Federal Reserve Bulletin, 1943-03

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

PAGE Review of the Month—Changing Distribution of Bank Funds . 107-2.14 Law Department: Loans to Executive Officers 2.15 Foreign Funds Control 115-117 Annual Report of the Bank of Canada. 118-110 Current Events 2.11 National Summary of Business Conditions = 111-113 Financial, Industrial, Commercial Statistics, U. S. (See p. 115 for list of tables) .. 115-169 International Financial Statistics (See p. 171 for list of tables) . 271-183 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 184 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 2.85 Map of Federal Reserve Districts 186 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 2.9 March NUMBER 3 CHANGING DISTRIBUTION OF BANK FUNDS During 1942. bank deposits in this country tional reserves from the Federal Reserve expanded by a larger amount than in any Banks. In January 1941 reserves of memprevious year. The increase amounted to ber banks exceeded legal requirements by about 17 billion dollars at all commercial 3.4 billion dollars. During the following banks, or nearly 30 per cent of the volume twelve months the banks met currency deoutstanding at the end of 1941. This mands of 4.3 billion dollars, and an increase growth was due entirely to purchases by in required reserves of 1.7 billion. This banks of United States Government obliga- increase in required reserves occurred as tions; loans and other investment holdings the result of deposit growth and notwithof banks declined, and gold imports, which standing a decrease in reserve requirements in the latter part of the 1930's were largely at central reserve city banks, which reresponsible for expanding bank deposits, leased about 1.3 billion dollars of reserves. have not been a factor since 1940. In Federal Reserve Bank purchases of Governaddition to the growth in bank deposits the ment securities supplied about 3.7 billion amount of currency in the hands of the dollars of reserves and issuance of Federal public increased by an unprecedented Reserve Bank notes and silver currency amount last year. added about 500 million dollars more. In view of the large amount of Treasury Other items adding to member bank reborrowing that will be required to finance serves were changes in Treasury and other the war, there will be further expansion of nonmember deposits and in uncollected bank deposits and currency this year. The cash items at the Reserve Banks. As the amount of growth will depend upon the net result of all these developments excess volume of Government securities that reserves declined by about 1.3 billion dollars banks are called upon to purchase. Be- to an average of 2..1 billion in January 1943. tween 60 and 70 billion dollars of securities The growth in bank deposits has been are likely to be sold during the year; the widespread throughout the country, but larger the volume purchased by nonbank the rate of increase has varied considerably investors, the less will be the new bank among the different regions and groups of credit created. banks. In dollar amounts the largest in- Ability of banks in 1942. greatly to ex- creases have occurred in those areas where pand their holdings of United States the volume of outstanding deposits was Government obligations and at the same already largest. The rate of growth, howtime to meet the growing currency demand ever, has been least in the large money was predicated on their obtaining addi- centers—New York and Chicago—and also MARCH 1943 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH in Boston and Philadelphia. The largest eral Government through taxation and percentage increases have occurred at banks borrowing to meet these expenditures are in the southern and western districts— shifted from one region to another in the and more particularly at small-town banks course of being used. in those areas. The growth has been rela- To the extent that Government securities tively greater in agricultural areas than in have been purchased by banks, new deposits those areas that are predominantly indus- have been created, and nearly all banks have trial or commercial. obtained some of these new deposits. Little is known about the types of de- These operations, however, do not create positors who are the ultimate owners of new reserves, and the transfer of funds about these funds. It is not known to what exthe country results in a considerable shifting tent the increase has occurred in working of reserves, as well as of deposits. Some balances or excess cash holdings of busibanks have increased their holdings of nesses, nor to what extent the growth has securities by more than their deposits have been in large or in small balances of indiincreased, while others have received more viduals. It would appear, however, from new funds on deposit than they have utiavailable information regarding cash ballized for the purchase of securities. The ances of large corporations and regarding former have lost reserves, while the latter the geographical distribution of the deposit have gained them, for deposits may be a growth, that the bulk of the increase was in source of reserves for an individual bank deposits of individuals and small businesses, though not for the banking system as a although corporations have also shown whole. substantial percentage increases. The The expanding volume of cash in the sharp growth in currency represents largely form of bank deposits and currency reincreased holdings of individuals. flects an excess of current income of businesses, wage- and salary-earners, farmers, EFFECT OF WAR FINANCING and others over amounts spent or invested. Changes in the volume and distribution of These funds are available for future spendbank deposits and bank reserves have reing or for investment. A portion of the sulted largely from the distribution of ingrowth, no doubt, reflects the accumulation dividual incomes and business earnings by persons formerly having inadequate cash arising from the operation and financing of holdings of amounts that they may consider the war program. In turn, changes in the as desirable minima, and these may be exlocation of funds have a bearing upon war pected to remain near current levels until finance in that they indicate whence tax urgently needed. A large portion, howrevenues and money for the purchase of Government securities may be drawn. ever, may seek other uses. Since the supply War expenditures in 1942. comprised of goods and services available for purchase about a third of the total value of all goods and that of new corporate securities availand services produced in the year and more able for investment is limited, employment than accounted for all of the increase in of surplus funds for these purposes would that total as compared with 1941. Early result in inflationary pressure on prices. For in 1943 war expenditures were about half this reason efforts are being made to direct of the total. Funds obtained by the Fed- as much as possible of these funds into the FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH voluntary purchase of Government se- able goods and of dwellings were considercurities. Consideration is also being given ably reduced. Gross savings during the by Congress to the President's recommenda- year amounted to 38 billion dollars, of tion that additional funds be collected which three-fourths were in liquid form, through increased taxes and savings in whereas in 1941, out of a smaller gross, less order to obtain for the use of the Govern- than half were liquid savings. Of the 2.9 ment a larger portion of current income billion dollars of liquid savings in 194X5 and to reduce correspondingly the amount about xo billion was accumulated in the available for spending. latter half of the year. DEPOSIT GROWTH AND WAR BOND SALES INCREASE IN INDIVIDUAL SAVINGS Although little information is available Individuals had an exceptionally large about the types of persons or businesses that margin of income over expenditures in 194:1 have shared in the growth of cash holdings and increased not only their holdings of and other forms of saving, some significant cash but also their purchases of securities. generalizations may be derived from an Estimates made by the Securities and Exanalysis of regional information. The folchange Commission, shown in detail in lowing table shows, by Federal Reserve a table at the end of this review, indicate districts, the volume of deposits of indithat the volume of bank deposits and curviduals, partnerships, and corporations rency held by individuals and unincorpoat all banks at the end of 1942., changes in rated businesses increased by 11 billion these deposits since the end of 1941, and dollars in 194.x, double the 1941 increase. sales of the various issues of United States Some 4 billion dollars of this amount was in currency and the remainder in deposits. BANK DEPOSITS AND SALE OF WAR BONDS By Federal Reserve Districts Most of the growth occurred in the latter [Amounts in millions of dollars] half of the year. Demand and time def>osits of In addition to augmenting their cash individuals, Percentage of partnerships, Sales of United States total holdings by exceptional amounts, individ- and corpora- United Federal Reserve tions1 States uals last year also substantially increased district Savings o ad th d e e r d t o y v p e e r s 1 o 0 f b s i a ll v io in n g s d . o ll O ars n t b o a t l h an e c ir e h t o h l e d y - D s e O t c i a n u . n g t 3 d - - 1, I i n n c r 1 e 9 a 4 s 2 e b 1 o 9 n 4 d 2 s 2 s p t o o D a s u n e i t - d t - s - cr d I e i n e n a - - se Sa b s v a o i l n n e d s gs 1942 ing posits ings of securities, compared with an in- Boston 7,063 599 691 9.5 5.6 7.8 crease of only 2. billion in the previous year, New York 24,014 1,133 1,853 32.3 10.7 20.9 Philadelphia 4,502 408 612 6.1 3.8 6.9 and repaid about 3 billion dollars of con- Cleveland 5,584 793 789 7.5 7.5 8.9 sumer debt, whereas in other recent' years Richmond 3,667 694 599 4.9 6.5 6.7 Atlanta 2,681 718 440 3.6 6.8 5.0 they had increased indebtedness. Pay- C St h . i L ca o g u o is . 1 2 0 , , 7 0 2 2 1 6 2,0 5 3 9 4 0 1,5 4 4 08 0 1 3 3 . . 7 5 1 5 9 . . 6 1 1 4 7 . . 6 4 ments for insurance and pensions were also Minneapolis 1,765 375 300 2.4 3.5 3.4 Kansas City 2,485 724 376 3.3 6.8 4.2 somewhat larger in 1942. than in previous Dallas.. 2,182 609 336 2.9 5.7 3.8 San Francisco.... 7,629 1,954 921 10.3 18.4 10.4 years. United States... 74,318 10,630 8,865 100.0 100.0 100.0 Most of the savings of individuals during 1 Including deposits of all commercial banks and of mutual savings 1941, in contrast to previous years, were banks, compiled by the Treasury Department from county tabulations prepared by the Comptroller of the Currency, the Federal Deposit employed in the relatively liquid channels Insurance Corporation, and the Federal Reserve Banks. 2 Including sales of Series E, F, and G bonds. District figures mentioned above, since purchases of dur- are partially estimated. Sales of E bonds are on basis of sales reported to the Treasury. Sales of F and G bonds are on basis of cash deposits. MARCH 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH Savings bonds during 1941. The deposit the four northeastern districts showed the figures include those of businesses as well smallest percentage increases and the San as of individuals, while the bond sales Francisco district showed the largest. shown are largely to individuals. There were also large increases at country In dollar volume the largest increases in banks in the Kansas City, Dallas, and deposits and the largest sales of War Minneapolis districts, and at reserve city Savings bonds were, as might be expected, banks in the Chicago district. in the New York, Chicago, and San Fran- In nearly every district percentage incisco districts, which also led in volume of creases in deposits were greater at country deposits,, although the proportions were banks than at city banks. Other data for much different in each case. The Minne- country member banks classified by size of apolis, Kansas City, and Dallas districts place in which located show relatively are at the bottom of the list with re- larger increases at banks in smaller places spect to volume of deposits and sales of than at those in cities. Savings bonds, but increases of deposits in PERCENTAGE INCREASE IN DEMAND DEPOSITS AND CURRENCY the Kansas City and Dallas districts ex- By Federal Reserve Districts ceeded those of several other districts. The Dec. 31, 1941-Dec. 31, 19421 relationships among the various districts Demand deposits of individuals, partnerships are fairly similar in each comparison, ex- and corporations Federal Federal Reserve district Reserve l c o e w pt e r th an a d t t t h h e e so n u o t r h th w e e a s s t t e e r r n n d d is i t s r t i r c i t c s t s h i r g a h n e k r me A m l b l er m Re e c s m i e t b r y v e e r m Co em un b t e ry r notes* banks banks banks in increase in deposits than they do in Boston 22 14 29 31 volume of deposits or in sales of Savings New York 29 24 27 32 Philadelphia 21 18 26 48 bonds. In the eastern districts, i.e., in Cleveland 28 23 39 46 those areas where in the past accumulation Richmond 35 27 44 83 Atlanta 46 43 49 96 of savings has been most common, sales Chicago 235 50 45 41 St. Louis 37 30 48 60 of Savings bonds were larger than the Minneapolis 47 43 51 46 Kansas City 50 42 61 62 growth in deposits, whereas in the western Dallas 45 38 52 85 San Francisco 56 53 73 83 districts more of the excess income went United States 226 35 41 49 to build up cash balances than to buy 1 Based on preliminary figures for December 31, 1942. Savings bonds. 2 Figures for all member banks, for New York and Chicago districts, and for the United States include figures for central reserve city banks not shown separately; these banks showed increases of 6 per cent in New York and 20 per cent in Chicago. Percentage increases for all DEPOSIT GROWTH BY DISTRICTS member banks in the United States and in the New York district and for central reserve city banks in New York have been adjusted to exclude deposits on December 31, 1942, of one large bank that became Relative increases in deposit growth dur- a member in 1942. 3 Includes Federal Reserve notes held by United States Treasury ing 194.x by classes of banks and districts and by Federal Reserve Banks other than issuing bank. are in some respects more significant than Increases in Federal Reserve notes in changes in dollar volume. These compari- circulation show differences by districts sons for demand deposits, together with somewhat similar to those in deposit percentage increases in Federal Reserve changes at banks in smaller places. The notes by districts, are given in the table. smallest percentage increases occurred in the These figures show that the smallest per- Boston and New York districts and the centage increases were in the cities of New largest in the southern districts of Atlanta, York, Boston, Philadelphia, and Chicago. Dallas, and Richmond, and also in the Among both reserve city and country banks San Francisco district. 2.10 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH These comparisons by districts and by general a widespread growth of funds in the class of bank, as well as more detailed com- hands of individuals and corporations, with parisons by States classified as to economic the largest increases in dollar amounts of characteristics, indicate that agricultural deposits and currency in areas that have the areas have shown substantially larger per- largest outstanding volume of deposits-— centage increases in deposits than have the financial and industrial centers. The the wealthier areas devoted more largely to relative growth, or rate of growth, howmanufacturing activities. This is true not- ever, was larger in country towns and rural withstanding the stimulus to manufacturing areas than in regional and national inand to industrial and commercial communi- dustrial and financial centers. ties resulting from the rapidly expanding RELATION BETWEEN SECURITY PURCHASES, output of munitions. In 1941 rates of growth had also been DEPOSITS, AND RESERVES larger in agricultural than in industrial and Those regions which have shown the commercial regions, but the differences were largest rates of growth in bank deposits not as great as in 1942.. In 1941 the Atlanta during the past year, as a rule, have also and Richmond districts had led in percent- shown larger increases in bank holdings of age increases in deposits and currency, with Government securities and also in bank St. Louis and San Francisco also showing reserves. Country banks in some of the large increases in deposits. The Boston and southern and western districts now have a Philadelphia districts showed the smallest larger proportion of excess to required reincreases in 1941, and were also at or near serves than they had a year ago, whereas for the bottom of the list in 1942-. In 1941, in most groups of banks this proportion decontrast to 1942., the Kansas City and Min- clined substantially during the year. neapolis districts showed relatively small The accompanying chart shows the prinrates of growth. cipal items of assets and liabilities of major These various sets of figures indicate in groups of banks for the past two years. BANKING DEVELOPMENTS BY GROUPS OF BANKS B1ILL8IONS OF DOLLARS 18 IONS Of DOLLARS 18 . DEMAND DEPOSITS . ADJUSTED f+S/ <• Jo 0 1941 1942 43 194! 1942 '43 1941 1942 '43 1941 1942 U. S. Government obligations include both direct and guaranteed issues. Demand deposits at country banks estimated for December 31, 1942. Some banks included in the 99 other cities chart are also included among country banks. Latest weekly figures are for February 17, MARCH 1943 2.II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH New York City banks increased their hold- RESERVE POSITION OF MEMBER BANKS BY CLASS OF BANK AND FEDERAL RESERVE DISTRICT ings of Government securities in the period, [Monthly averages of daily figures] but showed little increase in deposits, with Excess the result that reserves declined. A similar reserves (in Ratio of excess to required millions of reserves (percentages) dollars) result was shown in Chicago where deposits increased but not as much as holdings Federal Reserve district January 1943 January 1943 January 1942 o o f t h G er o l v e e a r d n i m ng e n c t i t s ie e s c , u t r h it e ie i s n . cre A as t e b i a n n k d s e p i o n s i 9 ts 9 b s c a e R i n r t e v k y - e s b C a t o r n u y k n s - b s c a e R i n r t e v k y - e s C ba o tr n u y k n s - b s a c R e i n r t e v k y - e s b C a t o r n u y k n s was roughly commensurate with that in Boston 53 72 16 32 47 59 Government securities, and reserve balances N Ph e i w la d Y e o lp r h k ia 64 8 1 7 3 1 4 1 1 0 8 3 3 9 4 5 2 2 2 5 5 3 7 Cleveland 177 103 32 56 68 76 showed little change. Country banks' de- Richmond 73 52 28 34 56 53 Atlanta 54 63 22 46 23 47 posits were greatly increased and they actu- Chicago 124 130 24 51 52 66 St. Louis 32 44 11 43 35 53 ally gained reserves, while almost tripling Minneapolis 15 33 11 38 20 43 Kansas City 58 46 19 47 33 42 their holdings of Government securities. Dallas 80 69 35 61 34 57 San Francisco 175 43 18 41 34 37 The rapid growth in Government se- Total 913 860 21 42 44 57 curity holdings at both city and country Central reserve city banks: banks outside New York and Chicago New York 337 i 26 Chicago 22 3 26 during 1942- was made possible in part by All member banks 2,132 19 36 the rapid growth in their deposits and in part by substantial declines in their loans, In January 1943, as shown in the table, which are not shown on the chart. These the ratio of excess to required reserves for declines amounted to a billion dollars at all member banks was 19 per cent, comreserve city banks and to nearly 900 million pared with 36 per cent in January 1941. dollars at country banks—about 15 per cent The ratios for New York City and Chicago in each case. banks declined sharply from z6 per cent to Analysis of these developments by Fed- 8 and 3 per cent respectively. For reserve eral Reserve districts for the year 1942. city and country banks, changes varied shows that the largest percentage increases considerably among the districts. Reserve in holdings of United States Government city banks in the Philadelphia, Cleveland, securities—170 to 190 per cent-—occurred at Richmond, and Chicago districts, which a country banks in the San Francisco, Dallas, year ago had excess reserves amounting to and Atlanta districts, and at reserve city half or more of their required reserves, now banks in the Kansas City district. These show ratios ranging between a fifth and a same groups of banks also had substantial third and in most other districts ratios were increases in deposits and reserves. The smallest increases in Government security substantially reduced. Country banks in holdings—around 70 per cent—were at city the Kansas City, Dallas, and San Francisco banks in the New York, Philadelphia, districts, and reserve city banks in the Cleveland, and Richmond districts, and at Dallas district, on the other hand, actually country banks in the first two of these dis- show larger ratios of excess to required retricts. In general these banks showed rela- serves this year than last and the Atlanta tively small changes in deposits and re- district is close to last year's level. Ratios serves. of over 50 per cent are shown by country ZI2. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH banks in the Dallas, Cleveland, and Chicago December, were drawn down in January districts. and February, and other deposits increased considerably. By the middle of February CONCLUSION demand deposits, other than Government It would appear from this analysis that, and interbank deposits, at reporting memas a rule, the largest percentage increases in ber banks in leading cities were larger than holdings of Government securities during they had been at the end of November prior 194.x were at banks with the largest per- to the Victory Fund drive. In New York centage increases in deposits, and that, City the decline in Government deposits nevertheless, many of these banks showed was greater than the increase in other deincreases in excess reserves. Banks with posits; these banks reduced their loans and the smallest percentage increases in deposits investments and also showed a decline in also showed the smallest percentage in- reserves. Banks outside New York, both creases in Government security holdings but city and country banks, gained deposits. continued to buy securities even though City banks, for which current figures are their reserves declined. In dollar volume available, continued to increase their holdthere are still substantial amounts of excess ings of Government securities by subreserves in nearly all districts. stantial amounts, while their loans de- By way of summary, it may be said that clined. These trends are shown in the the banking system in 1942. absorbed a large chart on page xn. volume of United States Government se- Excess reserves of member banks, which curities issued to finance the war and had been maintained at around z.5 billion thereby created a large volume of deposits; dollars during December, declined somethat to a large extent reserves necessary to what in January and the first half of meet requirements against these deposits February. During January Treasury withwere supplied by the Federal Reserve Banks; drawals from its deposits at Reserve Banks that the net effect of receipts and disburse- supplied member banks with funds, which, ments by the Government and subsequent however, were partly absorbed by a derespending of these funds resulted in wide- cline in Reserve Bank security holdings. spread distribution of deposits and reserves This decline reflected in part resales of throughout the country, particularly in Treasury bills that were purchased at the smaller towns and in rural districts. As a end of December, and in part sales of bonds consequence, banks in these localities were and notes, for which there was a strong enabled not only to make relatively large market demand. purchases of Government securities but at In February a renewal of the increase in the same time to improve their reserve currency, following the post-Christmas lull, positions. caused a decline in excess reserves. As the result of Treasury withdrawals from their RECENT CHANGES IN BANK RESERVES deposits, New York City banks lost funds Trends in banking that became evident to the rest of the country and sold securities during 1941 continued during the first two in order to maintain their reserves. Remonths of 1943. United States Govern- serve Bank holdings of securities, which ment deposits, which had been sharply in- declined early in February, subsequently creased during the Victory Fund drive in increased and this in part offset the drain MARCH 1943 "3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVIEW OF THE MONTH on bank reserves resulting from the cur- were a little above a billion dollars during rency demand. Reserve Banks purchased most of the latter half of 1942., declined to Treasury bills, mostly under resale agree- around 800 million dollars in February. ments, but continued to sell bonds, notes, At country banks excess reserves, which and certificates in response to market de- were close to 800 million dollars during mands for such issues. most of 1942., have recently been at a some- Excess reserves of all member banks what higher level, notwithstanding the generally fluctuated during February be- decline for the country as a whole. tween 1.6 and 2_.o billion dollars, compared ESTIMATED GROSS SAVINGS or INDIVIDUALS IN THE UNITED STATESI EXCESS RESERVES OF MEMBER BANKS 1940-1942 [Billions of dollars] WEEKL* AVERAGES OF DAILY 1942 1941 1940 ALL A/\ MEMBER BANKS / *r \ Gross saving 38.2 24.7 16.1 v\ 1/^ Liquid saving2 28.9 10.3 4.3 1 \ Gross saving by type Currency and bank deposits3. 11.0 5.6 3.0 Savings and loan associations... .3 .3 .3 Insurance and pension reserves . 4.8 3.8 2.9 NEW YORK CITY \ Securities: total4 10.4 2.2 .1 1 »\ Federal 10.3 3.0 .7 I Corporate, municipal, and other .2 -•7 -.6 CHICAGO Nonfarm dwellings6 —-f PurchasesS 1.6 3.0 2.5 Increase in debt .4 1.1 9 1 L 1 Saving (purchases minus debt change). 1.2 1.9 1.7 Automobiles and other durable consumers' RESERVE CITY BANI^^-v^-^ | VTVy^^A goods7 7.6 11.4 9.3 Liquidation of debt, not elsewhere clas- COUNTRY BANKS sifieds 2.8 -.6 -1.1 NOTE.—Estimates of the Securities and Exchange Commission, Figures for all member banks and for country banks are partly compiled from many different sources; current data are subject to estimated. Latest figures are for the week ending February 19, 1943. revision. Figures are rounded and will not necessarily add to totals. 1 Includes unincorporated business saving of the types specified. Does not include corporate or Government saving. with an average of x.i billion in January. 2 Gross saving minus purchases of homes and of automobiles and other durable consumers' goods. Weekly fluctuations in excess reserves by 3 Includes currency, deposits in checking accounts, and deposits in savings accounts. classes of banks are shown in the chart. 4 Does not include purchases by brokers and dealers financed by bank loans. At New York City banks excess reserves 5 One- to four-family nonfarm homes. 6 All new construction less net acquisition of properties by nonaveraged about ioo million dollars in Febru- individuals. 7 Purchases. The figures shown above include all new passenger ary, compared with over 300 million in c d a e r a s l e s r o s' l d o i v n e ra th ll e o w U a n n i c t e e s d o S n ta te tr s a . de N -i o n s a . djustment has been made for 8 Largely attributable to purchases of automobiles and other January and 400 million in December. At durable consumers' goods, although including some debt arising from purchases of consumption goods. The other segments of individuals' Chicago banks reserves have continued close debt have been allocated to the assets to which they pertain, viz., saving in savings and loan associations, insurance, securities, and to the legal minimum for several months. homes. Changes in the commercial indebtedness of unincorporated business and in consumers' indebtedness to unincorporated business At reserve city banks excess reserves, which are not included in these figures. Minus sign ( —) indicates increase in debt. Z14 FEDERAL RESERVE BULLETIN 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. Loans to Executive Officers Foreign Funds Control Inactive Officer Serving as Director and Treasury Department Releases Member of Discount Committee The following General Rulings and General Licenses relating to transactions in foreign The Board has been requested to render an exchange, etc., in addition to those heretofore opinion with regard to the application of published in the BULLETIN, have been issued Regulation O to inactive officers of smaller by the Office of the Secretary of the Treasury member banks who are also directors and serve under authority of the Executive Order of as members of the discount committee. April 10, 1940, as amended, and the Regulations As stated in a ruling by the Board published issued pursuant thereto: at page 1087 °f tne I94I Federal Reserve BULLE- TIN, a person who is an inactive officer and Treasury Department, Office of the Secretary director of a member bank and with respect to February 4, 1943 whom a resolution has been adopted by the GENERAL RULING NO. 15 board of directors providing that he is not authorized to participate in the operating Under Executive Order No. 8389, as Amended, Executive Order No. pip^, Sections $Qa) and j(f>) of the Trading with the Enemy management of the bank will not be considered Act, as Amended by the First War Powers Act, 1941, Relating an executive officer because of his service on to Foreign Funds Control* the discount committee where the by-laws of (1) Unless authorized by license issued by the Secretary the bank or resolution of the board of directors of the Treasury expressly referring to this general ruling: requires the service in rotation of every director (a) No person shall exercise within the United States any right, remedy, power, or privilege (by self-help, as a member of the discount committee and the judicial process, or otherwise), directly or indirectly directors do in fact serve as members of the against or with respect to any Mexican railroad propcommittee in accordance with such by-laws or erty; and resolution. The difficulty was pointed out in (b) Any seizure by attachment or otherwise of Mexiapplying this principle to small member banks can railroad property, and any judgment, decree, lien, execution, garnishment, or other judicial process against having usually only five directors all of whom or with respect to such property is null and void. are also serving as members of the discount (2.) The provisions of (0(a) and (i)(b) above shall not committee. apply to claims arising out of, or with respect to, current In the circumstances, the ruling referred to repair, maintenance, and similar charges, in connection with above is hereby extended so that, in addition the operation or servicing, within the United States, of Mexican railroad property on or after the date of this general to the rule enunciated therein, an officer of a ruling. member bank with respect to whom a resolution (3) As used in this general ruling, the term "Mexican raildescribed above has been adopted who is also road property" shall include: serving as a director and as a member of the (a) All railroad rolling stock and equipment brought discount committee where all of the members of into the United States from Mexico or acquired in the the board of directors are also members of, and do in fact serve on, the discount committee, * 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, 1940, as will not be considered an executive officer amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, within the meaning of Regulation O. 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. MARCH 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT United States by a railroad in Mexico, and with respect (2.) Except as otherwise provided by regulations, rulings, to which Mexico or a national thereof has an interest; licenses, or instructions expressly referring to this general (b) All earnings, income, or other rights, payable to, ruling, no license will be required to validate the authority or in favor of, Mexico or a national thereof and created of any person to act or purport to act in a transaction directly by reason of, or otherwise resulting from, the employ- or indirectly for the benefit or on behalf of any blocked ment or use of such rolling stock or equipment within country or any national thereof, provided, that the transacthe United States after the date hereof. tion in which such person acts or purports to act is licensed RANDOLPH PAUL, or authorized by the Secretary of the Treasury or is not pro- Acting Secretary of the Treasury. hibited pursuant to Section 5(b) of the Trading with the enemy Act, as amended. Treasury Department, Office of the Secretary (3) As used in this general ruling, the term "blocked account" shall have the same meaning as that prescribed in February 9, 1943 General Ruling No. 12.. GENERAL RULING NO. 12.A RANDOLPH PAUL, Acting Secretary of the Treasury. Under Executive Order No. 8589, as Amended, Executive Order No. 9193, Sections $(a) and j(Z>) of the Trading with the Enemy Act, Treasury Department, Office of the Secretary as Amended by the First War Poivers Act, 1941, Relating to Foreign Funds Control* February 9, 1943 (1) Reference is made to transfers of property in a blocked GENERAL LICENSE NO. 32., AS AMENDED account which are null and void, or unenforceable, by virtue of the provisions of General Ruling No. 12.. Such transfers Under Executive Order No. 8389, as Amended, Executive Order No. shall not be deemed to be null and void, or unenforceable, 919}, Sections 3(0) and j(J?) of the Trading with the Enemy Act, under General Ruling No. ix, as to the person with whom as Amended by the First War Powers Act, 1941, Relating to such blocked account was held or maintained (and as to Foreign Funds Control* such person only) in cases in which such person is able to General License No. 32. is hereby amended by the deletion establish each of the following: of paragraph (i)(a) thereof and the substitution of the fol- (a) Such transfer did not represent a wilful violation lowing paragraph in lieu thereof: of the Order by the person with whom such blocked 4'(a) Such remittances are made only for the necessary account was held or maintained; living expenses of the payee and his household and do (b) The person with whom such blocked account not exceed $500 in any one calendar month to any one was held or maintained did not have reasonable cause household; provided, however, that if the payee is within to know or suspect, in view of all the facts and circum- Portugal, Spain, Finland, Sweden, or Switzerland and stances known or available to such person, that such such payee is a national of any blocked country other transfer was not licensed or authorized by the Secretary than Portugal, Spain, Finland, Sweden or Switzerland, of the Treasury, or if a license did purport to cover the the total of all remittances effected in any calendar transfer, that such license had been obtained by mis- month under this general license may not exceed $100 representation or the withholding of material facts or to such payee and his household, except that additional was otherwise fraudulently obtained; and sums not exceeding $2.5 in any one calendar month may (c) Promptly upon discovery that such transfer was be remitted for each member of such payee's household in violation of the Order, or was not licensed or author- in addition to the payee, provided that in no case shall ized by the Secretary of the Treasury, or if a license did a sum in excess of $2.00 per calendar month be remitted purport to cover the transfer, that such license had been to any such payee and his household;" obtained by misrepresentation or the withholding of RANDOLPH PAUL, material facts or was otherwise fraudulently obtained, Acting Secretary of the Treasury. the person with whom such blocked account was held or maintained filed with the appropriate Federal Re- Treasury Department, Office of the Secretary serve Bank a report on Form TFR-ixA in triplicate February 9, 1943 setting forth in full the information called for therein, GENERAL LICENSE NO. 71, AS AMENDED •provided, however, that such report should not be regarded as evidence of compliance with subdivisions (a) and (V) Under Executive Order No. 8389, as Amended, Executive Order No. of this paragraph. 9193, Sections $Qa) and j(f>) of the Trading with the Enemy Act, * Sec. 5(b), 40 Stat. 415 and966; Sec. 2,48 Stat. 1; 54 Stat. 179; Public * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 40 Stat. 1; 54 Stat. 179; No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, 1940, as Public No. 354, 77th Congress, 55 Stat. 638; Ex. Order 8389, April 10, amended by Ex. Order 8785, June 14,1941, Ex. Order 8832, July 26,1941, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as December 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, amended June 14, 1941, and July 26, 1941. 1940, as amended June 14, 1941, and July 26, 1941. 2.16 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT as Amended by the First War Powers Act, 1941, Relating to as Amended by the First War Powers Act, 1941, Relating to Foreign Funds Control.* Foreign Funds Control* General License No. 71 is hereby amended by the deletion General License No. 74 is hereby amended by the deletion of paragraph (4) of such general license. of the following language from paragraph (3) of such general RANDOLPH PAUL, license: Acting Secretary of the Treasury. "and shall file promptly with the appropriate Federal Reserve Bank separate monthly reports in triplicate on Treasury Department, Office of the Secretary Form TFR-III respecting the transactions for the ac- February 9, 1943 count of each such citizen." GENERAL LICENSE NO. 74, AS AMENDED RANDOLPH PAUL, Under Executive Order No. 8389, as Amended, Executive Order No. Acting Secretary of the Treasury. 9195, Sections 3(0) and SQJ) of the Trading with the Enemy Act, * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; • 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, 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, 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, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, December 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. 1940, as amended June 14, 1941, and July 26, 1941. MARCH 1943 2.17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA The Annual Report of the Bank of Canada for the of this increase has been in the armed services year 1942 was submitted to the Canadian Minister and industry where the proportion of income of Finance, the Honorable J. L. Ilsley, on February payments by means of currency is quite high. 9, 1945, by Mr. Graham F. Towers, Governor of the [In millions of Canadiandollarsl Bank. Excerpts from the Report are given herewith:1 b D e e r c e 3 m 1, - D be e r c e 3 m 1, - D be e r c e 3 m 1, - D be e r c e 3 m 1, - D be e r c e 3 m 1, - 1938 1939 1940 1941 1942 The major changes which took place in our various asset and liability accounts during the Bank of Canada notes... 118.4 162.2 261.6 379.6 572.5 Chartered bank notes 88.3 84.6 79.8 70.6 60.3 course of the year are indicated in the following Total 206.7 246.8 341.4 450.2 632.8 table, which shows the effect of these changes on the cash reserves of the chartered banks. RESERVES [In millions of Canadian dollars] In last year's annual report, I referred to the Changes Changes fact that the Foreign Exchange Control Board producing a producing Calendar year 1942 decrease in an increase found it necessary during the latter part of 1941 chartered in chartered banks' cash banks' cash to sell sterling exchange to the Bank of Canada under a repurchase agreement. This acquisition Decrease in sterling and U.S.A. dollars Increase in Dominion and Provincial Gov- of sterling by the Bank continued in the first ernment securities 407.9 Decrease in other assets 2.2 quarter of 1942. and the amount so held reached Increase in rest fund .9 Increase in active note circulation 192.9 a total of 474 million dollars on March 7.5. Decrease in Dominion Government deposits. 18.0 Following the passing of the War Appropriation Increase in other deposits. 13.1 Decrease in all other liabilities ' 16.1 " (United Kingdom Financing) Act on March 2.7, 442.0 1942. the Bank's holdings of sterling exchange Deduct.. 409.5 were repurchased by the Foreign Exchange Con- Increase in chartered banks' cash reserves. 32.5 trol Board and sold to the Government. This transaction took place in two main stages. NOTES IN CIRCULATION At the end of March, the Government used part At December 31 last, Bank of Canada note of the proceeds of the Second Victory Loan to issue was $693,617,931, an increase of repurchase sterling and in June the Government $197,661,699 from the preceding year. Of the sold 193 million dollars of short term securities total amount of our notes outstanding, 12.1.1 to the Bank of Canada to obtain funds for the million dollars were held by the chartered banks same purpose. The total of "Sterling and and 572-5 million in the hands of the general U.S.A. Dollars" shown on our balance sheet public. The amount of Bank of Canada and on December 31 last was $499,192.. chartered bank notes in public hands at the end INVESTMENTS of each of the last five years is shown in the next table. Our holdings of Dominion and Provincial Government securities were $1,016,400,72.x on In previous annual reports I have referred to various factors which explain the large and December 31 last, having increased $407,9x8,857 continued increase in publicly-held note circula- during the year. All of this increase was in the tion. Broadly speaking, this expansion is the category of securities maturing within two result of the growth in employment and incomes years. In January and February of 1942., the which has taken place during the war. Most Bank sold about 175 million dollars of short term Dominion securities to the chartered banks 1 The full Report contains, in addition, notes on personnel matters, in order to offset an increase in chartered banks' bank rate, the profit and loss accounts of the Bank, and other items in the year-end balance sheet. Summary figures from this balance are cash reserves which otherwise would have shown on page 275 of this issue of the BULLETIN. For previous reports, see BULLETIN for March 1942, May 1940, May 1939, June 1938, April taken place, due to the increase at that time 1937, and April 1936. Zi8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA in our sterling exchange holdings to which I tinued to absorb a large amount of new money have already referred. Early in March, these during the year, high-grade bond prices resecurities were repurchased from the chartered mained firm and even rose fractionally in some banks, offsetting the effect on cash reserves of cases. In the United States and United Kingthe transfer of Dominion Government balances dom, long-term government securities also to the Bank of Canada pending the purchase of remained relatively unchanged over the year. sterling by the Government. On June i, the CREDIT EXPANSION Bank bought from the Government $191,831,000 During 1941, Canadian deposit liabilities of of short term securities the proceeds of which the chartered banks increased 499 million were used by the Government to purchase sterdollars; in addition total active note circulation ling exchange as I mentioned in the preceding rose 183 million. The total expansion in bank section. deposits and notes, therefore, was 681 million In the latter half of 1942., chartered banks* dollars during the year. Canadian deposit liabilities increased because In view of the pressure on our human and of Government financing requirements to which material resources brought about by war re- I shall refer later. During this period we quirements, it has not been necessary or desirable bought a considerable amount of securities on for some time to provide a further stimulus to the market in order to maintain the cash reserve the economy through monetary expansion. position of the banks at the usual ratio to their But the Government's war expenditures have deposit liabilities. mounted more rapidly than receipts from greatly On the basis of the Wednesday figures pubincreased taxation and purchases of securities lished in our weekly statement, our total inby the public, making it necessary to borrow vestments averaged 165 million dollars more in the remaining requirements from the banking 1941 than in 1941. system. That monetary expansion during the past year has been associated with Government SECURITY MARKETS fiscal needs is shown by the fact that the increase The year was marked by two large public in banking security portfolios has been greater security offerings. The Second Victory Loan than the rise in the volume of money. issued in February and March receive'd total Chartered bank holdings of Dominion and cash subscriptions of 843 million dollars and Provincial Government securities rose 485 milwas participated in by 1,681,167 subscribers. lion dollars during 1941. The major part of The Third Victory Loan issued in October and this increase was accounted for by the Govern- November brought cash subscriptions totalling ment selling Deposit Certificates to the banks, 992. million dollars and a total of 1,041,610 starting in the last week of July and continuing subscribers. These figures show the broad on a weekly basis in varying amounts until the measure of support which these loans have proceeds of the Third Victory Loan began to obtained from the public; since the Governcome in during October. At that time 645 ment's borrowing requirements have increased, million dollars of Deposit Certificates were an even greater degree of public participation outstanding but the Government subsequently will be needed in 1943. by arrangement took up 105 million from the Our estimate of net new bond issues during banks in November, leaving the amount 1941 is shown in the appended table. The presently outstanding at 440 million. Deposit Dominion Government's net new borrowing Certificates were issued for a term of six months from the Canadian public as a result of increased at a rate of three-quarters of one per cent per war expenditures again reached a new high. annum. On the whole, provincial and municipal governments and corporations continued to effect a GENERAL net reduction in their bonded debt. Over the past four years, total Government Although the Canadian bond market con- expenditure (including provincial and munici- MARCH 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA pal) has increased from about i billion dollars a necessary and important feature but even a year to about 5 billion a year. At the same more important has been the unity of national time, unemployment has virtually disappeared purpose which has produced such remarkable and the gross value of Canada's output of goods economic results over the past four years. and services has increased from about 5 billion After the war is over, the present driving dollars a year to more than 9 billion. Even stimulus to maximum employment and producafter allowing for an over-all price increase of, tion will be removed. If we are to maintain say, xo per cent, the figures indicate that the full employment in peace time, we must subvolume of output has shown a tremendous stitute other objectives for the current will to expansion, which has not yet ceased. win the war. Broadly speaking, our goals At the beginning of this period, much surplus should be to provide a rising standard of living capacity was available and rising war expendi- and to contribute to the establishment of a tures did not at first entail any net decrease in world economy which will remove the threat the volume of things which civilians could buy. of war. However, concrete and detailed con- Indeed, the production (and consumption) of sideration and approval of the specific measures these things expanded somewhat in response which must be taken to implement a general to the increased demand of those whose incomes programme are necessary before broad policies were rising because of the war expenditures. can be effectively translated into action. Proper In terms of employment and, to a smaller financial and economic policies can play an degree, standards of living, the contrast with important part in the attainment of such peace the depressed years before the war was striking. time objectives. But if we are to achieve In the later stages, of course, war expenditure success, I feel that we must have the same has increased more rapidly than national produc- broad measure of public support behind those tion and average living standards are therefore objectives that is now back of our efforts to declining. But the experience of the last four win the war. years has shown that Government war expendi- ESTIMATED NET NEW BOND ISSUES OR RETIREMENTS ture on a sufficient scale can produce full em- [Par values in millions of Canadian dollars] ployment. These developments undoubtedly have made Dominion2 Private Calendar year Total1 and Provinces corporaa deep impression upon the public mind. There C. N. R. tions may be a tendency to conclude that Govern- Payable in Canada only ment expenditure for other purposes, at a high 1936 374 125 66 183 enough level, is all that is required to prevent 1 1 9 9 3 3 7 8 1 1 8 8 2 2 9 2 1 5 6 8 0 2 3 7 1 5 1939 222 74 52 96 depression in peace time. Such a conclusion 1940 487 434 74 21 1941 698 731 3 30 does not give sufficient weight to the other 1942 1,822 1,830 3 important conditions which have existed during Payable abroad, only or optionally the war period. 1936... 205 39 27 139 1937... 125 14 24 87 The need for war goods and services has by 1938... 77 21 11 45 1939... 194 96 29 127 common consent been given preference over 1940... 205 156 15 34 1941... 227 183 18 26 every other interest. The public has been 1942... 380 290 42 willing to do whatever is necessary to obtain 1 Available information concerning issues and retirements by municipalities and religious institutions was not sufficiently comprethe maximum output for military purposes. hensive to justify including such classifications of bonds in the table. However, the net reduction in total municipal bonded debt less sinking Individuals have worked, have shouldered tax funds has been (in millions of dollars) approximately 25, 30, 39, 30, 47 and 45 respectively, in the years 1937 to 1942. burdens, and have put up with limitations upon 2 The table includes War Savings Certificates, but takes no account of Treasury bills, Deposit Certificates or Dominion of Canada shorttheir freedom as producers and consumers to a term issues sold to the banks, of which the amount outstanding increased (in millions of dollars) 57, nil, 5, 200, *325, 290 and **633 redegree that would have been regarded as un- spectively in the calendar years 1936 to 1942. * 250 million dollars of 1 percent 1-year notes and 75 million of thinkable before the war. The Government's Treasury bills issued to the Bank of Canada in connection with the Foreign Exchange Acquisition Order of April 30, 1940. willingness to spend the large amounts of ** Including 193 million dollars sold to Bank of Canada, proceeds of which were used by the Foreign Exchange Control Board to remoney involved in the war programme has been purchase sterling exchange sold to the Bank in 1941. 2_2_O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS Meeting of the Federal Advisory Council Director, thereby providing the same arrangement as at the Head Office where the chief The Federal Advisory Council met in Washexecutive officer is not a member of the board of ington on February 14-15. The annual organidirectors. The former Managing Directors conzation meeting was held on February 14, at tinue as chief operating officers of the branches which Edward E. Brown, President of the First with the title of Manager. National Bank of Chicago, and George L. On February 11 the Federal Reserve Bank of Harrison, President of the New York Life Dallas appointed Mr. James A. Elkins, Presi- Insurance Company, were reelected as President dent of the City National Bank, Houston,, and Vice President, respectively, of the Council. Texas, and Mr. Robert D. Barclay, President Walter Lichtenstein was reappointed as Secof the National Bank of Commerce, San Anretary. The Council met with the Board of tonio, Texas, directors of the Houston and Sam Governors of the Federal Reserve System on Antonio Branches, respectively, for the un- February 15. expired portion of the terms ending December Changes in Branch Directors The Board of Governors accepted, effective Admissions of State Banks to Membership in the February 1, 1943, the resignation of Mr. W. H. Federal Reserve System Schellberg, as a director of the Omaha Branch The following State banks were admitted to of the Federal Reserve Bank of Kansas City. membership in the Federal Reserve System Mr. Schellberg has served the Branch as a during the period January 16, 1943, to February director since January 1, 1937. 15, 1943, inclusive: On February 19 the Board of Governors announced the appointment of Mr. W. S. Byrne, Illinois General Manager, Omaha Metropolitan Utili- Camp Point—Farmers State Bank of Camp ties District, Omaha, Nebraska, as a director Point of the Omaha Branch of the Federal Reserve Gillespie—Peoples State Bank of Gillespie Bank of Kansas City, for the unexpired portion .Grayslake—First State Bank of Grayslake of the term ending December 31, 1945. Hammond—The State Bank of Hammond The Board of Governors, on March 2., 1943, announced the appointment of Mr. William A. Neiv Jersey Alexander, Vice President, Denver Tramway Gladstone—Peapack-Gladstone Bank Corporation, Denver, Colorado, as a director of the Denver Branch of the Federal Reserve New York Bank of Kansas City, for the unexpired portion Seneca Falls—The State Bank of Seneca Falls, of the term ending December 31, 1945. N. Y. In February the by-laws of the three branches Ohio of the Federal Reserve Bank of Dallas were amended to eliminate the position of Managing Seville—The Seville State Bank MARCH 1943 2.2.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Corn-piled February 22 and released for -publication February 25. Figures shown on charts may differ from preliminary figures used in text. Industrial activity rose further in January ary, reflecting a small reduction in output of and the first half of February. Retail sales crude petroleum. Output at coal and metal continued in large volume in January and were mines showed little change. Anthracite proat an exceptionally high level early in February. duction in the first half of January was reduced by an industrial dispute, but for the month of PRODUCTION January as a whole, output was only 3 per cent Volume of industrial production showed lower than in December. another marked gain in January reaching a Value of construction contracts awarded, level of xoo per cent of the 1935-1939 average, according to figures of the F. W. Dodge Corporaaccording to the Board's adjusted index, com- tion, was much smaller in January than in other pared with 197 in December. The increase recent months, but was still slightly higher reflected largely a growth in activity in the munitions industries, including production of INDUSTRIAL PRODUCTION chemicals for war purposes. PER CENT <^oo | ! — ~ y 200 Activity at shipyards and in aircraft and machinery plants continued to expand sharply. 180 -- y 180 Deliveries of completed merchant ships in 160 1 160 January were somewhat less than in December 1 but were still at the high level of over 1 million . T _ 140 14 0 deadweight tons. Total iron and steel production rose to the level of last November, 120 — - —J but was still slightly below the October peak, 100 /^ and electric steel output, important for muni- I I tions manufacturing, reached a record level 80 1 80 5! times as large as in the 1935-1939 period. 1936 1937 1938 1939 1940 1941 1942 Operations at steel mills were near capacity Federal Reserve monthly index of physical volume of production, during the first three weeks of February. adjusted for seasonal variation, 1935-39 average = 100. Latest figures shown are for January 1943. Nondurable manufactures, as a group, continued to show little change. Production than a year ago. Reductions occurred in all of meats under Federal inspection, except beef, types of public awards, which now account for declined sharply from the high level in De- most of the total. A decline has been indicated cember. Output of most other foods was for some time as a result of actions of the War maintained; production for military and lend- Production Board designed to limit construction lease needs, particularly of highly processed activity to projects that are essential. On foods, rose further and there was a correspond- October 2.3, 1942., it had established a committee ing decline in output of these products for to review proposals for new construction; civilians. Newsprint consumption declined in through February 12., work on projects estimated January as a result partly of a Federal order to cost 1.3 billion dollars was stopped either restricting newsprint use. by the War Production Board or by the Govern- Mineral production declined slightly in Janu- ment agencies initiating them. 2.2.2- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS DISTRIBUTION BANK CREDIT Distribution of commodities to consumers Excess reserves of member banks declined was in large volume in January and the first from an average level of about ±.2. billion dollars half of February. Retail sales of merchandise in the last half of January to 1.6 billion early in declined less than seasonally in January and rose February, but increased somewhat around the sharply in the first half of February when a middle of the month. Increases in currency in buying wave developed, particularly in clothing. circulation continued to be the major factor At department stores, sales increased con- responsible for the decline, although substantial fluctuations occurred in Treasury balances and DEPARTMENT STORE SALES AND STOCKS Reserve Bank credit. Most of the decline in excess funds was at banks in New York City and MEMBER BANK RESERVES AND RELATED ITEMS FACTORS SUPPLYING RESERVE FUNDS VCTORS USING RESERVE FUNDS X KtS - hK / V 1 t. / BA H LAIM 1 OCO / T~ l4 f^~ 1 h-V*-4p- 12 - /V Federal Reserve monthly indexes of value of sales and stocks, TREASURf CURRENCY adjusted for seasonal variation, 1923-25 average = 100. Latest figures shown are for January 1943. RE.SER siderably in the first week of February and then 1940 1941 1942 1940 1941 1942 reached an exceptionally high level during the Wednesday figures. Latest figures shown are for February 24, 1943 second week, stimulated partly by the announcement of shoe rationing. Chicago, where reserves have recently been close Freight carloadings declined somewhat less to legal minimum requirements. Over the than seasonally in January and the adjusted five-week period ending February 17, the curindex increased i per cent. Miscellaneous rency drain amounted to 510 million dollars, loadings accounted for most of the rise. Sub- bringing total currency in circulation to 15.8 stantial increases in loadings of most types of billion on February 17. commodities occurred in the first two weeks of Holdings of Government obligations at report- February. ing banks in leading cities outside New York and Chicago increased by 640 million dollars COMMODITY PRICES over the five-week period ending February 17. The average level of wholesale commodity At banks in New York and Chicago, holdings of prices continued to advance in January and the Government securities declined by 360 million, early part of February. Prices of most farm principally through sales to the Reserve Banks products showed further increases. Maximum for the purpose of restoring reserves. Governwholesale and retail prices were raised for a ment deposits at banks were reduced in the number of miscellaneous commodities including period, while other deposits increased. coal, while reductions were effected in maximum prices for some items like rayon tops and waste. UNITED STATES GOVERNMENT SECURITY PRICES Retail prices of foods continued to rise from Following a rise in the first half of January, mid-December to mid-January with increases largely in meats, dairy products, and processed prices of United States Government securities fruits and vegetables. have been steady. 2.2.3 MARCH 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES Member bank reserves, Reserve Bank credit, and related items. . 2.2.7 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements.. 12.8 Federal Reserve Bank statistics.. 22.9-2.33 Guaranteed war production loans 2.33 Reserve position of member banks; deposits in larger and smaller centers 234 Money in circulation 13 5 Gold stock; Postal Savings System; bank suspensions; bank debits. . 136 All banks in the United States, number, deposits, loans and investments 137 Condition of all member banks. . 2.38-2.39 Weekly reporting member banks 2.40-243 Commercial paper, bankers' acceptances, and brokers' balances.. 2.44 Money rates and bond yields 2.45 Security markets. 246-247 Corporate profits.. 248 Treasury finance 2.49—2.51 Government corporations and credit agencies... 252 Business indexes 253-261 Department store statistics.. 262-263 Consumer credit statistics.. 264-265 Wholesale prices 266 Current statistics for Federal Reserve chart book.. 267-269 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. MARCH 1943 22.5 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 MEMBER BANK RESERVE BALANCES **•>*"' MONEY IN CIRCULATION TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 1936 1937 1938 1939 1940 1941 1942 10 10 i 8 - REQUIRED RESERVES *r<X*~fji - 6 /•^** 1 jf Vn _, JA A n i ^Z EXCESS RESERVES r 2 *v * 0 1936 1937 1938 1939 1940 1941 1942 Latest figures for February 24. See page 227. 1X6 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 Treas- balances U. S. Government Treas- ury de- Other c B o d e i i u s l d - l n s t- Total se T cu r a b u e r n i r i a l d y t l s i s - es o A th l e l r ot A h l e l r1 Total s G to o c ld k s r t u c i e o a n u n r u n g y r c t d - - y - M i c n t u o i c o l n a i n e r - - y T c i h r n u a o e g r s l y a h s d s - - F B p e w s o d a R e i s n e r e t i v - r h k t a e s s l b p N m e o r o e s m n i d t - e s - - c s F o e e a R e u r r c e v d - a n - e l - ts Total Excess2 certificates Monthly averages of daily figures: 1941—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 10 2,209 180 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 3,390 1942—Jan 4 2,251 7 2,244 148 2,402 22,741 3,252 11,105 2,209 467 1,389 291 12,936 3,446 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 1943—Jan 8 5,953 1,852 4,102 360 6,321 22,706 3,724 15,399 2,192 310 1,250 256 13,344 2,132 End of month figures: 1941—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—Jan. 31 4 2,243 2,243 123 2,369 22,747 3,259 11,175 2,196 361 1,428 289 12,927 3.347 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 1943—Jan. 30 14 5,969 2,007 3,962 356 6,339 22,683 3,830 15,590 2,199 4 1,171 258 13,630 2,387 Wednesday figures: 1942—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 June 3 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 June 10 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 June 17 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 June 24 ... 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 Jan. 27 10 5,729 1,690 4,039 252 5,992 22,692 3,793 15,438 2,199 122 1,181 258 13,278 2,094 Feb. 3 9 5,475 1,588 3,887 283 5,766 22,663 3,846 15,666 2,200 49 1,156 262 12,942 1,700 Feb. 10 13 5,719 1,939 3,780 250 5,983 22,642 3,885 15,798 2,209 280 1,213 264 12,747 1,640 Feb. 17 9 5,795 2,083 3,712 410 6,214 22,642 3,915 15,845 2,221 188 1,158 268 13,093 1,992 Feb. 24 11 5,931 2,275 3,656 281 6,223 22,643 3,925 15,952 2,223 258 1,171 270 12,917 1,788 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. MARCH 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect February 28. Per cent per annum] 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 n m ce e s n s t ec se u c re u d r it b ie y s o r t i h A ti e d e r v s, 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 t e n d t s s b e 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 r 3 it ) 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 e e x c 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 i d n g 1 9 3 0 a)1 To nonmember banks To others Rate Effective Rate Effective Rate Effective Rate Effective Rate Effective Boston Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 Sept. 1, 1939 Oct. 27, 1942 New York Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Aug. 25, 1939 Oct. 30, 1942 Philadelphia.. Oct. 17, 1942 Mar. 21, 1942 Oct. 17, 1942 Mar. 21, 1942 2 Oct. 17, 1942 C R l i e c v h e m la o n n d d O O c c t t . . 2 2 7 8 , , 1 1 9 9 4 4 2 2 M Ap a r r . . 1 1 4 1 , , 1 1 9 9 4 4 2 2 O Se c p t. t. 2 1 8 2 , , 1 1 9 9 4 4 2 2 M Ap a r r . . 1 1 1 4 , , 1 1 9 9 4 4 2 2 \A O O c c t t . . 2 2 8 7 , , 1 1 9 9 4 4 2 2 Atlanta Oct. 15, 1942 Mar. 21, 1942 Oct. 15, 1942 Sept.16, 1939 Oct. 15, 1942 Chicago Oct. 17, 1942 Feb. 28, 1942 Aug. 29, 1942 Sept. 1, 1939 2 Oct. 17, 1942 St. Louis Oct. 27, 1942 Mar. 14, 1942 Mar. 14, 1942 Sept.16, 1939 2 Oct. 27, 1942 M K D Sa a a i n n l n l n s a F a s e r s a a p n C o c l i i i t s s y c . o . .. O O O O c c c c t t t t . . . . 2 1 2 3 8 7 7 0 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 2 2 2 2 M M A A p a p a r r r r . . . . 2 2 1 8 1 4 1 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 2 2 2 2 O O O O c c c c t t t t . . . . 2 3 2 1 8 0 7 7 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 2 2 2 2 M A S S e e a p p p r r t t . . . . 2 1 1 4 6 8 6 , , , , 1 1 1 1 9 9 9 9 4 3 4 3 2 9 2 9 f 2 A O O O O c c c c t t t t . . . . 2 3 2 1 8 7 0 7 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 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 aaddvances 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 F R e a b t . e 2 o 8 n In g i e n ff n ec in t g b - e- Pre r v at i e ous [In effect February 28. Per cent per annum] B T 9 r a 1 1 e n - - a k 1 s 2 e 9 u 0 r 0 r s y ' d d a a b a c y y i c l s s l e s p i tances :2 y V 8 2 A O p c r t. . 3 2 d 0 0 o , , 1 1 9 9 3 4 3 2 1 1 To c b o i u n m s d i m u n s e e t s r r c s i e i a a s l l or To financing institutions 121-180 days do 134 Discounts or Federal Reserve purchases 1 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. adva O n n ces co m m O e m n n t i s t- fo p r o w O rt n h io ic n h On re- m O it n m c e o n m ts institu- maining tion is portion MEMBER BANK RESERVE REQUIREMENTS obligated [Per cent of deposits] N B e o w sto Y n ork 2 2 3 3 ^ ^ - - 5 5 l3 A ^- - 1 VA ( ( 3 3 ) ) 34-1 Net demand deposits1 Time Philadelphia 2^-5 lA-VA 42 (3) VT-VA deposits Cleveland 234-5 l/2-VA (2) (3) C r b e e c s a n i e n t t r y k r v s a e l R b e c a s i n t e y k rv s e Co b u an n k tr s y m ba e n ( m a k l b s l e ) r A R C St h i t . c l i a h c L n a m o g t u a o o i n s d 2 2 2 2 3 3 3 ^ ^ ^ ^ - - - - 5 5 5 5 3 3 ^ 4- - 1 1 3 3 4 4 1 2 - 3 1 ^ ( ( H 2 2 - ) ) 5 8 b M lA A - M i}4 y^M J A u u n g e . 2 1 1 6 , , 1 1 9 9 1 3 7 6 - - A F u e g b . . 1 2 5 8 , , 1 1 9 9 3 3 6 7 1 1 3 9^ 1 1 0 5 103^ 3 43^ M Ka in n n sa e s a p C o i l t i y s 2 2 3 ^ ^ - - 5 5 34-1^ ?(2 2 ) ? © 3 Mar. 1, 1937-Apr. 30, 1937 22M 173^ 1234 53i Dallas 234-5 ( ) () yz-\y± May 1, 1937-Apr. 15, 1938 26 20 14 6 San Francisco 2M-5 H-iM S A N A e u p o p g r v t . . . . 2 1 1 0 1 4 6 , , , , 1 1 1 1 9 9 9 9 4 4 4 3 2 2 1 8 - - - - S O A O e c u c p t t g . t . . . 3 1 1 3 2 9 1 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 2 2 1 2 2 2 2 2 2 4 6 2^ 2 2 2 1 0 0 0 7^ 1 1 1 1 4 2 4 4 5 6 6 6 2 1 R In a c t l e u d ch in a g r g l e o d a n b s o m rro a w de e r i n l e p s a s r c ti o c m ip m at i i t o m n e n w t it r h a t f e i . nancing institution b V s l . A i- - V iH A Effective Oct. 3, 1942 20 20 14 6 3 Rate charged borrower. 4 May charge same rate as charged borrower by financing institution, if 1 See footnote to table on p. 234 for explanation of method of computing low 5 e F r i . nancing institution is charged 34 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 i a n r n d a g o c e f c o A G rd c o t a v n e o c r f e n o 1 w r 9 s 3 it 4 o h f t S he e c F ur e i d ti e e r s al O A 1 c p 1 9 t 9 r 3 . . 3 3 6 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 ^ 23^ F Fo o r r l s o h a o n r s t b sa y l e b s a , n u k n s d e o r n R st e o g c u k l s a , t i u o n n d e T r Regulation U.... 3 , (2 5 ) 5 4 5 0 0 O Po th s e ta r l d s e a p v o in si g t s s d p e a p ya o b si le ts : ... 2y In 6 months or more IReg. T andU limit the amount of credit that may be extended on a In 90 days to 6 months. 2H security by prescribing a .maximum loan value, which is a specified In less than 90 days iy2 percentage of its market value at the time of the extension; the "margin 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. 2.Z8 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 cf dollars] Wednesday figures End of month 1943 1943 Feb. 24 Feb. 17 Feb. 10 Feb. 3 Jan. 27 Jan. 20 Jan. 13 Jan. 6 Jan. Dec. Jan. Assets Gold certificates on hand and due from U. S. Treasury 20,441,28120,442,282 20,443,277 20,463,780 20,.493,279 20,498,28120,510,282 20,511,278 20,,487,782 20,523,28120,522,014 Redemption fund—F. R. notes.. 35.889 36,296 34,606 35,177 33,980 32,205 31,645 32,248 32,677 30,449 11,162 Other cash 382,063 398,570 393,404 396,930 424,309 428.608 404,205 360,151 411,036 354,084 369,320 Total reserves. 20,859,23320,877,148 20,871,28720,895,88720,951,568 20,-959,094 20,946,132 20,903,67720,931,49520,907,814 20,902,496 Bills discounted: For member banks 7,314 5,435 9,358 4,813 6,398 7,237 2,987 1,985 9,858 3,071 3,646 For nonmember banks, etc. 4,000 4,000 4,000 4,000 4,000 3,000 4,000 2,500 4,000 2,500 Total bills discounted.... 11,314 9,435 13,358 8,813 10,398 10,237 6,987 4,485 13,858 5,571 3,646 Industrial advances 13,749 13,885 14,087 13,955 11,906 12,473 13,030 12,311 12,373 13,649 8,968 U.S. Government securities: Direct Bonds 2,411,145 2,452,124 2,517,462 2,582,068 2,693,072 2,748,633 2,770,209 2,777,059 2,637,104 2,777,059 1,546,555 Notes 1,195,125 1,210,125 1,212,725 1,253,554 1,300,054 1,323,799 1,323,799 1,323,799 1,275,254 1,323,799 692,500 Certificates 785,87 796,375 812,875 859,665 1,079,400 1,048,000 1,041,000 1,041,000 1,317,200 1,041,000 Bills 1,489,450 1,287,039 1,126,393 728,004 610,974 652,818 799,951 853,530 689,447 1,009,995 Guaranteed 49,476 49,476 49,476 51,476 45,976 44,682 40,182 36,782 49,976 36,782 3,600 Total U.S. Government securities, direct and guaranteed 5,931,071 5,795,139 5,718,931 5,474,767 5,729,476 S,817,932 5,975,141 6,032,170 5,968,981 6,188,635 2,242,655 Other Reserve Bank credit outstanding 266,866 395,987 236,376 268,658 239,866 354,845 278,640 329,095 344,056 470,794 113,782 Total Reserve Bank credit outstanding.. 6,223,000 6,214,446 5,982,752 5,766,193 5,991,646 6,195,487 6,273,798 6,378,061 6,339,268 6,678,649 2,369,051 Liabilities F.R. notes in actual circulation 12,511,48312,428,930 12,395,55212,302,22912,156,645 12,118,294 12,109,27912,177,45712,265,372 12,192,986 8,302,935 Deposits: Member bank —reserve account 12,917,20513,092,939 12,746,87712,941,69713,277,860 13,156,28313,279,089 13,463,73313,630,41713,116,80912,926,838 U. S. Treasurer—general account 258,178 188,130 280,343 48,883 122,352 373,741 328,736 273,057 3,883 799,449 360,595 Foreign 801,531 802,332 805,906 793,547 793,661 836,040 829,435 802,606 792,213 792,790 710,465 Other deposits 368,971 356,165 407,051 361,972 387,564 474,516 478,376 369,828 378,703 485,147 717,078 Total deposits... 14,345,885 14,439,566 14,240,177 14,146,09914,581,437 14,840,580 14,915,636 14,909,224 14,805,216 15,194,19514,714,976 Ratio of total reserves to deposit and F .R. note liabilities combined (per cent) 77.7 77.7 78.4 79.0 78.4 77.7 77.5 77.2 77.3 76.3 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 9 s 0 9 m 1 o t o d n a t 6 y h s s 6 1 m t y o o e n a t r hs 2 1 y y t e o e a a r r s 5 2 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: Jan. 27 10,398 5,498 1 2,351 2,528 Feb. 3 8,813 3,603 1,598 816 2,778 Feb. 10 13,358 3,903 5,389 2,776 1,274 Feb. 17 9,435 2,438 3,703 2,104 1,180 Feb. 24 11,314 7,320 1,300 1,956 729 Industrial advances: Jan. 27 11,906 7,516 304 273 953 588 ,302 865 105 Feb. 3 13,955 7,886 348 270 2,088 1,062 ,333 866 102 Feb. 10 14,087 8,537 388 235 1,690 1,056 ,242 837 102 Feb. 17 13,885 8,219 488 101 1,705 1,067 ,369 834 102 Feb. 24 13,749 8,494 455 121 1,323 1,045 ,335 788 188 U. S. Government securities, direct and guaranteed: Jan. 27 5,729,476 564,882 76,127 293,060 86,805 353,582 642,100 241,575 1,292,534 2,178,811 Feb. 3 5,474,767 154,315 140,896 282,913 438,780 415,207 489,240 241,575 1,244,734 2,067,107 Feb. 10 5,718,931 182,177 222,665 407,742 479,114 565,452 403,300 241,575 1,212,905 2,004,001 Feb. 17 5,795,139 190,704 269,510 393,231 661,594 512,450 379,800 247,085 1,204,795 1,935,970 Feb. 24 5,931,071 220,947 325,753 249,891 896,138 554.371 352,100 245,085 1,187,895 1,898,891 I MARCH 1943 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 Chicago L S o t u . is M a i p n o n l e is 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: Jan. 27 20,493,2791,116,8496,704,608 1,171,7291,757,071 973,331 796,1793,593,884 682,767433,302 668,239521,1442,074,176 Feb. 3 20,463,7801,149,278 6,628,9101,158,3901,761,914 998,052 826,7923,495,190 707,542427,090 680,508546.882 2,083,232 Feb- 10 20,443,2771,121,0386,432,025 1,197,2551,772,5771,020,215 851,8383,441,164 733,414449,739 711,860557,2582,154,894 Feb. 17 20,442,2821,145,9816,169,420 1,202,8261,829,5161,015,104 860,3773,534,909 734,570450,291 715,681573,1332,210,474 Feb. 24 20,441,281 ,151,7596,077,7311,212,4691,825,2011,020,114 847,5653,634,615 736,736 455,741 719,184563,4452,196,721 Redemption Fund— Federal Reserve notes: Jan. 27 33,980 2,953 5,298 918 7,472 1,666 1,186 4,123 177 302 316 8,153 Feb. 3 35,177 2,896 6,181 848 6,846 1,617 1,108 5,102 170 786 305 8,122 Feb. 10 34,606 2,848 6,083 797 6,325 1,580 1,050 5,086 159 776 793 8,094 Feb. 17 36,296 2,796 5,958 733 7,676 1,528 985 5,068 153 762 777 8,065 Feb. 24 35,889 2,734 5,835 663 6,968 2,476 914 5,045 147 746 765 8,035 Other cash: Jan. 27.. 424,309 40,374 95,953 26,982 55,068 23,973 27,687 47,013 21,556 9,391 12,306 15,547 48,459 Feb. 3... 396,930 37,982 82,047 28,078 53,528 23,001 21,210 48,832 19,588 9,271 12,833 13,511 47,049 Feb. 10.. 393,404 36,516 81,886 23,301 50,202 23,962 19,293 61,816 17,721 9,231 11,730 12,139 45,607 Feb. 17.. 398,570 35,905 82,877 23,584 46,488 21,305 20,536 66,611 17,759 9,138 13,089 12,302 48,976 Feb. 24.. 382,063 34,383 85,471 22,822 46,505 18,742 18,251 61,054 16,824 8,994 13,109 11,518 44,390 Total reserves: Jan. 27 20,951,568 ,160,176 801,977 ,204,009 813,0571,004,776 825,532 3,642,083 708,446 442,870 680, ,0072,130,788 Feb. 3 20,895,887 ,190,156 712,1531,192,649 1,816,290 ,027,899 849,6193,545,130 732,232 436,531 694,127560,698 2,138,403 Feb. 10 20,871,287 ,160,402 514,926 1,226,639 1,823,5761,050,502 872,7113,504,030 756,221459,129 724,366 57700,,190 2,208,595 Feb. 17 20,877,148 ,184,682 254,0921,232,3681,876,7371,044,085 882,4413,602,505 757,397 459,582 729,532586, ,267,515 Feb. 24 20,859,233 ,188,876 164:,,763 1,241,126 1,872,369 1,045,824 868,2923,696,583 758,605 464,882 733,039 575,728 2,249,146 Bills discounted: Secured by U. S. Govern- • ment obligations, direct and guaranteed: Jan. 27 6,365 810 4,830 115 540 35 25 10 Feb. 3 4,780 110 2,755 215 540 25 1,000 125 10 Feb. 10 9,330 8,440 200 540 25 125 Feb. 17 5,410 30 4,490 100 640 25 125 Feb. 24 7,290 520 5,530 200 790 125 125 Other bills discounted: Jan. 27 4,033 1,708 380 401 172 140 120 112 120 304 Feb. 3 4,033 1,708 380 401 172 140 120 112 120 304 Feb. 10 4,028 1,708 380 396 172 140 488 120 112 120 304 Feb. 17 4,025 1,708 380 393 172 140 488 120 112 120 304 Feb. 24 4,024 1,708 380 392 172 140 488 120 112 120 304 Total bills discounted: Jan. 27 10,398 810 6,538 495 941 207 140 488 120 137 120 314 Feb.3 8,813 110 4,463 595 941 197 140 488 120 1,112 245 314 Feb. 10 13,358 10,148 580 936 197 140 488 120 112 245 304 Feb. 17 9,43. 30 6,198 480 1,033 197 140 488 120 88 112 245 304 Feb. 24 11,314 520 7,238 580 1,182 297 140 488 120 112 245 304 Industrial advances: Jan. 27 11,906 457 611 4,488 850 675 465 105 368 780 3,071 Feb. 3 13,955 449 608 4,426 1,230 657 435 105 372 1,926 3,711 Feb. 10 14,087 949 608 4,552 1,153 585 457 104 402 1,530 3,711 Feb. 17 13,885 968 608 4,208 1,278 585 431 109 382 1,569 3,711 Feb. 24 13,749 966 608 4,511 1,254 585 397 103 369 1,209 3,711 U. S. Government securities, direct and guaranteed: Bonds: Jan. 27 2,717,788 200,530 726,541 214,330 257,364 164,836 121,727 334,823 130,076 79,561 129,184106,567 252,249 Feb. 3 2,606,784 192,440 693,655 205,078 246,159 159,144 117,128 322,626 125,068 76,150 123,848102,319 243,169 Feb. 10 2,542,178 187,701 675,520 199,8,51 239,855 155,505 114,334 315,062 122,058 74,217 120,761 99,813 237,501 Feb. 17 2,476,840 182,877 658,114 194,710 233,680 151,523 111,401 306,987 118,926 72,304 117,657 97,248 231,413 Feb. 24 2,435,861 179,830 647,963 191,602 229,972 148,778 109,472 301,567 116,887 71,147 115,723 95,615 227,305 Notes: Jan. 27 1,321,314 97,491 353,224 104,201 125,121 80,140 59,180 162,781 63,242 38,682 62,808 51,808 122,636 Feb. 3 1,280,314 94,518 340, 100,725 120,898 78,165 57,525 158,456 61,427 37,402 60,828 50,253 119,432 Feb. 10 1,237,485 91,368 328,834 97,286 116,754 75,700 55,654 153,368 59,414 36,124 58,784 48,588 115,611 Feb. 17 1,234,885 91,180 328,117 97,075 116,504 75,547 55,539 153,055 59,291 36,051 58,659 48,488 115,379 Feb. 24 1,219, 90,057 324,503 95,954 115,172 74,508 54,822 151,026 58,537 35,630 57,957 47,886 113,833 Certificates: Jan. 27 1,079,400 79,643 288,554 85,124 102,215 65,467 48,345 132,979 51,661 31,598 51,307 42,324 100,183 Feb. 3 859,665 63,463 228,753 67,631 81,178 52,483 38,626 106,396 41,245 25,112 40,843 33,743 80,192 Feb. 10 812,875 60,019 216,001 63,903 76,695 49,723 36,559 100,743 39,029 23,731 38,614 31,916 75,942 Feb. 17 796,375 58,800 211,602 62,605 75,135 48,719 35,819 98,705 38,238 23,248 37,830 31,268 74,406 Feb. 24 785,875 58,018 209,050 61,816 74,195 48,000 35,319 97,294 37,711 22,954 37,335 30,848 73,335 Bills: Jan. 27 610,97' 35,058 101,518 30,905 28,276 28,028 18,652 223,554 38,318 15,737 19,291 11,698 59,939 Feb. 3 728,00' 47,08 142,224 34,847 42,142 25,586 21,184 265,138 38,004 22,615 25,752 13,142 50,283 Feb.10 1,126,393 51,698 390,913 44,321 48,117 33,330 22,724 396,208 37,538 14,343 28,616 15,560 43,025 Feb. 17 1,287,039 56,923 548,728 46,749 49,948 38,719 24,316 361,409 36,502 15,830 28,733 18,695 60,487 Feb. 24 1,489,450 59,155 648,883 57,445 69,940 46,513 30,408 357,928 52,055 26,886 41,783 24,266 74,188 L 3 O 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 a it n s y - [Dallas F c S i r s a a c n n o - U. S. Government securities, direct and guaranteed: Total Jan. 27 5,729,476 412,722 469,837 434,560 512,976 338,471 247,904 854,137 283,297165,578 262,590212,397 535,007 Feb. 3 5,474,767 397,508 405,317 408,281 490,377 315,378 234,463 852,616 265,744161,279 251,271199,457 493,076 Feb.10 5,718,931 390,786 611,268 405,361 481,421 314,258 229,271 965,381 258,039148,415 246,775195,877 472,079 Feb. 17 5,795,139 389,780 746,561 401 139 475,267 314,508 227,075 920,156 252,957147,433 242,879195,699 481,685 Feb. 24 5,931,071 387,060 830,399 406 817 489,279 317,799 230,021 907,815 265,190156,617 252,798198,615 488,661 Total bills and securities: Jan. 27 5,751,780 413,989 476,986 439,543 514,767 339,353 248,509 854,730 283,424166,034 263,507212,546 538,392 Feb. 3 5,497,535 398,067 410,388 413,302 492,548 316,232 235,038 853,209 265,871161,739 254,309199,731 497,101 Feb. 10 5,746,376 391,735 622,024 410,493 483,510 315,040 229,868 965,973 258,166148,905 248,417196,151 476,094 Feb. 17 5,818,459 390,778 753,367 405 827 477,578 315,290 227,646 920,753 253,084147,903 244,560195,973 485,700 Feb. 24 5,956,134 388,5461.'838,245 411,908 491,715 318,681 230,558 908,406 265,317157,074 254,119198,889 492,676 Due from foreign banks: Jan. 27 47 3 *18 5 4 2 2 6 1 1 1 4 Feb. 3 47 3 *18 5 4 2 2 6 1 1 1 4 Feb. 10 47 3 *18 5 4 2 2 6 1 1 1 4 Feb. 17 47 3 *18 5 4 2 2 6 1 1 1 4 Feb. 24 47 3 *18 5 4 2 2 6 1 1 1 4 Federal Reserve notes of other banks: Jan. 27 52499 971 3 779 1 230 1,482 17,190 4,294 4,316 2,924 1,318 6,551 1,462 6,982 Feb. 3 48 835 963 2,637 1075 1,127 15,451 3,272 4,140 3,398 1,307 5,955 1,404 7,106 Feb. 10 46 537 1011 3,293 1 123 1,819 13,436 4,668 4,193 3,287 747 6,665 1,205 5,090 Feb. 17 44 258 1040 3,863 1202 1,818 10,856 4,010 4,266 3,875 1,146 5,384 1,222 5.576 Feb. 24 45 307 663 5,756 1074 2,108 10,413 3,693 3,560 3,176 1,448 5,685 1,111 6,620 Uncollected items: Jan. 27 1318 162 126,484 284 122 77918 175,358 91,727 60,686 176,063 62,531 31,583 54,097 46,980 130,613 Feb. 3 1363442 124419 296 379 87 841 158,605 105,558 67,015 194,181 62,331 26,942 64,210 48,064 127,897 Feb. 10 1227 729 122 249 255 171 69 012 135,414 88,981 65,656 171,992 57,912 28,936 61,237 52,349 118,820 Feb 17 1696 301 135098 377 626 103353 200,101 117,561 74,152 269,138 73 444 32,068 71,083 68 889 173,788 Feb. 24 1521463 146,927 363 819 75932 171,836 94,437 58,475 219,949 65,026 34,834 93,591 70,108 126,529 Bank premises: Jan. 27 39 256 2 722 9 823 4 755 4,317 3,040 1,722 2,911 2,110 1,309 2,802 1,054 2,691 Feb. 3 39 199 2 717 9 805 4 743 4,317 3,040 1,722 2,911 2,109 1,307 2,796 1,047 2,685 Feb.10 39 196 2 717 9 805 4 743 4 317 3,040 1,722 2,911 2,106 1,307 2,796 1,047 2,685 Feb. 17 39 195 2 717 9 805 4 743 4,317 3,040 1,722 2,911 2,105 1,307 2,796 1,047 2,685 Feb. 24 39 179 2 717 9 805 4 743 4 308 3,034 1,722 2,911 2,104 1,307 2,796 1,047 2,685 Other assets: Jan. 27 92 961 6 370 23,892 7387 9 653 5,728 3,974 11,219 4,427 2,838 4,565 3,724 9,184 Feb. 3 90639 6 251 23 116 6 843 9 424 5,594 3,928 11,074 4,381 2,782 4,507 3,567 9,172 Feb. 10 91025 6 203 23350 6867 9 474 5,687 3,900 11,148 4,394 2,788 4,516 : 195 9,203 Feb. 17 91 109 6 144 23357 6878 9 543 5,640 3,948 11,213 4,379 2,816 4,518 3,592 9,081 Feb. 24 90 538 6 155 23 329 6914 9,572 5,630 3,918 11,142 4,275 2,744 4,511 3,588 8,760 Total assets: Jan. 27 28,206,2731,710 7158,600 5971,734 8472,5186381,461,8161,144,7194,691,3281,063,863645,9521,012,370802,7742,818,654 Feb. 3 27,9355841,722 5768,4544961,706 4582,4833151,473,7761,160,5964,610,6511,070,323630,608I,025,905814,5122,782,368 Feb 10 28,022 1971,684 3208,428 5871,718 8822458 1141,476,6881,178,5274,660,2531,082 087641,8121047 998824,4382,820,491 Feb. 17 28,566,5171,720 4628,422 1281,754 3762,5700981,496,4741,193,9214,810,7921,094,285644,8221,057,874856,9362,944,349 Feb. 24 28,5119011,733 8878,405 7351,741 7022,5519121,478,0211,166,6604,842,5571,098,504662,2891,093,742850,7422,886,420 Liabilities Federal Reserve notes in actual circulation: Jan. 27 12,156,645 883,4252,731871 854,1121,142808 779,823 544,9092434,512 513,035306,482 425,183244,802 ,295,683 Feb. 3 12,302,229 895,6842,744 518 862,1001,145420 790,294 567,2572!450,362 521,489310,480 434,563260,7311,319,331 Feb. 10 12,395,552 903,9642,761094 872,4301,156027 797,855 566,3722,472,023 522,392311,862 435,575259,7721,336,186 Feb. 17 12,428,930 910,5292,769038 875,8351,160650 795,837 568,7332,479,164 523,417313,064 435,858258,7301,338,075 Feb. 24 12,511,483 923,0262,780,128 887,4771,171514 801,086 566,9282,496,671 524,922314,994 437,654260,4101,346,673 Deposits: Member bank—reserve account: Jan. 27 13,277,860 672,7444,803 158 696,0251,076027 543,698 508,9511,960,817 450,491278,190 504,605485,3511,297,803 Feb. 3 12,941,69 670,1024,788 707 656,6301,044 252 529,671 499,0471830,352 447,230259,875 499,485479,4711,236,875 Feb. 10 12,746,877 618,1024,574416 6638801,016 543 524,299 508,9051880,358 449,964263,592 512,806474,8781,259,134 Feb. 17 13,092,939 649,3634,616459 670 5471,086091 533,790 507,9021978,029 451,725265,542 507,904496,8151,328,772 Feb. 24 12,917,205 648,1554,553 177 666,6401,057 148 528,018 495,2071,974,322 454,694265,124 522,971480,1061,271,643 U. S. Treasurer—general account: Jan. 27 122,352 42 114802 613 575 618 507 759 538 524 674 267 2,433 Feb. 3 48,883 512 43 170 527 671 378 218 539 486 289 602 308 1,183 Feb. 10 280,343 15,956 116813 9,787 19858 17,762 14,054 22,630 12,816 10,470 12,585 13,349 14,263 Feb. 17... 188,130 4,561 53,972 10,343 16838 14,296 15,961 15,359 11,318 7,723 11,549 13,974 12,236 Feb. 24.. 258,178 430 66 852 11,265 19111 13,992 17,241 30,647 12,703 15,319 19,148 13,931 37,539 * Less than $500. xAfter deducting $29,000 participations of other Federal Reserve Banks. MARCH 1943 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. i . s M ap in o n li e s - K C sa i a t s n y - Dallas F c S i r s a a c n n o - Foreign: Jan.27 793,661 23,633 137l,065 66,111 64,023 29,924 24,35 84,900 20,877 15,310 19,485 20,87 53,099 Feb. 3 793,547 22,920 X373,371 65,781 63,704 29,774 24,235 84,477 20,773 15,234 19,388 20,773 53,117 Feb. 10 805,906 23,118 1378,392 67,007 64,891 30,330 24,68 86,051 21,160 15,517 19,749 21,160 53,844 Feb. 17 802,332 24,511 ^77,069 66,378 64,282 30,045 24,455 85,243 20,961 15,372 19,564 20,961 53,491 Feb. 24 801,531 26,351 1367,704 67,528 65,396 30,565 24,879 86,721 21,325 15,638 19,903 21,325 54,196 Other deposits: Jan. 27 387,564 5,681 211,219 9,762 61,242 9,045 5,499 6,728 13,029 13,483 3,241 3,241 45,394 Feb. 3 361,972 4,065 136,989 13,480 69,522 16,996 4,025 36,305 15,569 11,964 9,060 3,560 40,437 Feb. 10 407,051 3,804 250,258 6,764 57,182 10,268 4,471 2,747 12,685 10,559 7,154 3,230 37,929 Feb. 17 356,165 4,756 198,140 5,362 55,872 9,317 3,449 3,334 12,211 10,460 8,304 4,289 40,671 Feb. 24 368,971 5,469 201,768 6,293 57,821 9,409 4,666 3,470 14,019 11,083 10,92. 4,376 39,672 Total deposits: Jan. 27 14,581,437 702,,100 5,500,244 772,5111,201,867 583,285 539,314 2,053,204 484,935307,507 528,005509,7361,398,729 Feb. 3 14,146,099 697,,599 5,342,237 736,418 178,149 576,819 527,5251,951,673 484,058287,362 528,535504,112 ,331,612 Feb. 10 14,240,177 6601,,980 5,319,879 747,4381,158,474 582,659 552,1171,991,786 496,62. 300,138 552,294512,61 1,365,170 Feb.17 14,439,566 683,1915,245,640 752,630 1,223,083 587,448 551,7672,081,965 496,215299,097 547,321536,0391,435,170 Feb. 24 14,345,""" 680,405 5,189,501 751,726 1,199,476 581,984 541,9932,095,160 502,741307,164 572,947519,7381,403,050 Deferred availability items: Jan. 27 1,078,343 98,219 234,949 72,512 137,644 81,561 46,206 153,190 53,489 21,767 47,154 36,158 95,494 Feb. 3 1,094,831 102,074 233,402 72,321 123,218 89,332 51,425 157,909 52,198 22,499 50,600 37,477 102,376 Feb. 10 991,400 92,030 212,511 63,131 106,805 78,742 45,549 145,309 50,367 19,464 47,805 39,832 89,855 Feb. 17 1,300,361 99,226 271,380 89,808 149,296 95,559 58,928 198,306 61,900 22,241 62,298 49,823 141,596 Feb. 24 1,254,644 102,753 299,525 66,207 143,610 77,240 43,160 199,062 57,952 29,624 70,619 57,880 107,012 Other liabilities, including accrued dividends: Jan. 27 3,833 527 533 547 387 399 195 478 135 165 182 154 131 Feb. 3 3,464 597 549 261 297 391 155 460 102 149 219 141 143 Feb. 10 4,147 583 737 372 393 390 180 653 138 167 227 95 212 Feb. 17 : 4,404 562 930 384 398 449 195 567 87 160 340 125 207 Feb- 24 4,921 603 910 563 477 433 211 674 119 190 349 158 234 Total liabilities: Jan. 27 27,820,258 ,684,2718,467,597 ,699,682 ,482,706 ,445,068 ,130,624 4,641,384 ,051,594 635,921 ,000,524 790',,8502,790,037 Feb. 3 27,546,623 ,695,9548,320,706 ,671,100 ,447,084 ,456,836 ,146,362 4,560,404 ,057,847 i20,490 ,013,917302,4612,753,462 Feb. 10 27,631,276 ,657,5578,294,221 ,683,371 ,421,699 ,459,646 ,164,218 4,,609,771 ,069,522631,631 ,035,901312,3162,791,423 Feb. 17 28,173,261 ,693,5088,286,988 ,718,657 ,533,427 ,479,293 ,179,623 4,760,002 ,081,619 34,562 ,045,817344,7172,915,048 Feb. 24 28,116,933 ,706,7878,270,064 ,705,973 ,515,077 ,460,743 ,152,292 4,791,567 ,085,734651,972 ,081,569338,1862,856,969 Capital accounts Capital paid in: Jan. 27 146,765 9,523 53,680 11,739 15,206 5,920 5,232 16,386 4,578 3,151 4,775 4,475 12,100 Feb. 3 146,721 9,523 53,674 11,686 15,206 5,927 5,238 16,375 4,584 3,153 4,780 4,475 12,100 Feb.10 146,772 9,523 53,685 11,687 15,216 5,927 5,238 16,387 4,583 3,158 4,787 4,475 12,106 Feb. 17 146,813 9,529 53,681 11,687 15,233 5,929 5,233 16,400 4,586 3,161 4,788 4,475 12,111 Feb. 24 146,822 9,529 53,672 11,688 15,235 5,932 5,234 16,406 4,587 3,163 4,788 4,476 12,112 Surplus (section 7): Jan. 27 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Feb. 3 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Feb. 10 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Feb. 17 160,411 11,160 58,001 15,670 14,767 5,236 5,725 22,925 4,966 3,221 3,613 4,083 11,044 Feb. 24 160,411 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): Jan. 27 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Feb. 3 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Feb. 10 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Feb. 17 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Feb. 24 26,829 2,874 7,070 4,393 1,007 3,244 717 1,429 530 1,000 1,137 1,307 2,121 Other capital accounts: Jan. 27 52,010 2,887 14,249 3,363 4,952 2,348 2,421 9,204 2,195 2,659 2,321 2,059 3,352 Feb. 3 55,000 3,065 15,045 3,609 5,251 2,533 2,554 9,518 2,396 2,744 2,458 2,186 3,641 Feb- 10 56,909 3,206 15,610 3,761 5,425 2,635 2,629 9,741 2,486 2,802 2,560 2,257 3,797 Feb. 17 59,203 3,391 16,388 3,969 5,664 2,772 2,623 10,036 2,584 2,878 2,519 2,354 4,025 Feb. 24 60,906 3,537 16,928 3,978 5,826 2,866 2,692 10,230 2,687 2,933 2,635 2,420 4,174 Total liabilities and capital accounts: Jan. 27 28,206,2731,710,715 8,600,5971,734,8472,518,6381,461,8161,144, ,691,328 1,063,863645,9521,012,370802,7742,818,654 Feb. 3 27,935,5841,722,576 8,!454,4961,706 483,315 473,7761,160,5964,610,6511,070,323630,6081,025,905814,5122,782,368 Feb. 10 28,022,1971,684,320 8,428,5871,718,8822,458,1141,476,6881,178,5274,660,2531,082,08'641,81 1,047,998824,4382,820,491 Feb. 17 28,566,5171,720,462 8,422,1281,754, ,570,0981,496,4741,193,9214,810,7921,094,285644,8221,057,874856,9362,944,349 Feb. 24 28,511,9011,733887 8,405,7351,741,7022,551,912 ,478,0211,166,6604,842,5571,098,504 66.22,2891,093,74:850,4722,886,420 Commitments to make industrial advances: Jan. 27 12,170 119 211 1,596 330 1,006 118 1,633 2,296 4,861 Feb. 3 10,314 114 39 1,594 446 1,006 118 1,627 1,150 4,220 Feb. 10 10,617 114 39 1,441 515 1.00J 118 1,627 ,546 4,212 Feb. 17 10,763 92 39 1,679 384 1,005 150 1,702 1,506 4,206 Feb. 24 11,573 92 39 2,175 398 1,005 113 1,702 1,866 4,183 1 After deducting $421,924,000 participations of other Federal Reserve Banks on Jan. 27; $419,393,000 on Feb. 3; $426,625,000 on Feb. 10; $423,679,000 on Feb. 17; and $430,467,000 on Feb. 24. zi FEDERAL RESERVE BULLETIN 3 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] System 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- m Ri 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 ra an ncisco Federal Reserve Notes: Issued to F. R. Bank by F. R. Agent: Jan. 27 12,710,200 914,4622,891,486 876,2591,176,706 826,867 591,3972,471,428 541,321 313,510 440,031 279,8481,386,885 Feb. 3 12,780,477 925,1582,891,635 880,3571,182,254 830,956 597,2132,491,747 546,922 315,594 445,610 280,9801,392,051 Feb. 10 12,861,069 931,7942,892,843 889,9091,188,577 834,416 602,7222,514,412 546895 318,827 444,429 281,4311,411,814 Feb. 17 12,926,993 941,1402,899,340 897,3131,194,794 833,534 608,2092,522,780 553368 320,102 447,619 285,9811,422,813 Feb. 24 13,017,248 952,2642,906,206 909,4071,207,752 835,964 620,4982,539,564 553401 322,630 450,678 288,5821,430,302 Held byFederal Reserve Bank: Jan. 27 553,555 31,037 159615 22 147 33898 47044 46,488 36,916 28286 7,028 14,848 35,046 91,202 Feb. 3 478,248 29,474 147 117 18257 36834 40 662 29,956 41,385 25433 5,114 11,047 20,249 72,720 Feb. 10 465,517 27,830 131749 17479 32550 36561 36,350 42,389 24503 6,965 11,854 21,659 75,628 Feb. 17 498,063 30,611 130302 21478 34 144 37697 39,476 43,616 29951 7,038 11,761 27,251 84,738 Feb. 24 505,765 29,238 126078 21930 36238 34878 53570 42,893 28479 7,636 13,024 28,172 83,629 In actual circulation:1 Jan. 27 12,156 645 883,4252 731871 854 1121,142 808 779823 5449092,434 512 513035 306,482 425,183 244,802 ,295,683 Feb. 3 12302 229 895 6842744518 862 1001145420 790 294 567 2572,450 362 521489 310,480 434,563 260,731 ,319,331 Feb. 10 12395 552 9039642761094 872430 [ 156027 797855 566 3722,472 023 522392 311,862 435,575 259,772 ,336,186 Feb. 17 12428930 910 5292769038 875835 160650 795837 568 2,479 164 523417 313 064 435 858 258,730 ,338 075 Feb. 24 12511483 9230262780 128 887477 171514 801086 566!9282! 496671 524922 314',994 437!654 260,410 ,346',673 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Jan. 27 12474000 868000 915000 795000 180000 727000 5650002 500000 480000 315 000440 000 285,000 ,404,000 Feb. 3 12526000 8880002915,000 795000 190000 727!000 5750002! 500000 480000 320!000 445!000 287,000 ,404!000 Feb. 10 12589000 896000 915,000 795000 190000 727,000 5750002,530 000 480,000 320 000 450,000 287,000 ,424,000 Feb. 17 12709000 906,0002915,000 820000 200000 727,000 5900002,560 000 480 000 325,000 450,000 292,000 ,444,000 Feb. 24 12740500 916,000 915,000 820 000 210,000 727000 6000002,560 000 480 000 325,000 450,000 293,500 ,444,000 Eligible ]aaper: Jan. 27 5815 810 4,830 115 35 25 Feb. 3 4,105 110 2,755 215 25 1,000 Feb. 10 8,665 8440 200 25 Feb. 17 4,645 30 4,490 100 25 Feb. 24 6,375 520 5,530 200 125 U. S. Gov't. securities: Jan. 27 385,000 50,000 100,000 125,000 30000 75000 5,000 Feb. 3 395,000 50,000 100,000 125,000 30000 85,000 5,000 Feb. 10 395,000 50 000 100,000 125000 30000 85000 5 000 Feb. 17 395,000 50,000 100,000 125,'000 30000 85!000 5! 000 Feb. 24 395,000 50000 100,000 125,000 30000 85,000 5,000 Total collateral: Jan. 27 2,864 815 918,810 919,830 895,115 180,000 852035 5950002,500000 555,000 315 000445,025 285,000 404 000 Feb. 3 2,925,105 938,110 917,755 895,215 190,000 852^025 605!0002 ,'500000 565!000 320!000 451 ,'000 287,000 404 ,'000 Feb. 10 2,992,665 946,000 923,440 895,200 190,000 852.025 605,000 ,530,000 565,000 320,000 455,000 287,000 424,000 Feb. 17 3,108,645 956,030 919,490 920,100 200,000 852,025 620,000 ,560,000 565,000 325,000 455,000 292,000 444,000 Feb. 24 3,141,875 966,520 920,530 920,200 210,000 852,125 630 000 ,560,000 565,000 325,000 455,000 293,500 444,000 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 BANKS 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 s a p t n t e e e d r s i a o ( d v l d a a ) o y s t f or Nu A m p a b p p e l p r i r c o a A v ti e o m d n o s unt ( b a p p m c u r l o o e t o m t v n e u 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 u t i - t n n s i g t t ) - ( s P a p t m a a a o r n t u o i t d o i t u c - i n n n i s - t g ) [A G m u o a a u r u n a t t n h s t o e i r n e i d z t e h l d o o a u n s s ands G o u f o a r u d a t o n s l t t l a e a n r e s 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 Date under guar- 1 1 1 9 9 9 3 3 3 5 7 6 2 2 1, , , 9 2 4 9 8 0 3 0 6 1 1 1 2 5 3 4 0 9 , , , 9 8 4 8 2 9 7 9 3 1 8 3 1 , , , 2 3 5 2 6 4 6 8 9 3 2 2 2 5 0 , , , 4 5 2 9 2 1 3 6 6 2 2 1 7 0 2 , , , 6 9 7 4 5 8 9 9 0 8 7 7 , , , 7 2 2 7 0 3 8 8 8 Number Amount am To o t u a n l t g P u o te a r e r t d i a o n n - o an u t t m e s e t e a a n n g t d s r i e n e g - 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 1942 1941 May 31 282 100,290 C1) C1) 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 June 30 565 310,680 81,108 69,674 137,888 1942 July 31 932 509,012 151,154 131,097 158,340 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 August 31 1,329 705,842 294,720 244,532 206,609 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 September 30 1,658 944,204 427,918 356,677 230,720 May 27 3,337 325,507 22,480 11,464 14,378 23,384 June 24 3,352 338,822 26,346 11,265 16,832 26,430 October 31 2,023 2,227,704 r527,186 r439,989 rl,308,168 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 November 30 2,327 2,367,297 r644,558 r520,869 r 1,383,394 O Se c p t. t . 2 3 8 0 3 3 , , 3 3 9 9 4 9 3 37 6 7 4 , , 3 9 0 1 6 6 8 7 , , 1 5 9 3 9 6 1 1 5 4 , , 8 9 8 3 2 4 1 11 2 , , 5 1 7 8 2 7 2 2 3 0 , , 1 9 8 8 0 3 December 31 2,665 2,688,397 '"803,720 r632,474 rl,430,121 Nov. 30 3,415 393,679 5,430 15,465 10,876 18,880 Dec. 31 3,423 408,737 4,248 14,126 10,661 17,305 1943 1943 January 31.. 2,961 2,999,731 973,930 768,111 1,440,733 Jan. 30 3,432 434,638 6,672 12,897 12,160 23,915 T Revised. 1 Includes applications approved conditionally by the Federal Reserve 1 Not available. Banks and under consideration by applicant. NOTE.—The difference between guaranteed loans authorized and sum 2 Includes industrial advances past due 3 months or more, which are not of loans outstanding and amounts available to borrowers under guarantee included in industrial advances outstanding in weekly statement of condi- agreements outstanding represents amounts repaid, guarantees available tion of Federal Reserve Banks. but not completed, and authorizations expired or withdrawn. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for advances and commitments withdrawn or expired. MARCH 1943 2-33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, JANUARY, L943 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 Cl a a n ss d e s d i o s f t r b ic a t n s ks m G d d r a e e o n - - s d s m N d d a e e e n - - t d p T d o im e s : i e ts Feder B al a n R k e s serve b m a b A e n e m l k r l s - 1 N c e i w ty ban C k h s i- b s c a R e i n r e t v y - k e s b C a t o n r u y k n s - 1 posits posits1 qu R ir e e - d Held E ce x s - s York cago Total reserves held: All member banks 64,654 55,710 12,936 11,212 13,344 2,132 1942—January 12,936 5,248 1,085 4,365 2,238 Central reserve city banks: February 12,908 5,266 1,086 4,356 2,199 New York 20,727 19,852 751 4,015 4,352 337 March 12,827 5,188 1,157 4,279 2,204 Chicago 4,589 4,244 455 876 898 22 April 12,649 5,028 1,140 4,293 2,188 May 12,510 4,870 1,049 4,325 2,265 Reserve city banks: June 12,624 4,859 979 4,448 2,338 Boston district 1,782 1,650 88 335 388 52 July 12,409 4,609 1,000 4,447 2,353 New York district 394 344 145 78 86 8 August 12,623 4,616 1,009 4,574 2,423 Philadelphia district 1,955 1,749 128 357 421 64 September 12,299 4,150 944 4,676 2,529 October 12,234 4,093 834 4,711 2,597 Cleveland district 3,038 2,590 709 560 737 177 November 12,618 4,086 859 4,990 2,684 Richmond district 1,429 1,221 245 259 332 73 December 13,152 4,303 877 5,122 2,850 Atlanta district 1,492 1,203 180 251 305 54 1943—January 13,344 4,352 898 5,190 2,905 Week ending (Friday): Chicago district 2,936 2,394 804 527 651 124 1943—Jan. 8 13,389 4,504 884 5,048 2,953 St. Louis district. 1,580 1,352 173 281 313 32 Jan. 15 13,327 4,368 892 5,192 2,875 Minneapolis district 781 668 84 139 154 15 Jan. 22 13,230 4,253 886 5,203 2,888 Jan. 29 13,380 4,261 908 5,284 2,927 Kansas City district 1,912 1,440 160 298 356 59 Feb. 5 13,143 4,202 891 5,132 2,918 Dallas district 1,468 1,100 131 228 307 80 Feb.12 12,834 4,002 875 5,061 2,896 San Francisco district ... 4,805 4,145 2,251 964 1,139 175 Feb.19 12,984 3,973 877 5,190 2,944 Excess reserves: Total , ... 23,570 19,854 5,097 4,277 5,190| 913 1942—January 3,446 1,083 225 1,330 809 February 3,309 1,071 204 1,279 755 March 3,147 962 255 1,190 740 Country banks: April 2,951 795 262 1,175 718 Boston district 1,649 1,350 593 225 297 72 May 2,667 546 178 1,171 772 New York district 2,557 2,146 1,571 395 528 134 June 2,704 556 89 1,232 827 Philadelphia district 1,173 946 856 184 255 71 July 2,237 269 64 1,105 799 August 2,248 286 60 1,091 812 Cleveland district 1,322 985 771 184 287 103 September 2,300 302 73 1,069 857 Richmond district 1,294 919 418 154 206 52 October 2,328 557 27 921 823 Atlanta district 1,253 869 280 138 202 63 November 2,362 455 45 1,035 827 December 2,376 416 35 1,020 904 Chicago district 1,958 1,432 949 257 388 130 1943—January 2,132 .337 22 913 860 St. Louis district 883 612 266 102 146 44 Week ending (Friday): Minneapolis district 679 500 305 88 121 33 1943—Jan. 8 2,182 443 15 805 919 Jan. 15 2,106 338 16 911 841 Kansas City district 972 632 164 98 144 46 Jan 22 2,025 272 11 907 835 Dallas district 1,175 772 97 114 183 69 Jan. 29 2,139 280 26 960 874 San Francisco district... 852 596 362 105 148 43 Feb. 5 1,841 187 12 806 836 Feb. 12 1,641 82 12 744 803 Total 15,769 11,760 6,632 2,044 2,905 860 Feb. 19 Pi,781 98 15 818 P851 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. 228 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 er l a 1 r 5 g , e 0 r 0 0 c ) enters Membe ( r p l b a a c n es 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 Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Boston 3,431 3,354 680 670 3,215 ,3,147 557 548 215 207 124 123 New York 23,678 22,891 2,468 2,416 22,427 X2,289 11,173 H.isi 523 498 544 536 Philadelphia 3,128 3,047 984 967 2,669 2,605 530 459 442 454 449 Cleveland 4,360 4,200 1,480 1,456 3,847 3,716 1,112 518 513 483 368 362 Richmond 2,722 2,666 663 656 2,316 2,268 445 1,094 407 398 218 216 Atlanta 2,745 2,580 459 453 2,431 2,291 369 440 314 289 91 89 S C t h . i L ca o g u o is 9 2 , , 4 4 8 6 2 3 9 2 , , 1 3 0 5 9 4 2,2 4 0 3 8 9 2,1 4 5 3 1 5 X 1 4 , , 9 1 3 5 4 2 X 1 3 , , 8 9 5 6 5 7 11,3 3 7 1 2 4 11,3 3 2 6 4 3 5 7 2 4 9 2 4 7 9 0 9 5 3 1 8 2 1 4 3 1 7 2 4 4 Minneapolis 1,460 1,407 389 382 1,126 1.090 206 311 334 317 183 180 Kansas City.. 2,885 2,790 324 321 2,212 2,158 211 201 673 632 113 111 Dallas..... 2,643 2,533 228 228 2,003 1,919 187 210 640 614 41 43 San Francisco. 5,657 5,461 2,613 2,561 5,387 5,194 2,489 185 270 266 123 126 2,435 Total.. 64,654 62,392 12,936 12,695 X33,719 ^2,500 ^,965 ^so 5,619 5,351 2,764 2,734 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. ^34 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 ce c G r a t o 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 8 y e 9 s s - 0 S s u i a b lv r s y e id r i- M co in in or U S n n o ta i 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 o d a s t e n e e r r k s a v l e n t b i N o o a t n n a e - a k s l 1941—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 r188 r135 1943—January... 15,590 58 77 1,700 567 226 312 12,152 362 r Revised. Back figures—Set 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 ir - - so U r n te a d s- 2 tion1 Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1941—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 1,309 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 1,362 2,898 2,820 3,204 792 1,549 268 558 9 29 1 May 12,074 8,841 771 696 44 1,402 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 1,517 3,379 3,310 3,409 868 1,663 266 575 8 29 4 September.. .. 13,703 10,207 830 754 50 1,555 3,532 3,487 3,500 904 1,715 268 576 9 29 4 October 14,210 10,629 848 764 51 1,597 3,684 3,686 3,584 940 1,762 274 570 9 30 3 November 14,805 11,122 867 782 53 1,647 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 1943—January 15,590 11,665 869 in 54 1,678 4,107 4,183 3,928 1,047 1,962 293 592 10 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). STOCK OF UNITED STATES MONEY, JANUARY 31, 1943 [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money held Kind of money out T st o a t n a d l ing a A g s a i s n e s c t u g ri o t l y d Treasury Fo R r e F se e r d v e e ral b B y R a n e F k s e e s d r e a v r n e a d l c M irc o u n l e a y t i i o n n1 and silver cash Banks and Agents certificates Agents Gold 22,683 20,578 22,105 Gold certificates 320,578 17JO5 2,815 58 Federal Reserve notes 12,741 55" 533 12,152 Treasury currency—total 43,830 1,968" 39 411 3,379 Standard silver dollars 547 452 16 3 77 Silver bullion 1,516 1,516 Silver certificates and Treasury notes of 1890 31,968 267 1,701 Subsidiary silver coin 608 20 22 567 Minor coin 234 2 6 226 F U e n d i e te r d a l S R ta e t s e e s r v n e o B te a s nk notes 3 4 4 4 7 2 h (5) 3 8 3 0 3 3 1 6 2 2 National bank notes 136 1 135 Total—Jan. 31, 1943 339,253 Z22,547 42,199 17,705 3,760 15,590 Dec. 31, 1942 339,047 Z22,586 2,193 17,738 3,706 15,410 Jan. 31, 1942... 334,703 322,548 2,196 17,718 3,615 11,175 1 Includes any paper currency held outside the continental limits of the United States; figures for other end-of-month dates shown in table above, and totals by weeks are shown in table on page 227. 2 Includes $1,800,000,000 Exchange Stabilization Fund, $143,622,732 balance of increment resulting from reduction in weight of the gold dollar, and $156,000,000 held as reserve against United States notes and Treasury notes of 1890. 3 The amounts of gold and silver certificates and Treasury notes of 1890 outstanding are not included in the total of all forms of money outstanding, since gold and silver held as security against them are included under gold, standard silver dollars, and silver bullion. 4 Figures for total Treasury currency outstanding and for total Treasury cash by weeks and months are shown in the table on page 227. 5 Less than $500,000._ NOTE.—There is maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or, until June 30, 1943, of direct obligations of the United States if so authorized by a majority vote of the Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of at least 40 per cent, including the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and National bank notes are in process of retirement. MARCH 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN GOLD STOCK OF POSTAL SAVINGS SYSTEM UNITED STATES [In millions of dollars] [In millions of dollars] Assets Ear- Period of a s G t t p o o e e c l n r k d i d od I i n n s c to r g e c o a k l s d e N i e m t p g o o r l t d g m o c o l r r a d e r i : a k n s d e - e d e- p D ti r c t o o i m o d g n u o e 1 c s ld - - _ End of month D a i n b e to c a p e r l o - s s s ' 1 - Total i C n p o a d s s i e h - - U. S s . e G cu o r v i e ti r e n s ment C se r a r e s v - h e crease (-) tory Di- Guar- funds banks Total rect t a e n e - d etc.2 19342 . 8,238 4,202.5 1,133.9 82.6 92.9 1935 10 125 1,887.2 1,739.0 .2 110.7 1936 HI, 258 1,132.5 1,116.6 -85.9 131.6 1934—June...' 1,198 1,225 695 453 418 35 76 1937 312,760 1,502.5 1,585.5 -200.4 143.9 Dec 1,207 1,237 540 597 467 130 100 1938 14,512 1,751.5 1,973.6 -333.5 148.6 1935—June 1,205 :,236 385 777 630 147 74 1939 17,644 3,132.0 3,574.2 -534.4 161.7 Dec 1,201 ,237 287 853 706 147 98 1940 21,995 4,351.2 4,744.5 -644.7 170.2 1936—June 1,232 ,265 203 967 800 167 95 1941 22,737 741.8 982.4 -407.7 169.1 Dec 1,260 ,296 145 L,058 892 167 93 1942 22,726 — 10.3 -458.4 126.3 1937—June 1,268 ,307 136 ,100 933 167 71 Dec 1,270 ,308 130 1,097 931 167 80 1942—January 22,747 10.6 -38.5 14.7 1938—June 1,252 ,290 115 1,103 936 167 73 February.... 22,705 -42.4 -109.3 10.0 Dec 1,252 ,291 86 1,132 965 166 73 March 22,687 -17.3 -65.5 11.0 1939—June.. 1,262 ,304 68 1,157 1,011 146 78 April 22 691 3.3 -20.1 11.1 Dec 1,279 1,319 53 1,192 1,046 146 74 May 22 714 23.6 -38.2 10.8 1940—June 1,293 ,337 43 1,224 1,078 146 69 June 22,737 22.3 -14.8 10.1 Dec 1,304 1,348 36 1,224 1,078 146 88 A Ju u l g y ust 2 2 2 2 , , 7 7 4 5 4 6 1 7 1 . .4 6 - - 2 2 1 4 . . 8 4 1 9 2 . . 8 3 1941— D Ju e n c e 1 1 , , 3 3 0 1 4 4 L 1, , 3 3 9 5 6 6 3 2 0 6 1 1, , 2 2 7 5 4 1 L 1, , 1 1 2 0 8 4 1 1 4 4 6 6 9 7 5 5 September... 22,754 -1.3 -27.8 11.5 October 22,740 — 14.3 -56.4 11.7 1942—Jan 1,310 1,421 25 1,274 1,128 146 122 November... 22,743 3.3 -10.8 7.5 Feb 1,307 L,444 25 1,274 1,128 146 145 December 22,726 -17.2 -31.0 5.9 Mar 1,305 1,463 25 1,272 [,126 146 166 Apr 1,306 1,483 25 1,272 1,126 146 186 1943—January . 22,683 -43.3 5—76.1 May 1,307 1,504 24 1,272 1,126 146 208 June 1,316 1,525 24 1,272 1,146 126 229 July 1,329 1,554 21 1,271 1,146 126 262 1 Annual figures through 1941 are estimates of the United States Mint. Aug 1,344 1,575 20 1,271 1,146 126 283 Annual and monthly figures for 1942 are those published i^ table on page Sept 1,358 1,415 19 1,267 1,141 126 129 273, adjusted to exclude Philippine Islands production received in United Oct 1,377 1,429 18 1,266 1,140 126 146 States. Nov ?1,397 2 Figures based on rate of $20.67 a fine ounce in January 1934'and $35 a Dec P1,415 fine ounce thereafter. 3 Includes gold in the Inactive Account amounting to 27 million dollars 1943__jan ^1,445 on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937. 4 The net gold import figures for months subsequent to December 1941 have not been released for publication. v Preliminary 5 Gold held under earmark at Federal Reserve Banks for foreign account 1 Outstanding principal, represented by certificates of deposit. Does not amounted to 2,749.9 million dollars on Jan, 30, 1943. include accrued interest nor outstanding savings stamps. NOTE.—For back figures through 1937, see Annual Report for 1937 2 Includes working cash with postmasters, 5-per cent reserve fund and (table 29). miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments, and accounts due from late postmasters. BANK SUSPENSIONS* Back figures.—See BULLETIN for August 1935, pp. 501-502. Member Nonmember Total, banks banks all BANK DEBITS banks ti N o a n - al State su I r n e - d2 imn s N ur o e t d Debits to deposit accounts except interbank accounts [In millions of dollars] Number of banks suspended: 1 1 1 1 9 9 9 9 3 3 3 3 7 4 5 6 4 5 3 5 4 7 4 9 4 4 1 1 2 4 4 2 8 0 7 2 4 3 6 g 8 Year and month r c T e e i o p a n n t o l t g l a e r l t r , - s N Y C e i o t w r y k ce o n 1 th 4 te 0 e r r s1 r c e e o p n 1 t o h 3 t r e 3 e t r r i s n 2 g 1938 55 1 1 47 6 1939 42 4 3 25 10 1940 22 1 18 3 1929 982,531 603,089 331,938 47,504 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 1943—January 1939 423,932 171,382 218,298 34,252 1940 445,863 171,582 236,952 37,329 Deposits of suspended banks 1941 537,343 197,724 293,925 45,694 (in thousands of dollars):3 1942 607,071 210,961 342,430 53,679 1934 36,937 40 1,912 34,985 1935 10,015 5,313 3,763 939 1942—January 48,605 17,247 27,028 4,330 1936 11,306 507 10,207 592 February.... 41,545 14,242 23,543 3,760 1937 19,723 7,379 "i,'708' 10,156 480 March 49,161 17,056 27,764 4,341 1938 13,012 36 211 11,721 1,044 April , 46,613 16,023 26,451 . 4,138 1939 34,998 1,341 24,629 6,589 2,439 May 48,342 16,985 27,241 4,116 1940 5,943 256 5,341 346 June 50,107 17,394 28,292 4,421 1941 3,726 3,144 503 79 July 50,087 17,110 28,505 4,472 1942 1,702 1,375 327 August 49,179 17,051 27,847 4,282 1943—January September... 52,712 18,593 29,530 4,589 October 55,056 18,323 31,627 5,105 1 Represents banks which, during the periods shown, closed temporarily N D o ec v e e m m b b e e r r r6 5 4 0 , , 9 6 9 7 1 3 2 1 3 7 , ,0 9 1 2 6 1 r3 2 5 9 , , 5 0 6 4 2 0 4 5 , , 6 5 1 0 6 8 or permanently on account of financial difficulties; does not include banks 1943—January 54,779 19,877 30,263 4,639 whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). r Revised. 2 Federal deposit insurance became operative Jan. 1, 1934. 1 National series, for which bank debit figures are available beginning 3 Deposits of member banks and insured nonmember banks suspended are with 1919. as of dates of suspension, and deposits of noninsured nonmember banks 2 Except that 1929 figure is for 128 centers only. are based on the latest data available at the time the suspensions were Back figures.—Annual Report for 1937, page 157. Annual totals, beginreported. ning with 1919, by Federal Reserve districts and for individual centers, are Back figures.—See Annual Report for 1937 (table 76). 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 pprriivate 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. FFiigures for nonmember banks are for dates indicated or nearest thereto for which figures are available. DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 NUMBER OF BANKS [In millions of dollars] Member barks2 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 see table below. For footnotes see table below. LOANS AND INVESTMENTS [ In millions of dollars] All banks Member banks2 Nonmember banks Mutual savings banks Other nonmember banks Call date 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- 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—Junef30 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). MARCH 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollarsj Loansi Investments1 Loans for U. S. Government obligations purchasing Obli- Total or carrying gations loans Com- Direct of Call date and mer- Agri- 3pen States i m nv e e n s t t s - Total1 t n a r c d i n i a u a d l l s 2 - j. i t c& a u u l i r 2 l- - i p m k a a p e r t e - r b T r e o r o s k- o T t o h- R s o t a e a n a te s l l O o t a h n e s r 4 Total Total Bills C fic e i o a n r f - t t e i s - Notes Bonds G t a u e n e a - d r- p s a o u c n l a b d i l - ti- O r s i e t t c h ie u e s - r and ers3 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—June 30 40,659 16,729 7,270 738 537 575 635 3,365 3,609 23,930 8,078 1,127 2,631 0,481 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 24,098 1,509 1,872 3,546' 14," 485'2,685 2,934 2,840 Dec. 31*.... 59,234 16,062 43,173 37,544 2,963 2,666 New York Cityt> 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 1,768 •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 2,775 9 66 "430 167" 121 499 9,953 8,550 "402' 663 1,746 'i;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—June 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 K068 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 2J00 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 "l77 1,' 524' 1,315 9,971 8,188 579 "674 981 5^149 806 925 858 Dec. 31p... 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 i; 187 546 174 17 208 1,544 1,311 5,270 3,030 36 451 1,849 695 L,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—June 30 11,446 5,607 1,377 555 216 17 195 1,739 1,507 5,839 3,627 60 374 2,404 788 L,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 "in "355 "657' 3^696 624 1,222 1,013 Dec. 31*\... 16,404 5,024 11,379 9,171 1,252 956 v 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). 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 B w s e R e a d i r n e t e v h - k r e s al v C a i a u n s l h t b a w a n d n i c o t k e h - s s1 j m p u a o s d a d t s e n e - i - d t d s 2 v p an a i s I d d h r n t u i d n c p a i e o s l - , r s r - , - p s S o u l a t i b a n t t d i d e c i s - al C c f a o e i e n f e r f r d d i t s - i ' - U G er o n v S - - p a v n a i I d d r n t u d n c a i o e l - r r s - - , S p a i t o c a n l a t d i e l t s - m U G e a r . n o e n S d n v - . t - Do b m an e k s s tic F ei o g r n - B r i o n o w g r s - - C c a o a p u c i n - ta ts l p ti o o r n a s - visions ch e e tc c . ks ment p ti o o r n a s - v s i u s b io d n i s - po s in s a g t v a s - l m D an e- d3 Time anks 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 ^,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. 31? 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 ,615 1941—June 30 5,857 136 131 11,619 11,895 319 306 32 778 27 3,948 623 ,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 e192 11,335 11,235 296 154 967 751 25 e3,383 e576 4 ,655 June 30 4,762 88 103 11,711 12,014 271 273 863 717 17 3,284 683 3 698 Dec. 31p 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—Tune 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 eg 289 June 30 973 43 220 2,379 2,292 226 24 201 460 1,028 10 293 Dec. 31* ..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 1,904 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 e2,7O5 11,689 11,105 1,313 202 633 4,366 224 18 e4,235 e90 e54 5 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. 3IP 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 1,517 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 1,876 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 1,956 Dec. 31 2,210 526 3,216 9,661 8,500 1,370 239 225 6,082 146 31 790 30 2 4 1,982 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 * Preliminary. e Partly estimated. 1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated $629,000,000. Prior to Dec. 31, 1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25,1933, 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, les.s cash items reported as m 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. Back figures.—See Annual Report for 1937 (tables 52-58). MARCH 1943 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 Invesstments 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 t n a a c u r g d u i n r a r u l a d i - l s l - , - p O m k a p e p a e t r e n - r b d a T r 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 o a k n s s O lo t a h n e s r Total Total Bills C d f o n i f e e e c e d b a r s i t t - n t s e i - - - Notes Bonds G t a e u n e a - d r- O r s i t e t h c i e e u r s ers Total—101 Cities 1942—January 30,229 11,271 6,737 425 483 408 1,251 43 1,924 18,958 15,285 1,098 2,456 8,891 2,840 3,673 1942-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 r6,137 245 828 r391 1,203 34 rl,528 29,351 26,063 3,760 3,729 4,202 12,440 1,932 3,288 1943—January 41,383 9,826 5,955 226 604 361 1,191 33 1,456 31,557 28,270 4,226 5,012 4,113 12,999 1,920 3,287 1942—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 29,60.0 26,317 3.851 3,418 4,194 12,921 1,933 3,283 Dec. 23 40,457 10,68: 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 r6,065 239 850 r382 1,199 53 rl,533 31,148 27,835 3,786 4,958 4,169 12,985 1,937 3,313 1943—Jan. 6 41,344 10,035 r6,010 230 718 r381 1,195 20 rl,481 31,309 28,025 4,019 4,977 4,127 12,979 1,923 3,284 Jan. 13 41,239 9,811 r5,955 228 578 r370 1,192 31 rl,457 31,428 28,142 4,136 4,996 4,118 12,969 1,923 3,286 Jan. 20 41,361 9,722 r5,936 226 552 r350 1,188 25 rl,445 31,639 28,347 4,309 5,016 4,101 13,002 1.919 3,292 Jan. 27 41,588 9,738 5,920 229 567 342 1,189 54 1,437 31,850 28,564 4,440 5,060 4,106 13,044 1,914 3,286 Feb.3 41,708 9,790 5,902 229 637 358 1,184 46 1,434 31,918 28,648 4,476 5,059 4,088 13,117 1,908 3,270 Feb. 10 41,475 9,781 5,904 227 636 350 1,182 58 1,424 31,694 28,428 4,239 5,060 4,085 13,133 1,911 3,266 Feb. 17 41,365 9,681 5,856 225 616 347 1,179 50 1,408 31,684 28,424 4,154 5,074 4,072 13,224 1,900 3,260 Feb. 24 41,353 9,643 5,816 226 607 346 1,176 71 1,401 31,710 28,438 4,153 5,003 4,075 13,294 1,913 3,272 New York City 1942—January 12,212 3,761 2,600 81 335 146 102 39 458 8,451 6,984 408 1,517 3,516 1,543 1,467 1942—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 1943—January 16,409 3,545 2,386 42 486 161 99 32 339 12,864 11,703 1,976 2,074 1,890 4,768 995 1,161 1942—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 Jan. 27 16,478 3,522 2,393 42 457 145 99 53 333 12,956 11,803 2,079 2,134 1,872 4,736 982 1,153 Feb.3 16,422 3,599 2,402 42 517 164 98 45 331 12,823 11,674 2,038 2,043 1,856 4,756 981 1,149 Feb. 10 16,214 3,580 2,403 43 522 157 98 31 326 12,634 11,489 1,909 2,021 1,824 4,749 986 1,145 Feb. 17 16,047 3,544 2,385 44 500 156 98 37 324 12,503 11,357 1,736 2,014 1,811 4,815 981 1,146 Feb. 24 15,968 3,502 2,360 45 484 154 97 39 323 12,466 11,319 1,720 1,962 1,793 4,855 989 1,147 Outside New York City 1942—January 18.017 7,510 4,137 344 148 262 1,149 4 1,466 10,507 8,301 690 939 5,375 1,297 2,206 1942—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 r3,647 208 129 r220 1,102 7 rl,160 17,356 15,221 2,023 2,251 2,237 7,783 927 2,135 1943—January 24,974 6,281 3,569 184 118 200 1,092 1 1,117 18,693 16,567 2,250 2,938 2,223 8,231 925 2,126 1942—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 2,218 8,087 927 2,139 Dec. 23 24,085 6,512 3,672 207 147 230 1,100 8 1,148 17,573 15,450 2,094 2,076 2,219 8,133 928 2,123 Dec. 30 24,827 6,462 r3,643 198 141 r204 1,098 9 rl,169 18,365 16,224 1,968 2,946 2,221 8,154 935 2,141 1943—Jan. 6 24,844 6,366 r3,618 189 127 r203 1,095 1 rl,133 18,478 16,359 2,119 2,942 2,216 8,164 918 2,119 Jan. 13 24,886 6,293 r3,580 186 117 r199 1,093 1 18,593 16,469 2,189 2,943 2,224 8,191 922 2,124 Jan. 20 25,058 6,252 r3,552 184 118 r198 1,089 1 18,806 16,678 2,332 2,942 2,216 8,260 928 2,128 Jan. 27 25,110 6,216 3,527 187 110 197 1,090 1 l]lO4 18,894 16,761 2,361 2,926 2,234 8,308 932 2,133 Feb.3 25,286 6,191 3,500 187 120 194 1,086 1 1,103 19,095 16,974 2,438 3,016 2,232 8,361 927 2,121 Feb. 10 25,261 6,201 3,501 184 114 193 1,084 27 1,098 19,060 16,939 2,330 3,039 2,261 8,384 925 2,121 Feb. 17 25,318 6,137 3,471 181 116 191 1,081 13 1,084 19,181 17,067 2,418 3,060 2,261 8,409 919 2,114 Feb. 24 25,385 6,141 3,456 181 123 192 1,079 32 1,078 19,244 17,119 2,433 3,041 2,282 8,439 924 2,125 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 see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 2.40 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 a R 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 n d e n i c o s t k t - e h i s s c j m p u o a d s a d s t e n e i - - d t d s 1 s p u p v n c h a o a a i e o n i d r l r p r r d s a t - - - s , - - , S p s d s a t i o i u i c a n o v l a t b d n i e i l t - s - - s c C c h o a e f 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 n n S v - t . - s p u p v n c h a o a a i o e i n r d l r p r r d s a t - - - s - , - , S p s d s a i t i o u i c a o n v l b a t n d i i e - l t - s s - p m U G o s a i e n a s . n o e r g S v n t d n v 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 g w r s - - co C i a u t a c a n - p l t - s B d i a e t n s b k 2 tions tions Total 101 Cities 1942—January 10,324 558 3,313 24,307 23,942 1,701 558 1,518 5,089 182 21 9,060 101 645 1 3,917 9,114 1942—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 1943—January 9,786 524 2,679 29,215 29,143 1,781 612 5,794 5,218 101 28 9,361 61 727 8 4,026 10,856 1942-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 1,793 513 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 1,723 ,562 5,636 5,108 100 26 9,354 65 743 6 4,011 12,835 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 Jan. 27 9,756 515 2,670 30,056 29,823 1,866 694 5,129 5,247 102 28 9,343 60 716 13 4,026 10,315 Feb. 3 9,418 494 2,512 29,743 29,434 1,888 598 5,245 5,268 112 28 9,136 61 740 12 4,037 12,603 Feb. 10 9,276 529 2,494 30,157 29,877 1,855 544 4,410 5,276 107 28 9,071 59 723 71 4,042 9,779 Feb. 17 9,508 500 2,631 30,620 30,699 1,829 587 3,940 5,289 106 28 9,322 59 731 17 4,044 10,232 Feb. 24 9,445 539 2,592 31,129 31,150 1,842 578 3,366 5,305 106 29 9,286 56 722 41 4,046 9,702 New York City 1942—January 4,991 80 93 10,300 10,428 254 313 811 714 23 3,465 581 1,533 3,699 1942—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 1943—January 3,973 78 28 11,091 11,370 216 349 3,326 656 19 3,161 651 5 1,566 4,406 1942-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 "10" 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 5,144 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 10 1,567 4,364 Jan. 27 3,832 80 27 11,430 11,704 206 437 2,916 666 22 3,165 639 10 1,564 4,080 Feb. 3 3,776 76 23 11,373 11,578 229 324 2,976 671 21 3,084 660 10 1,575 5,800 Feb. 10 3,619 86 21 11,479 11,709 225 302 2,479 658 22 3,020 647 67 1,576 4,181 Feb. 17 3,630 75 '24 11,598 11,953 211 321 2,191 659 22 3,061 653 16 1,577 4,115 Feb. 24 3,596 83 24 11,845 12,160 206 304 1,844 662 22 3,042 642 40 1,575 3,848 Outside New York City 1942—January 5,333 478 3,220 14,007 13,514 1,447 245 707 4,375 159 21 5,595 101 64 1 2,384 5,415 1942—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 1943—January.. 5,813 446 2,651 18,124 17,773 1,565 263 2,468 4,562 82 28 6,200 61 76 3 2,460 6,450 1942—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 Jan. 27 5,924 435 2,643 18,626 18,119 1,660 257 2,213 4,581 80 28 6,178 60 77 3 2,462 6,235 Feb. 3 5,642 418 2,489 18,370 17,856 1,659 274 2,269 4,597 91 28 6,052 61 80 2 2,462 6,803 Feb. 10 5,657 443 2,473 18,678 18,168 1,630 242 1,931 4,618 85 28 6,051 59 76 4 2,466 5,598 Feb. 17 5,878 425 2,607 19,022 18,746 1,618 266 1,749 4,630 84 28 6,261 59 78 1 2,467 6,117 Feb. 24... 5,849 456 2,568 19,284 18,990 1,636 274 1,522 4,643 84 29 6,244 56 80 1 2,471 5,854 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. MARCH 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 c a ( t 1 l 9 a R 4 n 3 d e ) s e d r a v t e e m v a e e i n n n s d - t t - s Total t d c a r i u i n i n a a s d - l - l , , p O m k a p p a e e t r e n - r b T r s o o e k c - urities e l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total Total Bills f C ic i e o n a r f t - t e i- s Notes Bonds G a u n a - r- O s ri e t t c h ie u e s - r agri- ers To debt- teed cul- and others edtural deal- ness ers Boston (6 cities) Jan. 27 2,159 643 354 67 14 13 72 1 122 1,516 1,406 199 285 185 675 62 110 Feb. 3 2,160 640 352 67 14 12 72 1 122 1,520 1,412 197 279 190 683 63 108 Feb. 10 2,190 659 350 65 13 12 72 27 120 1,531 1,422 190 288 186 696 62 109 Feb. 17 2,176 641 346 65 13 12 72 13 120 1,535 1,428 190 289 187 699 63 107 Feb. 24 2,194 649 348 65 14 12 72 18 120 1,545 1,437 189 291 189 704 64 108 New York (8 cities) Jan. 27 17,877 3,862 2,531 43 461 176 185 53 413 14,015 12,738 2,202 2,270 2,007 5,230 1,029 1,277 Feb. 3 17,840 3,939 2,540 43 521 195 184 45 411 13,901 12,629 2,164 2,199 1,991 5,250 1,025 1,272 Feb. 10 17,637 3,922 2,541 44 529 188 183 31 406 13,715 12,447 2,027 2,190 1,959 5,242 1,029 1,268 Feb. 17 17,477 3,883 2,523 45 505 187 183 37 403 13,594 12,325 1,854 2,192 1,946 5,309 1,024 1,269 Feb. 24 17,397 3,841 2,497 46 489 186 182 39 402 13,556 12,286 1,838 2,141 1,928 5,349 1,030 1,270 Philadelphia (4 cities) Jan. 27 1,770 448 221 18 28 12 48 121 1,322 1,087 153 137 110 618 69 235 Feb. 3 1,804 447 222 18 28 11 47 121 1,357 1,122 164 159 112 618 69 235 Feb. 10 1,814 454 230 17 27 12 47 121 1,360 1,130 168 159 113 621 69 230 Feb. 17 1,818 450 227 17 26 11 47 122 1,368 1,137 173 164 116 615 69 231 Feb. 24 1,813 448 225 16 28 11 46 122 1,365 1,135 170 162 117 617 69 230 Cleveland (10 cities) Jan. 27 3,063 743 380 14 13 14 176 146 2,320 2,046 145 314 279 1,170 138 274 Feb. 3 3,081 746 378 14 15 14 176 149 2,335 2,063 141 335 280 1,181 126 272 Feb. 10 3,106 752 377 14 14 13 177 157 2,354 2,081 154 342 280 1,179 126 273 Feb. 17 3,101 734 371 13 14 13 177 146 2,367 2,096 168 344 277 1,180 127 271 Feb. 24 3,134 740 369 14 14 13 177 •9 144 2,394 2,121 177 333 286 1,195 130 273 Richmond (12 cities) Jan. 27 1,274 266 131 6 3 11 51 64 1,008 940 107 129 119 533 52 68 Feb. 3 1,285 264 128 6 4 11 51 64 1,021 955 116 130 121 534 54 66 Feb. 10 1,291 262 128 6 3 11 51 63 1,029 962 119 130 131 527 55 67 Feb. 17 1,295 262 128 6 3 11 51 63 1,033 966 121 128 131 531 55 67 Feb. 24 1,301 264 129 6 4 11 51 63 1,037 970 123 129 131 532 55 67 Atlanta (8 cities) Jan. 27 1,190 330 203 7 3 7 26 84 860 748 96 164 138 303 47 112 Feb. 3 1,203 328 199 7 3 7 26 86 875 763 92 170 141 312 48 112 Feb. 10 1,210 324 197 7 3 7 26 84 886 771 91 171 141 319 49 115 Feb. 17 1,214 323 197 7 3 7 25 84 891 779 98 177 140 315 49 112 Feb. 24 1,225 321 196 8 3 7 26 81 904 791 105 177 145 315 49 113 Chicago (12 cities)* Jan. 27 6,312 1,220 847 33 29 45 141 125 5,092 4,525 769 907 581 2,031 237 567 Feb. 3 6,339 1,214 837 33 35 45 140 124 5,125 4,561 783 923 579 2,042 234 564 Feb. 10 6,232 1,215 846 33 30 45 139 122 5,017 4,453 670 924 578 2 046 235 564 Feb. 17 6,238 1,213 843 33 35 44 139 119 5,025 4,463 681 926 575 2^047 234 562 Feb. 24 6,240 1,216 842 32 35 44 138 •"•5" 120 5,024 4,458 676 924 573 2,052 233 566 St. Louis (5 cities) Jan. 27 1,341 390 238 10 3 9 65 65 951 828 121 187 110 374 36 123 Feb. 3 1,331 385 233 10 3 9 65 65 946 824 120 177 110 380 37 122 Feb. 10 1,338 385 233 10 3 9 65 65 953 832 120 176 111 387 38 121 Feb. 17 1,346 381 230 9 3 9 65 65 965 844 130 176 112 390 36 121 Feb. 24 1,346 376 225 9 3 9 65 65 970 845 129 175 113 391 37 125 Minneapolis (8 cities) Jan. 27 767 199 119 1 1 5 15 58 568 529 102 106 58 243 20 39 Feb. 3 786 197 118 1 1 4 15 58 589 549 126 102 59 242 20 40 Feb. 10 774 193 116 2 1 4 15 55 581 540 118 102 58 242 20 41 Feb. 17 776 192 115 1 4 15 56 584 544 120 103 59 242 20 40 Feb. 24 768 191 114 2 1 4 15 55 577 537 113 104 58 242 20 40 Kansas City (12 cities) Jan. 27 1,302 363 236 17 2 8 34 66 939 811 156 149 148 298 60 128 Feb. 3 1,313 361 235 17 2 8 34 65 952 826 157 156 148 303 62 126 Feb. 10 1,324 360 235 16 2 8 34 65 964 837 162 157 151 305 62 127 Feb. 17 1,337 355 231 16 2 8 33 65 982 854 177 152 151 312 62 128 Feb. 24 1,342 353 230 15 2 8 33 65 989 861 184 148 153 314 62 128 Dallas (9 cities) Jan. 27 1,001 294 215 1 1 13 19 45 707 648 84 124 108 293 39 59 Feb. 3 ... 1,009 290 212 1 1 13 19 44 719 660 91 124 104 295 46 59 Feb. 10 1,016 287 210 1 1 12 19 44 729 670 97 123 104 300 46 59 Feb. 17 1,017 286 209 1 2 12 19 43 731 672 98 124 104 306 40 59 Feb. 24 1,028 285 207 1 2 1-2 19 44 743 684 108 120 105 307 44 59 Sau Francisco (7 cities) Jan. 27 3,532 980 445 12 9 29 357 128 2,552 2,258 306 288 263 1,276 125 294 Feb. 3 3,557 979 448 12 10 29 355 125 2,578 2,284 325 305 253 1,277 124 294 Feb. 10 3,543 968 441 12 10 29 354 122 2,575 2,283 323 298 273 1^269 120 292 Feb. 17 3,570 961 436 12 9 29 353 122 2,609 2,316 344 299 274 1,278 121 293 Feb. 24 3,565 959 434 12 12 29 352 120 2,606 2,313 341 299 277 1,276 120 293 City of Chicago* Jan. 27 4,125 805 635 17 26 40 24 63 3,320 2,955 586 601 396 1 283 89 365 Feb. 3 4,144 798 626 17 28 40 24 63 3*346 2^981 595 616 391 l',295 84 365 Feb. 10 4 015 798 633 17 24 39 23 62 3,217 2,853 466 616 391 1,295 85 364 Feb. 17 4,026 799 631 17 29 39 24 59 3'227 2^865 479 617 392 1^293 84 362 Feb. 24 4,016 803 628 17 29 39 24 ""5" 61 3,213 2,846 462 615 390 1,295 84 367 * 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. 2-42. 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 c ( a 1 t l 9 a R 4 n 3 e d ) s e d r a v t e e B s w F e R a e e r n i e r a t d - v k h l - e s v C a i a n u sh lt b m a w a n d e o n i c s t - k e h ti 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 p u p h v n c a o a a i i e o n d p r l r r r d s a - t - s - , - - , S p d s s a t i o i u i a c o n v l b a t i d n - i e l t - s - s c C h c o e a f e e e i t f n e c c f r r d . i d t s k - i ' s - , m U G er . o e n S v n - . - t s p u p v n h c a a a o i e o i n r l d p r r r d s t a - - - s - , - , S p d s s a t i i o i u a c n o v b l t a d n i - i e l t - s s - p m U G i a e o s n o a n . r e s g n S v v d n 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 a u t c p a n - - l ts B d i a e ts n b 2 - k tions tions Boston (6 cities) Jan. 27 500 65 143 1,796 1,778 99 25 261 235 2 338 26 1 255 554 Feb. 3 492 61 139 1,789 1,760 117 31 266 236 2 321 26 1 255 623 Feb. 10 442 64 124 1,804 1,787 96 27 224 237 2 317 25 1 256 527 Feb.17 471 62 135 1,850 1,841 95 27 200 237 2 317 26 1 256 529 Feb. 24 463 66 136 1,894 1,876 97 34 168 238 2 317 26 1 257 501 New York (8 cities)* Jan 27 4,055 109 150 12,529 12,584 465 462 3,042 1,041 33 7 3,237 4 640 12 1,692 4,379 Feb. 3 4,013 104 123 12,469 12,452 478 349 3,107 1 046 36 7 3 161 4 662 10 1 703 6 180 Feb 10 3,841 117 118 12,585 12,596 488 321 2,589 1,035 37 7 3,094 4 648 70 1,704 4,464 Feb. 17 3,870 103 130 12,739 12,860 488 344 2,301 1,036 37 7 3,133 4 655 16 1,704 4,415 Feb. 24 3,832 114 122 12,991 13,075 478 327 1,937 1,040 37 7 3,115 4 644 40 1,703 4,168 Philadelphia (4 cities) Jan. 27 463 27 115 1,507 1,490 102 14 159 163 2 370 1 6 220 505 Feb 3 422 26 102 1 496 1,483 108 13 160 164 2 356 1 6 221 544 Feb 10 435 29 106 1,552 1,522 119 12 134 165 2 357 1 6 221 464 Feb 17 433 27 104 1,545 1,545 97 15 125 165 2 370 1 7 220 460 Feb. 24 433 29 116 1,573 1,567 101 11 109 166 2 367 7 220 401 Cleveland (10 cities) Jan. 27 806 65 307 2,423 2,444 114 32 179 727 16 526 16 2 413 718 Feb 3 784 62 292 2,398 2,396 120 31 182 728 21 519 16 2 413 787 Feb. 10 757 64 291 2,431 2,432 116 29 154 731 22 512 16 2 412 617 Feb. 17 814 62 314 2,488 2,526 117 36 137 732 22 543 16 2 413 719 Feb 24 796 67 327 2,541 2,576 116 36 119 735 22 539 16 2 413 663 Richtnond (12 cities) Jan 27 325 33 186 958 924 94 14 102 205 2 6 425 5 106 323 Feb 3 314 32 167 948 918 92 15 104 206 2 6 410 5 1 107 347 Feb. 10 305 32 171 962 934 89 13 88 207 2 6 416 5 106 298 Feb 17 313 32 174 977 948 92 16 80 208 2 6 421 5 106 310 Feb 24 309 35 184 1,008 982 94 14 70 208 2 6 412 5 1 107 298 Atlanta (8 cities) Jan 27 308 23 210 828 791 112 9 123 201 2 2 499 1 3 103 299 Feb 3 293 21 199 813 786 109 8 125 202 3 2 492 1 3 102 310 Feb 10 299 22 193 838 799 114 8 107 203 3 2 492 1 3 102 278 Feb 17 296 21 205 851 825 114 9 97 204 3 2 501 1 3 103 312 Feb 24 293 24 185 856 839 114 7 85 204 3 2 498 1 3 103 293 Chicago (12 cities)* Jan 27 1,462 94 472 4,601 4,451 404 52 703 1,008 3 7 1,590 6 13 454 1 665 Feb 3 1 338 92 435 4,499 4,342 392 65 717 1 013 3 7 1,539 6 14 455 2 018 Feb 10 1,395 100 434 4,560 4,427 366 55 608 1,018 3 7 1,539 6 14 455 1 419 Feb. 17 1,462 93 463 4,643 4,573 360 58 543 1,021 3 7 1,613 6 13 456 1,632 Feb 24 1,498 101 458 4,740 4,661 372 59 474 1,023 3 7 1,625 6 14 456 1,593 St. Louis (5 cities) Jan 27 299 18 135 847 873 62 12 89 192 1 1 574 1 103 309 Feb 3 297 16 128 841 861 64 11 90 193 1 1 557 1 103 335 Feb 10 297 18 128 867 880 64 9 76 194 1 1 553 104 269 Feb. 17 300 17 133 880 902 67 8 68 195 1 1 562 104 302 Feb 24 305 18 129 895 921 69 9 60 194 1 1 558 104 275 Minneapolis (8 cities) Jan 27 177 9 86 549 512 76 7 68 112 1 244 3 2 68 170 Feb 3 157 9 77 534 505 68 7 76 113 1 240 3 2 68 212 Feb 10 163 9 73 540 513 65 7 65 113 1 237 3 1 68 165 Feb. 17 163 9 76 552 525 66 6 58 113 1 236 3 1 68 157 Feb. 24 162 10 76 548 531 67 7 49 113 1 241 2 1 69 153 Kansas City (12 cities) Jan 27 341 19 3,19 939 918 115 15 99 145 1 1 690 5 116 364 Feb 3 347 18 311 929 913 116 14 109 145 1 1 698 6 1 116 383 Feb 10 356 19 314 963 944 113 14 93 146 1 1 703 5 117 336 Feb 17 347 18 343 978 983 113 15 84 146 1 1 729 5 117 372 Feb. 24 362 19 329 982 987 119 17 73 146 1 1 743 5 117 351 Dallas (9 cities) Jan. 27 299 18 296 876 858 73 14 110 127 5 1 425 2 94 286 Feb. 3 295 17 297 871 854 77 16 110 128 7 1 432 2 94 309 Feb 10 288 18 292 878 860 79 12 94 128 7 1 436 2 95 240 Feb 17 307 18 306 899 900 74 13 84 129 7 1 458 2 95 272 Feb. 24 290 20 288 903 899 74 16 74 129 7 2 440 2 95 262 San Francisco (7 cities) Jan. 27 721 35 251 2,203 2,200 150 38 194 1,091 37 425 19 21 402 743 Feb. 3 666 36 242 2,156 2,164 147 38 199 1,094 36 411 19 21 400 555 Feb 10 698 37 250 2,177 2,183 146 37 178 1,099 29 415 18 22 402 702 Feb 17 732 38 248 2,218 2,271 146 40 163 1,103 28 439 18 22 402 752 Feb. 24 702 36 242 2,198 2,236 141 41 148 1,109 28 431 17 22 402' 744 City of Chicago* Jan. 27 905 40 174 2,833 2,809 185 24 510 460 2 1,149 12 297 948 Feb. 3 816 40 155 2,785 2,742 187 32 520 461 2 1,100 12 298 1,215 Feb 10 873 42 168 2,807 2,774 168 29 438 462 2 1,101 12 298 841 Feb. 17 904 41 176 2,850 2,859 165 30 390 463 2 1,154 12 298 947 Feb. 24 909 43 161 2,874 2,882 170 33 343 463 2 1,160 12 298 969 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except interbank and U. S. Government accounts. MARCH 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 sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Accept O in w g n banks Bills Others2 I U m i n p n i o t t o e r d ts E U x f n r p o i o t m e r d ts ex D c o h l a l n ar ge G s o h o ip d p p s o e s i d t n <i t r s e in d in or Total bills bought States States United Foreign States countries 1941—October 378 185 138 90 47 47 109 12 4 48 11 November 387 194 144 93 51 50 116 14 5 48 12 December. 375 194 146 92 54 49 116 15 4 48 11 1942—January 381 197 154 103 52 43 116 17 3 51 11 February 388 190 144 92 53 46 112 18 2 44 13 March 384 183 146 89 57 37 103 17 2 45 16 April 373 177 139 86 53 38 97 17 1 48 14 May 354 174 133 82 51 41 101 16 1 43 13 June 315 163 122 78 44 41 94 13 (3) 52 4 July 305 156 119 77 42 38 92 8 (») 45 11 August 297 139 108 71 37 31 78 8 ft 41 11 September . 282 123 97 64 33 26 66 6 41 10 N O o ct v o e b m er ber 2 2 6 7 1 1 1 1 1 1 9 6 9 9 0 4 6 6 3 1 3 2 1 9 2 2 6 5 6 5 0 7 6 6 f ( 3 ) t 4 3 0 9 1 1 2 2 December 230 118 93 60 34 25 57 9 3 38 14 () 1943—January 220 120 95 60 35 24 57 12 38 12 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 balances in millions of dollars] Debit balances Credit balances Customers' End of month Customers' bal D an e c b e i s t in bal D an e c b e i s t in Cash on credit balances1 debit partners' firm hand Money balances investment investment and in borrowed2 (net)1 and trading and trading banks Free accounts accounts 1936—june 1,267 67 164 219 985 276 December 1,395 64 164 249 1,048 342 1937—June 1,489 55 161 214 1,217 266 December 985 34 108 232 688 278 1938 Tune 774 27 88 215 495 258 December 991 32 106 190 754 247 2939—June 834 25 73 178 570 230 December 906 16 78 207 637 266 1940—June 653 12 58 223 376 267 December 677 12 99 204 427 281 1941—June .. . 616 11 89 186 395 255 December 600 8 86 211 368 1942—Tanuarv 547 8 74 219 308 February .. . 534 8 74 203 307 March 531 8 70 195 306 April 515 8 68 195 300 May 502 8 79 177 300 Tune .... 496 9 86 180 309 July 491 7 95 172 307 c490 e300 Sentember e500 e310 October e510 e310 November e320 December 543 7 154 160 r378 1943 Tanuarv e540 e290 ot ot Other credit balances Other I i n n v p e a s r t t m n e e n rs t ' inv I e n s f t i m rm ent I a n c c c o a u p n it t a s l (net) and trading and trading (net) accounts accounts 86 24 14 420 103 30 12 424 92 25 13 397 85 26 10 355 89 22 11 298 60 22 5 305 70 21 6 280 69 23 7 277 62 22 5 269 54 22 5 247 65 17 7 222 63 17 5 213 72 18 6 209 262 66 18 5 206 249 67 16 4 201 247 61 16 5 196 238 59 16 3 194 240 56 16 4 189 238 57 16 4 185 e240 e240 r250 r250 270 54 15 4 182 e280 e Estimated. Complete reports now collected semiannually; monthly figuresjfor three items estimated on basis of reports from a small number of large firms. ^Revised. 1 Excluding balances with reporting firms (1) of member firms]of New York Stock Exchange and other national securities exchanges and (2) of firms' artners. 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). M4 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. Prime Stock Government securities [Per cent per annum] 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 p i r o m m c t e h i 6 r - e a s , - l l a a b d c n a e a c 9 c n r y e 0 e s k s p ' s - l t , - c l h n a c o e r a e l a x e a n w l - n - l g - e m b o i 3 l n - ls t 3 h d 9 c m e o - c e b f t r o a o t t t n i i e e f n 1 t d s i h - 2 - - - 3 ta n - y x o t e o a t a e b r 5 s l - e 1 T 9 o c t i a t l ies Y N C o e it w r y k e E 7 N r c a n o i O s t r t i a t t e e h n h s r e - n d r 1 W e 1 r c n e S i s t o i t a e e u n s r t d n hness 1 1 9 9 3 3 4 5 a a v v e e r r a a g g e e 1 1 3 2 . . 4 9 5 3 2 1. . 7 4 6 5 3 3 . . 3 7 9 1 4 3 . . 3 7 2 6 1 1 19 9 9 4 4 4 2 0 1 a a a v v v e e e r r r a a a g g g e e e . . . 5 5 6 4 6 6 . . . 4 4 4 4 4 4 1 1 1 . . . 0 0 0 0 0 0 . . . 0 1 3 1 2 0 4 6 3 1. . 1 76 3 1 1 1 9 9 9 3 3 3 8 6 7 a a a v v v e e e r r r a a a g g g e e e 1 1 1 2 2 2 . . . 5 6 5 3 8 9 1 1 1 . . . 7 6 7 2 9 3 3 2 2 . . . 0 7 8 4 5 8 3 3 3 . . . 4 2 2 0 6 5 1942—January .56 .44 1.00 .214 .96 1939 average 2.78 2.07 2.87 3.51 February .63 .44 1.00 .250 .93 1940 average 2.63 2.04 2.56 3.38 March .63 .44 1.00 .212 .93 1941 average 2.54 1.97 2.55 3.19 April .63 .44 1.00 .299 .98 1942 average 2.61 2.07 2.58 3.26 May .63 .44 1.00 .364 1.03 1939—March 2.95 2.13 3.05 3.77 June .69 .44 1.00 .363 1.15 June 2.91 2.15 3.05 3.62 July .69 .44 1.00 .368 1.20 September 2.68 2.04 2.78 3.31 August .69 .44 1.00 .370 "4.80" 1.25 December 2.59 1.96 2.59 3.32 September.... .69 .44 1.00 .370 .76 1.27 1940—March 2.65 2.03 2.67 3.35 N O D o c e t v c o e e b m m e b r b e e r r .... . . . 6 6 6 9 9 9 . . . 4 4 4 4 4 4 1 1 1 . . . 0 0 0 0 0 0 . . . 3 3 3 7 7 6 2 1 3 . . . 7 8 8 5 0 0 1 1 1 . . . 3 2 2 4 8 8 J D S u e e n p c e t e e m m b b e e r r 2 2 2 . . . 5 6 5 9 8 9 2 2 2 . . . 1 0 0 4 0 0 2 2 2 . . . 5 4 5 6 9 3 3 3 3 . . . 3 4 3 8 3 6 1943—January .69 .44 1.00 .367 .76 1.29 1941—March 2.58 2.06 2.53 3.25 Week ending: J S u e n p e tember 2 2 . . 6 5 0 5 1 1 . . 9 9 8 5 2 2 . . 6 5 2 8 3 3. . 2 2 9 3 < J F F F F a e e e e n b b b b . . . . . 3 2 6 1 2 0 0 7 3 ' % H % - - % % -H %> 1 1 1 1 1 . . . . . 0 0 0 0 0 0 0 0 0 0 . . . . . 3 3 3 3 3 6 7 7 7 6 9 4 2 3 9 . . . . . 7 7 7 7 7 2 2 5 3 3 1 1 1 1 1 . . . . . 2 2 2 2 2 6 4 4 5 5 1942— D J S D M u e e e n a p c c e r t e e c e m m h m b b b e e e r r r 2 2 2 2 2 . . . . . 4 7 6 6 4 1 0 2 3 8 2 2 2 1 1 . . . . . 0 0 2 8 8 7 9 8 8 5 2 2 2 2 2 . . . . . 4 5 6 6 4 5 6 6 3 8 2 3 3 3 3 . . . . . 3 9 2 2 2 4 9 5 6 0 : ' 1 Monthly figures are averages of weekly prevailing rates. 2 The average rate on 90-day stock exchange time loans was 1.25 per l Prior to March 1939 figures were reported monthly on a basis not strictly cent during the entire period. comparable with the current quarterly series. 3 Rate on new issues offered within period. Tax-exempt bills prior to Back figures.—See November 1939 BULLETIN, pp. 963-969 for description March 1941; taxable bills thereafter. and for back figures. 4 Average for Aug. 15 to 31. Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures on Treasury bills and Treasury notes available on request. BOND YIELDS 1 [Per cent per annum] Corporate (Moody's)5 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 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 17 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 1943—January . 2.06 2.32 2.27 2.70 3.27 2.79 2.93 3.20 4.16 2.90 3.86 3.05 Week ending: Jan. 30 2.06 2.32 2.26 2.69 3.25 2.78 2.91 3.18 4.11 2.88 3.82 3.04 Feb. 6 2.06 2.31 2.24 2.69 3.23 2.77 2.90 3.17 4.09 2.88 3.80 3.03' Feb. 13 2.06 2.32 2.23 2.68 3.23 2.77 2.89 3.17 4.09 2.88 3.80 3.02 Feb. 20 2.06 2.32 2.21 2.68 3.23 2.77 2.89 3.16 4.07 2.88 3.78 3.01 Feb. 27 2.05 2.32 2.20 2.68 3.22 2.77 2.88 3.16 4.06 2.88 3.76 3.01 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. 5 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 4 and 10 to 5 issues respectively, and the railroad Aaa and Aa groups from 10 to[,5 and 10 to 9 issues respectively. Back figures.—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pages 21-24. Figures for U. S. Government bonds available on request. MARCH 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSi Bondprices Stock prices6 Volume Corporate4 Common (index 1935-39 = 100) of trad- Year, month, or week U. S. ing1? m G er e o n n v - r - M ip u a n l i 3 c- H gr i a g d h e - Tota M l edi I u n t m r d i u a a s l n - d lo R r w o a a e i d l r - -grad P u e t u i b li l t i y c fau D l e te - d fe P r r r e e - d5 Total In tr d i u al s- R ro a a il d - P ut u i b li l t i y c ^ s i s n a h n a t d r h s e o s o u ) f - Number of issues 2-6 15 15 50 10 20 20 15 15 402 354 20 28 1940 average 107.2 r123.6 115.9 94.8 97.3 83.8 103.5 14.0 169.2 88 88 71 96 767 1941 average 111.0 r130.9 117.8 98.9 103.9 86.9 106.1 21.9 171.9 80 80 71 81 629 1942 average 109.9 r126.2 118.3 100.1 109.1 86.6 104.8 27.2 162.4 69 71 66 61 466 1942—January 110.1 r126.7 117.5 99.2 106.7 86.9 104.1 24.1 166.3 73 74 69 66 565 February 108.9 r122.6 117.1 99.6 106.9 87.7 104.4 25.6 165.1 70 71 68 65 404 March 110.2 r122.2 116.7 98.8 106.1 88.6 101.8 27.6 159.8 66 67 65 61 363 April 110.5 r124.5 117.8 99.3 107.1 88.4 102.3 26.7 154.8 63 65 61 57 336 May 110.7 r124.5 117.7 98.9 107.4 87.1 102.2 26.4 156.3 63 65 60 57 323 June 110.7 r125.7 118.0 98.1 107.7 83.0 103.5 24.0 159.2 66 68 59 59 316 July 110.2 r126.7 118.9 98.9 108.4 83.9 104.5 25.5 162.0 68 71 63 58 346 August 10.. 9 r127.6 118.7 99.3 108.7 85.2 104.1 27.1 164.0 68 71 65 59 321 September 109.8 r128.1 119.0 100.7 109.8 86.4 105.8 29.4 164.0 69 72 67 60 418 October 109.5 r128.6 119.3 102.1 111.2 88.0 107.1 30.3 165.5 74 77 73 64 693 November 109.4 r129.0 119.5 103.2 113.8 87.6 108.3 29.6 165.4 75 77 73 66 686 December 108.9 r127.8 118.9 103.6 115.3 84.5 109.1 29.9 166.9 76 79 69 65 818 1943—January 109.4 127.7 119.5 105.4 115.7 89.9 110.5 31.8 168.0 80 82 74 69 820 Week ending: Jan 30 109 4 127 9 119.9 106.1 115.8 91.7 110.9 32.7 169.1 82 85 75 71 1,055 Feb. 6 109.4 128.3 119.9 106.1 115.6 91.5 111.1 33.1 169.9 83 86 76 71 951 Feb. 13 109.4 128.4 120.0 106.1 115.6 91.4 111.2 33.1 170.3 84 87 76 72 1,216 Feb 20 .... 109.4 128.8 120.0 106.6 116.0 92.1 111.6 33.3 171.2 86 89 77 74 1,235 Feb. 27 109.5 129.0 119.9 107.2 116.5 93.2 111.8 34.5 171.6 87 89 81 76 1,654 r Revised. 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 of a 2% per cent, 16 year bond. Prices expressed in decimals. 3 Revised price series. Prices derived from average yields, as computed by Standard and Poor's Corporation. The revised series represents the price equivalent for a 4 per cent 20-year bond; series published previously represented that of a 3% per cent 22-year bond. 4 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. 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 new capital 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 ( a f 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 F ei o g r n - 2 m e ( a f e i d o n g s o r d t n - - ) ic Total S n a m p t i n a c a u d l t i e - - a c F 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 s ate Stocks e F ig o n r 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 1 1 9 9 4 4 0 1 r5 4 , , 5 8 4 0 6 3 r2 1 , , 8 9 5 5 4 1 r2 1 , , 8 9 5 4 2 8 r5 7 1 5 8 1 1,2 4 7 6 2 1 rl,0 7 6 3 2 6 6 8 0 8 1 9 r1 1 7 3 3 5 2 1 r2 2 , , 6 8 9 5 3 2 r2 2 , , 6 8 8 5 9 2 r4 4 3 8 5 2 3 6 4 9 4 8 2 1 , , 0 55 2 7 6 1 1 , , 8 4 3 3 4 0 1 1 9 2 3 6 ""4" 1942 r2,109 rl,069 rl,069 r342 108 618 500 118 rl,040 rl,040 r181 440 418 410 8 1942—January r320 r168 r168 r84 11 r73 r33 r40 r152 r152 r36 34 83 82 1 February.... 180 123 123 30 37 56 37 19 57 57 11 27 19 19 March 197 r110 r110 22 9 79 r62 18 88 88 27 21 39 39 April r266 r159 r159 r52 10 97 91 6 r107 r107 r8 81 19 19 May r182 rl30 r130 r23 3 r104 94 r10 52 52 8 39 6 6 June 201 r97 r97 18 2 77 69 8 105 105 15 28 62 55 •••y July 142 41 41 11 3 28 27 r102 r102 r37 32 33 33 August 162 103 103 r45 59 57 ""2" 59 59 3 50 6 6 September .. 100 45 45 17 28 18 10 55 55 7 18 30 30 N O D c o e t c v o e e b m m er b b e e r r. . . . . . 1 1 9 1 4 8 5 5 3 2 2 7 8 9 3 2 2 7 9 8 2 9 6 7 ... 1 . 7 .. 1 5 2 1 5 9 ' 2 2 1 6 8 0 9 7 8 1 8 6 0 7 9 8 1 1 9 2 0 4 3 3 6 4 1 4 6 1 4 5 4 4 6 1 4 5 3 1943—January 176 7 7 4 3 3 170 80 45 27 8 8 90 r Revised. 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). 146 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 Est g i r m o a ss ted Esti n m et ated New money Retirement of securities Repayment proceedsz proceeds** of 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 r397 r384 57 32 26 r23l r231 84 11 1 1 9 9 3 3 6 5 . . ' r " 4 2 , , 5 3 7 3 2 2 r r 2 4 , , 2 4 6 3 6 1 r2 8 0 5 8 8 3 1 8 1 0 1 4 r9 7 6 8 1 r3 , , 8 3 6 6 5 8 r 1 3 , , 7 1 9 4 4 3 22 7 6 1 1 15 7 4 0 4 2 9 3 1937 r2,310 r2,239 r991 574 r417 1,100 r911 190 111 r36 1938 r2,155 r2,110 r681 504 177 1,206 1,119 87 r215 7 1939 r2,164 r2,115 325 170 155 1,695 1,637 59 69 26 1940 '"2,677 r2,615 r569 424 145 1,854 1,726 128 174 19 1941 r2,667 r2, 623 868 661 207 1,583 1,483 100 144 28 1942 1,008 r987 441 268 173 r380 352 r28 133 35 1941-March 262 258 68 56 12 172 163 9 14 3 April 184 r181 42 26 17 132 110 21 2 May 269 262 67 54 13 189 188 1 6 5 June 250 246 87 75 12 142 131 10 16 July 122 119 51 35 16 56 54 2 12 1 August 417 413 185 167 17 210 194 15 14 September 182 180 27 17 10 150 148 2 3 5" October r204 r201 91 64 27 r92 r9l 1 14 November 155 152 92 61 31 37 37 1 22 5 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 ii March 102 100 39 35 4 46 41 5 15 M Ap ay ril 1 1 2 2 6 1 1 1 2 1 4 8 5 7 9 0 2 1 7 5 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 r17 13 H"" r0 1943—January 9 8 1 1 6 6 2 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of 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 poses ceeds ties poses^ ceeds ties poses4 1 19 9 3 3 5 4 1 1 7 2 2 0 2 5 1 7 1 5 2 4 0 3 1 1 0 1,2 1 5 3 0 0 3 1 0 1 1,19 7 0 7 4 3 2 0 77 6 4 2 2 7 5 4 55 3 0 4 15 2 0 1 r 2 2 2 0 r0rn 1 4 9 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 r390 218 152 1 1 9 9 3 3 7 8 33 5 8 4 22 2 8 4 1 3 1 0 0 1 1,2 7 0 5 8 1 1 8 8 9 0 6 9 1 4 1 3 5 8 0 6 1,0 8 7 3 9 1 4 6 6 1 9 6 3 2 7 2 3 6 1 9 3 0 6 16 r5 r 7 8 r r7 7 1 1 ° 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 r88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 r42 rg 104 1 19 9 4 4 2 1 36 4 1 7 2 3 5 2 3 10 1 8 5 1,3 4 4 4 0 1 3 1 1 3 7 5 9 2 9 7 3 9 3 2 0 7 4 8 9 2 7 8 2 2 7 4 2 4 46 8 3 5 1 1 4 2 0 1 r94 2 5 2 5 18 21 1941—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 r8 8 May 45 45 141 6 134 1 76 16 54 6 1 June 58 51 7 113 12 97 4 75 24 38 13 ••••-" J N O D A S u e o c e u l p t c v y g o t e e u e b m m m s e t b r b b e e e r r r 4 2 2 2 2 2 3 4 5 8 1 2 2 2 2 3 4 1 7 8 1 35 4 3 1 0 3 1 5 6 7 7 9 4 9 2 9 1 4 3 1 1 6 6 3 8 3 1 1 1 6 2 6 4 0 1 9 6 3 6 6 1 ""2" 1 5 1 2 4 8 4 7 2 7 8 5 6 6 3 5 2 4 4 1 2 9 2 9 1 3 5 4 2 2 1 1 0 9 9 4 3 5 1 1 1 2 6 0 4 4 1 1 r22 6 6 6 1 1 4 1 1 0 i 2 ""2" 5 5 1942—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 M Ju a n y e ""g" . ...„. 6 2 6 1 9 1 1 0 7 49 5 6 3 10 6 2 1 4 5 9 1 6 6 48 4 1 ....... July 2 2 3 2 1 46 9 29 8 August 2 2 68 34 34 18 4 15 N S O e o c p t v o t e e b m m er b b e e r r 9 1 1 9 4 1 4 3 5 7 2 1 8 2 4 9 1 1 5 5 2 1 2 2 4 1 3 1 0 " 1 December 4 4 19 •••-•• 17 3 2 1943—January... 8 1 6 2 r Revised. 1 Estimates of new issues sold tor 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. NOTE.—Data published by Securities and Exchange Commission. Series revised by the Commission to exclude issues maturing in exactly one year from date of issue and those issues of Federal agencies which have been included in the corporate series, that is, issues which are not guaranteed by the United States. In the distribution by major groups of issuers, these issues of Federal agencies were shown in the "Other" group. For a description of data, see pp. 217-19 of the March 1942 BULLETIN. MARCH 1943 147 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] Net profits,1 by industrial groups Profits and dividends Year or quarter Total s I a r te 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 i n 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 o l h r e a d e - s r t F b o a a e o b g n v o a e d 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 - - s r c n s M e i e e c l o r e i l v s u a s - - s - pr N of e i t ts1 fe P D r r r e e i - v d ide C n 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 1942 P22S *161 Pi 72 88 554 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—1 423 52 38 46 855 36 19 32 35 39 39 32 204 21 134 2 369 52 35 25 853 32 18 32 27 35 27 34 174 23 136 3 r467 r51 r36 46 r858 34 r22 r42 r42 r41 r35 r59 r218 21 r126 4 P71 ^52 P56 23 158 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroads Electric power Telephone3 Year or quarter O re p v i e n e r n g a u t e - i I n n t c c a o o x m m 4 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 S 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 ev p i e e n n r g a u t e - inc N o e m t e1 d D e i n v d i s - Number of companies.... 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 1942 7,466 1,718 959 173 196 1,365 161 163 Quarterly 1939—1 898 -38 -43 00 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 (7) 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 48 42 3 2,047 556 283 60 34 208 54 28 19 344 46 39 4 2,139 594 387 64 98 19 360 920 38 r Revised. ^Preliminary. 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. Most of the increase in taxes for the year is therefore reflected in the fourth quarter figure. 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. Z48 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] Marketable public issues1 Nonmarketable public issues Fully Total Total Non- guarangross interest- Special inte rest- teed in- End of month d d i e re b c t t b d e d i a r e r e b i c n t t g Total2 Tre b a il s l u s ry in c C d a e n e t r e e b t s s i t s f e o i d - f - Tr n e o a t s e u s ry Tr b e o a n s d u s ry Total2 s b a U v o . i n S n d . g s s T ta r x e a n s o u t r e y s issues be d a e r b in t g se b t c e e u r a r e r i s i t n t i - g es 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 2,471 6.982 487 6,317 1942—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 " 1,507" 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 96,116 95,458 66,554 5,721 37,161 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 1943—Jan 111,069 110,024 77,496 7,423 310,741 9,863 49,273 23,356 16,246 6,749 9,172 1,045 4,277 1 Including amounts held by Government agencies and trust funds, which aggregated $2,891,000,000 on Dec. 31, 1942, and $2,878,000,000 (preliminary) on Jan. 31, 1943. 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 special one-day certificates of indebtedness not shown separately amounting to $422,000,000 on Nov. 30, and $202,000,000 on Jan. 31. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING, JANUARY 31, 1943 [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 Amount Issue Amount 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 2370 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 O D J J u u c e n n t c . 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 0 1 5 6 1 9 9 Ce M F F r e e t a , b b y . o . l f 1 , 1 , , i 1 n 1 1 9 9 9 d 4 4 4 3 e 3 3 , b S t p e e d c n ia e l s s s . eries.. 1 1 , , 2 5 5 0 0 8 2 6 8 O S D N e c e o p t c v .. 5 5 5 6 , , , , 1 1 3 6 3 4 9 2 2 0 4 0 5 2 2 2 2 3 3 7 9 2 4 1 3 1 1 1 4 2 0 1 1 3 5 0 3 2 1 1 3 3 8 9 1 1 1 1 2 0 5 0 5 5 4 9 1 1 1 1 4 3 6 4 J M M S u e a a n p r r e t . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 8 8 8 8 - - 5 5 0 1 3 1 1 , , , 0 1 2 4 6 1 2 5 2 5 3 1 D N A e o u c g v . . . 1 1 1 , , , 1 1 1 9 9 9 4 4 4 3 3 3 3 2 1 , , , 0 8 6 3 0 0 5 9 0 1942— M F Ja e a n b r .. 8 7 7 , , , 4 1 8 9 3 9 8 6 3 1,0 5 7 6 5 0 1 8 3 6 3 3 6 9 3 7 8 8 4 7 5 1 8 2 3 2 1 1 5 7 6 3 9 2 1 1 2 5 6 Dec. 15, 1948-50..: 571 Treasury bills Apr.. 8,951 531 327 40 164 21 June 15, 1949-51 1,014 Feb. 3, 1943 500 May 9,569 634 422 43 170 22 Sept. 15, 1949-51 1,292 Feb. 10, 1943 501 June 10,188 634 433 41 160 23 Dec. 15, 1949-51 2,098 Feb. 17, 1943 502 July 11,078 901 508 74 319 25 Dec. 15, 1949-52 491 Feb. 24, 1943 501 Aug 11,751 697 454 52 191 32 Dec. 15, 1949-53 1,786 Mar. 3, 1943 503 Sept 12,479 755 510 61 184 34 Mar. 15, 1950-52 1,963 Mar. 10, 1943 505 Oct 13,381 935 665 61 210 40 Sept. 15, 1950-52 1,186 Mar. 17, 1943 601 Nov 14,079 735 542 45 148 43 June 15, 1951-54 1,627 Mar. 24, 1943 601 Dec 15,050 1,014 726 66 222 55 Sept. 15, 1951-55 755 Mar. 31, 1943 603 Dec. 15, 1951-53 1,118 Apr. 7, 1943 600 1943—Jan. . 16,246 1,240 815 77 348 63 Dec. 15, 1951-55 510 Apr. 14, 1943 602 Mar. 15, 1952-54 1,024 Apr. 21, 1943 702 June 15, 1952-55 1,501 Apr. 28, 1943 702 1 At current redemption values except Series G, which is stated at par. June 15, 1953-55 725 Total direct issues.... 77,496 Difference between "Funds received" and month to month changes in J M u a n r e . 1 1 5 5 , , 1 1 9 9 5 5 4 5 - - 5 6 6 0 2,6 6 1 8 1 1 Guaranteed securities "Amounts outstanding" represents the difference between accrued increases Mar. 15, 1956-58 1,449 Commodity Credit Corp. in redemption values and redemptions of bonds during the month. Sept. 15, 1956-59 982 May 1, 1943 289 2 Includes series D not shown separately; this series has not been sold J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 5 0 8 - - 6 6 5 3 1,4 9 8 1 5 9 Fe F d e . b F . a 1 rm 5, M 194 o 5 rtgage Corp. 412 since April 1941. June 15, 1962-67 2,118 Mar. 15, 1944-64 95 Dec. 15, 1963-68 2,831 May 15, 1944-49 835 Sept. 15, 1967-72 2,716 Fed. Public Housing Postal Savings bonds.. 117 Authority Conversion bonds 29 Feb. 1, 1944 Panama Canal loan 50 Home Owners' Loan Corp. Treasury notes May 1, 1944-52 779 M Ju a n r e . 1 1 5 5 , , 1 1 9 9 4 4 3 3 62 6 9 6 Re J c u o n n e s t 1 r , u c 1 t 9 i 4 o 5 n - 4 F 7 i . n. Corp. 755 Sept. 15, 1943 279 July 15, 1943 324 Dec. 15, 1943 421 Apr. 15, 1944 . . 571 Mar. 15, 1944 515 Federal Housing Admin. June 15, 1944 416 Various 22 Total guaranteed issues 4,196 MARCH 1943 M9 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 U. S. Gov- Privately held1 ernment agencies Held End of month s i e b n c T e t u e a o r r r i e t i t a n s i l e t g - s S is p a s n e u c d e i s a t l rust P f i u s u s n b u d l e s i s c F R B e e a d s n e e k r r v a s l 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 av u a i n t n u k g a s s l I p c a n a o n s n m u c i e e r - - s M i O a a ss b r t u k h le e e e s t r - inv m e i N s s a a s t r o b o u k n l r e e e s - s t- 1939—June 45,336 3,770 2,116 2,551 36,899 13,777 1,920 3,040 5,900 10,400 1,900 December 47,067 4,231 2,300 2,484 38,052 14,328 1,970 3,100 6,300 10,200 2,200 1940—June 47,874 4,775 2,295 2,466 38,338 14,722 1,830 3,110 6,500 9,400 2,800 December 50,360 5,370 2,250 2,184 40,556 15,823 1,940 3,220 6,900 9,600 3.100 1941—June 54,747 6,120 2,362 2,184 44,081 18,078 2,020 3,430 7,000 9,400 4,200 December 63,768 6,982 2,547 2,254 51,985 19,539 2,250 3,680 8,000 10,000 8,500 1942—June 76,517 7,885 2,726 2,645 63,261 24,098 2,290 3,890 8,900 11,100 13,000 N J D O A S u e o e c u p l c t v g y o t e e u e p b m m . m s e . t b . r b s b ? e e e r r r ? ? ? 1 8 8 9 9 9 1 1 6 5 0 9 1 , , , , , , 2 5 8 7 3 5 4 0 0 9 1 9 5 2 9 9 1 1 8 8 9 8 8 8 , , , , , , 1 2 0 7 5 5 2 6 3 8 0 8 5 2 2 7 9 5 3 2 2 2 2 2 , , , , , , 2 8 7 9 9 9 0 2 2 8 4 0 7 2 2 4 1 0 5 3 3 3 4 6 , , , , , , 1 6 5 3 4 1 6 5 8 6 2 9 7 3 9 7 6 9 6 8 8 9 7 7 7 2 0 3 1 5 , , , , , , 2 5 3 2 1 4 2 9 3 3 2 6 6 4 5 9 3 3 2 2 2 3 3 3 5 7 7 2 9 3 , , , , , , 5 9 6 0 7 3 4 3 0 2 5 8 4 0 0 0 0 0 2 2 3 3 3 2 , , , , , , 5 6 1 2 8 7 0 4 8 2 9 5 0 0 0 0 0 0 4 4 4 4 4 4 , , , , , , 0 1 2 2 1 5 1 3 0 8 8 6 0 0 0 0 0 0 1 9 9 9 9 9 1 , , , , , , 0 6 7 8 6 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 2 2 2 5 3 , , , , , , 6 1 7 6 2 0 0 0 0 0 0 0 0 0 0 0 0 0 2 1 1 1 1 1 1 9 4 5 6 8 , , , , , , 1 5 2 2 3 1 0 0 0 0 0 0 0 0 0 0 0 0 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. 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- Gov- T i o t 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 n d n s - t - B s F e R a e r e r e n a d v - k l - e s m b C a e o n rc m k i s a - 1 l b M i s t a n u a n g u v a k s l - - s p I c a n a o n s n m c u i e e r - - s Other s T t o i o a n u n t g t a d - l - a m e a c g r i n e e e n d n n s - 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 t s i a n u a n g v u a k s l - - s p I a c n a o n s n m c u i e e r - - s Other trust trust funds funds Totals 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 7,858 10,990 1941—June 30,215 2,015 1,35910,851 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 1,46212,174 3,197 6,836 7,517 Aug 61,691 2,881 3,426 28,548 4,057 9,419 13,360 1942—June 38,085 2,321 1,61714,828 3,442 7,766 8,110 Sept 64,916 2,877 3,567 30,707 4,114 9, ,138 Aug 41,418 2,456 1,66016,376 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 Dec 80,685 3,202 6,189 38,759 4,47110,76617,297 Nov 43,381 2,468 2,46417,377 3,666 8,515 8,891 Treasury bills: . Dec 49,268 2,739 2,77719,445 4,055 9,94410,303 1941—June 1,60; 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 Aug 4,168 696 2,648 25 78 721 1942—June 3,915 336 1,599 224 581 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 Dec 6,627 1,010 4,497 10 26 1,073 Nov 5,129 610 2,071 254 748 1,445 Certificates: Dec 5,830 754 2,565 253 726 1,531 1942—June 3,096 66 1,971 74 191 782 Maturing in 5-10 years: Aug 4,705 341 3,008 78 184 1,074 1941—June 7,585 776 3,367 718 1,236 1,489 Sept 6,211 504 3,978 92 271 1,346 Dec 7,584 757 3,452 685 1,257 1,432 Oct 6,211 726 3,782 90 265 1,326 1942—June 9,436 846 4,959 750 1,347 1,536 Nov 7,161 1,187 4,389 99 114 1,356 Aug 11,534 883 6,344 886 1,468 1,954 Dec 10,534 1,041 6,470 129 180 2,696 Sept 11,506 916 6,446 932 1,458 1,756 Treasury notes: Oct 14,229 1,284 7,717 1,110 1,710 2,409 1941—June 5,699 45 820 2,931 191 259 1,452 Nov 14,229 1,439 7,676 1,084 1,736 2,293 Dec 5,997 53 777 3,246 166 265 1,490 Dec 17,080 1,574 9,353 1,129 2,101 2,920 1942—June 6,689 76 714 3,725 138 266 1,770 Maturing in 10-20 years: Aug 6,689 79 725 3,602 139 265 1,880 1941—June 16,719 2,091 5,549 1,856 3,191 4,036 Sept 7,958 75 678 4,507 181 276 2,241 Dec 17,253 2,116 6,044 1,856 3,309 3,924 Oct 10,095 79 1,297 5,830 204 295 2,391 1942—June 18,731 2,168 7,009 1,957 3,510 4,086 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 Dec 9,863 92 1,324 5,670 167 283 2,327 Sept 17,545 2,061 6,596 1,854 3,163 3,871 Guaranteed securities: 16,786 2,124 6,310 1,756 3,037 3,558 1941—June 6,360 268 5 4,107 233 589 1,158 Nov 16,786 2,133 6,377 1,712 2,990 3,581 Dec 6,317 280 5 4,119 243 547 1,123 Dec 16,295 2,165 6,240 1,580 2,778 3,531 1942—June 4,549 281 5 2,847 148 433 835 Maturing after 20 years: Aug 4,51 292 5 2,902 134 371 810 1941—June 2,404 219 566 126 1,029 465 Sept 4,515 293 15 2,893 132 369 814 Dec 5,070 482 1,282 462 1,737 1,107 Oct 4,195 304 17 2,637 122 349 766 1942—June 6,002 593 1,258 512 2,326 1,315 Nov 4,195 310 22 2,660 116 338 750 Aug 7,238 721 1,260 630 3,058 1,570 Dec 4,196 311 37 2,665 108 333 743 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 Dec 10,065 1,021 1,286 1,095 4,339 2,323 * Figures include only holdings by institutions or agencies from which reports are received; the number reporting varies slightly from month to month. Figures in column headed "other" include holdings of non-reporting banks and insurance companies as well as of other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) of all banks, by kinds, and of all insurance companies for certain dates are shown in the table above. lOn Dec. 31, 1942, commercial banks reporting to the Treasury held $12,524,000,000 of United States Government securities due or callable within one year out of a total of $21,142,000,000 outstanding. 2 Including $196,000,000 of Postal Savings and pre-war bonds not shown separately below. 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] Mis- Change in cella- Trans- Total Period c I o n m - e i n n e t o e u r- s S se o c c u ia r- l Other T r o e t - al N re e - t In e t s e t r- a W cti a v r i- f t e r r u s s t t o Other ge b t u d e - x- Deficits Tr a u c- st Gentaxes1 re n v a e l - ta it x y es ceipts ceipts2 d o e n bt ties co a u c n - ts p t e u n re d s i- co e u t n c. t 3 s, F e u r n a d l G d r e o b s t s nue1 etc. balance Fiscal vear ending: June 1941 3,470 2,967 932 900 8,269 7,607 1,111 6,301 331 4,968 12,71 -5,103 -145 +742 +5,994 June 1942 7,960 3,847 1,194 666 L3,668 12,799 1,260 26,011 381 4,745 32,397 — 19,598 +358 +23,461 1942—January 133 369 53 59 614 578 32 2,104 42 451 2,628 -2,050 -633 -610 +2,073 February 283 340 257 58 937 758 12 2,208 9 400 2,629 — 1,871 +114 +612 +2,369 March 3,083 364 49 52 3,548 3,547 205 2,809 22 385 3,42 +126 69 +39 April 335 305 43 49 732 695 77 3] 238 48 390 —3,058 12f 542 +2,542 May 216 270 222 56 764 563 19 3,560 375 3^95: -3,391 -257 -39 +3,609 June .... 2,086 298 42 67 2,494 2,492 390 3,829 1 310 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 —1 +296 +4] 714 August 155 362 232 48 797 587 7 4,884 19 305 5,21. -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 5,93; -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 +7,461 +12,054 1943—January 306 365 52 100 '824 '788 54 5^947 35 337 6',372 -5,'584 -135 -2,819 +2,899 Details of trust accounts, etc. General Fund of the Treasury(end of period) Soc a ia c l c o S u e n c t u s rity Net ex- Other Assets Ge B n a e l r a a n l ce F u in nd penditures Period in checkc 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 G a i o g n m o u e g v n n e a e t n c s r c i t n e - o - 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 e p i s c n 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 a s l l i- Total W a i n o n c r g k e - 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 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 S3 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 1943—January 110 43 35 186 74 47 8 8,200 465 6,367 1,368 477 7,724 6,961 1 Details on collection basis given in table below. ? 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 dollarsl 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 a c x it k al E ta s g a x t n i a f e d t t s e A be l t c v 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 e r 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 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 1943—January 296 48 37 69 136 6 379 47 137 81 4 68 42 MARCH 1943 2.51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Liabilities, other than \ssets, other than interagency item 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- v ow 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 d G i 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 a O s t s h e e t r s g F u 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 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 1,060 54 632 792 2,262 1,264 5,690 1,433 2,497 5,694 435 April 16,656 8,567 650 645 1,076 54 621 815 2,717 1,511 5,688 1,431 2,656 6,444 436 May. ....... 17,343 8,356 649 732 1,088 55 733 833 3,067 1,830 5,687 1,440 2,950 6,828 437 June 17,962 8,379 648 403 1,097 57 774 859 3,512 2,233 4,568 1,442 3,265 8,249 438 July 18,482 8,307 642 407 1,113 58 773 879 3,808 2,495 4,581 1,443 3,457 8,562 438 August 19,401 8,233 626 609 1,144 57 853 924 4,177 2,778 4,592 1,445 3,691 9,234 439 September... 19,974 8,190 623 625 1,197 56 1,065 952 4,287 2,979 4,574 1,434 4,154 9,373 439 October 20,534 8,159 622 581 1,219 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 December. .. 21,715 8,127 620 553 1,272 33 1,085 1,020 5,187 3,818 4,301 1,414 4,630 10,931 439 LOANS, 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 lo o an rt s - Other farm cr°dit loans Recon- Rural struc- Elec- Ex- End of month T lo o a t n a s l 2 n C t a F i o n o i r n c - p e . H C L O e o o o w r m r a s p n ' n e . - F H b L e a o o d a n m a l e k n r e s - M p C R g a a o o F n g m r C y e t- - M A t g F i N o s a o e s a n g d r o - e a t . c - l . P H A F u i o u e n b u t d g l h s i . c . - M F C g F a a o o e r g r d r m p e t . - . F b l e a a a d n n l e k d r s - c b m i F n r a a e e e t n t e d d e d k r i i . s - - t o B fo t p a i r v e n c r e k a o s s - - m C C C o r o o e d r m d i p t i . - y t C F m A r a e i d r n d m - . it i S t F m y e a c i A r n u m . d r- - tr m t A i i f i o i d n c n - . a- p B p I o o m a r r n - t t - k Other 1941—June 8,106 1,082 L,870 170 65 194 316 630 1,818 255 74 244 263 461 289 114 261 December 8,487 1,433 1,777 219 72 207 367 597 1,764 235 113 233 250 467 323 139 291 1942—January 8,388 1,417 1,758 206 74 210 388 590 1,753 238 111 240 249 398 327 140 289 February.... 8,396 1,464 1,742 197 75 211 352 586 1,746 251 110 230 253 420 330 141 288 March 8,407 1,470 1,724 192 75 213 379 580 1,731 267 106 218 258 436 334 137 287 April 8,567 1,469 1,709 185 77 215 371 575 1,721 280 102 393 260 450 336 137 287 May 8,356 1,468 1,692 181 79 216 365 567 1,715 282 99 230 258 456 340 112 296 June 8,379 1,473 1,676 193 82 216 384 562 1,706 289 101 231 258 460 342 113 293 July 8,307 1,479 L,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 1,622 145 88 215 360 539 1,663 270 112 173 250 456 344 117 309 October 8,159 1,533 1,603 131 91 214 377 528 1,645 248 130 188 244 453 344 119 311 November.. . 8,158 1,566 ,587 122 93 213 372 518 1,625 238 140 214 241 448 345 119 317 December .. . 8,127 1,557 ,568 129 94 211 366 507 1,603 238 145 242 237 446 346 122 316 SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS Lo F an in s a b n y ce 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 L to o a f n i s - Loans R s e tr c u o c n - - O H w o n m e e rs' b F a e n d k . s la a n n d d m C o o d m it - y st R r e u c c o ti n o - n War m C o o d m it - y O H w o n m e e rs' Total nancial to Other tion Loan Other Fed. Farm Credit Finance '.Other corpo- Credit Loan Other insti- rail- Finance Corpo- Mortgage Corpo- Corp. and rations Corpo- Corpotutions roads Corp. ration Corp. ration war cor- ration ration porations 1941—June 1,082 193 480 409 429 183 86 219 79 68 232 257 753 319 168 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 S3 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 December. .. 1,557 167 460 930 366 152 102 207 57 531 290 3,469 1,363 227 128 1 Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation. ^ Excluding investments in preferred stock, the amount of which is shown in the lower section of this table. 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 $1,854,000,000 on Dec. 31, 1942. 2.5 z 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] Y m ea o r nt a h nd ( I 1 m v n = 9 p a c e 3 a l o 5 n u 1 y m - 0 t e - 3 s 0 ) e 9 J Tota I l n (p d h u y 1 s 9 s tr i 3 i c 5 a a - D a l l 3 b 9 u p v f l M a r r e o = - o c l a t d u u n 1 u m r u 0 N c e d a e 0 - t s u o b ) i 2 o r n l * - e n - M era in ls - To a t w a 1 C l a 9 o r c 2 n d 3 o s R e - n d t 2 t d i e e t r 5 a r u s n l ( a i - c = v - c t a t i s o l 1 u n 0 o e 0 A t ) h 3 l e l r N t a c u g o u r r n l a i - E - l - 1 m 9 p 39 l o = y F m a 1 c e 0 t n o 0 t r 4 y 1 r 9 F p t o 3 1 o a a l 0 9 r c y l 0 y s - - 4 = F 19 r l i e 3 o n c 1 i 9 a 0 a g g r d 0 s h = * - t- D 19 m = u s s e ( 2 v a t e p e a 3 o l ) 1 a l e n - r * - 0 r 2 s e t 5 t 0 5 - W m p = c r 1 s o o i h 9 a c d m o 2 1 l e i e l 6 0 s - t e y 0 4 - C l 3 1 i o 9 9 1 v s 4 3 0 i t n 5 0 - o = g f 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!o 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 i6o!6' 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 86.4 119.4 1931 92.3 75 67 79 80 63 37 84 88.3 78.2 73.5 105 92 73'.0 108.7 1932 70.6 58 41 70 67 28 13 40 77.6 66.4 50.7 78 69 64.8 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 87 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!l 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 89 149 115.6 132.1 167.5 130 110 87.3 105.2 1942... P169.4 181 250 141 129 166 82 235 124.2 152.3 242.2 138 124 98.8 116.5 1939 September 107.3 114 119 118 111 114 73 68 76 r101.0 101.4 104.8 104.2 111 90 79.1 100.6 October 109.3 121 126 129 115 119 76 68 82 r102.5 104.9 108.1 112.7 114 92 79.4 November 109.9 124 126 134 117 120 83 61 101 r103.1 106.6 107.7 112.0 114 93 79.2 December. 111.3 125 122 138 117 114 86 60 107 r103.4 107.0 107.0 113.4 110 95 79.2 99^' 1940 January 110.7 122 117 135 113 120 75 53 93 r102.4 105.9 104.0 107.4 111 92 79.4 February 110.7 116 114 123 110 115 63 56 68 r101.9 104.8 104.2 107.2 105 90 78.7 .March 110.3 113 112 118 107 118 62 57 66 102.0 103.5 103.8 107.9 100 89 78.4 99^' April 110.6 113 112 116 107 120 64 62 66 101.1 102.4 102.6 105.8 103 89 78.6 May 112.0 117 117 124 110 118 64 64 65 r101.9 102.8 102.1 105.8 106 89 78.4 June. 112.1 122 122 133 114 119 74 69 77 r102.6 103.7 102.5 107.6 111 91 77.5 100^5 July 112.8 122 120 136 113 118 85 77 91 r103.3 105.2 103.1 106.6 110 92 77.7 August 113.9 124 124 143 112 113 90 82 98 r104.6 108.1 107.8 115.1 112 98 77.4 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 r106.5 112.0 114.8 126.9 110 94 78.7 100.2 November 117.7 134 136 157 120 119 111 87 130 r108.1 114.6 116.0 127.5 116 100 79.6 100.1 December... . 121.3 138 136 164 124 119 115 90 136 r109.7 116.8 117.4 134.1 119 101 80.0 100.7 1941 January 122.6 140 136 170 123 120 103 84 117 r110.3 118.9 116.9 132.6 122 101 80.8 100.8 Pebruary 124.9 143 140 175 126 119 99 76 118 r111.5 121.3 120.0 140.3 124 103 80.6 100.8 March 126.7 147 145 179 128 126 94 74 109 r111.7 123.3 122.7 145.9 126 103 81.5 101.2 April 129.1 144 144 180 131 96 103 80 121 r111.8 126.3 125.8 150.2 112 104 83.2 102.2 May 134.2 154 155 191 135 121 101 88 111 r113.6 129.5 128.6 161.3 135 105 84.9 102.9 June. .... 139.0 159 160 196 139 127 117 101 129 r115.3 133.0 132.0 170.5 139 104 87.1 104.6 July 140.4 160 159 200 138 126 139 115 158 r117.1 136.1 135.5 172.0 138 115 88.8 105.3 August 142.9 160 163 200 139 128 152 112 184 r118.4 137.8 138.4 178.8 139 134 90.3 106 2 September 143.7 161 167 202 138 132 161 105 206 r118.9 138.7 141.2 184.8 130 116 91.8 108.1 October 145.7 164 168 208 139 134 145 87 192 r119.2 139.7 141.8 190.2 127 105 92.4 109.3 November 146.3 167 167 209 143 133 138 74 189 119.8 139.9 141.3 188.6 135 116 92.5 110.2 December 151.9 167 164 213 141 134 123 69 167 120.3 141.0 141.1 195.1 137 111 93.6 110.5 1942 January 153.8 171 166 221 143 134 118 82 147 120.4 142.2 139.8 200.7 140 138 96.0 112.0 February 155.6 172 167 225 142 133 128 100 151 120.8 143.7 142.3 208.2 139 126 96.7 112.9 March 157.4 r171 168 230 139 126 125 95 149 121.0 145.3 144.3 215.1 136 124 97.6 114.3 April.. 161.1 173 172 234 139 125 128 82 165 r121.2 147.1 146.3 221.4 143 117 98.7 115.1 May 163.1 174 175 239 138 126 158 76 226 121.9 149.1 148.0 228.7 143 108 98.8 116.0 June. 167.9 176 177 244 136 127 193 76 288 122.5 150.9 149.9 234.5 141 104 98.6 116.4 July 171.0 178 180 249 138 125 206 74 313 124.5 153.4 153.4 242.7 142 121 98.7 117.0 August 174.3 183 187 258 140 130 182 65 278 125.8 155.1 157.1 254.8 143 130 99.2 117.5 September 176.0 186 192 264 142 131 179 70 268 126.5 156.9 159.6 261.8 136 123 99.6 117.8 October r180.8 r191 194 273 r144 129 185 83 269 127.6 158.9 160.7 270.9 133 128 100.0 119.0 November 186.4 194 194 279 r147 r130 198 90 286 128.8 160.9 161.9 280.4 134 138 100.3 119.8 December *190.4 197 193 285 148 127 175 91 243 130.5 164.6 164 6 287.7 134 125 P101.0 120.4 1943 January *>200 2>194 *>290 ^150 2*126 p137 ?80 *>183 P130.5 P167.3 *>164.9 135 143 P101.9 120.6 February e139 e102.6 v Preliminary. * Average per working day. r Revised. e Estimated. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 254-257; for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 260. 4 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. Figures prior to 1939 for factory employment and payrolls and nonagricultural employment are adjusted for level through 1937; the 1938 figures and the 1939 base period averages applied to earlier data are preliminary. Figures since 1939 are adjusted to Social Security data. Factory employment and payrolls for 1941 and 1942 are revised. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 5 For sales comparisons by cities and by departments see pp. 262-263 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. MARCH 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 averatge = 100] 1941 1942 1943 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Industrial Production—Total „ 167 171 172 r171 173 174 176 178 183 186 r191 194 197 p200 Manufactures—Total 173 178 179 180 182 183 184 188 193 196 r202 206 209 p213 Durable ... . 213 221 225 230 234 239 244 249 258 264 273 279 285 ^290 Nondurable1 141 143 142 139 139 138 136 138 140 142 r144 147 148 Iron and Steel 191 192 194 200 199 200 198 196 197 199 207 203 200 203 Pig iron 190 189 189 192 192 192 194 192 190 194 199 199 197 197 Steel 205 209 211 218 219 219 216 216 218 219 229 224 221 225 Open hearth and Bessemer 176 176 178 182 181 182 178 175 177 179 186 182 179 181 Electric 411 449 448 477 487 488 489 506 507 503 536 527 523 539 Machinery 243 250 259 268 273 279 287 289 299 306 316 327 338 Government Arsenals and Quartermaster Depots Transportation Equipment 278 305 314 330 350 372 396 425 458 478 507 r525 548 p565 Aircraft Automobile bodies, parts, and assembly 120 118 105 105 104 107 112 116 124 129 135 140 146 P152 Railroad cars Locomotives Shipbuilding Private yards Government yards Nonferrous Metals and Products 193 191 187 181 177 r180 r186 188 r191 r191 rm r196 201 noo Nonferrous metal smelting 151 153 157 157 161 163 Copper smelting 141 140 141 147 155 161 Zinc smelting 182 184 189 184 185 184 Lead production 122 131 140 134 132 Copper deliveries 230 235 224 208 195 205 Lead shipments Zinc shipments 145 152 151 148 145 146 Tin consumption 171 Lumber and Products. - . 138 143 144 134 132 130 131 133 129 125 129 128 127 p125 Lumber 132 138 143 128 127 124 127 130 125 119 123 122 119 furniture 149 153 147 147 142 143 139 137 136 136 141 140 PU0 144 Stone Clay, and Glass Products 157 165 158 158 154 155 147 140 145 152 152 153 148 Cement 162 167 162 161 167 172 171 169 177 182 184 180 Un^lazed brick 152 160 152 133 119 104 92 90 87 165 Glass containers 165 184 178 187 176 178 163 145 153 163 162 169 171 Polished plate glass 80 68 47 43 43 35 37 32 30 38 37 39 39 38 Textiles and Products 154 158 156 153 157 156 152 154 154 156 156 158 156 ^160 Textile fabrics 146 148 147 143 148 146 143 145 144 146 147 148 145 Cotton consumption 155 169 174 169 177 175 169 166 169 172 172 171 163 171 Rayon deliveries 179 180 174 175 170 169 169 168 169 170 174 177 178 180 Silk deliveries Wool textiles . .. 178 161 153 148 153 150 151 160 154 155 156 161 163 Carpet wool consumption 164 78 79 70 34 5 46 43 27 34 43 43 45 Apparel wool consumption 209 202 191 196 203 201 194 208 206 198 205 212 217 Woolen yarn 159 163 165 161 173 172 165 175 173 175 178 182 184 Worsted yarn 195 173 148 143 164 168 166 176 173 168 171 r175 175 Woolen and worsted cloth 182 183 172 167 177 179 172 184 177 179 175 r180 185 Leather and Products 124 128 r125 r124 130 r126 r12l 116 112 111 117 116 116 P118 Leather tanning 123 130 127 127 130 128 122 118 115 114 120 117 117 Cattle hide leathers 135 148 139 139 147 147 142 143 139 135 143 138 138 Calf and kip leather* 93 86 93 92 93 94 88 89 95 96 94 94 92 Goat and kid leathers. 117 119 120 120 115 104 94 79 70 76 81 81 84 Shoes 124 r127 r124 r122 r130 124 120 r115 110 108 r115 r116 116 P118 Manufactured Food Products 137 139 139 136 136 134 138 143 143 P149 P146 P158 P159 Wheat flour 109 108 110 101 98 105 102 106 105 101 108 115 126 129 Cane sugar meltings Manufactured dairy products r148 r149 146 145 150 142 138 143 143 ^140 PW P136 *14O PU1 Ice cream 154 155 150 147 160 145 145 154 153 Butter 103 r105 107 108 110 111 105 108 108 102 100 98 103 107 Cheese 181 r188 177 177 180 178 168 169 165 156 145 141 138 148 Canned and dried milk 200 199 198 198 187 178 168 164 172 167 168 156 169 r Revised. p Preliminary. * Included in total and group 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. 2-54 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 1943 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactured Food Products—Continued Meat packing 142 148 141 144 142 140 153 146 153 159 145 147 158 PU0 Pork and lard 161 165 151 161 156 163 177 168 174 187 157 167 193 p164 Beef 127 138 139 132 134 121 137 130 136 129 133 122 119 Veal 98 96 96 98 96 94 103 103 113 127 129 128 107 ^80 Lamb and mutton . 117 113 113 128 119 105 104 116 127 137 141 156 156 PI 19 Other manufactured foods 137 140 142 138 137 136 140 147 146 155 152 159 165 PI 68 Alcoholic Beverages . 114 137 130 119 111 111 104 122 r135 r139 126 122 111 Malt liquor r123 117 124 120 117 116 104 118 133 147 134 146 131 Whiskey 91 77 74 62 63 55 63 96 82 49 14 Other distilled spirits 121 250 75 44 53 80 61 83 r35 r62 "•'62" ' "37' Rectified spirits 102 243 242 201 153 158 163 183 223 238 226 159 159 Tobacco Products . 129 134 130 125 127 120 122 126 130 133 141 136 160 140 Cigars . . 139 129 126 121 120 108 112 109 112 107 116 98 200 127 Cigarettes 136 149 144 137 140 137 136 146 152 159 166 167 166 162 Manufactured tobacco and snuff 95 99 93 94 97 89 94 89 88 91 102 98 94 94 Paper and Paper Products1 150 153 151 152 148 143 134 125 131 132 135 135 132 Paper and pulp 156 159 157 158 154 147 135 125 132 133 137 137 133 Pulp 179 181 180 189 183 184 177 164 169 162 162 159 152 Groundwood pulp.... 129 135 131 138 129 120 116 113 117 112 r114 111 104 Soda pulp 153 153 154 155 148 147 129 127 125 126 137 141 131 Sulphate pulp. 225 221 224 239 236 245 228 211 221 211 208 r200 195 Sulphite pulp. 171 177 173 181 174 173 173 157 161 154 153 149 143 Paper 152 165 154 154 149 142 129 119 126 128 134 134 130 Paperboard 166 168 167 168 157 141 120 109 123 131 136 137 134 137" Fine paper 157 151 144 150 146 147 138 132 125 125 130 r133 127 Newsprint production 106 107 110 106 109 104 103 103 108 106 107 100 97 Printing paper r146 151 146 140 135 124 110 109 113 117 130 r129 121 Tissue and absorbent paper 152 166 168 164 169 175 178 148 161 166 163 r174 175 Wrapping paper r145 147 147 151 152 150 139 127 132 125 128 123 120 Printing and Publishing2.. 130 128 125 121 117 112 104 106 111 109 116 118 114 V112 Newsprint consumption.. 115 104 103 103 98 100 97 103 108 101 102 110 106 102 Petroleum and Coal Products 137 133 129 122 118 rU6 115 118 121 122 123 123 119 Petroleum refining 133 129 124 116 111 109 108 111 114 116 117 117 112 Gasoline 136 129 121 112 104 103 101 105 109 109 111 110 104 Fuel oil 130 127 129 122 123 122 123 127 130 137 137 138 137 Lubricating oil 132 133 131 131 126 122 123 117 117 112 113 114 113 Kerosene 123 124 123 112 106 100 103 105 106 107 112 110 99 Coke 161 161 r162 r162 162 r163 164 163 165 166 166 166 166 "165" Byproduct coke 151 152 152 '152 152 r153 r153 153 155 155 155 156 156 ^156 Beehive coke 501 r490 r510 r504 r514 r508 r539 502 505 523 524 r500 498 ^489 Chemicals. 152 156 161 161 165 167 172 174 173 174 182 192 200 P206 Rubber Products.. Tire P s n a e n u d m a t t u i b c e s tires 6 6 7 7 3 3 3 2 2 2 2 8 7 8 2 2 2 6 7 6 2 2 2 5 5 7 * * * * * * * * * * * * * * * Min erals— Total 134 134 133 126 125 126 127 125 130 131 129 r130 127 PI 26 Fuels... 131 131 130 122 121 121 121 121 126 129 127 130 126 P124 Bituminous coal .... 144 144 141 140 150 147 144 141 140 150 145 154 143 PU5 Anthracite 98 104 121 116 122 115 117 122 118 129 117 124 105 P102 Crude petroleum ... 129 129 127 115 109 111 113 112 121 120 121 121 121 PU8 Metals 152 150 253 152 151 156 158 154 151 144 138 r133 136 P139 Metals other than gold and silver 174 179 181 184 184 193 199 197 196 189 183 181 186 Iron ore shipments 205 210 214 219 217 232 236 241 239 227 218 211 223 232 157 161 158 162 164 174 Lead 122 131 140 134 132 Zinc 138 138 146 Gold 125 113 118 Silver 105 105 101 106 109 106 104 98 99 88 82 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 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 82^-882. 2-55 MARCH 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] Annual 1942 1943 Industry 1942 1941 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Industrial Production—Total . 181 156 166 167 168 172 175 177 180 187 192 194 194 193 P194 Manufactures—Total 190 161 173 175 177 181 183 185 189 196 202 r205 206 206 P207 Durable 250 193 216 221 228 234 240 246 251 260 266 275 279 283 Nondurable1.. 141 135 137 138 137 138 137 136 139 144 150 148 147 145 P144 Iron and Steel.. 199 186 192 194 200 199 200 198 196 197 199 203 200 203 Pig iron. 193 180 189 189 192 192 192 194 192 190 194 199 199 197 197 Steel 218 197 209 211 218 219 219 216 216 219 229 224 221 225 Open hearth and Bessemer.. 179 175 176 178 182 181 182 178 175 179 186 182 179 181 Electric 495 357 449 448 477 487 488 489 506 5oo 536 527 523 539 Machinery.. 291 210 250 259 273 279 287 289 299 306 316 327 338 P347 Government Arsenals and Quartermaster Depots. Transportation Equipment.. 417 234 305 314 330 350 396 425 458 478 507 r525 548 P565 Aircraft Automobile bodies, parts, and assembly... 140 105 105 104 107 112 124 129 135 116 P152 Railroad cars Locomotives Shipbuilding Private yards , Government yards Nonferrous Metals and Products 188 185 191 187 177 r180 r186 188 r191 r191 r191 r196 201 P200 Nonferrous metal smelting.. 145 153 157 156 162 164 Copper smelting 137 140 141 147 155 161 Zinc smelting 170 184 189 184 185 184 Lead production 118 131 140 131 135 Copper deliveries 224 235 224 208 195 205 Lead shipments Zinc shipments 145 152 151 145 146 Tin consumption 149 Lumber and Products... 131 134 128 129 135 138 140 138 135 135 125 P108 Lumber 126 129 112 118 120 127 131 138 141 139 134 131 118 P91 Furniture 141 145 142 147 147 142 143 139 137 136 136 141 140 PU0 Stone, Clay, and Glass Products 151 152 138 132 140 151 158 151 160 163 163 157 Cement 171 154 137 132 141 161 178 183 186 195 200 202 186 Unglazed brick 141 97 83 90 116 118 115 111 104 Glass containers 169 151 165 164 176 176 190 171 151 167 "166 167 171 Polished plate glass... 41 126 68 47 43 43 35 37 32 30 38 37 39 38 Textiles and Products 156 752 158 157 156 152 154 154 156 P160 Textile fabrics 146 145 148 147 143 148 146 143 145 144 146 147 148 145 Cotton consumption 171 158 169 174 169 177 175 169 166 169 172 172 171 163 171 R Si a lk y o d n e l d iv e e li r v ie e s ries 17 * 3 1 * 66 180 1 * 74 17 * 5 170 1 * 69 169 168 1 * 69 1 * 70 174 1 * 77 1 * 78 180 Wool textiles 155 160 161 153 148 153 150 151 160 154 155 156 161 163 Carpet wool consumption.. 45 139 78 79 70 34 5 46 43 27 34 43 43 45 Apparel wool consumption. 199 183 202 191 196 203 201 194 208 206 198 205 212 217 Woolen yarn 172 149 163 165 161 173 172 165 175 173 175 178 182 184 Worsted yarn 167 175 173 148 143 164 168 166 176 173 168 171 r175 175 Woolen and worsted cloth.. 178 162 183 172 167 177 179 172 184 177 179 175 r180 185 Leather and Products... 121 r125 r132 131 124 115 114 115 112 117 115 P116 Leather tanning 122 119 131 138 127 130 125 118 112 112 113 121 120 119 Cattle hide leathers 142 130 149 155 140 147 144 135 133 132 133 144 143 141 Calf and kip leathers 92 99 84 98 91 90 90 90 88 100 94 96 97 91 Goat and kid leathers... 96 106 119 125 119 119 102 94 78 68 77 81 79 85 Shoes 119 123 120 r127 r130 131 114 r115 117 r112 r115 111 110 r123 Manufactured Food Products., *>143 128 124 121 123 139 156 165 P182 P157 ^150 P142 130 Wheat flour 107 104 109 109 92 106 118 119 121 130 Cane sugar meltings 96 Manufactured dairy proJucts. P143 132 r100 124 152 193 210 207 192 P91 P90 Ice cream 136 78 113 154 197 232 259 248 Butter 106 111 r84 92 96 109 143 147 132 119 ioi 78 C C h a e n e n s e e d and dri _ ed milk r1 1 6 8 6 0 1 1 4 5 1 6 r1 1 3 7 5 8 1 1 4 8 2 7 1 1 5 9 7 4 2 1 1 8 1 9 2 2 4 5 2 7 2 2 4 4 1 9 2 2 0 0 5 0 1 1 8 7 5 7 1 1 5 5 8 4 1 1 3 3 4 4 1 1 0 0 6 9 r Revised. p Preliminary. * Included in total and group indexes but not available for publication separately. 1 Beginning in January 1942 includes industrial alcohol produced in the alcoholic bever t aggee iindustry. Figures not available for publication separately x 6 5 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] Annual 1942 1943 Industry 1942 1941 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactured Food Products—Continued Meat packing 148 129 173 135 131 134 140 149 138 132 147 146 166 P165 Pork and lard 169 143 214 151 145 148 163 172 151 131 150 147 200 249 P2l3 Beef 131 118 138 125 120 125 121 134 131 137 144 144 128 119 PI 20 Veal 108 97 93 84 93 95 98 104 102 114 140 142 131 101 Lamb and mutton 127 108 118 113 124 115 108 99 110 125 153 150 152 148 ^125 Other manufactured foods.. 147 129 123 124 121 121 123 133 157 173 200 171 160 PUS Alcoholic Beverages.. 119 117 117 113 120 133 140 r140 103 Malt liquor 125 111 96 109 112 124 136 134 148 152 149 121 W Ot h h i e s r k e d y istilled spirits.. 1 8 6 8 3 1 16 0 3 2 4 9 5 6 2 7 9 7 3 6 2 9 54 5 3 0 6 3 5 9 3 r3 4 4 5 r4 3 8 9 r16 1 4 3 46 Rectified spirits 181 148 177 191 136 130 183 223 238 226 159 Tobacco Products.. 131 121 117 123 132 131 144 149 132 Cigars 119 112 104 109 111 114 107 120 113 115 123 140 117 154 103 Cigarettes 153 131 146 136 127 130 142 150 153 160 170 169 167 147 159 Manufactured tobacco and snuff. 94 99 96 92 96 96 89 96 91 104 97 S3 91 Paper and Paper Products1 139 153 155 144 133 122 130 134 134 129 Paper and pulp ..... 142 145 159 160 161 157 149 134 121 130 132 138 r137 131 Pulp 172 169 183 186 194 187 186 174 156 166 159 164 159 147 Groundwood pulp , 120 125 140 137 148 144 133 118 100 100 98 r106 114 108 Soda pulp , 139 144 153 158 160 152 147 127 119 125 127 137 141 127 Sulphate pulp 220 207 223 230 243 236 245 226 207 221 211 212 r200 185 Sulphite pulp 164 160 177 179 185 178 173 169 150 161 154 156 r151 139 Paper 138 142 155 156 156 152 143 128 115 125 128 134 133 129 Paperboard 141 154 168 167 168 157 141 120 109 123 131 136 137 134 137 Fine paper , 138 134 152 155 160 159 151 135 120 118 118 130 r129 124 Newsprint production 105 112 107 108 106 109 105 104 101 105 106 107 103 98 Printing paper 127 141 151 151 145 140 127 108 102 110 116 131 r127 120 Tissue and absorbent paper., 167 138 161 175 166 172 173 177 140 161 172 169 r172 168 Wrapping paper 137 134 147 147 151 152 150 139 127 132 125 128 123 120 Printing and Publishing2 115 124 125 126 126 103 103 109 120 r121 114 P109 News print consumption , 103 107 102 107 95 102 109 115 108 97 Petroleum and Coal Products 122 128 132 129 122 117 115 117 121 122 123 123 119 Petroleum refining... 115 125 128 124 116 111 110 108 110 114 116 117 117 112 Gasoline 110 126 129 121 112 104 103 101 105 109 109 111 110 104 p103 Fuel oil 129 124 127 129 122 123 122 123 127 130 137 137 138 137 Lubricating oil.., 121 124 129 129 130 131 127 123 115 116 112 113 114 112. Kerosene 109 117 126 129 115 108 101 97 97 101 106 112 113 102 Coke 164 152 161 r162 r162 162 r163 164 163 165 166 166 166 166 Byproduct coke.. 154 144 152 152 r152 152 r153 r153 153 155 155 155 156 156 Beehive coke 509 415 r490 r510 r504 r514 r508 r539 502 505 523 524 r500 498 ^489 Chemicals 139 155 161 166 168 166 166 167 170 176 186 194 201 Rubber Products.. Rubber consumption.. Tires and tubes 120 33 28 26 25 Pneumatic tires. . 120 32 28 26 25 Inner tubes 117 33 27 27 27 Minerals—Total. 129 125 125 118 125 132 r131 136 137 134 r131 120 P117 Fuels 125 131 130 121 121 126 129 127 130 P124 Bituminous coal.. 145 129 144 141 140 150 147 144 141 140 150 145 154 PU5 Anthracite 117 110 104 121 116 122 115 117 122 118 129 117 124 Crude petroleum. 118 120 129 127 115 109 111 113 112 121 120 121 121 Metals.... 149 149 91 154 189 194 191 193 183 175 r142 83 P75 Metals other than gold and silver.. 190 168 80 94 195 259 266 264 264 249 239 192 Iron ore shipments 229 197 23 237 372 382 393 388 358 335 229 Copper 153 158 160 165 169 174 Lead 118 131 140 131 135 Zinc 130 138 146 Gold 122 107 106 Silver 120 106 103 110 105 100 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. MARCH 1943 157 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 Jan. Sept Oct. Nov. Dec. Jan. Sept. Oct. Nov. Dec. Total Durable goods Nondurable goods Iron and Steel and Products Blast furnaces, steel works, etc Steel castings Tin cans and other tin-ware Hardware Stoves and heating equipment Steam, hot-water heating apparatus... Stamped and enameled ware Structural and ornamental metal work Forgings Screw machine products Electrical Machinery.. Machinery, except Electrical 282.0 Machinery and machine shop products 278 Tractors 169 Agricultural excluding tractors 173 Pumps 389 138 Refrigerators Transportation Equipment, except Autos.. Automobiles Nonferrous Metals and Products Primary smelting and refining Clocks and watches Lighting equipment Lumber and Timber Basic Product. 154.5 192.2 Sawmills 127 158 Planing and plywood mills. 141 168 Furniture^ and Lumber Products. Furniture Stone, Clay, and Glass Products Glass Cement Brick, tile, and terra cotta Pottery and related products Textiles and Finished Products.. Textile-Mill and Fiber Products Cotton goods except small wares... Silk and rayon goods Woolen and worsted manufactures Hosiery Knitted underwear Dyeing and finishing textiles Carpets and rugs, wool Apparel and Other Finished Textiles Men's clothing, n.e.c Shirts, collars, and nightwear.. Women's clothing, n.e.c, Millinery Leather and Leather Products Leather Boots and shoes Food and Kindred Products Slaughtering and meatpackin, Flour Baking Sugar, beet Confectionery. Beverages, nonalcoholic Malt liquors Canning and preserving Tobacco Manufactures Cigarettes Cigars... Paper and Allied Products Paper and pulp.. Paper goods, n.e.c Paper boxes tge earners only. 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 1943 1941 1942 1943 Dec. Jan. Sept. Oct. Nov. Dec. Jan. Dec. Jan Sept. Oct. Nov. Dec Jan. Printing and Publishing 1090 105.4 98.5 100.9 103.1 104.2 101.3 124.6 115.4 111.2 116.3 122.4 126.8 Newspapers and periodicals 107 100 97 98 99 100 120 106 108 109 Ill 113 Book and job 110 108 98 102 105 106 127 122 110 119 128 134 Chemical and Allied Products 1655 172.2 225.1 233.4 240.3 245.7 250.1 219.4 231.7 338.5 351.4 365.3 382. 9 Paints, varnishes, and colors 116 115 103 103 103 103 139 136 129 131 135 139 Drugs, medicines, and insecticides.... 129 130 139 142 149 152 148 148 173 184 190 197 Rayon and allied products 110 109 107 107 105 106 140 141 146 145 141 149 Chemicals, n.e.c. 152 153 159 159 160 161 195 199 222 231 236 242 Cottonseed oil 126 112 127 151 151 143 161 137 179 237 235 235 Fertilizers 100 113 103 103 104 109 126 142 165 164 164 m Products of Petroleum and Coal 116 6 115.3 124.8 119.3 117.8 117.4 116. 141.4 138 4 160.5 160.8 165.4 16s! Petroleum refining 107 106 110 108 107 107 129 127 144 146 151 152 Coke and by-products 121 121 125 123 120 119 151 150 171 160 163 161 Rubber Products 133.4 121.1 135.3 139.9 143.8 149.0 151. 159.3 149 1 189.9 201.9 213. ? ??x 6 Rubber tires and inner tubes ... 124 109 131 137 142 148 138 131 179 190 204 ??0 Rubber boots and shoes 138 127 138 136 140 145 189 167 206 209 222 ?S8 Rubber goods, other 137 126 125 129 131 135 177 163 177 191 196 ?09 Miscellaneous Industries 143.6 136.2 147.6 150.7 151.7 155.6 155.6 179.5 176 0 227.4 236.3 247.6 ?,618 Photographic apparatus 126 129 141 145 148 151 167 175 200 209 Til ?S0 Games, toys, and dolls 124 98 80 76 80 79 148 113 114 120 129 134 FACTORY EMPLOYMENT {Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] Group and year An- Jan Feb. Mar. Apr May June July Aug. Sept. Oct. Nov. Dec. nual Total. ... 1941 132.1 118.9 121.3 123.3 126.3 129.5 133.0 136.1 137.8 138.7 139.7 139.9 141.0 1942 152.3 142.2 143.7 145.3 147.1 149.1 150.9 153.4 155.1 156.9 158.9 160 9 164.6 Durable. .. 1941 153.8 133.9 137.3 140.1 144.8 149.5 154.6 159.8 162.1 163.9 165.4 166 3 168.2 1942 191.5 170.6 173.3 176.5 180.2 184.2 188.9 193.9 198.5 201.6 205.6 209 6 215.6 Nondurable.. 1941 115.0 107,1 108.7 110.0 111.7 113.6 115.9 117.3 118.6 118.9 119.4 119 0 119.5 1942 121.4 119.8 120.4 120.6 121.0 121.4 121.0 121.4 120.9 121.6 122.0 122 5 124.4 NOTE.—Revised indexes based on new Bureau of Labor Statistics data released in February 1943. Preliminary seasonally adjusted indexes for January 1943 are: Total 167.3, durable 219.7, nondurable 125.9. For back figures see page 14 of 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 earnings (cents per hour) Industry and group 1941 1942 1941 1942 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Nov. Dec. Aug. Sept. Oct. Nov. Dec. All Manufacturing 40.4 41.1 43.0 42.4 43.6 44.0 44.4 77.3 78.3 87.0 89.2 89.3 90.5 90.7 Durable Goods 42.0 42.5 45.3 44.6 45.8 46.1 46.2 85.6 86.9 96.9 99.7 99.0 100.5 100.4 Iron and Steel and Products 41.6 42.1 43.7 43.0 44.3 44.8 45.3 87.2 88.0 95.1 98.0 97.9 98.4 98.5 Electrical Machinery 43.4 44.6 46.3 46.0 46.7 47.0 47.0 83.4 85.0 91.6 95.2 93.6 94.2 94.4 Machinery Except Electrical 45.8 47.4 49.4 48.0 49.5 49.5 49.7 87.5 89.1 97.7 99.4 99.7 100.3 101.1 Automobiles 39.3 37.4 45.1 44.1 45.2 45.5 45.5 111.4 113.4 116.9 118.5 117.2 120.2 120.2 Transportation Equipment Except Automobiles 43.8 46.1 47.3 46.7 47.1 47.7 47.3 100.0 100.6 112.4 116.1 113.2 116.3 114.2 Nonferrous Metals and Products 41.6 43.4 44.8 44.1 45.4 46.0 45.8 81.8 83.4 93.3 95.6 95.6 95.9 97.6 Lumber and Timber Basic Products 38.8 34.7 41.8 41.0 42.5 41.7 41.4 58.6 58.5 67.7 68.2 69.4 68.5 67.7 Furniture and Finished Lumber Products. 40.5 41.3 41.4 41.0 42.8 42.8 43.7 61.7 62.1 66.1 67.5 68.4 68.5 68.7 Stone, Clay, and Glass Products 38.9 39.7 40.1 39.3 41.3 41.4 41.9 73.7 74.2 78.6 79.1 81.2 81.0 81.0 Nondurable Goods 38.7 39.6 40.2 39.7 40.8 41.3 42.1 67.4 68.0 73.0 74.3 75.1 75.6 76.2 Textiles—Mill and Fiber Products 38.4 39.6 40.3 39.4 40.4 40.8 41.5 56.4 56.8 61.6 63.4 63.9 64.2 64.4 Apparel and other Finished Products 34.6 35.4 36.2 34.9 37.1 37.0 37.4 59.8 60.2 63.4 64.5 65.2 64.8 64.9 Leather and Manufacturers 36.4 38.7 38.4 36.7 38.9 39.0 40.3 63.9 64.4 68.3 70.2 70.8 71.3 71.9 Food and Kindred Products 40.2 40.7 41.3 41.8 41.6 42.4 43.7 67.8 68.7 71.8 71.5 74.4 75.1 76.2 Tobacco Manufactures 38.5 39.1 39.5 38.6 40.4 40.6 41.2 53.8 53.6 59.3 59.7 60.2 61.1 61.3 Paper and Allied Products 42.5 42.7 41.2 40.8 43.4 44.0 44.9 69.0 69.5 75.7 76.7 77.1 77.2 77.0 Printing, Publishing, and Allied Industries. 38.6 39.9 38.0 38.2 38.5 39.5 40.3 91.4 92.8 95.2 96.0 97.3 97.6 98.0 Chemicals and Allied Products 41.3 41.7 43.1 42.7 43.6 43.9 44.5 78.7 79.6 87.6 88.1 86.6 86.7 87.6 Products of Petroleum and Coal 37.6 38.5 39.5 39.5 40.5 41.8 41.9 101.3 101.9 105.4 108.8 108.1 109.3 109.2 Rubber Products 39.5 39.0 42.3 41.6 42.7 43.4 44.4 86.2 86.3 93.3 94.5 94.7 95.5 96.6 Miscellaneous Industries 42.1 42.7 43.7 43.6 44.8 45.3 46.3 68.8 69.5 78.7 81.8 81.1 82.9 83.2 NOTE.—Revised data based on the classification of the 1939 Census of Manufactures. Back figures are available from the Bureau of Labor Statistics. (Table of "Estimated Employment in Nonagricultural Establishments by Industry Division" appears on p. 269.) MARCH 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 Public works Month Total R b e u si i d ld e i n n t g ial Factories Commercial Educational* Otherl a u n t d i l p it u ie b s li i c 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 1941 1942 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 Movember 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. CONSTRJJCTION 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 1943 1942 Month Federal Reserve district 1941 1942 1943 1941 1942 1943 1941 1942 1943 January December January Tanuary 305 317 351 124 198 316 181 119 35 Boston 14,747 r31,149 18,461 February 270 434 105 310 166 123 New York >. 28,391 r32,938 42,860 March 480 611 269 473 211 138 Philadelphia , .* 13,552 57,437 19,058 April 407 499 184 355 223 144 Cleveland , ,. 21,669 43,584 34,020 J M un ay e 5 5 4 3 9 9 1,1 6 9 7 0 4 3 2 1 6 4 7 1,1 5 0 6 5 9 2 22 8 5 1 1 8 0 5 5 A Ri t c la h n m ta o nd .... . . T ..... 4 59 2 , , 7 2 9 8 2 7 r11 8 7 5 , , 3 8 8 0 8 2 3 5 4 2 , , 6 0 0 3 9 0 July 577 944 348 876 229 68 Chicago 37,618 r65,967 57,951 August 760 721 520 633 240 88 St Louis -. . 33,652 r84,967 25,177 September— 623 723 403 661 220 62 Minneapolis 3,476 r23,283 2,472 October 606 780 371 710 235 71 Kansas City ... ... 17,553 r71,779 6,999 Movember 459 654 298 592 161 62 Dallas 77,924 r94,422 23,209 December 432 709 288 664 144 45 Total (11 districts) 350,661 708,716 316,846 Year 6,007 8,255 3,492 7,146 2,515 1,109 r Revised, 1 Data 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 m r e o 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 s 4- h R o ( g T e u a r I o n I n i s ) t u i d t l n a e p l g h ( o W T V u i a s t I r l i ) e ng End of month Total b C m a c o i n e a m r k l - s - b s M i t a n a u n g v u a k s - - l s a a s l S t a i s o i a n o n a o v c g d n i n - s s - p I c a a n n o n s c i u m e r e - s - a c F e g i e r e e a d n s l - - ^ Other3 1936—Dec 365 228 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 1 19 9 3 3 9 8 .. , 6 9 9 5 4 4 2 1 0 6 8 0 25 4 6 7 6 3 9 4 5 8 1 Dec 1,793 902 71 192 342 153 133 1 1 1 9 9 9 4 4 4 2 0 1 1 1 1 , , , 1 1 0 3 8 2 7 6 6 2 2 1 5 4 6 1 1 2 2 2 1 6 1 5 6 8 7 9 7 3 1 7 6 1 1 6 3 3 28 1 4 3 1940— J S M u e n a p e r t 2 2 1 , , , 2 0 94 3 7 9 2 5 1 1 , , 0 9 0 9 2 7 3 6 1 1 1 9 1 0 0 1 0 2 2 2 0 0 1 1 8 6 4 3 4 3 9 8 2 2 0 1 1 17 8 9 1 2 0 1 1 1 4 2 2 1 7 4 1942—Jan 111 16 2 87 * 7 Dec 2,409 1,162 130 224 542 201 150 M M A F Ju e p a a b n r y r e 8 9 9 9 9 3 2 3 3 6 1 1 1 1 1 3 0 5 2 3 2 2 2 1 2 6 5 6 6 7 8 5 0 6 1 ""l" 1 1 * 1 1 1 1 8 1 2 4 6 1941-M J D S u e e a n p c r e t 2 2 2 3 , , , , 1 5 9 7 0 9 4 5 7 8 2 5 1 1 1 1 , , , , 2 4 3 4 4 0 1 6 6 0 8 5 1 1 1 1 7 5 8 4 1 7 6 6 2 2 2 2 4 3 5 3 6 7 4 0 6 6 7 7 6 0 8 2 8 6 9 2 2 2 2 2 2 2 3 1 5 0 4 0 1 1 1 1 7 7 5 6 8 9 4 0 A J S u e u p l g y t =... 9 9 8 5 7 9 1 1 1 0 0 1 1 1 * 4 5 6 8 2 3 2 * 2 3 2 5 7 1 1942— J M un ar e 3 3 , , 3 49 0 1 7 1 1 , , 5 6 4 2 9 3 2 2 1 0 9 1 2 2 7 6 2 4 8 9 5 4 6 0 2 24 3 3 7 2 1 0 9 0 5 Oct 99 11 1 44 * 42 N D o ec v 9 9 2 7 1 9 0 rl 1 3 3 9 9 4 4 3 9 case G s r i o n s s t ra am ns o it u n to t o o f r b m e o in rt g g a a g u e d s i te h d e l a d t , t e h x e c l F u e d d in e g ra l t e H rm ou in si a n t g ed A m dm or i t n g i a s g tr e a s t i a o n n d . 1943—Jan 80 7 * 31 42 tio 2 n T , h th e e R F F e C d e M ra o l r D tg e a p g o e s C it o I m ns p u a r n a y n , c t e h e C F o e r d p e o r r a a l t i N on a , t io a n n a d l t M he o r U tg n a i g t e e d A s S so ta c t i e a s - Housing Corporation. r Revised. 3 Including mortgage companies, finance companies, industrial banks, * Less than $500,000. endowed institutions, private and State benefit funds, etc. i Figures represent gross insurance written during the period and do not take account of principal repayments on previously insured loans. 2.6O FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merch xndise exports1 Merchandise imports2 Excess of exports Month 1938 1939 1940 1941 1942 1938 1939 1940 1941 1942 1938 1939 1940 1941 1942 January 289 213 370 325 479 171 178 242 229 254 118 35 128 96 226 February 262 219 347 303 478 163 158 200 234 254 99 61 147 69 225 March 275 268 351 357 611 173 190 217 268 272 102 77 134 89 339 April 274 231 323 387 695 160 186 212 287 234 115 45 111 100 461 May 257 249 324 385 ^525 148 202 211 297 109 47 112 88 *>335 June 233 236 350 330 146 179 211 280 87 57 138 50 July 228 230 317 365 141 169 232 278 87 61 84 87 P412 August 231 250 351 460 *>694 166 176 221 282 P184 65 74 130 178 ^510 September 246 289 295 425 ^718 168 182 195 262 ^196 79 107 101 162 October 278 332 344 3666 P776 178 215 207 304 ^199 100 117 137 3362 *>577 November 252 292 328 492 176 235 224 281 76 57 104 211 ^576 December 269 368 322 653 171 247 253 344 P356 98 121 69 309 P497 Jan .-Dec ,. 3,094 3,177 4,021 5,147 1,960 2,318 2,625 3,345 ^2,743 1,134 859 1,396 11,802 ^5,083 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 RAILROADS [Index numbers; 1935-39 average=100] [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain L st i o v c e k - p u r e c o s t d t s - Ore l e o e a l u - s ne- c l d . h i c a s . n 1 e - . o r p T a e i o r l a w ta t a i l n y g e r x T a p o i e t l n a w l s ay es op r e a N r i et a lw t a i y ng in Ne c t ome revenues income SEASONALLY ADJUSTED SEASONALLY ADJUSTED* 1941—November 476 403 73 33 Annu 1 a 9 l 41 „ „. „.. 130 123 168 112 91 139 183 136 100 December 486 r75 37 1942 138 135 181 121 104 155 206 146 69 1942—January 495 413 82 40 1941—December 137 111 167 124 101 145 246 149 100 M Fe a b r r c u h ary 5 5 4 1 2 9 4 4 4 2 6 0 9 9 6 9 5 5 2 8 1942—January 140 119 r154 r140 99 156 186 152 97 A M p a r y il 5 6 8 1 4 8 4 4 7 8 1 7 1 1 3 1 1 3 8 7 8 0 February 139 116 150 131 95 159 187 151 100 June 627 500 128 84 March 136 122 168 119 97 149 282 143 92 July 643 519 124 79 M Ap a r y il .. 1 1 4 4 3 3 1 1 6 6 0 4 2 1 0 9 0 7 1 11 1 5 7 10 9 1 8 1 15 5 5 9 2 2 8 8 9 9 1 1 4 4 1 2 8 6 0 2 A Se u p g t u e s m t ber 6 6 6 6 9 3 5 5 3 3 9 5 1 1 2 3 8 0 8 8 5 2 J J u u l n y e 1 1 4 4 1 2 1 1 5 6 5 0 2 1 0 9 5 9 11 9 3 5 10 9 3 0 1 1 7 5 2 9 1 1 8 8 3 0 1 1 4 4 9 4 5 6 7 0 N O o c v to e b m e b r er 6 72 6 2 1 5 5 6 3 3 3 1 15 2 9 8 12 8 0 1 August 143 154 208 106 106 165 176 152 57 December 708 554 155 September.... 136 135 188 126 102 154 174 146 55 October 133 121 180 130 110 149 221 144 56 UNADJUSTED N De o c v e e m m b b e e r r 1 1 3 3 4 4 1 1 1 2 6 5 1 1 7 7 7 6 1 1 4 2 3 6 1 1 1 1 7 4 1 1 3 4 7 0 2 2 1 2 0 1 1 1 4 4 6 4 5 5 8 9 1941— D N e o c v e e m m b b e e r r 4 4 8 5 0 7 r4 3 00 88 r 69 79 2 5 9 5 1943—January 135 119 161 157 102 130 202 149 57 1942—January 481 412 69 26 February... 462 396 66 24 UNADJUSTED March 540 448 92 47 1941—December 128 125 182 113 97 129 69 138 96 April 573 470 102 58 May 601 491 110 64 1942—J M A M F a p e a a r n b r y i u r c l a u h r a y ry 1 1 1 1 1 2 3 3 2 2 9 8 6 9 9 1 1 1 1 1 3 3 3 2 3 6 5 9 5 2 1 1 1 1 1 8 7 8 7 8 4 6 1 5 4 rl 1 1 1 0 0 1 2 9 0 2 0 9 3 9 8 9 7 7 0 9 5 6 7 rl 1 1 1 1 5 6 4 5 9 4 1 9 3 1 3 2 0 1 3 4 8 4 7 6 7 3 1 1 1 1 1 3 4 4 3 3 4 4 2 5 9 9 8 6 9 9 3 1 2 2 6 N J O A J S u u e o c u n l p t v y g e o t e u e b m s m e t r b b e e r r . . . . 6 6 6 6 6 7 9 2 8 4 9 6 8 4 4 6 0 5 5 5 5 5 5 5 6 0 4 4 4 3 1 5 3 1 9 2 1 1 1 1 1 1 4 3 5 8 3 1 9 5 5 5 3 9 1 1 1 1 3 0 7 9 1 6 8 5 8 0 9 J J u u l n y e 1 14 3 2 9 1 1 3 3 2 5 1 17 7 7 9 1 1 1 3 1 8 8 7 1 6 1 17 6 3 5 3 3 2 1 5 8 1 14 4 8 5 5 6 7 0 December .. 703 532 171 August 144 136 175 129 100 173 308 152 57 September.... 152 142 184 139 135 167 304 162 57 r Revised. October 150 138 180 139 169 158 260 163 58 * Derived from Interstate Commerce Commission data. November 140 139 186 123 144 138 206 150 59 NOTE.—Descriptive material and back figures may be obtained December 126 132 193 130 113 122 59 135 56 from the Division of Research and Statistics. 1943—January 124 135 193 138 98 117 50 132 55 r Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MARCH 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 WEEKLY INDEX OF SALES [Daily average sales; end-of-month stocks. 1923-25 average = 100] [Weeks ending on dates shown. 1935-39 average = 100] Seasonally adjusted Unadjusted 1939 1940 1941 1942 Aug. 5. ... . 77 Aug 3 .. 81 Aug 2.... .102 Aug. 1... .. 96 1940 1941 1942 1943 1940 1941 1942 1943 12. ... . 73 10... .. 79 9.... .116 8... ..110 19.... . 76 17... .. 81 16.... .113 15.... .113 SALES 26.... . 82 24. . .. 92 23.... .119 22... .116 January 92 101 138 143 71 79 108 111 Sept 2 .108 31... ..118 30 .152 29... ..132 February ... 90 103 126 71 82 99 9 . 98 Sept. 7. . .109 Sept. 6... .122 Sept. 5.. ..153 March 89 103 124 86 93 118 16 .112 14. . ..123 13 . ....133 12. . .129 April 89 104 117 86 106 115 23 .107 21.. ..117 20. ... .131 19. ..137 May 89 105 108 89 105 108 .120 28.. ..120 27 .....148 26.. ...155 June 91 104 104 87 100 100 Oct. 7 .123 Oct. 5. .. .125 Oct. 4... . .169 Oct. 3.. .173 July 92 115 121 64 79 83 U.. .. ..112 12... . .115 11.... .130 10. ..159 August 98 134 130 77 106 103 21 .116 19. ....123 18.... .131 17. ...152 September 97 116 123 105 125 133 28 .114 26... ..121 25.... .130 24... .153 October 94 105 128 101 112 137 Nov. 4 .123 Nov. 2... . .117 Nov 1.... .138 31... .158 November 100 116 138 114 133 157 11 .116 9. .. .122 8.... .139 Nov. 7... .166 December 101 111 125 179 197 222 18 .115 16... ..130 15.... .148 14. ....167 25 .107 23... .116 22.... .128 21. .. . .166 Year 94 110 124 Dec. 2 .139 30... .147 29.... .169 28... .166 9 .... 188 Dec. 7 .....197 Dec. 6.... .215 Dec. 5... ..236 Januar S y TOCKS r69 71 r94 61 64 r84 P93 2 1 3 6 . . . . . . ..2 2 3 4 5 2 2 1 1 4 . .. . . . .. . 2 2 3 5 2 8 2 1 0 3 . . . .. . . . . . 2 2 3 7 6 7 1 19 2 . . . . . . . . .2 3 7 0 4 3 February 71 73 102 68 r69 r98 30 ..... 79 28. ....124 27.... .174 26... ..199 March 70 r73 r109 71 75 111 April r68 r73 r118 71 76 122 1940 1941 1942 1943 O N J S D M J A u u e c o e u a l n p t c v g y y o e t e e u e b m m s m e t r b b b e e e r r r . 6 6 7 6 6 7 7 7 8 9 2 7 8 0 1 1 r r 9 7 9 8 9 9 8 7 1 6 7 7 5 2 2 4 r r r r r r 1 1 1 1 1 1 1 1 3 2 0 3 1 2 4 0 7 4 5 6 4 7 0 2 6 8 6 6 7 7 7 6 6 3 4 1 0 3 9 6 1 1 r r r 7 7 8 8 9 0 1 7 5 4 7 4 5 8 0 3 r r r r r r 1 1 1 1 1 l 1 3 3 2 2 2 2 2 9 0 1 7 9 9 1 6 6 J F a e n b. . 2 2 1 1 2 1 7 0 6 3 3 0 4 7 .. . . . . . . 7 8 8 8 8 8 8 8 9 6 0 2 2 3 2 6 J F a e n b . . 2 1 1 1 2 4 1 8 1 5 8 5 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 8 9 8 9 9 9 8 4 9 9 5 0 5 7 8 J F a eb n . . 3 2 1 1 2 1 1 3 4 7 0 7 1 4 . . . . . . . . 1 1 1 1 1 1 1 1 1 1 0 2 3 3 1 1 4 9 7 1 1 0 6 0 F Ja eb n . . 3 2 2 1 1 3 6 0 3 9 0 2 6 . . . . . . . . . . . .. . . . . r . . . . 1 1 . 1 . 1 1 1 1 1 3 1 3 2 6 1 4 3 2 9 6 1 8 2 6 8 Year 69 r82 117 Mar. 9 2 . .9 9 5 8 Mar. 1 8. . . . . . . . .. . 10 9 1 7 Mar. 28 7 . . 1 1 1 2 9 5 Mar. 2 6 7 . . . . . . 16 . 99 15.... ..105 14 .131 13 T Revised. 23 .113 22.... ..111 21 .140 20... p Preliminary. 30 . 88 29.... .117 28 .147 27... qu B e a n c t k i s f s i u g e u s r . e s. S — to S c a k l s e , s , s e s e e e B U B L U L L E L T E I T N I N fo f r o M r a A rc u h g u 1 s 9 t 3 8 1 , 9 p 36 . , 2 3 p 2 . , 6 a 3 n 1 d , s a u n b d s e s q u u b e s n e t - 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] Jan. Dec. Year Jan. Dec. Year Jan. Dec. Year Jan. Dec. Year 1943 1942 1943 1942 1942 1943 1942 1942 1943 1942 1942 United States.. +12 +12 Bo N st e on w Haven - - 1 2 0 4 + +1 1 4 2 + +1 1 2 1 C E le r v i e e land (cont.) +10 +19 Ch F ic o a rt g o W (c a o y n ne t.) +8 +20 Da S ll h a r s eveport + -1 1 3 9 + - 2 1 2 + + 1 9 4 Portland +20 +29 +26 Pittsburgh +4 +8 Indianapolis +6 +17 +17 Dallas +21 +23 +8 Ne B P B N S A B w r p o r e l i o b i r n s w d Y i v a t n g o g a o i n g h d n r e r y f k e a k p i n e m o l c r d t e t on.... - - - - 1 + 2 - 1 1 6 3 6 6 3 5 0 r " + + + r + + 1 + + 2 1 - 1 6 0 3 9 0 4 0 7 + + + + 1 + 2 + + 1 1 0 0 3 7 5 3 7 o Ric W W B N W L C h y a m o h h a i l n r a n o s e t f c r i n h s e o m l h t d l i e l o i n k b n o s n g u t g r - o t e r S o g n n a , le S m . . C .. . + + + + - + 2 1 5 2 8 1 1 1 + + + + + + + 1 3 1 1 2 1 7 7 3 3 4 1 3 + + + + + + + 1 2 3 1 1 2 8 0 5 9 1 8 0 9 St D D F M S G L . i l a L e e r o i i n a s l t n o u w r n s t u x M o i d a i n i s u - C t o g R k i i n e t a y e e p s ids.. + + - — 2 - - 1 2 4 5 9 3 4 + + + + + + + + 2 1 1 1 8 9 4 2 3 9 6 1 + + + + + + + + 1 1 1 8 7 7 2 5 9 5 2 Sa F H P S T B F n a o h u r a o n e F o r c k u t s s e r e s A n o a n r W t o s o n n i n x r n c o t i o i e r s l n t c d h i o o + + + + + + + + 1 3 2 1 3 1 6 8 3 1 1 7 1 3r+ + + + + + + + 2 1 3 4 2 2 1 2 4 7 3 5 7 6 0 7 + + + + + + + 1 1 2 + 3 3 1 2 5 3 2 0 1 5 0 2 Buffalo -2 +10 +14 Richmond -1 +17 +18 Fort Smith +25 +19 +33 Long Beach +28 +40 +36 Elmira -7 +5 +11 Charleston.W.Va. +11 Little Rock.... +26 +30 +26 Los Angeles +5 +18 +10 Niagara Falls... +29 +26 +35 Clarksburg Quincy -1 +2 +7 Oakland and N Po ew ug h Y k o e r e k p s C i i e t . y .. . — -9 11 + + 7 4 + + 6 7 Huntington - - 1 1 7 +11 +10 E L v ou an is s v v i i l l l l e e +3: + + 32 8 + + 23 3 Sa B cr e a rk m e e le n y to + + 1 1 4 0 + +2 2 0 6 + + 3 2 0 1 R Sy o r c a h c e u s s t e er - - 8 5 + + 10 6 + + 9 8 Atl B a i n r t m a^ ingham + + 13 2 + + 1 2 1 + +1 1 6 2 S Sp t. r i L n o g u fi i e s ld +7 +4 + - 1 4 0 S S a a n n D Fr i a e n g c o i . sco... + + 1 2 0 1 + + 3 3 9 8 + + 3 2 5 1 Montgomery +16 +14 Memphis +12 +19 San Jose +13 +20 +17 Ph T il r a e d n e t l o p n hia + -7 2 r + + 1 6 5 + +1 1 0 1 M Jac ia k m so i nville +27 +21 Minneapolis +8 +15 +11 S S a to n c ta k to R n osa + +3 1 8 1 + + 2 4 4 3 + + ? 3 3 7 Lancaster -12 +11 +16 Tampa +22 +28 +19 Vallejo and Napa +24 +56 +55 P R h e i a l d a i d n e g lphia -8 c r+1 + 2 8 + + 1 1 - ' A M t a l c a o n n ta + + 3 1 3 5 + +4 1 0 +30 Ka D n e sa n s v e C r ity + +2 2 2 3 r7 +17 Bo N is a e m a p n a d +33 +30 Wilkes-Barre.... c +9 Baton Rouge +34 +1 +12 Hutchinson +20 Portland +9 +32 +31 York -6 +15 +18 New Orleans +16 +6 +1 Topeka +24 +30 +14 Salt Lake City. +34 +30 +32 Jackson +4 +11 Wichita +39 +36 +34 Bellingham +4 +9 +17 Cleveland +8 +U Chattanooga + +10 +16 +12 Everett +10 +31 +15 A T Y C C C o l o k i o e n l l r u e v u o c n d e m n i g o l n a s b n n t u o a d s w t i . . . n . . . . . . . + + - - 1 1 9 3 9 1 + + + + 1 2 8 0 8 7 + + + + + + 1 1 1 2 4 5 3 4 r4 Ch K N C P ic e h n a a o g s i o c o h r x a . i v v . a g . i . i . l o l . l l . . e e +1' + + + + 1 1 8 2 0 + + + + + 1 1 9 6 4 1 0 T O O S K u t m k . a l l s n a a J a o s h h a s a o s e m p C a h i C ty i . ty .. + + + + 2 1 4 2 4 2 6 0 + + + + + 2 1 2 1 7 6 3 + + + + + 1 2 1 1 8 4 9 6 : T W S S Y p a e a a c o a k l o t k l i t a m m a l e n a W a e alla + + + + 1 3 3 1 8 0 + + + + + 4 3 2 3 5 4 1 8 1 + + + + + 2 2 2 3 6 2 9 5 4 r Revised. * Data not yet available. 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) Sales in 1942 (value) Number Percentage change Percentage change Department of stores reporting Percentage Dec. 1942 Dec. 1942 Dec. 1941 Dec. 1942 Dec. 1942 Dec. 1941 change from from from from from from from 1941 Dec. 1941 Nov. 1942 Nov. 1941 Dec. 1941 Nov. 1942 Nov. 1941 GRAND TOTAL—entire store. 353 +14 +54 +58 +8 -22 -21 +13 MAIN STORE-total 353 +14 +56 +61 +6 -22 -20 +13 Women's apparel and accessories 349 +22 +47 +53 +5 -25 -26 +18 Women's and misses' coats and suits 328 +35 -21 -26 +49 -11 -23 +27 Women's and misses' dresses 333 +11 +14 +9 -20 -11 +5 Blouses, skirts, sportswear, sweaters, knit apparel •312 +33 +56 +59 +8 -25 -24 +23 Juniors' and girls' wear 290 +24 +30 +28 +18 -30 -34 +22 Infants' wear 303 +32 +45 +54 -1 -28 —27 +34 Aprons, housedresses, uniforms 277 +16 +65 +71 +6 -16 -20 +12 Women's underwear, slips, negligees 311 +24 +125 +141 -13 -45 -40 +21 Corsets, brassieres 329 -2 +9 +25 +29 -6 -6 +19 Hosiery (women's and children's) 333 -3 +53 +103 +3 -17 -26 +19 Gloves (women's and children's) 319 +23 +95 +87 -6 -38 -34 +10 Shoes (women's and children's) 232 +20 +31 +36 +5 -13 -15 +21 Furs 261 +73 +16 +21 -17 -20 +6 Men's and boys' wear 319 +11 +101 +92 +18 -27 -27 +12 Men's clothing 224 +3 +27 +10 +32 -14 -14 +8 Men's furnishings, hats, caps 299 +11 +155 +156 +12 -37 —36 +11 Boys' clothing and furnishings 268 +19 +67 +61 +12 -29 -29 +20 Men's and boys' shoes and slippers 157 +13 +100 +101 0 -22 -21 +13 Home furnishings 317 +4 +22 +21 +5 -11 +4 Furniture, beds, mattresses, springs 220 +2 +3 +2 -5 +3 Domestic floor coverings 238 +16 -12 -24 +22 -7 -2 +5 Draperies, curtains, upholstery 292 +10 -7 -9 +8 -11 -9 +10 Major appliances (refrigerators, washers, stoves, etc.) 198 —44 +10 +30 -46 -13 +4 -23 Domestics, blankets, linens, etc 260 +19 +46 +42 +7 -11 —5 +14 China and glassware 211 0 +73 +62 +4 -16 -11 -2 Housewares 221 -6 +34 +50 +9 -14 -11 +9 Piece goods (dress and coat yard goods, all materials) 286 +22 -1 -2 +16 -1 -2 +26 Small wares 330 +15 +105 +115 +3 -32 -28 +14 Notions 218 +6 +39 +60 +23 -16 -18 +19 Toilet articles, drug sundries, prescriptions... 314 +18 +151 +158 +3 -36 -31 +11 Jewelry and silverware 283 +13 +105 +127 -33 -28 +14 Miscellaneous 297 +4 +96 +141 -6 -44 -39 +14 BASEMENT STORE-total 223 +10 +42 +45 +19 -22 -26 +15 Women's apparel and accessories 195 +14 +38 +43 +24 -25 -33 +18 Men's and boys' clothing and furnishings 160 +6 +79 +74 +20 -29 -32 +13 Home furnishings 130 +9 +8 +5 +22 -12 -11 +11 Piece goods 62 +17 -2 -2 +18 -3 -9 +24 Shoes 126 +6 +46 +52 +3 -19 -21 +19 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. SALES, BY TYPE OF TRANSACTION Index numbers; January 1941 = 100 Percentage of total slies Year and month Total Cash Insta!ment 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 147 184 147 220 142 123 148 156 48 57 8 6 44 37 November 157 186 160 r223 143 124 r157 157 49 58 8 6 43 36 December 250 285 275 359 184 156 234 228 53 61 6 5 41 34 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. MARCH 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit End o r o y f e m ar onth co c T n re s o u d ta m it l er ins T ta o l t m al ent Sale credit Loans1 p S a lo y in a m g n l e s e 2 nt a C c h co ar u g n e ts Service credit credit 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 L,611 573 1931 . ... 5,177 2,214 1,595 637 958 619 1,051 ,381 531 1932 3,846 1,515 999 322 677 516 726 ,114 491 1933 3,717 1,581 1,122 459 663 459 588 ,081 467 1934 4,159 1,846 1,317 576 741 529 659 ,203 451 1935 5,148 2,599 1,805 940 865 794 785 ,292 472 1936 . .. 6,396 3,466 2,436 1,289 1,147 1,030 991 ,419 520 1937 7,054 3,919 2,752 1,384 1,368 1,167 1,119 ,459 557 1938 . .. 6,618 3,539 2,313 970 1,343 1,226 1,069 ,487 523 1939 7,518 4,351 2,792 1,267 1,525 1,559 1,089 ,544 534 1940 8,767 5,434 3,450 1,729 1,721 1,984 1,123 ,650 560 1941 r9,516 5,921 3,747 1,942 1,805 2,174 '"1,204 7K3 608 1942 P6,076 2,923 1,495 482 1,013 1,428 pl,450 632 1941 Dec. .. .. r9,516 5,921 3,747 1,942 1,805 2,174 1,204 1,783 608 1942 Jan r9,132 r5,609 r3,509 rl,812 1,697 2,100 1,202 1,709 612 Feb r8,766 r5,335 r3,299 rl,668 1,631 2,036 1 193 1 624 614 Mar . .. r8,591 r5,109 r3,104 1,513 1,591 2,005 1,680 616 Apr ... ,i r8,334 r4,886 r2,919 1,369 1,550 1 967 1171 1 660 617 May r7,961 r4,614 r2,706 rl,239 1,467 1,908 1,575 621 J T u u n lv e r7 7 , , 0 5 9 4 6 7 r r 4 4 , , 0 3 3 3 7 3 r r 2 2 , , 4 2 7 4 5 8 r r l l , , 0 1 0 2 4 0 1 1 , , 3 2 5 4 5 4 1 1, 7 8 8 5 9 8 1125 1 1, 3 4 2 6 2 6 6 6 2 2 5 3 Aug. r6,761 3,748 2,032 874 1,158 1,716 i',102 1,285 626 Sept r6,559 r3,504 1,862 r769 1,093 1,642 1,095 1,332 628 Oct. r6,337 r3,255 rl,704 r664 rl,040 1,551 1,088 1,365 629 Nov r6,102 r3,055 rl,572 573 r999 rl,483 1,085 1,330 632 Dec 2*6,076 2,923 1,495 482 1,013 1,428 632 1943 Jan e5,760 e2,686 el,340 C936 2*1,346 cl,051 el,390 C633 r Revised. p 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 at the Board of Governors of the Federal Reserve System. CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT LOANS AUTOMOTIVE [Estimated (amounts outstanding. In millions of dollars] [Estimated amounts outstanding. In millions of dollars] Indus- Repair Depart- End of Com- Small trial Miscel- and End o r o f y e m a o r nth ex m T a c u o l o u t t t d i o a v - i l n e g s o m m t a r o a n e d r i n d e e l r t - s F s t t u 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 o r t e t A o t h a r l e e l i r l s mo y n e t a h r or Total m b e a r n c k i s a 1 l p c l a o o n a m i n e - s b p a c a n o n k m i i e n - s g u C n r i e o d n i s t l l a e n n e d o e u rs s m iz o lo a d t a e i n o r s n n 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 79 177 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 1942 1,428 370 424 202 141 91 200 1940 . . 1,721 439 599 302 110 271 1941 1,805 469 619 313 120 284 1941 1942 1,013 254 391 129 79 160 Nov 2,185 696 527 300 221 101 340 Dec. 2,174 687 535 298 217 102 335 1941 ^ov 1,752 447 613 320 96 276 1942 Dec 1,805 469 619 313 120 284 Jan 2,100 652 527 290 205 101 325 1942 M Fe a b r 2 2 , , 0 0 0 3 5 6 6 6 1 0 8 1 5 5 2 2 1 1 2 2 8 8 5 2 1 1 9 9 6 8 1 1 0 0 1 1 3 3 1 0 3 4 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 1,158 277 449 183 67 182 Nov 1,483 393 r428 r211 145 91 r215 Sept rl,093 r261 428 169 63 172 Dec 1,428 370 424 202 141 91 200 O N D c o e t c v rl 1 ,0 r , 9 0 4 9 1 0 9 3 r r 2 2 2 5 4 5 3 7 4 4 3 3 0 9 9 8 2 1 1 1 1 5 4 2 4 2 9 6 6 7 1 1 9 1 1 1 6 5 6 4 7 0 1 r T R h e e v s is e e f d i . gures for amounts outstanding include only personal instalment cash loans and retail automotive direct loans which are shown on the following page and a small amount of other retail direct loans (15 million r Revised. dollars at the end of December 1942) which are not shown separately. 2.64 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 p h t t u a h a r s e i - e l r d , R e m r e a n p o n 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 e a s l 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 Outstanding at end of 1931 498 340 38 pe 1 1 1 r 9 i 9 9 o 4 3 4 d 1 9 0 : 1 1 1 , , , 0 3 5 2 4 8 0 0 8 2 3 3 1 0 9 0 0 6 3 2 1 0 3 6 3 0 0 2 1 2 1 7 5 0 9 0 2 2 2 2 6 4 0 0 6 3 3 2 6 4 8 4 0 0 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 2 5 4 6 3 , 3 3 3 4 5 0 7 8 6 2 4 6 4 3 3 3 2 2 2 2 5 0 5 8 3 4 2 0 8 4 1 3 3 4 6 0 4 3 2 7 5 1942 787 136 122 143 154 232 1937 619 409 148 1938 604 417 179 1942—January 1,511 367 280 275 234 355 1939 763 489 257 February 1,434 338 258 268 225 345 1940 927 536 320 March 1,403 331 245 267 221 339 1941 983 558 343 April 1,338 308 235 254 207 334 1942 798 408 215 May 1,273 283 224 243 201 322 June 1,211 265 211 223 196 316 1941 J A O S N u e c u o l p t y g v o t u e e b s m m e t r b be e r r 1 1 , , 1 0 9 9 8 3 7 2 9 6 9 2 0 2 8 2 2 2 1 1 4 0 2 6 9 2 3 7 6 0 1 1 1 1 1 3 9 6 8 4 6 6 7 2 8 2 1 1 1 1 0 5 5 7 8 8 1 9 5 9 1 1 1 1 1 6 6 8 7 8 5 8 7 6 2 3 2 2 2 2 5 0 4 7 9 7 6 2 7 2 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 1 6 8 0 7 9 2 4 6 4 4 3 4 1 5 8 3 2 2 2 2 5 5 3 4 December 787 136 122 143 154 232 1942 January 80 66 40 18 Volume extended during February 66 65 35 19 month: March 80 86 42 25 1942—January 148 39 21 27 5 56 April 71 72 37 19 February 115 23 19 21 7 45 May 61 58 34 18 March 138 27 22 23 9 57 June 64 68 36 20 M Ap a r y il 1 1 2 1 5 0 1 1 9 7 2 1 0 8 2 2 8 5 1 9 0 4 4 8 1 J A u u l g y ust 5 5 2 8 6 6 3 0 3 3 4 3 1 1 6 8 June 102 15 16 16 9 46 September 49 60 31 16 July 95 16 16 13 9 41 October 44 59 30 14 August 93 23 14 11 9 36 November 37 59 25 14 September 82 14 13 12 8 35 December 43 82 31 18 October 77 11 11 14 9 32 November 64 7 9 14 7 27 December 69 6 10 15 6 32 1 These figures for loans made include only personal instalment cash loans and retail automotive direct loans which are shown elsewhere on this page, and a small amount of other retail direct loans (one million NOTE.—For descriptive material and back figures, see Bulletin for October dollars in December 1942) which are not shown separately. 1942, pp. 992-994. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 Percentage c P h e a r n c g e e n t f a r g o e m Instalment accounts a C cc h o a u r n ge ts change from corresponding Item Dec p e m m re o - c n e N d th i o n v g em- D p e r c e m e c m o ed n - i t n h N g o o f y v e e a m r Month D s m e to p e r a n 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 s a e c e s p e - - J s e t w o e r l e r 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 ...,•..,, +32 -9 0 -3 November... 19 12 11 18 49 Cash sales , . . . +56 -4 +55 +65 December ... 20 11 12 23 46 Credit sales: Instalment +25 -11 -12 -14 1942 Charge Account +25 -15 +7 +4 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 +1 -4 -34 -34 April 21 13 13 19 47 Instalment 0 -4 -34 -34 May 22 13 13 20 50 June 22 14 13 22 56 Collections during month: July 23 14 13 22 60 Total +3 -8 +2 +2 August 24 16 13 25 59 Instalment 0 -9 +1 +2 September 25 16 14 26 60 October 29 18 15 30 65 Inventories, end of month, at retail November 29 17 15 31 63 value -9 -3 +5 +10 December 31 18 16 45 65 1 Ratio of collections during month to accounts receivable at beginning of month. MARCH 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 Farm Year, month, or week m c t o o i m e d s i - - p u r c o t d s - Foods Total H p i l r d e o a e d s t u h a c e n t r s d 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 l 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 a u m ed n c i d t - s i f n H u g r o n g u i o s s o e h - d - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 09.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 . 86.4 88.3 90.5 85.2 00.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 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 51.4 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 81.5 69.7 1935 80.0 78.8 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 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 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 LOO.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1941. 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.6 94.3 82.0 1942 2*98.8 105.9 99.6 2*95.5 L17.7 96.9 78.5 2*103.8 110.2 97.1 102.4 89.7 1942—January 96.0 100.8 93.7 94.6 L14.9 93.6 78.2 103.5 109.3 96.0 102.4 89.3 February 96.7 101.3 94.6 94.9 115.3 95.2 78.0 103.6 110.1 97.0 102.5 89.3 March 97.6 102.8 96.1 95.2 116.7 96.6 77.7 103.8 110.5 97.1 102.6 89.7 April 98.7 104.5 98.7 95.6 L19.2 97.7 77.7 103.8 110.2 97.1 102.8 90.3 May 98.8 104.4 98.9 95.7 118.8 98.0 78.0 103.9 110.1 97.3 102.9 90.5 June 98.6 104.4 99.3 95.6 118.2 97.6 78.4 103.9 110.1 97.2 102.9 90.2 July 98 7 105.3 99.2 95.7 L18.2 97.1 79.0 103.8 110.3 96.7 102.8 89.8 August 99.2 106.1 100.8 95.6 118.2 97.3 79.0 103.8 110.3 96.2 102.7 88.9 September 99.6 107.8 102.4 95.5 118.1 97 1 79.0 103.8 110.4 96.2 102.5 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 100.3 110.5 103.5 95.8 117.8 97.1 79.1 103.8 110.1 99.5 102.5 90.1 December p101.0 113.8 104.3 2*95.9 L17.8 97.2 79.2 2*103.8 110.0 99.5 102.5 90.5 1943—January 2*101.9 117.0 105.2 2*96.0 117.8 97.3 79.3 2*103.8 109.8 100.2 102.5 90.7 Week ending 1942—October 31 99.7 109.1 103.0 95.7 L18.4 96.6 79.6 103.9 110.2 96.1 104.1 88.5 November 7 99.7 109.8 102.9 95.7 18.4 96.6 79.6 103.9 110.2 96.2 104.1 88.7 November 14 100.1 110.7 103.0 96.1 L18.4 96.6 79.7 103.9 110.2 99.5 104.1 90.0 November 21 100.1 110.9 103.3 96.1 .18.4 96.6 79.7 103.9 110.2 99.5 104.1 89.9 November 28 100.1 110.8 103.6 96.1 118.4 96.6 79.7 103.9 110.2 99.5 104.1 89.9 ])ecember 5 100.1 110.6 103.3 96.1 L18.4 96.6 79.8 103.9 110.0 99.6 104.1 90.0 ])ecember 12 100.5 112.0 104.0 96.2 118.4 96.6 80.0 103.9 110.0 99.5 104.1 90.3 ])ecember 19 100.7 113.3 104.2 96.2 118.4 96.6 79.9 103.9 110.0 99.5 104.1 90.4 ])ecember 26 101.2 115.2 104.6 96.2 118.4 96.6 79.9 103.9 110.0 99.5 104.1 90.4 1943— anuary 2 2*101.2 115.4 104.2 2*96.2 118.4 96.7 79.9 2*103.9 110.0 99.5 104.1 90.4 anuary 9 2*101.4 116.1 104.4 2*96.2 L18.4 96.7 80.0 2*103.9 110.0 99.5 104.1 90.4 anuary 16 2*101.6 116.6 104.8 2*96.3 L18.4 96.7 80.1 2*103.9 110.0 99.5 104.1 90.5 anuary 23 117.2 104.7 2*96.3 18.4 96.8 80.1 2*103.9 110.0 99.5 104.1 90.5 anuary 30 2*101.8 117.7 105.0 2*96.3 L18.4 96.8 80.1 2*103.9 110.1 99.5 104.1 90.5 rebruary 6 118.2 105.1 L18.4 96.8 80.4 2*103.9 110.1 99.5 104.1 90.5 :rebruary 13 2*102 !l 118.6 105.5 2*96! 4 L18.4 96.8 80.4 2*103.9 110.1 100.0 104.1 90.6 ]February 20 2*102.4 102.0 105.7 2*96.4 18.4 96.8 80.5 2*103.9 110.0 100.3 104.1 90.7 ]February 27 121.2 106.0 2*96.5 L18.4 96.8 80.7 2*103.9 110.0 100.3 104.1 90.9 1942 1943 1942 1943 Subgroups Subgroups Jan. Oct. Nov. Dec Jan. Jan. Oct. Nov. Dec. Jan. Farm Products: Metals and Metal Products: Grains 95.9 91.5 92.8 100.7 107.3 Agricultural implements... 96.7 96.9 96.9 96 9 96.9 Livestock and poultry. . 105.7 123.4 121.3 173,9 129.2 Farm machinery 97.8 98.0 98.0 980 98.0 Other farm products 98.4 104.4 108.0 1104 111.5 Iron and steel.. 97.0 97.3 97.2 972 97.2 Foods: Motor vehicles 112.4 112.8 112.8 2*112.8 2*112.8 Dairy products 96.0 109.2 111.2 111.8 113.4 Nonferrous metals 85.4 86.0 86.0 C86.0 86.0 Cereal products 91.1 89.3 8?.5 893 90.6 Plumbing and heatine 93.6 94.1 93.2 c90.4 90.4 Fruits and vegetables 78.3 98.2 102.0 104.3 102.6 Building Materials: Meats 101.6 115.5 112.0 113.6 115.5 Brick and tile... 96.9 98.7 98.6 98.7 98.7 Other foods 91.0 95.4 9=.9 C959 96.2 Cement 93.4 94.2 94.2 94 2 94.2 Hides and Leather Products: Lumber 131.6 133.3 133.1 133.3 133.3 Shoes 121.1 126.4 Uf .4 126.4 126.4 Paint and paint materials 99.1 101.0 100.7 1003 100.6 Hides and skins 115.3 116.0 \\( .0 116.0 116.0 Plumbing and heatinj? 93.6 94.1 93.2 90 4 90.4 Leather 101.4 101.3 101.3 1013 101.3 Structural steel 107.3 107.3 107.3 1073 107.3 Other leather products.. 113.3 115.2 .2 115.2 115.2 Other building materials... 103.1 103.3 102.9 1030 102.2 Textile Products: Chemicals and Allied Products: Clothing 101.1 107.0 10'.0 1070 107.0 Chemicals 95.3 96.2 96.2 96 1 96.2 Cotton goods 110.5 112.4 112.4 1124 112.5 Drugs and Pharmaceuticals 126.3 128.8 165.4 1654 165.4 Hosiery and underwear.. 69.0 70.5 7C.5 705 70.5 Fertilizer materials 78.6 78.3 78.6 790 79.0 Silk Mixed fertilizers 81.8 82.8 82 8 82 8 85.3 Rayon 30.3 30.3 30.3 303 30.3 Oils and fats 106.4 101.5 101.5 1015 101.5 Woolen and worsted goods 103.0 111.7 111.7 112 1 112.4 Uousefurnishing Goods: Other textile products 97.5 97.4 97.6 97 7 97.7 Furnishings 107.2 107.3 107.3 1073 107.3 Fuel and Lighting Materials: Furniture 97.4 97.4 97.4 974 97.4 Anthracite 85.3 85.7 85.7 86.2 88.6 Miscellaneous: Bituminous coal 108.4 111.0 111.4 112.4 112.5 Auto tires and ti b s 71.0 73 0 73 0 73n 73 0 Coke 122.2 122.1 12:.1 m 1 122.1 Cattle feed 135.2 123.8 132 1 142 1 142 8 Electricity 67.6 61.9 62.3 Paper and pulp. 102.8 98 8 98 8 99 n 100 1 Gas 76.4 79.2 78.4 76 1 Rubber crude 46.3 46.3 46 3 46 ., 46 3 Petroleum products 59.5 60.6 60.7 60 7 60.8 Other miscellaneous 92.5 92.4 95.1 949 94.9 Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). p Preliminary. r Revised. c Corrected. z66 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 1943 Chart 1942 1943 book book page Jan. Feb. Feb. Feb. Feb. page 27 3 10 17 24 Nov. Dec. Jan. In billions of dollars MONTHLY FIGURES In billions of dollars WEEKLY FIGURES i RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total 2, 5.04 6.03 6.32 Rese U rv . e S B . G an o k v ' c t. r e s d e i c t, u r t i o ti t e a s l , by maturi- 3 5.99 5.77 5.98 6.21 6.22 B U i . l l S s . d G is o c v o ' u t. n t s e e d curities 4. . 7 0 5 1 5. . 5 0 5 1 5. . 9 0 5 1 M T T N G T r r r o o o e e e l n n a a a d m e s s s y u u u s e t r r r t i m y y y e i o W W A n s b c , f c c d e i i k c t t t u a r t e e h h i . o s r r p r . i i r h d t c . n o n e a . u e 5 . s n l h p l i 5 1 c y a o t o s y t r y l y s i s d o i r r i t s n n s gs 3, 1 5 5 5 3 5 3 3 3 3 1 2 1 5 3 2 2 3 2 2 1 5 . . . . . . . . . . 0 7 5 1 1 2 1 6 7 4 2 3 5 2 8 0 8 9 9 4 2 1 3 5 1 2 3 2 1 2 5 . . . . . . . . . . 9 4 4 1 0 8 2 6 6 0 2 1 8 6 7 5 0 7 6 5 2 1 3 5 2 2 3 2 2 1 5 . . . . . . . . . . 7 7 0 8 2 2 2 6 8 2 2 1 0 9 6 1 1 4 0 8 2 1 3 5 3 2 2 2 1 5 1 8 8 4 9 9 8 6 2 1 1 0 6 1 4 2 5 4 2 9 6 2 1 4 5 2 3 2 1 2 5 1 . . . . . . . . . . 2 9 9 6 0 9 6 9 2 1 : 0 3 0 3 3 4 5 6 T M T M G E R R r x r e o e o o e e c s q l n n a a d e e u B C e s e s s r i y u u y v s s i o r l t r e e r i l o r y i n i d y s n n e c b s s k o d c a r e c c a f e a l e r i i n a s s p r v r $ n d e c c h o e 5 r c u u s s 0 v b e l l i e a a t s i a s l s t t l n i i s o o d n n u o , n v d t e o e r t r a l $50 2, 2 1 1 1 1 1 3 2 2 2 4 2 1 0 4 . . . . . . . . . . 2 6 7 4 3 6 2 1 2 8 5 9 4 7 6 2 2 2 6 1 2 1 1 1 1 1 2 3 2 2 5 1 3 5 0 . . . . . . . . . . 8 2 7 3 1 1 5 3 4 7 4 0 4 8 2 1 5 8 1 8 2 1 1 1 1 1 2 2 3 2 5 3 1 5 1 . . . . . . . . . . 1 9 7 1 4 3 6 5 3 2 9 2 1 3 0 4 7 9 1 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 5 9 3 1 2 3 . . 1 2 4 8 1 1 2 . . 8 9 4 4 1 1 2 . . 6 7 4 5 p 1 \ 30 7 9 8 12.92 U. S. Go T v R e E r A n S m U e R n Y t F d I e N b A t N : CE N R C C e e o h w s u i e c n r a Y t v g r e y o o r . c k b . i . a ty C n k i b t s y a 6 nks 9 9 9 9 . . . . 0 2 9 8 3 8 6 7 . . . . 1 0 8 8 9 1 1 4 . . . . 7 0 8 0 4 8 0 1 V . . . 8 0 8 1 2 1 5 0 Dire N B B ct i o o l n l t o s e d b s s l a i n g d a ti c o e n r s t , i fi t c o a t t a e l s .. 9 5 1 1 5 7 5 2 . . . . 9 4 8 8 9 6 0 8 1 6 1 1 0 4 6 7 7 . . . . 8 2 3 1 7 5 1 6 1 6 1 1 1 6 6 0 8 . . . . 0 0 6 1 8 2 1 6 Total, 101 ci M ti E e M s: BER BANKS Guar S a p n e t c e i e a d l i o ss b u li e g s ations 4 8 . .7 2 9 4 9 4 . . 0 2 3 8 4 9. . 1 2 7 8 Loans and investments 16 41.59 41.71 41.48 41 37 41.35 Balances due to domestic banks.... 16 9.40 9.20 9.13 9 38 9.3- Per cent per annum Demand deposits adjusted 16 30.06 29.74 30.16 30.62 31.13 MONEY RATES, ETC. Time deposits 16 5.35 5.38 5.39 5 40 5.41 F. R. Bank discount New York City: rate, N. Y.^ 23 .50 .50 .50 B C r o o m k m er e s r ' c l i o a a l n l s o ans 1 1 7 7 2. . 3 4 9 6 2. . 4 5 0 2 2. . 4 5 0 2 2. . 3 5 9 0 2. . 3 4 6 8 T T r r e e a a s s u u r r y y b n i o ll t s e s (n ( e ta w x i a s b s l u e e ) s . ) .. ., 2 2 3 3 1 . . 3 28 71 1. . 3 3 4 63 1. . 2 3 9 67 U. S. Gov't. obligations 17 11.80 11.67 11.49 11.36 11.32 U. S. Gov't. bonds2 29 2.06 2.09 2.06 100 cities outside New York: Commercial paper.. .69 .69 .69 C U o . m S. m G er o c v ia 't l . l o o b a l n ig s ations 1 1 7 7 1 3 6 . . 5 7 3 6 1 3 6 . . 5 9 0 7 1 3 6 . . 5 9 0 4 1 3 7 . . 4 0 7 7 1 3 7 . . 4 12 C Co o r r p p o o r r a a t t e e A Ba a a a b b o o n n d d s s 25, 2 2 9 9 4 2 . . 2 7 5 9 4 2 . . 2 8 8 1 4 2 . .7 1 9 6 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 't A B o i . l t l a a e b s a s a o ( n b b n ( d o o e t s a n w n 2 x d d a s s i s b s l u e) e s) 21, 2 2 2 2 2 1 9 9 1 9 2 2 4 1 .3 . . . . 2 0 7 1 6 6 6 8 1 9 4 2 2 1 .3 . . . . 2 7 0 0 7 4 7 6 9 2 2 4 2 1 .3 . . . . 2 0 7 0 7 4 6 7 9 3 2 4 1 2 .3 . . . . 2 7 0 0 7 5 7 7 6 4 2 4 1 2 .3 . . . . 0 7 0 2 6 5 7 6 5 9 Volu T P I R m n u o a d e b i t u l l a r o i s o l c f t . a r . u t d i . r a t a l i d li i t n y g (mill, shares)... 3 3 3 3 3 1 1 1 1 1 6 7 7 7 6 5 3 7 . . . . . 2 2 0 6 2 9 6 6 7 7 5 9 8 5 . . . . . 2 3 5 8 9 2 6 8 7 7 9 2 3 9 . . . . . 3 3 7 7 82 In unit indicated Brok M C e r r o e s n d ' e i b y t a e l b a x o n t r e c r n e o s d w e e ( d m d c il u l, s t d o o m ll e ar r s s ) . : ... 3 3 3 3 e e 3 52 2 O 0 r3 5 7 4 8 3 c 5 2 5 9 4 0 0 Cu b s a t l o a m nc e e r s s ' free credit 33 e25O 270 J280 Stock prices (1935-39 = 100): BUSINESS CONDITIONS Total... 81.8 82.7 84.3 85.5 86.5 Wholesale prices: Industrial 84.5 85.6 87.4 88.5 89. All commodities (1926 = 100): Railroad 74.9 75.8 76.0 76.9 81.4 Total6 35, 65 100.3 *101.0 Public utility 70.8 71.1 71.9 74.1 75.' Farm products 35 110.5 113.8 117.0 Volume of trading (mill, shares) 1.06 .95 1.22 1.24 1.65 Others 35 95.8 ^95.9 Industrial commodities BUSINESS CONDITIONS (Aug. 1939 = 100): Wholesale prices: Total 37 P122.1 P122.3^122.7 All commodities (1926 = 100): Finished 37 117.3 117.2 117.2 Total 35 P101.8P102.0^102.1p102.4 '102. Raw and semifinished 37 p131.8 ^132.6P133.6 Farm products 35 117.7 118.2 118.6 120.0 Cost of living (1935-39 = 100): Others 35 P96.3 P96.4 P96A p96A All items 39 119.8 120.4 120.6 Basic commodities Rent 39 108.0 108.0 (Aug. 1939 = 100), total 36 174.3 174.5 174.7 175.2 Clothing 39 125.9 125.9 125^9 12 foodstuffs 36 199.3 199.6 199.8 200.3 200. Food 39 131.1 132.7 133.0 16 industrial materials 36 157.4 157.6 157.8 158.3 158.5 Steel production e Estimated. v Preliminary. r Revised. R 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.. 4 4 4 4 98.6 99.5 99.3 99.5 98. ne 1 s d F a i y g u in re c s l u f d o e r d o i t n h e t r h e th 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 45 734.6 755.4 765.0 752.4 782. 3 Other than farm products and foods. Miscellaneous 45 350.5 357.6 363.8 357.0 374. 4 Data no longer published. Electric power production (mill. kw. 5 On advances secured by Government securities maturing or callhrs.) 46 3,977 3,960 3,940 3,949 3,892 able within one year. Department store sales (1935-39 = 100) 46 121 136 168 146 15C 6 Estimate for February is shown on page 266. F.H.A. home mortgages, new constr. (thous.) 47 1.40 1.76 3.66 2.41 2.0i MARCH 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued Chart 1942 Chart 1942 1943 book book page Nov. | Dec. Jan. page Nov. I Dec. Jan. MONTHLY FIGURES (cont.) In unit indicated MONTHLY FIGURES (cont.) 1926 = 100 BUSINESS CONDITIONS (cont.) INTERNATIONAL FINANCE Industrial production :l 2 3 Wholesale prices: Total (1935-39 = 100) J 41, 42 194 197 P200 Canada 65 97.1 97.2 96.9 Durable manufactures 41 106 108 Pi 10 Germany 65 Iron and steel 42 22 22 22 Japan 65 Machinery, etc 42 68 70 P12 Sweden 65 Other durable 42 16 16 P16 Switzerland 65 Nondurable manufactures 41 69 69 P70 United Kingdom 65 "129 .'9" '130^3 ' P130.&' Textiles and leather 42 20 20 P21 Paper and printing 42 12 11 PU Foods, liquors, and tobacco ... 42 r2Q 21 P21 In cents per unit of Other nondurable 42 16 r17 P17 foreign currency Minerals 41, 42 20 19 P19 Foreign exchange rates: New orders, shipments, and Argentina (peso) 67 29.77 29.77 29.77 inventories: Canada (dollar) 67 88.09 87.88 89.64 New orders, total (Jan. 1939 =100). 43 279 United Kingdom (pound) 67 403.50 403.50 403.50 Durable 43 415 P362 Nondurable 43 192 pm Shipments, total (1939 = 100) 43 232 1942 Durable 43 300 P242 Nondurable ,. 43 179 P315 Inventories, total (1939 = 100) .... 43 178 78 Sept. Oct. Nov Durable 43 208 *>210 Nondurable 43 152 In billions of dollars Freight-car loadings:! 2 Total (1935-39 = 100)3 57 134 134 135 Increase in U. S. gold stock:6 M Co is a c l ellaneous 5 5 7 7 2 7 6 8 . . 7 9 2 80 4 . . 2 8 2 81 5 . . 4 2 T N o et t a c l a . p . i :. t . a . l ; inflow: * 63 15.73 15.72 15.72 Allother 57 28.1 28.8 28.5 Total 62, 63 6 07 6.11 6.17 Inflow of foreign capital 62 3 92 3.92 3.98 1923-25 = 100 Merc R h e a t n u d rn is e o f e d x o p m or e t st s i u c rp c l a u p s i 8 tal.... 6 6 2 3 ?9 2 .6 0 0 3 *1 2 0 . .1 0 8 8 P1 2 0 . . 0 7 9 5 Other factors8 63 *\06 P-.57 ^—1.21 Factory employment4 51, 53 161.9 164.6 Short-term foreign liabilities and Factory payrolls4. 51, 53 280.4 287.7 assets of banks:7 Average hourly earnings4 Due to foreigners 64 3 88 3.87 3.92 (cents per hour) 51 90.5 90.7 Due from foreigners 64 28 .25 .23 Average hours worked4 Net due to foreigners 64 3 60 3.63 3.68 (hours per week) 51 44.0 44.4 Department store sales1 59 138 125 143 Department store stocks! 59 105 102 1942 In millions of dollars Apr.- July- Oct.- June Sept. Dec. Residential contracts awarded:1 T Pu o b ta l l i c 4 4 7 7 1 1 5 1 9 2 1 1 6 2 7 9 11 8 8 9 QUARTERLY FIGURES In billions of dollars Private, total 47 48 38 29 Cash income and outgo of U. S. Treas.: 1- and 2-family dwellings 47 39 33 22 Cash income 18 4.42 4.59 4.71 Construc O ti t o h n e r contracts awarded:5 47 9 6 7 E C x a c sh e ss o u o t f g o c ash outgo 1 1 8 8 13 8 . .7 1 6 8 1 1 6 2 . .0 6 2 0 1 1 9 4 . . 1 4 5 4 Total 49 811 717 Domestic corporation security issues: Non O a R g e t r h s i e i c d r u e l n tu ti r a a l l employment1 4 4 9 9 6 1 4 6 6 6 5 1 5 6 0 7 p414 N T R o e ew f t u a l n ding .' 3 3 3 2 2 2 . . . 2 3 0 8 6 9 . . . 1 1 0 8 1 7 . . . 0 1 1 2 2 4 (mill, persons): All establishments 50 38.3 38.8 P38.8 Manufacturing and mining 50 16.2 16.6 pl6.% Per cent per annum Trade 50 6.7 6.6 P6.5 Government 50 5.7 5.8 p5.8 Bank rates on customers' loans: Transportation and utilities 50 3.5 3.5 P3.6 Total, 19 cities 25 2 62 2.70 2 63 Construction 50 1.9 2.0 New York City 27 2 07 2.28 2 09 Income payments:! 7 other Northern and Eastern Total 54 10,435 ^10,659 cities 27 2 56 2.66 2 63 Salaries and wages 54 r7,371 7,535 11 Southern and Western cities 27 3 34 3.25 3 26 Other 54 r3,064 3,124 Cash farm income: Total 55 1,825 pl,573 pl,37O P Preliminary. r Revised. L C i r v o e p s s t ock and products 5 5 5 5 8 8 9 6 7 7 6 8 5 4 6 3 P P7 4 9 7 1 9 2 1 I A n d p ju o s i t n e t d s i f n o r t ot s a e l a s i o n n d a e l x . variation. Expo G r o ts v t a . nd p a i y m m p e o n rt ts s : 55 61 74 33 4 EE Se ss r tt i ii e mm s aa r tt e ee v i ff s oo e rr d F F b eeb y b rru B uaa u rr r yy e a ii u ss s o h f o w L n a b o o n r p S a t g a e t i 2 s 5 ti 3 c . s; revised figui:res for em- Exports 61 P749.6 PS53.2 ployment and payrolls shown on p. 258. Imports 61 p173.7 P356.3 6 Three-month moving average, adjusted for seasonal variation. Excess of exports 61 P575.9 p496.9 6 Cumulated from Jan. 31, 1934. 7 For explanation of revised basis for international capital movement statistics, see footnote 2 on page 98 of the BULLETIN for January 1943. 8 Revised back figures—Merchandise export surplus: June, P8.16. Other factors: June, pl.65. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Continued [In billions of dollars] 1940 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 *99.90 Demand deposits adjusted 29.79 30.54 31.96 34.94 36.10 37.32 38.68 39.00 c40.00 41.84 e49.00 Time deposits 27.06 27.28 27.47 27.74 27.90 27.88 27.90 27.73 e27.2O 27.31 e28.50 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 «26.30 25.08 Investments 28.72 28.95 29.00 30.45 31.83 32.63 33.11 34.48 e35.70 38.90- MEMBER BANKS Investments, total C1) 19.98 20.22 20.48 21.81 23.10 23.93 24.40 25.50 26.45 29.87 H3.17 U. S. Government obligations: D G i u r a e r c a t nteed 1 1 4 4 1 3 1 . . 1 1 4 8 1 3 1 . . 1 3 1 1 1 3 1 . . 1 6 2 0 1 3 2 . . 4 3 9 4 1 3 3 . . 4 5 9 0 1 3 4 . . 8 2 4 4 1 4 4 . . 2 0 4 9 1 3 5 . . 8 7 3 1 1 3 6 . . 4 9 7 8 2 2 1 . . 6 4 9 1 'P37.54 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 O Fo th re e i r g n d o s m ec e u st r i i c ti e s s ecurities 1 1 4 4 2. . 7 1 7 9 88 2. . 7 1 0 7 2. .17 8 2. . 7 1 2 5 ( 2 ) 2. . 7 1 3 4 (2) 2. . 6 1 9 5 ^2.67 Loans, total (*) 13.96 13.97 15.32 16.73 17I.55 18.02 17.83 16.93 P16.06 O C St o t r h m e e e r m t s e l e o rc c a i u n a r s l i t l ( y o b a r l n o o s k a e n ( r i s s n 3 ' c l l o . a o n p s e ) n-market paper) 1 1 1 5 5 5 6. . . 6 8 5 1 8 13.?94 6. . . 7 3 8 2 2 0 7. . . 5 8 4 2 3 7 15. ? ?0 88 8. . . 5 7 4 5 9 2 9. . . 6 7 4 4 8 1 9. . . 1 4 6 1 3 9 A R l e l a l o t e h s e t r a t l e o a l n o s ans C 1 1) 5 2 2 . . 9 9 6 4 3 3. . 0 0 7 6 3 3 . . 2 2 7 3 8 3 3 . . 3 6 7 1 3 3 . . 6 4 9 9 3 3 . . 2 5 0 0 SEMI-ANNUAL FIGURES OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS Total direct and guaranteed obligations outstanding... C1) 47.07 47.87 50.36 54.75 63.77 76.52 111.59 Amount held by: U. S. Government agencies and trust funds: Public issues 20 2.30 2.30 2 25 2.36 2.55 2.73 3.21 Special issues 20 4.23 4.77 5 37 6.12 6.98 7.88 9.03 Federal Reserve Banks 20 2.48 2.47 2.18 2.18 2.25 2.65 6.19 Commercial banks 20 16.30 16.55 17 76 20.10 21.79 26.39 P41.29 Mutual savings' banks 20 3.10 3.11 3 22 3.43 3.68 3.89 P4.56 Insurance companies 20 6.30 6.50 6 90 7.00 8.00 8.90 P11.00 Other investors 20 12.40 12.20 12.70 13.60 18.50 24.10 ^36.30 e Estimated. p Preliminary. x 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 BYflNDUSTRY 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 s n tr * uc- tat p io u n b li a c nd Trade a s n e d rv m ic i e s , - lo S c t a a l te g , o v an er d nutilities cellaneous ment SEASONALLY ADJUSTED 1942—January r35,819 r13,657 970 2,044 3,365 6,907 4,271 4,605 February r35,953 r13,814 953 1,991 3,351 6,862 4,263 4,719 March r36,002 13,939 936 1,886 3,366 6,812 4,260 4,803 April r36,063 r14,08l 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 June r36,461 r14,382 929 1,768 3,446 6,610 4,266 5,060 July r37,O51 r14,640 929 1,851 3,471 6,609 4,296 5,255 August . .... r37,433 r14,819 918 1,916 3,490 6,607 4,317 5,366 O Se c p to te b m er ber r r 3 37 7 , , 9 6 6 4 2 5 r r 1 1 5 5 , ,1 0 6 0 2 6 8 9 8 0 8 0 1 1 , , 9 9 0 5 2 9 3 3 , , 4 4 8 6 2 6 6 6, , 6 5 1 2 9 3 4 4 , , 3 3 2 1 4 3 5 5 , , 4 60 6 1 2 November .... 38,325 15,349 883 1,889 3,508 6,673 4,333 5,690 December 38,842 15,687 884 2,004 3,535 6,635 4,331 5,766 1943—January.. 38,833 15,910 878 1,828 3,563 6,535 4,344 5,775 UNADJUSTED 1942—January 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 r35,908 r14,019 929 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 Tune .... 36,666 1-4,302 921 1,991 3,485 6,606 4,324 5,037 July 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 38,942 15,684 885 1,674 3,502 7,107 4,279 5,811 1943—January.. 37,906 15,719 874 1,458 3,478 6,392 4,255 5,730 r Revised. * Includes contract construction and Federal force account construction. 1 Seasonal adjustments for manufacturing have been revised back to November 1941 to agree with the new adjustments made in the manufacturing w..a-&gee earner series. The new seasonally adjusted estimates for manufacturing and total are shown in this table. NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, self-employed persons, domestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures for January 1943 are preliminary. Seasonally adjusted estimates for back months are shown on page 1156 of the November 1942 BULLETIN. 2.69 MARCH 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments.. 2.72. Gold production. . 2.73 Gold movements.. 173 Net capital movements to United States since January x, 1935.. 2.74 Central banks... 2.75-2.78 Money rates in foreign countries.. 179 Commercial banks.. 2.80 Foreign exchange rates.. x8i Price movements : Wholesale prices. . x8i Retail food prices and cost of living.. I&T, Security prices. . 2.83 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 ii, 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. MARCH 1943 2171 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 e in n r a - - g B iu el m - Brazil B I r n i d ti i s a h B ga u r l i - a Canada Chile lom Co b - ia C v z s a e l k o ch i - 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 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 22,754 354 735 82 274 8 36 21 61 44 52 2,000 Oct 22,740 354 113 274 5 36 23 52 Nov 22,743 354 114 274 6 36 24 52 Dec 22 726 115 274 6 25 1943—Jan. 22,683 7 27 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—Dec 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—Feb 24 26 4216 28 575 23 21 59 198 380 Mar 24 26 30 575 23 21 59 200 397 Apr 24 26 31 537 23 21 59 203 429 May 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 24 34 522 23 24 59 219 527 Sept 24 34 518 23 24 59 551 Oct 36 23 24 59 582 Nov 37 23 25 59 2*610 Dec 39 23 25 1943—Jan 70 25 Government gold reserves1 not included in previous figures 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 av g i o a - B.I.S. c O t o r t i u h e n e s - 7 r End of month United U K n i i n t g e - d France2 Bel- States dom gium 1936—Dec 240 657 26 2,584 77 59 48 U 183 1936-Dec 93 1 1 1 1 1 9 9 9 9 9 4 4 3 3 3 1 0 7 8 9 — — — — — D D D D D e e e e e c c c c c 2 3 3 1 2 4 0 2 6 2 4 8 1 0 3 6 7 5 5 6 5 4 0 0 6 0 9 1 2 5 2 9 2 2 8 9 2 9 9 8 2 2 , , 6 6 8 8 9 1 9 0 1 7 9 6 6 0 4 0 9 8 0 9 5 5 5 4 2 2 2 2 1 9 48 5 5 5 8 3 1 7 9 2 1 1 1 5 7 4 2 2 1 1 1 1 1 8 5 4 4 4 5 3 2 2 5 1 1 9 9 3 3 7 8 — - - J D J D M u u e e n a n c c r e . e . . . . . . . . . 1 4 8 6 4 9 0 4 1 1 3 4 , , 4 3 9 7 8 9 5 3 9 5 9 4 33i 1 8 6 1 4 1 2 5 4 1942—Feb 251 764 100 97 52 13 142 1939- M Ma a y r. ... 154 1,732 4 5 7 5 7 9 Mar 277 784 100 97 52 14 142 June... ""85" 1943— M N J J A A O S D J u u a e u p o c e a l n n p t g r c v y y e t . 3 3 2 3 3 3 3 3 3 3 0 0 8 1 1 2 3 3 4 2 8 9 0 1 6 6 5 1 0 1 *> 8 7 7 7 8 8 8 0 9 9 9 0 0 3 0 5 6 5 0 1 2 1 1 1 1 1 0 1 1 1 1 7 1 0 1 1 1 1 1 1 1 9 9 9 9 9 9 9 7 7 7 7 7 4 5 5 5 5 5 5 6 6 6 6 6 6 6 6 6 6 0 4 4 8 8 1 2 1 1 2 1 5 1 5 9 0 9 r1 1 1 1 1 1 1 1 1 1 4 4 4 4 4 4 4 4 4 4 9 3 3 5 6 6 6 7 7 9 1 1 1 9 9 9 4 4 4 0 2 1 - - - - - - D S D S J S D M M J M u u e e e e e e a a a p n p c c n p c r r r . t t e . . e t . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 6 8 5 4 4 8 0 8 2 2 1 4 6 6 8 5 8 5 9 4 5 2 6 2 1 9 5 2 1 .... 1 . 1 1 . 7 7 7 .. June... 8 v Preliminary. r Revised, Sept.. . . 7 l Beginning April 1940, reports on certain Argentine gold reserves no longer available. 2 Change from previous December due largely to inclusion of gold formerly not reported. l Reported at infrequent intervals or on de- 3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- layed basis: U. S.—Exchange Stabilization Fund trol Board. Gold reported since that time is gold held by Minister of Finance. (Special A/c No. 1); U. K.—Exchange Equali- 4 Figures relate to last official report dates for the respective countries, as follows: Greece— zation Account; France—Exchange Stabilization Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia- Feb. 28, 1941. Fund and Rentes Fund; Belgium—Treasury. 5 Figures for December 1936 and December 1937 are those officially reported on Aug. 1, 1936 2 For complete monthly series from October 1938and Apr.30,1938, respectively. May 1939, see BULLETIN for February 1941, 6 Figure for February 1941; beginning Mar. 29,1941,gold reserves no longer reported separately p. 170. 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian 3 Figure for end of Mar. 1937, first date reported. Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland, 4 Figure for end of September. Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain 5 Figure for September 1. of these countries have been carried forward from last previous official report. 8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British NOTE.—For details regarding special gold Exchange Equalization Account during 1939. transfers in 1939-40 between the British E. E. A. 9 Beginning Decemberl940, figures refer to gold reserves of new Central Bank only. and the Bank of England, and between the French E. S. F. and the Bank of France, see BULLETIN NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. for September 1940, p. 926. 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported figures through April 1940 appear on p. 926 in that issue. 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 A W fri e c s a t 2 B C e o l n g g ia o n 3 U St n a i t t e e s d 4 Canada 5 Mexico(I I Co b lo i m a -1 IChile I I N g ic u a a r 7 a- Au li s a tr 8 a-1 I B In ri d ti i s a h 9 $1 = 154\ grains of gold ftfine; 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 1,297,349 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 1942 p943,032 494,439 2*26,698 P29.330 126,648 168,008 67,809 2*21,153 ^6,354 8,273 ^45,780 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 1,573 537 647 430 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 78,453 42,005 2,210 2,450 10,147 14,852 1,579 611 609 3,325 665 July 82,857 42,784 2,226 2,450 12,396 14,864 2,006 647 827 3,990 665 Aug p77,553 41,454 2,253 2,345 9,806 14,100 1,730 531 747 '3,990 595 Sept ^76,948 40,559 2,175 2,310 11,479 13,212 1,710 C441 442 '3,990 630 Oct P77,639 41,023 2,161 2,275 11,656 13,365 1.659 '441 650 '3,990 420 Nov p70,933 39,144 '2,161 2,240 7,471 12,693 '1,659 '441 714 '3,990 '420 Dec 38,616 f2,161 '2,240 5,852 12,597 '1,659 '441 862 '3,990 '420 p Preliminary. c Corrected. ' Figure carried forward. estimates of American Bureau 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. Includes Philippine Islands production received in United States. Annual figures through 1941 are estimates of United States Mint. Annual and monthly figures for 1942 are estimates of American Bureau of Metal Statistics. 5 Figures for Canada beginning 1941 are subject to official revision. ° Figure for 1942 represents three months production only; beginning April 1942, figures no longer reported. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics for total Australia. 9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; 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. 108-109. 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 a n r 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 ed - France g B iu el m - N l e a t n h d e s r- S d w en e- e S r w la i n tz 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 o c t o r t 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 3,574,151 1,826,403 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 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 13i 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' «9,365 N D o ec v 5 52 0 , , 8 3 9 7 6 4 1 1 2 6 1 3 2 2 4 0 , , 9 3 1 7 7 7 6 1 , , 3 2 3 7 6 3 2 2 , , 1 2 1 3 0 8 5 1 , , 5 8 0 3 6 0 5 3, , 7 9 1 8 3 0 1 4 9 0 0 711 Ab1 69 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: February—$11,236,000, August—$3,407,000, September—$5,652,000, October—$5,550,000, November— $5,615,000, December—$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. 236. MARCH 1943 Z73 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 9.8 593.5 361.4 125.2 316.7 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 3,207.2 949.8 149.9 799.9 434.4 618.5 L,150.4 54.2 June 29 3,045.8 786.2 125.9 660.4 403.3 643.1 L,155.3 57.8 Sept. 28 3,472.0 1,180.2 187.0 993.2 477.2 625.0 1,125.4 64.1 Dec. (Jan. 4, 1939).. 3,844.5 1,425.4 238.5 1,186.9 510.1 641.8 L,219.7 47.6 1939—Mar. 29 4,197.6 1,747.6 311.4 1,436.2 550.5 646.7 1,188.9 63.9 June 28 4,659.2 2,111.8 425.3 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 5,035.3 2,479.5 552.1 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940).. 5,021.2 2,430.8 542.5 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,115.9 2,539.0 539.1 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,440.7 2,830.1 922.3 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2) 5,748.1 3,092.8 1,112.3 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941)... 5,727.6 3,159.0 1,200.8 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,526.5 3,148.8 1,307.7 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,575.4 3,193.3 1,375.1 1,818.2 818.6 834.1 631.2 98.2 Sept.(Oct. 1) 5,510.3 3,139.5 1,321.7 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,230.7 2,856.2 1,053.7 1,802.6 791.3 855.5 626.7 100.9 1942—Jan. 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 Jan. 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 June 10 , 5,456.4 3,039.1 1,193.0 1,846.0 841.7 840.9 630.0 104.8 June 17 5,497.8 3,077.9 1,210.3 1,867.6 842.8 840.7 631.1 105.2 June 24 5,515.3 3,095.9 1,220.0 1,875.9 843.7 839.1 631.6 105.0 June 302 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 ,3,204.2 ,1,341.1 ,1,863.2 890.0 842.1 654.3 1041 Nov. 30 5,761.6 33,250.2 31,366.1 31,884.1 3901.6 844.8 661.0 3104.1 gjovernment 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 f:oreign 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 November 30, in millions of dollars: total foreign banking funds in UnitedStates, 3,917.4, including official funds,1,980.6, and other funds, 1,936.7; United States banking funds abroad, 233.9; and brokerage balances (net due "foreigners") 26.9. pp. 284-296; and May 1937, pp. 394-431. 2-74 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue department Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d s in s t m er i l ll i i n o g n ) s of Gold1 a O s t s h e e ts r 2 C C oi a n sh rese N rv o e t s es a c v n o D a d u n i s c n - a e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' D P e u p b o l s i i c ts Other O lia t t h b ie e i s l r i- 1929—Dec. 25. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 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 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28. 326.4 230.0 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-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 6830.0 .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 1943—Jan. 27. 950.0 42.2 208.0 908.1 175.9 4.7 56.6 17.9 Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Fi C g a u n re a s d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d S t e t U a rl t n i e n i s t g ed securities Other irc N ul o a t t e ion? li O ab t i h l e it r ies. dollars S t h er o m rt S - Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other ment 1935—Dec. 31.. 180.5 4.2 30.9 83.4 8.6 99.7 181.6 17.9 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-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 1943—Jan. 30.. .3 768.0 231.8 17.6 677.6 237.7 14.8 61.3 26.3 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. MARCH 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Bank of France Domestic bills A G d o v v a 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 r x e - ign a O s t s h e e t r s ci N rc o u te la- l O ia t b h i e l r ichange m O a p rk en et2 Special2 Other c F u c o p o r a s t t o i s c o 3 - n Other2 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-Dec. 26 84,616 42 43,194 661 3,646 " "72,317 63,900 23,179 218,383 984 41^400 27,202 3,586 1941—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 Sept. 24 84,598 37 43,869 4 4,038 183,758 67,500 19,818 334,370 717 31,100 32,142 5,293 Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figures in millions of foreign exchange checks), Note Other reichsmarks) re T s o e t r a v l es Gold i T n r c e b l a i u l s d ls u i 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 cir t c io u n la- Deposits lia ti b e i s li- 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. 31 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 (6) 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 77 18,016 25 24 383 2,260 16,918 2,511 1,357 Oct. 31 77 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 March 1940, November 1938, July 1937, and October~1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939 p. 29; September 1937, p. 853; and November 1936,'pp. 878-880. 2 For exrp lanation of this item,, see. BULLETT]iNfor July 1940, p. 732. 3 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25,1940, through Sept. 17,1942, advances of 196,000 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 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central Bank 1942 Central Bank 1943 1942 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Central Bank of the Argentine Re- Bank of the Republic of Colompublic (millions of pesos): bia—Cont. Gold reported separately 1,076 1,075 Deposits 82,254 69,315 76,121 52,354 Other gold and foreign exchange.. 862 479 Other liabilities 47,554 41,604 41,355 45,282 Negotiable Government bonds 366 364 National Bank of Denmark (millions Rediscounted paper of kroner): (Sept.)2 Other assets 240 222 Gold 98 98 Note circulation 1,544 1,390 Foreign exchange 16 28. Deposits—Member bank 750 553 Clearing accounts (net) 5l,040 801 Government 133 84 Loans and discounts 50 49' Other 19 23 Securities 80 111 Foreign exchange sold forward — 7 Gov't. compensation account6 125 125- Other liabilities 98 83 Other assets 914 Commonwealth Bank of Australia Note circulation 847 798 (thousands of pounds): Deposits—Government 469 189 Issue department: Other 1,033 923 Gold and English sterling.... 31,391 30,141 21,954 Other liabilities (3) 217 Securities 101,142 96,656 64,717 Central Bank of Ecuador (thou- Banking department: sands of sucres): (Oct.): Coin, bullion, and cash 5,280 3,853 5,647 Gold 98,154 73,049 London balances 47,625 46,508 30,325 Foreign exchange (net) 85,897 40,786 Loans and discounts 20,091 20,399 28,031 Loans and discounts 88,005 81,514 Securities 158,020 156,550 88,940 Other assets 43,063 23,539 Deposits 154,493 157,352 143,499 Note circulation 158,714 115,253 Note circulation 123,356 117,606 81,364 Demand deposits 123,819 70,091 National Bank of Belgium and Other liabilities 32,586 33,545, Bank of Issue of Brussels (mil- (Oct.)2 National Bank of Egypt7 (thoulions of belga) r1 sands of pounds): Gold 4,337 4,331 Gold 6,251 6,25f. Foreign exchange 4,538 1,865 Foreign exchange 6,271 4,233= Credits to State and public bodies. 4,590 3,612 Loans and discounts 4,929 4,327' Credits to private economy 86 178 British, Egyptian, and other Gov- Reichskreditkasse 749 757 ernment securities 136,314 99,491'. Other assets 606 Other assets 5,650 6,945- Note circulation 12,441 9,867 Note circulation 73,713 50,167" Demand deposits 876 527 Deposits—Government 24,485 19,474 Postal Checking Office 789 747 Other 48,858 39,142' Other liabilities 209 Other liabilities 12,359 12,464 National Bank of Bohemia and Mo- Central Reserve Bank of El Salvaravia (millions of koruny): (Sept.)2 dor (thousands of colones): Gold 1,51." 1,51 Gold8 24,206 24,208 13,237 Foreign exchange 753 786 Foreign exchange 10,499 9,510 7,648 Discounts 917 840 Loans and discounts 1,516 1,501 2,245 Loans Government debt and securities. 6,943 7,009 7,240 Other assets 12,915 Other assets 554 547 2,059 Note circulation ••1(8)1,404 9,15- Note circulation 27,853 25,045 21,688 Demand deposits 2,015 2,896 Deposits 10,072 11,963 6,371 Other liabilities (3) 4,005 Other liabilities 5,793 5,766 4,369 Central Bank of Bolivia (thousands Bank of Finland4 of bolivianos): (Aug.)2 Bank of Greece4 Gold at home and abroad 389,214 377,246 National Bank of Hungary (millions Foreign exchange 323,185 370,294 of pengo): (Sept.)2 Loans and discounts 303,788 154,209 100 100 Securities—Government 492,816 467,675 Foreign exchange reserve 19 Other 41,234 11,198 Discounts 1,732 1,033 Other assets 70,157 48,956 Loans—To Treasury 761 790 Note circulation 729,079 620,767 To foreign countries 339 240 Deposits 738,071 648,157 Other 33 37 Other liabilities 153,244 160,65' Other assets (3) 395 N Ce a n ti t o r n al a l B B a a n n k k o o f f C B h u i l l g e ar (m ia i 4 llions of (Oct.)2 N De o m te a c n i d r c d u e la p t o io si n ts 2, 5 4 2 7 9 0 1, 4 9 1 8 9 2 pesos): Consolidated foreign credits of 1931 23 Gold 174 148 Other liabilities 189 Discounts for member banks 201 362 Reserve Bank of India (millions of Loans to Government 729 733 rupees): Other loans and discounts 909 673 Issue department: Other assets 293 57 Gold at home and abroad.... 444 444 Note circulation 1,654 1,442 Sterling securities 3,598 2,486 Deposits—Bank 245 204 Indian Gov't. securities 1,324 415 Other 136 130 Rupee coin 153 316 Other liabilities 272 19? Note circulation 5,404 3,564 Bank of the Republic of Colombia Banking department: (thousands of pesos): Notes of issue department 116 98 Gold 47,339 43,756 41,227 31,863 Balances abroad 873 548 Foreign exchange 71,208 64,317 60,75' 9,786 Treasury bills discounted 8 Loans and discounts 16,813 13,938 15,018 41,109 Loans to Government 4 "76 Government loans and securities... 55,448 59,776 59,758 54,244 Other assets 85 156 Other assets 36,959 32,733 33,646 31,487 Deposits 913 716 Note circulation 97,959 103,600 92,931 70,853 Other liabilities 172 162 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. 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. MARCH 1943 177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central Bank 1943 1942 Central Bank 1943 1942 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Bank of Japan1 South African Reserve Bank—Cont. Bank of Java (millions of guilders): Note circulation 37,035 29,522 Gold 40' Deposits 102,273 70,131 Foreign bills 24 Other liabilities 6,071 5,533 Loans and discounts 171 Bank of Sweden (millions of kronor): Other assets 140 Gold 738 729 497 Note circulation 339 Foreign assets (net) 551 562 760 Deposits 366 Domestic loans and investments.. 692 683 843 Other liabilities 37 Other assets 1,521 1,228 926 Bank of Mexico (thousands of pesos): Note circulation 2,015 1,831 1,607 Metallic reserve2 288,701 261,984 189,778 Demand deposits 931 952 897 "Authorized" holdings of securi- Other liabilities 556 419 523 ties, etc 817,482 749,867 491,934 Swiss National Bank (millions of Bills and discounts 112,940 96,817 francs): Other assets 49,074 85,316 Gold 3,599j 3,565 3,516 3,037 N D o em te a c n i d r c l u i l a a b t i i l o i n ties 4 7 0 5 1 3 , , 6 1 1 8 5 9 6 3 9 5 2 5 , , 5 3 6 7 3 3 5 2 4 12 6 , , 7 3 8 0 1 9 F L o o r a e n i s g n a n e d x c d h i a s n co ge unts 3 6 2 3 5 2 6 47 3 i 71 5 6 2 9 2 Other liabilities 138,106 125,929 104,755 Other assets () 4 139 212 Netherlands Bank (millions of guil- Note circulation 2,515| 2,637 2,497 2,214 ders): (Sept.)3 Other sight liabilities.... 1,492 1,290 1 267 1,343 Gold 925 1,026 Other liabilities () (4) 284 Silver (including subsidiary coin). 7 8 Central Bank of the Republic of Foreign bills 1,360 1,012 Turkey (thousands of pounds): (Aug.y Discounts 250 Gold 138,639 111,454 Loans 4158 154 Foreign clearing accounts 54,415 71,022 Other assets 207 Loans and discounts 603,097 485,744 Note circulation 2,680 2,094 Securities 189,961 191,019 Deposits—Government Other assets 21,063 18,636 Other "l80 251 Note circulation 615,527 520,521 Other liabilities 60 Deposits—Gold 79,358 79,358 Reserve Bank of New Zealand (thou- Other 144,840 110,438 sands of pounds): Other liabilities 167,449 167,558 Gold 2,802 2,802 2,802 Bank of the Republic of Uruguay Sterling exchange reserve 26,574 26,455 13,757 (thousands of pesos): Advances to State or State under- Issue department: (Oct.) takings 28,823 25,698 28,606 Gold and silver 85,583 86,235 Investments 4,461 4,461 4,103 Note circulation 108,334 110,567 Other assets 2,006 1,881 1,583 Banking department: Note circulation 30,820 28,460 23,784 Gold 62,280 66,839 Demand deposits 29,975 29,803 24,238 Notes and coin 43,720 41,790 Other liabilities 3,871 3,034 2,829 Advances to State and to Bank of Norwayi government bodies 40,584 23,006 Central Reserve Bank of Peru (thou- Other loans and discounts. ... 99,792 100,787 sands of soles): (Oct. Other assets 103,022 128,443 Gold and foreign exchange 121,464 56,703 Deposits 129,036 129,460 Discounts 11,817 c21,065 Other liabilities 220,361 231,405 Government loans 248,923 186,707 Central Bank of Venezuela (thou- Other assets 18,599 C12,732 sands of bolivares): Note circulation 270,034 208,148 Gold 208,424 206,879 196,064 149,031 Deposits 107,463 48,234 Foreign exchange (net) 26,571 20,847 26,620 17,791 Other liabilities 23,307 20,826 Credits to national banks 31,230 32,230 35,230 35,230 Bank of Portugal (millions of Other assets 10,690 12,462 12,748 13,918 escudos): (Aug.); Note circulation— Gold5 1,376 1,344 Central Bank 167,991 168,574 165,104 114,990 Other reserves (net) 2,764 1,579 National banks 36,958 37,526 38,248 56,338 Non-reserve exchange 5,031 3,576 Deposits 65,824 60,099 61,055 34,102 Loans and discounts 265 319 Other liabilities 6,142 6,220 6,254 10,540 Government debt 1,028 1,028 National Bank of the Kingdom of Other assets 1,295 993 Yugoslavial Note circulation 4,684 4,382 Bank for International Settlements Other sight liabilities 5,665 3,663 (thousands of Swiss gold francs6): (Sept.); Other liabilities 1,412 794 Gold in bars 61,916 37,777 National Bank of Rumania (millions Cash on hand and on current acof lei): (Aug.)3 count with banks 39,692 32,876 Gold 41,294 34,332 Sight funds at interest 15,644 15,603 Special exchange accounts 22,039 17,477 Rediscountable bills and accept- Loans and discounts 34,639 32,860 ances (at cost) 141,486 141,624 Special loans (in liquidation) 421 516 Time funds at interest 20,936 22,274 Government debt 21,230 9,422 Sundry bills and investments 200,434 224,815 Other assets 39,935 41,417 Other assets 39 137 Note circulation 100,477 95,256 Demand deposits (gold) 33,832 29,119 Demand deposits. 41,503 30,051 Short-term deposits (various cur- Other liabilities. 17,578 10,715 rencies): South African Reserve Bank (thou- Central banks for own account. 15,464 17,444 sands of pounds): Other 6,938 4,950 Gold 74,040 44,111 Long-term deposits: Special ac- Foreign bills 1,003 348 counts 229,001 229,001 Other bills and loans 158 74 Other liabilities 194,912 194,592 Other assets 70,219 60,653 e Corrected. 1 For last available reports from the central banks of Japan (September 1941), Norway (March 1940), and Yugoslavia (February 1941), see BULLEr tor JVisrcli iy4zt pp* ^ol~*^o2* 2 Includes gold, silver and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 3 Latest month for which report is available for this institution. 4 Figure not available. 5 Valued at average cost beginning October 1941. 6 See BULLETIN for December 1936, p. 1025. z 8 7 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] Central bank of— Rate Rate Date effective U K d n i o i n 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 de w n e- S l w a e n r i - t d z- ba C n e k n t o r f a — l r F u 2 e a 8 b ry - ef D fe a ct t i e ve ba C n e k n t o r f a — l r F u 2 e a 8 b ry - ef D fe a c t t e ive In effect Oct. 2, p 1936 2 3 4 2 3 2 Albania Mar. 21, 1940 Japan 3.29 Apr. 7, 1936 Oct. 9 Argentina Mar. 1, 1936 Java 3 Jan. 14, 1937 Oct. 16 2 Belgium Jan. 25, 1940 Latvia 5 Feb. 17, 1940 O N c o t v . . 2 2 0 6 2y 2 Bo M he o m ra ia v i a a n .. d .. Oct. 1, 1940 L M i e t x h i u c a o nia. . . 4 6 H J J u ul n y e 1 4 5 , , 1 1 9 9 4 3 2 9 Dec. 3 2 Jan. 28, 1937 4 June 15 6 July 7 5 Bolivia 6 Nov. 8, 1940 Netherlands June 27, 1941 Aug. 4 4 British India.. 3 Nov. 28, 1935 New Zea- Sept. 3 Bulgaria 5 Dec. 1, 1940 land July 26, 1941 Nov. 13 3 Canada Mar. 11, 1935 Norway 3 2 May 13, 1940 May 10, 1938.... 4 Chile 3-4 j! Dec. 16, 1936 Peru 5 Aug. 1, 1940 May 13 "iy2" Colombia 4 July 18, 1933 Portugal.... Sept. 3, 1942 May 30 3 Sept. 28 3 Oct. 27 Nov. 25 "25i" "2y2" Denmark 4 Oct. 16, 1940 Rumania.... 3 Sent 12. 1940 Jan. 4, 1939 Ecuador 7 May 26, 1938 South Africa 3 Tiinp 9 1041 Apr. 17 El Salvador... 3 Mar. 30, 1939 Spain 4 IMar. 29, 1939 May 11 •"4"••• Estonia Oct. 1, 1935 Sweden 3 May 29, 1941 July 6 3 Finland 4 Dec. 3, 1934 Switzerland. Nov. 26, 1936 Aug. 24 4 Aug. 29 3 Sept. 28 3 Oct. 26 2 France 1H Mar. 17, 1941 Turkey 4 July 1, 1938 Dec. 15 3 Germany Apr. 9, 1940 United King- Jan 25 1940 2 Greece 6 Mar. 1, 1942 dom 2 Oct. 26, 1939 M M Ap a a r y r . . 1 9 1 7 7, 1941. . ty 2 z sy 2 H Ita u l n y gary 3 O M c a t y . 2 1 2 8 , , 1 1 9 9 4 3 0 6 Y U. u g S o . s S la . v R ia . . .. 4 5 F Ju e l b y . 1 1 , , 1 1 9 9 3 3 5 6 May 29 3 June 27 1 Not officially confirmed. In effect February NOTE.—Changes since January 31: none. 28, 1943 2 2 3 OPEN MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month c 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 te nt Day-to-day d P i r s i 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—Dec 4.76 4.75 4.23 sy 2 s 6.98 8.14 3.52 3.87 5-7 3.15 1930—Dec 2.30 2.34 1.60 I 4.82 5.54 1.39 1.86 31^-51^ 1.18 1931—Dec 5.85 5.60 4.27 4 7.33 8.45 1.57 1.59 6-73/6 1.75 1932—Dec 1.02 1.04 .81 lA 3.88 4.91 .37 1.00 3/^-53^ 1.50 1933—Dec 1.06 1.15 .77 Yi 3.88 4.97 .52 1.00 23^-5 1.50 1934—Dec .57 .47 .70 lA 3.50 4.28 .60 1.00 23^-43^ 1.50 1935—Dec .71 .68 .75 XA 3.00 3.15 3.20 3.08 23^-5 2.50 1936—Dec .83 .84 .78 Vi 3.00 3.05 .76 1.48 2H-5 1.25 1937—Dec .75 .75 .75 Yi 2.88 2.96 .13 .50 23^-5 1.00 1938—Dec .96 .93 .80 2.88 2.86 .13 .50 23^-5 1.00 1939—Dec 1.23 .24 1.03 y 2.63 2.39 2.25 2.75 3-5 1.25 1940—Dec .03 .01 1.00 2 2.25 1.95 2.25 2.75 334-53^ 1.25 1941—Dec .03 .01 1.03 y 2.13 1.98 1.25 2 1942—Jan L.03 L.01 1.04 y 2.13 1.92 1.25 Feb L.03 L.00 1.04 y2 2.13 L.75 1.25 Mar L.03 L.00 1.03 2 2.13 L.95 1.25 Apr L.03 .01 1.00 Yi 2.13 L.96 1.25 May 1.03 L.00 1.03 2.13 1.71 1.25 June .03 .00 1.00 i/ 2.13 L.90 1.25 J A u u l g y L L . . 0 0 3 3 L L . . 0 0 0 0 1 1 . . 0 0 0 0 y 2 2 2. . 1 1 3 3 L 1. . 6 7 8 5 1 1 . . 2 2 5 5 Sept L.03 .00 1.05 •\/ 2.13 1.25 Oct L.03 L.00 1.04 y 2.13 1.25 Nov L.03 L.00 1.00 y 2 2 2.13 1.25 Dec L.03 L.00 1.01 Y2 NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018. MARCH 1943 z 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (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 i n o g g n 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 t d e 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 n m s e to rs a O s t s h e e t r s Total D D e e m po a s n i d ts 3 Time3 lia O bi t l h i e ti r es 1936—December. 244 195 322 660 890 249 2,315 1,012 245 1937—December. 244 163 300 635 984 256 2,330 ,284 1,026 252 1938—December. 243 160 250 635 971 263 2,254 ,256 997 269 1939—December. 274 174 334 609 1,015 290 2,441 ,398 1,043 256 1940—December. 324 159 265 314 771 924 293 2,800 ,770 1,030 250 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—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 December. 390 142 198 896 1,120 794 325 3,629 236 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 i d n 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 e la- excluding interbank deposits li O ab th il e it r ies reserves loans a c n o d u d n i t s s - fo b r a e n ig k n s Total Demand Time 1936—December. 240 114 791 161 1,384 554 103 2,303 755 1,548 837 1937—December. 255 76 862 102 1,411 575 96 2,335 752 1,583 850 1938—December. 263 65 940 166 1,463 535 88 2,500 840 1,660 843 1939—December. 292 53 1,088 132 1,646 612 85 2,774 1,033 1,741 963 1940—December. 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—December 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—February. 324 30 1,135 164 1,960 595 72 3,181 1,517 1,664 955 March 348 34 1,300 166 1,881 624 71 3,305 1,755 1,550 976 April 322 32 1,252 178 1,899 637 72 3,262 1,725 1,537 986 May 285 29 1,215 175 1,878 601 71 3,118 1,562 1,556 993 June 327 28 1,137 181 1,883 639 72 3,121 1,523 1,598 1,002 July 369 26 1,096 182 1,958 614 73 3,174 1,521 1,654 999 August 333 24 1,064 183 2,192 595 71 3,311 1,612 1,700 1,008 September 366 27 1,050 185 2,340 594 69 3,486 1,738 1,748 1,006 October... 413 25 1,078 194 2,379 602 68 3,604 1,895 1,709 1,018 November 395 29 1,236 194 2,304 618 64 3,680 2,050 1,630 1,032 December. 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 1,049 Assets Liabilities France (En m d i o ll f io 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 t d e 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 27,955 529 473 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 69,269 495 388 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. z8o FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHAiNGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil Year or month Officia (p l eso S E ) p x e p c o ia rt l Offic ( i p al ound F ) ree (b g B e i l u e g m l- a) Offi ( c c i r a u l zeir F o r 1 e ) e B ( I r r u n i p d t e i i s e a h ) g B ( a l u e r l v i - a ) C Of a fi n c a ia d l a (do F l r l e a e r) O C ffi h ci i a le l (p E e x s p o o ) rt C S ( h h y h a a u i n i n a ) g n a - 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 2<XL909 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—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 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. „ .,.«. r 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 1943—Jan 29.773 23.704 322.80 321.50 6.0586 5.1316 30.122 90.909 89.640 Year or month C ( o p b l e o i s a m o) - s ( C l k o z o v e ru a ch n k a o ia ) - ( m D kr e a o n r n k - e) ( l F m a k i n a a n ) r d - k- r ( 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 l n l n a g g r) ( H p ^ e u a n r n y g - o) I (l t i a ra ly ) J ( a y p en a ) n M (p e e x s i o c ) o e N ( r g l e e a u 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 90 fin?. 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 ' 50 5.SR 7.2916 29.022 27.760 64.481 398.92 1937 56.726 3.4930 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 22.01ui 239.968 224.592 219.770 25.0703 223.439 20.538 322.54 1942 57.052 20.569 322.78 1942—Feb 56.997 20.562 322.78 Mar 57.001 j 20.571 322.78 Apr 57.049 20.574 322.79 May 57.005 20.567 322.78 57.037 20.568 322.78 July 57.059 20.567 322.78 57.186 20.568 322.78 Sept 57.064 20.573 322.78 Oct 57.023 20.573 322.78 57.030 20.573 322.78 Dec 57.177 20.573 322.78 1943—Jan 57.222 20.573 322.78 United Kingdom Uruguay Year or month Norway Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain S S t e r t a tl i e t - s Sweden S er w la it n z d - (pound) (peso) Y sl u av g i o a - (krone) (zloty) (escudo) (leu) (pound) (peseta) m (d e o n lla ts r) (krona) (franc) Official Free tr C o o ll n e - d t N r c o o o l n l n e - - d (dinar) 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 236i7S9' 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—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 52.720 398.00 403.50 403.50 65.830 52.733 Dec 398.00 403.50 403.50 65.830 52.734 1943—Jan 398.00 403.50 403.50 65.830 52.754 I .1 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 1943: Certified rates discontinued: none. 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 1943, see BULLETIN for February 1943, p. 201; 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. MARCH 1943 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- Year or month States Canada Kingdom France Germany Italy Japan lands Sweden land (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 U26 144 1930 86 87 100 554 125 85 181 90 i 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 96 160 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 96 160 114 188 210 July 99 96 160 115 P353 193 212 August 99 96 159 P357 192 211 September 100 96 159 ^358 192 212 October 100 97 160 193 November 100 97 161 December 97 162 1943—January 97 P162 p Preliminary. 1 Approximate figure, derived from old index (1913 = 100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 5 months; no data available since May 1940, when figure was 89. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Germany (1926=100) (1926=100) (1930=100) (1913=100) Year or month pr 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 R f m a p a c w a a t r n u t a u l r y n e - d d F f u m c a l h c l a y i t e n u f u a r l e - y n d d Foods pr I o n tr d d i u u al c s- ts p A r g t o u r d i r u c a u c l t l s - a t f n r I i i n d n a i d l s s h u r e e a m s d w - i- t p r I r i i n o s a d h d l e u u f d i s c n - t - s goods goods 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 92 158 160 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 92 159 161 116 102 134 August 106 101 96 81 90 92 155 161 September 108 102 96 84 91 92 154 161 October 109 103 96 86 93 92 156 162 November 111 104 96 86 r93 92 158 162 December 114 104 ?96 87 r93 93 159 162 1943—January 117 105 ?96 88 93 p Preliminary. r Revised. Sources.—See BULLETIN for May 1942,p. 451; March 1935, p. 180; and March 1931, p. 159. 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 n t 1 a 3 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 - - 3 ) 9 U K = d ( n 1 1 J i o 9 i n u 0 1 m t 0 l g 4 e y ) d - (1 m = G 9 1 1 a e 0 3 r n 0 - - y 1 ) 4 N (1 l = e a 9 1 t n 1 0 h 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 z 4 e ) d - Year or month U ( S = 1 n 9 t 1 a 3 i 0 t 5 t 0 e e - ) d 3 s 9 ( = 1 C a 9 1 a 3 d 0 n 5 0 a - - ) 39 U K = d ( n 1 J 1 i o 9 i n u 0 1 t m l g 0 e 4 y d ) - m = 1 G 9 1 a 1 e 0 n 3 r 0 - - y ) 14 N (1 = l e a 9 1 t 1 n 0 h 1 d 0 e - s ) 1 r, 3 S e = ( w r 1 1 J l i 9 0 u a t 1 0 n n z 4 ) 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 1 1 9 9 3 3 5 6 1 1 0 0 0 1 9 9 5 8 1 1 3 2 0 5 1 12 2 2 0 1 12 1 0 8 1 1 1 2 4 0 1 19 9 3 3 6 5 9 9 8 9 9 9 6 8 1 14 4 7 3 1 1 2 2 3 5 * 1 1 3 3 6 2 1 1 2 3 8 0 1937 105 103 139 122 127 130 1937 103 101 154 125 137 137 1 1 9 9 3 3 8 9 . . 9 9 8 5 1 1 0 0 4 1 1 1 4 4 1 1 1 1 2 2 2 3 1 1 3 3 0 0 1 13 3 2 0 1 19 9 3 3 9 8 1 9 0 9 1 1 10 0 2 2 1 1 5 5 6 8 1 1 2 2 6 6 1 1 3 4 9 0 1 1 3 3 7 8 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.. P124 127 161 1942 117 117 200 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. . 133 133 164 December.. 120 119 200 1943—January... 133 127 P209 1943-January... 121 117 Pi 99 p201 p 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 United United Germany United (1926=100) Nether- ( S p d r t e i a r c i t v e e ) e s 1 d ( K 1 D 9 i e 2 n c 1 g e = d m 1 o 0 b m 0 e ) r (1 F 9 r 1 a 3 n = c 1 e 00) (a p v r e ic r e ag )2 e N la e n th d e s3 r- ( S 1 = 9 t 1 3 a 0 5 t 0 - e ) 3 s 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 1 1 9 9 3 3 4 5 1 9 0 8 5 . . 2 5 1 12 2 9 7 . . 9 5 8 8 3 2 . . 5 1 6 9 9 0 5 . . 7 1 1 10 1 7 3 .4 8 8 7 2 6 . . 9 6 8 8 5 6 . . 7 3 8 7 3 9 . 3 7 8 7 2 1 .1 9 5 5 5 5 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 s 77.9 88.1 70.8 i 120.6 114.6 9 95.0 1941 117.8 123.8 ?98.7 i°PlO3.O 80.0 72.5 " 289.7 10P136.8 1942 118.3 127.3 69.4 75.3 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 *>518 142.4 September 119.0 127.8 69.4 75.7 *>511 October 119.3 128.1 74.2 78.4 November 119.5 127.5 75.2 80.4 December 118.9 127.3 75.9 80.1 1943—January 119.5 79.7 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 Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4^6 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 January 1937, January-March 1937 = 100; average yield in base period was 3.39 per cent. , . 4 This number originally 329 has declined as the number of securities eligible for the index has diminished. In May 1941, it was down to 287. 5 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. 6 Average Apr .-Dec. only. Average Jan .-Mar. on old basis was 95.9 7 Average based on figures for 5 months; no data available June-Dec. ° 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. 10 Average based on figures for 11 months; no data available for December. 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 193S, p. 394; and February 1932, p. 121. MARCH 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 A Homey ROBERT F. LEONARD, Director 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 WM. A. DAY Vice President ERNEST G. DRAPER R. M. EVANS WILLIAM F. KURTZ, PHILADELPHIA DISTRICT M. J. FLEMING B. G. HUNTINGTON, CLEVELAND DISTRICT JOHN K. MCKEE ROBERT V. FLEMING, RICHMOND DISTRICT W. S. MCLARIN W. W. PADDOCK H. LANE YOUNG, ATLANTA DISTRICT RONALD RANSOM EDWARD E. BROWN, CHICAGO DISTRICT M. S. SZYMCZAK President RALPH C. GLFFORD, ST. LOUIS DISTRICT CHESTER MORRILL, Secretary LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT 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. GOLDEN WEISER, Economist JOHN H. WILLIAMS, Associate Economist GEORGE M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 2.84 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 Willett. . . K. K. Carrick E. G. Hult Carl B. Pitman1 New York... Beardsley Ruml.... Allan Sproul L. R. Rounds. R. M. Gidney L. W. Knoke Walter S. Logan J. M. Rice Robert G. Rouse John H. Williams Philadelphia.. Thomas B. McCabe. Warren F. Whittier.. Alfred H. Williams. Frank J. Drinnen. . W. J. Davis E. C. Hill C. A. Mcllhenny2 C. A. Sienkiewicz Cleveland. .. . Geo. C. Brainard. .. R. E. Klages M. J. Fleming F. J. Zurlinden. C. W. Arnold Wm. H. Fletcher R. B. Hays A. H. Laning1 K. H. MacKenzie W. F. Taylor Richmond. . . Robt. Lassiter. . W. G. Wysor. Hugh Leach. J. S. Walden,Jr.... J. G. Fry Geo. H. Keesee1 R. W. Mercer Atlanta Frank H. Neely.... J. F. Porter W. S. McLarinJr.. Malcolm H. Bryan. L. M. Clark H. F. Conniff Chicago Simeon E. Leland... 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. Sihler St. Louis.. . . Wm T. Nardin. Oscar Johnston Chester C. Davis. F. Guy Hitt. . O. M. Attebery C. M. Stewart Minneapolis.. W. C. Coffcy.... Roger B. Shepard. . . J. N. Peyton O.S.Powell.. A. W. Mills1 O. R. Preston E. W. Swanson Arthur R. Upgren Harry I. Ziemer Kansas City.. R. B. Caldwell. Robert L. Mehornay. H. G. Leedy.. Henry O. Koppang Raymond W. Hall J. W. Helm2 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 Holden... Wm. A. Day.. Ira Clerk.. C. E. Earhart W. M. Hale H. N. Mangels1 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. Wiltse 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. Hermann4 Jacksonville Branci Geo. S. Vardeman, Jr. Houston Branch W. D. Gentry4 Nashville Branch.... Joel B. Fort, Jr. San Antonio Branch E. B. Austin4 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. 1 Manager. MARCH 1943 185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

oo FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES I sssssi BOUNDARIES OF FEDERAL RESERVE DISTRICTS ——— BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^L BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 3 <§) FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY JANUARY 2, 1943 BOARD OF GOVERNORS OF THE. FEDERAL RESERVE SrSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis