201 209 Hosiery 89 89 79 78 78 78 78 100 103 99 93 103 105 107 Knitted underwear 118 114 117 115 116 116 118 146 148 167 159 177 179 185 Dyeing and finishing textiles 105 107 101 103 105 107 108 123 131 138 143 153 158 165 Carpets and rugs, wool 115 115 88 90 91 91 91 145 147 126 131 138 139 141 Apparel and Other Finished Textiles 112 2 111 1 107.9 107.0 106.6 104.6 104.7 129.3 132.4 141.0 137.2 146.1 142.1 143.5 Men's clothing, n.e.c 116 116 113 113 111 108 108 140 143 146 143 148 145 147 Shirts, collars, and nightwear 106 104 96 94 94 93 92 142 139 137 130 142 143 141 Women's clothing, n.e.c. 99 98 93 92 93 91 91 107 112 120 116 127 123 124 Millinery 78 76 89 92 86 72 72 64 63 115 121 103 76 76 Leather and Leather Products 106.5 109.0 104.0 101.1 101.2 103.0 102.7 130.0 141.6 143.9 143.2 146.7 150.8 157.3 Leather 113 114 102 102 102 104 106 140 144 137 138 146 153 158 Boots and shoes 96 99 96 92 91 93 93 117 132 135 135 135 137 145 Food and Kindred Products 117.2 113.0 134.9 145.1 131.7 124.4 121.6 132.8 132.1 165.5 177.4 168.4 164.3 168.8 Slaughtering and meatpacking 129 137 149 147 145 146 152 143 158 173 173 177 181 211 Flour 100 100 103 104 104 105 108 110 119 134 138 150 148 155 Baking 106 104 112 114 115 114 114 119 117 139 141 144 144 149 Sugar, beet 236 203 72 95 239 253 208 285 236 93 119 294 381 285 Confectionery 132 127 112 122 130 130 129 156 153 144 155 178 182 185 Beverages, nonalcoholic 117 117 125 121 117 114 114 124 125 144 138 133 128 129 Malt liquors 105 104 124 123 120 116 114 111 113 158 153 144 137 138 Canning and preserving 108 82 185 240 146 104 86 135 102 266 373 229 164 138 Tobacco Manufactures 105 6 104 4 103.5 105.2 106.4 106.7 106.1 130.3 130.0 144 3 144.1 153.7 157.6 159.4 Cigarettes 105 104 121 123 126 129 129 128 126 171 167 172 179 181 Cigars 109 107 98 99 98 97 96 138 137 130 132 145 146 149 Paper and Allied Products 124.1 124.3 110.3 109.9 111.1 112.6 114.4 152.4 155.1 144.4 144.3 156.0 160.5 165.8 Paper and pulp 119 120 111 110 110 109 110 151 154 150 149 159 161 165 Paper goods nee 129 130 117 118 120 124 127 149 153 142 143 156 165 171 Paper boxes 128 126 103 104 107 111 114 154 153 130 132 147 154 162 middle of month. 176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment and Payrolls—Continued [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Factory payrolls Industry and group 1941 1942 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Nov. Dec. Aug. Sept. Oct. Nov. Dec. Printing and Publishing 105.8 108.0 97.1 96.6 98.9 100.8 101.3 115.0 123.5 108.1 109.0 114.0 119.7 123.4 Newspapers and periodicals 103 107 96 97 98 99 100 109 120 106 108 109 111 113 Book and job 109 110 100 98 102 105 104 121 127 111 110 119 127 132 Chemical and Allied Products 162.0 165.2 213.8 222.4 230.5 237.4 243.5 209.1 218.9 322.5 334.5 347.0 360.8 379.1 Paints, varnishes, and colors 117 116 103 103 103 104 104 136 139 129 129 131 135 137 Drugs, medicines, and insecticides 128 129 137 139 142 149 153 149 148 165 173 184 190 197 Rayon and allied products 111 110 106 107 107 105 106 138 140 143 146 145 141 149 Chemicals, n.e.c 151 152 159 159 159 160 163 190 195 222 222 231 236 245 Cottonseed oil 133 126 69 127 151 149 141 169 161 92 179 237 235 225 Fertilizers 95 100 92 103 103 104 110 117 126 149 165 164 164 175 Products of Petroleum and Coal 116.2 116.3 120.1 119.4 117.9 116.4 116.4 136.8 141.1 154.6 158.6 158.9 167.3 165.3 Petroleum refining 107 107 111 110 108 107 107 124 129 140 144 146 156 155 Coke and by-products 120 121 125 125 123 120 120 146 151 166 171 160 163 159 Rubber Products 133.6 133.1 126.3 130.7 135.2 138.9 162.6 159.0 178.2 183.5 195.1 206.3 220.3 Rubber tires and inner tubes 125 124 125 131 137 142 147 150 138 173 179 190 203 219 Rubber boots and shoes 140 138 129 138 136 141 146 190 189 192 206 209 226 241 Rubber goods, other 137 137 122 125 129 131 134 170 177 175 177 191 197 208 Miscellaneous Industries 136.2 133.0 132.8 134.4 137.2 138.1 141.6 165.9 166.3 197.8 207.0 215.1 225.4 237.7 Photographic apparatus 125 126 142 141 145 148 149 161 167 195 200 209 223 228 Games, toys, and dolls 134 124 80 76 80 79 154 148 121 114 120 129 134 FACTORY EMPLOYMENT {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1941 1942 Group Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total 137.0 138.1 138.8 140.2 141 6 143.0 144.5 146 1 148 5 150.1 151 8 153.7 155.5 158.9 Durable goods 162.4 164.2 165.7 168.3 171.2 174.1 177.3 181.4 186.1 190.4 193.3 197.1 200.8 206.3 Nondurable goods 117.0 117.6 117.7 118.1 118.2 118.4 118.7 118.3 188.8 118.4 119.2 119.4 119.9 121.5 NOTE.—Figures for December 1942 are preliminary. Indexes are based on Bureau of Labor Statistics data. Seasonal adjustment of durable goods industries is final; that for nondurable goods industries is preliminary. For back figures see page 14 of the January 1943 BULLETIN. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly tjarnings (cents per hour) Industry and group 1941 1942 1941 1942 Oct. Nov. July Aug. Sept. Oct. Nov. Oct. Nov. July Aug. Sept. Oct. Nov. All Manufacturing 41.1 40.3 42.4 42.8 r42.4 43.6 44.0 77.0 78.1 85.0 86.4 r88.6 r88.7 89.9 Durable Goods 42.9 41.8 44.7 45.2 44.6 45.7 46.0 85.3 86.5 94.6 96.6 99.5 98.8 100.3 Iron and Steel and Products 41 5 40.9 42.0 42 8 42 1 43.4 43 9 87 7 88 6 94.3 96.7 99.7 r99.4 100.0 Electrical Machinery 46.0 46.1 45.7 46.4 46.8 91.6 92.6 96.3 94.7 95.2 Machinery Except Electrical 48.1 48.6 47.2 48.6 48.7 98.0 99.7 101.3 r101.7 102.4 Automobiles 43.2 44.5 43.7 44.9 45.3 116.5 116.8 118.8 117.2 120.3 Transportation Equipment Except Automobiles 47.3 47.1 46.6 47.1 47.6 107.5 110.5 114.2 r111.3 114.2 Nonferrous Metals and Products 42!7 "4i!o 44.5 45.0 44.3 r45.6 46.2 82.2 ' '" 83 i 1 93.5 95.4 97.9 97.9 98.0 Lumber and Timber Basic Products 41.0 41.7 41.0 42.5 41.7 65.6 67.6 68.2 69.4 68.5 Furniture and Finished Lumber Products 41.6 41.4 41 0 r42.8 42 8 67.3 68.1 69.5 70.5 70.5 Stone, Clay and Glass Products 39.2 37.8 37.7 r38.7 37.9 39.8 40.0 74.4 74.9 78.7 79.8 81.0 82.3 82.1 Nondurable Goods 39.1 38.6 39.6 39.9 39.5 40.6 41.1 68.0 68.8 73.2 73.8 75.0 75.7 76.3 Textiles and Products 37.6 37.1 38.2 38.8 37.8 39.3 39.5 58.1 57.9 61.1 62.7 64.1 64.7 64.7 Fabrics 38.8 38.4 39.8 40.3 39.4 40.4 40.8 56.6 56.7 60.4 61.9 63.6 64.2 64.4 Wearing Apparel 35.4 34.4 34.7 35.9 r34.7 36.8 36.8 61.1 60.4 62.8 64.2 65.2 r65.9 65.4 Leather and Manufacturers 37.7 36.4 38.1 38.2 36.6 r38.9 39.0 63.5 64.4 68.7 68.7 70.5 r71.0 71.5 Food and Kindred Products 40 9 40.2 41.9 41.5 42.0 41.9 42 7 67.9 69.5 73.5 73.2 72.8 75.7 76.3 Tobacco Manufactures 38.7 38.5 38.5 39.4 38.6 40.4 40.8 52.7 53.2- 57.5 58.7 59.1 59.6 60.5 Paper and Allied Products 40.4 41.4 40.8 43.4 44.0 75.2 r75.7 76.7 77.1 77.2 Printing, Publishing, and Allied Industries.. 37.9 38.0 38.2 38.5 39.5 95.1 95.2 96.0 97.3 97.7 Chemicals and Allied Products iiii" 40.9 41.6 41.9 r41.5 42.3 42.7 ' 79.4 ' "80.6' 89.4 89.3 r89.9 88.3 88.4 Products of Petroleum and Coal 39.4 39 5 39.5 40.5 42 8 104.1 105.4 108.8 108.1 109.5 Rubber Products 39.1 39.3 41.4 42.2 r41.6 42.7 43.6 86.5 87.0 93.3 93.6 94.8 r94.9 95.6 r Revised. NOTE.—Figures for July 1942 and subsequent months are revised data prepared by ihe Bureau of Labor Statistics. The industry groups on the revised basis are based on the classification of the 1939 Census of Manufacturers. Figures for earlier months are not strictly comparable, but have been shown for those groups and totals for which the comparability with late months is very close. (Table of "Estimated Employment in Nonagricultural Establishments by Industry Division" appears on p. 187.) FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Publicworks Month Total R b es u i i d ld e i n n t g ial Factories Commercial Educational! Other! a u n t d i l p it u i b es li l c 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 January 305.2 316.8 111.3 102.8 55.9 75.4 26.9 17.7 11.6 9.1 24.2 21.0 75.1 90.9 February 270.4 433.6 116.5 168.0 37.8 84.5 20.9 21.8 7.9 9.2 23.5 54.2 63.9 95.9 March 479.9 610.8 147.9 219.3 121.8 112.7 33.1 36.8 10.4 10.7 36.1 71.6 130.6 159.7 April 406.7 498.7 166.5 162.1 66.2 145.1 36.2 30.9 11.2 12.4 29.7 46.5 96.9 101 7 May 548.7 673.5 201.3 148.0 81.1 178.0 50.8 23.8 17.1 10.1 53.5 86.0 144.9 227.7 June 539.1 1,190.3 205.6 185.5 102.3 271.8 35.7 46.2 13.5 15.4 49.0 234.9 133.0 436.4 July 577.4 943.8 205.0 127.4 109.8 303.5 37.2 34.7 19.1 26.6 54.5 124.3 151.7 327.3 August 760.2 721.0 231.5 100.6 135.7 261.1 69.8 21.3 11.7 17.1 69.4 107.7 242.0 213.2 September 623.3 723.2 175.7 126.7 113.5 377.8 51.9 6.1 8.2 6.2 44.7 76.8 229.3 129.6 October 606.3 780.4 171.8 161.2 118.6 240.3 48.6 18.9 13.9 10.6 88.5 103.3 165.0 246.2 November 458.6 654.2 116.5 156.7 122.7 106.7 29.3 14.1 7.3 11.6 33.6 124.1 149.2 241.0 December 431.6 708.7 104.3 159.7 116.1 70.6 30.7 30.0 8.8 8.9 15.3 168.6 156.3 271.0 Year 6,007.5 8,255.1 1,953.8 1,817.7 1,181.5 2,227.5 471.2 302.2 140.9 147.9 522.1 1,219.1 1,738.0 2,540.6 1 Not strictly comparable with data for years before 1938 due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. F. W. Dodge Corporation. Value of contracts in millions of dollars] W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership1 Private ownership1 1942 Month Federal Reserve district 1940 1941 1942 1940 1941 1942 1940 1941 1942 December November December January 196 305 317 93 124 198 104 181 119 Boston 31,234 r16,223 42,981 February 201 270 434 82 105 310 119 166 123 New York 32,853 r67,766 63,205 March 272 480 611 95 269 473 177 211 138 Philadelphia 57,437 64,008 33,366 April 301 407 499 103 184 355 197 223 144 Cleveland 43,584 r92,868 34,206 May 329 549 674 112 267 569 217 281 105 Richmond 85,802 92,653 64,541 June 325 539 1,190 147 314 1,105 177 225 85 Atlanta 112,984 r96,937 56,486 July 399 577 944 205 348 876 194 229 68 Chicago 65,769 53,984 47,779 August 415 760 721 195 520 633 220 240 88 St. Louis. 86,766 r59,695 35,153 September— 348 623 723 144 403 661 204 220 62 Minneapolis 23,133 11,500 5,412 October 383 606 780 175 371 710 209 235 71 Kansas City 71,696 44,822 18,620 November 380 459 654 195 298 592 186 161 62 Dallas 97,458 r53,728 29,877 December. ... 456 432 258 288 198 144 Total (11 districts) 708,716 654,184 431,626 Year.. .. 4,004 6,007 1,802 3,492 2,202 2,515 r Revised. 1Data for years prior to 1932 not available. LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION1 INSURED FHA HOME MORTGAGES (TITLE II) HELD IN [In millions of dollars] PORTFOLIO, BY CLASSES OF INSTITUTIONS1 [In millions of dollars] Title I Loans Mortgages on Year or month Total p P m e r i r o r m o e t v n y p - e t - - S s h c t t o m i o r o m u n a n c - l e l - 1 f h ( a - o T m I u t i D o t s i l l e e y 4 s - h R ( g o T e a r u I o n n D i s t u t i d l a n e p l g h ( W o T V u i a s t I r l i ) - e ng End of month Total b C m c a o i n e a m r k l - s - b s M i t a n a u n v g u a k - s - l s a a s S l t i a s o i n a n o o a g v d c n n s - i s - p I c a n a o n s n m c u i e e r - s - a c F e g i e r e e a d s n l - 2 - Other3 1936—Dec 365 228 8 56 41 5 27 1937—Dec 771 430 27 110 118 32 53 1935 320 224 94 2 1938—Dec 1,199 634 38 149 212 77 90 1936 557 246 309 2 1937 495 60 424 11 1939—June 1,478 759 50 167 271 137 94 1938 694 160 13 473 48 Dec 1,793 902 71 192 342 153 133 1939 954 208 25 669 51 1940 1,026 251 26 736 13 1940—Mar 1,949 971 90 201 392 171 124 1941 1,186 262 21 877 13 ••• — •• June 2,075 1,026 100 208 432 182 127 1942 1,137 141 15 691 6 284 Sept 2,232 1,093 111 216 480 190 141 Dec 2,409 1,162 130 224 542 201 150 1941—Dec 112 18 2 88 5 1942—Jan 111 16 2 87 * 7 1941— J M un ar e 2 2 , , 5 7 9 5 8 5 1 1 , , 2 3 4 1 6 8 1 15 4 7 6 2 2 3 3 7 0 6 66 0 8 6 2 2 1 2 0 0 1 1 5 6 4 0 Feb. 93 12 1 71 8 Sept 2,942 1,400 171 246 722 225 178 Mar 93 10 2 68 12 Dec 3,107 1,465 186 254 789 234 179 Apr 83 13 2 55 l 11 May 92 15 2 60 I 14 1942—Mar 3,307 1,549 201 264 856 237 200 Tune 96 13 2 66 * 16 June 3,491 1,623 219 272 940 243 195 July 97 11 1 63 2 21 Aug 89 10 1 52 25 Sept 95 10 * 48 37 1 Gross amount of mortgages held, excluding terminated mortgages and Oct 99 11 1 44 * 42 cases in transit to or being audited at the Federal Housing Administration. Nov 92 10 1 39 43 2 The RFC Mortgage Company, the Federal National Mortgage Associa- Dec 97 9 * 39 49 tion, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. * Less than $500,000. 3 Including mortgage companies, finance companies, industrial banks, i Figures represent gross insurance written during the period and do not endowed institutions, private and State benefit funds, etc. take account of principal repayments on previously insured loans. 178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1938 1939 1941 1942 1938 1940 1941 1942 January... 289 February.. 262 March 275 April 274 May 257 June 233 July 228 August.... 231 September. 246 October. . . November December. Jan.-Nov . ot ot ot 213 370 325 479 171 178 242 229 254 118 35 | 128 96 226 219 347 303 478 163 158 200 234 254 99 61 147 69 225 268 351 357 611 173 190 217 268 272 102 77 134 89 339 231 323 387 695 160 186 212 287 234 115 45 111 100 461 249 324 385 ^525 148 202 211 297 p191 109 47 I 112 88 p335 236 350 330 ^619 146 179 211 280 ^220 87 57 ! 138 50 P399 230 317 365 ^629 141 169 232 278 87 61 87 250 351 460 *>7O2 166 176 221 282 ^184 65 74 130 178 289 295 425 P71S 168 182 195 262 pl96 79 107 101 162 332 344 3666 ^776 178 215 207 304 100 117 137 3362 292 328 492 176 235 224 281 2*168 76 57 104 211 368 322 653 171 247 253 344 98 121 69 309 2,825 2,809 3,699 4,494 1,789 2,071 2,372 3,001 P2,385 1,036 1,327 1,493 i *>4,633 p Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. 3 Figure overstated due to inclusion in October export statistics of an unusually large volume of shipments actually exported in earlier months, Source.—Department of Commerce. Back figures.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT-CAR LOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers: 1935-39 average=100] RAILROADS [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain L st i o v c e k - p u r e c s o t d t s - Ore l e o a e n u l e s - - c l d . h i c a s . n l e - . o r r e p T a v e i o e r l a w n ta t u a i l n e y s g e r x a T p i o l e w t n a a s l y es o r i p n a e N c i r l o w a e m t t a in e y g i m n c N o e m t e SEASONALLY ADJUSTED SEASONALLY ADJUSTED* 1941— D N e o c v e e m m b b e e r r 1 1 3 3 5 7 1 1 2 1 1 1 1 1 5 6 9 7 1 1 1 2 8 4 1 9 0 3 1 1 1 4 4 6 5 2 2 0 4 4 6 1 1 4 4 4 9 1 9 0 9 0 1941— N D O o e c c v to e e b m m e b b r e e r r 4 4 4 5 8 7 3 6 6 4 4 4 0 0 1 3 3 0 5 7 7 3 6 0 3 3 3 7 1942—January 140 119 153 142 99 156 186 152 97 1942—January 495 413 82 40 February 139 116 150 131 95 159 187 151 100 February 519 420 99 58 March 136 122 168 119 97 149 282 143 92 March 542 446 96 52 April 143 160 200 117 101 159 289 141 80 April 584 471 113 70 May 143 164 197 115 98 155 289 142 62 May 618 487 131 88 June 141 160 199 113 103 159 183 144 60 June 627 500 128 84 July 142 155 205 95 90 172 180 149 57 July 643 519 124 79 August 143 154 208 106 106 165 176 152 57 August 669 539 130 85 September .... 136 135 188 126 102 154 174 146 55 September 663 535 128 82 October 133 121 180 130 110 149 221 144 56 October 661 533 128 81 November 134 125 176 126 114 140 221 144 58 November 722 563 159 December 134 116 177 143 117 137 210 146 59 UNADJUSTED UNADJUSTED 1941—October 518 424 94 54 1941—November 141 135 168 115 117 143 199 150 101 November 457 388 69 29 December.... 128 125 182 113 97 129 69 138 96 December 399 81 55 1942—January 129 136 184 125 95 140 46 134 93 1942— F J e a b n r u u a a ry ry 4 4 8 6 1 2 4 3 1 9 2 6 6 6 9 6 2 2 4 6 February 129 132 184 110 76 153 47 135 96 March 540 448 92 47 March 129 125 175 102 77 149 73 139 92 April 573 470 102 58 April 136 135 176 100 90 159 218 142 81 May 601 491 110 64 May 138 139 181 99 89 161 303 144 62 June 624 505 119 78 J Ju u l n y e 1 1 3 4 9 2 1 1 3 3 2 5 1 17 7 7 9 1 1 1 3 1 8 8 7 1 6 1 1 6 7 5 3 3 3 1 2 8 5 1 1 4 4 5 8 6 5 0 7 J A u u ly gust 6 6 6 8 5 4 5 5 3 4 2 9 1 1 3 3 3 5 9 8 0 9 August 144 136 175 129 100 173 308 152 57 September 698 543 155 105 September.... 152 142 184 139 135 167 304 162 57 October 746 561 185 136 October 150 138 180 139 169 158 260 163 58 November 690 541 149 November 140 139 186 123 144 138 206 150 59 December 126 132 193 130 113 122 59 135 56 r Revised. * Derived from Interstate Commerce Commission data. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. 179 FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS Based on value figures MONTHLY INDEXES OF SALES AND STOCKS [Daily average sales; end-of-month stocks. 1923-25 average = 100] Seasonally adjusted 1939 1940 1941 1942 1939 SALES January 88 92 101 138 69 February 88 90 103 126 69 March. 88 89 103 124 82 April 88 89 104 117 May... 87 89 105 108 June. . 86 91 104 104 July. 87 92 115 121 August 88 98 134 130 September 90 97 116 123 October 92 94 105 128 November 93 100 116 138 December 95 101 111 125 Year . STOCKS January 67 68 71 93 February. 68 71 73 102 March 68 70 74 108 April 67 69 74 117 May ... 66 68 74 126 June 67 67 77 134 July 67 68 82 140 August 67 69 87 135 September 68 70 92 '126 October 69 71 97 115 November 71 72 95 106 December 68 71 92 Year OO OO OO OO*— V) WEEKLY INDEX OF SALES [Weeks ending on dates shown. 1935-39 average = 100] Unadjusted 1939 1940 1941 1942 1940 1941 1942 July 2 1 2 5 .. 7 6 3 7 July 2 1 0 3.... .. 7 7 8 2 July 1 1 2 9 . . 8 9 9 3 July1 1 1 8 . . . . . . . . . .. . 10 9 2 3 29 .. 66 27.... .. 69 26 . 87 25... . . 92 A 5 77 AUET 3 81 Aug 2 102 Aug 1. 96 71 79 108 u'.'.''..'.' 7.3 10^. .. 79 9 .116 8... .'.110 71 82 99 19.... .. 76 17.... . 81 16 .113 15.... . .113 86 93 118 26.... .. 82 24. .. . 92 23 .119 22.... .116 86 106 115 Sept 2.... .108 31.... .118 30 .152 29... ..132 89 105 108 9... . 98 Sept. 7... .109 Sept. 6. ... .122 Sept.5... ..153 87 100 100 16.... .112 14. .. .123 13.... .133 12. ....129 60 64 79 83 23.... .107 21... .117 20.... .131 19... ..137 69 77 106 103 30.... .120 28. .. .120 27.... .148 26.. ...155 97 105 125 133 Oct. 7.. .. .123 Oct. 5. .. .125 Oct. 4. ... .169 Oct. 3... ..173 99 101 112 137 14.... .112 12... .115 11. ... .130 10. ...159 106 114 133 157 21. .. .116 19. . . .123 18.... .131 17... .152 168 179 197 222 28.... .114 26... .121 25.... .130 24... .153 Nov. 4.. . . .123 Nov. 2. .. .117 Nov 1. . ...138 31... ..158 90 94 110 124 11. .. .116 9... .122 8. ... .139 Nov. 7... ..166 18... .115 16. .. .130 15.... .148 14. ....167 25.. . .107 23... .116 22.... .128 21... ..166 60 61 64 83 Dec. 2 .139 30 . ....147 29.... .169 28. ....166 65 68 70 97 9 .....188 Dec. 7 ... .197 Dec. 6.... 215 Dec. 5... ..236 69 71 75 111 16 .....235 14. ... .232 13.... 236 12... ..274 69 71 76 122 23 . . ..242 21. ... .258 20.... 277 19. ...r303 68 70 76 129 30 ..... 79 28. ... .124 27.... .174 26... ..199 64 64 73 128 60 61 73 126 1940 1941 1942 1943 6 7 5 1 6 7 6 3 8 9 4 5 r1 1 3 3 1 0 Jan. 6 ..82 Jan. 4 ..85 Jan. 3 .107 Jan. 2... . .112 8 7 6 2 7 4 8 6 7 3 6 9 1 1 8 1 0 6 0 8 P 1 12 2 9 2 8 6 Feb. 2 2 1 0 7 3 3 . . . . . . . . . 8 8 8 7 6 3 6 9 Feb. 2 1 1 5 1 8.... . . . . 9 9 8 9 0 9 9 4 3 2 1 1 1 4 0 7 . . . . 1 1 1 1 3 3 1 2 0 1 9 1 3 2 1 0 9 3 6 . . . . . . . . . . . . . . . . . . 1 1 1 3 3 2 2 8 0 68 69 83 PM 1 17 0 . .. . 8 8 2 0 1 8 5 . . . .. .. .. . 9 9 5 7 Feb. 1 7 4 . . 1 1 1 1 4 6 Feb. 1 6 3 . . . . . . r Revised. Mar. 2 2 4.... .. . 8 9 2 5 Mar. 2 1 2 . . . . . . . . . .1 .8 0 8 1 2 2 1 8 . . 1 1 1 1 0 9 2 2 0 7 . .. . . . p Preliminary. Back figures.—Sales, see BULLETIN for August 1936, p. 631, and subsequent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent r Revised. issues. Back figures.—See BULLETIN for April 1941, p. 311, and subsequent issues. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Dec. Nov. Year Dec. Nov. Year Dec. Nov. Year Dec. Nov. Year 1942 1942 1942 1942 1942 1942 1942 1942 1942 1942 United States.. +13 + 17 +12 Boston +12 +13 +11 Cleveland (cont.) Chicago (cont.) Dallas +22 +23 +14 New Haven +14 +14 +12 Youngstown +5 +13 +4 Fort Wayne +8 •+14 +20 Shreveport +1 +9 Portland +29 +39 +26 Erie +10 +28 +19 Indianapolis +17 +30 +17 Dallas +23 +19 +8 B Sp o r s i t n o g n field + + 2 9 0 + + 2 9 3 + + 1 2 0 0 W Pit h t e s e b l u in rg g h + -5 4 + -3 7 +8 0 D Si e o s u x M o C i i n ty es + + 8 9 + +2 1 5 3 + + 8 7 H Fo o r u t s t W on orth + +1 2 7 4 + + 3 1 0 6 + + 1 1 5 3 Providence...... +14 +13 +13 Detroit +13 +21 +17 San Antonio +33 +27 +22 Ne B w ri d Y g o e r p k ort + +9 7 + + 1 7 3 Ric W B h a m a l s t o i h n m i d n o g r t e on l + + + 1 2 1 2 3 9 + + + 1 2 1 8 0 8 F L G l a r i n a n n s t i d n g Rapids... + + + 2 2 9 4 r r+ + + 3 3 U 2 2 + + + 2 9 5 Si Ph F oe ra n n ix cisco +28 + + 4 3 4 7 1 +22 Newark +5 +5 Winston-Salem... +17 +15 +5 Milwaukee +16 +15 +15 Tucson N A N B B E P R S o y u l e l i i o m b a n f r u w c f a g a g g h a i c n a r l h e h Y u a o y r s a k a s o t m e e e r F e r k t p a o s C l n i l e . s i . t . . . y . . . . . . + + + + - + + + + 2 1 1 6 8 5 7 4 6 6 0 0 + - + + + + + + + 1 + 2 1 4 1 1 0 8 6 3 7 1 1 0 0 + + + + - + + + + 1 3 1 8 7 6 7 8 4 5 1 9 At N L H R C C B M la y i h o h u i c n o r n a r a n h m n t f r c r a t o m l t l i h g e i l e n b n k s o o s g t u n g m t o t o r d o h n g e n n a , r W , m y S . . V . . . . a C. + + + + + + + + + - 1 1 1 2 1 1 3 1 2 3 4 7 1 1 6 2 3 1 + + + + + + + + - 4 2 2 3 1 2 1 3 8 7 3 6 0 7 0 6 + + + + + + + + — 3 2 1 1 1 1 1 1 9 9 1 8 4 0 6 2 5 St. F L Q L M E S S o L o i t p v u . e t r o u r a i t m t n i L u l i n n e s c i p o s S s v g y y h u R m i f i l i i i o l s s l i e l e t c e l h k d.... + + + + + + + + + 3 3 1 1 1 2 8 7 4 0 2 9 2 1 + + + + + + + + + 2 2 4 1 1 1 3 1 8 3 6 2 5 0 2 1 5 + + + + + + + + - 2 2 1 1 3 1 4 7 3 6 3 0 9 3 2 B F L L O S S S S r o a a o a a a a B e n n n c k n s k s r e e g l n A a F a D J r r o m k s o n B r n i f e a s d e i g e e l e n e g e e n a l a c o l y d c t n e i o h s s d co + + + + + + + + + 1 2 4 1 2 2 3 3 2 0 6 0 8 6 0 9 8 0 + + + + + + + + + 3 1 5 2 5 3 2 4 3 9 7 3 0 5 3 8 1 3 + + + + + + + + + 1 3 1 3 1 3 2 2 5 0 6 0 0 7 5 1 1 Philadelphia +8 +11 Jacksonville +27 +29 +21 Santa Rosa +24 +40 +23 Trenton +1. +10 +10 Miami 0 +3 —3Minneapolis +15 +16 +11 Stockton +43 +51 +37 Lancaster +11 +8 +16 Tampa +28 +21 +19 Vallejo and Napa +56 +70 +55 Philadelphia.... +8 +10 +1. Atlanta +15 +16 +7Kansas City +21 +36 +17 Boise and Reading +13 +11 +14 Macon +40 +41 +30 Denver +24 +34 +16 Nampa +33 +48 +30 Wilkes-Barre... +8 +4 +9 Baton Rouge +1: +25 +12 Hutchinson +31 Portland +32r+49 +31 York +15 +14 +18 New Orleans.... +6 +18 +15 Topeka +52 Salt Lake City.. +30 +55 +32 Jackson +4 +15 +11 Wichita +36 +58 +34 Bellingham +9 +41 +17 Cleveland +8 +15 +11 Chattanooga.... +10 +19 +16 Joplin +4 +12 Everett +31 +37 +15 Akron +28 +32 +24 Knoxville 0 +9 +9 Kansas City... +23 +33 +19 Seattle +28 +54 +34 Cincinnati +8 Nashville +12 +24 +11 St. Joseph +24 +8 Spokane +31 +69 +22 Cleveland +20 +1 Omaha +33 +14 Tacoma +31 +46 +25 Columbus +28 Chicago +10 +13 +10 Oklahoma City +2 +42 +16 Walla Walla +44 +74 +29 Toledo +20 Chicago. +8 +5 +6 Tulsa +16 +28 +22 Yakima +22 +6 Peoria... r+5 +4 r Revised. * Data not yet available. 180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Department Store Statistics—Continued SALES AND STOCKS, BY MAJOR DEPARTMENTS Sales during month (value) Stocks at end of month (value) Ratio of stocks to Number Percentage change Percentage change Department of stores reporting Nov. 1942 Nov. 1941 Nov. 1942Nov. 1942 Nov. 1941 November from from from from from from Nov. 1941 Oct. 1942 Oct. 1941 Nov. 1941 Oct. 1942 Oct. 1941 1942 1941 GRAND TOTAL-entire store 355 +18 +1 +7 +9 -4 +2 3.1 3.3 MAIN STORE-total 355 +18 +2 +7 +9 -4 +3 3.2 3.5 Women's apparel and accessories 351 +28 -4 +3 +3 -4 i 2.3 2.8 W W Bl o o o m m us e e e n n s, ' ' s s a a n n s d d k i m m rt i s i s s , s s e e s s ' ' s p d c o o r r e a t s t s s s w e a s e n a d r , su s i w ts eaters, knit 3 3 3 3 1 2 + + 2 7 7 - - 2 1 0 6 -1 -8 5 + + 3 4 1 -1 -7 0 - -1 2 4 0 1 1 . . 6 3 1 1 . . 5 3 apparel 313 +36 -14 -10 +10 0 +7 2.0 2.4 Juniors' and girls' wear 289 +23 -6 +4 +11 -5 -7 1.8 1.9 Infants' wear 305 +41 -1 +1 +1 -4 +2 2.2 3.1 Aprons, housedresses, uniforms 279 +21 +1 +4 0 +7 +11 2.4 2.9 Women's underwear, slips, negligees 311 +33 +31 +40 -6 -2 +7 2.7 3.8 Corsets, brassieres 330 +13 -13 -10 +29 -1 -2 4.2 3.7 Hosiery (women's and children's) 335 +30 -3 +22 -10 i +8 2.6 3.7 Gloves (women's and children's) 320 +18 +22 +21 +1 -10 -4 3.4 4.0 Shoes (women's and children's) 236 +25 -13 -9 +3 -4 -3 4.0 4.9 Furs 261 +81 +27 +86 -9 2.0 4.0 Men's and boys' wear 321 +5 +11 +18 +17 +3 4.6 4.1 M M e e n n ' ' s s c fu lo rn th is in h g in . gs, hats, caps 3 2 0 2 1 6 + -1 1 0 1 + — 32 4 + + 4 1 4 + + 3 1 0 3 + - 1 4 1 4 5 . . 2 8 4 4. . 2 0 M Bo e y n s 's ' c a l n o d t h b in o g y s a ' n s d h o f e u s r n a i n s d h in s g li s ppers 2 1 7 5 2 9 + + 1 1 4 4 + + 2 3 + + 1 9 1 + + 1 3 1 + -3 1 3 5 . . 6 5 3 6 . . 7 1 Home furnishings 319 +4 -6 -6 +12 +3 4.6 4.3 Furniture, beds, mattresses, springs 224 -3 -14 -10 +11 +8 4.5 4.0 Domestic floor coverings 240 +2 -12 -10 +29 5.2 4.1 Draperies, curtains, upholstery 295 +7 -5 -6 +10 -3 3.5 3.4 Major appliances (refrigerators, washers, stoves, etc.) 200 -31 -27 -19 -36 +9 4.6 4.9 Domestics, blankets, linens, etc 282 +16 -1 -7 +14 +6 4.8 4.9 China and glassware 212 -6 +20 +20 +9 0 5.9 5.1 Housewares 223 +5 —7 -3 +13 7 4.6 4.3 Piece goods (dress and coat yard goods, all materials) 293 +22 -13 -11 +13 -4 -1 3.9 4.2 Small wares 332 +20 +22 +28 +8 0 +11 3.5 3.9 Notions. 221 +23 -5 -4 +19 0 +6 3.7 3.8 Toilet articles, drug sundries, prescriptions 317 +21 +17 +20 +11 +4 +19 4.1 4.4 Jewelry and silverware 285 +26 +26 +39 +1 +9 3.4 4.2 Miscellaneous 300 +27 +29 +55 +3 -7 +7 2.7 3.3 BASEMENT STORE—total 226 +13 +3 +13 0 2.6 2.7 Women's apparel and accessories 199 +19 -4 +5 +11 -3 -2 3.0 2.1 Men's and boys' clothing and furnishings.. 163 +4 +8 +19 +15 -5 +3 3.5 3.2 Home furnishings 133 +7 -5 +23 -6 +1 3.4 3.0 Piece goods 65 +17 -7 -5 +11 -6 3.3 3.4 Shoes 128 +11 -13 -4 +1 -4 -1 3.6 3.9 NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. SALES, BY TYPE OF TRANSACTION Index numbers; January 1941 = 100 Percentage of total sales Year and month Total Cash Instalment Other credit Cash Instalment Other credit 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 January 100 138 100 142 100 121 100 136 49 50 8 7 43 43 February 96 116 94 119 110 118 97 113 47 49 10 9 43 42 March 120 151 118 155 127 148 121 148 47 50 9 8 44 42 April 135 149 131 154 144 131 139 147 47 50 9 7 44 43 May. . . 134 134 130 149 138 92 137 126 47 53 9 6 44 41 June 122 131 121 153 120 76 123 117 48 56 8 5 44 39 July 101 110 102 133 114 70 97 91 49 59 10 5 41 36 August 136 135 126 161 190 101 136 112 45 58 12 6 43 36 September 156 165 147 193 162 107 165 145 45 56 9 6 46 38 October 147 184 147 r22O 142 123 148 156 48 57 8 6 44 37 November 157 186 160 222 143 .. 124 . , 158 .. 157 49 58 8 6 43 36 December r Revised. NOTE.—These data are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on the preceding page. Also, the indexes shown here are based on total monthly sales whereas those on the preceding page are based on daily average sales. 181 FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER DEBT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment debt End o r o f y e m ar onth con T d s o e u b t m a t l er ins T ta o l t m al ent Sale debt Loans1 pa l S o y i a n m n g e s l 2 e nt a C c h c a o r u g n e ts Service debt debt Total Automotive Other 1929 7,089 3,167 2,515 1.318 1,197 652 1,577 1,749 596 1930 6,341 2,706 2,032 928 1,104 674 1,451 1,611 573 1931 5.177 2,214 1,595 637 958 619 1,051 1,381 531 1932 3,846 1,515 999 322 677 516 726 1,114 491 1933 3,717 1,581 1,122 459 663 459 588 1,081 467 1934 4.159 1.846 1,317 576 741 529 659 1,203 451 1935 5.148 2.599 1,805 940 865 794 785 1,292 472 1936 6.396 3,466 2,436 1,289 1,147 1,030 991 1,419 520 1937 7.054 3,919 2,752 1,384 1,368 1,167 1,119 1,459 557 1938 6,618 3,539 2.313 970 1,343 1,226 1,069 1,487 523 1939 7.518 4,351 2.792 1,267 1,525 1,559 1,089 1,544 534 1940 8,767 5.434 3.450 1,729 1,721 1,984 1 123 1,650 560 1941, ... r9,512 5,921 3,747 1,942 1,805 2,174 1.200 1,783 r608 1941 Oct. r9,597 6,110 3.900 2,128 1,772 2,210 ,185 1,702 r600 Nov r9,445 5,982 3.797 2,045 1,752 2,185 ,198 1,662 r603 Dec. r9,512 5,921 3,747 1,942 1,805 2,174 ,200 1,783 r608 1942 Tan r9,121 r5,603 3,503 1,806 1,697 r2,100 ,197 1,709 r612 Feb r8,762 5,337 3,301 1,670 1,631 2,036 ,187 1,624 r614 Mar r8 586 5,110 3,105 1,514 1,591 2,005 ,180 1,680 r616 Apr r8,339 4,896 2,929 1,379 1,550 1,967 ,166 1,660 r617 May r7,959 4,618 2,710 1,243 1,467 1,908 ,145 1,575 r621 Tune r7,547 4,339 2,481 1,126 1,355 1,858 L, 119 1,466 r623 July r7,098 4,043 2,254 1,010 1,244 1,789 1,108 1,322 r625 Aug r6 757 3,748 2,032 874 1,158 1,716 L,098 1,285 r626 Sept. r6,568 3,513 1,871 777 1,094 1,642 L,091 1,336 r628 Oct r6,333 r3,252 rl,701 660 rl,041 1,551 1,084 1,368 r629 Nov ^6,103 ^3,066 pl,585 ^583 pl,002 pl,481 VL,O75 PI ,330 *>632 Dec e6,090 e2,943 el,515 e496 el,019 el,428 L065 el,450 e632 r Revised. v Preliminary. e Estimated. 1 Includes repair and modernization loans. 2 An estimated total of non-instalment consumer loans; i.e., single payment loans of commercial banks and loans by pawnbrokers. NOTE.—National estimates of consumer short-term debt for the period from January 1929 through August 1942 were prepared by the Bureau of Foreign and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce, were made by the Board of Governors of the Federal Reserve System. CONSUMER INSTALMENT SALE DEBT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] End o r o f y e m a o r nth ex m T a c o u l o u t t t d i o a v - i l n e g D s o m m e t a r o p a e n d r a i d n e e l r r t - s t- F s t u t u o r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - J s e t w or e e lr s y s r o e t t A o t h a r l e l e i r l s m E o y n n e d t a h o r f or Total m b C e a o r n c m k i s a - 1 l p S c l a m o o n a m i a n e l - l s b I p a n c t a n o d r n k i m u a i i e s n l - s - g u C n r i e o d n i s t M l l a e n i n s e d c o e e u r l s - s m i R z o l e o a a d p t n a e i d a n o r s i n n r houses 1929 652 43 263 219 32 95 1930 674 45 287 218 31 93 1931 619 39 289 184 29 78 1929 1,197 160 583 265 56 133 1932 516 31 257 143 27 58 1930 1,104 155 539 222 47 141 1933 459 29 232 121 27 50 1931 958 138 454 185 45 136 1934 529 39 246 125 32 60 27 1932 677 103 313 121 30 110 1935 794 71 267 156 44 79 111 1933 663 119 299 119 29 97 1936 1,030 130 301 191 66 102 240 1934 741 146 314 131 35 115 1937 1,167 215 350 221 93 125 163 1935 865 • 186 336 171 40 132 1938 1,226 248 346 230 113 117 172 1936 1,147 256 406 255 56 174 1939 1,559 380 435 257 147 96 244 1937 1,368 314 469 307 68 210 1940 1,984 586 505 288 189 99 317 1938 1,343 302 485 266 70 220 1941 2,174 687 535 298 217 102 335 1939 1,525 377 536 273 93 246 1940 1,721 439 599 302 110 271 1941 1941 1,805 469 619 313 120 284 Oct 2,210 712 527 303 224 101 343" Nov 2,185 696 527 300 221 101 340 1941 Dec 2,174 687 535 298 217 102 335 Oct 1,772 448 619 333 93 279 Nov. 1,752 447 613 320 96 276 1942 Dec 1,805 469 619 313 120 284 Jan r2,100 652 527 r290 205 101 325 Feb 2,036 618 521 285 198 101 313 1942 Mar 2,005 601 521 282 196 101 304 Jan. 1,697 438 590 294 108 267 Apr 1,967 586 517 277 190 100 297 Feb 1,631 416 573 285 100 257 May 1,908 564 504 268 184 99 289 Mar 1,591 406 567 272 95 251 June 1,858 546 493 261 179 98 281 Apr 1,550 396 561 258 91 244 July 1,789 521 481 253 173 97 264 May 1,467 367 543 241 85 231 Aug 1,716 491 466 246 166 95 252 June 1,355 332 512 219 79 213 Sept 1,642 460 452 236 160 94 240 July 1,244 300 475 202 71 196 Oct 1,551 421 437 222 152 92 227 Aug. 1,158 111 449 183 67 182 Nov... PI,481 393 426 212 145 *91 214 Sept 1,094 262 428 169 63 172 Oct rl,041 254 r408 r154 r61 164 Nov 1,002 250 392 142 61 157 r Revised. 182. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumer Credit Statistics—Continued CONSUMER INSTALMENT CREDITS OF COMMERCIAL CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL BANKS, BY TYPE OF CREDIT LENDING INSTITUTIONS [Estimates. In millions of dollars] [Estimates of volume made in period. In millions of dollars] Month or year Total Aut r o e m ta o il tive c O re h p t t u a h a s r e i - e l r , d R e m e r a n p n o i a d d z i - a r - i s m n P o s e e n t r n a a t l l- Month or year Co b m a m nk e s r 1 cial c S o m m a p ll a n lo ie a s n c I o n b m d an u p k s a t i n r n i i g a e l s u C n r i e o d n i s t Pur- Direct and tion cash chased loans direct loans loans 1929 463 413 42 1930 503 380 41 Ou p t e s r 1 1 1 t i a 9 9 9 o 3 4 4 n d 9 1 0 d : ing at end of 1 1 1 , , , 0 3 5 2 4 8 0 0 8 3 2 3 0 1 9 0 0 6 3 2 1 0 3 6 3 0 0 2 2 1 1 7 5 0 9 0 2 2 2 6 2 4 0 0 6 3 3 2 6 4 8 4 0 0 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 3 3 3 2 1 4 5 6 3 4 3 3 3 4 5 9 7 0 8 6 2 8 6 4 4 3 3 3 2 3 2 2 2 4 5 5 0 3 8 0 0 4 2 4 8 1 3 3 4 6 3 0 8 4 2 7 3 5 1942— M M F A J e p a a a b r n y r i r c u l u h a a r r y y 1 1 1 1 1 , , , , , 4 5 3 4 2 3 1 3 0 7 4 1 8 3 3 3 3 3 3 2 6 3 0 3 8 7 8 8 1 3 2 2 2 2 2 8 5 4 2 3 0 8 5 4 5 2 2 2 2 2 7 6 6 5 4 5 8 7 4 3 2 2 2 2 2 0 3 2 2 0 7 4 5 1 1 3 3 3 3 3 5 4 2 3 3 5 5 2 4 9 1 1 1 1 1 9 9 9 9 9 3 3 3 4 4 7 8 9 0 1 . . ' 6 9 6 9 7 1 0 2 8 6 9 4 7 3 3 4 4 4 5 5 1 0 8 5 3 7 9 9 8 6 3 3 2 1 1 4 2 5 7 4 3 0 7 9 8 June 1,211 265 211 223 196 316 1941 J N O A S u e o c u l p t y v g o t e u e b m s m e t r b b e e r r 1 1 , , 1 0 9 9 8 3 7 6 9 ? 9 2 2 0 8 2 2 2 1 1 4 2 0 6 9 2 7 3 6 0 1 1 1 1 1 8 9 3 4 6 2 6 6 8 7 2 1 1 1 1 0 8 5 7 5 8 9 1 5 9 1 1 1 1 1 6 8 8 6 7 5 7 2 8 6 3 2 2 2 2 4 0 5 9 7 2 6 7 2 7 N O S D e o c e p t c v o t e e e b m m m e b r b b e e e r r r 1 6 8 7 0 9 2 6 4 3 4 4 4 8 3 1 5 2 2 2 2 4 5 3 5 1942 Vo m lu o 1 m n 9 e t 4 h 2 : — ex M J A M J S A O F J u u t e e a u p c e a a l n p n b t g r y n y r e o t i u r u c d l e b a u h s e m e r t a d y r b r y er during 1 1 1 1 1 1 8 9 9 7 1 0 2 3 1 4 2 5 3 7 0 2 5 8 5 8 2 1 1 3 2 2 1 1 1 1 3 4 1 9 7 3 7 6 9 5 1 2 1 1 2 1 2 1 1 1 3 0 4 1 2 6 1 8 6 9 1 1 2 2 2 1 2 1 2 1 2 4 3 8 5 1 1 3 7 6 1 9 8 9 9 9 9 9 5 7 0 3 3 3 4 4 4 4 4 5 5 6 5 2 8 1 6 1 5 6 7 O M J M A J A S F J N u a u e e c u p o a a l n n p b t y r g y v r o e u i t r c u e l e b u a h m s m e r a t y r b r b y e e r r 6 8 6 8 6 5 5 4 4 7 3 4 0 1 0 6 8 2 9 4 1 7 r5 6 6 6 6 8 6 6 7 5 5 9 6 8 0 5 6 3 0 2 8 9 r2 4 3 4 3 3 3 3 3 3 3 5 0 5 2 6 7 4 3 1 0 4 r 1 2 2 1 1 1 1 1 1 1 u 8 5 0 9 9 8 8 6 6 4 November 64 7 9 14 7 27 NOTE.—For descriptive material and back figures, see Bulletin for October 1942, pp. 992-994. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 c P h p e a r r n e c g c e e e n d t f a i r n g o g e m c c o P h r e a r r e n c s g e p e n o t n f a r d g o i e m ng Instalment accounts a C cc h o a u r n ge ts STov e m m o - nth Octo- S p T r o e v m c e e m o d n - i t n h g O o y f ct e o a - r Month D s m e to p e r n a e t r s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n a s e c e s p e - - J s e t w o e re lr s y D s m e to p e r a n e r t s tber ber ber ber 1942 1942 1942 1942 1941 September 19 11 11 18 45 Net sales: October 19 12 11 18 47 Total -9 +17 -3 +5 November 19 12 11 18 49 Ca sh sales -4 +21 +65 +64 December 20 11 12 23 46 Credit sales: Instalment -11 +21 -14 -6 1942 Charge Account -15 +12 +4 +11 January 20 12 11 19 50 February 19 11 11 18 45 Accounts receivable, at end of month: March 22 13 13 19 46 Total -4 -4 -34 -31 April 21 13 13 19 47 Instalment -4 -5 -34 -31 May 22 13 13 20 50 June 22 14 13 22 56 Collections during month: July 23 14 13 22 60 Total , -8 +11 +2 +9 August 24 16 13 25 59 Instalment -9 +11 +2 +10 September 25 16 14 26 60 October 29 18 r15 30 65 Inventories, end of month, at retail November 29 17 15 31 63 value -3 -2 +10 +15 r Revised. 1 Ratio of collections daring month to accounts receivable at beginning of month. 183 FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Year, month, or week m c t o o i m e d s i - - F p u a r c o r t m d s - Foods Total H p l i r d e o a e d s t u h a c e n t r s c p T ro ex d t u i c le ts m F li u a g e t h e l t r a i i n n a g l d s a p n M r d o e d m t u a e c ls t t a s m B a u t i e ld ri i a n l g s p c C r a a o l h l s l d e i u e m a d c n i t d - s i f n H u g r o n g u i o s s o h e- d - s l M an is e c o e u l s - 1929 95.3 1049 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 883 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 648 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 514 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 8 .5 69.7 1935 80.0 788 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 8L.7 70.5 1937 86.3 864 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68 S 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67 7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941 ...,...„.„.... 87.3 87.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1942 2*98.8 10S9 99.6 95.5 117.7 96.9 78.5 2*103.8 110.2 97.1 102.4 89.7 1941—December. ....;..,»„.... 93.6 94.7 90.5 93.7 114.8 91.8 78.4 103.3 107.8 91.3 10L.I 87.6 1942—January .,. .„ 96.0 1008 93.7 94.6 114.9 93.6 78.2 103.5 109.3 96.0 102.4 89.3 February 96 7 101 s 94.6 94.9 115.3 95.2 78.0 103.6 110.1 97.0 102.5 89.3 March „ . 97.6 10? 8 96.1 95.2 116.7 96.6 77.7 103.8 110.5 97.1 102.6 89.7 98.7 1045 9J*.7 95.6 119.2 97.7 77.7 103.8 110.2 97.1 102.8 90.3 May 98.8 1044 91* 9 95.7 118.8 98.0 78.0 103.9 110.1 97.3 102.9 90.5 June 98 6 1044 99.3 95.6 118.2 97.6 78.4 103.9 110.1 97.2 102.9 90.2 July 98 7 10S 99.2 95.7 118.2 97.1 79.0 103.8 110.3 96.7 102.8 89.8 August 99 2 1061 100.8 95.6 118.2 97.3 79.0 103.8 110.3 96.2 102.7 88.9 September.. 99.6 1078 102.4 95.5 118.1 97.1 79.0 103.8 110.4 96.2 io;,.5 88.8 October 100.0 109 0 103.4 95.5 117.8 97.1 79.0 103.8 110.4 96.2 102.5 88.6 November 110 s 103.5 2*95.8 117.8 97.1 79.1 2*103.8 110.1 99.5 102.5 90.1 December 2*101 0 1138 1(VI 3 2*95.9 117.8 97.2 79.2 2*103.8 110.0 99.5 102.5 90.5 Week ending 1942—September 26 99.4 1073 107.0 95.7 118.4 96.7 79.6' 103.9 110.5 96.2 104.1 88.6 October 3 99.7 108 7 10,' 0 95.7 118.4 96.6 79.7 103.9 110.5 96.2 10'.1 88.4 October 10 99.8 1089 10.'.3 95.7 118.4 96.5 79.7 103.9 110.5 96.2 104.1 88.4 October 17 99.6 1079 1 95.6 118.4 96.5 79.7 103.9 110.2 96.1 104.1 88.4 October 24 99.7 1087 103.1 95.6 118.4 96.5 79.6 103.9 110.2 96.1 104.1 88.3 October 31 99 7 109 1 1010 95.7 118.4 96.6 79.6 103.9 110.2 96.1 104.1 88.5 November 7 .. 2*99.7 109.8 10? 9 118.4 96.6 79.6 2*103.9 110.2 96.2 104.1 88.7 November 14 110.7 103.0 2*96 1 118.4 96.6 79.7 2*103.9 110.2 99.5 104.1 90.0 November 21 2*100 1 1109 103.3 2>96.1 118.4 96.6 79.7 2*103.9 110.2 99.5 104.1 89.9 November 28 2*100 1 110.8 103.6 118.4 96.6 79.7 2*103.9 110.2 99.5 104.1 89.9 December 5 2*100.1 1106 1033 2*96.1 118.4 96.6 79.8 2*103.9 110.0 99.6 104.1 90.0 December 12 2*100.5 112.0 104.0 2*96.2 118.4 96.6 80.0 2*103.9 110.0 99.5 104.1 90.3 December 19 2>100.7 113.3 104,7 2*96.2 118.4 96.6 79.9 2*103.9 110.0 99.5 104.1 90.4 December 26 . . 2*101.2 11S? 1046 2*96.2 118.4 96.6 79.9 2*103.9 110.0 99.5 104.1 90.4 January 2 2*101.2 11S4 104 7 2*96.2 118.4 96.7 79.9 2*103.9 110.0 99.5 104.1 90.4 January 9 2*101.4 116,1 104.4 2*96.2 118.4 96.7 80.0 2*103.9 110.0 99.5 104.1 90.4 January 16 p101.6 1166 1048 2*96.3 118.4 96.7 80.1 2>103.9 110.0 99.5 104.1 90.5 January 23 p101.7 117.2 104.7 2*96.3 118.4 96.8 80.1 2*103.9 110.0 99.5 104.1 90.5 Annual 1941 1942 Annual 1941 1942 Subgroups Subgroups 1941 1942 Dec. Nov Dec. 1941 1942 Dec. Nov Dec. Farm Products: Metals and Metal Products: Grains 16.9 92.9 01 0 92.1 100 7 Agricultural implements.... 93.5 96.9 96.4 96.9 96.9 Livestock and poultry n.6 117.8 974 121.3 123.9 Farm machinery. 94.5 98.0 97.5 98.3 98.0 Other farm products 77.8 101.6 93/\ 108.0 110 4 Iron and steel 96.4 97.2 97.0 97.? 97.2 Foods: Motor vehicles... 103.3 112.7 112.4 2*112.8 2*112.7 Dairy products ^7 3 100.0 111..>, 111.8 Nonferrous metals 84.4 85.7 84.8 86.0 85.7 Cereal products K0 7 89.2 80 89.. 89.3 Plumbing and he*iting 84.8 95.4 89.1 93.2 95.4 Fruits and vegetables 57,5 95.5 8 102.0 104.3 Building Materials: Meats W 4 111.8 OS 112.0 113.6 Brick and tile 93.7 98.0 96.7 98.6 98.7 Other foods 78 Q 92.3 80 7 95.9 95 1 Cement 92.0 94.0 93.4 94.2 94.2 Hides and Leather Products: Lumber 122.5 132.8 129.4 133. 133.3 Shoes 113.5 125.7 1207 126.4 126.4 Paint and paint materials... 91.4 100.3 96.5 100.7 100.3 Hides and skins. 108.4 117.6 1150 116.0 116.0 Plumbing and hestifif 84.8 95.4 89.1 93.1y 90.4 Leather 97 Q 101.3 101.3 101.3 101.3 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products... 104.7 114.9 1128 115.2 115.2 Other building materials.... 98.3 103.5 102.5 102.9 103.0 Textile Products: Chemicals and Allied Products: Clothing 92.6 106.9 984 107.0 107.0 Chemicals 87.2 96.2 88.6 96.2 96.1 Cotton goods 94.2 112.4 1075 112.4 112.4 Drugs and Pharmaceuticals. 105.1 133.8 123.0 165.4 165.4 Hosiery and underwear... 63.1 70.5 670 70.5 70.5 Fertilizer materials 73.5 78.7 77.8 78.6 79.0 Silk Mixed fertilizers 76.0 82.7 81.2 82.8 82.8 Rayon r79 7 30.3 SO•^ 30.3 30.3 Oils and fats 77.6 105.1 101.9 101.= 101.5 Woolen and worsted goods 96.6 110.4 1027 111.7 112.1 Housefurnishing Goods: Other textile products 90.7 97.9 962 97.6 97.7 Furnishings 99.9 107.3 105.6 107.: 107.3 Fuel and Lighting Materials: Furniture 88.4 97.4 96.6 9-7.4I 97.4 Anthracite S7.7 85.5 8S 3 85.I 86.2 Miscellaneous' Bituminous coal 104.3 109.7 1080 111.4 112.4 Auto tires and tu• 61.0 72.5 61A 73.C) 73.0 Coke 119.3 122.1 17? 122. 122.1 Cattle feed 101.2 134.4 124.4 132.1 142.1 Electricity f>8 3 674 62.3 98.2 100.8 102 5 98 i 99 0 Gas 78 6 774 78.^[ Rubber crude 46.1 46.3 46.3 46.C 46.3 Petroleum products 57.0 59.8 598 60.'7 60.7 Other miscellaneous 87.8 93.4 92.4 95.1 94.9 Back figures.—Fox monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 p Preliminary. r Revised. 184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK ON BANK CREDIT, MONEY RATES, AND BUSINESS Chart 1942 1943 Chart 1942 book book page Dec. Dec. Jan. Jan. Jan. page 23 30 6 13 20 MONTHLY FIGURES In billions of dollars In billions of dollars WEEKLY FIGURES i RESERVES AND CURRENCY R T G T M T N r r e r o o o e e e s l n n a a a d e U m e s s s r v y u u u s . e t t e r r r i R m o S y y e y i W W A E n c B . s b S k , f c c G d a e i i E t c t t u a t n r e e R h h i o o s r r p k r V i i r h v t d c n n o e a E u e 5 ' c s n t l h S p l . r i 5 1 c y a o t e o s y s t r A l y d y s i e s d o N r i r i c i t t s n D n s , u g r t s i C o t U t ie a R l s R , E , b N .. y C * . . . Y . . m . . . , . . , . . a . . . » . , . t . . * . u « „ „ . . r . . . . . i . = . . , - . . . , . . 3, 1 3 3 5 5 5 3 3 5 1 3 3 2 1 6 5 3 3 2 1 2 5 2 1 . . . . . . . . . . . 2 6 3 5 2 7 1 3 7 1 5 9 3 8 7 5 4 8 3 4 9 0 2 1 2 6 5 2 3 3 5 2 2 1. . . . . . . . . . 4 9 4 0 ' 8 3 2 7 6 7 1 3 9 1 8 1 2 5 3 9 3 3 2 1 6 6 2 3 2 2 3 5 2 1 . . . . . . . . . . . 3 0 7 1 2 7 6 1 3 1 2 8 3 7 2 6 1 6 9 9 7 7 2 1 6 5 2 3 2 3 2 1 2 5 2 9 0 7 2 3 7 3 7 3 1 8 6 2 3 0 1 7 7 9 2 12 1 6 5 3 2 3 1 2 2 1 5 . . . . . . . . . . . 2 8 9 5 7 2 7 3 2 3 3 2 3 8 5 4 0 0 1 0 5 7 T T M R R E M G R r r x e e o e o o e e c s q s l n a n a e d e u e B B U C s e e s r s r i y u s u y v s v r i o i . l l e r e t r e i l l o r y i d S y i n s s n e n c b s . B s o k d a c r d c e G a a e f c l i a e i r s a n n s r s i v o p $ c n e k c r d h e 5 o v o c r u c s 0 s v ' b u c e u l t i e a i s . n r a t l l s s t e t a l n s i s e d o t e d d i i c n u t o o , u , n n v r d t t i e . o o e t . r i . r t t . e a . a . s . . $ l l . . . 5 . . 0 . . . ,. . . . . . . . „ . . , , 2 2 , 1 , 1 1 0 0 0 8 8 7 2 1 1 1 1 9 3 2 4 0 4 4 2 2 2 3 . . . . . . . . . . . . . 9 5 3 0 2 2 2 6 7 2 9 3 0 1 8 3 1 3 9 1 3 5 3 5 5 1 2 1 1 1 1 1 4 2 2 5 3 4 2 0 1 4 2 . . . . . . . . . . . . . 7 2 0 7 6 4 3 8 2 6 0 1 2 5 5 4 4 9 7 6 1 6 2 2 2 1 2 1 1 1 1 1 5 6 3 2 2 2 5 3 0 1 5 . . . . . . . . . . . . . 0 5 8 2 7 3 0 1 1 3 7 5 4 5 3 4 0 4 8 1 2 5 1 8 8 1 M Ex e c m es b s e r r e b s a e n rv k e s r — ese to rv ta e l s e ....... 9 3 1 2 3 . . 3 1 8 3 P 12 I . .9 7 4 9 ^ 1 2 3 . . 2 4 4 6 132 1 8 6 13.16 U. S. Go T v R e E rn A m SU e R n Y t d F e IN b A t: NCE N R C C e e h o w s i u c e n a r Y t v g r e o y o r c k b i a ty C n k i b t s y a 6 nks. ,.. , „ . . „ - .,.«. „ . . . . „ . , . 9 9 9 9 1. . . . 0 4 0 8 2 3 3 9 0 8 2 7 2 5 7 9 . . .0 8 4 1 0 4 P 0 3 9 2 4 1 Dire N B B ct o o i l n o t l e d b s s s l . ig .. ations, total „. 1 1 1 1 9 9 9 9 51 9 5 1 1 2 7 5 . . . . 2 2 3 0 7 8 4 6 51 9 5 1 2 5 7 5 . . . . 4 8 9 8 6 8 9 0 P 1 6 1 1 0 4 7 6 7 A . . . 8 2 3 6 7 5 1 Total, 101 ci M ti E e M s: BER BANKS V'97 Guar S a p n e t c e i e a d l i o s b su li e g s a tions ...» 1 1 9 9 4 8 . . 2 5 4 8 4 8 . .7 2 9 4 9 4 . . 0 2 3 8 Loans and investments ... „. 16 40.46 41.4741.34 412441.36 Balances due to domestic banks.... 16 9.42 9.14 9.49 941 9.39 Per cent per annum Demand deposits adjusted 16 28.50 28.26 28.37 28.96 29.47 MONEY RATES, ETC. New T Y im o e rk de C p i o ty s : its 16 5.21 523 5.29 531 5.34 F. r R at . e B , a N n . k Y d iscount 23 6.50 .50 .50 B C r o o m k m er e s r ' c l i o al a n l s o ans .,...,..... . 1 1 7 7 2. . 4 9 9 5 24 7 2 1 2. . 3 5 9 9 2. . 3 4 8 6 2. . 3 4 8 3 T T r r e e a a s su u r r y y b n i o ll t s e s (n ( e t w ax a is b s l u e) e s) 2 2 3 3 1. . 2 3 8 72 1. . 2 3 8 71 1. .3 3 6 4 3 100 c U C U i . . o t i m S e S s . . m G G o e u r o o t c v v s i ' i ' a t t d l . . e o l o o N b b a l l e n i i w g g s a a t t Y i i o o o n n r s s k : 1 1 1 7 7 7 1 1 1 3 5 . . . 6 0 4 7 6 5 1 1 3 1 6 6 2 6 1 2 5 1 1 3 1 6 . . . 6 6 3 4 6 7 1 1 3 6 1 . . 6 6 4 7 0 7 1 1 3 1 6 . . . 5 6 6 7 7 8 U C C C . o o o m r r S p p . m o o G r r e a a r o t t c v e e i a 't A B l . a p a b a a a o p n b b e d o o r s n n 2 d d s s 25, 2 2 2 2 9 9 9 5 2 4 2 . . . . 0 2 8 6 5 4 0 9 2 4 2 . . . . 2 0 7 6 5 6 9 9 4 2 2 . . . . 8 2 0 6 1 8 9 9 In unit indicated Per cent per annum Stock prices MONEY RATES, ETC. (1935-39 = 100): T T U C C r r o o . e e r r S a a p p s s . o o u u G r r r r a a y y o t t e e v n b ' A B t i o . l t l a a e s b a a s o ( n b b n ( d o o e t s a w n n 2 x d d a s s i b s s l u e) e s) 21, 2 2 2 2 2 1 1 9 9 9 2 2 4 1 . . . . . 3 8 0 2 3 6 1 8 6 9 5 2 2 4 1 . . . , . 3 8 3 0 2 5 1 9 8 6 7 2 2 4 1 . . . . . 3 3 8 0 2 6 3 1 7 3 3 2 2 4 1 . . . . . 3 3 0 1 8 6 0 6 7 0 6 2 4 1 2 . . . . . 2 0 7 1 3 7 6 9 4 70 V B o ro lu k T R P I m e n u o a r d e b i t s u l a ' l r o l i s o c b f t a a r t d u i l r a a t a l i n d l c i i t e n y s g ( ( m m il i l l , l , d s o h l a la re rs s ) ) : ... 3 3 3 3 3 1 1 1 1 1 6 7 7 7 3 2 4 6 . . . . . 7 7 2 5 69 6 7 7 7 6 5 7 3 . . . . . 2 2 2 0 69 7 6 6 7 5 5 9 8 . . . . . 2 9 3 5 82 In unit indicated M Cr o e n d e i y t e b x o t r e r n o d w e e d d customers... „ . 3 3 3 3 e e 5 3 1 1 0 0 e ? 5 3 2 2 O 0 Cu b s a t l o a m nc e e r s s ' free credit „ 33 e260 e27O Stock prices (1935-39 = 100): BUSINESS CONDITIONS Total .... 31 77.0 77.4 78.5 79.0 79.6 Wholesale prices: I R n a d i u lr s o t a ri d a l , 3 3 1 1 8 6 0 9 . . 0 7 8 7 0 0 . . 3 5 8 7 1 2 . . 1 6 8 7 1 2 . . 4 9 8 7 2 4 . . 2 5 All com To m t o a d l7 i ties (1926 = 100): 35, 65 100.0 noo.3 Public utility 31 64.9 65.7 67.9 69.5 69.0 Farm products 35 109.0 110.5 113.8 Volume of trading (mill, shares) .» 31 .83 1.15 .70 .79 .74 Others 35 95.5 2*95.8 P95.9 Industrial commodities BUSINESS CONDITIONS (Aug. 1939 = 100): Wholesale prices: Total 37 121.6 ^122.3 All commodities (1926=100): Finished 37 116.7 117.3 117.2 Total 35 P101.2P101.2P101.4P101.6 Raw and semifinished 37 131.4 ^131.8 Farm products 35 115.2 115.4 116.1 116.6 117.2 Cost of living (1935-39 = 100): Others 35 P96.2 2>96.2 ^96.2 *>96.3 P96.3 All items 39 119.0 119.8 120.4 Basic commodities Rent 39 108.0 108.0 108.0 (Aug. 1939 = 100), total 36 172.7 172.9 173.6 173.5 173.8 Clothing 39 125.9 125.9 125.9 12 foodstuffs 36 196.9 197.3 198.4 197.7 198.6 Food 39 129.6 131.1 132.7 16 industrial materials „ 36 156.3 156.4 156.9 157.2 157.1 Steel production e Estimated. p Preliminary. c Corrected. Au ( t p o e m r o c b e i n l t e o p f r o c d a u p c a t c i i o t n y ) (thous. cars)4.. r . 4 4 4 4 98.1 98.2 97.0 99.3 99.8 ne 1 s d F a i y g u in re c s l u f d o e r d o t in h e t r h e t h w an e e W kly e d p n e e r s i d o a d y . dates are shown under the Wed- Freight-car loadings (thous. cars): 2 Partially tax-exempt issues only. Total 45 591.6 621.0 716.3 755.4 703.6 3 Other than farm products and foods. Miscellaneous > > 45 290.2 305.7 343.1 362.8 336.0 4 Data no longer published. Electric power production (mill. kw. 5 Including certificates of indebtedness. hrs.) 46 3,656 3,780 3,953 3,952 3,974 6 Change from 1.00 to .50 effective October 30 on advances secured Department store sales (1935-39 = 100) 46 199 112 138 132 by Government securities maturing or callable within one year. F.H.A. home mortgages, new constr. 7 Estimate for January is shown on page 184. (thous.) 47 1.26 0.73 1.80 1.55 1.9C 185 FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Continued Chart 1942 1942 book page Oct. Nov. Dec MONTHLY FIGURES (cont.) MONTHLY FIGURES (cont.) In unit indicated BUSINESS CONDITIONS (COnt.) INTERNATIONAL FINANCE Industrial production! 2 3 Wholesale prices- Total (1935-39 = 100) 41, 42 190 194 "196 Canada 65 Durable manufactures 41 r104 106 "107 Germany 65 Iron and steel 42 23 22 "22 Japan 65 Machinery, etc 42 65 68 "70 Sweden6 65 Other durable 42 r16 16 "16 Switzerland 65 Nondurable manufactures 41 67 69 "69 United Kingdom 65 Textiles and leather 42 20 20 "20 O P Fo a th p o e e d r r s , n a l n o i d q n u d p o u r r r i s a n , b t a l i e n n g d tobacco ... 4 4 4 2 2 2 2 1 1 0 5 2 2 1 1 1 2 6 " " " 1 1 2 6 2 1 In f or c e e i n g t n s pe c r u r u r n en it c y of Minerals 41, 42 r20 20 "20 Foreign exchange rates: New orders, shipments, and Argentina (peso) 67 29.77 29.77 29.77 inventories: Canada (dollar) 67 87.63 88.09 87.88 New orders, total (Jan. 1939 =100). 43 266 "278 United Kingdom (pound) 67 403.50 403.50 403.50 Durable 43 387 "410 Nondurable 43 189 P194 Shipments, total ( 1939 = 100) 43 228 "233 1942 Durable 43 289 "302 Inve N nt o o n r d ie u s r , ab to le t al (1939 = 100) .... 4 4 3 3 1 1 7 8 6 1 " " 1 1 7 7 6 9 Sept. Oct. Durable 43 204 "205 Nondurable 43 152 "150 In billions of dollars Freight-car loadings :i 2 Total (1935-39 = 100)3 57 133 134 134 Increase in U. S. gold stock:7 Coal 57 25.7 26.7 24.8 Total . 63 15.73 15.73 15.72 Miscellaneous 57 78.7 78.9 80.2 Net capital inflow: 8 Allother 57 28.7 28.1 28.8 Total 62, 63 6.01 6.07 6.11 Inflow of foreign capital 62 3.89 3.92 3.92 Return of domestic capital.... 62 2.01 2.03 2.08 1923-25 = 100 Merchandise export surplus 63 P9.08 "9.61 "10.18 Other factors 63 V.64 ".06 "-.57 Factory employment4 51, 53 Short-term foreign liabilities and Factory payrolls4 51, 53 assets of banks:8 Average hourly earnings Due to foreigners 64 3.85 3.88 3.87 (cenittss ppeerr hour)... 51 89.9 Due from foreigners 64 .30 .28 .25 Average hours worked Net due to foreigners 64 3.56 3.60 3.63 (hours per week) 51 43.6 44.0 D De e p p a a r r t t m m e e n n t t s s t t o o r r e e s s t a o l c e k s1 s . 1 . . . . 5 5 9 9 1 1 2 1 8 5 1 1 3 0 8 6 "1 1 0 2 2 5 1942 In millions of dollars Residential contracts awarded:1 Total 47 158 159 167 QUARTERLY FIGURES In billionsof dollars Public 47 111 112 129 Private, total 47 47 48 38 CasMincome and outgo of U. S. Treas.: 1- and 2-family dwellings 47 38 39 33 Cash income 18 4.42 4.59 4.71 Other 47 9 9 6 Cash outgo 18 13.18 16.60 19.15 Construction contracts awarded. Excess of cash outgo 18 8.76 12.02 14.44 Total 49 760 811 "805 Domestic corporation security issues: Residential 49 153 166 "187 Total 32 .36 .18 .14 Other 49 608 646 "618 New 32 .28 .11 .02 Nonagricultural employment1 Refunding 32 .09 .07 .12 (mill, persons): All establishments 50 38.0 38.3 "38.7 Manufacturing and mining 50 16.1 16.2 "16.5 Per cent per annum Trade 50 6.6 6.7 "6.6 Government 50 5.6 5.7 "5.7 Bank rates on customers' loans: Transportation and utilities 50 3.5 3.5 "3.5 Total, 19 cities 25 2.62 2.70 2.63 Construction 50 1.9 1.9 "2.0 New York City 27 2.07 2.28 2.09 Income payments :i 7 other Northern and Eastern Total 54 10,104 "10,412 cities 27 2.56 2.66 2.63 Salaries and wages 54 r7,133 "7,350 11 Southern and Western cities 27 3.34 3.25 3.26 Other 54 r2,971 "3,062 Cash farm income: p Preliminary. r Revised. Total 55 2,015 1,825 "1,591 1 Adjusted for seasonal variation. Crops 55 1,071 897 "656 2 In points in total index. Livestock and products 55 891 867 "861 3 Estimate for January is shown on page 171. Gov't. payments 55 53 61 "74 4 Series revised by Bureau of Labor Statistics; new figures shown on Exports and imports: pps. 176-177. Exports 61 "776.0 "785.1 6 Three-month moving average, adjusted for seasonal variation. Imports 61 "199.4 "167.5 6 Back figure: Sept. 152.5. Excess of exports 51 "576.6 "617.5 7 Cumulated from Jan. 31, 1934. 8 For explanation of revised basis for international capital movement statistics, see footnote 2 on page 98 of the BULLETIN for January 1943. Beginning with the revised figures for June 1942, the cumulative figures for net capital inflow relate to the movement through the last business day in the month, while the figures for the outstanding short-term foreign assets and liabilities of banks relate to the position on that day as reported in the new series. 186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued [Tn billions of dollars] 1941 1942 Chart book page Dec. Mar. June Dec. Apr. June Sept. Dec. Apr. June Dec. 30 26 29 31 4 30 24 31 4 30 31 CALL REPORT FIGURES ALL BANKS IN THE U. S. Total deposits and currency 64.10 64.88 66.96 70.75 72.43 74.15 76.09 78.25 e80.00 81.93 c99.40 Demand deposits adjusted 29.79 30.54 31.96 34.94 36.10 37.32 38.68 39.00 e40.00 41.84 e48.80 Time deposits 27.06 27.28 27.47 27.74 27.90 27.88 27.90 27.73 e27.2O 27.31 e28.20 Currency outside banks 6.40 6.23 6.70 7.32 7.78 8.20 8.56 9.62 e10.40 10.94 e13.80 Loans and investments, total 50.89 51.14 51.34 54.19 56.15 57.95 59.30 61.10 e62.00 63.98 Loans 22.17 22.19 22.34 23.74 24.32 25.31 26.19 26.62 e26.30 25.08 Investments.. . 28.72 28.95 29.00 30.45 31.83 32.63 33.11 34.48 e35.7O 38.90 MEMBER BANKS Investments, total 19.9 20.22 20.48 21.81 23.10 23.93 25.50 26.45 29.87 U. S. Government obligations: Direct 14 11.18 11.31 11.60 12.34 13.50 14.24 14.09 15.71 16.98 21.41 Guaranteed 14 3.14 3.11 3.12 3.49 3.49 3.84 4.24 3.83 3.47 2.69 State and local government obligations... 14 2.69 2.90 2.89 3.01 3.21 2.98 3.16 3.09 3.17 2.93 Other domestic securities 14 2.77 ! 2.70 2.80 8 2.72 2 2.73 2.69 Loan F O R C S s o t e o t , r h r a m e e t e l o e i r m g t t e a n e s s l l t e r o a c s c a t i e u n e a c r s l u i l t r l o ( y o i b a t a i n r l e n o o s s s k a e n ( r i s s n 3 ' c l l. o a o n p s e ) n-market paper) 0 1 1 1 1 1 ) 5 5 5 5 4 1 6 2 3 . . . . . . 5 9 1 9 8 6 7 6 9 6 8 1 8 8 () 1 6 3 3 . . . . . . 7 0 9 1 8 3 2 7 7 7 0 2 1 3 7 5 . . . . . . 5 2 3 1 4 8 2 3 2 7 7 3 15. I( 8 2 8 ) 1 8 3 6 . . . . . . 5 3 1 7 7 4 5 7 5 9 3 2 8 8 () 1 3 9 8 . . . . . . 6 4 0 1 7 4 4 9 2 4 8 1 17. ( ( ( ( 8 2 2 2 ) 3 ) ) ) 1 3 9 6 . . . . . . 5 1 1 9 4 6 0 1 5 3 3 9 'P16.06 All other loans C1) 2.94 3.06 3.27 3.61 3.69 ( ( 2 2 ) ) 3.20 SEMI-ANNUAL FIGURES OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS Total direct and guaranteed obligations outstanding. C1) 47. o; 47.87 50.36 54.75 63.77 76.52 Amount held by: U. S. Government agencies and trust funds: Public issues 2.30 2.30 2.25 2.36 2.55 2.73 Special issues 4.23 4.77 5.37 6.12 6.98 7.88 Federal Reserve Banks 2.48 2.47 2.18 2.18 2.25 2.65 Commercial banks 16.30 16.55 17.76 20.10 21.79 26.39 Mutual savings banks 3.10 3.11 3.22 3.43 3.70 3.89 Insurance companies 6.30 6.50 6.80 7.00 7.90 8.90 Other investors 12.40 12.20 12.80 13.60 18.60 24.10 e Estimated. p Preliminary. * Series not shown in Chart Book. 2 Figures available for June and December dates only. 3 Includes only loans made for the purpose of purchasing or carrying securities. ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Thousands of persons] Transpor- Finance, Federal, Year and month Total1 M t a u n ri u n f g a 1 c- Mining Co t n io st n r * uc- tat p io u n b l a ic nd Trade a s n e d rv m ic i e s , - lo S c t a a l te g , o a v n e d rnutilities cellaneous ment SEASONALLY ADJUSTED 1941—December 35,802 13,555 973 2,067 3,377 7,017 4,273 4,540 1942—January 35,816 13,654 970 2,044 3,365 6,907 4,271 4,605 February 35,952 13,813 953 1,991 3,351 6,862 4,263 4,719 March 36,001 13,938 936 1,886 * 3,366 6,812 4,260 4,803 April 36,153 14,171 938 1,826 3,408 6,690 4,257 4,863 May 36,274 14,220 933 1,791 3,435 6,695 4,257 4,943 J une 36,459 14,380 929 1,768 3,446 6,610 4,266 5,060 July 37,053 14,642 929 1,851 3,471 6,609 4,296 5,255 August . .. 37,435 14,821 918 1,916 3,490 6,607 4,317 5,366 September r37,647 r15,008 900 1,959 3,482 6,523 4,313 5,462 October r37,965 r15,165 888 1,902 3,466 6,619 4,324 5,601 November 38,325 15,349 883 1,889 3,508 6,673 4,333 5,690 December.. 38,745 15,665 884 1,955 3,531 6,641 4,330 5,739 UNADJUSTED 1941—December 36,088 13,566 976 1,880 3,344 7,511 4,227 4,584 1942—Jan uary 34,876 13,468 965 1,662 3,288 6,756 4,179 4,558 February 35,062 13,693 947 1,594 3,270 6,686 4,180 4,692 March 35,411 13,859 933 1,625 3,295 6,711 4,194 4,794 April 35,998 14,109 929 1,771 3,389 6,679 4,265 4,856 May 36,346 14,133 928 1,909 3,442 6,667 4,309 4,958 June . 36,666 14,302 921 1,991 3,485 6,606 4,324 5,037 Tulv 37,234 14 641 923 2,108 3,519 6,504 4,355 5,184 August 37,802 14,980 918 2,181 3,533 6,496 4,371 5,323 September 38,348 15,233 910 2,185 3,542 6,561 4,397 5,520 October 38,478 15,313 902 2,028 3,539 6,697 4,327 5,672 November 38,533 15,434 894 1,896 3,520 6,771 4,295 5,723 December 38,956 15,669 887 1,726 3,497 7.112 4,281 5,784 RCV1SCU, * Includes contract construction and Federal force account construction. 1 Seasonal adjustments for manufacturing have been revised back to Nove FEBRUARY 1943 187 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1942 System Boston New York d P e h lp il h a i - a Cleveland Richmond Atlanta Current Earnings D U. i s S co . u G n o te v d e r b n i m lls e nt securiti : es 51,4 $ 0 6 4 4 , , 0 5 1 2 2 1 3,80 $ 9 3 , , 9 50 7 2 6 13,8 $ 7 3 7 5 , , 2 9 0 2 0 7 3,94 $ 7 7 , ,4 4 4 8 8 3 4,87 $ 2 3 , , 0 0 2 7 4 4 3,187 $ ,8 9 6 4 0 6 2,26 $ 4 1 , , 1 6 1 4 0 5 Industrial advances 474,370 39,403 40,461 200,491 19,800 39,623 33,110 Commitments to make industrial advances 101,050 2,510 1,943 883 6,279 14,961 7,520 All other 618,751 15,734 122,268 17,997 73,855 9,574 7,742 Total current earnings 52,662,704 3,871,125 14,077,799 4,174,302 4,975,032 3,252,964 2,314,127 Current Expenses Operating expenses: Salaries: Officers 2,333,523 107,820 512,847 125,622 193,097 154,328 144,328 Employees 28,576,521 1,643,148 7,012,576 1,926,399 2,643,912 1,643,675 1,261,585 Retirement System contributions for current service 1,585,442 83,043 386,439 102,066 132,085 90,161 80,735 Legal fees 75,487 18,977 895 8,572 30,874 237 15 Directors' fees and expenses. 126,976 8,971 11,475 9,490 8,502 7,931 13,400 Federal Advisory Council, fees and expenses 16,507 1,150 1,128 995 1,141 639 1,118 Traveling expenses (other than of directors and members of Federal Advisory Council) 432,806 19,167 54,174 26,588 44,542 33,269 28,062 Postage and expressage 9,203,992 825,834 1,514,070 817,068 1,037 200 586,165 434,979 Telephone and telegraph 631,834 28,340 105,787 39,570 62,304 37,774 51,653 Printing, stationery, and supplies 2,420,462 236,624 526,366 177,373 239,704 131,789 115,687 Insurance on currency and security shipments 283,148 43,933 47,088 20,286 23,789 28,535 20,084 Other insurance 209,197 12,720 44,682 17,594 18,264 12,700 13,941 Taxes on bank premises 1,508,451 131,200 481,869 91,436 136,317 73,516 62,255 Depreciation on bank buildings 1,075,325 55,832 219,960 126,532 112,476 86,161 42,548 Light, heat, power, and water 477,589 36,525 98,472 31,095 50,896 35,544 33,155 Repairs and alterations to bank building 312,726 12,543 36,798 31,878 29,208 17,544 34,366 Rent 288,251 1,372 97,040 1,580 70,126 1,428 43 Furniture and equipment 961,233 44,442 123,716 107,527 103,192 90,528 64,606 All other 1,306,496 132,251 211,384 122,254 98,748 58,172 79,293 Total operating expenses 51,825,966 3,443,891 11,486,766 3,783,925 5,036,377 3,090,096 2,481,853 Less reimbursements for certain fiscal agency and other expenses 19,774,740 1,020,654 4,108,481 1,328,860 1,976,732 933,027 994,664 Net operating expenses 32,051,226 2,423,237 7,378,285 2,455,065 3,059,645 2,157,069 1,487,189 Assessment for expenses of Board of Governors.. 1,746,326 123,861 619,754 167,491 160,274 75,896 60,543 Federal Reserve currency: Original cost 4,575,869 371,379 836,422 315,597 364,599 391,816 293,578 Cost of redemption 250,623 14,419 45,569 18,072 22,446 28,985 23,088 Total current expenses. 38,624,044 2,932,896 8,880,030 2,956,225 3,606,964 2,653,766 1,864,398 Profit and Loss Current earnings (above) .... 52,662,704 3,871,125 14,077,799 4,174,302 4,975,032 3,252,964 2,314,127 Current expenses (above) .... 38,624,044 2,932,896 8,880,030 2,956,225 3,606,964 2,653,766 1,864,398 Current net earnings. 14,038,660 938,229 5,197,769 1,218,077 1,368,068 599,198 449,729 Additions to current net earnings: Profits on sales of U. S. Government securities 3,348,705 244,396 967,507 276,774 333,826 178,234 141,591 All other 353,632 18,873 3,917 158,451 2,303 14,609 137,242 Total additions... 3,702,337 263,269 971,424 435,225 336,129 192,843 . 278,833 Deductions from current net earnings: Losses and allowances for losses on industrial advances (net) 112,933 27,836 !3,888 100,000 U,242 117,422 11,681 Charge-offs and special depreciation on bank premises.. . 693,700 481,923 210,000 Retirement System (interest base adjustment) 4,416,845 279,461 1,122,130 312,542 381,490 ""259,717' 197,830 All other 47,068 4,602 372 2,106 7,481 29,117 53 Total deductions.. 5,270,546 311,899 1,600,537 414,648 387,729 271,412 406,202 Net deductions.. 1,568,209 48,630 629,113 +20,577 51,600 78,569 127,369 Net earnings 12,470,451 889,599 4,568,656 1,238,654 1,316,468 520,629 322,360 Paid U. S. Treasury (Sec. 13b) 197,672 12,982 34,277 32,098 6,848 58,959 15,139 Dividends paid 8,669,076 566,010 3,184,240 707,874 888,550 348,441 302,750 Transferred to surplus (Sec. 13b) 49,602 4,471 Transferred to surplus (Sec. 7) .< 3,554,101 '"310,607' 1,350^139 498,682 421,070 "113,229 Surplus (Sec. 7), January 1 157,502,880 10,949,332 56,651,401 15,171,403 14,345,615 5,235,966 5,724,628 Addition as above 3,554,101 310,607 1,350,139 498,682 421,070 113,229 Transferred to reserves for contingencies -646,641 -100,000 -113,229 Surplus (Sec. 7), December 31.. 160,410,340 11,159,939 58,001,540 15,670,085 14,766,685 5,235,966 5,724,628 1 Net recoveries. 188 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Earnings and Expenses of Federal Reserve Banks During 1942—Continued Chicago St. Louis Minneapolis Kansas City Dallas Fra S nc a i n sco Current Earnings $1,748 $1,838 $1,119 $2,775 $3,171 $1,328 Discounted bills 6,407,272 2,518,157 1,447,985 2,314,984 2,009,841 4,747,120 U. S. Government securities 12,609 982 21,276 19,085 7,939 39,591 Industrial advances 10,300 9,177 48 1,601 6 45,822 Commitments to make industrial advances 158,579 22,203 7,893 157,774 11,477 13,655 All other 6,590,508 2,552,357 1,478,321 2,496,219 2,032,434 4,847,516 Total current earnings Current Expenses Operating expenses: Salaries: 257,955 172,087 132,246 151,795 140,576 240,822 Officers 3,980,240 1,497,586 965,089 1,583,882 1,380,754 3,037,675 Employees 224,507 89,027 58,090 93,260 81,041 164,988 Retirement System contributions for current service 593 9,461 3,861 1 2,001 Legal fees 8,184 9,394 15,145 9,617 13,083 Directors' fees and expenses 1,968 1,350 1,374 1,444 850 3,350 Federal Advisory Council, fees and expenses Traveling expenses (other than of directors and members 66,021 28,649 24,637 24,225 24,283 59,189 of Federal Advisory Council) 1,494,156 387,661 296,703 512,492 353,646 944,018 Postage and expressage 50,796 45,716 29,040 52,665 43,938 84,251 Telephone and telegraph 322,662 121,930 83,442 107,775 125,026 232,084 Printing, stationery, and supplies 29,088 8,044 6,915 11,219 11,052 33,115 Insurance on currency and security shipments 18,073 12,519 10,849 14,945 13,168 19,742 Other insurance 189,457 52,936 66,099 93,858 34,504 95,004 Taxes on bank premises 102,097 44,391 28,847 89,086 90,764 76,631 Depreciation on bank buildings 56,133 30,339 21,910 20,869 32,913 29,738 Light, heat, power, and water 35,415 19,532 17,386 37,270 6,004 34,782 Repairs and alterations to bank building 15,949 3,020 322 693 240 96,438 Rent 115,022 84,634 37,581 52,949 34,676 102,360 Furniture and equipment 215,142 69,794 42,715 70,000 67,468 139,275 All other 7,183,458 2,680,999 1,842,100 2,937,433 2,450,521 5,408,547 Total operating expenses Less reimbursements for certain fiscal agency and other 2,997,002 931,618 830,067 1,147,071 1,061,234 2,445,330 expenses 4,186,456 1,749,381 1,012,033 1,790,362 1,389,287 2,963,217 Net operating expenses 213,773 52,994 38,277 50,007 51,341 132,115 Assessment for expenses of Board of Governors Federal Reserve currency: 748,318 239,155 110,947 175,825 124,634 603,599 Original cost 28,856 16,771 5,090 11,988 13,252 22,087 Cost of redemption 5,177,403 2,058,301 1,166,347 2,028,182 1,578,514 3,721,018 Total current expenses Profit and Loss 6,590,508 2,552,357 1,478,321 2,496,219 2,032,434 4,847,516 Current earnings (above) 5,177,403 2,058,301 1,166,347 2,028,182 1,578,514 3,721,018 Current expenses (above) 1,413,105 494,056 311,974 468,037 453,920 1,126,498 Current net earnings Additions to current net earnings: 378,311 153,088 102,716 161,654 128,841 281,767 Profits on sales of U. S. Government securities 8,587 1,539 2,285 3,328 2,483 15 All other 386,898 154,627 105,001 164,982 131,324 281,782 Total additions Deductions from current net earnings: Losses and allowances for losses on industrial advances 10,000 11,824 165,294 52,800 (net) 1,777 Charge-offs and special depreciation on bank premises '592,793' 248,913 151,741 276,464 208,523 385,241 Retirement System (interest base adjustment) 49 136 1,668 40 164 1,280 All other 602,842 250,826 165,233 276,504 143,393 439,321 Total deductions 215,944 96,199 60,232 111,522 12,069 157,539 Net deductions 1,197,161 397,857 251,742 356,515 441,851 968,959 Net earnings 4,021 3 8,309 25,036 Paid U. S. Treasury (Sec. 13b) 955,508 269,312 183,336 280,355 265,769 716,931 Dividends paid 616 44,515 Transferred to surplus (Sec. 13b) 237,632 127,929 68,403 67,851 106,531 252,028 Transferred to surplus (Sec. 7) 22,924,752 4,966,321 3,152,420 3,612,681 3,976,063 10,792,298 Surplus (Sec. 7), January 1 237,632 127,929 68,403 67,851 106,531 252,028 Addition as above -237,632 -127,929 -67,851 Transferred to reserves for contingencies 22,924,752 4,966,321 3,220,823 3,612,681 4,082,594 11,044,326 Surplus (Sec. 7), December 31 FEBRUARY 1943 189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES [Figures for 1942 are preliminary] Member banks Nonmember banks Other than mutual Total savings and National State private banks Mutual Private1 Savings Not Insured insured Number of Banks {Head Offices) December 31 1933 . . 15,029 5,154 857 28,341 579 98 December 31 1934 16,063 5,462 980 7,693 1,108 579 241 December 31 1940 14,895 5,144 1,342 6,951 851 551 56 December 31, 1941 14,825 5,117 3l,502 6,809 800 545 52 December 31 1942 14,684 5,081 31,598 6,666 745 4543 Number of Branches December 31 1933 2,911 1,121 960 27nn 125 5 December 31 1934 3,133 1,243 981 6778 126 5 December 31 1940 3,666 1,539 1,002 940 44 135 6 December 31 1941 3,699 1,565 1,015 932 46 135 6 December 31 1942, total 3,711 1,571 1,019 932 46 4137 56 In head-office cities .... 1,719 686 778 128 11 115 1 Outside head-office cities .... 1,992 885 241 804 35 22 c Analysis of Bank Changes during 1942 Increases in number of banks: Primary organizations (new banks)7 +22 +2 +12 +8 Reopenings of suspended banks +1 +1 Unclassified +2 +2 Decreases in number of banks: Suspensions —9 -6 -3 Consolidations and absorptions -90 -28 -5 -44 -11 " " - 2" Voluntary liquidations -66 -7 -1 -28 -30 Unclassified — 1 — 1 Inter-class bank changes: Conversions— National into State -6 +6 State into National +5 "'-2'"' -3 Private into State +1 -1 Federal Reserve membership—9 Admissions of State banks +104 -97 -7 Withdrawals of State banks -2 +2 Federal deposit insurance—10 Admissions of State banks .... +12 -12 Withdrawals of State banks .... Net increase or decrease in number of banks -141 -36 +96 -143 -55 -2 -1 Analysis of Branch Changes during 1942 Increases in number of branches: De novo branches .... +34 +13 +3 +17 +1 Banks converted into branches .... +29 +9 +2 +16 +2 Decreases in number of branches: Branches discontinued -51 -16 -16 -18 -1 Inter-class branch changes: From nonmember to State member +15 -15 Net increase or decrease in number of branches +12 +6 +4 +2 porauon memuersmp. Back figures—See Annual Report for 1941 (tables 16 and 17). I9O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments... 192. Gold production .. 193 Gold movements 193 Net capital movements to United States since January 2, 1935.. 194 Central banks 195-198 Money rates in foreign countries.. 199 Commercial banks.... 200 Foreign exchange rates .. 101 Price movements: Wholesale prices 202 Retail food prices and cost of living.. 203 Security prices ... 203 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November iz, 1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta it t e e d s g t A i e n n r a - - g B iu e m l- Brazil i B I r n i d ti i s a h B ga u r l i - a Canada Chile om Co b - i a CC v s z a l e k o c i - h a o- D m e a n rk - Egypt France m G a e n r- y Greece 1936—Dec 11,258 501 632 25 275 20 188 29 19 91 54 55 2,995 27 26 1937—Dec 12, 760 469 597 32 274 24 184 30 16 92 53 55 2,564 28 24 1938—Dec 14,512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939—Dec 17,644 466 609 40 274 24 214 30 21 56 53 55 2,709 29 28 1940—Dec 21,995 1353 2 734 51 274 24 37 30 17 58 52 52 2,000 29 28 1941—Dec 22,737 354 734 70 274 24 5 30 16 61 44 52 2,000 29 428 1942—Jan 22,747 354 734 71 274 24 7 30 18 61 44 52 2,000 Feb 22, 705 354 734 72 274 24 5 30 17 61 44 52 2,000 Mar 22,687 354 734 74 274 24 5 30 15 61 44 52 2,000 Apr 22,691 355 734 74 274 24 6 30 16 61 44 52 2,000 May 22,714 355 734 76 274 24 7 30 16 61 44 52 2,000 June 22,737 355 735 78 274 24 5 31 16 61 44 52 2,000 July 22,744 354 735 79 274 8 31 18 61 44 52 2,000 Aug 22,756 354 735 81 274 9 31 19 61 44 52 2,000 Sept... 22,754 354 82 274 8 36 21 52 2,000 Oct 22,740 354 113 274 5 36 23 52 Nov 22,743 354 114 274 6 24 Dec 22,726 6 25 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o ay r- Peru Poland Po g r a t l u- Ru n m ia a- A S f o r u ic t a h Spain 1936—Dec 25 25 208 463 60 46 491 23 98 20 75 68 114 203 5 718 1937—x)ec 25 25 210 261 79 24 933 23 82 21 83 69 120 189 5 525 1938—Dec 37 26 193 164 80 29 998 23 94 20 85 69 133 220 1939—Dec 24 26 144 164 90 32 692 23 94 20 4 84 69 152 249 1940—Dec. 24 26 120 164 140 47 617 23 4 84 20 59 158 367 1941—Dec 24 26 6164 235 47 575 23 21 59 182 366 1942—Jan 24 26 216 42 575 23 21 59 182 363 Feb 24 26 28 575 23 21 59 198 380 Mar 24 26 30 575 23 21 59 200 397 24 26 31 537 23 21 59 203 429 M^y 24 26 30 533 23 21 59 205 447 June 24 32 528 23 21 59 210 468 July 24 33 526 23 21 59 215 502 Aug 34 522 23 24 59 219 527 Sept 34 23 24 59 551 Oct 36 23 24 59 582 Nov 37 23 25 59 Dec 39 Government gold reserves1 not included End of month S d w e e n - Sw la i n tz d er- T k u e r y - U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - Y sl u a g vi o a - B.I.S. c O t o r t i u h e n e s - 7 r in previous figures End of month U St n a i t t e e s d U K d n i o i n m t g e - d France2 g B iu e m l- 1 1 1 1 1 1 9 9 9 9 9 9 4 3 3 4 3 3 0 6 8 9 1 7 — — — — — D D D D D D e e e e e c c e c c c c... 2 2 3 3 1 2 4 4 2 0 6 2 0 4 1 8 0 3 6 6 7 5 5 6 5 5 0 4 0 6 7 0 1 9 2 5 2 2 2 2 8 9 6 9 9 9 8 2 2 2 2 , , , 5 6 6 8 8 8 9 1 4 9 0 1 1 1 7 6 6 9 7 0 7 9 8 0 4 0 9 5 5 5 5 4 2 9 2 2 2 1 9 48 4 5 5 8 5 3 8 1 9 2 7 1 1 1 1 5 7 1 4 2 2 1 1 1 1 1 1 8 8 4 5 4 4 5 3 2 3 2 5 1 1 1 9 9 9 3 3 3 7 8 6 - - -- - - D J M D J u u e e a n c n c r e . e . . . . . . . . . 1 4 8 69 4 0 4 1 1 3 4 , , 4 3 7 9 8 9 5 3 9 5 9 4 331 1 8 9 6 1 1 3 2 5 1942— M F Ja e a n b r 2 2 2 7 2 5 7 5 1 7 7 7 0 6 8 2 4 4 1 1 8 0 0 9 0 0 1 1 1 9 9 9 7 7 7 4 5 5 9 2 2 1 1 1 2 3 4 1 1 1 4 4 4 2 2 2 1939--M M Ju a a n y r. e . . . . . . 1 8 5 5 4 1,732 5 47 5 7 9 4 1 4 7 M A Ju p a n r y e 3 2 3 0 8 0 9 0 8 7 7 7 9 9 9 5 5 6 1 1 1 0 1 1 7 1 0 1 1 1 9 9 9 7 7 7 5 5 5 6 6 6 1 1 1 5 5 9 1 1 1 4 4 4 3 3 5 1940--M D Se e a c p r. t . . .. . . . 1 1 1 5 4 6 6 5 4 17 July 311 800 111 1 97 56 21 146 June... 86 17 Aug 316 800 111 1 97 56 19 146 Sept.... 105 O S r e f p r t 3 3 2 2 6 1 ?8 8 0 0 5 1 1 1 *> 9 9 5 4 6 6 0 4 1 1 4 4 6 7 1941--M De a c r. . . . . . . . 4 8 8 8 292 17 N D o ec v 331 . ^ P 8 8 2 1 4 3 1 1 6 6 4 8 1 1 4 4 7 7 S Ju e n p e t. . . . . . . 8 2 9 4 6151 1942--M D a e r c . . . . . . . 2 1 5 2 17 p Preliminary. June.. 8 l Beginning Apr. 1940, reports on certain Argentine gold reserves no longer available. Sept... 7 2 Change from previous December due largely to inclusion of gold formerly not reported. 3 On May 1, 1940, gold belonging to Bank, of Canada transferred to Foreign Exchange Con- 1 Reported at infrequent intervals or on detrol Board. Gold reported since that time is gold held by Minister of Finance. layed basis: U. S.—Exchange Stabilization Fund 4 Figures relate to last official report dates for the respective countries, as follows: Greece- (Special A/c No. 1); U. K.—Exchange Equali- Mar. 31, 1941; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941. 5 Figures for Dec. 1936 and Dec. 1937 are those officially reported on Aug. 1, 1936, and Apr.30, zation Account; France—Exchange Stabilization 1938, respectively. Fund and Rentes Fund; Belgium—Treasury. 6 Figure for Feb. 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately. 2 For complete monthly series from Oct. 1938- 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian May 1939, see BULLETIN for February 1941, Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland, p. 170. Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain 3 Figure for end of Mar. 1937, first date reported. of these countries have been carried forward from last previous official report. J Figure for end of September. 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British 5 Figure for September 1. Exchange Equalization Account during 1939. 9 Beginning Dec. 1940, figures refer to gold reserves of new Central Bank only. NOTE.—For details regarding special gold transfers in 1939-40 between the British E. E. A. NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. and the Bank of England, and between the French 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported E. S. F. and the Bank of France, see BULLETIN figures through April 1940 appear on p. 926 in that issue. for September 1940, p.926.- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month production Africa North and South America Other U o . u S t . s S i . d R e .1 Total A So fr u ic th a d R e h s o i - a I I A W fri e c s a t 2 I | C B o e n lg g i O a 3 n S U ta n t i e te S d 4 | | rC ana J d aK5 U 1 / M r^ e ^; x ^ i o c . o 66l | Co b lo ia m -1 | r C ^ h - i i le I Nicara-Au li s a tr 8 a-1 | B In ri d ti i s a h 9 grains of gold f0 fine; i.e., an ounce of fine gold — $35 1934 823,003 708,453 366,795 24,264 12,153 6,549 108,191 104,023 23,135 12,045 8,350 1,166 30,559 11,223 1935 882,533 752,847 377,090 25,477 13,625 7,159 126,325 114,971 23,858 11,515 9,251 868 31,240 11,468 1936 971,514 833,895 396,768 28,053 16,295 7,386 152,509 131,181 26,465 13,632 9,018 807 40,118 11,663 1937 1,041,576 893,384 410,710 28,296 20,784 8,018 168,159 143,367 29,591 15,478 9,544 848 46,982 11,607 1938 1,136,360 958,770 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18,225 10,290 1,557 54,264 11,284 1939 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 56,182 11,078 1940 rl, 297,349 1,094,264 491,628 29,155 32,163 3 8,862 210,109 185,890 30,878 22,117 11,999 5,429 55,878 10,157 1941 1,288,945 1,088,882 504,268 27,765 32,414 209,175 186,568 27,969 22,961 9,259 7.525 51,039 9,940 1941—Dec 105,035 88,884 42,436 2,302 2,590 16,761 14,746 1,832 1,749 622 770 4,200 875 1942—Jan 104,370 88,598 42,556 2,282 2,695 14,982 14,198 3,790 2,075 558 772 3,850 840 Feb 90,335 75,653 39,651 2,186 2,625 10,034 13,147 563 1,573 537 647 3,430 1,260 Mar 100,485 85,031 42,618 2,275 2,625 10,959 15,372 3,457 1,916 596 663 3,675 875 Apr (*) 79,926 41,491 2,320 2,555 11,058 14,728 (6) 1,865 540 644 3,815 910 May...... 80,603 42,539 2,288 2,520 10,807 14,881 1,719 570 694 3,745 840 June ^78,454 42,005 ^2,211 2,450 10,147 14,852 1,579 611 609 3,325 665 July 2*82,858 42,784 P2,227 2,450 12,396 14,864 2,006 C647 827 3,990 665 Aug p77,553 41,454 P2,254 2,345 9,806 14,100 1,730 531 747 /3,990 595 Sept ^76,949 40,559 P2 175 2,310 11,479 r13,212 1,710 440 442 •^3 990 630 Oct 2*77,431 41,023 P2.161 2,275 11,656 13,365 1.659 /440 ^442 '3,990 420 Nov....... ^70,696 39,144 •^2,161 f2,275 :::::::: 7,471 12,693 ^1,659 '440 A42 '3.990 >"420 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: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. ^Preliminary. r Revised. c Corrected. ' Figure carried forward. 1 Annual figures through 1940 are estimates of U. S. Mint. Annual figure for 1941 and monthly figures are based on estimates of American Bureau of Metal Statistics given in thousands of fine ounces; this series discontinued by A.B.M.S. with estimate for March 1942. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. 3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 4 Includes Philippine Islands production received in United States. Monthly figures for 1941 represent estimates of American Bureau of Metal Statistics revised by deducting from each monthly figure $12,626 so that aggregate for 1941 is equal to annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. 6 Figures for Canada beginning January 1941 are subject to official revision. JJ Beggign ning App ril 1942, , fgig uresn noo olonnggeer r rreeppoorrtetedd.. ** GGoolldd exportts , reporttedd bb y tthh eB B anco NNaciilo ndal de Nicaragua, which states that they represent approximately 90 per cent of total production. "Beginning December 1941, figures are those reported by American Bureau of Metal Statistics for total Australia. y Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; June'1938, p. 540; and April 1933, pp. 233-235. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Report of Director of Mint for 1941, pp. 103-104, and 1936, pp. 108-190. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (-)to: Y m e o ar n t o h r im To n p t e o a t r l ts U K d n o i i n m t g e - d France g B iu el m - N l e a t n h d e s r- S d w en e- S er w la it n z d - Canada Mexico Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra us l - ia A S f o r u ic t a h Japan B I r n i d ti i s a h c o t o t r A h i u e l e n l s r - 19341 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 4 76,820 32,304 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 46,989 1936 1,116,584 174,093 573,671 3,351 71,006 2 7,511 72,648 39,966 11,911 21,513 23,280 8 77,892 39,735 1937 1,585,503 891,531-13,710 90,859 6,461 6 54,452 111,480 38,482 18,397 25,427 34,713 181 246,464 50,762 29, 998 1938 1,973,5691,208,728 81,135 15,488 163,049 60,146 1,363 76,315 36,472 10,557 27,880 39,162 401 168,740 16,159 267,975 1939 3,574,1511,826,403 3,798 165,122 341,618 28,715 86,987 612,949 33,610 23,239 35,636 74,250 22,862 165,605 50,956 3102,404 1940 4,744,472 633,083 241,778 977 63,260 161,489 90,3202,622,330 29,880 23,999 38,627 103,777 184,756 111,739 49,989 4388,468 1941 982,378 3,779 1 1 1,747 899 412,056 16,791 24,448 42,678 67,492 292,893 9,444 9,665 5100,485 1940 Nov 330,107 936 7 262,718 545 3,283 14,441 6,240 12,186 2,170 27,580 Dec 137, tf 6 99 80,389 347 2,814 3,268 14,994 1,751 13,262 7,446 12,805 1941 Jan 234,242 37 1 1,746 563 46,876 1,147 3,168 3,185 11,136 149,735 6,085 4,501 6,062 Feb 108,609 1,218 337 81,529 814 11 2,772 6,738 96 615,093 Mar 118,567 817 95,619 866 2,232 3,984 6,262 2,788 3,046 2,951 Apr 171,992 21 20,216 1,147 2,934 3,587 4,720 132,261 313 6,793 May 34,830 2 16,306 969 2,794 3,384 4,194 3,594 3,589 June 30,712 474 1 17,514 800 7 2,114 4,593 69 131 5,009 July 37,041 542 19,224 1,080 2,128 4,970 5,199 88 3,811 Aug 36,973 79 10,842 843 2,230 5,098 6,742 137 1,995 69,008 Sept 65,702 250 42,562 495 2,488 3,107 2,064 3,694 611,041 Oct 40,440 55 16,072 1,020 2,107 3,141 6,151 200 2,327 N De o c v 5 5 0 2 , , 3 89 7 6 4 1 1 2 6 1 3 2 2 0 4 , ,9 3 1 7 7 7 6 1 , ,2 3 7 3 3 6 2 2 , , 1 2 1 3 0 8 5 1 , ,8 5 3 0 0 6 3 5 , , 7 9 1 8 3 0 1 4 9 0 0 711 R 61 V 8 , , 0 7 3 2 9 6 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other countries. 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. 5 Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America, and $44,603,000 from other countries. 6 Includes imports from U. S. S. R. as follows: Feb.—$11,236,000, Aug.—$3,407,000, Sept.—$5,652,000, Oct.—$5,550,000, Nov.—$5,615,000, Dec— $13,460,000. NOTE.—Figures for months subsequent to December 1941 have not been released for publication. For gross import and export figures and for additional countries see table on p. 154. FEBRUARY 1943 J93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars] Increase in foreign banking Decrease Foreign Domestic funds in U. S. in U. S. securities: securities Inflow in From Jan. 2, 1935, through- Total banking Return Inflow of brokerage funds of U. S. foreign balances Total Official1 Other abroad funds funds 1935—Dec. (Jan. 1, 1936) . 1,412.5 603.3 9.8 593.5 361.4 125.2 316.C 6.0 1936—Dec. 30 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar.30 207.2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June29 045.8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept.28 472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939).. 844.5 1,425.4 238.5 1,186.9 510.1 641.8 1,219.7 47.6 1939—Mar.29 197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940). 021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941).. 727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar.(Apr. 2) 526.5 3,148.8 1,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept.(Oct. 1) 510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Tan. 7?.. 5,225.3 2,841.7 1,052.6 1,789.1 798.5 856.2 627.6 101.4 Jan. 14.. 5,199.1 2,816.9 1,012.3 1,804.6 796.5 856.7 627.0 102.0 Tan. 21.. 5,178.5 2,787.7 980.3 1,807.4 803.0 857.8 627.9 102.0 Jan. 28.. 5,163.7 2,771.6 977.6 1,793.9 801.6 857.5 631.0 102.0 Feb. 4... 5,098.2 2,703.5 936.7 1,766.8 803.5 858.8 630.2 102.1 Feb. 11. 5,081.6 2,687.5 926.4 1,761.1 802.9 859.1 630.0 102.2 Feb. 18. 5,035.7 2,646.2 866.1 1,780.2 806.8 855.9 624.5 102.4 Feb. 25. 5,069.0 2,675.5 879.4 1,796.0 809.2 856.2 626.2 102.0 Mar. 4.... 5,105.8 2,706.1 941.0 1,765.1 814.6 855.4 627.0 102.6 Mar. 11... 5,112.1 2,714.6 955.6 1,759.0 815.8 852.7 626.6 102.4 Mar. 18... 5,070.3 2,672.5 917.8 1,754.7 817.5 851.6 625.6 103.1 Mar. 25... 5,051.7 2,654.4 908.1 1,746.3 817.2 851.4 625.0 103.7 Apr. 1.... 5,082.4 2,684.0 932.0 1,752.0 819.7 849.6 624.9 104.3 Apr. 8... 5,079.5 2,675.1 918.2 1,756.9 827.3 847.2 625.2 104.7 Apr. 15.. 5,300.8 2,893.6 1,132.1 1,761.6 830.1 845.3 627.1 104.6 Apr. 22.. 5,317.1 2,912.9 1,129.7 1,783.2 829.1 844.4 626.6 104.1 Apr. 29.. 5,309.6 2,906.1 1,106.7 1,799.4 829.8 843.2 626.6 103.9 May 6 . .. 5,375.2 2,971.0 1,160.1 1,811.0 831.2 841.9 627.2 104.0 May 13. . 5,358.6 2,951.4 1,140.1 1,811.3 834.3 841.4 626.5 105.0 May 20. . 5,358.4 2,948.5 1,153.3 1,795.2 836.4 841.7 626.9 104.8 May 27. . 5,384.8 2,974.7 1,153.5 1.821.2 836.5 840.9 627.3 105.4 June 3 ... 5,413.4 2,996.8 1,144.0 1,852.8 839.8 843.2 629.0 104.6 5,456.4 3,039.1 1,193.0 1,846.0 841.7 840.9 630.0 104.8 5,497.8 3,077.9 1,210.3 1,867.6 842.8 840.7 631.1 105.2 5,515.3 3,095.9 1,220.0 1,875.9 843.7 839.1 631.6 105.0 5,495.3 3,075.9 1,211.7 1,864.2 842.3 838.8 632.0 106.2 July 31 5,542.6 3,121.4 1,242.7 1,878.7 854.9 829.3 633.3 103.7 Aug. 31 5,599.9 3,184.8 1,293.1 1,891.7 839.9 828.6 642.7 103.9 Sept. 30 5,654.9 3,212.6 1,339.1 1,873.5 858.2 830.5 646.1 107.5 Oct. 31 5,694.7 33,204.2 31,341.1 31,863.2 3890.0 842.1 654.3 3104.1 1 This category made up as follows: through September 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning September 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL- LETIN for January 1943, p. 98. 3 Amounts outstanding on October 31, in millions of dollars: total foreign banking funds in United States, 3,871.4, including official funds, 1,955.6, and other funds, 1,915.8; United States banking funds abroad, 245.5; and brokerage balances (net due "foreigners") 27.0. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 31, 1941, have been published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to and claims on "foreigners" as reported by banks and brokers. For description of the statistics, see BULLETIN for January 1943, p. 98; April 1939, pp. 284-296; and May 1937, pp. 394-431. 194 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue Assets of banking department Liabilities of banking department department Bank of England Note circula- (Fi p g o u u re n s d s i n s t m er il l l i i n o g n ) s of Gold1 a O ss th e e ts r 2 Cash reserves a c n o D d u i s n - a t d s - Se t c ie u s ri- tion3 Deposits l O i t a i t b e h i s e l r i- Coin Notes vances Bankers' Public Other 1929—Dec. 25. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31. 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30. 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28. 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27. 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26. 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25. 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30. 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29. . 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28. 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27. 4 2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. .2 5 630.0 .9 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 5 780.0 .3 28.5 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Jan. 28 .2 780.0 .4 37.8 8.2 184.5 742.4 145.5 10.2 57.4 17.9 Feb. 25 .2 780.0 .3 30.7 4.2 182.8 749.6 136.8 11.5 51.7 18.0 Mar. 25 .2 780.0 .4 25.2 5.1 204.8 755.1 156.8 9.3 51.4 18.1 Apr. 29 .2 5830.0 .7 59.1 7.5 138.4 771.2 122.6 14.0 51.4 17.7 May 27 .2 830.0 1.2 41.6 6.6 170.5 788.6 146.6 7.6 47.8 17.8 June 24 .2 830.0 1.3 34.2 5.5 165.8 796.0 133.6 8.0 47.3 17.8 July 29. .2 5880.0 1.2 56.1 7.1 146.9 824.1 136.9 8.7 47.8 17.9 Aug. 26 .2 880.0 1.2 51.7 6.7 158.4 828.6 146.0 7.3 46.8 18.0 Sept 30 .2 880.0 1.4 42.2 2.4 169.6 838.0 135.7 10.3 51.5 18.1 Oct. 28 .2 880.0 1.4 29.1 2.5 178.6 851.2 141.1 3.8 48.9 17.7 Nov. 25 .2 880.0 1.1 10.2 2.7 206.6 870.0 148.8 7.7 46.3 17.8 Dec. 30 .2 5950.0 .9 26.8 3.5 267.9 923.4 223.4 9.0 48.8 17.9 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures in millions of an S d t e U rl n in it g ed securities Other Note Other Canadian dollars) Gold d S o t l a l t a e r s s S t h e o rm rt 6 - Other assets circulation7 Ch b a a r n te k r s ed D g o m o m v e e i n n r t n io - n Other liabilities 1935—Dec. 31 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 .8 7.7 1936—Dec. 31 179.4 9.1 61.3 99.0 8.2 135.7 187.0 18.8 2.1 13.4 1937—Dec. 31 179.8 14.9 82.3 91.6 21.7 165.3 196.0 11.1 3.5 14.4 1938—Dec. 31 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 (8) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Jan. 31 299.1 245.7 203.8 14.9 479.1 200.6 46.6 18.7 18.7 Feb. 28 377.0 209.5 204.6 17.6 493.2 236.8 49.4 11.1 18.2 Mar. 31 276.3 386.6 209.4 19.7 508.9 241.9 118.8 6.1 16.3 Apr. 30 209.5 413.1 223.5 ' 19.1 516.7 214,7 104.5 7.3 22.0 May 30 187.4 430.8 223.8 12.9 528.6 186.0 96.7 23.4 20.1 June 30 .9 493.7 322.1 26.2 541.2 221.3 31.3 26.7 22.4 July 31 33.7 501.0 338.8 36.7 563.8 271.6 26.0 15.7 33.0 Aug. 31 1.0 518.7 351.3 14.7 592.6 225.4 15.5 28.1 24.1 Sept. 30 .8 628.7 284.7 22.1 625.4 246.0 18.5 24.7 21.6 Oct. 31 .5 797.5 199.3 21.7 657.6 304.6 19.3 12.2 25.3 Nov. 30 .5 780.6 204.2 17.8 666.3 273.2 24.6 13.8 25.2 Dec. 31 .5 ! 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28,1942; further by 70 million pounds on Dec. 2, 1942. 6 Securities maturing in two years or less. 7 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July 1940, pp. 677-678). NOTE.—For further explanation of table for Bank of England see BULLETIN for February 1931, pp. 81-83. The headings in the table for the Bank of Canada correspond to the items in that Bank's statements, except that the headings "Other assets" and "Other liabilities" include certain small asset and liability items shown separately in the statements. FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Bank of France Domestic bills G A o d v va e n rn c m es e n to t Deposits {Figu o re f s f i r n a n m c i s l ) lions Gold1 Fo e re x i - gn Other ci N rc o u te la- l O ia t b h i e l r ichange m O a p r e k n et2 Special2 Other c F u c o p o r a s t o t i s c o 3 - n Other2 assets tion G m ov e e n r t n- C.A.R.4 Other ties 1929—Dec. 27 41,668 25,942 5,612 8,624 8,124 68,571 11,737 7,850 1,812 1930—Dec. 26 53,578 26 179 5 304 8,429 9,510 76,436 12,624 11,698 2,241 1931—Dec. 30 68,863 21,111 7,157 7,389 11,275 85,725 5,898 22,183 1,989 1932—Dec. 30 83,017 4,484 6 802 3,438 11,712 85,028 2,311 20,072 2,041 1933—Dec. 29 77,098 1,158 6,122 4,739 11,173 82,613 2,322 13,414 1,940 1934—Dec. 28 82,124 963 5,837 3,971 11,500 83,412 3,718 15,359 1,907 1935—Dec. 27 66,296 1,328 5 800 9,712 11,705 81,150 2,862 8,716 2,113 1936—Dec. 30 60,359 1,460 5,640 1,379 8,465 17,698 12,642 89,342 2,089 13,655 2,557 1937—Dec. 30 .... 58,933 911 5 580 652 10,066 31,909 11,733 93,837 3,461 19,326 3,160 1938—Dec. 29 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28 5 97,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Nov. 286 84,616 64,397 61,200 214,176 748 39,107 24,941 Dec. 266 84,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—July 31 84,598 37 40,776 6,419 117,715 69,500 22,605 242,000 1,318 60,612 33,978 3,741 Aug. 28 84,598 37 40,720 6,139 117,555 67,700 21,826 244,099 1,341 60,193 29,179 3,763 Sept. 25 84,598 37 41,014 6,896 123,578 64,700 20,846 248,993 1,279 59,715 27,208 4,402 Oct. 30 84,598 37 41,138 1 7,849 129,518 60,500 23,555 255,684 1,272 60,932 25,999 3,309 Nov. 27 84,598 38 41,654 5 5,348 129,568 68,900 21,016 260,772 1,371 61,073 24,431 3,479 Dec. 31 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Jan. 29.. 84,598 38 42,071 16 4,855 149,562 64,700 20,138 273,281 1,350 59,649 27,797 3,900 Feb 26 .... 84,598 38 42 043 18 5,588 149,754 67 400 20,086 278,392 1 173 59 203 27 287 3 469 Mar. 26 84,598 38 42,314 16 4,433 156,386 67,000 20,056 282,848 852 56,396 30,251 4,493 Apr. 30 84,598 38 42 651 13 4 581 162,898 68 300 21,365 291,654 775 59 668 28 955 3 391 May 28 84,598 38 42,804 11 4,176 168,930 66,250 19,953 296,903 755 54,410 30,653 4,040 June 25 . . 84,598 38 42,699 9 4,000 174,938 62,950 19,486 304,379 768 48,093 30,724 4,753 July 30 84,598 38 43,743 9 4,744 180,678 57,650 20,740 315,617 726 39,908 31,963 3,985 Aug. 27... 84,598 37 43,427 4,525 180,999 63,850 19,607 323,494 768 35,371 33,298 4,111 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figu r r e e i s c h in sm m a i r l k li s o ) ns of re T f s o o e r t r e a v i l g es n exch G an o g ld e i T c n r h c e b e l a i u c l s d k l u s i s r n ) y , g Se l c o u a r n i s ty E a c s l i o g n v i o e b r t l e e Other O as t s h e e t r s ci N r t c i o o u t n l e a- Deposits l O ia t t i b h e i e s l r i- 1929—Dec. 31 . .. 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31 2 685 2,216 2,572 256 102 638 4 778 652 822 1931—Dec. 31 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 920 806 2,806 176 398 1,114 3 560 540 1,313 1933—Dec. 30 396 386 3 226 183 259 322 735 3 645 640 836 1934—Dec. 31 .... 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 88 82 4,552 84 349 315 853 4 285 1 032 923 1936—Dec. 31 .... 72 66 5 510 74 221 303 765 4 980 1 012 953 1937—Dec. 3i 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31 76 71 8,244 45 557 298 1,621 8 223 1 527 1,091 1939—Dec. 30 78 (*) 11,392 30 804 393 2,498 11,798 2,018 1,378 1940—Dec. 31 78 15,419 38 32 357 2,066 14,033 2,561 1,396 1941—Aug. 30 77 17,306 25 16 384 2,343 16,502 2,326 1,323 Sept. 30 11 18,016 25 24 383 2,260 16,918 2 511 1,357 Oct. 31 11 18,456 26 20 335 2,364 17,432 2,470 1,377 Nov. 29 77 18,899 24 58 283 2,395 17,793 2 493 1,450 Dec. 31 „...„...«.. 77 21,656 32 107 283 2,311 19,325 3,649 1,493 1942—Jan. 31 . ............. 77 20,884 28 151 288 1,406 18,987 2,417 1,431 Feb. 28 77 21,458 23 144 288 1,343 19,443 2 426 1 464 Mar. 31 .., „.. 77 21,673 23 72 227 1,751 19,774 2,762 1,287 Apr. 30 77 21,529 19 17 202 2,212 20,047 2,701 1 308 May 30 77 22,093 19 16 204 2,344 20,548 2,840 1,366 June 30 77 22,848 21 18 202 2,180 20,954 2,990 1,402 July 31 77 23,114 17 21 205 2,162 21,344 2,804 1,448 Aug. 31 77 23,611 14 34 204 2,262 21,808 2,864 1,530 1 Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 2 For explanation of this item, see BULLETIN for July 1940, p. 732. 3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25,1940, through June 11, 1942, advances of 181,000 million francs were authorized to meet the costs of the German army of occupation. 4 Central Administration of the Reichskreditkassen. 5 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund. 6 Figures taken from annual report of Bank for 1940. 7 Figure not available. 8 Gold not shown separately on Reichsbank statement after June 15,1939. NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. I96 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Dec. Nov. Oct Dec. date of month) Dec. Nov. Oct. Dec. Central Bank of the Argentine Re- Bank of the Republic of Colompublic (millions of pesos): bia—Con t. Gold reported separately I 1,076 1,075 1,075 Deposits 69,315 76,121 72,602 50,394 Other gold and foreign exchange...! 862 798 467 Other liabilities 41,604 41,355 41,829 47,107 Negotiable Government bonds j 366 366 364 National Bank of Denmark (millions Rediscounted paper of kroner): ;Sept.)2 Other assets 240 236 206 Gold 98 98 Note circulation 1,544 1,520 1,380 Foreign exchange 27 Deposits—Member bank 750 793 561 Clearing accounts (net) 5l,040 838 Government 133 45 56 Loans and discounts 50 50 Other 19 19 27 Securities 80 141 F O o th re e i r g n li a e b x i c li h t a ie n s ge sold forward 98 81 7 O G t o h v e ' r t . a c s o s m ets pensation account6 3125 952 Commonwealth Bank of Australia Note circulation 847 842 (thousands of pounds): Deposits—Government 469 148 Issue department: Other 1,033 884 Gold and English sterling.... 30,141 29,829 21,955 Other liabilities 232 Bank S i e n c g u r d it e i p es artment: 96,656 93,417 68,213 Ce s n a t n r d a s l of B a su n c k r es o ) f : Ecuador (thou- June)1 Coin, bullion, and cash 3,853 5,349 2,805 Gold 96,858 72,040 London balances 46,508 45,434 37,907 Foreign exchange (net) 48,348 43,105 Loans and discounts 20,399 22,796 22,662 Loans and discounts 82,733 83,554 Securities 156,550 139,664 81,766 Other assets 41,384 22,567 Deposits 157,352 156,402 135,01 Note circulation < 134,166 115,747 Note circulation 117,606 114,106 84,864 Demand deposits 98,825 74,017 National Bank of Belgium and Other liabilities 36,331 31,501 Bank of Issue of Brussels (mil- National Bank of Egypt7 (thoulions of belga) :*• (Sept.)2 sands of pounds): Gold 4,337 4,331 Gold 6,251 6,241 Foreign exchange 4,066 1,753 Foreign exchange 5,106 6,177 Credits to State and public bodies 4,164 3,450 Loans and discounts..: 4,078 6,633 Credits to private economy 81 182 British, Egyptian, and other Gov- Reichskreditkasse 784 741 ernment securities 131,095 95,132 Other assets 641 Other assets 6,834 5,204 Note circulation 12,306 9,693 Note circulation 73,920 50,659* Demand deposits 640 452 Deposits—Government 20,458 18,279- Postal Checking Office 766 750 Other 46,031 38,244 Other liabilities 202 Other liabilities 12,954 12,203; National Bank of Bohemia and Mo- Central Reserve Bank of El Salvaravia (millions of koruny): (Sept.)2 dor (thousands of colones): Gold 1,515 1,513 Gold8 ' 24,206 24,208 24,206 13,233 Foreign exchange 753 787 Foreign exchange 10,499 9,510 8,670 4,538 Discounts 91 840 Loans and discounts 1,516 1,501 1,189 1,572 Loans Government debt and securities .. 6,943 7,009 7,014 7,080 Other assets 13,408 Other assets 554 547 559 1,630 Note circulation 11,404 9,398 Note circulation 27,853 25,045 24,305 19,447 Demand deposits. 2,015 2,80C Deposits 10,072 11,963 11,581 4,848: Other liabilities. (3) 4,350 Other liabilities 5,793 5,766 5,753 3,759> Central Bank of Bolivia (thousands Bank of Finland4 of bolivianos): (Aug.)2 Bank of Greece4 Gold at home and abroad 389,21' 377,195 National Bank of Hungary (millions Foreign exchange 323,185 377,14 of pengo): (Sept.)2 Loans and discounts 303,788 147,90. Gold 100 100 Securities—Government 492,816 451,17 Foreign"exchange reserve 18 Other 41,234 11,204 Discounts 1,732 1,196 Other assets 70,157 33,727 Loans—To Treasury 761 790 Note circulation 729,079 641,572 To foreign countries 339 140 Deposits 738,071 597.29C Other 44 Other liabilities 153,244 159,49C Other assets 507/ National Bank of Bulgaria4 Note circulation 2,470 1,984' Central Bank of Chile (millions of Demand deposits 529 472' pesos): Consolidated foreign credits of 1931 26- Gold.., 174 148 Other liabilities 313. Discounts for member banks 201 Reserve Bank of India (millions of Loans to Government 729 733 rupees): Other loans and discounts 909 612 Issue department: Other assets 293 83 Gold at home and abroad.... 444 444' Note circulation 1,654 1,44< Sterling securities 3,258 2,276. Deposits—Bank 245 Indian Gov't. securities 1,324 415 Other 136 14! Rupee coin 218 342 Other liabilities....'. 272 192 Note circulation 5,14' 3,356 Bank of the Republic of Colombia Banking department: (thousands of pesos): Notes of issue department.... 98 121 Gold.... 43,756 41,22' 39,566 28,256 Balances abroad 944 471 Foreign exchange 64,317 60,75; 57,641 10,903 Treasury bills discounted.. Loans and discounts 13,938 15,018 14,68; 46,855 Loans to Government Government loans and securities... 59,776 59,758 60,436 54,593 Other assets 90 112 Other assets 32,733 33,646 32,675 31,335 Deposits 973 561 Note circulation 103,600 92,931 90,575 74,441 Other liabilities 161 143 1 Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration on June 27, 1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office. 2 Latest month for which report is available for this institution. 3 Figure not available. 4 For last available reports from the central banks of Bulgaria (May 1941), Finland (May 1941), and Greece (March 1941), see BULLETIN for March 1942, pp. 280-281. 5 Represents gross claims on clearing account. 6 Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942. 7 Items for issue and banking departments consolidated; after March 1942, statements published only irregularly. 8 Gold revalued June 30, 1942, at 0.3555 gram fine gold per colon, a 20 per cent reduction in the gold value of the colon. FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central Bank 1942 1941 Central Bank 1942 1941 (Figures as of last report (Figures as of last report date of month) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. Bank of Japan1 South African Reserve Bank—Cont. Bank of Java (millions of guilders): (Jan.)2 Note circulation 37,339 28,631 Gold 407 444 Deposits 95 792 71 741 Foreign bills 24 21 Other liabilities 4,632 5,451 Loans and discounts 171 119 Bank of Sweden (millions of kronor): Other assets 140 119 Gold 729 719 492 Note circulation 339 311 Foreign assets (net) 562 559 760 Deposits 366 355 Domestic loans and investments.. 683 667 810 Other liabilities 37 36 Other assets 1,228 1,146 828 Bank of Mexico (thousands of pesos): Note circulation 1,831 1,863 1,700 Metallic reserve3 247,045 190,072 Demand deposits 952 819 587 "Authorized" holdings of securi- Other liabilities 419 409 603 ties etc 708,305 515,860 Swiss National Bank (millions of Bills and discounts 112,530 73,436 francs): Other assets 44 819 85 874 Gold 3 565 3 516 3,484 2 878 Note circulation 664,666 563 133 Foreign exchange 63 71 87 679 Demand liabilities 323 516 197 974 Loans and discounts 247 139 71 77 Other liabilities ;.; 124,517 104,135 Other assets 226 Netherlands Bank (millions of guil- Note circulation 2 637 2,497 2,429 2 336 ders): (Sept.)2 Other sight liabilities 1,290 1,267 1,225 1,236 Gold 925 1 026 Other liabilities (4) 287 Silver (including subsidiary coin). . 7 8 Central Bank of the Republic of Foreign bills 1,360 930 Turkey (thousands of pounds): (Aug.)2 Discounts 250 3 Gold 138 639 115 405 Loans 158 180 Foreign clearing accounts 54,415 60 851 Other assets 210 Loans and discounts 603 097 473 892 Note circulation 2,680 2,116 Securities 189,961 190,747 Deposits—Government Other assets 21 063 23 021 Other 180 182 Note circulation 615,527 521,521 Other liabilities (4) 59 Deposits—Gold 79,358 79,358 Reserve Bank of New Zealand (thou- Other 144,840 100,456 sands of pounds): Other liabilities 167,449 162,580 Gold. 2,802 2,802 2,802 Bank of the Republic of Uruguay Sterling exchange reserve 26,455 25,827 13,294 (thousands of pesos): Advances to State or State under- Issue department: (Sept.)2 takings 25,698 26,967 25,503 Gold and silver 85 583 86,235 Investments 4,461 4,455 3,842 107 717 114,072 Other assets 1,881 2,472 1,759 Banking department: Note circulation 28,460 27,590 24,615 Gold 64 973 70,639 Demand deposits 29,803 31,791 19,956 Notes and coin .. . 43,240 29,374 Other liabilities 3,034 3,143 2,630 Advances to State and to Bank of Norwayi government bodies 37 761 23,739 Central Reserve Bank of Peru (thou- Other loans and discounts 100,212 98,483 sands of soles): (Oct.)2 Other assets 100 301 128,179 Gold and foreign exchange 121,464 64,640 Deposits 132 600 118,214 Discounts 11,817 C19 250 Other liabilities 213 886 232 200 Government loans 248,923 182,338 Central Bank of Venezuela (thou- Other assets 18,599 C8,843 sands of bolivares): Note circulation 270,034 208,509 Gold 206,879 196,064 196,064 124,311 Deposits 107,463 46,247 Foreign exchange (net) 20,847 26,620 12,866 38,903 Other liabilities 23,307 20,315 Credits to national banks 32,230 35,230 35,230 36,230 Bank of Portugal (millions of Other assets 12 462 12 748 11 153 9 422 escudos): (July)2 Note circulation- Gold5 1,374 1 343 Central Bank 168 574 165 104 166 935 95 695 Other reserves (net) 2,352 1,536 National banks 37,526 38,248 40,978 60,738 Non-reserve exchange 4,846 3,193 Deposits 60,099 61,055 41,080 42,663 Loans and discounts 283 337 Other liabilities 6,220 6,254 6,319 9,770 Government debt 1,028 1,031 National Bank of the Kingdom of Other assets 1 285 935 Yugoslavial Note circulation 4,585 4,488 Bank for International Settlements Other sight liabilities 5,448 3,101 (thousands of Swiss gold francs^): (Aug.)2 Other liabilities 1,136 786 Gold in bars 56 644 36 250 NTational Bank of Rumania (millions Cash on hand and on current acof lei): (Aug.)2 count with banks 36,209 41,545 Gold 41,294 34,169 Sight funds at interest 15,643 15,979 Special exchange accounts 22,039 19,630 Rediscountable bills and accept- Loans and discounts 34,639 33,750 ances (at cost) 142,611 142,290 Special loans (in liquidation) 421 528 Time funds at interest 20,939 20,987 Government debt 21,230 9,632 Sundry bills and investments 200 466 224 148 Other assets 39,935 40 055 Other assets 42 108 Note circulation 100,477 97,182 Demand deposits (gold) . .. 29 094 28 966 Demand deposits 41,503 27,984 Short-term deposits (various cur- Other liabilities 17,578 12,597 rencies): South African Reserve Bank (thou- Central banks for own account 15,444 25 416 sands of pounds): Other 4,708 4,067 Gold 70,614 44,431 Long-term deposits: Special ac- Foreign bills 1,043 322 counts 229,001 229,001 Other bills and loans 183 1 Other liabilities 194 306 193 856 Other assets 65,923 61,069 c Corrected. 1 For last available reports from the central banks of Japan (September 1941), Norway (March 1940), and Yugoslavia (February 1941), see BULLE- TIN for March 1942, pp. 281-282. 2 Latest month for which report is available for this institution. 3 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 4 Figure not available. 5 Valued at average cost beginning October 1941. 6 See BULLETIN for December 1936, p. 1025. 198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Centnil bank of- Rate Rate Date effective U K d n i o n i m t g e - d France m G a e n r- y g B iu e m l- N la e e n t r- d h s - S d w en e- S l w a e n r i - t d z- ba C n e k n o tr f a — l u Ja a 3 r n 1 y - eff D ec a t t i e ve ba Ce n n k t r o a f l — u Ja a 3 n r 1 y - ef D fe a c t t e ive In effect Oct. 2, 1936 2 4 2 3 2 Albania Mar. 21, 1940 3.29 Apr. 7, 1936 Oct. 9 Argentina Mar. 1, 1936 3 Jan. 14, 1937 Oct. 16 2 2 Belgium Jan. 25, 1940 Latvia 5 Feb. 17, 1940 Oct. 20..: Bohemia^ and Lithuania. . 6 July 15, 1939 Nov. 26 Moravia... Oct. 1, 1940 Mexico June 4, 1942 Dec. 3 "2"" Jan. 28, 1937 4 June 15 6 July 7 5 Bolivia Nov. 8, 1940 Netherlands June 27, 1941 Aug. 4 4 British India. Nov. 28, 1935 New Zea- Sept. 3 Bulgaria Dec. 1, 1940 land July 26, 1941 Nov. 13 3 2 Canada Mar. 11, 1935 Norway May 13, 1940 May 10, 1938 4 Chile Dec. 16, 1936 Peru Aug. 1, 1940 May 13 "2H" Colombia.... July 18, 1933 Portugal Sept. 3, 1942 May 30 Sept. 28 3 Oct. 27 r* "2y2" Nov. 25 Denmark Oct. 16, 1940 Rumania.. 3 Sept. 12, 1940 Jan. 4, 1939 "i"" Ecuador May 26, 1938 South Africa 3 June 2, 1941 Apr 17 El Salvador.. Mar. 30, 1939 Spain 4 IMar. 29, 1939 May 11 3 Estonia Oct. 1, 1935 Sweden 3 May 29, 1941 July 6 Finland Dec. 3, 1934 Switzerland. IY2 Nov. 26, 1936 Aug. 24 4 Aug. 29 3 Sept. 28 3 Oct. 26 2 France 19* Mar. 17, 1941 Turkey... July 1, 1938 Dec. 15 "3 Germany.... Apr. 9, 1940 United King- Jan. 25, 1940 2 Greece Mar. 1, 1942 dom Oct. 26, 1939 Apr 9 "sy2" Hungary Oct. 22, 1940 U. S. S. R.. July 1, 1936 M Ma a y r. 1 1 7 7, 1941 sy 2 Italy May 18, 1936 Yugoslavia. Feb. 1, 1935 May 29 3 June 27 1 Not officially confirmed. In effect January 31, 1943 2 3K2 2 2H 3 IK NOTE.—Changes since December 31: none. OPEN MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden Switzerland Month ac B c a e n p k ta e n r c s' es Tre b a il s l u s ry Day-to-day a B ll a o n w k a e n r c s e ' d P i r s i c v o a u t n e t Day-to-day d P is ri c v o a u t n e t M f o o n r ey u L p o a to n s 3 d P i r s i c v o a u t n e t 3 months 3 months on deposits rate rate 1 month months rate 1929—Nov 5.35 5.30 5.15 4-3^ 6.89 7.79 4.26 4.17 5H-7 3.32 1930—Nov 2.18 2.15 2.01 1 4.79 5.48 1.31 1.29 334-5H 1.16 1931—Nov 5.75 5.55 4.96 4 8.00 8.69 1.59 1.73 6-7H 1.77 1932—Nov .89 .82 .73 Yi 3.88 4.80 .37 1.00 3K-5H 1.50 1933—Nov 1.05 .94 .75 Yi 3.88 5.18 .45 1.00 3-5 1.50 1 1 1 9 9 9 3 3 3 4 6 5 — — — N N N o o o v v v . . . 5 4 5 7 5 6 . . . 2 5 5 9 5 5 . . . 7 7 6 5 5 8 Y Y X i i A 3 3 3 . . . 0 0 6 0 1 3 4 3 2 . . . 0 2 7 7 1 9 3. . . 1 6 8 3 5 5 3 1 1 . . . 5 0 0 5 0 0 2 2 2Y Y y2 2 2- - - 5 \ 5 y2 2 1 1 . . . 5 4 4 0 6 4 1937—Nov .59 .58 .75 Y2 2.88 2.65 .13 .50 2Y2-5 1.00 1938—Nov .66 .67 .75 XA 2.88 2.58 .14 .50 2Y1-S .00 1939—Nov 1.96 1.18 .00 Yi 2.65 2.19 1.75 2.41 2Y2-5 .25 1940—Nov 1.03 1.02 .00 Yi 2.25 .93 2.25 2.75 3Y2-5Y2 .25 1941—Nov 1.03 1.00 .00 Yl 2.13 .75 25 1941—Dec j :o3 1.01 1.03 Yt 2.13 L.98 .25 1942—Jan [ 03 1 01 L 04 2.13 L.92 1.25 Feb 1.03 1.00 L.04 1/ 2.13 .75 L.25 Mar 1.03 1.00 L.03 Yi 2.13 L.95 .25 Apr I 03 1 01 I 00 \s 2.13 L.96 .25 May L.03 1.00 L.03 1/ 2.13 L.71 L.25 June L.03 1.00 L.00 y 2 2.13 L.90 L.25 July L 03 1 00 L.00 2.13 1.75 .25 Aug 1.03 1.00 1.00 y* 2.13 L.25 O Se c p t t L L. 0 0 3 3 1 1 .0 0 0 0 1 1 . 0 n 4 s y V 2 > 2.13 1.25 Nov .03 1.00 L.00 1/ NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. FEBRUARY 1943 199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom1 (11 F L ig o p u n o r d u e o n s n d i s n c l s e m t a e i r r l i l l n i io n g n g b s ) a o n f ks. re C se a r s v h es M c n a o s l o h n l t o e a i y r c n t e d at B co il u ls n d te i d s- T r d e r e c e p e a o i s p u s t i r s t y 2 Securities c L u o s a to ns m e to rs a O s t s h e e t r s Total D D e e m p a o m sits Time3 lia O b t i h li e t r ies 1936—December. 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December. 243 160 250 635 971 263 2,254 1,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—January. .. 330 118 157 739 1,008 832 3,222 2,088 1,134 249 February. 318 122 112 646 1,017 840 275 3,085 2,003 1,082 243 March 347 137 163 476 1,050 853 291 3,072 2,012 1,060 244 April 319 136 258 450 1,048 832 278 3,082 2,001 1,081 240 May 326 133 291 471 1,049 822 277 3,131 2,036 1,095 238 June 355 147 292 543 1,058 814 289 3,263 2,141 1,122 234 July 342 132 273 607 1,075 807 261 3,264 2,138 1,126 232 August 351 133 283 634 1,082 795 257 3,305 2,161 1,143 231 September 349 127 277 693 1,097 785 263 3,358 2,218 1,140 233 October. .. 350 136 271 744 1,108 785 263 3,424 2,261 1,163 232 November. 367 135 241 804 1,117 774 269 3,472 2,287 1,185 234 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty Deposits payable in Canada (10 m c o o h f n a t C r h t a e f n r ig e a d u d r i e b a s n a n in d k o s m . l la il r E l s io ) n n d s of Cash Security O lo t a h n e s r d a a u n b e d r o f n r a o e d m t Securities O as t s h e e t r s ci N r ti c o o u t n l e a- excluding interbank deposits li O ab t i h l e it r ies loans and dis- foreign Total Demand Time counts banks 1936—December. 240 114 791 161 1,384 554 103 2,303 755 ,548 837 1937—December. 255 76 862 102 1,411 575 96 2,335 752 ,583 850 1938—December. 263 65 940 166 1,463 535 88 2,500 840 r660 843 1939—December. 292 53 ,088 132 1,646 612 85 2,774 1,033 ,741 963 1940—December. 323 40 ,108 159 1,531 570 80 2,805 1,163 ,641 846 1941—December 356 32 ,169 168 1,759 653 71 3,105 1,436 ,669 962 1942—January... 296 31 ,128 158 1,916 585 71 3,096 1,376 ,720 945 February. 324 30 ,135 164 1,960 595 72 3,181 1,517 ,664 955 March 348 34 ,300 166 1,881 624 71 3,305 1,755 ,550 976 April 322 32 ,252 178 1,899 637 72 3,262 1,725 ,537 986 May 285 29 ,215 175 1,878 601 71 3,118 1,562 ,556 993 June 327 28 ,137 181 1,883 639 72 3,121 1,523 ,598 1,002 July 369 26 1,096 182 1,958 614 73 3,174 1,521 ,654 999 August.... 333 24 1,064 183 2,192 595 71 3,311 1,612 ,700 1,008 September 366 27 1,050 185 2,340 594 69 3,486 1,738 ,748 1,006 October... 413 25 1,078 194 2,379 602 68 3,604 1,895 ,709 1,018 November. 395 29 1,236 194 2,304 618 64 3,680 2,050 ,630 1,032 Assets Liabilities France (En m d i o ll f i o m ns o n o t f h f f r i a g n u c r s e ) s in re C se a r s v h es Du b e a n f k ro s m B c i o l u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 4 large banks 1936—December. . 3,100 2,975 17,582 7,631 1,957 28,484 27955 529 473 4,289 1937—December.. 3,403 4,116 18,249 7,624 2,134 30,348 29,748 600 661 4,517 1938—December. . 3,756 4,060 21,435 7,592 1,940 33,578 33,042 537 721 4,484 1939—December4. 4,599 3,765 29,546 7,546 2,440 42,443 41,872 571 844 4,609 3 large banks 1939—December... 4,499 3,520 27,512' 7,155 2,170 39,647 39,271 375 786 4,423 1940—December.. 6,258 3,546 44,243 7,984 1,999 58,890 58,413 477 535 4,604 1941—January 5,704 3,297 46,294 8,064 1,396 60,323 59,820 503 586 3,846 February .. 5,628 3,197 48,596 8,155 1,357 62,528 62,003 525 599 3,805 March 5,661 3,191 50,401 7,784 1,403 63,998 63,465 533 534 3,909 April 5,407 3,190 51,158 7,768 1,429 64,441 63,910 531 467 4,044 May 5,549 3,279 52,961 7,720 1,351 66,229 65,712 516 454 4,176 June 5,641 3,359 54,826 8,035 1,371 68,376 67,867 509 474 4,383 July 5,837 3,239 53,951 7,511 1,526 67,148 66,640 508 460 4,456 August 5,436 3,272 56,141 7,306 1,431 68,600 68,094 506 418 4,568 September.. 5,790 3,241 56,788 7.640 1,464 69,763 69,269 495 588 4,772 October.... 6,034 3,270 55,716 8,807 1,571 70,229 69,754 475 398 4,771 November. . 5,840 3,287 56,837 7,719 1,693 70,070 69,619 451 432 4,873 December... 6,424 3,260 57,707 7,860 1,744 71,736 71,304 433 393 4,865 .. .1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. 2 Represent six-month loans to the Treasury at 1| per cent, callable by the banks in emergency at a discount equal to the Bank of England rate. 3 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. 4 For figures for four banks for months January-March 1940, see BULLETIN for August 1942, p. 861. NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for June 1941, p. 596; August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. 2.OO FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil Canada (dollar) Chile (peso) China (peso) (pound) Bel- (cruzeiro1) British Bul- (yuan Year or month gium India garia Shang- Official Special Official Free (belga) Officia 1 Free (rupee) (lev) Official Free Official Export hai) Export 1934 33.579 400.95 23.287 8.4268 37.879 1.2852 101.006 10.1452 34.094 1935 32.659 388.86 18.424 8.2947 36.964 1.2951 99.493 5.0833 36.571 1936 33.137 395.94 16.917 8.5681 25.8788 37.523 1.2958 99.913 5.1240 29.751 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 1.2846 100.004 5.1697 24!0000 29.606 1938 32.597 389.55 16.894 5.8438 36.592 1.2424 99.419 5.1716 4.0000 21.360 1939 30.850 353.38 16.852 6.0027 5.1248 33.279 21.2111 96.018 5.1727 4.0000 11.879 1940 29.773 '2322! 80' 305.16 216.880 6.0562 5.0214 30.155 290.909 85.141 5.1668 4.0000 6.000 1941 ,...,.„ 29.773 223.704 322.80 321.27 6.0575 5.0705 30.137 90.909 87.345 25.1664 24.0000 25.313 1942 29.773 23.704 322.80 321.50 6.0584 5.1427 30.122 90.909 88.379 1942—Jan. 29.773 23.704 322.80 321.50 6.0580 5.1331 30.123 90.909 87.833 Feb 29.773 23.704 322.80 321.50 6.0580 5.1369 30.122 90.909 88.418 Mar 29.773 23.704 322.80 321.50 6.0580 5.1369 30.122 90.909 87.666 Apr 29.773 23.704 322.80 321.50 6.0580 5.1384 30.122 90.909 87.173 May 29.773 23.704 322.80 321.50 6.0580 5.1387 30.122 90.909 88.557 June 29.773 23.704 322.80 321.50 6.0580 5.1435 30.122 90.909 89.958 July 29.773 23.704 322.80 321.50 6.0580 5.1450 30.122 90.909 89.943 Aug 29.773 23.704 322.80 321.50 6.0580 5.1450 30.122 90.909 89.523 Sept 29.773 23.704 322.80 321.50 6.0580 5.1423 30.122 90.909 87.820 Oct 29.773 23.704 322.80 321.50 6.0592 5.1480 30.122 90.909 87.631 Nov 29.773 23.704 322.80 321.50 6.0600 5.1526 30.122 90.909 88.087 Dec 29.773 23.704 322.80 321.50 6.0593 5.1520 30.122 90.909 87.883 Year or month C ( o p b l e i o s a m o) - C s ( l k o z o e v r c a u h n k o a ia - ) ( m D kr a e o n r n k - e) ( l F m a k i a n a n ) r d - k- F ( r fr a a n n c c e ) ( m m G re a a e i r c n r k h - y ) s- G (d r m r e a a e c ) c h e - ( H K do o o ll n n a g g r) ( H p g e u a n r n g y - o) I ( t li a r l a y ) J ( a y p e a n n ) M (p e e x s i o c ) o e N ( r g l e e u a r t i n ) h ld d - - s (p N Z l o a e e u n w a n d - d) 1934 61.780 4.2424 22.500 2.2277 6.5688 39.375 .9402 38.716 29.575 8.5617 29.715 27.742 67.383 402.46 1935 56.011 4.1642 21.883 2.1627 6.6013 40.258 .9386 48.217 29.602 8.2471 28.707 27.778 67.715 391.26 1936 57.083 4.0078 22.189 2.1903 6.1141 40.297 .9289 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937 56.726 314930 22.069 2.1811 4.0460 40.204 .9055 30.694 19.779 5.2607 28.791 27.750 55.045 396.91 1938 55.953 3.4674 21.825 2.1567 2.8781 40.164 .8958 30.457 19.727 5.2605 28.451 22.122 55.009 392.35 1939 57.061 23.4252 20.346 1.9948 2.5103 40.061 .8153 27.454 19.238 5.1959 25.963 19.303 53.335 354.82 1940 57.085 219.308 1.8710 22.0827 40.021 2.6715 22.958 18.475 5.0407 23.436 18.546 253.128 306.38 1941 57.004 22.0101 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78 1942—Jan 56.987 20.564 322.78 Feb 56.997 20.562 322.78 Mar 57.001 20.571 322 78 Apr 57.049 20.574 322.79 May 57.005 20.567 322.78 June 57.037 20.568 322.78 July 57.059 20.567 322.78 Aug 57.186 20.568 322.78 Sept 57.064 20.573 322.78 Oct. 57.023 20.573 322.78 Nov 57.030 20.573 322.78 Dec 57.177 20.573 322.78 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P ( o z l lo a t n y d ) ( P e o s g c r a u t l d u o - ) R ( u n le m ia u) a- ( A S p o o fr u u i n c th a d) ( S p p es a e i t n a) S S m (d e t e o r t l n a t l l i a t e s t r s - ) S ( w kr e o d n e a n ) S e (f r w r l a a i n t n c z d ) - Offici ( a p l ound F ) ree tr C o o l n le - ( d peso t ) N r c o o o l n l n e - - d ( Y s d l i u a n v g a i r o a ) - 1934 25.316 18.846 4.6089 1.0006 498.29 13.615 59.005 25.982 32.366 503.93 79.956 2.2719 1935 24.627 18.882 4.4575 .9277 484.66 13.678 57.173 25.271 32.497 490.18 80.251 2.2837 1936 24.974 18.875 4.5130 .7382 491.65 12.314 58.258 25.626 30.189 497.09 79.874 2.2965 1937 24.840 18.923 4.4792 .7294 489.62 6.053 57.973 25.487 22.938 494.40 79.072 2.3060 1938 24.566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 488.94 64.370 2.3115 1939 23.226 218.835 4.0375 .7111 440.17 10.630 51.736 23.991 22.525 443.54 62.011 236!789 2.2716 1940 222.709 3.7110 2.6896 397.99 9.322 46.979 23.802 22.676 2403!50' 383.00 65.830 37.601 2.2463 1941 ,.., 24.0023 398.00 29.130 47.133 223.829 223.210 403.50 403.18 65.830 43.380 22.2397 1942 398.00 246.919 403.50 403.50 65.830 52.723 1942—Jan 398.00 47.007 403.50 403.50 65.830 52.571 Feb 398.00 46 710 403.50 403.50 65.830 52.785 Mar 398.00 403.50 403.48 65.830 52.717 Apr. 398.00 403.50 403.50 65.830 52.735 May 398.00 403.50 403.50 65.830 52.740 June 398.00 403.50 403.50 65.830 52.744 July 398.00 403.50 403.50 65.830 52.740 Aug 398.00 403.50 403.50 65.830 52.744 Sept . 398.00 403.50 403.50 65.830 52.722 Oct 398 00 403.50 403.50 65.830 52.720 Nov 398.00 403.50 403.50 65.830 52.733 Dec. 398.00 403.50 403.50 65.830 52.734 1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis". 2 Average of daily rates for that part of the year during which quotations were available. NOTE.—Developments affecting averages during 1942: No rates certified: Straits Settlements—since February 14. Changes in nominal status (noted only if affecting quotations for at least five days a month): none. For further information concerning the bases and nominal status of exchange quotations, and concerning suspensions of quotations prior to 1942, see BULLETIN for March 1942, p. 285; February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244. FEBRUARY 1943 zoi Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United United Nether- Switzer- States Canada Kingdom France Germany Italy Japan lands Sweden land Year or month (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) (1935=100) =100) 1926 100 100 i 124 695 134 237 106 i 126 144 1930 86 87 100 554 125 85 181 90 1 103 126 1931 73 72 88 500 111 75 153 76 l 94 110 1932 65 67 86 427 97 70 161 65 i 92 96 1933 66 67 86 398 93 63 180 63 i 90 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 99 278 74 115 111 1940 79 83 137 110 116 311 3 88 146 143 1941 87 90 153 112 132 329 172 184 1942 99 96 1941—December 94 94 156 113 347 179 199 1942—January 96 94 156 114 P351 182 202 February 97 95 159 113 P352 183 205 March 98 95 159 114 184 207 April 99 95 160 114 186 208 May .. 99 95 161 114 187 209 June 99 96 160 114 P355 188 210 July 99 96 160 115 p353 193 212 August . . 99 96 159 P357 P191 211 September 100 96 159 192 212 October 100 97 160 193 November p100 97 161 December 97 Preliminary. l Approximate figure, derived from ..89. id October 1935, p. 678. WHOLESALE PRICES-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=100) (1913=100) Year or month Raw and Fully and Induspr F o a d r u m cts Foods co O m it t i h m e e s o r d- pr F o a d r u m cts f m a p c a a t r n u t u l r y e - d f m c a h c a i t e n u f u r l e y - d Foods p I r n o tr d d i u u al c s- ts p A r t g o u r d i r u c a u c l t l s - a t f n r i i d n a i l s s e r h a m e w d i- tr I i i n s a d h l e u f d i s n - goods goods products products 1926... 100 100 100 100 100 100 129 130 150 1930 88 91 85 82 82 87 100 100 113 120 150 1931 65 75 75 56 62 75 89 87 104 103 136 1932 48 61 70 48 55 70 88 85 91 89 118 1933 51 61 71 51 57 70 83 87 87 88 113 1934 65 71 78 59 64 73 85 90 96 91 116 1935 79 84 78 64 66 73 87 90 102 92 119 1936 81 82 80 69 71 74 92 96 105 94 121 1937 86 86 85 87 84 81 102 112 105 96 125 1938 69 74 82 74 73 78 97 104 106 94 126 1939 65 70 81 64 67 75 97 106 108 95 126 1940 68 71 83 67 75 82 133 138 111 99 129 1941 82 83 89 71 82 89 146 156 112 100 133 1942 106 100 96 82 90 92 P158 1941—December 95 91 94 75 86 92 151 158 113 101 133 1942—January 101 94 95 77 87 92 152 159 114 102 133 February 101 95 95 78 88 92 157 159 113 102 133 March 103 96 95 79 88 92 158 159 113 102 133 April 105 99 96 80 89 92 160 159 113 102 133 May 104 99 96 80 89 92 163 159 115 102 133 June 104 99 96 82 91 92 160 159 115 102 134 July 105 99 96 81 90 92 r159 161 116 102 134 August 106 101 96 81 90 92 r155 161 September 108 102 96 84 91 92 r154 161 October 109 103 96 86 93 92 156 162- November 111 104 *>96 86 94 92 158 162 December 114 104 p96 87 94 93 P159 v Preliminary. r Revised. Sources— See BULLETIN for May 1942,p. 451; March 1935, p. 180; and March 1931, p. 159. XO2. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Price Movements—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month ( U S 1 = 9 t n 1 3 a i 0 5 t t 0 e - e 3 ) d s 9 (1 C = 9 a 1 a 3 d 0 n 5 a 0 - - ) 39 U K = d ( n 1 1 J i o 9 i u n 0 1 t m l 0 g e 4 y ) d - (1 = m G 9 1 a 1 e 0 3 n r 0 - - y ) 14 N (1 l = e a 9 1 t 1 n h 0 1 d 0 e - s ) 1 r- 3 S e = r ( w 1 J 1 l 9 a u i 0 1 t n n 0 4 z e ) d - Year or month U ( S = 19 n t 1 a 3 0 i 5 t t 0 e - e ) 3 d s 9 ( — 1 C a 9 1 a 3 d 0 5 n a 0 - - 3 ) 9 U K = d ( n 1 J 1 i o 9 i u n 0 t 1 m l g 0 e 4 y ) d - ( m 1 = G 9 1 a 1 e 0 3 n r 0 - y - 1 ) 4 N (1 = la e 9 1 t 1 n 0 h 1 d 0 e - ) s 1 r 3 - S e = ( r w 1 J 1 l 9 u a 0 i 1 t n n 0 4 z e d ) - 1932 87 86 126 116 119 125 1932 98 99 144 121 141 138 1933 84 85 120 113 120 117 1933 92 94 140 118 139 131 1934 94 93 122 118 124 115 1934 96 96 141 121 140 129 1935 100 95 125 120 118 114 1935 98 96 143 123 136 128 1936 101 98 130 122 120 120 1936 99 98 147 125 *132 130 1937. 105 103 139 122 127 130 1937 103 101 154 125 137 137 1938 ....... 98 104 141 122 130 130 1938 101 102 156 126 139 137 1939 95 101 141 123 130 132 1939 99 102 158 126 140 138 1940 97 106 164 128 2140 146 1940 100 106 184 130 3148 151 1941 106 116 168 129 175 1941 105 112 199 133 174 1942. ^124 127 1942 117 117 ?200 1941—Dec ember . 113 124 165 126 189 1941-December . 111 116 201 133 184 1942—January ... 116 122 163 127 191 1942-January ... 112 115 200 134 186 February .. 117 123 163 130 194 February.. 113 116 200 136 188 March 119 124 162 131 195 March 114 116 200 136 189 April 120 124 160 132 197 April 115 116 199 137 191 May 122 124 160 134 199 May 116 116 200 138 192 June 123 126 159 136 199 June 116 117 199 139 193 July 125 130 160 139 203 July 117 118 200 140 196 August 126 130 160 202 August 118 118 201 195 September. 127 129 160 203 September. 118 117 200 195 October.. . . 130 130 162 October . .. 119 118 200 November.. 131 132 163 November . 120 119 200 December. 133 133 December.. 120 119 *>200 v Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 149. Sources— See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U St n a i t t e e s d K U in n g it d e o d m France Germany Nether- U S n ta it t e e d s (1926=100) Nether- ( p d r e i r c iv e e )1 d ( 1 D 9 e 2 c 1 e = m 10 b 0 e ) r (1913=100) (a p v r e ic ra e g )2 e lands3 (1 = 9 1 3 0 5 0 -3 ) 9 K U in n g it d e o d m France Germany (19 l 3 a 0 n = d 1 s 00) Number of issues 15 87 36 2 139 8 402 278 300 (4) 100 1926 90.1 110.0 57.4 105.6 100.0 100.0 100.0 1932 84.4 113.2 88.6 5 67.1 94.8 51.2 67.9 105.2 5 50.3 46 1933 91.2 119.7 81.3 82.5 105.3 67.0 78.6 99.6 61.7 52 1934 98.2 127.5 82.1 90.7 113.4 76.6 85.7 83.3 71.1 55 1935 105.5 129.9 83.5 6 95.1 107.8 82.9 86.3 79.7 82.9 55 1936 109.5 131.2 76.3 95.8 109.1 117.5 97.0 77.2 91.6 66 1937 .... 1 110.2 124.6 75.1 98.7 3 101.8 117.5 96.3 97.4 102.6 104 2 1938 111.1 121.3 77.3 99.9 105.9 88.2 80.8 89.7 100.1 95.8 1939 113.8 112.3 83.9 99.0 90.9 94.2 75.9 98.3 94.1 89 7 1940 115.9 118.3 7 84.7 100.7 8 77.9 88.1 70.8 7 120.6 114.6 9 95.0 1941 117.8 123.8 P98.7 10P103.0 80.0 72.5 11 289.7 i°p136.8 1942 118.3 69 4 1941—December . 117.5 125.5 100.9 71.8 74.8 347 1942—January 117.5 126 8 101.0 103.2 72.6 76 0 386 139.1 February 117.1 126.5 99.9 103.3 69.9 73.0 409 141.6 March 116.7 127.1 99.8 103.3 66.0 72.6 438 141.1 April 117.8 127 5 99.5 103.5 63 3 72.5 454 142.5 May 117.7 126.8 100.2 103.5 63.2 73.0 466 142.7 June 118.0 126.7 66 1 73.7 P455 143.2 July 118.9 127.7 68.2 73.8 p455 142.2 August 118.7 127.5 68.3 74.4 142.4 September 119.0 69.4 October 119.3 74.2 November 119.5 75 2 December 118.9 75.9 p Preliminary. 1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for both series. Source.—Standard and Poor's Corporation. 2 Since April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4% per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 3 Indexes of reciprocals of average yields. For old index, 1929-1936,1929 = 100; average yield in base year was 4.57 per cent. For new index beginning Jan. 1937, Jan.-Mar. 1937 — 100; average yield in base period was 3.39 per cent. 4 This number, originally 329, has declined as the number of securities eligible for inclusion in the index has diminished. In May 1941, it was down to 287. 5 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. 6 Average Apr.-Dec. only—see note 2. Average Jan.-Mar. on old basis was 95.9. " Average based on figures for 5 months; no data available June-Dec. 8 Average based on figures for 7 months; no data available May-Sept. 9 Average based on figures for 9 months; no data available May-July. ° Average based on figures for 11 months; no data available for Dec. 11 Average based on figures for 10 months; no data available Jan.-Feb. Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. FEBRUARY 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK ERNEST G. DRAPER JOHN K. MCKEE R. M. EVANS LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS CHESTER MORRILL, Secretary EDWARD L. SMEAD, Chief LISTON P. BETHEA, Assistant Secretary J. R. VAN FOSSEN, Assistant Chief S. R. CARPENTER, Assistant Secretary J. E. HORBETT, Assistant Chief FRED A. NELSON, Assistant Secretary DIVISION OF SECURITY LOANS LEGAL DIVISION CARL E. PARRY, Chief WALTER WYATT, General Counsel J. P. DREIBELBIS, General Attorney DIVISION OF PERSONNEL ADMINISTRA- GEORGE B. VEST, Assistant General Attorney TION B. MAGRUDER WINGFIELD, Assistant General ROBERT F. LEONARD, Director Attorney DIVISION OF RESEARCH AND STATISTICS OFFICE OF ADMINISTRATOR FOR WAR LOANS COMMITTEE E. A. GOLDENWEISER, Director WOODLIEF THOMAS, Assistant Director EDWARD L. SMEAD, Acting Administrator WALTER R. STARK, Assistant Director. GARDNER L. BOOTHE, II, Assistant Administrator DIVISION OF EXAMINATIONS FISCAL AGENT LEO H. PAULGER, Chief C. E. CAGLE, Assistant Chief O. E. FOULK, Fiscal Agent WILLIAM B. POLLARD, Assistant Chief JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL MARRINER S. ECCLES, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman GEORGE L. HARRISON, NEW YORK DISTRICT ERNEST G. DRAPER Vice President R. M. EVANS WILLIAM F. KURTZ, PHILADELPHIA DISTRICT R. R. GILBERT H. G. LEEDY B. G. HUNTINGTON, CLEVELAND DISTRICT JOHN K. MCKEE ROBERT V. FLEMING, RICHMOND DISTRICT RONALD RANSOM M. S. SZYMCZAK H. LANE YOUNG, ATLANTA DISTRICT ALFRED H. WILLIAMS EDWARD E. BROWN, CHICAGO DISTRICT C. S. YOUNG President RALPH C. GIFFORD, ST. LOUIS DISTRICT LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary W. DALE CLARK, KANSAS CITY DISTRICT WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel NATHAN ADAMS, DALLAS DISTRICT E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 2.04 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Chairman and Reserve Federal Reserve Deputy Chairman President First Vice President Vice Presidents Bank of Agent Boston A. M. Creighton Henry S. Dennison. . W. W. Paddock.... William Willctt.... K. K. Carrick Carl B. Pitman1 New York. . . Bcardslcy Ruml Allan Sproul L. R. Rounds R. M. Gidney T W TCrtnV- Walter S. Logan J. M. Rice Robert G. Rouse John H. Williams Philadelphia. Thomas B. McCabc.. Warren F. Whitticr.. Alfred H. Williams. Frank J. Drinnen. .. W.J.Davis F C Mill C. A. Mcllhenny* C. A. Sienkiewicz Cleveland.... Gco. C. Brainard R. E. Klages M. J. Fleming F. J. Zurlindcn C. W. Arnold Wm H Pl^<-^V«^r R. B. Hays A. H. Laning1 K. H. MacKenzie W. F. Taylor Richmond Robt. Lassitcr W. G. Wysor Hugh Leach J. S. Waldcn, Jr J. G. Fry R. W. Mercer Atlanta Frank H. Ncely J. F. Porter W. S. McLarin, Jr.. Malcolm H. Bryan. L. M. Clark H. F. Conniff Chicago Simeon E. Lcland. .. W. W. Waymack.... C. S. Young H. P. Preston Allan M. Black1 J. H. Dillard Charles B. Dunn E. C. Harris A. J. Mulroney Alfred T. Sihlcr St. Louis Wm. T. Nardin Oscar Johnston Chester C. Davis... F. Guy Hitt O. M. Attebcry C. M. Stewart Minneapolis.. W. C. Coffey Roger B. Shcpard. .. J. N. Peyton 0. S. Powell A, W. Mills1 O Ti. Ptv»cf-r»n E. W. Swanson Arthur R. Upgrcn Harry I. Ziemer Kansas City. . R. B. Caldwell Robert L. Mehornay. H. G. Lecdy Henry O. Koppang. Raymond W. Hall T W H/»lm2 D. W. Woolley Dallas Jay Taylor J. B. Cozzo R. R. Gilbert E. B. Stroud R. B. Coleman W. J. Evans W. O. Ford1 San Francisco. Henry F. Grady St. George Holdcn. . Wm. A. Day Ira Clerk C. E. Earhart W ~\A 14 o 1 m H. N. Mangelsi R. B. West MANAGING OFFICERS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing Director Federal Reserve Bank of— Managing Director New York: Minneapolis: Buffalo Branch R. B. Wiltsc Helena Branch R. E. Towle Cleveland: Cincinnati Branch B. J. Lazar Kansas City: Pittsburgh Branch J. W. Kossin Denver Branch Jos. E. Olson Richmond: Oklahoma City Branch G. H. Pipkin Baltimore Branch W. R. Milford Omaha Branch L. H. Earhart Charlotte Branch W. T. Clements Atlanta: Dallas: Birmingham Branch P. L. T. Beavers El Paso Branch J. L. Hermann Jacksonville Branch Geo. S. Vardeman, Jr. Houston Branch W. D. Gentry Nashville Branch Joel B. Fort, Jr. San Antonio Branch E. B. Austin New Orleans Branch E. P. Paris Chicago: E. C. Harris3 San Francisco: Detroit Branch St. Louis: Los Angeles Branch W. N. Ambrose Little Rock Branch A. F. Bailey Portland Branch D. L. Davis Louisville Branch C. A. Schacht Salt Lake City Branch W. L. Partner Memphis Branch W. H. Glasgow Seattle Branch C. R. Shaw 1 Cashier. 2 Also Cashier. 3 Vice President Digitized foFrE FBRRAUSAERRY 1943 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

s FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES ^^= BOUNDARIES OF FEDERAL RESERVE DISTRICTS —— BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^L BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM S (§) FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY JANUARY 2, 1943 BOARD OF GOVERNORS OF THE. FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis